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:811-05773
Voya Balanced Portfolio, Inc.
(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) |
The Corporation Trust Incorporated, 300 East Lombard Street, Baltimore, MD 21201
(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, 2019
Item 1. Reports to Stockholders.
The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1):
Annual Report
December 31, 2019
Classes ADV, I, R6, S, S2 and T
Voya Variable Product Funds
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Voya Balanced Portfolio
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Voya Global Equity Portfolio
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Voya Government Money Market Portfolio
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Voya Growth and Income Portfolio
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Voya Intermediate Bond Portfolio
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Voya Small Company Portfolio
| | | Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each Portfolio’s annual and semi-annual shareholder reports, like this annual report, will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report. | | |
| | | If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from your insurance carrier electronically by contacting them directly. | | |
| | | You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions provided to elect to continue receiving paper copies of your shareholder reports. You can inform us that you wish to continue receiving paper copies by calling 1-800-283-3427. Your election to receive reports in paper will apply to all the funds in which you invest. | | |
| | | This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds’ investment objectives, risks, charges, expenses and other information. This information should be read carefully. | | |
PROXY VOTING INFORMATION
A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Portfolios’ website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC”) website at www.sec.gov. Information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Portfolios’ website at www.voyainvestments.com and on the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO HOLDINGS
The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT, available for filings after March 31, 2019. This report contains a summary portfolio of investments for certain Portfolios. The Portfolios’ Form N-Q or Form N-PORT is available on the SEC’s website at www.sec.gov. The Portfolios’ complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, are available: on www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180. 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: on www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.
New season, last year’s plot
Dear Shareholder,
The financial markets delivered strong performance in 2019, and at this juncture, in our view, the outlook for 2020 seems upbeat. Thanks to supportive central bank policies around the world, global economic growth is reaccelerating; manufacturing activity, a key metric for setting market expectations, appears to be strengthening. Recent progress in the trade negotiations between China and the U.S. also helps brighten the outlook as 2020 gets underway.
So expect smooth sailing, right? Maybe. Barely into the first week of the new year, the world faced the prospect of escalating conflict in the Middle East, though tensions appear to have eased since then. Markets initially pulled back in response to heightened uncertainty but regrouped quickly. Follow-on events, if they occur, may not impact markets that much: during 2019, investors generally did well by downplaying geopolitical concerns, and we could see the same behavior in 2020.
Still, we believe that turbulence seems to be the world’s modus operandi: economic and market uncertainty are still with us, trade issues remain unresolved and the upcoming U.S. presidential election adds another dimension of political uncertainty. Even though market participants have become more comfortable accepting risk, we have observed persistent preferences for higher-quality, lower-volatility assets. This tells us that investors perceive significant risks they wish to avoid, and points to the potential for volatile reactions to adverse news.
With potential surprises from anywhere, we believe investors should continue to diversify their portfolios as broadly as practicable, and not attempt to time the markets. At the start of 2019, in our opinion, many investors did not believe U.S. equities offered attractive return potential — acting on that belief would have resulted in missed opportunities. Remember that your portfolio is structured to meet your long-term objectives; changing it in response to short-term market conditions may put your long-term goals at risk. If your goals have changed, please discuss them thoroughly with your investment advisor before making any changes to your portfolio.
Voya seeks to remain a reliable partner committed to reliable investing, helping you and your investment advisor achieve your goals. We appreciate your continued confidence in us, and we look forward to serving your investment needs in the future.
Sincerely,
Dina Santoro
President
Voya Family of Funds
January 21, 2020
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.
Market Perspective: Year Ended December 31, 2019
In our semi-annual report, we described how global equities, in the form of the MSCI World IndexSM (the “Index”) measured in local currencies, including net reinvested dividends, rose 16.69% for the half-year after a nervous start.
A trade war between the U.S. and China had been ongoing for more than a year, with U.S. tariffs on some $250 billion of Chinese goods in place together with Chinese tariffs on $110 billion of U.S. goods. The war was being waged against a backdrop of slowing global growth, in part the result of uncertainties caused by the trade war itself.
Fears on both fronts: the trade war and slowing global growth, would ebb and flow in the second half; yet the Index rose five months out of six, ending the year up 27.34%, just below the record set a few days earlier. (The Index returned 27.67% for the year ended December 31, 2019, measured in U.S. dollars.)
Entering May, trade talks had appeared to be going reasonably well and the path of least resistance for the Index still seemed upwards. This all changed when the President tweeted his intention to raise the existing 10% tariff on $200 billion of the $250 billion to 25% of Chinese goods. Trade negotiations had evidently broken down. Later he unexpectedly threatened tariffs on Mexican goods for reasons unrelated to trade.
On perceived slowing global growth, there was still plenty to worry about.
In Europe, manufacturing was in contraction. The euro zone’s annual growth in gross domestic product (“GDP”) in the second and third quarters of 2019 was just 1.2%. In the U.K., chronic disagreement about whether and how to leave the European Union (“Brexit”) culminated in a general election called for December.
Japan, with manufacturing also in contraction, managed GDP growth of 2.0% annualized in the second quarter, slipping to 1.8% in the third. Exports and imports were both falling and core inflation languished at 0.8%, with a demand-dampening sales tax increase effective on October 1.
China’s GDP grew at 6.0% in the third quarter, the smallest advance in 27 years. Industrial production was expanding near the slowest pace in 17 years, retail sales in 16 years.
In the U.S., manufacturing fell into contraction in September. Corporate profits were flat to falling year-over-year. While annualized first quarter growth had surprised to the upside at 3.1%, it fell to 2.0% and 2.1% in the second and third quarters, respectively. Growth was heavily dependent on consumer spending, supported by the lowest unemployment rate since 1969.
Back in the markets, after May’s slump, central banks came to the rescue in June. On June 19 the Federal Open Market Committee (“FOMC”) left rates unchanged, but markets heard Chairman Powell signal a cut in July. The European Central Bank announced its willingness to cut its already negative deposit rate and resume bond purchases. The Japanese government also promised increased stimulus. Plans for tariffs on Mexican imports were “indefinitely suspended”, and investors were finally left to cheer a truce in the U.S.-China trade conflict, agreed on June 29.
July was a comparatively quiet month. The FOMC duly cut the federal funds rate by 25 basis points (0.25%), but disappointed some, including the President, by referring to it as only a “mid-cycle
adjustment”. And it was back to trade-war angst in August, as first the President announced 10% tariffs on the approximately $300 billion of Chinese imports as yet unaffected, and then increased existing and planned tariffs by 5% when China retaliated.
The market rollercoaster lurched back up in September and October, when high-level trade talks between the U.S. and China resumed. Both sides expressed confidence that “Phase 1” of a deal was possible by year-end. The FOMC cut rates again in both months.
And as year-end approached, a more positive narrative was increasingly heard. Markets were rising despite trade tensions, sluggish global growth, declining profits and political uncertainties in the U.S. and elsewhere. Perhaps, some commentators ventured, this was a signal that the worst was over. The Phase 1 trade deal was announced, amid some skepticism on the details, as was agreement on USMCA, the replacement for NAFTA. The U.K. government’s emphatic election victory might offer more clarity on Brexit. Central banks were all supportive and some of the economic data were starting to improve.
In U.S. fixed income markets, the Treasury yield curve fell. For the year, the Bloomberg Barclays U.S. Aggregate Bond Index rose 8.72%. The Bloomberg Barclays Long-Term U.S. Treasury sub-index returned 14.83%, the 30-year yield briefly dipping below 2% in August. The 10-year yield on Japanese and some euro zone government bonds ended below zero.
U.S. equities, represented by the S&P 500® Index, including dividends, surged 31.49%. Technology was by far the top performer, up 50.29%, led by Apple and Microsoft. Energy, exposed to slowing global economic activity, was the weakest, but still rose 11.81%.
In currencies, the dollar rose 2.04% against the euro, but lost 3.80% against the pound and 0.97% against the yen. On a trade-weighted basis, according to Reuters, the dollar had the smallest annual move ever in 2019.
In international markets, the MSCI Japan® Index ended up 18.48% for the year, supported by the Bank of Japan’s purchases of exchange-traded funds, but pressured by Japan’s own vulnerability to a trade war. The MSCI Europe ex U.K.® Index advanced 26.43%, powered by capital goods and pharmaceuticals companies. The MSCI U.K.® Index rose 16.37%, dampened by Brexit concerns, but also affected by the company-specific fortunes of MSCI U.K.’s market heavyweights. Among the largest contributors were pharmaceuticals, AstraZeneca and GlaxoSmithKline; the biggest detractors were miner Glencore and HSBC.
All indices are unmanaged and investors cannot invest directly in an index. Past performance does not guarantee future results. The performance quoted represents past performance.
Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Each Portfolio’s performance is subject to change since the period’s end and may be lower or higher than the performance data shown. Please call (800) 992-0180 or log on to www.voyainvestments.com to obtain performance data current to the most recent month end.
Market Perspective reflects the views of Voya Investment Management’s Chief Investment Risk Officer only through the end of the period, and is subject to change based on market and other conditions.
| | | Index | | | | Description | | |
| | | Bloomberg Barclays U.S. Aggregate Bond Index | | | | An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities. | | |
| | | Bloomberg Barclays Long-Term U.S. Treasury Index | | | | This index measures the performance of U.S. Treasury bills with long-term maturity. The credit level for this index is investment grade. The rebalance scheme is monthly. | | |
| | | 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 Europe ex U.K.® Index | | | | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK. | | |
| | | MSCI Japan® Index | | | | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan. | | |
| | | MSCI U.K.® Index | | | | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK. | | |
| | | MSCI World IndexSM | | | | An index that measures the performance of over 1,600 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East. | | |
| | | Russell 2000® Index | | | | An index that measures the performance of securities of small U.S. companies. | | |
| | | Russell 3000® Index | | | | An index that measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. | | |
| | | S&P 500® Index* | | | | An index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets. | | |
| | | S&P Target Risk® Growth Index** | | | | Seeks to measure the performance of an asset allocation strategy targeted to a growth focused risk profile. | | |
*
The S&P 500® Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and has been licensed for use by Voya Financial. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Voya Financial Product(s) is/are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500® Index.
**
Total return and gross index returns are presented. Index returns include the reinvestment of dividends and distributions. Gross index returns reflect the addition of an amount estimated by the index sponsor to approximate the fees incurred by index components.
| Voya Balanced Portfolio | Portfolio Managers’ Report |
| | Investment Type Allocation
as of December 31, 2019
(as a percentage of net assets) | |
| | | | | | |
| | Common Stock | | | 48.5% | |
| | Exchange-Traded Funds | | | 17.1% | |
| | Mutual Funds | | | 14.8% | |
| | Corporate Bonds/Notes | | | 4.7% | |
| | Collateralized Mortgage Obligations | | | 4.1% | |
| | U.S. Government Agency Obligations | | | 1.9% | |
| | Asset-Backed Securities | | | 1.8% | |
| | Commercial Mortgage-Backed Securities | | | 1.6% | |
| | U.S. Treasury Obligations | | | 1.2% | |
| | Sovereign Bonds | | | 0.1% | |
| | Rights | | | 0.0% | |
| | Assets in Excess of Other Liabilities* | | | 4.2% | |
| | 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 (“Strategic Asset Allocation”) to invest in a diversified portfolio of various asset classes and investment strategies. The Portfolio is managed by Christopher F. Corapi, Paul Zemsky, CFA, Barbara Reinhard, CFA, and Matthew Toms, CFA Portfolio Managers* of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.
Performance: For the year ended December 31, 2019, the Portfolio’s Class I shares provided a total return of 19.11% 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 19.20%, 8.72%, 22.01% and 31.02%, respectively, for the same period.
Portfolio Specifics: The Portfolio managers attempt to enhance investment returns by tactically deviating from Target Asset Allocations to take advantage of opportunities or reduce risk. The following tactics were among those employed in 2019.
The Portfolio started 2019 with overweight positions in domestic large blend, long government bonds and short duration bonds. These were funded by underweight exposures to domestic mid cap, international equities, real estate investment trusts (“REITs”), core U.S. fixed income and high yield bonds.
Three trades were placed in January. In early January, the Portfolio initiated an underweight to senior loans, lowering overall credit exposure and realizing gains earned from the solid recovery in the loan market post-December selloff. In addition, with the U.S. Federal Reserve Board (“Fed”) having moved closer to concluding its tightening cycle, the need for a floating rate component was minimized. Proceeds from the sale were moved into short-term bonds. In mid-January, the Portfolio reduced equity exposure by selling international developed equities for short-term bonds following a meaningful bounce off the December lows. At the end of January, the Portfolio unwound a portion of its underweight to REITs, funded by selling domestic large cap equities.
In early February, we shortened duration, i.e., reduced the Portfolio’s exposure to interest-rate risk, by swapping long-term U.S. Treasuries for core fixed income. The trade was primarily the result of our 10-year bond fair value model signaling over-valuation and a slightly more
| | Top Ten Holdings
as of December 31, 2019
(as a percentage of net assets) | |
| | | | | | |
| | Vanguard Value ETF | | | 5.0% | |
| | iShares Core S&P 500 ETF | | | 4.0% | |
| | iShares Core MSCI Emerging Markets ETF | | | 4.0% | |
| | Voya High Yield Bond Fund - Class P | | | 4.0% | |
| | Voya Floating Rate Fund - Class P | | | 3.0% | |
| | Voya Strategic Income Opportunities Fund - Class P | | | 3.0% | |
| | Voya Small Company Fund - Class R6 | | | 2.5% | |
| | Voya Short Term Bond Fund - Class R6 | | | 2.0% | |
| | Schwab U.S. TIPS ETF | | | 2.0% | |
| | Microsoft Corp. | | | 1.5% | |
| | Portfolio holdings are subject to change daily. | |
optimistic economic growth outlook, albeit still declining toward trend. At the end of March, the Portfolio’s allocation to commodities was tactically eliminated; the risk profile of commodities has become increasingly leveraged to emerging markets giving them less of a diversifying property than in the past. Proceeds from the sale were used to purchase domestic large cap equities.
At the end of April, we concluded our annual strategic asset allocation review and made adjustments to the Portfolio’s strategic asset allocation targets to reflect revised long-term capital market expectations for a range of asset classes. The most notable changes included increased allocations to U.S. large cap equity and Treasury inflation protected securities, funded by decreased allocations to U.S. mid cap, developed international and emerging market equities, core fixed income and senior loans. During the review, we also removed commodities as a strategic asset class.
At the end of May, the Portfolio purchased long-maturity Treasury bonds, funded by selling intermediate-maturity bonds. At the time, potential trade war impacts combined with recent weakness in U.S. capital investment and retail sales data, were suggesting a lower trajectory for economic growth. This position was reversed in June as fears of a slowdown abated.
In early August, the Portfolio reduced allocation to emerging markets equities in favor of domestic large cap equities. At the time of the trade, Fed monetary policy indicated a less supportive stance than expected, supporting a stronger U.S. dollar — historically, a headwind against emerging market equities. In the middle of August, the Portfolio reduced overall equity exposure by selling domestic large cap in favor of core U.S. fixed income, reflective of expectations for soft industrial data and lack of support from sentiment measures. This trade was unwound at the beginning of September after having reached its stop-loss range.
| Portfolio Managers’ Report | Voya Balanced Portfolio |
In September, the Portfolio increased its exposure to domestic small cap equity, after being underweight to the asset class over the course of two years. At the time of the trade, underperformance of small cap equities had reached historical extremes and valuations had become attractive, indicating potential for a performance reversal. In addition, we thought lower interest rates driven by Fed policy would be supportive of economic growth, which the share prices of small cap stocks track closely. The final trade in the third quarter extended duration across the suite as a defensive measure in a volatile market punctuated by oil shocks.
Three trades were enacted across the Portfolio in October. The first trade reduced the existing duration underweight through the purchase of long government bonds funded by intermediate bonds. This positioning reflected our belief that U.S. employment would likely weaken from its then-current pace, leading to continued easing by the Fed. The second and third trades of the month sought to diversify the Portfolio’s existing equity overweight, rotating a portion from domestic into both developed international and emerging market equities. At the time of the trades, recent foreign manufacturing data, such as global purchasing managers’ indexes (PMIs), supported the idea that the global economy had stopped slumping and was stabilizing.
Overall, tactical asset allocation moves, relative to our strategic asset allocation, had a negative impact on results.
Underlying sleeves detracted from performance during the year. Underperformers relative to their respective benchmarks included large cap equities, mid cap equities and international equities. The core fixed income and high yield bond sleeves outperformed their respective benchmarks.
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 reporting period, the Portfolio utilized futures to implement certain tactical positions, seeking 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 detracted from performance for the year.
Current Strategy and Outlook: After several months of easing in monetary policy from global central banks, the effects are beginning to trickle through to the real economy: the manufacturing sector is showing signs of life, while consumer demand remains strong. We believe relaxed financial conditions and a robust labor market are likely to keep the marginal improvement trend in place. We view the likelihood of a U.S. recession over the next 12 months as low. We believe that central banks appear willing to provide sufficient liquidity to prolong the cycle, inflation is tame and there are no materially worrisome signs of financial excess.
What’s more, in our opinion, the probability of an exogenous shock has declined as U.S. and Chinese officials appear to be making progress on trade. Assuring us of this opinion are strong non-farm payrolls, contained high yield spreads and decent consumer confidence, which is corroborated by strong auto sales. Furthermore, although we have discounted the yield curve as a leading indicator of recession given the distortions arising from unconventional central bank asset buying and negative term premiums, the areas of the curve most closely correlated with future recessions have reverted to a more normal shape.
As a result, the Portfolio was neutral to stocks. Third quarter U.S. corporate earnings reports are coming in better than expected, as 75% of S&P 500® Index companies have reported positive earnings per share surprises and 60% have beaten revenue estimates. With profit margins for U.S. large cap companies well above their long-term average, further gains in S&P 500® Index stocks will most likely need to come from revenue growth or earnings multiple expansion. We are reticent to rely much on top-line growth, given the lackluster, albeit improving, economic backdrop; yet we see scope for further tightening of the equity risk premium and higher valuations.
That said, we believe that the relative advantage U.S. large caps have held over smaller cap and foreign stocks is lessening. Multiple financial indicators suggest economic activity is gaining momentum, such as a move-up in global PMIs, strong performance from global semiconductor stocks and high copper prices. Following a long bout of underperformance, non-U.S. stocks are under-owned and in our opinion, relatively cheap.
*
Effective June 1, 2019, Christopher F. Corapi retired and was removed as a portfolio manager for the Portfolio.
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.
| Voya Balanced Portfolio | Portfolio Managers’ Report |
| | | Average Annual Total Returns for the Periods Ended December 31, 2019 | | |
| | | | | | 1 Year | | | 5 Year | | | 10 Year | | |
| | | Class I | | | | | 19.11% | | | | | | 6.14% | | | | | | 7.89% | | | |
| | | Class S | | | | | 18.80% | | | | | | 5.87% | | | | | | 7.62% | | | |
| | | S&P Target Risk® Growth Index Total Return | | | | | 19.20% | | | | | | 6.63% | | | | | | 7.87% | | | |
| | | S&P Target Risk® Growth Index Gross | | | | | 19.50% | | | | | | 6.90% | | | | | | 8.14% | | | |
| | | Bloomberg Barclays U.S. Aggregate Bond Index | | | | | 8.72% | | | | | | 3.05% | | | | | | 3.75% | | | |
| | | MSCI EAFE® Index | | | | | 22.01% | | | | | | 5.67% | | | | | | 5.50% | | | |
| | | Russell 3000® Index | | | | | 31.02% | | | | | | 11.24% | | | | | | 13.42% | | | |
| | | | | |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Balanced Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable
annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
Effective May 1, 2019, the Adviser changed the primary benchmark from the S&P Target Risk® Growth Index Gross (“Gross Index”) to the S&P Target Risk® Growth Index Total Return as the Adviser believes it more accurately reflects the investment experience of an investor in the benchmark’s components. Index returns include the reinvestment of dividends and distributions. Gross Index returns reflect the addition of an amount estimated by the index sponsor to approximate the fees incurred by index components.
| Portfolio Managers’ Report | Voya Global Equity Portfolio |
| | Geographic Diversification
as of December 31, 2019
(as a percentage of net assets) | |
| | | | | | |
| | United States | | | 60.9% | |
| | Japan | | | 8.9% | |
| | Canada | | | 4.4% | |
| | United Kingdom | | | 4.3% | |
| | Australia | | | 3.3% | |
| | Netherlands | | | 3.2% | |
| | Switzerland | | | 2.8% | |
| | Spain | | | 2.2% | |
| | France | | | 1.9% | |
| | Denmark | | | 1.2% | |
| | Countries between 0.1% – 1.1%^ | | | 6.4% | |
| | Assets in Excess of Other Liabilities* | | | 0.5% | |
| | Net Assets | | | 100.0% | |
| | *
Includes short-term investments. | |
| | ^
Includes 12 countries, which each represents 0.1% – 1.1% of net assets. | |
| | Portfolio holdings are subject to change daily. | |
Voya Global Equity Portfolio* (the “Portfolio”) seeks long-term capital growth and current income. The Portfolio is managed by Steve Wetter, Kai Yee Wong, 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, 2019, the Portfolio’s Class S shares provided a total return of 21.41% compared to the MSCI World IndexSM (“MSCI World”), which returned 27.67%.
Portfolio Specifics: For the reporting period, the Portfolio underperformed its benchmark, the MSCI World. In terms of the Portfolio’s performance, low beta was a significant headwind, dividend yield was neutral, and the stock ranking model underperformed. Additionally, the Portfolio exposures to stock specific risk negatively impacted relative performance. On the regional level, stock selection was weakest within North America. On the sector level, Portfolio holdings within the energy and materials sectors had the largest positive impact on performance. On the individual stock level, overweight positions in Total System Services, Inc., Tyson Foods, Inc. Class A, and Persimmon Plc were among the key contributors for the period. By contrast, stock selection within the industrials and information technology sectors had the largest negative impact on returns. Key detractors for the period include an underweight position in Apple Inc., not owning
| | Top Ten Holdings
as of December 31, 2019
(as a percentage of net assets) | |
| | | | | | |
| | Microsoft Corp. | | | 3.2% | |
| | Johnson & Johnson | | | 1.4% | |
| | Roche Holding AG | | | 1.2% | |
| | AT&T, Inc. | | | 1.1% | |
| | Merck & Co., Inc. | | | 1.1% | |
| | Procter & Gamble Co. | | | 1.1% | |
| | Royal Dutch Shell PLC - Class A | | | 1.0% | |
| | Pfizer, Inc. | | | 1.0% | |
| | Cisco Systems, Inc. | | | 1.0% | |
| | PepsiCo, Inc. | | | 1.0% | |
| | Portfolio holdings are subject to change daily. | |
benchmark holding Facebook, Inc. Class A, and an overweight position in Japan Airlines Co., Ltd.
Current Strategy and Outlook: This is an actively managed global quantitative equity strategy seeks to to generate higher dividend income and total returns, with lower volatility and better downside capture, than the MSCI World. 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 approved a name change for the Portfolio. Effective May 1, 2020, the Portfolio will be known as “Voya Global High Dividend Low Volatility Portfolio”.
**
Effective February 28, 2019, Peg DiOrio was added as a portfolio manager to the Portfolio.
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.
| Voya Global Equity Portfolio | Portfolio Managers’ Report |
| | | Average Annual Total Returns for the Periods Ended December 31, 2019 | | |
| | | | | | 1 Year | | | 5 Year | | | 10 Year | | | Since Inception
of Classes S2 and T
March 5, 2015 | | |
| | | Class ADV | | | | | 21.06% | | | | | | 6.75% | | | | | | 6.71% | | | | | | — | | | |
| | | Class I(1) | | | | | 21.68% | | | | | | 7.29% | | | | | | 7.09% | | | | | | — | | | |
| | | Class S | | | | | 21.41% | | | | | | 7.04% | | | | | | 6.97% | | | | | | — | | | |
| | | Class S2 | | | | | 21.26% | | | | | | — | | | | | | — | | | | | | 6.13% | | | |
| | | Class T | | | | | 21.05% | | | | | | — | | | | | | — | | | | | | 5.95% | | | |
| | | MSCI World IndexSM | | | | | 27.67% | | | | | | 8.74% | | | | | | 9.47% | | | | | | 8.31% | | | |
| | | | | |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Global Equity 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 Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the
effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
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.
| Portfolio Managers’ Report | Voya Government Money Market Portfolio |
| | Investment Type Allocation
as of December 31, 2019
(as a percentage of net assets) | |
| | | | | | |
| | U.S. Treasury Repurchase Agreement | | | 44.8% | |
| | U.S. Government Agency Debt | | | 33.2% | |
| | U.S. Treasury Debt | | | 14.2% | |
| | Investment Companies | | | 7.7% | |
| | Assets in Excess of Other Liabilities | | | 0.1% | |
| | 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, 2019, the Portfolio’s Class I shares provided a total return of 1.96% compared to the iMoneyNet Government Institutional Index, which returned 1.90% for the same period.
Portfolio Specifics: During the year ended December 31, 2019, U.S. economic growth slowed with quarterly GDP dropping from 3.1% in the first quarter to 2.0% in the second quarter and stabilizing at 2.1% in the third and fourth quarters. U.S. inflation continued to disappoint while longer-term inflation expectations moderated below the U.S. Federal Reserve Board’s (“Fed”) 2% target. The U.S. labor market continued its gradual tightening during the period with unemployment dropping from 3.9% at the end of 2017 to 3.5% at the end of 2019. Wage pressures and wage inflation have not materialized despite the tight labor market, which should give the Fed some concern. The Fed cut short-term interest rates by 0.25% at each of its July, September and October policy meetings, in response to the increased risk from the trade dispute with China, slowing global economic growth and low U.S. inflation. Short-term government money market rates declined during the period in line with the Fed’s short-term rate cuts. The Fed is expected to hold rates steady in 2020 based on its projections from the December meeting. The market continues to expect at least one additional cut in 2020, based on short-term money market rates.
The Portfolio maintained a shorter than normal weighted average maturity (“WAM”) during the majority of the period as the market was pricing in a more dovish Fed monetary policy than what we expected. Market yields were fully pricing in the rate cuts prior to the rate moves, which limited the potential to pick up additional yield by extending maturities. The Portfolio maintained an exposure to floating rate money market securities shifting out of floaters tied to three-month LIBOR and into floaters tied to either one-month LIBOR or floaters tied to one-day SOFR as the three-month LIBOR rate reflected overly optimistic expectations for future rate cuts in our opinion. The Portfolio took advantage of the cheapness of new issue T-bills from time to time, which allowed the Portfolio to capture some capital gains over and above the yield on those securities, and to add incremental total return.
Outlook and Current Strategy: Looking ahead we expect that the U.S. economy will stabilize near its current level, reflecting slower but still positive growth compared to 2018 and early 2019. We believe the bar remains high for the Fed to cut rates in 2020 despite the market expecting it to cut rates further. Completion of the Phase One trade deal with China reduces the need for additional insurance against the risks to global economic growth from China trade-related tariffs. In terms of the Portfolio, we plan to maintain ample daily and weekly liquidity, while looking for opportunities to extend our WAM if or when the market starts to price in higher yields in anticipation that the Fed is at or near the end of its current rate-cutting cycle. We will otherwise maintain a shorter WAM, an exposure to floating rate securities and look to take advantage of any market dislocations due to temporary supply and demand imbalances for short-term U.S. Treasury and agency securities.
*
Please see Note 5 for more information regarding the contractual waiver in place to reimburse certain expenses of the Portfolio to the extent necessary to assist the Portfolio in maintaining a net yield of not less than 0.00%.
You could lose money by investing in the Portfolio. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Portfolio’s sponsor has no legal obligation to provide financial support to the Portfolio, and you should not expect that the sponsor will provide financial support to the Portfolio at any time.
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.
| Voya Growth and Income Portfolio | Portfolio Managers’ Report |
| | Sector Diversification
as of December 31, 2019
(as a percentage of net assets) | |
| | | | | | |
| | Information Technology | | | 22.9% | |
| | Health Care | | | 14.6% | |
| | Financials | | | 13.2% | |
| | Communication Services | | | 10.7% | |
| | Industrials | | | 8.9% | |
| | Consumer Staples | | | 8.3% | |
| | Consumer Discretionary | | | 8.1% | |
| | Energy | | | 4.3% | |
| | Utilities | | | 3.2% | |
| | Real Estate | | | 2.7% | |
| | Materials | | | 2.6% | |
| | Assets in Excess of Other Liabilities* | | | 0.5% | |
| | Net Assets | | | 100.0% | |
| | *
Includes short-term investments. | |
| | Portfolio holdings are subject to change daily. | |
Voya 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, 2019, the Portfolio’s Class I shares provided a total return of 28.88% compared to the S&P 500® Index, which returned 31.49% for the same period.
Portfolio Specifics: For the year ended December 31, 2019, the Portfolio underperformed the S&P 500® Index, due to weak security selection. On the sector level, stock selection within the healthcare and financial sectors had the largest negative impact on relative performance. Key detractors included a position in non-benchmark stock Royal Dutch Shell Plc., an underweight position in UnitedHealth Group Inc., and not owning benchmark stock Facebook Inc.
By contrast, stock selection within the consumer staples and materials sectors had the largest positive impact on
| | Top Ten Holdings
as of December 31, 2019
(as a percentage of net assets) | |
| | | | | | |
| | Microsoft Corp. | | | 7.1% | |
| | Alphabet, Inc. - Class A | | | 4.5% | |
| | Apple, Inc. | | | 4.4% | |
| | Johnson & Johnson | | | 3.1% | |
| | JPMorgan Chase & Co. | | | 2.8% | |
| | Adobe, Inc. | | | 2.6% | |
| | AT&T, Inc. | | | 2.3% | |
| | Walt Disney Co. | | | 2.2% | |
| | Philip Morris International, Inc. | | | 2.1% | |
| | Analog Devices, Inc. | | | 2.1% | |
| | Portfolio holdings are subject to change daily. | |
performance. At the individual stock level, key contributors were overweight positions in Microsoft Corporation and Air Products and Chemicals, Inc., and not owning benchmark holding Berkshire Hathaway Inc. Class B.
Current Strategy and Outlook: We continue to see what we believe are attractive valuations in companies in a variety of sectors. Going forward we believe that dividends will continue to be in demand by investors, who are searching for income and for funds with good downside capture such as the Portfolio has sought to provide.
*
Effective June 1, 2019, Christopher F. Corapi retired and was removed as a portfolio manager for the Portfolio. Effective August 1, 2019, Kristy Finnegan was removed as portfolio manager for the Portfolio.
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.
| Portfolio Managers’ Report | Voya Growth and Income Portfolio |
| | | Average Annual Total Returns for the Periods Ended December 31, 2019 | | |
| | | | | | 1 Year | | | 5 Year | | | 10 Year | | |
| | | Class ADV | | | | | 28.29% | | | | | | 9.41% | | | | | | 11.31% | | | |
| | | Class I | | | | | 28.88% | | | | | | 9.90% | | | | | | 11.82% | | | |
| | | Class S | | | | | 28.55% | | | | | | 9.63% | | | | | | 11.54% | | | |
| | | Class S2 | | | | | 28.33% | | | | | | 9.47% | | | | | | 11.27% | | | |
| | | S&P 500® Index | | | | | 31.49% | | | | | | 11.70% | | | | | | 13.56% | | | |
| | | | | |
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 Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment
Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
| Voya Intermediate Bond Portfolio | Portfolio Managers’ Report |
| | Investment Type Allocation
as of December 31, 2019
(as a percentage of net assets) | |
| | | | | | |
| | Corporate Bonds/Notes | | | 23.8% | |
| | Collateralized Mortgage Obligations | | | 19.1% | |
| | U.S. Government Agency Obligations | | | 19.0% | |
| | Mutual Funds | | | 18.5% | |
| | Asset-Backed Securities | | | 8.5% | |
| | Commercial Mortgage-Backed Securities | | | 7.9% | |
| | U.S. Treasury Obligations | | | 2.6% | |
| | Sovereign Bonds | | | 0.1% | |
| | Convertible Bonds/Notes | | | 0.1% | |
| | Municipal Bonds | | | 0.1% | |
| | Assets in Excess of Other Liabilities* | | | 0.3% | |
| | 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, 2019, the Portfolio’s Class I shares provided a total return of 9.85% compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which returned 8.72% for the same period.
Portfolio Specifics: The Portfolio outperformed the Bloomberg Barclays U.S. Aggregate Bond Index, due primarily to sector allocations, while security selection was positive and duration/yield curve positioning that was defensive earlier in the year, detracted from performance.
Fixed income markets witnessed an about face, as the U.S. Federal Reserve Board pivoted from raising rates late in 2018 to the first of three rate cuts in July. Elevated tensions between the U.S. and China drove concerns on the risk of recession in the U.S. which saw the 10-year treasury yield go below 1.5% in the summer months. Economic data in the fourth quarter alleviated those fears and the 10-year treasury yield ended the period at 1.92%. Non-government sectors outperformed over the period, supported by an accommodative central bank and steady demand for higher yielding sectors as the global economy posted positive growth.
Sector allocation which included overweights to spread sectors and underweights to U.S. Treasuries was the primary driver of outperformance for the year. Corporate allocations were the largest contributor, as the Portfolio capitalized on
| | Top Ten Holdings
as of December 31, 2019
(as a percentage of net assets) | |
| | | | | | |
| | Voya Investment Grade Credit Fund - Class P | | | 4.5% | |
| | Voya Emerging Markets Hard Currency Debt Fund - Class P | | | 3.8% | |
| | Voya Securitized Credit Fund - Class P | | | 3.3% | |
| | Voya Emerging Markets Corporate Debt Fund - Class P | | | 2.6% | |
| | Uniform Mortgage-Backed Securities, 3.000%, 01/01/50 | | | 2.0% | |
| | Voya High Yield Bond Fund - Class P | | | 1.9% | |
| | Voya Emerging Markets Local Currency Debt Fund - Class P | | | 1.7% | |
| | United States Treasury Inflation Indexed Bonds, 0.250%, 07/15/29 | | | 1.4% | |
| | Uniform Mortgage-Backed Securities, 3.500%, 08/01/46 | | | 0.9% | |
| | Freddie Mac REMIC Trust 4246 ZX, 4.500%, 04/15/41 | | | 0.9% | |
| | Portfolio holdings are subject to change daily. | |
weakness in IG Corporates early in the year and benefited throughout 2019. Also, our overweight to emerging markets outperformed and contributed to results. Meanwhile, securitized sector allocations delivered mixed results. Positive contributions from Non-Agency residential mortgage-backed securities (“RMBS”) were offset by detractions from asset-backed securities (“ABS”) and commercial mortgage-backed securities (“CMBS”) allocations. ABS sectors trailed given the lower beta characteristics of the sector.
Security selection also contributed. Security selection across securitized added the most. Allocations to collateralized mortgage obligations (“CMOs”) within Agency RMBS, investments in more credit sensitive non-agency CMBS deals and investments in higher-yielding collateralized loan obligations (“CLOs”) within ABS all contributed to performance. Meanwhile, our more defensive security selection with the IG Corporate sector also contributed to performance.
Duration / yield curve positioning modestly detracted from performance. Defensive strategies implemented in the first quarter detracted from performance as rates declined. Duration has since been in line with the benchmark since the middle of the second quarter and for the balance of the trailing 12-month period, while we have tactically implemented a curve steepening strategy in the late part of the third quarter that was a modest contributor and we closed out 2019 with a bias towards curve flattening.
| Portfolio Managers’ Report | Voya Intermediate Bond Portfolio |
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.
Current Strategy and Outlook: Entering 2020, there are signs of steadying economic growth, especially outside the U.S. However, while we believe this positive outlook for growth will prove supportive to spread sectors, we also believe geopolitical and monetary policy uncertainty, coupled with somewhat rich valuations across many sectors, will limit potential upside.
Emerging markets are no stranger to political upheaval that can cause disruption and create opportunities. Heading into 2020, we believe that fiscal responsiveness to social unrest needs to be closely monitored. From this perspective, separating winners from losers in emerging markets requires identifying countries that will use fiscal stimulus that is investment oriented rather than implementing consumption based government programs. In addition, in our opinion, the degree of stimulus must be monitored and cannot threaten a country’s debt sustainability as well as the sovereign’s credit profile.
We continue to believe corporate credit risk is idiosyncratic, not systemic. We believe the path to future investment success will be paved by security selection as this backdrop favors idiosyncratic opportunities over broad market risk taking. When volatility does strike, perceived “losers” will be excessively punished and avoiding these investments will be critical. As we have over the past year, we will continue to view episodes of volatility in credit markets as fertile ground for identifying oversold individual credits with strong fundamentals.
Based on current valuations, we continue to favor securitized credit over corporate credit on a relative basis. Fundamentally, we believe agency mortgage-backed securities are attractive relative to Treasuries and other high-grade assets. In addition, we see opportunities in Non-Agency RMBS, CMBS and ABS as an attractive source of durable yield to capture while we diligently surveil markets for new opportunities.
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.
| Voya Intermediate Bond Portfolio | Portfolio Managers’ Report |
| | | Average Annual Total Returns for the Periods Ended December 31, 2019 | | |
| | | | | | 1 Year | | | 5 Year | | | 10 Year | | |
| | | Class ADV | | | | | 9.29% | | | | | | 3.26% | | | | | | 4.64% | | | |
| | | Class I | | | | | 9.85% | | | | | | 3.79% | | | | | | 5.19% | | | |
| | | Class S | | | | | 9.54% | | | | | | 3.52% | | | | | | 4.92% | | | |
| | | Class S2 | | | | | 9.40% | | | | | | 3.38% | | | | | | 4.76% | | | |
| | | Bloomberg Barclays U.S. Aggregate Bond Index | | | | | 8.72% | | | | | | 3.05% | | | | | | 3.75% | | | |
| | | | | |
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 Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment
Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
| Portfolio Managers’ Report | Voya Small Company Portfolio |
| | Sector Diversification
as of December 31, 2019
(as a percentage of net assets) | |
| | | | | | |
| | Industrials | | | 19.0% | |
| | Financials | | | 18.8% | |
| | Health Care | | | 14.0% | |
| | Information Technology | | | 12.8% | |
| | Consumer Discretionary | | | 11.6% | |
| | Real Estate | | | 7.3% | |
| | Consumer Staples | | | 3.8% | |
| | Materials | | | 3.2% | |
| | Energy | | | 3.0% | |
| | Utilities | | | 2.5% | |
| | Communication Services | | | 1.9% | |
| | Assets in Excess of Other Liabilities* | | | 2.1% | |
| | 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, 2019, the Portfolio’s Class I shares provided a total return of 26.21% compared to the Russell 2000® Index, which returned 25.52% for the same period.
Portfolio Specifics: The Portfolio outperformed the Russell 2000® Index during the reporting period due to favorable stock selection effects. Most notably, stock selection in the real estate and consumer durables and apparel sectors contributed the most to results. In contrast, holdings in the transportation and consumer services sectors detracted the most from performance. An allocation to cash, while within the typical range, and our underweight allocation to the pharmaceutical & biotechnology sector, were also headwinds during the period.
Among the main individual contributors to performance were Universal Forest Products, Inc., Helen of Troy Limited and Crocs, Inc.
Within the capital goods sector, an overweight position in Universal Forest Products Inc. generated positive results following solid quarterly earnings reports. Despite a softening in the housing environment and a decline in lumber prices, which have historically impacted investor sentiment, the company cited strong organic volume growth across its business segments. Company management continues to execute operationally, giving investors greater confidence in its long-term growth trajectory.
An overweight position in personal care and household products company Helen of Troy Limited contributed to
| | Top Ten Holdings
as of December 31, 2019
(as a percentage of net assets) | |
| | | | | | |
| | Performance Food Group Co. | | | 1.3% | |
| | j2 Global, Inc. | | | 1.2% | |
| | Generac Holdings, Inc. | | | 1.1% | |
| | Helen of Troy Ltd. | | | 1.1% | |
| | STAG Industrial, Inc. | | | 1.1% | |
| | First Financial Bancorp. | | | 1.0% | |
| | Ryman Hospitality Properties | | | 1.0% | |
| | Alamo Group, Inc. | | | 1.0% | |
| | EMCOR Group, Inc. | | | 1.0% | |
| | Columbia Banking System, Inc. | | | 1.0% | |
| | Portfolio holdings are subject to change daily. | |
performance. The stock advanced throughout the period following the company’s reported sales and earnings per share that exceeded expectations, with notable growth in its housewares and beauty segments, as well as raised fiscal year 2020 guidance. The company has been able to successfully navigate tariff headwinds through a favorable mix in leadership brands growth and strong sales within housewares.
An overweight position in footwear and apparel company Crocs, Inc. was additive for performance. In addition to successfully implementing well-received price increases on its e-commerce site in North America with store price increases forthcoming, its shares advanced as the company redoubled their efforts in their core clog shoe. Furthermore, the Crocs, Inc. has spurred demand with celebrity collaborations and tightening up distribution driving strong “sell-throughs” that have allowed the company to increase pricing.
Among the key detractors for the period were Unit Corp., Merit Medical Systems, Inc. and Spirit Airlines, Inc.
An overweight position in natural gas and oil production company Unit Corp. detracted from results. Earlier in the period, its shares declined following the company’s disappointing first quarter 2019 earnings report. Despite strong margin performance in land drilling, the stock was under pressure, along with its natural gas producing peers, as the commodity traded off during the period. Second quarter earnings that fell short of expectations and lowered capital and production guidance also weighed on the stock.
| Voya Small Company Portfolio | Portfolio Managers’ Report |
An overweight position in disposable medical devices company Merit Medical Systems, Inc. was a headwind for returns. The stock traded off following disappointing second quarter 2019 earnings results and trimmed guidance. While the company reported a better-than-expected organic growth and guided for continued strength into 2019/20, its gross margins came in well below expectations. Following an improvement in gross margins over the past three years, this decline heightened investor concerns.
An overweight position in Spirit Airlines, Inc. detracted from returns, primarily due to second quarter 2019 earnings results. While EPS beat forecasts, the company’s weaker-than-expected second half of 2019 cost guidance, largely due to weather-related flight disruptions, triggered investor concerns.
Current Strategy and Outlook: We continue to monitor changes occurring globally, actions at central banks and overall economic data. Our Portfolio positioning has not changed significantly. We seek to remain nimble and continue to focus on quality companies, such as those that, in our opinion, have strong managements, solid balance sheets and good cash flow generation capabilities. Going forward, we believe the Portfolio is well positioned, as we think that investors will continue to focus on companies’ fundamentals due to ongoing economic uncertainty.
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.
| Portfolio Managers’ Report | Voya Small Company Portfolio |
| | | Average Annual Total Returns for the Periods Ended December 31, 2019 | | |
| | | | | | 1 Year | | | 5 Year | | | 10 Year | | |
| | | Class ADV | | | | | 25.56% | | | | | | 7.32% | | | | | | 10.97% | | | |
| | | Class I | | | | | 26.21% | | | | | | 7.86% | | | | | | 11.52% | | | |
| | | Class R6(1) | | | | | 26.20% | | | | | | 7.86% | | | | | | 11.52% | | | |
| | | Class S | | | | | 25.86% | | | | | | 7.59% | | | | | | 11.24% | | | |
| | | Russell 2000® Index | | | | | 25.52% | | | | | | 8.23% | | | | | | 11.83% | | | |
| | | | | |
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 Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
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.
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, 2019 to December 31, 2019. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension, or retirement plan. Expenses would have been higher if such charges were included.
Actual Expenses
The left section of the table shown below, “Actual Portfolio Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The right section of the table shown below, “Hypothetical (5% return before expenses),” provides information about hypothetical account values and hypothetical expenses based on a Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Actual Portfolio Return | | | Hypothetical (5% return before expenses) | |
| | | | Beginning
Account
Value
July 1,
2019 | | | Ending
Account
Value
December 31,
2019 | | | Annualized
Expense
Ratio | | | Expenses Paid
During the
Period Ended
December 31,
2019* | | | Beginning
Account
Value
July 1,
2019 | | | Ending
Account
Value
December 31,
2019 | | | Annualized
Expense
Ratio | | | Expenses Paid
During the
Period Ended
December 31,
2019* | |
| Voya Balanced Portfolio | |
| Class I | | | | $ | 1,000.00 | | | | | $ | 1,063.60 | | | | | | 0.69% | | | | | $ | 3.59 | | | | | $ | 1,000.00 | | | | | $ | 1,021.73 | | | | | | 0.69% | | | | | $ | 3.52 | | |
| Class S | | | | | 1,000.00 | | | | | | 1,062.60 | | | | | | 0.94 | | | | | | 4.89 | | | | | | 1,000.00 | | | | | | 1,020.47 | | | | | | 0.94 | | | | | | 4.79 | | |
| Voya Global Equity Portfolio | |
| Class ADV | | | | $ | 1,000.00 | | | | | $ | 1,062.40 | | | | | | 1.10% | | | | | $ | 5.72 | | | | | $ | 1,000.00 | | | | | $ | 1,019.66 | | | | | | 1.10% | | | | | $ | 5.60 | | |
| Class I | | | | | 1,000.00 | | | | | | 1,065.40 | | | | | | 0.60 | | | | | | 3.12 | | | | | | 1,000.00 | | | | | | 1,022.18 | | | | | | 0.60 | | | | | | 3.06 | | |
| Class S | | | | | 1,000.00 | | | | | | 1,064.30 | | | | | | 0.85 | | | | | | 4.42 | | | | | | 1,000.00 | | | | | | 1,020.92 | | | | | | 0.85 | | | | | | 4.33 | | |
| Class S2 | | | | | 1,000.00 | | | | | | 1,063.70 | | | | | | 1.00 | | | | | | 5.20 | | | | | | 1,000.00 | | | | | | 1,020.16 | | | | | | 1.00 | | | | | | 5.09 | | |
| Class T | | | | | 1,000.00 | | | | | | 1,063.00 | | | | | | 1.20 | | | | | | 6.24 | | | | | | 1,000.00 | | | | | | 1,019.16 | | | | | | 1.20 | | | | | | 6.11 | | |
| Voya Government Money Market Portfolio | |
| Class I | | | | $ | 1,000.00 | | | | | $ | 1,008.70 | | | | | | 0.34% | | | | | $ | 1.72 | | | | | $ | 1,000.00 | | | | | $ | 1,023.49 | | | | | | 0.34% | | | | | $ | 1.73 | | |
| Voya Growth and Income Portfolio | |
| Class ADV | | | | $ | 1,000.00 | | | | | $ | 1,094.30 | | | | | | 1.03% | | | | | $ | 5.44 | | | | | $ | 1,000.00 | | | | | $ | 1,020.01 | | | | | | 1.03% | | | | | $ | 5.24 | | |
| Class I | | | | | 1,000.00 | | | | | | 1,096.90 | | | | | | 0.58 | | | | | | 3.07 | | | | | | 1,000.00 | | | | | | 1,022.28 | | | | | | 0.58 | | | | | | 2.96 | | |
| Class S | | | | | 1,000.00 | | | | | | 1,095.50 | | | | | | 0.83 | | | | | | 4.38 | | | | | | 1,000.00 | | | | | | 1,021.02 | | | | | | 0.83 | | | | | | 4.23 | | |
| Class S2 | | | | | 1,000.00 | | | | | | 1,094.50 | | | | | | 0.98 | | | | | | 5.17 | | | | | | 1,000.00 | | | | | | 1,020.27 | | | | | | 0.98 | | | | | | 4.99 | | |
SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)
| | | | Actual Portfolio Return | | | Hypothetical (5% return before expenses) | |
| | | | Beginning
Account
Value
July 1,
2019 | | | Ending
Account
Value
December 31,
2019 | | | Annualized
Expense
Ratio | | | Expenses Paid
During the
Period Ended
December 31,
2019* | | | Beginning
Account
Value
July 1,
2019 | | | Ending
Account
Value
December 31,
2019 | | | Annualized
Expense
Ratio | | | Expenses Paid
During the
Period Ended
December 31,
2019* | |
| Voya Intermediate Bond Portfolio | |
| Class ADV | | | | $ | 1,000.00 | | | | | $ | 1,024.70 | | | | | | 1.03% | | | | | $ | 5.26 | | | | | $ | 1,000.00 | | | | | $ | 1,020.01 | | | | | | 1.03% | | | | | $ | 5.24 | | |
| Class I | | | | | 1,000.00 | | | | | | 1,027.20 | | | | | | 0.53 | | | | | | 2.71 | | | | | | 1,000.00 | | | | | | 1,022.53 | | | | | | 0.53 | | | | | | 2.70 | | |
| Class S | | | | | 1,000.00 | | | | | | 1,025.20 | | | | | | 0.78 | | | | | | 3.98 | | | | | | 1,000.00 | | | | | | 1,021.27 | | | | | | 0.78 | | | | | | 3.97 | | |
| Class S2 | | | | | 1,000.00 | | | | | | 1,024.40 | | | | | | 0.93 | | | | | | 4.75 | | | | | | 1,000.00 | | | | | | 1,020.52 | | | | | | 0.93 | | | | | | 4.74 | | |
| Voya Small Company Portfolio | |
| Class ADV | | | | $ | 1,000.00 | | | | | $ | 1,072.90 | | | | | | 1.39% | | | | | $ | 7.26 | | | | | $ | 1,000.00 | | | | | $ | 1,018.20 | | | | | | 1.39% | | | | | $ | 7.07 | | |
| Class I | | | | | 1,000.00 | | | | | | 1,075.80 | | | | | | 0.89 | | | | | | 4.66 | | | | | | 1,000.00 | | | | | | 1,020.72 | | | | | | 0.89 | | | | | | 4.53 | | |
| Class R6 | | | | | 1,000.00 | | | | | | 1,075.10 | | | | | | 0.89 | | | | | | 4.66 | | | | | | 1,000.00 | | | | | | 1,020.72 | | | | | | 0.89 | | | | | | 4.53 | | |
| Class S | | | | | 1,000.00 | | | | | | 1,073.60 | | | | | | 1.14 | | | | | | 5.96 | | | | | | 1,000.00 | | | | | | 1,019.46 | | | | | | 1.14 | | | | | | 5.80 | | |
*
Expenses are equal to each Portfolio’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half-year.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of the Funds and Boards of Directors/Trustees
Voya Balanced Portfolio, Inc., Voya Variable Portfolios, Inc., Voya Government Money Market Portfolio, Voya Variable Funds, and Voya Intermediate Bond Portfolio:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Voya Balanced Portfolio, Voya Global Equity Portfolio, Voya Government Money Market Portfolio, Voya Growth and Income Portfolio, Voya Intermediate Bond Portfolio and Voya Small Company Portfolio (the Funds), each a series of Voya Balanced Portfolio, Inc., Voya Variable Portfolios, Inc., Voya Government Money Market Portfolio, Voya Variable Funds, Voya Intermediate Bond Portfolio and Voya Variable Portfolios, Inc., respectively, including the summary portfolios and portfolio of investments, as of December 31, 2019, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2019, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
![[MISSING IMAGE: sg_kpmgllp.jpg]](https://capedge.com/proxy/N-CSR/0001104659-20-030707/sg_kpmgllp.jpg)
We have served as the auditor of one or more Voya investment companies since 1975.
Boston, Massachusetts
February 26, 2020
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019
| | | | Voya Balanced
Portfolio | | | Voya Global
Equity Portfolio | | | Voya Government
Money Market
Portfolio | |
| ASSETS: | | | | | | | | | | | | | | | | | | | |
| Investments in securities at fair value+* | | | | $ | 302,850,778 | | | | | $ | 707,118,533 | | | | | $ | — | | |
| Investments in affiliated underlying funds at fair value** | | | | | 55,041,400 | | | | | | — | | | | | | — | | |
| Short-term investments at fair value*** | | | | | 12,438,445 | | | | | | 13,627,802 | | | | | | — | | |
| Repurchase agreements | | | | | — | | | | | | — | | | | | | 210,406,000 | | |
| Short-term investments at amortized cost | | | | | — | | | | | | — | | | | | | 258,473,476 | | |
| Cash | | | | | 261,415 | | | | | | 107,359 | | | | | | 5,910 | | |
| Cash collateral for futures | | | | | 968,584 | | | | | | — | | | | | | — | | |
| Cash pledged for centrally cleared swaps (Note 2) | | | | | 342,000 | | | | | | — | | | | | | — | | |
| Foreign currencies at value**** | | | | | 74,042 | | | | | | 2,224 | | | | | | — | | |
| Receivables: | | | | | | | | | | | | | | | | | | | |
| Investment securities sold | | | | | 6,779,219 | | | | | | 45,517 | | | | | | — | | |
| Fund shares sold | | | | | 39,390 | | | | | | 1,037,483 | | | | | | 453,766 | | |
| Dividends | | | | | 157,993 | | | | | | 1,407,259 | | | | | | 21,646 | | |
| Interest | | | | | 324,598 | | | | | | 54 | | | | | | 98,738 | | |
| Foreign tax reclaims | | | | | 129,015 | | | | | | 1,274,259 | | | | | | — | | |
| Unrealized appreciation on forward foreign currency contracts | | | | | 4,622 | | | | | | — | | | | | | — | | |
| Unrealized appreciation on OTC swap agreements | | | | | 781 | | | | | | — | | | | | | — | | |
| Variation margin receivable on centrally cleared swaps | | | | | 4,641 | | | | | | — | | | | | | — | | |
| Prepaid expenses | | | | | 2,636 | | | | | | 4,237 | | | | | | 3,319 | | |
| Other assets | | | | | 54,856 | | | | | | 63,174 | | | | | | 135,677 | | |
| Total assets | | | | | 379,474,415 | | | | | | 724,687,901 | | | | | | 469,598,532 | | |
| LIABILITIES: | | | | | | | | | | | | | | | | | | | |
| Payable for investment securities purchased | | | | | 2,674,542 | | | | | | 45,488 | | | | | | — | | |
| Payable for fund shares redeemed | | | | | 30,562 | | | | | | 178,485 | | | | | | 17,225 | | |
| Payable upon receipt of securities loaned | | | | | 2,643,031 | | | | | | 12,780,802 | | | | | | — | | |
| Unrealized depreciation on forward foreign currency contracts | | | | | 14,899 | | | | | | — | | | | | | — | | |
| Unrealized depreciation on forward premium swaptions | | | | | 10,956 | | | | | | — | | | | | | — | | |
| Payable for investment management fees | | | | | 189,305 | | | | | | 330,820 | | | | | | 121,349 | | |
| Payable for distribution and shareholder service fees | | | | | 529 | | | | | | 122,893 | | | | | | — | | |
| Payable for directors/ trustees fees | | | | | 1,841 | | | | | | 3,133 | | | | | | 2,311 | | |
| Payable to directors/ trustees under the deferred compensation plan (Note 6) | | | | | 54,856 | | | | | | 63,174 | | | | | | 135,677 | | |
| Other accrued expenses and liabilities | | | | | 140,134 | | | | | | 192,654 | | | | | | 50,613 | | |
| Total liabilities | | | | | 5,760,655 | | | | | | 13,717,449 | | | | | | 327,175 | | |
| NET ASSETS | | | | $ | 373,713,760 | | | | | $ | 710,970,452 | | | | | $ | 469,271,357 | | |
| NET ASSETS WERE COMPRISED OF: | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | | | $ | 326,756,695 | | | | | $ | 673,633,079 | | | | | $ | 469,406,686 | | |
| Total distributable earnings (loss) | | | | | 46,957,065 | | | | | | 37,337,373 | | | | | | (135,329) | | |
| NET ASSETS | | | | $ | 373,713,760 | | | | | $ | 710,970,452 | | | | | $ | 469,271,357 | | |
+
Including securities loaned at value | | | | $ | 2,576,040 | | | | | $ | 12,161,097 | | | | | $ | — | | |
*
Cost of investments in securities | | | | $ | 272,585,952 | | | | | $ | 650,194,179 | | | | | $ | — | | |
**
Cost of investments in affiliated underlying funds | | | | $ | 54,689,873 | | | | | $ | — | | | | | $ | — | | |
***
Cost of short-term investments | | | | $ | 12,437,711 | | | | | $ | 13,627,802 | | | | | $ | — | | |
****
Cost of foreign currencies | | | | $ | 73,791 | | | | | $ | 2,178 | | | | | $ | — | | |
See Accompanying Notes to Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019 (continued)
| | | | Voya Balanced
Portfolio | | | Voya Global
Equity Portfolio | | | Voya Government
Money Market
Portfolio | |
| Class ADV | | | | | | | | | | | | | | | | | | | |
| Net assets | | | | | n/a | | | | | $ | 15,664,919 | | | | | | n/a | | |
| Shares authorized | | | | | n/a | | | | | | 100,000,000 | | | | | | n/a | | |
| Par value | | | | | n/a | | | | | $ | 0.001 | | | | | | n/a | | |
| Shares outstanding | | | | | n/a | | | | | | 1,445,938 | | | | | | n/a | | |
| Net asset value and redemption price per share | | | | | n/a | | | | | $ | 10.83 | | | | | | n/a | | |
| Class I | | | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 371,202,457 | | | | | $ | 149,439,181 | | | | | $ | 469,271,357 | | |
| Shares authorized | | | | | 500,000,000 | | | | | | 100,000,000 | | | | | | unlimited | | |
| Par value | | | | $ | 0.001 | | | | | $ | 0.001 | | | | | $ | 1.000 | | |
| Shares outstanding | | | | | 23,624,682 | | | | | | 13,811,835 | | | | | | 469,148,514 | | |
| Net asset value and redemption price per share | | | | $ | 15.71 | | | | | $ | 10.82 | | | | | $ | 1.00 | | |
| Class S | | | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 2,511,303 | | | | | $ | 542,302,871 | | | | | | n/a | | |
| Shares authorized | | | | | 500,000,000 | | | | | | 300,000,000 | | | | | | n/a | | |
| Par value | | | | $ | 0.001 | | | | | $ | 0.001 | | | | | | n/a | | |
| Shares outstanding | | | | | 160,766 | | | | | | 49,900,905 | | | | | | n/a | | |
| Net asset value and redemption price per share | | | | $ | 15.62 | | | | | $ | 10.87 | | | | | | n/a | | |
| Class S2 | | | | | | | | | | | | | | | | | | | |
| Net assets | | | | | n/a | | | | | $ | 331,875 | | | | | | n/a | | |
| Shares authorized | | | | | n/a | | | | | | 100,000,000 | | | | | | n/a | | |
| Par value | | | | | n/a | | | | | $ | 0.001 | | | | | | n/a | | |
| Shares outstanding | | | | | n/a | | | | | | 30,927 | | | | | | n/a | | |
| Net asset value and redemption price per share | | | | | n/a | | | | | $ | 10.73 | | | | | | n/a | | |
| Class T | | | | | | | | | | | | | | | | | | | |
| Net assets | | | | | n/a | | | | | $ | 3,231,606 | | | | | | n/a | | |
| Shares authorized | | | | | n/a | | | | | | 100,000,000 | | | | | | n/a | | |
| Par value | | | | | n/a | | | | | $ | 0.001 | | | | | | n/a | | |
| Shares outstanding | | | | | n/a | | | | | | 297,949 | | | | | | n/a | | |
| Net asset value and redemption price per share | | | | | n/a | | | | | $ | 10.85 | | | | | | n/a | | |
See Accompanying Notes to Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019
| | | | Voya Growth and
Income Portfolio | | | Voya Intermediate
Bond Portfolio | | | Voya Small
Company Portfolio | |
| ASSETS: | | | | | | | | | | | | | | | | | | | |
| Investments in securities at fair value+* | | | | $ | 3,158,199,877 | | | | | $ | 2,868,738,140 | | | | | $ | 515,284,851 | | |
| Investments in affiliated underlying funds at fair value** | | | | | — | | | | | | 654,828,347 | | | | | | — | | |
| Short-term investments at fair value*** | | | | | 73,005,946 | | | | | | 73,872,278 | | | | | | 13,407,403 | | |
| Cash | | | | | 722,703 | | | | | | — | | | | | | 67,825 | | |
| Cash collateral for futures | | | | | — | | | | | | 5,854,270 | | | | | | — | | |
| Cash pledged for centrally cleared swaps (Note 2) | | | | | — | | | | | | 7,716,000 | | | | | | — | | |
| Cash pledged as collateral for OTC derivatives (Note 2) | | | | | — | | | | | | 410,000 | | | | | | — | | |
| Foreign currencies at value**** | | | | | — | | | | | | 990 | | | | | | — | | |
| Receivables: | | | | | | | | | | | | | | | | | | | |
| Investment securities sold | | | | | — | | | | | | 202,048 | | | | | | 17,922,919 | | |
| Fund shares sold | | | | | 5,702 | | | | | | 24,727,639 | | | | | | 28,505 | | |
| Dividends | | | | | 3,157,181 | | | | | | 4,364 | | | | | | 322,669 | | |
| Interest | | | | | 917 | | | | | | 16,023,784 | | | | | | 48 | | |
| Foreign tax reclaims | | | | | 194,039 | | | | | | — | | | | | | — | | |
| Unrealized appreciation on forward foreign currency contracts | | | | | — | | | | | | 294,764 | | | | | | — | | |
| Unrealized appreciation on OTC swap agreements | | | | | — | | | | | | 44,415 | | | | | | — | | |
| Variation margin receivable on centrally cleared swaps | | | | | — | | | | | | 783,525 | | | | | | — | | |
| Prepaid expenses | | | | | 21,741 | | | | | | 25,529 | | | | | | 4,136 | | |
| Other assets | | | | | 268,135 | | | | | | 390,835 | | | | | | 48,941 | | |
| Total assets | | | | | 3,235,576,241 | | | | | | 3,653,916,928 | | | | | | 547,087,297 | | |
| LIABILITIES: | | | | | | | | | | | | | | | | | | | |
| Income distribution payable | | | | | — | | | | | | 614 | | | | | | — | | |
| Payable for investment securities purchased | | | | | — | | | | | | 25,560,000 | | | | | | 7,141,510 | | |
| Payable for investment securities purchased on a delayed-delivery or when-issued basis | | | | | — | | | | | | 32,368,261 | | | | | | — | | |
| Payable for fund shares redeemed | | | | | 6,873,965 | | | | | | 700,295 | | | | | | 630,433 | | |
| Payable upon receipt of securities loaned | | | | | 50,791,946 | | | | | | 55,755,716 | | | | | | 11,932,403 | | |
| Unrealized depreciation on forward foreign currency contracts | | | | | — | | | | | | 979,694 | | | | | | — | | |
| Unrealized depreciation on forward premium swaptions | | | | | — | | | | | | 398,663 | | | | | | — | | |
| Payable for investment management fees | | | | | 1,489,777 | | | | | | 1,495,891 | | | | | | 377,264 | | |
| Payable for distribution and shareholder service fees | | | | | 443,626 | | | | | | 594,210 | | | | | | 21,227 | | |
| Payable to custodian due to bank overdraft | | | | | — | | | | | | 2,393 | | | | | | — | | |
| Payable for directors/ trustees fees | | | | | 15,455 | | | | | | 17,793 | | | | | | 2,683 | | |
| Payable to directors/ trustees under the deferred compensation plan (Note 6) | | | | | 268,135 | | | | | | 390,835 | | | | | | 48,941 | | |
| Other accrued expenses and liabilities | | | | | 372,478 | | | | | | 573,383 | | | | | | 128,365 | | |
| Total liabilities | | | | | 60,255,382 | | | | | | 118,837,748 | | | | | | 20,282,826 | | |
| NET ASSETS | | | | $ | 3,175,320,859 | | | | | $ | 3,535,079,180 | | | | | $ | 526,804,471 | | |
| NET ASSETS WERE COMPRISED OF: | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | | | $ | 2,420,285,725 | | | | | $ | 3,460,289,857 | | | | | $ | 478,077,038 | | |
| Total distributable earnings | | | | | 755,035,134 | | | | | | 74,789,323 | | | | | | 48,727,433 | | |
| NET ASSETS | | | | $ | 3,175,320,859 | | | | | $ | 3,535,079,180 | | | | | $ | 526,804,471 | | |
+
Including securities loaned at value | | | | $ | 49,620,164 | | | | | $ | 54,404,626 | | | | | $ | 11,668,031 | | |
*
Cost of investments in securities | | | | $ | 2,455,417,864 | | | | | $ | 2,787,964,394 | | | | | $ | 465,539,337 | | |
**
Cost of investments in affiliated underlying funds | | | | $ | — | | | | | $ | 653,882,057 | | | | | $ | — | | |
***
Cost of short-term investments | | | | $ | 73,005,946 | | | | | $ | 73,872,906 | | | | | $ | 13,407,403 | | |
****
Cost of foreign currencies | | | | $ | — | | | | | $ | 9,467 | | | | | $ | — | | |
See Accompanying Notes to Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2019 (continued)
| | | | Voya Growth and
Income Portfolio | | | Voya Intermediate
Bond Portfolio | | | Voya Small
Company Portfolio | |
| Class ADV | | | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 896,424,321 | | | | | $ | 291,206,645 | | | | | $ | 7,226,881 | | |
| Shares authorized | | | | | unlimited | | | | | | unlimited | | | | | | 100,000,000 | | |
| Par value | | | | $ | 1.000 | | | | | $ | 1.000 | | | | | $ | 0.001 | | |
| Shares outstanding | | | | | 32,089,850 | | | | | | 22,508,939 | | | | | | 454,283 | | |
| Net asset value and redemption price per share | | | | $ | 27.93 | | | | | $ | 12.94 | | | | | $ | 15.91 | | |
| Class I | | | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 1,798,926,933 | | | | | $ | 1,023,644,828 | | | | | $ | 427,877,318 | | |
| Shares authorized | | | | | unlimited | | | | | | unlimited | | | | | | 100,000,000 | | |
| Par value | | | | $ | 1.000 | | | | | $ | 1.000 | | | | | $ | 0.001 | | |
| Shares outstanding | | | | | 63,252,712 | | | | | | 78,276,330 | | | | | | 25,114,003 | | |
| Net asset value and redemption price per share | | | | $ | 28.44 | | | | | $ | 13.08 | | | | | $ | 17.04 | | |
| Class R6 | | | | | | | | | | | | | | | | | | | |
| Net assets | | | | | n/a | | | | | | n/a | | | | | $ | 5,665,187 | | |
| Shares authorized | | | | | n/a | | | | | | n/a | | | | | | 100,000,000 | | |
| Par value | | | | | n/a | | | | | | n/a | | | | | $ | 0.001 | | |
| Shares outstanding | | | | | n/a | | | | | | n/a | | | | | | 332,374 | | |
| Net asset value and redemption price per share | | | | | n/a | | | | | | n/a | | | | | $ | 17.04 | | |
| Class S | | | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 479,675,911 | | | | | $ | 2,198,826,947 | | | | | $ | 86,035,085 | | |
| Shares authorized | | | | | unlimited | | | | | | unlimited | | | | | | 100,000,000 | | |
| Par value | | | | $ | 1.000 | | | | | $ | 1.000 | | | | | $ | 0.001 | | |
| Shares outstanding | | | | | 17,157,814 | | | | | | 169,285,323 | | | | | | 5,219,632 | | |
| Net asset value and redemption price per share | | | | $ | 27.96 | | | | | $ | 12.99 | | | | | $ | 16.48 | | |
| Class S2 | | | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 293,694 | | | | | $ | 21,400,760 | | | | | | n/a | | |
| Shares authorized | | | | | unlimited | | | | | | unlimited | | | | | | n/a | | |
| Par value | | | | $ | 1.000 | | | | | $ | 1.000 | | | | | | n/a | | |
| Shares outstanding | | | | | 10,644 | | | | | | 1,653,873 | | | | | | n/a | | |
| Net asset value and redemption price per share | | | | $ | 27.59 | | | | | $ | 12.94 | | | | | | n/a | | |
See Accompanying Notes to Financial Statements
STATEMENTS OF OPERATIONS for the year ended December 31, 2019
| | | | Voya Balanced
Portfolio | | | Voya Global
Equity Portfolio | | | Voya Government
Money Market
Portfolio | | | Voya Growth and
Income Portfolio | |
| INVESTMENT INCOME: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends, net of foreign taxes withheld* | | | | $ | 6,112,545 | | | | | $ | 21,730,023 | | | | | $ | 57,263 | | | | | $ | 67,918,639 | | |
| Dividends from affiliated underlying funds | | | | | 1,903,493 | | | | | | — | | | | | | — | | | | | | — | | |
| Interest | | | | | 2,673,214 | | | | | | — | | | | | | 10,119,989 | | | | | | 1,140 | | |
| Securities lending income, net | | | | | 63,159 | | | | | | 153,309 | | | | | | — | | | | | | 199,101 | | |
| Total investment income | | | | | 10,752,411 | | | | | | 21,883,332 | | | | | | 10,177,252 | | | | | | 68,118,880 | | |
| EXPENSES: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment management fees | | | | | 2,208,950 | | | | | | 3,471,237 | | | | | | 1,617,758 | | | | | | 18,546,308 | | |
| Distribution and shareholder service fees: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | — | | | | | | 78,953 | | | | | | — | | | | | | 4,412,249 | | |
| Class S | | | | | 6,838 | | | | | | 1,111,195 | | | | | | — | | | | | | 1,192,222 | | |
| Class S2 | | | | | — | | | | | | 1,336 | | | | | | — | | | | | | 1,603 | | |
| Class T | | | | | — | | | | | | 175,507 | | | | | | — | | | | | | — | | |
| Transfer agent fees | | | | | 552 | | | | | | 1,213 | | | | | | 686 | | | | | | 8,745 | | |
| Shareholder reporting expense | | | | | 40,150 | | | | | | 54,442 | | | | | | 38,732 | | | | | | 204,740 | | |
| Professional fees | | | | | 28,105 | | | | | | 45,725 | | | | | | 29,930 | | | | | | 137,924 | | |
| Custody and accounting expense | | | | | 175,240 | | | | | | 121,949 | | | | | | 40,724 | | | | | | 284,191 | | |
| Directors/ trustees fees | | | | | 14,726 | | | | | | 25,066 | | | | | | 18,488 | | | | | | 123,642 | | |
| Licensing fee (Note 7) | | | | | 20,391 | | | | | | — | | | | | | — | | | | | | — | | |
| Miscellaneous expense | | | | | 22,664 | | | | | | 31,682 | | | | | | 17,623 | | | | | | 119,460 | | |
| Interest expense | | | | | 23,759 | | | | | | 2,730 | | | | | | 11,533 | | | | | | 4,897 | | |
| Total expenses | | | | | 2,541,375 | | | | | | 5,121,035 | | | | | | 1,775,474 | | | | | | 25,035,981 | | |
| Waived and reimbursed fees | | | | | — | | | | | | (35,102) | | | | | | (208,002) | | | | | | (1,832,233) | | |
| Brokerage commission recapture | | | | | — | | | | | | (118) | | | | | | — | | | | | | — | | |
| Net expenses | | | | | 2,541,375 | | | | | | 5,085,815 | | | | | | 1,567,472 | | | | | | 23,203,748 | | |
| Net investment income | | | | | 8,211,036 | | | | | | 16,797,517 | | | | | | 8,609,780 | | | | | | 44,915,132 | | |
| REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | | | | 7,205,306 | | | | | | (1,915,122) | | | | | | 336,785 | | | | | | 259,507,222 | | |
| Sale of affiliated underlying funds | | | | | 109,081 | | | | | | — | | | | | | — | | | | | | — | | |
| Forward foreign currency contracts | | | | | (81,808) | | | | | | 31,711 | | | | | | — | | | | | | — | | |
| Foreign currency related transactions | | | | | 47,385 | | | | | | (63,062) | | | | | | — | | | | | | — | | |
| Futures | | | | | 1,708,608 | | | | | | — | | | | | | — | | | | | | — | | |
| Swaps | | | | | 20,856 | | | | | | — | | | | | | — | | | | | | — | | |
| Written options | | | | | (181,790) | | | | | | — | | | | | | — | | | | | | — | | |
| Net realized gain (loss) | | | | | 8,827,638 | | | | | | (1,946,473) | | | | | | 336,785 | | | | | | 259,507,222 | | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | | | | 45,577,098 | | | | | | 110,123,375 | | | | | | — | | | | | | 467,354,641 | | |
| Affiliated underlying funds | | | | | 1,014,002 | | | | | | — | | | | | | — | | | | | | — | | |
| Forward foreign currency contracts | | | | | (1,887) | | | | | | — | | | | | | — | | | | | | — | | |
| Foreign currency related transactions | | | | | 3,055 | | | | | | 10,595 | | | | | | — | | | | | | — | | |
| Futures | | | | | 178,046 | | | | | | — | | | | | | — | | | | | | — | | |
| Swaps | | | | | 98,295 | | | | | | — | | | | | | — | | | | | | — | | |
| Net change in unrealized appreciation (depreciation) | | | | | 46,868,609 | | | | | | 110,133,970 | | | | | | — | | | | | | 467,354,641 | | |
| Net realized and unrealized gain | | | | | 55,696,247 | | | | | | 108,187,497 | | | | | | 336,785 | | | | | | 726,861,863 | | |
| Increase in net assets resulting from operations | | | | $ | 63,907,283 | | | | | $ | 124,985,014 | | | | | $ | 8,946,565 | | | | | $ | 771,776,995 | | |
*
Foreign taxes withheld | | | | $ | 111,518 | | | | | $ | 1,021,721 | | | | | $ | — | | | | | $ | 595,559 | | |
See Accompanying Notes to Financial Statements
STATEMENTS OF OPERATIONS for the year ended December 31, 2019
| | | | Voya Intermediate
Bond Portfolio | | | Voya Small
Company Portfolio | |
| INVESTMENT INCOME: | | | | | | | | | | | | | |
| Dividends, net of foreign taxes withheld* | | | | $ | 123,790 | | | | | $ | 7,101,210 | | |
| Dividends from affiliated underlying funds | | | | | 32,503,970 | | | | | | — | | |
| Interest, net of foreign taxes withheld* | | | | | 106,387,189 | | | | | | 73 | | |
| Securities lending income, net | | | | | 241,826 | | | | | | 76,410 | | |
| Total investment income | | | | | 139,256,775 | | | | | | 7,177,693 | | |
| EXPENSES: | | | | | | | | | | | | | |
| Investment management fees | | | | | 17,792,989 | | | | | | 4,560,816 | | |
| Distribution and shareholder service fees: | | | | | | | | | | | | | |
| Class ADV | | | | | 1,390,589 | | | | | | 34,530 | | |
| Class S | | | | | 5,628,948 | | | | | | 215,381 | | |
| Class S2 | | | | | 83,765 | | | | | | — | | |
| Transfer agent fees | | | | | 5,676 | | | | | | 1,183 | | |
| Shareholder reporting expense | | | | | 226,320 | | | | | | 51,100 | | |
| Professional fees | | | | | 142,750 | | | | | | 37,495 | | |
| Custody and accounting expense | | | | | 368,650 | | | | | | 78,550 | | |
| Directors/ trustees fees | | | | | 142,344 | | | | | | 21,463 | | |
| Miscellaneous expense | | | | | 123,366 | | | | | | 40,214 | | |
| Interest expense | | | | | 212 | | | | | | 2,496 | | |
| Total expenses | | | | | 25,905,609 | | | | | | 5,043,228 | | |
| Recouped and reimbursed fees | | | | | 49,152 | | | | | | — | | |
| Net expenses | | | | | 25,954,761 | | | | | | 5,043,228 | | |
| Net investment income | | | | | 113,302,014 | | | | | | 2,134,465 | | |
| REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | | | | |
| Investments | | | | | 41,163,039 | | | | | | 7,924,479 | | |
| Sale of affiliated underlying funds | | | | | (3,799,321) | | | | | | — | | |
| Capital gain distributions from affiliated underlying funds | | | | | 3,495,326 | | | | | | — | | |
| Forward foreign currency contracts | | | | | (104,867) | | | | | | — | | |
| Foreign currency related transactions | | | | | 252,600 | | | | | | — | | |
| Futures | | | | | 32,156,327 | | | | | | — | | |
| Swaps | | | | | (752,256) | | | | | | — | | |
| Written options | | | | | (6,411,164) | | | | | | — | | |
| Net realized gain | | | | | 65,999,684 | | | | | | 7,924,479 | | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | |
| Investments | | | | | 107,162,550 | | | | | | 117,688,693 | | |
| Affiliated underlying funds | | | | | 49,922,773 | | | | | | — | | |
| Forward foreign currency contracts | | | | | (398,799) | | | | | | — | | |
| Foreign currency related transactions | | | | | (8,472) | | | | | | — | | |
| Futures | | | | | (12,234,434) | | | | | | — | | |
| Swaps | | | | | 2,123,466 | | | | | | — | | |
| Net change in unrealized appreciation (depreciation) | | | | | 146,567,084 | | | | | | 117,688,693 | | |
| Net realized and unrealized gain | | | | | 212,566,768 | | | | | | 125,613,172 | | |
| Increase in net assets resulting from operations | | | | $ | 325,868,782 | | | | | $ | 127,747,637 | | |
*
Foreign taxes withheld | | | | $ | 431 | | | | | $ | 7,929 | | |
See Accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
| | | | Voya Balanced Portfolio | | | Voya Global Equity Portfolio | |
| | | | Year Ended
December 31, 2019 | | | Year Ended
December 31, 2018 | | | Year Ended
December 31, 2019 | | | Year Ended
December 31, 2018 | |
| FROM OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 8,211,036 | | | | | $ | 8,762,903 | | | | | $ | 16,797,517 | | | | | $ | 15,693,673 | | |
| Net realized gain (loss) | | | | | 8,827,638 | | | | | | 16,935,621 | | | | | | (1,946,473) | | | | | | 98,552,173 | | |
| Net change in unrealized appreciation (depreciation) | | | | | 46,868,609 | | | | | | (51,171,067) | | | | | | 110,133,970 | | | | | | (169,316,675) | | |
| Increase (decrease) in net assets resulting from operations | | | | | 63,907,283 | | | | | | (25,472,543) | | | | | | 124,985,014 | | | | | | (55,070,829) | | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total distributions (excluding return of capital): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | — | | | | | | — | | | | | | (1,142,858) | | | | | | (678,675) | | |
| Class I | | | | | (23,387,273) | | | | | | (38,219,666) | | | | | | (10,887,339) | | | | | | (7,921,491) | | |
| Class S | | | | | (177,792) | | | | | | (289,441) | | | | | | (30,582,123) | | | | | | (19,537,870) | | |
| Class S2 | | | | | — | | | | | | — | | | | | | (22,028) | | | | | | (13,091) | | |
| Class T | | | | | — | | | | | | — | | | | | | (2,178,172) | | | | | | (1,273,805) | | |
| Total distributions | | | | | (23,565,065) | | | | | | (38,509,107) | | | | | | (44,812,520) | | | | | | (29,424,932) | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | | | | | ��� | | | |
| Net proceeds from sale of shares | | | | | 5,604,962 | | | | | | 19,110,433 | | | | | | 35,321,065 | | | | | | 8,257,608 | | |
| Proceeds from shares issued in merger (Note 14) | | | | | — | | | | | | — | | | | | | 120,666,328 | | | | | | — | | |
| Reinvestment of distributions | | | | | 23,565,065 | | | | | | 38,509,107 | | | | | | 44,812,520 | | | | | | 29,424,932 | | |
| | | | | | 29,170,027 | | | | | | 57,619,540 | | | | | | 200,799,913 | | | | | | 37,682,540 | | |
| Cost of shares redeemed | | | | | (46,279,105) | | | | | | (71,719,538) | | | | | | (125,172,096) | | | | | | (101,268,523) | | |
| Net increase (decrease) in net assets resulting from capital share transactions | | | | | (17,109,078) | | | | | | (14,099,998) | | | | | | 75,627,817 | | | | | | (63,585,983) | | |
| Net increase (decrease) in net assets | | | | | 23,233,140 | | | | | | (78,081,648) | | | | | | 155,800,311 | | | | | | (148,081,744) | | |
| NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of year or period | | | | | 350,480,620 | | | | | | 428,562,268 | | | | | | 555,170,141 | | | | | | 703,251,885 | | |
| End of year or period | | | | $ | 373,713,760 | | | | | $ | 350,480,620 | | | | | $ | 710,970,452 | | | | | $ | 555,170,141 | | |
See Accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
| | | | Voya Government Money Market Portfolio | | | Voya Growth and Income Portfolio | |
| | | | Year Ended
December 31, 2019 | | | Year Ended
December 31, 2018 | | | Year Ended
December 31, 2019 | | | Year Ended
December 31, 2018 | |
| FROM OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 8,609,780 | | | | | $ | 6,657,582 | | | | | $ | 44,915,132 | | | | | $ | 51,972,509 | | |
| Net realized gain | | | | | 336,785 | | | | | | 81,704 | | | | | | 259,507,222 | | | | | | 300,209,924 | | |
| Net change in unrealized appreciation (depreciation) | | | | | — | | | | | | — | | | | | | 467,354,641 | | | | | | (482,083,171) | | |
| Increase (decrease) in net assets resulting from operations | | | | | 8,946,565 | | | | | | 6,739,286 | | | | | | 771,776,995 | | | | | | (129,900,738) | | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total distributions (excluding return of capital): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | — | | | | | | — | | | | | | (98,849,016) | | | | | | (99,614,503) | | |
| Class I | | | | | (8,951,042) | | | | | | (6,729,717) | | | | | | (200,436,132) | | | | | | (197,263,266) | | |
Class S(1) | | | | | — | | | | | | (591) | | | | | | (54,032,226) | | | | | | (55,646,599) | | |
| Class S2 | | | | | — | | | | | | — | | | | | | (36,281) | | | | | | (48,307) | | |
| Total distributions | | | | | (8,951,042) | | | | | | (6,730,308) | | | | | | (353,353,655) | | | | | | (352,572,675) | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | | | 85,202,977 | | | | | | 116,264,254 | | | | | | 7,667,948 | | | | | | 14,502,562 | | |
| Reinvestment of distributions | | | | | 8,951,042 | | | | | | 6,730,039 | | | | | | 353,133,065 | | | | | | 352,351,607 | | |
| | | | | | 94,154,019 | | | | | | 122,994,293 | | | | | | 360,801,013 | | | | | | 366,854,169 | | |
| Cost of shares redeemed | | | | | (88,069,498) | | | | | | (98,447,467) | | | | | | (483,242,750) | | | | | | (478,362,629) | | |
Net increase (decrease) in net assets resulting from capital
share transactions | | | | | 6,084,521 | | | | | | 24,546,826 | | | | | | (122,441,737) | | | | | | (111,508,460) | | |
| Net increase (decrease) in net assets | | | | | 6,080,044 | | | | | | 24,555,804 | | | | | | 295,981,603 | | | | | | (593,981,873) | | |
| NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of year or period | | | | | 463,191,313 | | | | | | 438,635,509 | | | | | | 2,879,339,256 | | | | | | 3,473,321,129 | | |
| End of year or period | | | | $ | 469,271,357 | | | | | $ | 463,191,313 | | | | | $ | 3,175,320,859 | | | | | $ | 2,879,339,256 | | |
(1)
Class S of Voya Government Money Market Portfolio was fully redeemed on August 29, 2018.
See Accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
| | | | Voya Intermediate Bond Portfolio | | | Voya Small Company Portfolio | |
| | | | Year Ended
December 31, 2019 | | | Year Ended
December 31, 2018 | | | Year Ended
December 31, 2019 | | | Year Ended
December 31, 2018 | |
| FROM OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 113,302,014 | | | | | $ | 122,589,915 | | | | | $ | 2,134,465 | | | | | $ | 1,794,210 | | |
| Net realized gain (loss) | | | | | 65,999,684 | | | | | | (46,771,753) | | | | | | 7,924,479 | | | | | | 63,492,935 | | |
| Net change in unrealized appreciation (depreciation) | | | | | 146,567,084 | | | | | | (110,400,525) | | | | | | 117,688,693 | | | | | | (163,071,636) | | |
| Increase (decrease) in net assets resulting from operations | | | | | 325,868,782 | | | | | | (34,582,363) | | | | | | 127,747,637 | | | | | | (97,784,491) | | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total distributions (excluding return of capital): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | (8,383,955) | | | | | | (9,119,081) | | | | | | (1,001,250) | | | | | | (1,214,551) | | |
| Class I | | | | | (35,371,437) | | | | | | (37,979,967) | | | | | | (60,093,482) | | | | | | (83,024,164) | | |
| Class R6 | | | | | — | | | | | | — | | | | | | (889,586) | | | | | | (1,074,401) | | |
| Class S | | | | | (73,267,399) | | | | | | (82,137,787) | | | | | | (12,637,157) | | | | | | (15,968,030) | | |
| Class S2 | | | | | (651,433) | | | | | | (747,515) | | | | | | — | | | | | | — | | |
| Total distributions | | | | | (117,674,224) | | | | | | (129,984,350) | | | | | | (74,621,475) | | | | | | (101,281,146) | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | | | 144,881,394 | | | | | | 105,606,814 | | | | | | 27,464,775 | | | | | | 61,001,640 | | |
| Reinvestment of distributions | | | | | 117,666,869 | | | | | | 129,976,588 | | | | | | 74,621,475 | | | | | | 101,281,146 | | |
| | | | | | 262,548,263 | | | | | | 235,583,402 | | | | | | 102,086,250 | | | | | | 162,282,786 | | |
| Cost of shares redeemed | | | | | (464,637,605) | | | | | | (584,311,413) | | | | | | (156,108,012) | | | | | | (168,560,259) | | |
| Net decrease in net assets resulting from capital share transactions | | | | | (202,089,342) | | | | | | (348,728,011) | | | | | | (54,021,762) | | | | | | (6,277,473) | | |
| Net increase (decrease) in net assets | | | | | 6,105,216 | | | | | | (513,294,724) | | | | | | (895,600) | | | | | | (205,343,110) | | |
| NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of year or period | | | | | 3,528,973,964 | | | | | | 4,042,268,688 | | | | | | 527,700,071 | | | | | | 733,043,181 | | |
| End of year or period | | | | $ | 3,535,079,180 | | | | | $ | 3,528,973,964 | | | | | $ | 526,804,471 | | | | | $ | 527,700,071 | | |
See Accompanying Notes to Financial Statements
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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-19 | | | | | 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 | | |
| 12-31-15 | | | | | 14.64 | | | | | | 0.28• | | | | | | (0.54) | | | | | | (0.26) | | | | | | 0.28 | | | | | | — | | | | | | — | | | | | | 0.28 | | | | | | — | | | | | | 14.10 | | | | | | (1.86) | | | | | | 0.67 | | | | | | 0.62 | | | | | | 0.62 | | | | | | 1.90 | | | | | | 438,912 | | | | | | 193 | | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | |
| 12-31-15 | | | | | 14.55 | | | | | | 0.24• | | | | | | (0.54) | | | | | | (0.30) | | | | | | 0.24 | | | | | | — | | | | | | — | | | | | | 0.24 | | | | | | — | | | | | | 14.01 | | | | | | (2.14) | | | | | | 0.92 | | | | | | 0.87 | | | | | | 0.87 | | | | | | 1.65 | | | | | | 4,058 | | | | | | 193 | | |
| Voya Global Equity Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | |
| 12-31-15 | | | | | 9.11 | | | | | | 0.21• | | | | | | (0.47) | | | | | | (0.26) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8.85 | | | | | | (2.85)(b) | | | | | | 1.11 | | | | | | 1.11 | | | | | | 1.11 | | | | | | 2.26 | | | | | | 23,880 | | | | | | 83 | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | |
| 03-05-15(5) - | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-15 | | | | | 9.63 | | | | | | 0.22• | | | | | | (0.85) | | | | | | (0.63) | | | | | | 0.06 | | | | | | — | | | | | | — | | | | | | 0.06 | | | | | | — | | | | | | 8.94 | | | | | | (6.64)(b) | | | | | | 0.61 | | | | | | 0.61 | | | | | | 0.61 | | | | | | 2.78 | | | | | | 165,749 | | | | | | 83 | | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-19 | | | | | 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 | | |
| 12-31-15 | | | | | 9.20 | | | | | | 0.22• | | | | | | (0.44) | | | | | | (0.22) | | | | | | 0.05 | | | | | | — | | | | | | — | | | | | | 0.05 | | | | | | — | | | | | | 8.93 | | | | | | (2.47)(b) | | | | | | 0.86 | | | | | | 0.86 | | | | | | 0.86 | | | | | | 2.38 | | | | | | 558,519 | | | | | | 83 | | |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | |
| 03-05-15(5) - | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-15 | | | | | 9.52 | | | | | | 0.14• | | | | | | (0.80) | | | | | | (0.66) | | | | | | 0.06 | | | | | | — | | | | | | — | | | | | | 0.06 | | | | | | — | | | | | | 8.80 | | | | | | (7.04)(b) | | | | | | 1.11 | | | | | | 1.01 | | | | | | 1.01 | | | | | | 1.86 | | | | | | 288 | | | | | | 83 | | |
See Accompanying Notes to Financial Statements
Financial Highlights (continued)
| | | | | | | | | | Income (loss)
from
investment
operations | | | | | | | | | Less
Distributions | | | | | | | | | | | | | | | | | | | | | | | | | | | Ratios to average
net assets | | | Supplemental
Data | |
| | | | Net asset value, beginning of year
or period | | | Net investment income (loss) | | | Net realized and unrealized
gain (loss) | | | Total from investment operations | | | From net investment income | | | From net realized gains | | | From return of capital | | | Total distributions | | | Payment by affiliate | | | Net asset value, end of year
or period | | | Total Return(1) | | | Expenses before
reductions/additions(2)(3)(4) | | | Expenses net of fee waivers
and/or recoupments if any(2)(3)(4) | | | Expenses net of all
reductions/additions(2)(3)(4) | | | Net investment income (loss)(2)(3) | | | Net assets, end of year or period | | | Portfolio turnover rate | |
Year or
period ended | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | |
| Voya Global Equity Portfolio (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class T | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-19 | | | | | 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 | | |
| 03-05-15(5) - | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-15 | | | | | 9.52 | | | | | | 0.17• | | | | | | (0.83) | | | | | | (0.66) | | | | | | 0.06 | | | | | | — | | | | | | — | | | | | | 0.06 | | | | | | — | | | | | | 8.80 | | | | | | (7.04)(b) | | | | | | 1.36 | | | | | | 1.21 | | | | | | 1.21 | | | | | | 2.21 | | | | | | 53,997 | | | | | | 83 | | |
| Voya Government Money Market Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-19 | | | | | 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 | | | | | | — | | |
| 12-31-15 | | | | | 1.00 | | | | | | 0.00* | | | | | | 0.00* | | | | | | 0.00* | | | | | | 0.00* | | | | | | 0.00* | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 1.00 | | | | | | 0.01 | | | | | | 0.38 | | | | | | 0.22 | | | | | | 0.22 | | | | | | 0.00* | | | | | | 541,132 | | | | | | — | | |
| Voya Growth and Income Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | |
| 12-31-15 | | | | | 30.28 | | | | | | 0.44• | | | | | | (0.96) | | | | | | (0.52) | | | | | | 0.47 | | | | | | 1.48 | | | | | | — | | | | | | 1.95 | | | | | | — | | | | | | 27.81 | | | | | | (1.82) | | | | | | 1.13 | | | | | | 1.03 | | | | | | 1.03 | | | | | | 1.46 | | | | | | 1,145,072 | | | | | | 53 | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | |
| 12-31-15 | | | | | 30.63 | | | | | | 0.59• | | | | | | (0.99) | | | | | | (0.40) | | | | | | 0.62 | | | | | | 1.48 | | | | | | — | | | | | | 2.10 | | | | | | — | | | | | | 28.13 | | | | | | (1.42) | | | | | | 0.63 | | | | | | 0.58 | | | | | | 0.58 | | | | | | 1.91 | | | | | | 1,872,684 | | | | | | 53 | | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | |
| 12-31-15 | | | | | 30.31 | | | | | | 0.51• | | | | | | (0.97) | | | | | | (0.46) | | | | | | 0.54 | | | | | | 1.48 | | | | | | — | | | | | | 2.02 | | | | | | — | | | | | | 27.83 | | | | | | (1.64) | | | | | | 0.88 | | | | | | 0.83 | | | | | | 0.83 | | | | | | 1.66 | | | | | | 662,075 | | | | | | 53 | | |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | |
| 12-31-15 | | | | | 30.11 | | | | | | 0.47• | | | | | | (0.97) | | | | | | (0.50) | | | | | | 0.53 | | | | | | 1.48 | | | | | | — | | | | | | 2.01 | | | | | | — | | | | | | 27.60 | | | | | | (1.78) | | | | | | 1.13 | | | | | | 0.98 | | | | | | 0.98 | | | | | | 1.56 | | | | | | 346 | | | | | | 53 | | |
See Accompanying Notes to Financial Statements
Financial Highlights (continued)
| | | | | | | | | | Income (loss)
from
investment
operations | | | | | | | | | Less
Distributions | | | | | | | | | | | | | | | | | | | | | | | | | | | Ratios to average
net assets | | | Supplemental
Data | |
| | | | Net asset value, beginning of year
or period | | | Net investment income (loss) | | | Net realized and unrealized
gain (loss) | | | Total from investment operations | | | From net investment income | | | From net realized gains | | | From return of capital | | | Total distributions | | | Payment by affiliate | | | Net asset value, end of year
or period | | | Total Return(1) | | | Expenses before
reductions/additions(2)(3)(4) | | | Expenses net of fee waivers
and/or recoupments if any(2)(3)(4) | | | Expenses net of all
reductions/additions(2)(3)(4) | | | Net investment income (loss)(2)(3) | | | Net assets, end of year or period | | | Portfolio turnover rate | |
Year or
period ended | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | |
| Voya Intermediate Bond Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-19 | | | | | 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 | | |
| 12-31-15 | | | | | 12.81 | | | | | | 0.34• | | | | | | (0.34) | | | | | | 0.00* | | | | | | 0.41 | | | | | | — | | | | | | — | | | | | | 0.41 | | | | | | — | | | | | | 12.40 | | | | | | (0.02) | | | | | | 1.03 | | | | | | 0.98 | | | | | | 0.98 | | | | | | 2.62 | | | | | | 319,732 | | | | | | 346 | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | |
| 12-31-15 | | | | | 12.90 | | | | | | 0.41• | | | | | | (0.33) | | | | | | 0.08 | | | | | | 0.46 | | | | | | — | | | | | | — | | | | | | 0.46 | | | | | | — | | | | | | 12.52 | | | | | | 0.60 | | | | | | 0.53 | | | | | | 0.48 | | | | | | 0.48 | | | | | | 3.14 | | | | | | 1,248,125 | | | | | | 346 | | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | |
| 12-31-15 | | | | | 12.83 | | | | | | 0.37• | | | | | | (0.34) | | | | | | 0.03 | | | | | | 0.42 | | | | | | — | | | | | | — | | | | | | 0.42 | | | | | ��� | — | | | | | | 12.44 | | | | | | 0.26 | | | | | | 0.78 | | | | | | 0.73 | | | | | | 0.73 | | | | | | 2.90 | | | | | | 3,169,894 | | | | | | 346 | | |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | |
| 12-31-15 | | | | | 12.79 | | | | | | 0.35• | | | | | | (0.33) | | | | | | 0.02 | | | | | | 0.41 | | | | | | — | | | | | | — | | | | | | 0.41 | | | | | | — | | | | | | 12.40 | | | | | | 0.17 | | | | | | 1.03 | | | | | | 0.88 | | | | | | 0.88 | | | | | | 2.75 | | | | | | 29,217 | | | | | | 346 | | |
| Voya Small Company Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | |
| 12-31-15 | | | | | 22.49 | | | | | | (0.03) | | | | | | (0.11) | | | | | | (0.14) | | | | | | — | | | | | | 3.36 | | | | | | — | | | | | | 3.36 | | | | | | — | | | | | | 18.99 | | | | | | (1.26) | | | | | | 1.39 | | | | | | 1.34 | | | | | | 1.34 | | | | | | (0.07) | | | | | | 5,615 | | | | | | 45 | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | |
| 12-31-15 | | | | | 23.25 | | | | | | 0.09 | | | | | | (0.13) | | | | | | (0.04) | | | | | | 0.12 | | | | | | 3.36 | | | | | | — | | | | | | 3.48 | | | | | | — | | | | | | 19.73 | | | | | | (0.79) | | | | | | 0.89 | | | | | | 0.84 | | | | | | 0.84 | | | | | | 0.43 | | | | | | 487,778 | | | | | | 45 | | |
See Accompanying Notes to Financial Statements
Financial Highlights (continued)
| | | | | | | | | | Income (loss)
from
investment
operations | | | | | | | | | Less
Distributions | | | | | | | | | | | | | | | | | | | | | | | | | | | Ratios to average
net assets | | | Supplemental
Data | |
| | | | Net asset value, beginning of year
or period | | | Net investment income (loss) | | | Net realized and unrealized
gain (loss) | | | Total from investment operations | | | From net investment income | | | From net realized gains | | | From return of capital | | | Total distributions | | | Payment by affiliate | | | Net asset value, end of year
or period | | | Total Return(1) | | | Expenses before
reductions/additions(2)(3)(4) | | | Expenses net of fee waivers
and/or recoupments if any(2)(3)(4) | | | Expenses net of all
reductions/additions(2)(3)(4) | | | Net investment income (loss)(2)(3) | | | Net assets, end of year or period | | | Portfolio turnover rate | |
Year or
period ended | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | |
| Voya Small Company Portfolio (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-19 | | | | | 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 | | |
| 11-24-15(5) - | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-15 | | | | | 20.56 | | | | | | 0.02• | | | | | | (0.84) | | | | | | (0.82) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 19.74 | | | | | | (3.99) | | | | | | 0.89 | | | | | | 0.84 | | | | | | 0.84 | | | | | | 0.99 | | | | | | 3 | | | | | | 45 | | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | �� | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-19 | | | | | 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 | | |
| 12-31-15 | | | | | 22.84 | | | | | | 0.03 | | | | | | (0.12) | | | | | | (0.09) | | | | | | 0.06 | | | | | | 3.36 | | | | | | — | | | | | | 3.42 | | | | | | — | | | | | | 19.33 | | | | | | (1.02) | | | | | | 1.14 | | | | | | 1.09 | | | | | | 1.09 | | | | | | 0.18 | | | | | | 110,685 | | | | | | 45 | | |
(1)
Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.
(2)
Annualized for periods less than one year.
(3)
Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions.
(4)
Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy.
(5)
Commencement of operations.
(a)
Excluding amounts related to a transition cost reimbursement recorded in the year ended December 31, 2018, total return for Voya Global Equity Portfolio would have been (9.37)%, (8.96)%, (9.22)%, (9.38)% and (9.52)% for Classes ADV, I, S, S2 and T, respectively.
(b)
Excluding amounts related to a foreign currency settlement recorded in the fiscal year ended December 31, 2015, total return for Voya Global Equity Portfolio would have been (2.96)%, (6.85)%, (2.69)%, (7.14)% and (7.25)% for Classes ADV, I, S, S2 and T, respectively.
•
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
NOTES TO FINANCIAL STATEMENTS as of December 31, 2019
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 eighteen active separate investment series. The two diversified series of Voya Variable Portfolios, Inc. included in this report are Voya Global Equity Portfolio (“Global Equity”) and Voya Small Company Portfolio (“Small Company”). Voya Intermediate Bond Portfolio is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, Voya Intermediate Bond Portfolio (“Intermediate Bond”). Voya Government Money Market Portfolio is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, Voya Government Money Market Portfolio (“Government Money Market”). Each of the Voya Variable Product Funds is a “Portfolio” and collectively, they are the “Portfolios.” The investment objective of the Portfolios is described in the respective Portfolio’s Prospectus.
The classes of shares included in this report are: Adviser (“Class ADV”), Class I, Class R6, Class S, Service 2 (“Class S2”) and Class T; however, each Portfolio may not offer all share classes. With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each
class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if applicable.
Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investment Management Co. LLC (“Voya IM” or the “Sub- Adviser”), a Delaware limited liability company, serves as the Sub-Adviser to the Portfolios. Voya Investments Distributor, LLC (“VID” or the “Distributor”), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under U.S. generally accepted accounting principles (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies.
A. Security Valuation. Each Portfolio is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share for each class of each Portfolio, (except Government Money Market), is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The data reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic communications networks, and third-market broker-dealers. The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio’s assets attributable to that class, subtracting the Portfolio’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio’s assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio’s assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.
NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
Assets for which market quotations are readily available are valued at market value. A security listed or traded on an exchange is valued at its last sales price or official closing price as of the close of the regular trading session on the exchange where the security is principally traded or, if such price is not available, at the last sale price as of the Market Close for such security provided by the CTA. Bank loans are valued at the average of the averages of the bid and ask prices provided to an independent loan pricing service by brokers. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the regular trading session on the exchange where the security is principally traded.
When a market quotation is not readily available or is deemed unreliable, each Portfolio will determine a fair value for the relevant asset in accordance with procedures adopted by the Portfolios’ Board of Directors/Trustees (“Board”). Such procedures provide, for example, that: (a) Exchange-traded securities are valued at the mean of the closing bid and ask; (b) Debt obligations are valued using an evaluated price provided by an independent pricing service. Evaluated prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect factors such as institution-size trading in similar groups of securities, developments related to specific securities, benchmark yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data; (c) Securities traded in the over-the-counter (“OTC”) market are valued based on prices provided by independent pricing services or market makers; (d) Options not listed on an exchange are valued by an independent source using an industry accepted model, such as Black-Scholes; (e) Centrally cleared swap agreements are valued using a price provided by the central counterparty clearinghouse; (f) OTC swap agreements are valued using a price provided by an independent pricing service; (g) Forward foreign currency exchange contracts are valued utilizing current and forward rates obtained from an independent pricing service. Such prices from the third party pricing service are for specific settlement periods and each Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent period reported by the
independent pricing service; and (h) Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by brokers.
The prospectuses of the open-end registered investment companies in which each Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing.
Foreign securities’ (including forward foreign currency exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close. If market quotations are available and believed to be reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. An independent pricing service determines the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of Market Close. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be valued by the independent pricing service using pricing models designed to estimate likely changes in the values of those securities between the times in which the trading in those securities is substantially completed and Market Close. Multiple factors may be considered by the independent pricing service in determining the value of such securities and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures.
All other assets for which market quotations are not readily available or became unreliable (or if the above fair valuation methods are unavailable or determined to be unreliable) are valued at fair value as determined in good faith by or under the supervision of the Board following procedures approved by the Board. The Board has delegated to the Investment Adviser responsibility for overseeing the implementation of the Portfolios’ valuation procedures; a “Pricing Committee” comprised of employees of the Investment Adviser or its affiliates has responsibility for applying the fair valuation methods set forth in the procedures and, if a fair valuation cannot be determined pursuant to the fair valuation methods, determining the fair value of assets held by the Portfolios. Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the
NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in each Portfolio.
Government Money Market uses the amortized cost method to value its portfolio securities and seeks to maintain a constant NAV of $1.00 per share, although there may be circumstances under which this goal cannot be achieved. The amortized cost method involves valuing a security at its cost and amortizing any discount or premium over the period until maturity, regardless of the impact of fluctuating interest rates or the market value of the security. Although the Board has established procedures designed to stabilize, to the extent reasonably possible, the share price of Government Money Market, there can be no assurance that the Portfolio’s NAV can be maintained at $1.00 per share.
Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the Sub-Adviser’s or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Portfolios’ investments under these levels of classification is included within the Portfolio of Investments.
GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Portfolio has a significant amount of Level 3 investments.
B. Securities Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is
recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Portfolios. Premium amortization and discount accretion are determined by the effective yield method.
C. Foreign Currency Translation. The books and records of the Portfolios are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:
(1)
Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close.
(2)
Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.
Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Portfolios do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities’ current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on a Portfolio’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments, which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.
NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
D. Risk Exposures and the Use of Derivative Instruments. Certain Portfolios’ investment strategies permit the Portfolios to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow a Portfolio to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.
In pursuit of its investment objectives, a Portfolio may seek to increase or decrease its exposure to the following market or credit risk factors:
Credit Risk. The price of a bond or other debt instrument is likely to fall if the issuer’s actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.
Equity Risk. Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Portfolio to achieve its investment objectives.
Foreign Exchange Rate Risk. To the extent that a Portfolio invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by a Portfolio through foreign currency exchange transactions.
Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by
changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.
Interest Rate Risk. With bonds and other fixed rate debt instruments, a rise in market interest rates generally causes values to fall; conversely, values generally rise as market interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate paid by the securities is a floating rate, which generally will decrease when the market rate of interest to which the inverse security is indexed increases and will increase when the market rate of interest to which the inverse security is indexed decreases. As of the date of this report, the United States experiences a low interest rate environment, which may increase a Portfolio’s exposure to risks associated with rising market interest rates. Rising market interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For a fund that invests in fixed-income securities, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential changes in government policy may affect interest rates.
Risks of Investing in Derivatives. A Portfolio’s use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.
Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the
NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.
Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated OTC with a single counterparty and as a result are subject to credit risks related to the counterparty’s ability or willingness to perform its obligations; any deterioration in the counterparty’s creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market’s movements and may have unexpected or undesired results such as a loss or a reduction in gains.
Counterparty Credit Risk and Credit Related Contingent Features. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. A Portfolio intends to enter into financial transactions with counterparties that they believe to be creditworthy at the time of the transaction. To reduce this risk, a Portfolio has entered into master netting arrangements, established within each Portfolio’s International Swap and Derivatives Association, Inc. Master Agreements (“Master Agreements”). These Master Agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by a Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to
terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.
A Portfolio may also enter into collateral agreements with certain counterparties to further mitigate counterparty credit risk on OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from a Portfolio is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.
As of December 31, 2019, the maximum amount of loss that Balanced and Intermediate Bond would incur if the counterparties to their derivative transactions failed to perform would be $5,403 and $339,179, respectively, which represents the gross payments to be received by the Portfolios on open forward foreign currency contracts and volatility swaps were they to be unwound as of December 31, 2019. The Portfolios did not receive any cash collateral at December 31, 2019.
Each Portfolio has credit-related contingent features that if triggered would allow its derivative counterparties to close out and demand payment or additional collateral to cover their exposure from a Portfolio. Credit-related contingent features are established between each Portfolio and their derivatives counterparties to reduce the risk that a Portfolio will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in a Portfolio’s net assets and/or a percentage decrease in a Portfolio’s NAV, which could cause a Portfolio to accelerate payment of any net liability owed to the counterparty. The contingent features are established within each Portfolio’s Master Agreements.
As of December 31, 2019, Balanced and Intermediate Bond had a liability position of $25,855 and $1,378,357, respectively, on open forward foreign currency contracts and forward premium swaptions with credit related contingent features. If a contingent feature would have been triggered as of December 31, 2019, these Portfolios could have been required to pay these amounts in cash to their counterparties. At December 31, 2019, Intermediate Bond pledged $410,000 in cash collateral to certain counterparties for open OTC derivatives. Balanced did not pledge any cash collateral at December 31, 2019.
E. Forward Foreign Currency Transactions and Futures Contracts. Certain Portfolios may enter into foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar in connection with the planned purchases or sales of
NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
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, 2019, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below:
| | | | Purchased | | | Sold | |
| Balanced | | | | $ | 614,147 | | | | | $ | 1,666,292 | | |
| Global Equity | | | | | 4,816,896 | | | | | | 6,004,686 | | |
| Intermediate Bond | | | | | 26,834,462 | | | | | | 77,158,552 | | |
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, 2019. Global Equity did not have any open forward foreign currency contracts at December 31, 2019.
Each Portfolio, with the exception of Government Money Market, may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. A Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when each Portfolio’s assets are valued.
Upon entering into a futures contract, a Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by a Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. Open futures contracts are reported on a table within each
Portfolio’s Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statements of Operations. Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.
Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 2019, Balanced and Intermediate Bond have purchased and sold futures contracts on various bonds and notes. Balanced and Intermediate Bond purchased and sold futures on bonds and notes as part of their duration management. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where a Portfolio is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of a Portfolio’s securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. During the year ended December 31, 2019, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below:
| | | | Purchased | | | Sold | |
| Balanced | | | | $ | 41,091,477 | | | | | $ | 15,221,485 | | |
| Intermediate Bond | | | | | 424,083,431 | | | | | | 161,220,292 | | |
Please refer to the tables within each respective Portfolio of Investments for the above Portfolios’ open futures contracts at December 31, 2019.
F. Options Contracts. Certain Portfolios may write call and put options on futures, swaps (“swaptions”), securities, commodities or foreign currencies it owns or in which it may invest. Writing put options tends to increase the Portfolios exposure to the underlying instrument. Writing call options tends to decrease the Portfolios exposure to the underlying instrument. When a Portfolio writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities. Forward premium 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
NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
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, 2019, Balanced and Intermediate Bond had average notional values of $30,397,000 and $1,626,982,000, respectively, on purchased interest rate swap options (“swaptions”) to manage its duration strategy. The Portfolios did not have any open purchased interest rate swaptions at December 31, 2019.
During the year ended December 31, 2019, Balanced and Intermediate Bond had average notional values of $15,499,000 and $564,601,000, respectively, on written interest rate swaptions to generate income. The Portfolios did not have any open written interest rate swaptions at December 31, 2019.
During the year ended December 31, 2019, Balanced and Intermediate Bond had average notional values of $8,420,800 and $386,503,600, respectively, on purchased forward premium swaptions to manage duration and yield curve exposures. Please refer to the tables within the Portfolios of investments for open purchased forward premium swaptions at December 31, 2019.
G. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Each Portfolio distributes capital gains, if any, annually. Balanced and Small Company declare and pay dividends, if any, annually. Growth and Income declares and pays dividends, if any, semi-annually. Government Money Market and Intermediate Bond declare dividends daily and pay dividends, if any, monthly. Global Equity declares and pays dividends, if any, quarterly. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.
H. Federal Income Taxes. It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios’ tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized or expire.
The Portfolios may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.
I. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
J. Repurchase Agreements. Each Portfolio may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities 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
NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
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, 2019.
K. Securities Lending. Each Portfolio (except Government Money Market) may temporarily loan up to 331∕3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios’ other risks.
L. Restricted Securities. The Portfolios may invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933, as amended (“1933 Act”) or securities offered pursuant to Section 4(a)(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.
Securities that are not registered for sale to the public under the 1933 Act are referred to as “restricted securities.” These securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Many times these securities are subject to legal or contractual restrictions on resale. As a result of the absence of a public trading market, the prices of these securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.
M. When-Issued and Delayed-Delivery Transactions. Each Portfolio may purchase or sell securities on a when-issued or forward commitment basis. The price of the underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The fair value of such is identified in the Portfolio of Investments. Losses may arise due to changes in the fair value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Portfolios are required to hold liquid assets as collateral with the Portfolios’ custodian sufficient to cover the purchase price.
To mitigate counterparty risk, certain Portfolios have entered into Master Securities Forward Transaction Agreements (“MSFTA”) with their respective counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed-delivery transactions with a particular counterparty. Cash collateral, if any, is presented on the Statement of Assets and Liabilities as an asset (Cash pledged as collateral for delayed-delivery or when-issued securities) and a liability (Cash received as collateral for delayed-delivery or when-issued securities).
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
NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
agrees to repurchase a substantially similar (i.e., same type, coupon, and maturity) security from the institution on a delayed delivery basis at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different prepayment histories. The Portfolios account for dollar roll transactions as purchases and sales. For fee based roll transactions, the fee is recorded as income.
O. Swap Agreements. Certain Portfolios may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). Swap agreements are privately negotiated in the OTC market and may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The swap agreement will specify the “notional” amount of the asset or non-asset reference to which the contract relates. Subsequent changes in fair value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. A Portfolio may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported within each Portfolio’s Portfolio of Investments.
Swaps are marked to market daily using quotations primarily from third party pricing services, counterparties or brokers. The value of the swap contract is recorded on each Portfolio’s Statement of Assets and Liabilities. During the term of the swap, changes in the value of the swap, if any, are recorded as unrealized gains or losses on the Statement of Operations. Upfront payments paid or received by a Portfolio when entering into the agreements are reported on the Statement of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statement of Operations. These upfront payments represent the amounts paid or received when initially entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and the prevailing market conditions. The upfront payments are included as a component in the realized gains or losses on each Portfolio’s Statement of Operations upon termination or maturity of the swap. A Portfolio also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statement of Operations.
In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and the Portfolio’s counterparty on the swap agreement becomes the CCP. The Portfolios are required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Portfolios are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are footnoted as pledged on the Portfolio of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as cash pledged for centrally cleared swaps. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) on the Statements of Operations.
Entering into swap agreements involves the risk that the maximum potential loss of an investment exceeds the current value of the investment as reported on each Portfolio’s Statement of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may default on its obligation to perform, that there will be no liquid market for these investments and that unfavorable changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.
Credit Default Swap Contracts. A credit default swap is a bilateral agreement between counterparties in which the buyer of the protection agrees to make a stream of periodic payments to the seller of protection in exchange for the right to receive a specified return in the event of a default or other credit event for a referenced entity, obligation or index. As a seller of protection on credit default swaps, a Portfolio will generally receive from the buyer a fixed payment stream based on the notional amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.
A Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, a Portfolio may execute these contracts to manage its exposure to the market or certain 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).
NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
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, 2019, Balanced and Intermediate Bond had bought and sold credit protection on credit default swap indices (“CDX”). A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. Balanced and Intermediate Bond used CDX swaps to gain additional exposure with various sectors of the credit market and to hedge the credit risk associated with various sectors within the credit market. Balanced and Intermediate Bond also sold credit protection on single name issuers (Corporate or Sovereign) to gain additional exposure to the credit market.
For the year ended December 31, 2019, Balanced had an average notional amount of $2,030,968 on credit default swaps to buy protection and an average notional amount of $1,580,624 on credit default swaps to sell protection. For the year ended December 31, 2019, Intermediate Bond had an average notional amount of $122,735,771 on credit default swaps to buy protection and an average notional amount of $33,687,500 on credit default swaps to sell protection. Please refer to the tables within the Portfolio of Investments for Balanced and Intermediate Bond for open credit default swaps to buy and sell protection (Balanced only) at December 31, 2019. Intermediate Bond did not have any open credit default swaps to sell protection at December 31, 2019.
Interest Rate Swap Contracts. An interest rate swap involves the agreement between counterparties to exchange periodic payments based on interest rates. One payment will be based on a floating rate of a specified interest rate while the other will be a fixed rate. Risks involve the future fluctuations of interest rates in which a Portfolio may make payments that are greater than what a Portfolio received from the counterparty. Other risks include credit, liquidity and market risk.
For the year ended December 31, 2019, Balanced and Intermediate Bond had entered into interest rate swaps in which they pay a floating interest rate and receive a fixed interest rate (“Long interest rate swap”) in order to increase
NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
exposure to interest rate risk. Average notional amounts on Long interest rate swaps were $5,663,800 and $528,216,667, respectively.
For the year ended December 31, 2019, Balanced and Intermediate Bond had entered into interest rate swaps in which they pay a fixed interest rate and receive a floating interest rate (“Short interest rate swap”) in order to decrease exposure to interest rate risk. Average notional amounts on Short interest rate swaps were $6,512,600 and $386,779,000, respectively.
Balanced and Intermediate Bond entered into interest rate swaps to adjust interest rate and yield curve exposures and to substitute for physical fixed-income securities. Please refer to the table within each respective Portfolio of Investments for Balanced and Intermediate Bond for open interest rate swaps at December 31, 2019.
At December 31, 2019, Balanced and Intermediate Bond had pledged $342,000 and $7,716,000, respectively, in cash collateral for open centrally cleared 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, 2019, Balanced and Intermediate Bond had average notional amounts of $5,500 and $336,000, respectively, on foreign currency volatility swaps (receiver). Please refer to the tables within each respective Portfolio of Investments for open volatility swaps at December 31, 2019.
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, 2019, the cost of purchases and the proceeds from the sales of securities, excluding short-term and U.S. government securities, were as follows:
| | | | Purchases | | | Sales | |
| Balanced | | | | $ | 241,792,602 | | | | | $ | 251,088,916 | | |
| Global Equity | | | | | 397,083,875 | | | | | | 466,600,754 | | |
| Growth and Income | | | | | 2,105,007,440 | | | | | | 2,525,605,403 | | |
| Intermediate Bond | | | | | 1,001,415,633 | | | | | | 1,288,227,929 | | |
| Small Company | | | | | 648,724,972 | | | | | | 772,468,215 | | |
U.S. government securities not included above were as follows:
| | | | Purchases | | | Sales | |
| Balanced | | | | $ | 156,689,385 | | | | | $ | 176,577,875 | | |
| Intermediate Bond | | | | | 4,416,307,479 | | | | | | 4,474,256,917 | | |
NOTE 4 — INVESTMENT MANAGEMENT FEES
The Portfolios have entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolios. The Investment Adviser oversees all investment management and portfolio management services for the Portfolios and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolios, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates:
| Portfolio | | | Fee | |
| Balanced | | | 0.60% | |
| Global Equity | | | 0.56% on the first $500 million; | |
| | | | 0.53% on the next $500 million; | |
| | | | 0.51% thereafter | |
Government Money Market(1) | | | 0.35% | |
| Growth and Income(1) | | | 0.600% on the first $5 billion; | |
| | | | 0.550% on the next $5 billion; | |
| | | | 0.525% thereafter | |
| Intermediate Bond | | | 0.50% on first $4 billion; | |
| | | | 0.48% on next $3 billion; | |
| | | | 0.46% thereafter | |
| Small Company | | | 0.85% | |
(1)
The Investment Adviser is contractually obligated to waive a portion of the management fee equal to 0.045% on the first $5 billion and
NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)
NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)
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.
Under the Plan for Class T shares of Global Equity, the Distributor is paid an annual distribution fee at the rate of 0.50% of Global Equity’s average daily net assets attributable to Class T shares. The Distributor has contractually agreed to waive a portion of its fee equal to 0.15% of the average daily net assets attributable to the distribution fee paid by Class T shares of Global Equity, so that the actual fee paid by Class T shares of Global Equity is an annual rate of 0.35%. Termination or modification of this obligation requires approval by the Board.
Class T shares of Global Equity are subject to a shareholder servicing plan (“Service Plan”). The Service Plan allows the Distributor to enter into shareholder servicing agreements with insurance companies, broker dealers or other financial intermediaries that provide administrative services related to Class T and their shareholders including Variable Contract owners or Qualified Plan participants with interests in Global Equity. Under the Service Plan, the Portfolio makes payments to the Distributor which shall not exceed an annual rate of 0.25% of the Portfolio’s average daily net assets attributable to its Class T shares.
The Distributor and the Investment Adviser have contractually agreed to waive a portion of their distribution and/or shareholder servicing fees and management fees, as applicable, and to reimburse certain expenses to the extent necessary to assist Government Money Market in maintaining a yield of not less than zero. There is no guarantee that the Portfolio will maintain such a yield. Management fees waived or expenses reimbursed are subject to possible recoupment by the Investment Adviser, as applicable, within three years subject to certain restrictions. 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, 2019, there were no waivers necessary for the Portfolio to maintain a yield of not less than zero. Termination or modification of this obligation requires approval by the Board. Please note that these waivers or reimbursements are in addition to existing contractual expense limitations, if any. As of December 31, 2019, the Portfolio did not have any amounts of waived or reimbursed fees that are subject to possible recoupment by the Investment Adviser.
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At December 31, 2019, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the following Portfolios:
NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)
| Subsidiary | | | Portfolio | | | Percentage | |
Voya Institutional Trust
Company | | | Government Money Market | | | | | 8.49% | | |
| | | | Intermediate Bond | | | | | 10.90 | | |
| | | | Small Company | | | | | 13.35 | | |
Voya Retirement Insurance
and Annuity Company | | | Balanced | | | | | 88.06 | | |
| | | | Global Equity | | | | | 19.31 | | |
| | | | Government Money Market | | | | | 88.78 | | |
| | | | Growth and Income | | | | | 52.61 | | |
| | | | Intermediate Bond | | | | | 25.40 | | |
| | | | Small Company | | | | | 53.83 | | |
Under the 1940 Act, the direct or indirect beneficial owner of more than 25% of the voting securities of a company (including a fund) is presumed to control such company. Companies under common control (e.g., companies with a common owner of greater than 25% of their respective voting securities) are affiliates under the 1940 Act.
The Investment Adviser may direct the Portfolios’ Sub-Adviser to use its best efforts (subject to obtaining best execution of each transaction) to allocate a Portfolio’s equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of that Portfolio. Any amounts credited to the Portfolios are reflected as brokerage commission recapture on the accompanying Statements of Operations.
The Portfolios have adopted a deferred compensation plan (the “DC Plan”), which allows eligible independent directors/trustees, as described in the DC Plan, to defer the receipt of all or a portion of the directors’/trustees’ fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the director/trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the director/trustee (the “Notional Funds”). The Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the directors’/trustees’ deferred fees, resulting in a Portfolio asset equal to the deferred compensation liability. Such assets are included as a component of “Other assets” on the accompanying Statements of Assets and Liabilities. Deferral of directors’/trustees’ fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect the Portfolios’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.
NOTE 7 — LICENSING FEE
Balanced pays an annual licensing fee to S&P Opco, LLC.
NOTE 8 — EXPENSE LIMITATION AGREEMENTS
The Investment Adviser has entered into a written expense limitation agreement (“Expense Limitation Agreement”) with the following Portfolios whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and acquired fund fees and expenses to the levels listed below:
| Portfolio | | | Class ADV | | | Class I | | | Class R6 | | | Class S | | | Class S2 | | | Class T | |
| Balanced | | | | | N/A | | | | | | 0.69% | | | | | | N/A | | | | | | 0.94% | | | | | | N/A | | | | | | N/A | | |
| Global Equity | | | | | 1.34% | | | | | | 0.84% | | | | | | N/A | | | | | | 1.09% | | | | | | 1.24% | | | | | | 1.44% | | |
| Growth and Income | | | | | 1.30% | | | | | | 0.70% | | | | | | N/A | | | | | | 0.95% | | | | | | 1.10% | | | | | | N/A | | |
| Intermediate Bond | | | | | 1.03% | | | | | | 0.53% | | | | | | N/A | | | | | | 0.78% | | | | | | 0.93% | | | | | | N/A | | |
| Small Company | | | | | 1.43% | | | | | | 0.93% | | | | | | 0.93% | | | | | | 1.18% | | | | | | N/A | | | | | | N/A | | |
Pursuant to a side letter agreement through May 1, 2021, the Investment Adviser has further lowered the expense limits to the levels listed below. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. If the Investment Adviser elects not to renew the side letter agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that the side letter agreement will continue. Termination or modification of this obligation requires approval by the Board.
| Portfolio | | | Class ADV | | | Class I | | | Class S | | | Class S2 | | | Class T | |
| Global Equity | | | | | 1.10% | | | | | | 0.60% | | | | | | 0.85% | | | | | | 1.00% | | | | | | 1.20% | | |
Unless otherwise specified above and with the exception of the non-recoupable management fee waivers for certain Portfolios, the Investment Adviser may at a later date recoup from a Portfolio for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Portfolio’s expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.
As of December 31, 2019, 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 belows:
| | | | December 31, | | | | | | | |
| | | | 2020 | | | 2021 | | | 2022 | | | Total | |
| Intermediate Bond | | | | $ | — | | | | | $ | 900 | | | | | $ | — | | | | | $ | 900 | | |
The Expense Limitation Agreements are contractual through May 1, 2020, with the exception of Global Equity, which is through May 1, 2021, and shall renew
NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)
NOTE 8 — EXPENSE LIMITATION AGREEMENTS (continued)
automatically for one-year terms. Termination or modification of these obligations requires approval by the Board.
NOTE 9 — LINE OF CREDIT
Effective May 17, 2019, each Portfolio, in addition to certain other funds managed by the Investment Adviser, has entered into a 364-day unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $400,000,000 through May 15, 2020. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of a Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior
to May 17, 2019, the predecessor line of credit was for an aggregate amount of $400,000,000 and paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through May 17, 2019.
Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.
The following Portfolios utilized the line of credit during the year ended December 31, 2019:
| Portfolio | | | Days
Utilized | | | Approximate
Average
Daily
Balance For
Days Utilized | | | Approximate
Weighted
Average
Interest Rate
For Days
Utilized | |
| Balanced | | | | | 18 | | | | | $ | 13,474,449 | | | | | | 3.43% | | |
| Global Equity | | | | | 11 | | | | | | 2,197,364 | | | | | | 3.36 | | |
| Small Company | | | | | 1 | | | | | | 19,277,000 | | | | | | 3.44 | | |
NOTE 10 — CAPITAL SHARES
Transactions in capital shares and dollars were as follows:
| | | | Shares
sold | | | Shares
issued in
merger | | | Reinvestment
of
distributions | | | Shares
redeemed | | | Net increase
(decrease)
in shares
outstanding | | | Shares
sold | | | Proceeds
from shares
issued in
merger | | | Reinvestment
of
distributions | | | Shares
redeemed | | | Net increase
(decrease) | |
Year or
period ended | | | # | | | # | | | # | | | # | | | # | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | |
| Balanced | |
| Class I | | | | | | | | | | | |
| 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) | | |
| 12/31/2018 | | | | | 1,258,334 | | | | | | — | | | | | | 2,512,799 | | | | | | (4,573,811) | | | | | | (802,678) | | | | | | 19,084,047 | | | | | | — | | | | | | 38,219,666 | | | | | | (71,034,966) | | | | | | (13,731,253) | | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2019 | | | | | 18,032 | | | | | | — | | | | | | 12,538 | | | | | | (61,920) | | | | | | (31,350) | | | | | | 271,738 | | | | | | — | | | | | | 177,792 | | | | | | (928,052) | | | | | | (478,522) | | |
| 12/31/2018 | | | | | 1,699 | | | | | | — | | | | | | 19,105 | | | | | | (43,317) | | | | | | (22,513) | | | | | | 26,386 | | | | | | — | | | | | | 289,441 | | | | | | (684,572) | | | | | | (368,745) | | |
| Global Equity | |
| Class ADV | | | | | | | | | | | |
| 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) | | |
| 12/31/2018 | | | | | 44,554 | | | | | | — | | | | | | 62,851 | | | | | | (304,817) | | | | | | (197,412) | | | | | | 470,027 | | | | | | — | | | | | | 678,675 | | | | | | (3,279,330) | | | | | | (2,130,628) | | |
| Class I | | | | | | | | | | | |
| 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) | | |
| 12/31/2018 | | | | | 261,347 | | | | | | — | | | | | | 739,818 | | | | | | (1,855,080) | | | | | | (853,915) | | | | | | 2,781,443 | | | | | | — | | | | | | 7,921,491 | | | | | | (20,247,607) | | | | | | (9,544,673) | | |
| Class S | | | | | | | | | | | |
| 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 | | |
| 12/31/2018 | | | | | 299,721 | | | | | | — | | | | | | 1,811,246 | | | | | | (6,528,913) | | | | | | (4,417,946) | | | | | | 3,059,321 | | | | | | — | | | | | | 19,537,870 | | | | | | (71,301,380) | | | | | | (48,704,189) | | |
| Class S2 | | | | | | | | | | | |
| 12/31/2019 | | | | | 3,476 | | | | | | — | | | | | | 2,199 | | | | | | (3,322) | | | | | | 2,353 | | | | | | 35,649 | | | | | | — | | | | | | 22,028 | | | | | | (34,559) | | | | | | 23,118 | | |
| 12/31/2018 | | | | | 3,763 | | | | | | — | | | | | | 1,225 | | | | | | (14,948) | | | | | | (9,960) | | | | | | 40,377 | | | | | | — | | | | | | 13,091 | | | | | | (161,475) | | | | | | (108,007) | | |
| Class T | | | | | | | | | | | |
| 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) | | |
| 12/31/2018 | | | | | 175,082 | | | | | | — | | | | | | 118,192 | | | | | | (583,205) | | | | | | (289,931) | | | | | | 1,906,440 | | | | | | — | | | | | | 1,273,805 | | | | | | (6,278,731) | | | | | | (3,098,486) | | |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (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 | | | # | | | # | | | # | | | # | | | # | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | |
| Government Money Market | |
| Class I | | | | | | | | | | | |
| 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 | | |
| 12/31/2018 | | | | | 115,686,913 | | | | | | — | | | | | | 6,729,717 | | | | | | (97,825,734) | | | | | | 24,590,896 | | | | | | 115,686,913 | | | | | | — | | | | | | 6,729,717 | | | | | | (97,825,734) | | | | | | 24,590,896 | | |
| Class S(1) | | | | | | | | | | | |
| 12/31/2019 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| 12/31/2018 | | | | | 577,341 | | | | | | — | | | | | | 321 | | | | | | (621,733) | | | | | | (44,071) | | | | | | 577,341 | | | | | | — | | | | | | 322 | | | | | | (621,733) | | | | | | (44,070) | | |
| Growth and Income | |
| Class ADV | | | | | | | | | | | |
| 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) | | |
| 12/31/2018 | | | | | 205,452 | | | | | | — | | | | | | 3,921,351 | | | | | | (5,245,549) | | | | | | (1,118,746) | | | | | | 5,773,044 | | | | | | — | | | | | | 99,614,503 | | | | | | (151,632,769) | | | | | | (46,245,222) | | |
| Class I | | | | | | | | | | | |
| 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) | | |
| 12/31/2018 | | | | | 203,896 | | | | | | — | | | | | | 7,653,598 | | | | | | (8,192,407) | | | | | | (334,913) | | | | | | 5,912,887 | | | | | | — | | | | | | 197,042,198 | | | | | | (239,964,004) | | | | | | (37,008,919) | | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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) | | |
| 12/31/2018 | | | | | 97,255 | | | | | | — | | | | | | 2,190,453 | | | | | | (3,009,357) | | | | | | (721,649) | | | | | | 2,797,176 | | | | | | — | | | | | | 55,646,599 | | | | | | (86,761,980) | | | | | | (28,318,205) | | |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2019 | | | | | 767 | | | | | | — | | | | | | 1,344 | | | | | | (8,337) | | | | | | (6,226) | | | | | | 20,564 | | | | | | — | | | | | | 36,282 | | | | | | (234,187) | | | | | | (177,341) | | |
| 12/31/2018 | | | | | 678 | | | | | | — | | | | | | 1,932 | | | | | | (137) | | | | | | 2,473 | | | | | | 19,455 | | | | | | — | | | | | | 48,307 | | | | | | (3,876) | | | | | | 63,886 | | |
| Intermediate Bond | |
| Class ADV | | | | | | | | | | | |
| 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 | | |
| 12/31/2018 | | | | | 672,787 | | | | | | — | | | | | | 741,533 | | | | | | (4,143,671) | | | | | | (2,729,351) | | | | | | 8,401,669 | | | | | | — | | | | | | 9,119,082 | | | | | | (50,913,601) | | | | | | (33,392,850) | | |
| Class I | | | | | | | | | | | |
| 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) | | |
| 12/31/2018 | | | | | 3,851,385 | | | | | | — | | | | | | 3,054,743 | | | | | | (13,813,548) | | | | | | (6,907,420) | | | | | | 48,108,912 | | | | | | — | | | | | | 37,972,205 | | | | | | (172,012,250) | | | | | | (85,931,133) | | |
| Class S | | | | | | | | | | | |
| 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) | | |
| 12/31/2018 | | | | | 3,629,370 | | | | | | — | | | | | | 6,652,401 | | | | | | (28,721,844) | | | | | | (18,440,073) | | | | | | 45,716,649 | | | | | | — | | | | | | 82,137,715 | | | | | | (354,654,934) | | | | | | (226,800,570) | | |
| Class S2 | | | | | | | | | | | |
| 12/31/2019 | | | | | 329,802 | | | | | | — | | | | | | 51,005 | | | | | | (532,795) | | | | | | (151,988) | | | | | | 4,218,768 | | | | | | — | | | | | | 651,433 | | | | | | (6,738,567) | | | | | | (1,868,366) | | |
| 12/31/2018 | | | | | 273,813 | | | | | | — | | | | | | 60,778 | | | | | | (543,827) | | | | | | (209,236) | | | | | | 3,379,584 | | | | | | — | | | | | | 747,586 | | | | | | (6,730,628) | | | | | | (2,603,458) | | |
| Small Company | |
| Class ADV | | | | | | | | | | | |
| 12/31/2019 | | | | | 60,519 | | | | | | — | | | | | | 69,580 | | | | | | (102,697) | | | | | | 27,402 | | | | | | 932,918 | | | | | | — | | | | | | 1,001,250 | | | | | | (1,592,828) | | | | | | 341,340 | | |
| 12/31/2018 | | | | | 93,822 | | | | | | — | | | | | | 66,734 | | | | | | (106,730) | | | | | | 53,826 | | | | | | 1,728,493 | | | | | | — | | | | | | 1,214,551 | | | | | | (1,948,390) | | | | | | 994,654 | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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) | | |
| 12/31/2018 | | | | | 2,715,237 | | | | | | — | | | | | | 4,317,429 | | | | | | (6,999,766) | | | | | | 32,900 | | | | | | 51,418,584 | | | | | | — | | | | | | 83,024,164 | | | | | | (143,594,984) | | | | | | (9,152,236) | | |
| Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2019 | | | | | 35,249 | | | | | | — | | | | | | 57,878 | | | | | | (148,954) | | | | | | (55,827) | | | | | | 599,447 | | | | | | — | | | | | | 889,586 | | | | | | (2,490,506) | | | | | | (1,001,473) | | |
| 12/31/2018 | | | | | 114,739 | | | | | | — | | | | | | 55,842 | | | | | | (67,395) | | | | | | 103,186 | | | | | | 2,344,484 | | | | | | — | | | | | | 1,074,401 | | | | | | (1,301,750) | | | | | | 2,117,135 | | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2019 | | | | | 173,730 | | | | | | — | | | | | | 848,701 | | | | | | (1,047,423) | | | | | | (24,992) | | | | | | 3,000,039 | | | | | | — | | | | | | 12,637,157 | | | | | | (16,783,214) | | | | | | (1,146,018) | | |
| 12/31/2018 | | | | | 297,279 | | | | | | — | | | | | | 853,449 | | | | | | (1,112,733) | | | | | | 37,995 | | | | | | 5,510,079 | | | | | | — | | | | | | 15,968,030 | | | | | | (21,715,135) | | | | | | (237,026) | | |
(1)
Share class was fully redeemed on August 29, 2018.
NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)
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, 2019:
Balanced
| Counterparty | | | Securities
Loaned at
Value | | | Cash
Collateral
Received(1) | | | Net
Amount | |
| BofA Securities Inc | | | | $ | 44,906 | | | | | $ | (44,906) | | | | | $ | — | | |
| Credit Suisse AG | | | | | 14,505 | | | | | | (14,505) | | | | | | — | | |
| Goldman Sachs & Co. LLC | | | | | 43,722 | | | | | | (43,722) | | | | | | — | | |
| J.P. Morgan Securities LLC | | | | | 478,200 | | | | | | (478,200) | | | | | | — | | |
| Mizuho Securities USA LLC | | | | | 849,900 | | | | | | (849,900) | | | | | | — | | |
| Morgan Stanley & Co. LLC | | | | | 77,114 | | | | | | (77,114) | | | | | | — | | |
National Bank of Canada Financial
Inc | | | | | 115,977 | | | | | | (115,977) | | | | | | — | | |
| National Financial Services LLC | | | | | 3,125 | | | | | | (3,125) | | | | | | — | | |
| Natixis Securities America LLC | | | | | 18,559 | | | | | | (18,559) | | | | | | — | | |
| Nomura Securities International, Inc | | | | | 729,255 | | | | | | (729,255) | | | | | | — | | |
| Societe Generale | | | | | 200,777 | | | | | | (200,777) | | | | | | — | | |
| Total | | | | $ | 2,576,040 | | | | | $ | (2,576,040) | | | | | $ | — | | |
(1)
Collateral with a fair value of $2,643,031 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.
Global Equity
| Counterparty | | | Securities
Loaned at
Value | | | Cash
Collateral
Received(1) | | | Net
Amount | |
BNP Paribas Prime Brokerage Intl
Ltd | | | | $ | 374,920 | | | | | $ | (374,920) | | | | | $ | — | | |
| Goldman Sachs & Co. LLC | | | | | 4,247,785 | | | | | | (4,247,785) | | | | | | — | | |
| Nomura Securities International, Inc | | | | | 3,692,695 | ��� | | | | | (3,692,695) | | | | | | — | | |
| UBS AG | | | | | 3,845,697 | | | | | | (3,845,697) | | | | | | — | | |
| Total | | | | $ | 12,161,097 | | | | | $ | (12,161,097) | | | | | $ | — | | |
(1)
Collateral with a fair value of $12,780,802 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.
Growth and Income
| Counterparty | | | Securities
Loaned at
Value | | | Cash
Collateral
Received(1) | | | Net
Amount | |
| BofA Securities Inc | | | | $ | 1,963,160 | | | | | $ | (1,963,160) | | | | | $ | — | | |
| Citigroup Global Markets Inc | | | | | 10,709,358 | | | | | | (10,709,358) | | | | | | — | | |
| Credit Suisse AG | | | | | 10,906,624 | | | | | | (10,906,624) | | | | | | — | | |
| Goldman Sachs & Co. LLC | | | | | 1,377,128 | | | | | | (1,377,128) | | | | | | — | | |
| J.P. Morgan Securities LLC | | | | | 17,681,560 | | | | | | (17,681,560) | | | | | | — | | |
| Morgan Stanley & Co. LLC | | | | | 2,378,888 | | | | | | (2,378,888) | | | | | | — | | |
| Natixis Securities America LLC | | | | | 346,440 | | | | | | (346,440) | | | | | | — | | |
| Scotia Capital (USA) Inc | | | | | 987,758 | | | | | | (987,758) | | | | | | — | | |
| State Street Bank and Trust Company | | | | | 490,539 | | | | | | (490,539) | | | | | | — | | |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)
NOTE 11 — SECURITIES LENDING (continued)
Growth and Income (continued)
| Counterparty | | | Securities
Loaned at
Value | | | Cash
Collateral
Received(1) | | | Net
Amount | |
| Wells Fargo Bank NA | | | | | 2,619,924 | | | | | | (2,619,924) | | | | | | — | | |
| Wells Fargo Securities LLC | | | | | 158,785 | | | | | | (158,785) | | | | | | — | | |
| Total | | | | $ | 49,620,164 | | | | | $ | (49,620,164) | | | | | $ | — | | |
| |
(1)
Collateral with a fair value of $50,791,946 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.
Intermediate Bond
| Counterparty | | | Securities
Loaned at
Value | | | Cash
Collateral
Received(1) | | | Net
Amount | |
| BMO Capital Markets Corp | | | | $ | 2,613,248 | | | | | $ | (2,613,248) | | | | | $ | — | | |
| BNP Paribas | | | | | 1,072,944 | | | | | | (1,072,944) | | | | | | — | | |
| BofA Securities Inc | | | | | 11,325,158 | | | | | | (11,325,158) | | | | | | — | | |
| Citadel Clearing LLC | | | | | 3,055,792 | | | | | | (3,055,792) | | | | | | — | | |
| Citigroup Global Markets Inc | | | | | 1,109,189 | | | | | | (1,109,189) | | | | | | — | | |
| Cowen Excecution Services LLC | | | | | 329,547 | | | | | | (329,547) | | | | | | — | | |
| Credit Suisse Securities (USA) LLC | | | | | 631,241 | | | | | | (631,241) | | | | | | — | | |
| Daiwa Capital Markets America Inc | | | | | 2,441,671 | | | | | | (2,441,671) | | | | | | — | | |
| Deutsche Bank Securities Inc | | | | | 1,124,973 | | | | | | (1,124,973) | | | | | | — | | |
| Goldman Sachs & Co. LLC | | | | | 1,813,961 | | | | | | (1,813,961) | | | | | | — | | |
| HSBC Securities (USA) Inc | | | | | 1,115,187 | | | | | | (1,115,187) | | | | | | — | | |
| J.P. Morgan Securities LLC | | | | | 2,694,614 | | | | | | (2,694,614) | | | | | | — | | |
| Janney Montgomery Scott LLC | | | | | 1,016,673 | | | | | | (1,016,673) | | | | | | — | | |
| Mizuho Securities USA LLC | | | | | 2,370,653 | | | | | | (2,370,653) | | | | | | — | | |
| Morgan Stanley & Co. LLC | | | | | 3,547,147 | | | | | | (3,547,147) | | | | | | — | | |
| MUFG Securities Americas Inc | | | | | 284,783 | | | | | | (284,783) | | | | | | — | | |
| National Bank Financial Inc | | | | | 886,580 | | | | | | (886,580) | | | | | | — | | |
| Nomura Securities International, Inc | | | | | 2,111,832 | | | | | | (2,111,832) | | | | | | — | | |
| Raymond James & Associates, Inc | | | | | 450,887 | | | | | | (450,887) | | | | | | — | | |
| RBC Capital Markets, LLC | | | | | 35,530 | | | | | | (35,530) | | | | | | — | | |
| Scotia Capital (USA) Inc | | | | | 475,376 | | | | | | (475,376) | | | | | | — | | |
| SunTrust Robinson Humphrey, Inc | | | | | 508,336 | | | | | | (508,336) | | | | | | — | | |
| UBS Securities LLC | | | | | 1,838,888 | | | | | | (1,838,888) | | | | | | — | | |
| Wells Fargo Securities LLC | | | | | 11,550,416 | | | | | | (11,550,416) | | | | | | — | | |
| Total | | | | $ | 54,404,626 | | | | | $ | (54,404,626) | | | | | $ | — | | |
(1)
Collateral with a fair value of $55,755,716 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.
Small Company
| Counterparty | | | Securities
Loaned at
Value | | | Cash
Collateral
Received(1) | | | Net
Amount | |
| Barclays Capital Inc | | | | $ | 131,675 | | | | | $ | (131,675) | | | | | $ | — | | |
| BofA Securities Inc | | | | | 944,803 | | | | | | (944,803) | | | | | | — | | |
| Counterparty | | | Securities
Loaned at
Value | | | Cash
Collateral
Received(1) | | | Net
Amount | |
| Citadel Securities LLC | | | | | 1,426,915 | | | | | | (1,426,915) | | | | | | | | |
| Cowen Execution Services LLC | | | | | 539,889 | | | | | | (539,889) | | | | | | | | |
| Deutsche Bank Securities Inc | | | | | 217,738 | | | | | | (217,738) | | | | | | | | |
| Goldman Sachs & Co. LLC | | | | | 790,938 | | | | | | (790,938) | | | | | | | | |
| HSBC Bank PLC | | | | | 44,093 | | | | | | (44,093) | | | | | | — | | |
| J.P. Morgan Securities LLC | | | | | 5,455,177 | | | | | | (5,455,177) | | | | | | — | | |
| Morgan Stanley & Co. LLC | | | | | 384,224 | | | | | | (384,224) | | | | | | — | | |
| National Financial Services LLC | | | | | 166,407 | | | | | | (166,407) | | | | | | — | | |
| Scotia Capital (USA) Inc | | | | | 504,410 | | | | | | (504,410) | | | | | | — | | |
| State Street Bank and Trust Company | | | | | 1,061,762 | | | | | | (1,061,762) | | | | | | — | | |
| Total | | | | $ | 11,668,031 | | | | | $ | (11,668,031) | | | | | $ | — | | |
| |
(1)
Collateral with a fair value of $11,932,403 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.
NOTE 12 — FEDERAL INCOME TAXES
The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, foreign currency transactions, income from passive foreign investment companies (PFICs), and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.
Dividends paid by the Portfolios from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
The tax composition of dividends and distributions to shareholders was as follows:
| | | | Year Ended
December 31, 2019 | | | Year Ended
December 31, 2018 | |
| | | | Ordinary
Income | | | Long-term
Capital Gain | | | Ordinary
Income | | | Long-term
Capital Gain | |
| Balanced | | | | $ | 8,811,831 | | | | | $ | 14,753,234 | | | | | $ | 17,574,924 | | | | | $ | 20,934,183 | | |
| Global Equity | | | | | 16,108,952 | | | | | | 28,703,568 | | | | | | 28,894,555 | | | | | | 530,377 | | |
Government
Money Market | | | | | 8,951,042 | | | | | | — | | | | | | 6,730,308 | | | | | | — | | |
| Growth and Income | | | | | 44,737,928 | | | | | | 308,615,727 | | | | | | 110,032,441 | | | | | | 242,540,234 | | |
| Intermediate Bond | | | | | 117,674,224 | | | | | | — | | | | | | 129,984,350 | | | | | | — | | |
| Small Company | | | | | 17,627,644 | | | | | | 56,993,831 | | | | | | 17,759,580 | | | | | | 83,521,566 | | |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)
NOTE 12 — FEDERAL INCOME TAXES (continued)
The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of December 31, 2019 were:
| | | | Undistributed
Ordinary
Income | | | Undistributed
Long-term
Capital
Gains | | | Late Year
Ordinary
Losses
Deferred | | | Post-October
Capital
Losses
Deferred | | | Unrealized
Appreciation/
(Depreciation) | | | Capital Loss Carryforwards | |
| | Amount | | | Character | | | Expiration | |
| Balanced | | | | $ | 13,585,655 | | | | | $ | 4,674,095 | | | | | $ | — | | | | | $ | — | | | | | $ | 28,750,802 | | | | | $ | — | | | | | | — | | | | | | — | | |
| Global Equity | | | | | 1,124,720 | | | | | | — | | | | | | — | | | | | | — | | | | | | 55,543,468 | | | | | | (8,634,135) | | | | Short-term | | | | | None | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (10,636,386) | | | | Long-term | | | | | None | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (19,270,521) | | | | | | | | | | | | | | |
| Government Money Market | | | | | 7,713 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Growth and Income | | | | | — | | | | | | 54,759,408 | | | | | | — | | | | | | — | | | | | | 700,529,616 | | | | | | — | | | | | | — | | | | | | — | | |
| Intermediate Bond | | | | | 7,559,918 | | | | | | — | | | | | | (4,508,482) | | | | | | (7,280,052) | | | | | | 79,255,948 | | | | | | — | | | | | | — | | | | | | — | | |
| Small Company | | | | | 4,340,819 | | | | | | 4,804,582 | | | | | | — | | | | | | — | | | | | | 39,615,646 | | | | | | — | | | | | | — | | | | | | — | | |
The Portfolios’ major tax jurisdictions are U.S. federal, Arizona state, and Massachusetts state.
As of December 31, 2019, no provision for income tax is required in the Portfolios’ financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the earliest tax year that remains subject to examination by these jurisdictions is 2015.
NOTE 13 — OTHER ACCOUNTING PRONOUNCEMENTS
The Portfolios have made a change in accounting principle and adopted the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2017-08 (“ASU 2017-08”), Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium; specifically, requiring the premium to be amortized to the earliest call date. Prior to ASU 2017-08, premiums on callable debt securities were generally amortized to maturity date. ASU 2017-08 is intended to more closely align the amortization period with the expectations incorporated into the market pricing on the underlying security. ASU 2017-08 does not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity date. Upon evaluation, the Portfolios have concluded that the change in accounting principle does not materially impact the financial statement amounts.
Also, in August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The update provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. ASU 2018-13 will be effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods. At this time, the Portfolios have elected to
early adopt the amendments that allow for removal of disclosure requirements related to transfers between Level 1 and Level 2 of the fair value hierarchy and the timing of transfers between levels of the fair value hierarchy. These changes did not have a material impact on the Portfolios’ financial statements. The Portfolios plan to adopt the amendments that require additional fair value measurement disclosures for annual periods beginning after December 15, 2019, and interim periods within those annual periods. The Portfolios are currently evaluating the impact of these changes on the financial statements.
NOTE 14 — REORGANIZATION
On August 23, 2019, Global Equity (“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
NOTES TO FINANCIAL STATEMENTS as of December 31, 2019 (continued)
NOTE 14 — REORGANIZATION (continued)
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’s
Capital
Loss
Carryforwards
(000s) | | | Acquired
Portfolio’s
Depreciation
(000s) | | | Portfolios’
Unrealized
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 15 — AUDITOR CHANGE (UNAUDITED)
On September 12, 2019, KPMG LLP (“KPMG”) was dismissed as the independent registered public accounting firm to each Trust and each Company, on behalf of the Portfolios, upon completion of the audit for the fiscal year ended December 31, 2019. The decision to change independent registered public accounting firms was recommended by the Audit Committee of the Board and was approved by the Board.
KPMG’s reports on the Portfolios’ financial statements for the fiscal years ended December 31, 2019 and December 31, 2018 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principle.
During the fiscal years ended December 31, 2019 and December 31, 2018: (i) there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of the disagreements in connection with its reports on the Portfolios’ financial statements for such periods; and (ii) there were no
“reportable events” of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.
On September 12, 2019, based on the recommendation of the Audit Committee of the Board, the Board approved the selection of Ernst & Young LLP (“EY”) as the Portfolios’ independent registered public accounting firm for the fiscal year ending December 31, 2020. During the Portfolios’ fiscal years ended December 31, 2019 and December 31, 2018, neither the Portfolios, nor anyone on their behalf, consulted with EY on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Portfolios’ financial statements; or (ii) concerned the subject of a disagreement (as described in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).
NOTE 16 — SUBSEQUENT EVENTS
Dividends: Subsequent to December 31, 2019, the following Portfolios paid dividends and distributions of:
| | | | Type | | | Per
Share
Amount | | | Payable
Date | | | Record
Date | |
| Government Money Market | |
| Class I | | | NII | | | | $ | 0.0010 | | | | February 3, 2020 | | | Daily | |
| Class I | | | STCG | | | | $ | 0.0001 | | | | February 3, 2020 | | | January 30, 2020 | |
| Intermediate Bond | |
| Class ADV | | | NII | | | | $ | 0.0327 | | | | February 3, 2020 | | | Daily | |
| Class I | | | NII | | | | $ | 0.0386 | | | | February 3, 2020 | | | Daily | |
| Class S | | | NII | | | | $ | 0.0356 | | | | February 3, 2020 | | | Daily | |
| Class S2 | | | NII | | | | $ | 0.0338 | | | | February 3, 2020 | | | Daily | |
NII –
Net investment income
STCG – Short-term capital gain
Expense Limitation Agreement: On January 24, 2020 the Board approved revised expense limits for each class of Small Company. Effective January 1, 2020, through May 1, 2021, the Investment Adviser has further lowered the expense limits to 1.40%, 0.90%, 0.90%, and 1.15% for Class ADV, Class I, Class R6, and Class S, respectively.
Fund changes: On January 24, 2020, the Board approved a name change for Global Equity. Effective May 1, 2020, the Portfolio will be known as “Voya Global High Dividend Low Volatility Portfolio”.
The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date (“subsequent events”) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Balanced Portfolio | as of December 31, 2019 |
| Shares | | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: 48.5% | |
| | | | Communication Services: 4.2% | |
| 3,038 (1) | | | Alphabet, Inc. - Class A | | | | $ | 4,069,067 | | | | | | 1.1 | | |
| 50,629 | | | AT&T, Inc. | | | | | 1,978,581 | | | | | | 0.5 | | |
| 12,615 (2) | | | Auto Trader Group PLC | | | | | 99,623 | | | | | | 0.0 | | |
| 39,143 | | | Comcast Corp. – Class A | | | | | 1,760,261 | | | | | | 0.5 | | |
| 11,703 (1) | | | Facebook, Inc. - Class A | | | | | 2,402,041 | | | | | | 0.7 | | |
| 381,534 (3)(4) | | | Other Securities | | | | | 5,261,269 | | | | | | 1.4 | | |
| | | | | | | | | 15,570,842 | | | | | | 4.2 | | |
| | | | Consumer Discretionary: 4.9% | |
| 2,043 (1) | | | Amazon.com, Inc. | | | | | 3,775,137 | | | | | | 1.0 | | |
| 476 (1) | | | Booking Holdings, Inc. | | | | | 977,575 | | | | | | 0.3 | | |
| 5,676 | | | Home Depot, Inc. | | | | | 1,239,525 | | | | | | 0.3 | | |
| 14,516 | | | Starbucks Corp. | | | | | 1,276,247 | | | | | | 0.4 | | |
| 331,203 (3)(4) | | | Other Securities | | | | | 10,896,297 | | | | | | 2.9 | | |
| | | | | | | | | 18,164,781 | | | | | | 4.9 | | |
| | | | Consumer Staples: 3.7% | |
| 8,373 | | | PepsiCo, Inc. | | | | | 1,144,338 | | | | | | 0.3 | | |
| 13,985 | | | Philip Morris International,
Inc. | | | | | 1,189,984 | | | | | | 0.3 | | |
| 20,400 | | | Procter & Gamble Co. | | | | | 2,547,960 | | | | | | 0.7 | | |
| 128,500 (2) | | | WH Group Ltd. | | | | | 132,866 | | | | | | 0.1 | | |
| 238,747 (3)(4) | | | Other Securities | | | | | 8,723,626 | | | | | | 2.3 | | |
| | | | | | | | | 13,738,774 | | | | | | 3.7 | | |
| | | | Energy: 2.0% | |
| 15,333 | | | Chevron Corp. | | | | | 1,847,780 | | | | | | 0.5 | | |
| 17,544 | | | ConocoPhillips | | | | | 1,140,886 | | | | | | 0.3 | | |
| 13,731 | | | Exxon Mobil Corp. | | | | | 958,149 | | | | | | 0.2 | | |
| 108,257 (4) | | | Other Securities | | | | | 3,598,514 | | | | | | 1.0 | | |
| | | | | | | | | 7,545,329 | | | | | | 2.0 | | |
| | | | Financials: 6.9% | |
| 6,256 (2) | | | ABN AMRO Bank NV | | | | | 114,024 | | | | | | 0.0 | | |
| 57,210 | | | Bank of America Corp. | | | | | 2,014,936 | | | | | | 0.5 | | |
| 6,347 (1) | | | Berkshire Hathaway,
Inc. – Class B | | | | | 1,437,596 | | | | | | 0.4 | | |
| 16,421 | | | Citigroup, Inc. | | | | | 1,311,874 | | | | | | 0.4 | | |
| 17,425 | | | JPMorgan Chase & Co. | | | | | 2,429,045 | | | | | | 0.6 | | |
| 14,943 | | | Morgan Stanley | | | | | 763,886 | | | | | | 0.2 | | |
| 3,510 | | | S&P Global, Inc. | | | | | 958,406 | | | | | | 0.3 | | |
| 914,954 (4) | | | Other Securities | | | | | 16,688,682 | | | | | | 4.5 | | |
| | | | | | | | | 25,718,449 | | | | | | 6.9 | | |
| | | | Health Care: 6.6% | |
| 5,266 | | | Amgen, Inc. | | | | | 1,269,475 | | | | | | 0.3 | | |
| 6,123 | | | HCA Healthcare, Inc. | | | | | 905,041 | | | | | | 0.2 | | |
| 10,083 | | | Johnson & Johnson | | | | | 1,470,807 | | | | | | 0.4 | | |
| 14,886 | | | Merck & Co., Inc. | | | | | 1,353,882 | | | | | | 0.4 | | |
| 25,794 | | | Pfizer, Inc. | | | | | 1,010,609 | | | | | | 0.3 | | |
| 4,802 | | | UnitedHealth Group, Inc. | | | | | 1,411,692 | | | | | | 0.4 | | |
| Shares | | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Health Care (continued) | |
| 186,955 (4) | | | Other Securities | | | | $ | 17,359,546 | | | | | | 4.6 | | |
| | | | | | | | | 24,781,052 | | | | | | 6.6 | | |
| | | | Industrials: 5.4% | |
| 8,310 | | | Honeywell International, Inc. | | | | | 1,470,870 | | | | | | 0.4 | | |
| 7,963 | | | Ingersoll-Rand PLC - Class A | | | | | 1,058,442 | | | | | | 0.3 | | |
| 6,943 | | | Union Pacific Corp. | | | | | 1,255,225 | | | | | | 0.3 | | |
| 549,894 (4) | | | Other Securities | | | | | 16,459,353 | | | | | | 4.4 | | |
| | | | | | | | | 20,243,890 | | | | | | 5.4 | | |
| | | | Information Technology: 9.6% | |
| 3,922 (1) | | | Adobe, Inc. | | | | | 1,293,515 | | | | | | 0.3 | | |
| 103 (1)(2) | | | Adyen NV | | | | | 84,728 | | | | | | 0.0 | | |
| 18,584 | | | Apple, Inc. | | | | | 5,457,192 | | | | | | 1.5 | | |
| 30,980 | | | Cisco Systems, Inc. | | | | | 1,485,801 | | | | | | 0.4 | | |
| 8,807 (1) | | | Fortinet, Inc. | | | | | 940,235 | | | | | | 0.3 | | |
| 35,566 | | | Microsoft Corp. | | | | | 5,608,758 | | | | | | 1.5 | | |
| 8,416 (1) | | | PayPal Holdings, Inc. | | | | | 910,359 | | | | | | 0.2 | | |
| 10,050 | | | Texas Instruments, Inc. | | | | | 1,289,314 | | | | | | 0.3 | | |
| 262,394 (3)(4) | | | Other Securities | | | | | 19,013,268 | | | | | | 5.1 | | |
| | | | | | | | | 36,083,170 | | | | | | 9.6 | | |
| | | | Materials: 1.6% | |
| 3,971 | | | Air Products & Chemicals,
Inc. | | | | | 933,145 | | | | | | 0.2 | | |
| 163,977 (3)(4) | | | Other Securities | | | | | 5,126,619 | | | | | | 1.4 | | |
| | | | | | | | | 6,059,764 | | | | | | 1.6 | | |
| | | | Real Estate: 1.9% | |
| 180,833 (4) | | | Other Securities | | | | | 7,039,036 | | | | | | 1.9 | | |
| | | | | |
| | | | Utilities: 1.7% | |
| 12,512 | | | Ameren Corp. | | | | | 960,921 | | | | | | 0.2 | | |
| 21,790 | | | Exelon Corp. | | | | | 993,406 | | | | | | 0.3 | | |
| 210,094 | | | Other Securities | | | | | 4,384,721 | | | | | | 1.2 | | |
| | | | | | | | | 6,339,048 | | | | | | 1.7 | | |
| | | | Total Common Stock
(Cost $156,901,221) | | | | | 181,284,135 | | | | | | 48.5 | | |
| EXCHANGE-TRADED FUNDS: 17.1% | |
| 278,758 | | | iShares Core MSCI
Emerging Markets ETF | | | | | 14,986,030 | | | | | | 4.0 | | |
| 46,505 | | | iShares Core S&P 500 ETF | | | | | 15,032,276 | | | | | | 4.0 | | |
| 712 | | | iShares Core S&P Mid-Cap
ETF | | | | | 146,544 | | | | | | 0.1 | | |
| 1,926 | | | iShares MSCI EAFE ETF | | | | | 133,741 | | | | | | 0.0 | | |
| 130,788 (5) | | | Schwab U.S. TIPS ETF | | | | | 7,406,524 | | | | | | 2.0 | | |
| 64,339 | | | Vanguard Global ex-U.S.
Real Estate ETF | | | | | 3,801,792 | | | | | | 1.0 | | |
| 41,068 | | | Vanguard Real Estate ETF | | | | | 3,810,700 | | | | | | 1.0 | | |
| 154,933 (5) | | | Vanguard Value ETF | | | | | 18,568,720 | | | | | | 5.0 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Balanced Portfolio | as of December 31, 2019 (continued) |
| Shares | | | | | | Value | | | Percentage
of Net
Assets | |
| EXCHANGE-TRADED FUNDS: (continued) | |
| | | | Total Exchange-Traded
Funds
(Cost $59,503,215) | | | | $ | 63,886,327 | | | | | | 17.1 | | |
| MUTUAL FUNDS: 14.8% | |
| | | | Affiliated Investment Companies: 14.8% | |
| 119,121 | | | Voya Emerging Markets
Local Currency Debt
Fund - Class P | | | | | 887,452 | | | | | | 0.3 | | |
| 1,181,428 | | | Voya Floating Rate
Fund - Class P | | | | | 11,211,748 | | | | | | 3.0 | | |
| 1,854,791 | | | Voya High Yield Bond
Fund - Class P | | | | | 14,931,064 | | | | | | 4.0 | | |
| 755,519 | | | Voya Short Term Bond
Fund - Class R6 | | | | | 7,449,420 | | | | | | 2.0 | | |
| 622,029 | | | Voya Small Company
Fund - Class R6 | | | | | 9,373,972 | | | | | | 2.5 | | |
| 1,086,189 | | | Voya Strategic Income
Opportunities Fund - Class P | | | | | 11,187,744 | | | | | | 3.0 | | |
| | | | Total Mutual Funds
(Cost $54,689,873) | | | | | 55,041,400 | | | | | | 14.8 | | |
| RIGHTS: 0.0% | |
| | | | Energy: 0.0% | |
| 914 (4) | | | Other Securities | | | | | 6,128 | | | | | | 0.0 | | |
| | | | | |
| | | | Health Care: 0.0% | |
| 4,512 (4) | | | Other Securities | | | | | 13,581 | | | | | | 0.0 | | |
| | | | Total Rights
(Cost $16,480) | | | | | 19,709 | | | | | | 0.0 | | |
| |
Principal
Amount† | | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: 4.7% | |
| | | | Basic Materials: 0.1% | |
| 30,000 (2) | | | Chevron Phillips Chemical
Co. LLC / Chevron Phillips
Chemical Co. L.P., 3.700%,
06/01/2028 | | | | | 31,761 | | | | | | 0.0 | | |
| 105,000 (2) | | | Newcrest Finance Pty Ltd.,
4.450%, 11/15/2021 | | | | | 108,797 | | | | | | 0.0 | | |
| 315,000 | | | Other Securities | | | | | 340,790 | | | | | | 0.1 | | |
| | | | | | | | | 481,348 | | | | | | 0.1 | | |
| | | | Communications: 0.4% | |
| 187,000 | | | AT&T, Inc., 4.300%-5.650%,
02/15/2030-03/09/2049 | | | | | 222,856 | | | | | | 0.1 | | |
| 120,000 (2) | | | NBCUniversal Enterprise,
Inc., 5.250%, 12/31/2199 | | | | | 123,942 | | | | | | 0.0 | | |
| 200,000 (2) | | | Tencent Holdings Ltd.,
2.985%, 01/19/2023 | | | | | 203,061 | | | | | | 0.0 | | |
Principal
Amount† | | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Communications (continued) | |
| 897,000 | | | Other Securities | | | | $ | 1,001,866 | | | | | | 0.3 | | |
| | | | | | | | | 1,551,725 | | | | | | 0.4 | | |
| | | | Consumer, Cyclical: 0.3% | |
| 90,000 (2) | | | BMW US Capital LLC,
3.450%, 04/12/2023 | | | | | 93,381 | | | | | | 0.0 | | |
| 20,000 (2) | | | Hyundai Capital America,
3.500%, 11/02/2026 | | | | | 20,289 | | | | | | 0.0 | | |
| 1,047,725 | | | Other Securities | | | | | 1,092,544 | | | | | | 0.3 | | |
| | | | | | | | | 1,206,214 | | | | | | 0.3 | | |
| | | | Consumer, Non-cyclical: 0.7% | |
| 43,000 (2) | | | AbbVie, Inc., 2.600%,
11/21/2024 | | | | | 43,295 | | | | | | 0.0 | | |
| 24,000 (2) | | | AbbVie, Inc., 2.950%,
11/21/2026 | | | | | 24,396 | | | | | | 0.0 | | |
| 21,000 (2) | | | AbbVie, Inc., 3.200%,
11/21/2029 | | | | | 21,377 | | | | | | 0.0 | | |
| 24,000 (2) | | | AbbVie, Inc., 4.050%,
11/21/2039 | | | | | 25,449 | | | | | | 0.0 | | |
| 22,000 | | | Amgen, Inc., 4.563%,
06/15/2048 | | | | | 25,543 | | | | | | 0.0 | | |
| 23,000 (2) | | | Bristol-Myers Squibb Co.,
3.400%, 07/26/2029 | | | | | 24,600 | | | | | | 0.0 | | |
| 50,000 (2) | | | Bristol-Myers Squibb Co.,
3.875%, 08/15/2025 | | | | | 54,090 | | | | | | 0.1 | | |
| 30,000 (2) | | | Bristol-Myers Squibb Co.,
4.125%, 06/15/2039 | | | | | 34,602 | | | | | | 0.0 | | |
| 40,000 (2) | | | Bristol-Myers Squibb Co.,
4.550%, 02/20/2048 | | | | | 48,985 | | | | | | 0.0 | | |
| 48,000 (2) | | | Cargill, Inc., 3.875%,
05/23/2049 | | | | | 53,672 | | | | | | 0.0 | | |
| 101,000 | | | HCA, Inc., 4.500%-5.500%,
04/15/2025-06/15/2049 | | | | | 111,441 | | | | | | 0.0 | | |
| 62,000 (2) | | | Kraft Heinz Foods Co.,
4.875%, 02/15/2025 | | | | | 63,703 | | | | | | 0.0 | | |
| 15,000 (2) | | | Mars, Inc., 3.200%,
04/01/2030 | | | | | 15,877 | | | | | | 0.0 | | |
| 13,000 (2) | | | Mars, Inc., 3.875%,
04/01/2039 | | | | | 14,365 | | | | | | 0.0 | | |
| 42,000 (2) | | | Mars, Inc., 4.125%,
04/01/2054 | | | | | 47,949 | | | | | | 0.0 | | |
| 75,000 | | | PayPal Holdings, Inc.,
2.850%, 10/01/2029 | | | | | 75,532 | | | | | | 0.0 | | |
| 19,000 | | | Philip Morris International,
Inc., 4.375%, 11/15/2041 | | | | | 21,054 | | | | | | 0.0 | | |
| 5,000 | | | S&P Global, Inc., 3.250%,
12/01/2049 | | | | | 5,113 | | | | | | 0.0 | | |
| 1,900,000 | | | Other Securities | | | | | 2,043,481 | | | | | | 0.6 | | |
| | | | | | | | | 2,754,524 | | | | | | 0.7 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Balanced Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Energy: 0.7% | |
| 15,000 (2) | | | Cameron LNG LLC, 2.902%,
07/15/2031 | | | | $ | 15,032 | | | | | | 0.0 | | |
| 15,000 (2) | | | Cameron LNG LLC, 3.302%,
01/15/2035 | | | | | 15,143 | | | | | | 0.0 | | |
| 200,000 (2) | | | KazMunayGas
National Co. JSC,
4.750%, 04/24/2025 | | | | | 219,699 | | | | | | 0.1 | | |
| 20,000 (2) | | | MPLX L.P., 5.250%,
01/15/2025 | | | | | 20,994 | | | | | | 0.0 | | |
| 200,000 (2) | | | Petroleos del Peru SA,
4.750%, 06/19/2032 | | | | | 219,569 | | | | | | 0.1 | | |
| 24,000 (2) | | | Schlumberger Oilfield UK
PLC, 4.200%, 01/15/2021 | | | | | 24,413 | | | | | | 0.0 | | |
| 1,955,000 | | | Other Securities | | | | | 2,031,252 | | | | | | 0.5 | | |
| | | | | | | | | 2,546,102 | | | | | | 0.7 | | |
| | | | Financial: 1.4% | |
| 200,000 (2) | | | ABN AMRO Bank NV,
4.750%, 07/28/2025 | | | | | 218,342 | | | | | | 0.1 | | |
| 80,000 (2) | | | Barclays Bank PLC, 10.179%,
06/12/2021 | | | | | 88,929 | | | | | | 0.0 | | |
| 206,000 (2) | | | BPCE SA, 5.700%,
10/22/2023 | | | | | 228,104 | | | | | | 0.1 | | |
| 250,000 (2) | | | Credit Agricole SA/London,
2.375%, 07/01/2021 | | | | | 251,639 | | | | | | 0.1 | | |
| 200,000 (2) | | | Danske Bank A/S, 2.800%,
03/10/2021 | | | | | 201,435 | | | | | | 0.1 | | |
| 39,000 (2)(5) | | | Fairfax US, Inc., 4.875%,
08/13/2024 | | | | | 41,685 | | | | | | 0.0 | | |
| 100,000 (2)(6) | | | Harborwalk Funding Trust,
5.077%, 02/15/2069 | | | | | 118,349 | | | | | | 0.0 | | |
| 474,000 (6) | | | JPMorgan Chase & Co.,
2.550%-5.000%,
10/29/2020-12/31/2199 | | | | | 492,149 | | | | | | 0.1 | | |
| 27,000 (2) | | | Liberty Mutual Group, Inc.,
3.951%, 10/15/2050 | | | | | 28,090 | | | | | | 0.0 | | |
| 210,000 (6) | | | Morgan Stanley,
4.000%-5.500%,
07/28/2021-04/22/2039 | | | | | 229,090 | | | | | | 0.1 | | |
| 55,000 (2) | | | New York Life Global
Funding, 2.875%,
04/10/2024 | | | | | 56,735 | | | | | | 0.0 | | |
| 24,000 (2) | | | Northwestern Mutual Life
Insurance Co/The, 3.625%,
09/30/2059 | | | | | 24,052 | | | | | | 0.0 | | |
| 70,000 | | | Royal Bank of Canada,
2.703%, (US0003M +
0.660%), 10/05/2023 | | | | | 70,571 | | | | | | 0.0 | | |
Principal
Amount† | | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial (continued) | |
| 234,000 (6) | | | Wells Fargo & Co.,
2.406%-4.750%,
01/24/2024-12/07/2046 | | | | $ | 250,606 | | | | | | 0.1 | | |
| 2,574,000 | | | Other Securities | | | | | 2,727,287 | | | | | | 0.7 | | |
| | | | | | | | | 5,027,063 | | | | | | 1.4 | | |
| | | | Industrial: 0.2% | |
| 652,000 | | | Other Securities | | | | | 686,816 | | | | | | 0.2 | | |
| | | | | |
| | | | Technology: 0.2% | |
| 90,000 | | | Apple, Inc., 3.750%,
09/12/2047 | | | | | 100,079 | | | | | | 0.0 | | |
| 25,000 (2) | | | Dell International LLC / EMC
Corp., 6.020%, 06/15/2026 | | | | | 28,774 | | | | | | 0.0 | | |
| 649,000 | | | Other Securities | | | | | 690,758 | | | | | | 0.2 | | |
| | | | | | | | | 819,611 | | | | | | 0.2 | | |
| | | | Utilities: 0.7% | |
| 50,000 (2) | | | American Transmission
Systems, Inc., 5.000%,
09/01/2044 | | | | | 62,664 | | | | | | 0.1 | | |
| 50,000 (2) | | | American Transmission
Systems, Inc., 5.250%,
01/15/2022 | | | | | 52,917 | | | | | | 0.0 | | |
| 39,000 (2) | | | Cleveland Electric Illuminating
Co/The, 3.500%, 04/01/2028 | | | | | 40,604 | | | | | | 0.0 | | |
| 48,000 (2) | | | DPL, Inc., 4.350%,
04/15/2029 | | | | | 46,309 | | | | | | 0.0 | | |
| 50,000 (2) | | | Jersey Central Power & Light
Co., 4.300%,
01/15/2026 | | | | | 54,433 | | | | | | 0.0 | | |
| 12,000 (2) | | | Metropolitan Edison Co.,
4.000%, 04/15/2025 | | | | | 12,777 | | | | | | 0.0 | | |
| 2,134,000 | | | Other Securities | | | | | 2,241,198 | | | | | | 0.6 | | |
| | | | | | | | | 2,510,902 | | | | | | 0.7 | | |
| | | | Total Corporate
Bonds/Notes
(Cost $16,766,241) | | | | | 17,584,305 | | | | | | 4.7 | | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: 4.1% | |
| 90,601 | | | Alternative Loan Trust
2004-J7 MI, 2.812%,
(US0001M + 1.020%),
10/25/2034 | | | | | 89,030 | | | | | | 0.0 | | |
| 75,693 | | | Alternative Loan Trust
2005-10CB 1A1, 2.292%,
(US0001M + 0.500%),
05/25/2035 | | | | | 65,084 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Balanced Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 62,272 | | | Alternative Loan Trust
2005-51 3A2A, 3.530%,
(12MTA + 1.290%),
11/20/2035 | | | | $ | 60,929 | | | | | | 0.0 | | |
| 125,439 | | | Alternative Loan Trust
2005-J2 1A12, 2.192%,
(US0001M + 0.400%),
04/25/2035 | | | | | 107,265 | | | | | | 0.1 | | |
| 116,010 | | | Alternative Loan Trust
2006-19CB A12, 2.192%,
(US0001M + 0.400%),
08/25/2036 | | | | | 75,176 | | | | | | 0.0 | | |
| 89,148 | | | Alternative Loan Trust
2006-HY11 A1, 1.912%,
(US0001M + 0.120%),
06/25/2036 | | | | | 85,483 | | | | | | 0.0 | | |
| 31,943 | | | Alternative Loan Trust
2007-23CB A3, 2.292%,
(US0001M + 0.500%),
09/25/2037 | | | | | 17,650 | | | | | | 0.0 | | |
| 156,540 | | | Alternative Loan Trust
2007-2CB 2A1, 2.392%,
(US0001M + 0.600%),
03/25/2037 | | | | | 97,842 | | | | | | 0.1 | | |
| 84,146 | | | Bear Stearns Mortgage
Funding Trust 2006-AR5 2A1,
1.982%, (US0001M +
0.190%), 01/25/2037 | | | | | 80,407 | | | | | | 0.0 | | |
| 100,000 (2)(6) | | | COLT 2018-1 M1 Mortgage
Loan Trust, 3.661%,
02/25/2048 | | | | | 100,432 | | | | | | 0.0 | | |
| 200,000 (2)(6) | | | Deephaven Residential
Mortgage Trust 2018-1A M1,
3.939%, 12/25/2057 | | | | | 201,532 | | | | | | 0.0 | | |
| 200,000 (2)(6) | | | Deephaven Residential
Mortgage Trust 2019-1A M1,
4.402%, 08/25/2058 | | | | | 202,343 | | | | | | 0.1 | | |
| 39,646 | | | DSLA Mortgage Loan Trust
2005-AR4 2A1B, 2.044%,
(US0001M + 0.280%),
08/19/2045 | | | | | 34,417 | | | | | | 0.0 | | |
| 710,639 | | | Fannie Mae 2011-113 CL,
4.000%, 11/25/2041 | | | | | 751,891 | | | | | | 0.2 | | |
| 389,657 | | | Fannie Mae 2011-99 CZ,
4.500%, 10/25/2041 | | | | | 438,993 | | | | | | 0.1 | | |
| 162,708 | | | Fannie Mae Connecticut
Avenue Securities 2015-C02
1M2, 5.792%, (US0001M +
4.000%), 05/25/2025 | | | | | 172,766 | | | | | | 0.0 | | |
| 250,002 | | | Fannie Mae Connecticut
Avenue Securities 2016-C05
2M2, 6.242%, (US0001M +
4.450%), 01/25/2029 | | | | | 264,325 | | | | | | 0.1 | | |
Principal
Amount† | | | | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 83,874 | | | Fannie Mae Connecticut
Avenue Securities 2016-C07
2M2, 6.142%, (US0001M +
4.350%), 05/25/2029 | | | | $ | 88,516 | | | | | | 0.0 | | |
| 200,000 | | | Fannie Mae Connecticut
Avenue Securities 2017-C03
1M2, 4.792%, (US0001M +
3.000%), 10/25/2029 | | | | | 209,117 | | | | | | 0.1 | | |
| 200,000 | | | Fannie Mae Connecticut
Avenue Securities 2017-C04
2M2, 4.642%, (US0001M +
2.850%), 11/25/2029 | | | | | 207,012 | | | | | | 0.1 | | |
| 150,000 | | | Fannie Mae Connecticut
Avenue Securities 2017-C07
1M2, 4.192%, (US0001M +
2.400%), 05/28/2030 | | | | | 152,917 | | | | | | 0.0 | | |
| 93,569 | | | Fannie Mae Connecticut
Avenue Securities 2017-CO6
2M2, 4.592%, (US0001M +
2.800%), 02/25/2030 | | | | | 96,177 | | | | | | 0.0 | | |
| 243,813 | | | Fannie Mae Connecticut
Avenue Securities 2018-C02
2M2, 3.992%, (US0001M +
2.200%), 08/25/2030 | | | | | 246,135 | | | | | | 0.1 | | |
| 284,713 | | | Fannie Mae Connecticut
Avenue Securities 2018-C06
1M2, 3.792%, (US0001M +
2.000%), 03/25/2031 | | | | | 286,134 | | | | | | 0.1 | | |
| 200,000 (2) | | | Fannie Mae Connecticut
Avenue Securities 2019-R02
1M2, 4.092%, (US0001M +
2.300%), 08/25/2031 | | | | | 202,021 | | | | | | 0.1 | | |
| 99,175 | | | Fannie Mae REMIC Trust
2001-15 Z, 6.000%,
04/25/2031 | | | | | 109,049 | | | | | | 0.0 | | |
| 296,709 | | | Fannie Mae REMIC Trust
2009-19 PW, 4.500%,
10/25/2036 | | | | | 321,678 | | | | | | 0.1 | | |
| 271,424 (6) | | | Fannie Mae REMIC Trust
2009-50 HZ, 5.547%,
02/25/2049 | | | | | 296,522 | | | | | | 0.1 | | |
| 181,378 | | | Fannie Mae REMIC Trust
2011-30 ZA, 5.000%,
04/25/2041 | | | | | 203,373 | | | | | | 0.1 | | |
| 255,662 | | | Fannie Mae REMIC Trust
2011-9 AZ, 5.000%,
05/25/2040 | | | | | 287,469 | | | | | | 0.1 | | |
| 133,829 | | | Fannie Mae REMICS
2011-10 ZC, 5.000%,
02/25/2041 | | | | | 148,620 | | | | | | 0.0 | | |
| 475,579 | | | Fannie Mae REMICS
2013-16 GD, 3.000%,
03/25/2033 | | | | | 478,184 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Balanced Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 177,711 | | | Fannie Mae REMICS 2018-8
AB, 3.500%, 10/25/2047 | | | | $ | 183,495 | | | | | | 0.0 | | |
| 96,049 (2)(6) | | | Flagstar Mortgage Trust
2018-1 B2, 4.030%,
03/25/2048 | | | | | 100,052 | | | | | | 0.1 | | |
| 96,049 (2)(6) | | | Flagstar Mortgage Trust
2018-1 B3, 4.030%,
03/25/2048 | | | | | 97,212 | | | | | | 0.0 | | |
| 670,284 | | | Freddie Mac 326 350,
3.500%, 03/15/2044 | | | | | 700,009 | | | | | | 0.2 | | |
| 233,262 | | | Freddie Mac 4634 ZM,
5.000%, 11/15/2056 | | | | | 307,126 | | | | | | 0.1 | | |
| 98,536 | | | Freddie Mac REMIC Trust
2114 ZM, 6.000%,
01/15/2029 | | | | | 108,422 | | | | | | 0.0 | | |
| 131,085 | | | Freddie Mac REMIC Trust
2472 ZC, 6.000%,
07/15/2032 | | | | | 147,334 | | | | | | 0.0 | | |
| 77,088 | | | Freddie Mac REMIC Trust
2541 NE, 5.500%,
12/15/2032 | | | | | 86,085 | | | | | | 0.0 | | |
| 21,915 | | | Freddie Mac REMIC Trust
2861 Z, 5.500%, 09/15/2034 | | | | | 24,920 | | | | | | 0.0 | | |
| 57,325 | | | Freddie Mac REMIC Trust
2931 ZY, 5.000%,
02/15/2035 | | | | | 63,044 | | | | | | 0.0 | | |
| 175,008 | | | Freddie Mac REMIC Trust
3117 ZA, 5.500%,
02/15/2036 | | | | | 192,546 | | | | | | 0.1 | | |
| 72,910 | | | Freddie Mac REMIC Trust
3351 ZC, 5.500%,
07/15/2037 | | | | | 82,019 | | | | | | 0.0 | | |
| 65,311 (6) | | | Freddie Mac REMIC Trust
3524 LA, 5.210%,
03/15/2033 | | | | | 71,758 | | | | | | 0.0 | | |
| 69,381 | | | Freddie Mac REMIC Trust
3724 CM, 5.500%,
06/15/2037 | | | | | 78,369 | | | | | | 0.0 | | |
| 52,486 | | | Freddie Mac REMIC Trust
3819 ZY, 6.000%,
10/15/2037 | | | | | 57,360 | | | | | | 0.0 | | |
| 15,463 | | | Freddie Mac REMIC Trust
4000 PA, 4.500%,
01/15/2042 | | | | | 16,756 | | | | | | 0.0 | | |
| 319,296 | | | Freddie Mac REMIC Trust
4203 BN, 3.000%,
04/15/2033 | | | | | 328,613 | | | | | | 0.1 | | |
| 506,912 | | | Freddie Mac REMIC Trust
4335 ZX, 4.250%,
05/15/2044 | | | | | 576,434 | | | | | | 0.2 | | |
| 506,912 | | | Freddie Mac REMIC Trust
435 XZ, 4.250%, 05/15/2044 | | | | | 565,875 | | | | | | 0.2 | | |
Principal
Amount† | | | | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 459,529 | | | Freddie Mac REMICS 4495
PA, 3.500%, 09/15/2043 | | | | $ | 477,495 | | | | | | 0.1 | | |
| 32,534 | | | Freddie Mac REMICS 4678
AB, 4.000%, 06/15/2044 | | | | | 33,580 | | | | | | 0.0 | | |
| 1,000,000 | | | Freddie Mac REMICS 4791
MT, 3.500%, 05/15/2044 | | | | | 1,024,987 | | | | | | 0.3 | | |
| 100,000 | | | Freddie Mac Structured
Agency Credit Risk Debt
Notes 2015-DNA3 M3,
6.492%, (US0001M +
4.700%), 04/25/2028 | | | | | 110,882 | | | | | | 0.0 | | |
| 300,000 | | | Freddie Mac Structured
Agency Credit Risk Debt
Notes 2016-DNA1 M3,
7.342%, (US0001M +
5.550%), 07/25/2028 | | | | | 331,248 | | | | | | 0.1 | | |
| 189,438 | | | Freddie Mac Structured
Agency Credit Risk Debt
Notes 2017-HQA3 M2,
4.142%, (US0001M +
2.350%), 04/25/2030 | | | | | 192,846 | | | | | | 0.1 | | |
| 100,000 | | | Freddie Mac Structured
Agency Credit Risk Debt
Notes 2018-HQA1 M2,
4.092%, (US0001M +
2.300%), 09/25/2030 | | | | | 101,217 | | | | | | 0.0 | | |
| 813,971 | | | Ginnie Mae 2013-8 BE,
1.750%, 11/20/2042 | | | | | 797,116 | | | | | | 0.2 | | |
| 61,209 | | | Ginnie Mae Series 2009-29
PB, 4.750%, 05/20/2039 | | | | | 67,097 | | | | | | 0.0 | | |
| 358,118 | | | Ginnie Mae Series 2010-164
JZ, 4.000%, 12/20/2040 | | | | | 384,819 | | | | | | 0.1 | | |
| 23,958 | | | Ginnie Mae Series 2011-169
BC, 7.000%, 05/16/2032 | | | | | 26,422 | | | | | | 0.0 | | |
| 53,157 | | | HomeBanc Mortgage Trust
2004-1 2A, 2.652%,
(US0001M + 0.860%),
08/25/2029 | | | | | 51,778 | | | | | | 0.0 | | |
| 44,028 | | | IndyMac INDX Mortgage
Loan Trust 2006-AR2 1A1B,
2.002%, (US0001M +
0.210%), 04/25/2046 | | | | | 41,820 | | | | | | 0.0 | | |
| 37,856 | | | Lehman XS Trust
Series 2005-5N 1A2, 2.152%,
(US0001M + 0.360%),
11/25/2035 | | | | | 35,046 | | | | | | 0.0 | | |
| 52,266 | | | Morgan Stanley Mortgage
Loan Trust 2007-13 6A1,
6.000%, 10/25/2037 | | | | | 42,162 | | | | | | 0.0 | | |
| 200,000 (2)(6) | | | Verus Securitization Trust
2017-SG1A B1, 3.615%,
11/25/2047 | | | | | 200,061 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Balanced Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 83,509 | | | WaMu Mortgage
Pass-Through Certificates
Series 2005-AR11 A1C3,
2.302%, (US0001M +
0.510%), 08/25/2045 | | | | $ | 83,775 | | | | | | 0.0 | | |
| 44,333 | | | WaMu Mortgage
Pass-Through Certificates
Series 2005-AR13 A1C3,
2.282%, (US0001M +
0.490%), 10/25/2045 | | | | | 44,319 | | | | | | 0.0 | | |
| 189,429 | | | Washington Mutual Mortgage
Pass-Through Certificates
WMALT Series 2006-AR6 2A,
3.200%, (12MTA + 0.960%),
08/25/2046 | | | | | 141,734 | | | | | | 0.1 | | |
| 25,961 | | | Wells Fargo Alternative Loan
2007-PA2 2A1, 2.222%,
(US0001M + 0.430%),
06/25/2037 | | | | | 21,567 | | | | | | 0.0 | | |
| 24,786 (6) | | | Wells Fargo Mortgage
Backed Securities 2006-AR4
2A4, 5.220%, 04/25/2036 | | | | | 24,335 | | | | | | 0.0 | | |
| 32,765 (6) | | | Wells Fargo Mortgage
Backed Securities 2007-AR7
A1, 4.354%, 12/28/2037 | | | | | 31,474 | | | | | | 0.0 | | |
| 985,479 | | | Other Securities | | | | | 980,048 | | | | | | 0.3 | | |
| | | | Total Collateralized Mortgage
Obligations
(Cost $14,845,488) | | | | | 15,211,746 | | | | | | 4.1 | | |
| U.S. TREASURY OBLIGATIONS: 1.2% | |
| | | | Treasury Inflation Indexed Protected Securities: 0.4% | |
| 1,637,882 | | | 0.250%,07/15/2029 | | | | | 1,654,375 | | | | | | 0.4 | | |
| | | | | |
| | | | U.S. Treasury Bonds: 0.6% | |
| 747,000 | | | 2.250%,08/15/2049 | | | | | 724,020 | | | | | | 0.2 | | |
| 1,360,000 | | | 3.500%,02/15/2039 | | | | | 1,628,738 | | | | | | 0.4 | | |
| | | | | | | | | 2,352,758 | | | | | | 0.6 | | |
| | | | U.S. Treasury Notes: 0.2% | |
| 639,500 (3) | | | Other Securities | | | | | 636,488 | | | | | | 0.2 | | |
| | | | Total U.S. Treasury
Obligations
(Cost $4,660,492) | | | | | 4,643,621 | | | | | | 1.2 | | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: 1.9% | |
| | | | Federal Home Loan Mortgage Corporation: 0.7%(7) | |
| 2,351,743 | | | 2.500%-6.500%,
05/01/2030-08/01/2048 | | | | | 2,471,719 | | | | | | 0.7 | | |
| | | | | |
Principal
Amount† | | | | | | Value | | | Percentage
of Net
Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |
| | | | Government National Mortgage
Association: 0.2% | |
| 799,882 (6) | | | 4.000%-5.310%,
11/20/2040-10/20/2060 | | | | $ | 853,227 | | | | | | 0.2 | | |
| | | | | |
| | | | Uniform Mortgage-Backed Securities: 1.0% | |
| 3,683,119 | | | 2.500%-7.000%,
06/01/2029-01/01/2047 | | | | | 3,875,208 | | | | | | 1.0 | | |
| | | | Total U.S. Government
Agency Obligations
(Cost $6,953,511) | | | | | 7,200,154 | | | | | | 1.9 | | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.6% | |
| 80,000 (2)(6) | | | BAMLL Re-REMIC Trust
2016-FRR16 B, 1.003%,
05/27/2021 | | | | | 76,912 | | | | | | 0.0 | | |
| 70,000 (2) | | | Bancorp Commercial
Mortgage 2018 CRE4 D
Trust, 3.840%, (US0001M +
2.100%), 09/15/2035 | | | | | 70,160 | | | | | | 0.0 | | |
| 3,000,000 (6)(8) | | | BANK 2017-BNK8 XB,
0.176%, 11/15/2050 | | | | | 38,971 | | | | | | 0.0 | | |
| 995,608 (6)(8) | | | BANK 2019-BNK16 XA,
0.967%, 02/15/2052 | | | | | 69,766 | | | | | | 0.0 | | |
| 2,180,000 (2)(6)(8) | | | BBCCRE Trust 2015-GTP
XA, 0.597%, 08/10/2033 | | | | | 72,262 | | | | | | 0.0 | | |
| 100,000 (2) | | | BDS 2018-FL2 D, 4.287%,
(US0001M + 2.550%),
08/15/2035 | | | | | 100,062 | | | | | | 0.0 | | |
| 997,853 (6)(8) | | | Benchmark 2019-B9 XA
Mortgage Trust, 1.047%,
03/15/2052 | | | | | 78,804 | | | | | | 0.0 | | |
| 190,000 (2) | | | Benchmark 2019-B14 D
Mortgage Trust, 2.500%,
12/15/2061 | | | | | 160,537 | �� | | | | | 0.1 | | |
| 200,000 (2) | | | BX Commercial Mortgage
Trust 2019-XL J, 4.390%,
(US0001M + 2.650%),
10/15/2036 | | | | | 200,757 | | | | | | 0.1 | | |
| 80,000 (2) | | | BX Trust 2019-OC11 E,
4.076%, 12/09/2041 | | | | | 77,691 | | | | | | 0.0 | | |
| 100,000 (2) | | | BX Trust 2019-CALM E,
3.750%, (US0001M +
2.000%), 11/25/2028 | | | | | 100,201 | | | | | | 0.0 | | |
| 817,285 (6)(8) | | | CD 2017-CD4 Mortgage Trust
XA, 1.309%, 05/10/2050 | | | | | 57,338 | | | | | | 0.0 | | |
| 972,280 (6)(8) | | | Citigroup Commercial
Mortgage Trust 2016-P4 XA,
1.979%, 07/10/2049 | | | | | 91,278 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Balanced Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | | | | Value | | | Percentage
of Net
Assets | |
COMMERCIAL MORTGAGE-BACKED
SECURITIES: (continued) | |
| 1,322,714 (6)(8) | | | Citigroup Commercial
Mortgage Trust 2017-C4 XA,
1.109%, 10/12/2050 | | | | $ | 84,108 | | | | | | 0.0 | | |
| 988,333 (6)(8) | | | Citigroup Commercial
Mortgage Trust 2017-P8 XA,
0.917%, 09/15/2050 | | | | | 56,120 | | | | | | 0.0 | | |
| 1,474,031 (6)(8) | | | Citigroup Commercial
Mortgage Trust 2018-C5 XA,
0.600%, 06/10/2051 | | | | | 70,360 | | | | | | 0.0 | | |
| 1,119,308 (6)(8) | | | Citigroup Commercial
Mortgage Trust 2019-GC41
XA, 1.190%, 08/10/2056 | | | | | 87,747 | | | | | | 0.0 | | |
| 758,841 (6)(8) | | | COMM 2012-CR4 XA,
1.700%, 10/15/2045 | | | | | 30,088 | | | | | | 0.0 | | |
| 2,380,000 (2)(6)(8) | | | COMM 2012-CR4 XB,
0.615%, 10/15/2045 | | | | | 40,127 | | | | | | 0.0 | | |
| 1,585,026 (6)(8) | | | COMM 2016-CR28 XA,
0.687%, 02/10/2049 | | | | | 49,678 | | | | | | 0.0 | | |
| 752,625 (6)(8) | | | COMM 2017-COR2 XA,
1.173%, 09/10/2050 | | | | | 55,041 | | | | | | 0.1 | | |
| 110,000 (2)(6) | | | DBJPM 16-C3 Mortgage
Trust, 3.491%, 08/10/2049 | | | | | 105,834 | | | | | | 0.0 | | |
| 130,000 (2)(6) | | | DBWF 2015-LCM D
Mortgage Trust, 3.421%,
06/10/2034 | | | | | 122,136 | | | | | | 0.0 | | |
| 110,000 (2) | | | GPT 2018-GPP D Mortgage
Trust, 3.590%, (US0001M +
1.850%), 06/15/2035 | | | | | 109,108 | | | | | | 0.0 | | |
| 100,000 (2) | | | GS Mortgage Securities
Corp. II 2018-RIVR F,
3.840%, (US0001M +
2.100%), 07/15/2035 | | | | | 99,726 | | | | | | 0.1 | | |
| 100,000 (2)(6) | | | GS Mortgage Securities Trust
2010-C2 D, 5.180%,
12/10/2043 | | | | | 102,292 | | | | | | 0.1 | | |
| 100,000 (2)(6) | | | GS Mortgage Securities Trust
2010-C2 F, 4.548%,
12/10/2043 | | | | | 98,860 | | | | | | 0.0 | | |
1,184,220 (6)(8) | | | GS Mortgage Securities Trust
2012-GCJ7 XA, 2.161%,
05/10/2045 | | | | | 33,109 | | | | | | 0.0 | | |
| 1,175,494 (6)(8) | | | GS Mortgage Securities Trust
2014-GC22 XA, 0.986%,
06/10/2047 | | | | | 34,443 | | | | | | 0.0 | | |
| 1,910,325 (6)(8) | | | GS Mortgage Securities Trust
2016-GS4 XA, 0.572%,
11/10/2049 | | | | | 51,615 | | | | | | 0.0 | | |
Principal
Amount† | | | | | | Value | | | Percentage
of Net
Assets | |
COMMERCIAL MORTGAGE-BACKED
SECURITIES: (continued) | |
| 853,750 (6)(8) | | | GS Mortgage Securities Trust
2017-GS6 XA, 1.042%,
05/10/2050 | | | | $ | 55,578 | | | | | | 0.0 | | |
| 1,227,251 (6)(8) | | | GS Mortgage Securities Trust
2019-GC38 XA, 0.964%,
02/10/2052 | | | | | 88,622 | | | | | | 0.0 | | |
| 110,000 (2)(6) | | | Jackson Park Trust 2019-LIC
F, 3.242%, 10/14/2039 | | | | | 94,969 | | | | | | 0.0 | | |
| 100,000 (2)(6) | | | JP Morgan Chase
Commercial Mortgage
Securities Trust 2011-C4 G,
3.873%, 07/15/2046 | | | | | 100,144 | | | | | | 0.0 | | |
| 1,355,616 (6)(8) | | | JP Morgan Chase
Commercial Mortgage
Securities Trust 2016-JP4
XA, 0.734%, 12/15/2049 | | | | | 43,794 | | | | | | 0.0 | | |
| 100,000 (2)(6) | | | JPMBB Commercial
Mortgage Securities Trust
2013-C17 F, 3.867%,
01/15/2047 | | | | | 88,141 | | | | | | 0.0 | | |
| 499,800 (6)(8) | | | JPMBB Commercial
Mortgage Securities Trust
2014-C19 XA, 0.752%,
04/15/2047 | | | | | 10,473 | | | | | | 0.0 | | |
| 100,000 | | | JPMCC Commercial
Mortgage Securities Trust
2019-COR4 A5, 4.029%,
03/10/2052 | | | | | 110,836 | | | | | | 0.1 | | |
| 467,086 (2)(6)(8) | | | LB-UBS Commercial
Mortgage Trust 2006-C7 XW,
0.713%, 11/15/2038 | | | | | 1,823 | | | | | | 0.0 | | |
| 1,671,380 (6)(8) | | | Morgan Stanley Bank of
America Merrill Lynch Trust
2014 C19 XA, 1.003%,
12/15/2047 | | | | | 63,562 | | | | | | 0.0 | | |
| 62,000 | | | Morgan Stanley Capital I
Trust 2019-H6 A4, 3.417%,
06/15/2052 | | | | | 65,900 | | | | | | 0.0 | | |
| 75,000 | | | Morgan Stanley Capital I, Inc.
2017-HR2 D, 2.730%,
12/15/2050 | | | | | 67,577 | | | | | | 0.1 | | |
| 4,559,399 (6)(8) | | | Morgan Stanley Capital I
Trust 2019-L3 XA, 0.645%,
11/15/2029 | | | | | 243,989 | | | | | | 0.1 | | |
| 50,000 (2) | | | MRCD 2019-PARK E
Mortgage Trust, 2.718%,
12/15/2036 | | | | | 47,327 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Balanced Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | | | | Value | | | Percentage
of Net
Assets | |
COMMERCIAL MORTGAGE-BACKED
SECURITIES: (continued) | |
| 100,000 (2) | | | MRCD 2019-PARK F
Mortgage Trust, 2.718%,
12/15/2036 | | | | $ | 93,046 | | | | | | 0.0 | | |
| 100,000 (6) | | | Wells Fargo Commercial
Mortgage Trust
2017-C40 C, 4.331%,
10/15/2050 | | | | | 104,029 | | | | | | 0.1 | | |
| 80,000 | | | Wells Fargo Commercial
Mortgage Trust 2018-C44 A5,
4.212%, 05/15/2051 | | | | | 89,220 | | | | | | 0.0 | | |
| 400,000 (2) | | | Wells Fargo Commercial
Mortgage Trust
2018-C45 D, 3.000%,
06/15/2051 | | | | | 360,796 | | | | | | 0.1 | | |
| 1,590,798 (2)(6)(8) | | | WFRBS Commercial
Mortgage Trust
2012-C8 XA, 1.811%,
08/15/2045 | | | | | 57,431 | | | | | | 0.0 | | |
| 1,087,763 (6)(8) | | | Wells Fargo Commercial
Mortgage Trust 2019-C52 XA,
1.624%, 08/15/2052 | | | | | 128,256 | | | | | | 0.1 | | |
| 1,509,000 | | | Other Securities | | | | | 1,599,665 | | | | | | 0.4 | | |
| | | | Total Commercial
Mortgage-Backed Securities
(Cost $5,894,827) | | | | | 5,940,309 | | | | | | 1.6 | | |
| ASSET-BACKED SECURITIES: 1.8% | |
| | | | Automobile Asset-Backed
Securities: 0.2% | |
| 100,000 (2) | | | Tesla Auto Lease Trust
2018-B C, 4.360%,
10/20/2021 | | | | | 102,687 | | | | | | 0.0 | | |
| 650,000 | | | Other Securities | | | | | 664,229 | | | | | | 0.2 | | |
| | | | | | | | | 766,916 | | | | | | 0.2 | | |
| | | | Home Equity Asset-Backed
Securities: 0.1% | |
| 450,937 | | | Other Securities | | | | | 408,288 | | | | | | 0.1 | | |
| | | | | |
| | | | Other Asset-Backed Securities: 1.4% | |
| 300,000 (2) | | | ARES XLVI CLO Ltd.
2017-46A A2, 3.231%,
(US0003M + 1.230%),
01/15/2030 | | | | | 293,729 | | | | | | 0.1 | | |
| 250,000 (2) | | | Benefit Street Partners CLO
VIII Ltd. 2015-8A A1BR,
3.166%, (US0003M +
1.200%), 01/20/2031 | | | | | 243,933 | | | | | | 0.1 | | |
| 250,000 (2) | | | BlueMountain CLO 2015-1A
BR, 4.501%, (US0003M +
2.500%), 04/13/2027 | | | | | 250,211 | | | | | | 0.1 | | |
Principal
Amount† | | | | | | Value | | | Percentage
of Net
Assets | |
| ASSET-BACKED SECURITIES: (continued) | |
| | | | Other Asset-Backed Securities (continued) | |
| 16,450 | | | Chase Funding Trust
Series 2003-5 2A2, 2.392%,
(US0001M + 0.600%),
07/25/2033 | | | | $ | 16,168 | | | | | | 0.0 | | |
| 250,000 (2) | | | Clear Creek CLO 2015-1A
CR, 3.916%, (US0003M +
1.950%), 10/20/2030 | | | | | 241,512 | | | | | | 0.0 | | |
| 274,930 (2) | | | J.G. Wentworth XXXIX
LLC 2017-2A A, 3.530%,
09/15/2072 | | | | | 282,349 | | | | | | 0.1 | | |
| 250,000 (2) | | | Jay Park CLO Ltd. 2016-1A
BR, 3.966%, (US0003M +
2.000%), 10/20/2027 | | | | | 243,926 | | | | | | 0.1 | | |
| 250,000 (2) | | | LCM XXIV Ltd. 24A A,
3.276%, (US0003M +
1.310%), 03/20/2030 | | | | | 250,019 | | | | | | 0.1 | | |
| 250,000 (2) | | | Deer Creek Clo Ltd. 2017-1A
A, 3.146%, (US0003M +
1.180%), 10/20/2030 | | | | | 249,794 | | | | | | 0.1 | | |
| 99,250 (2) | | | Driven Brands Funding LLC
2019-1A A2, 4.641%,
04/20/2049 | | | | | 102,740 | | | | | | 0.0 | | |
| 250,000 (2) | | | Dryden Senior Loan Fund
2017-47A A2, 3.351%,
(US0003M + 1.350%),
04/15/2028 | | | | | 247,928 | | | | | | 0.1 | | |
| 250,000 (2) | | | Eaton Vance Clo 2015-1A
A2R Ltd., 3.216%, (US0003M
+ 1.250%), 01/20/2030 | | | | | 250,001 | | | | | | 0.1 | | |
| 99,250 (2) | | | Five Guys Holdings, Inc.
2017-1A A2, 4.600%,
07/25/2047 | | | | | 103,039 | | | | | | 0.0 | | |
| 33,423 (2) | | | HERO Funding Trust 2015-2A
A, 3.990%, 09/20/2040 | | | | | 34,499 | | | | | | 0.0 | | |
| 250,000 (2) | | | Marlette Funding Trust
2019-2A C, 4.110%,
07/16/2029 | | | | | 253,383 | | | | | | 0.1 | | |
| 200,000 (2)(6) | | | Mill City Mortgage Loan Trust
2017-2 M2, 3.250%,
07/25/2059 | | | | | 204,365 | | | | | | 0.0 | | |
| 68,662 (2) | | | Mosaic Solar Loan Trust
2018-1A A, 4.010%,
06/22/2043 | | | | | 70,553 | | | | | | 0.0 | | |
| 100,000 (2) | | | Mosaic Solar Loan Trust
2018-2-GS B, 4.740%,
02/22/2044 | | | | | 102,046 | | | | | | 0.0 | | |
| 250,000 (2) | | | Octagon Investment Partners
XIV Ltd. 2012-1A A1BR,
3.376%, (US0003M +
1.375%), 07/15/2029 | | | | | 245,906 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Balanced Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | | | | Value | | | Percentage
of Net
Assets | |
| ASSET-BACKED SECURITIES: (continued) | |
| | | | Other Asset-Backed Securities (continued) | |
| 250,000 (2) | | | Palmer Square CLO 2015-2A
A1BR Ltd., 3.316%,
(US0003M + 1.350%),
07/20/2030 | | | | $ | 249,998 | | | | | | 0.1 | | |
| 98,750 (2) | ��� | | Planet Fitness Master Issuer
LLC 2018-1A A2I, 4.262%,
09/05/2048 | | | | | 100,648 | | | | | | 0.0 | | |
| 99,000 (2) | | | Taco Bell Funding LLC
2018-1A A2II, 4.940%,
11/25/2048 | | | | | 106,652 | | | | | | 0.0 | | |
| 250,000 (2) | | | THL Credit Wind River
2016-2A A1R CLO Ltd.,
3.099%, (US0003M +
1.190%), 11/01/2031 | | | | | 249,754 | | | | | | 0.0 | | |
| 250,000 (2) | | | THL Credit Wind River
2017-2A A CLO Ltd., 3.196%,
(US0003M + 1.230%),
07/20/2030 | | | | | 250,054 | | | | | | 0.1 | | |
| 250,000 (2) | | | Tiaa Clo III Ltd. 2017-2A A,
3.151%, (US0003M +
1.150%), 01/16/2031 | | | | | 248,295 | | | | | | 0.1 | | |
| 98,000 (2) | | | Wendy’s Funding LLC
2018-1A A2II, 3.884%,
03/15/2048 | | | | | 99,777 | | | | | | 0.0 | | |
| 98,000 (2) | | | Wendys Funding LLC
2018-1A A2I, 3.573%,
03/15/2048 | | | | | 99,146 | | | | | | 0.0 | | |
| | | | | | | | | 5,090,425 | | | | | | 1.4 | | |
| | | | Student Loan Asset-Backed Securities: 0.1% | |
| 150,000 (2) | | | Commonbond Student Loan
Trust 2018-BGS B, 3.990%,
09/25/2045 | | | | | 153,354 | | | | | | 0.1 | | |
| 13,612 (2) | | | DRB Prime Student Loan
Trust 2015-B A2, 3.170%,
07/25/2031 | | | | | 13,699 | | | | | | 0.0 | | |
| 30,460 (2) | | | DRB Prime Student Loan
Trust 2015-D A2, 3.200%,
01/25/2040 | | | | | 30,701 | | | | | | 0.0 | | |
| 25,399 (2) | | | Earnest Student Loan
Program, LLC 2016-A B,
2.500%, 01/25/2039 | | | | | 24,946 | | | | | | 0.0 | | |
| 100,000 (2) | | | SMB Private Education Loan
Trust 2017-A B, 3.500%,
06/17/2041 | | | | | 100,102 | | | | | | 0.0 | | |
| | | | | | | | | 322,802 | | | | | | 0.1 | | |
| | | | Total Asset-Backed
Securities
(Cost $6,507,014) | | | | | 6,588,431 | | | | | | 1.8 | | |
| |
Principal
Amount† | | | | | | Value | | | Percentage
of Net
Assets | |
| SOVEREIGN BONDS: 0.1% | |
| 100,000 (2) | | | Dominican Republic
International Bond, 5.500%,
01/27/2025 | | | | $ | 107,917 | | | | | | 0.0 | | |
| 430,000 | | | Other Securities | | | | | 384,124 | | | | | | 0.1 | | |
| | | | Total Sovereign Bonds
(Cost $537,463) | | | | | 492,041 | | | | | | 0.1 | | |
| | | | Total Long-Term
Investments
(Cost $327,275,825) | | | | | 357,892,178 | | | | | | 95.8 | | |
| SHORT-TERM INVESTMENTS: 3.3% | |
| | | | U.S. Government Agency Obligations: 1.7% | |
| 4,462,000 (9) | | | Federal Home Loan Bank
Discount Notes, 1.420%,
01/31/2020 | | | | | 4,456,608 | | | | | | 1.2 | | |
| 1,980,000 (9) | | | Federal Home Loan Bank
Discount Notes, 1.570%,
05/06/2020 | | | | | 1,969,275 | | | | | | 0.5 | | |
| | | | Total U.S. Government
Agency Obligations
(Cost $6,425,218) | | | | | 6,425,883 | | | | | | 1.7 | | |
| | | | | |
| | | | U.S. Treasury Bills: 0.4% | |
| 1,629,000 (9) | | | United States Treasury Bill,
1.550%, 01/02/2020
(Cost $1,628,931) | | | | | 1,629,000 | | | | | | 0.4 | | |
| | | | | |
| | | | Repurchase Agreements: 0.7% | |
| 1,000,000 (10) | | | Cantor Fitzgerald Securities,
Repurchase Agreement
dated 12/31/19, 1.58%, due
01/02/20 (Repurchase
Amount $1,000,087,
collateralized by various U.S.
Government/U.S.
Government Agency
Obligations, 0.000%-8.500%,
Market Value plus accrued
interest $1,020,000, due
01/25/20-10/15/60) | | | | | 1,000,000 | | | | | | 0.3 | | |
| 1,000,000 (10) | | | Millennium Fixed Income Ltd.,
Repurchase Agreement
dated 12/31/19, 1.75%, due
01/02/20 (Repurchase
Amount $1,000,096,
collateralized by various U.S.
Government Securities,
0.125%-2.250%, Market
Value plus accrued interest
$1,020,000, due
04/15/20-03/31/21) | | | | | 1,000,000 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Balanced Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) | |
| | | | Repurchase Agreements (continued) | |
| 643,031 (10) | | | RBC Dominion Securities
Inc., Repurchase Agreement
dated 12/31/19, 1.57%, due
01/02/20 (Repurchase
Amount $643,086,
collateralized by various U.S.
Government/U.S.
Government Agency
Obligations, 0.000%-6.500%,
Market Value plus accrued
interest $655,892, due
06/30/21-12/01/49) | | | | $ | 643,031 | | | | | | 0.2 | | |
| | | | Total Repurchase
Agreements
(Cost $2,643,031) | | | | | 2,643,031 | | | | | | 0.7 | | |
| |
| Shares | | | | | | Value | | | Percentage
of Net
Assets | |
| | | | Mutual Funds: 0.5% | |
| 1,740,531 (11) | | | BlackRock Liquidity Funds,
FedFund, Institutional Class,
1.520%
(Cost $1,740,531) | | | | | 1,740,531 | | | | | | 0.5 | | |
| | | | Total Short-Term
Investments
(Cost $12,437,711) | | | | | 12,438,445 | | | | | | 3.3 | | |
| | | | Total Investments in
Securities
(Cost $339,713,536) | | | | $ | 370,330,623 | | | | | | 99.1 | | |
| | | | Assets in Excess of Other
Liabilities | | | | | 3,383,137 | | | | | | 0.9 | | |
| | | | Net Assets | | | | $ | 373,713,760 | | | | | | 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, 2019.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
(1)
Non-income producing security.
(2)
Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
(3)
The grouping contains securities on loan.
(4)
The grouping contains non-income producing securities.
(5)
Security, or a portion of the security, is on loan.
(6)
Variable rate security. Rate shown is the rate in effect as of December 31, 2019.
(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)
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.
(9)
Represents a zero coupon bond. Rate shown reflects the effective yield as of December 31, 2019.
(10)
All or a portion of the security represents securities purchased with cash collateral received for securities on loan.
(11)
Rate shown is the 7-day yield as of December 31, 2019.
Reference Rate Abbreviations:
12MTA
12-month Treasury Average
US0001M
1-month LIBOR
US0003M
3-month LIBOR
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 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
December 31, 2019 | |
| Asset Table | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | | | | | | | | | | |
| Communication Services | | | | $ | 14,158,604 | | | | | $ | 1,412,238 | | | | | $ | — | | | | | $ | 15,570,842 | | |
| Consumer Discretionary | | | | | 15,610,238 | | | | | | 2,554,543 | | | | | | — | | | | | | 18,164,781 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Balanced Portfolio | as of December 31, 2019 (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, 2019 | |
| Consumer Staples | | | | | 10,737,522 | | | | | | 3,001,252 | | | | | | — | | | | | | 13,738,774 | | |
| Energy | | | | | 6,335,676 | | | | | | 1,209,653 | | | | | | — | | | | | | 7,545,329 | | |
| Financials | | | | | 20,577,585 | | | | | | 5,140,864 | | | | | | — | | | | | | 25,718,449 | | |
| Health Care | | | | | 21,432,934 | | | | | | 3,348,118 | | | | | | — | | | | | | 24,781,052 | | |
| Industrials | | | | | 15,885,576 | | | | | | 4,358,314 | | | | | | — | | | | | | 20,243,890 | | |
| Information Technology | | | | | 34,308,640 | | | | | | 1,774,530 | | | | | | — | | | | | | 36,083,170 | | |
| Materials | | | | | 4,156,693 | | | | | | 1,903,071 | | | | | | — | | | | | | 6,059,764 | | |
| Real Estate | | | | | 6,088,651 | | | | | | 950,385 | | | | | | — | | | | | | 7,039,036 | | |
| Utilities | | | | | 5,273,868 | | | | | | 1,065,180 | | | | | | — | | | | | | 6,339,048 | | |
| Total Common Stock | | | | | 154,565,987 | | | | | | 26,718,148 | | | | | | — | | | | | | 181,284,135 | | |
| Exchange-Traded Funds | | | | | 63,886,327 | | | | | | — | | | | | | — | | | | | | 63,886,327 | | |
| Mutual Funds | | | | | 55,041,400 | | | | | | — | | | | | | — | | | | | | 55,041,400 | | |
| Rights | | | | | 19,709 | | | | | | — | | | | | | — | | | | | | 19,709 | | |
| Corporate Bonds/Notes | | | | | — | | | | | | 17,584,305 | | | | | | — | | | | | | 17,584,305 | | |
| Collateralized Mortgage Obligations | | | | | — | | | | | | 15,211,746 | | | | | | — | | | | | | 15,211,746 | | |
| Asset-Backed Securities | | | | | — | | | | | | 6,588,431 | | | | | | — | | | | | | 6,588,431 | | |
| Sovereign Bonds | | | | | — | | | | | | 492,041 | | | | | | — | | | | | | 492,041 | | |
| Commercial Mortgage-Backed Securities | | | | | — | | | | | | 5,940,309 | | | | | | — | | | | | | 5,940,309 | | |
| U.S. Government Agency Obligations | | | | | — | | | | | | 7,200,154 | | | | | | — | | | | | | 7,200,154 | | |
| U.S. Treasury Obligations | | | | | — | | | | | | 4,643,621 | | | | | | — | | | | | | 4,643,621 | | |
| Short-Term Investments | | | | | 1,740,531 | | | | | | 10,697,914 | | | | | | — | | | | | | 12,438,445 | | |
| Total Investments, at fair value | | | | $ | 275,253,954 | | | | | $ | 95,076,669 | | | | | $ | — | | | | | $ | 370,330,623 | | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | | | | | | | | | | |
| Centrally Cleared Swaps | | | | | — | | | | | | 60,198 | | | | | | — | | | | | | 60,198 | | |
| Forward Foreign Currency Contracts | | | | | — | | | | | | 4,622 | | | | | | — | | | | | | 4,622 | | |
| Futures | | | | | 135,850 | | | | | | — | | | | | | — | | | | | | 135,850 | | |
| Volatility Swaps | | | | | — | | | | | | 781 | | | | | | — | | | | | | 781 | | |
| Total Assets | | | | $ | 275,389,804 | | | | | $ | 95,142,270 | | | | | $ | — | | | | | $ | 370,532,074 | | |
| Liabilities Table | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | | | | | | | | | | |
| Centrally Cleared Swaps | | | | $ | — | | | | | $ | (23,820) | | | | | $ | — | | | | | $ | (23,820) | | |
| Forward Foreign Currency Contracts | | | | | — | | | | | | (14,899) | | | | | | — | | | | | | (14,899) | | |
| Forward Premium Swaptions | | | | | — | | | | | | (10,956) | | | | | | — | | | | | | (10,956) | | |
| Futures | | | | | (555,759) | | | | | | — | | | | | | — | | | | | | (555,759) | | |
| Total Liabilities | | | | $ | (555,759) | | | | | $ | (49,675) | | | | | $ | — | | | | | $ | (605,434) | | |
| |
^
See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
+
Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.
#
The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio’s investments are categorized as Level 2 investments.
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Balanced Portfolio | as of December 31, 2019 (continued) |
Transactions with Affiliates
An investment of at least 5% of the voting securities of an issuer, or a company which is under common control results in that issuer becoming an affiliated person as defined by the 1940 Act.
The following table provides transactions during the yera ended Decmeber 31, 2019, where the following issuers were considered an affiliate:
| Issuer | | | Beginning
Fair Value
at 12/31/18 | | | Purchases
at Cost | | | Sales
at Cost | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | Ending
Fair Value
at 12/31/2019 | | | Investment
Income | | | Realized
Gains/
(Losses) | | | Net
Capital
Gain
Distributions | |
Voya Emerging Markets Local Currency
Debt Fund - Class P | | | | $ | 1,348,459 | | | | | $ | 210,744 | | | | | $ | (838,485) | | | | | $ | 166,734 | | | | | $ | 887,452 | | | | | $ | 57,741 | | | | | $ | (88,483) | | | | | $ | — | | |
| Voya Floating Rate Fund - Class P | | | | | 10,727,558 | | | | | | 962,135 | | | | | | (593,223) | | | | | | 115,278 | | | | | | 11,211,748 | | | | | | 672,135 | | | | | | (13,223) | | | | | | — | | |
| Voya High Yield Bond Fund - Class P | | | | | — | | | | | | 15,907,204 | | | | | | (1,176,679) | | | | | | 200,539 | | | | | | 14,931,064 | | | | | | 641,144 | | | | | | (1,748) | | | | | | — | | |
| Voya Short Term Bond Fund - Class R6 | | | | | — | | | | | | 8,017,285 | | | | | | (638,086) | | | | | | 70,221 | | | | | | 7,449,420 | | | | | | 127,076 | | | | | | 5,684 | | | | | | — | | |
| Voya Small Company Fund - Class R6 | | | | | — | | | | | | 19,116,431 | | | | | | (10,102,639) | | | | | | 360,180 | | | | | | 9,373,972 | | | | | | 20,735 | | | | | | 200,015 | | | | | | — | | |
| Voya Strategic Income Opportunities Fund - Class P | | | | | — | | | | | | 12,071,171 | | | | | | (984,477) | | | | | | 101,050 | | | | | | 11,187,744 | | | | | | 384,662 | | | | | | 6,836 | | | | | | — | | |
| | | | | $ | 12,076,017 | | | | | $ | 56,284,970 | | | | | $ | (14,333,589) | | | | | $ | 1,014,002 | | | | | $ | 55,041,400 | | | | | $ | 1,903,493 | | | | | $ | 109,081 | | | | | $ | — | | |
The financial statements for the above mutual fund[s] can be found at www.sec.gov.
At December 31, 2019, the following forward foreign currency contracts were outstanding for Voya Balanced Portfolio:
| Currency Purchased | | | Currency Sold | | | Counterparty | | | Settlement
Date | | | Unrealized
Appreciation
(Depreciation) | |
| ZAR 430,066 | | | USD 29,000 | | | Barclays Bank PLC | | | 02/07/20 | | | | $ | 1,561 | | |
| USD 30,000 | | | MXN 582,658 | | | Barclays Bank PLC | | | 02/07/20 | | | | | (649) | | |
| USD 27,476 | | | PEN 91,978 | | | Barclays Bank PLC | | | 02/07/20 | | | | | (253) | | |
| USD 76,873 | | | MYR 317,909 | | | Barclays Bank PLC | | | 02/07/20 | | | | | (1,017) | | |
| USD 28,947 | | | CLP 21,587,838 | | | BNP Paribas | | | 02/07/20 | | | | | 225 | | |
| USD 12,000 | | | PLN 46,409 | | | BNP Paribas | | | 02/07/20 | | | | | (234) | | |
| USD 18,000 | | | CLP 13,866,678 | | | BNP Paribas | | | 02/07/20 | | | | | (449) | | |
| USD 105,992 | | | BRL 427,042 | | | BNP Paribas | | | 02/07/20 | | | | | (49) | | |
| RUB 1,351,481 | | | USD 21,000 | | | BNP Paribas | | | 02/07/20 | | | | | 679 | | |
| USD 62,493 | | | THB 1,886,363 | | | Citibank N.A. | | | 02/07/20 | | | | | (538) | | |
| USD 88,473 | | | IDR 1,246,693,752 | | | Citibank N.A. | | | 02/07/20 | | | | | (1,387) | | |
| USD 5,410 | | | PHP 273,489 | | | Citibank N.A. | | | 02/07/20 | | | | | 20 | | |
| USD 29,723 | | | TRY 175,136 | | | Citibank N.A. | | | 02/07/20 | | | | | 552 | | |
| BRL 49,986 | | | USD 12,000 | | | Credit Suisse International | | | 02/07/20 | | | | | 412 | | |
| USD 65,155 | | | PLN 249,981 | | | Goldman Sachs International | | | 02/07/20 | | | | | (743) | | |
| USD 38,956 | | | HUF 11,506,323 | | | Goldman Sachs International | | | 02/07/20 | | | | | (110) | | |
| USD 20,416 | | | RON 87,618 | | | Goldman Sachs International | | | 02/07/20 | | | | | (78) | | |
| USD 67,453 | | | COP 224,676,210 | | | Goldman Sachs International | | | 02/07/20 | | | | | (805) | | |
| USD 12,000 | | | COP 41,222,880 | | | Goldman Sachs International | | | 02/07/20 | | | | | (524) | | |
| USD 174 | | | ILS 607 | | | Goldman Sachs International | | | 02/07/20 | | | | | (2) | | |
| PHP 1,470,880 | | | USD 29,000 | | | JPMorgan Chase Bank N.A. | | | 02/07/20 | | | | | (12) | | |
| COP 92,733,660 | | | USD 27,000 | | | JPMorgan Chase Bank N.A. | | | 02/07/20 | | | | | 1,173 | | |
| USD 69,803 | | | RUB 4,475,848 | | | JPMorgan Chase Bank N.A. | | | 02/07/20 | | | | | (1,993) | | |
| USD 68,853 | | | ZAR 1,028,635 | | | Standard Chartered Bank | | | 02/07/20 | | | | | (4,242) | | |
| USD 46,553 | | | CZK 1,068,020 | | | Standard Chartered Bank | | | 02/07/20 | | | | | (559) | | |
| USD 55,821 | | | MXN 1,085,060 | | | Standard Chartered Bank | | | 02/07/20 | | | | | (1,255) | | |
| | | | | | | | | | | | | | $ | (10,277) | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Balanced Portfolio | as of December 31, 2019 (continued) |
At December 31, 2019, the following futures contracts were outstanding for Voya Balanced Portfolio:
| Description | | | Number
of Contracts | | | Expiration
Date | | | Notional
Value | | | Unrealized
Appreciation/
(Depreciation) | |
| Long Contracts: | | | | | | | | | | | | | | | | | | | | | | | | | |
E-mini Russell 2000® Index | | | | | 47 | | | | | | 03/20/20 | | | | | $ | 3,925,910 | | | | | $ | 61,245 | | |
| Mini MSCI EAFE Index | | | | | 76 | | | | | | 03/20/20 | | | | | | 7,738,700 | | | | | | (15,593) | | |
| U.S. Treasury 2-Year Note | | | | | 75 | | | | | | 03/31/20 | | | | | | 16,162,500 | | | | | | (8,448) | | |
| U.S. Treasury 5-Year Note | | | | | 33 | | | | | | 03/31/20 | | | | | | 3,914,109 | | | | | | (12,438) | | |
| U.S. Treasury Long Bond | | | | | 4 | | | | | | 03/20/20 | | | | | | 623,625 | | | | | | (3,133) | | |
| U.S. Treasury Ultra Long Bond | | | | | 55 | | | | | | 03/20/20 | | | | | | 9,991,094 | | | | | | (312,886) | | |
| | | | | | | | | | | | | | | | | $ | 42,355,938 | | | | | $ | (291,253) | | |
| Short Contracts: | | | | | | | | | | | | | | | | | | | | | | | | | |
S&P 500® E-Mini | | | | | (73) | | | | | | 03/20/20 | | | | | | (11,793,515) | | | | | | (203,261) | | |
| U.S. Treasury 10-Year Note | | | | | (47) | | | | | | 03/20/20 | | | | | | (6,035,828) | | | | | | 53,529 | | |
| U.S. Treasury Ultra 10-Year Note | | | | | (14) | | | | | | 03/20/20 | | | | | | (1,969,844) | | | | | | 21,076 | | |
| | | | | | | | | | | | | | | | | $ | (19,799,187) | | | | | $ | (128,656) | | |
At December 31, 2019, the following centrally cleared credit default swaps were outstanding for Voya Balanced Portfolio:
Centrally Cleared Credit Default Swaps on Credit Indices — Buy Protection(1)
Reference
Entity/Obligation | | | Buy/Sell
Protection | | | (Pay)/
Receive
Financing
Rate (%)(2) | | | Termination
Date | | | Notional
Amount(3) | | | Fair
Value(4) | | | Unrealized
Appreciation/
(Depreciation) | |
iTraxx Cross-over Index,
Series 32, Version 1 | | | | | Buy | | | | | | (5.000) | | | | | | 12/20/24 | | | | | | EUR 1,210,000 | | | | | $ | (184,942) | | | | | $ | (3,904) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (184,942) | | | | | $ | (3,904) | | |
Centrally Cleared Credit Default Swaps on Credit Indices — Sell Protection(5)
Reference
Entity/Obligation | | | Buy/Sell
Protection | | | (Pay)/
Receive
Financing
Rate (%)(6) | | | Termination
Date | | | Notional
Amount(3) | | | Fair
Value(4) | | | Unrealized
Appreciation/
(Depreciation) | |
CDX North American High Yield Index,
Series 33, Version 2 | | | | | Sell | | | | | | 5.000 | | | | | | 12/20/24 | | | | | | USD 483,120 | | | | | $ | 46,541 | | | | | $ | 14,288 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 46,541 | | | | | $ | 14,288 | | |
(1)
If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2)
Payments made quarterly.
(3)
The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement.
(4)
The fair values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing fair values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation’s credit soundness and a greater likelihood or risk of default or other credit event occurring.
(5)
If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will generally either i) Pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or ii) Pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index.
(6)
Payments received quarterly.
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Balanced Portfolio | as of December 31, 2019 (continued) |
At December 31, 2019, the following centrally cleared interest rate swaps were outstanding for Voya Balanced Portfolio:
Pay/Receive
Floating Rate | | | Floating
Rate Index | | | Floating Rate
Index
Payment
Frequency | | | Fixed
Rate | | | Fixed Rate
Payment
Frequency | | | Maturity
Date | | | Notional
Amount | | | Fair
Value | | | Unrealized
Appreciation/
(Depreciation) | |
| Pay | | | 3-month USD-LIBOR | | | Quarterly | | | | | 1.785% | | | | Semi-Annual | | | | | 10/13/22 | | | | USD 1,701,000 | | | | $ | 4,938 | | | | | $ | 4,938 | | |
| Pay | | | 3-month USD-LIBOR | | | Quarterly | | | | | 2.099 | | | | Semi-Annual | | | | | 10/13/25 | | | | USD 58,000 | | | | | 1,115 | | | | | | 1,115 | | |
| Receive | | | 3-month USD-LIBOR | | | Quarterly | | | | | 1.453 | | | | Semi-Annual | | | | | 10/13/20 | | | | USD 715,000 | | | | | 1,881 | | | | | | 1,881 | | |
| Receive | | | 3-month USD-LIBOR | | | Quarterly | | | | | 1.623 | | | | Semi-Annual | | | | | 09/13/29 | | | | USD 1,628,000 | | | | | 37,976 | | | | | | 37,976 | | |
| Receive | | | 3-month USD-LIBOR | | | Quarterly | | | | | 2.593 | | | | Semi-Annual | | | | | 10/13/40 | | | | USD 221,000 | | | | | (19,916) | | | | | | (19,916) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 25,994 | | | | | $ | 25,994 | | |
At December 31, 2019, the following over-the-counter volatility swaps were outstanding for Voya Balanced Portfolio:
Pay/Receive
Volatility(1) | | | Reference
Entity | | | Volatility
Strike Rate | | | Counterparty | | | Maturity
Date | | | Currency | | | Notional
Amount | | | Fair
Value | | | Unrealized
Appreciation
(Depreciation) | |
| Receive | | | USD vs. CAD Spot Exchange Rate | | | | | 4.140% | | | | Barclays Bank PLC | | | 01/17/20 | | | USD | | | 2,500 | | | | $ | 642 | | | | | $ | 642 | | |
| Receive | | | USD vs. CAD Spot Exchange Rate | | | | | 4.125% | | | | Citibank N.A. | | | 01/10/20 | | | USD | | | 2,000 | | | | | 49 | | | | | | 49 | | |
| Receive | | | USD vs. CAD Spot Exchange Rate | | | | | 4.060% | | | | Societe Generale | | | 01/10/20 | | | USD | | | 1,000 | | | | | 90 | | | | | | 90 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | $ | 781 | | | | | $ | 781 | | |
At December 31, 2019, the following over-the-counter forward premium swaptions were outstanding for Voya Balanced Portfolio:
| Description | | | Counterparty | | | Exercise
Rate(2) | | | Pay/
Receive
Exercise
Rate | | | Floating
Rate
Index | | | Expiration
Date | | | Notional
Amount | | | Premium
receivable/
(payable)
at expiration(3) | | | Unrealized
Appreciation/
(Depreciation) | |
| Call on 5-Year Interest Rate Swap (Purchased) | | | Goldman Sachs
International | | | | | 5.130% | | | | Receive | | | 3-month
USD-LIBOR | | | 03/16/20 | | | USD 1,517,000 | | | | $ | 77,822 | | | | | $ | (2,582) | | |
| Call on 5-Year Interest Rate Swap (Purchased) | | | Morgan Stanley
Capital Services LLC | | | | | 5.290% | | | | Receive | | | 3-month
USD-LIBOR | | | 02/27/20 | | | USD 2,584,000 | | | | | 136,823 | | | | | | (8,374) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | $ | 214,645 | | | | | $ | (10,956) | | |
(1)
Payments made at maturity date.
(2)
Forward premium swaption exercise rates represent the premium price on each respective swaption contract. Final exercise rate will be determined at the expiration of each respective swaption contract.
(3)
Forward premium swaptions include premiums receivable/(payable) that have extended settlement dates. Premiums are not exchanged until the expiration date of each respective forward premium swaption contract.
Currency Abbreviations
BRL – Brazilian Real
CLP – Chilean Peso
COP – Colombian Peso
CZK – Czech Koruna
EUR – EU Euro
HUF – Hungarian Forint
IDR – Indonesian Rupiah
ILS – Israeli New Shekel
MXN – Mexican Peso
MYR – Malaysian Ringgit
PEN – Peruvian Nuevo Sol
PHP – Philippine Peso
PLN – Polish Zloty
RON – Romanian New Leu
RUB – Russian Ruble
THB – Thai Baht
TRY – Turkish Lira
USD – United States Dollar
ZAR – South African Rand
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Balanced Portfolio | as of December 31, 2019 (continued) |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2019 was as follows:
| Derivatives not accounted for as hedging instruments | | | Location on Statement
of Assets and Liabilities | | | Fair Value | |
| Asset Derivatives | | | | | | | | | | |
| Foreign exchange contracts | | | Unrealized appreciation on forward foreign currency contracts | | | | $ | 4,622 | | |
| Foreign exchange contracts | | | Unrealized appreciation on OTC swap agreements | | | | | 781 | | |
| Equity contracts | | | Net Assets — Unrealized appreciation* | | | | | 61,245 | | |
| Interest rate contracts | | | Net Assets — Unrealized appreciation* | | | | | 74,605 | | |
| Credit contracts | | | Net Assets — Unrealized appreciation** | | | | | 14,288 | | |
| Interest rate contracts | | | Net Assets — Unrealized appreciation** | | | | | 45,910 | | |
| Total Asset Derivatives | | | | | | | $ | 201,451 | | |
| Liability Derivatives | | | | | | | | | | |
| Foreign exchange contracts | | | Unrealized depreciation on forward foreign currency contracts | | | | $ | 14,899 | | |
| Equity contracts | | | Net Assets — Unrealized depreciation* | | | | | 218,854 | | |
| Interest rate contracts | | | Net Assets — Unrealized depreciation* | | | | | 336,905 | | |
| Credit contracts | | | Net Assets — Unrealized depreciation** | | | | | 3,904 | | |
| Interest rate contracts | | | Net Assets — Unrealized depreciation** | | | | | 19,916 | | |
| Interest rate contracts | | | Net Assets — Unrealized depreciation*** | | | | | 10,956 | | |
| Total Liability Derivatives | | | | | | | $ | 605,434 | | |
*
Includes cumulative appreciation/depreciation of futures contracts as reported in the table within the Portfolio of Investments.
**
Includes cumulative appreciation/depreciation of centrally cleared swaps as reported in the table within the Portfolio of Investments. Only current days variation margin receivable/payable is included on the Statement of Assets and Liabilities.
***
Includes cumulative appreciation/depreciation of forward premium swaptions as reported in the table within the Portfolio of Investments.
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2019 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | | Investments* | | | Forward foreign
currency contracts | | | Futures | | | Swaps | | | Written
options | | | Total | |
| Credit contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 11,139 | | | | | $ | — | | | | | $ | 11,139 | | |
| Equity contracts | | | | | — | | | | | | — | | | | | | 963,218 | | | | | | — | | | | | | — | | | | | | 963,218 | | |
| Foreign exchange contracts | | | | | — | | | | | | (81,808) | | | | | | — | | | | | | — | | | | | | — | | | | | | (81,808) | | |
| Interest rate contracts | | | | | (72,055) | | | | | | — | | | | | | 745,390 | | | | | | 9,717 | | | | | | (181,790) | | | | | | 501,262 | | |
| Total | | | | $ | (72,055) | | | | | $ | (81,808) | | | | | $ | 1,708,608 | | | | | $ | 20,856 | | | | | $ | (181,790) | | | | | $ | 1,393,811 | | |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | | Investments* | | | Forward foreign
currency contracts | | | Futures | | | Swaps | | | Total | |
| Credit contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 102,026 | | | | | $ | 102,026 | | |
| Equity contracts | | | | | — | | | | | | — | | | | | | 723,582 | | | | | | — | | | | | | 723,582 | | |
| Foreign exchange contracts | | | | | — | | | | | | (1,887) | | | | | | — | | | | | | 781 | | | | | | (1,106) | | |
| Interest rate contracts | | | | | (78,446) | | | | | | — | | | | | | (545,536) | | | | | | (4,512) | | | | | | (628,494) | | |
| Total | | | | $ | (78,446) | | | | | $ | (1,887) | | | | | $ | 178,046 | | | | | $ | 98,295 | | | | | $ | 196,008 | | |
*
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
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Balanced Portfolio | as of December 31, 2019 (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, 2019:
| | | | Barclays
Bank PLC | | | BNP
Paribas | | | Citibank
N.A. | | | Credit Suisse
International | | | Goldman
Sachs
International | | | JPMorgan
Chase
Bank N.A. | | | Morgan
Stanley
Capital
Services LLC | | | Societe
Generale | | | Standard
Chartered
Bank | | | Totals | |
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward foreign currency contracts | | | | $ | 1,561 | | | | | $ | 904 | | | | | $ | 572 | | | | | $ | 412 | | | | | $ | — | | | | | $ | 1,173 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 4,622 | | |
| Volatility swaps | | | | | 642 | | | | | | — | | | | | | 49 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 90 | | | | | | — | | | | | | 781 | | |
| Total Assets | | | | $ | 2,203 | | | | | $ | 904 | | | | | $ | 621 | | | | | $ | 412 | | | | | $ | — | | | | | $ | 1,173 | | | | | $ | — | | | | | $ | 90 | | | | | $ | — | | | | | $ | 5,403 | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward foreign currency contracts | | | | $ | 1,919 | | | | | $ | 732 | | | | | $ | 1,925 | | | | | $ | — | | | | | $ | 2,262 | | | | | $ | 2,005 | | | | | $ | — | | | | | $ | — | | | | | $ | 6,056 | | | | | $ | 14,899 | | |
| Forward premium swaptions | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,582 | | | | | | — | | | | | | 8,374 | | | | | | — | | | | | | — | | | | | | 10,956 | | |
| Total Liabilities | | | | $ | 1,919 | | | | | $ | 732 | | | | | $ | 1,925 | | | | | $ | — | | | | | $ | 4,844 | | | | | $ | 2,005 | | | | | $ | 8,374 | | | | | $ | — | | | | | $ | 6,056 | | | | | $ | 25,855 | | |
Net OTC derivative instruments by
counterparty, at fair value | | | | $ | 284 | | | | | $ | 172 | | | | | $ | (1,304) | | | | | $ | 412 | | | | | $ | (4,844) | | | | | $ | (832) | | | | | $ | (8,374) | | | | | $ | 90 | | | | | $ | (6,056) | | | | | | (20,452) | | |
| Total collateral pledged by the Portfolio/(Received from counterparty) | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Net Exposure(1) | | | | $ | 284 | | | | | $ | 172 | | | | | $ | (1,304) | | | | | $ | 412 | | | | | $ | (4,844) | | | | | $ | (832) | | | | | $ | (8,374) | | | | | $ | 90 | | | | | $ | (6,056) | | | | | $ | (20,452) | | |
(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, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:
Cost for federal income tax purposes was $341,101,651.
Net unrealized appreciation consisted of:
| | Gross Unrealized Appreciation | | | | $ | 33,377,555 | | |
| | Gross Unrealized Depreciation | | | | | (4,626,753) | | |
| | Net Unrealized Appreciation | | | | $ | 28,750,802 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Global Equity Portfolio | as of December 31, 2019 |
| Shares | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: 99.5% | |
| | | | Australia: 3.3% | |
| 80,686 | | | Rio Tinto Ltd. | | | | $ | 5,708,534 | | | | | | 0.8 | | |
| 1,750,245 | | | Other Securities | | | | | 17,477,193 | | | | | | 2.5 | | |
| | | | | | | | | 23,185,727 | | | | | | 3.3 | | |
| | | | Belgium: 0.3% | |
| 26,846 | | | Other Securities | | | | | 2,136,269 | | | | | | 0.3 | | |
| | | | | |
| | | | Canada: 4.4% | |
| 50,111 (1) | | | Canadian Imperial Bank of
Commerce - XTSE | | | | | 4,170,032 | | | | | | 0.6 | | |
| 45,590 | | | Waste Connections, Inc. | | | | | 4,139,116 | | | | | | 0.6 | | |
| 596,162 (2) | | | Other Securities | | | | | 23,249,149 | | | | | | 3.2 | | |
| | | | | | | | | 31,558,297 | | | | | | 4.4 | | |
| | | | China: 0.3% | |
| 660,500 | | | Other Securities | | | | | 2,292,878 | | | | | | 0.3 | | |
| | | | | |
| | | | Denmark: 1.2% | |
| 94,792 | | | Novo Nordisk A/S | | | | | 5,493,086 | | | | | | 0.8 | | |
| 35,814 | | | Other Securities | | | | | 3,267,381 | | | | | | 0.4 | | |
| | | | | | | | | 8,760,467 | | | | | | 1.2 | | |
| | | | Finland: 0.7% | |
| 124,433 | | | Other Securities | | | | | 5,212,348 | | | | | | 0.7 | | |
| | | | | |
| | | | France: 1.9% | |
| 504,575 (3) | | | Other Securities | | | | | 13,487,872 | | | | | | 1.9 | | |
| | | | | |
| | | | Germany: 1.1% | |
| 608,017 (3) | | | Other Securities | | | | | 7,809,472 | | | | | | 1.1 | | |
| | | | | |
| | | | Guernsey: 0.5% | |
| 54,103 | | | Other Securities | | | | | 3,905,695 | | | | | | 0.5 | | |
| | | | | |
| | | | Hong Kong: 1.1% | |
| 1,485,300 | | | Other Securities | | | | | 7,621,042 | | | | | | 1.1 | | |
| | | | | |
| | | | Israel: 0.3% | |
| 282,886 | | | Other Securities | | | | | 2,063,069 | | | | | | 0.3 | | |
| | | | | |
| | | | Italy: 0.7% | |
| 840,808 | | | Other Securities | | | | | 4,698,477 | | | | | | 0.7 | | |
| | | | | |
| | | | Japan: 8.9% | |
| 152,400 (1) | | | Canon, Inc. | | | | | 4,170,956 | | | | | | 0.6 | | |
| 1,965,388 (3) | | | Other Securities | | | | | 59,179,821 | | | | | | 8.3 | | |
| | | | | | | | | 63,350,777 | | | | | | 8.9 | | |
| | | | Netherlands: 3.2% | |
| 191,596 (4) | | | ABN AMRO Bank NV | | | | | 3,492,109 | | | | | | 0.5 | | |
| 241,536 | | | Royal Dutch Shell PLC -
Class A | | | | | 7,152,948 | | | | | | 1.0 | | |
| 86,114 | | | Unilever NV | | | | | 4,942,167 | | | | | | 0.7 | | |
| 629,909 | | | Other Securities | | | | | 6,857,657 | | | | | | 1.0 | | |
| | | | | | | | | 22,444,881 | | | | | | 3.2 | | |
| | | | New Zealand: 0.1% | |
| 274,203 | | | Other Securities | | | | | 799,581 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Norway: 0.2% | |
| 130,639 | | | Other Securities | | | | $ | 1,324,786 | | | | | | 0.2 | | |
| | | | | |
| | | | Singapore: 0.9% | |
| 3,817,900 | | | Other Securities | | | | | 6,447,338 | | | | | | 0.9 | | |
| | | | | |
| | | | Spain: 2.2% | |
| 11,791 (4) | | | Aena SME SA | | | | | 2,260,557 | | | | | | 0.3 | | |
| 56,565 | | | Amadeus IT Group SA | | | | | 4,632,511 | | | | | | 0.7 | | |
| 413,361 | | | Other Securities | | | | | 8,531,578 | | | | | | 1.2 | | |
| | | | | | | | | 15,424,646 | | | | | | 2.2 | | |
| | | | Sweden: 0.2% | |
| 91,434 | | | Other Securities | | | | | 1,410,329 | | | | | | 0.2 | | |
| | | | | |
| | | | Switzerland: 2.8% | |
| 46,966 | | | Nestle SA | | | | | 5,084,787 | | | | | | 0.7 | | |
| 25,062 | | | Roche Holding AG | | | | | 8,145,221 | | | | | | 1.2 | | |
| 13,470 | | | Zurich Insurance Group AG | | | | | 5,525,388 | | | | | | 0.8 | | |
| 18,231 | | | Other Securities | | | | | 1,011,410 | | | | | | 0.1 | | |
| | | | | | | | | 19,766,806 | | | | | | 2.8 | | |
| | | | United Kingdom: 4.3% | |
| 255,968 (4) | | | Auto Trader Group PLC | | | | | 2,021,431 | | | | | | 0.3 | | |
| 249,839 | | | GlaxoSmithKline PLC | | | | | 5,870,516 | | | | | | 0.8 | | |
| 1,190,269 | | | Legal & General Group PLC | | | | | 4,781,410 | | | | | | 0.7 | | |
| 3,503,893 | | | Other Securities | | | | | 17,712,129 | | | | | | 2.5 | | |
| | | | | | | | | 30,385,486 | | | | | | 4.3 | | |
| | | | United States: 60.9% | |
| 75,098 | | | AbbVie, Inc. | | | | | 6,649,177 | | | | | | 0.9 | | |
| 85,190 | | | Aflac, Inc. | | | | | 4,506,551 | | | | | | 0.6 | | |
| 22,849 | | | Air Products & Chemicals, Inc. | | | | | 5,369,287 | | | | | | 0.8 | | |
| 106,295 | | | Altria Group, Inc. | | | | | 5,305,184 | | | | | | 0.8 | | |
| 21,106 | | | Amgen, Inc. | | | | | 5,088,023 | | | | | | 0.7 | | |
| 203,992 | | | AT&T, Inc. | | | | | 7,972,007 | | | | | | 1.1 | | |
| 99,721 | | | Bristol-Myers Squibb Co. | | | | | 6,401,091 | | | | | | 0.9 | | |
| 54,526 | | | Chevron Corp. | | | | | 6,570,928 | | | | | | 0.9 | | |
| 145,093 | | | Cisco Systems, Inc. | | | | | 6,958,660 | | | | | | 1.0 | | |
| 38,474 | | | Citrix Systems, Inc. | | | | | 4,266,767 | | | | | | 0.6 | | |
| 46,031 | | | Eli Lilly & Co. | | | | | 6,049,854 | | | | | | 0.9 | | |
| 79,801 | | | General Mills, Inc. | | | | | 4,274,142 | | | | | | 0.6 | | |
| 29,357 | | | Hershey Co. | | | | | 4,314,892 | | | | | | 0.6 | | |
| 33,812 | | | Honeywell International, Inc. | | | | | 5,984,724 | | | | | | 0.8 | | |
| 112,357 | | | Intel Corp. | | | | | 6,724,566 | | | | | | 1.0 | | |
| 41,524 | | | International Business
Machines Corp. | | | | | 5,565,877 | | | | | | 0.8 | | |
| 69,918 | | | Johnson & Johnson | | | | | 10,198,939 | | | | | | 1.4 | | |
| 48,216 | | | JPMorgan Chase & Co. | | | | | 6,721,310 | | | | | | 1.0 | | |
| 45,118 | | | Leidos Holdings, Inc. | | | | | 4,416,601 | | | | | | 0.6 | | |
| 22,628 | | | McDonald’s Corp. | | | | | 4,471,519 | | | | | | 0.6 | | |
| 86,573 | | | Merck & Co., Inc. | | | | | 7,873,814 | | | | | | 1.1 | | |
| 144,430 | | | Microsoft Corp. | | | | | 22,776,611 | | | | | | 3.2 | | |
| 59,072 | | | Oneok, Inc. | | | | | 4,469,978 | | | | | | 0.6 | | |
| 112,086 | | | Oracle Corp. | | | | $ | 5,938,316 | | | | | | 0.8 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Global Equity Portfolio | as of December 31, 2019 (continued) |
| Shares | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | United States (continued) | |
| 50,655 | | | Paychex, Inc. | | | | | 4,308,714 | | | | | | 0.6 | | |
| 49,941 | | | PepsiCo, Inc. | | | | | 6,825,437 | | | | | | 1.0 | | |
| 179,427 | | | Pfizer, Inc. | | | | | 7,029,950 | | | | | | 1.0 | | |
| 77,206 | | | Philip Morris International, Inc. | | | | | 6,569,459 | | | | | | 0.9 | | |
| 39,893 | | | Phillips 66 | | | | | 4,444,479 | | | | | | 0.6 | | |
| 60,522 | | | Procter & Gamble Co. | | | | | 7,559,198 | | | | | | 1.1 | | |
| 41,330 | | | Quest Diagnostics, Inc. | | | | | 4,413,631 | | | | | | 0.6 | | |
| 48,058 | | | Republic Services, Inc. | | | | | 4,307,439 | | | | | | 0.6 | | |
| 48,826 | | | Starbucks Corp. | | | | | 4,292,782 | | | | | | 0.6 | | |
| 44,429 | | | Texas Instruments, Inc. | | | | | 5,699,796 | | | | | | 0.8 | | |
| 50,358 | | | Tyson Foods, Inc. | | | | | 4,584,592 | | | | | | 0.6 | | |
| 42,016 | | | Waste Management, Inc. | | | | | 4,788,143 | | | | | | 0.7 | | |
| 112,947 | | | Wells Fargo & Co. | | | | | 6,076,549 | | | | | | 0.9 | | |
| 4,717,608 (2) | | | Other Securities | | | | | 203,263,303 | | | | | | 28.6 | | |
| | | | | | | | | 433,032,290 | | | | | | 60.9 | | |
| | | | Total Common Stock
(Cost $650,194,179) | | | | | 707,118,533 | | | | | | 99.5 | | |
| |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 1.9% | |
| | | | Repurchase Agreements: 1.7% | |
| 2,974,853 (5) | | | Bethesda Securities LLC,
Repurchase Agreement
dated 12/31/19, 1.65%, due
01/02/20 (Repurchase
Amount $2,975,122,
collateralized by various U.S.
Government Agency
Obligations, 3.000%-4.500%,
Market Value plus accrued
interest $3,034,350, due
11/01/32-01/01/49) | | | | | 2,974,853 | | | | | | 0.4 | | |
| 2,974,853 (5) | | | Cantor Fitzgerald Securities,
Repurchase Agreement
dated 12/31/19, 1.58%, due
01/02/20 (Repurchase
Amount $2,975,111,
collateralized by various U.S.
Government/U.S.
Government Agency
Obligations, 0.000%-8.500%,
Market Value plus accrued
interest $3,034,350, due
01/25/20-10/15/60) | | | | | 2,974,853 | | | | | | 0.4 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) | |
| | | | Repurchase Agreements (continued) | |
| 341,390 (5) | | | Citadel Securities LLC,
Repurchase Agreement
dated 12/31/19, 1.60%, due
01/02/20 (Repurchase
Amount $341,420,
collateralized by various U.S.
Government Securities,
0.000%-8.500%, Market
Value plus accrued interest
$348,249, due
01/15/20-11/15/48) | | | | $ | 341,390 | | | | | | 0.1 | | |
| 2,974,853 (5) | | | Millennium Fixed Income
Ltd., Repurchase Agreement
dated 12/31/19, 1.75%, due
01/02/20 (Repurchase
Amount $2,975,138,
collateralized by various U.S.
Government Securities,
0.125%-2.250%, Market
Value plus accrued interest
$3,034,350, due
04/15/20-03/31/21) | | | | | 2,974,853 | | | | | | 0.4 | | |
| 2,974,853 (5) | | | RBC Dominion Securities
Inc., Repurchase Agreement
dated 12/31/19, 1.57%, due
01/02/20 (Repurchase
Amount $2,975,109,
collateralized by various U.S.
Government/U.S.
Government Agency
Obligations, 0.000%-6.500%,
Market Value plus accrued
interest $3,034,350, due
06/30/21-12/01/49) | | | | | 2,974,853 | | | | | | 0.4 | | |
| | | | Total Repurchase
Agreements
(Cost $12,240,802) | | | | | 12,240,802 | | | | | | 1.7 | | |
| |
| Shares | | | Value | | | Percentage
of Net
Assets | |
| | | | Mutual Funds: 0.2% | |
| 847,000 (6) | | | Goldman Sachs Financial
Square Government Fund -
Institutional Shares, 1.500% | | | | | 847,000 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Global Equity Portfolio | as of December 31, 2019 (continued) |
| Shares | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) | |
| | | | Mutual Funds (continued) | |
| 540,000 (5)(6) | | | Invesco Short-Term
Investments Trust Government
& Agency Portfolio -
Institutional
Class, 1.510% | | | | $ | 540,000 | | | | | | 0.1 | | |
| | | | Total Mutual Funds
(Cost $1,387,000) | | | | | 1,387,000 | | | | | | 0.2 | | |
| | | | Total Short-Term
Investments
(Cost $13,627,802) | | | | | 13,627,802 | | | | | | 1.9 | | |
| | | | Total Investments in
Securities
(Cost $663,821,981) | | | | $ | 720,746,335 | | | | | | 101.4 | | |
| | | | Liabilities in Excess of
Other Assets | | | | | (9,775,883) | | | | | | (1.4) | | |
| | | | Net Assets | | | | $ | 710,970,452 | | | | | | 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, 2019.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
(1)
Security, or a portion of the security, is on loan.
(2)
The grouping contains securities on loan.
(3)
The grouping contains non-income producing securities.
(4)
Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
(5)
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, 2019.
| Sector Diversification | | | Percentage
of Net Assets | |
| Information Technology | | | | | 20.9% | | |
| Financials | | | | | 15.9 | | |
| Health Care | | | | | 12.2 | | |
| Industrials | | | | | 11.6 | | |
| Consumer Staples | | | | | 9.2 | | |
| Consumer Discretionary | | | | | 7.5 | | |
| Communication Services | | | | | 6.2 | | |
| Utilities | | | | | 4.5 | | |
| Energy | | | | | 4.5 | | |
| Materials | | | | | 3.7 | | |
| Real Estate | | | | | 3.3 | | |
| Short-Term Investments | | | | | 1.9 | | |
| Liabilities in Excess of Other Assets | | | | | (1.4) | | |
| 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, 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
December 31, 2019 | |
| Asset Table | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | | | | | | | | | | |
| Australia | | | | $ | — | | | | | $ | 23,185,727 | | | | | $ | — | | | | | $ | 23,185,727 | | |
| Belgium | | | | | — | | | | | | 2,136,269 | | | | | | — | | | | | | 2,136,269 | | |
| Canada | | | | | 31,558,297 | | | | | | — | | | | | | — | | | | | | 31,558,297 | | |
| China | | | | | — | | | | | | 2,292,878 | | | | | | — | | | | | | 2,292,878 | | |
| Denmark | | | | | — | | | | | | 8,760,467 | | | | | | — | | | | | | 8,760,467 | | |
| Finland | | | | | 1,104,437 | | | | | | 4,107,911 | | | | | | — | | | | | | 5,212,348 | | |
| France | | | | | 2,548,008 | | | | | | 10,939,864 | | | | | | — | | | | | | 13,487,872 | | |
| Germany | | | | | 2,318,635 | | | | | | 5,490,837 | | | | | | — | | | | | | 7,809,472 | | |
| Guernsey | | | | | 3,905,695 | | | | | | — | | | | | | — | | | | | | 3,905,695 | | |
| Hong Kong | | | | | — | | | | | | 7,621,042 | | | | | | — | | | | | | 7,621,042 | | |
| Israel | | | | | — | | | | | | 2,063,069 | | | | | | — | | | | | | 2,063,069 | | |
| Italy | | | | | — | | | | | | 4,698,477 | | | | | | — | | | | | | 4,698,477 | | |
| Japan | | | | | — | | | | | | 63,350,777 | | | | | | — | | | | | | 63,350,777 | | |
| Netherlands | | | | | — | | | | | | 22,444,881 | | | | | | — | | | | | | 22,444,881 | | |
| New Zealand | | | | | — | | | | | | 799,581 | | | | | | — | | | | | | 799,581 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Global Equity Portfolio | as of December 31, 2019 (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, 2019 | |
| Norway | | | | | — | | | | | | 1,324,786 | | | | | | — | | | | | | 1,324,786 | | |
| Singapore | | | | | — | | | | | | 6,447,338 | | | | | | — | | | | | | 6,447,338 | | |
| Spain | | | | | 2,420,133 | | | | | | 13,004,513 | | | | | | — | | | | | | 15,424,646 | | |
| Sweden | | | | | — | | | | | | 1,410,329 | | | | | | — | | | | | | 1,410,329 | | |
| Switzerland | | | | | — | | | | | | 19,766,806 | | | | | | — | | | | | | 19,766,806 | | |
| United Kingdom | | | | | — | | | | | | 30,385,486 | | | | | | — | | | | | | 30,385,486 | | |
| United States | | | | | 433,032,290 | | | | | | — | | | | | | — | | | | | | 433,032,290 | | |
| Total Common Stock | | | | | 476,887,495 | | | | | | 230,231,038 | | | | | | — | | | | | | 707,118,533 | | |
| Short-Term Investments | | | | | 1,387,000 | | | | | | 12,240,802 | | | | | | — | | | | | | 13,627,802 | | |
| Total Investments, at fair value | | | | $ | 478,274,495 | | | | | $ | 242,471,840 | | | | | $ | — | | | | | $ | 720,746,335 | | |
| |
^
See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
#
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.
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2019 was as follows:
| | | | Amount of Realized Gain or (Loss) on Derivatives
Recognized in Income | |
| Derivatives not accounted for as hedging instruments | | | Forward foreign
currency contracts | |
| Foreign exchange contracts | | | | $ | 31,711 | | |
| Total | | | | $ | 31,711 | | |
At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:
Cost for federal income tax purposes was $665,223,078.
Net unrealized appreciation consisted of:
| | Gross Unrealized Appreciation | | | | $ | 70,775,173 | | |
| | Gross Unrealized Depreciation | | | | | (15,231,705) | | |
| | Net Unrealized Appreciation | | | | $ | 55,543,468 | | |
See Accompanying Notes to Financial Statements
PORTFOLIO OF INVESTMENTS
| Voya Government Money Market Portfolio | as of December 31, 2019 |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| U.S. GOVERNMENT AGENCY DEBT: 33.2% | |
| 1,300,000 | | | Federal Farm Credit Banks
Funding Corp., 1.764%,
(US0001M + 0.000%),
06/19/2020 | | | | $ | 1,300,007 | | | | | | 0.3 | | |
| 1,000,000 | | | Federal Farm Credit Banks
Funding Corp., 1.772%,
(US0003M + (0.130)%),
02/03/2020 | | | | | 1,000,000 | | | | | | 0.2 | | |
| 11,500,000 | | | Federal Farm Credit Banks,
1.755%, (US0001M + (0.030)%),
04/22/2020 | | | | | 11,499,016 | | | | | | 2.4 | | |
| 16,250,000 | | | Federal Farm Credit Banks,
1.791%, (US0001M + 0.010%),
07/02/2020 | | | | | 16,250,000 | | | | | | 3.5 | | |
| 4,750,000 | | | Federal Farm Credit Banks,
1.835%, (US0001M + 0.050%),
02/21/2020 | | | | | 4,750,509 | | | | | | 1.0 | | |
| 13,000,000 | | | Federal Home Loan Bank
Discount Notes, 0.880%,
01/03/2020 | | | | | 12,999,061 | | | | | | 2.8 | | |
| 66,200,000 | | | Federal Home Loan Bank
Discount Notes, 1.240%,
01/07/2020 | | | | | 66,184,222 | | | | | | 14.1 | | |
| 5,000,000 | | | Federal Home Loan Bank
Discount Notes, 1.580%,
02/28/2020 | | | | | 4,987,248 | | | | | | 1.1 | | |
| 2,000,000 | | | Federal Home Loan Bank
Discount Notes, 1.600%,
04/24/2020 | | | | | 1,990,025 | | | | | | 0.4 | | |
| 3,250,000 | | | Federal Home Loan Banks,
1.605%, (SOFRRATE + 0.065%),
03/26/2020 | | | | | 3,250,000 | | | | | | 0.7 | | |
| 17,000,000 | | | Federal Home Loan Banks,
1.670%, (SOFRRATE + 0.130%),
10/16/2020 | | | | | 17,000,000 | | | | | | 3.6 | | |
| 14,750,000 | | | Federal Home Loan Banks,
1.782%, (US0001M + (0.010)%),
03/25/2020 | | | | | 14,750,000 | | | | | | 3.1 | | |
| | | | Total U.S. Government
Agency Debt
(Cost $155,960,088) | | | | | 155,960,088 | | | | | | 33.2 | | |
| U.S. TREASURY DEBT: 14.2% | |
| 67,000,000 (1) | | | United States Treasury Bill,
1.580%, 06/18/2020 | | | | | 66,513,388 | | | | | | 14.2 | | |
| | | | Total U.S. Treasury Debt
(Cost $66,513,388) | | | | | 66,513,388 | | | | | | 14.2 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| U.S. TREASURY REPURCHASE AGREEMENT: 44.8% | |
| | | | Repurchase Agreement: 44.8% | |
| 66,000,000 | | | Deutsche Bank Repurchase
Agreement dated 12/31/19,
1.5%, due 1/2/20, $66,005,500
to be received upon repurchase
(Collateralized by $63,412,400,
U.S. Treasury Debts,
0.625%-2.0%, Market Value
plus accrued interest
$67,320,088 due
7/15/21-11/15/21), 1.500% | | | | $ | 66,000,000 | | | | | | 14.1 | | |
| 78,406,000 | | | Deutsche Bank Repurchase
Agreement dated 12/31/19,
1.55%, due 1/2/20, $78,412,752
to be received upon repurchase
(Collateralized by $79,056,900,
U.S. Treasury Note,
1.50%-2.125%, Market Value
plus accrued interest
$79,974,205 due
9/30/24-5/31/26), 1.550% | | | | | 78,406,000 | | | | | | 16.7 | | |
| 66,000,000 | | | Deutsche Bank Repurchase
Agreement dated 12/31/2019,
1.550%, due 1/2/2020,
$66,005,683 to be received upon
repurchase (Collateralized by
$59,209,000, U.S. Treasury
Bond, 3.0%, Market Value plus
accrued interest $67,320,112
due 5/15/2047), 1.550% | | | | | 66,000,000 | | | | | | 14.0 | | |
| | | | Total U.S. Treasury
Repurchase Agreement
(Cost $210,406,000) | | | | | 210,406,000 | | | | | | 44.8 | | |
| |
| Shares | | | Value | | | Percentage
of Net
Assets | |
| INVESTMENT COMPANIES: 7.7% | |
| 21,000,000 (2) | | | BlackRock Liquidity Funds,
FedFund, Institutional Class,
1.540%, 01/02/20 | | | | | 21,000,000 | | | | | | 4.5 | | |
| 15,000,000 (2) | | | Goldman Sachs Financial
Square Government Fund -
Institutional Shares, 1.550%,
01/02/20 | | | | | 15,000,000 | | | | | | 3.2 | | |
| | | | Total Investment Companies
(Cost $36,000,000) | | | | | 36,000,000 | | | | | | 7.7 | | |
| |
See Accompanying Notes to Financial Statements
PORTFOLIO OF INVESTMENTS
| Voya Government Money Market Portfolio | as of December 31, 2019 (continued) |
| Shares | | | Value | | | Percentage
of Net
Assets | |
| | | | Total Investments in
Securities
(Cost $468,879,476) | | | | $ | 468,879,476 | | | | | | 99.9 | | |
| | | | Assets in Excess of Other
Liabilities | | | | | 391,881 | | | | | | 0.1 | | |
| | | | Net Assets | | | | $ | 469,271,357 | | | | | | 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, 2019.
(2)
Rate shown is the 7-day yield as of December 31, 2019.
Reference Rate Abbreviations:
SOFRRATE
Secured Overnight Financing Rate
US0001M
1-month LIBOR
US0003M
3-month LIBOR
At December 31, 2019, the aggregate cost of securities for federal income tax purposes is the same as for financial statement purposes.
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 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
December 31, 2019 | |
| Asset Table | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Companies | | | | $ | 36,000,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 36,000,000 | | |
| U.S. Government Agency Debt | | | | | — | | | | | | 155,960,088 | | | | | | — | | | | | | 155,960,088 | | |
| U.S. Treasury Debt | | | | | — | | | | | | 66,513,388 | | | | | | — | | | | | | 66,513,388 | | |
| U.S. Treasury Repurchase Agreement | | | | | — | | | | | | 210,406,000 | | | | | | — | | | | | | 210,406,000 | | |
| Total Investments, at fair value | | | | $ | 36,000,000 | | | | | $ | 432,879,476 | | | | | $ | — | | | | | $ | 468,879,476 | | |
^
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, 2019:
| Counterparty | | | Government
Repurchase
Agreement,
at fair value | | | Fair Value of
Non-Cash Collateral
Received Including
Accrued Interest (1) | | | Net Amount | |
| Deutsche Bank | | | | $ | 210,406,000 | | | | | $ | (210,406,000) | | | | | $ | — | | |
| Totals | | | | $ | 210,406,000 | | | | | $ | (210,406,000) | | | | | $ | — | | |
(1)
Collateral with a fair value of $214,614,405 has been pledged in connection with the above government repurchase agreement. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Growth and Income Portfolio | as of December 31, 2019 |
| | Shares | | | Value | | | Percentage
of Net
Assets | |
| | COMMON STOCK: 99.5% | |
| | | | | | | | Communication Services: 10.7% | |
| | | | 106,817 | (1) | | Alphabet, Inc. - Class A | | | | $ | 143,069,622 | | | | | | 4.5 | | |
| | | | 1,885,514 | | | | AT&T, Inc. | | | | | 73,685,887 | | | | | | 2.3 | | |
| | | | 1,201,092 | | | | Comcast Corp. – Class A | | | | | 54,013,107 | | | | | | 1.7 | | |
| | | | 479,722 | | | | Walt Disney Co. | | | | | 69,382,193 | | | | | | 2.2 | | |
| | | | | | | | | | | | | 340,150,809 | | | | | | 10.7 | | |
| | | | | | | | Consumer Discretionary: 8.1% | |
| | | | 26,788 | (1) | | Amazon.com, Inc. | | | | | 49,499,938 | | | | | | 1.6 | | |
| | | | 405,805 | | | | Hasbro, Inc. | | | | | 42,857,066 | | | | | | 1.3 | | |
| | | | 1,341,754 | | | | MGM Resorts International | | | | | 44,640,156 | | | | | | 1.4 | | |
| | | | 285,562 | | | | Ralph Lauren Corp. | | | | | 33,473,578 | | | | | | 1.0 | | |
| | | | 345,324 | | | | Starbucks Corp. | | | | | 30,360,886 | | | | | | 1.0 | | |
| | | | 922,892 | | | | TJX Cos., Inc. | | | | | 56,351,785 | | | | | | 1.8 | | |
| | | | | | | | | | | | | 257,183,409 | | | | | | 8.1 | | |
| | | | | | | | Consumer Staples: 8.3% | |
| | | | 191,614 | | | | Constellation Brands, Inc. | | | | | 36,358,756 | | | | | | 1.2 | | |
| | | | 732,987 | (2) | | Kellogg Co. | | | | | 50,693,381 | | | | | | 1.6 | | |
| | | | 1,111,503 | (2) | | Keurig Dr Pepper, Inc. | | | | | 32,178,012 | | | | | | 1.0 | | |
| | | | 791,977 | | | | Philip Morris International,
Inc. | | | | | 67,389,323 | | | | | | 2.1 | | |
| | | | 406,079 | | | | Procter & Gamble Co. | | | | | 50,719,267 | | | | | | 1.6 | | |
| | | | 463,236 | | | | Other Securities | | | | | 25,640,113 | | | | | | 0.8 | | |
| | | | | | | | | | | | | 262,978,852 | | | | | | 8.3 | | |
| | | | | | | | Energy: 4.3% | |
| | | | 1,282,174 | | | | BP PLC ADR | | | | | 48,389,247 | | | | | | 1.5 | | |
| | | | 538,149 | | | | ConocoPhillips | | | | | 34,995,829 | | | | | | 1.1 | | |
| | | | 608,315 | | | | Other Securities | | | | | 53,866,138 | | | | | | 1.7 | | |
| | | �� | | | | | | | | | | 137,251,214 | | | | | | 4.3 | | |
| | | | | | | | Financials: 13.2% | |
| | | | 719,545 | | | | American International
Group, Inc. | | | | | 36,934,245 | | | | | | 1.2 | | |
| | | | 1,459,532 | | | | Bank of America Corp. | | | | | 51,404,717 | | | | | | 1.6 | | |
| | | | 381,850 | | | | Discover Financial Services | | | | | 32,388,517 | | | | | | 1.0 | | |
| | | | 236,097 | | | | Goldman Sachs Group, Inc. | | | | | 54,285,783 | | | | | | 1.7 | | |
| | | | 750,854 | | | | Hartford Financial Services
Group, Inc. | | | | | 45,629,397 | | | | | | 1.4 | | |
| | | | 592,214 | | | | Intercontinental Exchange,
Inc. | | | | | 54,809,406 | | | | | | 1.7 | | |
| | | | 637,717 | | | | JPMorgan Chase & Co. | | | | | 88,897,750 | | | | | | 2.8 | | |
| | | | 938,423 | | | | US Bancorp | | | | | 55,639,100 | | | | | | 1.8 | | |
| | | | | | | | | | | | | 419,988,915 | | | | | | 13.2 | | |
| | | | | | | | Health Care: 14.6% | |
| | | | 615,465 | (1) | | Alcon, Inc. | | | | | 34,816,855 | | | | | | 1.1 | | |
| | | | 215,728 | | | | Becton Dickinson & Co. | | | | | 58,671,544 | | | | | | 1.8 | | |
| | | | 878,987 | (1) | | Boston Scientific Corp. | | | | | 39,747,792 | | | | | | 1.3 | | |
| | | | 646,413 | | | | Bristol-Myers Squibb Co. | | | | | 41,493,250 | | | | | | 1.3 | | |
| | | | 678,350 | | | | Johnson & Johnson | | | | | 98,950,915 | | | | | | 3.1 | | |
| | | | 477,313 | | | | Medtronic PLC | | | | | 54,151,160 | | | | | | 1.7 | | |
| | | | 554,836 | | | | Novartis AG ADR | | | | | 52,537,421 | | | | | | 1.7 | | |
| | | | 353,364 | | | | Zimmer Biomet Holdings,
Inc. | | | | | 52,891,524 | | | | | | 1.7 | | |
| | | | 437,829 | | | | Other Securities | | | | | 28,450,128 | | | | | | 0.9 | | |
| | | | | | | | | | | | | 461,710,589 | | | | | | 14.6 | | |
| | Shares | | | Value | | | Percentage
of Net
Assets | |
| | COMMON STOCK: (continued) | |
| | | | | | | | Industrials: 8.9% | |
| | | | 228,587 | | | | Cummins, Inc. | | | | $ | 40,907,930 | | | | | | 1.3 | | |
| | | | 138,566 | | | | Lockheed Martin Corp. | | | | | 53,954,829 | | | | | | 1.7 | | |
| | | | 278,214 | | | | Norfolk Southern Corp. | | | | | 54,009,684 | | | | | | 1.7 | | |
| | | | 186,672 | | | | Old Dominion Freight Line | | | | | 35,426,612 | | | | | | 1.1 | | |
| | | | 150,002 | | | | Roper Technologies, Inc. | | | | | 53,135,208 | | | | | | 1.7 | | |
| | | | 684,812 | | | | Other Securities | | | | | 46,311,428 | | | | | | 1.4 | | |
| | | | | | | | | | | | | 283,745,691 | | | | | | 8.9 | | |
| | | | | | | | Information Technology: 22.9% | |
| | | | 251,834 | (1) | | Adobe, Inc. | | | | | 83,057,372 | | | | | | 2.6 | | |
| | | | 561,622 | | | | Analog Devices, Inc. | | | | | 66,743,158 | | | | | | 2.1 | | |
| | | | 473,403 | | | | Apple, Inc. | | | | | 139,014,791 | | | | | | 4.4 | | |
| | | | 390,915 | | | | Fidelity National
Information Services, Inc. | | | | | 54,372,367 | | | | | | 1.7 | | |
| | | | 142,956 | | | | Intuit, Inc. | | | | | 37,444,465 | | | | | | 1.2 | | |
| | | | 580,673 | (1) | | Micron Technology, Inc. | | | | | 31,228,594 | | | | | | 1.0 | | |
| | | | 1,418,190 | | | | Microsoft Corp. | | | | | 223,648,563 | | | | | | 7.1 | | |
| | | | 343,181 | | | | Motorola Solutions, Inc. | | | | | 55,300,186 | | | | | | 1.7 | | |
| | | | 290,527 | | | | Other Securities | | | | | 35,225,645 | | | | | | 1.1 | | |
| | | | | | | | | | | | | 726,035,141 | | | | | | 22.9 | | |
| | | | | | | | Materials: 2.6% | |
| | | | 199,352 | | | | Air Products & Chemicals,
Inc. | | | | | 46,845,726 | | | | | | 1.5 | | |
| | | | 469,199 | (3) | | Other Securities | | | | | 35,843,539 | | | | | | 1.1 | | |
| | | | | | | | | | | | | 82,689,265 | | | | | | 2.6 | | |
| | | | | | | | Real Estate: 2.7% | |
| | | | 331,078 | | | | Crown Castle International
Corp. | | | | | 47,062,738 | | | | | | 1.5 | | |
| | | | 299,835 | | | | Mid-America Apartment
Communities, Inc. | | | | | 39,536,243 | | | | | | 1.2 | | |
| | | | | | | | | | | | | 86,598,981 | | | | | | 2.7 | | |
| | | | | | | | Utilities: 3.2% | |
| | | | 279,256 | | | | Entergy Corp. | | | | | 33,454,869 | | | | | | 1.1 | | |
| | | | 189,749 | | | | NextEra Energy, Inc. | | | | | 45,949,618 | | | | | | 1.5 | | |
| | | | 448,838 | | | | Other Securities | | | | | 20,462,524 | | | | | | 0.6 | | |
| | | | | | | | | | | | | 99,867,011 | | | | | | 3.2 | | |
| | | | | | | | Total Common Stock
(Cost $2,455,417,864) | | | | | 3,158,199,877 | | | | | | 99.5 | | |
| |
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 $2,455,417,864) | | | | | 3,158,199,877 | | | | | | 99.5 | | |
| |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Growth and Income Portfolio | as of December 31, 2019 (continued) |
| | Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| | SHORT-TERM INVESTMENTS: 2.3% | |
| | | | | | | | Commercial Paper: 0.2% | |
| | | | 475,000 | (7) | | Australia & New Zealand
Banking, 1.830%,
03/13/2020 | | | | $ | 473,231 | | | | | | 0.0 | | |
| | | | 650,000 | (7) | | Banco Santander S.A.,
1.950%, 02/05/2020 | | | | | 648,831 | | | | | | 0.0 | | |
| | | | 825,000 | (7) | | DBS Bank Ltd., 1.820%,
02/18/2020 | | | | | 822,992 | | | | | | 0.1 | | |
| | | | 425,000 | (7) | | Flex Co. LLC, 1.910%,
01/31/2020 | | | | | 424,341 | | | | | | 0.0 | | |
| | | | 350,000 | (7) | | Le Mouvement Des Caisses
Desjardins, 1.850%,
02/10/2020 | | | | | 349,314 | | | | | | 0.0 | | |
| | | | 425,000 | (7) | | Le Mouvement Des Caisses
Desjardins, 1.860%,
02/14/2020 | | | | | 424,081 | | | | | | 0.1 | | |
| | | | 500,000 | (7) | | LMA Americas LLC, 1.810%,
01/23/2020 | | | | | 499,351 | | | | | | 0.0 | | |
| | | | 625,000 | (7) | | Nederlandse
Waterschapsbank, 1.870%,
02/12/2020 | | | | | 623,711 | | | | | | 0.0 | | |
| | | | 650,000 | (7) | | Sheffield Receivables
Company LLC, 2.000%,
03/16/2020 | | | | | 647,455 | | | | | | 0.0 | | |
| | | | 500,000 | (7) | | United Overseas Bnk Group,
1.900%, 01/24/2020 | | | | | 499,462 | | | | | | 0.0 | | |
| | | | | | | | Total Commercial Paper
(Cost $5,412,769) | | | | | 5,412,769 | | | | | | 0.2 | | |
| | | | | | | | | |
| | | | | | | | Floating Rate Notes: 0.3% | |
| | | | 475,000 | (7) | | Australia & New Zealand
Banking Group Ltd.,
1.920%, 04/09/2020 | | | | | 475,138 | | | | | | 0.0 | | |
| | | | 950,000 | (7) | | Bank of America Corp.,
1.910%, 05/07/2020 | | | | | 950,000 | | | | | | 0.0 | | |
| | | | 850,000 | (7) | | Bank of Montreal,
1.960%, 02/26/2020 | | | | | 850,185 | | | | | | 0.0 | | |
| | | | 500,000 | (7) | | Coöperatieve Rabobank
U.A., 1.980%, 04/20/2020 | | | | | 500,140 | | | | | | 0.0 | | |
| | | | 250,000 | (7) | | Credit Suisse Group AG,
1.890%, 04/17/2020 | | | | | 250,112 | | | | | | 0.0 | | |
| | | | 700,000 | (7) | | Credit Suisse Group AG,
1.720%, 01/16/2020 | | | | | 700,052 | | | | | | 0.0 | | |
| | | | 350,000 | (7) | | DNB ASA, 1.880%,
03/04/2020 | | | | | 350,068 | | | | | | 0.0 | | |
| | | | 250,000 | (7) | | Lloyds Bank PLC, 1.880%,
01/15/2020 | | | | | 250,024 | | | | | | 0.0 | | |
| | | | 325,000 | (7) | | Mitsubishi UFJ Financial
Group, Inc., 1.980%,
03/12/2020 | | | | | 325,083 | | | | | | 0.0 | | |
| | | | 625,000 | (7) | | Mitsubishi UFJ Financial
Group, Inc., 2.050%,
02/25/2020 | | | | | 625,216 | | | | | | 0.1 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) | |
| | | | | | | Floating Rate Notes (continued) | |
| | | 350,000 | (7) | | Mizuho Financial Group
Inc., 1.960%, 05/05/2020 | | | | $ | 350,015 | | | | | | 0.0 | | |
| | | 350,000 | (7) | | National Australia Bank Ltd.,
1.890%, 02/10/2020 | | | | | 350,008 | | | | | | 0.0 | | |
| | | 800,000 | (7) | | National Bank Of Canada,
1.950%, 02/27/2020 | | | | | 800,163 | | | | | | 0.0 | | |
| | | 875,000 | (7) | | National Bank Of Canada,
1.990%, 05/01/2020 | | | | | 875,113 | | | | | | 0.1 | | |
| | | 975,000 | (7) | | Skandinaviska Enskilda
Banken AB, 1.950%,
05/11/2020 | | | | | 975,031 | | | | | | 0.1 | | |
| | | 300,000 | (7) | | Sumitomo Mitsui Trust
Holdings, Inc., 1.980%,
05/07/2020 | | | | | 299,996 | | | | | | 0.0 | | |
| | | 600,000 | (7) | | Sumitomo Mitsui Trust
Holdings, Inc., 2.040%,
04/24/2020 | | | | | 599,996 | | | | | | 0.0 | | |
| | | 275,000 | (7) | | The Norinchukin Bank,
2.050%, 04/24/2020 | | | | | 275,099 | | | | | | 0.0 | | |
| | | 450,000 | (7) | | The Sumitomo Mitsui
Financial Group, 1.840%,
01/10/2020 | | | | | 450,033 | | | | | | 0.0 | | |
| | | 625,000 | (7) | | Westpac Banking Corp,
1.830%, 02/10/2020 | | | | | 625,050 | | | | | | 0.0 | | |
| | | | | | | Total Floating Rate Notes
(Cost $10,876,522) | | | | | 10,876,522 | | | | | | 0.3 | | |
| | | | | | | | |
| | | | | | | Repurchase Agreements: 0.9% | |
| | | 11,826,073 | (7) | | Bank of Nova Scotia,
Repurchase Agreement
dated 12/31/19, 1.57%, due
01/02/20 (Repurchase
Amount $11,827,090,
collateralized by various U.S.
Government Agency
Obligations, 2.500%-
6.500%, Market Value plus
accrued interest
$12,063,647, due
09/01/24-11/01/49) | | | | | 11,826,073 | | | | | | 0.3 | | |
| | | 2,500,690 | (7) | | Citadel Securities LLC,
Repurchase Agreement
dated 12/31/19, 1.60%, due
01/02/20 (Repurchase
Amount $2,500,909,
collateralized by various U.S.
Government Securities,
0.000%-8.500%, Market
Value plus accrued interest
$2,550,931, due
01/15/20-11/15/48) | | | | | 2,500,690 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Growth and Income Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) | |
| | | | | | | Repurchase Agreements (continued) | |
| | | 11,826,073 | (7) | | RBC Dominion
Securities Inc., Repurchase
Agreement dated 12/31/19,
1.57%, due 01/02/20
(Repurchase Amount
$11,827,090, collateralized
by various U.S. Government/
U.S. Government Agency
Obligations,
0.000%-6.500%, Market
Value plus accrued interest
$12,062,595, due
06/30/21-12/01/49) | | | | $ | 11,826,073 | | | | | | 0.4 | | |
| | | 3,849,711 | (7) | | State of Wisconsin
Investment Board,
Repurchase Agreement
dated 12/31/19, 1.75%, due
01/02/20 (Repurchase
Amount $3,850,080,
collateralized by various U.S.
Government Securities,
0.125%-3.875%, Market
Value plus accrued interest
$3,926,811, due
04/15/21-02/15/47) | | | | | 3,849,711 | | | | | | 0.1 | | |
| | | | | | | Total Repurchase
Agreements
(Cost $30,002,547) | | | | | 30,002,547 | | | | | | 0.9 | | |
| | | | | | | | |
| | | | | | | Certificates of Deposit: 0.1% | |
| | | 950,000 | (7) | | Landesbank
Baden-Wurttemberg,
1.830%, 01/16/2020 | | | | | 950,033 | | | | | | 0.1 | | |
| | | 500,000 | (7) | | Toronto-Dominion Bank,
1.850%, 03/18/2020 | | | | | 500,075 | | | | | | 0.0 | | |
| | | | | | | Total Certificates of Deposit
(Cost $1,450,108) | | | | | 1,450,108 | | | | | | 0.1 | | |
| |
| | Shares | | | Value | | | Percentage
of Net
Assets | |
| | | | | | | | Mutual Funds(7): 0.8% | |
| | | | 24,034,000 | (7)(8) | | Goldman Sachs Financial
Square Government
Fund - Institutional Shares,
1.500% | | | | | 24,034,000 | | | | | | 0.8 | | |
| | | | 1,230,000 | (7)(8) | | Invesco Short-Term
Investments Trust
Government & Agency
Portfolio - Institutional
Class, 1.510% | | | | | 1,230,000 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) | |
| | | | Mutual Funds(7) (continued) | |
| | | | Total Mutual Funds
(Cost $25,264,000) | | | | $ | 25,264,000 | | | | | | 0.8 | | |
| | | | Total Short-Term
Investments
(Cost $73,005,946) | | | | | 73,005,946 | | | | | | 2.3 | | |
| | | | Total Investments in
Securities
(Cost $2,528,423,810) | | | | $ | 3,231,205,823 | | | | | | 101.8 | | |
| | | | Liabilities in Excess
of Other Assets | | | | | (55,884,964) | | | | | | (1.8) | | |
| | | | Net Assets | | | | $ | 3,175,320,859 | | | | | | 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, 2019.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
ADR
American Depositary Receipt
(1)
Non-income producing security.
(2)
Security, or a portion of the security, is on loan.
(3)
The grouping contains securities on loan.
(4)
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, 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.
(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, 2019.
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Growth and Income Portfolio | as of December 31, 2019 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 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
December 31, 2019 | |
| Asset Table | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock* | | | | $ | 3,158,199,877 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,158,199,877 | | |
| Other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Short-Term Investments | | | | | 25,264,000 | | | | | | 47,741,946 | | | | | | — | | | | | | 73,005,946 | | |
| Total Investments, at fair value | | | | $ | 3,183,463,877 | | | | | $ | 47,741,946 | | | | | $ | — | | | | | $ | 3,231,205,823 | | |
^
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, 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 December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:
Cost for federal income tax purposes was $2,530,676,207.
Net unrealized appreciation consisted of:
| | Gross Unrealized Appreciation | | | | $ | 715,155,125 | | |
| | Gross Unrealized Depreciation | | | | | (14,625,509) | | |
| | Net Unrealized Appreciation | | | | $ | 700,529,616 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: 23.8% | |
| | | | Basic Materials: 0.5% | |
| 2,486,000 (1) | | | Anglo American Capital
PLC, 4.125%,
04/15/2021 | | | | $ | 2,535,979 | | | | | | 0.1 | | |
| 1,550,000 (1) | | | Chevron Phillips
Chemical Co. LLC /
Chevron Phillips
Chemical Co. L.P.,
3.700%, 06/01/2028 | | | | | 1,640,971 | | | | | | 0.0 | | |
| 3,250,000 (1) | | | Newcrest Finance Pty
Ltd., 4.450%,
11/15/2021 | | | | | 3,367,521 | | | | | | 0.1 | | |
| 8,236,000 (2) | | | Other Securities | | | | | 9,030,456 | | | | | | 0.3 | | |
| | | | | | | | | 16,574,927 | | | | | | 0.5 | | |
| | | | Communications: 2.2% | |
| 15,774,000 | | | AT&T, Inc.,
2.950%-5.150%,
07/15/2026-02/15/2050 | | | | | 18,209,751 | | | | | | 0.5 | | |
| 8,734,000 | | | Comcast Corp.,
2.650%-4.600%,
02/01/2030-11/01/2049 | | | | | 9,668,653 | | | | | | 0.3 | | |
| 4,885,000 (1) | | | NBCUniversal
Enterprise, Inc., 5.250%,
12/31/2199 | | | | | 5,045,472 | | | | | | 0.1 | | |
| 2,630,000 (1) | | | Tencent Holdings Ltd.,
2.985%, 01/19/2023 | | | | | 2,670,253 | | | | | | 0.1 | | |
| 7,971,000 | | | Verizon
Communications, Inc.,
3.850%-4.862%,
12/03/2029-08/21/2046 | | | | | 9,440,714 | | | | | | 0.3 | | |
| 28,846,000 (2) | | | Other Securities | | | | | 32,470,907 | | | | | | 0.9 | | |
| | | | | | | | | 77,505,750 | | | | | | 2.2 | | |
| | | | Consumer, Cyclical: 1.6% | |
| 2,000,000 (1) | | | BMW US Capital LLC,
3.400%, 08/13/2021 | | | | | 2,045,585 | | | | | | 0.0 | | |
| 3,500,000 (1) | | | BMW US Capital LLC,
3.450%, 04/12/2023 | | | | | 3,631,509 | | | | | | 0.1 | | |
| 1,100,000 (1) | | | Hyundai Capital
America, 3.500%,
11/02/2026 | | | | | 1,115,889 | | | | | | 0.0 | | |
| 1,181,790 | | | United Airlines 2013-1
Class B Pass Through
Trust, 5.375%,
02/15/2023 | | | | | 1,228,244 | | | | | | 0.1 | | |
| 2,236,167 | | | United Airlines 2016-1
Class AA Pass Through
Trust, 3.100%,
01/07/2030 | | | | | 2,297,555 | | | | | | 0.1 | | |
| 854,097 (3) | | | United Airlines 2016-1
Class B Pass Through
Trust, 3.650%,
07/07/2027 | | | | | 868,116 | | | | | | 0.0 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Consumer, Cyclical (continued) | |
| 4,201,309 | | | United Airlines 2016-2
Class AA Pass Through
Trust, 2.875%,
04/07/2030 | | | | $ | 4,264,961 | | | | | | 0.1 | | |
| 1,085,602 | | | United Airlines 2016-2
Class B Pass Through
Trust, 3.650%,
04/07/2027 | | | | | 1,096,021 | | | | | | 0.0 | | |
| 39,812,715 (2) | | | Other Securities | | | | | 41,239,726 | | | | | | 1.2 | | |
| | | | | | | | | 57,787,606 | | | | | | 1.6 | | |
| | | | Consumer, Non-cyclical: 4.3% | |
| 5,000,000 (1) | | | AbbVie, Inc., 2.300%,
11/21/2022 | | | | | 5,027,206 | | | | | | 0.1 | | |
| 2,554,000 (1)(3) | | | AbbVie, Inc., 2.600%,
11/21/2024 | | | | | 2,571,506 | | | | | | 0.1 | | |
| 1,441,000 (1) | | | AbbVie, Inc., 2.950%,
11/21/2026 | | | | | 1,464,769 | | | | | | 0.0 | | |
| 1,255,000 (1) | | | AbbVie, Inc., 3.200%,
11/21/2029 | | | | | 1,277,507 | | | | | | 0.0 | | |
| 1,441,000 (1)(3) | | | AbbVie, Inc., 4.050%,
11/21/2039 | | | | | 1,528,030 | | | | | | 0.1 | | |
| 3,007,000 | | | AbbVie, Inc.,
2.900%-4.500%,
11/06/2022-05/14/2035 | | | | | 3,186,155 | | | | | | 0.1 | | |
| 6,049,000 | | | Anheuser-Busch Cos
LLC / Anheuser-Busch
InBev Worldwide, Inc.,
4.700%-4.900%,
02/01/2036-02/01/2046 | | | | | 7,106,159 | | | | | | 0.2 | | |
| 2,760,000 | | | Anheuser-Busch InBev
Worldwide, Inc.,
4.439%-5.450%,
01/23/2039-10/06/2048 | | | | | 3,268,258 | | | | | | 0.1 | | |
| 1,265,000 (1) | | | Bristol-Myers Squibb
Co., 3.400%, 07/26/2029 | | | | | 1,352,974 | | | | | | 0.0 | | |
| 3,105,000 (1) | | | Bristol-Myers Squibb
Co., 3.875%, 08/15/2025 | | | | | 3,358,999 | | | | | | 0.1 | | |
| 1,757,000 (1) | | | Bristol-Myers Squibb
Co., 4.125%, 06/15/2039 | | | | | 2,026,549 | | | | | | 0.1 | | |
| 2,000,000 (1) | | | Cargill, Inc., 3.875%,
05/23/2049 | | | | | 2,236,314 | | | | | | 0.1 | | |
| 2,195,000 (1) | | | Cigna Corp., 3.250%,
04/15/2025 | | | | | 2,276,976 | | | | | | 0.1 | | |
| 7,750,000 | | | Cigna Corp.,
3.400%-4.800%,
09/17/2021-08/15/2038 | | | | | 8,185,671 | | | | | | 0.2 | | |
| 64,248 | | | CVS Pass-Through
Trust, 6.943%,
01/10/2030 | | | | | 75,235 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Consumer, Non-cyclical (continued) | |
| 8,675,000 | | | CVS Health Corp.,
3.700%-5.050%,
03/09/2023-03/25/2048 | | | | $ | 9,687,691 | | | | | | 0.3 | | |
| 2,113,000 (1) | | | Imperial Brands
Finance PLC, 3.750%,
07/21/2022 | | | | | 2,175,281 | | | | | | 0.0 | | |
| 2,671,000 (1) | | | Kraft Heinz Foods Co.,
4.875%, 02/15/2025 | | | | | 2,744,358 | | | | | | 0.1 | | |
| 324,000 (1) | | | Mars, Inc., 3.200%,
04/01/2030 | | | | | 342,959 | | | | | | 0.0 | | |
| 696,000 (1) | | | Mars, Inc., 3.875%,
04/01/2039 | | | | | 769,075 | | | | | | 0.0 | | |
| 1,342,000 (1) | | | Mars, Inc., 4.125%,
04/01/2054 | | | | | 1,532,078 | | | | | | 0.1 | | |
| 83,605,000 (2) | | | Other Securities | | | | | 89,619,794 | | | | | | 2.5 | | |
| | | | | | | | | 151,813,544 | | | | | | 4.3 | | |
| | | | Energy: 2.4% | |
| 1,015,000 (1) | | | Cameron LNG LLC,
2.902%, 07/15/2031 | | | | | 1,017,123 | | | | | | 0.0 | | |
| 1,015,000 (1) | | | Cameron LNG LLC,
3.302%, 01/15/2035 | | | | | 1,024,686 | | | | | | 0.0 | | |
| 1,345,000 (1) | | | MPLX L.P., 5.250%,
01/15/2025 | | | | | 1,411,841 | | | | | | 0.0 | | |
| 1,500,000 (1) | | | Schlumberger
Investment SA, 2.400%,
08/01/2022 | | | | | 1,512,838 | | | | | | 0.1 | | |
| 1,052,000 (1) | | | Schlumberger Oilfield
UK PLC, 4.200%,
01/15/2021 | | | | | 1,070,115 | | | | | | 0.0 | | |
| 5,804,000 | | | Williams Cos, Inc./The,
4.000%-5.400%,
09/15/2025-03/04/2044 | | | | | 6,287,468 | | | | | | 0.2 | | |
| 3,506,000 (3) | | | Williams Partners L.P.,
3.600%-3.750%,
03/15/2022-06/15/2027 | | | | | 3,639,383 | | | | | | 0.1 | | |
| 66,301,000 (2) | | | Other Securities | | | | | 69,209,160 | | | | | | 2.0 | | |
| | | | | | | | | 85,172,614 | | | | | | 2.4 | | |
| | | | Financial: 7.6% | |
| 1,840,000 (1) | | | ANZ New Zealand Int’l
Ltd./London, 3.400%,
03/19/2024 | | | | | 1,918,115 | | | | | | 0.1 | | |
| 28,028,000 (4) | | | Bank of America Corp.,
3.194%-5.125%,
05/17/2022-12/31/2199 | | | | | 30,412,296 | | | | | | 0.9 | | |
| 1,535,000 (1) | | | Banque Federative du
Credit Mutuel SA,
2.375%, 11/21/2024 | | | | | 1,534,392 | | | | | | 0.0 | | |
| 1,000,000 (1) | | | Barclays Bank PLC,
10.179%, 06/12/2021 | | | | | 1,111,611 | | | | | | 0.0 | | |
| 4,115,000 (1)(4) | | | BNP Paribas SA,
2.819%, 11/19/2025 | | | | | 4,162,781 | | | | | | 0.1 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial (continued) | |
| 3,960,000 (1) | | | BPCE SA, 2.700%,
10/01/2029 | | | | $ | 3,927,223 | | | | | | 0.1 | | |
| 955,000 (1) | | | BPCE SA, 5.700%,
10/22/2023 | | | | | 1,057,473 | | | | | | 0.0 | | |
| 9,000,000 (4) | | | Citigroup, Inc.,
2.876%-5.500%,
07/24/2023-09/13/2025 | | | | | 9,661,659 | | | | | | 0.3 | | |
| 2,000,000 (1) | | | Citizens Financial Group,
Inc., 4.150%, 09/28/2022 | | | | | 2,086,495 | | | | | | 0.1 | | |
| 745,000 (1) | | | Commonwealth Bank of
Australia, 3.743%,
09/12/2039 | | | | | 747,692 | | | | | | 0.0 | | |
| 3,150,000 (1) | | | Credit Agricole SA/
London, 2.375%,
07/01/2021 | | | | | 3,170,654 | | | | | | 0.1 | | |
| 6,000,000 (1) | | | Credit Suisse AG,
6.500%, 08/08/2023 | | | | | 6,704,544 | | | | | | 0.2 | | |
| 3,000,000 (1)(4) | | | Credit Suisse Group AG,
2.997%, 12/14/2023 | | | | | 3,055,755 | | | | | | 0.1 | | |
| 2,303,000 | | | Credit Suisse Group
Funding Guernsey Ltd.,
3.450%, 04/16/2021 | | | | | 2,342,528 | | | | | | 0.0 | | |
| 4,500,000 (1)(3) | | | Danske Bank A/S,
2.800%, 03/10/2021 | | | | | 4,532,279 | | | | | | 0.1 | | |
| 18,788,000 (4) | | | JPMorgan Chase & Co.,
3.207%-5.000%,
06/18/2022-12/31/2199 | | | | | 19,651,449 | | | | | | 0.6 | | |
| 958,000 (1) | | | Liberty Mutual Group,
Inc., 3.951%, 10/15/2050 | | | | | 996,681 | | | | | | 0.0 | | |
| 315,000 (1)(3) | | | Mizuho Financial Group,
Inc., 3.477%, 04/12/2026 | | | | | 330,202 | | | | | | 0.0 | | |
| 5,870,000 | | | Mizuho Financial Group
Cayman 2 Ltd., 4.200%,
07/18/2022 | | | | | 6,101,016 | | | | | | 0.2 | | |
| 2,810,000 (1) | | | Mizuho Financial Group,
Inc., 2.632%, 04/12/2021 | | | | | 2,833,719 | | | | | | 0.1 | | |
| 10,580,000 | | | Morgan Stanley,
2.750%-5.500%,
07/28/2021-04/23/2027 | | | | | 11,122,859 | | | | | | 0.3 | | |
| 1,575,000 (1)(4) | | | National Australia Bank
Ltd., 3.933%,
08/02/2034 | | | | | 1,636,677 | | | | | | 0.1 | | |
| 1,004,000 (1)(3)(4) | | | Nationwide Building
Society, 3.960%,
07/18/2030 | | | | | 1,078,403 | | | | | | 0.0 | | |
| 1,576,000 (1)(3) | | | New York Life Global
Funding, 2.875%,
04/10/2024 | | | | | 1,625,708 | | | | | | 0.0 | | |
| 2,661,000 (1)(4) | | | Nordea Bank ABP,
6.125%, 12/31/2199 | | | | | 2,834,191 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial (continued) | |
| 2,000,000 | | | Royal Bank of Canada,
2.703%, (US0003M +
0.660%), 10/05/2023 | | | | $ | 2,016,321 | | | | | | 0.1 | | |
| 6,600,000 | | | Wells Fargo Bank NA,
3.625%, 10/22/2021 | | | | | 6,794,062 | | | | | | 0.2 | | |
| 12,239,000 (3)(4) | | | Wells Fargo & Co.,
2.406%-4.750%,
08/15/2023-12/07/2046 | | | | | 12,915,672 | | | | | | 0.4 | | |
| 114,337,000 (2) | | | Other Securities | | | | | 121,087,453 | | | | | | 3.4 | | |
| | | | | | | | | 267,449,910 | | | | | | 7.6 | | |
| | | | Industrial: 1.1% | |
| 2,000,000 (1)(3) | | | SMBC Aviation Capital
Finance DAC, 2.650%,
07/15/2021 | | | | | 2,014,076 | | | | | | 0.1 | | |
| 1,330,000 (1)(3) | | | SMBC Aviation Capital
Finance DAC, 3.550%,
04/15/2024 | | | | | 1,381,336 | | | | | | 0.0 | | |
| 2,250,000 (1) | | | TTX Co., 3.600%,
01/15/2025 | | | | | 2,372,173 | | | | | | 0.1 | | |
| 1,155,000 (1) | | | Vinci SA, 3.750%,
04/10/2029 | | | | | 1,259,993 | | | | | | 0.0 | | |
| 29,763,000 (2) | | | Other Securities | | | | | 31,526,917 | | | | | | 0.9 | | |
| | | | | | | | | 38,554,495 | | | | | | 1.1 | | |
| | | | Technology: 1.3% | |
| 1,000,000 (1) | | | Dell International LLC /
EMC Corp., 6.020%,
06/15/2026 | | | | | 1,150,969 | | | | | | 0.0 | | |
| 3,030,000 | | | IBM Credit LLC, 3.000%,
02/06/2023 | | | | | 3,117,994 | | | | | | 0.1 | | |
| 6,000,000 | | | International Business
Machines Corp.,
2.875%-3.300%,
11/09/2022-05/15/2026 | | | | | 6,298,849 | | | | | | 0.2 | | |
| 10,000,000 | | | Microsoft Corp.,
3.700%-4.450%,
11/03/2045-08/08/2046 | | | | | 11,775,423 | | | | | | 0.3 | | |
| 24,593,000 (2) | | | Other Securities | | | | | 25,899,322 | | | | �� | | 0.7 | | |
| | | | | | | | | 48,242,557 | | | | | | 1.3 | | |
| | | | Utilities: 2.8% | |
| 2,500,000 (1) | | | American Transmission
Systems, Inc., 5.000%,
09/01/2044 | | | | | 3,133,198 | | | | | | 0.1 | | |
| 3,219,000 (1) | | | American Transmission
Systems, Inc., 5.250%,
01/15/2022 | | | | | 3,406,818 | | | | | | 0.1 | | |
| 2,746,000 (1)(3) | | | DPL, Inc., 4.350%,
04/15/2029 | | | | | 2,649,240 | | | | | | 0.0 | | |
| 1,055,000 (4) | | | Duke Energy Corp.,
4.875%, 12/31/2199 | | | | | 1,107,934 | | | | | | 0.0 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Utilities (continued) | |
| 1,485,000 | | | Duke Energy Indiana
LLC, 3.250%,
10/01/2049 | | | | $ | 1,484,086 | | | | | | 0.0 | | |
| 5,120,000 (3) | | | Duke Energy Carolinas
LLC, 3.200%-4.000%,
09/30/2042-08/15/2049 | | | | | 5,374,984 | | | | | | 0.2 | | |
| 1,783,000 | | | Duke Energy Progress
LLC, 3.700%-4.200%,
08/15/2045-10/15/2046 | | | | | 1,991,158 | | | | | | 0.1 | | |
| 2,802,000 (1) | | | Jersey Central Power &
Light Co., 4.300%,
01/15/2026 | | | | | 3,050,413 | | | | | | 0.1 | | |
| 411,000 (1) | | | Metropolitan Edison Co.,
4.000%, 04/15/2025 | | | | | 437,618 | | | | | | 0.0 | | |
| 74,050,000 (2) | | | Other Securities | | | | | 77,417,223 | | | | | | 2.2 | | |
| | | | | | | | | 100,052,672 | | | | | | 2.8 | | |
| | | | Total Corporate
Bonds/Notes
(Cost $802,057,229) | | | | | 843,154,075 | | | | | | 23.8 | | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: 19.1% | |
| 3,579,508 (1)(4) | | | Agate Bay Mortgage
Trust 2015-6 B2,
3.605%, 09/25/2045 | | | | | 3,632,553 | | | | | | 0.1 | | |
| 4,738,214 | | | Alternative Loan Trust
2005-10CB 1A1,
2.292%, (US0001M +
0.500%), 05/25/2035 | | | | | 4,074,097 | | | | | | 0.1 | | |
| 3,973,652 | | | Alternative Loan Trust
2005-51 3A2A, 3.530%,
(12MTA + 1.290%),
11/20/2035 | | | | | 3,887,940 | | | | | | 0.1 | | |
| 1,708,879 | | | Alternative Loan Trust
2005-65CB 2A4,
5.500%, 12/25/2035 | | | | | 1,582,463 | | | | | | 0.1 | | |
| 2,159,815 | | | Alternative Loan Trust
2005-6CB 1A3, 5.250%,
04/25/2035 | | | | | 2,147,338 | | | | | | 0.1 | | |
| 463,871 (5) | | | Alternative Loan Trust
2005-J3 2A2, 3.208%,
(-1.000*US0001M +
5.000%), 05/25/2035 | | | | | 41,168 | | | | | | 0.0 | | |
| 1,482,221 | | | Alternative Loan Trust
2006-13T1 A9, 6.000%,
05/25/2036 | | | | | 1,131,809 | | | | | | 0.0 | | |
| 3,076,983 | | | Alternative Loan Trust
2006-HY11 A1, 1.912%,
(US0001M + 0.120%),
06/25/2036 | | | | | 2,950,483 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 2,106,425 | | | Alternative Loan Trust
2007-23CB A3, 2.292%,
(US0001M + 0.500%),
09/25/2037 | | | | $ | 1,163,905 | | | | | | 0.0 | | |
| 172,950 | | | Banc of America
Funding 2007 8 Trust
4A1, 6.000%,
08/25/2037 | | | | | 163,662 | | | | | | 0.0 | | |
| 3,702,441 | | | Bear Stearns Mortgage
Funding Trust 2006-AR5
2A1, 1.982%, (US0001M
+ 0.190%), 01/25/2037 | | | | | 3,537,955 | | | | | | 0.1 | | |
| 890,029 (1)(4) | | | Chase Home Lending
Mortgage Trust
2019-ATR1 A3, 4.000%,
04/25/2049 | | | | | 906,942 | | | | | | 0.0 | | |
| 20,064 | | | CHL Mortgage
Pass-Through Trust
2005-2 2A3, 2.472%,
(US0001M + 0.680%),
03/25/2035 | | | | | 18,849 | | | | | | 0.0 | | |
| 165,118 | | | Citicorp Mortgage
Securities Trust
Series 2006-4 2A1,
5.500%, 08/25/2036 | | | | | 169,912 | | | | | | 0.0 | | |
| 885,758 | | | Citicorp Mortgage
Securities Trust
Series 2007-1 1A1,
6.000%, 01/25/2037 | | | | | 877,616 | | | | | | 0.0 | | |
| 1,495,908 (4) | | | Citigroup Mortgage Loan
Trust 2007-10 22AA,
4.170%, 09/25/2037 | | | | | 1,466,390 | | | | | | 0.1 | | |
| 1,239,004 (1)(4) | | | Citigroup Mortgage Loan
Trust 2015-A B2,
4.500%, 06/25/2058 | | | | | 1,313,425 | | | | | | 0.0 | | |
| 62,405 (4) | | | Citigroup Mortgage Loan
Trust, Inc. 2005-3 2A2A,
4.521%, 08/25/2035 | | | | | 63,490 | | | | | | 0.0 | | |
| 2,374,521 | | | Citigroup Mortgage Loan
Trust, Inc. 2005-8 3A1,
5.500%, 09/25/2035 | | | | | 2,443,495 | | | | | | 0.1 | | |
| 329,839 | | | CitiMortgage Alternative
Loan Trust
Series 2007-A2 1A5,
6.000%, 02/25/2037 | | | | | 327,526 | | | | | | 0.0 | | |
| 972,508 | | | Countrywide Alternative
Loan Trust 2005-53T2
2A6, 2.292%, (US0001M
+ 0.500%), 11/25/2035 | | | | | 547,301 | | | | | | 0.0 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 5,252,979 | | | Countrywide
Asset-Backed
Certificates 2005-IM1
M1, 2.512%, (US0001M
+ 0.720%), 11/25/2035 | | | | $ | 5,231,016 | | | | | | 0.2 | | |
| 650,194 | | | DSLA Mortgage Loan
Trust 2005-AR4 2A1B,
2.044%, (US0001M +
0.280%), 08/19/2045 | | | | | 564,442 | | | | | | 0.0 | | |
| 1,000,000 | | | Fannie Mae 2011-128
KB, 4.500%, 12/25/2041 | | | | | 1,137,249 | | | | | | 0.0 | | |
| 12,090,957 | | | Fannie Mae 2011-99 CZ,
4.500%, 10/25/2041 | | | | | 13,621,835 | | | | | | 0.4 | | |
| 2,206,134 | | | Fannie Mae 2012-110
CA, 3.000%, 10/25/2042 | | | | | 2,260,450 | | | | | | 0.1 | | |
| 28,090,696 (5) | | | Fannie Mae 2016-82 SD,
4.258%,
(-1.000*US0001M +
6.050%), 11/25/2046 | | | | | 5,180,166 | | | | | | 0.1 | | |
| 6,020,047 | | | Fannie Mae 2016-88 EA,
3.500%, 01/25/2045 | | | | | 6,253,775 | | | | | | 0.2 | | |
| 8,400,000 | | | Fannie Mae Connecticut
Avenue Securities
16-C06 1M2, 6.042%,
(US0001M + 4.250%),
04/25/2029 | | | | | 9,029,953 | | | | | | 0.3 | | |
| 3,532,937 | | | Fannie Mae Connecticut
Avenue Securities
2015-C02 1M2, 5.792%,
(US0001M + 4.000%),
05/25/2025 | | | | | 3,751,316 | | | | | | 0.1 | | |
| 222,430 | | | Fannie Mae Connecticut
Avenue Securities
2015-C02 2M2, 5.792%,
(US0001M + 4.000%),
05/25/2025 | | | | | 230,618 | | | | | | 0.0 | | |
| 6,079,708 | | | Fannie Mae Connecticut
Avenue Securities
2015-C04 2M2, 7.342%,
(US0001M + 5.550%),
04/25/2028 | | | | | 6,494,450 | | | | | | 0.2 | | |
| 7,100,000 | | | Fannie Mae Connecticut
Avenue Securities
2016-C04 1M2, 6.042%,
(US0001M + 4.250%),
01/25/2029 | | | | | 7,555,143 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 10,166,760 | | | Fannie Mae Connecticut
Avenue Securities
2016-C05 2M2, 6.242%,
(US0001M + 4.450%),
01/25/2029 | | | | $ | 10,749,210 | | | | | | 0.3 | | |
| 335,494 | | | Fannie Mae Connecticut
Avenue Securities
2016-C07 2M2, 6.142%,
(US0001M + 4.350%),
05/25/2029 | | | | | 354,064 | | | | | | 0.0 | | |
| 4,800,000 | | | Fannie Mae Connecticut
Avenue Securities
2017-C01 1M2, 5.342%,
(US0001M + 3.550%),
07/25/2029 | | | | | 5,083,776 | | | | | | 0.1 | | |
| 4,900,000 | | | Fannie Mae Connecticut
Avenue Securities
2017-C02 2M2, 5.442%,
(US0001M + 3.650%),
09/25/2029 | | | | | 5,165,940 | | | | | | 0.1 | | |
| 1,500,000 | | | Fannie Mae Connecticut
Avenue Securities
2017-C03 1M2, 4.792%,
(US0001M + 3.000%),
10/25/2029 | | | | | 1,568,380 | | | | | | 0.0 | | |
| 5,889,000 | | | Fannie Mae Connecticut
Avenue Securities
2017-C04 2M2, 4.642%,
(US0001M + 2.850%),
11/25/2029 | | | | | 6,095,466 | | | | | | 0.2 | | |
| 9,050,000 | | | Fannie Mae Connecticut
Avenue Securities
2017-C05 1M2, 3.992%,
(US0001M + 2.200%),
01/25/2030 | | | | | 9,213,000 | | | | | | 0.3 | | |
| 900,000 | | | Fannie Mae Connecticut
Avenue Securities
2017-C06 1M2, 4.442%,
(US0001M + 2.650%),
02/25/2030 | | | | | 924,370 | | | | | | 0.0 | | |
| 8,050,000 | | | Fannie Mae Connecticut
Avenue Securities
2017-C07 1M2, 4.192%,
(US0001M + 2.400%),
05/28/2030 | | | | | 8,206,527 | | | | | | 0.2 | | |
| 8,644,066 | | | Fannie Mae Connecticut
Avenue Securities
2017-C07 2M2, 4.292%,
(US0001M + 2.500%),
05/25/2030 | | | | | 8,783,522 | | | | | | 0.3 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 4,491,306 | | | Fannie Mae Connecticut
Avenue Securities
2017-CO6 2M2, 4.592%,
(US0001M + 2.800%),
02/25/2030 | | | | $ | 4,616,489 | | | | | | 0.1 | | |
| 6,924,295 | | | Fannie Mae Connecticut
Avenue Securities
2018-C02 2M2, 3.992%,
(US0001M + 2.200%),
08/25/2030 | | | | | 6,990,246 | | | | | | 0.2 | | |
| 1,700,000 | | | Fannie Mae Connecticut
Avenue Securities
2018-C03 1M2, 3.942%,
(US0001M + 2.150%),
10/25/2030 | | | | | 1,714,654 | | | | | | 0.1 | | |
| 1,200,000 | | | Fannie Mae Connecticut
Avenue Securities
2018-C04 2M2, 4.342%,
(US0001M + 2.550%),
12/25/2030 | | | | | 1,222,386 | | | | | | 0.0 | | |
| 2,500,000 | | | Fannie Mae Connecticut
Avenue Securities
2018-C05 1M2, 4.142%,
(US0001M + 2.350%),
01/25/2031 | | | | | 2,538,021 | | | | | | 0.1 | | |
| 5,409,539 | | | Fannie Mae Connecticut
Avenue Securities
2018-C06 1M2, 3.792%,
(US0001M + 2.000%),
03/25/2031 | | | | | 5,436,552 | | | | | | 0.2 | | |
| 14,000,000 | | | Fannie Mae Connecticut
Avenue Securities
2018-CO1 1M2, 4.042%,
(US0001M + 2.250%),
07/25/2030 | | | | | 14,198,023 | | | | | | 0.4 | | |
| 3,500,000 (1) | | | Fannie Mae Connecticut
Avenue Securities
2019-R02 1M2, 4.092%,
(US0001M + 2.300%),
08/25/2031 | | | | | 3,535,377 | | | | | | 0.1 | | |
| 6,685,863 (1) | | | Fannie Mae Connecticut
Avenue Securities Trust
2018-R07 1M2, 4.192%,
(US0001M + 2.400%),
04/25/2031 | | | | | 6,768,939 | | | | | | 0.2 | | |
| 2,245,584 | | | Fannie Mae Connecticut
Avenue Securities,
7.492%, (US0001M +
5.700%), 04/25/2028 | | | | | 2,496,098 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 522,246 (5) | | | Fannie Mae Interest
Strip Series 418 10,
4.000%, 08/25/2043 | | | | $ | 97,426 | | | | | | 0.0 | | |
| 440,441 (5) | | | Fannie Mae Interest
Strip Series 418 15,
3.500%, 08/25/2043 | | | | | 69,817 | | | | | | 0.0 | | |
| 9,448 | | | Fannie Mae REMIC
Trust 1994-77 FB,
3.292%, (US0001M +
1.500%), 04/25/2024 | | | | | 9,590 | | | | | | 0.0 | | |
| 365,822 | | | Fannie Mae REMIC
Trust 1999-33 Z,
6.000%, 07/25/2029 | | | | | 400,476 | | | | | | 0.0 | | |
| 291,353 | | | Fannie Mae REMIC
Trust 2001-15 Z,
6.000%, 04/25/2031 | | | | | 320,358 | | | | | | 0.0 | | |
| 29,149 | | | Fannie Mae REMIC
Trust 2002-21 FC,
2.692%, (US0001M +
0.900%), 04/25/2032 | | | | | 29,606 | | | | | | 0.0 | | |
| 909,940 (5) | | | Fannie Mae REMIC
Trust 2003-74 IO,
6.000%, 08/25/2033 | | | | | 206,578 | | | | | | 0.0 | | |
| 81,180 | | | Fannie Mae REMIC
Trust 2004-11 A,
1.912%, (US0001M +
0.120%), 03/25/2034 | | | | | 80,884 | | | | | | 0.0 | | |
| 476,381 | | | Fannie Mae REMIC
Trust 2005-120 ZU,
5.500%, 01/25/2036 | | | | | 529,837 | | | | | | 0.0 | | |
| 200,855 | | | Fannie Mae REMIC
Trust 2005-74 DK,
16.832%,
(-4.000*US0001M +
24.000%), 07/25/2035 | | | | | 313,969 | | | | | | 0.0 | | |
| 5,120,338 (5) | | | Fannie Mae REMIC
Trust 2005-92 SC,
4.888%,
(-1.000*US0001M +
6.680%), 10/25/2035 | | | | | 951,769 | | | | | | 0.0 | | |
| 316,165 | | | Fannie Mae REMIC
Trust 2006-103 EZ,
6.250%, 10/25/2036 | | | | | 350,308 | | | | | | 0.0 | | |
| 966,550 | | | Fannie Mae REMIC
Trust 2006-104 ES,
24.490%,
(-5.000*US0001M +
33.450%), 11/25/2036 | | | | | 1,742,278 | | | | | | 0.1 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 5,909,707 (5) | | | Fannie Mae REMIC
Trust 2006-12 SD,
4.958%,
(-1.000*US0001M +
6.750%), 10/25/2035 | | | | $ | 961,372 | | | | | | 0.0 | | |
| 2,614,177 (5) | | | Fannie Mae REMIC
Trust 2006-123 UI,
4.948%,
(-1.000*US0001M +
6.740%), 01/25/2037 | | | | | 559,951 | | | | | | 0.0 | | |
| 674,639 (5) | | | Fannie Mae REMIC
Trust 2006-72 HS,
4.908%,
(-1.000*US0001M +
6.700%), 08/25/2026 | | | | | 80,797 | | | | | | 0.0 | | |
| 200,294 | | | Fannie Mae REMIC
Trust 2007-73 A1,
1.711%, (US0001M +
0.060%), 07/25/2037 | | | | | 196,984 | | | | | | 0.0 | | |
| 528,676 | | | Fannie Mae REMIC
Trust 2008-20 SP,
11.020%,
(-2.500*US0001M +
15.500%), 03/25/2038 | | | | | 691,094 | | | | | | 0.0 | | |
| 2,292,571 | | | Fannie Mae REMIC
Trust 2009-19 PW,
4.500%, 10/25/2036 | | | | | 2,485,498 | | | | | | 0.1 | | |
| 8,102,688 (5) | | | Fannie Mae REMIC
Trust 2010-102 SB,
4.808%,
(-1.000*US0001M +
6.600%), 09/25/2040 | | | | | 1,702,935 | | | | | | 0.1 | | |
| 2,698,016 (5) | | | Fannie Mae REMIC
Trust 2010-116 SE,
4.808%,
(-1.000*US0001M +
6.600%), 10/25/2040 | | | | | 512,441 | | | | | | 0.0 | | |
| 7,966,660 (5) | | | Fannie Mae REMIC
Trust 2010-123 SL,
4.278%,
(-1.000*US0001M +
6.070%), 11/25/2040 | | | | | 1,194,255 | | | | | | 0.0 | | |
| 5,050,000 | | | Fannie Mae REMIC
Trust 2010-130 CX,
4.500%, 09/25/2039 | | | | | 5,242,936 | | | | | | 0.2 | | |
| 4,098,790 (5) | | | Fannie Mae REMIC
Trust 2010-55 AS,
4.628%,
(-1.000*US0001M +
6.420%), 06/25/2040 | | | | | 760,692 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 8,159,907 | | | Fannie Mae REMIC
Trust 2010-59 PC,
5.000%, 06/25/2040 | | | | $ | 9,011,693 | | | | | | 0.3 | | |
| 1,295,871 | | | Fannie Mae REMIC
Trust 2010-60 HJ,
5.500%, 05/25/2040 | | | | | 1,411,431 | | | | | | 0.0 | | |
| 6,601,976 (5) | | | Fannie Mae REMIC
Trust 2011-3 AI, 5.000%,
01/25/2041 | | | | | 558,284 | | | | | | 0.0 | | |
| 1,787,961 (5) | | | Fannie Mae REMIC
Trust 2012-10 US,
4.658%,
(-1.000*US0001M +
6.450%), 02/25/2042 | | | | | 231,367 | | | | | | 0.0 | | |
| 1,292,839 | | | Fannie Mae REMIC
Trust 2012-103 DA,
3.500%, 10/25/2041 | | | | | 1,328,908 | | | | | | 0.0 | | |
| 11,158,909 (5) | | | Fannie Mae REMIC
Trust 2012-113 SG,
4.308%,
(-1.000*US0001M +
6.100%), 10/25/2042 | | | | | 2,048,300 | | | | | | 0.1 | | |
| 8,122,457 (5) | | | Fannie Mae REMIC
Trust 2012-122 SB,
4.358%,
(-1.000*US0001M +
6.150%), 11/25/2042 | | | | | 1,526,650 | | | | | | 0.0 | | |
| 3,328,591 (5) | | | Fannie Mae REMIC
Trust 2012-128 DI,
3.000%, 10/25/2032 | | | | | 286,731 | | | | | | 0.0 | | |
| 3,922,600 | | | Fannie Mae REMIC
Trust 2012-131 BS,
3.371%,
(-1.200*US0001M +
5.400%), 12/25/2042 | | | | | 3,678,632 | | | | | | 0.1 | | |
| 12,825,019 (5) | | | Fannie Mae REMIC
Trust 2012-137 SN,
4.308%,
(-1.000*US0001M +
6.100%), 12/25/2042 | | | | | 2,255,513 | | | | | | 0.1 | | |
| 4,962,687 (5) | | | Fannie Mae REMIC
Trust 2012-15 SP,
4.828%,
(-1.000*US0001M +
6.620%), 06/25/2040 | | | | | 493,573 | | | | | | 0.0 | | |
| 3,077,923 (5) | | | Fannie Mae REMIC
Trust 2012-58 PI,
5.000%, 04/25/2042 | | | | | 504,378 | | | | | | 0.0 | | |
| 697,430 | | | Fannie Mae REMIC
Trust 2013-44 ZG,
3.500%, 03/25/2042 | | | | | 732,377 | | | | | | 0.0 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 10,246,993 (5) | | | Fannie Mae REMIC
Trust 2013-60 DS,
4.408%,
(-1.000*US0001M +
6.200%), 06/25/2033 | | | | $ | 1,737,956 | | | | | | 0.1 | | |
| 8,438,293 (5) | | | Fannie Mae REMIC
Trust 2013-9 DS,
4.358%,
(-1.000*US0001M +
6.150%), 02/25/2043 | | | | | 1,947,750 | | | | | | 0.1 | | |
| 270,426 (5) | | | Fannie Mae REMIC
Trust 2013-9 SA,
4.358%,
(-1.000*US0001M +
6.150%), 03/25/2042 | | | | | 40,434 | | | | | | 0.0 | | |
| 3,104,671 (5) | | | Fannie Mae REMIC
Trust 2014-81 JI,
4.000%, 09/25/2041 | | | | | 197,419 | | | | | | 0.0 | | |
| 23,834,891 (5) | | | Fannie Mae REMIC
Trust 2015-9 IO, 5.500%,
03/25/2045 | | | | | 5,367,622 | | | | | | 0.2 | | |
| 3,785,347 (5) | | | Fannie Mae REMICS
2005-66 SY, 4.908%,
(-1.000*US0001M +
6.700%), 07/25/2035 | | | | | 754,516 | | | | | | 0.0 | | |
| 6,730,566 (5) | | | Fannie Mae REMICS
2006-120 QD, 2.908%,
(-1.000*US0001M +
4.700%), 10/25/2036 | | | | | 691,116 | | | | | | 0.0 | | |
| 3,202,055 (5) | | | Fannie Mae REMICS
2006-59 XS, 5.408%,
(-1.000*US0001M +
7.200%), 07/25/2036 | | | | | 600,573 | | | | | | 0.0 | | |
| 3,460,157 (5) | | | Fannie Mae REMICS
2007-53 SX, 4.308%,
(-1.000*US0001M +
6.100%), 06/25/2037 | | | | | 653,236 | | | | | | 0.0 | | |
| 1,357,406 | | | Fannie Mae REMICS
2011-10 ZC, 5.000%,
02/25/2041 | | | | | 1,507,429 | | | | | | 0.0 | | |
| 103,000 | | | Fannie Mae REMICS
2011-127 UY, 3.500%,
12/25/2041 | | | | | 108,042 | | | | | | 0.0 | | |
| 4,988,438 (5) | | | Fannie Mae REMICS
2011-149 ES, 4.208%,
(-1.000*US0001M +
6.000%), 07/25/2041 | | | | | 631,704 | | | | | | 0.0 | | |
| 1,180,640 | | | Fannie Mae REMICS
2012-150 CS, 3.312%,
(-1.500*US0001M +
6.000%), 01/25/2043 | | | | | 1,095,088 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 13,570,931 (5) | | | Fannie Mae REMICS
2016-93 SL, 4.858%,
(-1.000*US0001M +
6.650%), 12/25/2046 | | | | $ | 2,333,471 | | | | | | 0.1 | | |
| 2,107,861 | | | Fannie Mae REMICS
2017-54 D, 3.000%,
07/25/2047 | | | | | 2,142,487 | | | | | | 0.1 | | |
| 447,160 | | | Fannie Mae REMICS
2018-27 EA, 3.000%,
05/25/2048 | | | | | 459,806 | | | | | | 0.0 | | |
| 2,270,365 | | | Fannie Mae REMICS
2018-64 ET, 3.000%,
09/25/2048 | | | | | 2,312,880 | | | | | | 0.1 | | |
| 13,756,058 (5) | | | Fannie Mae REMICS
2019-18 SA, 4.258%,
(-1.000*US0001M +
6.050%), 05/25/2049 | | | | | 2,425,494 | | | | | | 0.1 | | |
| 1,440,727 (1)(4) | | | Flagstar Mortgage Trust
2018-1 B1, 4.030%,
03/25/2048 | | | | | 1,520,288 | | | | | | 0.0 | | |
| 1,536,775 (1)(4) | | | Flagstar Mortgage Trust
2018-1 B2, 4.030%,
03/25/2048 | | | | | 1,600,837 | | | | | | 0.0 | | |
| 2,017,018 (1)(4) | | | Flagstar Mortgage Trust
2018-1 B3, 4.030%,
03/25/2048 | | | | | 2,041,450 | | | | | | 0.1 | | |
| 1,740,240 (1)(4) | | | Flagstar Mortgage Trust
2018-2 B2, 4.050%,
04/25/2048 | | | | | 1,788,147 | | | | | | 0.1 | | |
| 2,382,198 (1)(4) | | | Flagstar Mortgage Trust
2018-3INV A3, 4.000%,
05/25/2048 | | | | | 2,435,877 | | | | | | 0.1 | | |
| 5,367,255 (5) | | | Freddie Mac 2815 GS,
4.260%,
(-1.000*US0001M +
6.000%), 03/15/2034 | | | | | 899,950 | | | | | | 0.0 | | |
| 16,900,738 | | | Freddie Mac 326 350,
3.500%, 03/15/2044 | | | | | 17,650,233 | | | | | | 0.5 | | |
| 4,217 | | | Freddie Mac REMIC
Trust 1125 Z, 8.250%,
08/15/2021 | | | | | 4,364 | | | | | | 0.0 | | |
| 236,808 | | | Freddie Mac REMIC
Trust 2110 PG, 6.000%,
01/15/2029 | | | | �� | 261,637 | | | | | | 0.0 | | |
| 232,437 | | | Freddie Mac REMIC
Trust 2114 ZM, 6.000%,
01/15/2029 | | | | | 255,755 | | | | | | 0.0 | | |
| 100,822 | | | Freddie Mac REMIC
Trust 2411 FJ, 2.090%,
(US0001M + 0.350%),
12/15/2029 | | | | | 100,479 | | | | | | 0.0 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 146,723 | | | Freddie Mac REMIC
Trust 2460 ZM, 6.000%,
06/15/2032 | | | | $ | 163,125 | | | | | | 0.0 | | |
| 377,820 | | | Freddie Mac REMIC
Trust 2472 ZC, 6.000%,
07/15/2032 | | | | | 424,655 | | | | | | 0.0 | | |
| 298,809 | | | Freddie Mac REMIC
Trust 2528 KM, 5.500%,
11/15/2022 | | | | | 307,791 | | | | | | 0.0 | | |
| 312,322 | | | Freddie Mac REMIC
Trust 2541 NE, 5.500%,
12/15/2032 | | | | | 348,777 | | | | | | 0.0 | | |
| 18 | | | Freddie Mac REMIC
Trust 2559 PB, 5.500%,
08/15/2030 | | | | | 18 | | | | | | 0.0 | | |
| 272,230 | | | Freddie Mac REMIC
Trust 2576 KZ, 5.500%,
02/15/2033 | | | | | 305,591 | | | | | | 0.0 | | |
| 360,399 (5) | | | Freddie Mac REMIC
Trust 2594 IY, 6.000%,
04/15/2033 | | | | | 80,433 | | | | | | 0.0 | | |
| 444,119 | | | Freddie Mac REMIC
Trust 2861 Z, 5.500%,
09/15/2034 | | | | | 505,021 | | | | | | 0.0 | | |
| 1,205,787 | | | Freddie Mac REMIC
Trust 2867 MZ, 5.000%,
10/15/2034 | | | | | 1,353,824 | | | | | | 0.0 | | |
| 858,663 | | | Freddie Mac REMIC
Trust 2930 ZL, 5.000%,
02/15/2035 | | | | | 943,792 | | | | | | 0.0 | | |
| 981,247 | | | Freddie Mac REMIC
Trust 2931 ZY, 5.000%,
02/15/2035 | | | | | 1,079,130 | | | | | | 0.0 | | |
| 5,944,805 (5) | | | Freddie Mac REMIC
Trust 3045 DI, 4.990%,
(-1.000*US0001M +
6.730%), 10/15/2035 | | | | | 1,132,382 | | | | | | 0.0 | | |
| 2,641,194 (5) | | | Freddie Mac REMIC
Trust 3064 SP, 4.860%,
(-1.000*US0001M +
6.600%), 03/15/2035 | | | | | 187,210 | | | | | | 0.0 | | |
| 398,031 | | | Freddie Mac REMIC
Trust 3065 DC,
14.641%,
(-3.000*US0001M +
19.860%), 03/15/2035 | | | | | 548,440 | | | | | | 0.0 | | |
| 828,970 (5) | | | Freddie Mac REMIC
Trust 3102 IS, 18.188%,
(-3.667*US0001M +
24.567%), 01/15/2036 | | | | | 421,743 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 3,210,190 | | | Freddie Mac REMIC
Trust 3117 ZA, 5.500%,
02/15/2036 | | | | $ | 3,531,881 | | | | | | 0.1 | | |
| 1,782,395 (5) | | | Freddie Mac REMIC
Trust 3170 SA, 4.860%,
(-1.000*US0001M +
6.600%), 09/15/2033 | | | | | 328,639 | | | | | | 0.0 | | |
| 1,100,561 (5) | | | Freddie Mac REMIC
Trust 3171 PS, 4.745%,
(-1.000*US0001M +
6.485%), 06/15/2036 | | | | | 175,766 | | | | | | 0.0 | | |
| 1,581,085 | | | Freddie Mac REMIC
Trust 3351 ZC, 5.500%,
07/15/2037 | | | | | 1,778,619 | | | | | | 0.1 | | |
| 391,868 (4) | | | Freddie Mac REMIC
Trust 3524 LA, 5.210%,
03/15/2033 | | | | | 430,546 | | | | | | 0.0 | | |
| 104,954 | | | Freddie Mac REMIC
Trust 3556 NT, 4.840%,
(US0001M + 3.100%),
03/15/2038 | | | | | 107,433 | | | | | | 0.0 | | |
| 6,744,203 (5) | | | Freddie Mac REMIC
Trust 3589 SB, 4.460%,
(-1.000*US0001M +
6.200%), 10/15/2039 | | | | | 1,214,787 | | | | | | 0.0 | | |
| 1,167,218 (5) | | | Freddie Mac REMIC
Trust 3632 IP, 5.000%,
02/15/2040 | | | | | 160,021 | | | | | | 0.0 | | |
| 7,100,810 | | | Freddie Mac REMIC
Trust 3639 ZN, 5.500%,
12/15/2034 | | | | | 7,964,997 | | | | | | 0.2 | | |
| 2,503,998 | | | Freddie Mac REMIC
Trust 3662 ZB, 5.500%,
08/15/2036 | | | | | 2,827,374 | | | | | | 0.1 | | |
| 289,045 (5) | | | Freddie Mac REMIC
Trust 3710 SL, 4.260%,
(-1.000*US0001M +
6.000%), 05/15/2036 | | | | | 3,459 | | | | | | 0.0 | | |
| 1,299,802 | | | Freddie Mac REMIC
Trust 3724 CM, 5.500%,
06/15/2037 | | | | | 1,468,175 | | | | | | 0.1 | | |
| 939,491 (5) | | | Freddie Mac REMIC
Trust 3752 WS, 4.860%,
(-1.000*US0001M +
6.600%), 12/15/2039 | | | | | 40,456 | | | | | | 0.0 | | |
| 1,094,809 | | | Freddie Mac REMIC
Trust 3819 ZY, 6.000%,
10/15/2037 | | | | | 1,196,472 | | | | | | 0.0 | | |
| 4,840,334 (5) | | | Freddie Mac REMIC
Trust 3820 BI, 4.000%,
11/15/2038 | | | | | 267,707 | | | | | | 0.0 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 1,869,174 | | | Freddie Mac REMIC
Trust 3829 VZ, 4.000%,
03/15/2041 | | | | $ | 2,007,749 | | | | | | 0.1 | | |
| 5,967,029 (5) | | | Freddie Mac REMIC
Trust 3856 KS, 4.810%,
(-1.000*US0001M +
6.550%), 05/15/2041 | | | | | 1,033,796 | | | | | | 0.0 | | |
| 1,523,000 | | | Freddie Mac REMIC
Trust 3898 KD, 4.500%,
07/15/2041 | | | | | 1,695,949 | | | | | | 0.1 | | |
| 2,205,813 (5) | | | Freddie Mac REMIC
Trust 3925 SD, 4.310%,
(-1.000*US0001M +
6.050%), 07/15/2040 | | | | | 220,366 | | | | | | 0.0 | | |
| 10,523,781 (5) | | | Freddie Mac REMIC
Trust 3925 SL, 4.310%,
(-1.000*US0001M +
6.050%), 01/15/2041 | | | | | 1,124,821 | | | | | | 0.0 | | |
| 2,551,517 (5) | | | Freddie Mac REMIC
Trust 3936 GS, 4.960%,
(-1.000*US0001M +
6.700%), 11/15/2025 | | | | | 92,507 | | | | | | 0.0 | | |
| 13,803,239 (5) | | | Freddie Mac REMIC
Trust 3951 SN, 4.810%,
(-1.000*US0001M +
6.550%), 11/15/2041 | | | | | 2,788,920 | | | | | | 0.1 | | |
| 4,567,395 (5) | | | Freddie Mac REMIC
Trust 3984 NS, 4.860%,
(-1.000*US0001M +
6.600%), 01/15/2040 | | | | | 272,229 | | | | | | 0.0 | | |
| 1,066,903 | | | Freddie Mac REMIC
Trust 4000 PA, 4.500%,
01/15/2042 | | | | | 1,156,166 | | | | | | 0.0 | | |
| 2,123,073 | | | Freddie Mac REMIC
Trust 4020 BY, 6.500%,
03/15/2042 | | | | | 2,504,064 | | | | | | 0.1 | | |
| 1,977,944 (5) | | | Freddie Mac REMIC
Trust 4027 QI, 4.500%,
12/15/2040 | | | | | 160,048 | | | | | | 0.0 | | |
| 4,423,438 (5) | | | Freddie Mac REMIC
Trust 4094 YS, 4.960%,
(-1.000*US0001M +
6.700%), 04/15/2040 | | | | | 399,502 | | | | | | 0.0 | | |
| 10,693,746 (5) | | | Freddie Mac REMIC
Trust 4102 MS, 4.860%,
(-1.000*US0001M +
6.600%), 09/15/2042 | | | | | 2,116,251 | | | | | | 0.1 | | |
| 945,849 (5) | | | Freddie Mac REMIC
Trust 4194 GI, 4.000%,
04/15/2043 | | | | | 136,933 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 5,518,064 | | | Freddie Mac REMIC
Trust 4203 BN, 3.000%,
04/15/2033 | | | | $ | 5,679,083 | | | | | | 0.2 | | |
| 27,067,017 | | | Freddie Mac REMIC
Trust 4246 ZX, 4.500%,
04/15/2041 | | | | | 30,024,728 | | | | | | 0.9 | | |
| 9,530,157 (5) | | | Freddie Mac REMIC
Trust 4313 SD, 4.410%,
(-1.000*US0001M +
6.150%), 03/15/2044 | | | | | 1,645,464 | | | | | | 0.1 | | |
| 14,720,680 (5) | | | Freddie Mac REMIC
Trust 4313 SE, 4.410%,
(-1.000*US0001M +
6.150%), 03/15/2044 | | | | | 2,616,373 | | | | | | 0.1 | | |
| 2,827,310 (5) | | | Freddie Mac REMIC
Trust 4323 IP, 4.500%,
08/15/2042 | | | | | 261,839 | | | | | | 0.0 | | |
| 1,584,076 (5) | | | Freddie Mac REMIC
Trust 4332 PI, 5.000%,
12/15/2043 | | | | | 264,201 | | | | | | 0.0 | | |
| 7,310,997 | | | Freddie Mac REMIC
Trust 4335 ZX, 4.250%,
05/15/2044 | | | | | 8,313,692 | | | | | | 0.2 | | |
| 5,889,646 (5) | | | Freddie Mac REMIC
Trust 4346 ST, 4.460%,
(-1.000*US0001M +
6.200%), 07/15/2039 | | | | | 708,621 | | | | | | 0.0 | | |
| 11,296,966 | | | Freddie Mac REMIC
Trust 435 XZ, 4.250%,
05/15/2044 | | | | | 12,611,011 | | | | | | 0.4 | | |
| 5,582,702 (5) | | | Freddie Mac REMIC
Trust 4386 LS, 4.360%,
(-1.000*US0001M +
6.100%), 09/15/2044 | | | | | 947,735 | | | | | | 0.0 | | |
| 9,465,521 (5) | | | Freddie Mac REMICS
3284 CI, 4.380%,
(-1.000*US0001M +
6.120%), 03/15/2037 | | | | | 1,745,925 | | | | | | 0.1 | | |
| 15,989,718 (5) | | | Freddie Mac REMICS
4675 KS, 4.260%,
(-1.000*US0001M +
6.000%), 04/15/2047 | | | | | 3,063,384 | | | | | | 0.1 | | |
| 500,398 | | | Freddie Mac REMICS
4678 AB, 4.000%,
06/15/2044 | | | | | 516,487 | | | | | | 0.0 | | |
| 14,252,296 | | | Freddie Mac REMICS
4771 HZ, 3.500%,
03/15/2048 | | | | | 14,593,498 | | | | | | 0.4 | | |
| 2,513,607 | | | Freddie Mac REMICS
4787 PY, 4.000%,
05/15/2048 | | | | | 2,630,045 | | | | | | 0.1 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 8,334,526 | | | Freddie Mac Series 4348
ZX, 4.250%, 06/15/2044 | | | | $ | 9,193,416 | | | | | | 0.3 | | |
| 11,041,706 (5) | | | Freddie Mac Strips
Series 311 S1, 4.210%,
(-1.000*US0001M +
5.950%), 08/15/2043 | | | | | 2,088,700 | | | | | | 0.1 | | |
| 876,290 | | | Freddie Mac Structured
Agency Credit Risk Debt
Notes 2014-DN3 M3,
5.792%, (US0001M +
4.000%), 08/25/2024 | | | | | 934,356 | | | | | | 0.0 | | |
| 2,000,000 | | | Freddie Mac Structured
Agency Credit Risk Debt
Notes 2015-DNA2 M3,
5.692%, (US0001M +
3.900%), 12/25/2027 | | | | | 2,069,788 | | | | | | 0.1 | | |
| 3,100,000 | | | Freddie Mac Structured
Agency Credit Risk Debt
Notes 2015-DNA3 M3,
6.492%, (US0001M +
4.700%), 04/25/2028 | | | | | 3,437,338 | | | | | | 0.1 | | |
| 1,282,935 | | | Freddie Mac Structured
Agency Credit Risk Debt
Notes 2015-HQ1 M3,
5.592%, (US0001M +
3.800%), 03/25/2025 | | | | | 1,316,564 | | | | | | 0.0 | | |
| 1,900,000 | | | Freddie Mac Structured
Agency Credit Risk Debt
Notes 2016-DNA1 M3,
7.342%, (US0001M +
5.550%), 07/25/2028 | | | | | 2,097,903 | | | | | | 0.1 | | |
| 500,000 | | | Freddie Mac Structured
Agency Credit Risk Debt
Notes 2016-HQA3 M3,
5.642%, (US0001M +
3.850%), 03/25/2029 | | | | | 534,002 | | | | | | 0.0 | | |
| 9,900,000 | | | Freddie Mac Structured
Agency Credit Risk Debt
Notes 2017-DNA3 M2,
4.292%, (US0001M +
2.500%), 03/25/2030 | | | | | 10,141,832 | | | | | | 0.3 | | |
| 1,000,000 | | | Freddie Mac Structured
Agency Credit Risk Debt
Notes 2017-HQA1 M2,
5.342%, (US0001M +
3.550%), 08/25/2029 | | | | | 1,051,168 | | | | | | 0.0 | | |
| 6,200,000 | | | Freddie Mac Structured
Agency Credit Risk Debt
Notes 2017-HQA2 M2,
4.442%, (US0001M +
2.650%), 12/25/2029 | | | | | 6,376,369 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 6,630,315 | | | Freddie Mac Structured
Agency Credit Risk Debt
Notes 2017-HQA3 M2,
4.142%, (US0001M +
2.350%), 04/25/2030 | | | | $ | 6,749,601 | | | | | | 0.2 | | |
| 6,000,000 | | | Freddie Mac Structured
Agency Credit Risk Debt
Notes 2018-DNA1 M2,
3.592%, (US0001M +
1.800%), 07/25/2030 | | | | | 6,017,844 | | | | | | 0.2 | | |
| 1,300,000 | | | Freddie Mac Structured
Agency Credit Risk Debt
Notes 2018-HQA1 M2,
4.092%, (US0001M +
2.300%), 09/25/2030 | | | | | 1,315,816 | | | | | | 0.0 | | |
| 297,114 | | | Freddie Mac Structured
Pass Through
Certificates T-54 2A,
6.500%, 02/25/2043 | | | | | 345,886 | | | | | | 0.0 | | |
| 436,714 | | | Freddie Mac Structured
Pass Through
Certificates T-62 1A1,
3.440%, (12MTA +
1.200%), 10/25/2044 | | | | | 443,133 | | | | | | 0.0 | | |
| 48,569 | | | Freddie Mac-Ginnie Mae
Series 27 FC, 3.375%,
(PRIME + (1.375)%),
03/25/2024 | | | | | 49,223 | | | | | | 0.0 | | |
| 1,209,160 (1)(4) | | | Galton Funding
Mortgage Trust 2017-2
A21, 4.000%,
06/25/2059 | | | | | 1,223,274 | | | | | | 0.0 | | |
| 11,783,900 (5) | | | Ginnie Mae 2007-35 KY,
4.710%,
(-1.000*US0001M +
6.450%), 06/16/2037 | | | | | 2,244,958 | | | | | | 0.1 | | |
| 952,965 | | | Ginnie Mae 2013-26 GU,
1.500%, 04/20/2042 | | | | | 928,976 | | | | | | 0.0 | | |
| 926,676 | | | Ginnie Mae 2013-26 JC,
2.000%, 01/20/2043 | | | | | 918,306 | | | | | | 0.0 | | |
| 409,268 | | | Ginnie Mae 2013-69 KA,
1.250%, 08/20/2042 | | | | | 386,644 | | | | | | 0.0 | | |
| 436,765 | | | Ginnie Mae 2013-8 BE,
1.750%, 11/20/2042 | | | | | 427,721 | | | | | | 0.0 | | |
| 895,226 (5) | | | Ginnie Mae
Series 2005-7 AH,
5.030%,
(-1.000*US0001M +
6.770%), 02/16/2035 | | | | | 152,698 | | | | | | 0.0 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 73,275 | | | Ginnie Mae
Series 2007-37 S,
18.921%,
(-3.667*US0001M +
25.300%), 04/16/2037 | | | | $ | 79,079 | | | | | | 0.0 | | |
| 428,509 | | | Ginnie Mae
Series 2007-8 SP,
16.327%,
(-3.242*US0001M +
22.049%), 03/20/2037 | | | | | 670,428 | | | | | | 0.0 | | |
| 2,575,465 (5) | | | Ginnie Mae
Series 2008-35 SN,
4.635%,
(-1.000*US0001M +
6.400%), 04/20/2038 | | | | | 377,219 | | | | | | 0.0 | | |
| 1,395,995 (5) | | | Ginnie Mae
Series 2008-40 PS,
4.760%,
(-1.000*US0001M +
6.500%), 05/16/2038 | | | | | 250,028 | | | | | | 0.0 | | |
| 10,298,111 (5) | | | Ginnie Mae
Series 2009-106 SU,
4.435%,
(-1.000*US0001M +
6.200%), 05/20/2037 | | | | | 1,886,828 | | | | | | 0.1 | | |
| 3,413,295 (5) | | | Ginnie Mae
Series 2009-25 KS,
4.435%,
(-1.000*US0001M +
6.200%), 04/20/2039 | | | | | 608,553 | | | | | | 0.0 | | |
| 1,722,472 | | | Ginnie Mae
Series 2009-29 PB,
4.750%, 05/20/2039 | | | | | 1,888,155 | | | | | | 0.1 | | |
| 2,203,271 | | | Ginnie Mae
Series 2009-31 ZL,
4.500%, 05/20/2039 | | | | | 2,434,962 | | | | | | 0.1 | | |
| 831,053 (5) | | | Ginnie Mae
Series 2009-33 SN,
4.535%,
(-1.000*US0001M +
6.300%), 05/20/2039 | | | | | 29,502 | | | | | | 0.0 | | |
| 11,903,697 | | | Ginnie Mae
Series 2009-33 ZB,
6.000%, 05/20/2039 | | | | | 13,384,534 | | | | | | 0.4 | | |
| 703,052 (5) | | | Ginnie Mae
Series 2009-43 HS,
4.435%,
(-1.000*US0001M +
6.200%), 06/20/2038 | | | | | 21,886 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 2,461,905 (5) | | | Ginnie Mae
Series 2010-106 IP,
5.000%, 03/20/2040 | | | | $ | 300,751 | | | | | | 0.0 | | |
| 2,212,882 (5) | | | Ginnie Mae
Series 2010-116 NS,
4.910%,
(-1.000*US0001M +
6.650%), 09/16/2040 | | | | | 372,953 | | | | | | 0.0 | | |
| 6,285,964 (5) | | | Ginnie Mae
Series 2010-116 SK,
4.855%,
(-1.000*US0001M +
6.620%), 08/20/2040 | | | | | 1,140,261 | | | | | | 0.0 | | |
| 9,856,739 (5) | | | Ginnie Mae
Series 2010-149 HS,
4.360%,
(-1.000*US0001M +
6.100%), 05/16/2040 | | | | | 994,805 | | | | | | 0.0 | | |
| 3,540,331 (5) | | | Ginnie Mae
Series 2010-4 SP,
4.760%,
(-1.000*US0001M +
6.500%), 01/16/2039 | | | | | 392,307 | | | | | | 0.0 | | |
| 4,006,475 | | | Ginnie Mae
Series 2010-59 ZA,
4.500%, 05/20/2040 | | | | | 4,347,772 | | | | | | 0.1 | | |
| 2,168,315 (5) | | | Ginnie Mae
Series 2010-6 IA,
5.000%, 11/20/2039 | | | | | 221,060 | | | | | | 0.0 | | |
| 2,575,206 (5) | | | Ginnie Mae
Series 2010-68 MS,
4.085%,
(-1.000*US0001M +
5.850%), 06/20/2040 | | | | | 438,494 | | | | | | 0.0 | | |
| 4,996,081 (5) | | | Ginnie Mae
Series 2010-9 JI,
5.000%, 01/20/2040 | | | | | 1,146,098 | | | | | | 0.0 | | |
| 3,329,190 (5) | | | Ginnie Mae
Series 2011-116 BI,
4.000%, 08/16/2026 | | | | | 253,983 | | | | | | 0.0 | | |
| 949,605 (5) | | | Ginnie Mae
Series 2011-140 CI,
5.000%, 10/20/2040 | | | | | 86,530 | | | | | | 0.0 | | |
| 61,244 | | | Ginnie Mae
Series 2011-169 BC,
7.000%, 05/16/2032 | | | | | 67,541 | | | | | | 0.0 | | |
| 5,247,081 (5) | | | Ginnie Mae
Series 2011-80 KS,
4.905%,
(-1.000*US0001M +
6.670%), 06/20/2041 | | | | | 1,127,707 | | | | | | 0.0 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 977,427 (5) | | | Ginnie Mae
Series 2012-40 NI,
4.500%, 05/20/2040 | | | | $ | 72,121 | | | | | | 0.0 | | |
| 88,228 | | | Ginnie Mae
Series 2012-43 MA,
4.000%, 10/20/2041 | | | | | 89,587 | | | | | | 0.0 | | |
| 13,552,059 (5) | | | Ginnie Mae
Series 2013-167 PI,
5.500%, 11/20/2043 | | | | | 2,646,663 | | | | | | 0.1 | | |
| 10,652,517 (5) | | | Ginnie Mae
Series 2013-184 JI,
5.500%, 12/16/2043 | | | | | 2,436,140 | | | | | | 0.1 | | |
| 11,636,636 | | | Ginnie Mae
Series 2014-3 EP,
2.750%, 02/16/2043 | | | | | 11,769,458 | | | | | | 0.3 | | |
| 9,447,525 (5) | | | Ginnie Mae
Series 2014-3 SU,
4.285%,
(-1.000*US0001M +
6.050%), 07/20/2039 | | | | | 1,684,984 | | | | | | 0.1 | | |
| 1,358,609 | | | Ginnie Mae
Series 2014-43 Z,
4.000%, 03/20/2044 | | | | | 1,567,512 | | | | | | 0.1 | | |
| 11,633,554 (5) | | | Ginnie Mae
Series 2014-55 MS,
4.460%,
(-1.000*US0001M +
6.200%), 04/16/2044 | | | | | 2,198,604 | | | | | | 0.1 | | |
| 13,077,977 (5) | | | Ginnie Mae
Series 2014-56 SP,
4.460%,
(-1.000*US0001M +
6.200%), 12/16/2039 | | | | | 1,891,421 | | | | | | 0.1 | | |
| 10,388,822 (5) | | | Ginnie Mae
Series 2014-58 CS,
3.860%,
(-1.000*US0001M +
5.600%), 04/16/2044 | | | | | 1,670,784 | | | | | | 0.1 | | |
| 13,296,439 (5) | | | Ginnie Mae
Series 2014-79 BI,
6.000%, 05/16/2044 | | | | | 3,140,059 | | | | | | 0.1 | | |
| 5,220,021 (5) | | | Ginnie Mae
Series 2014-99 S,
3.835%,
(-1.000*US0001M +
5.600%), 06/20/2044 | | | | | 967,083 | | | | | | 0.0 | | |
| 3,627,411 | | | Ginnie Mae
Series 2018-112 AL,
3.500%, 08/20/2048 | | | | | 3,718,881 | | | | | | 0.1 | | |
| 4,443,107 | | | Ginnie Mae
Series 2018-126 A,
3.500%, 09/20/2048 | | | | | 4,580,789 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 3,594,009 (1)(4) | | | GS Mortgage-Backed
Securities Corp. Trust
2019-PJ2 A1, 4.000%,
11/25/2049 | | | | $ | 3,649,673 | | | | | | 0.1 | | |
| 66,413 | | | HarborView Mortgage
Loan Trust 2005-2 2A1A,
2.204%, (US0001M +
0.440%), 05/19/2035 | | | | | 64,467 | | | | | | 0.0 | | |
| 261,117 | | | HomeBanc Mortgage
Trust 2004-1 2A,
2.652%, (US0001M +
0.860%), 08/25/2029 | | | | | 254,343 | | | | | | 0.0 | | |
| 3,000,000 | | | HomeBanc Mortgage
Trust 2005-4 M1,
2.262%, (US0001M +
0.470%), 10/25/2035 | | | | | 3,033,990 | | | | | | 0.1 | | |
| 3,191,206 | | | IndyMac INDX Mortgage
Loan Trust 2006-AR2
1A1B, 2.002%,
(US0001M + 0.210%),
04/25/2046 | | | | | 3,031,142 | | | | | | 0.1 | | |
| 2,643,286 | | | IndyMac INDX Mortgage
Loan Trust 2006-AR2
2A1, 2.002%, (US0001M
+ 0.210%), 02/25/2046 | | | | | 2,259,276 | | | | | | 0.1 | | |
| 14,221 (4) | | | JP Morgan Mortgage
Trust 2005-A1 6T1,
4.611%, 02/25/2035 | | | | | 14,369 | | | | | | 0.0 | | |
| 116,502 (4) | | | JP Morgan Mortgage
Trust 2007-A1 5A5,
4.305%, 07/25/2035 | | | | | 119,681 | | | | | | 0.0 | | |
| 3,099,278 (1)(4) | | | JP Morgan Mortgage
Trust 2017-3 1A13,
3.500%, 08/25/2047 | | | | | 3,116,787 | | | | | | 0.1 | | |
| 4,435,715 (1)(4) | | | JP Morgan Mortgage
Trust 2017-4 B1,
3.952%, 11/25/2048 | | | | | 4,669,722 | | | | | | 0.1 | | |
| 1,627,785 (1)(4) | | | JP Morgan Mortgage
Trust 2017-4 B2,
3.952%, 11/25/2048 | | | | | 1,648,153 | | | | | | 0.1 | | |
| 1,055,945 (1)(4) | | | JP Morgan Mortgage
Trust 2017-6 B3,
3.826%, 12/25/2048 | | | | | 1,062,637 | | | | | | 0.0 | | |
| 1,631,863 (1)(4) | | | JP Morgan Mortgage
Trust 2018-1 B1,
3.744%, 06/25/2048 | | | | | 1,670,312 | | | | | | 0.1 | | |
| 1,631,863 (1)(4) | | | JP Morgan Mortgage
Trust 2018-1 B2,
3.744%, 06/25/2048 | | | | | 1,648,853 | | | | | | 0.1 | | |
| 2,015,831 (1)(4) | | | JP Morgan Mortgage
Trust 2018-1 B3,
3.744%, 06/25/2048 | | | | | 1,997,949 | | | | | | 0.1 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 1,445,602 (1)(4) | | | JP Morgan Mortgage
Trust 2018-3 B1,
3.762%, 09/25/2048 | | | | $ | 1,489,927 | | | | | | 0.0 | | |
| 1,301,687 (1)(4) | | | JP Morgan Mortgage
Trust 2018-4 B1,
3.779%, 10/25/2048 | | | | | 1,343,198 | | | | | | 0.0 | | |
| 551,255 (1)(4) | | | JP Morgan Mortgage
Trust 2019-3 A3,
4.000%, 09/25/2049 | | | | | 558,232 | | | | | | 0.0 | | |
| 1,216,648 (1)(4) | | | JP Morgan Mortgage
Trust 2019-6 A3,
3.500%, 12/25/2049 | | | | | 1,235,958 | | | | | | 0.0 | | |
| 1,460,671 (1)(4) | | | JP Morgan Mortgage
Trust 2019-LTV2 A18,
4.000%, 12/25/2049 | | | | | 1,499,241 | | | | | | 0.0 | | |
| 4,864,514,781 (1)(5) | | | L Street Securities
2017-PM1 XIO, 0.000%,
10/25/2048 | | | | | 5,922,060 | | | | | | 0.2 | | |
| 8,721,537 (5) | | | Lehman Mortgage Trust
2006-9 2A5, 4.828%,
(-1.000*US0001M +
6.620%), 01/25/2037 | | | | | 1,399,186 | | | | | | 0.0 | | |
| 2,679,376 | | | Lehman XS Trust
Series 2005-5N 1A2,
2.152%, (US0001M +
0.360%), 11/25/2035 | | | | | 2,480,475 | | | | | | 0.1 | | |
| 501,140 | | | Merrill Lynch Mortgage
Investors Trust
Series 2005-A6 2A3,
2.172%, (US0001M +
0.380%), 08/25/2035 | | | | | 504,388 | | | | | | 0.0 | | |
| 30,263 | | | Merrill Lynch Mortgage
Investors Trust
Series MLCC 2005-3 5A,
2.042%, (US0001M +
0.250%), 11/25/2035 | | | | | 29,043 | | | | | | 0.0 | | |
| 2,000,000 | | | Morgan Stanley
Mortgage Loan Trust
2005-5AR 1B1, 3.592%,
(US0001M + 1.800%),
09/25/2035 | | | | | 1,978,554 | | | | | | 0.1 | | |
| 1,549,700 | | | Morgan Stanley
Mortgage Loan Trust
2007-13 6A1, 6.000%,
10/25/2037 | | | | | 1,250,107 | | | | | | 0.0 | | |
| 1,634,700 (1)(4) | | | New Residential
Mortgage Loan Trust
2017-3A B2, 4.750%,
04/25/2057 | | | | | 1,735,511 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 19,554 (1)(4) | | | Nomura Asset
Acceptance Corp.
Alternative Loan Trust
Series 2001-R1A A,
7.000%, 02/19/2030 | | | | $ | 20,028 | | | | | | 0.0 | | |
| 990,582 (1) | | | RBSSP Resecuritization
Trust 2011-3 2A1,
1.958%, (US0001M +
0.250%), 02/26/2037 | | | | | 993,363 | | | | | | 0.0 | | |
| 60,665 | | | Sequoia Mortgage Trust
2003-4 2A1, 2.115%,
(US0001M + 0.350%),
07/20/2033 | | | | | 59,857 | | | | | | 0.0 | | |
| 33,079 (4) | | | Sequoia Mortgage Trust
2005-4 2A1, 4.537%,
04/20/2035 | | | | | 34,889 | | | | | | 0.0 | | |
| 1,294,851 (1)(4) | | | Sequoia Mortgage Trust
2014-3 B3, 3.936%,
10/25/2044 | | | | | 1,336,542 | | | | | | 0.0 | | |
| 1,310,238 (1)(4) | | | Sequoia Mortgage Trust
2014-4 B3, 3.864%,
11/25/2044 | | | | | 1,346,045 | | | | | | 0.1 | | |
| 1,146,668 (1)(4) | | | Sequoia Mortgage Trust
2015-2 B3, 3.738%,
05/25/2045 | | | | | 1,173,896 | | | | | | 0.0 | | |
| 1,257,369 (1)(4) | | | Sequoia Mortgage Trust
2015-3 B3, 3.707%,
07/25/2045 | | | | | 1,259,026 | | | | | | 0.0 | | |
| 2,900,000 (1)(4) | | | Sequoia Mortgage Trust
2017-CH2 A13, 4.000%,
12/25/2047 | | | | | 3,040,648 | | | | | | 0.1 | | |
| 1,180,401 (1)(4) | | | Sequoia Mortgage Trust
2018-CH1 A19, 4.000%,
02/25/2048 | | | | | 1,197,880 | | | | | | 0.0 | | |
| 4,824,883 (1)(4) | | | Sequoia Mortgage Trust
2018-CH1 B1B, 4.487%,
02/25/2048 | | | | | 5,134,633 | | | | | | 0.2 | | |
| 1,315,842 (1)(4) | | | Sequoia Mortgage Trust
2019-3 A2, 3.500%,
09/25/2049 | | | | | 1,333,010 | | | | | | 0.0 | | |
| 2,664,914 (1)(4) | | | Sequoia Mortgage Trust
2019-CH2 A1, 4.500%,
08/25/2049 | | | | | 2,710,420 | | | | | | 0.1 | | |
| 243,738 | | | Structured Asset
Mortgage Investments II
Trust 2005-AR5 A2,
2.014%, (US0001M +
0.250%), 07/19/2035 | | | | | 241,014 | | | | | | 0.0 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 110,583 | | | Structured Asset
Mortgage Investments II
Trust 2005-AR5 A3,
2.014%, (US0001M +
0.250%), 07/19/2035 | | | | $ | 110,200 | | | | | | 0.0 | | |
| 1,200,000 (1)(4) | | | Verus Securitization
Trust 2017-SG1A B1,
3.615%, 11/25/2047 | | | | | 1,200,365 | | | | | | 0.0 | | |
| 1,300,000 (1)(4) | | | Verus Securitization
Trust 2018-1 B1,
3.801%, 01/25/2058 | | | | | 1,307,875 | | | | | | 0.0 | | |
| 1,796,057 (1)(6) | | | Verus Securitization
Trust 2019-3 A2, 2.938%
(Step Rate @ 3.938%
on 07/25/2023),
07/25/2059 | | | | | 1,800,359 | | | | | | 0.1 | | |
| 8,579 | | | WaMu Mortgage Pass
Through Certificates
Series 2002-AR2 A,
2.350%, (COF 11 +
1.250%), 02/27/2034 | | | | | 8,570 | | | | | | 0.0 | | |
| 30,947 | | | WaMu Mortgage Pass
Through Certificates
Series 2002-AR9 1A,
3.640%, (12MTA +
1.400%), 08/25/2042 | | | | | 30,380 | | | | | | 0.0 | | |
| 37,801 | | | WaMu Mortgage Pass
Through Certificates
Series 2005-AR1 A1A,
2.432%, (US0001M +
0.640%), 01/25/2045 | | | | | 37,682 | | | | | | 0.0 | | |
| 894,503 (4) | | | WaMu Mortgage Pass
Through Certificates
Series 2006-AR12 2A3,
3.210%, 10/25/2036 | | | | | 840,753 | | | | | | 0.0 | | |
| 348,116 | | | WaMu Mortgage Pass
Through Certificates
Series 2006-AR7 3A,
2.627%, (COF 11 +
1.500%), 07/25/2046 | | | | | 337,581 | | | | | | 0.0 | | |
| 61,487,186 (4)(5) | | | WaMu Mortgage
Pass-Through
Certificates
Series 2005-AR11 X,
1.276%, 08/25/2045 | | | | | 2,224,465 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 1,983,881 | | | WaMu Mortgage
Pass-Through
Certificates
Series 2005-AR13
A1C3, 2.282%,
(US0001M + 0.490%),
10/25/2045 | | | | $ | 1,983,258 | | | | | | 0.1 | | |
| 736,333 (4) | | | WaMu Mortgage
Pass-Through
Certificates
Series 2006-AR12 1A1,
3.693%, 10/25/2036 | | | | | 725,207 | | | | | | 0.0 | | |
| 1,375,040 (4) | | | WaMu Mortgage
Pass-Through
Certificates
Series 2006-AR16 2A1,
3.342%, 12/25/2036 | | | | | 1,296,997 | | | | | | 0.0 | | |
| 2,507,708 (4) | | | WaMu Mortgage
Pass-Through
Certificates
Series 2006-AR8 1A4,
3.875%, 08/25/2046 | | | | | 2,435,202 | | | | | | 0.1 | | |
| 3,248,885 (4) | | | WaMu Mortgage
Pass-Through
Certificates
Series 2007-HY4 1A1,
3.501%, 04/25/2037 | | | | | 2,997,048 | | | | | | 0.1 | | |
| 2,061,651 (4) | | | WaMu Mortgage
Pass-Through
Certificates
Series 2007-HY7 2A2,
3.612%, 07/25/2037 | | | | | 1,888,727 | | | | | | 0.0 | | |
| 3,026,747 | | | Washington Mutual
Mortgage Pass-Through
Certificates WMALT
Series 2005-11 A1,
5.750%, 01/25/2036 | | | | | 2,842,820 | | | | | | 0.1 | | |
| 263,534 | | | Washington Mutual
Mortgage Pass-Through
Certificates WMALT
Series 2005-8 1A2,
5.500%, 10/25/2035 | | | | | 262,665 | | | | | | 0.0 | | |
| 1,921,753 | | | Washington Mutual
Mortgage Pass-Through
Certificates WMALT
Series 2006-AR10 Trust,
1.892%, (US0001M +
0.100%), 12/25/2036 | | | | | 1,373,749 | | | | | | 0.0 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 4,473,675 | | | Washington Mutual
Mortgage Pass-Through
Certificates WMALT
Series 2006-AR6 2A,
3.200%, (12MTA +
0.960%), 08/25/2046 | | | | $ | 3,347,282 | | | | | | 0.1 | | |
| 1,873,893 | | | Wells Fargo Alternative
Loan 2007-PA2 2A1,
2.222%, (US0001M +
0.430%), 06/25/2037 | | | | | 1,556,731 | | | | | | 0.1 | | |
| 175,507 (4) | | | Wells Fargo Mortgage
Backed Securities
2005-AR7 1A1, 5.076%,
05/25/2035 | | | | | 175,757 | | | | | | 0.0 | | |
| 438,670 (4) | | | Wells Fargo Mortgage
Backed Securities
2006-AR4 2A4, 5.220%,
04/25/2036 | | | | | 430,681 | | | | | | 0.0 | | |
| 1,055,848 (1)(4) | | | WinWater Mortgage
Loan Trust 2015-5 B4,
3.777%, 08/20/2045 | | | | | 1,053,656 | | | | | | 0.0 | | |
| 17,520,204 | | | Other Securities | | | | | 17,388,463 | | | | | | 0.5 | | |
| | | | Total Collateralized
Mortgage Obligations
(Cost $658,635,023) | | | | | 675,781,147 | | | | | | 19.1 | | |
| MUNICIPAL BONDS: 0.1% | |
| | | | California: 0.1% | |
| 1,600,000 | | | Other Securities | | | | | 2,179,160 | | | | | | 0.1 | | |
| | | | Total Municipal Bonds
(Cost $1,601,900) | | | | | 2,179,160 | | | | | | 0.1 | | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: 19.0% | |
| | | | Federal Home Loan Mortgage Corporation: 5.4%(7) | |
| 12,745,697 | | | 3.000%,10/01/2046 | | | | | 13,057,672 | | | | | | 0.4 | | |
| 9,731,825 | | | 3.000%,10/01/2046 | | | | | 10,021,122 | | | | | | 0.3 | | |
| 10,921,730 | | | 3.000%,03/01/2048 | | | | | 11,188,538 | | | | | | 0.3 | | |
| 18,042,024 | | | 3.000%,08/01/2048 | | | | | 18,460,585 | | | | | | 0.5 | | |
| 11,947,491 | | | 3.500%,01/01/2045 | | | | | 12,478,852 | | | | | | 0.3 | | |
| 22,027,565 | | | 3.500%,03/01/2048 | | | | | 23,257,680 | | | | | | 0.7 | | |
| 74,262 | | | 3.759%, (US0012M +
1.345%),09/01/2035 | | | | | 76,913 | | | | | | 0.0 | | |
| 12,465 | | | 4.030%, (H15T1Y +
2.250%),11/01/2031 | | | | | 13,109 | | | | | | 0.0 | | |
| 21,650 | | | 4.117%, (H15T1Y +
2.250%),11/01/2035 | | | | | 22,915 | | | | | | 0.0 | | |
| 2,681 | | | 4.256%, (H15T1Y +
2.210%),06/01/2024 | | | | | 2,792 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |
| | | | Federal Home Loan Mortgage
Corporation (continued) | |
| 194,563 | | | 4.502%, (H15T1Y +
2.462%),01/01/2029 | | | | $ | 200,583 | | | | | | 0.0 | | |
| 617,147 | | | 4.566%, (US0012M +
1.721%),06/01/2035 | | | | | 648,609 | | | | | | 0.0 | | |
| 5,040 | | | 4.763%, (H15T1Y +
2.250%),04/01/2032 | | | | | 5,306 | | | | | | 0.0 | | |
| 2,915 | | | 4.891%, (H15T1Y +
2.250%),03/01/2036 | | | | | 3,080 | | | | | | 0.0 | | |
| 96,317,435 | | | 2.500%-6.500%,
11/01/2021-06/01/2048 | | | | | 101,589,961 | | | | | | 2.9 | | |
| | | | | | | | | 191,027,717 | | | | | | 5.4 | | |
| | | | Federal National Mortgage
Association: 0.1%(7) | |
| 1,969,069 | | | 3.355%-4.835%,
09/01/2031-10/01/2044 | | | | | 2,043,808 | | | | | | 0.1 | | |
| | | | | |
| | | | Government National Mortgage Association: 2.1% | |
| 12,560,401 | | | 3.500%,12/20/2047 | | | | | 13,153,073 | | | | | | 0.4 | | |
| 9,882,222 | | | 4.000%,04/20/2048 | | | | | 10,269,756 | | | | | | 0.3 | | |
| 25,600,000 (8) | | | 4.000%,01/20/2050 | | | | | 26,497,419 | | | | | | 0.7 | | |
| 22,911,795 (4) | | | 3.500%-5.500%,
11/15/2035-10/20/2060 | | | | | 24,333,404 | | | | | | 0.7 | | |
| | | | | | | | | 74,253,652 | | | | | | 2.1 | | |
| | | | Uniform Mortgage-Backed
Securities: 11.4% | |
| 5,662,000 (8) | | | 3.000%,01/25/2035 | | | | | 5,801,383 | | | | | | 0.2 | | |
| 9,972,744 | | | 3.000%,12/01/2049 | | | | | 10,113,592 | | | | | | 0.3 | | |
| 70,204,000 | | | 3.000%,01/01/2050 | | | | | 71,185,115 | | | | | | 2.0 | | |
| 17,234,391 | | | 3.000%-4.000%,
06/01/2047-10/01/2049 | | | | | 18,061,725 | | | | | | 0.5 | | |
| 14,123,719 | | | 3.000%,07/01/2043 | | | | | 14,539,496 | | | | | | 0.4 | | |
| 10,037,645 | | | 3.000%,04/01/2045 | | | | | 10,329,581 | | | | | | 0.3 | | |
| 11,701,957 | | | 3.000%,01/01/2047 | | | | | 11,970,410 | | | | | | 0.3 | | |
| 28,620,417 | | | 3.500%,08/01/2046 | | | | | 30,273,532 | | | | | | 0.9 | | |
| 13,693,045 | | | 3.500%,07/01/2048 | | | | | 14,449,046 | | | | | | 0.4 | | |
| 9,617,289 | | | 4.000%,12/01/2039 | | | | | 10,312,165 | | | | | | 0.3 | | |
| 11,379,725 | | | 4.000%,09/01/2048 | | | | | 11,954,986 | | | | | | 0.3 | | |
| 181,635,442 | | | 2.500%-7.500%,
02/01/2021-03/01/2048 | | | | | 194,626,704 | | | | | | 5.5 | | |
| | | | | | | | | 403,617,735 | | | | | | 11.4 | | |
| | | | Total U.S. Government
Agency Obligations
(Cost $653,499,820) | | | | | 670,942,912 | | | | | | 19.0 | | |
| |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| U.S. TREASURY OBLIGATIONS: 2.6% | |
| | | | Treasury Inflation Indexed Protected Securities: 1.4% | |
| 48,521,750 | | | 0.250%,07/15/2029 | | | | $ | 49,010,358 | | | | | | 1.4 | | |
| | | | | |
| | | | U.S. Treasury Bonds: 0.1% | |
| 2,351,000 | | | Other Securities | | | | | 2,278,675 | | | | | | 0.1 | | |
| | | | | |
| | | | U.S. Treasury Notes: 1.1% | |
| 10,375,700 | | | 1.625%,12/31/2021 | | | | | 10,386,170 | | | | | | 0.3 | | |
| 12,769,900 | | | 1.750%,12/31/2024 | | | | | 12,798,869 | | | | | | 0.3 | | |
| 16,340,000 (3) | | | 1.625%-1.750%,
12/15/2022-11/15/2029 | | | | | 16,222,335 | | | | | | 0.5 | | |
| | | | | | | | | 39,407,374 | | | | | | 1.1 | | |
| | | | Total U.S. Treasury
Obligations
(Cost $90,794,931) | | | | | 90,696,407 | | | | | | 2.6 | | |
| ASSET-BACKED SECURITIES: 8.5% | |
| | | | Automobile Asset-Backed
Securities: 0.2% | |
| 1,750,000 (1) | | | OSCAR US Funding
Trust VII LLC 2017-2A
A4, 2.760%, 12/10/2024 | | | | | 1,767,773 | | | | | | 0.1 | | |
| 1,250,000 (1) | | | Tesla Auto Lease Trust
2018-B C, 4.360%,
10/20/2021 | | | | | 1,283,585 | | | | | | 0.0 | | |
| 4,400,000 | | | Other Securities | | | | | 4,445,953 | | | | | | 0.1 | | |
| | | | | | | | | 7,497,311 | | | | | | 0.2 | | |
| | | | Home Equity Asset-Backed
Securities: 0.3% | |
| 1,401,591 (1)(4) | | | ACE Securities Corp.
Mortgage Loan Trust
Series 2007-D1 A2,
6.336%, 02/25/2038 | | | | | 1,340,587 | | | | | | 0.0 | | |
| 1,107,868 | | | Home Equity Asset Trust
2005-2 M5, 2.887%,
(US0001M + 1.095%),
07/25/2035 | | | | | 1,118,509 | | | | | | 0.0 | | |
| 2,400,000 | | | Morgan Stanley ABS
Capital I, Inc. Trust
2005-NC2 M4, 2.707%,
(US0001M + 0.915%),
03/25/2035 | | | | | 2,415,471 | | | | | | 0.1 | | |
| 532,777 | | | New Century Home
Equity Loan Trust
2005-2 M3, 2.527%,
(US0001M + 0.735%),
06/25/2035 | | | | | 532,957 | | | | | | 0.0 | | |
| 54,127 | | | Renaissance Home
Equity Loan Trust
2003-2 A, 2.672%,
(US0001M + 0.880%),
08/25/2033 | | | | | 54,170 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| ASSET-BACKED SECURITIES: (continued) | |
| | | | Home Equity Asset-Backed
Securities (continued) | |
| 58,318 | | | Securitized Asset
Backed Receivables LLC
Trust 2006-WM4 A2A,
1.872%, (US0001M +
0.080%), 11/25/2036 | | | | $ | 22,024 | | | | | | 0.0 | | |
| 3,272,961 | | | WaMu Asset-Backed
Certificates WaMu
Series 2007-HE4 2A3
Trust, 1.962%,
(US0001M + 0.170%),
07/25/2047 | | | | | 2,258,953 | | | | | | 0.1 | | |
| 2,280,876 | | | Other Securities | | | | | 2,396,999 | | | | | | 0.1 | | |
| | | | | | | | | 10,139,670 | | | | | | 0.3 | | |
| | | | Other Asset-Backed Securities: 7.3% | |
| 1,500,045 (1) | | | Ajax Mortgage Loan
Trust 2018-A A, 3.850%,
04/25/2058 | | | | | 1,519,288 | | | | | | 0.0 | | |
| 1,740,948 (1)(4) | | | Ajax Mortgage Loan
Trust 2018-C A, 4.360%,
09/25/2065 | | | | | 1,764,200 | | | | | | 0.1 | | |
| 9,000,000 (1) | | | Allegany Park CLO Ltd.
2019-1A A, 3.238%,
(US0003M + 1.330%),
01/20/2033 | | | | | 9,000,000 | | | | | | 0.3 | | |
| 4,090,000 (1) | | | ALM VIII Ltd. 2013-8A
A1R, 3.491%,
(US0003M + 1.490%),
10/15/2028 | | | | | 4,091,865 | | | | | | 0.1 | | |
| 2,484,131 (1)(4)(5)(9) | | | American Homes 4 Rent
2015-SFR1 XS, 0.000%,
04/17/2052 | | | | | — | | | | | | — | | |
| 9,500,000 (1) | | | Apidos CLO XXXII
2019-32A A1, 3.228%,
(US0003M + 1.320%),
01/20/2033 | | | | | 9,500,000 | | | | | | 0.3 | | |
| 8,000,000 (1) | | | ARES XLVI CLO Ltd.
2017-46A A2, 3.231%,
(US0003M + 1.230%),
01/15/2030 | | | | | 7,832,776 | | | | | | 0.2 | | |
| 3,470,000 (1) | | | Babson CLO Ltd.
2017-1A A2, 3.353%,
(US0003M + 1.350%),
07/18/2029 | | | | | 3,429,571 | | | | | | 0.1 | | |
| 4,393,000 (1) | | | Babson CLO Ltd.
2018-3A A2, 3.266%,
(US0003M + 1.300%),
07/20/2029 | | | | | 4,315,007 | | | | | | 0.1 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| ASSET-BACKED SECURITIES: (continued) | |
| | | | Other Asset-Backed
Securities (continued) | |
| 1,600,000 (1) | | | Bain Capital Credit CLO
2017-1A A2, 3.316%,
(US0003M + 1.350%),
07/20/2030 | | | | $ | 1,589,272 | | | | | | 0.0 | | |
| 3,200,000 (1) | | | Beechwood Park CLO
Ltd. 2019-1A A1,
3.233%, (US0003M +
1.330%), 01/17/2033 | | | | | 3,199,997 | | | | | | 0.1 | | |
| 9,020,000 (1) | | | Benefit Street Partners
CLO II Ltd. 2013-IIA
A1R, 3.251%,
(US0003M + 1.250%),
07/15/2029 | | | | | 9,019,684 | | | | | | 0.3 | | |
| 5,000,000 (1) | | | Benefit Street Partners
CLO XIX Ltd. 2019-19A
A, 3.258%, (US0003M +
1.350%), 01/15/2033 | | | | | 5,000,000 | | | | | | 0.1 | | |
| 5,070,000 (1) | | | BlueMountain CLO
2015-1A BR, 4.501%,
(US0003M + 2.500%),
04/13/2027 | | | | | 5,074,274 | | | | | | 0.1 | | |
| 4,000,000 (1) | | | Carbone CLO Ltd.
2017-1A A1, 3.106%,
(US0003M + 1.140%),
01/20/2031 | | | | | 3,989,628 | | | | | | 0.1 | | |
| 2,400,000 (1) | | | Carlyle Global Market
Strategies CLO Ltd.
2014-1A A2R2, 3.132%,
(US0003M + 1.130%),
04/17/2031 | | | | | 2,374,747 | | | | | | 0.1 | | |
| 57,053 | | | Chase Funding Trust
Series 2002-4 2A1,
2.532%, (US0001M +
0.740%), 10/25/2032 | | | | | 57,238 | | | | | | 0.0 | | |
| 106,708 | | | Chase Funding Trust
Series 2003-5 2A2,
2.392%, (US0001M +
0.600%), 07/25/2033 | | | | | 104,874 | | | | | | 0.0 | | |
| 3,750,000 (1) | | | CIFC Funding 2013-2A
A1LR, 3.213%,
(US0003M + 1.210%),
10/18/2030 | | | | | 3,749,996 | | | | | | 0.1 | | |
| 3,000,000 (1) | | | CIFC Funding 2017-2A
C, 4.316%, (US0003M +
2.350%), 04/20/2030 | | | | | 2,965,467 | | | | | | 0.1 | | |
| 4,000,000 (1) | | | CIFC Funding 2019-6A
A1 Ltd., 3.238%,
(US0003M + 1.330%),
01/16/2033 | | | | | 3,999,960 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| ASSET-BACKED SECURITIES: (continued) | |
| | | | Other Asset-Backed
Securities (continued) | |
| 2,766,000 (1) | | | Cole Park CLO Ltd.
2015-1A CR, 3.966%,
(US0003M + 2.000%),
10/20/2028 | | | | $ | 2,757,923 | | | | | | 0.1 | | |
| 128,803 | | | Countrywide
Asset-Backed
Certificates 2006-26
2A3, 1.962%,
(US0001M + 0.170%),
06/25/2037 | | | | | 128,984 | | | | | | 0.0 | | |
| 6,381,542 | | | Credit-Based Asset
Servicing &
Securitization LLC
2006-CB8 A2C, 1.942%,
(US0001M + 0.150%),
10/25/2036 | | | | | 5,701,176 | | | | | | 0.2 | | |
| 945,250 (1) | | | DB Master Finance LLC
2019-1A A23, 4.352%,
05/20/2049 | | | | | 981,215 | | | | | | 0.0 | | |
| 497,500 (1) | | | DB Master Finance LLC
2019-1A A2II, 4.021%,
05/20/2049 | | | | | 510,850 | | | | | | 0.0 | | |
| 12,160,000 (1) | | | Dewolf Park Clo Ltd.
2017-1A A, 3.211%,
(US0003M + 1.210%),
10/15/2030 | | | | | 12,159,939 | | | | | | 0.3 | | |
| 1,389,500 (1) | | | Driven Brands Funding
LLC 2019-1A A2,
4.641%, 04/20/2049 | | | | | 1,438,355 | | | | | | 0.0 | | |
| 1,200,000 (1) | | | Dryden 55 CLO Ltd.
2018-55A A1, 3.021%,
(US0003M + 1.020%),
04/15/2031 | | | | | 1,193,706 | | | | | | 0.0 | | |
| 8,610,000 (1) | | | Dryden Senior Loan
Fund 2017-47A A2,
3.351%, (US0003M +
1.350%), 04/15/2028 | | | | | 8,538,657 | | | | | | 0.3 | | |
| 7,460,000 (1) | | | Dryden XXVIII Senior
Loan Fund 2013-28A
A1LR, 3.110%,
(US0003M + 1.200%),
08/15/2030 | | | | | 7,460,075 | | | | | | 0.2 | | |
| 3,662,325 (1) | | | Five Guys Holdings, Inc.
2017-1A A2, 4.600%,
07/25/2047 | | | | | 3,802,150 | | | | | | 0.1 | | |
| 4,250,000 (1) | | | Galaxy XIX CLO Ltd.
2015-19A A1R, 3.156%,
(US0003M + 1.220%),
07/24/2030 | | | | | 4,243,349 | | | | | | 0.1 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| ASSET-BACKED SECURITIES: (continued) | |
| | | | Other Asset-Backed
Securities (continued) | |
| 2,100,000 (1) | | | Gilbert Park CLO Ltd.
2017-1A A, 3.191%,
(US0003M + 1.190%),
10/15/2030 | | | | $ | 2,096,558 | | | | | | 0.1 | | |
| 124,025 | | | GSAMP Trust 2007-FM1
A2A, 1.862%,
(US0001M + 0.070%),
12/25/2036 | | | | | 71,732 | | | | | | 0.0 | | |
| 2,369,665 (1) | | | HERO Funding Trust
2015-2A A, 3.990%,
09/20/2040 | | | | | 2,445,952 | | | | | | 0.1 | | |
| 2,000,000 (1) | | | Jay Park CLO Ltd.
2016-1A BR, 3.966%,
(US0003M + 2.000%),
10/20/2027 | | | | | 1,951,408 | | | | | | 0.1 | | |
| 1,600,000 (1) | | | Jersey Mike’s Funding
2019-1A A2, 4.433%,
02/15/2050 | | | | | 1,603,573 | | | | | | 0.0 | | |
| 4,300,000 (1)(8) | | | KKR CLO 21 A Ltd.,
3.001%, (US0003M +
1.000%), 04/15/2031 | | | | | 4,225,180 | | | | | | 0.1 | | |
| 10,000,000 (1) | | | LCM 26A A2 Ltd.,
3.216%, (US0003M +
1.250%), 01/20/2031 | | | | | 9,832,300 | | | | | | 0.3 | | |
| 1,308,000 (1) | | | LCM XIV L.P. 14A AR,
3.006%, (US0003M +
1.040%), 07/20/2031 | | | | | 1,293,073 | | | | | | 0.0 | | |
| 6,690,000 (1) | | | LCM XXIII Ltd. 23A A1,
3.366%, (US0003M +
1.400%), 10/20/2029 | | | | | 6,690,027 | | | | | | 0.2 | | |
| 58,753 | | | Long Beach Mortgage
Loan Trust 2004-4 1A1,
2.352%, (US0001M +
0.560%), 10/25/2034 | | | | | 56,941 | | | | | | 0.0 | | |
| 2,120,000 (1) | | | Madison Park Funding
XV Ltd. 2014-15A B1R,
4.136%, (US0003M +
2.200%), 01/27/2026 | | | | | 2,120,174 | | | | | | 0.1 | | |
| 1,500,000 (1) | | | Marlette Funding Trust
2018-1A C, 3.690%,
03/15/2028 | | | | | 1,509,788 | | | | | | 0.0 | | |
| 1,750,000 (1) | | | Marlette Funding Trust
2019-2A C, 4.110%,
07/16/2029 | | | | | 1,773,680 | | | | | | 0.1 | | |
| 2,574,828 (1) | | | Mosaic Solar Loan Trust
2018-1A A, 4.010%,
06/22/2043 | | | | | 2,645,744 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| ASSET-BACKED SECURITIES: (continued) | |
| | | | Other Asset-Backed
Securities (continued) | |
| 1,500,000 (1) | | | Mosaic Solar Loan Trust
2018-2-GS B, 4.740%,
02/22/2044 | | | | $ | 1,530,692 | | | | | | 0.0 | | |
| 3,118,403 (1) | | | Mosaic Solar Loans
2017-2A A LLC, 3.820%,
06/22/2043 | | | | | 3,177,336 | | | | | | 0.1 | | |
| 2,000,000 (1) | | | Neuberger Berman Loan
Advisers CLO 33 Ltd.
2019-33A C, 4.590%,
(US0003M + 2.450%),
10/16/2032 | | | | | 2,001,046 | | | | | | 0.1 | | |
| 4,510,000 (1) | | | Octagon Investment
Partners 30 Ltd.
2017-1A A1, 3.286%,
(US0003M + 1.320%),
03/17/2030 | | | | | 4,520,932 | | | | | | 0.1 | | |
| 3,000,000 (1) | | | Octagon Investment
Partners Ltd. 2017-1A
A2, 3.351%, (US0003M
+ 1.350%), 07/15/2029 | | | | | 2,968,431 | | | | | | 0.1 | | |
| 2,250,000 (1) | | | Octagon Investment
Partners XIV Ltd.
2012-1A A1BR, 3.376%,
(US0003M + 1.375%),
07/15/2029 | | | | | 2,213,152 | | | | | | 0.1 | | |
| 4,000,000 (1) | | | Octagon Investment
Partners XV Ltd.
2013-1A A2R, 3.316%,
(US0003M + 1.350%),
07/19/2030 | | | | | 3,933,044 | | | | | | 0.1 | | |
| 8,000,000 (1) | | | OHA Loan Funding
2015-1A A1R2 Ltd.,
3.191%, (US0003M +
1.340%), 11/15/2032 | | | | | 7,999,992 | | | | | | 0.2 | | |
| 1,375,000 (1) | | | Palmer Square CLO
2015-2A A1AR Ltd.,
3.236%, (US0003M +
1.270%), 07/20/2030 | | | | | 1,375,410 | | | | | | 0.0 | | |
| 4,070,000 (1) | | | Palmer Square CLO
2015-2A A1BR Ltd.,
3.316%, (US0003M +
1.350%), 07/20/2030 | | | | | 4,069,971 | | | | | | 0.1 | | |
| 3,000,000 (1) | | | Palmer Square CLO
2018-1A A1 Ltd.,
3.033%, (US0003M +
1.030%), 04/18/2031 | | | | | 2,986,707 | | | | | | 0.1 | | |
| 5,700,000 (1) | | | Palmer Square Loan
Funding 2017-1A C Ltd.,
4.801%, (US0003M +
2.800%), 10/15/2025 | | | | | 5,702,827 | | | | | | 0.2 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| ASSET-BACKED SECURITIES: (continued) | |
| | | | Other Asset-Backed
Securities (continued) | |
| 2,000,000 (1) | | | Palmer Square Loan
Funding 2018-1A C Ltd.,
3.851%, (US0003M +
1.850%), 04/15/2026 | | | | $ | 1,939,028 | | | | | | 0.1 | | |
| 900,000 (1)(8) | | | Palmer Square Loan
Funding 2018-2A C Ltd.,
3.951%, (US0003M +
1.950%), 07/15/2026 | | | | | 873,741 | | | | | | 0.0 | | |
| 1,748,759 | | | Park Place Securities,
Inc. Asset-Backed
Pass-Through Ctfs Ser
2005-WHQ1 M4,
2.872%, (US0001M +
1.080%), 03/25/2035 | | | | | 1,753,904 | | | | | | 0.0 | | |
| 4,375,000 (1) | | | Sofi Consumer Loan
Program 2018-1 C Trust,
3.970%, 02/25/2027 | | | | | 4,453,306 | | | | | | 0.1 | | |
| 1,500,000 (1) | | | Sofi Consumer Loan
Program 2018-2 C Trust,
4.250%, 04/26/2027 | | | | | 1,535,720 | | | | | | 0.1 | | |
| 3,200,000 (1) | | | Sofi Consumer Loan
Program 2018-3 C Trust,
4.670%, 08/25/2027 | | | | | 3,299,984 | | | | | | 0.1 | | |
| 1,000,000 (1) | | | SoFi Consumer Loan
Program 2019-2 D Trust,
4.200%, 04/25/2028 | | | | | 1,027,312 | | | | | | 0.0 | | |
| 2,060,000 (1) | | | Sound Point CLO XXV
Ltd. 2019-4A A1A,
3.308%, (US0003M +
1.400%), 01/15/2033 | | | | | 2,060,000 | | | | | | 0.1 | | |
| 1,936,556 (1) | | | Sunrun Athena Issuer
2018-1 A LLC, 5.310%,
04/30/2049 | | | | | 2,083,922 | | | | | | 0.1 | | |
| 1,782,000 (1) | | | Taco Bell Funding LLC
2018-1A A2II, 4.940%,
11/25/2048 | | | | | 1,919,739 | | | | | | 0.1 | | |
| 5,500,000 (1) | | | TES LLC 2017-1A B,
7.740%, 10/20/2047 | | | | | 5,482,302 | | | | | | 0.2 | | |
| 2,400,000 (1) | | | THL Credit Wind River
2013-2A AR CLO Ltd.,
3.233%, (US0003M +
1.230%), 10/18/2030 | | | | | 2,391,082 | | | | | | 0.0 | | |
| 9,500,000 (1) | | | THL Credit Wind River
2016-2A A1R CLO Ltd.,
3.099%, (US0003M +
1.190%), 11/01/2031 | | | | | 9,490,661 | | | | | | 0.3 | | |
| 1,500,000 (1)(4) | | | Towd Point Mortgage
Trust 2017-3 M1,
3.500%, 07/25/2057 | | | | | 1,530,419 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| ASSET-BACKED SECURITIES: (continued) | |
| | | | Other Asset-Backed
Securities (continued) | |
| 1,666,000 (1) | | | Wendys Funding LLC
2018-1A A2I, 3.573%,
03/15/2048 | | | | $ | 1,685,492 | | | | | | 0.0 | | |
| 2,453,961 | | | Other Securities | | | | | 2,487,751 | | | | | | 0.1 | | |
| | | | | | | | | 256,304,256 | | | | | | 7.3 | | |
| | | | Student Loan Asset-Backed
Securities: 0.7% | |
| 1,250,000 (1) | | | Commonbond Student
Loan Trust 2017-BGS B,
3.260%, 09/25/2042 | | | | | 1,255,712 | | | | | | 0.0 | | |
| 1,800,000 (1) | | | Commonbond Student
Loan Trust 2018-BGS B,
3.990%, 09/25/2045 | | | | | 1,840,248 | | | | | | 0.1 | | |
| 1,057,207 (1) | | | DRB Prime Student
Loan Trust 2015-B A2,
3.170%, 07/25/2031 | | | | | 1,063,994 | | | | | | 0.0 | | |
| 1,492,549 (1) | | | DRB Prime Student
Loan Trust 2015-D A2,
3.200%, 01/25/2040 | | | | | 1,504,341 | | | | | | 0.0 | | |
| 363,714 (1) | | | Earnest Student Loan
Program, LLC 2016-C B,
4.460%, 01/26/2037 | | | | | 367,452 | | | | | | 0.0 | | |
| 750,000 (1) | | | Navient Private
Education Loan Trust
2014-AA A3, 3.340%,
(US0001M + 1.600%),
10/15/2031 | | | | | 765,492 | | | | | | 0.0 | | |
| 2,000,000 (1) | | | Navient Private
Education Refi Loan
Trust 2018-A B, 3.680%,
02/18/2042 | | | | | 2,037,548 | | | | | | 0.1 | | |
| 1,550,000 (1) | | | SMB Private Education
Loan Trust 2014-A C,
4.500%, 09/15/2045 | | | | | 1,469,975 | | | | | | 0.0 | | |
| 1,500,000 (1) | | | SMB Private Education
Loan Trust 2017-A B,
3.500%, 06/17/2041 | | | | | 1,501,525 | | | | | | 0.1 | | |
| 146,914 (1) | | | SoFi Professional Loan
Program 2015-C A2,
2.510%, 08/25/2033 | | | | | 147,004 | | | | | | 0.0 | | |
| 2,500,000 (1)(4) | | | SoFi Professional Loan
Program 2017-C B,
3.560%, 07/25/2040 | | | | | 2,549,647 | | | | | | 0.1 | | |
| 2,100,000 (1) | | | SoFi Professional Loan
Program 2017-F BFX
LLC, 3.620%,
01/25/2041 | | | | | 2,139,791 | | | | | | 0.1 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| ASSET-BACKED SECURITIES: (continued) | |
| | | | Student Loan Asset-Backed
Securities (continued) | |
| 2,200,000 (1) | | | Sofi Professional Loan
Program 2018-A B LLC,
3.610%, 02/25/2042 | | | | $ | 2,232,297 | | | | | | 0.1 | | |
| 5,000,000 (1) | | | Sofi Professional Loan
Program 2018-B BFX
Trust, 3.830%,
08/25/2047 | | | | | 5,101,184 | | | | | | 0.1 | | |
| 1,000,000 (1) | | | Sofi Professional Loan
Program 2018-D BFX
Trust, 4.140%,
02/25/2048 | | | | | 1,041,951 | | | | | | 0.0 | | |
| | | | | | | | | 25,018,161 | | | | | | 0.7 | | |
| | | | Total Asset-Backed
Securities
(Cost $297,160,982) | | | | | 298,959,398 | | | | | | 8.5 | | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: 7.9% | |
| 12,747,569 (4)(5) | | | BANK 2019-BNK16 XA,
0.967%, 02/15/2052 | | | | | 893,276 | | | | | | 0.0 | | |
| 3,120,000 | | | BANK 2019-BNK17 A4,
3.714%, 04/15/2052 | | | | | 3,392,642 | | | | | | 0.1 | | |
| 1,870,000 | | | BANK 2019-BNK18 A4,
3.584%, 05/15/2062 | | | | | 2,016,624 | | | | | | 0.1 | | |
| 2,600,000 (1) | | | BANK 2019-BNK18 D,
3.000%, 05/15/2062 | | | | | 2,362,717 | | | | | | 0.1 | | |
| 3,360,000 (4) | | | Bank 2019-BNK19 C,
4.035%, 08/15/2061 | | | | | 3,528,187 | | | | | | 0.1 | | |
| 51,245,858 (4)(5) | | | Bank 2019-BNK19 XA,
0.965%, 08/15/2061 | | | | | 3,922,553 | | | | | | 0.1 | | |
| 22,800,000 (1)(4)(5) | | | BBCCRE Trust
2015-GTP XA, 0.597%,
08/10/2033 | | | | | 755,772 | | | | | | 0.0 | | |
| 3,940,000 | | | Benchmark 2019-B11
A5 Mortgage Trust,
3.542%, 05/15/2052 | | | | | 4,237,677 | | | | | | 0.1 | | |
| 27,834,515 (4)(5) | | | Benchmark 2019-B12
XA Mortgage Trust,
1.069%, 08/15/2052 | | | | | 2,080,349 | | | | | | 0.1 | | |
| 4,530,000 | | | Benchmark 2019-B13
A4 Mortgage Trust,
2.952%, 08/15/2057 | | | | | 4,649,567 | | | | | | 0.1 | | |
| 19,692,628 (4)(5) | | | Benchmark 2019-B9 XA
Mortgage Trust, 1.047%,
03/15/2052 | | | | | 1,555,192 | | | | | | 0.1 | | |
| 3,690,000 (1) | | | BHP Trust 2019-BXHP
D, 3.511%, (US0001M +
1.771%), 08/15/2036 | | | | | 3,674,130 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
COMMERCIAL MORTGAGE-BACKED
SECURITIES: (continued) | |
| 3,700,000 (1) | | | BHP Trust 2019-BXHP
E, 4.307%, (US0001M +
2.568%), 08/15/2036 | | | | $ | 3,689,690 | | | | | | 0.1 | | |
| 11,970,000 (1) | | | BX Commercial
Mortgage Trust 2019-XL
G, 4.040%, (US0001M +
2.300%), 10/15/2036 | | | | | 12,002,032 | | | | | | 0.3 | | |
| 11,970,000 (1) | | | BX Commercial
Mortgage Trust 2019-XL
J, 4.390%, (US0001M +
2.650%), 10/15/2036 | | | | | 12,015,294 | | | | | | 0.3 | | |
| 2,520,000 (1) | | | BX Trust 2019-MMP E,
3.640%, (US0001M +
1.900%), 08/15/2036 | | | | | 2,524,807 | | | | | | 0.1 | | |
| 4,560,000 (1) | | | BX Trust 2019-OC11 E,
4.076%, 12/09/2041 | | | | | 4,428,371 | | | | | | 0.1 | | |
| 1,920,000 (1) | | | CAMB Commercial
Mortgage Trust
2019-LIFE F, 4.290%,
(US0001M + 2.550%),
12/15/2037 | | | | | 1,934,310 | | | | | | 0.1 | | |
| 20,078,723 (4)(5) | | | CD 2016-CD1 Mortgage
Trust XA, 1.409%,
08/10/2049 | | | | | 1,429,015 | | | | | | 0.0 | | |
| 3,951,241 (1)(4) | | | CFCRE Commercial
Mortgage Trust 2011-C1
E, 6.089%, 04/15/2044 | | | | | 3,690,405 | | | | | | 0.1 | | |
| 4,120,000 (1) | | | Citigroup Commercial
Mortgage Trust 2016-C2
E, 4.594%, 08/10/2049 | | | | | 3,638,231 | | | | | | 0.1 | | |
| 35,579,994 (4)(5) | | | Citigroup Commercial
Mortgage Trust 2017-P8
XA, 0.917%, 09/15/2050 | | | | | 2,020,332 | | | | | | 0.0 | | |
| 58,782,956 (4)(5) | | | Citigroup Commercial
Mortgage Trust 2018-C5
XA, 0.600%, 06/10/2051 | | | | | 2,805,869 | | | | | | 0.1 | | |
| 2,101,000 (1)(4) | | | Citigroup COmmercial
Mortgage Trust 2018-C6
D, 5.067%, 11/10/2051 | | | | | 2,205,359 | | | | | | 0.1 | | |
| 17,048,407 (4)(5) | | | COMM 2012-CR1 XA,
1.856%, 05/15/2045 | | | | | 629,579 | | | | | | 0.0 | | |
| 14,184,903 (4)(5) | | | COMM 2012-CR2 XA,
1.635%, 08/15/2045 | | | | | 469,068 | | | | | | 0.0 | | |
| 25,143,102 (4)(5) | | | COMM 2012-CR3 XA,
1.859%, 10/15/2045 | | | | | 1,000,233 | | | | | | 0.0 | | |
| 65,166,000 (1)(4)(5) | | | COMM 2012-CR4 XB,
0.615%, 10/15/2045 | | | | | 1,098,712 | | | | | | 0.1 | | |
| 20,570,105 (4)(5) | | | COMM 2012-CR5 XA,
1.528%, 12/10/2045 | | | | | 763,416 | | | | | | 0.0 | | |
| 28,010,942 (1)(4)(5) | | | COMM 2012-LC4 XA,
2.103%, 12/10/2044 | | | | | 942,806 | | | | | | 0.0 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
COMMERCIAL MORTGAGE-BACKED
SECURITIES: (continued) | |
| 1,640,000 (4) | | | COMM 2015-CCRE26 D
Mortgage Trust, 3.484%,
10/10/2048 | | | | $ | 1,550,854 | | | | | | 0.1 | | |
| 910,000 (4) | | | COMM 2016-COR1 C,
4.383%, 10/10/2049 | | | | | 944,078 | | | | | | 0.0 | | |
| 81,710,924 (4)(5) | | | COMM 2016-CR28 XA,
0.687%, 02/10/2049 | | | | | 2,560,984 | | | | | | 0.1 | | |
| 5,080,000 (4) | | | CSAIL 2018-CX11 A5
Commercial Mortgage
Trust, 4.033%,
04/15/2051 | | | | | 5,577,375 | | | | | | 0.2 | | |
| 3,943,000 | | | CSAIL 2019-C15 A4
Commercial Mortgage
Trust, 4.053%,
03/15/2052 | | | | | 4,345,315 | | | | | | 0.1 | | |
| 3,247,076 (1)(4) | | | DBUBS 2011-LC2 E
Mortgage Trust, 5.530%,
07/10/2044 | | | | | 3,290,337 | | | | | | 0.1 | | |
| 25,126,559 (4)(5) | | | Freddie Mac Multifamily
Structured Pass Through
Certificates K006 BX1,
5.397%, 02/25/2020 | | | | | 56,490 | | | | | | 0.0 | | |
| 20,760,000 (4)(5) | | | Freddie Mac Multifamily
Structured Pass Through
Certificates K008 X3,
5.278%, 08/25/2020 | | | | | 577,271 | | | | | | 0.0 | | |
| 36,470,000 (4)(5) | | | Freddie Mac Multifamily
Structured Pass Through
Certificates K020 X3,
1.872%, 05/25/2040 | | | | | 1,535,146 | | | | | | 0.1 | | |
| 44,282,292 (4)(5) | | | Freddie Mac Multifamily
Structured Pass Through
Certificates K023 X1,
1.241%, 08/25/2022 | | | | | 1,237,708 | | | | | | 0.0 | | |
| 22,000,000 (4)(5) | | | Freddie Mac Multifamily
Structured Pass Through
Certificates K028 X3,
1.662%, 06/25/2041 | | | | | 1,093,121 | | | | | | 0.0 | | |
| 27,650,000 (4)(5) | | | Freddie Mac Multifamily
Structured Pass Through
Certificates K029 X3,
1.594%, 05/25/2041 | | | | | 1,384,947 | | | | | | 0.1 | | |
| 10,700,000 (4)(5) | | | Freddie Mac Multifamily
Structured Pass Through
Certificates K035 X3,
1.791%, 12/25/2041 | | | | | 652,042 | | | | | | 0.0 | | |
| 544,570,937 (1)(5) | | | FREMF Mortgage Trust
2012-K17 X2A, 0.100%,
12/25/2044 | | | | | 810,267 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (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,
3.290%, (US0001M +
1.550%), 07/15/2035 | | | | $ | 2,907,488 | | | | | | 0.1 | | |
| 7,600,000 (1)(4) | | | GS Mortgage Securities
Trust 2010-C2 D,
5.180%, 12/10/2043 | | | | | 7,774,209 | | | | | | 0.2 | | |
| 4,400,000 (1)(4) | | | GS Mortgage Securities
Trust 2010-C2 F,
4.548%, 12/10/2043 | | | | | 4,349,820 | | | | | | 0.1 | | |
| 2,740,000 (1)(4) | | | GS Mortgage Securities
Trust 2010-C2 G,
4.548%, 12/10/2043 | | | | | 2,684,521 | | | | | | 0.1 | | |
| 28,000,079 (4)(5) | | | GS Mortgage Securities
Trust 2012-GCJ7 XA,
2.161%, 05/10/2045 | | | | | 782,829 | | | | | | 0.0 | | |
| 3,070,000 (1) | | | GS Mortgage Securities
Trust 2013-GC16 G,
3.500%, 11/10/2046 | | | | | 2,672,890 | | | | | | 0.1 | | |
| 30,541,309 (4)(5) | | | GS Mortgage Securities
Trust 2013-GC16 XA,
1.035%, 11/10/2046 | | | | | 1,044,311 | | | | | | 0.0 | | |
| 46,551,199 (4)(5) | | | GS Mortgage Securities
Trust 2014-GC22 XA,
0.986%, 06/10/2047 | | | | | 1,364,010 | | | | | | 0.0 | | |
| 6,930,000 (1)(4) | | | GS Mortgage Securities
Trust 2019-GC40 DBD,
3.550%, 07/10/2052 | | | | | 6,910,696 | | | | | | 0.2 | | |
| 5,310,000 (1)(4) | | | GS Mortgage Securities
Trust 2019-GC40 DBE,
3.550%, 07/10/2052 | | | | | 5,178,895 | | | | | | 0.2 | | |
| 2,405,000 (1) | | | GS Mortgage Securities
Corp. Trust 2018-LUAU
E, 4.290%, (US0001M +
2.550%), 11/15/2032 | | | | | 2,417,696 | | | | | | 0.1 | | |
| 105,887,491 (4)(5) | | | GS Mortgage Securities
Trust 2019-GC42 XA,
0.814%, 09/01/2052 | | | | | 6,813,532 | | | | | | 0.2 | | |
| 6,190,000 (1)(4) | | | Jackson Park Trust
2019-LIC F, 3.242%,
10/14/2039 | | | | | 5,344,189 | | | | | | 0.2 | | |
| 5,610,000 (1)(4) | | | JPMCC Re-REMIC Trust
2015-FRR2 AK36,
2.205%, 12/27/2046 | | | | | 5,342,463 | | | | | | 0.2 | | |
| 29,356,589 (4)(5) | | | JP Morgan Chase
Commercial Mortgage
Securities Trust
2012-CIBX XA, 1.478%,
06/15/2045 | | | | | 649,136 | | | | | | 0.0 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
COMMERCIAL MORTGAGE-BACKED
SECURITIES: (continued) | |
| 46,089,976 (4)(5) | | | JP Morgan Chase
Commercial Mortgage
Securities Trust
2016-JP4 XA, 0.734%,
12/15/2049 | | | | $ | 1,488,955 | | | | | | 0.0 | | |
| 3,720,000 (1)(4) | | | JPMBB Commercial
Mortgage Securities
Trust 2013-C17 D,
4.892%, 01/15/2047 | | | | | 3,886,929 | | | | | | 0.1 | | |
| 1,560,000 (1)(4) | | | JPMBB Commercial
Mortgage Securities
Trust 2014-C26 D,
3.866%, 01/15/2048 | | | | | 1,519,601 | | | | | | 0.1 | | |
| 2,351,278 (4)(5) | | | JPMBB Commercial
Mortgage Securities
Trust 2015-C28 XA,
1.059%, 10/15/2048 | | | | | 85,753 | | | | | | 0.0 | | |
| 6,560,000 | | | JPMCC Commercial
Mortgage Securities
Trust 2019-COR4 A5,
4.029%, 03/10/2052 | | | | | 7,270,835 | | | | | | 0.2 | | |
| 1,000,000 (1) | | | KNDL 2019-KNSQ F
Mortgage Trust, 3.740%,
(US0001M + 2.000%),
05/15/2036 | | | | | 1,000,686 | | | | | | 0.0 | | |
| 1,892,007 (1)(4)(5) | | | LB-UBS Commercial
Mortgage Trust 2006-C7
XCL, 0.713%,
11/15/2038 | | | | | 7,383 | | | | | | 0.0 | | |
| 9,884,923 (1)(4)(5) | | | LB-UBS Commercial
Mortgage Trust 2006-C7
XW, 0.713%, 11/15/2038 | | | | | 38,571 | | | | | | 0.0 | | |
| 2,196,000 (1)(4) | | | Morgan Stanley Bank of
America Merrill Lynch
Trust 2014-C15 D,
4.910%, 04/15/2047 | | | | | 2,304,332 | | | | | | 0.1 | | |
| 1,000,000 (1)(4) | | | Morgan Stanley Capital I
Trust 2005-T19 G,
5.714%, 06/12/2047 | | | | | 1,006,712 | | | | | | 0.0 | | |
| 2,375,000 (1)(4) | | | Morgan Stanley Capital I
Trust 2011-C1 D,
5.375%, 09/15/2047 | | | | | 2,434,437 | | | | | | 0.1 | | |
| 3,890,000 (1)(4) | | | Morgan Stanley Capital I
Trust 2016-BNK2 E,
3.906%, 11/15/2049 | | | | | 3,269,603 | | | | | | 0.1 | | |
| 3,943,000 | | | Morgan Stanley Capital I
Trust 2019-H6 A4,
3.417%, 06/15/2052 | | | | | 4,191,006 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
COMMERCIAL MORTGAGE-BACKED
SECURITIES: (continued) | |
| 1,900,000 | | | Morgan Stanley
Capital I, Inc.
2017-HR2 D, 2.730%,
12/15/2050 | | | | $ | 1,711,967 | | | | | | 0.0 | | |
| 2,920,000 (1) | | | MRCD 2019-PARK E
Mortgage Trust,
2.718%, 12/15/2036 | | | | | 2,763,886 | | | | | | 0.1 | | |
| 5,470,000 (1) | | | MRCD 2019-PARK F
Mortgage Trust, 2.718%,
12/15/2036 | | | | | 5,089,619 | | | | | | 0.1 | | |
| 2,440,000 (1) | | | One Bryant Park Trust
2019-OBP A, 2.516%,
09/13/2049 | | | | | 2,381,314 | | | | | | 0.1 | | |
| 3,933,000 (1) | | | Shelter Growth CRE
2018-FL1 D Issuer Ltd.,
4.740%, (US0001M +
3.000%), 01/15/2035 | | | | | 3,941,441 | | | | | | 0.1 | | |
| 30,289,190 (4)(5) | | | Wells Fargo Commercial
Mortgage Trust
2014-LC18 XA, 1.083%,
12/15/2047 | | | | | 1,185,107 | | | | | | 0.0 | | |
| 4,580,000 | | | Wells Fargo Commercial
Mortgage Trust
2018-C44 A5, 4.212%,
05/15/2051 | | | | | 5,107,853 | | | | | | 0.1 | | |
| 1,630,000 (1)(4) | | | WFRBS Commercial
Mortgage Trust 2011-C5
E, 5.671%, 11/15/2044 | | | | | 1,671,818 | | | | | | 0.1 | | |
| 19,914,283 (1)(4)(5) | | | WFRBS Commercial
Mortgage Trust 2012-C8
XA, 1.811%, 08/15/2045 | | | | | 718,945 | | | | | | 0.0 | | |
| 9,020,000 (1)(4) | | | WFRBS Commercial
Mortgage Trust
2013-C11 F, 4.261%,
03/15/2045 | | | | | 8,710,865 | | | | | | 0.2 | | |
| 6,583,000 (1) | | | WFRBS Commercial
Mortgage Trust
2013-C12 E, 3.500%,
03/15/2048 | | | | | 6,049,560 | | | | | | 0.2 | | |
| 46,734,928 (1)(4)(5) | | | WFRBS Commercial
Mortgage Trust
2013-C12 XA, 1.221%,
03/15/2048 | | | | | 1,410,839 | | | | | | 0.0 | | |
| 8,510,000 (4) | | | WFRBS Commercial
Mortgage Trust
2014-LC14 C, 4.344%,
03/15/2047 | | | | | 8,762,530 | | | | | | 0.3 | | |
| 9,412,500 | | | Wells Fargo Commercial
Mortgage Trust
2019-C54 A4, 3.146%,
12/15/2052 | | | | | 9,785,131 | | | | | | 0.3 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
COMMERCIAL MORTGAGE-BACKED
SECURITIES: (continued) | |
| 18,492,693 | | | Other Securities | | | | $ | 19,142,681 | | | | | | 0.5 | | |
| | | | Total Commercial
Mortgage-Backed
Securities
(Cost $276,424,003) | | | | | 279,147,194 | | | | | | 7.9 | | |
| SOVEREIGN BONDS: 0.1% | |
| 5,365,000 | | | Other Securities | | | | | 5,386,459 | | | | | | 0.1 | | |
| | | | Total Sovereign Bonds
(Cost $5,365,000) | | | | | 5,386,459 | | | | | | 0.1 | | |
| CONVERTIBLE BONDS/NOTES: 0.1% | |
| | | | Financial: 0.1% | |
| 2,440,000 | | | Other Securities | | | | | 2,491,388 | | | | | | 0.1 | | |
| | | | Total Convertible
Bonds/Notes
(Cost $2,425,506) | | | | | 2,491,388 | | | | | | 0.1 | | |
| |
| Shares | | | Value | | | Percentage
of Net
Assets | |
| MUTUAL FUNDS: 18.5% | |
| | | | Affiliated Investment Companies: 18.5% | |
| 8,956,637 | | | Voya Emerging
Markets Corporate
Debt Fund - Class P | | | | | 90,999,434 | | | | | | 2.6 | | |
| 13,538,668 | | | Voya Emerging
Markets Hard
Currency Debt
Fund - Class P | | | | | 133,085,105 | | | | | | 3.8 | | |
| 8,007,755 | | | Voya Emerging
Markets Local
Currency Debt
Fund - Class P | | | | | 59,657,773 | | | | | | 1.7 | | |
| 2,712,566 | | | Voya Floating Rate
Fund - Class P | | | | | 25,742,250 | | | | | | 0.7 | | |
| 8,461,047 | | | Voya High Yield Bond
Fund - Class P | | | | | 68,111,429 | | | | | | 1.9 | | |
| 14,310,065 | | | Voya Investment
Grade Credit Fund -
Class P | | | | | 159,271,027 | | | | | | 4.5 | | |
| 11,441,448 | | | Voya Securitized
Credit Fund - Class P | | | | | 117,961,329 | | | | | | 3.3 | | |
| | | | Total Mutual Funds
(Cost $653,882,057) | | | | | 654,828,347 | | | | | | 18.5 | | |
| | | | Total Long-Term
Investments
(Cost $3,441,846,451) | | | | | 3,523,566,487 | | | | | | 99.7 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 2.1% | |
| | | | Commercial Paper: 0.5% | |
| 950,000 (10) | | | Banco Santander S.A.,
2.110%, 01/10/2020 | | | | $ | 949,581 | | | | | | 0.0 | | |
| 3,000,000 | | | Crown Point, 1.830%,
01/03/2020 | | | | | 2,999,550 | | | | | | 0.2 | | |
| 875,000 (10) | | | DBS Bank Ltd., 1.820%,
02/18/2020 | | | | | 872,870 | | | | | | 0.0 | | |
| 10,000,000 | | | Exelon Corp., 1.800%,
01/02/2020 | | | | | 9,999,011 | | | | | | 0.3 | | |
| 550,000 (10) | | | Matchpoint Finance
PLC, 1.850%,
02/03/2020 | | | | | 549,068 | | | | | | 0.0 | | |
| | | | Total Commercial Paper
(Cost $15,370,708) | | | | | 15,370,080 | | | | | | 0.5 | | |
| | | | | |
| | | | Floating Rate Notes: 0.4% | |
| 950,000 (10) | | | Australia & New Zealand
Banking Group Ltd.,
1.900%, 03/11/2020 | | | | | 950,214 | | | | | | 0.0 | | |
| 850,000 (10) | | | Bank of Montreal,
1.960%, 02/26/2020 | | | | | 850,185 | | | | | | 0.0 | | |
| 900,000 (10) | | | Bank of Nova Scotia,
1.940%, 05/08/2020 | | | | | 899,933 | | | | | | 0.0 | | |
| 750,000 (10) | | | Bedford Row Funding,
1.920%, 03/13/2020 | | | | | 750,066 | | | | | | 0.0 | | |
| 425,000 (10) | | | BNP Paribas, 1.950%,
05/14/2020 | | | | | 425,032 | | | | | | 0.0 | | |
| 600,000 (10) | | | Canadian Imperial Bank
of Commerce, 1.990%,
04/10/2020 | | | | | 600,611 | | | | | | 0.0 | | |
| 850,000 (10) | | | Citibank N.A., 1.960%,
05/01/2020 | | | | | 850,559 | | | | | | 0.0 | | |
| 990,000 (10) | | | Commonwealth Bank of
Australia, 1.940%,
06/10/2020 | | | | | 989,998 | | | | | | 0.1 | | |
| 625,000 (10) | | | Crédit Industriel et
Commercial, 1.990%,
04/24/2020 | | | | | 625,048 | | | | | | 0.0 | | |
| 750,000 (10) | | | Credit Suisse Group AG,
1.890%, 04/17/2020 | | | | | 750,336 | | | | | | 0.0 | | |
| 975,000 (10) | | | HSBC Bank PLC,
1.970%, 06/03/2020 | | | | | 974,997 | | | | | | 0.1 | | |
| 775,000 (10) | | | Mitsubishi UFJ Financial
Group, Inc., 1.970%,
03/18/2020 | | | | | 775,148 | | | | | | 0.0 | | |
| 275,000 (10) | | | National Australia Bank
Ltd., 1.890%,
02/10/2020 | | | | | 275,006 | | | | | | 0.0 | | |
| 825,000 (10) | | | Skandinaviska Enskilda
Banken AB, 1.950%,
05/11/2020 | | | | | 825,027 | | | | | | 0.0 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) | |
| | | | Floating Rate Notes (continued) | |
| 950,000 (10) | | | Sumitomo Mitsui Trust
Holdings, Inc., 1.750%,
03/11/2020 | | | | $ | 950,278 | | | | | | 0.1 | | |
| 400,000 (10) | | | The Norinchukin Bank,
2.000%, 02/28/2020 | | | | | 400,108 | | | | | | 0.0 | | |
| 325,000 (10) | | | The Sumitomo Mitsui
Financial Group,
1.930%, 06/05/2020 | | | | | 324,929 | | | | | | 0.0 | | |
| 625,000 (10) | | | The Sumitomo Mitsui
Financial Group,
1.990%, 01/31/2020 | | | | | 625,052 | | | | | | 0.0 | | |
| 875,000 (10) | | | Toronto-Dominion Bank,
1.850%, 02/13/2020 | | | | | 875,025 | | | | | | 0.0 | | |
| 950,000 (10) | | | Toyota Motor Corp.,
1.900%, 03/02/2020 | | | | | 950,240 | | | | | | 0.1 | | |
| 525,000 (10) | | | Westpac Banking Corp,
1.830%, 02/10/2020 | | | | | 525,042 | | | | | | 0.0 | | |
| 400,000 (10) | | | Westpac Banking Corp,
1.970%, 06/03/2020 | | | | | 400,015 | | | | | | 0.0 | | |
| | | | Total Floating Rate
Notes
(Cost $15,592,849) | | | | | 15,592,849 | | | | | | 0.4 | | |
| | | | | |
| | | | Repurchase Agreements: 0.9% | |
| 12,988,881 (10) | | | Cantor Fitzgerald
Securities, Repurchase
Agreement dated
12/31/19, 1.58%, due
01/02/20 (Repurchase
Amount $12,990,006,
collateralized by various
U.S. Government/U.S.
Government Agency
Obligations,
0.000%-8.500%, Market
Value plus accrued
interest $13,248,659,
due 01/25/20-10/15/60) | | | | | 12,988,881 | | | | | | 0.4 | | |
| 2,360,001 (10) | | | Citadel Securities LLC,
Repurchase Agreement
dated 12/31/19, 1.60%,
due 01/02/20
(Repurchase Amount
$2,360,208,
collateralized by various
U.S. Government
Securities,
0.000%-8.500%, Market
Value plus accrued
interest $2,407,415, due
01/15/20-11/15/48) | | | | | 2,360,001 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) | |
| | | | Repurchase Agreements (continued) | |
| 12,988,881 (10) | | | RBC Dominion
Securities Inc.,
Repurchase Agreement
dated 12/31/19, 1.57%,
due 01/02/20
(Repurchase Amount
$12,989,998,
collateralized by various
U.S. Government/U.S.
Government Agency
Obligations,
0.000%-6.500%, Market
Value plus accrued
interest $13,248,659,
due 06/30/21-12/01/49) | | | | $ | 12,988,881 | | | | | | 0.4 | | |
| 4,170,292 (10) | | | State of Wisconsin
Investment Board,
Repurchase Agreement
dated 12/31/19, 1.75%,
due 01/02/20
(Repurchase Amount
$4,170,692,
collateralized by various
U.S. Government
Securities,
0.125%-3.875%, Market
Value plus accrued
interest $4,253,812, due
04/15/21-02/15/47) | | | | | 4,170,292 | | | | | | 0.1 | | |
| | | | Total Repurchase
Agreements
(Cost $32,508,055) | | | | | 32,508,055 | | | | | | 0.9 | | |
| | | | | |
| | | | Certificates of Deposit: 0.1% | |
| 825,000 (10) | | | Deutscher Sparkassen-
und Giroverband,
1.860%, 02/20/2020 | | | | | 825,263 | | | | | | 0.0 | | |
| 625,000 (10) | | | Dz Bank Ag Deutsche
Zentral-
Genossenschaftsbank,
1.830%, 02/13/2020 | | | | | 624,949 | | | | | | 0.1 | | |
| 300,000 (10) | | | Dz Bank Ag Deutsche
Zentral-
Genossenschaftsbank,
1.850%, 02/27/2020 | | | | | 299,958 | | | | | | 0.0 | | |
| 850,000 (10) | | | Landesbank
Baden-Wurttemberg,
2.180%, 01/09/2020 | | | | | 850,107 | | | | | | 0.0 | | |
| 475,000 (10) | | | The Norinchukin Bank,
1.870%, 03/05/2020 | | | | | 475,017 | | | | | | 0.0 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) | |
| | | | Certificates of Deposit (continued) | |
| | | | Total Certificates of
Deposit
(Cost $3,075,294) | | | | $ | 3,075,294 | | | | | | 0.1 | | |
| |
| Shares | | | Value | | | Percentage
of Net
Assets | |
| | | | Mutual Funds: 0.2% | |
| 1,520,000 (10)(11) | | | BlackRock Liquidity
Funds, FedFund,
Institutional Class,
1.520% | | | | | 1,520,000 | | | | | | 0.0 | | |
| 5,118,000 (11) | | | Goldman Sachs
Financial Square
Government
Fund - Institutional
Shares, 1.500% | | | | | 5,118,000 | | | | | | 0.2 | | |
| 688,000 (10)(11) | | | Morgan Stanley
Institutional Liquidity
Funds - Government
Portfolio (Institutional
Share Class), 1.510% | | | | | 688,000 | | | | | | 0.0 | | ��� |
| | | | Total Mutual Funds
(Cost $7,326,000) | | | | | 7,326,000 | | | | | | 0.2 | | |
| | | | Total Short-Term
Investments
(Cost $73,872,906) | | | | | 73,872,278 | | | | | | 2.1 | | |
| | | | Total Investments in
Securities
(Cost $3,515,719,357) | | | | $ | 3,597,438,765 | | | | | | 101.8 | | |
| | | | Liabilities in Excess
of Other Assets | | | | | (62,359,585) | | | | | | (1.8) | | |
| | | | Net Assets | | | | $ | 3,535,079,180 | | | | | | 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, 2019.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
(1)
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)
The grouping contains securities on loan.
(3)
Security, or a portion of the security, is on loan.
(4)
Variable rate security. Rate shown is the rate in effect as of December 31, 2019.
(5)
Interest only securities represent the right to receive the monthly
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
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.
(6)
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, 2019.
(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)
Settlement is on a when-issued or delayed-delivery basis.
(9)
For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.
(10)
All or a portion of the security represents securities purchased with cash collateral received for securities on loan.
(11)
Rate shown is the 7-day yield as of December 31, 2019.
| | Reference Rate Abbreviations: | |
| | 12MTA | | | 12-month Treasury Average | |
| | COF 11 | | | 11th District Costs of Funds | |
| | H15T1Y | | | U.S. Treasury 1-Year Constant Maturity | |
| | PRIME | | | Federal Reserve Bank Prime Loan Rate | |
| | US0001M | | | 1-month LIBOR | |
| | US0003M | | | 3-month LIBOR | |
| | US0006M | | | 6-month LIBOR | |
| | US0012M | | | 12-month LIBOR | |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 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
December 31, 2019 | |
| Asset Table | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mutual Funds | | | | $ | 654,828,347 | | | | | $ | — | | | | | $ | — | | | | | $ | 654,828,347 | | |
| Corporate Bonds/Notes | | | | | — | | | | | | 843,154,075 | | | | | | — | | | | | | 843,154,075 | | |
| Collateralized Mortgage Obligations | | | | | — | | | | | | 675,781,147 | | | | | | — | | | | | | 675,781,147 | | |
| Municipal Bonds | | | | | — | | | | | | 2,179,160 | | | | | | — | | | | | | 2,179,160 | | |
| Asset-Backed Securities | | | | | — | | | | | | 298,959,398 | | | | | | — | | | | | | 298,959,398 | | |
| U.S. Government Agency Obligations | | | | | — | | | | | | 670,942,912 | | | | | | — | | | | | | 670,942,912 | | |
| Commercial Mortgage-Backed Securities | | | | | — | | | | | | 279,147,194 | | | | | | — | | | | | | 279,147,194 | | |
| Convertible Bonds/Notes | | | | | — | | | | | | 2,491,388 | �� | | | | | — | | | | | | 2,491,388 | | |
| Sovereign Bonds | | | | | — | | | | | | 5,386,459 | | | | | | — | | | | | | 5,386,459 | | |
| U.S. Treasury Obligations | | | | | — | | | | | | 90,696,407 | | | | | | — | | | | | | 90,696,407 | | |
| Short-Term Investments | | | | | 7,326,000 | | | | | | 66,546,278 | | | | | | — | | | | | | 73,872,278 | | |
| Total Investments, at fair value | | | | $ | 662,154,347 | | | | | $ | 2,935,284,418 | | | | | $ | — | | | | | $ | 3,597,438,765 | | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | | | | | | | | | | |
| Centrally Cleared Swaps | | | | | — | | | | | | 1,125,039 | | | | | | — | | | | | | 1,125,039 | | |
| Forward Foreign Currency Contracts | | | | | — | | | | | | 294,764 | | | | | | — | | | | | | 294,764 | | |
| Futures | | | | | 1,272,061 | | | | | | — | | | | | | — | | | | | | 1,272,061 | | |
| Volatility Swaps | | | | | — | | | | | | 44,415 | | | | | | — | | | | | | 44,415 | | |
| Total Assets | | | | $ | 663,426,408 | | | | | $ | 2,936,748,636 | | | | | $ | — | | | | | $ | 3,600,175,044 | | |
| Liabilities Table | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | | | | | | | | | | |
| Centrally Cleared Swaps | | | | $ | — | | | | | $ | (1,858,941) | | | | | $ | — | | | | | $ | (1,858,941) | | |
| Forward Foreign Currency Contracts | | | | | — | | | | | | (979,694) | | | | | | — | | | | | | (979,694) | | |
| Forward Premium Swaptions | | | | | — | | | | | | (398,663) | | | | | | — | | | | | | (398,663) | | |
| Futures | | | | | (7,834,219) | | | | | | — | | | | | | — | | | | | | (7,834,219) | | |
| Total Liabilities | | | | $ | (7,834,219) | | | | | $ | (3,237,298) | | | | | $ | — | | | | | $ | (11,071,517) | | |
^
See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
+
Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.
Transactions with Affiliates
An investment of at least 5% of the voting securities of an issuer, or a company which is under common control results in that issuer becoming an affiliated person as defined by the 1940 Act.
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
The following table provides transactions during the year ended December 31, 2019, where the following issuers were considered an affiliate:
| Issuer | | | Beginning
Fair Value
at 12/31/18 | | | Purchases
at Cost | | | Sales
at Cost | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | Ending
Fair Value
at 12/31/2019 | | | Investment
Income | | | Realized
Gains/
(Losses) | | | Net
Capital Gain
Distributions | |
| Voya Emerging Markets Corporate Debt Fund - Class P | | | | $ | 87,796,139 | | | | | $ | 4,488,386 | | | | | $ | (8,255,933) | | | | | $ | 6,970,842 | | | | | $ | 90,999,434 | | | | | $ | 4,488,335 | | | | | $ | (255,934) | | | | | $ | (3) | | |
| Voya Emerging Markets Hard Currency Debt Fund - Class P | | | | | 130,530,387 | | | | | | 6,616,443 | | | | | | (16,519,658) | | | | | | 12,457,933 | | | | | | 133,085,105 | | | | | | 6,616,367 | | | | | | (1,017,860) | | | | | | (2) | | |
| Voya Emerging Markets Local Currency Debt Fund - Class P | | | | | 52,688,549 | | | | | | 2,588,021 | | | | | | — | | | | | | 4,381,203 | | | | | | 59,657,773 | | | | | | 2,588,000 | | | | | | — | | | | | | — | | |
| Voya Floating Rate Fund - Class P | | | | | 23,997,829 | | | | | | 1,522,413 | | | | | | — | | | | | | 222,008 | | | | | | 25,742,250 | | | | | | 1,522,414 | | | | | | — | | | | | | — | | |
| Voya High Yield Bond Fund - Class P | | | | | 108,637,692 | | | | | | 4,958,337 | | | | | | (56,486,894) | | | | | | 11,002,294 | | | | | | 68,111,429 | | | | | | 4,958,197 | | | | | | (2,486,898) | | | | | | 1 | | |
| Voya Investment Grade Credit Fund - Class P | | | | | 137,303,735 | | | | | | 9,524,233 | | | | | | — | | | | | | 12,443,059 | | | | | | 159,271,027 | | | | | | 6,116,364 | | | | | | — | | | | | | 3,407,704 | | |
| Voya Securitized Credit Fund - Class P | | | | | 109,252,491 | | | | | | 6,449,695 | | | | | | — | | | | | | 2,259,143 | | | | | | 117,961,329 | | | | | | 6,361,954 | | | | | | — | | | | | | 87,626 | | |
| | | | | $ | 650,206,822 | | | | | $ | 36,147,528 | | | | | $ | (81,262,485) | | | | | $ | 49,736,482 | | | | | $ | 654,828,347 | | | | | $ | 32,651,631 | | | | | $ | (3,760,692) | | | | | $ | 3,495,326 | | |
The financial statements for the above mutual fund[s] can be found at www.sec.gov.
At December 31, 2019, the following forward foreign currency contracts were outstanding for Voya Intermediate Bond Portfolio:
| Currency Purchased | | | Currency Sold | | | Counterparty | | | Settlement Date | | | Unrealized
Appreciation
(Depreciation) | |
| USD 3,151,818 | | | MYR 13,034,344 | | | Barclays Bank PLC | | | 02/07/20 | | | | $ | (41,713) | | |
| USD 2,724,511 | | | HUF 804,803,708 | | | Barclays Bank PLC | | | 02/07/20 | | | | | (7,929) | | |
| USD 3,806,038 | | | MXN 73,975,523 | | | Barclays Bank PLC | | | 02/07/20 | | | | | (85,211) | | |
| USD 4,654,667 | | | ZAR 69,508,609 | | | Barclays Bank PLC | | | 02/07/20 | | | | | (284,612) | | |
| USD 1,866,148 | | | PEN 6,247,143 | | | Barclays Bank PLC | | | 02/07/20 | | | | | (17,185) | | |
| ZAR 28,977,527 | | | USD 1,954,000 | | | Barclays Bank PLC | | | 02/07/20 | | | | | 105,142 | | |
| USD 4,794,293 | | | RUB 307,462,301 | | | Barclays Bank PLC | | | 02/07/20 | | | | | (137,607) | | |
| USD 1,762,000 | | | MXN 34,221,450 | | | Barclays Bank PLC | | | 02/07/20 | | | | | (38,112) | | |
| USD 2,015,718 | | | CLP 1,503,272,008 | | | BNP Paribas | | | 02/07/20 | | | | | 15,658 | | |
| USD 7,037,409 | | | BRL 28,353,772 | | | BNP Paribas | | | 02/07/20 | | | | | (3,292) | | |
| USD 4,375,404 | | | THB 132,053,095 | | | BNP Paribas | | | 02/07/20 | | | | | (36,993) | | |
| USD 4,272,595 | | | PLN 16,389,906 | | | BNP Paribas | | | 02/07/20 | | | | | (47,976) | | |
| USD 1,532,284 | | | RON 6,576,921 | | | BNP Paribas | | | 02/07/20 | | | | | (6,037) | | |
| USD 1,976,788 | | | TRY 11,652,583 | | | BNP Paribas | | | 02/07/20 | | | | | 35,875 | | |
| USD 705,000 | | | PLN 2,726,555 | | | BNP Paribas | | | 02/07/20 | | | | | (13,752) | | |
| RUB 99,044,269 | | | USD 1,539,000 | | | BNP Paribas | | | 02/07/20 | | | | | 49,736 | | |
| USD 1,057,000 | | | CLP 814,282,136 | | | BNP Paribas | | | 02/07/20 | | | | | (26,379) | | |
| USD 2,893,887 | | | IDR 40,777,763,110 | | | BNP Paribas | | | 02/07/20 | | | | | (45,333) | | |
| USD 551,724 | | | PHP 27,883,773 | | | BNP Paribas | | | 02/07/20 | | | | | 2,188 | | |
| USD 316,904 | | | ILS 1,104,142 | | | Citibank N.A. | | | 02/07/20 | | | | | (3,406) | | |
| USD 3,084,104 | | | CZK 70,766,081 | | | Credit Suisse International | | | 02/07/20 | | | | | (37,539) | | |
| BRL 2,936,678 | | | USD 705,000 | | | Credit Suisse International | | | 02/07/20 | | | | | 24,224 | | |
| USD 1,057,000 | | | COP 3,631,048,680 | | | Goldman Sachs International | | | 02/07/20 | | | | | (46,131) | | |
| USD 4,085,408 | | | COP 13,607,964,093 | | | Goldman Sachs International | | | 02/07/20 | | | | | (48,759) | | |
| SGD 305,095 | | | USD 225,048 | | | Goldman Sachs International | | | 02/07/20 | | | | | 1,860 | | |
| PHP 107,627,840 | | | USD 2,122,000 | | | JPMorgan Chase Bank N.A. | | | 02/07/20 | | | | | (860) | | |
| USD 2,888,353 | | | IDR 40,777,763,110 | | | JPMorgan Chase Bank N.A. | | | 02/07/20 | | | | | (50,868) | | |
| COP 4,750,024,140 | | | USD 1,383,000 | | | JPMorgan Chase Bank N.A. | | | 02/07/20 | | | | | 60,081 | | |
| | | | | | | | | | | | | | $ | (684,930) | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
At December 31, 2019, the following futures contracts were outstanding for Voya Intermediate Bond Portfolio:
| Description | | | Number
of Contracts | | | Expiration
Date | | | Notional
Value | | | Unrealized
Appreciation/
(Depreciation) | |
| Long Contracts: | | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S. Treasury 10-Year Note | | | | | 392 | | | | | | 03/20/20 | | | | | $ | 50,341,375 | | | | | $ | (409,764) | | |
| U.S. Treasury 2-Year Note | | | | | 213 | | | | | | 03/31/20 | | | | | | 45,901,500 | | | | | | 818 | | |
| U.S. Treasury 5-Year Note | | | | | 1,228 | | | | | | 03/31/20 | | | | | | 145,652,312 | | | | | | (431,131) | | |
| U.S. Treasury Long Bond | | | | | 678 | | | | | | 03/20/20 | | | | | | 105,704,438 | | | | | | (1,914,521) | | |
| U.S. Treasury Ultra Long Bond | | | | | 1,079 | | | | | | 03/20/20 | | | | | | 196,007,094 | | | | | | (5,078,803) | | |
| | | | | | | | | | | | | | | | | $ | 543,606,719 | | | | | $ | (7,833,401) | | |
| Short Contracts: | | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S. Treasury Ultra 10-Year Note | | | | | (755) | | | | | | 03/20/20 | | | | | | (106,230,859) | | | | | | 1,271,243 | | |
| | | | | | | | | | | | | | | | | $ | (106,230,859) | | | | | $ | 1,271,243 | | |
At December 31, 2019, the following centrally cleared credit default swaps were outstanding for Voya Intermediate Bond Portfolio:
Centrally Cleared Credit Default Swaps on Credit Indices — Buy Protection(1)
| Reference Entity/Obligation | | | Buy/Sell
Protection | | | (Pay)/
Receive
Financing
Rate (%)(2) | | | Termination
Date | | | Notional Amount(3) | | | Fair
Value(4) | | | Unrealized
Appreciation/
(Depreciation) | |
| CDX North American High Yield Index, Series 33, Version 2 | | | Buy | | | | | 5.000 | | | | 12/20/24 | | | | | USD 90,884,970 | | | | | $ | (8,755,403) | | | | | $ | (1,627,476) | | |
iTraxx Cross-over Index, Series 32,
Version 1 | | | Buy | | | | | (5.000) | | | | 12/20/24 | | | | | EUR 71,747,000 | | | | | | (10,966,145) | | | | | | (231,465) | | |
| | | | | | | | | | | | | | | | | | | | | | | $ | (19,721,548) | | | | | $ | (1,858,941) | | |
(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, 2019, the following centrally cleared interest rate swaps were outstanding for Voya Intermediate Bond Portfolio:
Pay/Receive
Floating Rate | | | Floating
Rate Index | | | Floating Rate
Index
Payment
Frequency | | | Fixed
Rate | | | Fixed
Rate
Payment
Frequency | | | Maturity
Date | | | Notional
Amount | | | Fair
Value | | | Unrealized
Appreciation/
(Depreciation) | |
| Receive | | | 3-month USD-LIBOR | | | Quarterly | | | | | 1.623% | | | | Semi-Annual | | | | | 09/13/29 | | | | USD 48,229,000 | | | | $ | 1,125,039 | | | | | $ | 1,125,039 | | |
| | | | | ��� | | | | | | | | | | | | | | | | | | | | | | | | $ | 1,125,039 | | | | | $ | 1,125,039 | | |
At December 31, 2019, the following over-the-counter volatility swaps were outstanding for Voya Intermediate Bond Portfolio:
Pay/Receive Volatility(1) | | | Reference Entity | | | Volatility
Strike Rate | | | Counterparty | | | Maturity
Date | | | Currency | | | Notional
Amount | | | Fair Value | | | Unrealized
Appreciation
(Depreciation) | | |
| Receive | | | USD vs. CAD Spot Exchange Rate | | | | | 4.140% | | | | Barclays Bank PLC | | | 01/17/20 | | | | | USD | | | | | | 140,000 | | | | | $ | 35,947 | | | | | $ | 35,947 | | | | | |
| Receive | | | USD vs. CAD Spot Exchange Rate | | | | | 4.125% | | | | Citibank N.A. | | | 01/10/20 | | | | | USD | | | | | | 140,000 | | | | | | 3,450 | | | | | | 3,450 | | | | | |
| Receive | | | USD vs. CAD Spot Exchange Rate | | | | | 4.060% | | | | Societe Generale | | | 01/10/20 | | | | | USD | | | | | | 56,000 | | | | | | 5,018 | | | | | | 5,018 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 44,415 | | | | | $ | 44,415 | | | |
| |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
At December 31, 2019, the following over-the-counter forward premium swaptions were outstanding for Voya Intermediate Bond Portfolio:
| Description | | | Counterparty | | | Exercise
Rate(2) | | | Pay/
Receive
Exercise
Rate | | | Floating Rate
Index | | | Expiration
Date | | | Notional
Amount | | | Premium
receivable/
(payable) at
expiration(3) | | | Unrealized
Appreciation/
(Depreciation) | |
| Call on 5-Year Interest Rate Swap (Purchased) | | | Goldman Sachs International | | | | | 5.130% | | | | Receive | | | 3-month USD-LIBOR | | | | | 03/16/20 | | | | USD 51,105,000 | | | | $ | 2,621,686 | | | | | $ | (86,977) | | |
| Call on 5-Year Interest Rate Swap (Purchased) | | | Morgan Stanley Capital Services LLC | | | | | 4.960% | | | | Receive | | | 3-month USD-LIBOR | | | | | 04/29/20 | | | | USD 90,642,000 | | | | | 4,491,311 | | | | | | (8,107) | | |
| Call on 5-Year Interest Rate Swap (Purchased) | | | Morgan Stanley Capital Services LLC | | | | | 5.290% | | | | Receive | | | 3-month USD-LIBOR | | | | | 02/27/20 | | | | USD 93,680,000 | | | | | 4,960,356 | | | | | | (303,579) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 12,073,353 | | | | | $ | (398,663) | | |
(1)
Payments made at maturity date.
(2)
Forward premium swaption exercise rates represent the premium price on each respective swaption contract. Final exercise rate will be determined at the expiration of each respective swaption contract.
(3)
Forward premium swaptions include premiums receivable/(payable) that have extended settlement dates. Premiums are not exchanged until the expiration date of each respective forward premium swaption contract.
Currency Abbreviations
BRL – Brazilian Real
CLP – Chilean Peso
COP – Colombian Peso
CZK – Czech Koruna
EUR – EU Euro
HUF – Hungarian Forint
IDR – Indonesian Rupiah
ILS – Israeli New Shekel
MXN – Mexican Peso
MYR – Malaysian Ringgit
PEN – Peruvian Nuevo Sol
PHP – Philippine Peso
PLN – Polish Zloty
RON – Romanian New Leu
RUB – Russian Ruble
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, 2019 was as follows:
| Derivatives not accounted for as hedging instruments | | | Location on Statement
of Assets and Liabilities | | | Fair Value | |
| Asset Derivatives | | | | | | | | | | |
| Foreign exchange contracts | | | Unrealized appreciation on forward foreign currency contracts | | | | $ | 294,764 | | |
| Foreign exchange contracts | | | Unrealized appreciation on OTC swap agreements | | | | | 44,415 | | |
| Interest rate contracts | | | Net Assets — Unrealized appreciation* | | | | | 1,272,061 | | |
| Interest rate contracts | | | Net Assets — Unrealized appreciation** | | | | | 1,125,039 | | |
| Total Asset Derivatives | | | | | | | $ | 2,736,279 | | |
| |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
| Derivatives not accounted for as hedging instruments | | | Location on Statement
of Assets and Liabilities | | | Fair Value | |
| Liability Derivatives | | | | | | | | | | |
| Foreign exchange contracts | | | Unrealized depreciation on forward foreign currency contracts | | | | $ | 979,694 | | |
| Interest rate contracts | | | Net Assets — Unrealized depreciation* | | | | | 7,834,219 | | |
| Credit contracts | | | Net Assets — Unrealized depreciation** | | | | | 1,858,941 | | |
| Interest rate contracts | | | Net Assets — Unrealized depreciation*** | | | | | 398,663 | | |
| Total Liability Derivatives | | | | | | | $ | 11,071,517 | | |
| |
*
Includes cumulative appreciation/depreciation of futures contracts as reported in the table within the Portfolio of Investments.
**
Includes cumulative appreciation/depreciation of centrally cleared swaps as reported in the table within the Portfolio of Investments. Only current days variation margin receivable/payable is included on the Statement of Assets and Liabilities.
***
Includes cumulative appreciation/depreciation of forward premium swaptions as reported in the within the Portfolio of Investments.
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2019 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as
hedging instruments | | | Investments* | | | Forward
foreign
currency
contracts | | | Futures | | | Swaps | | | Written
options | | | Total | |
| Credit contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (5,256,416) | | | | | $ | — | | | | | $ | (5,256,416) | | |
| Equity contracts | | | | | — | | | | | | — | | | | | | (994,235) | | | | | | — | | | | | | — | | | | | | (994,235) | | |
| Foreign exchange contracts | | | | | — | | | | | | (104,867) | | | | | | — | | | | | | — | | | | | | — | | | | | | (104,867) | | |
| Interest rate contracts | | | | | (2,526,432) | | | | | | — | | | | | | 33,150,562 | | | | | | 4,504,160 | | | | | | (6,411,164) | | | | | | 28,717,126 | | |
| Total | | | | $ | (2,526,432) | | | | | $ | (104,867) | | | | | $ | 32,156,327 | | | | | $ | (752,256) | | | | | $ | (6,411,164) | | | | | $ | 22,361,608 | | |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | | Investments* | | | Forward
foreign
currency
contracts | | | Futures | | | Swaps | | | Total | |
| Credit contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (279,134) | | | | | $ | (279,134) | | |
| Foreign exchange contracts | | | | | — | | | | | | (398,799) | | | | | | — | | | | | | 44,415 | | | | | | (354,384) | | |
| Interest rate contracts | | | | | (3,367,871) | | | | | | — | | | | | | (12,234,434) | | | | | | 2,358,185 | | | | | | (13,244,120) | | |
| Total | | | | $ | (3,367,871) | | | | | $ | (398,799) | | | | | $ | (12,234,434) | | | | | $ | 2,123,466 | | | | | $ | (13,877,638) | | |
*
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, 2019:
| | | | Barclays
Bank
PLC | | | BNP
Paribas | | | Citibank
N.A. | | | Credit
Suisse
International | | | Goldman
Sachs
International | | | JPMorgan
Chase
Bank N.A. | | | Morgan
Stanley
Capital
Services LLC | | | Societe
Generale | | | Totals | |
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward foreign currency contracts | | | | $ | 105,142 | | | | | $ | 103,457 | | | | | $ | — | | | | | $ | 24,224 | | | | | $ | 1,860 | | | | | $ | 60,081 | | | | | $ | — | | | | | $ | — | | | | | $ | 294,764 | | |
| Volatility swaps | | | | | 35,947 | | | | | | — | | | | | | 3,450 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,018 | | | | | | 44,415 | | |
| Total Assets | | | | $ | 141,089 | | | | | $ | 103,457 | | | | | $ | 3,450 | | | | | $ | 24,224 | | | | | $ | 1,860 | | | | | $ | 60,081 | | | | | $ | — | | | | | $ | 5,018 | | | | | $ | 339,179 | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward foreign currency contracts | | | | $ | 612,369 | | | | | $ | 179,762 | | | | | $ | 3,406 | | | | | $ | 37,539 | | | | | $ | 94,890 | | | | | $ | 51,728 | | | | | $ | — | | | | | $ | — | | | | | $ | 979,694 | | |
| Forward premium swaptions | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 86,977 | | | | | | — | | | | | | 311,686 | | | | | | — | | | | | | 398,663 | | |
| Total Liabilities | | | | $ | 612,369 | | | | | $ | 179,762 | | | | | $ | 3,406 | | | | | $ | 37,539 | | | | | $ | 181,867 | | | | | $ | 51,728 | | | | | $ | 311,686 | | | | | $ | — | | | | | $ | 1,378,357 | | |
Net OTC derivative instruments by counterparty, at
fair value | | | | $ | (471,280) | | | | | $ | (76,305) | | | | | $ | 44 | | | | | $ | (13,315) | | | | | $ | (180,007) | | | | | $ | 8,353 | | | | | $ | (311,686) | | | | | $ | 5,018 | | | | | | (1,039,178) | | |
Total collateral pledged by the Portfolio/(Received
from counterparty) | | | | $ | 410,000 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 410,000 | | |
Net Exposure(1) | | | | $ | (61,280) | | | | | $ | (76,305) | | | | | $ | 44 | | | | | $ | (13,315) | | | | | $ | (180,007) | | | | | $ | 8,353 | | | | | $ | (311,686) | | | | | $ | 5,018 | | | | | $ | (629,178) | | |
(1)
Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Portfolio | as of December 31, 2019 (continued) |
At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:
Cost for federal income tax purposes was $3,491,070,341.
Net unrealized appreciation consisted of:
| | Gross Unrealized Appreciation | | | | $ | 107,611,453 | | |
| | Gross Unrealized Depreciation | | | | | (28,355,505) | | |
| | Net Unrealized Appreciation | | | | $ | 79,255,948 | | |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Small Company Portfolio | as of December 31, 2019 |
| Shares | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: 97.9% | |
| | | | Communication Services: 1.9% | |
| 217,925 (1) | | | Imax Corp. | | | | $ | 4,452,208 | | | | | | 0.8 | | |
| 499,944 (2) | | | Other Securities | | | | | 5,566,717 | | | | | | 1.1 | | |
| | | | | | | | | 10,018,925 | | | | | | 1.9 | | |
| | | | Consumer Discretionary: 11.6% | |
| 242,987 | | | Callaway Golf Co. | | | | | 5,151,324 | | | | | | 1.0 | | |
| 26,006 (1) | | | Deckers Outdoor Corp. | | | | | 4,391,373 | | | | | | 0.8 | | |
| 31,635 (1) | | | Helen of Troy Ltd. | | | | | 5,687,657 | | | | | | 1.1 | | |
| 140,347 | | | La-Z-Boy, Inc. | | | | | 4,418,124 | | | | | | 0.8 | | |
| 965,651 (2)(3) | | | Other Securities | | | | | 41,582,315 | | | | | | 7.9 | | |
| | | | | | | | | 61,230,793 | | | | | | 11.6 | | |
| | | | Consumer Staples: 3.8% | |
| 217,668 (1) | | | BJ’s Wholesale Club Holdings,
Inc. | | | | | 4,949,770 | | | | | | 0.9 | | |
| 313,941 (1) | | | Hostess Brands, Inc. | | | | | 4,564,702 | | | | | | 0.9 | | |
| 129,742 (1) | | | Performance Food Group Co. | | | | | 6,679,118 | | | | | | 1.3 | | |
| 76,921 (3) | | | Other Securities | | | | | 3,862,973 | | | | | | 0.7 | | |
| | | | | | | | | 20,056,563 | | | | | | 3.8 | | |
| | | | Energy: 3.0% | |
| 236,127 | | | Parsley Energy, Inc. | | | | | 4,465,162 | | | | | | 0.8 | | |
| 354,183 (1) | | | WPX Energy, Inc. | | | | | 4,866,474 | | | | | | 0.9 | | |
| 853,519 (2) | | | Other Securities | | | | | 6,663,161 | | | | | | 1.3 | | |
| | | | | | | | | 15,994,797 | | | | | | 3.0 | | |
| | | | Financials: 18.8% | |
| 75,750 | | | Axis Capital Holdings Ltd. | | | | | 4,502,580 | | | | | | 0.9 | | |
| 179,708 | | | CenterState Bank Corp. | | | | | 4,489,106 | | | | | | 0.9 | | |
| 130,342 | | | Columbia Banking System,
Inc. | | | | | 5,302,964 | | | | | | 1.0 | | |
| 86,430 | | | Essent Group Ltd. | | | | | 4,493,496 | | | | | | 0.9 | | |
| 454,336 | | | First BanCorp. Puerto Rico | | | | | 4,811,418 | | | | | | 0.9 | | |
| 216,191 | | | First Financial Bancorp. | | | | | 5,499,899 | | | | | | 1.0 | | |
| 117,622 | | | Hancock Whitney Corp. | | | | | 5,161,253 | | | | | | 1.0 | | |
| 213,824 | | | OFG Bancorp | | | | | 5,048,385 | | | | | | 1.0 | | |
| 302,090 | | | Redwood Trust, Inc. | | | | | 4,996,569 | | | | | | 0.9 | | |
| 73,850 | | | Selective Insurance Group | | | | | 4,814,281 | | | | | | 0.9 | | |
| 80,751 | | | Stifel Financial Corp. | | | | | 4,897,548 | | | | | | 0.9 | | |
| 105,983 | | | WSFS Financial Corp. | | | | | 4,662,192 | | | | | | 0.9 | | |
| 885,817 | | | Other Securities | | | | | 40,057,793 | | | | | | 7.6 | | |
| | | | | | | | | 98,737,484 | | | | | | 18.8 | | |
| | | | Health Care: 14.0% | |
| 31,492 (1) | | | Amedisys, Inc. | | | | | 5,256,645 | | | | | | 1.0 | | |
| 38,627 | | | Hill-Rom Holdings, Inc. | | | | | 4,385,323 | | | | | | 0.9 | | |
| 56,025 (1) | | | Magellan Health, Inc. | | | | | 4,383,956 | | | | | | 0.8 | | |
| 52,672 (1) | | | Repligen Corp. | | | | | 4,872,160 | | | | | | 0.9 | | |
| Shares | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Health Care (continued) | |
| 87,096 (1) | | | Syneos Health, Inc. | | | | $ | 5,180,035 | | | | | | 1.0 | | |
| 1,397,116 (2)(3) | | | Other Securities | | | | | 49,477,060 | | | | | | 9.4 | | |
| | | | | | | | | 73,555,179 | | | | | | 14.0 | | |
| | | | Industrials: 19.0% | |
| 42,984 | | | Alamo Group, Inc. | | | | | 5,396,641 | | | | | | 1.0 | | |
| 86,816 | | | Deluxe Corp. | | | | | 4,333,855 | | | | | | 0.8 | | |
| 62,062 | | | EMCOR Group, Inc. | | | | | 5,355,951 | | | | | | 1.0 | | |
| 40,316 (1) | | | FTI Consulting, Inc. | | | | | 4,461,368 | | | | | | 0.8 | | |
| 56,701 (1) | | | Generac Holdings, Inc. | | | | | 5,703,554 | | | | | | 1.1 | | |
| 74,393 (1) | | | Huron Consulting Group, Inc. | | | | | 5,112,287 | | | | | | 1.0 | | |
| 47,474 | | | ICF International, Inc. | | | | | 4,349,568 | | | | | | 0.8 | | |
| 51,821 | | | Tetra Tech, Inc. | | | | | 4,464,897 | | | | | | 0.9 | | |
| 55,573 (1) | | | Trex Co., Inc. | | | | | 4,994,901 | | | | | | 1.0 | | |
| 74,915 | | | US Ecology, Inc. | | | | | 4,338,328 | | | | | | 0.8 | | |
| 44,365 | | | Watts Water Technologies,
Inc. | | | | | 4,425,852 | | | | | | 0.8 | | |
| 42,362 | | | Woodward, Inc. | | | | | 5,017,355 | | | | | | 1.0 | | |
| 1,015,169 (2) | | | Other Securities | | | | | 42,049,829 | | | | | | 8.0 | | |
| | | | | | | | | 100,004,386 | | | | | | 19.0 | | |
| | | | Information Technology: 12.8% | |
| 74,516 (1) | | | Cornerstone OnDemand, Inc. | | | | | 4,362,912 | | | | | | 0.8 | | |
| 69,693 (1) | | | Envestnet, Inc. | | | | | 4,852,723 | | | | | | 0.9 | | |
| 65,546 | | | j2 Global, Inc. | | | | | 6,142,316 | | | | | | 1.2 | | |
| 141,006 (1) | | | Onto Innovation, Inc. | | | | | 5,152,359 | | | | | | 1.0 | | |
| 86,247 (1) | | | Semtech Corp. | | | | | 4,562,466 | | | | | | 0.9 | | |
| 41,130 (1) | | | Silicon Laboratories, Inc. | | | | | 4,770,257 | | | | | | 0.9 | | |
| 89,510 (1) | | | Verint Systems, Inc. | | | | | 4,955,274 | | | | | | 0.9 | | |
| 930,981 (2) | | | Other Securities | | | | | 32,788,191 | | | | | | 6.2 | | |
| | | | | | | | | 67,586,498 | | | | | | 12.8 | | |
| | | | Materials: 3.2% | |
| 77,914 | | | Sensient Technologies Corp. | | | | | 5,149,336 | | | | | | 1.0 | | |
| 292,334 | | | Other Securities | | | | | 11,745,941 | | | | | | 2.2 | | |
| | | | | | | | | 16,895,277 | | | | | | 3.2 | | |
| | | | Real Estate: 7.3% | |
| 211,601 | | | Columbia Property Trust, Inc. | | | | | 4,424,577 | | | | | | 0.9 | | |
| 63,091 | | | Ryman Hospitality Properties | | | | | 5,467,466 | | | | | | 1.0 | | |
| 176,882 | | | STAG Industrial, Inc. | | | | | 5,584,165 | | | | | | 1.1 | | |
| 693,245 | | | Other Securities | | | | | 22,775,066 | | | | | | 4.3 | | |
| | | | | | | | | 38,251,274 | | | | | | 7.3 | | |
| | | | Utilities: 2.5% | |
| 181,807 | | | Other Securities | | | | | 12,953,675 | | | | | | 2.5 | | |
| | | | Total Common Stock
(Cost $465,539,337) | | | | | 515,284,851 | | | | | | 97.9 | | |
| |
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Small Company Portfolio | as of December 31, 2019 (continued) |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 2.5% | |
| | | | Repurchase Agreements: 2.1% | |
| 2,131,358 (4) | | | Bank of Nova Scotia,
Repurchase Agreement
dated 12/31/19, 1.57%, due
01/02/20 (Repurchase
Amount $2,131,541,
collateralized by various U.S.
Government Agency
Obligations, 2.500%-6.500%,
Market Value plus accrued
interest $2,174,175, due
09/01/24-11/01/49) | | | | $ | 2,131,358 | | | | | | 0.4 | | |
| 2,777,373 (4) | | | Cantor Fitzgerald Securities,
Repurchase Agreement
dated 12/31/19, 1.58%, due
01/02/20 (Repurchase
Amount $2,777,613,
collateralized by various U.S.
Government/U.S.
Government Agency
Obligations, 0.000%-8.500%,
Market Value plus accrued
interest $2,832,921, due
01/25/20-10/15/60) | | | | | 2,777,373 | | | | | | 0.5 | | |
| 807,926 (4) | | | Citadel Securities LLC,
Repurchase Agreement
dated 12/31/19, 1.60%, due
01/02/20 (Repurchase
Amount $807,997,
collateralized by various U.S.
Government Securities,
0.000%-8.500%, Market
Value plus accrued interest
$824,158, due
01/15/20-11/15/48) | | | | | 807,926 | | | | | | 0.2 | | |
| 2,777,373 (4) | | | Millennium Fixed Income Ltd.,
Repurchase Agreement
dated 12/31/19, 1.75%, due
01/02/20 (Repurchase
Amount $2,777,639,
collateralized by various U.S.
Government Securities,
0.125%-2.250%, Market
Value plus accrued interest
$2,832,921, due
04/15/20-03/31/21) | | | | | 2,777,373 | | | | | | 0.5 | | |
Principal
Amount† | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) | |
| | | | Repurchase Agreements (continued) | |
| 2,777,373 (4) | | | RBC Dominion Securities
Inc., Repurchase Agreement
dated 12/31/19, 1.57%, due
01/02/20 (Repurchase
Amount $2,777,612,
collateralized by various U.S.
Government/U.S.
Government Agency
Obligations, 0.000%-6.500%,
Market Value plus accrued
interest $2,832,921, due
06/30/21-12/01/49) | | | | $ | 2,777,373 | | | | | | 0.5 | | |
| | | | Total Repurchase
Agreements
(Cost $11,271,403) | | | | | 11,271,403 | | | | | | 2.1 | | |
| |
| Shares | | | Value | | | Percentage
of Net
Assets | |
| | | | Mutual Funds(4): 0.4% | |
| 1,818,000 (4)(5) | | | Goldman Sachs Financial
Square Government Fund -
Institutional Shares, 1.500% | | | | | 1,818,000 | | | | | | 0.3 | | |
| 318,000 (4)(5) | | | Morgan Stanley Institutional
Liquidity Funds - Government
Portfolio (Institutional Share
Class), 1.510% | | | | | 318,000 | | | | | | 0.1 | | |
| | | | Total Mutual Funds
(Cost $2,136,000) | | | | | 2,136,000 | | | | | | 0.4 | | |
| | | | Total Short-Term
Investments
(Cost $13,407,403) | | | | | 13,407,403 | | | | | | 2.5 | | |
| | | | Total Investments in
Securities
(Cost $478,946,740) | | | | $ | 528,692,254 | | | | | | 100.4 | | |
| | | | Liabilities in Excess of
Other Assets | | | | | (1,887,783) | | | | | | (0.4) | | |
| | | | Net Assets | | | | $ | 526,804,471 | | | | | | 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, 2019.
See Accompanying Notes to Financial Statements
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Small Company Portfolio | as of December 31, 2019 (continued) |
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
(1)
Non-income producing security.
(2)
The grouping contains non-income producing securities.
(3)
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, 2019.
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 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
December 31, 2019 | |
| Asset Table | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock* | | | | $ | 515,284,851 | | | | | $ | — | | | | | $ | — | | | | | $ | 515,284,851 | | |
| Short-Term Investments | | | | | 2,136,000 | | | | | | 11,271,403 | | | | | | — | | | | | | 13,407,403 | | |
| Total Investments, at fair value | | | | $ | 517,420,851 | | | | | $ | 11,271,403 | | | | | $ | — | | | | | $ | 528,692,254 | | |
^
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, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:
Cost for federal income tax purposes was $489,076,608.
Net unrealized appreciation consisted of:
| | Gross Unrealized Appreciation | | | | $ | 57,280,324 | | |
| | Gross Unrealized Depreciation | | | | | (17,664,678) | | |
| | Net Unrealized Appreciation | | | | $ | 39,615,646 | | |
See Accompanying Notes to Financial Statements
TAX INFORMATION (Unaudited)
Dividends and distributions paid during the year ended December 31, 2019 were as follows:
| Portfolio Name | | | Type | | | Per Share
Amount | | | |
| Voya Balanced Portfolio | | | |
| Class I | | | NII | | | | $ | 0.3676 | | | | |
| Class S | | | NII | | | | $ | 0.3255 | | | | |
| All Classes | | | LTCG | | | | $ | 0.6149 | | | | |
| Voya Global Equity Portfolio | | | |
| Class ADV | | | NII | | | | $ | 0.2368 | | | | |
| Class I | | | NII | | | | $ | 0.2891 | | | | |
| Class S | | | NII | | | | $ | 0.2640 | | | | |
| Class S2 | | | NII | | | | $ | 0.2455 | | | | |
| Class T | | | NII | | | | $ | 0.1717 | | | | |
| All Classes | | | LTCG | | | | $ | 0.5219 | | | | |
| Voya Government Money Market Portfolio | | | |
| Class I | | | NII | | | | $ | 0.0187 | | | | |
| Class I | | | STCG | | | | $ | 0.0007 | | | | |
| Voya Growth and Income Portfolio | | | | | | | |
| Class ADV | | | NII | | | | $ | 0.3440 | | | | |
| Class I | | | NII | | | | $ | 0.4774 | | | | |
| Portfolio Name | | | Type | | | Per Share
Amount | |
| Voya Growth and Income Portfolio (continued) | |
| Class S | | | NII | | | | $ | 0.4026 | | |
| Class S2 | | | NII | | | | $ | 0.3200 | | |
| All Classes | | | STCG | | | | $ | 0.0022 | | |
| All Classes | | | LTCG | | | | $ | 2.9098 | | |
| Voya Intermediate Bond Portfolio | |
| Class ADV | | | NII | | | | $ | 0.3678 | | |
| Class I | | | NII | | | | $ | 0.4359 | | |
| Class S | | | NII | | | | $ | 0.4012 | | |
| Class S2 | | | NII | | | | $ | 0.3806 | | |
| All Classes | | | STCG | | | | $ | 0.0155 | | |
| Voya Small Company Portfolio | |
| Class ADV | | | NII | | | | $ | 0.0004 | | |
| Class I | | | NII | | | | $ | 0.0738 | | |
| Class R6 | | | NII | | | | $ | 0.0738 | | |
| Class S | | | NII | | | | $ | 0.0230 | | |
| All Classes | | | STCG | | | | $ | 0.5381 | | |
| All Classes | | | LTCG | | | | $ | 1.9470 | | |
NII – Net investment income
STCG – Short-term capital gain
LTCG – Long-term capital gain
Of the ordinary distributions made during the year ended December 31, 2019, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:
| | Voya Balanced Portfolio | | | | | 22.43% | | |
| | Voya Global Equity Portfolio | | | | | 56.85% | | |
| | Voya Growth and Income Portfolio | | | | | 99.88% | | |
| | Voya Small Company Portfolio | | | | | 28.73% | | |
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 | | | | $ | 14,753,234 | | |
| | Voya Global Equity Portfolio | | | | $ | 28,703,568 | | |
| | Voya Growth and Income Portfolio | | | | $ | 308,615,727 | | |
| | Voya Small Company Portfolio | | | | $ | 56,993,831 | | |
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.
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: 59 | | | Director/
Trustee
Chairperson | | | May 2013 – Present January 2020 – Present | | | President, Glantuam Partners, LLC, a business consulting firm (January 2009 – Present). | | | 146 | | | Dentaquest (February 2014 –
Present); RSR Partners, Inc. (2016 – Present). | |
John V. Boyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 66 | | | Director/Trustee | | | May 2013 – Present | | | Retired. Formerly, President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008 – December 2019). | | | 146 | | | None. | |
Patricia W. Chadwick
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 71 | | | 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). | | | 146 | | | Wisconsin Energy Corporation (June 2006 – Present); The Royce Fund (22 funds) (December 2009 – Present); and AMICA Mutual Insurance Company (1992 – Present). | |
Martin J. Gavin
7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, AZ 85258
Age: 69 | | | Director/Trustee | | | August 2015 – Present | | | Retired. Formerly, President and Chief Executive Officer, Connecticut Children’s Medical Center (May
2006 – November 2015). | | | 146 | | | None. | |
Joseph E. Obermeyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 62 | | | Director/Trustee | | | January 2003 – Present | | | President, Obermeyer & Associates, Inc., a provider of financial and economic consulting services (November 1999 – Present). | | | 146 | | | None. | |
Sheryl K. Pressler
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 69 | | | Director/Trustee | | | May 2013 – Present | | | Consultant (May 2001 –
Present). | | | 146 | | | None. | |
Christopher P. Sullivan
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 66 | | | Director/Trustee | | | October 2015 – Present | | | Retired. | | | 146 | | | None. | |
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: 46 | | | 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). | | | 146 | | | Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Voya Investments Distributor, LLC (April 2018 –
Present). | |
(1)
Directors/Trustees serve until their successors are duly elected and qualified. The tenure of each Director/Trustee who is not an “interested person” as defined in the 1940 Act, of each Portfolio (“Independent Director/Trustee”) is subject to the Board’s retirement policy which states that each duly elected or appointed Independent Director/Trustee shall retire from and cease to be a member of the Board of Directors/Trustees at the close of business on December 31 of the calendar year in which the Independent Director/Trustee attains the age of 75. A majority vote of the Board’s other Independent Directors /Trustees may extend the retirement date of an Independent Director/Trustee if the retirement would trigger a requirement to hold a meeting of shareholders of the Company/Trust under applicable law, whether for the purposes of appointing a successor to the Independent Director/Trustee or otherwise comply under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Directors/Trustees).
(2)
For the purposes of this table, “Fund Complex” means the Voya family of funds including the following investment companies: Voya Asia Pacific High Dividend Equity Income Fund; Voya Balanced Portfolio, Inc.; Voya Emerging Markets High Dividend Equity Fund; Voya Equity Trust; Voya Funds Trust; Voya Global Advantage and Premium Opportunity Fund; Voya Global Equity Dividend and Premium Opportunity Fund; Voya Government Money Market Portfolio; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya International High Dividend Equity Income Fund; Voya Investors Trust; Voya Mutual Funds; Voya Natural Resources Equity Income Fund; Voya Partners, Inc.; Voya Prime Rate Trust; Voya Senior Income Fund; Voya Separate Portfolios Trust; Voya 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, 2020.
*
Effective December 31, 2019, Russell H. Jones and Roger B. Vincent each retired as a Director/Trustee of the Board.
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: 51 | | | 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: 46 | | | 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). | |
Stanley D. Vyner
230 Park Avenue
New York, New York 10169
Age: 69 | | | Executive Vice President Chief Investment Risk Officer | | | March 2002 – Present May 2013 – Present | | | Executive Vice President, Voya Investments, LLC (July 2000 –
Present) and Chief Investment Risk Officer, Voya Investments, LLC (January 2003 – Present). | |
James M. Fink
5780 Powers Ferry Road NW
Atlanta, Georgia 30327
Age: 61 | | | 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: 53 | | | 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: 52 | | | 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: 55 | | | Senior Vice President | | | December 2003 – Present | | | Senior Vice President, Voya Investments, LLC (September
2003 – Present). | |
Robert Terris
5780 Powers Ferry Road NW
Atlanta, Georgia 30327
Age: 49 | | | Senior Vice President | | | June 2006 – Present | | | Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (March 2006 – Present). | |
Fred Bedoya
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 47 | | | Vice President and Treasurer | | | September 2012 – Present | | | Vice President, Voya Investments, LLC (October 2015 –
Present) and Voya Funds Services, LLC (July 2012 – Present). | |
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 | |
Maria M. Anderson
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 61 | | | 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: 60 | | | Vice President | | | September 2014 – Present | | | Vice President, Voya Investments, LLC (October 2015 –
Present). Formerly, Vice President, Voya Funds Services, LLC (April 2014 – October 2015). | |
Micheline S. Faver
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 42 | | | Vice President | | | September 2016 – Present | | | Vice President, Head of Fund Compliance and Chief Compliance Officer, Voya Investments, LLC (June 2016 –
Present). Formerly, Vice President, Mutual Fund Compliance (March 2014 – June 2016). | |
Robyn L. Ichilov
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 52 | | | 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: 43 | | | 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: 43 | | | 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: 50 | | | Vice President | | | May 2013 – Present | | | Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present). Formerly, Vice President – Director of Tax, Voya Funds Services, LLC (March 2013 – October 2015). | |
Monia Piacenti
One Orange Way
Windsor, Connecticut 06095
Age: 43 | | | 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). | |
Theresa K. Kelety
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 57 | | | Secretary | | | January 2020 – Present | | | Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (March
2010 – Present). | |
Paul A. Caldarelli
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 68 | | | Assistant Secretary | | | August 2010 – Present | | | Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (March
2010 – Present). | |
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 | |
Joanne F. Osberg
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 38 | | | Assistant Secretary | | | January 2020 – Present | | | Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (January 2013 – 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.
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 21, 2019, the Boards of Directors/Trustees (“Board”) of Voya Balanced Portfolio, Inc., Voya Government Money Market Portfolio, Voya Intermediate Bond Portfolio, Voya Variable Funds, and Voya Variable Portfolios, Inc. (collectively, the “Registrants”), including a majority of the Independent Directors/Trustees, considered and approved the renewal of the investment management contracts (the “Management Contracts”) between Voya Investments, LLC (the “Manager”) and the Registrants, on behalf of Voya Balanced Portfolio, Voya Global Equity Portfolio, Voya Growth and Income Portfolio, Voya Intermediate Bond Portfolio, Voya Government Money Market Portfolio, and Voya Small Company Portfolio (the “Portfolios”), and the sub-advisory contracts (the “Sub-Advisory Contracts,” 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, 2020. In determining to renew such contracts, the Board considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other matters.
In addition to the Board meeting on November 21, 2019, 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 9, 2019, and November 19, 2019, specifically to review and consider materials related to the proposed continuance of the Contracts that they 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. Subsequent references herein to factors considered and determinations made by the Independent Directors/Trustees and/or the Board include, as applicable, factors considered and determinations made at those meetings by the Independent Directors/Trustees. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund’s investment management and sub-advisory relationships separately.
The Board follows a process pursuant to which it seeks and considers relevant information when it evaluates whether to renew existing investment management and sub-advisory contracts for the Voya funds. The Board has established a Contracts Committee and Investment
Review Committees (the “IRCs”), each of which includes only Independent Directors/Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process, among other functions, and each IRC meets several times throughout the year to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers, with respect to each Voya fund that is assigned to that IRC.
The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”) related to the investment management and sub-advisory contract renewal process. The Methodology Guide sets out a framework pursuant to which the Independent Directors/Trustees request, and management provides, certain information that the Independent Directors/Trustees deem to be important or potentially relevant. The Independent Directors/Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Portfolio (“Selected Peer Group”) based on that Portfolio’s particular attributes, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data (“Morningstar”)), sales channels and structure and the Portfolio share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data including, but not limited to, investment performance, fee structure, and expense information prepared in connection with the renewal process. In addition, the Independent Directors/Trustees periodically have retained, including most recently in 2018, an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.
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 overarching, and each Board member may have accorded different weight to the various factors in reaching his or her conclusions with respect to each Portfolio’s investment management and sub-advisory arrangements.
Nature, Extent and Quality of Services
The Manager oversees, subject to the authority of the Board, and is responsible for the provision of all investment advisory and portfolio management services for the
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
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. The Board was advised that, in connection with the Manager’s performance of these duties, the Manager has developed an oversight process formulated by its Manager Research & Selection Group which reviews, among other matters, performance data, the Sub-Adviser’s management team, portfolio data and attribution analysis related to the Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site visits, and telephonic meetings with the Sub-Adviser.
Further, the Board considered periodic compliance reports it receives from the Registrants’ Chief Compliance Officer evaluating whether the regulatory compliance systems and procedures of the Manager and the Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Portfolio are consistently complied with, and other periodic reports covering related matters.
The Board considered the portfolio management team assigned by the Sub-Adviser to the Portfolios and the level of resources committed to the Portfolios (and other relevant funds in the Voya funds) by the Manager and the Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Portfolios.
Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and the Sub-Adviser under the Contracts were appropriate.
Portfolio Performance
In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Portfolio, including its investment performance over certain time periods compared to the Portfolio’s Morningstar category and primary benchmark, a broad-based securities market index that appears in the Portfolio’s prospectus. In addition, the Board considered Voya Global Equity Portfolio’s investment performance compared to an additional performance peer group that is approved by the Portfolio’s IRC due to the unique investment structure or strategy of the Portfolio. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Portfolio’s performance and risk, including risk-adjusted investment return information, from the Registrants’ Chief Investment Risk Officer.
Economies of Scale
When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser as a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. In this regard, the Board noted any breakpoints in management fee schedules that will result in a lower management fee rate when a Portfolio achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, while some of the Portfolios do not have management fee breakpoints, they may have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or the Sub-Adviser could be shared with each Portfolio through such fee waivers, expense reimbursements or other expense reductions. In evaluating these matters, the Independent 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 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
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
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 is entitled to earn a reasonable level of profits for the services that it provides to the Portfolios. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Portfolios, including their ability to engage in soft-dollar transactions on behalf of the Portfolios. Following its reviews, the Board determined that the Manager’s and the Voya-affiliated Sub-Adviser’s profitability with respect to their services to the Portfolios and the Manager and Sub-Adviser’s potential fall-out benefits were not unreasonable.
Portfolio-by-Portfolio Analysis
Set forth below are certain of the specific factors that the Board considered at its October 9, 2019, November 19, 2019, and/or November 21, 2019 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, 2019. In addition, the Board also considered at its October 9, 2019, November 19, 2019, and November 21, 2019 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 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, 2019: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
year-to-date, three-year, five-year and ten-year periods, and the fourth quintile for the one-year period; and (2) the Portfolio underperformed its primary benchmark for the one-year, three-year and five-year periods, and outperformed for the year-to-date and ten-year 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 fourth 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. In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Portfolio’s pricing is competitive.
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, 2020. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
Voya Global Equity Portfolio
In considering whether to approve the renewal of the Contracts for Voya Global Equity Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (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 analyzing this performance data, the Board took into account that the Portfolio outperformed an additional performance peer
group that was approved by the Portfolio’s IRC due to the unique investment strategy of the Portfolio 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 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 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 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.
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, 2020. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
Voya Government Money Market Portfolio
In considering whether to approve the renewal of the Contracts for Voya Government Money Market Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio outperformed its Morningstar category average for all periods presented; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which its performance was equal to the performance of its primary benchmark.
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
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
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 third 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, 2020. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
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, 2019: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the one-year and three-year periods, the fourth quintile for the five-year and ten-year periods, and the fifth quintile for the year-to-date period; 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.
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, 2020. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
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, 2019: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the three-year, five-year and ten-year periods, the second quintile for the year-to-date period, and the third quintile for the one-year period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the one-year period, during which it underperformed.
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 fourth 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 fourth 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. In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Portfolio’s pricing is competitive.
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
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, 2020. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
Voya Small Company Portfolio
In considering whether to approve the renewal of the Contracts for Voya Small Company Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date and five-year periods, the third quintile for the three-year and ten-year periods, and the fourth quintile for the one-year period; 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 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 fourth 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. In analyzing this fee data, the Board took into account: (1) that, as directed by the Board during the 2019 annual contract renewal cycle, lower expense limits were implemented for the Portfolio, effective January 1, 2020; and (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive.
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, 2020. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Distributor
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809
Independent Registered Public Accounting Firm
KPMG LLP
Two Financial Center
60 South Street
Boston, Massachusetts 02111
Custodian
The Bank of New York Mellon
225 Liberty Street
New York, New York 10286
Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199
Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.
RETIREMENT | INVESTMENTS | INSURANCE
voyainvestments.com
VPAR-CAPAPALL (1219-022120)
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 Directors 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.
| (a) | Audit Fees: The aggregate fees billed for each of the last two fiscal years for professional services rendered by KPMG LLP (“KPMG”), the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $7,467 for the year ended December 31, 2019 and $7,469 for the year ended December 31, 2018. |
| (b) | Audit-Related Fees: The aggregate fees billed in each of the last two fiscal years for assurance and related services by KPMG that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 for the year ended December 31, 2019 and $2,700 for the year ended December 31, 2018. |
| (c) | Tax Fees: The aggregate fees billed in each of the last two fiscal years for professional services rendered by KPMG for tax compliance, tax advice, and tax planning were $4,908 for the year ended December 31, 2019 and $5,572 for the year ended December 31, 2018. Such services included review of excise distribution calculations (if applicable), preparation of the Funds’ federal, state, and excise tax returns, tax services related to mergers and routine consulting. |
| (d) | All Other Fees: The aggregate fees billed in each of the last two fiscal years for products and services provided by KPMG, other than the services reported in paragraphs (a) through (c) of this Item were $133 for the year ended December 31, 2019 and $0 for the year ended December 31, 2018. |
| (e)(1) | Audit Committee Pre-Approval Policies and Procedures |
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 onExhibit A to this Audit and Non-Audit Services Pre-Approval Policy (“Policy”) is responsible for the oversight of the work of the Funds’ independent auditors. As part of its responsibilities, the Committee must pre-approve the audit and non-audit services performed by the auditors in order to assure that the provision of these services does not impair the auditors’ independence from the Funds. The Committee has adopted, and the Board has ratified, this Policy, which sets out the procedures and conditions under which the services of the independent auditors may be pre-approved.
Under Securities and Exchange Commission (“SEC”) rules promulgated in accordance with the Act, the Funds may establish two different approaches to pre-approving audit and non-audit services. The Committee may approve services without consideration of specific case-by-case services (“general pre-approval”) or it may pre-approve specific services (“specific pre-approval”). The Committee believes that the combination of these approaches contemplated in this Policy results in an effective and efficient method for pre-approving audit and non-audit services to be performed by the Funds’ independent auditors. Under this Policy, services that are not of a type that may receive general pre-approval require specific pre-approval by the Committee. Any proposed services that exceed pre-approved cost levels or budgeted amounts will also require the Committee’s specific pre-approval.
For both types of approval, the Committee considers whether the subject services are consistent with the SEC’s rules on auditor independence and that such services are compatible with maintaining the auditors independence. The Committee also considers whether a particular audit firm is in the best position to provide effective and efficient services to the Funds. Reasons that the auditors are in the best position include the auditors’ familiarity with the Funds’ business, personnel, culture, accounting systems, risk profile, and other factors, and whether the services will enhance the Funds’ ability to manage and control risk or improve audit quality. Such factors will be considered as a whole, with no one factor being determinative.
The appendices attached to this Policy describe the audit, audit-related, tax-related, and other services that have the Committee’s general pre-approval. For any service that has been approved through general pre-approval, the general pre-approval will remain in place for a period 12 months from the date of pre-approval, unless the Committee determines that a different period is appropriate. The Committee will annually review and pre-approve the services that may be provided by the independent auditors without specific pre-approval. The Committee will revise the list of services subject to general pre-approval as appropriate. This Policy does not serve as a delegation to Fund management of the Committee’s duty to pre-approve services performed by the Funds’ independent auditors.
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.
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.
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).
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.
The Committee may delegate pre-approval authority to one or more of the Committee’s members. Any member or members to whom such pre-approval authority is delegated must report any pre-approval decisions, including any pre-approved services, to the Committee at its next scheduled meeting. The Committee will identify any member to whom pre-approval authority is delegated in writing. The member will retain such authority for a period of 12 months from the date of pre-approval unless the Committee determines that a different period is appropriate. The period of delegated authority may be terminated by the Committee or at the option of the member.
| IX. | Additional Requirements |
The Committee will take any measures the Committee deems necessary or appropriate to oversee the work of the independent auditors and to assure the auditors’ independence from the Funds. This may include reviewing a formal written statement from the independent auditors delineating all relationships between the auditors and the Funds, consistent with Independence Standards Board No. 1, and discussing with the auditors their methods and procedures for ensuring independence.
Part of KPMG’s performance of an audit in accordance with standards of the Public Company Accounting Oversight Board (US) includes their responsibility to maintain and monitor auditor independence with respect to the Voya funds. Using a proprietary system called Sentinel, the audit team is able to identify and manage potential conflicts of interest across the member firms of the KPMG International Network and prevent the provision of prohibited services to the Voya entities that would impair KPMG independence with the respect to the Voya funds. KPMG requests pre-approval from the Voya funds Audit Committee for services provided to the Voya funds and for services to affiliated entities that relate to the financial reporting or nature of operations of the Voya Funds. Additionally, KPMG provides an annual summary of the fees for services that have commenced for Voya funds and Affiliates.
Last Approved: November 16, 2018
Appendix A
Pre-Approved Audit Services for the Pre-Approval Period January 1, 2019 through December 31, 2019
| Service | The Fund(s) | Fee Range |
| | | |
| Statutory audits or financial audits (including tax services associated with audit services) | √ | As presented to Audit Committee1 |
| | | |
| Services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., consents), and assistance in responding to SEC comment letters. | √ | Not to exceed $9,750 per filing |
| | | |
| Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. | √ | Not to exceed $8,000 during the Pre- Approval Period |
| | | |
| Seed capital audit and related review and issuance of consent on the N-2 registration statement | √ | Not to exceed $14,750 per audit |
| | | |
| Audit of summary portfolio of investments | √ | Not to exceed $565 per fund |
| 1 | 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, 2019 through December 31, 2019
| 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, 2019 through December 31, 2019
| 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 |
| 2 | 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 C,continued
Pre-Approved Tax Services for the Pre-Approval Period January 1, 2019 through December 31, 2019
| 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 and similar routine tax consultations as requested. | √ | | Not to exceed $120,000 during the Pre- Approval Period |
Appendix D
Pre-Approved Other Services for the Pre-Approval Period January 1, 2019 through December 31, 2019
| 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) | √ | √ | Not to exceed $5,700 per Fund during the Pre- |
| | | | Approval |
| Cost to be borne 50% by the Funds and 50% by Voya Investments, LLC. | | | 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, 2019 to December 31, 2019
| · | 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 |
| · | Internal audit outsourcing services |
| · | Broker-dealer, investment adviser, or investment banking 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 PRIME RATE TRUST
VOYA NATURAL RESOURCES EQUITY INCOME FUND
VOYA SENIOR INCOME FUND
VOYA SEPARATE PORTFOLIOS TRUST
VOYA SERIES FUND, INC.
VOYA STRATEGIC ALLOCATIONS PORTFOLIOS, INC.
VOYA VARIABLE FUNDS
VOYA VARIABLE INSURANCE TRUST
VOYA VARIABLE PORTFOLIOS, INC.
VOYA VARIABLE PRODUCTS TRUST
| (e)(2) | Percentage of services referred to in 4(b) – (4)(d) that were approved by the audit committee |
| | 100% of the services were approved by the audit committee. |
| (f) | Percentage of hours expended attributable to work performed by other than full time employees of KPMG if greater than 50% |
| (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, 2019 and December 31, 2018; 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 | | 2019 | | | 2018 | |
| Voya Balanced Portfolio, Inc. | | $ | 5,041 | | | $ | 8,272 | |
| Voya Investments, LLC (1) | | $ | 107,750 | | | $ | 38,950 | |
(1) Each Registrant’s investment adviser and any of its affiliates, which are subsidiaries of Voya Financial, Inc.
| (h) | Principal Accountants Independence: The Registrant’s Audit committee has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with |
| | the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining KPMG’s independence. |
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
Complete schedule of investments filed herein.
Report of Independent Registered Public Accounting Firm
To the Shareholders of the Fund and Board of Directors
Voya Balanced Portfolio, Inc.:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Voya Balanced Portfolio (the “Fund”), a series of Voya Balanced Portfolio, Inc., including the summary portfolio of investments, as of December 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the related notes (collectively, the “financial statements”) the financial highlights for each of the years in the five-year period then ended (the financial statements and financial highlights are included in Item 1 of this Form N-CSR), and the portfolio of investments as of December 31, 2019 (included in Item 6 of this Form N-CSR). In our opinion, the financial statements, financial highlights, and portfolio of investments present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements, financial highlights, and portfolio of investments are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements, financial highlights, and portfolio 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 Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements, financial highlights, and portfolio of investments are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, financial highlights, and portfolio 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, financial highlights, and portfolio of investments. Such procedures also included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more Voya investment companies since 1975.
Boston, Massachusetts
February 26, 2020
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS |
| as ofDecember 31, 2019 |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: 48.5% | |
| | | | Communication Services: 4.2% | | | | | | | | |
| 3,038(1) | | Alphabet, Inc. - Class A | | $ | 4,069,067 | | | | 1.1 | |
| 20,800(1) | | Altice USA, Inc. | | | 568,672 | | | | 0.1 | |
| 7,691(1) | | AMC Networks, Inc. | | | 303,794 | | | | 0.1 | |
| 50,629 | | AT&T, Inc. | | | 1,978,581 | | | | 0.5 | |
| 12,615(2) | | Auto Trader Group PLC | | | 99,623 | | | | 0.1 | |
| 27,502 | | BT Group PLC | | | 70,081 | | | | 0.0 | |
| 1,719 | | Cinemark Holdings, Inc. | | | 58,188 | | | | 0.0 | |
| 39,143 | | Comcast Corp. – Class A | | | 1,760,261 | | | | 0.5 | |
| 11,703(1) | | Facebook, Inc. - Class A | | | 2,402,041 | | | | 0.6 | |
| 5,574 | | Fox Corp. - Class A | | | 206,628 | | | | 0.0 | |
| 5,600 | | Hakuhodo DY Holdings, Inc. | | | 90,110 | | | | 0.0 | |
| 37,000 | | HKT Trust / HKT Ltd. | | | 52,143 | | | | 0.0 | |
| 9,302 | | Interpublic Group of Cos., Inc. | | | 214,876 | | | | 0.1 | |
| 2,800 | | KDDI Corp. | | | 83,542 | | | | 0.0 | |
| 1,200 | | Konami Holdings Corp. | | | 49,311 | | | | 0.0 | |
| 46,884 | | Koninklijke KPN NV | | | 138,748 | | | | 0.1 | |
| 9,244(1) | | Liberty Global PLC - Class A | | | 210,209 | | | | 0.1 | |
| 4,211(1) | | Live Nation Entertainment, Inc. | | | 300,960 | | | | 0.1 | |
| 465(3) | | Meredith Corp. | | | 15,098 | | | | 0.0 | |
| 4,200(1) | | Nexon Co. Ltd. | | | 55,714 | | | | 0.0 | |
| 2,780 | | Omnicom Group | | | 225,236 | | | | 0.1 | |
| 14,498(1) | | Orange SA | | | 213,067 | | | | 0.1 | |
| 8,108 | | Pearson PLC | | | 68,498 | | | | 0.0 | |
| 951 | | Publicis Groupe | | | 43,120 | | | | 0.0 | |
| 1,689 | | Schibsted ASA - Class B | | | 48,267 | | | | 0.0 | |
| 7,926 | | Sinclair Broadcast Group, Inc. | | | 264,253 | | | | 0.1 | |
| 1,600 | | SoftBank Group Corp. | | | 69,467 | | | | 0.0 | |
| 25,942 | | Spark New Zealand Ltd. | | | 75,647 | | | | 0.0 | |
| 8,937 | | Telefonica S.A. | | | 62,498 | | | | 0.0 | |
| 1,633 | | Telephone & Data Systems, Inc. | | | 41,527 | | | | 0.0 | |
| 1,524 | | TripAdvisor, Inc. | | | 46,299 | | | | 0.0 | |
| 11,515 | | Verizon Communications, Inc. | | | 707,021 | | | | 0.2 | |
| 99,105 | | Vodafone Group PLC | | | 192,401 | | | | 0.1 | |
| 3,563 | | Walt Disney Co. | | | 515,317 | | | | 0.1 | |
| 229(3) | | World Wrestling Entertainment, Inc. | | | 14,855 | | | | 0.0 | |
| 7,342(1) | | Yelp, Inc. | | | 255,722 | | | | 0.1 | |
| | | | | | 15,570,842 | | | | 4.2 | |
| | | | | | | | | | | |
| | | Consumer Discretionary: 4.9% | | | | | | | | |
| 628 | | Aarons, Inc. | | | 35,865 | | | | 0.0 | |
| 585 | | Adidas AG | | | 190,166 | | | | 0.1 | |
| 941(1) | | Adtalem Global Education, Inc. | | | 32,907 | | | | 0.0 | |
| 2,043(1) | | Amazon.com, Inc. | | | 3,775,137 | | | | 1.0 | |
| 2,778 | | American Eagle Outfitters, Inc. | | | 40,837 | | | | 0.0 | |
| 680(1) | | Autozone, Inc. | | | 810,091 | | | | 0.2 | |
| 6,780 | | Barratt Developments PLC | | | 67,132 | | | | 0.0 | |
| 1,097(3) | | Bed Bath & Beyond, Inc. | | | 18,978 | | | | 0.0 | |
| 1,600 | | Benesse Holdings, Inc. | | | 42,056 | | | | 0.0 | |
| 476(1) | | Booking Holdings, Inc. | | | 977,575 | | | | 0.3 | |
| 325 | | BorgWarner, Inc. | | | 14,098 | | | | 0.0 | |
| 1,054 | | Boyd Gaming Corp. | | | 31,557 | | | | 0.0 | |
| 1,345 | | Brunswick Corp. | | | 80,673 | | | | 0.0 | |
| 1,433(1) | | Caesars Entertainment Corp. | | | 19,489 | | | | 0.0 | |
| 411(3) | | Cheesecake Factory | | | 15,971 | | | | 0.0 | |
| 1,313 | | Cie Generale des Etablissements Michelin SCA | | | 161,577 | | | | 0.1 | |
| 2,547 | | Compass Group PLC | | | 63,833 | | | | 0.0 | |
| 131(3) | | Cracker Barrel Old Country Store, Inc. | | | 20,140 | | | | 0.0 | |
| 4,275 | | Dana, Inc. | | | 77,805 | | | | 0.0 | |
| 3,372 | | Darden Restaurants, Inc. | | | 367,582 | | | | 0.1 | |
| 2,403(1) | | Deckers Outdoor Corp. | | | 405,771 | | | | 0.1 | |
| 1,544 | | Delphi Technologies PLC | | | 19,809 | | | | 0.0 | |
| 1,153(3) | | Dick's Sporting Goods, Inc. | | | 57,062 | | | | 0.0 | |
| 514 | | Domino's Pizza, Inc. | | | 151,003 | | | | 0.1 | |
| 518(1),(3) | | Eldorado Resorts, Inc. | | | 30,893 | | | | 0.0 | |
| 1,061(1) | | Etsy, Inc. | | | 47,002 | | | | 0.0 | |
| 4,747 | | Expedia Group, Inc. | | | 513,341 | | | | 0.2 | |
| 753 | | Faurecia SE | | | 40,879 | | | | 0.0 | |
| 9,063 | | Fiat Chrysler Automobiles NV | | | 134,373 | | | | 0.1 | |
| 379(1) | | Five Below, Inc. | | | 48,459 | | | | 0.0 | |
| 1,304 | | Foot Locker, Inc. | | | 50,843 | | | | 0.0 | |
| 2,901 | | Gentex Corp. | | | 84,071 | | | | 0.0 | |
| 134,800 | | Genting Singapore Ltd. | | | 92,310 | | | | 0.0 | |
| 128(1) | | Helen of Troy Ltd. | | | 23,013 | | | | 0.0 | |
| 57 | | Hermes International | | | 42,699 | | | | 0.0 | |
| 400 | | Hikari Tsushin, Inc. | | | 100,519 | | | | 0.0 | |
| 3,181 | | Hilton Worldwide Holdings, Inc. | | | 352,805 | | | | 0.1 | |
| 5,676 | | Home Depot, Inc. | | | 1,239,525 | | | | 0.3 | |
| 469 | | Jack in the Box, Inc. | | | 36,596 | | | | 0.0 | |
| 2,144 | | KB Home | | | 73,475 | | | | 0.0 | |
| 342 | | Kering SA | | | 225,350 | | | | 0.1 | |
| 261 | | Lear Corp. | | | 35,809 | | | | 0.0 | |
| 878 | | LVMH Moet Hennessy Louis Vuitton SE | | | 409,109 | | | | 0.1 | |
| 1,181 | | McDonald's Corp. | | | 233,377 | | | | 0.1 | |
| 1,100 | | McDonald's Holdings Co. Japan Ltd. | | | 52,997 | | | | 0.0 | |
| 13,047(1) | | Norwegian Cruise Line Holdings Ltd. | | | 762,075 | | | | 0.2 | |
| 12(1) | | NVR, Inc. | | | 45,701 | | | | 0.0 | |
| 286(1),(3) | | Ollie's Bargain Outlet Holdings, Inc. | | | 18,679 | | | | 0.0 | |
| 1,109(1) | | O'Reilly Automotive, Inc. | | | 486,030 | | | | 0.1 | |
| 1,659(1) | | Penn National Gaming, Inc. | | | 42,404 | | | | 0.0 | |
| 1,670 | | Persimmon PLC | | | 59,651 | | | | 0.0 | |
| 8,400 | | Peugeot S.A. | | | 202,249 | | | | 0.1 | |
| 152 | | Pool Corp. | | | 32,282 | | | | 0.0 | |
| 611 | | Pulte Group, Inc. | | | 23,707 | | | | 0.0 | |
| 2,854 | | Ralph Lauren Corp. | | | 334,546 | | | | 0.1 | |
| 1,109 | | Renault S.A. | | | 52,664 | | | | 0.0 | |
| 6,461 | | Ross Stores, Inc. | | | 752,190 | | | | 0.2 | |
| 1,336(1) | | Sally Beauty Holdings, Inc. | | | 24,382 | | | | 0.0 | |
| 2,200 | | Sankyo Co., Ltd. | | | 73,068 | | | | 0.0 | |
| 4,400 | | Sekisui House Ltd. | | | 93,961 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS |
| as ofDecember 31, 2019 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | | |
| | | | Consumer Discretionary: (continued) | | | | | | | | |
| 2,856 | | | Service Corp. International | | | 131,462 | | | | 0.0 | |
| 471 | | | Six Flags Entertainment Corp. | | | 21,247 | | | | 0.0 | |
| 1,577(1) | | | Skechers USA, Inc. | | | 68,111 | | | | 0.0 | |
| 3,600 | | | Sony Corp. | | | 244,432 | | | | 0.1 | |
| 2,000 | | | Stanley Electric Co., Ltd. | | | 57,763 | | | | 0.0 | |
| 14,516 | | | Starbucks Corp. | | | 1,276,247 | | | | 0.4 | |
| 4,383 | | | Target Corp. | | | 561,944 | | | | 0.2 | |
| 37,083 | | | Taylor Wimpey PLC | | | 95,084 | | | | 0.0 | |
| 166(1) | | | Tempur Sealy International, Inc. | | | 14,452 | | | | 0.0 | |
| 1,016 | | | Toll Brothers, Inc. | | | 40,142 | | | | 0.0 | |
| 1,600 | | | Toyota Motor Corp. | | | 112,738 | | | | 0.1 | |
| 2,497 | | | Tractor Supply Co. | | | 233,320 | | | | 0.1 | |
| 1,921 | | | Wendy's Company | | | 42,665 | | | | 0.0 | |
| 2,943 | | | Wesfarmers Ltd. | | | 85,529 | | | | 0.0 | |
| 407 | | | Williams-Sonoma, Inc. | | | 29,890 | | | | 0.0 | |
| 10,035 | | | Wyndham Destinations, Inc. | | | 518,709 | | | | 0.2 | |
| 8,400 | | | Yamada Denki Co., Ltd. | | | 44,571 | | | | 0.0 | |
| 2,366 | | | Yum! Brands, Inc. | | | 238,327 | | | | 0.1 | |
| | | | | | | 18,164,781 | | | | 4.9 | |
| | | | | | | | | | | | |
| | | | Consumer Staples: 3.7% | | | | | | | | |
| 17,700 | | | Altria Group, Inc. | | | 883,407 | | | | 0.2 | |
| 1,600 | | | Asahi Group Holdings, Ltd. | | | 72,993 | | | | 0.0 | |
| 414 | | | Beiersdorf AG | | | 49,527 | | | | 0.0 | |
| 2,315(1) | | | BJ's Wholesale Club Holdings, Inc. | | | 52,643 | | | | 0.0 | |
| 5,870 | | | British American Tobacco PLC | | | 249,489 | | | | 0.1 | |
| 1,200 | | | Carlsberg A/S | | | 179,083 | | | | 0.1 | |
| 6,349 | | | Coca-Cola Co. | | | 351,417 | | | | 0.1 | |
| 2,851 | | | Coca-Cola European Partners PLC - USD | | | 145,059 | | | | 0.1 | |
| 827 | | | Danone | | | 68,679 | | | | 0.0 | |
| 1,281 | | | Diageo PLC | | | 53,977 | | | | 0.0 | |
| 5,087 | | | Essity AB | | | 163,833 | | | | 0.0 | |
| 4,909 | | | General Mills, Inc. | | | 262,926 | | | | 0.1 | |
| 6,347 | | | Hershey Co. | | | 932,882 | | | | 0.3 | |
| 7,767 | | | Imperial Brands PLC | | | 192,159 | | | | 0.1 | |
| 848 | | | Ingredion, Inc. | | | 78,822 | | | | 0.0 | |
| 9,354 | | | Koninklijke Ahold Delhaize NV | | | 234,528 | | | | 0.1 | |
| 100 | | | Lancaster Colony Corp. | | | 16,010 | | | | 0.0 | |
| 501 | | | L'Oreal S.A. | | | 148,150 | | | | 0.0 | |
| 900 | | | MEIJI Holdings Co., Ltd. | | | 60,822 | | | | 0.0 | |
| 15,530 | | | Mondelez International, Inc. | | | 855,392 | | | | 0.2 | |
| 5,184(1) | | | Monster Beverage Corp. | | | 329,443 | | | | 0.1 | |
| 3,930 | | | Nestle SA | | | 425,483 | | | | 0.1 | |
| 7,247 | | | Nu Skin Enterprises, Inc. | | | 296,982 | | | | 0.1 | |
| 10,885 | | | Orkla ASA | | | 110,383 | | | | 0.0 | |
| 8,373 | | | PepsiCo, Inc. | | | 1,144,338 | | | | 0.3 | |
| 13,985 | | | Philip Morris International, Inc. | | | 1,189,984 | | | | 0.3 | |
| 917(1) | | | Pilgrim's Pride Corp. | | | 30,000 | | | | 0.0 | |
| 2,000(3) | | | Pola Orbis Holdings, Inc. | | | 47,638 | | | | 0.0 | |
| 987(1) | | | Post Holdings, Inc. | | | 107,682 | | | | 0.0 | |
| 20,400 | | | Procter & Gamble Co. | | | 2,547,960 | | | | 0.7 | |
| 2,900 | | | Sundrug Co., Ltd. | | | 104,928 | | | | 0.0 | |
| 3,584 | | | Swedish Match AB | | | 184,636 | | | | 0.1 | |
| 53,723 | | | Tesco PLC | | | 181,565 | | | | 0.1 | |
| 1,000 | | | Toyo Suisan Kaisha Ltd. | | | 42,466 | | | | 0.0 | |
| 4,818 | | | Treasury Wine Estates Ltd. | | | 54,881 | | | | 0.0 | |
| 6,989 | | | Tyson Foods, Inc. | | | 636,278 | | | | 0.2 | |
| 5,100 | | | Unilever NV | | | 292,694 | | | | 0.1 | |
| 6,256 | | | Walmart, Inc. | | | 743,463 | | | | 0.2 | |
| 128,500(2) | | | WH Group Ltd. | | | 132,866 | | | | 0.0 | |
| 31,477 | | | WM Morrison Supermarkets PLC | | | 83,306 | | | | 0.0 | |
| | | | | | | 13,738,774 | | | | 3.7 | |
| | | | | | | | | | | | |
| | | | Energy: 2.0% | | | | | | | | |
| 732(1) | | | Apergy Corp. | | | 24,727 | | | | 0.0 | |
| 16,326 | | | BP PLC | | | 102,704 | | | | 0.0 | |
| 15,333 | | | Chevron Corp. | | | 1,847,780 | | | | 0.5 | |
| 17,544 | | | ConocoPhillips | | | 1,140,886 | | | | 0.3 | |
| 7,499 | | | ENI S.p.A. | | | 116,469 | | | | 0.1 | |
| 3,302 | | | EOG Resources, Inc. | | | 276,575 | | | | 0.1 | |
| 4,275 | | | EQT Corp. | | | 46,597 | | | | 0.0 | |
| 3,107 | | | Equinor ASA | | | 61,961 | | | | 0.0 | |
| 13,731 | | | Exxon Mobil Corp. | | | 958,149 | | | | 0.3 | |
| 2,963 | | | Galp Energia SGPS SA | | | 49,743 | | | | 0.0 | |
| 5,091 | | | HollyFrontier Corp. | | | 258,165 | | | | 0.1 | |
| 1,724 | | | Lundin Petroleum AB | | | 58,538 | | | | 0.0 | |
| 5,876 | | | Marathon Petroleum Corp. | | | 354,029 | | | | 0.1 | |
| 4,681 | | | Neste OYJ | | | 162,877 | | | | 0.0 | |
| 1,636 | | | OMV AG | | | 91,657 | | | | 0.0 | |
| 3,502 | | | Patterson-UTI Energy, Inc. | | | 36,771 | | | | 0.0 | |
| 2,030 | | | PBF Energy, Inc. | | | 63,681 | | | | 0.0 | |
| 3,607 | | | Phillips 66 | | | 401,856 | | | | 0.1 | |
| 12,583 | | | Repsol SA | | | 197,682 | | | | 0.1 | |
| 11,927 | | | Royal Dutch Shell PLC - Class A | | | 353,211 | | | | 0.1 | |
| 1,811 | | | Total SA | | | 100,494 | | | | 0.0 | |
| 7,418 | | | Valero Energy Corp. | | | 694,696 | | | | 0.2 | |
| 5,117 | | | Washington H Soul Pattinson & Co. Ltd. | | | 77,195 | | | | 0.0 | |
| 909 | | | World Fuel Services Corp. | | | 39,469 | | | | 0.0 | |
| 2,141(1) | | | WPX Energy, Inc. | | | 29,417 | | | | 0.0 | |
| | | | | | | 7,545,329 | | | | 2.0 | |
| | | | | | | | | | | | |
| | | | Financials: 6.9% | | | | | | | | |
| 3,685 | | | 3i Group PLC | | | 53,623 | | | | 0.0 | |
| 6,256(2) | | | ABN AMRO Bank NV | | | 114,025 | | | | 0.0 | |
| 3,891 | | | Aflac, Inc. | | | 205,834 | | | | 0.1 | |
| 4,400 | | | AIA Group Ltd. | | | 46,279 | | | | 0.0 | |
| 25(1) | | | Alleghany Corp. | | | 19,989 | | | | 0.0 | |
| 1,498 | | | Allianz SE | | | 367,053 | | | | 0.1 | |
| 1,877 | | | Allstate Corp. | | | 211,069 | | | | 0.1 | |
| 10,193 | | | Ally Financial, Inc. | | | 311,498 | | | | 0.1 | |
| 463 | | | American Financial Group, Inc. | | | 50,768 | | | | 0.0 | |
| 5,530 | | | Ameriprise Financial, Inc. | | | 921,187 | | | | 0.3 | |
| 34,436 | | | Aviva PLC | | | 191,140 | | | | 0.1 | |
| 14,170 | | | AXA Equitable Holdings, Inc. | | | 351,133 | | | | 0.1 | |
| 5,373 | | | AXA S.A. | | | 151,822 | | | | 0.1 | |
| 21,367 | | | Bank Leumi Le-Israel BM | | | 155,828 | | | | 0.1 | |
| 57,210 | | | Bank of America Corp. | | | 2,014,936 | | | | 0.5 | |
| 2,084 | | | Bank OZK | | | 63,572 | | | | 0.0 | |
| 102,254 | | | Barclays PLC | | | 243,824 | | | | 0.1 | |
| 6,347(1) | | | Berkshire Hathaway, Inc. – Class B | | | 1,437,595 | | | | 0.4 | |
| 3,076 | | | BNP Paribas | | | 182,832 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS |
| as ofDecember 31, 2019 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | | |
| | | | Financials: (continued) | | | | | | | | |
| 21,000 | | | BOC Hong Kong Holdings Ltd. | | | 72,900 | | | | 0.0 | |
| 1,180(1) | | | Brighthouse Financial, Inc. | | | 46,291 | | | | 0.0 | |
| 425 | | | Brown & Brown, Inc. | | | 16,779 | | | | 0.0 | |
| 3,468 | | | Capital One Financial Corp. | | | 356,892 | | | | 0.1 | |
| 1,907 | | | Cathay General Bancorp. | | | 72,561 | | | | 0.0 | |
| 16,421 | | | Citigroup, Inc. | | | 1,311,874 | | | | 0.4 | |
| 1,172 | | | Citizens Financial Group, Inc. | | | 47,595 | | | | 0.0 | |
| 2,798 | | | CNP Assurances | | | 55,751 | | | | 0.0 | |
| 707 | | | Comerica, Inc. | | | 50,727 | | | | 0.0 | |
| 8,340 | | | Commerzbank AG | | | 51,508 | | | | 0.0 | |
| 936 | | | Commonwealth Bank of Australia | | | 52,508 | | | | 0.0 | |
| 3,251 | | | Credit Suisse Group AG | | | 43,946 | | | | 0.0 | |
| 24,513 | | | CaixaBank SA | | | 77,193 | | | | 0.0 | |
| 3,100 | | | Dai-ichi Life Holdings, Inc. | | | 51,089 | | | | 0.0 | |
| 39,915 | | | Direct Line Insurance Group PLC | | | 165,151 | | | | 0.1 | |
| 7,885 | | | Discover Financial Services | | | 668,806 | | | | 0.2 | |
| 13,780 | | | E*Trade Financial Corp. | | | 625,199 | | | | 0.2 | |
| 2,147 | | | East West Bancorp, Inc. | | | 104,559 | | | | 0.0 | |
| 913 | | | Evercore, Inc. | | | 68,256 | | | | 0.0 | |
| 1,955 | | | EXOR NV | | | 151,575 | | | | 0.1 | |
| 203 | | | Factset Research Systems, Inc. | | | 54,465 | | | | 0.0 | |
| 3,403 | | | FinecoBank Banca Fineco SpA | | | 40,822 | | | | 0.0 | |
| 1,771 | | | First American Financial Corp. | | | 103,285 | | | | 0.0 | |
| 1,738 | | | Goldman Sachs Group, Inc. | | | 399,618 | | | | 0.1 | |
| 1,911 | | | Hancock Whitney Corp. | | | 83,855 | | | | 0.0 | |
| 2,404 | | | Hanover Insurance Group, Inc. | | | 328,555 | | | | 0.1 | |
| 8,780 | | | Hartford Financial Services Group, Inc. | | | 533,561 | | | | 0.2 | |
| 53,380 | | | HSBC Holdings PLC | | | 417,885 | | | | 0.1 | |
| 16,618 | | | ING Groep NV | | | 199,789 | | | | 0.1 | |
| 851 | | | International Bancshares Corp. | | | 36,653 | | | | 0.0 | |
| 6,900 | | | Japan Post Holdings Co. Ltd. | | | 64,891 | | | | 0.0 | |
| 17,425 | | | JPMorgan Chase & Co. | | | 2,429,045 | | | | 0.7 | |
| 351 | | | Kemper Corp. | | | 27,202 | | | | 0.0 | |
| 38,142 | | | Legal & General Group PLC | | | 153,220 | | | | 0.1 | |
| 681 | | | Legg Mason, Inc. | | | 24,455 | | | | 0.0 | |
| 8,872 | | | Lincoln National Corp. | | | 523,537 | | | | 0.1 | |
| 81,861 | | | Lloyds Banking Group Plc | | | 67,816 | | | | 0.0 | |
| 497 | | | London Stock Exchange Group PLC | | | 51,078 | | | | 0.0 | |
| 4,393 | | | LPL Financial Holdings, Inc. | | | 405,254 | | | | 0.1 | |
| 3,336 | | | Lundbergforetagen AB | | | 146,445 | | | | 0.0 | |
| 2,616 | | | Macquarie Group Ltd. | | | 253,345 | | | | 0.1 | |
| 17,300 | | | Mebuki Financial Group, Inc. | | | 44,107 | | | | 0.0 | |
| 49,471 | | | Medibank Pvt Ltd. | | | 109,639 | | | | 0.0 | |
| 8,167 | | | Mediobanca Banca di Credito Finanziario SpA | | | 89,924 | | | | 0.0 | |
| 4,026 | | | Metlife, Inc. | | | 205,205 | | | | 0.1 | |
| 41,292 | | | MGIC Investment Corp. | | | 585,108 | | | | 0.2 | |
| 8,700 | | | Mitsubishi UFJ Lease & Finance Co., Ltd. | | | 56,008 | | | | 0.0 | |
| 3,300 | | | MS&AD Insurance Group Holdings, Inc. | | | 108,929 | | | | 0.0 | |
| 14,943 | | | Morgan Stanley | | | 763,886 | | | | 0.2 | |
| 13,333 | | | Natixis SA | | | 59,392 | | | | 0.0 | |
| 5,100 | | | Navient Corp. | | | 69,768 | | | | 0.0 | |
| 2,231 | | | NN Group NV | | | 84,829 | | | | 0.0 | |
| 5,198 | | | Old Republic International Corp. | | | 116,279 | | | | 0.0 | |
| 4,700 | | | ORIX Corp. | | | 77,885 | | | | 0.0 | |
| 9,851 | | | Popular, Inc. | | | 578,746 | | | | 0.2 | |
| 837 | | | Primerica, Inc. | | | 109,279 | | | | 0.0 | |
| 9,550 | | | Progressive Corp. | | | 691,324 | | | | 0.2 | |
| 3,754 | | | Prudential Financial, Inc. | | | 351,900 | | | | 0.1 | |
| 3,291 | | | Raiffeisen International Bank Holding AG | | | 82,372 | | | | 0.0 | |
| 758 | | | Reinsurance Group of America, Inc. | | | 123,599 | | | | 0.0 | |
| 78 | | | RenaissanceRe Holdings Ltd. | | | 15,290 | | | | 0.0 | |
| 53,203 | | | Royal Bank of Scotland Group PLC | | | 170,673 | | | | 0.1 | |
| 3,510 | | | S&P Global, Inc. | | | 958,406 | | | | 0.3 | |
| 219 | | | SEI Investments Co. | | | 14,340 | | | | 0.0 | |
| 296 | | | Selective Insurance Group | | | 19,296 | | | | 0.0 | |
| 684 | | | Signature Bank | | | 93,441 | | | | 0.0 | |
| 6,513 | | | SLM Corp. | | | 58,031 | | | | 0.0 | |
| 1,309 | | | Societe Generale | | | 45,682 | | | | 0.0 | |
| 1,092 | | | Sterling Bancorp | | | 23,019 | | | | 0.0 | |
| 1,170 | | | Stifel Financial Corp. | | | 70,961 | | | | 0.0 | |
| 6,800 | | | Sumitomo Mitsui Financial Group, Inc. | | | 251,161 | | | | 0.1 | |
| 2,300 | | | Sumitomo Mitsui Trust Holdings, Inc. | | | 90,921 | | | | 0.0 | |
| 13,283 | | | Synchrony Financial | | | 478,321 | | | | 0.1 | |
| 2,546 | | | Synovus Financial Corp. | | | 99,803 | | | | 0.0 | |
| 1,600 | | | Tokyo Century Corp. | | | 85,190 | | | | 0.0 | |
| 503 | | | UMB Financial Corp. | | | 34,526 | | | | 0.0 | |
| 8,042 | | | UniCredit SpA | | | 117,550 | | | | 0.0 | |
| 2,200 | | | United Overseas Bank Ltd. | | | 43,267 | | | | 0.0 | |
| 16,387 | | | Unum Group | | | 477,845 | | | | 0.1 | |
| 1,492 | | | Webster Financial Corp. | | | 79,613 | | | | 0.0 | |
| 4,103 | | | Wells Fargo & Co. | | | 220,741 | | | | 0.1 | |
| 1,292 | | | Wintrust Financial Corp. | | | 91,603 | | | | 0.0 | |
| 6,561 | | | Zions Bancorp NA | | | 340,647 | | | | 0.1 | |
| | | | | | | 25,718,449 | | | | 6.9 | |
| | | | | | | | | | | | |
| | | | Health Care: 6.6% | | | | | | | | |
| 2,304 | | | AbbVie, Inc. | | | 203,996 | | | | 0.1 | |
| 4,695 | | | Agilent Technologies, Inc. | | | 400,530 | | | | 0.1 | |
| 7,500 | | | Alfresa Holdings Corp. | | | 152,363 | | | | 0.0 | |
| 1,135(1) | | | Align Technology, Inc. | | | 316,710 | | | | 0.1 | |
| 450(1) | | | Amedisys, Inc. | | | 75,114 | | | | 0.0 | |
| 5,788 | | | AmerisourceBergen Corp. | | | 492,096 | | | | 0.1 | |
| 5,266 | | | Amgen, Inc. | | | 1,269,475 | | | | 0.3 | |
| 1,837 | | | Anthem, Inc. | | | 554,829 | | | | 0.1 | |
| 428(1) | | | Arrowhead Pharmaceuticals, Inc. | | | 27,148 | | | | 0.0 | |
| 14,600 | | | Astellas Pharma, Inc. | | | 249,222 | | | | 0.1 | |
| 960 | | | AstraZeneca PLC | | | 96,089 | | | | 0.0 | |
| 2,815 | | | Baxter International, Inc. | | | 235,390 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS |
| as ofDecember 31, 2019 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | | |
| | | | Health Care: (continued) | | | | | | | | |
| 2,322 | | | Bayer AG | | | 188,772 | | | | 0.1 | |
| 2,204(1) | | | Biogen, Inc. | | | 653,993 | | | | 0.2 | |
| 233(1) | | | Bio-Rad Laboratories, Inc. | | | 86,217 | | | | 0.0 | |
| 135 | | | Bio-Techne Corp. | | | 29,634 | | | | 0.0 | |
| 4,414 | | | Bristol-Myers Squibb Co. | | | 283,335 | | | | 0.1 | |
| 6,705 | | | Bruker Corp. | | | 341,754 | | | | 0.1 | |
| 4,864 | | | Cardinal Health, Inc. | | | 246,021 | | | | 0.1 | |
| 343(1) | | | Catalent, Inc. | | | 19,311 | | | | 0.0 | |
| 5,612(1) | | | Centene Corp. | | | 352,826 | | | | 0.1 | |
| 2,666(1) | | | Charles River Laboratories International, Inc. | | | 407,258 | | | | 0.1 | |
| 1,314 | | | Chemed Corp. | | | 577,188 | | | | 0.1 | |
| 1,500 | | | Cigna Corp. | | | 306,735 | | | | 0.1 | |
| 266 | | | Cochlear Ltd. | | | 41,923 | | | | 0.0 | |
| 1,267(1) | | | Edwards Lifesciences Corp. | | | 295,578 | | | | 0.1 | |
| 6,378 | | | Eli Lilly & Co. | | | 838,261 | | | | 0.2 | |
| 753 | | | Encompass Health Corp. | | | 52,160 | | | | 0.0 | |
| 3,205(1) | | | Exelixis, Inc. | | | 56,472 | | | | 0.0 | |
| 7,584 | | | Gilead Sciences, Inc. | | | 492,808 | | | | 0.1 | |
| 12,467 | | | GlaxoSmithKline PLC | | | 292,940 | | | | 0.1 | |
| 1,348 | | | H Lundbeck A/S | | | 51,535 | | | | 0.0 | |
| 638(1) | | | Haemonetics Corp. | | | 73,306 | | | | 0.0 | |
| 6,123 | | | HCA Healthcare, Inc. | | | 905,041 | | | | 0.2 | |
| 450(1) | | | HealthEquity, Inc. | | | 33,332 | | | | 0.0 | |
| 5,634 | | | Hill-Rom Holdings, Inc. | | | 639,628 | | | | 0.2 | |
| 3,962(1) | | | Hologic, Inc. | | | 206,856 | | | | 0.1 | |
| 1,100 | | | Hoya Corp. | | | 105,008 | | | | 0.0 | |
| 1,031 | | | Humana, Inc. | | | 377,882 | | | | 0.1 | |
| 2,330(1) | | | Idexx Laboratories, Inc. | | | 608,433 | | | | 0.2 | |
| 699(1) | | | Illumina, Inc. | | | 231,886 | | | | 0.1 | |
| 2,258(1) | | | Incyte Corp., Ltd. | | | 197,169 | | | | 0.0 | |
| 10,083 | | | Johnson & Johnson | | | 1,470,807 | | | | 0.4 | |
| 296(1) | | | Ligand Pharmaceuticals, Inc. | | | 30,870 | | | | 0.0 | |
| 279 | | | Lonza Group AG | | | 101,781 | | | | 0.0 | |
| 2,160(1) | | | Masimo Corp. | | | 341,410 | | | | 0.1 | |
| 2,989 | | | McKesson Corp. | | | 413,438 | | | | 0.1 | |
| 7,500 | | | Medipal Holdings Corp. | | | 165,528 | | | | 0.1 | |
| 14,886 | | | Merck & Co., Inc. | | | 1,353,882 | | | | 0.4 | |
| 423 | | | Merck KGaA | | | 49,869 | | | | 0.0 | |
| 319(1) | | | Mettler Toledo International, Inc. | | | 253,056 | | | | 0.1 | |
| 2,435(1) | | | Molina Healthcare, Inc. | | | 330,405 | | | | 0.1 | |
| 500 | | | Nippon Shinyaku Co., Ltd. | | | 43,297 | | | | 0.0 | |
| 4,146 | | | Novartis AG | | | 392,583 | | | | 0.1 | |
| 5,651 | | | Novo Nordisk A/S | | | 327,469 | | | | 0.1 | |
| 2,900 | | | Olympus Corp. | | | 44,697 | | | | 0.0 | |
| 25,794 | | | Pfizer, Inc. | | | 1,010,609 | | | | 0.3 | |
| 3,704(1) | | | PRA Health Sciences, Inc. | | | 411,700 | | | | 0.1 | |
| 787(1) | | | Prestige Consumer Healthcare, Inc. | | | 31,874 | | | | 0.0 | |
| 359(1) | | | Repligen Corp. | | | 33,208 | | | | 0.0 | |
| 1,915 | | | Roche Holding AG | | | 622,380 | | | | 0.2 | |
| 798 | | | Sanofi | | | 80,141 | | | | 0.0 | |
| 3,100 | | | Sumitomo Dainippon Pharma Co. Ltd. | | | 60,063 | | | | 0.0 | |
| 3,000 | | | Suzuken Co., Ltd. | | | 122,274 | | | | 0.0 | |
| 864(1) | | | Syneos Health, Inc. | | | 51,386 | | | | 0.0 | |
| 1,598(1) | | | Tenet Healthcare Corp. | | | 60,772 | | | | 0.0 | |
| 1,904 | | | Thermo Fisher Scientific, Inc. | | | 618,552 | | | | 0.2 | |
| 2,013 | | | UCB S.A. | | | 160,184 | | | | 0.1 | |
| 4,802 | | | UnitedHealth Group, Inc. | | | 1,411,692 | | | | 0.4 | |
| 3,764(1) | | | Veeva Systems, Inc. | | | 529,444 | | | | 0.1 | |
| 1,998(1) | | | Vertex Pharmaceuticals, Inc. | | | 437,462 | | | | 0.1 | |
| 190 | | | West Pharmaceutical Services, Inc. | | | 28,563 | | | | 0.0 | |
| 2,384 | | | Zimmer Biomet Holdings, Inc. | | | 356,837 | | | | 0.1 | |
| 2,785 | | | Zoetis, Inc. | | | 368,595 | | | | 0.1 | |
| | | | | | | 24,781,052 | | | | 6.6 | |
| | | | | | | | | | | | |
| | | | Industrials: 5.4% | | | | | | | | |
| 4,415 | | | ACS Actividades de Construccion y Servicios SA | | | 177,105 | | | | 0.1 | |
| 272 | | | Acuity Brands, Inc. | | | 37,536 | | | | 0.0 | |
| 912(1) | | | AECOM | | | 39,335 | | | | 0.0 | |
| 568 | | | AGCO Corp. | | | 43,878 | | | | 0.0 | |
| 13,602 | | | Allison Transmission Holdings, Inc. | | | 657,249 | | | | 0.2 | |
| 6,937 | | | Ametek, Inc. | | | 691,896 | | | | 0.2 | |
| 232 | | | Armstrong World Industries, Inc. | | | 21,801 | | | | 0.0 | |
| 830(1) | | | ASGN, Inc. | | | 58,905 | | | | 0.0 | |
| 6,883 | | | Ashtead Group PLC | | | 220,083 | | | | 0.1 | |
| 2,478 | | | Atlas Copco AB - A Shares | | | 98,911 | | | | 0.0 | |
| 14,311 | | | Auckland International Airport Ltd. | | | 84,355 | | | | 0.0 | |
| 30,580 | | | Aurizon Holdings Ltd. | | | 112,226 | | | | 0.0 | |
| 692(1) | | | Avis Budget Group, Inc. | | | 22,310 | | | | 0.0 | |
| 2,623 | | | Boeing Co. | | | 854,468 | | | | 0.2 | |
| 5,531 | | | Brambles Ltd. | | | 45,524 | | | | 0.0 | |
| 316 | | | Brink's Co. | | | 28,655 | | | | 0.0 | |
| 346 | | | Carlisle Cos., Inc. | | | 55,997 | | | | 0.0 | |
| 1,100 | | | Central Japan Railway Co. | | | 221,176 | | | | 0.1 | |
| 2,553 | | | CIMIC Group Ltd. | | | 59,356 | | | | 0.0 | |
| 11,000 | | | CK Hutchison Holdings Ltd. | | | 104,890 | | | | 0.0 | |
| 49,400 | | | ComfortDelgro Corp., Ltd. | | | 87,409 | | | | 0.0 | |
| 351(1) | | | CoStar Group, Inc. | | | 210,003 | | | | 0.1 | |
| 908 | | | Crane Co. | | | 78,433 | | | | 0.0 | |
| 3,413 | | | CSX Corp. | | | 246,965 | | | | 0.1 | |
| 4,406 | | | Cummins, Inc. | | | 788,498 | | | | 0.2 | |
| 3,977 | | | Curtiss-Wright Corp. | | | 560,319 | | | | 0.2 | |
| 1,500 | | | Dai Nippon Printing Co., Ltd. | | | 40,571 | | | | 0.0 | |
| 6,886 | | | Delta Air Lines, Inc. | | | 402,693 | | | | 0.1 | |
| 1,122 | | | Deluxe Corp. | | | 56,010 | | | | 0.0 | |
| 5,358 | | | Deutsche Lufthansa AG | | | 98,626 | | | | 0.0 | |
| 1,100 | | | East Japan Railway Co. | | | 99,288 | | | | 0.0 | |
| 4,095 | | | Edenred | | | 212,222 | | | | 0.1 | |
| 1,825 | | | Eiffage SA | | | 209,378 | | | | 0.1 | |
| 1,146 | | | EMCOR Group, Inc. | | | 98,900 | | | | 0.0 | |
| 3,100 | | | Fuji Electric Co. Ltd. | | | 94,170 | | | | 0.0 | |
| 434 | | | Graco, Inc. | | | 22,568 | | | | 0.0 | |
| 1,793 | | | Herman Miller, Inc. | | | 74,678 | | | | 0.0 | |
| 901 | | | HNI Corp. | | | 33,751 | | | | 0.0 | |
| 500 | | | Hochtief AG | | | 63,658 | | | | 0.0 | |
| 8,310 | | | Honeywell International, Inc. | | | 1,470,870 | | | | 0.4 | |
| 600 | | | Hubbell, Inc. | | | 88,692 | | | | 0.0 | |
| 1,897 | | | IDEX Corp. | | | 326,284 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS |
| as ofDecember 31, 2019 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | | |
| | | | Industrials: (continued) | | | | | | | | |
| 7,963 | | | Ingersoll-Rand PLC - Class A | | | 1,058,442 | | | | 0.3 | |
| 172 | | | Insperity, Inc. | | | 14,799 | | | | 0.0 | |
| 1,047 | | | Intertek Group PLC | | | 81,131 | | | | 0.0 | |
| 1,153 | | | ITT, Inc. | | | 85,218 | | | | 0.0 | |
| 1,500 | | | Japan Airlines Co. Ltd. | | | 46,704 | | | | 0.0 | |
| 1,189(1) | | | JetBlue Airways Corp. | | | 22,258 | | | | 0.0 | |
| 3,800 | | | JTEKT Corp. | | | 44,890 | | | | 0.0 | |
| 10,100 | | | Kajima Corp. | | | 134,281 | | | | 0.0 | |
| 6,600 | | | Kamigumi Co., Ltd. | | | 145,080 | | | | 0.1 | |
| 2,104 | | | Kansas City Southern | | | 322,249 | | | | 0.1 | |
| 761 | | | KION Group AG | | | 52,332 | | | | 0.0 | |
| 1,250 | | | L3Harris Technologies, Inc. | | | 247,337 | | | | 0.1 | |
| 251 | | | Landstar System, Inc. | | | 28,581 | | | | 0.0 | |
| 875 | | | Legrand S.A. | | | 71,456 | | | | 0.0 | |
| 90 | | | Lennox International, Inc. | | | 21,957 | | | | 0.0 | |
| 3,100 | | | LIXIL Group Corp. | | | 53,496 | | | | 0.0 | |
| 824 | | | Lockheed Martin Corp. | | | 320,849 | | | | 0.1 | |
| 867 | | | Manpowergroup, Inc. | | | 84,186 | | | | 0.0 | |
| 18,900 | | | Marubeni Corp. | | | 139,640 | | | | 0.1 | |
| 805(1) | | | Mastec, Inc. | | | 51,649 | | | | 0.0 | |
| 4,951 | | | Meggitt PLC | | | 43,123 | | | | 0.0 | |
| 7,900 | | | Mitsubishi Corp. | | | 209,282 | | | | 0.1 | |
| 907 | | | MSC Industrial Direct Co. | | | 71,172 | | | | 0.0 | |
| 90 | | | Nordson Corp. | | | 14,656 | | | | 0.0 | |
| 3,843 | | | Norfolk Southern Corp. | | | 746,042 | | | | 0.2 | |
| 13,281 | | | nVent Electric PLC | | | 339,728 | | | | 0.1 | |
| 65,000 | | | NWS Holdings Ltd. | | | 91,102 | | | | 0.0 | |
| 356 | | | Old Dominion Freight Line | | | 67,562 | | | | 0.0 | |
| 4,099 | | | Oshkosh Corp. | | | 387,970 | | | | 0.1 | |
| 235 | | | Owens Corning, Inc. | | | 15,303 | | | | 0.0 | |
| 1,123 | | | Parker Hannifin Corp. | | | 231,136 | | | | 0.1 | |
| 7,259 | | | Regal Beloit Corp. | | | 621,443 | | | | 0.2 | |
| 4,004 | | | Robert Half International, Inc. | | | 252,853 | | | | 0.1 | |
| 695 | | | Roper Technologies, Inc. | | | 246,190 | | | | 0.1 | |
| 311 | | | Ryder System, Inc. | | | 16,890 | | | | 0.0 | |
| 10,477 | | | Sandvik AB | | | 204,064 | | | | 0.1 | |
| 1,266 | | | Schneider Electric SE | | | 130,069 | | | | 0.0 | |
| 1,900 | | | SG Holdings Co. Ltd. | | | 42,799 | | | | 0.0 | |
| 459 | | | Siemens AG | | | 59,942 | | | | 0.0 | |
| 6,200 | | | Sumitomo Corp. | | | 92,091 | | | | 0.0 | |
| 1,600 | | | Sumitomo Heavy Industries | | | 45,448 | | | | 0.0 | |
| 94(1) | | | Teledyne Technologies, Inc. | | | 32,575 | | | | 0.0 | |
| 623 | | | Tetra Tech, Inc. | | | 53,678 | | | | 0.0 | |
| 1,741 | | | Timken Co. | | | 98,036 | | | | 0.0 | |
| 1,315 | | | Toro Co. | | | 104,766 | | | | 0.0 | |
| 1,600 | | | Toyota Tsusho Corp. | | | 56,204 | | | | 0.0 | |
| 6,943 | | | Union Pacific Corp. | | | 1,255,225 | | | | 0.3 | |
| 4,055(1) | | | United Airlines Holdings, Inc. | | | 357,205 | | | | 0.1 | |
| 12,535 | | | Volvo AB - B Shares | | | 209,851 | | | | 0.1 | |
| 8,100 | | | Waste Management, Inc. | | | 923,076 | | | | 0.3 | |
| 1,537 | | | Werner Enterprises, Inc. | | | 55,931 | | | | 0.0 | |
| 9,307(1) | | | Wesco International, Inc. | | | 552,743 | | | | 0.2 | |
| 2,100 | | | West Japan Railway Co. | | | 181,637 | | | | 0.1 | |
| 2,753 | | | Wolters Kluwer NV | | | 201,013 | | | | 0.1 | |
| 700 | | | Woodward, Inc. | | | 82,908 | | | | 0.0 | |
| 397(1) | | | XPO Logistics, Inc. | | | 31,641 | | | | 0.0 | |
| 110,800 | | | Yangzijiang Shipbuilding Holdings Ltd. | | | 92,359 | | | | 0.0 | |
| | | | | | | 20,243,890 | | | | 5.4 | |
| | | | | | | | | | | | |
| | | | Information Technology: 9.6% | | | | | | | | |
| 1,027(1) | | | ACI Worldwide, Inc. | | | 38,908 | | | | 0.0 | |
| 3,922(1) | | | Adobe, Inc. | | | 1,293,515 | | | | 0.4 | |
| 103(1),(2) | | | Adyen NV | | | 84,728 | | | | 0.0 | |
| 6,589(1) | | | Akamai Technologies, Inc. | | | 569,158 | | | | 0.2 | |
| 3,000 | | | Alps Alpine Co. Ltd. | | | 68,098 | | | | 0.0 | |
| 1,335 | | | Amadeus IT Group SA | | | 109,333 | | | | 0.0 | |
| 18,584 | | | Apple, Inc. | | | 5,457,192 | | | | 1.5 | |
| 4,658 | | | Applied Materials, Inc. | | | 284,324 | | | | 0.1 | |
| 1,146(1) | | | Arrow Electronics, Inc. | | | 97,112 | | | | 0.0 | |
| 3,000 | | | ASM Pacific Technology Ltd. | | | 41,641 | | | | 0.0 | |
| 160 | | | ASML Holding NV | | | 47,369 | | | | 0.0 | |
| 2,087(1) | | | Atlassian Corp. PLC | | | 251,150 | | | | 0.1 | |
| 2,421 | | | Avnet, Inc. | | | 102,747 | | | | 0.0 | |
| 1,045 | | | Belden, Inc. | | | 57,475 | | | | 0.0 | |
| 9,598 | | | Booz Allen Hamilton Holding Corp. | | | 682,706 | | | | 0.2 | |
| 2,401 | | | Broadcom, Inc. | | | 758,764 | | | | 0.2 | |
| 2,551(1) | | | CACI International, Inc. | | | 637,724 | | | | 0.2 | |
| 11,234(1) | | | Cadence Design Systems, Inc. | | | 779,190 | | | | 0.2 | |
| 633 | | | CDK Global, Inc. | | | 34,612 | | | | 0.0 | |
| 5,488 | | | CDW Corp. | | | 783,906 | | | | 0.2 | |
| 724(1) | | | Check Point Software Technologies | | | 80,335 | | | | 0.0 | |
| 1,382(1) | | | Ciena Corp. | | | 58,998 | | | | 0.0 | |
| 1,300(1) | | | Cirrus Logic, Inc. | | | 107,133 | | | | 0.0 | |
| 30,980 | | | Cisco Systems, Inc. | | | 1,485,801 | | | | 0.4 | |
| 432 | | | Cognex Corp. | | | 24,209 | | | | 0.0 | |
| 728(1) | | | Commvault Systems, Inc. | | | 32,498 | | | | 0.0 | |
| 768(1) | | | CyberArk Software Ltd. | | | 89,533 | | | | 0.0 | |
| 12,821(1) | | | Dropbox, Inc. | | | 229,624 | | | | 0.1 | |
| 1,110(1) | | | EPAM Systems, Inc. | | | 235,498 | | | | 0.1 | |
| 2,254(1) | | | Euronet Worldwide, Inc. | | | 355,140 | | | | 0.1 | |
| 3,147(1) | | | F5 Networks, Inc. | | | 439,479 | | | | 0.1 | |
| 1,034(1) | | | Fair Isaac Corp. | | | 387,419 | | | | 0.1 | |
| 8,807(1) | | | Fortinet, Inc. | | | 940,235 | | | | 0.3 | |
| 4,400 | | | Fuji Film Holdings Corp. | | | 210,126 | | | | 0.1 | |
| 3,552 | | | Global Payments, Inc. | | | 648,453 | | | | 0.2 | |
| 5,000 | | | Hitachi Ltd. | | | 210,979 | | | | 0.1 | |
| 14,665 | | | Intel Corp. | | | 877,700 | | | | 0.2 | |
| 3,215 | | | Intuit, Inc. | | | 842,105 | | | | 0.2 | |
| 828 | | | j2 Global, Inc. | | | 77,592 | | | | 0.0 | |
| 14,166 | | | Jabil, Inc. | | | 585,481 | | | | 0.2 | |
| 2,240 | | | KBR, Inc. | | | 68,320 | | | | 0.0 | |
| 6,400 | | | Konica Minolta, Inc. | | | 41,690 | | | | 0.0 | |
| 3,200 | | | Kyocera Corp. | | | 218,098 | | | | 0.1 | |
| 2,507 | | | Lam Research Corp. | | | 733,047 | | | | 0.2 | |
| 735(1),(3) | | | Lumentum Holdings, Inc. | | | 58,285 | | | | 0.0 | |
| 1,525 | | | Mastercard, Inc. - Class A | | | 455,350 | | | | 0.1 | |
| 4,503 | | | Maxim Integrated Products | | | 276,980 | | | | 0.1 | |
| 371 | | | MAXIMUS, Inc. | | | 27,599 | | | | 0.0 | |
| 6,514(1) | | | Micron Technology, Inc. | | | 350,323 | | | | 0.1 | |
| 35,566 | | | Microsoft Corp. | | | 5,608,758 | | | | 1.5 | |
| 1,093 | | | MKS Instruments, Inc. | | | 120,241 | | | | 0.0 | |
| 863(1) | | | NCR Corp. | | | 30,343 | | | | 0.0 | |
| 936(1) | | | Nice Ltd. | | | 145,135 | | | | 0.0 | |
| 2,148 | | | Nvidia Corp. | | | 505,424 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS |
| as ofDecember 31, 2019 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | | |
| | | | Information Technology: (continued) | | | | | | | | |
| 4,566 | | | Oracle Corp. | | | 241,907 | | | | 0.1 | |
| 8,416(1) | | | PayPal Holdings, Inc. | | | 910,359 | | | | 0.2 | |
| 1,637 | | | Perspecta, Inc. | | | 43,282 | | | | 0.0 | |
| 18,089(1) | | | Pure Storage, Inc. - Class A | | | 309,503 | | | | 0.1 | |
| 6,187 | | | Qualcomm, Inc. | | | 545,879 | | | | 0.2 | |
| 8,000(1) | | | Renesas Electronics Corp. | | | 54,656 | | | | 0.0 | |
| 2,164 | | | Sabre Corp. | | | 48,560 | | | | 0.0 | |
| 1,693(1) | | | Salesforce.com, Inc. | | | 275,350 | | | | 0.1 | |
| 1,616 | | | SAP SE | | | 217,512 | | | | 0.1 | |
| 1,100(1) | | | Semtech Corp. | | | 58,190 | | | | 0.0 | |
| 263(1) | | | Silicon Laboratories, Inc. | | | 30,503 | | | | 0.0 | |
| 261(1) | | | SolarEdge Technologies, Inc. | | | 24,818 | | | | 0.0 | |
| 5,923 | | | STMicroelectronics NV-STM1 | | | 159,807 | | | | 0.0 | |
| 16,222 | | | Switch, Inc. | | | 240,410 | | | | 0.1 | |
| 224(1) | | | Synaptics, Inc. | | | 14,732 | | | | 0.0 | |
| 560 | | | SYNNEX Corp. | | | 72,128 | | | | 0.0 | |
| 1,630(1) | | | Synopsys, Inc. | | | 226,896 | | | | 0.1 | |
| 13,927 | | | Telefonaktiebolaget LM Ericsson | | | 121,691 | | | | 0.0 | |
| 1,648 | | | Teradyne, Inc. | | | 112,377 | | | | 0.0 | |
| 10,050 | | | Texas Instruments, Inc. | | | 1,289,315 | | | | 0.4 | |
| 200 | | | Tokyo Electron Ltd. | | | 43,666 | | | | 0.0 | |
| 1,261(1) | | | Trimble, Inc. | | | 52,571 | | | | 0.0 | |
| 67(1) | | | Tyler Technologies, Inc. | | | 20,101 | | | | 0.0 | |
| 266 | | | Universal Display Corp. | | | 54,815 | | | | 0.0 | |
| 4,324(1) | | | VeriSign, Inc. | | | 833,148 | | | | 0.2 | |
| 4,272 | | | Visa, Inc. - Class A | | | 802,709 | | | | 0.2 | |
| 2,361(1) | | | VMware, Inc. | | | 358,376 | | | | 0.1 | |
| 346(1) | | | WEX, Inc. | | | 72,473 | | | | 0.0 | |
| 428(1) | | | Wix.com Ltd. | | | 52,379 | | | | 0.0 | |
| 225(1) | | | Zebra Technologies Corp. | | | 57,474 | | | | 0.0 | |
| | | | | | | 36,083,170 | | | | 9.6 | |
| | | | | | | | | | | | |
| | | | Materials: 1.6% | | | | | | | | |
| 3,971 | | | Air Products & Chemicals, Inc. | | | 933,145 | | | | 0.3 | |
| 6,069 | | | Anglo American PLC | | | 174,351 | | | | 0.1 | |
| 2,971 | | | ArcelorMittal SA | | | 52,348 | | | | 0.0 | |
| 1,059 | | | Arkema SA | | | 113,237 | | | | 0.1 | |
| 2,509 | | | Avery Dennison Corp. | | | 328,227 | | | | 0.1 | |
| 1,268 | | | BASF SE | | | 95,527 | | | | 0.0 | |
| 10,003 | | | BHP Group Ltd. | | | 273,905 | | | | 0.1 | |
| 12,461 | | | BlueScope Steel Ltd. | | | 131,982 | | | | 0.1 | |
| 540 | | | Carpenter Technology Corp. | | | 26,881 | | | | 0.0 | |
| 6,618 | | | Celanese Corp. - Series A | | | 814,808 | | | | 0.2 | |
| 1,697 | | | Chemours Co. | | | 30,699 | | | | 0.0 | |
| 1,473(3) | | | Commercial Metals Co. | | | 32,804 | | | | 0.0 | |
| 7,130 | | | Domtar Corp. | | | 272,651 | | | | 0.1 | |
| 1,401 | | | Evonik Industries AG | | | 42,790 | | | | 0.0 | |
| 9,594 | | | Evraz PLC | | | 51,375 | | | | 0.0 | |
| 6,650 | | | Fortescue Metals Group Ltd. | | | 50,130 | | | | 0.0 | |
| 646 | | | Greif, Inc. - Class A | | | 28,553 | | | | 0.0 | |
| 3,873 | | | LafargeHolcim Ltd.-CHF | | | 214,864 | | | | 0.1 | |
| 1,028 | | | Huntsman Corp. | | | 24,837 | | | | 0.0 | |
| 356(1) | | | Ingevity Corp. | | | 31,107 | | | | 0.0 | |
| 597 | | | Koninklijke DSM NV | | | 78,056 | | | | 0.0 | |
| 1,006 | | | Louisiana-Pacific Corp. | | | 29,848 | | | | 0.0 | |
| 5,797 | | | LyondellBasell Industries NV - Class A | | | 547,701 | | | | 0.2 | |
| 724 | | | Minerals Technologies, Inc. | | | 41,724 | | | | 0.0 | |
| 6,400 | | | Mitsubishi Chemical Holdings Corp. | | | 47,688 | | | | 0.0 | |
| 2,000 | | | Mitsui Chemicals, Inc. | | | 48,719 | | | | 0.0 | |
| 2,199 | | | Mondi PLC | | | 51,565 | | | | 0.0 | |
| 5,240 | | | Newcrest Mining Ltd. | | | 110,663 | | | | 0.0 | |
| 4,345 | | | Nucor Corp. | | | 244,537 | | | | 0.1 | |
| 880 | | | Olin Corp. | | | 15,180 | | | | 0.0 | |
| 251 | | | Packaging Corp. of America | | | 28,110 | | | | 0.0 | |
| 2,220 | | | PolyOne Corp. | | | 81,674 | | | | 0.0 | |
| 2,724 | | | Reliance Steel & Aluminum Co. | | | 326,226 | | | | 0.1 | |
| 1,394 | | | Rio Tinto Ltd. | | | 98,626 | | | | 0.0 | |
| 171 | | | Royal Gold, Inc. | | | 20,905 | | | | 0.0 | |
| 244 | | | RPM International, Inc. | | | 18,729 | | | | 0.0 | |
| 158 | | | Scotts Miracle-Gro Co. | | | 16,776 | | | | 0.0 | |
| 683 | | | Sensient Technologies Corp. | | | 45,139 | | | | 0.0 | |
| 1,087 | | | Sonoco Products Co. | | | 67,090 | | | | 0.0 | |
| 34,516 | | | South32 Ltd. - AUD | | | 65,170 | | | | 0.0 | |
| 3,277 | | | Steel Dynamics, Inc. | | | 111,549 | | | | 0.0 | |
| 3,000 | | | Teijin Ltd. | | | 56,046 | | | | 0.0 | |
| 4,700 | | | Tosoh Corp. | | | 72,407 | | | | 0.0 | |
| 2,122 | | | UPM-Kymmene OYJ | | | 73,622 | | | | 0.0 | |
| 896 | | | Worthington Industries, Inc. | | | 37,793 | | | | 0.0 | |
| | | | | | | 6,059,764 | | | | 1.6 | |
| | | | | | | | | | | | |
| | | | Real Estate: 1.9% | | | | | | | | |
| 1,593 | | | Alexander & Baldwin, Inc. | | | 33,389 | | | | 0.0 | |
| 1,378 | | | American Campus Communities, Inc. | | | 64,807 | | | | 0.0 | |
| 1,713 | | | American Tower Corp. | | | 393,682 | | | | 0.1 | |
| 4,731 | | | Boston Properties, Inc. | | | 652,216 | | | | 0.2 | |
| 1,823 | | | Brixmor Property Group, Inc. | | | 39,395 | | | | 0.0 | |
| 1,161 | | | Brookfield Property REIT, Inc. | | | 21,415 | | | | 0.0 | |
| 3,109 | | | Camden Property Trust | | | 329,865 | | | | 0.1 | |
| 11,222(1) | | | CBRE Group, Inc. | | | 687,796 | | | | 0.2 | |
| 11,000 | | | CK Asset Holdings Ltd. | | | 79,378 | | | | 0.0 | |
| 782 | | | Columbia Property Trust, Inc. | | | 16,352 | | | | 0.0 | |
| 3,548 | | | CoreCivic, Inc. | | | 61,664 | | | | 0.0 | |
| 11,671 | | | Corporate Office Properties Trust SBI MD | | | 342,894 | | | | 0.1 | |
| 2,485 | | | Cousins Properties, Inc. | | | 102,382 | | | | 0.0 | |
| 412 | | | CyrusOne, Inc. | | | 26,957 | | | | 0.0 | |
| 2,900 | | | Daiwa House Industry Co., Ltd. | | | 89,775 | | | | 0.0 | |
| 1,947 | | | Douglas Emmett, Inc. | | | 85,473 | | | | 0.0 | |
| 627 | | | EastGroup Properties, Inc. | | | 83,184 | | | | 0.0 | |
| 4,281 | | | Equity Lifestyle Properties, Inc. | | | 301,340 | | | | 0.1 | |
| 1,102 | | | Essex Property Trust, Inc. | | | 331,548 | | | | 0.1 | |
| 2,658 | | | First Industrial Realty Trust, Inc. | | | 110,334 | | | | 0.1 | |
| 3,106 | | | Geo Group, Inc./The | | | 51,591 | | | | 0.0 | |
| 10,159 | | | Goodman Group | | | 95,466 | | | | 0.0 | |
| 2,098 | | | Highwoods Properties, Inc. | | | 102,613 | | | | 0.0 | |
| 21 | | | Japan Prime Realty Investment Corp. | | | 92,334 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS |
| as ofDecember 31, 2019 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | | |
| | | | Real Estate: (continued) | | | | | | | | |
| 528 | | | Jones Lang LaSalle, Inc. | | | 91,919 | | | | 0.0 | |
| 1,423 | | | Lamar Advertising Co. | | | 127,017 | | | | 0.1 | |
| 282 | | | Liberty Property Trust | | | 16,934 | | | | 0.0 | |
| 463 | | | Life Storage, Inc. | | | 50,134 | | | | 0.0 | |
| 1,073 | | | Medical Properties Trust, Inc. | | | 22,651 | | | | 0.0 | |
| 2,972 | | | Mid-America Apartment Communities, Inc. | | | 391,888 | | | | 0.1 | |
| 5,500 | | | Mitsui Fudosan Co., Ltd. | | | 134,420 | | | | 0.1 | |
| 389 | | | National Retail Properties, Inc. | | | 20,858 | | | | 0.0 | |
| 45 | | | Nippon Prologis REIT, Inc. | | | 114,611 | | | | 0.1 | |
| 6 | | | Nippon Building Fund, Inc. | | | 43,981 | | | | 0.0 | |
| 510 | | | Omega Healthcare Investors, Inc. | | | 21,598 | | | | 0.0 | |
| 13,556 | | | Outfront Media, Inc. | | | 363,572 | | | | 0.1 | |
| 368 | | | PS Business Parks, Inc. | | | 60,672 | | | | 0.0 | |
| 30,549 | | | Retail Properties of America, Inc. | | | 409,357 | | | | 0.1 | |
| 3,427 | | | Service Properties Trust | | | 83,379 | | | | 0.0 | |
| 3,802 | | | Simon Property Group, Inc. | | | 566,346 | | | | 0.2 | |
| 255 | | | SL Green Realty Corp. | | | 23,429 | | | | 0.0 | |
| 14,858 | | | Stockland | | | 48,208 | | | | 0.0 | |
| 4,300 | | | Sumitomo Realty & Development Co., Ltd. | | | 150,025 | | | | 0.1 | |
| 11,000 | | | Swire Pacific Ltd. - Class A | | | 102,187 | | | | 0.0 | |
| | | | | | | 7,039,036 | | | | 1.9 | |
| | | | | | | | | | | | |
| | | | Utilities: 1.7% | | | | | | | | |
| 38,119 | | | AES Corp. | | | 758,568 | | | | 0.2 | |
| 7,903 | | | AGL Energy Ltd. | | | 113,752 | | | | 0.0 | |
| 12,512 | | | Ameren Corp. | | | 960,922 | | | | 0.3 | |
| 342 | | | Aqua America, Inc. | | | 16,053 | | | | 0.0 | |
| 465 | | | Black Hills Corp. | | | 36,521 | | | | 0.0 | |
| 9,200 | | | Chubu Electric Power Co., Inc. | | | 130,050 | | | | 0.0 | |
| 3,467 | | | Edison International | | | 261,446 | | | | 0.1 | |
| 1,845 | | | Enagas | | | 47,061 | | | | 0.0 | |
| 39,210 | | | Enel S.p.A. | | | 311,479 | | | | 0.1 | |
| 21,790 | | | Exelon Corp. | | | 993,406 | | | | 0.3 | |
| 1,027 | | | Idacorp, Inc. | | | 109,684 | | | | 0.0 | |
| 831 | | | MDU Resources Group, Inc. | | | 24,689 | | | | 0.0 | |
| 1,545 | | | NextEra Energy, Inc. | | | 374,137 | | | | 0.1 | |
| 1,258 | | | NorthWestern Corp. | | | 90,161 | | | | 0.0 | |
| 19,861 | | | NRG Energy, Inc. | | | 789,475 | | | | 0.2 | |
| 948 | | | OGE Energy Corp. | | | 42,158 | | | | 0.0 | |
| 402 | | | Pinnacle West Capital Corp. | | | 36,152 | | | | 0.0 | |
| 5,668 | | | PNM Resources, Inc. | | | 287,424 | | | | 0.1 | |
| 27,500 | | | Power Assets Holdings Ltd. | | | 201,180 | | | | 0.1 | |
| 2,403 | | | Red Electrica Corp. SA | | | 48,420 | | | | 0.0 | |
| 1,736 | | | RWE AG | | | 53,195 | | | | 0.0 | |
| 27,497 | | | Snam SpA | | | 144,574 | | | | 0.1 | |
| 246 | | | Southwest Gas Holdings, Inc. | | | 18,689 | | | | 0.0 | |
| 2,402 | | | UGI Corp. | | | 108,474 | | | | 0.0 | |
| 2,350 | | | Veolia Environnement | | | 62,530 | | | | 0.0 | |
| 13,869 | | | Vistra Energy Corp. | | | 318,848 | | | | 0.1 | |
| | | | | | | 6,339,048 | | | | 1.7 | |
| | | | | | | | | |
| | Total Common Stock | | | | | | | | |
| | (Cost $156,901,221) | | | 181,284,135 | | | | 48.5 | |
| | | | | | | | | | | | |
| EXCHANGE-TRADED FUNDS: 17.1% | | | | | | | | |
| 278,758 | | | iShares Core MSCI Emerging Markets ETF | | | 14,986,030 | | | | 4.0 | |
| 46,505 | | | iShares Core S&P 500 ETF | | | 15,032,276 | | | | 4.0 | |
| 712 | | | iShares Core S&P Mid-Cap ETF | | | 146,544 | | | | 0.1 | |
| 1,926 | | | iShares MSCI EAFE ETF | | | 133,741 | | | | 0.0 | |
| 130,788(3) | | | Schwab U.S. TIPS ETF | | | 7,406,524 | | | | 2.0 | |
| 64,339 | | | Vanguard Global ex-U.S. Real Estate ETF | | | 3,801,792 | | | | 1.0 | |
| 41,068 | | | Vanguard Real Estate ETF | | | 3,810,700 | | | | 1.0 | |
| 154,933(3) | | | Vanguard Value ETF | | | 18,568,720 | | | | 5.0 | |
| | | | | | | | | | | | |
| | Total Exchange-Traded Funds | | | | | | | | |
| | (Cost $59,503,215) | | | 63,886,327 | | | | 17.1 | |
| | | | | | | | | | | | |
| MUTUAL FUNDS: 14.7% | | | | | | | | |
| | | | Affiliated Investment Companies: 14.7% | | | | | | | | |
| 119,121 | | | Voya Emerging Markets Local Currency Debt Fund - Class P | | | 887,452 | | | | 0.2 | |
| 1,181,428 | | | Voya Floating Rate Fund - Class P | | | 11,211,748 | | | | 3.0 | |
| 1,854,791 | | | Voya High Yield Bond Fund - Class P | | | 14,931,064 | | | | 4.0 | |
| 755,519 | | | Voya Short Term Bond Fund - Class R6 | | | 7,449,420 | | | | 2.0 | |
| 622,029 | | | Voya Small Company Fund - Class R6 | | | 9,373,972 | | | | 2.5 | |
| 1,086,189 | | | Voya Strategic Income Opportunities Fund - Class P | | | 11,187,744 | | | | 3.0 | |
| | | | | | | | | | | | |
| | Total Mutual Funds | | | | | | | | |
| | (Cost $54,689,873) | | | 55,041,400 | | | | 14.7 | |
| | | | | | | | | | | | |
| RIGHTS: 0.0% | | | | | | | | | | | |
| | | | Energy: 0.0% | | | | | | | | |
| 12,914(1) | | | Repsol SA | | | 6,128 | | | | 0.0 | |
| | | | | | | | | | | | |
| | | | Health Care: 0.0% | | | | | | | | |
| 4,512(1) | | | Bristol-Myers Squibb Co. | | | 13,581 | | | | 0.0 | |
| | | | | | | | | | | | |
| | Total Rights | | | | | | | | |
| | (Cost $16,481) | | | 19,709 | | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: 4.7% | | | | |
| | | | Basic Materials: 0.1% | | | | | | | | |
| 30,000(2) | | | Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. L.P., 3.700%, 06/01/2028 | | | 31,761 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS |
| as ofDecember 31, 2019 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Basic Materials: (continued) | | | | | | | | |
| 44,000 | | | Dow Chemical Co/The, 4.625%, 10/01/2044 | | | 48,690 | | | | 0.0 | |
| 78,000 | | | Dow Chemical Co/The, 3.625%, 05/15/2026 | | | 82,065 | | | | 0.0 | |
| 16,000 | | | FMC Corp., 3.200%, 10/01/2026 | | | 16,350 | | �� | | 0.0 | |
| 5,000 | | | FMC Corp., 3.450%, 10/01/2029 | | | 5,173 | | | | 0.0 | |
| 32,000 | | | International Flavors & Fragrances, Inc., 3.400%, 09/25/2020 | | | 32,277 | | | | 0.0 | |
| 20,000 | | | International Paper Co., 4.400%, 08/15/2047 | | | 21,392 | | | | 0.0 | |
| 15,000 | | | Mosaic Co/The, 5.450%, 11/15/2033 | | | 17,022 | | | | 0.0 | |
| 105,000(2) | | | Newcrest Finance Pty Ltd., 4.450%, 11/15/2021 | | | 108,797 | | | | 0.1 | |
| 19,000 | | | Newmont Corp., 3.700%, 03/15/2023 | | | 19,870 | | | | 0.0 | |
| 25,000 | | | Nutrien Ltd., 3.625%, 03/15/2024 | | | 26,110 | | | | 0.0 | |
| 61,000 | | | Teck Resources Ltd., 6.125%, 10/01/2035 | | | 71,841 | | | | 0.0 | |
| | | | | | | 481,348 | | | | 0.1 | |
| | | | | | | | | | | | |
| | | | Communications: 0.4% | | | | | | | | |
| 20,000 | | | Amazon.com, Inc., 4.050%, 08/22/2047 | | | 23,495 | | | | 0.0 | |
| 44,000 | | | AT&T, Inc., 4.300%, 02/15/2030 | | | 48,924 | | | | 0.0 | |
| 50,000 | | | AT&T, Inc., 4.550%, 03/09/2049 | | | 55,453 | | | | 0.0 | |
| 93,000 | | | AT&T, Inc., 5.650%, 02/15/2047 | | | 118,479 | | | | 0.1 | |
| 50,000 | | | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.464%, 07/23/2022 | | | 52,550 | | | | 0.0 | |
| 10,000 | | | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.800%, 03/01/2050 | | | 10,526 | | | | 0.0 | |
| 72,000 | | | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.908%, 07/23/2025 | | | 79,312 | | | | 0.0 | |
| 38,000 | | | Comcast Corp., 2.650%, 02/01/2030 | | | 38,154 | | | | 0.0 | |
| 60,000 | | | Comcast Corp., 3.900%, 03/01/2038 | | | 66,420 | | | | 0.0 | |
| 78,000 | | | Comcast Corp., 3.950%, 10/15/2025 | | | 85,127 | | | | 0.0 | |
| 40,000 | | | Comcast Corp., 3.999%, 11/01/2049 | | | 44,498 | | | | 0.0 | |
| 25,000 | | | Comcast Corp., 4.600%, 10/15/2038 | | | 29,786 | | | | 0.0 | |
| 15,000 | | | Corning, Inc., 5.450%, 11/15/2079 | | | 16,454 | | | | 0.0 | |
| 50,000 | | | Discovery Communications LLC, 2.950%, 03/20/2023 | | | 50,959 | | | | 0.0 | |
| 25,000 | | | Discovery Communications LLC, 5.200%, 09/20/2047 | | | 29,105 | | | | 0.0 | |
| 40,000 | | | Interpublic Group of Cos, Inc./The, 3.750%, 10/01/2021 | | | 41,113 | | | | 0.0 | |
| 120,000(2) | | | NBCUniversal Enterprise, Inc., 5.250%, 12/31/2199 | | | 123,942 | | | | 0.1 | |
| 200,000(2) | | | Tencent Holdings Ltd., 2.985%, 01/19/2023 | | | 203,061 | | | | 0.1 | |
| 25,000 | | | Time Warner Cable LLC, 5.875%, 11/15/2040 | | | 28,681 | | | | 0.0 | |
| 20,000 | | | Verizon Communications, Inc., 4.125%, 03/16/2027 | | | 22,198 | | | | 0.0 | |
| 80,000 | | | Verizon Communications, Inc., 4.812%, 03/15/2039 | | | 96,499 | | | | 0.1 | |
| 50,000 | | | Verizon Communications, Inc., 4.862%, 08/21/2046 | | | 61,971 | | | | 0.0 | |
| 54,000 | | | ViacomCBS, Inc., 4.375%, 03/15/2043 | | | 57,231 | | | | 0.0 | |
| 40,000 | | | ViacomCBS, Inc., 5.500%, 05/15/2033 | | | 47,824 | | | | 0.0 | |
| 8,000 | | | Walt Disney Co/The, 2.000%, 09/01/2029 | | | 7,765 | | | | 0.0 | |
| 47,000 | | | Walt Disney Co/The, 3.000%, 09/15/2022 | | | 48,397 | | | | 0.0 | |
| 50,000 | | | Walt Disney Co/The, 4.750%, 11/15/2046 | | | 63,801 | | | | 0.0 | |
| | | | | | | 1,551,725 | | | | 0.4 | |
| | | | | | | | | | | | |
| | | | Consumer, Cyclical: 0.3% | | | | | | | | |
| 22,823 | | | American Airlines 2015-2 Class B Pass Through Trust, 4.400%, 03/22/2025 | | | 23,669 | | | | 0.0 | |
| 4,246 | | | American Airlines 2016-1 Class B Pass Through Trust, 5.250%, 07/15/2025 | | | 4,499 | | | | 0.0 | |
| 43,813 | | | American Airlines 2017-1 Class AA Pass Through Trust, 3.650%, 08/15/2030 | | | 46,286 | | | | 0.0 | |
| 24,397 | | | American Airlines 2017-1 Class B Pass Through Trust, 4.950%, 08/15/2026 | | | 25,792 | | | | 0.0 | |
| 20,000 | | | American Airlines 2019-1 Class B Pass Through Trust, 3.850%, 08/15/2029 | | | 20,341 | | | | 0.0 | |
| 90,000(2) | | | BMW US Capital LLC, 3.450%, 04/12/2023 | | | 93,382 | | | | 0.1 | |
| 17,002 | | | Continental Airlines 2012-1 Class A Pass Through Trust, 4.150%, 10/11/2025 | | | 17,886 | | | | 0.0 | |
| 30,168 | | | Delta Air Lines 2002-1 Class G-1 Pass Through Trust, 6.718%, 07/02/2024 | | | 31,729 | | | | 0.0 | |
| 25,000 | | | Delta Air Lines, Inc., 2.900%, 10/28/2024 | | | 25,063 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS |
| as ofDecember 31, 2019 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Consumer, Cyclical: (continued) | | | | | | | | |
| 27,000 | | | Delta Air Lines, Inc., 3.750%, 10/28/2029 | | | 27,007 | | | | 0.0 | |
| 80,000 | | | DR Horton, Inc., 4.750%, 02/15/2023 | | | 85,363 | | | | 0.0 | |
| 30,000 | | | Ford Motor Co., 5.291%, 12/08/2046 | | | 28,498 | | | | 0.0 | |
| 25,000 | | | General Motors Co., 5.400%, 04/01/2048 | | | 25,865 | | | | 0.0 | |
| 25,000 | | | General Motors Financial Co., Inc., 3.950%, 04/13/2024 | | | 26,137 | | | | 0.0 | |
| 25,000 | | | General Motors Financial Co., Inc., 4.350%, 01/17/2027 | | | 26,276 | | | | 0.0 | |
| 10,000 | | | Hasbro, Inc., 2.600%, 11/19/2022 | | | 10,063 | | | | 0.0 | |
| 25,000 | | | Hasbro, Inc., 3.000%, 11/19/2024 | | | 25,133 | | | | 0.0 | |
| 20,000(2) | | | Hyundai Capital America, 3.500%, 11/02/2026 | | | 20,289 | | | | 0.0 | |
| 25,000 | | | JetBlue 2019-1 Class AA Pass Through Trust, 2.750%, 11/15/2033 | | | 25,343 | | | | 0.0 | |
| 50,000 | | | Lowe's Cos, Inc., 3.700%, 04/15/2046 | | | 50,935 | | | | 0.0 | |
| 30,000 | | | McDonald's Corp., 4.450%, 09/01/2048 | | | 34,327 | | | | 0.0 | |
| 33,000 | | | Southwest Airlines Co., 3.450%, 11/16/2027 | | | 34,700 | | | | 0.0 | |
| 30,288 | | | United Airlines 2013-1 Class B Pass Through Trust, 5.375%, 02/15/2023 | | | 31,479 | | | | 0.0 | |
| 58,140 | | | United Airlines 2016-1 Class AA Pass Through Trust, 3.100%, 01/07/2030 | | | 59,736 | | | | 0.0 | |
| 17,431 | | | United Airlines 2016-1 Class B Pass Through Trust, 3.650%, 07/07/2027 | | | 17,717 | | | | 0.0 | |
| 67,071 | | | United Airlines 2016-2 Class AA Pass Through Trust, 2.875%, 04/07/2030 | | | 68,087 | | | | 0.0 | |
| 24,861 | | | United Airlines 2016-2 Class B Pass Through Trust, 3.650%, 04/07/2027 | | | 25,100 | | | | 0.0 | |
| 16,180 | | | US Airways 2012-2 Class B Pass Through Trust, 6.750%, 12/03/2022 | | | 17,003 | | | | 0.0 | |
| 111,306 | | | US Airways 2013-1 Class B Pass Through Trust, 5.375%, 05/15/2023 | | | 115,947 | | | | 0.1 | |
| 90,000 | | | Walmart, Inc., 2.350%, 12/15/2022 | | | 91,577 | | | | 0.1 | |
| 60,000 | | | Walmart, Inc., 4.050%, 06/29/2048 | | | 70,985 | | | | 0.0 | |
| | | | | | | 1,206,214 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | | Consumer, Non-cyclical: 0.7% | | | | | | | | |
| 30,000 | | | Abbott Laboratories, 4.750%, 11/30/2036 | | | 37,493 | | | | 0.0 | |
| 43,000(2) | | | AbbVie, Inc., 2.600%, 11/21/2024 | | | 43,295 | | | | 0.0 | |
| 50,000 | | | AbbVie, Inc., 2.900%, 11/06/2022 | | | 51,033 | | | | 0.0 | |
| 24,000(2) | | | AbbVie, Inc., 2.950%, 11/21/2026 | | | 24,396 | | | | 0.0 | |
| 21,000(2) | | | AbbVie, Inc., 3.200%, 11/21/2029 | | | 21,377 | | | | 0.0 | |
| 24,000(2) | | | AbbVie, Inc., 4.050%, 11/21/2039 | | | 25,449 | | | | 0.0 | |
| 29,000 | | | AbbVie, Inc., 4.500%, 05/14/2035 | | | 32,871 | | | | 0.0 | |
| 42,000 | | | Aetna, Inc., 2.800%, 06/15/2023 | | | 42,680 | | | | 0.0 | |
| 30,000 | | | Aetna, Inc., 4.500%, 05/15/2042 | | | 32,340 | | | | 0.0 | |
| 30,000 | | | Allergan Finance LLC, 4.625%, 10/01/2042 | | | 31,383 | | | | 0.0 | |
| 45,000 | | | Altria Group, Inc., 4.800%, 02/14/2029 | | | 50,135 | | | | 0.0 | |
| 20,000 | | | Altria Group, Inc., 5.800%, 02/14/2039 | | | 23,521 | | | | 0.0 | |
| 21,000 | | | Altria Group, Inc., 5.950%, 02/14/2049 | | | 25,426 | | | | 0.0 | |
| 25,000 | | | AmerisourceBergen Corp., 3.450%, 12/15/2027 | | | 26,120 | | | | 0.0 | |
| 22,000 | | | Amgen, Inc., 4.563%, 06/15/2048 | | | 25,543 | | | | 0.0 | |
| 68,000 | | | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036 | | | 78,548 | | | | 0.1 | |
| 75,000 | | | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046 | | | 88,835 | | | | 0.1 | |
| 25,000 | | | Anthem, Inc., 3.500%, 08/15/2024 | | | 26,206 | | | | 0.0 | |
| 7,000 | | | Anthem, Inc., 4.101%, 03/01/2028 | | | 7,603 | | | | 0.0 | |
| 10,000 | | | Anthem, Inc., 4.375%, 12/01/2047 | | | 11,024 | | | | 0.0 | |
| 25,000 | | | Anthem, Inc., 5.100%, 01/15/2044 | | | 29,882 | | | | 0.0 | |
| 50,000 | | | BAT Capital Corp., 3.222%, 08/15/2024 | | | 51,133 | | | | 0.0 | |
| 15,000 | | | BAT Capital Corp., 3.462%, 09/06/2029 | | | 15,184 | | | | 0.0 | |
| 14,000 | | | BAT Capital Corp., 3.557%, 08/15/2027 | | | 14,290 | | | | 0.0 | |
| 50,000 | | | Becton Dickinson and Co., 2.894%, 06/06/2022 | | | 50,825 | | | | 0.0 | |
| 23,000(2) | | | Bristol-Myers Squibb Co., 3.400%, 07/26/2029 | | | 24,600 | | | | 0.0 | |
| 50,000(2) | | | Bristol-Myers Squibb Co., 3.875%, 08/15/2025 | | | 54,090 | | | | 0.0 | |
| 30,000(2) | | | Bristol-Myers Squibb Co., 4.125%, 06/15/2039 | | | 34,602 | | | | 0.0 | |
| 40,000(2) | | | Bristol-Myers Squibb Co., 4.550%, 02/20/2048 | | | 48,984 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS |
| as ofDecember 31, 2019 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Consumer, Non-cyclical: (continued) | | | | | | | | |
| 60,000 | | | Bunge Ltd. Finance Corp., 4.350%, 03/15/2024 | | | 63,023 | | | | 0.0 | |
| 48,000(2) | | | Cargill, Inc., 3.875%, 05/23/2049 | | | 53,672 | | | | 0.0 | |
| 100,000 | | | Cigna Corp., 3.200%, 09/17/2020 | | | 100,793 | | | | 0.1 | |
| 125,000 | | | Cigna Corp., 3.400%, 09/17/2021 | | | 127,976 | | | | 0.1 | |
| 40,000 | | | Cigna Corp., 4.800%, 08/15/2038 | | | 46,693 | | | | 0.0 | |
| 25,000 | | | CVS Health Corp., 3.700%, 03/09/2023 | | | 26,041 | | | | 0.0 | |
| 5,000 | | | CVS Health Corp., 3.875%, 07/20/2025 | | | 5,324 | | | | 0.0 | |
| 10,000 | | | CVS Health Corp., 4.300%, 03/25/2028 | | | 10,921 | | | | 0.0 | |
| 105,000 | | | CVS Health Corp., 5.050%, 03/25/2048 | | | 124,253 | | | | 0.1 | |
| 120,000 | | | CVS Health Corp., 2.125%, 06/01/2021 | | | 120,210 | | | | 0.1 | |
| 20,000 | | | Estee Lauder Cos, Inc./The, 3.125%, 12/01/2049 | | | 20,000 | | | | 0.0 | |
| 60,000 | | | General Mills, Inc., 3.700%, 10/17/2023 | | | 63,219 | | | | 0.0 | |
| 25,000 | | | General Mills, Inc., 4.000%, 04/17/2025 | | | 27,033 | | | | 0.0 | |
| 30,000 | | | GlaxoSmithKline Capital PLC, 2.875%, 06/01/2022 | | | 30,650 | | | | 0.0 | |
| 25,000 | | | Global Payments, Inc., 2.650%, 02/15/2025 | | | 25,119 | | | | 0.0 | |
| 30,000 | | | Global Payments, Inc., 3.200%, 08/15/2029 | | | 30,658 | | | | 0.0 | |
| 45,000 | | | HCA, Inc., 4.500%, 02/15/2027 | | | 48,552 | | | | 0.0 | |
| 15,000 | | | HCA, Inc., 5.125%, 06/15/2039 | | | 16,606 | | | | 0.0 | |
| 22,000 | | | HCA, Inc., 5.250%, 04/15/2025 | | | 24,621 | | | | 0.0 | |
| 5,000 | | | HCA, Inc., 5.250%, 06/15/2049 | | | 5,590 | | | | 0.0 | |
| 14,000 | | | HCA, Inc., 5.500%, 06/15/2047 | | | 16,072 | | | | 0.0 | |
| 14,000 | | | IHS Markit Ltd., 4.250%, 05/01/2029 | | | 15,104 | | | | 0.0 | |
| 30,000 | | | Johnson & Johnson, 4.375%, 12/05/2033 | | | 35,537 | | | | 0.0 | |
| 25,000 | | | Kaiser Foundation Hospitals, 3.266%, 11/01/2049 | | | 25,153 | | | | 0.0 | |
| 70,000 | | | Keurig Dr Pepper, Inc., 4.057%, 05/25/2023 | | | 73,825 | | | | 0.0 | |
| 5,000 | | | Keurig Dr Pepper, Inc., 4.417%, 05/25/2025 | | | 5,462 | | | | 0.0 | |
| 62,000(2) | | | Kraft Heinz Foods Co., 4.875%, 02/15/2025 | | | 63,703 | | | | 0.0 | |
| 23,000 | | | Kroger Co/The, 5.150%, 08/01/2043 | | | 26,374 | | | | 0.0 | |
| 23,000 | | | Laboratory Corp. of America Holdings, 4.700%, 02/01/2045 | | | 25,863 | | | | 0.0 | |
| 15,000(2) | | | Mars, Inc., 3.200%, 04/01/2030 | | | 15,878 | | | | 0.0 | |
| 13,000(2) | | | Mars, Inc., 3.875%, 04/01/2039 | | | 14,365 | | | | 0.0 | |
| 42,000(2) | | | Mars, Inc., 4.125%, 04/01/2054 | | | 47,949 | | | | 0.0 | |
| 18,000 | | | Medtronic, Inc., 4.375%, 03/15/2035 | | | 21,314 | | | | 0.0 | |
| 4,000 | | | Mylan NV, 3.750%, 12/15/2020 | | | 4,080 | | | | 0.0 | |
| 75,000 | | | PayPal Holdings, Inc., 2.850%, 10/01/2029 | | | 75,533 | | | | 0.1 | |
| 60,000 | | | Pfizer, Inc., 3.200%, 09/15/2023 | | | 62,581 | | | | 0.0 | |
| 19,000 | | | Philip Morris International, Inc., 4.375%, 11/15/2041 | | | 21,054 | | | | 0.0 | |
| 20,000 | | | Quest Diagnostics, Inc., 2.950%, 06/30/2030 | | | 20,059 | | | | 0.0 | |
| 50,000 | | | RELX Capital, Inc., 4.000%, 03/18/2029 | | | 54,281 | | | | 0.0 | |
| 12,000 | | | Reynolds American, Inc., 5.850%, 08/15/2045 | | | 13,757 | | | | 0.0 | |
| 6,000 | | | Reynolds American, Inc., 6.150%, 09/15/2043 | | | 7,043 | | | | 0.0 | |
| 5,000 | | | S&P Global, Inc., 3.250%, 12/01/2049 | | | 5,113 | | | | 0.0 | |
| 35,000 | | | Thermo Fisher Scientific, Inc., 2.600%, 10/01/2029 | | | 34,645 | | | | 0.0 | |
| 7,000 | | | UnitedHealth Group, Inc., 2.875%, 08/15/2029 | | | 7,203 | | | | 0.0 | |
| 19,000 | | | UnitedHealth Group, Inc., 3.500%, 08/15/2039 | | | 19,943 | | | | 0.0 | |
| 13,000 | | | UnitedHealth Group, Inc., 3.875%, 08/15/2059 | | | 14,029 | | | | 0.0 | |
| 25,000 | | | UnitedHealth Group, Inc., 4.200%, 01/15/2047 | | | 28,782 | | | | 0.0 | |
| | | | | | | 2,754,524 | | | | 0.7 | |
| | | | | | | | | | | | |
| | | | Energy: 0.7% | | | | | | | | |
| 18,000 | | | Apache Corp., 4.375%, 10/15/2028 | | | 18,808 | | | | 0.0 | |
| 50,000 | | | Apache Corp., 5.250%, 02/01/2042 | | | 52,087 | | | | 0.0 | |
| 48,000 | | | BP Capital Markets America, Inc., 3.216%, 11/28/2023 | | | 50,006 | | | | 0.0 | |
| 75,000 | | | BP Capital Markets America, Inc., 3.224%, 04/14/2024 | | | 78,290 | | | | 0.1 | |
| 50,000 | | | BP Capital Markets PLC, 4.742%, 03/11/2021 | | | 51,631 | | | | 0.0 | |
| 15,000(2) | | | Cameron LNG LLC, 2.902%, 07/15/2031 | | | 15,031 | | | | 0.0 | |
| 15,000(2) | | | Cameron LNG LLC, 3.302%, 01/15/2035 | | | 15,143 | | | | 0.0 | |
| 25,000 | | | Cenovus Energy, Inc., 3.800%, 09/15/2023 | | | 25,865 | | | | 0.0 | |
| 39,000 | | | Cimarex Energy Co., 3.900%, 05/15/2027 | | | 40,343 | | | | 0.0 | |
| 23,000 | | | Cimarex Energy Co., 4.375%, 06/01/2024 | | | 24,292 | | | | 0.0 | |
| 26,000 | | | Cimarex Energy Co., 4.375%, 03/15/2029 | | | 27,519 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS |
| as ofDecember 31, 2019 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Energy: (continued) | | | | | | | | |
| 26,000 | | | Diamondback Energy, Inc., 2.875%, 12/01/2024 | | | 26,297 | | | | 0.0 | |
| 10,000 | | | Diamondback Energy, Inc., 3.250%, 12/01/2026 | | | 10,126 | | | | 0.0 | |
| 15,000 | | | Diamondback Energy, Inc., 3.500%, 12/01/2029 | | | 15,292 | | | | 0.0 | |
| 200,000 | | | Empresa Nacional del Petroleo, 3.750%, 08/05/2026 | | | 204,829 | | | | 0.1 | |
| 41,000 | | | Enable Midstream Partners L.P., 4.150%, 09/15/2029 | | | 38,965 | | | | 0.0 | |
| 40,000 | | | Enbridge, Inc., 3.125%, 11/15/2029 | | | 40,521 | | �� | | 0.0 | |
| 60,000 | | | Energy Transfer Operating L.P., 5.300%, 04/15/2047 | | | 63,984 | | | | 0.0 | |
| 25,000 | | | Enterprise Products Operating LLC, 3.750%, 02/15/2025 | | | 26,679 | | | | 0.0 | |
| 5,000 | | | Enterprise Products Operating LLC, 4.200%, 01/31/2050 | | | 5,372 | | | | 0.0 | |
| 100,000(4) | | | Enterprise Products Operating LLC, 4.875%, 08/16/2077 | | | 98,902 | | | | 0.1 | |
| 3,000(4) | | | Enterprise Products Operating LLC, 5.375%, 02/15/2078 | | | 2,986 | | | | 0.0 | |
| 27,000 | | | EOG Resources, Inc., 2.625%, 03/15/2023 | | | 27,502 | | | | 0.0 | |
| 45,000 | | | Exxon Mobil Corp., 2.726%, 03/01/2023 | | | 46,068 | | | | 0.0 | |
| 16,000 | | | Exxon Mobil Corp., 2.995%, 08/16/2039 | | | 16,034 | | | | 0.0 | |
| 17,000 | | | Exxon Mobil Corp., 3.095%, 08/16/2049 | | | 16,961 | | | | 0.0 | |
| 35,000 | | | Halliburton Co., 3.500%, 08/01/2023 | | | 36,404 | | | | 0.0 | |
| 25,000 | | | Halliburton Co., 3.800%, 11/15/2025 | | | 26,683 | | | | 0.0 | |
| 35,000 | | | Husky Energy, Inc., 4.400%, 04/15/2029 | | | 37,677 | | | | 0.0 | |
| 200,000(2) | | | KazMunayGas National Co. JSC, 4.750%, 04/24/2025 | | | 219,699 | | | | 0.1 | |
| 21,000 | | | Kinder Morgan Energy Partners L.P., 5.400%, 09/01/2044 | | | 24,293 | | | | 0.0 | |
| 20,000 | | | Marathon Petroleum Corp., 5.125%, 04/01/2024 | | | 20,535 | | | | 0.0 | |
| 25,000 | | | Marathon Petroleum Corp., 5.000%, 09/15/2054 | | | 26,964 | | | | 0.0 | |
| 20,000(2) | | | MPLX L.P., 5.250%, 01/15/2025 | | | 20,994 | | | | 0.0 | |
| 23,000 | | | Newfield Exploration Co., 5.375%, 01/01/2026 | | | 24,955 | | | | 0.0 | |
| 34,000 | | | Occidental Petroleum Corp., 2.900%, 08/15/2024 | | | 34,562 | | | | 0.0 | |
| 44,000 | | | ONEOK Partners L.P., 3.375%, 10/01/2022 | | | 45,276 | | | | 0.0 | |
| 15,000 | | | ONEOK, Inc., 3.400%, 09/01/2029 | | | 15,251 | | | | 0.0 | |
| 200,000(2) | | | Petroleos del Peru SA, 4.750%, 06/19/2032 | | | 219,569 | | | | 0.1 | |
| 200,000 | | | Petroleos Mexicanos, 6.500%, 03/13/2027 | | | 212,913 | | | | 0.1 | |
| 50,000 | | | Plains All American Pipeline L.P. / PAA Finance Corp., 3.550%, 12/15/2029 | | | 49,315 | | | | 0.0 | |
| 50,000 | | | Plains All American Pipeline L.P. / PAA Finance Corp., 4.650%, 10/15/2025 | | | 53,559 | | | | 0.0 | |
| 24,000(2) | | | Schlumberger Oilfield UK PLC, 4.200%, 01/15/2021 | | | 24,413 | | | | 0.0 | |
| 125,000 | | | Shell International Finance BV, 3.250%, 05/11/2025 | | | 132,280 | | | | 0.1 | |
| 9,000 | | | Sunoco Logistics Partners Operations L.P., 4.250%, 04/01/2024 | | | 9,463 | | | | 0.0 | |
| 70,000 | | | Total Capital Canada Ltd., 2.750%, 07/15/2023 | | | 71,800 | | | | 0.0 | |
| 24,000 | | | Total Capital International SA, 3.461%, 07/12/2049 | | | 25,234 | | | | 0.0 | |
| 16,000(4) | | | Transcanada Trust, 5.500%, 09/15/2079 | | | 16,832 | | | | 0.0 | |
| 45,000 | | | Western Midstream Operating L.P., 4.000%, 07/01/2022 | | | 46,121 | | | | 0.0 | |
| 30,000 | | | Williams Cos, Inc./The, 4.000%, 09/15/2025 | | | 31,826 | | | | 0.0 | |
| 25,000 | | | Williams Cos, Inc./The, 5.400%, 03/04/2044 | | | 28,150 | | | | 0.0 | |
| 23,000 | | | Williams Partners L.P., 3.600%, 03/15/2022 | | | 23,647 | | | | 0.0 | |
| 27,000 | | | Williams Partners L.P., 3.750%, 06/15/2027 | | | 28,154 | | | | 0.0 | |
| | | | | | | 2,546,102 | | | | 0.7 | |
| | | | | | | | | | | | |
| | | | Financial: 1.4% | | | | | | | | |
| 200,000(2) | | | ABN AMRO Bank NV, 4.750%, 07/28/2025 | | | 218,342 | | | | 0.1 | |
| 20,000 | | | American International Group, Inc., 3.875%, 01/15/2035 | | | 21,226 | | | | 0.0 | |
| 10,000 | | | American International Group, Inc., 4.250%, 03/15/2029 | | | 11,127 | | | | 0.0 | |
| 7,000 | | | American International Group, Inc., 4.500%, 07/16/2044 | | | 8,064 | | | | 0.0 | |
| 10,000 | | | American International Group, Inc., 4.750%, 04/01/2048 | | | 12,039 | | | | 0.0 | |
| 18,000(4) | | | American International Group, Inc., 5.750%, 04/01/2048 | | | 19,818 | | | | 0.0 | |
| 15,000 | | | American Tower Corp., 2.750%, 01/15/2027 | | | 14,991 | | | | 0.0 | |
| 25,000 | | | American Tower Corp., 3.700%, 10/15/2049 | | | 24,944 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS |
| as ofDecember 31, 2019 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Financial:(continued) | | | | | | | | |
| 31,000 | | | Assurant, Inc., 3.700%, 02/22/2030 | | | 31,448 | | | | 0.0 | |
| 35,000(4) | | | Bank of America Corp., 3.194%, 07/23/2030 | | | 36,202 | | | | 0.0 | |
| 120,000(4) | | | Bank of America Corp., 3.499%, 05/17/2022 | | | 122,407 | | | | 0.1 | |
| 60,000(4) | | | Bank of America Corp., 3.593%, 07/21/2028 | | | 63,581 | | | | 0.0 | |
| 20,000 | | | Bank of America Corp., 3.950%, 04/21/2025 | | | 21,340 | | | | 0.0 | |
| 40,000(4) | | | Bank of America Corp., 3.974%, 02/07/2030 | | | 43,975 | | | | 0.0 | |
| 40,000(4) | | | Bank of America Corp., 4.078%, 04/23/2040 | | | 45,336 | | | | 0.0 | |
| 79,000 | | | Bank of America Corp., 4.125%, 01/22/2024 | | | 85,020 | | | | 0.0 | |
| 103,000 | | | Bank of America Corp., 4.183%, 11/25/2027 | | | 111,650 | | | | 0.1 | |
| 130,000(4) | | | Bank of America Corp., 4.271%, 07/23/2029 | | | 144,420 | | | | 0.1 | |
| 6,000(4) | | | Bank of America Corp., 5.125%, 12/31/2199 | | | 6,354 | | | | 0.0 | |
| 50,000(4) | | | Bank of Montreal, 3.803%, 12/15/2032 | | | 52,193 | | | | 0.0 | |
| 40,000 | | | Bank of Nova Scotia/The, 2.700%, 08/03/2026 | | | 40,704 | | | | 0.0 | |
| 80,000(2) | | | Barclays Bank PLC, 10.179%, 06/12/2021 | | | 88,929 | | | | 0.0 | |
| 45,000 | | | Berkshire Hathaway Finance Corp., 4.250%, 01/15/2049 | | | 53,295 | | | | 0.0 | |
| 206,000(2) | | | BPCE SA, 5.700%, 10/22/2023 | | | 228,104 | | | | 0.1 | |
| 20,000 | | | Charles Schwab Corp./The, 3.250%, 05/22/2029 | | | 21,164 | | | | 0.0 | |
| 75,000 | | | Charles Schwab Corp./The, 3.550%, 02/01/2024 | | | 79,120 | | | | 0.0 | |
| 45,000 | | | Citigroup, Inc., 5.500%, 09/13/2025 | | | 51,442 | | | | 0.0 | |
| 14,000 | | | Columbia Property Trust Operating Partnership L.P., 3.650%, 08/15/2026 | | | 14,346 | | | | 0.0 | |
| 260,000 | | | Cooperatieve Rabobank UA, 4.375%, 08/04/2025 | | | 282,087 | | | | 0.1 | |
| 250,000(2) | | | Credit Agricole SA/London, 2.375%, 07/01/2021 | | | 251,639 | | | | 0.1 | |
| 77,000 | | | Credit Suisse Group Funding Guernsey Ltd., 3.800%, 09/15/2022 | | | 80,153 | | | | 0.0 | |
| 200,000(2) | | | Danske Bank A/S, 2.800%, 03/10/2021 | | | 201,435 | | | | 0.1 | |
| 17,000 | | | ERP Operating L.P., 2.500%, 02/15/2030 | | | 16,876 | | | | 0.0 | |
| 35,000 | | | Essex Portfolio L.P., 3.000%, 01/15/2030 | | | 35,415 | | | | 0.0 | |
| 50,000 | | | Essex Portfolio L.P., 3.250%, 05/01/2023 | | | 51,373 | | | | 0.0 | |
| 18,000 | | | Fairfax Financial Holdings Ltd., 4.850%, 04/17/2028 | | | 19,607 | | | | 0.0 | |
| 39,000(2),(3) | | | Fairfax US, Inc., 4.875%, 08/13/2024 | | | 41,685 | | | | 0.0 | |
| 35,000 | | | Goldman Sachs Group, Inc., 4.250%, 10/21/2025 | | | 38,004 | | | | 0.0 | |
| 46,000 | | | Goldman Sachs Group, Inc., 5.150%, 05/22/2045 | | | 56,470 | | | | 0.0 | |
| 17,000 | | | Goldman Sachs Group, Inc., 6.750%, 10/01/2037 | | | 23,594 | | | | 0.0 | |
| 100,000(2),(4) | | | Harborwalk Funding Trust, 5.077%, 02/15/2069 | | | 118,349 | | | | 0.1 | |
| 35,000 | | | Healthpeak Properties, Inc., 3.000%, 01/15/2030 | | | 35,130 | | | | 0.0 | |
| 200,000(4) | | | HSBC Holdings PLC, 2.633%, 11/07/2025 | | | 200,745 | | | | 0.1 | |
| 81,000 | | | JPMorgan Chase & Co., 2.550%, 10/29/2020 | | | 81,375 | | | | 0.0 | |
| 75,000(4) | | | JPMorgan Chase & Co., 3.207%, 04/01/2023 | | | 76,793 | | | | 0.0 | |
| 160,000(4) | | | JPMorgan Chase & Co., 3.514%, 06/18/2022 | | | 163,458 | | | | 0.1 | |
| 70,000(4) | | | JPMorgan Chase & Co., 3.797%, 07/23/2024 | | | 73,778 | | | | 0.0 | |
| 50,000(4) | | | JPMorgan Chase & Co., 4.032%, 07/24/2048 | | | 57,177 | | | | 0.0 | |
| 38,000(4) | | | JPMorgan Chase & Co., 5.000%, 12/31/2199 | | | 39,568 | | | | 0.0 | |
| 33,000 | | | Kimco Realty Corp., 3.700%, 10/01/2049 | | | 32,107 | | | | 0.0 | |
| 27,000(2) | | | Liberty Mutual Group, Inc., 3.951%, 10/15/2050 | | | 28,090 | | | | 0.0 | |
| 200,000 | | | Mizuho Financial Group Cayman 2 Ltd., 4.200%, 07/18/2022 | | | 207,871 | | | | 0.1 | |
| 100,000 | | | Morgan Stanley, 4.000%, 07/23/2025 | | | 108,208 | | | | 0.0 | |
| 40,000(4) | | | Morgan Stanley, 4.457%, 04/22/2039 | | | 47,127 | | | | 0.0 | |
| 70,000 | | | Morgan Stanley, 5.500%, 07/28/2021 | | | 73,755 | | | | 0.0 | |
| 55,000(2) | | | New York Life Global Funding, 2.875%, 04/10/2024 | | | 56,735 | | | | 0.0 | |
| 24,000(2) | | | Northwestern Mutual Life Insurance Co/The, 3.625%, 09/30/2059 | | | 24,052 | | | | 0.0 | |
| 150,000 | | | ORIX Corp., 3.250%, 12/04/2024 | | | 156,372 | | | | 0.1 | |
| 30,000 | | | Piedmont Operating Partnership L.P., 4.450%, 03/15/2024 | | | 31,985 | | | | 0.0 | |
| 23,000 | | | Regency Centers L.P., 2.950%, 09/15/2029 | | | 22,982 | | | | 0.0 | |
| 41,000 | | | Royal Bank of Canada, 2.250%, 11/01/2024 | | | 41,217 | | | | 0.0 | |
| 70,000 | | | Royal Bank of Canada, 2.703%, (US0003M + 0.660%), 10/05/2023 | | | 70,571 | | | | 0.0 | |
| 21,000(4) | | | State Street Corp., 3.031%, 11/01/2034 | | | 21,078 | | | | 0.0 | |
| 8,000 | | | Sumitomo Mitsui Financial Group, Inc., 3.010%, 10/19/2026 | | | 8,196 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS |
| as ofDecember 31, 2019 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Financial:(continued) | | | | | | | | |
| 100,000 | | | Toronto-Dominion Bank/The, 3.250%, 03/11/2024 | | | 104,692 | | | | 0.0 | |
| 25,000 | | | Truist Bank, 3.200%, 04/01/2024 | | | 26,008 | | | | 0.0 | |
| 55,000(4) | | | Truist Financial Corp., 4.800%, 12/31/2199 | | | 56,856 | | | | 0.0 | |
| 35,000(4) | | | Wells Fargo & Co., 2.406%, 10/30/2025 | | | 35,024 | | | | 0.0 | |
| 31,000(4) | | | Wells Fargo & Co., 2.879%, 10/30/2030 | | | 31,208 | | | | 0.0 | |
| 120,000 | | | Wells Fargo & Co., 3.750%, 01/24/2024 | | | 126,820 | | | | 0.1 | |
| 48,000 | | | Wells Fargo & Co., 4.750%, 12/07/2046 | | | 57,554 | | | | 0.0 | |
| 15,000 | | | Westpac Banking Corp., 2.350%, 02/19/2025 | | | 15,033 | | | | 0.0 | |
| 25,000 | | | XLIT Ltd., 4.450%, 03/31/2025 | | | 27,230 | | | | 0.0 | |
| | | | | | | 5,027,063 | | | | 1.4 | |
| | | | | | | | | | | | |
| | | | Industrial: 0.2% | | | | | | | | |
| 45,000 | | | Amphenol Corp., 2.800%, 02/15/2030 | | | 44,608 | | | | 0.0 | |
| 39,000 | | | Amphenol Corp., 3.200%, 04/01/2024 | | | 40,460 | | | | 0.0 | |
| 60,000(4) | | | BNSF Funding Trust I, 6.613%, 12/15/2055 | | | 67,291 | | | | 0.0 | |
| 45,000 | | | Burlington Northern Santa Fe LLC, 3.900%, 08/01/2046 | | | 49,340 | | | | 0.0 | |
| 51,000 | | | FedEx Corp., 3.900%, 02/01/2035 | | | 51,970 | | | | 0.0 | |
| 42,000 | | | Norfolk Southern Corp., 3.650%, 08/01/2025 | | | 44,939 | | | | 0.0 | |
| 7,000 | | | Northrop Grumman Corp., 2.930%, 01/15/2025 | | | 7,216 | | | | 0.0 | |
| 25,000 | | | Packaging Corp. of America, 4.050%, 12/15/2049 | | | 26,018 | | | | 0.0 | |
| 56,000 | | | Rockwell Collins, Inc., 3.200%, 03/15/2024 | | | 58,275 | | | | 0.0 | |
| 13,000 | | | Roper Technologies, Inc., 3.650%, 09/15/2023 | | | 13,650 | | | | 0.0 | |
| 115,000 | | | Stanley Black & Decker, Inc., 2.900%, 11/01/2022 | | | 117,648 | | | | 0.1 | |
| 41,000 | | | United Parcel Service, Inc., 2.800%, 11/15/2024 | | | 42,455 | | | | 0.0 | |
| 100,000 | | | United Technologies Corp., 3.650%, 08/16/2023 | | | 105,406 | | | | 0.1 | |
| 5,000 | | | United Technologies Corp., 5.400%, 05/01/2035 | | | 6,434 | | | | 0.0 | |
| 8,000 | | | United Technologies Corp., 6.125%, 07/15/2038 | | | 11,106 | | | | 0.0 | |
| | | | | | | 686,816 | | | | 0.2 | |
| | | | | | | | | | | | |
| | | | Technology: 0.2% | | | | | | | | |
| 40,000 | | | Analog Devices, Inc., 3.500%, 12/05/2026 | | | 41,959 | | | | 0.0 | |
| 90,000 | | | Apple, Inc., 3.750%, 09/12/2047 | | | 100,079 | | | | 0.0 | |
| 20,000 | | | Broadridge Financial Solutions, Inc., 2.900%, 12/01/2029 | | | 20,001 | | | | 0.0 | |
| 25,000(2) | | | Dell International LLC / EMC Corp., 6.020%, 06/15/2026 | | | 28,774 | | | | 0.0 | |
| 20,000 | | | Fiserv, Inc., 2.750%, 07/01/2024 | | | 20,359 | | | | 0.0 | |
| 36,000 | | | Fiserv, Inc., 3.200%, 07/01/2026 | | | 37,290 | | | | 0.0 | |
| 45,000 | | | HP, Inc., 4.050%, 09/15/2022 | | | 47,010 | | | | 0.0 | |
| 50,000 | | | HP, Inc., 4.300%, 06/01/2021 | | | 51,502 | | | | 0.0 | |
| 100,000 | | | IBM Credit LLC, 3.000%, 02/06/2023 | | | 102,904 | | | | 0.1 | |
| 100,000 | | | International Business Machines Corp., 3.300%, 05/15/2026 | | | 105,463 | | | | 0.1 | |
| 40,000 | | | Intel Corp., 3.250%, 11/15/2049 | | | 40,296 | | | | 0.0 | |
| 46,000 | | | KLA Corp., 4.125%, 11/01/2021 | | | 47,571 | | | | 0.0 | |
| 80,000 | | | Microsoft Corp., 3.700%, 08/08/2046 | | | 90,334 | | | | 0.0 | |
| 41,000 | | | Microsoft Corp., 4.450%, 11/03/2045 | | | 51,254 | | | | 0.0 | |
| 6,000 | | | Oracle Corp., 3.850%, 07/15/2036 | | | 6,574 | | | | 0.0 | |
| 25,000 | | | Texas Instruments, Inc., 3.875%, 03/15/2039 | | | 28,241 | | | | 0.0 | |
| | | | | | | 819,611 | | | | 0.2 | |
| | | | | | | | | | | | |
| | | | Utilities: 0.7% | | | | | | | | |
| 52,000 | | | AEP Texas, Inc., 3.450%, 01/15/2050 | | | 52,110 | | | | 0.0 | |
| 20,000 | | | Alabama Power Co., 3.450%, 10/01/2049 | | | 20,506 | | | | 0.0 | |
| 36,000 | | | Ameren Corp., 2.700%, 11/15/2020 | | | 36,198 | | | | 0.0 | |
| 50,000(2) | | | American Transmission Systems, Inc., 5.000%, 09/01/2044 | | | 62,664 | | | | 0.0 | |
| 50,000(2) | | | American Transmission Systems, Inc., 5.250%, 01/15/2022 | | | 52,917 | | | | 0.0 | |
| 47,000 | | | Avangrid, Inc., 3.800%, 06/01/2029 | | | 49,850 | | | | 0.0 | |
| 20,000 | | | Baltimore Gas & Electric Co., 3.200%, 09/15/2049 | | | 19,588 | | | | 0.0 | |
| 35,000 | | | Baltimore Gas & Electric Co., 3.350%, 07/01/2023 | | | 36,296 | | | | 0.0 | |
| 15,000 | | | Black Hills Corp., 3.050%, 10/15/2029 | | | 14,955 | | | | 0.0 | |
| 40,000 | | | Black Hills Corp., 4.250%, 11/30/2023 | | | 42,402 | | | | 0.0 | |
| 25,000 | | | CenterPoint Energy Houston Electric LLC, 3.550%, 08/01/2042 | | | 26,265 | | | | 0.0 | |
| 39,000(2) | | | Cleveland Electric Illuminating Co/The, 3.500%, 04/01/2028 | | | 40,604 | | | | 0.0 | |
| 25,000 | | | Commonwealth Edison Co., 3.750%, 08/15/2047 | | | 26,974 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS |
| as ofDecember 31, 2019 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Utilities:(continued) | | | | | | | | |
| 34,000 | | | Consolidated Edison Co. of New York, Inc., 4.000%, 11/15/2057 | | | 36,418 | | | | 0.0 | |
| 13,000 | | | Consolidated Edison Co. of New York, Inc., 5.300%, 03/01/2035 | | | 16,005 | | | | 0.0 | |
| 22,000 | | | Consumers Energy Co., 3.100%, 08/15/2050 | | | 21,945 | | | | 0.0 | |
| 30,000 | | | Dominion Energy Gas Holdings LLC, 2.500%, 11/15/2024 | | | 30,146 | | | | 0.0 | |
| 35,000(4) | | | Dominion Energy, Inc., 4.650%, 12/31/2199 | | | 35,750 | | | | 0.0 | |
| 48,000(2) | | | DPL, Inc., 4.350%, 04/15/2029 | | | 46,309 | | | | 0.0 | |
| 35,000 | | | Duke Energy Carolinas LLC, 3.200%, 08/15/2049 | | | 34,859 | | | | 0.0 | |
| 25,000 | | | Duke Energy Carolinas LLC, 3.700%, 12/01/2047 | | | 27,001 | | | | 0.0 | |
| 15,000 | | | Duke Energy Carolinas LLC, 4.000%, 09/30/2042 | | | 16,726 | | | | 0.0 | |
| 15,000(4) | | | Duke Energy Corp., 4.875%, 12/31/2199 | | | 15,753 | | | | 0.0 | |
| 25,000 | | | Duke Energy Florida LLC, 4.200%, 07/15/2048 | | | 28,936 | | | | 0.0 | |
| 25,000 | | | Duke Energy Indiana LLC, 3.250%, 10/01/2049 | | | 24,985 | | | | 0.0 | |
| 59,000 | | | Duke Energy Progress LLC, 3.700%, 10/15/2046 | | | 63,063 | | | | 0.0 | |
| 100,000 | | | Entergy Louisiana LLC, 4.050%, 09/01/2023 | | | 106,323 | | | | 0.1 | |
| 25,000 | | | Entergy Louisiana LLC, 4.200%, 04/01/2050 | | | 29,497 | | | | 0.0 | |
| 33,000 | | | Entergy Texas, Inc., 4.000%, 03/30/2029 | | | 36,368 | | | | 0.0 | |
| 33,000 | | | Evergy Kansas Central, Inc., 3.250%, 09/01/2049 | | | 32,490 | | | | 0.0 | |
| 57,000 | | | Eversource Energy, 2.900%, 10/01/2024 | | | 58,254 | | | | 0.0 | |
| 50,000 | | | Exelon Corp., 3.497%, 06/01/2022 | | | 51,344 | | | | 0.0 | |
| 80,000 | | | FirstEnergy Corp., 2.850%, 07/15/2022 | | | 81,292 | | | | 0.1 | |
| 25,000 | | | Georgia Power Co., 2.200%, 09/15/2024 | | | 25,008 | | | | 0.0 | |
| 33,000 | | | Georgia Power Co., 5.750%, 04/15/2023 | | | 35,843 | | | | 0.0 | |
| 80,000 | | | Interstate Power & Light Co., 3.250%, 12/01/2024 | | | 83,287 | | | | 0.1 | |
| 25,000 | | | IPALCO Enterprises, Inc., 3.450%, 07/15/2020 | | | 25,113 | | | | 0.0 | |
| 50,000(2) | | | Jersey Central Power & Light Co., 4.300%, 01/15/2026 | | | 54,433 | | | | 0.0 | |
| 50,000 | | | LG&E & KU Energy LLC, 3.750%, 11/15/2020 | | | 50,523 | | | | 0.0 | |
| 12,000(2) | | | Metropolitan Edison Co., 4.000%, 04/15/2025 | | | 12,777 | | | | 0.0 | |
| 35,000 | | | Mississippi Power Co., 4.250%, 03/15/2042 | | | 37,602 | | | | 0.0 | |
| 43,000(4) | | | National Rural Utilities Cooperative Finance Corp., 4.750%, 04/30/2043 | | | 44,893 | | | | 0.0 | |
| 76,000 | | | NextEra Energy Capital Holdings, Inc., 3.150%, 04/01/2024 | | | 78,804 | | | | 0.1 | |
| 25,000 | | | NiSource, Inc., 5.950%, 06/15/2041 | | | 32,016 | | | | 0.0 | |
| 200,000 | | | Perusahaan Listrik Negara PT, 4.125%, 05/15/2027 | | | 211,320 | | | | 0.1 | |
| 108,000 | | | Public Service Electric & Gas Co., 3.250%, 09/01/2023 | | | 112,484 | | | | 0.1 | |
| 25,000 | | | San Diego Gas & Electric Co., 3.000%, 08/15/2021 | | | 25,345 | | | | 0.0 | |
| 50,000 | | | Sempra Energy, 3.800%, 02/01/2038 | | | 52,194 | | | | 0.0 | |
| 68,000 | | | Sierra Pacific Power Co., 2.600%, 05/01/2026 | | | 68,368 | | | | 0.1 | |
| 5,000 | | | Southern California Edison Co., 2.400%, 02/01/2022 | | | 5,026 | | | | 0.0 | |
| 15,000 | | | Southern California Edison Co., 3.875%, 06/01/2021 | | | 15,328 | | | | 0.0 | |
| 40,000 | | | Southern Co. Gas Capital Corp., 5.875%, 03/15/2041 | | | 50,484 | | | | 0.0 | |
| 60,000 | | | Tampa Electric Co., 5.400%, 05/15/2021 | | | 62,686 | | | | 0.0 | |
| 63,000 | | | Union Electric Co., 3.500%, 03/15/2029 | | | 67,681 | | | | 0.0 | |
| 17,000 | | | Union Electric Co., 3.900%, 09/15/2042 | | | 18,525 | | | | 0.0 | |
| 12,000 | | | Virginia Electric & Power Co., 2.875%, 07/15/2029 | | | 12,304 | | | | 0.0 | |
| 28,000 | | | Virginia Electric & Power Co., 3.450%, 09/01/2022 | | | 28,927 | | | | 0.0 | |
| 25,000 | | | Washington Gas Light Co., 3.650%, 09/15/2049 | | | 25,138 | | | | 0.0 | |
| | | | | 2,510,902 | | | | 0.7 | |
| | | | | | | | | | |
| | Total Corporate Bonds/Notes | | | | | | | | |
| | (Cost $16,766,241) | | 17,584,305 | | | | 4.7 | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: 4.1% | | | | | | | | |
| 90,601 | | | Alternative Loan Trust 2004-J7 MI, 2.812%, (US0001M + 1.020%), 10/25/2034 | | | 89,030 | | | | 0.0 | |
| 75,693 | | | Alternative Loan Trust 2005-10CB 1A1, 2.292%, (US0001M + 0.500%), 05/25/2035 | | | 65,084 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS |
| as ofDecember 31, 2019 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | | | |
| | | | Utilities: (continued) | | | | | | | | |
| 62,272 | | | Alternative Loan Trust 2005-51 3A2A, 3.530%, (12MTA + 1.290%), 11/20/2035 | | | 60,929 | | | | 0.0 | |
| 63,480 | | | Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035 | | | 58,784 | | | | 0.0 | |
| 125,439 | | | Alternative Loan Trust 2005-J2 1A12, 2.192%, (US0001M + 0.400%), 04/25/2035 | | | 107,265 | | | | 0.0 | |
| 20,286 | | | Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036 | | | 15,490 | | | | 0.0 | |
| 116,010 | | | Alternative Loan Trust 2006-19CB A12, 2.192%, (US0001M + 0.400%), 08/25/2036 | | | 75,175 | | | | 0.0 | |
| 89,148 | | | Alternative Loan Trust 2006-HY11 A1, 1.912%, (US0001M + 0.120%), 06/25/2036 | | | 85,483 | | | | 0.0 | |
| 31,943 | | | Alternative Loan Trust 2007-23CB A3, 2.292%, (US0001M + 0.500%), 09/25/2037 | | | 17,650 | | | | 0.0 | |
| 156,540 | | | Alternative Loan Trust 2007-2CB 2A1, 2.392%, (US0001M + 0.600%), 03/25/2037 | | | 97,841 | | | | 0.0 | |
| 43,502(4) | | | Bear Stearns ALT-A Trust 2005-7 21A1, 4.339%, 09/25/2035 | | | 41,179 | | | | 0.0 | |
| 84,146 | | | Bear Stearns Mortgage Funding Trust 2006-AR5 2A1, 1.982%, (US0001M + 0.190%), 01/25/2037 | | | 80,407 | | | | 0.0 | |
| 83,684(4) | | | Citigroup Mortgage Loan Trust 2006-AR2 1A1, 4.514%, 03/25/2036 | | | 77,811 | | | | 0.0 | |
| 57,970(4) | | | Citigroup Mortgage Loan Trust 2007-10 22AA, 4.170%, 09/25/2037 | | | 56,826 | | | | 0.0 | |
| 100,000(2),(4) | | | COLT 2018-1 M1 Mortgage Loan Trust, 3.661%, 02/25/2048 | | | 100,432 | | | | 0.0 | |
| 200,000(2),(4) | | | Deephaven Residential Mortgage Trust 2018-1A M1, 3.939%, 12/25/2057 | | | 201,533 | | | | 0.1 | |
| 200,000(2),(4) | | | Deephaven Residential Mortgage Trust 2019-1A M1, 4.402%, 08/25/2058 | | | 202,343 | | | | 0.1 | |
| 39,646 | | | DSLA Mortgage Loan Trust 2005-AR4 2A1B, 2.044%, (US0001M + 0.280%), 08/19/2045 | | | 34,417 | | | | 0.0 | |
| 710,639 | | | Fannie Mae 2011-113 CL, 4.000%, 11/25/2041 | | | 751,891 | | | | 0.2 | |
| 389,657 | | | Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041 | | | 438,993 | | | | 0.1 | |
| 162,708 | | | Fannie Mae Connecticut Avenue Securities 2015-C02 1M2, 5.792%, (US0001M + 4.000%), 05/25/2025 | | | 172,766 | | | | 0.1 | |
| 250,002 | | | Fannie Mae Connecticut Avenue Securities 2016-C05 2M2, 6.242%, (US0001M + 4.450%), 01/25/2029 | | | 264,325 | | | | 0.1 | |
| 83,874 | | | Fannie Mae Connecticut Avenue Securities 2016-C07 2M2, 6.142%, (US0001M + 4.350%), 05/25/2029 | | | 88,516 | | | | 0.0 | |
| 200,000 | | | Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 4.792%, (US0001M + 3.000%), 10/25/2029 | | | 209,117 | | | | 0.1 | |
| 200,000 | | | Fannie Mae Connecticut Avenue Securities 2017-C04 2M2, 4.642%, (US0001M + 2.850%), 11/25/2029 | | | 207,012 | | | | 0.1 | |
| 150,000 | | | Fannie Mae Connecticut Avenue Securities 2017-C07 1M2, 4.192%, (US0001M + 2.400%), 05/28/2030 | | | 152,917 | | | | 0.1 | |
| 93,569 | | | Fannie Mae Connecticut Avenue Securities 2017-CO6 2M2, 4.592%, (US0001M + 2.800%), 02/25/2030 | | | 96,177 | | | | 0.0 | |
| 243,813 | | | Fannie Mae Connecticut Avenue Securities 2018-C02 2M2, 3.992%, (US0001M + 2.200%), 08/25/2030 | | | 246,135 | | | | 0.1 | |
| 284,713 | | | Fannie Mae Connecticut Avenue Securities 2018-C06 1M2, 3.792%, (US0001M + 2.000%), 03/25/2031 | | | 286,134 | | | | 0.1 | |
| 200,000(2) | | | Fannie Mae Connecticut Avenue Securities 2019-R02 1M2, 4.092%, (US0001M + 2.300%), 08/25/2031 | | | 202,022 | | | | 0.1 | |
| 99,175 | | | Fannie Mae REMIC Trust 2001-15 Z, 6.000%, 04/25/2031 | | | 109,049 | | | | 0.0 | |
| 296,709 | | | Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036 | | | 321,678 | | | | 0.1 | |
| 271,424(4) | | | Fannie Mae REMIC Trust 2009-50 HZ, 5.547%, 02/25/2049 | | | 296,522 | | | | 0.1 | |
| 181,378 | | | Fannie Mae REMIC Trust 2011-30 ZA, 5.000%, 04/25/2041 | | | 203,373 | | | | 0.1 | |
| 255,662 | | | Fannie Mae REMIC Trust 2011-9 AZ, 5.000%, 05/25/2040 | | | 287,469 | | | | 0.1 | |
| 133,829 | | | Fannie Mae REMICS 2011-10 ZC, 5.000%, 02/25/2041 | | | 148,620 | | | | 0.1 | |
| 475,579 | | | Fannie Mae REMICS 2013-16 GD, 3.000%, 03/25/2033 | | | 478,184 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS |
| as ofDecember 31, 2019 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | | | |
| | | | Utilities: (continued) | | | | | | | | |
| 177,711 | | | Fannie Mae REMICS 2018-8 AB, 3.500%, 10/25/2047 | | | 183,495 | | | | 0.1 | |
| 493,079 | | | Fannie Mae REMICS 2009-96 DB, 4.000%, 11/25/2029 | | | 521,154 | | | | 0.2 | |
| 96,049(2),(4) | | | Flagstar Mortgage Trust 2018-1 B2, 4.030%, 03/25/2048 | | | 100,052 | | | | 0.0 | |
| 96,049(2),(4) | | | Flagstar Mortgage Trust 2018-1 B3, 4.030%, 03/25/2048 | | | 97,212 | | | | 0.0 | |
| 670,284 | | | Freddie Mac 326 350, 3.500%, 03/15/2044 | | | 700,009 | | | | 0.2 | |
| 233,262 | | | Freddie Mac 4634 ZM, 5.000%, 11/15/2056 | | | 307,126 | | | | 0.1 | |
| 98,536 | | | Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029 | | | 108,422 | | | | 0.0 | |
| 131,085 | | | Freddie Mac REMIC Trust 2472 ZC, 6.000%, 07/15/2032 | | | 147,334 | | | | 0.0 | |
| 77,088 | | | Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032 | | | 86,085 | | | | 0.0 | |
| 21,915 | | | Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034 | | | 24,920 | | | | 0.0 | |
| 57,325 | | | Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035 | | | 63,044 | | | | 0.0 | |
| 175,008 | | | Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036 | | | 192,546 | | | | 0.1 | |
| 72,910 | | | Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037 | | | 82,020 | | | | 0.0 | |
| 65,311(4) | | | Freddie Mac REMIC Trust 3524 LA, 5.210%, 03/15/2033 | | | 71,758 | | | | 0.0 | |
| 69,381 | | | Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037 | | | 78,369 | | | | 0.0 | |
| 52,486 | | | Freddie Mac REMIC Trust 3819 ZY, 6.000%, 10/15/2037 | | | 57,360 | | | | 0.0 | |
| 15,463 | | | Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042 | | | 16,756 | | | | 0.0 | |
| 319,296 | | | Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033 | | | 328,613 | | | | 0.1 | |
| 506,912 | | | Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044 | | | 576,434 | | | | 0.2 | |
| 506,912 | | | Freddie Mac REMIC Trust 435 XZ, 4.250%, 05/15/2044 | | | 565,875 | | | | 0.2 | |
| 459,529 | | | Freddie Mac REMICS 4495 PA, 3.500%, 09/15/2043 | | | 477,495 | | | | 0.1 | |
| 32,534 | | | Freddie Mac REMICS 4678 AB, 4.000%, 06/15/2044 | | | 33,580 | | | | 0.0 | |
| 1,000,000 | | | Freddie Mac REMICS 4791 MT, 3.500%, 05/15/2044 | | | 1,024,987 | | | | 0.3 | |
| 100,000 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3 M3, 6.492%, (US0001M + 4.700%), 04/25/2028 | | | 110,882 | | | | 0.0 | |
| 300,000 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2016-DNA1 M3, 7.342%, (US0001M + 5.550%), 07/25/2028 | | | 331,248 | | | | 0.1 | |
| 189,438 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA3 M2, 4.142%, (US0001M + 2.350%), 04/25/2030 | | | 192,846 | | | | 0.1 | |
| 100,000 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2018-HQA1 M2, 4.092%, (US0001M + 2.300%), 09/25/2030 | | | 101,217 | | | | 0.0 | |
| 813,971 | | | Ginnie Mae 2013-8 BE, 1.750%, 11/20/2042 | | | 797,116 | | | | 0.2 | |
| 61,209 | | | Ginnie Mae Series 2009-29 PB, 4.750%, 05/20/2039 | | | 67,096 | | | | 0.0 | |
| 358,118 | | | Ginnie Mae Series 2010-164 JZ, 4.000%, 12/20/2040 | | | 384,819 | | | | 0.1 | |
| 23,958 | | | Ginnie Mae Series 2011-169 BC, 7.000%, 05/16/2032 | | | 26,422 | | | | 0.0 | |
| 53,157 | | | HomeBanc Mortgage Trust 2004-1 2A, 2.652%, (US0001M + 0.860%), 08/25/2029 | | | 51,778 | | | | 0.0 | |
| 44,028 | | | IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 2.002%, (US0001M + 0.210%), 04/25/2046 | | | 41,820 | | | | 0.0 | |
| 37,856 | | | Lehman XS Trust Series 2005-5N 1A2, 2.152%, (US0001M + 0.360%), 11/25/2035 | | | 35,046 | | | | 0.0 | |
| 52,266 | | | Morgan Stanley Mortgage Loan Trust 2007-13 6A1, 6.000%, 10/25/2037 | | | 42,162 | | | | 0.0 | |
| 17,498 | | | Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037 | | | 16,200 | | | | 0.0 | |
| 200,000(2),(4) | | | Verus Securitization Trust 2017-SG1A B1, 3.615%, 11/25/2047 | | | 200,061 | | | | 0.1 | |
| 34,272(4) | | | WaMu Mortgage Pass Through Certificates Series 2006-AR12 2A3, 3.210%, 10/25/2036 | | | 32,213 | | | | 0.0 | |
| 83,509 | | | WaMu Mortgage Pass-Through Certificates Series 2005-AR11 A1C3, 2.302%, (US0001M + 0.510%), 08/25/2045 | | | 83,775 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS |
| as ofDecember 31, 2019 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | | | |
| | | | Utilities: (continued) | | | | | | | | |
| 44,333 | | | WaMu Mortgage Pass-Through Certificates Series 2005-AR13 A1C3, 2.282%, (US0001M + 0.490%), 10/25/2045 | | | 44,319 | | | | 0.0 | |
| 35,438(4) | | | WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.875%, 08/25/2046 | | | 34,413 | | | | 0.0 | |
| 10,070(4) | | | WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 3.804%, 12/25/2036 | | | 10,091 | | | | 0.0 | |
| 42,833(4) | | | WaMu Mortgage Pass-Through Certificates Series 2007-HY4 1A1, 3.501%, 04/25/2037 | | | 39,513 | | | | 0.0 | |
| 83,366(4) | | | WaMu Mortgage Pass-Through Certificates Series 2007-HY7 2A2, 3.612%, 07/25/2037 | | | 76,374 | | | | 0.0 | |
| 189,429 | | | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR6 2A, 3.200%, (12MTA + 0.960%), 08/25/2046 | | | 141,734 | | | | 0.0 | |
| 25,961 | | | Wells Fargo Alternative Loan 2007-PA2 2A1, 2.222%, (US0001M + 0.430%), 06/25/2037 | | | 21,567 | | | | 0.0 | |
| 24,786(4) | | | Wells Fargo Mortgage Backed Securities 2006-AR4 2A4, 5.220%, 04/25/2036 | | | 24,335 | | | | 0.0 | |
| 32,765(4) | | | Wells Fargo Mortgage Backed Securities 2007-AR7 A1, 4.354%, 12/28/2037 | | | 31,474 | | | | 0.0 | |
| | | | | | | | | | | | |
| | Total Collateralized Mortgage Obligations | | | | | | | | |
| | (Cost $14,845,488) | | | 15,211,746 | | | | 4.1 | |
| U.S. TREASURY OBLIGATIONS: 1.3% | | | | |
| | | | Treasury Inflation Indexed Protected Securities: 0.5% | | | | |
| 1,637,882 | | | 0.250%,07/15/2029 | | | 1,654,375 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | | U.S. Treasury Bonds: 0.6% | |
| 747,000 | | | 2.250%,08/15/2049 | | | 724,020 | | | | 0.2 | |
| 1,360,000 | | | 3.500%,02/15/2039 | | | 1,628,738 | | | | 0.4 | |
| | | | 2,352,758 | | | | 0.6 | |
| | | | | | | | | |
| | | | U.S. Treasury Notes: 0.2% | |
| 24,000 | | | 1.625%,12/31/2021 | | | 24,024 | | | | 0.0 | |
| 29,000 | | | 1.625%,12/15/2022 | | | 29,014 | | | | 0.0 | |
| 293,500 | | | 1.750%,12/31/2024 | | | 294,166 | | | | 0.1 | |
| 90,000 | | | 1.750%,12/31/2026 | | | 89,480 | | | | 0.0 | |
| 203,000(3) | | | 1.750%,11/15/2029 | | | 199,804 | | | | 0.1 | |
| | | | | | | 636,488 | | | | 0.2 | |
| | | | | | | | | | | | |
| | Total U.S. Treasury Obligations
(Cost $4,660,491) | | | 4,643,621 | | | | 1.3 | |
| | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: 1.9% | | | | | | | | |
| | | | Federal Home Loan Mortgage Corporation: 0.7%(5) | | | | | | | | |
| 12,958 | | | 2.500%,05/01/2030 | | | 13,177 | | | | 0.0 | |
| 15,188 | | | 2.500%,05/01/2030 | | | 15,423 | | | | 0.0 | |
| 19,353 | | | 2.500%,06/01/2030 | | | 19,653 | | | | 0.0 | |
| 35,137 | | | 3.000%,03/01/2045 | | | 36,073 | | | | 0.0 | |
| 32,743 | | | 3.000%,03/01/2045 | | | 33,715 | | | | 0.0 | |
| 38,828 | | | 3.000%,04/01/2045 | | | 39,862 | | | | 0.0 | |
| 628,515 | | | 3.000%,10/01/2046 | | | 643,899 | | | | 0.2 | |
| 442,206 | | | 3.000%,08/01/2048 | | | 452,465 | | | | 0.1 | |
| 63,015 | | | 3.500%,03/01/2045 | | | 66,413 | | | | 0.0 | |
| 226,535 | | | 4.000%,12/01/2041 | | | 242,946 | | | | 0.1 | |
| 51,315 | | | 4.000%,12/01/2042 | | | 54,998 | | | | 0.0 | |
| 17,918 | | | 4.000%,09/01/2045 | | | 19,001 | | | | 0.0 | |
| 12,401 | | | 4.000%,09/01/2045 | | | 13,151 | | | | 0.0 | |
| 12,152 | | | 4.000%,09/01/2045 | | | 12,887 | | | | 0.0 | |
| 10,817 | | | 4.000%,09/01/2045 | | | 11,336 | | | | 0.0 | |
| 239,183 | | | 4.500%,08/01/2041 | | | 260,019 | | | | 0.1 | |
| 485,823 | | | 4.500%,09/01/2041 | | | 528,142 | | | | 0.2 | |
| 4,345 | | | 5.500%,07/01/2037 | | | 4,863 | | | | 0.0 | |
| 3,312 | | | 6.500%,12/01/2031 | | | 3,696 | | | | 0.0 | |
| | | | | | | 2,471,719 | | | | 0.7 | |
| | | | | | | | | | | | |
| | | | Government National Mortgage Association: 0.2% | | | | | | | | |
| 50,796 | | | 4.000%,11/20/2040 | | | 53,893 | | | | 0.0 | |
| 116,036 | | | 4.000%,03/20/2046 | | | 121,946 | | | | 0.0 | |
| 84,878 | | | 4.500%,08/20/2041 | | | 91,731 | | | | 0.0 | |
| 513,403 | | | 4.500%,09/15/2047 | | | 550,830 | | | | 0.2 | |
| 15,029(4) | | | 5.140%,10/20/2060 | | | 15,072 | | | | 0.0 | |
| 19,740(4) | | | 5.310%,10/20/2060 | | | 19,755 | | | | 0.0 | |
| | | | | | | 853,227 | | | | 0.2 | |
| | | | | | | | | | | | |
| | | | Uniform Mortgage-Backed Securities: 1.0% | | | | | | | | |
| 24,503 | | | 2.500%,05/01/2030 | | | 24,853 | | | | 0.0 | |
| 53,079 | | | 2.500%,06/01/2030 | | | 53,772 | | | | 0.0 | |
| 35,860 | | | 2.500%,06/01/2030 | | | 36,328 | | | | 0.0 | |
| 19,608 | | | 2.500%,07/01/2030 | | | 19,864 | | | | 0.0 | |
| 196,010 | | | 3.000%,07/01/2043 | | | 201,780 | | | | 0.1 | |
| 75,372 | | | 3.000%,09/01/2043 | | | 77,598 | | | | 0.0 | |
| 300,688 | | | 3.000%,04/01/2045 | | | 309,433 | | | | 0.1 | |
| 191,034 | | | 3.000%,07/01/2046 | | | 196,831 | | | | 0.1 | |
| 690,409 | | | 3.000%,12/01/2046 | | | 706,883 | | | | 0.2 | |
| 234,039 | | | 3.000%,01/01/2047 | | | 239,408 | | | | 0.1 | |
| 98,935 | | | 3.500%,10/01/2042 | | | 104,239 | | | | 0.0 | |
| 647,337 | | | 3.500%,08/01/2046 | | | 684,727 | | | | 0.2 | |
| 177,981 | | | 4.000%,07/01/2042 | | | 190,449 | | | | 0.1 | |
| 26,687 | | | 4.000%,07/01/2042 | | | 28,569 | | | | 0.0 | |
| 221,894 | | | 4.000%,01/01/2045 | | | 243,562 | | | | 0.1 | |
| 50,130 | | | 4.000%,06/01/2045 | | | 53,270 | | | | 0.0 | |
| 40,268 | | | 4.500%,11/01/2040 | | | 43,738 | | | | 0.0 | |
| 91,389 | | | 4.500%,10/01/2041 | | | 99,288 | | | | 0.0 | |
| 29,550 | | | 5.000%,06/01/2033 | | | 32,588 | | | | 0.0 | |
| 7,171 | | | 5.000%,02/01/2036 | | | 7,910 | | | | 0.0 | |
| 2,936 | | | 5.000%,07/01/2036 | | | 3,238 | | | | 0.0 | |
| 72,776 | | | 5.000%,07/01/2037 | | | 80,238 | | | | 0.0 | |
| 109,469 | | | 5.000%,11/01/2040 | | | 119,107 | | | | 0.0 | |
| 25,971 | | | 5.000%,05/01/2041 | | | 28,649 | | | | 0.0 | |
| 55,908 | | | 5.000%,06/01/2041 | | | 61,674 | | | | 0.0 | |
| 80,258 | | | 5.000%,06/01/2041 | | | 88,381 | | | | 0.0 | |
| 117,817 | | | 5.500%,12/01/2036 | | | 132,514 | | | | 0.0 | |
| 3,260 | | | 7.000%,06/01/2029 | | | 3,324 | | | | 0.0 | |
| 393 | | | 7.000%,10/01/2029 | | | 444 | | | | 0.0 | |
| 1,408 | | | 7.000%,01/01/2032 | | | 1,540 | | | | 0.0 | |
| 552 | | | 7.000%,04/01/2032 | | | 577 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS |
| as ofDecember 31, 2019 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | | | |
| | | | Uniform Mortgage-Backed Securities: (continued) | | | | | | | | |
| 428 | | | 7.000%,05/01/2032 | | | 432 | | | | 0.0 | |
| | | | | | | 3,875,208 | | | | 1.0 | |
| | | | | | | | | | | | |
| | Total U.S. Government Agency Obligations
(Cost $6,953,511) | | | 7,200,154 | | | | 1.9 | |
| | | | | | | | | | | | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.6% | | | | | | | | |
| 80,000(2),(4) | | | BAMLL Re-REMIC Trust 2016-FRR16 B, 1.003%, 05/27/2021 | | | 76,912 | | | | 0.0 | |
| 70,000(2) | | | Bancorp Commercial Mortgage 2018 CRE4 D Trust, 3.840%, (US0001M + 2.100%), 09/15/2035 | | | 70,160 | | | | 0.0 | |
| 3,000,000(4),(6) | | | BANK 2017-BNK8 XB, 0.176%, 11/15/2050 | | | 38,971 | | | | 0.0 | |
| 995,608(4),(6) | | | BANK 2019-BNK16 XA, 0.967%, 02/15/2052 | | | 69,766 | | | | 0.0 | |
| 50,000 | | | BANK 2019-BNK17 A4, 3.714%, 04/15/2052 | | | 54,369 | | | | 0.0 | |
| 30,000 | | | BANK 2019-BNK18 A4, 3.584%, 05/15/2062 | | | 32,352 | | | | 0.0 | |
| 90,000 | | | BANK 2019-BNK21 A5, 2.851%, 10/15/2052 | | | 91,681 | | | | 0.0 | |
| 40,000 | | | BANK 2019-BNK22 A4, 2.978%, 11/15/2062 | | | 41,180 | | | | 0.0 | |
| 2,180,000(2),(4),(6) | | | BBCCRE Trust 2015-GTP XA, 0.597%, 08/10/2033 | | | 72,262 | | | | 0.0 | |
| 100,000(2) | | | BDS 2018-FL2 D, 4.287%, (US0001M + 2.550%), 08/15/2035 | | | 100,062 | | | | 0.0 | |
| 70,000 | | | Benchmark 2019-B11 A5 Mortgage Trust, 3.542%, 05/15/2052 | | | 75,289 | | | | 0.0 | |
| 70,000 | | | Benchmark 2019-B13 A4 Mortgage Trust, 2.952%, 08/15/2057 | | | 71,848 | | | | 0.0 | |
| 60,000 | | | Benchmark 2019-B14 A5 Mortgage Trust, 3.049%, 12/15/2061 | | | 62,081 | | | | 0.0 | |
| 997,853(4),(6) | | | Benchmark 2019-B9 XA Mortgage Trust, 1.047%, 03/15/2052 | | | 78,804 | | | | 0.0 | |
| 190,000(2) | | | Benchmark 2019-B14 D Mortgage Trust, 2.500%, 12/15/2061 | | | 160,537 | | | | 0.1 | |
| 200,000(2) | | | BX Commercial Mortgage Trust 2019-XL J, 4.390%, (US0001M + 2.650%), 10/15/2036 | | | 200,757 | | | | 0.1 | |
| 80,000(2) | | | BX Trust 2019-OC11 E, 4.076%, 12/09/2041 | | | 77,691 | | | | 0.0 | |
| 100,000(2) | | | BX Trust 2019-CALM E, 3.750%, (US0001M + 2.000%), 11/25/2028 | | | 100,201 | | | | 0.1 | |
| 60,000 | | | Cantor Commercial Real Estate Lending 2019-CF2 A5, 2.874%, 11/15/2052 | | | 61,035 | | | | 0.0 | |
| 60,000(4) | | | CCUBS Commercial Mortgage Trust 2017-C1 C, 4.393%, 11/15/2050 | | | 63,945 | | | | 0.0 | |
| 817,285(4),(6) | | | CD 2017-CD4 Mortgage Trust XA, 1.309%, 05/10/2050 | | | 57,338 | | | | 0.0 | |
| 100,000(4) | | | Citigroup Commercial Mortgage Trust 2013-GC17 C, 5.110%, 11/10/2046 | | | 106,926 | | | | 0.1 | |
| 972,280(4),(6) | | | Citigroup Commercial Mortgage Trust 2016-P4 XA, 1.979%, 07/10/2049 | | | 91,278 | | | | 0.0 | |
| 1,322,714(4),(6) | | | Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.109%, 10/12/2050 | | | 84,108 | | | | 0.0 | |
| 80,000(4) | | | Citigroup Commercial Mortgage Trust 2017-P8 C, 4.269%, 09/15/2050 | | | 82,285 | | | | 0.0 | |
| 988,333(4),(6) | | | Citigroup Commercial Mortgage Trust 2017-P8 XA, 0.917%, 09/15/2050 | | | 56,120 | | | | 0.0 | |
| 1,474,031(4),(6) | | | Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.600%, 06/10/2051 | | | 70,359 | | | | 0.0 | |
| 1,119,308(4),(6) | | | Citigroup Commercial Mortgage Trust 2019-GC41 XA, 1.190%, 08/10/2056 | | | 87,747 | | | | 0.0 | |
| 60,000 | | | Citigroup Commercial Mortgage Trust 2019-GC43 A4, 3.038%, 11/10/2052 | | | 61,996 | | | | 0.0 | |
| 177,000(4) | | | Comm 2013-CCRE13 C Mortgage Trust, 4.889%, 11/10/2046 | | | 187,025 | | | | 0.1 | |
| 758,841(4),(6) | | | COMM 2012-CR4 XA, 1.700%, 10/15/2045 | | | 30,088 | | | | 0.0 | |
| 2,380,000(2),(4),(6) | | | COMM 2012-CR4 XB, 0.615%, 10/15/2045 | | | 40,127 | | | | 0.0 | |
| 20,000(4) | | | COMM 2016-COR1 C, 4.383%, 10/10/2049 | | | 20,749 | | | | 0.0 | |
| 1,585,026(4),(6) | | | COMM 2016-CR28 XA, 0.687%, 02/10/2049 | | | 49,678 | | | | 0.0 | |
| 752,625(4),(6) | | | COMM 2017-COR2 XA, 1.173%, 09/10/2050 | | | 55,041 | | | | 0.0 | |
| 110,000 | | | COMM 2018-COR3 A3 Mortgage Trust, 4.228%, 05/10/2051 | | | 122,794 | | | | 0.1 | |
| 170,000(4) | | | CSAIL 2018-CX11 A5 Commercial Mortgage Trust, 4.033%, 04/15/2051 | | | 186,644 | | | | 0.1 | |
| 62,000 | | | CSAIL 2019-C15 A4 Commercial Mortgage Trust, 4.053%, 03/15/2052 | | | 68,326 | | | | 0.0 | |
| 110,000(2),(4) | | | DBJPM 16-C3 Mortgage Trust, 3.491%, 08/10/2049 | | | 105,834 | | | | 0.1 | |
| 130,000(2),(4) | | | DBWF 2015-LCM D Mortgage Trust, 3.421%, 06/10/2034 | | | 122,136 | | | | 0.1 | |
| 110,000(2) | | | GPT 2018-GPP D Mortgage Trust, 3.590%, (US0001M + 1.850%), 06/15/2035 | | | 109,108 | | | | 0.1 | |
| 100,000(2) | | | GS Mortgage Securities Corp. II 2018-RIVR F, 3.840%, (US0001M + 2.100%), 07/15/2035 | | | 99,726 | | | | 0.0 | |
| 100,000(2),(4) | | | GS Mortgage Securities Trust 2010-C2 D, 5.180%, 12/10/2043 | | | 102,292 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS |
| as ofDecember 31, 2019 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (contined) | | | | | | | | |
| 100,000(2),(4) | | | GS Mortgage Securities Trust 2010-C2 F, 4.548%, 12/10/2043 | | | 98,860 | | | | 0.0 | |
| 1,184,220(4),(6) | | | GS Mortgage Securities Trust 2012-GCJ7 XA, 2.161%, 05/10/2045 | | | 33,109 | | | | 0.0 | |
| 1,175,494(4),(6) | | | GS Mortgage Securities Trust 2014-GC22 XA, 0.986%, 06/10/2047 | | | 34,444 | | | | 0.0 | |
| 1,910,325(4),(6) | | | GS Mortgage Securities Trust 2016-GS4 XA, 0.572%, 11/10/2049 | | | 51,615 | | | | 0.0 | |
| 853,750(4),(6) | | | GS Mortgage Securities Trust 2017-GS6 XA, 1.042%, 05/10/2050 | | | 55,578 | | | | 0.0 | |
| 50,000 | | | GS Mortgage Securities Trust 2019-GC38 A4, 3.968%, 02/10/2052 | | | 55,336 | | | | 0.0 | |
| 1,227,251(4),(6) | | | GS Mortgage Securities Trust 2019-GC38 XA, 0.964%, 02/10/2052 | | | 88,622 | | | | 0.0 | |
| 90,000 | | | GS Mortgage Securities Trust 2019-GSA1 A4, 3.048%, 11/10/2052 | | | 92,684 | | | | 0.0 | |
| 110,000(2),(4) | | | Jackson Park Trust 2019-LIC F, 3.242%, 10/14/2039 | | | 94,969 | | | | 0.0 | |
| 100,000(2),(4) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2011-C4 G, 3.873%, 07/15/2046 | | | 100,144 | | | | 0.0 | |
| 1,355,616(4),(6) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA, 0.734%, 12/15/2049 | | | 43,794 | | | | 0.0 | |
| 100,000(2),(4) | | | JPMBB Commercial Mortgage Securities Trust 2013-C17 F, 3.867%, 01/15/2047 | | | 88,141 | | | | 0.0 | |
| 499,800(4),(6) | | | JPMBB Commercial Mortgage Securities Trust 2014-C19 XA, 0.752%, 04/15/2047 | | | 10,473 | | | | 0.0 | |
| 100,000 | | | JPMCC Commercial Mortgage Securities Trust 2019-COR4 A5, 4.029%, 03/10/2052 | | | 110,836 | | | | 0.1 | |
| 467,086(2),(4),(6) | | | LB-UBS Commercial Mortgage Trust 2006-C7 XW, 0.713%, 11/15/2038 | | | 1,823 | | | | 0.0 | |
| 1,671,380(4),(6) | | | Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XA, 1.003%, 12/15/2047 | | | 63,562 | | | | 0.0 | |
| 62,000 | | | Morgan Stanley Capital I Trust 2019-H6 A4, 3.417%, 06/15/2052 | | | 65,900 | | | | 0.0 | |
| 75,000 | | | Morgan Stanley Capital I, Inc. 2017-HR2 D, 2.730%, 12/15/2050 | | | 67,578 | | | | 0.0 | |
| 4,559,399(4),(6) | | | Morgan Stanley Capital I Trust 2019-L3 XA, 0.645%, 11/15/2029 | | | 243,989 | | | | 0.1 | |
| 50,000(2) | | | MRCD 2019-PARK E Mortgage Trust, 2.718%, 12/15/2036 | | | 47,327 | | | | 0.0 | |
| 100,000(2) | | | MRCD 2019-PARK F Mortgage Trust, 2.718%, 12/15/2036 | | | 93,046 | | | | 0.0 | |
| 60,000 | | | UBS Commercial Mortgage Trust 2019-C17 A4, 2.921%, 09/15/2052 | | | 61,119 | | | | 0.0 | |
| 100,000(4) | | | Wells Fargo Commercial Mortgage Trust 2017-C40 C, 4.331%, 10/15/2050 | | | 104,029 | | | | 0.1 | |
| 80,000 | | | Wells Fargo Commercial Mortgage Trust 2018-C44 A5, 4.212%, 05/15/2051 | | | 89,220 | | | | 0.0 | |
| 400,000(2) | | | Wells Fargo Commercial Mortgage Trust 2018-C45 D, 3.000%, 06/15/2051 | | | 360,796 | | | | 0.1 | |
| 1,590,798(2),(4),(6) | | | WFRBS Commercial Mortgage Trust 2012-C8 XA, 1.811%, 08/15/2045 | | | 57,431 | | | | 0.0 | |
| 1,087,763(4),(6) | | | Wells Fargo Commercial Mortgage Trust 2019-C52 XA, 1.624%, 08/15/2052 | | | 128,256 | | | | 0.1 | |
| | | | | | | | | | | | |
| | Total Commercial Mortgage-Backed Securities | | | | | | | | |
| | (Cost $5,894,827) | | | 5,940,309 | | | | 1.6 | |
| | | | | | | | | | | | |
| ASSET-BACKED SECURITIES: 1.8% | | | | | | | |
| | | | Automobile Asset-Backed Securities: 0.2% | | | | | | | | |
| 100,000 | | | Americredit Automobile Receivables Trust 2018-2 D, 4.010%, 07/18/2024 | | | 104,162 | | | | 0.1 | |
| 100,000 | | | Americredit Automobile Receivables Trust 2019-1 D, 3.620%, 03/18/2025 | | | 102,755 | | | | 0.0 | |
| 100,000 | | | Carmax Auto Owner Trust 2018-4 D, 4.150%, 04/15/2025 | | | 103,705 | | | | 0.0 | |
| 150,000 | | | Santander Drive Auto Receivables Trust 2018-4 D, 3.980%, 12/15/2025 | | | 153,537 | | | | 0.1 | |
| 100,000 | | | Santander Drive Auto Receivables Trust 2019-3 C, 2.490%, 10/15/2025 | | | 100,414 | | | | 0.0 | |
| 100,000 | | | Santander Drive Auto Receivables Trust 2019-3 D, 2.680%, 10/15/2025 | | | 99,656 | | | | 0.0 | |
| 100,000(2) | | | Tesla Auto Lease Trust 2018-B C, 4.360%, 10/20/2021 | | | 102,687 | | | | 0.0 | |
| | | | | | | 766,916 | | | | 0.2 | |
| | | | | | | | | | | | |
| | | | Home Equity Asset-Backed Securities: 0.1% | | | | | | | | |
| 275,485(4) | | | GSAA Home Equity Trust 2006-4 4A3, 4.022%, 03/25/2036 | | | 223,903 | | | | 0.1 | |
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS |
| as ofDecember 31, 2019 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| ASSET-BACKED SECURITIES: (contined) | | | | | | | |
| | | | Home Equity Asset-Backed Securities: (contined) | | | | | | | | |
| 175,452(4) | | | Renaissance Home Equity Loan Trust 2005-3 AF4, 5.140%, 11/25/2035 | | | 184,385 | | | | 0.0 | |
| | | | | | | 408,288 | | | | 0.1 | |
| | | | | | | | | | | | |
| | | | Other Asset-Backed Securities: 1.4% | | | | | | | | |
| 300,000(2) | | | ARES XLVI CLO Ltd. 2017-46A A2, 3.231%, (US0003M + 1.230%), 01/15/2030 | | | 293,729 | | | | 0.1 | |
| 250,000(2) | | | Benefit Street Partners CLO VIII Ltd. 2015-8A A1BR, 3.166%, (US0003M + 1.200%), 01/20/2031 | | | 243,933 | | | | 0.1 | |
| 250,000(2) | | | BlueMountain CLO 2015-1A BR, 4.501%, (US0003M + 2.500%), 04/13/2027 | | | 250,211 | | | | 0.1 | |
| 16,450 | | | Chase Funding Trust Series 2003-5 2A2, 2.392%, (US0001M + 0.600%), 07/25/2033 | | | 16,168 | | | | 0.0 | |
| 250,000(2) | | | Clear Creek CLO 2015-1A CR, 3.916%, (US0003M + 1.950%), 10/20/2030 | | | 241,512 | | | | 0.0 | |
| 250,000(2) | | | Deer Creek Clo Ltd. 2017-1A A, 3.146%, (US0003M + 1.180%), 10/20/2030 | | | 249,794 | | | | 0.1 | |
| 99,250(2) | | | Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049 | | | 102,740 | | | | 0.0 | |
| 250,000(2) | | | Dryden Senior Loan Fund 2017-47A A2, 3.351%, (US0003M + 1.350%), 04/15/2028 | | | 247,928 | | | | 0.1 | |
| 250,000(2) | | | Eaton Vance Clo 2015-1A A2R Ltd., 3.216%, (US0003M + 1.250%), 01/20/2030 | | | 250,001 | | | | 0.1 | |
| 99,250(2) | | | Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047 | | | 103,039 | | | | 0.0 | |
| 33,423(2) | | | HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040 | | | 34,499 | | | | 0.0 | |
| 274,930(2) | | | J.G. Wentworth XXXIX LLC 2017-2A A, 3.530%, 09/15/2072 | | | 282,348 | | | | 0.1 | |
| 250,000(2) | | | Jay Park CLO Ltd. 2016-1A BR, 3.966%, (US0003M + 2.000%), 10/20/2027 | | | 243,926 | | | | 0.0 | |
| 250,000(2) | | | LCM XXIV Ltd. 24A A, 3.276%, (US0003M + 1.310%), 03/20/2030 | | | 250,019 | | | | 0.1 | |
| 250,000(2) | | | Marlette Funding Trust 2019-2A C, 4.110%, 07/16/2029 | | | 253,383 | | | | 0.1 | |
| 200,000(2),(4) | | | Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059 | | | 204,365 | | | | 0.0 | |
| 68,662(2) | | | Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043 | | | 70,553 | | | | 0.0 | |
| 100,000(2) | | | Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/22/2044 | | | 102,046 | | | | 0.0 | |
| 250,000(2) | | | Octagon Investment Partners XIV Ltd. 2012-1A A1BR, 3.376%, (US0003M + 1.375%), 07/15/2029 | | | 245,906 | | | | 0.1 | |
| 250,000(2) | | | Palmer Square CLO 2015-2A A1BR Ltd., 3.316%, (US0003M + 1.350%), 07/20/2030 | | | 249,998 | | | | 0.1 | |
| 98,750(2) | | | Planet Fitness Master Issuer LLC 2018-1A A2I, 4.262%, 09/05/2048 | | | 100,648 | | | | 0.0 | |
| 99,000(2) | | | Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048 | | | 106,652 | | | | 0.0 | |
| 250,000(2) | | | THL Credit Wind River 2016-2A A1R CLO Ltd., 3.099%, (US0003M + 1.190%), 11/01/2031 | | | 249,754 | | | | 0.1 | |
| 250,000(2) | | | THL Credit Wind River 2017-2A A CLO Ltd., 3.196%, (US0003M + 1.230%), 07/20/2030 | | | 250,054 | | | | 0.1 | |
| 250,000(2) | | | Tiaa Clo III Ltd. 2017-2A A, 3.151%, (US0003M + 1.150%), 01/16/2031 | | | 248,295 | | | | 0.1 | |
| 98,000(2) | | | Wendys Funding LLC 2018-1A A2I, 3.573%, 03/15/2048 | | | 99,147 | | | | 0.0 | |
| 98,000(2) | | | Wendy's Funding LLC 2018-1A A2II, 3.884%, 03/15/2048 | | | 99,777 | | | | 0.0 | |
| | | | | | | 5,090,425 | | | | 1.4 | |
| | | | | | | | | | | | |
| | | | Student Loan Asset-Backed Securities: 0.1% | | | | | | | | |
| 150,000(2) | | | Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045 | | | 153,354 | | | | 0.1 | |
| 13,612(2) | | | DRB Prime Student Loan Trust 2015-B A2, 3.170%, 07/25/2031 | | | 13,699 | | | | 0.0 | |
| 30,460(2) | | | DRB Prime Student Loan Trust 2015-D A2, 3.200%, 01/25/2040 | | | 30,701 | | | | 0.0 | |
| 25,399(2) | | | Earnest Student Loan Program, LLC 2016-A B, 2.500%, 01/25/2039 | | | 24,946 | | | | 0.0 | |
| 100,000(2) | | | SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041 | | | 100,102 | | | | 0.0 | |
| | | | | | | 322,802 | | | | 0.1 | |
| | | | | | | | | | | | |
| | Total Asset-Backed Securities | | | | | | | | |
| | (Cost $6,507,014) | | | 6,588,431 | | | | 1.8 | |
| | | | | | | | | | | | |
| SOVEREIGN BONDS: 0.1% | | | | | | | | |
| 150,000 | | | Argentine Republic Government International Bond, 6.875%, 04/22/2021 | | | 81,435 | | | | 0.0 | |
| 200,000 | | | Brazilian Government International Bond, 4.625%, 01/13/2028 | | | 215,150 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS |
| as ofDecember 31, 2019 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SOVEREIGN BONDS: (continued) | | | | | | | | |
| 100,000(2) | | | Dominican Republic International Bond, 5.500%, 01/27/2025 | | | 107,917 | | | | 0.0 | |
| 80,000 | | | Turkey Government International Bond, 7.375%, 02/05/2025 | | | 87,539 | | | | 0.0 | |
| | | | | | | | | | | | |
| | Total Sovereign Bonds | | | | | | | | |
| | (Cost $537,463) | | | 492,041 | | | | 0.1 | |
| | | | | | | | | | | | |
| | Total Long-Term Investments | | | | | | | | |
| | (Cost $327,275,825) | | | 357,892,178 | | | | 95.8 | |
| | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS: 3.3% |
| | | | U.S. Government Agency Obligations: 1.7% | | | | | | | | |
| 4,462,000(7) | | | Federal Home Loan Bank Discount Notes, 1.420%, 01/31/2020 | | | 4,456,608 | | | | 1.2 | |
| 1,980,000(7) | | | Federal Home Loan Bank Discount Notes, 1.570%, 05/06/2020 | | | 1,969,275 | | | | 0.5 | |
| | | | | | | | | | | | |
| | Total U.S. Government Agency Obligations | | | | | | | | |
| | (Cost $6,425,218) | | | 6,425,883 | | | | 1.7 | |
| | | | | | | | | | | | |
| | | | U.S. Treasury Bills: 0.4% | | | | | | | | |
| 1,629,000(7) | | | United States Treasury Bill, 1.550%, 01/02/2020
(Cost $1,628,931) | | | 1,629,000 | | | | 0.4 | |
| | | | | | | | | | | | |
| | | | Repurchase Agreements: 0.7% | | | | | | | | |
| 1,000,000(8) | | | Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/19, 1.58%, due 01/02/20 (Repurchase Amount $1,000,087, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $1,020,000, due 01/25/20-10/15/60) | | | 1,000,000 | | | | 0.3 | |
| 1,000,000(8) | | | Millennium Fixed Income Ltd., Repurchase Agreement dated 12/31/19, 1.75%, due 01/02/20 (Repurchase Amount $1,000,096, collateralized by various U.S. Government Securities, 0.125%-2.250%, Market Value plus accrued interest $1,020,000, due 04/15/20-03/31/21) | | | 1,000,000 | | | | 0.2 | |
| 643,031(8) | | | RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $643,086, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $655,892, due 06/30/21-12/01/49) | | | 643,031 | | | | 0.2 | |
| | | | | | | | | | | | |
| | Total Repurchase Agreements | | | | | | | | |
| | (Cost $2,643,031) | | | 2,643,031 | | | | 0.7 | |
| Shares | | | | | | Value | | | | Percentage
of Net
Assets | |
| | | | Mutual Funds: 0.5% | | | | | | | | |
| 1,740,531(9) | | | BlackRock Liquidity Funds, FedFund, Institutional Class, 1.520%
(Cost $1,740,531) | | | 1,740,531 | | | | 0.5 | |
| | | | | | | | | | | | |
| | Total Short-Term Investments | | | | | | | | |
| | (Cost $12,437,711) | | | 12,438,445 | | | | 3.3 | |
| | | | | | | | | | | | |
| | Total Investments in Securities
(Cost $339,713,536) | | $ | 370,330,623 | | | | 99.1 | |
| | Assets in Excess of Other Liabilities | | | 3,383,137 | | | | 0.9 | |
| | Net Assets | | $ | 373,713,760 | | | | 100.0 | |
|
| † | 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) | Security, or a portion of the security, is on loan. |
| (4) | Variable rate security. Rate shown is the rate in effect as of December 31, 2019. |
| (5) | 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. |
| (6) | 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. |
| (7) | Represents a zero coupon bond. Rate shown reflects the effective yield as of December 31, 2019. |
| (8) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (9) | Rate shown is the 7-day yield as of December 31, 2019. |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS |
| as ofDecember 31, 2019 (continued) |
| Reference Rate Abbreviations: |
| 12MTA | 12-month Treasury Average |
| US0001M | 1-month LIBOR |
| US0003M | 3-month LIBOR |
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)(3) | 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. |
| (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 Balanced Portfolio, Inc. | |
| | |
| By | /s/ Michael Bell | |
| | Michael Bell | |
| | Chief Executive Officer | |
Date: March 9, 2020
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 9, 2020
| By | /s/ Todd Modic | |
| | Todd Modic | |
| | Senior Vice President and Chief Financial Officer | |
Date: March 9, 2020
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