N-CSR 1 tv510818_ncsr.htm N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07651

Voya Variable Portfolios, Inc.

(Exact name of registrant as specified in charter)

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

The Corporation Trust Incorporated, 300 East Lombard Street, Baltimore, MD 21201

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-992-0180

Date of fiscal year end: December 31

Date of reporting period: December 31, 2018

Item 1. Reports to Stockholders.

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

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Annual Report

December 31, 2018

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

Voya Variable Product Funds

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Voya Balanced Portfolio

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Voya Global Equity Portfolio

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Voya Government Money Market Portfolio

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Voya Growth and Income Portfolio

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Voya Intermediate Bond Portfolio

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Voya Small Company Portfolio

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

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

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	President’s Letter					1
	Market Perspective					2
	Portfolio Managers’ Reports					4
	Shareholder Expense Examples					17
	Report of Independent Registered Public Accounting Firm					19
	Statements of Assets and Liabilities					20
	Statements of Operations					24
	Statements of Changes in Net Assets					26
	Financial Highlights					29
	Notes to Financial Statements					33
	Summary Portfolios of Investments (“Portfolio of Investments”)					52
	Tax Information					117
	Director/Trustee and Officer Information					118
	Advisory and Sub-Advisory Contract Approval Discussion					123

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

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

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PRESIDENT’S LETTER

Setting Sail for the New Year

Dear Shareholder,

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

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

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

Voya seeks to remain a reliable partner committed to reliable investing, helping you and your investment advisor achieve your goals. We appreciate your continued confidence in us, and we look forward to serving your investment needs in the future.

Sincerely,

Dina Santoro
President
Voya Family of Funds
December 31, 2018

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

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

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Market Perspective: Year Ended December 31, 2018

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

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

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

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

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

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

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

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

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

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

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

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

All indices are unmanaged and investors cannot invest directly in an index. Past performance does not guarantee future results. The performance quoted represents past performance.

Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Each Portfolio’s performance is subject to change since the period’s end and may be lower or higher than the performance data shown. Please call (800) 992-0180 or log on to www.voyainvestments.com to obtain performance data current to the most recent month end.

Market Perspective reflects the views of Voya Investment Management’s Chief Investment Risk Officer only through the end of the period, and is subject to change based on market and other conditions.

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Benchmark Descriptions

		Index				Description
		Bloomberg Barclays High Yield Bond — 2% Issuer Constrained Composite Index				An index that includes all fixed-income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity.
		Bloomberg Barclays U.S. Aggregate Bond Index				An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities.
		Bloomberg Barclays U.S. Corporate Investment Grade Bond Index				An index consisting of publicly issued, fixed rate, nonconvertible, investment grade debt securities.
		Bloomberg Barclays Short Treasury Index				The index measures the performance of U.S. Treasury securities that have a remaining maturity between one and twelve months.
		iMoneyNet Government Institutional Index				The average return for a category of money market funds that includes all government institutional funds: Treasury Institutional, Treasury and Repo Institutional and Government and Agencies Institutional.
		MSCI All Country World IndexSM				A free-float adjusted market capitalization index that is designed to measure equity performance in the global developed and emerging markets.
		MSCI Europe, Australasia and Far East® (“MSCI EAFE”) Index				An index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
		MSCI Europe ex UK® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.
		MSCI Japan® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.
		MSCI UK® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.
		MSCI World IndexSM				An index that measures the performance of over 1,600 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
		Russell 2000® Index				An index that measures the performance of securities of small U.S. companies.
		Russell 3000® Index				An index that measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.
		S&P 500® Index				An index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.
		S&P Target Risk® Growth Index				Seeks to measure the performance of an asset allocation strategy targeted to a growth focused risk profile.

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

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Voya Balanced Portfolio

Portfolio Managers’ Report

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Portfolio Managers’ Report

Voya Balanced Portfolio

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

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

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

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

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

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

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

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

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

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

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

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Voya Balanced Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: tv510824_chrt-balanced.jpg]

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

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

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

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

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

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

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

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

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

Portfolio holdings are subject to change daily.

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Portfolio Managers’ Report

Voya Global Equity Portfolio

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

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

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

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

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

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

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

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

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

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

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

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

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

***

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

****

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

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Voya Global Equity Portfolio

Portfolio Managers’ Report

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

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

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

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

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

Portfolio holdings are subject to change daily.

(1)

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

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

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Portfolio Managers’ Report

Voya Government Money Market Portfolio

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Voya Growth and Income Portfolio

Portfolio Managers’ Report

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

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

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

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

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

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


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

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

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

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

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Portfolio Managers’ Report

Voya Growth and Income Portfolio

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

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

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

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

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

Portfolio holdings are subject to change daily.

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Voya Intermediate Bond Portfolio

Portfolio Managers’ Report

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

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

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

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

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

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

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

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

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

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

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

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

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Portfolio Managers’ Report

Voya Intermediate Bond Portfolio

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

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

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

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

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Voya Intermediate Bond Portfolio

Portfolio Managers’ Report

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

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

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

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

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

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Small Company Portfolio

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

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

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

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

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

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

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

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

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

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Voya Small Company Portfolio

Portfolio Managers’ Report

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

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

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

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

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

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

Portfolio holdings are subject to change daily.

(1)

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

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

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

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

TABLE OF CONTENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinion on the Financial Statements

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

Basis for Opinion

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

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

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

Boston, Massachusetts
February 22, 2019

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2018

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2018

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2018

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2018

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

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

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Balanced Portfolio
Class I
12-31-18		16.69		0.34•		(1.37)		(1.03)		0.36		1.20		—		1.56		—		14.10		(6.83)		0.67		0.67		0.67		2.20		347,788		184
12-31-17		14.93		0.32•		1.85		2.17		0.41		—		—		0.41		—		16.69		14.73		0.67		0.65		0.65		2.01		425,002		174
12-31-16		14.10		0.30•		0.78		1.08		0.25		—		—		0.25		—		14.93		7.82		0.67		0.62		0.62		2.09		417,376		184
12-31-15		14.64		0.28•		(0.54)		(0.26)		0.28		—		—		0.28		—		14.10		(1.86)		0.67		0.62		0.62		1.90		438,912		193
12-31-14		14.01		0.31•		0.55		0.86		0.23		—		—		0.23		—		14.64		6.22		0.63		0.63		0.63		2.18		507,213		192
Class S
12-31-18		16.59		0.30•		(1.36)		(1.06)		0.31		1.20		—		1.51		—		14.02		(7.03)		0.92		0.92		0.92		1.94		2,693		184
12-31-17		14.85		0.28•		1.82		2.10		0.36		—		—		0.36		—		16.59		14.37		0.92		0.90		0.90		1.76		3,560		174
12-31-16		14.01		0.26•		0.79		1.05		0.21		—		—		0.21		—		14.85		7.62		0.92		0.87		0.87		1.84		3,738		184
12-31-15		14.55		0.24•		(0.54)		(0.30)		0.24		—		—		0.24		—		14.01		(2.14)		0.92		0.87		0.87		1.65		4,058		193
12-31-14		13.92		0.28•		0.55		0.83		0.20		—		—		0.20		—		14.55		5.99		0.88		0.88		0.88		1.94		4,797		192
Voya Global Equity Portfolio
Class ADV
12-31-18		11.02		0.23•		(1.21)		(0.98)		0.40		0.01		—		0.41		—		9.63		(9.26)(a)		1.12		1.11		1.11		2.12		15,225		147
12-31-17		9.12		0.14•		1.95		2.09		0.19		—		—		0.19		—		11.02		23.10		1.10		1.10		1.10		1.43		19,605		60
12-31-16		8.85		0.16•		0.31		0.47		0.20		—		—		0.20		—		9.12		5.53		1.10		1.10		1.10		1.87		19,883		101
12-31-15		9.11		0.21•		(0.47)		(0.26)		—		—		—		—		—		8.85		(2.85)(b)		1.11		1.11		1.11		2.26		23,880		83
12-31-14		8.94		0.19		0.22		0.41		0.24		—		—		0.24		—		9.11		4.65		1.12		1.12		1.12		2.03		1,279		88
Class I
12-31-18		11.13		0.29•		(1.22)		(0.93)		0.57		0.01		—		0.58		—		9.62		(8.85)(a)		0.62		0.61		0.61		2.63		132,480		147
12-31-17		9.21		0.20•		1.96		2.16		0.24		—		—		0.24		—		11.13		23.73		0.60		0.60		0.60		1.91		162,746		60
12-31-16		8.94		0.21•		0.31		0.52		0.25		—		—		0.25		—		9.21		6.00		0.60		0.60		0.60		2.36		150,824		101
03-05-15(5) - 12-31-15		9.63		0.22•		(0.85)		(0.63)		0.06		—		—		0.06		—		8.94		(6.64)(b)		0.61		0.61		0.61		2.78		165,749		83
Class S
12-31-18		11.12		0.26•		(1.23)		(0.97)		0.48		0.01		—		0.49		—		9.66		(9.11)(a)		0.87		0.86		0.86		2.37		375,359		147
12-31-17		9.20		0.17•		1.96		2.13		0.21		—		—		0.21		—		11.12		23.44		0.85		0.85		0.85		1.67		480,936		60
12-31-16		8.93		0.19•		0.31		0.50		0.23		—		—		0.23		—		9.20		5.76		0.85		0.85		0.85		2.11		485,551		101
12-31-15		9.20		0.22•		(0.44)		(0.22)		0.05		—		—		0.05		—		8.93		(2.47)(b)		0.86		0.86		0.86		2.38		558,519		83
12-31-14		9.03		0.21•		0.22		0.43		0.26		—		—		0.26		—		9.20		4.87		0.87		0.87		0.87		2.28		168,482		88
Class S2
12-31-18		10.95		0.23•		(1.20)		(0.97)		0.43		0.01		—		0.44		—		9.54		(9.27)(a)		1.02		1.01		1.01		2.17		273		147
12-31-17		9.07		0.15•		1.94		2.09		0.21		—		—		0.21		—		10.95		23.29		1.00		1.00		1.00		1.46		422		60
12-31-16		8.80		0.18		0.30		0.48		0.21		—		—		0.21		—		9.07		5.64		1.03		1.00		1.00		1.98		278		101
03-05-15(5) - 12-31-15		9.52		0.14•		(0.80)		(0.66)		0.06		—		—		0.06		—		8.80		(7.04)(b)		1.11		1.01		1.01		1.86		288		83

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Global Equity Portfolio (continued)
Class T
12-31-18		10.96		0.22•		(1.21)		(0.99)		0.37		0.01		—		0.38		—		9.59		(9.41)(a)		1.37		1.21		1.21		2.03		31,833		147
12-31-17		9.07		0.13•		1.93		2.06		0.17		—		—		0.17		—		10.96		22.95		1.35		1.20		1.20		1.30		39,544		60
12-31-16		8.80		0.16•		0.30		0.46		0.19		—		—		0.19		—		9.07		5.41		1.35		1.20		1.20		1.79		41,291		101
03-05-15(5) - 12-31-15		9.52		0.17•		(0.83)		(0.66)		0.06		—		—		0.06		—		8.80		(7.04)(b)		1.36		1.21		1.21		2.21		53,997		83
Voya Government Money Market Portfolio
Class I
12-31-18		1.00		0.02		0.00*		0.02		0.02		0.00*		—		0.02		—		1.00		1.56		0.39		0.34		0.34		1.54		463,191		—
12-31-17		1.00		0.01		0.00*		0.01		0.01		0.00*		—		0.01		—		1.00		0.61		0.39		0.34		0.34		0.58		438,591		—
12-31-16		1.00		0.00*		0.00*		0.00*		0.00*		0.00*		—		0.00*		—		1.00		0.18		0.39		0.34		0.34		0.08		504,575		—
12-31-15		1.00		0.00*		0.00*		0.00*		0.00*		0.00*		—		0.00*		—		1.00		0.01		0.38		0.22		0.22		0.00*		541,132		—
12-31-14		1.00		—		0.00*		0.00		—		0.00*		—		0.00*		—		1.00		0.02		0.34		0.19		0.19		0.00		616,745		—
Voya Growth and Income Portfolio
Class ADV
12-31-18		28.94		0.37•		(1.75)		(1.38)		0.39		2.75		—		3.14		—		24.42		(4.88)		1.13		1.03		1.03		1.29		824,943		84
12-31-17		27.51		0.36•		5.06		5.42		0.41		3.58		—		3.99		—		28.94		19.79		1.13		1.03		1.03		1.21		1,010,017		80
12-31-16		27.81		0.40•		2.10		2.50		0.43		2.37		—		2.80		—		27.51		9.25		1.13		1.03		1.03		1.44		1,064,550		98
12-31-15		30.28		0.44•		(0.96)		(0.52)		0.47		1.48		—		1.95		—		27.81		(1.82)		1.13		1.03		1.03		1.46		1,145,072		53
12-31-14		31.36		0.49•		2.77		3.26		0.52		3.82		—		4.34		—		30.28		10.19		1.08		1.03		1.03		1.49		1,348,687		87
Class I
12-31-18		29.37		0.51•		(1.79)		(1.28)		0.53		2.75		—		3.28		—		24.81		(4.46)		0.63		0.58		0.58		1.74		1,602,432		84
12-31-17		27.87		0.51•		5.13		5.64		0.56		3.58		—		4.14		—		29.37		20.34		0.63		0.58		0.58		1.66		1,906,723		80
12-31-16		28.13		0.54•		2.14		2.68		0.57		2.37		—		2.94		—		27.87		9.77		0.63		0.58		0.58		1.89		1,778,873		98
12-31-15		30.63		0.59•		(0.99)		(0.40)		0.62		1.48		—		2.10		—		28.13		(1.42)		0.63		0.58		0.58		1.91		1,872,684		53
12-31-14		31.67		0.64•		2.82		3.46		0.68		3.82		—		4.50		—		30.63		10.72		0.58		0.58		0.58		1.94		2,140,398		87
Class S
12-31-18		28.97		0.43•		(1.76)		(1.33)		0.45		2.75		—		3.20		—		24.44		(4.69)		0.88		0.83		0.83		1.49		451,557		84
12-31-17		27.53		0.42•		5.07		5.49		0.47		3.58		—		4.05		—		28.97		20.06		0.88		0.83		0.83		1.41		556,169		80
12-31-16		27.83		0.46•		2.10		2.56		0.49		2.37		—		2.86		—		27.53		9.45		0.88		0.83		0.83		1.64		607,941		98
12-31-15		30.31		0.51•		(0.97)		(0.46)		0.54		1.48		—		2.02		—		27.83		(1.64)		0.88		0.83		0.83		1.66		662,075		53
12-31-14		31.38		0.56•		2.78		3.34		0.59		3.82		—		4.41		—		30.31		10.44		0.83		0.83		0.83		1.70		794,327		87
Class S2
12-31-18		28.65		0.38•		(1.73)		(1.35)		0.42		2.75		—		3.17		—		24.13		(4.82)		1.03		0.98		0.98		1.34		407		84
12-31-17		27.27		0.38•		5.01		5.39		0.43		3.58		—		4.01		—		28.65		19.89		1.03		0.98		0.98		1.27		412		80
12-31-16		27.60		0.42		2.08		2.50		0.46		2.37		—		2.83		—		27.27		9.30		1.06		0.98		0.98		1.50		370		98
12-31-15		30.11		0.47•		(0.97)		(0.50)		0.53		1.48		—		2.01		—		27.60		(1.78)		1.13		0.98		0.98		1.56		346		53
12-31-14		31.05		0.54•		2.70		3.24		0.36		3.82		—		4.18		—		30.11		10.24		1.08		0.98		0.98		1.68		314		87

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Intermediate Bond Portfolio
Class ADV
12-31-18		12.73		0.36		(0.50)		(0.14)		0.39		—		—		0.39		—		12.20		(1.08)		1.03		1.03		1.03		2.95		265,204		193
12-31-17		12.53		0.34		0.22		0.56		0.36		—		—		0.36		—		12.73		4.53		1.03		1.02		1.02		2.67		311,323		300
12-31-16		12.40		0.33		0.16		0.49		0.36		—		—		0.36		—		12.53		3.92		1.03		0.98		0.98		2.58		311,448		296
12-31-15		12.81		0.34•		(0.34)		0.00*		0.41		—		—		0.41		—		12.40		(0.02)		1.03		0.98		0.98		2.62		319,732		346
12-31-14		12.42		0.38•		0.39		0.77		0.38		—		—		0.38		—		12.81		6.21		0.97		0.97		0.97		2.97		191,895		428
Class I
12-31-18		12.86		0.43		(0.50)		(0.07)		0.46		—		—		0.46		—		12.33		(0.54)		0.53		0.53		0.53		3.45		986,608		193
12-31-17		12.66		0.41		0.22		0.63		0.43		—		—		0.43		—		12.86		5.04		0.53		0.52		0.52		3.17		1,117,794		300
12-31-16		12.52		0.40•		0.14		0.54		0.40		—		—		0.40		—		12.66		4.33		0.53		0.48		0.48		3.08		1,174,851		296
12-31-15		12.90		0.41•		(0.33)		0.08		0.46		—		—		0.46		—		12.52		0.60		0.53		0.48		0.48		3.14		1,248,125		346
12-31-14		12.50		0.44		0.39		0.83		0.43		—		—		0.43		—		12.90		6.67		0.47		0.47		0.47		3.46		958,412		428
Class S
12-31-18		12.78		0.40		(0.51)		(0.11)		0.42		—		—		0.42		—		12.25		(0.82)		0.78		0.78		0.78		3.20		2,255,122		193
12-31-17		12.58		0.37		0.23		0.60		0.40		—		—		0.40		—		12.78		4.79		0.78		0.77		0.77		2.92		2,587,503		300
12-31-16		12.44		0.36•		0.16		0.52		0.38		—		—		0.38		—		12.58		4.16		0.78		0.73		0.73		2.83		2,887,280		296
12-31-15		12.83		0.37•		(0.34)		0.03		0.42		—		—		0.42		—		12.44		0.26		0.78		0.73		0.73		2.90		3,169,894		346
12-31-14		12.43		0.42•		0.38		0.80		0.40		—		—		0.40		—		12.83		6.48		0.72		0.72		0.72		3.21		3,477,973		428
Class S2
12-31-18		12.73		0.38		(0.51)		(0.13)		0.40		—		—		0.40		—		12.20		(0.98)		0.93		0.93		0.93		3.05		22,040		193
12-31-17		12.53		0.35		0.22		0.57		0.37		—		—		0.37		—		12.73		4.63		0.93		0.92		0.92		2.77		25,649		300
12-31-16		12.40		0.34•		0.16		0.50		0.37		—		—		0.37		—		12.53		3.99		0.96		0.88		0.88		2.68		24,796		296
12-31-15		12.79		0.35•		(0.33)		0.02		0.41		—		—		0.41		—		12.40		0.17		1.03		0.88		0.88		2.75		29,217		346
12-31-14		12.43		0.37•		0.40		0.77		0.41		—		—		0.41		—		12.79		6.17		0.97		0.87		0.87		2.87		5,281		428
Voya Small Company Portfolio
Class ADV
12-31-18		20.95		(0.04)		(2.76)		(2.80)		0.02		3.27		—		3.29		—		14.86		(16.22)		1.39		1.39		1.39		(0.18)		6,342		96
12-31-17		21.20		(0.01)		2.12		2.11		—		2.36		—		2.36		—		20.95		10.69		1.38		1.37		1.37		(0.01)		7,817		74
12-31-16		18.99		(0.02)		4.13		4.11		—		1.90		—		1.90		—		21.20		23.84		1.38		1.33		1.33		(0.09)		6,463		71
12-31-15		22.49		(0.03)		(0.11)		(0.14)		—		3.36		—		3.36		—		18.99		(1.26)		1.39		1.34		1.34		(0.07)		5,615		45
12-31-14		23.94		(0.03)		1.26		1.23		—		2.68		—		2.68		—		22.49		6.00		1.34		1.34		1.34		(0.18)		5,861		30
Class I
12-31-18		22.01		0.06•		(2.94)		(2.88)		0.11		3.27		—		3.38		—		15.75		(15.84)		0.89		0.89		0.89		0.31		435,019		96
12-31-17		22.12		0.10		2.23		2.33		0.08		2.36		—		2.44		—		22.01		11.29		0.88		0.87		0.87		0.49		607,230		74
12-31-16		19.73		0.09		4.29		4.38		0.09		1.90		—		1.99		—		22.12		24.49		0.88		0.83		0.83		0.41		545,125		71
12-31-15		23.25		0.09		(0.13)		(0.04)		0.12		3.36		—		3.48		—		19.73		(0.79)		0.89		0.84		0.84		0.43		487,778		45
12-31-14		24.63		0.08		1.31		1.39		0.09		2.68		—		2.77		—		23.25		6.54		0.84		0.84		0.84		0.33		520,298		30

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Small Company Portfolio (continued)
Class R6
12-31-18		22.01		0.06		(2.94)		(2.88)		0.11		3.27		—		3.38		—		15.75		(15.85)		0.89		0.89		0.89		0.33		6,115		96
12-31-17		22.13		0.11•		2.21		2.32		0.08		2.36		—		2.44		—		22.01		11.23		0.88		0.87		0.87		0.53		6,274		74
12-31-16		19.74		0.10•		4.28		4.38		0.09		1.90		—		1.99		—		22.13		24.49		0.88		0.83		0.83		0.50		2,694		71
11-24-15(5) - 12-31-15		20.56		0.02•		(0.84)		(0.82)		—		—		—		—		—		19.74		(3.99)		0.89		0.84		0.84		0.99		3		45
Class S
12-31-18		21.46		0.02		(2.86)		(2.84)		0.05		3.27		—		3.32		—		15.30		(16.05)		1.14		1.14		1.14		0.06		80,225		96
12-31-17		21.63		0.05•		2.17		2.22		0.03		2.36		—		2.39		—		21.46		11.00		1.13		1.12		1.12		0.22		111,723		74
12-31-16		19.33		0.03		4.21		4.24		0.04		1.90		—		1.94		—		21.63		24.16		1.13		1.08		1.08		0.16		136,845		71
12-31-15		22.84		0.03		(0.12)		(0.09)		0.06		3.36		—		3.42		—		19.33		(1.02)		1.14		1.09		1.09		0.18		110,685		45
12-31-14		24.24		0.02		1.28		1.30		0.02		2.68		—		2.70		—		22.84		6.26		1.09		1.09		1.09		0.08		115,635		30

(1)

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

(2)

Annualized for periods less than one year.

(3)

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

(4)

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

(5)

Commencement of operations.

(a)

Excluding amounts related to a transition cost reimbursement recorded in the year ended December 31, 2018, Voya Global Equity Portfolio’s total return would have been (9.37)%, (8.96)%, (9.22)%, (9.38)% and (9.52)% for Classes ADV, I, S, S2 and T, respectively.

(b)

Excluding amounts related to a foreign currency settlement recorded in the fiscal year ended December 31, 2015, Voya Global Equity Portfolio’s total return would have been (2.96)%, (6.85)%, (2.69)%, (7.14)% and (7.25)% for Classes ADV, I, S, S2 and T, respectively.

•

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2018

NOTE 1 — ORGANIZATION

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

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

The classes of shares included in this report are: Adviser (“Class ADV”), Class I, Class R6, Class S, Service 2 (“Class S2”) and Class T; however, each Portfolio may not offer all share classes. With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each

class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if applicable.

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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

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

TABLE OF CONTENTS

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

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

TABLE OF CONTENTS

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

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

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

(1)

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

(2)

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

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

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

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

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

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

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

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

Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Repurchase agreements are entered into by the Portfolios under Master Repurchase Agreements (“MRA”) which

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

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

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

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

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

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

N. Mortgage Dollar Roll Transactions. Each Portfolio, except Small Company, may engage in dollar roll transactions with respect to mortgage-backed securities issued by Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corp. In a dollar roll transaction, a Portfolio sells a mortgage-backed security to a financial institution, such as a bank or broker/dealer, and simultaneously agrees to repurchase a substantially similar (i.e., same type, coupon, and maturity) security from the institution on a delayed delivery basis at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different prepayment histories. The Portfolios account for dollar roll

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

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

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

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

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

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

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

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

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

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

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

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

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

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

For the year ended December 31, 2018, Balanced and Intermediate Bond had entered into interest rate swaps in which they pay a floating interest rate and receive a fixed interest rate (“Long interest rate swap”) in order to increase exposure to interest rate risk. Average notional amounts on Long interest rate swaps were $5,740,000 and $457,818,000, respectively.

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

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

At December 31, 2018, Balanced and Intermediate Bond had pledged $442,000 and $11,516,000, respectively, in cash collateral for open centrally cleared swaps.

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

NOTE 3 — INVESTMENT TRANSACTIONS

For the year ended December 31, 2018, the cost of purchases and the proceeds from the sales of securities, excluding short-term and U.S. government securities, were as follows:

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

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

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

NOTE 4 — INVESTMENT MANAGEMENT FEES

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

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

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

(1)

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

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

NOTE 5 — DISTRIBUTION AND SERVICE FEES

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

Under the Plans for Class ADV and Class S2 shares of the respective Portfolios, the Distributor is paid an annual shareholder service fee at the rate of 0.25% of each Portfolio’s average daily net assets attributable to its Class ADV and Class S2 shares. The Distributor is paid an annual distribution fee at the rate of 0.25% of the Portfolio’s average daily net assets attributable to its

TABLE OF CONTENTS

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

NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)

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

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

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

Class T shares of Global Equity are subject to a shareholder servicing plan (“Service Plan”). The Service Plan allows the Distributor to enter into shareholder servicing agreements with insurance companies, broker dealers or other financial intermediaries that provide administrative services related to Class T and their shareholders including Variable Contract owners or Qualified Plan participants with interests in Global Equity. Under the Service Plan, the Portfolio makes payments to the Distributor which shall not exceed an annual rate of 0.25% of the Portfolio’s average daily net assets attributable to its Class T shares.

The Distributor and the Investment Adviser have contractually agreed to waive a portion of their distribution and/or shareholder servicing fees and management fees, as applicable, and to reimburse certain expenses to the extent necessary to assist Government Money Market in maintaining a yield of not less than zero. There is no guarantee that the Portfolio will maintain such a yield. Management fees waived or expenses reimbursed are

subject to possible recoupment by the Investment Adviser, as applicable, within three years subject to certain restrictions. For the year ended December 31, 2018, there were no waivers for the Portfolio to maintain a yield of not less than zero. Termination or modification of this obligation requires approval by the Board. Please note that these waivers or reimbursements are in addition to existing contractual expense limitations, if any.

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

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

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

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

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

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

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

TABLE OF CONTENTS

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

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

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

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

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

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

NOTE 7 — OTHER ACCRUED EXPENSES AND LIABILITIES

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

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

NOTE 8 — LICENSING FEE

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

NOTE 9 — EXPENSE LIMITATION AGREEMENTS

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

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

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

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

(1)

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

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

As of December 31, 2018, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Advise, and the related expiration dates are as below:

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

TABLE OF CONTENTS

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

NOTE 9 — EXPENSE LIMITATION AGREEMENTS (continued)

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

NOTE 10 — LINE OF CREDIT

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

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

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

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

NOTE 11 — PURCHASED AND WRITTEN OPTIONS

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

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

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

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

NOTE 12 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Balanced
Class I
12/31/2018		1,258,334		—		2,512,799		(4,573,811)		(802,678)		19,084,047		—		38,219,666		(71,034,966)		(13,731,253)
12/31/2017		353,588		—		703,828		(3,536,426)		(2,479,010)		5,551,153		—		10,867,103		(55,854,629)		(39,436,373)
Class S
12/31/2018		1,699		—		19,105		(43,317)		(22,513)		26,386		—		289,441		(684,572)		(368,745)
12/31/2017		37,660		—		5,694		(80,542)		(37,188)		592,920		—		87,514		(1,272,469)		(592,035)
Global Equity
Class ADV
12/31/2018		44,554		—		62,851		(304,817)		(197,412)		470,027		—		678,675		(3,279,330)		(2,130,628)
12/31/2017		29,397		—		37,245		(468,169)		(401,527)		297,921		—		370,586		(4,706,714)		(4,038,207)
Class I
12/31/2018		261,347		—		739,818		(1,855,080)		(853,915)		2,781,443		—		7,921,491		(20,247,607)		(9,544,673)
12/31/2017		357,173		—		359,549		(2,472,669)		(1,755,947)		3,746,460		—		3,602,681		(25,164,373)		(17,815,232)
Class S
12/31/2018		299,721		—		1,811,246		(6,528,913)		(4,417,946)		3,059,321		—		19,537,870		(71,301,380)		(48,704,189)
12/31/2017		199,757		—		1,025,192		(10,754,683)		(9,529,734)		2,061,825		—		10,272,423		(109,818,624)		(97,484,376)
Class S2
12/31/2018		3,763		—		1,225		(14,948)		(9,960)		40,377		—		13,091		(161,475)		(108,007)

TABLE OF CONTENTS

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

NOTE 12 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Global Equity (continued)
12/31/2017		13,872		—		820		(6,846)		7,846		138,857		—		8,101		(71,875)		75,083
Class T
12/31/2018		175,082		—		118,192		(583,205)		(289,931)		1,906,440		—		1,273,805		(6,278,731)		(3,098,486)
12/31/2017		574,000		—		72,785		(1,593,219)		(946,434)		5,787,979		—		720,568		(16,396,513)		(9,887,966)
Government Money Market
Class I
12/31/2018		115,686,913		—		6,729,717		(97,825,734)		24,590,896		115,686,913		—		6,729,717		(97,825,734)		24,590,896
12/31/2017		62,019,236		—		2,783,547		(130,786,097)		(65,983,314)		62,019,235		—		2,783,547		(130,786,097)		(65,983,315)
Class S
12/31/2018		577,341		—		322		(621,733)		(44,070)		577,341		—		322		(621,733)		(44,070)
12/31/2017		2,779		—		217		(41,333)		(38,337)		2,779		—		217		(41,333)		(38,337)
Growth and Income
Class ADV
12/31/2018		205,452		—		3,921,351		(5,245,549)		(1,118,746)		5,773,044		—		99,614,503		(151,632,769)		(46,245,222)
12/31/2017		481,140		—		4,332,463		(8,613,013)		(3,799,410)		14,112,733		—		126,119,965		(259,034,403)		(118,801,705)
Class I
12/31/2018		203,896		—		7,653,598		(8,192,407)		(334,913)		5,912,887		—		197,042,198		(239,964,004)		(37,008,919)
12/31/2017		228,779		—		8,130,779		(7,269,067)		1,090,491		6,919,575		—		240,153,222		(221,389,322)		25,683,475
Class S
12/31/2018		97,255		—		2,190,453		(3,009,357)		(721,649)		2,797,176		—		55,646,599		(86,761,980)		(28,318,205)
12/31/2017		122,006		—		2,424,491		(5,427,934)		(2,881,437)		3,672,422		—		70,631,484		(162,795,310)		(88,491,404)
Class S2
12/31/2018		678		—		1,932		(137)		2,473		19,455		—		48,307		(3,876)		63,886
12/31/2017		1,188		—		1,791		(2,165)		814		35,185		—		51,608		(64,424)		22,369
Intermediate Bond
Class ADV
12/31/2018		672,787		—		741,533		(4,143,671)		(2,729,351)		8,401,669		—		9,119,082		(50,913,601)		(33,392,850)
12/31/2017		1,674,254		—		702,761		(2,769,383)		(392,368)		21,223,587		—		8,924,427		(35,130,726)		(4,982,712)
Class I
12/31/2018		3,851,385		—		3,054,743		(13,813,548)		(6,907,420)		48,108,912		—		37,972,205		(172,012,250)		(85,931,133)
12/31/2017		4,701,599		—		2,987,122		(13,551,357)		(5,862,636)		60,254,318		—		38,334,258		(173,617,322)		(75,028,746)
Class S
12/31/2018		3,629,370		—		6,652,401		(28,721,844)		(18,440,073)		45,716,649		—		82,137,715		(354,654,934)		(226,800,570)
12/31/2017		3,026,066		—		6,697,190		(36,721,454)		(26,998,198)		38,383,965		—		85,372,981		(467,195,239)		(343,438,293)
Class S2
12/31/2018		273,813		—		60,778		(543,827)		(209,236)		3,379,584		—		747,586		(6,730,628)		(2,603,458)
12/31/2017		467,281		—		56,884		(487,591)		36,574		5,941,780		—		722,395		(6,173,116)		491,059
Small Company
Class ADV
12/31/2018		93,822		—		66,734		(106,730)		53,826		1,728,493		—		1,214,551		(1,948,390)		994,654
12/31/2017		138,528		—		34,027		(104,357)		68,198		2,828,764		—		668,667		(2,179,147)		1,318,284
Class I
12/31/2018		2,715,237		—		4,317,429		(6,999,766)		32,900		51,418,584		—		83,024,164		(143,594,984)		(9,152,236)
12/31/2017		4,271,152		—		3,103,347		(4,422,213)		2,952,286		94,005,567		—		63,838,068		(94,507,724)		63,335,911
Class R6
12/31/2018		114,739		—		55,842		(67,395)		103,186		2,344,484		—		1,074,401		(1,301,750)		2,117,135
12/31/2017		213,873		—		21,729		(72,342)		163,260		4,622,329		—		447,197		(1,549,998)		3,519,528
Class S
12/31/2018		297,279		—		853,449		(1,112,733)		37,995		5,510,079		—		15,968,030		(21,715,135)		(237,026)
12/31/2017		376,316		—		675,283		(2,170,701)		(1,119,102)		8,133,510		—		13,566,861		(45,694,308)		(23,993,937)

NOTE 13 — SECURITIES LENDING

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

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

TABLE OF CONTENTS

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

NOTE 13 — SECURITIES LENDING (continued)

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

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

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

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

Balanced

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

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

(1)

Collateral with a fair value of $13,293,576 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Global Equity

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Nomura Securities International, Inc.		$	2,661,019		$	(2,661,019)		$	—
SG Americas Securities, LLC			126,828			(126,828)			—
Scotia Capital (USA) INC			3,357,607			(3,357,607)			—
UBS AG			2,730,730			(2,730,730)			—
Total		$	8,876,184		$	(8,876,184)		$	—

(1)

Collateral with a fair value of $9,339,651 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Growth and Income

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Citadel Securities LLC		$	4,792		$	(4,792)		$	—
Citigroup Global Markets Inc.			722,442			(722,442)			—
J.P. Morgan Securities LLC			26,864,431			(26,864,431)			—
Merrill Lynch, Pierce, Fenner & Smith Inc.			407,320			(407,320)			—
Natixis Securities America LLC			167,720			(167,720)			—
Total		$	28,166,705		$	(28,166,705)		$	—

(1)

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

Intermediate Bond

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

TABLE OF CONTENTS

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

NOTE 13 — SECURITIES LENDING (continued)

Intermediate Bond (continued)

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

(1)

Collateral with a fair value of $81,871,346 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Small Company

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Citigroup Global Markets Inc.		$	30,321		$	(30,321)		$	—
Deutsche Bank Securities Inc.			72,001			(72,001)			—
Goldman, Sachs & Co. LLC			3,704,189			(3,704,189)			—
HSBC Bank PLC			1,306,044			(1,306,044)			—
Morgan Stanley & Co. LLC			713,938			(713,938)			—
National Financial Services LLC			18,926			(18,926)			—
Nomura Securities International, Inc.			935,985			(935,985)			—
RBC Dominion Securities Inc			561,180			(561,180)			—
Scotia Capital (USA) INC			1,722,758			(1,722,758)			—
Total		$	9,065,342		$	(9,065,342)		$	—

(1)

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

NOTE 14 — FEDERAL INCOME TAXES

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

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

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

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

The tax-basis components of distributable earnings as of December 31, 2018 were:

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards
	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Amount			Character		Expiration
Balanced		$	8,842,508		$	14,751,078		$	(16,845,061)		$	—		—		—
Global Equity			—			28,647,945			(51,527,507)			—		—		—
Government Money Market			12,190			—			—			—		—		—
Growth and Income			672,931			102,708,132			233,784,622			—		—		—
Intermediate Bond			1,677,638			—			(88,805,316)			(26,172,893)	Short-term			None
												(19,771,674)	Long-term			None
											$	(45,944,567)
Small Company			17,611,663			56,991,646			(78,946,195)			—		—		—

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

TABLE OF CONTENTS

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

NOTE 14 — FEDERAL INCOME TAXES (continued)

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

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

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

NOTE 15 — OTHER ACCOUNTING PRONOUNCEMENTS

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

Also, in August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The update provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. ASU 2018-13 will be effective for annual periods beginning after December 15, 2019. As of December 31, 2018, management of the Portfolios is currently assessing the potential impact to financial statement disclosure that may result from adopting these ASUs.

NOTE 16 — SUBSEQUENT EVENTS

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

Type

Per
Share
Amount

Payable
Date

Record
Date

Government Money Market

Class I

NII

0.0018

February 1, 2019

Daily

Class S

NII

0.0000

February 1, 2019

Daily

All Classes

STCG

0.0001

February 1, 2019

January 30, 2019

Intermediate Bond

Class ADV

NII

0.0297

February 1, 2019

Daily

Class I

NII

0.0353

February 1, 2019

Daily

Class S

NII

0.0325

February 1, 2019

Daily

Class S2

NII

0.0308

February 1, 2019

Daily

NII –

Net investment income

STCG – Short-term capital gain

Reorganization: The Board approved a proposal to reorganize VY® Templeton Global Growth Portfolio (the “Merging Portfolio”), which is not included in this report, with and into Global Equity (the “Reorganization”). The proposed Reorganization is subject to approval by shareholders of the Merging Portfolio at a shareholder

TABLE OF CONTENTS

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

NOTE 16 — SUBSEQUENT EVENTS (continued)

meeting scheduled to be held on or about July 30, 2019. If shareholder approval of the Reorganization is obtained, it is expected that the Reorganization will take place on or about August 23, 2019.

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

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

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

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

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

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

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

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Non-income producing security.

(2)

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

(3)

The grouping contains securities on loan.

(4)

The grouping contains non-income producing securities.

(5)

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

(6)

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

(7)

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

(8)

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

(9)

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

(10)

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

(11)

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

(12)

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

Reference Rate Abbreviations:

12MTA

12-month Treasury Average

US0001M

1-month LIBOR

US0003M

3-month LIBOR

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

Fair Value Measurements^

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

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

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

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

Transactions with Affiliates

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

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

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

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

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

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

MYR 317,910

USD 76,102

Barclays Bank PLC

01/11/19

850

CLP 26,723,439

USD 38,972

Barclays Bank PLC

01/11/19

(456)

USD 7,692

ILS 28,865

Barclays Bank PLC

01/11/19

(33)

ILS 318,063

USD 88,000

Barclays Bank PLC

01/11/19

(2,880)

USD 69,500

CLP 47,486,570

Barclays Bank PLC

01/11/19

1,058

USD 9,000

MXN 172,006

Barclays Bank PLC

01/11/19

259

USD 28,000

ILS 101,470

Barclays Bank PLC

01/11/19

844

USD 69,500

CLP 47,645,725

Barclays Bank PLC

01/11/19

829

USD 119,631

IDR 1,815,623,720

Barclays Bank PLC

01/11/19

(6,439)

USD 96,440

COP 289,568,014

Barclays Bank PLC

01/11/19

7,312

USD 76,845

MYR 317,910

Barclays Bank PLC

01/11/19

(107)

ILS 28,865

USD 7,743

Barclays Bank PLC

04/05/19

USD 38,992

CLP 26,723,439

Barclays Bank PLC

04/05/19

455

USD 75,993

MYR 317,910

Barclays Bank PLC

04/05/19

(1,017)

ZAR 129,853

USD 9,000

BNP Paribas

01/11/19

USD 140,000

ILS 505,978

BNP Paribas

01/11/19

4,590

TRY 380,857

USD 71,531

Citibank N.A.

01/11/19

PEN 111,676

USD 33,460

Citibank N.A.

01/11/19

(317)

PLN 67,950

USD 18,000

Citibank N.A.

01/11/19

160

USD 10,000

TRY 53,899

Citibank N.A.

01/11/19

(135)

PLN 430,916

USD 115,134

Citibank N.A.

01/11/19

COP 289,568,014

USD 89,479

Citibank N.A.

01/11/19

(351)

CZK 1,205,094

USD 53,664

Citibank N.A.

01/11/19

RON 139,835

USD 34,373

Citibank N.A.

01/11/19

THB 3,724,404

USD 114,105

Citibank N.A.

01/11/19

294

USD 108,319

PLN 393,762

Citibank N.A.

01/11/19

3,084

RUB 1,255,877

USD 19,000

Citibank N.A.

01/11/19

(997)

USD 56,000

TRY 341,781

Citibank N.A.

01/11/19

(8,269)

USD 19,000

ZAR 265,020

Citibank N.A.

01/11/19

598

BRL 38,890

USD 10,000

Citibank N.A.

01/11/19

CZK 419,913

USD 19,000

Citibank N.A.

01/11/19

(300)

USD 35,363

RON 139,835

Citibank N.A.

01/11/19

944

USD 103,000

CZK 2,273,989

Citibank N.A.

01/11/19

1,734

ZAR 1,714,386

USD 120,446

Citibank N.A.

01/11/19

(1,409)

USD 114,352

THB 3,724,404

Citibank N.A.

04/05/19

(350)

USD 53,787

CZK 1,205,094

Citibank N.A.

04/05/19

(9)

USD 33,362

PEN 111,676

Citibank N.A.

04/05/19

310

USD 89,178

COP 289,568,014

Citibank N.A.

04/05/19

402

USD 119,206

ZAR 1,714,386

Citibank N.A.

04/05/19

1,366

USD 68,405

TRY 380,857

Citibank N.A.

04/05/19

(156)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

USD 34,311

RON 139,836

Citibank N.A.

04/05/19

(53)

USD 115,392

PLN 430,916

Citibank N.A.

04/05/19

(17)

HUF 16,891,179

USD 60,261

Goldman Sachs International

01/11/19

PHP 5,649

USD 106

Goldman Sachs International

01/11/19

RUB 6,663,520

USD 98,206

Goldman Sachs International

01/11/19

(2,683)

TRY 250,233

USD 44,000

Goldman Sachs International

01/11/19

3,054

MXN 2,557,589

USD 128,335

Goldman Sachs International

01/11/19

1,635

USD 9,000

RUB 597,754

Goldman Sachs International

01/11/19

431

USD 19,000

PLN 71,847

Goldman Sachs International

01/11/19

(202)

ILS 318,251

USD 88,000

Goldman Sachs International

01/11/19

(2,830)

BRL 519,972

USD 135,374

Goldman Sachs International

01/11/19

(1,278)

USD 29,000

RUB 1,955,263

Goldman Sachs International

01/11/19

971

USD 80,557

RUB 5,366,380

Goldman Sachs International

01/11/19

3,629

USD 42,858

HUF 11,647,597

Goldman Sachs International

01/11/19

1,266

CLP 49,694,216

USD 74,741

Goldman Sachs International

01/11/19

(3,118)

CZK 648,982

USD 30,129

Goldman Sachs International

01/11/19

(1,228)

USD 103

PHP 5,649

Goldman Sachs International

01/11/19

(5)

USD 35,382

TRY 235,409

Goldman Sachs International

01/11/19

(8,885)

USD 109,423

ZAR 1,579,219

Goldman Sachs International

01/11/19

(228)

USD 128,529

BRL 525,208

Goldman Sachs International

01/11/19

(6,917)

USD 134,509

BRL 519,972

Goldman Sachs International

04/05/19

1,261

USD 106

PHP 5,649

Goldman Sachs International

04/05/19

(1)

USD 60,592

HUF 16,891,179

Goldman Sachs International

04/05/19

(82)

USD 97,176

RUB 6,663,520

Goldman Sachs International

04/05/19

2,694

USD 126,654

MXN 2,557,589

Goldman Sachs International

04/05/19

(1,605)

IDR 1,815,623,720

USD 124,854

HSBC Bank USA N.A.

01/11/19

1,216

USD 9,000

PLN 33,257

HSBC Bank USA N.A.

01/11/19

112

USD 19,000

HUF 5,243,582

HSBC Bank USA N.A.

01/11/19

276

USD 113,575

MXN 2,174,541

HSBC Bank USA N.A.

01/11/19

3,070

USD 115,303

THB 3,724,404

HSBC Bank USA N.A.

01/11/19

905

USD 123,697

IDR 1,815,623,720

HSBC Bank USA N.A.

03/22/19

(1,062)

USD 19,000

MXN 392,697

JPMorgan Chase Bank N.A.

01/11/19

(956)

CLP 18,714,640

USD 28,000

JPMorgan Chase Bank N.A.

01/11/19

(1,027)

USD 9,000

BRL 33,654

JPMorgan Chase Bank N.A.

01/11/19

321

USD 33,695

PEN 111,676

JPMorgan Chase Bank N.A.

01/11/19

553

MXN 181,654

USD 9,000

The Bank of New York Mellon

01/11/19

231

(8,390)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

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

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

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

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

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

Centrally Cleared Credit Default Swaps on Corporate and Sovereign Issues — Sell Protection(5)

Reference Entity/Obligation	Buy/Sell Protection		(Pay)/ Receive Financing Rate (%)(6)		Termination Date		Implied Credit Spread at 12/31/18 (%)(7)		Notional Amount(3)	Fair Value(4)			Unrealized Appreciation/ (Depreciation)
Berkshire Hathaway Inc 2.750%, due 3/15/2023		Sell		1.000		12/20/23		0.890	USD 180,000		$	1,072		$	(1,780)
											$	1,072		$	(1,780)

(1)

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

(2)

Payments made quarterly.

(3)

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

(4)

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

(5)

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

(6)

Payments received quarterly.

(7)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

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

Pay/Receive
Floating Rate

Floating
Rate Index

Floating Rate
Index
Payment
Frequency

Fixed
Rate

Fixed Rate
Payment
Frequency

Maturity
Date

Notional
Amount

Fair
Value

Unrealized
Appreciation/
(Depreciation)

Pay

3-month USD-LIBOR

Quarterly

1.785%

Semi-Annual

10/13/22

USD 1,701,000

(48,613)

Pay

3-month USD-LIBOR

Quarterly

2.099

Semi-Annual

10/13/25

USD 58,000

(1,923)

Pay

3-month USD-LIBOR

Quarterly

2.372

Semi-Annual

10/13/30

USD 612,000

(25,693)

Pay

3-month USD-LIBOR

Quarterly

2.510

Semi-Annual

10/13/35

USD 729,000

(33,978)

Receive

3-month USD-LIBOR

Quarterly

1.668

Semi-Annual

10/30/19

USD 7,138,000

62,692

Receive

3-month USD-LIBOR

Quarterly

1.453

Semi-Annual

10/13/20

USD 715,000

15,209

Receive

3-month USD-LIBOR

Quarterly

2.593

Semi-Annual

10/13/40

USD 221,000

10,179

Receive

3-month USD-LIBOR

Quarterly

2.619

Semi-Annual

10/13/45

USD 1,071,000

52,633

30,506

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

Description

Counterparty

Exercise Rate

Pay/
Receive
Exercise
Rate

Floating
Rate
Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable)
at expiration(1)

Unrealized
Appreciation/
(Depreciation)

Call on 5-year Interest Rate Swap
(Purchased)

Bank of America N.A.

0.000%

Receive

3-month
USD-LIBOR

02/20/19

USD 2,150,000

(115,025)

11,275

Call on 5-Year Interest Rate Swap
(Purchased)

Barclays Bank PLC

0.000%

Receive

3-month
USD-LIBOR

04/25/19

USD 3,055,000

(161,533)

18,198

Call on 5-Year Interest Rate Swap
(Purchased)

Morgan Stanley
Capital Services LLC

0.000%

Receive

3-month
USD-LIBOR

02/13/19

USD 2,150,000

(116,530)

9,725

Call on 5-Year Interest Rate Swap
(Purchased)

Morgan Stanley
Capital Services LLC

0.000%

Receive

3-month
USD-LIBOR

03/06/19

USD 2,150,000

(115,186)

11,136

Call on 5-Year Interest Rate Swap
(Purchased)

Morgan Stanley
Capital Services LLC

0.000%

Receive

3-month
USD-LIBOR

04/25/19

USD 3,395,000

(180,614)

19,129

(688,888)

69,463

(1)

Forward premium swaptions include premiums receivable/(payable) that have extended settlement dates. Premiums are not exchanged until the expiration date of each respective swaption contract.

Currency Abbreviations

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

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

The fair value of derivative instruments as of December 31, 2018 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		$	47,012
Equity contracts	Net Assets — Unrealized appreciation*			207,803
Interest rate contracts	Net Assets — Unrealized appreciation*			558,714
Interest rate contracts	Net Assets — Unrealized appreciation**			140,713
Interest rate contracts	Net Assets — Unrealized appreciation***			69,463
Total Asset Derivatives			$	1,023,705
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	55,402
Equity contracts	Net Assets — Unrealized depreciation*			1,088,994
Interest rate contracts	Net Assets — Unrealized depreciation*			275,478
Credit contracts	Net Assets — Unrealized depreciation**			91,642
Interest rate contracts	Net Assets — Unrealized depreciation**			110,207
Total Liability Derivatives			$	1,621,723

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

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

***

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

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

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

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

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

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Total
Credit contracts		$	—		$	—		$	—		$	(95,178)		$	(95,178)
Equity contracts			—			—			(1,155,659)			—			(1,155,659)
Foreign exchange contracts			—			707			—			—			707
Interest rate contracts			69,463			—			307,405			3,294			380,162
Total		$	69,463		$	707		$	(848,254)		$	(91,884)		$	(869,968)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2018 (continued)

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

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

(1)

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

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

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

Net unrealized depreciation consisted of:

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Portfolio

as of December 31, 2018

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Portfolio

as of December 31, 2018 (continued)

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

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 1.8%

Securities Lending Collateral(3): 1.7%

2,218,949

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

2,218,949

0.4

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Portfolio

as of December 31, 2018 (continued)

Shares				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Mutual Funds: 0.1%
	893,000	(4)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340% (Cost $893,000)		$	893,000		0.1
			Total Short-Term Investments (Cost $10,232,651)			10,232,651		1.8
			Total Investments in Securities (Cost $611,165,466)		$	559,845,618		100.8
			Liabilities in Excess of Other Assets			(4,675,477)		(0.8)
			Net Assets		$	555,170,141		100.0

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

The grouping contains securities on loan.

(2)

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

(3)

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

(4)

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

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

Fair Value Measurements^

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Portfolio

as of December 31, 2018 (continued)

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

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

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

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

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

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

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

Net unrealized appreciation consisted of:

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Portfolio

as of December 31, 2018

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Portfolio

as of December 31, 2018 (continued)

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

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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

Reference Rate Abbreviations:

FCPR DLY

Federal Reserve Bank Prime Loan Rate

FEDL01

Federal Funds Effective Rate

SOFRRATE

Secured Overnight Financing Rate

US0001M

1-month LIBOR

US0003M

3-month LIBOR

USBMMY3M

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

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

Fair Value Measurements^

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

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Portfolio

as of December 31, 2018 (continued)

The following table is a summary of the Portfolio’s repurchase agreements by counterparty which are subject to offset under a MRA as of December 31, 2018:

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

(1)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of December 31, 2018

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of December 31, 2018 (continued)

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

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of December 31, 2018 (continued)

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

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

(1)

Non-income producing security.

(2)

The grouping contains non-income producing securities.

(3)

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

(4)

Represents an escrow position for future entitlements, if any, on the defaulted bond. The escrow position was received in exchange for the defaulted bond as part of the bankruptcy reorganization of the bond issuer.

(5)

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

(6)

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

(7)

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

(8)

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

Fair Value Measurements^

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

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

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

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

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

Security

Acquisition Date

Acquisition Cost

Fair Value

Mirant Corp. (Escrow)

11/30/2005

—

Southern Energy (Escrow)

11/30/2005

—

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

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

Net unrealized appreciation consisted of:

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Cyclical (continued)
	2,110,000		United Airlines 2018-1 Class AA Pass Through Trust, 3.500%, 09/01/2031		$	2,075,861		0.1
	3,410,000	(1)	Volkswagen Group of America Finance LLC, 2.400%, 05/22/2020			3,357,624		0.1
	9,186,000		Walmart, Inc., 2.350%-3.400%, 06/23/2021-06/26/2023			9,126,836		0.3
	3,360,000	(1)	ZF North America Capital, Inc., 4.000%, 04/29/2020			3,345,367		0.1
	39,647,928		Other Securities			37,221,136		1.0
						95,397,538		2.7
			Consumer, Non-cyclical: 4.9%
	2,500,000	(1)	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036			2,334,635		0.1
	4,049,000	(1)	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046			3,767,930		0.1
	3,800,000	(1)	BAT International Finance PLC, 2.750%, 06/15/2020			3,734,489		0.1
	68,509		CVS Pass-Through Trust, 6.943%, 01/10/2030			76,186		0.0
	17,953,000		CVS Health Corp., 3.125%-5.050%, 03/09/2020-03/25/2048			17,772,648		0.5
	10,165,000	(1)(2)	Cigna Corp., 3.400%, 09/17/2021			10,147,949		0.3
	3,770,000	(1)	Imperial Brands Finance PLC, 2.950%, 07/21/2020			3,714,479		0.1
	2,113,000	(1)	Imperial Brands Finance PLC, 3.750%, 07/21/2022			2,097,606		0.0
	2,905,000	(1)	Keurig Dr Pepper, Inc., 4.057%, 05/25/2023			2,895,890		0.1
	3,910,000	(1)	Kraft Heinz Foods Co., 4.875%, 02/15/2025			3,929,755		0.1

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Non-cyclical (continued)
	2,990,000	(1)	Seven & i Holdings Co. Ltd., 3.350%, 09/17/2021		$	2,999,700		0.1
	4,300,000	(1)	Takeda Pharmaceutical Co. Ltd., 4.000%, 11/26/2021			4,361,338		0.1
	14,210,000		Unilever Capital Corp., 3.000%-3.250%, 03/07/2022-03/07/2024			14,121,411		0.4
	105,007,000	(3)	Other Securities			101,881,471		2.9
						173,835,487		4.9
			Energy: 3.0%
	3,025,000	(1)	Schlumberger Investment SA, 2.400%, 08/01/2022			2,905,990		0.1
	959,000	(1)	Schlumberger Norge AS, 4.200%, 01/15/2021			973,473		0.0
	1,052,000	(1)	Schlumberger Oilfield UK PLC, 4.200%, 01/15/2021			1,065,287		0.0
	9,833,000		Shell International Finance BV, 3.250%-4.375%, 05/11/2025-05/10/2046			9,732,459		0.3
	10,437,000		Williams Partners L.P., 3.600%-5.400%, 03/15/2022-03/04/2044			10,176,483		0.3
	84,480,000		Other Securities			81,920,341		2.3
						106,774,033		3.0
			Financial: 9.2%
	25,815,000	(4)	Bank of America Corp., 3.419%-4.250%, 05/17/2022-12/20/2028			24,988,779		0.7
	1,862,000	(1)	Barclays Bank PLC, 10.179%, 06/12/2021			2,094,232		0.1
	4,500,000	(1)	BNP Paribas SA, 3.500%, 03/01/2023			4,366,726		0.1
	10,079,000	(4)	Citigroup, Inc., 2.876%-5.500%, 07/24/2023-09/13/2025			10,164,231		0.3
	2,757,000	(1)	Citizens Financial Group, Inc., 4.150%, 09/28/2022			2,773,324		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	6,200,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA2 M2, 5.156%, (US0001M + 2.650%), 12/25/2029		$	6,286,542		0.2
	7,000,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA3 M2, 4.856%, (US0001M + 2.350%), 04/25/2030			6,958,980		0.2
	6,000,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2018-DNA1 M2, 4.306%, (US0001M + 1.800%), 07/25/2030			5,773,966		0.2
	1,300,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2018-HQA1 M2, 4.806%, (US0001M + 2.300%), 09/25/2030			1,270,908		0.0
	328,967		Freddie Mac Structured Pass Through Certificates T-54 2A, 6.500%, 02/25/2043			376,381		0.0
	525,990		Freddie Mac Structured Pass Through Certificates T-62 1A1, 3.357%, (12MTA + 1.200%), 10/25/2044			529,438		0.0
	68,951		Freddie Mac-Ginnie Mae Series 27 FC, 3.875%, (PRIME + (1.375)%), 03/25/2024			70,040		0.0
	14,149,571	(5)	Ginnie Mae 2007-35 KY, 3.995%, (-1.000*US0001M + 6.450%), 06/16/2037			2,240,616		0.1
	1,168,419		Ginnie Mae 2013-26 GU, 1.500%, 04/20/2042			1,090,478		0.0
	1,236,659		Ginnie Mae 2013-26 JC, 2.000%, 01/20/2043			1,183,677		0.0
	481,202		Ginnie Mae 2013-69 KA, 1.250%, 08/20/2042			434,588		0.0
	81,881		Ginnie Mae Series 2002-21 FV, 2.855%, (US0001M + 0.400%), 03/16/2032			81,878		0.0
	1,139,710	(5)	Ginnie Mae Series 2005-7 AH, 4.315%, (-1.000*US0001M + 6.770%), 02/16/2035			159,191		0.0

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

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

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities (continued)
	1,727,828	(1)	Ajax Mortgage Loan Trust 2018-A A, 3.850%, 04/25/2058		$	1,724,959		0.1
	1,964,742	(1)(4)	Ajax Mortgage Loan Trust 2018-C A, 4.360%, 09/25/2065			1,980,540		0.1
	4,090,000	(1)	ALM VIII Ltd. 2013-8A A1R, 3.926%, (US0003M + 1.490%), 10/15/2028			4,090,029		0.1
	2,510,739	(1)(4)(5)(9)	American Homes 4 Rent 2015-SFR1 XS, 0.000%, 04/17/2052			—		—
	8,000,000	(1)	ARES XLVI CLO Ltd. 2017-46A A2, 3.666%, (US0003M + 1.230%), 01/15/2030			7,799,040		0.2
	5,750,000	(1)	Ares XXIX CLO Ltd. 2014-1A BR, 4.749%, (US0003M + 2.300%), 04/17/2026			5,697,278		0.2
	4,280,000	(1)	Avery Point IV CLO Ltd. 2014-1A CR, 4.840%, (US0003M + 2.350%), 04/25/2026			4,249,103		0.1
	3,470,000	(1)	Babson CLO Ltd. 2017-1A A2, 3.795%, (US0003M + 1.350%), 07/18/2029			3,416,458		0.1
	4,393,000	(1)	Babson CLO Ltd. 2018-3A A2, 3.769%, (US0003M + 1.300%), 07/20/2029			4,314,387		0.1
	1,600,000	(1)	Bain Capital Credit CLO 2017-1A A2, 3.819%, (US0003M + 1.350%), 07/20/2030			1,567,822		0.0
	1,337,114	(4)	Bear Stearns Asset Backed Securities Trust 2006-SD4 1A1, 4.684%, 10/25/2036			1,348,734		0.0
	9,020,000	(1)	Benefit Street Partners CLO II Ltd. 2013-IIA A1R, 3.686%, (US0003M + 1.250%), 07/15/2029			8,951,556		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

100

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

101

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

102

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

103

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Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

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

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

See Accompanying Notes to Financial Statements

104

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

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

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

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

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

See Accompanying Notes to Financial Statements

105

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Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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

(2)

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

(3)

The grouping contains securities on loan.

(4)

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

(5)

(6)

(7)

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

(8)

(9)

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

(10)

The grouping contains non-income producing securities.

(11)

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

(12)

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

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

Fair Value Measurements^

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

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

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

See Accompanying Notes to Financial Statements

106

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Transactions with Affiliates

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

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

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

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

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

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

MYR 13,034,344

USD 3,120,205

Barclays Bank PLC

01/11/19

34,859

CLP 979,129,085

USD 1,427,906

Barclays Bank PLC

01/11/19

(16,704)

USD 294,227

ILS 1,104,142

Barclays Bank PLC

01/11/19

(1,263)

ILS 12,420,703

USD 3,436,500

Barclays Bank PLC

01/11/19

(112,466)

USD 2,894,000

CLP 1,977,354,440

Barclays Bank PLC

01/11/19

44,075

USD 362,000

MXN 6,918,482

Barclays Bank PLC

01/11/19

10,419

USD 1,085,000

ILS 3,931,978

Barclays Bank PLC

01/11/19

32,722

USD 2,894,000

CLP 1,983,981,700

Barclays Bank PLC

01/11/19

34,523

USD 4,649,920

IDR 70,571,371,417

Barclays Bank PLC

01/11/19

(250,274)

USD 4,079,709

COP 12,249,653,781

Barclays Bank PLC

01/11/19

309,315

USD 3,150,675

MYR 13,034,344

Barclays Bank PLC

01/11/19

(4,389)

ILS 1,104,142

USD 296,164

Barclays Bank PLC

04/05/19

1,262

USD 1,428,656

CLP 979,129,085

Barclays Bank PLC

04/05/19

16,662

USD 3,115,730

MYR 13,034,344

Barclays Bank PLC

04/05/19

(41,696)

ZAR 5,165,280

USD 358,000

BNP Paribas

01/11/19

646

USD 5,482,000

ILS 19,812,638

BNP Paribas

01/11/19

179,733

PLN 17,315,757

USD 4,626,490

Citibank N.A.

01/11/19

1,223

RON 6,576,921

USD 1,616,666

Citibank N.A.

01/11/19

2,179

USD 3,809

RON 15,618

Citibank N.A.

01/11/19

(35)

CZK 16,000,885

USD 724,000

Citibank N.A.

01/11/19

(11,444)

PLN 2,706,689

USD 717,000

Citibank N.A.

01/11/19

6,375

COP 12,249,653,781

USD 3,785,256

Citibank N.A.

01/11/19

(14,862)

CZK 45,832,893

USD 2,040,975

Citibank N.A.

01/11/19

See Accompanying Notes to Financial Statements

107

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

THB 141,972,571

USD 4,349,611

Citibank N.A.

01/11/19

11,208

TRY 13,992,215

USD 2,627,972

Citibank N.A.

01/11/19

3,140

PEN 4,064,203

USD 1,217,702

Citibank N.A.

01/11/19

(11,552)

USD 356,000

TRY 1,918,819

Citibank N.A.

01/11/19

(4,817)

ZAR 66,953,716

USD 4,703,909

Citibank N.A.

01/11/19

(55,046)

RUB 47,855,531

USD 724,000

Citibank N.A.

01/11/19

(37,985)

USD 712,000

ZAR 9,931,290

Citibank N.A.

01/11/19

22,431

BRL 1,384,484

USD 356,000

Citibank N.A.

01/11/19

1,045

USD 2,171,000

TRY 13,250,114

Citibank N.A.

01/11/19

(320,567)

USD 1,659,283

RON 6,561,303

Citibank N.A.

01/11/19

44,283

USD 4,399,311

PLN 15,992,390

Citibank N.A.

01/11/19

125,274

USD 3,655,000

CZK 80,693,482

Citibank N.A.

01/11/19

61,534

SGD 1,301,141

USD 955,676

Citibank N.A.

01/11/19

(856)

USD 3,772,525

COP 12,249,653,781

Citibank N.A.

04/05/19

17,002

USD 4,359,038

THB 141,972,571

Citibank N.A.

04/05/19

(13,355)

USD 2,513,113

TRY 13,992,215

Citibank N.A.

04/05/19

(5,745)

USD 1,214,137

PEN 4,064,203

Citibank N.A.

04/05/19

11,271

USD 4,655,469

ZAR 66,953,716

Citibank N.A.

04/05/19

53,355

USD 1,613,770

RON 6,576,921

Citibank N.A.

04/05/19

(2,499)

USD 4,636,847

PLN 17,315,757

Citibank N.A.

04/05/19

(687)

USD 2,045,644

CZK 45,832,893

Citibank N.A.

04/05/19

(334)

HUF 609,258,453

USD 2,173,608

Goldman Sachs International

01/11/19

1,994

USD 168,848

PHP 8,964,290

Goldman Sachs International

01/11/19

(1,677)

RUB 244,933,103

USD 3,609,774

Goldman Sachs International

01/11/19

(98,627)

USD 1,506,603

HUF 409,450,381

Goldman Sachs International

01/11/19

44,496

MXN 100,698,704

USD 5,052,888

Goldman Sachs International

01/11/19

64,385

USD 712,000

PLN 2,692,384

Goldman Sachs International

01/11/19

(7,552)

TRY 10,191,294

USD 1,792,000

Goldman Sachs International

01/11/19

124,383

ILS 12,428,054

USD 3,436,500

Goldman Sachs International

01/11/19

(110,498)

BRL 20,220,036

USD 5,264,264

Goldman Sachs International

01/11/19

(49,708)

USD 1,068,000

RUB 72,007,609

Goldman Sachs International

01/11/19

35,762

PHP 8,964,291

USD 163,373

Goldman Sachs International

01/11/19

7,151

CLP 2,015,061,195

USD 3,030,696

Goldman Sachs International

01/11/19

(126,424)

CZK 18,859,703

USD 875,568

Goldman Sachs International

01/11/19

(35,702)

USD 3,314,221

RUB 220,781,025

Goldman Sachs International

01/11/19

149,298

USD 4,955,799

BRL 20,250,882

Goldman Sachs International

01/11/19

(266,712)

USD 4,308,961

ZAR 62,187,707

Goldman Sachs International

01/11/19

(8,979)

USD 1,354,882

TRY 9,014,575

Goldman Sachs International

01/11/19

(340,229)

USD 4,986,688

MXN 100,698,704

Goldman Sachs International

04/05/19

(63,205)

USD 2,185,534

HUF 609,258,453

Goldman Sachs International

04/05/19

(2,958)

USD 3,571,919

RUB 244,933,103

Goldman Sachs International

04/05/19

99,022

PHP 8,964,291

USD 167,773

Goldman Sachs International

04/05/19

2,092

USD 5,230,627

BRL 20,220,036

Goldman Sachs International

04/05/19

49,044

USD 949,815

SGD 1,301,141

HSBC Bank USA N.A.

01/11/19

(5,006)

IDR 70,571,371,417

USD 4,852,934

HSBC Bank USA N.A.

01/11/19

47,259

USD 724,000

HUF 199,808,072

HSBC Bank USA N.A.

01/11/19

10,505

USD 362,000

PLN 1,337,672

HSBC Bank USA N.A.

01/11/19

4,501

USD 4,395,313

THB 141,972,571

HSBC Bank USA N.A.

01/11/19

34,494

USD 4,506,879

MXN 86,290,245

HSBC Bank USA N.A.

01/11/19

121,810

USD 4,807,969

IDR 70,571,371,417

HSBC Bank USA N.A.

03/22/19

(41,272)

See Accompanying Notes to Financial Statements

108

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

SGD 1,301,141

USD 951,851

HSBC Bank USA N.A.

04/05/19

4,864

USD 712,000

MXN 14,715,788

JPMorgan Chase Bank N.A.

01/11/19

(35,822)

CLP 967,145,860

USD 1,447,000

JPMorgan Chase Bank N.A.

01/11/19

(53,070)

USD 362,000

BRL 1,353,637

JPMorgan Chase Bank N.A.

01/11/19

12,910

USD 1,226,263

PEN 4,064,203

JPMorgan Chase Bank N.A.

01/11/19

20,112

MXN 7,225,811

USD 358,000

The Bank of New York Mellon

01/11/19

9,199

(286,131)

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

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

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

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

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

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

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

Centrally Cleared Credit Default Swaps on Corporate and Sovereign Issues — Sell Protection(5)

Reference Entity/Obligation	Buy/Sell Protection	(Pay)/Receive Financing Rate (%)(6)		Termination Date	Implied Credit Spread at 12/31/18 (%)(7)		Notional Amount(3)		Fair Value(4)			Unrealized Appreciation/ (Depreciation)
Berkshire Hathaway Inc 2.750%, due 3/15/2023	Sell		1.000	12/20/23		0.890		USD 6,920,000		$	41,215		$	(68,417)
										$	41,215		$	(68,417)

(1)

See Accompanying Notes to Financial Statements

109

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

(2)

Payments made quarterly.

(3)

(4)

(5)

(6)

Payments received quarterly.

(7)

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

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

Pay/Receive
Floating Rate

Floating
Rate Index

Floating Rate
Index
Payment
Frequency

Fixed
Rate

Fixed Rate
Payment
Frequency

Maturity
Date

Notional
Amount

Fair
Value

Unrealized
Appreciation/
(Depreciation)

Pay

3-month USD-LIBOR

Quarterly

1.460%

Semi-Annual

10/13/20

USD 225,664,000

(4,776,394)

Pay

3-month USD-LIBOR

Quarterly

2.372

Semi-Annual

10/13/30

USD 50,908,000

(2,137,217)

Pay

3-month USD-LIBOR

Quarterly

2.510

Semi-Annual

10/13/35

USD 29,003,000

(1,351,809)

Pay

3-month USD-LIBOR

Quarterly

2.593

Semi-Annual

10/13/40

USD 40,443,000

(1,865,452)

Receive

3-month USD-LIBOR

Quarterly

1.668

Semi-Annual

10/30/19

USD 444,148,000

3,900,845

Receive

3-month USD-LIBOR

Quarterly

1.780

Semi-Annual

10/13/22

USD 112,415,000

3,231,821

Receive

3-month USD-LIBOR

Quarterly

2.619

Semi-Annual

10/13/45

USD 35,916,000

1,765,060

(1,233,146)

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

Description

Counterparty

Exercise
Rate

Pay/
Receive
Exercise
Rate

Floating Rate
Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable) at
expiration(1)

Unrealized
Appreciation/
(Depreciation)

Call on 5-year Interest Rate Swap (Purchased)

Bank of America N.A.

0.000%

Receive

3-month USD-LIBOR

02/20/19

USD 88,010,000

(4,708,535)

461,527

Call on 5-Year Interest Rate
Swap (Purchased)

Barclays Bank PLC

0.000%

Receive

3-month USD-LIBOR

04/25/19

USD 125,038,000

(6,611,384)

744,845

Call on 5-Year Interest Rate
Swap (Purchased)

Morgan Stanley Capital Services LLC

0.000%

Receive

3-month USD-LIBOR

02/13/19

USD 88,010,000

(4,770,142)

398,117

Call on 5-Year Interest Rate
Swap (Purchased)

Morgan Stanley Capital Services LLC

0.000%

Receive

3-month USD-LIBOR

03/06/19

USD 88,010,000

(4,715,136)

455,840

Call on 5-Year Interest Rate
Swap (Purchased)

Morgan Stanley Capital Services LLC

0.000%

Receive

3-month USD-LIBOR

04/25/19

USD 138,992,000

(7,394,374)

783,141

(28,199,571)

2,843,470

(1)

Forward premium swaptions include premiums receivable/(payable) that have extended settlement dates. Premiums are not exchanged until the expiration date of each respective swaption contract.

See Accompanying Notes to Financial Statements

110

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

Currency Abbreviations

BRL – Brazilian Real

CLP – Chilean Peso

COP – Colombian Peso

CZK – Czech Koruna

EUR – EU Euro

HUF – Hungarian Forint

IDR – Indonesian Rupiah

ILS – Israeli New Shekel

MXN – Mexican Peso

MYR – Malaysian Ringgit

PEN – Peruvian Nuevo Sol

PHP – Philippine Peso

PLN – Polish Zloty

RON – Romanian New Leu

RUB – Russian Ruble

SGD – Singapore Dollar

THB – Thai Baht

TRY – Turkish Lira

USD – United States Dollar

ZAR – South African Rand

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

The fair value of derivative instruments as of December 31, 2018 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		$	1,867,886
Interest rate contracts	Net Assets — Unrealized appreciation*			12,372,685
Interest rate contracts	Net Assets — Unrealized appreciation**			8,897,726
Interest rate contracts	Net Assets — Unrealized appreciation***			2,843,470
Total Asset Derivatives			$	25,981,767
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	2,154,017
Interest rate contracts	Net Assets — Unrealized depreciation*			6,700,409
Credit contracts	Net Assets — Unrealized depreciation**			1,579,807
Interest rate contracts	Net Assets — Unrealized depreciation**			10,130,872
Total Liability Derivatives			$	20,565,105

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

***

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

See Accompanying Notes to Financial Statements

111

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

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

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

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

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

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts**			Futures			Swaps			Total
Credit contracts		$	—		$	—		$	—		$	(1,609,765)		$	(1,609,765)
Foreign exchange contracts			—			434,505			—			—			434,505
Interest rate contracts			2,843,470			—			5,948,638			(1,438,424)			7,353,684
Total		$	2,843,470		$	434,505		$	5,948,638		$	(3,048,189)		$	6,178,424

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

Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions.

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

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

(1)

(2)

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

See Accompanying Notes to Financial Statements

112

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2018 (continued)

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

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

Net unrealized depreciation consisted of:

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

See Accompanying Notes to Financial Statements

113

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of December 31, 2018

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

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

See Accompanying Notes to Financial Statements

114

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of December 31, 2018 (continued)

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

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

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

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

See Accompanying Notes to Financial Statements

115

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of December 31, 2018 (continued)

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Non-income producing security.

(2)

The grouping contains non-income producing securities.

(3)

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

(4)

The grouping contains securities on loan.

(5)

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

(6)

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

Fair Value Measurements^

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

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

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

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

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

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

Net unrealized depreciation consisted of:

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

See Accompanying Notes to Financial Statements

116

TABLE OF CONTENTS

TAX INFORMATION (Unaudited)

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

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

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

NII – Net investment income

STCG – Short-term capital gain

LTCG – Long-term capital gain

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

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

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

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

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

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

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

117

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DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited)

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

Name, Address and Age

Position(s)
Held with the
Company/
Trust

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) –
During the Past 5 Years

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

Other Board Positions
Held by Director/Trustee

Independent Directors/Trustees*:

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

Director/Trustee

May 2013 – Present

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

150

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

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

Chairperson

Director/Trustee

January 2014 – Present
May 2013 – Present

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

150

None.

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

Director/Trustee

May 2013 – Present

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

150

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

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

Director/Trustee

August 2015 – Present

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

150

None.

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

Director/Trustee

December 2007 – Present

Retired.

150

None.

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

Director/Trustee

January 2003 – Present

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

150

None.

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

Director/Trustee

May 2013 – Present

Consultant (May 2001 – Present).

150

None.

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

Director/Trustee

October 2015 – Present

Retired.

150

None.

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

Name, Address and Age

Position(s)
Held with the
Company/
Trust

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) –
During the Past 5 Years

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

Other Board Positions
Held by Director/Trustee

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

Director/Trustee

May 2013 – Present

Retired.

150

None.

Director/Trustee who is an “interested person”:

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

Director/Trustee

July 2018 – Present

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

150

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

(1)

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

(2)

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

(3)

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

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

119

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

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

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

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

(1)

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

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

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

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

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

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

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

Nature, Extent and Quality of Services

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

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

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

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

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

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

Portfolio Performance

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

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

Economies of Scale

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

Information Regarding Services to Other Clients

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

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Fee Schedules, Profitability, and Fall-out Benefits

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

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

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

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

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

Portfolio-by-Portfolio Analysis

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

Voya Balanced Portfolio

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

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

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

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

Voya Global Equity Portfolio

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

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

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

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

Voya Government Money Market Portfolio

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

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

Voya Growth and Income Portfolio

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

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

Voya Intermediate Bond Portfolio

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

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

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

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

Voya Small Company Portfolio

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

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Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Distributor
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809

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

Custodian
The Bank of New York Mellon
225 Liberty Street
New York, New York 10286

Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199

Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.

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Annual Report

December 31, 2018

Classes ADV, I and S

Domestic Equity Index Portfolios

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Voya Index Plus LargeCap Portfolio

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Voya Index Plus MidCap Portfolio

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Voya Index Plus SmallCap Portfolio

		Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each Portfolio’s annual and semi-annual shareholder reports, like this annual report, will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.
		If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from your insurance carrier electronically by contacting them directly.
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TABLE OF CONTENTS

	President’s Letter					1
	Market Perspective					2
	Portfolio Managers’ Reports					4
	Shareholder Expense Examples					10
	Report of Independent Registered Public Accounting Firm					11
	Statements of Assets and Liabilities					12
	Statements of Operations					13
	Statements of Changes in Net Assets					14
	Financial Highlights					16
	Notes to Financial Statements					18
	Summary Portfolio of Investments (“Portfolio of Investments”)					29
	Tax Information					40
	Director and Officer Information					41
	Advisory and Sub-Advisory Contract Approval Discussion					46

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’s”) website at www.sec.gov. Information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Portfolios’ website at www.voyainvestments.com and on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS

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

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PRESIDENT’S LETTER

Setting Sail for the New Year

Dear Shareholder,

Sincerely,

Dina Santoro
President
Voya Family of Funds
December 31, 2018

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

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Market Perspective: Year Ended December 31, 2018

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

All indices are unmanaged and investors cannot invest directly in an index. Past performance does not guarantee future results. The performance quoted represents past performance.

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Benchmark Descriptions

		Index				Description
		Bloomberg Barclays High Yield Bond — 2% Issuer Constrained Composite Index				An index that includes all fixed-income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity.
		Bloomberg Barclays U.S. Aggregate Bond Index				An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities.
		Bloomberg Barclays U.S. Corporate Investment Grade Bond Index				An index consisting of publicly issued, fixed rate, nonconvertible, investment grade debt securities.
		Bloomberg Barclays Short Treasury Index				The index measures the performance of U.S. Treasury securities that have a remaining maturity between one and twelve months.
		MSCI Europe ex UK® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.
		MSCI Japan® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.
		MSCI UK® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.
		MSCI World IndexSM				An index that measures the performance of over 1,600 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
		S&P 500® Index*				An index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.
		S&P MidCap 400® Index*				An index that measures the performance of the mid-size company segment of the U.S. market.
		S&P SmallCap 600® Index*				An index used to measure stock market performance composed of companies with a weighted average market value of approximately $630 million.

The S&P 500® Index, the S&P MidCap 400® Index and the S&P SmallCap 600® Index are products of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and have been licensed for use by Voya Financial. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Voya Financial Product(s) is/are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500® Index, the S&P MidCap 400® Index and the S&P SmallCap 600® Index.

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Voya Index Plus LargeCap Portfolio

Portfolio Managers’ Report

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

	Information Technology			21.0%
	Health Care			15.5%
	Financials			13.6%
	Consumer Discretionary			9.0%
	Communication Services			9.0%
	Industrials			9.0%
	Consumer Staples			6.9%
	Energy			5.5%
	Utilities			3.7%
	Real Estate			2.9%
	Materials			2.3%
	Assets in Excess of Other Liabilities*			1.6%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Index Plus LargeCap Portfolio (the “Portfolio”) seeks to outperform the total return performance of the S&P 500® Index, while maintaining a market level of risk. The Portfolio is managed by Vincent Costa, CFA, James Ying, CFA, and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the year ended December 31, 2018, the Portfolio’s Class I shares provided a total return of -6.82% compared to the S&P 500® Index, which returned -4.38% for the same period.

Portfolio Specifics: For the reporting year, the Portfolio underperformed its benchmark due to unfavorable stock selection. On the sector level, stock selection within the financial and consumer discretionary sectors detracted the most value. Key detractors for the period include an overweight position in Applied Materials, Inc., owning non-benchmark stock, Owens Corning, and an underweight position in Amazon.com, Inc. By contrast, stock selection was strongest within the information technology and utilities sectors. Key contributors for the period were overweight positions in Fortinet, Inc. and Red Hat, Inc. and an underweight position in General Electric Company.

The Portfolio may utilize derivatives, including index futures, to allow the Portfolio to maintain equity-like exposure for its cash position, while retaining their cash-like liquidity. For the reporting period, the Portfolio's use of index futures had no

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

	Microsoft Corp.			3.3%
	Apple, Inc.			3.3%
	Alphabet, Inc. - Class A			2.3%
	Amazon.com, Inc.			2.3%
	Pfizer, Inc.			1.8%
	Procter & Gamble Co.			1.7%
	JPMorgan Chase & Co.			1.6%
	UnitedHealth Group, Inc.			1.6%
	Chevron Corp.			1.6%
	Cisco Systems, Inc.			1.6%
	Portfolio holdings are subject to change daily.

material impact on performance.

Current Strategy and Outlook: This is an actively managed strategy that incorporates research from both our fundamental equity team and our proprietary quantitative models (i.e. “quantamental”). Our proprietary quantitative model is designed to emphasize what we consider to be high quality, profitable companies that are relatively undervalued, have growth potential and are favored by investors. The Portfolio also leverages the performance of the Voya Fundamental Equity research to create higher conviction alpha that is uncorrelated to our quantitative models. This unique approach of combining existing fundamental alpha sources with in-house quantitative models results in diversified excess returns and disciplined, risk-controlled portfolios.

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Portfolio Managers’ Report

Voya Index Plus LargeCap Portfolio

Average Annual Total Returns for the Periods Ended December 31, 2018
	1 Year		5 Year		10 Year
Class ADV(1)		-7.26%		7.48%		11.56%
Class I		-6.82%		8.02%		12.12%
Class S		-7.04%		7.75%		11.84%
S&P 500® Index		-4.38%		8.49%		13.12%

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

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

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

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

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

Portfolio holdings are subject to change daily.

(1)

Class ADV incepted on August 24, 2018. The Class ADV shares performance shown for the period prior to their inception date is the performance of Class I shares with adjustment for any differences in the expenses between the two classes.

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Voya Index Plus MidCap Portfolio

Portfolio Managers’ Report

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

	Financials			16.3%
	Information Technology			15.2%
	Industrials			14.8%
	Consumer Discretionary			12.1%
	Health Care			10.2%
	Real Estate			9.5%
	Materials			6.2%
	Utilities			5.9%
	Energy			3.5%
	Consumer Staples			3.1%
	Communication Services			2.3%
	Assets in Excess of Other Liabilities*			0.9%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Index Plus MidCap Portfolio (the “Portfolio”) seeks to outperform the total return performance of the S&P MidCap 400® Index, while maintaining a market level of risk. The Portfolio is managed by Vincent Costa, CFA, Kai Yee Wong, and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the year ended December 31, 2018, the Portfolio’s Class I shares provided a total return of -14.34% compared to the S&P MidCap 400® Index, which returned -11.08% for the same period.

Portfolio Specifics: For the reporting year, the Portfolio underperformed its benchmark due to weak stock selection. On the sector level, stock selection within the financial and industrials sectors detracted the most value. Key detractors for the period include overweight positions in McDermott International, Inc. and Dana Incorporated, and an underweight position in ABIOMED, Inc. By contrast, stock selection was strongest within the healthcare sector. Key contributors for the period were overweight positions in Fortinet, Inc. and Bioverativ, Inc. and not owning benchmark stock, Coherent, Inc.

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

	Domino’s Pizza, Inc.			1.1%
	IDEX Corp.			1.1%
	UGI Corp.			1.1%
	Service Corp. International			1.0%
	Lamar Advertising Co.			0.9%
	Old Republic International Corp.			0.9%
	Toro Co.			0.9%
	Reinsurance Group of America, Inc.			0.9%
	Fair Isaac Corp.			0.9%
	Masimo Corp.			0.9%
	Portfolio holdings are subject to change daily.

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Portfolio Managers’ Report

Voya Index Plus MidCap Portfolio

Average Annual Total Returns for the Periods Ended December 31, 2018
	1 Year		5 Year		10 Year
Class I		-14.34%		4.34%		12.01%
Class S		-14.52%		4.08%		11.74%
S&P MidCap 400® Index		-11.08%		6.03%		13.68%

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

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

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

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

Portfolio holdings are subject to change daily.

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Voya Index Plus SmallCap Portfolio

Portfolio Managers’ Report

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

	Financials			18.7%
	Industrials			18.6%
	Information Technology			14.4%
	Consumer Discretionary			13.1%
	Health Care			11.6%
	Real Estate			6.2%
	Energy			4.1%
	Materials			4.0%
	Consumer Staples			3.7%
	Communication Services			2.4%
	Utilities			2.3%
	Assets in Excess of Other Liabilities*			0.9%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Index Plus SmallCap Portfolio (the “Portfolio”) seeks to outperform the total return performance of the S&P SmallCap 600® Index, while maintaining a market level of risk. The Portfolio is managed by Vincent Costa, CFA, Kai Yee Wong and Steve Wetter, Portfolio Managers, of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the year ended December 31, 2018, the Portfolio’s Class I shares provided a total return of -12.40% compared to the S&P SmallCap 600® Index, which returned -8.48% for the same period.

Portfolio Specifics: For the reporting year, the Portfolio underperformed its benchmark due to weak stock selection. On the sector level, stock selection within the consumer discretionary sector, and to a lesser extent the healthcare sector, detracted the most value. Key detractors for the period included an out-of-benchmark position in Dana Incorporated, and overweight positions in Koppers Holdings Inc. and Children's Place, Inc. By contrast, stock selection within the utilities and energy sectors was additive. Key contributors for the period were overweight positions in Shutterfly, Inc., Amedisys, Inc. and First Bancorp.

The Portfolio may utilize derivatives, including index futures, to allow it to maintain equity-like exposure for its cash holdings, while retaining their cash-like liquidity. For the reporting period, the Portfolio's use of index futures had no material impact on performance.

Current Strategy and Outlook: This is an actively managed strategy that incorporates research from both our fundamental

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

	Selective Insurance Group			1.0%
	EastGroup Properties, Inc.			0.9%
	AMN Healthcare Services, Inc.			0.8%
	Tetra Tech, Inc.			0.8%
	Barnes Group, Inc.			0.8%
	PS Business Parks, Inc.			0.8%
	Amedisys, Inc.			0.8%
	Emergent Biosolutions, Inc.			0.8%
	American Equity Investment Life Holding Co.			0.7%
	First BanCorp. Puerto Rico			0.7%
	Portfolio holdings are subject to change daily.

equity team and our proprietary quantitative models (i.e. “quantamental”). Our proprietary quantitative model is designed to emphasize what we consider to be high quality, profitable companies that are relatively undervalued, have growth potential and are favored by investors. The Portfolio also leverages the performance of the Voya Fundamental Equity research to create higher conviction alpha that is uncorrelated to our quantitative models. This unique approach of combining existing fundamental alpha sources with in-house quantitative models results in diversified excess returns and disciplined, risk-controlled portfolios.

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Portfolio Managers’ Report

Voya Index Plus SmallCap Portfolio

Average Annual Total Returns for the Periods Ended December 31, 2018
	1 Year		5 Year		10 Year
Class I		-12.40%		4.58%		11.81%
Class S		-12.62%		4.32%		11.54%
S&P SmallCap 600® Index		-8.48%		6.34%		13.61%

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

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

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

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

Portfolio holdings are subject to change daily.

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

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

Actual Expenses

Hypothetical Example for Comparison Purposes

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2018			Ending Account Value December 31, 2018			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2018*			Beginning Account Value July 1, 2018			Ending Account Value December 31, 2018			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2018*
Voya Index Plus LargeCap Portfolio
Class ADV(1)		$	1,000.00		$	869.60		0.99%		$	3.30		$	1,000.00		$	1,025.16		0.99%		$	3.57
Class I			1,000.00			925.60		0.49			2.38			1,000.00			1,022.74		0.49			2.50
Class S			1,000.00			924.70		0.74			3.59			1,000.00			1,021.48		0.74			3.77
Voya Index Plus MidCap Portfolio
Class I		$	1,000.00		$	845.80		0.55%		$	2.56		$	1,000.00		$	1,022.43		0.55%		$	2.80
Class S			1,000.00			844.80		0.80			3.72			1,000.00			1,021.17		0.80			4.08
Voya Index Plus SmallCap Portfolio
Class I		$	1,000.00		$	819.00		0.55%		$	2.52		$	1,000.00		$	1,022.43		0.55%		$	2.80
Class S			1,000.00			818.10		0.80			3.67			1,000.00			1,021.17		0.80			4.08

(1)

Commencement of operations was August 24, 2018. Expenses paid for the actual Portfolio’s return reflect the 130-day period ended December 31, 2018.

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Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors
Voya Variable Portfolios, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Voya Index Plus LargeCap Portfolio, Voya Index Plus MidCap Portfolio, and Voya Index Plus SmallCap Portfolio (the Funds), each a series of Voya Variable Portfolios, Inc., including the summary portfolio of investments, as of December 31, 2018, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements), and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of December 31, 2018, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

Boston, Massachusetts
February 14, 2019

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STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2018

	Voya Index Plus LargeCap Portfolio			Voya Index Plus MidCap Portfolio			Voya Index Plus SmallCap Portfolio
ASSETS:
Investments in securities at fair value+*		$	834,864,230		$	476,482,745		$	233,366,645
Short-term investments at fair value**			10,734,975			7,061,007			7,232,321
Cash			280,421			181,106			48,728
Cash collateral for futures			371,285			78,640			27,685
Receivables:
Fund shares sold			4,427,404			1,041,311			848,133
Dividends			1,096,385			652,964			232,375
Prepaid expenses			4,099			3,011			1,394
Other assets			94,155			56,767			28,827
Total assets			851,872,954			485,557,551			241,786,108
LIABILITIES:
Payable for fund shares redeemed			107,727			—			—
Payable upon receipt of securities loaned			2,635,975			4,367,007			6,171,321
Payable for investment management fees			332,602			212,879			104,279
Payable for distribution and shareholder service fees			26,638			14,403			11,024
Payable for directors fees			4,557			3,009			1,464
Payable to directors under the deferred compensation plan (Note 6)			94,155			56,767			28,827
Other accrued expenses and liabilities			121,226			138,101			59,240
Total liabilities			3,322,880			4,792,166			6,376,155
NET ASSETS		$	848,550,074		$	480,765,385		$	235,409,953
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	723,588,096		$	474,899,039		$	217,836,439
Total distributable earnings			124,961,978			5,866,346			17,573,514
NET ASSETS		$	848,550,074		$	480,765,385		$	235,409,953
+ Including securities loaned at value		$	2,503,753		$	4,222,634		$	5,995,400
* Cost of investments in securities		$	796,514,652		$	527,054,266		$	254,178,857
** Cost of short-term investments		$	10,734,975		$	7,061,007		$	7,232,321
Class ADV
Net assets		$	1,016,444			n/a			n/a
Shares authorized			100,000,000			n/a			n/a
Par value		$	0.001			n/a			n/a
Shares outstanding			41,642			n/a			n/a
Net asset value and redemption price per share		$	24.41			n/a			n/a
Class I
Net assets		$	728,383,303		$	415,218,541		$	185,211,715
Shares authorized			200,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			29,560,276			24,107,185			9,096,670
Net asset value and redemption price per share		$	24.64		$	17.22		$	20.36
Class S
Net assets		$	119,150,327		$	65,546,844		$	50,198,238
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			4,877,252			3,871,175			2,496,880
Net asset value and redemption price per share		$	24.43		$	16.93		$	20.10

See Accompanying Notes to Financial Statements

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STATEMENTS OF OPERATIONS for the year ended December 31, 2018

	Voya Index Plus LargeCap Portfolio			Voya Index Plus MidCap Portfolio			Voya Index Plus SmallCap Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	17,870,691		$	10,233,241		$	3,880,211
Interest			3,037			1,854			1,599
Securities lending income, net			19,003			75,648			143,484
Settlement income (Note 13)			—			—			119,407
Other			36,631			73,108			—
Total investment income			17,929,362			10,383,851			4,144,701
EXPENSES:
Investment management fees			4,098,065			3,009,194			1,464,541
Distribution and shareholder service fees:
Class ADV			1,848			—			—
Class S			273,548			205,234			158,500
Transfer agent fees			1,126			673			423
Shareholder reporting expense			61,275			47,450			31,755
Professional fees			64,960			45,095			26,065
Custody and accounting expense			93,520			80,150			35,500
Directors fees			36,454			24,074			11,716
License fee (Note 7)			91,075			60,189			29,293
Miscellaneous expense			46,058			24,606			14,094
Interest expense			622			2,176			57
Total expenses			4,768,551			3,498,841			1,771,944
Brokerage commission recapture			(271)			—			—
Net expenses			4,768,280			3,498,841			1,771,944
Net investment income			13,161,082			6,885,010			2,372,757
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			75,542,590			51,021,623			36,488,897
Futures			(571,202)			(244,343)			24,147
Net realized gain			74,971,388			50,777,280			36,513,044
Net change in unrealized appreciation (depreciation) on:
Investments			(150,904,945)			(137,464,029)			(71,371,647)
Futures			(486,580)			(186,188)			(28,684)
Net change in unrealized appreciation (depreciation)			(151,391,525)			(137,650,217)			(71,400,331)
Net realized and unrealized loss			(76,420,137)			(86,872,937)			(34,887,287)
Decrease in net assets resulting from operations		$	(63,259,055)		$	(79,987,927)		$	(32,514,530)
* Foreign taxes withheld		$	165		$	—		$	2,277

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Index Plus LargeCap Portfolio						Voya Index Plus MidCap Portfolio
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
FROM OPERATIONS:
Net investment income		$	13,161,082		$	12,817,109		$	6,885,010		$	6,018,081
Net realized gain			74,971,388			71,905,513			50,777,280			71,511,360
Net change in unrealized appreciation (depreciation)			(151,391,525)			97,504,637			(137,650,217)			5,017,364
Increase (decrease) in net assets resulting from operations			(63,259,055)			182,227,259			(79,987,927)			82,546,805
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):(1)
Class ADV			(8)			—			—			—
Class I			(76,085,743)			(24,934,795)			(66,959,054)			(42,684,837)
Class S			(8,470,148)			(3,375,045)			(10,364,053)			(7,273,661)
Total distributions			(84,555,899)			(28,309,840)			(77,323,107)			(49,958,498)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			92,588,714			33,191,342			8,091,470			16,226,066
Proceeds from shares issued in merger (Note 12)			77,041,560			—			—			—
Reinvestment of distributions			84,555,899			28,309,840			77,323,107			49,958,498
			254,186,173			61,501,182			85,414,577			66,184,564
Cost of shares redeemed			(132,226,578)			(123,408,714)			(95,227,288)			(116,080,775)
Net increase (decrease) in net assets resulting from capital share transactions			121,959,595			(61,907,532)			(9,812,711)			(49,896,211)
Net increase (decrease) in net assets			(25,855,359)			92,009,887			(167,123,745)			(17,307,904)
NET ASSETS:
Beginning of year or period			874,405,433			782,395,546			647,889,130			665,197,034
End of year or period		$	848,550,074		$	874,405,433		$	480,765,385		$	647,889,130

(1)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Index Plus SmallCap Portfolio
	Year Ended December 31, 2018			Year Ended December 31, 2017
FROM OPERATIONS:
Net investment income		$	2,372,757		$	2,364,998
Net realized gain			36,513,044			36,712,740
Net change in unrealized appreciation (depreciation)			(71,400,331)			(10,894,650)
Increase (decrease) in net assets resulting from operations			(32,514,530)			28,183,088
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):(1)
Class I			(30,862,874)			(22,084,798)
Class S			(8,502,547)			(6,825,227)
Total distributions			(39,365,421)			(28,910,025)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			10,663,284			13,519,968
Reinvestment of distributions			39,365,421			28,910,025
			50,028,705			42,429,993
Cost of shares redeemed			(39,735,096)			(70,891,173)
Net increase (decrease) in net assets resulting from capital share transactions			10,293,609			(28,461,180)
Net decrease in net assets			(61,586,342)			(29,188,117)
NET ASSETS:
Beginning of year or period			296,996,295			326,184,412
End of year or period		$	235,409,953		$	296,996,295

(1)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

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

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense 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 Index Plus LargeCap Portfolio
Class ADV
08-24-18(5) -
12-31-18		28.07		0.10•		(3.76)		(3.66)		0.00*		—		—		0.00*		—		24.41		(13.04)		0.99		0.99		0.99		1.08		1,016		72
Class I
12-31-18		29.11		0.41•		(2.18)		(1.77)		0.43		2.27		—		2.70		—		24.64		(6.82)		0.49		0.49		0.49		1.47		728,383		72
12-31-17		24.19		0.42•		5.41		5.83		0.42		0.49		—		0.91		—		29.11		24.64		0.48		0.46		0.46		1.58		774,135		56
12-31-16		22.32		0.42•		1.83		2.25		0.38		—		—		0.38		—		24.19		10.27		0.49		0.44		0.44		1.85		678,267		96
12-31-15		22.48		0.39•		(0.19)		0.20		0.36		—		—		0.36		—		22.32		0.84		0.49		0.44		0.44		1.74		565,257		66
12-31-14		20.05		0.33•		2.41		2.74		0.31		—		—		0.31		—		22.48		13.86		0.44		0.44		0.44		1.58		639,454		72
Class S
12-31-18		28.87		0.34•		(2.16)		(1.82)		0.35		2.27		—		2.62		—		24.43		(7.04)		0.74		0.74		0.74		1.23		119,150		72
12-31-17		24.00		0.35•		5.37		5.72		0.36		0.49		—		0.85		—		28.87		24.30		0.73		0.71		0.71		1.33		100,271		56
12-31-16		22.14		0.36•		1.82		2.18		0.32		—		—		0.32		—		24.00		9.99		0.74		0.69		0.69		1.59		104,129		96
12-31-15		22.29		0.33•		(0.18)		0.15		0.30		—		—		0.30		—		22.14		0.63		0.74		0.69		0.69		1.49		109,690		66
12-31-14		19.89		0.28•		2.38		2.66		0.26		—		—		0.26		—		22.29		13.54		0.69		0.69		0.69		1.33		129,744		72
Voya Index Plus MidCap Portfolio
Class I
12-31-18		22.95		0.25•		(3.12)		(2.87)		0.23		2.63		—		2.86		—		17.22		(14.34)		0.55		0.55		0.55		1.18		415,219		68
12-31-17		21.87		0.21•		2.62		2.83		0.30		1.45		—		1.75		—		22.95		13.58		0.53		0.51		0.51		0.96		559,342		75
12-31-16		20.74		0.23		3.18		3.41		0.22		2.06		—		2.28		—		21.87		18.14		0.54		0.49		0.49		1.11		561,057		99
12-31-15		24.58		0.22		(0.45)		(0.23)		0.23		3.38		—		3.61		—		20.74		(1.79)		0.54		0.49		0.49		0.94		513,583		90
12-31-14		23.62		0.21•		1.95		2.16		0.19		1.01		—		1.20		—		24.58		9.56		0.49		0.49		0.49		0.89		577,230		72
Class S
12-31-18		22.59		0.19•		(3.05)		(2.86)		0.17		2.63		—		2.80		—		16.93		(14.52)		0.80		0.80		0.80		0.93		65,547		68
12-31-17		21.55		0.15•		2.58		2.73		0.24		1.45		—		1.69		—		22.59		13.29		0.78		0.76		0.76		0.71		88,547		75
12-31-16		20.46		0.19		3.12		3.31		0.16		2.06		—		2.22		—		21.55		17.83		0.79		0.74		0.74		0.86		104,140		99
12-31-15		24.29		0.15•		(0.44)		(0.29)		0.16		3.38		—		3.54		—		20.46		(2.06)		0.79		0.74		0.74		0.69		102,389		90
12-31-14		23.35		0.15•		1.93		2.08		0.13		1.01		—		1.14		—		24.29		9.30		0.74		0.74		0.74		0.63		123,119		72
Voya Index Plus SmallCap Portfolio
Class I
12-31-18		26.78		0.22•		(2.95)		(2.73)		0.24		3.45		—		3.69		—		20.36		(12.40) (a)		0.55		0.55		0.55		0.86(b)		185,212		67
12-31-17		26.91		0.22•		2.25		2.47		0.25		2.35		—		2.60		—		26.78		9.91		0.54		0.52		0.52		0.83		231,351		65
12-31-16		21.97		0.23		5.57		5.80		0.20		0.66		—		0.86		—		26.91		27.32		0.55		0.50		0.50		0.95		243,530		60
12-31-15		22.90		0.19•		(0.92)		(0.73)		0.20		—		—		0.20		—		21.97		(3.21)		0.55		0.50		0.50		0.81		199,425		46
12-31-14		21.86		0.18•		1.00		1.18		0.14		—		—		0.14		—		22.90		5.44		0.50		0.50		0.50		0.84		226,277		40
Class S
12-31-18		26.47		0.15•		(2.91)		(2.76)		0.16		3.45		—		3.61		—		20.10		(12.62) (a)		0.80		0.80		0.80		0.61(b)		50,198		67
12-31-17		26.63		0.15•		2.22		2.37		0.18		2.35		—		2.53		—		26.47		9.60		0.79		0.77		0.77		0.58		65,645		65
12-31-16		21.74		0.16•		5.53		5.69		0.14		0.66		—		0.80		—		26.63		27.01		0.80		0.75		0.75		0.70		82,654		60
12-31-15		22.66		0.13•		(0.91)		(0.78)		0.14		—		—		0.14		—		21.74		(3.47)		0.80		0.75		0.75		0.55		75,891		46
12-31-14		21.62		0.13•		1.00		1.13		0.09		—		—		0.09		—		22.66		5.24		0.75		0.75		0.75		0.59		92,574		40

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

(1)

(2)

Annualized for periods less than one year.

(3)

(4)

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

(5)

Commencement of operations.

(a)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018, Voya Index Plus SmallCap Portfolio’s total returns would have been (12.44)% and (12.66)% for Class I and S, respectively.

(b)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018, Voya Index Plus SmallCap Portfolio’s Net Investment Income Ratios would have been 0.82% and 0.57% for Class I and S, respectively.

•

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2018

NOTE 1 — ORGANIZATION

The classes of shares included in this report are: Adviser (“Class ADV”), Class I and Class S. With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if applicable.

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 the 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 is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The data reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic communications networks, and third-market broker-dealers. The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio’s assets attributable to that class, subtracting the Portfolio’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio’s assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio’s assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

When a market quotation is not readily available or is deemed unreliable, each Portfolio will determine a fair

TABLE OF CONTENTS

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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.

TABLE OF CONTENTS

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Portfolio’s investments under these levels of classification is included following the Portfolio of Investments.

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

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

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

(1)

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

(2)

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

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

D. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Dividends from net investment income and capital gain distributions, if any, are declared and paid annually by the Portfolios. 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.

E. Federal Income Taxes. It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code and related excise tax provisions 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, no federal income tax provision is 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 any capital loss carryforwards have been fully utilized or expire.

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

F. 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.

G. Risk Exposures and the Use of Derivative Instruments. Each Portfolio’s investment strategies permit

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

it to enter into various types of derivatives contracts, including, but not limited to, futures contracts. 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:

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

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the 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.

H. Foreign Currency Transactions and Futures Contracts. Each Portfolio 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 securities. When entering into a currency forward contract, a Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed upon date. The Portfolios either enter into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or use 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. There were no forward foreign currency contracts entered into by any Portfolio during the year ended December 31, 2018.

Each Portfolio 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. Each Portfolio may buy

TABLE OF CONTENTS

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 the Portfolio’s assets are valued.

Upon entering into a futures contract, each 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 the Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. Open futures contracts are reported on a table following each Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments, if any. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in each Portfolio’s Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in each Portfolio’s Statement of Operations. Realized gains (losses) are reported in each Portfolio’s Statement of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 2018, each Portfolio had purchased futures contracts on various equity indices to “equitize” cash. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Portfolio’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are 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 the Portfolios’ securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the year ended December 31, 2018, Index Plus LargeCap, Index Plus MidCap, and Index Plus SmallCap had average notional values on futures contracts purchased of $5,865,276, $4,680,066 and $2,506,423, respectively. Please refer to the tables following each

respective Portfolio of Investments for open futures contracts at December 31, 2018.

I. Securities Lending. Each Portfolio 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.

J. Restricted Securities. Each Portfolio 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.

TABLE OF CONTENTS

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

NOTE 3 — INVESTMENT TRANSACTIONS

For the year ended December 31, 2018, the cost of purchases and the proceeds from the sale of securities, excluding short-term securities, were as follows:

	Purchases			Sales
Index Plus LargeCap		$	642,618,133		$	675,575,676
Index Plus MidCap			404,648,736			477,858,789
Index Plus SmallCap			192,835,414			220,108,495

NOTE 4 — INVESTMENT MANAGEMENT FEES

	Index Plus LargeCap			0.45%
	Index Plus MidCap			0.50%
	Index Plus SmallCap			0.50%

The Investment Adviser has entered into a sub-advisory agreement 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 the Portfolios’ investment objectives, policies, and limitations.

NOTE 5 — DISTRIBUTION FEES

Class ADV and Class S shares of the respective Portfolios are subject to a shareholder service and distribution plan

(each a “Plan” and collectively, the “Plans”), whereby the Distributor is compensated by each Portfolio for expenses incurred for shareholder servicing and/or the distribution of each respective Portfolio’s Class ADV and Class S shares. Pursuant to the Plan, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of each respective Portfolio’s Class ADV and Class S shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees paid to securities dealers who have executed a distribution agreement with the Distributor.

Under the Plan for Class ADV shares of Index Plus LargeCap, the Distributor is paid an annual shareholder service fee at the rate of 0.25% of Index Plus LargeCap’s average daily net assets attributable to its Class ADV shares and an annual distribution fee at the rate of 0.25% of Index Plus LargeCap’s average daily net assets attributable to its Class ADV shares.

Under the Plan, Class S shares of the Portfolios pay the Distributor a fee calculated at an annual rate of 0.25% of average daily net assets attributable to each Portfolio’s Class S shares.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

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

Entity	Portfolios	Percentage
ReliaStar Life Insurance Company	Index Plus SmallCap		5.50%
Voya Insurance and Annuity Company	Index Plus LargeCap		13.67
	Index Plus MidCap		12.51
	Index Plus SmallCap		19.88
Voya Retirement Insurance and Annuity Company	Index Plus LargeCap		59.97
	Index Plus MidCap		79.62
	Index Plus SmallCap		70.10

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

TABLE OF CONTENTS

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

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

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

NOTE 7 — LICENSING FEE

Effective January 1, 2018, the Portfolios pay an annual licensing fee to S&P Opco, LLC.

NOTE 8 — EXPENSE LIMITATION AGREEMENT

The Investment Adviser has entered into a written expense limitation agreement (“Expense Limitation Agreement”) with each Portfolio 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 S
Index Plus LargeCap		1.05%		0.55%		0.80%
Index Plus MidCap		N/A		0.60%		0.85%
Index Plus SmallCap		N/A		0.60%		0.85%

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, a Portfolio’s expense

ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

As of December 31, 2018, the Portfolios did not have any amount of waived and/or reimbursed fees that would be subject to possible recoupment by the Investment Adviser.

The Expense Limitation Agreement is contractual through May 1, 2019 (except for Index Plus LargeCap, which is through May 1, 2020) and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

NOTE 9 — LINE OF CREDIT

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

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

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Index Plus LargeCap		4		$	1,086,000		2.91%
Index Plus MidCap		5			5,365,400		2.71

TABLE OF CONTENTS

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

NOTE 10 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Index Plus LargeCap
Class ADV
8/24/2018(1) - 12/31/2018		10,912		36,788		—*		(6,058)		41,642		295,322		1,032,756		8		(163,885)		1,164,201
Class I
12/31/2018		3,236,628		840,937		2,841,126		(3,949,938)		2,968,753		91,675,762		23,790,644		76,085,743		(110,079,915)		81,472,234
12/31/2017		1,248,173		—		980,913		(3,671,316)		(1,442,230)		32,728,145		—		24,934,795		(96,509,424)		(38,846,484)
Class S
12/31/2018		21,423		1,860,084		318,424		(795,373)		1,404,558		617,630		52,218,160		8,470,148		(21,982,778)		39,323,160
12/31/2017		18,104		—		133,612		(1,017,345)		(865,629)		463,197		—		3,375,045		(26,899,290)		(23,061,048)
Index Plus MidCap
Class I
12/31/2018		306,478		—		3,311,523		(3,885,302)		(267,301)		6,571,479		—		66,959,054		(81,805,772)		(8,275,239)
12/31/2017		654,062		—		2,008,322		(3,946,704)		(1,284,320)		14,633,990		—		42,684,837		(87,037,517)		(29,718,690)
Class S
12/31/2018		81,385		—		520,545		(649,663)		(47,733)		1,519,991		—		10,364,053		(13,421,516)		(1,537,472)
12/31/2017		73,006		—		346,963		(1,333,343)		(913,374)		1,592,076		—		7,273,661		(29,043,258)		(20,177,521)
Index Plus SmallCap
Class I
12/31/2018		361,431		—		1,273,746		(1,178,100)		457,077		9,111,104		—		30,862,874		(29,610,704)		10,363,274
12/31/2017		476,912		—		889,082		(1,774,760)		(408,766)		12,650,997		—		22,084,798		(46,540,504)		(11,804,709)
Class S
12/31/2018		67,590		—		354,864		(405,294)		17,160		1,552,180		—		8,502,547		(10,124,392)		(69,665)
12/31/2017		33,633		—		277,448		(935,145)		(624,064)		868,971		—		6,825,227		(24,350,669)		(16,656,471)

Amount is less than .50 per share.

(1)

Commencement of Operations

NOTE 11 — SECURITIES LENDING

Under a Master Securities Lending Agreement (the “Agreement”) with BNY, the Portfolios can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral must be 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 provided that the cash collateral is invested solely in overnight repurchase agreements.

TABLE OF CONTENTS

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

NOTE 11 — SECURITIES LENDING (continued)

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 the Portfolios.

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

Index Plus LargeCap

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Citigroup Global Markets Inc.		$	543,961		$	(543,961)		$	—
Goldman, Sachs & Co. LLC			4,645			(4,645)			—
J.P. Morgan Securities LLC			1,526,245			(1,526,245)			—
Wells Fargo Securities LLC			428,902			(428,902)			—
Total		$	2,503,753		$	(2,503,753)		$	—

(1)

Collateral with a fair value of $2,635,975 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Index Plus MidCap

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Citigroup Global Markets Inc.		$	250,105		$	(250,105)		$	—
Goldman, Sachs & Co. LLC			2,188			(2,188)			—
J.P. Morgan Securities LLC			755,111			(755,111)			—
Merrill Lynch, Pierce, Fenner & Smith Inc.			208,120			(208,120)			—
Morgan Stanley & Co. LLC			1,259,261			(1,259,261)			—
National Bank Of Canada Financial Inc			1,379,981			(1,379,981)			—
Scotia Capital (USA) INC			44,340			(44,340)			—
Wells Fargo Bank NA			321,715			(321,715)			—
Wells Fargo Securities LLC			1,813			(1,813)			—
Total		$	4,222,634		$	(4,222,634)		$	—

(1)

Collateral with a fair value of $4,367,007 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Index Plus SmallCap

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BMO Capital Markets Corp		$	348,056		$	(348,056)		$	—
BNP Paribas Prime Brokerage Intl Ltd			207,613			(207,613)			—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Citadel Securities LLC			196,008			(196,008)			—
Citadel Clearing LLC			832,027			(832,027)			—
Citigroup Global Markets Inc.			39,368			(39,368)			—
Credit Suisse Securities (USA) LLC			388,905			(388,905)			—
Deutsche Bank Securities Inc.			94,446			(94,446)			—
Goldman, Sachs & Co. LLC			1,427,440			(1,427,440)			—
Industrial And Commercial Bank Of China			29,085			(29,085)			—
J.P. Morgan Securities LLC			12,841			(12,841)			—
Janney Montgomery Scott LLC			4,092			(4,092)			—
Jefferies LLC			246,582			(246,582)			—
Morgan Stanley & Co. LLC			1,108,066			(1,108,066)			—
National Bank Of Canada Financial INC			788,705			(788,705)			—
National Financial Services LLC			92,147			(92,147)			—
Natixis Securities America LLC			73,865			(73,865)			—
RBC Dominion Securities Inc			17,702			(17,702)			—
SG Americas Securities, LLC			7,084			(7,084)			—
Scotia Capital (USA) INC			81,368			(81,368)			—
Total		$	5,995,400		$	(5,995,400)		$	—

(1)

Collateral with a fair value of $6,171,321 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

NOTE 12 — REORGANIZATIONS

On August 24, 2018, Index Plus LargeCap (“Acquiring Portfolio”) acquired all of the net assets and assumed all liabilities of Voya Multi-Manager Large Cap Core Portfolio (“Acquired Portfolio”), an open-end investment company that is not included in this report, in a tax-free reorganization in exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization approved by the shareholders of the Acquired Portfolio on August 7, 2018. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio were carried forward to align ongoing reporting of the Acquiring Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed on January 1, 2018, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio’s pro forma results of operations for the year ended December 31, 2018, are as follows:

Net investment income	$	14,800,376
Net realized and unrealized loss on investments	$	(79,829,045)
Net decrease in net assets resulting from operations	$	(65,028,669)

TABLE OF CONTENTS

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

NOTE 12 — REORGANIZATIONS (continued)

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Portfolio that have been included in the Acquiring Portfolio’s statement of operations since August 24, 2018. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:

	Total Net Assets of Acquired Portfolio (000s)			Total Net Assets of Acquiring Portfolio (000s)						Acquired Portfolio’s Capital Loss Carryforwards (000s)						Acquired Portfolio’s Unrealized Appreciation (000s)						Portfolios’ Conversion Ratio
	$77,042				$	938,800					$	0					$	4,563						0.1753

The net assets of the Acquiring Portfolio after the acquisition of Acquired Portfolio were $1,015,841,520.

NOTE 13 — SECURITIES LENDING SETTLEMENT

In February 2018, Voya Investments and Directed Services LLC (collectively, the “Respondent”) entered into a settlement agreement (the “Settlement”) with the Securities and Exchange Commission related to certain securities lending practices employed within various insurance-dedicated Voya mutual funds. The Respondent paid disgorgement, prejudgment interest and a civil money penalty of $3,647,469, including payments to the impacted mutual funds totaling $2,024,355. During the year ended December 31, 2018, Index Plus SmallCap received a payment of $119,407 related to the Settlement and such amount is recorded in Settlement Income in the accompanying Statements of Operations.

NOTE 14 — FEDERAL INCOME TAXES

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

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

	Year Ended December 31, 2018						Year Ended December 31, 2017
	Ordinary Income			Long-term Capital Gains			Ordinary Income			Long-term Capital Gains
Index Plus LargeCap		$	30,158,081		$	54,397,818		$	13,052,639		$	15,257,201
Index Plus MidCap			20,844,956			56,478,151			11,823,557			38,134,941
Index Plus SmallCap			7,344,381			32,021,040			3,831,342			25,078,683

The tax-basis components of distributable earnings as of December 31, 2018 were:

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)
Index Plus LargeCap		$	13,168,489		$	74,427,076		$	37,512,656
Index Plus MidCap			18,955,148			38,056,004			(51,070,205)
Index Plus SmallCap			7,909,130			30,755,468			(21,052,918)

At December 31, 2018, the Portfolios did not have any capital loss carryovers for U.S. federal income tax purposes.

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

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

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

	Index Plus LargeCap			Index Plus MidCap			Index Plus SmallCap
Distributions from net investment income:
Class I		$	(11,620,498)		$	(7,347,533)		$	(2,087,309)
Class S			(1,432,141)			(1,042,875)			(473,519)
		$	(13,052,639)		$	(8,390,408)		$	(2,560,828)
Distributions from net realized gains:
Class I		$	(13,314,297)		$	(35,337,304)		$	(19,997,489)
Class S			(1,942,904)			(6,230,786)			(6,351,708)
		$	(15,257,201)		$	(41,568,090)		$	(26,349,197)
Undistributed net investment income at end of year		$	13,124,069		$	5,947,461		$	2,328,567

NOTE 15 — OTHER ACCOUNTING PRONOUNCEMENTS

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2017-08,

TABLE OF CONTENTS

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

NOTE 15 — OTHER ACCOUNTING PRONOUNCEMENTS (continued)

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

eliminates, adds and modifies certain disclosure requirements for fair value measurements. ASU 2018-13 will be effective for annual periods beginning after December 15, 2019. As of December 31, 2018, management of the Portfolios is currently assessing the potential impact to financial statement disclosure that may result from adopting these ASUs.

NOTE 16 — SUBSEQUENT EVENTS

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Index Plus LargeCap Portfolio

as of December 31, 2018

Shares				Value			Percentage of Net Assets
COMMON STOCK: 98.4%
			Communication Services: 9.0%
	18,691	(1)	Alphabet, Inc. - Class A		$	19,531,347		2.3
	301,226		Comcast Corp. – Class A			10,256,745		1.2
	88,810	(1)	Facebook, Inc. - Class A			11,642,103		1.4
	216,861		Verizon Communications, Inc.			12,191,926		1.4
	65,815		Walt Disney Co.			7,216,615		0.9
	827,464	(2)(3)	Other Securities			15,282,869		1.8
						76,121,605		9.0
			Consumer Discretionary: 9.0%
	12,764	(1)	Amazon.com, Inc.			19,171,145		2.3
	3,660	(1)	Booking Holdings, Inc.			6,304,057		0.7
	76,256		Home Depot, Inc.			13,102,306		1.5
	78,322		Ross Stores, Inc.			6,516,390		0.8
	499,110	(3)	Other Securities			31,389,813		3.7
						76,483,711		9.0
			Consumer Staples: 6.9%
	162,018		Altria Group, Inc.			8,002,069		0.9
	156,975		Procter & Gamble Co.			14,429,142		1.7
	87,930		Walmart, Inc.			8,190,679		1.0
	564,224		Other Securities			28,284,126		3.3
						58,906,016		6.9
			Energy: 5.5%
	125,352		Chevron Corp.			13,637,044		1.6
	103,574		ConocoPhillips			6,457,839		0.8
	94,257		Exxon Mobil Corp.			6,427,385		0.7
	412,019		Other Securities			20,382,694		2.4
						46,904,962		5.5
			Financials: 13.6%
	71,593		Allstate Corp.			5,915,730		0.7
	55,393		Ameriprise Financial, Inc.			5,781,367		0.7
	515,845		Bank of America Corp.			12,710,421		1.5
	48,841	(1)	Berkshire Hathaway, Inc. – Class B			9,972,355		1.2
	126,358		Citigroup, Inc.			6,578,198		0.8
	75,072		Comerica, Inc.			5,156,696		0.6
	144,457		JPMorgan Chase & Co.			14,101,892		1.6
	38,758		S&P Global, Inc.			6,586,535		0.8
	1,350,044	(3)	Other Securities			48,945,271		5.7
						115,748,465		13.6
			Health Care: 15.5%
	65,747		AbbVie, Inc.			6,061,216		0.7
	54,842		Amgen, Inc.			10,676,092		1.3
	36,647		Cigna Corp.			6,959,998		0.8
	47,118		HCA Healthcare, Inc.			5,863,835		0.7
	28,577	(1)	Idexx Laboratories, Inc.			5,315,894		0.6
	102,917		Johnson & Johnson			13,281,439		1.6
	114,540		Merck & Co., Inc.			8,752,002		1.0
	339,519		Pfizer, Inc.			14,820,004		1.8
	55,331		UnitedHealth Group, Inc.			13,784,059		1.6
	63,758		Zoetis, Inc.			5,453,859		0.6
	491,113	(3)	Other Securities			40,436,548		4.8
						131,404,946		15.5

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Industrials: 9.0%
	37,277		Boeing Co.		$	12,021,833		1.4
	129,328		Delta Air Lines, Inc.			6,453,467		0.8
	63,940		Honeywell International, Inc.			8,447,753		1.0
	70,064		Ingersoll-Rand PLC - Class A			6,391,939		0.7
	53,425		Union Pacific Corp.			7,384,938		0.9
	84,274		Waste Management, Inc.			7,499,543		0.9
	458,720	(3)	Other Securities			27,711,136		3.3
						75,910,609		9.0
			Information Technology: 21.0%
	46,861	(1)	Adobe, Inc.			10,601,833		1.2
	175,216		Apple, Inc.			27,638,572		3.3
	311,858		Cisco Systems, Inc.			13,512,807		1.6
	59,604		Citrix Systems, Inc.			6,107,026		0.7
	74,598	(1)	Fortinet, Inc.			5,253,937		0.6
	39,503		Mastercard, Inc. - Class A			7,452,241		0.9
	273,688		Microsoft Corp.			27,798,490		3.3
	92,711		Texas Instruments, Inc.			8,761,189		1.0
	77,257		Total System Services, Inc.			6,280,222		0.7
	1,067,001	(3)	Other Securities			64,931,845		7.7
						178,338,162		21.0
			Materials: 2.3%
	367,110		Other Securities			19,561,842		2.3
			Real Estate: 2.9%
	661,508	(3)	Other Securities			24,319,516		2.9
			Utilities: 3.7%
	90,150		Ameren Corp.			5,880,484		0.7
	148,163		Exelon Corp.			6,682,151		0.8
	583,726		Other Securities			18,601,761		2.2
						31,164,396		3.7
			Total Common Stock (Cost $796,514,652)			834,864,230		98.4

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 1.3%

Securities Lending Collateral(4): 0.3%

1,000,000

Cantor Fitzgerald Securities,
Repurchase Agreement
dated 12/31/18, 3.35%, due
01/02/19 (Repurchase
Amount $1,000,184,
collateralized by various U.S.
Government/U.S.
Government Agency
Obligations,
0.000%-10.000%, Market
Value plus accrued interest
$1,020,000, due
01/25/19-10/20/68)

1,000,000

0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Index Plus LargeCap Portfolio

as of December 31, 2018 (continued)

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateral(4) (continued)
	635,975	Mizuho Securities USA LLC, Repurchase Agreement dated 12/31/18, 2.95%, due 01/02/19 (Repurchase Amount $636,078, collateralized by various U.S. Government Agency Obligations, 2.000%-5.500%, Market Value plus accrued interest $648,694, due 02/01/31-02/20/48)		$	635,975		0.1
	1,000,000	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $1,000,165, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $1,020,000, due 10/01/25-10/20/48)			1,000,000		0.1
					2,635,975		0.3

Shares				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Mutual Funds: 1.0%
	8,099,000	(5)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340% (Cost $8,099,000)		$	8,099,000		1.0
			Total Short-Term Investments (Cost $10,734,975)			10,734,975		1.3
			Total Investments in Securities (Cost $807,249,627)		$	845,599,205		99.7
			Assets in Excess of Other Liabilities			2,950,869		0.3
			Net Assets		$	848,550,074		100.0

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Non-income producing security.

(2)

The grouping contains securities on loan.

(3)

The grouping contains non-income producing securities.

(4)

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

(5)

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

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Asset Table
Investments, at fair value
Common Stock*		$	834,864,230		$	—		$	—		$	834,864,230
Short-Term Investments			8,099,000			2,635,975			—			10,734,975
Total Investments, at fair value		$	842,963,230		$	2,635,975		$	—		$	845,599,205
Liabilities Table
Other Financial Instruments+
Futures			(485,426)			—			—			(485,426)
Total Liabilities		$	(485,426)		$	—		$	—		$	(485,426)

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.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Index Plus LargeCap Portfolio

as of December 31, 2018 (continued)

At December 31, 2018, the following futures contracts were outstanding for Voya Index Plus LargeCap Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P 500® E-Mini		84		03/15/19		$	10,521,840		$	(485,426)
						$	10,521,840		$	(485,426)

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

The fair value of derivative instruments as of December 31, 2018 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Net Assets — Unrealized depreciation*		$	485,426
Total Liability Derivatives			$	485,426

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

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(571,202)
Total		$	(571,202)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(486,580)
Total		$	(486,580)

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

Cost for federal income tax purposes was $807,601,124.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	97,549,919
Gross Unrealized Depreciation		(60,037,263)
Net Unrealized Appreciation	$	37,512,656

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Index Plus MidCap Portfolio

as of December 31, 2018

Shares				Value			Percentage of Net Assets
COMMON STOCK: 99.1%
			Communication Services: 2.3%
	354,077	(1)(2)	Other Securities		$	11,114,796		2.3
			Consumer Discretionary: 12.1%
	67,726		Brunswick Corp.			3,145,873		0.7
	25,516	(3)	Deckers Outdoor Corp.			3,264,772		0.7
	22,030		Domino’s Pizza, Inc.			5,463,220		1.1
	116,365		Service Corp. International			4,684,855		1.0
	1,240,106	(1)(2)	Other Securities			41,561,875		8.6
						58,120,595		12.1
			Consumer Staples: 3.1%
	39,219		Ingredion, Inc.			3,584,617		0.7
	40,198	(3)	Post Holdings, Inc.			3,582,848		0.7
	157,388		Other Securities			8,013,857		1.7
						15,181,322		3.1
			Energy: 3.5%
	1,795,719	(1)(2)	Other Securities			16,926,535		3.5
			Financials: 16.3%
	87,435		East West Bancorp, Inc.			3,806,046		0.8
	37,170		Evercore, Inc.			2,659,885		0.6
	87,216		First American Financial Corp.			3,893,322		0.8
	211,990		Old Republic International Corp.			4,360,634		0.9
	34,099		Primerica, Inc.			3,331,813		0.7
	30,881		Reinsurance Group of America, Inc.			4,330,443		0.9
	87,705		Synovus Financial Corp.			2,805,683		0.6
	159,900		TCF Financial Corp.			3,116,451		0.6
	48,330		Wintrust Financial Corp.			3,213,462		0.7
	1,490,009	(1)(2)	Other Securities			46,834,418		9.7
						78,352,157		16.3
			Health Care: 10.2%
	33,663	(3)	Charles River Laboratories International, Inc.			3,809,978		0.8
	10,263		Chemed Corp.			2,907,303		0.6
	66,126		Encompass Health Corp.			4,079,974		0.9
	45,970		Hill-Rom Holdings, Inc.			4,070,643		0.8
	38,288	(3)	Masimo Corp.			4,110,983		0.9
	643,802	(2)	Other Securities			29,891,095		6.2
						48,869,976		10.2
			Industrials: 14.8%
	36,974		Crane Co.			2,668,783		0.5
	36,620		Curtiss-Wright Corp.			3,739,634		0.8
	53,321		EMCOR Group, Inc.			3,182,731		0.7
	42,396		IDEX Corp.			5,352,919		1.1

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Industrials (continued)
	43,652		Manpowergroup, Inc.		$	2,828,650		0.6
	36,957		MSC Industrial Direct Co.			2,842,732		0.6
	85,812		Timken Co.			3,202,504		0.7
	77,540		Toro Co.			4,332,935		0.9
	1,224,284	(1)(2)	Other Securities			42,914,319		8.9
						71,065,207		14.8
			Information Technology: 15.2%
	98,636		Avnet, Inc.			3,560,760		0.7
	23,046	(3)	Fair Isaac Corp.			4,309,602		0.9
	43,859		j2 Global, Inc.			3,042,937		0.6
	148,687		Jabil, Inc.			3,685,951		0.8
	44,508		MKS Instruments, Inc.			2,875,662		0.6
	123,701	(3)	NCR Corp.			2,855,019		0.6
	125,924		Sabre Corp.			2,724,995		0.6
	91,463		Teradyne, Inc.			2,870,109		0.6
	161,841		Vishay Intertechnology, Inc.			2,914,756		0.6
	805,233	(2)	Other Securities			44,147,140		9.2
						72,986,931		15.2
			Materials: 6.2%
	142,874		Louisiana-Pacific Corp.			3,174,660		0.7
	133,514		Steel Dynamics, Inc.			4,010,761		0.8
	625,593	(1)	Other Securities			22,465,462		4.7
						29,650,883		6.2
			Real Estate: 9.5%
	29,665		Camden Property Trust			2,612,003		0.5
	404,850		Cousins Properties, Inc.			3,198,315		0.7
	124,916		First Industrial Realty Trust, Inc.			3,605,076		0.8
	85,449		Highwoods Properties, Inc.			3,306,022		0.7
	139,616		Hospitality Properties Trust			3,334,030		0.7
	65,218		Lamar Advertising Co.			4,511,781		0.9
	875,912	(1)(2)	Other Securities			24,970,420		5.2
						45,537,647		9.5
			Utilities: 5.9%
	41,870		Idacorp, Inc.			3,896,422		0.8
	62,704		National Fuel Gas Co.			3,209,191		0.6
	51,261		NorthWestern Corp.			3,046,954		0.6
	68,243		PNM Resources, Inc.			2,804,105		0.6
	97,863		UGI Corp.			5,220,991		1.1
	275,357	(2)	Other Securities			10,499,033		2.2
						28,676,696		5.9
			Total Common Stock (Cost $527,054,266)			476,482,745		99.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Index Plus MidCap Portfolio

as of December 31, 2018 (continued)

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.5%
		Securities Lending Collateral(4): 0.9%
	1,037,386	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $1,037,576, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $1,058,134, due 01/25/19-10/20/68)		$	1,037,386		0.2
	1,037,386	Daiwa Capital Markets, Repurchase Agreement dated 12/31/18, 3.05%, due 01/02/19 (Repurchase Amount $1,037,559, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $1,058,134, due 01/25/19-02/01/49)			1,037,386		0.2
	217,463	Mizuho Securities USA LLC, Repurchase Agreement dated 12/31/18, 2.92%, due 01/02/19 (Repurchase Amount $217,498, collateralized by various U.S. Government Securities, 1.875%-2.625%, Market Value plus accrued interest $221,812, due 02/29/24-09/09/49)			217,463		0.1
	1,037,386	Nomura Securities, Repurchase Agreement dated 12/31/18, 3.00%, due 01/02/19 (Repurchase Amount $1,037,557, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $1,058,134, due 01/03/19-11/20/68)			1,037,386		0.2

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateral(4) (continued)
	1,037,386	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $1,037,558, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $1,058,134, due 10/01/25-10/20/48)		$	1,037,386		0.2
					4,367,007		0.9

Shares				Value			Percentage of Net Assets
			Mutual Funds: 0.6%
	2,694,000	(5)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340% (Cost $2,694,000)			2,694,000		0.6
			Total Short-Term Investments (Cost $7,061,007)			7,061,007		1.5
			Total Investments in Securities (Cost $534,115,273)		$	483,543,752		100.6
			Liabilities in Excess of Other Assets			(2,778,367)		(0.6)
			Net Assets		$	480,765,385		100.0

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

The grouping contains securities on loan.

(2)

The grouping contains non-income producing securities.

(3)

Non-income producing security.

(4)

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

(5)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Index Plus MidCap Portfolio

as of December 31, 2018 (continued)

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Asset Table
Investments, at fair value
Common Stock*		$	476,482,745		$	—		$	—		$	476,482,745
Short-Term Investments			2,694,000			4,367,007			—			7,061,007
Total Investments, at fair value		$	479,176,745		$	4,367,007		$	—		$	483,543,752
Liabilities Table
Other Financial Instruments+
Futures		$	(94,251)		$	—		$	—		$	(94,251)
Total Liabilities		$	(94,251)		$	—		$	—		$	(94,251)

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

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

At December 31, 2018, the following futures contracts were outstanding for Voya Index Plus MidCap Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P Mid 400 E-Mini		8		03/15/19		$	1,329,760		$	(94,251)
						$	1,329,760		$	(94,251)

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

The fair value of derivative instruments as of December 31, 2018 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Net Assets — Unrealized depreciation*		$	94,251
Total Liability Derivatives			$	94,251

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

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(244,343)
Total		$	(244,343)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Index Plus MidCap Portfolio

as of December 31, 2018 (continued)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(186,188)
Total		$	(186,188)

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

Cost for federal income tax purposes was $534,519,706.

Net unrealized depreciation consisted of:

Gross Unrealized Appreciation	$	27,332,745
Gross Unrealized Depreciation		(78,402,950)
Net Unrealized Depreciation	$	(51,070,205)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Index Plus SmallCap Portfolio

as of December 31, 2018

Shares				Value			Percentage of Net Assets
COMMON STOCK: 99.1%
			Communication Services: 2.4%
	32,265		Cogent Communications Holdings, Inc.		$	1,458,701		0.6
	497,170	(1)(2)	Other Securities			4,131,000		1.8
						5,589,701		2.4
			Consumer Discretionary: 13.1%
	45,159		Caleres, Inc.			1,256,775		0.5
	13,529		Childrens Place, Inc./The			1,218,828		0.5
	49,387		La-Z-Boy, Inc.			1,368,514		0.6
	25,731	(3)	TopBuild Corp.			1,157,895		0.5
	38,747		Wolverine World Wide, Inc.			1,235,642		0.5
	1,432,946	(1)(2)	Other Securities			24,724,579		10.5
						30,962,233		13.1
			Consumer Staples: 3.7%
	65,244	(3)	Darling Ingredients, Inc.			1,255,294		0.5
	10,029	(4)	Medifast, Inc.			1,253,826		0.5
	509,943	(1)(2)	Other Securities			6,273,112		2.7
						8,782,232		3.7
			Energy: 4.1%
	1,134,915	(1)(2)	Other Securities			9,685,090		4.1
			Financials: 18.7%
	61,385		American Equity Investment Life Holding Co.			1,715,097		0.7
	27,820		Employers Holdings, Inc.			1,167,606		0.5
	196,787		First BanCorp. Puerto Rico			1,692,368		0.7
	40,760		Great Western Bancorp, Inc.			1,273,750		0.6
	19,102	(3)	Green Dot Corp.			1,518,991		0.7
	67,231	(3)	NMI Holdings, Inc.			1,200,073		0.5
	79,370		Redwood Trust, Inc.			1,196,106		0.5
	37,892		Selective Insurance Group			2,309,139		1.0
	62,415		Simmons First National Corp.			1,506,074		0.6
	65,748		United Community Banks, Inc./GA			1,410,952		0.6
	32,170		Universal Insurance Holdings, Inc.			1,219,886		0.5
	66,677	(4)	Waddell & Reed Financial, Inc.			1,205,520		0.5
	28,509		Walker & Dunlop, Inc.			1,233,014		0.5
	1,368,417	(1)(2)	Other Securities			25,331,334		10.8
						43,979,910		18.7
			Health Care: 11.6%
	15,513	(3)	Amedisys, Inc.			1,816,727		0.8
	34,050	(3)	AMN Healthcare Services, Inc.			1,929,273		0.8
	29,733	(3)	Emergent Biosolutions, Inc.			1,762,572		0.8
	21,337	(3)	Integer Holdings Corp.			1,627,160		0.7
	30,155	(3)	Merit Medical Systems, Inc.			1,682,951		0.7

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Health Care (continued)
	826,756	(1)(2)	Other Securities		$	18,457,320		7.8
						27,276,003		11.6
			Industrials: 18.6%
	34,740		Barnes Group, Inc.			1,862,759		0.8
	21,941		EnPro Industries, Inc.			1,318,654		0.6
	76,424	(3)	Harsco Corp.			1,517,781		0.6
	44,104		Hillenbrand, Inc.			1,672,865		0.7
	36,339		Korn/Ferry International			1,436,844		0.6
	14,209		Lindsay Corp.			1,367,616		0.6
	30,972		Simpson Manufacturing Co., Inc.			1,676,514		0.7
	30,386		Skywest, Inc.			1,351,265		0.6
	21,063	(3)	SPX Corp.			589,975		0.3
	38,854	(3)	SPX FLOW, Inc.			1,181,939		0.5
	37,190		Tetra Tech, Inc.			1,925,326		0.8
	49,466		Universal Forest Products, Inc.			1,284,137		0.5
	22,739		Watts Water Technologies, Inc.			1,467,348		0.6
	875,095	(1)(2)	Other Securities			25,137,112		10.7
						43,790,135		18.6
			Information Technology: 14.4%
	31,585	(3)	Advanced Energy Industries, Inc.			1,355,944		0.6
	22,040	(3)	Fabrinet			1,130,872		0.5
	42,648	(3)	Nanometrics, Inc.			1,165,570		0.5
	30,773	(3)	Plexus Corp.			1,571,885		0.7
	43,528		Progress Software Corp.			1,544,809		0.6
	58,908	(3)	Sanmina Corp.			1,417,326		0.6
	1,018,967	(1)(2)	Other Securities			25,613,648		10.9
						33,800,054		14.4
			Materials: 4.0%
	20,248		Stepan Co.			1,498,352		0.7
	262,806	(2)	Other Securities			7,807,780		3.3
						9,306,132		4.0
			Real Estate: 6.2%
	53,502		Chesapeake Lodging Trust			1,302,774		0.5
	155,258		DiamondRock Hospitality Co.			1,409,743		0.6
	23,177		EastGroup Properties, Inc.			2,126,026		0.9
	39,848		HFF, Inc.			1,321,360		0.6
	14,128		PS Business Parks, Inc.			1,850,768		0.8
	835,487	(1)(2)	Other Securities			6,647,828		2.8
						14,658,499		6.2
			Utilities: 2.3%
	100,608		Other Securities			5,536,656		2.3
			Total Common Stock (Cost $254,178,857)			233,366,645		99.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Index Plus SmallCap Portfolio

as of December 31, 2018 (continued)

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.1%
		Securities Lending Collateral(5): 2.6%
	307,513	Bank of Nova Scotia, Repurchase Agreement dated 12/31/18, 2.95%, due 01/02/19 (Repurchase Amount $307,563, collateralized by various U.S. Government Securities, 0.000%-8.750%, Market Value plus accrued interest $313,715, due 01/08/19-09/09/49)		$	307,513		0.2
	1,465,952	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $1,466,221, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $1,495,271, due 01/25/19-10/20/68)			1,465,952		0.6
	1,465,952	Daiwa Capital Markets, Repurchase Agreement dated 12/31/18, 3.05%, due 01/02/19 (Repurchase Amount $1,466,197, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $1,495,271, due 01/25/19-02/01/49)			1,465,952		0.6
	1,465,952	Nomura Securities, Repurchase Agreement dated 12/31/18, 3.00%, due 01/02/19 (Repurchase Amount $1,466,193, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $1,495,271, due 01/03/19-11/20/68)			1,465,952		0.6

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateral(5) (continued)
	1,465,952	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $1,466,195, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $1,495,271, due 10/01/25-10/20/48)		$	1,465,952		0.6
					6,171,321		2.6

Shares				Value			Percentage of Net Assets
			Mutual Funds: 0.5%
	1,061,000	(6)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340% (Cost $1,061,000)			1,061,000		0.5
			Total Short-Term Investments (Cost $7,232,321)			7,232,321		3.1
			Total Investments in Securities (Cost $261,411,178)		$	240,598,966		102.2
			Liabilities in Excess of Other Assets			(5,189,013)		(2.2)
			Net Assets		$	235,409,953		100.0

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

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

The grouping contains securities on loan.

(2)

The grouping contains non-income producing securities.

(3)

Non-income producing security.

(4)

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

(5)

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

(6)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Index Plus SmallCap Portfolio

as of December 31, 2018 (continued)

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Asset Table
Investments, at fair value
Common Stock*		$	233,366,645		$	—		$	—		$	233,366,645
Short-Term Investments			1,061,000			6,171,321			—			7,232,321
Total Investments, at fair value		$	234,427,645		$	6,171,321		$	—		$	240,598,966
Liabilities Table
Other Financial Instruments+
Futures			(27,638)			—			—			(27,638)
Total Liabilities		$	(27,638)		$	—		$	—		$	(27,638)

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

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

At December 31, 2018, the following futures contracts were outstanding for Voya Index Plus SmallCap Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index		7		03/15/19		$	472,150		$	(27,638)
						$	472,150		$	(27,638)

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

The fair value of derivative instruments as of December 31, 2018 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Net Assets — Unrealized depreciation*		$	27,638
Total Liability Derivatives			$	27,638

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

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	24,147
Total		$	24,147

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Index Plus SmallCap Portfolio

as of December 31, 2018 (continued)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(28,684)
Total		$	(28,684)

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

Cost for federal income tax purposes was $261,624,245.

Net unrealized depreciation consisted of:

Gross Unrealized Appreciation	$	20,647,247
Gross Unrealized Depreciation		(41,700,165)
Net Unrealized Depreciation	$	(21,052,918)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

TAX INFORMATION (Unaudited)

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

Portfolio Name	Type	Per Share Amount
Voya Index Plus LargeCap Portfolio
Class ADV	NII		$	0.0002
Class I	NII		$	0.4310
Class S	NII		$	0.3505
All Classes	STCG		$	0.5382
All Classes	LTCG		$	1.7333
Voya Index Plus MidCap Portfolio
Class I	NII		$	0.2312
Class S	NII		$	0.1664
All Classes	STCG		$	0.5470
All Classes	LTCG		$	2.0845
Voya Index Plus SmallCap Portfolio
Class I	NII		$	0.2377
Class S	NII		$	0.1605
All Classes	STCG		$	0.4644
All Classes	LTCG		$	2.9872

NII – Net investment income

STCG – Short-term capital gain

LTCG – Long-term capital gain

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

	Voya Index Plus LargeCap Portfolio					48.32%
	Voya Index Plus MidCap Portfolio					31.15%
	Voya Index Plus SmallCap Portfolio					35.89%

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

Voya Index Plus LargeCap Portfolio	$	54,397,818
Voya Index Plus MidCap Portfolio	$	56,478,151
Voya Index Plus SmallCap Portfolio	$	32,021,040

TABLE OF CONTENTS

DIRECTOR AND OFFICER INFORMATION (Unaudited)

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

Name, Address and Age

Position(s)
Held with the
Company

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) –
During the Past 5 Years

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

Other Board Positions
Held by Director

Independent Directors*:

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

Director

May 2013 – Present

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

150

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

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

Chairperson

Director

January 2014 – Present
May 2013 – Present

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

150

None.

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

Director

May 2013 – Present

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

150

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

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

Director

August 2015 – Present

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

150

None.

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

Director

December 2007 – Present

Retired.

150

None.

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

Director

January 2003 –
Present

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

150

None.

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

Director

May 2013 –
Present

Consultant (May 2001 – Present).

150

None.

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

Director

October 2015 –
Present

Retired.

150

None.

TABLE OF CONTENTS

DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age

Position(s)
Held with the
Company

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) –
During the Past 5 Years

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

Other Board Positions
Held by Director

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

Director

May 2013 – Present

Retired.

150

None.

Director who is an “interested person”:

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

Director

July 2018 – Present

150

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

(1)

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

(2)

(3)

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

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

TABLE OF CONTENTS

DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

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

TABLE OF CONTENTS

DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

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

TABLE OF CONTENTS

DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

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

(1)

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

TABLE OF CONTENTS

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

BOARD CONSIDERATION AND APPROVAL OF INVESTMENT Management Contracts AND SUB-ADVISORY CONTRACTS

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

renewal process, among other functions, and each IRC provides oversight throughout the year regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers, with respect to each Voya fund that is assigned to that IRC.

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

Nature, Extent and Quality of Services

The Board considered the “manager-of-managers” platform of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to

TABLE OF CONTENTS

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

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

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

Portfolio Performance

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Portfolio, including its investment performance over certain time periods compared to the Portfolio’s Morningstar category and primary benchmark, a broad-based securities market index that appears in the Portfolio’s prospectus. The Board also considered information from the Manager Research &

Selection Group and received reports summarizing a separate analysis of each Portfolio’s performance and risk, including risk-adjusted investment return information, from the Company’s Chief Investment Risk Officer.

Economies of Scale

Information Regarding Services to Other Clients

Fee Schedules, Profitability, and Fall-out Benefits

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

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

extent and quality of the services that each has performed and is expected to perform.

Portfolio-by-Portfolio Analysis

Set forth below are certain of the specific factors that the Board considered, and the conclusions reached, at its

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

Voya Index Plus LargeCap Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Index Plus LargeCap Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2018: (1) the Portfolio is ranked in the first (highest) quintile of its Morningstar category for the five-year period, the second quintile for the one-year and three-year periods, the third quintile for the ten-year period, and the fourth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the one-year and five-year periods, during which it outperformed. In analyzing this performance data, the Board took into account management’s representations regarding: (1) the impact of security selection and sector allocation on the Portfolio’s performance; (2) the competitiveness of the Portfolio’s performance during certain periods; and (3) its confidence in the ability of the Sub-Adviser to execute the Portfolio’s investment strategy.

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

Selected Peer Group; and (c) the net expense ratio for the Portfolio is below the median net expense ratio of the funds in its Selected Peer Group.

Voya Index Plus MidCap Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Index Plus MidCap Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2018: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the three-year, five-year and ten-year periods, and the fourth quintile for the year-to-date and one-year periods; and (2) the Portfolio underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into account management’s representations regarding: (1) the impact of security selection on the Portfolio’s performance; (2) the competitiveness of the Portfolio’s performance during certain periods; and (3) its confidence in the Sub-Adviser’s ability to deliver favorable long-term performance.

Voya Index Plus SmallCap Portfolio

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

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

the context of all factors considered by the Board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Manager to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the

Board voted to renew the Management and Sub-Advisory Contracts for the Portfolio for the year ending November 30, 2019. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

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Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Distributor
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809

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

Custodian
The Bank of New York Mellon
225 Liberty Street
New York, New York 10286

Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

VPAR-AIP (1218-021419)

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Annual Report

December 31, 2018

Classes ADV, I, P2, S and S2

Voya Variable Product Index Funds

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Voya Australia Index Portfolio

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Voya Emerging Markets Index Portfolio

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Voya Euro STOXX 50® Index Portfolio

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Voya FTSE 100 Index® Portfolio

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Voya Hang Seng Index Portfolio

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Voya International Index Portfolio

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Voya Japan TOPIX Index® Portfolio

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Voya Russell™ Large Cap Growth Index Portfolio

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Voya Russell™ Large Cap Index Portfolio

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Voya Russell™ Large Cap Value Index Portfolio

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Voya Russell™ Mid Cap Growth Index Portfolio

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Voya Russell™ Mid Cap Index Portfolio

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Voya Russell™ Small Cap Index Portfolio

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Voya U.S. Bond Index Portfolio

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

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	President’s Letter					1
	Market Perspective					2
	Portfolio Managers’ Reports					5
	Shareholder Expense Examples					33
	Report of Independent Registered Public Accounting Firm					35
	Statements of Assets and Liabilities					36
	Statements of Operations					44
	Statements of Changes in Net Assets					48
	Financial Highlights					55
	Notes to Financial Statements					64
	Summary Portfolios of Investments (“Portfolio of Investments”)					85
	Tax Information					152
	Director and Officer Information					154
	Advisory and Sub-Advisory Contract Approval Discussion					159

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’s”) 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

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PRESIDENT’S LETTER

Setting Sail for the New Year

Dear Shareholder,

Sincerely,

Dina Santoro
President
Voya Family of Funds
December 31, 2018

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

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Market Perspective: Year Ended December 31, 2018

down about 40% since early October. In the U.S., the boost from tax cuts and increased government spending that had helped propel annualized GDP growth to 4.2% in the second quarter and 3.4% in the third, would fade. The housing market had been weakening for months. For corporations, costs were rising and the strong dollar was depressing overseas earnings. With part of the government shut down through Congressional gridlock, the White House, within a final barrage of tweets, declared, “The only problem our economy has is the Fed.” Happy New Year.

All indices are unmanaged and investors cannot invest directly in an index. Past performance does not guarantee future results. The performance quoted represents past performance.

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Benchmark Descriptions

		Index				Description
		Bloomberg Barclays High Yield Bond — 2% Issuer Constrained Composite Index				An index that includes all fixed-income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity.
		Bloomberg Barclays U.S. Aggregate Bond Index				An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities.
		Bloomberg Barclays U.S. Corporate Investment Grade Bond Index				An index consisting of publicly issued, fixed rate, nonconvertible, investment grade debt securities.
		Bloomberg Barclays Short Treasury Index				The index measures the performance of U.S. Treasury securities that have a remaining maturity between one and twelve months.
		EURO STOXX 50® Index				Covers 50 stocks from 12 euro zone countries: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain.
		FTSE 100 Index®				A share index of the 100 most highly capitalized U.K. companies listed on the London Stock Exchange.
		Hang Seng Index				A free float-adjusted market capitalization-weighted stock market index in Hong Kong.
		MSCI Europe, Australasia and Far East® (“MSCI EAFE”) Index				An index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
		MSCI Emerging Markets Index				An index that measures the performance of securities listed on exchanges in developing nations throughout the world. It includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
		MSCI Europe ex UK® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.
		MSCI Japan® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.
		MSCI UK® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.
		MSCI World IndexSM				An index that measures the performance of over 1,600 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
		Russell 2000® Index				An index that measures the performance of securities of small U.S. companies.
		Russell Midcap® Growth Index				An index that measures the performance of those companies included in the Russell Midcap® Index with relatively higher price-to-book ratios and higher forecasted growth values.
		Russell Midcap® Index				An index that measures the performance of the 800 smallest companies in the Russell 1000® Index, which represents approximately 26% of the total market capitalization of the Russell 1000® Index.
		Russell Top 200® Growth Index				Measures the performance of the especially large cap segment of the U.S. equity universe represented by stocks in the largest 200 by market cap that exhibit growth characteristics. It includes Russell Top 200R Index companies with higher price-to-book ratios and higher forecasted growth values.
		Russell Top 200® Index				An index used to measure stock market performance composed of companies with a weighted average market value of approximately $630 million.
		Russell Top 200® Value Index				Measures the performance of the especially large cap segment of the U.S. equity universe represented by stocks in the largest 200 by market cap that exhibit value characteristics. It includes Russell Top 200 Index companies with lower price-to-book ratios and lower forecasted growth values.
		S&P 500® Index				An index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.

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Benchmark Descriptions (continued)

		Index				Description
		Standard & Poor’s ASX 200 Index				An investable benchmark for the Australian equity market and it addresses the needs of investment managers seeking to benchmark against a portfolio characterized by sufficient size and liquidity. The Index measures the performance of the 200 largest index-eligible stocks listed on the Australian Securities Exchange by float-adjusted market capitalization. Representative, liquid, and tradable, it is widely considered Australia’s preeminent benchmark index. The Index is float adjusted, covering approximately 80% of Australian equity market capitalization.
		Tokyo Stock Price Index				A composite index for the Tokyo Stock Exchange tracking all domestic stocks from the first section of the exchange.

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Portfolio Managers’ Report

Voya Australia Index Portfolio

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

	Financials			32.3%
	Materials			18.6%
	Health Care			8.6%
	Industrials			7.9%
	Real Estate			7.3%
	Consumer Discretionary			6.2%
	Consumer Staples			5.7%
	Energy			5.3%
	Communication Services			3.5%
	Information Technology			2.1%
	Utilities			2.0%
	Assets in Excess of Other Liabilities*			0.5%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Australia Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Standard & Poor’s ASX 200 Index (“S&P ASX 200 Index”). The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance*: For the year ended December 31, 2018, the Portfolio’s Class I shares provided a total return of -12.41% compared to the S&P ASX 200 Index, which returned -12.55% for the same period.

Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the S&P ASX 200 Index. The Portfolio attempts to track the S&P ASX 200 Index by principally investing in stocks that make up the S&P ASX 200 Index. The Portfolio may not always hold all of the same securities as the S&P ASX 200 Index.

The bottom performing sectors on an absolute basis for the year were communication services, financials, and energy. By contrast, health care was the top performing sector posting positive returns on an absolute

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

	Commonwealth Bank of Australia			8.4%
	BHP Billiton Ltd.			7.2%
	Westpac Banking Corp.			5.6%
	CSL Ltd.			5.5%
	Australia & New Zealand Banking Group Ltd.			4.6%
	National Australia Bank Ltd.			4.3%
	Woolworths Group Ltd			2.5%
	Wesfarmers Ltd.			2.4%
	Macquarie Group Ltd.			2.2%
	Telstra Corp., Ltd.			2.2%
	Portfolio holdings are subject to change daily.

basis.

Current Outlook and Strategy: The Portfolio invests principally in common stocks and employs a “passive management” approach designed to track the performance of the S&P ASX 200 Index.

The Portfolio’s net return may at times appear to diverge from the return of its benchmark index more than would be expected. These divergences may, in part, be the result of fair-value pricing adjustments to certain foreign securities as well as other pricing policies. In accordance with the Portfolio’s Valuation Policy, fair-value pricing adjustments may be used to address pricing discrepancies that arise due to time-zone differences. Foreign securities may trade on exchanges that close many hours before the Portfolio’s closing share price is calculated in the United States, generally at 4 p.m., Eastern Time. In the hours between the foreign close and the U.S. close, the value of these foreign securities may change — because of company specific announcements or marketwide developments. Such price changes are not immediately reflected in international index values. Fair-value pricing takes such changes into account in calculating the Portfolio’s daily net asset value (“NAV”), so that the NAV doesn’t include “stale” prices. The result can be a temporary divergence between the return of the Portfolio and that of its benchmark index. The Portfolio also translates local prices to U.S. dollars using foreign exchange rates at the time the NAV is calculated whereas the index does not.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Voya Australia Index Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: tv510822_chart-australia.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2018
	1 Year		5 Year		Since Inception of Class I March 2, 2011
Class I		-12.41%		0.12%		1.27%
S&P ASX 200 Index		-12.55%		0.69%		1.84%

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

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

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

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

Portfolio holdings are subject to change daily.

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Portfolio Managers’ Report

Voya Emerging Markets Index Portfolio

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

	China			30.1%
	South Korea			13.7%
	Taiwan			11.3%
	India			9.3%
	Brazil			7.5%
	South Africa			6.1%
	Russia			3.6%
	Mexico			2.8%
	Malaysia			2.4%
	Thailand			2.4%
	Countries between 0.0% – 2.3%^			9.8%
	Assets in Excess of Other Liabilities*			1.0%
	Net Assets			100.0%
	* Includes short-term investments.
	^ Includes 16 countries, which each represents 0.0% – 2.3% of net assets.
	Portfolio holdings are subject to change daily.

Voya Emerging Markets Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of an index that measures the investment return of emerging markets securities. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance*: For the year ended December 31, 2018, the Portfolio’s Class S shares provided a total return of -15.26% compared to the MSCI Emerging Markets IndexSM (“MSCI EM IndexSM”), which returned -14.58% for the same period.

Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the MSCI EM IndexSM. The Portfolio attempts to track the MSCI EM IndexSM by investing in most of the stocks that make up the MSCI EM IndexSM. The stocks are chosen using statistical techniques so as to minimize the anticipated tracking error to the MSCI EM IndexSM. This approach is employed because of the relatively large number of small and/or illiquid stocks in the MSCI EM IndexSM. The

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

	Tencent Holdings Ltd.			4.7%
	Taiwan Semiconductor Manufacturing Co., Ltd.			3.7%
	Alibaba Group Holding Ltd. ADR			3.7%
	Samsung Electronics Co., Ltd.			3.5%
	Naspers Ltd.			1.8%
	China Construction Bank - H Shares			1.6%
	China Mobile Ltd.			1.2%
	Industrial & Commercial Bank of China - H Shares			1.0%
	Ping An Insurance Group Co. of China Ltd. - H Shares			1.0%
	Housing Development Finance Corp.			0.9%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

Portfolio may not always hold all of the same securities as the MSCI EM IndexSM.

On an absolute basis, the worst performing territories were Turkey, Greece and Pakistan. On an absolute basis, the best performing territory was Qatar.

Current Strategy and Outlook: The Portfolio invests principally in equity securities and employs a “passive management” approach designed to track the performance of the MSCI EM IndexSM.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Voya Emerging Markets Index Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: tv510822_chart-emerging.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2018
	1 Year		5 year		Since Inception of Classes I and S December 19, 2011		Since Inception of Class P2 May 3, 2017
Class I		-15.07%		0.97%		2.40%		—
Class P2(1)		-14.64%		1.12%		—		2.50%
Class S		-15.26%		0.84%		2.23%		—
MSCI EM IndexSM		-14.58%		1.65%		3.67%		3.67%

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

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

The performance update illustrates performance for a variable investment option available through a variable

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Portfolio holdings are subject to change daily.

(1)

The Class P2 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

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Portfolio Managers’ Report

Voya Euro Stoxx 50® Index Portfolio

	Geographic Diversification as of December 31, 2018 (as a percentage of net assets)

	France			35.8%
	Germany			27.5%
	Netherlands			12.3%
	Spain			10.2%
	Italy			4.9%
	United Kingdom			3.5%
	Belgium			2.2%
	Finland			1.3%
	Ireland			0.9%
	Assets in Excess of Other Liabilities*			1.4%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Euro STOXX 50® Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the EURO STOXX 50® Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance*: For the year ended December 31, 2018, the Portfolio’s Class I shares provided a total return of -16.00% compared to the EURO STOXX 50® Index, which returned -16.25% for the same period.

Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the EURO STOXX 50® Index. The Portfolio attempts to track the performance of the EURO STOXX 50® Index by principally investing in stocks that make up the EURO STOXX 50® Index. The Portfolio may not always hold all of the same securities as the EURO STOXX 50® Index.

The bottom performing sectors on an absolute basis for the year were real estate, financials, and healthcare. By contrast, energy was the top performing sector posting positive returns on an absolute basis.

Current Strategy and Outlook: The Portfolio invests principally in common stocks and employs a “passive management”

	Top Ten Holdings as of December 31, 2018 (as a percentage of net assets)

	Total SA			5.6%
	SAP SE			4.3%
	Sanofi			3.9%
	Siemens AG			3.8%
	Linde PLC			3.5%
	Allianz SE			3.4%
	Unilever NV			3.3%
	LVMH Moet Hennessy Louis Vuitton SE			3.1%
	Banco Santander SA			3.0%
	ASML Holding NV			2.7%
	Portfolio holdings are subject to change daily.

approach designed to track the performance of the EURO STOXX 50® Index.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Voya Euro STOXX 50® Index Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: tv510822_chart-euro.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2018
	1 Year		5 Year		Since Inception of Classes ADV and I August 17, 2009
Class ADV		-16.43%		-2.24%		1.90%
Class I		-16.00%		-1.74%		2.41%
EURO STOXX 50® Index		-16.25%		-1.77%		2.22%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Euro STOXX 50® Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

The performance shown include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.

The performance update illustrate performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please call (800) 992-0180 to get performance through the most recent month end.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Portfolio holdings are subject to change daily.

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Portfolio Managers’ Report

Voya FTSE 100 Index® Portfolio

	Geographic Diversification as of December 31, 2018 (as a percentage of net assets)

	United Kingdom			79.1%
	Netherlands			10.9%
	Switzerland			2.8%
	Australia			2.0%
	Ireland			0.9%
	Germany			0.3%
	Bermuda			0.3%
	United Arab Emirates			0.1%
	Mexico			0.1%
	Assets in Excess of Other Liabilities*			3.5%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya FTSE 100 Index® Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the FTSE 100 Index®. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance*: For the year ended December 31, 2018, the Portfolio’s Class I shares provided a total return of -13.89% compared to the FTSE 100 Index®, which returned -14.07% for the same period.

Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the FTSE 100 Index®. The Portfolio attempts to track the FTSE 100 Index® by investing in all, or substantially all, of its assets in stocks that make up the FTSE 100 Index®. The Portfolio may not always hold all of the same securities as the FTSE 100 Index®.

The bottom performing sectors on an absolute basis for the year were communication services, information technology and consumer staples. By contrast, health care was the top performing sector posting positive returns on an absolute basis.

Current Outlook and Strategy: The Portfolio currently invests principally in common stocks and employs a “passive

	Top Ten Holdings as of December 31, 2018 (as a percentage of net assets)

	HSBC Holdings PLC			7.4%
	Royal Dutch Shell PLC - Class A			5.9%
	BP PLC			5.5%
	Royal Dutch Shell PLC - Class B			5.0%
	AstraZeneca PLC			4.2%
	GlaxoSmithKline PLC			4.1%
	Diageo PLC			3.8%
	British American Tobacco PLC			3.2%
	Unilever PLC			2.6%
	Rio Tinto PLC			2.4%
	Portfolio holdings are subject to change daily.

management” approach designed to track the performance of the FTSE 100 Index®.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

TABLE OF CONTENTS

Voya FTSE 100 Index® Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2018
	1 Year		5 Year		Since Inception of Classes ADV and I August 17, 2009
Class ADV		-14.28%		-2.39%		4.19%
Class I		-13.89%		-1.90%		4.70%
FTSE 100 Index®		-14.07%		-1.44%		5.13%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya FTSE 100 Index® Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Hang Seng Index Portfolio

	Geographic Diversification as of December 31, 2018 (as a percentage of net assets)

	China			54.9%
	Hong Kong			32.3%
	United Kingdom			9.8%
	Macau			1.0%
	Assets in Excess of Other Liabilities*			2.0%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Hang Seng Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Hang Seng Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance*: For the year ended December 31, 2018, the Portfolio’s Class S shares provided a total return of -11.53% compared to the Hang Seng Index, which returned -10.68% for the same period.

Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Hang Seng Index. The Portfolio attempts to track the Hang Seng Index by principally investing in stocks that make up the Hang Seng Index. The Portfolio may not always hold all of the same securities as the Hang Seng Index.

The bottom performing sectors on an absolute basis for the year were financials, communication services and consumer discretionary. By contrast, utilities was the top performing sector posting positive returns on an absolute basis.

Current Strategy and Outlook: The Portfolio currently invests principally in common stocks and employs a “passive

	Top Ten Holdings as of December 31, 2018 (as a percentage of net assets)

	Tencent Holdings Ltd.			9.9%
	HSBC Holdings PLC (HKD)			9.8%
	AIA Group Ltd.			9.1%
	China Construction Bank - H Shares			8.0%
	China Mobile Ltd.			5.4%
	Industrial & Commercial Bank of China - H Shares			4.7%
	Ping An Insurance Group Co. of China Ltd. - H Shares			4.5%
	Hong Kong Exchanges and Clearing Ltd.			3.1%
	Bank of China Ltd. - H Shares			3.1%
	CNOOC Ltd.			2.5%
	Portfolio holdings are subject to change daily.

management” approach designed to track the performance of the Hang Seng Index.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

TABLE OF CONTENTS

Voya Hang Seng Index Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2018
	1 Year		5 Year		Since Inception of Classes ADV, I and S May 4, 2009
Class ADV		-11.78%		4.22%		6.65%
Class I		-11.34%		4.73%		7.17%
Class S		-11.53%		4.48%		6.91%
Hang Seng Index		-10.68%		5.76%		8.52%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Hang Seng Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya International Index portfolio

	Geographic Diversification as of December 31, 2018 (as a percentage of net assets)

	Japan			23.0%
	United Kingdom			14.0%
	France			9.8%
	Switzerland			8.8%
	Germany			8.3%
	Australia			6.9%
	Netherlands			5.7%
	Hong Kong			3.4%
	Spain			2.9%
	Sweden			2.4%
	Countries between 0.0% – 1.9%^			9.7%
	Assets in Excess of Other Liabilities*			5.1%
	Net Assets			100.0%
	* Includes short-term investments.
	^ Includes 16 countries, which each represents 0.0% – 1.9% of net assets.
	Portfolio holdings are subject to change daily.

Voya International Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of a widely accepted international index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance*: For the year ended December 31, 2018, the Portfolio’s Class S shares provided a total return of -13.86% compared to the MSCI EAFE® Index, which returned -13.79% for the same period.

Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the MSCI EAFE® Index. The Portfolio attempts to track the MSCI EAFE® Index by investing in most of the stocks which make up the MSCI EAFE® Index. The stocks are chosen using statistical techniques so as to minimize the anticipated tracking error to the MSCI EAFE® Index. The approach is employed because of the relatively large number of small and/or illiquid stocks in the MSCI EAFE® Index. The Portfolio may not always hold all of the same

	Top Ten Holdings as of December 31, 2018* (as a percentage of net assets)

	Nestle SA			1.9%
	Novartis AG			1.4%
	Roche Holding AG			1.3%
	HSBC Holdings PLC			1.2%
	Royal Dutch Shell PLC - Class A			1.0%
	Toyota Motor Corp.			1.0%
	BP PLC			1.0%
	Total SA			1.0%
	Royal Dutch Shell PLC - Class B			0.9%
	AIA Group Ltd.			0.8%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

securities as the MSCI EAFE® Index.

The bottom performing sectors on an absolute basis for the year were materials, financials, and consumer discretionary. By contrast, utilities was the top performing sector posting positive returns on an absolute basis.

Current Strategy and Outlook: The Portfolio currently invests principally in common stocks and employs a “passive management” approach designed to track the performance of the MSCI EAFE® Index.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

TABLE OF CONTENTS

Voya International Index Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2018
	1 Year		5 Year		10 Year		Since Inception of Class S2 February 27, 2009
Class ADV		-14.11%		-0.23%		5.33%		—
Class I		-13.73%		0.25%		5.88%		—
Class P2(1)		-13.42%		0.36%		5.94%		—
Class S		-13.86%		0.02%		5.60%		—
Class S2		-14.07%		-0.14%		—		8.16%
MSCI EAFE® Index		-13.79%		0.53%		6.32%		8.74%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya International Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

The performance update illustrate performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The

performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please call (800) 992-0180 to get performance through the most recent month end.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Portfolio holdings are subject to change daily.

(1)

Class P2 incepted on May 3, 2017. The Class P2 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Japan TOPIX Index® Portfolio

	Sector Diversification as of December 31, 2018 (as a percentage of net assets)

	Industrials			22.0%
	Consumer Discretionary			17.9%
	Financials			11.1%
	Information Technology			9.6%
	Consumer Staples			9.5%
	Health Care			7.4%
	Communication Services			7.2%
	Materials			6.5%
	Real Estate			2.9%
	Utilities			2.0%
	Energy			1.0%
	Assets in Excess of Other Liabilities*			2.9%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Japan TOPIX Index® Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Tokyo Stock Price Index® (“TOPIX Index®”). The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance*: For the year ended December 31, 2018, the Portfolio’s Class I shares provided a total return of -14.37% compared to the TOPIX Index®, which returned -14.28% for the same period.

Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the TOPIX Index®. The Portfolio attempts to track the TOPIX Index® by principally investing in most of the stocks that make up the TOPIX Index®. The stocks are chosen using statistical techniques so as to minimize the anticipated tracking error to the TOPIX Index®. This approach is employed because of the relatively large number of small and/or illiquid stocks in the TOPIX Index®. The Portfolio may not always hold all of the same securities as the TOPIX Index®.

The bottom performing sectors on an absolute basis for the year were materials, energy and financials. By contrast, utilities was the top performing sector posting positive returns on an absolute basis.

	Top Ten Holdings as of December 31, 2018 (as a percentage of net assets)

	Toyota Motor Corp.			3.3%
	Mitsubishi UFJ Financial Group, Inc.			1.7%
	Sony Corp.			1.6%
	Nippon Telegraph & Telephone Corp.			1.4%
	SoftBank Group Corp.			1.4%
	Keyence Corp.			1.2%
	Sumitomo Mitsui Financial Group, Inc.			1.2%
	Honda Motor Co., Ltd.			1.1%
	KDDI Corp.			1.0%
	Mizuho Financial Group, Inc.			1.0%
	Portfolio holdings are subject to change daily.

Current Strategy and Outlook: The Portfolio currently invests principally in common stocks and employs a “passive management” approach designed to track the performance of the TOPIX Index®.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

TABLE OF CONTENTS

Voya Japan TOPIX Index® Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2018
	1 Year		5 Year		Since Inception of Classes ADV and I August 17, 2009
Class ADV		-14.83%		2.81%		4.29%
Class I		-14.37%		3.33%		4.82%
TOPIX Index®		-14.28%		3.90%		5.40%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Japan TOPIX Index® Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Portfolio holdings are subject to change daily.

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Portfolio Managers’ Report

Voya Russell™ Large Cap Growth Index Portfolio

	Sector Diversification as of December 31, 2018 (as a percentage of net assets)

	Information Technology			31.1%
	Consumer Discretionary			14.3%
	Health Care			14.1%
	Communication Services			13.9%
	Industrials			10.6%
	Consumer Staples			6.7%
	Financials			3.7%
	Real Estate			2.3%
	Materials			1.3%
	Energy			0.5%
	Assets in Excess of Other Liabilities*			1.5%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Russell™ Large Cap Growth Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Top 200® Growth Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance*: For the year ended December 31, 2018, the Portfolio’s Class S shares provided a total return of -1.21% compared to the Russell Top 200® Growth Index, which returned -0.52% for the same period.

Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Growth Index. The Portfolio attempts to track the Russell Top 200® Growth Index by principally investing stocks that make up the Russell Top 200® Growth Index. The Portfolio may not always hold all of the same securities as the Russell Top 200® Growth Index.

Over the reporting period, the top absolute performing sectors were consumer discretionary, health care and information technology. Conversely, the worst performing absolute sector was energy.

	Top Ten Holdings as of December 31, 2018 (as a percentage of net assets)

	Apple, Inc.			8.3%
	Microsoft Corp.			8.0%
	Amazon.com, Inc.			6.5%
	Facebook, Inc.- Class A			3.5%
	Alphabet, Inc. - Class C			3.4%
	Alphabet, Inc. - Class A			3.3%
	UnitedHealth Group, Inc.			2.6%
	Visa, Inc. - Class A			2.6%
	Home Depot, Inc.			2.2%
	Mastercard, Inc. - Class A			1.9%
	Portfolio holdings are subject to change daily.

Current Outlook & Strategy: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Growth Index.

Returns presented for the Portfolio are net of expenses.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

TABLE OF CONTENTS

Voya Russell™ Large Cap Growth Index Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2018
	1 Year		5 Year		Since Inception of Classes I and S May 1, 2009		Since Inception of Class ADV July 13, 2015
Class ADV		-1.44%		—		—		9.73%
Class I		-0.97%		11.01%		14.96%		—
Class S		-1.21%		10.73%		14.67%		—
Russell Top 200® Growth Index		-0.52%		11.51%		15.51%		10.73%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Russell™ Large Cap Growth Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please call (800) 992-0180 to get performance through the most recent month end.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Russell™ Large Cap Index Portfolio

	Sector Diversification as of December 31, 2018 (as a percentage of net assets)

	Information Technology			20.9%
	Health Care			16.7%
	Financials			13.6%
	Communication Services			11.7%
	Consumer Discretionary			9.3%
	Industrials			8.0%
	Consumer Staples			7.8%
	Energy			5.4%
	Materials			2.1%
	Utilities			1.9%
	Real Estate			1.5%
	Assets in Excess of Other Liabilities*			1.1%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Russell™ Large Cap Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Top 200® Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance*: For the year ended December 31, 2018, the Portfolio’s Class S shares provided a total return of -3.69% compared to the Russell Top 200® Index, which returned -3.08% for the same period.

Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Index. The Portfolio attempts to track the Russell Top 200® Index by principally investing in stocks that make up the Russell Top 200® Index. The Portfolio may not always hold all of the same securities as the Russell Top 200® Index.

Over the reporting period, the top absolute performing sectors were health care, consumer discretionary and utilities. Conversely, the worst performing absolute sectors were energy, industrials, and materials.

	Top Ten Holdings as of December 31, 2018 (as a percentage of net assets)

	Microsoft Corp.			4.5%
	Apple, Inc.			4.4%
	Amazon.com, Inc.			3.5%
	Berkshire Hathaway, Inc. – Class B			2.3%
	Johnson & Johnson			2.0%
	JPMorgan Chase & Co.			1.9%
	Alphabet, Inc. - Class C			1.8%
	Alphabet, Inc. - Class A			1.8%
	Facebook, Inc. - Class A			1.8%
	Exxon Mobil Corp.			1.7%
	Portfolio holdings are subject to change daily.

Current Outlook & Strategy: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Index.

Returns presented for the Portfolio are net of expenses.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

TABLE OF CONTENTS

Voya Russell™ Large Cap Index Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2018
	1 Year		5 Year		10 Year		Since Inception of Class S2 February 27, 2009
Class ADV		-3.92%		8.10%		12.08%		—
Class I		-3.46%		8.64%		12.64%		—
Class S		-3.69%		8.37%		12.36%		—
Class S2		-3.81%		8.21%		—		14.59%
Russell Top 200® Index		-3.08%		8.99%		13.00%		15.55%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Russell™ Large Cap Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please call (800) 992-0180 to get performance through the most recent month end.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Russell™ Large Cap Value Index Portfolio

	Sector Diversification as of December 31, 2018 (as a percentage of net assets)

	Financials			24.5%
	Health Care			19.7%
	Energy			10.8%
	Information Technology			9.6%
	Communication Services			9.0%
	Consumer Staples			9.0%
	Industrials			5.2%
	Utilities			4.0%
	Consumer Discretionary			3.5%
	Materials			3.1%
	Real Estate			0.6%
	Assets in Excess of Other Liabilities*			1.0%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Russell™ Large Cap Value Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Top 200® Value Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance*: For the year ended December 31, 2018, the Portfolio’s Class S shares provided a total return of -6.85% compared to the Russell Top 200® Value Index, which returned -6.22% for the same period.

Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Value Index. The Portfolio attempts to track the Russell Top 200® Value Index by principally investing in stocks that make up the Russell Top 200® Value Index. The Portfolio may not always hold all of the same securities as the Russell Top 200® Value Index.

Over the reporting period, the top absolute performing sectors were health care and utilities. Conversely, the worst performing absolute sectors were

	Top Ten Holdings as of December 31, 2018 (as a percentage of net assets)

	Berkshire Hathaway, Inc. – Class B			4.2%
	JPMorgan Chase & Co.			4.0%
	Exxon Mobil Corp.			3.5%
	Johnson & Johnson			3.5%
	Pfizer, Inc.			3.1%
	Verizon Communications, Inc.			2.8%
	Procter & Gamble Co.			2.8%
	Bank of America Corp.			2.8%
	Intel Corp.			2.6%
	AT&T, Inc.			2.5%
	Portfolio holdings are subject to change daily.

industrials, materials and energy.

Current Outlook & Strategy: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Value Index.

Returns presented for the Portfolio are net of expenses.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

TABLE OF CONTENTS

Voya Russell™ Large Cap Value Index Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2018
	1 Year		5 Year		Since Inception of Classes I and S May 1, 2009		Since Inception of Class ADV July 13, 2015
Class ADV		-7.18%		—		—		4.39%
Class I		-6.62%		5.86%		11.62%		—
Class S		-6.85%		5.59%		11.35%		—
Russell Top 200® Value Index		-6.22%		6.23%		12.05%		5.31%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Russell™ Large Cap Value Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please call (800) 992-0180 to get performance through the most recent month end.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Russell™ Mid Cap Growth Index Portfolio

	Sector Diversification as of December 31, 2018 (as a percentage of net assets)

	Information Technology			31.4%
	Consumer Discretionary			16.3%
	Industrials			15.8%
	Health Care			14.6%
	Financials			6.6%
	Communication Services			4.0%
	Materials			3.6%
	Consumer Staples			3.3%
	Real Estate			2.3%
	Energy			1.5%
	Assets in Excess of Other Liabilities*			0.6%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Russell™ Mid Cap Growth Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Midcap® Growth Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance*: For the year ended December 31, 2018, the Portfolio’s Class S shares provided a total return of -5.36% compared to the Russell Midcap® Growth Index, which returned -4.75% for the same period.

Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Midcap® Growth Index. The Portfolio attempts to track the Russell Midcap® Growth Index by principally investing in stocks that make up the Russell Midcap® Growth Index. The Portfolio may not always hold all of the same securities as the Russell Midcap® Growth Index.

Over the reporting period, the top absolute performing sectors were utilities, consumer staples and information technology. Conversely, the worst performing absolute sectors were materials, energy and financials.

Current Outlook & Strategy: The Portfolio employs a “passive management” approach designed to track the performance

	Top Ten Holdings as of December 31, 2018 (as a percentage of net assets)

	Edwards Lifesciences Corp.			1.2%
	ServiceNow, Inc.			1.2%
	Red Hat, Inc.			1.2%
	Ross Stores, Inc.			1.2%
	Fiserv, Inc.			1.1%
	Dollar General Corp.			1.1%
	O’Reilly Automotive, Inc.			1.0%
	Amphenol Corp.			0.9%
	Autodesk, Inc.			0.9%
	Moody’s Corp.			0.9%
	Portfolio holdings are subject to change daily.

of the Russell Midcap® Growth Index.

Returns presented for the Portfolio are net of expenses.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Voya Russell™ Mid Cap Growth Index Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2018
	1 Year		5 Year		Since Inception of Classes I, S and S2 May 1, 2009
Class I		-5.14%		7.01%		14.07%
Class S		-5.36%		6.74%		13.80%
Class S2		-5.54%		6.58%		13.63%
Russell Midcap® Growth Index		-4.75%		7.42%		14.46%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Russell™ Mid Cap Growth Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please call (800) 992-0180 to get performance through the most recent month end.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Portfolio holdings are subject to change daily.

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Portfolio Managers’ Report

Voya Russell™ Mid Cap Index Portfolio

	Sector Diversification as of December 31, 2018 (as a percentage of net assets)

	Information Technology			17.6%
	Industrials			13.3%
	Financials			12.8%
	Consumer Discretionary			11.7%
	Health Care			9.9%
	Real Estate			9.1%
	Utilities			6.8%
	Materials			5.0%
	Consumer Staples			4.4%
	Energy			3.9%
	Communication Services			3.5%
	Assets in Excess of Other Liabilities*			2.0%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Russell™ Mid Cap Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Midcap® Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance*: For the year ended December 31, 2018, the Portfolio’s Class S shares provided a total return of -9.57% compared to the Russell Midcap® Index, which returned -9.06% for the same period.

Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Midcap® Index. The Portfolio attempts to track the Russell Midcap® Index by principally investing in stocks that make up the Russell Midcap® Index. The Portfolio may not always hold all of the same securities as the Russell Midcap® Index.

Over the reporting period, the worst performing absolute sectors were energy, materials and financials. By contrast, utilities and information technology were the top performing sectors posting positive returns on an absolute basis.

	Top Ten Holdings as of December 31, 2018* (as a percentage of net assets)

	Fidelity National Information Services, Inc.			0.5%
	Edwards Lifesciences Corp.			0.5%
	Analog Devices, Inc.			0.5%
	ServiceNow, Inc.			0.5%
	Red Hat, Inc.			0.5%
	Ross Stores, Inc.			0.5%
	Sempra Energy			0.5%
	Fiserv, Inc.			0.5%
	Dollar General Corp.			0.5%
	Autodesk, Inc.			0.4%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

Current Outlook & Strategy: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Midcap® Index.

Returns presented for the Portfolio are net of expenses.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Voya Russell™ Mid Cap Index Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2018
	1 Year		5 Year		10 Year		Since Inception of Class S2 February 27, 2009
Class ADV		-9.80%		5.33%		13.07%		—
Class I		-9.31%		5.85%		13.65%		—
Class P2(1)		-9.15%		5.93%		13.69%		—
Class S		-9.57%		5.58%		13.36%		—
Class S2		-9.75%		5.42%		—		15.53%
Russell Midcap® Index		-9.06%		6.26%		14.03%		16.41%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Russell™ Mid Cap Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The

performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please call (800) 992-0180 to get performance through the most recent month end.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Portfolio holdings are subject to change daily.

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Portfolio Managers’ Report

Voya Russell™ Small Cap Index Portfolio

	Sector Diversification as of December 31, 2018 (as a percentage of net assets)

	Financials			17.7%
	Health Care			15.2%
	Industrials			14.5%
	Information Technology			14.4%
	Consumer Discretionary			11.8%
	Real Estate			7.1%
	Utilities			3.7%
	Materials			3.6%
	Energy			3.4%
	Communication Services			3.2%
	Consumer Staples			2.8%
	Assets in Excess of Other Liabilities*			2.6%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Russell™ Small Cap Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell 2000® Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance*: For the year ended December 31, 2018, the Portfolio’s Class S shares provided a total return of -11.43% compared to the Russell 2000® Index, which returned -11.01% for the same period.

Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell 2000® Index. The Portfolio attempts to track the Russell 2000® Index by principally investing in most of the stocks that make up the Russell 2000® Index. The stocks are chosen using statistical techniques so as to minimize the anticipated tracking error to the Russell 2000® Index. This approach is employed because of the relatively large number of small and/or illiquid stocks in the Russell 2000® Index. The Portfolio may not always hold all of the same securities as the Russell 2000® Index.

Over the reporting period, the top absolute performing sector, posting a positive return was utilities. Conversely, the worst performing absolute sectors were energy, materials, and industrials.

Current Outlook & Strategy: The Portfolio employs a “passive management” approach designed to track the performance

	Top Ten Holdings as of December 31, 2018* (as a percentage of net assets)

	Integrated Device Technology, Inc.			0.3%
	Etsy, Inc.			0.3%
	Five Below, Inc.			0.3%
	Haemonetics Corp.			0.3%
	Ciena Corp.			0.3%
	Planet Fitness, Inc.			0.3%
	HubSpot, Inc.			0.3%
	Idacorp, Inc.			0.3%
	LivaNova PLC			0.2%
	Cree, Inc.			0.2%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

of the Russell 2000® Index.

Returns presented for the Portfolio are net of expenses.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Voya Russell™ Small Cap Index Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2018
	1 Year		5 Year		10 Year		Since Inception of Class S2 February 27, 2009
Class ADV		-11.68%		3.71%		11.24%		—
Class I		-11.27%		4.22%		11.78%		—
Class P2(1)		-10.98%		4.35%		11.84%		—
Class S		-11.43%		3.98%		11.51%		—
Class S2		-11.60%		3.82%		—		14.37%
Russell 2000® Index		-11.01%		4.41%		11.97%		15.05%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Russell™ Small Cap Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The

performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please call (800) 992-0180 to get performance through the most recent month end.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Portfolio holdings are subject to change daily.

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Portfolio Managers’ Report

Voya U.S. Bond Index Portfolio

	Investment Type Allocation as of December 31, 2018 (as a percentage of net assets)

	U.S. Treasury Obligations			35.9%
	Corporate Bonds/Notes			29.8%
	U.S. Government Agency Obligations			28.2%
	Foreign Government Bonds			3.2%
	Commercial Mortgage-Backed Securities			2.1%
	Municipal Bonds			1.0%
	Asset-Backed Securities			0.6%
	Collateralized Mortgage Obligations			0.1%
	Convertible Bonds/Notes			0.0%
	Liabilities in Excess of Other Assets*			(0.9)%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya U.S. Bond Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Bloomberg Barclays U.S. Aggregate Bond Index. The Portfolio is managed by Bob Kase, CFA, and Matthew Toms, CFA, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance*: For the year ended December 31, 2018, the Portfolio’s Class I shares provided a total return of -0.33% compared to the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index” or “Bloomberg Barclays U.S. Aggregate Bond”), which returned 0.01% for the same period.

Portfolio Specifics**: The Portfolio is designed to replicate the risk and return drivers of the benchmark by investing in a selection of securities from which the Index is constructed, in conjunction with various derivative positions. Over the reporting period, asset allocation, duration and curve positioning were all flat versus the benchmark. Security selection was slightly additive over the period.

U.S. Treasury futures were used to manage duration throughout the year. These futures, along with the cash bonds, caused duration and yield curve management to be in-line with the Index over the period. Credit default swaps, when combined with cash bonds, were also

	Top Ten Holdings as of December 31, 2018* (as a percentage of net assets)

	United States Treasury Note, 2.625%, 12/15/21			3.2%
	United States Treasury Note, 2.500%, 12/31/20			2.4%
	United States Treasury Bond, 3.000%, 08/15/48			2.0%
	United States Treasury Note, 2.875%, 11/30/25			1.9%
	United States Treasury Note, 2.750%, 02/15/24			1.3%
	United States Treasury Note, 3.125%, 11/15/28			1.3%
	United States Treasury Note, 2.625%, 12/31/23			1.2%
	United States Treasury Note, 2.750%, 11/15/23			1.2%
	United States Treasury Note, 1.375%, 04/30/21			1.1%
	Freddie Mac, 3.500%, 03/01/48			0.9%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

in-line with the Index during the reporting period.

Current Strategy and Outlook: With headlines painting the yield curve inversion as a precursor of economic doom, it is important for investors to remember that an inverted yield curve represents fear of a recession, it does not cause a recession. While we see a deceleration in U.S. growth towards trend, we believe investment and improved productivity will support a modestly higher level of potential growth and limit inflationary risks. Meanwhile, we believe a more data-dependent Federal Reserve (“Fed”) will take a break from its rate hikes, supported by limited inflation, a decelerating U.S. economy, elevated global trade tensions and U.S. political gridlock feeding market fears and volatility. Overall, we believe the outlook for investment grade credit remains attractive with earnings reinforcing a supportive fundamental picture. We believe technical factors — including new corporate bond issuance — are likely to dominate near-term investment grade spread moves. Agency MBS fundamentals remain solid with subdued prepays, while the Fed’s transparency in monetary policy and balance sheet normalization has helped the market adjust to the additional supply. We believe the lack of Fed demand for Agency MBS could impair the performance for ‘current’ lower coupon mortgages, while slower prepays should provide a buffer for higher premium coupons.

Returns presented for the Portfolio are net of expenses.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Voya U.S. Bond Index Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2018
	1 Year		5 Year		10 Year		Since Inception of Class S2 February 27, 2009
Class ADV		-0.84%		1.70%		2.61%		—
Class I		-0.33%		2.21%		3.12%		—
Class P2(1)		-0.08%		2.29%		3.17%		—
Class S		-0.58%		1.96%		2.86%		—
Class S2		-0.73%		1.79%		—		2.90%
Bloomberg Barclays U.S. Aggregate Bond		0.01%		2.52%		3.48%		3.67%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya U.S. Bond Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The

performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please call (800) 992-0180 to get performance through the most recent month end.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Portfolio holdings are subject to change daily.

Prior to February 21, 2012, the Portfolio was managed by a different sub-adviser.

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2018			Ending Account Value December 31, 2018			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2018*			Beginning Account Value July 1, 2018			Ending Account Value December 31, 2018			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2018*
Voya Australia Index Portfolio
Class I		$	1,000.00		$	885.90		0.50%		$	2.38		$	1,000.00		$	1,022.68		0.50%		$	2.55
Voya Emerging Markets Index Portfolio
Class I		$	1,000.00		$	914.20		0.54%		$	2.61		$	1,000.00		$	1,022.48		0.54%		$	2.75
Class P2			1,000.00			916.40		0.15			0.72			1,000.00			1,024.45		0.15			0.77
Class S			1,000.00			913.00		0.79			3.81			1,000.00			1,021.22		0.79			4.02
Voya Euro STOXX 50® Index Portfolio
Class ADV		$	1,000.00		$	869.60		0.94%		$	4.43		$	1,000.00		$	1,020.47		0.94%		$	4.79
Class I			1,000.00			871.60		0.44			2.08			1,000.00			1,022.99		0.44			2.24
Voya FTSE 100 Index® Portfolio
Class ADV		$	1,000.00		$	866.10		0.93%		$	4.37		$	1,000.00		$	1,020.52		0.93%		$	4.74
Class I			1,000.00			868.20		0.43			2.02			1,000.00			1,023.04		0.43			2.19
Voya Hang Seng Index Portfolio
Class ADV		$	1,000.00		$	907.10		1.07%		$	5.14		$	1,000.00		$	1,019.81		1.07%		$	5.45
Class I			1,000.00			908.80		0.57			2.74			1,000.00			1,022.33		0.57			2.91
Class S			1,000.00			908.10		0.82			3.94			1,000.00			1,021.07		0.82			4.18
Voya International Index Portfolio
Class ADV		$	1,000.00		$	884.80		0.94%		$	4.47		$	1,000.00		$	1,020.47		0.94%		$	4.79
Class I			1,000.00			886.10		0.45			2.14			1,000.00			1,022.94		0.45			2.29
Class P2			1,000.00			888.30		0.15			0.71			1,000.00			1,024.45		0.15			0.77
Class S			1,000.00			886.30		0.70			3.33			1,000.00			1,021.68		0.70			3.57
Class S2			1,000.00			885.10		0.85			4.04			1,000.00			1,020.92		0.85			4.33

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2018			Ending Account Value December 31, 2018			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2018*			Beginning Account Value July 1, 2018			Ending Account Value December 31, 2018			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2018*
Voya Japan TOPIX Index® Portfolio
Class ADV		$	1,000.00		$	873.30		0.94%		$	4.44		$	1,000.00		$	1,020.47		0.94%		$	4.79
Class I			1,000.00			875.40		0.44			2.08			1,000.00			1,022.99		0.44			2.24
Voya Russell™ Large Cap Growth Index Portfolio
Class ADV		$	1,000.00		$	918.60		0.93%		$	4.50		$	1,000.00		$	1,020.52		0.93%		$	4.74
Class I			1,000.00			920.80		0.43			2.08			1,000.00			1,023.04		0.43			2.19
Class S			1,000.00			919.60		0.68			3.29			1,000.00			1,021.78		0.68			3.47
Voya Russell™ Large Cap Index Portfolio
Class ADV		$	1,000.00		$	936.80		0.86%		$	4.20		$	1,000.00		$	1,020.87		0.86%		$	4.38
Class I			1,000.00			938.80		0.36			1.76			1,000.00			1,023.39		0.36			1.84
Class S			1,000.00			937.90		0.61			2.98			1,000.00			1,022.13		0.61			3.11
Class S2			1,000.00			936.87		0.76			3.71			1,000.00			1,021.37		0.76			3.87
Voya Russell™ Large Cap Value Index Portfolio
Class ADV		$	1,000.00		$	955.80		0.91%		$	4.49		$	1,000.00		$	1,020.62		0.91%		$	4.63
Class I			1,000.00			958.50		0.41			2.02			1,000.00			1,023.14		0.41			2.09
Class S			1,000.00			957.30		0.66			3.26			1,000.00			1,021.88		0.66			3.36
Voya Russell™ Mid Cap Growth Index Portfolio
Class I		$	1,000.00		$	901.70		0.40%		$	1.92		$	1,000.00		$	1,023.19		0.40%		$	2.04
Class S			1,000.00			900.60		0.65			3.11			1,000.00			1,021.93		0.65			3.31
Class S2			1,000.00			899.80		0.80			3.83			1,000.00			1,021.17		0.80			4.08
Voya Russell™ Mid Cap Index Portfolio
Class ADV		$	1,000.00		$	885.40		0.91%		$	4.32		$	1,000.00		$	1,020.62		0.91%		$	4.63
Class I			1,000.00			887.70		0.41			1.95			1,000.00			1,023.14		0.41			2.09
Class P2			1,000.00			888.10		0.16			0.76			1,000.00			1,024.40		0.16			0.82
Class S			1,000.00			886.30		0.66			3.14			1,000.00			1,021.88		0.66			3.36
Class S2			1,000.00			885.50		0.81			3.85			1,000.00			1,021.12		0.81			4.13
Voya Russell™ Small Cap Index Portfolio
Class ADV		$	1,000.00		$	822.70		0.96%		$	4.41		$	1,000.00		$	1,020.37		0.96%		$	4.89
Class I			1,000.00			824.70		0.46			2.12			1,000.00			1,022.89		0.46			2.35
Class P2			1,000.00			826.10		0.16			0.74			1,000.00			1,024.40		0.16			0.82
Class S			1,000.00			824.40		0.71			3.26			1,000.00			1,021.63		0.71			3.62
Class S2			1,000.00			823.20		0.86			3.95			1,000.00			1,020.87		0.86			4.38
Voya U.S. Bond Index Portfolio
Class ADV		$	1,000.00		$	1,013.30		0.90%		$	4.57		$	1,000.00		$	1,020.67		0.90%		$	4.58
Class I			1,000.00			1,015.80		0.40			2.03			1,000.00			1,023.19		0.40			2.04
Class P2			1,000.00			1,016.10		0.15			0.76			1,000.00			1,024.45		0.15			0.77
Class S			1,000.00			1,014.60		0.65			3.30			1,000.00			1,021.93		0.65			3.31
Class S2			1,000.00			1,012.80		0.80			4.06			1,000.00			1,021.17		0.80			4.08

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Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors
Voya Variable Portfolios, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Voya Australia Index Portfolio, Voya Emerging Markets Index Portfolio, Voya Euro STOXX 50® Index Portfolio, Voya FTSE 100 Index® Portfolio, Voya Hang Seng Index Portfolio, Voya International Index Portfolio, Voya Japan TOPIX Index® Portfolio, Voya Russell™ Large Cap Growth Index Portfolio, Voya Russell™ Large Cap Index Portfolio, Voya Russell™ Large Cap Value Index Portfolio, Voya Russell™ Mid Cap Growth Index Portfolio, Voya Russell™ Mid Cap Index Portfolio, Voya Russell™ Small Cap Index Portfolio, and Voya U.S. Bond Index Portfolio (the Funds), each a series of Voya Variable Portfolios, Inc., including the summary portfolios or portfolios of investments, as of December 31, 2018, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements), and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of December 31, 2018, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2018, by correspondence with the custodian and brokers or by other appropriate auditing procedures when replies from the brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Voya investment companies since 1975.

Boston, Massachusetts
February 15, 2019

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2018

	Voya Australia Index Portfolio			Voya Emerging Markets Index Portfolio			Voya Euro STOXX 50® Index Portfolio			Voya FTSE 100 Index® Portfolio
ASSETS:
Investments in securities at fair value+*		$	93,375,487		$	763,528,221		$	339,995,351		$	207,440,804
Short-term investments at fair value**			1,904,371			17,808,969			578,435			1,126,000
Cash			856			14,557			3,313			1,990
Cash collateral for futures			52,038			674,917			352,406			314,481
Foreign currencies at value***			78,671			437,045			3,130,129			4,361,728
Foreign cash collateral for futures****			27,651			—			—			10,389
Receivables:
Investment securities and currencies sold			—			42,496,014			—			5,317,828
Fund shares sold			145,254			350,664			2,717,179			1,265,506
Dividends			216,550			2,112,768			233,632			642,856
Foreign tax reclaims			—			—			1,591,768			28,340
Unrealized appreciation on forward foreign currency contracts			9,213			20,167			33,308			43,440
Prepaid expenses			462			3,501			1,775			1,251
Reimbursement due from manager			—			99,665			—			—
Other assets			3,488			14,502			13,714			10,208
Total assets			95,814,041			827,560,990			348,651,010			220,564,821
LIABILITIES:
Payable for investment securities and currencies purchased			—			34,648			—			5,088,176
Payable to broker			—			—			2,955,979			—
Payable for fund shares redeemed			761,283			49,162,165			238,645			188,982
Payable for foreign cash collateral for futures*****			—			—			21,249			—
Payable upon receipt of securities loaned			1,060,371			5,699,969			288,435			—
Unrealized depreciation on forward foreign currency contracts			19,922			6,977			9,393			6,156
Payable for investment management fees			28,385			266,246			103,482			64,007
Payable for distribution and shareholder service fees			—			—			7,654			1,775
Payable for directors fees			506			3,956			1,908			1,245
Payable to directors under the deferred compensation plan (Note 6)			3,488			14,502			13,714			10,208
Payable for Indian capital gains tax			—			84,369			—			—
Other accrued expenses and liabilities			40,667			1,063,537			145,648			109,588
Total liabilities			1,914,622			56,336,369			3,786,107			5,470,137
NET ASSETS		$	93,899,419		$	771,224,621		$	344,864,903		$	215,094,684
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	131,103,219		$	831,268,358		$	353,474,119		$	225,702,080
Total distributable loss			(37,203,800)			(60,043,737)			(8,609,216)			(10,607,396)
NET ASSETS		$	93,899,419		$	771,224,621		$	344,864,903		$	215,094,684
+ Including securities loaned at value		$	1,000,197		$	5,206,500		$	234,447		$	—
* Cost of investments in securities		$	99,372,570		$	758,573,778		$	349,983,989		$	226,383,677
** Cost of short-term investments		$	1,904,371		$	17,808,969		$	578,435		$	1,126,000
*** Cost of foreign currencies		$	78,518		$	436,984		$	3,129,844		$	4,330,517
**** Cost of foreign cash collateral for futures		$	27,651		$	—		$	—		$	10,389
***** Cost of payable for foreign cash collateral for futures		$	—		$	—		$	21,249		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2018 (continued)

	Voya Australia Index Portfolio			Voya Emerging Markets Index Portfolio			Voya Euro STOXX 50® Index Portfolio			Voya FTSE 100 Index® Portfolio
Class ADV
Net assets			n/a			n/a		$	17,714,145		$	4,369,280
Shares authorized			n/a			n/a			100,000,000			100,000,000
Par value			n/a			n/a		$	0.001		$	0.001
Shares outstanding			n/a			n/a			1,937,312			553,769
Net asset value and redemption price per share			n/a			n/a		$	9.14		$	7.89
Class I
Net assets		$	93,899,419		$	499,267,668		$	327,150,758		$	210,725,404
Shares authorized			100,000,000			100,000,000			200,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			12,214,238			46,821,593			35,425,838			26,434,936
Net asset value and redemption price per share		$	7.69		$	10.66		$	9.23		$	7.97
Class P2
Net assets			n/a		$	271,953,739			n/a			n/a
Shares authorized			n/a			100,000,000			n/a			n/a
Par value			n/a		$	0.001			n/a			n/a
Shares outstanding			n/a			25,327,482			n/a			n/a
Net asset value and redemption price per share			n/a		$	10.74			n/a			n/a
Class S
Net assets			n/a		$	3,214			n/a			n/a
Shares authorized			n/a			100,000,000			n/a			n/a
Par value			n/a		$	0.001			n/a			n/a
Shares outstanding			n/a			300			n/a			n/a
Net asset value and redemption price per share			n/a		$	10.71			n/a			n/a

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2018

	Voya Hang Seng Index Portfolio			Voya International Index Portfolio			Voya Japan TOPIX Index® Portfolio			Voya Russell™ Large Cap Growth Index Portfolio
ASSETS:
Investments in securities at fair value+*		$	41,645,135		$	1,520,010,234		$	217,543,300		$	641,318,249
Short-term investments at fair value**			757,875			77,018,802			3,974,578			8,196,000
Cash			331			774			2,277			180,710
Cash collateral for futures			121,689			3,772,206			441,194			528,240
Foreign currencies at value***			51,824			116,716			32,311			—
Foreign cash collateral for futures****			7,373			—			—			—
Receivables:
Investment securities and currencies sold			1,720,894			1,970,164			70,910			—
Fund shares sold			8,852			14,340,492			4,646,391			534,423
Dividends			1,086			2,043,684			333,279			482,230
Foreign tax reclaims			—			3,571,941			99,888			—
Unrealized appreciation on forward foreign currency contracts			—			—			121,404			—
Prepaid expenses			347			7,969			1,403			3,385
Reimbursement due from manager			—			310,439			—			—
Other assets			2,745			69,195			9,740			16,109
Total assets			44,318,151			1,623,232,616			227,276,675			651,259,346
LIABILITIES:
Payable for investment securities and currencies purchased			—			1,089,494			45,641			—
Payable for fund shares redeemed			1,521,761			7,017,945			158,240			246,799
Payable for foreign cash collateral for futures*****			—			—			20,170			—
Payable upon receipt of securities loaned			219,875			11,535,802			2,811,578			—
Unrealized depreciation on forward foreign currency contracts			1,223			421			31,347			—
Payable for investment management fees			13,174			626,434			67,226			224,627
Payable for distribution and shareholder service fees			5,088			233,965			3,277			70,469
Payable for directors fees			288			8,627			1,336			3,628
Payable to directors under the deferred compensation plan (Note 6)			2,745			69,195			9,740			16,109
Other accrued expenses and liabilities			51,438			499,502			106,165			67,460
Total liabilities			1,815,592			21,081,385			3,254,720			629,092
NET ASSETS		$	42,502,559		$	1,602,151,231		$	224,021,955		$	650,630,254
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	20,227,022		$	1,611,155,449		$	170,999,512		$	248,720,557
Total distributable earnings (loss)			22,275,537			(9,004,218)			53,022,443			401,909,697
NET ASSETS		$	42,502,559		$	1,602,151,231		$	224,021,955		$	650,630,254
+ Including securities loaned at value		$	208,996		$	10,961,789		$	2,670,296		$	—
* Cost of investments in securities		$	28,073,125		$	1,497,721,027		$	182,475,661		$	279,071,490
** Cost of short-term investments		$	757,875		$	77,018,802		$	3,974,578		$	8,196,000
*** Cost of foreign currencies		$	51,797		$	116,272		$	32,197		$	—
**** Cost of foreign cash collateral for futures		$	7,373		$	—		$	—		$	—
***** Cost of payable for foreign cash collateral for futures		$	—		$	—		$	20,170		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2018 (continued)

	Voya Hang Seng Index Portfolio			Voya International Index Portfolio			Voya Japan TOPIX Index® Portfolio			Voya Russell™ Large Cap Growth Index Portfolio
Class ADV
Net assets		$	691,767		$	524,306,984		$	7,449,591		$	4,194
Shares authorized			100,000,000			250,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			52,851			59,380,202			766,039			126
Net asset value and redemption price per share		$	13.09		$	8.83		$	9.72		$	33.18
Class I
Net assets		$	19,296,202		$	299,378,046		$	216,572,364		$	329,022,305
Shares authorized			100,000,000			200,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			1,466,057			33,179,684			22,001,751			9,824,468
Net asset value and redemption price per share		$	13.16		$	9.02		$	9.84		$	33.49
Class P2
Net assets			n/a		$	708,456,974			n/a			n/a
Shares authorized			n/a			300,000,000			n/a			n/a
Par value			n/a		$	0.001			n/a			n/a
Shares outstanding			n/a			78,149,153			n/a			n/a
Net asset value and redemption price per share			n/a		$	9.07			n/a			n/a
Class S
Net assets		$	22,514,590		$	68,720,310			n/a		$	321,603,755
Shares authorized			100,000,000			100,000,000			n/a			100,000,000
Par value		$	0.001		$	0.001			n/a		$	0.001
Shares outstanding			1,713,987			7,673,569			n/a			9,662,023
Net asset value and redemption price per share		$	13.14		$	8.96			n/a		$	33.29
Class S2
Net assets			n/a		$	1,288,917			n/a			n/a
Shares authorized			n/a			100,000,000			n/a			n/a
Par value			n/a		$	0.001			n/a			n/a
Shares outstanding			n/a			144,219			n/a			n/a
Net asset value and redemption price per share			n/a		$	8.94			n/a			n/a

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2018

	Voya Russell™ Large Cap Index Portfolio			Voya Russell™ Large Cap Value Index Portfolio			Voya Russell™ Mid Cap Growth Index Portfolio			Voya Russell™ Mid Cap Index Portfolio
ASSETS:
Investments in securities at fair value+*		$	822,310,418		$	347,773,903		$	259,031,323		$	1,332,404,442
Investments in affiliates at fair value**			—			—			43,833			1,309,648
Short-term investments at fair value***			8,385,000			4,050,000			6,371,687			37,416,236
Cash			160,847			36,329			39,323			440,043
Cash collateral for futures			521,694			264,335			117,395			1,270,389
Receivables:
Investment securities sold			—			—			—			1,404,188
Fund shares sold			511,201			—			212,037			26,028,998
Dividends			854,162			474,129			107,675			2,297,786
Foreign tax reclaims			—			920			—			—
Prepaid expenses			4,309			1,973			1,503			9,090
Reimbursement due from manager			14,884			—			5,581			82,320
Other assets			72,874			8,999			9,270			59,778
Total assets			832,835,389			352,610,588			265,939,627			1,402,722,918
LIABILITIES:
Payable for investment securities purchased			328,001			291,271			122,618			23,874,398
Payable for investments in affiliated underlying funds purchased			—			—			—			23,169
Payable for fund shares redeemed			151,222			1,078,407			46			1,108,835
Payable upon receipt of securities loaned			—			—			4,701,687			15,606,236
Payable for investment management fees			254,003			113,744			91,230			481,426
Payable for distribution and shareholder service fees			136,446			58,305			53,920			125,699
Payable for directors fees			4,557			1,990			1,545			8,416
Payable to directors under the deferred compensation plan (Note 6)			72,874			8,999			9,270			59,778
Other accrued expenses and liabilities			101,807			49,970			133,063			242,188
Total liabilities			1,048,910			1,602,686			5,113,379			41,530,145
NET ASSETS		$	831,786,479		$	351,007,902		$	260,826,248		$	1,361,192,773
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	292,740,879		$	258,546,554		$	137,907,818		$	558,588,981
Total distributable earnings			539,045,600			92,461,348			122,918,430			802,603,792
NET ASSETS		$	831,786,479		$	351,007,902		$	260,826,248		$	1,361,192,773
+ Including securities loaned at value		$	—		$	—		$	4,566,523		$	15,153,951
* Cost of investments in securities		$	323,775,225		$	274,760,422		$	164,765,030		$	786,621,414
** Cost of investments in affiliates		$	—		$	—		$	39,993		$	889,502
*** Cost of short-term investments		$	8,385,000		$	4,050,000		$	6,371,687		$	37,416,236

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2018 (continued)

	Voya Russell™ Large Cap Index Portfolio			Voya Russell™ Large Cap Value Index Portfolio			Voya Russell™ Mid Cap Growth Index Portfolio			Voya Russell™ Mid Cap Index Portfolio
Class ADV
Net assets		$	54,274,840		$	3,516			n/a		$	152,322,903
Shares authorized			100,000,000			100,000,000			n/a			100,000,000
Par value		$	0.001		$	0.001			n/a		$	0.001
Shares outstanding			2,776,728			173			n/a			12,180,431
Net asset value and redemption price per share		$	19.55		$	20.34			n/a		$	12.51
Class I
Net assets		$	260,308,671		$	85,884,762		$	15,150,675		$	765,511,085
Shares authorized			400,000,000			100,000,000			100,000,000			300,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			13,053,302			4,174,583			509,906			59,088,985
Net asset value and redemption price per share		$	19.94		$	20.57		$	29.71		$	12.96
Class P2
Net assets			n/a			n/a			n/a		$	180,789,768
Shares authorized			n/a			n/a			n/a			100,000,000
Par value			n/a			n/a			n/a		$	0.001
Shares outstanding			n/a			n/a			n/a			13,893,890
Net asset value and redemption price per share			n/a			n/a			n/a		$	13.01
Class S
Net assets		$	516,423,708		$	265,119,624		$	244,213,751		$	250,241,648
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			26,083,950			12,980,526			8,244,895			19,566,745
Net asset value and redemption price per share		$	19.80		$	20.42		$	29.62		$	12.79
Class S2
Net assets		$	779,260			n/a		$	1,461,822		$	12,327,369
Shares authorized			100,000,000			n/a			100,000,000			100,000,000
Par value		$	0.001			n/a		$	0.001		$	0.001
Shares outstanding			38,292			n/a			49,462			978,165
Net asset value and redemption price per share		$	20.35			n/a		$	29.55		$	12.60

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2018

	Voya Russell™ Small Cap Index Portfolio			Voya U.S. Bond Index Portfolio
ASSETS:
Investments in securities at fair value+*		$	742,663,614		$	3,229,271,177
Short-term investments at fair value**			54,796,978			125,806,101
Cash			249,647			560,428
Cash collateral for futures			972,930			7,675
Receivables:
Investment securities sold			545,534			81,473,004
Investment securities sold on a delayed-delivery or when-issued basis			—			49,258,550
Fund shares sold			25,343,722			581,826
Dividends			1,075,279			12,197
Interest			—			19,184,740
Prepaid expenses			4,461			15,787
Reimbursement due from manager			29,305			203,845
Other assets			33,513			116,894
Total assets			825,714,983			3,506,492,224
LIABILITIES:
Payable for investment securities purchased			22,008,935			5,141,471
Payable for investment securities purchased on a delayed-delivery or when-issued basis			—			111,504,780
Payable for fund shares redeemed			344,137			162,150,229
Payable upon receipt of securities loaned			40,474,978			22,017,472
Cash received as collateral for delayed-delivery or when-issued securities (Note 2)			—			1,518,453
Payable for investment management fees			280,582			1,079,276
Payable for distribution and shareholder service fees			87,034			48,125
Payable for directors fees			4,518			16,702
Payable to directors under the deferred compensation plan (Note 6)			33,513			116,894
Other accrued expenses and liabilities			108,666			393,984
Total liabilities			63,342,363			303,987,386
NET ASSETS		$	762,372,620		$	3,202,504,838
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	504,806,904		$	3,235,428,356
Total distributable earnings (loss)			257,565,716			(32,923,518)
NET ASSETS		$	762,372,620		$	3,202,504,838
+ Including securities loaned at value		$	39,184,452		$	21,508,210
* Cost of investments in securities		$	578,173,339		$	3,248,407,696
** Cost of short-term investments		$	54,796,978		$	125,810,543

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2018 (continued)

	Voya Russell™ Small Cap Index Portfolio			Voya U.S. Bond Index Portfolio
Class ADV
Net assets		$	97,210,398		$	27,117,903
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			7,756,547			2,641,448
Net asset value and redemption price per share		$	12.53		$	10.27
Class I
Net assets		$	386,854,324		$	2,146,798,241
Shares authorized			100,000,000			700,000,000
Par value		$	0.001		$	0.001
Shares outstanding			29,795,907			208,268,375
Net asset value and redemption price per share		$	12.98		$	10.31
Class P2
Net assets		$	79,563,414		$	856,890,140
Shares authorized			100,000,000			300,000,000
Par value		$	0.001		$	0.001
Shares outstanding			6,091,888			83,106,516
Net asset value and redemption price per share		$	13.06		$	10.31
Class S
Net assets		$	191,769,289		$	170,552,153
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			14,915,904			16,593,553
Net asset value and redemption price per share		$	12.86		$	10.28
Class S2
Net assets		$	6,975,195		$	1,146,401
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			552,634			111,484
Net asset value and redemption price per share		$	12.62		$	10.28

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2018

	Voya Australia Index Portfolio			Voya Emerging Markets Index Portfolio			Voya Euro STOXX 50® Index Portfolio			Voya FTSE 100 Index® Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	4,315,799		$	20,344,871		$	11,587,000		$	10,661,250
Interest, net of foreign taxes withheld*			976			42,113			6,125			4,038
Securities lending income, net			34,568			120,619			199,902			52,391
Other			25			1,091			—			—
Total investment income			4,351,368			20,508,694			11,793,027			10,717,679
EXPENSES:
Investment management fees			709,063			5,142,412			2,671,422			1,743,530
Distribution and shareholder service fees:
Class ADV			—			—			112,750			26,559
Class S			—			9			—			—
Transfer agent fees			170			2,060			601			469
Shareholder reporting expense			1,199			23,252			12,990			9,322
Professional fees			15,127			87,955			29,156			22,644
Custody and accounting expense			106,391			877,638			133,288			92,643
Directors fees			4,052			31,646			15,265			9,963
License fee			15,002			237,337			114,487			53,696
Miscellaneous expense			8,705			36,928			24,056			19,347
Interest expense			623			1,026			304			1,433
Total expenses			860,332			6,440,263			3,114,319			1,979,606
Waived and reimbursed fees			(354,530)			(3,149,709)			(1,335,704)			(871,761)
Net expenses			505,802			3,290,554			1,778,615			1,107,845
Net investment income			3,845,566			17,218,140			10,014,412			9,609,834
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			(344,577)			247,112			4,538,535			7,219,122
Capital gain distributions from unaffiliated underlying funds			—			—			—			31
Forward foreign currency contracts			(172,749)			92,473			(765,836)			(336,095)
Foreign currency related transactions			(77,665)			(452,861)			(120,546)			(2,116)
Futures			(7,229)			(5,672,662)			(381,429)			149,511
Net realized gain (loss)			(602,220)			(5,785,938)			3,270,724			7,030,453
Net change in unrealized appreciation (depreciation) on:
Investments (net of Indian capital gains tax accrued#)			(16,193,326)			(140,825,786)			(77,453,140)			(50,794,669)
Forward foreign currency contracts			(16,584)			13,190			(32,197)			24,182
Foreign currency related transactions			(4,983)			11,726			(80,898)			730
Futures			1,657			(185,735)			24,121			(42,200)
Net change in unrealized appreciation (depreciation)			(16,213,236)			(140,986,605)			(77,542,114)			(50,811,957)
Net realized and unrealized loss			(16,815,456)			(146,772,543)			(74,271,390)			(43,781,504)
Decrease in net assets resulting from operations		$	(12,969,890)		$	(129,554,403)		$	(64,256,978)		$	(34,171,670)
* Foreign taxes withheld		$	67,252		$	2,609,966		$	1,800,887		$	157,638
# Foreign taxes accrued on Indian investments		$	—		$	613,734		$	—		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2018

	Voya Hang Seng Index Portfolio			Voya International Index Portfolio			Voya Japan TOPIX Index® Portfolio			Voya Russell™ Large Cap Growth Index Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	1,851,898		$	51,443,998		$	5,255,563		$	10,294,409
Interest, net of foreign taxes withheld*			482			56,770			2,732			4,418
Securities lending income, net			691			671,151			74,611			36,186
Other			—			—			—			2,267
Total investment income			1,853,071			52,171,919			5,332,906			10,337,280
EXPENSES:
Investment management fees			402,634			7,846,759			1,870,583			3,583,097
Distribution and shareholder service fees:
Class ADV			4,294			3,139,594			48,996			22
Class S			69,020			189,390			—			893,505
Class S2			—			5,504			—			—
Transfer agent fees			192			3,860			507			1,551
Shareholder reporting expense			3,854			71,240			12,010			39,420
Professional fees			12,579			100,675			24,415			43,560
Custody and accounting expense			70,190			605,366			150,245			81,770
Directors fees			2,301			69,017			10,689			29,026
License fee			23,008			517,615			16,035			—
Miscellaneous expense			12,449			67,232			21,986			34,265
Interest expense			697			1,235			2,650			587
Total expenses			601,218			12,617,487			2,158,116			4,706,803
Waived and reimbursed fees			(201,316)			(3,606,328)			(935,287)			(725,639)
Net expenses			399,902			9,011,159			1,222,829			3,981,164
Net investment income			1,453,169			43,160,760			4,110,077			6,356,116
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			9,788,629			(1,923,694)			20,152,551			34,726,746
Forward foreign currency contracts			(5,705)			69,611			(166,177)			—
Foreign currency related transactions			374			(245,905)			31,955			—
Futures			(78,066)			(9,378,233)			(653,513)			(1,045,832)
Net realized gain (loss)			9,705,232			(11,478,221)			19,364,816			33,680,914
Net change in unrealized appreciation (depreciation) on:
Investments			(16,079,029)			(281,275,849)			(59,775,841)			(44,950,391)
Forward foreign currency contracts			(639)			(421)			86,503			—
Foreign currency related transactions			(114)			(87,045)			(2,470)			—
Futures			(4,045)			(2,165,882)			(110,991)			(189,297)
Net change in unrealized appreciation (depreciation)			(16,083,827)			(283,529,197)			(59,802,799)			(45,139,688)
Net realized and unrealized loss			(6,378,595)			(295,007,418)			(40,437,983)			(11,458,774)
Decrease in net assets resulting from operations		$	(4,925,426)		$	(251,846,658)		$	(36,327,906)		$	(5,102,658)
* Foreign taxes withheld		$	82,076		$	5,159,765		$	632,644		$	98

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2018

	Voya Russell™ Large Cap Index Portfolio			Voya Russell™ Large Cap Value Index Portfolio			Voya Russell™ Mid Cap Growth Index Portfolio			Voya Russell™ Mid Cap Index Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	18,041,254		$	10,539,206		$	3,534,902		$	28,070,506
Interest			7,046			1,966			1,393			8,561
Dividends from affiliates			—			—			44			1,611
Securities lending income, net			25,034			469			81,781			236,051
Settlement income (Note 12)			—			—			—			234,477
Other			4,276			854			45,448			—
Total investment income			18,077,610			10,542,495			3,663,568			28,551,206
EXPENSES:
Investment management fees			3,190,017			1,842,066			1,544,942			6,900,409
Distribution and shareholder service fees:
Class ADV			250,195			22			—			886,414
Class S			1,450,633			749,154			724,378			755,471
Class S2			3,844			—			6,751			61,851
Transfer agent fees			1,478			946			496			2,559
Shareholder reporting expense			45,625			35,325			19,250			70,790
Professional fees			51,465			34,858			18,315			102,599
Custody and accounting expense			103,725			59,598			34,170			207,100
Directors fees			36,457			15,921			12,360			67,327
Miscellaneous expense			42,247			36,687			12,470			83,081
Interest expense			297			1,035			580			56,938
Total expenses			5,175,983			2,775,612			2,373,712			9,194,539
Waived and reimbursed fees			(172,673)			(398,014)			(399,842)			(1,171,458)
Net expenses			5,003,310			2,377,598			1,973,870			8,023,081
Net investment income			13,074,300			8,164,897			1,689,698			20,528,125
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			40,426,047			15,111,431			27,977,619			250,344,841
Affiliates			—			—			(445)			272,335
Futures			(475,924)			(294,129)			(464,479)			(871,010)
Net realized gain			39,950,123			14,817,302			27,512,695			249,746,166
Net change in unrealized appreciation (depreciation) on:
Investments			(82,781,960)			(48,499,986)			(42,662,808)			(398,517,579)
Affiliated underlying funds			—			—			(10,605)			(550,217)
Futures			(459,606)			(194,972)			61,001			(1,465,645)
Net change in unrealized appreciation (depreciation)			(83,241,566)			(48,694,958)			(42,612,412)			(400,533,441)
Net realized and unrealized loss			(43,291,443)			(33,877,656)			(15,099,717)			(150,787,275)
Decrease in net assets resulting from operations		$	(30,217,143)		$	(25,712,759)		$	(13,410,019)		$	(130,259,150)
* Foreign taxes withheld		$	1,228		$	1,053		$	207		$	4,254

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2018

	Voya Russell™ Small Cap Index Portfolio			Voya U.S. Bond Index Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	10,464,040		$	146,827
Interest			9,031			94,417,262
Securities lending income, net			1,412,070			309,250
Settlement income (Note 12)			374,848			—
Total investment income			12,259,989			94,873,339
EXPENSES:
Investment management fees			3,885,539			12,725,551
Distribution and shareholder service fees:
Class ADV			567,411			144,983
Class S			587,583			442,283
Class S2			32,737			9,804
Transfer agent fees			1,568			4,505
Shareholder reporting expense			40,150			110,462
Professional fees			51,830			182,598
Custody and accounting expense			116,575			383,135
Directors fees			36,145			133,617
Miscellaneous expense			38,606			118,226
Interest expense			24,717			247
Total expenses			5,382,861			14,255,411
Waived and reimbursed fees			(380,460)			(2,197,274)
Net expenses			5,002,401			12,058,137
Net investment income			7,257,588			82,815,202
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			91,396,961			(20,423,618)
Futures			(2,390,857)			18,199
Swaps			—			(720)
Net realized gain (loss)			89,006,104			(20,406,139)
Net change in unrealized appreciation (depreciation) on:
Investments			(185,235,752)			(73,620,466)
Futures			(1,367,251)			(9,619)
Net change in unrealized appreciation (depreciation)			(186,603,003)			(73,630,085)
Net realized and unrealized loss			(97,596,899)			(94,036,224)
Decrease in net assets resulting from operations		$	(90,339,311)		$	(11,221,022)
* Foreign taxes withheld		$	3,722		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Australia Index Portfolio						Voya Emerging Markets Index Portfolio
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
FROM OPERATIONS:
Net investment income		$	3,845,566		$	4,695,550		$	17,218,140		$	12,138,731
Net realized gain (loss)			(602,220)			(1,803,191)			(5,785,938)			10,666,645
Net change in unrealized appreciation (depreciation)			(16,213,236)			19,361,539			(140,986,605)			174,890,021
Increase (decrease) in net assets resulting from operations			(12,969,890)			22,253,898			(129,554,403)			197,695,397
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):(1)
Class I			(5,446,682)			(4,731,859)			(10,859,398)			(7,793,282)
Class P2			—			—			(6,287,864)			(2,123,366)
Class S			—			—			(82)			(28)
Total distributions			(5,446,682)			(4,731,859)			(17,147,344)			(9,916,676)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			23,193,104			258,018			401,017,287			328,368,074
Reinvestment of distributions			5,446,682			4,731,859			17,147,262			9,916,648
			28,639,786			4,989,877			418,164,549			338,284,722
Cost of shares redeemed			(18,008,808)			(63,180,337)			(222,543,062)			(332,222,304)
Net increase (decrease) in net assets resulting from capital share transactions			10,630,978			(58,190,460)			195,621,487			6,062,418
Net increase (decrease) in net assets			(7,785,594)			(40,668,421)			48,919,740			193,841,139
NET ASSETS:
Beginning of year or period			101,685,013			142,353,434			722,304,881			528,463,742
End of year or period		$	93,899,419		$	101,685,013		$	771,224,621		$	722,304,881

(1)

Certain prior period amounts have been reclassified to conform to the current year presentation (Note 13).

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Euro STOXX 50® Index Portfolio						Voya FTSE 100 Index® Portfolio
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
FROM OPERATIONS:
Net investment income		$	10,014,412		$	10,010,582		$	9,609,834		$	10,952,409
Net realized gain			3,270,724			24,859,768			7,030,453			7,120,632
Net change in unrealized appreciation (depreciation)			(77,542,114)			53,799,615			(50,811,957)			38,852,399
Increase (decrease) in net assets resulting from operations			(64,256,978)			88,669,965			(34,171,670)			56,925,440
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):(1)
Class ADV			(965,077)			(758,294)			(420,703)			(315,858)
Class I			(15,782,116)			(14,247,161)			(18,187,648)			(19,914,030)
Total distributions			(16,747,193)			(15,005,455)			(18,608,351)			(20,229,888)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			88,282,361			10,163,967			31,479,884			7,796,268
Reinvestment of distributions			16,747,193			15,005,455			18,608,351			20,229,888
			105,029,554			25,169,422			50,088,235			28,026,156
Cost of shares redeemed			(57,239,918)			(125,931,881)			(59,906,351)			(83,642,839)
Net increase (decrease) in net assets resulting from capital share transactions			47,789,636			(100,762,459)			(9,818,116)			(55,616,683)
Net decrease in net assets			(33,214,535)			(27,097,949)			(62,598,137)			(18,921,131)
NET ASSETS:
Beginning of year or period			378,079,438			405,177,387			277,692,821			296,613,952
End of year or period		$	344,864,903		$	378,079,438		$	215,094,684		$	277,692,821

(1)

Certain prior period amounts have been reclassified to conform to the current year presentation (Note 13).

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Hang Seng Index Portfolio						Voya International Index Portfolio
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
FROM OPERATIONS:
Net investment income		$	1,453,169		$	2,374,665		$	43,160,760		$	36,012,982
Net realized gain (loss)			9,705,232			10,442,722			(11,478,221)			7,166,642
Net change in unrealized appreciation (depreciation)			(16,083,827)			15,899,200			(283,529,197)			297,250,989
Increase (decrease) in net assets resulting from operations			(4,925,426)			28,716,587			(251,846,658)			340,430,613
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):(1)
Class ADV			(148,035)			(5,079)			(14,583,530)			(14,094,484)
Class I			(6,342,613)			(797,783)			(9,657,691)			(7,342,600)
Class P2			—			—			(18,624,875)			(10,228,121)
Class S			(4,834,095)			(227,775)			(1,907,343)			(1,702,534)
Class S2			—			—			(33,601)			(22,970)
Total distributions			(11,324,743)			(1,030,637)			(44,807,040)			(33,390,709)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			6,579,130			5,359,977			411,607,669			792,397,453
Reinvestment of distributions			11,324,607			1,030,637			44,807,040			33,390,709
			17,903,737			6,390,614			456,414,709			825,788,162
Cost of shares redeemed			(32,733,639)			(55,044,926)			(241,224,528)			(773,675,206)
Net increase (decrease) in net assets resulting from capital share transactions			(14,829,902)			(48,654,312)			215,190,181			52,112,956
Net increase (decrease) in net assets			(31,080,071)			(20,968,362)			(81,463,517)			359,152,860
NET ASSETS:
Beginning of year or period			73,582,630			94,550,992			1,683,614,748			1,324,461,888
End of year or period		$	42,502,559		$	73,582,630		$	1,602,151,231		$	1,683,614,748

(1)

Certain prior period amounts have been reclassified to conform to the current year presentation (Note 13).

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Japan TOPIX Index® Portfolio						Voya Russell™ Large Cap Growth Index Portfolio
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
FROM OPERATIONS:
Net investment income		$	4,110,077		$	4,413,166		$	6,356,116		$	6,715,644
Net realized gain			19,364,816			22,208,763			33,680,914			23,974,244
Net change in unrealized appreciation (depreciation)			(59,802,799)			44,416,479			(45,139,688)			144,576,841
Increase (decrease) in net assets resulting from operations			(36,327,906)			71,038,408			(5,102,658)			175,266,729
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):(1)
Class ADV			(995,866)			(422,074)			(178)			(28)
Class I			(26,605,844)			(12,682,550)			(15,890,149)			(3,662,493)
Class S			—			—			(14,748,818)			(3,112,736)
Total distributions			(27,601,710)			(13,104,624)			(30,639,145)			(6,775,257)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			26,123,838			26,904,567			65,389,731			63,878,019
Reinvestment of distributions			27,601,710			13,104,624			30,639,145			6,775,257
			53,725,548			40,009,191			96,028,876			70,653,276
Cost of shares redeemed			(68,932,052)			(87,350,308)			(107,246,548)			(107,017,299)
Net decrease in net assets resulting from capital share transactions			(15,206,504)			(47,341,117)			(11,217,672)			(36,364,023)
Net increase (decrease) in net assets			(79,136,120)			10,592,667			(46,959,475)			132,127,449
NET ASSETS:
Beginning of year or period			303,158,075			292,565,408			697,589,729			565,462,280
End of year or period		$	224,021,955		$	303,158,075		$	650,630,254		$	697,589,729

(1)

Certain prior period amounts have been reclassified to conform to the current year presentation (Note 13).

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Russell™ Large Cap Index Portfolio						Voya Russell™ Large Cap Value Index Portfolio
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
FROM OPERATIONS:
Net investment income		$	13,074,300		$	13,116,464		$	8,164,897		$	8,447,360
Net realized gain			39,950,123			57,922,729			14,817,302			14,722,914
Net change in unrealized appreciation (depreciation)			(83,241,566)			106,288,570			(48,694,958)			30,781,551
Increase (decrease) in net assets resulting from operations			(30,217,143)			177,327,763			(25,712,759)			53,951,825
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):(1)
Class ADV			(582,782)			(451,986)			(197)			(58)
Class I			(4,457,407)			(3,979,934)			(5,593,289)			(2,147,826)
Class S			(7,830,458)			(8,558,244)			(16,284,468)			(6,208,489)
Class S2			(9,816)			(16,027)			—			—
Total distributions			(12,880,463)			(13,006,191)			(21,877,954)			(8,356,373)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			90,167,086			111,248,194			13,423,772			37,254,722
Reinvestment of distributions			12,880,463			13,006,191			21,877,954			8,356,373
			103,047,549			124,254,385			35,301,726			45,611,095
Cost of shares redeemed			(135,402,170)			(215,860,932)			(63,052,579)			(101,170,233)
Net decrease in net assets resulting from capital share transactions			(32,354,621)			(91,606,547)			(27,750,853)			(55,559,138)
Net increase (decrease) in net assets			(75,452,227)			72,715,025			(75,341,566)			(9,963,686)
NET ASSETS:
Beginning of year or period			907,238,706			834,523,681			426,349,468			436,313,154
End of year or period		$	831,786,479		$	907,238,706		$	351,007,902		$	426,349,468

(1)

Certain prior period amounts have been reclassified to conform to the current year presentation (Note 13).

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Russell™ Mid Cap Growth Index Portfolio						Voya Russell™ Mid Cap Index Portfolio
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
FROM OPERATIONS:
Net investment income		$	1,689,698		$	1,269,876		$	20,528,125		$	23,736,558
Net realized gain			27,512,695			33,076,544			249,746,166			198,850,666
Net change in unrealized appreciation (depreciation)			(42,612,412)			30,611,021			(400,533,441)			96,748,213
Increase (decrease) in net assets resulting from operations			(13,410,019)			64,957,441			(130,259,150)			319,335,437
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):(1)
Class ADV			—			—			(21,932,754)			(13,515,021)
Class I			(1,994,532)			(108,153)			(139,465,666)			(104,478,717)
Class P2			—			—			(21,984,898)			(13,446,205)
Class S			(32,016,234)			(1,955,102)			(37,435,605)			(28,087,549)
Class S2			(183,519)			(9,034)			(1,985,993)			(1,359,979)
Total distributions			(34,194,285)			(2,072,289)			(222,804,916)			(160,887,471)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			23,291,023			18,859,541			188,609,464			369,136,585
Reinvestment of distributions			34,194,285			2,072,289			222,804,916			160,887,471
			57,485,308			20,931,830			411,414,380			530,024,056
Cost of shares redeemed			(53,463,586)			(75,256,134)			(636,206,115)			(721,728,257)
Net increase (decrease) in net assets resulting from capital share transactions			4,021,722			(54,324,304)			(224,791,735)			(191,704,201)
Net increase (decrease) in net assets			(43,582,582)			8,560,848			(577,855,801)			(33,256,235)
NET ASSETS:
Beginning of year or period			304,408,830			295,847,982			1,939,048,574			1,972,304,809
End of year or period		$	260,826,248		$	304,408,830		$	1,361,192,773		$	1,939,048,574

(1)

Certain prior period amounts have been reclassified to conform to the current year presentation (Note 13).

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Russell™ Small Cap Index Portfolio						Voya U.S. Bond Index Portfolio
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
FROM OPERATIONS:
Net investment income		$	7,257,588		$	8,065,840		$	82,815,202		$	72,796,653
Net realized gain (loss)			89,006,104			49,908,290			(20,406,139)			6,325,360
Net change in unrealized appreciation (depreciation)			(186,603,003)			62,223,789			(73,630,085)			24,915,097
Increase (decrease) in net assets resulting from operations			(90,339,311)			120,197,919			(11,221,022)			104,037,110
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):(1)
Class ADV			(7,219,605)			(8,172,756)			(537,178)			(664,802)
Class I			(30,423,046)			(28,637,737)			(55,171,052)			(68,874,319)
Class P2			(5,231,806)			(7,060,466)			(20,551,311)			(12,385,981)
Class S			(15,340,373)			(20,284,044)			(3,722,878)			(4,897,048)
Class S2			(497,689)			(726,155)			(47,855)			(57,469)
Total distributions			(58,712,519)			(64,881,158)			(80,030,274)			(86,879,619)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			140,399,863			341,052,048			865,531,749			1,292,737,202
Reinvestment of distributions			58,712,519			64,881,158			80,016,392			86,691,182
			199,112,382			405,933,206			945,548,141			1,379,428,384
Cost of shares redeemed			(238,196,909)			(308,109,317)			(1,032,277,005)			(1,358,431,789)
Net increase (decrease) in net assets resulting from capital share transactions			(39,084,527)			97,823,889			(86,728,864)			20,996,595
Net increase (decrease) in net assets			(188,136,357)			153,140,650			(177,980,160)			38,154,086
NET ASSETS:
Beginning of year or period			950,508,977			797,368,327			3,380,484,998			3,342,330,912
End of year or period		$	762,372,620		$	950,508,977		$	3,202,504,838		$	3,380,484,998

(1)

Certain prior period amounts have been reclassified to conform to the current year presentation (Note 13).

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 Australia Index Portfolio
Class I
12-31-18		9.30		0.33		(1.42)		(1.09)		0.52		—		—		0.52		—		7.69		(12.41)		0.85		0.50		0.50		3.80		93,899		13
12-31-17		8.01		0.34•		1.25		1.59		0.30		—		—		0.30		—		9.30		20.27		0.81		0.46		0.46		3.89		101,685		3
12-31-16		7.89		0.30•		0.50		0.80		0.68		—		—		0.68		—		8.01		10.71		0.83		0.48		0.48		3.79		142,353		36
12-31-15		9.16		0.36•		(1.14)		(0.78)		0.49		—		—		0.49		—		7.89		(9.26)		0.80		0.45		0.45		4.17		114,337		8
12-31-14		10.01		0.40		(0.85)		(0.45)		0.40		—		—		0.40		—		9.16		(4.95)		0.78		0.43		0.43		4.12		190,588		12
Voya Emerging Markets Index Portfolio
Class I
12-31-18		12.85		0.25		(2.14)		(1.89)		0.30		—		—		0.30		—		10.66		(15.07)		0.81		0.54		0.54		2.05		499,268		12
12-31-17		9.56		0.19•		3.28		3.47		0.18		—		—		0.18		—		12.85		36.65		0.82		0.55		0.55		1.71		502,979		18
12-31-16		8.85		0.18		0.73		0.91		0.20		—		—		0.20		—		9.56		10.48		0.82		0.57		0.57		1.80		528,461		34
12-31-15		10.65		0.20•		(1.78)		(1.58)		0.22		—		—		0.22		—		8.85		(15.28)		0.82		0.57		0.57		1.92		510,962		19
12-31-14		11.18		0.21		(0.58)		(0.37)		0.16		—		—		0.16		—		10.65		(3.37)		0.81		0.56		0.56		2.05		635,780		21
Class P2
12-31-18		12.88		0.29•		(2.13)		(1.84)		0.30		—		—		0.30		—		10.74		(14.64)		0.81		0.15		0.15		2.44		271,954		12
05-03-17(5) - 12-31-17		10.99		0.20•		1.87		2.07		0.18		—		—		0.18		—		12.88		19.15		0.82		0.15		0.15		2.56		219,322		18
Class S
12-31-18		12.91		0.21		(2.14)		(1.93)		0.27		—		—		0.27		—		10.71		(15.26)		1.06		0.79		0.79		1.71		3		12
12-31-17		9.55		0.17		3.28		3.45		0.09		—		—		0.09		—		12.91		36.35		1.07		0.80		0.80		1.52		4		18
12-31-16		8.82		0.20•		0.72		0.92		0.19		—		—		0.19		—		9.55		10.66		1.07		0.82		0.82		2.16		3		34
12-31-15		10.61		0.17•		(1.76)		(1.59)		0.20		—		—		0.20		—		8.82		(15.43)		1.07		0.82		0.82		1.73		11		19
12-31-14		11.14		0.21		(0.61)		(0.40)		0.13		—		—		0.13		—		10.61		(3.59)		1.06		0.81		0.81		1.84		3		21
Voya Euro STOXX 50® Index Portfolio
Class ADV
12-31-18		11.38		0.24•		(2.03)		(1.79)		0.26		0.19		—		0.45		—		9.14		(16.43)		1.29		0.94		0.94		2.27		17,714		11
12-31-17		9.48		0.20•		2.04		2.24		0.34		—		—		0.34		—		11.38		23.83		1.29		0.94		0.94		1.83		25,514		2
12-31-16		9.64		0.25•		(0.24)		0.01		0.17		—		—		0.17		—		9.48		0.16		1.29		0.94		0.94		2.75		22,343		37
12-31-15		10.39		0.24•		(0.69)		(0.45)		0.30		—		—		0.30		—		9.64		(4.64)		1.29		0.94		0.94		2.26		31,758		15
12-31-14		11.88		0.30•		(1.40)		(1.10)		0.39		—		—		0.39		—		10.39		(9.66)		1.29		0.94		0.94		2.63		28,159		13
Class I
12-31-18		11.49		0.27		(2.02)		(1.75)		0.32		0.19		—		0.51		—		9.23		(16.00)		0.79		0.44		0.44		2.65		327,151		11
12-31-17		9.58		0.27•		2.04		2.31		0.40		—		—		0.40		—		11.49		24.34		0.79		0.44		0.44		2.51		352,566		2
12-31-16		9.74		0.31•		(0.25)		0.06		0.22		—		—		0.22		—		9.58		0.78		0.79		0.44		0.44		3.32		382,834		37
12-31-15		10.49		0.28•		(0.68)		(0.40)		0.35		—		—		0.35		—		9.74		(4.21)		0.79		0.44		0.44		2.63		397,346		15
12-31-14		11.96		0.37•		(1.41)		(1.04)		0.43		—		—		0.43		—		10.49		(9.18)		0.79		0.44		0.44		3.19		436,078		13

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 FTSE 100 Index® Portfolio
Class ADV
12-31-18		9.85		0.32•		(1.61)		(1.29)		0.42		0.25		—		0.67		—		7.89		(14.28)		1.28		0.93		0.93		3.47		4,369		9
12-31-17		8.66		0.30•		1.50		1.80		0.30		0.31		—		0.61		—		9.85		21.60		1.27		0.92		0.92		3.32		5,376		4
12-31-16		9.56		0.30•		(0.47)		(0.17)		0.40		0.33		—		0.73		—		8.66		(1.67)		1.27		0.92		0.92		3.41		4,826		22
12-31-15		11.29		0.32		(1.01)		(0.69)		0.73		0.31		—		1.04		—		9.56		(7.22)		1.27		0.92		0.92		3.06		6,484		8
12-31-14		13.59		0.69•		(1.47)		(0.78)		0.47		1.05		—		1.52		—		11.29		(6.85)		1.26		0.91		0.91		5.53		6,675		13
Class I
12-31-18		9.94		0.36•		(1.62)		(1.26)		0.46		0.25		—		0.71		—		7.97		(13.89)		0.78		0.43		0.43		3.87		210,725		9
12-31-17		8.74		0.36•		1.51		1.87		0.36		0.31		—		0.67		—		9.94		22.24		0.77		0.42		0.42		3.88		272,317		4
12-31-16		9.65		0.34•		(0.46)		(0.12)		0.46		0.33		—		0.79		—		8.74		(1.17)		0.77		0.42		0.42		3.87		291,788		22
12-31-15		11.39		0.39•		(1.03)		(0.64)		0.79		0.31		—		1.10		—		9.65		(6.72)		0.77		0.42		0.42		3.61		334,645		8
12-31-14		13.68		0.81		(1.53)		(0.72)		0.52		1.05		—		1.57		—		11.39		(6.39)		0.76		0.41		0.41		6.45		412,428		13
Voya Hang Seng Index Portfolio
Class ADV
12-31-18		17.59		0.34•		(1.98)		(1.64)		0.74		2.12		—		2.86		—		13.09		(11.78)		1.42		1.07		1.07		2.18		692		6
12-31-17		12.73		0.40•		4.54		4.94		0.08		—		—		0.08		—		17.59		38.97		1.37		1.02		1.02		2.60		1,026		9
12-31-16		13.14		0.30•		0.00*		0.30		0.50		0.21		—		0.71		—		12.73		2.85		1.36		1.16		1.16		2.41		905		17
12-31-15		14.22		0.31•		(1.02)		(0.71)		0.37		—		—		0.37		—		13.14		(5.52)		1.37		1.19		1.19		2.09		1,192		7
12-31-14		14.10		0.35•		0.08		0.43		0.31		—		—		0.31		—		14.22		3.23		1.37		1.25		1.25		2.47		1,647		11
Class I
12-31-18		17.68		0.40•		(1.96)		(1.56)		0.84		2.12		—		2.96		—		13.16		(11.34)		0.92		0.57		0.57		2.54		19,296		6
12-31-17		12.81		0.41•		4.62		5.03		0.16		—		—		0.16		—		17.68		39.61		0.87		0.52		0.52		2.76		41,871		9
12-31-16		13.25		0.38•		(0.02)		0.36		0.59		0.21		—		0.80		—		12.81		3.35		0.86		0.66		0.66		2.98		68,223		17
12-31-15		14.34		0.40•		(1.02)		(0.62)		0.47		—		—		0.47		—		13.25		(5.00)		0.87		0.69		0.69		2.65		40,319		7
12-31-14		14.22		0.42•		0.07		0.49		0.37		—		—		0.37		—		14.34		3.69		0.87		0.75		0.75		2.96		73,751		11
Class S
12-31-18		17.65		0.39•		(1.99)		(1.60)		0.79		2.12		—		2.91		—		13.14		(11.53)		1.17		0.82		0.82		2.52		22,515		6
12-31-17		12.78		0.45•		4.55		5.00		0.13		—		—		0.13		—		17.65		39.33		1.12		0.77		0.77		2.90		30,686		9
12-31-16		13.21		0.33•		0.00*		0.33		0.55		0.21		—		0.76		—		12.78		3.07		1.11		0.91		0.91		2.62		25,423		17
12-31-15		14.30		0.35•		(1.01)		(0.66)		0.43		—		—		0.43		—		13.21		(5.23)		1.12		0.94		0.94		2.40		30,748		7
12-31-14		14.17		0.36•		0.10		0.46		0.33		—		—		0.33		—		14.30		3.41		1.12		1.00		1.00		2.57		34,800		11
Voya International Index Portfolio
Class ADV
12-31-18		10.51		0.21•		(1.66)		(1.45)		0.23		—		—		0.23		—		8.83		(14.11)		1.04		0.94		0.94		2.11		524,307		3
12-31-17		8.63		0.19•		1.88		2.07		0.19		—		—		0.19		—		10.51		24.19		1.03		0.94		0.94		2.00		692,747		4
12-31-16		8.83		0.20•		(0.18)		0.02		0.22		—		—		0.22		—		8.63		0.37		1.05		0.97		0.97		2.30		692,197		3
12-31-15		9.19		0.19•		(0.30)		(0.11)		0.25		—		—		0.25		—		8.83		(1.43)(a)		1.06		0.97		0.97		2.03		803,990		2
12-31-14		9.89		0.24•		(0.86)		(0.62)		0.08		—		—		0.08		—		9.19		(6.34)		1.04		0.97		0.97		2.47		917,139		6

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 International Index Portfolio (continued)
Class I
12-31-18		10.74		0.26•		(1.69)		(1.43)		0.29		—		—		0.29		—		9.02		(13.73)		0.54		0.45		0.45		2.58		299,378		3
12-31-17		8.81		0.26•		1.91		2.17		0.24		—		—		0.24		—		10.74		24.88		0.53		0.45		0.45		2.65		319,369		4
12-31-16		9.02		0.24•		(0.17)		0.07		0.28		—		—		0.28		—		8.81		0.83		0.55		0.48		0.48		2.72		557,788		3
12-31-15		9.37		0.24•		(0.29)		(0.05)		0.30		—		—		0.30		—		9.02		(0.88)(a)		0.56		0.48		0.48		2.51		473,681		2
12-31-14		10.04		0.32•		(0.91)		(0.59)		0.08		—		—		0.08		—		9.37		(5.94)		0.54		0.48		0.48		3.19		535,838		6
Class P2
12-31-18		10.76		0.29•		(1.69)		(1.40)		0.29		—		—		0.29		—		9.07		(13.42)		0.54		0.15		0.15		2.84		708,457		3
05-03-17(5) - 12-31-17		9.79		0.16•		1.05		1.21		0.24		—		—		0.24		—		10.76		12.59		0.53		0.15		0.15		2.42		589,019		4
Class S
12-31-18		10.66		0.24		(1.68)		(1.44)		0.26		—		—		0.26		—		8.96		(13.86)		0.79		0.70		0.70		2.33		68,720		3
12-31-17		8.75		0.22•		1.90		2.12		0.21		—		—		0.21		—		10.66		24.51		0.78		0.70		0.70		2.23		81,188		4
12-31-16		8.96		0.22•		(0.18)		0.04		0.25		—		—		0.25		—		8.75		0.55		0.80		0.73		0.73		2.55		73,054		3
12-31-15		9.30		0.21•		(0.28)		(0.07)		0.27		—		—		0.27		—		8.96		(1.07)(a)		0.81		0.73		0.73		2.25		86,837		2
12-31-14		9.97		0.32•		(0.93)		(0.61)		0.06		—		—		0.06		—		9.30		(6.18)		0.79		0.73		0.73		3.18		92,340		6
Class S2
12-31-18		10.65		0.22•		(1.68)		(1.46)		0.25		—		—		0.25		—		8.94		(14.07)		0.94		0.85		0.85		2.19		1,289		3
12-31-17		8.71		0.20•		1.91		2.11		0.17		—		—		0.17		—		10.65		24.44		0.93		0.85		0.85		2.03		1,292		4
12-31-16		8.94		0.21•		(0.19)		0.02		0.25		—		—		0.25		—		8.71		0.37		0.98		0.88		0.88		2.50		1,424		3
12-31-15		9.26		0.19•		(0.28)		(0.09)		0.23		—		—		0.23		—		8.94		(1.25)(a)		1.06		0.88		0.88		1.99		1,498		2
12-31-14		9.93		0.29•		(0.91)		(0.62)		0.05		—		—		0.05		—		9.26		(6.29)		1.04		0.88		0.88		2.93		2,152		6
Voya Japan TOPIX Index® Portfolio
Class ADV
12-31-18		12.57		0.12•		(1.78)		(1.66)		0.23		0.96		—		1.19		—		9.72		(14.83)		1.29		0.94		0.94		1.04		7,450		5
12-31-17		10.43		0.11•		2.47		2.58		0.16		0.28		—		0.44		—		12.57		25.41		1.28		0.93		0.93		0.95		11,532		8
12-31-16		10.70		0.11•		0.16		0.27		0.09		0.45		—		0.54		—		10.43		2.92		1.28		0.93		0.93		1.04		10,944		1
12-31-15		9.87		0.07•		0.97		1.04		0.09		0.12		—		0.21		—		10.70		10.50		1.26		0.91		0.91		0.69		23,399		16
12-31-14		11.40		0.08•		(0.71)		(0.63)		0.11		0.79		—		0.90		—		9.87		(5.42)		1.25		0.90		0.90		0.80		10,613		6
Class I
12-31-18		12.71		0.18•		(1.79)		(1.61)		0.30		0.96		—		1.26		—		9.84		(14.37)		0.79		0.44		0.44		1.56		216,572		5
12-31-17		10.57		0.17•		2.49		2.66		0.24		0.28		—		0.52		—		12.71		25.93		0.78		0.43		0.43		1.45		291,626		8
12-31-16		10.84		0.17•		0.16		0.33		0.15		0.45		—		0.60		—		10.57		3.58		0.78		0.43		0.43		1.63		281,621		1
12-31-15		9.98		0.14		0.96		1.10		0.12		0.12		—		0.24		—		10.84		11.01		0.76		0.41		0.41		1.25		363,002		16
12-31-14		11.52		0.14		(0.73)		(0.59)		0.16		0.79		—		0.95		—		9.98		(4.98)		0.75		0.40		0.40		1.38		351,513		6

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 Russell™ Large Cap Growth Index Portfolio
Class ADV
12-31-18		35.05		0.17		(0.57)		(0.40)		0.23		1.24		—		1.47		—		33.18		(1.44)		1.03		0.93		0.93		0.49		4		9
12-31-17		27.04		0.20		8.04		8.24		0.23		—		—		0.23		—		35.05		30.60		1.03		0.93		0.93		0.64		4		14
12-31-16		25.76		0.24		1.32		1.56		0.28		—		—		0.28		—		27.04		6.13		1.03		0.93		0.93		0.92		3		19
07-13-15(5) - 12-31-15		25.51		0.10•		0.15		0.25		—		—		—		—		—		25.76		0.98		1.03		0.93		0.93		0.86		3		19
Class I
12-31-18		35.35		0.37•		(0.60)		(0.23)		0.39		1.24		—		1.63		—		33.49		(0.97)		0.53		0.43		0.43		1.00		329,022		9
12-31-17		27.24		0.36•		8.10		8.46		0.35		—		—		0.35		—		35.35		31.26		0.53		0.43		0.43		1.15		354,275		14
12-31-16		25.90		0.37		1.31		1.68		0.34		—		—		0.34		—		27.24		6.57		0.53		0.43		0.43		1.34		284,194		19
12-31-15		24.35		0.35		1.49		1.84		0.29		—		—		0.29		—		25.90		7.60		0.53		0.43		0.43		1.34		283,736		19
12-31-14		21.82		0.31		2.51		2.82		0.29		—		—		0.29		—		24.35		13.10		0.58		0.48		0.48		1.29		280,622		21
Class S
12-31-18		35.15		0.27•		(0.59)		(0.32)		0.30		1.24		—		1.54		—		33.29		(1.21)		0.78		0.68		0.68		0.75		321,604		9
12-31-17		27.10		0.28•		8.06		8.34		0.29		—		—		0.29		—		35.15		30.93		0.78		0.68		0.68		0.90		343,310		14
12-31-16		25.77		0.28		1.33		1.61		0.28		—		—		0.28		—		27.10		6.31		0.78		0.68		0.68		1.09		281,265		19
12-31-15		24.23		0.28		1.50		1.78		0.24		—		—		0.24		—		25.77		7.37		0.78		0.68		0.68		1.09		275,410		19
12-31-14		21.73		0.24•		2.50		2.74		0.24		—		—		0.24		—		24.23		12.76		0.83		0.73		0.73		1.05		261,517		21
Voya Russell™ Large Cap Index Portfolio
Class ADV
12-31-18		20.60		0.24•		(1.03)		(0.79)		0.26		—		—		0.26		—		19.55		(3.92)		0.88		0.86		0.86		1.13		54,275		5
12-31-17		17.10		0.22•		3.51		3.73		0.23		—		—		0.23		—		20.60		21.96		0.88		0.87		0.87		1.17		43,874		6
12-31-16		15.71		0.22		1.40		1.62		0.23		—		—		0.23		—		17.10		10.45		0.88		0.87		0.87		1.37		34,466		5
12-31-15		15.66		0.20•		0.04		0.24		0.19		—		—		0.19		—		15.71		1.52		0.88		0.87		0.87		1.27		32,065		6
12-31-14		14.12		0.18		1.54		1.72		0.18		—		—		0.18		—		15.66		12.33		0.88		0.87		0.87		1.22		35,656		5
Class I
12-31-18		20.99		0.35•		(1.05)		(0.70)		0.35		—		—		0.35		—		19.94		(3.46)		0.38		0.36		0.36		1.62		260,309		5
12-31-17		17.41		0.32		3.57		3.89		0.31		—		—		0.31		—		20.99		22.57		0.38		0.37		0.37		1.68		272,429		6
12-31-16		16.00		0.31•		1.41		1.72		0.31		—		—		0.31		—		17.41		10.95		0.38		0.37		0.37		1.87		220,228		5
12-31-15		15.93		0.29		0.04		0.33		0.26		—		—		0.26		—		16.00		2.09		0.38		0.37		0.37		1.78		186,401		6
12-31-14		14.34		0.26		1.57		1.83		0.24		—		—		0.24		—		15.93		12.91		0.38		0.37		0.37		1.72		188,647		5
Class S
12-31-18		20.84		0.29•		(1.04)		(0.75)		0.29		—		—		0.29		—		19.80		(3.69)		0.63		0.61		0.61		1.37		516,424		5
12-31-17		17.29		0.27•		3.55		3.82		0.27		—		—		0.27		—		20.84		22.27		0.63		0.62		0.62		1.43		589,672		6
12-31-16		15.88		0.28		1.40		1.68		0.27		—		—		0.27		—		17.29		10.74		0.63		0.62		0.62		1.63		578,600		5
12-31-15		15.82		0.24•		0.05		0.29		0.23		—		—		0.23		—		15.88		1.79		0.63		0.62		0.62		1.53		566,225		6
12-31-14		14.25		0.22		1.55		1.77		0.20		—		—		0.20		—		15.82		12.59		0.63		0.62		0.62		1.47		620,477		5

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 Russell™ Large Cap Index Portfolio (continued)
Class S2
12-31-18		21.38		0.27•		(1.07)		(0.80)		0.23		—		—		0.23		—		20.35		(3.81)		0.78		0.76		0.76		1.22		779		5
12-31-17		17.74		0.25•		3.64		3.89		0.25		—		—		0.25		—		21.38		22.08		0.78		0.77		0.77		1.27		1,264		6
12-31-16		16.05		0.25•		1.44		1.69		—		—		—		—		—		17.74		10.53		0.81		0.77		0.77		1.48		1,230		5
12-31-15		15.99		0.22•		0.04		0.26		0.20		—		—		0.20		—		16.05		1.64		0.88		0.77		0.77		1.37		1,290		6
12-31-14		14.41		0.20•		1.58		1.78		0.20		—		—		0.20		—		15.99		12.48		0.88		0.77		0.77		1.33		4,700		5
Voya Russell™ Large Cap Value Index Portfolio
Class ADV
12-31-18		23.13		0.38		(1.96)		(1.58)		0.44		0.77		—		1.21		—		20.34		(7.18)		1.01		0.91		0.91		1.73		4		14
12-31-17		20.81		0.35•		2.33		2.68		0.36		—		—		0.36		—		23.13		13.05		0.99		0.89		0.89		1.62		4		13
12-31-16		18.64		0.36•		2.37		2.73		0.27		0.29		—		0.56		—		20.81		15.10		0.99		0.89		0.89		1.91		3		16
07-13-15(5) - 12-31-15		19.40		0.16•		(0.92)		(0.76)		—		—		—		—		—		18.64		(3.92)		1.02		0.92		0.92		1.84		3		23
Class I
12-31-18		23.34		0.50•		(1.97)		(1.47)		0.53		0.77		—		1.30		—		20.57		(6.62)		0.51		0.41		0.41		2.24		85,885		14
12-31-17		21.01		0.47		2.31		2.78		0.45		—		—		0.45		—		23.34		13.46		0.49		0.39		0.39		2.12		105,552		13
12-31-16		18.77		0.49		2.36		2.85		0.32		0.29		—		0.61		—		21.01		15.64		0.49		0.39		0.39		2.38		97,341		16
12-31-15		20.03		0.41•		(1.08)		(0.67)		0.33		0.26		—		0.59		—		18.77		(3.50)		0.52		0.42		0.42		2.18		93,398		23
12-31-14		18.37		0.36•		1.87		2.23		0.29		0.28		—		0.57		—		20.03		12.42		0.58		0.48		0.48		1.89		51,205		12
Class S
12-31-18		23.17		0.45•		(1.96)		(1.51)		0.47		0.77		—		1.24		—		20.42		(6.85)		0.76		0.66		0.66		1.99		265,120		14
12-31-17		20.86		0.41•		2.30		2.71		0.40		—		—		0.40		—		23.17		13.19		0.74		0.64		0.64		1.88		320,793		13
12-31-16		18.66		0.42		2.35		2.77		0.28		0.29		—		0.57		—		20.86		15.30		0.74		0.64		0.64		2.12		338,968		16
12-31-15		19.93		0.37•		(1.10)		(0.73)		0.28		0.26		—		0.54		—		18.66		(3.77)		0.77		0.67		0.67		1.94		314,071		23
12-31-14		18.28		0.31•		1.88		2.19		0.26		0.28		—		0.54		—		19.93		12.22		0.83		0.73		0.73		1.64		156,482		12
Voya Russell™ Mid Cap Growth Index Portfolio
Class I
12-31-18		35.21		0.27•		(1.68)		(1.41)		0.23		3.86		—		4.09		—		29.71		(5.14)		0.53		0.40		0.40		0.78		15,151		31
12-31-17		28.51		0.21•		6.78		6.99		0.29		—		—		0.29		—		35.21		24.67		0.55		0.43		0.43		0.67		17,724		26
12-31-16		26.89		0.23•		1.66		1.89		0.27		—		—		0.27		—		28.51		7.11		0.56		0.43		0.43		0.86		9,834		27
12-31-15		27.28		0.20•		(0.35)		(0.15)		0.24		—		—		0.24		—		26.89		(0.59)		0.55		0.45		0.45		0.72		67,930		31
12-31-14		24.60		0.22•		2.57		2.79		0.11		—		—		0.11		—		27.28		11.41		0.58		0.48		0.48		0.85		111,456		35
Class S
12-31-18		35.11		0.19		(1.68)		(1.49)		0.14		3.86		—		4.00		—		29.62		(5.36)		0.78		0.65		0.65		0.53		244,214		31
12-31-17		28.43		0.13•		6.76		6.89		0.21		—		—		0.21		—		35.11		24.36		0.80		0.68		0.68		0.42		284,959		26
12-31-16		26.81		0.18		1.63		1.81		0.19		—		—		0.19		—		28.43		6.81		0.81		0.68		0.68		0.61		284,539		27
12-31-15		27.19		0.13		(0.33)		(0.20)		0.18		—		—		0.18		—		26.81		(0.79)		0.80		0.70		0.70		0.47		295,781		31
12-31-14		24.53		0.14•		2.58		2.72		0.06		—		—		0.06		—		27.19		11.09		0.83		0.73		0.73		0.53		313,923		35

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 Russell™ Mid Cap Growth Index Portfolio (continued)
Class S2
12-31-18		35.05		0.14		(1.68)		(1.54)		0.10		3.86		—		3.96		—		29.55		(5.54)		0.93		0.80		0.80		0.39		1,462		31
12-31-17		28.39		0.08•		6.76		6.84		0.18		—		—		0.18		—		35.05		24.19		0.95		0.83		0.83		0.27		1,726		26
12-31-16		26.74		0.12		1.65		1.77		0.12		—		—		0.12		—		28.39		6.65		0.99		0.83		0.83		0.46		1,475		27
12-31-15		27.12		0.08•		(0.33)		(0.25)		0.13		—		—		0.13		—		26.74		(0.96)		1.05		0.85		0.85		0.30		1,366		31
12-31-14		24.46		0.11		2.57		2.68		0.02		—		—		0.02		—		27.12		10.98		1.08		0.88		0.88		0.39		2,211		35
Voya Russell™ Mid Cap Index Portfolio
Class ADV
12-31-18		15.79		0.12		(1.45)		(1.33)		0.15		1.80		—		1.95		—		12.51		(9.80)(b)		0.95		0.91		0.91		0.81(c)		152,323		11
12-31-17		14.63		0.12		2.29		2.41		0.17		1.08		—		1.25		—		15.79		17.39		0.94		0.93		0.93		0.81		181,784		9
12-31-16		14.97		0.12•		1.59		1.71		0.14		1.91		—		2.05		—		14.63		12.86		0.94		0.93		0.93		0.87		158,645		20
12-31-15		16.92		0.11•		(0.57)		(0.46)		0.15		1.34		—		1.49		—		14.97		(3.33)		0.93		0.93		0.93		0.71		139,302		11
12-31-14		15.70		0.11•		1.75		1.86		0.12		0.52		—		0.64		—		16.92		12.22		0.93		0.93		0.93		0.70		129,172		9
Class I
12-31-18		16.28		0.20•		(1.49)		(1.29)		0.23		1.80		—		2.03		—		12.96		(9.31)(b)		0.45		0.41		0.41		1.28(c)		765,511		11
12-31-17		15.04		0.20•		2.36		2.56		0.24		1.08		—		1.32		—		16.28		17.97		0.44		0.43		0.43		1.28		1,191,269		9
12-31-16		15.34		0.22		1.60		1.82		0.21		1.91		—		2.12		—		15.04		13.40		0.44		0.43		0.43		1.38		1,432,810		20
12-31-15		17.28		0.19•		(0.57)		(0.38)		0.22		1.34		—		1.56		—		15.34		(2.82)		0.43		0.43		0.43		1.18		1,434,791		11
12-31-14		16.01		0.19•		1.78		1.97		0.18		0.52		—		0.70		—		17.28		12.70		0.43		0.43		0.43		1.17		1,794,154		9
Class P2
12-31-18		16.31		0.24•		(1.51)		(1.27)		0.23		1.80		—		2.03		—		13.01		(9.15)(b)		0.45		0.16		0.16		1.55(c)		180,790		11
05-03-17(5) - 12-31-17		15.87		0.17•		1.59		1.76		0.24		1.08		—		1.32		—		16.31		12.01		0.44		0.15		0.15		1.68		228,215		9
Class S
12-31-18		16.09		0.16•		(1.48)		(1.32)		0.18		1.80		—		1.98		—		12.79		(9.57)(b)		0.70		0.66		0.66		1.06(c)		250,242		11
12-31-17		14.88		0.16•		2.33		2.49		0.20		1.08		—		1.28		—		16.09		17.67		0.69		0.68		0.68		1.05		321,478		9
12-31-16		15.19		0.16•		1.61		1.77		0.17		1.91		—		2.08		—		14.88		13.12		0.69		0.68		0.68		1.12		364,384		20
12-31-15		17.13		0.15		(0.57)		(0.42)		0.18		1.34		—		1.52		—		15.19		(3.06)		0.68		0.68		0.68		0.93		323,348		11
12-31-14		15.88		0.14		1.77		1.91		0.14		0.52		—		0.66		—		17.13		12.44		0.68		0.68		0.68		0.93		365,134		9
Class S2
12-31-18		15.89		0.13•		(1.46)		(1.33)		0.16		1.80		—		1.96		—		12.60		(9.75)(b)		0.85		0.81		0.81		0.91(c)		12,327		11
12-31-17		14.71		0.15		2.28		2.43		0.17		1.08		—		1.25		—		15.89		17.47		0.84		0.83		0.83		0.91		16,303		9
12-31-16		15.03		0.14•		1.59		1.73		0.14		1.91		—		2.05		—		14.71		12.99		0.87		0.83		0.83		0.96		16,466		20
12-31-15		16.97		0.13		(0.57)		(0.44)		0.16		1.34		—		1.50		—		15.03		(3.23)		0.93		0.83		0.83		0.80		18,493		11
12-31-14		15.74		0.14		1.74		1.88		0.13		0.52		—		0.65		—		16.97		12.30		0.93		0.83		0.83		0.78		18,708		9

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 Russell™ Small Cap Index Portfolio
Class ADV
12-31-18		15.15		0.06		(1.67)		(1.61)		0.10		0.91		—		1.01		—		12.53		(11.68)(d)		0.96		0.96		0.96		0.41(e)		97,210		17
12-31-17		14.48		0.08•		1.78		1.86		0.11		1.08		—		1.19		—		15.15		13.65		0.96		0.95		0.95		0.53		110,992		18
12-31-16		13.88		0.09•		2.34		2.43		0.13		1.70		—		1.83		—		14.48		20.56		0.96		0.95		0.95		0.68		98,458		11
12-31-15		16.12		0.09•		(0.79)		(0.70)		0.11		1.43		—		1.54		—		13.88		(5.03)		0.97		0.95		0.95		0.62		80,199		13
12-31-14		16.59		0.09•		0.55		0.64		0.11		1.00		—		1.11		—		16.12		4.38		0.96		0.95		0.95		0.56		74,405		12
Class I
12-31-18		15.66		0.14*		(1.74)		(1.60)		0.17		0.91		—		1.08		—		12.98		(11.27)(d)		0.46		0.46		0.46		0.90(e)		386,854		17
12-31-17		14.91		0.15•		1.85		2.00		0.17		1.08		—		1.25		—		15.66		14.27		0.46		0.45		0.45		1.03		463,391		18
12-31-16		14.25		0.17		2.39		2.56		0.20		1.70		—		1.90		—		14.91		21.11		0.46		0.45		0.45		1.17		412,050		11
12-31-15		16.50		0.17•		(0.81)		(0.64)		0.18		1.43		—		1.61		—		14.25		(4.55)		0.47		0.45		0.45		1.09		392,955		13
12-31-14		16.93		0.19		0.55		0.74		0.17		1.00		—		1.17		—		16.50		4.93		0.46		0.45		0.45		1.04		590,477		12
Class P2
12-31-18		15.70		0.19•		(1.75)		(1.56)		0.17		0.91		—		1.08		—		13.06		(10.98)(d)		0.46		0.16		0.16		1.18(e)		79,563		17
05-03-17(5) - 12-31-17		15.34		0.14•		1.47		1.61		0.17		1.08		—		1.25		—		15.70		11.34		0.46		0.15		0.15		1.38		125,069		18
Class S
12-31-18		15.51		0.10*		(1.71)		(1.61)		0.13		0.91		—		1.04		—		12.86		(11.43)(d)		0.71		0.71		0.71		0.65(e)		191,769		17
12-31-17		14.78		0.11•		1.83		1.94		0.13		1.08		—		1.21		—		15.51		13.97		0.71		0.70		0.70		0.76		242,692		18
12-31-16		14.13		0.13		2.38		2.51		0.16		1.70		—		1.86		—		14.78		20.81		0.71		0.70		0.70		0.92		277,690		11
12-31-15		16.37		0.13		(0.80)		(0.67)		0.14		1.43		—		1.57		—		14.13		(4.78)		0.72		0.70		0.70		0.85		259,171		13
12-31-14		16.81		0.13•		0.57		0.70		0.14		1.00		—		1.14		—		16.37		4.66		0.71		0.70		0.70		0.79		283,518		12
Class S2
12-31-18		15.24		0.09		(1.70)		(1.61)		0.10		0.91		—		1.01		—		12.62		(11.60)(d)		0.86		0.86		0.86		0.51(e)		6,975		17
12-31-17		14.55		0.09•		1.79		1.88		0.11		1.08		—		1.19		—		15.24		13.76		0.86		0.85		0.85		0.61		8,365		18
12-31-16		13.93		0.11		2.35		2.46		0.14		1.70		—		1.84		—		14.55		20.70		0.89		0.85		0.85		0.77		9,170		11
12-31-15		16.16		0.10		(0.79)		(0.69)		0.11		1.43		—		1.54		—		13.93		(4.94)		0.97		0.85		0.85		0.71		8,946		13
12-31-14		16.59		0.10•		0.57		0.67		0.10		1.00		—		1.10		—		16.16		4.55		0.96		0.85		0.85		0.63		9,627		12
Voya U.S. Bond Index Portfolio
Class ADV
12-31-18		10.55		0.20		(0.29)		(0.09)		0.19		—		—		0.19		—		10.27		(0.84)		0.91		0.90		0.90		1.93		27,118		234
12-31-17		10.49		0.18		0.10		0.28		0.19		0.03		—		0.22		—		10.55		2.68		0.91		0.90		0.90		1.67		31,475		155
12-31-16		10.48		0.17		0.03		0.20		0.17		0.02		—		0.19		—		10.49		1.87		0.91		0.90		0.90		1.57		32,600		203
12-31-15		10.73		0.15		(0.19)		(0.04)		0.19		0.02		—		0.21		—		10.48		(0.34)		0.91		0.90		0.90		1.49		25,747		213
12-31-14		10.35		0.14		0.40		0.54		0.16		—		—		0.16		—		10.73		5.22		0.91		0.91		0.91		1.31		18,505		209

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 U.S. Bond Index Portfolio (continued)
Class I
12-31-18		10.59		0.25		(0.29)		(0.04)		0.24		—		—		0.24		—		10.31		(0.33)		0.41		0.40		0.40		2.44		2,146,798		234
12-31-17		10.53		0.24		0.10		0.34		0.25		0.03		—		0.28		—		10.59		3.19		0.41		0.40		0.40		2.17		2,424,885		155
12-31-16		10.52		0.23		0.02		0.25		0.22		0.02		—		0.24		—		10.53		2.33		0.41		0.40		0.40		2.07		3,069,317		203
12-31-15		10.76		0.22		(0.20)		0.02		0.24		0.02		—		0.26		—		10.52		0.23		0.41		0.40		0.40		1.98		3,390,992		213
12-31-14		10.38		0.19		0.40		0.59		0.21		—		—		0.21		—		10.76		5.71		0.41		0.41		0.41		1.80		3,613,513		209
Class P2
12-31-18		10.59		0.27		(0.28)		(0.01)		0.27		—		—		0.27		—		10.31		(0.08)		0.41		0.15		0.15		2.70		856,890		234
05-03-17(5) - 12-31-17		10.60		0.17•		0.03		0.20		0.18		0.03		—		0.21		—		10.59		1.89		0.41		0.15		0.15		2.34		731,605		155
Class S
12-31-18		10.56		0.23		(0.29)		(0.06)		0.22		—		—		0.22		—		10.28		(0.58)		0.66		0.65		0.65		2.18		170,552		234
12-31-17		10.50		0.21		0.10		0.31		0.22		0.03		—		0.25		—		10.56		2.94		0.66		0.65		0.65		1.92		190,071		155
12-31-16		10.49		0.20		0.03		0.23		0.20		0.02		—		0.22		—		10.50		2.10		0.66		0.65		0.65		1.82		237,455		203
12-31-15		10.73		0.18		(0.18)		0.00*		0.22		0.02		—		0.24		—		10.49		(0.01)		0.66		0.65		0.65		1.74		248,290		213
12-31-14		10.35		0.16		0.40		0.56		0.18		—		—		0.18		—		10.73		5.47		0.66		0.66		0.66		1.56		240,485		209
Class S2
12-31-18		10.56		0.21•		(0.29)		(0.08)		0.20		—		—		0.20		—		10.28		(0.73)		0.81		0.80		0.80		2.03		1,146		234
12-31-17		10.50		0.19		0.10		0.29		0.20		0.03		—		0.23		—		10.56		2.78		0.81		0.80		0.80		1.77		2,449		155
12-31-16		10.49		0.18		0.03		0.21		0.18		0.02		—		0.20		—		10.50		1.97		0.84		0.80		0.80		1.67		2,959		203
12-31-15		10.74		0.17		(0.20)		(0.03)		0.20		0.02		—		0.22		—		10.49		(0.26)		0.91		0.80		0.80		1.58		2,419		213
12-31-14		10.36		0.15		0.40		0.55		0.17		—		—		0.17		—		10.74		5.31		0.91		0.81		0.81		1.41		2,639		209

(1)

(2)

Annualized for periods less than one year.

(3)

(4)

Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy.

(5)

Commencement of operations.

(a)

Excluding amounts related to a foreign currency settlement recorded in the fiscal year ended December 31, 2015, International Index’s total return would have been (1.48)%, (0.93)%, (1.17)% and (1.36)% for Classes ADV, I, S and S2, respectively.

(b)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018, Voya Russell™ Mid Cap Index Portfolio’s total returns would have been (9.81)%, (9.32)%, (9.16)%, (9.58)% and (9.76)% for Class ADV, I, P2, S and S2, respectively.

(c)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018, Voya Russell™ Mid Cap Index Portfolio’s Net Investment Income Ratios would have been 0.80%, 1.27%, 1.54%, 1.05% and 0.90% for Class ADV, I, P2, S and S2, respectively.

See Accompanying Notes to Financial Statements

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Financial Highlights (continued)

(d)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018,Voya Russell™ Small Cap Index Portfolio’s total returns would have been (11.72)%, (11.31)%, (11.02)%, (11.47)% and (11.64)% for Class ADV, I, P2, S and S2, respectively.

(e)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018, Voya RusseII™ Small Cap Index Portfolio’s Net Investment Income Ratios would have been 0.37%, 0.86%, 1.14%, 0.61% and 0.47% for Class ADV, I, P2, S and S2, respectively.

•

Calculated using average number of shares outstanding throughout the year or period.

Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%.

See Accompanying Notes to Financial Statements

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2018

NOTE 1 — ORGANIZATION

Voya Variable Portfolios, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act” or “Act”), as an open-end management investment company. The Company was incorporated under the laws of Maryland on June 4, 1996. There are nineteen active separate investment series that comprise the Company. The fourteen series (each, a “Portfolio” and collectively, the “Portfolios”) that are in this report are: Voya Australia Index Portfolio (“Australia Index”), Voya Emerging Markets Index Portfolio (“Emerging Markets Index”), Voya Euro STOXX 50® Index Portfolio (“Euro STOXX 50® Index”), Voya FTSE 100 Index® Portfolio (“FTSE 100 Index®”), Voya Hang Seng Index Portfolio (“Hang Seng Index”), Voya International Index Portfolio (“International Index”), Voya Japan TOPIX Index® Portfolio (“Japan TOPIX Index®”), Voya Russell™ Large Cap Growth Index Portfolio (“Russell™ Large Cap Growth Index”), Voya Russell™ Large Cap Index Portfolio (“Russell™ Large Cap Index”), Voya Russell™ Large Cap Value Index Portfolio (“Russell™ Large Cap Value Index”), Voya Russell™ Mid Cap Growth Index Portfolio (“Russell™ Mid Cap Growth Index”), Voya Russell™ Mid Cap Index Portfolio (“Russell™ Mid Cap Index”), Voya Russell™ Small Cap Index Portfolio (“Russell™ Small Cap Index”), and Voya U.S. Bond Index Portfolio (“U.S. Bond Index”). All of the Portfolios are diversified, except Australia Index and Hang Seng Index, which are non-diversified Portfolios of the Company. 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 P2, Class S, and Service 2 (“Class S2”); however, each Portfolio may not offer all share classes. With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges.The classes differ principally in the applicable distribution and shareholder service fees. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share

dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if applicable.

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 the 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 is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The data reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic communications networks, and third-market broker-dealers. The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio’s assets attributable to that class, subtracting the Portfolio’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio’s assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio’s assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 (“Board”). Such procedures provide, for example, that: (a) Exchange-traded securities are valued at the mean of the closing bid and ask; (b) Debt obligations are valued using an evaluated price provided by an independent pricing service. Evaluated prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect factors such as institution-size trading in similar groups of securities, developments related to specific securities, benchmark yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data; (c) Securities traded in the over-the-counter (“OTC”) market are valued based on prices provided by independent pricing services or market makers; (d) Options not listed on an exchange are valued by an independent source using an industry accepted model, such as Black-Scholes; (e) Centrally cleared swap agreements are valued using a price provided by the central counterparty clearinghouse; (f) OTC swap agreements are valued using a price provided by an independent pricing service; (g) Forward foreign currency exchange contracts are valued utilizing current and forward rates obtained from an independent pricing service. Such prices from the third party pricing service are for specific settlement periods and each Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent period reported by the independent pricing service; and (h) Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by brokers.

The prospectuses of the open-end registered investment companies in which each Portfolio may invest explain the

circumstances under which they will use fair value pricing and the effects of using fair value pricing.

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in each Portfolio.

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 as classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the Sub-Adviser’s or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Portfolios’ investments under these levels of classification is included following the Portfolio of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. The beginning of period timing recognition is used for the transfers between Levels of the Portfolio’s assets and liabilities. A reconciliation of Level 3 investments is presented only when a Portfolio has a significant amount of Level 3 investments.

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.

D. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. All Portfolios (except U.S. Bond Index) declare and pay dividends annually. U.S. Bond Index declares dividends daily and pays dividends, if any, monthly. The Portfolios distribute capital gains distributions, if any, annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

E. Federal Income Taxes. It is the policy of the Portfolios 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 their net investment income and any net realized capital

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios’ tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized or expire.

The Portfolios may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

G. Risk Exposures and the Use of Derivative Instruments. Each Portfolio’s investment strategies permit it 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, the 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 the 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:

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.

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.

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

As of December 31, 2018, the maximum amount of loss that Australia Index, Emerging Markets Index, Euro STOXX 50® Index, FTSE 100 Index®, and Japan TOPIX Index® would incur if the counterparties to its derivative transactions failed to perform would be $9,213, $20,167, $33,308, $43,440 and $121,404, respectively, which represents the gross payments to be received by the Portfolios on open forward foreign currency contracts were they to be unwound as of December 31, 2018. There was no collateral posted to any Portfolio as of December 31, 2018.

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.

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

These triggering features include, but are not limited to, a percentage decrease in a Portfolio’s net assets and/or a percentage decrease in a Portfolio’s NAV, which could cause a Portfolio to accelerate payment of any net liability owed to the counterparty. The contingent features are established within each Portfolio’s Master Agreements.

As of December 31, 2018, Australia Index, Emerging Markets Index, Euro STOXX 50® Index, FTSE 100 Index®, Hang Seng Index, International Index, and Japan TOPIX Index® had a liability position of $19,922, $6,977, $9,393, $6,156, $1,223, $421, and $31,347, respectively, on open forward foreign currency contracts with credit related contingent features. If a contingent feature would have been triggered as of December 31, 2018, the Portfolios could have been required to pay this amount in cash to its counterparties. As of December 31, 2018, there was no collateral posted by any Portfolio for open OTC derivative instruments.

H. Forward Foreign Currency Contracts. Certain Portfolios may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks on their non-U.S. dollar denominated investment 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 future date. These contracts are valued daily and a Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statements of Operations. These instruments involve market and/ or credit risk in excess of the amount recognized in the Statements of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates. Open forward foreign currency contracts are presented following the respective Portfolio of Investments.

For the year ended December 31, 2018, certain Portfolios have entered into forward foreign currency contracts with the obligation to buy and sell specified foreign currencies in the future at a currently negotiated forward rate in order to increase or decrease exposure to foreign exchange rate risk. The Portfolios use forward foreign currency contracts to enhance potential gain, hedge against anticipated currency exchange rates, gain exposure to foreign currencies and to maintain diversity and liquidity of the portfolio.

During the year ended December 31, 2018, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below:

	Purchased			Sold
Australia Index		$	1,062,909		$	605,373
Emerging Markets Index			266,253			1,717,489
Euro STOXX 50® Index			6,334,931			2,688,905
FTSE 100 Index®			3,688,595			615,265
Hang Seng Index			749,392			362,361
International Index			—			52,268
Japan TOPIX Index®			4,002,667			1,519,566

Please refer to the tables following each respective Portfolio of Investments for open forward foreign currency contracts as of December 31, 2018.

I. Futures Contracts. Each Portfolio 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. Each 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 the Portfolios assets are valued.

Upon entering into a futures contract, each 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 the Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. Open futures contracts are reported on a table following each Portfolio 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 each Portfolio’s Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in each Portfolio’s Statement of Operations. Realized gains (losses) are reported in each Portfolio’s Statement of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 2018, with the exception of U.S. Bond Index, the below Portfolios had purchased futures contracts on various equity indices to “equitize” cash. Futures contracts

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

are purchased to provide immediate market exposure proportionate to the size of the Portfolio’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. U.S. Bond Index sold futures contracts as part of its duration stategy. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are 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 the Portfolios’ securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the year ended December 31, 2018, the Portfolios had average notional values on futures contracts purchased and sold as disclosed below.

	Purchased			Sold
Australia Index		$	1,803,886		$	—
Emerging Markets Index			17,600,602			—
Euro STOXX 50® Index			6,668,747			—
FTSE 100 Index®			5,448,064			—
Hang Seng Index			1,059,239			—
International Index			59,527,375			—
Japan TOPIX Index®			5,741,907			—
Russell™ Large Cap Growth Index			9,381,144			—
Russell™ Large Cap Index			9,333,014			—
Russell™ Large Cap Value Index			3,578,856			—
Russell™ Mid Cap Growth Index			3,041,656			—
Russell™ Mid Cap Index			16,801,600			—
Russell™ Small Cap Index			16,408,448			—
U.S. Bond Index			—			1,275,006

Please refer to the tables following each respective Portfolio of Investments for open futures contracts as of December 31, 2018.

J. 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.

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.

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

required to be made to enter into the agreement. For credit default swaps on asset-backed securities or credit indices, the quoted market prices and resulting fair values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Portfolio for the same referenced entity or entities.

For the year ended December 31, 2018, U.S. Bond Index had bought and sold credit protection on credit default swap indices (“CDX”). A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. U.S. Bond Index used CDX swaps to gain additional exposure with various sectors of the credit market and to hedge the credit risk associated with various sectors within the credit market.

For the year ended December 31, 2018, U.S. Bond Index had an average notional amount of $60,000,000 on credit default swaps to buy protection and an average notional amount of $20,000,000 on credit default swaps to sell protection. Please refer to the tables following the Portfolio of Investments for open credit default swaps to buy protection at December 31, 2018. There were no open credit default swaps to sell protection at December 31, 2018.

K. Securities Lending. Each Portfolio 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.

M. Delayed-Delivery or When-Issued 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 securities is identified in each Portfolio’s 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 identify liquid assets sufficient to cover the purchase price.

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed-delivery transactions with a particular counterparty. Cash collateral, if any, is presented on the Statement of Assets and Liabilities as an asset (Cash pledged as collateral for delayed-delivery or when-issued securities) and a liability (Cash received as collateral for delayed-delivery or when-issued securities).

At December 31, 2018, U.S. Bond Index had received $1,518,453 in cash collateral from certain counterparties for open delayed-delivery or when-issued securities. The Portfolio did not pledge any collateral at December 31, 2018.

N. Indemnifications. In the normal course of business, the Company may enter into contracts that provide certain indemnifications. The Company’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.

NOTE 3 — INVESTMENT TRANSACTIONS

For the year ended December 31, 2018, the cost of purchases and the proceeds from the sales of securities, excluding short-term securities and U.S. government securities, were as follows:

	Purchases			Sales
Australia Index		$	22,613,855		$	12,949,854
Emerging Markets Index			281,714,058			94,229,218
Euro STOXX 50® Index			82,585,491			42,930,848
FTSE 100 Index®			22,454,821			47,439,021
Hang Seng Index			3,640,221			29,032,127
International Index			199,689,040			43,702,544
Japan TOPIX Index®			12,064,282			54,539,899
Russell™ Large Cap Growth Index			66,025,346			109,772,589
Russell™ Large Cap Index			41,923,134			80,842,026
Russell™ Large Cap Value Index			53,381,412			96,192,017
Russell™ Mid Cap Growth Index			95,468,225			121,849,595
Russell™ Mid Cap Index			175,633,991			613,252,656
Russell™ Small Cap Index			149,772,558			253,567,891
U.S. Bond Index			205,077,136			195,184,727

U.S. government securities not included above were as follows:

			Purchases						Sales
U.S. Bond Index				$	7,804,814,483					$	8,021,800,892

NOTE 4 — INVESTMENT MANAGEMENT FEES


Australia Index(1)			0.70%
Emerging Markets Index(2)			0.65%
Euro STOXX 50® Index(1)			0.70%
FTSE 100 Index®(1)			0.70%
Hang Seng Index(3)			0.70% on the first $250 million; 0.60% on the next $250 million; and 0.55% thereafter
International Index			0.48% on the first $500 million; 0.46% on the next $500 million; 0.44% on the next $500 million; and 0.42% thereafter
Japan TOPIX Index®(1)			0.70%
Russell™ Large Cap Growth Index(4)			0.50% on the first $500 million; 0.48% on the next $500 million; and 0.46% thereafter
Russell™ Large Cap Index			0.35% on the first $1 billion; 0.33% on the next $1 billion; and 0.31% thereafter
Russell™ Large Cap Value Index(4)			0.50% on the first $250 million; 0.40% on the next $250 million; and 0.35% thereafter
Russell™ Mid Cap Growth Index(4)			0.50% on the first $500 million; 0.48% on the next $500 million; and 0.46% thereafter
Russell™ Mid Cap Index			0.41% on the first $2 billion; 0.34% on the next $2 billion; and 0.28% thereafter
Russell™ Small Cap Index			0.43% on the first $1 billion; 0.41% on the next $1 billion; and 0.39% thereafter
U.S. Bond Index			0.42% on the first $500 million; 0.40% on the next $500 million; 0.38% on the next $1 billion; 0.36% on the next $2 billion; 0.34% on the next $2 billion; and 0.32% thereafter

(1)

Pursuant to a side letter agreement, Voya Investments has agreed to waive 0.35% of the Portfolio’s management fee. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

(2)

Pursuant to a side letter agreement, Voya Investments has agreed to waive 0.27% of the Portfolio’s management fee. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

(3)

(4)

Pursuant to a side letter agreement, Voya Investments has agreed to waive 0.10% of the Portfolio’s management fee. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Class ADV and Class S2 shares of the respective Portfolios are subject to a shareholder service and distribution plan (the “Plans”). Under the Plans, the Distributor is paid an annual shareholder service fee at the rate of 0.25% of the 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 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 average daily net assets attributable to its Class S2 shares. The Distributor has contractually agreed to waive 0.01% of the distribution fee for Class ADV shares of International Index. Termination or modification of this obligation requires approval by the Board.

Class S shares of the Portfolios have a shareholder services and distribution plan (the “Plan”), whereby the Distributor is compensated by each Portfolio for expenses incurred for shareholder servicing and/or distribution of each Portfolio’s Class S shares. Pursuant to the Plan, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of each Portfolio’s shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees paid to securities dealers who have

executed a distribution agreement with the Distributor. Under the Plan, Class S shares of the Portfolios pay the Distributor a fee calculated at an annual rate of 0.25% of average daily net assets.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At December 31, 2018, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc., affiliated investment companies or other related/affiliated party owned more than 5% of the following Portfolios:

Entity	Portfolio	Percentage
ReliaStar Life Insurance Company	Russell™ Large Cap Growth Index		26.79%
	Russell™ Large Cap Value Index		7.92
Security Life of Denver Insurance Company	Russell™ Large Cap Growth Index		7.73
Voya Index Solution 2025 Portfolio	Emerging Markets Index		5.45
	International Index		7.35
	U.S. Bond Index		8.10
Voya Index Solution 2035 Portfolio	Emerging Markets Index		7.85
	International Index		9.93
Voya Index Solution 2045 Portfolio	Emerging Markets Index		6.62
	International Index		7.66
Voya Index Solution Income Portfolio	U.S. Bond Index		6.08
Voya Institutional Trust Company	Russell™ Large Cap Growth Index		13.31
	Russell™ Large Cap Index		16.55
	Russell™ Large Cap Value Index		13.38
	Russell™ Mid Cap Index		14.68
	Russell™ Small Cap Index		13.99
Voya Insurance and Annuity Company	Hang Seng Index		51.59
	International Index		32.49
	Russell™ Large Cap Growth Index		34.24
	Russell™ Large Cap Index		45.84
	Russell™ Large Cap Value Index		57.55
	Russell™ Mid Cap Growth Index		83.98
	Russell™ Mid Cap Index		11.94
	Russell™ Small Cap Index		19.20
	U.S. Bond Index		5.01
Voya Retirement Conservative Portfolio	U.S. Bond Index		7.09
Voya Retirement Growth Portfolio	Australia Index		52.68
	Emerging Markets Index		25.76
	Euro STOXX 50® Index		52.10
	FTSE 100 Index®		51.82
	Hang Seng Index		29.33
	Japan TOPIX Index®		52.42
	Russell™ Mid Cap Index		18.21
	Russell™ Small Cap Index		16.28
	U.S. Bond Index		19.31
Voya Retirement Insurance and Annuity Company	International Index		5.83
	Russell™ Large Cap Growth Index		16.78
	Russell™ Large Cap Index		33.72
	Russell™ Large Cap Value Index		15.28
	Russell™ Mid Cap Growth Index		8.89
	Russell™ Mid Cap Index		26.20
	Russell™ Small Cap Index		25.67

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)

Entity	Portfolio	Percentage
Voya Retirement Moderate Growth Portfolio	Australia Index		32.11
	Emerging Markets Index		15.70
	Euro STOXX 50® Index		27.53
	FTSE 100 Index®		30.08
	Hang Seng Index		10.21
	Japan TOPIX Index®		28.83
	Russell™ Mid Cap Index		8.88
	Russell™ Small Cap Index		9.07
	U.S. Bond Index		18.84
Voya Retirement Moderate Portfolio	Australia Index		13.09
	Emerging Markets Index		6.40
	Euro STOXX 50® Index		12.86
	FTSE 100 Index®		13.74
	Hang Seng Index		5.83
	Japan TOPIX Index®		13.17
	U.S. Bond Index		13.52

The Portfolios have adopted a deferred compensation plan (the “DC Plan”), which allows eligible independent directors, as described in the DC Plan, to defer the receipt of all or a portion of the directors’ fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the director under the DC Plan, the amounts deferred are invested in shares of the funds selected by the director (the “Notional Funds”). The Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the directors’ deferred fees, resulting in a Porfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of “Other assets” on the accompanying Statements of Assets and Liabilities. Deferral of directors’ fees under the DC Plan will not affect net assets of the Portfolio, and will not materially affect the Portfolios’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

NOTE 7 —LICENSING FEES

The following Portfolios pay an annual licensing fee to the licensor listed below:

Portfolio			Licensor
Australia Index			Standard & Poor’s Financial Services LLC
Emerging Markets Index			MSCI Inc.
Euro STOXX 50® Index			STOXX Limited, Zurich, Switzerland and/or Dow Jones & Company, Inc.
FTSE 100 Index®			FTSE International Limited
Hang Seng Index			Hang Seng Data Services Limited
International Index			MSCI Inc.
Japan TOPIX Index®			Tokyo Stock Exchange, Inc.

NOTE 8 — EXPENSE LIMITATION AGREEMENTS

The Investment Adviser has entered into a written expense limitation agreement (“Expense Limitation Agreement”) with each of 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 P2		Class S		Class S2
Emerging Markets Index		N/A		N/A		0.15%		N/A		N/A
Hang Seng Index		1.25%		0.75%		N/A		1.00%		N/A
International Index(1)		1.00%		0.50%		0.15%		0.75%		0.90%
Russell™ Large Cap Growth Index(2)		N/A		N/A		N/A		N/A		N/A
Russell™ Large Cap Index(3)		0.87%		0.37%		N/A		0.62%		0.77%
Russell™ Large Cap Value Index(2)		N/A		N/A		N/A		N/A		N/A
Russell™ Mid Cap Growth Index(4)		N/A		0.43%		N/A		0.68%		0.83%
Russell™ Mid Cap Index(5)		0.93%		0.43%		0.15%		0.68%		0.83%
Russell™ Small Cap Index		0.95%		0.45%		0.15%		0.70%		0.85%
U.S. Bond Index		0.90%		0.40%		0.15%		0.65%		0.80%

(1)

Pursuant to a side letter agreement through May 1, 2019, the Investment Adviser has further lowered the expense limits for International Index to 0.95%, 0.45%, 0.70% and 0.85% for Class ADV, Class I, Class S and Class S2, respectively. Termination or modification of this obligation requires approval by the Board.

(2)

Pursuant to a side letter agreement, through May 1, 2019, the Investment Adviser has agreed to waive all or a portion of the management fee so that the expense limits are 0.93%, 0.43%, and 0.68% for Class ADV, Class I, and Class S, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

(3)

Pursuant to a side letter agreement, effective January 1, 2018 and through May 1, 2019, the Investment Adviser has further lowered the expense limits for Russell™ Large Cap Index to 0.86%, 0.36%, 0.61% and 0.76% for Class ADV, Class I, Class S and Class S2, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 8 — EXPENSE LIMITATION AGREEMENTS (continued)

(4)

Pursuant to a side letter agreement, effective January 1, 2018 and through May 1, 2019, the Investment Adviser has further lowered the expense limits for Russell™ Mid Cap Growth Index to 0.40%, 0.65%, and 0.80% for Class I, Class S and Class S2, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment.Termination or modification of this obligation requires approval by the Board.

(5)

Pursuant to a side letter agreement, effective January 1, 2018 and through May 1, 2019, the Investment Adviser has further lowered the expense limits for Russell™ Mid Cap Index to 0.90%, 0.40%, 0.65% and 0.80% for Class ADV, Class I, Class S and Class S2, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

Unless otherwise specified above, the Investment Adviser may at a later date recoup from a Portfolio for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Portfolio’s expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

As of December 31, 2018, the amount of waived and/or reimbursed fees that are subject to recoupment by the Investment Adviser, and the related expiration dates are as follows:

	December 31,
	2019			2020			2021			Total
Emerging Markets Index		$	—		$	485,233		$	1,013,616		$	1,498,849
International Index			923,108			2,322,042			3,543,530			6,788,680
Russell™ Large Cap Index			74,829			78,406			—			153,235
Russell™ Mid Cap Growth Index			81,410			60,399			—			141,809
Russell™ Mid Cap Index			108,592			537,712			589,155			1,235,459
Russell™ Small Cap Index			92,974			300,606			380,460			774,040
U.S. Bond Index			186,626			1,293,812			2,197,274			3,677,712

The Expense Limitation Agreement is contractual through May 1, 2019 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

NOTE 9 — LINE OF CREDIT

Effective May 18, 2018, each Portfolio, in addition to certain other funds managed by the Investment Adviser,

has entered into a 364-day unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $400,000,000 through May 17, 2019. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of a Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to May 18, 2018, the predecessor line of credit was for an aggregate amount of $400,000,000 and paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through May 18, 2018.

Borrowings under the credit agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The following Portfolios utilized the line of credit during the year ended December 31, 2018:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Australia Index		3		$	716,000		3.19%
Emerging Markets Index		6			2,263,500		2.49
Euro STOXX 50® Index		1			575,000		3.19
FTSE 100 Index®		3			5,103,000		2.58
Hang Seng Index		1			3,218,000		2.42
International Index		5			2,177,400		2.81
Japan TOPIX Index®		13			2,294,308		2.71
Russell™ Large Cap Growth Index		5			1,063,600		2.94
Russell™ Large Cap Value Index		7			1,515,143		2.82
Russell™ Mid Cap Growth Index		3			891,000		3.19
Russell™ Mid Cap Index		12			46,638,583		2.70
Russell™ Small Cap Index		12			27,594,833		2.70
U.S. Bond Index		1			2,351,000		2.70

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 10 — CAPITAL SHARES

	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	#		#		#		#		#		($)		($)		($)		($)		($)
Australia Index
Class I
12/31/2018		2,726,773		—		626,056		(2,076,269)		1,276,560		23,193,104		—		5,446,682		(18,008,808)		10,630,978
12/31/2017		30,349		—		566,012		(7,420,182)		(6,823,821)		258,018		—		4,731,859		(63,180,337)		(58,190,460)
Emerging Markets Index
Class I
12/31/2018		21,202,313		—		857,095		(14,393,860)		7,665,548		256,905,722		—		10,859,398		(173,553,565)		94,211,555
12/31/2017		10,704,813		—		723,610		(27,557,948)		(16,129,525)		117,734,388		—		7,793,282		(308,509,658)		(182,981,988)
Class P2
12/31/2018		11,992,172		—		493,941		(4,181,031)		8,305,082		144,111,565		—		6,287,864		(48,989,497)		101,409,932
5/3/2017(1) - 12/31/2017		18,770,937		—		196,973		(1,945,510)		17,022,400		210,633,686		—		2,123,366		(23,712,646)		189,044,406
Class S
12/31/2018		—		—		—		—		—		—		—		—		—		—
12/31/2017		—		—		—		—*		—		—		—		—		—		—
Euro STOXX 50® Index
Class ADV
12/31/2018		104,972		—		85,861		(496,248)		(305,415)		1,160,533		—		965,077		(5,380,803)		(3,255,193)
12/31/2017		883,620		—		69,824		(1,067,003)		(113,559)		9,604,006		—		758,294		(11,668,068)		(1,305,768)
Class I
12/31/2018		8,156,605		—		1,395,413		(4,810,917)		4,741,101		87,121,828		—		15,782,116		(51,859,115)		51,044,829
12/31/2017		54,421		—		1,303,491		(10,647,360)		(9,289,448)		559,961		—		14,247,161		(114,263,813)		(99,456,691)
FTSE 100 Index®
Class ADV
12/31/2018		339,270		—		44,566		(375,772)		8,064		3,239,300		—		420,703		(3,485,174)		174,829
12/31/2017		112,389		—		35,610		(159,370)		(11,371)		1,012,975		—		315,858		(1,456,611)		(127,778)
Class I
12/31/2018		3,144,828		—		1,914,489		(6,021,913)		(962,596)		28,240,584		—		18,187,648		(56,421,177)		(9,992,945)
12/31/2017		714,765		—		2,232,515		(8,920,423)		(5,973,143)		6,783,293		—		19,914,030		(82,186,228)		(55,488,905)
Hang Seng Index
Class ADV
12/31/2018		1,277		—		9,588		(16,370)		(5,505)		17,726		—		148,035		(261,012)		(95,251)
12/31/2017		960		—		357		(14,049)		(12,732)		12,465		—		5,079		(206,467)		(188,923)
Class I
12/31/2018		302,179		—		409,720		(1,613,907)		(902,008)		4,428,235		—		6,342,477		(25,267,744)		(14,497,032)
12/31/2017		22,449		—		56,024		(3,035,191)		(2,956,718)		315,713		—		797,783		(45,631,009)		(44,517,513)
Class S
12/31/2018		132,316		—		312,482		(469,634)		(24,836)		2,133,169		—		4,834,095		(7,204,883)		(237,619)
12/31/2017		335,224		—		15,995		(600,938)		(249,719)		5,031,799		—		227,775		(9,207,450)		(3,947,876)
International Index
Class ADV
12/31/2018		1,740,355		—		1,392,887		(9,637,250)		(6,504,008)		16,370,888		—		14,583,530		(97,462,676)		(66,508,258)
12/31/2017		1,370,904		—		1,474,319		(17,189,512)		(14,344,289)		12,525,494		—		14,094,484		(166,952,606)		(140,332,628)
Class I
12/31/2018		8,787,563		—		905,126		(6,241,840)		3,450,849		92,265,367		—		9,657,691		(63,850,567)		38,072,491
12/31/2017		21,649,902		—		753,860		(55,989,922)		(33,586,160)		200,118,685		—		7,342,600		(547,016,233)		(339,554,948)
Class P2
12/31/2018		28,082,721		—		1,740,642		(6,415,232)		23,408,131		290,496,228		—		18,624,875		(66,046,799)		243,074,304
5/3/2017(1) - 12/31/2017		57,744,623		—		1,051,194		(4,054,795)		54,741,022		571,172,958		—		10,228,121		(41,779,778)		539,621,301
Class S
12/31/2018		1,202,999		—		179,938		(1,322,539)		60,398		12,122,066		—		1,907,343		(13,714,210)		315,199
12/31/2017		848,666		—		175,882		(1,762,053)		(737,505)		8,307,875		—		1,702,534		(17,233,798)		(7,223,389)
Class S2
12/31/2018		34,159		—		3,173		(14,493)		22,839		353,120		—		33,601		(150,276)		236,445
12/31/2017		28,081		—		2,373		(72,550)		(42,096)		272,441		—		22,970		(692,791)		(397,380)
Japan TOPIX Index®
Class ADV
12/31/2018		97,486		—		85,117		(334,337)		(151,734)		1,214,722		—		995,866		(3,974,306)		(1,763,718)
12/31/2017		172,722		—		38,937		(342,704)		(131,045)		2,024,876		—		422,074		(3,942,985)		(1,496,035)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 10 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Japan TOPIX Index® (continued)
Class I
12/31/2018		2,263,564		—		2,252,823		(5,461,563)		(945,176)		24,909,116		—		26,605,844		(64,957,746)		(13,442,786)
12/31/2017		2,245,327		—		1,160,343		(7,107,008)		(3,701,338)		24,879,691		—		12,682,550		(83,407,323)		(45,845,082)
Russell™ Large Cap Growth Index
Class ADV
12/31/2018		—		—		5		—		5		—		—		178		—		178
12/31/2017		—		—		1		—*		1		—		—		28		—*		28
Class I
12/31/2018		491,110		—		442,746		(1,130,587)		(196,731)		18,263,316		—		15,890,149		(41,629,505)		(7,476,040)
12/31/2017		594,363		—		120,200		(1,124,545)		(409,982)		18,280,901		—		3,662,493		(35,692,730)		(13,749,336)
Class S
12/31/2018		1,277,925		—		412,785		(1,795,727)		(105,017)		47,126,415		—		14,748,818		(65,617,043)		(3,741,810)
12/31/2017		1,510,117		—		102,561		(2,224,146)		(611,468)		45,597,118		—		3,112,736		(71,324,569)		(22,614,715)
Russell™ Large Cap Index
Class ADV
12/31/2018		943,337		—		27,884		(324,760)		646,461		19,958,960		—		582,782		(6,879,519)		13,662,223
12/31/2017		513,217		—		24,766		(423,653)		114,330		9,700,537		—		451,986		(7,877,890)		2,274,633
Class I
12/31/2018		1,723,718		—		209,761		(1,861,063)		72,416		37,282,786		—		4,457,407		(40,380,195)		1,359,998
12/31/2017		2,320,340		—		214,667		(2,205,043)		329,964		44,073,372		—		3,979,934		(42,206,595)		5,846,711
Class S
12/31/2018		1,508,100		—		370,585		(4,094,834)		(2,216,149)		32,814,216		—		7,830,458		(87,562,577)		(46,917,903)
12/31/2017		3,082,682		—		464,113		(8,715,578)		(5,168,783)		57,191,057		—		8,558,244		(165,280,873)		(99,531,572)
Class S2
12/31/2018		5,037		—		451		(26,308)		(20,820)		111,124		—		9,816		(579,879)		(458,939)
12/31/2017		14,953		—		846		(26,033)		(10,234)		283,228		—		16,027		(495,574)		(196,319)
Russell™ Large Cap Value Index
Class ADV
12/31/2018		—		—		9		—		9		—		—		197		—		197
12/31/2017		—		—		3		—		3		—		—		58		—		58
Class I
12/31/2018		118,489		—		255,986		(722,156)		(347,681)		2,637,261		—		5,593,289		(16,240,752)		(8,010,202)
12/31/2017		399,868		—		101,265		(612,966)		(111,833)		8,582,192		—		2,147,826		(13,311,745)		(2,581,727)
Class S
12/31/2018		480,342		—		749,400		(2,092,499)		(862,757)		10,786,511		—		16,284,468		(46,811,827)		(19,740,848)
12/31/2017		1,338,391		—		294,381		(4,038,281)		(2,405,509)		28,672,530		—		6,208,489		(87,858,488)		(52,977,469)
Russell™ Mid Cap Growth Index
Class I
12/31/2018		121,816		—		60,624		(175,882)		6,558		4,185,926		—		1,994,532		(5,955,042)		225,416
12/31/2017		266,029		—		3,507		(111,139)		158,397		8,618,643		—		108,153		(3,597,189)		5,129,607
Class S
12/31/2018		539,306		—		974,619		(1,384,685)		129,240		19,069,915		—		32,016,234		(47,283,943)		3,802,206
12/31/2017		325,841		—		63,457		(2,282,645)		(1,893,347)		10,208,515		—		1,955,102		(71,536,471)		(59,372,854)
Class S2
12/31/2018		1,065		—		5,593		(6,447)		211		35,182		—		183,519		(224,601)		(5,900)
12/31/2017		1,029		—		294		(4,044)		(2,721)		32,383		—		9,034		(122,474)		(81,057)
Russell™ Mid Cap Index
Class ADV
12/31/2018		779,016		—		1,555,514		(1,669,539)		664,991		11,199,992		—		21,932,754		(24,376,646)		8,756,100
12/31/2017		1,158,541		—		947,758		(1,435,581)		670,718		17,403,188		—		13,515,021		(21,402,779)		9,515,430
Class I
12/31/2018		6,622,936		—		9,578,686		(30,270,990)		(14,069,368)		96,763,845		—		139,465,666		(453,455,685)		(217,226,174)
12/31/2017		6,797,255		—		7,126,788		(36,004,455)		(22,080,412)		106,123,888		—		104,478,717		(558,813,147)		(348,210,542)
Class P2
12/31/2018		4,285,267		—		1,505,815		(5,891,046)		(99,964)		64,816,126		—		21,984,898		(94,167,590)		(7,366,566)
5/3/2017(1) - 12/31/2017		13,977,815		—		917,204		(901,165)		13,993,854		219,422,964		—		13,446,206		(14,280,590)		218,588,580

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 10 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Russell™ Mid Cap Index (continued)
Class S
12/31/2018		932,369		—		2,599,695		(3,942,071)		(410,007)		14,054,054		—		37,435,605		(59,671,623)		(8,181,964)
12/31/2017		1,545,050		—		1,935,737		(7,987,736)		(4,506,949)		23,438,311		—		28,087,548		(121,679,147)		(70,153,288)
Class S2
12/31/2018		118,248		—		139,859		(305,982)		(47,875)		1,775,447		—		1,985,993		(4,534,571)		(773,131)
12/31/2017		181,664		—		94,838		(370,050)		(93,548)		2,748,234		—		1,359,979		(5,552,594)		(1,444,381)
Russell™ Small Cap Index
Class ADV
12/31/2018		886,338		—		485,189		(939,574)		431,953		13,090,242		—		7,219,605		(13,985,625)		6,324,222
12/31/2017		1,051,908		—		594,815		(1,121,530)		525,193		15,239,228		—		8,172,756		(16,088,684)		7,323,300
Class I
12/31/2018		4,397,081		—		1,980,667		(6,176,106)		201,642		64,112,367		—		30,423,046		(96,786,273)		(2,250,860)
12/31/2017		12,240,228		—		2,023,869		(12,298,669)		1,965,428		176,530,334		—		28,637,736		(186,121,006)		19,047,064
Class P2
12/31/2018		2,566,452		—		339,287		(4,781,693)		(1,875,954)		38,885,121		—		5,231,806		(75,728,565)		(31,611,638)
5/3/2017(1) - 12/31/2017		8,057,856		—		498,620		(588,634)		7,967,842		121,959,586		—		7,060,466		(8,995,691)		120,024,361
Class S
12/31/2018		1,430,652		—		1,006,586		(3,168,463)		(731,225)		22,186,757		—		15,340,373		(49,114,086)		(11,586,956)
12/31/2017		1,718,566		—		1,444,732		(6,301,238)		(3,137,940)		25,390,215		—		20,284,045		(93,043,413)		(47,369,153)
Class S2
12/31/2018		140,417		—		33,246		(169,869)		3,794		2,125,376		—		497,689		(2,582,360)		40,705
12/31/2017		133,330		—		52,582		(267,404)		(81,492)		1,932,685		—		726,155		(3,860,523)		(1,201,683)
U.S. Bond Index
Class ADV
12/31/2018		330,810		—		52,488		(726,625)		(343,327)		3,372,833		—		537,178		(7,427,402)		(3,517,391)
12/31/2017		406,159		—		62,961		(592,398)		(123,278)		4,278,878		—		664,801		(6,246,942)		(1,303,263)
Class I
12/31/2018		41,765,342		—		5,368,379		(67,886,268)		(20,752,547)		430,295,891		—		55,157,325		(696,820,016)		(211,366,800)
12/31/2017		45,422,984		—		6,479,611		(114,306,190)		(62,403,595)		481,050,625		—		68,685,883		(1,210,995,749)		(661,259,241)
Class P2
12/31/2018		40,513,543		—		2,000,542		(28,486,261)		14,027,824		415,649,276		—		20,551,311		(292,384,489)		143,816,098
5/3/2017(1) - 12/31/2017		74,429,560		—		1,166,494		(6,517,361)		69,078,693		789,568,305		—		12,385,981		(69,337,058)		732,617,228
Class S
12/31/2018		1,537,598		—		363,381		(3,310,995)		(1,410,016)		15,789,215		—		3,722,878		(33,960,354)		(14,448,261)
12/31/2017		1,656,510		—		463,266		(6,729,013)		(4,609,237)		17,545,787		—		4,897,048		(70,973,500)		(48,530,665)
Class S2
12/31/2018		41,186		—		4,657		(166,284)		(120,441)		424,534		—		47,700		(1,684,744)		(1,212,510)
12/31/2017		27,769		—		5,434		(82,985)		(49,782)		293,607		—		57,469		(878,540)		(527,464)

(1)

Commencement of operations.

Share amount is less than 0.500 or $0.50.

NOTE 11 — SECURITIES LENDING

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 provided that the cash collateral is invested solely in overnight repurchase agreements.

The cash collateral is invested in overnight repurchase agreements that are collateralized at 102% with securities issued or fully guaranteed by the U.S. Treasury; U.S.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 11 — SECURITIES LENDING (continued)

government or any agency, instrumentality or authority of the U.S. government. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Securities Lending Collateral.

The following tables represent a summary of the respective Portfolios’ securities lending agreements by counterparty which are subject to offset under the Agreement as of December 31, 2018:

Australia Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.		$	251,410		$	(251,410)		$	—
Barclays Capital Securities Ltd.			164,429			(164,429)			—
Citigroup Global Markets Inc.			1,663			(1,663)			—
Credit Suisse Securities (USA) LLC			12,989			(12,989)			—
Goldman, Sachs & Co. LLC			307,286			(307,286)			—
J.P. Morgan Securities LLC			1,846			(1,846)			—
Macquarie Bank Limited			65,953			(65,953)			—
Morgan Stanley & Co. LLC			109,183			(109,183)			—
Scotia Capital (USA) INC			46,057			(46,057)			—
UBS Securities LLC.			39,381			(39,381)			—
Total		$	1,000,197		$	(1,000,197)		$	—

(1)

Collateral with a fair value of $1,060,371 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Emerging Markets Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Credit Suisse AG		$	159,088		$	(159,088)		$	—
Citigroup Global Markets Limited			75,480			(75,480)			—
Citigroup Global Markets Inc.			68,881			(68,881)			—
Credit Suisse Securities (Europe) Limited			353,632			(353,632)			—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Deutsche Bank Securities Inc.			24,148			(24,148)			—
Goldman, Sachs & Co. LLC			444,436			(444,436)			—
HSBC Bank PLC			43,994			(43,994)			—
J.P. Morgan Securities LLC			1,106,923			(1,106,923)			—
JP Morgan Securities, Plc.			1,432,660			(1,432,660)			—
Macquarie Bank Limited			9,348			(9,348)			—
Morgan Stanley & Co. LLC			251,047			(251,047)			—
National Financial Services LLC			1,236,863			(1,236,863)			—
Total		$	5,206,500		$	(5,206,500)		$	—

(1)

Collateral with a fair value of $5,699,969 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Euro STOXX 50® Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
HSBC Bank PLC		$	234,447		$	(234,447)		$	—
Total		$	234,447		$	(234,447)		$	—

(1)

Collateral with a fair value of $288,435 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Hang Seng Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Goldman, Sachs & Co. LLC		$	208,996		$	(208,996)		$	—
Total		$	208,996		$	(208,996)		$	—

(1)

Collateral with a fair value of $219,875 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

International Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.		$	558,297		$	(558,297)		$	—
Citigroup Global Markets Limited			601,586			(601,586)			—
Citigroup Global Markets Inc.			734,470			(734,470)			—
Goldman, Sachs & Co. LLC			298,824			(298,824)			—
HSBC Bank PLC			920,408			(920,408)			—
JP Morgan Securities, Plc.			1,063,944			(1,063,944)			—
Macquarie Bank Limited			27,248			(27,248)			—
Merrill Lynch International			274,642			(274,642)			—
Morgan Stanley & Co. LLC			721,406			(721,406)			—

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 11 — SECURITIES LENDING (continued)

International Index (continued)

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Nomura International PLC			1,985,702			(1,985,702)			—
UBS AG			3,775,262			(3,775,262)			—
Total		$	10,961,789		$	(10,961,789)		$	—

(1)

Collateral with a fair value of $11,535,802 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Japan TOPIX Index®

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BMO Capital Markets Corp		$	113,023		$	(113,023)		$	—
Barclays Capital Inc.			390,942			(390,942)			—
Barclays Capital Securities Ltd.			20,206			(20,206)			—
Citigroup Global Markets Inc.			1,541,068			(1,541,068)			—
Credit Suisse Securities (Europe) Limited			156,680			(156,680)			—
Credit Suisse Securities (USA) LLC			17,958			(17,958)			—
Deutsche Bank Securities Inc.			9,593			(9,593)			—
Deutsche Bank, AG			60,216			(60,216)			—
Goldman, Sachs & Co. LLC			63,883			(63,883)			—
HSBC Bank PLC			50,082			(50,082)			—
Merrill Lynch, Pierce, Fenner & Smith Inc.			5,768			(5,768)			—
Merrill Lynch International			223,721			(223,721)			—
Nomura Securities International, Inc.			8,570			(8,570)			—
UBS AG			6,702			(6,702)			—
UBS Securities LLC.			1,884			(1,884)			—
Total		$	2,670,296		$	(2,670,296)		$	—

(1)

Collateral with a fair value of $2,811,578 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Russell™ Mid Cap Growth Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Bank PLC		$	219,933		$	(219,933)		$	—
Barclays Capital Inc.			516			(516)			—
Citadel Securities LLC			27,061			(27,061)			—
Citadel Clearing LLC			635,583			(635,583)			—
Citigroup Global Markets Inc.			69,722			(69,722)			—
Deutsche Bank Securities Inc.			309,086			(309,086)			—
HSBC Bank PLC			1,449,168			(1,449,168)			—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
J.P. Morgan Securities LLC			480,983			(480,983)			—
Merrill Lynch, Pierce, Fenner & Smith Inc.			44,724			(44,724)			—
Morgan Stanley & Co. LLC			325,856			(325,856)			—
Natixis Securities America LLC			37,275			(37,275)			—
RBC Capital Markets, LLC			240,418			(240,418)			—
Scotia Capital (USA) INC			10,632			(10,632)			—
Wells Fargo Securities LLC			715,566			(715,566)			—
Total		$	4,566,523		$	(4,566,523)		$	—

(1)

Collateral with a fair value of $4,701,687 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Russell™ Mid Cap Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BMO Capital Markets Corp		$	1,038,570		$	(1,038,570)		$	—
BNP Paribas Securities Corp.			7,606			(7,606)			—
Barclays Bank PLC			397,039			(397,039)			—
Citadel Securities LLC			3,908			(3,908)			—
Citadel Clearing LLC			1,329,864			(1,329,864)			—
Citigroup Global Markets Inc.			894,294			(894,294)			—
Deutsche Bank Securities Inc.			1,581,766			(1,581,766)			—
Goldman, Sachs & Co. LLC			213,868			(213,868)			—
HSBC Bank PLC			1,530,338			(1,530,338)			—
J.P. Morgan Securities LLC			1,778,705			(1,778,705)			—
Merrill Lynch, Pierce, Fenner & Smith Inc.			115,344			(115,344)			—
Mizuho Securities USA LLC.			851,595			(851,595)			—
Morgan Stanley & Co. LLC			3,278,282			(3,278,282)			—
National Financial Services LLC			299,889			(299,889)			—
Natixis Securities America LLC			431,601			(431,601)			—
RBC Dominion Securities Inc			105,404			(105,404)			—
SG Americas Securities, LLC			647,163			(647,163)			—
Scotia Capital (USA) INC			1,772			(1,772)			—
Wells Fargo Securities LLC			646,943			(646,943)			—
Total		$	15,153,951		$	(15,153,951)		$	—

(1)

Collateral with a fair value of $15,606,236 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Russell™ Small Cap Index

Counterparty			Securities Loaned at Value						Cash Collateral Received(1)						Net Amount
BMO Capital Markets Corp				$	1,675,516					$	(1,675,516)					$	—

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 11 — SECURITIES LENDING (continued)

Russell™ Small Cap Index (continued)

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BNP Paribas Prime Brokerage Intl Ltd			94,119			(94,119)			—
BNP Paribas Securities Corp.			436			(436)			—
Barclays Capital Inc.			537,618			(537,618)			—
CIBC World Markets Corporation			85,132			(85,132)			—
Citadel Securities LLC			687,635			(687,635)			—
Citadel Clearing LLC			1,640,041			(1,640,041)			—
Citigroup Global Markets Inc.			1,660,201			(1,660,201)			—
Deutsche Bank Securities Inc.			2,327,131			(2,327,131)			—
Goldman, Sachs & Co. LLC			5,564,841			(5,564,841)			—
HSBC Bank PLC			2,234,741			(2,234,741)			—
Industrial And Commercial Bank Of China			16,991			(16,991)			—
J.P. Morgan Securities LLC			4,395,878			(4,395,878)			—
Janney Montgomery Scott LLC			55,081			(55,081)			—
Merrill Lynch, Pierce, Fenner & Smith Inc.			188,985			(188,985)			—
Morgan Stanley & Co. LLC			5,158,421			(5,158,421)			—
National Bank Of Canada Financial INC			2,681,499			(2,681,499)			—
National Financial Services LLC			2,490,278			(2,490,278)			—
Natixis Securities America LLC			657,820			(657,820)			—
RBC Dominion Securities Inc			528,517			(528,517)			—
SG Americas Securities, LLC			562,658			(562,658)			—
Scotia Capital (USA) INC			3,297,687			(3,297,687)			—
TD Prime Services LLC			142,294			(142,294)			—
UBS AG			8,626			(8,626)			—
Wells Fargo Bank NA			1,348,762			(1,348,762)			—
Wells Fargo Securities LLC			1,143,544			(1,143,544)			—
Total		$	39,184,452		$	(39,184,452)		$	—

(1)

Collateral with a fair value of $40,474,978 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

U.S. Bond Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BMO Capital Markets Corp		$	394,537		$	(394,537)		$	—
Barclays Capital Inc.			826,696			(826,696)			—
Citadel Clearing LLC			343,628			(343,628)			—
Citigroup Global Markets Inc.			111,430			(111,430)			—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Daiwa Capital Markets America Inc.			9,931			(9,931)			—
Goldman, Sachs & Co. LLC			125,690			(125,690)			—
Janney Montgomery Scott LLC			1,048,580			(1,048,580)			—
Mizuho Securities USA LLC.			167,769			(167,769)			—
Morgan Stanley & Co. LLC			5,882,616			(5,882,616)			—
Nomura Securities International, Inc.			422,563			(422,563)			—
Scotia Capital (USA) INC			151,743			(151,743)			—
TD Securities (USA) Inc.			11,061,482			(11,061,482)			—
UBS AG			961,545			(961,545)			—
Total		$	21,508,210		$	(21,508,210)		$	—

(1)

Collateral with a fair value of $22,017,472 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

NOTE 12 — SECURITIES LENDING SETTLEMENT

In February 2018, Voya Investments and Directed Services LLC (collectively, the “Respondent”) entered into a settlement agreement (the “Settlement”) with the Securities and Exchange Commission related to certain securities lending practices employed within various insurance-dedicated Voya mutual funds. The Respondent paid disgorgement, prejudgment interest and a civil money penalty of $3,647,469, including payments to the impacted mutual funds totaling $2,024,355. During the year period ended December 31, 2018, Russell™ Mid Cap Index and Russell™ Small Cap Index received payments of $234,477 and $374,848, respectively, related to the Settlement and such amounts are recorded in Settlement Income in the accompanying Statements of Operations.

NOTE 13 — FEDERAL INCOME TAXES

The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, foreign currency transactions, income from passive foreign investment companies (PFICs), paydown gains, wash sale deferrals and the expiration of capital loss carryforwards. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 13 — FEDERAL INCOME TAXES (continued)

The following permanent tax differences have been reclassified as of December 31, 2018:

	Paid-in Capital			Distributable Earnings
International Index		$	(1,826,920)		$	1,826,920
Russell™ Large Cap Index			2,997			(2,997)

The tax composition of dividends and distributions to shareholders was as follows:

	Year Ended December 31, 2018						Year Ended December 31, 2017
	Ordinary Income			Long-term Capital Gains			Ordinary Income			Long-term Capital Gains
Australia Index		$	5,446,682		$	—		$	4,731,859		$	—
Emerging Markets Index			17,147,344			—			9,916,676			—
Euro STOXX 50® Index			10,432,569			6,314,624			15,005,455			—
FTSE 100 Index®			12,095,704			6,512,647			10,852,067			9,377,821
Hang Seng Index			4,078,123			7,246,620			1,030,637			—
International Index			44,807,040			—			33,390,709			—
Japan TOPIX Index®			7,401,803			20,199,907			6,068,898			7,035,726
Russell™ Large Cap Growth Index			10,951,219			19,687,926			6,775,257			—
Russell™ Large Cap Index			12,880,463			—			13,006,191			—
Russell™ Large Cap Value Index			11,709,648			10,168,306			8,356,373			—
Russell™ Mid Cap Growth Index			9,125,044			25,069,241			2,072,289			—
Russell™ Mid Cap Index			34,072,419			188,732,497			28,440,467			132,447,004
Russell™ Small Cap Index			15,225,430			43,487,089			7,933,959			56,947,199
U.S. Bond Index			78,816,716			1,213,558			85,482,389			1,397,230

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, 2018 were:

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards
	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Amount			Character		Expiration
Australia Index		$	4,390,132		$	—		$	(9,164,562)		$	(355,157)		Short-term	None
												(32,070,333)		Long-term	None
											$	(32,425,490)
Emerging Markets Index			15,092,291			—			(28,281,213)			(12,884,880)		Short-term	None
												(33,958,110)		Long-term	None
											$	(46,842,990)
Euro STOXX 50® Index			9,110,591			754,784			(18,458,456)			—		—	—
FTSE 100 Index®			9,331,595			7,048,948			(26,975,712)			—		—	—
Hang Seng Index			1,559,156			8,233,272			12,486,400			—		—	—
International Index			44,905,701			—			(1,111,908)			(7,757,257)		Short-term	None
												(44,525,808)		Long-term	None
											$	(52,283,065)*
Japan TOPIX Index®			5,368,265			18,304,340			29,360,896			—		—	—
Russell™ Large Cap Growth Index			7,250,801			32,558,893			362,115,814			—		—	—
Russell™ Large Cap Index			14,254,485			29,340,435			495,492,861			—		—	—
Russell™ Large Cap Value Index			9,150,349			13,838,819			69,479,959			—		—	—
Russell™ Mid Cap Growth Index			5,399,992			23,690,413			93,837,785			—		—	—
Russell™ Mid Cap Index			27,957,410			239,010,443			535,692,351			—		—	—
Russell™ Small Cap Index			16,598,885			78,786,407			162,208,546			—		—	—
U.S. Bond Index			16,364,569			—			(24,853,977)			(21,516,186)		Short-term	None
												(2,802,462)		Long-term	None
											$	(24,318,648)

Utilization of these capital losses is subject to annual limitations under Section 382 of the Internal Revenue Code.

The Portfolios’ major tax jurisdictions are U.S. federal and Arizona state.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 13 — FEDERAL INCOME TAXES (continued)

As of December 31, 2018, no provision for income tax is required in the Portfolios’ financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. The earliest tax year that remains subject to examination by these jurisdictions is 2014.

Prior to the reclassification of distributions on the Statement of Changes in Net Assets, the characteristics of distributions for the year ended December 31, 2017 were as follows:

	Australia Index			Emerging Markets Index			Euro STOXX 50® Index			FTSE 100 Index®			Hang Seng Index			International Index
Distributions from net investment income:
Class ADV		$	—		$	—		$	(758,294)		$	(156,667)		$	(5,079)		$	(14,094,484)
Class I			(4,731,859)			(7,793,282)			(14,247,161)			(10,695,400)			(797,783)			(7,342,600)
Class P2			—			(2,123,366)			—			—			—			(10,228,121)
Class S			—			(28)			—			—			(227,775)			(1,702,534)
Class S2			—			—			—			—			—			(22,970)
		$	(4,731,859)		$	(9,916,676)		$	(15,005,455)		$	(10,852,067)		$	(1,030,637)		$	(33,390,709)
Distributions from net realized gains:
Class ADV		$	—		$	—		$	—		$	(159,191)		$	—		$	—
Class I			—			—			—			(9,218,630)			—			—
		$	—		$	—		$	—		$	(9,377,821)		$	—		$	—
Undistributed net investment income at end of year		$	5,433,218		$	17,137,582		$	10,375,078		$	12,069,017		$	3,149,431		$	44,919,706

	Japan TOPIX Index®			Russell™ Large Cap Growth Index			Russell™ Large Cap Index			Russell™ Large Cap Value Index			Russell™ Mid Cap Growth Index			Russell™ Mid Cap Index
Distributions from net investment income:
Class ADV		$	(157,582)		$	(28)		$	(451,986)		$	(58)		$	—		$	(1,820,889)
Class I			(5,911,316)			(3,662,493)			(3,979,934)			(2,147,826)			(108,153)			(18,714,973)
Class P2			—			—			—			—			—			(2,408,580)
Class S			—			(3,112,736)			(8,558,244)			(6,208,489)			(1,955,102)			(4,346,491)
Class S2			—			—			(16,027)			—			(9,034)			(187,359)
		$	(6,068,898)		$	(6,775,257)		$	(13,006,191)		$	(8,356,373)		$	(2,072,289)		$	(27,478,292)
Distributions from net realized gains:
Class ADV		$	(264,492)		$	—		$	—		$	—		$	—		$	(11,694,132)
Class I			(6,771,234)			—			—			—			—			(85,763,744)
Class P2			—			—			—			—			—			(11,037,625)
Class S			—			—			—			—			—			(23,741,058)
Class S2			—			—			—			—			—			(1,172,620)
		$	(7,035,726)		$	—		$	—		$	—		$	—		$	(133,409,179)
Undistributed net investment income at end of year		$	6,467,522		$	6,671,582		$	12,842,199		$	8,427,162		$	1,261,044		$	23,722,670

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2018 (continued)

NOTE 13 — FEDERAL INCOME TAXES (continued)

	Russell™ Small Cap Index			U.S. Bond Index
Distributions from net investment income:
Class ADV		$	(747,306)		$	(580,135)
Class I			(3,869,156)			(62,237,271)
Class P2			(953,918)			(10,840,108)
Class S			(2,211,797)			(4,343,274)
Class S2			(69,062)			(50,877)
		$	(7,851,239)		$	(78,051,665)
Distributions from net realized gains:
Class ADV		$	(7,425,450)		$	(84,667)
Class I			(24,768,581)			(6,637,048)
Class P2			(6,106,548)			(1,545,873)
Class S			(18,072,247)			(553,774)
Class S2			(657,093)			(6,592)
		$	(57,029,919)		$	(8,827,954)
Undistributed net investment income at end of year		$	8,521,157		$	8,860,642

NOTE 14 — OTHER ACCOUNTING PRONOUNCEMENTS

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization On Purchased Callable Debt Securities (“ASU 2017-08”). The update shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. ASU 2017-08 will be effective for interim and annual periods beginning after December 15, 2018.

Also, in August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The update provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. ASU 2018-13 will be effective for annual periods beginning after December 15, 2019. As of December 31, 2018, management of the Portfolios is currently assessing the

potential impact to financial statement disclosure that may result from adopting these ASUs.

NOTE 15 — SUBSEQUENT EVENTS

Subsequent to December 31, 2018, the following Portfolio paid dividends from net investment income of:

Per Share
Amount

Payable
Date

Record
Date

U.S. Bond Index

Class ADV

0.0161

February 1, 2019

Daily

Class I

0.0206

February 1, 2019

Daily

Class P2

0.0227

February 1, 2019

Daily

Class S

0.0183

February 1, 2019

Daily

Class S2

0.0170

February 1, 2019

Daily

Expense Limitation Agreements: On January 25, 2019, the Board approved revised expense limits for each class of Hang Seng Index. Effective January 1, 2019, through May 1, 2020, the Investment Adviser has further lowered the expense limits to 1.05%, 0.55%, and 0.80% for Class ADV, Class I, and Class S, respectively.

On January 25, 2019, the Board approved revised expense limits for certain classes of U.S. Bond Index. Effective January 1, 2019, through May 1, 2020, the Investment Adviser has further lowered the expense limits to 0.88%, 0.38%, 0.63%, and 0.78% for Class ADV, Class I, Class S, and Class S2, respectively.

Management Fee: On January 25, 2019, the Board approved revisions to the management fee for U.S. Bond Index. Effective January 1, 2019, the management fee is 0.39% on the first $500 million, 0.37% on the next $500 million, 0.35% on the next $1 billion, 0.33% on the next $2 billion, 0.31% on the next $2 billion, 0.29% thereafter.

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Australia Index Portfolio

as of December 31, 2018

Shares				Value			Percentage of Net Assets
COMMON STOCK: 99.5%
			Communication Services: 3.5%
	1,040,042		Telstra Corp., Ltd.		$	2,087,218		2.2
	496,558	(1)	Other Securities			1,158,781		1.3
						3,245,999		3.5
			Consumer Discretionary: 6.2%
	55,715		Aristocrat Leisure Ltd.			857,665		0.9
	175,777		Tabcorp Holdings Ltd.			531,414		0.5
	99,152		Wesfarmers Ltd.			2,252,599		2.4
	454,855	(2)	Other Securities			2,230,045		2.4
						5,871,723		6.2
			Consumer Staples: 5.7%
	63,512	(3)	a2 Milk Co. Ltd.			461,606		0.5
	99,152	(3)	Coles Group Ltd.			819,894		0.9
	62,846		Treasury Wine Estates Ltd.			655,344		0.7
	114,847		Woolworths Group Ltd			2,382,386		2.5
	244,458	(1)(2)	Other Securities			1,020,652		1.1
						5,339,882		5.7
			Energy: 5.3%
	115,567		Oil Search Ltd.			582,112		0.6
	153,714	(3)	Origin Energy Ltd.			701,186		0.8
	154,060		Santos Ltd.			594,152		0.6
	93,525	(3)(4)	Viva Energy Group Ltd.			118,679		0.1
	81,855		Woodside Petroleum Ltd.			1,803,052		1.9
	301,764		Other Securities			1,205,055		1.3
						5,004,236		5.3
			Financials: 32.3%
	255,982		AMP Ltd.			441,893		0.5
	16,927		ASX Ltd.			715,247		0.8
	253,101		Australia & New Zealand Banking Group Ltd.			4,373,248		4.6
	153,894		Commonwealth Bank of Australia			7,849,770		8.4
	202,066		Insurance Australia Group Ltd.			996,632		1.1
	27,674		Macquarie Group Ltd.			2,119,716		2.2
	240,831		Medibank Pvt Ltd.			435,996		0.5
	238,661		National Australia Bank Ltd.			4,049,915		4.3
	119,361		QBE Insurance Group Ltd.			849,923		0.9
	113,334		Suncorp Group Ltd.			1,008,646		1.1
	300,365		Westpac Banking Corp.			5,307,414		5.6
	419,447	(2)	Other Securities			2,151,161		2.3
						30,299,561		32.3
			Health Care: 8.6%
	5,009		Cochlear Ltd.			613,746		0.7
	39,568		CSL Ltd.			5,168,286		5.5
	11,310		Ramsay Health Care Ltd.			460,051		0.5

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Health Care (continued)
	44,406		ResMed, Inc.		$	499,271		0.5
	37,129		Sonic Healthcare Ltd.			579,216		0.6
	480,836	(1)	Other Securities			765,172		0.8
						8,085,742		8.6
			Industrials: 7.9%
	174,032		Aurizon Holdings Ltd.			525,054		0.6
	138,883		Brambles Ltd.			993,659		1.1
	149,217		Qantas Airways Ltd.			608,734		0.6
	196,886		Sydney Airport			933,599		1.0
	228,057		Transurban Group - Stapled Security			1,871,784		2.0
	922,773	(1)(2)(5)	Other Securities			2,455,989		2.6
						7,388,819		7.9
			Information Technology: 2.1%
	43,953		Computershare Ltd.			532,678		0.6
	218,681	(1)(2)	Other Securities			1,425,888		1.5
						1,958,566		2.1
			Materials: 18.6%
	101,277		Amcor Ltd.			945,668		1.0
	280,636		BHP Billiton Ltd.			6,783,265		7.2
	149,678		Fortescue Metals Group Ltd.			441,369		0.5
	38,773		James Hardie Industries SE			422,424		0.5
	66,752		Newcrest Mining Ltd.			1,025,915		1.1
	32,462		Rio Tinto Ltd.			1,796,641		1.9
	449,360		South32 Ltd. - AUD			1,068,944		1.1
	1,731,092	(1)(2)	Other Securities			4,985,896		5.3
						17,470,122		18.6
			Real Estate: 7.3%
	88,251		Dexus			660,524		0.7
	140,151		Goodman Group			1,049,852		1.1
	156,953		GPT Group			590,621		0.6
	324,004		Mirvac Group			511,707		0.5
	465,598		Scentre Group			1,280,007		1.4
	212,889		Stockland			528,133		0.6
	281,008		Vicinity Centres			514,913		0.6
	621,962	(1)	Other Securities			1,698,427		1.8
						6,834,184		7.3
			Utilities: 2.0%
	57,538		AGL Energy Ltd.			835,579		0.9
	103,178		APA Group			618,051		0.7
	384,088	(1)	Other Securities			423,023		0.4
						1,876,653		2.0
			Total Common Stock (Cost $99,372,570)			93,375,487		99.5

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Australia Index Portfolio

as of December 31, 2018 (continued)

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.0%
		Securities Lending Collateral(6): 1.1%
	1,000,000	Bank of Nova Scotia, Repurchase Agreement dated 12/31/18, 2.97%, due 01/02/19 (Repurchase Amount $1,000,163, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.750%- 5.000%, Market Value plus accrued interest $1,020,168, due 11/15/23-05/15/58)		$	1,000,000		1.1
	60,371	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $60,382, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $61,579, due 01/25/19-10/20/68)			60,371		0.0
					1,060,371		1.1

Shares				Value		Percentage of Net Assets
			Mutual Funds: 0.9%
	844,000	(7)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340% (Cost $844,000)		844,000		0.9

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Total Short-Term Investments (Cost $1,904,371)		$	1,904,371		2.0
	Total Investments in Securities (Cost $101,276,941)		$	95,279,858		101.5
	Liabilities in Excess of Other Assets			(1,380,439)		(1.5)
	Net Assets		$	93,899,419		100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

The grouping contains non-income producing securities.

(2)

The grouping contains securities on loan.

(3)

Non-income producing security.

(4)

Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

(5)

The grouping contains Level 3 securities.

(6)

Represents securities purchased with cash collateral received for securities on loan.

(7)

Rate shown is the 7-day yield as of December 31, 2018.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the assets and liabilities:(1)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	—		$	3,245,999		$	—		$	3,245,999
Consumer Discretionary			38,058			5,833,665			—			5,871,723

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Australia Index Portfolio

as of December 31, 2018 (continued)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Consumer Staples			819,894			4,519,988			—			5,339,882
Energy			—			5,004,236			—			5,004,236
Financials			—			30,299,561			—			30,299,561
Health Care			246,422			7,839,320			—			8,085,742
Industrials			—			7,388,819			—			7,388,819
Information Technology			—			1,958,566			—			1,958,566
Materials			—			17,470,122			—			17,470,122
Real Estate			282,191			6,551,993			—			6,834,184
Utilities			—			1,876,653			—			1,876,653
Total Common Stock			1,386,565			91,988,922			—			93,375,487
Short-Term Investments			844,000			1,060,371			—			1,904,371
Total Investments, at fair value		$	2,230,565		$	93,049,293		$	—		$	95,279,858
Other Financial Instruments+
Forward Foreign Currency Contracts			—			9,213			—			9,213
Futures			1,439			—			—			1,439
Total Assets		$	2,232,004		$	93,058,506		$	—		$	95,290,510
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(19,922)		$	—		$	(19,922)
Total Liabilities		$	—		$	(19,922)		$	—		$	(19,922)

(1)

For the year ended December 31, 2018, as a result of the fair value pricing procedures for international equities utilized by the Portfolio (Note 2) certain securities have transferred in and out of Level 1 and Level 2 measurements during the year. The Portfolio’s policy is to recognize transfers between levels at the beginning of the reporting period. At December 31, 2018, securities valued at $847,020 and $227,574 were transferred from Level 1 to Level 2 and Level 2 and Level 1, respectively, within the fair value hierarchy.

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

At December 31, 2018, the following forward foreign currency contracts were outstanding for Voya Australia Index Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

AUD 1,390,000

USD999,805

Citibank N.A.

03/20/19

(19,474)

USD 705,338

AUD1,000,000

Citibank N.A.

03/20/19

4,493

AUD 600,000

USD423,612

Morgan Stanley

03/20/19

(448)

USD 258,618

AUD360,000

State Street Bank and Trust Co.

03/20/19

4,720

(10,709)

At December 31, 2018, the following futures contracts were outstanding for Voya Australia Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
ASX SPI 200® Index		10		03/21/19		$	979,222		$	1,439
						$	979,222		$	1,439

Currency Abbreviations

AUD – Australian Dollar

USD – United States Dollar

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Australia Index Portfolio

as of December 31, 2018 (continued)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of December 31, 2018 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		$	9,213
Equity contracts	Net Assets — Unrealized appreciation*			1,439
Total Asset Derivatives			$	10,652
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	19,922
Total Liability Derivatives			$	19,922

Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2018 was as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	(172,749)		$	—		$	(172,749)
Equity contracts			—			(7,229)			(7,229)
Total		$	(172,749)		$	(7,229)		$	(179,978)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	(16,584)		$	—		$	(16,584)
Equity contracts			—			1,657			1,657
Total		$	(16,584)		$	1,657		$	(14,927)

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2018:

	Citibank N.A.			Morgan Stanley			State Street Bank and Trust Co.			Totals
Assets:
Forward foreign currency contracts		$	4,493		$	—		$	4,720		$	9,213
Total Assets		$	4,493		$	—		$	4,720		$	9,213
Liabilities:
Forward foreign currency contracts		$	19,474		$	448		$	—		$	19,922
Total Liabilities		$	19,474		$	448		$	—		$	19,922
Net OTC derivative instruments by counterparty, at fair value		$	(14,981)		$	(448)		$	4,720		$	(10,709)
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	—		$	—		$	—
Net Exposure(1)		$	(14,981)		$	(448)		$	4,720		$	(10,709)

(1)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Australia Index Portfolio

as of December 31, 2018 (continued)

At December 31, 2018, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $104,541,338.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	5,548,408
Gross Unrealized Depreciation		(14,712,970)
Net Unrealized Depreciation	$	(9,164,562)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2018

Shares				Value			Percentage of Net Assets
COMMON STOCK: 95.2%
			Brazil: 4.6%
	755,200		Ambev SA		$	2,996,833		0.4
	156,037		Banco Bradesco SA			1,362,795		0.2
	469,800		Petroleo Brasileiro SA			3,078,867		0.4
	505,474		Vale SA			6,651,403		0.9
	3,291,687	(1)	Other Securities			21,085,349		2.7
						35,175,247		4.6
			Chile: 1.0%
	49,774,201		Other Securities			7,373,615		1.0
			China: 30.1%
	201,500	(2)(3)	3SBio, Inc.			257,602		0.0
	206,044	(4)	Alibaba Group Holding Ltd. ADR			28,242,451		3.7
	546,000	(4)	Alibaba Health Information Technology Ltd.			442,267		0.1
	2,260,000	(2)(4)	Alibaba Pictures Group Ltd.			381,658		0.1
	265,000	(3)	BAIC Motor Corp. Ltd. - H Shares			140,187		0.0
	44,412	(4)	Baidu, Inc. ADR			7,043,743		0.9
	199,100		Bank of China Ltd. - A Shares			104,760		0.0
	12,740,000		Bank of China Ltd. - H Shares			5,492,246		0.7
	1,719,000	(3)	CGN Power Co. Ltd. - H Shares			408,140		0.1
	15,329,000		China Construction Bank - H Shares			12,552,203		1.6
	43,200		China Construction Bank Corp. - A Shares			40,129		0.0
	1,533,000	(3)	China Huarong Asset Management Co. Ltd. - H Shares			279,828		0.0
	166,800	(3)	China International Capital Corp. Ltd. - H Shares			312,354		0.0
	12,800		China Life Insurance Co. Ltd. - A Shares			38,073		0.0
	1,199,000		China Life Insurance Co., Ltd. - H Shares			2,535,579		0.3
	27,000	(2)(3)(4)	China Literature Ltd. - H Shares			125,161		0.0
	61,500		China Merchants Bank Co. Ltd. - A Shares			226,098		0.0
	619,380		China Merchants Bank Co., Ltd. - H Shares			2,261,848		0.3
	980,500		China Mobile Ltd.			9,487,903		1.2
	104,000		China Petroleum & Chemical Corp. - A Shares			76,552		0.0

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			China (continued)
	4,089,600		China Petroleum & Chemical Corp. - H Shares		$	2,915,108		0.4
	237,000	(3)	China Railway Signal & Communication Corp. Ltd. - H Shares			165,999		0.0
	230,000		China Resources Beer Holdings Co Ltd.			804,123		0.1
	388,000		China Resources Cement Holdings Ltd. - H Shares			349,873		0.1
	140,000		China Resources Gas Group Ltd.			554,759		0.1
	446,444		China Resources Land Ltd.			1,717,324		0.2
	262,500	(3)	China Resources Pharmaceutical Group Ltd.			341,872		0.1
	308,000		China Resources Power Holdings Co.			592,418		0.1
	5,830,000	(3)(4)	China Tower Corp. Ltd. - H Shares			1,102,461		0.2
	2,858,000		CNOOC Ltd.			4,402,243		0.6
	322,500	(3)	Dali Foods Group Co. Ltd.			237,930		0.0
	83,600	(3)	Fuyao Glass Industry Group Co. Ltd. - H Shares			267,660		0.0
	89,000	(3)	Guotai Junan Securities Co. Ltd. - H Shares			179,533		0.0
	65,000	(3)	Hua Hong Semiconductor Ltd.			120,190		0.0
	261,600	(3)	Huatai Securities Co. Ltd. - H Shares			413,800		0.1
	11,085,000		Industrial & Commercial Bank of China - H Shares			7,884,316		1.0
	186,000		Industrial & Commercial Bank of China Ltd. - A Shares			143,503		0.0
	117,410	(4)	JD.com, Inc. ADR			2,457,391		0.3
	56,600	(3)	Legend Holdings Corp. - H Shares			148,091		0.0
	188,500	(3)	Luye Pharma Group Ltd. - H Shares			131,197		0.0
	235,500	(3)(4)	Meitu, Inc.			65,884		0.0
	12,472		NetEase, Inc. ADR			2,935,535		0.4
	25,100		Ping An Insurance Group Co. of China Ltd. - A Shares			205,342		0.0
	833,000		Ping An Insurance Group Co. of China Ltd. - H Shares			7,348,739		1.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2018 (continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			China (continued)
	421,000	(3)	Postal Savings Bank of China Co. Ltd. - H Shares		$	221,730		0.0
	908,500		Tencent Holdings Ltd.			36,412,999		4.7
	78,000	(3)(4)	Wuxi Biologics Cayman, Inc. - H Shares			498,308		0.1
	30,500	(3)(4)	ZhongAn Online P&C Insurance Co. Ltd. - H Shares			97,391		0.0
	84,455,619	(1)(5)(6)	Other Securities			89,051,753		11.6
						232,216,254		30.1
			Colombia: 0.4%
	1,048,590		Other Securities			2,692,073		0.4
			Czech Republic: 0.2%
	73,777	(3)	Moneta Money Bank AS			238,033		0.0
	37,709		Other Securities			1,067,754		0.2
						1,305,787		0.2
			Egypt: 0.1%
	431,769		Other Securities			938,234		0.1
			Greece: 0.2%
	323,810	(1)(6)	Other Securities			1,620,129		0.2
			Hungary: 0.3%
	116,164		Other Securities			2,518,974		0.3
			India: 9.3%
	19,902	(3)(4)	Avenue Supermarts Ltd.			457,686		0.1
	289,927	(4)	Axis Bank Ltd.			2,570,805		0.3
	104,357		Hindustan Unilever Ltd.			2,719,177		0.4
	256,238		Housing Development Finance Corp.			7,219,324		0.9
	100,437		Infosys Ltd. ADR			956,160		0.1
	453,282		Infosys Ltd.			4,282,757		0.6
	14,876	(3)	InterGlobe Aviation Ltd.			248,026		0.0
	47,754		Reliance Industries Ltd. GDR			1,519,734		0.2
	360,246		Reliance Industries Ltd.			5,781,608		0.7
	143,617		Tata Consultancy Services Ltd.			3,894,154		0.5
	7,088,916	(1)	Other Securities			42,218,357		5.5
						71,867,788		9.3
			Indonesia: 2.3%
	1,593,600		Bank Central Asia Tbk PT			2,881,945		0.4
	44,546,731	(1)	Other Securities			14,839,985		1.9
						17,721,930		2.3
			Malaysia: 2.4%
	477,300		Public Bank BHD			2,857,477		0.4
	11,394,636	(1)(6)	Other Securities			15,631,506		2.0
						18,488,983		2.4

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Mexico: 2.8%
	5,403,200		America Movil SAB de CV		$	3,846,516		0.5
	314,400		Fomento Economico Mexicano SAB de CV			2,703,439		0.3
	7,494,408	(1)(5)	Other Securities			15,139,789		2.0
						21,689,744		2.8
			Pakistan: 0.0%
	229,000		Other Securities			234,521		0.0
			Peru: 0.4%
	10,902		Credicorp Ltd.			2,416,646		0.3
	28,790		Other Securities			466,974		0.1
						2,883,620		0.4
			Philippines: 1.1%
	10,746,920		Other Securities			8,386,467		1.1
			Poland: 1.2%
	7,567	(3)(4)	Dino Polska SA			194,321		0.0
	1,046,373	(1)	Other Securities			9,428,879		1.2
						9,623,200		1.2
			Qatar: 1.1%
	73,406		Qatar National Bank QPSC			3,912,261		0.5
	331,518	(1)	Other Securities			4,417,676		0.6
						8,329,937		1.1
			Romania: 0.1%
	58,865		Other Securities			462,328		0.1
			Russia: 3.5%
	1,583,063		Gazprom PJSC			3,465,156		0.5
	78,207		Lukoil PJSC			5,589,314		0.7
	14,545		Novatek PJSC GDR			2,485,228		0.3
	1,615,252		Sberbank of Russia PJSC			4,358,076		0.6
	26,854		Sberbank PAO ADR			294,320		0.0
	245,285		Tatneft PJSC			2,583,545		0.3
	540,576,608	(1)	Other Securities			8,577,878		1.1
						27,353,517		3.5
			Singapore: 0.0%
	31,500	(3)	BOC Aviation Ltd.			232,431		0.0
			South Africa: 6.1%
	541,309		FirstRand Ltd.			2,465,593		0.3
	69,741		Naspers Ltd.			13,963,295		1.8
	90,108		Sasol Ltd.			2,677,696		0.4
	208,641		Standard Bank Group Ltd.			2,592,262		0.3
	5,368,390	(1)(5)	Other Securities			25,415,473		3.3
						47,114,319		6.1
			South Korea: 13.0%
	2,317	(4)	Celltrion Pharm, Inc.			132,407		0.0
	13,306	(4)	Celltrion, Inc.			2,673,059		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2018 (continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			South Korea (continued)
	2,152		Hyundai Department Store Co. Ltd.		$	174,271		0.0
	12,355		Hyundai Engineering & Construction Co. Ltd.			605,093		0.1
	6,041	(4)	Hyundai Heavy Industries Co. Ltd			696,772		0.1
	10,920		Hyundai Mobis Co. Ltd.			1,863,108		0.2
	22,709		Hyundai Motor Co.			2,410,796		0.3
	12,585		Hyundai Steel Co.			511,757		0.1
	4,679	(3)	Orange Life Insurance Ltd.			117,382		0.0
	64,390	(4)	KB Financial Group, Inc.			2,686,146		0.4
	7,366		LG Chem Ltd.			2,296,122		0.3
	14,773		LG Corp.			925,202		0.1
	36,968	(4)	LG Display Co., Ltd.			599,907		0.1
	16,977	(4)	LG Electronics, Inc.			951,955		0.1
	1,493		LG Household & Health Care Ltd.			1,475,556		0.2
	2,237		LG Innotek Co. Ltd.			173,685		0.0
	18,417		LG Uplus Corp.			291,066		0.0
	22,519		NAVER Corp.			2,467,990		0.3
	4,124	(3)	Netmarble Corp.			412,124		0.1
	12,743		POSCO			2,787,298		0.4
	2,636	(3)(4)	Samsung Biologics Co. Ltd.			916,893		0.1
	12,088		Samsung C&T Corp.			1,144,191		0.2
	4,618		Samsung Card Co.			142,669		0.0
	8,962		Samsung Electro-Mechanics Co. Ltd.			835,452		0.1
	765,434		Samsung Electronics Co., Ltd.			26,646,073		3.5
	68,987	(4)	Samsung Heavy Industries Co., Ltd.			459,188		0.1
	10,994		Samsung Life Insurance Co. Ltd.			804,477		0.1
	8,895	(4)	Samsung SDI Co., Ltd.			1,748,383		0.2
	5,579		Samsung SDS Co. Ltd.			1,021,009		0.1
	10,155		Samsung Securities Co. Ltd.			287,180		0.0
	69,100	(4)	Shinhan Financial Group Co., Ltd.			2,450,018		0.3
	5,001		SK Holdings Co. Ltd.			1,166,893		0.2
	92,943	(4)	SK Hynix, Inc.			5,066,929		0.7
	10,426		SK Innovation Co. Ltd.			1,673,523		0.2
	3,168		SK Telecom Co., Ltd.			764,374		0.1
	864,096	(1)	Other Securities			31,146,277		4.0
						100,525,225		13.0
			Taiwan: 11.3%
	414,827		China Life Insurance Co., Ltd.			376,422		0.1

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Taiwan (continued)
	2,119,170		HON HAI Precision Industry Co., Ltd.		$	4,877,136		0.6
	3,919,000		Taiwan Semiconductor Manufacturing Co., Ltd.			28,456,774		3.7
	44,987,016	(1)	Other Securities			53,091,773		6.9
						86,802,105		11.3
			Thailand: 2.4%
	17,112,541	(5)	Other Securities			18,442,591		2.4
			Turkey: 0.6%
	2,221,084	(1)	Other Securities			4,697,190		0.6
			United Arab Emirates: 0.7%
	3,173,861		Other Securities			5,688,973		0.7
			Total Common Stock (Cost $733,452,560)			734,385,182		95.2
PREFERRED STOCK: 3.8%
			Brazil: 2.9%
	539,821		Banco Bradesco SA			5,383,237		0.7
	772,325		Itau Unibanco Holding S.A.			7,074,124		0.9
	629,100		Petroleo Brasileiro SA			3,681,349		0.5
	1,292,606	(1)	Other Securities			5,893,241		0.8
						22,031,951		2.9
			Chile: 0.1%
	66,347		Other Securities			938,834		0.1
			Colombia: 0.0%
	593,786		Other Securities			361,322		0.0
			Russia: 0.1%
	1,102,895		Other Securities			799,078		0.1
			South Korea: 0.7%
	328		LG Household & Health Care Ltd.			193,124		0.1
	136,679		Samsung Electronics Co., Ltd.			3,905,420		0.5
	11,338	(1)	Other Securities			911,350		0.1
						5,009,894		0.7
			Total Preferred Stock (Cost $25,121,218)			29,141,079		3.8
RIGHTS: 0.0%
			Taiwan: 0.0%
	21,514	(1)	Other Securities			1,960		0.0
			Total Rights (Cost $—)			1,960		0.0
			Total Long-Term Investments (Cost $758,573,778)			763,528,221		99.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2018 (continued)

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.3%
		Securities Lending Collateral(7): 0.7%
	1,354,050	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $1,354,299, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 10.000%, Market Value plus accrued interest $1,381,131, due 01/25/19-10/20/68)		$	1,354,050		0.2
	1,354,050	Daiwa Capital Markets, Repurchase Agreement dated 12/31/18, 3.05%, due 01/02/19 (Repurchase Amount $1,354,276, collateralized by various U.S. Government Agency Obligations, 2.000%- 6.500%, Market Value plus accrued interest $1,381,131, due 01/25/19-02/01/49)			1,354,050		0.1
	283,769	Mizuho Securities USA LLC, Repurchase Agreement dated 12/31/18, 2.92%, due 01/02/19 (Repurchase Amount $283,814, collateralized by various U.S. Government Securities, 1.875%-2.625%, Market Value plus accrued interest $289,444, due 02/29/24-09/09/49)			283,769		0.0
	1,354,050	Nomura Securities, Repurchase Agreement dated 12/31/18, 3.00%, due 01/02/19 (Repurchase Amount $1,354,273, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 7.500%, Market Value plus accrued interest $1,381,131, due 01/03/19-11/20/68)			1,354,050		0.2

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateral(7) (continued)
	1,354,050	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $1,354,274, collateralized by various U.S. Government Agency Obligations, 3.000%- 7.000%, Market Value plus accrued interest $1,381,131, due 10/01/25-10/20/48)		$	1,354,050		0.2
					5,699,969		0.7

Shares				Value			Percentage of Net Assets
			Mutual Funds: 1.6%
	12,109,000	(8)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340% (Cost $12,109,000)			12,109,000		1.6
			Total Short-Term Investments (Cost $17,808,969)			17,808,969		2.3
			Total Investments in Securities (Cost $776,382,747)		$	781,337,190		101.3
			Liabilities in Excess of Other Assets			(10,112,569)		(1.3)
			Net Assets		$	771,224,621		100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

GDR

Global Depositary Receipt

(1)

The grouping contains non-income producing securities.

(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.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2018 (continued)

(4)

Non-income producing security.

(5)

The grouping contains securities on loan.

(6)

The grouping contains Level 3 securities.

(7)

Represents securities purchased with cash collateral received for securities on loan.

(8)

Rate shown is the 7-day yield as of December 31, 2018.

Sector Diversification	Percentage of Net Assets
Financials		24.3%
Communication Services		14.2
Information Technology		14.0
Consumer Discretionary		10.8

Sector Diversification	Percentage of Net Assets
Energy		7.9
Materials		7.6
Consumer Staples		7.1
Industrials		4.9
Real Estate		2.9
Utilities		2.7
Health Care		2.6
Short-Term Investments		2.3
Liabilities in Excess of Other Assets		(1.3)
Net Assets		100.0%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the assets and liabilities:(1)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Asset Table
Investments, at fair value
Common Stock
Brazil		$	35,175,247		$	—		$	—		$	35,175,247
Chile			7,373,615			—			—			7,373,615
China			53,147,780			178,998,051			70,423			232,216,254
Colombia			2,692,073			—			—			2,692,073
Czech Republic			—			1,305,787			—			1,305,787
Egypt			938,234			—			—			938,234
Greece			402,843			1,217,286			—			1,620,129
Hungary			—			2,518,974			—			2,518,974
India			1,026,734			70,841,054			—			71,867,788
Indonesia			—			17,721,930			—			17,721,930
Malaysia			544,396			17,944,587			—			18,488,983
Mexico			21,689,744			—			—			21,689,744
Pakistan			144,375			90,146			—			234,521
Peru			2,883,620			—			—			2,883,620
Philippines			157,745			8,228,722			—			8,386,467
Poland			—			9,623,200			—			9,623,200
Qatar			—			8,329,937			—			8,329,937
Romania			462,328			—			—			462,328
Russia			844,926			26,508,591			—			27,353,517
Singapore			—			232,431			—			232,431
South Africa			967,741			46,146,578			—			47,114,319
South Korea			545,357			99,979,868			—			100,525,225
Taiwan			—			86,802,105			—			86,802,105
Thailand			701,867			17,740,724			—			18,442,591
Turkey			—			4,697,190			—			4,697,190
United Arab Emirates			443,437			5,245,536			—			5,688,973
Total Common Stock			130,142,062			604,172,697			70,423			734,385,182
Preferred Stock			23,332,107			5,808,972			—			29,141,079
Rights			—			1,960			—			1,960
Short-Term Investments			12,109,000			5,699,969			—			17,808,969
Total Investments, at fair value		$	165,583,169		$	615,683,598		$	70,423		$	781,337,190

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2018 (continued)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Other Financial Instruments+
Forward Foreign Currency Contracts			—			20,167			—			20,167
Total Assets		$	165,583,169		$	615,703,765		$	70,423		$	781,357,357
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(6,977)		$	—		$	(6,977)
Futures			(17,887)			—			—			(17,887)
Total Liabilities		$	(17,887)		$	(6,977)		$	—		$	(24,864)

(1)

For the year ended December 31, 2018, as a result of the fair value pricing procedures for international equities utilized by the Portfolio (Note 2) certain securities have transferred in and out of Level 1 and Level 2 measurements during the year. The Portfolio’s policy is to recognize transfers between levels at the beginning of the reporting period. At December 31, 2018, securities valued at $94,078,077 and $2,026,957 were transferred from Level 1 to Level 2 and Level 2 and Level 1, respectively, within the fair value hierarchy. In addition, certain securities valued at $99,145 were transferred from Level 1 to Level 3 due to significant unobservable inputs.

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

At December 31, 2018, the following forward foreign currency contracts were outstanding for Voya Emerging Markets Index Portfolio:

Currency Purchased

Currency
Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

USD 1,221,100

MXN 24,000,000

BNP Paribas

01/04/19

(6,977)

USD 358,354

TRY 1,900,000

BNP Paribas

01/04/19

6,245

USD 192,383

EUR 168,000

Brown Brothers Harriman & Co.

01/04/19

1,780

USD 2,569,567

ZAR 37,000,000

Goldman Sachs International

01/08/19

5,355

USD 103,483

HUF 29,000,000

The Bank of New York Mellon

01/04/19

1,374

USD 639,855

PLN 2,400,000

The Bank of New York Mellon

01/04/19

5,413

13,190

At December 31, 2018, the following futures contracts were outstanding for Voya Emerging Markets Index Portfolio:

Description	Number of Contracts	Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
Mini MSCI Emerging Markets Index	182		03/15/19		$	8,797,880		$	(17,887)
					$	8,797,880		$	(17,887)

Currency Abbreviations

EUR – EU Euro

HUF – Hungarian Forint

MXN – Mexican Peso

PLN – Polish Zloty

TRY – Turkish Lira

USD – United States Dollar

ZAR – South African Rand

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2018 (continued)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of December 31, 2018 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		$	20,167
Total Asset Derivatives			$	20,167
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	6,977
Equity contracts	Net Assets — Unrealized appreciation*			17,887
Total Liabiity Derivatives			$	24,864

Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2018 was as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	92,473		$	—		$	92,473
Equity contracts			—			(5,672,662)			(5,672,662)
Total		$	92,473		$	(5,672,662)		$	(5,580,189)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	13,190		$	—		$	13,190
Equity contracts			—			(185,735)			(185,735)
Total		$	13,190		$	(185,735)		$	(172,545)

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2018:

	BNP Paribas			Brown Brothers Harriman & Co.			Goldman Sachs International			The Bank of New York Mellon			Totals
Assets:
Forward foreign currency contracts		$	6,245		$	1,780		$	5,355		$	6,787		$	20,167
Total Assets		$	6,245		$	1,780		$	5,355		$	6,787		$	20,167
Liabilities:
Forward foreign currency contracts		$	6,977		$	—		$	—		$	—		$	6,977
Total Liabilities		$	6,977		$	—		$	—		$	—		$	6,977
Net OTC derivative instruments by counterparty, at fair value		$	(732)		$	1,780		$	5,355		$	6,787		$	13,190
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	—		$	—		$	—		$	—
Net Exposure(1)		$	(732)		$	1,780		$	5,355		$	6,787		$	13,190

(1)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2018 (continued)

At December 31, 2018, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $810,069,759.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	78,323,944
Gross Unrealized Depreciation		(106,605,157)
Net Unrealized Depreciation	$	(28,281,213)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Euro STOXX 50® Index Portfolio

as of December 31, 2018

Shares				Value			Percentage of Net Assets
COMMON STOCK: 97.4%
			Belgium: 2.2%
	117,156		Anheuser-Busch InBev SA/NV		$	7,718,131		2.2
			Finland: 1.3%
	775,823		Nokia OYJ - Finland			4,503,751		1.3
			France: 35.8%
	58,966		Air Liquide SA			7,322,149		2.1
	286,556		AXA S.A.			6,184,431		1.8
	158,736		BNP Paribas			7,168,644		2.1
	88,649		Danone			6,248,219		1.8
	255,999		Engie SA			3,678,180		1.1
	39,471		EssilorLuxottica SA			5,003,267		1.5
	33,694		L’Oreal S.A.			7,710,016		2.2
	36,758		LVMH Moet Hennessy Louis Vuitton SE			10,761,868		3.1
	282,154		Orange SA			4,572,529		1.3
	10,278		Kering SA			4,814,924		1.4
	50,802		Safran S.A.			6,092,944		1.8
	156,068		Sanofi			13,538,899		3.9
	73,963		Schneider Electric SE			5,017,009		1.5
	111,222		Societe Generale			3,526,247		1.0
	369,368		Total SA			19,482,378		5.6
	19,037	(1)	Unibail-Rodamco-Westfield			2,945,875		0.9
	76,655		Vinci SA			6,303,501		1.8
	134,224		Vivendi SA			3,253,233		0.9
						123,624,313		35.8
			Germany: 26.3%
	23,209		Adidas AG			4,850,432		1.4
	58,433		Allianz SE			11,742,432		3.4
	126,442		BASF SE			8,807,157		2.5
	128,380		Bayer AG			8,928,681		2.6
	44,114		Bayerische Motoren Werke AG			3,577,875		1.0
	122,934		Daimler AG			6,480,462		1.9
	135,277		Deutsche Post AG			3,694,313		1.1
	446,451		Deutsche Telekom AG			7,588,214		2.2
	56,446		Fresenius SE & Co. KGaA			2,728,270		0.8
	20,586		Muenchener Rueckversicherungs- Gesellschaft AG			4,489,785		1.3
	148,912		SAP SE			14,779,483		4.3
	117,015		Siemens AG			13,059,075		3.8
						90,726,179		26.3
			Ireland: 0.9%
	116,105		CRH PLC			3,075,255		0.9
			Italy: 4.9%
	1,069,430		Enel S.p.A.			6,199,754		1.8
	349,709		ENI S.p.A.			5,524,431		1.6
	2,246,405		Intesa Sanpaolo SpA			5,001,901		1.5
						16,726,086		4.9
			Netherlands: 12.3%
	78,655		Airbus SE			7,498,962		2.2

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Netherlands (continued)
	59,397		ASML Holding NV		$	9,305,120		2.7
	535,743		ING Groep NV			5,762,778		1.6
	162,957		Koninklijke Ahold Delhaize NV			4,116,656		1.2
	130,842		Koninklijke Philips NV			4,587,259		1.3
	208,321		Unilever NV			11,285,233		3.3
						42,556,008		12.3
			Spain: 10.2%
	60,410		Amadeus IT Group SA			4,203,186		1.2
	917,933		Banco Bilbao Vizcaya Argentaria SA			4,875,898		1.4
	2,235,204		Banco Santander SA			10,150,063		3.0
	805,250		Iberdrola S.A.			6,466,072		1.9
	153,000		Industria de Diseno Textil SA			3,905,281		1.1
	642,010	(2)	Telefonica S.A.			5,404,060		1.6
						35,004,560		10.2
			United Kingdom: 3.5%
	75,861		Linde PLC			12,042,463		3.5
			Total Common Stock (Cost $346,532,822)			335,976,746		97.4
PREFERRED STOCK: 1.2%
			Germany: 1.2%
	25,202		Volkswagen AG			4,018,605		1.2
			Total Preferred Stock (Cost $3,451,167)			4,018,605		1.2
			Total Long-Term Investments (Cost $349,983,989)			339,995,351		98.6

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 0.2%

Securities Lending Collateral(3): 0.1%

288,435

Cantor Fitzgerald
Securities, Repurchase
Agreement dated
12/31/18, 3.35%, due
01/02/19 (Repurchase
Amount $288,488,
collateralized by various
U.S. Government and
U.S. Government
Agency Obligations,
0.000%-10.000%, Market
Value plus accrued
interest $294,204, due
01/25/19-10/20/68)
(Cost $288,435)

288,435

0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Euro STOXX 50® Index Portfolio

as of December 31, 2018 (continued)

Shares				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Mutual Funds: 0.1%
	290,000	(4)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340% (Cost $290,000)		$	290,000		0.1
			Total Short-Term Investments (Cost $578,435)			578,435		0.2
			Total Investments in Securities (Cost $350,562,424)		$	340,573,786		98.8
			Assets in Excess of Other Liabilities			4,291,117		1.2
			Net Assets		$	344,864,903		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 securities purchased with cash collateral received for securities on loan.

(4)

Rate shown is the 7-day yield as of December 31, 2018.

Sector Diversification	Percentage of Net Assets
Financials		17.1%
Consumer Discretionary		12.6
Industrials		12.2
Consumer Staples		10.7
Information Technology		9.5
Materials		9.0
Health Care		8.6
Energy		7.2
Communication Services		6.0
Utilities		4.8
Real Estate		0.9
Short-Term Investments		0.2
Assets in Excess of Other Liabilities		1.2
Net Assets		100.0%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Asset Table
Investments, at fair value
Common Stock
Belgium		$	—		$	7,718,131		$	—		$	7,718,131
Finland			—			4,503,751			—			4,503,751
France			—			123,624,313			—			123,624,313
Germany			—			90,726,179			—			90,726,179
Ireland			—			3,075,255			—			3,075,255
Italy			—			16,726,086			—			16,726,086
Netherlands			—			42,556,008			—			42,556,008
Spain			—			35,004,560			—			35,004,560
United Kingdom			12,042,463			—			—			12,042,463
Total Common Stock			12,042,463			323,934,283			—			335,976,746
Preferred Stock			—			4,018,605			—			4,018,605
Short-Term Investments			290,000			288,435			—			578,435
Total Investments, at fair value		$	12,332,463		$	328,241,323		$	—		$	340,573,786
Other Financial Instruments+
Forward Foreign Currency Contracts			—			33,308			—			33,308
Total Assets		$	12,332,463		$	328,274,631		$	—		$	340,607,094
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(9,393)		$	—		$	(9,393)
Futures			(29,845)			—			—			(29,845)
Total Liabilities		$	(29,845)		$	(9,393)		$	—		$	(39,238)

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Euro STOXX 50® Index Portfolio

as of December 31, 2018 (continued)

At December 31, 2018, the following forward foreign currency contracts were outstanding for Voya Euro STOXX 50® Index Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

EUR 1,800,000

USD 2,074,055

Citibank N.A.

03/20/19

1,612

USD 1,034,358

EUR 900,000

Morgan Stanley

03/20/19

(3,476)

USD 974,260

EUR 850,000

State Street Bank and Trust Co.

03/20/19

(5,917)

EUR 3,450,000

USD 3,946,665

State Street Bank and Trust Co.

03/20/19

31,696

23,915

At December 31, 2018, the following futures contracts were outstanding for Voya Euro STOXX 50® Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
EURO STOXX 50® Index		100		03/15/19		$	3,407,463		$	(29,845)
						$	3,407,463		$	(29,845)

Currency Abbreviations

EUR – EU Euro

USD – United States Dollar

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of December 31, 2018 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		$	33,308
Total Asset Derivatives			$	33,308
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	9,393
Equity contracts	Net Assets — Unrealized depreciation*			29,845
Total Liability Derivatives			$	39,238

Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

See Accompanying Notes to Financial Statements

100

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Euro STOXX 50® Index Portfolio

as of December 31, 2018 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2018 was as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	(765,836)		$	—		$	(765,836)
Equity contracts			—			(381,429)			(381,429)
Total		$	(765,836)		$	(381,429)		$	(1,147,265)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	(32,197)		$	—		$	(32,197)
Equity contracts			—			24,121			24,121
Total		$	(32,197)		$	24,121		$	(8,076)

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2018:

	Citibank N.A.			Morgan Stanley			State Street Bank and Trust Co.			Totals
Assets:
Forward foreign currency contracts		$	1,612		$	—		$	31,696		$	33,308
Total Assets		$	1,612		$	—		$	31,696		$	33,308
Liabilities:
Forward foreign currency contracts		$	—		$	3,476		$	5,917		$	9,393
Total Liabilities		$	—		$	3,476		$	5,917		$	9,393
Net OTC derivative instruments by counterparty, at fair value		$	1,612		$	(3,476)		$	25,779		$	23,915
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	—		$	—		$	—
Net Exposure(1)		$	1,612		$	(3,476)		$	25,779		$	23,915

(1)

At December 31, 2018, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $362,143,269.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	26,722,167
Gross Unrealized Depreciation		(45,180,623)
Net Unrealized Depreciation	$	(18,458,456)

See Accompanying Notes to Financial Statements

101

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya FTSE 100 Index® Portfolio

as of December 31, 2018

Shares				Value			Percentage of Net Assets
COMMON STOCK: 96.1%
			Australia: 2.0%
	199,064		BHP Group PLC		$	4,206,424		2.0
			Bermuda: 0.3%
	26,591		Other Securities			549,596		0.3
			Germany: 0.3%
	41,649		Other Securities			598,610		0.3
			Ireland: 0.9%
	39,670		Other Securities			1,936,484		0.9
			Mexico: 0.1%
	17,648		Other Securities			193,919		0.1
			Netherlands: 10.9%
	434,605		Royal Dutch Shell PLC - Class A			12,791,659		5.9
	358,851		Royal Dutch Shell PLC - Class B			10,728,746		5.0
						23,520,405		10.9
			Switzerland: 2.8%
	22,203		Ferguson PLC			1,418,732		0.6
	1,092,616		Glencore PLC			4,062,419		1.9
	18,857		Other Securities			590,181		0.3
						6,071,332		2.8
			United Arab Emirates: 0.1%
	8,237		Other Securities			287,482		0.1
			United Kingdom: 78.7%
	91,159		3i Group PLC			899,486		0.4
	94,506		Anglo American PLC			2,113,218		1.0
	45,826		Ashtead Group PLC			955,902		0.4
	33,281		Associated British Foods PLC			867,421		0.4
	121,339		AstraZeneca PLC			9,057,468		4.2
	88,522	(1)	Auto Trader Group PLC			513,728		0.2
	375,185		Aviva PLC			1,795,636		0.8
	305,554		BAE Systems PLC			1,787,142		0.8
	1,632,677		Barclays PLC			3,123,752		1.5
	1,869,969		BP PLC			11,821,359		5.5
	218,508		British American Tobacco PLC			6,952,711		3.2
	798,580		BT Group PLC			2,428,159		1.1
	32,142		Bunzl PLC			970,651		0.5
	39,049		Burberry Group PLC			857,477		0.4
	536,842		Centrica PLC			926,038		0.4
	151,447		Compass Group PLC			3,187,177		1.5
	78,496		CRH PLC - London			2,077,938		1.0
	231,216		Diageo PLC			8,262,366		3.8
	87,607		Experian PLC			2,123,762		1.0
	466,555		GlaxoSmithKline PLC			8,891,615		4.1
	1,923,976		HSBC Holdings PLC			15,872,294		7.4
	90,910		Imperial Brands PLC			2,759,276		1.3

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			United Kingdom (continued)
	119,209		Informa PLC		$	956,858		0.4
	18,240		InterContinental Hotels Group PLC			986,653		0.5
	151,771		International Consolidated Airlines Group SA			1,197,098		0.6
	15,447		Intertek Group PLC			945,401		0.4
	566,551		Legal & General Group PLC			1,669,268		0.8
	6,800,114		Lloyds Banking Group Plc			4,482,506		2.1
	29,850		London Stock Exchange Group PLC			1,548,635		0.7
	460,594		Melrose Industries PLC			962,229		0.5
	325,172		National Grid PLC			3,181,263		1.5
	74,551		Pearson PLC			893,113		0.4
	248,075		Prudential PLC			4,429,741		2.1
	59,923		Reckitt Benckiser Group PLC			4,588,683		2.1
	183,035		Relx PLC (GBP Exchange)			3,774,255		1.8
	108,105		Rio Tinto PLC			5,177,409		2.4
	161,078		Rolls-Royce Holdings PLC			1,696,958		0.8
	432,521		Royal Bank of Scotland Group PLC			1,199,838		0.6
	98,308		SSE PLC			1,357,592		0.6
	83,768		Smith & Nephew PLC			1,568,025		0.7
	258,884		Standard Chartered PLC			2,011,960		0.9
	925,160		Tesco PLC			2,243,663		1.0
	104,618		Unilever PLC			5,492,738		2.6
	2,555,694		Vodafone Group PLC			4,969,010		2.3
	17,556		Whitbread PLC			1,025,215		0.5
	117,335		WPP PLC			1,276,956		0.6
	3,434,319	(2)	Other Securities			23,366,653		10.9
						169,246,296		78.7
			Total Common Stock (Cost $225,721,356)			206,610,548		96.1
PREFERRED STOCK: 0.0%
			United Kingdom: 0.0%
	7,268,506	(2)	Other Securities			9,265		0.0
			Total Preferred Stock (Cost $9,315)			9,265		0.0
CLOSED-END FUNDS: 0.4%
			United Kingdom: 0.4%
	137,991		Scottish Mortgage Investment Trust PLC			820,991		0.4
			Total Closed-End Funds (Cost $653,006)			820,991		0.4
			Total Long-Term Investments (Cost $226,383,677)			207,440,804		96.5

See Accompanying Notes to Financial Statements

102

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya FTSE 100 Index® Portfolio

as of December 31, 2018 (continued)

Shares				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.5%
			Mutual Funds: 0.5%
	1,126,000	(3)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340% (Cost $1,126,000)		$	1,126,000		0.5
			Total Short-Term Investments (Cost $1,126,000)			1,126,000		0.5
			Total Investments in Securities (Cost $227,509,677)		$	208,566,804		97.0
			Assets in Excess of Other Liabilities			6,527,880		3.0
			Net Assets		$	215,094,684		100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

(1)

Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

(2)

The grouping contains non-income producing securities.

(3)

Rate shown is the 7-day yield as of December 31, 2018.

Sector Diversification	Percentage of Net Assets
Financials		19.5%
Energy		16.6
Consumer Staples		15.2
Materials		10.1
Health Care		9.2
Industrials		8.9
Consumer Discretionary		6.2
Communication Services		5.5
Utilities		3.0
Information Technology		1.0
Real Estate		0.9
Closed-End Funds		0.4
Short-Term Investments		0.5
Assets in Excess of Other Liabilities		3.0
Net Assets		100.0%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the assets and liabilities:(1)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Asset Table
Investments, at fair value
Common Stock
Australia		$	—		$	4,206,424		$	—		$	4,206,424
Bermuda			—			549,596			—			549,596
Germany			—			598,610			—			598,610
Ireland			—			1,936,484			—			1,936,484
Mexico			—			193,919			—			193,919
Netherlands			—			23,520,405			—			23,520,405
Switzerland			—			6,071,332			—			6,071,332
United Arab Emirates			—			287,482			—			287,482
United Kingdom			—			169,246,296			—			169,246,296
Total Common Stock			—			206,610,548			—			206,610,548
Preferred Stock			—			9,265			—			9,265
Closed-End Funds			—			820,991			—			820,991
Short-Term Investments			1,126,000			—			—			1,126,000
Total Investments, at fair value		$	1,126,000		$	207,440,804		$	—		$	208,566,804

See Accompanying Notes to Financial Statements

103

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya FTSE 100 Index® Portfolio

as of December 31, 2018 (continued)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Other Financial Instruments+
Forward Foreign Currency Contracts			—			43,440			—			43,440
Total Assets		$	1,126,000		$	207,484,244		$	—		$	208,610,244
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(6,156)		$	—		$	(6,156)
Futures			(6,877)			—			—			(6,877)
Total Liabilities		$	(6,877)		$	(6,156)		$	—		$	(13,033)

(1)

For the year ended December 31, 2018, as a result of the fair value pricing procedures for international equities utilized by the Portfolio (Note 2) certain securities have transferred in and out of Level 1 and Level 2 measurements during the year. The Portfolio’s policy is to recognize transfers between levels at the beginning of the reporting period. At December 31, 2018, securities valued at $17,536,576 were transferred from Level 1 to Level 2 within the fair value hierarchy.

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

At December 31, 2018, the following forward foreign currency contracts were outstanding for Voya FTSE 100 Index® Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

GBP 800,000

USD 1,024,092

Citibank N.A.

03/20/19

(611)

GBP 3,300,000

USD 4,205,069

Citibank N.A.

03/20/19

16,790

USD 730,082

GBP 575,000

Societe Generale

03/20/19

(5,545)

GBP 2,375,000

USD 3,011,809

The Bank of New York Mellon

03/20/19

26,650

37,284

At December 31, 2018, the following futures contracts were outstanding for Voya FTSE 100 Index® Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
FTSE 100 Index		103		03/15/19		$	8,742,187		$	(6,877)
						$	8,742,187		$	(6,877)

Currency Abbreviations

GBP – British Pound

USD – United States Dollar

See Accompanying Notes to Financial Statements

104

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya FTSE 100 Index® Portfolio

as of December 31, 2018 (continued)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of December 31, 2018 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		$	43,440
Total Asset Derivatives			$	43,440
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	6,156
Equity contracts	Net Assets — Unrealized depreciation*			6,877
Total Liability Derivatives			$	13,033

Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2018 was as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	(336,095)		$	—		$	(336,095)
Equity contracts			—			149,511			149,511
Total		$	(336,095)		$	149,511		$	(186,584)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	24,182		$	—		$	24,182
Equity contracts			—			(42,200)			(42,200)
Total		$	24,182		$	(42,200)		$	(18,018)

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2018:

	Citibank N.A.			Societe Generale			The Bank of New York Mellon			Totals
Assets:
Forward foreign currency contracts		$	16,790		$	—		$	26,650		$	43,440
Total Assets		$	16,790		$	—		$	26,650		$	43,440
Liabilities:
Forward foreign currency contracts		$	611		$	5,545		$	—		$	6,156
Total Liabilities		$	611		$	5,545		$	—		$	6,156
Net OTC derivative instruments by counterparty, at fair value		$	16,179		$	(5,545)		$	26,650		$	37,284
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	—		$	—		$	—
Net Exposure(1)		$	16,179		$	(5,545)		$	26,650		$	37,284

(1)

See Accompanying Notes to Financial Statements

105

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya FTSE 100 Index® Portfolio

as of December 31, 2018 (continued)

At December 31, 2018, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $239,927,032.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	16,554,667
Gross Unrealized Depreciation		(43,530,379)
Net Unrealized Depreciation	$	(26,975,712)

See Accompanying Notes to Financial Statements

106

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Hang Seng Index Portfolio

as of December 31, 2018

Shares				Value			Percentage of Net Assets
COMMON STOCK: 98.0%
			China: 54.9%
	28,000		AAC Technologies Holdings, Inc.		$	161,580		0.4
	3,056,746		Bank of China Ltd. - H Shares			1,317,771		3.1
	336,451		Bank of Communications Co., Ltd. - H Shares			262,712		0.6
	142,629		BOC Hong Kong Holdings Ltd.			529,400		1.2
	4,163,107		China Construction Bank - H Shares			3,408,974		8.0
	285,911		China Life Insurance Co., Ltd. - H Shares			604,629		1.4
	106,000		China Mengniu Dairy Co., Ltd.			329,821		0.8
	236,601		China Mobile Ltd.			2,289,492		5.4
	146,991		China Overseas Land & Investment Ltd.			506,797		1.2
	982,438		China Petroleum & Chemical Corp. - H Shares			700,292		1.6
	106,444		China Resources Land Ltd.			409,455		1.0
	73,654		China Resources Power Holdings Co.			141,669		0.3
	130,841		China Shenhua Energy Co., Ltd. - H Shares			285,357		0.7
	235,110		China Unicom Hong Kong Ltd.			250,488		0.6
	223,811		CITIC Ltd.			351,200		0.8
	687,714		CNOOC Ltd.			1,059,302		2.5
	292,000		Country Garden Holdings Co. Ltd.			354,577		0.8
	180,000		CSPC Pharmaceutical Group Ltd.			258,385		0.6
	207,000		Geely Automobile Holdings Ltd.			365,062		0.9
	28,000	(1)	Hengan International Group Co., Ltd.			203,290		0.5
	2,839,340		Industrial & Commercial Bank of China - H Shares			2,019,509		4.7
	812,604		PetroChina Co., Ltd. - H Shares			504,218		1.2
	214,932		Ping An Insurance Group Co. of China Ltd. - H Shares			1,896,133		4.5
	29,000		Shenzhou International Group Holdings Ltd.			329,610		0.8

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			China (continued)
	267,000		Sino Biopharmaceutical Ltd.		$	175,763		0.4
	27,400		Sunny Optical Technology Group Co. Ltd.			243,697		0.6
	104,875		Tencent Holdings Ltd.			4,203,427		9.9
	216,000		Want Want China Holdings Ltd.			151,128		0.4
						23,313,738		54.9
			Hong Kong: 32.3%
	464,800		AIA Group Ltd.			3,861,007		9.1
	99,536		CK Asset Holdings Ltd.			728,263		1.7
	103,832		CK Hutchison Holdings Ltd.			996,601		2.3
	25,330		CK Infrastructure Holdings Ltd.			191,690		0.4
	72,931		CLP Holdings Ltd.			824,186		1.9
	91,000		Galaxy Entertainment Group Ltd.			574,815		1.4
	77,706		Hang Lung Properties Ltd.			147,698		0.3
	29,443		Hang Seng Bank Ltd.			659,560		1.6
	51,117		Henderson Land Development Co., Ltd.			254,413		0.6
	355,494		Hong Kong & China Gas			734,468		1.7
	45,741		Hong Kong Exchanges and Clearing Ltd.			1,322,307		3.1
	53,322		Power Assets Holdings Ltd.			370,449		0.9
	81,500		Link REIT			826,225		1.9
	70,643		MTR Corp.			371,782		0.9
	236,100		New World Development Ltd.			311,834		0.7
	115,265		Sino Land Co.			197,481		0.5
	44,555		Sun Hung Kai Properties Ltd.			635,872		1.5
	19,091		Swire Pacific Ltd.			201,563		0.5
	339,000	(2)	WH Group Ltd.			260,368		0.6
	46,637		Wharf Real Estate Investment Co. Ltd.			278,932		0.7
						13,749,514		32.3
			Macau: 1.0%
	93,200		Sands China Ltd.			406,446		1.0
			United Kingdom: 9.8%
	506,028		HSBC Holdings PLC (HKD)			4,175,437		9.8
			Total Common Stock (Cost $28,073,125)			41,645,135		98.0

See Accompanying Notes to Financial Statements

107

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Hang Seng Index Portfolio

as of December 31, 2018 (continued)

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.8%
		Securities Lending Collateral(3): 0.5%
	219,875	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $219,915, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $224,273, due 01/25/19-10/20/68) (Cost $219,875)		$	219,875		0.5

Shares				Value		Percentage of Net Assets
			Mutual Funds: 1.3%
	538,000	(4)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340% (Cost $538,000)		538,000		1.3
			Total Short-Term Investments (Cost $757,875)		757,875		1.8

Shares		Value			Percentage of Net Assets
	Total Investments in Securities (Cost $28,831,000)		$	42,403,010		99.8
	Assets in Excess of Other Liabilities			99,549		0.2
	Net Assets		$	42,502,559		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Security, or a portion of the security, is on loan.

(2)

Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

(3)

Represents securities purchased with cash collateral received for securities on loan.

(4)

Rate shown is the 7-day yield as of December 31, 2018.

Sector Diversification	Percentage of Net Assets
Financials		47.1%
Communication Services		15.9
Real Estate		11.4
Energy		6.0
Utilities		5.2
Consumer Discretionary		4.1
Industrials		4.0
Consumer Staples		2.3
Information Technology		1.0
Health Care		1.0
Short-Term Investments		1.8
Assets in Excess of Other Liabilities		0.2
Net Assets		100.0%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the assets and liabilities:(1)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Asset Table
Investments, at fair value
Common Stock
China		$	—		$	23,313,738		$	—		$	23,313,738
Hong Kong			—			13,749,514			—			13,749,514
Macau			—			406,446			—			406,446
United Kingdom			—			4,175,437			—			4,175,437
Total Common Stock			—			41,645,135			—			41,645,135
Short-Term Investments			538,000			219,875			—			757,875
Total Investments, at fair value		$	538,000		$	41,865,010		$	—		$	42,403,010
Other Financial Instruments+
Futures			8,152			—			—			8,152
Total Assets		$	546,152		$	41,865,010		$	—		$	42,411,162

See Accompanying Notes to Financial Statements

108

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Hang Seng Index Portfolio

as of December 31, 2018 (continued)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(1,223)		$	—		$	(1,223)
Total Liabilities		$	—		$	(1,223)		$	—		$	(1,223)

(1)

For the year ended December 31, 2018, as a result of the fair value pricing procedures for international equities utilized by the Portfolio (Note 2) certain securities have transferred in and out of Level 1 and Level 2 measurements during the year. The Portfolio’s policy is to recognize transfers between levels at the beginning of the reporting period. At December 31, 2018, securities valued at $2,317,027 were transferred from Level 1 to Level 2 within the fair value hierarchy.

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

At December 31, 2018, the following forward foreign currency contracts were outstanding for Voya Hang Seng Index Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

HKD 6,500,000

USD 833,166

State Street Bank and Trust Co.

03/20/19

(1,190)

USD 255,960

HKD 2,000,000

UBS AG

03/20/19

(33)

(1,223)

At December 31, 2018, the following futures contracts were outstanding for Voya Hang Seng Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
Hang Seng Index		4		01/30/19		$	660,341		$	8,152
						$	660,341		$	8,152

Currency Abbreviations

HKD – Hong Kong Sar Dollar

USD – United States Dollar

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of December 31, 2018 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Net Assets — Unrealized appreciation*		$	8,152
Total Asset Derivatives			$	8,152
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	1,223
Total Liability Derivatives			$	1,223

Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

See Accompanying Notes to Financial Statements

109

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Hang Seng Index Portfolio

as of December 31, 2018 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2018 was as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	(5,705)		$	—		$	(5,705)
Equity contracts			—			(78,066)			(78,066)
Total		$	(5,705)		$	(78,066)		$	(83,771)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	(639)		$	—		$	(639)
Equity contracts			—			(4,045)			(4,045)
Total		$	(639)		$	(4,045)		$	(4,684)

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2018:

	State Street Bank and Trust Co.			UBS AG			Totals
Liabilities:
Forward foreign currency contracts		$	1,190		$	33		$	1,223
Total Liabilities		$	1,190		$	33		$	1,223
Net OTC derivative instruments by counterparty, at fair value		$	(1,190)		$	(33)		$	(1,223)
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	—		$	—
Net Exposure(1)		$	(1,190)		$	(33)		$	(1,223)

(1)

At December 31, 2018, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $29,982,736.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	14,459,430
Gross Unrealized Depreciation		(1,973,030)
Net Unrealized Appreciation	$	12,486,400

See Accompanying Notes to Financial Statements

110

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of December 31, 2018

Shares				Value			Percentage of Net Assets
COMMON STOCK: 94.4%
			Australia: 6.9%
	348,870		Australia & New Zealand Banking Group Ltd.		$	6,028,009		0.4
	357,763		BHP Billiton Ltd.			8,647,505		0.5
	213,375		Commonwealth Bank of Australia			10,883,756		0.7
	54,950		CSL Ltd.			7,177,449		0.4
	45,115		Rio Tinto Ltd.			2,496,933		0.2
	416,261		Westpac Banking Corp.			7,355,283		0.5
	11,066,120	(1)(2)(3)	Other Securities			67,342,153		4.2
						109,931,088		6.9
			Austria: 0.2%
	103,186	(1)	Other Securities			3,619,857		0.2
			Belgium: 0.9%
	92,657		Anheuser-Busch InBev SA/NV			6,104,159		0.4
	145,327		Other Securities			8,347,883		0.5
						14,452,042		0.9
			China: 0.2%
	540,377	(2)	Other Securities			2,503,804		0.2
			Denmark: 1.7%
	221,227		Novo Nordisk A/S			10,160,311		0.7
	22,754	(4)	Orsted A/S			1,522,647		0.1
	277,825	(2)	Other Securities			14,954,419		0.9
						26,637,377		1.7
			Finland: 1.2%
	1,462,952	(2)	Other Securities			19,062,524		1.2
			France: 9.8%
	52,336		Air Liquide SA			6,498,864		0.4
	7,381	(4)	Amundi SA			390,241		0.0
	136,479		BNP Paribas			6,163,500		0.4
	30,821		L’Oreal S.A.			7,052,603		0.4
	33,717		LVMH Moet Hennessy Louis Vuitton SE			9,871,536		0.6
	136,053		Sanofi			11,802,598		0.7
	289,448		Total SA			15,266,984		1.0
	2,634,647	(1)(2)	Other Securities			100,567,083		6.3
						157,613,409		9.8
			Germany: 7.8%
	52,359		Allianz SE			10,521,828		0.7
	111,938		BASF SE			7,796,899		0.5
	112,956		Bayer AG			7,855,960		0.5
	23,366	(4)	Covestro AG			1,157,190		0.1
	110,333		Daimler AG			5,816,201		0.4
	11,115	(4)(5)	Delivery Hero SE			414,968		0.0
	405,899		Deutsche Telekom AG			6,898,962		0.4

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Germany (continued)
	17,344	(4)	Innogy SE		$	809,894		0.1
	119,138		SAP SE			11,824,420		0.7
	92,789		Siemens AG			10,355,412		0.6
	18,570	(4)(5)	Siemens Healthineers AG			775,979		0.0
	13,319	(4)(5)(6)	Zalando SE			344,143		0.0
	1,871,835	(1)(2)	Other Securities			60,606,988		3.8
						125,178,844		7.8
			Hong Kong: 3.4%
	1,468,299		AIA Group Ltd.			12,196,887		0.8
	1,085,500	(4)	WH Group Ltd.			833,715		0.0
	8,119,648		Other Securities			41,593,372		2.6
						54,623,974		3.4
			Ireland: 0.5%
	401,882	(2)	Other Securities			8,101,972		0.5
			Israel: 0.5%
	811,470	(2)	Other Securities			8,192,878		0.5
			Italy: 1.9%
	977,892		Enel S.p.A.			5,669,086		0.4
	49,777	(4)(5)	Pirelli & C SpA			319,876		0.0
	63,471	(4)	Poste Italiane SpA			508,956		0.0
	5,387,835	(2)	Other Securities			23,507,186		1.5
						30,005,104		1.9
			Japan: 23.0%
	11,844		Keyence Corp.			5,986,501		0.4
	157,048		Mitsubishi Chemical Holdings Corp.			1,186,492		0.1
	164,493		Mitsubishi Corp.			4,509,832		0.3
	220,761		Mitsubishi Electric Corp.			2,434,463		0.2
	143,827		Mitsubishi Estate Co., Ltd.			2,262,904		0.1
	19,439		Mitsubishi Gas Chemical Co., Inc.			291,188		0.0
	36,919		Mitsubishi Heavy Industries Ltd.			1,324,741		0.1
	13,151		Mitsubishi Materials Corp.			346,538		0.0
	81,115		Mitsubishi Motors Corp.			441,728		0.0
	31,213		Mitsubishi Tanabe Pharma Corp.			450,578		0.0
	1,428,106		Mitsubishi UFJ Financial Group, Inc.			7,008,652		0.4
	48,976		Mitsubishi UFJ Lease & Finance Co., Ltd.			234,743		0.0
	100,146		SoftBank Group Corp.			6,559,482		0.4
	153,970		Sony Corp.			7,422,835		0.5

See Accompanying Notes to Financial Statements

111

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Voya International Index Portfolio

as of December 31, 2018 (continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Japan (continued)
	161,451		Sumitomo Mitsui Financial Group, Inc.		$	5,322,243		0.3
	40,485		Sumitomo Mitsui Trust Holdings, Inc.			1,474,341		0.1
	18,105		Toyota Industries Corp.			833,733		0.1
	276,658		Toyota Motor Corp.			16,014,789		1.0
	26,254		Toyota Tsusho Corp.			771,407		0.0
	16,721,720	(1)(2)	Other Securities			303,586,982		19.0
						368,464,172		23.0
			Luxembourg: 0.1%
	106,352		Other Securities			1,722,914		0.1
			Macau: 0.1%
	834,914		Other Securities			2,112,202		0.1
			Mexico: 0.0%
	26,064		Other Securities			286,395		0.0
			Netherlands: 5.7%
	52,027	(4)	ABN AMRO Group NV			1,224,293		0.1
	70,730		Airbus SE			6,743,393		0.4
	49,886		ASML Holding NV			7,815,129		0.5
	557,065		Royal Dutch Shell PLC - Class A			16,396,005		1.0
	453,745		Royal Dutch Shell PLC - Class B			13,565,839		0.9
	187,694		Unilever NV			10,167,820		0.6
	1,735,866	(2)	Other Securities			34,934,685		2.2
						90,847,164		5.7
			New Zealand: 0.2%
	809,342	(2)	Other Securities			3,506,487		0.2
			Norway: 0.7%
	734,984		Other Securities			11,127,130		0.7
			Portugal: 0.2%
	407,696		Other Securities			2,448,527		0.2
			Singapore: 1.3%
	6,706,884		Other Securities			20,739,499		1.3
			Spain: 2.9%
	8,275	(4)	Aena SME SA			1,285,702		0.1
	1,978,693		Banco Santander SA			8,985,246		0.5
	722,333		Iberdrola S.A.			5,800,257		0.4
	29,106	(5)	Siemens Gamesa Renewable Energy SA			354,379		0.0
	3,501,235	(1)	Other Securities			29,988,194		1.9
						46,413,778		2.9

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Sweden: 2.4%
	2,635,157	(1)(2)	Other Securities		$	38,153,872		2.4
			Switzerland: 8.8%
	372,404		Nestle SA			30,225,346		1.9
	263,574		Novartis AG			22,573,602		1.4
	85,066		Roche Holding AG			21,118,389		1.3
	468,322		UBS Group AG			5,841,494		0.4
	2,416,513	(1)	Other Securities			60,928,568		3.8
						140,687,399		8.8
			United Arab Emirates: 0.0%
	12,646		Other Securities			441,361		0.0
			United Kingdom: 14.0%
	153,604		AstraZeneca PLC			11,465,920		0.7
	114,264	(4)	Auto Trader Group PLC			663,119		0.0
	2,421,297		BP PLC			15,306,683		1.0
	278,028		British American Tobacco PLC			8,846,580		0.6
	166,367	(4)	ConvaTec Group PLC			294,686		0.0
	299,695		Diageo PLC			10,709,422		0.7
	601,182		GlaxoSmithKline PLC			11,457,339		0.7
	2,418,478		HSBC Holdings PLC			19,951,805		1.2
	8,651,393		Lloyds Banking Group Plc			5,702,833		0.4
	87,207	(4)	Merlin Entertainments PLC			353,238		0.0
	315,631		Prudential PLC			5,636,052		0.4
	81,408		Reckitt Benckiser Group PLC			6,233,925		0.4
	142,212		Rio Tinto PLC			6,810,876		0.4
	111,038		Shire PLC			6,461,034		0.4
	137,646		Unilever PLC			7,226,801		0.4
	3,251,415		Vodafone Group PLC			6,321,693		0.4
	15,257,137	(2)	Other Securities			101,203,873		6.3
						224,645,879		14.0
			Total Common Stock (Cost $1,488,450,444)			1,511,519,652		94.4
PREFERRED STOCK: 0.5%
			Germany: 0.5%
	82,661		Other Securities			8,402,846		0.5
			United Kingdom: 0.0%
	9,200,230	(2)	Other Securities			11,727		0.0
			Total Preferred Stock (Cost $9,192,773)			8,414,573		0.5

See Accompanying Notes to Financial Statements

112

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of December 31, 2018 (continued)

Shares				Value			Percentage of Net Assets
RIGHTS:0.0%
			Spain: 0.0%
	165,850	(2)	Other Securities		$	76,009		0.0
			Total Rights (Cost $77,810)			76,009		0.0
			Total Long-Term Investments (Cost $1,497,721,027)			1,520,010,234		94.9

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.8%
		Securities Lending Collateral(7): 0.7%
	2,740,693	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $2,741,196, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $2,795,507, due 01/25/19-10/20/68)		2,740,693		0.2
	2,740,693	Daiwa Capital Markets, Repurchase Agreement dated 12/31/18, 3.05%, due 01/02/19 (Repurchase Amount $2,741,151, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $2,795,507, due 01/25/19-02/01/49)		2,740,693		0.2
	573,030	Mizuho Securities USA LLC, Repurchase Agreement dated 12/31/18, 2.92%, due 01/02/19 (Repurchase Amount $573,122, collateralized by various U.S. Government Securities, 1.875%-2.625%, Market Value plus accrued interest $584,491, due 02/29/24-09/09/49)		573,030		0.0

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateral(7) (continued)
	2,740,693	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $2,741,147, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $2,795,507, due 10/01/25-10/20/48)		$	2,740,693		0.1
	2,740,693	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/18, 3.37%, due 01/02/19 (Repurchase Amount $2,741,199, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,795,550, due 07/15/20-02/15/47)			2,740,693		0.2
					11,535,802		0.7

Shares				Value			Percentage of Net Assets
			Mutual Funds: 4.1%
	65,483,000	(8)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340% (Cost $65,483,000)			65,483,000		4.1
			Total Short-Term Investments (Cost $77,018,802)			77,018,802		4.8
			Total Investments in Securities (Cost $1,574,739,829)		$	1,597,029,036		99.7
			Assets in Excess of Other Liabilities			5,122,195		0.3
			Net Assets		$	1,602,151,231		100.0

See Accompanying Notes to Financial Statements

113

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of December 31, 2018 (continued)

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

The grouping contains securities on loan.

(2)

The grouping contains non-income producing securities.

(3)

The grouping contains Level 3 securities.

(4)

Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

(5)

Non-income producing security.

(6)

Security, or a portion of the security, is on loan.

(7)

Represents securities purchased with cash collateral received for securities on loan.

(8)

Rate shown is the 7-day yield as of December 31, 2018.

Sector Diversification	Percentage of Net Assets
Financials		18.5%
Industrials		13.5
Consumer Staples		11.0
Health Care		10.8
Consumer Discretionary		10.6
Materials		7.0
Information Technology		5.6
Energy		5.5
Communication Services		5.3
Utilities		3.6
Real Estate		3.5
Short-Term Investments		4.8
Assets in Excess of Other Liabilities		0.3
Net Assets		100.0%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the assets and liabilities:(1)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Asset Table
Investments, at fair value
Common Stock
Australia		$	1,131,853		$	108,799,235		$	—		$	109,931,088
Austria			2,412,082			1,207,775			—			3,619,857
Belgium			—			14,452,042			—			14,452,042
China			555,430			1,948,374			—			2,503,804
Denmark			—			26,637,377			—			26,637,377
Finland			—			19,062,524			—			19,062,524
France			1,348,226			156,265,183			—			157,613,409
Germany			491,682			124,687,162			—			125,178,844
Hong Kong			887,291			53,736,683			—			54,623,974
Ireland			2,080,303			6,021,669			—			8,101,972
Israel			3,857,602			4,335,276			—			8,192,878
Italy			—			30,005,104			—			30,005,104
Japan			—			368,464,172			—			368,464,172
Luxembourg			—			1,722,914			—			1,722,914
Macau			—			2,112,202			—			2,112,202
Mexico			—			286,395			—			286,395
Netherlands			3,692,477			87,154,687			—			90,847,164
New Zealand			340,909			3,165,578			—			3,506,487
Norway			—			11,127,130			—			11,127,130
Portugal			—			2,448,527			—			2,448,527
Singapore			—			20,739,499			—			20,739,499
Spain			—			46,413,778			—			46,413,778
Sweden			—			38,153,872			—			38,153,872
Switzerland			894,903			139,792,496			—			140,687,399
United Arab Emirates			—			441,361			—			441,361
United Kingdom			109,536			224,536,343			—			224,645,879
Total Common Stock			17,802,294			1,493,717,358			—			1,511,519,652

See Accompanying Notes to Financial Statements

114

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of December 31, 2018 (continued)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Preferred Stock			—			8,414,573			—			8,414,573
Rights			76,009			—			—			76,009
Short-Term Investments			65,483,000			11,535,802			—			77,018,802
Total Investments, at fair value		$	83,361,303		$	1,513,667,733		$	—		$	1,597,029,036
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(421)		$	—		$	(421)
Futures			(1,755,495)			—			—			(1,755,495)
Total Liabilities		$	(1,755,495)		$	(421)		$	—		$	(1,755,916)

(1)

For the year ended December 31, 2018, as a result of the fair value pricing procedures for international equities utilized by the Portfolio (Note 2) certain securities have transferred in and out of Level 1 and Level 2 measurements during the year. The Portfolio’s policy is to recognize transfers between levels at the beginning of the reporting period. At December 31, 2018, securities valued at $51,098,164 and $5,127,699 were transferred from Level 1 to Level 2 and Level 2 and Level 1, respectively, within the fair value hierarchy.

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

At December 31, 2018, the following forward foreign currency contracts were outstanding for Voya International Index Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD 26,200

NOK 230,000

The Bank of New York Mellon

01/02/19

(401)

USD 26,068

DKK 170,000

The Bank of New York Mellon

01/02/19

(20)

(421)

At December 31, 2018, the following futures contracts were outstanding for Voya International Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
MSCI EAFE Mini Index		846		03/15/19		$	72,586,800		$	(1,755,495)
						$	72,586,800		$	(1,755,495)

Currency Abbreviations

DKK – Danish Krone

USD – United States Dollar

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of December 31, 2018 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	421
Equity contracts	Net Assets — Unrealized depreciation*			1,755,495
Total Liability Derivatives			$	1,755,916

Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

See Accompanying Notes to Financial Statements

115

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of December 31, 2018 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2018 was as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	69,611		$	—		$	69,611
Equity contracts			—			(9,378,233)			(9,378,233)
Total		$	69,611		$	(9,378,233)		$	(9,308,622)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	(421)		$	—		$	(421)
Equity contracts			—			(2,165,882)			(2,165,882)
Total		$	(421)		$	(2,165,882)		$	(2,166,303)

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2018:

	The Bank of New York Mellon
Liabilities:
Forward foreign currency contracts		$	421
Total Liabilities		$	421
Net OTC derivative instruments by counterparty, at fair value		$	(421)
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—
Net Exposure(1)		$	(421)

(1)

At December 31, 2018, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $1,596,489,453.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	212,547,896
Gross Unrealized Depreciation		(213,659,804)
Net Unrealized Depreciation	$	(1,111,908)

See Accompanying Notes to Financial Statements

116

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Japan TOPIX Index® Portfolio

as of December 31, 2018

Shares				Value			Percentage of Net Assets
COMMON STOCK: 97.1%
			Communication Services: 7.2%
	97,600		KDDI Corp.		$	2,332,144		1.0
	7,000		Nintendo Co., Ltd.			1,858,774		0.8
	76,500		Nippon Telegraph & Telephone Corp.			3,121,148		1.4
	79,400		NTT DoCoMo, Inc.			1,784,057		0.8
	46,550		SoftBank Group Corp.			3,048,988		1.4
	325,310	(1)(2)	Other Securities			4,089,166		1.8
						16,234,277		7.2
			Consumer Discretionary: 17.9%
	34,500		Bridgestone Corp.			1,323,621		0.6
	2,900		Canon Marketing Japan, Inc.			51,686		0.0
	24,900		Denso Corp.			1,102,265		0.5
	96,700		Honda Motor Co., Ltd.			2,547,568		1.1
	41,600		Mitsubishi Motors Corp.			226,541		0.1
	131,600		Nissan Motor Co., Ltd.			1,052,711		0.5
	12,700		Oriental Land Co., Ltd.			1,277,232		0.6
	128,450		Panasonic Corp.			1,153,921		0.5
	75,812		Sony Corp.			3,654,868		1.6
	20,900		Suzuki Motor Corp.			1,053,599		0.5
	3,400		Toyota Boshoku Corp.			50,355		0.0
	9,000		Toyota Industries Corp.			414,449		0.2
	126,782		Toyota Motor Corp.			7,338,978		3.3
	1,115,490	(1)(2)	Other Securities			18,765,136		8.4
						40,012,930		17.9
			Consumer Staples: 9.5%
	65,400		Japan Tobacco, Inc.			1,553,976		0.7
	27,700		Kao Corp.			2,050,289		0.9
	51,100		Kirin Holdings Co., Ltd.			1,065,515		0.5
	46,643		Seven & I Holdings Co., Ltd.			2,026,876		0.9
	22,500		Shiseido Co., Ltd.			1,409,129		0.6
	454,666	(1)(2)	Other Securities			13,303,451		5.9
						21,409,236		9.5
			Energy: 1.0%
	191,560		JXTG Holdings, Inc.			994,872		0.4
	119,500		Other Securities			1,271,835		0.6
						2,266,707		1.0
			Financials: 11.1%
	29,600		Japan Post Bank Co. Ltd.			325,889		0.1
	87,100		Japan Post Holdings Co. Ltd.			1,005,659		0.5
	4,000		Japan Post Insurance Co. Ltd.			92,541		0.0

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Financials (continued)
	773,400		Mitsubishi UFJ Financial Group, Inc.		$	3,795,581		1.7
	27,600		Mitsubishi UFJ Lease & Finance Co., Ltd.			132,288		0.1
	1,499,000		Mizuho Financial Group, Inc.			2,319,308		1.0
	199,500		Nomura Holdings, Inc.			756,027		0.3
	73,800		ORIX Corp.			1,078,360		0.5
	79,552		Sumitomo Mitsui Financial Group, Inc.			2,622,437		1.2
	21,644		Sumitomo Mitsui Trust Holdings, Inc.			788,209		0.4
	41,200		Tokio Marine Holdings, Inc.			1,957,359		0.9
	1,168,595	(1)(2)	Other Securities			9,937,009		4.4
						24,810,667		11.1
			Health Care: 7.4%
	105,600		Astellas Pharma, Inc.			1,349,212		0.6
	32,400		Daiichi Sankyo Co., Ltd.			1,036,337		0.4
	13,500		Eisai Co., Ltd.			1,045,168		0.5
	22,700		Hoya Corp.			1,368,811		0.6
	12,400		Mitsubishi Tanabe Pharma Corp.			179,001		0.1
	21,400		Otsuka Holdings Co. Ltd.			874,496		0.4
	44,400	(3)	Takeda Pharmaceutical Co., Ltd.			1,504,916		0.7
	315,140	(1)(2)	Other Securities			9,177,028		4.1
						16,534,969		7.4
			Industrials: 22.0%
	10,100		Central Japan Railway Co.			2,130,972		1.0
	15,400		Daikin Industries Ltd.			1,636,334		0.7
	20,000		East Japan Railway Co.			1,766,203		0.8
	10,700		Fanuc Ltd.			1,623,829		0.7
	4,900		Hitachi Construction Machinery Co., Ltd.			114,666		0.1
	78,100		Itochu Corp.			1,326,356		0.6
	51,800		Komatsu Ltd.			1,113,179		0.5
	77,700		Mitsubishi Corp.			2,130,266		1.0
	112,000		Mitsubishi Electric Corp.			1,235,091		0.6
	18,600		Mitsubishi Heavy Industries Ltd.			667,412		0.3
	3,500		Mitsubishi Logistics Corp.			79,530		0.0
	90,700		Mitsui & Co., Ltd.			1,393,452		0.6

See Accompanying Notes to Financial Statements

117

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Japan TOPIX Index® Portfolio

as of December 31, 2018 (continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Industrials (continued)
	13,614		Nidec Corp.		$	1,540,383		0.7
	2,700		Nomura Co., Ltd.			61,897		0.0
	78,100		Recruit Holdings Co. Ltd.			1,886,797		0.8
	3,300		SMC Corp.			993,540		0.4
	12,300		Toyota Tsusho Corp.			361,404		0.2
	1,785,589	(1)(2)	Other Securities			29,144,091		13.0
						49,205,402		22.0
			Information Technology: 9.6%
	60,266		Canon, Inc.			1,658,261		0.7
	3,600		Hitachi High-Technologies Corp.			112,732		0.1
	51,629		Hitachi Ltd.			1,368,698		0.6
	5,200		Itochu Techno-Solutions Corp.			100,696		0.1
	5,500		Keyence Corp.			2,779,952		1.2
	11,855		Murata Manufacturing Co., Ltd.			1,597,459		0.7
	7,132		Nomura Research Institute Ltd.			264,473		0.1
	6,000		Otsuka Corp.			165,129		0.1
	651,807	(1)(2)	Other Securities			13,409,625		6.0
						21,457,025		9.6
			Materials: 6.5%
	5,800		Hitachi Chemical Co., Ltd.			87,253		0.0
	11,720		Hitachi Metals Ltd.			121,894		0.0
	76,100		Mitsubishi Chemical Holdings Corp.			574,933		0.3
	10,800		Mitsubishi Gas Chemical Co., Inc.			161,780		0.1
	7,252		Mitsubishi Materials Corp.			191,095		0.1
	19,400		Shin-Etsu Chemical Co., Ltd.			1,490,557		0.7
	2,600		Shin-Etsu Polymer Co., Ltd.			16,057		0.0
	898,701	(1)(2)	Other Securities			11,849,126		5.3
						14,492,695		6.5
			Real Estate: 2.9%
	35,660		Daiwa House Industry Co., Ltd.			1,137,497		0.5
	80,000		Mitsubishi Estate Co., Ltd.			1,258,681		0.6

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Real Estate (continued)
	58,800		Mitsui Fudosan Co., Ltd.		$	1,306,060		0.6
	7,300		Nomura Real Estate Holdings, Inc.			133,864		0.0
	181,286	(1)	Other Securities			2,772,415		1.2
						6,608,517		2.9
			Utilities: 2.0%
	343,921	(2)	Other Securities			4,510,875		2.0
			Total Common Stock (Cost $182,475,661)			217,543,300		97.1

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS:1.8%
		Securities Lending Collateral(4): 1.3%
	1,000,000	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $1,000,184, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $1,020,000, due 01/25/19-10/20/68)		1,000,000		0.5
	811,578	Citigroup, Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $811,712, collateralized by various U.S. Government and U.S. Government Agency Obligations, 2.500%-8.000%, Market Value plus accrued interest $827,810, due 01/25/19-07/15/60)		811,578		0.4

See Accompanying Notes to Financial Statements

118

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Japan TOPIX Index® Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Securities Lending Collateral(4) (continued)
	1,000,000		RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $1,000,165, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $1,020,000, due 10/01/25-10/20/48)		$	1,000,000		0.4
						2,811,578		1.3
			Mutual Funds: 0.5%
	1,163,000	(5)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340% (Cost $1,163,000)			1,163,000		0.5
			Total Short-Term Investments (Cost $3,974,578)			3,974,578		1.8

Principal Amount†		Value			Percentage of Net Assets
	Total Investments in Securities (Cost $186,450,239)		$	221,517,878		98.9
	Assets in Excess of Other Liabilities			2,504,077		1.1
	Net Assets		$	224,021,955		100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

The grouping contains securities on loan.

(2)

The grouping contains non-income producing securities.

(3)

Security, or a portion of the security, is on loan.

(4)

Represents securities purchased with cash collateral received for securities on loan.

(5)

Rate shown is the 7-day yield as of December 31, 2018.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	—		$	16,234,277		$	—		$	16,234,277
Consumer Discretionary			31,833			39,981,097			—			40,012,930
Consumer Staples			—			21,409,236			—			21,409,236
Energy			—			2,266,707			—			2,266,707
Financials			52,698			24,757,969			—			24,810,667
Health Care			—			16,534,969			—			16,534,969
Industrials			—			49,205,402			—			49,205,402
Information Technology			—			21,457,025			—			21,457,025
Materials			—			14,492,695			—			14,492,695
Real Estate			—			6,608,517			—			6,608,517
Utilities			—			4,510,875			—			4,510,875
Total Common Stock			84,531			217,458,769			—			217,543,300
Short-Term Investments			1,163,000			2,811,578			—			3,974,578
Total Investments, at fair value		$	1,247,531		$	220,270,347		$	—		$	221,517,878

See Accompanying Notes to Financial Statements

119

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Japan TOPIX Index® Portfolio

as of December 31, 2018 (continued)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Other Financial Instruments+
Forward Foreign Currency Contracts			—			121,404			—			121,404
Total Assets		$	1,247,531		$	220,391,751		$	—		$	221,639,282
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(31,347)		$	—		$	(31,347)
Futures			(132,493)			—			—			(132,493)
Total Liabilities		$	(132,493)		$	(31,347)		$	—		$	(163,840)

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

At December 31, 2018, the following forward foreign currency contracts were outstanding for Voya Japan TOPIX Index® Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

JPY 500,000,000

USD 4,584,743

Morgan Stanley

03/20/19

5,351

USD 479,337

JPY 53,000,000

Morgan Stanley

03/20/19

(7,213)

USD 832,871

JPY 93,000,000

State Street Bank and Trust Co.

03/20/19

(20,886)

USD 363,960

JPY 40,000,000

The Bank of New York Mellon

03/20/19

(3,248)

JPY 446,000,000

USD 3,978,310

The Bank of New York Mellon

03/20/19

116,053

90,057

At December 31, 2018, the following futures contracts were outstanding for Voya Japan TOPIX Index® Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
Tokyo Price Index (TOPIX)		52		03/07/19		$	7,085,625		$	(132,493)
						$	7,085,625		$	(132,493)

Currency Abbreviations

JPY – Japanese Yen

USD – United States Dollar

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of December 31, 2018 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		$	121,404
Total Asset Derivatives			$	121,404

See Accompanying Notes to Financial Statements

120

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Japan TOPIX Index® Portfolio

as of December 31, 2018 (continued)

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	31,347
Equity contracts	Net Assets — Unrealized depreciation*			132,493
Total Liability Derivatives			$	163,840

Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2018 was as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	(166,177)		$	—		$	(166,177)
Equity contracts			—			(653,513)			(653,513)
Total		$	(166,177)		$	(653,513)		$	(819,690)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	86,503		$	—		$	86,503
Equity contracts			—			(110,991)			(110,991)
Total		$	86,503		$	(110,991)		$	(24,488)

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2018:

	Morgan Stanley			State Street Bank and Trust Co.			The Bank of New York Mellon			Totals
Assets:
Forward foreign currency contracts		$	5,351		$	—		$	116,053		$	121,404
Total Assets		$	5,351		$	—		$	116,053		$	121,404
Liabilities:
Forward foreign currency contracts		$	7,213		$	20,886		$	3,248		$	31,347
Total Liabilities		$	7,213		$	20,886		$	3,248		$	31,347
Net OTC derivative instruments by counterparty, at fair value		$	(1,862)		$	(20,886)		$	112,805		$	90,057
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	—		$	—		$	—
Net Exposure(1)		$	(1,862)		$	(20,886)		$	112,805		$	90,057

(1)

At December 31, 2018, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $192,130,013.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	44,685,149
Gross Unrealized Depreciation		(15,324,253)
Net Unrealized Appreciation	$	29,360,896

See Accompanying Notes to Financial Statements

121

TABLE OF CONTENTS

Voya Russell™ Large Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of December 31, 2018

Shares				Value			Percentage of Net Assets
COMMON STOCK: 98.5%
			Communication Services: 13.9%
	20,787	(1)	Alphabet, Inc. - Class A		$	21,721,584		3.3
	21,116	(1)	Alphabet, Inc. - Class C			21,867,941		3.4
	171,437	(1)	Facebook, Inc. - Class A			22,473,676		3.5
	30,038	(1)	Netflix, Inc.			8,039,971		1.2
	76,957		Walt Disney Co.			8,438,335		1.3
	98,966	(2)	Other Securities			7,662,646		1.2
						90,204,153		13.9
			Consumer Discretionary: 14.3%
	28,028	(1)	Amazon.com, Inc.			42,097,215		6.5
	3,417	(1)	Booking Holdings, Inc.			5,885,509		0.9
	83,093		Home Depot, Inc.			14,277,039		2.2
	58,852		Lowe’s Cos, Inc.			5,435,571		0.8
	90,449		Nike, Inc.			6,705,889		1.0
	87,062		Starbucks Corp.			5,606,793		0.9
	89,219		TJX Cos., Inc.			3,991,658		0.6
	80,906	(2)	Other Securities			9,287,268		1.4
						93,286,942		14.3
			Consumer Staples: 6.7%
	136,494		Altria Group, Inc.			6,741,439		1.0
	213,996		Coca-Cola Co.			10,132,710		1.6
	31,496		Costco Wholesale Corp.			6,416,050		1.0
	90,587		PepsiCo, Inc.			10,008,052		1.5
	125,101	(2)	Other Securities			10,621,299		1.6
						43,919,550		6.7
			Energy: 0.5%
	86,543		Other Securities			3,501,824		0.5
			Financials: 3.7%
	17,597	(1)	Berkshire Hathaway, Inc. - Class B			3,592,956		0.5
	86,580		Charles Schwab Corp.			3,595,667		0.6
	190,601		Other Securities			17,043,701		2.6
						24,232,324		3.7
			Health Care: 14.1%
	109,243		AbbVie, Inc.			10,071,112		1.6
	43,243		Amgen, Inc.			8,418,115		1.3
	13,749	(1)	Biogen, Inc.			4,137,349		0.6
	41,754		Eli Lilly & Co.			4,831,773		0.7
	69,512		Gilead Sciences, Inc.			4,347,976		0.7
	8,097	(1)	Intuitive Surgical, Inc.			3,877,815		0.6
	34,840		Johnson & Johnson			4,496,102		0.7
	24,616		Stryker Corp.			3,858,558		0.6
	68,911		UnitedHealth Group, Inc.			17,167,108		2.6
	331,903	(2)	Other Securities			30,326,246		4.7
						91,532,154		14.1

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Industrials: 10.6%
	34,306		3M Co.		$	6,536,665		1.0
	38,602		Boeing Co.			12,449,145		1.9
	37,954		Caterpillar, Inc.			4,822,815		0.7
	23,323		Deere & Co.			3,479,092		0.5
	33,366		Honeywell International, Inc.			4,408,316		0.7
	16,326		Lockheed Martin Corp.			4,274,800		0.7
	49,011		Union Pacific Corp.			6,774,790		1.1
	49,781		United Parcel Service, Inc. - Class B			4,855,141		0.8
	210,983	(2)	Other Securities			21,046,932		3.2
						68,647,696		10.6
			Information Technology: 31.1%
	46,351		Accenture PLC			6,535,955		1.0
	35,438	(1)	Adobe, Inc.			8,017,493		1.2
	342,397		Apple, Inc.			54,009,703		8.3
	31,749		Automatic Data Processing, Inc.			4,162,929		0.7
	17,783		Broadcom, Inc.			4,521,861		0.7
	47,620		International Business Machines Corp.			5,412,965		0.8
	17,573		Intuit, Inc.			3,459,245		0.5
	66,231		Mastercard, Inc. - Class A			12,494,478		1.9
	514,962		Microsoft Corp.			52,304,690		8.0
	41,959		Nvidia Corp.			5,601,527		0.9
	85,638	(1)	PayPal Holdings, Inc.			7,201,299		1.1
	51,836	(1)	Salesforce.com, Inc.			7,099,977		1.1
	69,292		Texas Instruments, Inc.			6,548,094		1.0
	126,983		Visa, Inc. - Class A			16,754,137		2.6
	196,850	(2)	Other Securities			8,354,373		1.3
						202,478,726		31.1
			Materials: 1.3%
	23,482	(1)	Linde Public Ltd.			3,664,131		0.6
	32,185		Other Securities			4,782,157		0.7
						8,446,288		1.3
			Real Estate: 2.3%
	31,610		American Tower Corp.			5,000,386		0.8
	59,348		Other Securities			10,068,206		1.5
						15,068,592		2.3
			Total Common Stock (Cost $279,071,490)			641,318,249		98.5

See Accompanying Notes to Financial Statements

122

TABLE OF CONTENTS

Voya Russell™ Large Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of December 31, 2018 (continued)

Shares				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.3%
			Mutual Funds: 1.3%
	8,196,000	(3)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340% (Cost $8,196,000)		$	8,196,000		1.3
			Total Short-Term Investments (Cost $8,196,000)			8,196,000		1.3
			Total Investments in Securities (Cost $287,267,490)		$	649,514,249		99.8
			Assets in Excess of Other Liabilities			1,116,005		0.2
			Net Assets		$	650,630,254		100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

(1)

Non-income producing security.

(2)

The grouping contains non-income producing securities.

(3)

Rate shown is the 7-day yield as of December 31, 2018.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Asset Table
Investments, at fair value
Common Stock*		$	641,318,249		$	—		$	—		$	641,318,249
Short-Term Investments			8,196,000			—			—			8,196,000
Total Investments, at fair value		$	649,514,249		$	—		$	—		$	649,514,249
Liabilities Table
Other Financial Instruments+
Futures		$	(192,552)		$	—		$	—		$	(192,552)
Total Liabilities		$	(192,552)		$	—		$	—		$	(192,552)

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

At December 31, 2018, the following futures contracts were outstanding for Voya Russell™ Large Cap Growth Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
S&P 500® E-Mini		75		03/15/19		$	9,394,500		$	(192,552)
						$	9,394,500		$	(192,552)

See Accompanying Notes to Financial Statements

123

TABLE OF CONTENTS

Voya Russell™ Large Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of December 31, 2018 (continued)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of December 31, 2018 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Net Assets — Unrealized depreciation*		$	192,552
Total Liability Derivatives			$	192,552

Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2018 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(1,045,832)
Total		$	(1,045,832)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(189,297)
Total		$	(189,297)

At December 31, 2018, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $287,205,882.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	368,775,494
Gross Unrealized Depreciation		(6,659,680)
Net Unrealized Appreciation	$	362,115,814

See Accompanying Notes to Financial Statements

124

TABLE OF CONTENTS

Voya Russell™ Large Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2018

Shares				Value			Percentage of Net Assets
COMMON STOCK: 98.9%
			Communication Services: 11.7%
	14,442	(1)	Alphabet, Inc. - Class A		$	15,091,312		1.8
	14,719	(1)	Alphabet, Inc. - Class C			15,243,144		1.8
	351,394		AT&T, Inc.			10,028,785		1.2
	220,854		Comcast Corp. - Class A			7,520,079		0.9
	114,955	(1)	Facebook, Inc.- Class A			15,069,451		1.8
	20,141	(1)	Netflix, Inc.			5,390,940		0.6
	199,975		Verizon Communications, Inc.			11,242,594		1.4
	72,070		Walt Disney Co.			7,902,475		1.0
	148,025	(2)	Other Securities			9,726,667		1.2
						97,215,447		11.7
			Consumer Discretionary: 9.3%
	19,653	(1)	Amazon.com, Inc.			29,518,217		3.5
	55,717		Home Depot, Inc.			9,573,295		1.2
	37,541		McDonald’s Corp.			6,666,155		0.8
	60,650		Nike, Inc.			4,496,591		0.5
	556,617	(2)	Other Securities			27,466,523		3.3
						77,720,781		9.3
			Consumer Staples: 7.8%
	91,525		Altria Group, Inc.			4,520,420		0.5
	184,914		Coca-Cola Co.			8,755,678		1.1
	68,481		PepsiCo, Inc.			7,565,781		0.9
	75,089		Philip Morris International, Inc.			5,012,942		0.6
	120,412		Procter & Gamble Co.			11,068,271		1.3
	68,967		Walmart, Inc.			6,424,276		0.8
	305,151	(2)	Other Securities			21,416,946		2.6
						64,764,314		7.8
			Energy: 5.4%
	92,082		Chevron Corp.			10,017,601		1.2
	204,805		Exxon Mobil Corp.			13,965,653		1.7
	451,305		Other Securities			20,953,837		2.5
						44,937,091		5.4
			Financials: 13.6%
	442,223		Bank of America Corp.			10,896,375		1.3
	93,648	(1)	Berkshire Hathaway, Inc. - Class B			19,121,049		2.3
	118,098		Citigroup, Inc.			6,148,182		0.8
	159,970		JPMorgan Chase & Co.			15,616,271		1.9
	205,107		Wells Fargo & Co.			9,451,331		1.1
	718,178		Other Securities			51,431,219		6.2
						112,664,427		13.6
			Health Care: 16.7%
	82,705		Abbott Laboratories			5,982,053		0.7
	73,252		AbbVie, Inc.			6,753,102		0.8
	30,814		Amgen, Inc.			5,998,561		0.7
	45,450		Eli Lilly & Co.			5,259,474		0.6
	129,787		Johnson & Johnson			16,749,012		2.0

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Health Care (continued)
	65,408		Medtronic PLC		$	5,949,512		0.7
	125,817		Merck & Co., Inc.			9,613,677		1.2
	280,477		Pfizer, Inc.			12,242,821		1.5
	46,207		UnitedHealth Group, Inc.			11,511,088		1.4
	555,191	(2)	Other Securities			58,714,439		7.1
						138,773,739		16.7
			Industrials: 8.0%
	27,549		3M Co.			5,249,186		0.6
	25,884		Boeing Co.			8,347,590		1.0
	36,027		Honeywell International, Inc.			4,759,887		0.6
	35,761		Union Pacific Corp.			4,943,243		0.6
	836,991	(2)	Other Securities			43,128,746		5.2
						66,428,652		8.0
			Information Technology: 20.9%
	23,763	(1)	Adobe, Inc.			5,376,141		0.6
	229,591		Apple, Inc.			36,215,684		4.4
	19,906		Broadcom, Inc.			5,061,698		0.6
	219,223		Cisco Systems, Inc.			9,498,933		1.1
	220,878		Intel Corp.			10,365,805		1.2
	44,410		International Business Machines Corp.			5,048,085		0.6
	44,410		Mastercard, Inc. - Class A			8,377,946		1.0
	366,391		Microsoft Corp.			37,214,334		4.5
	123,140		Oracle Corp.			5,559,771		0.7
	57,424	(1)	PayPal Holdings, Inc.			4,828,784		0.6
	34,758	(1)	Salesforce.com, Inc.			4,760,803		0.6
	85,147		Visa, Inc. - Class A			11,234,295		1.4
	495,361	(2)	Other Securities			30,247,385		3.6
						173,789,664		20.9
			Materials: 2.1%
	110,952		DowDuPont, Inc.			5,933,713		0.7
	84,416	(2)	Other Securities			11,829,633		1.4
						17,763,346		2.1
			Real Estate: 1.5%
	97,383		Other Securities			12,620,422		1.5
			Utilities: 1.9%
	213,829		Other Securities			15,632,535		1.9
			Total Common Stock (Cost $323,775,225)			822,310,418		98.9
SHORT-TERM INVESTMENTS: 1.0%
			Mutual Funds: 1.0%
	8,385,000	(3)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340% (Cost $8,385,000)			8,385,000		1.0

See Accompanying Notes to Financial Statements

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Voya Russell™ Large Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2018 (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Total Short-Term Investments (Cost $8,385,000)		$	8,385,000		1.0
	Total Investments in Securities (Cost $332,160,225)		$	830,695,418		99.9
	Assets in Excess of Other Liabilities			1,091,061		0.1
	Net Assets		$	831,786,479		100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

(1)

Non-income producing security.

(2)

The grouping contains non-income producing securities.

(3)

Rate shown is the 7-day yield as of December 31, 2018.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Asset Table
Investments, at fair value
Common Stock*		$	822,310,418		$	—		$	—		$	822,310,418
Short-Term Investments			8,385,000			—			—			8,385,000
Total Investments, at fair value		$	830,695,418		$	—		$	—		$	830,695,418
Liabilities Table
Other Financial Instruments+
Futures		$	(434,094)		$	—		$	—		$	(434,094)
Total Liabilities		$	(434,094)		$	—		$	—		$	(434,094)

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

At December 31, 2018, the following futures contracts were outstanding for Voya Russell™ Large Cap Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
S&P 500® E-Mini		76		03/15/19		$	9,519,760		$	(434,094)
						$	9,519,760		$	(434,094)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of December 31, 2018 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Net Assets — Unrealized depreciation*		$	434,094
Total Liability Derivatives			$	434,094

Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

See Accompanying Notes to Financial Statements

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Voya Russell™ Large Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2018 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2018 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(475,924)
Total		$	(475,924)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(459,606)
Total		$	(459,606)

At December 31, 2018, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $334,768,463.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	507,963,250
Gross Unrealized Depreciation		(12,470,389)
Net Unrealized Appreciation	$	495,492,861

See Accompanying Notes to Financial Statements

127

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Voya Russell™ Large Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Value Index Portfolio

as of December 31, 2018

Shares				Value			Percentage of Net Assets
COMMON STOCK: 99.0%
			Communication Services: 9.0%
	313,577		AT&T, Inc.		$	8,949,487		2.5
	197,086		Comcast Corp. - Class A			6,710,778		1.9
	45,005		Twenty-First Century Fox, Inc. - Class A			2,165,641		0.6
	21,065		Twenty-First Century Fox, Inc. - Class B			1,006,486		0.3
	178,454		Verizon Communications, Inc.			10,032,684		2.8
	18,265		Walt Disney Co.			2,002,757		0.6
	6,806	(1)	Other Securities			922,578		0.3
						31,790,411		9.0
			Consumer Discretionary: 3.5%
	27,002		McDonald’s Corp.			4,794,745		1.4
	312,059	(1)	Other Securities			7,590,120		2.1
						12,384,865		3.5
			Consumer Staples: 9.0%
	61,568		Mondelez International, Inc.			2,464,567		0.7
	67,008		Philip Morris International, Inc.			4,473,454		1.3
	107,453		Procter & Gamble Co.			9,877,080		2.8
	34,927		Walgreens Boots Alliance, Inc.			2,386,562		0.7
	61,545		Walmart, Inc.			5,732,917		1.6
	125,981		Other Securities			6,579,314		1.9
						31,513,894		9.0
			Energy: 10.8%
	82,172		Chevron Corp.			8,939,492		2.5
	49,693		ConocoPhillips			3,098,359		0.9
	182,764		Exxon Mobil Corp.			12,462,677		3.5
	32,583		Occidental Petroleum Corp.			1,999,944		0.6
	59,790		Schlumberger Ltd.			2,157,223		0.6
	208,886		Other Securities			9,347,939		2.7
						38,005,634		10.8
			Financials: 24.5%
	394,631		Bank of America Corp.			9,723,708		2.8
	73,040	(2)	Berkshire Hathaway, Inc. - Class B			14,913,307		4.2
	5,230		Blackrock, Inc.			2,054,449		0.6
	19,773		Chubb Ltd.			2,554,276		0.7
	105,389		Citigroup, Inc.			5,486,551		1.6
	13,468		CME Group, Inc.			2,533,600		0.7
	15,033		Goldman Sachs Group, Inc.			2,511,263		0.7
	142,754		JPMorgan Chase & Co.			13,935,645		4.0
	52,299		Morgan Stanley			2,073,655		0.6
	20,013		PNC Financial Services Group, Inc.			2,339,720		0.7

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Financials (continued)
	65,254		US Bancorp		$	2,982,108		0.8
	183,033		Wells Fargo & Co.			8,434,161		2.4
	283,957		Other Securities			16,496,790		4.7
						86,039,233		24.5
			Health Care: 19.7%
	73,804		Abbott Laboratories			5,338,243		1.5
	14,614		Allergan PLC			1,953,307		0.6
	11,222		Anthem, Inc.			2,947,234		0.8
	10,385		Becton Dickinson & Co.			2,339,948		0.7
	11,429		Cigna Corp.			2,170,596		0.6
	51,184		CVS Health Corp.			3,353,576		1.0
	26,658		Danaher Corp.			2,748,973		0.8
	94,972		Johnson & Johnson			12,256,137		3.5
	58,369		Medtronic PLC			5,309,244		1.5
	104,754		Merck & Co., Inc.			8,004,253		2.3
	250,292		Pfizer, Inc.			10,925,246		3.1
	16,275		Thermo Fisher Scientific, Inc.			3,642,182		1.0
	110,397	(1)	Other Securities			8,080,017		2.3
						69,068,956		19.7
			Industrials: 5.2%
	371,847		General Electric Co.			2,814,882		0.8
	34,954		United Technologies Corp.			3,721,902		1.1
	156,469	(1)	Other Securities			11,665,786		3.3
						18,202,570		5.2
			Information Technology: 9.6%
	195,631		Cisco Systems, Inc.			8,476,691		2.4
	197,108		Intel Corp.			9,250,279		2.6
	99,228		Oracle Corp.			4,480,144		1.3
	52,288		Qualcomm, Inc.			2,975,710		0.8
	194,402	(1)	Other Securities			8,594,039		2.5
						33,776,863		9.6
			Materials: 3.1%
	99,012		DowDuPont, Inc.			5,295,162		1.5
	42,021	(1)	Other Securities			5,502,451		1.6
						10,797,613		3.1
			Real Estate: 0.6%
	32,473		Other Securities			2,245,014		0.6
			Utilities: 4.0%
	32,171		Dominion Energy, Inc.			2,298,940		0.7
	30,754		Duke Energy Corp.			2,654,070		0.8
	20,593		NextEra Energy, Inc.			3,579,475		1.0
	107,280		Other Securities			5,416,365		1.5
						13,948,850		4.0
			Total Common Stock (Cost $274,760,422)			347,773,903		99.0

See Accompanying Notes to Financial Statements

128

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Voya Russell™ Large Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Value Index Portfolio

as of December 31, 2018 (continued)

Shares				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS:1.2%
			Mutual Funds: 1.2%
	4,050,000	(3)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340% (Cost $4,050,000)		$	4,050,000		1.2
			Total Short-Term Investments (Cost $4,050,000)			4,050,000		1.2
			Total Investments in Securities (Cost $278,810,422)		$	351,823,903		100.2
			Liabilities in Excess of Other Assets			(816,001)		(0.2)
			Net Assets		$	351,007,902		100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

(1)

The grouping contains non-income producing securities.

(2)

Non-income producing security.

(3)

Rate shown is the 7-day yield as of December 31, 2018.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Asset Table
Investments, at fair value
Common Stock*		$	347,773,903		$	—		$	—		$	347,773,903
Short-Term Investments			4,050,000			—			—			4,050,000
Total Investments, at fair value		$	351,823,903		$	—		$	—		$	351,823,903
Liabilities Table
Other Financial Instruments+
Futures		$	(184,552)		$	—		$	—		$	(184,552)
Total Liabilities		$	(184,552)		$	—		$	—		$	(184,552)

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

At December 31, 2018, the following futures contracts were outstanding for Voya Russell™ Large Cap Value Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
S&P 500® E-Mini		36		03/15/19		$	4,509,360		$	(184,552)
						$	4,509,360		$	(184,552)

See Accompanying Notes to Financial Statements

129

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Voya Russell™ Large Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Value Index Portfolio

as of December 31, 2018 (continued)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of December 31, 2018 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Net Assets — Unrealized depreciation*		$	184,552
Total Liability Derivatives			$	184,552

Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2018 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(294,129)
Total		$	(294,129)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(194,972)
Total		$	(194,972)

At December 31, 2018, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $282,159,393.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	92,634,749
Gross Unrealized Depreciation		(23,154,790)
Net Unrealized Appreciation	$	69,479,959

See Accompanying Notes to Financial Statements

130

TABLE OF CONTENTS

Voya Russell™ Mid Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of December 31, 2018

Shares				Value			Percentage of Net Assets
COMMON STOCK: 99.4%
			Communication Services: 4.0%
	32,188		CBS Corp. - Class B		$	1,407,259		0.5
	70,888	(1)	Twitter, Inc.			2,037,321		0.8
	230,091	(2)(3)	Other Securities			6,918,616		2.7
						10,363,196		4.0
			Consumer Discretionary: 16.3%
	2,205	(1)	Autozone, Inc.			1,848,540		0.7
	22,744		Delphi Technologies PLC			1,400,348		0.5
	26,338		Dollar General Corp.			2,846,611		1.1
	9,572	(1)	Hilton Grand Vacations, Inc.			252,605		0.1
	27,648		Hilton Worldwide Holdings, Inc.			1,985,126		0.8
	7,827	(1)	O’Reilly Automotive, Inc.			2,695,071		1.0
	36,185		Ross Stores, Inc.			3,010,592		1.2
	5,600	(1)	Ulta Beauty, Inc.			1,371,104		0.5
	24,676		VF Corp.			1,760,386		0.7
	456,229	(2)(3)	Other Securities			25,377,934		9.7
						42,548,317		16.3
			Consumer Staples: 3.3%
	5,081		Brown-Forman Corp. - Class A			240,941		0.1
	27,982		Brown-Forman Corp. - Class B			1,331,384		0.5
	11,060		Clorox Co.			1,704,788		0.6
	102,144	(2)(3)	Other Securities			5,463,704		2.1
						8,740,817		3.3
			Energy: 1.5%
	121,886	(2)(3)	Other Securities			3,908,572		1.5
			Financials: 6.6%
	16,508		Moody’s Corp.			2,311,780		0.9
	21,748		T. Rowe Price Group, Inc.			2,007,775		0.8
	1,092	(4)	Voya Financial, Inc.			43,833		0.0
	186,477	(3)	Other Securities			12,866,890		4.9
						17,230,278		6.6
			Health Care: 14.6%
	4,225	(1)	Abiomed, Inc.			1,373,294		0.5
	7,849	(1)	Align Technology, Inc.			1,643,816		0.7
	17,476	(1)	BioMarin Pharmaceutical, Inc.			1,488,081		0.6
	17,765	(1)	Centene Corp.			2,048,305		0.8
	20,798	(1)	Edwards Lifesciences Corp.			3,185,630		1.2
	8,502	(1)	Idexx Laboratories, Inc.			1,581,542		0.6
	2,430	(1)	Mettler Toledo International, Inc.			1,374,359		0.5
	13,921		Resmed, Inc.			1,585,184		0.6
	314,644	(2)(3)	Other Securities			23,679,098		9.1
						37,959,309		14.6

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Industrials: 15.8%
	8,645		Cintas Corp.		$	1,452,274		0.5
	28,455		Fastenal Co.			1,487,912		0.6
	26,696		Fortive Corp.			1,806,251		0.7
	11,741		Harris Corp.			1,580,926		0.6
	11,912		Rockwell Automation, Inc.			1,792,518		0.7
	4,799	(1)	TransDigm Group, Inc.			1,631,948		0.6
	15,885	(1)	Verisk Analytics, Inc.			1,732,100		0.7
	423,318	(2)(3)	Other Securities			29,704,668		11.4
						41,188,597		15.8
			Information Technology: 31.4%
	92,748	(1)	Advanced Micro Devices, Inc.			1,712,128		0.7
	29,227		Amphenol Corp.			2,367,972		0.9
	18,248	(1)	Autodesk, Inc.			2,346,875		0.9
	13,396		Citrix Systems, Inc.			1,372,554		0.5
	39,480	(1)	Fiserv, Inc.			2,901,385		1.1
	8,691	(1)	FleetCor Technologies, Inc.			1,614,093		0.6
	15,731		Global Payments, Inc.			1,622,338		0.6
	15,365		Lam Research Corp.			2,092,252		0.8
	27,559		Maxim Integrated Products			1,401,375		0.5
	22,780		Microchip Technology, Inc.			1,638,338		0.6
	25,951		NetApp, Inc.			1,548,496		0.6
	9,010	(1)	Palo Alto Networks, Inc.			1,697,034		0.7
	31,792		Paychex, Inc.			2,071,249		0.8
	17,537	(1)	Red Hat, Inc.			3,080,199		1.2
	17,613	(1)	ServiceNow, Inc.			3,135,995		1.2
	14,505	(1)	Splunk, Inc.			1,520,849		0.6
	28,965	(1)	Square, Inc.			1,624,647		0.6
	17,822		Total System Services, Inc.			1,448,750		0.6
	10,424	(1)	VeriSign, Inc.			1,545,775		0.6
	14,378	(1)	Workday, Inc.			2,295,879		0.9
	25,225		Xilinx, Inc.			2,148,413		0.8
	700,470	(2)(3)	Other Securities			40,612,712		15.6
						81,799,308		31.4
			Materials: 3.6%
	154,314	(3)	Other Securities			9,432,103		3.6
			Real Estate: 2.3%
	11,097	(1)	SBA Communications Corp.			1,796,493		0.7
	67,010	(3)	Other Securities			4,108,166		1.6
						5,904,659		2.3
			Total Common Stock (Cost $164,805,023)			259,075,156		99.4

See Accompanying Notes to Financial Statements

131

TABLE OF CONTENTS

Voya Russell™ Mid Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of December 31, 2018 (continued)

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.4%
		Securities Lending Collateral(5): 1.8%
	1,116,906	Bank of Nova Scotia, Repurchase Agreement dated 12/31/18, 2.97%, due 01/02/19 (Repurchase Amount $1,117,088, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.750%-5.000%, Market Value plus accrued interest $1,139,432, due 11/15/23-05/15/58)		$	1,116,906		0.4
	1,116,906	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/ 18, 3.35%, due 01/02/19 (Repurchase Amount $1,117,111, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $1,139,244, due 01/25/19-10/20/68)			1,116,906		0.4
	1,116,906	Daiwa Capital Markets, Repurchase Agreement dated 12/31/18, 3.05%, due 01/02/19 (Repurchase Amount $1,117,093, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $1,139,244, due 01/25/19-02/01/49)			1,116,906		0.5
	234,063	Mizuho Securities USA LLC, Repurchase Agreement dated 12/31/ 18, 2.92%, due 01/02/19 (Repurchase Amount $234,100, collateralized by various U.S. Government Securities, 1.875%-2.625%, Market Value plus accrued interest $238,744, due 02/29/24-09/09/49)			234,063		0.1

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateral(5) (continued)
	1,116,906	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $1,117,091, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $1,139,244, due 10/01/25-10/20/48)		$	1,116,906		0.4
					4,701,687		1.8

Shares				Value			Percentage of Net Assets
			Mutual Funds: 0.6%
	1,670,000	(6)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340% (Cost $1,670,000)			1,670,000		0.6
			Total Short-Term Investments (Cost $6,371,687)			6,371,687		2.4
			Total Investments in Securities (Cost $171,176,710)		$	265,446,843		101.8
			Liabilities in Excess of Other Assets			(4,620,595)		(1.8)
			Net Assets		$	260,826,248		100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Non-income producing security.

(2)

The grouping contains securities on loan.

(3)

The grouping contains non-income producing securities.

(4)

Investment in affiliate

(5)

Represents securities purchased with cash collateral received for securities on loan.

(6)

Rate shown is the 7-day yield as of December 31, 2018.

See Accompanying Notes to Financial Statements

132

TABLE OF CONTENTS

Voya Russell™ Mid Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of December 31, 2018 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Asset Table
Investments, at fair value
Common Stock*		$	259,075,156		$	—		$	—		$	259,075,156
Short-Term Investments			1,670,000			4,701,687			—			6,371,687
Total Investments, at fair value		$	260,745,156		$	4,701,687		$	—		$	265,446,843
Other Financial Instruments+
Futures			49,211			—			—			49,211
Total Assets		$	260,794,367		$	4,701,687		$	—		$	265,496,054

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.

Transactions with Affiliates

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the period ended December 31, 2018, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/17			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/18			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Financial, Inc.		$	50,212		$	12,935		$	(8,709)		$	(10,605)		$	43,833		$	44		$	(445)		$	—
		$	50,212		$	12,935		$	(8,709)		$	(10,605)		$	43,833		$	44		$	(445)		$	—

At December 31, 2018, the following futures contracts were outstanding for Voya Russell™ Mid Cap Growth Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
S&P Mid 400 E-Mini		10		03/15/19		$	1,662,200		$	49,211
						$	1,662,200		$	49,211

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of December 31, 2018 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Net Assets — Unrealized appreciation*		$	49,211
Total Asset Derivatives			$	49,211

Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

See Accompanying Notes to Financial Statements

133

TABLE OF CONTENTS

Voya Russell™ Mid Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of December 31, 2018 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2018 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(464,479)
Total		$	(464,479)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	61,001
Total		$	61,001

At December 31, 2018, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $171,658,269.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	107,398,130
Gross Unrealized Depreciation		(13,560,345)
Net Unrealized Appreciation	$	93,837,785

See Accompanying Notes to Financial Statements

134

TABLE OF CONTENTS

Voya Russell™ Mid Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2018

Shares				Value			Percentage of Net Assets
COMMON STOCK: 98.0%
			Communication Services: 3.5%
	150,342	(1)	Twitter, Inc.		$	4,320,829		0.3
	1,749,877	(2)(3)	Other Securities			43,363,477		3.2
						47,684,306		3.5
			Consumer Discretionary: 11.7%
	5,350	(1)	Autozone, Inc.			4,485,119		0.3
	55,859		Dollar General Corp.			6,037,241		0.5
	49,299	(1)	Dollar Tree, Inc.			4,452,686		0.3
	20,301	(1)	Hilton Grand Vacations, Inc.			535,743		0.0
	58,637		Hilton Worldwide Holdings, Inc.			4,210,137		0.3
	16,599	(1)	O’Reilly Automotive, Inc.			5,715,534		0.4
	76,742		Ross Stores, Inc.			6,384,934		0.5
	67,965		VF Corp.			4,848,623		0.4
	2,749,163	(2)(3)	Other Securities			122,811,358		9.0
						159,481,375		11.7
			Consumer Staples: 4.4%
	117,320		Archer-Daniels-Midland Co.			4,806,600		0.4
	166,667		Kroger Co.			4,583,343		0.3
	1,009,679	(2)(3)	Other Securities			49,804,603		3.7
						59,194,546		4.4
			Energy: 3.9%
	40,865	(1)	Concho Resources, Inc./Midland TX			4,200,514		0.3
	86,095		Oneok, Inc.			4,644,825		0.3
	255,414		Williams Cos., Inc.			5,631,879		0.4
	2,232,692	(2)(3)	Other Securities			38,976,837		2.9
						53,454,055		3.9
			Financials: 12.8%
	29,425		M&T Bank Corp.			4,211,600		0.3
	35,012		Moody’s Corp.			4,903,080		0.4
	94,315		SunTrust Banks, Inc.			4,757,248		0.3
	49,596		T. Rowe Price Group, Inc.			4,578,703		0.3
	32,627	(4)	Voya Financial, Inc.			1,309,648		0.1
	4,643,819	(3)	Other Securities			154,578,117		11.4
						174,338,396		12.8
			Health Care: 9.9%
	66,946		Agilent Technologies, Inc.			4,516,177		0.4
	42,620	(1)	Centene Corp.			4,914,086		0.4
	44,108	(1)	Edwards Lifesciences Corp.			6,756,023		0.5
	42,775		Zimmer Biomet Holdings, Inc.			4,436,623		0.3
	1,498,864	(2)(3)	Other Securities			113,409,214		8.3
						134,032,123		9.9
			Industrials: 13.3%
	51,453		Ingersoll-Rand PLC - Class A			4,694,057		0.4

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Industrials (continued)
	21,279		Roper Technologies, Inc.		$	5,671,279		0.4
	51,376	(1)	United Continental Holdings, Inc.			4,301,712		0.3
	2,728,212	(2)(3)	Other Securities			166,271,676		12.2
						180,938,724		13.3
			Information Technology: 17.6%
	61,986		Amphenol Corp.			5,022,106		0.4
	77,587		Analog Devices, Inc.			6,659,292		0.5
	46,072	(1)	Autodesk, Inc.			5,925,320		0.4
	165,560		Corning, Inc.			5,001,568		0.4
	68,530		Fidelity National Information Services, Inc.			7,027,751		0.5
	83,731	(1)	Fiserv, Inc.			6,153,391		0.5
	32,587		Lam Research Corp.			4,437,372		0.3
	67,426		Paychex, Inc.			4,392,804		0.3
	37,192	(1)	Red Hat, Inc.			6,532,403		0.5
	37,354	(1)	ServiceNow, Inc.			6,650,880		0.5
	30,494	(1)	Workday, Inc.			4,869,282		0.4
	62,873	(1)	Worldpay, Inc.			4,805,383		0.3
	53,498		Xilinx, Inc.			4,556,425		0.3
	3,322,360	(2)(3)	Other Securities			167,423,968		12.3
						239,457,945		17.6
			Materials: 5.0%
	1,785,137	(3)	Other Securities			68,367,513		5.0
			Real Estate: 9.1%
	29,000		AvalonBay Communities, Inc.			5,047,450		0.4
	43,179		Digital Realty Trust, Inc.			4,600,722		0.3
	75,388		Equity Residential			4,976,362		0.4
	74,775		Ventas, Inc.			4,381,067		0.3
	78,194		Welltower, Inc.			5,427,446		0.4
	2,999,629	(2)(3)	Other Securities			99,805,184		7.3
						124,238,231		9.1
			Utilities: 6.8%
	65,416		Consolidated Edison, Inc.			5,001,707		0.4
	37,989		DTE Energy Co.			4,190,187		0.3
	66,510		Eversource Energy			4,325,810		0.3
	151,602		PPL Corp.			4,294,885		0.3
	105,985		Public Service Enterprise Group, Inc.			5,516,519		0.4
	57,503		Sempra Energy			6,221,250		0.5
	66,295		WEC Energy Group, Inc.			4,591,592		0.3
	106,867		Xcel Energy, Inc.			5,265,337		0.4
	1,303,931	(3)	Other Securities			53,119,589		3.9
						92,526,876		6.8
			Total Common Stock (Cost $787,510,916)			1,333,714,090		98.0

See Accompanying Notes to Financial Statements

135

TABLE OF CONTENTS

Voya Russell™ Mid Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2018 (continued)

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.7%
		Securities Lending Collateral(5): 1.1%
	3,707,301	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $3,707,982, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $3,781,447, due 01/25/19-10/20/68)		$	3,707,301		0.3
	3,707,301	Daiwa Capital Markets, Repurchase Agreement dated 12/31/18, 3.05%, due 01/02/19 (Repurchase Amount $3,707,921, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $3,781,447, due 01/25/19-02/01/49)			3,707,301		0.3
	777,032	Mizuho Securities USA LLC, Repurchase Agreement dated 12/31/18, 2.92%, due 01/02/19 (Repurchase Amount $777,156, collateralized by various U.S. Government Securities, 1.875%-2.625%, Market Value plus accrued interest $792,573, due 02/29/24-09/09/49)			777,032		0.0
	3,707,301	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $3,707,914, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $3,781,447, due 10/01/25-10/20/48)			3,707,301		0.3

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateral(5) (continued)
	3,707,301	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/18, 3.37%, due 01/02/19 (Repurchase Amount $3,707,986, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $3,781,506, due 07/15/20-02/15/47)		$	3,707,301		0.2
					15,606,236		1.1

Shares				Value			Percentage of Net Assets
			Mutual Funds: 1.6%
	21,810,000	(6)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340% (Cost $21,810,000)			21,810,000		1.6
			Total Short-Term Investments (Cost $37,416,236)			37,416,236		2.7
			Total Investments in Securities (Cost $824,927,152)		$	1,371,130,326		100.7
			Liabilities in Excess of Other Assets			(9,937,553)		(0.7)
			Net Assets		$	1,361,192,773		100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Non-income producing security.

(2)

The grouping contains securities on loan.

(3)

The grouping contains non-income producing securities.

(4)

Investment in affiliate.

(5)

Represents securities purchased with cash collateral received for securities on loan.

(6)

Rate shown is the 7-day yield as of December 31, 2018.

See Accompanying Notes to Financial Statements

136

TABLE OF CONTENTS

Voya Russell™ Mid Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2018 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Asset Table
Investments, at fair value
Common Stock*		$	1,333,714,090		$	—		$	—		$	1,333,714,090
Short-Term Investments			21,810,000			15,606,236			—			37,416,236
Total Investments, at fair value		$	1,355,524,090		$	15,606,236		$	—		$	1,371,130,326
Liabilities Table
Other Financial Instruments+
Futures		$	(1,459,743)		$	—		$	—		$	(1,459,743)
Total Liabilities		$	(1,459,743)		$	—		$	—		$	(1,459,743)

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.

Transactions with Affiliates

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the period ended December 31, 2018, where the following issuers were considered an affiliate:

	Beginning Fair Value at 12/31/17			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/18			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Issuer
Voya Financial, Inc.		$	2,402,560		$	39,397		$	(582,092)		$	(550,217)		$	1,309,648		$	1,611		$	272,335		$	—
		$	2,402,560		$	39,397		$	(582,092)		$	(550,217)		$	1,309,648		$	1,611		$	272,335		$	—

At December 31, 2018, the following futures contracts were outstanding for Voya Russell™ Mid Cap Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
S&P Mid 400 E-Mini		137		03/15/19		$	22,772,140		$	(1,459,743)
						$	22,772,140		$	(1,459,743)

See Accompanying Notes to Financial Statements

137

TABLE OF CONTENTS

Voya Russell™ Mid Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2018 (continued)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of December 31, 2018 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Net Assets — Unrealized depreciation*		$	1,459,743
Total Liability Derivatives			$	1,459,743

Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2018 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(871,010)
Total		$	(871,010)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(1,465,645)
Total		$	(1,465,645)

At December 31, 2018, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $833,978,233.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	625,235,972
Gross Unrealized Depreciation		(89,543,621)
Net Unrealized Appreciation	$	535,692,351

See Accompanying Notes to Financial Statements

138

TABLE OF CONTENTS

Voya Russell™ Small Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2018

Shares				Value			Percentage of Net Assets
COMMON STOCK: 97.4%
			Communication Services: 3.2%
	18,373	(1)	Nexstar Media Group, Inc.		$	1,444,853		0.2
	1,597,663	(2)(3)	Other Securities			23,226,465		3.0
						24,671,318		3.2
			Consumer Discretionary: 11.8%
	11,974	(4)	Deckers Outdoor Corp.			1,532,073		0.2
	49,288	(4)	Etsy, Inc.			2,344,630		0.3
	22,505	(4)	Five Below, Inc.			2,302,712		0.3
	10,865	(4)	Helen of Troy Ltd.			1,425,271		0.2
	20,332	(4)	Ollie’s Bargain Outlet Holdings, Inc.			1,352,281		0.1
	36,560	(4)	Planet Fitness, Inc.			1,960,347		0.3
	27,284		Texas Roadhouse, Inc.			1,628,855		0.2
	3,875,170	(2)(3)	Other Securities			77,701,423		10.2
						90,247,592		11.8
			Consumer Staples: 2.8%
	1,180,042	(2)(3)	Other Securities			21,342,187		2.8
			Energy: 3.4%
	3,775,581	(2)(3)	Other Securities			26,212,039		3.4
			Financials: 17.7%
	26,867	(1)	First Financial Bankshares, Inc.			1,549,957		0.2
	19,758	(4)	Green Dot Corp.			1,571,156		0.2
	21,477		Iberiabank Corp.			1,380,542		0.2
	21,628		Kemper Corp.			1,435,667		0.2
	147,995	(4)	MGIC Investment Corp.			1,548,028		0.2
	17,599		Primerica, Inc.			1,719,598		0.2
	88,353		Radian Group, Inc.			1,445,455		0.2
	23,882		Selective Insurance Group			1,455,369		0.2
	5,814,298	(2)(3)	Other Securities			122,656,599		16.1
						134,762,371		17.7
			Health Care: 15.2%
	31,332	(4)	FibroGen, Inc.			1,450,045		0.2
	21,151	(4)	Haemonetics Corp.			2,116,157		0.3
	19,900	(4)	LivaNova PLC			1,820,253		0.2
	11,115	(4)	Loxo Oncology, Inc.			1,556,878		0.2
	23,485	(4)	Medidata Solutions, Inc.			1,583,359		0.2
	27,479	(4)	Teladoc Health, Inc.			1,362,134		0.2
	50,854	(4)	Wright Medical Group NV			1,384,246		0.2
	7,355,353	(2)(3)	Other Securities			104,413,570		13.7
						115,686,642		15.2
			Industrials: 14.5%
	22,981		EMCOR Group, Inc.			1,371,736		0.2
	15,471		Insperity, Inc.			1,444,373		0.2
	28,302	(4)	Spirit Airlines, Inc.			1,639,252		0.2
	24,022	(4)	Trex Co., Inc.			1,425,946		0.2
	21,531		Woodward, Inc.			1,599,538		0.2
	4,023,605	(2)(3)	Other Securities			102,892,754		13.5
						110,373,599		14.5

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Information Technology: 14.4%
	10,020	(4)	CACI International, Inc.		$	1,443,181		0.2
	58,620	(4)	Ciena Corp.			1,987,804		0.3
	22,560	(4)	Coupa Software, Inc.			1,418,122		0.2
	41,129	(4)	Cree, Inc.			1,759,293		0.2
	56,871		Entegris, Inc.			1,586,416		0.2
	15,245	(4)	HubSpot, Inc.			1,916,754		0.3
	53,376	(4)	Integrated Device Technology, Inc.			2,585,000		0.3
	26,275		Maximus, Inc.			1,710,240		0.2
	18,577	(4)	New Relic, Inc.			1,504,180		0.2
	13,772	(4)	Trade Desk, Inc./The			1,598,378		0.2
	4,049,971	(2)(3)	Other Securities			91,922,698		12.1
						109,432,066		14.4
			Materials: 3.6%
	30,512	(4)(5)(6)	Ferroglobe PLC			—		—
	17,474	(4)	Ingevity Corp.			1,462,399		0.2
	1,735,068	(2)(3)	Other Securities			25,972,007		3.4
						27,434,406		3.6
			Real Estate: 7.1%
	48,166		First Industrial Realty Trust, Inc.			1,390,071		0.2
	49,837		Healthcare Realty Trust, Inc.			1,417,364		0.2
	54,552		Pebblebrook Hotel Trust			1,544,380		0.2
	2,958,862	(2)(3)	Other Securities			49,820,860		6.5
						54,172,675		7.1
			Utilities: 3.7%
	20,738		Allete, Inc.			1,580,650		0.2
	21,747		Black Hills Corp.			1,365,277		0.2
	20,164		Idacorp, Inc.			1,876,462		0.3
	35,641		New Jersey Resources Corp.			1,627,724		0.2
	21,148		ONE Gas, Inc.			1,683,381		0.2
	35,360		Portland General Electric Co.			1,621,256		0.2
	19,801		Southwest Gas Holdings, Inc.			1,514,777		0.2
	20,189		Spire, Inc.			1,495,601		0.2
	467,311	(2)(3)	Other Securities			15,540,499		2.0
						28,305,627		3.7
			Total Common Stock (Cost $578,150,247)			742,640,522		97.4
RIGHTS: 0.0%
			Communication Services: —%
	46,399	(4)(5)(6)	Media General, Inc. - CVR			—		—
			Health Care: —%
	4,221	(3)	Other Securities			—		—

See Accompanying Notes to Financial Statements

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SUMMARY PORTFOLIO OF INVESTMENTS

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as of December 31, 2018 (continued)

Shares				Value			Percentage of Net Assets
RIGHTS: (continued)
			Materials: 0.0%
	11,546	(4)(5)(6)	A Schulman, Inc. - CVR		$	23,092		0.0
			Total Rights (Cost $23,092)			23,092		0.0
			Total Long-Term Investments (Cost $578,173,339)			742,663,614		97.4

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 7.2%
		Securities Lending Collateral(7): 5.3%
	9,614,704	Bank of Nova Scotia, Repurchase Agreement dated 12/31/18, 2.97%, due 01/02/19 (Repurchase Amount $9,616,269, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.750%-5.000%, Market Value plus accrued interest $9,808,617, due 11/15/23-05/15/58)		9,614,704		1.2
	9,614,704	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $9,616,469, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $9,806,998, due 01/25/19-10/20/68)		9,614,704		1.3
	2,002,212	Mizuho Securities USA LLC, Repurchase Agreement dated 12/31/18, 2.92%, due 01/02/19 (Repurchase Amount $2,002,532, collateralized by various U.S. Government Securities, 1.875%-2.625%, Market Value plus accrued interest $2,042,257, due 02/29/24-09/09/49)		2,002,212		0.3
	9,614,704	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $9,616,295, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $9,806,998, due 10/01/25-10/20/48)		9,614,704		1.2

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateral(7) (continued)
	9,628,654	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/18, 3.37%, due 01/02/19 (Repurchase Amount $9,630,432, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $9,821,380, due 07/15/20-02/15/47)		$	9,628,654		1.3
					40,474,978		5.3

Shares				Value			Percentage of Net Assets
			Mutual Funds: 1.9%
	14,322,000	(8)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340% (Cost $14,322,000)			14,322,000		1.9
			Total Short-Term Investments (Cost $54,796,978)			54,796,978		7.2
			Total Investments in Securities (Cost $632,970,317)		$	797,460,592		104.6
			Liabilities in Excess of Other Assets			(35,087,972)		(4.6)
			Net Assets		$	762,372,620		100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Security, or a portion of the security, is on loan.

(2)

The grouping contains securities on loan.

(3)

The grouping contains non-income producing securities.

(4)

Non-income producing security.

(5)

For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

(6)

Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2018, the Portfolio held restricted securities with a fair value of $23,092 or 0.0% of net assets. Please refer to the table below for additional details.

(7)

Represents securities purchased with cash collateral received for securities on loan.

(8)

Rate shown is the 7-day yield as of December 31, 2018.

See Accompanying Notes to Financial Statements

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SUMMARY PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2018 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	24,671,318		$	—		$	—		$	24,671,318
Consumer Discretionary			90,247,592			—			—			90,247,592
Consumer Staples			21,342,187			—			—			21,342,187
Energy			26,212,039			—			—			26,212,039
Financials			134,762,371			—			—			134,762,371
Health Care			115,686,642			—			—			115,686,642
Industrials			110,373,599			—			—			110,373,599
Information Technology			109,432,066			—			—			109,432,066
Materials			27,434,406			—			—			27,434,406
Real Estate			54,172,675			—			—			54,172,675
Utilities			28,305,627			—			—			28,305,627
Total Common Stock			742,640,522			—			—			742,640,522
Rights			—			—			23,092			23,092
Short-Term Investments			14,322,000			40,474,978			—			54,796,978
Total Investments, at fair value		$	756,962,522		$	40,474,978		$	23,092		$	797,460,592
Liabilities Table
Other Financial Instruments+
Futures		$	(1,303,625)		$	—		$	—		$	(1,303,625)
Total Liabilities		$	(1,303,625)		$	—		$	—		$	(1,303,625)

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

At December 31, 2018, Voya Russell™ Small Cap Index Portfolio held the following restricted securities:

Security	Acquisition Date		Acquisition Cost			Fair Value
A Schulman, Inc. - CVR		8/22/2018		$	23,092		$	23,092
Ferroglobe PLC		6/26/2018			—			—
Media General, Inc. - CVR		1/18/2017			—			—
				$	23,092		$	23,092

At December 31, 2018, the following futures contracts were outstanding for Voya Russell™ Small Cap Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
E-mini Russell 2000® Index		246		03/15/19		$	16,592,700		$	(1,303,625)
						$	16,592,700		$	(1,303,625)

See Accompanying Notes to Financial Statements

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Index Portfolio

as of December 31, 2018 (continued)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of December 31, 2018 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Net Assets — Unrealized depreciation*		$	1,303,625
Total Liability Derivatives			$	1,303,625

Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2018 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(2,390,857)
Total		$	(2,390,857)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(1,367,251)
Total		$	(1,367,251)

At December 31, 2018, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $633,948,421.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	265,151,653
Gross Unrealized Depreciation		(102,943,107)
Net Unrealized Appreciation	$	162,208,546

See Accompanying Notes to Financial Statements

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as of December 31, 2018

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES:29.8%
			Basic Materials: 0.6%
	1,500,000	(1)	Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. L.P., 3.300%, 05/01/2023		$	1,484,553		0.0
	500,000	(1)	Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. L.P., 3.700%, 06/01/2028			493,360		0.0
	17,923,000		Other Securities			18,162,108		0.6
						20,140,021		0.6
			Communications: 2.9%
	13,144,000		AT&T, Inc., 3.200%-6.000%, 03/01/2022-03/09/2048			12,450,330		0.4
	5,500,000		Cisco Systems, Inc., 2.125%-5.500%, 03/01/2019-01/15/2040			5,783,649		0.2
	8,559,000		Comcast Corp., 3.000%-6.500%, 02/01/2024-10/15/2048			8,475,473		0.3
	500,000	(1)	Discovery Communications LLC, 3.500%, 06/15/2022			494,065		0.0
	250,000	(1)	Discovery Communications LLC, 3.900%, 11/15/2024			245,177		0.0
	1,500,000	(1)	NBCUniversal Enterprise, Inc., 1.974%, 04/15/2019			1,495,292		0.0
	1,000,000	(1)	Tencent Holdings Ltd., 2.985%, 01/19/2023			972,335		0.0
	1,000,000		Time Warner Entertainment Co. L.P., 8.375%, 03/15/2023			1,141,790		0.0
	1,750,000		Time Warner Cable LLC, 4.125%-4.500%, 02/15/2021-09/15/2042			1,561,183		0.1
	3,325,000		Warner Media LLC, 2.100%-6.500%, 06/01/2019-06/01/2044			3,361,579		0.1
	13,026,000		Verizon Communications, Inc., 2.625%-4.862%, 11/01/2024-09/15/2048			12,730,395		0.4
	44,578,000		Other Securities			45,300,437		1.4
						94,011,705		2.9
			Consumer, Cyclical: 1.8%
	285,858	(1)	British Airways 2018-1 Class A Pass Through Trust, 4.125%, 03/20/2033			282,943		0.0
	1,000,000	(1)	Daimler Finance North America LLC, 2.300%, 02/12/2021			975,911		0.0
	1,300,000		Ford Motor Credit Co., LLC, 5.875%, 08/02/2021			1,333,979		0.1
	1,300,000		Ford Motor Co., 4.346%-7.450%, 12/08/2026-01/15/2043			1,196,918		0.0

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Cyclical (continued)
	4,000,000		Ford Motor Credit Co. LLC, 2.021%-4.375%, 01/08/2019-08/04/2025		$	3,828,456		0.1
	750,000		General Motors Co., 6.600%, 04/01/2036			732,594		0.0
	6,250,000		General Motors Financial Co., Inc., 3.100%-5.250%, 01/15/2019-01/05/2028			5,989,334		0.2
	250,000	(1)	Nissan Motor Acceptance Corp., 2.000%, 03/08/2019			249,324		0.0
	7,500,000		Walmart, Inc., 1.900%-3.700%, 12/15/2020-06/26/2028			7,496,829		0.3
	35,898,434	(2)	Other Securities			35,818,631		1.1
						57,904,919		1.8
			Consumer, Non-cyclical: 5.8%
	6,750,000		AbbVie, Inc., 2.300%-4.700%, 05/14/2020-05/14/2046			6,351,481		0.2
	6,650,000		Amgen, Inc., 2.250%-4.400%, 11/15/2021-05/01/2045			6,595,810		0.2
	2,000,000	(1)	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 3.650%, 02/01/2026			1,892,220		0.1
	2,000,000	(1)	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036			1,867,709		0.0
	3,500,000	(1)	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046			3,257,040		0.1
	1,989,000		Anheuser-Busch InBev Finance, Inc., 2.650%-3.300%, 02/01/2021-02/01/2023			1,942,753		0.1
	2,000,000		Anheuser-Busch InBev Worldwide, Inc., 3.750%-8.200%, 01/15/2022-07/15/2042			2,167,491		0.1
	250,000	(1)	Bayer US Finance II LLC, 2.125%, 07/15/2019			248,072		0.0
	1,000,000	(1)	Bayer US Finance II LLC, 2.200%, 07/15/2022			938,894		0.1
	400,000	(1)	Bayer US Finance II LLC, 2.750%, 07/15/2021			389,809		0.0
	1,000,000	(1)	Bayer US Finance II LLC, 3.600%, 07/15/2042			741,374		0.0
	500,000	(1)	Bayer US Finance II LLC, 3.950%, 04/15/2045			403,432		0.0
	250,000	(1)	Bayer US Finance II LLC, 4.200%, 07/15/2034			219,395		0.0

See Accompanying Notes to Financial Statements

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Voya U.S. Bond Index Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Non-cyclical (continued)
	5,695,000		Celgene Corp., 3.625%-5.000%, 10/15/2020-08/15/2045		$	5,615,166		0.2
	1,000,000	(1)	Cigna Corp., 4.800%, 08/15/2038			994,724		0.0
	500,000	(1)	Cigna Corp., 4.900%, 12/15/2048			491,771		0.0
	1,000,000		Constellation Brands, Inc., 3.209%, (US0003M + 0.700%), 11/15/2021			988,424		0.0
	12,643,000		CVS Health Corp., 2.250%-5.300%, 08/12/2019-03/25/2048			12,464,255		0.4
	500,000	(1)	ERAC USA Finance LLC, 2.350%, 10/15/2019			496,680		0.0
	500,000	(1)	ERAC USA Finance LLC, 3.850%, 11/15/2024			498,207		0.0
	6,060,000		Gilead Sciences, Inc., 1.950%-4.800%, 04/01/2019-03/01/2047			5,880,939		0.2
	1,000,000	(1)	Mylan, Inc., 4.550%, 04/15/2028			934,295		0.0
	5,250,000		Pfizer, Inc., 3.400%-4.300%, 05/15/2024-09/15/2048			5,309,108		0.2
	5,330,000		Sanofi, 3.375%-4.000%, 03/29/2021-06/19/2028			5,428,393		0.2
	8,850,000		UnitedHealth Group, Inc., 1.625%-4.750%, 03/15/2019-04/15/2047			8,809,073		0.3
	110,997,000	(2)	Other Securities			109,221,109		3.4
						184,147,624		5.8
			Energy: 2.8%
	4,250,000		BP Capital Markets America, Inc., 2.112%-3.937%, 09/16/2021-09/21/2028			4,150,798		0.1
	1,750,000		BP Capital Markets PLC, 2.315%-3.814%, 02/13/2020-11/04/2024			1,744,730		0.1
	4,300,000		Chevron Corp., 1.561%-3.326%, 05/16/2019-05/16/2026			4,218,910		0.1
	4,792,000		Kinder Morgan Energy Partners L.P., 3.500%-6.950%, 03/01/2021-09/01/2044			5,102,722		0.2
	1,500,000		Kinder Morgan, Inc./DE, 4.300%-5.550%, 06/01/2025-02/15/2046			1,454,591		0.0
	9,305,000		Petroleos Mexicanos, 4.250%-6.625%, 03/05/2020-06/27/2044			8,616,412		0.3

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Energy (continued)
	1,000,000		Phillips 66, 3.289%, (US0003M + 0.600%), 02/26/2021		$	989,124		0.0
	63,005,000		Other Securities			62,354,830		2.0
						88,632,117		2.8
			Financial: 10.0%
	1,750,000		American Express Co., 3.000%-3.400%, 02/27/2023-10/30/2024			1,711,540		0.0
	2,000,000		American Express Credit Corp., 2.200%-3.300%, 03/03/2020-05/03/2027			1,959,130		0.1
	20,905,000	(3)	Bank of America Corp., 2.625%-4.450%, 04/01/2019-12/20/2028			20,347,937		0.7
	1,020,000		Berkshire Hathaway Finance Corp., 3.000%, 05/15/2022			1,018,097		0.0
	2,000,000		Berkshire Hathaway, Inc., 2.750%-3.125%, 03/15/2023-03/15/2026			1,952,848		0.1
	1,000,000	(1)	BNP Paribas SA, 3.500%, 11/16/2027			923,384		0.0
	1,000,000	(1)	BPCE SA, 2.750%, 01/11/2023			959,751		0.1
	1,000,000	(1)	BPCE SA, 3.250%, 01/11/2028			928,618		0.0
	4,000,000		Capital One Financial Corp., 2.450%-4.200%, 04/24/2019-01/31/2028			3,821,491		0.1
	500,000		Citibank NA, 2.100%, 06/12/2020			491,752		0.0
	13,608,000	(3)	Citigroup, Inc., 2.500%-8.125%, 07/29/2019-05/06/2044			13,425,660		0.4
	10,000,000	(1)(4)	CPPIB Capital, Inc., 3.125%, 09/25/2023			10,153,022		0.3
	750,000	(1)	Credit Suisse Group AG, 3.574%, 01/09/2023			732,284		0.1
	750,000	(1)	Credit Suisse Group AG, 4.282%, 01/09/2028			724,747		0.0
	800,000	(1)	Dexia Credit Local SA, 2.500%, 01/25/2021			795,808		0.0
	4,580,000	(3)	Goldman Sachs Group, Inc./The, 2.875%-3.850%, 02/25/2021-04/23/2029			4,387,169		0.1
	8,800,000		Goldman Sachs Group, Inc., 2.550%-6.750%, 10/23/2019-10/01/2037			9,288,331		0.3
	6,350,000	(3)	HSBC Holdings PLC, 3.400%-6.500%, 03/08/2021-12/31/2199			6,737,820		0.2

See Accompanying Notes to Financial Statements

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Voya U.S. Bond Index Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Financial (continued)
	500,000		HSBC USA, Inc., 2.250%-3.500%, 06/23/2019-06/23/2024		$	495,271		0.0
	1,000,000	(3)	JPMorgan Chase Bank NA, 2.604%, 02/01/2021			992,101		0.0
	18,625,000	(3)	JPMorgan Chase & Co., 2.700%-5.500%, 06/23/2020-02/22/2048			18,564,480		0.6
	19,000,000	(4)	Kreditanstalt fuer Wiederaufbau, 1.250%-2.625%, 09/30/2019-03/07/2022			18,877,557		0.6
	500,000	(1)	Metropolitan Life Global Funding I, 1.950%, 09/15/2021			482,908		0.0
	750,000	(1)	Metropolitan Life Global Funding I, 3.450%, 12/18/2026			735,595		0.1
	13,300,000	(3)	Morgan Stanley, 2.500%-5.000%, 04/21/2021-01/24/2029			12,992,555		0.4
	750,000	(1)	Toronto-Dominion Bank/The, 2.500%, 01/18/2023			741,402		0.0
	500,000	(1)	UBS Group Funding Switzerland AG, 2.950%, 09/24/2020			494,747		0.0
	500,000	(1)	UBS Group Funding Switzerland AG, 3.000%, 04/15/2021			496,278		0.0
	16,733,000	(3)	Wells Fargo & Co., 2.625%-5.606%, 04/01/2021-11/17/2045			16,754,671		0.5
	2,750,000		Wells Fargo Bank NA, 2.600%-6.600%, 01/15/2021-01/15/2038			2,924,234		0.1
	168,350,000	(2)	Other Securities			164,855,174		5.2
						319,766,362		10.0
			Industrial: 2.1%
	2,500,000		Caterpillar Financial Services Corp., 2.100%-3.750%, 01/10/2020-08/09/2026			2,484,061		0.1
	3,000,000	(4)	Caterpillar, Inc., 2.600%-4.300%, 06/26/2022-05/15/2044			2,945,061		0.1
	62,604,000		Other Securities			61,575,401		1.9
						67,004,523		2.1
			Technology: 1.7%
	14,900,000		Apple, Inc., 2.100%-4.650%, 05/06/2019-02/23/2046			14,648,127		0.4

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Technology (continued)
	400,000	(1)	Dell International LLC / EMC Corp., 3.480%, 06/01/2019		$	398,860		0.0
	400,000	(1)	Dell International LLC / EMC Corp., 4.420%, 06/15/2021			399,818		0.0
	400,000	(1)	Dell International LLC / EMC Corp., 5.450%, 06/15/2023			407,418		0.0
	400,000	(1)	Dell International LLC / EMC Corp., 6.020%, 06/15/2026			402,572		0.0
	400,000	(1)	Dell International LLC / EMC Corp., 8.350%, 07/15/2046			434,765		0.1
	5,550,000		International Business Machines Corp., 1.625%-3.450%, 05/15/2019-02/19/2026			5,445,178		0.2
	11,250,000		Microsoft Corp., 1.550%-4.875%, 08/08/2021-08/08/2056			11,280,233		0.3
	9,580,000		Oracle Corp., 1.900%-5.375%, 10/08/2019-05/15/2045			9,518,512		0.3
	11,853,000		Other Securities			11,628,596		0.4
						54,564,079		1.7
			Utilities: 2.1%
	3,668,000		Berkshire Hathaway Energy Co., 6.125%, 04/01/2036			4,387,071		0.1
	500,000		Duke Energy Carolinas LLC, 2.500%, 03/15/2023			483,287		0.0
	1,000,000		Duke Energy Florida LLC, 3.800%, 07/15/2028			1,009,917		0.0
	2,000,000		Duke Energy Corp., 1.800%-4.800%, 09/01/2021-09/01/2046			1,930,375		0.1
	2,900,000		Duke Energy Progress LLC, 3.700%-4.375%, 03/30/2044-10/15/2046			2,873,337		0.1
	1,000,000	(1)	Israel Electric Corp. Ltd., 4.250%, 08/14/2028			952,308		0.0
	250,000	(1)	Monongahela Power Co., 5.400%, 12/15/2043			292,682		0.0
	57,400,303	(2)	Other Securities			56,892,878		1.8
						68,821,855		2.1
			Total Corporate Bonds/Notes (Cost $971,106,859)			954,993,205		29.8
COLLATERALIZED MORTGAGE OBLIGATIONS: 0.1%
	1,633,081		Fannie Mae 2012-110 CA, 3.000%, 10/25/2042			1,612,731		0.1
	1,430,543		Fannie Mae REMIC Trust 2006-78 BZ, 6.500%, 08/25/2036			1,566,397		0.0

See Accompanying Notes to Financial Statements

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Voya U.S. Bond Index Portfolio

as of December 31, 2018 (continued)

Principal Amount†			Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
		Total Collateralized Mortgage Obligations (Cost $3,231,341)		$	3,179,128		0.1
MUNICIPAL BONDS:1.0%
		California: 0.2%
	4,335,000	State of California, 7.550%, 04/01/2039			6,225,017		0.2
		Connecticut: 0.1%
	3,735,000	Other Securities			4,280,721		0.1
		New Jersey: 0.2%
	5,760,000	Other Securities			7,371,563		0.2
		New York: 0.2%
	3,495,000	Other Securities			4,652,823		0.2
		Ohio: 0.2%
	3,355,000	Other Securities			4,927,958		0.2
		Washington: 0.1%
	3,900,000	Other Securities			4,538,625		0.1
		Total Municipal Bonds (Cost $26,900,867)			31,996,707		1.0
CONVERTIBLE BONDS/NOTES: 0.0%
		Financial: 0.0%
	500,000	Other Securities			497,732		0.0
		Total Convertible Bonds/Notes (Cost $500,750)			497,732		0.0
ASSET-BACKED SECURITIES: 0.6%
		Automobile Asset-Backed Securities: 0.3%
	1,000,000	GM Financial Automobile Leasing Trust 2018-1 B, 2.870%, 12/20/2021			996,886		0.0
	7,950,000	Other Securities			7,873,241		0.3
					8,870,127		0.3
		Credit Card Asset-Backed Securities: 0.2%
	1,500,000	American Express Credit Account Master Trust 2017-1 B, 2.100%, 09/15/2022			1,486,267		0.1
	1,000,000	American Express Credit Account Master Trust 2017-7 A, 2.350%, 05/15/2025			983,136		0.0
	1,000,000	Capital One Multi-Asset Execution Trust 2015-A2 A2, 2.080%, 03/15/2023			988,297		0.0
	1,000,000	Capital One Multi-Asset Execution Trust 2017-A3 A3, 2.430%, 01/15/2025			989,438		0.0
	855,000	Citibank Credit Card Issuance Trust 2014-A1 A1, 2.880%, 01/23/2023			854,874		0.0
	2,000,000	Other Securities			1,981,942		0.1
					7,283,954		0.2

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities: 0.1%
	1,650,000	(1)	Volvo Financial Equipment LLC Series 2017-1A A4, 2.210%, 11/15/2021		$	1,630,692		0.1
	254,956		Other Securities			252,724		0.0
						1,883,416		0.1
			Total Asset-Backed Securities (Cost $18,207,157)			18,037,497		0.6
U.S. GOVERNMENT AGENCY OBLIGATIONS(5): 28.2%
			Federal Home Loan Mortgage Corporation: 7.4%(5)
	28,870,546		3.000%, 05/01/2045			28,258,173		0.9
	25,643,189		3.500%, 04/01/2043			25,799,589		0.8
	27,926,456		3.500%, 02/01/2044			28,097,109		0.9
	28,437,907		3.500%, 03/01/2048			28,533,132		0.9
	1,390,477		3.813%, 02/01/2042			1,451,289		0.0
	122,400,632	(6)	3.000%-6.750%, 03/27/2019-07/01/2048			125,411,942		3.9
						237,551,234		7.4
			Federal National Mortgage Association: 12.5%(5)
	19,076,000	(6)	2.500%, 01/23/2032			18,631,720		0.6
	20,426,624		3.000%, 12/01/2042			20,116,083		0.6
	22,910,208		3.000%, 12/01/2046			22,369,003		0.7
	15,542,334		3.500%, 11/01/2042			15,673,377		0.5
	22,374,882		3.500%, 11/01/2051			22,425,854		0.7
	12,657,000	(6)	4.000%, 08/25/2040			12,907,433		0.4
	16,806,353		4.000%, 11/01/2040			17,294,587		0.6
	11,292,988		4.000%, 06/01/2045			11,577,721		0.4
	16,696,931		4.000%, 02/01/2048			17,037,393		0.5
	13,029,000	(6)	4.500%, 01/25/2039			13,499,960		0.4
	221,775,811		1.500%-7.250%, 05/01/2019-03/01/2048			227,441,191		7.1
						398,974,322		12.5
			Government National Mortgage Association: 7.9%
	12,897,354		3.000%, 04/15/2045			12,714,889		0.4
	20,965,091		3.000%, 07/20/2046			20,668,746		0.6
	28,027,474		3.000%, 04/20/2048			27,592,134		0.9
	26,030,297		3.500%, 03/20/2047			26,194,851		0.8
	14,548,840		3.500%, 09/20/2047			14,602,706		0.5
	12,223,597		3.500%, 12/20/2047			12,317,992		0.4
	13,596,428		3.500%, 01/20/2048			13,701,172		0.4
	26,746,531		3.500%, 02/20/2048			26,910,727		0.8
	13,100,000	(6)	4.000%, 09/20/2040			13,416,312		0.4
	84,131,020	(6)	3.000%-6.000%, 10/15/2036-06/20/2048			85,908,644		2.7
						254,028,173		7.9

See Accompanying Notes to Financial Statements

146

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS(5): (continued)
			Other U.S. Agency Obligations: 0.4%
	11,510,000	(4)	1.875%-7.125%, 08/15/2022-01/15/2038		$	13,186,360		0.4
			Total U.S. Government Agency Obligations (Cost $909,551,238)			903,740,089		28.2
U.S. TREASURY OBLIGATIONS: 35.9%
			U.S. Treasury Bonds: 5.9%
	63,464,000		3.000%, 08/15/2048			63,291,850		2.0
	13,888,000		3.625%, 08/15/2043			15,403,922		0.5
	14,092,000		3.625%, 02/15/2044			15,641,979		0.5
	13,251,000		3.750%, 11/15/2043			14,995,741		0.4
	79,190,000		2.250%-6.000%, 02/15/2026-08/15/2046			80,107,401		2.5
						189,440,893		5.9
			U.S. Treasury Notes: 30.0%
	11,755,000		1.250%, 01/31/2020			11,586,208		0.4
	13,040,000		1.250%, 10/31/2021			12,607,059		0.4
	20,000,000		1.375%, 01/15/2020			19,749,559		0.6
	37,540,000		1.375%, 04/30/2021			36,615,610		1.1
	24,847,000		1.625%, 02/15/2026			23,278,506		0.7
	22,705,000		1.750%, 09/30/2019			22,559,422		0.7
	18,000,000		1.750%, 09/30/2022			17,529,302		0.6
	24,900,000		2.000%, 11/30/2020			24,670,663		0.8
	12,097,000		2.000%, 02/28/2021			11,971,795		0.4
	17,133,000		2.000%, 11/15/2026			16,371,746		0.5
	20,498,000		2.125%, 01/31/2021			20,340,924		0.6
	20,000,000		2.125%, 05/15/2025			19,473,502		0.6
	26,457,000		2.250%, 11/15/2024			26,011,623		0.8
	19,590,000		2.375%, 12/31/2020			19,547,230		0.6
	78,352,000		2.500%, 12/31/2020			78,341,604		2.4
	103,236,000		2.625%, 12/15/2021			103,706,972		3.2
	37,384,000		2.625%, 12/31/2023			37,580,702		1.2
	36,569,500		2.750%, 11/15/2023			36,979,603		1.2
	42,052,000		2.750%, 02/15/2024			42,513,061		1.3
	16,545,000		2.875%, 10/31/2020			16,648,267		0.5
	58,905,000		2.875%, 11/30/2025			60,000,197		1.9
	39,399,700		3.125%, 11/15/2028			40,902,026		1.3
	265,340,000		0.875%-3.500%, 09/15/2019-11/15/2025			260,375,582		8.2
						959,361,163		30.0
			Total U.S. Treasury Obligations (Cost $1,147,974,699)			1,148,802,056		35.9
COMMERCIAL MORTGAGE-BACKED SECURITIES: 2.1%
	2,000,000	(1)	BAMLL Commercial Mortgage Securities Trust 2015-200P A, 3.218%, 04/14/2033			1,976,158		0.1

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	3,000,000		Citigroup Commercial Mortgage Trust 2014-GC19 A4, 4.023%, 03/10/2047		$	3,091,642		0.1
	1,000,000	(1)(3)	COMM 2013-CR10 AM, 4.517%, 08/10/2046			1,045,535		0.0
	1,000,000	(1)(3)	Core Industrial Trust 2015-TEXW D, 3.849%, 02/10/2034			992,253		0.1
	981,425	(1)	Core Industrial Trust 2015-WEST A, 3.292%, 02/10/2037			971,968		0.0
	2,000,000	(3)	Ginnia Mae 2011-20 C, 3.562%, 04/16/2041			2,006,524		0.1
	2,000,000	(3)	Ginnie Mae 2011-127 C, 3.500%, 03/16/2047			2,007,836		0.1
	6,000,000	(3)	Ginnie Mae 2011-142 B, 3.485%, 02/16/2044			5,998,376		0.2
	5,000,000	(3)	Ginnie Mae 2011-38 D, 3.719%, 01/16/2051			5,143,168		0.1
	191,761	(3)	Ginnie Mae 2011-53 B, 4.397%, 05/16/2051			195,955		0.0
	5,000,000		Ginnie Mae 2014-150 C, 3.400%, 12/16/2049			5,069,564		0.1
	3,000,000		Ginnie Mae 2014-50 C, 3.400%, 02/16/2047			3,027,491		0.1
	1,000,000	(3)	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C13 B, 3.991%, 01/15/2046			1,004,289		0.0
	6,379,463		JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16, 4.166%, 12/15/2046			6,604,122		0.2
	3,000,000		JPMDB Commercial Mortgage Securities Trust 2016-C2 A3A, 2.881%, 06/15/2049			2,889,142		0.1
	2,065,000	(1)	Ladder Capital Commercial Mortgage 2013-GCP A2 Mortgage Trust, 3.985%, 02/15/2036			2,078,867		0.1
	3,200,000		Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8 A4 A4, 3.134%, 12/15/2048			3,181,465		0.1
	2,000,000		Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 A4, 3.526%, 12/15/2047			2,007,586		0.1

See Accompanying Notes to Financial Statements

147

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2018 (continued)

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	1,250,000	(3)	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15 B, 4.565%, 04/15/2047		$	1,287,286		0.0
	220,000	(3)	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21 C, 4.159%, 03/15/2048			211,154		0.0
	100,000	(1)(3)	Morgan Stanley Capital I Trust 2011-C1 D, 5.375%, 09/15/2047			103,497		0.0
	100,000	(1)(3)	Morgan Stanley Capital I Trust 2011-C1 E, 5.375%, 09/15/2047			103,484		0.0
	1,000,000	(1)(3)	MSCG Trust 2015-ALDR A2, 3.462%, 06/07/2035			969,637		0.0
	2,350,000		Wells Fargo Commercial Mortgage Trust 2015-P2 A3, 3.541%, 12/15/2048			2,369,781		0.1
	2,000,000		Wells Fargo Commercial Mortgage Trust 2016-NXS5 A4, 3.370%, 01/15/2059			1,981,523		0.0
	11,465,000		Other Securities			11,605,647		0.4
			Total Commercial Mortgage-Backed Securities (Cost $69,822,883)			67,923,950		2.1
FOREIGN GOVERNMENT BONDS: 3.2%
	6,506,000		Asian Development Bank, 1.625%-2.125%, 03/16/2021-03/19/2025			6,378,149		0.2
	4,950,000		Colombia Government International Bond, 4.000%-7.375%, 02/26/2024-09/18/2037			5,339,587		0.2
	17,771,000		European Investment Bank, 1.125%-4.000%, 08/15/2019-03/15/2022			17,576,688		0.6
	6,000,000		Japan Bank for International Cooperation, 1.750%-2.125%, 05/28/2020-11/16/2020			5,923,700		0.2
	3,000,000	(1)	Kommunalbanken AS, 2.250%, 01/25/2022			2,963,046		0.1
	1,800,000	(1)	Kommunalbanken AS, 2.500%, 01/11/2023			1,783,319		0.0
	1,000,000		Province of Ontario Canada, 1.875%, 05/21/2020			988,697		0.1
	13,308,000		Province of Ontario Canada, 4.400%, 04/14/2020			13,591,436		0.4

Principal Amount†				Value			Percentage of Net Assets
FOREIGN GOVERNMENT BONDS: (continued)
	43,489,000	(2)	Other Securities		$	45,556,191		1.4
			Total Foreign Government Bonds (Cost $101,111,902)			100,100,813		3.2
			Total Long-Term Investments (Cost $3,248,407,696)			3,229,271,177		100.9
SHORT-TERM INVESTMENTS: 3.9%
			Commercial Paper: 2.9%
	61,225,000		Concord Minutemen, 2.500%, 01/03/2019			61,212,423		1.9
	10,000,000		Consolidated Edison Co. of New York, Inc., 2.600%, 01/02/2019			9,998,554		0.3
	7,810,000		Lockheed Martin Corp., 2.700%, 01/02/2019			7,808,863		0.2
	15,000,000		Sysco Corp., 0.300%, 01/02/2019			14,999,789		0.5
						94,019,629		2.9
			Securities Lending Collateral(7): 0.7%
	5,248,570		Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $5,249,533, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $5,353,541, due 01/25/19-10/20/68)			5,248,570		0.1
	1,023,192		Citibank N.A., Repurchase Agreement dated 12/31/18, 3.00%, due 01/02/19 (Repurchase Amount $1,023,360, collateralized by various U.S. Government Securities, 0.000%-8.750%, Market Value plus accrued interest $1,043,656, due 01/03/19-09/09/49)			1,023,192		0.0

See Accompanying Notes to Financial Statements

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Voya U.S. Bond Index Portfolio

as of December 31, 2018 (continued)

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateral(7) (continued)
	5,248,570	Nomura Securities, Repurchase Agreement dated 12/31/18, 3.00%, due 01/02/19 (Repurchase Amount $5,249,433, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $5,353,541, due 01/03/19-11/20/68)		$	5,248,570		0.2
	5,248,570	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $5,249,439, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $5,353,541, due 10/01/25-10/20/48)			5,248,570		0.2
	5,248,570	TD Securities (USA) LLC, Repurchase Agreement dated 12/31/18, 3.00%, due 01/02/19 (Repurchase Amount $5,249,433, collateralized by various U.S. Government Agency Obligations, 3.500%-4.500%, Market Value plus accrued interest $5,353,541, due 06/01/47-08/01/48)			5,248,570		0.2
					22,017,472		0.7

Shares				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Mutual Funds: 0.3%
	9,769,000	(8)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340% (Cost $9,769,000)		9,769,000		0.3

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Total Short-Term Investments (Cost $125,810,543)		$	125,806,101		3.9
	Total Investments in Securities (Cost $3,374,218,239)		$	3,355,077,278		104.8
	Liabilities in Excess of Other Assets			(152,572,440)		(4.8)
	Net Assets		$	3,202,504,838		100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

(2)

The grouping contains securities on loan.

(3)

Variable rate security. Rate shown is the rate in effect as of December 31, 2018.

(4)

Security, or a portion of the security, is on loan.

(5)

(6)

Settlement is on a when-issued or delayed-delivery basis.

(7)

Represents securities purchased with cash collateral received for securities on loan.

(8)

Rate shown is the 7-day yield as of December 31, 2018.

Reference Rate Abbreviations:
US0003M 3-month LIBOR
US0012M 12-month LIBOR

See Accompanying Notes to Financial Statements

149

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Voya U.S. Bond Index Portfolio

as of December 31, 2018 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2018
Asset Table
Investments, at fair value
Corporate Bonds/Notes		$	—		$	954,993,205		$	—		$	954,993,205
Collateralized Mortgage Obligations			—			3,179,128			—			3,179,128
Municipal Bonds			—			31,996,707			—			31,996,707
U.S. Treasury Obligations			—			1,148,802,056			—			1,148,802,056
Convertible Bonds/Notes			—			497,732			—			497,732
U.S. Government Agency Obligations			—			903,740,089			—			903,740,089
Asset-Backed Securities			—			18,037,497			—			18,037,497
Commercial Mortgage-Backed Securities			—			67,923,950			—			67,923,950
Foreign Government Bonds			—			100,100,813			—			100,100,813
Short-Term Investments			9,769,000			116,037,101			—			125,806,101
Total Investments, at fair value		$	9,769,000		$	3,345,308,278		$	—		$	3,355,077,278
Other Financial Instruments+
Centrally Cleared Swaps			—			—			—			—
Liabilities Table
Other Financial Instruments+
Futures		$	(5,758)		$	—		$	—		$	(5,758)
Total Liabilities		$	(5,758)		$	—		$	—		$	(5,758)

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

At December 31, 2018, the following futures contracts were outstanding for Voya U.S. Bond Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Short Contracts
U.S. Treasury 2-Year Note		(4)		03/29/19		$	(849,250)		$	(5,758)
						$	(849,250)		$	(5,758)

At December 31, 2018, the following centrally cleared credit default swaps were outstanding for Voya U.S. Bond Index 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 Investment Grade Index, Series 31, Version 1		Buy		1.000		12/20/23	USD 60,000,000		$	(338,270)		$	—
									$	(338,270)		$	—

(1)

(2)

Payments made quarterly.

(3)

See Accompanying Notes to Financial Statements

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2018 (continued)

(4)

Currency Abbreviations
USD – United States Dollar

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of December 31, 2018 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Interest rate contracts	Net Assets — Unrealized depreciation*		$	5,758
Total Liability Derivatives			$	5,758

Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2018 was as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Futures			Swaps			Total
Interest Rate Contracts		$	18,499		$	—		$	18,499
Credit Contracts			—			(720)			(720)
Total		$	18,499		$	(720)		$	17,779

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Futures			Swaps			Total
Interest Rate Contracts		$	(9,619)		$	—		$	(9,619)
Total		$	(9,619)		$	—		$	(9,619)

At December 31, 2018, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:

Cost for federal income tax purposes was $3,379,587,228.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	35,403,650
Gross Unrealized Depreciation		(60,257,627)
Net Unrealized Depreciation	$	(24,853,977)

See Accompanying Notes to Financial Statements

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TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended December 31, 2018 were as follows:

Portfolio Name	Type	Per Share Amount
Voya Australia Index Portfolio
Class I	NII		$	0.5153
Voya Emerging Markets Index Portfolio
Class I	NII		$	0.3016
Class P2	NII		$	0.3018
Class S	NII		$	0.2742
Voya Euro STOXX 50® Index Portfolio
Class ADV	NII		$	0.2619
Class I	NII		$	0.3237
All Classes	LTCG		$	0.1935
Voya FTSE 100 Index® Portfolio
Class ADV	NII		$	0.4168
Class I	NII		$	0.4573
All Classes	LTCG		$	0.2457
Voya Hang Seng Index Portfolio
Class ADV	NII		$	0.7443
Class I	NII		$	0.8379
Class S	NII		$	0.7945
All Classes	STCG		$	0.2401
All Classes	LTCG		$	1.8802
Voya International Index Portfolio
Class ADV	NII		$	0.2337
Class I	NII		$	0.2899
Class P2	NII		$	0.2897
Class S	NII		$	0.2628
Class S2	NII		$	0.2503
Voya Japan TOPIX Index® Portfolio
Class ADV	NII		$	0.2296
Class I	NII		$	0.2961
All Classes	STCG		$	0.0416
All Classes	LTCG		$	0.9147
Voya Russell™ Large Cap Growth Index Portfolio
Class ADV	NII		$	0.2282
Class I	NII		$	0.3883
Class S	NII		$	0.3019
All Classes	STCG		$	0.2205
All Classes	LTCG		$	1.0176
Voya Russell™ Large Cap Index Portfolio
Class ADV	NII		$	0.2600

Portfolio Name	Type	Per Share Amount
Voya Russell™ Large Cap Index Portfolio (continued)
Class I	NII		$	0.3456
Class S	NII		$	0.2904
Class S2	NII		$	0.2298
Voya Russell™ Large Cap Value Index Portfolio
Class ADV	NII		$	0.4353
Class I	NII		$	0.5305
Class S	NII		$	0.4670
All Classes	STCG		$	0.1877
All Classes	LTCG		$	0.5821
Voya Russell™ Mid Cap Growth Index Portfolio
Class I	NII		$	0.2320
Class S	NII		$	0.1436
Class S2	NII		$	0.0964
All Classes	STCG		$	0.9200
All Classes	LTCG		$	2.9352
Voya Russell™ Mid Cap Index Portfolio
Class ADV	NII		$	0.1541
Class I	NII		$	0.2293
Class P2	NII		$	0.2295
Class S	NII		$	0.1843
Class S2	NII		$	0.1645
All Classes	STCG		$	0.0942
All Classes	LTCG		$	1.7040
Voya Russell™ Small Cap Index Portfolio
Class ADV	NII		$	0.1017
Class I	NII		$	0.1739
Class P2	NII		$	0.1741
Class S	NII		$	0.1304
Class S2	NII		$	0.1021
All Classes	STCG		$	0.1227
All Classes	LTCG		$	0.7856
Voya U.S. Bond Index Portfolio
Class ADV	NII		$	0.1858
Class I	NII		$	0.2381
Class P2	NII		$	0.2639
Class S	NII		$	0.2119
Class S2	NII		$	0.1965
All Classes	LTCG		$	0.0037

NII – Net investment income

STCG – Short-term capital gain

LTCG – Long-term capital gain

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TAX INFORMATION (Unaudited) (continued)

Of the ordinary distributions made during the year ended December 31, 2018, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

	Voya Russell™ Large Cap Growth Index Portfolio					86.16%
	Voya Russell™ Large Cap Index Portfolio					100.00%
	Voya Russell™ Large Cap Value Index Portfolio					89.06%
	Voya Russell™ Mid Cap Growth Index Portfolio					27.69%
	Voya Russell™ Mid Cap Index Portfolio					72.07%
	Voya Russell™ Small Cap Index Portfolio					45.14%

The Portfolios designate the following amounts of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):

Voya Euro STOXX 50® Index Portfolio	$	6,314,624
Voya FTSE 100 Index® Portfolio	$	6,512,647
Voya Hang Seng Index Portfolio	$	7,246,620
Voya Japan TOPIX Index® Portfolio	$	20,199,907
Voya Russell™ Large Cap Growth Index Portfolio	$	19,687,926
Voya Russell™ Large Cap Value Index Portfolio	$	10,168,306
Voya Russell™ Mid Cap Growth Index Portfolio	$	25,069,241
Voya Russell™ Mid Cap Index Portfolio	$	188,732,497
Voya Russell™ Small Cap Index Portfolio	$	43,487,089
Voya U.S. Bond Index Portfolio	$	1,213,558

Pursuant to Section 853 of the Internal Revenue Code, the Portfolios designate the following amounts as foreign taxes paid for the year ended December 31, 2018. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

	Creditable Foreign Taxes Paid			Per Share Amount			Portion of Ordinary Income Distribution Derived from Foreign Sourced Income*
Voya Australia Index Portfolio		$	2,922		$	0.0002		100.00%
Voya Emerging Markets Index Portfolio		$	2,040,056		$	0.0266		100.00%
Voya Euro STOXX 50® Index Portfolio		$	659,671		$	0.0178		100.00%
Voya Hang Seng Index Portfolio		$	63,251		$	0.0189		96.64%
Voya International Index Portfolio		$	2,316,834		$	0.0015		97.90%
Voya Japan TOPIX Index® Portfolio		$	551,748		$	0.0247		81.03%

None of the Portfolios listed above derived any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Foreign taxes paid or withheld must be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. Shareholders are strongly advised to consult their own tax advisors regarding the appropriate treatment of foreign taxes paid.

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DIRECTOR AND OFFICER INFORMATION (Unaudited)

Name, Address and Age

Position(s)
Held with the
Company

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) –
During the Past 5 Years

Number of
funds in
Fund
Complex
Overseen by
Director(2)

Other Board Positions
Held by Director

Independent Directors*:

Colleen D. Baldwin
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 58

Director

May 2013 – Present

President, Glantuam Partners, LLC, a business consulting firm (January 2009 – Present).

150

Dentaquest, Boston, MA (February 2014 – Present); RSR Partners, Inc. (2016 – Present).

John V. Boyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 65

Chairperson
Director

January 2014 – Present
May 2013 – Present

President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008 – Present).

150

None.

Patricia W. Chadwick
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 70

Director

May 2013 – Present

Consultant and President, Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy (January 2000 – Present).

150

Wisconsin Energy Corporation (June 2006 – Present); The Royce Fund (22 funds) (December 2009 – Present); and AMICA Mutual Insurance Company (1992 – Present).

Martin J. Gavin
7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, AZ 85258
Age: 68

Director

August 2015 – Present

Retired. Formerly, President and Chief Executive Officer, Connecticut Children’s Medical Center (May 2006 – November 2015).

150

None.

Russell H. Jones
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 74

Director

December 2007 – Present

Retired.

150

None.

Joseph E. Obermeyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 61

Director

January 2003 – Present

President, Obermeyer & Associates, Inc., a provider of financial and economic consulting services (November 1999 – Present).

150

None.

Sheryl K. Pressler
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 68

Director

May 2013 – Present

Consultant (May 2001 – Present).

150

None.

Christopher P. Sullivan
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 65

Director

October 2015 – Present

Retired.

150

None.

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DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age

Position(s)
Held with the
Company

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) –
During the Past 5 Years

Number of
funds in
Fund
Complex
Overseen by
Director(2)

Other Board Positions
Held by Director

Roger B. Vincent
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 73

Director

May 2013 – Present

Retired.

150

None.

Director who is an “interested person”:

Dina Santoro(3)
230 Park Avenue
New York, New York 10169
Age: 45

Director

July 2018 – Present

150

Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Voya Investments Distributor, LLC (April 2018 – Present).

(1)

(2)

(3)

Effective December 31, 2018, Patrick W. Kenny retired as Director of the Board.

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DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age	Position(s) Held With the Company	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Michael Bell One Orange Way Windsor, Connecticut 06095 Age: 50	Chief Executive Officer	March 2018 – Present	Chief Executive Officer and Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Senior Vice President and Treasurer, Voya Investments Distributor, LLC (November 2015 – Present); Chief Financial Officer, Voya Investment Management (September 2014 – Present). Formerly, Senior Vice President, Chief Financial Officer and Treasurer, Voya Investments, LLC (November 2015 – March 2018); Chief Financial Officer and Chief Accounting Officer, Hartford Investment Management (September 2003 – September 2014).
Dina Santoro230 Park AvenueNew York, New York 10169Age: 45	President	March 2018 – Present	President and Director, Voya Investments, LLC and Voya Capital, LLC (March 2018 – Present); Director, Voya Funds Services, LLC (March 2018 – Present); Director and Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Managing Director, Head of Product and Marketing Strategy, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Quantitative Management Associates, LLC (January 2004 – August 2017).
Stanley D. Vyner 230 Park Avenue New York, New York 10169 Age: 68	Executive Vice President Chief Investment Risk Officer	March 2002 – Present May 2013 – Present	Executive Vice President, Voya Investments, LLC (July 2000 – Present) and Chief Investment Risk Officer, Voya Investments, LLC (January 2003 – Present).
James M. Fink 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 60	Executive Vice President	March 2018 – Present	Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Chief Administrative Officer, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Operations, Voya Investment Management (March 1999 – September 2017).
Kevin M. Gleason 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52	Chief Compliance Officer	February 2012 – Present	Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (February 2012 – Present).
Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 51	Senior Vice President, Chief/PrincipalFinancial Officer and Assistant Secretary	March 2005 – Present	President, Voya Funds Services, LLC (March 2018 – Present) and Senior Vice President, Voya Investments, LLC (April 2005 – Present).
Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 54	Senior Vice President	December 2003 – Present	Senior Vice President, Voya Investments, LLC (September 2003 – Present).
Robert Terris 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 48	Senior Vice President	June 2006 – Present	Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (March 2006 – Present).
Fred Bedoya 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 46	Vice President and Treasurer	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2012 – Present).

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DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age	Position(s) Held With the Company	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Maria M. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 60	Vice President	September 2004 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (September 2004 – Present).
Sara M. Donaldson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 59	Vice President	September 2014 – Present	Vice President, Voya Investments, LLC (October 2015 – Present). Formerly, Vice President, Voya Funds Services, LLC (April 2014 – October 2015). Formerly, Director, Compliance, AXA Rosenberg Global Services, LLC (September 1997 – March 2014).
Micheline S. Faver 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 41	Vice President	September 2016 – Present	Vice President, Head of Fund Compliance and Chief Compliance Officer, Voya Investments, LLC (June 2016 – Present). Formerly, Vice President, Mutual Fund Compliance (March 2014 – June 2016); Assistant Vice President, Mutual Fund Compliance (May 2013 – March 2014).
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 51	Vice President	March 2002 – Present	Vice President, Voya Funds Services, LLC (November 1995 – Present) and Voya Investments, LLC (August 1997 – Present).
Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 42	Vice President	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2007 – Present).
Andrew K. Schlueter 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 42	Vice President	March 2018 – Present	Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018 – Present); Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 – Present). Formerly, Vice President, Voya Investment Management (March 2014 – February 2018); Assistant Vice President, Voya Investment Management (March 2011 – March 2014).
Kimberly K. Springer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 61	Vice President	March 2006 – Present	Vice President – Mutual Fund Product Development, Voya Investments, LLC (July 2012 – Present); Vice President, Voya Family of Funds (March 2010 – Present) and Vice President, Voya Funds Services, LLC (March 2006 – Present).
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 49	Vice President	May 2013 – Present	Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present). Formerly, Vice President – Director of Tax, Voya Funds Services, LLC (March 2013 – October 2015).
Monia Piacenti One Orange Way Windsor, Connecticut 06095 Age: 42	Anti-Money Laundering Officer	June 2018 – Present	Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present); Compliance Consultant, Voya Financial, Inc. (January 2019 – Present). Senior Compliance Officer, Voya Investment Management (December 2009 – December 2018).
Huey P. Falgout, Jr. 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55	Secretary	May 2013 – Present	Senior Vice President and Secretary of Voya Investments, LLC (December 2018 – Present) and Voya Funds Services, LLC (March 2010 – Present); Senior Vice President and Chief Counsel, Voya Investment Management – Mutual Fund Legal Department (March 2010 – Present).

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DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age	Position(s) Held With the Company	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Paul A. Caldarelli 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 67	Assistant Secretary	August 2010 – Present	Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (March 2010 – Present).
Theresa K. Kelety 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 56	Assistant Secretary	May 2013 – Present	Vice President and Senior Counsel, Voya Investment Management — Mutual Fund Legal Department (March 2010 – Present).

(1)

The Officers hold office until the next annual meeting of the Board of Directors and until their successors shall have been elected and qualified.

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS AND
SUB-ADVISORY CONTRACTS

At a meeting held on November 16, 2018, the Board of Directors (“Board”) of Voya Variable Portfolios, Inc. (the “Company”), including a majority of the Independent Directors, considered and approved the renewal of the investment management contracts (the “Management Contracts”) between Voya Investments, LLC (the “Manager”) and the Company, on behalf of Voya Australia Index Portfolio, Voya Emerging Markets Index Portfolio, Voya Euro STOXX 50® Index Portfolio, Voya FTSE 100 Index® Portfolio, Voya Hang Seng Index Portfolio, Voya International Index Portfolio, Voya Japan TOPIX Index® Portfolio, Voya Russell™ Large Cap Growth Index Portfolio, Voya Russell™ Large Cap Index Portfolio, Voya Russell™ Large Cap Value Index Portfolio, Voya Russell™ Mid Cap Growth Index Portfolio, Voya Russell™ Mid Cap Index Portfolio, Voya Russell™ Small Cap Index Portfolio, and Voya U.S. Bond Index Portfolio, each a series of the Company (the “Portfolios”), and the sub-advisory contracts (the “Sub-Advisory Contracts”) with Voya Investment Management Co. LLC, the sub-adviser to each Portfolio (the “Sub-Adviser”) for an additional one year period ending November 30, 2019. In determining to renew such contracts, the Board considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other matters.

The Board follows a process pursuant to which it seeks and considers relevant information when it evaluates whether to renew existing investment management and sub-advisory contracts for the Voya funds. The Board has established a Contracts Committee and Investment Review Committees (the “IRCs”), each of which includes only Independent Directors as members. The Contracts Committee provides oversight with respect to the management and sub-advisory contracts approval and renewal process, among other functions, and each IRC provides oversight throughout the year regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers, with respect to each Voya fund that is assigned to that IRC.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”). The Methodology Guide sets out a framework pursuant to which the Independent Directors request, and management provides, certain information that the Independent Directors deem to be important or potentially relevant. The Independent Directors retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Portfolio (“Selected Peer Group”) based on that Portfolio’s particular attributes, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data (“Morningstar”)), sales channels and structure, and the Portfolio share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data including, but not limited to, investment performance, fee structure, and expense information prepared in connection with the renewal process.

Nature, Extent and Quality of Services

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Portfolios as set forth in the Management Contracts, including oversight of the Portfolios’ operations and risk management and the oversight of their various other service providers.

Portfolio Performance

Each Portfolio seeks to provide investment results corresponding to the performance of an index. Accordingly, in assessing the investment management and sub-advisory relationships for each Portfolio, the Board focused on the reasonableness of the differences between the Portfolio’s net performance and the total return of such index.

Economies of Scale

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser as a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. In this regard, the Board noted any breakpoints in management fee schedules that will result in a lower management fee rate when a Portfolio achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, while some of the Portfolios do not have management fee breakpoints they may have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager and the Sub-Adviser could be shared with each Portfolio through such fee waivers, expense reimbursements or other expense reductions. In evaluating these matters, the Independent Directors also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.

Information Regarding Services to Other Clients

Fee Schedules, Profitability, and Fall-out Benefits

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Portfolio to the Manager compared to the Portfolio’s Selected Peer Group. In addition, the Board considered each Portfolio’s contractual management fee schedule compared to other third-party sub-advised funds,

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

as identified by the Manager. The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered any fee waivers, expense limitations, and/or recoupment arrangements that apply to the fees payable by the Portfolios, including whether the Manager intends to propose any changes thereto. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

The Board also considered that the Manager is entitled to earn a reasonable level of profits for the services that it

provides to the Portfolios. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Portfolios, including their ability to engage in soft-dollar transactions on behalf of the Portfolios. Following its reviews, the Board determined that the Manager’s and the Voya-affiliated Sub-Adviser’s profitability with respect to their services to the Portfolios and the Manager and Sub-Adviser’s potential fall-out benefits were not unreasonable.

Portfolio-by-Portfolio Analysis

Set forth below are certain of the specific factors that the Board considered, and the conclusions reached, at its October 11, 2018, November 14, 2018, and/or November 16, 2018 meetings in relation to approving each Portfolio’s Management and Sub-Advisory Contracts. These specific factors are in addition to those considerations discussed above. In each case, the Portfolio’s performance was compared to its Morningstar category, as well as its primary benchmark. With respect to Morningstar quintile rankings, the first quintile represents the highest (best) performance and the fifth quintile represents the lowest (worst) performance. The performance data provided to the Board primarily was for various periods ended March 31, 2018. In addition, the Board also considered at its October 11, 2018, November 14, 2018, and November 16, 2018, meetings certain additional data regarding each Portfolio’s most recent performance, asset levels, and asset flows. Each Portfolio’s management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group.

Voya Australia Index Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Australia Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations. The Board also considered management’s representations regarding the sources of the differences between the Portfolio’s performance and that of its index, including the impact of foreign income tax withholding and the valuation of certain foreign securities held by the Portfolio, and the Portfolio’s cash flows and trading costs.

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include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is above the median net management fee rate of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is above the median contractual management fee rate of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is above the median net expense ratio of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding the competitiveness of the Portfolio’s management fee rate and net expense ratio.

Voya Emerging Markets Index Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Emerging Markets Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations. The Board also considered management’s representations regarding the sources of the differences between the Portfolio’s performance and that of its index, including the impact of foreign income tax withholding and the valuation of certain foreign securities held by the Portfolio, and the Portfolio’s cash flows and trading costs.

including that: (a) the net management fee rate for the Portfolio is above the median net management fee rate of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is above the median contractual management fee rate of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is above the median net expense ratio of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding the competitiveness of the Portfolio’s management fee rate and net expense ratio.

Voya Euro STOXX 50® Index Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Euro STOXX 50® Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations. The Board also considered management’s representations regarding the sources of the differences between the Portfolio’s performance and that of its index, including the impact of foreign income tax withholding and the valuation of certain foreign securities held by the Portfolio, and the Portfolio’s cash flows and trading costs.

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management fee rate for the Portfolio is above the median contractual management fee rate of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is above the median net expense ratio of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding the competitiveness of the Portfolio’s management fee rate and net expense ratio.

Voya FTSE 100 Index® Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya FTSE 100 Index® Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations. The Board also considered management’s representations regarding the sources of the differences between the Portfolio’s performance and that of its index, including the impact of foreign income tax withholding and the valuation of certain foreign securities held by the Portfolio and the Portfolio’s cash flows and trading costs.

funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding the competitiveness of the Portfolio’s management fee rate and net expense ratio.

Voya Hang Seng Index Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Hang Seng Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations. The Board also considered management’s representations regarding the sources of the differences between the Portfolio’s performance and that of its index, including the impact of foreign income tax withholding and the valuation of certain foreign securities held by the Portfolio, and the Portfolio’s cash flows and trading costs.

In considering the fees payable under the Management and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is above the median net management fee rate of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is above the median contractual management fee rate of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is above the median net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) management’s representations that the Portfolio’s

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focus on tracking the Hang Seng Index differentiates it from the other Selected Peer Group funds; and (2) that, at the Board’s direction, the Portfolio’s expense limits would be lowered, effective January 1, 2019.

Voya International Index Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya International Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations. The Board also considered management’s representations regarding the sources of the differences between the Portfolio’s performance and of its index, including the impact of foreign income tax withholding and the valuation of certain foreign securities held by the Portfolio, and the Portfolio’s cash flows and trading costs.

In considering the fees payable under the Management and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio’s management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is above the median net management fee rate of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is above the median contractual management fee rate of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is above the median net expense ratio of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account

management’s representations regarding the competitiveness of the Portfolio’s management fee rate and net expense ratio.

Voya Japan TOPIX Index® Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Japan TOPIX Index® Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations. The Board also considered management’s representations regarding the sources of the differences between the Portfolio’s performance and that of its index, including the impact of foreign income tax withholding, the valuation of certain foreign securities held by the Portfolio, and the Portfolio’s cash flows and trading costs.

In considering the fees payable under the Management and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is above the median net management fee rate of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is above the median contractual management fee rate of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is above the median net expense ratio of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding the competitiveness of the Portfolio’s management fee rate and net expense ratio.

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Voya Russell™ Large Cap Growth Index Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Russell™ Large Cap Growth Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations.

In considering the fees payable under the Management and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio’s management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is above the median net management fee rate of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is above the median contractual management fee rate of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is below the median net expense ratio of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding the competitiveness of the Portfolio’s management fee rate.

reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Management and Sub-Advisory Contracts for the Portfolio for the year ending November 30, 2019. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

Voya Russell™ Large Cap Index Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Russell™ Large Cap Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations.

In considering the fees payable under the Management and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is above the median net management fee rate of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is above the median contractual management fee rate of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is above the median net expense ratio of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, at the Board’s direction during the 2017 annual contract renewal cycle, the Portfolio’s expense limits were lowered, effective January 1, 2018; and (2) management’s discussion regarding the competitiveness of the Portfolio’s net expense ratio.

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Board members may have given different weight to different individual factors and related conclusions.

Voya Russell™ Large Cap Value Index Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Russell™ Large Cap Value Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations.

In considering the fees payable under the Management and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio’s management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is equal to the median net management fee rate of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is above the median contractual management fee rate of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is below the median net expense ratio of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding the competitiveness of the Portfolio’s management fee rate and net expense ratio.

Voya Russell™ Mid Cap Growth Index Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Russell™ Mid Cap Growth Index Portfolio, the Board

considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations.

In considering the fees payable under the Management and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is above the median net management fee rate of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is above the median contractual management fee rate of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is above the median net expense ratio of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account that, at the Board’s direction during the 2017 annual contract renewal cycle, the Portfolio’s expense limits were lowered, effective January 1, 2018.

Voya Russell™ Mid Cap Index Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Russell™ Mid Cap Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations.

In considering the fees payable under the Management and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also

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considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is above the median net management fee rate of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is above the median contractual management fee rate of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is above the median net expense ratio of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account that, at the Board’s direction during the 2017 annual contract renewal cycle, the Portfolio’s expense limits were lowered, effective January 1, 2018.

Voya Russell™ Small Cap Index Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Russell™ Small Cap Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations.

management fee rate for the Portfolio is above the median net management fee rate of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is above the median contractual management fee rate of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is above the median net expense ratio of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding the competitiveness of the Portfolio’s management fee rate and net expense ratio.

Voya U.S. Bond Index Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya U.S. Bond Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations. The Board also considered management’s representations regarding the sources of the differences between the Portfolio’s performance and of its index, including the impact of the Portfolio’s cash flows and trading costs.

In considering the fees payable under the Management and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio’s management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is above the median net management fee rate of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is above the median contractual management fee

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rate of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is above the median net expense ratio of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) management’s representations regarding the competitiveness of the Portfolio’s management fee rate and net expense ratio; and (2) that, at the Board’s direction, the Portfolio’s management fee rate and expense limits would be lowered, effective January 1, 2019.

After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the

Board; (2) the Portfolio’s net expense ratio is reasonable in the context of all factors considered by the Board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Manager to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Management and Sub-Advisory Contracts for the Portfolio for the year ending November 30, 2019. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

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Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Distributor
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809

Independent Registered Public Accounting Firm
KPMG LLP
Two Financial Center
60 South Street
Boston, Massachusetts 02111

Custodian
The Bank of New York Mellon
225 Liberty Street
New York, New York 10286

Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

VPAR-VIPALL (1218-021519)

Item 2. Code of Ethics.

As of the end of the period covered by this report, Registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the Code during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code during the period covered by this report. The code of ethics is filed herewith pursuant to Item 10(a)(1), Ex-99.CODE ETH.

Item 3. Audit Committee Financial Expert.

The Board of Directors has determined that Colleen D. Baldwin, Martin J. Gavin, Joseph E. Obermeyer, and Roger B. Vincent are audit committee financial experts, as defined in Item 3 of Form N-CSR. Ms. Baldwin, Mr. Gavin, Mr. Obermeyer and Mr. Vincent are “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees: The aggregate fees billed for each of the last two fiscal years for professional services rendered by KPMG LLP (“KPMG”), the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $439,980 for the year ended December 31, 2018 and $441,543 for the year ended December 31, 2017.

(b)

Audit-Related Fees: The aggregate fees billed in each of the last two fiscal years for assurance and related services by KPMG that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were $51,300 for the year ended December 31, 2018 and $51,300 for the year ended December 31, 2017.

(c)

Tax Fees: The aggregate fees billed in each of the last two fiscal years for professional services rendered by KPMG for tax compliance, tax advice, and tax planning were $114,889 for the year ended December 31, 2018 and $101,817 for the year ended December 31, 2017. Such services included review of excise distribution calculations (if applicable), preparation of the Funds’ federal, state, and excise tax returns, tax services related to mergers and routine consulting.

(d)

All Other Fees: The aggregate fees billed in each of the last two fiscal years for products and services provided by KPMG, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the year ended December 31, 2018 and $0 for the year ended December 31, 2017.

(e)(1)

Audit Committee Pre-Approval Policies and Procedures

AUDIT AND NON-AUDIT SERVICES

PRE-APPROVAL POLICY

Under the Sarbanes-Oxley Act of 2002 (the “Act”), the Audit Committee of the Board of Directors or Trustees (the “Committee”) of the Voya funds (each a “Fund,” collectively, the “Funds”) set out on Exhibit A to this Audit and Non-Audit Services Pre-Approval Policy (“Policy”) is responsible for the oversight of the work of the Funds’ independent auditors. As part of its responsibilities, the Committee must pre-approve the audit and non-audit services performed by the auditors in order to assure that the provision of these services does not impair the auditors’ independence from the Funds. The Committee has adopted, and the Board has ratified, this Policy, which sets out the procedures and conditions under which the services of the independent auditors may be pre-approved.

Under Securities and Exchange Commission (“SEC”) rules promulgated in accordance with the Act, the Funds may establish two different approaches to pre-approving audit and non-audit services. The Committee may approve services without consideration of specific case-by-case services (“general pre-approval”) or it may pre-approve specific services (“specific pre-approval”). The Committee believes that the combination of these approaches contemplated in this Policy results in an effective and efficient method for pre-approving audit and non-audit services to be performed by the Funds’ independent auditors. Under this Policy, services that are not of a type that may receive general pre-approval require specific pre-approval by the Committee. Any proposed services that exceed pre-approved cost levels or budgeted amounts will also require the Committee’s specific pre-approval.

For both types of approval, the Committee considers whether the subject services are consistent with the SEC’s rules on auditor independence and that such services are compatible with maintaining the auditors independence. The Committee also considers whether a particular audit firm is in the best position to provide effective and efficient services to the Funds. Reasons that the auditors are in the best position include the auditors’ familiarity with the Funds’ business, personnel, culture, accounting systems, risk profile, and other factors, and whether the services will enhance the Funds’ ability to manage and control risk or improve audit quality. Such factors will be considered as a whole, with no one factor being determinative.

The appendices attached to this Policy describe the audit, audit-related, tax-related, and other services that have the Committee’s general pre-approval. For any service that has been approved through general pre-approval, the general pre-approval will remain in place for a period 12 months from the date of pre-approval, unless the Committee determines that a different period is appropriate. The Committee will annually review and pre-approve the services that may be provided by the independent auditors without specific pre-approval. The Committee will revise the list of services subject to general pre-approval as appropriate. This Policy does not serve as a delegation to Fund management of the Committee’s duty to pre-approve services performed by the Funds’ independent auditors.

II. Audit Services

The annual audit services engagement terms and fees are subject to the Committee’s specific pre-approval. Audit services are those services that are normally provided by auditors in connection with statutory and regulatory filings or engagements or those that generally only independent auditors can reasonably provide. They include the Funds’ annual financial statement audit and procedures that the independent auditors must perform in order to form an opinion on the Funds’ financial statements (e.g., information systems and procedural reviews and testing). The Committee will monitor the audit services engagement and approve any changes in terms, conditions or fees deemed by the Committee to be necessary or appropriate.

The Committee may grant general pre-approval to other audit services, such as statutory audits and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or issued in connection with securities offerings.

The Committee has pre-approved the audit services listed on Appendix A. The Committee must specifically approve all audit services not listed on Appendix A.

III. Audit-related Services

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or the review of the Funds’ financial statements or are traditionally performed by the independent auditors. The Committee believes that the provision of audit-related services will not impair the independent auditors’ independence, and therefore may grant pre-approval to audit-related services. Audit-related services include accounting consultations related to accounting, financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures relating to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Form N-SAR or Form N-CSR.

The Committee has pre-approved the audit-related services listed on Appendix B. The Committee must specifically approve all audit-related services not listed on Appendix B.

IV. Tax Services

The Committee believes the independent auditors can provide tax services to the Funds, including tax compliance, tax planning, and tax advice, without compromising the auditors’ independence. Therefore, the Committee may grant general pre-approval with respect to tax services historically provided by the Funds’ independent auditors that do not, in the Committee’s view, impair auditor independence and that are consistent with the SEC’s rules on auditor independence.

The Committee will not grant pre-approval if the independent auditors initially recommends a transaction the sole business purpose of which is tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Committee may consult outside counsel to determine that tax planning and reporting positions are consistent with this Policy.

The Committee has pre-approved the tax-related services listed on Appendix C. The Committee must specifically approve all tax-related services not listed on Appendix C.

V. Other Services

The Committee believes it may grant approval of non-audit services that are permissible services for independent auditors to a Fund. The Committee has determined to grant general pre-approval to other services that it believes are routine and recurring, do not impair auditor independence, and are consistent with SEC rules on auditor independence.

The Committee has pre-approved the non-audit services listed on Appendix D. The Committee must specifically approve all non-audit services not listed on Appendix D.

A list of the SEC’s prohibited non-audit services is attached to this Policy as Appendix E. The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of these impermissible services and the applicability of exceptions to certain of the SEC’s prohibitions.

VI. Pre-approval of Fee levels and Budgeted Amounts

The Committee will annually establish pre-approval fee levels or budgeted amounts for audit, audit-related, tax and non-audit services to be provided to the Funds by the independent auditors. Any proposed services exceeding these levels or amounts require the Committee’s specific pre-approval. The Committee considers fees for audit and non-audit services when deciding whether to pre-approve services. The Committee may determine, for a pre-approval period of 12 months, the appropriate ratio between the total amount of fees for the Fund’s audit, audit-related, and tax services (including fees for services provided to Fund affiliates that are subject to pre-approval), and the total amount of fees for certain permissible non-audit services for the Fund classified as other services (including any such services provided to Fund affiliates that are subject to pre-approval).

VII. Procedures

Requests or applications for services to be provided by the independent auditors will be submitted to management. If management determines that the services do not fall within those services generally pre-approved by the Committee and set out in the appendices to these procedures, management will submit the services to the Committee or its delagee. Any such submission will include a detailed description of the services to be rendered. Notwithstanding this paragraph, the Committee will, on a quarterly basis, receive from the independent auditors a list of services provided for the previous calendar quarter on a cumulative basis by the auditors during the Pre-Approval Period.

VIII. Delegation

The Committee may delegate pre-approval authority to one or more of the Committee’s members. Any member or members to whom such pre-approval authority is delegated must report any pre-approval decisions, including any pre-approved services, to the Committee at its next scheduled meeting. The Committee will identify any member to whom pre-approval authority is delegated in writing. The member will retain such authority for a period of 12 months from the date of pre-approval unless the Committee determines that a different period is appropriate. The period of delegated authority may be terminated by the Committee or at the option of the member.

IX. Additional Requirements

The Committee will take any measures the Committee deems necessary or appropriate to oversee the work of the independent auditors and to assure the auditors’ independence from the Funds. This may include reviewing a formal written statement from the independent auditors delineating all relationships between the auditors and the Funds, consistent with Independence Standards Board No. 1, and discussing with the auditors their methods and procedures for ensuring independence.

Part of KPMG’s performance of an audit in accordance with standards of the Public Company Accounting Oversight Board (US) includes their responsibility to maintain and monitor auditor independence with respect to the Voya funds. Using a proprietary system called Sentinel, the audit team is able to identify and manage potential conflicts of interest across the member firms of the KPMG International Network and prevent the provision of prohibited services to the Voya entities that would impair KPMG independence with the respect to the Voya funds. KPMG requests pre-approval from the Voya funds Audit Committee for services provided to the Voya funds and for services to affiliated entities that relate to the financial reporting or nature of operations of the Voya Funds. Additionally, KPMG provides an annual summary of the fees for services that have commenced for Voya funds and Affiliates.

Last Approved: November 16, 2017

Appendix A
Pre-Approved Audit Services for the Pre-Approval Period January 1, 2018 through December 31, 2018

Service
	The Fund(s)	Fee Range
Statutory audits or financial audits (including tax services associated with audit services)	√	As presented to Audit Committee¹
Services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., consents), and assistance in responding to SEC comment letters.	√	Not to exceed $9,750 per filing
Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies.	√	Not to exceed $8,000 during the Pre-Approval Period
Seed capital audit and related review and issuance of consent on the N-2 registration statement	√	Not to exceed $14,750 per audit
Audit of summary portfolio of investments	√	Not to exceed $565 per fund

For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors’ Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

Appendix B
Pre-Approved Audit-Related Services for the Pre-Approval Period January 1, 2018 through December 31, 2018

Service
	The Fund(s)	Fund Affiliates	Fee Range
Services related to Fund mergers (Excludes tax services - See Appendix C for tax services associated with Fund mergers)	√	√	Not to exceed $10,000 per merger
Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. [Note: Under SEC rules some consultations may be “audit” services and others may be “audit-related” services.]	√		Not to exceed $5,000 per occurrence during the Pre-Approval Period
Review of the Funds’ semi-annual and quarterly financial statements	√		Not to exceed $2,700 per set of financial statements per fund
Reports to regulatory or government agencies related to the annual engagement	√		Up to $5,000 per occurrence during the Pre-Approval Period
Regulatory compliance assistance	√	√	Not to exceed $5,000 per quarter
Training courses		√	Not to exceed $5,000 per course
For Prime Rate Trust, agreed upon procedures for quarterly reports to rating agencies	√		Not to exceed $9,450 per quarter

Appendix C
Pre-Approved Tax Services for the Pre-Approval Period January 1, 2018 through December 31, 2018

Service
	The Fund(s)	Fund Affiliates	Fee Range
Preparation of federal and state income tax returns and federal excise tax returns for the Funds including assistance and review with excise tax distributions	√		As presented to Audit Committee²
Review of IRC Sections 851(b) and 817(h) diversification testing on a real-time basis	√		As presented to Audit Committee²
Tax assistance and advice regarding statutory, regulatory or administrative developments	√	√	Not to exceed $5,000 for the Funds or for the Funds’ investment adviser during the Pre-Approval Period

Appendix C, continued

² For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors’ Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

Pre-Approved Tax Services for the Pre-Approval Period January 1, 2018 through December 31, 2018

Service

The Fund(s) Fund Affiliates Fee Range

Tax training courses √ Not to exceed $5,000 per course during the Pre-Approval Period

Tax services associated with Fund mergers √ √ Not to exceed $4,000 per fund per merger during the Pre-Approval Period

Other tax-related assistance and consultation, including, without limitation, assistance in evaluating derivative financial instruments and international tax issues, qualification and distribution issues, year-end reporting for 1099’s and similar routine tax consultations as requested. √ Not to exceed $120,000 during the Pre-Approval Period

Appendix D

Pre-Approved Other Services for the Pre-Approval Period January 1, 2018 through December 31, 2018

Service

The Fund(s) Fund Affiliates Fee Range

Agreed-upon procedures for Class B share 12b-1 programs √ Not to exceed $60,000 during the Pre-Approval Period

Security counts performed pursuant to Rule 17f-2 of the 1940 Act (i.e., counts for Funds holding securities with affiliated sub-custodians)

Cost to be borne 50% by the Funds and 50% by Voya Investments, LLC.

√

√

Not to exceed $5,700 per Fund during the Pre-Approval Period

Agreed upon procedures for 15 (c) FACT Books √ Not to exceed $50,000 during the Pre-Approval Period

Appendix E

Prohibited Non-Audit Services
Dated: January 1, 2018 to December 31, 2018

· Bookkeeping or other services related to the accounting records or financial statements of the Funds

· Financial information systems design and implementation

· Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

· Actuarial services

· Internal audit outsourcing services

· Management functions

· Human resources

· Broker-dealer, investment adviser, or investment banking services

· Legal services

· Expert services unrelated to the audit

· Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible

EXHIBIT A

VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND

VOYA BALANCED PORTFOLIO, INC.

VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY FUND

VOYA EQUITY TRUST

VOYA FUNDS TRUST

VOYA GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND

VOYA GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND

VOYA GOVERNMENT MONEY MARKET PORTFOLIO

VOYA INFRASTRUCTURE, INDUSTRIALS, AND MATERIALS FUND

VOYA INTERMEDIATE BOND PORTFOLIO

VOYA INTERNATIONAL HIGH DIVIDEND EQUITY INCOME FUND

VOYA INVESTORS TRUST

VOYA MUTUAL FUNDS

VOYA PARTNERS, INC.

VOYA PRIME RATE TRUST

VOYA NATURAL RESOURCES EQUITY INCOME FUND

VOYA SENIOR INCOME FUND

VOYA SEPARATE PORTFOLIOS TRUST

VOYA SERIES FUND, INC.

VOYA STRATEGIC ALLOCATIONS PORTFOLIOS, INC.
VOYA VARIABLE FUNDS

VOYA VARIABLE INSURANCE TRUST

VOYA VARIABLE PORTFOLIOS INC,

VOYA VARIABLE PRODUCTS TRUST



(e)(2) Percentage of services referred to in 4(b) – (4)(d) that were approved by the audit committee

100% of the services were approved by the audit committee.

(f) Percentage of hours expended attributable to work performed by other than full time employees of KPMG if greater than 50%

Not applicable.

(g) Non-Audit Fees: The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to each Registrant by the independent registered public accounting firm for each Registrant’s fiscal years ended December 31, 2018 and December 31, 2017; and (ii) the aggregate non-audit fees billed to the investment adviser, or any of its affiliates that provide ongoing services to the registrant, by the independent registered public accounting firm for the same time periods.

Registrant/Investment Adviser 2018 2017

Voya Variable Portfolios, Inc. $ 166,189 $ 153,117

Voya Investments, LLC ⁽¹⁾ $ 38,950 $ 122,200

(1) Each Registrant’s investment adviser and any of its affiliates, which are subsidiaries of Voya Financial, Inc.



(h) Principal Accountants Independence: The Registrant’s Audit committee has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining KPMG’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Complete schedule of investments, as applicable, is included as part of the reports to shareholders filed under Item 1 of this Form and filed herein, as applicable.

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

Voya Variable Portfolios, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Voya Index Plus LargeCap Portfolio, Voya Index Plus MidCap Portfolio, Voya Index Plus SmallCap Portfolio, Voya Global Equity Portfolio, Voya Small Company Portfolio, Voya Australia Index Portfolio, Voya Emerging Markets Index Portfolio, Voya FTSE 100 Index® Portfolio, Voya International Index Portfolio, Voya Japan TOPIX Index® Portfolio, Voya Russell^TMLarge Cap Growth Index Portfolio, Voya Russell^TM Large Cap Index Portfolio, Voya Russell^TM Large Cap Value Index Portfolio, Voya Russell^TM Mid Cap Growth Index Portfolio, Voya Russell^TM Mid Cap Index Portfolio, Voya Russell^TM Small Cap Index Portfolio, and Voya U.S. Bond Index Portfolio (the Funds), each a series of Voya Variable Portfolios, Inc., including the summary portfolios of investments, as of December 31, 2018, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the related notes (collectively, the financial statements), the financial highlights for each of the years or periods in the five-year period then ended (the financial statements and financial highlights are included in Item 1 of this Form N-CSR), and the portfolios of investments as of December 31, 2018 (included in Item 6 of this Form N-CSR). In our opinion, the financial statements, financial highlights, and portfolios of investments referred to above present fairly, in all material respects, the financial position of the Funds as of December 31, 2018, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements, financial highlights, and portfolios of investments are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements, financial highlights, and portfolios of investments based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements, financial highlights, and portfolios of investments are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, financial highlights, and portfolios of investments, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements, financial highlights, and portfolios of investments. Such procedures also included confirmation of securities owned as of December 31, 2018, by correspondence with the custodian, transfer agent, and brokers, or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Voya investment companies since 1975.

Boston, Massachusetts

February 22, 2019

Voya Index Plus LargeCap Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018

Shares Value Percentage
of Net
Assets

COMMON STOCK: 98.4%

Communication Services: 9.0%

18,691 ⁽¹⁾ Alphabet, Inc. - Class A 19,531,347 2.3

23,108 ⁽¹⁾ AMC Networks, Inc. 1,268,167 0.1

110,735 AT&T, Inc. 3,160,377 0.4

301,226 Comcast Corp. – Class A 10,256,745 1.2

20,281 ⁽¹⁾ Electronic Arts, Inc. 1,600,374 0.2

88,810 ⁽¹⁾ Facebook, Inc.- Class A 11,642,103 1.4

58,594 Interpublic Group of Cos., Inc. 1,208,794 0.1

51,754 John Wiley & Sons, Inc. 2,430,885 0.3

75,254 ⁽¹⁾ Liberty Global PLC - Class A 1,605,920 0.2

442,141 ⁽²⁾ Sirius XM Holdings, Inc. 2,524,625 0.3

45,597 Telephone & Data Systems, Inc. 1,483,727 0.2

216,861 Verizon Communications, Inc. 12,191,926 1.4

65,815 Walt Disney Co. 7,216,615 0.9

76,121,605 9.0

Consumer Discretionary: 9.0%

12,764 ⁽¹⁾ Amazon.com, Inc. 19,171,145 2.3

50,940 Best Buy Co., Inc. 2,697,782 0.3

3,660 ⁽¹⁾ Booking Holdings, Inc. 6,304,057 0.7

66,002 Brunswick Corp. 3,065,793 0.4

7,801 ⁽¹⁾ Burlington Stores, Inc. 1,268,989 0.1

25,496 Darden Restaurants, Inc. 2,546,031 0.3

78,077 Extended Stay America, Inc. 1,210,193 0.1

76,256 Home Depot, Inc. 13,102,306 1.5

24,771 Kohl's Corp. 1,643,308 0.2

36,173 Lear Corp. 4,444,215 0.5

43,111 Marriott International, Inc. 4,680,130 0.6

17,083 McDonald's Corp. 3,033,428 0.4

54,275 Pulte Group, Inc. 1,410,607 0.2

19,871 Ralph Lauren Corp. 2,055,854 0.2

78,322 Ross Stores, Inc. 6,516,390 0.8

26,492 Starbucks Corp. 1,706,085 0.2

49,018 ⁽¹⁾ Urban Outfitters, Inc. 1,627,398 0.2

76,483,711 9.0

Consumer Staples: 6.9%

162,018 Altria Group, Inc. 8,002,069 0.9

47,794 Archer-Daniels-Midland Co. 1,958,120 0.2

19,290 Church & Dwight Co., Inc. 1,268,511 0.1

48,855 Coca-Cola Co. 2,313,284 0.3

191,683 Conagra Brands, Inc. 4,094,349 0.5

15,440 Costco Wholesale Corp. 3,145,282 0.4

27,227 Hershey Co. 2,918,190 0.3

36,581 Lamb Weston Holdings, Inc. 2,690,898 0.3

42,582 Molson Coors Brewing Co. 2,391,405 0.3

11,352 PepsiCo, Inc. 1,254,169 0.1

156,975 Procter & Gamble Co. 14,429,142 1.7

30,557 Spectrum Brands Holdings, Inc. 1,291,033 0.2

92,863 Tyson Foods, Inc. 4,958,884 0.6

87,930 Walmart, Inc. 8,190,680 1.0

58,906,016 6.9

Energy: 5.5%

125,352 Chevron Corp. 13,637,044 1.6

103,574 ConocoPhillips 6,457,839 0.8

20,017 EOG Resources, Inc. 1,745,683 0.2

94,257 Exxon Mobil Corp. 6,427,385 0.8

148,863 Halliburton Co. 3,956,778 0.5

24,247 HollyFrontier Corp. 1,239,507 0.1

57,320 Marathon Petroleum Corp. 3,382,453 0.4

42,155 Occidental Petroleum Corp. 2,587,474 0.3

38,910 PBF Energy, Inc. 1,271,190 0.1

14,669 Phillips 66 1,263,734 0.1

65,838 Valero Energy Corp. 4,935,875 0.6

46,904,962 5.5

Financials: 13.6%

71,593 Allstate Corp. 5,915,730 0.7

55,300 Ally Financial, Inc. 1,253,098 0.1

55,393 Ameriprise Financial, Inc. 5,781,367 0.7

49,121 ⁽¹⁾ Athene Holding Ltd. 1,956,489 0.2

515,845 Bank of America Corp. 12,710,421 1.5

48,841 ⁽¹⁾ Berkshire Hathaway, Inc. – Class B 9,972,355 1.2

126,358 Citigroup, Inc. 6,578,197 0.8

172,060 Citizens Financial Group, Inc. 5,115,344 0.6

75,072 Comerica, Inc. 5,156,696 0.6

56,923 Discover Financial Services 3,357,319 0.4

69,771 E*Trade Financial Corp. 3,061,551 0.4

22,341 Evercore, Inc. 1,598,722 0.2

29,277 Hartford Financial Services Group, Inc. 1,301,363 0.1

144,457 JPMorgan Chase & Co. 14,101,892 1.7

86,752 Keycorp 1,282,195 0.1

111,227 Lazard Ltd. 4,105,389 0.5

60,437 Lincoln National Corp. 3,101,022 0.4

20,904 LPL Financial Holdings, Inc. 1,276,816 0.1

103,604 Morgan Stanley 4,107,899 0.5

45,706 Prudential Financial, Inc. 3,727,324 0.4

25,450 Reinsurance Group of America, Inc. 3,568,854 0.4

38,758 S&P Global, Inc. 6,586,535 0.8

85,715 TCF Financial Corp. 1,670,585 0.2

200,676 Two Harbors Investment Corp. 2,576,680 0.3

74,709 Unum Group 2,194,950 0.3

80,071 Wells Fargo & Co. 3,689,672 0.4

115,748,465 13.6

Health Care: 15.5%

65,747 AbbVie, Inc. 6,061,216 0.7

8,728 ⁽¹⁾ Align Technology, Inc. 1,827,905 0.2

54,842 Amgen, Inc. 10,676,092 1.3

10,398 ⁽¹⁾ Biogen, Inc. 3,128,966 0.4

31,172 Bristol-Myers Squibb Co. 1,620,321 0.2

See Accompanying Notes to Financial Statements

1



Voya Index Plus LargeCap Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

82,635 Bruker Corp. 2,460,044 0.3

86,473 Cardinal Health, Inc. 3,856,696 0.5

23,067 ⁽¹⁾ Celgene Corp. 1,478,364 0.2

43,765 ⁽¹⁾ Centene Corp. 5,046,105 0.6

14,694 ⁽¹⁾ Charles River Laboratories International, Inc. 1,663,067 0.2

13,417 Chemed Corp. 3,800,768 0.5

36,647 Cigna Corp. 6,959,998 0.8

23,403 ⁽¹⁾ DaVita, Inc. 1,204,318 0.1

28,736 Encompass Health Corp. 1,773,011 0.2

38,784 Gilead Sciences, Inc. 2,425,939 0.3

47,118 HCA Healthcare, Inc. 5,863,835 0.7

13,856 Hill-Rom Holdings, Inc. 1,226,949 0.1

28,577 ⁽¹⁾ Idexx Laboratories, Inc. 5,315,894 0.6

102,917 Johnson & Johnson 13,281,439 1.6

23,165 McKesson Corp. 2,559,038 0.3

114,540 Merck & Co., Inc. 8,752,001 1.0

339,519 Pfizer, Inc. 14,820,004 1.8

13,006 ⁽¹⁾ PRA Health Sciences, Inc. 1,196,032 0.1

14,651 Thermo Fisher Scientific, Inc. 3,278,747 0.4

55,331 UnitedHealth Group, Inc. 13,784,059 1.6

21,163 ⁽¹⁾ Veeva Systems, Inc. 1,890,279 0.2

63,758 Zoetis, Inc. 5,453,859 0.6

131,404,946 15.5

Industrials: 9.0%

86,565 Allison Transmission Holdings, Inc. 3,801,069 0.4

44,881 Ametek, Inc. 3,038,444 0.4

37,277 Boeing Co. 12,021,832 1.4

34,648 Curtiss-Wright Corp. 3,538,254 0.4

129,328 Delta Air Lines, Inc. 6,453,467 0.8

56,861 Emerson Electric Co. 3,397,445 0.4

66,690 Fortune Brands Home & Security, Inc. 2,533,553 0.3

52,369 ⁽¹⁾ HD Supply Holdings, Inc. 1,964,885 0.2

63,940 Honeywell International, Inc. 8,447,753 1.0

35,367 IDEX Corp. 4,465,437 0.5

70,064 Ingersoll-Rand PLC - Class A 6,391,939 0.8

32,501 KAR Auction Services, Inc. 1,550,948 0.2

48,838 Regal Beloit Corp. 3,421,102 0.4

53,425 Union Pacific Corp. 7,384,938 0.9

84,274 Waste Management, Inc. 7,499,543 0.9

75,910,609 9.0

Information Technology: 21.0%

46,861 ⁽¹⁾ Adobe, Inc. 10,601,833 1.3

50,699 ⁽¹⁾ Akamai Technologies, Inc. 3,096,695 0.4

175,216 Apple, Inc. 27,638,572 3.3

19,256 ⁽¹⁾ Atlassian Corp. PLC 1,713,399 0.2

26,461 Booz Allen Hamilton Holding Corp. 1,192,597 0.1

5,122 Broadcom, Inc. 1,302,422 0.2

36,579 Broadridge Financial Solutions, Inc. ADR 3,520,729 0.4

95,629 ⁽¹⁾ Cadence Design Systems, Inc. 4,157,949 0.5

311,858 Cisco Systems, Inc. 13,512,807 1.6

59,604 Citrix Systems, Inc. 6,107,026 0.7

9,829 ⁽¹⁾ Fair Isaac Corp. 1,838,023 0.2

74,598 ⁽¹⁾ Fortinet, Inc. 5,253,937 0.6

25,667 ⁽¹⁾ GoDaddy, Inc. 1,684,269 0.2

98,728 Intel Corp. 4,633,305 0.5

12,784 Intuit, Inc. 2,516,530 0.3

156,230 Jabil, Inc. 3,872,942 0.5

32,869 KLA-Tencor Corp. 2,941,447 0.3

27,871 Lam Research Corp. 3,795,194 0.4

39,503 Mastercard, Inc. - Class A 7,452,241 0.9

32,478 Maxim Integrated Products 1,651,506 0.2

50,124 ⁽¹⁾ Micron Technology, Inc. 1,590,434 0.2

273,688 Microsoft Corp. 27,798,490 3.3

74,636 NetApp, Inc. 4,453,530 0.5

50,927 Oracle Corp. 2,299,354 0.3

41,522 ⁽¹⁾ PayPal Holdings, Inc. 3,491,585 0.4

61,262 Sabre Corp. 1,325,710 0.2

41,127 ⁽¹⁾ Synopsys, Inc. 3,464,538 0.4

92,711 Texas Instruments, Inc. 8,761,189 1.0

77,257 Total System Services, Inc. 6,280,222 0.7

24,286 ⁽¹⁾ VeriSign, Inc. 3,601,371 0.4

26,904 Visa, Inc. - Class A 3,549,714 0.4

7,969 VMware, Inc. 1,092,789 0.1

58,042 Western Digital Corp. 2,145,813 0.3

178,338,162 21.0

Materials: 2.3%

30,562 Air Products & Chemicals, Inc. 4,891,448 0.6

38,106 Avery Dennison Corp. 3,423,062 0.4

47,376 Celanese Corp. 4,262,419 0.5

174,346 Huntsman Corp. 3,363,134 0.4

24,795 LyondellBasell Industries NV - Class A 2,061,952 0.2

51,925 Steel Dynamics, Inc. 1,559,827 0.2

19,561,842 2.3

Real Estate: 2.9%

173,643 Brookfield Property REIT, Inc. 2,795,652 0.3

35,705 Camden Property Trust 3,143,825 0.4

106,603 ⁽¹⁾ CBRE Group, Inc. 4,268,384 0.5

82,094 Highwoods Properties, Inc. 3,176,217 0.4

138,576 Host Hotels & Resorts, Inc. 2,310,062 0.3

45,399 Lamar Advertising Co. 3,140,703 0.4

25,642 Simon Property Group, Inc. 4,307,600 0.5

53,846 Weyerhaeuser Co. 1,177,073 0.1

24,319,516 2.9

Utilities: 3.7%

251,363 AES Corp. 3,634,709 0.4

90,150 Ameren Corp. 5,880,484 0.7

129,040 Centerpoint Energy, Inc. 3,642,799 0.4

148,163 Exelon Corp. 6,682,151 0.8

54,808 MDU Resources Group, Inc. 1,306,623 0.2

27,975 NextEra Energy, Inc. 4,862,615 0.6

92,785 NRG Energy, Inc. 3,674,286 0.4

See Accompanying Notes to Financial Statements

2



Voya Index Plus LargeCap Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

27,755 UGI Corp. 1,480,729 0.2

31,164,396 3.7

Total Common Stock

(Cost $796,514,652) 834,864,230 98.4

Principal
Amount† Value Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 1.3%

Securities Lending Collateral⁽³⁾: 0.3%

1,000,000 Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $1,000,184, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $1,020,000, due 01/25/19-10/20/68) 1,000,000 0.1

635,975 Mizuho Securities USA LLC, Repurchase Agreement dated 12/31/18, 2.95%, due 01/02/19 (Repurchase Amount $636,078, collateralized by various U.S. Government Agency Obligations, 2.000%-5.500%, Market Value plus accrued interest $648,694, due 02/01/31-02/20/48) 635,975 0.1

1,000,000 RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $1,000,165, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $1,020,000, due 10/01/25-10/20/48) 1,000,000 0.1

2,635,975 0.3

Shares Value Percentage
of Net
Assets

Mutual Funds: 1.0%

8,099,000 ⁽⁴⁾ Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340%

(Cost $8,099,000) 8,099,000 1.0

Total Short-Term Investments

(Cost $10,734,975) 10,734,975 1.3

Total Investments in Securities
(Cost $807,249,627) $ 845,599,205 99.7

Assets in Excess of Other Liabilities 2,950,869 0.3

Net Assets $ 848,550,074 100.0

† Unless otherwise indicated, principal amount is shown in USD.

ADR American Depositary Receipt

(1) Non-income producing security.

(2) Security, or a portion of the security, is on loan.

(3) Represents securities purchased with cash collateral received for securities on loan.

(4) Rate shown is the 7-day yield as of December 31, 2018.

See Accompanying Notes to Financial Statements

3



Voya Index Plus MidCap Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018

Shares Value Percentage
of Net
Assets

COMMON STOCK: 99.1%

Communication Services: 2.3%

34,494 ⁽¹⁾ AMC Networks, Inc. 1,893,031 0.4

684 Cable One, Inc. 560,948 0.1

41,387 John Wiley & Sons, Inc. 1,943,947 0.4

38,669 ⁽¹⁾ Live Nation Entertainment, Inc. 1,904,448 0.4

148,220 ⁽²⁾ Sirius XM Holdings, Inc. 846,336 0.2

66,507 Telephone & Data Systems, Inc. 2,164,138 0.4

24,116 World Wrestling Entertainment, Inc. 1,801,948 0.4

11,114,796 2.3

Consumer Discretionary: 12.1%

29,116 ⁽¹⁾ Adtalem Global Education, Inc. 1,377,769 0.3

93,381 American Eagle Outfitters, Inc. 1,805,055 0.4

32,317 Best Buy Co., Inc. 1,711,508 0.4

29,318 Boyd Gaming Corp. 609,228 0.1

58,178 Brinker International, Inc. 2,558,669 0.5

67,726 Brunswick Corp. 3,145,873 0.7

10,282 ⁽¹⁾ Burlington Stores, Inc. 1,672,573 0.3

2,248 Churchill Downs, Inc. 548,377 0.1

174,109 Dana, Inc. 2,373,106 0.5

13,886 Darden Restaurants, Inc. 1,386,656 0.3

25,516 ⁽¹⁾ Deckers Outdoor Corp. 3,264,772 0.7

38,156 Delphi Technologies PLC 546,394 0.1

30,836 Dick's Sporting Goods, Inc. 962,083 0.2

22,030 Domino's Pizza, Inc. 5,463,220 1.1

13,096 ⁽¹⁾ Eldorado Resorts, Inc. 474,206 0.1

16,503 ⁽¹⁾ Five Below, Inc. 1,688,587 0.4

95,430 Gentex Corp. 1,928,640 0.4

14,668 ⁽¹⁾ Helen of Troy Ltd. 1,924,148 0.4

14,696 Jack in the Box, Inc. 1,140,851 0.2

124,342 KB Home 2,374,932 0.5

23,180 Kohl's Corp. 1,537,761 0.3

7,109 Lear Corp. 873,412 0.2

55,509 ⁽¹⁾ Michaels Cos, Inc. 751,592 0.2

977 ⁽¹⁾ NVR, Inc. 2,380,939 0.5

67,566 ⁽¹⁾ Penn National Gaming, Inc. 1,272,268 0.3

23,572 Pulte Group, Inc. 612,636 0.1

5,095 Ralph Lauren Corp. 527,129 0.1

116,365 Service Corp. International 4,684,855 1.0

32,507 Signet Jewelers Ltd. 1,032,747 0.2

14,590 ⁽¹⁾ Sotheby's 579,807 0.1

13,286 Thor Industries, Inc. 690,872 0.1

41,411 Toll Brothers, Inc. 1,363,664 0.3

42,197 ⁽¹⁾ Urban Outfitters, Inc. 1,400,940 0.3

15,013 ⁽¹⁾ Weight Watchers International, Inc. 578,751 0.1

48,313 ⁽²⁾ Wendy's Company 754,166 0.2

See Accompanying Notes to Financial Statements

4



Voya Index Plus MidCap Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

59,219 Wyndham Destinations, Inc. 2,122,409 0.4

58,120,595 12.1

Consumer Staples: 3.1%

21,943 Church & Dwight Co., Inc. 1,442,972 0.3

33,328 Conagra Brands, Inc. 711,886 0.2

37,204 Energizer Holdings, Inc. 1,679,761 0.4

39,219 Ingredion, Inc. 3,584,617 0.7

28,967 Lamb Weston Holdings, Inc. 2,130,812 0.4

16,256 Nu Skin Enterprises, Inc. 996,980 0.2

40,198 ⁽¹⁾ Post Holdings, Inc. 3,582,848 0.7

19,690 Tyson Foods, Inc. 1,051,446 0.2

15,181,322 3.1

Energy: 3.5%

235,668 ^(1),(2) Chesapeake Energy Corp. 494,903 0.1

60,919 ⁽¹⁾ CNX Resources Corp. 695,695 0.2

62,310 ⁽¹⁾ Dril-Quip, Inc. 1,871,169 0.4

21,736 HollyFrontier Corp. 1,111,144 0.2

45,857 Marathon Oil Corp. 657,589 0.1

205,218 ⁽¹⁾ McDermott International, Inc. 1,342,126 0.3

60,882 Murphy Oil Corp. 1,424,030 0.3

85,345 ⁽¹⁾ Oasis Petroleum, Inc. 471,958 0.1

112,068 Patterson-UTI Energy, Inc. 1,159,904 0.2

69,469 PBF Energy, Inc. 2,269,552 0.5

245,563 ⁽¹⁾ QEP Resources, Inc. 1,382,520 0.3

407,034 ⁽¹⁾ Southwestern Energy Co. 1,387,986 0.3

26,086 ^(1),(2) Whiting Petroleum Corp. 591,891 0.1

27,606 World Fuel Services Corp. 591,045 0.1

129,958 ⁽¹⁾ WPX Energy, Inc. 1,475,023 0.3

16,926,535 3.5

Financials: 16.3%

984 Alleghany Corp. 613,347 0.1

42,052 Ally Financial, Inc. 952,898 0.2

18,818 American Financial Group, Inc. 1,703,594 0.4

14,185 Ameriprise Financial, Inc. 1,480,488 0.3

13,057 ⁽¹⁾ Athene Holding Ltd. 520,060 0.1

84,913 Bank OZK 1,938,564 0.4

77,691 Cathay General Bancorp. 2,604,979 0.5

52,281 Chemical Financial Corp. 1,914,007 0.4

66,346 Citizens Financial Group, Inc. 1,972,467 0.4

28,812 Comerica, Inc. 1,979,096 0.4

19,825 Discover Financial Services 1,169,278 0.2

12,694 E*Trade Financial Corp. 557,013 0.1

87,435 East West Bancorp, Inc. 3,806,046 0.8

37,170 Evercore, Inc. 2,659,885 0.6

2,597 ⁽²⁾ Factset Research Systems, Inc. 519,738 0.1

23,163 Federated Investors, Inc. 614,978 0.1

See Accompanying Notes to Financial Statements

5



Voya Index Plus MidCap Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

87,216 First American Financial Corp. 3,893,322 0.8

64,458 Hancock Whitney Corp. 2,233,470 0.5

19,453 Hanover Insurance Group, Inc. 2,271,527 0.5

34,196 Hartford Financial Services Group, Inc. 1,520,012 0.3

92,558 Home Bancshares, Inc./Conway AR 1,512,398 0.3

14,282 International Bancshares Corp. 491,301 0.1

17,936 Kemper Corp. 1,190,592 0.3

132,590 Keycorp 1,959,680 0.4

52,462 Lazard Ltd. 1,936,372 0.4

52,186 Legg Mason, Inc. 1,331,265 0.3

10,841 LPL Financial Holdings, Inc. 662,168 0.1

5,806 MarketAxess Holdings, Inc. 1,226,866 0.3

38,469 MB Financial, Inc. 1,524,526 0.3

182,685 Navient Corp. 1,609,455 0.3

211,990 Old Republic International Corp. 4,360,634 0.9

34,099 Primerica, Inc. 3,331,813 0.7

30,881 Reinsurance Group of America, Inc. 4,330,443 0.9

29,268 Santander Consumer USA Holdings, Inc. 514,824 0.1

12,376 SEI Investments Co. 571,771 0.1

5,120 Signature Bank 526,387 0.1

42,114 Sterling Bancorp, Inc./DE 695,302 0.1

36,173 Stifel Financial Corp. 1,498,286 0.3

87,705 Synovus Financial Corp. 2,805,683 0.6

159,900 TCF Financial Corp. 3,116,451 0.7

22,174 ⁽¹⁾ Texas Capital Bancshares, Inc. 1,132,870 0.2

95,325 Two Harbors Investment Corp. 1,223,973 0.3

41,131 Unum Group 1,208,429 0.3

24,343 ⁽¹⁾ Western Alliance Bancorp. 961,305 0.2

48,330 Wintrust Financial Corp. 3,213,462 0.7

6,645 WR Berkley Corp. 491,132 0.1

78,352,157 16.3

Health Care: 10.2%

56,920 Bruker Corp. 1,694,508 0.4

17,974 Cardinal Health, Inc. 801,640 0.2

22,324 ⁽¹⁾ Catalent, Inc. 696,062 0.1

6,394 ⁽¹⁾ Centene Corp. 737,228 0.2

33,663 ⁽¹⁾ Charles River Laboratories International, Inc. 3,809,978 0.8

10,263 Chemed Corp. 2,907,303 0.6

66,126 Encompass Health Corp. 4,079,974 0.9

70,339 ⁽¹⁾ Exelixis, Inc. 1,383,568 0.3

33,494 ⁽¹⁾ Globus Medical, Inc. 1,449,620 0.3

25,986 ⁽¹⁾ Haemonetics Corp. 2,599,899 0.5

17,341 ⁽¹⁾ HealthEquity, Inc. 1,034,391 0.2

45,970 Hill-Rom Holdings, Inc. 4,070,643 0.8

4,204 ⁽¹⁾ ICU Medical, Inc. 965,365 0.2

7,789 ⁽¹⁾ Idexx Laboratories, Inc. 1,448,910 0.3

11,415 ⁽¹⁾ Ligand Pharmaceuticals, Inc. 1,549,016 0.3

7,488 ⁽¹⁾ LivaNova PLC 684,927 0.1

See Accompanying Notes to Financial Statements

6



Voya Index Plus MidCap Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

78,748 ⁽¹⁾ Mallinckrodt PLC - W/I 1,244,218 0.3

38,288 ⁽¹⁾ Masimo Corp. 4,110,983 0.9

20,323 ⁽¹⁾ Molina Healthcare, Inc. 2,361,939 0.5

103,225 Patterson Cos., Inc. 2,029,404 0.4

21,743 ⁽¹⁾ PRA Health Sciences, Inc. 1,999,486 0.4

24,444 ⁽¹⁾ Prestige Consumer Healthcare, Inc. 754,831 0.2

7,449 Steris PLC 795,926 0.2

13,822 ⁽¹⁾ Syneos Health, Inc. 543,896 0.1

4,085 Teleflex, Inc. 1,055,891 0.2

64,048 ⁽¹⁾ Tenet Healthcare Corp. 1,097,783 0.2

16,537 ⁽¹⁾ United Therapeutics Corp. 1,800,879 0.4

2,940 ⁽¹⁾ WellCare Health Plans, Inc. 694,105 0.1

4,770 West Pharmaceutical Services, Inc. 467,603 0.1

48,869,976 10.2

Industrials: 14.8%

39,604 Allison Transmission Holdings, Inc. 1,739,012 0.4

15,618 Ametek, Inc. 1,057,339 0.2

8,950 Armstrong World Industries, Inc. 520,979 0.1

29,180 ⁽¹⁾ ASGN, Inc. 1,590,310 0.3

26,449 ⁽¹⁾ Avis Budget Group, Inc. 594,574 0.1

12,194 Brink's Co. 788,342 0.2

7,015 Carlisle Cos., Inc. 705,148 0.1

36,974 Crane Co. 2,668,783 0.6

36,620 Curtiss-Wright Corp. 3,739,634 0.8

45,705 Deluxe Corp. 1,756,900 0.4

53,321 EMCOR Group, Inc. 3,182,730 0.7

24,076 EnerSys 1,868,538 0.4

9,813 GATX Corp. 694,859 0.1

16,342 ⁽¹⁾ Genesee & Wyoming, Inc. 1,209,635 0.2

21,119 Graco, Inc. 883,830 0.2

60,065 ⁽¹⁾ HD Supply Holdings, Inc. 2,253,639 0.5

73,086 Herman Miller, Inc. 2,210,851 0.5

9,724 Hubbell, Inc. 965,982 0.2

42,396 IDEX Corp. 5,352,919 1.1

23,322 Ingersoll-Rand PLC - Class A 2,127,666 0.4

23,206 Insperity, Inc. 2,166,512 0.4

24,307 ITT, Inc. 1,173,299 0.2

145,617 ⁽¹⁾ JetBlue Airways Corp. 2,338,609 0.5

9,806 KAR Auction Services, Inc. 467,942 0.1

33,231 KBR, Inc. 504,447 0.1

2,310 Lennox International, Inc. 505,567 0.1

43,652 Manpowergroup, Inc. 2,828,650 0.6

36,957 MSC Industrial Direct Co. 2,842,732 0.6

82,132 nVent Electric PLC 1,844,685 0.4

4,181 Old Dominion Freight Line 516,312 0.1

32,470 Oshkosh Corp. 1,990,736 0.4

290,072 Pitney Bowes, Inc. 1,714,326 0.4

37,141 Regal Beloit Corp. 2,601,727 0.5

19,016 Ryder System, Inc. 915,620 0.2

25,411 Schneider National, Inc. 474,423 0.1

3,607 ⁽¹⁾ Teledyne Technologies, Inc. 746,901 0.2

See Accompanying Notes to Financial Statements

7



Voya Index Plus MidCap Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

85,812 Timken Co. 3,202,504 0.7

77,540 Toro Co. 4,332,935 0.9

8,516 ⁽²⁾ Wabtec Corp. 598,249 0.1

15,746 Werner Enterprises, Inc. 465,137 0.1

16,722 ⁽¹⁾ Wesco International, Inc. 802,656 0.2

28,531 Woodward, Inc. 2,119,568 0.4

71,065,207 14.8

Information Technology: 15.2%

98,636 Avnet, Inc. 3,560,760 0.7

42,587 Belden, Inc. 1,778,859 0.4

22,468 Broadridge Financial Solutions, Inc. ADR 2,162,545 0.5

13,433 ⁽¹⁾ CACI International, Inc. 1,934,755 0.4

59,189 ⁽¹⁾ Cadence Design Systems, Inc. 2,573,538 0.5

24,427 CDK Global, Inc. 1,169,565 0.2

13,545 CDW Corp. 1,097,822 0.2

13,615 ⁽¹⁾ Cirrus Logic, Inc. 451,746 0.1

20,165 Citrix Systems, Inc. 2,066,106 0.4

23,046 ⁽¹⁾ Fair Isaac Corp. 4,309,602 0.9

29,184 ⁽¹⁾ Fortinet, Inc. 2,055,429 0.4

28,453 InterDigital, Inc. 1,890,133 0.4

43,859 j2 Global, Inc. 3,042,937 0.6

148,687 Jabil, Inc. 3,685,951 0.8

10,805 KLA-Tencor Corp. 966,939 0.2

24,525 Leidos Holdings, Inc. 1,292,958 0.3

5,846 Littelfuse, Inc. 1,002,472 0.2

29,920 ⁽¹⁾ Lumentum Holdings, Inc. 1,256,939 0.3

18,818 ⁽¹⁾ Manhattan Associates, Inc. 797,319 0.2

10,850 Maxim Integrated Products 551,722 0.1

14,327 Maximus, Inc. 932,544 0.2

44,508 MKS Instruments, Inc. 2,875,662 0.6

12,551 Motorola Solutions, Inc. 1,443,867 0.3

123,701 ⁽¹⁾ NCR Corp. 2,855,019 0.6

19,497 NetApp, Inc. 1,163,386 0.2

19,044 ⁽¹⁾ Netscout Systems, Inc. 450,010 0.1

31,988 ⁽¹⁾ ON Semiconductor Corp. 528,122 0.1

89,242 Perspecta, Inc. 1,536,747 0.3

10,474 ⁽¹⁾ PTC, Inc. 868,295 0.2

125,924 Sabre Corp. 2,724,995 0.6

9,228 SYNNEX Corp. 745,992 0.2

29,557 ⁽¹⁾ Tech Data Corp. 2,418,058 0.5

91,463 Teradyne, Inc. 2,870,109 0.6

6,686 Total System Services, Inc. 543,505 0.1

51,363 ⁽¹⁾ Trimble, Inc. 1,690,356 0.4

3,832 ⁽¹⁾ Tyler Technologies, Inc. 712,062 0.2

2,993 ⁽¹⁾ Ultimate Software Group, Inc. 732,896 0.2

7,607 ⁽¹⁾ VeriSign, Inc. 1,128,042 0.2

91,544 Versum Materials, Inc. 2,537,600 0.5

161,841 Vishay Intertechnology, Inc. 2,914,756 0.6

16,599 Western Digital Corp. 613,665 0.1

14,092 ⁽¹⁾ WEX, Inc. 1,973,726 0.4

6,779 ⁽¹⁾ Zebra Technologies Corp. 1,079,420 0.2

72,986,931 15.2

Materials: 6.2%

11,198 Avery Dennison Corp. 1,005,916 0.2

See Accompanying Notes to Financial Statements

8



Voya Index Plus MidCap Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

21,468 Cabot Corp. 921,836 0.2

20,808 Carpenter Technology Corp. 740,973 0.1

88,106 Chemours Co. 2,486,351 0.5

92,408 Commercial Metals Co. 1,480,376 0.3

13,229 ⁽²⁾ Compass Minerals International, Inc. 551,517 0.1

40,742 Domtar Corp. 1,431,267 0.3

7,846 Eastman Chemical Co. 573,621 0.1

24,887 Greif, Inc. - Class A 923,557 0.2

39,691 Huntsman Corp. 765,639 0.2

142,874 Louisiana-Pacific Corp. 3,174,660 0.7

24,319 Minerals Technologies, Inc. 1,248,537 0.3

22,720 Packaging Corp. of America 1,896,211 0.4

65,528 PolyOne Corp. 1,874,101 0.4

14,677 Royal Gold, Inc. 1,257,085 0.3

9,420 RPM International, Inc. 553,708 0.1

44,270 Sonoco Products Co. 2,352,065 0.5

133,514 Steel Dynamics, Inc. 4,010,761 0.8

32,137 United States Steel Corp. 586,179 0.1

52,139 Worthington Industries, Inc. 1,816,523 0.4

29,650,883 6.2

Real Estate: 9.5%

30,832 Brookfield Property REIT, Inc. 496,395 0.1

29,665 Camden Property Trust 2,612,003 0.5

31,120 ⁽¹⁾ CBRE Group, Inc. 1,246,045 0.3

144,544 CoreCivic, Inc. 2,577,220 0.5

18,182 Coresite Realty Corp. 1,586,016 0.3

404,850 Cousins Properties, Inc. 3,198,315 0.7

35,896 Douglas Emmett, Inc. 1,225,131 0.3

22,342 Equity Lifestyle Properties, Inc. 2,170,078 0.5

6,630 Extra Space Storage, Inc. 599,882 0.1

124,916 First Industrial Realty Trust, Inc. 3,605,076 0.8

97,216 Geo Group, Inc./The 1,915,155 0.4

85,449 Highwoods Properties, Inc. 3,306,022 0.7

139,616 Hospitality Properties Trust 3,334,030 0.7

18,731 Jones Lang LaSalle, Inc. 2,371,345 0.5

65,218 Lamar Advertising Co. 4,511,781 0.9

9,945 National Retail Properties, Inc. 482,432 0.1

13,863 Omega Healthcare Investors, Inc. 487,284 0.1

26,682 Outfront Media, Inc. 483,478 0.1

80,016 PotlatchDeltic Corp. 2,531,706 0.5

17,899 Rayonier, Inc. 495,623 0.1

39,428 ⁽²⁾ Realogy Holdings Corp. 578,803 0.1

9,785 SL Green Realty Corp. 773,798 0.2

128,782 Tanger Factory Outlet Centers, Inc. 2,603,972 0.5

45,275 ⁽¹⁾ Uniti Group, Inc. 704,932 0.2

98,744 Urban Edge Properties 1,641,125 0.3

45,537,647 9.5

Utilities: 5.9%

47,879 AES Corp. 692,330 0.1

See Accompanying Notes to Financial Statements

9



Voya Index Plus MidCap Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

32,465 Ameren Corp. 2,117,692 0.4

14,770 Atmos Energy Corp. 1,369,474 0.3

26,043 Centerpoint Energy, Inc. 735,194 0.2

41,870 Idacorp, Inc. 3,896,422 0.8

67,258 MDU Resources Group, Inc. 1,603,431 0.3

62,704 National Fuel Gas Co. 3,209,191 0.7

51,261 NorthWestern Corp. 3,046,954 0.6

23,045 NRG Energy, Inc. 912,582 0.2

15,181 OGE Energy Corp. 594,943 0.1

27,294 ⁽¹⁾ PG&E Corp. 648,233 0.1

21,422 Pinnacle West Capital Corp. 1,825,154 0.4

68,243 PNM Resources, Inc. 2,804,105 0.6

97,863 UGI Corp. 5,220,991 1.1

28,676,696 5.9

Total Common Stock

(Cost $527,054,266) 476,482,745 99.1

Principal
Amount† Value Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 1.5%

Securities Lending Collateral⁽³⁾: 0.9%

1,037,386 Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $1,037,576, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $1,058,134, due 01/25/19-10/20/68) 1,037,386 0.2

1,037,386 Daiwa Capital Markets, Repurchase Agreement dated 12/31/18, 3.05%, due 01/02/19 (Repurchase Amount $1,037,559, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $1,058,134, due 01/25/19-02/01/49) 1,037,386 0.2

217,463 Mizuho Securities USA LLC, Repurchase Agreement dated 12/31/18, 2.92%, due 01/02/19 (Repurchase Amount $217,498, collateralized by various U.S. Government Securities, 1.875%-2.625%, Market Value plus accrued interest $221,812, due 02/29/24-09/09/49) 217,463 0.1

See Accompanying Notes to Financial Statements

10



Voya Index Plus MidCap Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

1,037,386 Nomura Securities, Repurchase Agreement dated 12/31/18, 3.00%, due 01/02/19 (Repurchase Amount $1,037,557, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $1,058,134, due 01/03/19-11/20/68) 1,037,386 0.2

1,037,386 RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $1,037,558, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $1,058,134, due 10/01/25-10/20/48) 1,037,386 0.2

4,367,007 0.9

Shares Value Percentage
of Net
Assets

Mutual Funds: 0.6%

2,694,000 ⁽⁴⁾ Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340%

(Cost $2,694,000) 2,694,000 0.6

Total Short-Term Investments

(Cost $7,061,007) 7,061,007 1.5

Total Investments in Securities
(Cost $534,115,273) $ 483,543,752 100.6

Liabilities in Excess of Other Assets (2,778,367 ) (0.6 )

Net Assets $ 480,765,385 100.0

† Unless otherwise indicated, principal amount is shown in USD.

ADR American Depositary Receipt

(1) Non-income producing security.

(2) Security, or a portion of the security, is on loan.

(3) Represents securities purchased with cash collateral received for securities on loan.

(4) Rate shown is the 7-day yield as of December 31, 2018.

See Accompanying Notes to Financial Statements

11



Voya Index Plus SmallCap Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018

Shares Value Percentage
of Net
Assets

COMMON STOCK: 99.1%

Communication Services: 2.4%

16,885 ⁽¹⁾ AMC Entertainment Holdings, Inc. 207,348 0.1

21,000 ⁽²⁾ Care.com, Inc. 405,510 0.2

32,265 Cogent Communications Holdings, Inc. 1,458,701 0.6

22,266 Consolidated Communications Holdings, Inc. 219,988 0.1

107,450 Entravision Communications Corp. 312,679 0.1

132,501 ⁽¹⁾ Frontier Communications Corp. 315,352 0.1

59,881 Gannett Co., Inc. 510,785 0.2

14,470 ⁽²⁾ Liberty TripAdvisor Holdings, Inc. 229,928 0.1

12,652 Marcus Corp. 499,754 0.2

14,868 Scholastic Corp. 598,586 0.3

95,197 ⁽²⁾ Vonage Holdings Corp. 831,070 0.4

5,589,701 2.4

Consumer Discretionary: 13.1%

34,225 ⁽¹⁾ Abercrombie & Fitch Co. 686,211 0.3

99,219 ⁽²⁾ American Axle & Manufacturing Holdings, Inc. 1,101,331 0.5

6,414 ⁽²⁾ Asbury Automotive Group, Inc. 427,557 0.2

74,289 ⁽²⁾ Barnes & Noble Education, Inc. 297,899 0.1

22,006 BJ's Restaurants, Inc. 1,112,843 0.5

15,280 Bloomin Brands, Inc. 273,359 0.1

10,913 Brinker International, Inc. 479,954 0.2

45,159 Caleres, Inc. 1,256,775 0.5

62,144 Callaway Golf Co. 950,803 0.4

75,957 ⁽²⁾ Career Education Corp. 867,429 0.4

1,723 ⁽²⁾ Cavco Industries, Inc. 224,645 0.1

13,529 Childrens Place, Inc./The 1,218,828 0.5

12,445 Citi Trends, Inc. 253,754 0.1

12,913 ⁽²⁾ Cooper-Standard Holdings, Inc. 802,156 0.3

39,186 ⁽²⁾ CROCS, Inc. 1,018,052 0.4

46,367 Dana, Inc. 631,982 0.3

10,815 Dave & Buster's Entertainment, Inc. 481,916 0.2

5,037 ⁽²⁾ Deckers Outdoor Corp. 644,484 0.3

2,835 ⁽²⁾ Dorman Products, Inc. 255,207 0.1

10,906 DSW, Inc. 269,378 0.1

3,998 ⁽²⁾ Fox Factory Holding Corp. 235,362 0.1

12,047 ⁽²⁾ Genesco, Inc. 533,682 0.2

8,345 Group 1 Automotive, Inc. 439,948 0.2

24,185 ⁽²⁾ Hibbett Sports, Inc. 345,845 0.2

49,387 La-Z-Boy, Inc. 1,368,514 0.6

8,526 ⁽²⁾ Liberty Expedia Holdings, Inc. 333,452 0.1

48,787 ⁽²⁾ M/I Homes, Inc. 1,025,503 0.4

6,499 ⁽²⁾ Malibu Boats, Inc. 226,165 0.1

16,873 ⁽²⁾ MarineMax, Inc. 308,945 0.1

28,752 MDC Holdings, Inc. 808,219 0.3

3,259 Monro, Inc. 224,056 0.1

19,285 Movado Group, Inc. 609,792 0.3

431,645 Office Depot, Inc. 1,113,644 0.5

5,386 Oxford Industries, Inc. 382,621 0.2

37,320 ⁽²⁾ Penn National Gaming, Inc. 702,736 0.3

23,818 ⁽¹⁾ PetMed Express, Inc. 554,007 0.2

7,713 ^(1),(2) RH 924,172 0.4

42,484 Ruth's Hospitality Group, Inc. 965,661 0.4

7,812 ⁽¹⁾ Shoe Carnival, Inc. 261,780 0.1

8,514 ⁽²⁾ Shutterfly, Inc. 342,774 0.1

5,252 ^(1),(2) Stamps.com, Inc. 817,421 0.4

1,897 Strategic Education, Inc. 215,158 0.1

43,364 Tailored Brands, Inc. 591,485 0.3

31,757 ⁽²⁾ Taylor Morrison Home Corp. 504,936 0.2

18,727 Tenneco, Inc. 512,933 0.2

25,731 ⁽²⁾ TopBuild Corp. 1,157,895 0.5

26,204 Tower International, Inc. 623,655 0.3

38,747 Wolverine World Wide, Inc. 1,235,642 0.5

17,823 ⁽²⁾ Zumiez, Inc. 341,667 0.1

30,962,233 13.1

Consumer Staples: 3.7%

284,935 ⁽²⁾ Avon Products, Inc. 433,101 0.2

20,370 Cal-Maine Foods, Inc. 861,651 0.4

15,976 ^(1),(2) Central Garden & Pet Co. 550,373 0.2

65,244 ⁽²⁾ Darling Ingredients, Inc. 1,255,294 0.5

32,336 ⁽²⁾ Hostess Brands, Inc. 353,756 0.1

16,126 John B Sanfilippo & Son, Inc. 897,573 0.4

10,029 ⁽¹⁾ Medifast, Inc. 1,253,826 0.5

27,904 ⁽²⁾ Performance Food Group Co. 900,462 0.4

17,176 ⁽²⁾ Primo Water Corp. 240,636 0.1

35,959 SpartanNash Co. 617,776 0.3

13,638 Universal Corp. 738,498 0.3

44,161 ⁽¹⁾ Vector Group Ltd. 429,686 0.2

1,362 ⁽¹⁾ WD-40 Co. 249,600 0.1

8,782,232 3.7

Energy: 4.1%

5,642 Arch Coal, Inc. 468,230 0.2

11,274 ⁽²⁾ Cactus, Inc. 309,020 0.1

58,778 ⁽²⁾ Carrizo Oil & Gas, Inc. 663,604 0.3

12,583 ⁽²⁾ CONSOL Energy, Inc. 399,007 0.2

178,134 ⁽²⁾ Denbury Resources, Inc. 304,609 0.1

38,546 ⁽²⁾ Exterran Corp. 682,264 0.3

38,123 ⁽²⁾ FTS International, Inc. 271,055 0.1

38,381 ⁽²⁾ Helix Energy Solutions Group, Inc. 207,641 0.1

82,499 ⁽²⁾ Laredo Petroleum, Inc. 298,647 0.1

47,517 ⁽²⁾ Matrix Service Co. 852,455 0.4

154,118 ⁽²⁾ Overseas Shipholding Group, Inc. 255,836 0.1

16,929 ⁽²⁾ PDC Energy, Inc. 503,807 0.2

13,852 Peabody Energy Corp. 422,209 0.2

70,832 ⁽²⁾ ProPetro Holding Corp. 872,650 0.4

41,764 ⁽²⁾ Renewable Energy Group, Inc. 1,073,335 0.4

6,392 ⁽²⁾ REX American Resources Corp. 435,359 0.2

60,139 ⁽²⁾ SRC Energy, Inc. 282,653 0.1

See Accompanying Notes to Financial Statements

12



Voya Index Plus SmallCap Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

171,624 ⁽²⁾ Tetra Technologies, Inc. 288,328 0.1

48,951 ⁽²⁾ Unit Corp. 699,020 0.3

38,837 ⁽¹⁾ US Silica Holdings, Inc. 395,361 0.2

9,685,090 4.1

Financials: 18.7%

61,385 American Equity Investment Life Holding Co. 1,715,097 0.7

18,594 Ameris Bancorp. 588,872 0.3

12,341 Amerisafe, Inc. 699,611 0.3

26,580 Arbor Realty Trust, Inc. 267,661 0.1

19,936 ⁽²⁾ Axos Financial, Inc. 501,989 0.2

55,230 ⁽²⁾ Bancorp, Inc. 439,631 0.2

22,065 Bank of NT Butterfield & Son Ltd. 691,738 0.3

72,019 BrightSphere Investment Group PLC 769,163 0.3

28,201 Cadence BanCorp 473,213 0.2

7,103 Cathay General Bancorp. 238,164 0.1

39,070 Central Pacific Financial Corp. 951,355 0.4

18,568 Chemical Financial Corp. 679,774 0.3

6,548 Columbia Banking System, Inc. 237,627 0.1

4,849 Community Bank System, Inc. 282,697 0.1

44,969 ⁽²⁾ Customers Bancorp, Inc. 818,436 0.4

27,820 Employers Holdings, Inc. 1,167,605 0.5

25,071 ⁽²⁾ Essent Group Ltd. 856,927 0.4

11,384 FedNat Holding Co. 226,769 0.1

196,787 First BanCorp. Puerto Rico 1,692,368 0.7

50,473 First Commonwealth Financial Corp. 609,714 0.3

14,227 First Financial Bancorp. 337,464 0.2

5,660 ⁽¹⁾ First Financial Bankshares, Inc. 326,525 0.1

6,599 FirstCash, Inc. 477,438 0.2

28,155 ⁽²⁾ Flagstar Bancorp, Inc. 743,292 0.3

16,505 ⁽²⁾ Franklin Financial Network, Inc. 435,237 0.2

7,433 ⁽¹⁾ Glacier Bancorp., Inc. 294,495 0.1

40,760 Great Western Bancorp, Inc. 1,273,750 0.5

20,424 Green Bancorp, Inc. 350,067 0.2

19,102 ⁽²⁾ Green Dot Corp. 1,518,991 0.7

56,965 Hanmi Financial Corp. 1,122,211 0.5

51,158 Home Bancshares, Inc./Conway AR 835,922 0.4

67,407 Hope Bancorp, Inc. 799,447 0.3

6,797 Houlihan Lokey, Inc. 250,130 0.1

6,363 Iberiabank Corp. 409,014 0.2

11,511 Independent Bank Corp. Michigan 241,961 0.1

42,381 Invesco Mortgage Capital, Inc. 613,677 0.3

52,535 Ladder Capital Corp. 812,716 0.4

94,314 ⁽²⁾ MGIC Investment Corp. 986,524 0.4

27,114 ⁽²⁾ Mr Cooper Group, Inc. 316,420 0.1

67,231 ⁽²⁾ NMI Holdings, Inc. 1,200,073 0.5

58,428 OFG Bancorp 961,725 0.4

21,435 Old National Bancorp. 330,099 0.1

8,886 Federal Agricultural Mortgage Corp. 537,070 0.2

7,007 Primerica, Inc. 684,654 0.3

62,876 Radian Group, Inc. 1,028,651 0.4

13,322 ⁽¹⁾ RBB Bancorp 234,068 0.1

79,370 Redwood Trust, Inc. 1,196,106 0.5

13,874 ⁽²⁾ Regional Management Corp. 333,670 0.1

3,751 RLI Corp. 258,782 0.1

21,471 ⁽²⁾ Seacoast Banking Corp. of Florida 558,675 0.2

37,892 Selective Insurance Group 2,309,138 1.0

62,415 Simmons First National Corp. 1,506,074 0.6

12,710 State Bank Financial Corp. 274,409 0.1

109,407 ⁽²⁾ Third Point Reinsurance Ltd. 1,054,683 0.5

56,701 Trustco Bank Corp. 388,969 0.2

65,748 United Community Banks, Inc./GA 1,410,952 0.6

32,170 Universal Insurance Holdings, Inc. 1,219,886 0.5

66,677 ⁽¹⁾ Waddell & Reed Financial, Inc. 1,205,520 0.5

28,509 Walker & Dunlop, Inc. 1,233,014 0.5

43,979,910 18.7

Health Care: 11.6%

18,928 ^(1),(2) Acorda Therapeutics, Inc. 294,898 0.1

24,374 ⁽²⁾ AMAG Pharmaceuticals, Inc. 370,241 0.2

15,513 ⁽²⁾ Amedisys, Inc. 1,816,728 0.8

34,050 ⁽²⁾ AMN Healthcare Services, Inc. 1,929,273 0.8

33,968 ⁽²⁾ Angiodynamics, Inc. 683,776 0.3

98,920 ⁽²⁾ Assertio Therapeutics, Inc. 357,101 0.2

7,049 ⁽²⁾ BioTelemetry, Inc. 420,966 0.2

17,440 ^(1),(2) Cambrex Corp. 658,534 0.3

5,912 Conmed Corp. 379,550 0.2

24,612 ^(1),(2) Corcept Therapeutics, Inc. 328,816 0.1

10,981 ⁽²⁾ Corvel Corp. 677,747 0.3

61,837 ⁽²⁾ Cross Country Healthcare, Inc. 453,265 0.2

29,733 ⁽²⁾ Emergent Biosolutions, Inc. 1,762,572 0.8

5,075 ⁽²⁾ Enanta Pharmaceuticals, Inc. 359,462 0.2

67,404 ⁽²⁾ Endo International PLC 492,049 0.2

10,493 Ensign Group, Inc. 407,024 0.2

7,428 ⁽²⁾ Haemonetics Corp. 743,171 0.3

14,135 ⁽²⁾ HMS Holdings Corp. 397,618 0.2

21,337 ⁽²⁾ Integer Holdings Corp. 1,627,160 0.7

37,320 ⁽²⁾ Lantheus Holdings, Inc. 584,058 0.2

2,874 ⁽²⁾ LHC Group, Inc. 269,811 0.1

3,808 ⁽²⁾ Ligand Pharmaceuticals, Inc. 516,746 0.2

43,475 Luminex Corp. 1,004,707 0.4

15,190 ⁽²⁾ Magellan Health, Inc. 864,159 0.4

14,989 ⁽²⁾ Mallinckrodt PLC - W/I 236,826 0.1

8,974 ⁽²⁾ Medpace Holdings, Inc. 474,994 0.2

30,155 ⁽²⁾ Merit Medical Systems, Inc. 1,682,951 0.7

24,920 ^(1),(2) Myriad Genetics, Inc. 724,424 0.3

5,970 ⁽²⁾ Neogen Corp. 340,290 0.1

See Accompanying Notes to Financial Statements

13



Voya Index Plus SmallCap Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

3,734 ⁽²⁾ Omnicell, Inc. 228,670 0.1

15,954 ⁽²⁾ Orthofix Medical, Inc. 837,426 0.4

42,577 ⁽¹⁾ Owens & Minor, Inc. 269,513 0.1

23,477 Phibro Animal Health Corp. 755,020 0.3

5,709 ⁽²⁾ Providence Service Corp. 342,654 0.1

11,089 ⁽²⁾ REGENXBIO, Inc. 465,184 0.2

51,301 ⁽²⁾ Select Medical Holdings Corp. 787,470 0.3

26,092 ⁽²⁾ Spectrum Pharmaceuticals, Inc. 228,305 0.1

26,857 ⁽²⁾ Supernus Pharmaceuticals, Inc. 892,190 0.4

12,189 ⁽²⁾ SurModics, Inc. 576,052 0.2

41,701 ⁽²⁾ Tivity Health, Inc. 1,034,602 0.4

27,276,003 11.6

Industrials: 18.6%

9,327 ABM Industries, Inc. 299,490 0.1

60,220 ACCO Brands Corp. 408,292 0.2

24,929 Actuant Corp. 523,260 0.2

14,557 Advanced Drainage Systems, Inc. 353,007 0.2

14,006 ⁽²⁾ Aegion Corp. 228,578 0.1

30,030 ⁽²⁾ Aerojet Rocketdyne Holdings, Inc. 1,057,957 0.5

19,691 Applied Industrial Technologies, Inc. 1,062,133 0.5

32,011 ArcBest Corp. 1,096,697 0.5

13,770 ⁽²⁾ ASGN, Inc. 750,465 0.3

26,768 ⁽²⁾ Atkore International Group, Inc. 531,077 0.2

9,095 ⁽²⁾ Atlas Air Worldwide Holdings, Inc. 383,718 0.2

7,428 ⁽²⁾ Axon Enterprise, Inc. 324,975 0.1

34,740 Barnes Group, Inc. 1,862,759 0.8

6,064 Barrett Business Services, Inc. 347,164 0.1

11,630 Columbus McKinnon Corp. 350,528 0.1

8,658 Comfort Systems USA, Inc. 378,181 0.2

17,416 ⁽²⁾ Continental Building Products, Inc. 443,237 0.2

16,926 ⁽²⁾ Covenant Transportation Group, Inc. 324,979 0.1

11,414 ⁽²⁾ CSW Industrials, Inc. 551,867 0.2

8,574 EMCOR Group, Inc. 511,782 0.2

21,941 EnPro Industries, Inc. 1,318,654 0.6

4,866 Exponent, Inc. 246,755 0.1

47,793 Federal Signal Corp. 951,081 0.4

5,948 ⁽²⁾ FTI Consulting, Inc. 396,375 0.2

15,820 ⁽²⁾ Gibraltar Industries, Inc. 563,034 0.2

9,081 Greenbrier Cos., Inc. 359,063 0.2

28,398 Griffon Corp. 296,759 0.1

76,424 ⁽²⁾ Harsco Corp. 1,517,781 0.6

15,058 Hawaiian Holdings, Inc. 397,682 0.2

31,304 Heidrick & Struggles International, Inc. 976,372 0.4

22,266 Herman Miller, Inc. 673,546 0.3

44,104 Hillenbrand, Inc. 1,672,865 0.7

15,040 ⁽²⁾ HUB Group, Inc. 557,533 0.2

8,981 Insperity, Inc. 838,466 0.4

4,936 John Bean Technologies Corp. 354,454 0.2

14,879 Kaman Corp. 834,563 0.4

12,733 Kforce, Inc. 393,704 0.2

20,477 Knoll, Inc. 337,461 0.1

36,339 Korn/Ferry International 1,436,844 0.6

14,209 Lindsay Corp. 1,367,616 0.6

6,124 Matthews International Corp. 248,757 0.1

36,034 ⁽²⁾ Milacron Holdings Corp. 428,444 0.2

10,790 Mobile Mini, Inc. 342,582 0.1

3,080 Moog, Inc. 238,638 0.1

4,590 ⁽¹⁾ National Presto Industries, Inc. 536,663 0.2

45,783 Navigant Consulting, Inc. 1,101,081 0.5

30,886 ⁽²⁾ NCI Building Systems, Inc. 223,923 0.1

8,170 ⁽²⁾ Patrick Industries, Inc. 241,914 0.1

24,609 ⁽²⁾ PGT Innovations, Inc. 390,053 0.2

2,406 ⁽²⁾ Proto Labs, Inc. 271,373 0.1

37,977 Quanex Building Products Corp. 516,107 0.2

13,128 ⁽²⁾ Saia, Inc. 732,805 0.3

30,972 Simpson Manufacturing Co., Inc. 1,676,514 0.7

30,386 Skywest, Inc. 1,351,265 0.6

21,063 ⁽²⁾ SPX Corp. 589,975 0.3

38,854 ⁽²⁾ SPX FLOW, Inc. 1,181,939 0.5

10,925 Tennant Co. 569,302 0.2

37,190 Tetra Tech, Inc. 1,925,326 0.8

5,494 ⁽²⁾ Trex Co., Inc. 326,124 0.1

17,113 ⁽²⁾ Trimas Corp. 467,014 0.2

17,892 ⁽²⁾ TrueBlue, Inc. 398,097 0.2

49,466 Universal Forest Products, Inc. 1,284,137 0.5

22,739 Watts Water Technologies, Inc. 1,467,348 0.6

43,790,135 18.6

Information Technology: 14.4%

21,387 ⁽²⁾ 8x8, Inc. 385,822 0.2

31,585 ⁽²⁾ Advanced Energy Industries, Inc. 1,355,944 0.6

51,931 Benchmark Electronics, Inc. 1,099,899 0.5

14,739 ⁽²⁾ Bottomline Technologies de, Inc. 707,472 0.3

8,521 Cabot Microelectronics Corp. 812,477 0.3

5,437 ⁽²⁾ CACI International, Inc. 783,091 0.3

67,390 ⁽²⁾ CalAmp Corp. 876,744 0.4

18,538 ⁽²⁾ Cardtronics plc 481,988 0.2

42,600 Cohu, Inc. 684,582 0.3

13,794 Comtech Telecommunications Corp. 335,746 0.1

18,567 ⁽²⁾ Control4 Corp. 326,779 0.1

18,011 CSG Systems International, Inc. 572,209 0.2

43,009 CTS Corp. 1,113,503 0.5

16,943 ⁽²⁾ Diodes, Inc. 546,581 0.2

10,680 Entegris, Inc. 297,919 0.1

12,728 ⁽²⁾ ePlus, Inc. 905,852 0.4

36,022 EVERTEC, Inc. 1,033,831 0.4

22,040 ⁽²⁾ Fabrinet 1,130,872 0.5

45,529 ⁽²⁾ Formfactor, Inc. 641,504 0.3

21,723 ⁽²⁾ Insight Enterprises, Inc. 885,212 0.4

36,776 Kemet Corp. 645,051 0.3

37,104 ⁽²⁾ Knowles Corp. 493,854 0.2

See Accompanying Notes to Financial Statements

14



Voya Index Plus SmallCap Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

36,455 Kulicke & Soffa Industries, Inc. 738,943 0.3

4,455 Mantech International Corp. 232,974 0.1

26,883 Methode Electronics, Inc. 626,105 0.3

2,607 ⁽²⁾ MicroStrategy, Inc. 333,044 0.1

14,935 Monotype Imaging Holdings, Inc. 231,791 0.1

42,648 ⁽²⁾ Nanometrics, Inc. 1,165,570 0.5

4,498 ⁽²⁾ New Relic, Inc. 364,203 0.1

49,261 NIC, Inc. 614,777 0.3

44,637 ⁽²⁾ Perficient, Inc. 993,620 0.4

30,773 ⁽²⁾ Plexus Corp. 1,571,885 0.7

7,907 Power Integrations, Inc. 482,169 0.2

43,528 Progress Software Corp. 1,544,809 0.7

10,420 ⁽²⁾ Qualys, Inc. 778,791 0.3

49,945 ⁽²⁾ Rudolph Technologies, Inc. 1,022,374 0.4

58,908 ⁽²⁾ Sanmina Corp. 1,417,327 0.6

21,731 ⁽²⁾ Scansource, Inc. 747,112 0.3

15,518 ^(1),(2) SecureWorks Corp. 262,099 0.1

24,171 ⁽²⁾ Semtech Corp. 1,108,724 0.5

11,444 ^(1),(2) SolarEdge Technologies, Inc. 401,684 0.2

4,622 ⁽²⁾ SPS Commerce, Inc. 380,760 0.2

26,015 ⁽²⁾ Sykes Enterprises, Inc. 643,351 0.3

81,229 ⁽²⁾ TTM Technologies, Inc. 790,358 0.3

20,169 ⁽²⁾ Virtusa Corp. 858,998 0.4

20,636 Vishay Intertechnology, Inc. 371,654 0.2

33,800,054 14.4

Materials: 4.0%

13,569 ⁽²⁾ AdvanSix, Inc. 330,270 0.1

4,443 Balchem Corp. 348,109 0.2

37,021 Boise Cascade Co. 882,951 0.4

15,971 FutureFuel Corp. 253,300 0.1

5,742 ⁽²⁾ Ingevity Corp. 480,548 0.2

5,860 Kaiser Aluminum Corp. 523,239 0.2

27,323 ⁽²⁾ Koppers Holdings, Inc. 465,584 0.2

33,479 ⁽²⁾ Kraton Corp. 731,181 0.3

20,981 Louisiana-Pacific Corp. 466,198 0.2

18,129 Materion Corp. 815,624 0.4

23,739 PolyOne Corp. 678,935 0.3

1,324 Quaker Chemical Corp. 235,288 0.1

20,248 Stepan Co. 1,498,352 0.6

15,839 Tredegar Corp. 251,207 0.1

12,708 Trinseo SA 581,772 0.3

13,335 ⁽²⁾ Verso Corp. 298,704 0.1

13,343 Worthington Industries, Inc. 464,870 0.2

9,306,132 4.0

Real Estate: 6.2%

21,213 American Assets Trust, Inc. 852,126 0.4

79,409 Ashford Hospitality Trust, Inc. 317,636 0.1

160,150 ⁽¹⁾ CBL & Associates Properties, Inc. 307,488 0.1

84,802 Cedar Realty Trust, Inc. 266,278 0.1

53,502 Chesapeake Lodging Trust 1,302,774 0.5

155,258 DiamondRock Hospitality Co. 1,409,743 0.6

23,177 EastGroup Properties, Inc. 2,126,026 0.9

39,848 HFF, Inc. 1,321,360 0.6

103,108 iStar, Inc. 945,500 0.4

10,763 ⁽²⁾ Marcus & Millichap, Inc. 369,494 0.2

30,817 National Storage Affiliates Trust 815,418 0.3

27,776 Newmark Group, Inc. 222,763 0.1

90,509 ⁽¹⁾ Pennsylvania Real Estate Investment Trust 537,623 0.2

14,128 PS Business Parks, Inc. 1,850,768 0.8

3,495 Ryman Hospitality Properties 233,082 0.1

8,658 Saul Centers, Inc. 408,831 0.2

22,822 Urstadt Biddle Properties, Inc. 438,639 0.2

191,965 ⁽¹⁾ Washington Prime Group, Inc. 932,950 0.4

14,658,499 6.2

Utilities: 2.3%

3,538 American States Water Co. 237,188 0.1

15,627 Black Hills Corp. 981,063 0.4

18,172 El Paso Electric Co. 910,962 0.4

8,482 Idacorp, Inc. 789,335 0.3

13,339 NorthWestern Corp. 792,870 0.4

7,522 PNM Resources, Inc. 309,079 0.1

21,446 Portland General Electric Co. 983,299 0.4

8,466 South Jersey Industries, Inc. 235,355 0.1

4,016 Spire, Inc. 297,505 0.1

5,536,656 2.3

Total Common Stock

(Cost $254,178,857) 233,366,645 99.1

Principal
Amount† Value Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 3.1%

Securities Lending Collateral⁽³⁾: 2.6%

307,513 Bank of Nova Scotia, Repurchase Agreement dated 12/31/18, 2.95%, due 01/02/19 (Repurchase Amount $307,563, collateralized by various U.S. Government Securities, 0.000%-8.750%, Market Value plus accrued interest $313,715, due 01/08/19-09/09/49) 307,513 0.2

See Accompanying Notes to Financial Statements

15



Voya Index Plus SmallCap Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

1,465,952 Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $1,466,221, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $1,495,271, due 01/25/19-10/20/68) 1,465,952 0.6

1,465,952 Daiwa Capital Markets, Repurchase Agreement dated 12/31/18, 3.05%, due 01/02/19 (Repurchase Amount $1,466,197, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $1,495,271, due 01/25/19-02/01/49) 1,465,952 0.6

1,465,952 Nomura Securities, Repurchase Agreement dated 12/31/18, 3.00%, due 01/02/19 (Repurchase Amount $1,466,193, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $1,495,271, due 01/03/19-11/20/68) 1,465,952 0.6

1,465,952 RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $1,466,195, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $1,495,271, due 10/01/25-10/20/48) 1,465,952 0.6

6,171,321 2.6

Shares Value Percentage
of Net
Assets

Mutual Funds: 0.5%

1,061,000 ⁽⁴⁾ Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340%

(Cost $1,061,000) 1,061,000 0.5

Total Short-Term Investments

(Cost $7,232,321) 7,232,321 3.1

Total Investments in Securities
(Cost $261,411,178) $ 240,598,966 102.2

Liabilities in Excess of Other Assets (5,189,013 ) (2.2 )

Net Assets $ 235,409,953 100.0

† 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) Represents securities purchased with cash collateral received for securities on loan.

(4) Rate shown is the 7-day yield as of December 31, 2018.

See Accompanying Notes to Financial Statements

16

Voya Australia Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018

Shares Value Percentage
of Net
Assets

COMMON STOCK: 99.5%

Communication Services: 3.5%

21,061 carsales.com Ltd. 163,264 0.2

17,800 Chorus Ltd. 58,239 0.1

20,108 Domain Holdings Australia Ltd. 31,580 0.0

5,562 News Corp. 63,871 0.1

137,992 Nine Entertainment Co. Holdings Ltd. 134,262 0.1

20,573 oOh!media Ltd. 49,606 0.1

4,262 REA Group Ltd. 222,358 0.2

78,086 ⁽¹⁾ Seven West Media Ltd. 30,264 0.0

65,899 Southern Cross Media Group Ltd. 46,680 0.1

20,035 SpeedCast International Ltd. 41,092 0.0

21,351 Spark New Zealand Ltd. 60,468 0.1

1,040,042 Telstra Corp., Ltd. 2,087,218 2.2

29,828 TPG Telecom Ltd. 135,301 0.2

54,001 ⁽¹⁾ Vocus Communications Ltd. 121,796 0.1

3,245,999 3.5

Consumer Discretionary: 6.2%

6,022 ARB Corp. Ltd. 63,673 0.1

36,509 Ardent Leisure Group Ltd. 38,058 0.0

55,715 Aristocrat Leisure Ltd. 857,665 0.9

21,540 ⁽²⁾ Automotive Holdings Group Ltd. 23,677 0.0

23,447 Bapcor Ltd. 97,336 0.1

8,005 Breville Group Ltd. 60,127 0.1

7,085 Corporate Travel Management Ltd. 107,041 0.1

31,324 Crown Resorts Ltd. 261,784 0.3

5,450 Domino's Pizza Enterprises Ltd. 156,127 0.2

5,037 Flight Centre Travel Group Ltd. 152,327 0.1

39,823 G8 Education Ltd. 79,400 0.1

7,455 GUD Holdings Ltd. 59,067 0.0

55,193 ⁽²⁾ Harvey Norman Holdings Ltd. 122,853 0.1

10,944 IDP Education Ltd. 76,115 0.1

9,437 ⁽²⁾ Invocare Ltd. 68,500 0.1

9,789 ⁽²⁾ JB Hi-Fi Ltd. 152,717 0.1

26,734 Navitas Ltd. 95,432 0.1

8,384 Premier Investments Ltd. 86,930 0.1

25,926 SKYCITY Entertainment Group Ltd. 60,293 0.1

71,899 Star Entertainment Grp Ltd. 231,012 0.2

12,135 Super Retail Group Ltd. 60,142 0.1

175,777 Tabcorp Holdings Ltd. 531,414 0.6

21,452 Trade Me Ltd. 90,267 0.1

11,265 Webjet Ltd. 87,166 0.1

99,152 Wesfarmers Ltd. 2,252,600 2.4

5,871,723 6.2

Consumer Staples: 5.7%

63,512 ⁽¹⁾ a2 Milk Co. Ltd. 461,606 0.5

18,610 ⁽²⁾ Bega Cheese Ltd. 64,658 0.1

7,630 ⁽¹⁾ Bellamy's Australia Ltd. 39,287 0.0

1,100 Blackmores Ltd. 94,484 0.1

44,319 Coca-Cola Amatil Ltd. 255,613 0.3

99,152 ⁽¹⁾ Coles Group Ltd. 819,894 0.9

27,885 Costa Group Holdings Ltd. 145,837 0.2

9,305 Elders Ltd 46,338 0.1

19,960 GrainCorp Ltd. 128,917 0.1

21,281 Inghams Group Ltd. 61,917 0.1

79,512 Metcash Ltd. 137,327 0.1

14,856 Tassal Group Ltd. 46,274 0.0

62,846 Treasury Wine Estates Ltd. 655,344 0.7

114,847 Woolworths Group Ltd 2,382,386 2.5

5,339,882 5.7

Energy: 5.3%

152,138 Beach Energy Ltd. 143,742 0.2

22,807 Caltex Australia Ltd. 409,188 0.4

28,315 New Hope Corp., Ltd. 67,873 0.1

115,567 Oil Search Ltd. 582,112 0.6

153,714 ⁽¹⁾ Origin Energy Ltd. 701,186 0.8

154,060 Santos Ltd. 594,152 0.6

93,525 ^(1),(3) Viva Energy Group Ltd. 118,679 0.1

10,226 Washington H Soul Pattinson & Co. Ltd. 179,330 0.2

61,013 Whitehaven Coal Ltd. 185,933 0.2

81,855 Woodside Petroleum Ltd. 1,803,052 1.9

27,265 WorleyParsons Ltd. 218,989 0.2

5,004,236 5.3

Financials: 32.3%

255,982 AMP Ltd. 441,894 0.5

16,927 ASX Ltd. 715,247 0.8

253,101 Australia & New Zealand Banking Group Ltd. 4,373,248 4.7

34,744 Bank of Queensland Ltd. 237,478 0.2

42,160 Bendigo and Adelaide Bank Ltd. 320,329 0.3

50,167 Challenger Ltd. 335,397 0.4

153,894 Commonwealth Bank of Australia 7,849,770 8.4

4,089 ⁽²⁾ Credit Corp. Group Ltd. 54,062 0.1

62,546 CYBG PLC 146,939 0.1

27,449 Eclipx Group Ltd. 47,036 0.0

202,066 Insurance Australia Group Ltd. 996,632 1.1

26,442 ⁽²⁾ IOOF Holdings Ltd. 96,375 0.1

7,486 Janus Henderson Group PLC 153,329 0.2

27,674 Macquarie Group Ltd. 2,119,716 2.3

12,189 Magellan Financial Group Ltd. 202,251 0.2

240,831 Medibank Pvt Ltd. 435,996 0.5

238,661 National Australia Bank Ltd. 4,049,915 4.3

39,776 NIB Holdings Ltd./Australia 145,825 0.1

21,723 Pendal Group Ltd. 122,104 0.1

See Accompanying Notes to Financial Statements

17

Voya Australia Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

4,128 Perpetual Ltd. 94,460 0.1

18,723 ⁽²⁾ Platinum Asset Management Ltd. 64,120 0.1

119,361 QBE Insurance Group Ltd. 849,923 0.9

67,825 Steadfast Group Ltd. 131,455 0.1

113,334 Suncorp Group Ltd. 1,008,646 1.1

300,365 Westpac Banking Corp. 5,307,414 5.6

30,299,561 32.3

Health Care: 8.6%

11,709 Ansell Ltd. 181,896 0.2

34,575 Australian Pharmaceutical Industries Ltd. 33,621 0.0

5,009 Cochlear Ltd. 613,746 0.7

39,568 CSL Ltd. 5,168,286 5.5

20,738 Estia Health Ltd. 33,467 0.0

13,543 Fisher & Paykel Healthcare Corp. Ltd. 117,951 0.1

43,286 Healius Ltd. 67,989 0.1

113,601 Healthscope Ltd. 178,433 0.2

126,380 ⁽¹⁾ Mayne Pharma Group Ltd. 68,965 0.1

22,391 ⁽¹⁾ Nanosonics Ltd. 44,800 0.1

11,310 Ramsay Health Care Ltd. 460,051 0.5

44,406 ResMed, Inc. 499,271 0.5

94,613 Sigma Healthcare Ltd. 38,050 0.0

37,129 Sonic Healthcare Ltd. 579,216 0.6

8,085,742 8.6

Industrials: 7.9%

42,888 ALS Ltd. 204,916 0.2

57,670 Atlas Arteria Ltd. 254,387 0.3

174,032 Aurizon Holdings Ltd. 525,054 0.6

37,906 Bingo Industries Ltd 49,553 0.0

138,883 Brambles Ltd. 993,658 1.1

8,547 CIMIC Group Ltd. 261,367 0.3

175,820 Cleanaway Waste Management Ltd. 206,192 0.2

53,223 Downer EDI Ltd. 253,524 0.3

21,405 ⁽¹⁾ Emeco Holdings Ltd. 30,585 0.0

23,716 GWA Group Ltd. 46,469 0.0

16,517 IPH Ltd. 62,968 0.1

6,763 ⁽²⁾ McMillan Shakespeare Ltd. 66,343 0.1

7,928 ⁽²⁾ Monadelphous Group Ltd. 76,925 0.1

149,217 Qantas Airways Ltd. 608,734 0.6

127,607 ⁽²⁾ Qube Logistics Holdings Ltd. 228,417 0.2

62,187 Reliance Worldwide Corp. Ltd. 194,957 0.2

30,664 Seek Ltd. 365,827 0.4

10,090 Seven Group Holdings Ltd. 100,881 0.1

8,413 SmartGroup Corp. Ltd. 52,679 0.1

196,886 Sydney Airport 933,599 1.0

228,057 Transurban Group - Stapled Security 1,871,784 2.0

231,429 ^(1),(4) Virgin Australia International Holdings – –

7,388,819 7.9

Information Technology: 2.1%

14,681 ^(1),(2) Afterpay Touch Group Ltd. 128,417 0.1

10,251 Altium Ltd. 156,906 0.2

7,772 Appen Ltd. 70,318 0.1

18,735 Bravura Solutions Ltd. 48,834 0.1

43,953 Computershare Ltd. 532,678 0.6

12,036 IRESS Ltd. 94,345 0.1

45,991 Link Administration Holdings Ltd. 219,478 0.2

38,841 MYOB Group Ltd. 91,949 0.1

30,005 ⁽¹⁾ NEXTDC Ltd. 129,279 0.1

21,105 Technology One Ltd. 91,608 0.1

9,942 WiseTech Global Ltd. 118,528 0.1

9,322 ⁽¹⁾ Xero Ltd. 276,226 0.3

1,958,566 2.1

Materials: 18.6%

35,256 Adelaide Brighton Ltd. 106,125 0.1

203,774 Alumina Ltd. 330,074 0.3

101,277 Amcor Ltd. 945,668 1.0

46,576 Ausdrill Ltd. 39,035 0.0

280,636 BHP Billiton Ltd. 6,783,265 7.2

48,113 BlueScope Steel Ltd. 371,149 0.4

102,515 Boral Ltd. 356,753 0.4

6,695 Brickworks Ltd. 78,461 0.1

45,132 CSR Ltd. 89,347 0.1

33,326 DuluxGroup Ltd. 154,012 0.2

132,200 Evolution Mining Ltd. 343,907 0.4

24,454 ⁽¹⁾ Fletcher Building Ltd. 80,166 0.1

149,678 Fortescue Metals Group Ltd. 441,369 0.5

35,270 ^(1),(2) Galaxy Resources Ltd. 53,895 0.1

36,595 Iluka Resources Ltd. 196,628 0.2

146,529 Incitec Pivot Ltd. 338,706 0.4

40,428 Independence Group NL 108,773 0.1

38,773 James Hardie Industries SE 422,424 0.4

57,938 ^(1),(2) Lynas Corp. Ltd. 64,731 0.1

13,660 Mineral Resources Ltd. 148,944 0.2

66,752 Newcrest Mining Ltd. 1,025,916 1.1

55,920 Northern Star Resources Ltd. 365,021 0.4

23,964 Nufarm Ltd. 100,604 0.1

32,787 Orica Ltd. 398,509 0.4

20,063 ^(1),(2) Orocobre Ltd. 45,633 0.0

105,522 Orora Ltd. 228,439 0.2

27,210 OZ Minerals Ltd. 168,698 0.2

19,542 Pact Group Holdings Ltd. 47,759 0.0

140,349 ⁽¹⁾ Pilbara Minerals Ltd. 61,788 0.1

43,031 Regis Resources Ltd. 146,548 0.2

64,034 Resolute Mining Ltd. 52,151 0.1

32,462 Rio Tinto Ltd. 1,796,641 1.9

13,638 Sandfire Resources NL 64,218 0.1

65,044 ⁽¹⁾ Saracen Mineral Holdings Ltd. 134,475 0.1

13,983 Sims Metal Management Ltd. 98,843 0.1

449,360 South32 Ltd. - AUD 1,068,944 1.1

44,886 St Barbara Ltd. 148,678 0.2

29,696 ^(1),(2) Syrah Resources Ltd. 31,500 0.0

22,962 Western Areas Ltd. 32,325 0.0

17,470,122 18.6

Real Estate: 7.3%

28,186 Abacus Property Group 64,965 0.1

See Accompanying Notes to Financial Statements

18

Voya Australia Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

37,061 Aveo Group 41,769 0.0

42,289 BWP Trust 105,177 0.1

40,480 Charter Hall Group 211,658 0.2

28,725 Charter Hall Retail REIT 90,647 0.1

17,730 Charter Hall Long Wale REIT 53,467 0.1

143,968 Cromwell Property Group 100,431 0.1

88,251 Dexus 660,524 0.7

140,151 Goodman Group 1,049,851 1.1

156,953 GPT Group 590,621 0.6

23,222 Growthpoint Properties Australia Ltd. 61,200 0.1

51,023 Lend Lease Corp., Ltd. 417,991 0.4

324,004 Mirvac Group 511,707 0.5

56,636 National Storage REIT 70,021 0.1

465,598 Scentre Group 1,280,007 1.4

77,171 Shopping Centres Australasia Property Group 138,633 0.1

212,889 Stockland 528,133 0.6

37,443 ⁽¹⁾ Unibail Group Stapled 282,191 0.3

281,008 Vicinity Centres 514,913 0.6

38,028 Viva Energy REIT 60,278 0.1

6,834,184 7.3

Utilities: 2.0%

57,538 AGL Energy Ltd. 835,579 0.9

103,178 APA Group 618,051 0.7

151,242 AusNet Services 165,749 0.2

85,759 ⁽¹⁾ Infigen Energy 28,122 0.0

147,087 Spark Infrastructure Group 229,152 0.2

1,876,653 2.0

Total Common Stock

(Cost $99,372,570) 93,375,487 99.5

Principal
Amount† Value Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 2.0%

Securities Lending Collateral⁽⁵⁾: 1.1%

1,000,000 Bank of Nova Scotia, Repurchase Agreement dated 12/31/18, 2.97%, due 01/02/19 (Repurchase Amount $1,000,163, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.750%-5.000%, Market Value plus accrued interest $1,020,168, due 11/15/23-05/15/58) 1,000,000 1.1

60,371 Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $60,382, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $61,579, due 01/25/19-10/20/68) 60,371 0.0

1,060,371 1.1

Shares Value Percentage
of Net
Assets

Mutual Funds: 0.9%

844,000 ⁽⁶⁾ Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340%

(Cost $844,000) 844,000 0.9

Total Short-Term Investments

(Cost $1,904,371) 1,904,371 2.0

Total Investments in Securities
(Cost $101,276,941) $ 95,279,858 101.5

Liabilities in Excess of Other Assets (1,380,439 ) (1.5 )

Net Assets $ 93,899,419 100.0



† 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) 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) For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

(5) Represents securities purchased with cash collateral received for securities on loan.

(6) Rate shown is the 7-day yield as of December 31, 2018.

See Accompanying Notes to Financial Statements

19

Voya Emerging Markets Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018

Shares Value Percentage
of Net
Assets

COMMON STOCK: 95.2%

Brazil: 4.6%

755,200 Ambev SA 2,996,833 0.4

60,500 Atacadao Distribuicao Comercio e Industria Ltd. 282,383 0.0

26,500 ⁽¹⁾ B2W Cia Digital 287,307 0.0

334,069 B3 SA - Brasil Bolsa Balcao 2,310,879 0.3

156,037 Banco Bradesco SA 1,362,795 0.2

138,500 Banco do Brasil S.A. 1,661,321 0.2

64,500 Banco Santander Brasil SA 710,611 0.1

111,100 BB Seguridade Participacoes SA 790,879 0.1

129,533 BR Malls Participacoes SA 436,818 0.1

82,900 ⁽¹⁾ BRF - Brasil Foods SA 469,070 0.1

33,100 ⁽¹⁾ Centrais Eletricas Brasileiras SA 206,931 0.0

191,300 CCR SA 552,812 0.1

53,700 Cia de Saneamento Basico do Estado de Sao Paulo 436,445 0.1

95,100 ⁽¹⁾ Cia Siderurgica Nacional S.A. 216,909 0.0

191,256 Cielo SA 438,693 0.1

23,900 Cosan SA 206,333 0.0

105,500 Embraer SA 590,141 0.1

30,850 Engie Brasil Energia SA 262,831 0.0

27,400 Equatorial Energia SA 527,109 0.1

40,200 Fibria Celulose SA 701,160 0.1

54,900 Hypermarcas SA 427,783 0.0

17,100 IRB Brasil Resseguros S/A 368,230 0.0

149,800 JBS SA 447,960 0.1

111,100 Klabin SA 455,207 0.1

219,104 Kroton Educacional SA 501,439 0.1

80,375 Localiza Rent a Car SA 616,953 0.1

114,160 Lojas Renner SA 1,248,890 0.2

15,300 M Dias Branco SA 168,958 0.0

12,200 Magazine Luiza SA 569,968 0.1

42,700 Multiplan Empreendimentos Imobiliarios SA 267,829 0.0

30,400 Natura Cosmeticos S.A. 352,964 0.0

55,700 Petrobras Distribuidora SA 369,345 0.0

469,800 Petroleo Brasileiro SA 3,078,867 0.4

13,800 Porto Seguro SA 185,685 0.0

36,300 Raia Drogasil SA 535,263 0.1

173,400 ⁽¹⁾ Rumo SA 760,575 0.1

31,186 Sul America SA 230,128 0.0

71,000 Suzano Papel e Celulose SA 697,589 0.1

133,100 Tim Participacoes SA 406,950 0.0

57,000 Ultrapar Participacoes SA 782,403 0.1

505,474 Vale SA 6,651,403 0.9

133,154 Weg S.A. 602,598 0.1

35,175,247 4.6

Chile: 1.0%

416,986 Aguas Andinas SA 229,354 0.0

3,975,846 Banco de Chile 568,133 0.1

7,383 Banco de Credito e Inversiones SA 479,629 0.1

10,489,973 Banco Santander Chile 781,306 0.1

219,606 Cencosud SA 397,569 0.1

23,393 Cia Cervecerias Unidas SA 300,523 0.0

1,245,653 Colbun SA 250,136 0.0

24,096 Empresa Nacional de Telecomunicaciones SA 186,852 0.0

198,541 Empresas CMPC SA 631,126 0.1

62,643 Empresas COPEC SA 751,698 0.1

4,502,740 Enel Americas SA 794,857 0.1

4,502,175 Enel Chile SA 434,453 0.1

23,939,245 Itau CorpBanca 223,490 0.0

48,034 Latam Airlines Group SA 479,939 0.1

117,887 SACI Falabella 864,550 0.1

7,373,615 1.0

China: 30.1%

201,500 ^(2),(3) 3SBio, Inc. 257,602 0.0

3,913 ⁽¹⁾ 51job, Inc. ADR 244,328 0.0

14,804 ⁽¹⁾ 58.com, Inc. ADR 802,525 0.1

116,500 AAC Technologies Holdings, Inc. 672,287 0.1

244,000 Agile Group Holdings, Ltd. 287,849 0.1

279,100 Agricultural Bank of China Ltd. - A Shares 146,453 0.0

4,644,000 Agricultural Bank of China Ltd. - H Shares 2,034,057 0.3

302,000 Air China Ltd. - H Shares 261,395 0.0

206,044 ⁽¹⁾ Alibaba Group Holding Ltd. ADR 28,242,451 3.7

546,000 ⁽¹⁾ Alibaba Health Information Technology Ltd. 442,267 0.1

2,260,000 ^(1),(2) Alibaba Pictures Group Ltd. 381,658 0.1

640,000 ⁽¹⁾ Aluminum Corp. of China Ltd. - H Shares 204,803 0.0

172,000 Angang Steel Co., Ltd. - H Shares 118,653 0.0

11,600 Anhui Conch Cement Co., Ltd. - A Shares 49,649 0.0

196,000 Anhui Conch Cement Co., Ltd. - H Shares 947,812 0.1

171,000 Anta Sports Products Ltd. 818,639 0.1

9,411 Autohome, Inc. ADR 736,223 0.1

341,000 AviChina Industry & Technology Co. Ltd. - H Shares 214,212 0.0

265,000 ⁽³⁾ BAIC Motor Corp. Ltd. - H Shares 140,187 0.0

44,412 ⁽¹⁾ Baidu, Inc. ADR 7,043,743 0.9

88,100 Bank of Beijing Co. Ltd. - A Shares 72,065 0.0

199,100 Bank of China Ltd. - A Shares 104,760 0.0

See Accompanying Notes to Financial Statements

20

Voya Emerging Markets Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

12,740,000 Bank of China Ltd. - H Shares 5,492,246 0.7

164,800 Bank of Communications Co. Ltd. - A Shares 139,084 0.0

1,352,000 Bank of Communications Co., Ltd. - H Shares 1,055,685 0.2

51,100 Bank of Jiangsu Co. Ltd. - A Shares 44,508 0.0

39,057 Bank of Nanjing Co. Ltd. - A Shares 36,796 0.0

21,300 Bank of Ningbo Co. Ltd. - A Shares 50,389 0.0

44,400 Bank of Shanghai Co. Ltd. - A Shares 72,463 0.0

50,600 Baoshan Iron & Steel Co. Ltd. - A Shares 47,978 0.0

5,834 ^(1),(2) Baozun, Inc. ADR 170,411 0.0

397,000 ⁽²⁾ BBMG Corp. - H Shares 125,018 0.0

272,000 Beijing Capital International Airport Co., Ltd. - H Shares 288,681 0.1

77,500 Beijing Enterprises Holdings Ltd. 410,939 0.1

882,000 Beijing Enterprises Water Group Ltd. 450,195 0.1

119,500 BOE Technology Group Co. Ltd. - A Shares 45,930 0.0

476,000 Brilliance China Automotive Holdings Ltd. 354,283 0.1

6,600 BYD Co. Ltd. - A Shares 49,302 0.0

101,500 Byd Co., Ltd. - H Shares 650,150 0.1

102,000 BYD Electronic International Co. Ltd. 128,059 0.0

109,000 ⁽¹⁾ CAR, Inc. - H Shares 81,210 0.0

1,719,000 ⁽³⁾ CGN Power Co. Ltd. - H Shares 408,140 0.1

312,000 China Agri-Industries Holdings Ltd. - H Shares 111,125 0.0

1,404,000 China Cinda Asset Management Co. Ltd. - H Shares 340,291 0.1

1,409,000 China CITIC Bank Corp. Ltd - H Shares 854,822 0.1

326,000 China Coal Energy Co. - H Shares 128,249 0.0

716,000 China Communications Construction Co., Ltd. - H Shares 675,069 0.1

390,000 China Communications Services Corp., Ltd. - H Shares 323,361 0.1

257,000 China Conch Venture Holdings Ltd. 765,221 0.1

15,329,000 China Construction Bank - H Shares 12,552,203 1.6

43,200 China Construction Bank Corp. - A Shares 40,129 0.0

144,000 ⁽¹⁾ China Ding Yi Feng Holdings Ltd. 386,956 0.1

222,000 China Eastern Airlines Corp. Ltd. - H Shares 123,139 0.0

156,200 China Everbright Bank Co. Ltd. - A Shares 84,257 0.0

381,000 China Everbright Bank Co. Ltd. - H Shares 165,102 0.0

518,000 China Everbright International Ltd. 464,194 0.1

146,000 China Everbright Ltd. 258,784 0.0

421,000 ⁽²⁾ China Evergrande Group 1,257,741 0.2

516,000 ⁽¹⁾ China First Capital Group Ltd. 293,332 0.1

12,200 China Fortune Land Development Co. Ltd. - A Shares 45,384 0.0

552,500 China Galaxy Securities Co. Ltd. - H Shares 249,532 0.0

280,600 China Gas Holdings Ltd. 1,000,562 0.1

288,500 China Hongqiao Group Ltd. 164,063 0.0

1,533,000 ⁽³⁾ China Huarong Asset Management Co. Ltd. - H Shares 279,828 0.0

480,000 ^(1),(4) China Huishan Dairy Holdings Co. Ltd. – –

166,800 ⁽³⁾ China International Capital Corp. Ltd. - H Shares 312,354 0.1

6,312 China International Travel Service Corp. Ltd. - A Shares 55,430 0.0

826,000 China Jinmao Holdings Group Ltd. 371,879 0.1

12,800 China Life Insurance Co. Ltd. - A Shares 38,073 0.0

1,199,000 China Life Insurance Co., Ltd. - H Shares 2,535,579 0.3

27,000 ^(1),(2),(3) China Literature Ltd. - H Shares 125,161 0.0

515,000 China Longyuan Power Group Corp. Ltd. - H Shares 351,563 0.1

217,000 China Medical System Holdings Ltd. 202,570 0.0

442,000 China Mengniu Dairy Co., Ltd. 1,375,293 0.2

61,500 China Merchants Bank Co. Ltd. - A Shares 226,098 0.0

619,380 China Merchants Bank Co., Ltd. - H Shares 2,261,848 0.3

211,353 China Merchants Port Holdings Co. Ltd 380,015 0.1

27,700 China Merchants Securities Co. Ltd. - A Shares 54,225 0.0

19,300 China Merchants Shekou Industrial Zone Holdings Co. Ltd. - A Shares 48,871 0.0

142,580 China Minsheng Banking Corp. Ltd. - A Shares 119,156 0.0

962,600 China Minsheng Banking Corp. Ltd. - H Shares 663,920 0.1

980,500 China Mobile Ltd. 9,487,903 1.2

639,000 China Molybdenum Co. Ltd. - H Shares 235,314 0.0

616,000 China National Building Material Co., Ltd. - H Shares 421,504 0.1

See Accompanying Notes to Financial Statements

21

Voya Emerging Markets Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

57,500 China National Nuclear Power Co. Ltd. - A Shares 44,208 0.0

292,000 China Oilfield Services Ltd. - H Shares 251,291 0.0

122,000 China Oriental Group Co. Ltd. 72,718 0.0

618,000 China Overseas Land & Investment Ltd. 2,130,748 0.3

15,003 China Pacific Insurance Group Co. Ltd. - A Shares 62,260 0.0

423,600 China Pacific Insurance Group Co., Ltd. - H Shares 1,368,849 0.2

104,000 China Petroleum & Chemical Corp. - A Shares 76,552 0.0

4,089,600 China Petroleum & Chemical Corp. - H Shares 2,915,108 0.4

698,000 China Power International Development Ltd. - H Shares 158,398 0.0

31,900 China Railway Construction Corp. Ltd. - A Shares 50,698 0.0

328,000 China Railway Construction Corp. Ltd. - H Shares 455,581 0.1

628,000 China Railway Group Ltd. - H Shares 572,220 0.1

237,000 ⁽³⁾ China Railway Signal & Communication Corp. Ltd. - H Shares 165,999 0.0

923,000 China Reinsurance Group Corp. - H Shares 188,580 0.0

230,000 China Resources Beer Holdings Co Ltd. 804,123 0.1

388,000 China Resources Cement Holdings Ltd. - H Shares 349,873 0.1

140,000 China Resources Gas Group Ltd. 554,759 0.1

446,444 China Resources Land Ltd. 1,717,324 0.2

262,500 ⁽³⁾ China Resources Pharmaceutical Group Ltd. 341,872 0.1

308,000 China Resources Power Holdings Co. 592,418 0.1

18,270 China Shenhua Energy Co. Ltd. - A Shares 47,920 0.0

539,500 China Shenhua Energy Co., Ltd. - H Shares 1,176,620 0.2

188,000 COSCO Shipping Energy Transportation Co. Ltd. - H Shares 93,640 0.0

304,000 China Southern Airlines Co., Ltd. - H Shares 186,400 0.0

117,740 China State Construction Engineering Corp. Ltd. - A Shares 97,969 0.0

310,000 China State Construction International Holdings Ltd. 246,573 0.0

254,828 China Taiping Insurance Holdings Co., Ltd. 700,619 0.1

2,236,000 China Telecom Corp., Ltd. - H Shares 1,145,652 0.2

5,830,000 ^(1),(3) China Tower Corp. Ltd. - H Shares 1,102,461 0.2

362,000 China Traditional Chinese Medicine Holdings Co. Ltd. 210,319 0.0

330,000 China Travel International Inv HK 88,065 0.0

974,000 China Unicom Hong Kong Ltd. 1,037,706 0.1

112,100 China United Network Communications Ltd. - A Shares 84,607 0.0

27,600 China Vanke Co. Ltd. - A Shares 96,051 0.0

195,300 China Vanke Co. Ltd. - H Shares 661,411 0.1

63,700 China Yangtze Power Co. Ltd. - A Shares 147,470 0.0

253,200 China Zhongwang Holdings Ltd. - H Shares 112,121 0.0

398,000 Chongqing Rural Commercial Bank Co. Ltd. - H Shares 213,292 0.0

550,000 CIFI Holdings Group Co. Ltd. 291,536 0.1

913,000 CITIC Ltd. 1,432,662 0.2

30,200 ⁽⁴⁾ CITIC Securities Co. Ltd. - A Shares 70,423 0.0

360,000 CITIC Securities Co. Ltd. - H Shares 620,117 0.1

2,858,000 CNOOC Ltd. 4,402,243 0.6

262,000 COSCO Shipping Ports, Ltd. 257,576 0.0

419,000 ⁽¹⁾ COSCO SHIPPING Holdings Co., Ltd.. - H Shares 157,347 0.0

1,226,133 Country Garden Holdings Co. Ltd. 1,488,901 0.2

159,000 ⁽¹⁾ Country Garden Services Holdings Co. Ltd. - H Shares 251,735 0.0

67,900 CRRC Corp. Ltd. - A Shares 89,441 0.0

667,000 CRRC Corp. Ltd. - H Shares 650,489 0.1

752,000 CSPC Pharmaceutical Group Ltd. 1,079,474 0.2

66,125 ⁽¹⁾ Ctrip.com International Ltd. ADR 1,789,342 0.2

322,500 ⁽³⁾ Dali Foods Group Co. Ltd. 237,930 0.0

61,000 Daqin Railway Co. Ltd. - A Shares 73,210 0.0

470,000 Datang International Power Generation Co., Ltd. - H Shares 110,544 0.0

426,000 Dongfeng Motor Group Co., Ltd. - H Shares 387,185 0.1

346,000 Far East Horizon Ltd. 349,071 0.0

36,800 Focus Media Information Technology Co. Ltd. - A Shares 28,081 0.0

See Accompanying Notes to Financial Statements

22

Voya Emerging Markets Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

8,100 Foshan Haitian Flavouring & Food Co. Ltd. - A Shares 81,579 0.0

401,968 Fosun International Ltd 585,806 0.1

1,080,000 ⁽²⁾ Fullshare Holdings Ltd. 248,241 0.0

278,000 ⁽²⁾ Future Land Development Holdings Ltd. - H Shares 189,996 0.0

83,600 ⁽³⁾ Fuyao Glass Industry Group Co. Ltd. - H Shares 267,660 0.0

9,184 ^(1),(2) GDS Holdings Ltd. ADR 212,059 0.0

796,000 Geely Automobile Holdings Ltd. 1,403,813 0.2

140,000 ⁽¹⁾ Genscript Biotech Corp. - H Shares 187,405 0.0

22,100 GF Securities Co. Ltd. - A Shares 40,934 0.0

228,800 GF Securities Co. Ltd. - H Shares 309,847 0.1

1,797,000 ^(1),(2) GOME Retail Holdings Ltd 148,986 0.0

494,000 Great Wall Motor Co. Ltd. - H Shares 284,017 0.1

10,400 ⁽¹⁾ Gree Electric Appliances, Inc. of Zhuhai - A Shares 54,299 0.0

124,500 Greentown China Holdings Ltd. - H Shares 93,628 0.0

110,000 Greentown Service Group Co. Ltd. 84,238 0.0

468,000 Guangdong Investment Ltd. 904,260 0.1

465,200 Guangzhou Automobile Group Co. Ltd. - H Shares 463,790 0.1

153,200 Guangzhou R&F Properties Co., Ltd. - H Shares 231,826 0.0

27,600 Guotai Junan Securities Co. Ltd. - A Shares 61,757 0.0

89,000 ⁽³⁾ Guotai Junan Securities Co. Ltd. - H Shares 179,533 0.0

202,000 Haier Electronics Group Co. Ltd. 496,829 0.1

101,000 Haitian International Holdings Ltd. 194,287 0.0

36,800 Haitong Securities Co. Ltd. - A Shares 47,311 0.0

518,800 Haitong Securities Co. Ltd. - H Shares 495,355 0.1

1,908,000 ^(1),(4) Hanergy Thin Film Power Group Ltd. – –

21,300 Hangzhou Hikvision Digital Technology Co. Ltd. - A Shares 80,374 0.0

12,400 Henan Shuanghui Investment & Development Co. Ltd. - A Shares 42,751 0.0

114,500 Hengan International Group Co., Ltd. 831,312 0.1

3,216,000 ⁽¹⁾ HengTen Networks Group Ltd. - H Shares 97,800 0.0

65,000 ⁽³⁾ Hua Hong Semiconductor Ltd. 120,190 0.0

306,000 Huadian Power International Co. - H Shares 138,005 0.0

8,200 Huadong Medicine Co. Ltd. - A Shares 31,682 0.0

704,000 Huaneng Power International, Inc. - H Shares 446,857 0.1

788,000 Huaneng Renewables Corp. Ltd. 211,783 0.0

23,600 Huatai Securities Co. Ltd. - A Shares 55,845 0.0

261,600 ⁽³⁾ Huatai Securities Co. Ltd. - H Shares 413,800 0.1

51,200 Huaxia Bank Co. Ltd. - A Shares 55,177 0.0

14,200 Huayu Automotive Systems Co. Ltd. - A Shares 38,127 0.0

20,919 Huazhu Group Ltd. ADR 598,911 0.1

7,905 ⁽¹⁾ Hutchison China MediTech Ltd. ADR 182,526 0.0

12,400 Iflytek Co. Ltd. - A Shares 44,715 0.0

11,085,000 Industrial & Commercial Bank of China - H Shares 7,884,317 1.0

186,000 Industrial & Commercial Bank of China Ltd. - A Shares 143,503 0.0

77,500 Industrial Bank Co. Ltd. - A Shares 168,900 0.0

179,300 Inner Mongolia BaoTou Steel Union Co. Ltd. - A Shares 38,706 0.0

19,000 Inner Mongolia Yili Industrial Group Co. Ltd. - A Shares 63,482 0.0

191,100 ⁽¹⁾ Inner Mongolia Yitai Coal Co. -  A Shares 226,308 0.0

117,410 ⁽¹⁾ JD.com, Inc. ADR 2,457,391 0.3

194,000 Jiangsu Expressway Co. Ltd. - H Shares 270,789 0.0

9,950 Jiangsu Hengrui Medicine Co. Ltd. - A Shares 76,720 0.0

4,276 Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. - A Shares 59,258 0.0

214,000 Jiangxi Copper Co., Ltd. - H Shares 251,501 0.0

160,974 Jiayuan International Group Ltd. 297,793 0.1

297,000 Kaisa Group Holdings Ltd. - H Shares 94,748 0.0

20,200 Kangmei Pharmaceutical Co. Ltd. - A Shares 27,211 0.0

108,500 Kingboard Holdings Ltd 289,450 0.1

163,500 Kingboard Laminates Holdings Ltd. 135,058 0.0

347,000 Kingdee International Software Group Co., Ltd. 306,780 0.1

130,000 Kingsoft Corp. Ltd. 187,085 0.0

516,000 Kunlun Energy Co. Ltd. 548,243 0.1

3,200 Kweichow Moutai Co. Ltd. - A Shares 276,412 0.0

See Accompanying Notes to Financial Statements

23

Voya Emerging Markets Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

190,000 KWG Group Holdings Ltd. 168,344 0.0

246,000 Lee & Man Paper Manufacturing Ltd. 208,188 0.0

56,600 ⁽³⁾ Legend Holdings Corp. - H Shares 148,091 0.0

1,164,000 Lenovo Group Ltd. 786,326 0.1

220,000 Logan Property Holdings Co. Ltd. - H Shares 274,699 0.0

239,000 Longfor Group Holdings Ltd 710,812 0.1

21,360 Luxshare Precision Industry Co. Ltd. - A Shares 43,859 0.0

188,500 ⁽³⁾ Luye Pharma Group Ltd. - H Shares 131,197 0.0

6,900 Luzhou Laojiao Co. Ltd. - A Shares 40,977 0.0

178,000 Maanshan Iron & Steel Co. Ltd. - H Shares 78,531 0.0

235,500 ^(1),(3) Meitu, Inc. 65,884 0.0

82,300 Metallurgical Corp. of China Ltd. - A Shares 37,345 0.0

442,000 Metallurgical Corp. of China Ltd. - H Shares 106,111 0.0

18,200 Midea Group Co. Ltd. - A Shares 98,302 0.0

380,000 ⁽¹⁾ Minmetals Resources Ltd. 163,249 0.0

23,217 ⁽¹⁾ Momo, Inc. ADR 551,404 0.1

20,200 NARI Technology Co. Ltd. - A Shares 54,646 0.0

12,472 NetEase, Inc. ADR 2,935,535 0.4

6,200 New China Life Insurance Co. Ltd. - A Shares 38,234 0.0

129,800 New China Life Insurance Co. Ltd. - H Shares 515,039 0.1

22,802 ⁽¹⁾ New Oriental Education & Technology Group, Inc. ADR 1,249,778 0.2

134,000 Nexteer Automotive Group Ltd. 190,993 0.0

256,000 Nine Dragons Paper Holdings Ltd. 236,483 0.0

4,472 ⁽¹⁾ Noah Holdings Ltd. ADR 193,727 0.0

1,154,000 Peoples Insurance Co. Group of China Ltd. - H Shares 463,238 0.1

67,300 PetroChina Co. Ltd. - A Shares 70,594 0.0

3,376,000 PetroChina Co., Ltd. - H Shares 2,094,796 0.3

1,105,244 PICC Property & Casualty Co., Ltd. - H Shares 1,127,753 0.2

46,700 Ping An Bank Co. Ltd. - A Shares 63,904 0.0

25,100 Ping An Insurance Group Co. of China Ltd. - A Shares 205,342 0.0

833,000 Ping An Insurance Group Co. of China Ltd. - H Shares 7,348,739 1.0

30,900 Poly Developments and Holdings Group Co. Ltd. - A Shares 53,235 0.0

421,000 ⁽³⁾ Postal Savings Bank of China Co. Ltd. - H Shares 221,730 0.0

22,300 Qingdao Haier Co. Ltd. - A Shares 45,120 0.0

27,100 SAIC Motor Corp. Ltd. - A Shares 105,436 0.0

23,000 Sanan Optoelectronics Co. Ltd. - A Shares 37,986 0.0

33,500 Sany Heavy Industry Co. Ltd. - A Shares 40,768 0.0

473,900 ^(1),(2) Semiconductor Manufacturing International Corp. 413,173 0.1

316,000 Shandong Weigao Group Medical Polymer Co., Ltd. - H Shares 255,272 0.0

450,000 Shanghai Electric Group Co., Ltd. - H Shares 143,938 0.0

11,600 Shanghai Fosun Pharmaceutical Group Co. Ltd. - A Shares 39,449 0.0

80,500 Shanghai Fosun Pharmaceutical Group Co. Ltd. - H Shares 235,330 0.0

78,000 Shanghai Industrial Holdings Ltd. 157,691 0.0

166,561 ⁽¹⁾ Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. - A Shares 212,575 0.0

139,600 Shanghai Pharmaceuticals Holding Co. Ltd. - H Shares 283,461 0.1

108,400 Shanghai Pudong Development Bank Co. Ltd. - A Shares 154,934 0.0

81,200 Shenwan Hongyuan Group Co. Ltd. - A Shares 48,260 0.0

144,000 Shenzhen International Holdings Ltd. 277,423 0.0

444,000 Shenzhen Investment Ltd. 146,764 0.0

120,000 Shenzhou International Group Holdings Ltd. 1,363,902 0.2

188,500 Shimao Property Holdings Ltd. 502,053 0.1

580,000 Shui On Land Ltd. - H Shares 129,150 0.0

594,000 Sihuan Pharmaceutical Holdings Group Ltd. 103,738 0.0

10,381 ⁽¹⁾ Sina Corp. 556,837 0.1

1,097,500 Sino Biopharmaceutical Ltd. 722,472 0.1

470,000 Sino-Ocean Group Holding Ltd. 207,272 0.0

206,500 Sinopec Engineering Group Co. Ltd. - H Shares 169,499 0.0

544,000 Sinopec Shanghai Petrochemical Co. Ltd. - H Shares 238,130 0.0

See Accompanying Notes to Financial Statements

24

Voya Emerging Markets Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

188,800 Sinopharm Group Co. - H Shares 794,896 0.1

322,000 Sinotrans Ltd. - H Shares 139,698 0.0

108,000 Sinotruk Hong Kong Ltd. 162,822 0.0

343,000 ⁽¹⁾ Soho China Ltd. 122,499 0.0

236,000 SSY Group Ltd. 175,111 0.0

377,500 Sun Art Retail Group Ltd. 383,893 0.1

388,000 Sunac China Holdings Ltd. 1,259,201 0.2

34,000 Suning.com Co. Ltd. - A Shares 48,895 0.0

114,500 Sunny Optical Technology Group Co. Ltd. 1,018,367 0.1

57,268 ⁽¹⁾ TAL Education Group ADR 1,527,910 0.2

908,500 Tencent Holdings Ltd. 36,412,999 4.7

310,000 Tingyi Cayman Islands Holding Corp. 415,185 0.1

93,000 Tong Ren Tang Technologies Co. Ltd. - H Shares 122,008 0.0

160,000 Towngas China Co. Ltd. 118,552 0.0

152,000 Travelsky Technology Ltd. - H Shares 389,570 0.1

58,000 Tsingtao Brewery Co., Ltd. - H Shares 234,088 0.0

204,000 Uni-President China Holdings Ltd. 176,655 0.0

69,688 ⁽¹⁾ Vipshop Holdings Ltd. ADR 380,496 0.0

788,000 Want Want China Holdings Ltd. 551,339 0.1

8,558 ⁽¹⁾ Weibo Corp. ADR 500,044 0.1

318,000 Weichai Power Co. Ltd. - H Shares 364,065 0.1

9,700 Wuliangye Yibin Co. Ltd. - A Shares 72,132 0.0

78,000 ^(1),(3) Wuxi Biologics Cayman, Inc. - H Shares 498,308 0.1

122,700 ENN Energy Holdings Ltd. 1,090,529 0.2

90,800 Xinjiang Goldwind Science & Technology Co. Ltd. - H Shares 80,303 0.0

468,000 Xinyi Solar Holdings Ltd. 165,021 0.0

292,000 Yanzhou Coal Mining Co., Ltd. - H Shares 235,831 0.0

70,000 Yihai International Holding Ltd. 170,389 0.0

41,400 Yonghui Superstores Co. Ltd. - A Shares 47,472 0.0

1,014,000 Yuexiu Property Co. Ltd. - H Shares 186,348 0.0

58,678 Yum China Holdings, Inc. 1,967,473 0.3

4,000 Yunnan Baiyao Group Co. Ltd. - A Shares 43,122 0.0

246,000 Yuzhou Properties Co. Ltd. - H Shares 101,526 0.0

7,611 ⁽¹⁾ YY, Inc. ADR 455,594 0.1

3,400 Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. - A Shares 43,052 0.0

181,000 Zhaojin Mining Industry Co. Ltd. - H Shares 183,656 0.0

230,000 Zhejiang Expressway Co., Ltd. - H Shares 199,535 0.0

30,500 ^(1),(3) ZhongAn Online P&C Insurance Co. Ltd. - H Shares 97,391 0.0

85,500 Zhongsheng Group Holdings Ltd. 169,558 0.0

88,000 Zhuzhou CSR Times Electric Co., Ltd. - H Shares 488,604 0.1

81,600 Zijin Mining Group Co. Ltd. - A Shares 39,711 0.0

914,000 Zijin Mining Group Co., Ltd. - H Shares 346,376 0.1

19,500 ⁽¹⁾ ZTE Corp. - A Shares 55,501 0.0

109,640 ⁽¹⁾ ZTE Corp. - H Shares 206,878 0.0

232,216,254 30.1

Colombia: 0.4%

28,393 Bancolombia SA 265,788 0.0

20,260 BanColombia SA ADR 771,906 0.1

72,475 Cementos Argos SA 155,327 0.0

781,365 Ecopetrol SA 636,400 0.1

44,813 Grupo Argos SA/Colombia 233,207 0.0

34,629 Grupo de Inversiones Suramericana SA 342,505 0.1

66,655 Interconexion Electrica SA ESP 286,940 0.1

2,692,073 0.4

Czech Republic: 0.2%

25,580 CEZ AS 609,780 0.1

12,129 Komercni Banka AS 457,974 0.1

73,777 ⁽³⁾ Moneta Money Bank AS 238,033 0.0

1,305,787 0.2

Egypt: 0.1%

165,514 Commercial International Bank Egypt SAE 684,605 0.1

141,586 Eastern Tobacco 128,542 0.0

124,669 ElSewedy Electric Co. 125,087 0.0

938,234 0.1

Greece: 0.2%

213,304 ⁽¹⁾ Alpha Bank AE 268,305 0.0

4,349 ^(1),(4) FF Group – –

37,803 Hellenic Telecommunications Organization SA 412,466 0.1

17,188 Jumbo SA 250,497 0.0

9,827 Motor Oil Hellas Corinth Refineries SA 236,650 0.0

34,478 OPAP S.A. 299,865 0.1

6,861 Titan Cement Co. SA 152,346 0.0

1,620,129 0.2

Hungary: 0.3%

58,007 MOL Hungarian Oil & Gas PLC 636,590 0.1

35,921 OTP Bank Nyrt 1,451,679 0.2

22,236 Richter Gedeon Nyrt 430,705 0.0

2,518,974 0.3

See Accompanying Notes to Financial Statements

25

Voya Emerging Markets Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

India: 9.3%

95,203 Ambuja Cements Ltd. 306,650 0.0

187,569 Ashok Leyland Ltd. 275,118 0.0

46,113 Asian Paints Ltd. 906,031 0.1

41,153 Aurobindo Pharma Ltd. 431,532 0.1

19,902 ^(1),(3) Avenue Supermarts Ltd. 457,686 0.1

289,927 ⁽¹⁾ Axis Bank Ltd. 2,570,804 0.3

13,198 Bajaj Auto Ltd. 513,730 0.1

27,938 Bajaj Finance Ltd. 1,057,434 0.1

6,106 Bajaj Finserv Ltd. 566,030 0.1

32,774 Bharat Forge Ltd. 238,634 0.0

120,033 Bharat Petroleum Corp. Ltd. 624,321 0.1

224,266 Bharti Airtel Ltd. 1,002,345 0.1

52,308 Bharti Infratel Ltd. 194,015 0.0

1,179 Bosch Ltd. 330,980 0.0

8,753 Britannia Industries Ltd. 390,256 0.0

31,747 Cadila Healthcare Ltd. 158,304 0.0

54,464 Cipla Ltd. 405,010 0.1

108,442 Coal India Ltd. 373,852 0.0

25,418 Container Corp. Of India Ltd. 250,287 0.0

84,422 Dabur India Ltd. 520,549 0.1

10,384 Divis Laboratories Ltd. 220,264 0.0

15,718 Dr Reddys Laboratories Ltd. 588,819 0.1

1,872 Dr. Reddys Laboratories Ltd. ADR 70,575 0.0

2,118 Eicher Motors Ltd. 702,037 0.1

127,687 GAIL India Ltd. 658,841 0.1

23,652 Glenmark Pharmaceuticals Ltd. 234,721 0.0

57,057 Godrej Consumer Products Ltd. 662,357 0.1

51,228 Grasim Industries Ltd. 605,330 0.1

40,210 Havells India Ltd. 397,877 0.1

89,196 HCL Technologies Ltd. 1,232,543 0.2

7,831 Hero Motocorp Ltd. 347,974 0.0

185,762 Hindalco Industries Ltd. 601,204 0.1

96,386 Hindustan Petroleum Corp. Ltd. 350,231 0.0

104,357 Hindustan Unilever Ltd. 2,719,177 0.4

256,238 Housing Development Finance Corp. 7,219,324 0.9

384,374 ICICI Bank Ltd. 1,983,416 0.3

293,067 ⁽¹⁾ Vodafone Idea Ltd. 158,315 0.0

43,758 Indiabulls Housing Finance Ltd. 534,506 0.1

230,255 Indian Oil Corp. Ltd. 452,365 0.1

100,437 Infosys Ltd. ADR 956,160 0.1

453,282 Infosys Ltd. 4,282,757 0.6

14,876 ⁽³⁾ InterGlobe Aviation Ltd. 248,026 0.0

551,751 ITC Ltd. 2,224,699 0.3

134,077 JSW Steel Ltd. 588,551 0.1

63,054 Larsen & Toubro Ltd. 1,297,545 0.2

12,668 Larsen & Toubro Ltd. GDS GDR 258,987 0.0

46,155 LIC Housing Finance Ltd. 322,833 0.0

34,228 Lupin Ltd. 413,554 0.1

49,088 Mahindra & Mahindra Financial Services Ltd. 332,716 0.0

104,614 Mahindra & Mahindra Ltd. 1,203,700 0.2

12,786 Mahindra & Mahindra Ltd. - SPON GDR 145,034 0.0

71,730 Marico Ltd. 383,471 0.0

17,081 Maruti Suzuki India Ltd. 1,825,152 0.2

150,391 Motherson Sumi Systems Ltd. 359,451 0.0

82,670 Adani Ports & Special Economic Zone, Ltd. 458,781 0.1

3,628 Nestle India Ltd. 575,648 0.1

318,908 NTPC Ltd. 680,490 0.1

220,720 Oil & Natural Gas Corp., Ltd. 473,812 0.1

887 Page Industries Ltd. 320,449 0.0

96,106 Petronet LNG Ltd. 308,408 0.0

18,895 Pidilite Industries Ltd. 299,690 0.0

12,780 Piramal Enterprises, Ltd. 435,677 0.1

255,913 Power Grid Corp. of India Ltd. 727,882 0.1

47,754 Reliance Industries Ltd. GDR 1,519,733 0.2

360,246 Reliance Industries Ltd. 5,781,608 0.7

103,155 REC Ltd. 180,356 0.0

23,797 Shriram Transport Finance Co. Ltd. 422,430 0.1

1,334 Shree Cement Ltd. 329,106 0.0

284,213 ⁽¹⁾ State Bank of India 1,203,655 0.2

133,882 Sun Pharmaceutical Industries Ltd. 825,019 0.1

143,617 Tata Consultancy Services Ltd. 3,894,154 0.5

249,772 ⁽¹⁾ Tata Motors Ltd. 614,749 0.1

176,289 Tata Power Co. Ltd. 193,835 0.0

53,971 Tata Steel Ltd. 402,430 0.1

75,464 Tech Mahindra Ltd. 781,563 0.1

49,700 Titan Co., Ltd. 662,576 0.1

15,684 Ultratech Cement Ltd. 895,821 0.1

45,627 ⁽¹⁾ United Spirits Ltd. 415,146 0.1

56,116 UPL Ltd. 609,084 0.1

207,822 Vedanta Ltd. 601,249 0.1

182,056 Wipro Ltd. 861,551 0.1

273,154 Yes Bank Ltd. 710,827 0.1

77,109 Zee Entertainment Enterprises Ltd. 525,979 0.1

71,867,788 9.3

Indonesia: 2.3%

2,246,700 Adaro Energy Tbk PT 190,070 0.0

3,239,000 Astra International Tbk PT 1,855,597 0.2

1,593,600 Bank Central Asia Tbk PT 2,881,945 0.4

458,800 Bank Danamon Indonesia Tbk PT 242,574 0.0

3,003,100 Bank Mandiri Persero TBK PT 1,540,502 0.2

8,932,800 Bank Rakyat Indonesia 2,275,706 0.3

608,200 Bank Tabungan Negara Persero Tbk PT 107,603 0.0

1,168,600 Bank Negara Indonesia Persero Tbk PT 716,801 0.1

1,250,400 ⁽¹⁾ Bumi Serpong Damai PT 109,419 0.0

1,192,700 Charoen Pokphand Indonesia Tbk PT 599,954 0.1

75,800 Gudang Garam Tbk PT 441,663 0.1

1,457,700 Hanjaya Mandala Sampoerna Tbk PT 376,983 0.1

431,600 Indah Kiat Pulp and Paper Corp. Tbk PT 346,564 0.0

See Accompanying Notes to Financial Statements

26

Voya Emerging Markets Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

288,700 Indocement Tunggal Prakarsa Tbk PT 370,769 0.1

366,400 Indofood CBP Sukses Makmur TBK PT 266,596 0.0

705,100 Indofood Sukses Makmur Tbk PT 365,185 0.1

319,731 Jasa Marga Persero Tbk PT 95,239 0.0

3,362,200 Kalbe Farma Tbk PT 355,237 0.0

206,300 Pabrik Kertas Tjiwi Kimia Tbk PT 159,363 0.0

2,885,500 Pakuwon Jati Tbk PT 124,423 0.0

1,740,500 Perusahaan Gas Negara PT 257,161 0.0

475,500 Semen Indonesia Persero Tbk PT 380,198 0.1

894,200 Surya Citra Media Tbk PT 116,469 0.0

312,400 Tambang Batubara Bukit Asam Persero Tbk PT 93,588 0.0

8,144,900 Telekomunikasi Indonesia Persero Tbk PT 2,129,350 0.3

279,500 Tower Bersama Infrastructure Tbk PT 69,854 0.0

238,500 Unilever Indonesia Tbk PT 754,524 0.1

261,900 United Tractors Tbk PT 498,593 0.1

17,721,930 2.3

Malaysia: 2.4%

233,700 AirAsia Group Bhd 167,527 0.0

179,700 Alliance Bank Malaysia Bhd 174,874 0.0

264,400 AMMB Holdings Bhd 277,179 0.0

428,800 Axiata Group Bhd 407,392 0.1

23,200 British American Tobacco Malaysia Bhd 202,324 0.0

730,800 CIMB Group Holdings Bhd 1,009,088 0.1

564,742 Dialog Group BHD 425,128 0.1

494,900 Digi.Com BHD 537,773 0.1

18,200 Fraser & Neave Holdings Bhd 147,323 0.0

294,200 Gamuda BHD 166,122 0.0

336,600 Genting Bhd 496,580 0.1

448,200 Genting Malaysia BHD 327,265 0.1

45,900 Genting Plantations Bhd 109,516 0.0

97,100 HAP Seng Consolidated Bhd 231,408 0.0

214,400 Hartalega Holdings Bhd 318,167 0.0

100,072 Hong Leong Bank BHD 493,664 0.1

35,092 Hong Leong Financial Group Bhd 157,448 0.0

406,200 IHH Healthcare Bhd 528,843 0.1

473,000 IJM Corp. Bhd 185,472 0.0

330,900 IOI Corp. Bhd 355,548 0.1

251,640 IOI Properties Group Bhd 93,711 0.0

72,700 Kuala Lumpur Kepong Bhd 434,880 0.1

612,000 Malayan Banking BHD 1,405,860 0.2

134,900 Malaysia Airports Holdings Bhd 273,262 0.0

371,800 Maxis Bhd 480,634 0.1

181,400 MISC Bhd 293,904 0.0

9,000 Nestle Malaysia Bhd 320,525 0.1

372,700 Petronas Chemicals Group Bhd 837,261 0.1

37,300 Petronas Dagangan BHD 238,738 0.0

106,100 Petronas Gas BHD 492,940 0.1

92,180 PPB Group Bhd 390,973 0.1

219,900 Press Metal Aluminium Holdings Bhd 256,580 0.0

477,300 Public Bank BHD 2,857,477 0.4

25,000 QL Resources Bhd 41,188 0.0

77,500 ^(1),(4) RHB Bank Bhd – –

130,576 RHB Capital Bhd 166,968 0.0

387,300 Sime Darby Bhd 224,912 0.0

375,300 Sime Darby Plantation Bhd 431,362 0.1

474,200 Sime Darby Property Bhd 114,160 0.0

229,300 SP Setia Bhd Group 129,204 0.0

168,300 Telekom Malaysia BHD 108,526 0.0

489,500 Tenaga Nasional BHD 1,612,688 0.2

229,300 Top Glove Corp. Bhd 310,860 0.0

159,800 Westports Holdings Bhd 139,791 0.0

466,834 YTL Corp. Bhd 113,938 0.0

18,488,983 2.4

Mexico: 2.8%

483,500 Alfa SA de CV 575,474 0.1

78,900 Alsea SAB de CV 205,724 0.0

5,403,200 America Movil SAB de CV 3,846,516 0.5

67,400 Arca Continental SAB de CV 376,926 0.0

282,755 Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 350,499 0.0

2,328,321 ⁽¹⁾ Cemex SA de CV 1,125,551 0.1

81,100 Coca-Cola Femsa SAB de CV 492,417 0.1

30,200 El Puerto de Liverpool SAB de CV 193,908 0.0

523,300 Fibra Uno Administracion SA de CV 581,836 0.1

314,400 Fomento Economico Mexicano SAB de CV 2,703,439 0.4

34,290 Gruma SAB de CV 387,137 0.0

56,900 Grupo Aeroportuario del Pacifico SA de CV 463,672 0.1

32,850 Grupo Aeroportuario del Sureste SA de CV 495,498 0.1

256,700 Grupo Bimbo SAB de CV 512,048 0.1

68,800 Grupo Carso SAB de CV 246,433 0.0

418,077 Grupo Financiero Banorte 2,040,843 0.3

362,200 Grupo Financiero Inbursa SA 522,885 0.1

565,400 Grupo Mexico SA de CV Series B 1,167,238 0.2

389,700 ⁽²⁾ Grupo Televisa S.A. 979,815 0.1

21,510 Industrias Penoles, S.A. de C.V. 262,694 0.0

85,200 Infraestructura Energetica Nova SAB de CV 316,578 0.0

See Accompanying Notes to Financial Statements

27

Voya Emerging Markets Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

239,500 Kimberly-Clark de Mexico SA de CV 381,460 0.0

23,300 Megacable Holdings SAB de CV 104,325 0.0

170,050 Mexichem SA de CV 431,880 0.1

37,425 Promotora y Operadora de Infraestructura SAB de CV 357,724 0.0

13,730 Southern Copper Corp. 422,472 0.1

843,300 Wal-Mart de Mexico SAB de CV 2,144,752 0.3

21,689,744 2.8

Pakistan: 0.0%

73,000 Habib Bank Ltd. 63,349 0.0

58,100 MCB Bank Ltd. 81,026 0.0

97,900 Oil & Gas Development Co. Ltd. 90,146 0.0

234,521 0.0

Peru: 0.4%

28,790 Cia de Minas Buenaventura SAA ADR 466,974 0.1

10,902 Credicorp Ltd. 2,416,646 0.3

2,883,620 0.4

Philippines: 1.1%

327,330 Aboitiz Equity Ventures, Inc. 341,154 0.1

253,300 Aboitiz Power Corp. 168,888 0.0

615,400 Alliance Global Group, Inc. 139,036 0.0

39,015 Ayala Corp. 667,022 0.1

1,153,300 Ayala Land, Inc. 891,414 0.1

149,910 Bank of the Philippine Islands 267,732 0.0

308,999 BDO Unibank, Inc. 768,463 0.1

661,250 DMCI Holdings, Inc. 160,665 0.0

5,345 Globe Telecom, Inc. 192,682 0.0

14,533 GT Capital Holdings, Inc. 269,371 0.0

82,950 International Container Terminal Services, Inc. 157,745 0.0

450,590 JG Summit Holdings, Inc. 476,238 0.1

67,940 Jollibee Foods Corp. 377,000 0.1

33,690 Manila Electric Co. 243,468 0.0

1,895,000 Megaworld Corp. 170,572 0.0

2,333,100 Metro Pacific Investments Corp. 205,334 0.0

159,036 Metropolitan Bank & Trust Co. 245,535 0.0

13,800 PLDT, Inc. 296,326 0.1

337,195 Robinsons Land Corp. 129,732 0.0

38,980 Security Bank Corp. 114,943 0.0

38,087 SM Investments Corp. 664,455 0.1

1,631,600 SM Prime Holdings, Inc. 1,109,616 0.2

136,570 Universal Robina Corp. 329,076 0.1

8,386,467 1.1

Poland: 1.2%

14,455 ⁽¹⁾ Alior Bank SA 205,807 0.0

3,507 Bank Handlowy w Warszawie 64,751 0.0

94,776 ⁽¹⁾ Bank Millennium SA 224,694 0.0

27,003 ⁽¹⁾ Bank Polska Kasa Opieki SA 787,252 0.1

5,470 ⁽¹⁾ Santander Bank Polska SA 525,756 0.1

4,536 ⁽¹⁾ CCC SA 235,334 0.0

10,802 ⁽¹⁾ CD Projekt SA 420,240 0.1

37,672 ⁽¹⁾ Cyfrowy Polsat SA 227,923 0.0

7,567 ^(1),(3) Dino Polska SA 194,321 0.0

14,797 ⁽¹⁾ Grupa Lotos SA 350,585 0.0

8,455 ⁽¹⁾ Jastrzebska Spolka Weglowa SA 152,865 0.0

22,272 ⁽¹⁾ KGHM Polska Miedz SA 528,386 0.1

205 ⁽¹⁾ LPP SA 431,008 0.1

2,359 ⁽¹⁾ mBank SA 267,906 0.0

132,668 ⁽¹⁾ PGE Polska Grupa Energetyczna SA 355,734 0.0

47,806 ⁽¹⁾ Polski Koncern Naftowy Orlen 1,385,119 0.2

273,498 ⁽¹⁾ Polskie Gornictwo Naftowe I Gazownictwo SA 505,690 0.1

140,235 ⁽¹⁾ Powszechna Kasa Oszczednosci Bank Polski SA 1,481,381 0.2

96,612 ⁽¹⁾ Powszechny Zaklad Ubezpieczen SA 1,138,244 0.2

109,245 ⁽¹⁾ Orange Polska SA 140,204 0.0

9,623,200 1.2

Qatar: 1.1%

20,242 Barwa Real Estate Co. 221,654 0.0

31,543 Commercial Bank QSC/The 340,413 0.1

128,230 ⁽¹⁾ Ezdan Holding Group QSC 456,226 0.1

29,104 Industries Qatar QSC 1,064,934 0.1

58,892 Masraf Al Rayan 673,316 0.1

12,769 Ooredoo QPSC 263,110 0.0

7,591 Qatar Electricity & Water Co. QSC 386,183 0.1

24,691 Qatar Insurance Co. SAQ 243,224 0.0

18,456 Qatar Islamic Bank SAQ 768,616 0.1

73,406 Qatar National Bank QPSC 3,912,261 0.5

8,329,937 1.1

Romania: 0.1%

58,865 NEPI Rockcastle PLC 462,328 0.1

Russia: 3.5%

411,100 Alrosa AO 579,085 0.1

1,583,063 Gazprom PJSC 3,465,156 0.5

5,250,000 Inter RAO UES PJSC 291,413 0.0

78,207 Lukoil PJSC 5,589,314 0.7

56,618 Magnit PJSC GDR 720,564 0.1

361,500 Magnitogorsk Iron & Steel Works PJSC 223,369 0.0

10,162 MMC Norilsk Nickel OJSC 1,904,742 0.2

78,658 Mobile TeleSystems PJSC ADR 550,606 0.1

231,225 ⁽¹⁾ Moscow Exchange MICEX-RTS PJ 268,972 0.0

14,545 Novatek PJSC GDR 2,485,229 0.3

194,500 Novolipetsk Steel PJSC 438,284 0.1

18,984 PhosAgro OJSC GDR 242,308 0.0

23,535 Polymetal International PLC 247,219 0.0

See Accompanying Notes to Financial Statements

28

Voya Emerging Markets Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

4,451 Polyus PJSC 343,555 0.0

185,836 Rosneft Oil Co. PJSC 1,145,076 0.2

1,615,252 Sberbank of Russia PJSC 4,358,076 0.6

26,854 Sberbank PAO ADR 294,320 0.0

33,551 Severstal PJSC 453,634 0.1

1,119,151 Surgutneftegas PJSC 431,226 0.1

245,285 Tatneft PJSC 2,583,545 0.3

532,577,930 VTB Bank PJSC 258,695 0.0

1,245 X5 Retail Group N.V. GDR 30,889 0.0

18,162 X5 Retail Group NV GDR 448,240 0.1

27,353,517 3.5

Singapore: 0.0%

31,500 ⁽³⁾ BOC Aviation Ltd. 232,431 0.0

South Africa: 6.1%

114,474 Absa Group Ltd. 1,284,820 0.2

8,757 Anglo American Platinum Ltd. 326,485 0.0

65,409 AngloGold Ashanti Ltd. 830,938 0.1

61,181 Aspen Pharmacare Holdings Ltd. 572,515 0.1

53,465 Bid Corp. Ltd. 983,538 0.1

53,178 Bidvest Group Ltd. 763,883 0.1

6,372 Capitec Bank Holdings Ltd. 493,790 0.1

40,833 Clicks Group Ltd. 542,851 0.1

55,856 Discovery Ltd. 620,210 0.1

39,554 Exxaro Resources Ltd. 381,567 0.0

541,309 FirstRand Ltd. 2,465,593 0.3

164,083 Fortress REIT Ltd. - A 207,895 0.0

111,145 Fortress REIT Ltd. - B 111,909 0.0

35,115 ⁽²⁾ Foschini Group Ltd./The 405,512 0.1

129,982 Gold Fields Ltd. 450,192 0.1

469,460 Growthpoint Properties Ltd. 763,090 0.1

39,011 Hyprop Investments Ltd. 220,983 0.0

44,387 Investec Ltd. 242,491 0.0

10,126 Kumba Iron Ore Ltd. 199,141 0.0

17,191 Liberty Holdings Ltd. 131,434 0.0

214,403 ⁽²⁾ Life Healthcare Group Holdings Ltd. 394,231 0.0

139,329 ⁽¹⁾ MMI Holdings Ltd. 165,444 0.0

18,778 Mondi Ltd. 404,489 0.1

40,518 Mr Price Group Ltd. 692,240 0.1

273,252 MTN Group Ltd. 1,689,043 0.2

69,741 Naspers Ltd. 13,963,295 1.8

64,959 Nedbank Group Ltd. 1,238,930 0.2

182,400 ⁽²⁾ Netcare Ltd. 333,792 0.0

791,014 Old Mutual Ltd. 1,229,036 0.2

57,023 Pick n Pay Stores Ltd. 268,598 0.0

24,074 PSG Group Ltd. 408,204 0.1

97,162 Rand Merchant Investment Holdings Ltd. 245,514 0.0

823,841 Redefine Properties Ltd. 554,514 0.1

22,836 Reinet Investments SCA 346,726 0.1

84,424 Remgro Ltd. 1,142,485 0.1

44,416 Resilient REIT Ltd. 176,921 0.0

110,816 RMB Holdings Ltd. 607,084 0.1

288,282 Sanlam Ltd. 1,596,850 0.2

83,297 Sappi Ltd. 472,520 0.1

90,108 Sasol Ltd. 2,677,695 0.3

70,307 Shoprite Holdings Ltd. 928,729 0.1

30,068 Spar Group Ltd. 433,180 0.1

208,641 Standard Bank Group Ltd. 2,592,262 0.3

42,795 Telkom SA Ltd. 188,449 0.0

25,180 ⁽²⁾ Tiger Brands Ltd. 478,872 0.1

69,283 Truworths International Ltd. 423,682 0.1

93,876 Vodacom Group Pty Ltd. 863,412 0.1

156,478 Woolworths Holdings Ltd./South Africa 599,285 0.1

47,114,319 6.1

South Korea: 13.0%

5,099 Amorepacific Corp. 959,406 0.1

4,521 AMOREPACIFIC Group 295,010 0.0

1,273 BGF retail Co. Ltd. 232,361 0.0

39,749 BNK Financial Group, Inc. 261,040 0.0

7,811 ⁽¹⁾ Celltrion Healthcare Co. Ltd. 530,116 0.1

2,317 ⁽¹⁾ Celltrion Pharm, Inc. 132,407 0.0

13,306 ⁽¹⁾ Celltrion, Inc. 2,673,059 0.4

10,567 Cheil Worldwide, Inc. 212,974 0.0

1,267 CJ CheilJedang Corp. 375,563 0.1

2,336 CJ Corp. 254,783 0.0

1,732 CJ ENM Co. Ltd. 313,510 0.0

1,326 ⁽¹⁾ CJ Logistics Corp. 198,342 0.0

8,212 Coway Co., Ltd. 545,357 0.1

4,391 Daelim Industrial Co., Ltd. 403,384 0.1

26,215 ⁽¹⁾ Daewoo Engineering & Construction Co., Ltd. 126,572 0.0

5,133 ⁽¹⁾ Daewoo Shipbuilding & Marine Engineering Co., Ltd. 157,680 0.0

25,346 DGB Financial Group, Inc. 188,809 0.0

7,861 DB Insurance Co. Ltd 495,081 0.1

5,678 Doosan Bobcat, Inc. 160,757 0.0

3,284 E-Mart, Inc. 536,311 0.1

7,577 Fila Korea Ltd. 365,984 0.1

3,006 Hyundai Glovis Co., Ltd. 347,335 0.0

8,284 GS Engineering & Construction Corp. 324,899 0.0

8,126 GS Holdings Corp. 375,500 0.1

4,279 GS Retail Co. Ltd. 155,071 0.0

48,528 Hana Financial Group, Inc. 1,578,268 0.2

11,485 Hankook Tire Co. Ltd. 412,792 0.1

1,015 Hanmi Pharm Co. Ltd. 423,850 0.1

2,156 Hanmi Science Co. Ltd. 152,845 0.0

29,276 Hanon Systems Corp. 283,699 0.0

16,800 ⁽¹⁾ Hanwha Chemical Corp. 304,728 0.0

6,551 Hanwha Corp. 184,015 0.0

43,068 Hanwha Life Insurance Co. Ltd. 163,050 0.0

4,013 ⁽¹⁾ HDC Hyundai Development Co-Engineering & Construction 173,807 0.0

5,017 ⁽¹⁾ HLB, Inc. 360,824 0.1

2,760 Lotte Chemical Corp. 686,224 0.1

4,972 Hotel Shilla Co. Ltd. 341,040 0.0

2,152 Hyundai Department Store Co. Ltd. 174,271 0.0

12,355 Hyundai Engineering & Construction Co. Ltd. 605,094 0.1

See Accompanying Notes to Financial Statements

29

Voya Emerging Markets Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

6,041 ⁽¹⁾ Hyundai Heavy Industries Co. Ltd 696,772 0.1

10,920 Hyundai Mobis Co. Ltd. 1,863,109 0.2

22,709 Hyundai Motor Co. 2,410,796 0.3

12,585 Hyundai Steel Co. 511,757 0.1

1,529 ⁽¹⁾ Hyundai Heavy Industries Holdings Co., Ltd. 473,703 0.1

10,043 Hyundai Marine & Fire Insurance Co., Ltd. 368,814 0.1

39,037 ⁽¹⁾ Industrial Bank Of Korea 491,634 0.1

4,679 ⁽³⁾ Orange Life Insurance Ltd. 117,382 0.0

8,084 ⁽¹⁾ Kakao Corp. 746,679 0.1

18,339 Kangwon Land, Inc. 525,013 0.1

64,390 ⁽¹⁾ KB Financial Group, Inc. 2,686,146 0.4

889 KCC Corp. 245,668 0.0

42,164 Kia Motors Corp. 1,270,902 0.2

11,532 ⁽¹⁾ Korea Aerospace Industries Ltd. 330,326 0.0

40,854 ⁽¹⁾ Korea Electric Power Corp. 1,210,162 0.2

4,204 ⁽¹⁾ Korea Gas Corp. 181,712 0.0

6,437 Korea Investment Holdings Co., Ltd. 344,266 0.0

1,374 Korea Zinc Co., Ltd. 532,022 0.1

7,815 Korean Air Lines Co. Ltd. 231,639 0.0

2,782 ⁽¹⁾ KT Corp. 74,182 0.0

18,751 ⁽¹⁾ KT&G Corp. 1,707,215 0.2

2,991 Kumho Petrochemical Co. Ltd. 234,187 0.0

7,366 LG Chem Ltd. 2,296,122 0.3

14,773 LG Corp. 925,202 0.1

36,968 ⁽¹⁾ LG Display Co., Ltd. 599,907 0.1

16,977 ⁽¹⁾ LG Electronics, Inc. 951,955 0.1

1,493 LG Household & Health Care Ltd. 1,475,556 0.2

2,237 LG Innotek Co. Ltd. 173,685 0.0

18,417 LG Uplus Corp. 291,066 0.0

4,588 ⁽¹⁾ Lotte Corp. 216,763 0.0

1,795 Lotte Shopping Co. Ltd. 338,907 0.0

710 Medy-Tox, Inc. 369,191 0.1

61,628 Mirae Asset Daewoo Co., Ltd. 361,804 0.1

22,519 NAVER Corp. 2,467,990 0.3

2,823 NCSoft Corp. 1,183,318 0.2

4,124 ⁽³⁾ Netmarble Corp. 412,124 0.1

22,456 NH Investment & Securities Co., Ltd. 263,205 0.0

2,843 OCI Co. Ltd. 273,108 0.0

3,467 Orion Corp./Republic of Korea 371,826 0.1

187 Ottogi Corp. 121,187 0.0

36,778 ⁽¹⁾ Pan Ocean Co. Ltd. 146,843 0.0

891 ⁽¹⁾ Pearl Abyss Corp. 166,773 0.0

12,743 POSCO 2,787,298 0.4

3,492 POSCO Chemtech Co. Ltd. 199,767 0.0

7,591 Posco Daewoo Corp. 123,931 0.0

2,694 S-1 Corp. 242,048 0.0

2,636 ^(1),(3) Samsung Biologics Co. Ltd. 916,893 0.1

12,088 Samsung C&T Corp. 1,144,191 0.2

4,618 Samsung Card Co. 142,669 0.0

8,962 Samsung Electro-Mechanics Co. Ltd. 835,453 0.1

765,434 Samsung Electronics Co., Ltd. 26,646,073 3.5

68,987 ⁽¹⁾ Samsung Heavy Industries Co., Ltd. 459,188 0.1

10,994 Samsung Life Insurance Co. Ltd. 804,477 0.1

8,895 ⁽¹⁾ Samsung SDI Co., Ltd. 1,748,383 0.2

5,579 Samsung SDS Co. Ltd. 1,021,009 0.1

10,155 Samsung Securities Co. Ltd. 287,180 0.0

25,342 ⁽¹⁾ Samsung Engineering Co. Ltd. 400,213 0.1

4,922 Samsung Fire & Marine Insurance Co. Ltd. 1,183,540 0.2

69,100 ⁽¹⁾ Shinhan Financial Group Co., Ltd. 2,450,018 0.3

1,188 Shinsegae, Inc. 272,770 0.0

9,437 ⁽¹⁾ SillaJen, Inc. 624,654 0.1

5,001 SK Holdings Co. Ltd. 1,166,893 0.2

92,943 ⁽¹⁾ SK Hynix, Inc. 5,066,929 0.7

10,426 SK Innovation Co. Ltd. 1,673,523 0.2

3,168 SK Telecom Co., Ltd. 764,374 0.1

7,051 S-Oil Corp. 615,030 0.1

2,187 ⁽¹⁾ ViroMed Co. Ltd. 501,016 0.1

75,002 ⁽¹⁾ Woori Bank 1,048,820 0.1

1,485 Yuhan Corp. 272,449 0.0

100,525,225 13.0

Taiwan: 11.3%

455,462 Acer, Inc. 287,589 0.0

53,694 Advantech Co. Ltd. 366,811 0.1

18,000 Airtac International Group 176,567 0.0

553,243 ASE Industrial Holding Co. Ltd. 1,048,316 0.1

358,356 Asia Cement Corp. 396,324 0.1

110,000 Asustek Computer, Inc. 720,922 0.1

1,340,000 AU Optronics Corp. 532,451 0.1

104,000 Catcher Technology Co., Ltd. 761,469 0.1

1,326,611 Cathay Financial Holding Co., Ltd. 2,030,817 0.3

184,710 Chailease Holding Co. Ltd. 582,606 0.1

810,770 Chang Hwa Commercial Bank Ltd. 454,039 0.1

305,650 Cheng Shin Rubber Industry Co. Ltd. 406,561 0.1

91,816 Chicony Electronics Co. Ltd. 186,970 0.0

405,000 China Airlines Ltd. 144,882 0.0

2,125,000 China Development Financial Holding Corp. 672,920 0.1

414,827 China Life Insurance Co., Ltd. 376,422 0.1

2,010,535 China Steel Corp. 1,587,653 0.2

2,828,170 CTBC Financial Holding Co. Ltd. 1,860,183 0.3

620,000 Chunghwa Telecom Co., Ltd. 2,263,722 0.3

660,000 Compal Electronics, Inc. 374,313 0.1

334,703 Delta Electronics, Inc. 1,408,705 0.2

1,557,273 E.Sun Financial Holding Co., Ltd. 1,018,717 0.1

28,386 Eclat Textile Co. Ltd. 321,008 0.1

341,821 Eva Airways Corp. 175,632 0.0

302,966 Evergreen Marine Corp. Taiwan Ltd 117,472 0.0

See Accompanying Notes to Financial Statements

30

Voya Emerging Markets Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

515,685 Far Eastern New Century Corp. 468,322 0.1

252,000 Far EasTone Telecommunications Co., Ltd. 625,959 0.1

52,312 Feng TAY Enterprise Co., Ltd. 298,808 0.0

1,570,942 First Financial Holding Co., Ltd. 1,023,444 0.1

569,600 Formosa Chemicals & Fibre Co. 1,948,626 0.3

195,000 Formosa Petrochemical Corp. 691,962 0.1

721,600 Formosa Plastics Corp. 2,371,894 0.3

117,000 Formosa Taffeta Co. Ltd. 131,616 0.0

142,849 Foxconn Technology Co., Ltd. 282,056 0.0

1,076,000 Fubon Financial Holding Co., Ltd. 1,650,903 0.2

51,000 Giant Manufacturing Co., Ltd. 239,372 0.0

34,000 Globalwafers Co. Ltd. 311,697 0.1

129,300 Highwealth Construction Corp. 189,170 0.0

36,249 Hiwin Technologies Corp. 261,520 0.0

2,119,170 HON HAI Precision Industry Co., Ltd. 4,877,136 0.6

43,000 Hotai Motor Co. Ltd. 356,353 0.1

1,206,824 Hua Nan Financial Holdings Co. Ltd. 687,286 0.1

1,398,439 Innolux Corp. 443,164 0.1

387,000 Inventec Co., Ltd. 276,908 0.0

16,000 Largan Precision Co. Ltd. 1,669,520 0.2

340,538 Lite-On Technology Corp. 449,695 0.1

240,820 MediaTek, Inc. 1,792,303 0.2

1,759,826 Mega Financial Holdings Co., Ltd. 1,485,683 0.2

104,000 Micro-Star International Co., Ltd. 258,781 0.0

836,890 Nan Ya Plastics Corp. 2,058,202 0.3

161,000 Nanya Technology Corp. 288,321 0.0

25,000 Nien Made Enterprise Co. Ltd. 191,507 0.0

92,000 Novatek Microelectronics Corp., Ltd. 424,736 0.1

307,000 Pegatron Corp. 513,960 0.1

20,000 Phison Electronics Corp. 148,912 0.0

332,000 Pou Chen Corp. 351,687 0.1

109,000 Powertech Technology, Inc. 234,331 0.0

91,000 President Chain Store Corp. 916,826 0.1

429,000 Quanta Computer, Inc. 734,243 0.1

73,760 Realtek Semiconductor Corp. 342,094 0.1

90,819 Ruentex Development Co. Ltd. 132,333 0.0

54,048 Ruentex Industries Ltd. 138,211 0.0

1,628,943 Shin Kong Financial Holding Co., Ltd. 476,370 0.1

1,682,454 SinoPac Financial Holdings Co., Ltd. 563,059 0.1

73,914 Standard Foods Corp. 119,442 0.0

223,800 Synnex Technology International Corp. 264,430 0.0

27,000 ⁽¹⁾ TaiMed Biologics, Inc. 144,370 0.0

1,582,598 Taishin Financial Holdings Co., Ltd. 672,899 0.1

629,326 Taiwan Business Bank 211,888 0.0

731,900 Taiwan Cement Corp. 844,768 0.1

1,365,420 Taiwan Cooperative Financial Holding Co. Ltd. 784,407 0.1

286,000 Taiwan High Speed Rail Corp. 283,825 0.0

259,000 Taiwan Mobile Co., Ltd. 896,942 0.1

3,919,000 Taiwan Semiconductor Manufacturing Co., Ltd. 28,456,774 3.7

268,000 ⁽¹⁾ Tatung Co., Ltd. 225,651 0.0

778,209 Uni-President Enterprises Corp. 1,765,490 0.2

1,900,000 United Microelectronics Corp. 687,033 0.1

134,000 Vanguard International Semiconductor Corp. 259,906 0.0

49,000 Walsin Technology Corp. 247,546 0.0

54,000 Win Semiconductors Corp. 208,029 0.0

441,000 Winbond Electronics Corp. 194,320 0.0

427,382 Wistron Corp. 264,352 0.0

240,280 WPG Holdings Ltd. 288,312 0.0

40,537 Yageo Corp. 419,875 0.1

1,585,586 Yuanta Financial Holding Co., Ltd. 797,122 0.1

71,000 Zhen Ding Technology Holding Ltd. 184,683 0.0

86,802,105 11.3

Thailand: 2.4%

1,900 Advanced Info Service PCL 10,076 0.0

162,300 Advanced Info Service PCL 860,674 0.1

23,900 Airports of Thailand PCL 47,206 0.0

672,300 Airports of Thailand PCL 1,327,891 0.2

38,400 Bangkok Bank PCL - Foreign Reg 244,417 0.0

11,300 Bangkok Dusit Medical Services PCL 8,600 0.0

599,800 Bangkok Dusit Medical Services PCL 456,505 0.1

32,000 Bangkok Expressway & Metro PCL 9,542 0.0

1,144,500 Bangkok Expressway & Metro PCL 341,280 0.1

49,700 Banpu PCL 22,617 0.0

294,500 Banpu PCL (Foreign) 134,017 0.0

1,800 Berli Jucker PCL 2,808 0.0

182,800 ⁽²⁾ Berli Jucker PCL 285,152 0.0

16,100 BTS Group Holdings PCL 4,724 0.0

888,100 BTS Group Holdings PCL 260,606 0.0

500 Bumrungrad Hospital PCL 2,878 0.0

See Accompanying Notes to Financial Statements

31

Voya Emerging Markets Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

56,000 Bumrungrad Hospital PCL 322,344 0.1

1,600 Central Pattana PCL 3,676 0.0

214,400 Central Pattana PCL 492,634 0.1

6,400 Charoen Pokphand Foods PCL 4,837 0.0

525,600 Charoen Pokphand Foods PCL 397,232 0.1

6,900 CP ALL PCL 14,570 0.0

806,300 CP ALL PCL (Foreign) 1,702,597 0.2

81,700 Delta Electronics Thailand PCL 174,466 0.0

600 Electricity Generating PCL 4,573 0.0

20,200 Electricity Generating PCL 153,953 0.0

2,200 Energy Absolute PCL 2,877 0.0

200,600 Energy Absolute PCL 262,325 0.0

1,500 Glow Energy PCL 4,101 0.0

77,600 Glow Energy PCL 212,182 0.0

26,600 Gulf Energy Development PCL 66,649 0.0

2,200 Home Product Center PCL 1,027 0.0

629,451 Home Product Center PCL 293,740 0.1

6,900 Indorama Ventures PCL 11,515 0.0

246,500 Indorama Ventures PCL 411,362 0.1

5,900 IRPC PCL 1,042 0.0

1,604,400 IRPC PCL 283,406 0.0

26,900 Kasikornbank PCL 153,022 0.0

264,900 Kasikornbank PCL - Foreign 1,502,777 0.2

55,300 Krung Thai Bank PCL 32,628 0.0

495,800 Krung Thai Bank PCL 292,529 0.0

442,400 Land & House Pub Co. Ltd. 135,122 0.0

12,100 Land and Houses PCL 3,684 0.0

600 Minor International PCL 627 0.0

357,200 Minor International PCL (Foreign) 373,275 0.1

72,300 Muangthai Capital PCL 108,961 0.0

218,300 PTT Exploration & Production PCL 757,583 0.1

347,900 PTT Global Chemical PCL (Foreign) 762,282 0.1

7,200 PTT Exploration & Production PCL 24,987 0.0

2,500 PTT Global Chemical PCL 5,478 0.0

11,600 PTT PCL 16,359 0.0

1,701,800 PTT PCL (Foreign) 2,400,017 0.3

14,000 Robinson PCL 27,282 0.0

70,400 ⁽²⁾ Robinson PCL 137,192 0.0

7,500 Siam Cement PCL 100,473 0.0

52,900 Siam Cement PCL 701,867 0.1

282,800 Siam Commercial Bank PCL 1,160,837 0.2

5,300 Siam Commercial Bank PCL 21,755 0.0

1,100 Thai Oil PCL 2,236 0.0

168,800 Thai Oil PCL 343,064 0.1

5,000 Thai Union Group PCL 2,490 0.0

303,200 Thai Union Group PCL 150,982 0.0

391,500 TMB Bank PCL 26,475 0.0

1,573,300 TMB Bank PCL 106,393 0.0

2,800 True Corp. PCL 448 0.0

1,573,690 True Corp. PCL 251,665 0.0

18,442,591 2.4

Turkey: 0.6%

342,236 Akbank Turk AS 441,506 0.1

30,101 Anadolu Efes Biracilik Ve Malt Sanayii AS 117,266 0.0

34,212 Arcelik A/S 101,923 0.0

54,821 Aselsan Elektronik Sanayi Ve Ticaret AS 248,799 0.0

33,226 BIM Birlesik Magazalar AS 546,153 0.1

218,295 Eregli Demir ve Celik Fabrikalari TAS 296,787 0.0

11,414 Ford Otomotiv Sanayi AS 107,677 0.0

146,437 Haci Omer Sabanci Holding AS 207,781 0.0

116,627 KOC Holding AS 312,149 0.1

122,691 Petkim Petrokimya Holding 116,592 0.0

27,152 TAV Havalimanlari Holding AS 122,620 0.0

19,347 Tupras Turkiye Petrol Rafine 426,201 0.1

88,812 ⁽¹⁾ Turk Hava Yollari 269,538 0.0

172,459 Turkcell Iletisim Hizmet AS 395,471 0.1

358,938 Turkiye Garanti Bankasi A/S 538,004 0.1

97,735 ⁽¹⁾ Turkiye Halk Bankasi AS 129,153 0.0

237,217 Turkiye Is Bankasi 202,451 0.0

109,364 Turk Sise Ve Cam Fabrikalari 117,119 0.0

4,697,190 0.6

United Arab Emirates: 0.7%

330,246 Abu Dhabi Commercial Bank PJSC 732,554 0.1

579,103 Aldar Properties PJSC 252,550 0.0

286,076 DAMAC Properties Dubai Co. PJSC 117,266 0.0

25,932 DP World Ltd. 443,437 0.0

266,662 Dubai Islamic Bank PJSC 363,010 0.1

123,915 Emaar Development PJSC 148,436 0.0

323,345 Emaar Malls PJSC 157,213 0.0

551,742 Emaar Properties PJSC 620,282 0.1

277,263 Emirates Telecommunications Group Co. PJSC 1,282,030 0.2

409,577 First Abu Dhabi Bank PJSC 1,572,195 0.2

5,688,973 0.7

Total Common Stock

(Cost $733,452,560) 734,385,182 95.2

PREFERRED STOCK: 3.8%

Brazil: 2.9%

539,821 Banco Bradesco SA 5,383,237 0.7

26,700 Braskem SA 326,400 0.0

25,100 Cia Brasileira de Distribuicao 524,440 0.1

141,959 Cia Energetica de Minas Gerais 507,657 0.1

See Accompanying Notes to Financial Statements

32

Voya Emerging Markets Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

35,200 ⁽¹⁾ Centrais Eletricas Brasileiras SA 255,843 0.0

163,100 Gerdau SA 623,658 0.1

772,325 Itau Unibanco Holding S.A. 7,074,124 0.9

713,087 Investimentos Itau SA 2,222,561 0.3

117,360 Lojas Americanas SA 596,528 0.1

629,100 Petroleo Brasileiro SA 3,681,349 0.5

70,100 Telefonica Brasil SA 836,154 0.1

22,031,951 2.9

Chile: 0.1%

46,946 Embotelladora Andina SA 175,513 0.0

19,401 Sociedad Quimica y Minera de Chile SA 763,321 0.1

938,834 0.1

Colombia: 0.0%

574,498 Grupo Aval Acciones y Valores 176,728 0.0

19,288 Grupo de Inversiones Suramericana SA 184,594 0.0

361,322 0.0

Russia: 0.1%

1,102,823 Surgutneftegas PJSC 622,377 0.1

72 Transneft PJSC 176,701 0.0

799,078 0.1

South Korea: 0.7%

1,444 Amorepacific Corp. 133,074 0.0

383 ⁽¹⁾ CJ Corp. 9,277 0.0

2,952 Hyundai Motor Co. 185,818 0.0

5,331 Hyundai Motor Co.- Series 2 367,866 0.1

328 LG Household & Health Care Ltd. 193,125 0.0

1,228 LG Chem Ltd. 215,314 0.1

136,679 Samsung Electronics Co., Ltd. 3,905,420 0.5

5,009,894 0.7

Total Preferred Stock

(Cost $25,121,218) 29,141,079 3.8

RIGHTS: 0.0%

Taiwan: 0.0%

21,514 ⁽¹⁾ Eva Airways Corp. 1,960 0.0

Total Rights

(Cost $–) 1,960 0.0

Total Long-Term Investments

(Cost $758,573,778) 763,528,221 99.0

Principal
Amount† Value Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 2.3%

Securities Lending Collateral⁽⁵⁾: 0.7%

1,354,050 Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $1,354,299, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $1,381,131, due 01/25/19-10/20/68) 1,354,050 0.2

1,354,050 Daiwa Capital Markets, Repurchase Agreement dated 12/31/18, 3.05%, due 01/02/19 (Repurchase Amount $1,354,276, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $1,381,131, due 01/25/19-02/01/49) 1,354,050 0.1

283,769 Mizuho Securities USA LLC, Repurchase Agreement dated 12/31/18, 2.92%, due 01/02/19 (Repurchase Amount $283,814, collateralized by various U.S. Government Securities, 1.875%-2.625%, Market Value plus accrued interest $289,444, due 02/29/24-09/09/49) 283,769 0.0

1,354,050 Nomura Securities, Repurchase Agreement dated 12/31/18, 3.00%, due 01/02/19 (Repurchase Amount $1,354,273, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $1,381,131, due 01/03/19-11/20/68) 1,354,050 0.2

See Accompanying Notes to Financial Statements

33

Voya Emerging Markets Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

1,354,050 RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $1,354,274, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $1,381,131, due 10/01/25-10/20/48) 1,354,050 0.2

5,699,969 0.7

Shares Value Percentage
of Net
Assets

Mutual Funds: 1.6%

12,109,000 ⁽⁶⁾ Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340%

(Cost $12,109,000) 12,109,000 1.6

Total Short-Term Investments

(Cost $17,808,969) 17,808,969 2.3

Total Investments in Securities
(Cost $776,382,747) $ 781,337,190 101.3

Liabilities in Excess of Other Assets (10,112,569 ) (1.3 )

Net Assets $ 771,224,621 100.0



† Unless otherwise indicated, principal amount is shown in USD.

ADR American Depositary Receipt

GDR Global 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) For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

(5) Represents securities purchased with cash collateral received for securities on loan.

(6) Rate shown is the 7-day yield as of December 31, 2018.



See Accompanying Notes to Financial Statements

34

Voya FTSE 100 Index^® Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018

Shares Value Percentage
of Net
Assets

COMMON STOCK: 96.1%

Australia: 2.0%

199,064 BHP Group PLC 4,206,424 2.0

Bermuda: 0.3%

26,591 Hiscox Ltd. 549,596 0.3

Germany: 0.3%

41,649 TUI AG 598,610 0.3

Ireland: 0.9%

9,402 DCC PLC 717,187 0.3

7,540 Paddy Power Betfair PLC 615,841 0.3

22,728 Smurfit Kappa PLC 603,456 0.3

1,936,484 0.9

Mexico: 0.1%

17,648 Fresnillo PLC 193,919 0.1

Netherlands: 10.9%

434,605 Royal Dutch Shell PLC - Class A 12,791,659 5.9

358,851 Royal Dutch Shell PLC - Class B 10,728,746 5.0

23,520,405 10.9

Switzerland: 2.8%

18,857 Coca-Cola HBC AG 590,181 0.3

22,203 Ferguson PLC 1,418,732 0.6

1,092,616 Glencore PLC 4,062,419 1.9

6,071,332 2.8

United Arab Emirates: 0.1%

8,237 NMC Health PLC 287,482 0.1

United Kingdom: 78.7%

91,159 3i Group PLC 899,486 0.4

19,472 Admiral Group PLC 508,096 0.2

94,506 Anglo American PLC 2,113,218 1.0

33,134 Antofagasta PLC 331,390 0.2

45,826 Ashtead Group PLC 955,902 0.4

33,281 Associated British Foods PLC 867,421 0.4

121,339 AstraZeneca PLC 9,057,468 4.2

88,522 ⁽¹⁾ Auto Trader Group PLC 513,728 0.2

375,185 Aviva PLC 1,795,636 0.8

305,554 BAE Systems PLC 1,787,142 0.8

1,632,677 Barclays PLC 3,123,752 1.5

96,345 Barratt Developments PLC 568,313 0.3

11,478 Berkeley Group Holdings PLC 509,085 0.2

1,869,969 BP PLC 11,821,359 5.5

218,508 British American Tobacco PLC 6,952,711 3.2

92,678 British Land Co. PLC 630,235 0.3

798,580 BT Group PLC 2,428,159 1.1

32,142 Bunzl PLC 970,651 0.5

39,049 Burberry Group PLC 857,478 0.4

15,732 Carnival PLC 755,479 0.4

536,842 Centrica PLC 926,038 0.4

151,447 Compass Group PLC 3,187,177 1.5

78,496 CRH PLC - London 2,077,938 1.0

12,164 Croda International PLC 726,445 0.3

231,216 Diageo PLC 8,262,366 3.8

131,749 Direct Line Insurance Group PLC 535,552 0.3

121,647 DS Smith PLC 463,908 0.2

23,670 easyJet PLC 333,530 0.2

48,510 Evraz PLC 297,050 0.1

87,607 Experian PLC 2,123,763 1.0

466,555 GlaxoSmithKline PLC 8,891,615 4.1

55,021 GVC Holdings PLC 472,353 0.2

36,266 Halma PLC 631,769 0.3

25,154 Hargreaves Lansdown PLC 593,257 0.3

13,390 Hikma Pharmaceuticals PLC 292,813 0.1

1,923,976 HSBC Holdings PLC 15,872,294 7.4

90,910 Imperial Brands PLC 2,759,276 1.3

119,209 Informa PLC 956,858 0.4

18,240 InterContinental Hotels Group PLC 986,653 0.5

151,771 International Consolidated Airlines Group SA 1,197,098 0.6

15,447 Intertek Group PLC 945,401 0.4

356,663 ITV PLC 567,688 0.3

154,746 J Sainsbury PLC 523,119 0.2

63,104 John Wood Group PLC 406,008 0.2

18,182 Johnson Matthey PLC 649,200 0.3

205,825 Kingfisher PLC 541,174 0.3

68,216 Land Securities Group PLC 700,432 0.3

566,551 Legal & General Group PLC 1,669,268 0.8

6,800,114 Lloyds Banking Group Plc 4,482,506 2.1

29,850 London Stock Exchange Group PLC 1,548,635 0.7

155,576 Marks & Spencer Group PLC 487,948 0.2

460,594 Melrose Industries PLC 962,229 0.4

40,022 Micro Focus International PLC 701,130 0.3

35,082 Mondi PLC 730,679 0.3

325,172 National Grid PLC 3,181,263 1.5

12,800 Next PLC 651,736 0.3

42,986 ⁽²⁾ Ocado Group PLC 433,281 0.2

74,551 Pearson PLC 893,113 0.4

30,095 Persimmon PLC 741,113 0.3

248,075 Prudential PLC 4,429,741 2.1

59,923 Reckitt Benckiser Group PLC 4,588,683 2.1

183,035 Relx PLC (GBP Exchange) 3,774,255 1.8

176,596 Rentokil Initial PLC 759,716 0.4

85,055 Rightmove PLC 468,746 0.2

108,105 Rio Tinto PLC 5,177,409 2.4

161,078 Rolls-Royce Holdings PLC 1,696,958 0.8

432,521 Royal Bank of Scotland Group PLC 1,199,838 0.6

98,106 RSA Insurance Group PLC 643,846 0.3

103,763 Sage Group PLC/The 795,804 0.4

10,690 Schroders PLC 332,928 0.2

See Accompanying Notes to Financial Statements

35

Voya FTSE 100 Index^® Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

98,308 SSE PLC 1,357,592 0.6

96,494 Segro PLC 724,394 0.3

22,666 Severn Trent PLC 525,413 0.2

83,768 Smith & Nephew PLC 1,568,025 0.7

37,903 Smiths Group PLC 659,852 0.3

7,026 Spirax-Sarco Engineering PLC 559,241 0.3

49,945 St. James's Place PLC 601,528 0.3

258,884 Standard Chartered PLC 2,011,960 0.9

241,692 Standard Life Aberdeen PLC 791,384 0.4

311,332 Taylor Wimpey PLC 541,362 0.3

925,160 Tesco PLC 2,243,663 1.0

104,618 Unilever PLC 5,492,738 2.6

65,314 United Utilities Group PLC 614,115 0.3

2,555,694 Vodafone Group PLC 4,969,010 2.3

17,556 Whitbread PLC 1,025,215 0.5

208,030 WM Morrison Supermarkets PLC 565,539 0.3

117,335 WPP PLC 1,276,956 0.6

169,246,296 78.7

Total Common Stock

(Cost $225,721,356) 206,610,548 96.1

PREFERRED STOCK: 0.0%

United Kingdom: 0.0%

7,268,506 ⁽²⁾ Rolls-Royce Holdings PLC - C Shares 9,265 0.0

Total Preferred Stock

(Cost $9,315) 9,265 0.0

CLOSED-END FUNDS: 0.4%

United Kingdom: 0.4%

137,991 Scottish Mortgage Investment Trust PLC 820,991 0.4

Total Closed-End Funds

(Cost $653,006) 820,991 0.4

Total Long-Term Investments

(Cost $226,383,677) 207,440,804 96.5

SHORT-TERM INVESTMENTS: 0.5%

Mutual Funds: 0.5%

1,126,000 ⁽³⁾ Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340%

(Cost $1,126,000) 1,126,000 0.5

Total Short-Term Investments

(Cost $1,126,000) 1,126,000 0.5

Total Investments in Securities
(Cost $227,509,677) $ 208,566,804 97.0

Assets in Excess of Other Liabilities 6,527,880 3.0

Net Assets $ 215,094,684 100.0



(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) Non-income producing security.

(3) Rate shown is the 7-day yield as of December 31, 2018.



See Accompanying Notes to Financial Statements

36

Voya International Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018

Shares Value Percentage
of Net
Assets

COMMON STOCK: 94.4%

Australia: 6.9%

79,135 AGL Energy Ltd. 1,149,215 0.1

296,490 Alumina Ltd. 480,256 0.0

141,815 Amcor Ltd. 1,324,190 0.1

347,513 AMP Ltd. 599,901 0.0

143,849 APA Group 861,676 0.1

69,960 Aristocrat Leisure Ltd. 1,076,949 0.1

23,691 ASX Ltd. 1,001,059 0.1

241,048 Aurizon Holdings Ltd. 727,242 0.0

208,326 AusNet Services 228,308 0.0

348,870 Australia & New Zealand Banking Group Ltd. 6,028,009 0.4

48,400 Bank of Queensland Ltd. 330,817 0.0

58,532 Bendigo and Adelaide Bank Ltd. 444,722 0.0

874,585 ^(1),(2) BGP Holdings PLC – –

357,763 BHP Billiton Ltd. 8,647,505 0.5

257,079 BHP Group PLC 5,432,340 0.3

66,650 BlueScope Steel Ltd. 514,146 0.0

141,097 Boral Ltd. 491,019 0.0

195,178 Brambles Ltd. 1,396,429 0.1

31,246 Caltex Australia Ltd. 560,595 0.0

66,655 Challenger Ltd. 445,630 0.0

12,027 CIMIC Group Ltd. 367,785 0.0

62,952 Coca-Cola Amatil Ltd. 363,080 0.0

6,917 Cochlear Ltd. 847,530 0.1

136,878 ⁽²⁾ Coles Group Ltd. 1,131,852 0.1

213,375 Commonwealth Bank of Australia 10,883,756 0.7

55,619 Computershare Ltd. 674,061 0.0

46,859 Crown Resorts Ltd. 391,615 0.0

54,950 CSL Ltd. 7,177,449 0.5

124,891 Dexus 934,761 0.1

7,346 Domino's Pizza Enterprises Ltd. 210,442 0.0

6,735 Flight Centre Travel Group Ltd. 203,677 0.0

192,001 Fortescue Metals Group Ltd. 566,170 0.0

201,552 Goodman Group 1,509,798 0.1

220,367 GPT Group 829,250 0.1

64,792 ⁽³⁾ Harvey Norman Holdings Ltd. 144,219 0.0

202,875 Incitec Pivot Ltd. 468,951 0.0

276,103 Insurance Australia Group Ltd. 1,361,798 0.1

70,123 Lend Lease Corp., Ltd. 574,462 0.0

39,027 Macquarie Group Ltd. 2,989,310 0.2

331,069 Medibank Pvt Ltd. 599,362 0.0

457,432 Mirvac Group 722,434 0.0

330,891 National Australia Bank Ltd. 5,614,995 0.4

93,783 Newcrest Mining Ltd. 1,441,357 0.1

167,315 Oil Search Ltd. 842,767 0.1

45,471 Orica Ltd. 552,677 0.0

216,254 ⁽²⁾ Origin Energy Ltd. 986,470 0.1

164,465 QBE Insurance Group Ltd. 1,171,091 0.1

17,031 Ramsay Health Care Ltd. 692,761 0.0

6,390 REA Group Ltd. 333,381 0.0

45,115 Rio Tinto Ltd. 2,496,934 0.2

216,278 Santos Ltd. 834,103 0.1

642,133 Scentre Group 1,765,332 0.1

40,889 Seek Ltd. 487,813 0.0

49,732 Sonic Healthcare Ltd. 775,825 0.1

378,984 South32 Ltd. - AUD 901,532 0.1

242,587 South32 Ltd. - GBP 572,594 0.0

300,136 Stockland 744,575 0.1

157,701 Suncorp Group Ltd. 1,403,502 0.1

136,842 Sydney Airport 648,881 0.0

236,550 Tabcorp Holdings Ltd. 715,144 0.0

507,332 Telstra Corp., Ltd. 1,018,144 0.1

45,689 TPG Telecom Ltd. 207,247 0.0

319,890 Transurban Group - Stapled Security 2,625,505 0.2

87,683 Treasury Wine Estates Ltd. 914,339 0.1

396,503 Vicinity Centres 726,543 0.0

12,207 Washington H Soul Pattinson & Co. Ltd. 214,070 0.0

136,878 Wesfarmers Ltd. 3,109,683 0.2

416,261 Westpac Banking Corp. 7,355,283 0.5

113,257 Woodside Petroleum Ltd. 2,494,756 0.2

158,453 Woolworths Group Ltd 3,286,948 0.2

37,982 WorleyParsons Ltd. 305,066 0.0

109,931,088 6.9

Austria: 0.2%

8,860 Andritz AG 406,905 0.0

36,718 Erste Group Bank AG 1,216,866 0.1

17,933 OMV AG 784,269 0.0

17,920 Raiffeisen International Bank Holding AG 457,264 0.1

8,026 ⁽³⁾ Verbund - Oesterreichische Elektrizitaetswirtschafts AG 343,606 0.0

13,729 Voestalpine AG 410,947 0.0

3,619,857 0.2

Belgium: 0.9%

22,693 Ageas 1,021,541 0.1

92,657 Anheuser-Busch InBev SA/NV 6,104,159 0.4

18,644 Proximus SADP 504,485 0.0

7,534 Colruyt S.A. 537,334 0.0

9,876 Groupe Bruxelles Lambert S.A. 860,622 0.0

30,244 KBC Group NV 1,945,868 0.1

9,130 Solvay S.A. 913,022 0.1

6,246 Telenet Group Holding NV 290,517 0.0

15,321 UCB S.A. 1,251,368 0.1

25,639 Umicore SA 1,023,126 0.1

14,452,042 0.9

China: 0.2%

3,960 ⁽²⁾ BeiGene Ltd. ADR 555,429 0.1

448,417 BOC Hong Kong Holdings Ltd. 1,664,401 0.1

88,000 Minth Group Ltd. 283,974 0.0

2,503,804 0.2

Denmark: 1.7%

450 AP Moller - Maersk A/S - Class A 533,909 0.0

See Accompanying Notes to Financial Statements

37

Voya International Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

802 AP Moller - Maersk A/S - Class B 1,008,861 0.1

12,852 Carlsberg A/S 1,367,184 0.1

11,906 Chr Hansen Holding A/S 1,056,857 0.1

14,306 Coloplast A/S 1,330,681 0.1

87,789 Danske Bank A/S 1,742,823 0.1

22,715 DSV A/S 1,500,154 0.1

7,358 ⁽²⁾ Genmab A/S 1,209,806 0.1

8,454 H Lundbeck A/S 372,085 0.0

20,060 ISS A/S 561,616 0.1

221,227 Novo Nordisk A/S 10,160,311 0.6

26,543 Novozymes A/S 1,186,006 0.1

22,754 ⁽⁴⁾ Orsted A/S 1,522,648 0.1

13,290 Pandora A/S 542,563 0.0

13,987 Tryg A/S 352,766 0.0

23,858 Vestas Wind Systems A/S 1,806,018 0.1

13,455 ⁽²⁾ William Demant Holding A/S 383,089 0.0

26,637,377 1.7

Finland: 1.2%

17,550 Elisa OYJ 726,909 0.0

54,728 Fortum OYJ 1,197,962 0.1

41,073 Kone OYJ 1,960,884 0.1

13,050 Metso Oyj 342,854 0.0

15,752 Neste Oyj 1,219,562 0.1

511,914 Nokia OYJ - Finland 2,971,726 0.2

172,697 Nokia OYJ - France 1,001,496 0.1

14,121 Nokian Renkaat OYJ 433,708 0.0

369,033 ⁽²⁾ Nordea Bank Abp 3,106,593 0.2

12,809 Orion Oyj 445,612 0.0

53,436 Sampo OYJ 2,368,268 0.1

68,121 Stora Enso OYJ 789,776 0.1

64,473 UPM-Kymmene OYJ 1,632,060 0.1

54,195 Wartsila OYJ 865,114 0.1

19,062,524 1.2

France: 9.8%

22,804 Accor S.A. 969,727 0.1

3,689 Aeroports de Paris 699,536 0.0

52,336 Air Liquide SA 6,498,864 0.4

19,246 Alstom SA 777,432 0.1

7,381 ⁽⁴⁾ Amundi SA 390,241 0.0

8,538 Arkema SA 732,973 0.1

11,671 Atos SE 956,271 0.1

236,044 AXA S.A. 5,094,285 0.3

5,089 BioMerieux 335,673 0.0

136,479 BNP Paribas 6,163,500 0.4

106,180 Bollore SA 425,703 0.0

26,999 Bouygues SA 969,503 0.1

32,839 Bureau Veritas SA 669,174 0.0

19,364 Capgemini SE 1,926,043 0.1

70,237 Carrefour S.A. 1,200,136 0.1

6,917 Casino Guichard Perrachon S.A. 288,047 0.0

60,314 Cie de Saint-Gobain 2,002,216 0.1

20,652 Cie Generale des Etablissements Michelin SCA 2,032,716 0.1

21,296 CNP Assurances 452,040 0.0

138,277 Credit Agricole SA 1,488,198 0.1

74,865 Danone 5,276,686 0.3

304 Dassault Aviation SA 421,453 0.0

15,771 Dassault Systemes SE 1,873,279 0.1

28,923 Edenred 1,065,205 0.1

9,780 Eiffage SA 817,680 0.1

72,086 Electricite de France SA 1,140,897 0.1

220,499 Engie SA 3,168,118 0.2

34,745 EssilorLuxottica SA 4,404,208 0.3

5,919 Eurazeo SE 419,046 0.0

1,368 Eurofins Scientific SE 510,922 0.0

20,975 Eutelsat Communications 413,232 0.0

9,134 Faurecia SA 344,638 0.0

5,529 Covivio 533,456 0.0

5,639 Gecina S.A. 729,969 0.0

56,189 Getlink SE 755,032 0.1

3,829 Hermes International 2,127,244 0.1

4,228 ICADE 322,227 0.0

3,248 Iliad SA 455,833 0.0

4,184 Imerys SA 201,074 0.0

7,136 Ingenico Group SA 404,808 0.0

4,542 Ipsen SA 587,675 0.0

8,734 JC Decaux SA 245,383 0.0

25,349 Klepierre SA 783,389 0.1

32,188 Legrand S.A. 1,819,669 0.1

30,821 L'Oreal S.A. 7,052,603 0.4

33,717 LVMH Moet Hennessy Louis Vuitton SE 9,871,536 0.6

117,494 Natixis SA 554,159 0.0

240,550 ⁽³⁾ Orange SA 3,898,303 0.2

25,586 Pernod Ricard SA 4,199,193 0.3

71,364 Peugeot S.A. 1,522,039 0.1

9,223 Kering SA 4,320,689 0.3

25,284 Publicis Groupe 1,442,622 0.1

2,760 ⁽³⁾ Remy Cointreau SA 312,907 0.0

23,308 Renault S.A. 1,451,930 0.1

36,513 Rexel SA 388,941 0.0

40,619 Safran S.A. 4,871,644 0.3

136,053 Sanofi 11,802,598 0.7

3,305 Sartorius Stedim Biotech 330,895 0.0

66,286 Schneider Electric SE 4,496,268 0.3

19,979 ⁽²⁾ SCOR SE 898,184 0.1

2,773 SEB SA 358,382 0.0

3,193 Societe BIC S.A. 326,180 0.0

92,902 Societe Generale 2,945,419 0.2

11,019 Sodexo SA 1,130,060 0.1

46,468 SUEZ 613,866 0.1

7,003 Teleperformance 1,120,270 0.1

12,896 Thales S.A. 1,506,992 0.1

289,448 Total SA 15,266,984 1.0

9,526 ⁽²⁾ UbiSoft Entertainment 767,434 0.1

16,631 ⁽²⁾ Unibail-Rodamco-Westfield 2,573,559 0.2

28,745 Valeo SA 838,366 0.1

65,047 Veolia Environnement 1,332,112 0.1

61,674 Vinci SA 5,071,582 0.3

125,801 Vivendi SA 3,049,082 0.2

3,378 Wendel 405,209 0.0

157,613,409 9.8

Germany: 7.8%

22,915 Adidas AG 4,788,989 0.3

52,359 Allianz SE 10,521,828 0.7

88,010 Aroundtown SA 730,128 0.0

5,951 Axel Springer AG 337,161 0.0

111,938 BASF SE 7,796,899 0.5

112,956 Bayer AG 7,855,960 0.5

39,373 Bayerische Motoren Werke AG 3,193,356 0.2

12,319 Beiersdorf AG 1,284,903 0.1

18,788 Brenntag AG 820,082 0.1

See Accompanying Notes to Financial Statements

38

Voya International Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

122,559 ⁽²⁾ Commerzbank AG 813,804 0.1

13,330 Continental AG 1,856,017 0.1

23,366 ⁽⁴⁾ Covestro AG 1,157,190 0.1

110,333 Daimler AG 5,816,201 0.4

11,115 ^(2),(4) Delivery Hero SE 414,968 0.0

237,857 Deutsche Bank AG 1,896,956 0.1

23,287 Deutsche Boerse AG 2,784,088 0.2

28,066 Deutsche Lufthansa AG 633,831 0.0

120,094 Deutsche Post AG 3,279,676 0.2

405,899 Deutsche Telekom AG 6,898,962 0.4

42,657 Deutsche Wohnen SE 1,949,460 0.1

6,540 ⁽³⁾ 1&1 Drillisch AG 334,007 0.0

265,982 E.ON AG 2,625,598 0.2

20,582 Evonik Industries AG 513,751 0.0

5,031 Fraport AG Frankfurt Airport Services Worldwide 360,059 0.0

50,505 Fresenius SE & Co. KGaA 2,441,117 0.2

26,034 Fresenius Medical Care AG & Co. KGaA 1,687,557 0.1

20,021 GEA Group AG 515,455 0.0

7,371 Hannover Rueck SE 993,392 0.1

18,235 HeidelbergCement AG 1,117,767 0.1

12,874 Henkel AG & Co. KGaA 1,267,098 0.1

2,576 Hochtief AG 347,893 0.0

7,634 Hugo Boss AG 470,593 0.0

137,716 Infineon Technologies AG 2,757,307 0.2

17,344 ⁽⁴⁾ Innogy SE 809,894 0.1

8,539 KION Group AG 434,240 0.0

10,437 LANXESS AG 479,857 0.0

15,510 Merck KGaA 1,596,486 0.1

22,082 ⁽³⁾ Metro AG 339,779 0.0

6,361 MTU Aero Engines AG 1,155,169 0.1

18,319 Muenchener Rueckversicherungs-Gesellschaft AG 3,995,355 0.3

12,003 Osram Licht AG 522,354 0.0

27,869 ProSiebenSat.1 Media SE 495,890 0.0

1,005 Puma SE 491,682 0.0

63,422 RWE AG 1,381,325 0.1

119,138 SAP SE 11,824,420 0.7

92,789 Siemens AG 10,355,411 0.6

18,570 ^(2),(4) Siemens Healthineers AG 775,979 0.1

15,031 Symrise AG 1,113,694 0.1

92,198 Telefonica Deutschland Holding AG 362,884 0.0

52,461 ThyssenKrupp AG 901,174 0.1

53,119 TUI AG 763,465 0.1

25,033 Uniper SE 645,739 0.0

15,175 United Internet AG 664,189 0.0

4,313 Volkswagen AG 689,970 0.0

58,469 Vonovia SE 2,635,722 0.2

14,182 Wirecard AG 2,137,970 0.1

13,319 ^(2),(3),(4) Zalando SE 344,143 0.0

125,178,844 7.8

Hong Kong: 3.4%

1,468,299 AIA Group Ltd. 12,196,887 0.8

37,000 ASM Pacific Technology Ltd. 357,205 0.0

150,352 Bank of East Asia Ltd. 476,850 0.0

313,199 CK Asset Holdings Ltd. 2,291,545 0.1

328,199 CK Hutchison Holdings Ltd. 3,150,123 0.2

80,402 CK Infrastructure Holdings Ltd. 608,459 0.0

198,865 CLP Holdings Ltd. 2,247,353 0.1

40,787 Dairy Farm International Holdings Ltd. 369,122 0.0

289,159 Galaxy Entertainment Group Ltd. 1,826,517 0.1

101,000 Hang Lung Group Ltd. 257,517 0.0

245,823 Hang Lung Properties Ltd. 467,242 0.0

92,436 Hang Seng Bank Ltd. 2,070,682 0.1

159,509 Henderson Land Development Co., Ltd. 793,886 0.1

324,000 HK Electric Investments & HK Electric Investments Ltd. 326,554 0.0

459,867 HKT Trust / HKT Ltd. 662,452 0.0

1,116,744 Hong Kong & China Gas 2,307,249 0.2

144,488 Hong Kong Exchanges and Clearing Ltd. 4,176,941 0.3

171,845 Power Assets Holdings Ltd. 1,193,876 0.1

143,933 Hongkong Land Holdings Ltd. - HKHGF 907,373 0.1

76,644 Hysan Development Co., Ltd. 364,472 0.0

26,804 Jardine Matheson Holdings Ltd. 1,866,329 0.1

27,100 Jardine Strategic Holdings Ltd. 993,599 0.1

82,060 Kerry Properties Ltd. 280,078 0.0

259,532 Link REIT 2,631,064 0.2

29,408 Melco Resorts & Entertainment Ltd ADR 518,169 0.1

183,144 MTR Corp. 963,855 0.1

748,094 New World Development Ltd. 988,060 0.1

192,660 NWS Holdings Ltd. 395,603 0.0

490,000 PCCW Ltd. 282,152 0.0

151,385 Shangri-La Asia Ltd. 223,484 0.0

408,626 Sino Land Co. 700,091 0.0

191,971 Sun Hung Kai Properties Ltd. 2,739,738 0.2

60,120 Swire Pacific Ltd. 634,747 0.0

142,825 Swire Properties Ltd. 501,836 0.0

169,500 Techtronic Industries Co., Ltd. 899,480 0.1

1,085,500 ⁽⁴⁾ WH Group Ltd. 833,715 0.1

143,857 Wharf Holdings Ltd. 375,050 0.0

145,857 Wharf Real Estate Investment Co. Ltd. 872,358 0.1

101,504 Wheelock & Co., Ltd. 581,107 0.0

90,949 Yue Yuen Industrial Holdings 291,154 0.0

54,623,974 3.4

Ireland: 0.5%

98,310 AIB Group PLC 414,545 0.0

118,370 Bank of Ireland Group PLC 658,342 0.0

40,962 CRH PLC 1,084,954 0.1

12,064 DCC PLC 920,246 0.1

54,618 James Hardie Industries SE 595,051 0.0

8,621 Kerry Group PLC - KYG 853,676 0.1

See Accompanying Notes to Financial Statements

39

Voya International Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

10,633 Kerry Group PLC - KYGA 1,044,673 0.1

17,808 Kingspan Group Plc 763,384 0.1

10,030 Paddy Power Betfair PLC 823,393 0.0

2,975 ⁽²⁾ Ryanair Holdings PLC ADR 212,237 0.0

27,491 Smurfit Kappa PLC 731,471 0.0

8,101,972 0.5

Israel: 0.5%

5,330 Azrieli Group Ltd. 254,996 0.0

130,142 Bank Hapoalim BM 823,038 0.1

179,089 Bank Leumi Le-Israel BM 1,082,595 0.1

244,825 Bezeq Israeli Telecommunication Corp., Ltd. 238,908 0.0

15,385 ⁽²⁾ Check Point Software Technologies 1,579,270 0.1

2,876 Elbit Systems Ltd. 330,131 0.0

86,067 Israel Chemicals Ltd. 489,384 0.0

17,569 Mizrahi Tefahot Bank Ltd. 296,729 0.0

7,564 ⁽²⁾ Nice Ltd. 819,494 0.1

117,451 Teva Pharmaceutical Industries Ltd. ADR 1,811,094 0.1

5,172 ⁽²⁾ Wix.com Ltd. 467,239 0.0

8,192,878 0.5

Italy: 1.9%

143,604 Assicurazioni Generali S.p.A. 2,400,198 0.2

60,455 Atlantia S.p.A 1,251,126 0.1

69,878 Davide Campari-Milano SpA 591,755 0.0

977,892 Enel S.p.A. 5,669,086 0.4

309,319 ENI S.p.A. 4,886,381 0.3

14,871 Ferrari NV 1,479,726 0.1

49,764 Leonardo SpA 438,432 0.0

1,815,858 Intesa Sanpaolo SpA 4,043,235 0.3

74,317 Mediobanca Banca di Credito Finanziario SpA 628,830 0.0

21,466 Moncler SpA 714,339 0.0

49,777 ^(2),(4) Pirelli & C SpA 319,876 0.0

63,471 ⁽⁴⁾ Poste Italiane SpA 508,956 0.0

28,942 Prysmian SpA 563,126 0.0

12,669 Recordati S.p.A. 438,731 0.0

278,272 Snam SpA 1,218,377 0.1

1,339,414 ⁽²⁾ Telecom Italia S.p.A. - TIT 741,512 0.1

751,165 Telecom Italia S.p.A. - TITR 360,275 0.0

173,822 Terna Rete Elettrica Nazionale SpA 987,161 0.1

244,019 UniCredit SpA 2,763,982 0.2

30,005,104 1.9

Japan: 23.0%

3,900 ABC-Mart, Inc. 215,978 0.0

44,443 ⁽³⁾ Acom Co., Ltd. 144,574 0.0

73,980 Aeon Co., Ltd. 1,446,018 0.1

13,498 AEON Financial Service Co., Ltd. 239,466 0.0

13,842 Aeon Mall Co., Ltd. 220,527 0.0

17,143 Air Water, Inc. 258,367 0.0

20,111 Aisin Seiki Co., Ltd. 691,335 0.1

55,828 Ajinomoto Co., Inc. 992,013 0.1

22,468 Alfresa Holdings Corp. 572,701 0.0

13,489 ANA Holdings, Inc. 484,243 0.0

22,800 Alps Electric Co., Ltd. 442,101 0.0

39,989 Amada Holdings Co., Ltd. 358,977 0.0

14,568 Aozora Bank Ltd. 434,197 0.0

22,421 AGC, Inc. 696,911 0.1

44,158 Asahi Group Holdings, Ltd. 1,711,291 0.1

11,600 Asahi Intecc Co. Ltd. 490,743 0.0

152,753 Asahi Kasei Corp. 1,567,762 0.1

18,549 Asics Corp. 235,584 0.0

230,720 Astellas Pharma, Inc. 2,947,824 0.2

24,393 Bandai Namco Holdings, Inc. 1,095,227 0.1

6,411 Bank of Kochi Ltd./The 263,459 0.0

8,637 Benesse Holdings, Inc. 219,712 0.0

73,743 Bridgestone Corp. 2,829,211 0.2

27,386 Brother Industries Ltd. 405,348 0.0

9,301 Calbee, Inc. 290,511 0.0

121,293 Canon, Inc. 3,337,461 0.2

23,587 Casio Computer Co., Ltd. 279,653 0.0

17,528 Central Japan Railway Co. 3,698,186 0.2

75,566 Chiba Bank Ltd. 420,939 0.0

74,642 Chubu Electric Power Co., Inc. 1,060,620 0.1

26,906 Chugai Pharmaceutical Co., Ltd. 1,560,527 0.1

34,572 Chugoku Electric Power Co., Inc. 449,288 0.0

16,600 Coca-Cola Bottlers Japan, Inc. 495,030 0.0

133,209 Concordia Financial Group Ltd. 509,009 0.0

18,724 Credit Saison Co., Ltd. 219,378 0.0

12,200 CyberAgent, Inc. 471,623 0.0

29,874 Dai Nippon Printing Co., Ltd. 623,593 0.1

30,884 Daicel Corp. 317,044 0.0

12,000 Daifuku Co., Ltd. 544,086 0.0

130,183 Dai-ichi Life Holdings, Inc. 2,021,695 0.1

68,893 Daiichi Sankyo Co., Ltd. 2,203,592 0.1

30,098 Daikin Industries Ltd. 3,198,077 0.2

8,781 Daito Trust Construction Co., Ltd. 1,202,150 0.1

68,354 Daiwa House Industry Co., Ltd. 2,180,385 0.1

210 Daiwa House REIT Investment Corp. 470,426 0.0

196,421 Daiwa Securities Group, Inc. 996,962 0.1

12,500 Dena Co., Ltd. 208,498 0.0

52,767 Denso Corp. 2,335,873 0.2

26,203 Dentsu, Inc. 1,170,246 0.1

3,400 Disco Corp. 395,313 0.0

14,542 Don Quijote Holdings Co. Ltd. 899,081 0.1

37,433 East Japan Railway Co. 3,305,714 0.2

30,579 Eisai Co., Ltd. 2,367,421 0.2

17,642 Electric Power Development Co., Ltd. 418,643 0.0

7,738 FamilyMart UNY Holdings Co., Ltd. 973,861 0.1

23,693 Fanuc Ltd. 3,595,643 0.2

See Accompanying Notes to Financial Statements

40

Voya International Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

7,142 Fast Retailing Co., Ltd. 3,647,712 0.2

14,323 Fuji Electric Holdings Co., Ltd. 421,848 0.0

46,660 Fuji Film Holdings Corp. 1,808,752 0.1

24,013 Fujitsu Ltd. 1,496,878 0.1

18,143 Fukuoka Financial Group, Inc. 367,823 0.0

28,700 Hakuhodo DY Holdings, Inc. 409,561 0.0

17,242 Hamamatsu Photonics KK 577,824 0.0

27,957 Hankyu Hanshin Holdings, Inc. 929,505 0.1

2,700 Hikari Tsushin, Inc. 422,026 0.0

31,532 Hino Motors Ltd. 296,922 0.0

3,864 Hirose Electric Co., Ltd. 378,030 0.0

7,129 Hisamitsu Pharmaceutical Co., Inc. 393,539 0.0

12,000 Hitachi Chemical Co., Ltd. 180,525 0.0

13,410 Hitachi Construction Machinery Co., Ltd. 313,810 0.0

8,700 Hitachi High-Technologies Corp. 272,435 0.0

118,091 Hitachi Ltd. 3,130,622 0.2

25,510 Hitachi Metals Ltd. 265,318 0.0

198,542 Honda Motor Co., Ltd. 5,230,602 0.3

6,500 Hoshizaki Corp. 394,412 0.0

46,037 Hoya Corp. 2,776,033 0.2

37,164 Hulic Co. Ltd. 332,111 0.0

16,644 Idemitsu Kosan Co., Ltd. 541,374 0.0

17,942 IHI Corp. 494,153 0.0

17,391 Iida Group Holdings Co. Ltd. 301,232 0.0

124,216 Inpex Corp. 1,100,656 0.1

40,366 Isetan Mitsukoshi Holdings Ltd. 445,992 0.0

67,868 Isuzu Motors Ltd. 951,992 0.1

170,716 Itochu Corp. 2,899,233 0.2

28,652 J Front Retailing Co., Ltd. 327,941 0.0

13,578 Japan Airlines Co. Ltd. 481,219 0.0

5,400 Japan Airport Terminal Co., Ltd. 186,675 0.0

62,014 Japan Exchange Group, Inc. 1,000,279 0.1

48,700 Japan Post Bank Co. Ltd. 536,176 0.0

191,800 Japan Post Holdings Co. Ltd. 2,214,529 0.2

96 Japan Prime Realty Investment Corp. 364,548 0.0

161 Japan Real Estate Investment Corp. 903,962 0.1

322 Japan Retail Fund Investment Corp. 642,574 0.1

133,902 Japan Tobacco, Inc. 3,181,659 0.2

60,502 JFE Holdings, Inc. 963,696 0.1

25,339 JGC Corp. 356,628 0.0

23,235 JSR Corp. 348,770 0.0

24,565 JTEKT Corp. 271,683 0.0

394,164 JXTG Holdings, Inc. 2,047,101 0.1

53,454 Kajima Corp. 718,053 0.1

16,623 Kakaku.com, Inc. 294,040 0.0

13,260 Kamigumi Co., Ltd. 271,283 0.0

6,400 Kaneka Corp. 229,199 0.0

85,062 Kansai Electric Power Co., Inc. 1,275,651 0.1

21,653 Kansai Paint Co., Ltd. 415,896 0.0

60,275 Kao Corp. 4,461,413 0.3

17,353 Kawasaki Heavy Industries Ltd. 370,308 0.0

215,601 KDDI Corp. 5,151,769 0.3

11,800 Keihan Holdings Co., Ltd. 480,812 0.0

27,508 Keikyu Corp. 449,518 0.0

12,768 Keio Corp. 743,008 0.1

15,898 Keisei Electric Railway Co., Ltd. 498,101 0.0

11,844 Keyence Corp. 5,986,501 0.4

17,834 Kikkoman Corp. 954,379 0.1

20,697 Kintetsu Group Holdings Co., Ltd. 899,349 0.1

100,056 Kirin Holdings Co., Ltd. 2,086,324 0.1

5,900 Kobayashi Pharmaceutical Co., Ltd. 400,112 0.0

38,276 Kobe Steel Ltd. 265,299 0.0

12,400 Koito Manufacturing Co., Ltd. 639,760 0.1

111,983 Komatsu Ltd. 2,406,509 0.2

11,566 Konami Holdings Corp. 508,233 0.0

54,923 Konica Minolta, Inc. 494,385 0.0

3,600 Kose Corp. 565,480 0.0

119,422 Kubota Corp. 1,697,431 0.1

38,767 Kuraray Co., Ltd. 545,240 0.0

11,348 Kurita Water Industries, Ltd. 274,746 0.0

38,794 Kyocera Corp. 1,939,121 0.1

31,514 Kyowa Hakko Kirin Co., Ltd. 595,491 0.0

47,360 Kyushu Electric Power Co., Inc. 563,945 0.0

19,300 Kyushu Railway Co. 652,973 0.1

5,964 Lawson, Inc. 377,250 0.0

8,800 ^(2),(3) LINE Corp. 300,544 0.0

27,100 Lion Corp. 560,090 0.0

31,792 LIXIL Group Corp. 394,126 0.0

51,700 M3, Inc. 696,462 0.1

27,608 Makita Corp. 980,528 0.1

190,956 Marubeni Corp. 1,339,845 0.1

23,619 Marui Group Co., Ltd. 457,734 0.0

6,500 Maruichi Steel Tube Ltd. 203,904 0.0

70,366 Mazda Motor Corp. 723,391 0.1

7,700 ⁽³⁾ McDonald's Holdings Co. Japan Ltd. 327,081 0.0

104,262 Mebuki Financial Group, Inc. 275,731 0.0

21,100 Medipal Holdings Corp. 451,418 0.0

14,688 MEIJI Holdings Co., Ltd. 1,197,035 0.1

46,000 Minebea Mitsumi, Inc. 663,321 0.1

34,900 Misumi Group, Inc. 735,230 0.1

157,048 Mitsubishi Chemical Holdings Corp. 1,186,492 0.1

164,493 Mitsubishi Corp. 4,509,832 0.3

220,761 Mitsubishi Electric Corp. 2,434,463 0.2

143,827 Mitsubishi Estate Co., Ltd. 2,262,903 0.2

19,439 Mitsubishi Gas Chemical Co., Inc. 291,188 0.0

36,919 Mitsubishi Heavy Industries Ltd. 1,324,741 0.1

13,151 Mitsubishi Materials Corp. 346,538 0.0

See Accompanying Notes to Financial Statements

41

Voya International Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

81,115 Mitsubishi Motors Corp. 441,728 0.0

31,213 Mitsubishi Tanabe Pharma Corp. 450,578 0.0

1,428,106 Mitsubishi UFJ Financial Group, Inc. 7,008,652 0.4

48,976 Mitsubishi UFJ Lease & Finance Co., Ltd. 234,743 0.0

201,701 Mitsui & Co., Ltd. 3,098,796 0.2

22,114 Mitsui Chemicals, Inc. 499,251 0.0

107,519 Mitsui Fudosan Co., Ltd. 2,388,202 0.2

13,293 Mitsui OSK Lines Ltd. 287,659 0.0

57,754 MS&AD Insurance Group Holdings, Inc. 1,641,674 0.1

2,935,161 Mizuho Financial Group, Inc. 4,541,389 0.3

14,700 MonotaRO Co. Ltd. 362,375 0.0

22,048 Murata Manufacturing Co., Ltd. 2,970,964 0.2

13,221 Nabtesco Corp. 286,247 0.0

21,400 Nagoya Railroad Co., Ltd. 563,601 0.0

32,120 NEC Corp. 955,052 0.1

53,700 ⁽²⁾ Nexon Co. Ltd. 693,242 0.1

31,669 NGK Insulators Ltd. 429,243 0.0

19,185 NGK Spark Plug Co., Ltd. 379,766 0.0

11,109 NH Foods Ltd. 417,610 0.0

27,292 Nidec Corp. 3,088,007 0.2

39,669 Nikon Corp. 590,875 0.0

13,794 Nintendo Co., Ltd. 3,662,847 0.2

214 Nippon Prologis REIT, Inc. 451,641 0.0

164 Nippon Building Fund, Inc. 1,032,680 0.1

9,982 Nippon Electric Glass Co., Ltd. 244,555 0.0

9,022 Nippon Express Co., Ltd. 501,202 0.0

17,517 Nippon Paint Holdings Co., Ltd. 596,831 0.0

92,780 Nippon Steel & Sumitomo Metal Corp. 1,594,043 0.1

84,398 Nippon Telegraph & Telephone Corp. 3,443,381 0.2

18,903 Nippon Yusen KK 289,049 0.0

15,300 Nissan Chemical Corp. 798,399 0.1

281,492 Nissan Motor Co., Ltd. 2,251,745 0.2

24,167 Nisshin Seifun Group, Inc. 497,754 0.0

7,717 Nissin Food Products Co., Ltd. 483,522 0.0

9,706 Nitori Co., Ltd. 1,215,583 0.1

20,142 Nitto Denko Corp. 1,010,210 0.1

421,326 Nomura Holdings, Inc. 1,596,660 0.1

14,445 Nomura Real Estate Holdings, Inc. 264,886 0.0

475 Nomura Real Estate Master Fund, Inc. 624,959 0.1

14,056 Nomura Research Institute Ltd. 521,234 0.0

42,449 NSK Ltd. 364,202 0.0

78,020 NTT Data Corp. 852,736 0.1

161,854 NTT DoCoMo, Inc. 3,636,734 0.2

78,015 Obayashi Corp. 706,421 0.1

7,700 Obic Co., Ltd. 594,351 0.0

35,127 Odakyu Electric Railway Co., Ltd. 772,465 0.1

102,826 Oji Holdings Corp. 525,383 0.0

35,857 Olympus Corp. 1,096,678 0.1

23,523 Omron Corp. 852,753 0.1

45,990 Ono Pharmaceutical Co., Ltd. 939,148 0.1

4,700 Oracle Corp. Japan 298,346 0.0

24,280 Oriental Land Co., Ltd. 2,441,827 0.2

159,963 ORIX Corp. 2,337,367 0.2

45,665 Osaka Gas Co., Ltd. 833,020 0.1

12,322 Otsuka Corp. 339,119 0.0

47,146 Otsuka Holdings Co. Ltd. 1,926,588 0.1

267,831 Panasonic Corp. 2,406,039 0.2

13,499 Park24 Co., Ltd. 297,264 0.0

22,000 Persol Holdings Co. Ltd 326,336 0.0

13,500 Pigeon Corp. 575,811 0.0

11,500 Pola Orbis Holdings, Inc. 309,904 0.0

105,470 ⁽²⁾ Rakuten, Inc. 707,559 0.1

133,800 Recruit Holdings Co. Ltd. 3,232,439 0.2

101,200 ⁽²⁾ Renesas Electronics Corp. 459,643 0.0

253,713 Resona Holdings, Inc. 1,216,930 0.1

80,832 Ricoh Co., Ltd. 789,884 0.1

3,866 Rinnai Corp. 254,558 0.0

11,350 Rohm Co., Ltd. 724,414 0.1

2,900 Ryohin Keikaku Co., Ltd. 704,070 0.1

5,188 Sankyo Co., Ltd. 197,302 0.0

43,645 Santen Pharmaceutical Co., Ltd. 629,721 0.1

27,170 SBI Holdings, Inc. 529,871 0.0

25,406 Secom Co., Ltd. 2,107,442 0.1

20,010 Sega Sammy Holdings, Inc. 278,954 0.0

27,200 Seibu Holdings, Inc. 473,103 0.0

34,116 Seiko Epson Corp. 476,487 0.0

46,219 Sekisui Chemical Co., Ltd. 687,075 0.1

75,985 Sekisui House Ltd. 1,115,846 0.1

91,771 Seven & I Holdings Co., Ltd. 3,987,919 0.3

67,807 Seven Bank Ltd. 193,565 0.0

12,100 SG Holdings Co. Ltd. 314,630 0.0

24,500 Sharp Corp. 245,291 0.0

27,172 Shimadzu Corp. 535,828 0.0

2,461 Shimamura Co., Ltd. 188,453 0.0

9,055 Shimano, Inc. 1,276,459 0.1

66,492 Shimizu Corp. 540,907 0.0

44,189 Shin-Etsu Chemical Co., Ltd. 3,395,166 0.2

18,894 Shinsei Bank Ltd. 224,617 0.0

33,832 Shionogi & Co., Ltd. 1,930,978 0.1

46,162 Shiseido Co., Ltd. 2,891,032 0.2

52,881 Shizuoka Bank Ltd. 412,210 0.0

16,500 ⁽³⁾ Showa Denko KK 489,959 0.0

22,519 Showa Shell Sekiyu KK 311,982 0.0

6,936 SMC Corp. 2,088,240 0.1

100,146 SoftBank Group Corp. 6,559,482 0.4

8,800 Sohgo Security Services Co., Ltd. 411,159 0.0

40,513 Sompo Holdings, Inc. 1,376,231 0.1

153,970 Sony Corp. 7,422,835 0.5

21,298 Sony Financial Holdings, Inc. 396,922 0.0

16,088 Stanley Electric Co., Ltd. 450,055 0.0

24,400 ZOZO, Inc. 447,034 0.0

74,535 Subaru Corp. 1,592,319 0.1

28,400 Sumco Corp. 316,291 0.0

179,171 Sumitomo Chemical Co., Ltd. 867,674 0.1

See Accompanying Notes to Financial Statements

42

Voya International Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

135,855 Sumitomo Corp. 1,927,615 0.1

19,409 Sumitomo Dainippon Pharma Co. Ltd. 618,959 0.1

92,633 Sumitomo Electric Industries Ltd. 1,226,770 0.1

13,496 Sumitomo Heavy Industries 400,172 0.0

28,080 Sumitomo Metal Mining Co., Ltd. 751,967 0.1

161,451 Sumitomo Mitsui Financial Group, Inc. 5,322,243 0.3

40,485 Sumitomo Mitsui Trust Holdings, Inc. 1,474,341 0.1

43,296 Sumitomo Realty & Development Co., Ltd. 1,585,007 0.1

20,459 Sumitomo Rubber Industries, Inc. 240,861 0.0

8,500 Sundrug Co., Ltd. 253,123 0.0

16,734 Suntory Beverage & Food Ltd. 755,584 0.1

8,617 Suzuken Co., Ltd. 438,800 0.0

41,644 Suzuki Motor Corp. 2,099,334 0.1

20,338 Sysmex Corp. 965,874 0.1

68,511 T&D Holdings, Inc. 792,503 0.1

14,500 Taiheiyo Cement Corp. 446,240 0.0

26,161 Taisei Corp. 1,120,434 0.1

4,400 Taisho Pharmaceutical Holdings Co. Ltd. 441,620 0.0

16,025 Taiyo Nippon Sanso Corp. 260,516 0.0

16,844 Takashimaya Co., Ltd. 215,069 0.0

87,062 ⁽³⁾ Takeda Pharmaceutical Co., Ltd. 2,950,923 0.2

15,712 TDK Corp. 1,099,925 0.1

21,101 Teijin Ltd. 336,770 0.0

36,864 Terumo Corp. 2,079,319 0.1

13,878 THK Co., Ltd. 259,267 0.0

22,785 Tobu Railway Co., Ltd. 615,200 0.1

13,700 Toho Co., Ltd. 496,391 0.0

8,600 Toho Gas Co., Ltd. 361,753 0.0

52,613 Tohoku Electric Power Co., Inc. 692,698 0.1

81,688 Tokio Marine Holdings, Inc. 3,880,893 0.3

5,300 Tokyo Century Corp. 233,426 0.0

178,266 ⁽²⁾ Tokyo Electric Power Co., Inc. 1,058,907 0.1

19,165 Tokyo Electron Ltd. 2,157,487 0.1

47,172 Tokyo Gas Co., Ltd. 1,193,082 0.1

61,394 Tokyu Corp. 1,003,238 0.1

76,835 Tokyu Fudosan Holdings Corp. 378,722 0.0

29,716 Toppan Printing Co., Ltd. 436,803 0.0

170,603 Toray Industries, Inc. 1,206,183 0.1

78,961 Toshiba Corp. 2,229,615 0.2

30,800 Tosoh Corp. 399,510 0.0

16,934 Toto Ltd. 585,750 0.0

18,185 Toyo Seikan Group Holdings, Ltd. 416,222 0.0

10,388 Toyo Suisan Kaisha Ltd. 361,742 0.0

7,400 Toyoda Gosei Co., Ltd. 145,682 0.0

18,105 Toyota Industries Corp. 833,733 0.1

276,658 Toyota Motor Corp. 16,014,789 1.0

26,254 Toyota Tsusho Corp. 771,407 0.1

14,253 ⁽²⁾ Trend Micro, Inc. 770,168 0.1

4,400 Tsuruha Holdings, Inc. 376,781 0.0

49,478 Unicharm Corp. 1,600,216 0.1

353 United Urban Investment Corp. 546,700 0.0

26,226 USS Co., Ltd. 440,031 0.0

5,100 Welcia Holdings Co. Ltd. 230,522 0.0

20,121 West Japan Railway Co. 1,421,573 0.1

348,844 Yahoo! Japan Corp. 867,827 0.1

13,985 Yakult Honsha Co., Ltd. 979,002 0.1

72,937 Yamada Denki Co., Ltd. 350,296 0.0

24,000 Yamaguchi Financial Group, Inc. 229,412 0.0

16,607 Yamaha Corp. 706,451 0.1

33,504 Yamaha Motor Co., Ltd. 654,122 0.1

37,501 Yamato Holdings Co., Ltd. 1,028,151 0.1

15,300 Yamazaki Baking Co., Ltd. 320,415 0.0

29,042 Yaskawa Electric Corp. 709,908 0.1

27,473 Yokogawa Electric Corp. 474,249 0.0

13,869 Yokohama Rubber Co., Ltd. 259,383 0.0

368,464,172 23.0

Luxembourg: 0.1%

4,940 RTL Group SA 264,737 0.0

169 SES S.A. - France 3,341 0.0

43,663 SES S.A. - Luxembourg 835,978 0.1

57,580 Tenaris S.A. 618,858 0.0

1,722,914 0.1

Macau: 0.1%

117,268 MGM China Holdings Ltd. 195,775 0.0

297,202 Sands China Ltd. 1,296,102 0.1

236,365 SJM Holdings Ltd. 219,610 0.0

184,079 Wynn Macau Ltd. 400,715 0.0

2,112,202 0.1

Mexico: 0.0%

26,064 Fresnillo PLC 286,395 0.0

Netherlands: 5.7%

52,027 ⁽⁴⁾ ABN AMRO Group NV 1,224,293 0.1

215,410 Aegon NV 1,008,905 0.1

15,723 ⁽²⁾ AerCap Holdings NV 622,631 0.0

70,730 Airbus SE 6,743,393 0.4

30,478 Akzo Nobel NV 2,454,519 0.2

80,721 ArcelorMittal 1,670,956 0.1

49,886 ASML Holding NV 7,815,129 0.5

13,330 EXOR NV 723,651 0.0

14,210 Heineken Holding NV 1,200,555 0.1

31,282 Heineken NV 2,764,919 0.2

472,898 ING Groep NV 5,086,779 0.3

151,268 Koninklijke Ahold Delhaize NV 3,821,366 0.2

21,840 Koninklijke DSM NV 1,771,788 0.1

409,637 Koninklijke KPN NV 1,196,550 0.1

114,484 Koninklijke Philips NV 4,013,755 0.3

8,559 Koninklijke Vopak NV 388,137 0.0

36,826 NN Group NV 1,464,151 0.1

41,892 NXP Semiconductor NV - NXPI - US 3,069,846 0.2

27,535 ⁽²⁾ QIAGEN NV 940,893 0.1

14,797 Randstad NV 678,443 0.0

557,065 Royal Dutch Shell PLC - Class A 16,396,005 1.0

453,745 Royal Dutch Shell PLC - Class B 13,565,838 0.9

See Accompanying Notes to Financial Statements

43

Voya International Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

187,694 Unilever NV 10,167,820 0.6

34,976 Wolters Kluwer NV 2,056,842 0.1

90,847,164 5.7

New Zealand: 0.2%

88,190 ⁽²⁾ a2 Milk Co. Ltd. 662,533 0.1

116,020 Auckland International Airport Ltd. 559,964 0.0

68,532 Fisher & Paykel Healthcare Corp. 598,876 0.0

104,080 ⁽²⁾ Fletcher Building Ltd. 340,909 0.0

158,760 Meridian Energy Ltd. 363,268 0.0

49,082 Ryman Healthcare Ltd. 354,215 0.0

224,678 Spark New Zealand Ltd. 626,722 0.1

3,506,487 0.2

Norway: 0.7%

13,197 Det Norske Oljeselskap ASA 332,736 0.0

116,602 DNB ASA 1,871,656 0.1

24,172 Gjensidige Forsikring ASA 378,142 0.0

50,655 Marine Harvest 1,067,681 0.1

165,113 Norsk Hydro ASA 748,137 0.0

100,594 Orkla ASA 787,642 0.1

12,045 Schibsted ASA - Class B 366,410 0.0

141,091 Equinor ASA 2,992,842 0.2

89,756 Telenor ASA 1,743,089 0.1

21,759 Yara International ASA 838,795 0.1

11,127,130 0.7

Portugal: 0.2%

314,244 EDP - Energias de Portugal SA 1,099,317 0.1

62,063 Galp Energia SGPS SA 977,234 0.1

31,389 Jeronimo Martins SGPS SA 371,976 0.0

2,448,527 0.2

Singapore: 1.3%

314,045 Ascendas Real Estate Investment Trust 592,663 0.1

325,642 CapitaLand Commercial Trust 418,263 0.0

319,896 CapitaLand Ltd. 729,500 0.1

311,001 CapitaLand Mall Trust 515,731 0.0

50,981 City Developments Ltd. 303,934 0.0

254,502 ComfortDelgro Corp., Ltd. 401,997 0.0

218,120 DBS Group Holdings Ltd. 3,793,075 0.3

723,912 Genting Singapore Ltd. 518,190 0.0

849,769 Golden Agri-Resources Ltd. 152,567 0.0

11,170 Jardine Cycle & Carriage Ltd. 289,180 0.0

178,704 Keppel Corp., Ltd. 775,792 0.1

383,322 Oversea-Chinese Banking Corp., Ltd. 3,170,682 0.2

114,394 SembCorp Industries Ltd. 213,128 0.0

65,160 Singapore Airlines Ltd. 450,154 0.0

76,600 SATS Ltd 262,360 0.0

98,551 Singapore Exchange Ltd. 516,487 0.0

189,227 Singapore Press Holdings Ltd. 326,083 0.0

990,350 Singapore Telecommunications Ltd. 2,131,465 0.2

190,306 Singapore Technologies Engineering Ltd. 487,848 0.0

282,600 Suntec Real Estate Investment Trust 368,635 0.0

162,456 United Overseas Bank Ltd. 2,938,827 0.2

56,800 United Overseas Land Ltd. 258,323 0.0

33,100 Venture Corp. Ltd. 339,832 0.0

233,076 Wilmar International Ltd. 533,755 0.1

273,200 Yangzijiang Shipbuilding Holdings Ltd. 251,028 0.0

20,739,499 1.3

Spain: 2.9%

30,728 ACS Actividades de Construccion y Servicios SA 1,189,398 0.1

8,275 ⁽⁴⁾ Aena SME SA 1,285,702 0.1

53,170 Amadeus IT Group SA 3,699,443 0.2

808,579 Banco Bilbao Vizcaya Argentaria SA 4,295,028 0.3

678,329 Banco de Sabadell SA 776,159 0.0

1,978,693 Banco Santander SA 8,985,246 0.6

150,012 Bankia SA 438,909 0.0

80,924 Bankinter S.A. 649,344 0.0

434,716 CaixaBank SA 1,574,298 0.1

28,094 Enagas 759,439 0.0

39,244 ⁽³⁾ Endesa S.A. 904,994 0.0

61,376 Ferrovial SA 1,243,031 0.1

42,703 Naturgy Energy Group SA 1,089,386 0.1

36,349 Grifols SA 954,228 0.1

722,333 Iberdrola S.A. 5,800,257 0.4

133,058 Industria de Diseno Textil SA 3,396,268 0.2

134,537 Mapfre SA 357,319 0.0

53,718 Red Electrica Corp. SA 1,197,925 0.1

165,850 Repsol SA 2,666,383 0.2

29,106 ⁽²⁾ Siemens Gamesa Renewable Energy SA 354,378 0.0

569,848 Telefonica S.A. 4,796,643 0.3

46,413,778 2.9

Sweden: 2.4%

36,106 Alfa Laval AB 776,181 0.1

121,166 Assa Abloy AB 2,169,695 0.1

80,825 Atlas Copco AB - A Shares 1,928,326 0.1

48,453 Atlas Copco AB - B Shares 1,061,692 0.1

33,719 Boliden AB 730,658 0.1

29,049 Electrolux AB 612,316 0.0

80,387 ⁽²⁾ Epiroc AB - A 764,047 0.1

48,074 ⁽²⁾ Epiroc AB - B 429,126 0.0

73,497 Essity AB 1,806,665 0.1

10,062 ^(2),(3) ICA Gruppen AB 359,456 0.0

106,473 ⁽³⁾ Hennes & Mauritz AB 1,514,161 0.1

31,378 ⁽²⁾ Hexagon AB 1,450,528 0.1

51,290 Husqvarna AB - B Shares 380,774 0.0

20,699 Industrivarden AB 419,074 0.0

54,699 Investor AB 2,324,398 0.2

28,894 Kinnevik AB 699,217 0.1

9,642 Lundbergforetagen AB 284,739 0.0

22,469 Lundin Petroleum AB 561,143 0.0

See Accompanying Notes to Financial Statements

44

Voya International Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

8,136 Millicom International Cellular S.A. 514,812 0.0

136,192 Sandvik AB 1,951,396 0.1

37,915 Securitas AB 610,807 0.0

196,590 Skandinaviska Enskilda Banken AB 1,911,030 0.1

40,893 Skanska AB 652,048 0.0

45,466 SKF AB - B Shares 691,021 0.0

184,279 Svenska Handelsbanken AB 2,050,229 0.1

109,427 Swedbank AB 2,445,820 0.2

21,691 Swedish Match AB 853,919 0.1

60,663 Tele2 AB 773,683 0.1

374,344 Telefonaktiebolaget LM Ericsson 3,313,680 0.2

343,246 Telia Co. AB 1,632,784 0.1

189,433 Volvo AB - B Shares 2,480,447 0.2

38,153,872 2.4

Switzerland: 8.8%

224,649 ABB Ltd. 4,289,921 0.3

19,335 Adecco Group AG 908,792 0.1

5,911 Baloise Holding AG 816,077 0.0

269 Barry Callebaut AG 419,818 0.0

63,732 Cie Financiere Richemont SA 4,109,926 0.3

24,725 Clariant AG 455,972 0.0

24,624 Coca-Cola HBC AG 770,674 0.0

311,239 Credit Suisse Group AG 3,402,368 0.2

4,093 ⁽³⁾ Dufry Group 389,745 0.0

988 EMS-Chemie Holding AG 470,404 0.0

28,156 Ferguson PLC 1,799,118 0.1

4,469 Geberit AG - Reg 1,740,321 0.1

1,107 Givaudan 2,566,768 0.2

1,383,699 Glencore PLC 5,144,684 0.3

38,482 LafargeHolcim Ltd.-CHF 1,588,097 0.1

27,402 Julius Baer Group Ltd. 976,512 0.1

6,617 Kuehne & Nagel International AG 851,784 0.1

20,344 LafargeHolcim Ltd. 834,444 0.1

12 Chocoladefabriken Lindt & Sprungli AG -  REG - LISN 894,903 0.1

132 Chocoladefabriken Lindt & Sprungli AG - PC - LISP 820,231 0.1

9,031 Lonza Group AG 2,347,652 0.1

372,404 Nestle SA 30,225,346 1.9

263,574 Novartis AG 22,573,602 1.4

4,814 Pargesa Holding SA 347,196 0.0

2,114 Partners Group 1,286,045 0.1

85,066 Roche Holding AG 21,118,388 1.3

5,048 Schindler Holding AG - Part Cert 1,002,296 0.1

2,518 Schindler Holding AG - Reg 489,402 0.0

651 SGS SA 1,465,416 0.1

15,588 Sika AG 1,980,044 0.1

6,737 Sonova Holding AG - Reg 1,107,874 0.1

83,640 STMicroelectronics NV 1,185,482 0.1

1,266 Straumann Holding AG 799,559 0.0

3,756 Swatch Group AG - BR 1,096,218 0.1

6,771 Swatch Group AG - Reg 391,647 0.0

4,067 Swiss Life Holding AG 1,569,739 0.1

8,910 Swiss Prime Site AG 721,720 0.0

37,050 Swiss Re Ltd. 3,408,613 0.2

3,123 Swisscom AG 1,492,722 0.1

7,424 Temenos AG 892,089 0.1

468,322 UBS Group AG 5,841,494 0.4

5,631 Vifor Pharma AG 612,740 0.0

18,389 Zurich Insurance Group AG 5,481,556 0.3

140,687,399 8.8

United Arab Emirates: 0.0%

12,646 NMC Health PLC 441,361 0.0

United Kingdom: 14.0%

119,367 3i Group PLC 1,177,820 0.1

24,518 Admiral Group PLC 639,765 0.0

128,148 Anglo American PLC 2,865,475 0.2

47,854 Antofagasta PLC 478,613 0.0

59,740 Ashtead Group PLC 1,246,140 0.1

43,636 Associated British Foods PLC 1,137,309 0.1

153,604 AstraZeneca PLC 11,465,920 0.7

114,264 ⁽⁴⁾ Auto Trader Group PLC 663,119 0.0

476,250 Aviva PLC 2,279,333 0.1

30,029 Babcock International Group 187,299 0.0

385,816 BAE Systems PLC 2,256,583 0.1

2,078,706 Barclays PLC 3,977,126 0.2

125,346 Barratt Developments PLC 739,382 0.0

15,546 Berkeley Group Holdings PLC 689,513 0.0

2,421,297 BP PLC 15,306,683 1.0

278,028 British American Tobacco PLC 8,846,579 0.6

113,243 British Land Co. PLC 770,082 0.0

1,021,205 BT Group PLC 3,105,072 0.2

41,480 Bunzl PLC 1,252,647 0.1

51,316 Burberry Group PLC 1,126,849 0.1

21,289 Carnival PLC 1,022,336 0.1

688,241 Centrica PLC 1,187,197 0.1

124,805 CNH Industrial NV 1,127,651 0.1

24,114 Coca-Cola European Partners PLC - EUR 1,111,190 0.1

2,389 Coca-Cola European Partners PLC - USD 109,535 0.0

191,333 Compass Group PLC 4,026,571 0.3

166,367 ⁽⁴⁾ ConvaTec Group PLC 294,686 0.0

60,857 CRH PLC - London 1,611,000 0.1

15,917 Croda International PLC 950,578 0.1

299,695 Diageo PLC 10,709,422 0.7

166,061 Direct Line Insurance Group PLC 675,029 0.0

19,564 easyJet PLC 275,673 0.0

110,700 Experian PLC 2,683,581 0.2

130,583 ⁽²⁾ Fiat Chrysler Automobiles NV 1,882,796 0.1

187,053 G4S PLC 472,181 0.0

601,182 GlaxoSmithKline PLC 11,457,339 0.7

67,045 GVC Holdings PLC 575,579 0.0

95,554 Hammerson PLC 402,276 0.0

35,122 Hargreaves Lansdown PLC 828,352 0.1

2,418,478 HSBC Holdings PLC 19,951,805 1.2

115,807 Imperial Brands PLC 3,514,943 0.2

152,914 Informa PLC 1,227,399 0.1

22,353 InterContinental Hotels Group PLC 1,209,137 0.1

See Accompanying Notes to Financial Statements

45

Voya International Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

74,908 International Consolidated Airlines Group SA 593,853 0.0

19,835 Intertek Group PLC 1,213,959 0.1

81,516 Investec PLC - INVP - GBP 458,261 0.0

444,441 ITV PLC 707,401 0.0

215,980 J Sainsbury PLC 730,121 0.0

81,462 John Wood Group PLC 524,123 0.0

23,406 Johnson Matthey PLC 835,726 0.1

257,716 Kingfisher PLC 677,611 0.0

90,372 Land Securities Group PLC 927,927 0.1

715,983 Legal & General Group PLC 2,109,550 0.1

8,651,393 Lloyds Banking Group Plc 5,702,833 0.4

37,885 London Stock Exchange Group PLC 1,965,495 0.1

195,312 Marks & Spencer Group PLC 612,576 0.0

94,110 Meggitt PLC 565,322 0.0

592,990 Melrose Industries PLC 1,238,818 0.1

87,207 ⁽⁴⁾ Merlin Entertainments PLC 353,238 0.0

53,537 Micro Focus International PLC 937,894 0.1

44,407 Mondi PLC 924,898 0.1

404,513 National Grid PLC 3,957,481 0.2

17,275 Next PLC 879,589 0.1

95,509 Pearson PLC 1,144,188 0.1

38,263 Persimmon PLC 942,257 0.1

315,631 Prudential PLC 5,636,052 0.4

81,408 Reckitt Benckiser Group PLC 6,233,925 0.4

115,352 ⁽²⁾ Relx PLC (EUR Exchange) 2,373,399 0.1

125,551 Relx PLC (GBP Exchange) 2,588,912 0.2

142,212 Rio Tinto PLC 6,810,876 0.4

202,700 Rolls-Royce Holdings PLC 2,135,446 0.1

582,375 Royal Bank of Scotland Group PLC 1,615,541 0.1

108,523 Royal Mail PLC 376,671 0.0

125,670 RSA Insurance Group PLC 824,742 0.1

131,069 Sage Group PLC/The 1,005,226 0.1

14,908 Schroders PLC 464,292 0.0

122,798 SSE PLC 1,695,789 0.1

122,103 Segro PLC 916,645 0.1

28,402 Severn Trent PLC 658,378 0.0

111,038 Shire PLC 6,461,034 0.4

106,012 Smith & Nephew PLC 1,984,403 0.1

48,488 Smiths Group PLC 844,126 0.1

64,961 St. James's Place PLC 782,378 0.0

341,835 Standard Chartered PLC 2,656,627 0.2

289,651 Standard Life Aberdeen PLC 948,418 0.1

404,259 Taylor Wimpey PLC 702,949 0.0

1,184,954 Tesco PLC 2,873,705 0.2

137,646 Unilever PLC 7,226,801 0.5

84,150 United Utilities Group PLC 791,220 0.1

3,251,415 Vodafone Group PLC 6,321,693 0.4

28,878 Weir Group PLC 478,198 0.0

22,218 Whitbread PLC 1,297,461 0.1

275,349 WM Morrison Supermarkets PLC 748,549 0.0

153,610 WPP PLC 1,671,737 0.1

224,645,879 14.0

Total Common Stock

(Cost $1,488,450,444) 1,511,519,652 94.4

PREFERRED STOCK: 0.5%

Germany: 0.5%

7,483 Bayerische Motoren Werke AG 533,627 0.0

8,383 Fuchs Petrolub AG 346,571 0.0

21,442 Henkel AG & Co. KGaA 2,342,091 0.2

18,895 Porsche AG 1,111,260 0.1

4,274 Sartorius AG 531,930 0.0

22,184 Volkswagen AG 3,537,367 0.2

8,402,846 0.5

United Kingdom: 0.0%

9,200,230 ⁽²⁾ Rolls-Royce Holdings PLC - C Shares 11,727 0.0

Total Preferred Stock

(Cost $9,192,773) 8,414,573 0.5

RIGHTS: 0.0%

Spain: 0.0%

165,850 ⁽²⁾ Repsol SA 76,009 0.0

Total Rights

(Cost $77,810) 76,009 0.0

Total Long-Term Investments

(Cost $1,497,721,027) 1,520,010,234 94.9

Principal
Amount† Value Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 4.8%

Securities Lending Collateral⁽⁵⁾: 0.7%

2,740,693 Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $2,741,196, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $2,795,507, due 01/25/19-10/20/68) 2,740,693 0.2

2,740,693 Daiwa Capital Markets, Repurchase Agreement dated 12/31/18, 3.05%, due 01/02/19 (Repurchase Amount $2,741,151, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $2,795,507, due 01/25/19-02/01/49) 2,740,693 0.2

See Accompanying Notes to Financial Statements

46

Voya International Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

573,030 Mizuho Securities USA LLC, Repurchase Agreement dated 12/31/18, 2.92%, due 01/02/19 (Repurchase Amount $573,122, collateralized by various U.S. Government Securities, 1.875%-2.625%, Market Value plus accrued interest $584,491, due 02/29/24-09/09/49) 573,030 0.0

2,740,693 RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $2,741,147, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $2,795,507, due 10/01/25-10/20/48) 2,740,693 0.1

2,740,693 State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/18, 3.37%, due 01/02/19 (Repurchase Amount $2,741,199, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,795,550, due 07/15/20-02/15/47) 2,740,693 0.2

11,535,802 0.7

Shares Value Percentage
of Net
Assets

Mutual Funds: 4.1%

65,483,000 ⁽⁶⁾ Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340%

(Cost $65,483,000) 65,483,000 4.1

Total Short-Term Investments

(Cost $77,018,802) 77,018,802 4.8

Total Investments in Securities
(Cost $1,574,739,829) $ 1,597,029,036 99.7

Assets in Excess of Other Liabilities 5,122,195 0.3

Net Assets $ 1,602,151,231 100.0



† Unless otherwise indicated, principal amount is shown in USD.

ADR American Depositary Receipt

(1) For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

(2) Non-income producing security.

(3) Security, or a portion of the security, is on loan.

(4) Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

(5) Represents securities purchased with cash collateral received for securities on loan.

(6) Rate shown is the 7-day yield as of December 31, 2018.

See Accompanying Notes to Financial Statements

47

Voya Japan TOPIX Index^® Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018

Shares Value Percentage
of Net
Assets

COMMON STOCK: 97.1%

Communication Services: 7.2%

400 Akatsuki, Inc. 18,366 0.0

900 Amuse, Inc. 19,179 0.0

1,200 AOI TYO Holdings, Inc. 8,660 0.0

3,000 Asahi Net, Inc. 13,412 0.0

1,200 Ateam, Inc. 15,799 0.0

2,800 Avex, Inc. 35,464 0.0

4,900 Capcom Co., Ltd. 97,155 0.1

3,500 COLOPL, Inc. 24,004 0.0

4,300 ⁽¹⁾ Cookpad, Inc. 11,660 0.0

6,700 CyberAgent, Inc. 259,006 0.1

1,700 Daiichikosho Co., Ltd. 80,804 0.0

5,800 Dena Co., Ltd. 96,743 0.1

13,100 Dentsu, Inc. 585,056 0.3

1,700 Dip Corp. 27,765 0.0

4,500 F N Communications, Inc. 21,944 0.0

899 Faith, Inc. 6,800 0.0

11,500 Fuji Media Holdings, Inc. 158,556 0.1

300 Gakken Holdings Co., Ltd. 11,621 0.0

2,200 Gurunavi, Inc. 13,592 0.0

6,400 Gree, Inc. 25,292 0.0

2,000 ⁽¹⁾ Gumi, Inc. 9,842 0.0

27,200 ^(1),(2) GungHo Online Entertainment, Inc. 49,782 0.0

14,900 Hakuhodo DY Holdings, Inc. 212,629 0.1

1,900 Intage Holdings, Inc. 15,462 0.0

2,200 Internet Initiative Japan, Inc. 49,878 0.0

12,100 ^(1),(2) Japan Communications, Inc. 11,398 0.0

3,486 Kadokawa Dwango Corp. 36,532 0.0

8,400 Kakaku.com, Inc. 148,586 0.1

1,100 Kamakura Shinsho Ltd. 14,035 0.0

97,600 KDDI Corp. 2,332,144 1.0

2,400 ⁽¹⁾ KLab, Inc. 18,061 0.0

2,352 Koei Tecmo Holdings Co. Ltd. 38,863 0.0

4,623 Konami Holdings Corp. 203,144 0.1

4,000 Lifull Co., Ltd. 26,631 0.0

3,500 ^(1),(2) LINE Corp. 119,535 0.1

1,700 Macromill, Inc. 22,080 0.0

2,600 Marvelous, Inc. 18,583 0.0

28,300 ⁽¹⁾ Nexon Co. Ltd. 365,340 0.2

7,000 Nintendo Co., Ltd. 1,858,774 0.8

76,500 Nippon Telegraph & Telephone Corp. 3,121,148 1.4

9,800 Nippon Television Holdings, Inc. 144,273 0.1

79,400 NTT DoCoMo, Inc. 1,784,057 0.8

700 ⁽¹⁾ OPT Holding, Inc. 9,184 0.0

1,400 Shobunsha Publications, Inc. 5,477 0.0

800 Shochiku Co., Ltd. 77,310 0.0

8,200 SKY Perfect JSAT Holdings, Inc. 34,998 0.0

46,550 SoftBank Group Corp. 3,048,987 1.4

5,200 Square Enix Holdings Co., Ltd. 141,559 0.1

400 Toei Co., Ltd. 46,974 0.0

7,300 Toho Co., Ltd. 264,500 0.1

6,800 Tokyo Broadcasting System Holdings, Inc. 107,483 0.1

2,900 TV Asahi Holdings Corp. 52,213 0.0

1,100 Tv Tokyo Holdings Corp. 23,651 0.0

800 ValueCommerce Co. Ltd. 8,914 0.0

1,500 Vector, Inc. 19,457 0.0

400 ⁽¹⁾ Vision, Inc./Tokyo Japan 13,817 0.0

600 Wowow, Inc. 16,626 0.0

75,600 Yahoo! Japan Corp. 188,072 0.1

2,050 Zenrin Co., Ltd. 43,400 0.0

16,234,277 7.2

Consumer Discretionary: 17.9%

2,000 ABC-Mart, Inc. 110,758 0.1

1,600 Adastria Co. Ltd. 26,955 0.0

400 Aeon Fantasy Co., Ltd. 9,849 0.0

2,400 Aisan Industry Co., Ltd. 16,123 0.0

9,270 Aisin Seiki Co., Ltd. 318,665 0.2

8,000 ^(1),(2) Akebono Brake Industry Co., Ltd. 13,270 0.0

800 Alpen Co., Ltd. 12,247 0.0

2,300 Alpine Electronics, Inc. 30,465 0.0

500 Amiyaki Tei Co., Ltd. 16,851 0.0

2,500 AOKI Holdings, Inc. 29,283 0.0

2,200 Aoyama Trading Co., Ltd. 52,765 0.0

600 Arata Corp. 23,846 0.0

2,200 Arc Land Sakamoto Co., Ltd. 27,039 0.0

600 Arcland Service Holdings Co. Ltd. 11,748 0.0

1,200 Asahi Co., Ltd. 15,011 0.0

11,200 Asics Corp. 142,247 0.1

1,000 ASKUL Corp. 21,323 0.0

1,800 Atsugi Co., Ltd. 15,737 0.0

4,000 Autobacs Seven Co., Ltd. 66,297 0.0

11,600 Bandai Namco Holdings, Inc. 520,831 0.2

2,700 Belluna Co., Ltd. 24,604 0.0

3,800 Benesse Holdings, Inc. 96,666 0.1

6,100 BIC Camera, Inc. 77,344 0.1

34,500 Bridgestone Corp. 1,323,621 0.6

800 BRONCO BILLY Co. Ltd. 19,792 0.0

1,400 Can Do Co., Ltd. 20,435 0.0

2,900 Canon Marketing Japan, Inc. 51,686 0.0

9,600 Casio Computer Co., Ltd. 113,820 0.1

500 Central Sports Co., Ltd. 15,939 0.0

1,300 Chiyoda Co., Ltd. 20,880 0.0

800 Chofu Seisakusho Co., Ltd. 15,244 0.0

900 Chori Co., Ltd. 13,627 0.0

1,200 Clarion Co., Ltd. 27,204 0.0

1,600 Cleanup Corp. 9,367 0.0

3,800 Colowide Co., Ltd. 79,202 0.1

400 Corona Corp. 3,875 0.0

3,600 Create Restaurants Holdings, Inc. 38,465 0.0

See Accompanying Notes to Financial Statements

48

Voya Japan TOPIX Index^® Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

1,900 Daido Metal Co., Ltd. 13,451 0.0

1,900 Daidoh Ltd. 5,282 0.0

700 Daikoku Denki Co., Ltd. 9,553 0.0

2,600 Daikyonishikawa Corp. 25,428 0.0

1,500 Dainichi Co., Ltd. 8,897 0.0

600 Daisyo Corp. 8,415 0.0

5,400 DCM Holdings Co., Ltd. 56,514 0.0

300 DD Holdings Co. Ltd 5,544 0.0

24,900 Denso Corp. 1,102,265 0.5

2,900 Descente Ltd. 47,520 0.0

7,200 Don Quijote Holdings Co. Ltd. 445,151 0.2

1,300 Doshisha Co., Ltd. 20,850 0.0

2,000 Doutor Nichires Holdings Co., Ltd. 36,522 0.0

1,000 Dynic Corp. 6,577 0.0

1,600 Eagle Industry Co., Ltd. 18,531 0.0

4,200 EDION Corp. 41,346 0.0

2,500 ES-Con Japan Ltd. 14,670 0.0

1,400 Exedy Corp. 34,197 0.0

1,500 Fast Retailing Co., Ltd. 766,112 0.4

1,900 FCC Co., Ltd. 44,631 0.0

1,700 Foster Electric Co., Ltd. 19,602 0.0

1,900 France Bed Holdings Co., Ltd. 15,600 0.0

1,200 F-Tech, Inc. 9,975 0.0

1,500 Fuji Co., Ltd. 25,496 0.0

1,600 ⁽²⁾ Fuji Kyuko Co., Ltd. 47,094 0.0

800 Fujibo Holdings, Inc. 18,043 0.0

1,300 Fujikura Rubber Ltd. 5,282 0.0

700 Fujita Kanko, Inc. 17,750 0.0

3,800 Fujitsu General Ltd. 48,846 0.0

1,700 ⁽¹⁾ Funai Electric Co., Ltd. 8,145 0.0

1,000 Furukawa Battery Co., Ltd. 6,093 0.0

4,000 Futaba Industrial Co., Ltd. 19,997 0.0

300 Genki Sushi Co., Ltd. 12,129 0.0

1,900 Geo Corp. 28,847 0.0

800 Globeride, Inc. 18,626 0.0

1,000 Goldwin, Inc. 107,411 0.1

1,000 Gourmet Kineya Co., Ltd. 10,616 0.0

1,400 G-Tekt Corp. 18,661 0.0

900 Gunze Ltd. 33,958 0.0

5,335 H2O Retailing Corp. 75,695 0.1

1,400 Happinet Corp. 17,907 0.0

1,500 Hard Off Corp. Co., Ltd. 11,130 0.0

1,400 Haruyama Trading Co., Ltd. 10,537 0.0

15,000 Haseko Corp. 157,074 0.1

3,488 Heiwa Corp. 71,011 0.0

1,710 Hiday Hidaka Corp. 33,956 0.0

1,300 Hikari Tsushin, Inc. 203,198 0.1

3,000 ⁽²⁾ Hiramatsu, Inc. 9,095 0.0

2,000 HIS Co., Ltd. 72,718 0.0

96,700 Honda Motor Co., Ltd. 2,547,568 1.2

2,010 Honeys Holdings Co., Ltd. 14,208 0.0

2,500 Hoosiers Holdings Co. Ltd. 14,347 0.0

900 Ichibanya Co., Ltd. 33,871 0.0

2,000 Ichikoh Industries Ltd. 10,053 0.0

3,900 IDOM, Inc. 12,919 0.0

9,020 Iida Group Holdings Co. Ltd. 156,237 0.1

1,700 Imasen Electric Industrial 15,052 0.0

20,400 Isetan Mitsukoshi Holdings Ltd. 225,393 0.1

3,200 Istyle, Inc. 23,827 0.0

34,900 Isuzu Motors Ltd. 489,546 0.2

2,100 Izumi Co., Ltd. 97,683 0.1

13,700 J Front Retailing Co., Ltd. 156,806 0.1

2,200 Janome Sewing Machine Co., Ltd. 9,227 0.0

1,200 Japan Best Rescue System Co. Ltd 13,774 0.0

3,500 Japan Wool Textile Co., Ltd. 26,354 0.0

800 JINS, Inc. 42,213 0.0

370 Joban Kosan Co. Ltd. 5,419 0.0

1,500 Joshin Denki Co., Ltd. 32,775 0.0

3,200 Joyful Honda Co. Ltd. 40,058 0.0

5,500 JP-Holdings, Inc. 12,917 0.0

10,870 JVC Kenwood Corp. 23,454 0.0

1,900 Kappa Create Co., Ltd. 23,882 0.0

2,000 Kasai Kogyo Co., Ltd. 14,906 0.0

500 Kawai Musical Instruments Manufacturing Co., Ltd. 13,792 0.0

1,200 KYB Corp. 28,899 0.0

2,700 Keihin Corp. 45,181 0.0

2,800 Keiyo Co., Ltd. 13,297 0.0

1,100 ⁽¹⁾ KNT-CT Holdings Co., Ltd. 11,075 0.0

400 ⁽¹⁾ Kintetsu Department Store Co. Ltd. 12,622 0.0

1,600 Kisoji Co., Ltd. 36,153 0.0

1,800 Kohnan Shoji Co., Ltd. 43,461 0.0

6,700 Koito Manufacturing Co., Ltd. 345,677 0.2

3,800 ⁽¹⁾ Kojima Co., Ltd. 16,489 0.0

2,700 Komatsu Matere Co. Ltd. 19,007 0.0

2,400 KOMEDA Holdings Co. Ltd. 47,243 0.0

1,700 Komeri Co., Ltd. 36,565 0.0

2,400 Konaka Co., Ltd. 9,643 0.0

3,200 Koshidaka Holdings Co. Ltd. 38,500 0.0

1,300 ⁽¹⁾ Kourakuen Holdings Corp. 31,080 0.0

11,240 Ks Holdings Corp. 110,636 0.1

700 Kura Corp. 34,746 0.0

1,300 Kurabo Industries Ltd. 29,392 0.0

1,820 Kyoritsu Maintenance Co., Ltd. 79,592 0.1

1,600 LEC, Inc. 23,863 0.0

640 Look Holdings, Inc. 5,652 0.0

800 Mars Group Holdings Corp. 16,014 0.0

10,000 Marui Group Co., Ltd. 193,799 0.1

400 Matsuoka Corp. 9,668 0.0

2,700 Matsuya Co., Ltd. 27,301 0.0

700 Matsuyafoods Holdings Co. Ltd. 23,082 0.0

34,500 Mazda Motor Corp. 354,674 0.2

500 Media Do Holdings Co. Ltd. 9,610 0.0

2,500 Meiko Network Japan Co., Ltd. 20,446 0.0

See Accompanying Notes to Financial Statements

49

Voya Japan TOPIX Index^® Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

1,800 Meiwa Estate Co., Ltd. 9,264 0.0

1,500 Misawa Homes Co., Ltd. 10,184 0.0

2,700 Mitsuba Corp. 15,172 0.0

41,600 Mitsubishi Motors Corp. 226,541 0.1

1,200 Mizuno Corp. 25,478 0.0

300 Monogatari Corp. 24,091 0.0

1,800 MOS Food Services, Inc. 45,974 0.0

2,800 Musashi Seimitsu Industry Co., Ltd. 39,187 0.0

1,800 Nakayamafuku Co., Ltd. 8,067 0.0

2,200 Nextage Co. Ltd. 21,616 0.0

9,500 NGK Spark Plug Co., Ltd. 188,052 0.1

10,700 NHK Spring Co., Ltd. 93,483 0.1

4,200 Nifco, Inc. 99,367 0.1

800 Nihon Eslead Corp. 10,635 0.0

700 Nihon Tokushu Toryo Co., Ltd. 8,256 0.0

19,500 Nikon Corp. 290,455 0.1

1,800 Nippon Felt Co., Ltd. 7,442 0.0

900 Nippon Piston Ring Co., Ltd. 15,236 0.0

2,900 Nishimatsuya Chain Co., Ltd. 23,487 0.0

131,600 Nissan Motor Co., Ltd. 1,052,711 0.5

3,200 Nissan Shatai Co., Ltd. 28,285 0.0

4,000 Nissan Tokyo Sales Holdings Co., Ltd. 11,107 0.0

2,300 Nissin Kogyo Co., Ltd. 29,141 0.0

4,800 Nitori Co., Ltd. 601,154 0.3

2,000 Nojima Corp. 40,537 0.0

5,800 ⁽²⁾ NOK Corp. 80,807 0.1

1,200 Ohashi Technica, Inc. 12,691 0.0

900 Ohsho Food Service Corp. 59,333 0.0

7,200 Onward Holdings Co., Ltd. 38,705 0.0

500 ⁽¹⁾ Open Door, Inc. 11,590 0.0

12,700 Oriental Land Co., Ltd. 1,277,232 0.6

2,600 Pacific Industrial Co., Ltd. 34,506 0.0

700 PAL Group Holdings Co., Ltd. 17,185 0.0

1,900 Paltac Corp. 89,606 0.1

128,450 Panasonic Corp. 1,153,921 0.5

800 Parco Co., Ltd. 8,118 0.0

2,000 Paris Miki Holdings, Inc. 7,744 0.0

1,400 PC Depot Corp. 5,508 0.0

1,000 ⁽²⁾ Pepper Food Service Co. Ltd. 26,121 0.0

400 PIA Corp. 13,910 0.0

2,000 Piolax, Inc. 40,083 0.0

22,200 ⁽¹⁾ Pioneer Corp. 12,914 0.0

1,300 Plenus Co., Ltd. 22,556 0.0

6,500 Press Kogyo Co., Ltd. 31,931 0.0

1,800 Pressance Corp. 21,387 0.0

600 QB Net Holdings Co. Ltd. 9,851 0.0

50,800 ⁽¹⁾ Rakuten, Inc. 340,798 0.2

1,000 Renaissance, Inc. 18,812 0.0

4,700 Resorttrust, Inc. 68,888 0.0

1,400 Right On Co., Ltd. 10,801 0.0

600 Riken Corp. 27,339 0.0

1,900 Ringer Hut Co., Ltd. 39,771 0.0

2,000 Rinnai Corp. 131,691 0.1

7,620 Riso Kyoiku Co. Ltd. 31,597 0.0

3,500 Round One Corp. 35,914 0.0

2,200 Royal Holdings Co., Ltd. 50,911 0.0

1,600 Ryohin Keikaku Co., Ltd. 388,452 0.2

2,800 Sagami Chain Co., Ltd. 34,227 0.0

1,900 Saizeriya Co., Ltd. 32,494 0.0

400 Sakai Ovex Co., Ltd. 6,657 0.0

600 San Holdings, Inc. 12,138 0.0

1,800 ⁽¹⁾ Sanden Holdings Corp. 12,165 0.0

4,100 Sangetsu Co., Ltd. 74,587 0.1

2,700 Sankyo Co., Ltd. 102,682 0.1

2,300 Sankyo Seiko Co., Ltd. 8,704 0.0

3,200 Sanrio Co., Ltd. 62,543 0.0

1,100 Sanyo Electric Railway Co. Ltd. 22,670 0.0

800 Sanyo Shokai Ltd. 13,110 0.0

2,200 Scroll Corp. 7,738 0.0

11,200 Sega Sammy Holdings, Inc. 156,136 0.1

1,900 Seiko Holdings Corp. 36,480 0.0

2,800 Seiren Co., Ltd. 45,407 0.0

24,100 Sekisui Chemical Co., Ltd. 358,262 0.2

40,500 Sekisui House Ltd. 594,746 0.3

3,700 ⁽¹⁾ Senshukai Co., Ltd. 8,722 0.0

10,800 Sharp Corp. 108,128 0.1

2,500 Shimachu Co., Ltd. 67,494 0.0

1,300 Shimamura Co., Ltd. 99,548 0.1

4,500 Shimano, Inc. 634,353 0.3

900 Shimojima Co., Ltd. 8,109 0.0

700 Shoei Co. Ltd. 23,645 0.0

2,900 Showa Corp. 33,934 0.0

10,400 ⁽²⁾ Skylark Holdings Co. Ltd 164,181 0.1

75,812 Sony Corp. 3,654,868 1.6

3,000 Space Value Holdings Co. Ltd. 25,606 0.0

1,100 St. Marc Holdings Co., Ltd. 24,558 0.0

8,500 Stanley Electric Co., Ltd. 237,784 0.1

12,000 ZOZO, Inc. 219,853 0.1

1,500 Starts Corp., Inc. 33,170 0.0

800 Studio Alice Co., Ltd. 16,706 0.0

34,800 Subaru Corp. 743,445 0.3

500 Suminoe Textile Co., Ltd. 10,939 0.0

41,200 Sumitomo Electric Industries Ltd. 545,626 0.3

8,200 Sumitomo Forestry Co., Ltd. 107,352 0.1

2,500 Sumitomo Riko Co., Ltd. 20,718 0.0

9,705 Sumitomo Rubber Industries, Inc. 114,256 0.1

1,300 Sushiro Global Holdings Ltd. 70,991 0.0

20,900 Suzuki Motor Corp. 1,053,599 0.5

900 Syuppin Co. Ltd. 5,828 0.0

500 T RAD Co., Ltd. 10,469 0.0

2,000 Tachi-S Co., Ltd. 26,056 0.0

1,300 Taiho Kogyo Co., Ltd. 11,300 0.0

8,500 Takashimaya Co., Ltd. 108,531 0.1

640 Take And Give Needs Co., Ltd. 10,032 0.0

400 Takihyo Co., Ltd. 6,158 0.0

1,200 Tama Home Co. Ltd. 11,008 0.0

1,300 Tamron Co., Ltd. 18,498 0.0

2,700 TBK Co., Ltd. 9,857 0.0

1,000 T-Gaia Corp. 18,876 0.0

1,400 Toa Corp./Hyogo 12,609 0.0

See Accompanying Notes to Financial Statements

50

Voya Japan TOPIX Index^® Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

2,800 Tokai Rika Co., Ltd. 46,235 0.0

520 Token Corp. 30,874 0.0

600 ⁽¹⁾ Tokyo Base Co. Ltd. 2,907 0.0

1,350 Sac's Bar Holdings, Inc. 13,717 0.0

4,800 Tokyo Dome Corp. 40,778 0.0

700 Tokyotokeiba Co., Ltd. 17,486 0.0

5,100 Tomy Co., Ltd. 50,630 0.0

2,100 Topre Corp. 41,884 0.0

1,600 ⁽²⁾ Toridoll Holdings Corp. 26,304 0.0

500 Torikizoku Co. Ltd. 8,244 0.0

500 Tosho Co. Ltd. 15,516 0.0

6,000 Toyo Tire & Rubber Co., Ltd. 74,594 0.1

3,900 Toyoda Gosei Co., Ltd. 76,778 0.1

3,400 Toyota Boshoku Corp. 50,355 0.0

9,000 Toyota Industries Corp. 414,449 0.2

126,782 Toyota Motor Corp. 7,338,978 3.3

1,400 TPR Co., Ltd. 28,509 0.0

2,500 TS Tech Co., Ltd. 68,863 0.0

4,750 TSI Holdings Co. Ltd. 30,914 0.0

500 Tsutsumi Jewelry Co., Ltd. 8,394 0.0

2,300 Unipres Corp. 38,786 0.0

1,400 United Arrows Ltd. 44,610 0.0

4,900 ⁽¹⁾ Unitika Ltd. 20,710 0.0

3,100 ⁽¹⁾ U-Shin Ltd. 27,554 0.0

12,800 USS Co., Ltd. 214,764 0.1

4,400 VT Holdings Co. Ltd. 16,367 0.0

3,300 Wacoal Holdings Corp. 85,405 0.1

1,600 WATAMI Co., Ltd. 18,936 0.0

900 ⁽¹⁾ World Co. Ltd. 12,443 0.0

1,700 Xebio Holdings Co., Ltd. 19,558 0.0

36,032 Yamada Denki Co., Ltd. 173,052 0.1

7,000 Yamaha Corp. 297,775 0.2

16,000 Yamaha Motor Co., Ltd. 312,379 0.2

700 Yasunaga Corp. 8,393 0.0

1,100 Yellow Hat Ltd. 26,270 0.0

6,200 Yokohama Rubber Co., Ltd. 115,955 0.1

500 Yomiuri Land Co., Ltd. 17,399 0.0

1,300 Yondoshi Holdings, Inc. 25,833 0.0

1,400 Yorozu Corp. 17,579 0.0

3,900 Yoshinoya D&C Co., Ltd. 64,178 0.0

5,600 Zensho Holdings Co., Ltd. 135,680 0.1

2,400 Zojirushi Corp. 21,070 0.0

40,012,930 17.9

Consumer Staples: 9.5%

42,745 Aeon Co., Ltd. 835,497 0.4

1,500 Ain Holdings, Inc. 107,542 0.1

25,100 Ajinomoto Co., Inc. 446,004 0.2

2,000 Arcs Co., Ltd. 44,537 0.0

1,000 Ariake Japan Co., Ltd. 64,871 0.0

2,300 Artnature, Inc. 13,479 0.0

23,600 Asahi Group Holdings, Ltd. 914,590 0.4

1,100 Axial Retailing, Inc. 36,534 0.0

600 Belc Co., Ltd. 28,144 0.0

5,100 Calbee, Inc. 159,296 0.1

1,000 Cawachi Ltd. 16,473 0.0

1,700 Chubu Shiryo Co., Ltd. 19,010 0.0

1,400 Ci:z Holdings Co. Ltd. 74,870 0.0

8,652 Coca-Cola Bottlers Japan, Inc. 258,012 0.1

1,220 Cocokara fine, Inc. 59,426 0.0

600 Cosmos Pharmaceutical Corp. 100,109 0.1

1,700 Create SD Holdings 40,771 0.0

400 Daikokutenbussan Co., Ltd. 14,917 0.0

700 DyDo Group Holdings, Inc. 36,604 0.0

900 Earth Corp. 41,355 0.0

5,100 ⁽¹⁾ Euglena Co. Ltd. 26,912 0.0

3,300 Ezaki Glico Co., Ltd. 167,543 0.1

3,190 FamilyMart UNY Holdings Co., Ltd. 401,475 0.2

5,200 FANCL Corp. 132,669 0.1

9,680 Feed One Co., Ltd. 15,647 0.0

3,100 Fuji Oil Holdings, Inc. 98,962 0.1

1,300 Fujicco Co., Ltd. 28,236 0.0

900 Fujiya Co., Ltd. 18,777 0.0

500 Genky DrugStores Co. Ltd. 13,475 0.0

1,200 Hayashikane Sangyo Co., Ltd. 6,392 0.0

2,500 Heiwado Co., Ltd. 57,056 0.0

1,600 Hokuto Corp. 28,027 0.0

4,300 House Foods Group, Inc. 147,272 0.1

500 Imuraya Group Co. Ltd. 11,020 0.0

1,500 Inageya Co., Ltd. 19,309 0.0

3,700 Ito En Ltd. 165,528 0.1

300 Itochu-Shokuhin Co., Ltd. 12,982 0.0

6,570 Itoham Yonekyu Holdings, Inc. 39,733 0.0

65,400 Japan Tobacco, Inc. 1,553,976 0.7

600 J-Oil Mills, Inc. 20,875 0.0

4,400 Kagome Co., Ltd. 115,319 0.1

700 Kameda Seika Co. Ltd. 31,537 0.0

27,700 Kao Corp. 2,050,289 0.9

1,800 Kato Sangyo Co., Ltd. 49,803 0.0

800 Kenko Mayonnaise Co. Ltd. 14,146 0.0

6,100 Kewpie Corp. 135,831 0.1

1,400 Key Coffee, Inc. 26,586 0.0

7,800 Kikkoman Corp. 417,414 0.2

51,100 Kirin Holdings Co., Ltd. 1,065,515 0.5

3,900 Kitanotatsujin Corp. 13,152 0.0

3,200 Kobayashi Pharmaceutical Co., Ltd. 217,010 0.1

1,800 Kobe Bussan Co. Ltd. 53,022 0.0

1,900 Kose Corp. 298,448 0.1

1,200 Kotobuki Spirits Co. Ltd. 46,347 0.0

900 Kusuri no Aoki Holdings Co. Ltd. 56,849 0.0

800 Kyokuyo Co., Ltd. 20,978 0.0

200 Lacto Japan Co. Ltd. 12,621 0.0

2,800 Lawson, Inc. 177,113 0.1

1,000 Life Corp. 20,574 0.0

15,600 Lion Corp. 322,413 0.2

2,300 Mandom Corp. 62,666 0.0

1,400 Marudai Food Co., Ltd. 22,056 0.0

2,400 Maruha Nichiro Corp. 80,646 0.1

4,600 Matsumotokiyoshi Holdings Co., Ltd. 141,435 0.1

2,600 Megmilk Snow Brand Co., Ltd. 67,308 0.0

7,900 MEIJI Holdings Co., Ltd. 643,830 0.3

700 Meito Sangyo Co., Ltd. 8,281 0.0

1,424 Milbon Co., Ltd. 57,967 0.0

See Accompanying Notes to Financial Statements

51

Voya Japan TOPIX Index^® Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

1,100 Ministop Co., Ltd. 20,620 0.0

1,000 Mitsubishi Shokuhin Co. Ltd. 25,512 0.0

1,000 Mitsui Sugar Co., Ltd. 25,298 0.0

900 Miyoshi Oil & Fat Co., Ltd. 8,600 0.0

2,700 Morinaga & Co., Ltd. 115,851 0.1

2,400 Morinaga Milk Industry Co., Ltd. 67,074 0.0

300 Morozoff Ltd. 13,615 0.0

500 Nagatanien Holdings Co., Ltd. 10,917 0.0

600 Nakamuraya Co., Ltd. 22,934 0.0

1,000 Natori Co., Ltd. 15,128 0.0

4,500 NH Foods Ltd. 169,164 0.1

5,700 Nichirei Corp. 156,009 0.1

620 Nihon Chouzai Co., Ltd. 17,957 0.0

1,100 Nippon Beet Sugar Manufacturing Co., Ltd. 18,054 0.0

3,800 Nippon Flour Mills Co., Ltd. 63,698 0.0

14,200 Nippon Suisan Kaisha Ltd. 79,200 0.0

300 Nishimoto Co. Ltd. 12,149 0.0

1,400 Nisshin Oillio Group Ltd. 40,000 0.0

13,645 Nisshin Seifun Group, Inc. 281,038 0.1

4,700 Nissin Food Products Co., Ltd. 294,487 0.1

700 Noevir Holdings Co. Ltd. 30,401 0.0

5,400 Oenon Holdings, Inc. 17,043 0.0

1,000 OIE Sangyo Co., Ltd. 10,153 0.0

2,000 Okuwa Co., Ltd. 20,343 0.0

6,800 Pigeon Corp. 290,038 0.1

4,800 Pola Orbis Holdings, Inc. 129,351 0.1

1,800 Prima Meat Packers Ltd. 32,244 0.0

1,400 Qol Holdings Co. Ltd. 21,172 0.0

1,700 Rock Field Co., Ltd. 25,660 0.0

1,000 Rokko Butter Co. Ltd. 19,530 0.0

800 S Foods, Inc. 29,677 0.0

2,000 Sakata Seed Corp. 61,254 0.0

900 San-A Co., Ltd. 34,027 0.0

4,200 Sapporo Holdings Ltd. 87,210 0.1

46,643 Seven & I Holdings Co., Ltd. 2,026,877 0.9

500 Shinyei Kaisha 4,186 0.0

22,500 Shiseido Co., Ltd. 1,409,129 0.6

600 Shoei Foods Corp. 14,769 0.0

900 Showa Sangyo Co., Ltd. 24,444 0.0

1,200 Sogo Medical Holdings Co. Ltd. 22,488 0.0

1,000 ST Corp. 16,878 0.0

600 ⁽²⁾ Starzen Co., Ltd. 20,689 0.0

2,500 Sugi Holdings Co., Ltd. 98,808 0.1

4,100 Sundrug Co., Ltd. 122,094 0.1

7,500 Suntory Beverage & Food Ltd. 338,645 0.2

8,500 Takara Holdings, Inc. 103,287 0.1

1,200 Toho Co., Ltd./Hyogo 23,692 0.0

1,600 Torigoe Co., Ltd. 11,630 0.0

6,000 Toyo Suisan Kaisha Ltd. 208,939 0.1

2,400 Tsuruha Holdings, Inc. 205,517 0.1

23,800 Unicharm Corp. 769,739 0.4

3,680 United Super Markets Holdings, Inc. 40,179 0.0

2,800 Valor Holdings Co., Ltd. 67,548 0.0

1,100 Warabeya Nichiyo Co., Ltd. 19,267 0.0

2,940 Welcia Holdings Co. Ltd. 132,889 0.1

1,500 Yaizu Suisankagaku Industry Co., Ltd. 13,782 0.0

8,400 Yakult Honsha Co., Ltd. 588,031 0.3

400 Yakuodo Co. Ltd. 9,509 0.0

1,700 YA-MAN Ltd. 21,224 0.0

1,400 Yamatane Corp. 21,454 0.0

9,100 Yamazaki Baking Co., Ltd. 190,574 0.1

1,300 Yaoko Co., Ltd. 71,156 0.0

3,500 Yokohama Reito Co., Ltd. 29,170 0.0

500 Yomeishu Seizo Co., Ltd. 10,171 0.0

21,409,236 9.5

Energy: 1.0%

3,300 Cosmo Energy Holdings Co. Ltd. 66,998 0.0

3,400 Fuji Oil Co., Ltd. 9,107 0.0

8,900 Idemitsu Kosan Co., Ltd. 289,487 0.1

61,400 Inpex Corp. 544,054 0.3

2,200 Itochu Enex Co., Ltd. 19,237 0.0

400 Japan Oil Transportation Co., Ltd. 10,404 0.0

1,900 Japan Petroleum Exploration Co., Ltd. 33,682 0.0

191,560 JXTG Holdings, Inc. 994,872 0.5

1,800 Mitsuuroko Group Holdings Co., Ltd. 11,615 0.0

1,000 Modec, Inc. 20,656 0.0

14,600 Nippon Coke & Engineering Co., Ltd. 12,097 0.0

2,300 Sala Corp. 12,523 0.0

3,200 San-Ai Oil Co., Ltd. 31,586 0.0

3,000 Shinko Plantech Co., Ltd. 31,730 0.0

10,600 Showa Shell Sekiyu KK 146,854 0.1

800 Sinanen Holdings Co., Ltd. 17,532 0.0

700 Toyo Kanetsu K K 14,273 0.0

2,266,707 1.0

Financials: 11.1%

3,400 77 Bank Ltd. 58,768 0.0

21,800 Acom Co., Ltd. 70,916 0.0

7,800 AEON Financial Service Co., Ltd. 138,379 0.1

500 Aichi Bank Ltd. 17,221 0.0

20,200 ⁽¹⁾ Aiful Corp. 47,740 0.0

1,000 Akita Bank Ltd. 19,825 0.0

900 Anicom Holdings, Inc. 29,798 0.0

1,100 Aomori Bank Ltd. 27,806 0.0

6,300 Aozora Bank Ltd. 187,771 0.1

1,000 Aruhi Corp. 18,134 0.0

1,800 Awa Bank Ltd. 47,119 0.0

700 Bank of Iwate Ltd. 22,488 0.0

4,100 Bank of Kochi Ltd./The 168,489 0.1

900 ⁽²⁾ Bank of Nagoya Ltd. 27,010 0.0

1,200 Bank of Okinawa Ltd. 34,604 0.0

700 Bank of Saga Ltd. 11,214 0.0

2,400 Bank of the Ryukyus Ltd. 24,777 0.0

39,000 Chiba Bank Ltd. 217,249 0.1

5,200 Chiba Kogyo Bank Ltd. 17,179 0.0

See Accompanying Notes to Financial Statements

52

Voya Japan TOPIX Index^® Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

7,300 Chugoku Bank Ltd. 61,195 0.0

500 Chukyo Bank Ltd. 9,715 0.0

68,328 Concordia Financial Group Ltd. 261,090 0.1

8,300 Credit Saison Co., Ltd. 97,246 0.1

62,700 Dai-ichi Life Holdings, Inc. 973,708 0.4

1,900 Daishi Hokuetsu Financial Group, Inc. 52,698 0.0

1,300 Daito Bank Ltd. 7,227 0.0

92,900 Daiwa Securities Group, Inc. 471,527 0.2

500 Dream Incubator, Inc. 5,552 0.0

1,600 eGuarantee, Inc. 14,272 0.0

1,600 Ehime Bank Ltd. 15,718 0.0

700 Eighteenth Bank Ltd. 15,685 0.0

16,200 FIDEA Holdings Co., Ltd. 19,722 0.0

3,900 Financial Products Group Co. Ltd. 39,830 0.0

1,400 Fukui Bank Ltd. 20,164 0.0

8,900 Fukuoka Financial Group, Inc. 180,434 0.1

2,400 ⁽¹⁾ Fukushima Bank Ltd. 8,689 0.0

1,300 Fuyo General Lease Co., Ltd. 66,205 0.0

2,000 GCA Corp. 12,012 0.0

20,900 Gunma Bank Ltd. 86,960 0.1

19,500 Hachijuni Bank Ltd. 79,645 0.1

15,700 Hiroshima Bank Ltd. 82,938 0.1

3,100 Hitachi Capital Corp. 65,180 0.0

1,400 Hokkoku Bank Ltd. 44,492 0.0

7,200 Hokugin Financial Group, Inc. 80,756 0.1

10,100 Hyakugo Bank Ltd. 35,743 0.0

1,200 Hyakujushi Bank Ltd. 28,309 0.0

2,200 IBJ Leasing Co., Ltd. 48,390 0.0

3,400 Ichiyoshi Securities Co., Ltd. 24,929 0.0

1,600 IwaiCosmo Holdings, Inc. 17,206 0.0

16,300 Iyo Bank Ltd. 85,800 0.1

1,300 Jaccs Co., Ltd. 21,024 0.0

1,700 Jafco Co., Ltd. 53,853 0.0

31,500 Japan Exchange Group, Inc. 508,092 0.2

29,600 Japan Post Bank Co. Ltd. 325,889 0.2

87,100 Japan Post Holdings Co. Ltd. 1,005,659 0.5

4,000 Japan Post Insurance Co. Ltd. 92,541 0.1

5,011 Japan Securities Finance Co., Ltd. 25,132 0.0

10,200 Jimoto Holdings, Inc. 11,667 0.0

1,500 Juroku Bank Ltd. 31,158 0.0

8,600 kabu.com Securities Co., Ltd. 29,521 0.0

5,327 ⁽¹⁾ Kansai Mirai Financial Group, Inc. 37,871 0.0

5,000 Keiyo Bank Ltd. 31,992 0.0

500 Kita-Nippon Bank Ltd. 10,174 0.0

4,500 Kiyo Bank Ltd. 63,642 0.0

2,000 Kyokuto Securities Co., Ltd. 21,331 0.0

18,020 Kyushu Financial Group, Inc. 68,011 0.0

300 ⁽¹⁾ M&A Capital Partners Co. Ltd. 10,331 0.0

4,300 Marusan Securities Co., Ltd. 30,014 0.0

5,500 Matsui Securities Co., Ltd. 57,763 0.0

55,190 Mebuki Financial Group, Inc. 145,955 0.1

1,000 Michinoku Bank Ltd. 15,542 0.0

5,400 Mito Securities Co., Ltd. 12,646 0.0

773,400 Mitsubishi UFJ Financial Group, Inc. 3,795,581 1.7

27,600 Mitsubishi UFJ Lease & Finance Co., Ltd. 132,287 0.1

28,911 MS&AD Insurance Group Holdings, Inc. 821,804 0.4

900 Miyazaki Bank Ltd. 23,799 0.0

1,499,000 Mizuho Financial Group, Inc. 2,319,308 1.0

10,400 Monex Group, Inc. 34,800 0.0

1,900 Musashino Bank Ltd. 43,791 0.0

600 Nagano Bank Ltd. 9,050 0.0

1,400 Nanto Bank Ltd. 27,272 0.0

300 NEC Capital Solutions Ltd. 4,185 0.0

7,000 Nishi-Nippon Financial Holdings, Inc. 60,676 0.0

199,500 Nomura Holdings, Inc. 756,027 0.4

14,600 North Pacific Bank Ltd. 38,938 0.0

1,800 Ogaki Kyoritsu Bank Ltd. 36,007 0.0

700 Oita Bank Ltd. 21,254 0.0

10,000 Okasan Securities Group, Inc. 44,356 0.0

22,500 Orient Corp. 27,396 0.0

73,800 ORIX Corp. 1,078,360 0.5

120,900 Resona Holdings, Inc. 579,895 0.3

900 Ricoh Leasing Co., Ltd. 26,813 0.0

1,240 San ju San Financial Group, Inc. 19,116 0.0

6,300 San-In Godo Bank Ltd. 44,003 0.0

13,160 SBI Holdings, Inc. 256,647 0.1

11,830 Senshu Ikeda Holdings, Inc. 32,299 0.0

41,000 Seven Bank Ltd. 117,041 0.1

2,000 Shiga Bank Ltd. 46,625 0.0

2,200 Shikoku Bank Ltd. 23,528 0.0

700 Shimizu Bank Ltd. 10,258 0.0

8,700 Shinsei Bank Ltd. 103,428 0.1

27,100 Shizuoka Bank Ltd. 211,246 0.1

19,650 Sompo Holdings, Inc. 667,513 0.3

9,200 Sony Financial Holdings, Inc. 171,457 0.1

79,552 Sumitomo Mitsui Financial Group, Inc. 2,622,437 1.2

21,644 Sumitomo Mitsui Trust Holdings, Inc. 788,209 0.4

11,600 Suruga Bank Ltd. 42,755 0.0

34,300 T&D Holdings, Inc. 396,766 0.2

700 Taiko Bank Ltd. 11,534 0.0

8,800 Tochigi Bank Ltd. 20,059 0.0

11,100 Toho Bank Ltd. 31,594 0.0

1,300 Tohoku Bank Ltd. 13,238 0.0

12,500 Tokai Tokyo Financial Holdings 53,364 0.0

41,200 Tokio Marine Holdings, Inc. 1,957,359 0.9

2,300 Tokyo Century Corp. 101,298 0.1

See Accompanying Notes to Financial Statements

53

Voya Japan TOPIX Index^® Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

1,728 Tokyo Kiraboshi Financial Group, Inc. 26,594 0.0

1,100 Tomato Bank Ltd. 10,967 0.0

9,700 TOMONY Holdings, Inc. 35,643 0.0

2,200 Towa Bank Ltd. 14,881 0.0

7,000 Toyo Securities Co., Ltd. 10,840 0.0

6,200 Tsukuba Bank Ltd. 12,271 0.0

1,300 ⁽²⁾ Yamagata Bank Ltd. 24,782 0.0

13,000 Yamaguchi Financial Group, Inc. 124,265 0.1

1,600 Yamanashi Chuo Bank Ltd. 20,502 0.0

3,100 Zenkoku Hosho Co. Ltd. 97,217 0.1

24,810,667 11.1

Health Care: 7.4%

12,300 Alfresa Holdings Corp. 313,522 0.2

900 As One Corp. 61,603 0.0

4,000 Asahi Intecc Co. Ltd. 169,222 0.1

1,400 ASKA Pharmaceutical Co., Ltd. 14,070 0.0

105,600 Astellas Pharma, Inc. 1,349,212 0.6

1,500 BML, Inc. 38,528 0.0

11,700 Chugai Pharmaceutical Co., Ltd. 678,591 0.3

700 CMIC Holdings Co., Ltd. 10,978 0.0

900 Create Medic Co., Ltd. 8,095 0.0

32,400 Daiichi Sankyo Co., Ltd. 1,036,337 0.5

1,800 Daiken Medical Co. Ltd. 10,019 0.0

860 Daito Pharmaceutical Co. Ltd. 23,377 0.0

2,100 Eiken Chemical Co., Ltd. 45,939 0.0

13,500 Eisai Co., Ltd. 1,045,168 0.5

1,000 Elan Corp. 12,277 0.0

2,000 EPS Holdings, Inc. 30,459 0.0

500 Falco Holdings Co. Ltd. 6,788 0.0

800 Fuso Pharmaceutical Industries Ltd. 18,800 0.0

3,300 Hisamitsu Pharmaceutical Co., Inc. 182,169 0.1

1,600 Hogy Medical Co., Ltd. 45,981 0.0

22,700 Hoya Corp. 1,368,811 0.6

3,300 Japan Lifeline Co. Ltd. 42,536 0.0

900 JCR Pharmaceuticals Co. Ltd. 37,923 0.0

2,200 Jeol Ltd. 33,003 0.0

1,900 Kaken Pharmaceutical Co., Ltd. 84,364 0.1

2,000 Kissei Pharmaceutical Co., Ltd. 50,923 0.0

3,100 Kyorin Co., Ltd. 67,717 0.0

14,000 Kyowa Hakko Kirin Co., Ltd. 264,545 0.1

22,800 M3, Inc. 307,144 0.2

1,500 Mani, Inc. 56,614 0.0

1,000 ^(1),(2) Medical Data Vision Co. Ltd. 8,271 0.0

11,500 Medipal Holdings Corp. 246,033 0.1

1,700 Menicon Co. Ltd. 43,273 0.0

3,400 Miraca Holdings, Inc. 76,744 0.0

12,400 Mitsubishi Tanabe Pharma Corp. 179,001 0.1

800 Mochida Pharmaceutical Co., Ltd. 65,674 0.0

700 N Field Co. Ltd. 6,014 0.0

1,800 Nagaileben Co., Ltd. 38,783 0.0

2,600 NichiiGakkan Co., Ltd. 24,349 0.0

3,450 Nichi-iko Pharmaceutical Co., Ltd. 50,513 0.0

4,800 Nihon Kohden Corp. 156,496 0.1

4,200 Nikkiso Co., Ltd. 35,214 0.0

400 Nippon Chemiphar Co., Ltd. 10,639 0.0

3,000 Nippon Shinyaku Co., Ltd. 190,144 0.1

8,000 Nipro Corp. 97,864 0.1

1,400 Nissui Pharmaceutical Co., Ltd. 14,597 0.0

16,800 Olympus Corp. 513,824 0.2

26,600 Ono Pharmaceutical Co., Ltd. 543,191 0.3

21,400 Otsuka Holdings Co. Ltd. 874,496 0.4

1,300 Paramount Bed Holdings Co. Ltd. 53,608 0.0

5,200 ⁽¹⁾ PeptiDream, Inc. 205,298 0.1

500 Rion Co. Ltd. 7,851 0.0

6,200 Rohto Pharmaceutical Co., Ltd. 169,230 0.1

21,200 Santen Pharmaceutical Co., Ltd. 305,879 0.2

2,300 Sawai Pharmaceutical Co., Ltd. 109,563 0.1

2,300 Seikagaku Corp. 26,075 0.0

1,700 ⁽¹⁾ Shin Nippon Biomedical Laboratories Ltd. 10,347 0.0

15,200 Shionogi & Co., Ltd. 867,547 0.4

2,400 Ship Healthcare Holdings, Inc. 88,737 0.1

2,500 Solasto Corp. 25,105 0.0

8,300 Sumitomo Dainippon Pharma Co. Ltd. 264,690 0.1

5,030 Suzuken Co., Ltd. 256,141 0.1

8,800 Sysmex Corp. 417,922 0.2

1,000 Taiko Pharmaceutical Co. Ltd. 17,702 0.0

2,500 Taisho Pharmaceutical Holdings Co. Ltd. 250,920 0.1

3,100 Takara Bio, Inc. 72,472 0.0

44,400 ⁽²⁾ Takeda Pharmaceutical Co., Ltd. 1,504,916 0.7

16,300 Terumo Corp. 919,404 0.4

3,100 Toho Holdings Co., Ltd. 75,823 0.0

1,400 Tokai Corp./Gifu 35,438 0.0

800 Torii Pharmaceutical Co., Ltd. 17,754 0.0

600 Towa Pharmaceutical Co., Ltd. 41,812 0.0

3,500 Tsukui Corp. 26,630 0.0

3,700 Tsumura & Co. 102,909 0.1

2,400 Vital KSK Holdings, Inc. 24,661 0.0

2,600 ZERIA Pharmaceutical Co., Ltd. 46,700 0.0

16,534,969 7.4

Industrials: 22.0%

1,900 Advan Co., Ltd. 15,884 0.0

1,400 Aeon Delight Co., Ltd. 46,711 0.0

3,100 Aica Kogyo Co., Ltd. 103,659 0.1

2,900 Aichi Corp. 15,396 0.0

3,300 Aida Engineering Ltd. 21,612 0.0

1,600 Alconix Corp. 15,814 0.0

20,200 ANA Holdings, Inc. 725,161 0.3

900 Altech Corp. 13,686 0.0

See Accompanying Notes to Financial Statements

54

Voya Japan TOPIX Index^® Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

16,300 Amada Holdings Co., Ltd. 146,323 0.1

3,000 Anest Iwata Corp. 26,964 0.0

3,700 Asahi Diamond Industrial Co., Ltd. 20,517 0.0

11,200 AGC, Inc. 348,129 0.2

420 Asahi Kogyosha Co., Ltd. 12,547 0.0

700 Asanuma Corp. 17,401 0.0

400 Asunaro Aoki Construction Co., Ltd. 3,423 0.0

2,400 Bando Chemical Industries Ltd. 22,683 0.0

2,000 Bell System24 Holdings, Inc. 23,474 0.0

1,500 Benefit One, Inc. 46,159 0.0

3,300 Bunka Shutter Co., Ltd. 21,444 0.0

2,500 Central Glass Co., Ltd. 49,268 0.0

10,100 Central Japan Railway Co. 2,130,972 1.0

600 Central Security Patrols Co., Ltd. 26,852 0.0

8,400 ⁽²⁾ Chiyoda Corp. 23,603 0.0

700 Chiyoda Integre Co., Ltd. 12,543 0.0

1,500 Chudenko Corp. 31,935 0.0

700 Chugai Ro Co., Ltd. 13,134 0.0

3,300 CKD Corp. 27,920 0.0

5,200 COMSYS Holdings Corp. 126,902 0.1

2,000 Cosel Co., Ltd. 16,897 0.0

1,500 CTI Engineering Co., Ltd. 21,214 0.0

15,300 Dai Nippon Printing Co., Ltd. 319,374 0.2

900 Dai-Dan Co., Ltd. 19,366 0.0

6,100 Daifuku Co., Ltd. 276,577 0.1

1,400 Daihen Corp. 28,090 0.0

1,200 Daiho Corp. 38,599 0.0

800 Daiichi Jitsugyo Co., Ltd. 25,561 0.0

15,400 Daikin Industries Ltd. 1,636,334 0.7

2,100 Daiseki Co., Ltd. 43,368 0.0

1,900 Daiwa Industries Ltd. 19,311 0.0

1,200 Denyo Co., Ltd. 14,674 0.0

7,400 DMG Mori Co. Ltd. 83,114 0.1

3,000 Duskin Co., Ltd. 65,605 0.0

20,000 East Japan Railway Co. 1,766,203 0.8

5,100 Ebara Corp. 114,252 0.1

700 Ebara Jitsugyo Co. Ltd. 11,535 0.0

700 Endo Lighting Corp. 4,514 0.0

1,200 en-japan, Inc. 37,145 0.0

1,500 Escrow Agent Japan Co. Ltd. 4,702 0.0

10,700 Fanuc Ltd. 1,623,829 0.7

1,430 Fudo Tetra Corp. 22,088 0.0

7,100 Fuji Electric Holdings Co., Ltd. 209,113 0.1

3,400 Fuji Machine Manufacturing Co., Ltd. 39,770 0.0

13,500 Fujikura Ltd. 53,516 0.0

3,500 Fujitec Co., Ltd. 37,565 0.0

500 Fukuda Corp. 18,449 0.0

700 Fukushima Industries Corp. 22,685 0.0

1,600 Fukuyama Transporting Co., Ltd. 61,655 0.0

1,100 Fullcast Co., Ltd. 17,943 0.0

2,310 Funai Soken Holdings, Inc. 34,480 0.0

1,900 Furukawa Co., Ltd. 21,670 0.0

3,400 Furukawa Electric Co., Ltd. 84,855 0.1

1,800 Futaba Corp. 25,923 0.0

1,000 Gakujo Co., Ltd. 10,995 0.0

1,100 Gecoss Corp. 10,262 0.0

700 Giken Ltd. 22,006 0.0

3,500 Glory Ltd. 78,708 0.1

4,000 GS Yuasa Corp. 81,577 0.1

900 Hamakyorex Co., Ltd. 30,976 0.0

14,000 Hankyu Hanshin Holdings, Inc. 465,467 0.2

2,000 Hanwa Co., Ltd. 51,381 0.0

10,800 Hazama Ando Corp. 71,307 0.1

1,800 Hibiya Engineering Ltd. 30,295 0.0

15,700 Hino Motors Ltd. 147,839 0.1

500 Hirata Corp. 22,243 0.0

2,700 Hisaka Works Ltd. 20,122 0.0

4,900 Hitachi Construction Machinery Co., Ltd. 114,666 0.1

2,300 Hitachi Transport System Ltd. 65,377 0.0

9,100 Hitachi Zosen Corp. 27,583 0.0

2,100 Hokuetsu Industries Co. Ltd. 19,977 0.0

3,300 Hoshizaki Corp. 200,240 0.1

500 Hosokawa Micron Corp. 18,947 0.0

1,100 ⁽²⁾ Howa Machinery Ltd. 7,163 0.0

2,200 Ichinen Holdings Co., Ltd. 23,029 0.0

1,500 Idec Corp. 25,568 0.0

8,700 IHI Corp. 239,612 0.1

6,700 Iino Kaiun Kaisha Ltd. 24,306 0.0

1,500 Inaba Denki Sangyo Co., Ltd. 56,051 0.0

1,200 Inaba Seisakusho Co., Ltd. 13,627 0.0

2,600 Inabata & Co., Ltd. 33,070 0.0

1,330 Inui Global Logistics Co. Ltd. 9,576 0.0

1,500 Iseki & Co., Ltd. 21,506 0.0

400 ⁽¹⁾ Ishikawa Seisakusho Ltd. 4,074 0.0

78,100 Itochu Corp. 1,326,356 0.6

4,000 Itoki Corp. 21,689 0.0

600 Iwasaki Electric Co., Ltd. 7,065 0.0

2,500 Iwatani Corp. 83,392 0.1

700 JAC Recruitment Co. Ltd. 11,907 0.0

500 Jamco Corp. 11,569 0.0

19,400 Japan Airlines Co. Ltd. 687,557 0.3

3,500 Japan Airport Terminal Co., Ltd. 120,993 0.1

800 Japan Elevator Service Holdings Co. Ltd. 11,925 0.0

700 Japan Pulp & Paper Co., Ltd. 26,746 0.0

3,700 Japan Steel Works Ltd. 59,220 0.0

4,000 Japan Transcity Corp. 15,891 0.0

10,800 JGC Corp. 152,002 0.1

1,300 JK Holdings Co., Ltd. 6,726 0.0

11,600 JTEKT Corp. 128,293 0.1

1,400 Juki Corp. 14,126 0.0

29,000 Kajima Corp. 389,560 0.2

6,200 Kamigumi Co., Ltd. 126,844 0.1

See Accompanying Notes to Financial Statements

55

Voya Japan TOPIX Index^® Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

1,500 Kanaden Corp. 15,791 0.0

400 Kanagawa Chuo Kotsu Co., Ltd. 13,866 0.0

1,600 Kanamoto Co., Ltd. 42,144 0.0

4,500 Kandenko Co., Ltd. 43,617 0.0

4,800 Kanematsu Corp. 58,131 0.0

1,600 Katakura Industries Co., Ltd. 16,193 0.0

700 Kato Works Co., Ltd. 16,177 0.0

300 Kawada Technologies, Inc. 19,394 0.0

8,800 Kawasaki Heavy Industries Ltd. 187,789 0.1

3,900 ⁽¹⁾ Kawasaki Kisen Kaisha Ltd. 47,829 0.0

4,800 Keihan Holdings Co., Ltd. 195,584 0.1

15,500 Keikyu Corp. 253,291 0.1

6,300 Keio Corp. 366,616 0.2

8,200 Keisei Electric Railway Co., Ltd. 256,914 0.1

2,200 Kimura Chemical Plants Co., Ltd. 7,036 0.0

900 Kimura Unity Co., Ltd. 8,036 0.0

7,600 Kinden Corp. 123,054 0.1

2,000 King Jim Co., Ltd. 15,282 0.0

10,500 Kintetsu Group Holdings Co., Ltd. 456,257 0.2

2,100 Kintetsu World Express, Inc. 30,905 0.0

1,000 Kitagawa Corp. 20,569 0.0

400 Kitano Construction Corp. 11,994 0.0

1,000 Kito Corp. 13,696 0.0

5,000 Kitz Corp. 38,881 0.0

400 ⁽¹⁾ Kobe Electric Railway Co. Ltd. 14,342 0.0

5,500 Kokuyo Co., Ltd. 80,336 0.1

395 Komaihal Tec, Inc. 6,613 0.0

51,800 Komatsu Ltd. 1,113,179 0.5

900 Komatsu Wall Industry Co., Ltd. 15,882 0.0

3,200 Komori Corp. 32,143 0.0

1,800 Konoike Transport Co. Ltd. 26,174 0.0

400 KRS Corp. 7,573 0.0

60,100 Kubota Corp. 854,245 0.4

1,900 Kumagai Gumi Co., Ltd. 57,095 0.0

5,900 Kurita Water Industries, Ltd. 142,845 0.1

500 Kyodo Printing Co., Ltd. 11,174 0.0

2,100 Kyokuto Kaihatsu Kogyo Co., Ltd. 26,871 0.0

4,716 Kyowa Exeo Corp. 110,426 0.1

2,500 Kyudenko Corp. 94,745 0.1

8,600 Kyushu Railway Co. 290,962 0.1

1,900 Link And Motivation, Inc. 14,580 0.0

16,270 LIXIL Group Corp. 201,700 0.1

3,100 Mabuchi Motor Co., Ltd. 94,962 0.1

9,000 Maeda Corp. 84,043 0.1

1,400 Maeda Kosen Co. Ltd 33,606 0.0

4,000 Maeda Road Construction Co., Ltd. 82,868 0.1

1,600 Maezawa Kasei Industries Co., Ltd. 15,718 0.0

600 Maezawa Kyuso Industries Co., Ltd. 10,078 0.0

1,200 Makino Milling Machine Co., Ltd. 42,208 0.0

14,200 Makita Corp. 504,328 0.2

108,000 Marubeni Corp. 757,783 0.4

700 Maruka Machinery Co. Ltd. 12,008 0.0

600 Maruwa Unyu Kikan Co. Ltd. 14,766 0.0

800 Maruzen Showa Unyu Co., Ltd. 20,102 0.0

1,100 Matsuda Sangyo Co., Ltd. 14,564 0.0

2,600 Matsui Construction Co., Ltd. 17,416 0.0

2,000 Max Co., Ltd. 24,772 0.0

2,000 Meidensha Corp. 25,159 0.0

2,800 Meisei Industrial Co. Ltd. 18,376 0.0

1,400 Meitec Corp. 56,811 0.0

2,400 Meiwa Corp. 8,338 0.0

20,758 Minebea Mitsumi, Inc. 299,331 0.2

4,110 Mirait Holdings Corp. 60,136 0.0

13,600 Misumi Group, Inc. 286,508 0.1

77,700 Mitsubishi Corp. 2,130,267 1.0

112,000 Mitsubishi Electric Corp. 1,235,091 0.6

18,600 Mitsubishi Heavy Industries Ltd. 667,412 0.3

3,500 Mitsubishi Logistics Corp. 79,530 0.1

900 Mitsubishi Kakoki Kaisha Ltd. 12,021 0.0

1,000 Mitsubishi Logisnext Co., Ltd. 9,586 0.0

2,000 Mitsubishi Pencil Co., Ltd. 39,548 0.0

1,500 Mitsuboshi Belting Co., Ltd. 28,857 0.0

90,700 Mitsui & Co., Ltd. 1,393,452 0.6

4,000 ⁽¹⁾ Mitsui E&S Holdings Co. Ltd 37,353 0.0

900 Mitsui Matsushima Holdings Co. Ltd. 11,155 0.0

6,700 Mitsui OSK Lines Ltd. 144,987 0.1

2,000 ⁽¹⁾ Mitsui-Soko Holdings Co. Ltd. 34,480 0.0

4,900 Miura Co., Ltd. 111,301 0.1

600 Miyaji Engineering Group, Inc. 10,286 0.0

7,200 MonotaRO Co. Ltd. 177,490 0.1

1,900 Morita Holdings Corp. 31,127 0.0

6,200 Nabtesco Corp. 134,236 0.1

1,900 NAC Co., Ltd. 17,667 0.0

1,100 Nachi-Fujikoshi Corp. 38,115 0.0

6,500 Nagase & Co., Ltd. 89,516 0.1

8,300 Nagoya Railroad Co., Ltd. 218,593 0.1

2,000 Nakabayashi Co. Ltd. 10,203 0.0

3,544 Namura Shipbuilding Co., Ltd. 15,119 0.0

5,000 Nankai Electric Railway Co., Ltd. 132,466 0.1

500 Nexyz Group Corp. 8,382 0.0

13,300 NGK Insulators Ltd. 180,269 0.1

1,000 Nice Holdings, Inc. 7,984 0.0

3,000 Nichias Corp. 51,160 0.0

900 Nichiden Corp. 12,976 0.0

1,800 Nichiha Corp. 45,276 0.0

2,200 Nichireki Co., Ltd. 21,087 0.0

See Accompanying Notes to Financial Statements

56

Voya Japan TOPIX Index^® Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

13,614 Nidec Corp. 1,540,383 0.7

8,000 Nihon M&A Center, Inc. 161,023 0.1

200 Nihon Trim Co., Ltd. 10,548 0.0

800 Nikko Co. Ltd./Hyogo 17,050 0.0

2,400 Nippo Corp. 45,918 0.0

600 Nippon Carbon Co., Ltd. 21,852 0.0

1,700 Nippon Densetsu Kogyo Co., Ltd. 33,618 0.0

4,200 Nippon Express Co., Ltd. 233,324 0.1

2,100 Nippon Hume Corp. 15,611 0.0

1,400 Nippon Kanzai Co., Ltd. 24,341 0.0

900 Nippon Koei Co. Ltd. 19,987 0.0

3,800 Nikkon Holdings Co. Ltd 90,715 0.1

19,500 Nippon Parking Development Co. Ltd. 25,222 0.0

400 Nippon Road Co., Ltd. 20,877 0.0

400 Nippon Seisen Co., Ltd. 12,029 0.0

400 ⁽¹⁾ Nippon Sharyo Ltd. 8,025 0.0

5,900 Nippon Sheet Glass Co., Ltd. 44,794 0.0

828 Nippon Steel & Sumikin Bussan Corp. 34,133 0.0

3,900 Nippon Thompson Co., Ltd. 17,247 0.0

8,788 Nippon Yusen KK 134,379 0.1

2,800 Nishimatsu Construction Co., Ltd. 63,721 0.0

3,000 ⁽²⁾ Nishi-Nippon Railroad Co., Ltd. 75,553 0.1

1,000 Nishio Rent All Co., Ltd. 30,043 0.0

400 Nissei ASB Machine Co. Ltd 12,670 0.0

1,300 Nissei Plastic Industrial Co., Ltd. 10,798 0.0

7,380 Nisshinbo Holdings, Inc. 55,691 0.0

1,100 Nissin Corp. 17,918 0.0

2,300 Nissin Electric Co., Ltd. 16,731 0.0

1,100 Nitta Corp. 32,315 0.0

1,900 Nitto Boseki Co., Ltd. 30,932 0.0

2,100 Nitto Kogyo Corp. 33,284 0.0

700 Nitto Kohki Co., Ltd. 13,430 0.0

1,100 Nittoc Construction Co. Ltd. 6,453 0.0

2,700 Nomura Co., Ltd. 61,897 0.0

700 Noritake Co., Ltd. 28,896 0.0

2,900 Noritz Corp. 41,428 0.0

700 NS United Kaiun Kaisha Ltd. 18,840 0.0

22,900 NSK Ltd. 196,477 0.1

26,000 NTN Corp. 74,715 0.1

700 Obara Corp. 24,933 0.0

37,400 Obayashi Corp. 338,655 0.2

17,700 Odakyu Electric Railway Co., Ltd. 389,234 0.2

1,580 Oiles Corp. 25,460 0.0

2,700 Okabe Co., Ltd. 21,450 0.0

4,100 Okamura Corp. 52,912 0.0

1,300 Okuma Corp. 61,880 0.0

2,200 Okumura Corp. 64,102 0.0

1,300 Onoken Co., Ltd. 19,043 0.0

600 Organo Corp. 14,288 0.0

600 Origin Electric Co. Ltd. 8,967 0.0

5,200 OSG Corp. 100,620 0.1

5,950 OSJB Holdings Corp. 15,493 0.0

5,500 Outsourcing, Inc. 52,603 0.0

1,700 Oyo Corp. 17,229 0.0

6,700 Park24 Co., Ltd. 147,542 0.1

1,100 Pasona Group, Inc. 11,234 0.0

1,400 Pegasus Sewing Machine Manufacturing Co., Ltd. 8,271 0.0

15,200 Penta-Ocean Construction Co., Ltd. 83,979 0.1

10,600 Persol Holdings Co. Ltd 157,235 0.1

2,000 Pilot Corp. 96,738 0.1

2,600 Prestige International, Inc. 28,148 0.0

1,900 Pronexus, Inc. 17,874 0.0

2,200 PS Mitsubishi Construction Co., Ltd. 11,912 0.0

800 Quick Co. Ltd. 9,303 0.0

2,500 Raito Kogyo Co., Ltd. 33,308 0.0

78,100 Recruit Holdings Co. Ltd. 1,886,797 0.9

2,000 Relia, Inc. 16,358 0.0

1,200 Rheon Automatic Machinery Co., Ltd. 15,028 0.0

1,400 Ryobi Ltd. 33,283 0.0

300 Sakai Heavy Industries Ltd. 6,253 0.0

600 Sakai Moving Service Co., Ltd. 32,471 0.0

3,800 ⁽¹⁾ Sanix, Inc. 6,393 0.0

3,100 Sanki Engineering Co., Ltd. 32,167 0.0

1,800 Sankyo Tateyama, Inc. 19,034 0.0

2,900 Sankyu, Inc. 130,946 0.1

10,700 Sanwa Holdings Corp. 121,487 0.1

600 Sanyo Denki Co. Ltd. 19,411 0.0

1,700 Sato Holding Corp. 40,344 0.0

1,300 Sato Shoji Corp. 10,485 0.0

1,600 SBS Holdings, Inc. 20,579 0.0

11,400 Secom Co., Ltd. 945,636 0.4

14,300 Seibu Holdings, Inc. 248,727 0.1

2,500 ⁽¹⁾ Seikitokyu Kogyo Co., Ltd. 13,813 0.0

8,000 Seino Holdings Co. Ltd 104,739 0.1

2,000 Sekisui Jushi Corp. 35,184 0.0

6,700 Senko Group Holdings Co., Ltd. 50,922 0.0

10,100 SG Holdings Co. Ltd. 262,625 0.1

1,200 Shibusawa Warehouse Co., Ltd. 17,555 0.0

1,100 Shibuya Corp. 35,295 0.0

1,400 Shima Seiki Manufacturing Ltd. 40,700 0.0

38,200 Shimizu Corp. 310,754 0.2

1,100 Shin Nippon Air Technologies Co. Ltd. 18,021 0.0

400 Shin-Keisei Electric Railway Co., Ltd. 7,619 0.0

5,200 Shinmaywa Industries Ltd. 63,420 0.0

2,000 Shinnihon Corp. 18,973 0.0

500 Shinsho Corp. 11,046 0.0

1,200 Shinwa Co., Ltd./Nagoya 22,624 0.0

1,200 SHO-BOND Holdings Co., Ltd. 88,954 0.1

1,800 Sinfonia Technology Co. Ltd. 21,758 0.0

1,500 Sinko Industries Ltd. 20,194 0.0

2,800 Sintokogio Ltd. 22,835 0.0

See Accompanying Notes to Financial Statements

57

Voya Japan TOPIX Index^® Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

3,300 SMC Corp. 993,540 0.5

4,400 SMS Co. Ltd. 69,664 0.0

2,000 Soda Nikka Co., Ltd. 9,303 0.0

2,800 Sodick Co., Ltd. 17,541 0.0

4,300 Sohgo Security Services Co., Ltd. 200,907 0.1

64,500 Sojitz Corp. 223,344 0.1

3,700 Sotetsu Holdings, Inc. 110,027 0.1

2,000 Star Micronics Co., Ltd. 27,110 0.0

800 Sugimoto & Co., Ltd. 12,815 0.0

8,600 Sumiseki Holdings, Inc. 7,583 0.0

67,900 Sumitomo Corp. 963,417 0.4

1,400 Sumitomo Densetsu Co., Ltd. 23,267 0.0

6,240 Sumitomo Heavy Industries 185,023 0.1

9,540 Sumitomo Mitsui Construction Co., Ltd. 57,957 0.0

400 Sumitomo Precision Products Co. Ltd. 10,800 0.0

4,000 Sumitomo Warehouse Co., Ltd./The 49,187 0.0

2,400 SWCC Showa Holdings Co., Ltd. 13,169 0.0

5,500 Tadano Ltd. 49,793 0.0

1,000 Taihei Dengyo Kaisha Ltd. 22,285 0.0

1,400 Taiheiyo Kouhatsu, Inc. 9,717 0.0

1,600 Taikisha Ltd. 42,593 0.0

12,500 Taisei Corp. 535,355 0.3

700 Takamatsu Construction Group Co., Ltd. 17,592 0.0

1,000 Takaoka Toko Co. Ltd. 12,473 0.0

1,200 Takara Printing Co., Ltd. 17,879 0.0

2,300 Takara Standard Co., Ltd. 34,410 0.0

3,400 Takasago Thermal Engineering Co., Ltd. 55,332 0.0

2,000 Takeei Corp. 11,564 0.0

2,100 Takeuchi Manufacturing Co. Ltd. 32,120 0.0

700 Takisawa Machine Tool Co., Ltd. 8,592 0.0

4,100 Takuma Co., Ltd. 51,345 0.0

2,500 Tanseisha Co., Ltd. 24,671 0.0

2,600 Tatsuta Electric Wire and Cable Co., Ltd. 11,346 0.0

2,100 TechnoPro Holdings, Inc. 86,273 0.1

1,200 Teikoku Electric Manufacturing Co., Ltd. 14,073 0.0

1,400 Teikoku Sen-I Co., Ltd. 27,732 0.0

1,100 Tekken Corp. 25,505 0.0

7,100 THK Co., Ltd. 132,641 0.1

1,100 Toa Corp. 13,163 0.0

400 TOA Road Corp. 11,187 0.0

1,800 Tobishima Corp. 22,857 0.0

11,700 Tobu Railway Co., Ltd. 315,903 0.2

3,500 Tocalo Co., Ltd. 26,851 0.0

14,100 Toda Corp. 87,871 0.1

400 Toenec Corp. 10,513 0.0

5,800 TOKAI Holdings Corp. 45,996 0.0

2,000 Tokyo Energy & Systems, Inc. 17,547 0.0

600 Tokyo Keiki, Inc. 5,005 0.0

2,500 Tokyo Sangyo Co. Ltd. 11,234 0.0

4,990 Tokyu Construction Co., Ltd. 45,084 0.0

30,400 Tokyu Corp. 496,766 0.2

4,700 Toli Corp. 10,617 0.0

1,900 Tomoe Corp. 6,026 0.0

200 Tonami Holdings Co., Ltd. 10,203 0.0

2,000 Toppan Forms Co., Ltd. 15,710 0.0

15,300 Toppan Printing Co., Ltd. 224,899 0.1

2,200 Torishima Pump Manufacturing Co., Ltd. 18,651 0.0

1,400 Toshiba Machine Co., Ltd. 24,917 0.0

2,800 Toshiba Plant Systems & Services Corp. 51,535 0.0

1,000 Tosho Printing Co., Ltd. 6,189 0.0

1,600 Totetsu Kogyo Co., Ltd. 44,257 0.0

8,700 Toto Ltd. 300,935 0.2

5,100 Toyo Construction Co., Ltd. 17,543 0.0

2,200 ⁽¹⁾ Toyo Engineering Corp. 12,788 0.0

5,000 Toyo Logistics Co., Ltd. 12,824 0.0

800 Toyo Tanso Co., Ltd. 15,859 0.0

600 Toyo Wharf & Warehouse Co., Ltd. 7,774 0.0

12,300 Toyota Tsusho Corp. 361,404 0.2

200 Trancom Co. Ltd. 10,282 0.0

2,400 Trusco Nakayama Corp. 63,279 0.0

700 Trust Tech, Inc. 17,535 0.0

1,400 Tsubaki Nakashima Co. Ltd. 20,604 0.0

1,200 Tsubakimoto Chain Co. 39,245 0.0

400 Tsubakimoto Kogyo Co., Ltd. 11,042 0.0

3,300 Tsugami Corp. 19,168 0.0

2,300 Tsukishima Kikai Co., Ltd. 26,674 0.0

1,300 Tsurumi Manufacturing Co., Ltd. 22,700 0.0

800 Uchida Yoko Co., Ltd. 19,016 0.0

410 Ueki Corp. 8,477 0.0

500 Union Tool Co. 13,313 0.0

6,800 Ushio, Inc. 72,042 0.1

700 Wakachiku Construction Co., Ltd. 9,828 0.0

2,600 Wakita & Co. Ltd. 26,457 0.0

700 WDB Holdings Co. Ltd. 15,184 0.0

700 Weathernews, Inc. 17,947 0.0

10,000 West Japan Railway Co. 706,512 0.3

2,800 Yahagi Construction Co., Ltd. 17,860 0.0

2,500 Yamabiko Corp. 23,170 0.0

1,500 Yamashin-Filter Corp. 8,606 0.0

18,700 Yamato Holdings Co., Ltd. 512,691 0.2

4,300 Yamazen Corp. 40,306 0.0

2,100 Yasuda Logistics Corp. 15,098 0.0

2,100 Yokogawa Bridge Holdings Corp. 31,264 0.0

1,100 Yuasa Trading Co., Ltd. 31,431 0.0

400 Yuken Kogyo Co., Ltd. 6,819 0.0

1,400 Yushin Precision Equipment Co., Ltd. 10,781 0.0

49,205,402 22.0

See Accompanying Notes to Financial Statements

58

Voya Japan TOPIX Index^® Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

Information Technology: 9.6%

1,500 A&D Co., Ltd. 8,953 0.0

600 Ad-sol Nissin Corp. 9,007 0.0

7,300 Advantest Corp. 149,363 0.1

2,000 Ai Holdings Corp. 35,304 0.0

400 Aichi Tokei Denki Co., Ltd. 14,047 0.0

1,200 Aiphone Co., Ltd. 18,313 0.0

680 Alpha Systems, Inc. 15,492 0.0

10,100 Alps Electric Co., Ltd. 195,843 0.1

3,600 Amano Corp. 69,456 0.0

7,800 Anritsu Corp. 108,021 0.1

600 Argo Graphics, Inc. 20,972 0.0

2,300 Arisawa Manufacturing Co., Ltd. 15,416 0.0

6,700 Azbil Corp. 132,417 0.1

300 ⁽¹⁾ BrainPad, Inc. 14,617 0.0

6,800 ⁽²⁾ Broadleaf Co. Ltd. 32,907 0.0

13,900 Brother Industries Ltd. 205,738 0.1

2,200 CAC Holdings Corp. 18,673 0.0

1,000 Canon Electronics, Inc. 17,410 0.0

60,266 Canon, Inc. 1,658,261 0.8

1,900 Computer Institute of Japan Ltd. 12,422 0.0

13,400 Citizen Watch Co., Ltd. 65,992 0.0

2,700 CMK Corp. 15,064 0.0

1,300 Computer Engineering & Consulting Ltd. 21,598 0.0

700 Comture Corp. 15,107 0.0

1,400 Cybernet Systems Co., Ltd. 6,774 0.0

2,700 Cybozu, Inc. 16,196 0.0

800 Dai-ichi Seiko Co. Ltd 8,265 0.0

1,000 Daiwabo Holdings Co., Ltd. 46,284 0.0

800 Denki Kogyo Co., Ltd. 17,331 0.0

3,500 Dexerials Corp. 25,654 0.0

600 Digital Arts, Inc. 33,319 0.0

2,100 Digital Garage, Inc. 47,825 0.0

1,200 Digital Hearts Holdings Co., Ltd. 15,271 0.0

1,500 Disco Corp. 174,403 0.1

1,200 DTS Corp. 38,346 0.0

700 E-Guardian, Inc. 13,060 0.0

1,100 Eizo Corp. 40,611 0.0

1,100 Elecom Co. Ltd. 27,883 0.0

500 Enplas Corp. 12,406 0.0

1,200 ESPEC Corp. 20,433 0.0

600 Excel Co., Ltd. 10,848 0.0

1,400 Fixstars Corp. 12,488 0.0

1,700 Fuji Soft, Inc. 64,382 0.0

23,300 Fuji Film Holdings Corp. 903,213 0.4

11,200 Fujitsu Ltd. 698,165 0.3

1,700 Furuno Electric Co., Ltd. 17,889 0.0

1,300 Future Corp. 17,559 0.0

4,200 GMO internet, Inc. 56,040 0.0

1,900 GMO Payment Gateway, Inc. 80,896 0.1

600 ⁽¹⁾ Gunosy, Inc. 15,224 0.0

8,100 Hamamatsu Photonics KK 271,452 0.1

600 Hioki EE Corp. 19,568 0.0

1,763 Hirose Electric Co., Ltd. 172,481 0.1

3,600 Hitachi High-Technologies Corp. 112,732 0.1

51,629 Hitachi Ltd. 1,368,698 0.6

1,300 Hochiki Corp. 13,612 0.0

1,000 Hokuriku Electric Industry Co., Ltd. 8,445 0.0

2,300 Horiba Ltd. 93,744 0.1

3,400 Hosiden Corp. 22,256 0.0

6,900 Ibiden Co., Ltd. 96,966 0.1

800 Icom, Inc. 14,474 0.0

2,300 Ines Corp. 23,823 0.0

1,430 I-Net Corp. 17,813 0.0

6,400 Infomart Corp. 58,425 0.0

1,400 Innotech Corp. 12,040 0.0

800 Inter Action Corp. 13,248 0.0

1,000 Iriso Electronics Co. Ltd. 36,933 0.0

700 Information Services International-Dentsu Ltd. 17,580 0.0

1,900 Itfor, Inc. 11,801 0.0

5,200 Itochu Techno-Solutions Corp. 100,696 0.1

3,000 Japan Aviation Electronics Industry Ltd. 34,524 0.0

1,500 Japan Cash Machine Co., Ltd. 12,942 0.0

27,200 ^(1),(2) Japan Display, Inc. 17,813 0.0

3,100 Japan Material Co. Ltd. 30,129 0.0

1,700 Jastec Co., Ltd. 13,704 0.0

1,100 JBCC Holdings, Inc. 15,891 0.0

1,900 Justsystems Corp. 36,443 0.0

1,200 Kaga Electronics Co., Ltd. 21,427 0.0

900 Kanematsu Electronics Ltd. 26,928 0.0

5,500 Keyence Corp. 2,779,952 1.3

1,600 Koa Corp. 18,894 0.0

25,600 Konica Minolta, Inc. 230,437 0.1

17,600 Kyocera Corp. 879,737 0.4

2,400 Lasertec Corp. 61,284 0.0

2,800 Macnica Fuji Electronics Holdings, Inc. 34,310 0.0

1,700 Mamezou Holdings Co. Ltd. 14,680 0.0

2,000 Marubun Corp. 12,362 0.0

400 Maruwa Co., Ltd./Aichi 20,456 0.0

2,600 Maxell Holdings, Ltd. 34,290 0.0

1,000 Megachips Corp. 21,137 0.0

600 Melco Holdings, Inc. 17,978 0.0

2,300 Micronics Japan Co. Ltd. 14,464 0.0

1,400 Mimasu Semiconductor Industry Co., Ltd. 16,570 0.0

1,200 ⁽²⁾ Miroku Jyoho Service Co. Ltd. 27,093 0.0

400 Mitsubishi Research Institute, Inc. 11,499 0.0

1,600 ⁽²⁾ Mitsui High-Tec, Inc. 12,280 0.0

600 m-up, Inc. 9,008 0.0

11,855 Murata Manufacturing Co., Ltd. 1,597,459 0.7

1,600 Nagano Keiki Co., Ltd. 11,005 0.0

14,400 NEC Corp. 428,168 0.2

1,300 NEC Networks & System Integration Corp. 28,925 0.0

4,100 Net One systems Co., Ltd. 72,320 0.1

3,800 Nichicon Corp. 27,445 0.0

2,000 ⁽¹⁾ Nihon Dempa Kogyo Co., Ltd. 6,849 0.0

3,300 Nihon Unisys Ltd. 73,552 0.1

See Accompanying Notes to Financial Statements

59

Voya Japan TOPIX Index^® Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

1,400 Nippon Ceramic Co., Ltd. 29,959 0.0

1,000 Nippon Chemi-Con Corp. 17,357 0.0

4,900 Nippon Electric Glass Co., Ltd. 120,048 0.1

3,800 Nippon Signal Company Ltd. 30,929 0.0

2,400 Nissha Co., Ltd. 28,551 0.0

1,400 Nohmi Bosai Ltd. 23,587 0.0

7,132 Nomura Research Institute Ltd. 264,474 0.1

1,100 Noritsu Koki Co., Ltd. 15,099 0.0

1,800 NS Solutions Corp. 43,088 0.0

2,150 NSD CO., Ltd. 41,377 0.0

31,100 NTT Data Corp. 339,914 0.2

1,200 OBIC Business Consultants Co., Ltd. 47,367 0.0

3,800 Obic Co., Ltd. 293,316 0.1

500 Ohara, Inc. 7,341 0.0

4,800 Oki Electric Industry Ltd. 56,724 0.0

12,000 Omron Corp. 435,023 0.2

2,000 Optex Group Co., Ltd. 30,941 0.0

1,200 ⁽²⁾ Optorun Co. Ltd. 18,161 0.0

1,800 Oracle Corp. Japan 114,260 0.1

3,200 Osaki Electric Co., Ltd. 19,327 0.0

6,000 Otsuka Corp. 165,129 0.1

1,800 Poletowin Pitcrew Holdings, Inc. 15,129 0.0

12,300 ⁽¹⁾ Renesas Electronics Corp. 55,866 0.0

34,100 Ricoh Co., Ltd. 333,223 0.2

800 Riken Keiki Co. Ltd. 14,712 0.0

1,100 Riso Kagaku Corp. 16,929 0.0

5,400 Rohm Co., Ltd. 344,655 0.2

1,000 Roland DG Corp. 19,181 0.0

600 Rorze Corp. 7,414 0.0

1,400 Ryosan Co., Ltd. 37,318 0.0

1,500 Ryoyo Electro Corp. 21,052 0.0

2,000 Sakura Internet, Inc. 7,760 0.0

1,400 Sanken Electric Co., Ltd. 26,085 0.0

1,400 Sanshin Electronics Co., Ltd. 25,112 0.0

1,400 Satori Electric Co., Ltd. 11,118 0.0

700 Saxa Holdings, Inc. 11,019 0.0

2,000 Screen Holdings Co. Ltd. 83,849 0.1

2,744 SCSK Corp. 97,230 0.1

14,800 Seiko Epson Corp. 206,707 0.1

200 Shibaura Mechatronics Corp. 6,165 0.0

14,300 Shimadzu Corp. 281,994 0.1

500 Shindengen Electric Manufacturing Co., Ltd. 17,205 0.0

1,500 ⁽¹⁾ Shinkawa Ltd. 5,190 0.0

4,800 Shinko Electric Industries 30,583 0.0

1,400 Shinko Shoji Co., Ltd. 22,344 0.0

1,600 ⁽²⁾ Siix Corp. 20,791 0.0

400 SMK Corp. 7,893 0.0

600 Softbank Technology Corp. 9,557 0.0

4,200 Sourcenext Corp. 20,853 0.0

900 SRA Holdings 21,443 0.0

12,700 Sumco Corp. 141,440 0.1

1,300 ⁽²⁾ Sumida Corp. 14,927 0.0

3,600 Systena Corp. 41,500 0.0

1,040 Tachibana Eletech Co., Ltd. 14,574 0.0

5,300 Taiyo Yuden Co., Ltd. 78,622 0.1

800 Takachiho Koheki Co. Ltd. 6,933 0.0

5,200 Tamura Corp. 25,264 0.0

1,300 TDC Software Engineering, Inc. 9,492 0.0

5,900 TDK Corp. 413,032 0.2

2,000 ⁽¹⁾ Teac Corp. 3,388 0.0

700 TechMatrix Corp. 10,650 0.0

3,800 TIS, Inc. 149,617 0.1

1,000 TKC Corp. 35,521 0.0

7,500 Tokyo Electron Ltd. 844,307 0.4

2,200 Tokyo Seimitsu Co., Ltd. 55,427 0.0

6,200 Topcon Corp. 82,317 0.1

1,800 Toshiba Tec Corp. 41,911 0.0

400 Toukei Computer Co., Ltd. 11,293 0.0

1,100 Towa Corp. 5,807 0.0

3,100 Toyo Corp./Chuo-ku 22,808 0.0

1,200 Transcosmos, Inc. 25,291 0.0

6,000 ⁽¹⁾ Trend Micro, Inc. 324,213 0.2

900 UKC Holdings Corp. 14,991 0.0

2,700 Ulvac, Inc. 77,949 0.1

600 UMC Electronics Co. Ltd. 9,632 0.0

500 Uniden Holdings Corp. 9,020 0.0

300 V Technology Co. Ltd. 33,854 0.0

600 Vitec Holdings Co. Ltd. 9,867 0.0

9,300 Wacom Co., Ltd. 38,452 0.0

1,100 Yamaichi Electronics Co., Ltd. 11,711 0.0

13,100 Yaskawa Electric Corp. 320,219 0.2

11,300 Yokogawa Electric Corp. 195,065 0.1

600 Yokowo Co., Ltd. 7,682 0.0

21,457,025 9.6

Materials: 6.5%

1,300 Achilles Corp. 21,851 0.0

4,800 ADEKA Corp. 69,392 0.0

600 ⁽²⁾ Agro-Kanesho Co. Ltd. 12,189 0.0

600 Aichi Steel Corp. 18,754 0.0

9,200 Air Water, Inc. 138,656 0.1

1,900 Asahi Holdings, Inc. 38,876 0.0

78,100 Asahi Kasei Corp. 801,570 0.4

800 Asahi Yukizia Corp. 10,569 0.0

2,700 Asia Pile Holdings Corp. 15,593 0.0

1,800 Carlit Holdings Co. Ltd. 11,758 0.0

800 Chuetsu Pulp & Paper Co., Ltd. 10,024 0.0

3,700 Chugoku Marine Paints Ltd. 30,559 0.0

3,200 CI  Takiron Corp. 16,951 0.0

2,000 Dai Nippon Toryo Co., Ltd. 17,722 0.0

16,100 Daicel Corp. 165,277 0.1

2,000 Daido Steel Co., Ltd. 78,480 0.0

600 DKS Co. Ltd. 14,968 0.0

1,100 Daiken Corp. 19,886 0.0

3,000 Daiki Aluminium Industry Co., Ltd. 15,408 0.0

1,000 Dainichiseika Color & Chemicals Manufacturing Co., Ltd. 24,658 0.0

4,700 Daio Paper Corp. 54,143 0.0

4,300 Denka Co., Ltd. 121,027 0.1

See Accompanying Notes to Financial Statements

60

Voya Japan TOPIX Index^® Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

5,000 DIC Corp. 152,967 0.1

2,700 Dowa Holdings Co., Ltd. 80,813 0.0

1,000 FP Corp. 61,198 0.0

2,500 Fuji Seal International, Inc. 88,119 0.1

2,000 Fujikura Kasei Co., Ltd. 10,881 0.0

1,100 Fujimi, Inc. 21,050 0.0

1,000 Fujimori Kogyo Co., Ltd. 26,799 0.0

1,300 ⁽²⁾ Fuso Chemical Co. Ltd. 23,504 0.0

700 Godo Steel Ltd. 10,222 0.0

500 Gun-Ei Chemical Industry Co., Ltd. 11,638 0.0

500 Hakudo Co., Ltd. 7,225 0.0

1,800 Harima Chemicals Group, Inc. 15,100 0.0

5,800 Hitachi Chemical Co., Ltd. 87,254 0.1

11,720 Hitachi Metals Ltd. 121,894 0.1

400 Hodogaya Chemical Co., Ltd. 7,306 0.0

1,000 Hokkan Holdings Ltd. 15,872 0.0

6,300 Hokuetsu Corp. 28,609 0.0

2,100 ⁽¹⁾ Ishihara Sangyo Kaisha Ltd. 20,526 0.0

500 Japan Pure Chemical Co. Ltd. 9,990 0.0

1,500 JCU Corp. 19,027 0.0

29,847 JFE Holdings, Inc. 475,413 0.2

800 JSP Corp. 15,651 0.0

11,700 JSR Corp. 175,623 0.1

3,100 Kaneka Corp. 111,018 0.1

12,300 Kansai Paint Co., Ltd. 236,250 0.1

3,200 Kanto Denka Kogyo Co., Ltd. 23,161 0.0

1,800 KH Neochem Co. Ltd. 37,864 0.0

1,900 Kimoto Co., Ltd. 3,131 0.0

2,500 Koatsu Gas Kogyo Co., Ltd. 19,472 0.0

20,200 Kobe Steel Ltd. 140,010 0.1

1,100 Kohsoku Corp. 9,938 0.0

2,100 Konishi Co., Ltd. 31,503 0.0

300 Krosaki Harima Corp. 18,074 0.0

4,639 Kumiai Chemical Industry Co., Ltd. 27,266 0.0

18,000 Kuraray Co., Ltd. 253,162 0.1

1,000 KUREHA Corp. 55,498 0.0

900 Kurimoto Ltd. 11,359 0.0

1,500 ⁽²⁾ Kyoei Steel Ltd. 22,625 0.0

1,100 Kyowa Leather Cloth Co., Ltd. 7,861 0.0

2,500 Lintec Corp. 53,697 0.0

3,800 Maruichi Steel Tube Ltd. 119,205 0.1

1,100 ⁽²⁾ MEC Co., Ltd./Japan 10,666 0.0

800 Mitani Sekisan Co. Ltd. 18,687 0.0

76,100 Mitsubishi Chemical Holdings Corp. 574,933 0.3

10,800 Mitsubishi Gas Chemical Co., Inc. 161,780 0.1

7,252 Mitsubishi Materials Corp. 191,095 0.1

2,600 Mitsubishi Paper Mills Ltd. 12,669 0.0

100 Mitsubishi Steel Manufacturing Co., Ltd. 1,458 0.0

10,500 Mitsui Chemicals, Inc. 237,050 0.1

3,000 Mitsui Mining & Smelting Co., Ltd. 61,945 0.0

800 Moresco Corp. 10,647 0.0

1,700 Nakayama Steel Works Ltd. 7,383 0.0

2,700 Neturen Co., Ltd. 20,565 0.0

3,400 Nihon Nohyaku Co., Ltd. 15,753 0.0

5,900 Nihon Parkerizing Co., Ltd. 68,141 0.0

600 Nihon Yamamura Glass Co., Ltd. 8,494 0.0

600 Nippon Carbide Industries Co., Inc. 9,503 0.0

400 Nippon Chemical Industrial Co., Ltd. 8,023 0.0

2,600 Nippon Concrete Industries Co., Ltd. 5,979 0.0

8,400 Nippon Denko Co., Ltd. 16,678 0.0

1,700 Nippon Fine Chemical Co., Ltd. 15,814 0.0

7,200 Nippon Kayaku Co., Ltd. 91,426 0.1

500 Nippon Kinzoku Co., Ltd. 4,966 0.0

32,300 Nippon Light Metal Holdings Co. Ltd. 65,527 0.0

9,000 Nippon Paint Holdings Co., Ltd. 306,644 0.2

5,229 Nippon Paper Industries Co. Ltd. 93,307 0.1

1,400 Nippon Pillar Packing Co., Ltd. 15,628 0.0

1,800 Nippon Shokubai Co., Ltd. 114,747 0.1

1,600 Nippon Soda Co., Ltd. 39,015 0.0

49,365 Nippon Steel & Sumitomo Metal Corp. 848,135 0.4

1,200 Valqua Ltd. 24,120 0.0

11,500 ⁽²⁾ Nippon Yakin Kogyo Co., Ltd. 24,241 0.0

6,800 Nissan Chemical Corp. 354,844 0.2

3,076 Nisshin Steel Co. Ltd. 37,709 0.0

400 Nittetsu Mining Co., Ltd. 16,845 0.0

8,500 Nitto Denko Corp. 426,313 0.2

4,700 NOF Corp. 160,020 0.1

49,100 Oji Holdings Corp. 250,873 0.1

800 Okamoto Industries, Inc. 42,036 0.0

800 Okura Industrial Co., Ltd. 13,385 0.0

800 Osaka Steel Co., Ltd. 13,210 0.0

1,200 Osaka Soda Co., Ltd. 26,820 0.0

1,000 OSAKA Titanium Technologies Co., Ltd. 15,218 0.0

700 Pacific Metals Co., Ltd. 16,997 0.0

800 Pack Corp. 22,102 0.0

800 Rasa Industries Ltd. 9,498 0.0

11,400 Rengo Co., Ltd. 89,945 0.1

3,000 Riken Technos Corp. 12,391 0.0

1,000 Sakai Chemical Industry Co. Ltd. 20,406 0.0

2,500 Sakata INX Corp. 27,477 0.0

700 Sanyo Chemical Industries Ltd. 32,239 0.0

1,300 Sanyo Special Steel Co., Ltd. 27,451 0.0

1,100 ⁽²⁾ Seiko PMC Corp. 7,381 0.0

1,800 Sekisui Plastics Co., Ltd. 15,162 0.0

2,000 Shikoku Chemicals Corp. 18,710 0.0

See Accompanying Notes to Financial Statements

61

Voya Japan TOPIX Index^® Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

400 Shinagawa Refractories Co., Ltd. 13,702 0.0

19,400 Shin-Etsu Chemical Co., Ltd. 1,490,557 0.7

2,600 Shin-Etsu Polymer Co., Ltd. 16,057 0.0

7,300 ⁽²⁾ Showa Denko KK 216,770 0.1

700 Stella Chemifa Corp. 16,256 0.0

2,000 Sumitomo Bakelite Co., Ltd. 68,822 0.0

85,900 Sumitomo Chemical Co., Ltd. 415,989 0.2

15,100 Sumitomo Metal Mining Co., Ltd. 404,370 0.2

2,100 Sumitomo Osaka Cement Co., Ltd. 86,188 0.1

600 Sumitomo Seika Chemicals Co., Ltd. 22,967 0.0

1,300 T Hasegawa Co., Ltd. 18,410 0.0

7,012 Taiheiyo Cement Corp. 215,796 0.1

800 Taisei Lamick Co., Ltd. 21,191 0.0

900 Taiyo Ink Manufacturing Co., Ltd. 25,310 0.0

9,000 Taiyo Nippon Sanso Corp. 146,312 0.1

700 Takasago International Corp. 21,470 0.0

200 Taki Chemical Co., Ltd. 10,137 0.0

800 Tayca Corp. 11,817 0.0

9,300 Teijin Ltd. 148,427 0.1

1,100 Tenma Corp. 18,262 0.0

6,700 Toagosei Co., Ltd. 73,843 0.0

400 Toda Kogyo Corp. 7,970 0.0

2,600 Toho Titanium Co., Ltd. 23,725 0.0

700 Toho Zinc Co., Ltd. 21,292 0.0

10,400 ⁽²⁾ Tokai Carbon Co., Ltd. 117,994 0.1

700 Tokushu Tokai Holdings Co., Ltd. 26,135 0.0

3,500 Tokuyama Corp. 76,814 0.0

2,100 Tokyo Ohka Kogyo Co., Ltd. 56,208 0.0

1,100 Tokyo Rope Manufacturing Co., Ltd. 9,335 0.0

6,300 Tokyo Steel Manufacturing Co., Ltd. 51,029 0.0

1,000 Tokyo Tekko Co., Ltd. 10,295 0.0

600 Tomoegawa Co., Ltd. 5,348 0.0

900 Tomoku Co., Ltd. 13,896 0.0

1,000 Topy Industries Ltd. 20,479 0.0

85,000 Toray Industries, Inc. 600,960 0.3

17,000 Tosoh Corp. 220,509 0.1

2,200 Toyo Ink SC Holdings Co., Ltd. 48,672 0.0

6,900 Toyo Seikan Group Holdings, Ltd. 157,928 0.1

4,600 Toyobo Co., Ltd. 62,627 0.0

1,400 TYK Corp. 4,623 0.0

1,733 ⁽²⁾ UACJ Corp. 33,810 0.0

5,900 Ube Industries Ltd. 119,318 0.1

1,000 Wood One Co., Ltd. 9,431 0.0

1,800 W-Scope Corp. 19,179 0.0

2,400 Yamato Kogyo Co., Ltd. 56,095 0.0

1,800 Yodogawa Steel Works Ltd. 35,749 0.0

1,100 Yushiro Chemical Industry Co., Ltd. 11,848 0.0

9,900 Zeon Corp. 90,636 0.1

14,492,695 6.5

Real Estate: 2.9%

6,270 Aeon Mall Co., Ltd. 99,892 0.0

1,800 Airport Facilities Co., Ltd. 8,482 0.0

3,200 Daibiru Corp. 31,628 0.0

4,500 Daito Trust Construction Co., Ltd. 616,066 0.3

35,660 Daiwa House Industry Co., Ltd. 1,137,498 0.5

1,120 Goldcrest Co., Ltd. 16,201 0.0

2,400 Heiwa Real Estate Co., Ltd. 38,113 0.0

23,500 Hulic Co. Ltd. 210,005 0.1

17,200 Ichigo, Inc. 49,836 0.0

1,300 Katitas Co. Ltd. 30,801 0.0

2,600 Keihanshin Building Co. Ltd. 19,533 0.0

10,500 Kenedix, Inc. 45,038 0.0

13,900 Leopalace21 Corp. 55,112 0.0

80,000 Mitsubishi Estate Co., Ltd. 1,258,681 0.6

58,800 Mitsui Fudosan Co., Ltd. 1,306,060 0.6

7,300 Nomura Real Estate Holdings, Inc. 133,864 0.1

1,900 Open House Co. Ltd. 63,972 0.0

5,900 Relo Holdings, Inc. 137,801 0.1

1,400 SAMTY Co. Ltd. 15,985 0.0

25,700 Sumitomo Realty & Development Co., Ltd. 940,841 0.4

1,800 Sun Frontier Fudousan Co., Ltd. 17,378 0.0

6,000 Takara Leben Co., Ltd. 16,517 0.0

2,200 ⁽²⁾ Tateru, Inc. 6,114 0.0

3,900 TOC Co., Ltd. 26,044 0.0

300 Tokyo Rakutenchi Co., Ltd. 13,040 0.0

12,500 Tokyo Tatemono Co., Ltd. 129,583 0.1

700 Tokyo Theatres Co., Inc. 7,803 0.0

27,396 Tokyu Fudosan Holdings Corp. 135,036 0.1

1,800 Tosei Corp. 13,703 0.0

1,500 Unizo Holdings Co. Ltd. 27,890 0.0

6,608,517 2.9

Utilities: 2.0%

34,300 Chubu Electric Power Co., Inc. 487,383 0.2

15,200 Chugoku Electric Power Co., Inc. 197,535 0.1

8,800 Electric Power Development Co., Ltd. 208,823 0.1

1,900 eRex Co. Ltd. 9,675 0.0

12,100 Hokkaido Electric Power Co., Inc. 83,603 0.0

400 Hokkaido Gas Co., Ltd. 5,551 0.0

11,200 ⁽¹⁾ Hokuriku Electric Power Co. 97,603 0.1

800 K&O Energy Group, Inc. 10,896 0.0

46,100 Kansai Electric Power Co., Inc. 691,349 0.3

24,800 Kyushu Electric Power Co., Inc. 295,309 0.1

2,100 Nippon Gas Co., Ltd. 76,096 0.0

See Accompanying Notes to Financial Statements

62

Voya Japan TOPIX Index^® Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

2,621 Okinawa Electric Power Co., Inc. 50,896 0.0

21,700 Osaka Gas Co., Ltd. 395,851 0.2

1,400 ⁽¹⁾ RENOVA, Inc. 10,091 0.0

1,600 Saibu Gas Co., Ltd. 36,897 0.0

10,200 Shikoku Electric Power Co., Inc. 123,114 0.1

3,500 Shizuoka Gas Co., Ltd. 27,127 0.0

5,600 Toho Gas Co., Ltd. 235,560 0.1

26,200 Tohoku Electric Power Co., Inc. 344,947 0.2

90,200 ⁽¹⁾ Tokyo Electric Power Co., Inc. 535,791 0.2

23,200 Tokyo Gas Co., Ltd. 586,778 0.3

4,510,875 2.0

Total Common Stock

(Cost $182,475,661) 217,543,300 97.1

Principal
Amount† Value Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 1.8%

Securities Lending Collateral⁽³⁾: 1.3%

1,000,000 Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $1,000,184, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $1,020,000, due 01/25/19-10/20/68) 1,000,000 0.5

811,578 Citigroup, Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $811,712, collateralized by various U.S. Government and U.S. Government Agency Obligations, 2.500%-8.000%, Market Value plus accrued interest $827,810, due 01/25/19-07/15/60) 811,578 0.4

1,000,000 RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $1,000,165, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $1,020,000, due 10/01/25-10/20/48) 1,000,000 0.4

2,811,578 1.3

Shares Value Percentage
of Net
Assets

Mutual Funds: 0.5%

1,163,000 ⁽⁴⁾ Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340%

(Cost $1,163,000) 1,163,000 0.5

Total Short-Term Investments

(Cost $3,974,578) 3,974,578 1.8

Total Investments in Securities
(Cost $186,450,239) $ 221,517,878 98.9

Assets in Excess of Other Liabilities 2,504,077 1.1

Net Assets $ 224,021,955 100.0

† 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 securities purchased with cash collateral received for securities on loan.

(4) Rate shown is the 7-day yield as of December 31, 2018.

See Accompanying Notes to Financial Statements

63

Voya Russell™ Large Cap Growth Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018

Shares Value Percentage
of Net
Assets

COMMON STOCK: 98.5%

Communication Services: 13.9%

54,270 Activision Blizzard, Inc. 2,527,354 0.4

20,787 ⁽¹⁾ Alphabet, Inc. - Class A 21,721,583 3.3

21,116 ⁽¹⁾ Alphabet, Inc. - Class C 21,867,941 3.4

8,878 ⁽¹⁾ Charter Communications, Inc. 2,529,964 0.4

21,369 ⁽¹⁾ Electronic Arts, Inc. 1,686,228 0.3

171,437 ⁽¹⁾ Facebook, Inc.- Class A 22,473,676 3.5

30,038 ⁽¹⁾ Netflix, Inc. 8,039,971 1.2

14,449 ⁽¹⁾ T-Mobile US, Inc. 919,101 0.1

76,957 Walt Disney Co. 8,438,335 1.3

90,204,153 13.9

Consumer Discretionary: 14.3%

28,028 ⁽¹⁾ Amazon.com, Inc. 42,097,215 6.5

3,417 ⁽¹⁾ Booking Holdings, Inc. 5,885,509 0.9

14,165 ⁽¹⁾ eBay, Inc. 397,611 0.1

3,337 ⁽¹⁾ Garrett Motion, Inc. 41,178 0.0

83,093 Home Depot, Inc. 14,277,039 2.2

15,722 Las Vegas Sands Corp. 818,330 0.1

58,852 Lowe's Cos, Inc. 5,435,571 0.8

20,373 Marriott International, Inc. 2,211,693 0.3

10,861 McDonald's Corp. 1,928,588 0.3

90,449 Nike, Inc. 6,705,889 1.0

87,062 Starbucks Corp. 5,606,793 0.9

9,872 ⁽¹⁾ Tesla, Inc. 3,285,402 0.5

89,219 TJX Cos., Inc. 3,991,658 0.6

6,576 Yum! Brands, Inc. 604,466 0.1

93,286,942 14.3

Consumer Staples: 6.7%

136,494 Altria Group, Inc. 6,741,439 1.0

213,996 Coca-Cola Co. 10,132,711 1.6

11,425 Colgate-Palmolive Co. 680,016 0.1

11,179 Constellation Brands, Inc. 1,797,807 0.3

31,496 Costco Wholesale Corp. 6,416,050 1.0

15,410 Estee Lauder Cos., Inc. 2,004,841 0.3

2,178 General Mills, Inc. 84,811 0.0

21,838 Kimberly-Clark Corp. 2,488,222 0.4

28,752 ⁽¹⁾ Monster Beverage Corp. 1,415,173 0.2

90,587 PepsiCo, Inc. 10,008,052 1.5

34,319 Sysco Corp. 2,150,428 0.3

43,919,550 6.7

Energy: 0.5%

12,205 Anadarko Petroleum Corp. 535,067 0.1

4,708 EOG Resources, Inc. 410,585 0.1

62,908 Halliburton Co. 1,672,095 0.2

6,722 Pioneer Natural Resources Co. 884,077 0.1

3,501,824 0.5

Financials: 3.7%

9,231 American International Group, Inc. 363,794 0.1

34,844 American Express Co. 3,321,330 0.5

17,315 Aon PLC 2,516,908 0.4

17,597 ⁽¹⁾ Berkshire Hathaway, Inc. – Class B 3,592,955 0.5

2,645 Capital One Financial Corp. 199,936 0.0

86,580 Charles Schwab Corp. 3,595,667 0.5

2,982 CME Group, Inc. 560,974 0.1

20,923 Intercontinental Exchange, Inc. 1,576,130 0.2

17,070 Marsh & McLennan Cos., Inc. 1,361,333 0.2

41,771 Progressive Corp. 2,520,044 0.4

18,107 S&P Global, Inc. 3,077,104 0.5

1,704 State Street Corp. 107,471 0.0

20,291 TD Ameritrade Holding Corp. 993,447 0.2

3,718 Travelers Cos., Inc. 445,231 0.1

24,232,324 3.7

Health Care: 14.1%

109,243 AbbVie, Inc. 10,071,112 1.6

12,796 ⁽¹⁾ Alexion Pharmaceuticals, Inc. 1,245,819 0.2

43,243 Amgen, Inc. 8,418,115 1.3

4,037 Baxter International, Inc. 265,715 0.0

1,737 Becton Dickinson & Co. 391,381 0.1

13,749 ⁽¹⁾ Biogen, Inc. 4,137,349 0.6

76,363 ⁽¹⁾ Boston Scientific Corp. 2,698,668 0.4

62,722 Bristol-Myers Squibb Co. 3,260,290 0.5

50,580 ⁽¹⁾ Celgene Corp. 3,241,672 0.5

7,585 Cigna Corp. 1,440,543 0.2

7,036 CVS Health Corp. 460,999 0.1

41,754 Eli Lilly & Co. 4,831,773 0.7

69,512 Gilead Sciences, Inc. 4,347,976 0.7

14,022 HCA Healthcare, Inc. 1,745,038 0.3

9,409 Humana, Inc. 2,695,490 0.4

10,571 ⁽¹⁾ Illumina, Inc. 3,170,560 0.5

8,097 ⁽¹⁾ Intuitive Surgical, Inc. 3,877,815 0.6

34,840 Johnson & Johnson 4,496,102 0.7

1,743 McKesson Corp. 192,549 0.0

12,572 Merck & Co., Inc. 960,627 0.1

5,740 ⁽¹⁾ Regeneron Pharmaceuticals, Inc. 2,143,890 0.3

24,616 Stryker Corp. 3,858,558 0.6

1,705 Thermo Fisher Scientific, Inc. 381,562 0.1

68,911 UnitedHealth Group, Inc. 17,167,108 2.6

18,379 ⁽¹⁾ Vertex Pharmaceuticals, Inc. 3,045,584 0.5

34,906 Zoetis, Inc. 2,985,859 0.5

91,532,154 14.1

Industrials: 10.6%

34,306 3M Co. 6,536,665 1.0

38,602 Boeing Co. 12,449,145 1.9

37,954 Caterpillar, Inc. 4,822,815 0.7

27,155 CSX Corp. 1,687,140 0.3

23,323 Deere & Co. 3,479,092 0.5

11,502 Delta Air Lines, Inc. 573,950 0.1

32,108 Emerson Electric Co. 1,918,453 0.3

17,589 FedEx Corp. 2,837,633 0.4

8,405 General Dynamics Corp. 1,321,350 0.2

33,366 Honeywell International, Inc. 4,408,316 0.7

23,826 Illinois Tool Works, Inc. 3,018,516 0.5

16,326 Lockheed Martin Corp. 4,274,800 0.7

See Accompanying Notes to Financial Statements

64

Voya Russell™ Large Cap Growth Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

11,658 Northrop Grumman Corp. 2,855,044 0.4

20,699 Raytheon Co. 3,174,192 0.5

5,562 ⁽¹⁾ Resideo Technologies, Inc. 114,299 0.0

26,435 Southwest Airlines Co. 1,228,699 0.2

49,011 Union Pacific Corp. 6,774,790 1.0

49,781 United Parcel Service, Inc. - Class B 4,855,141 0.8

26,044 Waste Management, Inc. 2,317,656 0.4

68,647,696 10.6

Information Technology: 31.1%

46,351 Accenture PLC 6,535,955 1.0

35,438 ⁽¹⁾ Adobe, Inc. 8,017,493 1.2

342,397 Apple, Inc. 54,009,703 8.3

70,800 Applied Materials, Inc. 2,317,992 0.4

31,749 Automatic Data Processing, Inc. 4,162,929 0.7

17,783 Broadcom, Inc. 4,521,861 0.7

37,936 Cognizant Technology Solutions Corp. 2,408,177 0.4

47,620 International Business Machines Corp. 5,412,965 0.8

17,573 Intuit, Inc. 3,459,245 0.5

66,231 Mastercard, Inc. - Class A 12,494,478 1.9

63,876 ⁽¹⁾ Micron Technology, Inc. 2,026,786 0.3

514,962 Microsoft Corp. 52,304,690 8.0

41,959 Nvidia Corp. 5,601,527 0.9

1,314 NXP Semiconductor NV - NXPI - US 96,290 0.0

17,813 Oracle Corp. 804,257 0.1

85,638 ⁽¹⁾ PayPal Holdings, Inc. 7,201,299 1.1

51,836 ⁽¹⁾ Salesforce.com, Inc. 7,099,977 1.1

69,292 Texas Instruments, Inc. 6,548,094 1.0

126,983 Visa, Inc. - Class A 16,754,137 2.6

5,111 VMware, Inc. 700,871 0.1

202,478,726 31.1

Materials: 1.3%

8,299 Ecolab, Inc. 1,222,858 0.2

23,482 ⁽¹⁾ Linde Public Ltd. 3,664,131 0.6

10,820 LyondellBasell Industries NV - Class A 899,791 0.1

1,133 PPG Industries, Inc. 115,827 0.0

6,001 Sherwin-Williams Co. 2,361,153 0.4

5,932 Southern Copper Corp. 182,528 0.0

8,446,288 1.3

Real Estate: 2.3%

31,610 American Tower Corp. 5,000,386 0.8

22,499 Crown Castle International Corp. 2,444,067 0.4

5,775 Equinix, Inc. 2,036,034 0.3

10,691 Public Storage, Inc. 2,163,965 0.3

20,383 Simon Property Group, Inc. 3,424,140 0.5

15,068,592 2.3

Total Common Stock

(Cost $279,071,490) 641,318,249 98.5

SHORT-TERM INVESTMENTS: 1.3%

Mutual Funds: 1.3%

8,196,000 ⁽²⁾ Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340%

(Cost $8,196,000) 8,196,000 1.3

Total Short-Term Investments

(Cost $8,196,000) 8,196,000 1.3

Total Investments in Securities
(Cost $287,267,490) $ 649,514,249 99.8

Assets in Excess of Other Liabilities 1,116,005 0.2

Net Assets $ 650,630,254 100.0



(1) Non-income producing security.

(2) Rate shown is the 7-day yield as of December 31, 2018.

See Accompanying Notes to Financial Statements

65

Voya Russell™ Large Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018

Shares Value Percentage
of Net
Assets

COMMON STOCK: 98.9%

Communication Services: 11.7%

36,390 Activision Blizzard, Inc. 1,694,682 0.2

14,442 ⁽¹⁾ Alphabet, Inc. - Class A 15,091,312 1.8

14,719 ⁽¹⁾ Alphabet, Inc. - Class C 15,243,144 1.8

351,394 AT&T, Inc. 10,028,785 1.2

8,432 ⁽¹⁾ Charter Communications, Inc. 2,402,867 0.3

220,854 Comcast Corp. – Class A 7,520,079 0.9

14,329 ⁽¹⁾ Electronic Arts, Inc. 1,130,701 0.1

114,955 ⁽¹⁾ Facebook, Inc.- Class A 15,069,451 1.8

20,141 ⁽¹⁾ Netflix, Inc. 5,390,940 0.7

14,837 ⁽¹⁾ T-Mobile US, Inc. 943,782 0.1

50,432 Twenty-First Century Fox, Inc. - Class A 2,426,788 0.3

23,605 Twenty-First Century Fox, Inc. - Class B 1,127,847 0.1

199,975 Verizon Communications, Inc. 11,242,594 1.4

72,070 Walt Disney Co. 7,902,475 1.0

97,215,447 11.7

Consumer Discretionary: 9.3%

19,653 ⁽¹⁾ Amazon.com, Inc. 29,518,216 3.5

2,291 ⁽¹⁾ Booking Holdings, Inc. 3,946,064 0.5

19,314 Carnival Corp. 952,180 0.1

43,771 ⁽¹⁾ eBay, Inc. 1,228,652 0.1

188,587 Ford Motor Co. 1,442,691 0.2

3,603 ⁽¹⁾ Garrett Motion, Inc. 44,461 0.0

63,293 General Motors Co. 2,117,151 0.3

55,717 Home Depot, Inc. 9,573,295 1.1

17,255 Las Vegas Sands Corp. 898,123 0.1

39,463 Lowe's Cos, Inc. 3,644,803 0.4

13,661 Marriott International, Inc. 1,483,038 0.2

37,541 McDonald's Corp. 6,666,155 0.8

60,650 Nike, Inc. 4,496,591 0.5

58,379 Starbucks Corp. 3,759,608 0.5

25,456 Target Corp. 1,682,387 0.2

6,619 ⁽¹⁾ Tesla, Inc. 2,202,803 0.3

59,825 TJX Cos., Inc. 2,676,571 0.3

15,100 Yum! Brands, Inc. 1,387,992 0.2

77,720,781 9.3

Consumer Staples: 7.8%

91,525 Altria Group, Inc. 4,520,420 0.5

184,914 Coca-Cola Co. 8,755,678 1.1

41,189 Colgate-Palmolive Co. 2,451,569 0.3

7,496 Constellation Brands, Inc. 1,205,507 0.2

21,119 Costco Wholesale Corp. 4,302,151 0.5

10,333 Estee Lauder Cos., Inc. 1,344,323 0.2

28,639 General Mills, Inc. 1,115,203 0.1

16,832 Kimberly-Clark Corp. 1,917,838 0.2

29,120 Kraft Heinz Co. 1,253,325 0.2

68,992 Mondelez International, Inc. 2,761,750 0.3

19,279 ⁽¹⁾ Monster Beverage Corp. 948,912 0.1

68,481 PepsiCo, Inc. 7,565,781 0.9

75,089 Philip Morris International, Inc. 5,012,942 0.6

120,412 Procter & Gamble Co. 11,068,271 1.3

23,012 Sysco Corp. 1,441,932 0.2

39,140 Walgreens Boots Alliance, Inc. 2,674,436 0.3

68,967 Walmart, Inc. 6,424,276 0.8

64,764,314 7.8

Energy: 5.4%

24,357 Anadarko Petroleum Corp. 1,067,811 0.1

24,803 Baker Hughes a GE Co. 533,264 0.1

92,082 Chevron Corp. 10,017,601 1.2

55,686 ConocoPhillips 3,472,022 0.4

27,939 EOG Resources, Inc. 2,436,560 0.3

204,805 Exxon Mobil Corp. 13,965,653 1.7

42,182 Halliburton Co. 1,121,197 0.1

91,672 Kinder Morgan, Inc. 1,409,915 0.2

32,388 Marathon Petroleum Corp. 1,911,216 0.2

36,512 Occidental Petroleum Corp. 2,241,107 0.3

20,109 Phillips 66 1,732,390 0.2

8,180 Pioneer Natural Resources Co. 1,075,834 0.1

67,000 Schlumberger Ltd. 2,417,360 0.3

20,477 Valero Energy Corp. 1,535,161 0.2

44,937,091 5.4

Financials: 13.6%

36,924 Aflac, Inc. 1,682,257 0.2

42,987 American International Group, Inc. 1,694,118 0.2

16,706 Allstate Corp. 1,380,417 0.2

34,259 American Express Co. 3,265,568 0.4

11,610 Aon PLC 1,687,630 0.2

442,223 Bank of America Corp. 10,896,375 1.3

44,198 Bank of New York Mellon Corp. 2,080,400 0.3

37,191 BB&T Corp. 1,611,114 0.2

93,648 ⁽¹⁾ Berkshire Hathaway, Inc. – Class B 19,121,049 2.3

5,861 Blackrock, Inc. 2,302,318 0.3

23,030 Capital One Financial Corp. 1,740,838 0.2

58,056 Charles Schwab Corp. 2,411,066 0.3

22,158 Chubb Ltd. 2,862,370 0.3

118,098 Citigroup, Inc. 6,148,182 0.7

17,092 CME Group, Inc. 3,215,347 0.4

16,846 Goldman Sachs Group, Inc. 2,814,124 0.3

27,137 Intercontinental Exchange, Inc. 2,044,230 0.3

159,970 JPMorgan Chase & Co. 15,616,271 1.9

24,510 Marsh & McLennan Cos., Inc. 1,954,672 0.2

40,828 Metlife, Inc. 1,676,398 0.2

58,607 Morgan Stanley 2,323,767 0.3

22,426 PNC Financial Services Group, Inc. 2,621,824 0.3

28,009 Progressive Corp. 1,689,783 0.2

19,950 Prudential Financial, Inc. 1,626,922 0.2

12,142 S&P Global, Inc. 2,063,411 0.3

18,138 State Street Corp. 1,143,964 0.1

See Accompanying Notes to Financial Statements

66

Voya Russell™ Large Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

13,606 TD Ameritrade Holding Corp. 666,150 0.1

12,783 Travelers Cos., Inc. 1,530,764 0.2

73,124 US Bancorp 3,341,767 0.4

205,107 Wells Fargo & Co. 9,451,331 1.1

112,664,427 13.6

Health Care: 16.7%

82,705 Abbott Laboratories 5,982,053 0.7

73,252 AbbVie, Inc. 6,753,102 0.8

10,338 ⁽¹⁾ Alexion Pharmaceuticals, Inc. 1,006,508 0.1

16,376 Allergan PLC 2,188,816 0.3

30,814 Amgen, Inc. 5,998,561 0.7

12,575 Anthem, Inc. 3,302,572 0.4

24,170 Baxter International, Inc. 1,590,869 0.2

12,803 Becton Dickinson & Co. 2,884,772 0.3

9,725 ⁽¹⁾ Biogen, Inc. 2,926,447 0.4

66,585 ⁽¹⁾ Boston Scientific Corp. 2,353,114 0.3

79,056 Bristol-Myers Squibb Co. 4,109,331 0.5

33,916 ⁽¹⁾ Celgene Corp. 2,173,676 0.3

17,891 Cigna Corp. 3,397,859 0.4

62,074 CVS Health Corp. 4,067,088 0.5

29,873 Danaher Corp. 3,080,504 0.4

45,450 Eli Lilly & Co. 5,259,474 0.6

62,565 Gilead Sciences, Inc. 3,913,441 0.5

13,187 HCA Healthcare, Inc. 1,641,122 0.2

6,648 Humana, Inc. 1,904,519 0.2

7,088 ⁽¹⁾ Illumina, Inc. 2,125,904 0.3

5,429 ⁽¹⁾ Intuitive Surgical, Inc. 2,600,057 0.3

129,787 Johnson & Johnson 16,749,012 2.0

9,426 McKesson Corp. 1,041,290 0.1

65,408 Medtronic PLC 5,949,512 0.7

125,817 Merck & Co., Inc. 9,613,677 1.2

280,477 Pfizer, Inc. 12,242,821 1.5

3,849 ⁽¹⁾ Regeneron Pharmaceuticals, Inc. 1,437,601 0.2

16,506 Stryker Corp. 2,587,316 0.3

19,381 Thermo Fisher Scientific, Inc. 4,337,274 0.5

46,207 UnitedHealth Group, Inc. 11,511,088 1.4

12,324 ⁽¹⁾ Vertex Pharmaceuticals, Inc. 2,042,210 0.2

23,406 Zoetis, Inc. 2,002,149 0.2

138,773,739 16.7

Industrials: 8.0%

27,549 3M Co. 5,249,187 0.6

25,884 Boeing Co. 8,347,590 1.0

27,693 Caterpillar, Inc. 3,518,950 0.4

38,824 CSX Corp. 2,412,135 0.3

15,639 Deere & Co. 2,332,870 0.3

30,849 Delta Air Lines, Inc. 1,539,365 0.2

21,114 Eaton Corp. PLC 1,449,687 0.2

30,324 Emerson Electric Co. 1,811,859 0.2

11,794 FedEx Corp. 1,902,726 0.2

12,524 General Dynamics Corp. 1,968,898 0.2

416,690 General Electric Co. 3,154,343 0.4

36,027 Honeywell International, Inc. 4,759,887 0.6

15,976 Illinois Tool Works, Inc. 2,023,999 0.3

44,645 Johnson Controls International plc 1,323,724 0.2

11,990 Lockheed Martin Corp. 3,139,462 0.4

13,152 Norfolk Southern Corp. 1,966,750 0.2

7,817 Northrop Grumman Corp. 1,914,383 0.2

13,879 Raytheon Co. 2,128,345 0.3

6,006 ⁽¹⁾ Resideo Technologies, Inc. 123,423 0.0

24,931 Southwest Airlines Co. 1,158,793 0.1

35,761 Union Pacific Corp. 4,943,243 0.6

33,380 United Parcel Service, Inc. - Class B 3,255,551 0.4

39,170 United Technologies Corp. 4,170,822 0.5

20,594 Waste Management, Inc. 1,832,660 0.2

66,428,652 8.0

Information Technology: 20.9%

31,080 Accenture PLC 4,382,591 0.5

23,763 ⁽¹⁾ Adobe, Inc. 5,376,141 0.6

229,591 Apple, Inc. 36,215,684 4.4

47,475 Applied Materials, Inc. 1,554,331 0.2

21,289 Automatic Data Processing, Inc. 2,791,414 0.3

19,906 Broadcom, Inc. 5,061,698 0.6

219,223 Cisco Systems, Inc. 9,498,933 1.1

28,201 Cognizant Technology Solutions Corp. 1,790,199 0.2

71,068 Hewlett Packard Enterprise Co. 938,808 0.1

76,525 HP, Inc. 1,565,701 0.2

220,878 Intel Corp. 10,365,805 1.2

44,410 International Business Machines Corp. 5,048,085 0.6

11,783 Intuit, Inc. 2,319,484 0.3

44,410 Mastercard, Inc. - Class A 8,377,946 1.0

54,702 ⁽¹⁾ Micron Technology, Inc. 1,735,694 0.2

366,391 Microsoft Corp. 37,214,334 4.5

28,135 Nvidia Corp. 3,756,022 0.5

16,620 NXP Semiconductor NV - NXPI - US 1,217,914 0.1

123,140 Oracle Corp. 5,559,771 0.7

57,424 ⁽¹⁾ PayPal Holdings, Inc. 4,828,784 0.6

58,593 Qualcomm, Inc. 3,334,528 0.4

34,758 ⁽¹⁾ Salesforce.com, Inc. 4,760,803 0.6

46,463 Texas Instruments, Inc. 4,390,754 0.5

85,147 Visa, Inc. - Class A 11,234,295 1.4

3,427 VMware, Inc. 469,945 0.1

173,789,664 20.9

Materials: 2.1%

10,592 Air Products & Chemicals, Inc. 1,695,250 0.2

110,952 DowDuPont, Inc. 5,933,713 0.7

12,312 Ecolab, Inc. 1,814,173 0.2

26,643 ⁽¹⁾ Linde Public Ltd. 4,157,374 0.5

15,179 LyondellBasell Industries NV - Class A 1,262,286 0.2

11,688 PPG Industries, Inc. 1,194,864 0.1

4,024 Sherwin-Williams Co. 1,583,283 0.2

3,978 Southern Copper Corp. 122,403 0.0

17,763,346 2.1

Real Estate: 1.5%

21,196 American Tower Corp. 3,352,995 0.4

20,009 Crown Castle International Corp. 2,173,578 0.2

3,873 Equinix, Inc. 1,365,465 0.2

See Accompanying Notes to Financial Statements

67

Voya Russell™ Large Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

30,247 ProLogis, Inc. 1,776,104 0.2

7,169 Public Storage, Inc. 1,451,077 0.2

14,889 Simon Property Group, Inc. 2,501,203 0.3

12,620,422 1.5

Utilities: 1.9%

23,835 American Electric Power Co., Inc. 1,781,428 0.2

36,073 Dominion Energy, Inc. 2,577,777 0.3

34,463 Duke Energy Corp. 2,974,157 0.4

46,615 Exelon Corp. 2,102,336 0.2

23,076 NextEra Energy, Inc. 4,011,070 0.5

49,767 Southern Co. 2,185,767 0.3

15,632,535 1.9

Total Common Stock

(Cost $323,775,225) 822,310,418 98.9

SHORT-TERM INVESTMENTS: 1.0%

Mutual Funds: 1.0%

8,385,000 ⁽²⁾ Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340%

(Cost $8,385,000) 8,385,000 1.0

Total Short-Term Investments

(Cost $8,385,000) 8,385,000 1.0

Total Investments in Securities
(Cost $332,160,225) $ 830,695,418 99.9

Assets in Excess of Other Liabilities 1,091,061 0.1

Net Assets $ 831,786,479 100.0

(1) Non-income producing security.

(2) Rate shown is the 7-day yield as of December 31, 2018.

See Accompanying Notes to Financial Statements

68

Voya Russell™ Large Cap Value Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018

Shares Value Percentage
of Net
Assets

COMMON STOCK: 99.0%

Communication Services: 9.0%

313,577 AT&T, Inc. 8,949,487 2.5

2,212 ⁽¹⁾ Charter Communications, Inc. 630,354 0.2

197,086 Comcast Corp. – Class A 6,710,778 1.9

4,594 ⁽¹⁾ T-Mobile US, Inc. 292,224 0.1

45,005 Twenty-First Century Fox, Inc. - Class A 2,165,641 0.6

21,065 Twenty-First Century Fox, Inc. - Class B 1,006,486 0.3

178,454 Verizon Communications, Inc. 10,032,684 2.8

18,265 Walt Disney Co. 2,002,757 0.6

31,790,411 9.0

Consumer Discretionary: 3.5%

17,235 Carnival Corp. 849,685 0.2

30,584 ⁽¹⁾ eBay, Inc. 858,493 0.2

168,292 Ford Motor Co. 1,287,434 0.4

1,218 ⁽¹⁾ Garrett Motion, Inc. 15,030 0.0

56,482 General Motors Co. 1,889,323 0.5

5,990 Las Vegas Sands Corp. 311,779 0.1

27,002 McDonald's Corp. 4,794,745 1.4

22,717 Target Corp. 1,501,367 0.4

9,541 Yum! Brands, Inc. 877,009 0.3

12,384,865 3.5

Consumer Staples: 9.0%

36,963 Coca-Cola Co. 1,750,198 0.5

29,920 Colgate-Palmolive Co. 1,780,838 0.5

24,254 General Mills, Inc. 944,451 0.3

1,953 Kimberly-Clark Corp. 222,525 0.1

25,986 Kraft Heinz Co. 1,118,438 0.3

61,568 Mondelez International, Inc. 2,464,567 0.7

6,905 PepsiCo, Inc. 762,864 0.2

67,008 Philip Morris International, Inc. 4,473,454 1.3

107,453 Procter & Gamble Co. 9,877,080 2.8

34,927 Walgreens Boots Alliance, Inc. 2,386,562 0.7

61,545 Walmart, Inc. 5,732,917 1.6

31,513,894 9.0

Energy: 10.8%

14,432 Anadarko Petroleum Corp. 632,699 0.2

22,134 Baker Hughes a GE Co. 475,881 0.1

82,172 Chevron Corp. 8,939,492 2.5

49,693 ConocoPhillips 3,098,358 0.9

22,115 EOG Resources, Inc. 1,928,649 0.5

182,764 Exxon Mobil Corp. 12,462,677 3.6

81,807 Kinder Morgan, Inc. 1,258,192 0.4

28,902 Marathon Petroleum Corp. 1,705,507 0.5

32,583 Occidental Petroleum Corp. 1,999,944 0.6

17,945 Phillips 66 1,545,962 0.4

3,278 Pioneer Natural Resources Co. 431,123 0.1

59,790 Schlumberger Ltd. 2,157,223 0.6

18,273 Valero Energy Corp. 1,369,927 0.4

38,005,634 10.8

Financials: 24.5%

32,950 Aflac, Inc. 1,501,202 0.4

32,837 American International Group, Inc. 1,294,106 0.4

14,908 Allstate Corp. 1,231,848 0.3

9,722 American Express Co. 926,701 0.3

394,631 Bank of America Corp. 9,723,708 2.8

39,442 Bank of New York Mellon Corp. 1,856,535 0.5

33,189 BB&T Corp. 1,437,747 0.4

73,040 ⁽¹⁾ Berkshire Hathaway, Inc. – Class B 14,913,307 4.2

5,230 Blackrock, Inc. 2,054,449 0.6

18,969 Capital One Financial Corp. 1,433,867 0.4

19,773 Chubb Ltd. 2,554,276 0.7

105,389 Citigroup, Inc. 5,486,551 1.6

13,468 CME Group, Inc. 2,533,600 0.7

15,033 Goldman Sachs Group, Inc. 2,511,263 0.7

11,696 Intercontinental Exchange, Inc. 881,060 0.3

142,754 JPMorgan Chase & Co. 13,935,645 4.0

11,658 Marsh & McLennan Cos., Inc. 929,725 0.3

36,434 Metlife, Inc. 1,495,980 0.4

52,299 Morgan Stanley 2,073,655 0.6

20,013 PNC Financial Services Group, Inc. 2,339,720 0.7

17,803 Prudential Financial, Inc. 1,451,835 0.4

15,166 State Street Corp. 956,520 0.3

9,183 Travelers Cos., Inc. 1,099,664 0.3

65,254 US Bancorp 2,982,108 0.8

183,033 Wells Fargo & Co. 8,434,161 2.4

86,039,233 24.5

Health Care: 19.7%

73,804 Abbott Laboratories 5,338,243 1.5

1,568 ⁽¹⁾ Alexion Pharmaceuticals, Inc. 152,661 0.1

14,614 Allergan PLC 1,953,307 0.6

1,622 Amgen, Inc. 315,755 0.1

11,222 Anthem, Inc. 2,947,234 0.8

19,153 Baxter International, Inc. 1,260,650 0.4

10,385 Becton Dickinson & Co. 2,339,948 0.7

451 ⁽¹⁾ Biogen, Inc. 135,715 0.0

13,726 ⁽¹⁾ Boston Scientific Corp. 485,077 0.1

33,016 Bristol-Myers Squibb Co. 1,716,172 0.5

11,429 Cigna Corp. 2,170,596 0.6

51,184 CVS Health Corp. 3,353,576 1.0

26,658 Danaher Corp. 2,748,973 0.8

15,575 Eli Lilly & Co. 1,802,339 0.5

14,237 Gilead Sciences, Inc. 890,524 0.3

3,377 HCA Healthcare, Inc. 420,268 0.1

303 Humana, Inc. 86,803 0.0

94,972 Johnson & Johnson 12,256,137 3.5

7,369 McKesson Corp. 814,053 0.2

58,369 Medtronic PLC 5,309,244 1.5

104,754 Merck & Co., Inc. 8,004,253 2.3

250,292 Pfizer, Inc. 10,925,246 3.1

See Accompanying Notes to Financial Statements

69

Voya Russell™ Large Cap Value Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

16,275 Thermo Fisher Scientific, Inc. 3,642,182 1.0

69,068,956 19.7

Industrials: 5.2%

4,056 3M Co. 772,830 0.2

2,002 Caterpillar, Inc. 254,394 0.1

18,397 CSX Corp. 1,143,006 0.3

20,647 Delta Air Lines, Inc. 1,030,285 0.3

18,841 Eaton Corp. PLC 1,293,623 0.4

7,847 Emerson Electric Co. 468,858 0.1

6,147 General Dynamics Corp. 966,370 0.3

371,847 General Electric Co. 2,814,882 0.8

12,185 Honeywell International, Inc. 1,609,882 0.4

39,841 Johnson Controls International plc 1,181,286 0.3

931 Lockheed Martin Corp. 243,773 0.1

11,736 Norfolk Southern Corp. 1,755,002 0.5

2,031 ⁽¹⁾ Resideo Technologies, Inc. 41,737 0.0

6,430 Southwest Airlines Co. 298,866 0.1

2,585 Union Pacific Corp. 357,325 0.1

34,954 United Technologies Corp. 3,721,902 1.1

2,793 Waste Management, Inc. 248,549 0.1

18,202,570 5.2

Information Technology: 9.6%

7,123 Broadcom, Inc. 1,811,237 0.5

195,631 Cisco Systems, Inc. 8,476,691 2.4

2,466 Cognizant Technology Solutions Corp. 156,542 0.0

63,420 Hewlett Packard Enterprise Co. 837,778 0.2

68,290 HP, Inc. 1,397,213 0.4

197,108 Intel Corp. 9,250,278 2.6

11,136 International Business Machines Corp. 1,265,829 0.4

10,593 ⁽¹⁾ Micron Technology, Inc. 336,116 0.1

17,329 Microsoft Corp. 1,760,107 0.5

14,045 NXP Semiconductor NV - NXPI - US 1,029,218 0.3

99,228 Oracle Corp. 4,480,144 1.3

52,288 Qualcomm, Inc. 2,975,710 0.9

33,776,863 9.6

Materials: 3.1%

9,453 Air Products & Chemicals, Inc. 1,512,953 0.4

99,012 DowDuPont, Inc. 5,295,162 1.5

6,021 Ecolab, Inc. 887,194 0.3

9,724 ⁽¹⁾ Linde Public Ltd. 1,517,333 0.4

7,071 LyondellBasell Industries NV - Class A 588,024 0.2

9,752 PPG Industries, Inc. 996,947 0.3

10,797,613 3.1

Real Estate: 0.6%

4,392 Crown Castle International Corp. 477,103 0.1

26,992 ProLogis, Inc. 1,584,970 0.4

1,089 Simon Property Group, Inc. 182,941 0.1

2,245,014 0.6

Utilities: 4.0%

21,270 American Electric Power Co., Inc. 1,589,720 0.4

32,171 Dominion Energy, Inc. 2,298,940 0.7

30,754 Duke Energy Corp. 2,654,070 0.8

41,598 Exelon Corp. 1,876,070 0.5

20,593 NextEra Energy, Inc. 3,579,475 1.0

44,412 Southern Co. 1,950,575 0.6

13,948,850 4.0

Total Common Stock

(Cost $274,760,422) 347,773,903 99.0

SHORT-TERM INVESTMENTS: 1.2%

Mutual Funds: 1.2%

4,050,000 ⁽²⁾ Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340%

(Cost $4,050,000) 4,050,000 1.2

Total Short-Term Investments

(Cost $4,050,000) 4,050,000 1.2

Total Investments in Securities
(Cost $278,810,422) $ 351,823,903 100.2

Liabilities in Excess of Other Assets (816,001 ) (0.2 )

Net Assets $ 351,007,902 100.0

(1) Non-income producing security.

(2) Rate shown is the 7-day yield as of December 31, 2018.

See Accompanying Notes to Financial Statements

70

Voya Russell™ Mid Cap Growth Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018

Shares Value Percentage
of Net
Assets

COMMON STOCK: 99.4%

Communication Services: 4.0%

4,333 ⁽¹⁾ AMC Networks, Inc. 237,795 0.1

422 Cable One, Inc. 346,082 0.1

32,188 CBS Corp. - Class B 1,407,259 0.5

7,375 ⁽¹⁾ IAC/InterActiveCorp 1,349,920 0.5

3,879 Interpublic Group of Cos., Inc. 80,024 0.0

356 ⁽²⁾ Lions Gate Entertainment Corp. - A 5,732 0.0

711 Lions Gate Entertainment Corp. - B 10,580 0.0

13,653 ⁽¹⁾ Live Nation Entertainment, Inc. 672,410 0.3

182 ⁽¹⁾ Madison Square Garden Co. 48,721 0.0

5,200 Match Group, Inc. 222,404 0.1

14,566 Omnicom Group 1,066,814 0.4

127,353 ⁽²⁾ Sirius XM Holdings, Inc. 727,186 0.3

6,630 ⁽¹⁾ Take-Two Interactive Software, Inc. 682,492 0.3

10,306 ⁽¹⁾ TripAdvisor, Inc. 555,906 0.2

70,888 ⁽¹⁾ Twitter, Inc. 2,037,321 0.8

22,437 ⁽¹⁾ Zayo Group Holdings, Inc. 512,461 0.2

3,985 ^(1),(2) Zillow Group, Inc. - Class A 125,248 0.1

8,703 ^(1),(2) Zillow Group, Inc. - Class C 274,841 0.1

10,363,196 4.0

Consumer Discretionary: 16.3%

2,103 Advance Auto Parts, Inc. 331,138 0.1

2,205 ⁽¹⁾ Autozone, Inc. 1,848,540 0.7

5,949 Best Buy Co., Inc. 315,059 0.1

4,783 ⁽¹⁾ Bright Horizons Family Solutions, Inc. 533,065 0.2

832 Brunswick Corp. 38,646 0.0

6,602 ⁽¹⁾ Burlington Stores, Inc. 1,073,947 0.4

10,432 ⁽¹⁾ Carmax, Inc. 654,399 0.3

4,470 Carter's, Inc. 364,841 0.1

2,412 ⁽¹⁾ Chipotle Mexican Grill, Inc. 1,041,478 0.4

3,389 ⁽²⁾ Choice Hotels International, Inc. 242,585 0.1

370 Columbia Sportswear Co. 31,113 0.0

6,184 Darden Restaurants, Inc. 617,534 0.2

22,744 Delphi Technologies PLC 1,400,348 0.5

26,338 Dollar General Corp. 2,846,611 1.1

3,952 ⁽¹⁾ Dollar Tree, Inc. 356,945 0.1

4,104 Domino's Pizza, Inc. 1,017,751 0.4

20,035 D.R. Horton, Inc. 694,413 0.3

8,196 Dunkin' Brands Group, Inc. 525,528 0.2

11,933 Expedia Group, Inc. 1,344,253 0.5

11,234 Extended Stay America, Inc. 174,127 0.1

4,777 ^(1),(2) Floor & Decor Holdings, Inc. 123,724 0.1

6,717 ⁽¹⁾ frontdoor, Inc. 178,739 0.1

1,326 Gap, Inc. 34,158 0.0

18,102 Gentex Corp. 365,841 0.1

4,671 ⁽¹⁾ Grand Canyon Education, Inc. 449,070 0.2

8,933 ⁽¹⁾ GrubHub, Inc. 686,144 0.3

3,683 H&R Block, Inc. 93,438 0.0

35,506 Hanesbrands, Inc. 444,890 0.2

9,012 Hasbro, Inc. 732,225 0.3

9,572 ⁽¹⁾ Hilton Grand Vacations, Inc. 252,605 0.1

27,648 Hilton Worldwide Holdings, Inc. 1,985,126 0.8

546 ⁽²⁾ International Game Technology PLC 7,988 0.0

4,261 L Brands, Inc. 109,380 0.0

666 Lear Corp. 81,825 0.0

15,221 Lennar Corp. - Class A 595,902 0.2

829 Lennar Corp. - Class B 25,973 0.0

5,240 ⁽¹⁾ LKQ Corp. 124,345 0.1

9,456 ⁽¹⁾ Lululemon Athletica, Inc. 1,149,944 0.4

7,529 ^(1),(2) Mattel, Inc. 75,215 0.0

4,334 MGM Resorts International 105,143 0.0

7,472 ⁽¹⁾ Michael Kors Holdings Ltd. 283,338 0.1

1,591 ⁽¹⁾ Michaels Cos, Inc. 21,542 0.0

11,650 Nordstrom, Inc. 543,007 0.2

313 ⁽¹⁾ NVR, Inc. 762,778 0.3

7,827 ⁽¹⁾ O'Reilly Automotive, Inc. 2,695,071 1.0

5,803 Polaris Industries, Inc. 444,974 0.2

3,893 Pool Corp. 578,694 0.2

8,031 Pulte Group, Inc. 208,726 0.1

36,185 Ross Stores, Inc. 3,010,592 1.2

8,090 Service Corp. International 325,703 0.1

13,434 ⁽¹⁾ ServiceMaster Global Holdings, Inc. 493,565 0.2

7,140 Six Flags Entertainment Corp. 397,198 0.2

6,116 ⁽¹⁾ Skechers USA, Inc. 139,995 0.1

5,621 Tapestry, Inc. 189,709 0.1

4,586 ⁽¹⁾ Tempur Sealy International, Inc. 189,860 0.1

4,103 Thor Industries, Inc. 213,356 0.1

2,108 Tiffany & Co. 169,715 0.1

6,874 Toll Brothers, Inc. 226,361 0.1

12,078 Tractor Supply Co. 1,007,788 0.4

5,600 ⁽¹⁾ Ulta Beauty, Inc. 1,371,104 0.5

13,953 ^(1),(2) Under Armour, Inc. - Class A 246,550 0.1

14,263 ⁽¹⁾ Under Armour, Inc. - Class C 230,633 0.1

7,307 ⁽¹⁾ Urban Outfitters, Inc. 242,592 0.1

3,970 Vail Resorts, Inc. 836,955 0.3

24,676 VF Corp. 1,760,386 0.7

1,807 ⁽¹⁾ Visteon Corp. 108,926 0.0

5,658 ⁽¹⁾ Wayfair, Inc. 509,673 0.2

18,424 Wendy's Company 287,599 0.1

1,799 ⁽²⁾ Williams-Sonoma, Inc. 90,760 0.0

9,462 Wyndham Destinations, Inc. 339,118 0.1

9,689 Wyndham Hotels & Resorts, Inc. 439,590 0.2

See Accompanying Notes to Financial Statements

71

Voya Russell™ Mid Cap Growth Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

10,182 Wynn Resorts Ltd. 1,007,102 0.4

3,023 Yum China Holdings, Inc. 101,361 0.0

42,548,317 16.3

Consumer Staples: 3.3%

5,081 Brown-Forman Corp. - Class A 240,941 0.1

27,982 Brown-Forman Corp. - Class B 1,331,384 0.5

12,107 ⁽²⁾ Campbell Soup Co. 399,410 0.2

20,524 Church & Dwight Co., Inc. 1,349,658 0.5

11,060 Clorox Co. 1,704,788 0.7

3,356 Energizer Holdings, Inc. 151,523 0.1

1,932 ⁽¹⁾ Herbalife Nutrition Ltd 113,891 0.0

12,647 Hershey Co. 1,355,506 0.5

12,296 Kellogg Co. 700,995 0.3

17,748 Keurig Dr Pepper, Inc. 455,059 0.2

698 McCormick & Co., Inc. 97,190 0.0

1,676 Nu Skin Enterprises, Inc. 102,789 0.0

3,705 ⁽¹⁾ Post Holdings, Inc. 330,227 0.1

1,808 Spectrum Brands Holdings, Inc. 76,388 0.0

12,389 ⁽¹⁾ Sprouts Farmers Market, Inc. 291,265 0.1

1,258 ⁽¹⁾ US Foods Holding Corp. 39,803 0.0

8,740,817 3.3

Energy: 1.5%

12,732 ⁽¹⁾ Antero Resources Corp. 119,554 0.0

2,384 Apache Corp. 62,580 0.0

31,740 Cabot Oil & Gas Corp. 709,389 0.3

15,884 ⁽¹⁾ Cheniere Energy, Inc. 940,174 0.4

1,164 Cimarex Energy Co. 71,761 0.0

2,505 ⁽¹⁾ Concho Resources, Inc./Midland TX 257,489 0.1

4,170 ⁽¹⁾ Continental Resources, Inc. 167,592 0.1

2,583 Diamondback Energy, Inc. 239,444 0.1

4,535 ⁽¹⁾ Kosmos Energy Ltd. 18,457 0.0

7,176 ⁽¹⁾ Newfield Exploration Co. 105,200 0.0

16,806 Oneok, Inc. 906,684 0.4

18,135 ⁽¹⁾ Parsley Energy, Inc. 289,797 0.1

2,072 ⁽²⁾ RPC, Inc. 20,451 0.0

3,908,572 1.5

Financials: 6.6%

163 Alleghany Corp. 101,601 0.0

2,234 Ameriprise Financial, Inc. 233,163 0.1

6,096 ⁽¹⁾ Arch Capital Group Ltd. 162,885 0.1

877 Axis Capital Holdings Ltd. 45,288 0.0

614 BOK Financial Corp. 45,025 0.0

1,310 Brown & Brown, Inc. 36,104 0.0

10,260 Cboe Global Markets, Inc. 1,003,736 0.4

926 Comerica, Inc. 63,607 0.0

1,023 ⁽¹⁾ Credit Acceptance Corp. 390,540 0.2

15,212 Discover Financial Services 897,204 0.3

5,698 E*Trade Financial Corp. 250,028 0.1

1,072 East West Bancorp, Inc. 46,664 0.0

11,255 Eaton Vance Corp. 395,951 0.2

1,860 Erie Indemnity Co. 247,957 0.1

3,975 Evercore, Inc. 284,451 0.1

1,582 Everest Re Group Ltd. 344,496 0.1

3,701 Factset Research Systems, Inc. 740,681 0.3

6,649 Interactive Brokers Group, Inc. 363,368 0.1

10,503 Lazard Ltd. 387,666 0.2

8,507 LPL Financial Holdings, Inc. 519,608 0.2

118 ⁽¹⁾ Markel Corp. 122,490 0.0

3,627 MarketAxess Holdings, Inc. 766,421 0.3

16,508 Moody's Corp. 2,311,780 0.9

1,797 Morningstar, Inc. 197,382 0.1

8,618 MSCI, Inc. - Class A 1,270,552 0.5

5,680 Northern Trust Corp. 474,791 0.2

537 ⁽¹⁾ OneMain Holdings, Inc. 13,044 0.0

3,205 Pinnacle Financial Partners, Inc. 147,750 0.1

3,833 Raymond James Financial, Inc. 285,214 0.1

342 RenaissanceRe Holdings Ltd. 45,725 0.0

1,475 Santander Consumer USA Holdings, Inc. 25,945 0.0

12,991 SEI Investments Co. 600,184 0.2

3,358 Signature Bank 345,236 0.1

4,025 ⁽¹⁾ SVB Financial Group 764,428 0.3

25,571 Synchrony Financial 599,896 0.2

4,728 Synovus Financial Corp. 151,249 0.1

21,748 T. Rowe Price Group, Inc. 2,007,775 0.8

3,149 ⁽¹⁾ Texas Capital Bancshares, Inc. 160,882 0.1

4,043 Virtu Financial, Inc. 104,148 0.0

1,092 ⁽³⁾ Voya Financial, Inc. 43,833 0.0

5,863 ⁽¹⁾ Western Alliance Bancorp. 231,530 0.1

17,230,278 6.6

Health Care: 14.6%

4,225 ⁽¹⁾ Abiomed, Inc. 1,373,294 0.5

4,680 ⁽¹⁾ Agios Pharmaceuticals, Inc. 215,795 0.1

7,849 ⁽¹⁾ Align Technology, Inc. 1,643,816 0.6

15,225 ⁽¹⁾ Alkermes PLC 449,290 0.2

7,822 ⁽¹⁾ Alnylam Pharmaceuticals, Inc. 570,302 0.2

15,602 AmerisourceBergen Corp. 1,160,789 0.5

3,957 ⁽¹⁾ Athenahealth, Inc. 522,047 0.2

17,476 ⁽¹⁾ BioMarin Pharmaceutical, Inc. 1,488,081 0.6

3,679 Bio-Techne Corp. 532,425 0.2

3,686 ^(1),(2) Bluebird Bio, Inc. 365,651 0.1

4,015 Bruker Corp. 119,527 0.1

3,643 Cantel Medical Corp. 271,221 0.1

3,328 ⁽¹⁾ Catalent, Inc. 103,767 0.0

17,765 ⁽¹⁾ Centene Corp. 2,048,305 0.8

14,032 ⁽¹⁾ Cerner Corp. 735,838 0.3

3,355 ⁽¹⁾ Charles River Laboratories International, Inc. 379,719 0.2

1,535 Chemed Corp. 434,835 0.2

761 Cooper Cos., Inc. 193,675 0.1

6,673 ⁽¹⁾ DaVita, Inc. 343,393 0.1

8,644 ⁽¹⁾ DexCom, Inc. 1,035,551 0.4

See Accompanying Notes to Financial Statements

72

Voya Russell™ Mid Cap Growth Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

20,798 ⁽¹⁾ Edwards Lifesciences Corp. 3,185,630 1.2

3,361 ⁽¹⁾ Elanco Animal Health, Inc. 105,972 0.0

9,691 Encompass Health Corp. 597,935 0.2

11,846 ^(1),(2) Exact Sciences Corp. 747,483 0.3

29,029 ⁽¹⁾ Exelixis, Inc. 571,001 0.2

2,208 ⁽¹⁾ Henry Schein, Inc. 173,372 0.1

4,248 Hill-Rom Holdings, Inc. 376,160 0.2

1,543 ⁽¹⁾ ICU Medical, Inc. 354,319 0.1

8,502 ⁽¹⁾ Idexx Laboratories, Inc. 1,581,542 0.6

17,370 ⁽¹⁾ Incyte Corp., Ltd. 1,104,558 0.4

5,779 ⁽¹⁾ Insulet Corp. 458,390 0.2

5,424 ⁽¹⁾ Integra LifeSciences Holdings Corp. 244,622 0.1

12,355 ⁽¹⁾ Ionis Pharmaceuticals, Inc. 667,911 0.3

5,347 ⁽¹⁾ Jazz Pharmaceuticals PLC 662,814 0.3

588 ⁽¹⁾ Laboratory Corp. of America Holdings 74,300 0.0

4,566 ⁽¹⁾ Masimo Corp. 490,251 0.2

2,430 ⁽¹⁾ Mettler Toledo International, Inc. 1,374,359 0.5

5,200 ⁽¹⁾ Molina Healthcare, Inc. 604,344 0.2

15,460 ⁽¹⁾ Nektar Therapeutics 508,170 0.2

8,818 ⁽¹⁾ Neurocrine Biosciences, Inc. 629,693 0.2

3,031 ⁽¹⁾ Penumbra, Inc. 370,388 0.1

5,722 ⁽¹⁾ PRA Health Sciences, Inc. 526,195 0.2

1,688 ⁽¹⁾ Premier, Inc. 63,047 0.0

13,921 Resmed, Inc. 1,585,184 0.6

4,495 ⁽¹⁾ Sage Therapeutics, Inc. 430,576 0.2

6,566 ⁽¹⁾ Sarepta Therapeutics, Inc. 716,548 0.3

10,732 ⁽¹⁾ Seattle Genetics, Inc. 608,075 0.2

861 Teleflex, Inc. 222,551 0.1

3,816 ⁽¹⁾ Tesaro, Inc. 283,338 0.1

9,056 ⁽¹⁾ Varian Medical Systems, Inc. 1,026,135 0.4

12,028 ⁽¹⁾ Veeva Systems, Inc. 1,074,341 0.4

6,910 ⁽¹⁾ Waters Corp. 1,303,572 0.5

4,597 ⁽¹⁾ WellCare Health Plans, Inc. 1,085,306 0.4

1,672 West Pharmaceutical Services, Inc. 163,906 0.1

37,959,309 14.6

Industrials: 15.8%

721 Air Lease Corp. 21,781 0.0

7,780 Allegion Public Ltd. 620,144 0.2

11,346 Allison Transmission Holdings, Inc. 498,203 0.2

4,341 Ametek, Inc. 293,886 0.1

14,067 AO Smith Corp. 600,661 0.2

4,261 Armstrong World Industries, Inc. 248,033 0.1

9,848 BWX Technologies, Inc. 376,489 0.1

13,519 CH Robinson Worldwide, Inc. 1,136,813 0.4

8,645 Cintas Corp. 1,452,273 0.6

20,065 ⁽¹⁾ Copart, Inc. 958,706 0.4

3,541 ⁽¹⁾ CoStar Group, Inc. 1,194,521 0.5

5,320 Cummins, Inc. 710,965 0.3

339 Curtiss-Wright Corp. 34,619 0.0

11,840 Donaldson Co., Inc. 513,738 0.2

1,603 Dun & Bradstreet Corp. 228,812 0.1

3,207 Equifax, Inc. 298,668 0.1

17,032 Expeditors International Washington, Inc. 1,159,709 0.4

28,455 Fastenal Co. 1,487,912 0.6

26,696 Fortive Corp. 1,806,251 0.7

5,830 Fortune Brands Home & Security, Inc. 221,482 0.1

4,115 ⁽¹⁾ Gardner Denver Holdings, Inc. 84,152 0.0

1,228 ⁽¹⁾ Genesee & Wyoming, Inc. 90,897 0.0

16,372 Graco, Inc. 685,168 0.3

11,741 Harris Corp. 1,580,926 0.6

5,489 ⁽¹⁾ HD Supply Holdings, Inc. 205,947 0.1

3,847 Heico Corp. 298,066 0.1

7,499 Heico Corp. - Class A 472,437 0.2

1,796 Hexcel Corp. 102,983 0.0

3,660 Hubbell, Inc. 363,584 0.1

3,601 Huntington Ingalls Industries, Inc. 685,306 0.3

7,132 IDEX Corp. 900,486 0.3

13,125 Ingersoll-Rand PLC - Class A 1,197,394 0.5

8,623 JB Hunt Transport Services, Inc. 802,284 0.3

12,467 KAR Auction Services, Inc. 594,925 0.2

4,048 Landstar System, Inc. 387,272 0.2

3,323 Lennox International, Inc. 727,272 0.3

6,230 Lincoln Electric Holdings, Inc. 491,235 0.2

20,593 Masco Corp. 602,139 0.2

3,182 ⁽¹⁾ Middleby Corp. 326,887 0.1

1,996 MSC Industrial Direct Co. 153,532 0.1

5,352 Nordson Corp. 638,761 0.2

6,520 Old Dominion Freight Line 805,155 0.3

2,364 Parker Hannifin Corp. 352,567 0.1

4,188 Quanta Services, Inc. 126,059 0.0

1,400 Republic Services, Inc. 100,926 0.0

11,703 Robert Half International, Inc. 669,412 0.3

11,912 Rockwell Automation, Inc. 1,792,518 0.7

14,349 Rollins, Inc. 517,999 0.2

1,866 Roper Technologies, Inc. 497,326 0.2

770 Schneider National, Inc. 14,376 0.0

8,736 ⁽¹⁾ Sensata Technologies Holding PLC 391,722 0.2

10,485 Spirit Aerosystems Holdings, Inc. 755,864 0.3

4,022 Textron, Inc. 184,972 0.1

10,204 Toro Co. 570,199 0.2

4,799 ⁽¹⁾ TransDigm Group, Inc. 1,631,948 0.6

18,213 TransUnion 1,034,498 0.4

8,019 ⁽¹⁾ United Rentals, Inc. 822,188 0.3

1,711 ⁽¹⁾ Univar, Inc. 30,353 0.0

15,885 ⁽¹⁾ Verisk Analytics, Inc. 1,732,100 0.7

5,156 ⁽¹⁾ WABCO Holdings, Inc. 553,445 0.2

3,061 ⁽²⁾ Wabtec Corp. 215,035 0.1

2,534 Watsco, Inc. 352,581 0.1

See Accompanying Notes to Financial Statements

73

Voya Russell™ Mid Cap Growth Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

12,872 ⁽¹⁾ Welbilt, Inc. 143,008 0.1

4,500 WW Grainger, Inc. 1,270,620 0.5

12,388 ⁽¹⁾ XPO Logistics, Inc. 706,611 0.3

9,919 Xylem, Inc. 661,796 0.3

41,188,597 15.8

Information Technology: 31.4%

5,413 ⁽¹⁾ 2U, Inc. 269,134 0.1

92,748 ⁽¹⁾ Advanced Micro Devices, Inc. 1,712,128 0.7

14,689 ⁽¹⁾ Akamai Technologies, Inc. 897,204 0.3

4,695 Alliance Data Systems Corp. 704,626 0.3

29,227 Amphenol Corp. 2,367,972 0.9

5,780 Analog Devices, Inc. 496,097 0.2

8,249 ⁽¹⁾ ANSYS, Inc. 1,179,112 0.5

5,710 ⁽¹⁾ Arista Networks, Inc. 1,203,097 0.5

6,690 ⁽¹⁾ Aspen Technology, Inc. 549,784 0.2

9,823 ⁽¹⁾ Atlassian Corp. PLC 874,051 0.3

18,248 ⁽¹⁾ Autodesk, Inc. 2,346,875 0.9

14,055 ⁽¹⁾ Black Knight, Inc. 633,318 0.2

13,078 Booz Allen Hamilton Holding Corp. 589,425 0.2

11,462 Broadridge Financial Solutions, Inc. ADR 1,103,217 0.4

27,647 ⁽¹⁾ Cadence Design Systems, Inc. 1,202,092 0.5

12,819 CDK Global, Inc. 613,774 0.2

14,497 CDW Corp. 1,174,982 0.5

3,472 ⁽¹⁾ Ceridian HCM Holding, Inc. 119,749 0.0

13,396 Citrix Systems, Inc. 1,372,554 0.5

16,367 Cognex Corp. 632,912 0.2

1,715 ⁽¹⁾ Coherent, Inc. 181,293 0.1

4,976 ⁽¹⁾ CoreLogic, Inc. 166,298 0.1

24,469 Cypress Semiconductor Corp. 311,246 0.1

929 ⁽¹⁾ Dell Technologies, Inc. 45,400 0.0

7,276 ⁽¹⁾ DocuSign, Inc. 291,622 0.1

646 ^(1),(2) Elastic NV 46,176 0.0

5,078 ⁽¹⁾ EPAM Systems, Inc. 589,099 0.2

2,451 ⁽¹⁾ Euronet Worldwide, Inc. 250,933 0.1

6,051 ⁽¹⁾ F5 Networks, Inc. 980,444 0.4

2,839 ⁽¹⁾ Fair Isaac Corp. 530,893 0.2

2,747 Fidelity National Information Services, Inc. 281,705 0.1

12,706 ⁽¹⁾ FireEye, Inc. 205,964 0.1

53,849 ⁽¹⁾ First Data Corp. 910,587 0.4

39,480 ⁽¹⁾ Fiserv, Inc. 2,901,385 1.1

8,691 ⁽¹⁾ FleetCor Technologies, Inc. 1,614,093 0.6

1,198 Flir Systems, Inc. 52,161 0.0

13,954 ⁽¹⁾ Fortinet, Inc. 982,780 0.4

8,767 ⁽¹⁾ Gartner, Inc. 1,120,773 0.4

5,153 Genpact Ltd. 139,079 0.1

15,731 Global Payments, Inc. 1,622,338 0.6

15,853 ⁽¹⁾ GoDaddy, Inc. 1,040,274 0.4

8,024 ⁽¹⁾ Guidewire Software, Inc. 643,766 0.2

3,568 ⁽¹⁾ IPG Photonics Corp. 404,219 0.2

7,619 Jack Henry & Associates, Inc. 963,956 0.4

15,169 KLA-Tencor Corp. 1,357,474 0.5

15,365 Lam Research Corp. 2,092,252 0.8

1,981 Littelfuse, Inc. 339,702 0.1

3,295 LogMeIn, Inc. 268,773 0.1

6,464 ⁽¹⁾ Manhattan Associates, Inc. 273,880 0.1

14,871 Marvell Technology Group Ltd. 240,761 0.1

27,559 Maxim Integrated Products 1,401,375 0.5

22,780 Microchip Technology, Inc. 1,638,338 0.6

5,285 MKS Instruments, Inc. 341,464 0.1

4,026 Monolithic Power Systems, Inc. 468,022 0.2

1,814 Motorola Solutions, Inc. 208,683 0.1

8,875 National Instruments Corp. 402,748 0.2

9,598 ⁽¹⁾ NCR Corp. 221,522 0.1

25,951 NetApp, Inc. 1,548,496 0.6

13,854 ⁽¹⁾ Nutanix, Inc. 576,188 0.2

8,482 ⁽¹⁾ Okta, Inc. 541,152 0.2

41,271 ⁽¹⁾ ON Semiconductor Corp. 681,384 0.3

9,010 ⁽¹⁾ Palo Alto Networks, Inc. 1,697,034 0.7

31,792 Paychex, Inc. 2,071,249 0.8

4,912 ⁽¹⁾ Paycom Software, Inc. 601,474 0.2

3,723 Pegasystems, Inc. 178,071 0.1

1,910 ^(1),(2) Pluralsight, Inc. 44,981 0.0

4,977 ⁽¹⁾ Proofpoint, Inc. 417,122 0.2

11,560 ⁽¹⁾ PTC, Inc. 958,324 0.4

16,274 ⁽¹⁾ Pure Storage, Inc. 261,686 0.1

7,079 ⁽¹⁾ RealPage, Inc. 341,137 0.1

17,537 ⁽¹⁾ Red Hat, Inc. 3,080,199 1.2

6,753 ⁽¹⁾ RingCentral, Inc. 556,717 0.2

22,013 Sabre Corp. 476,361 0.2

17,613 ⁽¹⁾ ServiceNow, Inc. 3,135,995 1.2

12,525 Skyworks Solutions, Inc. 839,426 0.3

2,006 ^(1),(2) SolarWinds Corp. 27,743 0.0

14,505 ⁽¹⁾ Splunk, Inc. 1,520,849 0.6

28,965 ⁽¹⁾ Square, Inc. 1,624,647 0.6

19,006 SS&C Technologies Holdings, Inc. 857,361 0.3

3,716 ⁽²⁾ Switch, Inc. 26,012 0.0

1,377 ⁽¹⁾ Synopsys, Inc. 115,998 0.0

7,064 ⁽¹⁾ Tableau Software, Inc. 847,680 0.3

8,326 ⁽¹⁾ Teradata Corp. 319,385 0.1

2,837 Teradyne, Inc. 89,025 0.0

17,822 Total System Services, Inc. 1,448,750 0.6

7,300 ^(1),(2) Twilio, Inc. 651,890 0.3

3,779 ⁽¹⁾ Tyler Technologies, Inc. 702,214 0.3

1,487 ⁽²⁾ Ubiquiti Networks, Inc. 147,823 0.1

3,007 ⁽¹⁾ Ultimate Software Group, Inc. 736,324 0.3

4,209 ⁽²⁾ Universal Display Corp. 393,836 0.2

10,424 ⁽¹⁾ VeriSign, Inc. 1,545,775 0.6

10,757 Versum Materials, Inc. 298,184 0.1

12,223 Western Union Co. 208,524 0.1

4,082 ⁽¹⁾ WEX, Inc. 571,725 0.2

14,378 ⁽¹⁾ Workday, Inc. 2,295,879 0.9

2,638 ⁽¹⁾ Worldpay, Inc. 201,622 0.1

25,225 Xilinx, Inc. 2,148,413 0.8

5,222 ⁽¹⁾ Zebra Technologies Corp. 831,499 0.3

10,409 ⁽¹⁾ Zendesk, Inc. 607,573 0.2

81,799,308 31.4

Materials: 3.6%

8,552 Avery Dennison Corp. 768,226 0.3

See Accompanying Notes to Financial Statements

74

Voya Russell™ Mid Cap Growth Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

8,347 ⁽¹⁾ Axalta Coating Systems Ltd. 195,487 0.1

6,530 ⁽¹⁾ Berry Plastics Group, Inc. 310,371 0.1

8,387 Celanese Corp. 754,578 0.3

16,946 Chemours Co. 478,216 0.2

12,794 ⁽¹⁾ Crown Holdings, Inc. 531,847 0.2

4,032 Eagle Materials, Inc. 246,073 0.1

5,402 FMC Corp. 399,532 0.2

5,204 Graphic Packaging Holding Co. 55,371 0.0

4,756 International Flavors & Fragrances, Inc. 638,588 0.2

4,576 International Paper Co. 184,687 0.1

5,704 Martin Marietta Materials, Inc. 980,346 0.4

719 NewMarket Corp. 296,293 0.1

9,253 Packaging Corp. of America 772,255 0.3

10,983 ⁽¹⁾ Platform Specialty Products Corp. 113,454 0.0

2,657 Royal Gold, Inc. 227,572 0.1

2,638 RPM International, Inc. 155,062 0.1

1,957 Scotts Miracle-Gro Co. 120,277 0.0

8,515 Sealed Air Corp. 296,663 0.1

2,580 Silgan Holdings, Inc. 60,940 0.0

3,334 Steel Dynamics, Inc. 100,153 0.0

12,235 Vulcan Materials Co. 1,208,818 0.5

3,324 Westlake Chemical Corp. 219,949 0.1

4,889 WR Grace & Co. 317,345 0.1

9,432,103 3.6

Real Estate: 2.3%

831 Alexandria Real Estate Equities, Inc. 95,764 0.1

15,133 ⁽¹⁾ CBRE Group, Inc. 605,925 0.2

2,569 Colony Capital, Inc. 12,023 0.0

3,601 Coresite Realty Corp. 314,115 0.1

8,473 Equity Lifestyle Properties, Inc. 822,983 0.3

10,472 Extra Space Storage, Inc. 947,507 0.4

7,183 Gaming and Leisure Properties, Inc. 232,083 0.1

1,555 ⁽¹⁾ Howard Hughes Corp. 151,799 0.1

1,876 Hudson Pacific Properties, Inc. 54,517 0.0

7,574 Lamar Advertising Co. 523,969 0.2

254 Life Storage, Inc. 23,619 0.0

1,626 Omega Healthcare Investors, Inc. 57,154 0.0

11,097 ⁽¹⁾ SBA Communications Corp. 1,796,493 0.7

5,863 Taubman Centers, Inc. 266,708 0.1

5,904,659 2.3

Total Common Stock

(Cost $164,805,023) 259,075,156 99.4

Principal
Amount† Value Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 2.4%

Securities Lending Collateral⁽⁴⁾: 1.8%

1,116,906 Bank of Nova Scotia, Repurchase Agreement dated 12/31/18, 2.97%, due 01/02/19 (Repurchase Amount $1,117,088, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.750%-5.000%, Market Value plus accrued interest $1,139,432, due 11/15/23-05/15/58) 1,116,906 0.4

1,116,906 Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $1,117,111, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $1,139,244, due 01/25/19-10/20/68) 1,116,906 0.4

1,116,906 Daiwa Capital Markets, Repurchase Agreement dated 12/31/18, 3.05%, due 01/02/19 (Repurchase Amount $1,117,093, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $1,139,244, due 01/25/19-02/01/49) 1,116,906 0.5

234,063 Mizuho Securities USA LLC, Repurchase Agreement dated 12/31/18, 2.92%, due 01/02/19 (Repurchase Amount $234,100, collateralized by various U.S. Government Securities, 1.875%-2.625%, Market Value plus accrued interest $238,744, due 02/29/24-09/09/49) 234,063 0.1

See Accompanying Notes to Financial Statements

75

Voya Russell™ Mid Cap Growth Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

1,116,906 RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $1,117,091, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $1,139,244, due 10/01/25-10/20/48) 1,116,906 0.4

4,701,687 1.8

Shares Value Percentage
of Net
Assets

Mutual Funds: 0.6%

1,670,000 ⁽⁵⁾ Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340%

(Cost $1,670,000) 1,670,000 0.6

Total Short-Term Investments

(Cost $6,371,687) 6,371,687 2.4

Total Investments in Securities
(Cost $171,176,710) $ 265,446,843 101.8

Liabilities in Excess of Other Assets (4,620,595 ) (1.8 )

Net Assets $ 260,826,248 100.0

† 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) Investment in affiliate

(4) Represents securities purchased with cash collateral received for securities on loan.

(5) Rate shown is the 7-day yield as of December 31, 2018.

See Accompanying Notes to Financial Statements

76

Voya Russell™ Mid Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018

Shares Value Percentage
of Net
Assets

COMMON STOCK: 98.0%

Communication Services: 3.5%

9,190 ⁽¹⁾ AMC Networks, Inc. 504,347 0.0

896 Cable One, Inc. 734,810 0.1

68,265 CBS Corp. - Class B 2,984,546 0.2

200,863 CenturyLink, Inc. 3,043,074 0.2

22,474 Cinemark Holdings, Inc. 804,569 0.1

32,294 ⁽¹⁾ Discovery Communications, Inc. - Class A 798,954 0.1

72,462 ⁽¹⁾ Discovery Communications, Inc. - Class C 1,672,423 0.1

46,615 ⁽¹⁾ Dish Network Corp. - Class A 1,163,977 0.1

21,158 ⁽¹⁾ GCI Liberty, Inc. 870,863 0.1

15,641 ⁽¹⁾ IAC/InterActiveCorp 2,862,929 0.2

80,647 Interpublic Group of Cos., Inc. 1,663,748 0.1

9,301 John Wiley & Sons, Inc. 436,868 0.0

17,689 ⁽¹⁾ Liberty Media Corp. - SiriusXM A 650,955 0.0

34,689 ⁽¹⁾ Liberty Media Corp. - SiriusXM C 1,282,799 0.1

5,211 ⁽¹⁾ Liberty Media Group-A 154,871 0.0

41,427 ⁽¹⁾ Liberty Media Group-C 1,271,809 0.1

5,356 ⁽¹⁾ Liberty Broadband Corp. - A 384,614 0.0

21,850 ⁽¹⁾ Liberty Broadband Corp. - C 1,573,856 0.1

10,331 ⁽²⁾ Lions Gate Entertainment Corp. - A 166,329 0.0

20,657 Lions Gate Entertainment Corp. - B 307,376 0.0

28,955 ⁽¹⁾ Live Nation Entertainment, Inc. 1,426,034 0.1

3,867 ⁽¹⁾ Madison Square Garden Co. 1,035,196 0.1

11,029 Match Group, Inc. 471,710 0.0

80,201 News Corp - Class A 910,281 0.1

25,458 News Corp - Class B 294,040 0.0

46,734 Omnicom Group 3,422,798 0.3

270,095 ⁽²⁾ Sirius XM Holdings, Inc. 1,542,242 0.1

137,449 ⁽¹⁾ Sprint Corp. 799,953 0.1

23,711 ⁽¹⁾ Take-Two Interactive Software, Inc. 2,440,810 0.2

20,757 Telephone & Data Systems, Inc. 675,433 0.1

18,381 Tribune Media Co. 834,130 0.1

21,858 ⁽¹⁾ TripAdvisor, Inc. 1,179,021 0.1

150,342 ⁽¹⁾ Twitter, Inc. 4,320,829 0.3

2,755 ⁽¹⁾ United States Cellular Corp. 143,177 0.0

2,103 Viacom, Inc. - Class A 58,484 0.0

74,185 Viacom, Inc. - Class B 1,906,555 0.1

47,585 ⁽¹⁾ Zayo Group Holdings, Inc. 1,086,841 0.1

11,674 ⁽¹⁾ Zillow Group, Inc. - Class A 366,914 0.0

25,494 ^(1),(2) Zillow Group, Inc. - Class C 805,101 0.1

160,570 ⁽¹⁾ Zynga, Inc. - Class A 631,040 0.0

47,684,306 3.5

Consumer Discretionary: 11.7%

19,638 Adient plc 295,748 0.0

14,670 Advance Auto Parts, Inc. 2,309,938 0.2

51,303 Aramark 1,486,248 0.1

11,516 ⁽¹⁾ Autonation, Inc. 411,121 0.0

5,350 ⁽¹⁾ Autozone, Inc. 4,485,119 0.3

49,475 Best Buy Co., Inc. 2,620,196 0.2

43,912 BorgWarner, Inc. 1,525,503 0.1

12,004 ⁽¹⁾ Bright Horizons Family Solutions, Inc. 1,337,846 0.1

18,201 Brunswick Corp. 845,436 0.1

14,001 ⁽¹⁾ Burlington Stores, Inc. 2,277,543 0.2

119,597 ^(1),(2) Caesars Entertainment Corp. 812,064 0.1

36,570 ⁽¹⁾ Carmax, Inc. 2,294,036 0.2

9,481 Carter's, Inc. 773,839 0.1

5,116 ⁽¹⁾ Chipotle Mexican Grill, Inc. 2,209,038 0.2

7,188 Choice Hotels International, Inc. 514,517 0.0

6,331 Columbia Sportswear Co. 532,374 0.0

26,023 Darden Restaurants, Inc. 2,598,657 0.2

55,572 Delphi Technologies PLC 3,421,568 0.3

15,579 Dick's Sporting Goods, Inc. 486,065 0.0

55,859 Dollar General Corp. 6,037,241 0.4

49,299 ⁽¹⁾ Dollar Tree, Inc. 4,452,686 0.3

8,704 Domino's Pizza, Inc. 2,158,505 0.2

72,387 D.R. Horton, Inc. 2,508,933 0.2

17,382 Dunkin' Brands Group, Inc. 1,114,534 0.1

25,309 Expedia Group, Inc. 2,851,059 0.2

39,711 Extended Stay America, Inc. 615,521 0.0

10,130 ^(1),(2) Floor & Decor Holdings, Inc. 262,367 0.0

23,984 Foot Locker, Inc. 1,275,949 0.1

14,245 ⁽¹⁾ frontdoor, Inc. 379,059 0.0

45,355 Gap, Inc. 1,168,345 0.1

23,907 Garmin Ltd. 1,513,791 0.1

56,540 Gentex Corp. 1,142,673 0.1

30,030 Genuine Parts Co. 2,883,481 0.2

48,896 Goodyear Tire & Rubber Co. 997,967 0.1

880 Graham Holdings Co. 563,710 0.0

9,907 ⁽¹⁾ Grand Canyon Education, Inc. 952,459 0.1

18,946 ⁽¹⁾ GrubHub, Inc. 1,455,242 0.1

43,160 H&R Block, Inc. 1,094,969 0.1

75,303 Hanesbrands, Inc. 943,547 0.1

34,213 Harley-Davidson, Inc. 1,167,348 0.1

24,377 Hasbro, Inc. 1,980,631 0.1

20,301 ⁽¹⁾ Hilton Grand Vacations, Inc. 535,743 0.0

58,637 Hilton Worldwide Holdings, Inc. 4,210,137 0.3

8,817 Hyatt Hotels Corp. 596,029 0.0

20,683 ⁽²⁾ International Game Technology PLC 302,592 0.0

35,096 Kohl's Corp. 2,328,269 0.2

See Accompanying Notes to Financial Statements

77

Voya Russell™ Mid Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

48,067 L Brands, Inc. 1,233,880 0.1

13,454 Lear Corp. 1,652,958 0.1

27,502 Leggett & Platt, Inc. 985,672 0.1

60,225 Lennar Corp. - Class A 2,357,809 0.2

3,279 Lennar Corp. - Class B 102,731 0.0

66,552 ⁽¹⁾ LKQ Corp. 1,579,279 0.1

20,054 ⁽¹⁾ Lululemon Athletica, Inc. 2,438,767 0.2

64,244 Macy's, Inc. 1,913,186 0.1

72,252 ^(1),(2) Mattel, Inc. 721,798 0.1

103,283 MGM Resorts International 2,505,646 0.2

29,453 ⁽¹⁾ Michael Kors Holdings Ltd. 1,116,858 0.1

21,494 ⁽¹⁾ Michaels Cos, Inc. 291,029 0.0

13,067 ⁽¹⁾ Mohawk Industries, Inc. 1,528,316 0.1

91,055 Newell Brands, Inc. 1,692,712 0.1

24,708 Nordstrom, Inc. 1,151,640 0.1

46,084 ⁽¹⁾ Norwegian Cruise Line Holdings Ltd. 1,953,501 0.1

665 ⁽¹⁾ NVR, Inc. 1,620,598 0.1

16,599 ⁽¹⁾ O'Reilly Automotive, Inc. 5,715,534 0.4

7,439 Penske Auto Group, Inc. 299,940 0.0

12,308 Polaris Industries, Inc. 943,777 0.1

8,257 Pool Corp. 1,227,403 0.1

53,559 Pulte Group, Inc. 1,391,998 0.1

16,079 PVH Corp. 1,494,543 0.1

87,125 ⁽¹⁾ Qurate Retail, Inc. 1,700,680 0.1

11,357 Ralph Lauren Corp. 1,174,995 0.1

76,742 Ross Stores, Inc. 6,384,934 0.5

34,970 Royal Caribbean Cruises Ltd. 3,419,716 0.3

36,507 Service Corp. International 1,469,772 0.1

28,491 ⁽¹⁾ ServiceMaster Global Holdings, Inc. 1,046,759 0.1

15,143 Six Flags Entertainment Corp. 842,405 0.1

27,479 ⁽¹⁾ Skechers USA, Inc. 628,994 0.0

60,513 Tapestry, Inc. 2,042,314 0.1

9,726 ⁽¹⁾ Tempur Sealy International, Inc. 402,656 0.0

10,535 Thor Industries, Inc. 547,820 0.0

25,543 Tiffany & Co. 2,056,467 0.2

28,697 Toll Brothers, Inc. 944,992 0.1

25,616 Tractor Supply Co. 2,137,399 0.2

11,876 ⁽¹⁾ Ulta Beauty, Inc. 2,907,720 0.2

38,989 ^(1),(2) Under Armour, Inc. - Class A 688,936 0.0

39,855 ⁽¹⁾ Under Armour, Inc. - Class C 644,455 0.0

15,498 ⁽¹⁾ Urban Outfitters, Inc. 514,534 0.0

8,419 Vail Resorts, Inc. 1,774,894 0.1

67,965 VF Corp. 4,848,623 0.4

6,063 ⁽¹⁾ Visteon Corp. 365,478 0.0

12,000 ⁽¹⁾ Wayfair, Inc. 1,080,960 0.1

39,073 Wendy's Company 609,930 0.0

13,118 Whirlpool Corp. 1,401,921 0.1

16,806 ⁽²⁾ Williams-Sonoma, Inc. 847,863 0.1

20,068 Wyndham Destinations, Inc. 719,237 0.1

20,548 Wyndham Hotels & Resorts, Inc. 932,263 0.1

21,595 Wynn Resorts Ltd. 2,135,961 0.2

76,334 Yum China Holdings, Inc. 2,559,479 0.2

159,481,375 11.7

Consumer Staples: 4.4%

117,320 Archer-Daniels-Midland Co. 4,806,600 0.4

10,777 Brown-Forman Corp. - Class A 511,045 0.0

59,344 Brown-Forman Corp. - Class B 2,823,587 0.2

29,558 Bunge Ltd. 1,579,579 0.1

37,212 ⁽²⁾ Campbell Soup Co. 1,227,624 0.1

7,626 Casey's General Stores, Inc. 977,196 0.1

51,330 Church & Dwight Co., Inc. 3,375,461 0.3

26,962 Clorox Co. 4,155,923 0.3

101,292 Conagra Brands, Inc. 2,163,597 0.2

97,791 Coty, Inc - Class A 641,509 0.0

12,379 Energizer Holdings, Inc. 558,912 0.0

37,638 Flowers Foods, Inc. 695,174 0.1

19,205 ⁽¹⁾ Hain Celestial Group, Inc. 304,591 0.0

22,764 ⁽¹⁾ Herbalife Nutrition Ltd 1,341,938 0.1

29,474 Hershey Co. 3,159,023 0.2

57,044 ⁽²⁾ Hormel Foods Corp. 2,434,638 0.2

14,851 Ingredion, Inc. 1,357,381 0.1

23,109 JM Smucker Co. 2,160,460 0.2

52,154 Kellogg Co. 2,973,300 0.2

37,640 Keurig Dr Pepper, Inc. 965,090 0.1

166,667 Kroger Co. 4,583,342 0.3

30,753 Lamb Weston Holdings, Inc. 2,262,191 0.2

25,527 McCormick & Co., Inc. 3,554,379 0.3

36,441 Molson Coors Brewing Co. 2,046,527 0.2

11,538 Nu Skin Enterprises, Inc. 707,626 0.1

11,107 ⁽¹⁾ Pilgrim's Pride Corp. 172,270 0.0

13,594 ⁽¹⁾ Post Holdings, Inc. 1,211,633 0.1

55 Seaboard Corp. 194,591 0.0

8,503 Spectrum Brands Holdings, Inc. 359,252 0.0

26,276 ⁽¹⁾ Sprouts Farmers Market, Inc. 617,749 0.0

11,430 ⁽¹⁾ TreeHouse Foods, Inc. 579,615 0.0

61,087 Tyson Foods, Inc. 3,262,046 0.2

45,218 ⁽¹⁾ US Foods Holding Corp. 1,430,697 0.1

59,194,546 4.4

Energy: 3.9%

50,661 ⁽¹⁾ Antero Resources Corp. 475,707 0.0

80,254 Apache Corp. 2,106,668 0.2

16,289 ⁽¹⁾ Apergy Corp. 441,106 0.0

91,460 Cabot Oil & Gas Corp. 2,044,131 0.2

38,415 ^(1),(2) Centennial Resource Development, Inc./DE 423,333 0.0

48,469 ⁽¹⁾ Cheniere Energy, Inc. 2,868,880 0.2

188,742 ^(1),(2) Chesapeake Energy Corp. 396,358 0.0

19,743 Cimarex Energy Co. 1,217,156 0.1

42,053 ⁽¹⁾ CNX Resources Corp. 480,245 0.0

40,865 ⁽¹⁾ Concho Resources, Inc./Midland TX 4,200,513 0.3

18,348 ⁽¹⁾ Continental Resources, Inc. 737,406 0.1

98,171 Devon Energy Corp. 2,212,774 0.2

32,995 Diamondback Energy, Inc. 3,058,637 0.2

53,307 EQT Corp. 1,006,969 0.1

See Accompanying Notes to Financial Statements

78

Voya Russell™ Mid Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

44,501 ⁽¹⁾ Equitrans Midstream Corp. 890,910 0.1

23,212 ^(1),(2) Extraction Oil & Gas, Inc. 99,580 0.0

22,281 Helmerich & Payne, Inc. 1,068,151 0.1

54,944 Hess Corp. 2,225,232 0.2

33,371 HollyFrontier Corp. 1,705,926 0.1

49,835 ⁽¹⁾ Kosmos Energy Ltd. 202,828 0.0

174,164 Marathon Oil Corp. 2,497,512 0.2

34,436 Murphy Oil Corp. 805,458 0.1

72,635 Nabors Industries Ltd. 145,270 0.0

80,237 National Oilwell Varco, Inc. 2,062,091 0.2

41,808 ⁽¹⁾ Newfield Exploration Co. 612,905 0.0

100,792 Noble Energy, Inc. 1,890,858 0.1

86,095 Oneok, Inc. 4,644,825 0.3

55,498 ⁽¹⁾ Parsley Energy, Inc. 886,858 0.1

44,978 Patterson-UTI Energy, Inc. 465,522 0.0

24,998 PBF Energy, Inc. 816,685 0.1

49,589 ⁽¹⁾ QEP Resources, Inc. 279,186 0.0

44,262 Range Resources Corp. 423,587 0.0

11,944 ⁽²⁾ RPC, Inc. 117,887 0.0

23,297 SM Energy Co. 360,638 0.0

47,430 Targa Resources Corp. 1,708,429 0.1

108,397 ⁽¹⁾ Transocean Ltd. 752,275 0.1

209,028 ⁽¹⁾ Weatherford International PLC 116,847 0.0

18,823 ⁽¹⁾ Whiting Petroleum Corp. 427,094 0.0

255,414 Williams Cos., Inc. 5,631,879 0.4

83,325 ⁽¹⁾ WPX Energy, Inc. 945,739 0.1

53,454,055 3.9

Financials: 12.8%

11,024 Affiliated Managers Group, Inc. 1,074,179 0.1

108,596 AGNC Investment Corp. 1,904,774 0.1

3,018 Alleghany Corp. 1,881,180 0.1

88,802 Ally Financial, Inc. 2,012,253 0.1

15,076 American Financial Group, Inc. 1,364,830 0.1

1,553 American National Insurance Co. 197,604 0.0

29,250 Ameriprise Financial, Inc. 3,052,823 0.2

274,784 Annaly Capital Management, Inc. 2,698,379 0.2

81,308 ⁽¹⁾ Arch Capital Group Ltd. 2,172,550 0.2

37,883 Arthur J. Gallagher & Co. 2,791,977 0.2

12,399 Aspen Insurance Holdings Ltd. 520,634 0.0

34,456 Associated Banc-Corp. 681,884 0.0

10,876 Assurant, Inc. 972,749 0.1

21,786 Assured Guaranty Ltd. 833,968 0.1

33,342 ⁽¹⁾ Athene Holding Ltd. 1,328,012 0.1

41,533 AXA Equitable Holdings, Inc. 690,694 0.1

17,231 Axis Capital Holdings Ltd. 889,809 0.1

8,642 Bank of Hawaii Corp. 581,779 0.0

25,467 Bank OZK 581,412 0.0

21,208 BankUnited, Inc. 634,968 0.0

57,347 BGC Partners, Inc. 296,484 0.0

6,814 BOK Financial Corp. 499,671 0.0

25,213 ⁽¹⁾ Brighthouse Financial, Inc. 768,492 0.1

48,735 Brown & Brown, Inc. 1,343,137 0.1

23,474 Cboe Global Markets, Inc. 2,296,461 0.2

39,097 Chimera Investment Corp. 696,709 0.1

32,251 Cincinnati Financial Corp. 2,496,872 0.2

22,174 CIT Group, Inc. 848,599 0.1

98,301 Citizens Financial Group, Inc. 2,922,489 0.2

5,928 CNA Financial Corp. 261,721 0.0

33,848 Comerica, Inc. 2,325,019 0.2

20,914 Commerce Bancshares, Inc. 1,178,922 0.1

2,367 ⁽¹⁾ Credit Acceptance Corp. 903,626 0.1

11,995 Cullen/Frost Bankers, Inc. 1,054,840 0.1

70,440 Discover Financial Services 4,154,551 0.3

53,467 E*Trade Financial Corp. 2,346,132 0.2

30,304 East West Bancorp, Inc. 1,319,133 0.1

23,870 Eaton Vance Corp. 839,747 0.1

5,170 Erie Indemnity Co. 689,213 0.1

8,431 Evercore, Inc. 603,322 0.0

8,495 Everest Re Group Ltd. 1,849,871 0.1

7,849 Factset Research Systems, Inc. 1,570,820 0.1

137,681 Fifth Third Bancorp 3,239,634 0.2

22,776 First American Financial Corp. 1,016,721 0.1

1,659 First Citizens BancShares, Inc. 625,526 0.0

22,426 First Hawaiian, Inc. 504,809 0.0

67,993 First Horizon National Corp. 894,788 0.1

34,326 First Republic Bank 2,982,929 0.2

67,762 FNB Corp. 666,778 0.0

55,447 Fidelity National Financial, Inc. 1,743,254 0.1

63,154 Franklin Resources, Inc. 1,873,148 0.1

8,895 Hanover Insurance Group, Inc. 1,038,669 0.1

75,096 Hartford Financial Services Group, Inc. 3,338,017 0.2

221,654 Huntington Bancshares, Inc. 2,642,116 0.2

15,496 Interactive Brokers Group, Inc. 846,856 0.1

85,169 Invesco Ltd. 1,425,729 0.1

61,084 Jefferies Financial Group, Inc. 1,060,418 0.1

216,257 Keycorp 3,196,278 0.2

24,397 Lazard Ltd. 900,493 0.1

17,768 Legg Mason, Inc. 453,262 0.0

44,789 Lincoln National Corp. 2,298,124 0.2

58,435 Loews Corp. 2,659,961 0.2

18,042 LPL Financial Holdings, Inc. 1,102,005 0.1

29,425 M&T Bank Corp. 4,211,600 0.3

2,853 ⁽¹⁾ Markel Corp. 2,961,557 0.2

7,692 MarketAxess Holdings, Inc. 1,625,397 0.1

5,733 Mercury General Corp. 296,453 0.0

93,791 MFA Financial, Inc. 626,524 0.0

35,012 Moody's Corp. 4,903,080 0.4

3,811 Morningstar, Inc. 418,600 0.0

18,277 MSCI, Inc. - Class A 2,694,578 0.2

See Accompanying Notes to Financial Statements

79

Voya Russell™ Mid Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

24,260 Nasdaq, Inc. 1,978,888 0.1

54,869 Navient Corp. 483,396 0.0

76,113 New Residential Investment Corp. 1,081,566 0.1

99,981 New York Community Bancorp., Inc. 940,821 0.1

42,869 Northern Trust Corp. 3,583,420 0.3

59,451 Old Republic International Corp. 1,222,907 0.1

16,030 ⁽¹⁾ OneMain Holdings, Inc. 389,369 0.0

25,772 PacWest Bancorp 857,692 0.1

77,730 People's United Financial, Inc. 1,121,644 0.1

15,733 Pinnacle Financial Partners, Inc. 725,291 0.1

20,748 Popular, Inc. 979,721 0.1

58,706 Principal Financial Group, Inc. 2,593,044 0.2

13,964 Prosperity Bancshares, Inc. 869,957 0.1

27,559 Raymond James Financial, Inc. 2,050,665 0.2

217,080 Regions Financial Corp. 2,904,530 0.2

13,172 Reinsurance Group of America, Inc. 1,847,110 0.1

8,346 RenaissanceRe Holdings Ltd. 1,115,860 0.1

24,255 Santander Consumer USA Holdings, Inc. 426,645 0.0

27,552 SEI Investments Co. 1,272,902 0.1

11,359 Signature Bank 1,167,819 0.1

91,334 ⁽¹⁾ SLM Corp. 758,986 0.1

56,320 Starwood Property Trust, Inc. 1,110,067 0.1

46,780 Sterling Bancorp, Inc./DE 772,338 0.1

94,315 SunTrust Banks, Inc. 4,757,249 0.3

11,102 ⁽¹⁾ SVB Financial Group 2,108,492 0.2

155,838 Synchrony Financial 3,655,959 0.3

33,670 Synovus Financial Corp. 1,077,103 0.1

49,596 T. Rowe Price Group, Inc. 4,578,703 0.3

34,592 TCF Financial Corp. 674,198 0.0

10,518 ⁽¹⁾ Texas Capital Bancshares, Inc. 537,365 0.0

10,390 TFS Financial Corp. 167,591 0.0

21,738 Torchmark Corp. 1,620,133 0.1

51,551 Two Harbors Investment Corp. 661,915 0.0

46,010 Umpqua Holdings Corp. 731,559 0.1

43,501 Unum Group 1,278,059 0.1

8,574 Virtu Financial, Inc. 220,866 0.0

32,627 ⁽³⁾ Voya Financial, Inc. 1,309,648 0.1

19,179 Webster Financial Corp. 945,333 0.1

20,622 ⁽¹⁾ Western Alliance Bancorp. 814,363 0.1

644 White Mountains Insurance Group Ltd. 552,352 0.0

27,250 Willis Towers Watson PLC 4,138,185 0.3

11,712 Wintrust Financial Corp. 778,731 0.1

19,945 WR Berkley Corp. 1,474,135 0.1

39,819 Zions Bancorp. 1,622,226 0.1

174,338,396 12.8

Health Care: 9.9%

8,962 ⁽¹⁾ Abiomed, Inc. 2,913,009 0.2

18,161 ⁽¹⁾ Acadia Healthcare Co., Inc. 466,919 0.0

66,946 Agilent Technologies, Inc. 4,516,177 0.3

10,617 ⁽¹⁾ Agios Pharmaceuticals, Inc. 489,550 0.0

16,647 ⁽¹⁾ Align Technology, Inc. 3,486,381 0.3

32,289 ⁽¹⁾ Alkermes PLC 952,848 0.1

18,745 ⁽¹⁾ Alnylam Pharmaceuticals, Inc. 1,366,698 0.1

33,089 AmerisourceBergen Corp. 2,461,822 0.2

8,391 ⁽¹⁾ Athenahealth, Inc. 1,107,025 0.1

37,064 ⁽¹⁾ BioMarin Pharmaceutical, Inc. 3,156,000 0.2

4,440 ⁽¹⁾ Bio-Rad Laboratories, Inc. 1,031,057 0.1

7,802 Bio-Techne Corp. 1,129,105 0.1

11,361 ^(1),(2) Bluebird Bio, Inc. 1,127,011 0.1

21,078 Bruker Corp. 627,492 0.0

7,726 Cantel Medical Corp. 575,201 0.0

62,597 Cardinal Health, Inc. 2,791,826 0.2

30,296 ⁽¹⁾ Catalent, Inc. 944,629 0.1

42,620 ⁽¹⁾ Centene Corp. 4,914,086 0.4

66,574 ⁽¹⁾ Cerner Corp. 3,491,141 0.3

9,923 ⁽¹⁾ Charles River Laboratories International, Inc. 1,123,085 0.1

3,255 Chemed Corp. 922,076 0.1

10,158 Cooper Cos., Inc. 2,585,211 0.2

27,216 ⁽¹⁾ DaVita, Inc. 1,400,535 0.1

45,915 Dentsply Sirona, Inc. 1,708,497 0.1

18,332 ⁽¹⁾ DexCom, Inc. 2,196,174 0.2

44,108 ⁽¹⁾ Edwards Lifesciences Corp. 6,756,022 0.5

15,231 ⁽¹⁾ Elanco Animal Health, Inc. 480,233 0.0

20,552 Encompass Health Corp. 1,268,058 0.1

25,124 ⁽¹⁾ Exact Sciences Corp. 1,585,324 0.1

61,566 ⁽¹⁾ Exelixis, Inc. 1,211,003 0.1

31,863 ⁽¹⁾ Henry Schein, Inc. 2,501,883 0.2

13,880 Hill-Rom Holdings, Inc. 1,229,074 0.1

56,979 ⁽¹⁾ Hologic, Inc. 2,341,837 0.2

3,273 ⁽¹⁾ ICU Medical, Inc. 751,579 0.1

18,030 ⁽¹⁾ Idexx Laboratories, Inc. 3,353,941 0.2

36,840 ⁽¹⁾ Incyte Corp., Ltd. 2,342,656 0.2

12,257 ⁽¹⁾ Insulet Corp. 972,225 0.1

14,862 ⁽¹⁾ Integra LifeSciences Holdings Corp. 670,276 0.0

26,204 ⁽¹⁾ Ionis Pharmaceuticals, Inc. 1,416,588 0.1

34,214 ⁽¹⁾ IQVIA Holdings, Inc. 3,974,640 0.3

12,339 ⁽¹⁾ Jazz Pharmaceuticals PLC 1,529,542 0.1

21,133 ⁽¹⁾ Laboratory Corp. of America Holdings 2,670,366 0.2

9,684 ⁽¹⁾ Masimo Corp. 1,039,771 0.1

18,359 ⁽¹⁾ Mednax, Inc. 605,847 0.0

5,154 ⁽¹⁾ Mettler Toledo International, Inc. 2,914,999 0.2

13,051 ⁽¹⁾ Molina Healthcare, Inc. 1,516,787 0.1

107,824 ⁽¹⁾ Mylan NV 2,954,378 0.2

32,789 ⁽¹⁾ Nektar Therapeutics 1,077,774 0.1

18,703 ⁽¹⁾ Neurocrine Biosciences, Inc. 1,335,581 0.1

6,428 ⁽¹⁾ Penumbra, Inc. 785,502 0.1

See Accompanying Notes to Financial Statements

80

Voya Russell™ Mid Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

23,091 PerkinElmer, Inc. 1,813,798 0.1

26,814 Perrigo Co. PLC 1,039,043 0.1

12,135 ⁽¹⁾ PRA Health Sciences, Inc. 1,115,935 0.1

10,947 ⁽¹⁾ Premier, Inc. 408,871 0.0

46,538 ⁽¹⁾ QIAGEN NV 1,603,234 0.1

28,497 Quest Diagnostics, Inc. 2,372,945 0.2

29,524 Resmed, Inc. 3,361,898 0.2

9,533 ⁽¹⁾ Sage Therapeutics, Inc. 913,166 0.1

13,926 ⁽¹⁾ Sarepta Therapeutics, Inc. 1,519,744 0.1

22,760 ⁽¹⁾ Seattle Genetics, Inc. 1,289,582 0.1

17,575 Steris PLC 1,877,889 0.1

9,566 Teleflex, Inc. 2,472,620 0.2

8,092 ⁽¹⁾ Tesaro, Inc. 600,831 0.0

9,012 ⁽¹⁾ United Therapeutics Corp. 981,407 0.1

17,558 Universal Health Services, Inc. 2,046,561 0.1

19,206 ⁽¹⁾ Varian Medical Systems, Inc. 2,176,232 0.2

25,510 ⁽¹⁾ Veeva Systems, Inc. 2,278,553 0.2

15,793 ⁽¹⁾ Waters Corp. 2,979,349 0.2

10,461 ⁽¹⁾ WellCare Health Plans, Inc. 2,469,738 0.2

15,349 West Pharmaceutical Services, Inc. 1,504,663 0.1

42,775 Zimmer Biomet Holdings, Inc. 4,436,623 0.3

134,032,123 9.9

Industrials: 13.3%

8,369 Acuity Brands, Inc. 962,017 0.1

22,334 ⁽²⁾ ADT, Inc. 134,227 0.0

32,679 ⁽¹⁾ AECOM 865,993 0.1

13,756 AGCO Corp. 765,797 0.1

20,381 Air Lease Corp. 615,710 0.0

25,234 Alaska Air Group, Inc. 1,535,489 0.1

19,928 Allegion Public Ltd. 1,588,461 0.1

24,062 Allison Transmission Holdings, Inc. 1,056,562 0.1

1,468 AMERCO 481,665 0.0

86,836 American Airlines Group, Inc. 2,788,304 0.2

47,951 Ametek, Inc. 3,246,283 0.2

29,833 AO Smith Corp. 1,273,869 0.1

90,841 Arconic, Inc. 1,531,579 0.1

10,182 ⁽¹⁾ Arcosa, Inc. 281,940 0.0

9,036 Armstrong World Industries, Inc. 525,986 0.0

20,886 BWX Technologies, Inc. 798,472 0.1

12,257 Carlisle Cos., Inc. 1,232,074 0.1

28,671 CH Robinson Worldwide, Inc. 2,410,944 0.2

18,334 Cintas Corp. 3,079,929 0.2

10,805 ⁽¹⁾ Clean Harbors, Inc. 533,227 0.0

17,756 ⁽¹⁾ Colfax Corp. 371,100 0.0

6,558 Copa Holdings S.A.- Class A 516,180 0.0

42,554 ⁽¹⁾ Copart, Inc. 2,033,230 0.2

7,509 ⁽¹⁾ CoStar Group, Inc. 2,533,086 0.2

10,492 Crane Co. 757,313 0.1

31,257 Cummins, Inc. 4,177,185 0.3

9,228 Curtiss-Wright Corp. 942,363 0.1

26,914 Donaldson Co., Inc. 1,167,798 0.1

30,410 Dover Corp. 2,157,589 0.2

7,797 Dun & Bradstreet Corp. 1,112,944 0.1

25,101 Equifax, Inc. 2,337,656 0.2

36,123 Expeditors International Washington, Inc. 2,459,615 0.2

60,349 Fastenal Co. 3,155,649 0.2

27,466 Flowserve Corp. 1,044,257 0.1

29,445 Fluor Corp. 948,129 0.1

61,675 Fortive Corp. 4,172,930 0.3

29,794 Fortune Brands Home & Security, Inc. 1,131,874 0.1

26,525 ⁽¹⁾ Gardner Denver Holdings, Inc. 542,436 0.0

9,323 ^(1),(2) Gates Industrial Corp. PLC 123,437 0.0

12,343 ⁽¹⁾ Genesee & Wyoming, Inc. 913,629 0.1

34,723 Graco, Inc. 1,453,158 0.1

12,242 GrafTech International Ltd. 140,048 0.0

24,901 Harris Corp. 3,352,920 0.2

38,937 ⁽¹⁾ HD Supply Holdings, Inc. 1,460,916 0.1

8,158 Heico Corp. 632,082 0.0

15,904 Heico Corp. - Class A 1,001,952 0.1

18,050 Hexcel Corp. 1,034,987 0.1

11,467 Hubbell, Inc. 1,139,132 0.1

8,922 Huntington Ingalls Industries, Inc. 1,697,946 0.1

16,092 IDEX Corp. 2,031,776 0.2

80,270 ⁽¹⁾ IHS Markit Ltd. 3,850,552 0.3

51,453 Ingersoll-Rand PLC - Class A 4,694,057 0.3

18,341 ITT, Inc. 885,320 0.1

26,767 Jacobs Engineering Group, Inc. 1,564,799 0.1

18,287 JB Hunt Transport Services, Inc. 1,701,422 0.1

63,949 ⁽¹⁾ JetBlue Airways Corp. 1,027,021 0.1

21,494 Kansas City Southern 2,051,602 0.2

28,248 KAR Auction Services, Inc. 1,347,995 0.1

12,377 ⁽¹⁾ Kirby Corp. 833,715 0.1

26,478 ⁽²⁾ Knight-Swift Transportation Holdings, Inc. 663,803 0.0

16,438 L3 Technologies, Inc. 2,854,623 0.2

8,585 Landstar System, Inc. 821,327 0.1

7,522 Lennox International, Inc. 1,646,265 0.1

13,213 Lincoln Electric Holdings, Inc. 1,041,845 0.1

16,689 Macquarie Infrastructure Co. LLC 610,150 0.0

12,942 Manpowergroup, Inc. 838,642 0.1

63,945 Masco Corp. 1,869,752 0.1

11,497 ⁽¹⁾ Middleby Corp. 1,181,087 0.1

9,389 MSC Industrial Direct Co. 722,202 0.1

74,873 Nielsen Holdings PLC 1,746,787 0.1

12,153 Nordson Corp. 1,450,461 0.1

33,772 nVent Electric PLC 758,519 0.1

13,828 Old Dominion Freight Line 1,707,620 0.1

15,270 Oshkosh Corp. 936,204 0.1

22,716 Owens Corning, Inc. 999,050 0.1

72,110 Paccar, Inc. 4,120,365 0.3

27,855 Parker Hannifin Corp. 4,154,295 0.3

32,875 Pentair PLC 1,242,017 0.1

See Accompanying Notes to Financial Statements

81

Voya Russell™ Mid Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

30,627 Quanta Services, Inc. 921,873 0.1

9,068 Regal Beloit Corp. 635,213 0.0

45,695 Republic Services, Inc. 3,294,153 0.2

24,821 Robert Half International, Inc. 1,419,761 0.1

25,262 Rockwell Automation, Inc. 3,801,426 0.3

30,431 Rollins, Inc. 1,098,559 0.1

21,279 Roper Technologies, Inc. 5,671,279 0.4

10,926 Ryder System, Inc. 526,087 0.0

9,962 Schneider National, Inc. 185,991 0.0

33,994 ⁽¹⁾ Sensata Technologies Holding PLC 1,524,291 0.1

11,781 Snap-On, Inc. 1,711,661 0.1

22,237 Spirit Aerosystems Holdings, Inc. 1,603,065 0.1

31,772 Stanley Black & Decker, Inc. 3,804,379 0.3

17,392 ⁽¹⁾ Stericycle, Inc. 638,112 0.0

7,413 ⁽¹⁾ Teledyne Technologies, Inc. 1,535,010 0.1

13,840 Terex Corp. 381,569 0.0

51,073 Textron, Inc. 2,348,847 0.2

14,393 Timken Co. 537,147 0.0

21,640 Toro Co. 1,209,243 0.1

10,179 ⁽¹⁾ TransDigm Group, Inc. 3,461,471 0.3

38,628 TransUnion 2,194,070 0.2

30,545 Trinity Industries, Inc. 628,922 0.0

51,376 ⁽¹⁾ United Continental Holdings, Inc. 4,301,712 0.3

17,006 ⁽¹⁾ United Rentals, Inc. 1,743,625 0.1

24,189 ⁽¹⁾ Univar, Inc. 429,113 0.0

17,107 USG Corp. 729,785 0.1

4,537 Valmont Industries, Inc. 503,380 0.0

33,688 ⁽¹⁾ Verisk Analytics, Inc. 3,673,340 0.3

10,936 ⁽¹⁾ WABCO Holdings, Inc. 1,173,870 0.1

18,036 ⁽²⁾ Wabtec Corp. 1,267,029 0.1

6,692 Watsco, Inc. 931,125 0.1

27,299 ⁽¹⁾ Welbilt, Inc. 303,292 0.0

9,854 ⁽¹⁾ Wesco International, Inc. 472,992 0.0

9,543 WW Grainger, Inc. 2,694,561 0.2

26,272 ⁽¹⁾ XPO Logistics, Inc. 1,498,555 0.1

37,633 Xylem, Inc. 2,510,874 0.2

180,938,724 13.3

Information Technology: 17.6%

11,481 ⁽¹⁾ 2U, Inc. 570,835 0.0

196,702 ⁽¹⁾ Advanced Micro Devices, Inc. 3,631,119 0.3

33,248 ⁽¹⁾ Akamai Technologies, Inc. 2,030,788 0.1

9,957 Alliance Data Systems Corp. 1,494,347 0.1

649 Amdocs Ltd. 38,018 0.0

29,351 Amdocs Ltd. 1,719,382 0.1

61,986 Amphenol Corp. 5,022,106 0.4

77,587 Analog Devices, Inc. 6,659,292 0.5

17,494 ⁽¹⁾ ANSYS, Inc. 2,500,592 0.2

12,110 ⁽¹⁾ Arista Networks, Inc. 2,551,577 0.2

34,273 ⁽¹⁾ ARRIS International PLC 1,047,726 0.1

18,261 ⁽¹⁾ Arrow Electronics, Inc. 1,259,096 0.1

14,998 ⁽¹⁾ Aspen Technology, Inc. 1,232,536 0.1

20,832 ⁽¹⁾ Atlassian Corp. PLC 1,853,631 0.1

46,072 ⁽¹⁾ Autodesk, Inc. 5,925,320 0.4

23,178 Avnet, Inc. 836,726 0.1

29,808 ⁽¹⁾ Black Knight, Inc. 1,343,148 0.1

29,227 Booz Allen Hamilton Holding Corp. 1,317,261 0.1

24,309 Broadridge Financial Solutions, Inc. ADR 2,339,741 0.2

58,635 ⁽¹⁾ Cadence Design Systems, Inc. 2,549,450 0.2

27,187 CDK Global, Inc. 1,301,714 0.1

30,745 CDW Corp. 2,491,882 0.2

7,364 ⁽¹⁾ Ceridian HCM Holding, Inc. 253,984 0.0

28,410 Citrix Systems, Inc. 2,910,889 0.2

34,712 Cognex Corp. 1,342,313 0.1

5,074 ⁽¹⁾ Coherent, Inc. 536,373 0.0

39,845 ⁽¹⁾ CommScope Holding Co., Inc. 653,060 0.0

39,983 ⁽¹⁾ Conduent, Inc. 425,019 0.0

16,859 ⁽¹⁾ CoreLogic, Inc. 563,428 0.0

165,560 Corning, Inc. 5,001,568 0.4

75,209 Cypress Semiconductor Corp. 956,658 0.1

26,634 ⁽¹⁾ Dell Technologies, Inc. 1,301,618 0.1

15,432 ⁽¹⁾ DocuSign, Inc. 618,515 0.0

13,075 Dolby Laboratories, Inc. 808,558 0.1

59,009 DXC Technology Co. 3,137,508 0.2

10,028 ⁽¹⁾ EchoStar Corp. 368,228 0.0

1,695 ^(1),(2) Elastic NV 121,159 0.0

10,769 ⁽¹⁾ EPAM Systems, Inc. 1,249,312 0.1

10,333 ⁽¹⁾ Euronet Worldwide, Inc. 1,057,893 0.1

12,833 ⁽¹⁾ F5 Networks, Inc. 2,079,331 0.2

6,020 ⁽¹⁾ Fair Isaac Corp. 1,125,740 0.1

68,530 Fidelity National Information Services, Inc. 7,027,751 0.5

40,584 ⁽¹⁾ FireEye, Inc. 657,867 0.0

114,205 ⁽¹⁾ First Data Corp. 1,931,207 0.1

17,204 ⁽¹⁾ First Solar, Inc. 730,396 0.1

83,731 ⁽¹⁾ Fiserv, Inc. 6,153,391 0.4

18,432 ⁽¹⁾ FleetCor Technologies, Inc. 3,423,191 0.2

28,224 Flir Systems, Inc. 1,228,873 0.1

29,593 ⁽¹⁾ Fortinet, Inc. 2,084,235 0.2

18,593 ⁽¹⁾ Gartner, Inc. 2,376,929 0.2

30,874 Genpact Ltd. 833,289 0.1

33,363 Global Payments, Inc. 3,440,726 0.3

33,621 ⁽¹⁾ GoDaddy, Inc. 2,206,210 0.2

17,017 ⁽¹⁾ Guidewire Software, Inc. 1,365,274 0.1

7,567 ⁽¹⁾ IPG Photonics Corp. 857,265 0.1

33,215 Jabil, Inc. 823,400 0.1

16,159 Jack Henry & Associates, Inc. 2,044,437 0.1

71,649 Juniper Networks, Inc. 1,928,075 0.1

39,305 ⁽¹⁾ Keysight Technologies, Inc. 2,440,054 0.2

32,172 KLA-Tencor Corp. 2,879,072 0.2

32,587 Lam Research Corp. 4,437,372 0.3

29,632 Leidos Holdings, Inc. 1,562,199 0.1

5,057 Littelfuse, Inc. 867,174 0.1

10,572 LogMeIn, Inc. 862,358 0.1

13,708 ⁽¹⁾ Manhattan Associates, Inc. 580,808 0.0

116,378 Marvell Technology Group Ltd. 1,884,160 0.1

58,447 Maxim Integrated Products 2,972,030 0.2

48,313 ⁽²⁾ Microchip Technology, Inc. 3,474,671 0.3

See Accompanying Notes to Financial Statements

82

Voya Russell™ Mid Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

11,209 MKS Instruments, Inc. 724,213 0.1

8,538 Monolithic Power Systems, Inc. 992,542 0.1

34,042 Motorola Solutions, Inc. 3,916,192 0.3

23,181 National Instruments Corp. 1,051,954 0.1

24,763 ⁽¹⁾ NCR Corp. 571,530 0.0

55,037 NetApp, Inc. 3,284,058 0.2

59,916 ⁽¹⁾ Nuance Communications, Inc. 792,689 0.1

29,381 ⁽¹⁾ Nutanix, Inc. 1,221,956 0.1

17,990 ⁽¹⁾ Okta, Inc. 1,147,762 0.1

87,529 ⁽¹⁾ ON Semiconductor Corp. 1,445,104 0.1

19,109 ⁽¹⁾ Palo Alto Networks, Inc. 3,599,180 0.3

67,426 Paychex, Inc. 4,392,804 0.3

10,417 ⁽¹⁾ Paycom Software, Inc. 1,275,562 0.1

7,897 Pegasystems, Inc. 377,713 0.0

5,012 ^(1),(2) Pluralsight, Inc. 118,033 0.0

10,555 ⁽¹⁾ Proofpoint, Inc. 884,615 0.1

24,516 ⁽¹⁾ PTC, Inc. 2,032,376 0.1

34,515 ⁽¹⁾ Pure Storage, Inc. 555,001 0.0

26,187 ⁽¹⁾ Qorvo, Inc. 1,590,336 0.1

15,014 ⁽¹⁾ RealPage, Inc. 723,525 0.1

37,192 ⁽¹⁾ Red Hat, Inc. 6,532,403 0.5

14,322 ⁽¹⁾ RingCentral, Inc. 1,180,706 0.1

57,850 Sabre Corp. 1,251,874 0.1

37,354 ⁽¹⁾ ServiceNow, Inc. 6,650,880 0.5

37,517 Skyworks Solutions, Inc. 2,514,389 0.2

5,264 ⁽¹⁾ SolarWinds Corp. 72,801 0.0

30,764 ⁽¹⁾ Splunk, Inc. 3,225,605 0.2

61,429 ⁽¹⁾ Square, Inc. 3,445,553 0.3

43,295 SS&C Technologies Holdings, Inc. 1,953,037 0.1

7,880 ⁽²⁾ Switch, Inc. 55,160 0.0

133,578 Symantec Corp. 2,523,956 0.2

31,075 ⁽¹⁾ Synopsys, Inc. 2,617,758 0.2

14,981 ⁽¹⁾ Tableau Software, Inc. 1,797,720 0.1

24,906 ⁽¹⁾ Teradata Corp. 955,394 0.1

37,603 Teradyne, Inc. 1,179,982 0.1

37,797 Total System Services, Inc. 3,072,518 0.2

52,358 ⁽¹⁾ Trimble, Inc. 1,723,102 0.1

15,483 ^(1),(2) Twilio, Inc. 1,382,632 0.1

8,014 ⁽¹⁾ Tyler Technologies, Inc. 1,489,161 0.1

3,153 ⁽²⁾ Ubiquiti Networks, Inc. 313,440 0.0

6,378 ⁽¹⁾ Ultimate Software Group, Inc. 1,561,781 0.1

8,926 ⁽²⁾ Universal Display Corp. 835,206 0.1

22,107 ⁽¹⁾ VeriSign, Inc. 3,278,247 0.2

22,813 Versum Materials, Inc. 632,376 0.0

60,887 Western Digital Corp. 2,250,992 0.2

93,920 Western Union Co. 1,602,275 0.1

8,658 ⁽¹⁾ WEX, Inc. 1,212,639 0.1

30,494 ⁽¹⁾ Workday, Inc. 4,869,282 0.4

62,873 ⁽¹⁾ Worldpay, Inc. 4,805,383 0.4

43,829 Xerox Corp. 866,061 0.1

53,498 Xilinx, Inc. 4,556,425 0.3

11,076 ⁽¹⁾ Zebra Technologies Corp. 1,763,631 0.1

22,076 ⁽¹⁾ Zendesk, Inc. 1,288,576 0.1

239,457,945 17.6

Materials: 5.0%

22,184 Albemarle Corp. 1,709,721 0.1

39,229 ⁽¹⁾ Alcoa Corp. 1,042,707 0.1

13,051 Aptargroup, Inc. 1,227,708 0.1

3,877 Ardagh Group SA 42,957 0.0

13,082 Ashland Global Holdings, Inc. 928,299 0.1

18,137 Avery Dennison Corp. 1,629,247 0.1

44,370 ⁽¹⁾ Axalta Coating Systems Ltd. 1,039,145 0.1

70,138 Ball Corp. 3,224,945 0.2

19,004 Bemis Co., Inc. 872,284 0.1

27,642 ⁽¹⁾ Berry Plastics Group, Inc. 1,313,824 0.1

12,431 Cabot Corp. 533,787 0.0

28,057 Celanese Corp. 2,524,288 0.2

48,424 CF Industries Holdings, Inc. 2,106,928 0.2

35,940 Chemours Co. 1,014,227 0.1

27,134 ⁽¹⁾ Crown Holdings, Inc. 1,127,960 0.1

13,104 Domtar Corp. 460,343 0.0

9,727 Eagle Materials, Inc. 593,639 0.0

29,619 Eastman Chemical Co. 2,165,445 0.2

28,149 FMC Corp. 2,081,900 0.2

303,981 Freeport-McMoRan, Inc. 3,134,044 0.2

64,926 Graphic Packaging Holding Co. 690,813 0.0

45,795 Huntsman Corp. 883,386 0.1

21,189 International Flavors & Fragrances, Inc. 2,845,047 0.2

85,882 International Paper Co. 3,466,198 0.3

13,193 Martin Marietta Materials, Inc. 2,267,481 0.2

73,724 Mosaic Co. 2,153,478 0.2

1,622 NewMarket Corp. 668,410 0.0

111,978 Newmont Mining Corp. 3,880,038 0.3

65,949 Nucor Corp. 3,416,818 0.2

35,024 Olin Corp. 704,333 0.1

33,425 ⁽¹⁾ Owens-Illinois, Inc. 576,247 0.0

19,624 Packaging Corp. of America 1,637,819 0.1

46,586 ⁽¹⁾ Platform Specialty Products Corp. 481,233 0.0

14,340 Reliance Steel & Aluminum Co. 1,020,578 0.1

13,676 Royal Gold, Inc. 1,171,349 0.1

27,564 RPM International, Inc. 1,620,212 0.1

8,438 Scotts Miracle-Gro Co. 518,599 0.0

32,835 Sealed Air Corp. 1,143,971 0.1

16,236 Silgan Holdings, Inc. 383,494 0.0

20,639 Sonoco Products Co. 1,096,550 0.1

46,213 Steel Dynamics, Inc. 1,388,239 0.1

37,009 United States Steel Corp. 675,044 0.0

40,046 Valvoline, Inc. 774,890 0.1

27,606 Vulcan Materials Co. 2,727,473 0.2

7,638 Westlake Chemical Corp. 505,406 0.0

52,762 WestRock Co. 1,992,293 0.1

13,938 WR Grace & Co. 904,716 0.1

68,367,513 5.0

Real Estate: 9.1%

22,323 Alexandria Real Estate Equities, Inc. 2,572,503 0.2

28,591 American Campus Communities, Inc. 1,183,382 0.1

54,270 American Homes 4 Rent 1,077,260 0.1

32,418 Apartment Investment & Management Co. - Class A 1,422,502 0.1

See Accompanying Notes to Financial Statements

83

Voya Russell™ Mid Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

45,466 Apple Hospitality REIT, Inc. 648,345 0.0

29,000 AvalonBay Communities, Inc. 5,047,450 0.4

32,444 Boston Properties, Inc. 3,651,572 0.3

36,858 Brandywine Realty Trust 474,362 0.0

63,315 Brixmor Property Group, Inc. 930,097 0.1

26,339 Brookfield Property REIT, Inc. 424,058 0.0

18,637 Camden Property Trust 1,640,988 0.1

66,725 ⁽¹⁾ CBRE Group, Inc. 2,671,669 0.2

100,907 Colony Capital, Inc. 472,245 0.0

24,830 Columbia Property Trust, Inc. 480,461 0.0

7,637 Coresite Realty Corp. 666,176 0.1

21,663 Corporate Office Properties Trust SBI MD 455,573 0.0

38,913 CubeSmart 1,116,414 0.1

21,969 CyrusOne, Inc. 1,161,721 0.1

43,179 Digital Realty Trust, Inc. 4,600,722 0.3

33,708 Douglas Emmett, Inc. 1,150,454 0.1

74,900 Duke Realty Corp. 1,939,910 0.1

29,756 Empire State Realty Trust, Inc. 423,428 0.0

15,476 EPR Properties 990,928 0.1

24,644 Equity Commonwealth 739,566 0.1

17,970 Equity Lifestyle Properties, Inc. 1,745,426 0.1

75,388 Equity Residential 4,976,362 0.4

13,807 Essex Property Trust, Inc. 3,385,614 0.2

25,617 Extra Space Storage, Inc. 2,317,826 0.2

15,294 Federal Realty Investment Trust 1,805,304 0.1

42,315 Gaming and Leisure Properties, Inc. 1,367,198 0.1

98,770 HCP, Inc. 2,758,646 0.2

43,291 Healthcare Trust of America, Inc. 1,095,695 0.1

21,335 Highwoods Properties, Inc. 825,451 0.1

34,158 Hospitality Properties Trust 815,693 0.1

153,795 Host Hotels & Resorts, Inc. 2,563,763 0.2

8,146 ⁽¹⁾ Howard Hughes Corp. 795,213 0.1

32,352 Hudson Pacific Properties, Inc. 940,149 0.1

62,705 Invitation Homes, Inc. 1,259,116 0.1

59,628 Iron Mountain, Inc. 1,932,544 0.1

21,956 JBG Smith Properties 764,288 0.1

9,518 Jones Lang LaSalle, Inc. 1,204,979 0.1

20,734 Kilroy Realty Corp. 1,303,754 0.1

85,354 Kimco Realty Corp. 1,250,436 0.1

17,709 Lamar Advertising Co. 1,225,109 0.1

30,953 Liberty Property Trust 1,296,312 0.1

9,619 Life Storage, Inc. 894,471 0.1

28,549 Macerich Co. 1,235,601 0.1

76,164 Medical Properties Trust, Inc. 1,224,717 0.1

23,811 Mid-America Apartment Communities, Inc. 2,278,713 0.2

33,247 National Retail Properties, Inc. 1,612,812 0.1

41,560 ⁽²⁾ Omega Healthcare Investors, Inc. 1,460,834 0.1

29,086 Outfront Media, Inc. 527,038 0.0

42,924 Paramount Group, Inc. 539,125 0.0

42,188 Park Hotels & Resorts, Inc. 1,096,044 0.1

27,069 Rayonier, Inc. 749,541 0.1

24,686 ⁽²⁾ Realogy Holdings Corp. 362,390 0.0

61,990 Realty Income Corp. 3,907,850 0.3

31,894 Regency Centers Corp. 1,871,540 0.1

45,145 Retail Properties of America, Inc. 489,823 0.0

3,203 Retail Value, Inc. 81,965 0.0

23,534 ⁽¹⁾ SBA Communications Corp. 3,809,919 0.3

49,361 Senior Housing Properties Trust 578,511 0.0

32,031 SITE Centers Corp. 354,583 0.0

17,299 SL Green Realty Corp. 1,368,005 0.1

17,961 Spirit Realty Capital, Inc. 633,125 0.0

40,220 Store Capital Corp. 1,138,628 0.1

17,651 Sun Communities, Inc. 1,795,283 0.1

12,435 Taubman Centers, Inc. 565,668 0.0

55,718 UDR, Inc. 2,207,547 0.2

35,253 ⁽¹⁾ Uniti Group, Inc. 548,889 0.0

74,775 Ventas, Inc. 4,381,067 0.3

203,581 Vereit, Inc. 1,455,604 0.1

84,166 VICI Properties, Inc. 1,580,637 0.1

36,200 Vornado Realty Trust 2,245,486 0.2

25,066 Weingarten Realty Investors 621,887 0.0

78,194 Welltower, Inc. 5,427,446 0.4

157,440 Weyerhaeuser Co. 3,441,638 0.3

33,382 WP Carey, Inc. 2,181,180 0.2

124,238,231 9.1

Utilities: 6.8%

138,831 AES Corp. 2,007,496 0.2

49,552 Alliant Energy Corp. 2,093,572 0.2

51,075 Ameren Corp. 3,331,622 0.2

37,940 American Water Works Co., Inc. 3,443,814 0.3

37,365 Aqua America, Inc. 1,277,509 0.1

22,854 Atmos Energy Corp. 2,119,023 0.2

11,777 Avangrid, Inc. 589,910 0.0

105,300 Centerpoint Energy, Inc. 2,972,619 0.2

59,152 CMS Energy Corp. 2,936,897 0.2

65,416 Consolidated Edison, Inc. 5,001,707 0.4

37,989 DTE Energy Co. 4,190,187 0.3

66,749 Edison International 3,789,341 0.3

37,980 Entergy Corp. 3,268,939 0.2

55,167 Evergy, Inc. 3,131,831 0.2

66,510 Eversource Energy 4,325,810 0.3

102,110 FirstEnergy Corp. 3,834,231 0.3

22,720 Hawaiian Electric Industries 832,006 0.1

40,722 MDU Resources Group, Inc. 970,812 0.1

17,045 National Fuel Gas Co. 872,363 0.1

76,118 NiSource, Inc. 1,929,591 0.1

60,816 NRG Energy, Inc. 2,408,314 0.2

41,871 OGE Energy Corp. 1,640,924 0.1

108,607 ⁽¹⁾ PG&E Corp. 2,579,416 0.2

23,443 Pinnacle West Capital Corp. 1,997,344 0.1

151,602 PPL Corp. 4,294,885 0.3

See Accompanying Notes to Financial Statements

84

Voya Russell™ Mid Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

105,985 Public Service Enterprise Group, Inc. 5,516,519 0.4

57,503 Sempra Energy 6,221,250 0.5

36,264 UGI Corp. 1,934,684 0.1

17,468 Vectren Corp. 1,257,347 0.1

83,005 ⁽¹⁾ Vistra Energy Corp. 1,899,984 0.1

66,295 WEC Energy Group, Inc. 4,591,592 0.3

106,867 Xcel Energy, Inc. 5,265,337 0.4

92,526,876 6.8

Total Common Stock

(Cost $787,510,916) 1,333,714,090 98.0

Principal
Amount† Value Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 2.7%

Securities Lending Collateral⁽⁴⁾: 1.1%

3,707,301 Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $3,707,982, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $3,781,447, due 01/25/19-10/20/68) 3,707,301 0.3

3,707,301 Daiwa Capital Markets, Repurchase Agreement dated 12/31/18, 3.05%, due 01/02/19 (Repurchase Amount $3,707,921, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $3,781,447, due 01/25/19-02/01/49) 3,707,301 0.3

777,032 Mizuho Securities USA LLC, Repurchase Agreement dated 12/31/18, 2.92%, due 01/02/19 (Repurchase Amount $777,156, collateralized by various U.S. Government Securities, 1.875%-2.625%, Market Value plus accrued interest $792,573, due 02/29/24-09/09/49) 777,032 0.0

3,707,301 RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $3,707,914, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $3,781,447, due 10/01/25-10/20/48) 3,707,301 0.3

3,707,301 State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/18, 3.37%, due 01/02/19 (Repurchase Amount $3,707,986, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $3,781,506, due 07/15/20-02/15/47) 3,707,301 0.2

15,606,236 1.1

Shares Value Percentage
of Net
Assets

Mutual Funds: 1.6%

21,810,000 ⁽⁵⁾ Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340%

(Cost $21,810,000) 21,810,000 1.6

Total Short-Term Investments

(Cost $37,416,236) 37,416,236 2.7

Total Investments in Securities
(Cost $824,927,152) $ 1,371,130,326 100.7

Liabilities in Excess of Other Assets (9,937,553 ) (0.7 )

Net Assets $ 1,361,192,773 100.0

† 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) Investment in affiliate

(4) Represents securities purchased with cash collateral received for securities on loan.

(5) Rate shown is the 7-day yield as of December 31, 2018.

See Accompanying Notes to Financial Statements

85

Voya Russell™ Small Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018

Shares Value Percentage
of Net
Assets

COMMON STOCK: 97.4%

Communication Services: 3.2%

23,034 ⁽¹⁾ AMC Entertainment Holdings, Inc. 282,858 0.0

4,588 ATN International, Inc. 328,180 0.1

16,966 ⁽²⁾ Boingo Wireless, Inc. 348,991 0.1

2,714 ^(1),(2) Boston Omaha Corp. 63,508 0.0

2,794 ⁽²⁾ Cardlytics, Inc. 30,259 0.0

8,323 ⁽²⁾ Care.com, Inc. 160,717 0.0

20,796 ⁽²⁾ Cargurus, Inc. 701,449 0.1

30,166 ^(1),(2) Cars.com, Inc. 648,569 0.1

40,362 ⁽²⁾ Central European Media Enterprises Ltd. 112,206 0.0

18,696 ⁽²⁾ Cincinnati Bell, Inc. 145,455 0.0

16,451 ⁽²⁾ Clear Channel Outdoor Holdings, Inc. 85,381 0.0

17,416 Cogent Communications Holdings, Inc. 787,377 0.1

29,724 ⁽¹⁾ Consolidated Communications Holdings, Inc. 293,673 0.0

691 ^(1),(2) Daily Journal Corp. 161,694 0.0

11,056 Emerald Expositions Events, Inc. 136,431 0.0

55,124 Entercom Communications Corp. 314,758 0.0

28,885 Entravision Communications Corp. 84,055 0.0

15,305 ^(1),(2) Eros International PLC 126,879 0.0

20,480 EW Scripps Co. 322,150 0.0

15,331 ⁽²⁾ Fluent, Inc. 55,192 0.0

44,469 ⁽¹⁾ Frontier Communications Corp. 105,836 0.0

47,446 Gannett Co., Inc. 404,714 0.1

47,562 ⁽²⁾ Glu Mobile, Inc. 383,825 0.1

23,826 ^(1),(2) Gogo, Inc. 71,240 0.0

33,961 ⁽²⁾ Gray Television, Inc. 500,585 0.1

22,783 ^(1),(2) Imax Corp. 428,548 0.1

23,144 ^(1),(2) Intelsat SA 495,050 0.1

39,706 ⁽²⁾ Iridium Communications, Inc. 732,576 0.1

19,995 ⁽²⁾ Liberty Media Corp. - Braves C 497,676 0.1

30,154 ⁽²⁾ Liberty TripAdvisor Holdings, Inc. 479,147 0.1

18,286 ⁽²⁾ Liberty Latin America Ltd. - Class A 264,781 0.0

45,781 ⁽²⁾ Liberty Latin America Ltd. - Class C 667,029 0.1

11,999 ⁽²⁾ LiveXLive Media, Inc. 59,395 0.0

6,397 ⁽²⁾ Loral Space & Communications, Inc. 238,288 0.0

9,019 Marcus Corp. 356,251 0.1

25,906 ⁽²⁾ MDC Partners, Inc. 67,615 0.0

28,570 ⁽²⁾ Meet Group, Inc./The 132,279 0.0

16,184 ⁽¹⁾ Meredith Corp. 840,597 0.1

24,854 ⁽²⁾ MSG Networks, Inc. 585,560 0.1

33,111 National CineMedia, Inc. 214,559 0.0

25,206 New Media Investment Group, Inc. 291,633 0.0

53,338 ⁽¹⁾ New York Times Co. 1,188,904 0.2

18,373 ⁽¹⁾ Nexstar Media Group, Inc. 1,444,853 0.2

35,974 ^(1),(2) NII Holdings, Inc. 158,645 0.0

8,192 ⁽²⁾ Ooma, Inc. 113,705 0.0

31,113 ⁽²⁾ Orbcomm, Inc. 256,993 0.0

105,800 ^(1),(2) Pandora Media, Inc. 855,922 0.1

4,289 ⁽²⁾ pdvWireless, Inc. 160,366 0.0

17,925 ⁽²⁾ QuinStreet, Inc. 290,923 0.0

8,336 ⁽²⁾ Rosetta Stone, Inc. 136,710 0.0

12,180 Scholastic Corp. 490,367 0.1

19,582 Shenandoah Telecommunications Co. 866,504 0.1

28,012 Sinclair Broadcast Group, Inc. 737,836 0.1

8,901 Spok Holdings, Inc. 118,027 0.0

8,126 ⁽²⁾ TechTarget, Inc. 99,219 0.0

84,702 TEGNA, Inc. 920,711 0.1

8,604 ⁽²⁾ Tribune Publishing Co. 97,569 0.0

36,974 ⁽²⁾ TrueCar, Inc. 334,985 0.1

90,195 ⁽²⁾ Vonage Holdings Corp. 787,402 0.1

12,122 ⁽²⁾ WideOpenWest, Inc. 86,430 0.0

15,057 ^(1),(2) Windstream Holdings, Inc. 31,469 0.0

17,695 World Wrestling Entertainment, Inc. 1,322,170 0.2

33,285 ⁽²⁾ Yelp, Inc. 1,164,642 0.2

24,671,318 3.2

Consumer Discretionary: 11.8%

11,720 ⁽²⁾ 1-800-Flowers.com, Inc. 143,336 0.0

28,244 Aarons, Inc. 1,187,660 0.2

27,884 Abercrombie & Fitch Co. 559,074 0.1

13,525 Acushnet Holdings Corp. 284,972 0.0

24,222 ⁽²⁾ Adtalem Global Education, Inc. 1,146,185 0.2

45,163 ⁽²⁾ American Axle & Manufacturing Holdings, Inc. 501,309 0.1

65,344 American Eagle Outfitters, Inc. 1,263,100 0.2

23,285 ⁽²⁾ American Outdoor Brands Corp. 299,445 0.0

7,234 ⁽²⁾ American Public Education, Inc. 205,880 0.0

2,652 ⁽²⁾ America's Car-Mart, Inc. 192,137 0.0

8,141 ⁽²⁾ Asbury Automotive Group, Inc. 542,679 0.1

71,577 ⁽²⁾ Ascena Retail Group, Inc. 179,658 0.0

18,816 ⁽²⁾ At Home Group, Inc. 351,107 0.1

16,588 ⁽²⁾ Barnes & Noble Education, Inc. 66,518 0.0

25,241 Barnes & Noble, Inc. 178,959 0.0

5,200 Bassett Furniture Industries, Inc. 104,208 0.0

27,621 BBX Capital Corp. 158,268 0.0

13,471 ⁽²⁾ Beazer Homes USA, Inc. 127,705 0.0

52,602 ⁽¹⁾ Bed Bath & Beyond, Inc. 595,455 0.1

37,627 ⁽²⁾ Belmond Ltd. 941,804 0.1

7,936 ⁽¹⁾ Big 5 Sporting Goods Corp. 20,554 0.0

16,492 Big Lots, Inc. 476,949 0.1

46 ⁽²⁾ Biglari Holdings, Inc. - Class A 27,033 0.0

See Accompanying Notes to Financial Statements

86

Voya Russell™ Small Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

464 ⁽²⁾ Biglari Holdings, Inc. - Class B 52,701 0.0

8,713 BJ's Restaurants, Inc. 440,616 0.1

34,243 Bloomin Brands, Inc. 612,607 0.1

7,334 ⁽²⁾ Bojangles', Inc. 117,931 0.0

11,981 ⁽²⁾ Boot Barn Holdings, Inc. 204,036 0.0

35,035 Boyd Gaming Corp. 728,027 0.1

15,883 Brinker International, Inc. 698,534 0.1

12,736 ⁽¹⁾ Buckle, Inc. 246,314 0.0

17,910 Caleres, Inc. 498,435 0.1

39,976 Callaway Golf Co. 611,633 0.1

13,768 ⁽¹⁾ Camping World Holdings, Inc. 157,919 0.0

30,621 ⁽²⁾ Career Education Corp. 349,692 0.1

16,122 ⁽²⁾ Carrols Restaurant Group, Inc. 158,640 0.0

13,438 ^(1),(2) Carvana Co. 439,557 0.1

10,058 Cato Corp. 143,528 0.0

3,650 ⁽²⁾ Cavco Industries, Inc. 475,887 0.1

11,674 ^(1),(2) Century Communities, Inc. 201,493 0.0

17,123 Cheesecake Factory 745,022 0.1

44,567 ⁽²⁾ Chegg, Inc. 1,266,594 0.2

52,856 Chico's FAS, Inc. 297,051 0.0

6,587 Childrens Place, Inc./The 593,423 0.1

4,964 Churchill Downs, Inc. 1,210,918 0.2

7,536 ⁽²⁾ Chuy's Holdings, Inc. 133,689 0.0

5,771 Citi Trends, Inc. 117,671 0.0

5,336 Clarus Corp. 54,000 0.0

8,724 ⁽²⁾ Conn's, Inc. 164,535 0.0

8,790 ⁽²⁾ Container Store Group, Inc. 41,928 0.0

20,709 Cooper Tire & Rubber Co. 669,522 0.1

7,299 ⁽²⁾ Cooper-Standard Holdings, Inc. 453,414 0.1

19,197 Core-Mark Holding Co., Inc. 446,330 0.1

7,513 ⁽¹⁾ Cracker Barrel Old Country Store, Inc. 1,201,028 0.2

27,969 ⁽²⁾ CROCS, Inc. 726,635 0.1

5,604 Culp, Inc. 105,916 0.0

57,776 Dana, Inc. 787,487 0.1

16,489 Dave & Buster's Entertainment, Inc. 734,750 0.1

11,974 ⁽²⁾ Deckers Outdoor Corp. 1,532,073 0.2

13,452 ⁽²⁾ Del Friscos Restaurant Group, Inc. 96,182 0.0

13,403 ⁽²⁾ Del Taco Restaurants, Inc. 133,896 0.0

27,816 ⁽²⁾ Denny's Corp. 450,897 0.1

4,906 ⁽¹⁾ Dillards, Inc. 295,881 0.0

7,023 Dine Brands Global, Inc. 472,929 0.1

11,012 ⁽²⁾ Dorman Products, Inc. 991,300 0.1

24,295 ^(1),(2) Drive Shack, Inc. 95,236 0.0

27,711 DSW, Inc. 684,462 0.1

4,198 ^(1),(2) Duluth Holdings, Inc. 105,916 0.0

9,713 ⁽²⁾ El Pollo Loco Holdings, Inc. 147,346 0.0

27,170 ⁽²⁾ Eldorado Resorts, Inc. 983,826 0.1

10,728 Ethan Allen Interiors, Inc. 188,706 0.0

49,288 ⁽²⁾ Etsy, Inc. 2,344,630 0.3

29,908 ⁽²⁾ Express, Inc. 152,830 0.0

10,977 ⁽²⁾ Fiesta Restaurant Group, Inc. 170,253 0.0

22,505 ⁽²⁾ Five Below, Inc. 2,302,712 0.3

3,544 Flexsteel Industries, Inc. 78,252 0.0

19,139 ⁽²⁾ Fossil Group, Inc. 301,056 0.0

14,876 ⁽²⁾ Fox Factory Holding Corp. 875,750 0.1

14,857 ⁽²⁾ Francesca's Holdings Corp. 14,423 0.0

4,227 ^(1),(2) Funko, Inc. 55,585 0.0

3,982 ^(1),(2) Gaia, Inc. 41,254 0.0

40,373 ⁽¹⁾ GameStop Corp. 509,507 0.1

8,257 ⁽²⁾ Genesco, Inc. 365,785 0.1

15,014 ⁽²⁾ Gentherm, Inc. 600,260 0.1

18,168 ⁽²⁾ G-III Apparel Group Ltd. 506,706 0.1

34,003 ⁽²⁾ GNC Holdings, Inc. 80,587 0.0

8,359 ^(1),(2) Golden Entertainment, Inc. 133,911 0.0

47,687 ^(1),(2) GoPro, Inc. 202,193 0.0

12,287 ⁽²⁾ Green Brick Partners, Inc. 88,958 0.0

7,819 Group 1 Automotive, Inc. 412,218 0.1

180,456 ⁽²⁾ Groupon, Inc. 577,459 0.1

24,401 Guess?, Inc. 506,809 0.1

8,008 ⁽²⁾ Habit Restaurants, Inc. 84,084 0.0

2,652 Hamilton Beach Brands Holding Co. 62,216 0.0

8,866 Haverty Furniture Cos., Inc. 166,503 0.0

10,865 ⁽²⁾ Helen of Troy Ltd. 1,425,271 0.2

7,883 ⁽²⁾ Hibbett Sports, Inc. 112,727 0.0

4,832 Hooker Furniture Corp. 127,275 0.0

44,631 ⁽²⁾ Houghton Mifflin Harcourt Co. 395,431 0.1

50,228 ⁽²⁾ Hovnanian Enterprises, Inc. 34,351 0.0

16,925 ⁽²⁾ Hudson Ltd. 290,264 0.0

9,740 ⁽²⁾ Installed Building Products, Inc. 328,141 0.1

10,598 International Speedway Corp. 464,828 0.1

11,107 ⁽²⁾ iRobot Corp. 930,100 0.1

7,979 ⁽²⁾ J Alexander's Holdings, Inc. 65,667 0.0

8,169 ⁽²⁾ J. Jill, Inc. 43,541 0.0

11,101 Jack in the Box, Inc. 861,771 0.1

125,969 ^(1),(2) JC Penney Co., Inc. 131,008 0.0

2,216 Johnson Outdoors, Inc. 130,168 0.0

16,509 ⁽²⁾ K12, Inc. 409,258 0.1

35,603 KB Home 680,017 0.1

7,089 ⁽²⁾ Kirkland's, Inc. 67,558 0.0

4,942 ^(1),(2) Lands' End, Inc. 70,226 0.0

38,655 ⁽²⁾ Laureate Education Inc.- Class A 589,102 0.1

19,886 La-Z-Boy, Inc. 551,041 0.1

10,049 LCI Industries 671,273 0.1

6,865 ⁽²⁾ Leaf Group Ltd. 47,025 0.0

7,919 ^(1),(2) LGI Homes, Inc. 358,097 0.1

21,740 ⁽²⁾ Liberty Expedia Holdings, Inc. 850,251 0.1

6,146 Lifetime Brands, Inc. 61,644 0.0

11,618 ⁽²⁾ Liquidity Services, Inc. 71,683 0.0

9,256 Lithia Motors, Inc. 706,510 0.1

2,161 ⁽²⁾ Lovesac Co/The 49,573 0.0

11,259 ^(1),(2) Lumber Liquidators Holdings, Inc. 107,186 0.0

12,290 ⁽²⁾ M/I Homes, Inc. 258,336 0.0

9,085 ⁽²⁾ Malibu Boats, Inc. 316,158 0.0

8,777 ⁽²⁾ MarineMax, Inc. 160,707 0.0

16,020 Marriott Vacations Worldwide Corp. 1,129,570 0.2

See Accompanying Notes to Financial Statements

87

Voya Russell™ Small Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

8,072 ⁽²⁾ MasterCraft Boat Holdings, Inc. 150,946 0.0

18,976 MDC Holdings, Inc. 533,415 0.1

15,753 ⁽²⁾ Meritage Homes Corp. 578,450 0.1

21,848 ⁽²⁾ Modine Manufacturing Co. 236,177 0.0

4,407 ⁽²⁾ Monarch Casino & Resort, Inc. 168,083 0.0

13,011 Monro, Inc. 894,506 0.1

8,284 ⁽²⁾ Motorcar Parts of America, Inc. 137,846 0.0

7,263 Movado Group, Inc. 229,656 0.0

12,035 ⁽²⁾ Murphy USA, Inc. 922,362 0.1

1,128 Nathan's Famous, Inc. 74,956 0.0

25,580 ⁽²⁾ National Vision Holdings, Inc. 720,589 0.1

13,560 ⁽²⁾ Nautilus, Inc. 147,804 0.0

6,208 ⁽²⁾ Noodles & Co. 43,394 0.0

12,388 NutriSystem, Inc. 543,585 0.1

226,797 Office Depot, Inc. 585,136 0.1

20,332 ⁽²⁾ Ollie's Bargain Outlet Holdings, Inc. 1,352,281 0.2

9,634 ^(1),(2) Overstock.com, Inc. 130,830 0.0

6,985 Oxford Industries, Inc. 496,214 0.1

9,134 Papa John's International, Inc. 363,625 0.1

24,271 ⁽²⁾ Party City Holdco, Inc. 242,225 0.0

45,183 ⁽²⁾ Penn National Gaming, Inc. 850,796 0.1

8,710 ⁽¹⁾ PetMed Express, Inc. 202,595 0.0

30,054 Pier 1 Imports, Inc. 9,191 0.0

36,560 ⁽²⁾ Planet Fitness, Inc. 1,960,347 0.3

9,436 ⁽²⁾ PlayAGS, Inc. 217,028 0.0

11,413 ⁽²⁾ Potbelly Corp. 91,875 0.0

33,223 ⁽²⁾ Quotient Technology, Inc. 354,822 0.1

3,183 RCI Hospitality Holdings, Inc. 71,076 0.0

6,562 ⁽²⁾ Red Lion Hotels Corp. 53,808 0.0

5,310 ⁽²⁾ Red Robin Gourmet Burgers, Inc. 141,883 0.0

29,461 Red Rock Resorts, Inc. 598,353 0.1

15,863 ⁽²⁾ Regis Corp. 268,878 0.0

13,820 ^(1),(2) Remark Holdings, Inc. 16,722 0.0

18,833 ⁽²⁾ Rent-A-Center, Inc. 304,906 0.0

8,232 ^(1),(2) RH 986,358 0.1

2,653 Rocky Brands, Inc. 68,978 0.0

17,820 ^(1),(2) Roku, Inc. 546,005 0.1

13,614 Ruth's Hospitality Group, Inc. 309,446 0.0

48,760 ⁽²⁾ Sally Beauty Holdings, Inc. 831,358 0.1

23,307 ^(1),(2) Scientific Games Corp. 416,729 0.1

23,166 ⁽²⁾ SeaWorld Entertainment, Inc. 511,737 0.1

10,061 ⁽²⁾ Shake Shack, Inc. 456,971 0.1

4,383 Shoe Carnival, Inc. 146,874 0.0

14,027 ⁽²⁾ Shutterfly, Inc. 564,727 0.1

8,225 Shutterstock, Inc. 296,182 0.0

21,598 Signet Jewelers Ltd. 686,168 0.1

12,904 Skyline Champion Corp. 189,560 0.0

13,853 ⁽²⁾ Sleep Number Corp. 439,556 0.1

10,674 Sonic Automotive, Inc. 146,874 0.0

6,863 ^(1),(2) Sonos, Inc. 67,395 0.0

15,096 ⁽²⁾ Sotheby's 599,915 0.1

6,307 Speedway Motorsports, Inc. 102,615 0.0

17,638 ^(1),(2) Sportsman's Warehouse Holdings, Inc. 77,254 0.0

7,211 ⁽²⁾ Stamps.com, Inc. 1,122,320 0.2

9,185 Standard Motor Products, Inc. 444,830 0.1

35,508 Steven Madden Ltd. 1,074,472 0.1

12,066 ⁽²⁾ Stoneridge, Inc. 297,427 0.0

8,784 Strategic Education, Inc. 996,281 0.1

7,030 Sturm Ruger & Co., Inc. 374,137 0.1

10,627 Superior Industries International 51,116 0.0

21,200 Tailored Brands, Inc. 289,168 0.0

43,573 ⁽²⁾ Taylor Morrison Home Corp. 692,811 0.1

19,878 Tenneco, Inc. 544,458 0.1

27,284 Texas Roadhouse, Inc. 1,628,855 0.2

16,940 Tile Shop Holdings, Inc. 92,831 0.0

7,959 Tilly's, Inc. 86,435 0.0

14,863 ⁽²⁾ TopBuild Corp. 668,835 0.1

9,343 Tower International, Inc. 222,363 0.0

6,373 ⁽²⁾ Town Sports International Holdings, Inc. 40,787 0.0

60,143 ⁽²⁾ TRI Pointe Group, Inc. 657,363 0.1

19,548 Tupperware Brands Corp. 617,130 0.1

3,287 ⁽²⁾ Turtle Beach Corp. 46,905 0.0

7,657 ⁽²⁾ Unifi, Inc. 174,886 0.0

5,865 ⁽²⁾ Universal Electronics, Inc. 148,267 0.0

9,419 ⁽²⁾ Vera Bradley, Inc. 80,721 0.0

24,446 ⁽²⁾ Vista Outdoor, Inc. 277,462 0.0

10,016 ^(1),(2) Vuzix Corp. 48,177 0.0

15,870 ⁽²⁾ Weight Watchers International, Inc. 611,789 0.1

3,766 Weyco Group, Inc. 109,854 0.0

13,606 ⁽²⁾ William Lyon Homes 145,448 0.0

12,088 Wingstop, Inc. 775,929 0.1

939 Winmark Corp. 149,301 0.0

13,319 Winnebago Industries 322,453 0.0

37,783 Wolverine World Wide, Inc. 1,204,900 0.2

6,656 ⁽²⁾ YETI Holdings, Inc. 98,775 0.0

11,015 ⁽²⁾ Zagg, Inc. 107,727 0.0

8,060 ⁽²⁾ Zumiez, Inc. 154,510 0.0

90,247,592 11.8

Consumer Staples: 2.8%

47,701 ⁽²⁾ 22nd Century Group, Inc. 118,776 0.0

11,974 Andersons, Inc. 357,903 0.1

27,215 ⁽¹⁾ B&G Foods, Inc. 786,786 0.1

29,944 ⁽²⁾ BJ's Wholesale Club Holdings, Inc. 663,559 0.1

3,384 ⁽²⁾ Boston Beer Co., Inc. 815,003 0.1

6,745 ⁽¹⁾ Calavo Growers, Inc. 492,115 0.1

12,862 Cal-Maine Foods, Inc. 544,063 0.1

52,875 ⁽²⁾ Castle Brands, Inc. 44,970 0.0

20,272 ⁽²⁾ Central Garden & Pet Co. - A 633,500 0.1

9,735 ⁽²⁾ Chefs' Warehouse Holdings, Inc. 311,325 0.0

2,100 Coca-Cola Bottling Co. Consolidated 372,498 0.1

5,020 ⁽²⁾ Craft Brew Alliance, Inc. 71,836 0.0

67,282 ⁽²⁾ Darling Ingredients, Inc. 1,294,506 0.2

36,965 Dean Foods Co. 140,837 0.0

See Accompanying Notes to Financial Statements

88

Voya Russell™ Small Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

21,272 ⁽²⁾ Edgewell Personal Care Co. 794,509 0.1

9,665 ^(1),(2) elf Beauty, Inc. 83,699 0.0

4,078 ⁽²⁾ Farmer Bros Co. 95,140 0.0

13,090 Fresh Del Monte Produce, Inc. 370,054 0.1

11,063 ⁽²⁾ Freshpet, Inc. 355,786 0.0

39,944 ⁽²⁾ Hostess Brands, Inc. 436,987 0.1

6,501 Ingles Markets, Inc. 176,957 0.0

7,691 Inter Parfums, Inc. 504,299 0.1

6,222 J&J Snack Foods Corp. 899,639 0.1

4,086 John B Sanfilippo & Son, Inc. 227,427 0.0

7,475 Lancaster Colony Corp. 1,322,029 0.2

12,937 ⁽²⁾ Landec Corp. 153,174 0.0

5,919 Limoneira Co. 115,716 0.0

4,772 Medifast, Inc. 596,595 0.1

5,817 ⁽¹⁾ MGP Ingredients, Inc. 331,860 0.0

5,153 National Beverage Corp. 369,831 0.1

3,842 ⁽²⁾ Natural Grocers by Vitamin Cottage, Inc. 58,898 0.0

4,412 ⁽¹⁾ Natural Health Trends Corp. 81,578 0.0

41,475 ⁽²⁾ Performance Food Group Co. 1,338,398 0.2

9,385 Pricesmart, Inc. 554,654 0.1

13,530 ⁽²⁾ Primo Water Corp. 189,555 0.0

3,611 ^(1),(2) Pyxus International, Inc. 42,826 0.0

3,810 ^(1),(2) Revlon, Inc. - Class A 95,974 0.0

434,545 ^(1),(2) Rite Aid Corp. 307,788 0.0

8,445 Sanderson Farms, Inc. 838,504 0.1

3,682 ⁽²⁾ Seneca Foods Corp. 103,906 0.0

26,240 ⁽²⁾ Simply Good Foods Co/The 495,936 0.1

10,390 ⁽²⁾ Smart & Final Stores, Inc. 49,249 0.0

15,146 SpartanNash Co. 260,208 0.0

7,830 ⁽¹⁾ Tootsie Roll Industries, Inc. 261,522 0.0

3,347 Turning Point Brands, Inc. 91,105 0.0

21,599 ⁽²⁾ United Natural Foods, Inc. 228,733 0.0

10,407 Universal Corp. 563,539 0.1

5,217 ⁽²⁾ USANA Health Sciences, Inc. 614,197 0.1

43,163 Vector Group Ltd. 419,976 0.1

5,732 WD-40 Co. 1,050,446 0.1

4,475 Weis Markets, Inc. 213,816 0.0

21,342,187 2.8

Energy: 3.4%

66,290 ⁽²⁾ Abraxas Petroleum Corp. 72,256 0.0

38,666 ⁽²⁾ Alta Mesa Resources, Inc. 38,666 0.0

7,241 Arch Coal, Inc. 600,931 0.1

53,025 Archrock, Inc. 397,157 0.1

14,753 ⁽²⁾ Ardmore Shipping Corp. 68,897 0.0

8,014 ⁽²⁾ Basic Energy Services, Inc. 30,774 0.0

8,253 ⁽²⁾ Bonanza Creek Energy, Inc. 170,590 0.0

13,444 ^(1),(2) Bristow Group, Inc. 32,669 0.0

25,784 ⁽²⁾ C&J Energy Services, Inc. 348,084 0.1

15,595 ⁽²⁾ Cactus, Inc. 427,459 0.1

18,942 ⁽²⁾ California Resources Corp. 322,772 0.1

93,560 ⁽²⁾ Callon Petroleum Co. 607,204 0.1

9,466 ^(1),(2) CARBO Ceramics, Inc. 32,942 0.0

36,052 ⁽²⁾ Carrizo Oil & Gas, Inc. 407,027 0.1

54,979 ⁽²⁾ Clean Energy Fuels Corp. 94,564 0.0

31,246 ⁽²⁾ Cloud Peak Energy, Inc. 11,445 0.0

11,671 ⁽²⁾ CONSOL Energy, Inc. 370,087 0.1

13,104 ^(1),(2) Covia Holdings Corp. 44,816 0.0

7,139 CVR Energy, Inc. 246,153 0.0

9,493 ⁽²⁾ Dawson Geophysical Co. 32,086 0.0

33,454 Delek US Holdings, Inc. 1,087,590 0.2

192,006 ⁽²⁾ Denbury Resources, Inc. 328,330 0.1

40,811 DHT Holdings, Inc. 159,979 0.0

26,735 ⁽²⁾ Diamond Offshore Drilling 252,378 0.0

11,051 ⁽²⁾ Dorian L.P.G Ltd. 64,427 0.0

14,983 ⁽²⁾ Dril-Quip, Inc. 449,940 0.1

8,878 ⁽²⁾ Earthstone Energy, Inc. 40,129 0.0

38,699 ⁽²⁾ Eclipse Resources Corp. 40,634 0.0

34,207 ^(1),(2) Energy Fuels, Inc./Canada 97,490 0.0

12,968 ⁽²⁾ EP Energy Corp. 9,078 0.0

9,629 ⁽²⁾ Era Group, Inc. 84,157 0.0

10,656 Evolution Petroleum Corp. 72,674 0.0

14,587 ⁽²⁾ Exterran Corp. 258,190 0.0

33,146 ⁽²⁾ Forum Energy Technologies, Inc. 136,893 0.0

31,273 ^(1),(2) Frank's International N.V. 163,245 0.0

34,966 ^(1),(2) Frontline Ltd./Bermuda 193,362 0.0

13,549 ⁽²⁾ FTS International, Inc. 96,333 0.0

18,624 GasLog Ltd. 306,551 0.1

39,242 ⁽¹⁾ Golar LNG Ltd. 853,906 0.1

17,456 Green Plains, Inc. 228,848 0.0

71,092 ⁽²⁾ Gulfport Energy Corp. 465,653 0.1

55,032 ^(1),(2) Halcon Resources Corp. 93,554 0.0

59,401 ⁽²⁾ Helix Energy Solutions Group, Inc. 321,359 0.1

48,029 ⁽²⁾ HighPoint Resources Corp. 119,592 0.0

18,763 ⁽²⁾ Independence Contract Drilling, Inc. 58,541 0.0

10,255 ⁽²⁾ International Seaways, Inc. 172,694 0.0

4,070 ⁽²⁾ ION Geophysical Corp. 21,083 0.0

27,260 ^(1),(2) Jagged Peak Energy, Inc. 248,611 0.0

22,429 ⁽²⁾ Keane Group, Inc. 183,469 0.0

5,060 ⁽²⁾ Key Energy Services, Inc. 10,474 0.0

8,441 ⁽²⁾ KLX Energy Services Holdings, Inc. 197,941 0.0

62,201 ⁽²⁾ Laredo Petroleum, Inc. 225,168 0.0

18,204 ⁽¹⁾ Liberty Oilfield Services, Inc. 235,742 0.0

20,088 ⁽²⁾ Lilis Energy, Inc. 27,521 0.0

5,446 Mammoth Energy Services, Inc. 97,919 0.0

44,480 ⁽²⁾ Matador Resources Co. 690,774 0.1

11,780 ⁽²⁾ Matrix Service Co. 211,333 0.0

74,373 ⁽²⁾ McDermott International, Inc. 486,399 0.1

5,684 ⁽²⁾ Midstates Petroleum Co., Inc. 42,687 0.0

1,740 Nacco Industries, Inc. 58,986 0.0

See Accompanying Notes to Financial Statements

89

Voya Russell™ Small Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

6,454 ⁽²⁾ Natural Gas Services Group, Inc. 106,104 0.0

5,430 ^(1),(2) NCS Multistage Holdings, Inc. 27,639 0.0

38,876 ⁽²⁾ Newpark Resources, Inc. 267,078 0.0

6,711 ⁽²⁾ Nine Energy Service, Inc. 151,266 0.0

102,046 ⁽²⁾ Noble Corp. PLC 267,361 0.0

57,665 Nordic American Tankers Ltd. 115,330 0.0

83,273 ⁽²⁾ Northern Oil And Gas, Inc. 188,197 0.0

109,963 ⁽²⁾ Oasis Petroleum, Inc. 608,095 0.1

38,852 ⁽²⁾ Oceaneering International, Inc. 470,109 0.1

23,956 ⁽²⁾ Oil States International, Inc. 342,092 0.1

21,710 ⁽²⁾ Overseas Shipholding Group, Inc. 36,039 0.0

7,528 Panhandle Oil and Gas, Inc. 116,684 0.0

15,715 ⁽²⁾ Par Pacific Holdings, Inc. 222,839 0.0

27,216 ⁽²⁾ PDC Energy, Inc. 809,948 0.1

32,070 Peabody Energy Corp. 977,494 0.1

5,433 ⁽²⁾ Penn Virginia Corp. 293,708 0.0

7,127 ^(1),(2) PHI, Inc. 13,185 0.0

33,278 ⁽²⁾ Pioneer Energy Services Corp. 40,932 0.0

29,177 ⁽²⁾ ProPetro Holding Corp. 359,461 0.1

15,724 ⁽²⁾ Renewable Energy Group, Inc. 404,107 0.1

9,527 ⁽²⁾ Resolute Energy Corp. 276,092 0.0

2,595 ⁽²⁾ REX American Resources Corp. 176,745 0.0

6,545 ⁽²⁾ RigNet, Inc. 82,729 0.0

22,706 ⁽²⁾ Ring Energy, Inc. 115,347 0.0

51,793 ⁽²⁾ Rowan Companies PLC 434,543 0.1

27,768 ^(1),(2) Sanchez Energy Corp. 7,497 0.0

15,097 ⁽²⁾ SandRidge Energy, Inc. 114,888 0.0

184,248 ⁽¹⁾ Scorpio Tankers, Inc. 324,276 0.1

7,332 ⁽²⁾ SEACOR Holdings, Inc. 271,284 0.0

7,315 ⁽²⁾ SEACOR Marine Holdings, Inc. 86,024 0.0

20,102 ^(1),(2) Select Energy Services, Inc. 127,045 0.0

31,942 ⁽¹⁾ SemGroup Corp.  - Class A 440,161 0.1

31,823 Ship Finance International Ltd. 335,096 0.1

3,404 ⁽²⁾ SilverBow Resources, Inc. 80,471 0.0

9,431 ^(1),(2) Smart Sand Inc. 20,937 0.0

11,729 Solaris Oilfield Infrastructure, Inc. 141,804 0.0

240,330 ⁽²⁾ Southwestern Energy Co. 819,525 0.1

101,981 ⁽²⁾ SRC Energy, Inc. 479,311 0.1

66,014 ⁽²⁾ Superior Energy Services 221,147 0.0

8,590 ⁽²⁾ Talos Energy, Inc. 140,189 0.0

27,413 ⁽¹⁾ Teekay Corp. 91,559 0.0

77,777 Teekay Tankers Ltd. Class A 72,177 0.0

35,997 ^(1),(2) Tellurian, Inc. 250,179 0.0

49,988 ⁽²⁾ Tetra Technologies, Inc. 83,980 0.0

10,030 ⁽²⁾ Tidewater, Inc. 191,874 0.0

72,859 ^(1),(2) Ultra Petroleum Corp. 55,380 0.0

22,430 ⁽²⁾ Unit Corp. 320,300 0.1

65,225 ⁽²⁾ Uranium Energy Corp. 81,531 0.0

33,528 US Silica Holdings, Inc. 341,315 0.1

41,504 ⁽²⁾ W&T Offshore, Inc. 170,996 0.0

12,704 ⁽²⁾ WildHorse Resource Development Corp. 179,253 0.0

28,084 World Fuel Services Corp. 601,278 0.1

22,101 ⁽²⁾ Zion Oil & Gas, Inc. 9,225 0.0

26,212,039 3.4

Financials: 17.7%

8,986 1st Source Corp. 362,495 0.1

7,385 Access National Corp. 157,522 0.0

1,276 ACNB Corp. 50,083 0.0

14,664 AG Mortgage Investment Trust, Inc. 233,598 0.0

6,910 ⁽²⁾ Allegiance Bancshares, Inc. 223,677 0.0

19,287 ⁽²⁾ Ambac Financial Group, Inc. 332,508 0.1

36,871 American Equity Investment Life Holding Co. 1,030,176 0.1

16,555 Ameris Bancorp. 524,297 0.1

8,172 Amerisafe, Inc. 463,271 0.1

5,884 Ames National Corp. 149,571 0.0

53,564 Anworth Mortgage Asset Corp. 216,399 0.0

48,641 Apollo Commercial Real Estate Finance, Inc. 810,359 0.1

32,368 Arbor Realty Trust, Inc. 325,946 0.1

10,674 Ares Commercial Real Estate Corp. 139,189 0.0

13,593 Argo Group International Holdings Ltd. 914,129 0.1

18,085 ARMOUR Residential REIT, Inc. 370,743 0.1

7,737 Arrow Financial Corp. 247,739 0.0

19,319 Artisan Partners Asset Management, Inc. 427,143 0.1

1,758 ⁽¹⁾ Associated Capital Group, Inc. 61,934 0.0

11,496 ⁽²⁾ Atlantic Capital Bancshares, Inc. 188,190 0.0

25,048 ⁽²⁾ Axos Financial, Inc. 630,709 0.1

8,252 B. Riley Financial, Inc. 117,178 0.0

19,489 Banc of California, Inc. 259,399 0.0

8,466 Bancfirst Corp. 422,453 0.1

22,403 ⁽²⁾ Bancorp, Inc. 178,328 0.0

35,601 BancorpSouth Bank 930,610 0.1

5,925 Bank of Marin Bancorp 244,347 0.0

23,140 Bank of NT Butterfield & Son Ltd. 725,439 0.1

9,954 BankFinancial Corp. 148,812 0.0

13,968 Banner Corp. 747,009 0.1

6,322 Bar Harbor Bankshares 141,802 0.0

3,620 ⁽²⁾ Baycom Corp. 83,586 0.0

5,893 BCB Bancorp, Inc. 61,700 0.0

31,526 Beneficial Bancorp, Inc. 450,507 0.1

17,705 Berkshire Hills Bancorp, Inc. 477,504 0.1

42,073 Blackstone Mortgage Trust, Inc. 1,340,446 0.2

13,818 Banco Latinoamericano de Comercio Exterior SA 239,051 0.0

19,917 ⁽²⁾ Blucora, Inc. 530,589 0.1

10,592 Blue Hills Bancorp, Inc. 226,033 0.0

See Accompanying Notes to Financial Statements

90

Voya Russell™ Small Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

36,929 Boston Private Financial Holdings, Inc. 390,340 0.1

9,766 Bridge Bancorp, Inc. 248,935 0.0

30,605 BrightSphere Investment Group PLC 326,861 0.1

20,044 OceanFirst Financial Corp. 451,190 0.1

35,392 Brookline Bancorp, Inc. 489,117 0.1

10,745 Bryn Mawr Bank Corp. 369,628 0.1

2,036 Business First Bancshares, Inc. 49,332 0.0

7,707 ⁽²⁾ Byline Bancorp, Inc. 128,399 0.0

28,222 Cadence BanCorp 473,565 0.1

1,405 Cambridge Bancorp 116,966 0.0

8,653 Camden National Corp. 311,248 0.0

28,063 ⁽²⁾ Cannae Holdings, Inc. 480,439 0.1

54,191 Capitol Federal Financial, Inc. 692,019 0.1

4,902 Capstar Financial Holdings, Inc. 72,206 0.0

43,788 Capstead Mortgage Corp. 292,066 0.0

9,861 Carolina Financial Corp. 291,787 0.0

30,323 Cathay General Bancorp. 1,016,730 0.1

9,196 CBTX, Inc. 270,362 0.0

36,960 CenterState Bank Corp. 777,638 0.1

12,160 Central Pacific Financial Corp. 296,096 0.0

6,496 Central Valley Community Bancorp 122,580 0.0

29,408 Chemical Financial Corp. 1,076,627 0.1

8,170 Citizens & Northern Corp. 215,933 0.0

22,894 ^(1),(2) Citizens, Inc. 172,163 0.0

7,162 City Holding Co. 484,080 0.1

5,498 Civista Bancshares, Inc. 95,775 0.0

9,961 CNB Financial Corp. 228,605 0.0

66,753 CNO Financial Group, Inc. 993,285 0.1

2,990 Codorus Valley Bancorp, Inc. 63,538 0.0

9,591 Cohen & Steers, Inc. 329,163 0.1

35,774 Colony Credit Real Estate, Inc. 564,871 0.1

30,073 Columbia Banking System, Inc. 1,091,349 0.2

24,232 ⁽²⁾ Columbia Financial, Inc. 370,507 0.1

20,301 Community Bank System, Inc. 1,183,548 0.2

13,486 ⁽²⁾ Community Bankers Trust Corp. 97,369 0.0

8,271 Community Trust Bancorp, Inc. 327,614 0.1

15,553 ConnectOne Bancorp, Inc. 287,264 0.0

12,783 ⁽²⁾ Cowen, Inc. 170,525 0.0

5,201 ⁽²⁾ Curo Group Holdings Corp. 49,358 0.0

13,740 ⁽²⁾ Customers Bancorp, Inc. 250,068 0.0

44,866 CVB Financial Corp. 907,639 0.1

1,564 Diamond Hill Investment Group, Inc. 233,740 0.0

16,132 Dime Community Bancshares 273,921 0.0

13,758 ⁽²⁾ Donnelley Financial Solutions, Inc. 193,025 0.0

31,807 Dynex Capital, Inc. 181,936 0.0

13,607 ⁽²⁾ Eagle Bancorp, Inc. 662,797 0.1

8,224 ⁽²⁾ eHealth, Inc. 315,966 0.0

9,271 ⁽²⁾ Elevate Credit, Inc. 41,534 0.0

14,057 Employers Holdings, Inc. 589,972 0.1

11,471 ^(1),(2) Encore Capital Group, Inc. 269,569 0.0

14,486 ⁽²⁾ Enova International, Inc. 281,898 0.0

5,078 ⁽²⁾ Enstar Group Ltd. 850,920 0.1

4,069 Enterprise Bancorp, Inc./MA 130,859 0.0

11,078 Enterprise Financial Services Corp. 416,865 0.1

6,169 ⁽²⁾ Equity Bancshares, Inc. 217,457 0.0

2,844 ⁽²⁾ Esquire Financial Holdings, Inc. 61,715 0.0

39,330 ⁽²⁾ Essent Group Ltd. 1,344,299 0.2

2,217 Evans Bancorp, Inc. 72,075 0.0

16,852 Exantas Capital Corp. 168,857 0.0

21,414 ⁽²⁾ Ezcorp, Inc. 165,530 0.0

3,755 Farmers & Merchants Bancorp, Inc./Archbold OH 144,530 0.0

16,244 Farmers National Banc Corp. 206,949 0.0

8,114 FB Financial Corp. 284,152 0.0

4,582 FBL Financial Group, Inc. 300,808 0.0

39,039 Federated Investors, Inc. 1,036,485 0.1

5,750 FedNat Holding Co. 114,540 0.0

55,479 ⁽²⁾ FGL Holdings 369,490 0.1

1,287 Fidelity D&D Bancorp, Inc. 82,600 0.0

9,871 Fidelity Southern Corp. 256,843 0.0

8,923 Financial Institutions, Inc. 229,321 0.0

87,527 First BanCorp. Puerto Rico 752,732 0.1

13,758 First BanCorp. Southern Pines NC 449,336 0.1

6,145 First Bancshares, Inc./The 185,886 0.0

20,718 First Busey Corp. 508,420 0.1

43,884 First Commonwealth Financial Corp. 530,119 0.1

7,999 First Community Bancshares, Inc. 251,809 0.0

12,016 First Defiance Financial Corp. 294,512 0.0

40,004 First Financial Bancorp. 948,895 0.1

26,867 ⁽¹⁾ First Financial Bankshares, Inc. 1,549,957 0.2

7,011 First Financial Corp. 281,492 0.0

17,980 ⁽²⁾ First Foundation, Inc. 231,223 0.0

3,478 First Internet Bancorp 71,090 0.0

11,515 First Interstate Bancsystem, Inc. 420,988 0.1

19,421 First Merchants Corp. 665,558 0.1

5,858 First Mid-Illinois Bancshares, Inc. 186,987 0.0

42,602 First Midwest Bancorp., Inc. 843,946 0.1

11,021 First of Long Island Corp. 219,869 0.0

3,265 First United Corp. 51,979 0.0

18,093 FirstCash, Inc. 1,309,029 0.2

13,850 ⁽²⁾ Flagstar Bancorp, Inc. 365,640 0.1

15,274 Flushing Financial Corp. 328,849 0.1

8,537 ⁽²⁾ Focus Financial Partners, Inc. 224,779 0.0

See Accompanying Notes to Financial Statements

91

Voya Russell™ Small Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

5,698 ⁽²⁾ Franklin Financial Network, Inc. 150,256 0.0

1,531 FS Bancorp, Inc. 65,649 0.0

68,522 Fulton Financial Corp. 1,060,721 0.1

15,168 ⁽¹⁾ GAIN Capital Holdings, Inc. 93,435 0.0

2,926 GAMCO Investors, Inc. 49,420 0.0

208,396 ⁽²⁾ Genworth Financial, Inc. 971,125 0.1

10,893 German American Bancorp, Inc. 302,499 0.0

33,507 Glacier Bancorp., Inc. 1,327,547 0.2

3,281 Global Indemnity Ltd. 118,871 0.0

4,223 ^(1),(2) Goosehead Insurance, Inc. 111,023 0.0

21,143 Granite Point Mortgage Trust, Inc. 381,208 0.1

6,953 Great Southern Bancorp., Inc. 320,047 0.1

24,942 Great Western Bancorp, Inc. 779,438 0.1

11,513 Green Bancorp, Inc. 197,333 0.0

19,758 ⁽²⁾ Green Dot Corp. 1,571,156 0.2

7,947 Greenhill & Co., Inc. 193,907 0.0

13,694 ⁽²⁾ Greenlight Capital Re Ltd. 118,042 0.0

11,396 Guaranty Bancorp 236,467 0.0

2,698 Guaranty Bancshares, Inc./TX 80,454 0.0

6,259 Hamilton Lane, Inc. 231,583 0.0

33,954 Hancock Whitney Corp. 1,176,506 0.2

15,295 Hanmi Financial Corp. 301,312 0.0

8,380 ^(1),(2) HarborOne Bancorp, Inc. 133,158 0.0

3,428 HCI Group, Inc. 174,177 0.0

5,729 ^(1),(2) Health Insurance Innovations, Inc. 153,136 0.0

11,697 Heartland Financial USA, Inc. 514,083 0.1

18,696 Heritage Commerce Corp. 212,013 0.0

15,661 Heritage Financial Corp. 465,445 0.1

9,862 Heritage Insurance Holdings, Inc. 145,169 0.0

30,522 Hilltop Holdings, Inc. 544,207 0.1

512 Hingham Institution for Savings 101,243 0.0

1,965 Home Bancorp, Inc. 69,561 0.0

65,931 Home Bancshares, Inc./Conway AR 1,077,313 0.1

12,212 ⁽²⁾ HomeStreet, Inc. 259,261 0.0

10,704 HomeTrust Bancshares, Inc. 280,231 0.0

54,288 Hope Bancorp, Inc. 643,856 0.1

17,194 Horace Mann Educators Corp. 643,915 0.1

20,193 Horizon Bancorp/IN 318,646 0.1

12,206 Houlihan Lokey, Inc. 449,181 0.1

4,766 ⁽²⁾ Howard Bancorp, Inc. 68,154 0.0

21,477 Iberiabank Corp. 1,380,542 0.2

5,187 ⁽²⁾ Impac Mortgage Holdings, Inc. 19,607 0.0

11,812 Independent Bank Corp. 830,502 0.1

12,514 Independent Bank Corp. Michigan 263,044 0.0

8,765 Independent Bank Group, Inc. 401,174 0.1

22,828 International Bancshares Corp. 785,283 0.1

7,187 ⁽²⁾ Intl. FCStone, Inc. 262,900 0.0

47,311 Invesco Mortgage Capital, Inc. 685,063 0.1

4,819 Investar Holding Corp. 119,511 0.0

14,592 Investment Technology Group, Inc. 441,262 0.1

99,069 Investors Bancorp, Inc. 1,030,318 0.1

590 Investors Title Co. 104,241 0.0

10,386 James River Group Holdings Ltd. 379,504 0.1

41,484 Kearny Financial Corp./MD 531,825 0.1

21,628 Kemper Corp. 1,435,667 0.2

4,140 Kingstone Cos, Inc. 73,237 0.0

7,744 Kinsale Capital Group, Inc. 430,257 0.1

5,091 KKR Real Estate Finance Trust, Inc. 97,493 0.0

36,318 Ladder Capital Corp. 561,839 0.1

50,562 Ladenburg Thalmann Financial Services, Inc. 117,809 0.0

20,429 Lakeland Bancorp, Inc. 302,553 0.0

11,809 Lakeland Financial Corp. 474,249 0.1

20,781 LegacyTexas Financial Group, Inc. 666,862 0.1

136,108 ⁽²⁾ LendingClub Corp. 357,964 0.1

3,285 ^(1),(2) LendingTree, Inc. 721,287 0.1

11,820 Live Oak Bancshares, Inc. 175,054 0.0

29,527 Maiden Holdings Ltd. 48,720 0.0

4,094 ⁽²⁾ Malvern Bancorp, Inc. 80,775 0.0

4,123 Marlin Business Services Corp. 92,067 0.0

34,036 MB Financial, Inc. 1,348,847 0.2

37,079 ⁽²⁾ MBIA, Inc. 330,745 0.1

7,697 Mercantile Bank Corp. 217,517 0.0

7,942 Merchants Bancorp/IN 158,522 0.0

23,638 Meridian Bancorp, Inc. 338,496 0.1

13,101 Meta Financial Group, Inc. 254,028 0.0

2,485 ⁽²⁾ Metropolitan Bank Holding Corp. 76,662 0.0

147,995 ⁽²⁾ MGIC Investment Corp. 1,548,028 0.2

9,712 Midland States Bancorp, Inc. 216,966 0.0

4,551 MidWestOne Financial Group, Inc. 113,001 0.0

18,331 Moelis & Co. 630,220 0.1

30,832 ⁽²⁾ Mr Cooper Group, Inc. 359,809 0.1

12,996 National Bank Holdings Corp. 401,187 0.1

3,717 National Bankshares, Inc. 135,410 0.0

8,094 ⁽²⁾ National Commerce Corp. 291,384 0.0

25,717 National General Holdings Corp. 622,609 0.1

1,083 National Western Life Group, Inc. 325,658 0.1

8,732 Navigators Group, Inc. 606,787 0.1

19,986 NBT Bancorp., Inc. 691,316 0.1

8,522 Nelnet, Inc. 446,041 0.1

63,655 New York Mortgage Trust, Inc. 374,928 0.1

5,021 ⁽²⁾ Nicolet Bankshares, Inc. 245,025 0.0

26,765 ⁽²⁾ NMI Holdings, Inc. 477,755 0.1

24,203 Northfield Bancorp, Inc. 327,951 0.1

See Accompanying Notes to Financial Statements

92

Voya Russell™ Small Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

39,792 Northwest Bancshares, Inc. 674,076 0.1

3,210 Norwood Financial Corp. 105,930 0.0

45,466 ⁽²⁾ Ocwen Financial Corp. 60,924 0.0

19,021 OFG Bancorp 313,086 0.0

7,215 Old Line Bancshares, Inc. 189,899 0.0

57,507 Old National Bancorp. 885,608 0.1

16,251 Old Second Bancorp, Inc. 211,263 0.0

23,527 ⁽²⁾ On Deck Capital, Inc. 138,809 0.0

3,945 Oppenheimer Holdings, Inc. 100,795 0.0

9,397 Opus Bank 184,087 0.0

23,026 ⁽¹⁾ Orchid Island Capital, Inc. 147,136 0.0

8,219 Origin Bancorp, Inc. 280,104 0.0

20,602 Oritani Financial Corp. 303,880 0.0

4,064 Federal Agricultural Mortgage Corp. 245,628 0.0

18,411 ⁽²⁾ Pacific Premier Bancorp, Inc. 469,849 0.1

6,254 Park National Corp. 531,277 0.1

5,757 PCSB Financial Corp. 112,607 0.0

7,783 Peapack Gladstone Financial Corp. 195,976 0.0

27,462 PennyMac Mortgage Investment Trust 511,342 0.1

8,953 PennyMac Financial Services, Inc. 190,341 0.0

10,862 Peoples Bancorp., Inc. 326,946 0.1

4,066 Peoples Financial Services Corp. 179,148 0.0

8,976 People's Utah Bancorp 270,626 0.0

6,191 Piper Jaffray Cos. 407,615 0.1

8,895 PJT Partners, Inc. 344,770 0.1

19,069 ⁽²⁾ PRA Group, Inc. 464,712 0.1

6,282 Preferred Bank/Los Angeles CA 272,325 0.0

17,599 Primerica, Inc. 1,719,598 0.2

21,629 ProAssurance Corp. 877,272 0.1

27,234 Provident Financial Services, Inc. 657,156 0.1

6,103 QCR Holdings, Inc. 195,845 0.0

88,353 Radian Group, Inc. 1,445,455 0.2

8,212 RBB Bancorp 144,285 0.0

36,498 Redwood Trust, Inc. 550,025 0.1

3,056 ⁽²⁾ Regional Management Corp. 73,497 0.0

4,090 Reliant Bancorp, Inc. 94,234 0.0

19,754 Renasant Corp. 596,176 0.1

5,029 Republic Bancorp., Inc. 194,723 0.0

21,942 ⁽²⁾ Republic First Bancorp, Inc. 130,994 0.0

15,766 RLI Corp. 1,087,696 0.2

16,172 S&T Bancorp, Inc. 611,948 0.1

11,462 ^(1),(2) Safeguard Scientifics, Inc. 98,802 0.0

6,933 Safety Insurance Group, Inc. 567,189 0.1

15,282 Sandy Spring Bancorp, Inc. 478,938 0.1

19,446 ⁽²⁾ Seacoast Banking Corp. of Florida 505,985 0.1

23,882 Selective Insurance Group 1,455,369 0.2

21,174 ServisFirst Bancshares, Inc. 674,815 0.1

4,180 ⁽²⁾ Siebert Financial Corp. 60,443 0.0

5,242 Sierra Bancorp. 125,965 0.0

36,205 Simmons First National Corp. 873,627 0.1

3,726 ⁽²⁾ SmartFinancial, Inc. 68,074 0.0

14,774 South State Corp. 885,701 0.1

4,967 ⁽²⁾ Southern First Bancshares, Inc. 159,292 0.0

5,382 Southern National Bancorp of Virginia, Inc. 71,150 0.0

14,880 Southside Bancshares, Inc. 472,440 0.1

8,353 State Auto Financial Corp. 284,336 0.0

17,336 State Bank Financial Corp. 374,284 0.1

10,705 Sterling Bancorp, Inc./MI 74,400 0.0

10,025 Stewart Information Services Corp. 415,035 0.1

28,112 Stifel Financial Corp. 1,164,399 0.2

10,376 Stock Yards Bancorp, Inc. 340,333 0.1

3,361 Summit Financial Group, Inc. 64,901 0.0

5,804 Territorial Bancorp, Inc. 150,788 0.0

35,096 ⁽²⁾ Third Point Reinsurance Ltd. 338,325 0.1

16,339 Tiptree Financial, Inc. 91,335 0.0

7,257 Tompkins Financial Corp. 544,348 0.1

28,877 TowneBank/Portsmouth VA 691,604 0.1

11,543 TPG RE Finance Trust, Inc. 211,006 0.0

13,262 Trico Bancshares 448,123 0.1

12,090 ⁽²⁾ Tristate Capital Holdings, Inc. 235,271 0.0

10,149 ⁽²⁾ Triumph Bancorp, Inc. 301,425 0.0

10,723 ^(1),(2) Trupanion, Inc. 273,008 0.0

49,345 Trustco Bank Corp. 338,507 0.1

26,739 Trustmark Corp. 760,190 0.1

18,156 UMB Financial Corp. 1,106,971 0.2

25,293 Union Bankshares Corp. 714,021 0.1

40,761 ⁽¹⁾ United Bankshares, Inc. 1,268,075 0.2

30,798 United Community Banks, Inc./GA 660,925 0.1

30,938 United Community Financial Corp. 273,801 0.0

25,726 United Financial Bancorp, Inc. 378,172 0.1

9,468 United Fire Group, Inc. 525,001 0.1

10,446 United Insurance Holdings Corp. 173,613 0.0

13,495 Universal Insurance Holdings, Inc. 511,730 0.1

14,364 Univest Corp. of Pennsylvania 309,831 0.0

123,286 Valley National Bancorp 1,094,780 0.2

10,260 ⁽²⁾ Veritex Holdings, Inc. 219,359 0.0

3,152 Virtus Investment Partners, Inc. 250,363 0.0

32,012 Waddell & Reed Financial, Inc. 578,777 0.1

11,908 Walker & Dunlop, Inc. 515,021 0.1

35,335 Washington Federal, Inc. 943,798 0.1

See Accompanying Notes to Financial Statements

93

Voya Russell™ Small Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

7,936 Washington Trust Bancorp, Inc. 377,198 0.1

15,953 Waterstone Financial, Inc. 267,372 0.0

22,187 WesBanco, Inc. 814,041 0.1

10,741 ⁽¹⁾ Westamerica Bancorp. 598,059 0.1

22,605 Western Asset Mortgage Capital Corp. 188,526 0.0

11,712 Western New England Bancorp, Inc. 117,588 0.0

4,879 Westwood Holdings Group, Inc. 165,886 0.0

50,154 WisdomTree Investments, Inc. 333,524 0.1

2,803 ⁽²⁾ World Acceptance Corp. 286,635 0.0

13,426 WSFS Financial Corp. 508,980 0.1

134,762,371 17.7

Health Care: 15.2%

5,767 ⁽²⁾ AAC Holdings, Inc. 8,074 0.0

12,969 ^(1),(2) Abeona Therapeutics, Inc. 92,599 0.0

40,341 ⁽²⁾ Acadia Pharmaceuticals, Inc. 652,314 0.1

10,755 ^(1),(2) Accelerate Diagnostics, Inc. 123,682 0.0

16,574 ⁽²⁾ Acceleron Pharma, Inc. 721,798 0.1

35,781 ⁽²⁾ Accuray, Inc. 122,013 0.0

13,932 ^(1),(2) Achaogen, Inc. 17,136 0.0

55,819 ⁽²⁾ Achillion Pharmaceuticals, Inc. 88,752 0.0

14,187 ^(1),(2) Aclaris Therapeutics, Inc. 104,842 0.0

18,711 ⁽²⁾ Acorda Therapeutics, Inc. 291,517 0.0

8,666 ^(1),(2) Adamas Pharmaceuticals, Inc. 74,008 0.0

3,827 ⁽²⁾ Addus HomeCare Corp. 259,777 0.0

20,214 ^(1),(2) Adverum Biotechnologies, Inc. 63,674 0.0

9,689 ^(1),(2) ADMA Biologics, Inc. 23,157 0.0

25,233 ⁽²⁾ Aduro Biotech, Inc. 66,615 0.0

6,991 ⁽²⁾ Aeglea BioTherapeutics, Inc. 52,363 0.0

14,751 ⁽²⁾ Aerie Pharmaceuticals, Inc. 532,511 0.1

34,105 ^(1),(2) Agenus, Inc. 81,170 0.0

3,249 ^(1),(2) AgeX Therapeutics, Inc. 9,715 0.0

17,985 ^(1),(2) Aimmune Therapeutics, Inc. 430,201 0.1

5,401 ^(1),(2) Akcea Therapeutics, Inc. 162,786 0.0

37,426 ⁽²⁾ Akebia Therapeutics, Inc. 206,966 0.0

39,837 ⁽²⁾ Akorn, Inc. 135,047 0.0

3,336 ⁽²⁾ Albireo Pharma, Inc. 81,832 0.0

24,907 ^(1),(2) Alder Biopharmaceuticals, Inc. 255,297 0.0

8,446 ⁽²⁾ Aldeyra Therapeutics, Inc. 70,102 0.0

3,644 ^(1),(2) Allakos, Inc. 190,472 0.0

5,288 ⁽²⁾ Allena Pharmaceuticals, Inc. 28,820 0.0

8,605 ⁽²⁾ Allogene Therapeutics, Inc. 231,733 0.0

73,214 ⁽²⁾ Allscripts Healthcare Solutions, Inc. 705,783 0.1

14,445 ⁽²⁾ AMAG Pharmaceuticals, Inc. 219,420 0.0

10,955 ⁽²⁾ Amedisys, Inc. 1,282,940 0.2

5,807 ⁽²⁾ American Renal Associates Holdings, Inc. 66,897 0.0

78,983 ⁽²⁾ Amicus Therapeutics, Inc. 756,657 0.1

19,081 ⁽²⁾ AMN Healthcare Services, Inc. 1,081,129 0.2

35,611 ⁽²⁾ Amneal Pharmaceuticals, Inc. 481,817 0.1

16,160 ⁽²⁾ Amphastar Pharmaceuticals, Inc. 321,584 0.1

39,169 ⁽²⁾ Ampio Pharmaceuticals, Inc. 15,464 0.0

8,578 ⁽²⁾ AnaptysBio, Inc. 547,191 0.1

16,127 ⁽²⁾ Angiodynamics, Inc. 324,637 0.1

3,502 ⁽²⁾ ANI Pharmaceuticals, Inc. 157,660 0.0

6,446 ⁽²⁾ Anika Therapeutics, Inc. 216,650 0.0

62,618 ⁽²⁾ Antares Pharma, Inc. 170,321 0.0

15,720 ⁽²⁾ Apellis Pharmaceuticals, Inc. 207,347 0.0

1,637 ⁽²⁾ Apollo Medical Holdings, Inc. 32,494 0.0

5,910 ^(1),(2) Aptinyx, Inc. 97,751 0.0

19,530 ⁽²⁾ Aratana Therapeutics, Inc. 119,719 0.0

13,404 ⁽²⁾ Arbutus Biopharma Corp. 51,337 0.0

12,952 ⁽²⁾ Arcus Biosciences, Inc. 139,493 0.0

15,121 ⁽²⁾ Ardelyx, Inc. 27,067 0.0

20,563 ⁽²⁾ Arena Pharmaceuticals, Inc. 800,929 0.1

44,549 ⁽²⁾ Arqule, Inc. 123,401 0.0

84,257 ⁽²⁾ Array Biopharma, Inc. 1,200,662 0.2

36,149 ^(1),(2) Arrowhead Pharmaceuticals, Inc. 448,971 0.1

3,486 ^(1),(2) Arvinas, Inc. 44,795 0.0

8,979 ⁽²⁾ Assembly Biosciences, Inc. 203,105 0.0

23,992 ⁽²⁾ Assertio Therapeutics, Inc. 86,611 0.0

17,145 ⁽²⁾ Atara Biotherapeutics, Inc. 595,617 0.1

17,927 ^(1),(2) Athenex, Inc. 227,494 0.0

43,410 ⁽²⁾ Athersys, Inc. 62,510 0.0

14,874 ⁽²⁾ AtriCure, Inc. 455,144 0.1

636 Atrion Corp. 471,327 0.1

15,046 ⁽²⁾ Audentes Therapeutics, Inc. 320,781 0.1

19,498 ⁽²⁾ Avanos Medical, Inc. 873,315 0.1

42,590 ^(1),(2) AVEO Pharmaceuticals, Inc. 68,144 0.0

22,020 ⁽²⁾ Avid Bioservices, Inc. 90,282 0.0

2,497 ⁽²⁾ Avrobio, Inc. 41,575 0.0

14,082 ⁽²⁾ AxoGen, Inc. 287,695 0.0

15,804 ⁽²⁾ Bellicum Pharmaceuticals, Inc. 46,148 0.0

54,429 ⁽²⁾ BioScrip, Inc. 194,312 0.0

45,599 ⁽²⁾ BioCryst Pharmaceuticals, Inc. 367,984 0.1

11,975 ⁽²⁾ Biohaven Pharmaceutical Holding Co. Ltd. 442,835 0.1

2,437 ⁽²⁾ BioSpecifics Technologies Corp. 147,682 0.0

13,525 ⁽²⁾ BioTelemetry, Inc. 807,713 0.1

32,496 ^(1),(2) Biotime, Inc. 29,669 0.0

17,453 ⁽²⁾ Blueprint Medicines Corp. 940,891 0.1

See Accompanying Notes to Financial Statements

94

Voya Russell™ Small Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

75,069 ⁽²⁾ Brookdale Senior Living, Inc. 502,962 0.1

11,591 ⁽²⁾ Calithera Biosciences, Inc. 46,480 0.0

1,747 ⁽²⁾ Calyxt, Inc. 18,099 0.0

14,083 ⁽²⁾ Cambrex Corp. 531,774 0.1

11,194 ^(1),(2) Capital Senior Living Corp. 76,119 0.0

13,780 ⁽²⁾ Cara Therapeutics, Inc. 179,140 0.0

14,132 ⁽²⁾ Cardiovascular Systems, Inc. 402,621 0.1

14,420 ⁽²⁾ CareDx, Inc. 362,519 0.1

21,893 ⁽²⁾ CASI Pharmaceuticals, Inc. 88,010 0.0

32,585 ⁽²⁾ Castlight Health, Inc. 70,709 0.0

6,308 ⁽²⁾ Catalyst Biosciences, Inc. 49,770 0.0

41,149 ⁽²⁾ Catalyst Pharmaceuticals, Inc. 79,006 0.0

3,011 ⁽²⁾ Celcuity, Inc. 72,234 0.0

4,581 ^(1),(2) Cellular Biomedicine Group, Inc. 80,900 0.0

57,086 ⁽²⁾ Cerus Corp. 289,426 0.0

10,588 ⁽²⁾ ChemoCentryx, Inc. 115,515 0.0

22,359 ⁽²⁾ Chimerix, Inc. 57,463 0.0

20,091 ^(1),(2) ChromaDex Corp. 68,912 0.0

7,586 ⁽²⁾ Civitas Solutions, Inc. 132,831 0.0

11,485 ⁽²⁾ Clearside Biomedical, Inc. 12,289 0.0

20,012 ^(1),(2) Clovis Oncology, Inc. 359,416 0.1

22,086 ⁽²⁾ Codexis, Inc. 368,836 0.1

8,641 ⁽²⁾ Cohbar, Inc. 26,874 0.0

22,212 ⁽²⁾ Coherus Biosciences, Inc. 201,019 0.0

12,410 ^(1),(2) Collegium Pharmaceutical, Inc. 213,080 0.0

37,476 ^(1),(2) Community Health Systems, Inc. 105,682 0.0

5,608 Computer Programs & Systems, Inc. 140,761 0.0

9,069 ⁽²⁾ Concert Pharmaceuticals, Inc. 113,816 0.0

10,959 Conmed Corp. 703,568 0.1

21,836 ^(1),(2) Corbus Pharmaceuticals Holdings, Inc. 127,522 0.0

40,788 ^(1),(2) Corcept Therapeutics, Inc. 544,928 0.1

4,276 ⁽²⁾ Corvel Corp. 263,915 0.0

5,808 ⁽²⁾ Corvus Pharmaceuticals, Inc. 21,315 0.0

3,101 ^(1),(2) Crinetics Pharmaceuticals, Inc. 92,999 0.0

16,063 ⁽²⁾ Cross Country Healthcare, Inc. 117,742 0.0

14,877 ⁽²⁾ CryoLife, Inc. 422,209 0.1

11,329 ^(1),(2) CryoPort, Inc. 124,959 0.0

18,717 ⁽²⁾ CTI BioPharma Corp. 13,731 0.0

6,718 ^(1),(2) Cue Biopharma, Inc. 31,575 0.0

5,293 ⁽²⁾ Cutera, Inc. 90,087 0.0

25,222 ⁽²⁾ Cymabay Therapeutics, Inc. 198,497 0.0

20,041 ⁽²⁾ Cytokinetics, Inc. 126,659 0.0

18,041 ⁽²⁾ CytomX Therapeutics, Inc. 272,419 0.0

12,570 ⁽²⁾ CytoSorbents Corp. 101,566 0.0

3,872 ⁽²⁾ Deciphera Pharmaceuticals, Inc. 81,273 0.0

18,601 ^(1),(2) Denali Therapeutics, Inc. 384,297 0.1

15,434 ⁽²⁾ Dermira, Inc. 110,970 0.0

22,263 ⁽²⁾ Dicerna Pharmaceuticals, Inc. 237,991 0.0

23,641 ⁽²⁾ Diplomat Pharmacy, Inc. 318,208 0.1

4,569 ^(1),(2) Dova Pharmaceuticals, Inc. 34,633 0.0

61,156 ⁽²⁾ Durect Corp. 29,544 0.0

27,228 ^(1),(2) Dynavax Technologies Corp. 249,136 0.0

4,581 ⁽²⁾ Eagle Pharmaceuticals, Inc./DE 184,568 0.0

18,992 ⁽²⁾ Editas Medicine, Inc. 432,068 0.1

3,356 ⁽²⁾ Eidos Therapeutics, Inc. 46,179 0.0

9,223 ⁽²⁾ Eloxx Pharmaceuticals, Inc. 110,768 0.0

18,317 ⁽²⁾ Emergent Biosolutions, Inc. 1,085,832 0.2

7,000 ⁽²⁾ Enanta Pharmaceuticals, Inc. 495,810 0.1

92,599 ⁽²⁾ Endo International PLC 675,973 0.1

34,493 ⁽²⁾ Endologix, Inc. 24,697 0.0

20,667 Ensign Group, Inc. 801,673 0.1

20,254 ⁽²⁾ Enzo Biochem, Inc. 56,306 0.0

24,892 ⁽²⁾ Epizyme, Inc. 153,335 0.0

9,451 ^(1),(2) Esperion Therapeutics, Inc. 434,746 0.1

5,217 ^(1),(2) Evelo Biosciences, Inc. 67,873 0.0

27,882 ⁽²⁾ Evolent Health, Inc. 556,246 0.1

3,559 ^(1),(2) Evolus, Inc. 42,352 0.0

25,112 ⁽²⁾ Fate Therapeutics, Inc. 322,187 0.1

6,411 ⁽²⁾ Fennec Pharmaceuticals, Inc. 40,902 0.0

31,332 ⁽²⁾ FibroGen, Inc. 1,450,045 0.2

14,130 ⁽²⁾ Five Prime Therapeutics, Inc. 131,409 0.0

14,280 ^(1),(2) Flexion Therapeutics, Inc. 161,650 0.0

13,816 ⁽²⁾ Fluidigm Corp. 119,094 0.0

2,729 ⁽²⁾ FONAR Corp. 55,235 0.0

14,506 ⁽²⁾ Fortress Biotech, Inc. 12,475 0.0

3,706 ⁽²⁾ Forty Seven, Inc. 58,258 0.0

9,592 ⁽²⁾ G1 Therapeutics, Inc. 183,687 0.0

26,148 ⁽²⁾ Genesis Healthcare, Inc. 30,855 0.0

19,725 ⁽²⁾ GenMark Diagnostics, Inc. 95,863 0.0

8,956 ⁽²⁾ Genomic Health, Inc. 576,856 0.1

65,206 ⁽²⁾ Geron Corp. 65,206 0.0

13,963 ⁽²⁾ Glaukos Corp. 784,302 0.1

20,518 ⁽²⁾ Global Blood Therapeutics, Inc. 842,264 0.1

29,614 ⁽²⁾ Globus Medical, Inc. 1,281,694 0.2

14,882 ⁽²⁾ GlycoMimetics, Inc. 140,933 0.0

3,379 ⁽²⁾ Gritstone Oncology, Inc. 52,206 0.0

2,733 ⁽²⁾ GTx, Inc. 2,132 0.0

5,759 ⁽²⁾ Guardant Health, Inc. 216,481 0.0

21,151 ⁽²⁾ Haemonetics Corp. 2,116,158 0.3

51,582 ⁽²⁾ Halozyme Therapeutics, Inc. 754,645 0.1

14,990 ⁽²⁾ Harvard Bioscience, Inc. 47,668 0.0

22,193 ⁽²⁾ HealthEquity, Inc. 1,323,812 0.2

12,120 HealthStream, Inc. 292,698 0.0

6,498 ^(1),(2) Helius Medical Technologies, Inc. 59,522 0.0

28,255 ⁽²⁾ Heron Therapeutics, Inc. 732,935 0.1

2,918 ⁽²⁾ Heska Corp. 251,240 0.0

34,652 ⁽²⁾ HMS Holdings Corp. 974,761 0.1

See Accompanying Notes to Financial Statements

95

Voya Russell™ Small Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

6,894 ^(1),(2) Homology Medicines, Inc. 154,150 0.0

68,907 ⁽²⁾ Horizon Pharma PLC 1,346,443 0.2

7,760 ^(1),(2) Idera Pharmaceuticals, Inc. 21,495 0.0

13,415 ⁽²⁾ Immune Design Corp. 17,439 0.0

59,748 ⁽²⁾ Immunogen, Inc. 286,790 0.0

60,569 ^(1),(2) Immunomedics, Inc. 864,320 0.1

7,474 ⁽²⁾ Innovate Biopharmaceuticals, Inc. 17,265 0.0

29,206 ⁽²⁾ Innoviva, Inc. 509,645 0.1

7,300 ⁽²⁾ Inogen, Inc. 906,441 0.1

29,591 ^(1),(2) Inovalon Holdings, Inc. 419,600 0.1

34,165 ⁽²⁾ Inovio Pharmaceuticals, Inc. 136,660 0.0

32,425 ⁽²⁾ Insmed, Inc. 425,416 0.1

4,875 ⁽²⁾ Inspire Medical Systems, Inc. 205,969 0.0

12,036 ⁽²⁾ Insys Therapeutics, Inc. 42,126 0.0

12,998 ⁽²⁾ Integer Holdings Corp. 991,227 0.1

14,327 ⁽²⁾ Intellia Therapeutics, Inc. 195,564 0.0

8,957 ^(1),(2) Intercept Pharmaceuticals, Inc. 902,776 0.1

12,786 ⁽²⁾ Intersect ENT, Inc. 360,309 0.1

19,478 ⁽²⁾ Intra-Cellular Therapies, Inc. 221,854 0.0

29,639 ^(1),(2) Intrexon Corp. 193,839 0.0

3,383 ⁽²⁾ IntriCon Corp. 89,244 0.0

14,004 Invacare Corp. 60,217 0.0

27,406 ⁽²⁾ Invitae Corp. 303,110 0.1

43,295 ⁽²⁾ Iovance Biotherapeutics, Inc. 383,161 0.1

9,703 ⁽²⁾ iRhythm Technologies, Inc. 674,164 0.1

58,012 ⁽²⁾ Ironwood Pharmaceuticals, Inc. 601,004 0.1

5,996 ⁽²⁾ Jounce Therapeutics, Inc. 20,207 0.0

36,998 ⁽²⁾ Kadmon Holdings, Inc. 76,956 0.0

5,623 ⁽²⁾ Kala Pharmaceuticals, Inc. 27,496 0.0

20,985 ^(1),(2) Karyopharm Therapeutics, Inc. 196,629 0.0

2,220 ⁽²⁾ Kezar Life Sciences, Inc. 52,392 0.0

12,745 ⁽²⁾ Kindred Biosciences, Inc. 139,558 0.0

2,682 ⁽²⁾ Kiniksa Pharmaceuticals Ltd 75,337 0.0

12,168 ^(1),(2) Kura Oncology, Inc. 170,839 0.0

8,611 ^(1),(2) La Jolla Pharmaceutical Co. 81,202 0.0

11,736 ^(1),(2) Lannett Co., Inc. 58,211 0.0

15,897 ⁽²⁾ Lantheus Holdings, Inc. 248,788 0.0

7,067 LeMaitre Vascular, Inc. 167,064 0.0

17,314 ^(1),(2) Lexicon Pharmaceuticals, Inc. 114,965 0.0

12,124 ⁽²⁾ LHC Group, Inc. 1,138,201 0.2

8,613 ⁽²⁾ Ligand Pharmaceuticals, Inc. 1,168,784 0.2

2,452 ⁽²⁾ Liquidia Technologies, Inc. 53,110 0.0

19,900 ⁽²⁾ LivaNova PLC 1,820,253 0.2

5,600 ⁽²⁾ LogicBio Therapeutics, Inc. 58,240 0.0

11,115 ⁽²⁾ Loxo Oncology, Inc. 1,556,878 0.2

17,791 Luminex Corp. 411,150 0.1

17,124 ⁽²⁾ MacroGenics, Inc. 217,475 0.0

2,864 ^(1),(2) Madrigal Pharmaceuticals, Inc. 322,830 0.1

10,323 ⁽²⁾ Magellan Health, Inc. 587,275 0.1

33,883 ⁽²⁾ Mallinckrodt PLC - W/I 535,351 0.1

53,629 ⁽²⁾ MannKind Corp. 56,847 0.0

13,747 ^(1),(2) Marinus Pharmaceuticals, Inc. 39,454 0.0

28,750 ^(1),(2) Medicines Co. 550,275 0.1

15,925 ⁽²⁾ MediciNova, Inc. 130,107 0.0

23,485 ⁽²⁾ Medidata Solutions, Inc. 1,583,359 0.2

8,764 ⁽²⁾ Medpace Holdings, Inc. 463,879 0.1

9,953 ⁽²⁾ Melinta Therapeutics, Inc. 7,890 0.0

19,226 Meridian Bioscience, Inc. 333,763 0.1

22,153 ⁽²⁾ Merit Medical Systems, Inc. 1,236,359 0.2

5,666 ⁽²⁾ Mersana Therapeutics, Inc. 23,117 0.0

13,586 ⁽²⁾ Minerva Neurosciences, Inc. 91,570 0.0

10,551 ⁽²⁾ Miragen Therapeutics, Inc. 31,970 0.0

8,441 ⁽²⁾ Mirati Therapeutics, Inc. 358,067 0.1

32,544 ⁽²⁾ Momenta Pharmaceuticals, Inc. 359,286 0.1

13,985 ⁽²⁾ MyoKardia, Inc. 683,307 0.1

28,816 ⁽²⁾ Myriad Genetics, Inc. 837,681 0.1

10,825 ⁽²⁾ NanoString Technologies, Inc. 160,535 0.0

13,481 ⁽²⁾ NantKwest, Inc. 15,638 0.0

14,358 ⁽²⁾ Natera, Inc. 200,438 0.0

5,426 National Healthcare Corp. 425,670 0.1

4,718 National Research Corp. 179,945 0.0

13,349 ⁽²⁾ Natus Medical, Inc. 454,266 0.1

20,779 ⁽²⁾ Neogen Corp. 1,184,403 0.2

26,506 ⁽²⁾ NeoGenomics, Inc. 334,241 0.1

14,965 ⁽²⁾ Neos Therapeutics, Inc. 24,692 0.0

2,491 ⁽²⁾ Neuronetics, Inc. 48,201 0.0

12,149 ⁽²⁾ Nevro Corp. 472,475 0.1

12,626 ⁽²⁾ NewLink Genetics Corp. 19,192 0.0

22,975 ⁽²⁾ NextGen Healthcare, Inc. 348,071 0.1

164,100 ⁽²⁾ Novavax, Inc. 301,944 0.1

30,367 ⁽²⁾ Novocure Ltd. 1,016,687 0.1

21,272 ⁽²⁾ NuVasive, Inc. 1,054,240 0.1

7,116 ⁽²⁾ Nuvectra Corp. 116,275 0.0

26,933 ⁽²⁾ NxStage Medical, Inc. 770,822 0.1

14,156 ⁽²⁾ Ocular Therapeutix, Inc. 56,341 0.0

2,925 ^(1),(2) Odonate Therapeutics, Inc. 41,184 0.0

19,685 ^(1),(2) Omeros Corp. 219,291 0.0

15,656 ⁽²⁾ Omnicell, Inc. 958,773 0.1

132,313 ⁽²⁾ Opko Health, Inc. 398,262 0.1

8,144 ^(1),(2) Optinose, Inc. 50,493 0.0

25,496 ⁽²⁾ OraSure Technologies, Inc. 297,793 0.0

39,127 ^(1),(2) Organovo Holdings, Inc. 37,448 0.0

7,616 ⁽²⁾ Orthofix Medical, Inc. 399,764 0.1

2,823 ⁽²⁾ OrthoPediatrics Corp. 98,466 0.0

7,825 ⁽²⁾ Ovid therapeutics, Inc. 18,936 0.0

24,398 Owens & Minor, Inc. 154,439 0.0

10,572 ⁽²⁾ Oxford Immunotec Global PLC 135,110 0.0

55,954 ^(1),(2) Pacific Biosciences of California, Inc. 414,060 0.1

16,710 ⁽²⁾ Pacira Pharmaceuticals, Inc. 718,864 0.1

See Accompanying Notes to Financial Statements

96

Voya Russell™ Small Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

82,615 ⁽²⁾ Palatin Technologies, Inc. 58,524 0.0

13,152 ^(1),(2) Paratek Pharmaceuticals, Inc. 67,470 0.0

31,328 Patterson Cos., Inc. 615,908 0.1

64,117 ⁽²⁾ PDL BioPharma, Inc. 185,939 0.0

6,218 ⁽²⁾ PetIQ, Inc. 145,936 0.0

12,888 ⁽²⁾ Pfenex, Inc. 41,113 0.0

8,804 Phibro Animal Health Corp. 283,137 0.0

22,142 ⁽²⁾ Pieris Pharmaceuticals, Inc. 58,898 0.0

3,814 ^(1),(2) PolarityTE, Inc. 51,451 0.0

26,812 ^(1),(2) Portola Pharmaceuticals, Inc. 523,370 0.1

21,862 ⁽²⁾ Prestige Consumer Healthcare, Inc. 675,099 0.1

2,478 ⁽²⁾ Principia Biopharma, Inc. 67,872 0.0

36,480 ⁽²⁾ Progenics Pharmaceuticals, Inc. 153,216 0.0

13,125 ⁽²⁾ Proteostasis Therapeutics, Inc. 42,525 0.0

16,988 ^(1),(2) Prothena Corp. PLC 174,976 0.0

5,077 ⁽²⁾ Providence Service Corp. 304,722 0.1

18,698 ⁽²⁾ PTC Therapeutics, Inc. 641,715 0.1

4,221 ^(1),(2) Pulse Biosciences, Inc. 48,373 0.0

12,430 ⁽²⁾ Puma Biotechnology, Inc. 252,950 0.0

3,159 ⁽²⁾ Quanterix Corp. 57,841 0.0

13,880 ⁽²⁾ Quidel Corp. 677,622 0.1

13,612 ⁽²⁾ Quorum Health Corp. 39,339 0.0

43,949 ⁽²⁾ R1 RCM, Inc. 349,395 0.1

6,241 ⁽²⁾ Ra Pharmaceuticals, Inc. 113,586 0.0

17,361 ^(1),(2) Radius Health, Inc. 286,283 0.0

17,340 ⁽²⁾ RadNet, Inc. 176,348 0.0

7,721 ⁽²⁾ Reata Pharmaceuticals, Inc. 433,148 0.1

7,582 ^(1),(2) Recro Pharma, Inc. 53,832 0.0

13,148 ⁽²⁾ REGENXBIO, Inc. 551,559 0.1

16,458 ⁽²⁾ Repligen Corp. 867,995 0.1

3,623 ⁽²⁾ Replimune Group, Inc. 36,230 0.0

4,210 ^(1),(2) resTORbio, Inc. 36,290 0.0

17,116 ⁽²⁾ Retrophin, Inc. 387,335 0.1

13,606 ⁽²⁾ Revance Therapeutics, Inc. 273,889 0.0

6,382 ⁽²⁾ Rhythm Pharmaceuticals, Inc. 171,548 0.0

68,668 ⁽²⁾ Rigel Pharmaceuticals, Inc. 157,936 0.0

8,615 ^(1),(2) Rocket Pharmaceuticals, Inc. 127,674 0.0

20,825 ⁽²⁾ Rockwell Medical, Inc. 47,064 0.0

27,758 ⁽²⁾ RTI Surgical, Inc. 102,705 0.0

5,376 ^(1),(2) Rubius Therapeutics, Inc. 86,446 0.0

41,959 ⁽²⁾ Sangamo Therapeutics, Inc. 481,689 0.1

10,875 ⁽²⁾ Savara, Inc. 82,324 0.0

2,621 ^(1),(2) Scholar Rock Holding Corp. 60,204 0.0

5,746 ⁽²⁾ SeaSpine Holdings Corp. 104,807 0.0

46,100 ⁽²⁾ Select Medical Holdings Corp. 707,635 0.1

8,170 ^(1),(2) Selecta Biosciences, Inc. 21,732 0.0

34,608 ^(1),(2) Senseonics Holdings, Inc. 89,635 0.0

10,115 ⁽²⁾ Seres Therapeutics, Inc. 45,720 0.0

3,345 ⁽²⁾ SI-BONE, Inc. 69,877 0.0

6,080 ^(1),(2) Sienna Biopharmaceuticals, Inc. 14,106 0.0

9,461 ⁽²⁾ Sientra, Inc. 120,249 0.0

22,040 ^(1),(2) SIGA Technologies, Inc. 174,116 0.0

4,558 Simulations Plus, Inc. 90,704 0.0

5,080 ^(1),(2) Solid Biosciences, Inc. 136,144 0.0

46,730 ^(1),(2) Sorrento Therapeutics, Inc. 112,152 0.0

12,945 ^(1),(2) Spark Therapeutics, Inc. 506,667 0.1

41,577 ⁽²⁾ Spectrum Pharmaceuticals, Inc. 363,799 0.1

5,371 ⁽²⁾ Spring Bank Pharmaceuticals, Inc. 55,805 0.0

18,467 ⁽²⁾ Staar Surgical Co. 589,282 0.1

11,069 ⁽²⁾ Stemline Therapeutics, Inc. 105,155 0.0

20,595 ⁽²⁾ Supernus Pharmaceuticals, Inc. 684,166 0.1

7,405 ^(1),(2) Surgery Partners, Inc. 72,495 0.0

5,815 ⁽²⁾ SurModics, Inc. 274,817 0.0

7,330 ⁽²⁾ Syndax Pharmaceuticals, Inc. 32,618 0.0

25,506 ⁽²⁾ Syneos Health, Inc. 1,003,661 0.1

104,372 ⁽²⁾ Synergy Pharmaceuticals, Inc. 11,888 0.0

7,207 ⁽²⁾ Synlogic, Inc. 50,521 0.0

9,372 ⁽²⁾ Syros Pharmaceuticals, Inc. 52,202 0.0

11,499 ⁽²⁾ T2 Biosystems, Inc. 34,612 0.0

7,245 ⁽²⁾ Tabula Rasa HealthCare, Inc. 461,941 0.1

7,271 ⁽²⁾ Tactile Systems Technology, Inc. 331,194 0.1

21,024 ⁽²⁾ Tandem Diabetes Care, Inc. 798,281 0.1

27,479 ⁽²⁾ Teladoc Health, Inc. 1,362,134 0.2

17,484 ^(1),(2) Teligent, Inc. 23,953 0.0

34,681 ⁽²⁾ Tenet Healthcare Corp. 594,432 0.1

20,583 ⁽²⁾ Tetraphase Pharmaceuticals, Inc. 23,259 0.0

26,519 ⁽²⁾ TG Therapeutics, Inc. 108,728 0.0

74,137 ^(1),(2) TherapeuticsMD, Inc. 282,462 0.0

18,517 ^(1),(2) Theravance Biopharma, Inc. 473,850 0.1

16,612 ⁽²⁾ Tivity Health, Inc. 412,144 0.1

8,527 ⁽²⁾ Tocagen, Inc. 70,007 0.0

65,616 ^(1),(2) TransEnterix, Inc. 148,292 0.0

6,145 ^(1),(2) Translate Bio, Inc. 46,087 0.0

5,107 ^(1),(2) Tricida, Inc. 120,423 0.0

9,412 ⁽²⁾ Triple-S Management Corp. 163,675 0.0

2,863 ⁽²⁾ Twist Bioscience Corp. 66,107 0.0

44,051 ⁽²⁾ Tyme Technologies, Inc. 162,548 0.0

19,379 ⁽²⁾ Ultragenyx Pharmaceutical, Inc. 842,599 0.1

10,237 ^(1),(2) UNITY Biotechnology, Inc. 166,454 0.0

11,113 ⁽²⁾ Unum Therapeutics, Inc. 48,897 0.0

5,449 US Physical Therapy, Inc. 557,705 0.1

1,363 Utah Medical Products, Inc. 113,238 0.0

21,654 ⁽²⁾ Vanda Pharmaceuticals, Inc. 565,819 0.1

16,604 ⁽²⁾ Varex Imaging Corp. 393,183 0.1

11,713 ⁽²⁾ Veracyte, Inc. 147,350 0.0

28,537 ^(1),(2) Verastem, Inc. 95,884 0.0

See Accompanying Notes to Financial Statements

97

Voya Russell™ Small Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

18,317 ⁽²⁾ Vericel Corp. 318,716 0.1

25,917 ^(1),(2) ViewRay, Inc. 157,316 0.0

25,071 ^(1),(2) Viking Therapeutics, Inc. 191,793 0.0

12,764 ⁽²⁾ Vital Therapies, Inc. 2,378 0.0

12,907 ⁽²⁾ Vocera Communications, Inc. 507,890 0.1

8,740 ⁽²⁾ Voyager Therapeutics, Inc. 82,156 0.0

7,434 ^(1),(2) WaVe Life Sciences Ltd. 312,525 0.1

50,854 ⁽²⁾ Wright Medical Group NV 1,384,246 0.2

19,081 ⁽²⁾ Xencor, Inc. 689,969 0.1

3,039 ⁽²⁾ Xeris Pharmaceuticals, Inc. 51,663 0.0

3,651 ^(1),(2) XOMA Corp. 46,185 0.0

2,725 ⁽²⁾ Y-mAbs Therapeutics, Inc. 55,426 0.0

12,007 ⁽²⁾ Zafgen, Inc. 59,435 0.0

55,621 ^(1),(2) ZIOPHARM Oncology, Inc. 104,011 0.0

17,263 ⁽²⁾ Zogenix, Inc. 629,409 0.1

115,686,642 15.2

Industrials: 14.5%

17,164 AAON, Inc. 601,770 0.1

13,554 AAR Corp. 506,106 0.1

26,613 ABM Industries, Inc. 854,543 0.1

25,362 ⁽²⁾ Acacia Research Corp. 75,579 0.0

45,328 ACCO Brands Corp. 307,324 0.0

24,472 Actuant Corp. 513,667 0.1

28,551 ⁽²⁾ Advanced Disposal Services, Inc. 683,511 0.1

15,429 Advanced Drainage Systems, Inc. 374,153 0.1

13,736 ⁽²⁾ Aegion Corp. 224,172 0.0

29,493 ⁽²⁾ Aerojet Rocketdyne Holdings, Inc. 1,039,038 0.1

8,656 ⁽²⁾ Aerovironment, Inc. 588,175 0.1

24,853 ⁽²⁾ Air Transport Services Group, Inc. 566,897 0.1

21,234 Aircastle Ltd. 366,074 0.1

4,100 Alamo Group, Inc. 317,012 0.0

12,285 Albany International Corp. 766,953 0.1

5,442 Allegiant Travel Co. 545,397 0.1

3,289 Allied Motion Technologies, Inc. 146,985 0.0

24,666 Altra Industrial Motion Corp. 620,350 0.1

9,087 ⁽²⁾ Ameresco, Inc. 128,127 0.0

5,946 ⁽²⁾ American Woodmark Corp. 331,073 0.1

11,765 Apogee Enterprises, Inc. 351,185 0.1

15,821 Applied Industrial Technologies, Inc. 853,385 0.1

10,977 ArcBest Corp. 376,072 0.1

6,598 Argan, Inc. 249,668 0.0

9,730 ⁽²⁾ Armstrong Flooring, Inc. 115,203 0.0

20,608 ⁽²⁾ ASGN, Inc. 1,123,136 0.2

9,460 Astec Industries, Inc. 285,597 0.0

9,587 ⁽²⁾ Astronics Corp. 291,924 0.0

15,710 ⁽²⁾ Atkore International Group, Inc. 311,686 0.0

9,702 ⁽²⁾ Atlas Air Worldwide Holdings, Inc. 409,327 0.1

27,480 ⁽²⁾ Avis Budget Group, Inc. 617,750 0.1

23,732 ⁽²⁾ Axon Enterprise, Inc. 1,038,275 0.1

11,090 AZZ, Inc. 447,592 0.1

25,627 ^(1),(2) Babcock & Wilcox Enterprises, Inc. 10,005 0.0

19,408 Barnes Group, Inc. 1,040,657 0.1

3,288 Barrett Business Services, Inc. 188,238 0.0

28,138 ⁽²⁾ Beacon Roofing Supply, Inc. 892,537 0.1

3,232 BG Staffing, Inc. 66,741 0.0

5,633 ⁽²⁾ Blue Bird Corp. 102,464 0.0

3,834 ^(1),(2) BlueLinx Holdings, Inc. 94,738 0.0

28,656 ⁽²⁾ BMC Stock Holdings, Inc. 443,595 0.1

19,161 Brady Corp. 832,737 0.1

17,791 Briggs & Stratton Corp. 232,706 0.0

11,926 ⁽²⁾ BrightView Holdings, Inc. 121,765 0.0

20,288 Brink's Co. 1,311,619 0.2

46,443 ⁽²⁾ Builders FirstSource, Inc. 506,693 0.1

8,923 ⁽¹⁾ Caesarstone Ltd. 121,174 0.0

7,469 ⁽²⁾ CAI International, Inc. 173,505 0.0

17,279 ⁽²⁾ Casella Waste Systems, Inc. 492,279 0.1

23,843 ⁽²⁾ CBIZ, Inc. 469,707 0.1

15,660 ⁽²⁾ Ceco Environmental Corp. 105,705 0.0

12,658 ⁽²⁾ Chart Industries, Inc. 823,150 0.1

9,104 ⁽²⁾ Cimpress NV 941,536 0.1

7,408 CIRCOR International, Inc. 157,790 0.0

10,092 Columbus McKinnon Corp. 304,173 0.0

15,532 Comfort Systems USA, Inc. 678,438 0.1

11,545 ⁽²⁾ Commercial Vehicle Group, Inc. 65,807 0.0

15,900 ⁽²⁾ Continental Building Products, Inc. 404,655 0.1

19,931 Costamare, Inc. 87,497 0.0

48,802 Covanta Holding Corp. 654,923 0.1

5,396 ⁽²⁾ Covenant Transportation Group, Inc. 103,603 0.0

3,214 CRA International, Inc. 136,756 0.0

7,053 ⁽²⁾ CSW Industrials, Inc. 341,013 0.1

10,601 Cubic Corp. 569,698 0.1

15,103 ^(1),(2) Daseke, Inc. 55,579 0.0

18,555 Deluxe Corp. 713,254 0.1

6,335 DMC Global, Inc. 222,485 0.0

9,658 Douglas Dynamics, Inc. 346,626 0.1

4,314 ⁽²⁾ Ducommun, Inc. 156,685 0.0

7,018 ⁽²⁾ DXP Enterprises, Inc. 195,381 0.0

12,420 ⁽²⁾ Dycom Industries, Inc. 671,177 0.1

19,844 ^(1),(2) Eagle Bulk Shipping, Inc. 91,481 0.0

3,071 Eastern Co/The 74,257 0.0

12,326 ⁽²⁾ Echo Global Logistics, Inc. 250,588 0.0

22,981 EMCOR Group, Inc. 1,371,736 0.2

8,658 Encore Wire Corp. 434,459 0.1

9,298 ^(1),(2) Energous Corp. 53,835 0.0

15,355 ^(1),(2) Energy Recovery, Inc. 103,339 0.0

16,826 EnerSys 1,305,866 0.2

8,896 ⁽²⁾ Engility Holdings, Inc. 253,180 0.0

12,743 Ennis, Inc. 245,303 0.0

38,150 ^(1),(2) Enphase Energy, Inc. 180,450 0.0

8,392 EnPro Industries, Inc. 504,359 0.1

10,979 ESCO Technologies, Inc. 724,065 0.1

38,497 Essendant, Inc. 484,292 0.1

10,607 ⁽²⁾ Esterline Technologies Corp. 1,288,220 0.2

1,621 ⁽¹⁾ EVI Industries, Inc. 54,060 0.0

See Accompanying Notes to Financial Statements

98

Voya Russell™ Small Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

30,730 ⁽²⁾ Evoqua Water Technologies Corp. 295,008 0.0

21,383 Exponent, Inc. 1,084,332 0.1

24,732 Federal Signal Corp. 492,167 0.1

5,309 Forrester Research, Inc. 237,312 0.0

12,004 Forward Air Corp. 658,419 0.1

6,801 ⁽²⁾ Foundation Building Materials, Inc. 56,516 0.0

4,124 ⁽²⁾ Franklin Covey Co. 92,089 0.0

19,229 Franklin Electric Co., Inc. 824,540 0.1

5,479 ⁽²⁾ Freightcar America, Inc. 36,655 0.0

15,624 ⁽²⁾ FTI Consulting, Inc. 1,041,183 0.1

15,312 GATX Corp. 1,084,243 0.1

24,516 ⁽²⁾ Generac Holdings, Inc. 1,218,445 0.2

13,258 ⁽²⁾ Gibraltar Industries, Inc. 471,852 0.1

10,300 Global Brass & Copper Holdings, Inc. 259,045 0.0

13,760 ⁽²⁾ GMS, Inc. 204,474 0.0

8,435 Gorman-Rupp Co. 273,378 0.0

3,826 ⁽²⁾ GP Strategies Corp. 48,246 0.0

5,766 Graham Corp. 131,695 0.0

18,213 Granite Construction, Inc. 733,620 0.1

26,992 ⁽²⁾ Great Lakes Dredge & Dock Corp. 178,687 0.0

12,608 Greenbrier Cos., Inc. 498,520 0.1

14,099 Griffon Corp. 147,335 0.0

13,796 H&E Equipment Services, Inc. 281,714 0.0

33,476 ⁽²⁾ Harsco Corp. 664,833 0.1

20,576 Hawaiian Holdings, Inc. 543,412 0.1

20,115 ⁽²⁾ HC2 Holdings, Inc. 53,104 0.0

29,896 ⁽¹⁾ Healthcare Services Group, Inc. 1,201,221 0.2

20,229 Heartland Express, Inc. 370,191 0.1

7,956 Heidrick & Struggles International, Inc. 248,148 0.0

10,558 ⁽²⁾ Herc Holdings, Inc. 274,402 0.0

6,176 ⁽²⁾ Heritage-Crystal Clean, Inc. 142,110 0.0

24,649 Herman Miller, Inc. 745,632 0.1

23,181 ⁽²⁾ Hertz Global Holdings, Inc. 316,421 0.0

25,468 Hillenbrand, Inc. 966,001 0.1

18,176 HNI Corp. 643,976 0.1

13,350 ⁽²⁾ HUB Group, Inc. 494,885 0.1

9,509 ⁽²⁾ Huron Consulting Group, Inc. 487,907 0.1

971 Hyster-Yale Materials Handling, Inc. - A shares 60,163 0.0

3,750 ⁽²⁾ Hyster-Yale Materials Handling, Inc. - B shares 232,350 0.0

7,765 ICF International, Inc. 503,017 0.1

21,206 ⁽²⁾ Innerworkings, Inc. 79,310 0.0

15,471 Insperity, Inc. 1,444,373 0.2

7,826 Insteel Industries, Inc. 190,015 0.0

25,494 Interface, Inc. 363,290 0.1

28,429 ⁽²⁾ JELD-WEN Holding, Inc. 403,976 0.1

12,890 John Bean Technologies Corp. 925,631 0.1

4,992 Kadant, Inc. 406,648 0.1

11,382 Kaman Corp. 638,416 0.1

56,593 KBR, Inc. 859,082 0.1

13,680 Kelly Services, Inc. 280,166 0.0

32,403 Kennametal, Inc. 1,078,372 0.1

21,335 ⁽²⁾ Keyw Holding Corp. 142,731 0.0

10,248 Kforce, Inc. 316,868 0.0

18,131 Kimball International, Inc. 257,279 0.0

21,454 Knoll, Inc. 353,562 0.1

22,732 Korn/Ferry International 898,823 0.1

37,270 ⁽²⁾ Kratos Defense & Security Solutions, Inc. 525,134 0.1

2,891 ⁽²⁾ Lawson Products 91,356 0.0

3,868 ⁽²⁾ LB Foster Co. 61,501 0.0

4,408 Lindsay Corp. 424,270 0.1

13,819 LSC Communications, Inc. 96,733 0.0

7,353 ⁽²⁾ Lydall, Inc. 149,339 0.0

6,363 ⁽²⁾ Manitex International, Inc. 36,142 0.0

15,089 ⁽²⁾ Manitowoc Co., Inc./The 222,865 0.0

17,997 Marten Transport Ltd. 291,371 0.0

11,045 ⁽²⁾ Masonite International Corp. 495,147 0.1

25,908 ⁽²⁾ Mastec, Inc. 1,050,829 0.1

17,712 Matson, Inc. 567,138 0.1

13,308 Matthews International Corp. 540,571 0.1

23,551 Maxar Technologies Ltd. 281,670 0.0

10,295 McGrath Rentcorp 529,987 0.1

19,412 ⁽²⁾ Mercury Systems, Inc. 917,994 0.1

33,873 ⁽²⁾ Meritor, Inc. 572,792 0.1

28,310 ⁽²⁾ Milacron Holdings Corp. 336,606 0.1

5,976 Miller Industries, Inc. 161,352 0.0

8,453 ⁽²⁾ Mistras Group, Inc. 121,554 0.0

18,504 Mobile Mini, Inc. 587,502 0.1

12,878 Moog, Inc. 997,787 0.1

36,155 ⁽²⁾ MRC Global, Inc. 442,176 0.1

13,680 MSA Safety, Inc. 1,289,614 0.2

23,927 Mueller Industries, Inc. 558,935 0.1

63,694 Mueller Water Products, Inc. 579,615 0.1

6,366 Multi-Color Corp. 223,383 0.0

6,929 ⁽²⁾ MYR Group, Inc. 195,190 0.0

2,219 National Presto Industries, Inc. 259,446 0.0

18,354 Navigant Consulting, Inc. 441,414 0.1

20,562 ⁽²⁾ Navistar International Corp. 533,584 0.1

18,564 ⁽²⁾ NCI Building Systems, Inc. 134,589 0.0

15,624 ⁽²⁾ Nexeo Solutions, Inc. 134,210 0.0

15,959 NN, Inc. 107,085 0.0

4,603 ⁽²⁾ Northwest Pipe Co. 107,204 0.0

44,055 ⁽²⁾ NOW, Inc. 512,800 0.1

3,955 ⁽²⁾ NV5 Global, Inc. 239,475 0.0

1,401 ⁽¹⁾ Omega Flex, Inc. 75,752 0.0

14,328 ⁽²⁾ Orion Group Holdings, Inc. 61,467 0.0

4,516 Park-Ohio Holdings Corp. 138,596 0.0

10,353 ⁽²⁾ Patrick Industries, Inc. 306,552 0.0

21,981 ⁽²⁾ PGT Innovations, Inc. 348,399 0.1

11,538 ⁽²⁾ Pico Holdings, Inc. 105,457 0.0

74,576 Pitney Bowes, Inc. 440,744 0.1

95,031 ^(1),(2) Plug Power, Inc. 117,838 0.0

4,078 Powell Industries, Inc. 101,991 0.0

1,207 Preformed Line Products Co. 65,480 0.0

17,435 Primoris Services Corp. 333,532 0.1

11,034 ⁽²⁾ Proto Labs, Inc. 1,244,525 0.2

13,034 Quad/Graphics, Inc. 160,579 0.0

15,581 Quanex Building Products Corp. 211,746 0.0

18,540 ⁽²⁾ Radiant Logistics, Inc. 78,795 0.0

See Accompanying Notes to Financial Statements

99

Voya Russell™ Small Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

14,992 Raven Industries, Inc. 542,561 0.1

9,737 ⁽²⁾ RBC Bearings, Inc. 1,276,521 0.2

14,341 Resources Connection, Inc. 203,642 0.0

11,586 ⁽¹⁾ REV Group, Inc. 87,011 0.0

42,582 ⁽²⁾ Rexnord Corp. 977,257 0.1

27,891 RR Donnelley & Sons Co. 110,448 0.0

14,288 Rush Enterprises, Inc. - Class A 492,650 0.1

20,992 ⁽²⁾ Safe Bulkers, Inc. 37,366 0.0

10,851 ⁽²⁾ Saia, Inc. 605,703 0.1

25,660 Scorpio Bulkers, Inc. 141,900 0.0

16,634 Simpson Manufacturing Co., Inc. 900,398 0.1

16,579 ⁽²⁾ SiteOne Landscape Supply, Inc. 916,321 0.1

21,220 Skywest, Inc. 943,653 0.1

8,882 ⁽²⁾ SP Plus Corp. 262,374 0.0

14,614 Spartan Motors, Inc. 105,659 0.0

3,541 ⁽²⁾ Sparton Corp. 64,411 0.0

28,302 ⁽²⁾ Spirit Airlines, Inc. 1,639,252 0.2

18,065 ⁽²⁾ SPX Corp. 506,001 0.1

17,151 ⁽²⁾ SPX FLOW, Inc. 521,733 0.1

5,534 Standex International Corp. 371,774 0.1

35,037 Steelcase, Inc. 519,599 0.1

11,002 ⁽²⁾ Sterling Construction Co., Inc. 119,812 0.0

11,633 Sun Hydraulics Corp. 386,099 0.1

40,263 ⁽²⁾ Sunrun, Inc. 438,464 0.1

12,875 ^(1),(2) Team, Inc. 188,619 0.0

7,579 Tennant Co. 394,942 0.1

22,715 Tetra Tech, Inc. 1,175,956 0.2

12,101 ⁽²⁾ Textainer Group Holdings Ltd. 120,526 0.0

15,310 ⁽²⁾ Thermon Group Holdings, Inc. 310,487 0.0

20,279 Titan International, Inc. 94,500 0.0

7,764 ⁽²⁾ Titan Machinery, Inc. 102,097 0.0

6,568 ⁽²⁾ TPI Composites, Inc. 161,441 0.0

24,022 ⁽²⁾ Trex Co., Inc. 1,425,946 0.2

19,501 ⁽²⁾ Trimas Corp. 532,182 0.1

17,938 ⁽²⁾ TriNet Group, Inc. 752,499 0.1

21,566 Triton International Ltd./Bermuda 670,056 0.1

20,478 Triumph Group, Inc. 235,497 0.0

17,256 ⁽²⁾ TrueBlue, Inc. 383,946 0.1

16,511 ⁽²⁾ Tutor Perini Corp. 263,681 0.0

3,559 ⁽²⁾ Twin Disc, Inc. 52,495 0.0

6,227 Unifirst Corp. 890,897 0.1

24,599 Universal Forest Products, Inc. 638,590 0.1

3,425 Universal Logistics Holdings, Inc. 61,958 0.0

4,734 ⁽²⁾ Upwork, Inc. 85,733 0.0

9,465 US Ecology, Inc. 596,106 0.1

7,753 ⁽²⁾ US Xpress Enterprises, Inc. 43,494 0.0

3,407 ⁽²⁾ USA Truck, Inc. 51,003 0.0

5,036 ⁽²⁾ Vectrus, Inc. 108,677 0.0

4,821 ⁽²⁾ Veritiv Corp. 120,380 0.0

9,358 Viad Corp. 468,742 0.1

7,296 ⁽²⁾ Vicor Corp. 275,716 0.0

13,459 ^(1),(2) Vivint Solar, Inc. 51,279 0.0

4,277 VSE Corp. 127,925 0.0

23,918 Wabash National Corp. 312,847 0.0

16,549 ⁽²⁾ WageWorks, Inc. 449,471 0.1

10,797 Watts Water Technologies, Inc. 696,730 0.1

19,066 Werner Enterprises, Inc. 563,210 0.1

24,252 ⁽²⁾ Wesco Aircraft Holdings, Inc. 191,591 0.0

3,734 ⁽²⁾ Willdan Group, Inc. 130,615 0.0

21,531 Woodward, Inc. 1,599,538 0.2

13,882 ⁽²⁾ YRC Worldwide, Inc. 43,728 0.0

110,373,599 14.5

Information Technology: 14.4%

44,842 ^(1),(2) 3D Systems Corp. 456,043 0.1

37,763 ⁽²⁾ 8x8, Inc. 681,245 0.1

22,826 ^(1),(2) A10 Networks, Inc. 142,434 0.0

11,220 ⁽²⁾ Acacia Communications, Inc. 426,360 0.1

47,837 ⁽²⁾ ACI Worldwide, Inc. 1,323,650 0.2

7,994 ^(1),(2) Adesto Technologies Corp. 35,174 0.0

21,080 Adtran, Inc. 226,399 0.0

15,819 ⁽²⁾ Advanced Energy Industries, Inc. 679,110 0.1

14,082 ⁽²⁾ Aerohive Networks, Inc. 45,907 0.0

10,865 ⁽²⁾ Agilysys, Inc. 155,804 0.0

12,730 ⁽²⁾ Alarm.com Holdings, Inc. 660,305 0.1

10,598 ⁽²⁾ Alpha & Omega Co. 107,994 0.0

11,282 ⁽²⁾ Altair Engineering, Inc. 311,158 0.0

12,048 ⁽²⁾ Alteryx, Inc. 716,495 0.1

13,234 ^(1),(2) Ambarella, Inc. 462,925 0.1

9,970 ⁽²⁾ Amber Road, Inc. 82,053 0.0

16,567 American Software, Inc. 173,125 0.0

41,513 ⁽²⁾ Amkor Technology, Inc. 272,325 0.0

7,152 ⁽²⁾ Anaplan, Inc. 189,814 0.0

12,218 ⁽²⁾ Anixter International, Inc. 663,560 0.1

6,558 ⁽²⁾ Appfolio, Inc. 388,365 0.1

7,684 ^(1),(2) Applied Optoelectronics, Inc. 118,564 0.0

14,111 ⁽²⁾ Apptio, Inc. 535,654 0.1

9,021 ⁽²⁾ Aquantia Corp. 79,114 0.0

5,101 ^(1),(2) Arlo Technologies, Inc. 50,908 0.0

4,210 ⁽²⁾ Asure Software, Inc. 21,387 0.0

3,716 ^(1),(2) Avalara, Inc. 115,753 0.0

42,482 ⁽²⁾ Avaya Holdings Corp. 618,538 0.1

13,720 ⁽²⁾ Avid Technology, Inc. 65,170 0.0

18,967 AVX Corp. 289,247 0.0

14,308 ⁽²⁾ Axcelis Technologies, Inc. 254,682 0.0

15,801 ^(1),(2) AXT, Inc. 68,734 0.0

11,818 Badger Meter, Inc. 581,564 0.1

3,625 Bel Fuse, Inc. 66,772 0.0

16,413 Belden, Inc. 685,571 0.1

19,765 Benchmark Electronics, Inc. 418,623 0.1

9,151 ^(1),(2) Benefitfocus, Inc. 418,384 0.1

19,811 Blackbaud, Inc. 1,246,112 0.2

15,832 ⁽²⁾ Blackline, Inc. 648,320 0.1

17,020 ⁽²⁾ Bottomline Technologies de, Inc. 816,960 0.1

50,542 ⁽²⁾ Box, Inc. 853,149 0.1

16,510 ⁽²⁾ Brightcove, Inc. 116,230 0.0

28,556 Brooks Automation, Inc. 747,596 0.1

11,246 Cabot Microelectronics Corp. 1,072,306 0.1

10,020 ⁽²⁾ CACI International, Inc. 1,443,181 0.2

15,891 ⁽²⁾ CalAmp Corp. 206,742 0.0

21,025 ⁽²⁾ Calix, Inc. 204,994 0.0

See Accompanying Notes to Financial Statements

100

Voya Russell™ Small Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

15,236 ^(1),(2) Carbon Black, Inc. 204,467 0.0

12,895 ⁽²⁾ Carbonite, Inc. 325,728 0.0

16,959 ⁽²⁾ Cardtronics plc 440,934 0.1

11,053 ⁽²⁾ Casa Systems, Inc. 145,126 0.0

7,254 Cass Information Systems, Inc. 383,882 0.1

10,065 ⁽²⁾ Ceva, Inc. 222,336 0.0

11,742 ⁽²⁾ ChannelAdvisor Corp. 133,272 0.0

58,620 ⁽²⁾ Ciena Corp. 1,987,804 0.3

24,797 ⁽²⁾ Cirrus Logic, Inc. 822,764 0.1

26,567 ⁽²⁾ Cision Ltd. 310,834 0.0

6,231 ⁽²⁾ Clearfield, Inc. 61,812 0.0

43,807 ⁽²⁾ Cloudera, Inc. 484,505 0.1

17,758 Cohu, Inc. 285,371 0.0

16,339 ⁽²⁾ Commvault Systems, Inc. 965,472 0.1

10,447 Comtech Telecommunications Corp. 254,280 0.0

11,569 ⁽²⁾ Control4 Corp. 203,614 0.0

11,709 ConvergeOne Holdings, Inc. 144,957 0.0

21,938 ⁽²⁾ Cornerstone OnDemand, Inc. 1,106,333 0.1

22,560 ⁽²⁾ Coupa Software, Inc. 1,418,122 0.2

17,004 ⁽²⁾ Cray, Inc. 367,116 0.1

41,129 ⁽²⁾ Cree, Inc. 1,759,293 0.2

14,492 CSG Systems International, Inc. 460,411 0.1

14,733 CTS Corp. 381,437 0.1

17,388 Daktronics, Inc. 128,671 0.0

30,687 ⁽¹⁾ Diebold Nixdorf, Inc. 76,411 0.0

14,136 ⁽²⁾ Digi International, Inc. 142,632 0.0

4,637 ^(1),(2) Digimarc Corp. 67,236 0.0

16,620 ⁽²⁾ Diodes, Inc. 536,161 0.1

3,609 ^(1),(2) Domo, Inc. 70,845 0.0

5,785 ^(1),(2) Eastman Kodak Co. 14,752 0.0

10,202 Ebix, Inc. 434,197 0.1

6,586 ⁽²⁾ eGain Corp. 43,270 0.0

13,522 ⁽²⁾ Electro Scientific Industries, Inc. 405,119 0.1

18,453 ⁽²⁾ Electronics for Imaging, Inc. 457,634 0.1

14,274 ^(1),(2) Ellie Mae, Inc. 896,835 0.1

30,638 ⁽²⁾ Endurance International Group Holdings, Inc. 203,743 0.0

56,871 Entegris, Inc. 1,586,417 0.2

18,298 ⁽²⁾ Envestnet, Inc. 900,079 0.1

5,608 ⁽²⁾ ePlus, Inc. 399,121 0.1

11,141 ⁽²⁾ Everbridge, Inc. 632,363 0.1

29,006 ⁽²⁾ Everi Holdings, Inc. 149,381 0.0

25,387 EVERTEC, Inc. 728,607 0.1

9,457 ⁽²⁾ Evo Payments, Inc. 233,304 0.0

19,077 ⁽²⁾ Exela Technologies, Inc. 74,210 0.0

13,776 ⁽²⁾ ExlService Holdings, Inc. 724,893 0.1

49,354 ⁽²⁾ Extreme Networks, Inc. 301,059 0.0

14,819 ⁽²⁾ Fabrinet 760,363 0.1

7,236 ⁽²⁾ Faro Technologies, Inc. 294,071 0.0

48,331 ⁽²⁾ Finisar Corp. 1,043,950 0.1

86,291 ^(1),(2) Fitbit, Inc. 428,866 0.1

23,590 ⁽²⁾ Five9, Inc. 1,031,355 0.1

12,069 ⁽²⁾ ForeScout Technologies, Inc. 313,673 0.0

31,752 ⁽²⁾ Formfactor, Inc. 447,386 0.1

17,451 ^(1),(2) GTT Communications, Inc. 412,891 0.1

11,281 Hackett Group, Inc. 180,609 0.0

34,597 ⁽²⁾ Harmonic, Inc. 163,298 0.0

29,442 ⁽²⁾ Hortonworks, Inc. 424,554 0.1

15,245 ⁽²⁾ HubSpot, Inc. 1,916,754 0.3

2,191 ⁽²⁾ I3 Verticals, Inc. 52,803 0.0

9,981 ^(1),(2) Ichor Holdings Ltd. 162,690 0.0

25,670 ⁽²⁾ II-VI, Inc. 833,248 0.1

12,287 ⁽²⁾ Immersion Corp. 110,092 0.0

14,764 ⁽²⁾ Imperva, Inc. 822,207 0.1

6,769 ⁽²⁾ Impinj, Inc. 98,489 0.0

65,027 ⁽²⁾ Infinera Corp. 259,458 0.0

18,193 ^(1),(2) Inphi Corp. 584,905 0.1

14,633 ⁽²⁾ Insight Enterprises, Inc. 596,295 0.1

13,445 ⁽²⁾ Instructure, Inc. 504,322 0.1

53,376 ⁽²⁾ Integrated Device Technology, Inc. 2,585,000 0.3

14,157 InterDigital, Inc. 940,450 0.1

9,079 ^(1),(2) Internap Corp. 37,678 0.0

13,155 ⁽²⁾ Iteris, Inc. 49,068 0.0

14,050 ⁽²⁾ Itron, Inc. 664,424 0.1

19,070 j2 Global, Inc. 1,323,077 0.2

23,235 Kemet Corp. 407,542 0.1

13,887 ⁽²⁾ Kimball Electronics, Inc. 215,110 0.0

36,235 ⁽²⁾ Knowles Corp. 482,288 0.1

25,605 ^(1),(2) Kopin Corp. 25,579 0.0

50,553 ⁽²⁾ Lattice Semiconductor Corp. 349,827 0.1

47,045 ⁽²⁾ Limelight Networks, Inc. 110,085 0.0

23,866 ⁽²⁾ LivePerson, Inc. 450,113 0.1

32,089 ^(1),(2) LiveRamp Holdings, Inc. 1,239,598 0.2

30,589 ⁽²⁾ Lumentum Holdings, Inc. 1,285,044 0.2

19,391 ⁽²⁾ MACOM Technology Solutions Holdings, Inc. 281,363 0.0

11,332 Mantech International Corp. 592,607 0.1

26,275 Maximus, Inc. 1,710,240 0.2

26,874 ⁽²⁾ MaxLinear, Inc. 472,982 0.1

17,401 ^(1),(2) Maxwell Technologies, Inc. 36,020 0.0

1,481 Mesa Laboratories, Inc. 308,626 0.0

15,246 Methode Electronics, Inc. 355,079 0.1

3,876 ⁽²⁾ MicroStrategy, Inc. 495,159 0.1

18,308 ⁽²⁾ Mindbody, Inc. 666,411 0.1

14,650 ⁽²⁾ Mitek Systems, Inc. 158,366 0.0

32,782 ⁽²⁾ MobileIron, Inc. 150,469 0.0

11,656 ⁽²⁾ Model N, Inc. 154,209 0.0

12,469 ⁽²⁾ MoneyGram International, Inc. 24,938 0.0

18,610 Monotype Imaging Holdings, Inc. 288,827 0.0

7,828 MTS Systems Corp. 314,138 0.0

10,484 ⁽²⁾ Nanometrics, Inc. 286,528 0.0

5,132 ⁽²⁾ Napco Security Technologies, Inc. 80,829 0.0

15,013 ⁽²⁾ NeoPhotonics Corp. 97,284 0.0

12,882 ⁽²⁾ Netgear, Inc. 670,250 0.1

31,891 ⁽²⁾ Netscout Systems, Inc. 753,584 0.1

18,577 ⁽²⁾ New Relic, Inc. 1,504,180 0.2

27,727 NIC, Inc. 346,033 0.0

9,039 ⁽²⁾ nLight, Inc. 160,713 0.0

13,399 ⁽²⁾ Novanta, Inc. 844,137 0.1

2,357 NVE Corp. 206,332 0.0

14,119 ⁽²⁾ OneSpan, Inc. 182,841 0.0

7,208 ⁽²⁾ OSI Systems, Inc. 528,346 0.1

4,630 ⁽²⁾ PAR Technology Corp. 100,702 0.0

10,432 Park Electrochemical Corp. 188,506 0.0

11,901 ⁽²⁾ Paylocity Holding Corp. 716,559 0.1

5,593 PC Connection, Inc. 166,280 0.0

See Accompanying Notes to Financial Statements

101

Voya Russell™ Small Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

11,682 ^(1),(2) PDF Solutions, Inc. 98,479 0.0

15,939 ⁽²⁾ Perficient, Inc. 354,802 0.1

58,063 Perspecta, Inc. 999,845 0.1

29,138 ⁽²⁾ Photronics, Inc. 282,056 0.0

13,856 Plantronics, Inc. 458,634 0.1

12,929 ⁽²⁾ Plexus Corp. 660,413 0.1

11,728 Power Integrations, Inc. 715,173 0.1

14,635 Presidio, Inc. 190,987 0.0

18,932 Progress Software Corp. 671,897 0.1

12,642 ⁽²⁾ PROS Holdings, Inc. 396,959 0.1

14,841 ⁽²⁾ Q2 Holdings, Inc. 735,372 0.1

4,867 QAD, Inc. 191,419 0.0

13,890 ⁽²⁾ Qualys, Inc. 1,038,139 0.1

14,143 ⁽²⁾ Quantenna Communications, Inc. 202,952 0.0

46,174 ⁽²⁾ Rambus, Inc. 354,155 0.1

14,690 ⁽²⁾ Rapid7, Inc. 457,740 0.1

22,465 ⁽²⁾ Ribbon Communications, Inc. 108,281 0.0

7,410 ⁽²⁾ Rogers Corp. 734,035 0.1

14,489 ⁽²⁾ Rudolph Technologies, Inc. 296,590 0.0

28,502 ⁽²⁾ SailPoint Technologies Holding, Inc. 669,512 0.1

27,828 ⁽²⁾ Sanmina Corp. 669,542 0.1

10,938 ⁽²⁾ Scansource, Inc. 376,048 0.1

17,625 Science Applications International Corp. 1,122,712 0.2

3,867 ^(1),(2) SecureWorks Corp. 65,314 0.0

26,658 ⁽²⁾ Semtech Corp. 1,222,802 0.2

12,151 ⁽²⁾ SendGrid, Inc. 524,559 0.1

36,641 ⁽²⁾ ServiceSource International, Inc. 39,572 0.0

3,035 ⁽²⁾ ShotSpotter, Inc. 94,631 0.0

17,045 ⁽²⁾ Silicon Laboratories, Inc. 1,343,316 0.2

4,547 ^(1),(2) SMART Global Holdings, Inc. 135,046 0.0

7,111 ⁽²⁾ SPS Commerce, Inc. 585,804 0.1

21,626 ⁽²⁾ Stratasys Ltd. 389,484 0.1

27,532 ^(1),(2) SunPower Corp. 136,834 0.0

7,015 ^(1),(2) SVMK, Inc. 86,074 0.0

18,234 ⁽²⁾ Sykes Enterprises, Inc. 450,927 0.1

14,212 ⁽²⁾ Synaptics, Inc. 528,829 0.1

16,677 SYNNEX Corp. 1,348,169 0.2

5,559 Systemax, Inc. 132,805 0.0

15,198 ⁽²⁾ Tech Data Corp. 1,243,348 0.2

17,923 ⁽²⁾ Telaria, Inc. 48,930 0.0

13,648 ⁽²⁾ TeleNav, Inc. 55,411 0.0

5,633 ⁽²⁾ Tenable Holdings, Inc. 124,996 0.0

50,366 TiVo Corp. 473,944 0.1

13,772 ⁽²⁾ Trade Desk, Inc./The 1,598,378 0.2

51,549 Travelport Worldwide Ltd. 805,195 0.1

6,612 TTEC Holdings, Inc. 188,905 0.0

39,315 ⁽²⁾ TTM Technologies, Inc. 382,535 0.1

4,110 ^(1),(2) Tucows, Inc. 246,847 0.0

15,689 ⁽²⁾ Ultra Clean Holdings, Inc. 132,886 0.0

22,313 ⁽²⁾ Unisys Corp. 259,500 0.0

6,697 ⁽²⁾ Upland Software, Inc. 182,024 0.0

21,983 ⁽²⁾ USA Technologies, Inc. 85,514 0.0

11,310 ⁽²⁾ Varonis Systems, Inc. 598,299 0.1

19,321 ⁽²⁾ Veeco Instruments, Inc. 143,169 0.0

26,019 ⁽²⁾ Verint Systems, Inc. 1,100,864 0.1

3,223 ^(1),(2) Veritone, Inc. 12,247 0.0

22,396 ^(1),(2) Viasat, Inc. 1,320,244 0.2

93,508 ⁽²⁾ Viavi Solutions, Inc. 939,755 0.1

23,678 ^(1),(2) VirnetX Holding Corp. 56,827 0.0

12,086 ⁽²⁾ Virtusa Corp. 514,743 0.1

53,800 Vishay Intertechnology, Inc. 968,938 0.1

4,952 ⁽²⁾ Vishay Precision Group, Inc. 149,699 0.0

12,213 ⁽²⁾ Workiva, Inc. 438,325 0.1

20,762 Xperi Corp. 381,813 0.1

33,716 ⁽²⁾ Yext, Inc. 500,683 0.1

26,619 ⁽²⁾ Zix Corp. 152,527 0.0

25,111 ^(1),(2) Zscaler, Inc. 984,602 0.1

109,432,066 14.4

Materials: 3.6%

9,298 Advanced Emissions Solutions, Inc. 98,094 0.0

13,324 ⁽²⁾ AdvanSix, Inc. 324,306 0.1

10,142 ^(1),(2) AgroFresh Solutions, Inc. 38,438 0.0

133,515 ^(1),(2) AK Steel Holding Corp. 300,409 0.0

50,939 ⁽²⁾ Allegheny Technologies, Inc. 1,108,942 0.2

12,456 American Vanguard Corp. 189,207 0.0

12,469 ^(1),(2) Amyris, Inc. 41,646 0.0

13,331 Balchem Corp. 1,044,484 0.1

16,376 Boise Cascade Co. 390,568 0.1

19,096 Carpenter Technology Corp. 680,008 0.1

21,946 ⁽²⁾ Century Aluminum Co. 160,425 0.0

3,428 Chase Corp. 342,971 0.1

6,909 ⁽²⁾ Clearwater Paper Corp. 168,372 0.0

122,633 ^(1),(2) Cleveland-Cliffs, Inc. 943,048 0.1

77,863 ^(1),(2) Coeur Mining, Inc. 348,048 0.1

47,349 Commercial Metals Co. 758,531 0.1

13,922 ⁽¹⁾ Compass Minerals International, Inc. 580,408 0.1

35,974 ⁽²⁾ Ferro Corp. 564,072 0.1

30,512 ^(2),(3),(4) Ferroglobe PLC – –

22,128 ⁽²⁾ Flotek Industries, Inc. 24,119 0.0

8,164 ^(1),(2) Forterra, Inc. 30,697 0.0

10,683 FutureFuel Corp. 169,432 0.0

29,500 ⁽²⁾ GCP Applied Technologies, Inc. 724,225 0.1

24,632 Gold Resource Corp. 98,528 0.0

10,311 Greif, Inc. - Class A 382,641 0.1

2,764 Greif, Inc. - Class B 122,722 0.0

4,717 Hawkins, Inc. 193,161 0.0

5,425 Haynes International, Inc. 143,220 0.0

20,358 HB Fuller Co. 868,676 0.1

191,803 Hecla Mining Co. 452,655 0.1

17,474 ⁽²⁾ Ingevity Corp. 1,462,399 0.2

8,542 Innophos Holdings, Inc. 209,535 0.0

10,361 Innospec, Inc. 639,895 0.1

38,191 ⁽²⁾ Intrepid Potash, Inc. 99,297 0.0

6,752 Kaiser Aluminum Corp. 602,886 0.1

9,204 ⁽²⁾ Koppers Holdings, Inc. 156,836 0.0

13,183 ⁽²⁾ Kraton Corp. 287,917 0.0

10,603 Kronos Worldwide, Inc. 122,147 0.0

57,377 Louisiana-Pacific Corp. 1,274,917 0.2

7,981 ^(1),(2) LSB Industries, Inc. 44,055 0.0

32,897 ^(1),(2) Marrone Bio Innovations, Inc. 48,359 0.0

8,715 Materion Corp. 392,088 0.1

14,273 Minerals Technologies, Inc. 732,776 0.1

15,578 Myers Industries, Inc. 235,384 0.0

7,080 Neenah, Inc. 417,154 0.1

See Accompanying Notes to Financial Statements

102

Voya Russell™ Small Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

4,183 Olympic Steel, Inc. 59,691 0.0

21,411 ⁽²⁾ Omnova Solutions, Inc. 156,943 0.0

18,640 PH Glatfelter Co. 181,926 0.0

31,870 PolyOne Corp. 911,482 0.1

14,450 ⁽²⁾ PQ Group Holdings, Inc. 214,004 0.0

5,500 Quaker Chemical Corp. 977,405 0.1

21,739 Rayonier Advanced Materials, Inc. 231,520 0.0

7,499 ⁽²⁾ Ryerson Holding Corp. 47,544 0.0

11,361 Schnitzer Steel Industries, Inc. 244,829 0.0

13,172 Schweitzer-Mauduit International, Inc. 329,959 0.1

16,914 Sensient Technologies Corp. 944,647 0.1

8,340 Stepan Co. 617,160 0.1

47,514 ^(1),(2) Summit Materials, Inc. 589,174 0.1

29,335 ⁽²⁾ SunCoke Energy, Inc. 250,814 0.0

127,118 ⁽²⁾ Tahoe Resources, Inc. 463,981 0.1

16,742 ⁽²⁾ TimkenSteel Corp. 146,325 0.0

7,099 ⁽²⁾ Trecora Resources 55,372 0.0

11,114 Tredegar Corp. 176,268 0.0

17,424 ⁽¹⁾ Trinseo SA 797,671 0.1

40,017 Tronox Ltd. - CL A 311,332 0.0

3,159 ⁽²⁾ Universal Stainless & Alloy Products, Inc. 51,207 0.0

7,465 ^(1),(2) US Concrete, Inc. 263,365 0.0

10,533 Valhi, Inc. 20,329 0.0

14,584 ⁽²⁾ Verso Corp. 326,682 0.1

18,310 Warrior Met Coal, Inc. 441,454 0.1

17,383 Worthington Industries, Inc. 605,624 0.1

27,434,406 3.6

Real Estate: 7.1%

34,047 Acadia Realty Trust 808,957 0.1

12,625 Agree Realty Corp. 746,390 0.1

28,481 ⁽²⁾ Alexander & Baldwin, Inc. 523,481 0.1

1,058 Alexander's, Inc. 322,415 0.1

4,286 ^(1),(2) Altisource Portfolio Solutions SA 96,392 0.0

17,690 American Assets Trust, Inc. 710,607 0.1

36,832 Americold Realty Trust 940,689 0.1

20,435 Armada Hoffler Properties, Inc. 287,316 0.0

36,214 Ashford Hospitality Trust, Inc. 144,856 0.0

9,480 Bluerock Residential Growth REIT, Inc. 85,510 0.0

15,429 Braemar Hotels & Resorts, Inc. 137,781 0.0

33,325 CareTrust REIT, Inc. 615,179 0.1

20,125 CatchMark Timber Trust, Inc. 142,888 0.0

71,505 ⁽¹⁾ CBL & Associates Properties, Inc. 137,290 0.0

46,690 Cedar Realty Trust, Inc. 146,607 0.0

19,823 Chatham Lodging Trust 350,471 0.1

25,309 Chesapeake Lodging Trust 616,274 0.1

17,921 City Office REIT, Inc. 183,690 0.0

5,113 Clipper Realty, Inc. 66,827 0.0

9,333 Community Healthcare Trust, Inc. 269,070 0.0

2,687 Consolidated-Tomoka Land Co. 141,068 0.0

47,822 CoreCivic, Inc. 852,666 0.1

6,423 ⁽¹⁾ CorEnergy Infrastructure Trust, Inc. 212,473 0.0

19,088 CorePoint Lodging, Inc. 233,828 0.0

169,406 Cousins Properties, Inc. 1,338,307 0.2

17,902 ⁽²⁾ Cushman & Wakefield PLC 259,042 0.0

81,598 DiamondRock Hospitality Co. 740,910 0.1

20,894 Easterly Government Properties, Inc. 327,618 0.1

13,932 EastGroup Properties, Inc. 1,277,982 0.2

19,227 Essential Properties Realty Trust, Inc. 266,102 0.0

12,170 ⁽¹⁾ Farmland Partners, Inc. 55,252 0.0

48,166 First Industrial Realty Trust, Inc. 1,390,071 0.2

4,601 ⁽²⁾ Forestar Group, Inc. 63,724 0.0

29,432 Four Corners Property Trust, Inc. 771,118 0.1

47,331 Franklin Street Properties Corp. 294,872 0.0

22,761 Front Yard Residential Corp. 198,704 0.0

3,091 ⁽²⁾ FRP Holdings, Inc. 142,217 0.0

49,700 Geo Group, Inc./The 979,090 0.1

15,652 Getty Realty Corp. 460,325 0.1

15,223 Gladstone Commercial Corp. 272,796 0.0

30,135 Global Net Lease, Inc. 530,979 0.1

41,841 Government Properties Income Trust 287,448 0.0

22,754 Hannon Armstrong Sustainable Infrastructure Capital, Inc. 433,464 0.1

49,837 Healthcare Realty Trust, Inc. 1,417,364 0.2

17,395 Hersha Hospitality Trust 305,108 0.0

15,646 HFF, Inc. 518,821 0.1

36,095 Independence Realty Trust, Inc. 331,352 0.1

25,414 ⁽¹⁾ Industrial Logistics Properties Trust 499,899 0.1

19,221 ⁽²⁾ InfraREIT, Inc. 404,025 0.1

3,680 Innovative Industrial Properties, Inc. 167,035 0.0

6,134 Investors Real Estate Trust 300,990 0.0

31,268 iStar, Inc. 286,728 0.0

9,107 Jernigan Capital, Inc. 180,501 0.0

52,235 Kennedy-Wilson Holdings, Inc. 949,110 0.1

36,153 Kite Realty Group Trust 509,396 0.1

91,841 Lexington Realty Trust 754,015 0.1

16,743 LTC Properties, Inc. 697,848 0.1

36,727 Mack-Cali Realty Corp. 719,482 0.1

8,234 ⁽²⁾ Marcus & Millichap, Inc. 282,673 0.0

33,557 Monmouth Real Estate Investment Corp. 416,107 0.1

16,298 National Health Investors, Inc. 1,231,151 0.2

21,895 National Storage Affiliates Trust 579,342 0.1

See Accompanying Notes to Financial Statements

103

Voya Russell™ Small Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

33,684 New Senior Investment Group, Inc. 138,778 0.0

62,190 Newmark Group, Inc. 498,764 0.1

8,785 NexPoint Residential Trust, Inc. 307,914 0.1

20,073 NorthStar Realty Europe Corp. 291,861 0.0

10,366 One Liberty Properties, Inc. 251,065 0.0

54,552 Pebblebrook Hotel Trust 1,544,380 0.2

29,832 ⁽¹⁾ Pennsylvania Real Estate Investment Trust 177,202 0.0

73,819 Physicians Realty Trust 1,183,319 0.2

43,985 Piedmont Office Realty Trust, Inc. 749,504 0.1

27,399 PotlatchDeltic Corp. 866,904 0.1

17,341 Preferred Apartment Communities, Inc. 243,814 0.0

7,972 PS Business Parks, Inc. 1,044,332 0.1

21,383 QTS Realty Trust, Inc. 792,240 0.1

7,847 RE/MAX Holdings, Inc. 241,295 0.0

32,186 ^(1),(2) Redfin Corp. 463,478 0.1

45,126 Retail Opportunity Investments Corp. 716,601 0.1

34,623 Rexford Industrial Realty, Inc. 1,020,340 0.1

70,673 RLJ Lodging Trust 1,159,037 0.2

3,432 RMR Group, Inc. 182,171 0.0

33,917 RPT Realty 405,308 0.1

18,373 Ryman Hospitality Properties 1,225,295 0.2

72,828 Sabra Healthcare REIT, Inc. 1,200,205 0.2

4,727 Saul Centers, Inc. 223,209 0.0

35,578 Select Income REIT 261,854 0.0

13,033 ⁽¹⁾ Seritage Growth Properties 421,357 0.1

20,908 Spirit MTA REIT 149,074 0.0

17,730 ^(1),(2) St. Joe Co. 233,504 0.0

39,792 STAG Industrial, Inc. 990,025 0.1

2,652 ⁽²⁾ Stratus Properties, Inc. 63,595 0.0

43,851 Summit Hotel Properties, Inc. 426,670 0.1

93,058 Sunstone Hotel Investors, Inc. 1,210,685 0.2

33,830 Tanger Factory Outlet Centers, Inc. 684,043 0.1

9,802 ⁽²⁾ Tejon Ranch Co. 162,517 0.0

23,206 Terreno Realty Corp. 816,155 0.1

22,062 Tier REIT, Inc. 455,139 0.1

10,870 ⁽²⁾ Trinity Place Holdings, Inc. 47,176 0.0

17,252 UMH Properties, Inc. 204,264 0.0

6,086 Universal Health Realty Income Trust 373,498 0.1

43,594 Urban Edge Properties 724,532 0.1

15,705 Urstadt Biddle Properties, Inc. 301,850 0.0

77,539 Washington Prime Group, Inc. 376,840 0.1

32,265 Washington Real Estate Investment Trust 742,095 0.1

20,482 Whitestone REIT 251,109 0.0

16,701 ⁽²⁾ Willscot Corp. 157,323 0.0

45,271 Xenia Hotels & Resorts, Inc. 778,661 0.1

54,172,675 7.1

Utilities: 3.7%

20,738 Allete, Inc. 1,580,650 0.2

15,035 American States Water Co. 1,007,946 0.1

5,585 ⁽²⁾ AquaVenture Holdings Ltd. 105,501 0.0

3,233 Artesian Resources Corp. 112,735 0.0

65,167 ⁽²⁾ Atlantic Power Corp. 141,412 0.0

26,751 Avista Corp. 1,136,383 0.2

21,747 Black Hills Corp. 1,365,277 0.2

9,351 ^(1),(2) Cadiz, Inc. 96,315 0.0

20,130 California Water Service Group 959,396 0.1

7,259 Chesapeake Utilities Corp. 590,157 0.1

19,254 Clearway Energy, Inc.-Class A 325,778 0.0

24,860 Clearway Energy, Inc.-Class C 428,835 0.1

5,618 Connecticut Water Service, Inc. 375,676 0.1

17,280 El Paso Electric Co. 866,246 0.1

20,164 Idacorp, Inc. 1,876,462 0.2

15,680 MGE Energy, Inc. 940,173 0.1

7,513 Middlesex Water Co. 400,819 0.1

35,641 New Jersey Resources Corp. 1,627,724 0.2

12,041 Northwest Natural Holding Co. 727,999 0.1

19,946 NorthWestern Corp. 1,185,590 0.2

21,148 ONE Gas, Inc. 1,683,381 0.2

16,680 Ormat Technologies, Inc. 872,364 0.1

17,650 Otter Tail Corp. 876,146 0.1

33,671 Pattern Energy Group, Inc. 626,954 0.1

32,513 PNM Resources, Inc. 1,335,959 0.2

35,360 Portland General Electric Co. 1,621,256 0.2

3,233 RGC Resources, Inc. 96,861 0.0

7,413 SJW Group 412,311 0.1

34,443 South Jersey Industries, Inc. 957,515 0.1

19,801 Southwest Gas Holdings, Inc. 1,514,777 0.2

4,938 ⁽¹⁾ Spark Energy, Inc. 36,689 0.0

20,189 Spire, Inc. 1,495,601 0.2

27,051 TerraForm Power, Inc. 303,512 0.0

7,525 Unitil Corp. 381,066 0.1

7,491 York Water Co. 240,161 0.0

28,305,627 3.7

Total Common Stock

(Cost $578,150,247) 742,640,522 97.4

RIGHTS: 0.0%

Communication Services: –%

46,399 ^(2),(3),(4) Media General, Inc. - CVR – –

Health Care: –%

4,221 ⁽²⁾ Pulse Biosciences, Inc. – –

See Accompanying Notes to Financial Statements

104

Voya Russell™ Small Cap Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

Materials: 0.0%

11,546 ^(2),(3),(4) A Schulman, Inc. - CVR 23,092 0.0

Total Rights

(Cost $23,092) 23,092 0.0

Total Long-Term Investments

(Cost $578,173,339) 742,663,614 97.4

Principal
Amount† Value Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 7.2%

Securities Lending Collateral⁽⁵⁾: 5.3%

9,614,704 Bank of Nova Scotia, Repurchase Agreement dated 12/31/18, 2.97%, due 01/02/19 (Repurchase Amount $9,616,269, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.750%-5.000%, Market Value plus accrued interest $9,808,617, due 11/15/23-05/15/58) 9,614,704 1.2

9,614,704 Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $9,616,469, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $9,806,998, due 01/25/19-10/20/68) 9,614,704 1.3

2,002,212 Mizuho Securities USA LLC, Repurchase Agreement dated 12/31/18, 2.92%, due 01/02/19 (Repurchase Amount $2,002,532, collateralized by various U.S. Government Securities, 1.875%-2.625%, Market Value plus accrued interest $2,042,257, due 02/29/24-09/09/49) 2,002,212 0.3

9,614,704 RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $9,616,295, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $9,806,998, due 10/01/25-10/20/48) 9,614,704 1.2

9,628,654 State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/18, 3.37%, due 01/02/19 (Repurchase Amount $9,630,432, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $9,821,380, due 07/15/20-02/15/47) 9,628,654 1.3

40,474,978 5.3

Shares Value Percentage
of Net
Assets

Mutual Funds: 1.9%

14,322,000 ⁽⁶⁾ Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340%

(Cost $14,322,000) 14,322,000 1.9

Total Short-Term Investments

(Cost $54,796,978) 54,796,978 7.2

Total Investments in Securities
(Cost $632,970,317) $ 797,460,592 104.6

Liabilities in Excess of Other Assets (35,087,972 ) (4.6 )

Net Assets $ 762,372,620 100.0

† 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) For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

(4) Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2018, the Portfolio held restricted securities with a fair value of $23,092 or 0.0% of net assets. Please refer to the table below for additional details.

(5) Represents securities purchased with cash collateral received for securities on loan.

(6) Rate shown is the 7-day yield as of December 31, 2018.

See Accompanying Notes to Financial Statements

105

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018

Principal
Amount† Value Percentage
of Net
Assets

CORPORATE BONDS/NOTES: 29.8%

Basic Materials: 0.6%

500,000 Airgas, Inc., 2.900%, 11/15/2022 490,465 0.0

800,000 Barrick Australian Finance Pty Ltd., 5.950%, 10/15/2039 855,769 0.0

800,000 Cabot Corp., 3.700%, 07/15/2022 798,149 0.0

1,500,000 ⁽¹⁾ Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. L.P., 3.300%, 05/01/2023 1,484,553 0.1

500,000 ⁽¹⁾ Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. L.P., 3.700%, 06/01/2028 493,360 0.0

500,000 Dow Chemical Co/The, 4.250%, 10/01/2034 459,929 0.0

68,000 Eastman Chemical Co., 4.500%, 01/15/2021 69,088 0.0

400,000 Eastman Chemical Co., 4.650%, 10/15/2044 359,382 0.0

250,000 Goldcorp, Inc., 3.625%, 06/09/2021 248,851 0.0

900,000 International Paper Co., 3.000%, 02/15/2027 821,149 0.0

400,000 International Paper Co., 3.650%, 06/15/2024 402,050 0.0

750,000 International Paper Co., 3.800%, 01/15/2026 740,437 0.0

1,000,000 International Paper Co., 4.350%, 08/15/2048 860,066 0.0

500,000 LYB International Finance BV, 4.000%, 07/15/2023 502,883 0.0

1,000,000 Mosaic Co/The, 4.250%, 11/15/2023 1,006,109 0.1

250,000 Mosaic Co/The, 5.450%, 11/15/2033 257,805 0.0

1,000,000 Nutrien Ltd., 3.150%, 10/01/2022 966,081 0.0

1,000,000 Nutrien Ltd., 5.625%, 12/01/2040 1,051,883 0.1

1,000,000 Praxair, Inc., 2.200%, 08/15/2022 966,723 0.1

500,000 Rio Tinto Finance USA Ltd., 3.750%, 06/15/2025 501,764 0.0

750,000 Rio Tinto Finance USA Ltd., 7.125%, 07/15/2028 934,708 0.0

1,000,000 Sherwin-Williams Co/The, 3.450%, 06/01/2027 934,363 0.0

2,000,000 Southern Copper Corp., 5.375%, 04/16/2020 2,044,545 0.1

250,000 Southern Copper Corp., 5.875%, 04/23/2045 256,581 0.0

350,000 Southern Copper Corp., 6.750%, 04/16/2040 388,010 0.0

1,955,000 Vale Overseas Ltd., 6.875%, 11/21/2036 2,245,318 0.1

20,140,021 0.6

Communications: 2.9%

250,000 21st Century Fox America, Inc., 4.750%, 09/15/2044 267,581 0.0

2,050,000 21st Century Fox America, Inc., 6.150%, 03/01/2037 2,524,452 0.1

1,000,000 Alibaba Group Holding Ltd, 2.800%, 06/06/2023 968,547 0.0

1,000,000 Alibaba Group Holding Ltd, 3.400%, 12/06/2027 926,254 0.0

300,000 Amazon.com, Inc., 2.500%, 11/29/2022 293,564 0.0

1,000,000 Amazon.com, Inc., 2.800%, 08/22/2024 972,635 0.0

1,000,000 Amazon.com, Inc., 3.150%, 08/22/2027 966,519 0.0

1,000,000 Amazon.com, Inc., 3.800%, 12/05/2024 1,024,194 0.0

1,000,000 Amazon.com, Inc., 4.800%, 12/05/2034 1,073,957 0.1

4,000,000 America Movil SAB de CV, 5.000%, 03/30/2020 4,071,331 0.1

500,000 AT&T, Inc., 3.200%, 03/01/2022 493,573 0.0

1,000,000 AT&T, Inc., 3.400%, 05/15/2025 941,339 0.0

500,000 AT&T, Inc., 3.800%, 03/01/2024 495,496 0.0

1,014,000 AT&T, Inc., 4.100%, 02/15/2028 977,250 0.0

500,000 AT&T, Inc., 4.125%, 02/17/2026 489,262 0.0

1,000,000 AT&T, Inc., 4.250%, 03/01/2027 981,134 0.0

1,000,000 AT&T, Inc., 4.500%, 05/15/2035 901,201 0.0

1,260,000 AT&T, Inc., 4.500%, 03/09/2048 1,090,460 0.1

1,500,000 AT&T, Inc., 4.750%, 05/15/2046 1,339,873 0.1

2,500,000 AT&T, Inc., 4.900%, 08/15/2037 2,340,349 0.1

500,000 AT&T, Inc., 5.450%, 03/01/2047 490,697 0.0

250,000 AT&T, Inc., 5.650%, 02/15/2047 250,846 0.0

1,620,000 AT&T, Inc., 6.000%, 08/15/2040 1,658,850 0.1

500,000 British Telecommunications PLC, 2.350%, 02/14/2019 499,346 0.0

300,000 CBS Corp., 2.300%, 08/15/2019 297,825 0.0

300,000 CBS Corp., 3.700%, 08/15/2024 291,873 0.0

250,000 CBS Corp., 4.000%, 01/15/2026 242,687 0.0

2,000,000 CBS Corp., 4.300%, 02/15/2021 2,028,520 0.1

250,000 CBS Corp., 4.600%, 01/15/2045 223,161 0.0

See Accompanying Notes to Financial Statements

106

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

300,000 CBS Corp., 4.900%, 08/15/2044 275,095 0.0

500,000 Charter Communications Operating LLC / Charter Communications Operating Capital, 4.464%, 07/23/2022 505,173 0.0

1,500,000 Charter Communications Operating LLC / Charter Communications Operating Capital, 4.908%, 07/23/2025 1,492,927 0.1

1,500,000 Charter Communications Operating LLC / Charter Communications Operating Capital, 5.375%, 05/01/2047 1,365,613 0.1

1,000,000 Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/2045 1,035,393 0.1

1,000,000 Cisco Systems, Inc., 2.125%, 03/01/2019 998,618 0.0

1,000,000 Cisco Systems, Inc., 2.200%, 02/28/2021 987,024 0.0

1,000,000 Cisco Systems, Inc., 2.900%, 03/04/2021 1,002,005 0.0

1,000,000 Cisco Systems, Inc., 3.625%, 03/04/2024 1,020,521 0.0

1,500,000 Cisco Systems, Inc., 5.500%, 01/15/2040 1,775,483 0.1

750,000 Comcast Corp., 3.000%, 02/01/2024 731,626 0.0

500,000 Comcast Corp., 3.375%, 02/15/2025 490,326 0.0

1,250,000 Comcast Corp., 3.600%, 03/01/2024 1,253,788 0.1

724,000 Comcast Corp., 3.969%, 11/01/2047 649,679 0.0

750,000 Comcast Corp., 4.200%, 08/15/2034 725,095 0.0

750,000 Comcast Corp., 4.250%, 01/15/2033 746,665 0.0

1,000,000 Comcast Corp., 4.500%, 01/15/2043 968,519 0.0

1,000,000 Comcast Corp., 4.600%, 08/15/2045 977,860 0.0

1,500,000 Comcast Corp., 4.700%, 10/15/2048 1,529,881 0.1

335,000 Comcast Corp., 6.500%, 11/15/2035 402,034 0.0

1,500,000 Deutsche Telekom International Finance BV, 8.750%, 06/15/2030 1,961,427 0.1

750,000 Discovery Communications LLC, 3.250%, 04/01/2023 725,574 0.0

500,000 ⁽¹⁾ Discovery Communications LLC, 3.500%, 06/15/2022 494,065 0.0

250,000 ⁽¹⁾ Discovery Communications LLC, 3.900%, 11/15/2024 245,177 0.0

1,800,000 Discovery Communications LLC, 4.375%, 06/15/2021 1,832,716 0.1

300,000 eBay, Inc., 2.875%, 08/01/2021 295,984 0.0

1,500,000 Expedia Group, Inc., 5.950%, 08/15/2020 1,550,119 0.1

300,000 Juniper Networks, Inc., 3.125%, 02/26/2019 299,924 0.0

500,000 Juniper Networks, Inc., 4.500%, 03/15/2024 504,261 0.0

300,000 Motorola Solutions, Inc., 3.500%, 09/01/2021 297,787 0.0

100,000 Motorola Solutions, Inc., 4.000%, 09/01/2024 97,429 0.0

1,500,000 ⁽¹⁾ NBCUniversal Enterprise, Inc., 1.974%, 04/15/2019 1,495,292 0.1

500,000 NBCUniversal Media LLC, 2.875%, 01/15/2023 491,111 0.0

500,000 NBCUniversal Media, LLC, 4.450%, 01/15/2043 483,633 0.0

1,500,000 Omnicom Group, Inc. / Omnicom Capital, Inc., 3.625%, 05/01/2022 1,480,319 0.1

250,000 Orange SA, 2.750%, 02/06/2019 249,859 0.0

500,000 Orange SA, 5.500%, 02/06/2044 537,158 0.0

250,000 Rogers Communications, Inc., 5.000%, 03/15/2044 261,237 0.0

500,000 Telefonica Emisiones SAU, 4.103%, 03/08/2027 482,946 0.0

750,000 Telefonica Emisiones SAU, 4.665%, 03/06/2038 681,249 0.0

700,000 Telefonica Emisiones SAU, 5.134%, 04/27/2020 714,575 0.0

2,000,000 Telefonica Emisiones SAU, 5.462%, 02/16/2021 2,073,664 0.1

1,000,000 ⁽¹⁾ Tencent Holdings Ltd., 2.985%, 01/19/2023 972,335 0.0

750,000 Time Warner Cable LLC, 4.125%, 02/15/2021 753,648 0.0

1,000,000 Time Warner Cable LLC, 4.500%, 09/15/2042 807,535 0.0

1,000,000 Time Warner Entertainment Co. L.P., 8.375%, 03/15/2023 1,141,789 0.1

500,000 Warner Media LLC, 2.100%, 06/01/2019 497,727 0.0

500,000 Warner Media LLC, 3.550%, 06/01/2024 483,627 0.0

500,000 Warner Media LLC, 4.650%, 06/01/2044 439,678 0.0

400,000 Warner Media LLC, 5.350%, 12/15/2043 387,317 0.0

1,425,000 Warner Media LLC, 6.500%, 11/15/2036 1,553,230 0.1

See Accompanying Notes to Financial Statements

107

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

1,000,000 Verizon Communications, Inc., 2.625%, 08/15/2026 908,650 0.0

1,000,000 Verizon Communications, Inc., 3.500%, 11/01/2024 990,001 0.0

1,000,000 Verizon Communications, Inc., 4.125%, 03/16/2027 1,003,042 0.0

1,585,000 Verizon Communications, Inc., 4.329%, 09/21/2028 1,595,634 0.1

1,650,000 Verizon Communications, Inc., 4.400%, 11/01/2034 1,596,305 0.1

655,000 Verizon Communications, Inc., 4.522%, 09/15/2048 616,918 0.0

3,000,000 Verizon Communications, Inc., 4.750%, 11/01/2041 2,922,168 0.1

3,136,000 Verizon Communications, Inc., 4.862%, 08/21/2046 3,097,676 0.1

248,000 Viacom, Inc., 3.875%, 04/01/2024 243,525 0.0

390,000 Viacom, Inc., 4.375%, 03/15/2043 310,601 0.0

440,000 Viacom, Inc., 5.850%, 09/01/2043 431,931 0.0

500,000 Vodafone Group PLC, 2.950%, 02/19/2023 481,807 0.0

1,500,000 Vodafone Group PLC, 3.750%, 01/16/2024 1,480,026 0.1

2,000,000 Vodafone Group PLC, 4.125%, 05/30/2025 1,979,399 0.1

1,000,000 Vodafone Group PLC, 6.150%, 02/27/2037 1,052,046 0.1

300,000 Walt Disney Co/The, 2.350%, 12/01/2022 291,508 0.0

400,000 Walt Disney Co/The, 3.000%, 02/13/2026 385,688 0.0

300,000 Walt Disney Co/The, 4.125%, 06/01/2044 298,260 0.0

1,000,000 Walt Disney Co/The, 5.500%, 03/15/2019 1,004,810 0.0

1,000,000 WPP Finance 2010, 3.625%, 09/07/2022 973,217 0.0

94,011,705 2.9

Consumer, Cyclical: 1.8%

224,875 American Airlines 2016-2 Class AA Pass Through Trust, 3.200%, 12/15/2029 212,547 0.0

922,173 American Airlines 2016-3 Class AA Pass Through Trust, 3.000%, 04/15/2030 874,096 0.0

230,937 American Airlines 2017-1 Class AA Pass Through Trust, 3.650%, 08/15/2030 228,032 0.0

1,181,148 American Airlines 2017-2 Class AA Pass Through Trust, 3.350%, 04/15/2031 1,118,485 0.1

500,000 American Honda Finance Corp., 2.300%, 09/09/2026 456,327 0.0

750,000 AutoZone, Inc., 3.125%, 07/15/2023 729,157 0.0

285,858 ⁽¹⁾ British Airways 2018-1 Class A Pass Through Trust, 4.125%, 03/20/2033 282,942 0.0

400,000 Tapestry, Inc., 4.250%, 04/01/2025 390,370 0.0

859,281 Continental Airlines 2009-2 Class A Pass Through Trust, 7.250%, 11/10/2019 882,740 0.0

300,000 Costco Wholesale Corp., 1.700%, 12/15/2019 296,794 0.0

1,000,000 ⁽¹⁾ Daimler Finance North America LLC, 2.300%, 02/12/2021 975,911 0.0

756,844 Delta Air Lines 2007-1 Class A Pass Through Trust, 6.821%, 02/10/2024 812,623 0.0

500,000 Ford Motor Co., 4.346%, 12/08/2026 447,049 0.0

300,000 Ford Motor Co., 4.750%, 01/15/2043 232,977 0.0

500,000 Ford Motor Co., 7.450%, 07/16/2031 516,892 0.0

500,000 Ford Motor Credit Co. LLC, 2.021%, 05/03/2019 498,022 0.0

500,000 Ford Motor Credit Co. LLC, 2.943%, 01/08/2019 500,003 0.0

500,000 Ford Motor Credit Co. LLC, 3.096%, 05/04/2023 452,411 0.0

500,000 Ford Motor Credit Co. LLC, 3.200%, 01/15/2021 484,703 0.0

250,000 Ford Motor Credit Co. LLC, 4.134%, 08/04/2025 225,611 0.0

750,000 Ford Motor Credit Co. LLC, 4.250%, 09/20/2022 719,556 0.0

1,000,000 Ford Motor Credit Co. LLC, 4.375%, 08/06/2023 948,149 0.0

1,300,000 Ford Motor Credit Co., LLC, 5.875%, 08/02/2021 1,333,980 0.1

750,000 General Motors Co., 6.600%, 04/01/2036 732,594 0.0

1,000,000 General Motors Financial Co., Inc., 3.100%, 01/15/2019 999,969 0.1

500,000 General Motors Financial Co., Inc., 3.150%, 06/30/2022 477,009 0.0

1,000,000 General Motors Financial Co., Inc., 3.200%, 07/06/2021 977,349 0.0

1,000,000 General Motors Financial Co., Inc., 3.250%, 01/05/2023 942,923 0.0

See Accompanying Notes to Financial Statements

108

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

750,000 General Motors Financial Co., Inc., 3.700%, 05/09/2023 714,233 0.0

500,000 General Motors Financial Co., Inc., 3.850%, 01/05/2028 436,424 0.0

500,000 General Motors Financial Co., Inc., 4.350%, 01/17/2027 461,220 0.0

1,000,000 General Motors Financial Co., Inc., 5.250%, 03/01/2026 980,208 0.0

500,000 Home Depot, Inc./The, 2.800%, 09/14/2027 470,104 0.0

3,350,000 Home Depot, Inc./The, 5.875%, 12/16/2036 4,023,215 0.1

500,000 Hyatt Hotels Corp., 3.375%, 07/15/2023 492,672 0.0

500,000 Kohl's Corp., 4.250%, 07/17/2025 494,303 0.0

1,000,000 Lowe's Cos, Inc., 3.100%, 05/03/2027 915,904 0.0

600,000 Lowe's Cos, Inc., 4.250%, 09/15/2044 533,399 0.0

500,000 Macy's Retail Holdings, Inc., 2.875%, 02/15/2023 463,373 0.0

532,000 Macy's Retail Holdings, Inc., 3.625%, 06/01/2024 497,215 0.0

500,000 Marriott International, Inc./MD, 2.300%, 01/15/2022 481,024 0.0

500,000 Marriott International, Inc./MD, 3.125%, 02/15/2023 481,310 0.0

1,000,000 McDonald's Corp., 2.750%, 12/09/2020 993,322 0.1

500,000 McDonald's Corp., 3.700%, 01/30/2026 491,137 0.0

400,000 McDonald's Corp., 4.600%, 05/26/2045 391,080 0.0

500,000 McDonald's Corp., 4.700%, 12/09/2035 504,143 0.0

325,000 McDonalds Corp., 6.300%, 10/15/2037 381,191 0.0

1,250,000 Mohawk Industries, Inc., 3.850%, 02/01/2023 1,252,757 0.1

250,000 Newell Brands, Inc., 3.850%, 04/01/2023 246,561 0.0

250,000 Newell Brands, Inc., 4.200%, 04/01/2026 244,674 0.0

193,000 Newell Brands, Inc., 5.375%, 04/01/2036 184,109 0.0

500,000 NIKE, Inc., 2.375%, 11/01/2026 458,744 0.0

500,000 NIKE, Inc., 3.375%, 11/01/2046 447,853 0.0

250,000 ⁽¹⁾ Nissan Motor Acceptance Corp., 2.000%, 03/08/2019 249,324 0.0

2,000,000 Nordstrom, Inc., 4.750%, 05/01/2020 2,034,386 0.1

300,000 O'Reilly Automotive, Inc., 3.800%, 09/01/2022 303,456 0.0

1,000,000 PACCAR Financial Corp., 2.050%, 11/13/2020 983,931 0.1

1,750,000 Starbucks Corp., 3.100%, 03/01/2023 1,725,235 0.1

750,000 Target Corp., 2.900%, 01/15/2022 749,718 0.0

1,000,000 Target Corp., 3.500%, 07/01/2024 1,007,343 0.1

500,000 TJX Cos, Inc./The, 2.500%, 05/15/2023 485,791 0.0

1,070,000 Toyota Motor Credit Corp., 1.700%, 02/19/2019 1,067,975 0.1

590,000 Toyota Motor Credit Corp., 2.250%, 10/18/2023 559,229 0.0

1,000,000 Toyota Motor Credit Corp., 2.700%, 01/11/2023 972,672 0.0

1,000,000 Toyota Motor Credit Corp., 3.050%, 01/11/2028 966,636 0.0

500,000 Toyota Motor Credit Corp., 3.200%, 01/11/2027 486,723 0.0

439,560 United Airlines 2015-1 Class AA Pass Through Trust, 3.450%, 12/01/2027 416,900 0.0

236,809 United Airlines 2016-1 Class A Pass Through Trust, 3.450%, 01/07/2030 229,266 0.0

236,808 United Airlines 2016-1 Class AA Pass Through Trust, 3.100%, 01/07/2030 228,889 0.0

1,000,000 United Airlines 2018-1 Class AA Pass Through Trust, 3.500%, 09/01/2031 983,821 0.0

250,000 Walgreens Boots Alliance, Inc., 2.700%, 11/18/2019 248,630 0.0

250,000 Walgreens Boots Alliance, Inc., 3.300%, 11/18/2021 249,008 0.0

250,000 Walgreens Boots Alliance, Inc., 3.450%, 06/01/2026 235,458 0.0

250,000 Walgreens Boots Alliance, Inc., 3.800%, 11/18/2024 246,331 0.0

250,000 Walgreens Boots Alliance, Inc., 4.500%, 11/18/2034 240,672 0.0

250,000 Walgreens Boots Alliance, Inc., 4.650%, 06/01/2046 226,517 0.0

250,000 Walgreens Boots Alliance, Inc., 4.800%, 11/18/2044 229,885 0.0

1,000,000 Walmart, Inc., 1.900%, 12/15/2020 984,388 0.1

1,500,000 Walmart, Inc., 2.350%, 12/15/2022 1,461,900 0.1

1,000,000 Walmart, Inc., 3.125%, 06/23/2021 1,007,423 0.1

1,000,000 Walmart, Inc., 3.300%, 04/22/2024 1,003,565 0.1

See Accompanying Notes to Financial Statements

109

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

1,000,000 Walmart, Inc., 3.400%, 06/26/2023 1,010,858 0.1

1,000,000 Walmart, Inc., 3.550%, 06/26/2025 1,012,327 0.1

1,000,000 Walmart, Inc., 3.700%, 06/26/2028 1,016,368 0.1

300,000 ⁽²⁾ Whirlpool Corp., 3.700%, 05/01/2025 291,047 0.0

200,000 Whirlpool Corp., 4.000%, 03/01/2024 199,851 0.0

57,904,919 1.8

Consumer, Non-cyclical: 5.8%

500,000 Abbott Laboratories, 2.900%, 11/30/2021 495,371 0.0

350,000 Abbott Laboratories, 3.400%, 11/30/2023 349,300 0.0

284,000 Abbott Laboratories, 3.750%, 11/30/2026 281,102 0.0

339,000 Abbott Laboratories, 4.750%, 11/30/2036 355,027 0.0

500,000 Abbott Laboratories, 4.750%, 04/15/2043 521,033 0.0

1,500,000 Abbott Laboratories, 4.900%, 11/30/2046 1,582,776 0.1

500,000 AbbVie, Inc., 2.300%, 05/14/2021 488,545 0.0

500,000 AbbVie, Inc., 2.500%, 05/14/2020 495,347 0.0

500,000 AbbVie, Inc., 2.850%, 05/14/2023 482,249 0.0

250,000 AbbVie, Inc., 3.200%, 11/06/2022 246,475 0.0

1,500,000 AbbVie, Inc., 3.200%, 05/14/2026 1,393,119 0.1

1,250,000 AbbVie, Inc., 3.600%, 05/14/2025 1,201,190 0.1

500,000 AbbVie, Inc., 4.300%, 05/14/2036 447,868 0.0

500,000 AbbVie, Inc., 4.450%, 05/14/2046 439,580 0.0

1,000,000 AbbVie, Inc., 4.500%, 05/14/2035 928,639 0.0

250,000 AbbVie, Inc., 4.700%, 05/14/2045 228,468 0.0

500,000 Allergan Finance LLC, 3.250%, 10/01/2022 489,261 0.0

1,000,000 Allergan Funding SCS, 3.000%, 03/12/2020 996,306 0.1

500,000 Allergan Funding SCS, 3.450%, 03/15/2022 492,698 0.0

750,000 Allergan Funding SCS, 3.800%, 03/15/2025 733,481 0.0

750,000 Allergan Funding SCS, 4.550%, 03/15/2035 714,156 0.0

500,000 Allergan, Inc./United States, 2.800%, 03/15/2023 479,384 0.0

400,000 Aetna, Inc., 2.200%, 03/15/2019 399,437 0.0

500,000 Aetna, Inc., 2.750%, 11/15/2022 480,092 0.0

1,283,000 Aetna, Inc., 2.800%, 06/15/2023 1,221,327 0.1

250,000 Aetna, Inc., 3.500%, 11/15/2024 242,012 0.0

300,000 Aetna, Inc., 4.500%, 05/15/2042 279,825 0.0

500,000 Altria Group, Inc., 2.850%, 08/09/2022 480,369 0.0

500,000 Altria Group, Inc., 2.950%, 05/02/2023 476,095 0.0

1,000,000 Altria Group, Inc., 4.000%, 01/31/2024 983,795 0.0

300,000 Altria Group, Inc., 4.250%, 08/09/2042 243,093 0.0

500,000 AmerisourceBergen Corp., 3.400%, 05/15/2024 488,233 0.0

250,000 AmerisourceBergen Corp., 4.250%, 03/01/2045 215,384 0.0

500,000 Amgen, Inc., 2.250%, 08/19/2023 473,725 0.0

250,000 Amgen, Inc., 3.625%, 05/22/2024 249,525 0.0

4,400,000 Amgen, Inc., 3.875%, 11/15/2021 4,460,762 0.2

1,500,000 Amgen, Inc., 4.400%, 05/01/2045 1,411,799 0.1

2,000,000 ⁽¹⁾ Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 3.650%, 02/01/2026 1,892,220 0.1

2,000,000 ⁽¹⁾ Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036 1,867,708 0.1

3,500,000 ⁽¹⁾ Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046 3,257,040 0.1

489,000 Anheuser-Busch InBev Finance, Inc., 2.650%, 02/01/2021 480,881 0.0

1,500,000 Anheuser-Busch InBev Finance, Inc., 3.300%, 02/01/2023 1,461,872 0.1

1,000,000 Anheuser-Busch InBev Worldwide, Inc., 3.750%, 01/15/2022 1,001,406 0.1

250,000 Anheuser-Busch InBev Worldwide, Inc., 3.750%, 07/15/2042 198,164 0.0

750,000 Anheuser-Busch InBev Worldwide, Inc., 8.200%, 01/15/2039 967,922 0.0

250,000 Anthem, Inc., 2.250%, 08/15/2019 248,701 0.0

250,000 Anthem, Inc., 3.500%, 08/15/2024 245,509 0.0

1,000,000 Anthem, Inc., 3.650%, 12/01/2027 957,780 0.0

750,000 Anthem, Inc., 4.101%, 03/01/2028 736,926 0.0

250,000 Anthem, Inc., 4.650%, 08/15/2044 241,620 0.0

750,000 AstraZeneca PLC, 1.950%, 09/18/2019 744,742 0.0

100,000 AstraZeneca PLC, 3.500%, 08/17/2023 99,574 0.0

1,000,000 AstraZeneca PLC, 4.000%, 01/17/2029 987,020 0.0

1,000,000 ⁽²⁾ AstraZeneca PLC, 4.375%, 08/17/2048 954,398 0.0

1,400,000 AstraZeneca PLC, 6.450%, 09/15/2037 1,676,051 0.1

See Accompanying Notes to Financial Statements

110

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

500,000 Automatic Data Processing, Inc., 3.375%, 09/15/2025 496,622 0.0

1,000,000 BAT Capital Corp., 3.222%, 08/15/2024 922,123 0.0

1,000,000 BAT Capital Corp., 3.557%, 08/15/2027 889,855 0.0

224,000 Baxalta, Inc., 4.000%, 06/23/2025 219,401 0.0

250,000 ⁽¹⁾ Bayer US Finance II LLC, 2.125%, 07/15/2019 248,072 0.0

1,000,000 ⁽¹⁾ Bayer US Finance II LLC, 2.200%, 07/15/2022 938,894 0.0

400,000 ⁽¹⁾ Bayer US Finance II LLC, 2.750%, 07/15/2021 389,809 0.0

1,000,000 ⁽¹⁾ Bayer US Finance II LLC, 3.600%, 07/15/2042 741,374 0.0

500,000 ⁽¹⁾ Bayer US Finance II LLC, 3.950%, 04/15/2045 403,432 0.0

250,000 ⁽¹⁾ Bayer US Finance II LLC, 4.200%, 07/15/2034 219,395 0.0

4,370,000 Becton Dickinson & Co., 3.125%, 11/08/2021 4,312,656 0.2

1,000,000 Biogen, Inc., 2.900%, 09/15/2020 993,964 0.1

750,000 Biogen, Inc., 4.050%, 09/15/2025 748,006 0.0

400,000 Boston Scientific Corp., 2.850%, 05/15/2020 397,468 0.0

400,000 Boston Scientific Corp., 3.375%, 05/15/2022 397,725 0.0

500,000 Bristol-Myers Squibb Co., 3.250%, 08/01/2042 435,489 0.0

1,000,000 Bunge Ltd. Finance Corp., 4.350%, 03/15/2024 983,612 0.0

1,000,000 Campbell Soup Co., 3.300%, 03/15/2021 995,290 0.1

500,000 Cardinal Health, Inc., 3.200%, 03/15/2023 482,950 0.0

500,000 Cardinal Health, Inc., 4.900%, 09/15/2045 453,309 0.0

250,000 Celgene Corp., 3.625%, 05/15/2024 244,104 0.0

500,000 Celgene Corp., 3.875%, 08/15/2025 482,241 0.0

2,945,000 Celgene Corp., 3.950%, 10/15/2020 2,977,400 0.1

1,000,000 Celgene Corp., 4.000%, 08/15/2023 1,005,538 0.1

500,000 Celgene Corp., 4.625%, 05/15/2044 441,322 0.0

500,000 Celgene Corp., 5.000%, 08/15/2045 464,561 0.0

1,000,000 ⁽¹⁾ Cigna Corp., 4.800%, 08/15/2038 994,724 0.1

500,000 ⁽¹⁾ Cigna Corp., 4.900%, 12/15/2048 491,771 0.0

750,000 Cigna Holding Co., 3.250%, 04/15/2025 714,921 0.0

2,000,000 Cigna Holding Co., 4.000%, 02/15/2022 2,021,748 0.1

2,500,000 Cigna Holding Co., 5.125%, 06/15/2020 2,564,470 0.1

750,000 Clorox Co/The, 3.050%, 09/15/2022 742,572 0.0

3,000,000 Coca-Cola Co., 3.150%, 11/15/2020 3,020,815 0.1

1,000,000 Coca-Cola Co., 3.200%, 11/01/2023 1,003,580 0.1

750,000 Colgate-Palmolive Co., 2.250%, 11/15/2022 728,632 0.0

426,000 Conagra Brands, Inc., 3.200%, 01/25/2023 412,016 0.0

1,000,000 Constellation Brands, Inc., 3.209%, (US0003M + 0.700%), 11/15/2021 988,424 0.1

1,000,000 Constellation Brands, Inc., 3.200%, 02/15/2023 970,577 0.0

1,000,000 Constellation Brands, Inc., 3.600%, 02/15/2028 923,241 0.0

1,000,000 Constellation Brands, Inc., 4.400%, 11/15/2025 1,003,873 0.1

500,000 Coventry Health Care, Inc., 5.450%, 06/15/2021 517,944 0.0

500,000 Covidien International Finance SA, 3.200%, 06/15/2022 498,814 0.0

250,000 CVS Health Corp., 2.250%, 08/12/2019 248,816 0.0

750,000 CVS Health Corp., 2.750%, 12/01/2022 722,426 0.0

500,000 CVS Health Corp., 2.800%, 07/20/2020 495,593 0.0

1,000,000 CVS Health Corp., 3.125%, 03/09/2020 998,181 0.1

2,000,000 CVS Health Corp., 3.350%, 03/09/2021 1,994,360 0.1

250,000 CVS Health Corp., 3.375%, 08/12/2024 242,742 0.0

1,000,000 CVS Health Corp., 3.500%, 07/20/2022 993,910 0.1

1,000,000 CVS Health Corp., 3.700%, 03/09/2023 990,188 0.1

443,000 CVS Health Corp., 3.875%, 07/20/2025 432,514 0.0

1,000,000 CVS Health Corp., 4.100%, 03/25/2025 992,573 0.1

250,000 CVS Health Corp., 4.000%, 12/05/2023 250,963 0.0

1,000,000 CVS Health Corp., 4.300%, 03/25/2028 981,031 0.0

1,000,000 CVS Health Corp., 4.780%, 03/25/2038 962,262 0.0

1,000,000 CVS Health Corp., 5.050%, 03/25/2048 977,566 0.0

1,000,000 CVS Health Corp., 5.125%, 07/20/2045 978,121 0.0

200,000 CVS Health Corp., 5.300%, 12/05/2043 203,008 0.0

750,000 Diageo Capital PLC, 2.625%, 04/29/2023 727,969 0.0

1,000,000 Diageo Capital PLC, 3.500%, 09/18/2023 1,004,211 0.1

1,000,000 Diageo Capital PLC, 3.875%, 05/18/2028 1,019,886 0.1

See Accompanying Notes to Financial Statements

111

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

500,000 Diageo Investment Corp., 2.875%, 05/11/2022 495,339 0.0

750,000 Keurig Dr Pepper, Inc., 2.000%, 01/15/2020 737,597 0.0

250,000 Keurig Dr Pepper, Inc., 3.400%, 11/15/2025 235,675 0.0

350,000 Keurig Dr Pepper, Inc., 4.500%, 11/15/2045 306,329 0.0

591,000 Ecolab, Inc., 4.350%, 12/08/2021 607,578 0.0

750,000 Eli Lilly & Co., 2.350%, 05/15/2022 735,955 0.0

750,000 Eli Lilly & Co., 3.100%, 05/15/2027 727,356 0.0

500,000 Eli Lilly & Co., 3.700%, 03/01/2045 471,416 0.0

500,000 ⁽¹⁾ ERAC USA Finance LLC, 2.350%, 10/15/2019 496,680 0.0

500,000 ⁽¹⁾ ERAC USA Finance LLC, 3.850%, 11/15/2024 498,207 0.0

300,000 Estee Lauder Cos, Inc./The, 3.700%, 08/15/2042 281,932 0.0

400,000 Express Scripts Holding Co., 2.250%, 06/15/2019 398,343 0.0

500,000 Express Scripts Holding Co., 3.000%, 07/15/2023 481,712 0.0

500,000 Express Scripts Holding Co., 3.400%, 03/01/2027 464,894 0.0

250,000 Express Scripts Holding Co., 3.500%, 06/15/2024 243,059 0.0

500,000 Express Scripts Holding Co., 4.800%, 07/15/2046 481,764 0.0

350,000 Flowers Foods, Inc., 4.375%, 04/01/2022 353,109 0.0

750,000 General Mills, Inc., 4.150%, 02/15/2043 645,174 0.0

1,000,000 ⁽²⁾ General Mills, Inc., 4.700%, 04/17/2048 919,913 0.0

500,000 Gilead Sciences, Inc., 1.950%, 03/01/2022 480,806 0.0

350,000 Gilead Sciences, Inc., 2.050%, 04/01/2019 349,211 0.0

500,000 Gilead Sciences, Inc., 2.500%, 09/01/2023 482,629 0.0

1,500,000 Gilead Sciences, Inc., 2.950%, 03/01/2027 1,398,752 0.1

1,000,000 Gilead Sciences, Inc., 3.250%, 09/01/2022 998,111 0.1

750,000 Gilead Sciences, Inc., 3.500%, 02/01/2025 741,006 0.0

260,000 Gilead Sciences, Inc., 3.650%, 03/01/2026 255,215 0.0

150,000 Gilead Sciences, Inc., 3.700%, 04/01/2024 149,845 0.0

250,000 Gilead Sciences, Inc., 4.150%, 03/01/2047 231,166 0.0

200,000 Gilead Sciences, Inc., 4.500%, 02/01/2045 193,032 0.0

250,000 Gilead Sciences, Inc., 4.750%, 03/01/2046 248,920 0.0

350,000 Gilead Sciences, Inc., 4.800%, 04/01/2044 352,247 0.0

500,000 GlaxoSmithKline Capital, Inc., 2.800%, 03/18/2023 491,728 0.0

500,000 GlaxoSmithKline Capital, Inc., 6.375%, 05/15/2038 630,047 0.0

750,000 Hershey Co/The, 2.300%, 08/15/2026 688,971 0.0

1,050,000 Humana, Inc., 3.150%, 12/01/2022 1,029,503 0.1

1,750,000 Humana, Inc., 3.850%, 10/01/2024 1,750,682 0.1

500,000 Johnson & Johnson, 2.250%, 03/03/2022 492,668 0.0

1,000,000 Johnson & Johnson, 2.450%, 03/01/2026 940,452 0.0

1,000,000 Johnson & Johnson, 2.900%, 01/15/2028 960,164 0.0

500,000 Johnson & Johnson, 2.950%, 03/03/2027 481,824 0.0

1,000,000 Johnson & Johnson, 3.625%, 03/03/2037 964,877 0.0

500,000 Johnson & Johnson, 3.750%, 03/03/2047 476,699 0.0

500,000 Kellogg Co., 3.250%, 04/01/2026 470,598 0.0

551,000 Kellogg Co., 4.000%, 12/15/2020 559,055 0.0

750,000 Kraft Heinz Foods Co., 3.000%, 06/01/2026 670,490 0.0

750,000 Kraft Heinz Foods Co., 3.500%, 06/06/2022 744,364 0.0

750,000 Kraft Heinz Foods Co., 3.950%, 07/15/2025 727,171 0.0

250,000 Kraft Heinz Foods Co., 4.375%, 06/01/2046 206,980 0.0

500,000 Kraft Heinz Foods Co., 5.000%, 07/15/2035 471,341 0.0

500,000 Kraft Heinz Foods Co., 5.200%, 07/15/2045 459,022 0.0

400,000 Kroger Co., 2.300%, 01/15/2019 399,865 0.0

1,000,000 Kroger Co., 2.650%, 10/15/2026 891,652 0.0

400,000 Kroger Co/The, 3.300%, 01/15/2021 398,459 0.0

1,000,000 Kroger Co/The, 3.850%, 08/01/2023 1,009,148 0.1

879,000 Kroger Co/The, 7.500%, 04/01/2031 1,085,695 0.1

250,000 Laboratory Corp. of America Holdings, 2.625%, 02/01/2020 248,300 0.0

250,000 Laboratory Corp. of America Holdings, 3.200%, 02/01/2022 248,277 0.0

250,000 Laboratory Corp. of America Holdings, 4.700%, 02/01/2045 233,883 0.0

500,000 McKesson Corp., 2.284%, 03/15/2019 498,990 0.0

500,000 McKesson Corp., 2.850%, 03/15/2023 483,416 0.0

400,000 McKesson Corp., 3.796%, 03/15/2024 396,189 0.0

See Accompanying Notes to Financial Statements

112

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

350,000 Mead Johnson Nutrition Co., 3.000%, 11/15/2020 349,002 0.0

250,000 Mead Johnson Nutrition Co., 4.600%, 06/01/2044 257,459 0.0

500,000 Medtronic Global Holdings SCA, 1.700%, 03/28/2019 498,732 0.0

750,000 Medtronic, Inc., 2.500%, 03/15/2020 746,196 0.0

1,000,000 Medtronic, Inc., 3.150%, 03/15/2022 997,646 0.1

1,000,000 Medtronic, Inc., 3.500%, 03/15/2025 997,307 0.1

1,000,000 Medtronic, Inc., 4.375%, 03/15/2035 1,026,675 0.1

250,000 Medtronic, Inc., 4.625%, 03/15/2044 260,318 0.0

500,000 Medtronic, Inc., 4.625%, 03/15/2045 526,149 0.0

250,000 Merck & Co., Inc., 1.850%, 02/10/2020 247,772 0.0

1,000,000 Merck & Co., Inc., 2.750%, 02/10/2025 968,616 0.0

250,000 Merck & Co., Inc., 3.700%, 02/10/2045 241,050 0.0

1,000,000 Merck & Co., Inc., 4.150%, 05/18/2043 1,018,996 0.1

500,000 Molson Coors Brewing Co., 5.000%, 05/01/2042 472,773 0.0

200,000 Mylan, Inc., 4.200%, 11/29/2023 195,304 0.0

1,000,000 ⁽¹⁾ Mylan, Inc., 4.550%, 04/15/2028 934,295 0.0

1,000,000 Mylan NV, 3.150%, 06/15/2021 979,828 0.0

1,000,000 Mylan NV, 3.950%, 06/15/2026 914,741 0.0

500,000 Novartis Capital Corp., 2.400%, 05/17/2022 487,856 0.0

500,000 Novartis Capital Corp., 3.100%, 05/17/2027 484,941 0.0

500,000 Novartis Capital Corp., 3.400%, 05/06/2024 502,638 0.0

500,000 PepsiCo, Inc., 4.000%, 03/05/2042 493,255 0.0

500,000 PepsiCo, Inc., 2.250%, 05/02/2022 487,387 0.0

1,000,000 PepsiCo, Inc., 3.600%, 03/01/2024 1,015,708 0.1

250,000 PepsiCo, Inc., 4.250%, 10/22/2044 253,456 0.0

750,000 Perrigo Finance Unlimited Co., 3.900%, 12/15/2024 694,882 0.0

750,000 Pfizer, Inc., 3.400%, 05/15/2024 755,768 0.0

500,000 Pfizer, Inc., 3.600%, 09/15/2028 502,807 0.0

1,000,000 Pfizer, Inc., 4.100%, 09/15/2038 1,005,292 0.1

500,000 Pfizer, Inc., 4.125%, 12/15/2046 503,920 0.0

500,000 Pfizer, Inc., 4.000%, 12/15/2036 499,398 0.0

1,000,000 Pfizer, Inc., 4.200%, 09/15/2048 1,018,703 0.1

1,000,000 Pfizer, Inc., 4.300%, 06/15/2043 1,023,219 0.1

500,000 Philip Morris International, Inc., 1.875%, 02/25/2021 485,974 0.0

500,000 Philip Morris International, Inc., 2.125%, 05/10/2023 471,298 0.0

500,000 Philip Morris International, Inc., 2.000%, 02/21/2020 493,783 0.0

750,000 Philip Morris International, Inc., 2.500%, 11/02/2022 721,178 0.0

500,000 Philip Morris International, Inc., 2.625%, 02/18/2022 484,172 0.0

500,000 Philip Morris International, Inc., 2.750%, 02/25/2026 462,836 0.0

500,000 Philip Morris International, Inc., 3.125%, 03/02/2028 467,869 0.0

250,000 Philip Morris International, Inc., 3.250%, 11/10/2024 240,906 0.0

500,000 Philip Morris International, Inc., 3.875%, 08/21/2042 431,634 0.0

500,000 Reynolds American, Inc., 5.700%, 08/15/2035 489,965 0.0

1,250,000 Reynolds American, Inc., 6.150%, 09/15/2043 1,223,416 0.1

3,000,000 Reynolds American, Inc., 8.125%, 06/23/2019 3,060,872 0.1

1,000,000 Sanofi, 3.375%, 06/19/2023 1,005,409 0.1

1,000,000 Sanofi, 3.625%, 06/19/2028 1,016,304 0.1

3,330,000 Sanofi, 4.000%, 03/29/2021 3,406,680 0.1

750,000 Shire Acquisitions Investments Ireland DAC, 2.400%, 09/23/2021 725,679 0.0

500,000 Stryker Corp., 3.500%, 03/15/2026 481,790 0.0

500,000 Thermo Fisher Scientific, Inc., 3.000%, 04/15/2023 486,899 0.0

400,000 Thermo Fisher Scientific, Inc., 3.300%, 02/15/2022 398,571 0.0

250,000 Thermo Fisher Scientific, Inc., 4.150%, 02/01/2024 253,503 0.0

150,000 Tyson Foods, Inc., 2.650%, 08/15/2019 149,248 0.0

750,000 Tyson Foods, Inc., 3.550%, 06/02/2027 700,116 0.0

500,000 Unilever Capital Corp., 3.250%, 03/07/2024 497,144 0.0

1,000,000 ⁽²⁾ Unilever Capital Corp., 3.500%, 03/22/2028 990,551 0.1

750,000 Unilever Capital Corp., 4.250%, 02/10/2021 769,319 0.0

See Accompanying Notes to Financial Statements

113

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

750,000 UnitedHealth Group, Inc., 1.625%, 03/15/2019 747,997 0.0

300,000 UnitedHealth Group, Inc., 2.300%, 12/15/2019 298,073 0.0

1,000,000 UnitedHealth Group, Inc., 2.375%, 10/15/2022 969,775 0.0

500,000 UnitedHealth Group, Inc., 2.750%, 02/15/2023 489,502 0.0

300,000 UnitedHealth Group, Inc., 2.875%, 12/15/2021 299,142 0.0

500,000 UnitedHealth Group, Inc., 2.875%, 03/15/2023 492,807 0.0

500,000 UnitedHealth Group, Inc., 2.950%, 10/15/2027 473,194 0.0

500,000 UnitedHealth Group, Inc., 3.100%, 03/15/2026 483,245 0.0

1,000,000 UnitedHealth Group, Inc., 3.375%, 11/15/2021 1,006,711 0.1

1,000,000 UnitedHealth Group, Inc., 3.500%, 06/15/2023 1,009,180 0.1

1,000,000 UnitedHealth Group, Inc., 3.850%, 06/15/2028 1,012,717 0.1

1,000,000 UnitedHealth Group, Inc., 4.250%, 04/15/2047 995,162 0.1

250,000 UnitedHealth Group, Inc., 4.625%, 07/15/2035 266,098 0.0

250,000 UnitedHealth Group, Inc., 4.750%, 07/15/2045 265,470 0.0

400,000 Verisk Analytics, Inc., 5.500%, 06/15/2045 406,798 0.0

500,000 Zoetis, Inc., 3.450%, 11/13/2020 501,500 0.0

500,000 Zoetis, Inc., 4.500%, 11/13/2025 514,130 0.0

184,147,624 5.8

Energy: 2.8%

1,000,000 Anadarko Petroleum Corp., 4.500%, 07/15/2044 851,461 0.0

625,000 Anadarko Petroleum Corp., 8.700%, 03/15/2019 631,469 0.0

427,000 Apache Corp., 3.250%, 04/15/2022 418,314 0.0

500,000 Apache Corp., 4.250%, 01/15/2044 404,498 0.0

1,000,000 Apache Corp., 4.375%, 10/15/2028 936,500 0.1

250,000 Boardwalk Pipelines L.P., 4.950%, 12/15/2024 253,811 0.0

500,000 Boardwalk Pipelines L.P., 5.950%, 06/01/2026 517,574 0.0

500,000 BP Capital Markets America, Inc., 2.112%, 09/16/2021 488,513 0.0

500,000 BP Capital Markets America, Inc., 2.520%, 09/19/2022 483,758 0.0

1,000,000 BP Capital Markets America, Inc., 2.750%, 05/10/2023 971,540 0.1

500,000 BP Capital Markets America, Inc., 3.017%, 01/16/2027 470,426 0.0

250,000 BP Capital Markets America, Inc., 3.119%, 05/04/2026 238,234 0.0

500,000 BP Capital Markets America, Inc., 3.216%, 11/28/2023 493,084 0.0

1,000,000 BP Capital Markets America, Inc., 3.937%, 09/21/2028 1,005,243 0.1

500,000 BP Capital Markets PLC, 2.315%, 02/13/2020 495,749 0.0

500,000 BP Capital Markets PLC, 3.062%, 03/17/2022 495,803 0.0

250,000 BP Capital Markets PLC, 3.535%, 11/04/2024 247,982 0.0

500,000 BP Capital Markets PLC, 3.814%, 02/10/2024 505,196 0.0

250,000 Canadian Natural Resources Ltd., 3.800%, 04/15/2024 246,805 0.0

500,000 Chevron Corp., 1.561%, 05/16/2019 497,329 0.0

500,000 Chevron Corp., 1.991%, 03/03/2020 495,575 0.0

500,000 Chevron Corp., 2.100%, 05/16/2021 490,498 0.0

300,000 Chevron Corp., 2.355%, 12/05/2022 290,662 0.0

500,000 Chevron Corp., 2.498%, 03/03/2022 490,553 0.0

500,000 Chevron Corp., 2.566%, 05/16/2023 487,208 0.0

500,000 Chevron Corp., 2.895%, 03/03/2024 488,278 0.0

500,000 Chevron Corp., 2.954%, 05/16/2026 482,058 0.0

500,000 Chevron Corp., 3.326%, 11/17/2025 496,750 0.0

500,000 CNOOC Finance 2013 Ltd., 3.000%, 05/09/2023 483,275 0.0

750,000 CNOOC Finance 2015 USA LLC, 3.500%, 05/05/2025 727,709 0.0

750,000 CNOOC Nexen Finance 2014 ULC, 4.250%, 04/30/2024 761,600 0.0

250,000 CNOOC Nexen Finance 2014 ULC, 4.875%, 04/30/2044 265,029 0.0

129,000 ConocoPhillips Co., 4.150%, 11/15/2034 123,179 0.0

See Accompanying Notes to Financial Statements

114

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

500,000 ConocoPhillips Co., 4.300%, 11/15/2044 495,937 0.0

500,000 ConocoPhillips Co., 4.950%, 03/15/2026 535,791 0.0

2,000,000 ConocoPhillips, 6.500%, 02/01/2039 2,491,108 0.1

400,000 Devon Energy Corp., 3.250%, 05/15/2022 390,069 0.0

750,000 Devon Energy Corp., 4.000%, 07/15/2021 751,118 0.0

1,000,000 Devon Energy Corp., 5.000%, 06/15/2045 889,804 0.0

500,000 Ecopetrol SA, 4.125%, 01/16/2025 475,625 0.0

250,000 Enbridge, Inc., 3.500%, 06/10/2024 243,699 0.0

250,000 Enbridge, Inc., 4.500%, 06/10/2044 240,097 0.0

500,000 Energy Transfer Operating L.P., 3.600%, 02/01/2023 482,139 0.0

500,000 Energy Transfer Operating L.P., 4.150%, 10/01/2020 503,125 0.0

800,000 Energy Transfer Operating L.P., 6.125%, 12/15/2045 785,818 0.0

1,809,000 Energy Transfer Operating L.P., 6.500%, 02/01/2042 1,812,874 0.1

500,000 Enterprise Products Operating LLC, 2.850%, 04/15/2021 495,264 0.0

500,000 Enterprise Products Operating LLC, 3.700%, 02/15/2026 493,649 0.0

100,000 Enterprise Products Operating LLC, 3.750%, 02/15/2025 99,122 0.0

500,000 Enterprise Products Operating LLC, 3.950%, 02/15/2027 498,919 0.0

300,000 Enterprise Products Operating LLC, 4.450%, 02/15/2043 273,546 0.0

1,100,000 Enterprise Products Operating LLC, 4.850%, 03/15/2044 1,071,765 0.1

1,750,000 Enterprise Products Operating LLC, 4.900%, 05/15/2046 1,703,520 0.1

400,000 EOG Resources, Inc., 2.450%, 04/01/2020 396,192 0.0

1,950,000 EOG Resources, Inc., 2.625%, 03/15/2023 1,875,093 0.1

250,000 EOG Resources, Inc., 4.150%, 01/15/2026 257,090 0.0

250,000 Equinor ASA, 2.250%, 11/08/2019 248,115 0.0

250,000 Equinor ASA, 2.750%, 11/10/2021 248,073 0.0

500,000 Equinor ASA, 3.625%, 09/10/2028 500,059 0.0

500,000 Equinor ASA, 3.950%, 05/15/2043 478,906 0.0

500,000 Exxon Mobil Corp., 2.726%, 03/01/2023 491,950 0.0

500,000 Exxon Mobil Corp., 3.043%, 03/01/2026 488,493 0.0

500,000 Exxon Mobil Corp., 4.114%, 03/01/2046 510,664 0.0

500,000 Halliburton Co., 3.500%, 08/01/2023 496,800 0.0

500,000 Halliburton Co., 3.800%, 11/15/2025 485,625 0.0

500,000 Halliburton Co., 4.750%, 08/01/2043 479,089 0.0

500,000 Halliburton Co., 4.850%, 11/15/2035 492,831 0.0

1,000,000 Hess Corp., 5.600%, 02/15/2041 887,811 0.0

500,000 Kinder Morgan Energy Partners L.P., 3.500%, 03/01/2021 498,982 0.0

500,000 Kinder Morgan Energy Partners L.P., 3.500%, 09/01/2023 489,542 0.0

167,000 Kinder Morgan Energy Partners L.P., 3.950%, 09/01/2022 167,053 0.0

400,000 Kinder Morgan Energy Partners L.P., 4.300%, 05/01/2024 400,467 0.0

400,000 Kinder Morgan Energy Partners L.P., 5.400%, 09/01/2044 384,103 0.0

2,825,000 Kinder Morgan Energy Partners L.P., 6.950%, 01/15/2038 3,162,575 0.1

500,000 Kinder Morgan, Inc./DE, 4.300%, 06/01/2025 498,206 0.0

500,000 Kinder Morgan, Inc./DE, 5.050%, 02/15/2046 458,893 0.0

500,000 Kinder Morgan, Inc./DE, 5.550%, 06/01/2045 497,491 0.0

1,500,000 Magellan Midstream Partners L.P., 4.200%, 12/01/2042 1,337,625 0.1

600,000 Magellan Midstream Partners L.P., 6.550%, 07/15/2019 608,946 0.0

500,000 Marathon Oil Corp., 2.800%, 11/01/2022 470,011 0.0

250,000 Marathon Oil Corp., 3.850%, 06/01/2025 234,958 0.0

500,000 Marathon Oil Corp., 5.200%, 06/01/2045 464,179 0.0

400,000 Marathon Petroleum Corp., 4.750%, 09/15/2044 354,327 0.0

1,000,000 MPLX L.P., 4.000%, 03/15/2028 939,577 0.1

1,000,000 MPLX L.P., 4.875%, 12/01/2024 1,019,106 0.1

300,000 Noble Energy, Inc., 3.900%, 11/15/2024 290,957 0.0

700,000 Noble Energy, Inc., 5.050%, 11/15/2044 605,706 0.0

1,000,000 Occidental Petroleum Corp., 3.400%, 04/15/2026 979,819 0.1

500,000 Occidental Petroleum Corp., 4.100%, 02/15/2047 468,229 0.0

250,000 Occidental Petroleum Corp., 4.625%, 06/15/2045 249,106 0.0

See Accompanying Notes to Financial Statements

115

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

1,000,000 ONEOK Partners L.P., 6.200%, 09/15/2043 1,076,549 0.1

125,000 Petroleos Mexicanos, 4.250%, 01/15/2025 109,563 0.0

500,000 Petroleos Mexicanos, 4.875%, 01/18/2024 467,250 0.0

2,500,000 Petroleos Mexicanos, 5.350%, 02/12/2028 2,187,500 0.1

500,000 Petroleos Mexicanos, 5.500%, 06/27/2044 380,340 0.0

3,680,000 Petroleos Mexicanos, 6.000%, 03/05/2020 3,751,760 0.1

2,000,000 Petroleos Mexicanos, 6.625%, 06/15/2038 1,720,000 0.1

1,000,000 Phillips 66, 3.289%, (US0003M + 0.600%), 02/26/2021 989,124 0.1

1,500,000 Phillips 66, 3.900%, 03/15/2028 1,452,612 0.1

250,000 Phillips 66, 4.650%, 11/15/2034 244,417 0.0

500,000 Pioneer Natural Resources Co., 3.950%, 07/15/2022 501,844 0.0

300,000 Plains All American Pipeline L.P. / PAA Finance Corp., 2.850%, 01/31/2023 283,040 0.0

275,000 Plains All American Pipeline L.P. / PAA Finance Corp., 3.650%, 06/01/2022 270,177 0.0

750,000 Plains All American Pipeline L.P. / PAA Finance Corp., 4.650%, 10/15/2025 738,974 0.0

250,000 Plains All American Pipeline L.P. / PAA Finance Corp., 4.700%, 06/15/2044 215,526 0.0

500,000 Shell International Finance BV, 1.750%, 09/12/2021 483,325 0.0

500,000 Shell International Finance BV, 2.250%, 11/10/2020 494,077 0.0

1,040,000 Shell International Finance BV, 2.875%, 05/10/2026 997,487 0.1

1,000,000 Shell International Finance BV, 3.250%, 05/11/2025 987,321 0.1

500,000 Shell International Finance BV, 3.750%, 09/12/2046 466,733 0.0

1,500,000 Shell International Finance BV, 4.125%, 05/11/2035 1,506,131 0.1

250,000 Shell International Finance BV, 4.375%, 05/11/2045 257,919 0.0

600,000 Spectra Energy Partners L.P., 4.500%, 03/15/2045 545,243 0.0

1,450,000 Suncor Energy, Inc., 6.500%, 06/15/2038 1,673,801 0.1

500,000 Sunoco Logistics Partners Operations L.P., 3.450%, 01/15/2023 483,929 0.0

500,000 Sunoco Logistics Partners Operations L.P., 4.400%, 04/01/2021 505,793 0.0

500,000 Sunoco Logistics Partners Operations L.P., 4.950%, 01/15/2043 420,195 0.0

2,000,000 TC Pipelines L.P., 4.650%, 06/15/2021 2,028,344 0.1

500,000 Total Capital Canada Ltd., 2.750%, 07/15/2023 489,267 0.0

500,000 Total Capital International SA, 2.750%, 06/19/2021 497,298 0.0

1,500,000 Total Capital SA, 4.450%, 06/24/2020 1,530,883 0.1

2,000,000 TransCanada PipeLines Ltd., 4.625%, 03/01/2034 1,918,702 0.1

1,000,000 TransCanada Pipelines Ltd., 7.625%, 01/15/2039 1,250,341 0.1

1,000,000 Valero Energy Corp., 6.625%, 06/15/2037 1,099,707 0.1

400,000 Williams Partners L.P., 3.600%, 03/15/2022 393,006 0.0

400,000 Williams Partners L.P., 4.000%, 09/15/2025 386,960 0.0

500,000 Williams Partners L.P., 4.300%, 03/04/2024 498,795 0.0

500,000 Williams Partners L.P., 5.100%, 09/15/2045 464,153 0.0

500,000 Williams Partners L.P., 5.400%, 03/04/2044 478,730 0.0

88,632,117 2.8

Financial: 10.0%

1,000,000 Aflac, Inc., 3.625%, 06/15/2023 1,003,872 0.1

500,000 American International Group, Inc., 2.300%, 07/16/2019 497,978 0.0

500,000 American International Group, Inc., 3.300%, 03/01/2021 498,545 0.0

1,000,000 American International Group, Inc., 3.750%, 07/10/2025 959,276 0.0

900,000 American International Group, Inc., 4.500%, 07/16/2044 806,522 0.0

250,000 American International Group, Inc., 4.700%, 07/10/2035 238,365 0.0

500,000 American International Group, Inc., 4.875%, 06/01/2022 519,144 0.0

500,000 Air Lease Corp., 3.000%, 09/15/2023 469,986 0.0

500,000 Air Lease Corp., 3.500%, 01/15/2022 492,376 0.0

See Accompanying Notes to Financial Statements

116

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

400,000 Alexandria Real Estate Equities, Inc., 2.750%, 01/15/2020 396,930 0.0

1,500,000 Allstate Corp./The, 3.150%, 06/15/2023 1,499,543 0.1

1,000,000 Allstate Corp., 3.280%, 12/15/2026 982,286 0.1

750,000 American Express Co., 3.000%, 10/30/2024 719,953 0.0

1,000,000 American Express Co., 3.400%, 02/27/2023 991,587 0.1

500,000 American Express Credit Corp., 2.200%, 03/03/2020 494,672 0.0

500,000 American Express Credit Corp., 2.700%, 03/03/2022 490,297 0.0

1,000,000 American Express Credit Corp., 3.300%, 05/03/2027 974,161 0.0

500,000 American Tower Corp., 3.375%, 10/15/2026 466,186 0.0

500,000 American Tower Corp., 3.400%, 02/15/2019 500,297 0.0

1,000,000 American Tower Corp., 3.500%, 01/31/2023 983,641 0.1

750,000 American Tower Corp., 3.550%, 07/15/2027 705,256 0.0

667,000 American Tower Corp., 4.700%, 03/15/2022 685,512 0.0

1,000,000 Aon PLC, 4.450%, 05/24/2043 911,085 0.0

500,000 Aon PLC, 4.600%, 06/14/2044 479,125 0.0

500,000 Aon PLC, 4.750%, 05/15/2045 493,082 0.0

400,000 ⁽²⁾ Assured Guaranty US Holdings, Inc., 5.000%, 07/01/2024 414,170 0.0

1,000,000 Australia & New Zealand Banking Group Ltd/New York NY, 2.625%, 11/09/2022 971,592 0.0

500,000 AvalonBay Communities, Inc., 2.850%, 03/15/2023 489,151 0.0

500,000 AvalonBay Communities, Inc., 2.950%, 09/15/2022 492,589 0.0

600,000 Banco Santander SA, 3.125%, 02/23/2023 567,777 0.0

800,000 Banco Santander SA, 3.500%, 04/11/2022 785,636 0.0

600,000 Banco Santander SA, 3.800%, 02/23/2028 535,001 0.0

400,000 Banco Santander SA, 4.250%, 04/11/2027 374,560 0.0

400,000 Banco Santander SA, 5.179%, 11/19/2025 398,768 0.0

200,000 Bank of America Corp., 2.625%, 04/19/2021 197,338 0.0

500,000 Bank of America Corp., 2.650%, 04/01/2019 499,496 0.0

1,000,000 ⁽³⁾ Bank of America Corp., 2.738%, 01/23/2022 985,085 0.1

500,000 ⁽³⁾ Bank of America Corp., 2.881%, 04/24/2023 486,501 0.0

1,000,000 ⁽³⁾ Bank of America Corp., 3.093%, 10/01/2025 948,855 0.0

4,000,000 Bank of America Corp., 3.300%, 01/11/2023 3,941,419 0.1

1,000,000 ⁽³⁾ Bank of America Corp., 3.366%, 01/23/2026 957,271 0.0

2,384,000 ⁽³⁾ Bank of America Corp., 3.419%, 12/20/2028 2,230,871 0.1

1,000,000 Bank of America Corp., 3.500%, 04/19/2026 964,049 0.0

500,000 ⁽³⁾ Bank of America Corp., 3.550%, 03/05/2024 494,209 0.0

750,000 ⁽³⁾ Bank of America Corp., 3.705%, 04/24/2028 720,610 0.0

1,020,000 ⁽³⁾ Bank of America Corp., 3.824%, 01/20/2028 991,049 0.1

1,500,000 Bank of America Corp., 3.950%, 04/21/2025 1,455,230 0.1

1,000,000 Bank of America Corp., 4.100%, 07/24/2023 1,014,131 0.1

1,280,000 Bank of America Corp., 4.183%, 11/25/2027 1,233,250 0.1

271,000 Bank of America Corp., 4.000%, 04/01/2024 272,675 0.0

1,000,000 Bank of America Corp., 4.250%, 10/22/2026 974,054 0.0

2,000,000 Bank of America Corp., 4.450%, 03/03/2026 1,981,845 0.1

750,000 Bank of Montreal, 2.350%, 09/11/2022 724,840 0.0

1,000,000 ⁽³⁾ Bank of Montreal, 3.803%, 12/15/2032 927,250 0.0

500,000 Bank of New York Mellon Corp./The, 2.600%, 02/07/2022 490,660 0.0

750,000 ⁽³⁾ Bank of New York Mellon Corp./The, 2.661%, 05/16/2023 729,754 0.0

1,000,000 Bank of New York Mellon Corp./The, 2.950%, 01/29/2023 984,767 0.1

750,000 Bank of New York Mellon Corp./The, 3.250%, 05/16/2027 725,909 0.0

500,000 ⁽³⁾ Bank of New York Mellon Corp./The, 3.442%, 02/07/2028 488,650 0.0

500,000 Bank of New York Mellon Corp., 2.200%, 08/16/2023 475,047 0.0

500,000 Bank of New York Mellon Corp., 2.500%, 04/15/2021 493,988 0.0

700,000 Bank of New York Mellon Corp., 3.000%, 10/30/2028 644,137 0.0

500,000 Bank of Nova Scotia/The, 2.050%, 06/05/2019 498,061 0.0

500,000 Bank of Nova Scotia/The, 2.450%, 09/19/2022 482,988 0.0

1,000,000 Bank of Nova Scotia, 1.850%, 04/14/2020 988,660 0.1

500,000 Bank of Nova Scotia, 4.500%, 12/16/2025 498,827 0.0

750,000 Barclays PLC, 2.875%, 06/08/2020 737,186 0.0

750,000 Barclays PLC, 3.250%, 01/12/2021 735,615 0.0

See Accompanying Notes to Financial Statements

117

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

750,000 Barclays PLC, 4.375%, 01/12/2026 713,948 0.0

1,000,000 Barclays PLC, 5.200%, 05/12/2026 960,365 0.0

250,000 Barclays PLC, 5.250%, 08/17/2045 231,892 0.0

500,000 BB&T Corp., 2.150%, 02/01/2021 489,629 0.0

250,000 BB&T Corp., 2.450%, 01/15/2020 248,308 0.0

750,000 BB&T Corp., 2.850%, 10/26/2024 721,140 0.0

1,000,000 BB&T Corp., 3.950%, 03/22/2022 1,013,495 0.1

1,020,000 Berkshire Hathaway Finance Corp., 3.000%, 05/15/2022 1,018,097 0.1

1,000,000 Berkshire Hathaway, Inc., 2.750%, 03/15/2023 982,196 0.1

1,000,000 Berkshire Hathaway, Inc., 3.125%, 03/15/2026 970,652 0.0

500,000 BlackRock, Inc., 5.000%, 12/10/2019 509,044 0.0

250,000 BNP Paribas SA, 2.450%, 03/17/2019 249,718 0.0

500,000 BNP Paribas SA, 3.250%, 03/03/2023 490,316 0.0

1,000,000 ⁽¹⁾ BNP Paribas SA, 3.500%, 11/16/2027 923,384 0.0

3,500,000 Boston Properties L.P., 5.625%, 11/15/2020 3,628,923 0.1

1,000,000 ⁽¹⁾ BPCE SA, 2.750%, 01/11/2023 959,751 0.0

1,000,000 ⁽¹⁾ BPCE SA, 3.250%, 01/11/2028 928,618 0.0

1,000,000 Branch Banking & Trust Co., 2.250%, 06/01/2020 987,627 0.1

500,000 Branch Banking & Trust Co., 3.625%, 09/16/2025 490,885 0.0

400,000 Branch Banking & Trust Co., 3.800%, 10/30/2026 397,046 0.0

500,000 Capital One Financial Corp., 2.450%, 04/24/2019 499,235 0.0

500,000 Capital One Financial Corp., 3.200%, 01/30/2023 486,992 0.0

500,000 Capital One Financial Corp., 3.200%, 02/05/2025 467,606 0.0

500,000 Capital One Financial Corp., 3.300%, 10/30/2024 473,454 0.0

500,000 Capital One Financial Corp., 3.750%, 04/24/2024 488,199 0.0

500,000 Capital One Financial Corp., 3.750%, 07/28/2026 458,941 0.0

500,000 Capital One Financial Corp., 3.800%, 01/31/2028 463,223 0.0

500,000 Capital One Financial Corp., 4.200%, 10/29/2025 483,841 0.0

1,000,000 Charles Schwab Corp./The, 2.650%, 01/25/2023 976,676 0.0

1,000,000 Charles Schwab Corp./The, 3.200%, 01/25/2028 960,037 0.0

1,000,000 Chubb Corp./The, 6.000%, 05/11/2037 1,214,458 0.1

750,000 Chubb INA Holdings, Inc., 2.700%, 03/13/2023 733,289 0.0

500,000 Citibank NA, 2.100%, 06/12/2020 491,752 0.0

500,000 Citigroup, Inc., 2.500%, 07/29/2019 498,369 0.0

750,000 Citigroup, Inc., 2.700%, 10/27/2022 723,573 0.0

500,000 ⁽³⁾ Citigroup, Inc., 2.876%, 07/24/2023 484,121 0.0

1,000,000 ⁽³⁾ Citigroup, Inc., 3.142%, 01/24/2023 982,917 0.1

500,000 Citigroup, Inc., 3.400%, 05/01/2026 471,296 0.0

1,000,000 Citigroup, Inc., 3.500%, 05/15/2023 982,669 0.1

1,000,000 ⁽³⁾ Citigroup, Inc., 3.878%, 01/24/2039 900,580 0.0

1,500,000 ⁽³⁾ Citigroup, Inc., 3.887%, 01/10/2028 1,444,337 0.1

750,000 Citigroup, Inc., 4.050%, 07/30/2022 753,994 0.0

1,500,000 Citigroup, Inc., 4.125%, 07/25/2028 1,410,161 0.1

700,000 Citigroup, Inc., 4.000%, 08/05/2024 692,374 0.0

500,000 Citigroup, Inc., 4.300%, 11/20/2026 481,851 0.0

500,000 Citigroup, Inc., 4.400%, 06/10/2025 489,941 0.0

1,000,000 Citigroup, Inc., 4.450%, 09/29/2027 965,275 0.0

500,000 Citigroup, Inc., 4.600%, 03/09/2026 494,451 0.0

793,000 Citigroup, Inc., 5.300%, 05/06/2044 794,006 0.0

615,000 Citigroup, Inc., 8.125%, 07/15/2039 855,747 0.0

500,000 Citizens Bank NA/Providence RI, 2.550%, 05/13/2021 489,304 0.0

1,000,000 CME Group, Inc., 3.000%, 09/15/2022 997,160 0.1

300,000 CNA Financial Corp., 4.500%, 03/01/2026 303,036 0.0

500,000 Comerica Bank, 2.500%, 06/02/2020 493,817 0.0

500,000 Comerica, Inc., 2.125%, 05/23/2019 497,778 0.0

250,000 Comerica, Inc., 3.800%, 07/22/2026 243,432 0.0

250,000 Compass Bank, 2.750%, 09/29/2019 248,735 0.0

500,000 Cooperatieve Rabobank UA/NY, 1.375%, 08/09/2019 495,212 0.0

See Accompanying Notes to Financial Statements

118

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

500,000 Cooperatieve Rabobank UA/NY, 2.250%, 01/14/2019 499,841 0.0

500,000 Cooperatieve Rabobank UA, 3.750%, 07/21/2026 469,562 0.0

500,000 Cooperatieve Rabobank UA, 3.950%, 11/09/2022 498,783 0.0

750,000 Cooperatieve Rabobank UA, 4.500%, 01/11/2021 767,851 0.0

500,000 Cooperatieve Rabobank UA, 4.375%, 08/04/2025 491,992 0.0

10,000,000 ^(1),(2) CPPIB Capital, Inc., 3.125%, 09/25/2023 10,153,022 0.3

750,000 ⁽¹⁾ Credit Suisse Group AG, 3.574%, 01/09/2023 732,284 0.0

750,000 ⁽¹⁾ Credit Suisse Group AG, 4.282%, 01/09/2028 724,747 0.0

1,000,000 Credit Suisse Group Funding Guernsey Ltd., 3.450%, 04/16/2021 996,914 0.1

1,000,000 Credit Suisse Group Funding Guernsey Ltd., 3.800%, 06/09/2023 982,217 0.1

1,000,000 Crown Castle International Corp., 3.150%, 07/15/2023 962,227 0.0

750,000 Deutsche Bank AG/New York NY, 2.950%, 08/20/2020 728,123 0.0

500,000 Deutsche Bank AG/New York NY, 3.125%, 01/13/2021 484,123 0.0

500,000 Deutsche Bank AG/New York NY, 3.150%, 01/22/2021 483,452 0.0

500,000 Deutsche Bank AG/New York NY, 3.375%, 05/12/2021 482,774 0.0

400,000 ⁽²⁾ Deutsche Bank AG/New York NY, 4.100%, 01/13/2026 367,509 0.0

500,000 Deutsche Bank AG, 2.850%, 05/10/2019 497,039 0.0

800,000 ⁽¹⁾ Dexia Credit Local SA, 2.500%, 01/25/2021 795,808 0.0

500,000 Discover Bank, 3.100%, 06/04/2020 496,672 0.0

500,000 Discover Bank, 3.200%, 08/09/2021 495,091 0.0

500,000 Discover Bank, 4.200%, 08/08/2023 500,602 0.0

400,000 Discover Bank, 4.250%, 03/13/2026 391,259 0.0

500,000 EPR Properties, 4.500%, 04/01/2025 494,323 0.0

500,000 ERP Operating L.P., 4.500%, 07/01/2044 505,684 0.0

750,000 Fifth Third Bancorp, 2.600%, 06/15/2022 730,144 0.0

1,000,000 Fifth Third Bancorp, 3.500%, 03/15/2022 1,002,409 0.1

1,000,000 Fifth Third Bancorp, 3.950%, 03/14/2028 994,511 0.1

400,000 Fifth Third Bancorp, 4.300%, 01/16/2024 404,971 0.0

500,000 Fifth Third Bank/Cincinnati OH, 2.200%, 10/30/2020 490,368 0.0

250,000 First Tennessee Bank NA, 2.950%, 12/01/2019 248,121 0.0

5,801,000 GE Capital International Funding Co. Unlimited Co., 4.418%, 11/15/2035 4,894,156 0.2

500,000 Goldman Sachs Group, Inc./The, 2.875%, 02/25/2021 491,687 0.0

1,580,000 ⁽³⁾ Goldman Sachs Group, Inc./The, 2.876%, 10/31/2022 1,535,058 0.1

500,000 Goldman Sachs Group, Inc./The, 3.200%, 02/23/2023 485,419 0.0

500,000 Goldman Sachs Group, Inc./The, 3.500%, 11/16/2026 462,537 0.0

500,000 Goldman Sachs Group, Inc./The, 3.750%, 02/25/2026 473,781 0.0

500,000 ⁽³⁾ Goldman Sachs Group, Inc./The, 3.814%, 04/23/2029 467,632 0.0

500,000 Goldman Sachs Group, Inc./The, 3.850%, 01/26/2027 471,055 0.0

500,000 Goldman Sachs Group, Inc., 2.550%, 10/23/2019 496,946 0.0

2,050,000 Goldman Sachs Group, Inc., 3.625%, 01/22/2023 2,019,512 0.1

500,000 Goldman Sachs Group, Inc., 3.750%, 05/22/2025 478,997 0.0

1,000,000 Goldman Sachs Group, Inc., 3.850%, 07/08/2024 978,214 0.1

750,000 Goldman Sachs Group, Inc., 5.750%, 01/24/2022 785,572 0.0

4,000,000 Goldman Sachs Group, Inc., 6.750%, 10/01/2037 4,529,088 0.2

500,000 HCP, Inc., 2.625%, 02/01/2020 496,511 0.0

250,000 HCP, Inc., 3.875%, 08/15/2024 246,329 0.0

500,000 HCP, Inc., 4.000%, 06/01/2025 490,357 0.0

500,000 Hospitality Properties Trust, 4.500%, 06/15/2023 504,682 0.0

500,000 Hospitality Properties Trust, 5.000%, 08/15/2022 511,065 0.0

750,000 Host Hotels & Resorts L.P., 3.750%, 10/15/2023 736,383 0.0

400,000 HSBC Holdings PLC, 3.400%, 03/08/2021 398,941 0.0

750,000 ⁽³⁾ HSBC Holdings PLC, 4.292%, 09/12/2026 741,291 0.0

300,000 HSBC Holdings PLC, 4.300%, 03/08/2026 296,338 0.0

500,000 HSBC Holdings PLC, 4.375%, 11/23/2026 485,106 0.0

See Accompanying Notes to Financial Statements

119

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

500,000 ⁽³⁾ HSBC Holdings PLC, 4.583%, 06/19/2029 496,479 0.0

500,000 ⁽³⁾ HSBC Holdings PLC, 6.000%, 12/31/2199 451,490 0.0

3,400,000 HSBC Holdings PLC, 6.500%, 09/15/2037 3,868,174 0.1

250,000 HSBC USA, Inc., 2.250%, 06/23/2019 249,019 0.0

250,000 HSBC USA, Inc., 3.500%, 06/23/2024 246,252 0.0

1,000,000 Huntington National Bank/The, 3.550%, 10/06/2023 995,856 0.1

500,000 ING Groep NV, 3.150%, 03/29/2022 491,972 0.0

1,000,000 Jefferies Group LLC / Jefferies Group Capital Finance, Inc., 4.150%, 01/23/2030 859,915 0.0

900,000 Jefferies Group LLC, 5.125%, 01/20/2023 921,007 0.0

750,000 JPMorgan Chase & Co., 2.700%, 05/18/2023 720,794 0.0

1,000,000 JPMorgan Chase & Co., 2.750%, 06/23/2020 994,327 0.1

500,000 JPMorgan Chase & Co., 2.950%, 10/01/2026 462,482 0.0

750,000 JPMorgan Chase & Co., 3.125%, 01/23/2025 715,418 0.0

750,000 ⁽³⁾ JPMorgan Chase & Co., 3.220%, 03/01/2025 724,946 0.0

1,500,000 JPMorgan Chase & Co., 3.375%, 05/01/2023 1,467,986 0.1

1,000,000 ⁽³⁾ JPMorgan Chase & Co., 3.509%, 01/23/2029 948,222 0.0

750,000 ⁽³⁾ JPMorgan Chase & Co., 3.540%, 05/01/2028 716,294 0.0

1,000,000 ⁽³⁾ JPMorgan Chase & Co., 3.782%, 02/01/2028 972,244 0.0

500,000 JPMorgan Chase & Co., 3.875%, 09/10/2024 493,295 0.0

750,000 ⁽³⁾ JPMorgan Chase & Co., 3.882%, 07/24/2038 684,644 0.0

1,000,000 JPMorgan Chase & Co., 4.125%, 12/15/2026 981,423 0.1

1,000,000 JPMorgan Chase & Co., 4.250%, 10/01/2027 986,746 0.1

1,000,000 ⁽³⁾ JPMorgan Chase & Co., 4.260%, 02/22/2048 933,607 0.0

4,000,000 JPMorgan Chase & Co., 4.500%, 01/24/2022 4,123,126 0.1

2,375,000 JPMorgan Chase & Co., 5.500%, 10/15/2040 2,638,928 0.1

1,000,000 ⁽³⁾ JPMorgan Chase Bank NA, 2.604%, 02/01/2021 992,101 0.1

500,000 Kemper Corp., 4.350%, 02/15/2025 494,445 0.0

500,000 KeyBank NA/Cleveland OH, 2.300%, 09/14/2022 481,736 0.0

500,000 KeyBank NA/Cleveland OH, 2.350%, 03/08/2019 499,369 0.0

750,000 KeyBank NA/Cleveland OH, 2.400%, 06/09/2022 726,906 0.0

1,000,000 KeyBank NA/Cleveland OH, 3.350%, 06/15/2021 1,003,786 0.1

500,000 KeyBank NA/Cleveland OH, 3.400%, 05/20/2026 480,338 0.0

400,000 Kilroy Realty L.P., 4.250%, 08/15/2029 391,637 0.0

250,000 Kilroy Realty L.P., 4.375%, 10/01/2025 251,340 0.0

3,000,000 ⁽²⁾ Kreditanstalt fuer Wiederaufbau, 1.250%, 09/30/2019 2,969,862 0.1

1,000,000 Kreditanstalt fuer Wiederaufbau, 1.625%, 03/15/2021 979,404 0.1

2,000,000 Kreditanstalt fuer Wiederaufbau, 1.875%, 11/30/2020 1,971,180 0.1

3,000,000 ⁽²⁾ Kreditanstalt fuer Wiederaufbau, 2.125%, 03/07/2022 2,955,120 0.1

10,000,000 ⁽²⁾ Kreditanstalt fuer Wiederaufbau, 2.625%, 01/25/2022 10,001,991 0.3

750,000 Liberty Property L.P., 3.250%, 10/01/2026 701,888 0.0

750,000 Lincoln National Corp., 3.625%, 12/12/2026 727,803 0.0

1,000,000 Lincoln National Corp., 3.800%, 03/01/2028 972,304 0.0

500,000 Lincoln National Corp., 4.200%, 03/15/2022 508,671 0.0

500,000 ⁽³⁾ Lloyds Banking Group PLC, 2.907%, 11/07/2023 473,202 0.0

750,000 Lloyds Banking Group PLC, 3.000%, 01/11/2022 726,019 0.0

500,000 ⁽³⁾ Lloyds Banking Group PLC, 3.574%, 11/07/2028 445,841 0.0

500,000 Lloyds Banking Group PLC, 4.650%, 03/24/2026 471,023 0.0

250,000 Loews Corp., 3.750%, 04/01/2026 248,119 0.0

250,000 Manufacturers & Traders Trust Co., 2.250%, 07/25/2019 249,142 0.0

1,000,000 Manufacturers & Traders Trust Co., 2.500%, 05/18/2022 971,814 0.0

1,000,000 Manufacturers & Traders Trust Co., 2.625%, 01/25/2021 986,936 0.1

500,000 ⁽³⁾ Manulife Financial Corp., 4.061%, 02/24/2032 472,561 0.0

500,000 Manulife Financial Corp., 4.150%, 03/04/2026 505,705 0.0

500,000 Manulife Financial Corp., 5.375%, 03/04/2046 539,342 0.0

1,000,000 Markel Corp., 3.625%, 03/30/2023 994,878 0.1

400,000 Marsh & McLennan Cos, Inc., 3.500%, 03/10/2025 393,655 0.0

1,000,000 Mastercard, Inc., 3.500%, 02/26/2028 1,002,323 0.1

See Accompanying Notes to Financial Statements

120

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

500,000 MetLife, Inc., 3.048%, 12/15/2022 493,065 0.0

500,000 MetLife, Inc., 3.600%, 04/10/2024 503,768 0.0

1,000,000 MetLife, Inc., 3.600%, 11/13/2025 987,952 0.1

500,000 MetLife, Inc., 4.050%, 03/01/2045 464,563 0.0

400,000 MetLife, Inc., 4.125%, 08/13/2042 375,217 0.0

300,000 MetLife, Inc., 4.721%, 12/15/2044 306,429 0.0

500,000 ⁽¹⁾ Metropolitan Life Global Funding I, 1.950%, 09/15/2021 482,908 0.0

750,000 ⁽¹⁾ Metropolitan Life Global Funding I, 3.450%, 12/18/2026 735,595 0.0

432,000 Mitsubishi UFJ Financial Group, Inc., 2.950%, 03/01/2021 427,778 0.0

500,000 Mitsubishi UFJ Financial Group, Inc., 3.455%, 03/02/2023 497,188 0.0

500,000 Mitsubishi UFJ Financial Group, Inc., 3.777%, 03/02/2025 500,186 0.0

750,000 Mitsubishi UFJ Financial Group, Inc., 3.850%, 03/01/2026 747,288 0.0

500,000 Mizuho Financial Group, Inc., 2.601%, 09/11/2022 483,839 0.0

500,000 Mizuho Financial Group, Inc., 3.170%, 09/11/2027 471,017 0.0

1,000,000 Mizuho Financial Group, Inc., 3.549%, 03/05/2023 998,400 0.1

500,000 ⁽³⁾ Mizuho Financial Group, Inc., 3.922%, 09/11/2024 505,577 0.0

500,000 ⁽³⁾ Mizuho Financial Group, Inc., 4.254%, 09/11/2029 505,373 0.0

1,000,000 Morgan Stanley, 2.500%, 04/21/2021 980,210 0.1

750,000 Morgan Stanley, 2.625%, 11/17/2021 732,287 0.0

1,000,000 Morgan Stanley, 3.125%, 01/23/2023 977,091 0.1

500,000 Morgan Stanley, 3.125%, 07/27/2026 461,950 0.0

1,750,000 ⁽³⁾ Morgan Stanley, 3.591%, 07/22/2028 1,655,797 0.1

750,000 Morgan Stanley, 3.625%, 01/20/2027 713,917 0.0

500,000 Morgan Stanley, 3.700%, 10/23/2024 492,038 0.0

1,000,000 ⁽³⁾ Morgan Stanley, 3.772%, 01/24/2029 958,427 0.0

750,000 Morgan Stanley, 3.875%, 04/29/2024 746,896 0.0

500,000 Morgan Stanley, 3.875%, 01/27/2026 488,366 0.0

750,000 Morgan Stanley, 3.950%, 04/23/2027 708,712 0.0

1,000,000 Morgan Stanley, 4.100%, 05/22/2023 1,002,381 0.1

750,000 Morgan Stanley, 4.000%, 07/23/2025 740,877 0.0

500,000 Morgan Stanley, 4.350%, 09/08/2026 486,931 0.0

800,000 Morgan Stanley, 4.875%, 11/01/2022 825,068 0.0

1,000,000 Morgan Stanley, 5.000%, 11/24/2025 1,021,608 0.1

500,000 MUFG Union Bank NA, 2.250%, 05/06/2019 498,428 0.0

500,000 National Australia Bank Ltd./New York, 2.500%, 07/12/2026 456,390 0.0

500,000 National Australia Bank Ltd./New York, 2.800%, 01/10/2022 490,314 0.0

1,000,000 National Australia Bank Ltd./New York, 2.875%, 04/12/2023 969,788 0.0

300,000 National Retail Properties, Inc., 4.000%, 11/15/2025 297,397 0.0

250,000 National Rural Utilities Cooperative Finance Corp., 2.300%, 11/01/2020 246,440 0.0

1,000,000 ⁽³⁾ National Rural Utilities Cooperative Finance Corp., 5.250%, 04/20/2046 993,114 0.1

300,000 Northern Trust Corp., 2.375%, 08/02/2022 291,797 0.0

750,000 ⁽³⁾ Northern Trust Corp., 3.375%, 05/08/2032 698,769 0.0

250,000 Northern Trust Corp., 3.950%, 10/30/2025 255,055 0.0

500,000 PNC Bank NA, 2.450%, 07/28/2022 484,492 0.0

500,000 PNC Bank NA, 2.625%, 02/17/2022 488,881 0.0

500,000 PNC Bank NA, 2.700%, 11/01/2022 486,111 0.0

750,000 PNC Bank NA, 3.100%, 10/25/2027 716,664 0.0

500,000 PNC Bank NA, 3.250%, 06/01/2025 485,861 0.0

500,000 PNC Bank NA, 3.250%, 01/22/2028 483,965 0.0

500,000 ⁽³⁾ PNC Financial Services Group, Inc./The, 2.854%, 11/09/2022 490,218 0.0

500,000 PNC Financial Services Group, Inc./The, 3.300%, 03/08/2022 499,097 0.0

500,000 Primerica, Inc., 4.750%, 07/15/2022 516,698 0.0

300,000 Principal Financial Group, Inc., 3.125%, 05/15/2023 296,414 0.0

1,000,000 Principal Financial Group, Inc., 3.300%, 09/15/2022 994,102 0.1

1,000,000 Private Export Funding Corp., 1.450%, 08/15/2019 991,881 0.1

1,000,000 Private Export Funding Corp., 2.250%, 03/15/2020 995,217 0.1

See Accompanying Notes to Financial Statements

121

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

1,000,000 Private Export Funding Corp., 2.300%, 09/15/2020 992,488 0.1

1,000,000 Private Export Funding Corp., 3.250%, 06/15/2025 1,021,317 0.1

1,000,000 Private Export Funding Corp., 3.550%, 01/15/2024 1,040,613 0.1

1,000,000 Progressive Corp./The, 4.000%, 03/01/2029 1,030,738 0.1

500,000 Prologis L.P., 4.250%, 08/15/2023 516,662 0.0

400,000 Protective Life Corp., 7.375%, 10/15/2019 411,265 0.0

1,000,000 Prudential Financial, Inc., 3.500%, 05/15/2024 1,006,637 0.1

1,000,000 Prudential Financial, Inc., 3.878%, 03/27/2028 1,007,441 0.1

500,000 ⁽³⁾ Prudential Financial, Inc., 5.375%, 05/15/2045 469,800 0.0

1,000,000 ⁽³⁾ Prudential Financial, Inc., 5.625%, 06/15/2043 980,580 0.1

750,000 Public Storage, 2.370%, 09/15/2022 724,695 0.0

250,000 Public Storage, 3.094%, 09/15/2027 234,551 0.0

500,000 Raymond James Financial, Inc., 3.625%, 09/15/2026 472,212 0.0

400,000 Realty Income Corp., 3.875%, 07/15/2024 401,115 0.0

300,000 Realty Income Corp., 4.125%, 10/15/2026 302,374 0.0

1,000,000 Regions Financial Corp., 3.200%, 02/08/2021 994,140 0.1

500,000 Royal Bank of Canada, 2.125%, 03/02/2020 494,864 0.0

1,000,000 Royal Bank of Canada, 2.150%, 10/26/2020 984,471 0.1

1,000,000 Royal Bank of Canada, 2.750%, 02/01/2022 984,390 0.1

500,000 ⁽²⁾ Royal Bank of Canada, 4.650%, 01/27/2026 515,718 0.0

500,000 Royal Bank of Scotland Group PLC, 4.800%, 04/05/2026 487,994 0.0

500,000 Santander Holdings USA, Inc., 2.650%, 04/17/2020 493,618 0.0

500,000 Santander UK Group Holdings PLC, 2.875%, 08/05/2021 482,927 0.0

750,000 Santander UK Group Holdings PLC, 3.125%, 01/08/2021 737,766 0.0

500,000 Santander UK PLC, 2.500%, 03/14/2019 499,459 0.0

250,000 Senior Housing Properties Trust, 3.250%, 05/01/2019 248,772 0.0

250,000 Senior Housing Properties Trust, 4.750%, 05/01/2024 248,281 0.0

1,000,000 Simon Property Group L.P., 3.375%, 03/15/2022 1,001,776 0.1

500,000 Simon Property Group L.P., 3.375%, 06/15/2027 478,630 0.0

500,000 ⁽²⁾ Simon Property Group L.P., 4.250%, 10/01/2044 481,650 0.0

750,000 ⁽³⁾ State Street Corp., 2.653%, 05/15/2023 730,974 0.0

1,500,000 State Street Corp., 3.100%, 05/15/2023 1,475,102 0.1

500,000 State Street Corp., 3.550%, 08/18/2025 499,506 0.0

500,000 Sumitomo Mitsui Financial Group, Inc., 2.058%, 07/14/2021 484,389 0.0

500,000 Sumitomo Mitsui Financial Group, Inc., 2.442%, 10/19/2021 487,701 0.0

500,000 Sumitomo Mitsui Financial Group, Inc., 2.632%, 07/14/2026 457,954 0.0

750,000 Sumitomo Mitsui Financial Group, Inc., 2.778%, 10/18/2022 728,564 0.0

500,000 Sumitomo Mitsui Financial Group, Inc., 2.784%, 07/12/2022 487,423 0.0

500,000 Sumitomo Mitsui Financial Group, Inc., 3.364%, 07/12/2027 479,870 0.0

500,000 Sumitomo Mitsui Financial Group, Inc., 3.446%, 01/11/2027 483,739 0.0

500,000 Sumitomo Mitsui Financial Group, Inc., 3.544%, 01/17/2028 486,509 0.0

500,000 SunTrust Bank/Atlanta GA, 2.250%, 01/31/2020 494,172 0.0

500,000 SunTrust Bank/Atlanta GA, 2.750%, 05/01/2023 483,209 0.0

1,000,000 SunTrust Bank/Atlanta GA, 3.000%, 02/02/2023 980,994 0.1

500,000 SunTrust Bank/Atlanta GA, 3.300%, 05/15/2026 474,515 0.0

250,000 SunTrust Banks, Inc., 2.500%, 05/01/2019 249,616 0.0

500,000 SunTrust Banks, Inc., 2.700%, 01/27/2022 487,978 0.0

500,000 SunTrust Banks, Inc., 2.900%, 03/03/2021 495,941 0.0

750,000 Synchrony Bank, 3.000%, 06/15/2022 701,351 0.0

250,000 Synchrony Financial, 3.000%, 08/15/2019 248,391 0.0

250,000 Synchrony Financial, 3.750%, 08/15/2021 243,439 0.0

300,000 Synchrony Financial, 4.250%, 08/15/2024 275,848 0.0

250,000 Synchrony Financial, 4.500%, 07/23/2025 228,386 0.0

500,000 Tanger Properties L.P., 3.125%, 09/01/2026 446,794 0.0

750,000 ⁽¹⁾ Toronto-Dominion Bank/The, 2.500%, 01/18/2023 741,402 0.0

See Accompanying Notes to Financial Statements

122

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

1,000,000 Toronto-Dominion Bank/The, 3.150%, 09/17/2020 1,002,395 0.1

500,000 Toronto-Dominion Bank/The, 3.000%, 06/11/2020 500,412 0.0

500,000 Toronto-Dominion Bank/The, 3.250%, 06/11/2021 502,204 0.0

750,000 Travelers Cos, Inc./The, 4.000%, 05/30/2047 722,769 0.0

3,000,000 Travelers Cos, Inc., 3.900%, 11/01/2020 3,046,492 0.1

700,000 UBS AG/Stamford CT, 2.375%, 08/14/2019 697,236 0.0

500,000 ⁽¹⁾ UBS Group Funding Switzerland AG, 2.950%, 09/24/2020 494,747 0.0

500,000 ⁽¹⁾ UBS Group Funding Switzerland AG, 3.000%, 04/15/2021 496,278 0.0

500,000 Unum Group, 3.000%, 05/15/2021 494,551 0.0

750,000 US Bancorp, 2.950%, 07/15/2022 740,127 0.0

750,000 US Bancorp, 3.150%, 04/27/2027 719,668 0.0

1,000,000 US Bancorp, 3.000%, 03/15/2022 994,136 0.1

500,000 ⁽³⁾ US Bancorp, 5.125%, 12/31/2199 495,625 0.0

500,000 US Bank NA/Cincinnati OH, 2.000%, 01/24/2020 495,352 0.0

1,000,000 ⁽³⁾ US Bank NA/Cincinnati OH, 3.104%, 05/21/2021 998,688 0.1

500,000 Ventas Realty L.P. / Ventas Capital Corp., 2.700%, 04/01/2020 495,829 0.0

600,000 Ventas Realty L.P. / Ventas Capital Corp., 3.250%, 08/15/2022 593,345 0.0

250,000 Ventas Realty L.P., 3.500%, 02/01/2025 239,741 0.0

500,000 Ventas Realty L.P., 3.750%, 05/01/2024 495,686 0.0

500,000 Ventas Realty L.P., 4.125%, 01/15/2026 496,830 0.0

1,100,000 Visa, Inc., 2.200%, 12/14/2020 1,088,135 0.1

750,000 Visa, Inc., 2.750%, 09/15/2027 711,522 0.0

1,000,000 Visa, Inc., 2.800%, 12/14/2022 987,948 0.1

500,000 Visa, Inc., 3.150%, 12/14/2025 492,039 0.0

500,000 Visa, Inc., 4.300%, 12/14/2045 521,466 0.0

1,000,000 Wells Fargo & Co., 2.625%, 07/22/2022 964,697 0.0

1,500,000 Wells Fargo & Co., 3.069%, 01/24/2023 1,461,754 0.1

1,000,000 Wells Fargo & Co., 3.000%, 10/23/2026 927,171 0.0

1,000,000 Wells Fargo & Co., 3.450%, 02/13/2023 979,890 0.1

750,000 Wells Fargo & Co., 3.550%, 09/29/2025 727,640 0.0

1,000,000 ⁽³⁾ Wells Fargo & Co., 3.584%, 05/22/2028 961,643 0.0

500,000 Wells Fargo & Co., 4.300%, 07/22/2027 492,976 0.0

8,000,000 Wells Fargo & Co., 4.600%, 04/01/2021 8,194,476 0.3

1,000,000 Wells Fargo & Co., 4.900%, 11/17/2045 977,557 0.1

983,000 Wells Fargo & Co., 5.606%, 01/15/2044 1,066,867 0.1

1,000,000 Wells Fargo Bank NA, 2.600%, 01/15/2021 987,838 0.1

1,000,000 Wells Fargo Bank NA, 3.625%, 10/22/2021 1,006,273 0.1

750,000 Wells Fargo Bank NA, 6.600%, 01/15/2038 930,124 0.0

500,000 Welltower, Inc., 4.000%, 06/01/2025 494,369 0.0

1,000,000 Westpac Banking Corp., 2.750%, 01/11/2023 970,882 0.0

750,000 ⁽³⁾ Westpac Banking Corp., 4.322%, 11/23/2031 709,683 0.0

1,000,000 WR Berkley Corp., 4.625%, 03/15/2022 1,028,560 0.1

319,766,362 10.0

Industrial: 2.1%

500,000 3M Co., 2.000%, 06/26/2022 483,539 0.0

750,000 3M Co., 2.250%, 09/19/2026 694,698 0.0

1,000,000 3M Co., 2.875%, 10/15/2027 961,433 0.1

100,000 3M Co., 3.000%, 08/07/2025 98,033 0.0

200,000 3M Co., 3.875%, 06/15/2044 195,299 0.0

1,000,000 3M Co., 4.000%, 09/14/2048 997,380 0.1

1,300,000 Agilent Technologies, Inc., 3.200%, 10/01/2022 1,285,357 0.1

1,000,000 Agilent Technologies, Inc., 3.875%, 07/15/2023 1,010,458 0.1

400,000 Arrow Electronics, Inc., 3.500%, 04/01/2022 394,905 0.0

750,000 Boeing Capital Corp., 4.700%, 10/27/2019 759,430 0.0

500,000 Boeing Co/The, 2.125%, 03/01/2022 485,450 0.0

500,000 Boeing Co/The, 2.800%, 03/01/2027 477,309 0.0

500,000 Boeing Co/The, 3.300%, 03/01/2035 456,127 0.0

500,000 Burlington Northern Santa Fe LLC, 3.000%, 03/15/2023 496,672 0.0

1,000,000 Burlington Northern Santa Fe LLC, 3.450%, 09/15/2021 1,010,479 0.1

500,000 Burlington Northern Santa Fe LLC, 4.375%, 09/01/2042 500,652 0.0

500,000 Burlington Northern Santa Fe LLC, 4.450%, 03/15/2043 511,026 0.0

See Accompanying Notes to Financial Statements

123

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

500,000 Burlington Northern Santa Fe LLC, 4.700%, 09/01/2045 524,718 0.0

400,000 Burlington Northern Santa Fe LLC, 4.900%, 04/01/2044 431,603 0.0

1,000,000 Canadian National Railway Co., 2.250%, 11/15/2022 962,911 0.1

750,000 Canadian Pacific Railway Co., 4.800%, 09/15/2035 782,180 0.0

750,000 Canadian Pacific Railway Co., 4.800%, 08/01/2045 787,823 0.0

500,000 Caterpillar Financial Services Corp., 2.100%, 01/10/2020 495,138 0.0

200,000 Caterpillar Financial Services Corp., 2.400%, 08/09/2026 184,213 0.0

300,000 Caterpillar Financial Services Corp., 2.625%, 03/01/2023 292,024 0.0

1,000,000 Caterpillar Financial Services Corp., 3.150%, 09/07/2021 1,002,976 0.1

500,000 Caterpillar Financial Services Corp., 3.750%, 11/24/2023 509,710 0.0

500,000 Caterpillar, Inc., 2.600%, 06/26/2022 487,733 0.0

250,000 Caterpillar, Inc., 3.400%, 05/15/2024 251,358 0.0

1,000,000 Caterpillar, Inc., 3.803%, 08/15/2042 933,743 0.0

1,250,000 ⁽²⁾ Caterpillar, Inc., 4.300%, 05/15/2044 1,272,227 0.1

500,000 CSX Corp., 3.950%, 05/01/2050 441,226 0.0

500,000 CSX Corp., 4.100%, 03/15/2044 466,038 0.0

1,000,000 CSX Corp., 4.400%, 03/01/2043 973,424 0.1

830,000 Cummins, Inc., 7.125%, 03/01/2028 1,029,445 0.1

500,000 Deere & Co., 3.900%, 06/09/2042 484,935 0.0

1,010,000 Dover Corp., 4.300%, 03/01/2021 1,031,267 0.1

250,000 FedEx Corp., 2.300%, 02/01/2020 247,787 0.0

1,000,000 FedEx Corp., 3.400%, 02/15/2028 950,876 0.0

200,000 FedEx Corp., 3.875%, 08/01/2042 166,879 0.0

500,000 FedEx Corp., 4.750%, 11/15/2045 473,775 0.0

500,000 General Dynamics Corp., 2.250%, 11/15/2022 488,081 0.0

500,000 General Dynamics Corp., 3.600%, 11/15/2042 474,016 0.0

500,000 General Electric Co., 2.700%, 10/09/2022 464,347 0.0

430,000 General Electric Co., 5.875%, 01/14/2038 412,678 0.0

961,000 General Electric Co., 6.750%, 03/15/2032 1,004,510 0.1

2,600,000 Honeywell International, Inc., 3.812%, 11/21/2047 2,478,249 0.1

500,000 Illinois Tool Works, Inc., 3.500%, 03/01/2024 507,971 0.0

500,000 Illinois Tool Works, Inc., 3.900%, 09/01/2042 492,199 0.0

250,000 Ingersoll-Rand Luxembourg Finance SA, 2.625%, 05/01/2020 247,597 0.0

250,000 Ingersoll-Rand Luxembourg Finance SA, 4.650%, 11/01/2044 245,181 0.0

500,000 John Deere Capital Corp., 1.950%, 01/08/2019 499,934 0.0

750,000 John Deere Capital Corp., 2.800%, 03/04/2021 745,878 0.0

1,000,000 John Deere Capital Corp., 2.800%, 03/06/2023 978,231 0.1

1,000,000 John Deere Capital Corp., 2.800%, 09/08/2027 946,686 0.0

500,000 John Deere Capital Corp., 3.350%, 06/12/2024 498,692 0.0

400,000 ⁽³⁾ Johnson Controls International plc, 3.625%, 07/02/2024 394,622 0.0

250,000 ⁽³⁾ Johnson Controls International plc, 4.625%, 07/02/2044 237,598 0.0

250,000 Johnson Controls International plc, 5.125%, 09/14/2045 249,643 0.0

800,000 L3 Technologies, Inc., 4.950%, 02/15/2021 818,983 0.0

500,000 Lockheed Martin Corp., 2.500%, 11/23/2020 494,646 0.0

500,000 Lockheed Martin Corp., 3.100%, 01/15/2023 496,015 0.0

1,000,000 Lockheed Martin Corp., 3.550%, 01/15/2026 994,303 0.1

1,250,000 Lockheed Martin Corp., 3.600%, 03/01/2035 1,168,644 0.1

500,000 Lockheed Martin Corp., 4.500%, 05/15/2036 517,986 0.0

500,000 Lockheed Martin Corp., 4.700%, 05/15/2046 524,252 0.0

642,000 Norfolk Southern Corp., 3.942%, 11/01/2047 585,320 0.0

1,000,000 Norfolk Southern Corp., 3.950%, 10/01/2042 921,539 0.0

500,000 Norfolk Southern Corp., 4.450%, 06/15/2045 492,319 0.0

375,000 Norfolk Southern Corp., 4.800%, 08/15/2043 375,503 0.0

750,000 Northrop Grumman Corp., 2.550%, 10/15/2022 727,063 0.0

750,000 Northrop Grumman Corp., 2.930%, 01/15/2025 712,939 0.0

See Accompanying Notes to Financial Statements

124

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

500,000 Northrop Grumman Corp., 3.850%, 04/15/2045 443,797 0.0

1,000,000 Northrop Grumman Corp., 4.030%, 10/15/2047 914,555 0.0

200,000 Packaging Corp. of America, 3.650%, 09/15/2024 196,767 0.0

250,000 Parker-Hannifin Corp., 4.200%, 11/21/2034 249,290 0.0

2,800,000 Raytheon Co., 3.125%, 10/15/2020 2,808,918 0.1

2,000,000 Republic Services, Inc., 5.250%, 11/15/2021 2,118,498 0.1

1,000,000 Roper Technologies, Inc., 3.650%, 09/15/2023 1,001,733 0.1

500,000 Ryder System, Inc., 2.450%, 09/03/2019 497,506 0.0

500,000 Ryder System, Inc., 2.500%, 05/11/2020 494,204 0.0

300,000 Stanley Black & Decker, Inc., 2.900%, 11/01/2022 294,876 0.0

750,000 Textron, Inc., 3.650%, 03/01/2021 754,276 0.0

250,000 Union Pacific Corp., 2.250%, 02/15/2019 249,567 0.0

500,000 Union Pacific Corp., 2.750%, 04/15/2023 488,846 0.0

500,000 Union Pacific Corp., 2.750%, 03/01/2026 467,317 0.0

250,000 Union Pacific Corp., 3.375%, 02/01/2035 219,681 0.0

250,000 Union Pacific Corp., 3.750%, 03/15/2024 252,428 0.0

250,000 Union Pacific Corp., 3.799%, 10/01/2051 213,293 0.0

750,000 Union Pacific Corp., 4.050%, 11/15/2045 686,467 0.0

500,000 Union Pacific Corp., 4.250%, 04/15/2043 478,747 0.0

1,000,000 United Parcel Service, Inc., 2.800%, 11/15/2024 959,663 0.0

1,000,000 United Parcel Service, Inc., 3.050%, 11/15/2027 954,153 0.0

750,000 United Technologies Corp., 3.100%, 06/01/2022 734,985 0.0

500,000 United Technologies Corp., 3.950%, 08/16/2025 497,068 0.0

500,000 United Technologies Corp., 4.125%, 11/16/2028 497,481 0.0

500,000 United Technologies Corp., 4.150%, 05/15/2045 449,484 0.0

1,000,000 United Technologies Corp., 4.450%, 11/16/2038 974,285 0.1

406,000 United Technologies Corp., 6.125%, 07/15/2038 467,041 0.0

500,000 United Technologies Corp., 3.350%, 08/16/2021 498,937 0.0

500,000 United Technologies Corp., 3.650%, 08/16/2023 498,534 0.0

500,000 United Technologies Corp., 4.500%, 06/01/2042 473,354 0.0

1,000,000 United Technologies Corp., 4.625%, 11/16/2048 970,891 0.1

67,004,523 2.1

Technology: 1.7%

500,000 Analog Devices, Inc., 3.900%, 12/15/2025 491,641 0.0

500,000 Apple, Inc., 2.100%, 05/06/2019 498,937 0.0

500,000 Apple, Inc., 2.150%, 02/09/2022 487,694 0.0

1,000,000 Apple, Inc., 2.250%, 02/23/2021 988,557 0.1

1,000,000 Apple, Inc., 2.400%, 01/13/2023 970,908 0.0

1,000,000 Apple, Inc., 2.400%, 05/03/2023 967,462 0.0

750,000 Apple, Inc., 2.500%, 02/09/2022 738,463 0.0

500,000 Apple, Inc., 2.850%, 05/06/2021 500,489 0.0

750,000 Apple, Inc., 3.000%, 02/09/2024 741,144 0.0

1,000,000 Apple, Inc., 3.000%, 11/13/2027 951,985 0.0

1,000,000 Apple, Inc., 3.200%, 05/13/2025 985,728 0.1

1,000,000 Apple, Inc., 3.200%, 05/11/2027 966,676 0.0

1,000,000 Apple, Inc., 3.250%, 02/23/2026 977,533 0.1

1,000,000 Apple, Inc., 3.350%, 02/09/2027 979,346 0.1

500,000 Apple, Inc., 3.450%, 05/06/2024 502,699 0.0

500,000 Apple, Inc., 3.450%, 02/09/2045 444,479 0.0

1,000,000 Apple, Inc., 3.850%, 05/04/2043 954,066 0.0

400,000 Apple, Inc., 4.375%, 05/13/2045 407,747 0.0

500,000 Apple, Inc., 4.450%, 05/06/2044 518,353 0.0

1,000,000 Apple, Inc., 4.650%, 02/23/2046 1,065,860 0.1

500,000 Applied Materials, Inc., 3.900%, 10/01/2025 503,809 0.0

400,000 Autodesk, Inc., 3.600%, 12/15/2022 396,937 0.0

250,000 Autodesk, Inc., 4.375%, 06/15/2025 253,058 0.0

1,000,000 Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.625%, 01/15/2024 947,107 0.0

1,000,000 Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.875%, 01/15/2027 899,205 0.0

See Accompanying Notes to Financial Statements

125

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

400,000 ⁽¹⁾ Dell International LLC / EMC Corp., 3.480%, 06/01/2019 398,860 0.0

400,000 ⁽¹⁾ Dell International LLC / EMC Corp., 4.420%, 06/15/2021 399,818 0.0

400,000 ⁽¹⁾ Dell International LLC / EMC Corp., 5.450%, 06/15/2023 407,419 0.0

400,000 ⁽¹⁾ Dell International LLC / EMC Corp., 6.020%, 06/15/2026 402,572 0.0

400,000 ⁽¹⁾ Dell International LLC / EMC Corp., 8.350%, 07/15/2046 434,765 0.0

1,000,000 Hewlett Packard Enterprise Co., 3.500%, 10/05/2021 1,003,346 0.1

500,000 Hewlett Packard Enterprise Co., 3.600%, 10/15/2020 501,410 0.0

500,000 Hewlett Packard Enterprise Co., 4.400%, 10/15/2022 510,302 0.0

321,000 HP, Inc., 3.750%, 12/01/2020 324,921 0.0

1,000,000 International Business Machines Corp., 1.625%, 05/15/2020 980,302 0.1

500,000 International Business Machines Corp., 1.875%, 05/15/2019 498,255 0.0

1,030,000 International Business Machines Corp., 2.250%, 02/19/2021 1,009,524 0.1

1,020,000 International Business Machines Corp., 2.500%, 01/27/2022 993,485 0.1

1,000,000 International Business Machines Corp., 3.375%, 08/01/2023 989,638 0.1

1,000,000 International Business Machines Corp., 3.450%, 02/19/2026 973,974 0.0

1,000,000 Intel Corp., 3.150%, 05/11/2027 972,782 0.0

1,760,000 Intel Corp., 3.700%, 07/29/2025 1,777,641 0.1

272,000 Intel Corp., 3.734%, 12/08/2047 252,398 0.0

500,000 Lam Research Corp., 2.800%, 06/15/2021 494,702 0.0

400,000 Lam Research Corp., 3.800%, 03/15/2025 400,741 0.0

750,000 Microsoft Corp., 1.550%, 08/08/2021 728,845 0.0

1,000,000 Microsoft Corp., 2.375%, 05/01/2023 979,127 0.1

1,000,000 Microsoft Corp., 2.400%, 08/08/2026 936,767 0.0

1,000,000 Microsoft Corp., 2.700%, 02/12/2025 971,133 0.0

500,000 Microsoft Corp., 2.875%, 02/06/2024 495,601 0.0

500,000 Microsoft Corp., 3.125%, 11/03/2025 495,212 0.0

1,500,000 Microsoft Corp., 3.300%, 02/06/2027 1,488,143 0.1

250,000 Microsoft Corp., 3.500%, 02/12/2035 239,292 0.0

750,000 Microsoft Corp., 3.625%, 12/15/2023 772,771 0.0

250,000 Microsoft Corp., 3.750%, 02/12/2045 242,806 0.0

500,000 Microsoft Corp., 3.950%, 08/08/2056 490,088 0.0

1,000,000 Microsoft Corp., 4.200%, 11/03/2035 1,039,594 0.1

1,000,000 Microsoft Corp., 4.250%, 02/06/2047 1,053,898 0.1

1,000,000 Microsoft Corp., 4.450%, 11/03/2045 1,064,640 0.1

250,000 Microsoft Corp., 4.875%, 12/15/2043 282,317 0.0

250,000 NetApp, Inc., 3.375%, 06/15/2021 249,189 0.0

1,000,000 Oracle Corp., 1.900%, 09/15/2021 970,812 0.0

500,000 Oracle Corp., 2.250%, 10/08/2019 497,701 0.0

500,000 Oracle Corp., 2.500%, 10/15/2022 486,862 0.0

750,000 Oracle Corp., 2.800%, 07/08/2021 746,603 0.0

1,000,000 Oracle Corp., 2.950%, 11/15/2024 974,587 0.0

750,000 Oracle Corp., 2.950%, 05/15/2025 718,649 0.0

1,000,000 Oracle Corp., 3.250%, 11/15/2027 966,161 0.0

500,000 Oracle Corp., 3.400%, 07/08/2024 499,342 0.0

400,000 Oracle Corp., 3.850%, 07/15/2036 378,920 0.0

750,000 Oracle Corp., 3.900%, 05/15/2035 719,957 0.0

750,000 Oracle Corp., 4.125%, 05/15/2045 715,112 0.0

180,000 Oracle Corp., 4.300%, 07/08/2034 181,157 0.0

1,500,000 Oracle Corp., 5.375%, 07/15/2040 1,662,648 0.1

500,000 QUALCOMM, Inc., 3.000%, 05/20/2022 492,113 0.0

850,000 QUALCOMM, Inc., 4.650%, 05/20/2035 822,757 0.0

350,000 QUALCOMM, Inc., 4.800%, 05/20/2045 334,537 0.0

54,564,079 1.7

Utilities: 2.1%

500,000 Alabama Power Co., 4.150%, 08/15/2044 490,990 0.0

300,000 Ameren Illinois Co., 2.700%, 09/01/2022 294,747 0.0

250,000 Ameren Illinois Co., 4.300%, 07/01/2044 253,211 0.0

500,000 Appalachian Power Co., 4.400%, 05/15/2044 485,340 0.0

750,000 Appalachian Power Co., 4.450%, 06/01/2045 734,754 0.0

250,000 Arizona Public Service Co., 2.200%, 01/15/2020 248,810 0.0

750,000 Arizona Public Service Co., 2.950%, 09/15/2027 711,459 0.0

See Accompanying Notes to Financial Statements

126

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

400,000 Arizona Public Service Co., 3.350%, 06/15/2024 399,663 0.0

500,000 Atmos Energy Corp., 4.125%, 10/15/2044 484,121 0.0

1,000,000 Baltimore Gas & Electric Co., 3.350%, 07/01/2023 1,001,597 0.1

500,000 Baltimore Gas & Electric Co., 3.500%, 08/15/2046 442,689 0.0

3,668,000 Berkshire Hathaway Energy Co., 6.125%, 04/01/2036 4,387,072 0.2

750,000 CenterPoint Energy Houston Electric LLC, 3.000%, 02/01/2027 716,862 0.0

250,000 CMS Energy Corp., 3.875%, 03/01/2024 251,053 0.0

250,000 CMS Energy Corp., 4.875%, 03/01/2044 262,246 0.0

200,000 Consolidated Edison Co. of New York, Inc., 4.300%, 12/01/2056 186,890 0.0

500,000 Consolidated Edison Co. of New York, Inc., 4.450%, 03/15/2044 500,878 0.0

500,000 Consolidated Edison Co. of New York, Inc., 4.500%, 12/01/2045 505,527 0.0

400,000 Consolidated Edison Co. of New York, Inc., 4.625%, 12/01/2054 392,711 0.0

300,000 Consumers Energy Co., 2.850%, 05/15/2022 296,853 0.0

500,000 Consumers Energy Co., 3.950%, 07/15/2047 489,361 0.0

200,000 Dominion Energy Gas Holdings LLC, 2.500%, 12/15/2019 198,560 0.0

210,000 Dominion Energy Gas Holdings LLC, 2.800%, 11/15/2020 206,949 0.0

200,000 Dominion Energy Gas Holdings LLC, 3.600%, 12/15/2024 198,912 0.0

250,000 DTE Electric Co., 4.300%, 07/01/2044 258,157 0.0

400,000 DTE Energy Co., 3.500%, 06/01/2024 396,680 0.0

400,000 DTE Energy Co., 3.850%, 12/01/2023 401,486 0.0

500,000 Duke Energy Carolinas LLC, 2.500%, 03/15/2023 483,287 0.0

500,000 Duke Energy Corp., 1.800%, 09/01/2021 478,864 0.0

500,000 Duke Energy Corp., 3.750%, 09/01/2046 434,662 0.0

500,000 Duke Energy Corp., 3.950%, 10/15/2023 505,000 0.0

500,000 Duke Energy Corp., 4.800%, 12/15/2045 511,848 0.0

1,000,000 Duke Energy Florida LLC, 3.800%, 07/15/2028 1,009,917 0.1

500,000 Duke Energy Progress LLC, 3.700%, 10/15/2046 453,431 0.0

150,000 Duke Energy Progress LLC, 4.150%, 12/01/2044 146,395 0.0

750,000 Duke Energy Progress LLC, 4.200%, 08/15/2045 740,456 0.0

1,500,000 Duke Energy Progress LLC, 4.375%, 03/30/2044 1,533,056 0.1

500,000 Edison International, 2.950%, 03/15/2023 472,746 0.0

500,000 Enel Generacion Chile SA, 4.250%, 04/15/2024 492,739 0.0

400,000 Entergy Arkansas LLC, 3.500%, 04/01/2026 394,334 0.0

400,000 Entergy Arkansas LLC, 3.700%, 06/01/2024 406,838 0.0

500,000 Entergy Louisiana LLC, 4.950%, 01/15/2045 511,650 0.0

1,500,000 Exelon Corp., 4.950%, 06/15/2035 1,515,586 0.1

750,000 Exelon Corp., 5.100%, 06/15/2045 784,645 0.0

760,000 Exelon Generation Co. LLC, 5.200%, 10/01/2019 769,939 0.0

500,000 Florida Power & Light Co., 3.250%, 06/01/2024 499,146 0.0

750,000 Florida Power & Light Co., 3.800%, 12/15/2042 716,340 0.0

1,500,000 Florida Power & Light Co., 4.050%, 06/01/2042 1,500,599 0.1

500,000 Georgia Power Co., 3.250%, 04/01/2026 468,237 0.0

500,000 Indiana Michigan Power Co., 4.550%, 03/15/2046 506,327 0.0

1,000,000 ⁽¹⁾ Israel Electric Corp. Ltd., 4.250%, 08/14/2028 952,308 0.1

1,000,000 ITC Holdings Corp., 3.350%, 11/15/2027 955,497 0.1

250,000 ITC Holdings Corp., 3.650%, 06/15/2024 248,901 0.0

500,000 Jersey Central Power & Light Co., 6.150%, 06/01/2037 585,220 0.0

2,500,000 Kentucky Utilities Co., 5.125%, 11/01/2040 2,814,510 0.1

500,000 MidAmerican Energy Co., 3.100%, 05/01/2027 487,453 0.0

1,000,000 MidAmerican Energy Co., 3.650%, 08/01/2048 924,291 0.0

500,000 MidAmerican Energy Co., 3.950%, 08/01/2047 485,984 0.0

2,000,000 Mississippi Power Co., 4.250%, 03/15/2042 1,855,295 0.1

250,000 ⁽¹⁾ Monongahela Power Co., 5.400%, 12/15/2043 292,682 0.0

1,000,000 National Fuel Gas Co., 5.200%, 07/15/2025 1,016,670 0.1

See Accompanying Notes to Financial Statements

127

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

1,000,000 NextEra Energy Capital Holdings, Inc., 2.300%, 04/01/2019 997,769 0.1

500,000 Northern States Power Co/MN, 4.125%, 05/15/2044 506,584 0.0

250,000 Oklahoma Gas & Electric Co., 4.000%, 12/15/2044 235,983 0.0

250,000 Oklahoma Gas & Electric Co., 4.550%, 03/15/2044 254,307 0.0

750,000 Oncor Electric Delivery Co. LLC, 4.100%, 06/01/2022 768,577 0.0

500,000 Pacific Gas & Electric Co., 2.950%, 03/01/2026 413,794 0.0

500,000 Pacific Gas & Electric Co., 3.300%, 03/15/2027 414,327 0.0

1,850,000 ⁽²⁾ Pacific Gas & Electric Co., 3.500%, 10/01/2020 1,771,764 0.1

500,000 Pacific Gas & Electric Co., 4.300%, 03/15/2045 399,316 0.0

500,000 Pacific Gas & Electric Co., 4.750%, 02/15/2044 413,790 0.0

750,000 PECO Energy Co., 4.150%, 10/01/2044 758,151 0.0

250,000 Piedmont Natural Gas Co., 4.100%, 09/18/2034 234,775 0.0

500,000 PSEG Power LLC, 3.000%, 06/15/2021 492,022 0.0

3,410,000 Public Service Co. of Colorado, 3.200%, 11/15/2020 3,425,716 0.1

1,000,000 Public Service Co. of Colorado, 3.700%, 06/15/2028 1,013,970 0.1

500,000 Public Service Co. of Colorado, 4.100%, 06/15/2048 493,707 0.0

1,000,000 Public Service Electric & Gas Co., 2.375%, 05/15/2023 967,659 0.1

750,000 Public Service Electric & Gas Co., 3.800%, 01/01/2043 721,357 0.0

250,000 Public Service Electric & Gas Co., 4.000%, 06/01/2044 240,326 0.0

500,000 Sempra Energy, 2.850%, 11/15/2020 493,579 0.0

750,000 Sempra Energy, 3.550%, 06/15/2024 736,065 0.0

250,000 Sempra Energy, 3.750%, 11/15/2025 241,610 0.0

750,000 Sierra Pacific Power Co., 2.600%, 05/01/2026 699,769 0.0

250,000 South Carolina Electric & Gas Co., 5.100%, 06/01/2065 260,024 0.0

1,487,303 Southaven Combined Cycle Generation LLC, 3.846%, 08/15/2033 1,502,949 0.1

500,000 Southern California Edison Co., 3.900%, 03/15/2043 455,995 0.0

750,000 Southern California Edison Co., 4.000%, 04/01/2047 690,236 0.0

500,000 Southern California Edison Co., 4.650%, 10/01/2043 504,228 0.0

500,000 Southern California Gas Co., 4.300%, 01/15/2049 513,538 0.0

1,000,000 Southern Co. Gas Capital Corp., 4.400%, 05/30/2047 940,100 0.1

500,000 Southern Co., 2.750%, 06/15/2020 494,558 0.0

500,000 Southern Power Co., 4.150%, 12/01/2025 496,444 0.0

250,000 Union Electric Co., 3.500%, 04/15/2024 251,953 0.0

300,000 Union Electric Co., 3.900%, 09/15/2042 291,708 0.0

500,000 Virginia Electric & Power Co., 4.450%, 02/15/2044 505,333 0.0

1,533,000 Virginia Electric & Power Co., 6.000%, 05/15/2037 1,840,274 0.1

1,000,000 Westar Energy, Inc., 4.125%, 03/01/2042 982,026 0.1

500,000 Westar Energy, Inc., 4.625%, 09/01/2043 520,398 0.0

250,000 Wisconsin Electric Power Co., 4.250%, 06/01/2044 248,059 0.0

500,000 Wisconsin Power & Light Co., 4.100%, 10/15/2044 476,684 0.0

68,821,855 2.1

Total Corporate Bonds/Notes

(Cost $971,106,859) 954,993,205 29.8

COLLATERALIZED MORTGAGE OBLIGATIONS: 0.1%

1,633,081 Fannie Mae 2012-110 CA, 3.000%, 10/25/2042 1,612,731 0.1

1,430,543 Fannie Mae REMIC Trust 2006-78 BZ, 6.500%, 08/25/2036 1,566,397 0.0

Total Collateralized Mortgage Obligations

(Cost $3,231,341) 3,179,128 0.1

MUNICIPAL BONDS: 1.0%

California: 0.2%

4,335,000 State of California, 7.550%, 04/01/2039 6,225,017 0.2

Connecticut: 0.1%

3,735,000 State of Connecticut, 5.850%, 03/15/2032 4,280,721 0.1

See Accompanying Notes to Financial Statements

128

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

New Jersey: 0.2%

3,425,000 New Jersey Turnpike Authority, 7.102%, 01/01/2041 4,689,955 0.1

2,335,000 Port Authority of New York & New Jersey, 4.926%, 10/01/2051 2,681,608 0.1

7,371,563 0.2

New York: 0.2%

3,495,000 Metropolitan Transportation Authority, 6.814%, 11/15/2040 4,652,823 0.2

Ohio: 0.2%

3,355,000 American Municipal Power, Inc., 7.834%, 02/15/2041 4,927,958 0.2

Washington: 0.1%

3,900,000 State of Washington, 5.140%, 08/01/2040 4,538,625 0.1

Total Municipal Bonds

(Cost $26,900,867) 31,996,707 1.0

CONVERTIBLE BONDS/NOTES: 0.0%

Financial: 0.0%

500,000 Santander UK PLC, 3.400%, 06/01/2021 497,732 0.0

Total Convertible Bonds/Notes

(Cost $500,750) 497,732 0.0

ASSET-BACKED SECURITIES: 0.6%

Automobile Asset-Backed Securities: 0.3%

1,000,000 Ally Auto Receivables Trust 2017-1 A4, 1.990%, 11/15/2021 987,100 0.1

1,000,000 Ally Auto Receivables Trust 2017-2 A4, 2.100%, 03/15/2022 985,923 0.0

150,000 BMW Vehicle Lease Trust 2017-2 A4, 2.190%, 03/22/2021 148,780 0.0

1,000,000 CarMax Auto Owner Trust 2017-1 A4, 2.270%, 09/15/2022 985,506 0.0

950,000 CarMax Auto Owner Trust 2017-4 A4, 2.330%, 05/15/2023 936,407 0.0

1,000,000 GM Financial Automobile Leasing Trust 2018-1 B, 2.870%, 12/20/2021 996,886 0.1

750,000 Honda Auto Receivables 2018-4 A4 Owner Trust, 3.300%, 07/15/2025 759,373 0.0

1,000,000 Nissan Auto Receivables 2016-C A4, 1.380%, 01/17/2023 979,042 0.0

450,000 Nissan Auto Receivables 2017-B A4, 1.950%, 10/16/2023 442,568 0.0

650,000 Toyota Auto Receivables 2018-C A4 Owner Trust, 3.130%, 02/15/2024 654,853 0.0

1,000,000 World Omni Automobile Lease Securitization Trust 2017-A A4, 2.320%, 08/15/2022 993,689 0.1

8,870,127 0.3

Credit Card Asset-Backed Securities: 0.2%

1,500,000 American Express Credit Account Master Trust 2017-1 B, 2.100%, 09/15/2022 1,486,267 0.1

1,000,000 American Express Credit Account Master Trust 2017-7 A, 2.350%, 05/15/2025 983,135 0.0

500,000 BA Credit Card Trust 2018-A3 A3, 3.100%, 12/15/2023 503,317 0.0

1,000,000 Capital One Multi-Asset Execution Trust 2015-A2 A2, 2.080%, 03/15/2023 988,298 0.0

1,000,000 Capital One Multi-Asset Execution Trust 2017-A3 A3, 2.430%, 01/15/2025 989,438 0.1

855,000 Citibank Credit Card Issuance Trust 2014-A1 A1, 2.880%, 01/23/2023 854,874 0.0

1,000,000 Discover Card Execution Note Trust 2017-A2 A2, 2.390%, 07/15/2024 984,975 0.0

500,000 Synchrony Credit Card Master Note Trust 2017-2 A, 2.620%, 10/15/2025 493,650 0.0

7,283,954 0.2

Other Asset-Backed Securities: 0.1%

254,956 AEP Texas Central Transition Funding III LLC 2012-1 A2, 1.976%, 06/01/2021 252,724 0.0

1,650,000 ⁽¹⁾ Volvo Financial Equipment LLC Series 2017-1A A4, 2.210%, 11/15/2021 1,630,692 0.1

1,883,416 0.1

Total Asset-Backed Securities

(Cost $18,207,157) 18,037,497 0.6

U.S. GOVERNMENT AGENCY OBLIGATIONS: 28.2%

Federal Home Loan Mortgage Corporation: 7.4%⁽⁴⁾

6,880,141 3.000%, 04/01/2045 6,739,807 0.2

6,617,122 3.000%, 04/01/2045 6,480,357 0.2

28,870,546 3.000%, 05/01/2045 28,258,173 0.9

9,990,236 3.000%, 11/01/2046 9,775,606 0.3

11,298,311 3.000%, 11/01/2047 11,046,746 0.4

370,000 ⁽⁵⁾ 3.500%, 01/01/2034 374,507 0.0

381,528 3.500%, 01/01/2042 384,575 0.0

2,109,881 3.500%, 01/01/2042 2,126,730 0.1

6,791,911 3.500%, 08/01/2042 6,833,468 0.2

25,643,189 3.500%, 04/01/2043 25,799,589 0.8

27,926,456 3.500%, 02/01/2044 28,097,109 0.9

See Accompanying Notes to Financial Statements

129

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

9,843,256 3.500%, 12/01/2046 9,870,083 0.3

7,061,943 3.500%, 12/01/2047 7,067,592 0.2

28,437,907 3.500%, 03/01/2048 28,533,132 0.9

4,515,000 3.750%, 03/27/2019 4,528,518 0.2

1,390,477 3.813%, 02/01/2042 1,451,289 0.1

1,109,476 4.000%, 01/01/2025 1,138,572 0.1

140,918 4.000%, 08/01/2040 145,059 0.0

1,517,000 ⁽⁵⁾ 4.000%, 08/15/2040 1,546,593 0.1

1,708,101 4.000%, 04/01/2041 1,758,327 0.1

1,484,861 4.000%, 05/01/2041 1,528,527 0.1

64,713 4.000%, 08/01/2041 66,616 0.0

226,667 4.000%, 12/01/2041 233,333 0.0

1,142,370 4.000%, 01/01/2042 1,169,385 0.1

3,133,623 4.000%, 03/01/2042 3,225,753 0.1

97,026 4.000%, 12/01/2042 99,938 0.0

996,900 4.000%, 02/01/2044 1,028,489 0.0

870,776 4.000%, 07/01/2045 889,914 0.0

714,597 4.000%, 09/01/2045 730,001 0.0

902,021 4.000%, 09/01/2045 921,258 0.0

685,245 4.000%, 09/01/2045 700,161 0.0

2,316,555 4.000%, 05/01/2046 2,366,046 0.1

950,092 4.000%, 11/01/2047 969,221 0.0

1,098,376 4.000%, 03/01/2048 1,120,675 0.1

6,036 4.500%, 04/01/2023 6,225 0.0

83,723 4.500%, 03/01/2039 87,275 0.0

257,387 4.500%, 08/01/2039 269,458 0.0

617,515 4.500%, 09/01/2039 647,012 0.0

298,762 4.500%, 09/01/2039 313,035 0.0

406,561 4.500%, 09/01/2039 425,954 0.0

647,544 4.500%, 10/01/2039 677,917 0.0

852,390 4.500%, 12/01/2039 893,172 0.0

271,941 4.500%, 03/01/2040 284,949 0.0

537,859 4.500%, 04/01/2040 563,574 0.0

113,028 4.500%, 06/01/2040 118,435 0.0

587,324 4.500%, 07/01/2040 615,422 0.0

695,454 4.500%, 07/01/2040 728,718 0.0

192,764 4.500%, 08/01/2040 201,985 0.0

578,589 4.500%, 08/01/2040 606,268 0.0

184,320 4.500%, 03/01/2041 193,138 0.0

675,116 4.500%, 03/01/2041 707,414 0.0

270,346 4.500%, 04/01/2041 283,280 0.0

791,170 4.500%, 06/01/2041 829,020 0.0

686,852 4.500%, 07/01/2041 719,713 0.0

132,934 4.500%, 08/01/2041 138,938 0.0

4,373,839 4.500%, 08/01/2041 4,574,319 0.2

5,257,991 4.500%, 07/01/2048 5,449,000 0.2

17,988 5.000%, 03/01/2034 18,961 0.0

128,513 5.000%, 12/01/2034 136,475 0.0

136,707 5.000%, 08/01/2035 145,131 0.0

423,579 5.000%, 08/01/2035 449,914 0.0

162,835 5.000%, 10/01/2035 171,266 0.0

134,760 5.000%, 10/01/2035 143,131 0.0

149,228 5.000%, 10/01/2035 158,432 0.0

315,984 5.000%, 12/01/2035 335,590 0.0

39,581 5.000%, 04/01/2036 42,000 0.0

142,101 5.000%, 11/01/2036 150,923 0.0

102,354 5.000%, 02/01/2037 108,452 0.0

81,637 5.000%, 05/01/2037 86,533 0.0

1,205,245 5.000%, 10/01/2037 1,280,016 0.1

634,887 5.000%, 03/01/2038 673,114 0.0

695,432 5.000%, 03/01/2038 737,841 0.0

212,021 5.000%, 03/01/2038 225,150 0.0

204,396 5.000%, 04/01/2038 216,354 0.0

21,692 5.000%, 10/01/2038 22,963 0.0

85,575 5.000%, 06/01/2040 90,650 0.0

204,651 5.000%, 08/01/2040 216,788 0.0

507,049 5.000%, 04/01/2041 537,141 0.0

56,086 5.490%, 02/01/2037 59,331 0.0

196,890 5.500%, 12/01/2024 202,547 0.0

104,089 5.500%, 09/01/2034 112,594 0.0

114,804 5.500%, 01/01/2035 124,049 0.0

52,778 5.500%, 09/01/2035 56,893 0.0

1,153,786 5.500%, 09/01/2035 1,248,114 0.1

1,049,439 5.500%, 10/01/2035 1,134,333 0.1

80,788 5.500%, 03/01/2036 87,298 0.0

359,408 5.500%, 03/01/2036 388,001 0.0

56,419 5.500%, 05/01/2036 60,967 0.0

312,267 5.500%, 06/01/2036 337,809 0.0

5,139 5.500%, 07/01/2036 5,560 0.0

127,997 5.500%, 07/01/2036 138,145 0.0

20,048 5.500%, 07/01/2036 21,677 0.0

27,890 5.500%, 10/01/2036 30,002 0.0

134,824 5.500%, 11/01/2036 145,721 0.0

77,128 5.500%, 12/01/2036 83,425 0.0

102,903 5.500%, 12/01/2036 111,286 0.0

12,003 5.500%, 12/01/2036 12,708 0.0

15,003 5.500%, 02/01/2037 16,208 0.0

93,335 5.500%, 02/01/2037 100,891 0.0

32,495 5.500%, 05/01/2037 35,113 0.0

4,664 5.500%, 06/01/2037 5,043 0.0

51,902 5.500%, 12/01/2037 55,247 0.0

27,833 5.500%, 03/01/2038 30,075 0.0

15,139 5.500%, 06/01/2038 16,220 0.0

6,296 5.500%, 06/01/2038 6,690 0.0

11,028 5.500%, 08/01/2038 11,857 0.0

2,518 5.500%, 10/01/2038 2,712 0.0

925,562 5.500%, 11/01/2038 996,449 0.0

21,199 5.500%, 12/01/2038 22,738 0.0

15,541 5.500%, 12/01/2038 16,725 0.0

17,067 5.500%, 12/01/2038 18,296 0.0

26,336 5.500%, 01/01/2039 28,417 0.0

152,825 5.500%, 01/01/2039 164,296 0.0

94,496 5.500%, 01/01/2040 100,187 0.0

104,554 5.500%, 01/01/2040 112,214 0.0

96,330 5.500%, 03/01/2040 103,344 0.0

115,471 5.500%, 01/01/2041 122,296 0.0

65,511 5.750%, 05/01/2037 69,860 0.0

191,667 5.800%, 07/01/2037 204,175 0.0

72,119 5.800%, 08/01/2037 77,042 0.0

40,511 5.800%, 09/01/2037 43,286 0.0

78,102 5.800%, 09/01/2037 83,450 0.0

6,751 6.000%, 04/01/2028 7,369 0.0

61,549 6.000%, 07/01/2028 66,234 0.0

3,992 6.000%, 04/01/2036 4,358 0.0

12,648 6.000%, 04/01/2036 13,809 0.0

374 6.000%, 04/01/2036 403 0.0

39,600 6.000%, 06/01/2036 43,239 0.0

13,463 6.000%, 07/01/2036 14,701 0.0

86,037 6.000%, 08/01/2036 93,475 0.0

13,380 6.000%, 08/01/2036 14,619 0.0

5,256 6.000%, 08/01/2036 5,656 0.0

87,401 6.000%, 01/01/2037 95,405 0.0

63,662 6.000%, 02/01/2037 69,566 0.0

3,802 6.000%, 04/01/2037 4,152 0.0

1,612 6.000%, 06/01/2037 1,759 0.0

20,565 6.000%, 06/01/2037 22,448 0.0

10,221 6.000%, 07/01/2037 11,165 0.0

411 6.000%, 07/01/2037 449 0.0

7,882 6.000%, 08/01/2037 8,482 0.0

2,512 6.000%, 08/01/2037 2,742 0.0

11,387 6.000%, 08/01/2037 12,444 0.0

30,992 6.000%, 08/01/2037 33,482 0.0

6,982 6.000%, 08/01/2037 7,514 0.0

162,427 6.000%, 08/01/2037 174,791 0.0

4,607 6.000%, 08/01/2037 5,030 0.0

19,323 6.000%, 09/01/2037 20,982 0.0

8,205 6.000%, 09/01/2037 8,959 0.0

3,677 6.000%, 09/01/2037 4,011 0.0

20,077 6.000%, 10/01/2037 21,605 0.0

14,117 6.000%, 10/01/2037 15,425 0.0

See Accompanying Notes to Financial Statements

130

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

18,688 6.000%, 10/01/2037 20,411 0.0

9,604 6.000%, 10/01/2037 10,335 0.0

3,826 6.000%, 11/01/2037 4,181 0.0

34,742 6.000%, 11/01/2037 37,829 0.0

3,459 6.000%, 11/01/2037 3,722 0.0

69,146 6.000%, 12/01/2037 74,771 0.0

1,001 6.000%, 12/01/2037 1,077 0.0

26,072 6.000%, 01/01/2038 28,486 0.0

30,116 6.000%, 01/01/2038 32,782 0.0

3,317 6.000%, 01/01/2038 3,618 0.0

2,570 6.000%, 02/01/2038 2,765 0.0

20,345 6.000%, 02/01/2038 21,894 0.0

18,562 6.000%, 05/01/2038 19,975 0.0

1,982 6.000%, 06/01/2038 2,161 0.0

81,189 6.000%, 07/01/2038 88,562 0.0

38,545 6.000%, 07/01/2038 41,658 0.0

292,696 6.000%, 09/01/2038 316,691 0.0

12,275 6.000%, 09/01/2038 13,413 0.0

43,285 6.000%, 09/01/2038 46,580 0.0

1,428 6.000%, 09/01/2038 1,558 0.0

20,140 6.000%, 11/01/2038 21,690 0.0

165,460 6.000%, 01/01/2039 180,321 0.0

201,383 6.000%, 04/01/2039 217,333 0.0

49,807 6.000%, 08/01/2039 53,696 0.0

76,178 6.000%, 10/01/2039 82,190 0.0

27,207 6.000%, 11/01/2039 29,703 0.0

132,976 6.000%, 11/01/2039 143,430 0.0

2,804 6.000%, 12/01/2039 3,058 0.0

92,363 6.000%, 05/01/2040 100,851 0.0

60,987 6.150%, 12/01/2037 66,010 0.0

43,885 6.150%, 12/01/2037 47,547 0.0

76,360 6.150%, 01/01/2038 82,360 0.0

163,027 6.150%, 02/01/2038 175,703 0.0

86,899 6.150%, 02/01/2038 93,699 0.0

840,000 6.250%, 07/15/2032 1,122,470 0.1

15,018 6.500%, 06/01/2036 16,730 0.0

3,088 6.500%, 08/01/2036 3,475 0.0

2,249 6.500%, 10/01/2036 2,567 0.0

52,885 6.500%, 10/01/2036 59,539 0.0

24,292 6.500%, 07/01/2037 27,095 0.0

8,562 6.500%, 09/01/2037 9,427 0.0

4,427 6.500%, 10/01/2037 4,859 0.0

9,167 6.500%, 11/01/2037 10,037 0.0

26,405 6.500%, 04/01/2038 29,410 0.0

11,442 6.500%, 04/01/2038 13,455 0.0

3,687 6.500%, 05/01/2038 4,005 0.0

644 6.500%, 05/01/2038 699 0.0

2,219 6.500%, 07/01/2038 2,410 0.0

1,354 6.500%, 08/01/2038 1,481 0.0

8,337 6.500%, 09/01/2038 9,055 0.0

277 6.500%, 10/01/2038 307 0.0

8,921 6.500%, 11/01/2038 9,911 0.0

58,773 6.500%, 12/01/2038 63,833 0.0

7,555 6.500%, 12/01/2038 8,206 0.0

12,854 6.500%, 12/01/2038 14,313 0.0

1,651 6.500%, 12/01/2038 1,793 0.0

652,047 6.500%, 12/01/2038 731,496 0.0

3,046 6.500%, 01/01/2039 3,439 0.0

2,540,000 6.750%, 03/15/2031 3,457,402 0.1

237,551,234 7.4

Federal National Mortgage Association: 12.5%⁽⁴⁾

2,420,000 1.500%, 06/22/2020 2,384,566 0.1

5,255,780 2.500%, 09/01/2027 5,187,195 0.2

7,988,489 2.500%, 06/01/2030 7,824,892 0.3

5,391,867 2.500%, 06/01/2030 5,281,500 0.2

3,290,146 2.500%, 07/01/2030 3,222,814 0.1

19,076,000 ⁽⁵⁾ 2.500%, 01/23/2032 18,631,720 0.6

2,229,856 3.000%, 06/01/2026 2,244,250 0.1

7,439,982 3.000%, 08/01/2030 7,449,713 0.2

3,371,920 3.000%, 09/01/2030 3,376,332 0.1

20,426,624 3.000%, 12/01/2042 20,116,083 0.6

11,175,753 3.000%, 07/01/2043 10,997,026 0.4

5,819,708 3.000%, 09/01/2043 5,727,861 0.2

5,859,430 3.000%, 07/01/2046 5,736,505 0.2

2,358,131 3.000%, 08/01/2046 2,308,294 0.1

5,798,695 3.000%, 09/01/2046 5,649,914 0.2

22,910,208 3.000%, 12/01/2046 22,369,003 0.7

5,701,880 3.500%, 05/01/2029 5,777,774 0.2

1,560,914 3.500%, 03/01/2041 1,574,073 0.1

1,675,833 3.500%, 12/01/2041 1,689,963 0.1

3,058,559 3.500%, 01/01/2042 3,084,348 0.1

6,515,616 3.500%, 10/01/2042 6,570,543 0.2

15,542,334 3.500%, 11/01/2042 15,673,377 0.5

6,175,538 3.500%, 01/01/2046 6,204,176 0.2

4,557,724 3.500%, 02/01/2046 4,578,596 0.2

9,308,149 3.500%, 02/01/2046 9,350,775 0.3

11,144,949 3.500%, 04/01/2046 11,188,869 0.4

22,374,882 3.500%, 11/01/2051 22,425,853 0.7

1,385,747 3.720%, 10/01/2029 1,423,666 0.1

2,682,062 4.000%, 09/01/2026 2,746,682 0.1

12,657,000 ⁽⁵⁾ 4.000%, 08/25/2040 12,907,433 0.4

874,051 4.000%, 10/01/2040 899,220 0.0

217,818 4.000%, 10/01/2040 224,146 0.0

16,806,353 4.000%, 11/01/2040 17,294,587 0.5

1,442,224 4.000%, 12/01/2040 1,484,123 0.1

1,864,375 4.000%, 12/01/2040 1,918,536 0.1

2,990,320 4.000%, 02/01/2041 3,077,196 0.1

476,830 4.000%, 03/01/2041 490,684 0.0

455,106 4.000%, 04/01/2041 468,317 0.0

269,935 4.000%, 08/01/2041 275,441 0.0

351,998 4.000%, 09/01/2041 362,226 0.0

3,788,179 4.000%, 11/01/2041 3,898,258 0.1

519,069 4.000%, 12/01/2041 534,152 0.0

1,232,916 4.000%, 01/01/2042 1,268,741 0.0

770,083 4.000%, 07/01/2042 792,455 0.0

2,587,397 4.000%, 12/01/2042 2,662,544 0.1

2,643,493 4.000%, 07/01/2043 2,728,223 0.1

2,014,617 4.000%, 02/01/2044 2,075,135 0.1

1,210,176 4.000%, 02/01/2044 1,246,523 0.0

667,512 4.000%, 03/01/2044 687,815 0.0

2,063,875 4.000%, 05/01/2045 2,108,506 0.1

11,292,988 4.000%, 06/01/2045 11,577,721 0.4

4,038,248 4.000%, 07/01/2045 4,167,665 0.1

2,907,742 4.000%, 07/01/2045 2,991,222 0.1

2,753,544 4.000%, 07/01/2045 2,835,108 0.1

1,655,621 4.000%, 07/01/2045 1,695,464 0.1

3,908,471 4.000%, 02/01/2046 4,011,113 0.1

16,696,931 4.000%, 02/01/2048 17,037,393 0.5

1,040,995 4.000%, 03/01/2048 1,062,219 0.0

2,654,739 4.000%, 03/01/2048 2,708,861 0.1

327 4.500%, 05/01/2019 333 0.0

2,972,629 4.500%, 07/01/2026 3,061,516 0.1

5,441 4.500%, 06/01/2034 5,669 0.0

21,038 4.500%, 05/01/2035 21,932 0.0

2,328 4.500%, 03/01/2038 2,440 0.0

4,444 4.500%, 05/01/2038 4,606 0.0

1,246 4.500%, 05/01/2038 1,291 0.0

15,391 4.500%, 06/01/2038 16,035 0.0

11,168 4.500%, 07/01/2038 11,573 0.0

9,163 4.500%, 07/01/2038 9,495 0.0

27,873 4.500%, 09/01/2038 28,884 0.0

13,029,000 ⁽⁵⁾ 4.500%, 01/25/2039 13,499,960 0.4

615,204 4.500%, 03/01/2039 644,722 0.0

23,148 4.500%, 04/01/2039 24,264 0.0

34,373 4.500%, 04/01/2039 36,029 0.0

729,378 4.500%, 07/01/2039 764,516 0.0

1,784,750 4.500%, 09/01/2039 1,870,517 0.1

1,244,720 4.500%, 10/01/2039 1,304,578 0.1

See Accompanying Notes to Financial Statements

131

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

357,490 4.500%, 12/01/2039 374,692 0.0

486,565 4.500%, 12/01/2039 510,119 0.0

401,837 4.500%, 12/01/2039 421,290 0.0

255,134 4.500%, 03/01/2040 267,483 0.0

342,508 4.500%, 10/01/2040 359,059 0.0

362,214 4.500%, 10/01/2040 379,725 0.0

299,175 4.500%, 10/01/2040 313,657 0.0

712,213 4.500%, 03/01/2041 746,691 0.0

348,549 4.500%, 04/01/2041 361,315 0.0

289,883 4.500%, 06/01/2041 303,914 0.0

287,894 4.500%, 06/01/2041 301,831 0.0

199,720 4.500%, 06/01/2041 207,043 0.0

3,213,020 4.500%, 06/01/2041 3,368,561 0.1

5,225,882 4.500%, 07/01/2041 5,469,188 0.2

134,757 4.500%, 07/01/2041 141,156 0.0

225,426 4.500%, 07/01/2041 236,026 0.0

2,035,504 4.500%, 08/01/2041 2,134,041 0.1

259,061 4.500%, 08/01/2041 269,593 0.0

1,677,453 4.500%, 08/01/2041 1,758,654 0.1

1,418,900 5.000%, 03/01/2027 1,451,370 0.1

104,959 5.000%, 07/01/2033 111,552 0.0

109,399 5.000%, 02/01/2034 114,702 0.0

20,536 5.000%, 11/01/2034 21,815 0.0

2,195,637 5.000%, 02/01/2035 2,333,221 0.1

387,807 5.000%, 06/01/2035 412,086 0.0

28,184 5.000%, 08/01/2035 29,934 0.0

397,043 5.000%, 09/01/2035 421,590 0.0

241,293 5.000%, 09/01/2035 255,250 0.0

99,445 5.000%, 09/01/2035 104,986 0.0

30,183 5.000%, 10/01/2035 32,059 0.0

559,805 5.000%, 03/01/2036 595,020 0.0

438,936 5.000%, 03/01/2036 466,515 0.0

4,620 5.000%, 05/01/2036 4,909 0.0

384,299 5.000%, 05/01/2036 407,519 0.0

71,065 5.000%, 06/01/2036 75,514 0.0

768,239 5.000%, 12/01/2036 816,620 0.0

59,146 5.000%, 12/01/2036 62,866 0.0

182,445 5.000%, 07/01/2037 193,884 0.0

136,686 5.000%, 01/01/2038 144,298 0.0

272,345 5.000%, 02/01/2038 289,464 0.0

594,465 5.000%, 02/01/2038 631,802 0.0

557,167 5.000%, 08/01/2038 592,173 0.0

288,331 5.000%, 07/01/2040 306,331 0.0

106,296 5.000%, 07/01/2040 112,518 0.0

211 5.500%, 07/01/2020 211 0.0

429 5.500%, 04/01/2021 434 0.0

5,973 5.500%, 10/01/2021 6,034 0.0

28,750 5.500%, 11/01/2021 29,104 0.0

2,018 5.500%, 11/01/2021 2,032 0.0

101,736 5.500%, 11/01/2021 103,251 0.0

122,249 5.500%, 12/01/2021 124,948 0.0

151,071 5.500%, 12/01/2021 153,476 0.0

15,516 5.500%, 12/01/2021 15,706 0.0

5,081 5.500%, 01/01/2022 5,086 0.0

2,645 5.500%, 01/01/2022 2,691 0.0

3,847 5.500%, 01/01/2022 3,905 0.0

22,502 5.500%, 02/01/2022 22,967 0.0

1,375 5.500%, 04/01/2022 1,402 0.0

13,818 5.500%, 06/01/2022 14,157 0.0

15,446 5.500%, 06/01/2022 15,662 0.0

1,892 5.500%, 07/01/2022 1,945 0.0

28,480 5.500%, 07/01/2022 29,205 0.0

2,242 5.500%, 08/01/2022 2,277 0.0

6,729 5.500%, 09/01/2022 6,916 0.0

40,458 5.500%, 09/01/2022 41,402 0.0

59,538 5.500%, 11/01/2022 60,394 0.0

6,671 5.500%, 01/01/2023 6,857 0.0

4,528 5.500%, 02/01/2023 4,639 0.0

8,970 5.500%, 03/01/2023 9,205 0.0

2,755 5.500%, 04/01/2023 2,840 0.0

10,806 5.500%, 06/01/2023 11,054 0.0

3,975 5.500%, 08/01/2023 4,066 0.0

11,319 5.500%, 08/01/2023 11,669 0.0

31,679 5.500%, 08/01/2023 32,900 0.0

2,155 5.500%, 08/01/2023 2,226 0.0

28,537 5.500%, 09/01/2023 29,504 0.0

7,314 5.500%, 10/01/2023 7,343 0.0

19,960 5.500%, 11/01/2023 20,253 0.0

3,662 5.500%, 11/01/2023 3,750 0.0

1,806 5.500%, 11/01/2023 1,858 0.0

100,294 5.500%, 02/01/2024 103,977 0.0

1,530 5.500%, 03/01/2024 1,538 0.0

8,440 5.500%, 07/01/2024 8,780 0.0

22,659 5.500%, 07/01/2024 22,992 0.0

6,753 5.500%, 05/01/2025 6,839 0.0

37,591 5.500%, 08/01/2025 38,949 0.0

2,685 5.500%, 07/01/2027 2,844 0.0

670 5.500%, 08/01/2027 709 0.0

143,040 5.500%, 03/01/2034 154,142 0.0

110,742 5.500%, 04/01/2034 119,360 0.0

49,701 5.500%, 11/01/2034 53,578 0.0

47,212 5.500%, 12/01/2034 50,912 0.0

609,585 5.500%, 02/01/2035 657,287 0.0

85,882 5.500%, 05/01/2035 92,590 0.0

509,170 5.500%, 09/01/2035 542,080 0.0

89,588 5.500%, 09/01/2035 96,542 0.0

70,762 5.500%, 04/01/2036 76,247 0.0

117,496 5.500%, 04/01/2036 126,667 0.0

23,834 5.500%, 05/01/2036 25,680 0.0

81,985 5.500%, 06/01/2036 88,199 0.0

291,979 5.500%, 07/01/2036 314,781 0.0

163,564 5.500%, 11/01/2036 176,370 0.0

240,608 5.500%, 12/01/2036 259,322 0.0

536,018 5.500%, 12/01/2036 577,880 0.0

80,788 5.500%, 01/01/2037 87,087 0.0

767,148 5.500%, 03/01/2037 827,152 0.0

342,126 5.500%, 03/01/2037 368,595 0.0

67,665 5.500%, 03/01/2037 72,935 0.0

307,346 5.500%, 08/01/2037 331,358 0.0

3,143 5.500%, 01/01/2038 3,363 0.0

1,047 5.500%, 01/01/2038 1,119 0.0

818 5.500%, 01/01/2038 877 0.0

13,041 5.500%, 03/01/2038 14,050 0.0

17,655 5.500%, 05/01/2038 18,746 0.0

46,967 5.500%, 06/01/2038 50,624 0.0

1,455,922 5.500%, 09/01/2038 1,568,448 0.1

336,103 5.500%, 12/01/2038 358,446 0.0

83,458 5.500%, 06/01/2039 89,436 0.0

14,197 5.500%, 04/01/2040 15,044 0.0

120,746 5.500%, 05/01/2040 127,952 0.0

245,979 5.500%, 06/01/2040 260,659 0.0

11,251 5.500%, 07/01/2040 11,922 0.0

153,767 5.700%, 07/01/2036 162,313 0.0

16,758 5.700%, 07/01/2036 16,759 0.0

8,564 6.000%, 01/01/2034 9,245 0.0

4,522 6.000%, 07/01/2034 4,857 0.0

64,793 6.000%, 12/01/2034 70,750 0.0

32,539 6.000%, 05/01/2035 34,946 0.0

33,711 6.000%, 01/01/2036 36,226 0.0

16,302 6.000%, 01/01/2036 17,508 0.0

22,946 6.000%, 02/01/2036 25,033 0.0

32,837 6.000%, 03/01/2036 35,460 0.0

21,835 6.000%, 03/01/2036 23,814 0.0

33,968 6.000%, 04/01/2036 37,053 0.0

7,387 6.000%, 04/01/2036 7,976 0.0

64,279 6.000%, 05/01/2036 70,119 0.0

466 6.000%, 06/01/2036 508 0.0

16,960 6.000%, 08/01/2036 18,499 0.0

1,831 6.000%, 08/01/2036 1,966 0.0

59,759 6.000%, 09/01/2036 65,125 0.0

See Accompanying Notes to Financial Statements

132

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

21,707 6.000%, 09/01/2036 23,648 0.0

45,764 6.000%, 09/01/2036 49,149 0.0

48,593 6.000%, 09/01/2036 52,997 0.0

22,754 6.000%, 10/01/2036 24,438 0.0

21,084 6.000%, 10/01/2036 22,984 0.0

188,774 6.000%, 12/01/2036 202,737 0.0

473,372 6.000%, 12/01/2036 516,217 0.0

73,401 6.000%, 01/01/2037 78,831 0.0

6,923 6.000%, 02/01/2037 7,435 0.0

5,612 6.000%, 04/01/2037 6,028 0.0

101,464 6.000%, 07/01/2037 110,806 0.0

34,315 6.000%, 08/01/2037 37,405 0.0

3,076 6.000%, 08/01/2037 3,326 0.0

1,138 6.000%, 08/01/2037 1,227 0.0

60,948 6.000%, 09/01/2037 65,457 0.0

28,295 6.000%, 09/01/2037 30,525 0.0

413 6.000%, 09/01/2037 446 0.0

6,864 6.000%, 09/01/2037 7,482 0.0

2,064 6.000%, 09/01/2037 2,246 0.0

14,973 6.000%, 09/01/2037 16,325 0.0

360 6.000%, 10/01/2037 392 0.0

981 6.000%, 10/01/2037 1,053 0.0

4,220 6.000%, 10/01/2037 4,558 0.0

2,166 6.000%, 10/01/2037 2,349 0.0

57,123 6.000%, 11/01/2037 62,254 0.0

7,355 6.000%, 11/01/2037 7,900 0.0

6,287 6.000%, 11/01/2037 6,752 0.0

18,456 6.000%, 11/01/2037 20,105 0.0

3,239 6.000%, 11/01/2037 3,495 0.0

26,293 6.000%, 11/01/2037 28,592 0.0

22,660 6.000%, 11/01/2037 24,336 0.0

7,859 6.000%, 12/01/2037 8,508 0.0

14,672 6.000%, 12/01/2037 15,997 0.0

31,581 6.000%, 12/01/2037 34,335 0.0

48,102 6.000%, 12/01/2037 52,440 0.0

12,447 6.000%, 01/01/2038 13,368 0.0

4,189 6.000%, 01/01/2038 4,499 0.0

85,445 6.000%, 02/01/2038 92,760 0.0

781 6.000%, 02/01/2038 839 0.0

128,006 6.000%, 03/01/2038 137,474 0.0

6,337 6.000%, 03/01/2038 6,816 0.0

20,060 6.000%, 04/01/2038 21,864 0.0

372,111 6.000%, 04/01/2038 406,369 0.0

26,980 6.000%, 05/01/2038 29,055 0.0

21,617 6.000%, 05/01/2038 23,216 0.0

1,936 6.000%, 06/01/2038 2,079 0.0

15,243 6.000%, 07/01/2038 16,371 0.0

26,642 6.000%, 07/01/2038 28,612 0.0

4,098 6.000%, 08/01/2038 4,468 0.0

907 6.000%, 08/01/2038 974 0.0

36,581 6.000%, 09/01/2038 39,287 0.0

7,024 6.000%, 09/01/2038 7,543 0.0

28,111 6.000%, 09/01/2038 30,210 0.0

96,623 6.000%, 10/01/2038 104,338 0.0

80,513 6.000%, 10/01/2038 87,731 0.0

22,201 6.000%, 10/01/2038 23,909 0.0

20,585 6.000%, 05/01/2039 22,107 0.0

738,219 6.000%, 10/01/2039 806,170 0.0

28,921 6.000%, 11/01/2039 31,076 0.0

8,622 6.500%, 04/01/2028 9,256 0.0

995 6.500%, 04/01/2030 1,076 0.0

61,675 6.500%, 02/01/2034 66,216 0.0

8,645 6.500%, 11/01/2034 9,776 0.0

11,705 6.500%, 01/01/2036 12,984 0.0

35,342 6.500%, 03/01/2036 40,917 0.0

66,369 6.500%, 04/01/2036 73,516 0.0

609 6.500%, 05/01/2036 665 0.0

4,346 6.500%, 06/01/2036 4,666 0.0

3,726 6.500%, 07/01/2036 4,169 0.0

9,677 6.500%, 07/01/2036 10,391 0.0

49,895 6.500%, 07/01/2036 55,480 0.0

25,615 6.500%, 07/01/2036 29,274 0.0

70,255 6.500%, 07/01/2036 75,457 0.0

1,665 6.500%, 07/01/2036 1,885 0.0

2,348 6.500%, 08/01/2036 2,564 0.0

4,015 6.500%, 08/01/2036 4,382 0.0

9,336 6.500%, 09/01/2036 10,139 0.0

17,897 6.500%, 09/01/2036 20,014 0.0

131,797 6.500%, 09/01/2036 151,810 0.0

1,492 6.500%, 09/01/2036 1,682 0.0

878 6.500%, 11/01/2036 959 0.0

4,291 6.500%, 11/01/2036 4,888 0.0

3,169 6.500%, 12/01/2036 3,608 0.0

13,676 6.500%, 12/01/2036 14,682 0.0

453 6.500%, 01/01/2037 512 0.0

35,945 6.500%, 01/01/2037 38,601 0.0

27,128 6.500%, 01/01/2037 29,732 0.0

6,750 6.500%, 01/01/2037 7,248 0.0

17,028 6.500%, 02/01/2037 18,291 0.0

7,624 6.500%, 03/01/2037 8,679 0.0

114,004 6.500%, 03/01/2037 127,290 0.0

49,451 6.500%, 03/01/2037 54,285 0.0

12,507 6.500%, 03/01/2037 13,465 0.0

1,764 6.500%, 04/01/2037 1,895 0.0

831 6.500%, 07/01/2037 935 0.0

3,825 6.500%, 08/01/2037 4,107 0.0

4,113 6.500%, 08/01/2037 4,556 0.0

2,270 6.500%, 08/01/2037 2,517 0.0

8,634 6.500%, 09/01/2037 9,726 0.0

78,197 6.500%, 09/01/2037 87,727 0.0

1,528 6.500%, 09/01/2037 1,725 0.0

18,998 6.500%, 09/01/2037 20,950 0.0

112,770 6.500%, 09/01/2037 121,670 0.0

2,339 6.500%, 09/01/2037 2,580 0.0

505 6.500%, 09/01/2037 566 0.0

8,621 6.500%, 10/01/2037 9,827 0.0

31,157 6.500%, 10/01/2037 34,415 0.0

2,834 6.500%, 10/01/2037 3,209 0.0

1,124 6.500%, 10/01/2037 1,241 0.0

33,110 6.500%, 10/01/2037 37,196 0.0

135,237 6.500%, 11/01/2037 153,515 0.0

1,560 6.500%, 12/01/2037 1,675 0.0

2,937 6.500%, 12/01/2037 3,153 0.0

14,221 6.500%, 12/01/2037 16,136 0.0

1,362 6.500%, 12/01/2037 1,462 0.0

6,652 6.500%, 12/01/2037 7,304 0.0

9,523 6.500%, 12/01/2037 10,226 0.0

63,361 6.500%, 12/01/2037 68,039 0.0

1,476 6.500%, 12/01/2037 1,585 0.0

21,490 6.500%, 01/01/2038 24,332 0.0

548 6.500%, 01/01/2038 588 0.0

86,879 6.500%, 02/01/2038 93,290 0.0

46,060 6.500%, 03/01/2038 49,464 0.0

53,702 6.500%, 04/01/2038 59,531 0.0

4,153 6.500%, 05/01/2038 4,460 0.0

115,364 6.500%, 08/01/2038 131,829 0.0

230,031 6.500%, 08/01/2038 247,023 0.0

70,614 6.500%, 08/01/2038 77,499 0.0

20,662 6.500%, 09/01/2038 22,458 0.0

35,682 6.500%, 09/01/2038 39,183 0.0

4,755 6.500%, 10/01/2038 5,324 0.0

264,688 6.500%, 10/01/2038 300,979 0.0

16,566 6.500%, 10/01/2038 18,841 0.0

50,975 6.500%, 10/01/2038 54,739 0.0

32,013 6.500%, 11/01/2038 35,362 0.0

60,557 6.500%, 01/01/2039 68,309 0.0

1,587 6.500%, 01/01/2039 1,825 0.0

15,919 6.500%, 03/01/2039 17,369 0.0

5,473 6.500%, 09/01/2039 5,877 0.0

805,000 6.625%, 11/15/2030 1,080,737 0.0

See Accompanying Notes to Financial Statements

133

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

3,430,000 7.125%, 01/15/2030 4,729,678 0.2

1,560,000 7.250%, 05/15/2030 2,171,829 0.1

398,974,322 12.5

Government National Mortgage Association: 7.9%

4,000,000 ⁽⁵⁾ 3.000%, 01/15/2043 3,935,946 0.1

12,897,354 3.000%, 04/15/2045 12,714,889 0.4

10,886,516 3.000%, 07/20/2045 10,750,031 0.3

5,248,751 3.000%, 04/20/2046 5,176,994 0.2

20,965,091 3.000%, 07/20/2046 20,668,746 0.7

9,671,526 3.000%, 07/20/2047 9,524,375 0.3

28,027,474 3.000%, 04/20/2048 27,592,134 0.9

26,030,297 3.500%, 03/20/2047 26,194,851 0.8

4,441,251 3.500%, 07/20/2047 4,486,350 0.2

14,548,840 3.500%, 09/20/2047 14,602,706 0.5

12,223,597 3.500%, 12/20/2047 12,317,992 0.4

13,596,428 3.500%, 01/20/2048 13,701,172 0.4

26,746,531 3.500%, 02/20/2048 26,910,727 0.9

13,100,000 ⁽⁵⁾ 4.000%, 09/20/2040 13,416,313 0.4

7,352,612 4.000%, 10/20/2043 7,559,406 0.2

5,968,397 4.000%, 03/20/2046 6,131,391 0.2

3,719,925 4.000%, 03/20/2046 3,822,340 0.1

1,200,563 4.500%, 02/20/2041 1,260,431 0.0

370,013 4.500%, 03/20/2041 388,458 0.0

1,415,411 4.500%, 05/20/2041 1,485,869 0.1

1,596,481 4.500%, 06/20/2041 1,675,863 0.1

2,958,162 4.500%, 07/20/2041 3,104,828 0.1

1,217,963 4.500%, 09/20/2041 1,278,425 0.1

3,701,069 4.500%, 10/20/2041 3,884,272 0.1

13,066 5.000%, 10/15/2037 13,861 0.0

2,791 5.000%, 04/15/2038 2,943 0.0

73,572 5.000%, 03/15/2039 78,052 0.0

123,664 5.000%, 08/15/2039 130,444 0.0

998,920 5.000%, 09/15/2039 1,059,323 0.0

1,183,380 5.000%, 09/15/2039 1,255,393 0.0

873,536 5.000%, 02/15/2040 913,169 0.0

646,653 5.000%, 04/15/2040 680,981 0.0

1,414,097 5.000%, 06/15/2040 1,481,561 0.1

48,815 5.000%, 07/15/2040 51,144 0.0

539,019 5.000%, 04/15/2042 560,731 0.0

887,959 5.000%, 04/20/2042 941,380 0.0

8,337,351 5.000%, 06/20/2048 8,684,987 0.3

38,412 5.500%, 07/20/2038 40,966 0.0

496,512 5.500%, 09/20/2039 523,506 0.0

35,803 5.500%, 10/20/2039 38,185 0.0

20,447 5.500%, 11/20/2039 21,809 0.0

828,561 5.500%, 11/20/2039 873,616 0.0

12,305 5.500%, 12/20/2040 12,964 0.0

37,093 5.500%, 01/20/2041 39,510 0.0

269,019 5.500%, 03/20/2041 286,894 0.0

388,931 5.500%, 04/20/2041 418,691 0.0

636,968 5.500%, 05/20/2041 679,288 0.0

601,504 5.500%, 06/20/2041 647,750 0.0

19,788 6.000%, 10/15/2036 21,490 0.0

68,052 6.000%, 08/15/2037 74,098 0.0

61,457 6.000%, 11/15/2037 66,004 0.0

17,235 6.000%, 12/15/2037 18,510 0.0

29,100 6.000%, 01/15/2038 31,253 0.0

24,225 6.000%, 01/15/2038 26,017 0.0

31,691 6.000%, 02/15/2038 34,036 0.0

617 6.000%, 02/15/2038 663 0.0

79,432 6.000%, 02/15/2038 85,308 0.0

894 6.000%, 04/15/2038 961 0.0

214,539 6.000%, 05/15/2038 230,411 0.0

190,465 6.000%, 05/15/2038 204,556 0.0

29,378 6.000%, 07/15/2038 31,554 0.0

66,624 6.000%, 09/15/2038 71,585 0.0

58,492 6.000%, 11/15/2038 62,838 0.0

982,014 6.000%, 08/20/2040 1,047,232 0.0

254,028,173 7.9

Other U.S. Agency Obligations: 0.4%

1,500,000 ⁽²⁾ 1.875%, 08/15/2022 1,460,745 0.0

5,000,000 2.400%, 09/21/2026 4,812,400 0.2

10,000 6.150%, 01/15/2038 13,615 0.0

5,000,000 7.125%, 05/01/2030 6,899,600 0.2

13,186,360 0.4

Total U.S. Government Agency Obligations

(Cost $909,551,238) 903,740,089 28.2

U.S. TREASURY OBLIGATIONS: 35.9%

U.S. Treasury Bonds: 5.9%

10,659,000 2.250%, 08/15/2046 9,130,338 0.3

7,000,000 2.500%, 02/15/2046 6,333,702 0.2

9,072,000 2.500%, 05/15/2046 8,199,741 0.2

2,000 2.750%, 11/15/2042 1,917 0.0

9,022,000 3.000%, 11/15/2044 9,027,405 0.3

10,042,000 3.000%, 11/15/2045 10,042,683 0.3

63,464,000 3.000%, 08/15/2048 63,291,850 2.0

2,882,000 3.125%, 02/15/2043 2,946,154 0.1

5,686,000 3.125%, 08/15/2044 5,816,581 0.2

9,645,000 3.500%, 02/15/2039 10,569,076 0.3

13,888,000 3.625%, 08/15/2043 15,403,922 0.5

14,092,000 3.625%, 02/15/2044 15,641,979 0.5

13,251,000 3.750%, 11/15/2043 14,995,741 0.5

7,845,000 3.875%, 08/15/2040 9,026,033 0.3

6,505,000 4.375%, 05/15/2040 8,000,307 0.2

830,000 6.000%, 02/15/2026 1,013,464 0.0

189,440,893 5.9

U.S. Treasury Notes: 30.0%

9,004,000 0.875%, 09/15/2019 8,893,212 0.3

5,000,000 1.000%, 10/15/2019 4,937,295 0.2

4,770,000 1.000%, 11/15/2019 4,703,324 0.2

10,000,000 1.125%, 02/28/2021 9,711,952 0.3

8,000,000 1.125%, 08/31/2021 7,722,855 0.2

1,000 1.250%, 10/31/2019 989 0.0

11,755,000 1.250%, 01/31/2020 11,586,208 0.4

3,534,000 1.250%, 02/29/2020 3,479,931 0.1

13,040,000 1.250%, 10/31/2021 12,607,059 0.4

20,000,000 1.375%, 01/15/2020 19,749,559 0.6

933,000 1.375%, 01/31/2020 920,879 0.0

8,515,000 1.375%, 02/29/2020 8,396,698 0.3

9,022,000 1.375%, 03/31/2020 8,890,268 0.3

7,940,000 1.375%, 04/30/2020 7,818,438 0.2

7,000 1.375%, 08/31/2020 6,869 0.0

10,000,000 1.375%, 10/31/2020 9,797,600 0.3

37,540,000 1.375%, 04/30/2021 36,615,610 1.1

7,000,000 1.375%, 08/31/2023 6,654,193 0.2

5,000,000 1.375%, 09/30/2023 4,747,084 0.2

7,002,000 1.500%, 11/30/2019 6,930,412 0.2

752,000 1.500%, 05/31/2020 741,010 0.0

4,833,000 1.500%, 01/31/2022 4,695,976 0.2

10,000,000 1.500%, 02/28/2023 9,610,066 0.3

10,000,000 1.500%, 03/31/2023 9,601,972 0.3

4,790,000 1.625%, 12/31/2019 4,742,747 0.2

2,976,000 1.625%, 08/15/2022 2,888,145 0.1

6,480,000 1.625%, 04/30/2023 6,250,371 0.2

10,184,000 1.625%, 05/31/2023 9,814,068 0.3

4,046,000 1.625%, 10/31/2023 3,884,203 0.1

24,847,000 1.625%, 02/15/2026 23,278,506 0.7

22,705,000 1.750%, 09/30/2019 22,559,422 0.7

7,810,000 1.750%, 04/30/2022 7,630,808 0.2

18,000,000 1.750%, 09/30/2022 17,529,302 0.6

69,000 1.750%, 01/31/2023 67,022 0.0

See Accompanying Notes to Financial Statements

134

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

8,000,000 1.875%, 11/30/2021 7,870,012 0.2

10,000,000 1.875%, 05/31/2022 9,805,393 0.3

3,003,000 1.875%, 08/31/2022 2,939,464 0.1

24,900,000 2.000%, 11/30/2020 24,670,663 0.8

12,097,000 2.000%, 02/28/2021 11,971,795 0.4

8,063,000 2.000%, 12/31/2021 7,954,355 0.3

4,000,000 2.000%, 07/31/2022 3,935,105 0.1

17,133,000 2.000%, 11/15/2026 16,371,746 0.5

20,498,000 2.125%, 01/31/2021 20,340,924 0.6

3,700,000 2.125%, 09/30/2021 3,665,389 0.1

3,774,000 2.125%, 12/31/2021 3,737,594 0.1

10,105,000 2.125%, 06/30/2022 9,987,364 0.3

5,000,000 2.125%, 11/30/2023 4,910,638 0.2

20,000,000 2.125%, 05/15/2025 19,473,502 0.6

9,810,000 2.250%, 03/31/2021 9,759,910 0.3

8,794,000 2.250%, 04/30/2021 8,753,316 0.3

3,011,000 2.250%, 12/31/2023 2,973,388 0.1

26,457,000 2.250%, 11/15/2024 26,011,623 0.8

1,352,000 2.250%, 11/15/2025 1,323,125 0.0

19,590,000 2.375%, 12/31/2020 19,547,230 0.6

78,352,000 2.500%, 12/31/2020 78,341,604 2.4

9,874,000 2.500%, 05/15/2024 9,858,651 0.3

103,236,000 2.625%, 12/15/2021 103,706,972 3.2

37,384,000 2.625%, 12/31/2023 37,580,702 1.2

11,396,000 2.750%, 09/15/2021 11,475,808 0.4

36,569,500 2.750%, 11/15/2023 36,979,603 1.2

42,052,000 2.750%, 02/15/2024 42,513,061 1.3

16,545,000 2.875%, 10/31/2020 16,648,267 0.5

58,905,000 2.875%, 11/30/2025 60,000,197 1.9

39,399,700 3.125%, 11/15/2028 40,902,026 1.3

7,790,000 3.500%, 05/15/2020 7,887,683 0.2

959,361,163 30.0

Total U.S. Treasury Obligations

(Cost $1,147,974,699) 1,148,802,056 35.9

COMMERCIAL MORTGAGE-BACKED SECURITIES: 2.1%

2,000,000 ⁽¹⁾ BAMLL Commercial Mortgage Securities Trust 2015-200P A, 3.218%, 04/14/2033 1,976,158 0.1

4,000,000 BENCHMARK 2018-B3 A5 Mortgage Trust, 4.025%, 04/10/2051 4,117,957 0.1

1,000,000 ⁽³⁾ CFCRE Commercial Mortgage Trust 2016-C7 B, 4.354%, 12/10/2054 1,023,072 0.0

3,000,000 Citigroup Commercial Mortgage Trust 2014-GC19 A4, 4.023%, 03/10/2047 3,091,642 0.1

1,000,000 ^(1),(3) COMM 2013-CR10 AM, 4.517%, 08/10/2046 1,045,535 0.0

650,000 COMM 2015-CR23 A3, 3.230%, 05/10/2048 644,140 0.0

315,000 ⁽³⁾ COMM 2015-PC1 B, 4.440%, 07/10/2050 317,442 0.0

1,000,000 COMM 2016-COR1 A4, 3.091%, 10/10/2049 962,624 0.0

1,000,000 COMM 2016-COR1 AM, 3.494%, 10/10/2049 976,160 0.0

1,000,000 COMM 2016-CR28 A4, 3.762%, 02/10/2049 1,013,927 0.0

1,000,000 ^(1),(3) Core Industrial Trust 2015-TEXW D, 3.849%, 02/10/2034 992,253 0.0

981,425 ⁽¹⁾ Core Industrial Trust 2015-WEST A, 3.292%, 02/10/2037 971,968 0.0

500,000 DBJPM Mortgage Trust 16-C1 A4, 3.276%, 05/10/2049 492,170 0.0

2,000,000 ⁽³⁾ Ginnia Mae 2011-20 C, 3.562%, 04/16/2041 2,006,524 0.1

2,000,000 ⁽³⁾ Ginnie Mae 2011-127 C, 3.500%, 03/16/2047 2,007,836 0.1

6,000,000 ⁽³⁾ Ginnie Mae 2011-142 B, 3.485%, 02/16/2044 5,998,376 0.2

5,000,000 ⁽³⁾ Ginnie Mae 2011-38 D, 3.719%, 01/16/2051 5,143,168 0.2

191,761 ⁽³⁾ Ginnie Mae 2011-53 B, 4.397%, 05/16/2051 195,954 0.0

5,000,000 Ginnie Mae 2014-150 C, 3.400%, 12/16/2049 5,069,564 0.2

3,000,000 Ginnie Mae 2014-50 C, 3.400%, 02/16/2047 3,027,491 0.1

1,000,000 GS Mortgage Securities Trust 2012-GCJ7 B, 4.740%, 05/10/2045 1,025,155 0.0

1,000,000 ⁽³⁾ JP Morgan Chase Commercial Mortgage Securities Trust 2013-C13 B, 3.991%, 01/15/2046 1,004,289 0.0

6,379,463 JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16, 4.166%, 12/15/2046 6,604,122 0.2

3,000,000 JPMDB Commercial Mortgage Securities Trust 2016-C2 A3A, 2.881%, 06/15/2049 2,889,142 0.1

2,065,000 ⁽¹⁾ Ladder Capital Commercial Mortgage 2013-GCP A2 Mortgage Trust, 3.985%, 02/15/2036 2,078,867 0.1

3,200,000 Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8 A4 A4, 3.134%, 12/15/2048 3,181,465 0.1

2,000,000 Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 A4, 3.526%, 12/15/2047 2,007,586 0.1

1,250,000 ⁽³⁾ Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15 B, 4.565%, 04/15/2047 1,287,286 0.1

220,000 ⁽³⁾ Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21 C, 4.159%, 03/15/2048 211,154 0.0

100,000 ^(1),(3) Morgan Stanley Capital I Trust 2011-C1 D, 5.375%, 09/15/2047 103,497 0.0

100,000 ^(1),(3) Morgan Stanley Capital I Trust 2011-C1 E, 5.375%, 09/15/2047 103,484 0.0

1,000,000 ^(1),(3) MSCG Trust 2015-ALDR A2, 3.462%, 06/07/2035 969,637 0.0

See Accompanying Notes to Financial Statements

135

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

1,000,000 ⁽³⁾ UBS Commercial Mortgage Trust 2018-C9 A4, 4.117%, 03/15/2051 1,033,001 0.0

2,350,000 Wells Fargo Commercial Mortgage Trust 2015-P2 A3, 3.541%, 12/15/2048 2,369,781 0.1

2,000,000 Wells Fargo Commercial Mortgage Trust 2016-NXS5 A4, 3.370%, 01/15/2059 1,981,523 0.1

Total Commercial Mortgage-Backed Securities

(Cost $69,822,883) 67,923,950 2.1

FOREIGN GOVERNMENT BONDS: 3.1%

4,206,000 Asian Development Bank, 1.625%, 03/16/2021 4,124,464 0.1

300,000 Asian Development Bank, 2.125%, 03/19/2025 289,689 0.0

2,000,000 Asian Development Bank, 2.000%, 02/16/2022 1,963,997 0.1

3,000,000 Colombia Government International Bond, 4.000%, 02/26/2024 2,973,750 0.1

1,950,000 Colombia Government International Bond, 7.375%, 09/18/2037 2,365,837 0.1

1,000,000 Corp Andina de Fomento, 2.125%, 09/27/2021 971,920 0.0

2,964,000 Corp Andina de Fomento, 4.375%, 06/15/2022 3,075,002 0.1

4,000,000 European Investment Bank, 1.125%, 08/15/2019 3,966,384 0.1

6,700,000 European Investment Bank, 1.625%, 06/15/2021 6,544,253 0.2

2,071,000 European Investment Bank, 1.750%, 05/15/2020 2,047,597 0.1

3,000,000 European Investment Bank, 2.250%, 03/15/2022 2,965,576 0.1

2,000,000 European Investment Bank, 4.000%, 02/16/2021 2,052,878 0.1

500,000 Export-Import Bank of Korea, 2.625%, 12/30/2020 495,076 0.0

500,000 Export-Import Bank of Korea, 3.250%, 08/12/2026 484,281 0.0

1,000,000 Export-Import Bank of Korea, 4.000%, 01/14/2024 1,020,383 0.0

1,000,000 Hashemite Kingdom of Jordan Government AID Bond, 2.578%, 06/30/2022 996,935 0.0

3,000,000 ⁽²⁾ Inter-American Development Bank, 1.750%, 09/14/2022 2,905,794 0.1

1,000,000 Inter-American Development Bank, 1.875%, 03/15/2021 985,419 0.0

1,000,000 Inter-American Development Bank, 3.200%, 08/07/2042 984,058 0.0

2,000,000 International Bank for Reconstruction & Development, 1.250%, 07/26/2019 1,983,664 0.1

1,000,000 Japan Bank for International Cooperation, 1.750%, 05/28/2020 986,431 0.0

5,000,000 Japan Bank for International Cooperation, 2.125%, 11/16/2020 4,937,269 0.1

3,000,000 ⁽¹⁾ Kommunalbanken AS, 2.250%, 01/25/2022 2,963,046 0.1

1,800,000 ⁽¹⁾ Kommunalbanken AS, 2.500%, 01/11/2023 1,783,319 0.1

500,000 ⁽²⁾ Korea International Bond, 4.125%, 06/10/2044 531,748 0.0

5,000,000 Mexico Government International Bond, 4.750%, 03/08/2044 4,557,500 0.1

1,460,000 Panama Government International Bond, 8.875%, 09/30/2027 1,941,800 0.1

4,000,000 Peruvian Government International Bond, 6.550%, 03/14/2037 5,070,000 0.2

4,000,000 ⁽²⁾ Philippine Government International Bond, 6.375%, 01/15/2032 4,938,900 0.2

3,000,000 Province of British Columbia Canada, 2.250%, 06/02/2026 2,873,011 0.1

1,000,000 Province of Ontario Canada, 1.875%, 05/21/2020 988,697 0.0

13,308,000 Province of Ontario Canada, 4.400%, 04/14/2020 13,591,436 0.4

3,405,000 Republic of Poland Government International Bond, 5.125%, 04/21/2021 3,556,778 0.1

5,160,000 Ukraine Government AID Bonds, 1.847%, 05/29/2020 5,124,401 0.2

3,000,000 Uruguay Government International Bond, 4.500%, 08/14/2024 3,059,520 0.1

Total Foreign Government Bonds

(Cost $101,111,902) 100,100,813 3.1

Total Long-Term Investments

(Cost $3,248,407,696) 3,229,271,177 100.8

SHORT-TERM INVESTMENTS: 4.0%

Commercial Paper: 3.0%

61,225,000 Concord Minutemen, 2.500%, 01/03/2019 61,212,423 1.9

See Accompanying Notes to Financial Statements

136

Voya U.S. Bond Index Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

10,000,000 Consolidated Edison Co. of New York, Inc., 2.600%, 01/02/2019 9,998,554 0.3

7,810,000 Lockheed Martin Corp., 2.700%, 01/02/2019 7,808,863 0.3

15,000,000 Sysco Corp., 0.300%, 01/02/2019 14,999,789 0.5

94,019,629 3.0

Securities Lending Collateral⁽⁶⁾: 0.7%

5,248,570 Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $5,249,533, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $5,353,541, due 01/25/19-10/20/68) 5,248,570 0.1

1,023,192 Citibank N.A., Repurchase Agreement dated 12/31/18, 3.00%, due 01/02/19 (Repurchase Amount $1,023,360, collateralized by various U.S. Government Securities, 0.000%-8.750%, Market Value plus accrued interest $1,043,656, due 01/03/19-09/09/49) 1,023,192 0.0

5,248,570 Nomura Securities, Repurchase Agreement dated 12/31/18, 3.00%, due 01/02/19 (Repurchase Amount $5,249,433, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $5,353,541, due 01/03/19-11/20/68) 5,248,570 0.2

5,248,570 RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $5,249,439, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $5,353,541, due 10/01/25-10/20/48) 5,248,570 0.2

5,248,570 TD Securities (USA) LLC, Repurchase Agreement dated 12/31/18, 3.00%, due 01/02/19 (Repurchase Amount $5,249,433, collateralized by various U.S. Government Agency Obligations, 3.500%-4.500%, Market Value plus accrued interest $5,353,541, due 06/01/47-08/01/48) 5,248,570 0.2

22,017,472 0.7

Shares Value Percentage
of Net
Assets

Mutual Funds: 0.3%

9,769,000 ⁽⁷⁾ Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340%

(Cost $9,769,000) 9,769,000 0.3

Total Short-Term Investments

(Cost $125,810,543) 125,806,101 4.0

Total Investments in Securities
(Cost $3,374,218,239) $ 3,355,077,278 104.8

Liabilities in Excess of Other Assets (152,572,440 ) (4.8 )

Net Assets $ 3,202,504,838 100.0

† 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 December 31, 2018.

(4) 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.

(5) Settlement is on a when-issued or delayed-delivery basis.

(6) Represents securities purchased with cash collateral received for securities on loan.

(7) Rate shown is the 7-day yield as of December 31, 2018.

Reference Rate Abbreviations:

US0003M 3-month LIBOR

US0012M 12-month LIBOR

See Accompanying Notes to Financial Statements

137



Voya Global Equity Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018

Shares Value Percentage
of Net
Assets

COMMON STOCK: 98.1%

Australia: 1.7%

237,870 AGL Energy Ltd. 3,454,398 0.6

699,105 Aurizon Holdings Ltd. 2,109,199 0.4

94,917 Computershare Ltd. 1,150,324 0.2

101,668 Newcrest Mining Ltd. 1,562,542 0.3

83,607 Sonic Healthcare Ltd. 1,304,278 0.2

9,580,741 1.7

Belgium: 0.7%

44,075 UCB S.A. 3,599,900 0.7

Canada: 3.7%

46,170 Bank of Montreal 3,016,336 0.5

56,076 Bank of Nova Scotia 2,795,174 0.5

62,096 BCE, Inc. 2,453,001 0.4

45,516 ⁽¹⁾ Canadian Imperial Bank of Commerce - XTSE 3,390,029 0.6

98,321 CI Financial Corp. 1,244,497 0.2

94,322 Empire Co. Ltd. 1,991,872 0.4

66,825 Great-West Lifeco, Inc. 1,379,379 0.3

26,284 Industrial Alliance Insurance & Financial Services, Inc. 838,847 0.2

68,786 ⁽¹⁾ National Bank Of Canada 2,824,096 0.5

20,467 TELUS Corp. 678,385 0.1

20,611,616 3.7

China: 0.5%

703,500 BOC Hong Kong Holdings Ltd. 2,611,200 0.5

Denmark: 0.7%

86,068 Novo Nordisk A/S 3,952,852 0.7

Finland: 1.1%

33,378 Nokian Renkaat OYJ 1,025,163 0.2

43,256 Orion Oyj 1,504,832 0.3

77,437 Sampo OYJ 3,431,985 0.6

5,961,980 1.1

France: 3.4%

10,584 Arkema SA 908,618 0.2

171,656 AXA S.A. 3,704,668 0.7

74,787 Bouygues SA 2,685,516 0.5

20,500 Cie Generale des Etablissements Michelin SCA 2,017,755 0.3

143,096 Credit Agricole SA 1,540,062 0.3

79,234 Edenred 2,918,109 0.5

204,340 Orange SA 3,311,491 0.6

63,570 Societe Generale 2,015,460 0.3

19,101,679 3.4

Germany: 2.0%

5,750 Allianz SE 1,155,494 0.2

40,184 ⁽²⁾ Covestro AG 1,990,094 0.3

51,093 Deutsche Lufthansa AG 1,153,863 0.2

93,651 Deutsche Post AG 2,557,538 0.5

89,894 Evonik Industries AG 2,243,861 0.4

155,754 TUI AG 2,238,611 0.4

11,339,461 2.0

Hong Kong: 1.5%

145,500 CK Hutchison Holdings Ltd. 1,396,540 0.3

253,000 CLP Holdings Ltd. 2,859,127 0.5

1,429,000 HKT Trust / HKT Ltd. 2,058,518 0.4

655,000 NWS Holdings Ltd. 1,344,958 0.2

1,369,000 PCCW Ltd. 788,299 0.1

8,447,442 1.5

Israel: 0.3%

301,795 Bank Leumi Le-Israel BM 1,824,355 0.3

Japan: 9.4%

250,800 Astellas Pharma, Inc. 3,204,379 0.6

93,200 Canon, Inc. 2,564,463 0.5

13,000 Central Japan Railway Co. 2,742,836 0.5

74,500 Fuji Film Holdings Corp. 2,887,957 0.5

99,300 Japan Airlines Co. Ltd. 3,519,299 0.6

99,500 Japan Tobacco, Inc. 2,364,229 0.4

54,500 Kamigumi Co., Ltd. 1,115,002 0.2

81,800 Kyushu Railway Co. 2,767,521 0.5

29,900 Medipal Holdings Corp. 639,687 0.1

21,300 MEIJI Holdings Co., Ltd. 1,735,896 0.3

20,600 Mitsubishi Corp. 564,781 0.1

230,400 Mitsui & Co., Ltd. 3,539,707 0.6

50,600 Nippon Telegraph & Telephone Corp. 2,064,446 0.4

26,800 Nomura Research Institute Ltd. 993,815 0.2

144,000 NTT DoCoMo, Inc. 3,235,569 0.6

24,700 Obic Co., Ltd. 1,906,556 0.3

23,400 Oracle Corp. Japan 1,485,382 0.3

165,000 ORIX Corp. 2,410,967 0.4

52,700 Sankyo Co., Ltd. 2,004,204 0.4

233,200 Sekisui House Ltd. 3,424,561 0.6

229,700 Sumitomo Corp. 3,259,160 0.6

55,200 Sundrug Co., Ltd. 1,643,809 0.3

15,600 Suzuken Co., Ltd. 794,393 0.1

908 United Urban Investment Corp. 1,406,242 0.3

52,274,861 9.4

Luxembourg: 0.2%

16,822 RTL Group SA 901,501 0.2

Netherlands: 3.5%

241,259 ING Groep NV 2,595,129 0.5

140,632 Koninklijke Ahold Delhaize NV 3,552,677 0.6

37,384 LyondellBasell Industries NV - Class A 3,108,853 0.5

92,134 NN Group NV 3,663,122 0.7

228,446 Royal Dutch Shell PLC - Class A 6,723,814 1.2

19,643,595 3.5

New Zealand: 0.3%

647,397 Spark New Zealand Ltd. 1,805,863 0.3

Panama: 0.4%

26,076 Copa Holdings S.A.- Class A 2,052,442 0.4

Singapore: 0.8%

685,800 ComfortDelgro Corp., Ltd. 1,083,252 0.2

See Accompanying Notes to Financial Statements

138

Voya Global Equity Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

272,100 SATS Ltd 931,961 0.2

664,000 Singapore Technologies Engineering Ltd. 1,702,159 0.3

629,700 Yangzijiang Shipbuilding Holdings Ltd. 578,595 0.1

4,295,967 0.8

Spain: 0.8%

– Banco Bilbao Vizcaya Argentaria SA – –

121,068 ⁽¹⁾ Endesa S.A. 2,791,912 0.5

70,743 Red Electrica Corp. SA 1,577,587 0.3

4,369,499 0.8

Sweden: 0.5%

64,158 Swedish Match AB 2,525,736 0.5

Switzerland: 2.6%

7,554 Kuehne & Nagel International AG 972,402 0.2

42,757 Nestle SA 3,470,277 0.6

23,909 Roche Holding AG 5,935,621 1.1

13,160 Zurich Insurance Group AG 3,922,849 0.7

14,301,149 2.6

United Kingdom: 5.5%

343,314 Aviva PLC 1,643,101 0.3

827,610 Direct Line Insurance Group PLC 3,364,189 0.6

241,221 GlaxoSmithKline PLC 4,597,195 0.8

94,333 Imperial Brands PLC 2,863,170 0.5

127,415 International Consolidated Airlines Group SA 1,010,115 0.2

1,161,436 Legal & General Group PLC 3,422,019 0.6

4,571,500 Lloyds Banking Group Plc 3,013,446 0.6

828,935 Marks & Spencer Group PLC 2,599,870 0.5

53,073 Pearson PLC 635,809 0.1

116,460 Persimmon PLC 2,867,921 0.5

515,995 Royal Mail PLC 1,790,960 0.3

1,039,206 Taylor Wimpey PLC 1,807,032 0.3

390,098 Vodafone Group PLC 758,463 0.2

30,373,290 5.5

United States: 58.5%

57,952 AbbVie, Inc. 5,342,595 1.0

9,533 Accenture PLC 1,344,248 0.2

207,009 AES Corp. 2,993,350 0.5

92,900 Aflac, Inc. 4,232,524 0.8

173,368 AGNC Investment Corp. 3,040,875 0.5

20,748 Air Products & Chemicals, Inc. 3,320,717 0.6

15,376 Allison Transmission Holdings, Inc. 675,160 0.1

23,703 Allstate Corp. 1,958,579 0.3

87,246 Altria Group, Inc. 4,309,080 0.8

36,263 Ameren Corp. 2,365,435 0.4

19,143 Amgen, Inc. 3,726,568 0.7

43,367 Amphenol Corp. 3,513,594 0.6

349,038 Annaly Capital Management, Inc. 3,427,553 0.6

195,425 Apple Hospitality REIT, Inc. 2,786,761 0.5

58,693 Apple, Inc. 9,258,234 1.7

185,252 AT&T, Inc. 5,287,092 0.9

256,012 Bank of America Corp. 6,308,136 1.1

12,618 Boeing Co. 4,069,305 0.7

61,958 Booz Allen Hamilton Holding Corp. 2,792,447 0.5

81,216 Bristol-Myers Squibb Co. 4,221,608 0.8

27,744 Broadridge Financial Solutions, Inc. ADR 2,670,360 0.5

50,702 Bruker Corp. 1,509,399 0.3

6,248 Camden Property Trust 550,136 0.1

29,161 Carnival Corp. 1,437,637 0.3

126,359 Centerpoint Energy, Inc. 3,567,115 0.6

81,043 CenturyLink, Inc. 1,227,801 0.2

49,537 Chevron Corp. 5,389,130 1.0

177,137 Chimera Investment Corp. 3,156,581 0.6

137,237 Cisco Systems, Inc. 5,946,479 1.1

30,428 Citrix Systems, Inc. 3,117,653 0.6

30,052 Comerica, Inc. 2,064,272 0.4

45,730 Conagra Brands, Inc. 976,793 0.2

36,825 Darden Restaurants, Inc. 3,677,345 0.7

17,190 DXC Technology Co. 913,992 0.2

23,536 Eaton Corp. PLC 1,615,982 0.3

45,831 Eli Lilly & Co. 5,303,563 1.0

12,337 Everest Re Group Ltd. 2,686,505 0.5

12,137 Exelon Corp. 547,379 0.1

27,710 Expedia Group, Inc. 3,121,532 0.6

44,942 Expeditors International Washington, Inc. 3,060,101 0.5

63,021 Exxon Mobil Corp. 4,297,402 0.8

90,202 General Mills, Inc. 3,512,466 0.6

133,648 H&R Block, Inc. 3,390,650 0.6

14,654 Home Depot, Inc. 2,517,850 0.5

32,618 Honeywell International, Inc. 4,309,490 0.8

135,985 Intel Corp. 6,381,776 1.1

38,224 InterDigital, Inc. 2,539,220 0.5

39,659 International Business Machines Corp. 4,508,039 0.8

44,124 j2 Global, Inc. 3,061,323 0.5

26,807 Jabil, Inc. 664,546 0.1

18,879 JM Smucker Co. 1,764,998 0.3

65,704 Johnson & Johnson 8,479,101 1.5

26,824 Kimberly-Clark Corp. 3,056,327 0.5

34,767 KLA-Tencor Corp. 3,111,299 0.6

47,501 Kohl's Corp. 3,151,216 0.6

23,699 Lear Corp. 2,911,659 0.5

13,398 Marriott International, Inc. 1,454,487 0.3

59,349 Maxim Integrated Products 3,017,897 0.5

44,513 Maximus, Inc. 2,897,351 0.5

28,810 McDonald's Corp. 5,115,792 0.9

68,594 MDU Resources Group, Inc. 1,635,281 0.3

7,296 Merck & Co., Inc. 557,487 0.1

288,965 MFA Financial, Inc. 1,930,286 0.3

44,716 Microsoft Corp. 4,541,804 0.8

58,051 Molson Coors Brewing Co. 3,260,144 0.6

26,489 Motorola Solutions, Inc. 3,047,295 0.5

113,599 New Residential Investment Corp. 1,614,242 0.3

88,696 Newmont Mining Corp. 3,073,316 0.6

32,699 OGE Energy Corp. 1,281,474 0.2

See Accompanying Notes to Financial Statements

139

Voya Global Equity Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

49,442 Omnicom Group 3,621,132 0.6

20,516 Oneok, Inc. 1,106,838 0.2

115,610 Oracle Corp. 5,219,792 0.9

54,115 Paychex, Inc. 3,525,592 0.6

49,297 PBF Energy, Inc. 1,610,533 0.3

45,329 PepsiCo, Inc. 5,007,948 0.9

153,815 Perspecta, Inc. 2,648,694 0.5

162,600 Pfizer, Inc. 7,097,490 1.3

64,250 Philip Morris International, Inc. 4,289,330 0.8

36,263 Phillips 66 3,124,057 0.6

14,080 Pinnacle West Capital Corp. 1,199,616 0.2

146,547 Plains GP Holdings L.P. 2,945,595 0.5

40,189 Procter & Gamble Co. 3,694,173 0.7

37,527 Quest Diagnostics, Inc. 3,124,873 0.6

47,386 Republic Services, Inc. 3,416,057 0.6

26,326 Royal Gold, Inc. 2,254,822 0.4

129,422 Sabre Corp. 2,800,692 0.5

72,555 Service Corp. International 2,921,064 0.5

158,695 Starwood Property Trust, Inc. 3,127,878 0.6

33,366 T. Rowe Price Group, Inc. 3,080,349 0.6

75,456 Targa Resources Corp. 2,717,925 0.5

65,802 Telephone & Data Systems, Inc. 2,141,197 0.4

47,854 Texas Instruments, Inc. 4,522,203 0.8

40,002 Total System Services, Inc. 3,251,763 0.6

124,414 Two Harbors Investment Corp. 1,597,476 0.3

49,442 Tyson Foods, Inc. 2,640,203 0.5

54,866 Unum Group 1,611,963 0.3

41,310 Valero Energy Corp. 3,097,011 0.6

44,445 Walgreens Boots Alliance, Inc. 3,036,927 0.5

18,879 Walt Disney Co. 2,070,082 0.4

46,357 Waste Management, Inc. 4,125,309 0.7

102,527 Wells Fargo & Co. 4,724,444 0.8

51,325 Western Digital Corp. 1,897,485 0.3

187,201 Western Union Co. 3,193,649 0.6

325,041,996 58.5

Total Common Stock

(Cost $595,436,589) 544,617,125 98.1

EXCHANGE-TRADED FUNDS: 0.9%

27,963 iShares MSCI EAFE ETF 1,643,665 0.3

13,413 SPDR S&P 500 ETF Trust 3,352,177 0.6

Total Exchange-Traded Funds

(Cost $5,496,226) 4,995,842 0.9

Total Long-Term Investments

(Cost $600,932,815) 549,612,967 99.0



Principal
Amount† Value Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 1.8%

Securities Lending Collateral⁽³⁾: 1.7%

2,218,949 Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $2,219,356, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $2,263,328, due 01/25/19-10/20/68) 2,218,949 0.4

2,218,949 Daiwa Capital Markets, Repurchase Agreement dated 12/31/18, 3.05%, due 01/02/19 (Repurchase Amount $2,219,320, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $2,263,328, due 01/25/19-02/01/49) 2,218,949 0.4

463,855 Mizuho Securities USA LLC, Repurchase Agreement dated 12/31/18, 2.92%, due 01/02/19 (Repurchase Amount $463,929, collateralized by various U.S. Government Securities, 1.875%-2.625%, Market Value plus accrued interest $473,132, due 02/29/24-09/09/49) 463,855 0.1

2,218,949 RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $2,219,316, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $2,263,328, due 10/01/25-10/20/48) 2,218,949 0.4

See Accompanying Notes to Financial Statements

140

Voya Global Equity Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

2,218,949 State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/18, 3.37%, due 01/02/19 (Repurchase Amount $2,219,359, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,263,363, due 07/15/20-02/15/47) 2,218,949 0.4

9,339,651 1.7

Shares Value Percentage
of Net
Assets

Mutual Funds: 0.1%

893,000 (4) Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340%

(Cost $893,000) 893,000 0.1

Total Short-Term Investments

(Cost $10,232,651) 10,232,651 1.8

Total Investments in Securities
(Cost $611,165,466) $ 559,845,618 100.8

Liabilities in Excess of Other Assets (4,675,477 ) (0.8 )

Net Assets $ 555,170,141 100.0

† Unless otherwise indicated, principal amount is shown in USD.

ADR American Depositary Receipt

(1) Security, or a portion of the security, is on loan.

(2) Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

(3) Represents securities purchased with cash collateral received for securities on loan.

(4) Rate shown is the 7-day yield as of December 31, 2018.

See Accompanying Notes to Financial Statements

141

Voya Small Company Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018

Shares Value
Percentage

of Net

Assets

COMMON STOCK: 95.9%

Communication Services: 1.6%

241,002 ⁽¹⁾ Gray Television, Inc. 3,552,370 0.7

555,554 ⁽¹⁾ Vonage Holdings Corp. 4,849,986 0.9

8,402,356 1.6

Consumer Discretionary: 8.2%

185,152 American Eagle Outfitters, Inc. 3,578,988 0.7

213,793 ⁽¹⁾ At Home Group, Inc. 3,989,377 0.8

80,531 Caleres, Inc. 2,241,178 0.4

198,590 Callaway Golf Co. 3,038,427 0.6

55,112 Childrens Place, Inc./The 4,965,040 0.9

290,071 Dana, Inc. 3,953,668 0.7

256,557 Extended Stay America, Inc. 3,976,633 0.7

58,776 Jack in the Box, Inc. 4,562,781 0.9

147,160 La-Z-Boy, Inc. 4,077,804 0.8

34,966 Marriott Vacations Worldwide Corp. 2,465,453 0.5

158,108 Red Rock Resorts, Inc. 3,211,173 0.6

71,731 ⁽¹⁾ TopBuild Corp. 3,227,895 0.6

43,288,417 8.2

Consumer Staples: 2.2%

71,731 ⁽¹⁾ Edgewell Personal Care Co. 2,679,153 0.5

323,778 ⁽¹⁾ Hostess Brands, Inc. 3,542,131 0.7

175,050 ⁽¹⁾ Performance Food Group Co. 5,648,864 1.0

11,870,148 2.2

Energy: 2.4%

205,435 ⁽¹⁾ Carrizo Oil & Gas, Inc. 2,319,361 0.4

68,300 ⁽¹⁾ Dril-Quip, Inc. 2,051,049 0.4

514,603 ⁽¹⁾ Forum Energy Technologies, Inc. 2,125,310 0.4

422,648 ⁽¹⁾ Laredo Petroleum, Inc. 1,529,986 0.3

259,623 ⁽¹⁾ QEP Resources, Inc. 1,461,678 0.3

208,471 ⁽¹⁾ Unit Corp. 2,976,966 0.6

12,464,350 2.4

Financials: 21.7%

214,941 BrightSphere Investment Group PLC 2,295,570 0.4

112,386 Cadence BanCorp 1,885,837 0.4

250,276 CenterState Bank Corp. 5,265,807 1.0

126,733 Columbia Banking System, Inc. 4,599,141 0.9

377,913 First BanCorp. Puerto Rico 3,250,052 0.6

184,953 First Financial Bancorp. 4,387,085 0.8

46,237 Hanover Insurance Group, Inc. 5,399,095 1.0

118,532 Horace Mann Educators Corp. 4,439,023 0.8

125,994 Houlihan Lokey, Inc. 4,636,579 0.9

111,722 ⁽²⁾ Independent Bank Group, Inc. 5,113,516 1.0

83,214 Kemper Corp. 5,523,745 1.0

90,818 Lakeland Financial Corp. 3,647,251 0.7

145,607 MB Financial, Inc. 5,770,405 1.1

153,608 ⁽¹⁾ Pacific Premier Bancorp, Inc. 3,920,076 0.7

28,356 Primerica, Inc. 2,770,665 0.5

74,594 ProAssurance Corp. 3,025,533 0.6

244,348 Radian Group, Inc. 3,997,533 0.8

372,614 Redwood Trust, Inc. 5,615,293 1.1

173,397 ⁽¹⁾ Seacoast Banking Corp. of Florida 4,511,790 0.9

98,551 Selective Insurance Group 6,005,698 1.1

211,487 Simmons First National Corp. 5,103,181 1.0

88,188 Sterling Bancorp, Inc./MI 612,907 0.1

130,565 Stifel Financial Corp. 5,408,002 1.0

223,721 Two Harbors Investment Corp. 2,872,578 0.5

193,538 Union Bankshares Corp. 5,463,578 1.0

68,256 Wintrust Financial Corp. 4,538,341 0.9

123,847 WSFS Financial Corp. 4,695,040 0.9

114,753,321 21.7

Health Care: 11.8%

35,303 ^(1),(2) Aerie Pharmaceuticals, Inc. 1,274,438 0.2

37,501 ⁽¹⁾ Amedisys, Inc. 4,391,742 0.8

87,314 ⁽¹⁾ AMN Healthcare Services, Inc. 4,947,211 0.9

26,334 ⁽¹⁾ Arena Pharmaceuticals, Inc. 1,025,709 0.2

122,293 ⁽¹⁾ Array Biopharma, Inc. 1,742,675 0.3

27,330 ⁽¹⁾ Blueprint Medicines Corp. 1,473,360 0.3

72,389 ^(1),(2) Clovis Oncology, Inc. 1,300,107 0.2

44,577 ⁽¹⁾ Dermira, Inc. 320,509 0.1

23,093 ⁽¹⁾ Emergent Biosolutions, Inc. 1,368,953 0.3

140,118 ⁽¹⁾ Epizyme, Inc. 863,127 0.2

43,168 ⁽¹⁾ FibroGen, Inc. 1,997,815 0.4

22,849 ⁽¹⁾ G1 Therapeutics, Inc. 437,558 0.1

54,985 ⁽¹⁾ HealthEquity, Inc. 3,279,855 0.6

55,766 Hill-Rom Holdings, Inc. 4,938,079 0.9

223,498 ⁽¹⁾ Immunogen, Inc. 1,072,791 0.2

114,485 ^(1),(2) Immunomedics, Inc. 1,633,701 0.3

118,842 ⁽¹⁾ Insmed, Inc. 1,559,207 0.3

12,109 ⁽¹⁾ Ligand Pharmaceuticals, Inc. 1,643,191 0.3

13,019 ⁽¹⁾ Loxo Oncology, Inc. 1,823,571 0.3

11,826 ⁽¹⁾ MacroGenics, Inc. 150,190 0.0

82,818 ⁽¹⁾ Medidata Solutions, Inc. 5,583,590 1.1

66,068 ⁽¹⁾ Medpace Holdings, Inc. 3,496,979 0.7

42,604 ⁽¹⁾ Merit Medical Systems, Inc. 2,377,729 0.5

57,800 ^(1),(2) Puma Biotechnology, Inc. 1,176,230 0.2

57,150 ⁽¹⁾ Supernus Pharmaceuticals, Inc. 1,898,523 0.4

265,555 ^(1),(2) TherapeuticsMD, Inc. 1,011,765 0.2

81,053 ⁽¹⁾ Tivity Health, Inc. 2,010,925 0.4

15,393 ⁽¹⁾ Ultragenyx Pharmaceutical, Inc. 669,288 0.1

192,716 ^(1),(2) Wright Medical Group NV 5,245,730 1.0



See Accompanying Notes to Financial Statements

142

Voya Small Company Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

38,054 ⁽¹⁾ Zogenix, Inc. 1,387,449 0.3

62,101,997 11.8

Industrials: 16.6%

129,447 ⁽¹⁾ Atlas Air Worldwide Holdings, Inc. 5,461,369 1.0

112,625 Barnes Group, Inc. 6,038,952 1.2

88,797 ⁽¹⁾ Beacon Roofing Supply, Inc. 2,816,641 0.5

160,488 ⁽¹⁾ Casella Waste Systems, Inc. 4,572,303 0.9

51,223 Curtiss-Wright Corp. 5,230,893 1.0

89,792 EMCOR Group, Inc. 5,359,684 1.0

9,794 ⁽¹⁾ Esterline Technologies Corp. 1,189,481 0.2

55,074 GATX Corp. 3,899,790 0.8

100,983 Granite Construction, Inc. 4,067,595 0.8

121,992 ⁽²⁾ Healthcare Services Group, Inc. 4,901,639 0.9

91,760 ICF International, Inc. 5,944,213 1.1

256,432 Pitney Bowes, Inc. 1,515,513 0.3

74,566 Regal Beloit Corp. 5,223,348 1.0

128,725 ⁽¹⁾ SPX FLOW, Inc. 3,915,815 0.8

105,002 Tetra Tech, Inc. 5,435,954 1.0

206,920 Universal Forest Products, Inc. 5,371,643 1.0

83,908 Watts Water Technologies, Inc. 5,414,583 1.0

165,276 Werner Enterprises, Inc. 4,882,253 0.9

84,496 Woodward, Inc. 6,277,208 1.2

87,518,877 16.6

Information Technology: 15.6%

192,084 ⁽¹⁾ 8x8, Inc. 3,465,195 0.6

242,180 ⁽¹⁾ ACI Worldwide, Inc. 6,701,121 1.3

44,162 ⁽¹⁾ CACI International, Inc. 6,360,653 1.2

80,976 ⁽¹⁾ Cornerstone OnDemand, Inc. 4,083,620 0.8

53,707 ⁽¹⁾ Electro Scientific Industries, Inc. 1,609,062 0.3

204,547 Entegris, Inc. 5,705,839 1.1

29,371 ⁽¹⁾ Everbridge, Inc. 1,667,098 0.3

93,099 ⁽¹⁾ ExlService Holdings, Inc. 4,898,869 0.9

103,512 j2 Global, Inc. 7,181,662 1.4

101,170 Mantech International Corp. 5,290,685 1.0

105,509 ⁽¹⁾ Plexus Corp. 5,389,400 1.0

194,657 ⁽¹⁾ Rudolph Technologies, Inc. 3,984,629 0.7

88,969 ⁽¹⁾ Semtech Corp. 4,081,008 0.8

66,424 SYNNEX Corp. 5,369,716 1.0

9,889 ⁽¹⁾ Trade Desk, Inc./The 1,147,717 0.2

304,028 ⁽¹⁾ TTM Technologies, Inc. 2,958,192 0.6

99,870 ⁽¹⁾ Verint Systems, Inc. 4,225,500 0.8

359,312 ⁽¹⁾ Viavi Solutions, Inc. 3,611,086 0.7

108,017 ⁽¹⁾ Virtusa Corp. 4,600,444 0.9

82,331,496 15.6

Materials: 3.9%

110,310 Carpenter Technology Corp. 3,928,139 0.7

254,512 Commercial Metals Co. 4,077,282 0.8

90,880 Minerals Technologies, Inc. 4,665,779 0.9

172,631 PolyOne Corp. 4,937,247 0.9

89,069 Worthington Industries, Inc. 3,103,164 0.6

20,711,611 3.9

Real Estate: 7.7%

176,248 Americold Realty Trust 4,501,374 0.8

848,587 Cousins Properties, Inc. 6,703,837 1.3

333,968 Easterly Government Properties, Inc. 5,236,618 1.0

404,109 Essential Properties Realty Trust, Inc. 5,592,869 1.1

218,753 First Industrial Realty Trust, Inc. 6,313,212 1.2

96,190 Hudson Pacific Properties, Inc. 2,795,281 0.5

335,977 Physicians Realty Trust 5,385,711 1.0

242,584 Urban Edge Properties 4,031,746 0.8

40,560,648 7.7

Utilities: 4.2%

77,333 Black Hills Corp. 4,854,966 0.9

43,420 El Paso Electric Co. 2,176,645 0.4

70,803 Idacorp, Inc. 6,588,927 1.3

61,908 NorthWestern Corp. 3,679,811 0.7

109,166 Portland General Electric Co. 5,005,261 0.9

22,305,610 4.2

Total Common Stock

(Cost $573,930,652) 506,308,831 95.9

EXCHANGE-TRADED FUNDS: 1.5%

58,049 iShares Russell 2000 ETF 7,772,761 1.5

Total Exchange-Traded Funds

(Cost $8,094,119) 7,772,761 1.5

Total Long-Term Investments

(Cost $582,024,771) 514,081,592 97.4

Principal
Amount† Value Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 4.7%

Securities Lending Collateral⁽³⁾: 1.8%

2,211,932 Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $2,212,338, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $2,256,171, due 01/25/19-10/20/68) 2,211,932 0.4



See Accompanying Notes to Financial Statements

143

Voya Small Company Portfolio PORTFOLIO OF INVESTMENTS
AS OF December 31, 2018 (CONTINUED)

2,211,932 Daiwa Capital Markets, Repurchase Agreement dated 12/31/18, 3.05%, due 01/02/19 (Repurchase Amount $2,212,302, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $2,256,171, due 01/25/19-02/01/49) 2,211,932 0.5

463,670 Mizuho Securities USA LLC, Repurchase Agreement dated 12/31/18, 2.92%, due 01/02/19 (Repurchase Amount $463,744, collateralized by various U.S. Government Securities, 1.875%-2.625%, Market Value plus accrued interest $472,944, due 02/29/24-09/09/49) 463,670 0.1

2,211,932 Nomura Securities, Repurchase Agreement dated 12/31/18, 3.00%, due 01/02/19 (Repurchase Amount $2,212,296, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $2,256,171, due 01/03/19-11/20/68) 2,211,932 0.4

2,211,932 RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $2,212,298, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $2,256,171, due 10/01/25-10/20/48) 2,211,932 0.4

9,311,398 1.8



Shares Value Percentage
of Net
Assets

Mutual Funds: 2.9%

15,568,000 ⁽⁴⁾ Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.340%

(Cost $15,568,000) 15,568,000 2.9

Total Short-Term Investments

(Cost $24,879,398) 24,879,398 4.7

Total Investments in Securities
(Cost $606,904,169) $ 538,960,990 102.1

Liabilities in Excess of Other Assets (11,260,919 ) (2.1)

Net Assets $ 527,700,071 100.0

† 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 securities purchased with cash collateral received for securities on loan.

(4) Rate shown is the 7-day yield as of December 31, 2018.

See Accompanying Notes to Financial Statements

144

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR.

(b) There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) The Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is attached hereto as EX-99.CERT.

(a)(3) Not applicable.

(b) The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): Voya Variable Portfolios, Inc.

By /s/ Michael Bell

Michael Bell

Chief Executive Officer

Date: March 11, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By /s/ Michael Bell

Michael Bell

Chief Executive Officer

Date: March 11, 2019

By /s/ Todd Modic

Todd Modic

Senior Vice President and Chief Financial Officer

Date: March 11, 2019

Registrant/Investment Adviser	2018		2017
Voya Variable Portfolios, Inc.	$	166,189	$	153,117
Voya Investments, LLC ⁽¹⁾	$	38,950	$	122,200

82,635		Bruker Corp.	2,460,044	0.3
86,473		Cardinal Health, Inc.	3,856,696	0.5
23,067	⁽¹⁾	Celgene Corp.	1,478,364	0.2
43,765	⁽¹⁾	Centene Corp.	5,046,105	0.6
14,694	⁽¹⁾	Charles River Laboratories International, Inc.	1,663,067	0.2
13,417		Chemed Corp.	3,800,768	0.5
36,647		Cigna Corp.	6,959,998	0.8
23,403	⁽¹⁾	DaVita, Inc.	1,204,318	0.1
28,736		Encompass Health Corp.	1,773,011	0.2
38,784		Gilead Sciences, Inc.	2,425,939	0.3
47,118		HCA Healthcare, Inc.	5,863,835	0.7
13,856		Hill-Rom Holdings, Inc.	1,226,949	0.1
28,577	⁽¹⁾	Idexx Laboratories, Inc.	5,315,894	0.6
102,917		Johnson & Johnson	13,281,439	1.6
23,165		McKesson Corp.	2,559,038	0.3
114,540		Merck & Co., Inc.	8,752,001	1.0
339,519		Pfizer, Inc.	14,820,004	1.8
13,006	⁽¹⁾	PRA Health Sciences, Inc.	1,196,032	0.1
14,651		Thermo Fisher Scientific, Inc.	3,278,747	0.4
55,331		UnitedHealth Group, Inc.	13,784,059	1.6
21,163	⁽¹⁾	Veeva Systems, Inc.	1,890,279	0.2
63,758		Zoetis, Inc.	5,453,859	0.6
			131,404,946	15.5

		Industrials: 9.0%
86,565		Allison Transmission Holdings, Inc.	3,801,069	0.4
44,881		Ametek, Inc.	3,038,444	0.4
37,277		Boeing Co.	12,021,832	1.4
34,648		Curtiss-Wright Corp.	3,538,254	0.4
129,328		Delta Air Lines, Inc.	6,453,467	0.8
56,861		Emerson Electric Co.	3,397,445	0.4
66,690		Fortune Brands Home & Security, Inc.	2,533,553	0.3
52,369	⁽¹⁾	HD Supply Holdings, Inc.	1,964,885	0.2
63,940		Honeywell International, Inc.	8,447,753	1.0
35,367		IDEX Corp.	4,465,437	0.5
70,064		Ingersoll-Rand PLC - Class A	6,391,939	0.8
32,501		KAR Auction Services, Inc.	1,550,948	0.2
48,838		Regal Beloit Corp.	3,421,102	0.4
53,425		Union Pacific Corp.	7,384,938	0.9
84,274		Waste Management, Inc.	7,499,543	0.9
			75,910,609	9.0

		Information Technology: 21.0%
46,861	⁽¹⁾	Adobe, Inc.	10,601,833	1.3
50,699	⁽¹⁾	Akamai Technologies, Inc.	3,096,695	0.4
175,216		Apple, Inc.	27,638,572	3.3
19,256	⁽¹⁾	Atlassian Corp. PLC	1,713,399	0.2
26,461		Booz Allen Hamilton Holding Corp.	1,192,597	0.1
5,122		Broadcom, Inc.	1,302,422	0.2
36,579		Broadridge Financial Solutions, Inc. ADR	3,520,729	0.4
95,629	⁽¹⁾	Cadence Design Systems, Inc.	4,157,949	0.5
311,858		Cisco Systems, Inc.	13,512,807	1.6
59,604		Citrix Systems, Inc.	6,107,026	0.7
9,829	⁽¹⁾	Fair Isaac Corp.	1,838,023	0.2
74,598	⁽¹⁾	Fortinet, Inc.	5,253,937	0.6
25,667	⁽¹⁾	GoDaddy, Inc.	1,684,269	0.2
98,728		Intel Corp.	4,633,305	0.5
12,784		Intuit, Inc.	2,516,530	0.3
156,230		Jabil, Inc.	3,872,942	0.5
32,869		KLA-Tencor Corp.	2,941,447	0.3
27,871		Lam Research Corp.	3,795,194	0.4
39,503		Mastercard, Inc. - Class A	7,452,241	0.9
32,478		Maxim Integrated Products	1,651,506	0.2
50,124	⁽¹⁾	Micron Technology, Inc.	1,590,434	0.2
273,688		Microsoft Corp.	27,798,490	3.3
74,636		NetApp, Inc.	4,453,530	0.5
50,927		Oracle Corp.	2,299,354	0.3
41,522	⁽¹⁾	PayPal Holdings, Inc.	3,491,585	0.4
61,262		Sabre Corp.	1,325,710	0.2
41,127	⁽¹⁾	Synopsys, Inc.	3,464,538	0.4
92,711		Texas Instruments, Inc.	8,761,189	1.0
77,257		Total System Services, Inc.	6,280,222	0.7
24,286	⁽¹⁾	VeriSign, Inc.	3,601,371	0.4
26,904		Visa, Inc. - Class A	3,549,714	0.4
7,969		VMware, Inc.	1,092,789	0.1
58,042		Western Digital Corp.	2,145,813	0.3
			178,338,162	21.0

		Materials: 2.3%
30,562		Air Products & Chemicals, Inc.	4,891,448	0.6
38,106		Avery Dennison Corp.	3,423,062	0.4
47,376		Celanese Corp.	4,262,419	0.5
174,346		Huntsman Corp.	3,363,134	0.4
24,795		LyondellBasell Industries NV - Class A	2,061,952	0.2
51,925		Steel Dynamics, Inc.	1,559,827	0.2
			19,561,842	2.3

		Real Estate: 2.9%
173,643		Brookfield Property REIT, Inc.	2,795,652	0.3
35,705		Camden Property Trust	3,143,825	0.4
106,603	⁽¹⁾	CBRE Group, Inc.	4,268,384	0.5
82,094		Highwoods Properties, Inc.	3,176,217	0.4
138,576		Host Hotels & Resorts, Inc.	2,310,062	0.3
45,399		Lamar Advertising Co.	3,140,703	0.4
25,642		Simon Property Group, Inc.	4,307,600	0.5
53,846		Weyerhaeuser Co.	1,177,073	0.1
			24,319,516	2.9

		Utilities: 3.7%
251,363		AES Corp.	3,634,709	0.4
90,150		Ameren Corp.	5,880,484	0.7
129,040		Centerpoint Energy, Inc.	3,642,799	0.4
148,163		Exelon Corp.	6,682,151	0.8
54,808		MDU Resources Group, Inc.	1,306,623	0.2
27,975		NextEra Energy, Inc.	4,862,615	0.6
92,785		NRG Energy, Inc.	3,674,286	0.4

27,755		UGI Corp.	1,480,729	0.2
			31,164,396	3.7

	Total Common Stock
	(Cost $796,514,652)		834,864,230	98.4

59,219		Wyndham Destinations, Inc.	2,122,409	0.4
			58,120,595	12.1

		Consumer Staples: 3.1%
21,943		Church & Dwight Co., Inc.	1,442,972	0.3
33,328		Conagra Brands, Inc.	711,886	0.2
37,204		Energizer Holdings, Inc.	1,679,761	0.4
39,219		Ingredion, Inc.	3,584,617	0.7
28,967		Lamb Weston Holdings, Inc.	2,130,812	0.4
16,256		Nu Skin Enterprises, Inc.	996,980	0.2
40,198	⁽¹⁾	Post Holdings, Inc.	3,582,848	0.7
19,690		Tyson Foods, Inc.	1,051,446	0.2
			15,181,322	3.1

		Energy: 3.5%
235,668	^(1),(2)	Chesapeake Energy Corp.	494,903	0.1
60,919	⁽¹⁾	CNX Resources Corp.	695,695	0.2
62,310	⁽¹⁾	Dril-Quip, Inc.	1,871,169	0.4
21,736		HollyFrontier Corp.	1,111,144	0.2
45,857		Marathon Oil Corp.	657,589	0.1
205,218	⁽¹⁾	McDermott International, Inc.	1,342,126	0.3
60,882		Murphy Oil Corp.	1,424,030	0.3
85,345	⁽¹⁾	Oasis Petroleum, Inc.	471,958	0.1
112,068		Patterson-UTI Energy, Inc.	1,159,904	0.2
69,469		PBF Energy, Inc.	2,269,552	0.5
245,563	⁽¹⁾	QEP Resources, Inc.	1,382,520	0.3
407,034	⁽¹⁾	Southwestern Energy Co.	1,387,986	0.3
26,086	^(1),(2)	Whiting Petroleum Corp.	591,891	0.1
27,606		World Fuel Services Corp.	591,045	0.1
129,958	⁽¹⁾	WPX Energy, Inc.	1,475,023	0.3
			16,926,535	3.5

		Financials: 16.3%
984		Alleghany Corp.	613,347	0.1
42,052		Ally Financial, Inc.	952,898	0.2
18,818		American Financial Group, Inc.	1,703,594	0.4
14,185		Ameriprise Financial, Inc.	1,480,488	0.3
13,057	⁽¹⁾	Athene Holding Ltd.	520,060	0.1
84,913		Bank OZK	1,938,564	0.4
77,691		Cathay General Bancorp.	2,604,979	0.5
52,281		Chemical Financial Corp.	1,914,007	0.4
66,346		Citizens Financial Group, Inc.	1,972,467	0.4
28,812		Comerica, Inc.	1,979,096	0.4
19,825		Discover Financial Services	1,169,278	0.2
12,694		E*Trade Financial Corp.	557,013	0.1
87,435		East West Bancorp, Inc.	3,806,046	0.8
37,170		Evercore, Inc.	2,659,885	0.6
2,597	⁽²⁾	Factset Research Systems, Inc.	519,738	0.1
23,163		Federated Investors, Inc.	614,978	0.1

87,216		First American Financial Corp.	3,893,322	0.8
64,458		Hancock Whitney Corp.	2,233,470	0.5
19,453		Hanover Insurance Group, Inc.	2,271,527	0.5
34,196		Hartford Financial Services Group, Inc.	1,520,012	0.3
92,558		Home Bancshares, Inc./Conway AR	1,512,398	0.3
14,282		International Bancshares Corp.	491,301	0.1
17,936		Kemper Corp.	1,190,592	0.3
132,590		Keycorp	1,959,680	0.4
52,462		Lazard Ltd.	1,936,372	0.4
52,186		Legg Mason, Inc.	1,331,265	0.3
10,841		LPL Financial Holdings, Inc.	662,168	0.1
5,806		MarketAxess Holdings, Inc.	1,226,866	0.3
38,469		MB Financial, Inc.	1,524,526	0.3
182,685		Navient Corp.	1,609,455	0.3
211,990		Old Republic International Corp.	4,360,634	0.9
34,099		Primerica, Inc.	3,331,813	0.7
30,881		Reinsurance Group of America, Inc.	4,330,443	0.9
29,268		Santander Consumer USA Holdings, Inc.	514,824	0.1
12,376		SEI Investments Co.	571,771	0.1
5,120		Signature Bank	526,387	0.1
42,114		Sterling Bancorp, Inc./DE	695,302	0.1
36,173		Stifel Financial Corp.	1,498,286	0.3
87,705		Synovus Financial Corp.	2,805,683	0.6
159,900		TCF Financial Corp.	3,116,451	0.7
22,174	⁽¹⁾	Texas Capital Bancshares, Inc.	1,132,870	0.2
95,325		Two Harbors Investment Corp.	1,223,973	0.3
41,131		Unum Group	1,208,429	0.3
24,343	⁽¹⁾	Western Alliance Bancorp.	961,305	0.2
48,330		Wintrust Financial Corp.	3,213,462	0.7
6,645		WR Berkley Corp.	491,132	0.1
			78,352,157	16.3

		Health Care: 10.2%
56,920		Bruker Corp.	1,694,508	0.4
17,974		Cardinal Health, Inc.	801,640	0.2
22,324	⁽¹⁾	Catalent, Inc.	696,062	0.1
6,394	⁽¹⁾	Centene Corp.	737,228	0.2
33,663	⁽¹⁾	Charles River Laboratories International, Inc.	3,809,978	0.8
10,263		Chemed Corp.	2,907,303	0.6
66,126		Encompass Health Corp.	4,079,974	0.9
70,339	⁽¹⁾	Exelixis, Inc.	1,383,568	0.3
33,494	⁽¹⁾	Globus Medical, Inc.	1,449,620	0.3
25,986	⁽¹⁾	Haemonetics Corp.	2,599,899	0.5
17,341	⁽¹⁾	HealthEquity, Inc.	1,034,391	0.2
45,970		Hill-Rom Holdings, Inc.	4,070,643	0.8
4,204	⁽¹⁾	ICU Medical, Inc.	965,365	0.2
7,789	⁽¹⁾	Idexx Laboratories, Inc.	1,448,910	0.3
11,415	⁽¹⁾	Ligand Pharmaceuticals, Inc.	1,549,016	0.3
7,488	⁽¹⁾	LivaNova PLC	684,927	0.1

78,748	⁽¹⁾	Mallinckrodt PLC - W/I	1,244,218	0.3
38,288	⁽¹⁾	Masimo Corp.	4,110,983	0.9
20,323	⁽¹⁾	Molina Healthcare, Inc.	2,361,939	0.5
103,225		Patterson Cos., Inc.	2,029,404	0.4
21,743	⁽¹⁾	PRA Health Sciences, Inc.	1,999,486	0.4
24,444	⁽¹⁾	Prestige Consumer Healthcare, Inc.	754,831	0.2
7,449		Steris PLC	795,926	0.2
13,822	⁽¹⁾	Syneos Health, Inc.	543,896	0.1
4,085		Teleflex, Inc.	1,055,891	0.2
64,048	⁽¹⁾	Tenet Healthcare Corp.	1,097,783	0.2
16,537	⁽¹⁾	United Therapeutics Corp.	1,800,879	0.4
2,940	⁽¹⁾	WellCare Health Plans, Inc.	694,105	0.1
4,770		West Pharmaceutical Services, Inc.	467,603	0.1
			48,869,976	10.2

		Industrials: 14.8%
39,604		Allison Transmission Holdings, Inc.	1,739,012	0.4
15,618		Ametek, Inc.	1,057,339	0.2
8,950		Armstrong World Industries, Inc.	520,979	0.1
29,180	⁽¹⁾	ASGN, Inc.	1,590,310	0.3
26,449	⁽¹⁾	Avis Budget Group, Inc.	594,574	0.1
12,194		Brink's Co.	788,342	0.2
7,015		Carlisle Cos., Inc.	705,148	0.1
36,974		Crane Co.	2,668,783	0.6
36,620		Curtiss-Wright Corp.	3,739,634	0.8
45,705		Deluxe Corp.	1,756,900	0.4
53,321		EMCOR Group, Inc.	3,182,730	0.7
24,076		EnerSys	1,868,538	0.4
9,813		GATX Corp.	694,859	0.1
16,342	⁽¹⁾	Genesee & Wyoming, Inc.	1,209,635	0.2
21,119		Graco, Inc.	883,830	0.2
60,065	⁽¹⁾	HD Supply Holdings, Inc.	2,253,639	0.5
73,086		Herman Miller, Inc.	2,210,851	0.5
9,724		Hubbell, Inc.	965,982	0.2
42,396		IDEX Corp.	5,352,919	1.1
23,322		Ingersoll-Rand PLC - Class A	2,127,666	0.4
23,206		Insperity, Inc.	2,166,512	0.4
24,307		ITT, Inc.	1,173,299	0.2
145,617	⁽¹⁾	JetBlue Airways Corp.	2,338,609	0.5
9,806		KAR Auction Services, Inc.	467,942	0.1
33,231		KBR, Inc.	504,447	0.1
2,310		Lennox International, Inc.	505,567	0.1
43,652		Manpowergroup, Inc.	2,828,650	0.6
36,957		MSC Industrial Direct Co.	2,842,732	0.6
82,132		nVent Electric PLC	1,844,685	0.4
4,181		Old Dominion Freight Line	516,312	0.1
32,470		Oshkosh Corp.	1,990,736	0.4
290,072		Pitney Bowes, Inc.	1,714,326	0.4
37,141		Regal Beloit Corp.	2,601,727	0.5
19,016		Ryder System, Inc.	915,620	0.2
25,411		Schneider National, Inc.	474,423	0.1
3,607	⁽¹⁾	Teledyne Technologies, Inc.	746,901	0.2

21,468		Cabot Corp.	921,836	0.2
20,808		Carpenter Technology Corp.	740,973	0.1
88,106		Chemours Co.	2,486,351	0.5
92,408		Commercial Metals Co.	1,480,376	0.3
13,229	⁽²⁾	Compass Minerals International, Inc.	551,517	0.1
40,742		Domtar Corp.	1,431,267	0.3
7,846		Eastman Chemical Co.	573,621	0.1
24,887		Greif, Inc. - Class A	923,557	0.2
39,691		Huntsman Corp.	765,639	0.2
142,874		Louisiana-Pacific Corp.	3,174,660	0.7
24,319		Minerals Technologies, Inc.	1,248,537	0.3
22,720		Packaging Corp. of America	1,896,211	0.4
65,528		PolyOne Corp.	1,874,101	0.4
14,677		Royal Gold, Inc.	1,257,085	0.3
9,420		RPM International, Inc.	553,708	0.1
44,270		Sonoco Products Co.	2,352,065	0.5
133,514		Steel Dynamics, Inc.	4,010,761	0.8
32,137		United States Steel Corp.	586,179	0.1
52,139		Worthington Industries, Inc.	1,816,523	0.4
			29,650,883	6.2

		Real Estate: 9.5%
30,832		Brookfield Property REIT, Inc.	496,395	0.1
29,665		Camden Property Trust	2,612,003	0.5
31,120	⁽¹⁾	CBRE Group, Inc.	1,246,045	0.3
144,544		CoreCivic, Inc.	2,577,220	0.5
18,182		Coresite Realty Corp.	1,586,016	0.3
404,850		Cousins Properties, Inc.	3,198,315	0.7
35,896		Douglas Emmett, Inc.	1,225,131	0.3
22,342		Equity Lifestyle Properties, Inc.	2,170,078	0.5
6,630		Extra Space Storage, Inc.	599,882	0.1
124,916		First Industrial Realty Trust, Inc.	3,605,076	0.8
97,216		Geo Group, Inc./The	1,915,155	0.4
85,449		Highwoods Properties, Inc.	3,306,022	0.7
139,616		Hospitality Properties Trust	3,334,030	0.7
18,731		Jones Lang LaSalle, Inc.	2,371,345	0.5
65,218		Lamar Advertising Co.	4,511,781	0.9
9,945		National Retail Properties, Inc.	482,432	0.1
13,863		Omega Healthcare Investors, Inc.	487,284	0.1
26,682		Outfront Media, Inc.	483,478	0.1
80,016		PotlatchDeltic Corp.	2,531,706	0.5
17,899		Rayonier, Inc.	495,623	0.1
39,428	⁽²⁾	Realogy Holdings Corp.	578,803	0.1
9,785		SL Green Realty Corp.	773,798	0.2
128,782		Tanger Factory Outlet Centers, Inc.	2,603,972	0.5
45,275	⁽¹⁾	Uniti Group, Inc.	704,932	0.2
98,744		Urban Edge Properties	1,641,125	0.3
			45,537,647	9.5

		Utilities: 5.9%
47,879		AES Corp.	692,330	0.1

32,465		Ameren Corp.	2,117,692	0.4
14,770		Atmos Energy Corp.	1,369,474	0.3
26,043		Centerpoint Energy, Inc.	735,194	0.2
41,870		Idacorp, Inc.	3,896,422	0.8
67,258		MDU Resources Group, Inc.	1,603,431	0.3
62,704		National Fuel Gas Co.	3,209,191	0.7
51,261		NorthWestern Corp.	3,046,954	0.6
23,045		NRG Energy, Inc.	912,582	0.2
15,181		OGE Energy Corp.	594,943	0.1
27,294	⁽¹⁾	PG&E Corp.	648,233	0.1
21,422		Pinnacle West Capital Corp.	1,825,154	0.4
68,243		PNM Resources, Inc.	2,804,105	0.6
97,863		UGI Corp.	5,220,991	1.1
			28,676,696	5.9

	Total Common Stock
	(Cost $527,054,266)		476,482,745	99.1

1,037,386	Nomura Securities, Repurchase Agreement dated 12/31/18, 3.00%, due 01/02/19 (Repurchase Amount $1,037,557, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $1,058,134, due 01/03/19-11/20/68)	1,037,386	0.2
1,037,386	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $1,037,558, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $1,058,134, due 10/01/25-10/20/48)	1,037,386	0.2
		4,367,007	0.9

171,624	⁽²⁾	Tetra Technologies, Inc.	288,328	0.1
48,951	⁽²⁾	Unit Corp.	699,020	0.3
38,837	⁽¹⁾	US Silica Holdings, Inc.	395,361	0.2
			9,685,090	4.1

		Financials: 18.7%
61,385		American Equity Investment Life Holding Co.	1,715,097	0.7
18,594		Ameris Bancorp.	588,872	0.3
12,341		Amerisafe, Inc.	699,611	0.3
26,580		Arbor Realty Trust, Inc.	267,661	0.1
19,936	⁽²⁾	Axos Financial, Inc.	501,989	0.2
55,230	⁽²⁾	Bancorp, Inc.	439,631	0.2
22,065		Bank of NT Butterfield & Son Ltd.	691,738	0.3
72,019		BrightSphere Investment Group PLC	769,163	0.3
28,201		Cadence BanCorp	473,213	0.2
7,103		Cathay General Bancorp.	238,164	0.1
39,070		Central Pacific Financial Corp.	951,355	0.4
18,568		Chemical Financial Corp.	679,774	0.3
6,548		Columbia Banking System, Inc.	237,627	0.1
4,849		Community Bank System, Inc.	282,697	0.1
44,969	⁽²⁾	Customers Bancorp, Inc.	818,436	0.4
27,820		Employers Holdings, Inc.	1,167,605	0.5
25,071	⁽²⁾	Essent Group Ltd.	856,927	0.4
11,384		FedNat Holding Co.	226,769	0.1
196,787		First BanCorp. Puerto Rico	1,692,368	0.7
50,473		First Commonwealth Financial Corp.	609,714	0.3
14,227		First Financial Bancorp.	337,464	0.2
5,660	⁽¹⁾	First Financial Bankshares, Inc.	326,525	0.1
6,599		FirstCash, Inc.	477,438	0.2
28,155	⁽²⁾	Flagstar Bancorp, Inc.	743,292	0.3
16,505	⁽²⁾	Franklin Financial Network, Inc.	435,237	0.2
7,433	⁽¹⁾	Glacier Bancorp., Inc.	294,495	0.1
40,760		Great Western Bancorp, Inc.	1,273,750	0.5
20,424		Green Bancorp, Inc.	350,067	0.2
19,102	⁽²⁾	Green Dot Corp.	1,518,991	0.7
56,965		Hanmi Financial Corp.	1,122,211	0.5
51,158		Home Bancshares, Inc./Conway AR	835,922	0.4
67,407		Hope Bancorp, Inc.	799,447	0.3
6,797		Houlihan Lokey, Inc.	250,130	0.1
6,363		Iberiabank Corp.	409,014	0.2
11,511		Independent Bank Corp. Michigan	241,961	0.1
42,381		Invesco Mortgage Capital, Inc.	613,677	0.3
52,535		Ladder Capital Corp.	812,716	0.4
94,314	⁽²⁾	MGIC Investment Corp.	986,524	0.4
27,114	⁽²⁾	Mr Cooper Group, Inc.	316,420	0.1
67,231	⁽²⁾	NMI Holdings, Inc.	1,200,073	0.5
58,428		OFG Bancorp	961,725	0.4
21,435		Old National Bancorp.	330,099	0.1
8,886		Federal Agricultural Mortgage Corp.	537,070	0.2
7,007		Primerica, Inc.	684,654	0.3
62,876		Radian Group, Inc.	1,028,651	0.4
13,322	⁽¹⁾	RBB Bancorp	234,068	0.1
79,370		Redwood Trust, Inc.	1,196,106	0.5
13,874	⁽²⁾	Regional Management Corp.	333,670	0.1
3,751		RLI Corp.	258,782	0.1
21,471	⁽²⁾	Seacoast Banking Corp. of Florida	558,675	0.2
37,892		Selective Insurance Group	2,309,138	1.0
62,415		Simmons First National Corp.	1,506,074	0.6
12,710		State Bank Financial Corp.	274,409	0.1
109,407	⁽²⁾	Third Point Reinsurance Ltd.	1,054,683	0.5
56,701		Trustco Bank Corp.	388,969	0.2
65,748		United Community Banks, Inc./GA	1,410,952	0.6
32,170		Universal Insurance Holdings, Inc.	1,219,886	0.5
66,677	⁽¹⁾	Waddell & Reed Financial, Inc.	1,205,520	0.5
28,509		Walker & Dunlop, Inc.	1,233,014	0.5
			43,979,910	18.7

		Health Care: 11.6%
18,928	^(1),(2)	Acorda Therapeutics, Inc.	294,898	0.1
24,374	⁽²⁾	AMAG Pharmaceuticals, Inc.	370,241	0.2
15,513	⁽²⁾	Amedisys, Inc.	1,816,728	0.8
34,050	⁽²⁾	AMN Healthcare Services, Inc.	1,929,273	0.8
33,968	⁽²⁾	Angiodynamics, Inc.	683,776	0.3
98,920	⁽²⁾	Assertio Therapeutics, Inc.	357,101	0.2
7,049	⁽²⁾	BioTelemetry, Inc.	420,966	0.2
17,440	^(1),(2)	Cambrex Corp.	658,534	0.3
5,912		Conmed Corp.	379,550	0.2
24,612	^(1),(2)	Corcept Therapeutics, Inc.	328,816	0.1
10,981	⁽²⁾	Corvel Corp.	677,747	0.3
61,837	⁽²⁾	Cross Country Healthcare, Inc.	453,265	0.2
29,733	⁽²⁾	Emergent Biosolutions, Inc.	1,762,572	0.8
5,075	⁽²⁾	Enanta Pharmaceuticals, Inc.	359,462	0.2
67,404	⁽²⁾	Endo International PLC	492,049	0.2
10,493		Ensign Group, Inc.	407,024	0.2
7,428	⁽²⁾	Haemonetics Corp.	743,171	0.3
14,135	⁽²⁾	HMS Holdings Corp.	397,618	0.2
21,337	⁽²⁾	Integer Holdings Corp.	1,627,160	0.7
37,320	⁽²⁾	Lantheus Holdings, Inc.	584,058	0.2
2,874	⁽²⁾	LHC Group, Inc.	269,811	0.1
3,808	⁽²⁾	Ligand Pharmaceuticals, Inc.	516,746	0.2
43,475		Luminex Corp.	1,004,707	0.4
15,190	⁽²⁾	Magellan Health, Inc.	864,159	0.4
14,989	⁽²⁾	Mallinckrodt PLC - W/I	236,826	0.1
8,974	⁽²⁾	Medpace Holdings, Inc.	474,994	0.2
30,155	⁽²⁾	Merit Medical Systems, Inc.	1,682,951	0.7
24,920	^(1),(2)	Myriad Genetics, Inc.	724,424	0.3
5,970	⁽²⁾	Neogen Corp.	340,290	0.1

3,734	⁽²⁾	Omnicell, Inc.	228,670	0.1
15,954	⁽²⁾	Orthofix Medical, Inc.	837,426	0.4
42,577	⁽¹⁾	Owens & Minor, Inc.	269,513	0.1
23,477		Phibro Animal Health Corp.	755,020	0.3
5,709	⁽²⁾	Providence Service Corp.	342,654	0.1
11,089	⁽²⁾	REGENXBIO, Inc.	465,184	0.2
51,301	⁽²⁾	Select Medical Holdings Corp.	787,470	0.3
26,092	⁽²⁾	Spectrum Pharmaceuticals, Inc.	228,305	0.1
26,857	⁽²⁾	Supernus Pharmaceuticals, Inc.	892,190	0.4
12,189	⁽²⁾	SurModics, Inc.	576,052	0.2
41,701	⁽²⁾	Tivity Health, Inc.	1,034,602	0.4
			27,276,003	11.6

		Industrials: 18.6%
9,327		ABM Industries, Inc.	299,490	0.1
60,220		ACCO Brands Corp.	408,292	0.2
24,929		Actuant Corp.	523,260	0.2
14,557		Advanced Drainage Systems, Inc.	353,007	0.2
14,006	⁽²⁾	Aegion Corp.	228,578	0.1
30,030	⁽²⁾	Aerojet Rocketdyne Holdings, Inc.	1,057,957	0.5
19,691		Applied Industrial Technologies, Inc.	1,062,133	0.5
32,011		ArcBest Corp.	1,096,697	0.5
13,770	⁽²⁾	ASGN, Inc.	750,465	0.3
26,768	⁽²⁾	Atkore International Group, Inc.	531,077	0.2
9,095	⁽²⁾	Atlas Air Worldwide Holdings, Inc.	383,718	0.2
7,428	⁽²⁾	Axon Enterprise, Inc.	324,975	0.1
34,740		Barnes Group, Inc.	1,862,759	0.8
6,064		Barrett Business Services, Inc.	347,164	0.1
11,630		Columbus McKinnon Corp.	350,528	0.1
8,658		Comfort Systems USA, Inc.	378,181	0.2
17,416	⁽²⁾	Continental Building Products, Inc.	443,237	0.2
16,926	⁽²⁾	Covenant Transportation Group, Inc.	324,979	0.1
11,414	⁽²⁾	CSW Industrials, Inc.	551,867	0.2
8,574		EMCOR Group, Inc.	511,782	0.2
21,941		EnPro Industries, Inc.	1,318,654	0.6
4,866		Exponent, Inc.	246,755	0.1
47,793		Federal Signal Corp.	951,081	0.4
5,948	⁽²⁾	FTI Consulting, Inc.	396,375	0.2
15,820	⁽²⁾	Gibraltar Industries, Inc.	563,034	0.2
9,081		Greenbrier Cos., Inc.	359,063	0.2
28,398		Griffon Corp.	296,759	0.1
76,424	⁽²⁾	Harsco Corp.	1,517,781	0.6
15,058		Hawaiian Holdings, Inc.	397,682	0.2
31,304		Heidrick & Struggles International, Inc.	976,372	0.4
22,266		Herman Miller, Inc.	673,546	0.3
44,104		Hillenbrand, Inc.	1,672,865	0.7
15,040	⁽²⁾	HUB Group, Inc.	557,533	0.2
8,981		Insperity, Inc.	838,466	0.4
4,936		John Bean Technologies Corp.	354,454	0.2
14,879		Kaman Corp.	834,563	0.4
12,733		Kforce, Inc.	393,704	0.2
20,477		Knoll, Inc.	337,461	0.1
36,339		Korn/Ferry International	1,436,844	0.6
14,209		Lindsay Corp.	1,367,616	0.6
6,124		Matthews International Corp.	248,757	0.1
36,034	⁽²⁾	Milacron Holdings Corp.	428,444	0.2
10,790		Mobile Mini, Inc.	342,582	0.1
3,080		Moog, Inc.	238,638	0.1
4,590	⁽¹⁾	National Presto Industries, Inc.	536,663	0.2
45,783		Navigant Consulting, Inc.	1,101,081	0.5
30,886	⁽²⁾	NCI Building Systems, Inc.	223,923	0.1
8,170	⁽²⁾	Patrick Industries, Inc.	241,914	0.1
24,609	⁽²⁾	PGT Innovations, Inc.	390,053	0.2
2,406	⁽²⁾	Proto Labs, Inc.	271,373	0.1
37,977		Quanex Building Products Corp.	516,107	0.2
13,128	⁽²⁾	Saia, Inc.	732,805	0.3
30,972		Simpson Manufacturing Co., Inc.	1,676,514	0.7
30,386		Skywest, Inc.	1,351,265	0.6
21,063	⁽²⁾	SPX Corp.	589,975	0.3
38,854	⁽²⁾	SPX FLOW, Inc.	1,181,939	0.5
10,925		Tennant Co.	569,302	0.2
37,190		Tetra Tech, Inc.	1,925,326	0.8
5,494	⁽²⁾	Trex Co., Inc.	326,124	0.1
17,113	⁽²⁾	Trimas Corp.	467,014	0.2
17,892	⁽²⁾	TrueBlue, Inc.	398,097	0.2
49,466		Universal Forest Products, Inc.	1,284,137	0.5
22,739		Watts Water Technologies, Inc.	1,467,348	0.6
			43,790,135	18.6

		Information Technology: 14.4%
21,387	⁽²⁾	8x8, Inc.	385,822	0.2
31,585	⁽²⁾	Advanced Energy Industries, Inc.	1,355,944	0.6
51,931		Benchmark Electronics, Inc.	1,099,899	0.5
14,739	⁽²⁾	Bottomline Technologies de, Inc.	707,472	0.3
8,521		Cabot Microelectronics Corp.	812,477	0.3
5,437	⁽²⁾	CACI International, Inc.	783,091	0.3
67,390	⁽²⁾	CalAmp Corp.	876,744	0.4
18,538	⁽²⁾	Cardtronics plc	481,988	0.2
42,600		Cohu, Inc.	684,582	0.3
13,794		Comtech Telecommunications Corp.	335,746	0.1
18,567	⁽²⁾	Control4 Corp.	326,779	0.1
18,011		CSG Systems International, Inc.	572,209	0.2
43,009		CTS Corp.	1,113,503	0.5
16,943	⁽²⁾	Diodes, Inc.	546,581	0.2
10,680		Entegris, Inc.	297,919	0.1
12,728	⁽²⁾	ePlus, Inc.	905,852	0.4
36,022		EVERTEC, Inc.	1,033,831	0.4
22,040	⁽²⁾	Fabrinet	1,130,872	0.5
45,529	⁽²⁾	Formfactor, Inc.	641,504	0.3
21,723	⁽²⁾	Insight Enterprises, Inc.	885,212	0.4
36,776		Kemet Corp.	645,051	0.3
37,104	⁽²⁾	Knowles Corp.	493,854	0.2

36,455		Kulicke & Soffa Industries, Inc.	738,943	0.3
4,455		Mantech International Corp.	232,974	0.1
26,883		Methode Electronics, Inc.	626,105	0.3
2,607	⁽²⁾	MicroStrategy, Inc.	333,044	0.1
14,935		Monotype Imaging Holdings, Inc.	231,791	0.1
42,648	⁽²⁾	Nanometrics, Inc.	1,165,570	0.5
4,498	⁽²⁾	New Relic, Inc.	364,203	0.1
49,261		NIC, Inc.	614,777	0.3
44,637	⁽²⁾	Perficient, Inc.	993,620	0.4
30,773	⁽²⁾	Plexus Corp.	1,571,885	0.7
7,907		Power Integrations, Inc.	482,169	0.2
43,528		Progress Software Corp.	1,544,809	0.7
10,420	⁽²⁾	Qualys, Inc.	778,791	0.3
49,945	⁽²⁾	Rudolph Technologies, Inc.	1,022,374	0.4
58,908	⁽²⁾	Sanmina Corp.	1,417,327	0.6
21,731	⁽²⁾	Scansource, Inc.	747,112	0.3
15,518	^(1),(2)	SecureWorks Corp.	262,099	0.1
24,171	⁽²⁾	Semtech Corp.	1,108,724	0.5
11,444	^(1),(2)	SolarEdge Technologies, Inc.	401,684	0.2
4,622	⁽²⁾	SPS Commerce, Inc.	380,760	0.2
26,015	⁽²⁾	Sykes Enterprises, Inc.	643,351	0.3
81,229	⁽²⁾	TTM Technologies, Inc.	790,358	0.3
20,169	⁽²⁾	Virtusa Corp.	858,998	0.4
20,636		Vishay Intertechnology, Inc.	371,654	0.2
			33,800,054	14.4

		Materials: 4.0%
13,569	⁽²⁾	AdvanSix, Inc.	330,270	0.1
4,443		Balchem Corp.	348,109	0.2
37,021		Boise Cascade Co.	882,951	0.4
15,971		FutureFuel Corp.	253,300	0.1
5,742	⁽²⁾	Ingevity Corp.	480,548	0.2
5,860		Kaiser Aluminum Corp.	523,239	0.2
27,323	⁽²⁾	Koppers Holdings, Inc.	465,584	0.2
33,479	⁽²⁾	Kraton Corp.	731,181	0.3
20,981		Louisiana-Pacific Corp.	466,198	0.2
18,129		Materion Corp.	815,624	0.4
23,739		PolyOne Corp.	678,935	0.3
1,324		Quaker Chemical Corp.	235,288	0.1
20,248		Stepan Co.	1,498,352	0.6
15,839		Tredegar Corp.	251,207	0.1
12,708		Trinseo SA	581,772	0.3
13,335	⁽²⁾	Verso Corp.	298,704	0.1
13,343		Worthington Industries, Inc.	464,870	0.2
			9,306,132	4.0

		Real Estate: 6.2%
21,213		American Assets Trust, Inc.	852,126	0.4
79,409		Ashford Hospitality Trust, Inc.	317,636	0.1
160,150	⁽¹⁾	CBL & Associates Properties, Inc.	307,488	0.1
84,802		Cedar Realty Trust, Inc.	266,278	0.1
53,502		Chesapeake Lodging Trust	1,302,774	0.5
155,258		DiamondRock Hospitality Co.	1,409,743	0.6
23,177		EastGroup Properties, Inc.	2,126,026	0.9
39,848		HFF, Inc.	1,321,360	0.6
103,108		iStar, Inc.	945,500	0.4
10,763	⁽²⁾	Marcus & Millichap, Inc.	369,494	0.2
30,817		National Storage Affiliates Trust	815,418	0.3
27,776		Newmark Group, Inc.	222,763	0.1
90,509	⁽¹⁾	Pennsylvania Real Estate Investment Trust	537,623	0.2
14,128		PS Business Parks, Inc.	1,850,768	0.8
3,495		Ryman Hospitality Properties	233,082	0.1
8,658		Saul Centers, Inc.	408,831	0.2
22,822		Urstadt Biddle Properties, Inc.	438,639	0.2
191,965	⁽¹⁾	Washington Prime Group, Inc.	932,950	0.4
			14,658,499	6.2

		Utilities: 2.3%
3,538		American States Water Co.	237,188	0.1
15,627		Black Hills Corp.	981,063	0.4
18,172		El Paso Electric Co.	910,962	0.4
8,482		Idacorp, Inc.	789,335	0.3
13,339		NorthWestern Corp.	792,870	0.4
7,522		PNM Resources, Inc.	309,079	0.1
21,446		Portland General Electric Co.	983,299	0.4
8,466		South Jersey Industries, Inc.	235,355	0.1
4,016		Spire, Inc.	297,505	0.1
			5,536,656	2.3

	Total Common Stock
	(Cost $254,178,857)		233,366,645	99.1

1,465,952	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/18, 3.35%, due 01/02/19 (Repurchase Amount $1,466,221, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $1,495,271, due 01/25/19-10/20/68)	1,465,952	0.6
1,465,952	Daiwa Capital Markets, Repurchase Agreement dated 12/31/18, 3.05%, due 01/02/19 (Repurchase Amount $1,466,197, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $1,495,271, due 01/25/19-02/01/49)	1,465,952	0.6
1,465,952	Nomura Securities, Repurchase Agreement dated 12/31/18, 3.00%, due 01/02/19 (Repurchase Amount $1,466,193, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $1,495,271, due 01/03/19-11/20/68)	1,465,952	0.6
1,465,952	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/18, 3.02%, due 01/02/19 (Repurchase Amount $1,466,195, collateralized by various U.S. Government Agency Obligations, 3.000%-7.000%, Market Value plus accrued interest $1,495,271, due 10/01/25-10/20/48)	1,465,952	0.6
		6,171,321	2.6

4,128		Perpetual Ltd.	94,460	0.1
18,723	⁽²⁾	Platinum Asset Management Ltd.	64,120	0.1
119,361		QBE Insurance Group Ltd.	849,923	0.9
67,825		Steadfast Group Ltd.	131,455	0.1
113,334		Suncorp Group Ltd.	1,008,646	1.1
300,365		Westpac Banking Corp.	5,307,414	5.6
			30,299,561	32.3

		Health Care: 8.6%
11,709		Ansell Ltd.	181,896	0.2
34,575		Australian Pharmaceutical Industries Ltd.	33,621	0.0
5,009		Cochlear Ltd.	613,746	0.7
39,568		CSL Ltd.	5,168,286	5.5
20,738		Estia Health Ltd.	33,467	0.0
13,543		Fisher & Paykel Healthcare Corp. Ltd.	117,951	0.1
43,286		Healius Ltd.	67,989	0.1
113,601		Healthscope Ltd.	178,433	0.2
126,380	⁽¹⁾	Mayne Pharma Group Ltd.	68,965	0.1
22,391	⁽¹⁾	Nanosonics Ltd.	44,800	0.1
11,310		Ramsay Health Care Ltd.	460,051	0.5
44,406		ResMed, Inc.	499,271	0.5
94,613		Sigma Healthcare Ltd.	38,050	0.0
37,129		Sonic Healthcare Ltd.	579,216	0.6
			8,085,742	8.6

		Industrials: 7.9%
42,888		ALS Ltd.	204,916	0.2
57,670		Atlas Arteria Ltd.	254,387	0.3
174,032		Aurizon Holdings Ltd.	525,054	0.6
37,906		Bingo Industries Ltd	49,553	0.0
138,883		Brambles Ltd.	993,658	1.1
8,547		CIMIC Group Ltd.	261,367	0.3
175,820		Cleanaway Waste Management Ltd.	206,192	0.2
53,223		Downer EDI Ltd.	253,524	0.3
21,405	⁽¹⁾	Emeco Holdings Ltd.	30,585	0.0
23,716		GWA Group Ltd.	46,469	0.0
16,517		IPH Ltd.	62,968	0.1
6,763	⁽²⁾	McMillan Shakespeare Ltd.	66,343	0.1
7,928	⁽²⁾	Monadelphous Group Ltd.	76,925	0.1
149,217		Qantas Airways Ltd.	608,734	0.6
127,607	⁽²⁾	Qube Logistics Holdings Ltd.	228,417	0.2
62,187		Reliance Worldwide Corp. Ltd.	194,957	0.2
30,664		Seek Ltd.	365,827	0.4
10,090		Seven Group Holdings Ltd.	100,881	0.1
8,413		SmartGroup Corp. Ltd.	52,679	0.1
196,886		Sydney Airport	933,599	1.0
228,057		Transurban Group - Stapled Security	1,871,784	2.0
231,429	^(1),(4)	Virgin Australia International Holdings	–	–
			7,388,819	7.9

		Information Technology: 2.1%
14,681	^(1),(2)	Afterpay Touch Group Ltd.	128,417	0.1
10,251		Altium Ltd.	156,906	0.2
7,772		Appen Ltd.	70,318	0.1
18,735		Bravura Solutions Ltd.	48,834	0.1
43,953		Computershare Ltd.	532,678	0.6
12,036		IRESS Ltd.	94,345	0.1
45,991		Link Administration Holdings Ltd.	219,478	0.2
38,841		MYOB Group Ltd.	91,949	0.1
30,005	⁽¹⁾	NEXTDC Ltd.	129,279	0.1
21,105		Technology One Ltd.	91,608	0.1
9,942		WiseTech Global Ltd.	118,528	0.1
9,322	⁽¹⁾	Xero Ltd.	276,226	0.3
			1,958,566	2.1

		Materials: 18.6%
35,256		Adelaide Brighton Ltd.	106,125	0.1
203,774		Alumina Ltd.	330,074	0.3
101,277		Amcor Ltd.	945,668	1.0
46,576		Ausdrill Ltd.	39,035	0.0
280,636		BHP Billiton Ltd.	6,783,265	7.2
48,113		BlueScope Steel Ltd.	371,149	0.4
102,515		Boral Ltd.	356,753	0.4
6,695		Brickworks Ltd.	78,461	0.1
45,132		CSR Ltd.	89,347	0.1
33,326		DuluxGroup Ltd.	154,012	0.2
132,200		Evolution Mining Ltd.	343,907	0.4
24,454	⁽¹⁾	Fletcher Building Ltd.	80,166	0.1
149,678		Fortescue Metals Group Ltd.	441,369	0.5
35,270	^(1),(2)	Galaxy Resources Ltd.	53,895	0.1
36,595		Iluka Resources Ltd.	196,628	0.2
146,529		Incitec Pivot Ltd.	338,706	0.4
40,428		Independence Group NL	108,773	0.1
38,773		James Hardie Industries SE	422,424	0.4
57,938	^(1),(2)	Lynas Corp. Ltd.	64,731	0.1
13,660		Mineral Resources Ltd.	148,944	0.2
66,752		Newcrest Mining Ltd.	1,025,916	1.1
55,920		Northern Star Resources Ltd.	365,021	0.4
23,964		Nufarm Ltd.	100,604	0.1
32,787		Orica Ltd.	398,509	0.4
20,063	^(1),(2)	Orocobre Ltd.	45,633	0.0
105,522		Orora Ltd.	228,439	0.2
27,210		OZ Minerals Ltd.	168,698	0.2
19,542		Pact Group Holdings Ltd.	47,759	0.0
140,349	⁽¹⁾	Pilbara Minerals Ltd.	61,788	0.1
43,031		Regis Resources Ltd.	146,548	0.2
64,034		Resolute Mining Ltd.	52,151	0.1
32,462		Rio Tinto Ltd.	1,796,641	1.9
13,638		Sandfire Resources NL	64,218	0.1
65,044	⁽¹⁾	Saracen Mineral Holdings Ltd.	134,475	0.1
13,983		Sims Metal Management Ltd.	98,843	0.1
449,360		South32 Ltd. - AUD	1,068,944	1.1
44,886		St Barbara Ltd.	148,678	0.2
29,696	^(1),(2)	Syrah Resources Ltd.	31,500	0.0
22,962		Western Areas Ltd.	32,325	0.0
			17,470,122	18.6

		Real Estate: 7.3%
28,186		Abacus Property Group	64,965	0.1

37,061		Aveo Group	41,769	0.0
42,289		BWP Trust	105,177	0.1
40,480		Charter Hall Group	211,658	0.2
28,725		Charter Hall Retail REIT	90,647	0.1
17,730		Charter Hall Long Wale REIT	53,467	0.1
143,968		Cromwell Property Group	100,431	0.1
88,251		Dexus	660,524	0.7
140,151		Goodman Group	1,049,851	1.1
156,953		GPT Group	590,621	0.6
23,222		Growthpoint Properties Australia Ltd.	61,200	0.1
51,023		Lend Lease Corp., Ltd.	417,991	0.4
324,004		Mirvac Group	511,707	0.5
56,636		National Storage REIT	70,021	0.1
465,598		Scentre Group	1,280,007	1.4
77,171		Shopping Centres Australasia Property Group	138,633	0.1
212,889		Stockland	528,133	0.6
37,443	⁽¹⁾	Unibail Group Stapled	282,191	0.3
281,008		Vicinity Centres	514,913	0.6
38,028		Viva Energy REIT	60,278	0.1
			6,834,184	7.3

		Utilities: 2.0%
57,538		AGL Energy Ltd.	835,579	0.9
103,178		APA Group	618,051	0.7
151,242		AusNet Services	165,749	0.2
85,759	⁽¹⁾	Infigen Energy	28,122	0.0
147,087		Spark Infrastructure Group	229,152	0.2
			1,876,653	2.0

	Total Common Stock
	(Cost $99,372,570)		93,375,487	99.5

57,500		China National Nuclear Power Co. Ltd. - A Shares	44,208	0.0
292,000		China Oilfield Services Ltd. - H Shares	251,291	0.0
122,000		China Oriental Group Co. Ltd.	72,718	0.0
618,000		China Overseas Land & Investment Ltd.	2,130,748	0.3
15,003		China Pacific Insurance Group Co. Ltd. - A Shares	62,260	0.0
423,600		China Pacific Insurance Group Co., Ltd. - H Shares	1,368,849	0.2
104,000		China Petroleum & Chemical Corp. - A Shares	76,552	0.0
4,089,600		China Petroleum & Chemical Corp. - H Shares	2,915,108	0.4
698,000		China Power International Development Ltd. - H Shares	158,398	0.0
31,900		China Railway Construction Corp. Ltd. - A Shares	50,698	0.0
328,000		China Railway Construction Corp. Ltd. - H Shares	455,581	0.1
628,000		China Railway Group Ltd. - H Shares	572,220	0.1
237,000	⁽³⁾	China Railway Signal & Communication Corp. Ltd. - H Shares	165,999	0.0
923,000		China Reinsurance Group Corp. - H Shares	188,580	0.0
230,000		China Resources Beer Holdings Co Ltd.	804,123	0.1
388,000		China Resources Cement Holdings Ltd. - H Shares	349,873	0.1
140,000		China Resources Gas Group Ltd.	554,759	0.1
446,444		China Resources Land Ltd.	1,717,324	0.2
262,500	⁽³⁾	China Resources Pharmaceutical Group Ltd.	341,872	0.1
308,000		China Resources Power Holdings Co.	592,418	0.1
18,270		China Shenhua Energy Co. Ltd. - A Shares	47,920	0.0
539,500		China Shenhua Energy Co., Ltd. - H Shares	1,176,620	0.2
188,000		COSCO Shipping Energy Transportation Co. Ltd. - H Shares	93,640	0.0
304,000		China Southern Airlines Co., Ltd. - H Shares	186,400	0.0
117,740		China State Construction Engineering Corp. Ltd. - A Shares	97,969	0.0
310,000		China State Construction International Holdings Ltd.	246,573	0.0
254,828		China Taiping Insurance Holdings Co., Ltd.	700,619	0.1
2,236,000		China Telecom Corp., Ltd. - H Shares	1,145,652	0.2
5,830,000	^(1),(3)	China Tower Corp. Ltd. - H Shares	1,102,461	0.2
362,000		China Traditional Chinese Medicine Holdings Co. Ltd.	210,319	0.0
330,000		China Travel International Inv HK	88,065	0.0
974,000		China Unicom Hong Kong Ltd.	1,037,706	0.1
112,100		China United Network Communications Ltd. - A Shares	84,607	0.0
27,600		China Vanke Co. Ltd. - A Shares	96,051	0.0
195,300		China Vanke Co. Ltd. - H Shares	661,411	0.1
63,700		China Yangtze Power Co. Ltd. - A Shares	147,470	0.0
253,200		China Zhongwang Holdings Ltd. - H Shares	112,121	0.0
398,000		Chongqing Rural Commercial Bank Co. Ltd. - H Shares	213,292	0.0
550,000		CIFI Holdings Group Co. Ltd.	291,536	0.1
913,000		CITIC Ltd.	1,432,662	0.2
30,200	⁽⁴⁾	CITIC Securities Co. Ltd. - A Shares	70,423	0.0
360,000		CITIC Securities Co. Ltd. - H Shares	620,117	0.1
2,858,000		CNOOC Ltd.	4,402,243	0.6
262,000		COSCO Shipping Ports, Ltd.	257,576	0.0
419,000	⁽¹⁾	COSCO SHIPPING Holdings Co., Ltd.. - H Shares	157,347	0.0
1,226,133		Country Garden Holdings Co. Ltd.	1,488,901	0.2
159,000	⁽¹⁾	Country Garden Services Holdings Co. Ltd. - H Shares	251,735	0.0
67,900		CRRC Corp. Ltd. - A Shares	89,441	0.0
667,000		CRRC Corp. Ltd. - H Shares	650,489	0.1
752,000		CSPC Pharmaceutical Group Ltd.	1,079,474	0.2
66,125	⁽¹⁾	Ctrip.com International Ltd. ADR	1,789,342	0.2
322,500	⁽³⁾	Dali Foods Group Co. Ltd.	237,930	0.0
61,000		Daqin Railway Co. Ltd. - A Shares	73,210	0.0
470,000		Datang International Power Generation Co., Ltd. - H Shares	110,544	0.0
426,000		Dongfeng Motor Group Co., Ltd. - H Shares	387,185	0.1
346,000		Far East Horizon Ltd.	349,071	0.0
36,800		Focus Media Information Technology Co. Ltd. - A Shares	28,081	0.0

8,100		Foshan Haitian Flavouring & Food Co. Ltd. - A Shares	81,579	0.0
401,968		Fosun International Ltd	585,806	0.1
1,080,000	⁽²⁾	Fullshare Holdings Ltd.	248,241	0.0
278,000	⁽²⁾	Future Land Development Holdings Ltd. - H Shares	189,996	0.0
83,600	⁽³⁾	Fuyao Glass Industry Group Co. Ltd. - H Shares	267,660	0.0
9,184	^(1),(2)	GDS Holdings Ltd. ADR	212,059	0.0
796,000		Geely Automobile Holdings Ltd.	1,403,813	0.2
140,000	⁽¹⁾	Genscript Biotech Corp. - H Shares	187,405	0.0
22,100		GF Securities Co. Ltd. - A Shares	40,934	0.0
228,800		GF Securities Co. Ltd. - H Shares	309,847	0.1
1,797,000	^(1),(2)	GOME Retail Holdings Ltd	148,986	0.0
494,000		Great Wall Motor Co. Ltd. - H Shares	284,017	0.1
10,400	⁽¹⁾	Gree Electric Appliances, Inc. of Zhuhai - A Shares	54,299	0.0
124,500		Greentown China Holdings Ltd. - H Shares	93,628	0.0
110,000		Greentown Service Group Co. Ltd.	84,238	0.0
468,000		Guangdong Investment Ltd.	904,260	0.1
465,200		Guangzhou Automobile Group Co. Ltd. - H Shares	463,790	0.1
153,200		Guangzhou R&F Properties Co., Ltd. - H Shares	231,826	0.0
27,600		Guotai Junan Securities Co. Ltd. - A Shares	61,757	0.0
89,000	⁽³⁾	Guotai Junan Securities Co. Ltd. - H Shares	179,533	0.0
202,000		Haier Electronics Group Co. Ltd.	496,829	0.1
101,000		Haitian International Holdings Ltd.	194,287	0.0
36,800		Haitong Securities Co. Ltd. - A Shares	47,311	0.0
518,800		Haitong Securities Co. Ltd. - H Shares	495,355	0.1
1,908,000	^(1),(4)	Hanergy Thin Film Power Group Ltd.	–	–
21,300		Hangzhou Hikvision Digital Technology Co. Ltd. - A Shares	80,374	0.0
12,400		Henan Shuanghui Investment & Development Co. Ltd. - A Shares	42,751	0.0
114,500		Hengan International Group Co., Ltd.	831,312	0.1
3,216,000	⁽¹⁾	HengTen Networks Group Ltd. - H Shares	97,800	0.0
65,000	⁽³⁾	Hua Hong Semiconductor Ltd.	120,190	0.0
306,000		Huadian Power International Co. - H Shares	138,005	0.0
8,200		Huadong Medicine Co. Ltd. - A Shares	31,682	0.0
704,000		Huaneng Power International, Inc. - H Shares	446,857	0.1
788,000		Huaneng Renewables Corp. Ltd.	211,783	0.0
23,600		Huatai Securities Co. Ltd. - A Shares	55,845	0.0
261,600	⁽³⁾	Huatai Securities Co. Ltd. - H Shares	413,800	0.1
51,200		Huaxia Bank Co. Ltd. - A Shares	55,177	0.0
14,200		Huayu Automotive Systems Co. Ltd. - A Shares	38,127	0.0
20,919		Huazhu Group Ltd. ADR	598,911	0.1
7,905	⁽¹⁾	Hutchison China MediTech Ltd. ADR	182,526	0.0
12,400		Iflytek Co. Ltd. - A Shares	44,715	0.0
11,085,000		Industrial & Commercial Bank of China - H Shares	7,884,317	1.0
186,000		Industrial & Commercial Bank of China Ltd. - A Shares	143,503	0.0
77,500		Industrial Bank Co. Ltd. - A Shares	168,900	0.0
179,300		Inner Mongolia BaoTou Steel Union Co. Ltd. - A Shares	38,706	0.0
19,000		Inner Mongolia Yili Industrial Group Co. Ltd. - A Shares	63,482	0.0
191,100	⁽¹⁾	Inner Mongolia Yitai Coal Co. - A Shares	226,308	0.0
117,410	⁽¹⁾	JD.com, Inc. ADR	2,457,391	0.3
194,000		Jiangsu Expressway Co. Ltd. - H Shares	270,789	0.0
9,950		Jiangsu Hengrui Medicine Co. Ltd. - A Shares	76,720	0.0
4,276		Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. - A Shares	59,258	0.0
214,000		Jiangxi Copper Co., Ltd. - H Shares	251,501	0.0
160,974		Jiayuan International Group Ltd.	297,793	0.1
297,000		Kaisa Group Holdings Ltd. - H Shares	94,748	0.0
20,200		Kangmei Pharmaceutical Co. Ltd. - A Shares	27,211	0.0
108,500		Kingboard Holdings Ltd	289,450	0.1
163,500		Kingboard Laminates Holdings Ltd.	135,058	0.0
347,000		Kingdee International Software Group Co., Ltd.	306,780	0.1
130,000		Kingsoft Corp. Ltd.	187,085	0.0
516,000		Kunlun Energy Co. Ltd.	548,243	0.1
3,200		Kweichow Moutai Co. Ltd. - A Shares	276,412	0.0

190,000		KWG Group Holdings Ltd.	168,344	0.0
246,000		Lee & Man Paper Manufacturing Ltd.	208,188	0.0
56,600	⁽³⁾	Legend Holdings Corp. - H Shares	148,091	0.0
1,164,000		Lenovo Group Ltd.	786,326	0.1
220,000		Logan Property Holdings Co. Ltd. - H Shares	274,699	0.0
239,000		Longfor Group Holdings Ltd	710,812	0.1
21,360		Luxshare Precision Industry Co. Ltd. - A Shares	43,859	0.0
188,500	⁽³⁾	Luye Pharma Group Ltd. - H Shares	131,197	0.0
6,900		Luzhou Laojiao Co. Ltd. - A Shares	40,977	0.0
178,000		Maanshan Iron & Steel Co. Ltd. - H Shares	78,531	0.0
235,500	^(1),(3)	Meitu, Inc.	65,884	0.0
82,300		Metallurgical Corp. of China Ltd. - A Shares	37,345	0.0
442,000		Metallurgical Corp. of China Ltd. - H Shares	106,111	0.0
18,200		Midea Group Co. Ltd. - A Shares	98,302	0.0
380,000	⁽¹⁾	Minmetals Resources Ltd.	163,249	0.0
23,217	⁽¹⁾	Momo, Inc. ADR	551,404	0.1
20,200		NARI Technology Co. Ltd. - A Shares	54,646	0.0
12,472		NetEase, Inc. ADR	2,935,535	0.4
6,200		New China Life Insurance Co. Ltd. - A Shares	38,234	0.0
129,800		New China Life Insurance Co. Ltd. - H Shares	515,039	0.1
22,802	⁽¹⁾	New Oriental Education & Technology Group, Inc. ADR	1,249,778	0.2
134,000		Nexteer Automotive Group Ltd.	190,993	0.0
256,000		Nine Dragons Paper Holdings Ltd.	236,483	0.0
4,472	⁽¹⁾	Noah Holdings Ltd. ADR	193,727	0.0
1,154,000		Peoples Insurance Co. Group of China Ltd. - H Shares	463,238	0.1
67,300		PetroChina Co. Ltd. - A Shares	70,594	0.0
3,376,000		PetroChina Co., Ltd. - H Shares	2,094,796	0.3
1,105,244		PICC Property & Casualty Co., Ltd. - H Shares	1,127,753	0.2
46,700		Ping An Bank Co. Ltd. - A Shares	63,904	0.0
25,100		Ping An Insurance Group Co. of China Ltd. - A Shares	205,342	0.0
833,000		Ping An Insurance Group Co. of China Ltd. - H Shares	7,348,739	1.0
30,900		Poly Developments and Holdings Group Co. Ltd. - A Shares	53,235	0.0
421,000	⁽³⁾	Postal Savings Bank of China Co. Ltd. - H Shares	221,730	0.0
22,300		Qingdao Haier Co. Ltd. - A Shares	45,120	0.0
27,100		SAIC Motor Corp. Ltd. - A Shares	105,436	0.0
23,000		Sanan Optoelectronics Co. Ltd. - A Shares	37,986	0.0
33,500		Sany Heavy Industry Co. Ltd. - A Shares	40,768	0.0
473,900	^(1),(2)	Semiconductor Manufacturing International Corp.	413,173	0.1
316,000		Shandong Weigao Group Medical Polymer Co., Ltd. - H Shares	255,272	0.0
450,000		Shanghai Electric Group Co., Ltd. - H Shares	143,938	0.0
11,600		Shanghai Fosun Pharmaceutical Group Co. Ltd. - A Shares	39,449	0.0
80,500		Shanghai Fosun Pharmaceutical Group Co. Ltd. - H Shares	235,330	0.0
78,000		Shanghai Industrial Holdings Ltd.	157,691	0.0
166,561	⁽¹⁾	Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. - A Shares	212,575	0.0
139,600		Shanghai Pharmaceuticals Holding Co. Ltd. - H Shares	283,461	0.1
108,400		Shanghai Pudong Development Bank Co. Ltd. - A Shares	154,934	0.0
81,200		Shenwan Hongyuan Group Co. Ltd. - A Shares	48,260	0.0
144,000		Shenzhen International Holdings Ltd.	277,423	0.0
444,000		Shenzhen Investment Ltd.	146,764	0.0
120,000		Shenzhou International Group Holdings Ltd.	1,363,902	0.2
188,500		Shimao Property Holdings Ltd.	502,053	0.1
580,000		Shui On Land Ltd. - H Shares	129,150	0.0
594,000		Sihuan Pharmaceutical Holdings Group Ltd.	103,738	0.0
10,381	⁽¹⁾	Sina Corp.	556,837	0.1
1,097,500		Sino Biopharmaceutical Ltd.	722,472	0.1
470,000		Sino-Ocean Group Holding Ltd.	207,272	0.0
206,500		Sinopec Engineering Group Co. Ltd. - H Shares	169,499	0.0
544,000		Sinopec Shanghai Petrochemical Co. Ltd. - H Shares	238,130	0.0

188,800		Sinopharm Group Co. - H Shares	794,896	0.1
322,000		Sinotrans Ltd. - H Shares	139,698	0.0
108,000		Sinotruk Hong Kong Ltd.	162,822	0.0
343,000	⁽¹⁾	Soho China Ltd.	122,499	0.0
236,000		SSY Group Ltd.	175,111	0.0
377,500		Sun Art Retail Group Ltd.	383,893	0.1
388,000		Sunac China Holdings Ltd.	1,259,201	0.2
34,000		Suning.com Co. Ltd. - A Shares	48,895	0.0
114,500		Sunny Optical Technology Group Co. Ltd.	1,018,367	0.1
57,268	⁽¹⁾	TAL Education Group ADR	1,527,910	0.2
908,500		Tencent Holdings Ltd.	36,412,999	4.7
310,000		Tingyi Cayman Islands Holding Corp.	415,185	0.1
93,000		Tong Ren Tang Technologies Co. Ltd. - H Shares	122,008	0.0
160,000		Towngas China Co. Ltd.	118,552	0.0
152,000		Travelsky Technology Ltd. - H Shares	389,570	0.1
58,000		Tsingtao Brewery Co., Ltd. - H Shares	234,088	0.0
204,000		Uni-President China Holdings Ltd.	176,655	0.0
69,688	⁽¹⁾	Vipshop Holdings Ltd. ADR	380,496	0.0
788,000		Want Want China Holdings Ltd.	551,339	0.1
8,558	⁽¹⁾	Weibo Corp. ADR	500,044	0.1
318,000		Weichai Power Co. Ltd. - H Shares	364,065	0.1
9,700		Wuliangye Yibin Co. Ltd. - A Shares	72,132	0.0
78,000	^(1),(3)	Wuxi Biologics Cayman, Inc. - H Shares	498,308	0.1
122,700		ENN Energy Holdings Ltd.	1,090,529	0.2
90,800		Xinjiang Goldwind Science & Technology Co. Ltd. - H Shares	80,303	0.0
468,000		Xinyi Solar Holdings Ltd.	165,021	0.0
292,000		Yanzhou Coal Mining Co., Ltd. - H Shares	235,831	0.0
70,000		Yihai International Holding Ltd.	170,389	0.0
41,400		Yonghui Superstores Co. Ltd. - A Shares	47,472	0.0
1,014,000		Yuexiu Property Co. Ltd. - H Shares	186,348	0.0
58,678		Yum China Holdings, Inc.	1,967,473	0.3
4,000		Yunnan Baiyao Group Co. Ltd. - A Shares	43,122	0.0
246,000		Yuzhou Properties Co. Ltd. - H Shares	101,526	0.0
7,611	⁽¹⁾	YY, Inc. ADR	455,594	0.1
3,400		Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. - A Shares	43,052	0.0
181,000		Zhaojin Mining Industry Co. Ltd. - H Shares	183,656	0.0
230,000		Zhejiang Expressway Co., Ltd. - H Shares	199,535	0.0
30,500	^(1),(3)	ZhongAn Online P&C Insurance Co. Ltd. - H Shares	97,391	0.0
85,500		Zhongsheng Group Holdings Ltd.	169,558	0.0
88,000		Zhuzhou CSR Times Electric Co., Ltd. - H Shares	488,604	0.1
81,600		Zijin Mining Group Co. Ltd. - A Shares	39,711	0.0
914,000		Zijin Mining Group Co., Ltd. - H Shares	346,376	0.1
19,500	⁽¹⁾	ZTE Corp. - A Shares	55,501	0.0
109,640	⁽¹⁾	ZTE Corp. - H Shares	206,878	0.0
			232,216,254	30.1

		Colombia: 0.4%
28,393		Bancolombia SA	265,788	0.0
20,260		BanColombia SA ADR	771,906	0.1
72,475		Cementos Argos SA	155,327	0.0
781,365		Ecopetrol SA	636,400	0.1
44,813		Grupo Argos SA/Colombia	233,207	0.0
34,629		Grupo de Inversiones Suramericana SA	342,505	0.1
66,655		Interconexion Electrica SA ESP	286,940	0.1
			2,692,073	0.4

		Czech Republic: 0.2%
25,580		CEZ AS	609,780	0.1
12,129		Komercni Banka AS	457,974	0.1
73,777	⁽³⁾	Moneta Money Bank AS	238,033	0.0
			1,305,787	0.2

		Egypt: 0.1%
165,514		Commercial International Bank Egypt SAE	684,605	0.1
141,586		Eastern Tobacco	128,542	0.0
124,669		ElSewedy Electric Co.	125,087	0.0
			938,234	0.1

		Greece: 0.2%
213,304	⁽¹⁾	Alpha Bank AE	268,305	0.0
4,349	^(1),(4)	FF Group	–	–
37,803		Hellenic Telecommunications Organization SA	412,466	0.1
17,188		Jumbo SA	250,497	0.0
9,827		Motor Oil Hellas Corinth Refineries SA	236,650	0.0
34,478		OPAP S.A.	299,865	0.1
6,861		Titan Cement Co. SA	152,346	0.0
			1,620,129	0.2

		Hungary: 0.3%
58,007		MOL Hungarian Oil & Gas PLC	636,590	0.1
35,921		OTP Bank Nyrt	1,451,679	0.2
22,236		Richter Gedeon Nyrt	430,705	0.0
			2,518,974	0.3

		India: 9.3%
95,203		Ambuja Cements Ltd.	306,650	0.0
187,569		Ashok Leyland Ltd.	275,118	0.0
46,113		Asian Paints Ltd.	906,031	0.1
41,153		Aurobindo Pharma Ltd.	431,532	0.1
19,902	^(1),(3)	Avenue Supermarts Ltd.	457,686	0.1
289,927	⁽¹⁾	Axis Bank Ltd.	2,570,804	0.3
13,198		Bajaj Auto Ltd.	513,730	0.1
27,938		Bajaj Finance Ltd.	1,057,434	0.1
6,106		Bajaj Finserv Ltd.	566,030	0.1
32,774		Bharat Forge Ltd.	238,634	0.0
120,033		Bharat Petroleum Corp. Ltd.	624,321	0.1
224,266		Bharti Airtel Ltd.	1,002,345	0.1
52,308		Bharti Infratel Ltd.	194,015	0.0
1,179		Bosch Ltd.	330,980	0.0
8,753		Britannia Industries Ltd.	390,256	0.0
31,747		Cadila Healthcare Ltd.	158,304	0.0
54,464		Cipla Ltd.	405,010	0.1
108,442		Coal India Ltd.	373,852	0.0
25,418		Container Corp. Of India Ltd.	250,287	0.0
84,422		Dabur India Ltd.	520,549	0.1
10,384		Divis Laboratories Ltd.	220,264	0.0
15,718		Dr Reddys Laboratories Ltd.	588,819	0.1
1,872		Dr. Reddys Laboratories Ltd. ADR	70,575	0.0
2,118		Eicher Motors Ltd.	702,037	0.1
127,687		GAIL India Ltd.	658,841	0.1
23,652		Glenmark Pharmaceuticals Ltd.	234,721	0.0
57,057		Godrej Consumer Products Ltd.	662,357	0.1
51,228		Grasim Industries Ltd.	605,330	0.1
40,210		Havells India Ltd.	397,877	0.1
89,196		HCL Technologies Ltd.	1,232,543	0.2
7,831		Hero Motocorp Ltd.	347,974	0.0
185,762		Hindalco Industries Ltd.	601,204	0.1
96,386		Hindustan Petroleum Corp. Ltd.	350,231	0.0
104,357		Hindustan Unilever Ltd.	2,719,177	0.4
256,238		Housing Development Finance Corp.	7,219,324	0.9
384,374		ICICI Bank Ltd.	1,983,416	0.3
293,067	⁽¹⁾	Vodafone Idea Ltd.	158,315	0.0
43,758		Indiabulls Housing Finance Ltd.	534,506	0.1
230,255		Indian Oil Corp. Ltd.	452,365	0.1
100,437		Infosys Ltd. ADR	956,160	0.1
453,282		Infosys Ltd.	4,282,757	0.6
14,876	⁽³⁾	InterGlobe Aviation Ltd.	248,026	0.0
551,751		ITC Ltd.	2,224,699	0.3
134,077		JSW Steel Ltd.	588,551	0.1
63,054		Larsen & Toubro Ltd.	1,297,545	0.2
12,668		Larsen & Toubro Ltd. GDS GDR	258,987	0.0
46,155		LIC Housing Finance Ltd.	322,833	0.0
34,228		Lupin Ltd.	413,554	0.1
49,088		Mahindra & Mahindra Financial Services Ltd.	332,716	0.0
104,614		Mahindra & Mahindra Ltd.	1,203,700	0.2
12,786		Mahindra & Mahindra Ltd. - SPON GDR	145,034	0.0
71,730		Marico Ltd.	383,471	0.0
17,081		Maruti Suzuki India Ltd.	1,825,152	0.2
150,391		Motherson Sumi Systems Ltd.	359,451	0.0
82,670		Adani Ports & Special Economic Zone, Ltd.	458,781	0.1
3,628		Nestle India Ltd.	575,648	0.1
318,908		NTPC Ltd.	680,490	0.1
220,720		Oil & Natural Gas Corp., Ltd.	473,812	0.1
887		Page Industries Ltd.	320,449	0.0
96,106		Petronet LNG Ltd.	308,408	0.0
18,895		Pidilite Industries Ltd.	299,690	0.0
12,780		Piramal Enterprises, Ltd.	435,677	0.1
255,913		Power Grid Corp. of India Ltd.	727,882	0.1
47,754		Reliance Industries Ltd. GDR	1,519,733	0.2
360,246		Reliance Industries Ltd.	5,781,608	0.7
103,155		REC Ltd.	180,356	0.0
23,797		Shriram Transport Finance Co. Ltd.	422,430	0.1
1,334		Shree Cement Ltd.	329,106	0.0
284,213	⁽¹⁾	State Bank of India	1,203,655	0.2
133,882		Sun Pharmaceutical Industries Ltd.	825,019	0.1
143,617		Tata Consultancy Services Ltd.	3,894,154	0.5
249,772	⁽¹⁾	Tata Motors Ltd.	614,749	0.1
176,289		Tata Power Co. Ltd.	193,835	0.0
53,971		Tata Steel Ltd.	402,430	0.1
75,464		Tech Mahindra Ltd.	781,563	0.1
49,700		Titan Co., Ltd.	662,576	0.1
15,684		Ultratech Cement Ltd.	895,821	0.1
45,627	⁽¹⁾	United Spirits Ltd.	415,146	0.1
56,116		UPL Ltd.	609,084	0.1
207,822		Vedanta Ltd.	601,249	0.1
182,056		Wipro Ltd.	861,551	0.1
273,154		Yes Bank Ltd.	710,827	0.1
77,109		Zee Entertainment Enterprises Ltd.	525,979	0.1
			71,867,788	9.3

		Indonesia: 2.3%
2,246,700		Adaro Energy Tbk PT	190,070	0.0
3,239,000		Astra International Tbk PT	1,855,597	0.2
1,593,600		Bank Central Asia Tbk PT	2,881,945	0.4
458,800		Bank Danamon Indonesia Tbk PT	242,574	0.0
3,003,100		Bank Mandiri Persero TBK PT	1,540,502	0.2
8,932,800		Bank Rakyat Indonesia	2,275,706	0.3
608,200		Bank Tabungan Negara Persero Tbk PT	107,603	0.0
1,168,600		Bank Negara Indonesia Persero Tbk PT	716,801	0.1
1,250,400	⁽¹⁾	Bumi Serpong Damai PT	109,419	0.0
1,192,700		Charoen Pokphand Indonesia Tbk PT	599,954	0.1
75,800		Gudang Garam Tbk PT	441,663	0.1
1,457,700		Hanjaya Mandala Sampoerna Tbk PT	376,983	0.1
431,600		Indah Kiat Pulp and Paper Corp. Tbk PT	346,564	0.0

288,700		Indocement Tunggal Prakarsa Tbk PT	370,769	0.1
366,400		Indofood CBP Sukses Makmur TBK PT	266,596	0.0
705,100		Indofood Sukses Makmur Tbk PT	365,185	0.1
319,731		Jasa Marga Persero Tbk PT	95,239	0.0
3,362,200		Kalbe Farma Tbk PT	355,237	0.0
206,300		Pabrik Kertas Tjiwi Kimia Tbk PT	159,363	0.0
2,885,500		Pakuwon Jati Tbk PT	124,423	0.0
1,740,500		Perusahaan Gas Negara PT	257,161	0.0
475,500		Semen Indonesia Persero Tbk PT	380,198	0.1
894,200		Surya Citra Media Tbk PT	116,469	0.0
312,400		Tambang Batubara Bukit Asam Persero Tbk PT	93,588	0.0
8,144,900		Telekomunikasi Indonesia Persero Tbk PT	2,129,350	0.3
279,500		Tower Bersama Infrastructure Tbk PT	69,854	0.0
238,500		Unilever Indonesia Tbk PT	754,524	0.1
261,900		United Tractors Tbk PT	498,593	0.1
			17,721,930	2.3

		Malaysia: 2.4%
233,700		AirAsia Group Bhd	167,527	0.0
179,700		Alliance Bank Malaysia Bhd	174,874	0.0
264,400		AMMB Holdings Bhd	277,179	0.0
428,800		Axiata Group Bhd	407,392	0.1
23,200		British American Tobacco Malaysia Bhd	202,324	0.0
730,800		CIMB Group Holdings Bhd	1,009,088	0.1
564,742		Dialog Group BHD	425,128	0.1
494,900		Digi.Com BHD	537,773	0.1
18,200		Fraser & Neave Holdings Bhd	147,323	0.0
294,200		Gamuda BHD	166,122	0.0
336,600		Genting Bhd	496,580	0.1
448,200		Genting Malaysia BHD	327,265	0.1
45,900		Genting Plantations Bhd	109,516	0.0
97,100		HAP Seng Consolidated Bhd	231,408	0.0
214,400		Hartalega Holdings Bhd	318,167	0.0
100,072		Hong Leong Bank BHD	493,664	0.1
35,092		Hong Leong Financial Group Bhd	157,448	0.0
406,200		IHH Healthcare Bhd	528,843	0.1
473,000		IJM Corp. Bhd	185,472	0.0
330,900		IOI Corp. Bhd	355,548	0.1
251,640		IOI Properties Group Bhd	93,711	0.0
72,700		Kuala Lumpur Kepong Bhd	434,880	0.1
612,000		Malayan Banking BHD	1,405,860	0.2
134,900		Malaysia Airports Holdings Bhd	273,262	0.0
371,800		Maxis Bhd	480,634	0.1
181,400		MISC Bhd	293,904	0.0
9,000		Nestle Malaysia Bhd	320,525	0.1
372,700		Petronas Chemicals Group Bhd	837,261	0.1
37,300		Petronas Dagangan BHD	238,738	0.0
106,100		Petronas Gas BHD	492,940	0.1
92,180		PPB Group Bhd	390,973	0.1
219,900		Press Metal Aluminium Holdings Bhd	256,580	0.0
477,300		Public Bank BHD	2,857,477	0.4
25,000		QL Resources Bhd	41,188	0.0
77,500	^(1),(4)	RHB Bank Bhd	–	–
130,576		RHB Capital Bhd	166,968	0.0
387,300		Sime Darby Bhd	224,912	0.0
375,300		Sime Darby Plantation Bhd	431,362	0.1
474,200		Sime Darby Property Bhd	114,160	0.0
229,300		SP Setia Bhd Group	129,204	0.0
168,300		Telekom Malaysia BHD	108,526	0.0
489,500		Tenaga Nasional BHD	1,612,688	0.2
229,300		Top Glove Corp. Bhd	310,860	0.0
159,800		Westports Holdings Bhd	139,791	0.0
466,834		YTL Corp. Bhd	113,938	0.0
			18,488,983	2.4

		Mexico: 2.8%
483,500		Alfa SA de CV	575,474	0.1
78,900		Alsea SAB de CV	205,724	0.0
5,403,200		America Movil SAB de CV	3,846,516	0.5
67,400		Arca Continental SAB de CV	376,926	0.0
282,755		Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand	350,499	0.0
2,328,321	⁽¹⁾	Cemex SA de CV	1,125,551	0.1
81,100		Coca-Cola Femsa SAB de CV	492,417	0.1
30,200		El Puerto de Liverpool SAB de CV	193,908	0.0
523,300		Fibra Uno Administracion SA de CV	581,836	0.1
314,400		Fomento Economico Mexicano SAB de CV	2,703,439	0.4
34,290		Gruma SAB de CV	387,137	0.0
56,900		Grupo Aeroportuario del Pacifico SA de CV	463,672	0.1
32,850		Grupo Aeroportuario del Sureste SA de CV	495,498	0.1
256,700		Grupo Bimbo SAB de CV	512,048	0.1
68,800		Grupo Carso SAB de CV	246,433	0.0
418,077		Grupo Financiero Banorte	2,040,843	0.3
362,200		Grupo Financiero Inbursa SA	522,885	0.1
565,400		Grupo Mexico SA de CV Series B	1,167,238	0.2
389,700	⁽²⁾	Grupo Televisa S.A.	979,815	0.1
21,510		Industrias Penoles, S.A. de C.V.	262,694	0.0
85,200		Infraestructura Energetica Nova SAB de CV	316,578	0.0

239,500		Kimberly-Clark de Mexico SA de CV	381,460	0.0
23,300		Megacable Holdings SAB de CV	104,325	0.0
170,050		Mexichem SA de CV	431,880	0.1
37,425		Promotora y Operadora de Infraestructura SAB de CV	357,724	0.0
13,730		Southern Copper Corp.	422,472	0.1
843,300		Wal-Mart de Mexico SAB de CV	2,144,752	0.3
			21,689,744	2.8

		Pakistan: 0.0%
73,000		Habib Bank Ltd.	63,349	0.0
58,100		MCB Bank Ltd.	81,026	0.0
97,900		Oil & Gas Development Co. Ltd.	90,146	0.0
			234,521	0.0

		Peru: 0.4%
28,790		Cia de Minas Buenaventura SAA ADR	466,974	0.1
10,902		Credicorp Ltd.	2,416,646	0.3
			2,883,620	0.4

		Philippines: 1.1%
327,330		Aboitiz Equity Ventures, Inc.	341,154	0.1
253,300		Aboitiz Power Corp.	168,888	0.0
615,400		Alliance Global Group, Inc.	139,036	0.0
39,015		Ayala Corp.	667,022	0.1
1,153,300		Ayala Land, Inc.	891,414	0.1
149,910		Bank of the Philippine Islands	267,732	0.0
308,999		BDO Unibank, Inc.	768,463	0.1
661,250		DMCI Holdings, Inc.	160,665	0.0
5,345		Globe Telecom, Inc.	192,682	0.0
14,533		GT Capital Holdings, Inc.	269,371	0.0
82,950		International Container Terminal Services, Inc.	157,745	0.0
450,590		JG Summit Holdings, Inc.	476,238	0.1
67,940		Jollibee Foods Corp.	377,000	0.1
33,690		Manila Electric Co.	243,468	0.0
1,895,000		Megaworld Corp.	170,572	0.0
2,333,100		Metro Pacific Investments Corp.	205,334	0.0
159,036		Metropolitan Bank & Trust Co.	245,535	0.0
13,800		PLDT, Inc.	296,326	0.1
337,195		Robinsons Land Corp.	129,732	0.0
38,980		Security Bank Corp.	114,943	0.0
38,087		SM Investments Corp.	664,455	0.1
1,631,600		SM Prime Holdings, Inc.	1,109,616	0.2
136,570		Universal Robina Corp.	329,076	0.1
			8,386,467	1.1

		Poland: 1.2%
14,455	⁽¹⁾	Alior Bank SA	205,807	0.0
3,507		Bank Handlowy w Warszawie	64,751	0.0
94,776	⁽¹⁾	Bank Millennium SA	224,694	0.0
27,003	⁽¹⁾	Bank Polska Kasa Opieki SA	787,252	0.1
5,470	⁽¹⁾	Santander Bank Polska SA	525,756	0.1
4,536	⁽¹⁾	CCC SA	235,334	0.0
10,802	⁽¹⁾	CD Projekt SA	420,240	0.1
37,672	⁽¹⁾	Cyfrowy Polsat SA	227,923	0.0
7,567	^(1),(3)	Dino Polska SA	194,321	0.0
14,797	⁽¹⁾	Grupa Lotos SA	350,585	0.0
8,455	⁽¹⁾	Jastrzebska Spolka Weglowa SA	152,865	0.0
22,272	⁽¹⁾	KGHM Polska Miedz SA	528,386	0.1
205	⁽¹⁾	LPP SA	431,008	0.1
2,359	⁽¹⁾	mBank SA	267,906	0.0
132,668	⁽¹⁾	PGE Polska Grupa Energetyczna SA	355,734	0.0
47,806	⁽¹⁾	Polski Koncern Naftowy Orlen	1,385,119	0.2
273,498	⁽¹⁾	Polskie Gornictwo Naftowe I Gazownictwo SA	505,690	0.1
140,235	⁽¹⁾	Powszechna Kasa Oszczednosci Bank Polski SA	1,481,381	0.2
96,612	⁽¹⁾	Powszechny Zaklad Ubezpieczen SA	1,138,244	0.2
109,245	⁽¹⁾	Orange Polska SA	140,204	0.0
			9,623,200	1.2

		Qatar: 1.1%
20,242		Barwa Real Estate Co.	221,654	0.0
31,543		Commercial Bank QSC/The	340,413	0.1
128,230	⁽¹⁾	Ezdan Holding Group QSC	456,226	0.1
29,104		Industries Qatar QSC	1,064,934	0.1
58,892		Masraf Al Rayan	673,316	0.1
12,769		Ooredoo QPSC	263,110	0.0
7,591		Qatar Electricity & Water Co. QSC	386,183	0.1
24,691		Qatar Insurance Co. SAQ	243,224	0.0
18,456		Qatar Islamic Bank SAQ	768,616	0.1
73,406		Qatar National Bank QPSC	3,912,261	0.5
			8,329,937	1.1

		Romania: 0.1%
58,865		NEPI Rockcastle PLC	462,328	0.1

		Russia: 3.5%
411,100		Alrosa AO	579,085	0.1
1,583,063		Gazprom PJSC	3,465,156	0.5
5,250,000		Inter RAO UES PJSC	291,413	0.0
78,207		Lukoil PJSC	5,589,314	0.7
56,618		Magnit PJSC GDR	720,564	0.1
361,500		Magnitogorsk Iron & Steel Works PJSC	223,369	0.0
10,162		MMC Norilsk Nickel OJSC	1,904,742	0.2
78,658		Mobile TeleSystems PJSC ADR	550,606	0.1
231,225	⁽¹⁾	Moscow Exchange MICEX-RTS PJ	268,972	0.0
14,545		Novatek PJSC GDR	2,485,229	0.3
194,500		Novolipetsk Steel PJSC	438,284	0.1
18,984		PhosAgro OJSC GDR	242,308	0.0
23,535		Polymetal International PLC	247,219	0.0

4,451		Polyus PJSC	343,555	0.0
185,836		Rosneft Oil Co. PJSC	1,145,076	0.2
1,615,252		Sberbank of Russia PJSC	4,358,076	0.6
26,854		Sberbank PAO ADR	294,320	0.0
33,551		Severstal PJSC	453,634	0.1
1,119,151		Surgutneftegas PJSC	431,226	0.1
245,285		Tatneft PJSC	2,583,545	0.3
532,577,930		VTB Bank PJSC	258,695	0.0
1,245		X5 Retail Group N.V. GDR	30,889	0.0
18,162		X5 Retail Group NV GDR	448,240	0.1
			27,353,517	3.5

		Singapore: 0.0%
31,500	⁽³⁾	BOC Aviation Ltd.	232,431	0.0

		South Africa: 6.1%
114,474		Absa Group Ltd.	1,284,820	0.2
8,757		Anglo American Platinum Ltd.	326,485	0.0
65,409		AngloGold Ashanti Ltd.	830,938	0.1
61,181		Aspen Pharmacare Holdings Ltd.	572,515	0.1
53,465		Bid Corp. Ltd.	983,538	0.1
53,178		Bidvest Group Ltd.	763,883	0.1
6,372		Capitec Bank Holdings Ltd.	493,790	0.1
40,833		Clicks Group Ltd.	542,851	0.1
55,856		Discovery Ltd.	620,210	0.1
39,554		Exxaro Resources Ltd.	381,567	0.0
541,309		FirstRand Ltd.	2,465,593	0.3
164,083		Fortress REIT Ltd. - A	207,895	0.0
111,145		Fortress REIT Ltd. - B	111,909	0.0
35,115	⁽²⁾	Foschini Group Ltd./The	405,512	0.1
129,982		Gold Fields Ltd.	450,192	0.1
469,460		Growthpoint Properties Ltd.	763,090	0.1
39,011		Hyprop Investments Ltd.	220,983	0.0
44,387		Investec Ltd.	242,491	0.0
10,126		Kumba Iron Ore Ltd.	199,141	0.0
17,191		Liberty Holdings Ltd.	131,434	0.0
214,403	⁽²⁾	Life Healthcare Group Holdings Ltd.	394,231	0.0
139,329	⁽¹⁾	MMI Holdings Ltd.	165,444	0.0
18,778		Mondi Ltd.	404,489	0.1
40,518		Mr Price Group Ltd.	692,240	0.1
273,252		MTN Group Ltd.	1,689,043	0.2
69,741		Naspers Ltd.	13,963,295	1.8
64,959		Nedbank Group Ltd.	1,238,930	0.2
182,400	⁽²⁾	Netcare Ltd.	333,792	0.0
791,014		Old Mutual Ltd.	1,229,036	0.2
57,023		Pick n Pay Stores Ltd.	268,598	0.0
24,074		PSG Group Ltd.	408,204	0.1
97,162		Rand Merchant Investment Holdings Ltd.	245,514	0.0
823,841		Redefine Properties Ltd.	554,514	0.1
22,836		Reinet Investments SCA	346,726	0.1
84,424		Remgro Ltd.	1,142,485	0.1
44,416		Resilient REIT Ltd.	176,921	0.0
110,816		RMB Holdings Ltd.	607,084	0.1
288,282		Sanlam Ltd.	1,596,850	0.2
83,297		Sappi Ltd.	472,520	0.1
90,108		Sasol Ltd.	2,677,695	0.3
70,307		Shoprite Holdings Ltd.	928,729	0.1
30,068		Spar Group Ltd.	433,180	0.1
208,641		Standard Bank Group Ltd.	2,592,262	0.3
42,795		Telkom SA Ltd.	188,449	0.0
25,180	⁽²⁾	Tiger Brands Ltd.	478,872	0.1
69,283		Truworths International Ltd.	423,682	0.1
93,876		Vodacom Group Pty Ltd.	863,412	0.1
156,478		Woolworths Holdings Ltd./South Africa	599,285	0.1
			47,114,319	6.1

		South Korea: 13.0%
5,099		Amorepacific Corp.	959,406	0.1
4,521		AMOREPACIFIC Group	295,010	0.0
1,273		BGF retail Co. Ltd.	232,361	0.0
39,749		BNK Financial Group, Inc.	261,040	0.0
7,811	⁽¹⁾	Celltrion Healthcare Co. Ltd.	530,116	0.1
2,317	⁽¹⁾	Celltrion Pharm, Inc.	132,407	0.0
13,306	⁽¹⁾	Celltrion, Inc.	2,673,059	0.4
10,567		Cheil Worldwide, Inc.	212,974	0.0
1,267		CJ CheilJedang Corp.	375,563	0.1
2,336		CJ Corp.	254,783	0.0
1,732		CJ ENM Co. Ltd.	313,510	0.0
1,326	⁽¹⁾	CJ Logistics Corp.	198,342	0.0
8,212		Coway Co., Ltd.	545,357	0.1
4,391		Daelim Industrial Co., Ltd.	403,384	0.1
26,215	⁽¹⁾	Daewoo Engineering & Construction Co., Ltd.	126,572	0.0
5,133	⁽¹⁾	Daewoo Shipbuilding & Marine Engineering Co., Ltd.	157,680	0.0
25,346		DGB Financial Group, Inc.	188,809	0.0
7,861		DB Insurance Co. Ltd	495,081	0.1
5,678		Doosan Bobcat, Inc.	160,757	0.0
3,284		E-Mart, Inc.	536,311	0.1
7,577		Fila Korea Ltd.	365,984	0.1
3,006		Hyundai Glovis Co., Ltd.	347,335	0.0
8,284		GS Engineering & Construction Corp.	324,899	0.0
8,126		GS Holdings Corp.	375,500	0.1
4,279		GS Retail Co. Ltd.	155,071	0.0
48,528		Hana Financial Group, Inc.	1,578,268	0.2
11,485		Hankook Tire Co. Ltd.	412,792	0.1
1,015		Hanmi Pharm Co. Ltd.	423,850	0.1
2,156		Hanmi Science Co. Ltd.	152,845	0.0
29,276		Hanon Systems Corp.	283,699	0.0
16,800	⁽¹⁾	Hanwha Chemical Corp.	304,728	0.0
6,551		Hanwha Corp.	184,015	0.0
43,068		Hanwha Life Insurance Co. Ltd.	163,050	0.0
4,013	⁽¹⁾	HDC Hyundai Development Co-Engineering & Construction	173,807	0.0
5,017	⁽¹⁾	HLB, Inc.	360,824	0.1
2,760		Lotte Chemical Corp.	686,224	0.1
4,972		Hotel Shilla Co. Ltd.	341,040	0.0
2,152		Hyundai Department Store Co. Ltd.	174,271	0.0
12,355		Hyundai Engineering & Construction Co. Ltd.	605,094	0.1

6,041	⁽¹⁾	Hyundai Heavy Industries Co. Ltd	696,772	0.1
10,920		Hyundai Mobis Co. Ltd.	1,863,109	0.2
22,709		Hyundai Motor Co.	2,410,796	0.3
12,585		Hyundai Steel Co.	511,757	0.1
1,529	⁽¹⁾	Hyundai Heavy Industries Holdings Co., Ltd.	473,703	0.1
10,043		Hyundai Marine & Fire Insurance Co., Ltd.	368,814	0.1
39,037	⁽¹⁾	Industrial Bank Of Korea	491,634	0.1
4,679	⁽³⁾	Orange Life Insurance Ltd.	117,382	0.0
8,084	⁽¹⁾	Kakao Corp.	746,679	0.1
18,339		Kangwon Land, Inc.	525,013	0.1
64,390	⁽¹⁾	KB Financial Group, Inc.	2,686,146	0.4
889		KCC Corp.	245,668	0.0
42,164		Kia Motors Corp.	1,270,902	0.2
11,532	⁽¹⁾	Korea Aerospace Industries Ltd.	330,326	0.0
40,854	⁽¹⁾	Korea Electric Power Corp.	1,210,162	0.2
4,204	⁽¹⁾	Korea Gas Corp.	181,712	0.0
6,437		Korea Investment Holdings Co., Ltd.	344,266	0.0
1,374		Korea Zinc Co., Ltd.	532,022	0.1
7,815		Korean Air Lines Co. Ltd.	231,639	0.0
2,782	⁽¹⁾	KT Corp.	74,182	0.0
18,751	⁽¹⁾	KT&G Corp.	1,707,215	0.2
2,991		Kumho Petrochemical Co. Ltd.	234,187	0.0
7,366		LG Chem Ltd.	2,296,122	0.3
14,773		LG Corp.	925,202	0.1
36,968	⁽¹⁾	LG Display Co., Ltd.	599,907	0.1
16,977	⁽¹⁾	LG Electronics, Inc.	951,955	0.1
1,493		LG Household & Health Care Ltd.	1,475,556	0.2
2,237		LG Innotek Co. Ltd.	173,685	0.0
18,417		LG Uplus Corp.	291,066	0.0
4,588	⁽¹⁾	Lotte Corp.	216,763	0.0
1,795		Lotte Shopping Co. Ltd.	338,907	0.0
710		Medy-Tox, Inc.	369,191	0.1
61,628		Mirae Asset Daewoo Co., Ltd.	361,804	0.1
22,519		NAVER Corp.	2,467,990	0.3
2,823		NCSoft Corp.	1,183,318	0.2
4,124	⁽³⁾	Netmarble Corp.	412,124	0.1
22,456		NH Investment & Securities Co., Ltd.	263,205	0.0
2,843		OCI Co. Ltd.	273,108	0.0
3,467		Orion Corp./Republic of Korea	371,826	0.1
187		Ottogi Corp.	121,187	0.0
36,778	⁽¹⁾	Pan Ocean Co. Ltd.	146,843	0.0
891	⁽¹⁾	Pearl Abyss Corp.	166,773	0.0
12,743		POSCO	2,787,298	0.4
3,492		POSCO Chemtech Co. Ltd.	199,767	0.0
7,591		Posco Daewoo Corp.	123,931	0.0
2,694		S-1 Corp.	242,048	0.0
2,636	^(1),(3)	Samsung Biologics Co. Ltd.	916,893	0.1
12,088		Samsung C&T Corp.	1,144,191	0.2
4,618		Samsung Card Co.	142,669	0.0
8,962		Samsung Electro-Mechanics Co. Ltd.	835,453	0.1
765,434		Samsung Electronics Co., Ltd.	26,646,073	3.5
68,987	⁽¹⁾	Samsung Heavy Industries Co., Ltd.	459,188	0.1
10,994		Samsung Life Insurance Co. Ltd.	804,477	0.1
8,895	⁽¹⁾	Samsung SDI Co., Ltd.	1,748,383	0.2
5,579		Samsung SDS Co. Ltd.	1,021,009	0.1
10,155		Samsung Securities Co. Ltd.	287,180	0.0
25,342	⁽¹⁾	Samsung Engineering Co. Ltd.	400,213	0.1
4,922		Samsung Fire & Marine Insurance Co. Ltd.	1,183,540	0.2
69,100	⁽¹⁾	Shinhan Financial Group Co., Ltd.	2,450,018	0.3
1,188		Shinsegae, Inc.	272,770	0.0
9,437	⁽¹⁾	SillaJen, Inc.	624,654	0.1
5,001		SK Holdings Co. Ltd.	1,166,893	0.2
92,943	⁽¹⁾	SK Hynix, Inc.	5,066,929	0.7
10,426		SK Innovation Co. Ltd.	1,673,523	0.2
3,168		SK Telecom Co., Ltd.	764,374	0.1
7,051		S-Oil Corp.	615,030	0.1
2,187	⁽¹⁾	ViroMed Co. Ltd.	501,016	0.1
75,002	⁽¹⁾	Woori Bank	1,048,820	0.1
1,485		Yuhan Corp.	272,449	0.0
			100,525,225	13.0

		Taiwan: 11.3%
455,462		Acer, Inc.	287,589	0.0
53,694		Advantech Co. Ltd.	366,811	0.1
18,000		Airtac International Group	176,567	0.0
553,243		ASE Industrial Holding Co. Ltd.	1,048,316	0.1
358,356		Asia Cement Corp.	396,324	0.1
110,000		Asustek Computer, Inc.	720,922	0.1
1,340,000		AU Optronics Corp.	532,451	0.1
104,000		Catcher Technology Co., Ltd.	761,469	0.1
1,326,611		Cathay Financial Holding Co., Ltd.	2,030,817	0.3
184,710		Chailease Holding Co. Ltd.	582,606	0.1
810,770		Chang Hwa Commercial Bank Ltd.	454,039	0.1
305,650		Cheng Shin Rubber Industry Co. Ltd.	406,561	0.1
91,816		Chicony Electronics Co. Ltd.	186,970	0.0
405,000		China Airlines Ltd.	144,882	0.0
2,125,000		China Development Financial Holding Corp.	672,920	0.1
414,827		China Life Insurance Co., Ltd.	376,422	0.1
2,010,535		China Steel Corp.	1,587,653	0.2
2,828,170		CTBC Financial Holding Co. Ltd.	1,860,183	0.3
620,000		Chunghwa Telecom Co., Ltd.	2,263,722	0.3
660,000		Compal Electronics, Inc.	374,313	0.1
334,703		Delta Electronics, Inc.	1,408,705	0.2
1,557,273		E.Sun Financial Holding Co., Ltd.	1,018,717	0.1
28,386		Eclat Textile Co. Ltd.	321,008	0.1
341,821		Eva Airways Corp.	175,632	0.0
302,966		Evergreen Marine Corp. Taiwan Ltd	117,472	0.0

515,685		Far Eastern New Century Corp.	468,322	0.1
252,000		Far EasTone Telecommunications Co., Ltd.	625,959	0.1
52,312		Feng TAY Enterprise Co., Ltd.	298,808	0.0
1,570,942		First Financial Holding Co., Ltd.	1,023,444	0.1
569,600		Formosa Chemicals & Fibre Co.	1,948,626	0.3
195,000		Formosa Petrochemical Corp.	691,962	0.1
721,600		Formosa Plastics Corp.	2,371,894	0.3
117,000		Formosa Taffeta Co. Ltd.	131,616	0.0
142,849		Foxconn Technology Co., Ltd.	282,056	0.0
1,076,000		Fubon Financial Holding Co., Ltd.	1,650,903	0.2
51,000		Giant Manufacturing Co., Ltd.	239,372	0.0
34,000		Globalwafers Co. Ltd.	311,697	0.1
129,300		Highwealth Construction Corp.	189,170	0.0
36,249		Hiwin Technologies Corp.	261,520	0.0
2,119,170		HON HAI Precision Industry Co., Ltd.	4,877,136	0.6
43,000		Hotai Motor Co. Ltd.	356,353	0.1
1,206,824		Hua Nan Financial Holdings Co. Ltd.	687,286	0.1
1,398,439		Innolux Corp.	443,164	0.1
387,000		Inventec Co., Ltd.	276,908	0.0
16,000		Largan Precision Co. Ltd.	1,669,520	0.2
340,538		Lite-On Technology Corp.	449,695	0.1
240,820		MediaTek, Inc.	1,792,303	0.2
1,759,826		Mega Financial Holdings Co., Ltd.	1,485,683	0.2
104,000		Micro-Star International Co., Ltd.	258,781	0.0
836,890		Nan Ya Plastics Corp.	2,058,202	0.3
161,000		Nanya Technology Corp.	288,321	0.0
25,000		Nien Made Enterprise Co. Ltd.	191,507	0.0
92,000		Novatek Microelectronics Corp., Ltd.	424,736	0.1
307,000		Pegatron Corp.	513,960	0.1
20,000		Phison Electronics Corp.	148,912	0.0
332,000		Pou Chen Corp.	351,687	0.1
109,000		Powertech Technology, Inc.	234,331	0.0
91,000		President Chain Store Corp.	916,826	0.1
429,000		Quanta Computer, Inc.	734,243	0.1
73,760		Realtek Semiconductor Corp.	342,094	0.1
90,819		Ruentex Development Co. Ltd.	132,333	0.0
54,048		Ruentex Industries Ltd.	138,211	0.0
1,628,943		Shin Kong Financial Holding Co., Ltd.	476,370	0.1
1,682,454		SinoPac Financial Holdings Co., Ltd.	563,059	0.1
73,914		Standard Foods Corp.	119,442	0.0
223,800		Synnex Technology International Corp.	264,430	0.0
27,000	⁽¹⁾	TaiMed Biologics, Inc.	144,370	0.0
1,582,598		Taishin Financial Holdings Co., Ltd.	672,899	0.1
629,326		Taiwan Business Bank	211,888	0.0
731,900		Taiwan Cement Corp.	844,768	0.1
1,365,420		Taiwan Cooperative Financial Holding Co. Ltd.	784,407	0.1
286,000		Taiwan High Speed Rail Corp.	283,825	0.0
259,000		Taiwan Mobile Co., Ltd.	896,942	0.1
3,919,000		Taiwan Semiconductor Manufacturing Co., Ltd.	28,456,774	3.7
268,000	⁽¹⁾	Tatung Co., Ltd.	225,651	0.0
778,209		Uni-President Enterprises Corp.	1,765,490	0.2
1,900,000		United Microelectronics Corp.	687,033	0.1
134,000		Vanguard International Semiconductor Corp.	259,906	0.0
49,000		Walsin Technology Corp.	247,546	0.0
54,000		Win Semiconductors Corp.	208,029	0.0
441,000		Winbond Electronics Corp.	194,320	0.0
427,382		Wistron Corp.	264,352	0.0
240,280		WPG Holdings Ltd.	288,312	0.0
40,537		Yageo Corp.	419,875	0.1
1,585,586		Yuanta Financial Holding Co., Ltd.	797,122	0.1
71,000		Zhen Ding Technology Holding Ltd.	184,683	0.0
			86,802,105	11.3

		Thailand: 2.4%
1,900		Advanced Info Service PCL	10,076	0.0
162,300		Advanced Info Service PCL	860,674	0.1
23,900		Airports of Thailand PCL	47,206	0.0
672,300		Airports of Thailand PCL	1,327,891	0.2
38,400		Bangkok Bank PCL - Foreign Reg	244,417	0.0
11,300		Bangkok Dusit Medical Services PCL	8,600	0.0
599,800		Bangkok Dusit Medical Services PCL	456,505	0.1
32,000		Bangkok Expressway & Metro PCL	9,542	0.0
1,144,500		Bangkok Expressway & Metro PCL	341,280	0.1
49,700		Banpu PCL	22,617	0.0
294,500		Banpu PCL (Foreign)	134,017	0.0
1,800		Berli Jucker PCL	2,808	0.0
182,800	⁽²⁾	Berli Jucker PCL	285,152	0.0
16,100		BTS Group Holdings PCL	4,724	0.0
888,100		BTS Group Holdings PCL	260,606	0.0
500		Bumrungrad Hospital PCL	2,878	0.0

	56,000		Bumrungrad Hospital PCL	322,344	0.1
	1,600		Central Pattana PCL	3,676	0.0
	214,400		Central Pattana PCL	492,634	0.1
	6,400		Charoen Pokphand Foods PCL	4,837	0.0
	525,600		Charoen Pokphand Foods PCL	397,232	0.1
	6,900		CP ALL PCL	14,570	0.0
	806,300		CP ALL PCL (Foreign)	1,702,597	0.2
	81,700		Delta Electronics Thailand PCL	174,466	0.0
	600		Electricity Generating PCL	4,573	0.0
	20,200		Electricity Generating PCL	153,953	0.0
	2,200		Energy Absolute PCL	2,877	0.0
	200,600		Energy Absolute PCL	262,325	0.0
	1,500		Glow Energy PCL	4,101	0.0
	77,600		Glow Energy PCL	212,182	0.0
	26,600		Gulf Energy Development PCL	66,649	0.0
	2,200		Home Product Center PCL	1,027	0.0
	629,451		Home Product Center PCL	293,740	0.1
	6,900		Indorama Ventures PCL	11,515	0.0
	246,500		Indorama Ventures PCL	411,362	0.1
	5,900		IRPC PCL	1,042	0.0
	1,604,400		IRPC PCL	283,406	0.0
	26,900		Kasikornbank PCL	153,022	0.0
	264,900		Kasikornbank PCL - Foreign	1,502,777	0.2
	55,300		Krung Thai Bank PCL	32,628	0.0
	495,800		Krung Thai Bank PCL	292,529	0.0
	442,400		Land & House Pub Co. Ltd.	135,122	0.0
	12,100		Land and Houses PCL	3,684	0.0
	600		Minor International PCL	627	0.0
	357,200		Minor International PCL (Foreign)	373,275	0.1
	72,300		Muangthai Capital PCL	108,961	0.0
	218,300		PTT Exploration & Production PCL	757,583	0.1
	347,900		PTT Global Chemical PCL (Foreign)	762,282	0.1
	7,200		PTT Exploration & Production PCL	24,987	0.0
	2,500		PTT Global Chemical PCL	5,478	0.0
	11,600		PTT PCL	16,359	0.0
	1,701,800		PTT PCL (Foreign)	2,400,017	0.3
	14,000		Robinson PCL	27,282	0.0
	70,400	⁽²⁾	Robinson PCL	137,192	0.0
	7,500		Siam Cement PCL	100,473	0.0
	52,900		Siam Cement PCL	701,867	0.1
	282,800		Siam Commercial Bank PCL	1,160,837	0.2
	5,300		Siam Commercial Bank PCL	21,755	0.0
	1,100		Thai Oil PCL	2,236	0.0
	168,800		Thai Oil PCL	343,064	0.1
	5,000		Thai Union Group PCL	2,490	0.0
	303,200		Thai Union Group PCL	150,982	0.0
	391,500		TMB Bank PCL	26,475	0.0
	1,573,300		TMB Bank PCL	106,393	0.0
	2,800		True Corp. PCL	448	0.0
	1,573,690		True Corp. PCL	251,665	0.0
				18,442,591	2.4

			Turkey: 0.6%
	342,236		Akbank Turk AS	441,506	0.1
	30,101		Anadolu Efes Biracilik Ve Malt Sanayii AS	117,266	0.0
	34,212		Arcelik A/S	101,923	0.0
	54,821		Aselsan Elektronik Sanayi Ve Ticaret AS	248,799	0.0
	33,226		BIM Birlesik Magazalar AS	546,153	0.1
	218,295		Eregli Demir ve Celik Fabrikalari TAS	296,787	0.0
	11,414		Ford Otomotiv Sanayi AS	107,677	0.0
	146,437		Haci Omer Sabanci Holding AS	207,781	0.0
	116,627		KOC Holding AS	312,149	0.1
	122,691		Petkim Petrokimya Holding	116,592	0.0
	27,152		TAV Havalimanlari Holding AS	122,620	0.0
	19,347		Tupras Turkiye Petrol Rafine	426,201	0.1
	88,812	⁽¹⁾	Turk Hava Yollari	269,538	0.0
	172,459		Turkcell Iletisim Hizmet AS	395,471	0.1
	358,938		Turkiye Garanti Bankasi A/S	538,004	0.1
	97,735	⁽¹⁾	Turkiye Halk Bankasi AS	129,153	0.0
	237,217		Turkiye Is Bankasi	202,451	0.0
	109,364		Turk Sise Ve Cam Fabrikalari	117,119	0.0
				4,697,190	0.6

			United Arab Emirates: 0.7%
	330,246		Abu Dhabi Commercial Bank PJSC	732,554	0.1
	579,103		Aldar Properties PJSC	252,550	0.0
	286,076		DAMAC Properties Dubai Co. PJSC	117,266	0.0
	25,932		DP World Ltd.	443,437	0.0
	266,662		Dubai Islamic Bank PJSC	363,010	0.1
	123,915		Emaar Development PJSC	148,436	0.0
	323,345		Emaar Malls PJSC	157,213	0.0
	551,742		Emaar Properties PJSC	620,282	0.1
	277,263		Emirates Telecommunications Group Co. PJSC	1,282,030	0.2
	409,577		First Abu Dhabi Bank PJSC	1,572,195	0.2
				5,688,973	0.7

		Total Common Stock
		(Cost $733,452,560)		734,385,182	95.2

PREFERRED STOCK: 3.8%
			Brazil: 2.9%
	539,821		Banco Bradesco SA	5,383,237	0.7
	26,700		Braskem SA	326,400	0.0
	25,100		Cia Brasileira de Distribuicao	524,440	0.1
	141,959		Cia Energetica de Minas Gerais	507,657	0.1

	35,200	⁽¹⁾	Centrais Eletricas Brasileiras SA	255,843	0.0
	163,100		Gerdau SA	623,658	0.1
	772,325		Itau Unibanco Holding S.A.	7,074,124	0.9
	713,087		Investimentos Itau SA	2,222,561	0.3
	117,360		Lojas Americanas SA	596,528	0.1
	629,100		Petroleo Brasileiro SA	3,681,349	0.5
	70,100		Telefonica Brasil SA	836,154	0.1
				22,031,951	2.9

			Chile: 0.1%
	46,946		Embotelladora Andina SA	175,513	0.0
	19,401		Sociedad Quimica y Minera de Chile SA	763,321	0.1
				938,834	0.1

			Colombia: 0.0%
	574,498		Grupo Aval Acciones y Valores	176,728	0.0
	19,288		Grupo de Inversiones Suramericana SA	184,594	0.0
				361,322	0.0

			Russia: 0.1%
	1,102,823		Surgutneftegas PJSC	622,377	0.1
	72		Transneft PJSC	176,701	0.0
				799,078	0.1

			South Korea: 0.7%
	1,444		Amorepacific Corp.	133,074	0.0
	383	⁽¹⁾	CJ Corp.	9,277	0.0
	2,952		Hyundai Motor Co.	185,818	0.0
	5,331		Hyundai Motor Co.- Series 2	367,866	0.1
	328		LG Household & Health Care Ltd.	193,125	0.0
	1,228		LG Chem Ltd.	215,314	0.1
	136,679		Samsung Electronics Co., Ltd.	3,905,420	0.5
				5,009,894	0.7

		Total Preferred Stock
		(Cost $25,121,218)		29,141,079	3.8

RIGHTS: 0.0%
			Taiwan: 0.0%
	21,514	⁽¹⁾	Eva Airways Corp.	1,960	0.0

		Total Rights
		(Cost $–)		1,960	0.0

		Total Long-Term Investments
		(Cost $758,573,778)		763,528,221	99.0

802		AP Moller - Maersk A/S - Class B	1,008,861	0.1
12,852		Carlsberg A/S	1,367,184	0.1
11,906		Chr Hansen Holding A/S	1,056,857	0.1
14,306		Coloplast A/S	1,330,681	0.1
87,789		Danske Bank A/S	1,742,823	0.1
22,715		DSV A/S	1,500,154	0.1
7,358	⁽²⁾	Genmab A/S	1,209,806	0.1
8,454		H Lundbeck A/S	372,085	0.0
20,060		ISS A/S	561,616	0.1
221,227		Novo Nordisk A/S	10,160,311	0.6
26,543		Novozymes A/S	1,186,006	0.1
22,754	⁽⁴⁾	Orsted A/S	1,522,648	0.1
13,290		Pandora A/S	542,563	0.0
13,987		Tryg A/S	352,766	0.0
23,858		Vestas Wind Systems A/S	1,806,018	0.1
13,455	⁽²⁾	William Demant Holding A/S	383,089	0.0
			26,637,377	1.7

		Finland: 1.2%
17,550		Elisa OYJ	726,909	0.0
54,728		Fortum OYJ	1,197,962	0.1
41,073		Kone OYJ	1,960,884	0.1
13,050		Metso Oyj	342,854	0.0
15,752		Neste Oyj	1,219,562	0.1
511,914		Nokia OYJ - Finland	2,971,726	0.2
172,697		Nokia OYJ - France	1,001,496	0.1
14,121		Nokian Renkaat OYJ	433,708	0.0
369,033	⁽²⁾	Nordea Bank Abp	3,106,593	0.2
12,809		Orion Oyj	445,612	0.0
53,436		Sampo OYJ	2,368,268	0.1
68,121		Stora Enso OYJ	789,776	0.1
64,473		UPM-Kymmene OYJ	1,632,060	0.1
54,195		Wartsila OYJ	865,114	0.1
			19,062,524	1.2

		France: 9.8%
22,804		Accor S.A.	969,727	0.1
3,689		Aeroports de Paris	699,536	0.0
52,336		Air Liquide SA	6,498,864	0.4
19,246		Alstom SA	777,432	0.1
7,381	⁽⁴⁾	Amundi SA	390,241	0.0
8,538		Arkema SA	732,973	0.1
11,671		Atos SE	956,271	0.1
236,044		AXA S.A.	5,094,285	0.3
5,089		BioMerieux	335,673	0.0
136,479		BNP Paribas	6,163,500	0.4
106,180		Bollore SA	425,703	0.0
26,999		Bouygues SA	969,503	0.1
32,839		Bureau Veritas SA	669,174	0.0
19,364		Capgemini SE	1,926,043	0.1
70,237		Carrefour S.A.	1,200,136	0.1
6,917		Casino Guichard Perrachon S.A.	288,047	0.0
60,314		Cie de Saint-Gobain	2,002,216	0.1
20,652		Cie Generale des Etablissements Michelin SCA	2,032,716	0.1
21,296		CNP Assurances	452,040	0.0
138,277		Credit Agricole SA	1,488,198	0.1
74,865		Danone	5,276,686	0.3
304		Dassault Aviation SA	421,453	0.0
15,771		Dassault Systemes SE	1,873,279	0.1
28,923		Edenred	1,065,205	0.1
9,780		Eiffage SA	817,680	0.1
72,086		Electricite de France SA	1,140,897	0.1
220,499		Engie SA	3,168,118	0.2
34,745		EssilorLuxottica SA	4,404,208	0.3
5,919		Eurazeo SE	419,046	0.0
1,368		Eurofins Scientific SE	510,922	0.0
20,975		Eutelsat Communications	413,232	0.0
9,134		Faurecia SA	344,638	0.0
5,529		Covivio	533,456	0.0
5,639		Gecina S.A.	729,969	0.0
56,189		Getlink SE	755,032	0.1
3,829		Hermes International	2,127,244	0.1
4,228		ICADE	322,227	0.0
3,248		Iliad SA	455,833	0.0
4,184		Imerys SA	201,074	0.0
7,136		Ingenico Group SA	404,808	0.0
4,542		Ipsen SA	587,675	0.0
8,734		JC Decaux SA	245,383	0.0
25,349		Klepierre SA	783,389	0.1
32,188		Legrand S.A.	1,819,669	0.1
30,821		L'Oreal S.A.	7,052,603	0.4
33,717		LVMH Moet Hennessy Louis Vuitton SE	9,871,536	0.6
117,494		Natixis SA	554,159	0.0
240,550	⁽³⁾	Orange SA	3,898,303	0.2
25,586		Pernod Ricard SA	4,199,193	0.3
71,364		Peugeot S.A.	1,522,039	0.1
9,223		Kering SA	4,320,689	0.3
25,284		Publicis Groupe	1,442,622	0.1
2,760	⁽³⁾	Remy Cointreau SA	312,907	0.0
23,308		Renault S.A.	1,451,930	0.1
36,513		Rexel SA	388,941	0.0
40,619		Safran S.A.	4,871,644	0.3
136,053		Sanofi	11,802,598	0.7
3,305		Sartorius Stedim Biotech	330,895	0.0
66,286		Schneider Electric SE	4,496,268	0.3
19,979	⁽²⁾	SCOR SE	898,184	0.1
2,773		SEB SA	358,382	0.0
3,193		Societe BIC S.A.	326,180	0.0
92,902		Societe Generale	2,945,419	0.2
11,019		Sodexo SA	1,130,060	0.1
46,468		SUEZ	613,866	0.1
7,003		Teleperformance	1,120,270	0.1
12,896		Thales S.A.	1,506,992	0.1
289,448		Total SA	15,266,984	1.0
9,526	⁽²⁾	UbiSoft Entertainment	767,434	0.1
16,631	⁽²⁾	Unibail-Rodamco-Westfield	2,573,559	0.2
28,745		Valeo SA	838,366	0.1
65,047		Veolia Environnement	1,332,112	0.1
61,674		Vinci SA	5,071,582	0.3
125,801		Vivendi SA	3,049,082	0.2
3,378		Wendel	405,209	0.0
			157,613,409	9.8

		Germany: 7.8%
22,915		Adidas AG	4,788,989	0.3
52,359		Allianz SE	10,521,828	0.7
88,010		Aroundtown SA	730,128	0.0
5,951		Axel Springer AG	337,161	0.0
111,938		BASF SE	7,796,899	0.5
112,956		Bayer AG	7,855,960	0.5
39,373		Bayerische Motoren Werke AG	3,193,356	0.2
12,319		Beiersdorf AG	1,284,903	0.1
18,788		Brenntag AG	820,082	0.1

122,559	⁽²⁾	Commerzbank AG	813,804	0.1
13,330		Continental AG	1,856,017	0.1
23,366	⁽⁴⁾	Covestro AG	1,157,190	0.1
110,333		Daimler AG	5,816,201	0.4
11,115	^(2),(4)	Delivery Hero SE	414,968	0.0
237,857		Deutsche Bank AG	1,896,956	0.1
23,287		Deutsche Boerse AG	2,784,088	0.2
28,066		Deutsche Lufthansa AG	633,831	0.0
120,094		Deutsche Post AG	3,279,676	0.2
405,899		Deutsche Telekom AG	6,898,962	0.4
42,657		Deutsche Wohnen SE	1,949,460	0.1
6,540	⁽³⁾	1&1 Drillisch AG	334,007	0.0
265,982		E.ON AG	2,625,598	0.2
20,582		Evonik Industries AG	513,751	0.0
5,031		Fraport AG Frankfurt Airport Services Worldwide	360,059	0.0
50,505		Fresenius SE & Co. KGaA	2,441,117	0.2
26,034		Fresenius Medical Care AG & Co. KGaA	1,687,557	0.1
20,021		GEA Group AG	515,455	0.0
7,371		Hannover Rueck SE	993,392	0.1
18,235		HeidelbergCement AG	1,117,767	0.1
12,874		Henkel AG & Co. KGaA	1,267,098	0.1
2,576		Hochtief AG	347,893	0.0
7,634		Hugo Boss AG	470,593	0.0
137,716		Infineon Technologies AG	2,757,307	0.2
17,344	⁽⁴⁾	Innogy SE	809,894	0.1
8,539		KION Group AG	434,240	0.0
10,437		LANXESS AG	479,857	0.0
15,510		Merck KGaA	1,596,486	0.1
22,082	⁽³⁾	Metro AG	339,779	0.0
6,361		MTU Aero Engines AG	1,155,169	0.1
18,319		Muenchener Rueckversicherungs-Gesellschaft AG	3,995,355	0.3
12,003		Osram Licht AG	522,354	0.0
27,869		ProSiebenSat.1 Media SE	495,890	0.0
1,005		Puma SE	491,682	0.0
63,422		RWE AG	1,381,325	0.1
119,138		SAP SE	11,824,420	0.7
92,789		Siemens AG	10,355,411	0.6
18,570	^(2),(4)	Siemens Healthineers AG	775,979	0.1
15,031		Symrise AG	1,113,694	0.1
92,198		Telefonica Deutschland Holding AG	362,884	0.0
52,461		ThyssenKrupp AG	901,174	0.1
53,119		TUI AG	763,465	0.1
25,033		Uniper SE	645,739	0.0
15,175		United Internet AG	664,189	0.0
4,313		Volkswagen AG	689,970	0.0
58,469		Vonovia SE	2,635,722	0.2
14,182		Wirecard AG	2,137,970	0.1
13,319	^(2),(3),(4)	Zalando SE	344,143	0.0
			125,178,844	7.8

		Hong Kong: 3.4%
1,468,299		AIA Group Ltd.	12,196,887	0.8
37,000		ASM Pacific Technology Ltd.	357,205	0.0
150,352		Bank of East Asia Ltd.	476,850	0.0
313,199		CK Asset Holdings Ltd.	2,291,545	0.1
328,199		CK Hutchison Holdings Ltd.	3,150,123	0.2
80,402		CK Infrastructure Holdings Ltd.	608,459	0.0
198,865		CLP Holdings Ltd.	2,247,353	0.1
40,787		Dairy Farm International Holdings Ltd.	369,122	0.0
289,159		Galaxy Entertainment Group Ltd.	1,826,517	0.1
101,000		Hang Lung Group Ltd.	257,517	0.0
245,823		Hang Lung Properties Ltd.	467,242	0.0
92,436		Hang Seng Bank Ltd.	2,070,682	0.1
159,509		Henderson Land Development Co., Ltd.	793,886	0.1
324,000		HK Electric Investments & HK Electric Investments Ltd.	326,554	0.0
459,867		HKT Trust / HKT Ltd.	662,452	0.0
1,116,744		Hong Kong & China Gas	2,307,249	0.2
144,488		Hong Kong Exchanges and Clearing Ltd.	4,176,941	0.3
171,845		Power Assets Holdings Ltd.	1,193,876	0.1
143,933		Hongkong Land Holdings Ltd. - HKHGF	907,373	0.1
76,644		Hysan Development Co., Ltd.	364,472	0.0
26,804		Jardine Matheson Holdings Ltd.	1,866,329	0.1
27,100		Jardine Strategic Holdings Ltd.	993,599	0.1
82,060		Kerry Properties Ltd.	280,078	0.0
259,532		Link REIT	2,631,064	0.2
29,408		Melco Resorts & Entertainment Ltd ADR	518,169	0.1
183,144		MTR Corp.	963,855	0.1
748,094		New World Development Ltd.	988,060	0.1
192,660		NWS Holdings Ltd.	395,603	0.0
490,000		PCCW Ltd.	282,152	0.0
151,385		Shangri-La Asia Ltd.	223,484	0.0
408,626		Sino Land Co.	700,091	0.0
191,971		Sun Hung Kai Properties Ltd.	2,739,738	0.2
60,120		Swire Pacific Ltd.	634,747	0.0
142,825		Swire Properties Ltd.	501,836	0.0
169,500		Techtronic Industries Co., Ltd.	899,480	0.1
1,085,500	⁽⁴⁾	WH Group Ltd.	833,715	0.1
143,857		Wharf Holdings Ltd.	375,050	0.0
145,857		Wharf Real Estate Investment Co. Ltd.	872,358	0.1
101,504		Wheelock & Co., Ltd.	581,107	0.0
90,949		Yue Yuen Industrial Holdings	291,154	0.0
			54,623,974	3.4

		Ireland: 0.5%
98,310		AIB Group PLC	414,545	0.0
118,370		Bank of Ireland Group PLC	658,342	0.0
40,962		CRH PLC	1,084,954	0.1
12,064		DCC PLC	920,246	0.1
54,618		James Hardie Industries SE	595,051	0.0
8,621		Kerry Group PLC - KYG	853,676	0.1

10,633		Kerry Group PLC - KYGA	1,044,673	0.1
17,808		Kingspan Group Plc	763,384	0.1
10,030		Paddy Power Betfair PLC	823,393	0.0
2,975	⁽²⁾	Ryanair Holdings PLC ADR	212,237	0.0
27,491		Smurfit Kappa PLC	731,471	0.0
			8,101,972	0.5

		Israel: 0.5%
5,330		Azrieli Group Ltd.	254,996	0.0
130,142		Bank Hapoalim BM	823,038	0.1
179,089		Bank Leumi Le-Israel BM	1,082,595	0.1
244,825		Bezeq Israeli Telecommunication Corp., Ltd.	238,908	0.0
15,385	⁽²⁾	Check Point Software Technologies	1,579,270	0.1
2,876		Elbit Systems Ltd.	330,131	0.0
86,067		Israel Chemicals Ltd.	489,384	0.0
17,569		Mizrahi Tefahot Bank Ltd.	296,729	0.0
7,564	⁽²⁾	Nice Ltd.	819,494	0.1
117,451		Teva Pharmaceutical Industries Ltd. ADR	1,811,094	0.1
5,172	⁽²⁾	Wix.com Ltd.	467,239	0.0
			8,192,878	0.5

		Italy: 1.9%
143,604		Assicurazioni Generali S.p.A.	2,400,198	0.2
60,455		Atlantia S.p.A	1,251,126	0.1
69,878		Davide Campari-Milano SpA	591,755	0.0
977,892		Enel S.p.A.	5,669,086	0.4
309,319		ENI S.p.A.	4,886,381	0.3
14,871		Ferrari NV	1,479,726	0.1
49,764		Leonardo SpA	438,432	0.0
1,815,858		Intesa Sanpaolo SpA	4,043,235	0.3
74,317		Mediobanca Banca di Credito Finanziario SpA	628,830	0.0
21,466		Moncler SpA	714,339	0.0
49,777	^(2),(4)	Pirelli & C SpA	319,876	0.0
63,471	⁽⁴⁾	Poste Italiane SpA	508,956	0.0
28,942		Prysmian SpA	563,126	0.0
12,669		Recordati S.p.A.	438,731	0.0
278,272		Snam SpA	1,218,377	0.1
1,339,414	⁽²⁾	Telecom Italia S.p.A. - TIT	741,512	0.1
751,165		Telecom Italia S.p.A. - TITR	360,275	0.0
173,822		Terna Rete Elettrica Nazionale SpA	987,161	0.1
244,019		UniCredit SpA	2,763,982	0.2
			30,005,104	1.9

		Japan: 23.0%
3,900		ABC-Mart, Inc.	215,978	0.0
44,443	⁽³⁾	Acom Co., Ltd.	144,574	0.0
73,980		Aeon Co., Ltd.	1,446,018	0.1
13,498		AEON Financial Service Co., Ltd.	239,466	0.0
13,842		Aeon Mall Co., Ltd.	220,527	0.0
17,143		Air Water, Inc.	258,367	0.0
20,111		Aisin Seiki Co., Ltd.	691,335	0.1
55,828		Ajinomoto Co., Inc.	992,013	0.1
22,468		Alfresa Holdings Corp.	572,701	0.0
13,489		ANA Holdings, Inc.	484,243	0.0
22,800		Alps Electric Co., Ltd.	442,101	0.0
39,989		Amada Holdings Co., Ltd.	358,977	0.0
14,568		Aozora Bank Ltd.	434,197	0.0
22,421		AGC, Inc.	696,911	0.1
44,158		Asahi Group Holdings, Ltd.	1,711,291	0.1
11,600		Asahi Intecc Co. Ltd.	490,743	0.0
152,753		Asahi Kasei Corp.	1,567,762	0.1
18,549		Asics Corp.	235,584	0.0
230,720		Astellas Pharma, Inc.	2,947,824	0.2
24,393		Bandai Namco Holdings, Inc.	1,095,227	0.1
6,411		Bank of Kochi Ltd./The	263,459	0.0
8,637		Benesse Holdings, Inc.	219,712	0.0
73,743		Bridgestone Corp.	2,829,211	0.2
27,386		Brother Industries Ltd.	405,348	0.0
9,301		Calbee, Inc.	290,511	0.0
121,293		Canon, Inc.	3,337,461	0.2
23,587		Casio Computer Co., Ltd.	279,653	0.0
17,528		Central Japan Railway Co.	3,698,186	0.2
75,566		Chiba Bank Ltd.	420,939	0.0
74,642		Chubu Electric Power Co., Inc.	1,060,620	0.1
26,906		Chugai Pharmaceutical Co., Ltd.	1,560,527	0.1
34,572		Chugoku Electric Power Co., Inc.	449,288	0.0
16,600		Coca-Cola Bottlers Japan, Inc.	495,030	0.0
133,209		Concordia Financial Group Ltd.	509,009	0.0
18,724		Credit Saison Co., Ltd.	219,378	0.0
12,200		CyberAgent, Inc.	471,623	0.0
29,874		Dai Nippon Printing Co., Ltd.	623,593	0.1
30,884		Daicel Corp.	317,044	0.0
12,000		Daifuku Co., Ltd.	544,086	0.0
130,183		Dai-ichi Life Holdings, Inc.	2,021,695	0.1
68,893		Daiichi Sankyo Co., Ltd.	2,203,592	0.1
30,098		Daikin Industries Ltd.	3,198,077	0.2
8,781		Daito Trust Construction Co., Ltd.	1,202,150	0.1
68,354		Daiwa House Industry Co., Ltd.	2,180,385	0.1
210		Daiwa House REIT Investment Corp.	470,426	0.0
196,421		Daiwa Securities Group, Inc.	996,962	0.1
12,500		Dena Co., Ltd.	208,498	0.0
52,767		Denso Corp.	2,335,873	0.2
26,203		Dentsu, Inc.	1,170,246	0.1
3,400		Disco Corp.	395,313	0.0
14,542		Don Quijote Holdings Co. Ltd.	899,081	0.1
37,433		East Japan Railway Co.	3,305,714	0.2
30,579		Eisai Co., Ltd.	2,367,421	0.2
17,642		Electric Power Development Co., Ltd.	418,643	0.0
7,738		FamilyMart UNY Holdings Co., Ltd.	973,861	0.1
23,693		Fanuc Ltd.	3,595,643	0.2