Ing Variable Funds NPORT-P Voya Growth and Income Portfolio (Sep 2019 report)

Voya Growth and Income Portfolio	PORTFOLIO OF INVESTMENTS
	as of September 30, 2019 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.7%
			Communication Services: 10.5%
	108,508	(1)	Alphabet, Inc. - Class A	$	132,503,459		4.3
	1,915,359		AT&T, Inc.		72,477,185		2.3
	1,220,103		Comcast Corp. – Class A		55,002,243		1.8
	487,315		Walt Disney Co.		63,506,891		2.1
					323,489,778		10.5
			Consumer Discretionary: 9.0%
	27,212	(1)	Amazon.com, Inc.		47,237,583		1.5
	412,228		Hasbro, Inc.		48,927,341		1.6
	245,402		McDonald's Corp.		52,690,263		1.7
	290,082	(2)	Ralph Lauren Corp.		27,694,129		0.9
	537,070		Restaurant Brands International, Inc.		38,207,160		1.3
	350,790		Starbucks Corp.		31,016,852		1.0
	572,983		TJX Cos., Inc.		31,938,072		1.0
					277,711,400		9.0
			Consumer Staples: 8.4%
	974,146		Coca-Cola Co.		53,032,508		1.7
	635,402	(2)	Kellogg Co.		40,888,119		1.3
	832,846		Mondelez International, Inc.		46,073,041		1.5
	692,549		Philip Morris International, Inc.		52,585,245		1.7
	533,168		Procter & Gamble Co.		66,315,436		2.2
					258,894,349		8.4
			Energy: 4.4%
	546,667		ConocoPhillips		31,149,086		1.0
	537,936		Exxon Mobil Corp.		37,983,661		1.2
	711,110		Royal Dutch Shell PLC - Class A ADR		41,848,823		1.4
	299,271		Valero Energy Corp.		25,509,860		0.8
					136,491,430		4.4
			Financials: 12.9%
	387,894		Discover Financial Services		31,454,324		1.0
	239,834		Goldman Sachs Group, Inc.		49,700,800		1.6
	762,739		Hartford Financial Services Group, Inc.		46,229,611		1.5
	601,588		Intercontinental Exchange, Inc.		55,508,525		1.8
	723,429		JPMorgan Chase & Co.		85,140,359		2.7
	550,026		Progressive Corp.		42,489,508		1.4
	953,277		US Bancorp		52,754,349		1.7
	803,088	(2)	Zions Bancorp NA		35,753,478		1.2
					399,030,954		12.9
			Health Care: 13.5%
	625,207	(1)	Alcon, Inc.		36,443,316		1.2
	219,143		Becton Dickinson & Co.		55,434,413		1.8
	892,900	(1)	Boston Scientific Corp.		36,332,101		1.1
	923,133		Gilead Sciences, Inc.		58,508,170		1.9
	616,927		Johnson & Johnson		79,818,015		2.6
	484,868		Medtronic PLC		52,666,362		1.7
	563,618	(2)	Novartis AG ADR		48,978,404		1.6
	358,957		Zimmer Biomet Holdings, Inc.		49,274,028		1.6
					417,454,809		13.5

		Industrials: 8.6%
167,802		Cummins, Inc.	27,296,351	0.9
312,526		Honeywell International, Inc.	52,879,399	1.7
140,759		Lockheed Martin Corp.	54,904,455	1.8
248,513		Norfolk Southern Corp.	44,647,846	1.4
189,627	(2)	Old Dominion Freight Line	32,230,901	1.0
152,376		Roper Technologies, Inc.	54,337,282	1.8
			266,296,234	8.6
		Information Technology: 21.6%
221,198	(1)	Adobe, Inc.	61,105,948	2.0
380,213		Analog Devices, Inc.	42,481,199	1.4
705,986		Apple, Inc.	158,119,684	5.1
210,719		Broadcom, Inc.	58,173,194	1.9
397,103		Fidelity National Information Services, Inc.	52,719,394	1.7
113,296		Intuit, Inc.	30,129,938	1.0
486,211	(1)	Micron Technology, Inc.	20,834,141	0.6
1,440,638		Microsoft Corp.	200,291,901	6.5
258,577		Motorola Solutions, Inc.	44,064,107	1.4
			667,919,506	21.6
		Materials: 2.6%
202,507		Air Products & Chemicals, Inc.	44,928,203	1.5
325,556	(2)	BHP Group Ltd. ADR	16,075,955	0.5
151,070		Celanese Corp. - Series A	18,474,351	0.6
			79,478,509	2.6
		Real Estate: 3.2%
246,284		Camden Property Trust	27,339,987	0.9
287,519		Crown Castle International Corp.	39,968,016	1.3
231,157		Mid-America Apartment Communities, Inc.	30,052,722	1.0
			97,360,725	3.2
		Utilities: 4.0%
427,546		Edison International	32,245,520	1.0
385,995		Entergy Corp.	45,300,373	1.5
202,674		NextEra Energy, Inc.	47,221,015	1.5
			124,766,908	4.0
	Total Common Stock
	(Cost $2,500,440,025)		3,048,894,602	98.7
		OTHER(3): –%
		Utilities: –%
10,000,000	(4),(5)	Southern Energy (Escrow)	–	–
	Total Other
	(Cost $–)		–	–
	Total Long-Term Investments
	(Cost $2,500,440,025)		3,048,894,602	98.7

Voya Growth and Income Portfolio	PORTFOLIO OF INVESTMENTS
	as of September 30, 2019 (Unaudited)(Continued)

Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.1%
			Commercial Paper: 0.1%
	700,000	(6)	Barclays PLC, 2.140%, 11/22/2019	$	697,857		0.0
	800,000	(6)	BNP Paribas, 2.230%, 11/26/2019		797,496		0.1
	550,000	(6)	DBS Group Holdings Ltd., 2.230%, 11/06/2019		548,812		0.0
	775,000	(6)	Group BPCE, 2.210%, 12/03/2019		772,265		0.0
	550,000	(6)	Mouvement des caisses Desjardins, 2.220%, 11/01/2019		548,973		0.0
					3,365,403		0.1
			Floating Rate Notes: 0.4%
	850,000	(6)	Bank of Montreal, 2.220%, 02/26/2020		850,041		0.1
	254,000	(6)	Bedford Row Funding, 2.120%, 11/25/2019		253,990		0.0
	1,000,000	(6)	Bedford Row Funding, 2.130%, 12/16/2019		999,965		0.1
	300,000	(6)	Coöperatieve Rabobank U.A., 2.120%, 10/23/2019		299,992	��	0.0
	875,000	(6)	Crédit Industriel et Commercial, 2.140%, 10/23/2019		875,004		0.1
	700,000	(6)	Credit Suisse Group AG, 2.000%, 01/16/2020		699,958		0.0
	600,000	(6)	DNB ASA, 2.140%, 12/06/2019		599,957		0.0
	350,000	(6)	DNB ASA, 2.270%, 03/04/2020		349,969		0.0
	675,000	(6)	HSBC Holdings PLC, 2.180%, 12/27/2019		675,056		0.0
	700,000	(6)	Lloyds Bank PLC, 2.150%, 12/10/2019		699,978		0.0
	250,000	(6)	Lloyds Bank PLC, 2.170%, 01/15/2020		249,995		0.0
	300,000	(6)	Mizuho Financial Group Inc., 2.140%, 11/25/2019		299,997		0.0
	298,000	(6)	Mizuho Financial Group Inc., 2.160%, 10/15/2019		297,999		0.0
	300,000	(6)	Mizuho Financial Group Inc., 2.170%, 11/27/2019		300,006		0.0
	800,000	(6)	National Bank Of Canada, 2.210%, 02/27/2020		799,909		0.0
	300,000	(6)	Oversea-Chinese Banking Corp., Ltd., 2.160%, 10/07/2019		300,001		0.0
	950,000	(6)	Societe Generale, 2.220%, 12/02/2019		950,015		0.1
	500,000	(6)	The  Sumitomo Mitsui Financial Group, 2.160%, 11/18/2019		499,998		0.0
	337,000	(6)	Svenska Handelsbanken AB, 2.140%, 10/08/2019		336,998		0.0

450,000	(6)	The  Sumitomo Mitsui Financial Group, 2.180%, 01/10/2020	449,940	0.0
800,000	(6)	Toronto-Dominion Bank, 2.140%, 12/10/2019	799,959	0.0
775,000	(6)	Toronto-Dominion Bank, 2.150%, 12/23/2019	774,985	0.0
300,000	(6)	U.S. Bancorp, 2.120%, 11/25/2019	299,978	0.0
835,000	(6)	Wells Fargo & Co., 2.180%, 12/03/2019	834,955	0.0
			13,498,645	0.4
		Repurchase Agreements: 1.2%
7,571,717	(6)	Bank of Nova Scotia, Repurchase Agreement dated 09/30/19, 2.37%, due 10/01/19 (Repurchase Amount $7,572,209, collateralized by various U.S. Government Agency Obligations, 2.500%-5.000%, Market Value plus accrued interest $7,723,660, due 09/01/24-08/01/49)	7,571,717	0.3
12,878,177	(6)	Cantor Fitzgerald Securities, Repurchase Agreement dated 09/30/19, 2.40%, due 10/01/19 (Repurchase Amount $12,879,024, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $13,135,740, due 10/25/19-07/15/61)	12,878,177	0.4
12,878,177	(6)	RBC Dominion Securities Inc., Repurchase Agreement dated 09/30/19, 2.37%, due 10/01/19 (Repurchase Amount $12,879,013, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $13,135,741, due 10/15/19-09/01/49)	12,878,177	0.4

Voya Growth and Income Portfolio	PORTFOLIO OF INVESTMENTS
	as of September 30, 2019 (Unaudited) (Continued)

Principal Amount†					Value	Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Repurchase Agreements (continued)
	3,636,616	(6)	State of Wisconsin Investment Board, Repurchase Agreement dated 09/30/19, 2.52%, due 10/01/19 (Repurchase Amount $3,636,867, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $3,709,358, due 04/15/21-09/09/49)	$	3,636,616	0.1
					36,964,687	1.2
			Certificates of Deposit: 0.1%
	800,000	(6)	Deutscher Sparkassen- und Giroverband, 2.120%, 11/20/2019		800,006	0.1
	675,000	(6)	The Norinchukin Bank, 2.210%, 12/05/2019		675,149	0.0
					1,475,155	0.1

Shares					Value		Percentage of Net Assets
			Mutual Funds: 1.3%
	39,982,000	(7)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.840%
			(Cost $39,982,000)		39,982,000		1.3
		Total Short-Term Investments
		(Cost $95,285,890)			95,285,890		3.1
		Total Investments in Securities (Cost $2,595,725,915)		$	3,144,180,492		101.8
		Liabilities in Excess of Other Assets			(54,832,668	)	(1.8	)
		Net Assets		$	3,089,347,824		100.0

  † Unless otherwise indicated, principal amount is shown in USD.

ADR American Depositary Receipt

  (1) Non-income producing security.

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

  (3) 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.

  (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 September 30, 2019, the Portfolio held restricted securities with a fair value of $– or 0.0% of net assets. Please refer to the table below for additional details.

  (6) Represents securities purchased with cash collateral received for securities on loan.

  (7) Rate shown is the 7-day yield as of September 30, 2019.

Voya Growth and Income Portfolio	PORTFOLIO OF INVESTMENTS
	as of September 30, 2019 (Unaudited) (Continued)

Fair Value Measurements

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at September 30, 2019
Asset Table
Investments, at fair value
Common Stock*	$	3,048,894,602	$	–	$	–	$	3,048,894,602
Other		–		–		–		–
Short-Term Investments		39,982,000		55,303,890		–		95,285,890
Total Investments, at fair value	$	3,088,876,602	$	55,303,890	$	–	$	3,144,180,492

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

At September 30, 2019, Voya Growth and Income Portfolio held the following restricted securities:

Security	Acquisition Date		Acquisition Cost		Fair Value
Southern Energy (Escrow)	11/30/2005	$	–	$	–
		$	–	$	–

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

Cost for federal income tax purposes was $2,598,333,304.  

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	589,021,720
Gross Unrealized Depreciation		(43,174,532	)
Net Unrealized Appreciation	$	545,847,188