Ing Variable Funds 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: 811-02514

Voya Variable Funds

(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, 2020

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, 2020

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 High Dividend Low Volatility Portfolio (formerly, 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

		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, are not 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 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 NPORT-P. This report contains a summary portfolio of investments for the Portfolios. The Portfolios’ Forms NPORT-P are available on the SEC’s website at www.sec.gov. Each Portfolio’s complete schedule of portfolio holdings is available at: www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180. Voya Government Money Market Portfolio does not file on Form N-PORT.

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

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PRESIDENT’S LETTER

Beyond the Headlines, a Glimpse of Global Economic Recovery

Dear Shareholder,

For those of us hoping that 2021 would bring more encouraging headlines, it has been a rough start to the year: political turmoil, surging COVID-19 cases and a new, more virulent strain of the coronavirus. On the surface, economic news also has seemed disappointing: labor markets have cooled, manufacturing and services activity has slowed and consumer sentiment has dropped. Yet, the financial markets continue to march higher, begging the question: Where are the markets getting their news?

Voya investment strategists have written about the uneven pressures that have created a “two-speed” or “K-shaped” economic recovery. Consumers on the higher end of the income distribution have largely kept their jobs and adapted to the pandemic by working from home. By contrast, jobs in lower paying segments of the labor market such as leisure, lodging and retail have been eliminated or furloughed and have yet to return. For lower income consumers, the good news is that the fiscal response to help offset job losses has been enormous — and fiscal relief is expected to grow under a Democratic-controlled government. The initial rollout of the coronavirus vaccines, while slower than many had hoped, still represents a significant milestone as vaccines are the bridge that are expected to allow the economy to reopen fully.

In addition to fiscal support, the response from central banks has been extraordinary. The U.S. Federal Reserve Board (“Fed”) has adjusted its policy framework in ways that make the Fed more likely to remain accommodative longer than might otherwise be expected during economic recovery phases, a game changer for financial assets. We believe that analogous developments across the world should help reignite global economic growth in 2021 and breathe new life into struggling sectors. Despite today’s negative headlines, the data is telling us that the future is likely to be better. Looking broadly at the economic picture, in our opinion, it appears that a global synchronous expansion is underway.

Of course there are still risks, and we believe that one should not overlook the potential for episodic market stresses connected to the vaccine rollout or other global factors. As always, we glimpse the future “through a glass darkly,” and must allow for contingencies we can’t foresee. For this reason, we maintain that staying fully invested and broadly diversified is the most likely way to achieve one’s long-term investment goals. Should your goals change, discuss them thoroughly with your investment advisor before making any changes to your portfolio.

We remain humble and realistic in the face of the challenges ahead, but well prepared for and fully committed to serving our clients without disruption. We appreciate your continued confidence in us, and we look forward to serving your investment needs in the future.

Sincerely,

Dina Santoro
President
Voya Family of Funds
January 22, 2021

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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Benchmark Descriptions

		Index				Description
		Bloomberg Barclays U.S. Aggregate Bond Index				An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities.
		iMoneyNet Government Institutional Index				The average return for a category of money market funds that includes all government institutional funds: Treasury Institutional, Treasury and Repo Institutional and Government and Agencies Institutional.
		MSCI Europe, Australasia and Far East® (“MSCI EAFE”) Index				An index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
		MSCI 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.
		MSCI World Value IndexSM				The index captures large and mid cap securities exhibiting overall value style characteristics across 23 Developed Markets countries.
		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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Portfolio Managers’ Report

Voya Balanced Portfolio

	Investment Type Allocation as of December 31, 2020 (as a percentage of net assets)

	Common Stock			39.5%
	Exchange-Traded Funds			29.0%
	Mutual Funds			10.4%
	Corporate Bonds/Notes			6.6%
	Collateralized Mortgage Obligations			3.5%
	U.S. Treasury Obligations			3.0%
	Asset-Backed Securities			2.7%
	U.S. Government Agency Obligations			2.1%
	Commercial Mortgage-Backed Securities			1.7%
	Sovereign Bonds			0.2%
	Preferred Stock			0.0%
	Purchased Options			0.0%
	Rights			0.0%
	Assets in Excess of Other Liabilities*			1.3%
	Net Assets			100.0%
	* Includes short-term investments and exchange-traded funds.
	Portfolio holdings are subject to change daily.

Voya Balanced Portfolio (the “Portfolio”) seeks total return consisting of capital appreciation (both realized and unrealized) and current income; the secondary investment objective is long-term capital appreciation. The Portfolio uses an asset allocation strategy (“Target Asset Allocation”) to invest in a diversified portfolio of various asset classes and investment strategies. The Portfolio is managed by 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, 2020, the Portfolio’s Class I shares provided a total return of 10.85% compared to the S&P Target Risk® Growth Index Total Return, Bloomberg Barclays U.S. Aggregate Bond Index, MSCI EAFE® Index and Russell 3000® Index, which returned 11.83%, 7.51%, 7.82% and 20.89%, respectively, for the same period.

Portfolio Specifics: The Portfolio managers attempt to enhance investment returns by tactically deviating from Target Asset Allocations to seek to take advantage of opportunities or reduce risk. The following tactics were among those employed in 2020.

The Portfolio started the year with a neutral stance between equities and fixed income assets. Within the sub-asset class space, the Portfolio favored domestic small cap equities and developed international equities, senior loans, short duration bonds and long government bonds. These positions were funded by underweight positions in domestic large cap equities, core fixed income and high yield bonds.

In January, the Portfolio reversed a trade from the previous quarter that had favored developed international equities over domestic equities. Proceeds from the sale of developed international equities were used to purchase domestic large cap equities. In February, the Portfolio unwound a prior trade that had neutralized their strategic underweight to U.S. small cap equities. Concerns regarding the U.S. small company sector composition and high foreign sales exposure were reasons for re-enacting the underweight.

In March, we had made rotations as a result of extremely oversold conditions due to the negative impact of the coronavirus. Throughout the month, we modestly increased U.S. large cap equities by selling core U.S. fixed income, on our belief that a lot of bad news already was incorporated into equity asset prices. Additionally, we began to increase high

	Top Ten Holdings as of December 31, 2020* (as a percentage of net assets)

	SPDR S&P 500 ETF Trust			18.0%
	Voya High Yield Bond Fund - Class P			8.5%
	iShares Core MSCI Emerging Markets ETF			4.1%
	Vanguard Value ETF			4.0%
	iShares 20+ Year Treasury Bond ETF			1.9%
	Apple, Inc.			1.7%
	Microsoft Corp.			1.5%
	Amazon.com, Inc.			1.3%
	Voya Short Term Bond Fund - Class R6			1.2%
	iShares Russell 2000 ETF			1.0%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

yield bonds by reducing our allocation to short duration bonds and core fixed income. High yield spreads were at extremely distressed levels at the time of the trade and, based on our analysis, we found the risk-reward to be adequate compensation for potential defaults.

At the end of March, we modestly reduced our underweights in developed international and domestic small cap equities, taking from U.S. large cap equities. At the time of the trade, developed international had significantly underperformed U.S. large cap equities.

At the beginning of April, the Portfolio continued scaling into high yield, funded by selling short duration bonds. The Portfolio reduced Treasury inflation-protected securities (“TIPS”) in favor of investment grade (“IG”) bonds, because of the negative yield across the TIPS curve. The objective of the trade was to position the Portfolio to “invest alongside,” i.e., seeking to benefit from, the U.S. Federal Reserve Board’s (“Fed”) commitment to purchasing IG corporate bonds. As part of its annual review process, the Portfolio made modest adjustments to its strategic asset allocation based on our latest long-term capital market assumptions. The updates resulted in a modest decrease in the Portfolio’s equity allocations. In addition, U.S. small cap equities and senior bank loans were removed as strategic asset classes, though the Portfolio remains invested in U.S. small cap equities on a tactical basis.

At the start of May, the Portfolio initiated an underweight to emerging market (“EM”) equities given concerns over the U.S. administration’s, in our view, hawkish stance towards China. Proceeds from the sale were rotated into domestic large cap equities. In mid-May, as the equity markets continued to rally, we lightly trimmed our domestic large cap equity position and moved the proceeds into intermediate bonds. At the end of May and beginning of June, to seek to take advantage of a traditional outperformer in the first year of a recovery, we increased the weighting of domestic small cap equities by selling U.S. large cap stocks and intermediate bonds.

In July, the Portfolio removed long government bond exposure in favor of intermediate term bonds. At the time of the trade, the yield curve had re-flattened and we expected further steepening as economic and COVID-related data, e.g., hospitalizations, continued to improve.

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Voya Balanced Portfolio

Portfolio Managers’ Report

Also, the Portfolio purchased EM equities with proceeds from reducing intermediate bonds. The rationale for the trade lay in the weakening U.S. dollar and the fiscal-led recovery in China.

In October, as part of the semi-annual review of the Portfolio’s strategic asset allocation, the existing tactical underweight to global real estate was incorporated into a longer-term strategic position, resulting in its removal as a strategic asset class. Tactically, the Portfolio neutralized its underweight to emerging market equities and lowered its overweight to domestic small cap equities.

In November, the Portfolio added to developed international equities funded by selling U.S. large cap equities. The rationale for the trade included expectations for EAFE’s recent outperformance to persist, given the continued rise of COVID-19 cases in the United States and further weakening of the U.S. dollar relative to the euro.

During the year, tactical moves relative to the strategic benchmark had a positive impact across the Portfolio.

Underlying sleeves detracted from performance during the year. Underperformers relative to their respective benchmarks included large cap, mid cap and international equities. Core fixed income was the only strategy that outperformed its respective benchmark.

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

Current Strategy and Outlook: In our opinion, with two COVID-19 vaccines approved for use in the U.S. and a new round of fiscal stimulus on the verge of being deployed, we believe there is a clear bridge (vaccine) to post-COVID-19 normalcy and abutments (stimulus) that should serve to reinforce the recovery and absorb unexpected jolts along the way. We believe highly accommodative monetary policy is likely to be prolonged and act as an additional safety feature to ensure full-employment output is reached without a major accident. The Fed’s new flexible inflation targeting framework should hold short-term rates near their effective lower bound until there is sustained progress towards their 2% inflation goal, in our view. We believe analogous developments taking shape in various forms across the world should help reignite global growth to above-trend levels in 2021, breathe new life into struggling sectors and accelerate the rotation into cyclical assets already underway.

In our view, equity markets look overbought to us, based on certain sentiment indicators, including the Chicago Board Options Exchange put/call ratio. However, we believe the improving medium-term fundamental economic backdrop outweighs any near-term technical weakness. Estimates of U.S. corporate earnings growth for 2021 appear to us to substantially undershoot, particularly in the back half of the year, when we anticipate pent up demand will be unleashed as consumer spending speeds up and ailing services sectors are restored to health.

We recognize most valuation measures that compare broad market stock prices to earnings, cash flows or sales, look historically expensive. Yet, when adjusted for interest rates, we think stocks have more room to run. We believe the Fed will keep the bond market tame in the near term, which will hold earnings multiples afloat while better future financial reports boost numbers in the denominator in the second half of 2021. Another reason we like equities better than bonds is our view that in the next phase of the business cycle, cyclically geared assets will carry more of the load. We also believe the hand-off that began at the end of October is likely to continue; we remain overweight to U.S. small cap and EM equities, which stand to benefit from economic progression, in our view.

The same macro level view guides our positioning in fixed income. The lagged impact of fiscal and monetary policy, combined with a better-controlled global health situation, should in our opinion press corporate credit and securitized spreads tighter. We think accelerating growth will steepen the yield curve, so we are underweighted in duration. But we do not expect long-end yields will shoot so high, so fast, as to meaningfully tighten financial conditions. Given their yield advantage, we continue to prefer U.S. fixed income over non-U.S. developed market bonds. Our view is that the U.S. dollar will continue to weaken, making foreign bonds more attractive, especially EM debt. Nonetheless, we still believe EM equities offer better risk-adjusted return potential than fixed income.

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

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

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Portfolio Managers’ Report

Voya Balanced Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2020
	1 Year		5 Year		10 Year
Class I		10.85%		8.76%		7.57%
Class S		10.57%		8.49%		7.31%
S&P Target Risk® Growth Index		11.83%		9.25%		7.94%
Bloomberg Barclays U.S. Aggregate Bond Index		7.51%		4.44%		3.84%
MSCI EAFE® Index		7.82%		7.45%		5.51%
Russell 3000® Index		20.89%		15.43%		13.79%

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 includes, if applicable the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which

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

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

Portfolio holdings are subject to change daily.

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Voya Global High Dividend Low Volatility Portfolio

Portfolio Managers’ Report

	Geographic Diversification as of December 31, 2020 (as a percentage of net assets)

	United States			61.7%
	Japan			8.6%
	United Kingdom			5.0%
	Canada			3.9%
	Australia			3.2%
	Italy			2.5%
	Switzerland			2.1%
	Denmark			1.7%
	Hong Kong			1.6%
	Ireland			1.4%
	Countries between 0.1% – 1.3%^			6.1%
	Assets in Excess of Other Liabilities*			2.2%
	Net Assets			100.0%
	* Includes short-term investments and exchange-traded funds.
	^ Includes 12 countries, which each represents 0.1% – 1.3% of net assets.
	Portfolio holdings are subject to change daily.

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

Performance*: For the year ended December 31, 2020, the Portfolio’s Class S shares provided a total return of -1.09% compared to the MSCI World Value IndexSM and the MSCI World IndexSM (“MSCI World”), which returned -1.16% and 15.90%, respectively, for the same period.

Portfolio Specifics: For the reporting period, the Portfolio underperformed the MSCI World. However, the Portfolio outperformed it’s primary benchmark, the MSCI World Value IndexSM. In terms of the Portfolio’s performance, industry exposure was a positive contributor and the stock ranking model also outperformed. By contrast, low beta was a significant headwind, as was the Portfolio’s small-capitalization tilt.

On the regional level, the underweight and stock selection in Europe and overweight and selection in developed Asia were the strongest contributors, while stock selection was weakest in Japan. On the sector level, the overweight to information technology and underweight to energy contributed positively. Stock selection was strong in information technology but negative in energy. While the overweight to health care detracted from performance, stock selection in the sector was strong, making it the third largest contributor. At the individual stock level, exposure to non-benchmark stocks Microsoft Corporation and Intuit Inc., as well as the underweight to Exxon Mobil Corporation were among the key contributors for the period.

By contrast, at the sector level stock selection was weakest in the industrials and communication services sectors. The

	Top Ten Holdings as of December 31, 2020 (as a percentage of net assets)

	Johnson & Johnson			1.4%
	Verizon Communications, Inc.			1.3%
	AbbVie, Inc.			1.2%
	Procter & Gamble Co.			1.2%
	PepsiCo, Inc.			1.1%
	Cisco Systems, Inc.			1.0%
	Honeywell International, Inc.			1.0%
	Pfizer, Inc.			1.0%
	Texas Instruments, Inc.			1.0%
	Merck & Co., Inc.			1.0%
	Portfolio holdings are subject to change daily.

underweight and stock selection in consumer discretionary detracted as well. At the individual stock level, the overweight to ONEOK, Inc., exposure to non-benchmark stock Equitrans Midstream Corp. and not owning Broadcom Inc. were the largest detractors.

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

On January 24, 2020, the Board of Directors (“Board”) approved a name change for the Portfolio. Prior to May 1, 2020, the Portfolio was formerly known as, “Voya Global Equity Portfolio.” On November 19, 2020, the Board approved changes with respect to the Portfolio’s principal investment strategies effective on or about December 31, 2020. In conjunction with the strategy changes, effective December 31, 2020, the Portfolio’s benchmark changed from the MSCI World IndexSM to the MSCI World Value IndexSM.

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Portfolio Managers’ Report

Voya Global High Dividend Low Volatility Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2020
	1 Year		5 Year		10 Year		Since Inception of Classes S2 and T March 5, 2015
Class ADV		-1.27%		7.10%		5.98%		—
Class I(1)		-0.83%		7.61%		6.40%		—
Class S		-1.09%		7.34%		6.24%		—
Class S2		-1.25%		7.19%		—		4.82%
Class T		-1.48%		6.96%		—		4.63%
MSCI World Value IndexSM		-1.16%		7.15%		6.76%		4.92%
MSCI World IndexSM		15.90%		12.19%		9.87%		9.58%

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

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

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

Portfolio holdings are subject to change daily.

(1)

Class 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 December 31, 2020 the Portfolio changed its benchmark from the MSCI World IndexSM to the MSCI World Value IndexSM because the MSCI World Value IndexSM is considered by the adviser to be a more appropriate benchmark, reflecting the type of securities in which the Portfolio invests.

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Voya Government Money Market Portfolio

Portfolio Managers’ Report

	Investment Type Allocation as of December 31, 2020 (as a percentage of net assets)

	U.S. Treasury Debt			57.9%
	U.S. Government Agency Debt			27.1%
	U.S. Treasury Repurchase Agreement			13.4%
	Assets in Excess of Other Liabilities			1.6%
	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, 2020, the Portfolio’s Class I shares provided a total return of 0.29% compared to the iMoneyNet Government Institutional Index, which returned 0.31% for the same period.

Portfolio Specifics: The Portfolio has waived fees in order to maintain a zero or positive yield, as have other money market funds. The Portfolio was able to realize some capital gains by primarily buying longer-term new issue T-Bills and selling them after yields declined to market levels over time. These gains were distributed to the shareholders and allowed the Portfolio to increase the total return over the yield of the Portfolio. The Portfolio continued to maintain an exposure to floating rate money market securities, shifting out of floaters tied to 3-month London inter-bank offered rate (“LIBOR”) or 1-month LIBOR, and into floaters tied to 1-day secured overnight financing rate (“SOFR”), as the market prepares for LIBOR to be replaced by SOFR.

The year ended December 31, 2020, can be summed up by the COVID-19 pandemic and the Federal Open Market Committee (“FOMC”), the U.S. Federal Reserve Board (the “Fed”), the U.S. Treasury and U.S. government’s response to the impact the coronavirus had on the markets and the economy. On March 3, prior to their regularly scheduled meeting on March 15, the FOMC lowered the federal funds rate by 0.50% to a range of 1.00% to 1.25%. They took that action in light of the risks posed to economic activity by the coronavirus despite the current strong economy and low level of unemployment. The FOMC again lowered the federal funds rate another 1% at the March 15 meeting, lowering it to a range of 0% to 0.25%. The FOMC indicated that global financial conditions had been significantly affected by the coronavirus. In addition, the Fed also agreed to purchase $500 billion of U.S. Treasury securities and $200 billion of mortgage-backed securities (“MBS”) and expand overnight and term repurchase agreement operations. The Fed and U.S. Treasury were forced to institute various programs in order to stabilize the markets, provide liquidity and support the smooth operations of the various markets. The U.S. government instituted a stimulus program to lessen the impact from the coronavirus on the U.S. economy. The federal funds rate has remained at the 0% to 0.25% range, and the Fed continues to purchase U.S. Treasury securities and MBS, as well as reinvest maturities and paydowns on a monthly basis as the coronavirus continued to have a major impact on the U.S. and global economy. Money market rates of securities purchased by the Portfolio, as well as other money market funds, declined in direct response to the FOMC actions.

Outlook and Current Strategy: Looking ahead we believe that the U.S. economy and employment will take a significant amount of time to fully recover as the effects from the coronavirus continue well into 2021, the vaccine rollout takes time and additional stimulus is needed to bridge the gap. The FOMC has indicated that they expect to hold rates at the current level till at least 2023 based on their dot plot estimates of the federal funds rate. We do not envision a scenario where the FOMC will be in a position to raise rates in the upcoming year. Any increases in short-term money market rates would be viewed by us as temporary and as an opportunity to add a few basis points of yield or the ability to capture some capital gains. We will otherwise maintain a shorter weighted average maturity, 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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Portfolio Managers’ Report

Voya Growth and Income Portfolio

	Sector Diversification as of December 31, 2020 (as a percentage of net assets)

	Information Technology			25.2%
	Health Care			14.1%
	Communication Services			13.1%
	Financials			10.7%
	Consumer Discretionary			10.3%
	Industrials			8.2%
	Consumer Staples			7.1%
	Materials			2.8%
	Utilities			2.8%
	Real Estate			2.3%
	Energy			2.3%
	Assets in Excess of Other Liabilities*			1.1%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

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

Performance: For the year ended December 31, 2020, the Portfolio’s Class I shares provided a total return of 17.26% compared to the S&P 500® Index, which returned 18.40% for the same period.

Portfolio Specifics: For the year ended December 31, 2020, the Portfolio underperformed the S&P 500® Index due to weak security selection. On the sector level, stock selection within the health care and consumer discretionary sectors had the largest negative impact on relative performance. Key detractors included overweight positions in MGM Resorts International and L Brands, Inc., and an underweight position in Apple Inc.

By contrast, stock selection within the industrials and real estate sectors had the largest positive impact on performance. At the individual stock level, key contributors were overweight positions in Adobe Inc., ViacomCBS Inc. and AT&T Inc.

Current Strategy and Outlook: We continue to see what we believe are attractive valuations in companies in a variety of

	Top Ten Holdings as of December 31, 2020 (as a percentage of net assets)

	Microsoft Corp.			5.9%
	Alphabet, Inc. - Class A			5.7%
	Fiserv, Inc.			3.0%
	Intuit, Inc.			2.6%
	Walt Disney Co.			2.4%
	Broadcom, Inc.			2.3%
	Amazon.com, Inc.			2.3%
	Medtronic PLC			2.2%
	Comcast Corp. - Class A			2.1%
	Johnson & Johnson			2.1%
	Portfolio holdings are subject to change daily.

sectors. Going forward we believe that dividends will continue to be in demand by investors, who, in our opinion, are searching for income and for funds with good downside capture, such as the Portfolio has sought to provide.

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Voya Growth and Income Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2020
	1 Year		5 Year		10 Year
Class ADV		16.74%		13.27%		11.62%
Class I		17.26%		13.79%		12.12%
Class S		16.93%		13.49%		11.84%
Class S2		16.81%		13.33%		11.69%
S&P 500® Index		18.40%		15.22%		13.88%

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

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

The performance shown includes, if applicable the effect of fee waivers and/or expense reimbursements by the

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

Portfolio holdings are subject to change daily.

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Portfolio Managers’ Report

Voya Intermediate Bond Portfolio

	Investment Type Allocation as of December 31, 2020 (as a percentage of net assets)

	Corporate Bonds/Notes			25.8%
	Mutual Funds			22.3%
	Collateralized Mortgage Obligations			18.8%
	U.S. Government Agency Obligations			12.1%
	Asset-Backed Securities			9.3%
	Commercial Mortgage-Backed Securities			5.9%
	U.S. Treasury Obligations			5.0%
	Municipal Bonds			0.0%
	Purchased Options			0.0%
	Other			0.0%
	Assets in Excess of Other Liabilities*			0.8%
	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, 2020, the Portfolio’s Class I shares provided a total return of 7.81% compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which returned 7.51% for the same period.

Portfolio Specifics: The Portfolio outperformed the Bloomberg Barclays U.S. Aggregate Bond Index, primarily due to security selection decisions, while sector allocation and duration and yield curve positioning modestly detracted from performance.

The strong performance of fixed income markets over the course of 2020, masks the intra-period volatility sparked by the global pandemic early in the year. Fixed income markets witnessed another roller coaster in 2020, as the extraordinary volatility and market performance in the first quarter and ensuing rebound dominated the performance profile for the trailing 12 months. While the news of the COVID-19 pandemic ignited a flight to quality, with the U.S. Treasury market remaining the world’s preferred risk-free asset, the response by the U.S. Federal Reserve Board (“Fed”) as well as other global central banks and government agencies was equally swift to stabilize economies and financial markets. The Fed slashed official short-term interest rates to effectively zero, with guidance that zero interest-rate policy would be in place for the foreseeable future. The U.S. 10-yield, which began the year at 1.92%, fell to a low of 0.51% before ending the year at 0.92%. Non-government sectors meaningfully underperformed in the earlier part of the year, only to stage significant rebounds. The first leg of the rebound was supported by various government programs as well as signs of a recovering global economy. The rally was extended with the announcements from both Pfizer

	Top Ten Holdings as of December 31, 2020 (as a percentage of net assets)

	Voya Securitized Credit Fund - Class P			5.2%
	Voya Investment Grade Credit Fund - Class P			5.0%
	Voya Emerging Markets Hard Currency Debt Fund - Class P			4.0%
	Voya High Yield Bond Fund - Class P			3.7%
	Voya Emerging Markets Corporate Debt Fund - Class P			2.7%
	Voya Emerging Markets Local Currency Debt Fund - Class P			1.7%
	United States Treasury Note, 0.125%, 12/15/23			1.3%
	United States Treasury Bond, 1.375%, 11/15/40			1.1%
	Ginnie Mae, 2.500%, 02/01/51			1.0%
	United States Treasury Note, 0.125%, 12/31/22			1.0%
	Portfolio holdings are subject to change daily.

and Moderna regarding a vaccine that fueled further optimism in our opinion for continued progress for the economy going into 2021.

In aggregate, performance was supported by security selection and varied by sector. Positive security selection in investment-grade corporates that reflected tactical shifting in the overall risk profile was partially offset by sector allocation decisions. Having been more defensively positioned early in the period in high-yield (“HY”), the strategy benefited as we increased our exposure in HY after the first quarter of 2020 sell-off. Sector allocations in securitized credits added to performance, and security selection in agency residential mortgage-backed securities benefited from investments in collateralized mortgage obligations, while commercial mortgage-backed securities selection was a headwind as our more credit sensitive investments lagged over concerns regarding the impact of the economy on commercial real estate. Duration positioning that included a tactical defensive positioning in the first quarter of 2020 modestly detracted, while curve positioning helped to offset some of this detraction. During the present low rate environment, we have looked to include additional strategies designed to offset unexpected weakness in credit markets. This included put options on the Australian dollar which typically declines in a risk-off environment. As credit markets rebounded, this hedge, as expected during a stronger market, detracted from our performance over the period. In addition, small currency exposures associated with our investments in emerging markets also detracted.

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

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Voya Intermediate Bond Portfolio

Portfolio Managers’ Report

Current Strategy and Outlook: Heading into 2021, in our view the market backdrop for cyclical sectors is extraordinarily positive. We believe consumers, supported by excess savings, robust net worth and additional fiscal aid, will drive a recovery in discretionary spending, leading to a full re-engagement of the service sector as the vaccine rollout becomes more widespread. We also believe the recovery in services spending, coupled with resilience in goods demand, should usher in an extended period of synchronous, above-trend global growth, easing pressures on the income divide.

In the near-term, cyclical sectors across non-government sectors are relatively attractive, in our opinion. We believe that a rebound in economic growth, fostered by a duality of fiscal and central bank support, will push spreads uncomfortably tight in 2021.

However, we also recognize the market seems to be very aligned on the near-term positive direction of risk assets. In our opinion, this one-way sentiment opens the door for volatility. The vaccine news is overwhelmingly positive, and we believe the vaccine ultimately will succeed. However, it is our view that the potential for episodic market stresses, whether connected to the vaccine or other global factors, should not be overlooked.

We believe that the heavy use of economic stabilizers creates vulnerability to shocks and will leave investors exposed to increasingly asymmetric risk profiles. Security selection, which is always important, will be critical, as we believe the dispersion between “winning” and “losing” investments within sectors will remain extremely wide. It is our opinion that diversification, tail risk hedging and careful analysis of cyclical versus structural factors are necessary to mitigate downside risks and prepare portfolios for the income-starved world we face ahead.

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Portfolio Managers’ Report

Voya Intermediate Bond Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2020
	1 Year		5 Year		10 Year
Class ADV		7.32%		4.74%		4.48%
Class I		7.81%		5.24%		4.99%
Class S		7.57%		4.99%		4.73%
Class S2		7.42%		4.83%		4.58%
Bloomberg Barclays U.S. Aggregate Bond Index		7.51%		4.44%		3.84%

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

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

The performance shown includes, if applicable the effect of fee waivers and/or expense reimbursements by the

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

Portfolio holdings are subject to change daily.

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Voya Small Company Portfolio

Portfolio Managers’ Report

	Sector Diversification as of December 31, 2020 (as a percentage of net assets)

	Financials			18.9%
	Consumer Discretionary			17.7%
	Health Care			16.5%
	Industrials			15.6%
	Information Technology			14.8%
	Real Estate			4.4%
	Materials			4.2%
	Utilities			2.4%
	Consumer Staples			1.8%
	Communication Services			1.6%
	Energy			1.6%
	Assets in Excess of Other Liabilities*			0.5%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya 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, 2020, the Portfolio’s Class I shares provided a total return of 12.28% compared to the Russell 2000® Index, which returned 19.96% for the same period.

Portfolio Specifics: The Portfolio underperformed the Russell 2000® Index during the reporting period due to unfavorable stock selection effects. Most notably, stock selection in the software and services and consumer services sectors detracted the most value. On an individual stock level, an overweight position in Welbilt Inc., owning a non-benchmark position in WPX Energy, Inc. and not owning Teladoc Health, Inc. had the greatest negative impact on performance. In contrast, holdings in the real estate and retail sectors contributed the most to performance. On an individual stock level, overweight positions in Generac Holdings Inc., Amedisys, Inc. and Repligen Corporation added the most value.

Current Strategy and Outlook: Despite historically weak, choppy economic data and unsettling, pandemic-related headlines, in our opinion risk assets have pushed higher on investor confidence that the future will be better than the present. With two COVID-19 vaccines in distribution and a new round of fiscal stimulus about to be deployed, we believe the U.S. economy is primed to accelerate in 2021. In our view, there is a clear bridge (vaccine) to post-COVID-19 normalcy and abutments (fiscal stimulus and prolonged, accommodative monetary policy) that should keep the recovery on track and

	Top Ten Holdings as of December 31, 2020* (as a percentage of net assets)

	j2 Global, Inc.			1.3%
	Werner Enterprises, Inc.			1.3%
	Caesars Entertainment, Inc.			1.2%
	Stifel Financial Corp.			1.2%
	Builders FirstSource, Inc.			1.1%
	Marriott Vacations Worldwide Corp.			1.1%
	Cantel Medical Corp.			1.1%
	EMCOR Group, Inc.			1.1%
	Onto Innovation, Inc.			1.1%
	Envestnet, Inc.			1.1%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

absorb unexpected jolts along the way.

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Portfolio Managers’ Report

Voya Small Company Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2020
	1 Year		5 Year		10 Year
Class ADV		11.73%		10.01%		9.84%
Class I		12.28%		10.56%		10.39%
Class R6(1)		12.34%		10.56%		10.39%
Class S		12.04%		10.29%		10.12%
Russell 2000® Index		19.96%		13.26%		11.20%

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

Portfolio holdings are subject to change daily.

(1)

Class 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, 2020 to December 31, 2020. 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, 2020			Ending Account Value December 31, 2020			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2020*			Beginning Account Value July 1, 2020			Ending Account Value December 31, 2020			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2020*
Voya Balanced Portfolio
Class I		$	1,000.00		$	1,167.70		0.69%		$	3.76		$	1,000.00		$	1,021.67		0.69%		$	3.51
Class S			1,000.00			1,166.30		0.94			5.12			1,000.00			1,020.41		0.94			4.77
Voya Global High Dividend Low Volatility Portfolio
Class ADV		$	1,000.00		$	1,142.00		1.10%		$	5.92		$	1,000.00		$	1,019.61		1.10%		$	5.58
Class I			1,000.00			1,145.40		0.60			3.24			1,000.00			1,022.12		0.60			3.05
Class S			1,000.00			1,143.70		0.85			4.58			1,000.00			1,020.86		0.85			4.32
Class S2			1,000.00			1,142.20		1.00			5.38			1,000.00			1,020.11		1.00			5.08
Class T			1,000.00			1,141.00		1.20			6.46			1,000.00			1,019.10		1.20			6.09
Voya Government Money Market Portfolio
Class I		$	1,000.00		$	1,000.10		0.17%		$	0.85		$	1,000.00		$	1,024.28		0.17%		$	0.87
Class S			1,000.00			1,000.10		0.17			0.85			1,000.00			1,024.28		0.17			0.87
Voya Growth and Income Portfolio
Class ADV		$	1,000.00		$	1,236.20		1.07%		$	6.01		$	1,000.00		$	1,019.76		1.07%		$	5.43
Class I			1,000.00			1,238.90		0.62			3.49			1,000.00			1,022.02		0.62			3.15
Class S			1,000.00			1,237.60		0.87			4.89			1,000.00			1,020.76		0.87			4.42
Class S2			1,000.00			1,236.80		1.02			5.74			1,000.00			1,020.01		1.02			5.18

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2020			Ending Account Value December 31, 2020			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2020*			Beginning Account Value July 1, 2020			Ending Account Value December 31, 2020			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2020*
Voya Intermediate Bond Portfolio
Class ADV		$	1,000.00		$	1,031.20		1.03%		$	5.26		$	1,000.00		$	1,019.96		1.03%		$	5.23
Class I			1,000.00			1,033.60		0.53			2.71			1,000.00			1,022.47		0.53			2.69
Class S			1,000.00			1,032.40		0.78			3.98			1,000.00			1,021.22		0.78			3.96
Class S2			1,000.00			1,031.70		0.93			4.75			1,000.00			1,020.46		0.93			4.72
Voya Small Company Portfolio
Class ADV		$	1,000.00		$	1,346.80		1.40%		$	8.26		$	1,000.00		$	1,018.10		1.40%		$	7.10
Class I			1,000.00			1,350.00		0.90			5.32			1,000.00			1,020.61		0.90			4.57
Class R6			1,000.00			1,349.80		0.89			5.26			1,000.00			1,020.66		0.89			4.52
Class S			1,000.00			1,348.60		1.15			6.79			1,000.00			1,019.36		1.15			5.84

Expenses are equal to each Portfolio’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half-year.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Voya Balanced Portfolio, Voya Global High Dividend Low Volatility Portfolio (formerly, Voya Global Equity Portfolio), Voya Government Money Market Portfolio, Voya Growth and Income Portfolio, Voya Intermediate Bond Portfolio and Voya Small Company Portfolio and the Boards of Directors/Trustees of Voya Balanced Portfolio, Inc., Voya Variable Funds, Voya Variable Portfolios, Inc., Voya Intermediate Bond Portfolio and Voya Government Money Market Portfolio

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Voya Balanced Portfolio, Voya Global High Dividend Low Volatility Portfolio (formerly, Voya Global Equity Portfolio), Voya Government Money Market Portfolio, Voya Growth and Income Portfolio, Voya Intermediate Bond Portfolio and Voya Small Company Portfolio (collectively referred to as the “Portfolios”) (each a portfolio 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 (collectively referred to as the “Registrants”)), including the portfolio of investments and summary portfolios of investments, as applicable, as of December 31, 2020, and the related statements of operations and changes in net assets and the financial highlights for the year then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolios at December 31, 2020, the results of their operations, the changes in their net assets and their financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.

The statement of changes in net assets for the year ended December 31, 2019, and the financial highlights for each of the periods in the four-year period then ended, were audited by another independent registered public accounting firm whose report, dated February 26, 2020, expressed an unqualified opinion on that statement of changes in net assets and those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Registrants’ management. Our responsibility is to express an opinion on the Portfolios’ financial statements 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 Registrants 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Registrants are not required to have, nor were we engaged to perform, an audit of the Registrants’ internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Registrants’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, 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. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others 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. 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 2019.

Boston, Massachusetts
February 24, 2021

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2020

	Voya Balanced Portfolio			Voya Global High Dividend Low Volatility Portfolio			Voya Government Money Market Portfolio
ASSETS:
Investments in securities at fair value+*		$	329,712,317		$	602,429,654		$	—
Investments in affiliates at fair value**			38,918,608			—			—
Short-term investments at fair value†			21,471,061			7,073,902			—
Short-term investments at amortized cost			—			—			484,712,497
Repurchase agreements			—			—			76,315,000
Cash			359,523			93,612			752
Cash collateral for futures contracts			538,855			—			—
Foreign currencies at value‡			13,004			79,984			—
Receivables:
Investment securities sold			1,061,724			—			8,999,191
Investment securities sold on a delayed-delivery or when-issued basis			3,195,651			—			—
Fund shares sold			161,175			6,697,327			176,620
Dividends			430,016			1,063,161			—
Interest			338,013			—			25,314
Foreign tax reclaims			130,891			1,300,054			—
Unrealized appreciation on forward foreign currency contracts			957			—			—
Prepaid expenses			1,550			2,809			2,308
Reimbursement due from Investment Adviser			15,999			28,636			184,356
Other assets			53,356			57,173			131,795
Total assets			396,402,700			618,826,312			570,547,833
LIABILITIES:
Payable for investment securities purchased			1,337,088			97,288			—
Payable for investment securities purchased on a delayed-delivery or when-issued basis			5,649,341			—			—
Payable for fund shares redeemed			346			34,983			—
Payable upon receipt of securities loaned			15,321,205			6,668,901			—
Unrealized depreciation on forward foreign currency contracts			37,491			—			—
Payable for investment management fees			187,869			282,283			159,426
Payable for distribution and shareholder service fees			586			103,634			6
Payable for directors/trustees fees			1,743			2,980			2,897
Payable to directors/trustees under the deferred compensation plan (Note 6)			53,356			57,173			131,795
Other accrued expenses and liabilities			188,971			184,291			258,235
Written options, at fair value^			2,393			—			—
Total liabilities			22,780,389			7,431,533			552,359
NET ASSETS		$	373,622,311		$	611,394,779		$	569,995,474
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	309,031,736		$	603,259,068		$	570,068,691
Total distributable earnings (loss)			64,590,575			8,135,711			(73,217)
NET ASSETS		$	373,622,311		$	611,394,779		$	569,995,474
+ Including securities loaned at value		$	14,981,190		$	6,349,839		$	—
* Cost of investments in securities		$	277,320,594		$	543,876,325		$	—
** Cost of investments in affiliates		$	36,851,751		$	—		$	—
† Cost of short-term investments		$	21,470,880		$	7,073,902		$	—
‡ Cost of foreign currencies		$	14,571		$	80,092		$	—
^ Premiums received on written options		$	14,752		$	—		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2020 (continued)

	Voya Balanced Portfolio			Voya Global High Dividend Low Volatility Portfolio			Voya Government Money Market Portfolio
Class ADV
Net assets			n/a		$	13,683,520			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			1,308,782			n/a
Net asset value and redemption price per share			n/a		$	10.46			n/a
Class I
Net assets		$	370,828,145		$	129,379,141		$	569,944,854
Shares authorized			500,000,000			100,000,000			unlimited
Par value		$	0.001		$	0.001		$	1.000
Shares outstanding			22,565,395			12,396,409			569,826,198
Net asset value and redemption price per share		$	16.43		$	10.44		$	1.00
Class S
Net assets		$	2,794,166		$	465,404,615		$	50,620
Shares authorized			500,000,000			300,000,000			unlimited
Par value		$	0.001		$	0.001		$	1.000
Shares outstanding			170,985			44,380,615			50,611
Net asset value and redemption price per share		$	16.34		$	10.49		$	1.00
Class S2
Net assets			n/a		$	354,109			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			34,210			n/a
Net asset value and redemption price per share			n/a		$	10.35			n/a
Class T
Net assets			n/a		$	2,573,394			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			245,800			n/a
Net asset value and redemption price per share			n/a		$	10.47			n/a

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2020

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
ASSETS:
Investments in securities at fair value+*		$	3,196,230,258		$	2,754,688,246		$	443,580,585
Investments in affiliates at fair value**			—			799,299,636			—
Short-term investments at fair value†			92,569,280			37,952,399			31,663,347
Cash			1,025,725			122,182			32,298
Cash collateral for futures contracts			—			7,104,892			—
Cash pledged for centrally cleared swaps (Note 2)			—			4,816,000			—
Cash pledged as collateral for OTC derivatives (Note 2)			—			1,820,000			—
Receivables:
Investment securities sold			—			4,295,648			693,988
Investment securities sold on a delayed-delivery or when-issued basis			—			39,599,634			—
Fund shares sold			19,110			34,510,917			79,159
Dividends			4,469,665			134			434,683
Interest			716			14,397,728			—
Foreign tax reclaims			228,536			—			877
Unrealized appreciation on forward foreign currency contracts			—			70,172			—
Prepaid expenses			12,823			15,937			1,981
Reimbursement due from Investment Adviser			—			134,336			23,634
Other assets			264,876			373,240			47,842
Total assets			3,294,820,989			3,699,201,101			476,558,394
LIABILITIES:
Income distribution payable			—			652			—
Payable for investment securities purchased			—			1,679,565			14,624,866
Payable for investment securities purchased on a delayed-delivery or when-issued basis			—			97,380,944			—
Payable for fund shares redeemed			3,848,425			1,646,150			778,971
Payable upon receipt of securities loaned			56,373,200			10,433,390			14,750,338
Unrealized depreciation on forward foreign currency contracts			—			2,297,873			—
Variation margin payable on centrally cleared swaps			—			138,682			—
Cash received as collateral for delayed-delivery or when-issued securities (Note 2)			—			270,000			—
Payable for investment management fees			1,504,634			1,501,399			315,453
Payable for distribution and shareholder service fees			443,375			584,454			19,606
Payable for directors/trustees fees			14,557			17,624			2,002
Payable to directors/trustees under the deferred compensation plan (Note 6)			264,876			373,240			47,842
Other accrued expenses and liabilities			558,514			803,560			185,917
Written options, at fair value^			—			104,600			—
Total liabilities			63,007,581			117,232,133			30,724,995
NET ASSETS		$	3,231,813,408		$	3,581,968,968		$	445,833,399
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	2,335,277,945		$	3,443,089,818		$	376,842,102
Total distributable earnings			896,535,463			138,879,150			68,991,297
NET ASSETS		$	3,231,813,408		$	3,581,968,968		$	445,833,399
+ Including securities loaned at value		$	55,126,553		$	10,067,577		$	14,391,924
* Cost of investments in securities		$	2,362,800,484		$	2,624,294,312		$	367,871,184
** Cost of investments in affiliates		$	—		$	778,219,592		$	—
† Cost of short-term investments		$	92,569,280		$	37,952,399		$	31,663,347
^ Premiums received on written options		$	—		$	644,755		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2020 (continued)

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
Class ADV
Net assets		$	903,118,122		$	312,654,242		$	6,851,253
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			30,834,566			23,709,084			394,720
Net asset value and redemption price per share		$	29.29		$	13.19		$	17.36
Class I
Net assets		$	1,845,795,638		$	1,108,593,029		$	347,004,423
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			61,737,885			83,147,596			18,670,647
Net asset value and redemption price per share		$	29.90		$	13.33		$	18.59
Class R6
Net assets			n/a			n/a		$	11,465,827
Shares authorized			n/a			n/a			100,000,000
Par value			n/a			n/a		$	0.001
Shares outstanding			n/a			n/a			616,588
Net asset value and redemption price per share			n/a			n/a		$	18.60
Class S
Net assets		$	482,532,209		$	2,139,405,973		$	80,511,896
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			16,456,429			161,578,018			4,476,302
Net asset value and redemption price per share		$	29.32		$	13.24		$	17.99
Class S2
Net assets		$	367,439		$	21,315,724			n/a
Shares authorized			unlimited			unlimited			n/a
Par value		$	1.000		$	1.000			n/a
Shares outstanding			12,725			1,616,101			n/a
Net asset value and redemption price per share		$	28.88		$	13.19			n/a

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the Year ended December 31, 2020

	Voya Balanced Portfolio			Voya Global High Dividend Low Volatility Portfolio			Voya Government Money Market Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	4,505,010		$	17,642,244		$	97,184
Dividends from affiliated underlying funds			2,408,144			—			—
Interest			1,858,663			—			2,093,356
Securities lending income, net			49,384			50,903			—
Total investment income			8,821,201			17,693,147			2,190,540
EXPENSES:
Investment management fees			2,091,007			3,308,145			2,028,942
Distribution and shareholder service fees:
Class ADV			—			65,507			—
Class S			6,308			1,132,646			76
Class S2			—			1,238			—
Class T			—			18,723			—
Transfer agent fees (Note 6):
Class ADV			—			7,184			—
Class I			303,895			69,640			754,682
Class S			2,217			248,531			38
Class S2			—			169			—
Class T			—			1,369			—
Shareholder reporting expense			34,980			76,645			46,098
Registration fees			49			—			—
Professional fees			27,140			45,858			30,832
Custody and accounting expense			134,404			90,424			52,486
Directors/trustees fees			13,940			23,836			23,177
Licensing fee (Note 7)			23,899			—			—
Miscellaneous expense			19,609			41,713			20,787
Interest expense			1,172			176			650
Total expenses			2,658,620			5,131,804			2,957,768
Waived and reimbursed fees			(236,487)			(325,130)			(1,954,928)
Brokerage commission recapture			—			(22)			—
Net expenses			2,422,133			4,806,652			1,002,840
Net investment income			6,399,068			12,886,495			1,187,700
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			6,435,337			(30,386,849)			212,665
Sale of affiliated underlying funds			(3,667,719)			—			—
Forward foreign currency contracts			26,007			—			—
Foreign currency related transactions			(2,422)			(37,160)			—
Futures			2,169,678			—			—
Swaps			172,073			—			—
Written options			21,736			—			—
Net realized gain (loss)			5,154,690			(30,424,009)			212,665
Net change in unrealized appreciation (depreciation) on:
Investments			22,137,298			1,628,974			—
Affiliated underlying funds			1,715,330			—			—
Forward foreign currency contracts			(26,257)			—			—
Foreign currency related transactions			19,921			87,531			—
Futures			522,396			—			—
Swaps			(37,159)			—			—
Written options			12,359			—			—
Net change in unrealized appreciation (depreciation)			24,343,888			1,716,505			—
Net realized and unrealized gain (loss)			29,498,578			(28,707,504)			212,665
Increase (decrease) in net assets resulting from operations		$	35,897,646		$	(15,821,009)		$	1,400,365
* Foreign taxes withheld		$	72,505		$	709,318		$	—

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the Year ended December 31, 2020

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	57,370,423		$	38,227		$	4,349,216
Dividends from affiliated underlying funds			—			30,461,139			—
Interest			2,365			90,439,824			—
Securities lending income, net			147,180			191,969			31,378
Total investment income			57,519,968			121,131,159			4,380,594
EXPENSES:
Investment management fees			17,467,618			17,623,490			3,401,802
Distribution and shareholder service fees:
Class ADV			4,088,188			1,474,981			29,122
Class S			1,095,185			5,340,696			173,522
Class S2			1,185			90,528			—
Transfer agent fees (Note 6):
Class ADV			335,248			145,335			8,013
Class I			678,713			527,923			435,997
Class R6			—			—			39
Class S			179,617			1,053,661			95,285
Class S2			121			11,153			—
Shareholder reporting expense			243,860			219,600			43,580
Professional fees			129,274			144,570			16,911
Custody and accounting expense			238,234			290,400			48,450
Directors/trustees fees			116,451			140,988			16,009
Miscellaneous expense			142,594			183,492			27,358
Interest expense			424			1,620			1,806
Total expenses			24,716,712			27,248,437			4,297,894
Waived and reimbursed fees			(1,718,879)			(1,522,285)			(479,096)
Net expenses			22,997,833			25,726,152			3,818,798
Net investment income			34,522,135			95,405,007			561,796
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			300,435,837			28,713,091			2,886,066
Sale of affiliated underlying funds			—			(3,378,056)			—
Capital gain distributions from affiliated underlying funds			��			7,504,108			—
Forward foreign currency contracts			—			2,090,473			—
Foreign currency related transactions			—			(520,949)			92
Futures			—			34,524,933			—
Swaps			—			16,075,877			—
Written options			—			1,123,112			—
Net realized gain			300,435,837			86,132,589			2,886,158
Net change in unrealized appreciation (depreciation) on:
Investments			130,647,761			50,019,477			25,963,887
Affiliated underlying funds			—			20,133,754			—
Forward foreign currency contracts			—			(1,542,771)			—
Foreign currency related transactions			—			736,489			10
Futures			—			5,050,757			—
Swaps			—			(437,249)			—
Written options			—			540,155			—
Net change in unrealized appreciation (depreciation)			130,647,761			74,500,612			25,963,897
Net realized and unrealized gain			431,083,598			160,633,201			28,850,055
Increase in net assets resulting from operations		$	465,605,733		$	256,038,208		$	29,411,851
* Foreign taxes withheld		$	332,966		$	—		$	6,528

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Balanced Portfolio						Voya Global High Dividend Low Volatility Portfolio
	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
FROM OPERATIONS:
Net investment income		$	6,399,068		$	8,211,036		$	12,886,495		$	16,797,517
Net realized gain (loss)			5,154,690			8,827,638			(30,424,009)			(1,946,473)
Net change in unrealized appreciation (depreciation)			24,343,888			46,868,609			1,716,505			110,133,970
Increase (decrease) in net assets resulting from operations			35,897,646			63,907,283			(15,821,009)			124,985,014
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			—			(256,442)			(1,142,858)
Class I			(18,138,058)			(23,387,273)			(3,119,971)			(10,887,339)
Class S			(126,078)			(177,792)			(9,952,937)			(30,582,123)
Class S2			—			—			(6,422)			(22,028)
Class T			—			—			(44,881)			(2,178,172)
Return of capital:
Class ADV			—			—			(7,056)			—
Class I			—			—			(68,689)			—
Class S			—			—			(243,548)			—
Class S2			—			—			(168)			—
Class T			—			—			(1,310)			—
Total distributions			(18,264,136)			(23,565,065)			(13,701,424)			(44,812,520)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			5,535,434			5,604,962			18,903,580			35,321,065
Proceeds from shares issued in merger (Note 16)			—			—			—			120,666,328
Reinvestment of distributions			18,264,136			23,565,065			13,701,424			44,812,520
			23,799,570			29,170,027			32,605,004			200,799,913
Cost of shares redeemed			(41,524,529)			(46,279,105)			(102,658,244)			(125,172,096)
Net increase (decrease) in net assets resulting from capital share transactions			(17,724,959)			(17,109,078)			(70,053,240)			75,627,817
Net increase (decrease) in net assets			(91,449)			23,233,140			(99,575,673)			155,800,311
NET ASSETS:
Beginning of year or period			373,713,760			350,480,620			710,970,452			555,170,141
End of year or period		$	373,622,311		$	373,713,760		$	611,394,779		$	710,970,452

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, 2020			Year Ended December 31, 2019				Year Ended December 31, 2020			Year Ended December 31, 2019
FROM OPERATIONS:
Net investment income		$	1,187,700		$	8,609,780			$	34,522,135		$	44,915,132
Net realized gain			212,665			336,785				300,435,837			259,507,222
Net change in unrealized appreciation (depreciation)			—			—				130,647,761			467,354,641
Increase in net assets resulting from operations			1,400,365			8,946,565				465,605,733			771,776,995
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			—				(89,633,973)			(98,849,016)
Class I			(1,404,625)			(8,951,042)				(185,709,436)			(200,436,132)
Class S			(11)			—				(48,725,698)			(54,032,226)
Class S2			—			—				(36,297)			(36,281)
Total distributions			(1,404,636)			(8,951,042)				(324,105,404)			(353,353,655)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			285,044,111			85,202,977				16,220,803			7,667,948
Reinvestment of distributions			1,404,636			8,951,042				323,931,465			353,133,065
			286,448,747			94,154,019				340,152,268			360,801,013
Cost of shares redeemed			(185,720,359)			(88,069,498)				(425,160,048)			(483,242,750)
Net increase (decrease) in net assets resulting from capital share transactions			100,728,388			6,084,521				(85,007,780)			(122,441,737)
Net increase in net assets			100,724,117			6,080,044	��			56,492,549			295,981,603
NET ASSETS:
Beginning of year or period			469,271,357			463,191,313				3,175,320,859			2,879,339,256
End of year or period		$	569,995,474		$	469,271,357			$	3,231,813,408		$	3,175,320,859

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, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
FROM OPERATIONS:
Net investment income		$	95,405,007		$	113,302,014		$	561,796		$	2,134,465
Net realized gain			86,132,589			65,999,684			2,886,158			7,924,479
Net change in unrealized appreciation (depreciation)			74,500,612			146,567,084			25,963,897			117,688,693
Increase in net assets resulting from operations			256,038,208			325,868,782			29,411,851			127,747,637
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(15,415,594)			(8,383,955)			(115,866)			(1,001,250)
Class I			(60,842,817)			(35,371,437)			(7,399,513)			(60,093,482)
Class R6			—			—			(113,123)			(889,586)
Class S			(114,239,492)			(73,267,399)			(1,519,485)			(12,637,157)
Class S2			(1,162,517)			(651,433)			—			—
Total distributions			(191,660,420)			(117,674,224)			(9,147,987)			(74,621,475)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			289,580,060			144,881,394			35,470,151			27,464,775
Reinvestment of distributions			191,650,804			117,666,869			9,147,987			74,621,475
			481,230,864			262,548,263			44,618,138			102,086,250
Cost of shares redeemed			(498,718,864)			(464,637,605)			(145,853,074)			(156,108,012)
Net decrease in net assets resulting from capital share transactions			(17,488,000)			(202,089,342)			(101,234,936)			(54,021,762)
Net increase (decrease) in net assets			46,889,788			6,105,216			(80,971,072)			(895,600)
NET ASSETS:
Beginning of year or period			3,535,079,180			3,528,973,964			526,804,471			527,700,071
End of year or period		$	3,581,968,968		$	3,535,079,180		$	445,833,399		$	526,804,471

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
12-31-20		15.71		0.29		1.22		1.51		0.36		0.43		—		0.79		—		16.43		10.85		0.76		0.69		0.69		1.83		370,828		96
12-31-19		14.10		0.33•		2.26		2.59		0.37		0.61		—		0.98		—		15.71		19.11		0.69		0.69		0.69		2.23		371,202		113
12-31-18		16.69		0.34•		(1.37)		(1.03)		0.36		1.20		—		1.56		—		14.10		(6.83)		0.67		0.67		0.67		2.20		347,788		184
12-31-17		14.93		0.32•		1.85		2.17		0.41		—		—		0.41		—		16.69		14.73		0.67		0.65		0.65		2.01		425,002		174
12-31-16		14.10		0.30•		0.78		1.08		0.25		—		—		0.25		—		14.93		7.82		0.67		0.62		0.62		2.09		417,376		184
Class S
12-31-20		15.62		0.23•		1.24	��	1.47		0.32		0.43		—		0.75		—		16.34		10.57		1.01		0.94		0.94		1.59		2,794		96
12-31-19		14.02		0.29•		2.25		2.54		0.33		0.61		—		0.94		—		15.62		18.80		0.94		0.94		0.94		1.98		2,511		113
12-31-18		16.59		0.30•		(1.36)		(1.06)		0.31		1.20		—		1.51		—		14.02		(7.03)		0.92		0.92		0.92		1.94		2,693		184
12-31-17		14.85		0.28•		1.82		2.10		0.36		—		—		0.36		—		16.59		14.37		0.92		0.90		0.90		1.76		3,560		174
12-31-16		14.01		0.26•		0.79		1.05		0.21		—		—		0.21		—		14.85		7.62		0.92		0.87		0.87		1.84		3,738		184
Voya Global High Dividend Low Volatility Portfolio
Class ADV
12-31-20		10.83		0.18		(0.35)		(0.17)		0.19		—		0.01		0.20		—		10.46		(1.27)		1.16		1.10		1.10		1.86		13,684		72
12-31-19		9.63		0.25		1.71		1.96		0.24		0.52		—		0.76		—		10.83		21.06		1.10		1.10		1.10		2.43		15,665		63
12-31-18		11.02		0.23•		(1.21)		(0.98)		0.40		0.01		—		0.41		—		9.63		(9.26)(a)		1.12		1.11		1.11		2.12		15,225		147
12-31-17		9.12		0.14•		1.95		2.09		0.19		—		—		0.19		—		11.02		23.10		1.10		1.10		1.10		1.43		19,605		60
12-31-16		8.85		0.16•		0.31		0.47		0.20		—		—		0.20		—		9.12		5.53		1.10		1.10		1.10		1.87		19,883		101
Class I
12-31-20		10.82		0.23		(0.36)		(0.13)		0.24		—		0.01		0.25		—		10.44		(0.83)		0.66		0.60		0.60		2.36		129,379		72
12-31-19		9.62		0.30		1.71		2.01		0.29		0.52		—		0.81		—		10.82		21.68		0.60		0.60		0.60		2.92		149,439		63
12-31-18		11.13		0.29•		(1.22)		(0.93)		0.57		0.01		—		0.58		—		9.62		(8.85)(a)		0.62		0.61		0.61		2.63		132,480		147
12-31-17		9.21		0.20•		1.96		2.16		0.24		—		—		0.24		—		11.13		23.73		0.60		0.60		0.60		1.91		162,746		60
12-31-16		8.94		0.21•		0.31		0.52		0.25		—		—		0.25		—		9.21		6.00		0.60		0.60		0.60		2.36		150,824		101
Class S
12-31-20		10.87		0.21		(0.37)		(0.16)		0.21		—		0.01		0.22		—		10.49		(1.09)		0.91		0.85		0.85		2.11		465,405		72
12-31-19		9.66		0.27		1.73		2.00		0.27		0.52		—		0.79		—		10.87		21.41		0.85		0.85		0.85		2.62		542,303		63
12-31-18		11.12		0.26•		(1.23)		(0.97)		0.48		0.01		—		0.49		—		9.66		(9.11)(a)		0.87		0.86		0.86		2.37		375,359		147
12-31-17		9.20		0.17•		1.96		2.13		0.21		—		—		0.21		—		11.12		23.44		0.85		0.85		0.85		1.67		480,936		60
12-31-16		8.93		0.19•		0.31		0.50		0.23		—		—		0.23		—		9.20		5.76		0.85		0.85		0.85		2.11		485,551		101
Class S2
12-31-20		10.73		0.19		(0.36)		(0.17)		0.20		—		0.01		0.21		—		10.35		(1.25)		1.06		1.00		1.00		1.95		354		72
12-31-19		9.54		0.26•		1.70		1.96		0.25		0.52		—		0.77		—		10.73		21.26		1.00		1.00		1.00		2.59		332		63
12-31-18		10.95		0.23•		(1.20)		(0.97)		0.43		0.01		—		0.44		—		9.54		(9.27)(a)		1.02		1.01		1.01		2.17		273		147
12-31-17		9.07		0.15•		1.94		2.09		0.21		—		—		0.21		—		10.95		23.29		1.00		1.00		1.00		1.46		422		60
12-31-16		8.80		0.18		0.30		0.48		0.21		—		—		0.21		—		9.07		5.64		1.03		1.00		1.00		1.98		278		101

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 High Dividend Low Volatility Portfolio (continued)
Class T
12-31-20		10.85		0.18			(0.37)		(0.19)		0.18		—		0.01		0.19		—		10.47		(1.48)		1.41		1.20		1.20		1.74		2,573		72
12-31-19		9.59		0.26•			1.69		1.95		0.17		0.52		—		0.69		—		10.85		21.05		1.35		1.20		1.20		2.56		3,232		63
12-31-18		10.96		0.22•			(1.21)		(0.99)		0.37		0.01		—		0.38		—		9.59		(9.41)(a)		1.37		1.21		1.21		2.03		31,833		147
12-31-17		9.07		0.13•			1.93		2.06		0.17		—		—		0.17		—		10.96		22.95		1.35		1.20		1.20		1.30		39,544		60
12-31-16		8.80		0.16•			0.30		0.46		0.19		—		—		0.19		—		9.07		5.41		1.35		1.20		1.20		1.79		41,291		101
Voya Government Money Market Portfolio
Class I
12-31-20		1.00		0.00*			0.00*		0.00*		0.00*		0.00*		—		0.00*		—		1.00		0.29		0.51		0.17		0.17		0.20		569,945		—
12-31-19		1.00		0.02			0.00*		0.02		0.02		0.00*		—		0.02		—		1.00		1.96		0.39		0.34		0.34		1.86		469,271		—
12-31-18		1.00		0.02			0.00*		0.02		0.02		0.00*		—		0.02		—		1.00		1.56		0.39		0.34		0.34		1.54		463,191		—
12-31-17		1.00		0.01			0.00*		0.01		0.01		0.00*		—		0.01		—		1.00		0.61		0.39		0.34		0.34		0.58		438,591		—
12-31-16		1.00		0.00*			0.00*		0.00*		0.00*		0.00*		—		0.00*		—		1.00		0.18		0.39		0.34		0.34		0.08		504,575		—
Class S
12-31-20		1.00		0.00*			0.00*		0.00*		—		0.00*		—		0.00*		—		1.00		0.04		0.76		0.17		0.17		0.00*		51		—
06-30-18(5)		1.00		0.01			0.00*		0.01		0.01		0.00*		—		0.01		—		1.00		0.57		0.64		0.49		0.49		1.14		46		—
12-31-17		1.00		0.00*			0.00*		0.00*		0.00*		0.00*		—		0.00*		—		1.00		0.46		0.64		0.49		0.49		0.39		44		—
12-31-16		1.00		0.00*			0.00*		0.00		0.00*		0.00*		—		0.00*		—		1.00		0.10		0.64		0.38		0.38		0.00*		82		—
Voya Growth and Income Portfolio
Class ADV
12-31-20		27.93		0.26			4.22		4.48		0.26		2.86		—		3.12		—		29.29		16.74		1.17		1.07		1.07		0.90		903,118		92
12-31-19		24.42		0.35			6.42		6.77		0.35		2.91		—		3.26		—		27.93		28.29		1.13		1.03		1.03		1.17		896,424		69
12-31-18		28.94		0.37•			(1.75)		(1.38)		0.39		2.75		—		3.14		—		24.42		(4.88)		1.13		1.03		1.03		1.29		824,943		84
12-31-17		27.51		0.36•			5.06		5.42		0.41		3.58		—		3.99		—		28.94		19.79		1.13		1.03		1.03		1.21		1,010,017		80
12-31-16		27.81		0.40•			2.10		2.50		0.43		2.37		—		2.80		—		27.51		9.25		1.13		1.03		1.03		1.44		1,064,550		98
Class I
12-31-20		28.44		0.39			4.32		4.71		0.39		2.86		—		3.25		—		29.90		17.26		0.67		0.62		0.62		1.35		1,845,796		92
12-31-19		24.81		0.48			6.54		7.02		0.48		2.91		—		3.39		—		28.44		28.88		0.63		0.58		0.58		1.62		1,798,927		69
12-31-18		29.37		0.51•			(1.79)		(1.28)		0.53		2.75		—		3.28		—		24.81		(4.46)		0.63		0.58		0.58		1.74		1,602,432		84
12-31-17		27.87		0.51•			5.13		5.64		0.56		3.58		—		4.14		—		29.37		20.34		0.63		0.58		0.58		1.66		1,906,723		80
12-31-16		28.13		0.54•			2.14		2.68		0.57		2.37		—		2.94		—		27.87		9.77		0.63		0.58		0.58		1.89		1,778,873		98
Class S
12-31-20		27.96		0.32			4.22		4.54		0.32		2.86		—		3.18		—		29.32		16.93		0.92		0.87		0.87		1.10		482,532		92
12-31-19		24.44		0.41		��	6.42		6.83		0.40		2.91		—		3.31		—		27.96		28.55		0.88		0.83		0.83		1.37		479,676		69
12-31-18		28.97		0.43•			(1.76)		(1.33)		0.45		2.75		—		3.20		—		24.44		(4.69)		0.88		0.83		0.83		1.49		451,557		84
12-31-17		27.53		0.42•			5.07		5.49		0.47		3.58		—		4.05		—		28.97		20.06		0.88		0.83		0.83		1.41		556,169		80
12-31-16		27.83		0.46•			2.10		2.56		0.49		2.37		—		2.86		—		27.53		9.45		0.88		0.83		0.83		1.64		607,941		98

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		$(000’s)		(%)
Voya Growth and Income Portfolio (continued)
Class S2
12-31-20		27.59		0.25•		4.19		4.44		0.29		2.86		—		3.15		—		28.88		16.81		1.07		1.02		1.02		0.95		367		92
12-31-19		24.13		0.47		6.22		6.69		0.32		2.91		—		3.23		—		27.59		28.33		1.03		0.98		0.98		1.23		294		69
12-31-18		28.65		0.38•		(1.73)		(1.35)		0.42		2.75		—		3.17		—		24.13		(4.82)		1.03		0.98		0.98		1.34		407		84
12-31-17		27.27		0.38•		5.01		5.39		0.43		3.58		—		4.01		—		28.65		19.89		1.03		0.98		0.98		1.27		412		80
12-31-16		27.60		0.42		2.08		2.50		0.46		2.37		—		2.83		—		27.27		9.30		1.06		0.98		0.98		1.50		370		98
Voya Intermediate Bond Portfolio
Class ADV
12-31-20		12.94		0.32		0.61		0.93		0.38		0.30		—		0.68		—		13.19		7.32		1.08		1.03		1.03		2.40		312,654		99
12-31-19		12.20		0.37		0.76		1.13		0.37		0.02		—		0.39		—		12.94		9.29		1.03		1.03		1.03		2.88		291,207		149
12-31-18		12.73		0.36		(0.50)		(0.14)		0.39		—		—		0.39		—		12.20		(1.08)		1.03		1.03		1.03		2.95		265,204		193
12-31-17		12.53		0.34		0.22		0.56		0.36		—		—		0.36		—		12.73		4.53		1.03		1.02		1.02		2.67		311,323		300
12-31-16		12.40		0.33		0.16		0.49		0.36		—		—		0.36		—		12.53		3.92		1.03		0.98		0.98		2.58		311,448		296
Class I
12-31-20		13.08		0.39		0.61		1.00		0.45		0.30		—		0.75		—		13.33		7.81		0.58		0.53		0.53		2.89		1,108,593		99
12-31-19		12.33		0.44		0.77		1.21		0.44		0.02		—		0.46		—		13.08		9.85		0.53		0.53		0.53		3.38		1,023,645		149
12-31-18		12.86		0.43		(0.50)		(0.07)		0.46		—		—		0.46		—		12.33		(0.54)		0.53		0.53		0.53		3.45		986,608		193
12-31-17		12.66		0.41		0.22		0.63		0.43		—		—		0.43		—		12.86		5.04		0.53		0.52		0.52		3.17		1,117,794		300
12-31-16		12.52		0.40•		0.14		0.54		0.40		—		—		0.40		—		12.66		4.33		0.53		0.48		0.48		3.08		1,174,851		296
Class S
12-31-20		12.99		0.35		0.62		0.97		0.42		0.30		—		0.72		—		13.24		7.57		0.83		0.78		0.78		2.65		2,139,406		99
12-31-19		12.25		0.40		0.76		1.16		0.40		0.02		—		0.42		—		12.99		9.54		0.78		0.78		0.78		3.13		2,198,827		149
12-31-18		12.78		0.40		(0.51)		(0.11)		0.42		—		—		0.42		—		12.25		(0.82)		0.78		0.78		0.78		3.20		2,255,122		193
12-31-17		12.58		0.37		0.23		0.60		0.40		—		—		0.40		—		12.78		4.79		0.78		0.77		0.77		2.92		2,587,503		300
12-31-16		12.44		0.36•		0.16		0.52		0.38		—		—		0.38		—		12.58		4.16		0.78		0.73		0.73		2.83		2,887,280		296
Class S2
12-31-20		12.94		0.33		0.62		0.95		0.40		0.30		—		0.70		—		13.19		7.42		0.98		0.93		0.93		2.50		21,316		99
12-31-19		12.20		0.38		0.76		1.14		0.38		0.02		—		0.40		—		12.94		9.40		0.93		0.93		0.93		2.99		21,401		149
12-31-18		12.73		0.38		(0.51)		(0.13)		0.40		—		—		0.40		—		12.20		(0.98)		0.93		0.93		0.93		3.05		22,040		193
12-31-17		12.53		0.35		0.22		0.57		0.37		—		—		0.37		—		12.73		4.63		0.93		0.92		0.92		2.77		25,649		300
12-31-16		12.40		0.34•		0.16		0.50		0.37		—		—		0.37		—		12.53		3.99		0.96		0.88		0.88		2.68		24,796		296
Voya Small Company Portfolio
Class ADV
12-31-20		15.91		(0.04)		1.77		1.73		0.01		0.27		—		0.28		—		17.36		11.73		1.52		1.40		1.40		(0.31)		6,851		134
12-31-19		14.86		(0.01)		3.55		3.54		0.00*		2.49		—		2.49		—		15.91		25.56		1.39		1.39		1.39		(0.06)		7,227		125
12-31-18		20.95		(0.04)		(2.76)		(2.80)		0.02		3.27		—		3.29		—		14.86		(16.22)		1.39		1.39		1.39		(0.18)		6,342		96
12-31-17		21.20		(0.01)		2.12		2.11		—		2.36		—		2.36		—		20.95		10.69		1.38		1.37		1.37		(0.01)		7,817		74
12-31-16		18.99		(0.02)		4.13		4.11		—		1.90		—		1.90		—		21.20		23.84		1.38		1.33		1.33		(0.09)		6,463		71

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		$(000’s)		(%)
Voya Small Company Portfolio (continued)
Class I
12-31-20		17.04		0.05		1.86		1.91		0.09		0.27		—		0.36		—		18.59		12.28		1.02		0.90		0.90		0.19		347,004		134
12-31-19		15.75		0.07•		3.78		3.85		0.07		2.49		—		2.56		—		17.04		26.21		0.89		0.89		0.89		0.44		427,877		125
12-31-18		22.01		0.06•		(2.94)		(2.88)		0.11		3.27		—		3.38		—		15.75		(15.84)		0.89		0.89		0.89		0.31		435,019		96
12-31-17		22.12		0.10		2.23		2.33		0.08		2.36		—		2.44		—		22.01		11.29		0.88		0.87		0.87		0.49		607,230		74
12-31-16		19.73		0.09		4.29		4.38		0.09		1.90		—		1.99		—		22.12		24.49		0.88		0.83		0.83		0.41		545,125		71
Class R6
12-31-20		17.04		0.03		1.89		1.92		0.09		0.27		—		0.36		—		18.60		12.34		0.89		0.89		0.89		0.25		11,466		134
12-31-19		15.75		0.09		3.76		3.85		0.07		2.49		—		2.56		—		17.04		26.20		0.89		0.89		0.89		0.44		5,665		125
12-31-18		22.01		0.06		(2.94)		(2.88)		0.11		3.27		—		3.38		—		15.75		(15.85)		0.89		0.89		0.89		0.33		6,115		96
12-31-17		22.13		0.11•		2.21		2.32		0.08		2.36		—		2.44		—		22.01		11.23		0.88		0.87		0.87		0.53		6,274		74
12-31-16		19.74		0.10•		4.28		4.38		0.09		1.90		—		1.99		—		22.13		24.49		0.88		0.83		0.83		0.50		2,694		71
Class S
12-31-20		16.48		(0.00)*		1.83		1.83		0.05		0.27		—		0.32		—		17.99		12.04		1.27		1.15		1.15		(0.06)		80,512		134
12-31-19		15.30		0.03		3.66		3.69		0.02		2.49		—		2.51		—		16.48		25.86		1.14		1.14		1.14		0.20		86,035		125
12-31-18		21.46		0.02		(2.86)		(2.84)		0.05		3.27		—		3.32		—		15.30		(16.05)		1.14		1.14		1.14		0.06		80,225		96
12-31-17		21.63		0.05•		2.17		2.22		0.03		2.36		—		2.39		—		21.46		11.00		1.13		1.12		1.12		0.22		111,723		74
12-31-16		19.33		0.03		4.21		4.24		0.04		1.90		—		1.94		—		21.63		24.16		1.13		1.08		1.08		0.16		136,845		71

(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)

Unaudited. There were no shares outstanding as of December 31, 2018 and December 31, 2019.

(a)

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

•

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

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

See Accompanying Notes to Financial Statements

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2020

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 fourteen active separate investment series. The two diversified series of Voya Variable Portfolios, Inc. included in this report are Voya Global High Dividend Low Volatility Portfolio (“Global High Dividend Low Volatility”), 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. Prior to May 1, 2020, Global High Dividend Low Volatility was known as “Voya Global Equity Portfolio.”

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 any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2020 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2020 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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 each Portfolio’s book, 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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2020 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

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

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

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, 2020, the maximum amount of loss that Balanced and Intermediate Bond would incur if the counterparties to their derivative transactions failed to perform would be $16,995 and $778,564, respectively, which represents the gross payments to be received by the Portfolios on OTC purchased options and open forward foreign currency contracts were they to be unwound as of December 31, 2020. The Portfolios did not receive any cash collateral at December 31, 2020.

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, 2020, Balanced and Intermediate Bond had a liability position of $39,884 and $2,402,473, respectively, on open forward foreign currency contracts and OTC written options. If a contingent feature would have been triggered as of December 31, 2020, these Portfolios could have been required to pay these amounts in cash to their counterparties. At December 31, 2020, Intermediate Bond pledged $1,820,000 in cash collateral to certain counterparties for open OTC derivatives. Balanced did not pledge any cash collateral at December 31, 2020.

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.

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

During the year ended December 31, 2020, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below:

	Purchased			Sold
Balanced		$	143,192		$	1,095,383
Intermediate Bond			6,859,306			66,587,198

The above Portfolios entered into forward foreign currency contracts to protect any non-U.S. dollar-denominated holdings from adverse currency movements. Please refer to the tables within each respective Portfolio of Investments for open forward foreign currency contracts at December 31, 2020.

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 and included within Cash collateral for futures contracts on the Statement of Assets and Liabilities. Open futures contracts

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

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 2020, Balanced and Intermediate Bond have purchased and sold futures contracts on various bonds and notes as part of their duration management. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where a Portfolio is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of a Portfolio’s securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. During the year ended December 31, 2020, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below:

	Purchased			Sold
Balanced		$	32,912,909		$	17,764,215
Intermediate Bond			601,766,367			160,452,960

Please refer to the tables within each respective Portfolio of Investments for the above Portfolios’ open futures contracts at December 31, 2020.

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

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

During the year ended December 31, 2020, Balanced and Intermediate Bond had purchased foreign currency options to manage their foreign exchange exposure. Balanced and Intermediate Bond had average notional values of $2,530,285 and $129,236,614, respectively, on purchased foreign currency options. Please refer to the tables within each respective Portfolio of Investments for open purchased foreign currency options at December 31, 2020.

During the year ended December 31, 2020, Balanced and Intermediate Bond had written foreign currency options to generate income. Balanced and Intermediate Bond had average notional values of $1,619,060 and $77,212,101, respectively, on written foreign currency options. Please refer to the tables within each respective Portfolio of Investments for open purchased foreign currency options at December 31, 2020.

During the year ended December 31, 2020, Balanced and Intermediate Bond had purchased options on exchange-traded funds to gain exposure to certain market sectors. Balanced and Intermediate Bond had an average notional value of $900,382 and $71,371,427, respectively, on

purchased options on exchange-traded funds. The Portfolios did not have any open purchased options on exchange-traded funds at December 31, 2020.

During the year ended December 31, 2020, Balanced and Intermediate Bond had purchased forward premium swaptions to manage duration and yield curve exposures. Balanced and Intermediate Bond had average notional values of $4,101,000 and $235,427,000, respectively, on purchased forward premium swaptions. The Portfolios did not have any open purchased forward premium swaptions at December 31, 2020.

During the year ended December 31, 2020, Balanced and Intermediate Bond had purchased credit default swaptions in an attempt to gain exposure to certain credit markets. Balanced and Intermediate Bond had average notional values of $993,500 and $51,797,500, respectively, on purchased credit default swaptions. Please refer to the tables within each respective Portfolio of Investments for open purchased credit default swaptions at December 31, 2020.

During the year ended December 31, 2020, Balanced and Intermediate Bond had written credit default swaptions to generate income. Balanced and Intermediate Bond had average notional values of $1,529,000 and $84,348,500, respectively, on written credit default swaptions. There were no open written credit default swaptions at year ended December 31, 2020.

G. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Government Monday Market declares and pays net short-term capital gain distributions, if any, monthly and net long-term capital gain distributions, if any, annually. All other Portfolios distribute 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 High Dividend Low Volatility declares and pays dividends, if any, quarterly. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

H. Federal Income Taxes. It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax

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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.

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 permit the Portfolios, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables or payables under the MRA with collateral held and/or pledged by the counterparty and create one single net payment due to or from the respective Portfolio. Please refer to the table within the Portfolio of Investments for Government Money Market for open repurchase agreements subject to the MRA on a net basis at December 31, 2020.

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

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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, 2020, Intermediate Bond had received $270,000 in cash collateral with certain counter parties for open delayed-delivery or when-issued 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 transactions as purchases and sales. For fee based roll transactions, the fee is recorded as income.

O. Swap Agreements. Certain Portfolios may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). Swap agreements are privately negotiated in the

OTC market and may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The swap agreement will specify the “notional” amount of the asset or non-asset reference to which the contract relates. Subsequent changes in fair value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. A Portfolio may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported within each Portfolio’s Portfolio of Investments.

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

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

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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, 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, 2020, Balanced and Intermediate Bond bought and sold credit protection (Balanced only) 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

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sectors of the credit market and to hedge the credit risk associated with various sectors within the credit market.

For the year ended December 31, 2020, Balanced had an average notional amount of $1,933,819 on credit default swaps to buy protection and an average notional amount of $483,120 on credit default swaps to sell protection. For the year ended December 31, 2020, Intermediate Bond had an average notional amount of $155,541,793 on credit default swaps to buy protection. Please refer to the tables within the Portfolio of Investments for Intermediate Bond for open credit default swaps to buy protection at December 31, 2020. Balanced did not have any open credit default swaps to buy or sell protection at December 31, 2020.

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, 2020, Balanced has 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 $1,759,000.

For the year ended December 31, 2020, Balanced and Intermediate Bond has 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 $1,478,667 and $48,229,000, respectively.

Balanced and Intermediate Bond entered into interest rate swaps to adjust interest rate and yield curve exposures and to substitute for physical fixed-income securities. The Portfolios did not have any open interest rate swaps at December 31, 2020.

At December 31, 2020, Intermediate Bond has pledged $4,816,000 in cash collateral for open centrally cleared credit default swaps.

Volatility Swap Contracts. Certain Portfolios may enter into volatility swaps. Volatility swaps are agreements in which the counterparties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change over a specified period of time) of an

underlying referenced instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying referenced instrument. As a receiver of the realized price volatility, a Portfolio would receive the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would owe the payoff amount when the volatility is less than the strike. As a payer of the realized price volatility, a Portfolio would owe the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would receive the payoff amount when the volatility is less than the strike.

During the year ended December 31, 2020, Balanced and Intermediate Bond had average notional amounts of $5,500 and $336,000, respectively, on foreign currency volatility swaps (receiver). The Portfolios did not have any open volatility swaps at December 31, 2020.

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, 2020, 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		$	218,303,716		$	237,675,657
Global High Dividend Low Volatility			429,472,513			504,626,403
Growth and Income			2,649,215,150			3,040,842,525
Intermediate Bond			874,392,343			726,327,035
Small Company			532,579,350			632,502,595

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

	Purchases			Sales
Balanced		$	108,446,062		$	105,524,510
Intermediate Bond			2,589,587,528			2,789,644,620

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

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2020 (continued)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

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 High Dividend Low Volatility			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 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 has contractually 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 High Dividend Low Volatility, the Distributor is paid an annual distribution fee at the rate of 0.50% of Global High Dividend Low Volatility’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 High Dividend Low Volatility, so that the actual fee paid by Class T shares of Global High Dividend Low Volatility is an annual rate of 0.35%. Termination or modification of this obligation requires approval by the Board.

Class T shares of Global High Dividend Low Volatility 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 High Dividend Low Volatility. 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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2020 (continued)

NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)

The Distributor and the Investment Adviser have contractually agreed to waive a portion of their distribution and/or shareholder servicing fees and management fees, as applicable, and to reimburse certain expenses to the extent necessary to assist Government Money Market in maintaining a yield of not less than zero. There is no guarantee that the Portfolio will maintain such a yield. Management fees waived or expenses reimbursed are subject to possible recoupment by the Investment Adviser, as applicable, within three years subject to certain restrictions. In no event will the amount of the recoupment on any day exceed 20% of the yield (net of all expense) of the Portfolio on that day. Distribution and shareholder servicing fees waived are not subject to recoupment. For the year ended December 31, 2020, the Distributor waived $46 of class specific distribution fees for Class S and the Investment Adviser waived $1,693,989 of management fees and/or certain expenses to assist the Portfolio in maintaining a net 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, 2020, the amounts of waived or reimbursed fees that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, are as follows:

	December 31,
	2021			2022			2023			Total
Government Money Market		$	—		$	—		$	1,693,989		$	1,693,989

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At December 31, 2020, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc.owned more than 5% of the following Portfolios:

Subsidiary	Portfolio	Percentage
Voya Institutional Trust Company	Government Money Market		5.25%
	Intermediate Bond		11.59
	Small Company		15.77
Voya Retirement Insurance and Annuity Company	Balanced		87.59
	Global High Dividend Low Volatility		19.20
	Government Money Market		91.95
	Growth and Income		52.81
	Intermediate Bond		26.74
	Small Company		61.99

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”). When the Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the directors’/trustees’ deferred fees, this results 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.

Effective January 1, 2020, the Portfolios may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the year ended December 31, 2020, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:

Portfolio	��	Amount
Balanced			$	305,570
Global High Dividend Low Volatility				325,716
Government Money Market				753,823
Growth and Income				1,184,203
Intermediate Bond				1,732,584
Small Company				538,338

NOTE 7 — LICENSING FEE

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

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2020 (continued)

NOTE 8 — EXPENSE LIMITATION AGREEMENTS

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

Portfolio	Class ADV		Class I		Class R6		Class S		Class S2		Class T
Balanced		N/A		0.69%		N/A		0.94%		N/A		N/A
Global High Dividend Low Volatility		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)		1.40%		0.90%		0.90%		1.15%		N/A		N/A

(1)

Prior to January 1, 2020, the expense limits were 1.43%, 0.93%, 0.93%, and 1.18% for Class ADV, Class I, Class R6 and Class S, respectively.

Pursuant to a side letter agreement through May 1, 2021, the Investment Adviser has further lowered the expense limits to the levels listed below. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. If the Investment Adviser elects not to renew the side letter agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that the side letter agreement will continue. Termination or modification of this obligation requires approval by the Board.

Portfolio			Class ADV						Class I						Class S						Class S2						Class T
Global High Dividend Low Volatility					1.10%						0.60%						0.85%						1.00%						1.20%

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

As of December 31, 2020, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser, and the related expiration dates are as below:

	December 31,
	2021			2022			2023			Total
Balanced		$	—		$	—		$	236,487		$	236,487
Intermediate Bond			900			—			1,522,285			1,523,185

In addition to the above waived and /or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, as of December 31, 2020, are as follows:

	December 31,
	2021			2022			2023			Total
Small Company
Class ADV		$	—		$	—		$	7,102		$	7,102
Class I			—			—			387,425			387,425
Class S			—			—			84,569			84,569

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

NOTE 9 — LINE OF CREDIT

Effective May 15, 2020, 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 14, 2021. 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 15, 2020, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through May 15, 2020.

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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2020 (continued)

NOTE 9 — LINE OF CREDIT (continued)

The following Portfolios utilized the line of credit during the year ended December 31, 2020:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Balanced		12		$	828,167		1.10%
Global High Dividend Low Volatility		6			872,167		1.21
Growth and Income		3			2,782,000		1.83
Intermediate Bond		2			5,732,500		2.11
Small Company		21			1,947,476		1.59

NOTE 10 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Balanced
Class I
12/31/2020		360,697		—		1,372,016		(2,792,001)		(1,059,288)		5,254,763		—		18,138,058		(41,220,433)		(17,827,612)
12/31/2019		351,587		—		1,642,365		(3,035,576)		(1,041,624)		5,333,224		—		23,387,273		(45,351,053)		(16,630,556)
Class S
12/31/2020		20,580		—		9,573		(19,934)		10,219		280,671		—		126,078		(304,096)		102,653
12/31/2019		18,032		—		12,538		(61,920)		(31,350)		271,738		—		177,792		(928,052)		(478,522)
Global High Dividend Low Volatility
Class ADV
12/31/2020		77,076		—		30,013		(244,244)		(137,155)		752,065		—		263,498		(2,345,996)		(1,330,433)
12/31/2019		21,425		634		113,136		(270,243)		(135,048)		225,545		6,255		1,142,858		(2,797,995)		(1,423,337)
Class I
12/31/2020		588,767		—		360,415		(2,364,608)		(1,415,426)		5,540,929		—		3,188,660		(22,573,731)		(13,844,142)
12/31/2019		203,757		423,746		1,075,357		(1,659,519)		43,341		2,112,427		4,181,994		10,887,339		(17,217,879)		(36,119)
Class S
12/31/2020		1,269,817		—		1,152,590		(7,942,696)		(5,520,289)		12,292,843		—		10,196,485		(76,860,734)		(54,371,406)
12/31/2019		3,166,638		11,756,148		3,008,997		(6,879,858)		11,051,925		31,546,713		116,478,079		30,582,123		(71,776,716)		106,830,199
Class S2
12/31/2020		5,033		—		752		(2,502)		3,283		47,069		—		6,590		(24,262)		29,397
12/31/2019		3,476		—		2,199		(3,322)		2,353		35,649		—		22,028		(34,559)		23,118
Class T
12/31/2020		29,187		—		5,244		(86,581)		(52,150)		270,674		—		46,191		(853,521)		(536,656)
12/31/2019		135,758		—		217,134		(3,372,958)		(3,020,066)		1,400,731		—		2,178,172		(33,344,947)		(29,766,044)
Government Money Market
Class I
12/31/2020		284,993,081		—		1,404,627		(185,720,025)		100,677,683		284,993,082		—		1,404,625		(185,720,024)		100,677,683
12/31/2019		85,202,979		—		8,951,041		(88,069,498)		6,084,522		85,202,977		—		8,951,042		(88,069,498)		6,084,521
Class S(1)
12/31/2020		50,935		—		11		(335)		50,611		51,029		—		11		(335)		50,705
12/31/2019		—		—		—		—		—		—		—		—		—		—
Growth and Income
Class ADV
12/31/2020		381,685		—		3,200,778		(4,837,747)		(1,255,284)		10,173,687		—		89,633,973		(131,329,069)		(31,521,409)
12/31/2019		53,190		—		3,607,663		(5,347,857)		(1,687,004)		1,450,453		—		98,849,015		(148,158,336)		(47,858,868)
Class I
12/31/2020		131,725		—		6,481,755		(8,128,307)		(1,514,827)		3,542,024		—		185,535,497		(224,852,134)		(35,774,613)
12/31/2019		161,995		—		7,170,224		(8,663,056)		(1,330,837)		4,600,380		—		200,215,543		(242,375,120)		(37,559,197)
Class S
12/31/2020		96,683		—		1,737,030		(2,535,098)		(701,385)		2,469,446		—		48,725,698		(68,964,645)		(17,769,501)
12/31/2019		58,840		—		1,969,256		(3,348,004)		(1,319,908)		1,596,551		—		54,032,225		(92,475,107)		(36,846,331)
Class S2
12/31/2020		1,276		—		1,309		(504)		2,081		35,646		—		36,297		(14,200)		57,743
12/31/2019		767		—		1,344		(8,337)		(6,226)		20,564		—		36,282		(234,187)		(177,341)
Intermediate Bond
Class ADV
12/31/2020		3,515,325		—		1,167,978		(3,483,158)		1,200,145		46,668,825		—		15,415,594		(44,766,871)		17,317,548
12/31/2019		1,892,902		—		656,004		(1,774,527)		774,379		24,162,338		—		8,383,955		(22,547,484)		9,998,809

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2020 (continued)

NOTE 10 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Intermediate Bond (continued)
Class I
12/31/2020		9,821,445		—		4,557,628		(9,507,807)		4,871,266		130,462,764		—		60,833,201		(125,955,725)		65,340,240
12/31/2019		5,649,168		—		2,738,213		(10,104,842)		(1,717,461)		72,678,565		—		35,364,083		(129,263,245)		(21,220,597)
Class S
12/31/2020		7,846,255		—		8,618,670		(24,172,230)		(7,707,305)		104,534,355		—		114,239,492		(318,422,414)		(99,648,567)
12/31/2019		3,411,206		—		5,713,372		(23,924,489)		(14,799,911)		43,821,723		—		73,267,398		(306,088,309)		(188,999,188)
Class S2
12/31/2020		601,174		—		88,025		(726,972)		(37,773)		7,914,116		—		1,162,517		(9,573,854)		(497,221)
12/31/2019		329,802		—		51,005		(532,795)		(151,988)		4,218,768		—		651,433		(6,738,567)		(1,868,366)
Small Company
Class ADV
12/31/2020		51,983		—		10,173		(121,718)		(59,562)		701,057		—		115,866		(1,719,028)		(902,105)
12/31/2019		60,519		—		69,580		(102,697)		27,402		932,918		—		1,001,250		(1,592,828)		341,340
Class I
12/31/2020		1,920,657		—		608,513		(8,972,526)		(6,443,356)		24,446,642		—		7,399,513		(126,402,402)		(94,556,247)
12/31/2019		1,363,664		—		3,912,336		(7,789,581)		(2,513,581)		22,932,371		—		60,093,482		(135,241,464)		(52,215,611)
Class R6
12/31/2020		414,831		—		9,295		(139,912)		284,214		7,085,914		—		113,123		(2,086,431)		5,112,606
12/31/2019		35,249		—		57,878		(148,954)		(55,827)		599,447		—		889,586		(2,490,506)		(1,001,473)
Class S
12/31/2020		226,261		—		128,879		(1,098,470)		(743,330)		3,236,538		—		1,519,485		(15,645,213)		(10,889,190)
12/31/2019		173,730		—		848,701		(1,047,423)		(24,992)		3,000,039		—		12,637,157		(16,783,214)		(1,146,018)

(1)

There were no shares outstanding during the year ended December 31, 2019.

NOTE 11 — SECURITIES LENDING

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

Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less (“Permitted

Investments”). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

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

The following tables represent a summary of each respective Portfolio’s securities lending agreements by counterparty which are subject to offset under the Agreement as of December 31, 2020:

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2020 (continued)

NOTE 11 — SECURITIES LENDING (continued)

Balanced

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Bank PLC		$	1,863,294		$	(1,863,294)		$	—
BMO Capital Markets Corp			25,183			(25,183)			—
BofA Securities Inc.			6,363			(6,363)			—
Citigroup Global Markets Inc.			5,055			(5,055)			—
Credit Suisse AG			47,731			(47,731)			—
Goldman Sachs & Co. LLC			57,840			(57,840)			—
Industrial And Commercial Bank Of China			5,874,764			(5,874,764)			—
J.P. Morgan Securities LLC			1,924,716			(1,924,716)			—
Jefferies LLC			112,492			(112,492)			—
Mizuho Securities USA LLC			26,915			(26,915)			—
Morgan Stanley & Co. LLC			1,010,106			(1,010,106)			—
National Bank of Canada Financial Inc.			18,924			(18,924)			—
National Financial Services LLC			2,615,716			(2,615,716)			—
Natixis Securities America LLC			66,270			(66,270)			—
Nomura Securities International, Inc.			14,909			(14,909)			—
RBC Capital Markets, LLC			1,167,507			(1,167,507)			—
State Street Bank and Trust Company			89,254			(89,254)			—
Wells Fargo Securities LLC			54,151			(54,151)			—
Total		$	14,981,190		$	(14,981,190)		$	—

(1)

Cash collateral with a fair value of $15,321,205 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

Global High Dividend Low Volatiliy

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Citigroup Global Markets Inc.		$	2,054,620		$	(2,054,620)		$	—
Goldman Sachs & Co. LLC			1,617,338			(1,617,338)			—
Scotia Capital (USA) Inc.			2,136,111			(2,136,111)			—
State Street Bank and Trust Company			541,770			(541,770)			—
Total		$	6,349,839		$	(6,349,839)		$	—

(1)

Cash collateral with a fair value of $6,668,901 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

Growth and Income

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BofA Securities Inc.		$	20,707,131		$	(20,707,131)		$	—
Goldman Sachs & Co. LLC			6,117,783			(6,117,783)			—
State Street Bank and Trust Company			27,096,855			(27,096,855)			—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Wells Fargo Bank NA			1,204,784			(1,204,784)			—
Total		$	55,126,553		$	(55,126,553)		$	—

(1)

Cash collateral with a fair value of $53,373,200 has been received in connection with the above securities lending transactions. Excess cash 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
BNP Paribas		$	41,760		$	(41,760)		$	—
BNP Paribas Prime Brokerage Intl Ltd			3,967,699			(3,967,699)			—
CIBC World Markets Inc.			1,253,891			(1,253,891)			—
Daiwa Capital Markets America Inc.			608,186			(608,186)			—
Morgan Stanley & Co. LLC			218,381			(218,381)			—
National Bank Financial Inc.			112,712			(112,712)			—
RBC Capital Markets, LLC			428,674			(428,674)			—
Scotia Capital (USA) Inc.			599,910			(599,910)			—
SunTrust Robinson Humphrey, Inc.			1,392,074			(1,392,074)			—
UBS Securities LLC			1,444,290			(1,444,290)			—
Total		$	10,067,577		$	(10,067,577)		$	—

(1)

Cash collateral with a fair value of $10,433,390 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

Small Company

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.		$	55,464		$	(55,464)		$	—
BofA Securities Inc.			841,349			(841,349)			—
CIBC World Markets Corporation			2,355,332			(2,355,332)			—
Citadel Securities LLC			45,228			(45,228)			—
Citigroup Global Markets Inc.			324,221			(324,221)			—
Deutsche Bank Securities Inc.			1,107,469			(1,107,469)			—
Goldman Sachs & Co. LLC			1,543,945			(1,543,945)			—
J.P. Morgan Securities LLC			1,667,452			(1,667,452)			—
Jefferies LLC			64,835			(64,835)			—
Morgan Stanley & Co. LLC			1,325,286			(1,325,286)			—
National Bank of Canada Financial Inc.			1,234,567			(1,234,567)			—
National Financial Services LLC			1,782,596			(1,782,596)			—
Nomura Securities International, Inc.			3,000			(3,000)			—
SG Americas Securities, LLC			1,935,926			(1,935,926)			—
Wells Fargo Securities LLC			105,254			(105,254)			—
Total		$	14,391,924		$	(14,391,924)		$	—

(1)

Cash collateral with a fair value of $14,750,338 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2020 (continued)

NOTE 12 — FEDERAL INCOME TAXES

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

Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

The following permanent tax differences have been reclassified as of December 31, 2020:

	Paid-in Capital			Distributable Earnings
Government Money Market		$	(66,383)		$	66,383
Intermediate Bond			287,961			(287,961)

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, 2020									Year Ended December 31, 2019
	Ordinary Income			Long-term Capital Gain			Return Of Capital			Ordinary Income			Long-term Capital Gain
Balanced		$	13,587,908		$	4,676,228		$	—		$	8,811,831		$	14,753,234
Global High Dividend Low Volatility			13,380,653			—			320,771			16,108,952			28,703,568
Government Money Market			1,404,636			—			—			8,951,042			—
Growth and Income			34,554,841			289,550,563			—			44,737,928			308,615,727
Intermediate Bond			161,769,148			29,891,272			—			117,674,224			—
Small Company			4,343,405			4,804,582			—			17,627,644			56,993,831

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of December 31, 2020 were:

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Late Year Ordinary Losses Deferred			Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards
	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Late Year Ordinary Losses Deferred			Unrealized Appreciation/ (Depreciation)			Amount			Character		Expiration
Balanced		$	9,654,626		$	2,536,015		$	—		$	53,217,389		$	—		—		—
Global High Dividend Low Volatility			—			—			—			58,140,126			(24,259,378)		Short-term		None
															(25,706,795)		Long-term		None
														$	(49,966,173)
Government Money Market			—			—			—			—			—		—		—
Growth and Income			—			89,150,638			—			807,614,186			—		—		—
Intermediate Bond			—			91,902			(9,385,706)			148,383,317			—		—		—
Small Company			2,423,773			—			—			66,597,837			—		—		—

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

As of December 31, 2020, no provision for income tax is required in the Portfolios’ financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2020 (continued)

NOTE 13 — LONDON INTERBANK OFFERED RATE (“LIBOR”)

The U.K. Financial Conduct Authority has announced that it intends to stop persuading or compelling banks to submit LIBOR rates after 2021, and it remains unclear whether LIBOR will continue to exist after that date and, if so, in what form. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in many major currencies. The U.S. Federal Reserve Board, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Funding Rate (“SOFR”) that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication.

Discontinuance of LIBOR and adoption/implementation of alternative rates pose a number of risks, including among others whether any substitute rate will experience the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties’ existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on a Portfolio’s existing investments (including, for example, fixed-income investments; senior loans; CLOs and CDOs; and derivatives transactions), including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of a Portfolio; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on a Portfolio. On November 30, 2020, the administrator of LIBOR announced a delay in the phase out of a majority of the U.S. dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to still end at the end of 2021.

NOTE 14 — MARKET DISRUPTION

A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. War, terrorism, global health crises and pandemics, and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and world economies and markets generally. For example, the COVID-19 pandemic

has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. Those events as well as other changes in non-U.S. and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the investments of the portfolio and of the Portfolios. Any of these occurrences could disrupt the operations of a Portfolio and of the Portfolios’ service providers.

NOTE 15 — OTHER ACCOUNTING PRONOUNCEMENTS

The Portfolios have adopted the provisions of Financial Accounting Standards Board Accounting Standards Update 2018-13 (“ASU 2018-13”), Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 introduces new fair value disclosure requirements as well as provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. The impact of the Portfolios’ adoption was limited to changes in the Portfolios’ financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements, when applicable. Upon evaluation, the Portfolios have concluded that the adoption of the new accounting standard does not materially impact the financial statement amounts.

In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2020 (continued)

NOTE 16 — REORGANIZATION

On August 23, 2019, Global High Dividend Low Volatility (“Acquiring Portfolio”) acquired all of the net assets and assumed all liabilities of VY® Templeton Global Growth Portfolio (“Acquired Portfolio”), an open-end investment company that is not included in this report, in a tax-free reorganization in exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization approved by the shareholders of the Acquired Portfolio on July 30, 2019. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio were carried forward to align ongoing reporting of the Acquiring Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed on January 1, 2019, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio’s pro forma results of operations for the year ended December 31, 2019, are as follows (Unaudited):

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

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Portfolio that have been included in the Acquiring Portfolio’s statement of operations since August 23, 2019. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:

	Total Net Assets of Acquired Portfolio (000s)			Total Net Assets of Acquiring Portfolio (000s)			Acquired Portfolio’ Capital Losss Carryforwards (000s)						Acquired Portfolio’s Unrealized Depreciation (000s)			Portfolios’ Conversion Ratio
	$120,666			$556,430				$	17,820				$(1,879)					0.7298

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

NOTE 17 — SUBSEQUENT EVENTS

Dividends: Subsequent to December 31, 2020, the following Portfolios paid dividends and distributions of:

Type

Per
Share
Amount

Payable
Date

Record
Date

Government Money Market

Class I

STCG

0.0000*

February 1, 2021

January 28, 2021

Class S

STCG

0.0000*

February 1, 2021

January 28, 2021

Intermediate Bond

Class ADV

NII

0.0332

February 1, 2021

Daily

Class I

NII

0.0393

February 1, 2021

Daily

Class S

NII

0.0362

February 1, 2021

Daily

Class S2

NII

0.0344

February 1, 2021

Daily

NII –

Net investment income

STCG – Short-term capital gain

Amount rounds to $0.0000.

The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued (“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, 2020

Shares		Value			Percentage of Net Assets
COMMON STOCK: 39.5%
	Communication Services: 3.5%
1,941 (1)	Alphabet, Inc. - Class A		$	3,401,874		0.9
12,481	Comcast Corp. - Class A			654,004		0.2
9,290 (1)	Facebook, Inc. - Class A			2,537,656		0.7
1,430 (1)	NetFlix, Inc.			773,244		0.2
713 (2)	Scout24 AG			58,262		0.0
14,849	Verizon Communications, Inc.			872,379		0.2
328,350 (3)(4)	Other Securities			4,628,606		1.3
				12,926,025		3.5
	Consumer Discretionary: 5.0%
1,454 (1)	Amazon.com, Inc.			4,735,576		1.3
870 (2)	Evolution Gaming Group AB			87,465		0.0
3,883	Home Depot, Inc.			1,031,403		0.3
491 (1)(2)	Just Eat Takeaway.com NV			55,361		0.0
2,342 (1)	Tesla, Inc.			1,652,679		0.4
209 (1)(2)	Zalando SE			23,247		0.0
481,057 (3)(4)	Other Securities			11,067,049		3.0
				18,652,780		5.0
	Consumer Staples: 2.8%
7,486	PepsiCo, Inc.			1,110,174		0.3
9,740	Philip Morris International, Inc.			806,374		0.2
139,000 (2)	WH Group Ltd.			116,559		0.1
167,097 (3)(4)	Other Securities			8,236,659		2.2
				10,269,766		2.8
	Energy: 0.9%
227,290 (4)	Other Securities			3,519,641		0.9

	Financials: 4.8%
4,777 (1)(2)	ABN AMRO Bank NV			46,809		0.0
3,748 (1)	Berkshire Hathaway, Inc. – Class B			869,049		0.2
12,973	Citigroup, Inc.			799,915		0.2
14,618	JPMorgan Chase & Co.			1,857,509		0.5
11,297 (2)	Poste Italiane SpA			115,554		0.0
2,371	S&P Global, Inc.			779,419		0.2
22,453	Wells Fargo & Co.			677,631		0.2
751,001 (4)	Other Securities			12,969,669		3.5
				18,115,555		4.8
	Health Care: 5.2%
2,400	AbbVie, Inc.			257,160		0.1
12,671	Bristol-Myers Squibb Co.			785,982		0.2
2,343	Cigna Corp.			487,766		0.1
7,150 (1)	Edwards Lifesciences Corp.			652,294		0.2
8,484	Johnson & Johnson			1,335,212		0.4
9,758	Medtronic PLC			1,143,052		0.3
11,321	Merck & Co., Inc.			926,058		0.2
1,928	Thermo Fisher Scientific, Inc.			898,024		0.2
3,976	UnitedHealth Group, Inc.			1,394,304		0.4
122,714 (3)(4)	Other Securities			11,505,110		3.1
				19,384,962		5.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials: 4.2%
3,139	Honeywell International, Inc.			667,665		0.2
353,027 (3)(4)	Other Securities		$	15,187,323		4.0
				15,854,988		4.2
	Information Technology: 8.9%
1,537 (1)	Adobe, Inc.			768,684		0.2
46,495	Apple, Inc.			6,169,422		1.7
7,670	Applied Materials, Inc.			661,921		0.2
20,163	Cisco Systems, Inc.			902,294		0.3
2,102	Intuit, Inc.			798,445		0.2
25,346	Microsoft Corp.			5,637,457		1.5
1,752	Nvidia Corp.			914,894		0.3
5,409 (1)	PayPal Holdings, Inc.			1,266,788		0.3
5,659	Qualcomm, Inc.			862,092		0.2
772 (1)(2)	TeamViewer AG			41,470		0.0
214,599 (3)(4)	Other Securities			15,094,304		4.0
				33,117,771		8.9
	Materials: 1.6%
141,218 (4)	Other Securities			6,003,100		1.6

	Real Estate: 1.3%
169,496 (4)	Other Securities			4,891,851		1.3

	Utilities: 1.3%
5,530	Entergy Corp.			552,115		0.1
164,862	Other Securities			4,321,388		1.2
				4,873,503		1.3
	Total Common Stock (Cost $117,796,487)			147,609,942		39.5
EXCHANGE-TRADED FUNDS: 29.0%
45,473	iShares 20+ Year Treasury Bond ETF			7,172,456		1.9
243,549	iShares Core MSCI Emerging Markets ETF			15,109,780		4.1
1,219	iShares MSCI EAFE ETF			88,938		0.0
18,969 (5)	iShares Russell 2000 ETF			3,719,062		1.0
179,849	SPDR S&P 500 ETF Trust			67,241,944		18.0
124,536 (5)	Vanguard Value ETF			14,814,803		4.0
	Total Exchange-Traded Funds (Cost $88,218,712)			108,146,983		29.0
MUTUAL FUNDS: 10.4%
	Affiliated Investment Companies: 10.4%
124,833	Voya Emerging Markets Local Currency Debt Fund - Class P			895,049		0.3
179,863	Voya Floating Rate Fund - Class P			1,611,575		0.4
3,943,363	Voya High Yield Bond Fund - Class P			31,783,502		8.5
462,848	Voya Short Term Bond Fund - Class R6			4,628,482		1.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2020 (continued)

Shares		Value		Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
	Total Mutual Funds (Cost $36,851,751)		S38,918,608		10.4
PREFERRED STOCK:0.0%
	Consumer Discretionary: 0.0%
214	Other Securities		39,993		0.0
	Total Preferred Stock (Cost $32,979)		39,993		0.0
RIGHTS: 0.0%
	Energy: 0.0%
14,812 (4)	Other Securities		5,079		0.0
	Total Rights (Cost $5,231)		5,079		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 6.6%
	Basic Materials: 0.1%
10,000 (2)	Anglo American Capital PLC, 3.625%, 09/11/2024		10,888		0.0
12,000 (2)	Anglo American Capital PLC, 5.625%, 04/01/2030		15,303		0.0
35,000 (2)	Georgia-Pacific LLC, 2.300%, 04/30/2030		37,446		0.0
13,000 (2)	Newcrest Finance Pty Ltd., 3.250%, 05/13/2030		14,380		0.0
10,000 (2)	Newcrest Finance Pty Ltd., 4.200%, 05/13/2050		12,257		0.0
255,000	Other Securities		290,391		0.1
			380,665		0.1
	Communications: 0.8%
165,000 (2)	AT&T, Inc., 3.650%, 09/15/2059		165,823		0.1
120,000 (2)	NBCUniversal Enterprise, Inc., 5.250%, 12/31/2199		122,550		0.0
200,000 (2)	Tencent Holdings Ltd., 2.985%, 01/19/2023		208,239		0.1
18,000 (2)	T-Mobile USA, Inc., 2.050%, 02/15/2028		18,746		0.0
33,000 (2)	T-Mobile USA, Inc., 3.300%, 02/15/2051		34,013		0.0
21,000 (2)	T-Mobile USA, Inc., 3.600%, 11/15/2060		22,330		0.0
309,000 (2)	T-Mobile USA, Inc., 3.875%, 04/15/2030		358,211		0.1
12,000 (2)	Verizon Communications, Inc., 2.987%, 10/30/2056		12,080		0.0
290,000	Verizon Communications, Inc., 2.650%-4.812%, 03/15/2039-11/20/2060		317,611		0.1
1,419,000	Other Securities		1,588,199		0.4
			2,847,802		0.8

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: 0.2%
31,000 (2)	Alaska Airlines 2020-1 Class A Pass Through Trust, 4.800%, 02/15/2029		$	34,243		0.0
90,000 (2)	BMW US Capital LLC, 3.450%, 04/12/2023			95,964		0.0
19,000 (2)	British Airways 2020-1 Class A Pass Through Trust, 4.250%, 05/15/2034			20,350		0.0
10,000 (2)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.500%, 10/20/2025			10,692		0.0
11,000 (2)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028			12,016		0.0
33,000 (2)	Harley-Davidson Financial Services, Inc., 3.350%, 06/08/2025			35,767		0.0
498,081	Other Securities			540,231		0.2
				749,263		0.2
	Consumer, Non-cyclical: 1.0%
414,000	AbbVie, Inc., 2.600%-4.625%, 11/21/2024-11/06/2042			481,717		0.1
19,000 (2)	Alcon Finance Corp., 2.600%, 05/27/2030			20,260		0.0
48,000 (2)	Cargill, Inc., 3.875%, 05/23/2049			58,772		0.0
129,000	Cigna Corp., 4.800%-4.900%, 08/15/2038-12/15/2048			175,482		0.1
18,000 (2)	Health Care Service Corp. A Mutual Legal Reserve Co., 1.500%, 06/01/2025			18,483		0.0
8,000 (2)	Health Care Service Corp. A Mutual Legal Reserve Co., 3.200%, 06/01/2050			8,663		0.0
25,000 (2)(5)	Mars, Inc., 0.875%, 07/16/2026			25,108		0.0
75,000 (2)	Mars, Inc., 2.375%, 07/16/2040			76,875		0.1
42,000 (2)	Mars, Inc., 4.125%, 04/01/2054			55,599		0.0
19,000	Philip Morris International, Inc., 4.375%, 11/15/2041			23,751		0.0
11,000 (2)	Royalty Pharma PLC, 1.200%, 09/02/2025			11,178		0.0
14,000 (2)	Royalty Pharma PLC, 1.750%, 09/02/2027			14,417		0.0
25,000 (2)	Royalty Pharma PLC, 3.300%, 09/02/2040			26,325		0.0
13,000	S&P Global, Inc., 2.300%, 08/15/2060			12,373		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
66,000 (2)	Viatris, Inc., 3.850%, 06/22/2040		S74,495		0.0
20,000 (2)	Viatris, Inc., 4.000%, 06/22/2050		22,915		0.0
2,298,000	Other Securities		2,673,588		0.7
			3,780,001		1.0
	Energy: 0.6%
200,000 (2)	KazMunayGas National Co. JSC, 4.750%, 04/24/2025		228,500		0.0
200,000 (2)	Petroleos del Peru SA, 4.750%, 06/19/2032		229,916		0.1
19,000 (2)	Schlumberger Holdings Corp., 4.000%, 12/21/2025		21,614		0.0
1,729,000	Other Securities		1,893,624		0.5
			2,373,654		0.6
	Financial: 2.5%
200,000 (2)	ABN AMRO Bank NV, 4.750%, 07/28/2025		230,625		0.1
78,000 (2)	Athene Global Funding, 2.550%, 11/19/2030		78,115		0.0
40,000 (2)	Athene Global Funding, 2.800%, 05/26/2023		41,773		0.0
25,000 (2)	Athene Global Funding, 2.950%, 11/12/2026		26,843		0.0
8,000 (2)	Aviation Capital Group LLC, 3.875%, 05/01/2023		8,341		0.0
6,000 (2)	Aviation Capital Group LLC, 4.375%, 01/30/2024		6,337		0.0
36,000 (2)	Aviation Capital Group LLC, 5.500%, 12/15/2024		39,882		0.0
900,000 (6)	Bank of America Corp., 0.981%-5.125%, 01/22/2024-12/31/2199		980,116		0.3
80,000 (2)	Barclays Bank PLC, 10.179%, 06/12/2021		83,211		0.0
200,000 (2)(6)	BNP Paribas SA, 2.219%, 06/09/2026		209,416		0.0
206,000 (2)	BPCE SA, 5.700%, 10/22/2023		233,296		0.1
80,000 (6)	Citigroup, Inc., 1.678%-5.500%, 05/15/2024-06/03/2031		90,742		0.0
250,000 (2)(6)	Credit Suisse Group AG, 2.193%, 06/05/2026		261,485		0.1
26,000 (2)(6)	Credit Suisse Group AG, 4.194%, 04/01/2031		30,602		0.0
200,000 (2)(6)	Danske Bank A/S, 1.621%, 09/11/2026		201,085		0.0
12,000 (2)	Empower Finance 2020 L.P., 1.357%, 09/17/2027		12,096		0.0
34,000 (2)	Fairfax US, Inc., 4.875%, 08/13/2024		37,314		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
200,000 (2)	Federation des Caisses Desjardins du Quebec, 2.050%, 02/10/2025		$	210,339		0.1
18,000 (2)	GE Capital Funding LLC, 4.400%, 05/15/2030			21,224		0.0
560,000 (6)	JPMorgan Chase & Co., 2.182%-5.000%, 07/23/2024-12/31/2199			599,492		0.2
21,000 (2)	KKR Group Finance Co. VII LLC, 3.625%, 02/25/2050			23,440		0.0
13,000 (2)	Liberty Mutual Group, Inc., 3.951%, 10/15/2050			15,597		0.0
566,000 (6)	Morgan Stanley, 1.794%-4.457%, 07/23/2025-04/22/2039			646,256		0.2
55,000 (2)	New York Life Global Funding, 2.875%, 04/10/2024			59,168		0.0
28,000 (2)	Northwestern Mutual Life Insurance Co/The, 3.625%, 09/30/2059			32,571		0.0
38,000 (2)	Owl Rock Technology Finance Corp., 4.750%, 12/15/2025			39,759		0.0
70,000	Royal Bank of Canada, 0.898%, (US0003M + 0.660%), 10/05/2023			70,736		0.0
40,000 (2)	Scentre Group Trust 1 / Scentre Group Trust 2, 3.625%, 01/28/2026			44,033		0.0
200,000 (2)(6)	Standard Chartered PLC, 3.265%, 02/18/2036			209,455		0.1
25,000 (2)	Teachers Insurance & Annuity Association of America, 3.300%, 05/15/2050			27,244		0.0
306,000 (6)	Wells Fargo & Co., 1.654%-4.750%, 01/24/2024-12/07/2046			333,797		0.1
4,235,000	Other Securities			4,588,945		1.2
				9,493,335		2.5
	Industrial: 0.3%
37,000 (2)	CCL Industries, Inc., 3.050%, 06/01/2030			40,410		0.0
24,000 (2)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.200%, 11/15/2025			24,222		0.0
829,000	Other Securities			944,486		0.3
				1,009,118		0.3
	Technology: 0.3%
195,000	Apple, Inc., 2.550%-3.750%, 09/12/2047-08/20/2060		$	232,594		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
25,000 (2)	Dell International LLC / EMC Corp., 6.020%, 06/15/2026		30,539		0.0
15,000 (2)	Infor, Inc., 1.450%, 07/15/2023		15,251		0.0
18,000 (2)	Infor, Inc., 1.750%, 07/15/2025		18,714		0.0
22,000 (2)	Leidos, Inc., 2.300%, 02/15/2031		22,442		0.0
37,000 (2)	Microchip Technology, Inc., 2.670%, 09/01/2023		38,719		0.0
31,000 (2)	NXP BV / NXP Funding LLC, 5.350%, 03/01/2026		37,388		0.0
20,000 (2)	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.400%, 05/01/2030		22,713		0.0
613,000	Other Securities		707,712		0.2
			1,126,072		0.3
	Utilities: 0.8%
13,000 (2)	AES Corp./The, 1.375%, 01/15/2026		13,125		0.0
16,000 (2)	AES Corp./The, 3.950%, 07/15/2030		18,117		0.0
74,000 (2)	Alliant Energy Finance LLC, 3.750%, 06/15/2023		79,335		0.0
50,000 (2)	American Transmission Systems, Inc., 5.000%, 09/01/2044		61,322		0.0
50,000 (2)	American Transmission Systems, Inc., 5.250%, 01/15/2022		52,125		0.0
26,000 (2)	Berkshire Hathaway Energy Co., 1.650%, 05/15/2031		26,029		0.0
39,000 (2)	Cleveland Electric Illuminating Co/The, 3.500%, 04/01/2028		41,515		0.0
17,000 (2)	Duquesne Light Holdings, Inc., 2.532%, 10/01/2030		17,612		0.0
24,000	Entergy Arkansas LLC, 2.650%, 06/15/2051		24,617		0.0
13,000	Entergy Corp., 2.800%, 06/15/2030		14,055		0.0
9,000	Entergy Louisiana LLC, 4.200%, 04/01/2050		11,620		0.0
73,000	Entergy Mississippi LLC, 3.100%, 07/01/2023		77,657		0.1
33,000	Entergy Texas, Inc., 4.000%, 03/30/2029		38,548		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
12,000 (2)	IPALCO Enterprises, Inc., 4.250%, 05/01/2030		$	13,899		0.0
50,000 (2)	Jersey Central Power & Light Co., 4.300%, 01/15/2026			55,973		0.0
50,000 (2)	Jersey Central Power & Light Co., 4.700%, 04/01/2024			54,730		0.0
12,000 (2)	Metropolitan Edison Co., 4.000%, 04/15/2025			13,106		0.0
15,000 (2)	Narragansett Electric Co/The, 3.395%, 04/09/2030			17,023		0.0
18,000 (2)	NRG Energy, Inc., 2.000%, 12/02/2025			18,665		0.0
15,000 (2)	NRG Energy, Inc., 2.450%, 12/02/2027			15,796		0.0
20,000 (2)	Oglethorpe Power Corp., 3.750%, 08/01/2050			21,552		0.0
2,089,000 (3)	Other Securities			2,372,635		0.7
				3,059,056		0.8
	Total Corporate Bonds/Notes (Cost $23,065,413)			24,818,966		6.6
COLLATERALIZED MORTGAGE OBLIGATIONS: 3.5%
90,011	Alternative Loan Trust 2004-J7 MI, 1.168%, (US0001M + 1.020%), 10/25/2034			87,228		0.0
65,438	Alternative Loan Trust 2005-10CB 1A1, 0.648%, (US0001M + 0.500%), 05/25/2035			51,510		0.0
52,396	Alternative Loan Trust 2005-51 3A2A, 1.899%, (12MTA + 1.290%), 11/20/2035			48,784		0.0
107,436	Alternative Loan Trust 2005-J2 1A12, 0.548%, (US0001M + 0.400%), 04/25/2035			87,614		0.1
100,230	Alternative Loan Trust 2006-19CB A12, 0.548%, (US0001M + 0.400%), 08/25/2036			52,041		0.0
75,060	Alternative Loan Trust 2006-HY11 A1, 0.388%, (US0001M + 0.120%), 06/25/2036			72,709		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
28,129	Alternative Loan Trust 2007-23CB A3, 0.648%, (US0001M + 0.500%), 09/25/2037		$	12,380		0.0
134,691	Alternative Loan Trust 2007-2CB 2A1, 0.748%, (US0001M + 0.600%), 03/25/2037			62,895		0.0
56,991	Bear Stearns Mortgage Funding Trust 2006-AR5 2A1, 0.338%, (US0001M + 0.190%), 01/25/2037			51,596		0.0
72,274 (6)	Citigroup Mortgage Loan Trust 2006-AR2 1A1, 3.490%, 03/25/2036			63,970		0.0
42,695 (6)	Citigroup Mortgage Loan Trust 2007-10 22AA, 3.361%, 09/25/2037			41,553		0.0
200,000 (2)(6)	Deephaven Residential Mortgage Trust 2018-1A M1, 3.939%, 12/25/2057			203,697		0.1
200,000 (2)(6)	Deephaven Residential Mortgage Trust 2019-1A M1, 4.402%, 08/25/2058			201,314		0.0
504,002	Fannie Mae 2011-113 CL, 4.000%, 11/25/2041			548,515		0.2
407,558	Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041			487,581		0.1
106,074	Fannie Mae Connecticut Avenue Securities 2015-C02 1M2, 4.148%, (US0001M + 4.000%), 05/25/2025			108,389		0.0
75,082	Fannie Mae Connecticut Avenue Securities 2017-C02 2M2, 3.798%, (US0001M + 3.650%), 09/25/2029			77,114		0.0
181,920	Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 3.148%, (US0001M + 3.000%), 10/25/2029			184,725		0.1
172,633	Fannie Mae Connecticut Avenue Securities 2017-C04 2M2, 2.998%, (US0001M + 2.850%), 11/25/2029			174,520		0.0
62,063	Fannie Mae Connecticut Avenue Securities 2017-CO6 2M2, 2.948%, (US0001M + 2.800%), 02/25/2030			62,810		0.0
169,176	Fannie Mae Connecticut Avenue Securities 2018-C06 1M2, 2.148%, (US0001M + 2.000%), 03/25/2031			168,748		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
107,356 (2)	Fannie Mae Connecticut Avenue Securities 2019-R02 1M2, 2.448%, (US0001M + 2.300%), 08/25/2031		$	107,639		0.0
154,893 (2)	Fannie Mae Connecticut Avenue Securities Trust 2019-R06 2M2, 2.248%, (US0001M + 2.100%), 09/25/2039			155,234		0.0
200,000 (2)	Fannie Mae Connecticut Avenue Securities Trust 2020-R01 1M2, 2.198%, (US0001M + 2.050%), 01/25/2040			199,991		0.1
239,049	Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036			269,483		0.1
215,378 (6)	Fannie Mae REMIC Trust 2009-50 HZ, 5.541%, 02/25/2049			246,612		0.1
160,628	Fannie Mae REMIC Trust 2011-30 ZA, 5.000%, 04/25/2041			174,969		0.1
192,597	Fannie Mae REMIC Trust 2011-9 AZ, 5.000%, 05/25/2040			214,831		0.1
368,745	Fannie Mae REMICS 2009-96 DB, 4.000%, 11/25/2029			397,191		0.1
95,740	Fannie Mae REMICS 2011-10 ZC, 5.000%, 02/25/2041			108,679		0.0
377,151	Fannie Mae REMICS 2013-16 GD, 3.000%, 03/25/2033			389,914		0.1
108,943	Fannie Mae REMICS 2018-8 AB, 3.500%, 10/25/2047			114,911		0.0
93,710 (2)(6)	Flagstar Mortgage Trust 2018-1 B2, 4.013%, 03/25/2048			98,765		0.0
93,710 (2)(6)	Flagstar Mortgage Trust 2018-1 B3, 4.013%, 03/25/2048			96,862		0.0
508,380 (2)(6)	Flagstar Mortgage Trust 2020-2 A4, 3.000%, 12/25/2049			518,084		0.2
245,196	Freddie Mac 4634 ZM, 5.000%, 11/15/2056			332,768		0.1
76,805	Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029			86,182		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
62,888	Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032		$	72,723		0.0
17,104	Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034			20,197		0.0
46,870	Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035			53,589		0.0
141,381	Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036			163,394		0.0
56,439	Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037			66,022		0.0
52,023 (6)	Freddie Mac REMIC Trust 3524 LA, 5.148%, 03/15/2033			59,105		0.0
54,818	Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037			62,548		0.0
11,059	Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042			12,397		0.0
254,224	Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033			276,849		0.1
528,880	Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044			614,845		0.2
528,880	Freddie Mac REMIC Trust 435 XZ, 4.250%, 05/15/2044			619,695		0.2
333,855	Freddie Mac REMICS 4495 PA, 3.500%, 09/15/2043			349,633		0.1
14,676	Freddie Mac REMICS 4678 AB, 4.000%, 06/15/2044			14,999		0.0
308,557	Freddie Mac REMICS 4791 MT, 3.500%, 05/15/2044			309,375		0.1
250,000 (2)	Freddie Mac STACR REMIC Trust 2020-DNA6 M2, 2.077%, (SOFR30A + 2.000%), 12/25/2050			251,233		0.1
200,000 (2)	Freddie Mac Stacr Remic Trust 2020-HQA2 M2, 3.248%, (US0001M + 3.100%), 03/25/2050			202,672		0.1
200,000 (2)	Freddie Mac STACR REMIC Trust 2020-HQA3 M2, 3.748%, (US0001M + 3.600%), 07/25/2050			202,384		0.1
93,290	Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3 M3, 4.848%, (US0001M + 4.700%), 04/25/2028			97,513		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
238,587	Freddie Mac Structured Agency Credit Risk Debt Notes 2016-DNA1 M3, 5.700%, (US0001M + 5.550%), 07/25/2028		$	249,978		0.1
145,909	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA3 M2, 2.498%, (US0001M + 2.350%), 04/25/2030			148,657		0.0
78,924	Freddie Mac Structured Agency Credit Risk Debt Notes 2018-HQA1 M2, 2.448%, (US0001M + 2.300%), 09/25/2030			78,984		0.0
564,649	Ginnie Mae 2013-8 BE, 1.750%, 11/20/2042			578,441		0.2
47,895	Ginnie Mae Series 2009-29 PB, 4.750%, 05/20/2039			54,275		0.0
357,508	Ginnie Mae Series 2010-164 JZ, 4.000%, 12/20/2040			392,087		0.1
16,221	Ginnie Mae Series 2011-169 BC, 7.000%, 05/16/2032			17,945		0.0
70,566 (2)(6)	GS Mortgage-Backed Securities Corp. Trust 2020-PJ2 A4, 3.500%, 07/25/2050			72,074		0.0
173,976 (2)(6)	GS Mortgage-Backed Securities Corp. Trust 2020-PJ4 A4, 3.000%, 01/25/2051			178,244		0.1
40,817	HomeBanc Mortgage Trust 2004-1 2A, 1.008%, (US0001M + 0.860%), 08/25/2029			39,674		0.0
37,578	IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 0.568%, (US0001M + 0.420%), 04/25/2046			34,867		0.0
400,000 (2)(6)	JP Morgan Mortgage Trust 2019-LTV3 A5, 3.500%, 03/25/2050			418,653		0.1
37,856	Lehman XS Trust Series 2005-5N 1A2, 0.508%, (US0001M + 0.360%), 11/25/2035			34,621		0.0
50,133	Morgan Stanley Mortgage Loan Trust 2007-13 6A1, 6.000%, 10/25/2037			39,009		0.0
62,707	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 A1C3, 1.168%, (US0001M + 0.510%), 08/25/2045			63,231		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
34,020	WaMu Mortgage Pass-Through Certificates Series 2005-AR13 A1C3, 1.128%, (US0001M + 0.490%), 10/25/2045		$	33,211		0.0
165,030	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR6 2A, 1.569%, (12MTA + 0.960%), 08/25/2046			110,510		0.1
18,069	Wells Fargo Alternative Loan 2007-PA2 2A1, 0.578%, (US0001M + 0.430%), 06/25/2037			14,578		0.0
17,117 (6)	Wells Fargo Mortgage Backed Securities 2006-AR4 2A4, 4.019%, 04/25/2036			16,261		0.0
24,549 (6)	Wells Fargo Mortgage Backed Securities 2007-AR7 A1, 2.910%, 12/28/2037			22,988		0.0
100,000 (2)(6)	Wells Fargo Mortgage Backed Securities 2020-2 A5 Trust, 3.000%, 12/25/2049			104,083		0.1
435,113	Other Securities			415,934		0.1
	Total Collateralized Mortgage Obligations (Cost $12,489,799)			12,929,286		3.5
U.S. TREASURY OBLIGATIONS: 3.0%
	U.S. Treasury Bonds: 0.5%
1,000	1.250%,05/15/2050			906		0.0
1,048,000	1.375%,11/15/2040			1,034,654		0.3
1,033,000	1.375%,08/15/2050			965,532		0.2
				2,001,092		0.5
	U.S. Treasury Notes: 2.5%
855,000	0.125%,12/31/2022			855,067		0.2
2,265,000	0.125%,12/15/2023			2,262,257		0.6
2,196,000	0.625%,11/30/2027			2,194,971		0.6
3,185,000	1.500%,11/30/2021			3,225,103		0.9
654,000	0.125%-0.875%, 10/15/2023-11/15/2030			653,900		0.2
				9,191,298		2.5
	Total U.S. Treasury Obligations (Cost $11,190,668)			11,192,390		3.0
U.S. GOVERNMENT AGENCY OBLIGATIONS: 2.1%
	Federal Home Loan Mortgage Corporation: 0.2%(7)
815,633	2.500%-6.500%, 05/01/2030-09/01/2045			896,711		0.2

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal National Mortgage Association: 0.2%
648,751	4.500%,09/01/2047		$	745,988		0.2

	Government National Mortgage Association: 0.4%
1,011,000 (8)	2.500%,02/01/2051			1,068,067		0.3
412,895	4.000%-4.500%, 11/20/2040-09/15/2047			456,634		0.1
				1,524,701		0.4
	Uniform Mortgage-Backed Securities: 1.3%
1,386,000 (8)	1.500%,02/01/2051			1,398,559		0.4
1,121,286	3.000%,04/01/2050			1,176,044		0.3
1,996,489	2.500%-7.000%, 06/01/2029-08/01/2046			2,209,114		0.6
				4,783,717		1.3
	Total U.S. Government Agency Obligations (Cost $7,725,789)			7,951,117		2.1
ASSET-BACKED SECURITIES: 2.7%
	Automobile Asset-Backed Securities: 0.3%
100,000 (2)	Tesla Auto Lease Trust 2018-B C, 4.360%, 10/20/2021			101,925		0.0
100,000 (2)	Toyota Auto Loan Extended Note Trust 2020-1A A, 1.350%, 05/25/2033			103,113		0.0
850,000	Other Securities			883,476		0.3
				1,088,514		0.3
	Home Equity Asset-Backed Securities: 0.1%
144,171 (6)(9)	Renaissance Home Equity Loan Trust 2005-3 AF4, 5.140%, 11/25/2035			151,972		0.0
246,931	Other Securities			195,870		0.1
				347,842		0.1
	Other Asset-Backed Securities: 2.0%
91,800 (2)	Aqua Finance Trust 2020-AA A, 1.900%, 07/17/2046			92,318		0.0
300,000 (2)	ARES XLVI CLO Ltd. 2017-46A A2, 1.467%, (US0003M + 1.230%), 01/15/2030			296,980		0.1
250,000 (2)	Benefit Street Partners CLO VIII Ltd. 2015-8A A1BR, 1.418%, (US0003M + 1.200%), 01/20/2031			247,543		0.1
250,000 (2)	BlueMountain CLO 2015-1A BR, 2.724%, (US0003M + 2.500%), 04/13/2027			250,007		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
100,000 (2)	Bojangles Issuer LLC 2020-3A A2, 3.832%, 10/20/2050		$	102,728		0.0
16,450	Chase Funding Trust Series 2003-5 2A2, 0.748%, (US0001M + 0.600%), 07/25/2033			15,834		0.0
250,000 (2)	Clear Creek CLO 2015-1A CR, 2.168%, (US0003M + 1.950%), 10/20/2030			245,647		0.1
250,000 (2)	Deer Creek Clo Ltd. 2017-1A A, 1.398%, (US0003M + 1.180%), 10/20/2030			249,589		0.1
97,750 (2)	Domino’s Pizza Master Issuer LLC 2018-1A A211, 4.328%, 07/25/2048			106,610		0.0
98,250 (2)	Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049			105,012		0.0
250,000 (2)	Dryden Senior Loan Fund 2017-47A A2, 1.587%, (US0003M + 1.350%), 04/15/2028			249,472		0.1
250,000 (2)	Eaton Vance Clo 2015-1A A2R Ltd., 1.468%, (US0003M + 1.250%), 01/20/2030			247,684		0.1
99,250 (2)	Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047			103,576		0.0
24,207 (2)	HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040			25,669		0.0
170,917 (2)	Invitation Homes 2017-SFR2 A Trust, 1.003%, (US0001M + 0.850%), 12/17/2036			171,025		0.0
258,200 (2)	J.G. Wentworth XXXIX LLC 2017-2A A, 3.530%, 09/15/2072			290,356		0.1
250,000 (2)	Jay Park CLO Ltd. 2016-1A BR, 2.218%, (US0003M + 2.000%), 10/20/2027			250,007		0.1
250,000 (2)	LCM XXIV Ltd. 24A A, 1.528%, (US0003M + 1.310%), 03/20/2030			250,009		0.1
93,634 (2)	Loanpal Solar Loan 2020-2GF A Ltd., 2.750%, 07/20/2047			97,342		0.0

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
100,000 (2)	Loanpal Solar Loan 2021-1 1GS A Ltd., 2.290%, 01/20/2048		$	101,031		0.0
250,000 (2)	Marlette Funding Trust 2019-2A C, 4.110%, 07/16/2029			256,232		0.1
200,000 (2)(6)	Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059			214,044		0.1
57,009 (2)	Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043			61,710		0.0
83,718 (2)	Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/22/2044			86,884		0.0
97,761 (2)	Mosaic Solar Loan Trust 2020-2A A, 1.440%, 08/20/2046			97,231		0.1
250,000 (2)	Newark BSL CLO 1 Ltd. 2016-1A A1R, 1.317%, (US0003M + 1.100%), 12/21/2029			249,459		0.1
500,000 (2)	OCP CLO 2020-18A A Ltd., 2.018%, (US0003M + 1.800%), 04/20/2030			501,034		0.1
250,000 (2)	Octagon Investment Partners XIV Ltd. 2012-1A A1BR, 1.612%, (US0003M + 1.375%), 07/15/2029			249,136		0.1
250,000 (2)	Octagon Investment Partners XVII Ltd. 2013-1A A1R2, 1.215%, (US0003M + 1.000%), 01/25/2031			248,003		0.0
200,000 (2)	OHA Loan Funding 2013-1A A1R2 Ltd., 1.299%, (US0003M + 1.090%), 07/23/2031			199,924		0.0
250,000 (2)	Palmer Square CLO 2015-2A A1R2 Ltd., 1.318%, (US0003M + 1.100%), 07/20/2030			249,299		0.1
200,000 (2)	Sunnova Sol II Issuer LLC 2020-2A A, 2.730%, 11/01/2055			201,633		0.0
98,409 (2)	Sunnova Sol Issuer LLC 2020-1A A, 3.350%, 02/01/2055			104,535		0.0
98,000 (2)	Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048			108,478		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
250,000 (2)	THL Credit Wind River 2016-2A A1R CLO Ltd., 1.404%, (US0003M + 1.190%), 11/01/2031		$	249,593		0.0
250,000 (2)	THL Credit Wind River 2017-2A A CLO Ltd., 1.448%, (US0003M + 1.230%), 07/20/2030			249,999		0.1
250,000 (2)	Tiaa Clo III Ltd. 2017-2A A, 1.380%, (US0003M + 1.150%), 01/16/2031			248,092		0.1
97,000 (2)	Wendys Funding LLC 2018-1A A2I, 3.573%, 03/15/2048			100,113		0.0
97,000 (2)	Wendy’s Funding LLC 2018-1A A2II, 3.884%, 03/15/2048			103,047		0.1
100,000	Other Securities			103,164		0.0
				7,380,049		2.0
	Student Loan Asset-Backed Securities: 0.3%
51,714 (2)	Commonbond Student Loan Trust 2017-BGS A1, 2.680%, 09/25/2042			53,068		0.0
43,231 (2)	Commonbond Student Loan Trust 2018-AGS A1, 3.210%, 02/25/2044			44,901		0.0
99,472 (2)	Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045			102,770		0.1
78,028 (2)	Commonbond Student Loan Trust 2020-AGS A, 1.980%, 08/25/2050			79,988		0.0
96,554 (2)	Sofi Professional Loan Program 2018-D A2FX Trust, 3.600%, 02/25/2048			100,952		0.0
95,828 (2)	Sofi Professional Loan Program 2019-C A2FX LLC, 2.370%, 11/16/2048			99,683		0.0
165,934 (2)	SoFi Professional Loan Program 2020-C AFX Trust, 1.950%, 02/15/2046			169,629		0.1
7,209 (2)	DRB Prime Student Loan Trust 2015-B A2, 3.170%, 07/25/2031			7,239		0.0
15,307 (2)	DRB Prime Student Loan Trust 2015-D A2, 3.200%, 01/25/2040			15,439		0.0
81,851 (2)	Navient Private Education Refi Loan Trust 2019-A A2A, 3.420%, 01/15/2043			85,657		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Student Loan Asset-Backed Securities (continued)
79,604 (2)	Navient Private Education Refi Loan Trust 2020-DA A, 1.690%, 05/15/2069		$	81,186		0.0
75,149 (2)	Navient Private Education Refi Loan Trust 2020-FA A, 1.220%, 07/15/2069			75,956		0.0
100,000 (2)	SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041			104,373		0.0
100,000 (2)	SMB Private Education Loan Trust 2020-PTA A2A, 1.600%, 09/15/2054			101,258		0.0
100,000 (2)	Sofi Professional Loan Program 2018-C A2FX Trust, 3.590%, 01/25/2048			103,860		0.0
				1,225,959		0.3
	Total Asset-Backed Securities (Cost $9,814,788)			10,042,364		2.7
COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.7%
80,000 (2)(6)	BAMLL Re-REMIC Trust 2016-FRR16 B, 0.860%, 05/27/2021			78,808		0.0
3,000,000 (6)(10)	BANK 2017-BNK8 XB, 0.175%, 11/15/2050			34,533		0.0
990,003 (6)(10)	BANK 2019-BNK16 XA, 0.962%, 02/15/2052			62,834		0.0
3,800,557 (6)(10)	BANK 2019-BNK21 XA, 0.873%, 10/15/2052			239,361		0.1
2,180,000 (2)(6)(10)	BBCCRE Trust 2015-GTP XA, 0.597%, 08/10/2033			58,619		0.0
4,640,319 (6)(10)	Benchmark 2018-B2 XA Mortgage Trust, 0.417%, 02/15/2051			100,309		0.1
994,239 (6)(10)	Benchmark 2019-B9 XA Mortgage Trust, 1.044%, 03/15/2052			72,145		0.0
189,860 (2)	BX Commercial Mortgage Trust 2019-XL J, 2.809%, (US0001M + 2.650%), 10/15/2036			187,329		0.1
100,000 (2)	BX Trust 2019-CALM E, 2.159%, (US0001M + 2.000%), 11/25/2028			95,900		0.0
808,320 (6)(10)	CD 2017-CD4 Mortgage Trust XA, 1.293%, 05/10/2050			44,897		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2020 (continued)

Principal Amount†			Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
100,000 (6)		Citigroup Commercial Mortgage Trust 2013-GC17 C, 5.109%, 11/10/2046		$	101,639		0.1
958,030 (6)(10)		Citigroup Commercial Mortgage Trust 2016-P4 XA, 1.958%, 07/10/2049			72,971		0.0
1,271,543 (6)(10)		Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.097%, 10/12/2050			63,055		0.0
80,000 (6)		Citigroup Commercial Mortgage Trust 2017-P8 C, 4.267%, 09/15/2050			84,758		0.1
980,585 (6)(10)		Citigroup Commercial Mortgage Trust 2017-P8 XA, 0.905%, 09/15/2050			48,664		0.0
1,468,293 (6)(10)		Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.595%, 06/10/2051			63,257		0.0
1,117,170 (6)(10)		Citigroup Commercial Mortgage Trust 2019-GC41 XA, 1.059%, 08/10/2056			78,068		0.0
60,000		Citigroup Commercial Mortgage Trust 2019-GC43 A4, 3.038%, 11/10/2052			67,694		0.0
741,609 (6)(10)		COMM 2012-CR4 XA, 1.686%, 10/15/2045			15,910		0.0
2,380,000 (2)(6)(10)		COMM 2012-CR4 XB, 0.612%, 10/15/2045			25,024		0.0
1,494,744 (6)(10)		COMM 2016-CR28 XA, 0.694%, 02/10/2049			39,223		0.0
747,546 (6)(10)	��	COMM 2017-COR2 XA, 1.164%, 09/10/2050			46,516		0.1
110,000 (2)		Credit Suisse Mortgage Capital Certificates 2019-ICE4 C, 1.589%, (US0001M + 1.430%), 05/15/2036			110,119		0.0
110,000 (2)(6)		DBJPM 16-C3 Mortgage Trust, 3.490%, 08/10/2049			85,898		0.0
130,000 (2)(6)		DBWF 2015-LCM D Mortgage Trust, 3.421%, 06/10/2034			108,916		0.0
1,650,000 (6)(10)		Freddie Mac Multifamily Structured Pass Through Certificates K122 X1, 0.884%, 11/25/2030			124,489		0.0
799,872 (6)(10)		Freddie Mac Multifamily Structured Pass Through Certificates K-1517 X1, 1.334%, 07/25/2035			119,855		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,300,000 (6)(10)	Freddie Mac Multifamily Structured Pass Through Certificates K-1518 X1, 0.874%, 10/25/2035		$	118,626		0.0
848,000 (10)	Freddie Mac Multifamily Structured Pass Through Certificates KL06 XFX, 1.364%, 12/25/2029			81,479		0.0
178,000 (2)(6)	Grace Trust 2020-GRCE E, 2.680%, 12/10/2040			167,963		0.1
100,000 (2)	GS Mortgage Securities Corp. II 2018-RIVR F, 2.259%, (US0001M + 2.100%), 07/15/2035			84,495		0.0
1,143,349 (6)(10)	GS Mortgage Securities Trust 2014-GC22 XA, 0.980%, 06/10/2047			23,906		0.0
1,649,174 (6)(10)	GS Mortgage Securities Trust 2016-GS4 XA, 0.505%, 11/10/2049			40,030		0.0
849,383 (6)(10)	GS Mortgage Securities Trust 2017-GS6 XA, 1.035%, 05/10/2050			48,017		0.0
50,000	GS Mortgage Securities Trust 2019-GC38 A4, 3.968%, 02/10/2052			59,465		0.0
1,223,876 (6)(10)	GS Mortgage Securities Trust 2019-GC38 XA, 0.961%, 02/10/2052			79,351		0.0
2,061,632 (6)(10)	GS Mortgage Securities Trust 2019-GC42 XA, 0.811%, 09/01/2052			119,462		0.1
90,000	GS Mortgage Securities Trust 2019-GSA1 A4, 3.048%, 11/10/2052			101,270		0.0
1,300,648 (6)(10)	GS Mortgage Securities Trust 2020-GC47 XA, 1.132%, 05/12/2053			117,295		0.1
100,000 (2)(6)	JPMBB Commercial Mortgage Securities Trust 2013-C17 F, 3.867%, 01/15/2047			74,427		0.0
488,514 (6)(10)	JPMBB Commercial Mortgage Securities Trust 2014-C19 XA, 0.741%, 04/15/2047			8,134		0.0
100,000 (2)(6)	JP Morgan Chase Commercial Mortgage Securities Trust 2011-C4 G, 3.873%, 07/15/2046			95,137		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
150,000 (2)(6)	JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5 B, 5.424%, 08/15/2046		$	151,303		0.1
40,000 (2)(6)	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C13 E, 3.986%, 01/15/2046			38,801		0.0
290,000 (2)(6)	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16 D, 5.027%, 12/15/2046			287,505		0.1
100,000 (2)(6)	JP Morgan Chase Commercial Mortgage Securities Trust 2014-C20 A4A2, 3.538%, 07/15/2047			105,399		0.0
1,268,212 (6)(10)	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA, 0.680%, 12/15/2049			34,027		0.0
100,000 (2)(6)	JP Morgan Chase Commercial Mortgage Securities Trust 2020-LOOP E, 3.862%, 12/05/2038			91,484		0.0
417,023 (2)(6)(10)	LB-UBS Commercial Mortgage Trust 2006-C7 XW, 0.705%, 11/15/2038			903		0.0
1,623,219 (6)(10)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XA, 1.001%, 12/15/2047			48,569		0.0
62,000	Morgan Stanley Capital I Trust 2019-H6 A4, 3.417%, 06/15/2052			70,483		0.0
4,552,040 (6)(10)	Morgan Stanley Capital I Trust 2019-L3 XA, 0.643%, 11/15/2029			225,647		0.1
75,000	Morgan Stanley Capital I, Inc. 2017-HR2 D, 2.730%, 12/15/2050			65,371		0.0
50,000(2)	MRCD 2019-PARK E Mortgage Trust, 2.718%, 12/15/2036			49,335		0.0
40,000 (2)(6)	UBS-Barclays Commercial Mortgage Trust 2012-C4 D, 4.470%, 12/10/2045			23,339		0.0
60,000 (2)(6)	UBS-Barclays Commercial Mortgage Trust 2012-C4 E, 4.470%, 12/10/2045			29,840		0.0
3,092,805 (6)(10)	UBS Commercial Mortgage Trust 2018-C9 XA, 0.884%, 03/15/2051			158,820		0.1

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
80,000	Wells Fargo Commercial Mortgage Trust 2018-C44 A5, 4.212%, 05/15/2051		$	94,650		0.0
400,000 (2)	Wells Fargo Commercial Mortgage Trust 2018-C45 D, 3.000%, 06/15/2051			329,862		0.1
1,080,629 (6)(10)	Wells Fargo Commercial Mortgage Trust 2019-C52 XA, 1.618%, 08/15/2052			115,926		0.1
1,521,483 (2)(6)(10)	WFRBS Commercial Mortgage Trust 2012-C8 XA, 1.788%, 08/15/2045			28,769		0.0
757,000	Other Securities			857,857		0.2
	Total Commercial Mortgage-Backed Securities (Cost $6,277,457)			6,257,738		1.7
SOVEREIGN BONDS: 0.2%
145,500 (9)	Argentine Republic Government International Bond, 0.125% (Step Rate @ 0.500% on 07/09/2021), 07/09/2030			59,218		0.0
100,000 (2)	Dominican Republic International Bond, 5.500%, 01/27/2025			112,875		0.0
488,843	Other Securities			530,328		0.2
	Total Sovereign Bonds (Cost $663,887)			702,421		0.2

		Value		Percentage of Net Assets
PURCHASED OPTIONS(11): 0.0%
	Total Purchased Options (Cost $39,384)		16,038		0.0
	Total Long-Term Investments (Cost $314,172,345)		368,630,925		98.7

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 5.7%
	U.S. Treasury Bills: 1.6%
5,875,000 (5)(12)	United States Treasury Bill, 0.030%, 01/26/2021		5,874,865		1.5
275,000 (12)	United States Treasury Bill, 0.030%, 02/09/2021		274,991		0.1
	Total U.S. Treasury Bills (Cost $6,149,675)		6,149,856		1.6

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements: 3.8%
2,449,384 (13)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/20, 0.07%, due 01/04/21 (Repurchase Amount $2,449,403, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $2,498,372, due 01/25/21-10/15/62)		$	2,449,384		0.7
2,391,571 (13)	Citadel Securities LLC, Repurchase Agreement dated 12/31/20, 0.13%, due 01/04/21 (Repurchase Amount $2,391,605, collateralized by various U.S. Government Securities, 0.000%-7.875%, Market Value plus accrued interest $2,439,440, due 01/31/21-05/15/49)			2,391,571		0.6
1,065,594 (13)	JVB Financial Group LLC, Repurchase Agreement dated 12/31/20, 0.13%, due 01/04/21 (Repurchase Amount $1,065,609, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-7.000%, Market Value plus accrued interest $1,086,906, due 07/01/22-12/01/50)			1,065,594		0.3
1,094,294 (13)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 12/31/20, 0.13%, due 01/04/21 (Repurchase Amount $1,094,310, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.125%, Market Value plus accrued interest $1,116,196, due 02/18/21-01/15/62)			1,094,294		0.3

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,174,429 (13)	Palafox Trading LLC, Repurchase Agreement dated 12/31/20, 0.13%, due 01/04/21 (Repurchase Amount $1,174,446, collateralized by various U.S. Government Securities, 0.250%-1.125%, Market Value plus accrued interest $1,198,351, due 02/28/25-05/31/25)		$	1,174,429		0.3
3,520,843 (13)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/20, 0.08%, due 01/04/21 (Repurchase Amount $3,520,874, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.000%, Market Value plus accrued interest $3,591,260, due 01/05/21-12/20/50)			3,520,843		0.9
2,431,090 (13)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/20, 0.16%, due 01/04/21 (Repurchase Amount $2,431,133, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,485,892, due 07/15/22-02/15/47)			2,431,090		0.7
	Total Repurchase Agreements (Cost $14,127,205)			14,127,205		3.8

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2020 (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds (13): 0.3%
398,000 (13)(14)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.000%			398,000		0.1
398,000 (13)(14)	Goldman Sachs Financial Square Government Fund – Institutional Shares, 0.020%		$	398,000		0.1
398,000 (13)(14)	Morgan Stanley Institutional Liquidity Funds − Government Portfolio (Institutional Share Class), 0.030%			398,000		0.1
	Total Mutual Funds (Cost $1,194,000)			1,194,000		0.3
	Total Short-Term Investments (Cost $21,470,880)			21,471,061		5.7
	Total Investments in Securities (Cost $335,643,225)		$	390,101,986		104.4
	Liabilities in Excess of Other Assets			(16,479,675)		(4.4)
	Net Assets		$	373,622,311		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, 2020.

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, 2020.

(7)

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

(8)

Represents or includes a TBA transaction.

(9)

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, 2020.

(10)

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.

(11)

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

(12)

Represents a zero coupon bond. Rate shown reflects the effective yield as of December 31, 2020.

(13)

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

(14)

Rate shown is the 7-day yield as of December 31, 2020.

Reference Rate Abbreviations:

12MTA

12-month Treasury Average

US0001M

1-month LIBOR

US0003M

3-month LIBOR

SOFR30A

30-Day Secured Overnight Financing Rate

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 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, 2020
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	11,235,962		$	1,690,063		$	—		$	12,926,025
Consumer Discretionary			15,037,585			3,615,195			—			18,652,780
Consumer Staples			7,157,516			3,112,250			—			10,269,766
Energy			2,568,241			951,400			—			3,519,641
Financials			13,224,218			4,891,337			—			18,115,555
Health Care			15,720,733			3,664,229			—			19,384,962
Industrials			11,690,568			4,164,420			—			15,854,988
Information Technology			30,818,962			2,298,809			—			33,117,771

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2020 (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, 2020
Materials			3,400,614			2,602,486			—			6,003,100
Real Estate			4,050,605			841,246			—			4,891,851
Utilities			3,641,302			1,232,201			—			4,873,503
Total Common Stock			118,546,306			29,063,636			—			147,609,942
Exchange-Traded Funds			108,146,983			—			—			108,146,983
Mutual Funds			38,918,608			—			—			38,918,608
Preferred Stock			—			39,993			—			39,993
Rights			5,079			—			—			5,079
Purchased Options			—			16,038			—			16,038
Corporate Bonds/Notes			—			24,818,966			—			24,818,966
Collateralized Mortgage Obligations			—			12,929,286			—			12,929,286
U.S. Government Agency Obligations			—			7,951,117			—			7,951,117
Asset-Backed Securities			—			10,042,364			—			10,042,364
Sovereign Bonds			—			702,421			—			702,421
Commercial Mortgage-Backed Securities			—			6,257,738			—			6,257,738
U.S. Treasury Obligations			—			11,192,390			—			11,192,390
Short-Term Investments			1,194,000			20,277,061			—			21,471,061
Total Investments, at fair value		$	266,810,976		$	123,291,010		$	—		$	390,101,986
Other Financial Instruments+
Forward Foreign Currency Contracts			—			957			—			957
Futures			263,656			—			—			263,656
Total Assets		$	267,074,632		$	123,291,967		$	—		$	390,366,599
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(37,491)		$	—		$	(37,491)
Futures			(161,169)			—			—			(161,169)
Written Options			—			(2,393)			—			(2,393)
Total Liabilities		$	(161,169)		$	(39,884)		$	—	��	$	(201,053)

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 fair valued at the unrealized appreciation (depreciation) 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.

Transactions with Affiliates

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

The following table provides transactions during the period ended December 31, 2020, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2019			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2020			Investment Income			Realized Gains/(Losses)			Net Capital Gain Distributions
Voya Emerging Markets Local Currency Debt Fund - Class P		$	887,452		$	38,631		$	—		$	(31,034)		$	895,049		$	38,631		$	—		$	—
Voya Floating Rate Fund - Class P			11,211,748			2,181,227			(12,133,031)			351,631			1,611,575			205,408			(1,693,972)			—
Voya High Yield Bond Fund - Class P			14,931,064			17,100,113			(2,075,426)			1,827,751			31,783,502			1,500,841			(62,816)			—
Voya Short Term Bond Fund - Class R6			7,449,420			1,601,555			(4,450,705)			28,212			4,628,482			110,435			(112,537)			—
Voya Small Company Fund - Class R6			9,373,972			1,164,792			(10,178,584)			(360,180)			—			—			(1,814,994)			—
Voya Strategic Income Opportunities Fund - Class P			11,187,744			7,028,762			(18,115,456)			(101,050)			—			552,829			16,600			—
		$	55,041,400		$	29,115,080		$	(46,953,202)		$	1,715,330		$	38,918,608		$	2,408,144		$	(3,667,719)		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2020 (continued)

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

At December 31, 2020, the following forward foreign currency contracts were outstanding for Voya Balanced Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

USD 75,834

THB 2,370,100

Barclays Bank PLC

01/08/21

(3,275)

USD 76,527

MYR 317,910

Barclays Bank PLC

01/08/21

(2,558)

USD 20,552

TRY 167,972

Barclays Bank PLC

01/08/21

(2,015)

USD 5,788

RON 24,140

Citibank N.A.

01/08/21

(270)

USD 5,788

RON 24,140

Citibank N.A.

01/08/21

(270)

USD 5,788

RON 24,140

Citibank N.A.

01/08/21

(270)

USD 5,788

RON 24,140

Citibank N.A.

01/08/21

(270)

USD 66,072

RUB 5,209,214

Citibank N.A.

01/15/21

(4,263)

USD 6,581

PEN 23,654

Citibank N.A.

02/05/21

USD 6,581

PEN 23,654

Citibank N.A.

02/05/21

USD 6,581

PEN 23,654

Citibank N.A.

02/05/21

USD 6,581

PEN 23,654

Citibank N.A.

02/05/21

USD 30,004

HUF 9,282,257

Credit Suisse International

01/08/21

(1,266)

USD 34,848

CZK 807,548

Goldman Sachs International

01/08/21

(2,751)

USD 91,271

MXN 1,820,970

Goldman Sachs International

02/05/21

102

USD 75,092

PLN 288,089

HSBC Bank USA N.A.

01/08/21

(2,028)

USD 828

PHP 40,551

HSBC Bank USA N.A.

01/08/21

(16)

USD 20,520

IDR 304,775,526

HSBC Bank USA N.A.

01/08/21

(1,196)

USD 20,525

IDR 304,775,525

HSBC Bank USA N.A.

01/08/21

(1,190)

USD 214,553

EUR 179,252

HSBC Bank USA N.A.

02/05/21

(4,602)

USD 72,533

BRL 373,929

HSBC Bank USA N.A.

02/05/21

575

USD 180

ILS 607

Morgan Stanley Capital Services LLC

01/08/21

(9)

USD 56,622

ZAR 950,629

Morgan Stanley Capital Services LLC

01/08/21

(8,032)

USD 20,517

IDR 304,775,525

Standard Chartered Bank

01/08/21

(1,198)

USD 20,522

IDR 304,775,525

Standard Chartered Bank

01/08/21

(1,193)

USD 46,049

COP 160,078,860

Standard Chartered Bank

02/05/21

(819)

CLP 1,515,016

USD 2,032

Standard Chartered Bank

02/05/21

100

(36,534)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2020 (continued)

At December 31, 2020, the following futures contracts were outstanding for Voya Balanced Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index		82		03/19/21		$	8,096,680		$	249,133
U.S. Treasury 2-Year Note		31		03/31/21			6,850,273			5,192
U.S. Treasury 5-Year Note		31		03/31/21			3,911,086			9,331
U.S. Treasury Long Bond		9		03/22/21			1,558,687			(2,839)
U.S. Treasury Ultra Long Bond		19		03/22/21			4,057,688			(32,125)
						$	24,474,414		$	228,692
Short Contracts:
S&P 500® E-Mini		(22)		03/19/21			(4,123,680)			(120,547)
U.S. Treasury 10-Year Note		(42)		03/22/21			(5,799,281)			(4,173)
U.S. Treasury Ultra 10-Year Note		(8)		03/22/21			(1,250,875)			(1,485)
						$	(11,173,836)		$	(126,205)

At December 31, 2020, the following OTC purchased credit default swaptions were outstanding for Voya Balanced Portfolio:

Description

Counterparty

Reference
Entity(1)

Fixed Rate

Pay/
Receive
Financing
Rate

Strike
Price

Expiration
Date

Notional
Amount

Cost

Fair Value

Put on 5-Year Credit Default
Swap

JPMorgan Chase
Bank N.A.

CDX North American
High Yield Index,
Series 35, Version 1

5.000%

Pay

103.500%

02/17/21

USD700,000

8,050

2,167

8,050

2,167

At December 31, 2020, the following OTC purchased foreign currency options were outstanding for Voya Balanced Portfolio:

Description	Counterparty	Expiration Date	Exercise Price	Notional Amount		Cost			Fair Value
Call USD vs. Put AUD	Morgan Stanley Capital Services LLC	03/15/21	0.728		USD3,724,000		$	31,334		$	13,871
							$	31,334		$	13,871

At December 31, 2020, the following OTC written foreign currency options were outstanding for Voya Balanced Portfolio:

Description	Counterparty	Expiration Date	Exercise Price	Notional Amount		Premiums Received			Fair Value
Call USD vs. Put AUD	Standard Chartered Bank	01/15/21	0.745		USD2,314,000		$	14,752		$	(2,393)
							$	14,752		$	(2,393)

(1)

Payments received quarterly.

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2020 (continued)

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, 2020 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Credit contracts	Investments in securities at value*		$	2,167
Foreign exchange contracts	Investments in securities at value*			13,871
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts			957
Equity contracts	Net Assets — Unrealized appreciation**			249,133
Interest rate contracts	Net Assets — Unrealized appreciation**			14,523
Total Asset Derivatives			$	280,651
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	37,491
Equity contracts	Net Assets — Unrealized depreciation**			120,547
Interest rate contracts	Net Assets — Unrealized depreciation**			40,622
Foreign exchange contracts	Written Options, at fair value			2,393
Total Liability Derivatives			$	201,053

Includes purchased options.

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2020 was as follows:

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

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Credit contracts		$	(11,625)		$	—		$	—		$	237,191		$	2,261		$	227,827
Equity contracts			(11,197)			—			774,962			—			—			763,765
Foreign exchange contracts			(86,744)			26,007			—			(10,151)			28,028			(42,860)
Interest rate contracts			21,555			—			1,394,716			(54,967)			(8,553)			1,352,751
Total		$	(88,011)		$	26,007		$	2,169,678		$	172,073		$	21,736		$	2,301,483

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			Written options			Total
Credit contracts		$	(5,883)		$	—		$	—		$	(10,384)		$	—		$	(16,267)
Equity contracts			—			—			286,195			—			—			286,195
Foreign exchange contracts			(17,463)			(26,257)			—			(781)			12,359			(32,142)
Interest rate contracts			10,956			—			236,201			(25,994)			—			221,163
Total		$	(12,390)		$	(26,257)		$	522,396		$	(37,159)		$	12,359		$	458,949

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, 2020 (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, 2020:

	Barclays Bank PLC			Citibank N.A.			Credit Suisse International			Goldman Sachs International			HSBC Bank USA N.A.			JPMorgan Chase Bank N.A.			Morgan Stanley Capital Services LLC			Standard Chartered Bank			Totals
Assets:
Purchased options		$	—		$	—		$	—		$	—		$	—		$	2,167		$	13,871		$	—		$	16,038
Forward foreign currency contracts			—			180			—			102			575			—			—			100			957
Total Assets		$	—		$	180		$	—		$	102		$	575		$	2,167		$	13,871		$	100		$	16,995
Liabilities:
Forward foreign currency contracts		$	7,848		$	5,343		$	1,266		$	2,751		$	9,032		$	—		$	8,041		$	3,210		$	37,491
Written options			—			—			—			—			—			—			—			2,393			2,393
Total Liabilities		$	7,848		$	5,343		$	1,266		$	2,751		$	9,032		$	—		$	8,041		$	5,603		$	39,884
Net OTC derivative instruments by counterparty, at fair value		$	(7,848)		$	(5,163)		$	(1,266)		$	(2,649)		$	(8,457)		$	2,167		$	5,830		$	(5,503)			(22,889)
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net Exposure(1)		$	(7,848)		$	(5,163)		$	(1,266)		$	(2,649)		$	(8,457)		$	2,167		$	5,830		$	(5,503)		$	(22,889)

(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, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $336,980,068.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	58,059,220
Gross Unrealized Depreciation		(4,841,831)
Net Unrealized Appreciation	$	53,217,389

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend

SUMMARY PORTFOLIO OF INVESTMENTS

Low Volatility Portfolio

as of December 31, 2020

Shares		Value			Percentage of Net Assets
COMMON STOCK: 97.8%
	Australia: 3.2%
117,722	BHP Group Ltd.		$	3,846,518		0.6
215,890	Fortescue Metals Group Ltd.			3,899,495		0.6
65,928	Rio Tinto Ltd.			5,797,814		1.0
1,303,275	Other Securities			5,955,586		1.0
				19,499,413		3.2
	Belgium : 0.4%
23,533	Other Securities			2,430,882		0.4

	Canada: 3.9%
86,296	BCE, Inc.			3,690,071		0.6
37,315	Waste Connections, Inc.			3,827,400		0.6
365,947 (1)(2)(3)	Other Securities			16,480,913		2.7
				23,998,384		3.9
	China: 0.3%
699,000	Other Securities			2,118,827		0.3

	Denmark: 1.7%
96,034	Other Securities			10,090,548		1.7

	Finland: 0.8%
45,255	Kone Oyj			3,687,362		0.6
21,889	Other Securities			1,005,464		0.2
				4,692,826		0.8
	France: 1.3%
259,306 (2)	Other Securities			7,729,954		1.3

	Germany: 1.1%
90,744	Deutsche Post AG			4,495,047		0.7
37,394	Other Securities			2,117,141		0.4
				6,612,188		1.1
	Hong Kong: 1.6%
1,111,400	Other Securities			9,793,951		1.6

	Ireland: 1.4%
50,199	Medtronic PLC			5,880,311		1.0
54,965	Other Securities			2,470,113		0.4
				8,350,424		1.4
	Israel: 0.2%
247,967	Other Securities			1,463,689		0.2

	Italy: 2.5%
234,287	Assicurazioni Generali S.p.A.			4,101,965		0.7
106,898 (4)	Poste Italiane SpA			1,093,428		0.2
2,201,157 (2)	Other Securities			9,865,384		1.6
				15,060,777		2.5
	Japan: 8.6%
40,200	Secom Co., Ltd.			3,708,519		0.6
321,800	SoftBank Corp.			4,039,232		0.6
61,300	Sumitomo Mitsui Financial Group, Inc.			1,900,187		0.3
93,200	Sumitomo Mitsui Trust Holdings, Inc.			2,875,660		0.5

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
2,082,600 (1)(2)	Other Securities		$	40,165,798		6.6
				52,689,396		8.6
	Netherlands: 0.5%
388,438	Other Securities			3,291,535		0.5

	New Zealand: 0.1%
240,355	Other Securities			814,136		0.1

	Norway: 0.1%
86,788	Other Securities			881,110		0.1

	Singapore: 0.2%
215,100	Other Securities			1,510,862		0.2

	Spain: 0.9%
217,250	Other Securities			5,181,477		0.9

	Sweden: 0.2%
15,292	Other Securities			1,190,035		0.2

	Switzerland: 2.1%
9,830	Zurich Insurance Group AG			4,142,571		0.7
70,445	Other Securities			8,404,337		1.4
				12,546,908		2.1
	United Kingdom: 5.0%
218,999	GlaxoSmithKline PLC			4,007,244		0.7
75,487	Unilever PLC			4,570,792		0.7
2,370,882 (2)	Other Securities			21,814,835		3.6
				30,392,871		5.0
	United States: 61.7%
69,134	AbbVie, Inc.			7,407,708		1.2
14,727	Air Products & Chemicals, Inc.			4,023,711		0.7
34,036	Allstate Corp.			3,741,577		0.6
114,568	Altria Group, Inc.			4,697,288		0.8
21,873	Amgen, Inc.			5,029,040		0.8
178,815	AT&T, Inc.			5,142,719		0.8
6,718	Blackrock, Inc.			4,847,306		0.8
42,092	Booz Allen Hamilton Holding Corp.			3,669,581		0.6
84,487	Bristol-Myers Squibb Co.			5,240,729		0.9
141,310	Cisco Systems, Inc.			6,323,622		1.0
77,915	eBay, Inc.			3,915,229		0.6
64,374	General Mills, Inc.			3,785,191		0.6
68,757	Gilead Sciences, Inc.			4,005,783		0.7
29,641	Honeywell International, Inc.			6,304,641		1.0
55,744	Johnson & Johnson			8,772,991		1.4
42,267	JPMorgan Chase & Co.			5,370,868		0.9
28,857	Kimberly-Clark Corp.			3,890,789		0.6
33,871	Leidos Holdings, Inc.			3,560,519		0.6
19,836	McDonald’s Corp.			4,256,409		0.7
73,314	Merck & Co., Inc.			5,997,085		1.0
27,917	Nasdaq, Inc.			3,705,703		0.6

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend

SUMMARY PORTFOLIO OF INVESTMENTS

Low Volatility Portfolio

as of December 31, 2020 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
26,304	Packaging Corp. of America		$	3,627,585		0.6
43,781	PepsiCo, Inc.			6,492,722		1.1
165,172	Pfizer, Inc.			6,079,981		1.0
57,592	Philip Morris International, Inc.			4,768,042		0.8
53,055	Procter & Gamble Co.			7,382,073		1.2
44,538	Progressive Corp.			4,403,917		0.7
39,855	Republic Services, Inc.			3,838,036		0.6
9,010	Roper Technologies, Inc.			3,884,121		0.6
26,620	T. Rowe Price Group, Inc.			4,030,002		0.7
29,018	Target Corp.			5,122,548		0.8
36,663	Texas Instruments, Inc.			6,017,498		1.0
133,837	Verizon Communications, Inc.			7,862,924		1.3
34,468	Waste Management, Inc.			4,064,811		0.7
180,543	Williams Cos., Inc.			3,619,887		0.6
27,174	Xilinx, Inc.			3,852,458		0.6
4,132,404 (2)	Other Securities			198,675,887		32.5
				377,410,981		61.7
	Total Common Stock (Cost $539,294,886)			597,751,174		97.8
EXCHANGE-TRADED FUNDS: 0.7%
29,495	Other Securities			4,678,480		0.7
	Total Exchange-Traded Funds (Cost $4,581,439)			4,678,480		0.7
	Total Long-Term Investments (Cost $543,876,325)			602,429,654		98.5

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 1.2%

Repurchase Agreements: 1.1%

1,396,592 (5)

Cantor Fitzgerald Securities,
Repurchase Agreement dated
12/31/20, 0.07%, due
01/04/21 (Repurchase Amount
$1,396,603, collateralized by
various U.S. Government/U.S.
Government Agency
Obligations, 0.000%-9.500%,
Market Value plus accrued
interest $1,424,524, due
01/25/21-10/15/62)

1,396,592

0.2

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,552,200 (5)	Citadel Securities LLC, Repurchase Agreement dated 12/31/20, 0.13%, due 01/04/21 (Repurchase Amount $1,552,222, collateralized by various U.S. Government Securities, 0.000%-7.875%, Market Value plus accrued interest $1,583,268, due 01/31/21-05/15/49)		$	1,552,200		0.3
1,552,191 (5)	Citigroup, Inc., Repurchase Agreement dated 12/31/20, 0.07%, due 01/04/21 (Repurchase Amount $1,552,203, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-4.000%, Market Value plus accrued interest $1,583,235, due 09/15/21-01/01/51)			1,552,191		0.2
615,727 (5)	Deutsche Bank Securities Inc., Repurchase Agreement dated 12/31/20, 0.06%, due 01/04/21 (Repurchase Amount $615,731, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $628,042, due 01/15/21-01/01/51)			615,727		0.1
1,552,191 (5)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/20, 0.08%, due 01/04/21 (Repurchase Amount $1,552,205, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.000%, Market Value plus accrued interest $1,583,235, due 01/05/21-12/20/50)			1,552,191		0.3
	Total Repurchase Agreements (Cost $6,668,901)			6,668,901		1.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend

SUMMARY PORTFOLIO OF INVESTMENTS

Low Volatility Portfolio

as of December 31, 2020 (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 0.1%
405,001 (6)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.000% (Cost $405,001)		$	405,001		0.1
	Total Short-Term Investments (Cost $7,073,902)			7,073,902		1.2
	Total Investments in Securities (Cost $550,950,227)		$	609,503,556		99.7
	Assets in Excess of Other Liabilities			1,891,223		0.3
	Net Assets		$	611,394,779		100.0

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

The grouping contains securities on loan.

(2)

The grouping contains non-income producing securities.

(3)

The grouping contains Level 3 securities.

(4)

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

(5)

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

(6)

Rate shown is the 7-day yield as of December 31, 2020.

Sector Diversification	Percentage of Net Assets
Financials		18.8%
Health Care		14.1
Industrials		13.0
Consumer Staples		11.3
Information Technology		9.6
Communication Services		6.9
Materials		6.4
Utilities		6.3
Consumer Discretionary		4.8
Energy		3.7
Real Estate		2.9
Exchange-Traded Funds		0.7
Short-Term Investments		1.2
Assets in Excess of Other Liabilities		0.3
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, 2020 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, 2020
Asset Table
Investments, at fair value
Common Stock
Australia		$	—		$	19,499,413		$	—		$	19,499,413
Belgium			—			2,430,882			—			2,430,882
Canada			23,855,775			—			142,609			23,998,384
China			—			2,118,827			—			2,118,827
Denmark			—			10,090,548			—			10,090,548
Finland			—			4,692,826			—			4,692,826
France			—			7,729,954			—			7,729,954
Germany			—			6,612,188			—			6,612,188
Hong Kong			—			9,793,951			—			9,793,951
Ireland			7,442,955			907,469			—			8,350,424
Israel			—			1,463,689			—			1,463,689
Italy			—			15,060,777			—			15,060,777
Japan			—			52,689,396			—			52,689,396
Netherlands			—			3,291,535			—			3,291,535
New Zealand			—			814,136			—			814,136
Norway			—			881,110			—			881,110
Singapore			—			1,510,862			—			1,510,862
Spain			—			5,181,477			—			5,181,477
Sweden			—			1,190,035			—			1,190,035

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend

SUMMARY PORTFOLIO OF INVESTMENTS

Low Volatility Portfolio

as of December 31, 2020 (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, 2020
Switzerland			—			12,546,908			—			12,546,908
United Kingdom			6,277,511			24,115,360			—			30,392,871
United States			377,410,981			—			—			377,410,981
Total Common Stock			414,987,222			182,621,343			142,609			597,751,174
Exchange-Traded Funds			4,678,480			—			—			4,678,480
Short-Term Investments			405,001			6,668,901			—	��		7,073,902
Total Investments, at fair value		$	420,070,703		$	189,290,244		$	142,609		$	609,503,556

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

At December 31, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $551,549,085.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	72,460,242
Gross Unrealized Depreciation		(14,320,116)
Net Unrealized Appreciation	$	58,140,126

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Portfolio

as of December 31, 2020

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY DEBT: 27.1%
16,750,000	Fannie Mae, 0.130%, (SOFRRATE + 0.040%), 01/29/2021		$	16,749,608		2.9
70,000,000	Fannie Mae, 0.210%, (SOFRRATE + 0.120%), 03/16/2021			70,000,000		12.3
9,000,000	Fannie Mae, 0.370%, (SOFRRATE + 0.280%), 04/26/2021			9,000,000		1.6
9,000,000	Federal Farm Credit Banks, 0.153%, (US0001M + 0.005%), 06/25/2021			9,000,000		1.6
5,000,000	Federal Farm Credit Banks, 0.210%, (FEDL01 + 0.120%), 04/23/2021			4,997,981		0.9
35,000,000	Federal Home Loan Banks, 0.125%, (SOFRRATE + 0.035%), 12/10/2021			35,000,000		6.1
10,000,000	Federal Home Loan Banks, 0.170%, (SOFRRATE + 0.080%), 03/04/2021			10,000,000		1.7
	Total U.S. Government Agency Debt
	(Cost $154,747,589)			154,747,589		27.1
U.S. TREASURY DEBT: 57.9%
17,000,000 (1)	United States Cash Management Bill, 0.080%, 03/23/2021			16,996,902		3.0
84,000,000 (1)	United States Cash Management Bill, 0.080%, 03/30/2021			83,983,080		14.7
27,000,000 (1)	United States Treasury Bill, 0.070%, 01/12/2021			26,999,406		4.7
17,000,000 (1)	United States Treasury Bill, 0.070%, 01/21/2021			16,999,292		3.0
134,000,000 (1)	United States Treasury Bill, 0.070%, 01/28/2021			133,992,347		23.5
34,000,000 (1)	United States Treasury Bill, 0.070%, 02/09/2021			33,997,311		6.0
17,000,000 (1)	United States Treasury Bill, 0.090%, 03/25/2021			16,996,570		3.0
	Total U.S. Treasury Debt
	(Cost $329,964,908)			329,964,908		57.9

Principal Amount†		Value			Percentage of Net Assets
U.S. TREASURY REPURCHASE AGREEMENT: 13.4%
Repurchase Agreement: 13.4%
30,000,000	Deutsche Bank Repurchase Agreement dated 12/31/2020, 0.07%, due 1/4/2021, $30,000,233 to be received upon repurchase (Collateralized by $30,292,000, U.S. Treasury Note, 2.125%, Market Value plus accrued interest $30,600,062 due 5/31/2021)		$	30,000,000		5.3
46,315,000	Deutsche Bank Repurchase Agreement dated 12/31/2020, 0.070%, due 1/4/2021, $46,315,360 to be received upon repurchase (Collateralized by $47,244,700 Bill, 0.000%, Market Value plus accrued interest $47,241,393 due 2/4/2021)			46,315,000		8.1
	Total U.S. Treasury Repurchase Agreement
	(Cost $76,315,000)			76,315,000		13.4
	Total Investments in Securities (Cost $561,027,497)		$	561,027,497		98.4
	Assets in Excess of Other Liabilities			8,967,977		1.6
	Net Assets		$	569,995,474		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Represents a zero coupon bond. Rate shown reflects the effective yield as of December 31, 2020.

Reference Rate Abbreviations:

FEDL01

Federal Funds Effective Rate

SOFRRATE

Secured Overnight Financing Rate

US0001M

1-month LIBOR

At December 31, 2020, the aggregate cost of securities for federal income tax purposes is the same as for financial statement purposes.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Portfolio

as of December 31, 2020 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 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, 2020
Asset Table
Investments, at fair value
U.S. Government Agency Debt		$	—		$	154,747,589		$	—		$	154,747,589
U.S. Treasury Debt			—			329,964,908			—			329,964,908
U.S. Treasury Repurchase Agreement			—			76,315,000			—			76,315,000
Total Investments, at fair value		$	—		$	561,027,497		$	—		$	561,027,497

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

The following table is a summary of the Portfolio’s repurchase agreements by counterparty which are subject to offset under a MRA as of December 31, 2020:

Counterparty	Government Repurchase Agreement, at fair value			Fair Value of Non-Cash Collateral Received Including Accrued Interest (1)			Net Amount
Deutsche Bank		$	76,315,000		$	(76,315,000)		$	—
Totals		$	76,315,000		$	(76,315,000)		$	—

(1) Collateral with a fair value of $77,841,455 has been pledged in connection with the above government repurchase agreement.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of December 31, 2020

Shares		Value			Percentage of Net Assets
COMMON STOCK: 98.9%
	Communication Services: 13.1%
620,856	Activision Blizzard, Inc.		$	57,646,480		1.8
104,852 (1)	Alphabet, Inc. - Class A			183,767,809		5.7
1,297,845	Comcast Corp. - Class A			68,007,078		2.1
1,609,425	Interpublic Group of Cos., Inc.			37,853,676		1.1
426,592 (1)	Walt Disney Co.			77,289,938		2.4
				424,564,981		13.1
	Consumer Discretionary: 10.3%
22,663 (1)	Amazon.com, Inc.			73,811,805		2.3
260,863	Darden Restaurants, Inc.			31,074,000		1.0
283,568	Expedia Group, Inc.			37,544,403		1.2
564,301	Hasbro, Inc.			52,784,716		1.6
782,593	Las Vegas Sands Corp.			46,642,543		1.4
451,105	Nike, Inc. - Class B			63,817,824		2.0
353,088	Other Securities			26,372,143		0.8
				332,047,434		10.3
	Consumer Staples: 7.1%
1,146,609	Coca-Cola Co.			62,880,037		1.9
235,753	Constellation Brands, Inc.			51,641,695		1.6
732,864	Philip Morris International, Inc.			60,673,811		1.9
382,240	Walmart, Inc.			55,099,896		1.7
				230,295,439		7.1
	Energy: 2.3%
368,515	Chevron Corp.			31,121,092		1.0
732,190	Other Securities			42,275,554		1.3
				73,396,646		2.3
	Financials: 10.7%
1,119,524	American International Group, Inc.			42,385,179		1.3
755,997 (2)	Apollo Global Management, Inc.			37,028,733		1.1
650,077	Citigroup, Inc.			40,083,748		1.2
177,390	Goldman Sachs Group, Inc.			46,779,517		1.5
824,495	Hartford Financial Services Group, Inc.			40,383,765		1.3
487,924	Intercontinental Exchange, Inc.			56,252,758		1.7
966,858	Truist Financial Corp.			46,341,504		1.4
794,789	US Bancorp			37,029,219		1.2
				346,284,423		10.7
	Health Care: 14.1%
566,248 (1)(2)	Alcon, Inc.			37,361,043		1.1
919,769	Bristol-Myers Squibb Co.			57,053,271		1.8
241,519	Eli Lilly & Co.			40,778,068		1.3
422,878	Johnson & Johnson			66,552,540		2.1
595,782	Medtronic PLC			69,789,903		2.2
128,875	Thermo Fisher Scientific, Inc.			60,027,397		1.8
146,282	UnitedHealth Group, Inc.			51,298,172		1.6
266,176	Zimmer Biomet Holdings, Inc.			41,015,060		1.3
140,353 (3)	Other Securities			29,814,041		0.9
				453,689,495		14.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials: 8.2%
185,265	L3Harris Technologies, Inc.		$	35,018,790		1.1
235,397	Norfolk Southern Corp.			55,932,681		1.7
161,549	Old Dominion Freight Line			31,531,134		1.0
696,796	Raytheon Technologies Corp.			49,827,882		1.5
164,607 (1)	United Rentals, Inc.			38,174,010		1.2
473,906	Other Securities			54,326,645		1.7
				264,811,142		8.2
	Information Technology: 25.2%
114,949 (1)	Adobe, Inc.			57,488,294		1.8
376,790	Apple, Inc.			49,996,265		1.5
172,215	Broadcom, Inc.			75,404,338		2.3
838,512 (1)	Fiserv, Inc.			95,472,976		3.0
2,490,727	HP, Inc.			61,246,977		1.9
222,969	Intuit, Inc.			84,694,775		2.6
227,205	Microchip Technology, Inc.			31,379,282		1.0
858,122	Microsoft Corp.			190,863,495		5.9
304,618	MKS Instruments, Inc.			45,829,778		1.4
380,563	Motorola Solutions, Inc.			64,718,544		2.0
362,140	NXP Semiconductor NV - NXPI - US			57,583,881		1.8
				814,678,605		25.2
	Materials: 2.8%
374,168	Eastman Chemical Co.			37,521,567		1.2
788,675	Other Securities			53,671,994		1.6
				91,193,561		2.8
	Real Estate: 2.3%
442,013	ProLogis, Inc.			44,051,015		1.4
819,597	Other Securities			30,972,571		0.9
				75,023,586		2.3
	Utilities: 2.8%
321,573	Entergy Corp.			32,105,848		1.0
408,323	NextEra Energy, Inc.			31,502,120		1.0
630,909	Other Securities			26,636,978		0.8
				90,244,946		2.8
	Total Common Stock (Cost $2,362,800,484)			3,196,230,258		98.9

Principal Amount†				Value		Percentage of Net Assets
OTHER(4): —%
			Utilities: —%
	10,000,000	(5)(6)	Southern Energy (Escrow)		—	—
			Total Other (Cost $—)		—	—
			Total Long-Term Investments (Cost $2,362,800,484)		3,196,230,258	98 .9

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of December 31, 2020 (continued)

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.9%
			Repurchase Agreements: 1.6%
	2,934,666	(7)	Amherst Pierpoint Securities LLC, Repurchase Agreement dated 12/31/20, 0.10%, due 01/04/21 (Repurchase Amount $2,934,698, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-4.628%, Market Value plus accrued interest $2,993,359, due 02/03/21-11/20/70)		$	2,934,666	0 .1
	1,844,650	(7)	Bethesda Securities LLC, Repurchase Agreement dated 12/31/20, 0.10%, due 01/04/21 (Repurchase Amount $1,844,670, collateralized by various U.S. Government Agency Obligations, 2.500%-5.500%, Market Value plus accrued interest $1,881,543, due 07/01/24-10/01/50)			1,844,650	0 .0
	2,445,614	(7)	BNP Paribas S.A., Repurchase Agreement dated 12/31/20, 0.24%, due 01/04/21 (Repurchase Amount $2,445,678, collateralized by various U.S. Government Securities, 0.750%-8.750%, Market Value plus accrued interest $2,567,895, due 03/01/21-11/20/40)			2,445,614	0 .1
	8,708,840	(7)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/20, 0.07%, due 01/04/21 (Repurchase Amount $8,708,907, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $8,883,017, due 01/25/21-10/15/62)			8,708,840	0 .3

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Repurchase Agreements (continued)
	2,980,643	(7)	CF Secured LLC, Repurchase Agreement dated 12/31/20, 0.07%, due 01/04/21 (Repurchase Amount $2,980,666, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 4.750%, Market Value plus accrued interest $3,040,256, due 01/14/21-01/20/69)		$	2,980,643	0 .1
	5,464,371	(7)	Citadel Securities LLC, Repurchase Agreement dated 12/31/20, 0.13%, due 01/04/21 (Repurchase Amount $5,464,449, collateralized by various U.S. Government Securities, 0.000%-7.875%, Market Value plus accrued interest $5,573,743, due 01/31/21-05/15/49)			5,464,371	0 .2
	8,090,299	(7)	Citigroup, Inc., Repurchase Agreement dated 12/31/20, 0.07%, due 01/04/21 (Repurchase Amount $8,090,361, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-4.000%, Market Value plus accrued interest $8,252,105, due 09/15/21-01/01/51)			8,090,299	0 .2
	1,202,439	(7)	Industrial & Comm. Bank of China, Repurchase Agreement dated 12/31/20, 0.07%, due 01/04/21 (Repurchase Amount $1,202,448, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $1,226,488, due 01/04/21-12/01/50)			1,202,439	0 .0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of December 31, 2020 (continued)

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Repurchase Agreements (continued)
	3,405,146	(7)	JVB Financial Group LLC, Repurchase Agreement dated 12/31/20, 0.13%, due 01/04/21 (Repurchase Amount $3,405,195, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-7.000%, Market Value plus accrued interest $3,473,249, due 07/01/22-12/01/50)		$	3,405,146	0 .1
	3,890,772	(7)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 12/31/20, 0.13%, due 01/04/21 (Repurchase Amount $3,890,827, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.125%, Market Value plus accrued interest $3,968,645, due 02/18/21-01/15/62)			3,890,772	0 .1
	3,063,976	(7)	Palafox Trading LLC, Repurchase Agreement dated 12/31/20, 0.13%, due 01/04/21 (Repurchase Amount $3,064,020, collateralized by various U.S. Government Securities, 0.250%-1.125%, Market Value plus accrued interest $3,126,387, due 02/28/25-05/31/25)			3,063,976	0 .1
	8,643,784	(7)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/20, 0.16%, due 01/04/21 (Repurchase Amount $8,643,936, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $8,838,635, due 07/15/22-02/15/47)			8,643,784	0 .3
			Total Repurchase Agreements (Cost $52,675,200)			52,675,200	1 .6

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds(7): 1.3%
37,260,080 (7)(8)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.000%		$	37,260,080		1.2
1,064,000 (7)(8)	Goldman Sachs Financial Square Government Fund – Institutional Shares, 0.020%			1,064,000		0.0
1,570,000 (7)(8)	Morgan Stanley Institutional Liquidity Funds – Government Portfolio (Institutional Share Class), 0.030%			1,570,000		0.1
	Total Mutual Funds (Cost $39,894,080)			39,894,080		1.3
	Total Short-Term Investments (Cost $92,569,280)			92,569,280		2.9
	Total Investments in Securities (Cost $2,455,369,764)		$	3,288,799,538		101.8
	Liabilities in Excess of Other Assets			(56,986,130)		(1.8)
	Net Assets		$	3,231,813,408		100.0

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Non-income producing security.

(2)

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

(3)

The grouping contains non-income producing securities.

(4)

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

(5)

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

(6)

Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2020, the Portfolio held restricted securities with a fair value of $— or 0.0% of net assets. Please refer to the table below for additional details.

(7)

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

(8)

Rate shown is the 7-day yield as of December 31, 2020.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of December 31, 2020 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 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, 2020
Asset Table
Investments, at fair value
Common Stock*		$	3,196,230,258		$	—		$	—		$	3,196,230,258
Other			—			—			—			—
Short-Term Investments			39,894,080			52,675,200			—			92,569,280
Total Investments, at fair value		$	3,236,124,338		$	52,675,200		$	—		$	3,288,799,538

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, 2020, Voya Growth and Income Portfolio held the following restricted securities:

Security

Acquisition Date

Acquisition Cost

Fair Value

Southern Energy (Escrow)

11/30/2005

—

At December 31, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $2,481,185,352.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	846,004,379
Gross Unrealized Depreciation		(38,390,193)
Net Unrealized Appreciation	$	807,614,186

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 25.8%
	Basic Materials: 0.6%
1,250,000 (1)	Anglo American Capital PLC, 3.625%, 09/11/2024		$	1,361,020		0.1
1,073,000 (1)	Anglo American Capital PLC, 4.125%, 04/15/2021			1,081,631		0.0
476,000 (1)	Anglo American Capital PLC, 5.625%, 04/01/2030			607,012		0.0
702,000 (1)	Newcrest Finance Pty Ltd., 3.250%, 05/13/2030			776,532		0.0
561,000 (1)	Newcrest Finance Pty Ltd., 4.200%, 05/13/ 2050			687,607		0.0
13,861,000	Other Securities			16,073,621		0.5
				20,587,423		0.6
	Communications: 2.7%
801,000 (1)	AT&T, Inc., 2.550%, 12/01/2033			825,434		0.0
3,701,000 (1)	AT&T, Inc., 3.550%, 09/15/2055			3,688,627		0.1
4,703,000 (1)	AT&T, Inc., 3.650%, 09/15/2059			4,726,452		0.2
5,354,000	AT&T, Inc., 1.650%-4.300%, 02/01/2028-02/01/2043			5,552,144		0.1
9,754,000	Comcast Corp., 2.650%-4.600%, 02/01/2030-11/01/2049			12,147,054		0.3
860,000 (1)	Deutsche Telekom AG, 3.625%, 01/21/2050			991,289		0.0
4,885,000 (1)	NBCUniversal Enterprise, Inc., 5.250%, 12/31/2199			4,988,806		0.2
2,630,000 (1)	Tencent Holdings Ltd., 2.985%, 01/19/2023			2,738,343		0.1
527,000 (1)	T-Mobile USA, Inc., 2.050%, 02/15/2028			548,823		0.0
1,738,000 (1)	T-Mobile USA, Inc., 3.300%, 02/15/2051			1,791,365		0.1
1,120,000 (1)	T-Mobile USA, Inc., 3.600%, 11/15/2060			1,190,913		0.1
818,000 (1)	T-Mobile USA, Inc., 3.750%, 04/15/2027			932,357		0.0
462,000 (1)	T-Mobile USA, Inc., 3.875%, 04/15/2030			535,578		0.0
817,000 (1)	T-Mobile USA, Inc., 4.375%, 04/15/2040			997,859		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
2,500,000 (1)	T-Mobile USA, Inc., 4.500%, 04/15/2050		$	3,088,150		0.1
542,000 (1)	Verizon Communications, Inc., 2.987%, 10/30/2056			545,632		0.0
12,413,000	Verizon Communications, Inc., 2.650%-4.862%, 08/10/2033-11/20/2060			14,467,246		0.4
31,097,000	Other Securities			37,062,482		1.0
				96,818,554		2.7
	Consumer, Cyclical: 1.2%
778,000 (1)	Alaska Airlines 2020-1 Class A Pass Through Trust, 4.800%, 02/15/2029			859,387		0.0
3,500,000 (1)	BMW US Capital LLC, 3.450%, 04/12/2023			3,731,953		0.1
891,000 (1)	British Airways 2020-1 Class A Pass Through Trust, 4.250%, 05/15/2034			954,322		0.0
1,875,000 (1)	Daimler Finance North America LLC, 2.125%, 03/10/2025			1,971,583		0.1
515,000 (1)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.500%, 10/20/2025			550,640		0.0
515,000 (1)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028			562,547		0.0
873,000 (1)(2)	Harley-Davidson Financial Services, Inc., 3.350%, 06/08/2025			946,209		0.0
1,688,000 (1)	Nissan Motor Co. Ltd., 3.522%, 09/17/2025			1,811,175		0.1
877,000 (1)	Nissan Motor Co. Ltd., 4.345%, 09/17/2027			969,395		0.0
446,000 (1)	Nissan Motor Co. Ltd., 4.810%, 09/17/2030			503,329		0.0
28,219,025	Other Securities			30,110,717		0.9
				42,971,257		1.2
	Consumer, Non-cyclical: 4.5%
17,148,000	AbbVie, Inc., 2.300%-4.625%, 11/06/2022-11/06/2042			19,324,456		0.5
520,000 (1)	Alcon Finance Corp., 2.600%, 05/27/2030			554,494		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
6,511,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%-4.900%, 02/01/2036-02/01/2046		$	8,412,311		0.2
3,169,000	Anheuser-Busch InBev Worldwide, Inc., 4.350%-5.450%, 01/23/2039-06/01/2040			4,048,744		0.1
2,000,000 (1)	Cargill, Inc., 3.875%, 05/23/2049			2,448,827		0.1
10,596,000	Cigna Corp., 3.250%-4.900%, 07/15/2023-12/15/2048			12,553,472		0.3
59,680	CVS Pass-Through Trust, 6.943%, 01/10/2030			71,379		0.0
10,259,000	CVS Health Corp., 2.700%-5.050%, 07/20/2025-03/25/2048			12,816,309		0.4
466,000 (1)	Health Care Service Corp. A Mutual Legal Reserve Co., 3.200%, 06/01/2050			504,578		0.0
2,113,000 (1)	Imperial Brands Finance PLC, 3.750%, 07/21/2022			2,204,110		0.1
2,500,000 (1)	Mars, Inc., 4.125%, 04/01/2054			3,309,468		0.1
537,000 (1)	Royalty Pharma PLC, 1.200%, 09/02/2025			545,702		0.0
796,000 (1)	Royalty Pharma PLC, 1.750%, 09/02/2027			819,712		0.0
805,000 (1)	Royalty Pharma PLC, 3.300%, 09/02/2040			847,666		0.1
1,500,000 (1)	Viatris, Inc., 3.850%, 06/22/2040			1,693,068		0.0
80,041,000 (3)	Other Securities			91,504,659		2.6
				161,658,955		4.5
	Energy: 2.2%
5,514,000	BP Capital Markets America, Inc., 1.749%-3.224%, 04/14/2024-06/04/2051			5,854,363		0.2
2,833,000 (4)	BP Capital Markets PLC, 4.742%-4.875%, 03/11/2021-12/31/2199			2,957,639		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
498,000 (1)	Schlumberger Holdings Corp., 4.000%, 12/21/ 2025		$	566,504		0.0
1,500,000 (1)	Schlumberger Investment SA, 2.400%, 08/01/2022			1,538,322		0.0
60,503,000 (3)	Other Securities			67,123,191		1.9
				78,040,019		2.2
	Financial: 9.2%
1,840,000 (1)	ANZ New Zealand Int’l Ltd./London, 3.400%, 03/19/2024			1,999,309		0.1
3,657,000 (1)	Athene Global Funding, 2.550%, 11/19/2030			3,662,403		0.1
519,000 (1)	Athene Global Funding, 2.950%, 11/12/2026			557,263		0.0
452,000 (1)	Aviation Capital Group LLC, 3.875%, 05/01/2023			471,249		0.0
808,000 (1)	Aviation Capital Group LLC, 4.375%, 01/30/2024			853,342		0.0
982,000 (1)	Aviation Capital Group LLC, 5.500%, 12/15/2024			1,087,910		0.1
30,136,000 (4)	Bank of America Corp., 0.981%-5.125%, 05/17/2022-12/31/2199			32,941,597		0.9
1,773,000 (1)	Banque Federative du Credit Mutuel SA, 0.650%, 02/27/2024			1,778,555		0.1
1,535,000 (1)	Banque Federative du Credit Mutuel SA, 2.375%, 11/21/2024			1,627,978		0.0
1,000,000 (1)	Barclays Bank PLC, 10.179%, 06/12/2021			1,040,135		0.0
455,000 (1)(4)	BNP Paribas SA, 2.588%, 08/12/2035			465,685		0.0
4,115,000 (1)(4)	BNP Paribas SA, 2.819%, 11/19/2025			4,397,973		0.1
1,715,000 (1)(4)	BNP Paribas SA, 3.052%, 01/13/2031			1,872,695		0.1
3,960,000 (1)	BPCE SA, 2.700%, 10/01/2029			4,258,666		0.1
955,000 (1)	BPCE SA, 5.700%, 10/22/2023			1,081,540		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
12,118,000 (4)	Citigroup, Inc., 1.678%-5.500%, 07/24/2023-06/03/2031		$	13,291,709		0.4
2,000,000 (1)	Citizens Financial Group, Inc., 4.150%, 09/28/2022			2,112,585		0.1
745,000 (1)	Commonwealth Bank of Australia, 3.743%, 09/12/2039			876,897		0.0
1,358,000 (1)(4)	Cooperatieve Rabobank UA, 1.004%, 09/24/2026			1,368,657		0.0
6,252,000	Cooperatieve Rabobank UA, 3.950%-4.375%, 11/09/2022-08/04/2025			7,079,234		0.2
1,235,000 (1)(4)	Credit Agricole SA/ London, 1.907%, 06/16/2026			1,282,054		0.0
6,000,000 (1)	Credit Suisse AG, 6.500%, 08/08/2023			6,771,852		0.2
3,000,000 (1)(4)	Credit Suisse Group AG, 2.997%, 12/14/2023			3,138,723		0.1
1,292,000 (1)(4)	Credit Suisse Group AG, 4.194%, 04/01/2031			1,520,675		0.0
3,053,000	Credit Suisse Group Funding Guernsey Ltd., 3.450%-3.800%, 04/16/2021-09/15/2022			3,116,543		0.1
1,870,000 (1)(4)	Danske Bank A/S, 1.621%, 09/11/2026			1,880,147		0.1
4,500,000 (1)	Danske Bank A/S, 2.800%, 03/10/2021			4,519,564		0.1
600,000 (1)	Danske Bank A/S, 5.000%, 01/12/2022			626,551		0.0
609,000 (1)	Empower Finance 2020 L.P., 1.357%, 09/17/2027			613,880		0.0
1,925,000 (1)	Federation des Caisses Desjardins du Quebec, 2.050%, 02/10/2025			2,024,515		0.1
10,517,000 (4)	HSBC Holdings PLC, 1.589%-4.950%, 11/07/2025-08/18/2031			11,652,768		0.3
16,650,000 (4)	JPMorgan Chase & Co., 2.182%-5.000%, 04/01/2023-12/31/2199			18,012,339		0.5
702,000 (1)	KKR Group Finance Co. VII LLC, 3.625%, 02/25/2050			783,550		0.0
1,841,000 (1)	Liberty Mutual Group, Inc., 3.951%, 10/15/2050			2,208,772		0.1
5,870,000	Mizuho Financial Group Cayman 2 Ltd., 4.200%, 07/18/2022			6,174,672		0.2

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
2,810,000 (1)	Mizuho Financial Group, Inc., 2.632%, 04/12/2021		$	2,827,809		0.1
315,000 (1)	Mizuho Financial Group, Inc., 3.477%, 04/12/2026			353,205		0.0
13,166,000 (4)	Morgan Stanley, 1.794%-5.500%, 07/28/2021-02/13/2032			14,578,624		0.4
1,341,000 (1)	National Australia Bank Ltd., 2.332%, 08/21/2030			1,365,450		0.0
1,575,000 (1)(4)	National Australia Bank Ltd., 3.933%, 08/02/2034			1,771,147		0.1
894,000 (1)	Nationwide Building Society, 2.000%, 01/27/2023			923,002		0.0
1,004,000 (1)(4)	Nationwide Building Society, 3.960%, 07/18/2030			1,170,432		0.1
1,576,000 (1)	New York Life Global Funding, 2.875%, 04/10/2024			1,695,426		0.0
2,661,000 (1)(2)(4)	Nordea Bank ABP, 6.125%, 12/31/2199			2,907,342		0.1
174,000 (1)	Northwestern Mutual Life Insurance Co/The, 3.625%, 09/30/2059			202,403		0.0
1,986,000 (1)	Owl Rock Technology Finance Corp., 4.750%, 12/15/2025			2,077,930		0.1
2,000,000	Royal Bank of Canada, 0.898%, (US0003M + 0.660)%, 10/05/2023			2,021,031		0.1
760,000 (1)	Scentre Group Trust 1 / Scentre Group Trust 2, 3.625%, 01/28/2026			836,635		0.0
964,000 (1)(4)	Scentre Group Trust 2, 5.125%, 09/24/2080			1,018,106		0.0
1,360,000 (1)	Skandinaviska Enskilda Banken AB, 0.850%, 09/02/2025			1,365,066		0.0
1,801,000 (1)(4)	Standard Chartered PLC, 3.265%, 02/18/2036			1,886,146		0.1
1,234,000 (1)	Sumitomo Mitsui Trust Bank Ltd., 1.050%, 09/12/2025			1,243,370		0.0
3,500,000	UBS AG/Stamford CT, 7.625%, 08/17/2022			3,874,934		0.1
2,470,000	UBS AG, 5.125%, 05/15/2024			2,728,733		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
791,000 (1)(4)	UBS Group AG, 1.008%, 07/30/2024		$	799,101		0.0
750,000 (1)(4)	UBS Group AG, 1.364%, 01/30/2027			758,774		0.0
300,000 (1)	USAA Capital Corp., 2.125%, 05/01/2030			315,665		0.0
11,056,000 (4)	Wells Fargo & Co., 2.406%-5.013%, 08/15/2023-04/04/2051			12,317,565		0.3
8,795,000 (4)	Wells Fargo Bank NA, 2.082%-3.625%, 10/22/2021-09/09/2022			8,977,666		0.3
1104,085,000 (3)	Other Securities			114,950,963		3.2
				330,118,512		9.2
	Industrial: 1.3%
264,000 (1)	BAE Systems PLC, 3.400%, 04/15/2030			299,393		0.0
1,295,000 (1)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.200%, 11/15/ 2025			1,306,997		0.0
2,250,000 (1)	TTX Co., 3.600%, 01/15/2025			2,507,250		0.1
37,824,000 (3)	Other Securities			43,756,110		1.2
				47,869,750		1.3
	Technology: 1.4%
9,076,000	Apple, Inc., 2.550%-3.850%, 05/04/2043-08/20/2060			11,216,587		0.3
1,000,000 (1)	Dell International LLC / EMC Corp., 6.020%, 06/15/2026			1,221,562		0.0
1,210,000 (1)	Leidos, Inc., 2.300%, 02/15/2031			1,234,289		0.0
900,000 (1)	Microchip Technology, Inc., 2.670%, 09/01/2023			941,819		0.0
6,400,000	Microsoft Corp., 3.700%, 08/08/2046			8,117,674		0.2
5,750,000	Microsoft Corp., 2.400%-2.525%, 08/08/2026-06/01/2050			6,128,131		0.2
255,000 (1)	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.400%, 05/01/2030			289,593		0.0
1,000,000 (1)	TSMC Global Ltd., 0.750%, 09/28/2025			996,591		0.0
1,060,000 (1)	TSMC Global Ltd., 1.000%, 09/28/2027			1,050,651		0.1
17,425,000 (3)	Other Securities			19,696,864		0.6
				50,893,761		1.4

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: 2.7%
622,000 (1)	AES Corp./The, 1.375%, 01/15/2026		$	628,005		0.0
1,576,000 (1)	AES Corp./The, 3.950%, 07/15/2030			1,784,481		0.1
2,500,000 (1)	American Transmission Systems, Inc., 5.000%, 09/01/2044			3,066,124		0.1
3,219,000 (1)	American Transmission Systems, Inc., 5.250%, 01/15/2022			3,355,795		0.1
1,413,000 (1)	Berkshire Hathaway Energy Co., 1.650%, 05/15/2031			1,414,591		0.0
1,055,000 (4)	Duke Energy Corp., 4.875%, 12/31/2199			1,145,023		0.0
1,485,000	Duke Energy Indiana LLC, 3.250%, 10/01/2049			1,681,938		0.1
3,885,000	Duke Energy Carolinas LLC, 3.200%-4.000%, 09/30/2042-08/15/2049			4,650,375		0.1
2,043,000	Duke Energy Progress LLC, 3.700%-4.200%, 08/15/2045-10/15/2046			2,565,266		0.1
868,000 (1)	Duquesne Light Holdings, Inc., 2.532%, 10/01/2030			899,231		0.0
2,802,000 (1)	Jersey Central Power & Light Co., 4.300%, 01/15/2026			3,136,740		0.1
411,000 (1)	Metropolitan Edison Co., 4.000%, 04/15/2025			448,868		0.0
231,000 (1)	Narragansett Electric Co/The, 3.395%, 04/09/2030			262,155		0.0
845,000 (1)	NRG Energy, Inc., 2.000%, 12/02/2025			876,212		0.1
704,000 (1)	NRG Energy, Inc., 2.450%, 12/02/2027			741,374		0.0
842,000 (1)	Oglethorpe Power Corp., 3.750%, 08/01/2050			907,325		0.0
59,883,000 (3)	Other Securities			67,335,549		1.9
				94,899,052		2.7
	Total Corporate Bonds/Notes (Cost $843,353,739)			923,857,283		25.8

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: 18.8%
3,092,237 (1)(4)	Agate Bay Mortgage Trust 2015-6 B2, 3.607%, 09/25/2045		$	3,212,288		0.1
4,096,296	Alternative Loan Trust 2005-10CB 1A1, 0.648%, (US0001M + 0.500)%, 05/25/2035			3,224,440		0.1
3,343,430	Alternative Loan Trust 2005-51 3A2A, 1.899%, (12MTA + 1.290)%, 11/20/2035			3,112,928		0.1
1,439,368	Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035			1,334,629		0.0
1,826,539	Alternative Loan Trust 2005-6CB 1A3, 5.250%, 04/25/2035			1,790,777		0.1
389,499 (5)	Alternative Loan Trust 2005-J3 2A2, 4.852%, (-1.000*US0001M + 5.000)%, 05/25/2035			55,614		0.0
1,280,094	Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036			893,349		0.0
2,590,714	Alternative Loan Trust 2006-HY11 A1, 0.388%, (US0001M + 0.120)%, 06/25/2036			2,509,567		0.1
1,854,923	Alternative Loan Trust 2007-23CB A3, 0.648%, (US0001M + 0.500)%, 09/25/2037			816,390		0.0
113,122	Banc of America Funding 2007 8 Trust 4A1, 6.000%, 08/25/2037			108,874		0.0
2,507,606	Bear Stearns Mortgage Funding Trust 2006-AR5 2A1, 0.338%, (US0001M + 0.190)%, 01/25/2037			2,270,242		0.1
2,500,000 (1)	Bellemeade Re 2020-4 M2A Ltd., 2.750%, (US0001M + 2.600)%, 06/25/2030			2,501,672		0.1
17,189	CHL Mortgage Pass-Through Trust 2005-2 2A3, 0.828%, (US0001M + 0.680)%, 03/25/2035			15,736		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,487,015 (1)(4)	CIM Trust 2020-J1 B3, 3.485%, 07/25/2050		$	1,447,580		0.0
1,101,724 (4)	Citigroup Mortgage Loan Trust 2007-10 22AA, 3.361%, 09/25/2037			1,072,273		0.0
1,109,216 (1)(4)	Citigroup Mortgage Loan Trust 2015-A B2, 4.500%, 06/25/2058			1,174,550		0.0
43,603 (4)	Citigroup Mortgage Loan Trust, Inc. 2005-3 2A2A, 3.125%, 08/25/2035			44,082		0.0
1,880,150	Citigroup Mortgage Loan Trust, Inc. 2005-8 3A1, 5.500%, 09/25/2035			1,888,487		0.1
2,000,000 (1)	Connecticut Avenue Securities Trust 2020-R02 2M2, 2.148%, (US0001M + 2.000)%, 01/25/2040			1,996,732		0.1
889,366	Countrywide Alternative Loan Trust 2005-53T2 2A6, 0.648%, (US0001M + 0.500)%, 11/25/2035			411,183		0.0
3,832,643	Countrywide Asset-Backed Certificates 2005-IM1 M1, 0.868%, (US0001M + 0.720)%, 11/25/2035			3,772,797		0.1
2,000,000 (1)(4)	Deephaven Residential Mortgage Trust 2018-2A M1, 4.375%, 04/25/2058			2,046,889		0.1
800,000 (1)	Fannie Mae Connecticut Avenue Securities Trust 2020-SBT1 1M2, 3.798%, (US0001M + 3.650)%, 02/25/2040			808,953		0.0
1,000,000	Fannie Mae 2011-128 KB, 4.500%, 12/25/2041			1,197,821		0.0
12,646,413	Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041			15,129,516		0.4
1,554,221	Fannie Mae 2012-110 CA, 3.000%, 10/25/2042			1,660,215		0.1
23,595,445 (5)	Fannie Mae 2016-82 SD, 5.902%, (-1.000*US0001M + 6.050)%, 11/25/2046			5,337,863		0.2
3,854,513	Fannie Mae 2016-88 EA, 3.500%, 01/25/2045			4,028,778		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
6,251,661	Fannie Mae Connecticut Avenue Securities 16-C06 1M2, 4.398%, (US0001M + 4.250)%, 04/25/2029		$	6,571,626		0.2
2,303,218	Fannie Mae Connecticut Avenue Securities 2015-C02 1M2, 4.148%, (US0001M + 4.000)%, 05/25/2025			2,353,493		0.1
99,473	Fannie Mae Connecticut Avenue Securities 2015-C02 2M2, 4.148%, (US0001M + 4.000)%, 05/25/2025			101,411		0.0
3,966,586	Fannie Mae Connecticut Avenue Securities 2015-C04 2M2, 5.698%, (US0001M + 5.550)%, 04/25/2028			4,188,317		0.1
5,322,858	Fannie Mae Connecticut Avenue Securities 2016-C04 1M2, 4.398%, (US0001M + 4.250)%, 01/25/2029			5,561,826		0.2
6,024,398	Fannie Mae Connecticut Avenue Securities 2016-C05 2M2, 4.598%, (US0001M + 4.450)%, 01/25/2029			6,296,322		0.2
222,863	Fannie Mae Connecticut Avenue Securities 2016-C07 2M2, 4.498%, (US0001M + 4.350)%, 05/25/2029			233,128		0.0
3,360,097	Fannie Mae Connecticut Avenue Securities 2017-C01 1M2, 3.698%, (US0001M + 3.550)%, 07/25/2029			3,471,274		0.1
4,992,947	Fannie Mae Connecticut Avenue Securities 2017-C02 2M2, 3.798%, (US0001M + 3.650)%, 09/25/2029			5,128,056		0.1
1,364,402	Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 3.148%, (US0001M + 3.000)%, 10/25/2029			1,385,440		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
5,083,190	Fannie Mae Connecticut Avenue Securities 2017-C04 2M2, 2.998%, (US0001M + 2.850)%, 11/25/2029		$	5,138,741		0.1
9,006,993	Fannie Mae Connecticut Avenue Securities 2017-C05 1M2, 2.348%, (US0001M + 2.200)%, 01/25/2030			9,033,078		0.3
4,541,181	Fannie Mae Connecticut Avenue Securities 2017-C06 1M2, 2.798%, (US0001M + 2.650)%, 02/25/2030			4,572,018		0.1
5,316,709	Fannie Mae Connecticut Avenue Securities 2017-C07 2M2, 2.648%, (US0001M + 2.500)%, 05/25/2030			5,336,769		0.2
2,979,039	Fannie Mae Connecticut Avenue Securities 2017-CO6 2M2, 2.948%, (US0001M + 2.800)%, 02/25/2030			3,014,900		0.1
9,072,827	Fannie Mae Connecticut Avenue Securities 2018-C02 2M2, 2.348%, (US0001M + 2.200)%, 08/25/2030			9,055,534		0.3
2,366,248	Fannie Mae Connecticut Avenue Securities 2018-C03 1M2, 2.298%, (US0001M + 2.150)%, 10/25/2030			2,371,551		0.1
4,909,889	Fannie Mae Connecticut Avenue Securities 2018-C04 2M2, 2.698%, (US0001M + 2.550)%, 12/25/2030			4,944,949		0.1
4,487,356	Fannie Mae Connecticut Avenue Securities 2018-C05 1M2, 2.498%, (US0001M + 2.350)%, 01/25/2031			4,512,759		0.1
3,214,342	Fannie Mae Connecticut Avenue Securities 2018-C06 1M2, 2.148%, (US0001M + 2.000)%, 03/25/2031			3,206,212		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,484,407	Fannie Mae Connecticut Avenue Securities 2018-C06 2M2, 2.248%, (US0001M + 2.100)%, 03/25/2031		$	2,463,899		0.1
10,205,701	Fannie Mae Connecticut Avenue Securities 2018-CO1 1M2, 2.398%, (US0001M + 2.250)%, 07/25/2030			10,197,369		0.3
1,878,729 (1)	Fannie Mae Connecticut Avenue Securities 2019-R02 1M2, 2.448%, (US0001M + 2.300)%, 08/25/2031			1,883,680		0.1
2,428,547 (1)	Fannie Mae Connecticut Avenue Securities 2019-R04 2M2, 2.248%, (US0001M + 2.100)%, 06/25/2039			2,431,878		0.1
1,396,502 (1)	Fannie Mae Connecticut Avenue Securities 2019-RO3 1M2, 2.298%, (US0001M + 2.150)%, 09/25/2031			1,400,199		0.0
3,699,361 (1)	Fannie Mae Connecticut Avenue Securities Trust 2018-R07 1M2, 2.548%, (US0001M + 2.400)%, 04/25/2031			3,711,146		0.1
1,245,343 (1)	Fannie Mae Connecticut Avenue Securities Trust 2019-R01 2M2, 2.598%, (US0001M + 2.450)%, 07/25/2031			1,249,703		0.0
3,678,707 (1)	Fannie Mae Connecticut Avenue Securities Trust 2019-R06 2M2, 2.248%, (US0001M + 2.100)%, 09/25/2039			3,686,811		0.1
1,800,000 (1)	Fannie Mae Connecticut Avenue Securities Trust 2020-R01 1M2, 2.198%, (US0001M + 2.050)%, 01/25/2040			1,799,920		0.1
500,000 (1)	Fannie Mae Connecticut Avenue Securities Trust 2020-SBT1 2M2, 3.798%, (US0001M + 3.650)%, 02/25/2040			506,297		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,595,311	Fannie Mae Connecticut Avenue Securities, 5.848%, (US0001M + 5.700)%, 04/25/2028		$	1,709,611		0.1
415,734 (5)	Fannie Mae Interest Strip Series 418 10, 4.000%, 08/25/2043			66,682		0.0
368,026 (5)	Fannie Mae Interest Strip Series 418 15, 3.500%, 08/25/2043			56,831		0.0
5,878	Fannie Mae REMIC Trust 1994-77 FB, 1.648%, (US0001M + 1.500)%, 04/25/2024			5,940		0.0
286,641	Fannie Mae REMIC Trust 1999-33 Z, 6.000%, 07/25/2029			322,252		0.0
22,662	Fannie Mae REMIC Trust 2002-21 FC, 1.048%, (US0001M + 0.900)%, 04/25/2032			22,924		0.0
734,060 (5)	Fannie Mae REMIC Trust 2003-74 IO, 6.000%, 08/25/2033			150,439		0.0
55,467	Fannie Mae REMIC Trust 2004-11 A, 0.268%, (US0001M + 0.120)%, 03/25/2034			55,279		0.0
382,108	Fannie Mae REMIC Trust 2005-120 ZU, 5.500%, 01/25/2036			445,602		0.0
200,855	Fannie Mae REMIC Trust 2005-74 DK, 23.408%, (-4.000*US0001M + 24.000)%, 07/25/2035			328,496		0.0
4,014,475 (5)	Fannie Mae REMIC Trust 2005-92 SC, 6.532%, (-1.000*US0001M + 6.680)%, 10/25/2035			891,497		0.0
254,514	Fannie Mae REMIC Trust 2006-103 EZ, 6.250%, 10/25/2036			296,935		0.0
782,945	Fannie Mae REMIC Trust 2006-104 ES, 32.710%, (-5.000*US0001M + 33.450)%, 11/25/2036			1,571,903		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
4,536,552 (5)	Fannie Mae REMIC Trust 2006-12 SD, 6.602%, (-1.000*US0001M + 6.750)%, 10/25/2035		$	940,150		0.0
2,233,884 (5)	Fannie Mae REMIC Trust 2006-123 UI, 6.592%, (-1.000*US0001M + 6.740)%, 01/25/2037			564,053		0.0
495,124 (5)	Fannie Mae REMIC Trust 2006-72 HS, 6.552%, (-1.000*US0001M + 6.700)%, 08/25/2026			64,249		0.0
140,659	Fannie Mae REMIC Trust 2007-73 A1, 0.191%, (US0001M + 0.060)%, 07/25/2037			138,378		0.0
405,770	Fannie Mae REMIC Trust 2008-20 SP, 15.130%, (-2.500*US0001M + 15.500)%, 03/25/2038			568,629		0.0
1,847,051	Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036			2,082,202		0.1
6,780,160 (5)	Fannie Mae REMIC Trust 2010-102 SB, 6.452%, (-1.000*US0001M + 6.600)%, 09/25/2040			1,707,168		0.1
2,139,757 (5)	Fannie Mae REMIC Trust 2010-116 SE, 6.452%, (-1.000*US0001M + 6.600)%, 10/25/2040			461,958		0.0
5,986,741 (5)	Fannie Mae REMIC Trust 2010-123 SL, 5.922%, (-1.000*US0001M + 6.070)%, 11/25/2040			1,206,213		0.0
1,379,675	Fannie Mae REMIC Trust 2010-130 CX, 4.500%, 09/25/2039			1,397,642		0.0
3,238,932 (5)	Fannie Mae REMIC Trust 2010-55 AS, 6.272%, (-1.000*US0001M + 6.420)%, 06/25/2040			703,419		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
8,048,357	Fannie Mae REMIC Trust 2010-59 PC, 5.000%, 06/25/2040		$	9,153,213		0.3
952,888	Fannie Mae REMIC Trust 2010-60 HJ, 5.500%, 05/25/2040			1,064,842		0.0
3,203,170 (5)	Fannie Mae REMIC Trust 2011-3 AI, 5.000%, 01/25/2041			393,778		0.0
721,256 (5)	Fannie Mae REMIC Trust 2012-10 US, 6.302%, (-1.000*US0001M + 6.450)%, 02/25/2042			99,392		0.0
643,105	Fannie Mae REMIC Trust 2012-103 DA, 3.500%, 10/25/2041			669,656		0.0
8,230,831 (5)	Fannie Mae REMIC Trust 2012-113 SG, 5.952%, (-1.000*US0001M + 6.100)%, 10/25/2042			1,627,876		0.1
5,916,611 (5)	Fannie Mae REMIC Trust 2012-122 SB, 6.002%, (-1.000*US0001M + 6.150)%, 11/25/2042			1,138,392		0.0
2,532,679 (5)	Fannie Mae REMIC Trust 2012-128 DI, 3.000%, 10/25/2032			200,755		0.0
2,920,417	Fannie Mae REMIC Trust 2012-131 BS, 5.214%, (-1.200*US0001M + 5.400)%, 12/25/2042			2,950,760		0.1
8,899,929 (5)	Fannie Mae REMIC Trust 2012-137 SN, 5.952%, (-1.000*US0001M + 6.100)%, 12/25/2042			1,788,443		0.1
3,032,220 (5)	Fannie Mae REMIC Trust 2012-15 SP, 6.472%, (-1.000*US0001M + 6.620)%, 06/25/2040			212,600		0.0
2,128,356 (5)	Fannie Mae REMIC Trust 2012-58 PI, 5.000%, 04/25/2042			294,647		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
318,006	Fannie Mae REMIC Trust 2013-44 ZG, 3.500%, 03/25/2042		$	337,483		0.0
7,891,172 (5)	Fannie Mae REMIC Trust 2013-60 DS, 6.052%, (-1.000*US0001M + 6.200)%, 06/25/2033			1,473,571		0.0
7,337,438 (5)	Fannie Mae REMIC Trust 2013-9 DS, 6.002%, (-1.000*US0001M + 6.150)%, 02/25/2043			2,005,162		0.1
18,868,153 (5)	Fannie Mae REMIC Trust 2013-9 SA, 6.002%, (-1.000*US0001M + 6.150)%, 03/25/2042			3,362,980		0.1
1,339,074 (5)	Fannie Mae REMIC Trust 2014-81 JI, 4.000%, 09/25/2041			32,730		0.0
19,097,579 (5)	Fannie Mae REMIC Trust 2015-9 IO, 5.500%, 03/25/2045			4,145,173		0.1
3,208,080 (5)	Fannie Mae REMICS 2005-66 SY, 6.552%, (-1.000*US0001M + 6.700)%, 07/25/2035			748,158		0.0
5,629,220 (5)	Fannie Mae REMICS 2006-120 QD, 4.552%, (-1.000*US0001M + 4.700)%, 10/25/2036			703,427		0.0
2,660,651 (5)	Fannie Mae REMICS 2006-59 XS, 7.052%, (-1.000*US0001M + 7.200)%, 07/25/2036			604,189		0.0
2,836,602 (5)	Fannie Mae REMICS 2007-53 SX, 5.952%, (-1.000*US0001M + 6.100)%, 06/25/2037			667,177		0.0
4,257,242��(5)	Fannie Mae REMICS 2010-112 PI, 6.000%, 10/25/2040			925,647		0.0
15,379,273 (5)	Fannie Mae REMICS 2010-139 SA, 5.882%, (-1.000*US0001M + 6.030)%, 12/25/2040			3,419,432		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
971,073	Fannie Mae REMICS 2011-10 ZC, 5.000%, 02/25/2041		$	1,102,316		0.0
99,282	Fannie Mae REMICS 2011-127 UY, 3.500%, 12/25/2041			105,865		0.0
3,590,593 (5)	Fannie Mae REMICS 2011-149 ES, 5.852%, (-1.000*US0001M + 6.000)%, 07/25/2041			439,306		0.0
457,073	Fannie Mae REMICS 2012-150 CS, 5.778%, (-1.500*US0001M + 6.000)%, 01/25/2043			458,618		0.0
9,267,775 (5)	Fannie Mae REMICS 2016-62 SC, 5.852%, (-1.000*US0001M + 6.000)%, 09/25/2046			2,309,253		0.1
38,883,247 (5)	Fannie Mae REMICS 2016-88 CS, 5.902%, (-1.000*US0001M + 6.050)%, 12/25/2046			8,459,291		0.2
10,834,982 (5)	Fannie Mae REMICS 2016-93 SL, 6.502%, (-1.000*US0001M + 6.650)%, 12/25/2046			2,231,704		0.1
2,643,264	Fannie Mae REMICS 2016-97 PA, 3.000%, 12/25/2044			2,742,414		0.1
13,018,328 (5)	Fannie Mae REMICS 2017-23 IO, 6.000%, 04/25/2047			3,021,329		0.1
1,889,843	Fannie Mae REMICS 2017-54 D, 3.000%, 07/25/2047			2,007,722		0.1
364,470	Fannie Mae REMICS 2018-27 EA, 3.000%, 05/25/2048			389,139		0.0
6,096,486 (5)	Fannie Mae REMICS 2018-43 SE, 6.102%, (-1.000*US0001M + 6.250)%, 09/25/2038			1,337,973		0.0
1,374,450	Fannie Mae REMICS 2018-64 ET, 3.000%, 09/25/2048			1,447,549		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
10,647,308 (5)	Fannie Mae REMICS 2019-18 SA, 5.902%, (-1.000*US0001M + 6.050)%, 05/25/2049		$	2,240,915		0.1
8,617,205 (5)	Fannie Mae REMICS 2019-25 PS, 5.902%, (-1.000*US0001M + 6.050)%, 06/25/2049			2,075,906		0.1
1,405,643 (1)(4)	Flagstar Mortgage Trust 2018-1 B1, 4.013%, 03/25/2048			1,475,526		0.0
1,499,353 (1)(4)	Flagstar Mortgage Trust 2018-1 B2, 4.013%, 03/25/2048			1,580,240		0.0
1,967,900 (1)(4)	Flagstar Mortgage Trust 2018-1 B3, 4.013%, 03/25/2048			2,034,091		0.1
1,701,515 (1)(4)	Flagstar Mortgage Trust 2018-2 B2, 4.049%, 04/25/2048			1,813,898		0.1
1,460,143 (1)(4)	Flagstar Mortgage Trust 2018-3INV A3, 4.000%, 05/25/2048			1,510,089		0.0
4,293,943 (5)	Freddie Mac 2815 GS, 5.841%, (-1.000*US0001M + 6.000)%, 03/15/2034			891,137		0.0
1,174	Freddie Mac REMIC Trust 1125 Z, 8.250%, 08/15/2021			1,192		0.0
192,383	Freddie Mac REMIC Trust 2110 PG, 6.000%, 01/15/2029			218,195		0.0
181,175	Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029			203,294		0.0
87,071	Freddie Mac REMIC Trust 2411 FJ, 0.509%, (US0001M + 0.350)%, 12/15/2029			87,044		0.0
119,454	Freddie Mac REMIC Trust 2460 ZM, 6.000%, 06/15/2032			135,274		0.0
153,497	Freddie Mac REMIC Trust 2528 KM, 5.500%, 11/15/2022			158,033		0.0
254,792	Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032			294,637		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
160,692	Freddie Mac REMIC Trust 2576 KZ, 5.500%, 02/15/2033		$	187,553		0.0
286,589 (5)	Freddie Mac REMIC Trust 2594 IY, 6.000%, 04/15/2033			58,752		0.0
346,638	Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034			409,313		0.0
962,151	Freddie Mac REMIC Trust 2867 MZ, 5.000%, 10/15/2034			1,111,108		0.0
681,557	Freddie Mac REMIC Trust 2930 ZL, 5.000%, 02/15/2035			778,299		0.0
802,280	Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035			917,284		0.0
5,017,932 (5)	Freddie Mac REMIC Trust 3045 DI, 6.571%, (-1.000*US0001M + 6.730)%, 10/15/2035			1,148,395		0.0
1,749,923 (5)	Freddie Mac REMIC Trust 3064 SP, 6.441%, (-1.000*US0001M + 6.600)%, 03/15/2035			108,689		0.0
322,673	Freddie Mac REMIC Trust 3065 DC, 19.384%, (-3.000*US0001M + 19.860)%, 03/15/2035			460,205		0.0
617,877 (5)	Freddie Mac REMIC Trust 3102 IS, 23.985%, (-3.667*US0001M + 24.567)%, 01/15/2036			386,606		0.0
2,593,355	Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036			2,997,154		0.1
1,484,152 (5)	Freddie Mac REMIC Trust 3170 SA, 6.441%, (-1.000*US0001M + 6.600)%, 09/15/2033			333,941		0.0
820,968 (5)	Freddie Mac REMIC Trust 3171 PS, 6.326%, (-1.000*US0001M + 6.485)%, 06/15/2036			174,544		0.0
1,223,893	Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037			1,431,715		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
312,137 (4)	Freddie Mac REMIC Trust 3524 LA, 5.148%, 03/15/2033		$	354,630		0.0
83,991	Freddie Mac REMIC Trust 3556 NT, 3.259%, (US0001M + 3.100)%, 03/15/2038			85,431		0.0
5,721,515 (5)	Freddie Mac REMIC Trust 3589 SB, 6.041%, (-1.000*US0001M + 6.200)%, 10/15/2039			1,276,260		0.0
916,084 (5)	Freddie Mac REMIC Trust 3632 IP, 5.000%, 02/15/2040			122,552		0.0
5,844,516	Freddie Mac REMIC Trust 3639 ZN, 5.500%, 12/15/2034			6,809,828		0.2
2,049,921	Freddie Mac REMIC Trust 3662 ZB, 5.500%, 08/15/2036			2,407,478		0.1
1,026,976	Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037			1,171,775		0.0
386,660 (5)	Freddie Mac REMIC Trust 3752 WS, 6.441%, (-1.000*US0001M + 6.600)%, 12/15/2039			11,024		0.0
1,784,662 (5)	Freddie Mac REMIC Trust 3820 BI, 4.000%, 11/15/2038			29,291		0.0
1,302,660	Freddie Mac REMIC Trust 3829 VZ, 4.000%, 03/15/2041			1,462,659		0.0
4,763,598 (5)	Freddie Mac REMIC Trust 3856 KS, 6.391%, (-1.000*US0001M + 6.550)%, 05/15/2041			916,478		0.0
1,523,000	Freddie Mac REMIC Trust 3898 KD, 4.500%, 07/15/2041			1,747,904		0.1
1,355,419 (5)	Freddie Mac REMIC Trust 3925 SD, 5.891%, (-1.000*US0001M + 6.050)%, 07/15/2040			138,042		0.0
6,549,945 (5)	Freddie Mac REMIC Trust 3925 SL, 5.891%, (-1.000*US0001M + 6.050)%, 01/15/2041			647,193		0.0
656,300 (5)	Freddie Mac REMIC Trust 3936 GS, 6.541%, (-1.000*US0001M + 6.700)%, 11/15/2025			10,626		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
11,229,606 (5)	Freddie Mac REMIC Trust 3951 SN, 6.391%, (-1.000*US0001M + 6.550)%, 11/15/2041		$	2,604,339		0.1
1,435,470 (5)	Freddie Mac REMIC Trust 3984 NS, 6.441%, (-1.000*US0001M + 6.600)%, 01/15/2040			39,472		0.0
763,042	Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042			855,379		0.0
1,640,581	Freddie Mac REMIC Trust 4020 BY, 6.500%, 03/15/2042			2,008,723		0.1
1,021,558 (5)	Freddie Mac REMIC Trust 4027 QI, 4.500%, 12/15/2040			47,270		0.0
2,797,155 (5)	Freddie Mac REMIC Trust 4094 YS, 6.541%, (-1.000*US0001M + 6.700)%, 04/15/2040			257,749		0.0
7,809,934 (5)	Freddie Mac REMIC Trust 4102 MS, 6.441%, (-1.000*US0001M + 6.600)%, 09/15/2042			1,565,736		0.1
727,551 (5)	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043			108,186		0.0
4,393,485	Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033			4,784,492		0.1
28,310,471	Freddie Mac REMIC Trust 4246 ZX, 4.500%, 04/15/2041			32,309,801		0.9
7,633,669 (5)	Freddie Mac REMIC Trust 4313 SD, 5.991%, (-1.000*US0001M + 6.150)%, 03/15/2044			1,628,940		0.1
11,728,036 (5)	Freddie Mac REMIC Trust 4313 SE, 5.991%, (-1.000*US0001M + 6.150)%, 03/15/2044			2,462,723		0.1
1,565,677 (5)	Freddie Mac REMIC Trust 4323 IP, 4.500%, 08/15/2042			93,709		0.0
1,257,937 (5)	Freddie Mac REMIC Trust 4332 PI, 5.000%, 12/15/2043			195,828		0.0
7,627,839	Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044			8,867,687		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
4,404,079 (5)	Freddie Mac REMIC Trust 4346 ST, 6.041%, (-1.000*US0001M + 6.200)%, 07/15/2039		$	573,777		0.0
11,786,551	Freddie Mac REMIC Trust 435 XZ, 4.250%, 05/15/2044			13,810,454		0.4
4,091,148 (5)	Freddie Mac REMIC Trust 4386 LS, 5.941%, (-1.000*US0001M + 6.100)%, 09/15/2044			784,086		0.0
7,869,525 (5)	Freddie Mac REMICS 3284 CI, 5.961%, (-1.000*US0001M + 6.120)%, 03/15/2037			1,795,629		0.1
3,408,240 (5)	Freddie Mac REMICS 3311 IC, 6.251%, (-1.000*US0001M + 6.410)%, 05/15/2037			721,303		0.0
7,198,155 (5)	Freddie Mac REMICS 3510 IC, 5.921%, (-1.000*US0001M + 6.080)%, 08/15/2037			1,613,700		0.1
3,636,785 (5)	Freddie Mac REMICS 3575 ST, 6.441%, (-1.000*US0001M + 6.600)%, 04/15/2039			765,956		0.0
10,562,173 (5)	Freddie Mac REMICS 3702 SB, 4.341%, (-1.000*US0001M + 4.500)%, 08/15/2040			1,693,384		0.1
4,391,127 (5)	Freddie Mac REMICS 4465 MI, 5.000%, 03/15/2041			836,201		0.0
12,131,766 (5)	Freddie Mac REMICS 4675 KS, 5.841%, (-1.000*US0001M + 6.000)%, 04/15/2047			2,771,479		0.1
225,730	Freddie Mac REMICS 4678 AB, 4.000%, 06/15/2044			230,690		0.0
14,759,206	Freddie Mac REMICS 4771 HZ, 3.500%, 03/15/2048			16,387,707		0.5
2,357,349	Freddie Mac REMICS 4787 PY, 4.000%, 05/15/2048			2,507,134		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
29,364,647 (5)	Freddie Mac REMICS 4901 BS, 5.952%, (-1.000*US0001M + 6.100)%, 07/25/2049		$	6,045,033		0.2
8,695,725	Freddie Mac Series 4348 ZX, 4.250%, 06/15/2044			9,928,209		0.3
1,134,762 (1)	Freddie Mac STACR 2019-HQA3 M2, 1.998%, (US0001M + 1.850)%, 09/27/2049			1,124,611		0.0
5,000,000 (1)	Freddie Mac STACR Remic Trust 2020-DNA2 M2, 1.998%, (US0001M + 1.850)%, 02/25/2050			4,996,545		0.1
7,100,000 (1)	Freddie Mac STACR REMIC Trust 2020-HQA3 M2, 3.748%, (US0001M + 3.600)%, 07/25/2050			7,184,628		0.2
3,600,000 (1)	Freddie Mac STACR Trust 2018-DNA2 M2, 2.298%, (US0001M + 2.150)%, 12/25/2030			3,580,747		0.1
3,900,000 (1)	Freddie Mac Stacr Trust 2018-HQA2 M2, 2.448%, (US0001M + 2.300)%, 10/25/2048			3,878,917		0.1
8,067,243 (5)	Freddie Mac Strips Series 311 S1, 5.791%, (-1.000*US0001M + 5.950)%, 08/15/2043			1,331,334		0.0
555,365	Freddie Mac Structured Agency Credit Risk Debt Notes 2014-DN3 M3, 4.148%, (US0001M + 4.000)%, 08/25/2024			568,714		0.0
1,167,829	Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA2 M3, 4.048%, (US0001M + 3.900)%, 12/25/2027			1,188,363		0.0
2,892,001	Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3 M3, 4.848%, (US0001M + 4.700)%, 04/25/2028			3,022,887		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
89,342	Freddie Mac Structured Agency Credit Risk Debt Notes 2015-HQ1 M3, 3.948%, (US0001M + 3.800)%, 03/25/2025		$	89,490		0.0
1,511,052	Freddie Mac Structured Agency Credit Risk Debt Notes 2016-DNA1 M3, 5.700%, (US0001M + 5.550)%, 07/25/2028			1,583,193		0.1
500,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2016-HQA3 M3, 3.998%, (US0001M + 3.850)%, 03/25/2029			520,451		0.0
11,050,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA3 M2, 2.648%, (US0001M + 2.500)%, 03/25/2030			11,251,071		0.3
851,782	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA1 M2, 3.698%, (US0001M + 3.550)%, 08/25/2029			878,130		0.0
6,448,186	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA2 M2, 2.798%, (US0001M + 2.650)%, 12/25/2029			6,522,397		0.2
7,003,630	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA3 M2, 2.498%, (US0001M + 2.350)%, 04/25/2030			7,135,529		0.2
5,190,833	Freddie Mac Structured Agency Credit Risk Debt Notes 2018-DNA1 M2, 1.948%, (US0001M + 1.800)%, 07/25/2030			5,164,076		0.2
1,026,010	Freddie Mac Structured Agency Credit Risk Debt Notes 2018-HQA1 M2, 2.448%, (US0001M + 2.300)%, 09/25/2030			1,026,792		0.0
1,800,000 (1)	Freddie Mac Structured Agency Credit Risk Debt Notes 2020-HQA5 M2, 2.682%, (SOFR30A + 2.600)%, 11/25/2050			1,822,294		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
277,711	Freddie Mac Structured Pass Through Certificates T-54 2A, 6.500%, 02/25/2043		$	338,719		0.0
358,149	Freddie Mac Structured Pass Through Certificates T-62 1A1, 1.809%, (12MTA + 1.200)%, 10/25/2044			365,260		0.0
30,548	Freddie Mac-Ginnie Mae Series 27 FC, 1.875%, (PRIME + (1.375))%, 03/25/2024			30,874		0.0
648,345 (1)(4)	Galton Funding Mortgage Trust 2017-2 A21, 4.000%, 06/25/ 2059			667,712		0.0
931,562 (1)(6)	GCAT 2020-NQM2 A2 Trust, 2.272% (Step Rate @ 3.272% on 07/25/2024), 04/25/2065			944,813		0.0
9,648,661 (5)	Ginnie Mae 2007-35 KY, 6.297%, (-1.000*US0001M + 6.450)%, 06/16/2037			2,157,281		0.1
759,000	Ginnie Mae 2013-26 GU, 1.500%, 04/20/2042			777,921		0.0
694,819	Ginnie Mae 2013-26 JC, 2.000%, 01/20/2043			716,905		0.0
297,855	Ginnie Mae 2013-69 KA, 1.250%, 08/20/2042			295,221		0.0
302,982	Ginnie Mae 2013-8 BE, 1.750%, 11/20/2042			310,383		0.0
701,318 (5)	Ginnie Mae Series 2005-7 AH, 6.617%, (-1.000*US0001M + 6.770)%, 02/16/2035			146,480		0.0
341,445	Ginnie Mae Series 2007-8 SP, 21.557%, (-3.242*US0001M + 22.049)%, 03/20/2037			570,012		0.0
1,999,789 (5)	Ginnie Mae Series 2008-35 SN, 6.248%, (-1.000*US0001M + 6.400)%, 04/20/2038			364,953		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,038,997 (5)	Ginnie Mae Series 2008-40 PS, 6.347%, (-1.000*US0001M + 6.500)%, 05/16/2038		$	215,235		0.0
8,168,782 (5)	Ginnie Mae Series 2009-106 SU, 6.048%, (-1.000*US0001M + 6.200)%, 05/20/2037			1,708,297		0.1
2,669,076 (5)	Ginnie Mae Series 2009-25 KS, 6.048%, (-1.000*US0001M + 6.200)%, 04/20/2039			602,415		0.0
1,347,812	Ginnie Mae Series 2009-29 PB, 4.750%, 05/20/2039			1,527,353		0.0
1,644,719	Ginnie Mae Series 2009-31 ZL, 4.500%, 05/20/2039			1,849,729		0.1
193,680 (5)	Ginnie Mae Series 2009-33 SN, 6.148%, (-1.000*US0001M + 6.300)%, 05/20/2039			2,058		0.0
12,637,891	Ginnie Mae Series 2009-33 ZB, 6.000%, 05/20/2039			13,953,610		0.4
85,604 (5)	Ginnie Mae Series 2009-43 HS, 6.048%, (-1.000*US0001M + 6.200)%, 06/20/2038			448		0.0
1,841,106 (5)	Ginnie Mae Series 2010-106 IP, 5.000%, 03/20/2040			201,735		0.0
1,748,139 (5)	Ginnie Mae Series 2010-116 NS, 6.497%, (-1.000*US0001M + 6.650)%, 09/16/2040	��		344,338		0.0
5,007,048 (5)	Ginnie Mae Series 2010-116 SK, 6.468%, (-1.000*US0001M + 6.620)%, 08/20/2040			1,088,930		0.0
7,217,526 (5)	Ginnie Mae Series 2010-149 HS, 5.947%, (-1.000*US0001M + 6.100)%, 05/16/2040			851,625		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,644,988 (5)	Ginnie Mae Series 2010-4 SP, 6.347%, (-1.000*US0001M + 6.500)%, 01/16/2039		$	317,277		0.0
2,854,977	Ginnie Mae Series 2010-59 ZA, 4.500%, 05/20/2040			3,219,158		0.1
1,324,499 (5)	Ginnie Mae Series 2010-6 IA, 5.000%, 11/20/2039			111,489		0.0
1,881,986 (5)	Ginnie Mae Series 2010-68 MS, 5.698%, (-1.000*US0001M + 5.850)%, 06/20/2040			360,184		0.0
4,096,597 (5)	Ginnie Mae Series 2010-9 JI, 5.000%, 01/20/2040			863,123		0.0
2,216,828 (5)	Ginnie Mae Series 2011-116 BI, 4.000%, 08/16/2026			139,521		0.0
516,076 (5)	Ginnie Mae Series 2011-140 CI, 5.000%, 10/20/2040			31,636		0.0
41,466	Ginnie Mae Series 2011-169 BC, 7.000%, 05/16/2032			45,872		0.0
4,135,940 (5)	Ginnie Mae Series 2011-80 KS, 6.518%, (-1.000*US0001M + 6.670)%, 06/20/2041			1,109,527		0.0
455,555 (5)	Ginnie Mae Series 2012-40 NI, 4.500%, 05/20/2040			22,362		0.0
10,136,512 (5)	Ginnie Mae Series 2013-167 PI, 5.500%, 11/20/2043			1,822,361		0.1
8,246,590 (5)	Ginnie Mae Series 2013-184 JI, 5.500%, 12/16/2043			1,743,306		0.1
8,392,819	Ginnie Mae Series 2014-3 EP, 2.750%, 02/16/2043			8,870,561		0.3
7,416,411 (5)	Ginnie Mae Series 2014-3 SU, 5.898%, (-1.000*US0001M + 6.050)%, 07/20/2039			1,641,722		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

Principal Amount†			Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,413,961	Ginnie Mae Series 2014-43 Z, 4.000%, 03/20/2044			$	1,717,962		0.1
9,153,744 (5)	Ginnie Mae Series 2014-55 MS, 6.047%, (-1.000*US0001M + 6.200)%, 04/16/2044				1,973,237		0.1
9,062,669 (5)	Ginnie Mae Series 2014-56 SP, 6.047%, (-1.000*US0001M + 6.200)%, 12/16/2039				1,384,303		0.0
8,280,614 (5)	Ginnie Mae Series 2014-58 CS, 5.447%, (-1.000*US0001M + 5.600)%, 04/16/2044				1,571,944		0.0
10,609,185 (5)	Ginnie Mae Series 2014-79 BI, 6.000%, 05/16/2044				2,414,736		0.1
4,209,175 (5)	Ginnie Mae Series 2014-99 S, 5.448%, (-1.000*US0001M + 5.600)%, 06/20/2044				882,402		0.0
2,717,244	Ginnie Mae Series 2018-112 AL, 3.500%, 08/20/2048				2,896,523		0.1
3,177,567	Ginnie Mae Series 2018-126 A, 3.500%, 09/20/2048				3,380,195		0.1
46,195,433 (5)	Ginnie Mae Series 2019-145 LS, 2.678%, (-1.000*US0001M + 2.830)%, 11/20/2049				3,381,778		0.1
1,388,882 (1)(4)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049	��			1,408,817		0.0
2,116,989 (1)(4)	GS Mortgage-Backed Securities Corp. Trust 2020-PJ2 A4, 3.500%, 07/25/2050				2,162,221		0.1
1,478,797 (1)(4)	GS Mortgage-Backed Securities Corp. Trust 2020-PJ4 A4, 3.000%, 01/25/2051				1,515,076		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
52,513	HarborView Mortgage Loan Trust 2005-2 2A1A, 0.592%, (US0001M + 0.440)%, 05/19/2035		$	49,698		0.0
200,503	HomeBanc Mortgage Trust 2004-1 2A, 1.008%, (US0001M + 0.860)%, 08/25/2029			194,885		0.0
3,000,000	HomeBanc Mortgage Trust 2005-4 M1, 0.853%, (US0001M + 0.470)%, 10/25/2035			3,039,217		0.1
2,723,728	IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 0.568%, (US0001M + 0.420)%, 04/25/2046			2,527,206		0.1
2,225,681	IndyMac INDX Mortgage Loan Trust 2006-AR2 2A1, 0.568%, (US0001M + 0.420)%, 02/25/2046			1,797,197		0.0
7,966 (4)	JP Morgan Mortgage Trust 2005-A1 6T1, 3.344%, 02/25/2035			7,615		0.0
85,083 (4)	JP Morgan Mortgage Trust 2007-A1 5A5, 3.059%, 07/25/2035			84,622		0.0
1,497,108 (1)(4)	JP Morgan Mortgage Trust 2017-3 1A13, 3.500%, 08/25/2047			1,529,522		0.0
4,337,185 (1)(4)	JP Morgan Mortgage Trust 2017-4 B1, 3.928%, 11/25/2048			4,578,204		0.1
1,591,628 (1)(4)	JP Morgan Mortgage Trust 2017-4 B2, 3.928%, 11/25/2048			1,665,738		0.1
1,032,009 (1)(4)	JP Morgan Mortgage Trust 2017-6 B3, 3.817%, 12/25/2048			1,065,725		0.0
1,592,241 (1)(4)	JP Morgan Mortgage Trust 2018-1 B1, 3.721%, 06/25/2048			1,681,625		0.1
1,592,241 (1)(4)	JP Morgan Mortgage Trust 2018-1 B2, 3.721%, 06/25/2048			1,655,700		0.1
1,966,887 (1)(4)	JP Morgan Mortgage Trust 2018-1 B3, 3.721%, 06/25/2048			2,014,559		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,411,840 (1)(4)	JP Morgan Mortgage Trust 2018-3 B1, 3.753%, 09/25/2048		$	1,482,324		0.0
1,272,574 (1)(4)	JP Morgan Mortgage Trust 2018-4 B1, 3.750%, 10/25/2048			1,335,689		0.0
219,096 (1)(4)	JP Morgan Mortgage Trust 2019-3 A3, 4.000%, 09/25/2049			226,010		0.0
533,464 (1)(4)	JP Morgan Mortgage Trust 2019-6 A3, 3.500%, 12/25/2049			547,438		0.0
2,432,793 (1)(4)	JP Morgan Mortgage Trust 2019-7 B2A, 3.190%, 02/25/2050			2,451,153		0.1
1,954,491 (1)(4)	JP Morgan Mortgage Trust 2019-8 B3A, 3.444%, 03/25/2050			2,002,407		0.1
2,452,237 (1)(4)	JP Morgan Mortgage Trust 2019-HYB1 B1, 3.889%, 10/25/2049			2,582,494		0.1
687,994 (1)(4)	JP Morgan Mortgage Trust 2019-LTV2 A18, 4.000%, 12/25/2049			709,472		0.0
1,615,618 (1)(4)	JP Morgan Mortgage Trust 2020-5 A15, 3.000%, 12/25/2050			1,649,912		0.0
1,982,899 (1)(4)	JP Morgan Mortgage Trust 2020-5 B1, 3.725%, 12/25/2050			2,104,915		0.1
1,358,962 (1)(4)	JP Morgan Mortgage Trust 2020-7 A15, 3.000%, 01/25/2051			1,395,921		0.0
2,358,461 (1)(4)	JP Morgan Mortgage Trust 2020-8 B1, 3.620%, 03/25/2051			2,516,776		0.1
1,442,167 (1)(4)	JP Morgan Mortgage Trust 2020-8 B2, 3.620%, 03/25/2051			1,527,304		0.0
1,914,257 (1)(4)	JP Morgan Mortgage Trust 2020-8 B3, 3.620%, 03/25/2051			1,941,676		0.1
1,259,759 (1)(4)	JP Morgan Mortgage Trust 2020-LTV2 A15, 3.000%, 11/25/2050			1,290,538		0.0
4,620,853,436 (1)(5)	L Street Securities 2017-PM1 XIO, 0.000%, 10/25/2048			1,376,090		0.0
7,268,761 (5)	Lehman Mortgage Trust 2006-9 2A5, 6.472%, (-1.000*US0001M + 6.620)%, 01/25/2037			1,772,075		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,679,376	Lehman XS Trust Series 2005-5N 1A2, 0.508%, (US0001M + 0.360)%, 11/25/2035		$	2,450,389		0.1
187,041	Merrill Lynch Mortgage Investors Trust Series 2005-A6 2A3, 0.908%, (US0001M + 0.380)%, 08/25/2035			187,755		0.0
25,732	Merrill Lynch Mortgage Investors Trust Series MLCC 2005-3 5A, 0.648%, (US0001M + 0.250)%, 11/25/2035			24,969		0.0
2,000,000	Morgan Stanley Mortgage Loan Trust 2005-5AR 1B1, 1.948%, (US0001M + 1.800)%, 09/25/2035			1,963,330		0.1
1,486,455	Morgan Stanley Mortgage Loan Trust 2007-13 6A1, 6.000%, 10/25/2037			1,156,626		0.0
1,537,377 (1)(4)	New Residential Mortgage Loan Trust 2017-3A B2, 4.750%, 04/25/2057			1,664,984		0.1
17,235 (1)(4)	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2001-R1A A, 7.000%, 02/19/2030			17,670		0.0
1,343,617 (1)(4)	OBX 2020-EXP3 1A9 Trust, 3.000%, 01/25/2060			1,382,672		0.0
1,100,217 (1)(4)	PSMC 2020-3 A1 Trust, 3.000%, 11/25/2050			1,132,757		0.0
601,236 (1)	RBSSP Resecuritization Trust 2011-3 2A1, 0.400%, (US0001M + 0.250)%, 02/26/2037			601,671		0.0
49,413	Sequoia Mortgage Trust 2003-4 2A1, 0.852%, (US0001M + 0.350)%, 07/20/2033			48,237		0.0
24,152 (4)	Sequoia Mortgage Trust 2005-4 2A1, 2.789%, 04/20/2035			24,874		0.0
1,043,600 (1)(4)	Sequoia Mortgage Trust 2014-3 B3, 3.930%, 10/25/2044			1,078,802		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,000,323 (1)(4)	Sequoia Mortgage Trust 2014-4 B3, 3.873%, 11/25/2044		$	1,013,000		0.0
968,523 (1)(4)	Sequoia Mortgage Trust 2015-2 B3, 3.728%, 05/25/2045			1,024,767		0.0
1,069,196 (1)(4)	Sequoia Mortgage Trust 2015-3 B3, 3.711%, 07/25/2045			1,102,965		0.0
2,900,000 (1)(4)	Sequoia Mortgage Trust 2017-CH2 A13, 4.000%, 12/25/2047			3,022,970		0.1
671,400 (1)(4)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 02/25/2048			690,357		0.0
4,723,655 (1)(4)	Sequoia Mortgage Trust 2018-CH1 B1B, 4.461%, 02/25/2048			5,095,901		0.2
631,435 (1)(4)	Sequoia Mortgage Trust 2019-3 A2, 3.500%, 09/25/2049			646,926		0.0
1,248,660 (1)(4)	Sequoia Mortgage Trust 2019-CH2 A1, 4.500%, 08/25/2049			1,284,255		0.0
565,186 (1)(4)	Sequoia Mortgage Trust 2020-1 A19, 3.500%, 02/25/2050			577,466		0.0
1,500,000 (1)(4)	Sequoia Mortgage Trust 2020-1 A7, 3.500%, 02/25/2050			1,564,377		0.1
2,057,528 (1)(4)	Sequoia Mortgage Trust 2020-3 B3, 3.402%, 04/25/2050			2,015,676		0.1
698,000 (1)(4)	Starwood Mortgage Residential Trust 2020-1, 2.878%, 02/25/2050			698,675		0.0
196,055	Structured Asset Mortgage Investments II Trust 2005-AR5 A2, 0.652%, (US0001M + 0.250)%, 07/19/2035			188,134		0.0
84,021	Structured Asset Mortgage Investments II Trust 2005-AR5 A3, 0.652%, (US0001M + 0.250)%, 07/19/2035			83,342		0.0
1,475,878 (1)(6)	Verus Securitization Trust 2019-3 A2, 2.938% (Step Rate @ 3.938% on 07/25/2023), 07/25/2059			1,507,292		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
6,696	WaMu Mortgage Pass Through Certificates Series 2002-AR2 A, 1.753%, (COF 11 + 1.250)%, 02/27/2034		$	6,728		0.0
19,290	WaMu Mortgage Pass Through Certificates Series 2002-AR9 1A, 2.009%, (12MTA + 1.400)%, 08/25/2042			18,619		0.0
28,185	WaMu Mortgage Pass Through Certificates Series 2005-AR1 A1A, 0.788%, (US0001M + 0.640)%, 01/25/2045			28,140		0.0
682,495 (4)	WaMu Mortgage Pass Through Certificates Series 2006-AR12 2A3, 2.532%, 10/25/2036			657,052		0.0
303,958	WaMu Mortgage Pass Through Certificates Series 2006-AR7 3A, 2.003%, (COF 11 + 1.500)%, 07/25/2046			288,762		0.0
51,154,630 (4)(5)	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 X, 2.008%, 08/25/2045			2,295,886		0.1
1,522,377	WaMu Mortgage Pass-Through Certificates Series 2005-AR13 A1C3, 1.128%, (US0001M + 0.490)%, 10/25/2045			1,486,167		0.0
627,030 (4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 3.037%, 10/25/2036			616,688		0.0
1,180,261 (4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR16 2A1, 2.490%, 12/25/2036			1,130,973		0.0
2,080,234 (4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.095%, 08/25/2046			2,000,765		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,802,054 (4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY4 1A1, 3.208%, 04/25/2037		$	2,579,089		0.1
1,888,889 (4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY7 2A2, 3.097%, 07/25/2037			1,830,010		0.1
1,697,042	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR10 Trust, 0.248%, (US0001M + 0.100)%, 12/25/2036			1,147,216		0.0
3,897,459	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR6 2A, 1.569%, (12MTA + 0.960)%, 08/25/2046			2,609,877		0.1
1,304,263	Wells Fargo Alternative Loan 2007-PA2 2A1, 0.578%, (US0001M + 0.430)%, 06/25/2037			1,052,290		0.0
122,383 (4)	Wells Fargo Mortgage Backed Securities 2005-AR7 1A1, 4.073%, 05/25/2035			121,144		0.0
302,938 (4)	Wells Fargo Mortgage Backed Securities 2006-AR4 2A4, 4.019%, 04/25/2036			287,792		0.0
1,481,684 (1)(4)	Wells Fargo Mortgage Backed Securities 2020-1 B2 Trust, 3.426%, 12/25/2049			1,519,768		0.1
953,616 (1)(4)	WinWater Mortgage Loan Trust 2015-5 B4, 3.765%, 08/20/2045			993,659		0.0
13,974,176	Other Securities			13,295,205		0.4
	Total Collateralized Mortgage Obligations (Cost $645,713,035)			673,122,066		18.8
MUNICIPAL BONDS: 0.0%
	California: 0.0%
1,500,000	Other Securities			2,231,003		0.0
	Total Municipal Bonds (Cost $1,500,000)		$	2,231,003		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: 5.0%
	U.S. Treasury Bonds: 1.7%
17,000	1.250%,05/15/2050			15,392		0.0
40,142,000	1.375%,11/15/2040			39,630,817		1.1
21,957,000	1.375%,08/15/2050			20,522,933		0.6
				60,169,142		1.7

	U.S. Treasury Notes: 3.3%
34,395,000	0.125%,12/31/2022			34,397,687		1.0
47,695,000	0.125%,12/15/2023			47,637,244		1.3
19,793,000	0.375%,12/31/2025			19,804,598		0.5
12,742,000	0.625%,11/30/2027			12,736,027		0.4
3,437,900	0.125%-0.875%, 10/15/2023-11/15/2030			3,425,084		0.1
				118,000,640		3.3
	Total U.S. Treasury Obligations (Cost $178,466,877)			178,169,782		5.0
U.S. GOVERNMENT AGENCY OBLIGATIONS: 12.1
	Federal Home Loan Mortgage Corporation: 3.4%(7)
56,952	2.008%, (US0012M + 1.345)%,09/01/2035			58,936		0.0
15,997	2.383%, (H15T1Y + 2.250)%,11/01/2035			16,876		0.0
6,029	2.404%, (H15T1Y + 2.250)%,11/01/2031			6,069		0.0
1,462	2.564%, (H15T1Y + 2.210)%,06/01/2024			1,462		0.0
132,682	2.657%, (H15T1Y + 2.462)%,01/01/2029			132,922		0.0
468,418	2.838%, (US0012M + 1.721)%,06/01/2035			491,999		0.0
7,845,552	3.000%,10/01/2046			8,494,814		0.3
8,836,988	3.000%,03/01/2048			9,465,227		0.3
17,249,579	3.500%,03/01/2048			18,852,891		0.5
4,332	3.750%, (H15T1Y + 2.250)%,04/01/2032			4,356		0.0
2,798	3.750%, (H15T1Y + 2.250)%,03/01/2036			2,966		0.0
75,976,141	2.500%-6.500%, 11/01/2021-06/01/2048			82,877,282		2.3
				120,405,800		3.4
	Federal National Mortgage Association: 0.0%(7)
1,552,441	1.588%-4.079%, 09/01/2031-10/01/2044		$	1,579,273		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association: 2.3%
16,261,000 (8)	2.000%,01/01/2051		17,003,522		0.5
33,754,000 (8)	2.500%,02/01/2051		35,659,272		1.0
9,565,787	3.500%,12/20/2047		10,306,009		0.3
18,009,060 (4)(8)	3.000%-5.500%, 11/15/2035-03/20/2060		19,715,263		0.5
			82,684,066		2.3
	Uniform Mortgage-Backed Securities: 6.4%
8,082,246	3.000%,04/01/2045		8,769,780		0.3
8,120,341	3.000%,01/01/2047		8,502,837		0.2
22,440,582	3.500%,08/01/2046		24,538,706		0.7
10,867,832	3.500%,07/01/2048		11,874,488		0.3
7,012,649	4.000%,12/01/2039		7,716,486		0.2
151,697,735 (8)	1.500%-7.500%, 02/01/2021-02/01/2051		167,415,400		4.7
			228,817,697		6.4
	Total U.S. Government Agency Obligations (Cost $408,949,738)		433,486,836		12.1
ASSET-BACKED SECURITIES: 9.3%
	Automobile Asset-Backed Securities: 0.4%
1,573,408 (1)	OSCAR US Funding Trust VII LLC 2017-2A A4, 2.760%, 12/10/2024		1,596,667		0.0
1,250,000 (1)	Tesla Auto Lease Trust 2018-B C, 4.360%, 10/20/2021		1,274,062		0.0
12,300,000	Other Securities		12,699,686		0.4
			15,570,415		0.4
	Home Equity Asset-Backed Securities: 0.2%
1,305,210 (1)(4)(6)	ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038		1,297,102		0.0
719,019	Home Equity Asset Trust 2005-2 M5, 1.243%, (US0001M + 1.095)%, 07/25/2035		720,781		0.0
2,057,351	Morgan Stanley ABS Capital I, Inc. Trust 2005-NC2 M4, 1.063%, (US0001M + 0.915)%, 03/25/2035		2,057,079		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Home Equity Asset-Backed Securities: (continued)
426,160	New Century Home Equity Loan Trust 2005-2 M3, 0.883%, (US0001M + 0.735)%, 06/25/2035		$	425,722		0.0
50,613	Renaissance Home Equity Loan Trust 2003-2 A, 1.028%, (US0001M + 0.880)%, 08/25/2033			49,017		0.0
1,874,218 (4)(6)	Renaissance Home Equity Loan Trust 2005-3 AF4, 5.140%, 11/25/2035			1,975,631		0.1
56,308	Securitized Asset Backed Receivables LLC Trust 2006-WM4 A2A, 0.228%, (US0001M + 0.080)%, 11/25/2036			22,707		0.0
				6,548,039		0.2
	Other Asset-Backed Securities: 7.9%
1,322,452 (1)	Ajax Mortgage Loan Trust 2018-A A, 3.850%, 04/25/2058			1,319,935		0.0
1,556,508 (1)(4)	Ajax Mortgage Loan Trust 2018-C A, 4.360%, 09/25/2065			1,581,596		0.1
8,750,000 (1)	Allegany Park CLO Ltd. 2019-1A A, 1.548%, (US0003M + 1.330)%, 01/20/2033			8,762,959		0.2
2,459,862 (1)(4)(5)(9)	American Homes 4 Rent 2015-SFR1 XS, 3.232%, 04/17/2052			—	—
9,500,000 (1)	Apidos CLO XXXII 2019-32A A1, 1.538%, (US0003M + 1.320)%, 01/20/2033			9,515,077		0.3
4,500,000 (1)	Apidos CLO XXXIII 2020-33A A, 1.973%, (US0003M + 1.700)%, 07/24/2031			4,513,855		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
8,000,000 (1)	ARES XLVI CLO Ltd. 2017-46A A2, 1.467%, (US0003M + 1.230)%, 01/15/2030			7,919,456		0.2
3,470,000 (1)	Babson CLO Ltd. 2017-1A A2, 1.568%, (US0003M + 1.350)%, 07/18/2029			3,465,402		0.1
4,393,000 (1)	Babson CLO Ltd. 2018-3A A2, 1.518%, (US0003M + 1.300)%, 07/20/2029		$	4,375,955		0.1
1,600,000 (1)	Bain Capital Credit CLO 2017-1A A2, 1.568%, (US0003M + 1.350)%, 07/20/2030			1,596,443		0.0
3,200,000 (1)	Beechwood Park CLO Ltd. 2019-1A A1, 1.548%, (US0003M + 1.330)%, 01/17/2033			3,204,714		0.1
9,015,200 (1)	Benefit Street Partners CLO II Ltd. 2013-IIA A1R, 1.487%, (US0003M + 1.250)%, 07/15/2029			9,015,326		0.3
5,000,000 (1)	Benefit Street Partners CLO XIX Ltd. 2019-19A A, 1.587%, (US0003M + 1.350)%, 01/15/2033			5,009,480		0.1
5,070,000 (1)	BlueMountain CLO 2015-1A BR, 2.724%, (US0003M + 2.500)%, 04/13/2027			5,070,152		0.1
2,350,000 (1)	Bojangles Issuer LLC 2020-3A A2, 3.832%, 10/20/2050			2,414,100		0.1
3,490,000 (1)	Broad River BSL Funding CLO 2020-1A A, 2.068%, (US0003M + 1.850)%, 04/20/2029			3,496,362		0.1
4,000,000 (1)	Carbone CLO Ltd. 2017-1A A1, 1.358%, (US0003M + 1.140)%, 01/20/2031			3,999,988		0.1
2,400,000 (1)	Carlyle Global Market Strategies CLO Ltd. 2014-1A A2R2, 1.348%, (US0003M + 1.130)%, 04/17/2031			2,362,958		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
840,000 (1)	Cedar Funding II CLO Ltd. 2013-1A A1R, 1.460%, (US0003M + 1.230)%, 06/09/2030			840,029		0.0
51,613	Chase Funding Trust Series 2002-4 2A1, 0.888%, (US0001M + 0.740)%, 10/25/2032			51,317		0.0
106,708	Chase Funding Trust Series 2003-5 2A2, 0.748%, (US0001M + 0.600)%, 07/25/2033		$	102,708		0.0
3,750,000 (1)	CIFC Funding 2013-2A A1LR, 1.428%, (US0003M + 1.210)%, 10/18/2030			3,745,324		0.1
3,453,000 (1)	CIFC Funding 2017-2A A Ltd., 1.458%, (US0003M + 1.240)%, 04/20/2030			3,453,124		0.1
3,000,000 (1)	CIFC Funding 2017-2A C, 2.568%, (US0003M + 2.350)%, 04/20/2030			2,991,960		0.1
4,000,000 (1)	CIFC Funding 2019-6A A1 Ltd., 1.560%, (US0003M + 1.330)%, 01/16/2033			4,007,160		0.1
2,766,000 (1)	Cole Park CLO Ltd. 2015-1A CR, 2.218%, (US0003M + 2.000)%, 10/20/2028			2,766,216		0.1
5,631,995	Credit-Based Asset Servicing & Securitization LLC 2006-CB8 A2C, 0.298%, (US0001M + 0.150)%, 10/25/2036			5,114,609		0.1
938,125 (1)	DB Master Finance LLC 2019-1A A23, 4.352%, 05/20/2049			1,018,316		0.0
493,750 (1)	DB Master Finance LLC 2019-1A A2II, 4.021%, 05/20/2049			522,692		0.0
12,160,000 (1)	Dewolf Park Clo Ltd. 2017-1A A, 1.447%, (US0003M + 1.210)%, 10/15/2030			12,160,024		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
1,375,500 (1)	Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049			1,470,172		0.0
1,200,000 (1)	Dryden 55 CLO Ltd. 2018-55A A1, 1.257%, (US0003M + 1.020)%, 04/15/2031			1,195,273		0.0
8,610,000 (1)	Dryden Senior Loan Fund 2017-47A A2, 1.587%, (US0003M + 1.350)%, 04/15/2028		$	8,591,807		0.3
7,460,000 (1)	Dryden XXVIII Senior Loan Fund 2013-28A A1LR, 1.421%, (US0003M + 1.200)%, 08/15/2030			7,460,754		0.2
3,662,325 (1)	Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047			3,821,947		0.1
4,250,000 (1)	Galaxy XIX CLO Ltd. 2015-19A A1R, 1.435%, (US0003M + 1.220)%, 07/24/2030			4,249,987		0.1
2,100,000 (1)	Gilbert Park CLO Ltd. 2017-1A A, 1.427%, (US0003M + 1.190)%, 10/15/2030			2,100,021		0.1
116,607	GSAMP Trust 2007-FM1 A2A, 0.218%, (US0001M + 0.070)%, 12/25/2036			71,060		0.0
1,716,298 (1)	HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040			1,819,965		0.1
2,000,000 (1)	Jay Park CLO Ltd. 2016-1A BR, 2.218%, (US0003M + 2.000)%, 10/20/2027			2,000,054		0.1
4,300,000 (1)(8)	KKR CLO 21 A Ltd., 1.237%, (US0003M + 1.000)%, 04/15/2031			4,268,318		0.1
10,000,000 (1)	LCM 26A A2 Ltd., 1.468%, (US0003M + 1.250)%, 01/20/2031			9,915,290		0.3
6,308,000 (1)	LCM XIV L.P. 14A AR, 1.258%, (US0003M + 1.040)%, 07/20/2031			6,263,169		0.2

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
58,753	Long Beach Mortgage Loan Trust 2004-4 1A1, 0.708%, (US0001M + 0.560)%, 10/25/2034			56,622		0.0
2,120,000 (1)	Madison Park Funding XV Ltd. 2014-15A B1R, 2.417%, (US0003M + 2.200)%, 01/27/2026			2,120,238		0.1
5,150,000 (1)	Madison Park Funding XXXV Ltd. 2019-35A A2A, 1.868%, (US0003M + 1.650)%, 04/20/2031		$	5,153,584		0.1
4,600,000 (1)	Magnetite CLO Ltd. 2020-26A A, 1.987%, (US0003M + 1.750)%, 07/15/2030			4,614,936		0.1
335,581 (1)	Marlette Funding Trust 2018-1A C, 3.690%, 03/15/2028			336,241		0.0
1,750,000 (1)	Marlette Funding Trust 2019-2A C, 4.110%, 07/16/2029			1,793,621		0.1
2,137,834 (1)	Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043			2,314,137		0.1
1,255,765 (1)	Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/22/2044			1,303,258		0.0
2,568,947 (1)	Mosaic Solar Loans 2017-2A A LLC, 3.820%, 06/22/2043			2,772,186		0.1
2,000,000 (1)	Neuberger Berman Loan Advisers CLO 33 Ltd. 2019-33A C, 2.680%, (US0003M + 2.450)%, 10/16/2032			2,004,776		0.1
5,100,000 (1)	Oaktree CLO 2020-1A A Ltd., 2.345%, (US0003M + 2.000)%, 07/15/2029			5,122,328		0.1
3,500,000 (1)	OCP CLO 2020-18A A Ltd., 2.018%, (US0003M + 1.800)%, 04/20/2030			3,507,234		0.1
4,000,000 (1)	OCP CLO 2020-19 A A1 Ltd., 2.070%, (US0003M + 1.750)%, 07/20/2031			4,013,736		0.1

See Accompanying Notes to Financial Statements

100

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
4,510,000 (1)	Octagon Investment Partners 30 Ltd. 2017-1A A1, 1.538%, (US0003M + 1.320)%, 03/17/2030			4,510,212		0.1
3,000,000 (1)	Octagon Investment Partners Ltd. 2017-1A A2, 1.587%, (US0003M + 1.350)%, 07/15/2029			2,991,849		0.1
2,250,000 (1)	Octagon Investment Partners XIV Ltd. 2012-1A A1BR, 1.612%, (US0003M + 1.375)%, 07/15/2029		$	2,242,224		0.1
4,000,000 (1)	Octagon Investment Partners XV Ltd. 2013-1A A2R, 1.568%, (US0003M + 1.350)%, 07/19/2030			3,981,876		0.1
4,250,000 (1)	Octagon Investment Partners XVII Ltd. 2013-1A A1R2, 1.215%, (US0003M + 1.000)%, 01/25/2031			4,216,047		0.1
8,000,000 (1)	OHA Loan Funding 2015-1A A1R2 Ltd., 1.561%, (US0003M + 1.340)%, 11/15/2032			8,009,112		0.2
5,515,000 (1)	Palmer Square CLO 2015-2A A1R2 Ltd., 1.318%, (US0003M + 1.100)%, 07/20/2030			5,499,542		0.1
3,000,000 (1)	Palmer Square CLO 2018-1A A1 Ltd., 1.248%, (US0003M + 1.030)%, 04/18/2031			2,985,777		0.1
2,000,000 (1)	Palmer Square Loan Funding 2018-1A C Ltd., 2.087%, (US0003M + 1.850)%, 04/15/2026			1,940,636		0.1
900,000 (1)(8)	Palmer Square Loan Funding 2018-2A C Ltd., 2.187%, (US0003M + 1.950)%, 07/15/2026			887,900		0.0
1,033,571	Park Place Securities, Inc. Asset-Backed Pass-Through Ctfs Ser 2005-WHQ1 M4, 1.228%, (US0001M + 1.080)%, 03/25/2035			1,037,425		0.0

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
881,868 (4)(6)	Popular ABS Mortgage Pass-Through Trust 2005-D A5, 3.626%, 01/25/2036			895,706		0.0
4,375,000 (1)	Sofi Consumer Loan Program 2018-1 C Trust, 3.970%, 02/25/2027			4,499,942		0.1
1,500,000 (1)	Sofi Consumer Loan Program 2018-2 C Trust, 4.250%, 04/26/2027		$	1,540,886		0.1
3,200,000 (1)	Sofi Consumer Loan Program 2018-3 C Trust, 4.670%, 08/25/2027			3,308,524		0.1
1,000,000 (1)	SoFi Consumer Loan Program 2019-2 D Trust, 4.200%, 04/25/2028			1,038,984		0.0
1,537,083 (1)	Sonic Capital LLC 2020-1A A2I, 3.845%, 01/20/2050			1,648,546		0.1
2,060,000 (1)	Sound Point CLO XXV Ltd. 2019-4A A1A, 1.637%, (US0003M + 1.400)%, 01/15/2033			2,063,469		0.1
1,903,486 (1)	Sunrun Athena Issuer 2018-1 A LLC, 5.310%, 04/30/2049			2,149,372		0.1
1,764,000 (1)	Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048			1,952,612		0.1
900,000 (1)	TCW CLO 2018-1A A1B2 Ltd., 1.915%, (US0003M + 1.700)%, 04/25/2031			900,347		0.0
5,500,000 (1)	TES LLC 2017-1A B, 7.740%, 10/20/2047			5,255,363		0.2
2,327,636 (1)	THL Credit Wind River 2013-2A AR CLO Ltd., 1.448%, (US0003M + 1.230)%, 10/18/2030			2,326,865		0.1
9,500,000 (1)	THL Credit Wind River 2016-2A A1R CLO Ltd., 1.404%, (US0003M + 1.190)%, 11/01/2031			9,484,506		0.2
1,500,000 (1)(4)	Towd Point Mortgage Trust 2017-3 M1, 3.500%, 07/25/2057			1,618,800		0.0
1,649,000 (1)	Wendys Funding LLC 2018-1A A2I, 3.573%, 03/15/2048			1,701,916		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, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
1,084,777	Other Securities			1,095,133		0.0
				282,521,522		7.9
	Student Loan Asset-Backed Securities: 0.8%
899,092 (1)	Commonbond Student Loan Trust 2017-BGS B, 3.260%, 09/25/2042		$	924,803		0.0
648,464 (1)	Commonbond Student Loan Trust 2018-AGS A1, 3.210%, 02/25/2044			673,520		0.0
1,193,664 (1)	Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045			1,233,238		0.1
559,857 (1)	DRB Prime Student Loan Trust 2015-B A2, 3.170%, 07/25/2031			562,193		0.0
750,041 (1)	DRB Prime Student Loan Trust 2015-D A2, 3.200%, 01/25/2040			756,520		0.0
218,554 (1)	Earnest Student Loan Program, LLC 2016-C B, 4.460%, 01/26/2037			220,234		0.0
750,000 (1)	Navient Private Education Loan Trust 2014-AA A3, 1.759%, (US0001M + 1.600)%, 10/15/2031			760,366		0.0
2,000,000 (1)	Navient Private Education Refi Loan Trust 2018-A B, 3.680%, 02/18/2042			2,042,901		0.1
2,291,815 (1)	Navient Private Education Refi Loan Trust 2019-A A2A, 3.420%, 01/15/2043			2,398,411		0.1
1,550,000 (1)	SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045			1,445,041		0.0
1,500,000 (1)	SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041			1,565,589		0.1
88,196 (1)	SoFi Professional Loan Program 2015-C A2, 2.510%, 08/25/2033			88,573		0.0
2,500,000 (1)(4)	SoFi Professional Loan Program 2017-C B, 3.560%, 07/25/2040			2,588,500		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			2,201,733		0.1
2,200,000 (1)	Sofi Professional Loan Program 2018-A B LLC, 3.610%, 02/25/2042			2,292,517		0.1
5,000,000 (1)	Sofi Professional Loan Program 2018-B BFX Trust, 3.830%, 08/25/2047		$	5,294,616		0.1
2,000,000 (1)	Sofi Professional Loan Program 2018-C A2FX Trust, 3.590%, 1/25/2048			2,077,208		0.0
1,000,000 (1)	Sofi Professional Loan Program 2018-D BFX Trust, 4.140%, 02/25/2048			1,076,870		0.0
				28,202,833		0.8
	Total Asset-Backed Securities (Cost $328,534,670)			332,842,809		9.3
COMMERCIAL MORTGAGE-BACKED SECURITIES: 5.9%
12,675,795 (4)(5)	BANK 2019-BNK16 XA, 0.962%, 02/15/2052			804,508		0.0
2,600,000 (1)	BANK 2019-BNK18 D, 3.000%, 05/15/2062			2,431,488		0.1
3,360,000 (4)	Bank 2019-BNK19 C, 4.034%, 08/15/2061			3,588,445		0.1
51,012,601 (4)(5)	Bank 2019-BNK19 XA, 0.960%, 08/15/2061			3,483,533		0.1
22,800,000 (1)(4)(5)	BBCCRE Trust 2015-GTP XA, 0.597%, 08/10/2033			613,083		0.0
27,755,701 (4)(5)	Benchmark 2019-B12 XA Mortgage Trust, 1.066%, 08/15/2052			1,792,319		0.1
19,621,295 (4)(5)	Benchmark 2019-B9 XA Mortgage Trust, 1.044%, 03/15/2052			1,423,778		0.0
3,160,000 (1)	Benchmark 2020-B18 AGNE Mortgage Trust, 3.759%, 08/15/2053			3,236,416		0.1

See Accompanying Notes to Financial Statements

102

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,603,000 (1)	BHP Trust 2019-BXHP D, 1.930%, (US0001M + 1.771)%, 08/15/2036			1,545,006		0.0
5,681,547 (1)	BX Commercial Mortgage Trust 2019-XL G, 2.459%, (US0001M + 2.300)%, 10/15/2036			5,655,285		0.2
5,287,589 (1)	BX Commercial Mortgage Trust 2019-XL J, 2.809%, (US0001M + 2.650)%, 10/15/2036			5,217,125		0.1
4,187,168 (1)	BX Commercial Mortgage Trust 2020-BXLP G, 2.659%, (US0001M + 2.500)%, 12/15/2029		$	4,111,084		0.1
2,000,000 (1)	BX Commercial Mortgage Trust 2020-FOX F, 4.409%, (US0001M + 4.250)%, 11/15/2032			2,021,198		0.1
2,507,452 (1)	BX Trust 2019-MMP E, 2.059%, (US0001M + 1.900)%, 08/15/2036			2,439,601		0.1
2,280,000 (1)(4)	BX Trust 2019-OC11 E, 4.076%, 12/09/2041			2,324,329		0.0
19,775,372 (4)(5)	CD 2016-CD1 Mortgage Trust XA, 1.388%, 08/10/2049			1,099,398		0.0
3,951,241 (1)(4)	CFCRE Commercial Mortgage Trust 2011-C1 E, 6.043%, 04/15/2044			3,827,938		0.1
4,120,000 (1)	Citigroup Commercial Mortgage Trust 2016-C2 E, 4.594%, 08/10/2049			2,687,737		0.1
35,301,039 (4)(5)	Citigroup Commercial Mortgage Trust 2017-P8 XA, 0.905%, 09/15/2050			1,751,899		0.0
58,554,148 (4)(5)	Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.595%, 06/10/2051			2,522,618		0.1
2,101,000 (1)(4)	Citigroup COmmercial Mortgage Trust 2018-C6 D, 5.066%, 11/10/2051			2,053,869		0.1
13,789,907 (4)(5)	COMM 2012-CR2 XA, 1.622%, 08/15/2045			251,207		0.0
24,576,438 (4)(5)	COMM 2012-CR3 XA, 1.846%, 10/15/2045			543,014		0.0
65,166,000 (1)(4)(5)	COMM 2012-CR4 XB, 0.612%, 10/15/2045			685,181		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
19,673,951 (4)(5)	COMM 2012-CR5 XA, 1.514%, 12/10/2045			455,662		0.0
27,279,076 (1)(4)(5)	COMM 2012-LC4 XA, 2.097%, 12/10/2044			370,633		0.0
1,910,000 (1)(4)	COMM 2013-CR10 E Mortgage Trust, 4.789%, 08/10/2046			1,709,490		0.1
1,640,000 (4)	COMM 2015-CCRE26 D Mortgage Trust, 3.480%, 10/10/2048			1,506,449		0.0
910,000 (4)	COMM 2016-COR1 C, 4.381%, 10/10/2049			970,784		0.0
77,056,731 (4)(5)	COMM 2016-CR28 XA, 0.694%, 02/10/2049		$	2,022,023		0.1
5,920,000	COMM 2018-COR3 A3 Mortgage Trust, 4.228%, 05/10/2051			7,056,116		0.2
3,906,000 (1)(4)	COMM 2020-CBM F Mortgage Trust, 3.633%, 11/13/2039			3,338,881		0.1
3,247,076 (1)(4)	DBUBS 2011-LC2 E Mortgage Trust, 5.487%, 07/10/2044			2,719,604		0.1
5,150,000 (1)	DBUBS 2011-LC2A F Mortgage Trust, 3.805%, (US0001M + 3.650)%, 07/10/2044			3,867,613		0.1
36,470,000 (4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K020 X3, 1.871%, 05/25/2040			894,959		0.0
42,995,974 (4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K023 X1, 1.221%, 08/25/2022			715,891		0.0
22,000,000 (4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K028 X3, 1.662%, 06/25/2041			756,323		0.0
27,650,000 (4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K029 X3, 1.592%, 05/25/2041			989,931		0.1
10,700,000 (4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K035 X3, 1.789%, 12/25/2041			474,480		0.0
518,928,575 (1)(5)	FREMF Mortgage Trust 2012-K17 X2A, 0.100%, 12/25/2044			304,040		0.0

See Accompanying Notes to Financial Statements

103

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
2,920,000 (1)	GS Mortgage Securities Corp. II 2018-RIVR E, 1.709%, (US0001M + 1.550)%, 07/15/2035			2,554,447		0.1
225,041 (1)(4)	GS Mortgage Securities Trust 2010-C2 G, 4.548%, 12/10/2043			218,298		0.0
3,070,000 (1)	GS Mortgage Securities Trust 2013-GC16 G, 3.500%, 11/10/2046			1,536,525		0.1
29,446,260 (4)(5)	GS Mortgage Securities Trust 2013-GC16 XA, 1.023%, 11/10/2046			711,413		0.0
45,278,212 (4)(5)	GS Mortgage Securities Trust 2014-GC22 XA, 0.980%, 06/10/2047		$	946,699		0.0
6,930,000 (1)(4)	GS Mortgage Securities Trust 2019-GC40 DBD, 3.550%, 07/10/2052			6,569,219		0.2
5,310,000 (1)(4)	GS Mortgage Securities Trust 2019-GC40 DBE, 3.550%, 07/10/2052			4,839,435		0.1
105,625,731 (4)(5)	GS Mortgage Securities Trust 2019-GC42 XA, 0.811%, 09/01/2052			6,120,504		0.2
3,720,000 (1)(4)	JPMBB Commercial Mortgage Securities Trust 2013-C17 D, 4.888%, 01/15/2047			3,592,800		0.1
2,070,314 (4)(5)	JPMBB Commercial Mortgage Securities Trust 2015-C28 XA, 0.970%, 10/15/2048			65,470		0.0
6,560,000	JPMCC Commercial Mortgage Securities Trust 2019-COR4 A5, 4.029%, 03/10/2052			7,797,004		0.2
5,610,000 (1)(4)	JPMCC Re-REMIC Trust 2015-FRR2 AK36, 2.164%, 12/27/2046			5,570,292		0.2
28,334,115 (4)(5)	JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX XA, 1.483%, 06/15/2045			231,039		0.0
43,118,321 (4)(5)	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA, 0.680%, 12/15/2049			1,156,891		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,000,000 (1)	KNDL 2019-KNSQ F Mortgage Trust, 2.159%, (US0001M + 2.000)%, 05/15/2036			954,419		0.0
1,689,220 (1)(4)(5)	LB-UBS Commercial Mortgage Trust 2006-C7 XCL, 0.705%, 11/15/2038			5,009		0.0
8,825,446 (1)(4)(5)	LB-UBS Commercial Mortgage Trust 2006-C7 XW, 0.705%, 11/15/2038			19,112		0.0
4,447,000 (1)(4)	LSTAR Commercial Mortgage Trust 2015-3 E, 3.185%, 04/20/2048		$	3,889,917		0.1
2,630,000 (1)(4)	Manhattan West 2020-1MW E, 2.335%, 09/10/2039			2,550,541		0.1
1,706,000 (1)(4)	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15 D, 4.906%, 04/15/2047			1,693,617		0.1
1,525,000 (1)(4)	Morgan Stanley Capital I Trust 2011-C1 D, 5.563%, 09/15/2047			1,525,889		0.0
3,890,000 (1)(4)	Morgan Stanley Capital I Trust 2016-BNK2 E, 3.902%, 11/15/2049			2,408,702		0.1
3,943,000	Morgan Stanley Capital I Trust 2019-H6 A4, 3.417%, 06/15/2052			4,482,504		0.1
1,900,000	Morgan Stanley Capital I, Inc. 2017-HR2 D, 2.730%, 12/15/2050			1,656,055		0.0
2,920,000 (1)	MRCD 2019-PARK E Mortgage Trust, 2.718%, 12/15/2036			2,881,194		0.1
3,556,000 (1)	MRCD 2019-PARK F Mortgage Trust, 2.718%, 12/15/2036			3,426,705		0.1
2,440,000 (1)	One Bryant Park Trust 2019-OBP A, 2.516%, 09/13/2049			2,622,556		0.1
2,820,000	UBS Commercial Mortgage Trust 2019-C17 A4, 2.921%, 09/15/2052			3,105,843		0.1

See Accompanying Notes to Financial Statements

104

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
2,060,000 (1)(4)	UBS-Barclays Commercial Mortgage Trust 2012-C4 D, 4.470%, 12/10/2045			1,201,970		0.0
3,520,000 (1)(4)	UBS-Barclays Commercial Mortgage Trust 2012-C4 E, 4.470%, 12/10/2045			1,750,579		0.1
27,613,759 (4)(5)	Wells Fargo Commercial Mortgage Trust 2014-LC18 XA, 1.042%, 12/15/2047			886,385		0.0
4,580,000	Wells Fargo Commercial Mortgage Trust 2018-C44 A5, 4.212%, 05/15/2051		$	5,418,699		0.2
9,412,500	Wells Fargo Commercial Mortgage Trust 2019-C54 A4, 3.146%, 12/15/2052			10,660,110		0.3
1,630,000 (1)(4)	WFRBS Commercial Mortgage Trust 2011-C5 E, 5.656%, 11/15/2044			1,552,920		0.0
19,046,574 (1)(4)(5)	WFRBS Commercial Mortgage Trust 2012-C8 XA, 1.788%, 08/15/2045			360,138		0.0
9,020,000 (1)(4)	WFRBS Commercial Mortgage Trust 2013-C11 F, 4.256%, 03/15/2045			6,384,817		0.2
6,583,000 (1)	WFRBS Commercial Mortgage Trust 2013-C12 E, 3.500%, 03/15/2048			5,386,034		0.2
43,262,809 (1)(4)(5)	WFRBS Commercial Mortgage Trust 2013-C12 XA, 1.187%, 03/15/2048			853,272		0.0
8,510,000 (4)	WFRBS Commercial Mortgage Trust 2014-LC14 C, 4.344%, 03/15/2047			8,689,041		0.2
8,530,000	Other Securities			9,731,073		0.3
	Total Commercial Mortgage-Backed Securities (Cost $216,027,190)			210,270,075		5.9

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: 22.3%
	Affiliated Investment Companies: 22.3%
9,407,183	Voya Emerging Markets Corporate Debt Fund - Class P			98,587,276		2.7
14,258,436	Voya Emerging Markets Hard Currency Debt Fund - Class P		$	143,867,617		4.0
8,391,703	Voya Emerging Markets Local Currency Debt Fund - Class P			60,168,510		1.7
89,855	Voya Floating Rate Fund - Class P			805,101		0.0
16,250,721	Voya High Yield Bond Fund - Class P			130,980,813		3.7
15,470,702	Voya Investment Grade Credit Fund - Class P			179,924,268		5.0
19,127,823	Voya Securitized Credit Fund - Class P			184,966,051		5.2
	Total Mutual Funds (Cost $778,219,592)			799,299,636		22.3
OTHER(10): — %
	Consumer, Cyclical: —%
252,000 (9)(11)	General Motors Co. Escrow			—	—
	Total Other (Cost $—)			—	—

		Value		Percentage of Net Assets
PURCHASED OPTIONS(12): 0.0%
	Total Purchased Options (Cost $1,749,063)		708,392		0.0
	Total Long-Term Investments (Cost $3,402,513,904)		3,553,987,882		99.2

See Accompanying Notes to Financial Statements

105

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.1%
	Repurchase Agreements: 0.3%
2,130,915 (13)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/20, 0.07%, due 01/04/21 (Repurchase Amount $2,130,931, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $2,173,533, due 01/25/21-10/15/62)		$	2,130,915		0.0
2,392,969 (13)	Citadel Securities LLC, Repurchase Agreement dated 12/31/20, 0.13%, due 01/04/21 (Repurchase Amount $2,393,003, collateralized by various U.S. Government Securities, 0.000%-7.875%, Market Value plus accrued interest $2,440,866, due 01/31/21-05/15/49)			2,392,969		0.1
2,171,648 (13)	Citigroup, Inc., Repurchase Agreement dated 12/31/20, 0.07%, due 01/04/21 (Repurchase Amount $2,171,665, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-4.000%, Market Value plus accrued interest $2,215,081, due 09/15/21-01/01/51)			2,171,648		0.1

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements: (continued)
1,051,478 (13)	JVB Financial Group LLC, Repurchase Agreement dated 12/31/20, 0.13%, due 01/04/21 (Repurchase Amount $1,051,493, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-7.000%, Market Value plus accrued interest $1,072,508, due 07/01/22-12/01/50)		$	1,051,478		0.0
2,428,380 (13)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/20, 0.08%, due 01/04/21 (Repurchase Amount $2,428,401, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.000%, Market Value plus accrued interest $2,476,948, due 01/05/21-12/20/50)			2,428,380		0.1
	Total Repurchase Agreements (Cost $10,175,390)			10,175,390		0.3

Shares						Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)

See Accompanying Notes to Financial Statements

106

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

Shares		Value			Percentage of Net Assets
	Mutual Funds: 0.8%
27,519,009 (14)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.000%			27,519,009		0.8
258,000 (13)(14)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.020%		$	258,000		0.0
	Total Mutual Funds (Cost $27,777,009)			27,777,009		0.8
	Total Short-Term Investments (Cost $37,952,399)			37,952,399		1.1
	Total Investments in Securities (Cost $3,440,466,303)		$	3,591,940,281		100.3
	Liabilities in Excess of Other Assets			(9,971,313)		(0.3)
	Net Assets		$	3,581,968,968		100.0

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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

(2)

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

(3)

The grouping contains securities on loan.

(4)

Variable rate security. Rate shown is the rate in effect as of December 31, 2020.

(5)

(6)

(7)

(8)

Represents or includes a TBA transaction.

(9)

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

(10)

(11)

(12)

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

(13)

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

(14)

Rate shown is the 7-day yield as of December 31, 2020.

	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
	SOFR30A			30-Day Secured Overnight Financing Rate

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 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, 2020
Asset Table
Investments, at fair value
Mutual Funds		$	799,299,636		$	—		$	—		$	799,299,636
Purchased Options			—			708,392			—			708,392
Corporate Bonds/Notes			—			923,857,283			—			923,857,283

See Accompanying Notes to Financial Statements

107

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (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, 2020
Collateralized Mortgage Obligations			—			673,122,066			—			673,122,066
Municipal Bonds			—			2,231,003			—			2,231,003
Asset-Backed Securities			—			332,842,809			—			332,842,809
U.S. Government Agency Obligations			—			433,486,836			—			433,486,836
Commercial Mortgage-Backed Securities			—			210,270,075			—			210,270,075
Other			—			—			—			—
U.S. Treasury Obligations			—			178,169,782			—			178,169,782
Short-Term Investments			27,777,009			10,175,390			—			37,952,399
Total Investments, at fair value		$	827,076,645		$	2,764,863,636		$	—		$	3,591,940,281
Other Financial Instruments+
Forward Foreign Currency Contracts			—			70,172			—			70,172
Futures			232,860			—			—			232,860
Total Assets		$	827,309,505		$	2,764,933,808		$	—		$	3,592,243,313
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(1,126,736)		$	—		$	(1,126,736)
Forward Foreign Currency Contracts			—			(2,297,873)			—			(2,297,873)
Futures			(1,744,261)			—			—			(1,744,261)
Written Options			—			(104,600)			—			(104,600)
Total Liabilities		$	(1,744,261)		$	(3,529,209)		$	—		$	(5,273,470)

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

Transactions with Affiliates

The following table provides transactions during the period ended December 31, 2020, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2019			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2020			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Corporate Debt Fund - Class P		$	90,999,434		$	4,167,155		$	—		$	3,420,688		$	98,587,276		$	4,167,102		$	—		$	—
Voya Emerging Markets Hard Currency Debt Fund - Class P			133,085,105			6,794,377			—			3,988,135			143,867,617			6,794,299			—			—
Voya Emerging Markets Local Currency Debt Fund - Class P			59,657,773			540,396			—			(29,659)			60,168,510			540,367			—			—
Voya Floating Rate Fund - Class P			25,742,250			822,767			(27,378,057)			1,618,141			805,101			822,767			(3,378,056)			—
Voya High Yield Bond Fund - Class P			68,111,429			59,455,639			—			3,413,745			130,980,813			5,705,594			—			—
Voya Investment Grade Credit Fund - Class P			159,271,027			13,429,522			—			7,223,719			179,924,268			5,925,355			—			7,504,108
Voya Securitized Credit Fund - Class P			117,961,329			66,505,737			—			498,985			184,966,051			6,505,655			—			—
		$	654,828,347		$	151,715,593		$	(27,378,057)		$	20,133,754		$	799,299,636		$	30,461,139		$	(3,378,056)		$	7,504,108

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

At December 31, 2020, Voya Intermediate Bond Portfolio held the following restricted securities:

Security

Acquisition Date

Acquisition Cost

Fair Value

General Motors Co. Escrow

11/24/2020

—

See Accompanying Notes to Financial Statements

108

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

At December 31, 2020, the following forward foreign currency contracts were outstanding for Voya Intermediate Bond Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD 3,137,630

MYR 13,034,344

Barclays Bank PLC

01/08/21

(104,888)

USD 5,077,527

THB 158,691,497

Barclays Bank PLC

01/08/21

(219,264)

USD 1,353,858

TRY 11,065,391

Barclays Bank PLC

01/08/21

(132,746)

USD 381,511

RON 1,591,081

Citibank N.A.

01/08/21

(17,790)

USD 381,501

RON 1,591,081

Citibank N.A.

01/08/21

(17,799)

USD 381,492

RON 1,591,081

Citibank N.A.

01/08/21

(17,808)

USD 381,492

RON 1,591,081

Citibank N.A.

01/08/21

(17,808)

USD 4,441,442

RUB 350,169,974

Citibank N.A.

01/15/21

(286,572)

USD 437,912

PEN 1,573,941

Citibank N.A.

02/05/21

2,990

USD 437,912

PEN 1,573,941

Citibank N.A.

02/05/21

2,990

USD 437,912

PEN 1,573,941

Citibank N.A.

02/05/21

2,990

USD 437,912

PEN 1,573,941

Citibank N.A.

02/05/21

2,991

USD 2,008,910

HUF 621,498,481

Credit Suisse International

01/08/21

(84,739)

USD 2,322,547

CZK 53,820,783

Goldman Sachs International

01/08/21

(183,363)

USD 6,135,904

MXN 122,418,537

Goldman Sachs International

02/05/21

6,842

USD 1,372,523

IDR 20,380,597,713

HSBC Bank USA N.A.

01/08/21

(79,574)

USD 1,372,154

IDR 20,380,597,712

HSBC Bank USA N.A.

01/08/21

(79,944)

USD 85,826

PHP 4,202,365

HSBC Bank USA N.A.

01/08/21

(1,662)

USD 5,078,356

PLN 19,482,975

HSBC Bank USA N.A.

01/08/21

(137,120)

USD 4,859,938

BRL 25,054,440

HSBC Bank USA N.A.

02/05/21

38,544

USD 3,783,434

ZAR 63,520,811

Morgan Stanley Capital Services LLC

01/08/21

(536,702)

USD 3,289

ILS 11,094

Morgan Stanley Capital Services LLC

01/08/21

(163)

USD 9,106,558

EUR 7,583,750

Morgan Stanley Capital Services LLC

02/05/21

(165,369)

USD 1,371,969

IDR 20,380,597,713

Standard Chartered Bank

01/08/21

(80,128)

USD 1,372,338

IDR 20,380,597,713

Standard Chartered Bank

01/08/21

(79,759)

SGD 305,095

USD 224,722

Standard Chartered Bank

01/08/21

6,132

USD 3,073,170

COP 10,683,261,693

Standard Chartered Bank

02/05/21

(54,675)

CLP 101,833,918

USD 136,614

Standard Chartered Bank

02/05/21

6,693

(2,227,701)

At December 31, 2020, the following futures contracts were outstanding for Voya Intermediate Bond Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury 2-Year Note		818		03/31/21		$	180,758,828		$	100,265
U.S. Treasury 5-Year Note		415		03/31/21			52,358,086			131,766
U.S. Treasury Long Bond		257		03/22/21			44,509,187			(340,540)
U.S. Treasury Ultra 10-Year Note		5		03/22/21			781,797			274
U.S. Treasury Ultra Long Bond		598		03/22/21			127,710,375			(1,403,721)
						$	406,118,273		$	(1,511,956)
Short Contracts:
U.S. Treasury 10-Year Note		(236)		03/22/21			(32,586,438)			555
						$	(32,586,438)		$	555

At December 31, 2020, the following centrally cleared credit default swaps were outstanding for Voya Intermediate Bond Portfolio:

See Accompanying Notes to Financial Statements

109

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

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

Reference Entity/Obligation	Buy/Sell Protection	(Pay)/ Receive Financing Rate (%)(2)		Termination Date	Notional Amount(3)		Fair Value(4)			Unrealized Appreciation/ (Depreciation)
CDX North American High Yield Index, Series 33, Version 12	Buy		(5.000)	12/20/24		USD81,704,670		$	(7,539,053)		$	(1,126,736)
								$	(7,539,053)		$	(1,126,736)

(1)

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

(2)

Payments made quarterly.

(3)

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

(4)

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

At December 31, 2020, the following OTC purchased credit default swaptions were outstanding for Voya Intermediate Bond Portfolio:

Description

Counterparty

Reference
Entity(1)

Fixed
Rate

Pay/
Receive
Financing
Rate

Strike
Price

Expiration
Date

Notional
Amount

Cost

Fair Value

Put on 5-Year Credit Default Swap

JPMorgan Chase
Bank N.A.

CDX North American
High Yield Index,
Series 35, Version 1

5.000%

Pay

103.500%

02/17/21

USD 33,016,000

379,684

102,186

379,684

102,186

At December 31, 2020, the following OTC purchased foreign currency options were outstanding for Voya Intermediate Bond Portfolio:

Description	Counterparty	Expiration Date		Exercise Price		Notional Amount		Cost			Fair Value
Call USD vs. Put AUD	Morgan Stanley Capital Services LLC		03/15/21		0.728		USD162,750,000		$	1,369,379		$	606,206
									$	1,369,379		$	606,206

At December 31, 2020, the following OTC written foreign currency options were outstanding for Voya Intermediate Bond Portfolio:

Description	Counterparty	Expiration Date		Exercise Price		Notional Amount		Premiums Received			Fair Value
Call USD vs. Put AUD	Standard Chartered Bank		01/15/21		0.745USD		101,138,000		$	644,755		$	(104,600)
									$	644,755		$	(104,600)

(1)

Payments received quarterly.

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

See Accompanying Notes to Financial Statements

110

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

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, 2020 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Credit contracts	Investments in securities at value*		$	102,186
Foreign exchange contracts	Investments in securities at value*			606,206
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts			70,172
Interest rate contracts	Net Assets — Unrealized appreciation**			232,860
Total Asset Derivatives			$	1,011,424
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	2,297,873
Interest rate contracts	Net Assets — Unrealized depreciation**			1,744,261
Credit contracts	Net Assets — Unrealized depreciation***			1,126,736
Foreign exchange contracts	Written options, at fair value			104,600
Total Liability Derivatives			$	5,273,470

Includes purchased options.

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

***

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2020 was as follows:

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

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Credit contracts		$	(637,514)		$	—		$	—		$	18,183,850		$	126,420		$	17,672,756
Equity contracts			(1,284,316)			—			(341,747)			—			—			(1,626,063)
Foreign exchange contracts			(4,658,363)			2,090,473			—			(546,638)			1,492,503			(1,622,025)
Interest rate contracts			1,527,377			—			34,866,680			(1,561,335)			(495,811)			34,336,911
Total		$	(5,052,816)		$	2,090,473		$	34,524,933		$	16,075,877		$	1,123,112		$	48,761,579

See Accompanying Notes to Financial Statements

111

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2020 (continued)

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			Written options			Total
Credit contracts		$	(277,498)		$	—		$	—		$	732,205					$	454,707
Equity contracts			—			—			—			—						—
Foreign exchange contracts			(763,173)			(1,542,771)			—			(44,415)			540,155			(1,810,204)
Interest rate contracts			398,663			—			5,050,757			(1,125,039)						4,324,381
Total		$	(642,008)		$	(1,542,771)		$	5,050,757		$	(437,249)		$	540,155		$	2,968,884

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

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2020:

	Barclays Bank PLC			Citibank N.A.			Credit Suisse International			Goldman Sachs International			HSBC Bank USA N.A.			JPMorgan Chase Bank N.A.			Morgan Stanley Capital Services LLC			Standard Chartered Bank			Totals
Assets:
Purchased options		$	—		$	—		$	—		$	—		$	—		$	102,186		$	606,206		$	—		$	708,392
Forward foreign currency contracts			—			11,961			—			6,842			38,544			—			—			12,825			70,172
Total Assets		$	—		$	11,961		$	—		$	6,842		$	38,544		$	102,186		$	606,206		$	12,825		$	778,564
Liabilities:
Forward foreign currency contracts		$	456,898		$	357,777		$	84,739		$	183,363		$	298,300		$	—		$	702,234		$	214,562		$	2,297,873
Written options			—			—			—			—			—			—			—			104,600			104,600
Total Liabilities		$	456,898		$	357,777		$	84,739		$	183,363		$	298,300		$	—		$	702,234		$	319,162		$	2,402,473
Net OTC derivative instruments by counterparty, at fair value		$	(456,898)		$	(345,816)		$	(84,739)		$	(176,521)		$	(259,756)		$	102,186		$	(96,028)		$	(306,337)			(1,623,909)
Total collateral pledged by the Portfolio/(Received from counterparty)		$	410,000		$	345,816		$	—		$	—		$	259,756		$	—		$	—		$	306,337		$	1,321,909
Net Exposure(1)(2)		$	(46,898)		$	—		$	(84,739)		$	(176,521)		$	—		$	102,186		$	(96,028)		$	—		$	(302,000)

(1)

(2)

At December 31, 2020, the Portfolio had pledged $430,000, $450,000, and $530,000 in cash collateral to Citibank N.A., HSBC Bank USA N.A., and Standard Chartered Bank, respectively. Excess cash collateral is not shown for financial reporting purposes.

At December 31, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $3,432,902,220.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	188,675,002
Gross Unrealized Depreciation		(40,291,685)
Net Unrealized Appreciation	$	148,383,317

See Accompanying Notes to Financial Statements

112

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of December 31, 2020

Shares		Value			Percentage of Net Assets
COMMON STOCK: 99.5%
	Communication Services: 1.6%
454,502 (1)	Other Securities		$	7,211,009		1.6

	Consumer Discretionary: 17.7%
71,174 (2)	Caesars Entertainment, Inc.			5,286,093		1.2
178,123	Dana, Inc.			3,476,961		0.8
94,260	Kohl’s Corp.			3,835,439		0.8
35,441	Marriott Vacations Worldwide Corp.			4,863,214		1.1
42,156	Strategic Education, Inc.			4,018,732		0.9
1,552,601 (1)(3)	Other Securities			57,374,673		12.9
				78,855,112		17.7
	Consumer Staples: 1.8%
249,975 (2)	Hostess Brands, Inc.			3,659,634		0.8
89,841 (2)	Performance Food Group Co.			4,277,330		1.0
				7,936,964		1.8
	Energy: 1.6%
386,079 (1)	Other Securities			6,918,403		1.6

	Financials: 18.9%
105,428	Atlantic Union Bankshares Corp.			3,472,798		0.8
224,452	Cadence BanCorp			3,685,502		0.8
131,096	Columbia Banking System, Inc.			4,706,346		1.0
220,157 (2)	Eastern Bankshares, Inc.			3,590,761		0.8
100,998	Essent Group Ltd.			4,363,114		1.0
288,661	First Horizon Corp.			3,683,314		0.8
232,224	First Midwest Bancorp., Inc.			3,697,006		0.8
112,228	Pacific Premier Bancorp, Inc.			3,516,103		0.8
26,390	Primerica, Inc.			3,534,413		0.8
50,816	Prosperity Bancshares, Inc.			3,524,598		0.8
28,145	Signature Bank			3,807,737		0.8
104,450 (2)	StepStone Group, Inc.			4,157,110		0.9
103,731	Stifel Financial Corp.			5,234,266		1.2
619,569	Two Harbors Investment Corp.			3,946,655		0.9
86,044	WSFS Financial Corp.			3,861,655		0.9
1,196,721 (1)	Other Securities			25,679,927		5.8
				84,461,305		18.9
	Health Care: 16.5%
61,376	Cantel Medical Corp.			4,840,111		1.1
56,492	Encompass Health Corp.			4,671,323		1.0
33,451 (2)	Haemonetics Corp.			3,972,306		0.9
48,614 (2)	Integer Holdings Corp.			3,946,971		0.9
57,976 (2)	Magellan Health, Inc.			4,802,732		1.1
1,299,267 (1)(3)	Other Securities			51,265,637		11.5
				73,499,080		16.5

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials: 15.6%
134,669 (2)	Air Transport Services Group, Inc.		$	4,220,526		1.0
25,848	Alamo Group, Inc.			3,565,731		0.8
66,167	Altra Industrial Motion Corp.			3,667,637		0.8
124,823 (2)	Builders FirstSource, Inc.			5,094,027		1.1
46,282	Crane Co.			3,594,260		0.8
52,866	EMCOR Group, Inc.			4,835,124		1.1
304,087	Steelcase, Inc.			4,120,379		0.9
150,676	Werner Enterprises, Inc.			5,909,513		1.3
870,864 (1)(3)	Other Securities			34,673,393		7.8
				69,680,590		15.6
	Information Technology: 14.8%
104,313 (2)	ACI Worldwide, Inc.			4,008,749		0.9
84,516 (2)	Commvault Systems, Inc.			4,679,651		1.0
94,821	CSG Systems International, Inc.			4,273,582		1.0
58,451 (2)	Envestnet, Inc.			4,809,933		1.1
60,804 (2)	j2 Global, Inc.			5,939,943		1.3
101,385 (2)	Onto Innovation, Inc.			4,820,857		1.1
46,619 (2)	Plexus Corp.			3,646,072		0.8
30,258 (2)	Q2 Holdings, Inc.			3,828,545		0.9
45,069 (2)	RealPage, Inc.			3,931,819		0.9
28,889 (2)	Silicon Laboratories, Inc.			3,678,725		0.8
245,948 (2)	Viavi Solutions, Inc.			3,683,071		0.8
669,313 (1)(3)	Other Securities			18,866,805		4.2
				66,167,752		14.8
	Materials: 4.2%
97,650	Avient Corp.			3,933,342		0.9
46,814	Sensient Technologies Corp.			3,453,469		0.8
407,030 (1)	Other Securities			11,327,631		2.5
				18,714,442		4.2
	Real Estate: 4.4%
174,394	Easterly Government Properties, Inc.			3,950,024		0.9
676,106 (1)(3)	Other Securities			15,726,990		3.5
				19,677,014		4.4
	Utilities: 2.4%
80,713	Portland General Electric Co.			3,452,095		0.8
104,764	Other Securities			7,006,819		1.6
				10,458,914		2.4
	Total Common Stock (Cost $367,871,184)			443,580,585		99.5

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of December 31, 2020 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 7.1%
	Repurchase Agreements: 3.3%
2,557,424 (4)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/20, 0.07%, due 01/04/21 (Repurchase Amount $2,557,444, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $2,608,572, due 01/25/21-10/15/62)		$	2,557,424		0.6
2,505,675 (4)	Citadel Securities LLC, Repurchase Agreement dated 12/31/20, 0.13%, due 01/04/21 (Repurchase Amount $2,505,711, collateralized by various U.S. Government Securities, 0.000%-7.875%, Market Value plus accrued interest $2,555,827, due 01/31/21-05/15/49)			2,505,675		0.6
1,460,617 (4)	Deutsche Bank Securities Inc., Repurchase Agreement dated 12/31/20, 0.06%, due 01/04/21 (Repurchase Amount $1,460,627, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,489,829, due 01/15/21-01/01/51)			1,460,617		0.3
1,112,592 (4)	JVB Financial Group LLC, Repurchase Agreement dated 12/31/20, 0.13%, due 01/04/21 (Repurchase Amount $1,112,608, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-7.000%, Market Value plus accrued interest $1,134,844, due 07/01/22-12/01/50)			1,112,592		0.2

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,142,558 (4)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 12/31/20, 0.13%, due 01/04/21 (Repurchase Amount $1,142,574, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.125%, Market Value plus accrued interest $1,165,426, due 02/18/21-01/15/62)		$	1,142,558		0.2
3,433,153 (4)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/20, 0.08%, due 01/04/21 (Repurchase Amount $3,433,183, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.000%, Market Value plus accrued interest $3,501,816, due 01/05/21-12/20/50)			3,433,153		0.8
2,538,319 (4)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/20, 0.16%, due 01/04/21 (Repurchase Amount $2,538,364, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,595,539, due 07/15/22-02/15/47)			2,538,319		0.6
	Total Repurchase Agreements (Cost $14,750,338)			14,750,338		3.3

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of December 31, 2020 (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 3.8%
16,913,009 (5)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.000% (Cost $16,913,009)		$	16,913,009		3.8
	Total Short-Term Investments (Cost $31,663,347)			31,663,347		7.1
	Total Investments in Securities (Cost $399,534,531)		$	475,243,932		106.6
	Liabilities in Excess of Other Assets			(29,410,533)		(6.6)
	Net Assets		$	445,833,399		100.0

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

The grouping contains non-income producing securities.

(2)

Non-income producing security.

(3)

The grouping contains securities on loan.

(4)

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

(5)

Rate shown is the 7-day yield as of December 31, 2020.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 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, 2020
Asset Table
Investments, at fair value
Common Stock*		$	443,580,585		$	—		$	—		$	443,580,585
Short-Term Investments			16,913,009			14,750,338			—			31,663,347
Total Investments, at fair value		$	460,493,594		$	14,750,338		$	—		$	475,243,932

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, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $408,646,105.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	82,482,318
Gross Unrealized Depreciation		(15,884,481)
Net Unrealized Appreciation	$	66,597,837

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TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended December 31, 2020 were as follows:

Portfolio Name	Type	Per Share Amount
Voya Balanced Portfolio
Class I	NII		$	0.3638
Class S	NII		$	0.3230
All Classes	STCG		$	0.2252
All Classes	LTCG		$	0.2026
Voya Global High Dividend Low Volatility Portfolio
Class ADV	NII		$	0.1893
Class I	NII		$	0.2388
Class S	NII		$	0.2138
Class S2	NII		$	0.2007
Class T	NII		$	0.1782
All Classes	ROC		$	0.0053
Voya Government Money Market Portfolio
Class I	NII		$	0.0025
Class S	NII		$	—
All Classes	STCG		$	0.0004
Voya Growth and Income Portfolio
Class ADV	NII		$	0.2636
Class I	NII		$	0.3925

Portfolio Name	Type	Per Share Amount
Voya Growth and Income Portfolio (continued)
Class S	NII		$	0.3206
Class S2	NII		$	0.2934
All Classes	LTCG		$	2.8590
Voya Intermediate Bond Portfolio
Class ADV	NII		$	0.3832
Class I	NII		$	0.4543
Class S	NII		$	0.4180
Class S2	NII		$	0.3964
All Classes	STCG		$	0.1868
All Classes	LTCG		$	0.1143
Voya Small Company Portfolio
Class ADV	NII		$	0.0076
Class I	NII		$	0.0890
Class R6	NII		$	0.0890
Class S	NII		$	0.0450
All Classes	STCG		$	0.0844
All Classes	LTCG		$	0.1813

NII – Net investment income

STCG – Short-term capital gain

LTCG – Long-term capital gain

ROC – Return of capital

Of the ordinary distributions made during the year ended December 31, 2020, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

	Voya Balanced Portfolio					16.17%
	Voya Global High Dividend Low Volatility Portfolio					73.54%
	Voya Growth and Income Portfolio					100.00%
	Voya Small Company Portfolio					100.00%

For the year ended December 31, 2020, 100.00% 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	$	4,676,228
Voya Growth and Income Portfolio	$	289,550,563
Voya Intermediate Bond Portfolio	$	29,891,272
Voya Small Company Portfolio	$	4,804,582

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

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

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DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited)

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

Name, Address and Age

Position(s)
Held with the
Company/
Trust

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) –
During the Past 5 Years

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

Other Board Positions
Held by Director/Trustee

Independent Directors/Trustees:

Colleen D. Baldwin
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 60

Director/
Trustee
Chairperson

May 2013 – Present

January 2020 –Present

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

133

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

John V. Boyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 67

Director/Trustee

May 2013 – Present

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

133

None.

Patricia W. Chadwick
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 72

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).

133

Wisconsin Energy Corporation (June 2006 – Present); The Royce Funds (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: 70

Director/Trustee

August 2015 – Present

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

133

None.

Joseph E. Obermeyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 63

Director/Trustee

January 2003 –
Present

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

133

None.

Sheryl K. Pressler
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 70

Director/Trustee

May 2013 – Present

Consultant (May 2001 –
Present).

133

None.

Christopher P. Sullivan
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 67

Director/Trustee

October 2015 –
Present

Retired.

133

None.

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

Name, Address and Age

Position(s)
Held with the
Company/
Trust

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) –
During the Past 5 Years

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

Other Board Positions
Held by Director/Trustee

Director/Trustee who is an “interested person”:

Dina Santoro
230 Park Avenue
New York, New York 10169
Age: 47

Director/Trustee

July 2018 – Present

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

133

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 Senior Income Fund; Voya Separate Portfolios Trust; Voya Strategic Allocation Portfolios, Inc.; Voya Variable Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Fund Complex is as of January 31, 2021.

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

Name, Address and Age	Position(s) Held With the Company/ Trust	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Michael Bell One Orange Way Windsor, Connecticut 06095 Age: 52	Chief Executive Officer	March 2018 – Present	Chief Executive Officer and Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Senior Vice President and Chief Financial Officer, Voya Investments Distributor, LLC (September 2019 – Present); Chief Financial Officer, Voya Investment Management (September 2014 – Present). Formerly, Senior Vice President, Chief Financial Officer and Treasurer, Voya Investments, LLC (November 2015 – March 2018).
Dina Santoro 230 Park Avenue New York, New York 10169 Age: 47	President	March 2018 – Present	President and Director, Voya Investments, LLC and Voya Capital, LLC (March 2018-Present); Director, Voya Funds Services, LLC (March 2018-Present); Director and Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Managing Director, Head of Product and Marketing Strategy, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Quantitative Management Associates, LLC (January 2004 – August 2017).
Jonathan Nash 230 Park Avenue New York, New York 10169 Age: 53	Executive Vice President Chief Investment Risk Officer	March 2020 – Present March 2020 – Present	Senior Vice President, Investment Risk Management, Voya Investment Management (March 2017 – Present); Formerly, Consultant, DA Capital LLC (January 2016 — March 2017); Managing Director, Enterprise Risk, American International Group (AIG) (September 2014 – March 2015).
James M. Fink 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 62	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: 54	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: 53	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: 56	Senior Vice President	December 2003 – Present	Senior Vice President, Voya Investments, LLC (September 2003 – Present).
Micheline S. Faver 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 43	Senior Vice President	September 2020 – 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).
Robert Terris 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 50	Senior Vice President	June 2006 – Present	Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Investments, LLC (April 2018 – Present) and Voya Funds Services, LLC (March 2006 – Present). Formerly, Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015 – April 2018).

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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
Fred Bedoya 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 48	Vice President And Treasurer	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2012 – Present).
Maria M. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 62	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: 61	Vice President	September 2014 – Present	Vice President, Voya Investments, LLC (October 2015 – Present).
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 53	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: 44	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: 44	Vice President	March 2018 – Present	Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018 – Present); Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 – Present). Formerly, Vice President, Voya Investment Management (March 2014 – February 2018).
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 51	Vice President	May 2013 – Present	Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present).
Monia Piacenti One Orange Way Windsor, Connecticut 06095 Age: 44	Anti-Money Laundering Officer	June 2018 – Present	Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present); Compliance Consultant, Voya Financial, Inc. (January 2019 – Present). Formerly, Senior Compliance Officer, Voya Investment Management (December 2009 – December 2018).
Joanne F. Osberg 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 39	Secretary	September 2020 – Present	Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (September 2020 – Present). Formerly, Vice President, Counsel II, Voya Investment Management – Mutual Fund Legal Department (January 2013 – September 2020).
Paul A. Caldarelli 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 69	Assistant Secretary	August 2010 – 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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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

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

At a meeting held on November 19, 2020, the Board 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 Board members who have no direct or indirect interest in the management and sub-advisory contracts, and who are not “interested persons” of Voya Balanced Portfolio, Voya Global High Dividend Low Volatility Portfolio, Voya Government Money Market Portfolio, Voya Growth and Income Portfolio, Voya Intermediate Bond Portfolio, and Voya Small Company Portfolio, each a series of the Registrants (the “Portfolios”), as such term is defined under the Investment Company Act of 1940, as amended (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 the Portfolios, and the sub-advisory contracts (the “Sub-Advisory Contracts,” and together with the Management Contracts, the “Contracts”) with Voya Investment Management Co. LLC, the sub-adviser to each Portfolio (the “Sub-Adviser”) for an additional one year period ending November 30, 2021.

In addition to the Board meeting on November 19, 2020, 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 8, 2020, and November 17, 2020. At those meetings the Board reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other matters. 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 has established a Contracts Committee and Investment Review Committees (the “IRCs”), each of which includes only Independent Directors/Trustees as members. The Contracts Committee meets several times

throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for each Voya fund, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund that is assigned to that IRC to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”), which 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 prepared in connection with the renewal process, including, but not limited to, investment performance, fee structure, and expense information. In addition, the Independent Directors/Trustees periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.

The Manager or the Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation of the firm based on information that was provided. In such cases, the Board determined that the omission of any such information was not material to its considerations. Additionally, the Board considered the impact of significant market volatility that occurred during and after the period for which information was requested in conducting its evaluation of the Manager and the Sub-Adviser.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration, and each Board member may have accorded different weight to the various factors in reaching

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

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

The Board considered the “manager-of-managers” platform of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board’s approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions of the Sub-Adviser with respect to the Portfolios under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing oversight and due diligence with respect to the sub-advisers and to advocate or recommend, when it believes appropriate, changes in investment strategies or investment sub-advisers designed to assist in improving a Voya fund’s performance. In connection with the Manager’s performance of these duties, the Board considered that 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 or virtual visits, and telephonic meetings with the Sub-Adviser.

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

The Board considered the portfolio management team assigned by the Sub-Adviser to the Portfolios and the level of resources committed to the Portfolios (and other

relevant funds in the Voya funds) by the Manager and the Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Portfolios.

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

Portfolio Performance

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Portfolio, including its investment performance over certain time periods compared to the Portfolio’s Morningstar category and primary benchmark, a broad-based securities market index identified in the Portfolio’s prospectus. In addition, the Board considered Voya Global High Dividend Low Volatility 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, the Portfolios may have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or the Sub-Adviser could be shared with each Portfolio through such fee waivers, expense reimbursements or other expense reductions. The Board also considered the impact of fee waiver and expense reimbursement arrangements in instances where a share class of a Portfolio is operating such that its expense ratio is below the expense limit applicable to that share class. In evaluating these matters, the Independent Directors/Trustees also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale. In the case of sub-advisory fees, the

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Board considered that breakpoints, if any, would inure to the benefit of the Manager.

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

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

Fee Schedules, Profitability, and Fall-out Benefits

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

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

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

Portfolio-by-Portfolio Analysis

Set forth below are certain of the specific factors that the Board considered at its October 7, 2020, November 17, 2020, and/or November 19, 2020 meetings in relation to approving each Portfolio’s Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. In each case, the Portfolio’s performance was compared to its Morningstar category, as well as its primary benchmark and, as applicable, a performance peer group. The performance data provided to the Board primarily was for various periods ended March 31, 2020. In addition, the Board also considered at its October 7, 2020, November 17, 2020, and November 19, 2020 meetings certain additional data regarding each Portfolio’s more recent performance, asset levels and asset flows. Each Portfolio’s management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect

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to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

Voya Balanced Portfolio

In considering whether to approve the renewal of the Contracts for Voya Balanced Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2020: (1) the Portfolio is ranked in the fourth quintile of its Morningstar category for all periods presented; and (2) the Portfolio underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into account management’s representations regarding: (1) the impact of the underlying managers and liquidity conditions in the securitized credit sectors on the Portfolio’s performance that have since stabilized since the end of the first quarter of 2020; and (2) its confidence in the ability of the Sub-Adviser to execute the Portfolio’s investment strategy.

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

After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s net expense ratio is reasonable in the context of all factors considered by the Board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Manager to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Contracts for the Portfolio for the year ending November 30, 2021. During this renewal

process, different Board members may have given different weight to different individual factors and related conclusions.

Voya Global High Dividend Low Volatility Portfolio

In considering whether to approve the renewal of the Contracts for Voya Global High Dividend Low Volatility Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2020: (1) the Portfolio is ranked in the fourth quintile of its Morningstar category for all periods presented; and (2) the Portfolio underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into account: (1) that the Portfolio outperformed its performance peer group average for all periods presented, with the exception of the ten-year period, during which it underperformed; (2) management’s representations regarding the impact of security selection on the Portfolio’s performance; and (3) the changes to the Portfolio’s investment strategy, effective April 30, 2018, and that it is reasonable to provide more time for the purpose of evaluating investment performance.

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

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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 Contracts for Voya Government Money Market Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2020, the Portfolio outperformed its primary benchmark for the three-year, five-year and ten-year periods, underperformed for the year-to-date period, and its performance was equal to the performance of its primary benchmark for the one-year period.

Voya Growth and Income Portfolio

In considering whether to approve the renewal of the Contracts for Voya Growth and Income Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2020: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the one-

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

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

Voya Intermediate Bond Portfolio

In considering whether to approve the renewal of the Contracts for Voya Intermediate Bond Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2020: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the ten-year period, the second quintile for the three-year and five-year periods, the third quintile for the one-year period, and the fourth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the ten-year period, during which it outperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described

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above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the second quintile of net expense ratios of the funds in its Selected Peer Group.

Voya Small Company Portfolio

In considering whether to approve the renewal of the Contracts for Voya Small Company Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2020: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the five-year period, the third quintile for the year-to-date, one-year and ten-year periods, and the fourth quintile for the

three-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: (1) the impact of security selection on the Portfolio’s performance; and (2) the competitiveness of the Portfolio’s performance during certain periods.

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

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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
Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

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 (1220-022321)

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, and Joseph E. Obermeyer are audit committee financial experts, as defined in Item 3 of Form N-CSR. Ms. Baldwin, Mr. Gavin, and Mr. Obermeyer are “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Below are the amount of fees that Ernst & Young LLP (“EY”), the Funds’ current Independent Registered Public Accounting Firm, billed to the Funds during the Funds’ fiscal year ended December 31, 2020 and the amount of fees that KPMG LLP (“KPMG”), the Funds’ prior Independent Registered Public Accounting Firm, billed to the Funds during the Funds’ fiscal year ended December 31, 2019.

(a)

Audit Fees⁽¹⁾: The aggregate fees billed for each of the last two fiscal years for professional services rendered by EY and KPMG, the principal accountant for the audit of each respective 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 $47,204 for the year ended December 31, 2020 and $59,149 for the year ended December 31, 2019.

(b)

Audit-Related Fees: The aggregate fees billed in each of the last two fiscal years for assurance and related services by EY and KPMG that are reasonably related to the performance of the audit of each respective registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 for the year ended December 31, 2020 and $0 for the year ended December 31, 2019.

(c)

Tax Fees⁽²⁾: The aggregate fees billed in each of the last two fiscal years for professional services rendered by EY and KPMG for tax compliance, tax advice, and tax planning were $1,950 for the year ended December 31, 2020 and $9,581 for the year ended December 31, 2019. 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⁽³⁾: The aggregate fees billed in each of the last two fiscal years for products and services provided by EY and KPMG, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the year ended December 31, 2020 and $1,097 for the year ended December 31, 2019.

⁽¹⁾For the year ended December 31, 2020, KPMG billed $0 for Audit Fees.

⁽²⁾For the year ended December 31, 2020, KPMG billed $1,964 for Tax Fees.

⁽³⁾For the year ended December 31, 2020, KPMG billed $0 for All Other Fees.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

Appendix A

AUDIT AND NON-AUDIT SERVICES
PRE-APPROVAL POLICY

I. Statement of Principles

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

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

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

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

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.

Last Approved: November 21, 2019

Appendix A
Pre-Approved Audit Services for the Pre-Approval Period January 1, 2020 through December 31, 2020

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 $750 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, 2020 through December 31, 2020

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, 2020 through December 31, 2020

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, 2020 through December 31, 2020

Service
	The Fund(s)	Fund Affiliates	Fee Range
Tax and technology training sessions		√	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, tax compliance services in foreign jurisdictions and similar routine tax consultations as requested.	√		Not to exceed $300,000 during the Pre-Approval Period

Appendix D
Pre-Approved Other Services for the Pre-Approval Period January 1, 2020 through December 31, 2020

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, 2020 to December 31, 2020

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 INFRASTRUCTURE, INDUSTRIALS, AND MATERIALS FUND

VOYA INTERMEDIATE BOND PORTFOLIO

VOYA INTERNATIONAL HIGH DIVIDEND EQUITY INCOME FUND

VOYA INVESTORS TRUST

VOYA GOVERNMENT MONEY MARKET PORTFOLIO

VOYA MUTUAL FUNDS

VOYA PARTNERS, INC.

VOYA NATURAL RESOURCES EQUITY INCOME FUND

VOYA SENIOR INCOME FUND

VOYA SEPARATE PORTFOLIOS TRUST

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 EY 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, 2020 and December 31, 2019; 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		2020	(1)		2019
Voya Variable Funds	$	1,950		$	10,678
Voya Investments, LLC ⁽²⁾	$	14,804,511		$	107,750

⁽¹⁾ For the year ended December 31, 2020, KPMG billed the Registrant $1,964 for Non-Audit Fees.

⁽²⁾ 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 EY’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Complete schedule of investments filed herein.

Report of Independent Registered Public Accounting Firm

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Voya Balanced Portfolio, Voya Global High Dividend Low Volatility Portfolio (formerly, Voya Global Equity Portfolio), Voya Government Money Market Portfolio, Voya Growth and Income Portfolio, Voya Intermediate Bond Portfolio and Voya Small Company Portfolio (the “Portfolios”) (each a portfolio 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 (collectively referred to as the “Registrants”)), including the portfolio of investments and summary portfolios of investments, as applicable, as of December 31, 2020, and the related statements of operations and changes in net assets and the financial highlights for the year then ended and the related notes (collectively referred to as the “financial statements”) (the financial statements are included in Item 1 of this Form N-CSR) and the portfolios of investments as of December 31, 2020 (included in Item 6 of this Form N-CSR). In our opinion, the financial statements and portfolios of investments present fairly, in all material respects, the financial position of the Portfolios at December 31, 2020, the results of their operations, the changes in their net assets and their financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and portfolios of investments are the responsibility of the Registrants’ management. Our responsibility is to express an opinion on the Portfolios’ financial statements and portfolios of investments based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Registrants 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 audits to obtain reasonable assurance about whether the financial statements and portfolios of investments are free of material misstatement, whether due to error or fraud. The Registrants are not required to have, nor were we engaged to perform, an audit of the Registrants’ internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Registrants’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and portfolios of investments, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and portfolios of investments. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others 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 portfolios of investments. 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 2019.

Boston, Massachusetts

February 24, 2021

VOYA GROWTH AND INCOME
PORTFOLIO	PORTFOLIO OF INVESTMENTS
	as of December 31, 2020

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: 98.9%
	Communication Services: 13.1%
620,856	Activision Blizzard, Inc.	$	57,646,480		1.8
104,852 ⁽¹⁾	Alphabet, Inc. - Class A		183,767,809		5.7
1,297,845	Comcast Corp. – Class
	A		68,007,078		2.1
1,609,425	Interpublic Group of
	Cos., Inc.		37,853,676		1.1
426,592 ⁽¹⁾	Walt Disney Co.		77,289,938		2.4
			424,564,981		13.1

	Consumer Discretionary: 10.3%
22,663 ⁽¹⁾	Amazon.com, Inc.		73,811,805		2.3

260,863	Darden Restaurants, Inc.		31,074,001		1.0
283,568	Expedia Group, Inc.		37,544,403		1.2
564,301	Hasbro, Inc.		52,784,715		1.6
782,593	Las Vegas Sands Corp.		46,642,543		1.4
451,105	Nike, Inc. - Class B		63,817,824		2.0
353,088	Royal Caribbean Cruises Ltd.		26,372,143		0.8
			332,047,434		10.3

	Consumer Staples: 7.1%
1,146,609	Coca-Cola Co.		62,880,037		1.9
235,753	Constellation Brands, Inc.		51,641,695		1.6
732,864	Philip Morris International, Inc.		60,673,811		1.9
382,240	Walmart, Inc.		55,099,896		1.7
			230,295,439		7.1

	Energy: 2.3%
368,515	Chevron Corp.		31,121,092		1.0
480,655	Concho Resources, Inc./Midland TX		28,046,219		0.9
251,535	Valero Energy Corp.		14,229,335		0.4
			73,396,646		2.3

	Financials: 10.7%
1,119,524	American International Group, Inc.		42,385,179		1.3
755,997 ⁽²⁾	Apollo Global Management, Inc.		37,028,733		1.1
650,077	Citigroup, Inc.		40,083,748		1.2
177,390	Goldman Sachs Group, Inc.		46,779,517		1.5
824,495	Hartford Financial Services Group, Inc.		40,383,765		1.3
487,924	Intercontinental Exchange, Inc.		56,252,758		1.7
966,858	Truist Financial Corp.		46,341,504		1.4
794,789	US Bancorp		37,029,219		1.2
			346,284,423		10.7

	Health Care: 14.1%
566,248 ^(1),(2)	Alcon, Inc.		37,361,043		1.1
16,231 ⁽¹⁾	Biogen, Inc.		3,974,323		0.1
919,769	Bristol-Myers Squibb Co.		57,053,271		1.8
124,122	Cigna Corp.		25,839,718		0.8
241,519	Eli Lilly & Co.		40,778,068		1.3
422,878	Johnson & Johnson		66,552,540		2.1
595,782	Medtronic PLC		69,789,903		2.2
128,875	Thermo Fisher Scientific, Inc.		60,027,397		1.8

146,282	UnitedHealth Group, Inc.		51,298,172		1.6
266,176	Zimmer Biomet
	Holdings, Inc.		41,015,060		1.3
			453,689,495		14.1

	Industrials: 8.2%
117,973	Cummins, Inc.		26,791,668		0.8
185,265	L3Harris Technologies,
	Inc.		35,018,790		1.1
235,397	Norfolk Southern Corp.		55,932,681		1.7
161,549	Old Dominion Freight
	Line		31,531,134		1.0
696,796	Raytheon Technologies
	Corp.		49,827,882		1.5
355,933	Timken Co.		27,534,977		0.9
164,607 ⁽¹⁾	United Rentals, Inc.		38,174,010		1.2
			264,811,142		8.2

	Information Technology: 25.2%
114,949 ⁽¹⁾	Adobe, Inc.		57,488,294		1.8
376,790	Apple, Inc.		49,996,265		1.5
172,215	Broadcom, Inc.		75,404,338		2.3
838,512 ⁽¹⁾	Fiserv, Inc.		95,472,976		3.0
2,490,727	HP, Inc.		61,246,977		1.9
222,969	Intuit, Inc.		84,694,775		2.6

227,205	Microchip Technology, Inc.		31,379,282		1.0
858,122	Microsoft Corp.		190,863,495		5.9
304,618	MKS Instruments, Inc.		45,829,778		1.4
380,563	Motorola Solutions, Inc.		64,718,544		2.0
362,140	NXP Semiconductor NV - NXPI - US		57,583,881		1.8
			814,678,605		25.2

	Materials: 2.8%
98,684	Air Products &
	Chemicals, Inc.		26,962,442		0.8
689,991	CF Industries Holdings,
	Inc.		26,709,552		0.8
374,168	Eastman Chemical Co.		37,521,567		1.2
			91,193,561		2.8

	Real Estate: 2.3%
442,013	ProLogis, Inc.		44,051,015		1.4
819,597	VEREIT, Inc.		30,972,571		0.9
			75,023,586		2.3

	Utilities: 2.8%
321,573	Entergy Corp.		32,105,848		1.0
630,909	Exelon Corp.		26,636,978		0.8
408,323	NextEra Energy, Inc.		31,502,120		1.0
			90,244,946		2.8

	Total Common Stock
	(Cost $2,362,800,484)		3,196,230,258		98.9

See Accompanying Notes to Financial Statements

	PORTFOLIO OF INVESTMENTS
VOYA GROWTH AND INCOME	as of December 31, 2020
PORTFOLIO	(Continued)

OTHER⁽³⁾: –%
	Utilities: –%
10,000,000^(4),(5)	Southern Energy
	(Escrow)	–	–

	Total Other
	(Cost $–)	–	–


	Total Long-Term Investments
	(Cost $2,362,800,484)	3,196,230,258	98.9

Principal			Percentage of Net
Amount†		Value	Assets
SHORT-TERM INVESTMENTS: 2.9%
	Repurchase Agreements: 1.6%
2,934,666⁽⁶⁾	Amherst Pierpoint
	Securities LLC,
	Repurchase Agreement
	dated 12/31/20, 0.10%,
	due 01/04/21
	(Repurchase Amount
	$2,934,698,
	collateralized by various
	U.S. Government/U.S.
	Government Agency
	Obligations, 0.000%-
	4.628%, Market Value
	plus accrued interest
	$2,993,359, due
	02/03/21-11/20/70)	2,934,666	0.1
1,844,650⁽⁶⁾	Bethesda Securities
	LLC, Repurchase
	Agreement dated
	12/31/20, 0.10%, due
	01/04/21 (Repurchase
	Amount $1,844,670,
	collateralized by various
	U.S. Government
	Agency Obligations,
	2.500%-5.500%, Market
	Value plus accrued
	interest $1,881,543, due
	07/01/24-10/01/50)	1,844,650	0.0
2,445,614⁽⁶⁾	BNP Paribas S.A.,
	Repurchase Agreement
	dated 12/31/20, 0.24%,
	due 01/04/21
	(Repurchase Amount
	$2,445,678,
	collateralized by various
	U.S. Government
	Securities, 0.750%-
	8.750%, Market Value
	plus accrued interest
	$2,567,895, due
	03/01/21-11/20/40)	2,445,614	0.1
8,708,840⁽⁶⁾	Cantor Fitzgerald
	Securities, Repurchase
	Agreement dated
	12/31/20, 0.07%, due
	01/04/21 (Repurchase
	Amount $8,708,907,
	collateralized by various
	U.S. Government/U.S.
	Government Agency
	Obligations, 0.000%-
	9.500%, Market Value
	plus accrued interest
	$8,883,017, due
	01/25/21-10/15/62)	8,708,840	0.3
2,980,643⁽⁶⁾	CF Secured LLC,
	Repurchase Agreement
	dated 12/31/20, 0.07%,
	due 01/04/21
	(Repurchase Amount
	$2,980,666,
	collateralized by various
	U.S. Government/U.S.
	Government Agency
	Obligations, 0.000%-
	4.750%, Market Value
	plus accrued interest
	$3,040,256, due
	01/14/21-01/20/69)	2,980,643	0.1
5,464,371⁽⁶⁾	Citadel Securities LLC,
	Repurchase Agreement
	dated 12/31/20, 0.13%,
	due 01/04/21
	(Repurchase Amount
	$5,464,449,
	collateralized by various
	U.S. Government
	Securities, 0.000%-
	7.875%, Market Value
	plus accrued interest
	$5,573,743, due
	01/31/21-05/15/49)	5,464,371	0.2
8,090,299⁽⁶⁾	Citigroup, Inc.,
	Repurchase Agreement
	dated 12/31/20, 0.07%,
	due 01/04/21
	(Repurchase Amount
	$8,090,361,
	collateralized by various
	U.S. Government/U.S.
	Government Agency
	Obligations, 0.000%-
	4.000%, Market Value
	plus accrued interest
	$8,252,105, due
	09/15/21-01/01/51)	8,090,299	0.2

See Accompanying Notes to Financial Statements

	PORTFOLIO OF INVESTMENTS
VOYA GROWTH AND INCOME	as of December 31, 2020
PORTFOLIO	(Continued)

1,202,439⁽⁶⁾	Industrial & Comm.
	Bank of China,
	Repurchase Agreement
	dated 12/31/20, 0.07%,
	due 01/04/21
	(Repurchase Amount
	$1,202,448,
	collateralized by various
	U.S. Government/U.S.
	Government Agency
	Obligations, 0.000%-
	9.000%, Market Value
	plus accrued interest
	$1,226,488, due
	01/04/21-12/01/50)	1,202,439	0.0
3,405,146⁽⁶⁾	JVB Financial Group
	LLC, Repurchase
	Agreement dated
	12/31/20, 0.13%, due
	01/04/21 (Repurchase
	Amount $3,405,195,
	collateralized by various
	U.S. Government/U.S.
	Government Agency
	Obligations, 0.125%-
	7.000%, Market Value
	plus accrued interest
	$3,473,249, due
	07/01/22-12/01/50)	3,405,146	0.1
3,890,772⁽⁶⁾	Mirae Asset Securities
	USA Inc., Repurchase
	Agreement dated
	12/31/20, 0.13%, due
	01/04/21 (Repurchase
	Amount $3,890,827,
	collateralized by various
	U.S. Government/U.S.
	Government Agency
	Obligations, 0.000%-
	8.125%, Market Value
	plus accrued interest
	$3,968,645, due
	02/18/21-01/15/62)	3,890,772	0.1
3,063,976⁽⁶⁾	Palafox Trading LLC,
	Repurchase Agreement
	dated 12/31/20, 0.13%,
	due 01/04/21
	(Repurchase Amount
	$3,064,020,
	collateralized by various
	U.S. Government
	Securities, 0.250%-
	1.125%, Market Value
	plus accrued interest
	$3,126,387, due
	02/28/25-05/31/25)	3,063,976	0.1
8,643,784⁽⁶⁾	State of Wisconsin
	Investment Board,
	Repurchase Agreement
	dated 12/31/20, 0.16%,
	due 01/04/21
	(Repurchase Amount
	$8,643,936,
	collateralized by various
	U.S. Government
	Securities, 0.125%-
	3.875%, Market Value
	plus accrued interest
	$8,838,635, due
	07/15/22-02/15/47)	8,643,784	0.3

	Total Repurchase Agreements
	(Cost $52,675,200)	52,675,200	1.6

				Percentage
				of Net
Shares		Value		Assets
	Mutual Funds(6): 1.3%
37,260,080^(6),(7)	BlackRock Liquidity
	Funds, FedFund,
	Institutional Class,
	0.000%	37,260,080		1.2
1,064,000	(6),(7) Goldman Sachs
	Financial Square
	Government Fund -
	Institutional Shares,
	0.020%	1,064,000		0.0
1,570,000^(6),(7)	Morgan Stanley
	Institutional Liquidity
	Funds - Government
	Portfolio (Institutional
	Share Class), 0.030%	1,570,000		0.1
	Total Mutual Funds
	(Cost $39,894,080)	39,894,080		1.3

	Total Short-Term
	Investments
	(Cost $92,569,280)	92,569,280		2.9

	Total Investments in
	Securities
	(Cost $2,455,369,764)	$	3,288,799,538	101.8
	Liabilities in Excess of
	Other Assets	(56,986,130)		(1.8)
	Net Assets	$	3,231,813,408	100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Non-income producing security.

(2)

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

(3)

(4)

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

(5)

Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2020, 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.

See Accompanying Notes to Financial Statements

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 Variable Funds

By	/s/ Michael Bell
	Michael Bell
	Chief Executive Officer

Date: March 10, 2021

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 10, 2021

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

Date: March 10, 2021

Ing Variable Funds N-CSRCertified annual shareholder report (management investment company)