ThZeal - The Zeal

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

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Semi-Annual Report

June 30, 2021

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

Voya Variable Product Funds

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Voya Balanced Portfolio

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Voya Global High Dividend Low Volatility Portfolio

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Voya Government Money Market Portfolio

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Voya Growth and Income Portfolio

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Voya Intermediate Bond Portfolio

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Voya Small Company Portfolio

		As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each portfolio’s annual and semi-annual shareholder reports, like this semi-annual report, are not sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.
		If you already elected to receive shareholder reports electronically, you need not take any action. You may elect to receive shareholder reports and other communications from your insurance carrier electronically by contacting them directly.
		You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions provided to elect to continue receiving paper copies of your shareholder reports. You can inform us that you wish to continue receiving paper copies by calling 1-866-345-5954. Your election to receive reports in paper will apply to all the funds in which you invest.

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

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	President’s Letter					1
	Shareholder Expense Examples					2
	Statements of Assets and Liabilities					4
	Statements of Operations					8
	Statements of Changes in Net Assets					10
	Financial Highlights					13
	Notes to Financial Statements					18
	Portfolios of Investments					37

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios’ Forms NPORT-P are available on the SEC’s website at www.sec.gov. Each Portfolio’s complete schedule of portfolio holdings is available at: www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180. Voya Government Money Market Portfolio does not file on Form N-PORT.

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

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PRESIDENT’S LETTER

Global Economy Still on Road to Recovery

Dear Shareholder,

The reporting period covered in this report roughly coincides with the progress made in fighting the COVID-19 pandemic. With the development of vaccines in the fall of 2020, the world began to turn the tables on the virus. It became possible to relax the aggressive countermeasures that shut down the global economy and turned so many lives inside out. Economic progress in 2021 has closely paralleled progress in getting populations vaccinated. Although infection from new viral variants remains a threat, many nations including the United States have not reimposed lockdowns, and global economic momentum is continuing. Broadening business activity has intensified supply and demand imbalances, pressuring prices higher. While we’re likely to see a higher base rate of inflation, we do not believe that the U.S. Federal Reserve Board will have to dramatically raise interest rates to stave it off.

While the economy and financial markets appear to be upholding their recent strength and in our opinion are expected to continue doing so this year, it’s always possible that something unexpected could crop up. Therefore, in our view, it bears repeating that one should invest to achieve one’s long-term goals, and not seek to beat the market today, this week, this month or this year. Keep focused on your long-term goals and don’t get distracted by short-term news, however compelling the headlines. Should your long-term goals change, discuss the situation thoroughly with your investment advisor before making any changes to your investment portfolio.

Regardless of events, at Voya we believe that we remain well prepared for and fully committed to serving our clients without disruption. We appreciate your continued confidence in us, and we look forward to serving your investment needs in the future.

Dina Santoro
President
Voya Family of Funds
July 22, 2021

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

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

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

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

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2021 to June 30,2021. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension, or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2021			Ending Account Value June 30, 2021			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2021*			Beginning Account Value January 1, 2021			Ending Account Value June 30, 2021			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2021*
Voya Balanced Portfolio
Class I		$	1,000.00		$	1,095.70		0.69%		$	3.59		$	1,000.00		$	1,021.37		0.69%		$	3.46
Class S			1,000.00			1,093.70		0.94			4.88			1,000.00			1,020.13		0.94			4.71
Voya Global High Dividend Low Volatility Portfolio
Class ADV		$	1,000.00		$	1,123.00		1.10%		$	5.79		$	1,000.00		$	1,019.34		1.10%		$	5.51
Class I			1,000.00			1,125.50		0.60			3.16			1,000.00			1,021.82		0.60			3.01
Class S			1,000.00			1,124.30		0.85			4.48			1,000.00			1,020.58		0.85			4.26
Class S2			1,000.00			1,123.60		1.00			5.27			1,000.00			1,019.84		1.00			5.01
Class T			1,000.00			1,122.60		1.20			6.32			1,000.00			1,018.84		1.20			6.01
Voya Government Money Market Portfolio
Class I		$	1,000.00		$	1,000.20		0.05%		$	0.25		$	1,000.00		$	1,024.55		0.05%		$	0.25
Class S			1,000.00			1,000.10		0.05			0.25			1,000.00			1,024.55		0.05			0.25
Voya Growth and Income Portfolio
Class ADV		$	1,000.00		$	1,170.30		1.07%		$	5.76		$	1,000.00		$	1,019.49		1.07%		$	5.36
Class I			1,000.00			1,172.90		0.62			3.34			1,000.00			1,021.72		0.62			3.11
Class S			1,000.00			1,171.90		0.87			4.69			1,000.00			1,020.48		0.87			4.36
Class S2			1,000.00			1,170.70		1.02			5.49			1,000.00			1,019.74		1.02			5.11

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2021			Ending Account Value June 30, 2021			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2021*			Beginning Account Value January 1, 2021			Ending Account Value June 30, 2021			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2021*
Voya Intermediate Bond Portfolio
Class ADV		$	1,000.00		$	989.50		1.03%		$	5.08		$	1,000.00		$	1,019.69		1.03%		$	5.16
Class I			1,000.00			992.20		0.53			2.62			1,000.00			1,022.17		0.53			2.66
Class S			1,000.00			990.80		0.78			3.85			1,000.00			1,020.93		0.78			3.91
Class S2			1,000.00			990.00		0.93			4.59			1,000.00			1,020.18		0.93			4.66
Voya Small Company Portfolio
Class ADV		$	1,000.00		$	1,137.80		1.40%		$	7.42		$	1,000.00		$	1,017.85		1.40%		$	7.00
Class I			1,000.00			1,140.60		0.90			4.78			1,000.00			1,020.33		0.90			4.51
Class R6			1,000.00			1,140.70		0.88			4.67			1,000.00			1,020.43		0.88			4.41
Class S			1,000.00			1,139.10		1.15			6.10			1,000.00			1,019.09		1.15			5.76

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

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STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2021 (Unaudited)

	Voya Balanced Portfolio			Voya Global High Dividend Low Volatility Portfolio			Voya Government Money Market Portfolio
ASSETS:
Investments in securities at fair value+*		$	344,372,474		$	639,220,870		$	—
Investments in affiliates at fair value**			40,775,980			—			—
Short-term investments at fair value†			21,087,903			9,845,917			—
Short-term investments at amortized cost			—			—			237,979,542
Repurchase agreements			—			—			304,306,000
Cash			268,183			142,411			639
Cash collateral for futures contracts			151,382			—			—
Foreign currencies at value‡			20,927			136,289			—
Receivables:
Investment securities sold			2,471,845			—			116,484,023
Investment securities sold on a delayed-delivery or when-issued basis			1,463,394			—			—
Fund shares sold			2,211,713			220,454			1,148,186
Dividends			535,957			1,243,992			519
Interest			370,511			40			9,395
Foreign tax reclaims			145,422			1,458,061			—
Variation margin on futures contracts			9,630			—			—
Unrealized appreciation on forward foreign currency contracts			15,080			—			—
Prepaid expenses			103			169			155
Reimbursement due from Investment Adviser			17,826			25,664			177,910
Other assets			57,539			62,808			141,965
Total assets			413,975,869			652,356,675			660,248,334
LIABILITIES:
Payable for investment securities purchased			1,219,872			—			157,955,392
Payable for investment securities purchased on a delayed-delivery or when-issued basis			4,933,704			—			—
Payable for fund shares redeemed			2,633,964			713,482			54,116
Payable upon receipt of securities loaned			15,838,444			8,938,917			—
Unrealized depreciation on forward foreign currency contracts			5,097			—			—
Payable for investment management fees			191,675			294,908			126,851
Payable for distribution and shareholder service fees			602			108,065			6
Payable for directors/trustees fees			1,908			3,148			2,673
Payable to directors/trustees under the deferred compensation plan (Note 6)			57,539			62,808			141,965
Other accrued expenses and liabilities			116,783			139,697			168,139
Written options, at fair value^			23,518			—			—
Total liabilities			25,023,106			10,261,025			158,449,142
NET ASSETS		$	388,952,763		$	642,095,650		$	501,799,192
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	301,906,574		$	564,077,362		$	501,870,977
Total distributable earnings (loss)			87,046,189			78,018,288			(71,785)
NET ASSETS		$	388,952,763		$	642,095,650		$	501,799,192
+ Including securities loaned at value		$	15,472,012		$	8,282,584		$	—
* Cost of investments in securities		$	283,277,713		$	549,845,690		$	—
** Cost of investments in affiliates		$	38,554,702		$	—		$	—
† Cost of short-term investments		$	21,088,055		$	9,845,917		$	—
‡ Cost of foreign currencies		$	22,357		$	137,156		$	—
^ Premiums received on written options		$	27,559		$	—		$	—

See Accompanying Notes to Financial Statements

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STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2021 (Unaudited) (continued)

	Voya Balanced Portfolio			Voya Global High Dividend Low Volatility Portfolio			Voya Government Money Market Portfolio
Class ADV
Net assets			n/a		$	14,041,091			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			1,202,442			n/a
Net asset value and redemption price per share			n/a		$	11.68			n/a
Class I
Net assets		$	386,009,280		$	140,495,917		$	501,744,086
Shares authorized			500,000,000			100,000,000			unlimited
Par value		$	0.001		$	0.001		$	1.000
Shares outstanding			22,164,261			12,037,385			501,624,094
Net asset value and redemption price per share		$	17.42		$	11.67		$	1.00
Class S
Net assets		$	2,943,483		$	484,284,304		$	55,106
Shares authorized			500,000,000			300,000,000			unlimited
Par value		$	0.001		$	0.001		$	1.000
Shares outstanding			169,818			41,320,323			55,094
Net asset value and redemption price per share		$	17.33		$	11.72		$	1.00
Class S2
Net assets			n/a		$	392,123			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			33,912			n/a
Net asset value and redemption price per share			n/a		$	11.56			n/a
Class T
Net assets			n/a		$	2,882,215			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			246,552			n/a
Net asset value and redemption price per share			n/a		$	11.69			n/a

See Accompanying Notes to Financial Statements

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STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2021 (Unaudited)

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
ASSETS:
Investments in securities at fair value+*		$	3,541,144,262		$	2,573,279,304		$	480,660,424
Investments in affiliates at fair value**			—			806,414,723			—
Short-term investments at fair value†			38,173,447			36,767,381			14,420,718
Cash			347,159			1,291,783			—
Cash collateral for futures contracts			—			3,814,537			—
Cash pledged for centrally cleared swaps (Note 2)			—			3,516,000			—
Cash pledged as collateral for OTC derivatives (Note 2)			—			320,000			—
Receivables:
Investment securities sold			—			12,552,935			2,057,288
Investment securities sold on a delayed-delivery or when-issued basis			—			51,189,750			—
Fund shares sold			11,462			11,912,462			86,753
Dividends			4,167,973			2,863,037			214,269
Interest			445			13,934,562			82
Foreign tax reclaims			231,444			—			3,331
Variation margin on futures contracts			—			647,568			—
Unrealized appreciation on forward foreign currency contracts			—			1,041,084			—
Prepaid expenses			891			971			126
Reimbursement due from Investment Adviser			—			121,399			37,528
Other assets			288,027			406,331			51,970
Total assets			3,584,365,110			3,520,073,827			497,532,489
LIABILITIES:
Payable for investment securities purchased			—			23,653,145			9,044,232
Payable for investment securities purchased on a delayed-delivery or when-issued basis			—			108,912,604			—
Payable for fund shares redeemed			8,132,151			29,915			162,384
Payable upon receipt of securities loaned			26,852,447			12,313,700			4,028,718
Unrealized depreciation on forward foreign currency contracts			—			340,811			—
Variation margin payable on centrally cleared swaps			—			4,717			—
Payable for investment management fees			1,620,031			1,381,140			344,101
Payable for distribution and shareholder service fees			466,287			543,454			21,625
Payable to custodian due to bank overdraft			—			—			1,004,330
Payable for directors/trustees fees			17,146			17,155			2,422
Payable to directors/trustees under the deferred compensation plan (Note 6)			288,027			406,331			51,970
Other accrued expenses and liabilities			425,358			556,523			158,774
Written options, at fair value^			—			881,808			—
Total liabilities			37,801,447			149,041,303			14,818,556
NET ASSETS		$	3,546,563,663		$	3,371,032,524		$	482,713,933
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	2,198,603,896		$	3,322,237,028		$	354,500,758
Total distributable earnings			1,347,959,767			48,795,496			128,213,175
NET ASSETS		$	3,546,563,663		$	3,371,032,524		$	482,713,933
+ Including securities loaned at value		$	26,286,780		$	12,044,608		$	3,934,931
* Cost of investments in securities		$	2,676,587,070		$	2,486,168,251		$	417,701,663
** Cost of investments in affiliates		$	—		$	793,908,162		$	—
† Cost of short-term investments		$	38,173,447		$	36,767,337		$	14,420,718
^ Premiums received on written options		$	—		$	1,070,359		$	—

See Accompanying Notes to Financial Statements

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STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2021 (Unaudited) (continued)

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
Class ADV
Net assets		$	970,125,603		$	294,915,792		$	8,325,450
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			29,058,974			22,940,344			423,278
Net asset value and redemption price per share		$	33.38		$	12.86		$	19.67
Class I
Net assets		$	2,058,318,520		$	1,022,783,657		$	372,110,545
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			60,229,529			78,688,643			17,646,504
Net asset value and redemption price per share		$	34.17		$	13.00		$	21.09
Class R6
Net assets			n/a			n/a		$	15,396,679
Shares authorized			n/a			n/a			100,000,000
Par value			n/a			n/a		$	0.001
Shares outstanding			n/a			n/a			729,806
Net asset value and redemption price per share			n/a			n/a		$	21.10
Class S
Net assets		$	517,682,572		$	2,036,354,987		$	86,881,259
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			15,473,196			157,758,605			4,256,843
Net asset value and redemption price per share		$	33.46		$	12.91		$	20.41
Class S2
Net assets		$	436,968		$	16,978,088			n/a
Shares authorized			unlimited			unlimited			n/a
Par value		$	1.000		$	1.000			n/a
Shares outstanding			13,278			1,320,424			n/a
Net asset value and redemption price per share		$	32.91		$	12.86			n/a

See Accompanying Notes to Financial Statements

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STATEMENTS OF OPERATIONS for the six months ended June 30, 2021 (Unaudited)

	Voya Balanced Portfolio			Voya Global High Dividend Low Volatility Portfolio			Voya Government Money Market Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	2,113,359		$	9,952,398		$	4,635
Dividends from affiliated underlying funds			1,067,940			—			—
Interest			933,977			115			120,467
Securities lending income, net			37,751			14,028			—
Total investment income			4,153,027			9,966,541			125,102
EXPENSES:
Investment management fees			1,135,432			1,729,166			927,387
Distribution and shareholder service fees:
Class ADV			—			34,585			—
Class S			3,561			591,526			64
Class S2			—			746			—
Class T			—			10,148			—
Transfer agent fees:
Class ADV			—			3,778			—
Class I			164,446			36,681			302,491
Class S			1,248			129,241			30
Class S2			—			102			—
Class T			—			739			—
Shareholder reporting expense			16,290			36,500			25,340
Registration fees			—			—			1,977
Professional fees			13,394			22,274			17,187
Custody and accounting expense			72,038			53,576			27,110
Directors/trustees fees			7,632			12,592			10,694
Licensing fee (Note 7)			9,857			—			—
Shareholder notification costs (Note 6)			—			14,148			—
Miscellaneous expense			8,996			16,501			10,918
Interest expense			260			19			—
Total expenses			1,433,154			2,692,322			1,323,198
Waived and reimbursed fees			(117,597)			(175,758)			(1,198,096)
Net expenses			1,315,557			2,516,564			125,102
Net investment income			2,837,470			7,449,977			—
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			22,446,311			35,672,861			78,056
Sale of affiliated underlying funds			7,537			—			—
Forward foreign currency contracts			(38,278)			—			—
Foreign currency related transactions			13			(2,401)			—
Futures			542,164			—			—
Swaps			(112,635)			—			—
Written options			96,446			—			—
Net realized gain			22,941,558			35,670,460			78,056
Net change in unrealized appreciation (depreciation) on:
Investments			8,702,707			30,821,852			—
Affiliated underlying funds			154,421			—			—
Forward foreign currency contracts			46,517			—			—
Foreign currency related transactions			(16,216)			(62,648)			—
Futures			(9,397)			—			—
Written options			(8,318)			—			—
Net change in unrealized appreciation (depreciation)			8,869,714			30,759,204			—
Net realized and unrealized gain			31,811,272			66,429,664			78,056
Increase in net assets resulting from operations		$	34,648,742		$	73,879,641		$	78,056
* Foreign taxes withheld		$	60,943		$	418,929		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended June 30, 2021 (Unaudited)

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	25,434,985		$	3,250		$	2,074,935
Dividends from affiliated underlying funds			—			15,688,570			—
Interest			—			37,029,243			46
Securities lending income, net			32,268			39,962			20,477
Total investment income			25,467,253			52,761,025			2,095,458
EXPENSES:
Investment management fees			10,203,028			8,506,767			2,042,422
Distribution and shareholder service fees:
Class ADV			2,348,991			745,761			19,957
Class S			626,129			2,549,978			108,449
Class S2			805			37,884			—
Transfer agent fees:
Class ADV			191,937			73,611			5,212
Class I			400,399			257,985			244,581
Class R6			—			—			10
Class S			102,322			503,393			56,941
Class S2			82			4,674			—
Shareholder reporting expense			122,175			97,100			19,900
Professional fees			61,540			65,010			5,802
Custody and accounting expense			127,473			179,680			25,350
Directors fees			68,584			68,618			9,691
Miscellaneous expense			41,829			85,110			7,116
Interest expense			2,718			—			1,191
Total expenses			14,298,012			13,175,571			2,546,622
Waived and reimbursed fees			(1,000,145)			(777,918)			(250,907)
Net expenses			13,297,867			12,397,653			2,295,715
Net investment income (loss)			12,169,386			40,363,372			(200,257)
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			497,280,035			(3,957,517)			74,597,398
Forward foreign currency contracts			—			(2,482,429)			—
Foreign currency related transactions			—			28,192			50
Futures			—			(20,386,890)			—
Swaps			—			(6,622,187)			—
Written options			—			4,325,004			—
Net realized gain (loss)			497,280,035			(29,095,827)			74,597,448
Net change in unrealized appreciation (depreciation) on:
Investments			31,127,418			(43,282,836)			(12,750,640)
Affiliated underlying funds			—			(8,573,483)			—
Forward foreign currency contracts			—			2,927,974			—
Foreign currency related transactions			—			(727,928)			30
Futures			—			5,028,577			—
Swaps			—			(499,969)			—
Written options			—			(351,604)			—
Net change in unrealized appreciation (depreciation)			31,127,418			(45,479,269)			(12,750,610)
Net realized and unrealized gain (loss)			528,407,453			(74,575,096)			61,846,838
Increase (decrease) in net assets resulting from operations		$	540,576,839		$	(34,211,724)		$	61,646,581
* Foreign taxes withheld		$	68,016		$	—		$	5,761

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Balanced Portfolio						Voya Global High Dividend Low Volatility Portfolio
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income		$	2,837,470		$	6,399,068		$	7,449,977		$	12,886,495
Net realized gain (loss)			22,941,558			5,154,690			35,670,460			(30,424,009)
Net change in unrealized appreciation (depreciation)			8,869,714			24,343,888			30,759,204			1,716,505
Increase (decrease) in net assets resulting from operations			34,648,742			35,897,646			73,879,641			(15,821,009)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			—			(78,799)			(256,442)
Class I			(12,106,937)			(18,138,058)			(928,032)			(3,119,971)
Class S			(86,191)			(126,078)			(2,973,332)			(9,952,937)
Class S2			—			—			(2,274)			(6,422)
Class T			—			—			(14,627)			(44,881)
Return of capital:
Class ADV			—			—			—			(7,056)
Class I			—			—			—			(68,689)
Class S			—			—			—			(243,548)
Class S2			—			—			—			(168)
Class T			—			—			—			(1,310)
Total distributions			(12,193,128)			(18,264,136)			(3,997,064)			(13,701,424)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			1,895,118			5,535,434			4,015,267			18,903,580
Reinvestment of distributions			12,193,128			18,264,136			3,997,064			13,701,424
			14,088,246			23,799,570			8,012,331			32,605,004
Cost of shares redeemed			(21,213,408)			(41,524,529)			(47,194,037)			(102,658,244)
Net decrease in net assets resulting from capital share transactions			(7,125,162)			(17,724,959)			(39,181,706)			(70,053,240)
Net increase (decrease) in net assets			15,330,452			(91,449)			30,700,871			(99,575,673)
NET ASSETS:
Beginning of year or period			373,622,311			373,713,760			611,394,779			710,970,452
End of year or period		$	388,952,763		$	373,622,311		$	642,095,650		$	611,394,779

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Government Money Market Portfolio						Voya Growth and Income Portfolio
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income		$	—		$	1,187,700		$	12,169,386		$	34,522,135
Net realized gain			78,056			212,665			497,280,035			300,435,837
Net change in unrealized appreciation (depreciation)			—			—			31,127,418			130,647,761
Increase in net assets resulting from operations			78,056			1,400,365			540,576,839			465,605,733
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			—			(24,833,067)			(89,633,973)
Class I			(76,617)			(1,404,625)			(51,108,040)			(185,709,436)
Class S			(7)			(11)			(13,200,400)			(48,725,698)
Class S2			—			—			(11,028)			(36,297)
Total distributions			(76,624)			(1,404,636)			(89,152,535)			(324,105,404)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			29,061,705			285,044,111			9,118,359			16,220,803
Reinvestment of distributions			76,624			1,404,636			89,108,338			323,931,465
			29,138,329			286,448,747			98,226,697			340,152,268
Cost of shares redeemed			(97,336,043)			(185,720,359)			(234,900,746)			(425,160,048)
Net increase (decrease) in net assets resulting from capital share transactions			(68,197,714)			100,728,388			(136,674,049)			(85,007,780)
Net increase (decrease) in net assets			(68,196,282)			100,724,117			314,750,255			56,492,549
NET ASSETS:
Beginning of year or period			569,995,474			469,271,357			3,231,813,408			3,175,320,859
End of year or period		$	501,799,192		$	569,995,474		$	3,546,563,663		$	3,231,813,408

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Intermediate Bond Portfolio						Voya Small Company Portfolio
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income (loss)		$	40,363,372		$	95,405,007		$	(200,257)		$	561,796
Net realized gain (loss)			(29,095,827)			86,132,589			74,597,448			2,886,158
Net change in unrealized appreciation (depreciation)			(45,479,269)			74,500,612			(12,750,610)			25,963,897
Increase (decrease) in net assets resulting from operations			(34,211,724)			256,038,208			61,646,581			29,411,851
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(4,443,704)			(15,415,594)			(34,072)			(115,866)
Class I			(18,187,515)			(60,842,817)			(1,965,801)			(7,399,513)
Class R6			—			—			(82,238)			(113,123)
Class S			(32,949,306)			(114,239,492)			(342,592)			(1,519,485)
Class S2			(291,405)			(1,162,517)			—			—
Total distributions			(55,871,930)			(191,660,420)			(2,424,703)			(9,147,987)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			55,394,447			289,580,060			16,984,291			35,470,151
Reinvestment of distributions			55,868,139			191,650,804			2,424,703			9,147,987
			111,262,586			481,230,864			19,408,994			44,618,138
Cost of shares redeemed			(232,115,376)			(498,718,864)			(41,750,338)			(145,853,074)
Net decrease in net assets resulting from capital share transactions			(120,852,790)			(17,488,000)			(22,341,344)			(101,234,936)
Net increase (decrease) in net assets			(210,936,444)			46,889,788			36,880,534			(80,971,072)
NET ASSETS:
Beginning of year or period			3,581,968,968			3,535,079,180			445,833,399			526,804,471
End of year or period		$	3,371,032,524		$	3,581,968,968		$	482,713,933		$	445,833,399

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

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

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Balanced Portfolio
Class I
06-30-21+		16.43		0.13•		1.42		1.55		0.29		0.27		—		0.56		—		17.42		9.57		0.76		0.69		0.69		1.50		386,009		50
12-31-20		15.71		0.29		1.22		1.51		0.36		0.43		—		0.79		—		16.43		10.85		0.76		0.69		0.69		1.83		370,828		96
12-31-19		14.10		0.33•		2.26		2.59		0.37		0.61		—		0.98		—		15.71		19.11		0.69		0.69		0.69		2.23		371,202		113
12-31-18		16.69		0.34•		(1.37)		(1.03)		0.36		1.20		—		1.56		—		14.10		(6.83)		0.67		0.67		0.67		2.20		347,788		184
12-31-17		14.93		0.32•		1.85		2.17		0.41		—		—		0.41		—		16.69		14.73		0.67		0.65		0.65		2.01		425,002		174
12-31-16		14.10		0.30•		0.78		1.08		0.25		—		—		0.25		—		14.93		7.82		0.67		0.62		0.62		2.09		417,376		184
Class S
06-30-21+		16.34		0.11•		1.41		1.52		0.26		0.27		—		0.53		—		17.33		9.37		1.01		0.94		0.94		1.25		2,943		50
12-31-20		15.62		0.23•		1.24		1.47		0.32		0.43		—		0.75		—		16.34		10.57		1.01		0.94		0.94		1.59		2,794		96
12-31-19		14.02		0.29•		2.25		2.54		0.33		0.61		—		0.94		—		15.62		18.80		0.94		0.94		0.94		1.98		2,511		113
12-31-18		16.59		0.30•		(1.36)		(1.06)		0.31		1.20		—		1.51		—		14.02		(7.03)		0.92		0.92		0.92		1.94		2,693		184
12-31-17		14.85		0.28•		1.82		2.10		0.36		—		—		0.36		—		16.59		14.37		0.92		0.90		0.90		1.76		3,560		174
12-31-16		14.01		0.26•		0.79		1.05		0.21		—		—		0.21		—		14.85		7.62		0.92		0.87		0.87		1.84		3,738		184
Voya Global High Dividend Low Volatility Portfolio
Class ADV
06-30-21+		10.46		0.12•		1.16		1.28		0.06		—		—		0.06		—		11.68		12.30		1.16		1.10		1.10		2.09		14,041		37
12-31-20		10.83		0.18		(0.35)		(0.17)		0.19		—		0.01		0.20		—		10.46		(1.27)		1.16		1.10		1.10		1.86		13,684		72
12-31-19		9.63		0.25		1.71		1.96		0.24		0.52		—		0.76		—		10.83		21.06		1.10		1.10		1.10		2.43		15,665		63
12-31-18		11.02		0.23•		(1.21)		(0.98)		0.40		0.01		—		0.41		—		9.63		(9.26)(a)		1.12		1.11		1.11		2.12		15,225		147
12-31-17		9.12		0.14•		1.95		2.09		0.19		—		—		0.19		—		11.02		23.10		1.10		1.10		1.10		1.43		19,605		60
12-31-16		8.85		0.16•		0.31		0.47		0.20		—		—		0.20		—		9.12		5.53		1.10		1.10		1.10		1.87		19,883		101
Class I
06-30-21+		10.44		0.14•		1.17		1.31		0.08		—		—		0.08		—		11.67		12.55		0.66		0.60		0.60		2.59		140,496		37
12-31-20		10.82		0.23		(0.36)		(0.13)		0.24		—		0.01		0.25		—		10.44		(0.83)		0.66		0.60		0.60		2.36		129,379		72
12-31-19		9.62		0.30		1.71		2.01		0.29		0.52		—		0.81		—		10.82		21.68		0.60		0.60		0.60		2.92		149,439		63
12-31-18		11.13		0.29•		(1.22)		(0.93)		0.57		0.01		—		0.58		—		9.62		(8.85)(a)		0.62		0.61		0.61		2.63		132,480		147
12-31-17		9.21		0.20•		1.96		2.16		0.24		—		—		0.24		—		11.13		23.73		0.60		0.60		0.60		1.91		162,746		60
12-31-16		8.94		0.21•		0.31		0.52		0.25		—		—		0.25		—		9.21		6.00		0.60		0.60		0.60		2.36		150,824		101
Class S
06-30-21+		10.49		0.13•		1.17		1.30		0.07		—		—		0.07		—		11.72		12.43		0.91		0.85		0.85		2.34		484,284		37
12-31-20		10.87		0.21		(0.37)		(0.16)		0.21		—		0.01		0.22		—		10.49		(1.09)		0.91		0.85		0.85		2.11		465,405		72
12-31-19		9.66		0.27		1.73		2.00		0.27		0.52		—		0.79		—		10.87		21.41		0.85		0.85		0.85		2.62		542,303		63
12-31-18		11.12		0.26•		(1.23)		(0.97)		0.48		0.01		—		0.49		—		9.66		(9.11)(a)		0.87		0.86		0.86		2.37		375,359		147
12-31-17		9.20		0.17•		1.96		2.13		0.21		—		—		0.21		—		11.12		23.44		0.85		0.85		0.85		1.67		480,936		60
12-31-16		8.93		0.19•		0.31		0.50		0.23		—		—		0.23		—		9.20		5.76		0.85		0.85		0.85		2.11		485,551		101

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Global High Dividend Low Volatility Portfolio (continued)
Class S2
06-30-21+		10.35		0.12•		1.16		1.28		0.07		—		—		0.07		—		11.56		12.36		1.06		1.00		1.00		2.20		392		37
12-31-20		10.73		0.19		(0.36)		(0.17)		0.20		—		0.01		0.21		—		10.35		(1.25)		1.06		1.00		1.00		1.95		354		72
12-31-19		9.54		0.26•		1.70		1.96		0.25		0.52		—		0.77		—		10.73		21.26		1.00		1.00		1.00		2.59		332		63
12-31-18		10.95		0.23•		(1.20)		(0.97)		0.43		0.01		—		0.44		—		9.54		(9.27)(a)		1.02		1.01		1.01		2.17		273		147
12-31-17		9.07		0.15•		1.94		2.09		0.21		—		—		0.21		—		10.95		23.29		1.00		1.00		1.00		1.46		422		60
12-31-16		8.80		0.18		0.30		0.48		0.21		—		—		0.21		—		9.07		5.64		1.03		1.00		1.00		1.98		278		101
Class T
06-30-21+		10.47		0.11•		1.17		1.28		0.06		—		—		0.06		—		11.69		12.26		1.41		1.20		1.20		1.99		2,882		37
12-31-20		10.85		0.18		(0.37)		(0.19)		0.18		—		0.01		0.19		—		10.47		(1.48)		1.41		1.20		1.20		1.74		2,573		72
12-31-19		9.59		0.26•		1.69		1.95		0.17		0.52		—		0.69		—		10.85		21.05		1.35		1.20		1.20		2.56		3,232		63
12-31-18		10.96		0.22•		(1.21)		(0.99)		0.37		0.01		—		0.38		—		9.59		(9.41)(a)		1.37		1.21		1.21		2.03		31,833		147
12-31-17		9.07		0.13•		1.93		2.06		0.17		—		—		0.17		—		10.96		22.95		1.35		1.20		1.20		1.30		39,544		60
12-31-16		8.80		0.16•		0.30		0.46		0.19		—		—		0.19		—		9.07		5.41		1.35		1.20		1.20		1.79		41,291		101
Voya Government Money Market Portfolio
Class I
06-30-21+		1.00		0.00*•		0.00*		0.00*		—		0.00*		—		0.00*		—		1.00		0.02		0.50		0.05		0.05		0.00*		501,744		—
12-31-20		1.00		0.00*		0.00*		0.00*		0.00*		0.00*		—		0.00*		—		1.00		0.29		0.51		0.17		0.17		0.20		569,945		—
12-31-19		1.00		0.02		0.00*		0.02		0.02		0.00*		—		0.02		—		1.00		1.96		0.39		0.34		0.34		1.86		469,271		—
12-31-18		1.00		0.02		0.00*		0.02		0.02		0.00*		—		0.02		—		1.00		1.56		0.39		0.34		0.34		1.54		463,191		—
12-31-17		1.00		0.01		0.00*		0.01		0.01		0.00*		—		0.01		—		1.00		0.61		0.39		0.34		0.34		0.58		438,591		—
12-31-16		1.00		0.00*		0.00*		0.00*		0.00*		0.00*		—		0.00*		—		1.00		0.18		0.39		0.34		0.34		0.08		504,575		—
Class S
06-30-21+		1.00		(0.00)*•		0.00*		0.00*		—		0.00*		—		0.00*		—		1.00		0.01		0.75		0.05		0.05		(0.01)		55		—
12-31-20		1.00		0.00*		0.00*		0.00		—		0.00*		—		0.00*		—		1.00		0.04		0.76		0.17		0.17		0.00*		51		—
06-30-18(5)		1.00		0.01		0.00		0.01		0.01		0.00*		—		0.01		—		1.00		0.57		0.64		0.49		0.49		1.14		46		—
12-31-17		1.00		0.00*		0.00*		0.00*		0.00*		0.00*		—		0.00*		—		1.00		0.46		0.64		0.49		0.49		0.39		44		—
12-31-16		1.00		0.00*		0.00*		0.00		0.00*		0.00*		—		0.00*		—		1.00		0.10		0.64		0.38		0.38		0.00*		82		—
Voya Growth and Income Portfolio
Class ADV
06-30-21+		29.29		0.07•		4.88		4.95		—		0.86		—		0.86		—		33.38		17.03		1.17		1.07		1.07		0.43		970,126		41
12-31-20		27.93		0.26		4.22		4.48		0.26		2.86		—		3.12		—		29.29		16.74		1.17		1.07		1.07		0.90		903,118		92
12-31-19		24.42		0.35		6.42		6.77		0.35		2.91		—		3.26		—		27.93		28.29		1.13		1.03		1.03		1.17		896,424		69
12-31-18		28.94		0.37•		(1.75)		(1.38)		0.39		2.75		—		3.14		—		24.42		(4.88)		1.13		1.03		1.03		1.29		824,943		84
12-31-17		27.51		0.36•		5.06		5.42		0.41		3.58		—		3.99		—		28.94		19.79		1.13		1.03		1.03		1.21		1,010,017		80
12-31-16		27.81		0.40•		2.10		2.50		0.43		2.37		—		2.80		—		27.51		9.25		1.13		1.03		1.03		1.44		1,064,550		98
Class I
06-30-21+		29.90		0.14•		4.99		5.13		—		0.86		—		0.86		—		34.17		17.29		0.67		0.62		0.62		0.88		2,058,319		41
12-31-20		28.44		0.39		4.32		4.71		0.39		2.86		—		3.25		—		29.90		17.26		0.67		0.62		0.62		1.35		1,845,796		92
12-31-19		24.81		0.48		6.54		7.02		0.48		2.91		—		3.39		—		28.44		28.88		0.63		0.58		0.58		1.62		1,798,927		69
12-31-18		29.37		0.51•		(1.79)		(1.28)		0.53		2.75		—		3.28		—		24.81		(4.46)		0.63		0.58		0.58		1.74		1,602,432		84
12-31-17		27.87		0.51•		5.13		5.64		0.56		3.58		—		4.14		—		29.37		20.34		0.63		0.58		0.58		1.66		1,906,723		80
12-31-16		28.13		0.54•		2.14		2.68		0.57		2.37		—		2.94		—		27.87		9.77		0.63		0.58		0.58		1.89		1,778,873		98

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Growth and Income Portfolio (continued)
Class S
06-30-21+		29.32		0.10•		4.90		5.00		—		0.86		—		0.86		—		33.46		17.19		0.92		0.87		0.87		0.62		517,683		41
12-31-20		27.96		0.32		4.22		4.54		0.32		2.86		—		3.18		—		29.32		16.93		0.92		0.87		0.87		1.10		482,532		92
12-31-19		24.44		0.41		6.42		6.83		0.40		2.91		—		3.31		—		27.96		28.55		0.88		0.83		0.83		1.37		479,676		69
12-31-18		28.97		0.43•		(1.76)		(1.33)		0.45		2.75		—		3.20		—		24.44		(4.69)		0.88		0.83		0.83		1.49		451,557		84
12-31-17		27.53		0.42•		5.07		5.49		0.47		3.58		—		4.05		—		28.97		20.06		0.88		0.83		0.83		1.41		556,169		80
12-31-16		27.83		0.46•		2.10		2.56		0.49		2.37		—		2.86		—		27.53		9.45		0.88		0.83		0.83		1.64		607,941		98
Class S2
06-30-21+		28.88		0.08•		4.81		4.89		—		0.86		—		0.86		—		32.91		17.07		1.07		1.02		1.02		0.48		437		41
12-31-20		27.59		0.25•		4.19		4.44		0.29		2.86		—		3.15		—		28.88		16.81		1.07		1.02		1.02		0.95		367		92
12-31-19		24.13		0.47		6.22		6.69		0.32		2.91		—		3.23		—		27.59		28.33		1.03		0.98		0.98		1.23		294		69
12-31-18		28.65		0.38•		(1.73)		(1.35)		0.42		2.75		—		3.17		—		24.13		(4.82)		1.03		0.98		0.98		1.34		407		84
12-31-17		27.27		0.38•		5.01		5.39		0.43		3.58		—		4.01		—		28.65		19.89		1.03		0.98		0.98		1.27		412		80
12-31-16		27.60		0.42		2.08		2.50		0.46		2.37		—		2.83		—		27.27		9.30		1.06		0.98		0.98		1.50		370		98
Voya Intermediate Bond Portfolio
Class ADV
06-30-21+		13.19		0.13•		(0.27)		(0.14)		0.19		0.00*		—		0.19		—		12.86		(1.05)		1.08		1.03		1.03		2.07		294,916		70
12-31-20		12.94		0.32		0.61		0.93		0.38		0.30		—		0.68		—		13.19		7.32		1.08		1.03		1.03		2.40		312,654		99
12-31-19		12.20		0.37		0.76		1.13		0.37		0.02		—		0.39		—		12.94		9.29		1.03		1.03		1.03		2.88		291,207		149
12-31-18		12.73		0.36		(0.50)		(0.14)		0.39		—		—		0.39		—		12.20		(1.08)		1.03		1.03		1.03		2.95		265,204		193
12-31-17		12.53		0.34		0.22		0.56		0.36		—		—		0.36		—		12.73		4.53		1.03		1.02		1.02		2.67		311,323		300
12-31-16		12.40		0.33		0.16		0.49		0.36		—		—		0.36		—		12.53		3.92		1.03		0.98		0.98		2.58		311,448		296
Class I
06-30-21+		13.33		0.17•		(0.28)		(0.11)		0.22		0.00*		—		0.22		—		13.00		(0.78)		0.58		0.53		0.53		2.57		1,022,784		70
12-31-20		13.08		0.39		0.61		1.00		0.45		0.30		—		0.75		—		13.33		7.81		0.58		0.53		0.53		2.89		1,108,593		99
12-31-19		12.33		0.44		0.77		1.21		0.44		0.02		—		0.46		—		13.08		9.85		0.53		0.53		0.53		3.38		1,023,645		149
12-31-18		12.86		0.43		(0.50)		(0.07)		0.46		—		—		0.46		—		12.33		(0.54)		0.53		0.53		0.53		3.45		986,608		193
12-31-17		12.66		0.41		0.22		0.63		0.43		—		—		0.43		—		12.86		5.04		0.53		0.52		0.52		3.17		1,117,794		300
12-31-16		12.52		0.40•		0.14		0.54		0.40		—		—		0.40		—		12.66		4.33		0.53		0.48		0.48		3.08		1,174,851		296
Class S
06-30-21+		13.24		0.15•		(0.27)		(0.12)		0.21		0.00*		—		0.21		—		12.91		(0.92)		0.83		0.78		0.78		2.32		2,036,355		70
12-31-20		12.99		0.35		0.62		0.97		0.42		0.30		—		0.72		—		13.24		7.57		0.83		0.78		0.78		2.65		2,139,406		99
12-31-19		12.25		0.40		0.76		1.16		0.40		0.02		—		0.42		—		12.99		9.54		0.78		0.78		0.78		3.13		2,198,827		149
12-31-18		12.78		0.40		(0.51)		(0.11)		0.42		—		—		0.42		—		12.25		(0.82)		0.78		0.78		0.78		3.20		2,255,122		193
12-31-17		12.58		0.37		0.23		0.60		0.40		—		—		0.40		—		12.78		4.79		0.78		0.77		0.77		2.92		2,587,503		300
12-31-16		12.44		0.36•		0.16		0.52		0.38		—		—		0.38		—		12.58		4.16		0.78		0.73		0.73		2.83		2,887,280		296
Class S2
06-30-21+		13.19		0.14•		(0.27)		(0.13)		0.20		0.00*		—		0.20		—		12.86		(1.00)		0.98		0.93		0.93		2.17		16,978		70
12-31-20		12.94		0.33		0.62		0.95		0.40		0.30		—		0.70		—		13.19		7.42		0.98		0.93		0.93		2.50		21,316		99
12-31-19		12.20		0.38		0.76		1.14		0.38		0.02		—		0.40		—		12.94		9.40		0.93		0.93		0.93		2.99		21,401		149
12-31-18		12.73		0.38		(0.51)		(0.13)		0.40		—		—		0.40		—		12.20		(0.98)		0.93		0.93		0.93		3.05		22,040		193
12-31-17		12.53		0.35		0.22		0.57		0.37		—		—		0.37		—		12.73		4.63		0.93		0.92		0.92		2.77		25,649		300
12-31-16		12.40		0.34•		0.16		0.50		0.37		—		—		0.37		—		12.53		3.99		0.96		0.88		0.88		2.68		24,796		296

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Small Company Portfolio
Class ADV
06-30-21+		17.36		(0.05)•		2.44		2.39		—		0.08		—		0.08		—		19.67		13.78		1.51		1.40		1.40		(0.53)		8,325		63
12-31-20		15.91		(0.04)		1.77		1.73		0.01		0.27		—		0.28		—		17.36		11.73		1.52		1.40		1.40		(0.31)		6,851		134
12-31-19		14.86		(0.01)		3.55		3.54		0.00*		2.49		—		2.49		—		15.91		25.56		1.39		1.39		1.39		(0.06)		7,227		125
12-31-18		20.95		(0.04)		(2.76)		(2.80)		0.02		3.27		—		3.29		—		14.86		(16.22)		1.39		1.39		1.39		(0.18)		6,342		96
12-31-17		21.20		(0.01)		2.12		2.11		—		2.36		—		2.36		—		20.95		10.69		1.38		1.37		1.37		(0.01)		7,817		74
12-31-16		18.99		(0.02)		4.13		4.11		—		1.90		—		1.90		—		21.20		23.84		1.38		1.33		1.33		(0.09)		6,463		71
Class I
06-30-21+		18.59		(0.00)*•		2.61		2.61		0.03		0.08		—		0.11		—		21.09		14.06		1.01		0.90		0.90		(0.03)		372,111		63
12-31-20		17.04		0.05		1.86		1.91		0.09		0.27		—		0.36		—		18.59		12.28		1.02		0.90		0.90		0.19		347,004		134
12-31-19		15.75		0.07•		3.78		3.85		0.07		2.49		—		2.56		—		17.04		26.21		0.89		0.89		0.89		0.44		427,877		125
12-31-18		22.01		0.06•		(2.94)		(2.88)		0.11		3.27		—		3.38		—		15.75		(15.84)		0.89		0.89		0.89		0.31		435,019		96
12-31-17		22.12		0.10		2.23		2.33		0.08		2.36		—		2.44		—		22.01		11.29		0.88		0.87		0.87		0.49		607,230		74
12-31-16		19.73		0.09		4.29		4.38		0.09		1.90		—		1.99		—		22.12		24.49		0.88		0.83		0.83		0.41		545,125		71
Class R6
06-30-21+		18.60		(0.00)*•		2.61		2.61		0.03		0.08		—		0.11		—		21.10		14.07		0.88		0.88		0.88		(0.02)		15,397		63
12-31-20		17.04		0.03		1.89		1.92		0.09		0.27		—		0.36		—		18.60		12.34		0.89		0.89		0.89		0.25		11,466		134
12-31-19		15.75		0.09•		3.76		3.85		0.07		2.49		—		2.56		—		17.04		26.20		0.89		0.89		0.89		0.44		5,665		125
12-31-18		22.01		0.06		(2.94)		(2.88)		0.11		3.27		—		3.38		—		15.75		(15.85)		0.89		0.89		0.89		0.33		6,115		96
12-31-17		22.13		0.11•		2.21		2.32		0.08		2.36		—		2.44		—		22.01		11.23		0.88		0.87		0.87		0.53		6,274		74
12-31-16		19.74		0.10•		4.28		4.38		0.09		1.90		—		1.99		—		22.13		24.49		0.88		0.83		0.83		0.50		2,694		71
Class S
06-30-21+		17.99		(0.03)•		2.53		2.50		—		0.08		—		0.08		—		20.41		13.91		1.26		1.15		1.15		(0.28)		86,881		63
12-31-20		16.48		(0.00)*		1.83		1.83		0.05		0.27		—		0.32		—		17.99		12.04		1.27		1.15		1.15		(0.06)		80,512		134
12-31-19		15.30		0.03		3.66		3.69		0.02		2.49		—		2.51		—		16.48		25.86		1.14		1.14		1.14		0.20		86,035		125
12-31-18		21.46		0.02		(2.86)		(2.84)		0.05		3.27		—		3.32		—		15.30		(16.05)		1.14		1.14		1.14		0.06		80,225		96
12-31-17		21.63		0.05•		2.17		2.22		0.03		2.36		—		2.39		—		21.46		11.00		1.13		1.12		1.12		0.22		111,723		74
12-31-16		19.33		0.03		4.21		4.24		0.04		1.90		—		1.94		—		21.63		24.16		1.13		1.08		1.08		0.16		136,845		71

(1)

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

(2)

Annualized for periods less than one year.

(3)

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

(4)

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

See Accompanying Notes to Financial Statements

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2021 (Unaudited)

NOTE 1 — ORGANIZATION

As further detailed below, the Voya Variable Product Funds are series of Voya Balanced Portfolio, Inc., Voya Variable Funds, Voya Variable Portfolios, Inc., Voya Intermediate Bond Portfolio, and Voya Government Money Market Portfolio (collectively, the “Registrants”), all of which are open-end investment management companies registered under the Investment Company Act of 1940, as amended (“1940 Act”).

Voya Balanced Portfolio, Inc. is a company incorporated under the laws of Maryland on December 14, 1988 with one diversified series, Voya Balanced Portfolio (“Balanced”). Voya Variable Funds is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, Voya Growth and Income Portfolio (“Growth and Income”). Voya Variable Portfolios, Inc. is a company incorporated under the laws of Maryland on June 4, 1996 and has fourteen active separate investment series. The two diversified series of Voya Variable Portfolios, Inc. included in this report are Voya Global High Dividend Low Volatility Portfolio (“Global High Dividend Low Volatility”), and Voya Small Company Portfolio (“Small Company”). Voya Intermediate Bond Portfolio is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, Voya Intermediate Bond Portfolio (“Intermediate Bond”). Voya Government Money Market Portfolio is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, Voya Government Money Market Portfolio (“Government Money Market”). Each of the Voya Variable Product Funds is a “Portfolio” and collectively, they are the “Portfolios.” The investment objective of the Portfolios is described in the respective Portfolio’s Prospectus.

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, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by

several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investment Management Co. LLC (“Voya IM” or the “Sub-Adviser”), a Delaware limited liability company, serves as the Sub-Adviser to the Portfolios. Voya Investments Distributor, LLC (“VID” or the “Distributor”), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under U.S. generally accepted accounting principles (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies.

A. Security Valuation. Each Portfolio is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share for each class of each Portfolio, (except Government Money Market), is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The data reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic communications networks, and third-market broker-dealers. The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio’s assets attributable to that class, subtracting the Portfolio’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio’s

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio’s assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

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

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

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

making a good faith determination of a security’s fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in each Portfolio.

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

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

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

B. Securities Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Portfolios. Premium amortization and discount accretion are determined by the effective yield method.

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

(1)

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

(2)

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

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

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

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

D. Risk Exposures and the Use of Derivative Instruments. Certain Portfolios’ investment strategies permit the Portfolios to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow a Portfolio to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

In pursuit of its investment objectives, a Portfolio may seek to increase or decrease its exposure to the following market or credit risk factors:

Credit Risk. The price of a bond or other debt instrument is likely to fall if the issuer’s actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.

Equity Risk. Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Portfolio to achieve its investment objectives.

Foreign Exchange Rate Risk. To the extent that a Portfolio invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by a Portfolio through foreign currency exchange transactions.

Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.

Interest Rate Risk. With bonds and other fixed rate debt instruments, a rise in market interest rates generally causes values to fall; conversely, values generally rise as market interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate paid by the securities is a floating rate, which generally will decrease when the market rate of interest to which the inverse security is indexed increases and will increase when the market rate of interest to which the inverse security is indexed decreases. As of the date of this report, the United States experiences a low interest rate environment, which may increase a Portfolio’s exposure to risks associated with rising market interest rates. Rising market interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For a fund that invests in fixed-income securities, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential changes in government policy may affect interest rates.

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

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2021 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

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

As of June 30, 2021, the maximum amount of loss that Balanced and Intermediate Bond would incur if the counterparties to their derivative transactions failed to perform would be $51,448 and $2,399,963, respectively, which represent the gross payments to be received by the Portfolios on OTC purchased options and open forward foreign currency contracts were they to be unwound as of June 30, 2021. The Portfolios did not receive any cash collateral at June 30, 2021.

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

As of June 30, 2021, Balanced and Intermediate Bond had a liability position of $28,615 and $1,222,619, respectively, on open forward foreign currency contracts and OTC written options. If a contingent feature would have been triggered as of June 30, 2021, these Portfolios could have been required to pay these amounts in cash to their counterparties. At June 30, 2021, Intermediate Bond pledged $320,000 in cash collateral to certain counterparties for open OTC derivatives. Balanced did not pledge any cash collateral at June 30, 2021.

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

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2021 (Unaudited) (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 period ended June 30, 2021, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below:

	Purchased			Sold
Balanced		$	2,065		$	964,300
Intermediate Bond			319,299			62,304,862

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 June 30, 2021.

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

Upon entering into a futures contract, a Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by a Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities.Open futures contracts are reported on a

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

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended June 30, 2021, Balanced and Intermediate Bond have purchased and sold futures contracts on various bonds and notes as part of their duration management. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where a Portfolio is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of a Portfolio’s securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. During the period ended June 30, 2021, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below:

	Purchased			Sold
Balanced		$	20,272,309		$	8,783,070
Intermediate Bond			384,268,305			107,696,438

Please refer to the tables within each respective Portfolio of Investments for the above Portfolios’ open futures contracts at June 30, 2021.

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 treated as realized gains. Premiums received from writing

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

During the period ended June 30, 2021, Balanced and Intermediate Bond had purchased foreign currency options to manage their foreign exchange exposure. Balanced and Intermediate Bond had average notional values of $3,828,333 and $155,605,000, respectively, on purchased foreign currency options. Please refer to the tables within each respective Portfolio of Investments for open purchased foreign currency options at June 30, 2021.

During the period ended June 30, 2021, Balanced and Intermediate Bond had written foreign currency options to generate income. Balanced and Intermediate Bond had average notional values of $2,244,667 and $91,442,333, respectively, on written foreign currency options. Please refer to the tables within each respective Portfolio of Investments for open written foreign currency options at June 30, 2021.

During the period ended June 30, 2021, Balanced and Intermediate Bond had purchased credit default swaptions in an attempt to gain exposure to certain credit markets. Balanced and Intermediate Bond had average notional

values of $859,500 and $38,461,500, respectively, on purchased credit default swaptions. There were no open purchased credit default swaptions at June 30, 2021.

During the period ended June 30, 2021, Balanced and Intermediate Bond had written interest swaptions to generate income. Balanced and Intermediate Bond had average notional values of $1,666,500 and $69,247,500, respectively, on written interest swaptions. Please refer to the tables within each Portfolio of Investments for open written interest swaptions at June 30, 2021.

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 High Dividend Low Volatility declares and pays dividends, if any, quarterly. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

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

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

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

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

J. Repurchase Agreements. Each Portfolio may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. Each Portfolio will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreements, plus accrued interest, being invested by the Portfolio. The underlying collateral is valued daily on a mark-to-market basis to assure that the value, including accrued interest is at least equal to the repurchase price. There would be potential loss to the Portfolio in the event the Portfolio is delayed or prevented from exercising its right to dispose of the collateral, and it might incur disposition costs in liquidating the collateral.

Repurchase agreements are entered into by the Portfolios under Master Repurchase Agreements (“MRA”) which permit the Portfolios, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables or payables under the MRA with collateral held and/or pledged by the counterparty and create one single net payment due to or from the respective Portfolio. Please refer to the table within the Portfolio of Investments for Government Money Market for open repurchase agreements subject to the MRA on a net basis at June 30, 2021.

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

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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.

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

A Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, a Portfolio may execute these contracts to manage its exposure to the market or certain sectors of the market. Certain Portfolios may also enter into credit default swaps to speculate on changes in an issuer’s credit quality, to take advantage of perceived spread advantages, or to offset an existing short equivalent (i.e. buying protection on an equivalent reference entity).

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

Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues are disclosed in each Portfolio’s Portfolio of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of

a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-backed securities or credit indices, the quoted market prices and resulting fair values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Portfolio for the same referenced entity or entities.

For the period ended June 30, 2021, Balanced and Intermediate Bond bought 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 to hedge the credit risk associated with various sectors within the credit market.

For the period ended June 30, 2021, Balanced and Intermediate Bond had an average notional amount of $4,460,000 and $81,704,670, respectively, on credit default swaps to buy protection. Please refer to the tables within the Portfolio of Investments for Intermediate Bond for open credit default swaps to buy protection at June 30, 2021. Balanced did not have any open credit default swaps to buy protection at June 30, 2021.

At June 30, 2021, Intermediate Bond has pledged $3,516,000 in cash collateral for open centrally cleared credit default swaps.

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

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

For the period ended June 30, 2021, Balanced and Intermediate Bond have entered into interest rate swaps in which they pay a floating interest rate and receive a fixed interest rate (“Long interest rate swap”) in order to increase exposure to interest rate risk. During the period ended June 30, 2021, Balanced and Intermediate Bond had average notional amounts of $4,426,700 and $186,017,700, respectively, on Long interest rate swaps.

For the period ended June 30, 2021, Balanced and Intermediate Bond have 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. During the period ended June 30, 2021, Balanced and Intermediate Bond had average notional amounts of $3,868,445 and $161,956,645, respectively, on Short interest rate swaps.

Balanced and Intermediate Bond entered into interest rate swaps to adjust interest rate and yield curve exposures and to substitute for physical fixed-income securities. The Portfolios did not have any open interest rate swaps at June 30, 2021.

P. Indemnifications. In the normal course of business, the Registrants may enter into contracts that provide certain indemnifications. The Registrants’ maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.

NOTE 3 — INVESTMENT TRANSACTIONS

For the period ended June 30, 2021, 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		$	105,136,029		$	121,947,778
Global High Dividend Low Volatility			226,924,885			256,296,391
Growth and Income			1,385,364,844			1,568,755,234
Intermediate Bond			581,813,660			544,879,001
Small Company			297,931,884			322,598,524

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

	Purchases			Sales
Balanced		$	86,158,294		$	83,133,927
Intermediate Bond			1,825,994,571			1,955,740,402

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 High Dividend Low Volatility			0.56% on the first $500 million; 0.53% on the next $500 million; 0.51% thereafter
Government Money Market(1)			0.35%
Growth and Income(1)			0.600% on the first $5 billion; 0.550% on the next $5 billion; 0.525% thereafter
Intermediate Bond			0.50% on first $4 billion; 0.48% on next $3 billion; 0.46% thereafter
Small Company			0.85%

(1)

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

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

NOTE 5 — DISTRIBUTION AND SERVICE FEES

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

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2021 (Unaudited) (continued)

NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)

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

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

Under the Plan for Class S shares of the respective Portfolios, Class S shares of the Portfolios pay the Distributor a fee calculated at an annual rate of 0.25% of the Portfolio’s average daily net assets attributable to its Class S shares. For Government Money Market, the Distributor has contractually agreed to waive 0.10% of average daily net assets attributable to distribution and/or shareholder service fees for Class S shares, so that the actual fee paid by Class S shares of Government Money Market is an annual rate of 0.15%. Termination or modification of this obligation requires approval by the Board.

Under the Plan for Class T shares of Global High Dividend Low Volatility, the Distributor is paid an annual distribution fee at the rate of 0.50% of Global High Dividend Low Volatility’s average daily net assets attributable to Class T shares. The Distributor has contractually agreed to waive a portion of its fee equal to 0.15% of the average daily net assets attributable to the distribution fee paid by Class T shares of Global High Dividend Low Volatility, so that the actual fee paid by Class T shares of Global High Dividend Low Volatility is an annual rate of 0.35%. Termination or modification of this obligation requires approval by the Board.

Class T shares of Global High Dividend Low Volatility are subject to a shareholder servicing plan (“Service Plan”). The Service Plan allows the Distributor to enter into shareholder servicing agreements with insurance companies, broker dealers or other financial intermediaries that provide administrative services related to Class T and

their shareholders including Variable Contract owners or Qualified Plan participants with interests in Global High Dividend Low Volatility. Under the Service Plan, the Portfolio makes payments to the Distributor which shall not exceed an annual rate of 0.25% of the Portfolio’s average daily net assets attributable to its Class T shares.

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 period ended June 30, 2021, the Distributor waived $38 of class specific distribution fees for Class S and the Investment Adviser waived $1,078,794 of management fees and/or certain expenses to assist the Portfolio in maintaining a net yield of not less than zero. Termination or modification of this obligation requires approval by the Board. Please note that these waivers or reimbursements are in addition to existing contractual expense limitations, if any. As of June 30, 2021, the amounts of waived or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates, are as follows:

	June 30,
	2022			2023			2024			Total
Government Money Market		$	—		$	122,934		$	231,150		$	354,084

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

During the period ended June 30, 2021, Global High dividend Low Volatility incurred $14,148 of shareholder notification costs associated with changes to the Portfolio’s principal investment strategies.

At June 30, 2021, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the following Portfolios:

Subsidiary	Portfolio	Percentage
Voya Institutional Trust Company	Government Money Market		7.16%
	Intermediate Bond		11.78
	Small Company		16.08
Voya Retirement Insurance and Annuity Company	Balanced		87.59

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2021 (Unaudited) (continued)

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

Subsidiary	Portfolio	Percentage
	Global High Dividend Low Volatility		19.60
	Government Money Market		89.43
	Growth and Income		53.65
	Intermediate Bond		25.59
	Small Company		61.20

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

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

The Portfolios may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended June 30, 2021, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:

Portfolio	Amount
Balanced		$	165,489
Global High Dividend Low Volatility			169,939
Government Money Market			302,066
Growth and Income			688,896
Intermediate Bond			836,978
Small Company			306,407

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 High Dividend Low Volatility		1.34%		0.84%		N/A		1.09%		1.24%		1.44%
Growth and Income		1.30%		0.70%		N/A		0.95%		1.10%		N/A
Intermediate Bond		1.03%		0.53%		N/A		0.78%		0.93%		N/A
Small Company		1.40%		0.90%		0.90%		1.15%		N/A		N/A

Pursuant to a side letter agreement through May 1, 2022, the Investment Adviser has further lowered the expense limits to the levels listed below. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. If the Investment Adviser elects not to renew the side letter agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that the side letter agreement will continue. Termination or modification of this obligation requires approval by the Board.

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

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

As of June 30, 2021, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as below:

	June 30,
	2022			2023			2024			Total
Balanced		$	—		$	122,934		$	231,150		$	354,084
Intermediate Bond			900			722,047			1,578,156			2,301,103
Small Company			—			—			1,021			1,021

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2021 (Unaudited) (continued)

NOTE 8 — EXPENSE LIMITATION AGREEMENTS (continued)

In addition to the above waived and /or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, as of June 30, 2021 are as follows:

	June 30,
	2022			2023			2024			Total
Small Company
Class ADV		$	—		$	3,281		$	8,083		$	11,364
Class I			—			190,129			396,537			586,666
Class S			—			39,677			91,275			130,952

The Expense Limitation Agreements are contractual through May 1, 2022, and shall renew automatically for one-year terms. Termination or modification of these obligations requires approval by the Board.

NOTE 9 — LINE OF CREDIT

Effective June 14, 2021, the Portfolios, in addition to certain other funds managed by the Investment Adviser, 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 June 13, 2022. 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 June 14, 2021, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 14, 2021.

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

The following Portfolios utilized the line of credit during the period ended June 30, 2021:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Balanced		6		$	1,229,500		1.27%
Global High Dividend Low Volatility		1			556,000		1.26
Growth and Income		9		$	8,562,111		1.27%
Small Company		23			1,455,783		1.28

NOTE 10 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

Year or period ended	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Balanced
Class I
6/30/2021		107,497		—		723,234		(1,231,865)		(401,134)		1,848,543		—		12,106,937		(21,058,818)		(7,103,338)
12/31/2020		360,697		—		1,372,016		(2,792,001)		(1,059,288)		5,254,763		—		18,138,058		(41,220,433)		(17,827,612)
Class S
6/30/2021		2,678		—		5,170		(9,014)		(1,166)		46,575		—		86,191		(154,590)		(21,824)
12/31/2020		20,580		—		9,573		(19,934)		10,219		280,671		—		126,078		(304,096)		102,653
Global High Dividend Low Volatility
Class ADV
6/30/2021		8,826		—		7,086		(122,253)		(106,341)		100,078		—		78,799		(1,360,101)		(1,181,224)
12/31/2020		77,076		—		30,013		(244,244)		(137,155)		752,065		—		263,498		(2,345,996)		(1,330,433)
Class I
6/30/2021		212,321		—		83,531		(654,876)		(359,024)		2,362,552		—		928,032		(7,245,503)		(3,954,919)
12/31/2020		588,767		—		360,415		(2,364,608)		(1,415,426)		5,540,929		—		3,188,660		(22,573,731)		(13,844,142)
Class S
6/30/2021		123,452		—		266,428		(3,450,172)		(3,060,292)		1,403,521		—		2,973,332		(38,430,029)		(34,053,176)
12/31/2020		1,269,817		—		1,152,590		(7,942,696)		(5,520,289)		12,292,843		—		10,196,485		(76,860,734)		(54,371,406)
Class S2
6/30/2021		266		—		207		(770)		(297)		2,844		—		2,274		(8,611)		(3,493)
12/31/2020		5,033		—		752		(2,502)		3,283		47,069		—		6,590		(24,262)		29,397
Class T
6/30/2021		12,930		—		1,313		(13,491)		752		146,272		—		14,627		(149,793)		11,106
12/31/2020		29,187		—		5,244		(86,581)		(52,150)		270,674		—		46,191		(853,521)		(536,656)
Government Money Market
Class I
6/30/2021		29,057,020		—		76,617		(97,335,740)		(68,202,103)		29,057,021		—		76,616		(97,335,740)		(68,202,103)
12/31/2020		284,993,081		—		1,404,627		(185,720,025)		100,677,683		284,993,082		—		1,404,625		(185,720,024)		100,677,683

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2021 (Unaudited) (continued)

NOTE 10 — CAPITAL SHARES (continued)

Year or period ended	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 (continued)
Class S
6/30/2021		4,684		—		8		(303)		4,389		4,684		—		8		(303)		4,389
12/31/2020		50,935		—		11		(335)		50,611		51,029		—		11		(335)		50,705
Growth and Income
Class ADV
6/30/2021		157,420		—		780,669		(2,713,681)		(1,775,592)		5,137,681		—		24,833,067		(86,312,984)		(56,342,236)
12/31/2020		381,685		—		3,200,778		(4,837,747)		(1,255,284)		10,173,687		—		89,633,973		(131,329,069)		(31,521,409)
Class I
6/30/2021		49,401		—		1,569,264		(3,127,021)		(1,508,356)		1,632,749		—		51,063,843		(101,936,202)		(49,239,610)
12/31/2020		131,725		—		6,481,755		(8,128,307)		(1,514,827)		3,542,024		—		185,535,497		(224,852,134)		(35,774,613)
Class S
6/30/2021		73,635		—		414,195		(1,471,062)		(983,232)		2,340,642		—		13,200,400		(46,650,614)		(31,109,572)
12/31/2020		96,683		—		1,737,030		(2,535,098)		(701,385)		2,469,446		—		48,725,698		(68,964,645)		(17,769,501)
Class S2
6/30/2021		230		—		352		(29)		553		7,287		—		11,028		(946)		17,369
12/31/2020		1,276		—		1,309		(504)		2,081		35,646		—		36,297		(14,200)		57,743
Intermediate Bond
Class ADV
6/30/2021		703,704		—		345,850		(1,818,294)		(768,740)		9,071,291		—		4,443,704		(23,379,003)		(9,864,008)
12/31/2020		3,515,325		—		1,167,978		(3,483,158)		1,200,145		46,668,825		—		15,415,594		(44,766,871)		17,317,548
Class I
6/30/2021		1,696,823		—		1,399,543		(7,555,319)		(4,458,953)		22,168,268		—		18,183,724		(98,081,139)		(57,729,147)
12/31/2020		9,821,445		—		4,557,628		(9,507,807)		4,871,266		130,462,764		—		60,833,201		(125,955,725)		65,340,240
Class S
6/30/2021		1,748,107		—		2,553,840		(8,121,359)		(3,819,412)		22,496,656		—		32,949,306		(104,924,000)		(49,478,038)
12/31/2020		7,846,255		—		8,618,670		(24,172,230)		(7,707,305)		104,534,355		—		114,239,492		(318,422,414)		(99,648,567)
Class S2
6/30/2021		128,336		—		22,667		(446,680)		(295,677)		1,658,232		—		291,405		(5,731,234)		(3,781,597)
12/31/2020		601,174		—		88,025		(726,972)		(37,773)		7,914,116		—		1,162,517		(9,573,854)		(497,221)
Small Company
Class ADV
6/30/2021		65,484		—		1,793		(38,720)		28,557		1,268,545		—		34,073		(761,090)		541,528
12/31/2020		51,983		—		10,173		(121,718)		(59,562)		701,057		—		115,866		(1,719,028)		(902,105)
Class I
6/30/2021		415,432		—		96,552		(1,536,127)		(1,024,143)		8,542,868		—		1,965,799		(31,600,319)		(21,091,652)
12/31/2020		1,920,657		—		608,513		(8,972,526)		(6,443,356)		24,446,642		—		7,399,513		(126,402,402)		(94,556,247)
Class R6
6/30/2021		251,525		—		4,037		(142,344)		113,218		5,284,837		—		82,239		(2,789,229)		2,577,847
12/31/2020		414,831		—		9,295		(139,912)		284,214		7,085,914		—		113,123		(2,086,431)		5,112,606
Class S
6/30/2021		93,258		—		17,382		(330,098)		(219,458)		1,888,041		—		342,592		(6,599,700)		(4,369,067)
12/31/2020		226,261		—		128,879		(1,098,470)		(743,330)		3,236,538		—		1,519,485		(15,645,213)		(10,889,190)

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2021 (Unaudited) (continued)

NOTE 11 — SECURITIES LENDING (continued)

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

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

The following tables represent a summary of each respective Portfolio’s securities lending agreements by counterparty which are subject to offset under the Agreement as of June 30, 2021:

Balanced

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Bank PLC		$	11,648		$	(11,648)		$	—
Barclays Capital Inc.			7,293			(7,293)			—
BMO Capital Markets Corp			134,528			(134,528)			—
BNP Paribas			197,877			(197,877)			—
BNP Paribas Prime Brokerage International Ltd.			47,019			(47,019)			—
BNP Paribas Securities Corp.			28,312			(28,312)			—
BofA Securities Inc.			75,862			(75,862)			—
Citadel Clearing LLC			35,981			(35,981)			—
Citigroup Global Markets Inc.			81,030			(81,030)			—
Citigroup Global Markets Limited			15,051			(15,051)			—
Deutsche Bank Securities Inc.			3,266,082			(3,266,082)			—
HSBC Bank PLC			48,088			(48,088)			—
Industrial And Commercial Bank Of China			14,334			(14,334)			—
J.P. Morgan Securities LLC			1,291,558			(1,291,558)			—
Jefferies LLC			1,839,122			(1,839,122)			—
JP Morgan Securities, PLC			162,096			(162,096)			—
Merrill Lynch International			76,684			(76,684)			—
Morgan Stanley & Co. LLC			206,958			(206,958)			—
MUFG Securities Americas Inc.			21,585			(21,585)			—
National Bank of Canada Financial Inc.			112,663			(112,663)			—
Natixis Securities America LLC			111,256			(111,256)			—
Nomura Securities International, Inc.			189,858			(189,858)			—
Societe Generale			2,431,768			(2,431,768)			—
SunTrust Robinson Humphrey, Inc.			46,073			(46,073)			—
TD Prime Services LLC			1,041,662			(1,041,662)			—
UBS AG			196,266			(196,266)			—
Wells Fargo Securities LLC			3,781,358			(3,781,358)			—
Total		$	15,472,012		$	(15,472,012)		$	—

(1)

Cash collateral with a fair value of $15,838,444 has been received

in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

Global High Dividend Low Volatiliy

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.		$	165,605		$	(165,605)		$	—
BofA Securities Inc.			1,434,988			(1,434,988)			—
Goldman Sachs & Co. LLC			609,955			(609,955)			—
HSBC Bank PLC			1,283,699			(1,283,699)			—
JP Morgan Securities, PLC			1,387,454			(1,387,454)			—
Merrill Lynch International			1,020,518			(1,020,518)			—
State Street Bank and Trust Company			701,577			(701,577)			—
UBS AG			1,678,788			(1,678,788)			—
Total		$	8,282,584		$	(8,282,584)		$	—

(1)

Cash collateral with a fair value of $8,938,917 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

Growth and Income

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
State Street Bank and Trust Company		$	26,286,780		$	(26,286,780)		$	—
Total		$	26,286,780		$	(26,286,780)		$	—

(1)

Cash collateral with a fair value of $26,852,447 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

Intermediate Bond

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BNP Paribas		$	2,601,821		$	(2,601,821)		$	—
Citigroup Global Markets Inc.			160,539			(160,539)
Deutsche Bank Securities Inc.			2,260,372			(2,260,372)			—
Goldman Sachs & Co. LLC			515,824			(515,824)			—
J.P. Morgan Securities LLC			437,047			(437,047)			—
Mirae Asset Securities (USA) Inc.			139,515			(139,515)			—
MUFG Securities Americas Inc.			2,230,960			(2,230,960)			—
Morgan Stanley & Co. LLC			220,381			(220,381)			—
National Bank Financial Inc.			24,509			(24,509)			—
Societe Generale			3,398,248			(3,398,248)			—
SunTrust Robinson Humphrey, Inc.			55,392			(55,392)			—
Total		$	12,044,608		$	(12,044,608)		$	—

(1)

Cash collateral with a fair value of $12,313,700 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2021 (Unaudited) (continued)

NOTE 11 — SECURITIES LENDING (continued)

Small Company

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.		$	375,128		$	(375,128)		$	—
BNP Paribas Securities Corp.			11,956			(11,956)			—
BNP Paribas Prime Brokerage International Ltd.			53,161			(53,161)			—
BofA Securities Inc.			965,662			(965,662)			—
Goldman Sachs & Co. LLC			226,985			(226,985)			—
HSBC Bank PLC			685,855			(685,855)			—
Morgan Stanley & Co. LLC			1,470,868			(1,470,868)			—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
National Bank of Canada Financial Inc.		$	135,720		$	(135,720)		$	—
SG Americas Securities, LLC			591			(591)			—
TD Prime Services LLC			9,005			(9,005)			—
Total		$	3,934,931		$	(3,934,931)		$	—

(1)

Cash collateral with a fair value of $4,028,718 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

NOTE 12 — FEDERAL INCOME TAXES

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

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

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

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

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

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

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

As of June 30, 2021, 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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2021 (Unaudited) (continued)

NOTE 12 — FEDERAL INCOME TAXES (continued)

tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

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

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

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

NOTE 14 — LIQUIDITY

Consistent with Rule 22e-4 under the 1940 Act, the Portfolios have established a liquidity risk management program to govern their approach to managing liquidity risk (the “Program”). The Board has approved the designation of the Portfolios’ Investment Adviser, Voya Investments, as the program administrator (the “Program Administrator”). The Program Administrator is responsible for implementing

and monitoring the Program and has formed a Liquidity Risk Management Committee (the “Committee”) to assess and review, on an ongoing basis, each Portfolio’s liquidity risk.

The Program includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of liquidity risk factors and the periodic classification (or re-classification, as necessary) of a Portfolio’s investments into buckets (highly liquid, moderately liquid, less liquid and illiquid) that reflect the Committee’s assessment of the investments’ liquidity under current market conditions. The Committee also utilizes Portfolio-specific data, including information regarding a Portfolio’s shareholder base, characteristics of its investments, access to borrowing arrangements and historical redemptions to determine whether a Portfolio will be able to meet its redemption obligations in a timely manner.

During the period covered by the annual assessment, January 1, 2020 through December 31, 2020, the Program supported the Portfolios’ ability to honor redemption requests in a timely manner and the Program Administrator’s management of each Portfolio’s liquidity risk, including during any periods of market volatility and net redemptions.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to each Portfolio’s prospectus for more information regarding each Portfolio’s exposure to liquidity risk and other risks.

NOTE 15 — MARKET DISRUPTION

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2021 (Unaudited) (continued)

NOTE 15 — MARKET DISRUPTION (continued)

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

NOTE 16 — OTHER ACCOUNTING PRONOUNCEMENTS

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

NOTE 17 — SUBSEQUENT EVENTS

Dividends: Subsequent to June 30, 2021, the following Portfolios declared dividends and distributions of:

Type

Per
Share
Amount

Payable
Date

Record
Date

Global High Dividend Low Volatility

Class ADV

NII

0.0602

July 2, 2021

June 30, 2021

Class I

NII

0.0749

July 2, 2021

June 30, 2021

Class S

NII

0.0675

July 2, 2021

June 30, 2021

Class S2

NII

0.0635

July 2, 2021

June 30, 2021

Class T

NII

0.0576

July 2, 2021

June 30, 2021

Government Money Market

All Classes

STCG

0.0000*

August 2, 2021

July 29, 2021

Intermediate Bond

Class ADV

NII

0.0324

August 2, 2021

Daily

Class I

NII

0.0383

August 2, 2021

Daily

Class S

NII

0.0353

August 2, 2021

Daily

Class S2

NII

0.0335

August 2, 2021

Daily

NII – Net investment income

STCG – Short-term capital gain

Amount rounds to $0.0000.

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

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 40.6%
	Communication Services: 3.6%
1,562 (1)	Adevinta ASA		$	29,964		0.0
1,640 (1)	Alphabet, Inc. - Class A			4,004,536		1.0
10,980 (1)	Altice USA, Inc.			374,857		0.1
35	Cable One, Inc.			66,948		0.0
1,031 (1)	Charter Communications, Inc.			743,815		0.2
12,848	Comcast Corp. - Class A			732,593		0.2
15,362	Deutsche Telekom AG			324,906		0.1
3,723	Electronic Arts, Inc.			535,479		0.2
8,136 (1)	Facebook, Inc. - Class A			2,828,969		0.7
3,078	Fox Corp. - Class A			114,286		0.0
332 (2)	Iliad SA			48,644		0.0
9,431 (1)	Iridium Communications, Inc.			377,146		0.1
1,000	Konami Holdings Corp.			59,890		0.0
1,447 (1)	Liberty Media Corp. - Liberty SiriusXM C Tracking Stock			67,126		0.0
321 (1)	Liberty Broadband Corp. - Series C			55,745		0.0
11,413 (1)	Liberty Global PLC - Class A			309,977		0.1
1,692 (1)	NetFlix, Inc.			893,731		0.2
1,665	New York Times Co.			72,511		0.0
10,213	News Corp - Class A			263,189		0.1
395	Nexstar Media Group, Inc.			58,413		0.0
300	Nintendo Co., Ltd.			173,602		0.1
181 (1)	Pinterest, Inc.			14,290		0.0
615 (1)	Playtika Holding Corp.			14,662		0.0
1,426	Publicis Groupe			91,257		0.0
296 (1)	Roku, Inc.			135,938		0.1
167 (1)	Sea Ltd. ADR			45,858		0.0
900	SoftBank Group Corp.			62,768		0.0
41,896	Spark New Zealand Ltd.			140,631		0.1
4,141 (2)	Tele2 AB			56,458		0.0
17,842	Telstra Corp., Ltd.			50,321		0.0
910	Verizon Communications, Inc.			50,987		0.0
5,377	ViacomCBS, Inc. - Class B			243,040		0.1
2,643 (2)	Vivendi SE			88,802		0.0
146,319	Vodafone Group PLC			245,235		0.1
1,461 (1)	Walt Disney Co.			256,800		0.1
6,781	WPP PLC			91,664		0.0
3,396 (1)	Yelp, Inc.			135,704		0.0
				13,860,742		3.6

	Consumer Discretionary: 5.2%
178	Adidas AG			66,422		0.0
912 (1)	Adient plc			41,222		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
1,105 (1)	Adtalem Global Education, Inc.		$	39,382		0.0
1,383 (1)	Amazon.com, Inc.			4,757,741		1.2
1,279 (2)	American Eagle Outfitters, Inc.			48,001		0.0
2,032	Aristocrat Leisure Ltd.			65,598		0.0
3,410 (1)	Autonation, Inc.			323,302		0.1
5,826	Barratt Developments PLC			56,097		0.0
1,583	Bayerische Motoren Werke AG			167,822		0.1
3,172	BorgWarner, Inc.			153,969		0.0
4,720 (1)	Boyd Gaming Corp.			290,233		0.1
587	Brunswick Corp.			58,477		0.0
1,755 (1)	Carmax, Inc.			226,658		0.1
391	Carter’s, Inc.			40,339		0.0
516 (1)	Carvana Co.			155,739		0.0
1,145	Cie Generale des Etablissements Michelin SCA			182,736		0.1
1,529 (1)	CROCS, Inc.			178,159		0.1
2,281	Daimler AG			203,827		0.1
7,162	Dana, Inc.			170,169		0.1
1,557 (1)	Deckers Outdoor Corp.			597,997		0.2
2,030	Dick’s Sporting Goods, Inc.			203,386		0.1
1,612	Electrolux AB			44,672		0.0
557 (3)	Evolution AB			88,107		0.0
89 (1)	Five Below, Inc.			17,201		0.0
1,378	Foot Locker, Inc.			84,926		0.0
1,139 (1)	Fox Factory Holding Corp.			177,297		0.1
490	Garmin Ltd.			70,874		0.0
10,911	Gentex Corp.			361,045		0.1
131,800	Genting Singapore Ltd.			82,094		0.0
2,351 (1)	Goodyear Tire & Rubber Co.			40,320		0.0
2,624	H&R Block, Inc.			61,612		0.0
209 (1)	HelloFresh SE			20,317		0.0
600	Hikari Tsushin, Inc.			105,448		0.0
696 (1)	Hilton Worldwide Holdings, Inc.			83,952		0.0
1,755	Home Depot, Inc.			559,652		0.2
5,200	Honda Motor Co., Ltd.			167,249		0.1
6,347	Husqvarna AB - B Shares			84,353		0.0
800	Iida Group Holdings Co. Ltd.			20,578		0.0
9,208	JD Sports Fashion PLC			117,178		0.0
2,032	KB Home			82,743		0.0
97	Kering SA			84,993		0.0
3,237	Kingfisher PLC			16,337		0.0
2,039	Kohl’s Corp.			112,369		0.0
286	Lear Corp.			50,130		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
4,559	Lennar Corp. - Class A		$	452,937		0.1
898	Lithia Motors, Inc.			308,589		0.1
8,544 (1)	LKQ Corp.			420,536		0.1
581	Lowe’s Cos, Inc.			112,697		0.0
480	LVMH Moet Hennessy Louis Vuitton SE			377,594		0.1
221 (1)	Marriott Vacations Worldwide Corp.			35,205		0.0
661 (1)	Mattel, Inc.			13,286		0.0
3,746	McDonald’s Corp.			865,289		0.2
800 (1)	Mercari, Inc.			42,291		0.0
1,523	Nike, Inc. - Class B			235,288		0.1
4,800 (1)	Nissan Motor Co., Ltd.			23,912		0.0
700	Nitori Co., Ltd.			123,618		0.1
37 (1)	NVR, Inc.			184,012		0.1
305 (1)	Ollie’s Bargain Outlet Holdings, Inc.			25,660		0.0
553 (1)	O’Reilly Automotive, Inc.			313,114		0.1
2,600	Panasonic Corp.			29,938		0.0
450	Pandora A/S			60,711		0.0
198 (1)	Penn National Gaming, Inc.			15,145		0.0
1,798	Persimmon PLC			73,653		0.0
99	Polaris, Inc.			13,559		0.0
758	Prosus NV			74,259		0.0
2,341	Pulte Group, Inc.			127,748		0.0
5,300	Rakuten Group, Inc.			59,843		0.0
160 (1)	RH			108,640		0.0
1,889 (1)	Scientific Games Corp.			146,284		0.0
206	SEB SA			37,266		0.0
6,700	Sekisui House Ltd.			137,583		0.1
2,968	Service Corp. International			159,055		0.0
3,000	Sony Group Corp.			290,902		0.1
2,100	Stanley Electric Co., Ltd.			60,672		0.0
2,387	Starbucks Corp.			266,890		0.1
744	Stellantis NV			14,637		0.0
7,200	Sumitomo Electric Industries Ltd.			106,343		0.0
5,925	TABCORP Holdings Ltd.			22,989		0.0
1,837	Target Corp.			444,076		0.1
4,816 (1)	Taylor Morrison Home Corp.			127,239		0.0
1,310	Tempur Sealy International, Inc.			51,339		0.0
2,086 (1)	Tesla, Inc.			1,417,854		0.4
604	Thor Industries, Inc.			68,252		0.0
479	Toll Brothers, Inc.			27,691		0.0
167 (1)	TopBuild Corp.			33,029		0.0
1,300	Toyota Motor Corp.			113,638		0.0
1,461	Travel + Leisure Co.			86,856		0.0
13,529 (1)	Tri Pointe Homes, Inc.			289,926		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
532 (1)	Ulta Beauty, Inc.		$	183,950		0.1
3,069	Wendy’s Company			71,876		0.0
6,968	Wesfarmers Ltd.			308,913		0.1
697 (2)	Williams-Sonoma, Inc.			111,276		0.0
377	Wingstop, Inc.			59,427		0.0
30,300	Yamada Holdings Co. Ltd.			140,111		0.1
2,301 (1)	YETI Holdings, Inc.			211,278		0.1
3,967	Yum! Brands, Inc.			456,324		0.1
				20,103,923		5.2

	Consumer Staples: 2.5%
2,200	Ajinomoto Co., Inc.			57,155		0.0
4,823 (2)	Albertsons Cos, Inc.			94,820		0.0
13,853	Altria Group, Inc.			660,511		0.2
1,221 (1)	BJ’s Wholesale Club Holdings, Inc.			58,095		0.0
23 (1)	Boston Beer Co., Inc.			23,478		0.0
8,384	British American Tobacco PLC			325,513		0.1
3,784	Coca-Cola Co.			204,752		0.1
2,525	Coca-Cola HBC AG			91,396		0.0
2,145	Costco Wholesale Corp.			848,712		0.2
1,593 (1)	Darling Ingredients, Inc.			107,528		0.0
327	Diageo PLC			15,673		0.0
2,380	Energizer Holdings, Inc.			102,292		0.0
1,866	Estee Lauder Cos., Inc.			593,537		0.2
2,596	Flowers Foods, Inc.			62,823		0.0
3,081 (1)	Herbalife Nutrition Ltd.			162,461		0.0
272	Hershey Co.			47,377		0.0
7,776	Imperial Brands PLC			167,672		0.1
493	Ingredion, Inc.			44,617		0.0
10,129	J Sainsbury Plc			38,124		0.0
6,100 (2)	Japan Tobacco, Inc.			115,280		0.0
7,792	Koninklijke Ahold Delhaize NV			232,042		0.1
2,600	Lawson, Inc.			120,423		0.0
631	L’Oreal S.A.			281,800		0.1
8,902	Mondelez International, Inc.			555,841		0.2
3,956 (1)	Monster Beverage Corp.			361,381		0.1
3,980	Nestle SA			496,095		0.1
1,114	Nu Skin Enterprises, Inc.			63,108		0.0
9,632	Orkla ASA			98,161		0.0
8,407	PepsiCo, Inc.			1,245,665		0.3
671	Pernod Ricard SA			149,138		0.0
9,607	Philip Morris International, Inc.			952,150		0.3
4,000 (2)	Pola Orbis Holdings, Inc.			105,472		0.0
922 (1)	Post Holdings, Inc.			100,009		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Staples (continued)
2,071	Procter & Gamble Co.		$	279,440		0.1
2,521	Reckitt Benckiser Group PLC			222,730		0.1
202	Sanderson Farms, Inc.			37,970		0.0
1,462 (1)	Sprouts Farmers Market, Inc.			36,331		0.0
23,030	Swedish Match AB			196,403		0.1
1,000	Toyo Suisan Kaisha Ltd.			38,542		0.0
3,145	Treasury Wine Estates Ltd.			27,539		0.0
530	Tyson Foods, Inc.			39,093		0.0
4,432	Unilever PLC			259,425		0.1
600	Welcia Holdings Co. Ltd.			19,619		0.0
128,500 (3)	WH Group Ltd.			115,342		0.0
				9,855,535		2.5

	Energy: 1.2%
7,323	APA Corp.			158,396		0.1
32,420	BP PLC			142,174		0.1
2,026 (1)	ChampionX Corp.			51,967		0.0
598	Chevron Corp.			62,635		0.0
1,255	Cimarex Energy Co.			90,925		0.0
8,615	ConocoPhillips			524,654		0.1
50,200	ENEOS Holdings, Inc.			210,378		0.1
4,602	ENI S.p.A.			56,105		0.0
1,089	EOG Resources, Inc.			90,866		0.0
770 (1)	EQT Corp.			17,140		0.0
15,531	Equitrans Midstream Corp.			132,169		0.0
7,168	Exxon Mobil Corp.			452,157		0.1
2,804	Galp Energia SGPS SA			30,487		0.0
18,012	Halliburton Co.			416,437		0.1
7,321	Marathon Petroleum Corp.			442,335		0.1
3,013	Phillips 66			258,576		0.1
1,692	Pioneer Natural Resources Co.			274,984		0.1
8,859 (2)	Repsol SA			111,292		0.0
11,773	Royal Dutch Shell PLC - Class A			236,023		0.1
6,345	Santos Ltd.			33,702		0.0
9,533	Targa Resources Corp.			423,742		0.1
6,131	Tenaris S.A.			67,075		0.0
561 (1)	Thungela Resources Ltd.			1,544		0.0
767 (2)	TotalEnergies SE			34,747		0.0
6,207	World Fuel Services Corp.			196,948		0.1
				4,517,458		1.2

	Financials: 5.3%
9,495	3i Group PLC			154,093		0.0
13,800	AIA Group Ltd.			171,197		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
19 (1)	Alleghany Corp.		$	12,674		0.0
1,907	Allstate Corp.			248,749		0.1
6,209	Ally Financial, Inc.			309,457		0.1
1,946	Ameriprise Financial, Inc.			484,320		0.1
20,357	Annaly Capital Management, Inc.			180,770		0.1
848	Aon PLC			202,468		0.1
580	ASX Ltd.			33,812		0.0
1,084	Australia & New Zealand Banking Group Ltd.			22,881		0.0
2,229	AXA S.A.			56,599		0.0
8,102 (1)	Bank Leumi Le-Israel BM			61,565		0.0
5,466	Bank of America Corp.			225,363		0.1
2,607	Bank OZK			109,911		0.0
85,726	Barclays PLC			203,434		0.1
7,873 (1)	Berkshire Hathaway, Inc. - Class B			2,188,064		0.6
1,028	Blackrock, Inc.			899,469		0.2
4,318	BNP Paribas			270,996		0.1
23,000	BOC Hong Kong Holdings Ltd.			77,954		0.0
231	Brown & Brown, Inc.			12,275		0.0
878	Capital One Financial Corp.			135,818		0.1
9,294	Citigroup, Inc.			657,551		0.2
1,396	Citizens Financial Group, Inc.			64,035		0.0
16,073	CNO Financial Group, Inc.			379,644		0.1
6,288	CNP Assurances			107,169		0.0
8,553 (1)	Commerzbank AG			60,741		0.0
628	Commonwealth Bank of Australia			47,026		0.0
2,987 (1)	Deutsche Bank AG			38,943		0.0
690	Deutsche Boerse AG			120,437		0.0
36,093	Direct Line Insurance Group PLC			142,358		0.0
401	East West Bancorp, Inc.			28,748		0.0
1,671	Essent Group Ltd.			75,111		0.0
632	Evercore, Inc.			88,967		0.0
121	Factset Research Systems, Inc.			40,609		0.0
1,540	Fifth Third Bancorp			58,874		0.0
6,302	First American Financial Corp.			392,930		0.1
172	Globe Life, Inc.			16,383		0.0
2,795	Hancock Whitney Corp.			124,210		0.0
421	Hannover Rueck SE			70,479		0.0
3,016	Hanover Insurance Group, Inc.			409,090		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
2,700	Hong Kong Exchanges and Clearing Ltd.		$	160,730		0.1
28,319	HSBC Holdings PLC			163,443		0.1
10,796	ING Groep NV			143,310		0.0
1,586	International Bancshares Corp.			68,103		0.0
66,538	Intesa Sanpaolo SpA			184,066		0.1
2,537	Janus Henderson Group PLC			98,461		0.0
866	Jefferies Financial Group, Inc.			29,617		0.0
13,018	JPMorgan Chase & Co.			2,024,820		0.5
2,221	Keycorp			45,864		0.0
3,966	Kinnevik AB			158,814		0.0
481	London Stock Exchange Group PLC			53,155		0.0
1,510	LPL Financial Holdings, Inc.			203,820		0.1
12,508	M&G PLC			39,624		0.0
2,406	Magellan Financial Group Ltd.			97,173		0.0
12,418	Medibank Pvt Ltd.			29,441		0.0
7,354	MGIC Investment Corp.			100,014		0.0
48,400	Mitsubishi UFJ Financial Group, Inc.			260,695		0.1
563	MSCI, Inc. - Class A			300,124		0.1
680	Muenchener Rueckversicherungs-Gesellschaft AG			186,361		0.1
20,927	Natwest Group PLC			58,894		0.0
3,888	Navient Corp.			75,155		0.0
1,265	New Residential Investment Corp.			13,396		0.0
8,497	New York Community Bancorp., Inc.			93,637		0.0
22,700	Nomura Holdings, Inc.			115,531		0.0
13,622	Nordea Bank Abp			151,693		0.0
18,960	Old Republic International Corp.			472,294		0.1
7,600	Oversea-Chinese Banking Corp., Ltd.			67,729		0.0
1,494	PacWest Bancorp			61,493		0.0
322	Popular, Inc.			24,166		0.0
10,470 (3)	Poste Italiane SpA			138,576		0.0
698	Primerica, Inc.			106,892		0.0
1,012	PROG Holdings, Inc.			48,708		0.0
227	Prosperity Bancshares, Inc.			16,299		0.0
25,326	Regions Financial Corp.			511,079		0.1
219	Reinsurance Group of America, Inc.			24,966		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
382	RLI Corp.		$	39,953		0.0
2,045	S&P Global, Inc.			839,370		0.2
1,576	SEI Investments Co.			97,665		0.0
590	Selective Insurance Group			47,879		0.0
259	Signature Bank			63,623		0.0
22,051	Standard Chartered PLC			140,725		0.0
5,384	Stifel Financial Corp.			349,206		0.1
7,400	Sumitomo Mitsui Financial Group, Inc.			255,093		0.1
6,100	Sumitomo Mitsui Trust Holdings, Inc.			194,591		0.1
160	Swiss Life Holding AG			77,833		0.0
11,400	Synchrony Financial			553,128		0.2
3,108	Synovus Financial Corp.			136,379		0.1
11,300	T&D Holdings, Inc.			146,639		0.0
2,000	Tokio Marine Holdings, Inc.			92,121		0.0
1,878	Tradeweb Markets, Inc.			158,804		0.1
13,764	UBS Group AG			210,826		0.1
1,114	UMB Financial Corp.			103,669		0.0
7,169	Umpqua Holdings Corp.			132,268		0.1
14,453	UniCredit SpA			170,873		0.1
4,359	Unum Group			123,796		0.0
1,899	US Bancorp			108,186		0.0
937	Washington Federal, Inc.			29,778		0.0
1,570	Webster Financial Corp.			83,744		0.0
22,715	Wells Fargo & Co.			1,028,762		0.3
296	Wintrust Financial Corp.			22,386		0.0
947	Zions Bancorp NA			50,058		0.0
458	Zurich Insurance Group AG			183,963		0.1
				20,754,635		5.3

	Health Care: 5.2%
63 (1)	10X Genomics, Inc.			12,337		0.0
4,458	Abbott Laboratories			516,816		0.1
1,061	AbbVie, Inc.			119,511		0.0
4,516	Agilent Technologies, Inc.			667,510		0.2
1,332 (1)	Alexion Pharmaceuticals, Inc.			244,702		0.1
527 (1)	Align Technology, Inc.			321,997		0.1
397 (1)	Amedisys, Inc.			97,237		0.0
2,019	Anthem, Inc.			770,854		0.2
204 (1)	Arrowhead Pharmaceuticals, Inc.			16,895		0.0
1,401	AstraZeneca PLC			168,322		0.1
2,351	Bayer AG			142,929		0.0
746	Becton Dickinson & Co.			181,420		0.1
352	Bio-Techne Corp.			158,491		0.1
12,657	Bristol-Myers Squibb Co.			845,741		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
1,164 (1)	Centene Corp.		$	84,891		0.0
257 (1)	Charles River Laboratories International, Inc.			95,069		0.0
273	Chemed Corp.			129,538		0.1
2,087	Cigna Corp.			494,765		0.1
153	Cochlear Ltd.			28,866		0.0
1,103	CSL Ltd.			235,897		0.1
1,781	CVS Health Corp.			148,607		0.1
800	Daiichi Sankyo Co., Ltd.			17,258		0.0
138 (1)	DexCom, Inc.			58,926		0.0
167	DiaSorin SpA			31,599		0.0
4,282 (1)	Edwards Lifesciences Corp.			443,487		0.1
1,000	Eisai Co., Ltd.			98,277		0.0
561	Eli Lilly & Co.			128,761		0.1
812 (1)	Emergent Biosolutions, Inc.			51,148		0.0
765 (1)	Envista Holdings Corp.			33,056		0.0
4,483 (1)	Exelixis, Inc.			81,680		0.0
1,235	Fisher & Paykel Healthcare Corp. Ltd.			26,867		0.0
544	Fresenius SE & Co. KGaA			28,391		0.0
12,476	GlaxoSmithKline PLC			245,267		0.1
578 (1)	Globus Medical, Inc.			44,812		0.0
1,692 (1)	Halozyme Therapeutics, Inc.			76,834		0.0
377 (1)	HealthEquity, Inc.			30,341		0.0
3,946	Hikma Pharmaceuticals PLC			133,540		0.0
557	Hill-Rom Holdings, Inc.			63,270		0.0
1,600	Hoya Corp.			211,633		0.1
1,002	Humana, Inc.			443,605		0.1
5,225 (1)	Incyte Corp., Ltd.			439,579		0.1
1,156	Ipsen SA			120,290		0.0
1,735 (1)	Jazz Pharmaceuticals PLC			308,205		0.1
8,990	Johnson & Johnson			1,481,013		0.4
4,158	Koninklijke Philips NV			206,378		0.1
515 (1)	LHC Group, Inc.			103,134		0.0
103 (1)	Ligand Pharmaceuticals, Inc.			13,513		0.0
455 (1)	Masimo Corp.			110,315		0.0
1,291	McKesson Corp.			246,891		0.1
3,400	Medipal Holdings Corp.			65,003		0.0
489 (1)	Medpace Holdings, Inc.			86,372		0.0
9,237	Medtronic PLC			1,146,589		0.3
15,486	Merck & Co., Inc.			1,204,346		0.3
414	Merck KGaA			79,437		0.0
11 (1)	Mettler Toledo International, Inc.			15,239		0.0
861 (1)	Molina Healthcare, Inc.			217,885		0.1
172 (1)	Natera, Inc.			19,527		0.0
307 (1)	Neurocrine Biosciences, Inc.			29,877		0.0
500	Nippon Shinyaku Co., Ltd.			39,779		0.0
2,403	Novartis AG			219,218		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
612	Novo Nordisk A/S		$	51,230		0.0
837 (1)	NuVasive, Inc.			56,732		0.0
3,000	Olympus Corp.			59,673		0.0
5,000 (2)	Otsuka Holdings Co. Ltd.			207,610		0.1
2,412	Patterson Cos., Inc.			73,301		0.0
128 (1)	Penumbra, Inc.			35,080		0.0
497 (1)	PRA Health Sciences, Inc.			82,109		0.0
883 (1)	Progyny, Inc.			52,097		0.0
1,365 (1)	Quidel Corp.			174,884		0.1
732 (1)	Regeneron Pharmaceuticals, Inc.			408,851		0.1
63 (1)	Repligen Corp.			12,576		0.0
1,398	Roche Holding AG			526,820		0.1
3,325	Sanofi			349,332		0.1
2,100	Santen Pharmaceutical Co., Ltd.			28,983		0.0
63	Sartorius Stedim Biotech			29,817		0.0
591	Sonova Holding AG - Reg			222,603		0.1
459 (1)	Staar Surgical Co.			69,997		0.0
81	STERIS Public Ltd. Co.			16,710		0.0
40	Straumann Holding AG			63,802		0.0
161 (1)	Tandem Diabetes Care, Inc.			15,681		0.0
665 (1)	Tenet Healthcare Corp.			44,548		0.0
1,967	Thermo Fisher Scientific, Inc.			992,292		0.3
1,597	UCB S.A.			167,256		0.0
435 (1)	United Therapeutics Corp.			78,043		0.0
3,913	UnitedHealth Group, Inc.			1,566,922		0.4
184 (1)	Veeva Systems, Inc.			57,215		0.0
2,199 (1)	Vertex Pharmaceuticals, Inc.			443,384		0.1
2,013	Zoetis, Inc.			375,143		0.1
				20,146,428		5.2

	Industrials: 4.5%
970	ACS Actividades de Construccion y Servicios SA			26,004		0.0
2,268	Acuity Brands, Inc.			424,184		0.1
323	Adecco Group AG			21,978		0.0
108	Advanced Drainage Systems, Inc.			12,590		0.0
1,579	AGCO Corp.			205,870		0.1
2,300	Allegion Public Ltd.			320,390		0.1
7,130	Allison Transmission Holdings, Inc.			283,346		0.1
3,861	Ametek, Inc.			515,444		0.1
1,325	AO Smith Corp.			95,480		0.0
35	AP Moller - Maersk A/S - Class B			100,762		0.0
1,759 (1)	ASGN, Inc.			170,500		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
1,501	Ashtead Group PLC		$	111,567		0.0
1,192	Assa Abloy AB			35,936		0.0
2,483	Atlas Copco AB - A Shares			152,477		0.1
55,312	Aurizon Holdings Ltd.			154,063		0.1
199 (1)	Avis Budget Group, Inc.			15,500		0.0
301 (1)	Axon Enterprise, Inc.			53,217		0.0
4,840	BAE Systems PLC			34,974		0.0
17,274	Brambles Ltd.			148,245		0.1
288	Brink’s Co.			22,130		0.0
781 (1)	Builders FirstSource, Inc.			33,317		0.0
360 (1)	CACI International, Inc.			91,843		0.0
1,364	Carlisle Cos., Inc.			261,042		0.1
3,250	Cie de Saint-Gobain			214,486		0.1
11,000	CK Hutchison Holdings Ltd.			85,633		0.0
435 (1)	Clarivate PLC			11,976		0.0
1,922 (1)	Clean Harbors, Inc.			179,015		0.1
7,237	CNH Industrial NV			120,045		0.0
324 (1)	Colfax Corp.			14,842		0.0
5,736 (1)	Copart, Inc.			756,177		0.2
4,294 (1)(2)	CoStar Group, Inc.			355,629		0.1
2,902	Crane Co.			268,058		0.1
415	Curtiss-Wright Corp.			49,285		0.0
6,700	Dai Nippon Printing Co., Ltd.			141,782		0.0
2,589	Deere & Co.			913,166		0.2
4,646	Deutsche Post AG			316,414		0.1
543 (1)	Dycom Industries, Inc.			40,470		0.0
1,313	Eaton Corp. PLC			194,560		0.1
139	Eiffage SA			14,158		0.0
2,059	EMCOR Group, Inc.			253,648		0.1
2,537	Emerson Electric Co.			244,161		0.1
1,860	EnerSys			181,778		0.1
3,770	Epiroc AB			85,901		0.0
300	Fanuc Ltd.			71,939		0.0
2,266	FedEx Corp.			676,016		0.2
969	Ferguson PLC			134,814		0.0
6,838	Fortive Corp.			476,882		0.1
2,292	Fortune Brands Home & Security, Inc.			228,306		0.1
1,127	GEA Group AG			45,666		0.0
66	Geberit AG - Reg			49,577		0.0
407 (1)	Generac Holdings, Inc.			168,966		0.1
243	Graco, Inc.			18,395		0.0
397	Heico Corp. - HEI			55,350		0.0
1,189	Herman Miller, Inc.			56,049		0.0
400	Hitachi Ltd.			22,923		0.0
837	Hubbell, Inc.			156,385		0.0
1,398 (1)	IAA, Inc.			76,247		0.0
335	Intertek Group PLC			25,639		0.0
1,400	Itochu Corp.			40,397		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
3,148	ITT, Inc.		$	288,325		0.1
2,600 (1)	Japan Airlines Co. Ltd.			56,299		0.0
4,814	Johnson Controls International plc			330,385		0.1
5,491	KBR, Inc.			209,482		0.1
5,445	Knight-Swift Transportation Holdings, Inc.			247,530		0.1
1,940	Legrand S.A.			205,607		0.1
34	Lennox International, Inc.			11,927		0.0
4,900	Lixil Corp.			126,799		0.0
691	Manpowergroup, Inc.			82,167		0.0
2,639	Masco Corp.			155,464		0.0
639 (1)	Mastec, Inc.			67,798		0.0
240 (1)	Middleby Corp.			41,582		0.0
2,200	Mitsubishi Corp.			60,096		0.0
400 (2)	Nabtesco Corp.			15,091		0.0
56	Nordson Corp.			12,293		0.0
3,214	nVent Electric PLC			100,405		0.0
558	Old Dominion Freight Line			141,620		0.0
720	Oshkosh Corp.			89,741		0.0
3,334	Owens Corning, Inc.			326,399		0.1
331	Parker Hannifin Corp.			101,653		0.0
1,149	Pentair PLC			77,546		0.0
9,534 (1)	Qantas Airways Ltd.			33,283		0.0
2,337	Regal Beloit Corp.			312,013		0.1
1,304	Rockwell Automation, Inc.			372,970		0.1
1,100	Roper Technologies, Inc.			517,220		0.1
4,952	Ryder System, Inc.			368,082		0.1
7,255	Sandvik AB			185,508		0.1
2,042	Schneider Electric SE			321,909		0.1
1,900	Secom Co., Ltd.			144,819		0.0
1,916	Siemens AG			304,219		0.1
663	Simpson Manufacturing Co., Inc.			73,222		0.0
26,300 (1)	Singapore Airlines Ltd.			94,841		0.0
11,000	Singapore Technologies Engineering Ltd.			31,740		0.0
4,238	SKF AB - B Shares			108,019		0.0
300	SMC Corp.			177,478		0.1
1,900	Sohgo Security Services Co., Ltd.			86,565		0.0
3,500	Sumitomo Corp.			46,930		0.0
474 (1)	Sunrun, Inc.			26,440		0.0
2,500	Techtronic Industries Co., Ltd.			43,567		0.0
52	Teleperformance			21,117		0.0
3,563	Terex Corp.			169,670		0.1
145	Tetra Tech, Inc.			17,696		0.0
1,885	Timken Co.			151,912		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
127	Toro Co.		$	13,955		0.0
130 (1)	Trex Co., Inc.			13,287		0.0
2,241	Union Pacific Corp.			492,863		0.1
211 (1)	United Rentals, Inc.			67,311		0.0
761 (1)	Univar Solutions, Inc.			18,553		0.0
901	Verisk Analytics, Inc.			157,423		0.0
6,626 (2)	Volvo AB - B Shares			159,683		0.1
633	Wolters Kluwer NV			63,625		0.0
740	Woodward, Inc.			90,931		0.0
469 (1)	XPO Logistics, Inc.			65,608		0.0
				17,536,262		4.5

	Information Technology: 8.7%
2,069	Accenture PLC			609,921		0.2
1,369 (1)	Adobe, Inc.			801,741		0.2
2,595 (1)	Akamai Technologies, Inc.			302,577		0.1
369	Alliance Data Systems Corp.			38,446		0.0
5,415	Amdocs Ltd.			418,904		0.1
1,745	Amkor Technology, Inc.			41,304		0.0
40,969	Apple, Inc.			5,611,114		1.4
5,508	Applied Materials, Inc.			784,339		0.2
3,538 (1)	Arrow Electronics, Inc.			402,731		0.1
545	ASM International NV			179,756		0.1
932	ASML Holding NV			643,376		0.2
201 (1)	Avalara, Inc.			32,522		0.0
11,918	Avnet, Inc.			477,673		0.1
243	Bechtle AG			45,164		0.0
971	Brooks Automation, Inc.			92,517		0.0
1,900	Brother Industries Ltd.			37,950		0.0
1,538 (1)	Cadence Design Systems, Inc.			210,429		0.1
128 (1)	Ceridian HCM Holding, Inc.			12,278		0.0
1,573 (1)	Check Point Software Technologies			182,672		0.1
1,690 (1)	Ciena Corp.			96,144		0.0
21,665	Cisco Systems, Inc.			1,148,245		0.3
1,529	Cognex Corp.			128,512		0.0
5,804 (1)	Commvault Systems, Inc.			453,699		0.1
214 (1)	Concentrix Corp.			34,411		0.0
292 (1)	Cree, Inc.			28,596		0.0
101	Dassault Systemes SE			24,512		0.0
1,840 (1)	Datadog, Inc.			191,507		0.1
51 (1)	DocuSign, Inc.			14,258		0.0
13,419 (1)	Dropbox, Inc.			406,730		0.1
2,058 (1)	DXC Technology Co.			80,139		0.0
133 (1)	Elastic NV			19,386		0.0
620 (1)	EPAM Systems, Inc.			316,795		0.1
952 (1)	F5 Networks, Inc.			177,700		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
74 (1)	Fair Isaac Corp.		$	37,198		0.0
11,818	Genpact Ltd.			536,892		0.1
2,090 (1)	GoDaddy, Inc.			181,746		0.1
341 (1)	HubSpot, Inc.			198,708		0.1
862 (1)	II-VI, Inc.			62,573		0.0
644	Infineon Technologies AG			25,904		0.0
9,962	Intel Corp.			559,267		0.1
1,400	Itochu Techno-Solutions Corp.			43,310		0.0
408 (1)	j2 Global, Inc.			56,120		0.0
3,822	Jabil, Inc.			222,135		0.1
3,199 (1)	Jamf Holding Corp.			107,390		0.0
200	Keyence Corp.			100,725		0.0
1,233	KLA Corp.			399,751		0.1
996	Lam Research Corp.			648,097		0.2
268 (1)	Lumentum Holdings, Inc.			21,984		0.0
90 (1)	Manhattan Associates, Inc.			13,036		0.0
686	Mastercard, Inc. - Class A			250,452		0.1
482	MAXIMUS, Inc.			42,402		0.0
24,305	Microsoft Corp.			6,584,225		1.7
550	MKS Instruments, Inc.			97,872		0.0
267	Monolithic Power Systems, Inc.			99,711		0.0
1,100	Murata Manufacturing Co., Ltd.			83,792		0.0
5,002	National Instruments Corp.			211,485		0.1
179 (1)	nCino, Inc.			10,726		0.0
903 (1)	NCR Corp.			41,186		0.0
700	NEC Corp.			36,018		0.0
529	Nemetschek SE			40,493		0.0
2,085	NetApp, Inc.			170,595		0.0
178 (1)	Nice Ltd.			43,936		0.0
1,203	Nvidia Corp.			962,520		0.3
766 (1)	Palo Alto Networks, Inc.			284,224		0.1
276 (1)	Paylocity Holding Corp.			52,661		0.0
3,629 (1)	PayPal Holdings, Inc.			1,057,781		0.3
18,764 (1)	Pure Storage, Inc. - Class A			366,461		0.1
5,543	Qualcomm, Inc.			792,261		0.2
1,468 (1)	Qualys, Inc.			147,813		0.0
4,000	Ricoh Co., Ltd.			45,024		0.0
1,600	Rohm Co., Ltd.			147,244		0.1
9,341	Sage Group PLC/The			88,480		0.0
1,271 (1)	Salesforce.com, Inc.			310,467		0.1
1,228	SAP SE			172,484		0.1
1,250 (1)	Semtech Corp.			86,000		0.0
1,021 (1)	ServiceNow, Inc.			561,091		0.1
80 (1)	Silicon Laboratories, Inc.			12,260		0.0
860 (1)(3)	Sinch AB			14,471		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
422 (1)	SolarEdge Technologies, Inc.		$	116,628		0.0
5,923	STMicroelectronics NV-STM1			215,399		0.1
341 (1)(2)	Synaptics, Inc.			53,053		0.0
3,093	SYNNEX Corp.			376,604		0.1
1,223 (1)	Synopsys, Inc.			337,291		0.1
200	TDK Corp.			24,211		0.0
422 (1)(3)	TeamViewer AG			15,849		0.0
1,207	Telefonaktiebolaget LM Ericsson			15,177		0.0
3,115	Teradyne, Inc.			417,285		0.1
1,583	Texas Instruments, Inc.			304,411		0.1
5,000	TIS, Inc.			127,606		0.0
300	Tokyo Electron Ltd.			129,715		0.0
2,600	Trend Micro, Inc.			136,145		0.1
528	Universal Display Corp.			117,390		0.0
6,700	Venture Corp. Ltd.			95,850		0.0
1,903	Visa, Inc. - Class A			444,959		0.1
14,757	Vishay Intertechnology, Inc.			332,770		0.1
1,580 (1)(2)	VMware, Inc.			252,753		0.1
792	Vontier Corp.			25,803		0.0
884	WiseTech Global Ltd.			21,125		0.0
57 (1)	Wix.com Ltd.			16,546		0.0
224 (1)	Workday, Inc.			53,478		0.0
410 (1)	Xero Ltd.			42,173		0.0
658	Xilinx, Inc.			95,173		0.0
136 (1)	Zendesk, Inc.			19,630		0.0
				33,862,043		8.7

	Materials: 1.7%
1,096	Air Liquide SA			192,183		0.1
5,373	Anglo American PLC			213,814		0.1
2,995	ArcelorMittal SA			92,207		0.0
699	Arkema SA			87,853		0.0
1,300	Asahi Kasei Corp.			14,289		0.0
648	Ashland Global Holdings, Inc.			56,700		0.0
600	Avient Corp.			29,496		0.0
14,470 (1)	Axalta Coating Systems Ltd.			441,190		0.1
690	BASF SE			54,468		0.0
10,009	BHP Group Ltd.			364,131		0.1
5,632	Cabot Corp.			320,630		0.1
1,790	Chemours Co.			62,292		0.0
1,295 (1)(2)	Cleveland-Cliffs, Inc.			27,920		0.0
5,168 (2)	Commercial Metals Co.			158,761		0.1
1,136	Compass Minerals International, Inc.			67,319		0.0
5,053	CRH PLC			255,536		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Materials (continued)
3,623	Dow, Inc.		$	229,263		0.1
687	Eagle Materials, Inc.			97,630		0.0
607	Eastman Chemical Co.			70,867		0.0
875	Evonik Industries AG			29,377		0.0
3,200	FMC Corp.			346,240		0.1
1,578	HeidelbergCement AG			135,481		0.0
4,219	Holcim Ltd.			253,596		0.1
12,766	Huntsman Corp.			338,554		0.1
1,659	International Paper Co.			101,713		0.0
473	James Hardie Industries SE			16,050		0.0
4,500	JFE Holdings, Inc.			52,794		0.0
5,627	Louisiana-Pacific Corp.			339,252		0.1
765	Minerals Technologies, Inc.			60,183		0.0
739	Newcrest Mining Ltd.			14,014		0.0
51	NewMarket Corp.			16,421		0.0
2,200	Nissan Chemical Corp.			107,536		0.0
1,500	Nitto Denko Corp.			111,706		0.0
1,833	Novozymes A/S			138,299		0.1
458	Olin Corp.			21,187		0.0
2,682	PPG Industries, Inc.			455,323		0.1
2,098	Rio Tinto Ltd.			198,902		0.1
3,525	Royal Gold, Inc.			402,203		0.1
1,676	RPM International, Inc.			148,628		0.1
87	Scotts Miracle-Gro Co.			16,697		0.0
2,324	Smurfit Kappa PLC			126,387		0.0
6,795	South32 Ltd. - AUD			14,901		0.0
1,706	Steel Dynamics, Inc.			101,678		0.0
17,600	Sumitomo Chemical Co., Ltd.			93,542		0.0
788	Symrise AG			109,813		0.0
1,200 (2)	United States Steel Corp.			28,800		0.0
2,359	Yara International ASA			124,306		0.0
				6,740,132		1.7

	Real Estate: 1.5%
2,025	American Campus Communities, Inc.			94,608		0.0
539	American Homes 4 Rent			20,940		0.0
3,997	Apartment Income REIT Corp.			189,578		0.1
10,809	Brixmor Property Group, Inc.			247,418		0.1
97	Camden Property Trust			12,869		0.0
8,000	CK Asset Holdings Ltd.			55,064		0.0
7,784	Corporate Office Properties Trust SBI MD			217,874		0.1
3,200	Daiwa House Industry Co., Ltd.			96,219		0.0
777	EastGroup Properties, Inc.			127,778		0.0
357	Equinix, Inc.			286,528		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
292 (1)	Fastighets AB Balder		$	18,305		0.0
5,563	First Industrial Realty Trust, Inc.			290,556		0.1
11,579	Gaming and Leisure Properties, Inc.			536,455		0.1
11,979	Goodman Group			189,576		0.1
7,917	GPT Group			28,962		0.0
6,153	Highwoods Properties, Inc.			277,931		0.1
10,500	Hongkong Land Holdings Ltd. - HKHGF			50,006		0.0
2,803	Hudson Pacific Properties, Inc.			77,979		0.0
14,875	Invitation Homes, Inc.			554,689		0.1
501 (1)	Jones Lang LaSalle, Inc.			97,925		0.0
720	Lamar Advertising Co.			75,182		0.0
1,929	Life Storage, Inc.			207,078		0.1
36,500	Mapletree Logistics Trust			55,798		0.0
1,152	Medical Properties Trust, Inc.			23,155		0.0
5,500	Mitsui Fudosan Co., Ltd.			127,180		0.0
2,127	National Retail Properties, Inc.			99,714		0.0
1,083	National Storage Affiliates Trust			54,757		0.0
4,900	Nomura Real Estate Holdings, Inc.			124,111		0.0
7,035	Omega Healthcare Investors, Inc.			255,300		0.1
6,711	PotlatchDeltic Corp.			356,690		0.1
3,124	Sabra Healthcare REIT, Inc.			56,857		0.0
7,306	Scentre Group			14,950		0.0
11,035	Segro PLC			167,051		0.1
6,251	Spirit Realty Capital, Inc.			299,048		0.1
1,900	Sumitomo Realty & Development Co., Ltd.			67,953		0.0
163	Sun Communities, Inc.			27,938		0.0
2,886	Weingarten Realty Investors			92,554		0.0
12,709	Weyerhaeuser Co.			437,444		0.1
				6,014,020		1.5

	Utilities: 1.2%
1,536	American Water Works Co., Inc.			236,744		0.1
4,217	Black Hills Corp.			276,762		0.1
2,044	Brookfield Renewable Corp.			85,725		0.0
6,481	Electricite de France SA			88,570		0.0
5,832 (2)	Endesa S.A.			141,576		0.0
21,676	Enel S.p.A.			201,432		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Utilities (continued)
1,018	Engie SA		$	13,959		0.0
5,064	Entergy Corp.			504,881		0.1
235	Essential Utilities, Inc.			10,739		0.0
9,938	Evergy, Inc.			600,553		0.2
4,716	MDU Resources Group, Inc.			147,799		0.0
6,995	National Fuel Gas Co.			365,489		0.1
4,970	NextEra Energy, Inc.			364,202		0.1
837	NorthWestern Corp.			50,404		0.0
10,000	Osaka Gas Co., Ltd.			186,589		0.1
8,500	Power Assets Holdings Ltd.			52,156		0.0
5,656	Public Service Enterprise Group, Inc.			337,889		0.1
5,941	RWE AG			215,404		0.1
424	Sempra Energy			56,172		0.0
467	Southwest Gas Holdings, Inc.			30,911		0.0
673	Spire, Inc.			48,638		0.0
3,100	Tohoku Electric Power Co., Inc.			24,305		0.0
4,700	Tokyo Gas Co., Ltd.			88,650		0.0
10,817	UGI Corp.			500,935		0.1
2,160	United Utilities Group PLC			29,154		0.0
				4,659,638		1.2
	Total Common Stock (Cost $123,011,889)			158,050,816		40.6

EXCHANGE-TRADED FUNDS: 26.0%
286,072	iShares Core MSCI Emerging Markets ETF			19,163,963		4.9
1,304	iShares Core S&P Mid-Cap ETF			350,424		0.1
5,126	iShares MSCI EAFE ETF			404,339		0.1
153,023	iShares MSCI Eurozone ETF			7,551,685		1.9
33,035 (2)	iShares Russell 2000 ETF			7,577,238		2.0
154,310 (2)	SPDR S&P 500 ETF Trust			66,053,939		17.0
	Total Exchange-Traded Funds (Cost $77,068,888)			101,101,588		26.0

MUTUAL FUNDS: 10.5%
	Affiliated Investment Companies: 10.5%
127,776	Voya Emerging Markets Local Currency Debt Fund - Class P			856,099		0.2
183,427	Voya Floating Rate Fund - Class P			1,663,680		0.4
4,111,643	Voya High Yield Bond Fund - Class P			33,345,426		8.6

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
492,062	Voya Short Term Bond Fund - Class R6		$	4,910,775		1.3
	Total Mutual Funds (Cost $38,554,702)			40,775,980		10.5
PREFERRED STOCK: 0.1%
	Consumer Discretionary: 0.1%
684	Porsche AG			73,428		0.0
361	Volkswagen AG			90,514		0.1
				163,942		0.1

	Consumer Staples: 0.0%
1,125	Henkel AG & Co. KGaA			118,815		0.0

	Materials: 0.0%
2,544	Fuchs Petrolub AG			123,802		0.0
	Total Preferred Stock (Cost $403,987)			406,559		0.1
RIGHTS: 0.0%
	Industrials: 0.0%
970 (1)(2)	ACS Actividades de Construccion y Servicios SA			1,357		0.0
	Total Rights (Cost $1,471)			1,357		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 7.1%
	Basic Materials: 0.1%
10,000 (3)	Anglo American Capital PLC, 3.625%, 09/11/2024		10,787		0.0
12,000 (3)	Anglo American Capital PLC, 5.625%, 04/01/2030		14,705		0.0
55,000	Dow Chemical Co., 4.375%, 11/15/2042		65,725		0.1
34,000 (2)	Dow Chemical Co/The, 2.100%, 11/15/2030		33,614		0.0
40,000 (3)	Georgia-Pacific LLC, 0.950%, 05/15/2026		39,381		0.0
35,000 (3)	Georgia-Pacific LLC, 2.300%, 04/30/2030		35,804		0.0
42,000	Mosaic Co/The, 5.450%, 11/15/2033		52,735		0.0
13,000 (3)	Newcrest Finance Pty Ltd., 3.250%, 05/13/2030		13,987		0.0
10,000 (3)	Newcrest Finance Pty Ltd., 4.200%, 05/13/2050		11,484		0.0
18,000	Newmont Corp., 2.250%, 10/01/2030		17,967		0.0
3,000	Newmont Corp., 3.700%, 03/15/2023		3,133		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Basic Materials (continued)
15,000	Nutrien Ltd., 2.950%, 05/13/2030		$	15,842		0.0
32,000	PPG Industries, Inc., 1.200%, 03/15/2026			31,945		0.0
21,000	Steel Dynamics, Inc., 1.650%, 10/15/2027			20,978		0.0
15,000	Steel Dynamics, Inc., 2.400%, 06/15/2025			15,702		0.0
				383,789		0.1
	Communications: 0.8%
79,000	Amazon.com, Inc., 2.100%, 05/12/2031			80,380		0.0
61,000	Amazon.com, Inc., 2.875%, 05/12/2041			63,014		0.0
21,000	Amazon.com, Inc., 3.100%, 05/12/2051			22,088		0.0
44,000	Amazon.com, Inc., 3.250%, 05/12/2061			46,448		0.0
137,000	AT&T, Inc., 1.650%, 02/01/2028			136,068		0.1
50,000	AT&T, Inc., 1.700%, 03/25/2026			50,537		0.0
191,000	AT&T, Inc., 2.750%, 06/01/2031			198,740		0.1
51,000	AT&T, Inc., 3.100%, 02/01/2043			50,074		0.0
20,000	AT&T, Inc., 3.500%, 06/01/2041			20,812		0.0
20,000 (3)	AT&T, Inc., 3.550%, 09/15/2055			20,096		0.0
115,000 (3)	AT&T, Inc., 3.650%, 09/15/2059			116,796		0.1
16,000	AT&T, Inc., 4.500%, 05/15/2035			18,805		0.0
35,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.850%, 04/01/2061			34,437		0.0
21,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.900%, 06/01/2052			21,444		0.0
10,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.800%, 03/01/2050			11,507		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
50,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.464%, 07/23/2022		$	51,771		0.0
72,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.908%, 07/23/2025			81,616		0.0
38,000	Comcast Corp., 2.650%, 02/01/2030			40,037		0.0
60,000	Comcast Corp., 3.900%, 03/01/2038			69,143		0.0
78,000	Comcast Corp., 3.950%, 10/15/2025			87,446		0.0
40,000	Comcast Corp., 3.999%, 11/01/2049			47,190		0.0
25,000	Comcast Corp., 4.600%, 10/15/2038			31,039		0.0
15,000	Corning, Inc., 5.450%, 11/15/2079			21,048		0.0
27,000	Discovery Communications LLC, 2.950%, 03/20/2023			28,106		0.0
110,000	Discovery Communications LLC, 4.000%, 09/15/2055			116,645		0.1
25,000	Discovery Communications LLC, 5.200%, 09/20/2047			31,123		0.0
45,000	Discovery Communications LLC, 5.300%, 05/15/2049			57,041		0.0
40,000	Interpublic Group of Cos, Inc./The, 3.750%, 10/01/2021			40,353		0.0
9,000	Interpublic Group of Cos., Inc., 4.200%, 04/15/2024			9,797		0.0
200,000 (3)	Tencent Holdings Ltd., 2.985%, 01/19/2023			206,998		0.1
25,000	Time Warner Cable LLC, 5.875%, 11/15/2040			32,432		0.0
143,000	T-Mobile USA, Inc., 2.050%, 02/15/2028			145,565		0.1
14,000	T-Mobile USA, Inc., 3.300%, 02/15/2051			13,994		0.0
38,000	T-Mobile USA, Inc., 3.600%, 11/15/2060			38,735		0.0
309,000	T-Mobile USA, Inc., 3.875%, 04/15/2030			346,466		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
21,000	VeriSign, Inc., 2.700%, 06/15/2031		$	21,361		0.0
118,000	Verizon Communications, Inc., 2.650%, 11/20/2040			113,766		0.1
30,000	Verizon Communications, Inc., 2.875%, 11/20/2050			28,570		0.0
12,000	Verizon Communications, Inc., 2.987%, 10/30/2056			11,300		0.0
18,000	Verizon Communications, Inc., 3.400%, 03/22/2041			19,064		0.0
75,000	Verizon Communications, Inc., 3.550%, 03/22/2051			80,239		0.0
80,000	Verizon Communications, Inc., 3.700%, 03/22/2061			85,819		0.0
5,000	Verizon Communications, Inc., 4.000%, 03/22/2050			5,757		0.0
80,000	Verizon Communications, Inc., 4.812%, 03/15/2039			101,483		0.0
40,000	ViacomCBS, Inc., 5.500%, 05/15/2033			50,842		0.0
55,000	Vodafone Group PLC, 4.375%, 02/19/2043			64,342		0.0
20,000	Vodafone Group PLC, 5.125%, 06/19/2059			26,200		0.0
8,000	Walt Disney Co/The, 2.000%, 09/01/2029			8,094		0.0
				3,004,628		0.8
	Consumer, Cyclical: 0.2%
29,785 (3)	Alaska Airlines 2020-1 Class A Pass Through Trust, 4.800%, 02/15/2029			33,033		0.0
3,816	American Airlines 2015-2 Class AA Pass Through Trust, 3.600%, 03/22/2029			3,957		0.0
8,855	American Airlines 2017-1 Class A Pass Through Trust, 4.000%, 08/15/2030			8,964		0.0
19,266	American Airlines 2017-2 Class A Pass Through Trust, 3.600%, 04/15/2031			19,111		0.0
4,188	American Airlines 2017-2 Class AA Pass Through Trust, 3.350%, 04/15/2031			4,270		0.0
11,261 (3)	British Airways 2020-1 Class A Pass Through Trust, 4.250%, 05/15/2034			12,162		0.0
2,502	Continental Airlines 2012-2 Class A Pass Through Trust, 4.000%, 04/29/2026			2,650		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
11,825	Delta Air Lines 2020-1 Class A Pass Through Trust, 2.500%, 12/10/2029		$	12,016		0.0
10,000 (3)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.500%, 10/20/2025			10,751		0.0
37,000 (3)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028			41,165		0.0
25,000	General Motors Co., 5.400%, 04/01/2048			31,902		0.0
17,000	General Motors Co., 6.125%, 10/01/2025			20,136		0.0
25,000	General Motors Financial Co., Inc., 3.950%, 04/13/2024			26,911		0.0
25,000	General Motors Financial Co., Inc., 4.350%, 01/17/2027			28,131		0.0
18,000	General Motors Financial Co., Inc., 5.200%, 03/20/2023			19,387		0.0
33,000 (3)	Harley-Davidson Financial Services, Inc., 3.350%, 06/08/2025			35,330		0.0
40,000	Hasbro, Inc., 3.000%, 11/19/2024			42,585		0.0
43,000 (3)	Hyundai Capital America, 2.000%, 06/15/2028			42,705		0.0
30,000	Lowe’s Cos, Inc., 1.700%, 10/15/2030			28,784		0.0
21,000 (3)	Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027			23,147		0.0
27,000	Toyota Motor Credit Corp., 2.150%, 02/13/2030			27,727		0.0
35,163	United Airlines 2012-1 Class A Pass Through Trust, 4.150%, 10/11/2025			37,402		0.0
8,135	United Airlines 2013-1 Class A Pass Through Trust, 4.300%, 02/15/2027			8,619		0.0
11,382	United Airlines 2014-1 Class A Pass Through Trust, 4.000%, 10/11/2027			12,025		0.0
47,288	United Airlines 2016-1 Class AA Pass Through Trust, 3.100%, 01/07/2030			49,960		0.1
89,648	United Airlines 2016-2 Class AA Pass Through Trust, 2.875%, 04/07/2030			91,780		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
1,903	United Airlines 2020-1 Class A Pass Through Trust, 5.875%, 04/15/2029		$	2,116		0.0
19,462	US Airways 2012-1 Class A Pass Through Trust, 5.900%, 04/01/2026			20,370		0.0
				697,096		0.2
	Consumer, Non-cyclical: 1.2%
43,000	AbbVie, Inc., 2.600%, 11/21/2024			45,359		0.0
200,000	AbbVie, Inc., 2.950%, 11/21/2026			215,131		0.1
12,000	AbbVie, Inc., 4.050%, 11/21/2039			13,957		0.0
75,000	AbbVie, Inc., 4.300%, 05/14/2036			89,215		0.1
33,000	AbbVie, Inc., 4.400%, 11/06/2042			40,124		0.0
71,000	AbbVie, Inc., 4.500%, 05/14/2035			85,630		0.1
13,000	AbbVie, Inc., 4.550%, 03/15/2035			15,803		0.0
30,000	AbbVie, Inc., 4.625%, 10/01/2042			37,153		0.0
42,000	Aetna, Inc., 2.800%, 06/15/2023			43,728		0.0
70,000	Aetna, Inc., 4.500%, 05/15/2042			84,030		0.0
23,000	Aetna, Inc., 6.625%, 06/15/2036			33,613		0.0
19,000	Altria Group, Inc., 2.450%, 02/04/2032			18,396		0.0
39,000	Altria Group, Inc., 3.700%, 02/04/2051			37,058		0.0
25,000	Altria Group, Inc., 4.400%, 02/14/2026			28,300		0.0
56,000	Altria Group, Inc., 4.450%, 05/06/2050			59,846		0.0
9,000	Altria Group, Inc., 4.800%, 02/14/2029			10,441		0.0
20,000	Altria Group, Inc., 5.800%, 02/14/2039			24,741		0.0
97,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036			119,155		0.1
75,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046			95,098		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
15,000	Anheuser-Busch InBev Worldwide, Inc., 5.450%, 01/23/2039		$	19,824		0.0
34,000	Anthem, Inc., 2.875%, 09/15/2029			36,124		0.0
25,000	Anthem, Inc., 3.500%, 08/15/2024			26,940		0.0
50,000	Anthem, Inc., 5.100%, 01/15/2044			66,060		0.0
23,000	Astrazeneca Finance LLC, 1.200%, 05/28/2026			22,949		0.0
23,000	Astrazeneca Finance LLC, 1.750%, 05/28/2028			23,015		0.0
26,000	Astrazeneca Finance LLC, 2.250%, 05/28/2031			26,430		0.0
25,000	AstraZeneca PLC, 1.375%, 08/06/2030			23,678		0.0
102,000	BAT Capital Corp., 2.259%, 03/25/2028			101,344		0.1
17,000	BAT Capital Corp., 2.726%, 03/25/2031			16,801		0.0
17,000	BAT Capital Corp., 3.734%, 09/25/2040			16,644		0.0
35,000	BAT Capital Corp., 4.390%, 08/15/2037			37,795		0.0
15,000	Becton Dickinson and Co., 3.363%, 06/06/2024			16,076		0.0
18,000	Bristol-Myers Squibb Co., 1.450%, 11/13/2030			17,396		0.0
18,000	Bristol-Myers Squibb Co., 2.550%, 11/13/2050			17,256		0.0
30,000	Bristol-Myers Squibb Co., 4.125%, 06/15/2039			36,282		0.0
41,000	Bunge Ltd. Finance Corp., 2.750%, 05/14/2031			41,481		0.0
48,000 (3)	Cargill, Inc., 3.875%, 05/23/2049			56,691		0.0
19,000	Cigna Corp., 4.800%, 08/15/2038			23,690		0.0
10,000	Cigna Corp., 4.800%, 07/15/2046			12,733		0.0
100,000	Cigna Corp., 4.900%, 12/15/2048			129,027		0.1
40,000	Coca-Cola Co/The, 2.000%, 03/05/2031			40,431		0.0
72,000	Coca-Cola Co/The, 2.875%, 05/05/2041			74,940		0.0
30,000	CVS Health Corp., 2.700%, 08/21/2040			29,134		0.0
5,000	CVS Health Corp., 3.875%, 07/20/2025			5,522		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
7,000	CVS Health Corp., 4.125%, 04/01/2040		$	8,140		0.0
5,000	CVS Health Corp., 4.780%, 03/25/2038			6,160		0.0
135,000	CVS Health Corp., 5.050%, 03/25/2048			175,674		0.1
45,000	Dentsply Sirona, Inc., 3.250%, 06/01/2030			48,182		0.0
12,000	Diageo Capital PLC, 2.125%, 04/29/2032			12,062		0.0
36,000 (3)	Element Fleet Management Corp., 3.850%, 06/15/2025			38,777		0.0
25,000	General Mills, Inc., 4.000%, 04/17/2025			27,722		0.0
14,000	Gilead Sciences, Inc., 0.750%, 09/29/2023			14,007		0.0
12,000	Gilead Sciences, Inc., 3.500%, 02/01/2025			13,015		0.0
13,000	Gilead Sciences, Inc., 4.500%, 02/01/2045			15,932		0.0
39,000	Global Payments, Inc., 1.200%, 03/01/2026			38,659		0.0
150,000	Global Payments, Inc., 2.650%, 02/15/2025			158,172		0.1
75,000	Global Payments, Inc., 3.200%, 08/15/2029			80,386		0.0
27,000	HCA, Inc., 4.125%, 06/15/2029			30,426		0.0
200,000	HCA, Inc., 4.500%, 02/15/2027			226,247		0.1
12,000	HCA, Inc., 5.125%, 06/15/2039			15,030		0.0
22,000	HCA, Inc., 5.250%, 04/15/2025			25,190		0.0
9,000	HCA, Inc., 5.250%, 06/15/2049			11,494		0.0
18,000 (3)	Health Care Service Corp. A Mutual Legal Reserve Co., 1.500%, 06/01/2025			18,296		0.0
51,000	Hormel Foods Corp., 3.050%, 06/03/2051			52,982		0.0
80,000	Humana, Inc., 3.125%, 08/15/2029			86,225		0.1
35,000	Humana, Inc., 4.500%, 04/01/2025			39,214		0.0
30,000	Illumina, Inc., 2.550%, 03/23/2031			30,483		0.0
15,000	Johnson & Johnson, 0.950%, 09/01/2027			14,734		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
17,000	Laboratory Corp. of America Holdings, 3.250%, 09/01/2024		$	18,202		0.0
10,000	Laboratory Corp. of America Holdings, 4.000%, 11/01/2023			10,695		0.0
25,000 (3)	Mars, Inc., 0.875%, 07/16/2026			24,507		0.0
75,000 (3)	Mars, Inc., 2.375%, 07/16/2040			72,396		0.0
42,000 (3)	Mars, Inc., 4.125%, 04/01/2054			52,536		0.0
32,000	McKesson Corp., 0.900%, 12/03/2025			31,550		0.0
18,000	Medtronic, Inc., 4.375%, 03/15/2035			22,422		0.0
35,000	Mylan, Inc., 5.200%, 04/15/2048			43,291		0.0
21,000	PayPal Holdings, Inc., 2.850%, 10/01/2029			22,676		0.0
59,000	PerkinElmer, Inc., 3.300%, 09/15/2029			63,950		0.0
61,000	Regeneron Pharmaceuticals, Inc., 1.750%, 09/15/2030			57,877		0.0
52,000	Reynolds American, Inc., 5.850%, 08/15/2045			63,771		0.0
6,000	Reynolds American, Inc., 6.150%, 09/15/2043			7,526		0.0
11,000 (3)	Royalty Pharma PLC, 1.200%, 09/02/2025			10,909		0.0
14,000 (3)	Royalty Pharma PLC, 1.750%, 09/02/2027			13,789		0.0
68,000 (3)	Royalty Pharma PLC, 3.300%, 09/02/2040			68,602		0.0
28,000 (3)	Royalty Pharma PLC, 3.550%, 09/02/2050			27,920		0.0
28,000	Smith & Nephew PLC, 2.032%, 10/14/2030			27,422		0.0
14,000	STERIS Irish FinCo UnLtd. Co., 2.700%, 03/15/2031			14,274		0.0
72,000	STERIS Irish FinCo UnLtd. Co., 3.750%, 03/15/2051			76,600		0.0
200,000	Takeda Pharmaceutical Co. Ltd., 2.050%, 03/31/2030			198,575		0.1
20,000 (3)	Triton Container International Ltd., 2.050%, 04/15/2026			20,124		0.0
23,000 (3)	Triton Container International Ltd., 3.150%, 06/15/2031			23,154		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
17,000	UnitedHealth Group, Inc., 1.150%, 05/15/2026		$	17,011		0.0
47,000	UnitedHealth Group, Inc., 2.300%, 05/15/2031			48,167		0.0
19,000	UnitedHealth Group, Inc., 3.050%, 05/15/2041			19,921		0.0
47,000	UnitedHealth Group, Inc., 3.250%, 05/15/2051			50,235		0.0
19,000	UnitedHealth Group, Inc., 3.500%, 08/15/2039			21,264		0.0
66,000 (3)	Viatris, Inc., 3.850%, 06/22/2040			70,286		0.0
43,000 (3)	Viatris, Inc., 4.000%, 06/22/2050			45,553		0.0
				4,447,455		1.2
	Energy: 0.8%
18,000 (2)	BP Capital Markets America, Inc., 1.749%, 08/10/2030			17,585		0.0
15,000	BP Capital Markets America, Inc., 2.939%, 06/04/2051			14,397		0.0
48,000	BP Capital Markets America, Inc., 3.216%, 11/28/2023			50,841		0.0
75,000	BP Capital Markets America, Inc., 3.224%, 04/14/2024			80,001		0.1
38,000	BP Capital Markets America, Inc., 3.379%, 02/08/2061			38,292		0.0
28,000 (4)	BP Capital Markets PLC, 4.875%, 12/31/2199			30,814		0.0
8,000	Burlington Resources LLC, 5.950%, 10/15/2036			11,071		0.0
10,000	Canadian Natural Resources Ltd., 6.750%, 02/01/2039			14,015		0.0
30,000	Cheniere Corpus Christi Holdings LLC, 3.700%, 11/15/2029			32,798		0.0
3,000	Chevron USA, Inc., 3.250%, 10/15/2029			3,326		0.0
28,000	Chevron USA, Inc., 4.950%, 08/15/2047			37,814		0.0
60,000	Cimarex Energy Co., 3.900%, 05/15/2027			66,207		0.0
41,000 (3)	ConocoPhillips, 2.400%, 02/15/2031			42,004		0.0
25,000 (3)	ConocoPhillips, 3.750%, 10/01/2027			28,122		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
26,000	Diamondback Energy, Inc., 2.875%, 12/01/2024		$	27,479		0.0
20,000	Diamondback Energy, Inc., 3.125%, 03/24/2031			20,749		0.0
30,000	Diamondback Energy, Inc., 3.250%, 12/01/2026			32,181		0.0
55,000	Diamondback Energy, Inc., 3.500%, 12/01/2029			58,928		0.0
16,000	Diamondback Energy, Inc., 4.400%, 03/24/2051			18,063		0.0
10,000	Diamondback Energy, Inc., 4.750%, 05/31/2025			11,270		0.0
200,000	Empresa Nacional del Petroleo, 3.750%, 08/05/2026			209,626		0.1
38,000 (4)	Enbridge, Inc., 5.750%, 07/15/2080			42,465		0.0
9,000	Energy Transfer L.P., 4.250%, 04/01/2024			9,710		0.0
5,000	Energy Transfer L.P., 4.900%, 03/15/2035			5,798		0.0
43,000	Energy Transfer L.P., 5.300%, 04/01/2044			49,737		0.0
160,000	Energy Transfer L.P., 5.300%, 04/15/2047			187,495		0.1
60,000	Energy Transfer L.P., 5.800%, 06/15/2038			74,810		0.0
25,000	Enterprise Products Operating LLC, 3.750%, 02/15/2025			27,285		0.0
50,000 (4)	Enterprise Products Operating LLC, 4.875%, 08/16/2077			49,098		0.0
11,000	EOG Resources, Inc., 4.950%, 04/15/2050			14,674		0.0
10,000	Exxon Mobil Corp., 4.227%, 03/19/2040			11,953		0.0
46,000 (3)	Flex Intermediate Holdco LLC, 3.363%, 06/30/2031			46,659		0.0
2,000	Halliburton Co., 3.500%, 08/01/2023			2,109		0.0
2,000	Halliburton Co., 3.800%, 11/15/2025			2,212		0.0
109,000	Hess Corp., 5.600%, 02/15/2041			136,250		0.1
200,000 (3)	KazMunayGas National Co. JSC, 4.750%, 04/24/ 2025			224,506		0.1
18,000	Kinder Morgan, Inc., 5.550%, 06/01/2045			23,341		0.0
23,000	Marathon Petroleum Corp., 4.700%, 05/01/2025			25,958		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
35,000	Marathon Petroleum Corp., 4.750%, 09/15/2044		$	41,543		0.0
25,000	Marathon Petroleum Corp., 5.000%, 09/15/2054			30,098		0.0
20,000	MPLX L.P., 1.750%, 03/01/2026			20,227		0.0
14,000	MPLX L.P., 2.650%, 08/15/2030			14,143		0.0
9,000	MPLX L.P., 4.700%, 04/15/2048			10,483		0.0
11,000	MPLX L.P., 5.200%, 03/01/2047			13,574		0.0
21,000	MPLX L.P., 5.200%, 12/01/2047			25,710		0.0
25,000	MPLX L.P., 5.500%, 02/15/2049			32,431		0.0
16,000 (3)	Northern Natural Gas Co., 3.400%, 10/16/2051			16,464		0.0
19,000	ONEOK Partners L.P., 6.125%, 02/01/2041			24,527		0.0
24,000	ONEOK Partners L.P., 6.200%, 09/15/2043			31,686		0.0
10,000	ONEOK, Inc., 2.200%, 09/15/2025			10,291		0.0
200,000 (3)	Petroleos del Peru SA, 4.750%, 06/19/2032			210,250		0.1
200,000	Petroleos Mexicanos, 6.500%, 03/13/2027			211,350		0.1
10,000	Phillips 66, 0.900%, 02/15/2024			10,014		0.0
41,000	Plains All American Pipeline L.P. / PAA Finance Corp., 3.550%, 12/15/2029			43,216		0.0
25,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.500%, 12/15/2026			28,081		0.0
50,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.650%, 10/15/2025			55,976		0.0
73,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.900%, 02/15/2045			79,512		0.0
4,000	Plains All American Pipeline L.P. / PAA Finance Corp., 5.150%, 06/01/2042			4,493		0.0
15,000	Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028			16,950		0.0
16,000	Sabine Pass Liquefaction LLC, 5.000%, 03/15/2027			18,496		0.0
46,000 (3)	Santos Finance Ltd., 3.649%, 04/29/2031			47,140		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
19,000 (3)	Schlumberger Holdings Corp., 3.750%, 05/01/2024		$	20,462		0.0
125,000	Shell International Finance BV, 3.250%, 05/11/2025			135,730		0.1
25,000	Shell International Finance BV, 4.125%, 05/11/2035			29,783		0.0
30,000	TotalEnergies Capital International SA, 2.986%, 06/29/2041			30,606		0.0
33,000	TotalEnergies Capital International SA, 3.127%, 05/29/2050			33,525		0.0
9,000	Transcontinental Gas Pipe Line Co. LLC, 3.250%, 05/15/2030			9,753		0.0
16,000	Valero Energy Corp., 2.850%, 04/15/2025			16,977		0.0
30,000	Williams Cos, Inc./The, 4.000%, 09/15/2025			33,238		0.0
19,000	Williams Cos, Inc./The, 5.400%, 03/04/2044			24,132		0.0
23,000	Williams Partners L.P., 3.600%, 03/15/2022			23,388		0.0
21,000	Williams Partners L.P., 3.750%, 06/15/2027			23,346		0.0
				3,157,238		0.8
	Financial: 2.5%
43,000	Alexandria Real Estate Equities, Inc., 2.000%, 05/18/2032			41,937		0.0
23,000	American Homes 4 Rent L.P., 2.375%, 07/08/2031			22,734		0.0
7,000	American Homes 4 Rent L.P., 2.375%, 07/08/2051			6,857		0.0
13,000	American International Group, Inc., 3.875%, 01/15/2035			14,753		0.0
29,000	American International Group, Inc., 3.900%, 04/01/2026			32,376		0.0
10,000	American International Group, Inc., 4.375%, 01/15/2055			12,166		0.0
33,000	American International Group, Inc., 4.500%, 07/16/2044			40,112		0.0
17,000	American International Group, Inc., 4.800%, 07/10/2045			21,321		0.0
39,000	Arthur J Gallagher & Co., 3.500%, 05/20/2051			40,916		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
49,000	Assurant, Inc., 2.650%, 01/15/2032		$	48,973		0.0
43,000	Assurant, Inc., 3.700%, 02/22/2030			46,645		0.0
40,000 (3)	Athene Global Funding, 2.800%, 05/26/2023			41,694		0.0
25,000 (3)	Athene Global Funding, 2.950%, 11/12/2026			26,654		0.0
8,000 (3)	Aviation Capital Group LLC, 3.875%, 05/01/2023			8,385		0.0
6,000 (3)	Aviation Capital Group LLC, 4.375%, 01/30/2024			6,439		0.0
32,000 (3)	Aviation Capital Group LLC, 5.500%, 12/15/2024			36,199		0.0
14,000 (3)	Avolon Holdings Funding Ltd., 2.125%, 02/21/2026			13,954		0.0
41,000 (3)	Avolon Holdings Funding Ltd., 2.750%, 02/21/2028			40,592		0.0
9,000 (3)	Avolon Holdings Funding Ltd., 2.875%, 02/15/2025			9,272		0.0
200,000	Banco Santander SA, 2.746%, 05/28/2025			210,852		0.1
63,000 (4)	Bank of America Corp., 0.981%, 09/25/2025			62,988		0.0
36,000 (4)	Bank of America Corp., 1.197%, 10/24/2026			35,696		0.0
61,000 (4)	Bank of America Corp., 1.734%, 07/22/2027			61,502		0.0
112,000 (4)	Bank of America Corp., 1.898%, 07/23/2031			108,985		0.0
26,000 (4)	Bank of America Corp., 1.922%, 10/24/2031			25,365		0.0
49,000 (4)	Bank of America Corp., 2.087%, 06/14/2029			49,444		0.0
105,000 (4)	Bank of America Corp., 2.496%, 02/13/2031			107,318		0.0
53,000 (4)	Bank of America Corp., 2.676%, 06/19/2041			51,515		0.0
37,000 (4)	Bank of America Corp., 2.687%, 04/22/2032			38,090		0.0
60,000 (4)	Bank of America Corp., 3.593%, 07/21/2028			66,117		0.0
20,000	Bank of America Corp., 3.950%, 04/21/2025			21,965		0.0
18,000 (4)	Bank of America Corp., 3.970%, 03/05/2029			20,312		0.0
40,000 (4)	Bank of America Corp., 4.078%, 04/23/2040			46,768		0.0
13,000 (4)	Bank of America Corp., 4.083%, 03/20/2051			15,566		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
79,000	Bank of America Corp., 4.125%, 01/22/2024		$	86,045		0.0
103,000	Bank of America Corp., 4.183%, 11/25/2027			115,459		0.0
75,000 (4)	Bank of America Corp., 4.271%, 07/23/2029			86,228		0.0
50,000 (4)	Bank of Montreal, 3.803%, 12/15/2032			55,184		0.0
25,000	Bank of Nova Scotia/The, 2.200%, 02/03/2025			26,077		0.0
21,000	Bank of Nova Scotia/The, 2.700%, 08/03/2026			22,507		0.0
34,000 (4)	Bank of Nova Scotia/The, 4.900%, 12/31/2199			37,400		0.0
200,000 (4)	Barclays PLC, 1.007%, 12/10/2024			200,803		0.1
17,000	Berkshire Hathaway Finance Corp., 1.450%, 10/15/2030			16,624		0.0
11,000	Berkshire Hathaway Finance Corp., 2.850%, 10/15/2050			11,003		0.0
29,000	Berkshire Hathaway Finance Corp., 4.250%, 01/15/2049			36,096		0.0
200,000 (3)(4)	BNP Paribas SA, 1.323%, 01/13/2027			197,723		0.1
200,000 (3)(4)	BNP Paribas SA, 2.219%, 06/09/2026			206,263		0.1
22,000	Boston Properties L.P., 3.250%, 01/30/2031			23,589		0.0
206,000 (3)	BPCE SA, 5.700%, 10/22/2023			228,176		0.1
35,000	Canadian Imperial Bank of Commerce, 2.250%, 01/28/2025			36,576		0.0
15,000	Capital One Financial Corp., 3.650%, 05/11/2027			16,669		0.0
22,000	Capital One Financial Corp., 3.750%, 03/09/2027			24,470		0.0
33,000	CBRE Services, Inc., 2.500%, 04/01/2031			33,454		0.0
30,000	Charles Schwab Corp./ The, 1.650%, 03/11/2031			29,148		0.0
16,000	Charles Schwab Corp./ The, 2.000%, 03/20/2028			16,427		0.0
20,000 (4)	Charles Schwab Corp./ The, 5.375%, 12/31/2199			22,156		0.0
28,000	CI Financial Corp., 4.100%, 06/15/2051			29,319		0.0
21,000 (4)	Citigroup, Inc., 1.462%, 06/09/2027			20,934		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
20,000 (4)	Citigroup, Inc., 1.678%, 05/15/2024		$	20,428		0.0
35,000 (4)	Citigroup, Inc., 2.561%, 05/01/2032			35,653		0.0
45,000	Citigroup, Inc., 5.500%, 09/13/2025			52,445		0.0
9,000	Columbia Property Trust Operating Partnership L.P., 3.650%, 08/15/2026			9,497		0.0
5,000	Columbia Property Trust Operating Partnership L.P., 4.150%, 04/01/2025			5,391		0.0
260,000	Cooperatieve Rabobank UA, 4.375%, 08/04/2025			290,524		0.1
250,000 (3)(4)	Credit Suisse Group AG, 2.193%, 06/05/2026			256,111		0.1
14,000	Crown Castle International Corp., 1.050%, 07/15/2026			13,686		0.0
200,000 (3)(4)	Danske Bank A/S, 1.621%, 09/11/2026			200,388		0.1
12,000 (3)	Empower Finance 2020 L.P., 1.357%, 09/17/2027			11,830		0.0
17,000	ERP Operating L.P., 2.500%, 02/15/2030			17,618		0.0
50,000	Essex Portfolio L.P., 3.250%, 05/01/2023			52,187		0.0
200,000 (3)	Federation des Caisses Desjardins du Quebec, 2.050%, 02/10/2025			206,744		0.1
18,000	GE Capital Funding LLC, 4.400%, 05/15/2030			20,991		0.0
40,000 (4)	Goldman Sachs Group, Inc./The, 1.431%, 03/09/2027			39,904		0.0
43,000 (4)	Goldman Sachs Group, Inc./The, 1.542%, 09/10/2027			42,932		0.0
35,000	Goldman Sachs Group, Inc., 4.250%, 10/21/2025			39,153		0.0
46,000	Goldman Sachs Group, Inc., 5.150%, 05/22/2045			61,673		0.0
17,000	Goldman Sachs Group, Inc., 6.750%, 10/01/2037			24,793		0.0
30,000 (3)	Guardian Life Global Funding, 1.250%, 11/19/2027			29,291		0.0
16,000	Hartford Financial Services Group, Inc./The, 5.950%, 10/15/2036			21,891		0.0
200,000 (4)	HSBC Holdings PLC, 2.099%, 06/04/2026			205,679		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
200,000 (4)	HSBC Holdings PLC, 2.633%, 11/07/2025		$	210,017		0.1
200,000 (4)	HSBC Holdings PLC, 3.262%, 03/13/2023			204,064		0.1
24,000	Intercontinental Exchange, Inc., 2.650%, 09/15/2040			22,919		0.0
23,000	Intercontinental Exchange, Inc., 3.000%, 06/15/2050			22,745		0.0
55,000 (4)	JPMorgan Chase & Co., 0.969%, 06/23/2025			55,089		0.0
27,000 (4)	JPMorgan Chase & Co., 1.040%, 02/04/2027			26,571		0.0
66,000 (4)	JPMorgan Chase & Co., 1.953%, 02/04/2032			64,149		0.0
55,000 (4)	JPMorgan Chase & Co., 2.069%, 06/01/2029			55,486		0.0
33,000 (4)	JPMorgan Chase & Co., 2.182%, 06/01/2028			33,815		0.0
182,000 (4)	JPMorgan Chase & Co., 2.522%, 04/22/2031			187,438		0.1
31,000 (4)	JPMorgan Chase & Co., 2.525%, 11/19/2041			29,612		0.0
101,000 (4)	JPMorgan Chase & Co., 2.580%, 04/22/2032			103,729		0.0
121,000 (4)	JPMorgan Chase & Co., 3.157%, 04/22/2042			126,091		0.1
31,000 (4)	JPMorgan Chase & Co., 3.328%, 04/22/2052			33,148		0.0
70,000 (4)	JPMorgan Chase & Co., 3.797%, 07/23/2024			74,603		0.0
15,000 (4)	JPMorgan Chase & Co., 4.493%, 03/24/2031			17,780		0.0
21,000	Kite Realty Group L.P., 4.000%, 10/01/2026			22,677		0.0
4,000 (3)	Liberty Mutual Group, Inc., 3.951%, 10/15/2050			4,469		0.0
200,000 (3)	LSEGA Financing PLC, 3.200%, 04/06/2041			209,986		0.1
44,000	Main Street Capital Corp., 3.000%, 07/14/2026			45,254		0.0
30,000	Main Street Capital Corp., 5.200%, 05/01/2024			32,666		0.0
200,000	Mizuho Financial Group Cayman 2 Ltd., 4.200%, 07/18/2022			207,390		0.1
200,000 (4)	Mizuho Financial Group, Inc., 2.226%, 05/25/2026			207,118		0.1
147,000 (4)	Morgan Stanley, 1.593%, 05/04/2027			148,104		0.1
51,000 (4)	Morgan Stanley, 1.794%, 02/13/2032			49,048		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
34,000 (4)	Morgan Stanley, 2.188%, 04/28/2026		$	35,318		0.0
32,000 (4)	Morgan Stanley, 2.802%, 01/25/2052			31,441		0.0
75,000 (4)	Morgan Stanley, 3.622%, 04/01/2031			83,797		0.0
112,000	Morgan Stanley, 3.875%, 01/27/2026			125,263		0.1
100,000	Morgan Stanley, 4.000%, 07/23/2025			111,311		0.0
40,000 (4)	Morgan Stanley, 4.457%, 04/22/2039			49,540		0.0
250,000 (3)(4)	National Australia Bank Ltd., 3.933%, 08/02/2034			271,155		0.1
200,000 (4)	Natwest Group PLC, 3.073%, 05/22/2028			211,195		0.1
55,000 (3)	New York Life Global Funding, 2.875%, 04/10/2024			58,418		0.0
25,000	Northern Trust Corp., 1.950%, 05/01/2030			25,242		0.0
43,000 (3)	Northwestern Mutual Global Funding, 1.700%, 06/01/2028			43,083		0.0
28,000 (3)	Northwestern Mutual Life Insurance Co/The, 3.625%, 09/30/2059			30,875		0.0
29,000	Old Republic International Corp., 3.850%, 06/11/2051			30,935		0.0
150,000	ORIX Corp., 3.250%, 12/04/2024			161,788		0.1
58,000	Owl Rock Capital Corp., 4.250%, 01/15/2026			62,729		0.0
38,000 (3)	Owl Rock Technology Finance Corp., 4.750%, 12/15/2025			41,824		0.0
40,000 (3)	Pacific Life Global Funding II, 1.375%, 04/14/2026			40,101		0.0
23,000	Piedmont Operating Partnership L.P., 3.150%, 08/15/2030			23,398		0.0
30,000	Piedmont Operating Partnership L.P., 4.450%, 03/15/2024			32,361		0.0
39,000	Public Storage, 0.875%, 02/15/2026			38,699		0.0
23,000	Regency Centers L.P., 2.950%, 09/15/2029			24,246		0.0
25,000	Regency Centers L.P., 3.700%, 06/15/2030			27,701		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
20,000	Retail Properties of America, Inc., 4.750%, 09/15/2030		$	22,204		0.0
40,000 (3)	Scentre Group Trust 1 / Scentre Group Trust 2, 3.625%, 01/28/2026			43,762		0.0
27,000	Simon Property Group L.P., 1.750%, 02/01/2028			26,876		0.0
200,000 (2)(3)(4)	Standard Chartered PLC, 1.456%, 01/14/2027			198,408		0.1
200,000 (3)(4)	Standard Chartered PLC, 3.265%, 02/18/2036			200,828		0.1
34,000	Sumitomo Mitsui Financial Group, Inc., 2.142%, 09/23/2030			33,216		0.0
8,000	Sumitomo Mitsui Financial Group, Inc., 3.010%, 10/19/2026			8,643		0.0
25,000 (3)	Teachers Insurance & Annuity Association of America, 3.300%, 05/15/2050			25,849		0.0
19,000	Travelers Cos, Inc./The, 3.050%, 06/08/2051			20,127		0.0
35,000 (4)	Truist Financial Corp., 1.267%, 03/02/2027			34,979		0.0
46,000 (2)(4)	Truist Financial Corp., 1.887%, 06/07/2029			46,184		0.0
25,000 (4)	Truist Financial Corp., 5.100%, 12/31/2199			28,156		0.0
30,000	Unum Group, 4.125%, 06/15/2051			30,397		0.0
7,000	Ventas Realty L.P., 5.700%, 09/30/2043			9,295		0.0
45,000	VEREIT Operating Partnership L.P., 2.200%, 06/15/2028			45,734		0.0
36,000 (4)	Wells Fargo & Co., 2.393%, 06/02/2028			37,360		0.0
101,000 (4)	Wells Fargo & Co., 2.406%, 10/30/2025			105,721		0.0
21,000 (4)	Wells Fargo & Co., 3.068%, 04/30/2041			21,581		0.0
120,000	Wells Fargo & Co., 3.750%, 01/24/2024			129,097		0.1
28,000	Wells Fargo & Co., 4.750%, 12/07/2046			35,506		0.0
43,000	Westpac Banking Corp., 2.150%, 06/03/2031			43,502		0.0
15,000	Westpac Banking Corp., 2.350%, 02/19/2025			15,785		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
33,000	Westpac Banking Corp., 2.963%, 11/16/2040		$	32,503		0.0
20,000	WP Carey, Inc., 2.400%, 02/01/2031			19,935		0.0
71,000	XLIT Ltd., 4.450%, 03/31/2025			79,736		0.0
22,000	XLIT Ltd., 5.500%, 03/31/2045			29,936		0.0
				9,751,309		2.5
	Industrial: 0.2%
14,000	Avnet, Inc., 3.000%, 05/15/2031			13,969		0.0
27,000 (3)	Berry Global, Inc., 0.950%, 02/15/2024			27,057		0.0
40,000 (3)	Berry Global, Inc., 1.650%, 01/15/2027			39,704		0.0
22,000	Boeing Co/The, 3.250%, 02/01/2028			23,348		0.0
11,000	Boeing Co/The, 3.625%, 02/01/2031			11,843		0.0
9,000	Boeing Co/The, 3.850%, 11/01/2048			9,267		0.0
35,000	Boeing Co/The, 4.875%, 05/01/2025			39,234		0.0
27,000	Boeing Co/The, 5.805%, 05/01/2050			36,419		0.0
45,000	Burlington Northern Santa Fe LLC, 3.900%, 08/01/2046			52,943		0.0
18,000	Carrier Global Corp., 2.722%, 02/15/2030			18,677		0.0
25,000 (3)	CCL Industries, Inc., 3.050%, 06/01/2030			26,281		0.0
51,000	FedEx Corp., 3.900%, 02/01/2035			58,636		0.0
20,000	GATX Corp., 4.000%, 06/30/2030			22,582		0.0
14,000	General Electric Co., 3.625%, 05/01/2030			15,625		0.0
16,000 (3)	GXO Logistics, Inc., 1.650%, 07/15/2026			15,939		0.0
16,000 (3)	GXO Logistics, Inc., 2.650%, 07/15/2031			15,891		0.0
42,000	Norfolk Southern Corp., 3.650%, 08/01/2025			46,121		0.0
13,000	Norfolk Southern Corp., 4.100%, 05/15/2121			14,298		0.0
7,000	Northrop Grumman Corp., 2.930%, 01/15/2025			7,466		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
24,000 (3)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.200%, 11/15/2025		$	23,789		0.0
40,000 (3)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.700%, 06/15/2026			40,302		0.0
56,000	Raytheon Technologies Corp., 3.200%, 03/15/2024			59,592		0.0
2,000	Raytheon Technologies Corp., 3.650%, 08/16/2023			2,124		0.0
4,000	Raytheon Technologies Corp., 4.450%, 11/16/2038			4,854		0.0
51,000	Raytheon Technologies Corp., 4.500%, 06/01/2042			63,586		0.1
5,000	Raytheon Technologies Corp., 5.400%, 05/01/2035			6,619		0.0
6,000	Raytheon Technologies Corp., 6.125%, 07/15/2038			8,572		0.0
22,000	Republic Services, Inc., 1.450%, 02/15/2031			20,642		0.0
20,000	Republic Services, Inc., 1.750%, 02/15/2032			19,048		0.0
99,000	Teledyne Technologies, Inc., 1.600%, 04/01/2026			99,309		0.1
35,000	Union Pacific Corp., 3.550%, 05/20/2061			37,754		0.0
17,000	Waste Management, Inc., 1.500%, 03/15/2031			16,103		0.0
25,000	WRKCo, Inc., 3.000%, 06/15/2033			26,219		0.0
				923,813		0.2
	Technology: 0.4%
10,000	Analog Devices, Inc., 3.500%, 12/05/2026			11,108		0.0
39,000	Apple, Inc., 1.650%, 02/08/2031			38,431		0.0
35,000	Apple, Inc., 2.650%, 05/11/2050			34,445		0.0
65,000	Apple, Inc., 2.650%, 02/08/2051			63,677		0.0
140,000	Apple, Inc., 2.800%, 02/08/2061			136,757		0.1
70,000	Apple, Inc., 3.750%, 09/12/2047			82,868		0.0
35,000	Apple, Inc., 3.750%, 11/13/2047			41,067		0.0
20,000	Citrix Systems, Inc., 1.250%, 03/01/2026			19,764		0.0
25,000	Dell International LLC / EMC Corp., 6.020%, 06/15/2026			30,027		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
20,000	Fiserv, Inc., 2.750%, 07/01/2024		$	21,107		0.0
85,000	Fiserv, Inc., 3.500%, 07/01/2029			93,613		0.0
32,000 (3)	HP, Inc., 1.450%, 06/17/2026			31,800		0.0
45,000	HP, Inc., 4.050%, 09/15/2022			46,980		0.0
15,000 (3)	Infor, Inc., 1.450%, 07/15/2023			15,180		0.0
15,000	Intel Corp., 3.100%, 02/15/2060			15,373		0.0
30,000	Intel Corp., 3.250%, 11/15/2049			31,997		0.0
75,000	Intel Corp., 4.600%, 03/25/2040			95,163		0.1
20,000	Intel Corp., 4.950%, 03/25/2060			28,309		0.0
100,000	International Business Machines Corp., 3.300%, 05/15/2026			110,073		0.1
37,000	Microchip Technology, Inc., 2.670%, 09/01/2023			38,557		0.0
50,000	Microsoft Corp., 2.400%, 08/08/2026			53,334		0.0
93,000	Microsoft Corp., 2.921%, 03/17/2052			98,873		0.1
17,000	NetApp, Inc., 1.875%, 06/22/2025			17,491		0.0
62,000	NVIDIA Corp., 1.550%, 06/15/2028			61,808		0.0
60,000	NVIDIA Corp., 2.000%, 06/15/2031			60,143		0.0
31,000 (3)	NXP BV / NXP Funding LLC, 5.350%, 03/01/2026			36,194		0.0
20,000 (3)	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.400%, 05/01/2030			21,860		0.0
24,000	Oracle Corp., 3.650%, 03/25/2041			25,488		0.0
6,000	Oracle Corp., 3.850%, 07/15/2036			6,610		0.0
20,000	Oracle Corp., 3.950%, 03/25/2051			21,856		0.0
17,000	Roper Technologies, Inc., 1.400%, 09/15/2027			16,736		0.0
41,000	salesforce.com, Inc., 1.950%, 07/15/2031			41,099		0.0
31,000	salesforce.com, Inc., 2.700%, 07/15/2041			31,246		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
22,000	salesforce.com, Inc., 2.900%, 07/15/2051		$	22,325		0.0
35,000	salesforce.com, Inc., 3.050%, 07/15/2061			35,667		0.0
				1,537,026		0.4
	Utilities: 0.9%
52,000	AEP Texas, Inc., 3.450%, 01/15/2050			53,978		0.0
32,000 (3)	AEP Texas, Inc., 3.850%, 10/01/2025			35,057		0.0
21,000 (3)	AES Corp./The, 1.375%, 01/15/2026			20,804		0.0
16,000 (3)	AES Corp./The, 3.950%, 07/15/2030			17,546		0.0
20,000	Alabama Power Co., 3.450%, 10/01/2049			21,777		0.0
74,000 (3)	Alliant Energy Finance LLC, 3.750%, 06/15/2023			78,433		0.1
50,000 (3)	American Transmission Systems, Inc., 5.000%, 09/01/2044			64,277		0.1
50,000 (3)	American Transmission Systems, Inc., 5.250%, 01/15/2022			51,203		0.0
23,000	Appalachian Power Co., 2.700%, 04/01/2031			23,803		0.0
14,000	Appalachian Power Co., 3.700%, 05/01/2050			15,487		0.0
55,000	Avangrid, Inc., 3.200%, 04/15/2025			59,113		0.0
30,000	Baltimore Gas and Electric Co., 2.250%, 06/15/2031			30,325		0.0
20,000	Baltimore Gas and Electric Co., 3.200%, 09/15/2049			21,012		0.0
26,000	Berkshire Hathaway Energy Co., 1.650%, 05/15/2031			25,009		0.0
25,000	Black Hills Corp., 2.500%, 06/15/2030			25,491		0.0
15,000	Black Hills Corp., 3.050%, 10/15/2029			16,000		0.0
40,000	Black Hills Corp., 4.250%, 11/30/2023			43,005		0.0
8,000	Black Hills Corp., 4.350%, 05/01/2033			9,329		0.0
25,000	CenterPoint Energy Houston Electric LLC, 3.550%, 08/01/2042			28,121		0.0
39,000 (3)	Cleveland Electric Illuminating Co/The, 3.500%, 04/01/2028			41,757		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
26,000 (4)	CMS Energy Corp., 3.750%, 12/01/2050		$	26,482		0.0
53,000 (4)	CMS Energy Corp., 4.750%, 06/01/2050			59,194		0.0
13,000	Commonwealth Edison Co., 3.750%, 08/15/2047			15,089		0.0
34,000	Consolidated Edison Co. of New York, Inc., 4.000%, 11/15/2057			38,572		0.0
13,000	Consolidated Edison Co. of New York, Inc., 5.300%, 03/01/2035			16,507		0.0
35,000 (4)	Dominion Energy, Inc., 4.650%, 12/31/2199			37,275		0.0
12,000	DTE Electric Co., 1.900%, 04/01/2028			12,194		0.0
13,000	DTE Electric Co., 2.950%, 03/01/2050			13,343		0.0
12,000	DTE Electric Co., 3.250%, 04/01/2051			13,038		0.0
47,000	DTE Energy Co., 1.050%, 06/01/2025			47,009		0.0
12,000	Duke Energy Carolinas LLC, 2.550%, 04/15/2031			12,470		0.0
15,000	Duke Energy Carolinas LLC, 4.000%, 09/30/2042			17,730		0.0
15,000 (4)	Duke Energy Corp., 4.875%, 12/31/2199			15,975		0.0
195,000	Duke Energy Indiana LLC, 2.750%, 04/01/2050			189,304		0.1
25,000	Duke Energy Indiana LLC, 3.250%, 10/01/2049			26,521		0.0
13,000	Duke Energy Ohio, Inc., 2.125%, 06/01/2030			13,071		0.0
109,000	Duke Energy Progress LLC, 3.700%, 10/15/2046			123,640		0.1
45,000	Duke Energy Progress LLC, 4.100%, 05/15/2042			53,015		0.0
5,000	Duke Energy Progress LLC, 4.200%, 08/15/2045			6,041		0.0
17,000 (3)	Duquesne Light Holdings, Inc., 2.532%, 10/01/2030			16,736		0.0
24,000	Entergy Arkansas LLC, 2.650%, 06/15/2051			22,814		0.0
32,000	Entergy Corp., 2.400%, 06/15/2031			31,975		0.0
13,000	Entergy Corp., 2.800%, 06/15/2030			13,555		0.0
9,000	Entergy Louisiana LLC, 4.200%, 04/01/2050			11,053		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
73,000	Entergy Mississippi LLC, 3.100%, 07/01/2023		$	75,964		0.1
19,000	Entergy Mississippi LLC, 3.500%, 06/01/2051			20,864		0.0
33,000	Entergy Texas, Inc., 4.000%, 03/30/2029			37,279		0.0
18,000	Evergy Metro, Inc., 2.250%, 06/01/2030			18,348		0.0
23,000	Eversource Energy, 3.450%, 01/15/2050			24,289		0.0
5,000	Exelon Corp., 4.050%, 04/15/2030			5,701		0.0
10,000	Exelon Corp., 4.700%, 04/15/2050			12,660		0.0
57,000	FirstEnergy Corp., 3.350%, 07/15/2022			57,958		0.0
25,000	Georgia Power Co., 2.200%, 09/15/2024			26,034		0.0
33,000	Georgia Power Co., 5.750%, 04/15/2023			35,756		0.0
44,000	Indiana Michigan Power Co., 3.250%, 05/01/2051			46,206		0.0
20,000	Interstate Power and Light Co., 2.300%, 06/01/2030			20,322		0.0
80,000	Interstate Power and Light Co., 3.250%, 12/01/2024			86,126		0.1
12,000	IPALCO Enterprises, Inc., 4.250%, 05/01/2030			13,512		0.0
14,000 (3)	Jersey Central Power & Light Co., 2.750%, 03/01/2032			14,243		0.0
50,000 (3)	Jersey Central Power & Light Co., 4.300%, 01/15/2026			55,385		0.0
50,000 (3)	Jersey Central Power & Light Co., 4.700%, 04/01/2024			54,445		0.0
25,000	Kentucky Utilities Co., 3.300%, 06/01/2050			26,490		0.0
12,000 (3)	Metropolitan Edison Co., 4.000%, 04/15/2025			12,727		0.0
30,000	Mississippi Power Co., 4.250%, 03/15/2042			35,517		0.0
20,000 (3)	Monongahela Power Co., 3.550%, 05/15/2027			22,075		0.0
15,000 (3)	Narragansett Electric Co/The, 3.395%, 04/09/2030			16,453		0.0
44,000	National Rural Utilities Cooperative Finance Corp., 2.400%, 03/15/2030			45,454		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
43,000 (4)	National Rural Utilities Cooperative Finance Corp., 4.750%, 04/30/2043		$	45,032		0.0
23,000	NextEra Energy Capital Holdings, Inc., 1.900%, 06/15/2028			23,284		0.0
29,000	NiSource, Inc., 3.600%, 05/01/2030			32,150		0.0
20,000	NiSource, Inc., 5.950%, 06/15/2041			28,126		0.0
20,000	Oglethorpe Power Corp., 3.750%, 08/01/2050			21,203		0.0
59,000	ONE Gas, Inc., 1.100%, 03/11/2024			59,043		0.0
13,000	Pacific Gas and Electric Co., 4.250%, 03/15/2046			12,421		0.0
28,000	Pacific Gas and Electric Co., 4.300%, 03/15/2045			26,982		0.0
17,000	Pacific Gas and Electric Co., 4.450%, 04/15/2042			16,877		0.0
10,000	PECO Energy Co., 4.150%, 10/01/2044			12,174		0.0
200,000 (2)	Perusahaan Listrik Negara PT, 4.125%, 05/15/2027			217,150		0.1
15,000	Piedmont Natural Gas Co., Inc., 3.350%, 06/01/2050			15,502		0.0
75,000	PPL Electric Utilities Corp., 4.125%, 06/15/2044			89,460		0.1
17,000	Public Service Enterprise Group, Inc., 1.600%, 08/15/2030			16,133		0.0
50,000	Sempra Energy, 3.800%, 02/01/2038			55,656		0.0
24,000 (4)	Sempra Energy, 4.875%, 12/31/2199			26,100		0.0
68,000	Sierra Pacific Power Co., 2.600%, 05/01/2026			72,343		0.1
41,000	South Jersey Industries, Inc., 5.020%, 04/15/2031			43,464		0.0
5,000	Southern California Edison Co., 2.400%, 02/01/2022			5,043		0.0
6,000	Southern California Edison Co., 4.050%, 03/15/2042			6,471		0.0
40,000	Southern Co. Gas Capital Corp., 5.875%, 03/15/2041			55,275		0.0
60,000 (4)	Southern Co/The, 3.750%, 09/15/2051			60,459		0.0
35,000 (4)	Southern Co/The, 4.000%, 01/15/2051			37,100		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
36,000	Southwestern Electric Power Co., 1.650%, 03/15/2026		$	36,468		0.0
14,000	Tampa Electric Co., 4.350%, 05/15/2044			17,032		0.0
25,000	Tucson Electric Power Co., 1.500%, 08/01/2030			23,783		0.0
17,000	Union Electric Co., 3.900%, 09/15/2042			19,684		0.0
28,000	Virginia Electric and Power Co., 3.450%, 09/01/2022			28,788		0.0
36,000	Washington Gas Light Co., 3.650%, 09/15/2049			40,515		0.0
31,000	WEC Energy Group, Inc., 1.375%, 10/15/2027			30,312		0.0
23,000	Wisconsin Electric Power Co., 1.700%, 06/15/2028			23,093		0.0
26,000	Wisconsin Public Service Corp., 3.671%, 12/01/2042			29,479		0.0
				3,504,540		0.9
	Total Corporate Bonds/Notes (Cost $26,308,948)			27,406,894		7.1

COLLATERALIZED MORTGAGE OBLIGATIONS: 3.0%
77,416	Alternative Loan Trust 2004-J7 MI, 1.112%, (US0001M + 1.020%), 10/25/2034			76,163		0.0
58,961	Alternative Loan Trust 2005-10CB 1A1, 0.592%, (US0001M + 0.500%), 05/25/2035			48,196		0.0
48,926	Alternative Loan Trust 2005-51 3A2A, 1.406%, (12MTA + 1.290%), 11/20/2035			46,109		0.0
47,792	Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035			43,879		0.0
98,604	Alternative Loan Trust 2005-J2 1A12, 0.492%, (US0001M + 0.400%), 04/25/2035			82,546		0.0
16,603	Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036			11,232		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
91,456	Alternative Loan Trust 2006-19CB A12, 0.492%, (US0001M + 0.400%), 08/25/2036		$	48,111		0.0
66,855	Alternative Loan Trust 2006-HY11 A1, 0.332%, (US0001M + 0.120%), 06/25/2036			64,893		0.0
26,425	Alternative Loan Trust 2007-23CB A3, 0.592%, (US0001M + 0.500%), 09/25/2037			11,457		0.0
120,475	Alternative Loan Trust 2007-2CB 2A1, 0.692%, (US0001M + 0.600%), 03/25/2037			59,110		0.0
30,064 (4)	Bear Stearns ALT-A Trust 2005-7 21A1, 2.816%, 09/25/2035			28,053		0.0
51,574	Bear Stearns Mortgage Funding Trust 2006-AR5 2A1, 0.282%, (US0001M + 0.190%), 01/25/2037			48,126		0.0
65,361 (4)	Citigroup Mortgage Loan Trust 2006-AR2 1A1, 2.775%, 03/25/2036			57,854		0.0
38,063 (4)	Citigroup Mortgage Loan Trust 2007-10 22AA, 3.234%, 09/25/2037			37,678		0.0
419,875	Fannie Mae 2011-113 CL, 4.000%, 11/25/2041			455,927		0.1
416,814	Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041			484,870		0.1
79,365	Fannie Mae Connecticut Avenue Securities 2015-C02 1M2, 4.092%, (US0001M + 4.000%), 05/25/2025			81,103		0.0
73,685	Fannie Mae Connecticut Avenue Securities 2017-C02 2M2, 3.742%, (US0001M + 3.650%), 09/25/2029			76,423		0.0
178,272	Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 3.092%, (US0001M + 3.000%), 10/25/2029			183,999		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
169,688	Fannie Mae Connecticut Avenue Securities 2017-C04 2M2, 2.942%, (US0001M + 2.850%), 11/25/2029		$	174,071		0.1
61,064	Fannie Mae Connecticut Avenue Securities 2017-CO6 2M2, 2.892%, (US0001M + 2.800%), 02/25/2030			62,502		0.0
361,160	Fannie Mae Connecticut Avenue Securities 2018-C04 2M2, 2.642%, (US0001M + 2.550%), 12/25/2030			368,016		0.1
166,434	Fannie Mae Connecticut Avenue Securities 2018-C06 1M2, 2.092%, (US0001M + 2.000%), 03/25/2031			167,875		0.1
62,705 (3)	Fannie Mae Connecticut Avenue Securities 2019-R02 1M2, 2.392%, (US0001M + 2.300%), 08/25/2031			63,182		0.0
156,812 (3)	Fannie Mae Connecticut Avenue Securities Trust 2020-R01 1M2, 2.142%, (US0001M + 2.050%), 01/25/2040			157,623		0.1
212,180	Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036			237,730		0.1
199,100 (4)	Fannie Mae REMIC Trust 2009-50 HZ, 5.538%, 02/25/2049			228,765		0.1
139,777	Fannie Mae REMIC Trust 2011-30 ZA, 5.000%, 04/25/2041			148,761		0.1
143,871	Fannie Mae REMIC Trust 2011-9 AZ, 5.000%, 05/25/2040			160,397		0.1
294,313	Fannie Mae REMICS 2009-96 DB, 4.000%, 11/25/2029			318,882		0.1
78,372	Fannie Mae REMICS 2011-10 ZC, 5.000%, 02/25/2041			89,156		0.0
214,171	Fannie Mae REMICS 2013-16 GD, 3.000%, 03/25/2033			220,753		0.1
600,000	Fannie Mae REMICS 2018-11 BX, 4.000%, 12/25/2047			646,691		0.2

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
79,853	Fannie Mae REMICS 2018-8 AB, 3.500%, 10/25/2047		$	83,112		0.0
92,499 (3)(4)	Flagstar Mortgage Trust 2018-1 B2, 4.004%, 03/25/2048			96,353		0.0
92,499 (3)(4)	Flagstar Mortgage Trust 2018-1 B3, 4.004%, 03/25/2048			95,622		0.0
306,021 (3)(4)	Flagstar Mortgage Trust 2020-2 A4, 3.000%, 08/25/2050			309,078		0.1
251,390	Freddie Mac 4634 ZM, 5.000%, 11/15/2056			328,817		0.1
66,531	Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029			74,630		0.0
56,895	Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032			65,428		0.0
13,680	Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034			16,047		0.0
40,602	Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035			46,253		0.0
128,890	Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036			147,977		0.0
50,630	Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037			58,818		0.0
46,206 (4)	Freddie Mac REMIC Trust 3524 LA, 5.332%, 03/15/2033			51,415		0.0
47,760	Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037			54,697		0.0
8,997	Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042			10,038		0.0
239,672	Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033			257,334		0.1
540,219	Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044			607,855		0.2
540,219	Freddie Mac REMIC Trust 435 XZ, 4.250%, 05/15/2044			613,702		0.2
253,994	Freddie Mac REMICS 4495 PA, 3.500%, 09/15/2043			265,024		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
5,942	Freddie Mac REMICS 4678 AB, 4.000%, 06/15/2044		$	6,023		0.0
250,000 (3)	Freddie Mac STACR REMIC Trust 2020-DNA6 M2, 2.018%, (SOFR30A + 2.000%), 12/25/2050			252,972		0.1
200,000 (3)	Freddie Mac Stacr Remic Trust 2020-HQA2 M2, 3.192%, (US0001M + 3.100%), 03/25/2050			203,371		0.1
132,482 (3)	Freddie Mac STACR REMIC Trust 2020-HQA3 M2, 3.692%, (US0001M + 3.600%), 07/25/2050			134,221		0.0
143,449	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA3 M2, 2.442%, (US0001M + 2.350%), 04/25/2030			146,830		0.0
77,646	Freddie Mac Structured Agency Credit Risk Debt Notes 2018-HQA1 M2, 2.392%, (US0001M + 2.300%), 09/25/2030			78,852		0.0
391,623	Ginnie Mae 2013-8 BE, 1.750%, 11/20/2042			400,797		0.1
41,375	Ginnie Mae Series 2009-29 PB, 4.750%, 05/20/2039			46,682		0.0
288,979	Ginnie Mae Series 2010-164 JZ, 4.000%, 12/20/2040			315,945		0.1
13,641	Ginnie Mae Series 2011-169 BC, 7.000%, 05/16/2032			15,015		0.0
37,805 (3)(4)	GS Mortgage-Backed Securities Corp. Trust 2020-PJ2 A4, 3.500%, 07/25/2050			38,307		0.0
115,091 (3)(4)	GS Mortgage-Backed Securities Corp. Trust 2020-PJ4 A4, 3.000%, 01/25/2051			116,419		0.0
200,000 (3)(4)	GS Mortgage-Backed Securities Trust 2021-PJ6 A12, 2.500%, 11/25/2051			203,380		0.1
35,161	HomeBanc Mortgage Trust 2004-1 2A, 0.952%, (US0001M + 0.860%), 08/25/2029			34,704		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
34,583	IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 0.512%, (US0001M + 0.420%), 04/25/2046		$	32,887		0.0
400,000 (3)(4)	JP Morgan Mortgage Trust 2019-LTV3 A5, 3.500%, 03/25/2050			407,775		0.1
333,740 (3)(4)	JP Morgan Mortgage Trust 2020-5 A15, 3.000%, 12/25/2050			337,485		0.1
37,856	Lehman XS Trust Series 2005-5N 1A2, 0.452%, (US0001M + 0.360%), 11/25/2035			35,667		0.0
100,000 (3)	Mello Warehouse Securitization Trust 2021-1 C, 1.206%, (US0001M + 1.100%), 02/25/2055			100,346		0.0
47,293	Morgan Stanley Mortgage Loan Trust 2007-13 6A1, 6.000%, 10/25/2037			36,613		0.0
10,557	Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037			10,080		0.0
20,217 (4)	WaMu Mortgage Pass Through Certificates Series 2006-AR12 2A3, 2.514%, 10/25/2036			19,709		0.0
55,958	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 A1C3, 1.112%, (US0001M + 0.510%), 08/25/2045			55,953		0.0
28,493	WaMu Mortgage Pass-Through Certificates Series 2005-AR13 A1C3, 1.072%, (US0001M + 0.490%), 10/25/2045			28,304		0.0
25,657 (4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.076%, 08/25/2046			25,542		0.0
128,549 (4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 3.050%, 12/25/2036			128,946		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
33,882 (4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY4 1A1, 2.716%, 04/25/2037		$	32,245		0.0
69,703 (4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY7 2A2, 3.035%, 07/25/2037			70,176		0.0
154,993	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR6 2A, 1.076%, (12MTA + 0.960%), 08/25/2046			104,899		0.0
15,134	Wells Fargo Alternative Loan 2007-PA2 2A1, 0.522%, (US0001M + 0.430%), 06/25/2037			12,103		0.0
14,387 (4)	Wells Fargo Mortgage Backed Securities 2006-AR4 2A4, 2.827%, 04/25/2036			14,120		0.0
20,645 (4)	Wells Fargo Mortgage Backed Securities 2007-AR7 A1, 2.873%, 12/28/2037			20,592		0.0
100,000 (3)(4)	Wells Fargo Mortgage Backed Securities 2020-2 A5 Trust, 3.000%, 12/25/ 2049			102,412		0.0
	Total Collateralized Mortgage Obligations (Cost $11,415,128)			11,741,705		3.0

U.S. TREASURY OBLIGATIONS: 3.5%
	U.S. Treasury Bonds: 0.8%
1,000	1.250%, 05/15/2050			817		0.0
22,000	1.375%, 11/15/2040			19,771		0.0
2,200	1.625%, 11/15/2050			1,976		0.0
1,098,000 (2)	1.875%, 02/15/2051			1,048,247		0.3
1,809,000	2.250%, 05/15/2041			1,882,773		0.5
				2,953,584		0.8
	U.S. Treasury Notes: 2.7%
1,941,400	0.125%, 06/30/2022			1,941,952		0.5
565,000	0.125%, 05/31/2023			563,830		0.1
646,000	0.125%, 06/30/2023			644,474		0.2
1,000	0.125%, 10/15/2023			996		0.0
1,623,000	0.250%, 06/15/2024			1,613,173		0.4
217,000	0.875%, 06/30/2026			216,907		0.0
20,500 (2)	1.125%, 02/15/2031			19,904		0.0
3,094,000	1.250%, 06/30/2028			3,099,076		0.8
2,588,400 (2)	1.625%, 05/15/2031			2,628,439		0.7
				10,728,751		2.7

Principal Amount†		Value			Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: (continued)
	U.S. Treasury Notes (continued)
	Total U.S. Treasury Obligations (Cost $13,516,591)		$	13,682,335		3.5
U.S. GOVERNMENT AGENCY OBLIGATIONS: 2.1%
	Federal Home Loan Mortgage Corporation: 0.2%(5)
10,554	2.500%, 05/01/2030			11,117		0.0
6,308	2.500%, 05/01/2030			6,624		0.0
13,381	2.500%, 06/01/2030			14,095		0.0
22,556	3.000%, 03/01/2045			24,051		0.0
17,601	3.000%, 03/01/2045			18,662		0.0
25,225	3.000%, 04/01/2045			26,853		0.0
36,129	3.500%, 03/01/2045			38,800		0.0
116,076	4.000%, 12/01/2041			127,152		0.1
33,718	4.000%, 12/01/2042			37,114		0.0
6,007	4.000%, 09/01/2045			6,504		0.0
6,090	4.000%, 09/01/2045			6,606		0.0
10,399	4.000%, 09/01/2045			11,325		0.0
6,164	4.000%, 09/01/2045			6,735		0.0
77,342	4.500%, 08/01/2041			86,568		0.0
274,272	4.500%, 09/01/2041			305,680		0.1
2,798	5.500%, 07/01/2037			3,232		0.0
2,149	6.500%, 12/01/2031			2,451		0.0
				733,569		0.2
	Federal National Mortgage Association: 0.2%(5)
584,522	4.500%, 09/01/2047			667,221		0.2

	Government National Mortgage Association: 0.4%
1,011,000 (6)	2.500%, 07/15/2051			1,046,306		0.3
283,157	3.000%, 07/20/2050			296,044		0.1
29,186	4.000%, 11/20/2040			31,949		0.0
65,275	4.000%, 03/20/2046			70,582		0.0
52,316	4.500%, 08/20/2041			57,891		0.0
171,047	4.500%, 09/15/2047			190,664		0.0
				1,693,436		0.4
	Uniform Mortgage-Backed Securities: 1.3%
1,450,000 (6)	2.000%, 08/15/2051			1,461,328		0.4
16,338	2.500%, 05/01/2030			17,185		0.0
34,179	2.500%, 06/01/2030			35,895		0.0
23,748	2.500%, 06/01/2030			24,940		0.0
12,952	2.500%, 07/01/2030			13,598		0.0
940,000 (6)	2.500%, 07/15/2051			972,313		0.3
42,962	3.000%, 09/01/2043			45,494		0.0
198,926	3.000%, 04/01/2045			211,804		0.1
133,410	3.000%, 07/01/2046			142,571		0.1
852,927	3.000%, 04/01/2050			890,689		0.2
47,847	3.500%, 10/01/2042			51,576		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
422,126	3.500%, 08/01/2046		$	458,358		0.1
115,107	4.000%, 07/01/2042			126,654		0.0
17,634	4.000%, 07/01/2042			19,400		0.0
161,214	4.000%, 01/01/2045			179,791		0.1
26,613	4.000%, 06/01/2045			29,061		0.0
23,466	4.500%, 11/01/2040			25,898		0.0
47,597	4.500%, 10/01/2041			52,680		0.0
19,419	5.000%, 06/01/2033			22,189		0.0
4,885	5.000%, 02/01/2036			5,599		0.0
2,164	5.000%, 07/01/2036			2,471		0.0
52,495	5.000%, 07/01/2037			58,863		0.0
64,341	5.000%, 11/01/2040			73,737		0.0
21,789	5.000%, 05/01/2041			24,950		0.0
36,218	5.000%, 06/01/2041			41,472		0.0
66,537	5.000%, 06/01/2041			75,449		0.0
79,153	5.500%, 12/01/2036			91,246		0.0
392	7.000%, 06/01/2029			393		0.0
286	7.000%, 10/01/2029			328		0.0
1,258	7.000%, 01/01/2032			1,400		0.0
395	7.000%, 05/01/2032			399		0.0
				5,157,731		1.3
	Total U.S. Government Agency Obligations (Cost $8,094,314)			8,251,957		2.1

COMMERCIAL MORTGAGE-BACKED SECURITIES: 2.1%
900,000 (3)(4)	BAMLL Commercial Mortgage Securities Trust 2015-200P F, 3.716%, 04/14/2033			924,466		0.3
3,000,000 (4)(7)	BANK 2017-BNK8 XB, 0.221%, 11/15/2050			32,759		0.0
986,656 (4)(7)	BANK 2019-BNK16 XA, 1.119%, 02/15/2052			58,845		0.0
3,792,191 (4)(7)	BANK 2019-BNK21 XA, 0.992%, 10/17/2052			222,436		0.1
2,180,000 (3)(4)(7)	BBCCRE Trust 2015-GTP XA, 0.749%, 08/10/2033			53,212		0.0
991,830 (4)(7)	Benchmark 2019-B9 XA Mortgage Trust, 1.208%, 03/15/2052			67,230		0.0
343,000 (3)	BX Commercial Mortgage Trust 2021-IRON E, 2.423%, (US0001M + 2.350%), 02/15/2038			345,393		0.1
60,000 (4)	CCUBS Commercial Mortgage Trust 2017-C1 C, 4.538%, 11/15/2050			65,609		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
803,190 (4)(7)	CD 2017-CD4 Mortgage Trust XA, 1.439%, 05/10/2050		$	42,952		0.0
891,000 (4)(7)	Citigroup Commercial Mortgage Trust 2016-P4 XA, 2.108%, 07/10/2049			63,699		0.0
1,265,105 (4)(7)	Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.231%, 10/12/2050			61,544		0.0
975,957 (4)(7)	Citigroup Commercial Mortgage Trust 2017-P8 XA, 1.040%, 09/15/2050			45,518		0.0
1,298,083 (4)(7)	Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.693%, 06/10/2051			50,316		0.0
1,116,047 (4)(7)	Citigroup Commercial Mortgage Trust 2019-GC41 XA, 1.186%, 08/10/2056			74,653		0.0
60,000	Citigroup Commercial Mortgage Trust 2019-GC43 A4, 3.038%, 11/10/2052			65,020		0.0
739,239 (4)(7)	COMM 2012-CR4 XA, 1.841%, 10/15/2045			12,178		0.0
2,380,000 (3)(4)(7)	COMM 2012-CR4 XB, 0.769%, 10/15/2045			19,184		0.0
177,000 (4)	Comm 2013-CCRE13 C Mortgage Trust, 5.046%, 11/10/2046			190,579		0.1
20,000 (4)	COMM 2016-COR1 C, 4.510%, 10/10/2049			21,663		0.0
1,461,168 (4)(7)	COMM 2016-CR28 XA, 0.781%, 02/10/2049			36,879		0.0
743,999 (4)(7)	COMM 2017-COR2 XA, 1.309%, 09/10/2050			44,578		0.0
170,000 (4)	CSAIL 2018-CX11 A5 Commercial Mortgage Trust, 4.033%, 04/15/2051			192,218		0.1
130,000 (3)(4)	DBWF 2015-LCM D Mortgage Trust, 3.535%, 06/10/2034			119,431		0.1
110,000 (3)(4)	DBJPM 16-C3 Mortgage Trust, 3.631%, 08/10/2049			93,792		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
658,896	Freddie Mac Multifamily 2021-ML08-X-US Certificates Sustainability Bonds, 1.846%, 07/25/2037		$	125,613		0.1
1,648,786 (4)(7)	Freddie Mac Multifamily Structured Pass Through Certificates K122 X1, 0.974%, 11/25/2030			117,319		0.1
799,414 (4)(7)	Freddie Mac Multifamily Structured Pass Through Certificates K-1517 X1, 1.447%, 07/25/2035			117,457		0.1
1,295,927 (4)(7)	Freddie Mac Multifamily Structured Pass Through Certificates K-1518 X1, 0.961%, 10/25/2035			120,892		0.1
848,000 (7)	Freddie Mac Multifamily Structured Pass Through Certificates KL06 XFX, 1.364%, 12/25/2029			77,996		0.0
178,000 (3)(4)	Grace Trust 2020-GRCE E, 2.769%, 12/10/2040			170,813		0.1
900,000 (3)	Great Wolf Trust 2019-WOLF E, 2.805%, (US0001M + 2.732%), 12/15/2036			885,477		0.2
100,000 (3)	GS Mortgage Securities Corp. II 2018-RIVR F, 2.173%, (US0001M + 2.100%), 07/15/2035			92,682		0.0
999,687 (4)(7)	GS Mortgage Securities Trust 2014-GC22 XA, 1.105%, 06/10/2047			20,785		0.0
1,397,942 (4)(7)	GS Mortgage Securities Trust 2016-GS4 XA, 0.621%, 11/10/2049			33,340		0.0
846,892 (4)(7)	GS Mortgage Securities Trust 2017-GS6 XA, 1.176%, 05/10/2050			44,948		0.0
50,000	GS Mortgage Securities Trust 2019-GC38 A4, 3.968%, 02/10/2052			57,187		0.0
1,221,683 (4)(7)	GS Mortgage Securities Trust 2019-GC38 XA, 1.120%, 02/10/2052			76,414		0.0
2,058,971 (4)(7)	GS Mortgage Securities Trust 2019-GC42 XA, 0.934%, 09/01/2052			115,214		0.0
90,000	GS Mortgage Securities Trust 2019-GSA1 A4, 3.048%, 11/10/2052			97,479		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,300,212 (4)(7)	GS Mortgage Securities Trust 2020-GC47 XA, 1.247%, 05/12/2053		$	117,190		0.0
408,884 (4)(7)	JPMBB Commercial Mortgage Securities Trust 2014-C19 XA, 0.834%, 04/15/2047			5,758		0.0
870,000 (3)	JP Morgan Chase Commercial Mortgage Securities Corp. 2021-MHC E, 2.523%, (US0001M + 2.450%), 04/15/2038			874,332		0.2
100,000 (3)(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2011-C4 G, 3.873%, 07/15/2046			99,245		0.0
150,000 (3)(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5 B, 5.611%, 08/15/2046			150,289		0.1
40,000 (3)(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C13 E, 3.986%, 01/15/2046			39,511		0.0
99,979 (3)	JP Morgan Chase Commercial Mortgage Securities Trust 2014-C20 A4A2, 3.538%, 07/15/2047			103,145		0.0
1,259,460 (4)(7)	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA, 0.810%, 12/15/2049			30,941		0.0
100,000 (3)(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2020-LOOP E, 3.990%, 12/05/2038			98,372		0.0
100,000 (3)(4)	JPMBB Commercial Mortgage Securities Trust 2013-C17 F, 3.867%, 01/15/2047			79,294		0.0
242,526 (3)(4)(7)	LB-UBS Commercial Mortgage Trust 2006-C7 XW, 0.629%, 11/15/2038			785		0.0
1,565,701 (4)(7)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XA, 1.129%, 12/15/2047			43,137		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
62,000	Morgan Stanley Capital I Trust 2019-H6 A4, 3.417%, 06/15/2052		$	68,558		0.0
3,350,865 (4)(7)	Morgan Stanley Capital I Trust 2019-L3 XA, 0.764%, 11/15/2052			162,071		0.1
1,009,860 (4)(7)	Morgan Stanley Capital I Trust 2021-L5 XA, 1.425%, 05/15/2054			100,436		0.0
75,000	Morgan Stanley Capital I, Inc. 2017-HR2 D, 2.730%, 12/15/2050			67,128		0.0
60,000	UBS Commercial Mortgage Trust 2019-C17 A4, 2.921%, 10/15/2052			63,923		0.0
40,000 (3)(4)	UBS-Barclays Commercial Mortgage Trust 2012-C4 D, 4.616%, 12/10/2045			29,571		0.0
60,000 (3)(4)	UBS-Barclays Commercial Mortgage Trust 2012-C4 E, 4.616%, 12/10/2045			34,620		0.0
2,098,019 (4)(7)	UBS Commercial Mortgage Trust 2018-C9 XA, 1.042%, 03/15/2051			104,023		0.0
400,000 (3)	Wells Fargo Commercial Mortgage Trust 2018-C45 D, 3.000%, 06/15/2051			352,609		0.1
1,076,941 (4)(7)	Wells Fargo Commercial Mortgage Trust 2019-C52 XA, 1.760%, 08/15/2052			110,314		0.0
500,000 (3)(4)	WFRBS Commercial Mortgage Trust 2014-C23 D, 4.146%, 10/15/2057			504,558		0.1
1,495,300 (3)(4)(7)	WFRBS Commercial Mortgage Trust 2012-C8 XA, 1.941%, 08/15/2045			15,313		0.0
	Total Commercial Mortgage-Backed Securities (Cost $8,252,560)			8,312,893		2.1
ASSET-BACKED SECURITIES: 3.8%
	Automobile Asset-Backed Securities: 0.2%
100,000	Americredit Automobile Receivables Trust 2018-2 D, 4.010%, 07/18/2024			104,808		0.0
100,000	Americredit Automobile Receivables Trust 2019-1 D, 3.620%, 03/18/2025			105,408		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Automobile Asset-Backed Securities (continued)
100,000	AmeriCredit Automobile Receivables Trust 2020-3 A3, 0.530%, 06/18/2025		$	100,361		0.0
100,000	Carmax Auto Owner Trust 2018-4 D, 4.150%, 04/15/2025			104,875		0.0
150,000	Santander Drive Auto Receivables Trust 2018-4 D, 3.980%, 12/15/2025			154,208		0.1
100,000	Santander Drive Auto Receivables Trust 2019-3 C, 2.490%, 10/15/2025			101,156		0.0
100,000	Santander Drive Auto Receivables Trust 2019-3 D, 2.680%, 10/15/2025			102,522		0.0
100,000	Santander Drive Auto Receivables Trust 2020-1 B, 3.030%, 11/15/2024			101,959		0.0
				875,297		0.2
	Home Equity Asset-Backed Securities: 0.1%
224,625 (4)	GSAA Home Equity Trust 2006-4 4A3, 3.059%, 03/25/2036			178,019		0.1
120,138 (4)	Renaissance Home Equity Loan Trust 2005-3 AF4, 5.140%, 11/25/2035			129,490		0.0
				307,509		0.1
	Other Asset-Backed Securities: 3.2%
250,000 (3)	AMMC CLO 16 Ltd. 2015-16A CR2, 2.136%, (US0003M + 1.950%), 04/14/2029			247,643		0.0
73,809 (3)	Aqua Finance Trust 2020-AA A, 1.900%, 07/17/2046			74,698		0.0
400,000 (3)	ARES XLIV CLO Ltd. 2017-44A A2R, 1.462%, (US0003M + 1.300%), 04/15/2034			400,211		0.1
300,000 (3)	ARES XLVI CLO Ltd. 2017-46A A2, 1.414%, (US0003M + 1.230%), 01/15/2030			299,081		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
250,000 (3)	Benefit Street Partners CLO IV Ltd. 2014-IVA BRRR, 2.338%, (US0003M + 2.150%), 01/20/2032		$	248,752		0.1
250,000 (3)	Benefit Street Partners CLO VIII Ltd. 2015-8A A1BR, 1.388%, (US0003M + 1.200%), 01/20/2031			249,430		0.1
250,000 (3)	BlueMountain CLO Ltd. 2021-28A C, 2.163%, (US0003M + 2.000%), 04/15/2034			248,802		0.1
100,000 (3)	Bojangles Issuer LLC 2020-3A A2, 3.832%, 10/20/2050			104,724		0.0
250,000 (3)	Carlyle US Clo 2017-2A CR Ltd., 1.594%, (US0003M + 1.400%), 07/20/2031			250,006		0.1
300,000 (3)	Cedar Funding IV CLO Ltd.2014-4A ARR, 1.306%, (US0003M + 1.160%), 07/23/2034			300,604		0.1
16,450	Chase Funding Trust Series 2003-5 2A2, 0.692%, (US0001M + 0.600%), 07/25/2033			15,936		0.0
250,000 (3)	CIFC Funding 2021-IA A1 Ltd., 1.246%, (US0003M + 1.110%), 04/25/2033			249,691		0.1
250,000 (3)	Clear Creek CLO 2015-1A CR, 2.138%, (US0003M + 1.950%), 10/20/2030			249,860		0.1
91,500 (3)	CLI Funding VI LLC 2020-1A A, 2.080%, 09/18/2045			92,419		0.0
250,000 (3)	Deer Creek Clo Ltd. 2017-1A A, 1.368%, (US0003M + 1.180%), 10/20/2030			250,033		0.1
97,500 (3)	Domino’s Pizza Master Issuer LLC 2018-1A A211, 4.328%, 07/25/2048			106,493		0.0
197,500 (3)	Domino’s Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049			214,451		0.0
100,000 (3)	Domino’s Pizza Master Issuer LLC 2021-1A A2II, 3.151%, 04/25/2051			105,140		0.0

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
97,750 (3)	Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049		$	105,677		0.0
250,000 (3)	Eaton Vance Clo 2015-1A A2R Ltd., 1.438%, (US0003M + 1.250%), 01/20/2030			249,771		0.1
250,000 (3)	Elmwood CLO IX Ltd. 2021-2A A, 1.276%, (US0003M + 1.130%), 07/20/2034			250,100		0.1
99,250 (3)	Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047			103,846		0.0
138,950 (3)	FREED ABS Trust 2021-2 A, 0.680%, 06/19/2028			139,047		0.0
21,303 (3)	HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040			22,447		0.0
249,581 (3)	J.G. Wentworth XXXIX LLC 2017-2A A, 3.530%, 09/15/2072			274,587		0.1
250,000 (3)	Jay Park CLO Ltd. 2016-1A BR, 2.188%, (US0003M + 2.000%), 10/20/2027			249,688		0.1
250,000 (3)	LCM XXIV Ltd. 24A AR, 1.168%, (US0003M + 0.980%), 03/20/2030			250,023		0.1
86,212 (3)	Loanpal Solar Loan 2020-2GF A Ltd., 2.750%, 07/20/2047			89,834		0.0
88,051 (3)	Loanpal Solar Loan 2021-1 1GS A Ltd., 2.290%, 01/20/2048			89,586		0.0
140,843 (3)	Loanpal Solar Loan 2021-2GS A Ltd., 2.220%, 03/20/2048			142,414		0.0
250,000 (3)	Madison Park Funding XLVIII Ltd. 2021-48A C, 2.142%, (US0003M + 2.000%), 04/19/2033			249,373		0.1
250,000 (3)	Marlette Funding Trust 2019-2A C, 4.110%, 07/16/2029			255,733		0.1
200,000 (3)(4)	Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059			210,929		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
50,746 (3)	Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043		$	54,795		0.0
74,353 (3)	Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/22/2044			79,230		0.0
83,957 (3)	Mosaic Solar Loan Trust 2020-2A A, 1.440%, 08/20/2046			82,759		0.0
92,509 (3)	Mosaic Solar Loan Trust 2021-1A B, 2.050%, 12/20/2046			92,780		0.0
250,000 (3)	Newark BSL CLO 1 Ltd. 2016-1A A1R, 1.281%, (US0003M + 1.100%), 12/21/2029			250,038		0.1
250,000 (3)	Newark BSL CLO 2 Ltd. 2017-1A BR, 1.926%, (US0003M + 1.750%), 07/25/2030			249,096		0.1
250,000 (3)	Oak Hill Credit Partners 2021-8A C, 2.088%, (US0003M + 1.900%), 01/18/2034			249,599		0.1
450,000 (3)	Oaktree CLO Ltd. 2021-1A A1, 1.306%, (US0003M + 1.160%), 07/15/2034			450,906		0.1
250,000 (3)	Octagon Investment Partners 30 Ltd. 2017-1A BR, 2.138%, (US0003M + 1.950%), 03/17/2030			248,985		0.1
250,000 (3)	Octagon Investment Partners 32 Ltd. 2017-1A A2R, 1.384%, (US0003M + 1.200%), 07/15/2029			250,005		0.1
250,000 (3)	Octagon Investment Partners XVII Ltd. 2013-1A A1R2, 1.176%, (US0003M + 1.000%), 01/25/2031			250,073		0.1
200,000 (3)	OHA Loan Funding 2013-1A A1R2 Ltd., 1.263%, (US0003M + 1.090%), 07/23/2031			200,002		0.0
250,000 (3)	Palmer Square CLO 2015-2A A1R2 Ltd., 1.288%, (US0003M + 1.100%), 07/20/2030			249,730		0.1
250,000 (3)	Palmer Square CLO 2021-1A B Ltd., 1.894%, (US0003M + 1.700%), 04/20/2034			249,794		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
400,000 (3)	Palmer Square CLO Ltd. 2021-2A A, 1.256%, (US0003M + 1.150%), 07/15/2034		$	400,406		0.1
400,000 (3)	Riserva Clo Ltd. 2016-3A ARR, 1.250%, (US0003M + 1.060%), 01/18/2034			399,959		0.1
250,000 (3)	Rockland Park CLO Ltd. 2021-1A C, 2.046%, (US0003M + 1.900%), 04/20/2034			250,088		0.1
198,258 (3)	Sunnova Sol II Issuer LLC 2020-2A A, 2.730%, 11/01/2055			203,469		0.0
100,000 (3)	Sunnova Sol III Issuer LLC 2021-1 A, 2.580%, 04/28/2056			100,059		0.0
97,213 (3)	Sunnova Sol Issuer LLC 2020-1A A, 3.350%, 02/01/2055			101,877		0.0
97,500 (3)	Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048			110,344		0.0
250,000 (3)	THL Credit Wind River 2016-2A A1R CLO Ltd., 1.366%, (US0003M + 1.190%), 11/01/2031			249,999		0.1
400,000 (3)	THL Credit Wind River 2019-1A AR CLO Ltd., 1.306%, (US0003M + 1.160%), 07/20/2034			400,042		0.1
250,000 (3)	Tiaa Clo III Ltd. 2017-2A A, 1.334%, (US0003M + 1.150%), 01/16/2031			248,689		0.0
97,875 (3)	Triton Container Finance VIII LLC 2021-1A A, 1.860%, 03/20/2046			97,528		0.0
250,000 (3)	Wellman Park CLO Ltd. 2021-1A A, 1.246%, (US0003M + 1.100%), 07/15/2034			250,000		0.1
96,500 (3)	Wendy’s Funding LLC 2018-1A A2II, 3.884%, 03/15/2048			103,079		0.0
100,000 (3)	Wendy’s Funding LLC 2021-1A A2II, 2.775%, 06/15/2051			101,344		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
200,000 (3)	ZAXBY’S FUNDING LLC 2021-1A A2, 3.238%, 07/30/2051		$	202,496		0.0
				12,568,200		3.2
	Student Loan Asset-Backed Securities: 0.3%
40,368 (3)	Commonbond Student Loan Trust 2017-BGS A1, 2.680%, 09/25/2042			41,176		0.0
33,745 (3)	Commonbond Student Loan Trust 2018-AGS A1, 3.210%, 02/25/2044			35,058		0.0
75,795 (3)	Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045			77,766		0.0
58,310 (3)	Commonbond Student Loan Trust 2020-AGS A, 1.980%, 08/25/2050			59,188		0.0
60,298 (3)	Navient Private Education Refi Loan Trust 2019-A A2A, 3.420%, 01/15/2043			61,848		0.0
58,936 (3)	Navient Private Education Refi Loan Trust 2020-DA A, 1.690%, 05/15/2069			59,557		0.0
54,658 (3)	Navient Private Education Refi Loan Trust 2020-FA A, 1.220%, 07/15/2069			55,021		0.0
100,000 (3)	SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041			103,951		0.1
100,000 (3)	SMB Private Education Loan Trust 2020-PTA A2A, 1.600%, 09/15/2054			101,110		0.1
71,887 (3)	Sofi Professional Loan Program 2018-C A2FX Trust, 3.590%, 01/25/2048			74,194		0.0
68,671 (3)	Sofi Professional Loan Program 2018-D A2FX Trust, 3.600%, 02/25/2048			70,542		0.0
95,828 (3)	Sofi Professional Loan Program 2019-C A2FX LLC, 2.370%, 11/16/2048			97,874		0.0
124,687 (3)	SoFi Professional Loan Program 2020-C AFX Trust, 1.950%, 02/15/2046			126,589		0.1
				963,874		0.3

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Student Loan Asset-Backed Securities (continued)
	Total Asset-Backed Securities (Cost $14,504,455)		$	14,714,880		3.8
SOVEREIGN BONDS: 0.2%
145,500 (8)	Argentine Republic Government International Bond, 0.125% (Step Rate @ 0.500% on 07/09/2021), 07/09/2030			52,483		0.0
8,843	Argentine Republic Government International Bond, 1.000%, 07/09/2029			3,371		0.0
200,000	Brazilian Government International Bond, 4.625%, 01/13/2028			216,483		0.1
200,000	Colombia Government International Bond, 3.125%, 04/15/2031			196,058		0.1
100,000 (3)	Dominican Republic International Bond, 5.500%, 01/27/2025			110,040		0.0
80,000	Turkey Government International Bond, 7.375%, 02/05/2025			86,687		0.0
	Total Sovereign Bonds (Cost $665,918)			665,122		0.2

		Value		Percentage of Net Assets
PURCHASED OPTIONS (9): 0.0%
	Total Purchased Options (Cost $33,564)		36,368		0.0
	Total Long-Term Investments (Cost $321,832,415)		385,148,454		99.0

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 5.4%
	U.S. Government Agency Obligations: 0.8%
1,525,000 (10)	Federal Home Loan Bank Discount Notes, 0.030%, 08/04/2021		1,524,957		0.4
1,600,000 (10)	Federal Home Loan Bank Discount Notes, 0.030%, 08/11/2021		1,599,945		0.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	U.S. Government Agency Obligations (continued)
	Total U.S. Government Agency Obligations (Cost $3,124,955)		$	3,124,902		0.8

	U.S. Treasury Bills: 0.5%
2,125,000 (10)	United States Treasury Bill, 0.050%, 12/09/2021 (Cost $2,124,656)			2,124,557		0.5

	Repurchase Agreements: 3.8%
3,686,400 (11)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/21, 0.05%, due 07/01/21 (Repurchase Amount $3,686,405, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-9.000%, Market Value plus accrued interest $3,760,128, due 07/25/21-05/20/71)			3,686,400		0.9
3,686,400 (11)	Industrial & Comm. Bank of China, Repurchase Agreement dated 06/30/21, 0.04%, due 07/01/21 (Repurchase Amount $3,686,404, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%- 9.500%, Market Value plus accrued interest $3,760,128, due 07/07/21-11/01/49)			3,686,400		1.0
1,268,044 (11)	JVB Financial Group LLC, Repurchase Agreement dated 06/30/21, 0.09%, due 07/01/21 (Repurchase Amount $1,268,047, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-7.000%, Market Value plus accrued interest $1,293,405, due 08/01/21-06/01/51)			1,268,044		0.3

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,611,046 (11)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 06/30/21, 0.06%, due 07/01/21 (Repurchase Amount $1,611,049, collateralized by various U.S. Government Agency Obligations, 0.500%-7.500%, Market Value plus accrued interest $1,643,270, due 05/01/24-04/20/71)		$	1,611,046		0.4
1,915,955 (11)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/21, 0.05%, due 07/01/21 (Repurchase Amount $1,915,958, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.000%, Market Value plus accrued interest $1,954,274, due 08/01/21-04/15/62)			1,915,955		0.5
2,576,599 (11)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/21, 0.11%, due 07/01/21 (Repurchase Amount $2,576,607, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,628,412, due 07/15/23-02/15/48)			2,576,599		0.7
	Total Repurchase Agreements (Cost $14,744,444)			14,744,444		3.8

Value

Percentage
of Net
Assets

Mutual Funds: 0.3%

413,000 (11)(12)

BlackRock Liquidity Funds,
FedFund, Institutional Class,
0.030%

413,000

0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
	Mutual Funds (continued)
268,000 (11)(12)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.020%		$	268,000		0.1
413,000 (11)(12)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 0.030%			413,000		0.1
	Total Mutual Funds (Cost $1,094,000)			1,094,000		0.3
	Total Short-Term Investments (Cost $21,088,055)			21,087,903		5.4
	Total Investments in Securities (Cost $342,920,470)			406,236,357		104.4
	Liabilities in Excess of Other Assets			(17,283,594)		(4.4)
	Net Assets		$	388,952,763		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

ADR American Depositary Receipt

(1)

Non-income producing security.

(2)

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

(3)

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.

(4)

Variable rate security. Rate shown is the rate in effect as of June 30, 2021.

(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)

Represents or includes a TBA transaction.

(7)

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

(8)

Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rates shown reflect the current and next coupon rate as of June 30, 2021.

(9)

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

(10)

Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2021.

(11)

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

(12)

Rate shown is the 7-day yield as of June 30, 2021.

Reference Rate Abbreviations:

12MTA

12-month Treasury Average

US0001M

1-month LIBOR

US0003M

3-month LIBOR

SOFR30A

30-Day Secured Overnight Financing Rate

	Investment Type Allocation as of June 30, 2021 (as a percentage of net assets)
	Common Stock			40.6%
	Exchange-Traded Funds			26.0%
	Mutual Funds			10.5%
	Corporate Bonds/Notes			7.1%
	Asset-Backed Securities			3.8%
	U.S. Treasury Obligations			3.5%
	Collateralized Mortgage Obligations			3.0%
	Commercial Mortgage-Backed Securities			2.1%
	U.S. Government Agency Obligations			2.1%
	Sovereign Bonds			0.2%
	Preferred Stock			0.1%
	Purchased Options			0.0%^
	Rights			0.0%^
	Assets in Excess of Other Liabilities*			1.0%
	Net Assets			100.0%
	^ Amount is less than 0.005%.
	* Includes short-term investments and exchange-traded funds.
	Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2021
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	12,396,600		$	1,464,142		$	—		$	13,860,742
Consumer Discretionary			16,431,222			3,672,701			—			20,103,923
Consumer Staples			6,941,416			2,914,119			—			9,855,535
Energy			3,595,475			921,983			—			4,517,458
Financials			15,633,052			5,121,583			—			20,754,635
Health Care			16,340,351			3,806,077			—			20,146,428
Industrials			13,179,588			4,356,674			—			17,536,262
Information Technology			31,266,154			2,595,889			—			33,862,043
Materials			3,938,947			2,801,185			—			6,740,132
Real Estate			5,018,845			995,175			—			6,014,020
Utilities			3,617,843			1,041,795			—			4,659,638
Total Common Stock			128,359,493			29,691,323			—			158,050,816
Exchange-Traded Funds			101,101,588			—			—			101,101,588
Mutual Funds			40,775,980			—			—			40,775,980
Preferred Stock			—			406,559			—			406,559
Rights			1,357			—			—			1,357
Purchased Options			—			36,368			—			36,368
Corporate Bonds/Notes			—			27,406,894			—			27,406,894
Collateralized Mortgage Obligations			—			11,741,705			—			11,741,705
Asset-Backed Securities			—			14,714,880			—			14,714,880
U.S. Government Agency Obligations			—			8,251,957			—			8,251,957
Sovereign Bonds			—			665,122			—			665,122
Commercial Mortgage-Backed Securities			—			8,312,893			—			8,312,893
U.S. Treasury Obligations			—			13,682,335			—			13,682,335
Short-Term Investments			1,094,000			19,993,903			—			21,087,903
Total Investments, at fair value		$	271,332,418		$	134,903,939		$	—		$	406,236,357
Other Financial Instruments+
Forward Foreign Currency Contracts			—			15,080			—			15,080
Futures			253,055			—			—			253,055
Total Assets		$	271,585,473		$	134,919,019		$	—		$	406,504,492
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(5,097)		$	—		$	(5,097)
Futures			(159,965)			—			—			(159,965)
Written Options			—			(23,518)			—			(23,518)
Total Liabilities		$	(159,965)		$	(28,615)		$	—		$	(188,580)

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

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

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

Transactions with Affiliates

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

The following table provides transactions during the period ended June 30, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Local Currency Debt Fund - Class P		$	895,049		$	19,884		$	—		$	(58,834)		$	856,099		$	19,884		$	—		$	—
Voya Floating Rate Fund - Class P			1,611,575			32,209			—			19,896			1,663,680			32,209			—			—
Voya High Yield Bond Fund - Class P			31,783,502			1,858,292			(499,263)			202,895			33,345,426			968,105			7,537			—
Voya Short Term Bond Fund - Class R6			4,628,482			291,829			—			(9,536)			4,910,775			47,742			—			—
		$	38,918,608		$	2,202,214		$	(499,263)		$	154,421		$	40,775,980		$	1,067,940		$	7,537		$	—

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

At June 30, 2021, the following forward foreign currency contracts were outstanding for Voya Balanced Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD 90,830

MXN 1,820,970

Barclays Bank PLC

07/23/21

(278)

USD 38,503

CZK 807,548

BNP Paribas

08/06/21

962

USD 32,089

HUF 9,282,257

BNP Paribas

08/06/21

782

USD 43,066

COP 160,078,860

Citibank N.A.

07/23/21

456

USD 90,444

CNY 581,089

Citibank N.A.

08/06/21

811

USD 187

ILS 607

Citibank N.A.

08/06/21

USD 12,770

PEN 47,308

Credit Suisse International

07/23/21

460

USD 12,770

PEN 47,308

Credit Suisse International

07/23/21

460

USD 70,248

BRL 373,929

Goldman Sachs International

07/23/21

(4,761)

USD 77,391

MYR 317,909

Goldman Sachs International

08/06/21

935

USD 843

PHP 40,551

HSBC Bank USA N.A.

08/06/21

USD 19,546

TRY 167,972

HSBC Bank USA N.A.

08/06/21

611

CLP 1,515,016

USD 2,120

JPMorgan Chase Bank N.A.

07/23/21

(58)

USD 23,758

RON 96,559

JPMorgan Chase Bank N.A.

08/06/21

548

USD 68,729

ZAR 950,629

Morgan Stanley Capital Services LLC

08/06/21

2,456

USD 77,451

PLN 288,089

Morgan Stanley Capital Services LLC

08/06/21

1,884

USD 71,606

RUB 5,209,214

Standard Chartered Bank

08/06/21

794

USD 76,075

THB 2,370,100

Standard Chartered Bank

08/06/21

2,134

USD 85,133

IDR 1,219,102,102

Standard Chartered Bank

08/06/21

1,772

9,983

At June 30, 2021, the following futures contracts were outstanding for Voya Balanced Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury 10-Year Note		19		09/21/21		$	2,517,500		$	10,618
U.S. Treasury 2-Year Note		20		09/30/21			4,406,406			(6,319)
U.S. Treasury 5-Year Note		43		09/30/21			5,307,477			(14,153)
U.S. Treasury Long Bond		14		09/21/21			2,250,500			60,306
U.S. Treasury Ultra Long Bond		23		09/21/21			4,431,813			182,131
						$	18,913,696		$	232,583
Short Contracts:
U.S. Treasury Ultra 10-Year Note		(64)		09/21/21			(9,421,000)			(139,493)
						$	(9,421,000)		$	(139,493)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

At June 30, 2021, the following OTC purchased foreign currency options were outstanding for Voya Balanced Portfolio:

Description

Counterparty

Expiration
Date

Exercise
Price

Notional
Amount

Cost

Fair Value

Put AUD vs. Call USD

Standard Chartered Bank

09/17/21

0.733 USD

4,498,000

33,564

$36,368

33,564

$36,368

At June 30, 2021, the following OTC written foreign currency options were outstanding for Voya Balanced Portfolio:

Description

Counterparty

Expiration
Date

Exercise
Price

Notional
Amount

Premiums
Received

Fair Value

Put AUD vs. Call USD

Standard Chartered Bank

07/19/21

0.751 USD

2,570,000

17,872

$(22,807)

17,872

$(22,807)

At June 30, 2021, the following OTC written interest rate swaptions were outstanding for Voya Balanced Portfolio:

Description

Counterparty

Pay/
Receive
Exercise Rate

Exercise
Rate

Floating Rate
Index

Expiration
Date

Notional
Amount

Premiums
Received

Fair Value

Put on 10-Year Interest
Rate Swap(1)

Barclays Bank PLC

Receive

2.720%

3-month USD-LIBOR

09/24/21

USD 1,111,000

9,687

(711)

9,687

(711)

(1)

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

Currency Abbreviations

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

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

The fair value of derivative instruments as of June 30, 2021 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Investments in securities at value*		$	36,368
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts			15,080
Interest rate contracts	Variation margin receivable on futures contracts**			253,055
Total Asset Derivatives			$	304,503
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	5,097
Interest rate contracts	Variation margin payable on futures contracts**			159,965
Interest rate contracts	Written Options, at fair value			711
Foreign exchange contracts	Written Options, at fair value			22,807
Total Liability Derivatives			$	188,580

Includes purchased options.

The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the table within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2021 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		$	(15,901)		$	—		$	—		$	(30,012)		$	—		$	(45,913)
Equity contracts			—			—			963,033			—			—			963,033
Foreign exchange contracts			(58,904)			(38,278)			—			—			35,388			(61,794)
Interest rate contracts			—			—			(420,869)			(82,623)			61,058			(442,434)
Total		$	(74,805)		$	(38,278)		$	542,164		$	(112,635)		$	96,446		$	412,892

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Written options			Total
Credit contracts		$	5,883		$	—		$	—		$	—		$	5,883
Equity contracts			—			—			(128,586)			—			(128,586)
Foreign exchange contracts			20,267			46,517			—			(17,294)			49,490
Interest rate contracts			—			—			119,189			8,976			128,165
Total		$	26,150		$	46,517		$	(9,397)		$	(8,318)		$	54,952

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2021 (Unaudited) (continued)

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at June 30, 2021:

	Barclays Bank PLC			BNP Paribas			Citibank N.A.			Credit Suisse International			Goldman Sachs International			HSBC Bank USA N.A.			JPMorgan Chase Bank N.A.			Morgan Stanley Capital Services LLC			Standard Chartered Bank			Totals
Assets:
Purchased options		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	36,368		$	36,368
Forward foreign currency contracts			—			1,744			1,268			920			935			625			548			4,340			4,700			15,080
Total Assets		$	—		$	1,744		$	1,268		$	920		$	935		$	625		$	548		$	4,340		$	41,068		$	51,448
Liabilities:
Forward foreign currency contracts		$	278		$	—		$	—		$	—		$	4,761		$	—		$	58		$	—		$	—		$	5,097
Written options			711			—			—			—			—			—			—			—			22,807			23,518
Total Liabilities		$	989		$	—		$	—		$	—		$	4,761		$	—		$	58		$	—		$	22,807		$	28,615
Net OTC derivative instruments by counterparty, at fair value		$	(989)		$	1,744		$	1,268		$	920		$	(3,826)		$	625		$	490		$	4,340		$	18,261			22,833
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net Exposure(1)		$	(989)		$	1,744		$	1,268		$	920		$	(3,826)		$	625		$	490		$	4,340		$	18,261		$	22,833

(1)

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

At June 30, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $344,251,639.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	65,488,746
Gross Unrealized Depreciation		(3,400,990)
Net Unrealized Appreciation	$	62,087,756

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Portfolio

as of June 30, 2021 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 98.3%
	Australia: 3.1%
44,329	ASX Ltd.		$	2,584,195		0.4
473,867	Aurizon Holdings Ltd.			1,319,887		0.2
49,439	Australia & New Zealand Banking Group Ltd.			1,043,556		0.2
111,940	BHP Group Ltd.			4,072,418		0.6
140,976	Brambles Ltd.			1,209,851		0.2
94,950	Goodman Group			1,502,651		0.2
623,266	Medibank Pvt Ltd.			1,477,656		0.2
46,883	Rio Tinto Ltd.			4,444,776		0.7
50,749	Wesfarmers Ltd.			2,249,862		0.4
				19,904,852		3.1

	Canada: 4.3%
64,679	BCE, Inc.			3,189,599		0.5
37,547	Canadian Imperial Bank of Commerce - XTSE			4,274,167		0.7
23,433	Canadian Natural Resources Ltd.			850,666		0.1
446	Constellation Software, Inc./Canada			675,480		0.1
32,065	National Bank Of Canada			2,399,702		0.4
54,646 (1)	Pembina Pipeline Corp.			1,736,452		0.3
61,588	Quebecor, Inc.			1,642,545		0.2
49,699	Royal Bank of Canada			5,035,251		0.8
170,892	TELUS Corp.			3,832,525		0.6
35,482	Waste Connections, Inc.			4,237,615		0.6
				27,874,002		4.3

	China: 0.5%
1,037,500	BOC Hong Kong Holdings Ltd.			3,516,411		0.5

	Denmark: 1.0%
334	AP Moller - Maersk A/S - Class B			961,556		0.2
35,412	Novozymes A/S			2,671,823		0.4
104,754	Tryg A/S			2,573,048		0.4
				6,206,427		1.0

	Finland: 1.1%
43,033	Kone Oyj			3,512,097		0.6
240,427	Nordea Bank Abp			2,677,375		0.4
20,814	Orion Oyj			894,884		0.1
				7,084,356		1.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	France: 2.2%
14,193	Air Liquide SA		$	2,488,738		0.4
27,323	Cie de Saint-Gobain			1,803,200		0.3
2,755	Dassault Systemes SE			668,627		0.1
7,333 (1)	Iliad SA			1,074,417		0.2
14,613	Legrand S.A.			1,548,731		0.2
187,806	Orange SA			2,143,385		0.3
13,573	Schneider Electric SE			2,139,704		0.3
5,439	SEB SA			983,931		0.2
29,769 (1)	Vivendi SE			1,000,210		0.2
				13,850,943		2.2

	Germany: 2.6%
7,809	Deutsche Boerse AG			1,363,029		0.2
72,790	Deutsche Post AG			4,957,331		0.8
215,208	Deutsche Telekom AG			4,551,640		0.7
58,096	RWE AG			2,106,394		0.3
5,622	Siemens AG			892,652		0.1
21,099	Symrise AG			2,940,283		0.5
				16,811,329		2.6

	Hong Kong: 1.4%
191,000	CK Hutchison Holdings Ltd.			1,486,899		0.2
283,000	CLP Holdings Ltd.			2,796,846		0.5
43,700	Hong Kong Exchanges and Clearing Ltd.			2,601,451		0.4
303,500	Power Assets Holdings Ltd.			1,862,295		0.3
				8,747,491		1.4

	Ireland: 1.2%
20,292	CRH PLC			1,026,191		0.1
41,342	Medtronic PLC			5,131,783		0.8
31,974	Smurfit Kappa PLC			1,738,848		0.3
				7,896,822		1.2

	Israel: 0.3%
235,784 (2)	Bank Leumi Le-Israel BM			1,791,657		0.3

	Italy: 1.7%
5,977	DiaSorin SpA			1,130,939		0.2
81,178	ENI S.p.A.			989,683		0.2
112,340 (2)	FinecoBank Banca Fineco SpA			1,960,477		0.3
1,127,036	Intesa Sanpaolo SpA			3,117,757		0.5

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Portfolio

as of June 30, 2021 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Italy (continued)
101,648 (3)	Poste Italiane SpA		$	1,345,365		0.2
279,498	Terna SPA			2,084,404		0.3
				10,628,625		1.7

	Japan: 7.7%
49,000	Dai Nippon Printing Co., Ltd.			1,036,911		0.2
898,400	ENEOS Holdings, Inc.			3,765,017		0.6
12,100	Hoya Corp.			1,600,471		0.3
31,500	Idemitsu Kosan Co., Ltd.			761,062		0.1
73,800 (1)	Japan Tobacco, Inc.			1,394,696		0.2
25,700	Lawson, Inc.			1,190,335		0.2
31,200	Lixil Corp.			807,374		0.1
16,400 (1)	McDonald’s Holdings Co. Japan Ltd.			722,693		0.1
289,300	Mitsubishi UFJ Financial Group, Inc.			1,558,245		0.2
5,600	Nintendo Co., Ltd.			3,240,569		0.5
92,500	Nippon Telegraph & Telephone Corp.			2,418,430		0.4
16,500	Nissan Chemical Corp.			806,521		0.1
8,200	Nitto Denko Corp.			610,658		0.1
90,200	Osaka Gas Co., Ltd.			1,683,033		0.3
9,000	Rohm Co., Ltd.			828,250		0.1
38,200	Secom Co., Ltd.			2,911,626		0.5
122,000	Sekisui House Ltd.			2,505,242		0.4
3,200	SMC Corp.			1,893,103		0.3
334,000	SoftBank Corp.			4,367,047		0.7
18,500	Sohgo Security Services Co., Ltd.			842,874		0.1
122,200	Sumitomo Chemical Co., Ltd.			649,477		0.1
80,200	Sumitomo Mitsui Financial Group, Inc.			2,764,652		0.4
97,800	Sumitomo Mitsui Trust Holdings, Inc.			3,119,841		0.5
115,300	T&D Holdings, Inc.			1,496,235		0.2
60,900	Tokyo Gas Co., Ltd.			1,148,676		0.2
50,700	Trend Micro, Inc.			2,654,830		0.4
10,200	Tsuruha Holdings, Inc.			1,187,129		0.2
39,500	Welcia Holdings Co. Ltd.			1,291,595		0.2
				49,256,592		7.7

	Netherlands: 0.7%
3,910	ASM International NV			1,289,621		0.2
79,746	Koninklijke Ahold Delhaize NV			2,374,796		0.4

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Netherlands (continued)
14,186	Koninklijke Philips NV		$	704,109		0.1
				4,368,526		0.7

	New Zealand: 0.1%
228,547	Spark New Zealand Ltd.			767,160		0.1

	Norway: 0.1%
17,593	Yara International ASA			927,052		0.1

	Singapore: 0.3%
204,600	Singapore Exchange Ltd.			1,704,087		0.3

	Spain: 0.4%
108,504 (1)	Endesa S.A.			2,634,015		0.4

	Sweden: 0.3%
202,349	Swedish Match AB			1,725,658		0.3

	Switzerland: 1.4%
877	Geberit AG - Reg			658,777		0.1
37,647	Holcim Ltd.			2,262,890		0.4
2,060	Roche Holding AG			776,287		0.1
3,704	Sonova Holding AG - Reg			1,395,129		0.2
9,347	Zurich Insurance Group AG			3,754,367		0.6
				8,847,450		1.4

	United Kingdom: 4.4%
125,500	3i Group PLC			2,036,720		0.3
82,385	British American Tobacco PLC			3,198,641		0.5
322,636	Direct Line Insurance Group PLC			1,272,544		0.2
208,241	GlaxoSmithKline PLC			4,093,824		0.6
37,350	Hikma Pharmaceuticals PLC			1,263,993		0.2
105,486	Imperial Brands PLC			2,274,564		0.3
20,458	Janus Henderson Group PLC			793,975		0.1
8,424	London Stock Exchange Group PLC			930,939		0.1
29,814	Reckitt Benckiser Group PLC			2,634,070		0.4
244,140	Sage Group PLC/The			2,312,550		0.4
73,067	Segro PLC			1,106,107		0.2
87,838	Standard Chartered PLC			560,564		0.1
83,059	United Utilities Group PLC			1,121,063		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Portfolio

as of June 30, 2021 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United Kingdom (continued)
1,876,250	Vodafone Group PLC		$	3,144,647		0.5
7,704	Willis Towers Watson PLC			1,772,074		0.3
				28,516,275		4.4

	United States: 63.5%
69,419	AbbVie, Inc.			7,819,356		1.2
35,190	Aflac, Inc.			1,888,295		0.3
25,554	Agilent Technologies, Inc.			3,777,137		0.6
4,328	Alexandria Real Estate Equities, Inc.			787,436		0.1
22,430	Allison Transmission Holdings, Inc.			891,368		0.1
7,885	Allstate Corp.			1,028,519		0.2
24,394	Ally Financial, Inc.			1,215,797		0.2
108,941	Altria Group, Inc.			5,194,307		0.8
44,956	Amdocs Ltd.			3,477,796		0.5
33,263	American Homes 4 Rent			1,292,268		0.2
5,947	American Tower Corp.			1,606,523		0.2
25,946	American Water Works Co., Inc.			3,999,057		0.6
5,759	Ameriprise Financial, Inc.			1,433,300		0.2
4,693	Ametek, Inc.			626,515		0.1
20,800	Amgen, Inc.			5,070,000		0.8
342,945	Antero Midstream Corp.			3,563,199		0.6
4,572	Anthem, Inc.			1,745,590		0.3
10,172	AO Smith Corp.			732,994		0.1
16,339	Aptargroup, Inc.			2,301,185		0.4
28,465	Avnet, Inc.			1,140,877		0.2
7,362	Bank of Hawaii Corp.			620,028		0.1
55,325	Bank OZK			2,332,502		0.4
15,163	Becton Dickinson & Co.			3,687,490		0.6
6,791	Blackrock, Inc.			5,941,921		0.9
52,584	Blackstone Group, Inc./The			5,108,010		0.8
40,025	Booz Allen Hamilton Holding Corp.			3,409,329		0.5
97,302	Bristol-Myers Squibb Co.			6,501,720		1.0
14,975	Brookfield Renewable Corp.			629,153		0.1
5,977	Carlisle Cos., Inc.			1,143,878		0.2
3,602	Chemed Corp.			1,709,149		0.3
13,263	Chevron Corp.			1,389,167		0.2
12,892	Church & Dwight Co., Inc.			1,098,656		0.2
4,092	Cigna Corp.			970,090		0.1
159,186	Cisco Systems, Inc.			8,436,858		1.3
31,314	Citigroup, Inc.			2,215,465		0.3
59,404	Colgate-Palmolive Co.			4,832,515		0.8

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
33,853	Commerce Bancshares, Inc.		$	2,524,080		0.4
41,288	ConocoPhillips			2,514,439		0.4
27,673	Coresite Realty Corp.			3,724,786		0.6
61,985	Corporate Office Properties Trust SBI MD			1,734,960		0.3
3,167	Deere & Co.			1,117,033		0.2
14,791	Dollar General Corp.			3,200,624		0.5
18,585	DTE Energy Co.			2,408,616		0.4
18,473	Duke Energy Corp.			1,823,655		0.3
23,844	Duke Realty Corp.			1,129,013		0.2
26,600	Electronic Arts, Inc.			3,825,878		0.6
7,653	Emerson Electric Co.			736,525		0.1
31,995	Entergy Corp.			3,189,901		0.5
3,141	Equinix, Inc.			2,520,967		0.4
424,127	Equitrans Midstream Corp.			3,609,321		0.6
5,978	Everest Re Group Ltd.			1,506,516		0.2
61,214	Evergy, Inc.			3,699,162		0.6
17,312	Exelon Corp.			767,095		0.1
7,625	FedEx Corp.			2,274,766		0.4
32,725	First American Financial Corp.			2,040,404		0.3
20,608	First Industrial Realty Trust, Inc.			1,076,356		0.2
119,694	Flowers Foods, Inc.			2,896,595		0.5
14,550	FMC Corp.			1,574,310		0.2
42,568	Gaming and Leisure Properties, Inc.			1,972,175		0.3
14,861	Garmin Ltd.			2,149,495		0.3
61,214	General Mills, Inc.			3,729,769		0.6
13,861	Genpact Ltd.			629,705		0.1
93,079	Gentex Corp.			3,079,984		0.5
80,227	Gilead Sciences, Inc.			5,524,431		0.9
90,746	GrafTech International Ltd.			1,054,469		0.2
17,119	Hanover Insurance Group, Inc.			2,322,021		0.4
20,632	Hershey Co.			3,593,682		0.6
13,618	Honeywell International, Inc.			2,987,108		0.5
1,862	Humana, Inc.			824,345		0.1
61,673	International Paper Co.			3,781,172		0.6
8,189	Intuit, Inc.			4,014,002		0.6
62,252	Invitation Homes, Inc.			2,321,377		0.4
70,734	Johnson & Johnson			11,652,719		1.8
43,212	Johnson Controls International plc			2,965,640		0.5
40,192	JPMorgan Chase & Co.			6,251,464		1.0
21,766	Kimberly-Clark Corp.			2,911,855		0.5
142,602	Kinder Morgan, Inc.			2,599,634		0.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Portfolio

as of June 30, 2021 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
66,711	Knight-Swift Transportation Holdings, Inc.		$	3,032,682		0.5
18,317	Kroger Co.			701,724		0.1
50,504	Lazard Ltd.			2,285,306		0.4
15,715	Leidos Holdings, Inc.			1,588,786		0.2
17,226	Life Storage, Inc.			1,849,211		0.3
6,418	LPL Financial Holdings, Inc.			866,302		0.1
5,537	MarketAxess Holdings, Inc.			2,566,898		0.4
43,277	Masco Corp.			2,549,448		0.4
6,068	McDonald’s Corp.			1,401,647		0.2
18,174	McKesson Corp.			3,475,596		0.5
100,981	Merck & Co., Inc.			7,853,292		1.2
14,241	Microsoft Corp.			3,857,887		0.6
32,023	Mondelez International, Inc.			1,999,516		0.3
11,336	MSC Industrial Direct Co.			1,017,179		0.2
7,026	MSCI, Inc. - Class A			3,745,420		0.6
26,547	Nasdaq, Inc.			4,666,963		0.7
25,831	National Fuel Gas Co.			1,349,670		0.2
28,069	National Storage Affiliates Trust			1,419,169		0.2
3,561	NewMarket Corp.			1,146,571		0.2
99,818	NiSource, Inc.			2,445,541		0.4
90,882	Old Republic International Corp.			2,263,871		0.4
56,583	Omega Healthcare Investors, Inc.			2,053,397		0.3
25,013	Packaging Corp. of America			3,387,260		0.5
37,572	PepsiCo, Inc.			5,567,043		0.9
212,004	Pfizer, Inc.			8,302,077		1.3
58,058	Philip Morris International, Inc.			5,754,128		0.9
33,254	Phillips 66			2,853,858		0.4
12,966	Pinnacle West Capital Corp.			1,062,823		0.2
50,449	Procter & Gamble Co.			6,807,084		1.1
42,351	Progressive Corp.			4,159,292		0.6
17,019	Prosperity Bancshares, Inc.			1,221,964		0.2
38,629	Public Service Enterprise Group, Inc.			2,307,696		0.4
21,115	Qualcomm, Inc.			3,017,967		0.5
4,857	Regal Beloit Corp.			648,458		0.1
45,752	Regions Financial Corp.			923,275		0.1
37,898	Republic Services, Inc.			4,169,159		0.6
5,537	Rockwell Automation, Inc.			1,583,693		0.2
8,567	Roper Technologies, Inc.			4,028,203		0.6

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
30,674	Royal Gold, Inc.		$	3,499,903		0.5
14,835	Ryder System, Inc.			1,102,686		0.2
9,652	S&P Global, Inc.			3,961,663		0.6
59,592	Service Corp. International			3,193,535		0.5
38,128	Silgan Holdings, Inc.			1,582,312		0.2
13,610	Stifel Financial Corp.			882,745		0.1
12,716	Sun Communities, Inc.			2,179,522		0.3
115,074	Switch, Inc.			2,429,212		0.4
34,144	Synchrony Financial			1,656,667		0.3
11,439	SYNNEX Corp.			1,392,813		0.2
25,314	T. Rowe Price Group, Inc.			5,011,413		0.8
27,594	Target Corp.			6,670,574		1.0
34,862	Texas Instruments, Inc.			6,703,963		1.0
6,921	Thermo Fisher Scientific, Inc.			3,491,437		0.5
41,624	Tradeweb Markets, Inc.			3,519,725		0.5
15,256	UMB Financial Corp.			1,419,723		0.2
120,758	Umpqua Holdings Corp.			2,227,985		0.3
7,531	United Parcel Service, Inc. - Class B			1,566,222		0.2
3,536	UnitedHealth Group, Inc.			1,415,956		0.2
41,443	US Bancorp			2,361,008		0.4
152,219	Verizon Communications, Inc.			8,528,831		1.3
36,374	Washington Federal, Inc.			1,155,966		0.2
32,776	Waste Management, Inc.			4,592,245		0.7
47,973	Wells Fargo & Co.			2,172,697		0.3
42,488	Werner Enterprises, Inc.			1,891,566		0.3
16,774	Weyerhaeuser Co.			577,361		0.1
171,674	Williams Cos., Inc.			4,557,945		0.7
27,850	World Fuel Services Corp.			883,681		0.1
19,023	Zoetis, Inc.			3,545,126		0.6
				407,982,037		63.5
	Total Common Stock (Cost $541,420,201)			631,041,767		98.3
EXCHANGE-TRADED FUNDS: 1.3%
34,911	iShares Russell 1000 Value ETF			5,537,583		0.9
51,034	iShares MSCI EAFE Value Index ETF			2,641,520		0.4
	Total Exchange-Traded Funds (Cost $8,425,489)			8,179,103		1.3
	Total Long-Term Investments (Cost $549,845,690)			639,220,870		99.6

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.5%
			Repurchase Agreements: 1.4%
	2,080,500	(4)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/21, 0.05%, due 07/01/21 (Repurchase Amount $2,080,503, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-9.000%, Market Value plus accrued interest $2,122,110, due 07/25/21-05/20/71)		$	2,080,500		0.3
	1,379,476	(4)	Daiwa Capital Markets, Repurchase Agreement dated 06/30/21, 0.05%, due 07/01/21 (Repurchase Amount $1,379,478, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $1,407,066, due 11/30/21-07/01/51)			1,379,476		0.2
	1,317,905	(4)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 06/30/21, 0.06%, due 07/01/21 (Repurchase Amount $1,317,907, collateralized by various U.S. Government Agency Obligations, 0.500%-7.500%, Market Value plus accrued interest $1,344,265, due 05/01/24-04/20/71)			1,317,905		0.2
	2,080,500	(4)	Palafox Trading LLC, Repurchase Agreement dated 06/30/21, 0.09%, due 07/01/21 (Repurchase Amount $2,080,505, collateralized by various U.S. Government Securities, 1.125%, Market Value plus accrued interest $2,122,116, due 02/28/27)			2,080,500		0.3

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Repurchase Agreements (continued)
	2,080,536	(4)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/21, 0.05%, due 07/01/21 (Repurchase Amount $2,080,539, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.000%, Market Value plus accrued interest $2,122,147, due 08/01/21-04/15/62)		$	2,080,536		0.4
			Total Repurchase Agreements (Cost $8,938,917)			8,938,917		1.4

Shares				Value			Percentage of Net Assets
			Mutual Funds: 0.1%
	907,000	(5)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.030% (Cost $907,000)			907,000		0.1
			Total Short-Term Investments (Cost $9,845,917)			9,845,917		1.5
			Total Investments in Securities (Cost $559,691,607)		$	649,066,787		101.1
			Liabilities in Excess of Other Assets			(6,971,137)		(1.1)
			Net Assets		$	642,095,650		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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

(2)

Non-income producing security.

(3)

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.

(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 June 30, 2021.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Portfolio

as of June 30, 2021 (Unaudited) (continued)

Sector Diversification	Percentage of Net Assets
Financials		22.3%
Health Care		14.7
Industrials		12.1
Consumer Staples		9.7
Information Technology		6.8
Communication Services		6.8
Materials		6.5
Utilities		6.1
Energy		4.7
Real Estate		4.5
Consumer Discretionary		4.1
Exchange-Traded Funds		1.3
Short-Term Investments		1.5
Liabilities in Excess of Other Assets		(1.1)
Net Assets		100.0%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2021
Asset Table
Investments, at fair value
Common Stock
Australia		$	—		$	19,904,852		$	—		$	19,904,852
Canada			27,874,002			—			—			27,874,002
China			—			3,516,411			—			3,516,411
Denmark			—			6,206,427			—			6,206,427
Finland			—			7,084,356			—			7,084,356
France			—			13,850,943			—			13,850,943
Germany			—			16,811,329			—			16,811,329
Hong Kong			—			8,747,491			—			8,747,491
Ireland			5,131,783			2,765,039			—			7,896,822
Israel			—			1,791,657			—			1,791,657
Italy			—			10,628,625			—			10,628,625
Japan			—			49,256,592			—			49,256,592
Netherlands			—			4,368,526			—			4,368,526
New Zealand			—			767,160			—			767,160
Norway			—			927,052			—			927,052
Singapore			—			1,704,087			—			1,704,087
Spain			—			2,634,015			—			2,634,015
Sweden			—			1,725,658			—			1,725,658
Switzerland			—			8,847,450			—			8,847,450
United Kingdom			2,566,049			25,950,226			—			28,516,275
United States			407,982,037			—			—			407,982,037
Total Common Stock			443,553,871			187,487,896			—			631,041,767

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Portfolio

as of June 30, 2021 (Unaudited) (continued)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2021
Exchange-Traded Funds			8,179,103			—			—			8,179,103
Short-Term Investments			907,000			8,938,917			—			9,845,917
Total Investments, at fair value		$	452,639,974		$	196,426,813		$	—		$	649,066,787

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

At June 30, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $560,347,529.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	97,064,576
Gross Unrealized Depreciation		(8,165,246)
Net Unrealized Appreciation	$	88,899,330

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Portfolio

as of June 30, 2021 (Unaudited)

Principal Amount†		Value			Percentage of Net Assets
U.S. TREASURY REPURCHASE AGREEMENT: 60.6%
128,000,000	Deutsche Bank Repurchase Agreement dated 6/30/2021, 0.03%, due 7/1/2021, $128,000,107 to be received upon repurchase (Collateralized by $128,583,500, Various U.S. Govt. Agency Obligations, 0.00-1.625%, Market Value plus accrued interest $130,560,693 due 8/31/21-5/31/23),		$	128,000,000		25.5
176,306,000	Deutsche Bank Repurchase Agreement dated 6/30/2021, 0.03%, due 7/1/2021, $176,306,147 to be received upon repurchase (Collateralized by $179,857,200, US Treasury Bill, 0.00%, Market Value plus accrued interest $179,832,135 due 9/9/2021-11/4/2021),			176,306,000		35.1
	Total U.S. Treasury Repurchase Agreement
	(Cost $304,306,000)			304,306,000		60.6
U.S. TREASURY DEBT: 23.3%
116,500,000 (1)	United States Treasury Bill, 0.060%, 12/30/2021			116,467,455		23.3
	Total U.S. Treasury Debt
	(Cost $116,467,455)			116,467,455		23.3
U.S. GOVERNMENT AGENCY DEBT: 24.2%
33,500,000	Federal Farm Credit Banks Funding Corp., 0.180%, (US0001M + 0.100%), 08/05/2021			33,505,051		6.7
6,500,000	Federal Home Loan Bank Discount Notes, 0.020%, 09/21/2021			6,499,778		1.3
6,500,000	Federal Home Loan Bank Discount Notes, 0.050%, 09/15/2021			6,499,314		1.3

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY DEBT: (continued)
6,005,000	Federal Home Loan Banks, 0.070%, (US0003M + (0.080)%), 08/24/2021		$	6,005,499		1.2
34,000,000	Federal Farm Credit Banks Funding Corp., 0.081%, (US0001M + 0.000%), 08/09/2021			34,002,445		6.8
35,000,000	Federal Home Loan Banks, 0.085%, (SOFRRATE + 0.035%), 12/10/2021			35,000,000		6.9
	Total U.S. Government Agency Debt
	(Cost $121,512,087)			121,512,087		24.2
	Total Investments in Securities (Cost $542,285,542)		$	542,285,542		108.1
	Liabilities in Excess of Other Assets			(40,486,350)		(8.1)
	Net Assets		$	501,799,192		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 June 30, 2021.

Reference Rate Abbreviations:

SOFRRATE

Secured Overnight Financing Rate

US0001M

1-month LIBOR

US0003M

	Investment Type Allocation as of June 30, 2021 (as a percentage of net assets)
	U.S. Treasury Repurchase Agreement			60.6%
	U.S. Government Agency Debt			24.2
	U.S. Treasury Debt			23.3
	Liabilities in Excess of Other Assets			(8.1)
	Net Assets			100.0%
	Portfolio holdings are subject to change daily.

3-month LIBOR

At June 30, 2021, the aggregate cost of securities for federal income tax purposes is the same as for financial statement purposes.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Portfolio

as of June 30, 2021 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2021
Asset Table
Investments, at fair value
U.S. Government Agency Debt		$	—		$	121,512,087		$	—		$	121,512,087
U.S. Treasury Debt			—			116,467,455			—			116,467,455
U.S. Treasury Repurchase Agreement			—			304,306,000			—			304,306,000
Total Investments, at fair value		$	—		$	542,285,542		$	—		$	542,285,542

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 June 30,2021:

Counterparty	Government Repurchase Agreement, at fair value	Fair Value of Non-Cash Collateral Received Including Accrued Interest(1)			Net Amount
Deutsche Bank	$304,306,000		$	(304,306,000)		$	—
Totals	$304,306,000		$	(304,306,000)		$	—

(1)

Collateral with a fair value of $310,392,828 has been pledged in connection with the above government repurchase agreement. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of June 30, 2021 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 99.8%
	Communication Services: 15.8%
594,397	Activision Blizzard, Inc.		$	56,729,250		1.6
71,039 (1)	Alphabet, Inc. - Class A			173,462,320		4.9
1,899,072	AT&T, Inc.			54,655,292		1.6
366,332 (1)	Facebook, Inc. Class A			127,377,300		3.6
1,148,533	Fox Corp. - Class A			42,645,030		1.2
995,866	Interpublic Group of Cos., Inc.			32,355,686		0.9
408,412 (1)	Walt Disney Co.			71,786,577		2.0
				559,011,455		15.8

	Consumer Discretionary: 7.8%
435,127 (1)	Caesars Entertainment, Inc.			45,144,426		1.3
366,506 (1)	Expedia Group, Inc.			60,000,697		1.7
1,609,096	Gap, Inc.			54,146,081		1.5
460,272	Nike, Inc. - Class B			71,107,421		2.0
546,647 (1)	Royal Caribbean Cruises Ltd.			46,618,056		1.3
				277,016,681		7.8

	Consumer Staples: 7.5%
1,354,361	Coca-Cola Co.			73,284,474		2.1
200,258	Constellation Brands, Inc.			46,838,344		1.3
861,758	Philip Morris International, Inc.			85,408,835		2.4
434,385	Walmart, Inc.			61,256,973		1.7
				266,788,626		7.5

	Energy: 3.4%
350,461	Chevron Corp.			36,707,285		1.0
676,846	ConocoPhillips			41,219,921		1.2
220,456	Diamondback Energy, Inc.			20,698,614		0.6
292,871	Valero Energy Corp.			22,867,368		0.6
				121,493,188		3.4

	Financials: 12.2%
923,986 (2)	Apollo Global Management, Inc.			57,471,929		1.6
311,294	Assurant, Inc.			48,617,897		1.4
1,680,205	Bank of America Corp.			69,274,852		1.9
981,171	Bank of New York Mellon Corp.			50,265,391		1.4
307,269	Chubb Ltd.			48,837,335		1.4
849,502	Citigroup, Inc.			60,102,267		1.7
894,114	Synchrony Financial			43,382,411		1.2
977,823	US Bancorp			55,706,576		1.6
				433,658,658		12.2

	Health Care: 13.8%
542,116	Alcon, Inc.			38,089,070		1.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
15,540 (1)	Biogen, Inc.		$	5,381,036		0.1
613,965	Bristol-Myers Squibb Co.			41,025,141		1.2
363,568	Eli Lilly & Co.			83,446,127		2.3
421,126	Johnson & Johnson			69,376,297		2.0
126,500	McKesson Corp.			24,191,860		0.7
570,391	Medtronic PLC			70,802,635		2.0
77,118	Thermo Fisher Scientific, Inc.			38,903,718		1.1
169,094	UnitedHealth Group, Inc.			67,712,001		1.9
310,946	Zimmer Biomet Holdings, Inc.			50,006,336		1.4
				488,934,221		13.8

	Industrials: 7.5%
763,071 (1)	Howmet Aerospace, Inc.			26,303,057		0.7
257,618	L3Harris Technologies, Inc.			55,684,131		1.6
830,975	nVent Electric PLC			25,959,659		0.7
156,083	Old Dominion Freight Line			39,613,865		1.1
812,315	Raytheon Technologies Corp.			69,298,593		2.0
157,591 (1)	United Rentals, Inc.			50,273,105		1.4
				267,132,410		7.5

	Information Technology: 23.9%
271,407	CDW Corp.			47,401,232		1.3
576,583	Dolby Laboratories, Inc.			56,672,343		1.6
802,776 (1)	Fiserv, Inc.			85,808,727		2.4
213,467	Intuit, Inc.			104,635,119		3.0
488,877	Microchip Technology, Inc.			73,204,442		2.1
1,085,539	Microsoft Corp.			294,072,515		8.3
480,208	Motorola Solutions, Inc.			104,133,105		2.9
389,033	NXP Semiconductor NV - NXPI - US			80,031,869		2.3
				845,959,352		23.9

	Materials: 3.3%
94,478	Air Products & Chemicals, Inc.			27,179,431		0.8
562,651 (1)	Alcoa Corp.			20,728,063		0.6
660,585	CF Industries Holdings, Inc.			33,987,098		0.9
298,659	Eastman Chemical Co.			34,868,438		1.0
				116,763,030		3.3

	Real Estate: 2.3%
254,035	ProLogis, Inc.			30,364,804		0.9
244,196 (1)	Ryman Hospitality Properties			19,281,716		0.5

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of June 30, 2021 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
663,349	UDR, Inc.		$	32,490,834		0.9
				82,137,354		2.3
	Utilities: 2.3%
335,213	Ameren Corp.			26,830,449		0.7
199,360	Entergy Corp.			19,876,192		0.6
802,136	Exelon Corp.			35,542,646		1.0
				82,249,287		2.3
	Total Common Stock (Cost $2,676,587,070)		$	3,541,144,262		99.8

OTHER (3): —%
	Utilities: —%
10,000,000 (4)(5)	Southern Energy (Escrow)			—		—
	Total Other (Cost $—)			—		—
	Total Long-Term Investments (Cost $2,676,587,070)			3,541,144,262		99.8

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.1%
	Repurchase Agreements: 0.7%
1,301,446 (6)	Bethesda Securities LLC, Repurchase Agreement dated 06/30/21, 0.08%, due 07/01/21 (Repurchase Amount $1,301,449, collateralized by various U.S. Government Agency Obligations, 1.500%-6.500%, Market Value plus accrued interest $1,327,475, due 01/01/25-04/01/51)		1,301,446		0.0
6,249,900 (6)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/21, 0.05%, due 07/01/21 (Repurchase Amount $6,249,909, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-9.000%, Market Value plus accrued interest $6,374,898, due 07/25/21-05/20/71)		6,249,900		0.2

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
3,673,995 (6)	Citadel Securities LLC, Repurchase Agreement dated 06/30/21, 0.09%, due 07/01/21 (Repurchase Amount $3,674,004, collateralized by various U.S. Government Securities, 0.000%-8.125%, Market Value plus accrued interest $3,747,484, due 07/01/21- 11/15/50)		$	3,673,995		0.1
2,130,413 (6)	JVB Financial Group LLC, Repurchase Agreement dated 06/30/21, 0.09%, due 07/01/21 (Repurchase Amount $2,130,418, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-7.000%, Market Value plus accrued interest $2,173,021, due 08/01/21-06/01/51)			2,130,413		0.1
2,706,687 (6)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 06/30/21, 0.06%, due 07/01/21 (Repurchase Amount $2,706,691, collateralized by various U.S. Government Agency Obligations, 0.500%-7.500%, Market Value plus accrued interest $2,760,825, due 05/01/24-04/20/71)			2,706,687		0.1
2,688,109 (6)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/21, 0.05%, due 07/01/21 (Repurchase Amount $2,688,113, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.000%, Market Value plus accrued interest $2,741,871, due 08/01/21-04/15/62)			2,688,109		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
4,341,932 (6)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/21, 0.11%, due 07/01/21 (Repurchase Amount $4,341,945, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $4,429,244, due 07/15/23-02/15/48)		$	4,341,932		0.1
1,753,965 (6)	Stonex Financial Inc., Repurchase Agreement dated 06/30/21, 0.10%, due 07/01/21 (Repurchase Amount $1,753,970, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.320%-9.000%, Market Value plus accrued interest $1,789,044, due 12/01/21-05/20/71)			1,753,965		0.0
	Total Repurchase Agreements (Cost $24,846,447)			24,846,447		0.7

Shares		Value		Percentage of Net Assets
	Mutual Funds: 0.4%
12,039,000 (6)(7)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.030%		12,039,000		0.4
718,000 (6)(7)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.020%		718,000		0.0
570,000 (6)(7)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 0.030%		570,000		0.0
	Total Mutual Funds (Cost $13,327,000)		13,327,000		0.4

Shares		Value			Percentage of Net Assets
	Mutual Funds (continued)
	Total Short-Term Investments (Cost $38,173,447)		$	38,173,447		1.1
	Total Investments in Securities (Cost $2,714,760,517)		$	3,579,317,709		100.9
	Liabilities in Excess of Other Assets			(32,754,046)		(0.9)
	Net Assets		$	3,546,563,663		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Non-income producing security.

(2)

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

(3)

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

(4)

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

(5)

Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2021, the Portfolio held restricted securities with a fair value of $— or 0.0% of net assets. Please refer to the table below for additional details.

(6)

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

	Sector Diversification as of June 30, 2021 (as a percentage of net assets)
	Information Technology			23.9%
	Communication Services			15.8%
	Health Care			13.8%
	Financials			12.2%
	Consumer Discretionary			7.8%
	Industrials			7.5%
	Consumer Staples			7.5%
	Energy			3.4%
	Materials			3.3%
	Utilities			2.3%
	Real Estate			2.3%
	Assets in Excess of Other Liabilities*			0.2%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

(7)

Rate shown is the 7-day yield as of June 30, 2021.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of June 30, 2021 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2021
Asset Table
Investments, at fair value
Common Stock*		$	3,541,144,262		$	—		$	—		$	3,541,144,262
Other			—			—			—			—
Short-Term Investments			13,327,000			24,846,447			—			38,173,447
Total Investments, at fair value		$	3,554,471,262		$	24,846,447		$	—		$	3,579,317,709

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

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

At June 30, 2021, Voya Growth and Income Portfolio held the following restricted securities:

Security

Acquisition Date

Acquisition Cost

Fair Value

Southern Energy (Escrow)

11/30/2005

—

At June 30, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $2,740,576,105.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	874,170,514
Gross Unrealized Depreciation		(35,428,910)
Net Unrealized Appreciation	$	838,741,604

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 27.1%
	Basic Materials: 0.5%
445,000 (1)	Anglo American Capital PLC, 2.250%, 03/17/2028		$	450,490		0.0
1,250,000 (1)	Anglo American Capital PLC, 3.625%, 09/11/2024			1,348,403		0.1
476,000 (1)	Anglo American Capital PLC, 5.625%, 04/01/2030			583,284		0.0
1,338,000	Dow Chemical Co/The, 2.100%, 11/15/2030			1,322,800		0.0
2,148,000	Dow Chemical Co/The, 4.250%, 10/01/2034			2,489,845		0.1
500,000	Dow Chemical Co/The, 4.625%, 10/01/2044			615,289		0.0
1,659,000 (1)	Georgia-Pacific LLC, 0.950%, 05/15/2026			1,633,336		0.1
2,445,000	Mosaic Co/The, 5.450%, 11/15/2033			3,069,912		0.1
702,000 (1)	Newcrest Finance Pty Ltd., 3.250%, 05/13/2030			755,286		0.0
561,000 (1)	Newcrest Finance Pty Ltd., 4.200%, 05/13/2050			644,242		0.0
747,000	Newmont Corp., 2.250%, 10/01/2030			745,631		0.0
345,000	Nutrien Ltd., 2.950%, 05/13/2030			364,364		0.0
1,333,000	PPG Industries, Inc., 1.200%, 03/15/2026			1,330,718		0.1
1,147,000	Steel Dynamics, Inc., 1.650%, 10/15/2027			1,145,787		0.0
250,000	Teck Resources Ltd., 6.125%, 10/01/2035			322,419		0.0
				16,821,806		0.5
	Communications: 2.6%
6,026,000	Alibaba Group Holding Ltd., 3.600%, 11/28/2024			6,559,571		0.2
725,000	Amazon.com, Inc., 2.100%, 05/12/2031			737,667		0.0
2,340,000	Amazon.com, Inc., 2.875%, 05/12/2041			2,417,254		0.1
813,000	Amazon.com, Inc., 3.100%, 05/12/2051			855,117		0.0
1,664,000	Amazon.com, Inc., 3.250%, 05/12/2061			1,756,581		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
889,000	AT&T, Inc., 1.650%, 02/01/2028		$	882,955		0.0
2,080,000	AT&T, Inc., 1.700%, 03/25/2026			2,102,351		0.1
2,329,000	AT&T, Inc., 2.250%, 02/01/2032			2,288,364		0.1
801,000 (1)	AT&T, Inc., 2.550%, 12/01/2033			794,364		0.0
1,520,000	AT&T, Inc., 3.100%, 02/01/2043			1,492,392		0.1
4,606,000 (1)	AT&T, Inc., 3.550%, 09/15/2055			4,628,150		0.1
2,948,000 (1)	AT&T, Inc., 3.650%, 09/15/2059			2,994,045		0.1
616,000	AT&T, Inc., 4.300%, 02/15/2030			712,551		0.0
820,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.850%, 04/01/2061			806,820		0.0
829,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.900%, 06/01/2052			846,523		0.0
750,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.464%, 07/23/2022			776,566		0.0
2,500,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.908%, 07/23/2025			2,833,891		0.1
1,250,000	Comcast Corp., 2.650%, 02/01/2030			1,316,994		0.1
2,279,000	Comcast Corp., 3.999%, 11/01/2049			2,688,668		0.1
3,655,000	Comcast Corp., 4.000%, 03/01/2048			4,293,425		0.1
1,225,000	Comcast Corp., 4.600%, 10/15/2038			1,520,897		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
765,000	Corning, Inc., 5.450%, 11/15/2079		$	1,073,427		0.0
860,000 (1)	Deutsche Telekom AG, 3.625%, 01/21/2050			910,434		0.0
3,500,000	Discovery Communications LLC, 5.200%, 09/20/2047			4,357,226		0.1
1,000,000	Interpublic Group of Cos, Inc./The, 3.750%, 10/01/2021			1,008,815		0.0
738,000 (1)	NBN Co. Ltd., 1.450%, 05/05/2026			740,169		0.0
651,000 (1)	NBN Co. Ltd., 2.625%, 05/05/2031			667,685		0.0
2,630,000 (1)	Tencent Holdings Ltd., 2.985%, 01/19/2023			2,722,029		0.1
3,754,000	Time Warner Cable LLC, 5.875%, 11/15/2040			4,870,044		0.2
527,000	T-Mobile USA, Inc., 2.050%, 02/15/2028			536,452		0.0
735,000	T-Mobile USA, Inc., 3.300%, 02/15/2051			734,706		0.0
1,995,000	T-Mobile USA, Inc., 3.600%, 11/15/2060			2,033,603		0.1
818,000	T-Mobile USA, Inc., 3.750%, 04/15/2027			905,841		0.0
462,000	T-Mobile USA, Inc., 3.875%, 04/15/2030			518,018		0.0
3,317,000	T-Mobile USA, Inc., 4.375%, 04/15/2040			3,898,885		0.1
806,000	VeriSign, Inc., 2.700%, 06/15/2031			819,847		0.0
899,000	Verizon Communications, Inc., 2.650%, 11/20/2040			866,744		0.0
1,413,000	Verizon Communications, Inc., 2.875%, 11/20/2050			1,345,633		0.1
542,000	Verizon Communications, Inc., 2.987%, 10/30/2056			510,373		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
779,000	Verizon Communications, Inc., 3.400%, 03/22/2041		$	825,068		0.0
3,375,000	Verizon Communications, Inc., 3.700%, 03/22/2061			3,620,476		0.1
2,000,000	Verizon Communications, Inc., 3.850%, 11/01/2042			2,275,011		0.1
240,000	Verizon Communications, Inc., 4.000%, 03/22/2050			276,332		0.0
208,000	Verizon Communications, Inc., 4.500%, 08/10/2033			248,857		0.0
2,750,000	Verizon Communications, Inc., 4.812%, 03/15/2039			3,488,493		0.1
1,950,000	Verizon Communications, Inc., 4.862%, 08/21/2046			2,527,209		0.1
1,510,000	ViacomCBS, Inc., 5.500%, 05/15/2033			1,919,288		0.1
500,000	Vodafone Group PLC, 4.375%, 02/19/2043			584,923		0.0
880,000	Vodafone Group PLC, 5.125%, 06/19/2059			1,152,805		0.0
539,000	Walt Disney Co/The, 2.000%, 09/01/2029			545,343		0.0
				89,288,882		2.6
	Consumer, Cyclical: 1.1%
747,507 (1)	Alaska Airlines 2020-1 Class A Pass Through Trust, 4.800%, 02/15/2029			829,016		0.0
41,974	American Airlines 2015-2 Class AA Pass Through Trust, 3.600%, 03/22/2029			43,532		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
2,251,607	American Airlines 2016-2 Class AA Pass Through Trust, 3.200%, 12/15/2029		$	2,302,390		0.1
334,880	American Airlines 2017-1 Class A Pass Through Trust, 4.000%, 08/15/2030			338,992		0.0
727,903	American Airlines 2017-2 Class A Pass Through Trust, 3.600%, 04/15/2031			722,081		0.0
48,583	American Airlines 2017-2 Class AA Pass Through Trust, 3.350%, 04/15/2031			49,533		0.0
528,080 (1)	British Airways 2020-1 Class A Pass Through Trust, 4.250%, 05/15/2034			570,345		0.0
23,766	Continental Airlines 2012-2 Class A Pass Through Trust, 4.000%, 04/29/2026			25,171		0.0
1,875,000 (1)	Daimler Finance North America LLC, 2.125%, 03/10/2025			1,942,423		0.1
648,574	Delta Air Lines 2020-1 Class A Pass Through Trust, 2.500%, 12/10/2029			659,043		0.0
515,000 (1)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.500%, 10/20/2025			553,673		0.0
793,000 (1)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028			882,265		0.0
1,400,000	General Motors Co., 5.400%, 04/01/2048			1,786,490		0.1
935,000	General Motors Co., 6.125%, 10/01/2025			1,107,507		0.0
1,000,000	General Motors Financial Co., Inc., 3.950%, 04/13/2024			1,076,425		0.0
1,893,000	General Motors Financial Co., Inc., 4.350%, 01/17/2027			2,130,068		0.1
1,004,000	General Motors Financial Co., Inc., 5.200%, 03/20/2023			1,081,370		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
873,000 (1)	Harley-Davidson Financial Services, Inc., 3.350%, 06/08/2025		$	934,637		0.0
1,652,000	Hasbro, Inc., 3.000%, 11/19/2024			1,758,745		0.1
1,607,000 (1)	Hyundai Capital America, 2.000%, 06/15/2028			1,595,959		0.1
1,155,000	Lowe’s Cos, Inc., 1.700%, 10/15/2030			1,108,195		0.1
550,000	McDonald’s Corp., 3.500%, 07/01/2027			610,064		0.0
222,000 (1)	Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027			244,699		0.0
2,225,000 (1)	Nissan Motor Co. Ltd., 4.810%, 09/17/2030			2,514,321		0.1
2,250,000	Toyota Motor Credit Corp., 2.150%, 02/13/2030			2,310,606		0.1
956,663	United Airlines 2012-1 Class A Pass Through Trust, 4.150%, 10/11/2025			1,017,595		0.0
135,576	United Airlines 2013-1 Class A Pass Through Trust, 4.300%, 02/15/2027			143,654		0.0
583,173	United Airlines 2014-1 Class A Pass Through Trust, 4.000%, 10/11/2027			616,081		0.0
1,832,836	United Airlines 2016-1 Class AA Pass Through Trust, 3.100%, 01/07/2030			1,936,376		0.1
3,828,791	United Airlines 2016-2 Class AA Pass Through Trust, 2.875%, 04/07/2030			3,919,860		0.1
62,809	United Airlines 2020-1 Class A Pass Through Trust, 5.875%, 04/15/2029			69,823		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
824,705	US Airways 2012-1 Class A Pass Through Trust, 5.900%, 04/01/2026		$	863,195		0.0
				35,744,134		1.1
	Consumer, Non-cyclical: 4.6%
114,000	Abbott Laboratories, 4.900%, 11/30/2046			156,328		0.0
5,000,000	AbbVie, Inc., 2.300%, 11/21/2022			5,133,159		0.2
2,554,000	AbbVie, Inc., 2.600%, 11/21/2024			2,694,110		0.1
1,970,000	AbbVie, Inc., 2.900%, 11/06/2022			2,035,957		0.1
1,441,000	AbbVie, Inc., 2.950%, 11/21/2026			1,550,017		0.1
732,000	AbbVie, Inc., 4.050%, 11/21/2039			851,352		0.0
2,250,000	AbbVie, Inc., 4.300%, 05/14/2036			2,676,464		0.1
1,964,000	AbbVie, Inc., 4.400%, 11/06/2042			2,387,974		0.1
1,037,000	AbbVie, Inc., 4.500%, 05/14/2035			1,250,678		0.0
522,000	AbbVie, Inc., 4.550%, 03/15/2035			634,566		0.0
1,700,000	AbbVie, Inc., 4.625%, 10/01/2042			2,105,362		0.1
2,403,000	Aetna, Inc., 4.500%, 05/15/2042			2,884,642		0.1
848,000	Altria Group, Inc., 2.450%, 02/04/2032			821,029		0.0
1,691,000	Altria Group, Inc., 3.700%, 02/04/2051			1,606,818		0.1
301,000	Altria Group, Inc., 4.800%, 02/14/2029			349,188		0.0
730,000	Altria Group, Inc., 5.800%, 02/14/2039			903,065		0.0
2,000,000	Altria Group, Inc., 5.950%, 02/14/2049			2,563,706		0.1
798,000	Amgen, Inc., 3.375%, 02/21/2050			844,136		0.0
2,462,000	Anheuser-Busch Cos LLC / Anheuser- Busch InBev Worldwide, Inc., 4.700%, 02/01/2036			3,024,327		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
4,049,000	Anheuser-Busch Cos LLC / Anheuser- Busch InBev Worldwide, Inc., 4.900%, 02/01/2046		$	5,134,000		0.2
1,909,000	Anheuser-Busch InBev Finance, Inc., 4.000%, 01/17/2043			2,136,472		0.1
1,260,000	Anheuser-Busch InBev Worldwide, Inc., 5.450%, 01/23/2039			1,665,207		0.1
1,416,000	Anthem, Inc., 2.875%, 09/15/2029			1,504,443		0.0
1,000,000	Anthem, Inc., 3.500%, 08/15/2024			1,077,580		0.0
1,800,000	Anthem, Inc., 5.100%, 01/15/2044			2,378,158		0.1
869,000	Astrazeneca Finance LLC, 1.200%, 05/28/2026			867,065		0.0
862,000	Astrazeneca Finance LLC, 1.750%, 05/28/2028			862,563		0.0
965,000	Astrazeneca Finance LLC, 2.250%, 05/28/2031			980,970		0.0
924,000	AstraZeneca PLC, 1.375%, 08/06/2030			875,122		0.0
3,079,000	BAT Capital Corp., 2.259%, 03/25/2028			3,059,206		0.1
866,000	BAT Capital Corp., 2.726%, 03/25/2031			855,864		0.0
140,000	BAT Capital Corp., 3.215%, 09/06/2026			148,667		0.0
866,000	BAT Capital Corp., 3.734%, 09/25/2040			847,861		0.0
750,000	BAT Capital Corp., 4.390%, 08/15/2037			809,891		0.0
500,000	Becton Dickinson and Co., 3.363%, 06/06/2024			535,877		0.0
863,000 (2)	Bristol-Myers Squibb Co., 1.450%, 11/13/2030			834,019		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
863,000	Bristol-Myers Squibb Co., 2.550%, 11/13/2050		$	827,310		0.0
1,757,000	Bristol-Myers Squibb Co., 4.125%, 06/15/2039			2,124,901		0.1
1,125,000	Bunge Ltd. Finance Corp., 2.750%, 05/14/2031			1,138,190		0.0
2,000,000 (1)	Cargill, Inc., 3.875%, 05/23/2049			2,362,107		0.1
2,195,000	Cigna Corp., 3.250%, 04/15/2025			2,367,464		0.1
2,161,000	Cigna Corp., 3.750%, 07/15/2023			2,302,036		0.1
3,000,000	Cigna Corp., 4.800%, 08/15/2038			3,740,586		0.1
485,000	Cigna Corp., 4.800%, 07/15/2046			617,533		0.0
935,000	Cigna Corp., 4.900%, 12/15/2048			1,206,399		0.0
1,666,000	Coca-Cola Co/The, 2.000%, 03/05/2031			1,683,943		0.1
1,443,000	Coca-Cola Co/The, 2.875%, 05/05/2041			1,501,917		0.0
798,000	CVS Health Corp., 2.700%, 08/21/2040			774,968		0.0
1,075,000	CVS Health Corp., 3.875%, 07/20/2025			1,187,328		0.0
1,886,000	CVS Health Corp., 4.125%, 04/01/2040			2,193,181		0.1
3,000,000	CVS Health Corp., 4.780%, 03/25/2038			3,696,243		0.1
3,500,000	CVS Health Corp., 5.050%, 03/25/2048			4,554,512		0.1
57,682	CVS Pass-Through Trust, 6.943%, 01/10/2030			70,192		0.0
650,000	Dentsply Sirona, Inc., 3.250%, 06/01/2030			695,968		0.0
345,000	Diageo Capital PLC, 2.125%, 04/29/2032			346,791		0.0
1,400,000 (1)	Element Fleet Management Corp., 3.850%, 06/15/2025			1,507,998		0.1
1,237,000 (1)	Fresenius Medical Care US Finance III, Inc., 1.875%, 12/01/2026			1,238,162		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
743,000	Gilead Sciences, Inc., 0.750%, 09/29/2023		$	743,395		0.0
557,000	Gilead Sciences, Inc., 3.500%, 02/01/2025			604,095		0.0
566,000	Gilead Sciences, Inc., 4.500%, 02/01/2045			693,656		0.0
1,676,000	Global Payments, Inc., 1.200%, 03/01/2026			1,661,340		0.1
1,000,000	Global Payments, Inc., 2.650%, 02/15/2025			1,054,477		0.0
3,000,000	Global Payments, Inc., 3.200%, 08/15/2029			3,215,443		0.1
1,166,000	HCA, Inc., 4.125%, 06/15/2029			1,313,956		0.0
1,604,000	HCA, Inc., 4.500%, 02/15/2027			1,814,498		0.1
407,000	HCA, Inc., 5.125%, 06/15/2039			509,769		0.0
772,000	HCA, Inc., 5.250%, 04/15/2025			883,931		0.0
500,000	HCA, Inc., 5.250%, 06/15/2049			638,567		0.0
1,932,000	Hormel Foods Corp., 3.050%, 06/03/2051			2,007,076		0.1
1,815,000	Humana, Inc., 3.125%, 08/15/2029			1,956,239		0.1
650,000	Illumina, Inc., 2.550%, 03/23/2031			660,464		0.0
2,113,000 (1)	Imperial Brands Finance PLC, 3.750%, 07/21/2022			2,168,468		0.1
796,000	Johnson & Johnson, 0.950%, 09/01/2027			781,875		0.0
969,000	Laboratory Corp. of America Holdings, 3.250%, 09/01/2024			1,037,506		0.0
2,500,000 (1)	Mars, Inc., 4.125%, 04/01/2054			3,127,143		0.1
1,505,000	McKesson Corp., 0.900%, 12/03/2025			1,483,858		0.0
1,436,000	Medtronic, Inc., 4.375%, 03/15/2035			1,788,798		0.1
1,627,000	Mylan, Inc., 5.200%, 04/15/2048			2,012,390		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
2,891,000	PayPal Holdings, Inc., 2.850%, 10/01/2029		$	3,121,703		0.1
2,449,000	PerkinElmer, Inc., 3.300%, 09/15/2029			2,654,460		0.1
1,500,000	Philip Morris International, Inc., 3.875%, 08/21/2042			1,662,783		0.1
2,449,000	Regeneron Pharmaceuticals, Inc., 1.750%, 09/15/2030			2,323,636		0.1
1,250,000	Reynolds American, Inc., 5.850%, 08/15/2045			1,532,963		0.1
624,000	Reynolds American, Inc., 6.150%, 09/15/2043			782,710		0.0
537,000 (1)	Royalty Pharma PLC, 1.200%, 09/02/2025			532,581		0.0
796,000 (1)	Royalty Pharma PLC, 1.750%, 09/02/2027			784,007		0.0
1,673,000 (1)	Royalty Pharma PLC, 3.300%, 09/02/2040			1,687,812		0.1
687,000 (1)	Royalty Pharma PLC, 3.550%, 09/02/2050			685,026		0.0
650,000	Smith & Nephew PLC, 2.032%, 10/14/2030			636,589		0.0
581,000	STERIS Irish FinCo UnLtd. Co., 2.700%, 03/15/2031			592,367		0.0
914,000	STERIS Irish FinCo UnLtd. Co., 3.750%, 03/15/2051			972,398		0.0
200,000	Takeda Pharmaceutical Co. Ltd., 3.175%, 07/09/2050			202,572		0.0
600,000	Takeda Pharmaceutical Co. Ltd., 3.375%, 07/09/2060			617,370		0.0
430,000	Thermo Fisher Scientific, Inc., 4.133%, 03/25/2025			476,987		0.0
830,000 (1)	Triton Container International Ltd., 2.050%, 04/15/2026			835,161		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
862,000 (1)	Triton Container International Ltd., 3.150%, 06/15/2031		$	867,783		0.0
648,000	UnitedHealth Group, Inc., 1.150%, 05/15/2026			648,437		0.0
1,783,000	UnitedHealth Group, Inc., 2.300%, 05/15/2031			1,827,281		0.1
730,000	UnitedHealth Group, Inc., 3.050%, 05/15/2041			765,368		0.0
1,783,000	UnitedHealth Group, Inc., 3.250%, 05/15/2051			1,905,706		0.1
1,111,000	UnitedHealth Group, Inc., 3.500%, 08/15/2039			1,243,391		0.0
1,500,000 (1)	Viatris, Inc., 3.850%, 06/22/2040			1,597,416		0.1
981,000 (1)	Viatris, Inc., 4.000%, 06/22/2050			1,039,237		0.0
1,065,000 (1)	Viterra Finance BV, 2.000%, 04/21/2026			1,067,368		0.0
				156,403,628		4.6
	Energy: 2.7%
450,000	BP Capital Markets America, Inc., 1.749%, 08/10/2030			439,627		0.0
357,000	BP Capital Markets America, Inc., 2.772%, 11/10/2050			331,355		0.0
4,000,000	BP Capital Markets America, Inc., 3.224%, 04/14/2024			4,266,694		0.1
750,000	BP Capital Markets America, Inc., 3.379%, 02/08/2061			755,762		0.0
923,000 (3)	BP Capital Markets PLC, 4.875%, 12/31/2199			1,015,761		0.0
408,000	Burlington Resources LLC, 5.950%, 10/15/2036			564,611		0.0
205,000	Canadian Natural Resources Ltd., 6.750%, 02/01/2039			287,315		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
1,665,000	Cheniere Corpus Christi Holdings LLC, 3.700%, 11/15/2029		$	1,820,307		0.1
117,000	Chevron USA, Inc., 3.250%, 10/15/2029			129,705		0.0
4,243,000	Cimarex Energy Co., 3.900%, 05/15/2027			4,681,945		0.2
1,334,000 (1)(2)	ConocoPhillips, 2.400%, 02/15/2031			1,366,671		0.1
647,000 (1)	ConocoPhillips, 3.750%, 10/01/2027			727,787		0.0
1,652,000	Diamondback Energy, Inc., 2.875%, 12/01/2024			1,745,996		0.1
831,000	Diamondback Energy, Inc., 3.125%, 03/24/2031			862,108		0.0
1,160,000	Diamondback Energy, Inc., 3.250%, 12/01/2026			1,244,327		0.0
3,000,000	Diamondback Energy, Inc., 3.500%, 12/01/2029			3,214,272		0.1
665,000	Diamondback Energy, Inc., 4.400%, 03/24/2051			750,741		0.0
979,000 (2)(3)	Enbridge, Inc., 5.750%, 07/15/2080			1,094,033		0.0
1,067,000	Energy Transfer L.P. / Regency Energy Finance Corp., 4.500%, 11/01/2023			1,145,785		0.0
582,000	Energy Transfer L.P., 4.250%, 04/01/2024			627,921		0.0
275,000	Energy Transfer L.P., 4.900%, 03/15/2035			318,887		0.0
1,625,000	Energy Transfer L.P., 5.300%, 04/01/2044			1,879,597		0.1
2,000,000	Energy Transfer L.P., 5.300%, 04/15/2047			2,343,694		0.1
845,000	Energy Transfer L.P., 5.350%, 05/15/2045			982,803		0.0
490,000	Energy Transfer L.P., 5.800%, 06/15/2038			610,947		0.0
1,385,000	Enterprise Products Operating LLC, 3.750%, 02/15/2025			1,511,581		0.1
589,000	Enterprise Products Operating LLC, 3.950%, 01/31/2060			658,162		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
283,000	Enterprise Products Operating LLC, 4.200%, 01/31/2050		$	326,975		0.0
2,400,000 (3)	Enterprise Products Operating LLC, 4.875%, 08/16/2077			2,356,715		0.1
826,000	Equinor ASA, 3.125%, 04/06/2030			900,183		0.0
1,394,000	Exxon Mobil Corp., 2.726%, 03/01/2023			1,443,825		0.1
755,000	Exxon Mobil Corp., 4.227%, 03/19/2040			902,437		0.0
1,732,000 (1)	Flex Intermediate Holdco LLC, 3.363%, 06/30/2031			1,756,808		0.1
79,000	Halliburton Co., 3.500%, 08/01/2023			83,324		0.0
66,000	Halliburton Co., 3.800%, 11/15/2025			73,004		0.0
2,676,000	Hess Corp., 5.600%, 02/15/2041			3,345,008		0.1
1,000,000	Kinder Morgan Energy Partners L.P., 4.250%, 09/01/2024			1,100,074		0.0
920,000	Kinder Morgan Energy Partners L.P., 5.400%, 09/01/2044			1,157,105		0.0
786,000	Kinder Morgan, Inc., 5.550%, 06/01/2045			1,019,219		0.0
647,000 (1)	Lundin Energy Finance BV, 2.000%, 07/15/2026			648,796		0.0
751,000	Marathon Petroleum Corp., 4.700%, 05/01/2025			847,577		0.0
1,336,000	Marathon Petroleum Corp., 4.750%, 09/15/2044			1,585,761		0.1
1,000,000	Marathon Petroleum Corp., 5.000%, 09/15/2054			1,203,937		0.0
373,000	MPLX L.P., 4.700%, 04/15/2048			434,463		0.0
479,000	MPLX L.P., 5.200%, 03/01/2047			591,101		0.0
928,000	MPLX L.P., 5.200%, 12/01/2047			1,136,128		0.0
570,000	MPLX L.P., 5.500%, 02/15/2049			739,438		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
679,000 (1)	Northern Natural Gas Co., 3.400%, 10/16/2051		$	698,712		0.0
718,000	ONEOK Partners L.P., 6.125%, 02/01/2041			926,859		0.0
908,000	ONEOK Partners L.P., 6.200%, 09/15/2043			1,198,798		0.0
770,000	ONEOK, Inc., 2.200%, 09/15/2025			792,424		0.0
510,000	Phillips 66, 0.900%, 02/15/2024			510,702		0.0
1,380,000	Plains All American Pipeline L.P. / PAA Finance Corp., 3.550%, 12/15/2029			1,454,595		0.1
1,180,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.500%, 12/15/2026			1,325,419		0.1
1,779,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.650%, 10/15/2025			1,991,634		0.1
500,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.900%, 02/15/2045			544,601		0.0
900,000	Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028			1,016,986		0.0
906,000	Sabine Pass Liquefaction LLC, 5.000%, 03/15/2027			1,047,308		0.0
1,866,000 (1)	Santos Finance Ltd., 3.649%, 04/29/2031			1,912,241		0.1
500,000 (1)	Schlumberger Holdings Corp., 3.750%, 05/01/2024			538,462		0.0
1,500,000 (1)	Schlumberger Investment SA, 2.400%, 08/01/2022			1,524,197		0.1
4,500,000	Shell International Finance BV, 3.250%, 05/11/2025			4,886,262		0.2
1,320,000	Shell International Finance BV, 4.125%, 05/11/2035			1,572,529		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
616,000	Shell International Finance BV, 4.000%, 05/10/2046		$	722,528		0.0
500,000	TotalEnergies Capital International SA, 2.986%, 06/29/2041			510,100		0.0
351,000	TotalEnergies Capital International SA, 3.127%, 05/29/2050			356,581		0.0
2,000,000	TotalEnergies Capital Canada Ltd., 2.750%, 07/15/2023			2,092,128		0.1
257,000	Transcontinental Gas Pipe Line Co. LLC, 3.250%, 05/15/2030			278,494		0.0
392,000	Valero Energy Corp., 2.850%, 04/15/2025			415,929		0.0
3,804,000	Williams Cos, Inc./The, 4.000%, 09/15/2025			4,214,571		0.1
1,017,000	Williams Cos, Inc./The, 5.400%, 03/04/2044			1,291,686		0.1
1,128,000	Williams Partners L.P., 3.600%, 03/15/2022			1,147,043		0.0
1,836,000	Williams Partners L.P., 3.750%, 06/15/2027			2,041,119		0.1
				92,042,180		2.7
	Financial: 9.5%
1,862,000	Alexandria Real Estate Equities, Inc., 2.000%, 05/18/2032			1,815,982		0.1
826,000	American Homes 4 Rent L.P., 2.375%, 07/08/2031			816,410		0.0
258,000	American Homes 4 Rent L.P., 2.375%, 07/08/2051			252,742		0.0
215,000	American International Group, Inc., 3.875%, 01/15/2035			243,984		0.0
1,248,000	American International Group, Inc., 3.900%, 04/01/2026			1,393,303		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
245,000	American International Group, Inc., 4.375%, 01/15/2055		$	298,074		0.0
1,106,000	American International Group, Inc., 4.500%, 07/16/2044			1,344,349		0.0
773,000	American International Group, Inc., 4.800%, 07/10/2045			969,471		0.0
875,000 (1)	ANZ New Zealand Int’l Ltd./London, 1.250%, 06/22/2026			871,635		0.0
1,461,000	Arthur J Gallagher & Co., 3.500%, 05/20/2051			1,532,759		0.1
1,847,000	Assurant, Inc., 2.650%, 01/15/2032			1,845,966		0.1
1,334,000	Assurant, Inc., 3.700%, 02/22/2030			1,447,087		0.1
519,000 (1)	Athene Global Funding, 2.950%, 11/12/2026			553,326		0.0
452,000 (1)	Aviation Capital Group LLC, 3.875%, 05/01/2023			473,733		0.0
808,000 (1)	Aviation Capital Group LLC, 4.375%, 01/30/2024			867,061		0.0
863,000 (1)	Aviation Capital Group LLC, 5.500%, 12/15/2024			976,253		0.0
599,000 (1)	Avolon Holdings Funding Ltd., 2.125%, 02/21/2026			597,028		0.0
1,804,000 (1)	Avolon Holdings Funding Ltd., 2.750%, 02/21/2028			1,786,047		0.1
391,000 (1)	Avolon Holdings Funding Ltd., 2.875%, 02/15/2025			402,836		0.0
800,000	Banco Santander SA, 1.849%, 03/25/2026			808,945		0.0
1,000,000	Banco Santander SA, 2.746%, 05/28/2025			1,054,262		0.0
800,000	Banco Santander SA, 2.958%, 03/25/2031			824,877		0.0
2,000,000	Banco Santander SA, 3.125%, 02/23/2023			2,083,830		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
3,375,000 (3)	Bank of America Corp., 0.981%, 09/25/2025		$	3,374,381		0.1
1,955,000 (3)	Bank of America Corp., 1.197%, 10/24/2026			1,938,495		0.1
2,576,000 (3)	Bank of America Corp., 1.734%, 07/22/2027			2,597,209		0.1
384,000 (3)	Bank of America Corp., 1.898%, 07/23/2031			373,663		0.0
1,396,000 (3)	Bank of America Corp., 1.922%, 10/24/2031			1,361,879		0.0
225,000 (3)	Bank of America Corp., 2.015%, 02/13/2026			232,084		0.0
1,852,000 (3)	Bank of America Corp., 2.087%, 06/14/2029			1,868,792		0.1
220,000 (3)	Bank of America Corp., 2.496%, 02/13/2031			224,857		0.0
1,980,000 (3)	Bank of America Corp., 2.676%, 06/19/2041			1,924,531		0.1
1,508,000 (3)	Bank of America Corp., 2.687%, 04/22/2032			1,552,437		0.1
1,000,000 (3)	Bank of America Corp., 3.194%, 07/23/2030			1,077,953		0.0
1,000,000 (3)	Bank of America Corp., 3.593%, 07/21/2028			1,101,950		0.0
1,645,000	Bank of America Corp., 3.950%, 04/21/2025			1,806,599		0.1
435,000 (3)	Bank of America Corp., 3.970%, 03/05/2029			490,880		0.0
1,355,000 (3)	Bank of America Corp., 4.078%, 04/23/2040			1,584,250		0.1
323,000 (3)	Bank of America Corp., 4.083%, 03/20/2051			386,744		0.0
3,641,000	Bank of America Corp., 4.183%, 11/25/2027			4,081,437		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
4,336,000	Bank of America Corp., 4.250%, 10/22/2026		$	4,899,181		0.2
1,000,000 (3)	Bank of America Corp., 4.271%, 07/23/2029			1,149,702		0.0
1,545,000	Bank of Nova Scotia/The, 2.200%, 02/03/2025			1,611,552		0.1
1,773,000 (1)	Banque Federative du Credit Mutuel SA, 0.650%, 02/27/2024			1,769,082		0.1
1,535,000 (1)	Banque Federative du Credit Mutuel SA, 2.375%, 11/21/2024			1,604,583		0.1
932,000 (3)	Barclays PLC, 3.564%, 09/23/2035			972,160		0.0
2,438,000 (3)	Barclays PLC, 3.932%, 05/07/2025			2,633,254		0.1
1,325,000 (3)	Barclays PLC, 4.610%, 02/15/2023			1,359,067		0.0
926,000	Berkshire Hathaway Finance Corp., 1.450%, 10/15/2030			905,510		0.0
608,000	Berkshire Hathaway Finance Corp., 2.850%, 10/15/2050			608,166		0.0
1,255,000	Berkshire Hathaway Finance Corp., 4.250%, 01/15/2049			1,562,087		0.1
1,843,000 (1)(3)	BNP Paribas SA, 1.323%, 01/13/2027			1,822,016		0.1
455,000 (1)(3)	BNP Paribas SA, 2.588%, 08/12/2035			444,957		0.0
4,115,000 (1)(3)	BNP Paribas SA, 2.819%, 11/19/2025			4,331,032		0.1
1,294,000 (1)(3)	BNP Paribas SA, 2.871%, 04/19/2032			1,329,817		0.0
1,327,000 (1)(3)	BPCE SA, 2.277%, 01/20/2032			1,303,461		0.0
3,960,000 (1)	BPCE SA, 2.700%, 10/01/2029			4,140,812		0.1
955,000 (1)	BPCE SA, 5.700%, 10/22/2023			1,057,807		0.0
359,000	Camden Property Trust, 2.800%, 05/15/2030			381,050		0.0
910,000	Canadian Imperial Bank of Commerce, 2.250%, 01/28/2025			950,973		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
424,000	Canadian Imperial Bank of Commerce, 3.100%, 04/02/2024		$	450,801		0.0
850,000	Capital One Financial Corp., 3.650%, 05/11/2027			944,559		0.0
1,379,000	CBRE Services, Inc., 2.500%, 04/01/2031			1,397,976		0.1
665,000	Charles Schwab Corp./The, 2.000%, 03/20/2028			682,735		0.0
1,358,000 (3)	Charles Schwab Corp./The, 5.375%, 12/31/2199			1,504,392		0.1
1,035,000	CI Financial Corp., 4.100%, 06/15/2051			1,083,751		0.0
806,000 (3)	Citigroup, Inc., 1.462%, 06/09/2027			803,482		0.0
1,118,000 (3)	Citigroup, Inc., 1.678%, 05/15/2024			1,141,899		0.0
1,486,000 (3)	Citigroup, Inc., 2.561%, 05/01/2032			1,513,725		0.1
5,000,000 (3)	Citigroup, Inc., 2.876%, 07/24/2023			5,129,346		0.2
4,000,000	Citigroup, Inc., 5.500%, 09/13/2025			4,661,772		0.1
2,000,000 (1)	Citizens Financial Group, Inc., 4.150%, 09/28/2022			2,080,420		0.1
525,000	Columbia Property Trust Operating Partnership L.P., 3.650%, 08/15/2026			553,963		0.0
280,000	Columbia Property Trust Operating Partnership L.P., 4.150%, 04/01/2025			301,896		0.0
1,013,000 (1)	Commonwealth Bank of Australia, 2.688%, 03/11/2031			1,013,760		0.0
745,000 (1)	Commonwealth Bank of Australia, 3.743%, 09/12/2039			822,846		0.0
1,358,000 (1)(3)	Cooperatieve Rabobank UA, 1.004%, 09/24/2026			1,341,843		0.0
752,000	Cooperatieve Rabobank UA, 3.950%, 11/09/2022			787,446		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
5,500,000	Cooperatieve Rabobank UA, 4.375%, 08/04/2025		$	6,145,700		0.2
1,235,000 (1)(3)	Credit Agricole SA/London, 1.907%, 06/16/2026			1,259,792		0.0
6,000,000 (1)	Credit Suisse AG, 6.500%, 08/08/2023			6,642,300		0.2
3,000,000 (1)(3)	Credit Suisse Group AG, 2.997%, 12/14/2023			3,098,920		0.1
750,000	Credit Suisse Group Funding Guernsey Ltd., 3.800%, 09/15/2022			780,635		0.0
589,000	Crown Castle International Corp., 1.050%, 07/15/2026			575,804		0.0
1,870,000 (1)(3)	Danske Bank A/S, 1.621%, 09/11/2026			1,873,626		0.1
600,000 (1)	Danske Bank A/S, 5.000%, 01/12/2022			613,970		0.0
813,000 (1)(3)	Depository Trust & Clearing Corp./The, 3.375%, 12/31/2199			827,736		0.0
1,770,000 (3)	Discover Bank, 4.682%, 08/09/2028			1,881,448		0.1
609,000 (1)	Empower Finance 2020 L.P., 1.357%, 09/17/2027			600,381		0.0
500,000	ERP Operating L.P., 2.500%, 02/15/2030			518,178		0.0
1,925,000 (1)	Federation des Caisses Desjardins du Quebec, 2.050%, 02/10/2025			1,989,907		0.1
525,000	GE Capital International Funding Co. Unlimited Co., 4.418%, 11/15/2035			630,127		0.0
1,668,000 (3)	Goldman Sachs Group, Inc./The, 1.431%, 03/09/2027			1,664,015		0.1
1,608,000 (3)	Goldman Sachs Group, Inc./The, 1.542%, 09/10/2027			1,605,466		0.1
2,500,000	Goldman Sachs Group, Inc., 4.250%, 10/21/2025			2,796,659		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,000,000	Goldman Sachs Group, Inc., 5.150%, 05/22/2045		$	1,340,727		0.0
449,000	Goldman Sachs Group, Inc., 6.750%, 10/01/2037			654,831		0.0
1,265,000 (1)	Guardian Life Global Funding, 1.250%, 11/19/2027			1,235,110		0.0
733,000	Hartford Financial Services Group, Inc./The, 5.950%, 10/15/2036			1,002,886		0.0
1,355,000 (3)	HSBC Holdings PLC, 1.589%, 05/24/2027			1,358,631		0.0
985,000 (3)	HSBC Holdings PLC, 2.013%, 09/22/2028			988,960		0.0
1,331,000 (3)	HSBC Holdings PLC, 2.633%, 11/07/2025			1,397,663		0.0
1,497,000 (3)	HSBC Holdings PLC, 3.973%, 05/22/2030			1,676,916		0.1
3,307,000 (3)	HSBC Holdings PLC, 4.041%, 03/13/2028			3,669,776		0.1
1,250,000	HSBC Holdings PLC, 4.300%, 03/08/2026			1,410,943		0.1
1,673,000 (3)	HSBC Holdings PLC, 4.700%, 12/31/2199			1,739,920		0.1
365,000	HSBC Holdings PLC, 4.950%, 03/31/2030			440,936		0.0
3,439,000	ING Groep NV, 3.550%, 04/09/2024			3,706,448		0.1
1,059,000	Intercontinental Exchange, Inc., 2.650%, 09/15/2040			1,011,301		0.0
396,000	Intercontinental Exchange, Inc., 3.000%, 06/15/2050			391,605		0.0
2,030,000 (3)	JPMorgan Chase & Co., 0.969%, 06/23/2025			2,033,291		0.1
1,184,000 (3)	JPMorgan Chase & Co., 1.040%, 02/04/2027			1,165,177		0.0
1,621,000 (3)	JPMorgan Chase & Co., 1.953%, 02/04/2032			1,575,550		0.1
2,071,000 (3)	JPMorgan Chase & Co., 2.069%, 06/01/2029			2,089,291		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
381,000 (3)	JPMorgan Chase & Co., 2.182%, 06/01/2028		$	390,408		0.0
615,000 (3)	JPMorgan Chase & Co., 2.522%, 04/22/2031			633,375		0.0
949,000 (3)	JPMorgan Chase & Co., 2.525%, 11/19/2041			906,506		0.0
3,267,000 (3)	JPMorgan Chase & Co., 2.580%, 04/22/2032			3,355,285		0.1
283,000 (3)	JPMorgan Chase & Co., 3.109%, 04/22/2051			292,512		0.0
2,326,000 (3)	JPMorgan Chase & Co., 3.157%, 04/22/2042			2,423,871		0.1
1,273,000 (3)	JPMorgan Chase & Co., 3.328%, 04/22/2052			1,361,221		0.0
3,320,000	JPMorgan Chase & Co., 3.875%, 09/10/2024			3,620,659		0.1
947,000 (3)	JPMorgan Chase & Co., 3.964%, 11/15/2048			1,113,456		0.0
945,000 (3)	JPMorgan Chase & Co., 4.493%, 03/24/2031			1,120,144		0.0
891,000	Kite Realty Group L.P., 4.000%, 10/01/2026			962,171		0.0
834,000 (1)	Liberty Mutual Group, Inc., 3.951%, 10/15/2050			931,752		0.0
1,125,000 (3)	Lloyds Banking Group PLC, 2.438%, 02/05/2026			1,173,746		0.0
2,177,000 (3)	Lloyds Banking Group PLC, 2.907%, 11/07/2023			2,245,280		0.1
1,404,000 (1)	LSEGA Financing PLC, 2.500%, 04/06/2031			1,440,236		0.1
1,445,000 (1)	LSEGA Financing PLC, 3.200%, 04/06/2041			1,517,148		0.1
1,917,000	Main Street Capital Corp., 3.000%, 07/14/2026			1,971,617		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
684,000 (2)	Main Street Capital Corp., 5.200%, 05/01/2024		$	744,779		0.0
750,000	Mitsubishi UFJ Financial Group, Inc., 2.193%, 02/25/2025			780,843		0.0
350,000	Mitsubishi UFJ Financial Group, Inc., 2.757%, 09/13/2026			372,955		0.0
5,870,000	Mizuho Financial Group Cayman 2 Ltd., 4.200%, 07/18/2022			6,086,891		0.2
315,000 (1)	Mizuho Financial Group, Inc., 3.477%, 04/12/2026			344,595		0.0
1,919,000 (3)	Morgan Stanley, 1.593%, 05/04/2027			1,933,417		0.1
2,074,000 (3)	Morgan Stanley, 1.794%, 02/13/2032			1,994,610		0.1
1,074,000 (3)	Morgan Stanley, 2.188%, 04/28/2026			1,115,642		0.0
1,093,000 (3)	Morgan Stanley, 2.802%, 01/25/2052			1,073,892		0.0
1,035,000 (3)	Morgan Stanley, 3.622%, 04/01/2031			1,156,395		0.0
538,000	Morgan Stanley, 3.875%, 01/27/2026			601,711		0.0
1,080,000	Morgan Stanley, 3.950%, 04/23/2027			1,207,501		0.0
4,000,000	Morgan Stanley, 4.000%, 07/23/2025			4,452,440		0.1
1,000,000	Morgan Stanley, 5.500%, 07/28/2021			1,003,852		0.0
1,341,000 (1)	National Australia Bank Ltd., 2.332%, 08/21/2030			1,303,307		0.0
1,575,000 (1)(3)	National Australia Bank Ltd., 3.933%, 08/02/2034			1,708,277		0.1
1,004,000 (1)(3)	Nationwide Building Society, 3.960%, 07/18/2030			1,128,007		0.0
890,000 (3)	Natwest Group PLC, 3.032%, 11/28/2035			892,537		0.0
336,000 (3)	Natwest Group PLC, 3.073%, 05/22/2028			354,808		0.0
3,858,000	Natwest Group PLC, 3.875%, 09/12/2023			4,122,449		0.1

See Accompanying Notes to Financial Statements

100

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
398,000 (3)	Natwest Group PLC, 4.269%, 03/22/2025		$	431,937		0.0
1,766,000 (3)	Natwest Group PLC, 4.519%, 06/25/2024			1,896,834		0.1
1,576,000 (1)	New York Life Global Funding, 2.875%, 04/10/2024			1,673,953		0.1
2,661,000 (1)(2)(3)	Nordea Bank ABP, 6.125%, 12/31/2199			2,933,952		0.1
1,611,000 (1)	Northwestern Mutual Global Funding, 1.700%, 06/01/2028			1,614,112		0.1
174,000 (1)	Northwestern Mutual Life Insurance Co/The, 3.625%, 09/30/2059			191,865		0.0
1,079,000	Old Republic International Corp., 3.850%, 06/11/2051			1,150,991		0.0
5,000,000	ORIX Corp., 3.250%, 12/04/2024			5,392,922		0.2
1,990,000	Owl Rock Capital Corp., 4.250%, 01/15/2026			2,152,252		0.1
1,986,000 (1)	Owl Rock Technology Finance Corp., 4.750%, 12/15/2025			2,185,828		0.1
1,665,000 (1)	Pacific Life Global Funding II, 1.375%, 04/14/2026			1,669,218		0.1
584,000	Piedmont Operating Partnership L.P., 3.150%, 08/15/2030			594,102		0.0
1,130,000	Piedmont Operating Partnership L.P., 4.450%, 03/15/2024			1,218,920		0.0
1,714,000 (2)	Public Storage, 0.875%, 02/15/2026			1,700,789		0.1
691,000	Regency Centers L.P., 3.700%, 06/15/2030			765,645		0.0
797,000	Retail Properties of America, Inc., 4.750%, 09/15/2030			884,848		0.0
760,000 (1)	Scentre Group Trust 1 / Scentre Group Trust 2, 3.625%, 01/28/2026			831,469		0.0
600,000	Simon Property Group L.P., 1.750%, 02/01/2028			597,251		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,360,000 (1)	Skandinaviska Enskilda Banken AB, 0.850%, 09/02/2025		$	1,346,958		0.0
2,131,000 (1)(3)	Societe Generale SA, 1.792%, 06/09/2027			2,128,321		0.1
1,070,000 (1)(2)(3)	Standard Chartered PLC, 1.456%, 01/14/2027			1,061,485		0.0
1,801,000 (1)(3)	Standard Chartered PLC, 3.265%, 02/18/2036			1,808,457		0.1
1,740,000	Sumitomo Mitsui Financial Group, Inc., 2.142%, 09/23/2030			1,699,859		0.1
1,000,000	Sumitomo Mitsui Financial Group, Inc., 2.442%, 10/19/2021			1,006,778		0.0
1,430,000	Sumitomo Mitsui Financial Group, Inc., 2.448%, 09/27/2024			1,501,036		0.1
1,234,000 (1)	Sumitomo Mitsui Trust Bank Ltd., 1.050%, 09/12/2025			1,227,505		0.0
1,137,000 (1)(3)	Svenska Handelsbanken AB, 1.418%, 06/11/2027			1,133,944		0.0
692,000	Travelers Cos, Inc./The, 3.050%, 06/08/2051			733,064		0.0
1,501,000 (3)	Truist Financial Corp., 1.267%, 03/02/2027			1,500,081		0.1
1,727,000 (3)	Truist Financial Corp., 1.887%, 06/07/2029			1,733,914		0.1
700,000 (3)	Truist Financial Corp., 5.100%, 12/31/2199			788,375		0.0
3,500,000	UBS AG/Stamford CT, 7.625%, 08/17/2022			3,766,096		0.1
2,470,000	UBS AG, 5.125%, 05/15/2024			2,728,362		0.1
791,000 (1)(3)	UBS Group AG, 1.008%, 07/30/2024			797,026		0.0
750,000 (1)(3)	UBS Group AG, 1.364%, 01/30/2027			745,311		0.0
1,913,000 (1)(3)	UBS Group AG, 2.095%, 02/11/2032			1,875,802		0.1

See Accompanying Notes to Financial Statements

101

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,112,000	Unum Group, 4.125%, 06/15/2051		$	1,126,702		0.0
300,000 (1)	USAA Capital Corp., 2.125%, 05/01/2030			303,753		0.0
163,000	Ventas Realty L.P., 5.700%, 09/30/2043			216,452		0.0
2,118,000	VEREIT Operating Partnership L.P., 2.200%, 06/15/2028			2,152,566		0.1
2,100,000 (3)	Wells Fargo & Co., 2.406%, 10/30/2025			2,198,166		0.1
752,000 (3)	Wells Fargo & Co., 3.068%, 04/30/2041			772,788		0.0
4,000,000	Wells Fargo & Co., 3.750%, 01/24/2024			4,303,236		0.1
3,000,000	Wells Fargo & Co., 4.125%, 08/15/2023			3,227,414		0.1
739,000	Wells Fargo & Co., 4.750%, 12/07/2046			937,093		0.0
465,000 (3)	Wells Fargo & Co., 5.013%, 04/04/2051			638,278		0.0
2,195,000 (3)	Wells Fargo Bank NA, 2.082%, 09/09/2022			2,202,408		0.1
6,600,000	Wells Fargo Bank NA, 3.625%, 10/22/2021			6,649,939		0.2
1,610,000	Westpac Banking Corp., 2.150%, 06/03/2031			1,628,796		0.1
1,035,000	Westpac Banking Corp., 2.350%, 02/19/2025			1,089,158		0.0
1,553,000	Westpac Banking Corp., 2.963%, 11/16/2040			1,529,623		0.1
1,079,000	WP Carey, Inc., 2.400%, 02/01/2031			1,075,480		0.0
2,244,000	XLIT Ltd., 4.450%, 03/31/2025			2,520,094		0.1
1,668,000	XLIT Ltd., 5.500%, 03/31/2045			2,269,672		0.1
				320,834,783		9.5
	Industrial: 1.2%
527,000	Avnet, Inc., 3.000%, 05/15/2031			525,817		0.0
1,201,000 (1)	Berry Global, Inc., 0.950%, 02/15/2024			1,203,546		0.0
1,472,000 (1)	Berry Global, Inc., 1.650%, 01/15/2027			1,461,093		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
1,213,000	Boeing Co/The, 3.250%, 02/01/2028		$	1,287,310		0.0
611,000	Boeing Co/The, 3.625%, 02/01/2031			657,801		0.0
220,000	Boeing Co/The, 3.850%, 11/01/2048			226,522		0.0
768,000	Boeing Co/The, 4.875%, 05/01/2025			860,918		0.0
531,000	Boeing Co/The, 5.805%, 05/01/2050			716,235		0.0
1,290,000	Burlington Northern Santa Fe LLC, 3.900%, 08/01/2046			1,517,687		0.1
1,081,000	Carrier Global Corp., 2.722%, 02/15/2030			1,121,679		0.0
1,750,000	CSX Corp., 4.650%, 03/01/2068			2,295,681		0.1
646,000	FedEx Corp., 3.900%, 02/01/2035			742,718		0.0
874,000	FedEx Corp., 4.250%, 05/15/2030			1,018,498		0.0
1,250,000	FedEx Corp., 4.400%, 01/15/2047			1,497,618		0.1
1,450,000	General Dynamics Corp., 3.500%, 04/01/2027			1,610,334		0.1
602,000 (1)	GXO Logistics, Inc., 1.650%, 07/15/2026			599,718		0.0
602,000 (1)	GXO Logistics, Inc., 2.650%, 07/15/2031			597,918		0.0
2,171,000	Norfolk Southern Corp., 3.650%, 08/01/2025			2,383,992		0.1
503,000	Norfolk Southern Corp., 4.100%, 05/15/2121			553,226		0.0
278,000	Northrop Grumman Corp., 2.930%, 01/15/2025			296,524		0.0
1,295,000 (1)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.200%, 11/15/2025			1,283,613		0.0
1,661,000 (1)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.700%, 06/15/2026			1,673,537		0.1
2,365,000	Raytheon Technologies Corp., 3.200%, 03/15/2024			2,516,698		0.1

See Accompanying Notes to Financial Statements

102

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
118,000	Raytheon Technologies Corp., 3.650%, 08/16/2023		$	125,308		0.0
274,000	Raytheon Technologies Corp., 4.450%, 11/16/2038			332,506		0.0
2,066,000	Raytheon Technologies Corp., 4.500%, 06/01/2042			2,575,876		0.1
272,000	Raytheon Technologies Corp., 5.400%, 05/01/2035			360,081		0.0
257,000	Raytheon Technologies Corp., 6.125%, 07/15/2038			367,149		0.0
500,000	Republic Services, Inc., 1.750%, 02/15/2032			476,194		0.0
4,161,000 (2)	Teledyne Technologies, Inc., 1.600%, 04/01/2026			4,174,000		0.1
2,250,000 (1)	TTX Co., 3.600%, 01/15/2025			2,459,083		0.1
1,326,000	Union Pacific Corp., 3.550%, 05/20/2061			1,430,347		0.1
300,000	Waste Management, Inc., 1.500%, 03/15/2031			284,175		0.0
				39,233,402		1.2
	Technology: 1.7%
246,000	Analog Devices, Inc., 3.500%, 12/05/2026			273,251		0.0
1,691,000 (2)	Apple, Inc., 1.650%, 02/08/2031			1,666,328		0.1
1,695,000	Apple, Inc., 2.650%, 02/08/2051			1,660,509		0.1
2,647,000	Apple, Inc., 2.800%, 02/08/2061			2,585,683		0.1
2,765,000	Apple, Inc., 3.750%, 09/12/2047			3,273,267		0.1
1,165,000	Apple, Inc., 3.750%, 11/13/2047			1,366,935		0.1
2,000,000	Apple, Inc., 3.850%, 05/04/2043			2,381,383		0.1
844,000	Citrix Systems, Inc., 1.250%, 03/01/2026			834,061		0.0
1,000,000	Dell International LLC / EMC Corp., 6.020%, 06/15/2026			1,201,069		0.0
1,170,000	Fiserv, Inc., 2.750%, 07/01/2024			1,234,741		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
3,203,000	Fiserv, Inc., 3.500%, 07/01/2029		$	3,527,563		0.1
1,196,000 (1)	HP, Inc., 1.450%, 06/17/2026			1,188,542		0.0
1,840,000	HP, Inc., 4.050%, 09/15/2022			1,920,956		0.1
760,000	Intel Corp., 3.100%, 02/15/2060			778,896		0.0
3,201,000	Intel Corp., 3.250%, 11/15/2049			3,414,107		0.1
890,000	Intel Corp., 4.950%, 03/25/2060			1,259,734		0.0
4,132,000	International Business Machines Corp., 3.300%, 05/15/2026			4,548,234		0.1
1,716,000	International Business Machines Corp., 3.500%, 05/15/2029			1,921,968		0.1
900,000	Microchip Technology, Inc., 2.670%, 09/01/2023			937,862		0.0
4,000,000	Microsoft Corp., 2.921%, 03/17/2052			4,252,607		0.1
450,000	NetApp, Inc., 1.875%, 06/22/2025			462,999		0.0
2,289,000	NVIDIA Corp., 1.550%, 06/15/2028			2,281,915		0.1
2,248,000	NVIDIA Corp., 2.000%, 06/15/2031			2,253,363		0.1
255,000 (1)	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.400%, 05/01/2030			278,721		0.0
998,000	Oracle Corp., 3.650%, 03/25/2041			1,059,897		0.0
209,000	Oracle Corp., 3.850%, 07/15/2036			230,239		0.0
828,000	Oracle Corp., 3.950%, 03/25/2051			904,840		0.0
2,500,000	Oracle Corp., 4.000%, 11/15/2047			2,731,790		0.1
1,539,000	salesforce.com, Inc., 1.950%, 07/15/2031			1,542,698		0.1
1,173,000	salesforce.com, Inc., 2.700%, 07/15/2041			1,182,305		0.0
802,000	salesforce.com, Inc., 2.900%, 07/15/2051			813,837		0.0
1,313,000	salesforce.com, Inc., 3.050%, 07/15/2061			1,338,034		0.1

See Accompanying Notes to Financial Statements

103

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
1,000,000 (1)	TSMC Global Ltd., 0.750%, 09/28/2025		$	979,056		0.0
1,060,000 (1)	TSMC Global Ltd., 1.000%, 09/28/2027			1,021,211		0.0
				57,308,601		1.7
	Utilities: 3.2%
1,198,000 (1)	AEP Texas, Inc., 3.850%, 10/01/2025			1,312,459		0.0
1,068,000 (1)	AES Corp./The, 1.375%, 01/15/2026			1,058,031		0.0
1,576,000 (1)	AES Corp./The, 3.950%, 07/15/2030			1,728,305		0.1
2,500,000 (1)	American Transmission Systems, Inc., 5.000%, 09/01/2044			3,213,853		0.1
3,219,000 (1)	American Transmission Systems, Inc., 5.250%, 01/15/2022			3,296,466		0.1
947,000	Appalachian Power Co., 2.700%, 04/01/2031			980,048		0.0
200,000	Appalachian Power Co., 3.700%, 05/01/2050			221,239		0.0
323,000	Avangrid, Inc., 3.200%, 04/15/2025			347,155		0.0
1,120,000	Baltimore Gas and Electric Co., 2.250%, 06/15/2031			1,132,123		0.0
1,470,000	Baltimore Gas and Electric Co., 3.350%, 07/01/2023			1,544,715		0.1
1,413,000 (2)	Berkshire Hathaway Energy Co., 1.650%, 05/15/2031			1,359,142		0.1
705,000	Black Hills Corp., 2.500%, 06/15/2030			718,835		0.0
1,045,000	Black Hills Corp., 3.050%, 10/15/2029			1,114,692		0.0
1,800,000	Black Hills Corp., 4.250%, 11/30/2023			1,935,221		0.1
487,000	Black Hills Corp., 4.350%, 05/01/2033			567,886		0.0
750,000	CenterPoint Energy Houston Electric LLC, 3.550%, 08/01/2042			843,633		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
1,216,000 (3)	CMS Energy Corp., 3.750%, 12/01/2050		$	1,238,557		0.0
600,000 (3)	CMS Energy Corp., 4.750%, 06/01/2050			670,125		0.0
631,000	Commonwealth Edison Co., 3.750%, 08/15/2047			732,377		0.0
500,000	Consolidated Edison Co. of New York, Inc., 4.000%, 11/15/2057			567,238		0.0
491,000	Consolidated Edison Co. of New York, Inc., 5.300%, 03/01/2035			623,450		0.0
2,155,000 (3)	Dominion Energy, Inc., 4.650%, 12/31/2199			2,295,075		0.1
499,000	DTE Electric Co., 1.900%, 04/01/2028			507,064		0.0
499,000	DTE Electric Co., 3.250%, 04/01/2051			542,157		0.0
1,069,000	DTE Energy Co., 1.050%, 06/01/2025			1,069,215		0.0
498,000	Duke Energy Carolinas LLC, 2.550%, 04/15/2031			517,509		0.0
1,000,000	Duke Energy Carolinas LLC, 3.200%, 08/15/2049			1,050,614		0.0
1,940,000	Duke Energy Carolinas LLC, 3.700%, 12/01/2047			2,190,743		0.1
945,000	Duke Energy Carolinas LLC, 4.000%, 09/30/2042			1,116,963		0.0
1,055,000 (3)	Duke Energy Corp., 4.875%, 12/31/2199			1,123,575		0.0
1,485,000	Duke Energy Indiana LLC, 3.250%, 10/01/2049			1,575,374		0.1
533,000	Duke Energy Progress LLC, 3.700%, 10/15/2046			604,587		0.0
1,510,000	Duke Energy Progress LLC, 4.200%, 08/15/2045			1,824,370		0.1

See Accompanying Notes to Financial Statements

104

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
868,000 (1)	Duquesne Light Holdings, Inc., 2.532%, 10/01/2030		$	854,503		0.0
1,241,000	Entergy Arkansas LLC, 2.650%, 06/15/2051			1,179,698		0.0
1,626,000	Entergy Corp., 0.900%, 09/15/2025			1,605,770		0.1
1,333,000	Entergy Corp., 2.400%, 06/15/2031			1,331,972		0.0
747,000	Entergy Corp., 2.800%, 06/15/2030			778,882		0.0
816,000	Entergy Mississippi LLC, 3.500%, 06/01/2051			896,072		0.0
1,944,000	Evergy Kansas Central, Inc., 3.250%, 09/01/2049			2,063,511		0.1
1,233,000	Eversource Energy, 3.450%, 01/15/2050			1,302,087		0.0
270,000	Exelon Corp., 4.050%, 04/15/2030			307,835		0.0
410,000	Exelon Corp., 4.700%, 04/15/2050			519,067		0.0
2,558,000	FirstEnergy Corp., 3.350%, 07/15/2022			2,600,986		0.1
2,203,000	FirstEnergy Corp., 4.750%, 03/15/2023			2,326,202		0.1
1,505,000	Georgia Power Co., 2.200%, 09/15/2024			1,567,244		0.1
1,310,000	Georgia Power Co., 5.750%, 04/15/2023			1,419,422		0.1
656,000	Idaho Power Co., 4.200%, 03/01/2048			800,221		0.0
1,799,000	Indiana Michigan Power Co., 3.250%, 05/01/2051			1,889,197		0.1
3,640,000	Interstate Power and Light Co., 3.250%, 12/01/2024			3,918,731		0.1
517,000 (1)	Jersey Central Power & Light Co., 2.750%, 03/01/2032			525,987		0.0
2,802,000 (1)	Jersey Central Power & Light Co., 4.300%, 01/15/2026			3,103,757		0.1
411,000 (1)	Metropolitan Edison Co., 4.000%, 04/15/2025			435,887		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
2,745,000	Mississippi Power Co., 4.250%, 03/15/2042		$	3,249,794		0.1
266,000	Mississippi Power Co., 4.750%, 10/15/2041			309,280		0.0
830,000 (1)	Monongahela Power Co., 3.550%, 05/15/2027			916,132		0.0
231,000 (1)	Narragansett Electric Co/The, 3.395%, 04/09/2030			253,374		0.0
1,830,000	National Rural Utilities Cooperative Finance Corp., 2.400%, 03/15/2030			1,890,462		0.1
1,507,000 (3)	National Rural Utilities Cooperative Finance Corp., 4.750%, 04/30/2043			1,578,211		0.1
863,000	NextEra Energy Capital Holdings, Inc., 1.900%, 06/15/2028			873,655		0.0
462,000	NiSource, Inc., 3.600%, 05/01/2030			512,177		0.0
764,000	NiSource, Inc., 5.950%, 06/15/2041			1,074,410		0.0
842,000	Oglethorpe Power Corp., 3.750%, 08/01/2050			892,653		0.0
2,495,000	ONE Gas, Inc., 1.100%, 03/11/2024			2,496,812		0.1
436,000	Pacific Gas and Electric Co., 4.250%, 03/15/2046			416,588		0.0
629,000	Pacific Gas and Electric Co., 4.300%, 03/15/2045			606,121		0.0
583,000	Pacific Gas and Electric Co., 4.450%, 04/15/2042			578,774		0.0
465,000	PECO Energy Co., 4.150%, 10/01/2044			566,081		0.0
349,000	Piedmont Natural Gas Co., Inc., 3.350%, 06/01/2050			360,684		0.0
1,315,000 (3)	Sempra Energy, 4.875%, 12/31/2199			1,430,062		0.1

See Accompanying Notes to Financial Statements

105

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
2,643,000	Sierra Pacific Power Co., 2.600%, 05/01/2026		$	2,811,813		0.1
1,724,000	South Jersey Industries, Inc., 5.020%, 04/15/2031			1,827,605		0.1
280,000	Southern California Edison Co., 2.400%, 02/01/2022			282,405		0.0
1,750,000	Southern Co. Gas Capital Corp., 4.400%, 05/30/2047			2,065,314		0.1
1,775,000	Southern Co. Gas Capital Corp., 5.875%, 03/15/2041			2,452,828		0.1
2,295,000 (3)	Southern Co/The, 3.750%, 09/15/2051			2,312,557		0.1
1,280,000 (3)	Southern Co/The, 4.000%, 01/15/2051			1,356,800		0.1
1,499,000	Southwestern Electric Power Co., 1.650%, 03/15/2026			1,518,470		0.1
580,000	Tampa Electric Co., 4.350%, 05/15/2044			705,614		0.0
998,000	Union Electric Co., 3.900%, 09/15/2042			1,155,587		0.0
790,000	Washington Gas Light Co., 3.650%, 09/15/2049			889,089		0.0
1,683,000	WEC Energy Group, Inc., 1.375%, 10/15/2027			1,645,631		0.1
861,000	Wisconsin Electric Power Co., 1.700%, 06/15/2028			864,473		0.0
				106,943,283		3.2
	Total Corporate Bonds/Notes
	(Cost $864,295,325)			914,620,699		27.1
COLLATERALIZED MORTGAGE OBLIGATIONS: 15.7%
2,466,034 (1)(3)	Agate Bay Mortgage Trust 2015-6 B2, 3.626%, 09/25/2045			2,532,508		0.1
3,690,807	Alternative Loan Trust 2005-10CB 1A1, 0.592%, (US0001M + 0.500%), 05/25/2035			3,016,938		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
3,122,008	Alternative Loan Trust 2005-51 3A2A, 1.406%, (12MTA + 1.290%), 11/20/2035		$	2,942,255		0.1
1,286,558	Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035			1,181,222		0.0
1,613,252	Alternative Loan Trust 2005-6CB 1A3, 5.250%, 04/25/2035			1,564,879		0.1
329,338 (4)	Alternative Loan Trust 2005-J3 2A2, 4.909%, (-1.000*US0001M + 5.000%), 05/25/2035			43,357		0.0
1,213,077	Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036			820,646		0.0
2,307,523	Alternative Loan Trust 2006-HY11 A1, 0.332%, (US0001M + 0.120%), 06/25/2036			2,239,808		0.1
1,742,538	Alternative Loan Trust 2007-23CB A3, 0.592%, (US0001M + 0.500%), 09/25/2037			755,549		0.0
105,144	Banc of America Funding 2007 8 Trust 4A1, 6.000%, 08/25/2037			101,105		0.0
604,150 (3)	Bear Stearns ALT-A Trust 2005-10 22A1, 2.725%, 01/25/2036			597,968		0.0
293,492 (3)	Bear Stearns ALT-A Trust 2005-4 23A1, 2.624%, 05/25/2035			300,823		0.0
1,018,891 (3)	Bear Stearns ALT-A Trust 2006-6 31A1, 3.115%, 11/25/2036			780,908		0.0
1,042,765 (3)	Bear Stearns ALT-A Trust 2006-6 32A1, 3.089%, 11/25/2036			701,137		0.0
5,592 (3)	Bear Stearns ARM Trust 2005-12 13A1, 3.259%, 02/25/2036			5,368		0.0
2,269,268	Bear Stearns Mortgage Funding Trust 2006-AR5 2A1, 0.282%, (US0001M + 0.190%), 01/25/2037			2,117,582		0.1

See Accompanying Notes to Financial Statements

106

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
106,841 (3)	Bear Stearns Structured Products, Inc. Trust 2007-R6 1A1, 3.227%, 01/26/2036		$	90,513		0.0
1,898,538 (1)	Bellemeade Re 2020-4 M2A Ltd., 2.692%, (US0001M + 2.600%), 06/25/2030			1,900,492		0.1
271,118 (3)	Chase Mortgage Finance Trust Series 2005-A1 1A1, 2.877%, 12/25/2035			262,226		0.0
1,651,627 (3)	CHL Mortgage Pass-Through Trust 2004-22 A3, 2.800%, 11/25/2034			1,671,718		0.1
26,290 (3)	CHL Mortgage Pass-Through Trust 2004-HYB9 1A1, 2.665%, 02/20/2035			26,650		0.0
15,994	CHL Mortgage Pass-Through Trust 2005-2 2A3, 0.772%, (US0001M + 0.680%), 03/25/2035			15,006		0.0
1,471,107 (1)(3)	CIM Trust 2020-J1 B3, 3.470%, 07/25/2050			1,501,817		0.1
72,232	Citicorp Mortgage Securities Trust Series 2006-4 2A1, 5.500%, 08/25/2036			74,571		0.0
584,209	Citicorp Mortgage Securities Trust Series 2007-1 1A1, 6.000%, 01/25/2037			585,202		0.0
982,193 (3)	Citigroup Mortgage Loan Trust 2007-10 22AA, 3.234%, 09/25/2037			972,278		0.0
1,021,638 (1)(3)	Citigroup Mortgage Loan Trust 2015-A B2, 4.500%, 06/25/2058			1,074,814		0.0
30,649 (3)	Citigroup Mortgage Loan Trust, Inc. 2005-3 2A2A, 2.996%, 08/25/2035			31,762		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,523,330	Citigroup Mortgage Loan Trust, Inc. 2005-8 3A1, 5.500%, 09/25/2035		$	1,511,935		0.1
250,311	CitiMortgage Alternative Loan Trust Series 2007-A2 1A5, 6.000%, 02/25/2037			253,472		0.0
1,745,227 (1)	Connecticut Avenue Securities Trust 2020-R02 2M2, 2.092%, (US0001M + 2.000%), 01/25/2040			1,754,713		0.1
853,483	Countrywide Alternative Loan Trust 2005-53T2 2A6, 0.592%, (US0001M + 0.500%), 11/25/2035			471,457		0.0
3,394,258	Countrywide Asset-Backed Certificates 2005-IM1 M1, 0.812%, (US0001M + 0.720%), 11/25/2035			3,355,782		0.1
143,961 (3)	DSLA Mortgage Loan Trust 2004-AR3 2A1, 2.506%, 07/19/2044			142,025		0.0
800,000 (1)	Fannie Mae Connecticut Avenue Securities Trust 2020-SBT1 1M2, 3.742%, (US0001M + 3.650%), 02/25/2040			827,496		0.0
1,000,000	Fannie Mae 2011-128 KB, 4.500%, 12/25/2041			1,162,427		0.0
12,933,639	Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041			15,045,397		0.5
1,244,671	Fannie Mae 2012-110 CA, 3.000%, 10/25/2042			1,320,970		0.0
21,166,651 (4)	Fannie Mae 2016-82 SD, 5.959%, (-1.000*US0001M + 6.050%), 11/25/2046			4,404,077		0.1

See Accompanying Notes to Financial Statements

107

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,370,633	Fannie Mae 2016-88 EA, 3.500%, 01/25/2045		$	2,468,435		0.1
6,123,522	Fannie Mae Connecticut Avenue Securities 16-C06 1M2, 4.342%, (US0001M + 4.250%), 04/25/2029			6,371,971		0.2
1,723,274	Fannie Mae Connecticut Avenue Securities 2015-C02 1M2, 4.092%, (US0001M + 4.000%), 05/25/2025			1,761,020		0.1
50,550	Fannie Mae Connecticut Avenue Securities 2015-C02 2M2, 4.092%, (US0001M + 4.000%), 05/25/2025			51,200		0.0
3,876,689	Fannie Mae Connecticut Avenue Securities 2015-C04 2M2, 5.642%, (US0001M + 5.550%), 04/25/2028			4,109,066		0.1
218,340	Fannie Mae Connecticut Avenue Securities 2016-C07 2M2, 4.442%, (US0001M + 4.350%), 05/25/2029			229,094		0.0
3,287,645	Fannie Mae Connecticut Avenue Securities 2017-C01 1M2, 3.642%, (US0001M + 3.550%), 07/25/2029			3,416,398		0.1
4,900,043	Fannie Mae Connecticut Avenue Securities 2017-C02 2M2, 3.742%, (US0001M + 3.650%), 09/25/2029			5,082,110		0.2
4,996,449	Fannie Mae Connecticut Avenue Securities 2017-C04 2M2, 2.942%, (US0001M + 2.850%), 11/25/2029			5,125,509		0.2

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
4,456,101	Fannie Mae Connecticut Avenue Securities 2017-C06 1M2, 2.742%, (US0001M + 2.650%), 02/25/2030		$	4,531,889		0.1
5,235,204	Fannie Mae Connecticut Avenue Securities 2017-C07 2M2, 2.592%, (US0001M + 2.500%), 05/25/2030			5,304,344		0.2
2,931,090	Fannie Mae Connecticut Avenue Securities 2017-CO6 2M2, 2.892%, (US0001M + 2.800%), 02/25/2030			3,000,109		0.1
2,325,917	Fannie Mae Connecticut Avenue Securities 2018-C03 1M2, 2.242%, (US0001M + 2.150%), 10/25/2030			2,356,727		0.1
4,418,007	Fannie Mae Connecticut Avenue Securities 2018-C05 1M2, 2.442%, (US0001M + 2.350%), 01/25/2031			4,475,880		0.1
3,162,237	Fannie Mae Connecticut Avenue Securities 2018-C06 1M2, 2.092%, (US0001M + 2.000%), 03/25/2031			3,189,627		0.1
2,447,413	Fannie Mae Connecticut Avenue Securities 2018-C06 2M2, 2.192%, (US0001M + 2.100%), 03/25/2031			2,478,391		0.1
886,836 (1)	Fannie Mae Connecticut Avenue Securities Trust 2019-R01 2M2, 2.542%, (US0001M + 2.450%), 07/25/2031			892,408		0.0

See Accompanying Notes to Financial Statements

108

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,411,308 (1)	Fannie Mae Connecticut Avenue Securities Trust 2020-R01 1M2, 2.142%, (US0001M + 2.050%), 01/25/2040		$	1,418,603		0.1
500,000 (1)	Fannie Mae Connecticut Avenue Securities Trust 2020-SBT1 2M2, 3.742%, (US0001M + 3.650%), 02/25/2040			518,954		0.0
1,567,421	Fannie Mae Connecticut Avenue Securities, 5.792%, (US0001M + 5.700%), 04/25/2028			1,662,910		0.1
352,602 (4)	Fannie Mae Interest Strip Series 418 10, 4.000%, 08/25/2043			50,421		0.0
321,003 (4)	Fannie Mae Interest Strip Series 418 15, 3.500%, 08/25/2043			44,101		0.0
4,443	Fannie Mae REMIC Trust 1994-77 FB, 1.592%, (US0001M + 1.500%), 04/25/2024			4,498		0.0
246,802	Fannie Mae REMIC Trust 1999-33 Z, 6.000%, 07/25/2029			276,424		0.0
18,704	Fannie Mae REMIC Trust 2002-21 FC, 0.992%, (US0001M + 0.900%), 04/25/2032			18,935		0.0
618,917 (4)	Fannie Mae REMIC Trust 2003-74 IO, 6.000%, 08/25/2033			129,514		0.0
43,712	Fannie Mae REMIC Trust 2004-11 A, 0.212%, (US0001M + 0.120%), 03/25/2034			43,564		0.0
336,350	Fannie Mae REMIC Trust 2005-120 ZU, 5.500%, 01/25/2036			389,786		0.0
197,925	Fannie Mae REMIC Trust 2005-74 DK, 23.634%, (-4.000*US0001M + 24.000%), 07/25/2035			302,099		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
3,499,269 (4)	Fannie Mae REMIC Trust 2005-92 SC, 6.589%, (-1.000*US0001M + 6.680%), 10/25/2035		$	726,224		0.0
219,793	Fannie Mae REMIC Trust 2006-103 EZ, 6.250%, 10/25/2036			257,149		0.0
693,621	Fannie Mae REMIC Trust 2006-104 ES, 32.993%, (-5.000*US0001M + 33.450%), 11/25/2036			1,348,874		0.0
3,986,448 (4)	Fannie Mae REMIC Trust 2006-12 SD, 6.659%, (-1.000*US0001M + 6.750%), 10/25/2035			694,129		0.0
2,088,569 (4)	Fannie Mae REMIC Trust 2006-123 UI, 6.649%, (-1.000*US0001M + 6.740%), 01/25/2037			466,718		0.0
419,876 (4)	Fannie Mae REMIC Trust 2006-72 HS, 6.609%, (-1.000*US0001M + 6.700%), 08/25/2026			49,337		0.0
169,323	Fannie Mae REMIC Trust 2007-73 A1, 0.152%, (US0001M + 0.060%), 07/25/2037			166,405		0.0
338,048	Fannie Mae REMIC Trust 2008-20 SP, 15.271%, (-2.500*US0001M + 15.500%), 03/25/2038			463,406		0.0
1,639,446	Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036			1,836,856		0.1
5,863,540 (4)	Fannie Mae REMIC Trust 2010-102 SB, 6.509%, (-1.000*US0001M + 6.600%), 09/25/2040			1,419,841		0.1

See Accompanying Notes to Financial Statements

109

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,846,127 (4)	Fannie Mae REMIC Trust 2010-116 SE, 6.509%, (-1.000*US0001M + 6.600%), 10/25/2040		$	383,622		0.0
5,083,390 (4)	Fannie Mae REMIC Trust 2010-123 SL, 5.979%, (-1.000*US0001M + 6.070%), 11/25/2040			891,867		0.0
2,775,420 (4)	Fannie Mae REMIC Trust 2010-55 AS, 6.329%, (-1.000*US0001M + 6.420%), 06/25/2040			575,574		0.0
6,392,340	Fannie Mae REMIC Trust 2010-59 PC, 5.000%, 06/25/2040			7,284,706		0.2
799,638	Fannie Mae REMIC Trust 2010-60 HJ, 5.500%, 05/25/2040			890,116		0.0
2,637,323 (4)	Fannie Mae REMIC Trust 2011-3 AI, 5.000%, 01/25/2041			291,125		0.0
470,145 (4)	Fannie Mae REMIC Trust 2012-10 US, 6.359%, (-1.000*US0001M + 6.450%), 02/25/2042			93,120		0.0
533,640	Fannie Mae REMIC Trust 2012-103 DA, 3.500%, 10/25/2041			543,053		0.0
6,887,933 (4)	Fannie Mae REMIC Trust 2012-113 SG, 6.009%, (-1.000*US0001M + 6.100%), 10/25/2042			1,407,407		0.0
4,788,855 (4)	Fannie Mae REMIC Trust 2012-122 SB, 6.059%, (-1.000*US0001M + 6.150%), 11/25/2042			1,025,754		0.0
2,200,942 (4)	Fannie Mae REMIC Trust 2012-128 DI, 3.000%, 10/25/2032			173,617		0.0
1,338,239	Fannie Mae REMIC Trust 2012-131 BS, 5.289%, (-1.200*US0001M + 5.400%), 12/25/2042			1,346,277		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
6,796,474 (4)	Fannie Mae REMIC Trust 2012-137 SN, 6.009%, (-1.000*US0001M + 6.100%), 12/25/2042		$	1,276,635		0.0
2,041,561 (4)	Fannie Mae REMIC Trust 2012-15 SP, 6.529%, (-1.000*US0001M + 6.620%), 06/25/2040			107,523		0.0
1,626,630 (4)	Fannie Mae REMIC Trust 2012-58 PI, 5.000%, 04/25/2042			230,685		0.0
102,879	Fannie Mae REMIC Trust 2013-44 ZG, 3.500%, 03/25/2042			108,459		0.0
6,621,123 (4)	Fannie Mae REMIC Trust 2013-60 DS, 6.109%, (-1.000*US0001M + 6.200%), 06/25/2033			1,103,038		0.0
6,703,505 (4)	Fannie Mae REMIC Trust 2013-9 DS, 6.059%, (-1.000*US0001M + 6.150%), 02/25/2043			1,601,192		0.1
16,551,976 (4)	Fannie Mae REMIC Trust 2013-9 SA, 6.059%, (-1.000*US0001M + 6.150%), 03/25/2042			2,682,334		0.1
684,955 (4)	Fannie Mae REMIC Trust 2014-81 JI, 4.000%, 09/25/2041			10,344		0.0
16,689,762 (4)	Fannie Mae REMIC Trust 2015-9 IO, 5.500%, 03/25/2045			3,775,004		0.1
2,909,923 (4)	Fannie Mae REMICS 2005-66 SY, 6.609%, (-1.000*US0001M + 6.700%), 07/25/2035			619,241		0.0
5,055,499 (4)	Fannie Mae REMICS 2006-120 QD, 4.609%, (-1.000*US0001M + 4.700%), 10/25/2036			562,005		0.0
2,126,617 (4)	Fannie Mae REMICS 2006-59 XS, 7.109%, (-1.000*US0001M + 7.200%), 07/25/2036			474,623		0.0

See Accompanying Notes to Financial Statements

110

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,499,606 (4)	Fannie Mae REMICS 2007-53 SX, 6.009%, (-1.000*US0001M + 6.100%), 06/25/2037		$	543,687		0.0
3,829,462 (4)	Fannie Mae REMICS 2010-112 PI, 6.000%, 10/25/2040			905,647		0.0
13,493,852 (4)	Fannie Mae REMICS 2010-139 SA, 5.939%, (-1.000*US0001M + 6.030%), 12/25/2040			2,752,114		0.1
794,912	Fannie Mae REMICS 2011-10 ZC, 5.000%, 02/25/2041			904,292		0.0
79,616	Fannie Mae REMICS 2011-127 UY, 3.500%, 12/25/2041			84,000		0.0
3,008,464 (4)	Fannie Mae REMICS 2011-149 ES, 5.909%, (-1.000*US0001M + 6.000%), 07/25/2041			342,774		0.0
11,646,300 (4)	Fannie Mae REMICS 2012-19 S, 5.859%, (-1.000*US0001M + 5.950%), 03/25/2042			2,242,826		0.1
22,910,489 (4)	Fannie Mae REMICS 2016-2 IO, 5.500%, 02/25/2046			4,205,486		0.1
8,311,851 (4)	Fannie Mae REMICS 2016-62 SC, 5.909%, (-1.000*US0001M + 6.000%), 09/25/2046			1,829,096		0.1
34,749,397 (4)	Fannie Mae REMICS 2016-88 CS, 5.959%, (-1.000*US0001M + 6.050%), 12/25/2046			6,994,915		0.2
9,597,792 (4)	Fannie Mae REMICS 2016-93 SL, 6.559%, (-1.000*US0001M + 6.650%), 12/25/2046			1,837,254		0.1
2,008,781	Fannie Mae REMICS 2016-97 PA, 3.000%, 12/25/2044			2,079,097		0.1
11,053,931 (4)	Fannie Mae REMICS 2017-23 IO, 6.000%, 04/25/2047			2,550,162		0.1
1,689,173	Fannie Mae REMICS 2017-54 D, 3.000%, 07/25/2047			1,782,270		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
6,000,000	Fannie Mae REMICS 2018-11 BX, 4.000%, 12/25/2047		$	6,466,906		0.2
313,986	Fannie Mae REMICS 2018-27 EA, 3.000%, 05/25/2048			330,517		0.0
5,294,907 (4)	Fannie Mae REMICS 2018-43 SE, 6.159%, (-1.000*US0001M + 6.250%), 09/25/2038			1,034,396		0.0
1,011,808	Fannie Mae REMICS 2018-64 ET, 3.000%, 09/25/2048			1,059,668		0.0
24,891,304 (4)	Fannie Mae REMICS 2019-17 SB, 6.009%, (-1.000*US0001M + 6.100%), 09/25/2038			4,396,237		0.1
9,334,778 (4)	Fannie Mae REMICS 2019-18 SA, 5.959%, (-1.000*US0001M + 6.050%), 05/25/2049			1,849,853		0.1
7,985,236 (4)	Fannie Mae REMICS 2019-25 PS, 5.959%, (-1.000*US0001M + 6.050%), 06/25/2049			1,575,415		0.1
31,216,904 (4)	Fannie Mae REMICS 2021-8 TI, 4.000%, 03/25/2051			4,198,043		0.1
152,949 (3)	First Horizon Alternative Mortgage Securities Trust 2005-AA1 1A1, 2.933%, 03/25/2035			118,744		0.0
200,189 (3)	First Horizon Asset Securities, Inc. 2005-AR6 4A1, 2.686%, 02/25/2036			188,102		0.0
24,501 (3)	First Horizon Mortgage Pass-Through Trust 2005-AR3 2A1, 2.861%, 08/25/2035			19,442		0.0
1,387,480 (1)(3)	Flagstar Mortgage Trust 2018-1 B1, 4.004%, 03/25/2048			1,409,376		0.1
1,479,979 (1)(3)	Flagstar Mortgage Trust 2018-1 B2, 4.004%, 03/25/2048			1,541,652		0.1
1,942,472 (1)(3)	Flagstar Mortgage Trust 2018-1 B3, 4.004%, 03/25/2048			2,008,066		0.1

See Accompanying Notes to Financial Statements

111

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,681,562 (1)(3)	Flagstar Mortgage Trust 2018-2 B2, 4.114%, 04/25/2048		$	1,703,655		0.1
3,901,201 (4)	Freddie Mac 2815 GS, 5.927%, (-1.000*US0001M + 6.000%), 03/15/2034			732,745		0.0
58	Freddie Mac REMIC Trust 1125 Z, 8.250%, 08/15/2021			58		0.0
163,082	Freddie Mac REMIC Trust 2110 PG, 6.000%, 01/15/2029			184,151		0.0
156,940	Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029			176,044		0.0
74,629	Freddie Mac REMIC Trust 2411 FJ, 0.423%, (US0001M + 0.350%), 12/15/2029			74,754		0.0
95,998	Freddie Mac REMIC Trust 2460 ZM, 6.000%, 06/15/2032			108,578		0.0
95,648	Freddie Mac REMIC Trust 2528 KM, 5.500%, 11/15/2022			97,769		0.0
230,511	Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032			265,082		0.0
150,269	Freddie Mac REMIC Trust 2576 KZ, 5.500%, 02/15/2033			174,667		0.0
242,451 (4)	Freddie Mac REMIC Trust 2594 IY, 6.000%, 04/15/2033			49,100		0.0
277,244	Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034			325,199		0.0
816,387	Freddie Mac REMIC Trust 2867 MZ, 5.000%, 10/15/2034			936,990		0.0
606,078	Freddie Mac REMIC Trust 2930 ZL, 5.000%, 02/15/2035			687,832		0.0
694,985	Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035			791,712		0.0
4,542,474 (4)	Freddie Mac REMIC Trust 3045 DI, 6.657%, (-1.000*US0001M + 6.730%), 10/15/2035			936,414		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,327,765 (4)	Freddie Mac REMIC Trust 3064 SP, 6.527%, (-1.000*US0001M + 6.600%), 03/15/2035		$	69,709		0.0
290,601	Freddie Mac REMIC Trust 3065 DC, 19.641%, (-3.000*US0001M + 19.860%), 03/15/2035			400,947		0.0
499,615 (4)	Freddie Mac REMIC Trust 3102 IS, 24.299%, (-3.667*US0001M + 24.567%), 01/15/2036			294,293		0.0
2,364,240	Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036			2,714,357		0.1
1,354,788 (4)	Freddie Mac REMIC Trust 3170 SA, 6.527%, (-1.000*US0001M + 6.600%), 09/15/2033			273,446		0.0
715,249 (4)	Freddie Mac REMIC Trust 3171 PS, 6.412%, (-1.000*US0001M + 6.485%), 06/15/2036			120,437		0.0
1,097,916	Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037			1,275,482		0.0
277,235 (3)	Freddie Mac REMIC Trust 3524 LA, 5.332%, 03/15/2033			308,490		0.0
66,185	Freddie Mac REMIC Trust 3556 NT, 3.173%, (US0001M + 3.100%), 03/15/2038			67,317		0.0
5,177,887 (4)	Freddie Mac REMIC Trust 3589 SB, 6.127%, (-1.000*US0001M + 6.200%), 10/15/2039			1,059,407		0.0
771,619 (4)	Freddie Mac REMIC Trust 3632 IP, 5.000%, 02/15/2040			102,004		0.0
5,104,965	Freddie Mac REMIC Trust 3639 ZN, 5.500%, 12/15/2034			5,907,397		0.2

See Accompanying Notes to Financial Statements

112

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,790,281	Freddie Mac REMIC Trust 3662 ZB, 5.500%, 08/15/2036		$	2,086,345		0.1
894,744	Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037			1,024,705		0.0
165,970 (4)	Freddie Mac REMIC Trust 3752 WS, 6.527%, (-1.000*US0001M + 6.600%), 12/15/2039			1,972		0.0
269,536 (4)	Freddie Mac REMIC Trust 3820 BI, 4.000%, 11/15/2038			352		0.0
1,002,126	Freddie Mac REMIC Trust 3829 VZ, 4.000%, 03/15/2041			1,084,408		0.0
4,001,666 (4)	Freddie Mac REMIC Trust 3856 KS, 6.477%, (-1.000*US0001M + 6.550%), 05/15/2041			743,017		0.0
1,459,459	Freddie Mac REMIC Trust 3898 KD, 4.500%, 07/15/2041			1,635,712		0.1
995,734 (4)	Freddie Mac REMIC Trust 3925 SD, 5.977%, (-1.000*US0001M + 6.050%), 07/15/2040			104,940		0.0
4,458,113 (4)	Freddie Mac REMIC Trust 3925 SL, 5.977%, (-1.000*US0001M + 6.050%), 01/15/2041			399,442		0.0
9,784,655 (4)	Freddie Mac REMIC Trust 3951 SN, 6.477%, (-1.000*US0001M + 6.550%), 11/15/2041			2,068,185		0.1
399,491 (4)	Freddie Mac REMIC Trust 3984 NS, 6.527%, (-1.000*US0001M + 6.600%), 01/15/2040			2,257		0.0
620,780	Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042			692,615		0.0
1,399,194	Freddie Mac REMIC Trust 4020 BY, 6.500%, 03/15/2042			1,702,840		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
576,165 (4)	Freddie Mac REMIC Trust 4027 QI, 4.500%, 12/15/2040		$	20,043		0.0
2,216,133 (4)	Freddie Mac REMIC Trust 4094 YS, 6.627%, (-1.000*US0001M + 6.700%), 04/15/2040			158,977		0.0
5,797,729 (4)	Freddie Mac REMIC Trust 4102 MS, 6.527%, (-1.000*US0001M + 6.600%), 09/15/2042			1,287,444		0.0
631,719 (4)	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043			91,001		0.0
4,142,008	Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033			4,447,244		0.1
28,953,458	Freddie Mac REMIC Trust 4246 ZX, 4.500%, 04/15/2041			32,158,487		1.0
6,613,304 (4)	Freddie Mac REMIC Trust 4313 SD, 6.077%, (-1.000*US0001M + 6.150%), 03/15/2044			1,245,551		0.0
10,186,482 (4)	Freddie Mac REMIC Trust 4313 SE, 6.077%, (-1.000*US0001M + 6.150%), 03/15/2044			2,020,327		0.1
1,036,318 (4)	Freddie Mac REMIC Trust 4323 IP, 4.500%, 08/15/2042			49,748		0.0
1,074,351 (4)	Freddie Mac REMIC Trust 4332 PI, 5.000%, 12/15/2043			173,751		0.0
7,791,373	Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044			8,766,873		0.3
3,640,085 (4)	Freddie Mac REMIC Trust 4346 ST, 6.127%, (-1.000*US0001M + 6.200%), 07/15/2039			458,891		0.0
12,039,243	Freddie Mac REMIC Trust 435 XZ, 4.250%, 05/15/2044			13,676,879		0.4

See Accompanying Notes to Financial Statements

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as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
3,146,187 (4)	Freddie Mac REMIC Trust 4386 LS, 6.027%, (-1.000*US0001M + 6.100%), 09/15/2044		$	573,626		0.0
7,041,250 (4)	Freddie Mac REMICS 3284 CI, 6.047%, (-1.000*US0001M + 6.120%), 03/15/2037			1,413,650		0.1
3,077,484 (4)	Freddie Mac REMICS 3311 IC, 6.337%, (-1.000*US0001M + 6.410%), 05/15/2037			601,514		0.0
6,618,245 (4)	Freddie Mac REMICS 3510 IC, 6.007%, (-1.000*US0001M + 6.080%), 08/15/2037			1,298,956		0.0
3,272,461 (4)	Freddie Mac REMICS 3575 ST, 6.527%, (-1.000*US0001M + 6.600%), 04/15/2039			633,635		0.0
9,672,030 (4)	Freddie Mac REMICS 3702 SB, 4.427%, (-1.000*US0001M + 4.500%), 08/15/2040			1,377,811		0.0
3,711,649 (4)	Freddie Mac REMICS 4465 MI, 5.000%, 03/15/2041			836,083		0.0
10,104,396 (4)	Freddie Mac REMICS 4675 KS, 5.927%, (-1.000*US0001M + 6.000%), 04/15/2047			2,016,998		0.1
91,395	Freddie Mac REMICS 4678 AB, 4.000%, 06/15/2044			92,645		0.0
15,019,383	Freddie Mac REMICS 4771 HZ, 3.500%, 03/15/2048			16,339,985		0.5
1,524,169	Freddie Mac REMICS 4787 PY, 4.000%, 05/15/2048			1,630,846		0.1
25,068,061 (4)	Freddie Mac REMICS 4901 BS, 6.009%, (-1.000*US0001M + 6.100%), 07/25/2049			4,791,131		0.2

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
25,685,755 (4)	Freddie Mac REMICS 5118 LI, 3.000%, 06/25/2041		$	2,838,638		0.1
8,882,153	Freddie Mac Series 4348 ZX, 4.250%, 06/15/2044			9,898,473		0.3
1,134,762 (1)	Freddie Mac STACR 2019-HQA3 M2, 1.942%, (US0001M + 1.850%), 09/25/2049			1,140,247		0.0
3,900,000 (1)	Freddie Mac Stacr Trust 2018-HQA2 M2, 2.392%, (US0001M + 2.300%), 10/25/2048			3,939,774		0.1
6,417,151 (4)	Freddie Mac Strips Series 311 S1, 5.877%, (-1.000*US0001M + 5.950%), 08/15/2043			1,092,584		0.0
376,489	Freddie Mac Structured Agency Credit Risk Debt Notes 2014-DN3 M3, 4.092%, (US0001M + 4.000%), 08/25/2024			384,403		0.0
1,113,152	Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA2 M3, 3.992%, (US0001M + 3.900%), 12/25/2027			1,132,405		0.0
500,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2016-HQA3 M3, 3.942%, (US0001M + 3.850%), 03/25/2029			518,575		0.0
836,454	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA1 M2, 3.642%, (US0001M + 3.550%), 08/25/2029			866,297		0.0

See Accompanying Notes to Financial Statements

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Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
682,992	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA2 M2, 2.742%, (US0001M + 2.650%), 12/25/2029		$	695,749		0.0
6,885,552	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA3 M2, 2.442%, (US0001M + 2.350%), 04/25/2030			7,047,828		0.2
5,105,758	Freddie Mac Structured Agency Credit Risk Debt Notes 2018-DNA1 M2, 1.892%, (US0001M + 1.800%), 07/25/2030			5,141,844		0.2
1,009,401	Freddie Mac Structured Agency Credit Risk Debt Notes 2018-HQA1 M2, 2.392%, (US0001M + 2.300%), 09/25/2030			1,025,070		0.0
300,206	Freddie Mac Structured Pass Through Certificates T-54 2A, 6.500%, 02/25/2043			357,353		0.0
318,764	Freddie Mac Structured Pass Through Certificates T-62 1A1, 1.316%, (12MTA + 1.200%), 10/25/2044			327,594		0.0
22,794	Freddie Mac-Ginnie Mae Series 27 FC, 1.875%, (PRIME + (1.375)%), 03/25/2024			23,010		0.0
505,310 (3)(4)	Freddie Mac Strips 347 118, 4.500%, 02/15/2044			88,425		0.0
12,157,366 (3)(4)	Freddie Mac Strips 347 C29, 3.000%, 01/15/2044			1,312,163		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
11,167,893 (3)(4)	Freddie Mac Strips 347 C30, 3.500%, 02/15/2044		$	1,373,749		0.0
4,315,926 (3)(4)	Freddie Mac Strips 347 C31, 4.000%, 02/15/2044			693,107		0.0
12,263,556 (4)	Freddie Mac Strips 351 C1, 2.500%, 02/15/2031			797,994		0.0
8,646,366 (4)	Freddie Mac Strips 351 C11, 3.500%, 02/15/2031			760,468		0.0
11,137,055 (4)	Freddie Mac Strips 351 C12, 4.000%, 02/15/2031			1,158,967		0.0
7,601,624 (4)	Freddie Mac Strips 351 C13, 3.000%, 02/15/2031			584,377		0.0
12,656,040 (4)	Freddie Mac Strips 351 C2, 3.000%, 02/15/2031			989,949		0.0
10,590,225 (4)	Freddie Mac Strips 351 C7, 3.000%, 02/15/2031			832,231		0.0
11,002,430 (4)	Freddie Mac Strips 351 C8, 3.500%, 02/15/2031			999,203		0.0
682,160 (1)(5)	GCAT 2020-NQM2 A2 Trust, 2.272% (Step Rate @ 3.272% on 07/25/2024), 04/25/2065			690,544		0.0
8,604,278 (4)	Ginnie Mae 2007-35 KY, 6.375%, (-1.000*US0001M + 6.450%), 06/16/2037			1,741,926		0.1
676,217	Ginnie Mae 2013-26 GU, 1.500%, 04/20/2042			692,651		0.0
589,671	Ginnie Mae 2013-26 JC, 2.000%, 01/20/2043			600,193		0.0
257,882	Ginnie Mae 2013-69 KA, 1.250%, 08/20/2042			256,426		0.0
210,139	Ginnie Mae 2013-8 BE, 1.750%, 11/20/2042			215,062		0.0

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
14,689,392 (4)	Ginnie Mae 2021-87 ID, 2.500%, 05/20/2051		$	1,861,945		0.1
619,474 (4)	Ginnie Mae Series 2005-7 AH, 6.695%, (-1.000*US0001M + 6.770%), 02/16/2035			115,631		0.0
300,800	Ginnie Mae Series 2007-8 SP, 21.746%, (-3.242*US0001M + 22.048%), 03/20/2037			484,668		0.0
1,766,841 (4)	Ginnie Mae Series 2008-35 SN, 6.307%, (-1.000*US0001M + 6.400%), 04/20/2038			294,675		0.0
921,652 (4)	Ginnie Mae Series 2008-40 PS, 6.425%, (-1.000*US0001M + 6.500%), 05/16/2038			170,981		0.0
7,221,845 (4)	Ginnie Mae Series 2009-106 SU, 6.107%, (-1.000*US0001M + 6.200%), 05/20/2037			1,366,010		0.0
2,396,182 (4)	Ginnie Mae Series 2009-25 KS, 6.107%, (-1.000*US0001M + 6.200%), 04/20/2039			485,845		0.0
1,164,327	Ginnie Mae Series 2009-29 PB, 4.750%, 05/20/2039			1,313,660		0.0
1,346,554	Ginnie Mae Series 2009-31 ZL, 4.500%, 05/20/2039			1,508,273		0.1
12,265,394	Ginnie Mae Series 2009-33 ZB, 6.000%, 05/20/2039			13,255,425		0.4
1,577,697 (4)	Ginnie Mae Series 2010-106 IP, 5.000%, 03/20/2040			157,972		0.0
1,551,011 (4)	Ginnie Mae Series 2010-116 NS, 6.575%, (-1.000*US0001M + 6.650%), 09/16/2040			273,853		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
4,525,050 (4)	Ginnie Mae Series 2010-116 SK, 6.527%, (-1.000*US0001M + 6.620%), 08/20/2040		$	876,235		0.0
6,099,331 (4)	Ginnie Mae Series 2010-149 HS, 6.025%, (-1.000*US0001M + 6.100%), 05/16/2040			631,339		0.0
2,251,769 (4)	Ginnie Mae Series 2010-4 SP, 6.425%, (-1.000*US0001M + 6.500%), 01/16/2039			240,340		0.0
2,355,606	Ginnie Mae Series 2010-59 ZA, 4.500%, 05/20/2040			2,644,740		0.1
971,163 (4)	Ginnie Mae Series 2010-6 IA, 5.000%, 11/20/2039			79,565		0.0
1,594,596 (4)	Ginnie Mae Series 2010-68 MS, 5.757%, (-1.000*US0001M + 5.850%), 06/20/2040			297,025		0.0
3,619,447 (4)	Ginnie Mae Series 2010-9 JI, 5.000%, 01/20/2040			748,919		0.0
1,790,706 (4)	Ginnie Mae Series 2011-116 BI, 4.000%, 08/16/2026			98,469		0.0
336,838 (4)	Ginnie Mae Series 2011-140 CI, 5.000%, 10/20/2040			14,566		0.0
34,870	Ginnie Mae Series 2011-169 BC, 7.000%, 05/16/2032			38,382		0.0
3,670,347 (4)	Ginnie Mae Series 2011-80 KS, 6.577%, (-1.000*US0001M + 6.670%), 06/20/2041			807,839		0.0
240,092 (4)	Ginnie Mae Series 2012-40 NI, 4.500%, 05/20/2040			11,085		0.0
8,628,946 (4)	Ginnie Mae Series 2013-167 PI, 5.500%, 11/20/2043			1,480,787		0.1

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
7,169,700 (4)	Ginnie Mae Series 2013-184 JI, 5.500%, 12/16/2043		$	1,501,604		0.1
7,103,743	Ginnie Mae Series 2014-3 EP, 2.750%, 02/16/2043			7,481,614		0.2
6,428,003 (4)	Ginnie Mae Series 2014-3 SU, 5.957%, (-1.000*US0001M + 6.050%), 07/20/2039			1,157,062		0.0
8,062,730 (4)	Ginnie Mae Series 2014-55 MS, 6.125%, (-1.000*US0001M + 6.200%), 04/16/2044			1,636,576		0.1
7,233,046 (4)	Ginnie Mae Series 2014-56 SP, 6.125%, (-1.000*US0001M + 6.200%), 12/16/2039			1,037,309		0.0
7,322,939 (4)	Ginnie Mae Series 2014-58 CS, 5.525%, (-1.000*US0001M + 5.600%), 04/16/2044			1,240,538		0.0
9,522,633 (4)	Ginnie Mae Series 2014-79 BI, 6.000%, 05/16/2044			2,054,443		0.1
3,610,075 (4)	Ginnie Mae Series 2014-99 S, 5.507%, (-1.000*US0001M + 5.600%), 06/20/2044			702,919		0.0
2,150,730	Ginnie Mae Series 2018-112 AL, 3.500%, 08/20/2048			2,299,728		0.1
2,417,122	Ginnie Mae Series 2018-126 A, 3.500%, 09/20/2048			2,578,838		0.1
38,318,344 (4)	Ginnie Mae Series 2019-145 LS, 2.737%, (-1.000*US0001M + 2.830%), 11/20/2049			2,606,237		0.1
686,541 (1)(3)	GS Mortgage- Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/ 2049			690,551		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,134,157 (1)(3)	GS Mortgage- Backed Securities Corp. Trust 2020-PJ2 A4, 3.500%, 07/25/2050		$	1,149,211		0.0
978,272 (1)(3)	GS Mortgage- Backed Securities Corp. Trust 2020-PJ4 A4, 3.000%, 01/25/2051			989,558		0.0
1,902	GSR Mortgage Loan Trust 2003-2F 3A1, 6.000%, 03/25/2032			2,018		0.0
45,637	HarborView Mortgage Loan Trust 2005-2 2A1A, 0.533%, (US0001M + 0.440%), 05/19/2035			44,063		0.0
172,716	HomeBanc Mortgage Trust 2004-1 2A, 0.952%, (US0001M + 0.860%), 08/25/2029			170,472		0.0
2,506,628	IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 0.512%, (US0001M + 0.420%), 04/25/2046			2,383,663		0.1
2,048,308	IndyMac INDX Mortgage Loan Trust 2006-AR2 2A1, 0.512%, (US0001M + 0.420%), 02/25/2046			1,651,251		0.1
5,355 (3)	JP Morgan Mortgage Trust 2005-A1 6T1, 2.453%, 02/25/2035			5,447		0.0
71,967 (3)	JP Morgan Mortgage Trust 2007-A1 5A5, 2.577%, 07/25/2035			73,733		0.0
886,051 (1)(3)	JP Morgan Mortgage Trust 2017-3 1A13, 3.500%, 08/25/2047			900,484		0.0
4,286,250 (1)(3)	JP Morgan Mortgage Trust 2017-4 B1, 3.928%, 11/25/2048			4,437,719		0.1
1,572,936 (1)(3)	JP Morgan Mortgage Trust 2017-4 B2, 3.928%, 11/25/2048			1,624,683		0.1
1,019,562 (1)(3)	JP Morgan Mortgage Trust 2017-6 B3, 3.803%, 12/25/2048			1,051,686		0.0

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,572,099 (1)(3)	JP Morgan Mortgage Trust 2018-1 B1, 3.717%, 06/25/2048		$	1,614,391		0.1
1,572,099 (1)(3)	JP Morgan Mortgage Trust 2018-1 B2, 3.717%, 06/25/2048			1,610,341		0.1
1,942,005 (1)(3)	JP Morgan Mortgage Trust 2018-1 B3, 3.717%, 06/25/2048			2,004,086		0.1
1,394,326 (1)(3)	JP Morgan Mortgage Trust 2018-3 B1, 3.761%, 09/25/2048			1,445,951		0.1
1,256,908 (1)(3)	JP Morgan Mortgage Trust 2018-4 B1, 3.755%, 10/25/2048			1,299,078		0.0
102,185 (1)(3)	JP Morgan Mortgage Trust 2019-3 A3, 4.000%, 09/25/2049			104,055		0.0
2,404,718 (1)(3)	JP Morgan Mortgage Trust 2019-7 B2A, 3.172%, 02/25/2050			2,424,482		0.1
1,934,380 (1)(3)	JP Morgan Mortgage Trust 2019-8 B3A, 3.485%, 03/25/2050			1,992,434		0.1
2,434,410 (1)(3)	JP Morgan Mortgage Trust 2019-HYB1 B1, 3.822%, 10/25/2049			2,565,505		0.1
289,984 (1)(3)	JP Morgan Mortgage Trust 2019-LTV2 A18, 4.000%, 12/25/2049			292,803		0.0
1,961,766 (1)(3)	JP Morgan Mortgage Trust 2020-5 B1, 3.675%, 12/25/2050			2,055,455		0.1
865,621 (1)(3)	JP Morgan Mortgage Trust 2020-7 A15, 3.000%, 01/25/2051			874,875		0.0
2,329,553 (1)(3)	JP Morgan Mortgage Trust 2020-8 B1, 3.569%, 03/25/2051			2,427,312		0.1
1,424,490 (1)(3)	JP Morgan Mortgage Trust 2020-8 B2, 3.569%, 03/25/2051			1,478,663		0.1
1,890,794 (1)(3)	JP Morgan Mortgage Trust 2020-8 B3, 3.569%, 03/25/2051			1,950,938		0.1
705,481 (1)(3)	JP Morgan Mortgage Trust 2020-LTV2 A15, 3.000%, 11/25/2050			712,262		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,299,183,145 (1)(4)(6)	L Street Securities 2017-PM1 XIO, 0.000%, 10/25/2048		$	893,233		0.0
7,070,150 (4)	Lehman Mortgage Trust 2006-9 2A5, 6.529%, (-1.000*US0001M + 6.620%), 01/25/2037			1,597,042		0.1
2,679,376	Lehman XS Trust Series 2005-5N 1A2, 0.452%, (US0001M + 0.360%), 11/25/2035			2,524,410		0.1
700,000 (1)	Mello Warehouse Securitization Trust 2021-1 C, 1.206%, (US0001M + 1.100%), 02/25/2055			702,424		0.0
60,329 (3)	Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A3 1A, 2.024%, 05/25/2033			61,950		0.0
3,732	Merrill Lynch Mortgage Investors Trust Series 2005-A6 2A3, 0.852%, (US0001M + 0.380%), 08/25/2035			3,739		0.0
22,278	Merrill Lynch Mortgage Investors Trust Series MLCC 2005-3 5A, 0.592%, (US0001M + 0.250%), 11/25/2035			22,172		0.0
2,000,000	Morgan Stanley Mortgage Loan Trust 2005-5AR 1B1, 1.892%, (US0001M + 1.800%), 09/25/2035			2,002,742		0.1
1,402,237	Morgan Stanley Mortgage Loan Trust 2007-13 6A1, 6.000%, 10/25/2037			1,085,570		0.0
1,488,914 (1)(3)	New Residential Mortgage Loan Trust 2017-3A B2, 4.750%, 04/25/2057			1,595,205		0.1

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
16,262 (1)(3)	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2001-R1A A, 7.000%, 02/19/2030		$	16,657		0.0
448,669	Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037			428,405		0.0
728,928 (1)(3)	PSMC 2020-3 A1 Trust, 3.000%, 11/25/2050			741,475		0.0
384,663 (1)	RBSSP Resecuritization Trust 2011-3 2A1, 0.342%, (US0001M + 0.250%), 02/26/2037			386,311		0.0
1,358	RFMSI Series Trust 2003-S9 A1, 6.500%, 03/25/2032			1,412		0.0
2,000,848	Seasoned Credit Risk Transfer Trust 2017-4 M45T, 4.500%, 06/25/2057			2,224,620		0.1
47,559	Sequoia Mortgage Trust 2003-4 2A1, 0.793%, (US0001M + 0.350%), 07/20/2033			47,574		0.0
23,252 (3)	Sequoia Mortgage Trust 2005-4 2A1, 2.647%, 04/20/2035			24,520		0.0
748,412 (1)(3)	Sequoia Mortgage Trust 2014-3 B3, 3.985%, 10/25/2044			765,080		0.0
798,749 (1)(3)	Sequoia Mortgage Trust 2014-4 B3, 3.878%, 11/25/2044			820,161		0.0
805,903 (1)(3)	Sequoia Mortgage Trust 2015-2 B3, 3.768%, 05/25/2045			824,512		0.0
906,469 (1)(3)	Sequoia Mortgage Trust 2015-3 B3, 3.718%, 07/25/2045			934,920		0.0
2,772,414 (1)(3)	Sequoia Mortgage Trust 2017-CH2 A13, 4.000%, 12/25/2047			2,820,891		0.1
379,971 (1)(3)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 02/25/2048			385,369		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
4,671,013 (1)(3)	Sequoia Mortgage Trust 2018-CH1 B1B, 4.487%, 02/25/2048		$	4,845,158		0.2
361,755 (1)(3)	Sequoia Mortgage Trust 2020-1 A19, 3.500%, 02/25/2050			369,700		0.0
2,049,872 (1)(3)	Sequoia Mortgage Trust 2020-3 B3, 3.359%, 04/25/2050			2,021,567		0.1
698,000 (1)(3)	Starwood Mortgage Residential Trust 2020-1, 2.878%, 02/25/2050			709,004		0.0
42,516 (3)	Structured Adjustable Rate Mortgage Loan Trust 2005-17 3A1, 2.925%, 08/25/2035			41,112		0.0
808,146 (3)	Structured Adjustable Rate Mortgage Loan Trust 2005-7 4A, 2.702%, 04/25/2035			773,541		0.0
171,619	Structured Asset Mortgage Investments II Trust 2005-AR5 A2, 0.593%, (US0001M + 0.250%), 07/19/2035			166,557		0.0
75,786	Structured Asset Mortgage Investments II Trust 2005-AR5 A3, 0.593%, (US0001M + 0.250%), 07/19/2035			76,907		0.0
228,287 (3)	Thornburg Mortgage Securities Trust 2006-5 A1, 2.756%, 10/25/2046			230,932		0.0
5,644	WaMu Mortgage Pass Through Certificates Series 2002-AR2 A, 1.593%, (COF 11 + 1.250%), 02/27/2034			5,771		0.0
16,154	WaMu Mortgage Pass Through Certificates Series 2002-AR9 1A, 1.516%, (12MTA + 1.400%), 08/25/2042			15,920		0.0

See Accompanying Notes to Financial Statements

119

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
25,350	WaMu Mortgage Pass Through Certificates Series 2005-AR1 A1A, 0.732%, (US0001M + 0.640%), 01/25/2045		$	25,234		0.0
527,661 (3)	WaMu Mortgage Pass Through Certificates Series 2006-AR12 2A3, 2.514%, 10/25/2036			514,404		0.0
271,376	WaMu Mortgage Pass Through Certificates Series 2006-AR7 3A, 1.843%, (COF 11 + 1.500%), 07/25/2046			265,865		0.0
47,320,460 (3)(4)	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 X, 1.765%, 08/25/2045			2,000,245		0.1
1,275,059	WaMu Mortgage Pass-Through Certificates Series 2005-AR13 A1C3, 1.072%, (US0001M + 0.490%), 10/25/2045			1,266,614		0.0
547,576 (3)	WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 3.066%, 10/25/2036			550,552		0.0
1,078,408 (3)	WaMu Mortgage Pass-Through Certificates Series 2006-AR16 2A1, 2.492%, 12/25/2036			1,030,344		0.0
1,815,594 (3)	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.076%, 08/25/2046			1,807,463		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,569,901 (3)	WaMu Mortgage Pass-Through Certificates Series 2007-HY4 1A1, 2.716%, 04/25/2037		$	2,445,740		0.1
1,723,745 (3)	WaMu Mortgage Pass-Through Certificates Series 2007-HY7 2A2, 3.035%, 07/25/2037			1,735,459		0.1
2,054,376	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-11 A1, 5.750%, 01/25/2036			1,971,333		0.1
184,130	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-8 1A2, 5.500%, 10/25/2035			184,570		0.0
1,507,008	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR10 Trust, 0.192%, (US0001M + 0.100%), 12/25/2036			998,311		0.0
1,092,388	Wells Fargo Alternative Loan 2007-PA2 2A1, 0.522%, (US0001M + 0.430%), 06/25/2037			873,581		0.0
90,470 (3)	Wells Fargo Mortgage Backed Securities 2005-AR7 1A1, 3.130%, 05/25/2035			89,685		0.0
254,629 (3)	Wells Fargo Mortgage Backed Securities 2006-AR4 2A4, 2.827%, 04/25/2036			249,894		0.0

See Accompanying Notes to Financial Statements

120

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,476,057 (1)(3)	Wells Fargo Mortgage Backed Securities 2020-1 B2 Trust, 3.398%, 12/25/2049		$	1,511,731		0.1
790,351 (1)(3)	WinWater Mortgage Loan Trust 2015-5 B4, 3.760%, 08/20/2045			790,573		0.0
	Total Collateralized Mortgage Obligations
	(Cost $517,022,156)			527,823,766		15.7
MUNICIPAL BONDS: 0.1%
	California: 0.1%
500,000	California State University, 6.434%, 11/01/2030			667,222		0.1
200,000	Los Angeles County Public Works Financing Authority, 7.488%, 08/01/2033			277,515		0.0
300,000	Los Angeles County Public Works Financing Authority, 7.618%, 08/01/2040			488,632		0.0
200,000	Regents of the University of California Medical Center Pooled Revenue, 6.398%, 05/15/2031			261,143		0.0
300,000	Regents of the University of California Medical Center Pooled Revenue, 6.548%, 05/15/2048			468,922		0.0
	Total Municipal Bonds
	(Cost $1,500,000)			2,163,434		0.1
U.S. TREASURY OBLIGATIONS: 6.4%
	U.S. Treasury Bonds: 3.1%
17,000	1.250%, 05/15/2050			13,886		0.0
920,000	1.375%, 11/15/2040			826,778		0.0
77,000	1.625%, 11/15/2050			69,180		0.0
45,049,000 (2)	1.875%, 02/15/2051			43,007,717		1.3
59,448,000	2.250%, 05/15/2041			61,872,364		1.8
				105,789,925		3.1
	U.S. Treasury Notes: 3.3%
38,252,000	0.125%, 06/30/2023			38,161,600		1.1
25,000	0.125%, 10/15/2023			24,898		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: (continued)
	U.S. Treasury Notes (continued)
35,318,000	0.250%, 06/15/2024		$	35,104,160		1.1
1,322,000	0.875%, 06/30/2026			1,321,432		0.0
773,500 (2)	1.125%, 02/15/2031			751,020		0.0
29,948,000	1.250%, 06/30/2028			29,997,133		0.9
6,326,000 (2)	1.625%, 05/15/2031			6,423,855		0.2
				111,784,098		3.3
	Total U.S. Treasury Obligations (Cost $213,055,736)			217,574,023		6.4
U.S. GOVERNMENT AGENCY OBLIGATIONS: 10.7%
	Federal Home Loan Mortgage Corporation: 2.9%(7)
50,361	1.974%, (US0012M + 1.345%), 09/01/2035			52,737		0.0
395,860	2.144%, (US0012M + 1.721%), 06/01/2035			419,593		0.0
3,037	2.375%, (H15T1Y + 2.250%), 04/01/2032			3,064		0.0
12,683	2.375%, (H15T1Y + 2.250%), 11/01/2035			13,326		0.0
1,944	2.375%, (H15T1Y + 2.250%), 03/01/2036			2,083		0.0
854	2.389%, (H15T1Y + 2.210%), 06/01/2024			854		0.0
5,760	2.404%, (H15T1Y + 2.250%), 11/01/2031			5,807		0.0
502,237	2.500%, 05/01/2030			527,413		0.0
967,455	2.500%, 05/01/2030			1,019,077		0.0
1,139,334	2.500%, 06/01/2030			1,200,118		0.1
122,213	2.657%, (H15T1Y + 2.462%), 01/01/2029			122,538		0.0
3,541,683	3.000%, 03/01/2045			3,776,431		0.1
2,760,609	3.000%, 03/01/2045			2,926,959		0.1
2,771,173	3.000%, 04/01/2045			2,949,973		0.1
2,886,961	3.000%, 04/01/2045			3,078,300		0.1
5,513,738	3.000%, 10/01/2046			5,842,810		0.2
6,713,168	3.000%, 10/01/2046			7,187,274		0.2
7,572,791	3.000%, 03/01/2048			8,019,961		0.3
1,027,459	3.500%, 08/01/2042			1,107,570		0.0
2,591,633	3.500%, 03/01/2045			2,783,176		0.1
518,690	3.500%, 04/01/2045			552,262		0.0
273,500	3.500%, 05/01/2045			288,629		0.0
1,131,036	3.500%, 05/01/2045			1,224,442		0.1
638,576	3.500%, 06/01/2045			689,478		0.0
532,546	3.500%, 07/01/2045			567,052		0.0
715,873	3.500%, 07/01/2045			772,452		0.0
688,824	3.500%, 08/01/2045			735,562		0.0
566,592	3.500%, 08/01/2045			609,121		0.0

See Accompanying Notes to Financial Statements

121

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
435,073	3.500%, 08/01/2045		$	461,239		0.0
737,669	3.500%, 08/01/2045			797,688		0.0
1,074,527	3.500%, 08/01/2045			1,163,118		0.0
271,555	3.500%, 09/01/2045			286,307		0.0
701,706	3.500%, 09/01/2045			750,085		0.0
1,668,001	3.500%, 09/01/2045			1,783,449		0.1
1,300,314	3.500%, 11/01/2045			1,405,635		0.1
5,328,336	3.500%, 12/01/2046			5,747,993		0.2
14,211,662	3.500%, 03/01/2048			15,402,274		0.5
1,059,539	4.000%, 10/01/2041			1,160,716		0.0
1,362,929	4.000%, 12/01/2041			1,492,974		0.1
251,209	4.000%, 07/01/2045			273,886		0.0
136,349	4.000%, 09/01/2045			147,635		0.0
1,580,487	4.000%, 09/01/2045			1,714,637		0.1
3,319,236	4.000%, 09/01/2045			3,614,944		0.1
2,006,012	4.000%, 09/01/2045			2,191,696		0.1
1,326,904	4.000%, 05/01/2047			1,428,738		0.1
440,531	4.000%, 11/01/2047			471,369		0.0
400,624	4.000%, 03/01/2048			428,183		0.0
1,239,430	4.000%, 06/01/2048			1,376,037		0.1
5,558	4.500%, 06/01/2039			6,185		0.0
16,777	4.500%, 09/01/2040			18,669		0.0
54,742	4.500%, 03/01/2041			60,399		0.0
304,925	4.500%, 08/01/2041			341,298		0.0
480,883	4.500%, 08/01/2041			531,163		0.0
168,559	4.500%, 09/01/2041			188,326		0.0
226,732	4.500%, 09/01/2041			252,695		0.0
1,065,953	4.500%, 09/01/2041			1,195,401		0.0
427,587	4.500%, 09/01/2041			477,420		0.0
21,961	5.000%, 05/01/2028			24,090		0.0
90,359	5.000%, 05/01/2035			101,828		0.0
249,308	5.000%, 01/01/2041			281,962		0.0
192,270	5.000%, 04/01/2041			217,439		0.0
496	5.500%, 11/01/2021			552		0.0
11,655	5.500%, 03/01/2023			12,982		0.0
3,283	5.500%, 05/01/2023			3,657		0.0
9,435	5.500%, 03/01/2034			10,912		0.0
3,063	5.500%, 05/01/2036			3,509		0.0
63,739	5.500%, 06/01/2036			73,935		0.0
7,164	5.500%, 12/01/2036			8,317		0.0
37,413	5.500%, 03/01/2037			43,495		0.0
10,626	5.500%, 04/01/2037			12,300		0.0
54,801	5.500%, 05/01/2037			63,775		0.0
96,390	5.500%, 07/01/2037			111,356		0.0
16,474	5.500%, 09/01/2037			18,390		0.0
10,260	5.500%, 10/01/2037			11,954		0.0
35,526	5.500%, 11/01/2037			41,375		0.0
28,777	5.500%, 12/01/2037			33,528		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
99,986	5.500%, 12/01/2037		$	116,452		0.0
9,247	5.500%, 01/01/2038			10,770		0.0
7,624	5.500%, 01/01/2038			8,877		0.0
96,766	5.500%, 02/01/2038			112,742		0.0
72,394	5.500%, 02/01/2038			84,284		0.0
64,314	5.500%, 03/01/2038			74,907		0.0
86,049	5.500%, 04/01/2038			100,217		0.0
7,517	5.500%, 05/01/2038			8,758		0.0
49,726	5.500%, 05/01/2038			56,543		0.0
51,576	5.500%, 06/01/2038			59,957		0.0
190,038	5.500%, 06/01/2038			221,415		0.0
174,906	5.500%, 07/01/2038			203,705		0.0
34,531	5.500%, 08/01/2038			40,198		0.0
8,496	5.500%, 08/01/2038			9,773		0.0
39,278	5.500%, 09/01/2038			45,720		0.0
39,116	5.500%, 10/01/2038			45,561		0.0
34,401	5.500%, 10/01/2038			40,069		0.0
119,887	5.500%, 11/01/2038			139,603		0.0
3,668	5.500%, 11/01/2038			4,272		0.0
13,581	5.500%, 12/01/2038			15,731		0.0
9,267	5.500%, 12/01/2038			10,798		0.0
31,985	5.500%, 01/01/2039			37,234		0.0
64,514	5.500%, 03/01/2039			75,089		0.0
25,517	5.500%, 07/01/2039			29,666		0.0
16,723	5.500%, 12/01/2039			19,467		0.0
107,356	5.500%, 03/01/2040			125,035		0.0
76,019	5.500%, 08/01/2040			88,437		0.0
37,641	5.500%, 08/01/2040			43,791		0.0
37,757	5.500%, 08/01/2040			42,142		0.0
375,083	6.000%, 09/01/2027			420,723		0.0
5,230	6.000%, 02/01/2029			5,869		0.0
7,290	6.000%, 05/01/2035			8,479		0.0
287,019	6.000%, 03/01/2037			341,030		0.0
2,911	6.000%, 05/01/2037			3,459		0.0
32,510	6.000%, 07/01/2037			38,595		0.0
11,630	6.000%, 08/01/2037			13,683		0.0
42,852	6.000%, 08/01/2037			50,916		0.0
237,545	6.000%, 09/01/2037			281,889		0.0
654	6.000%, 10/01/2037			777		0.0
8,914	6.000%, 11/01/2037			10,505		0.0
1,993	6.000%, 12/01/2037			2,251		0.0
6,589	6.000%, 12/01/2037			7,805		0.0
292,788	6.000%, 01/01/2038			346,989		0.0
1,283	6.000%, 04/01/2038			1,517		0.0
7,641	6.000%, 06/01/2038			8,753		0.0
772	6.000%, 07/01/2038			908		0.0
28,966	6.000%, 08/01/2038			33,530		0.0
56,991	6.000%, 11/01/2038			67,139		0.0

See Accompanying Notes to Financial Statements

122

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
12,477	6.000%, 05/01/2039		$	14,398		0.0
10,449	6.000%, 08/01/2039			12,144		0.0
1,730	6.000%, 09/01/2039			1,944		0.0
736,049	6.500%, 09/01/2034			843,213		0.0
				97,111,306		2.9
	Federal National Mortgage Association: 0.0%(7)
49,529	1.328%, (12MTA + 1.200%), 08/01/2042			50,997		0.0
31,559	1.328%, (12MTA + 1.200%), 08/01/2042			32,426		0.0
21,829	1.328%, (12MTA + 1.200%), 10/01/2044			22,488		0.0
30,393	1.328%, (12MTA + 1.200%), 10/01/2044			31,054		0.0
72,019	1.589%, (US0001M + 1.422%), 02/01/2033			72,928		0.0
63,899	1.623%, (US0006M + 1.373%), 09/01/2035			64,522		0.0
74,214	1.869%, (US0012M + 1.480%), 04/01/2035			74,919		0.0
115,014	2.011%, (US0012M + 1.610%), 02/01/2034			119,038		0.0
20,933	2.050%, (US0012M + 1.675%), 02/01/2035			20,949		0.0
16,150	2.096%, (US0012M + 1.444%), 08/01/2035			16,338		0.0
352,616	2.098%, (H15T1Y + 1.711%), 08/01/2035			356,326		0.0
55,575	2.128%, (US0012M + 1.486%), 07/01/2035			56,254		0.0
143,869	2.158%, (US0012M + 1.661%), 10/01/2035			144,717		0.0
177,232	2.310%, (US0012M + 1.810%), 09/01/2034			187,892		0.0
97,502	2.326%, (H15T1Y + 2.175%), 10/01/2035			98,303		0.0
8,011	2.335%, (H15T1Y + 2.210%), 04/01/2032			8,011		0.0
1,890	2.374%, (H15T1Y + 2.215%), 09/01/2031			1,896		0.0
2,832	3.250%, (COF 11 + 1.251%), 05/01/2036			2,946		0.0
28,832	4.051%, (COF 11 + 1.926%), 12/01/2036			30,792		0.0
				1,392,796		0.0
	Government National Mortgage Association: 1.7%
28,861,000 (8)	2.000%, 08/01/2051			29,342,393		0.9

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association (continued)
555,389	3.000%, 06/20/2050		$	580,006		0.0
3,790,000 (8)	3.000%, 07/15/2051			3,954,702		0.1
3,306,640	3.500%, 07/20/2046			3,515,275		0.1
536,188	3.500%, 07/20/2047			568,411		0.0
7,672,305	3.500%, 12/20/2047			8,180,183		0.3
4,111,309	3.500%, 01/20/2048			4,384,845		0.2
563,229	4.000%, 11/20/2040			616,553		0.0
1,164,786	4.000%, 03/20/2046			1,259,479		0.1
853,613	4.500%, 08/20/2041			944,587		0.0
460,831	4.500%, 01/20/2047			504,961		0.0
6,405	5.000%, 11/15/2035			7,396		0.0
1,885	5.000%, 11/15/2035			2,125		0.0
16,553	5.000%, 11/15/2035			18,953		0.0
5,281	5.000%, 11/15/2035			5,962		0.0
35,525	5.000%, 06/15/2037			40,091		0.0
118,253	5.000%, 03/15/2038			136,921		0.0
35,417	5.000%, 03/15/2038			41,007		0.0
5,441	5.000%, 06/15/2038			6,195		0.0
367	5.000%, 07/15/2038			415		0.0
2,695	5.000%, 09/15/2038			3,120		0.0
12,756	5.000%, 11/15/2038			14,737		0.0
37,115	5.000%, 11/15/2038			42,986		0.0
63,640	5.000%, 12/15/2038			73,496		0.0
7,917	5.000%, 12/15/2038			8,935		0.0
811,623	5.000%, 12/15/2038			939,763		0.0
59,343	5.000%, 01/15/2039			68,713		0.0
95,695	5.000%, 01/15/2039			110,781		0.0
683,021	5.000%, 01/15/2039			785,301		0.0
90,421	5.000%, 02/15/2039			104,433		0.0
66,511	5.000%, 02/15/2039			77,012		0.0
27,879	5.000%, 02/15/2039			31,995		0.0
72,035	5.000%, 03/15/2039			83,451		0.0
129,890	5.000%, 03/15/2039			150,529		0.0
1,749	5.000%, 03/15/2039			2,025		0.0
69,097	5.000%, 03/15/2039			79,806		0.0
79,972	5.000%, 04/15/2039			92,483		0.0
124,403	5.000%, 05/15/2039			144,097		0.0
44,855	5.000%, 05/15/2039			51,807		0.0
414	5.000%, 05/15/2039			467		0.0
60,700	5.000%, 07/15/2039			70,306		0.0
54,782	5.000%, 09/15/2039			63,353		0.0
9,394	5.000%, 11/15/2039			10,883		0.0
1,605	5.000%, 04/15/2040			1,858		0.0
12,014	5.000%, 06/15/2040			13,876		0.0
22,849	5.000%, 09/15/2040			26,456		0.0
17,037	5.000%, 09/15/2040			19,210		0.0
59,168	5.000%, 10/15/2040			68,545		0.0

See Accompanying Notes to Financial Statements

123

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association (continued)
48,082	5.000%, 05/15/2042		$	54,268		0.0
288,958	5.000%, 02/20/2043			326,585		0.0
8,064 (3)	5.500%, 03/20/2060			8,865		0.0
				57,640,602		1.7
	Uniform Mortgage-Backed Securities: 6.1%
21,652,000 (8)	2.000%, 08/15/2051			21,821,156		0.7
1,470,698	2.500%, 05/01/2030			1,546,958		0.1
3,222,111	2.500%, 06/01/2030			3,383,882		0.1
2,310,314	2.500%, 06/01/2030			2,426,294		0.1
1,350,213	2.500%, 07/01/2030			1,417,598		0.1
3,113,347	3.000%, 08/01/2030			3,296,845		0.1
1,624,197	3.000%, 09/01/2030			1,717,981		0.1
1,009,236	3.000%, 08/01/2043			1,080,726		0.1
1,906,924	3.000%, 09/01/2043			2,019,304		0.1
6,640,614	3.000%, 04/01/2045			7,070,516		0.2
4,338,092	3.000%, 08/01/2046			4,622,039		0.2
436,239	3.000%, 09/01/2046			459,366		0.0
6,074,642	3.000%, 01/01/2047			6,370,765		0.2
661,010	3.500%, 12/01/2041			712,526		0.0
527,577	3.500%, 08/01/2042			570,200		0.0
138,570	3.500%, 08/01/2042			149,337		0.0
484,430	3.500%, 10/01/2042			523,683		0.0
723,513	3.500%, 10/01/2042			779,912		0.0
297,200	3.500%, 03/01/2043			322,138		0.0
2,410,082	3.500%, 01/01/2046			2,593,349		0.1
4,261,351	3.500%, 02/01/2046			4,627,225		0.2
3,419,583	3.500%, 08/01/2046			3,713,217		0.1
18,663,289	3.500%, 08/01/2046			20,265,189		0.6
3,574,137	3.500%, 09/01/2047			3,785,989		0.1
9,035,883	3.500%, 07/01/2048			9,786,960		0.3
2,700,000 (8)	3.500%, 07/15/2051			2,842,225		0.1
22	4.000%, 07/01/2021			22		0.0
1,712,344	4.000%, 09/01/2026			1,820,055		0.1
3,652	4.000%, 05/01/2029			3,890		0.0
27,541	4.000%, 11/01/2030			29,616		0.0
15,075	4.000%, 02/01/2031			16,212		0.0
8,678	4.000%, 10/01/2031			9,458		0.0
5,634,293	4.000%, 12/01/2039			6,164,329		0.2
1,035,902	4.000%, 07/01/2042			1,139,657		0.1
2,718,809	4.000%, 07/01/2042			2,991,557		0.1
277,014	4.000%, 07/01/2042			304,806		0.0
168,090	4.000%, 08/01/2042			179,167		0.0
924,595	4.000%, 08/01/2042			1,017,018		0.1
2,046,492	4.000%, 08/01/2043			2,251,718		0.1
2,982,512	4.000%, 09/01/2043			3,284,127		0.1
228,681	4.000%, 10/01/2043			249,142		0.0
105,910	4.000%, 10/01/2043			115,438		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
5,314,646	4.000%, 01/01/2045		$	5,927,065		0.2
530,120	4.000%, 06/01/2045			578,877		0.0
1,047,046	4.000%, 07/01/2045			1,156,815		0.1
2,586,407	4.000%, 07/01/2045			2,857,521		0.1
4,517,854	4.000%, 02/01/2046			4,943,351		0.2
1,024,856	4.000%, 06/01/2047			1,097,702		0.1
277,425	4.000%, 03/01/2048			296,394		0.0
763,888	4.000%, 03/01/2048			816,316		0.0
5,014,904	4.000%, 09/01/2048			5,403,754		0.2
28,800	4.500%, 10/01/2025			30,951		0.0
546,187	4.500%, 07/01/2026			576,661		0.0
415,870	4.500%, 04/01/2029			447,625		0.0
75,923	4.500%, 06/01/2029			81,700		0.0
6,203	4.500%, 06/01/2029			6,676		0.0
77,029	4.500%, 07/01/2029			82,909		0.0
1,850	4.500%, 10/01/2029			2,009		0.0
10,023	4.500%, 06/01/2030			10,879		0.0
327,431	4.500%, 10/01/2030			356,446		0.0
77,099	4.500%, 02/01/2031			83,937		0.0
56,538	4.500%, 05/01/2031			61,699		0.0
41,097	4.500%, 10/01/2033			45,249		0.0
19,820	4.500%, 01/01/2034			21,678		0.0
4,683	4.500%, 07/01/2034			5,153		0.0
20,303	4.500%, 09/01/2035			22,338		0.0
4,166	4.500%, 09/01/2035			4,609		0.0
36,597	4.500%, 11/01/2035			40,253		0.0
132,550	4.500%, 02/01/2036			142,700		0.0
82,979	4.500%, 01/01/2037			92,348		0.0
37,911	4.500%, 09/01/2037			41,737		0.0
1,937	4.500%, 02/01/2038			2,105		0.0
26,847	4.500%, 01/01/2039			29,957		0.0
31,970	4.500%, 02/01/2039			35,685		0.0
2,060	4.500%, 02/01/2039			2,219		0.0
41,444	4.500%, 04/01/2039			45,735		0.0
15,341	4.500%, 04/01/2039			17,117		0.0
74,945	4.500%, 04/01/2039			83,604		0.0
871,387	4.500%, 05/01/2039			969,234		0.0
70,786	4.500%, 05/01/2039			78,697		0.0
13,929	4.500%, 05/01/2039			15,545		0.0
4,576	4.500%, 05/01/2039			5,108		0.0
384	4.500%, 05/01/2039			428		0.0
84,386	4.500%, 05/01/2039			94,138		0.0
75,052	4.500%, 05/01/2039			82,859		0.0
111,123	4.500%, 06/01/2039			123,983		0.0
4,727	4.500%, 06/01/2039			5,276		0.0
17,521	4.500%, 07/01/2039			19,553		0.0
32,738	4.500%, 07/01/2039			35,912		0.0
59,435	4.500%, 07/01/2039			66,339		0.0

See Accompanying Notes to Financial Statements

124

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
56,852	4.500%, 08/01/2039		$	63,201		0.0
67,961	4.500%, 08/01/2039			75,047		0.0
221,425	4.500%, 08/01/2039			246,168		0.0
118,157	4.500%, 08/01/2039			131,370		0.0
190,620	4.500%, 09/01/2039			212,706		0.0
177,652	4.500%, 10/01/2039			197,884		0.0
11,241	4.500%, 11/01/2039			12,499		0.0
77,508	4.500%, 11/01/2039			85,424		0.0
7,283	4.500%, 12/01/2039			7,847		0.0
4,430	4.500%, 12/01/2039			4,892		0.0
3,589	4.500%, 01/01/2040			3,888		0.0
398,926	4.500%, 01/01/2040			440,317		0.0
182,340	4.500%, 02/01/2040			202,729		0.0
89,229	4.500%, 02/01/2040			99,564		0.0
56,800	4.500%, 04/01/2040			63,148		0.0
641,000	4.500%, 04/01/2040			707,706		0.0
209,200	4.500%, 05/01/2040			228,520		0.0
36,290	4.500%, 05/01/2040			39,313		0.0
38,623	4.500%, 06/01/2040			42,940		0.0
276,707	4.500%, 06/01/2040			307,599		0.0
126,621	4.500%, 06/01/2040			139,832		0.0
3,769	4.500%, 06/01/2040			4,204		0.0
69,871	4.500%, 06/01/2040			77,157		0.0
30,036	4.500%, 07/01/2040			33,162		0.0
88,729	4.500%, 07/01/2040			98,671		0.0
131,975	4.500%, 07/01/2040			147,269		0.0
113,081	4.500%, 08/01/2040			124,810		0.0
44,029	4.500%, 08/01/2040			48,896		0.0
2,291	4.500%, 08/01/2040			2,547		0.0
21,608	4.500%, 08/01/2040			24,029		0.0
79,266	4.500%, 08/01/2040			87,515		0.0
96,984	4.500%, 08/01/2040			107,824		0.0
7,015	4.500%, 08/01/2040			7,679		0.0
13,206	4.500%, 09/01/2040			14,206		0.0
20,493	4.500%, 09/01/2040			22,862		0.0
18,217	4.500%, 09/01/2040			20,117		0.0
104,238	4.500%, 09/01/2040			112,449		0.0
209,593	4.500%, 09/01/2040			233,814		0.0
28,900	4.500%, 09/01/2040			31,849		0.0
24,999	4.500%, 09/01/2040			27,892		0.0
33,455	4.500%, 10/01/2040			36,944		0.0
152,891	4.500%, 10/01/2040			170,629		0.0
181,830	4.500%, 10/01/2040			202,834		0.0
74,428	4.500%, 10/01/2040			82,029		0.0
49,435	4.500%, 10/01/2040			54,580		0.0
495,331	4.500%, 11/01/2040			540,145		0.0
978,619	4.500%, 11/01/2040			1,092,197		0.1
452,059	4.500%, 11/01/2040			498,917		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
57,468	4.500%, 11/01/2040		$	63,467		0.0
74,073	4.500%, 11/01/2040			82,627		0.0
2,985	4.500%, 12/01/2040			3,295		0.0
104,470	4.500%, 12/01/2040			116,582		0.0
31,607	4.500%, 12/01/2040			34,901		0.0
90,849	4.500%, 12/01/2040			100,398		0.0
190,640	4.500%, 12/01/2040			212,008		0.0
26,294	4.500%, 12/01/2040			29,036		0.0
13,187	4.500%, 12/01/2040			14,368		0.0
40,981	4.500%, 12/01/2040			45,243		0.0
46,805	4.500%, 12/01/2040			52,226		0.0
164,838	4.500%, 01/01/2041			183,929		0.0
37,040	4.500%, 01/01/2041			40,880		0.0
22,954	4.500%, 01/01/2041			25,304		0.0
527,319	4.500%, 01/01/2041			587,336		0.0
223,007	4.500%, 01/01/2041			245,803		0.0
88,291	4.500%, 02/01/2041			97,516		0.0
60,544	4.500%, 02/01/2041			66,781		0.0
26,660	4.500%, 02/01/2041			29,443		0.0
87,884	4.500%, 02/01/2041			96,996		0.0
77,257	4.500%, 02/01/2041			84,363		0.0
79,238	4.500%, 03/01/2041			87,487		0.0
78,679	4.500%, 03/01/2041			84,976		0.0
219,954	4.500%, 03/01/2041			243,802		0.0
23,174	4.500%, 03/01/2041			25,066		0.0
25,752	4.500%, 03/01/2041			28,734		0.0
58,291	4.500%, 03/01/2041			64,253		0.0
4,882	4.500%, 03/01/2041			5,386		0.0
42,811	4.500%, 03/01/2041			47,178		0.0
28,158	4.500%, 03/01/2041			31,418		0.0
75,910	4.500%, 04/01/2041			81,749		0.0
239,610	4.500%, 04/01/2041			264,610		0.0
17,741	4.500%, 04/01/2041			19,094		0.0
41,407	4.500%, 04/01/2041			46,140		0.0
450,784	4.500%, 04/01/2041			505,990		0.0
50,707	4.500%, 04/01/2041			54,602		0.0
6,668	4.500%, 04/01/2041			7,428		0.0
11,756	4.500%, 05/01/2041			12,656		0.0
476,925	4.500%, 05/01/2041			525,820		0.0
28,887	4.500%, 05/01/2041			32,131		0.0
7,834	4.500%, 05/01/2041			8,742		0.0
324,163	4.500%, 05/01/2041			357,242		0.0
376,679	4.500%, 05/01/2041			418,807		0.0
3,669	4.500%, 05/01/2041			4,096		0.0
209,926	4.500%, 05/01/2041			234,568		0.0
21,936	4.500%, 05/01/2041			24,476		0.0
226,583	4.500%, 06/01/2041			250,186		0.0
49,935	4.500%, 06/01/2041			54,150		0.0

See Accompanying Notes to Financial Statements

125

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
15,615	4.500%, 06/01/2041		$	17,424		0.0
185,544	4.500%, 07/01/2041			207,307		0.0
18,245	4.500%, 07/01/2041			19,640		0.0
2,657	4.500%, 07/01/2041			2,967		0.0
14,251	4.500%, 07/01/2041			15,740		0.0
82,620	4.500%, 07/01/2041			92,197		0.0
36,657	4.500%, 07/01/2041			40,905		0.0
53,714	4.500%, 07/01/2041			59,784		0.0
4,899	4.500%, 07/01/2041			5,457		0.0
121,748	4.500%, 08/01/2041			134,543		0.0
57,956	4.500%, 08/01/2041			63,506		0.0
132,559	4.500%, 08/01/2041			142,745		0.0
19,813	4.500%, 08/01/2041			21,881		0.0
146,598	4.500%, 08/01/2041			163,553		0.0
22,025	4.500%, 08/01/2041			23,718		0.0
163,079	4.500%, 08/01/2041			176,112		0.0
169,610	4.500%, 08/01/2041			186,843		0.0
72,602	4.500%, 09/01/2041			79,677		0.0
16,409	4.500%, 09/01/2041			18,120		0.0
551,556	4.500%, 09/01/2041			609,121		0.0
5,439	4.500%, 09/01/2041			6,049		0.0
140,428	4.500%, 10/01/2041			153,745		0.0
1,210,440	4.500%, 10/01/2041			1,357,209		0.1
723,021	4.500%, 10/01/2041			800,239		0.0
279,358	4.500%, 10/01/2041			311,769		0.0
24,431	4.500%, 10/01/2041			27,237		0.0
43,466	4.500%, 10/01/2041			48,049		0.0
271,342	4.500%, 10/01/2041			299,842		0.0
45,412	4.500%, 10/01/2041			48,906		0.0
4,781	4.500%, 11/01/2041			5,280		0.0
325,002	4.500%, 11/01/2041			363,147		0.0
815,276	4.500%, 12/01/2041			911,711		0.0
192,445	4.500%, 12/01/2041			212,422		0.0
13,344	4.500%, 01/01/2042			14,880		0.0
30,395	4.500%, 01/01/2042			33,590		0.0
14,735	4.500%, 01/01/2042			15,857		0.0
68,243	4.500%, 03/01/2042			76,011		0.0
4,358	4.500%, 03/01/2042			4,690		0.0
28,237	4.500%, 04/01/2042			30,385		0.0
11,899	4.500%, 06/01/2042			13,007		0.0
7,436	4.500%, 08/01/2042			8,294		0.0
4,257	4.500%, 09/01/2042			4,582		0.0
6,688	4.500%, 01/01/2043			7,199		0.0
8,355	4.500%, 12/01/2043			9,290		0.0
222,239	4.500%, 04/01/2047			241,480		0.0
53,851	4.500%, 05/01/2047			57,915		0.0
46,070	4.500%, 05/01/2047			49,629		0.0
171,720	4.500%, 06/01/2047			186,468		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
263,297	4.500%, 06/01/2047		$	285,830		0.0
435,532	4.500%, 07/01/2047			472,674		0.0
70,217	4.500%, 07/01/2047			75,609		0.0
121,002	4.500%, 08/01/2047			131,524		0.0
290	5.000%, 04/01/2023			317		0.0
523	5.000%, 12/01/2023			572		0.0
38,430	5.000%, 04/01/2026			42,081		0.0
52,950	5.000%, 05/01/2026			57,982		0.0
37,094	5.000%, 08/01/2027			40,618		0.0
14,191	5.000%, 04/01/2028			15,556		0.0
86,029	5.000%, 05/01/2033			94,384		0.0
210,026	5.000%, 06/01/2033			239,979		0.0
24,658	5.000%, 08/01/2033			28,203		0.0
261,002	5.000%, 09/01/2033			292,254		0.0
62,523	5.000%, 02/01/2034			69,947		0.0
129,261	5.000%, 03/01/2034			147,303		0.0
34,244	5.000%, 06/01/2034			39,202		0.0
8,784	5.000%, 11/01/2034			10,061		0.0
303,564	5.000%, 02/01/2035			346,804		0.0
302,037	5.000%, 03/01/2035			345,415		0.0
8,597	5.000%, 05/01/2035			9,832		0.0
1,095,199	5.000%, 07/01/2035			1,251,211		0.1
46,349	5.000%, 08/01/2035			50,813		0.0
5,358	5.000%, 09/01/2035			6,106		0.0
116,836	5.000%, 09/01/2035			133,939		0.0
139,730	5.000%, 10/01/2035			160,105		0.0
2,896	5.000%, 10/01/2035			3,317		0.0
69,717	5.000%, 12/01/2035			79,875		0.0
162,268	5.000%, 02/01/2036			185,982		0.0
51,302	5.000%, 03/01/2036			58,756		0.0
57,364	5.000%, 04/01/2036			64,554		0.0
41,985	5.000%, 05/01/2036			48,105		0.0
393,919	5.000%, 07/01/2036			449,759		0.0
1,380,954	5.000%, 12/01/2036			1,580,893		0.1
1,446,115	5.000%, 07/01/2037			1,621,527		0.1
55,833	5.000%, 04/01/2038			61,981		0.0
34,847	5.000%, 04/01/2039			38,803		0.0
28,245	5.000%, 07/01/2039			32,335		0.0
331,109	5.000%, 11/01/2040			379,460		0.0
22,070	5.000%, 04/01/2041			24,340		0.0
193,200	5.000%, 05/01/2041			221,227		0.0
579,686	5.000%, 06/01/2041			663,772		0.0
1,081,475	5.000%, 06/01/2041			1,226,318		0.1
900	5.500%, 06/01/2022			911		0.0
187	5.500%, 11/01/2022			188		0.0
2,440	5.500%, 11/01/2022			2,486		0.0
326	5.500%, 11/01/2022			329		0.0
46	5.500%, 12/01/2022			47		0.0

See Accompanying Notes to Financial Statements

126

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
31,505	5.500%, 06/01/2023		$	35,080		0.0
813	5.500%, 07/01/2023			820		0.0
6,323	5.500%, 07/01/2023			6,519		0.0
4,072	5.500%, 09/01/2023			4,212		0.0
1,087	5.500%, 01/01/2025			1,100		0.0
202	5.500%, 08/01/2025			207		0.0
5,494	5.500%, 07/01/2026			6,117		0.0
4,589	5.500%, 12/01/2027			5,121		0.0
13,273	5.500%, 04/01/2028			14,780		0.0
5,264	5.500%, 08/01/2028			5,876		0.0
6,709	5.500%, 01/01/2029			7,490		0.0
64,154	5.500%, 10/01/2029			71,599		0.0
64,104	5.500%, 04/01/2033			73,215		0.0
59,932	5.500%, 10/01/2033			66,770		0.0
18,646	5.500%, 10/01/2033			20,886		0.0
6,190	5.500%, 11/01/2033			6,944		0.0
926	5.500%, 11/01/2033			1,048		0.0
7,135	5.500%, 11/01/2033			8,232		0.0
3,990	5.500%, 11/01/2033			4,487		0.0
1,214	5.500%, 12/01/2033			1,402		0.0
76,651	5.500%, 12/01/2033			87,281		0.0
245,912	5.500%, 12/01/2033			284,986		0.0
13,709	5.500%, 12/01/2033			15,704		0.0
41,256	5.500%, 12/01/2033			47,816		0.0
10,925	5.500%, 01/01/2034			12,548		0.0
7,958	5.500%, 01/01/2034			8,874		0.0
659	5.500%, 01/01/2034			749		0.0
17,609	5.500%, 01/01/2034			19,656		0.0
81,791	5.500%, 01/01/2034			93,541		0.0
6,275	5.500%, 06/01/2034			7,225		0.0
43,496	5.500%, 11/01/2034			50,391		0.0
5,321	5.500%, 11/01/2034			5,931		0.0
929	5.500%, 12/01/2034			1,077		0.0
30,858	5.500%, 01/01/2035			34,838		0.0
12,386	5.500%, 01/01/2035			14,351		0.0
31,145	5.500%, 01/01/2035			35,786		0.0
1,261,396	5.500%, 02/01/2035			1,462,182		0.1
9,716	5.500%, 02/01/2035			10,901		0.0
6,433	5.500%, 03/01/2035			7,171		0.0
7,757	5.500%, 06/01/2035			8,651		0.0
7,209	5.500%, 07/01/2035			8,234		0.0
842,958	5.500%, 08/01/2035			976,428		0.0
4,135	5.500%, 10/01/2035			4,788		0.0
46,691	5.500%, 11/01/2035			54,028		0.0
440	5.500%, 11/01/2035			497		0.0
708	5.500%, 12/01/2035			821		0.0
743	5.500%, 12/01/2035			860		0.0
120,966	5.500%, 12/01/2035			138,472		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
10,893	5.500%, 12/01/2035		$	12,618		0.0
71,111	5.500%, 01/01/2036			82,454		0.0
10,347	5.500%, 01/01/2036			11,977		0.0
441	5.500%, 02/01/2036			492		0.0
10,771	5.500%, 04/01/2036			12,488		0.0
846,230	5.500%, 07/01/2036			981,146		0.0
487	5.500%, 08/01/2036			564		0.0
72,734	5.500%, 09/01/2036			84,241		0.0
42,946	5.500%, 09/01/2036			49,774		0.0
102,993	5.500%, 12/01/2036			119,499		0.0
129,894	5.500%, 12/01/2036			150,809		0.0
1,415	5.500%, 12/01/2036			1,645		0.0
1,041	5.500%, 12/01/2036			1,207		0.0
14,992	5.500%, 01/01/2037			17,418		0.0
65,075	5.500%, 01/01/2037			75,585		0.0
93,808	5.500%, 02/01/2037			108,938		0.0
254,781	5.500%, 03/01/2037			290,408		0.0
10,352	5.500%, 04/01/2037			12,025		0.0
22,563	5.500%, 05/01/2037			26,249		0.0
1,450	5.500%, 05/01/2037			1,658		0.0
621	5.500%, 05/01/2037			722		0.0
14,059	5.500%, 05/01/2037			16,341		0.0
25,922	5.500%, 06/01/2037			30,137		0.0
61,561	5.500%, 06/01/2037			71,511		0.0
20,783	5.500%, 07/01/2037			24,063		0.0
26,708	5.500%, 08/01/2037			31,051		0.0
13,584	5.500%, 08/01/2037			15,750		0.0
34,945	5.500%, 08/01/2037			40,519		0.0
93,783	5.500%, 09/01/2037			109,022		0.0
651	5.500%, 11/01/2037			758		0.0
341,383	5.500%, 01/01/2038			397,270		0.0
577	5.500%, 02/01/2038			671		0.0
1,204	5.500%, 02/01/2038			1,400		0.0
5,592	5.500%, 03/01/2038			6,347		0.0
273,873	5.500%, 03/01/2038			318,868		0.0
71,167	5.500%, 04/01/2038			82,837		0.0
13,004	5.500%, 04/01/2038			14,672		0.0
588	5.500%, 04/01/2038			684		0.0
163,796	5.500%, 05/01/2038			190,472		0.0
2,617	5.500%, 05/01/2038			3,048		0.0
6,250	5.500%, 05/01/2038			7,266		0.0
79,530	5.500%, 06/01/2038			92,582		0.0
25,535	5.500%, 06/01/2038			29,571		0.0
1,586,326	5.500%, 06/01/2038			1,845,068		0.1
36,589	5.500%, 07/01/2038			42,603		0.0
470	5.500%, 07/01/2038			547		0.0
56,952	5.500%, 07/01/2038			65,804		0.0
43,583	5.500%, 07/01/2038			50,754		0.0

See Accompanying Notes to Financial Statements

127

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
21,439	5.500%, 08/01/2038		$	24,908		0.0
9,990	5.500%, 08/01/2038			11,583		0.0
79,477	5.500%, 08/01/2038			92,441		0.0
174,005	5.500%, 11/01/2038			202,640		0.0
45,163	5.500%, 11/01/2038			52,130		0.0
153	5.500%, 12/01/2038			176		0.0
27,025	5.500%, 12/01/2038			31,473		0.0
330,396	5.500%, 01/01/2039			384,759		0.0
47,545	5.500%, 01/01/2039			55,270		0.0
93,887	5.500%, 01/01/2039			109,019		0.0
17,388	5.500%, 03/01/2039			20,249		0.0
161,993	5.500%, 06/01/2039			188,579		0.0
268,775	5.500%, 06/01/2039			312,331		0.0
16,095	5.500%, 05/01/2040			17,943		0.0
15,984	5.500%, 07/01/2041			18,587		0.0
327,893	5.500%, 09/01/2041			379,634		0.0
287	6.000%, 09/01/2021			321		0.0
1,430	6.000%, 04/01/2022			1,602		0.0
3,844	6.000%, 06/01/2022			4,307		0.0
967	6.000%, 01/01/2023			1,083		0.0
185	6.000%, 03/01/2024			208		0.0
71,156	6.000%, 11/01/2028			79,769		0.0
334	6.000%, 04/01/2031			387		0.0
264	6.000%, 01/01/2032			296		0.0
691	6.000%, 11/01/2032			820		0.0
547	6.000%, 11/01/2032			615		0.0
37,583	6.000%, 01/01/2033			44,218		0.0
2,522	6.000%, 09/01/2033			2,866		0.0
368	6.000%, 01/01/2034			417		0.0
66,093	6.000%, 06/01/2035			75,802		0.0
11,067	6.000%, 07/01/2035			13,135		0.0
4,822	6.000%, 07/01/2035			5,412		0.0
4,444	6.000%, 07/01/2035			5,264		0.0
6,010	6.000%, 07/01/2035			6,779		0.0
386	6.000%, 10/01/2035			433		0.0
2,581	6.000%, 10/01/2035			2,901		0.0
53,301	6.000%, 11/01/2035			62,148		0.0
210,545	6.000%, 12/01/2035			237,517		0.0
44,558	6.000%, 12/01/2035			52,914		0.0
2,330	6.000%, 12/01/2035			2,615		0.0
7,574	6.000%, 01/01/2036			8,665		0.0
234	6.000%, 02/01/2036			262		0.0
33,713	6.000%, 02/01/2036			40,010		0.0
33,590	6.000%, 02/01/2036			39,867		0.0
15,991	6.000%, 02/01/2036			18,073		0.0
22,811	6.000%, 03/01/2036			26,897		0.0
29,674	6.000%, 03/01/2036			34,414		0.0
15,409	6.000%, 04/01/2036			18,273		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
32,530	6.000%, 04/01/2036		$	38,574		0.0
11,530	6.000%, 05/01/2036			13,250		0.0
11,670	6.000%, 05/01/2036			13,124		0.0
2,403	6.000%, 06/01/2036			2,791		0.0
358	6.000%, 06/01/2036			414		0.0
1,279	6.000%, 07/01/2036			1,443		0.0
3,977	6.000%, 07/01/2036			4,496		0.0
15,532	6.000%, 07/01/2036			17,476		0.0
71,928	6.000%, 07/01/2036			85,418		0.0
3,718	6.000%, 08/01/2036			4,409		0.0
3,521	6.000%, 08/01/2036			4,070		0.0
23,134	6.000%, 08/01/2036			27,002		0.0
362,458	6.000%, 08/01/2036			430,222		0.0
186,933	6.000%, 08/01/2036			215,317		0.0
18,192	6.000%, 08/01/2036			21,588		0.0
12,987	6.000%, 09/01/2036			14,911		0.0
59,111	6.000%, 09/01/2036			66,305		0.0
26,809	6.000%, 09/01/2036			31,785		0.0
13,454	6.000%, 09/01/2036			15,698		0.0
40,288	6.000%, 09/01/2036			46,985		0.0
259	6.000%, 09/01/2036			298		0.0
12,934	6.000%, 09/01/2036			15,361		0.0
2,379	6.000%, 10/01/2036			2,670		0.0
11,951	6.000%, 10/01/2036			14,175		0.0
33,236	6.000%, 10/01/2036			39,428		0.0
38,379	6.000%, 10/01/2036			45,513		0.0
13,571	6.000%, 10/01/2036			15,338		0.0
32,504	6.000%, 10/01/2036			38,547		0.0
47,682	6.000%, 11/01/2036			53,880		0.0
26,913	6.000%, 11/01/2036			31,932		0.0
9,526	6.000%, 11/01/2036			10,903		0.0
15,835	6.000%, 11/01/2036			17,754		0.0
38,360	6.000%, 12/01/2036			45,557		0.0
3,361	6.000%, 12/01/2036			3,992		0.0
99,490	6.000%, 12/01/2036			112,191		0.0
21,658	6.000%, 12/01/2036			24,340		0.0
4,222	6.000%, 12/01/2036			4,787		0.0
1,449	6.000%, 12/01/2036			1,682		0.0
43,358	6.000%, 12/01/2036			48,665		0.0
7,856	6.000%, 01/01/2037			9,314		0.0
573	6.000%, 01/01/2037			677		0.0
11,161	6.000%, 01/01/2037			12,524		0.0
1,006	6.000%, 01/01/2037			1,192		0.0
90,053	6.000%, 02/01/2037			106,832		0.0
8,054	6.000%, 02/01/2037			9,102		0.0
14,053	6.000%, 02/01/2037			16,689		0.0
1,366	6.000%, 02/01/2037			1,541		0.0
18,759	6.000%, 03/01/2037			21,900		0.0

See Accompanying Notes to Financial Statements

128

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
157,924	6.000%, 03/01/2037		$	186,856		0.0
6,724	6.000%, 03/01/2037			7,843		0.0
708	6.000%, 03/01/2037			839		0.0
13,791	6.000%, 03/01/2037			15,723		0.0
16,421	6.000%, 03/01/2037			19,484		0.0
109,553	6.000%, 04/01/2037			127,666		0.0
44,749	6.000%, 04/01/2037			53,128		0.0
7,066	6.000%, 04/01/2037			8,346		0.0
14,426	6.000%, 04/01/2037			17,134		0.0
21,382	6.000%, 04/01/2037			25,085		0.0
30,432	6.000%, 04/01/2037			34,212		0.0
30,885	6.000%, 04/01/2037			35,382		0.0
774	6.000%, 04/01/2037			868		0.0
327	6.000%, 04/01/2037			366		0.0
1,871	6.000%, 04/01/2037			2,218		0.0
2,413	6.000%, 04/01/2037			2,723		0.0
674	6.000%, 04/01/2037			756		0.0
29,435	6.000%, 04/01/2037			33,065		0.0
34,321	6.000%, 04/01/2037			40,760		0.0
2,340	6.000%, 05/01/2037			2,680		0.0
13,657	6.000%, 05/01/2037			15,322		0.0
5,849	6.000%, 05/01/2037			6,570		0.0
5,622	6.000%, 05/01/2037			6,563		0.0
15,140	6.000%, 05/01/2037			17,981		0.0
16,239	6.000%, 05/01/2037			18,319		0.0
1,045	6.000%, 05/01/2037			1,172		0.0
11,227	6.000%, 05/01/2037			12,598		0.0
1,149	6.000%, 05/01/2037			1,290		0.0
25,917	6.000%, 05/01/2037			30,578		0.0
42,120	6.000%, 05/01/2037			47,628		0.0
21,887	6.000%, 05/01/2037			24,724		0.0
86,323	6.000%, 05/01/2037			102,515		0.0
2,608	6.000%, 06/01/2037			2,931		0.0
5,221	6.000%, 06/01/2037			6,162		0.0
5,745	6.000%, 06/01/2037			6,711		0.0
5,283	6.000%, 06/01/2037			5,926		0.0
25,052	6.000%, 06/01/2037			28,105		0.0
3,863	6.000%, 06/01/2037			4,342		0.0
60,979	6.000%, 06/01/2037			72,373		0.0
19,527	6.000%, 07/01/2037			22,274		0.0
89,158	6.000%, 07/01/2037			100,154		0.0
6,083	6.000%, 07/01/2037			7,222		0.0
7,070	6.000%, 07/01/2037			7,927		0.0
3,085	6.000%, 07/01/2037			3,601		0.0
11,908	6.000%, 07/01/2037			13,601		0.0
8,377	6.000%, 07/01/2037			9,853		0.0
54,797	6.000%, 07/01/2037			64,998		0.0
13,878	6.000%, 07/01/2037			15,603		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
32,759	6.000%, 07/01/2037		$	36,809		0.0
20,000	6.000%, 08/01/2037			23,686		0.0
4,852	6.000%, 08/01/2037			5,733		0.0
46,431	6.000%, 08/01/2037			54,539		0.0
6,326	6.000%, 08/01/2037			7,105		0.0
39,334	6.000%, 08/01/2037			44,138		0.0
7,984	6.000%, 08/01/2037			8,957		0.0
9,097	6.000%, 08/01/2037			10,205		0.0
17,745	6.000%, 08/01/2037			19,912		0.0
2,662	6.000%, 09/01/2037			3,159		0.0
249,574	6.000%, 09/01/2037			296,410		0.0
8,101	6.000%, 09/01/2037			9,106		0.0
16,060	6.000%, 09/01/2037			19,073		0.0
65,487	6.000%, 09/01/2037			75,851		0.0
1,406	6.000%, 09/01/2037			1,664		0.0
1,184	6.000%, 10/01/2037			1,364		0.0
30,792	6.000%, 10/01/2037			36,500		0.0
51,289	6.000%, 11/01/2037			60,720		0.0
33,013	6.000%, 11/01/2037			38,856		0.0
868	6.000%, 11/01/2037			1,027		0.0
1,091	6.000%, 12/01/2037			1,291		0.0
72,219	6.000%, 12/01/2037			83,697		0.0
19,568	6.000%, 12/01/2037			22,642		0.0
59,571	6.000%, 12/01/2037			70,719		0.0
19,763	6.000%, 02/01/2038			23,026		0.0
73,670	6.000%, 02/01/2038			85,767		0.0
127,546	6.000%, 02/01/2038			151,236		0.0
1,197	6.000%, 03/01/2038			1,421		0.0
4,007	6.000%, 03/01/2038			4,498		0.0
23,889	6.000%, 03/01/2038			28,170		0.0
59,663	6.000%, 05/01/2038			70,322		0.0
3,402	6.000%, 05/01/2038			4,037		0.0
1,071	6.000%, 06/01/2038			1,202		0.0
11,275	6.000%, 06/01/2038			13,379		0.0
42,720	6.000%, 07/01/2038			50,394		0.0
111,640	6.000%, 07/01/2038			130,895		0.0
1,061	6.000%, 08/01/2038			1,254		0.0
15,023	6.000%, 09/01/2038			16,960		0.0
26,489	6.000%, 09/01/2038			31,443		0.0
3,418	6.000%, 09/01/2038			3,853		0.0
6,135	6.000%, 09/01/2038			7,287		0.0
1,508	6.000%, 10/01/2038			1,765		0.0
12,233	6.000%, 10/01/2038			13,726		0.0
26,440	6.000%, 10/01/2038			30,773		0.0
71,531	6.000%, 10/01/2038			80,297		0.0
14,425	6.000%, 10/01/2038			16,916		0.0
11,833	6.000%, 10/01/2038			14,006		0.0
377	6.000%, 10/01/2038			423		0.0

See Accompanying Notes to Financial Statements

129

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
1,165	6.000%, 11/01/2038		$	1,309		0.0
492	6.000%, 11/01/2038			571		0.0
120,714	6.000%, 11/01/2038			137,752		0.0
68,230	6.000%, 12/01/2038			81,034		0.0
1,905	6.000%, 12/01/2038			2,174		0.0
13,189	6.000%, 12/01/2038			14,905		0.0
18,045	6.000%, 10/01/2039			21,351		0.0
1,366	6.000%, 10/01/2039			1,621		0.0
404,382	6.000%, 02/01/2040			478,014		0.0
17,419	6.000%, 04/01/2040			20,636		0.0
113,076	6.000%, 09/01/2040			127,328		0.0
177,639	6.000%, 10/01/2040			210,447		0.0
262,293	6.000%, 05/01/2041			310,116		0.0
3,939	6.500%, 04/01/2027			4,413		0.0
860	6.500%, 02/01/2028			963		0.0
17	6.500%, 06/01/2029			19		0.0
6,408	6.500%, 01/01/2032			7,200		0.0
7,363	6.500%, 04/01/2032			8,487		0.0
12,684	6.500%, 10/01/2032			14,210		0.0
9,056	6.500%, 10/01/2032			10,152		0.0
5,285	6.500%, 03/01/2038			6,379		0.0
636	7.000%, 08/01/2025			680		0.0
552	7.000%, 02/01/2026			554		0.0
5,529	7.000%, 03/01/2026			5,961		0.0
7,203	7.000%, 03/01/2026			7,303		0.0
1,672	7.000%, 03/01/2026			1,678		0.0
578	7.000%, 12/01/2027			586		0.0
244,038	7.000%, 03/01/2038			293,260		0.0
494,015	7.000%, 04/01/2038			609,523		0.0
9,483	7.500%, 09/01/2031			11,209		0.0
				204,952,480		6.1
	Total U.S. Government Agency Obligations (Cost $343,343,447)			361,097,184		10.7
ASSET-BACKED SECURITIES: 10.6%
	Automobile Asset-Backed Securities: 0.3%
1,800,000	Americredit Automobile Receivables Trust 2019-1 D, 3.620%, 03/18/2025			1,897,344		0.1
1,650,000	AmeriCredit Automobile Receivables Trust 2020-1 D, 1.800%, 12/18/2025			1,685,704		0.0

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Automobile Asset-Backed Securities (continued)
1,300,000	AmeriCredit Automobile Receivables Trust 2020-3 A3, 0.530%, 06/18/2025		$	1,304,686		0.0
955,133 (1)	OSCAR US Funding Trust VII LLC 2017-2A A4, 2.760%, 12/10/2024			964,854		0.0
700,000	Santander Drive Auto Receivables Trust 2019-3 C, 2.490%, 10/15/2025			708,090		0.0
1,900,000	Santander Drive Auto Receivables Trust 2019-3 D, 2.680%, 10/15/2025			1,947,922		0.1
2,650,000	Santander Drive Auto Receivables Trust 2020-1 B, 3.030%, 11/15/2024			2,701,917		0.1
				11,210,517		0.3
	Home Equity Asset-Backed Securities: 0.2%
1,282,475 (1)(3)	ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038			1,227,610		0.0
397,256	Home Equity Asset Trust 2005-2 M5, 1.187%, (US0001M + 1.095%), 07/25/2035			398,076		0.0
1,575,216	Morgan Stanley ABS Capital I, Inc. Trust 2005-NC2 M4, 1.007%, (US0001M + 0.915%), 03/25/2035			1,576,565		0.1
322,274	New Century Home Equity Loan Trust 2005-2 M3, 0.827%, (US0001M + 0.735%), 06/25/2035			322,330		0.0
50,613	Renaissance Home Equity Loan Trust 2003-2 A, 0.972%, (US0001M + 0.880%), 08/25/2033			49,975		0.0

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Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Home Equity Asset-Backed Securities (continued)
1,561,798 (3)	Renaissance Home Equity Loan Trust 2005-3 AF4, 5.140%, 11/25/2035		$	1,683,369		0.1
55,027	Securitized Asset Backed Receivables LLC Trust 2006-WM4 A2A, 0.172%, (US0001M + 0.080%), 11/25/2036			21,190		0.0
				5,279,115		0.2
	Other Asset-Backed Securities: 9.4%
2,000,000 (1)	AGL CLO 12 Ltd. 2021-12A C, 1.980%, (US0003M + 1.850%), 07/20/2034			2,000,066		0.1
8,750,000 (1)	Allegany Park CLO Ltd. 2019-1A A, 1.518%, (US0003M + 1.330%), 01/20/2033			8,764,315		0.3
2,444,683 (1)(3)(4)(6)(9)	American Homes 4 Rent 2015-SFR1 XS, 3.230%, 04/17/2052			—		—
650,000 (1)	AMMC CLO 16 Ltd. 2015-16A CR2, 2.136%, (US0003M + 1.950%), 04/14/2029			643,872		0.0
9,500,000 (1)	Apidos CLO XXXII 2019-32A A1, 1.508%, (US0003M + 1.320%), 01/20/2033			9,508,541		0.3
4,500,000 (1)	Apidos CLO XXXIII 2020-33A A, 1.876%, (US0003M + 1.700%), 07/24/2031			4,501,800		0.1
8,000,000 (1)	ARES XLVI CLO Ltd. 2017-46A A2, 1.414%, (US0003M + 1.230%), 01/15/2030			7,975,488		0.2
3,470,000 (1)	Babson CLO Ltd. 2017-1A A2, 1.540%, (US0003M + 1.350%), 07/18/2029			3,469,344		0.1
4,393,000 (1)	Babson CLO Ltd. 2018-3A A2, 1.488%, (US0003M + 1.300%), 07/20/2029			4,392,987		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
750,430 (3)	Bear Stearns Asset Backed Securities Trust 2006-SD4 1A1, 3.054%, 10/25/2036		$	750,668		0.0
3,200,000 (1)	Beechwood Park CLO Ltd. 2019-1A A1, 1.520%, (US0003M + 1.330%), 01/17/2033			3,206,608		0.1
2,250,000 (1)	Benefit Street Partners CLO IV Ltd. 2014-IVA BRRR, 2.338%, (US0003M + 2.150%), 01/20/2032			2,238,773		0.1
5,000,000 (1)	Benefit Street Partners CLO XIX Ltd. 2019-19A A, 1.534%, (US0003M + 1.350%), 01/15/2033			5,005,570		0.2
1,450,000 (1)	BlueMountain CLO Ltd. 2021-28A C, 2.163%, (US0003M + 2.000%), 04/15/2034			1,443,050		0.0
5,000,000 (1)	BlueMountain CLO XXXI Ltd. 2021-31A C, 2.146%, (US0003M + 2.000%), 04/19/2034			4,999,945		0.2
6,300,000 (1)	BlueMountain Fuji US Clo I Ltd. 2017-1A CR, 2.438%, (US0003M + 2.250%), 07/20/2029			6,284,174		0.2
2,350,000 (1)	Bojangles Issuer LLC 2020-3A A2, 3.832%, 10/20/2050			2,461,018		0.1
3,490,000 (1)	Broad River Bsl Funding Clo Ltd. 2020-1A AR, 1.248%, (US0003M + 1.170%), 07/20/2034			3,497,179		0.1
3,000,000 (1)	Broad River Bsl Funding Clo Ltd. 2020-1A CR, 2.078%, (US0003M + 2.000%), 07/20/2034			3,000,294		0.1

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PORTFOLIO OF INVESTMENTS

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as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
4,000,000 (1)	Carbone CLO Ltd. 2017-1A A1, 1.328%, (US0003M + 1.140%), 01/20/2031		$	4,001,428		0.1
5,500,000 (1)	Carlyle Global Market Strategies CLO 2016-1 Ltd. 2016-1A BR2, 2.210%, (US0003M + 2.050%), 04/20/2034			5,504,895		0.2
2,400,000 (1)	Carlyle Global Market Strategies CLO Ltd. 2014-1A A2R2, 1.320%, (US0003M + 1.130%), 04/17/2031			2,400,158		0.1
3,250,000 (1)	Cedar Funding IV CLO Ltd. 2014-4A CRR, 2.146%, (US0003M + 2.000%), 07/23/2034			3,250,000		0.1
48,015	Chase Funding Trust Series 2002-4 2A1, 0.832%, (US0001M + 0.740%), 10/25/2032			47,752		0.0
106,708	Chase Funding Trust Series 2003-5 2A2, 0.692%, (US0001M + 0.600%), 07/25/2033			103,372		0.0
3,000,000 (1)	CIFC Funding 2017-2A CR Ltd., 1.978%, (US0003M + 1.850%), 04/20/2030			3,000,078		0.1
4,000,000 (1)	CIFC Funding 2019-6A A1 Ltd., 1.514%, (US0003M + 1.330%), 01/16/2033			4,004,008		0.1
5,220,870	Credit-Based Asset Servicing & Securitization LLC 2006-CB8 A2C, 0.392%, (US0001M + 0.150%), 10/25/2036			4,820,218		0.1
933,375 (1)	DB Master Finance LLC 2019-1A A23, 4.352%, 05/20/2049			1,034,406		0.0
491,250 (1)	DB Master Finance LLC 2019-1A A2II, 4.021%, 05/20/2049			520,494		0.0

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
12,160,000 (1)	Dewolf Park Clo Ltd. 2017-1A A, 1.394%, (US0003M + 1.210%), 10/15/2030		$	12,159,976		0.4
1,400,000 (1)	Domino’s Pizza Master Issuer LLC 2021-1A A2II, 3.151%, 04/25/2051			1,471,957		0.0
1,368,500 (1)	Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049			1,479,480		0.0
1,200,000 (1)	Dryden 55 CLO Ltd. 2018-55A A1, 1.204%, (US0003M + 1.020%), 04/15/2031			1,198,859		0.0
7,460,000 (1)	Dryden XXVIII Senior Loan Fund 2013-28A A1LR, 1.356%, (US0003M + 1.200%), 08/15/2030			7,461,529		0.2
5,000,000 (1)	Dryden Senior Loan Fund 2017-47A CR, 2.196%, (US0003M + 2.050%), 04/15/2028			5,000,085		0.2
3,662,325 (1)	Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047			3,831,920		0.1
2,100,000 (1)	Gilbert Park CLO Ltd. 2017-1A A, 1.374%, (US0003M + 1.190%), 10/15/2030			2,100,021		0.1
113,507	GSAMP Trust 2007-FM1 A2A, 0.162%, (US0001M + 0.070%), 12/25/2036			69,857		0.0
1,510,363 (1)	HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040			1,591,459		0.0
2,000,000 (1)	Jay Park CLO Ltd. 2016-1A BR, 2.188%, (US0003M + 2.000%), 10/20/2027			1,997,504		0.1
4,300,000 (1)(8)	KKR CLO 21 A Ltd., 1.184%, (US0003M + 1.000%), 04/15/2031			4,287,435		0.1

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
10,000,000 (1)	LCM 26A A2 Ltd., 1.438%, (US0003M + 1.250%), 01/20/2031		$	9,999,970		0.3
2,450,000 (1)	LCM 30A CR Ltd., 2.146%, (US0003M + 2.000%), 04/20/2031			2,450,392		0.1
6,308,000 (1)	LCM XIV L.P. 14A AR, 1.228%, (US0003M + 1.040%), 07/20/2031			6,310,662		0.2
58,753	Long Beach Mortgage Loan Trust 2004-4 1A1, 0.652%, (US0001M + 0.560%), 10/25/2034			57,316		0.0
2,090,000 (1)	Madison Park Funding XLVIII Ltd. 2021-48A C, 2.142%, (US0003M + 2.000%), 04/19/2033			2,084,756		0.1
4,600,000 (1)	Magnetite CLO Ltd. 2020-26A A, 1.934%, (US0003M + 1.750%), 07/15/2030			4,603,151		0.1
1,750,000 (1)	Marlette Funding Trust 2019-2A C, 4.110%, 07/16/2029			1,790,132		0.1
1,902,988 (1)	Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043			2,054,824		0.1
1,115,287 (1)	Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/22/2044			1,188,450		0.0
2,266,846 (1)	Mosaic Solar Loans 2017-2A A LLC, 3.820%, 06/22/2043			2,411,816		0.1
2,000,000 (1)	Neuberger Berman Loan Advisers CLO 33 Ltd. 2019-33A C, 2.634%, (US0003M + 2.450%), 10/16/2032			2,002,418		0.1
3,700,000 (1)	Newark BSL CLO 2 Ltd. 2017-1A BR, 1.926%, (US0003M + 1.750%), 07/25/2030			3,686,628		0.1
1,500,000 (1)	Oak Hill Credit Partners 2021-8A C, 2.088%, (US0003M + 1.900%), 01/18/2034			1,497,597		0.0

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
9,880,000 (1)	Oaktree CLO 2020-1A AR Ltd., 1.495%, (US0003M + 1.150%), 07/15/2034		$	9,900,323		0.3
4,000,000 (1)	OCP CLO 2020-19 A A1 Ltd., 1.938%, (US0003M + 1.750%), 07/20/2031			4,001,452		0.1
5,050,000 (1)	OCP CLO 2021-21A C Ltd., 2.046%, (US0003M + 1.900%), 07/20/2034			5,050,975		0.2
3,950,000 (1)	Octagon Investment Partners 30 Ltd. 2017-1A BR, 2.138%, (US0003M + 1.950%), 03/17/2030			3,933,971		0.1
4,000,000 (1)	Octagon Investment Partners XV Ltd. 2013-1A A2R, 1.540%, (US0003M + 1.350%), 07/19/2030			3,997,456		0.1
4,250,000 (1)	Octagon Investment Partners XVII Ltd. 2013-1A A1R2, 1.176%, (US0003M + 1.000%), 01/25/2031			4,251,237		0.1
1,800,000 (1)	OHA Credit Funding 9 Ltd. 2021-9A C, 2.046%, (US0003M + 1.900%), 07/19/2035			1,801,798		0.1
8,000,000 (1)	OHA Loan Funding 2015-1A A1R2 Ltd., 1.496%, (US0003M + 1.340%), 11/15/2032			8,016,184		0.2
4,000,000 (1)	Palmer Square CLO 2013-2A BR3 Ltd., 2.005%, (US0003M + 1.850%), 10/17/2031			4,000,092		0.1
5,515,000 (1)	Palmer Square CLO 2015-2A A1R2 Ltd., 1.288%, (US0003M + 1.100%), 07/20/2030			5,509,055		0.2
7,000,000 (1)	Palmer Square CLO Ltd. 2021-2A C, 1.906%, (US0003M + 1.800%), 07/15/2034			7,007,021		0.2

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
536,607	Park Place Securities, Inc. Asset-Backed Pass-Through Ctfs Ser 2005-WHQ1 M4, 1.172%, (US0001M + 1.080%), 03/25/2035		$	538,019		0.0
763,794 (3)	Popular ABS Mortgage Pass-Through Trust 2005-D A5, 3.635%, 01/25/2036			772,275		0.0
2,450,000 (1)	Rockland Park CLO Ltd. 2021-1A C, 2.046%, (US0003M + 1.900%), 04/20/2034			2,450,858		0.1
158,893	Small Business Administration Participation Certificates 2007-20L 1, 5.290%, 12/01/2027			169,395		0.0
4,375,000 (1)	Sofi Consumer Loan Program 2018-1 C Trust, 3.970%, 02/25/2027			4,474,528		0.1
1,500,000 (1)	Sofi Consumer Loan Program 2018-2 C Trust, 4.250%, 04/26/2027			1,546,182		0.0
3,200,000 (1)	Sofi Consumer Loan Program 2018-3 C Trust, 4.670%, 08/25/2027			3,317,565		0.1
1,000,000 (1)	SoFi Consumer Loan Program 2019-2 D Trust, 4.200%, 04/25/2028			1,035,910		0.0
1,533,208 (1)	Sonic Capital LLC 2020-1A A2I, 3.845%, 01/20/2050			1,625,256		0.0
2,600,000 (1)	Sound Point CLO XXIX Ltd. 2021-1A C1, 2.440%, (US0003M + 2.300%), 04/25/2034			2,601,334		0.1
2,060,000 (1)	Sound Point CLO XXV Ltd. 2019-4A A1A, 1.584%, (US0003M + 1.400%), 01/15/2033			2,062,064		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
2,800,000 (1)	Sound Point CLO XXVI Ltd. 2021-1A C1R, 2.346%, (US0003M + 2.200%), 07/20/2034		$	2,800,000		0.1
1,887,586 (1)	Sunrun Athena Issuer 2018-1 A LLC, 5.310%, 04/30/2049			2,112,699		0.1
8,200,000 (1)	Symphony CLO XXV Ltd. 2021-25A C, 2.235%, (US0003M + 2.050%), 04/19/2034			8,201,525		0.2
1,755,000 (1)	Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048			1,986,197		0.1
900,000 (1)	TCW CLO 2018-1A A1B2 Ltd., 1.876%, (US0003M + 1.700%), 04/25/2031			900,376		0.0
6,000,000 (1)	TCW CLO 2020-1A CRR Ltd., 2.196%, (US0003M + 2.050%), 04/20/2034			6,002,382		0.2
5,500,000 (1)	TES LLC 2017-1A B, 7.740%, 10/20/2047			5,449,337		0.2
2,327,636 (1)	THL Credit Wind River 2013-2A AR CLO Ltd., 1.420%, (US0003M + 1.230%), 10/18/2030			2,328,062		0.1
9,500,000 (1)	THL Credit Wind River 2016-2A A1R CLO Ltd., 1.366%, (US0003M + 1.190%), 11/01/2031			9,499,972		0.3
7,000,000 (1)	THL Credit Wind River 2017-3A CR Clo Ltd., 2.646%, (US0003M + 2.500%), 04/15/2035			7,018,599		0.2
1,370,250 (1)	Triton Container Finance VIII LLC 2021-1A A, 1.860%, 03/20/2046			1,365,398		0.0
3,950,000 (1)	Wellman Park CLO Ltd. 2021-1A A, 1.246%, (US0003M + 1.100%), 07/15/2034			3,949,992		0.1
				315,296,184		9.4

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Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Student Loan Asset-Backed Securities: 0.7%
702,084 (1)	Commonbond Student Loan Trust 2017-BGS B, 3.260%, 09/25/2042		$	718,790		0.0
506,174 (1)	Commonbond Student Loan Trust 2018-AGS A1, 3.210%, 02/25/2044			525,871		0.0
909,542 (1)	Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045			933,187		0.0
187,527 (1)	Earnest Student Loan Program, LLC 2016-C B, 4.460%, 01/26/2037			187,527		0.0
750,000 (1)	Navient Private Education Loan Trust 2014-AA A3, 1.673%, (US0001M + 1.600%), 10/15/2031			763,389		0.0
2,000,000 (1)	Navient Private Education Refi Loan Trust 2018-A B, 3.680%, 02/18/2042			2,046,821		0.1
1,688,353 (1)	Navient Private Education Refi Loan Trust 2019-A A2A, 3.420%, 01/15/2043			1,731,753		0.1
1,550,000 (1)	SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045			1,499,727		0.0
1,500,000 (1)	SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041			1,559,267		0.0
2,500,000 (1)(3)	SoFi Professional Loan Program 2017-C B, 3.560%, 07/25/2040			2,587,912		0.1
2,100,000 (1)	SoFi Professional Loan Program 2017-F BFX LLC, 3.620%, 01/25/2041			2,192,795		0.1
2,200,000 (1)	Sofi Professional Loan Program 2018-A B LLC, 3.610%, 02/25/2042			2,297,528		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Student Loan Asset-Backed Securities (continued)
5,000,000 (1)	Sofi Professional Loan Program 2018-B BFX Trust, 3.830%, 08/25/2047		$	5,214,830		0.2
1,437,730 (1)	Sofi Professional Loan Program 2018-C A2FX Trust, 3.590%, 01/25/2048			1,483,879		0.0
1,000,000 (1)	Sofi Professional Loan Program 2018-D BFX Trust, 4.140%, 02/25/2048			1,045,544		0.0
				24,788,820		0.7
	Total Asset-Backed Securities (Cost $352,617,364)			356,574,636		10.6
COMMERCIAL MORTGAGE-BACKED SECURITIES: 5.7%
3,500,000 (1)	Alen 2021-ACEN E Mortgage Trust, 4.073%, (US0001M + 4.000%), 04/15/2034			3,543,479		0.1
12,632,937 (3)(4)	BANK 2019-BNK16 XA, 1.119%, 02/15/2052			753,441		0.0
2,600,000 (1)	BANK 2019-BNK18 D, 3.000%, 05/15/2062			2,444,234		0.1
50,886,942 (3)(4)	BANK 2019-BNK19 XA, 1.092%, 08/15/2061			3,399,426		0.1
22,800,000 (1)(3)(4)	BBCCRE Trust 2015-GTP XA, 0.749%, 08/10/2033			556,532		0.0
27,713,854 (3)(4)	Benchmark 2019-B12 XA Mortgage Trust, 1.202%, 08/15/2052			1,729,297		0.1
19,573,771 (3)(4)	Benchmark 2019-B9 XA Mortgage Trust, 1.208%, 03/15/2052			1,326,779		0.0
3,160,000 (1)	Benchmark 2020-B18 AGNE Mortgage Trust, 3.759%, 07/15/2053			3,242,909		0.1
2,258,000 (1)	Benchmark 2020-B18 AGNF Mortgage Trust, 4.139%, 07/15/2053			2,296,646		0.1

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Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
3,537,000 (1)(10)	BMD2 Re-Remic Trust 2019-FRR1 3AB, 0.000%, 05/25/2052		$	2,683,356		0.1
1,348,000 (1)(3)	BMD2 Re-Remic Trust 2019-FRR1 6B10, 2.525%, 05/25/2052			1,231,799		0.0
4,000,000 (1)	BX Commercial Mortgage Trust 2021-IRON E, 2.423%, (US0001M + 2.350%), 02/15/2038			4,027,910		0.1
2,280,000 (1)(3)	BX Trust 2019-OC11 E, 4.076%, 12/09/2041			2,387,941		0.1
5,500,000 (1)	BX Trust 2020-BXLP C, 1.900%, (US0001M + 1.800%), 06/15/2038			5,518,640		0.2
18,153,217 (3)(4)	CD 2016-CD1 Mortgage Trust XA, 1.527%, 08/10/2049			1,043,529		0.0
4,120,000 (1)(3)	Citigroup Commercial Mortgage Trust 2016-C2 E, 4.582%, 08/10/2049			3,207,606		0.1
35,134,456 (3)(4)	Citigroup Commercial Mortgage Trust 2017-P8 XA, 1.040%, 09/15/2050			1,638,632		0.0
51,766,301 (3)(4)	Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.693%, 06/10/2051			2,006,565		0.1
2,101,000 (1)(3)	Citigroup COmmercial Mortgage Trust 2018-C6 D, 5.235%, 11/10/2051			2,289,772		0.1
13,582,702 (3)(4)	COMM 2012-CR2 XA, 1.776%, 08/15/2045			131,591		0.0
24,279,125 (3)(4)	COMM 2012-CR3 XA, 1.997%, 10/15/2045			308,801		0.0
65,166,000 (1)(3)(4)	COMM 2012-CR4 XB, 0.769%, 10/15/2045			525,277		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
19,345,692 (3)(4)	COMM 2012-CR5 XA, 1.651%, 12/10/2045		$	312,667		0.0
25,371,134 (1)(3)(4)	COMM 2012-LC4 XA, 2.278%, 12/10/2044			227,597		0.0
1,910,000 (1)(3)	COMM 2013-CR10 E Mortgage Trust, 5.064%, 08/10/2046			1,885,176		0.1
910,000 (3)	COMM 2016-COR1 C, 4.510%, 10/10/2049			985,677		0.0
75,325,801 (3)(4)	COMM 2016-CR28 XA, 0.781%, 02/10/2049			1,901,193		0.1
3,906,000 (1)(3)	COMM 2020-CBM F Mortgage Trust, 3.754%, 02/10/2037			3,681,423		0.1
5,080,000 (3)	CSAIL 2018-CX11 A5 Commercial Mortgage Trust, 4.033%, 04/15/2051			5,743,929		0.2
5,800,000	CSAIL Commercial Mortgage Trust 2021-C20 A3, 2.805%, 03/15/2054			6,151,603		0.2
4,520,000 (1)	CSWF 2021-SOP2 D, 2.390%, (US0001M + 2.317%), 06/15/2034			4,518,642		0.1
4,831,698 (1)	DBUBS 2011-LC2A F Mortgage Trust, 3.742%, (US0001M + 3.650%), 07/10/2044			3,913,675		0.1
2,000,000 (1)	Extended Stay America Trust 2021-ESH E, 2.925%, (US0001M + 2.850%), 07/15/2038			2,014,993		0.1
2,650,000 (1)	Extended Stay America Trust 2021-ESH F, 3.775%, (US0001M + 3.700%), 07/15/2038			2,669,868		0.1
10,581,218	Freddie Mac Multifamily 2021-ML08-X-US Certificates Sustainability Bonds, 1.846%, 07/25/2037			2,017,218		0.1

See Accompanying Notes to Financial Statements

136

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
36,470,000 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K020 X3, 1.937%, 05/25/2040		$	582,765		0.0
42,327,934 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K023 X1, 1.336%, 08/25/2022			485,281		0.0
22,000,000 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K028 X3, 1.719%, 06/25/2041			651,035		0.0
27,650,000 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K029 X3, 1.647%, 05/25/2041			783,402		0.0
10,700,000 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K035 X3, 1.849%, 12/25/2041			397,120		0.0
1,500,000 (1)	FREMF 2019-KBF3 C Mortgage Trust, 4.836%, (US0001M + 4.750%), 01/25/2029			1,515,475		0.0
5,200,000 (1)(10)	FREMF 2019-KG01 C Mortgage Trust, 0.000%, 05/25/2029			3,154,053		0.1
66,383,943 (1)(4)	FREMF 2019-KG01 X2A Mortgage Trust, 0.100%, 04/25/2029			308,845		0.0
7,380,000 (1)(4)	FREMF 2019-KG01 X2B Mortgage Trust, 0.100%, 05/25/2029			43,672		0.0
507,135,064 (1)(4)	FREMF Mortgage Trust 2012-K17 X2A, 0.100%, 12/25/2044			57,509		0.0
1,000,000 (1)(3)	FRR Re-REMIC Trust 2018-C1 B725, 3.012%, 02/27/2050			1,006,052		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
3,000,000 (1)(3)(6)	FRR Re-REMIC Trust 2018-C1 C725, 0.353%, 02/27/2050		$	2,734,210		0.1
6,158,000 (1)(6)	GAM Re-REMIC Trust 2021-FRR1 1B, 4.270%, 07/28/2027			4,751,932		0.1
8,097,000 (1)(6)	GAM Re-REMIC Trust 2021-FRR1 2B, 4.320%, 12/29/2027			6,117,925		0.2
3,070,000 (1)	GS Mortgage Securities Trust 2013-GC16 G, 3.500%, 11/10/2046			1,690,224		0.1
29,062,975 (3)(4)	GS Mortgage Securities Trust 2013-GC16 XA, 1.193%, 11/10/2046			577,760		0.0
39,588,982 (3)(4)	GS Mortgage Securities Trust 2014-GC22 XA, 1.105%, 06/10/2047			823,095		0.0
6,930,000 (1)(3)	GS Mortgage Securities Trust 2019-GC40 DBD, 3.668%, 07/10/2052			7,069,174		0.2
5,310,000 (1)(3)	GS Mortgage Securities Trust 2019-GC40 DBE, 3.668%, 07/10/2052			5,309,442		0.2
105,489,400 (3)(4)	GS Mortgage Securities Trust 2019-GC42 XA, 0.934%, 09/01/2052			5,902,860		0.2
2,049,721 (3)(4)	JPMBB Commercial Mortgage Securities Trust 2015-C28 XA, 1.106%, 10/15/2048			57,913		0.0
100,000 (1)	JP Morgan Chase Commercial Mortgage Securities Corp. 2021-MHC E, 2.523%, (US0001M + 2.450%), 04/15/2038			100,498		0.0
18,909,375 (3)(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX XA, 1.543%, 06/15/2045			73,779		0.0

See Accompanying Notes to Financial Statements

137

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
42,820,734 (3)(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA, 0.810%, 12/15/2049		$	1,051,977		0.0
3,720,000 (1)(3)	JPMBB Commercial Mortgage Securities Trust 2013-C17 D, 5.048%, 01/15/2047			3,744,576		0.1
1,000,000 (1)	KNDL 2019-KNSQ F Mortgage Trust, 2.073%, (US0001M + 2.000%), 05/15/2036			967,971		0.0
982,390 (1)(3)(4)	LB-UBS Commercial Mortgage Trust 2006-C7 XCL, 0.629%, 11/15/2038			3,179		0.0
5,132,565 (1)(3)(4)	LB-UBS Commercial Mortgage Trust 2006-C7 XW, 0.629%, 11/15/2038			16,609		0.0
2,300,000 (1)	Life 2021-BMR F Mortgage Trust, 2.423%, (US0001M + 2.350%), 03/15/2038			2,312,947		0.1
4,447,000 (1)(3)	LSTAR Commercial Mortgage Trust 2015-3 E, 3.367%, 04/20/2048			4,238,361		0.1
3,151,000 (1)	MF1 Multifamily Housing Mortgage Loan Trust 2021-FL5 D, 2.625%, (US0001M + 2.500%), 07/15/2036			3,151,993		0.1
4,250,000 (1)	MHC Commercial Mortgage Trust 2021-MHC D, 1.674%, (US0001M + 1.601%), 04/15/2038			4,264,124		0.1
1,706,000 (1)(3)	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15 D, 5.063%, 04/15/2047			1,775,006		0.1
3,943,000	Morgan Stanley Capital I Trust 2019-H6 A4, 3.417%, 06/15/2052			4,360,079		0.1
1,900,000	Morgan Stanley Capital I, Inc. 2017-HR2 D, 2.730%, 12/15/2050			1,700,562		0.1

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
940,000 (1)	One Bryant Park Trust 2019-OBP A, 2.516%, 09/15/2054		$	975,797		0.0
2,820,000	UBS Commercial Mortgage Trust 2019-C17 A4, 2.921%, 10/15/2052			3,004,391		0.1
2,060,000 (1)(3)	UBS-Barclays Commercial Mortgage Trust 2012-C4 D, 4.616%, 12/10/2045			1,522,917		0.0
3,520,000 (1)(3)	UBS-Barclays Commercial Mortgage Trust 2012-C4 E, 4.616%, 12/10/2045			2,031,057		0.1
26,675,969 (3)(4)	Wells Fargo Commercial Mortgage Trust 2014-LC18 XA, 1.184%, 12/15/2047			762,055		0.0
25,106,147 (3)(4)	Wells Fargo Commercial Mortgage Trust 2021-C59 E, 1.689%, 04/15/2054			2,992,309		0.1
1,630,000 (1)(3)	WFRBS Commercial Mortgage Trust 2011-C5 E, 5.901%, 11/15/2044			1,610,932		0.0
6,583,000 (1)	WFRBS Commercial Mortgage Trust 2013-C12 E, 3.500%, 03/15/2048			5,799,867		0.2
33,942,943 (1)(3)(4)	WFRBS Commercial Mortgage Trust 2013-C12 XA, 1.257%, 03/15/2048			492,095		0.0
2,500,000 (3)	WFRBS Commercial Mortgage Trust 2014-C21 C, 4.234%, 08/15/2047			2,578,513		0.1
18,718,802 (1)(3)(4)	WFRBS Commercial Mortgage Trust 2012-C8 XA, 1.941%, 08/15/2045			191,697		0.0
9,020,000 (1)(3)	WFRBS Commercial Mortgage Trust 2013-C11 F, 4.383%, 03/15/2045			7,032,587		0.2

See Accompanying Notes to Financial Statements

138

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
8,510,000 (3)	WFRBS Commercial Mortgage Trust 2014-LC14 C, 4.344%, 03/15/2047		$	8,973,238		0.3
	Total Commercial Mortgage-Backed Securities (Cost $193,080,122)			192,066,683		5.7

Shares		Value		Percentage of Net Assets
MUTUAL FUNDS: 23.9%
	Affiliated Investment Companies: 23.9%
9,624,245	Voya Emerging Markets Corporate Debt Fund - Class P		99,995,907		3.0
14,633,086	Voya Emerging Markets Hard Currency Debt Fund - Class P		142,672,590		4.2
8,589,572	Voya Emerging Markets Local Currency Debt Fund - Class P		57,550,131		1.7
91,635	Voya Floating Rate Fund - Class P		831,132		0.0
16,743,162	Voya High Yield Bond Fund - Class P		135,787,040		4.0
15,714,422	Voya Investment Grade Credit Fund - Class P		178,515,839		5.3
19,456,424	Voya Securitized Credit Fund - Class P		191,062,084		5.7
	Total Mutual Funds (Cost $793,908,162)		806,414,723		23.9

		Value			Percentage of Net Assets

PURCHASED OPTIONS (11): 0.0%
	Total Purchased Options (Cost $1,254,101)			1,358,879		0.0
	Total Long-Term Investments (Cost $3,280,076,413)		$	3,379,694,027		100.2

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.1%
	Commercial Paper: 0.5%
5,000,000	Dominion Resources, Inc., 0.140%, 07/19/2021		$	4,999,622		0.2
4,000,000	Entergy Corp., 0.200%, 07/14/2021			3,999,689		0.1
6,200,000	Sherwin-Williams Co., 0.190%, 07/20/2021			6,199,370		0.2
	Total Commercial Paper (Cost $15,198,637)			15,198,681		0.5

	Repurchase Agreements: 0.3%
2,866,000 (12)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/21, 0.05%, due 07/01/21 (Repurchase Amount $2,866,004, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-9.000%, Market Value plus accrued interest $2,923,320, due 07/25/21-05/20/71)			2,866,000		0.1
1,289,945 (12)	JVB Financial Group LLC, Repurchase Agreement dated 06/30/21, 0.09%, due 07/01/21 (Repurchase Amount $1,289,948, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-7.000%, Market Value plus accrued interest $1,315,744, due 08/01/21-06/01/51)			1,289,945		0.0

See Accompanying Notes to Financial Statements

139

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,638,870 (12)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 06/30/21, 0.06%, due 07/01/21 (Repurchase Amount $1,638,873, collateralized by various U.S. Government Agency Obligations, 0.500%-7.500%, Market Value plus accrued interest $1,671,650, due 05/01/24-04/20/71)		$	1,638,870		0.0
2,866,000 (12)	Palafox Trading LLC, Repurchase Agreement dated 06/30/21, 0.09%, due 07/01/21 (Repurchase Amount $2,866,007, collateralized by various U.S. Government Securities, 1.125%, Market Value plus accrued interest $2,923,328, due 02/28/27)			2,866,000		0.1
2,757,885 (12)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/21, 0.05%, due 07/01/21 (Repurchase Amount $2,757,889, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.000%, Market Value plus accrued interest $2,813,043, due 08/01/21-04/15/62)			2,757,885		0.1
	Total Repurchase Agreements (Cost $11,418,700)			11,418,700		0.3

Shares		Value			Percentage of Net Assets
	Mutual Funds: 0.3%
9,613,000 (12)(13)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.030%		$	9,613,000		0.3
179,000 (12)(13)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.020%			179,000		0.0
358,000 (12)(13)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 0.030%			358,000		0.0
	Total Mutual Funds (Cost $10,150,000)			10,150,000		0.3
	Total Short-Term Investments (Cost $36,767,337)			36,767,381		1.1
	Total Investments in Securities (Cost $3,316,843,750)		$	3,416,461,408		101.3
	Liabilities in Excess of Other Assets			(45,428,884)		(1.3)
	Net Assets		$	3,371,032,524		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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

(2)

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

(3)

Variable rate security. Rate shown is the rate in effect as of June 30, 2021.

(4)

(5)

Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rates shown reflect the current and next coupon rate as of June 30, 2021.

(6)

Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2021.

(7)

(8)

Represents or includes a TBA transaction.

(9)

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

See Accompanying Notes to Financial Statements

140

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

	Investment Type Allocation as of June 30, 2021 (as a percentage of net assets)
	Corporate Bonds/Notes			27.1%
	Mutual Funds			23.9%
	Collateralized Mortgage Obligations			15.7%
	U.S. Government Agency Obligations			10.7%
	Asset-Backed Securities			10.6%
	U.S. Treasury Obligations			6.4%
	Commercial Mortgage-Backed Securities			5.7%
	Municipal Bonds			0.1%
	Purchased Options			0.0%^
	Liabilities in Excess of Other Assets*			(0.2)%
	Net Assets			100.0%
	^ Amount is less than 0.005%.
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

(10)

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

(11)

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

(12)

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

(13)

Rate shown is the 7-day yield as of June 30, 2021.

Reference Rate Abbreviations:

12MTA

12-month Treasury Average

COF 11

11th District Costs of Funds

H15T1Y

U.S. Treasury 1-Year Constant Maturity

PRIME

Federal Reserve Bank Prime Loan Rate

US0001M

1-month LIBOR

US0003M

3-month LIBOR

US0006M

6-month LIBOR

US0012M

12-month LIBOR

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2021
Asset Table
Investments, at fair value
Mutual Funds		$	806,414,723		$	—		$	—		$	806,414,723
Purchased Options			—			1,358,879			—			1,358,879
Corporate Bonds/Notes			—			914,620,699			—			914,620,699
Collateralized Mortgage Obligations			—			527,823,766			—			527,823,766
Municipal Bonds			—			2,163,434			—			2,163,434
Asset-Backed Securities			—			356,574,636			—			356,574,636
Commercial Mortgage-Backed Securities			—			192,066,683			—			192,066,683
U.S. Government Agency Obligations			—			361,097,184			—			361,097,184
U.S. Treasury Obligations			—			217,574,023			—			217,574,023
Short-Term Investments			10,150,000			26,617,381			—			36,767,381
Total Investments, at fair value		$	816,564,723		$	2,599,896,685		$	—		$	3,416,461,408
Other Financial Instruments+
Forward Foreign Currency Contracts			—			1,041,084			—			1,041,084
Futures			7,344,867			—			—			7,344,867
Total Assets		$	823,909,590		$	2,600,937,769		$	—		$	3,424,847,359
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(1,626,705)		$	—		$	(1,626,705)
Forward Foreign Currency Contracts			—			(340,811)			—			(340,811)
Futures			(3,827,691)			—			—			(3,827,691)
Written Options			—			(881,808)			—			(881,808)
Total Liabilities		$	(3,827,691)		$	(2,849,324)		$	—		$	(6,677,015)

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

See Accompanying Notes to Financial Statements

141

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Corporate Debt Fund – Class P		$	98,587,276		$	2,250,718		$	—		$	(842,087)		$	99,995,907		$	2,250,718		$	—		$	—
Voya Emerging Markets Hard Currency Debt Fund – Class P			143,867,617			3,633,596			—			(4,828,623)			142,672,590			3,633,596			—			—
Voya Emerging Markets Local Currency Debt Fund – Class P			60,168,510			918,694			—			(3,537,073)			57,550,131			918,694			—			—
Voya Floating Rate Fund – Class P			805,101			16,091			—			9,940			831,132			16,091			—			—
Voya High Yield Bond Fund – Class P			130,980,813			3,654,339			—			1,151,888			135,787,040			3,654,339			—			—
Voya Investment Grade Credit Fund – Class P			179,924,268			2,738,505			—			(4,146,934)			178,515,839			2,738,505			—			—
Voya Securitized Credit Fund – Class P			184,966,051			2,476,627			—			3,619,406			191,062,084			2,476,627			—			—
		$	799,299,636		$	15,688,570		$	—		$	(8,573,483)		$	806,414,723		$	15,688,570		$	—		$	—

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

At June 30, 2021, the following forward foreign currency contracts were outstanding for Voya Intermediate Bond Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD 6,106,218

MXN 122,418,537

Barclays Bank PLC

07/23/21

(18,700)

USD 2,566,107

CZK 53,820,783

BNP Paribas

08/06/21

64,102

USD 2,148,527

HUF 621,498,481

BNP Paribas

08/06/21

52,375

USD 2,874,101

COP 10,683,261,693

Citibank N.A.

07/23/21

30,419

USD 5,709,750

CNY 36,684,320

Citibank N.A.

08/06/21

51,205

USD 3,421

ILS 11,094

Citibank N.A.

08/06/21

USD 849,723

PEN 3,147,883

Credit Suisse International

07/23/21

30,607

USD 849,723

PEN 3,147,883

Credit Suisse International

07/23/21

30,607

USD 4,706,827

BRL 25,054,440

Goldman Sachs International

07/23/21

(318,974)

USD 3,173,067

MYR 13,034,344

Goldman Sachs International

08/06/21

38,341

USD 87,324

PHP 4,202,365

HSBC Bank USA N.A.

08/06/21

1,511

USD 1,287,641

TRY 11,065,391

HSBC Bank USA N.A.

08/06/21

40,228

USD 2,170,542

CLP 1,551,286,349

JPMorgan Chase Bank N.A.

07/23/21

59,302

USD 1,565,912

RON 6,364,323

JPMorgan Chase Bank N.A.

08/06/21

36,105

USD 4,592,486

ZAR 63,520,811

Morgan Stanley Capital Services LLC

08/06/21

164,134

USD 5,237,854

PLN 19,482,975

Morgan Stanley Capital Services LLC

08/06/21

127,394

USD 4,813,451

RUB 350,169,974

Standard Chartered Bank

08/06/21

53,387

USD 5,093,645

THB 158,691,497

Standard Chartered Bank

08/06/21

142,865

USD 5,692,904

IDR 81,522,390,850

Standard Chartered Bank

08/06/21

118,485

SGD 305,095

USD 230,024

Standard Chartered Bank

08/06/21

(3,137)

700,273

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

At June 30, 2021, the following futures contracts were outstanding for Voya Intermediate Bond Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury 10-Year Note		547		09/21/21		$	72,477,500		$	328,534
U.S. Treasury 2-Year Note		197		09/30/21			43,403,101			(76,525)
U.S. Treasury 5-Year Note		686		09/30/21			84,672,766			(229,764)
U.S. Treasury Long Bond		556		09/21/21			89,377,000			2,375,824
U.S. Treasury Ultra Long Bond		575		09/21/21			110,795,313			4,640,509
						$	400,725,680		$	7,038,578
Short Contracts:
U.S. Treasury Ultra 10-Year Note		(1,748)		09/21/21			(257,311,063)			(3,521,402)
						$	(257,311,063)		$	(3,521,402)

At June 30, 2021, 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 12	Buy		(5.000)	12/20/24	USD 81,704,670		$	(8,039,022)		$	(1,626,705)
							$	(8,039,022)		$	(1,626,705)

(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 June 30, 2021, the following OTC purchased foreign currency options were outstanding for Voya Intermediate Bond Portfolio:

Description

Counterparty

Expiration
Date

Exercise
Price

Notional
Amount

Cost

Fair
Value

Put AUD vs. Call USD

Standard Chartered Bank

09/17/21

0.733 USD

168,065,000

$1,254,101

$1,358,879

$1,254,101

$1,358,879

At June 30, 2021, the following OTC written foreign currency options were outstanding for Voya Intermediate Bond Portfolio:

Description	Counterparty	Expiration Date		Exercise Price	Notional Amount	Premiums Received			Fair Value
Put AUD vs. Call USD	Standard Chartered Bank		07/19/21	0.751 USD	96,037,000		$	667,841		$	(852,262)
							$	667,841		$	(852,262)

See Accompanying Notes to Financial Statements

143

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

At June 30, 2021, the following OTC written interest rate swaptions were outstanding for Voya Intermediate Bond Portfolio:

Description

Counterparty

Pay/
Receive
Exercise
Rate

Exercise
Rate

Floating Rate
Index

Expiration
Date

Notional
Amount

Premiums
Received

Fair
Value

Put on 10-Year Interest
Rate Swap(1)

Barclays Bank PLC

Receive

2.720%

3-month USD-LIBOR

09/24/21

USD 46,165,000

402,518

(29,546)

402,518

(29,546)

(1)

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

Currency Abbreviations

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

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

The fair value of derivative instruments as of June 30, 2021 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Investments in securities at value*		$	1,358,879
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts			1,041,084
Interest rate contracts	Variation margin receivable on futures contracts**			7,344,867
Total Asset Derivatives			$	9,744,830
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	340,811
Interest rate contracts	Variation margin payable on futures contracts**			3,827,691
Credit contracts	Variation margin payable on centrally cleared swaps**			1,626,705
Interest rate contracts	Written options, at fair value			29,546
Foreign exchange contracts	Written options, at fair value			852,262
Total Liability Derivatives			$	6,677,015

Includes purchased options.

The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and centrally cleared swaps and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

See Accompanying Notes to Financial Statements

144

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2021 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2021 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		$	(717,969)		$	—		$	—		$	(3,071,081)		$	—		$	(3,789,050)
Foreign exchange contracts			(2,527,718)			(2,482,429)			—			—			1,688,114			(3,322,033)
Interest rate contracts			—			—			(20,386,890)			(3,551,106)			2,636,890			(21,301,106)
Total		$	(3,245,687)		$	(2,482,429)		$	(20,386,890)		$	(6,622,187)		$	4,325,004		$	(28,412,189)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Credit contracts		$	(102,186)		$	—		$	—		$	(499,969)					$	(602,155)
Foreign exchange contracts			867,951			2,927,974			—			—			(724,576)			3,071,349
Interest rate contracts			—			—			5,028,577			—			372,972			5,401,549
Total		$	765,765		$	2,927,974		$	5,028,577		$	(499,969)		$	(351,604)		$	7,870,743

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 June 30, 2021:

	Barclays Bank PLC			BNP Paribas			Citibank N.A.			Credit Suisse International			Goldman Sachs International			HSBC Bank USA N.A.			JPMorgan Chase Bank N.A.			Morgan Stanley Capital Services LLC			Standard Chartered Bank			Totals
Assets:
Purchased options		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	1,358,879		$	1,358,879
Forward foreign currency contracts			—			116,477			81,641			61,214			38,341			41,739			95,407			291,528			314,737			1,041,084
Total Assets		$	—		$	116,477		$	81,641		$	61,214		$	38,341		$	41,739		$	95,407		$	291,528		$	1,673,616		$	2,399,963
Liabilities:
Forward foreign currency contracts		$	18,700		$	—		$	—		$	—		$	318,974		$	—		$	—		$	—		$	3,137		$	340,811
Written options			29,546			—			—			—			—			—			—			—			852,262			881,808
Total Liabilities		$	48,246		$	—		$	—		$	—		$	318,974		$	—		$	—		$	—		$	855,399		$	1,222,619
Net OTC derivative instruments by counterparty, at fair value		$	(48,246)		$	116,477		$	81,641		$	61,214		$	(280,633)		$	41,739		$	95,407		$	291,528		$	818,217			1,177,344
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	—		$	—		$	—		$	220,000		$	—		$	—		$	—		$	—		$	220,000
Net Exposure(1)(2)		$	(48,246)		$	116,477		$	81,641		$	61,214		$	(60,633)		$	41,739		$	95,407		$	291,528		$	818,217		$	1,397,344

(1)

(2)

At June 30, 2021, the Portfolio had pledged $100,000 in cash collateral to Standard Chartered Bank. Excess cash collateral is not shown for financial reporting purposes.

At June 30, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $3,308,854,063.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	143,292,786
Gross Unrealized Depreciation		(40,388,738)
Net Unrealized Appreciation	$	102,904,048

See Accompanying Notes to Financial Statements

145

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of June 30, 2021 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 99.6%
	Communication Services: 1.0%
232,391 (1)	Imax Corp.		$	4,996,406		1.0

	Consumer Discretionary: 15.5%
102,056 (1)	Academy Sports & Outdoors, Inc.			4,208,789		0.9
111,623 (1)	Bloomin Brands, Inc.			3,029,448		0.6
88,559 (1)	Boyd Gaming Corp.			5,445,493		1.1
26,980 (1)	Bright Horizons Family Solutions, Inc.			3,969,028		0.8
49,508 (1)	Capri Holdings Ltd.			2,831,362		0.6
18,438 (1)	CROCS, Inc.			2,148,396		0.4
158,905	Dana, Inc.			3,775,583		0.8
11,562 (1)	Deckers Outdoor Corp.			4,440,617		0.9
78,434 (1)	Golden Entertainment, Inc.			3,513,843		0.7
197,807 (1)	Goodyear Tire & Rubber Co.			3,392,390		0.7
47,719	Kontoor Brands, Inc.			2,691,829		0.6
60,641	La-Z-Boy, Inc.			2,246,143		0.5
27,980	LCI Industries			3,677,132		0.8
187,379 (1)	Leslie’s, Inc.			5,151,049		1.1
75,246 (1)(2)	Lindblad Expeditions Holdings, Inc.			1,204,688		0.3
16,012	Lithia Motors, Inc.			5,502,364		1.1
36,640 (1)	Malibu Boats, Inc.			2,686,811		0.6
28,371 (1)	Marriott Vacations Worldwide Corp.			4,519,500		0.9
248,946 (1)	Modine Manufacturing Co.			4,130,014		0.9
46,357 (1)	Six Flags Entertainment Corp.			2,006,331		0.4
59,055	Winnebago Industries			4,013,378		0.8
				74,584,188		15.5

	Consumer Staples: 1.7%
140,739 (1)	elf Beauty, Inc.			3,819,657		0.8
91,227 (1)	Performance Food Group Co.			4,423,597		0.9
				8,243,254		1.7

	Energy: 2.8%
176,965	APA Corp.			3,827,753		0.8
15,683	DHT Holdings, Inc.			101,783		0.0
77,679 (1)(2)	Dril-Quip, Inc.			2,627,880		0.6
291,116	Marathon Oil Corp.			3,965,000		0.8
44,939 (1)	Renewable Energy Group, Inc.			2,801,497		0.6
				13,323,913		2.8

	Financials: 17.4%
107,395	Atlantic Union Bankshares Corp.			3,889,847		0.8
80,251	BankUnited, Inc.			3,425,915		0.7
150,004	Cadence BanCorp			3,132,084		0.7

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
80,496	Columbia Banking System, Inc.		$	3,103,926		0.6
108,486	ConnectOne Bancorp, Inc.			2,839,079		0.6
52,502	Cowen, Inc.			2,155,207		0.5
208,742	Eastern Bankshares, Inc.			4,293,823		0.9
15,400	First Foundation, Inc.			346,654		0.1
128,078	First Horizon Corp.			2,213,188		0.5
97,538 (1)	Focus Financial Partners, Inc.			4,730,593		1.0
65,215 (1)	Green Dot Corp.			3,055,323		0.6
115,581	Home Bancshares, Inc./ Conway AR			2,852,539		0.6
102,992	New York Community Bancorp., Inc.			1,134,972		0.2
138,583	OFG Bancorp			3,065,456		0.6
47,789	Origin Bancorp, Inc.			2,029,121		0.4
94,522	Pacific Premier Bancorp, Inc.			3,997,335		0.8
19,875 (1)	Palomar Holdings, Inc.			1,499,768		0.3
42,370	Pinnacle Financial Partners, Inc.			3,740,847		0.8
66,021	PJT Partners, Inc.			4,712,579		1.0
27,582	Primerica, Inc.			4,223,908		0.9
80,494	PROG Holdings, Inc.			3,874,176		0.8
171,616	Provident Financial Services, Inc.			3,928,290		0.8
10,213	Signature Bank			2,508,823		0.5
44,725	South State Corp.			3,656,716		0.8
47,454	Stifel Financial Corp.			3,077,866		0.6
134,493 (1)	Trean Insurance Group, Inc.			2,028,154		0.4
47,859	Western Alliance Bancorp.			4,443,708		0.9
				83,959,897		17.4

	Health Care: 14.1%
34,426 (1)	Addus HomeCare Corp.			3,003,324		0.6
71,764 (1)	Akouos, Inc.			900,638		0.2
115,118 (1)	Amicus Therapeutics, Inc.			1,109,738		0.2
33,191 (1)	AMN Healthcare Services, Inc.			3,218,863		0.7
26,071 (1)	Arena Pharmaceuticals, Inc.			1,778,042		0.4
36,319 (1)	Arrowhead Pharmaceuticals, Inc.			3,007,940		0.6
28,021 (1)	Biohaven Pharmaceutical Holding Co. Ltd.			2,720,279		0.6
14,224 (1)	Blueprint Medicines Corp.			1,251,143		0.3
60,182	Encompass Health Corp.			4,696,001		1.0
49,156	Ensign Group, Inc.			4,260,351		0.9
119,914 (1)(2)	Epizyme, Inc.			996,485		0.2
30,159 (1)	Fate Therapeutics, Inc.			2,617,500		0.5
45,394 (1)	Haemonetics Corp.			3,025,056		0.6
59,093 (1)	Insmed, Inc.			1,681,787		0.3
52,495 (1)	Integer Holdings Corp.			4,945,029		1.0

See Accompanying Notes to Financial Statements

146

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of June 30, 2021 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
33,798 (1)	ModivCare, Inc.		$	5,748,026		1.2
33,519 (1)	Natera, Inc.			3,805,412		0.8
97,223 (1)(2)	Ontrak, Inc.			3,157,803		0.7
49,183 (1)	Progyny, Inc.			2,901,797		0.6
46,481 (1)	Rocket Pharmaceuticals, Inc.			2,058,644		0.4
107,874	Select Medical Holdings Corp.			4,558,755		0.9
139,187 (1)	Sotera Health Co.			3,372,501		0.7
37,558 (1)	Syneos Health, Inc.			3,361,065		0.7
				68,176,179		14.1

	Industrials: 15.9%
130,946 (1)	ACV Auctions, Inc.			3,356,146		0.7
129,354 (1)	Air Transport Services Group, Inc.			3,004,893		0.6
24,045	Alamo Group, Inc.			3,671,190		0.8
62,737	Altra Industrial Motion Corp.			4,079,160		0.8
31,939 (1)	ASGN, Inc.			3,095,847		0.6
33,816	Barrett Business Services, Inc.			2,455,380		0.5
88,149 (1)	Builders FirstSource, Inc.			3,760,436		0.8
52,483 (1)	Casella Waste Systems, Inc.			3,328,997		0.7
36,428	Curtiss-Wright Corp.			4,326,189		0.9
50,125	EMCOR Group, Inc.			6,174,899		1.3
36,062	EnerSys			3,524,339		0.7
71,338	Heidrick & Struggles International, Inc.			3,178,108		0.7
105,412	Hillenbrand, Inc.			4,646,561		1.0
39,919 (1)	Huron Consulting Group, Inc.			1,962,019		0.4
35,202	ICF International, Inc.			3,092,848		0.6
35,329	John Bean Technologies Corp.			5,038,622		1.0
23,853	Regal Beloit Corp.			3,184,614		0.7
75,774 (1)	Shoals Technologies Group, Inc.			2,689,977		0.6
16,216 (1)	Skywest, Inc.			698,423		0.1
38,764 (1)	SP Plus Corp.			1,185,791		0.2
96,662 (1)	Sun Country Airlines Holdings, Inc.			3,577,461		0.7
40,335	Werner Enterprises, Inc.			1,795,714		0.4
115,467 (1)	WillScot Mobile Mini Holdings Corp.			3,218,065		0.7
15,203	Woodward, Inc.			1,868,145		0.4
				76,913,824		15.9

	Information Technology: 16.8%
189,444	Absolute Software Corp.			2,743,149		0.6
117,777 (1)	ACI Worldwide, Inc.			4,374,238		0.9
161,583 (1)	Avaya Holdings Corp.			4,346,583		0.9
33,939	Badger Meter, Inc.			3,330,095		0.7
73,873 (1)	Box, Inc.			1,887,455		0.4

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
21,853	CMC Materials, Inc.		$	3,294,121		0.7
39,241 (1)	Commvault Systems, Inc.			3,067,469		0.6
24,282 (1)	Concentrix Corp.			3,904,546		0.8
269,184 (1)	Diebold Nixdorf, Inc.			3,456,323		0.7
65,471 (1)	Envestnet, Inc.			4,966,630		1.0
23,344 (1)	Euronet Worldwide, Inc.			3,159,610		0.7
92,554	EVERTEC, Inc.			4,039,982		0.8
306,676 (1)	Harmonic, Inc.			2,612,880		0.5
70,696 (1)	Intapp, Inc.			1,979,488		0.4
35,649 (1)	Itron, Inc.			3,564,187		0.7
24,599 (1)	j2 Global, Inc.			3,383,592		0.7
176,355 (1)	Knowles Corp.			3,481,248		0.7
49,334 (1)	Onto Innovation, Inc.			3,603,355		0.7
41,434 (1)	Q2 Holdings, Inc.			4,250,300		0.9
78,287 (1)(2)	SMART Global Holdings, Inc.			3,732,724		0.8
12,425 (1)(2)	SunPower Corp.			363,058		0.1
74,688 (1)	Ultra Clean Holdings, Inc.			4,012,239		0.8
233,115 (1)	Viavi Solutions, Inc.			4,116,811		0.9
251,394 (1)	Vonage Holdings Corp.			3,622,588		0.8
				81,292,671		16.8

	Materials: 6.4%
99,890	Avient Corp.			4,910,592		1.0
149,159 (1)(2)	Cleveland-Cliffs, Inc.			3,215,868		0.7
111,472	Commercial Metals Co.			3,424,420		0.7
165,365	Glatfelter Corp.			2,310,149		0.5
53,796 (1)	Ingevity Corp.			4,376,843		0.9
24,754	Minerals Technologies, Inc.			1,947,397		0.4
59,067	Sealed Air Corp.			3,499,720		0.7
44,386	Sensient Technologies Corp.			3,842,052		0.8
93,751 (1)	Summit Materials, Inc.			3,267,222		0.7
				30,794,263		6.4

	Real Estate: 6.4%
127,970	Acadia Realty Trust			2,810,221		0.6
131,102	American Assets Trust, Inc.			4,888,794		1.0
194,074 (1)	Chatham Lodging Trust			2,497,732		0.5
113,592	CubeSmart			5,261,582		1.1
217,663 (1)	Cushman & Wakefield PLC			3,802,573		0.8
128,516	Easterly Government Properties, Inc.			2,709,117		0.6
68,628 (1)	EPR Properties			3,615,323		0.7
30,780 (1)	Ryman Hospitality Properties			2,430,389		0.5
151,203 (1)	Xenia Hotels & Resorts, Inc.			2,832,032		0.6
				30,847,763		6.4

	Utilities: 1.6%
52,266	Black Hills Corp.			3,430,217		0.7
28,844	NorthWestern Corp.			1,736,986		0.4

See Accompanying Notes to Financial Statements

147

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of June 30, 2021 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Utilities (continued)
51,234	Portland General Electric Co.		$	2,360,863		0.5
				7,528,066		1.6

	Total Common Stock (Cost $417,701,663)			480,660,424		99.6

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.0%
	Repurchase Agreements: 0.8%
1,000,000 (3)	Citigroup, Inc., Repurchase Agreement dated 06/30/21, 0.06%, due 07/01/21 (Repurchase Amount $1,000,002, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,020,000, due 07/01/21-01/15/59)		1,000,000		0.2
1,000,000 (3)	Daiwa Capital Markets, Repurchase Agreement dated 06/30/21, 0.05%, due 07/01/21 (Repurchase Amount $1,000,001, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $1,020,000, due 11/30/21-07/01/51)		1,000,000		0.2
28,718 (3)	HSBC Securities USA, Repurchase Agreement dated 06/30/21, 0.04%, due 07/01/21 (Repurchase Amount $28,718, collateralized by various U.S. Government Securities, 0.000%-8.000%, Market Value plus accrued interest $29,292, due 11/15/21- 02/15/48)		28,718		0.0

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,000,000 (3)	MUFG Securities America Inc., Repurchase Agreement dated 06/30/21, 0.05%, due 07/01/21 (Repurchase Amount $1,000,001, collateralized by various U.S. Government Agency Obligations, 1.985%-4.000%, Market Value plus accrued interest $1,020,000, due 08/01/35-06/01/51)		$	1,000,000		0.2
1,000,000 (3)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/21, 0.05%, due 07/01/21 (Repurchase Amount $1,000,001, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.000%, Market Value plus accrued interest $1,020,000, due 08/01/21-04/15/62)			1,000,000		0.2
	Total Repurchase Agreements (Cost $4,028,718)			4,028,718		0.8

Shares		Value			Percentage of Net Assets
	Mutual Funds: 2.2%
10,392,000 (4)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.030% (Cost $10,392,000)			10,392,000		2.2
	Total Short-Term Investments (Cost $14,420,718)			14,420,718		3.0
	Total Investments in Securities (Cost $432,122,381)		$	495,081,142		102.6
	Liabilities in Excess of Other Assets			(12,367,209)		(2.6)
	Net Assets		$	482,713,933		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Non-income producing security.

(2)

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

(3)

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

(4)

Rate shown is the 7-day yield as of June 30, 2021.

See Accompanying Notes to Financial Statements

148

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of June 30, 2021 (Unaudited) (continued)

	Sector Diversification as of June 30, 2021 (as a percentage of net assets)
	Financials			17.4%
	Information Technology			16.8%
	Industrials			15.9%
	Consumer Discretionary			15.5%
	Health Care			14.1%
	Real Estate			6.4%
	Materials			6.4%
	Energy			2.8%
	Consumer Staples			1.7%
	Utilities			1.6%
	Communication Services			1.0%
	Assets in Excess of Other Liabilities*			0.4%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2021
Asset Table
Investments, at fair value
Common Stock*		$	480,660,424		$	—		$	—		$	480,660,424
Short-Term Investments			10,392,000			4,028,718			—			14,420,718
Total Investments, at fair value		$	491,052,424		$	4,028,718		$	—		$	495,081,142

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

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

At June 30, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $441,233,955.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	76,591,914
Gross Unrealized Depreciation		(22,744,687)
Net Unrealized Appreciation	$	53,847,227

See Accompanying Notes to Financial Statements

149

Schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

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

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

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.

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.

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

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