Voya PARTNERS NCSR Certified annual shareholder report (management investment company)

Voya PARTNERS N-CSRCertified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08319

Voya Partners, 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 Company, 1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-262-3862

Date of fiscal year end:	December 31

Date of reporting period:	December 31, 2015

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, 2015

Classes ADV, I, S and S2

Voya Partners, Inc.

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Voya Global Bond Portfolio

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VY® American Century Small-Mid Cap Value Portfolio

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VY® Baron Growth Portfolio

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VY® Columbia Contrarian Core Portfolio

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VY® Columbia Small Cap Value II Portfolio

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VY® Invesco Comstock Portfolio

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VY® Invesco Equity and Income Portfolio

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VY® JPMorgan Mid Cap Value Portfolio

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VY® Oppenheimer Global Portfolio

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VY® Pioneer High Yield Portfolio

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VY® T. Rowe Price Diversified Mid Cap Growth Portfolio

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VY® T. Rowe Price Growth Equity Portfolio

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VY® Templeton Foreign Equity Portfolio

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

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PROXY VOTING INFORMATION

A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Portfolios’ website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC’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 certain Portfolios. The Portfolios’ Forms N-Q are available on the SEC’s website at www.sec.gov. The Portfolios’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The Portfolios’ Forms N-Q, as well as a complete portfolio of investments, are available without charge upon request from the Portfolios by calling Shareholder Services toll-free at (800) 992-0180.

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PRESIDENT’S LETTER

Fed action — global reaction

Dear Shareholder,

One of the most anticipated events of 2015 came to pass with only a few weeks left on the calendar. Following the mid-December gathering of its policy-making Federal Open Market Committee, the Federal Reserve Board (“Fed”) announced the first increase of the federal funds target rate in nearly a decade, hiking its key policy interest rate 0.25% to a range of 0.25% – 0.50%. In its announcement, the central bank cited considerable improvement in labor-market conditions and a reasonable confidence that inflation will approach its 2% objective over the medium term. The widely expected interest rate hike already had been priced into most asset classes and thus had minimal immediate impact on the direction of financial markets.

Worth noting is that the Fed’s decision to begin raising short-term interest rates comes at a time when other major central banks — notably, in Europe, China and Japan — continue to provide massive amounts of support to their economies and are biased more toward further accommodation. The disruptions that potentially may emerge from this divergence in central bank policies will demand close attention in the year ahead. Witness January stock market performance.

Though the Fed believes the U.S. economy is strong enough to bear a fed funds interest rate increase, many of the same risks and opportunities persist in the markets. The global economic backdrop and geopolitical stresses continue to induce uncertainty, which could lead to periods of intense volatility, in our view. How can investors keep their perspective in such times? Don’t let today’s uncertainties distract you from focusing on your long-term goals, and don’t risk compromising your goals for the sake of avoiding volatility now. Keep your portfolio well-diversified and thoroughly discuss any prospective changes with your investment advisor before you take action.

At Voya Investment Management, we seek to be 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,

Shaun Mathews
President and Chief Executive Officer
January 12, 2016

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, 2015

In our semi-annual report, we described how equity market interest had recently moved from the U.S. to Europe with the advent of the European Central Bank’s (“ECB”) quantitative easing program. But from there, attention moved east and in August an unexpected announcement from China re-awakened other concerns, sending global equities, in the form of the MSCI World IndexSM (the “Index”) measured in local currencies, including net reinvested dividends, on a roller-coaster ride. Having been up 4.14% for the half-year, the Index finally ended 2015 with a gain of 2.08%. (The Index returned -0.87% for the one year ended December 31, 2015, measured in U.S. dollars.)

U.S. economic data was mixed in what was still a rather pedestrian recovery. A disappointing October employment report was followed by a very strong one in November showing that 271,000 jobs had been created the previous month. Sluggish annual wage growth improved to 2.5%, which doesn’t sound like much, but it was the best since 2009. The unemployment rate fell to 5.0%. The December report was a little weaker. Gross domestic product (“GDP”), initially held back by another harsh winter, rebounded to 3.9% in the second quarter of 2015, before an inventory downturn pegged it back to 2.0% in the third. Industrial production was uneven, while retail sales were still showing no acceleration despite lower gasoline prices.

Superimposed on this was the prospect of rising U.S. interest rates. The Federal Open Market Committee (“FOMC”) had not increased the federal funds interest rate for nine years and many feared that it would feel pressed to act before the economy was really ready. But when on September 17 the FOMC left rates unchanged, citing weakness overseas, investors seemed unnerved at this new narrative rather than relieved. Perhaps sensing a credibility problem, the FOMC tried to re-set expectations, signaling in October the December increase of 0.25% that eventually took place, to a range of 0.25% – 0.50%.

Internationally, as noted, the ECB at last implemented a program of quantitative easing in March. Before long the economic data started to look a little less weak: the unemployment rate ticked down to 10.7% and GDP rose 1.6% year-over-year in the third quarter of 2015. Core inflation edged above 1.0% before slipping back. In December, ECB President Draghi’s much anticipated intensification of the program disappointed markets. Sentiment also suffered in mid-year when the integrity of the euro zone itself was threatened, as Greece wrangled over the terms of its bailout. Creditors stood firm and facing ejection, Greece finally accepted even stricter terms.

Annual GDP growth in China decelerated to 7.0% in the first and second quarters of 2015, the slowest in six years, then to 6.9% in the third. But to many commentators 7.0% was suspiciously close to government targets and perhaps overstated. They watched nervously as the Shanghai Stock Exchange Composite Index (“Shanghai Composite”) soared 64% in 2015 by June 12, fueled by retail savings and margin debt. The Shanghai Composite was already in retreat when on August 11, global commodities and equity markets were shaken as China announced a 2% devaluation of the yuan, suggesting that the Chinese economy, the largest single contributor to global growth in recent years, was indeed weaker than had previously been admitted. By August 26 the Shanghai Composite was down 43% from its peak. But gradually the feeling grew that concerns had been overdone. The

Bank of China lowered interest rates, eased bank reserve requirements and by the end of December, with the yuan gradually depreciating, the Shanghai Composite had regained over a quarter of its losses.

In U.S. fixed income markets, the Barclays U.S. Aggregate Bond Index (“Barclays Aggregate”) gained 0.55% in 2015, while the Barclays U.S. Treasury Bond sub-index added 0.84%. Indices of riskier classes fared worse: the Barclays U.S. Corporate Investment Grade Bond sub-index lost 0.68%, while the Barclays High Yield Bond — 2% Issuer Constrained Composite Index (not a part of the Barclays Aggregate) sagged 4.43%. Reflecting another kind of risk, the Barclays Global Inflation Linked U.S. TIPS Index dipped 1.44% as inflationary expectations receded.

U.S. equities, represented by the S&P 500® Index including dividends, crept up 1.38% over the year, within which August represented the worst month since September 2011, while October was the strongest since October 2011. The consumer discretionary sector did best, rising 10.11%. The most challenged sector was understandably energy, slumping 21.12%. S&P 500® earnings per share, dragged down by the energy sector, recorded their first year-over-year decline since 2012 in the second quarter of 2015, despite continuing high levels of share buybacks, and declined again in the third. Shares of companies with smaller market capitalizations lagged: the Russell Midcap® Index fell 2.44% and the Russell 2000® Index fell 4.41%.

In currencies, “divergence” became the word on the experts’ lips to describe the prospect of the U.S. starting to raise interest rates just as the ECB ratcheted up its quantitative easing program. Unsurprisingly the dollar rose 11.47% against the euro over the year. It rose less, 5.75%, against the pound, as the UK is much closer to raising rates than the euro zone. The dollar’s gains against the yen had been made before the period started and it barely moved, rising just 0.40%.

International markets fell sharply after the events in August, with a partial recovery which was faltering by year-end. The MSCI Japan® Index held on to a gain of 9.93% for the year, amid renewed optimism about the yen-denominated profitability and better governance of Japanese corporations. The MSCI Europe ex UK® Index was cushioned by the introduction of quantitative easing, plus the declining euro that went with it and advanced 8.30%. The MSCI UK® Index, burdened by its large, losing holdings in the energy, materials and banking sectors, dropped 2.21%.

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. The Portfolios’ performance is subject to change since the period’s end and may be lower or higher than the performance data shown. Please call (800) 262-3862 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
		Bank of America/Merrill Lynch All Convertibles (Speculative Grade) Index				An unmanaged index that includes about 270 convertible securities and represents the non-investment-grade convertible market.
		Bank of America/Merrill Lynch High Yield Master II Index				A broad-based index consisting of all U.S. dollar-denominated high-yield bonds with a minimum outstanding amount of $100 million and with a maturity of greater than one year period. The quality rating is less than BBB by Standard & Poor’s.
		Barclays Global Aggregate Index				Provides a broad-based measure of the global investment-grade fixed-rate debt markets.
		Barclays Global Inflation Linked U.S. TIPS Index				The index measures the performance of the US Treasury Inflation Protected Securities (TIPS) market.
		Barclays High Yield Bond — 2% Issuer Constrained Composite Index				An unmanaged 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.
		Barclays U.S. Aggregate Bond Index				An unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities.
		Barclays U.S. Corporate Investment Grade Bond Index				An unmanaged index consisting of publicly issued, fixed rate, nonconvertible, investment grade debt securities.
		Barclays U.S. Government/Credit Bond Index				An index made up of the Barclays Government and Credit indices, including securities issued by the U.S. government and its agencies and publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity and quality requirements.
		Barclays U.S. Treasury Bond Index				A market capitalization-weighted index that measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of one year or more.
		MSCI All Country World IndexSM				A broad-based unmanaged index comprised of equity securities in countries around the world, including the United States, other developed countries and emerging markets.
		MSCI All Country World ex-U.S. IndexSM				A free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets, excluding the U.S. 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 EAFE® Index				An unmanaged index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East.
		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 unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
		Russell 1000® Index				An unmanaged, comprehensive large-cap index measuring the performance of the largest 1,000 U.S. incorporated companies.
		Russell 1000® Growth Index				Measures the performance of the 1,000 largest companies in the Russell 3000® Index with higher price-to-book ratios and higher forecasted growth.
		Russell 1000® Value Index				An unmanaged index that measures the performance of those Russell 1000® securities with lower price-to-book ratios and lower forecasted growth values.
		Russell 2000® Index				An unmanaged index that measures the performance of securities of small U.S. companies.
		Russell 2000® Growth Index				An unmanaged index that measures the performance of securities of smaller U.S. companies with greater than average growth orientation.

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Benchmark Descriptions (continued)

		Index				Description
		Russell 2000® Value Index				An unmanaged index that measures the performance of those Russell 2000® companies with lower price-to-book ratios and lower than forecasted growth values.
		Russell 2500™ Growth Index				Measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500™ Index companies with higher price-to-book ratios and higher forecasted growth values.
		Russell 2500™ Value Index				Measures the performance of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.
		Russell Midcap® Index				An unmanaged 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 Midcap® Growth Index				An unmanaged 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® Value Index				Measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values.
		S&P 500® Index				An unmanaged 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				A broad-based unmanaged capitalization weighted index of midcapitalization companies.
		S&P Small Cap 600/Citigroup Value Index				Measures the performance of those S&P 600 Index companies with lower price-to-book ratios.
		Shanghai Stock Exchange Composite Index				A capitalization-weighted index. The index tracks the daily price performance of all A-shares and B-shares listed on the Shanghai Stock Exchange. The index was developed on December 19, 1990 with a base value of 100.

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Portfolio Managers’ Report

Voya Global Bond Portfolio

	Geographic Diversification as of December 31, 2015 (as a percentage of net assets)

	United States(1)			83.3%
	Spain			4.5%
	Cayman Islands			2.7%
	Austria			1.5%
	France			1.0%
	Netherlands			1.0%
	United Kingdom			0.8%
	Germany			0.7%
	Japan			0.4%
	Sweden			0.4%
	Countries between 0.0% – 0.3%^			2.1%
	Assets in Excess of Other Liabilities*			1.6%
	Net Assets			100.0%
	* Includes short-term investments.
	^ Includes 12 countries, which each represents 0.0% – 0.3% of net assets.
	(1) Includes 22.6% total investment in Voya Emerging Markets Corporate Debt Fund, Voya Emerging Markets Hard Currency Debt Fund, Voya Emerging Markets Local Currency Debt Fund, and Voya High Yield Bond Fund.
	Portfolio holdings are subject to change daily.

Voya Global Bond Portfolio (the “Portfolio”) seeks to maximize total return through a combination of current income and capital appreciation. The Portfolio is managed by Christine Hurtsellers, CFA, Mustafa Chowdhury and Brian Timberlake, Ph.D., CFA, Portfolio Managers of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.*

Performance: For the year ended December 31, 2015, the Portfolio’s Class S shares provided a total return of -4.50% compared to the Barclays Global Aggregate Index, which returned -3.15% for the same period.

Portfolio Specifics: The main event of the fourth quarter — at least the most anticipated — was the first increase of interest rates in nearly a decade. The U.S. Federal Reserve Board (“Fed”) announced a 0.25% hike in the federal funds rate following the gathering of its policy-making Federal Open Market Committee (“FOMC”) in December; the increase brought the rate target to 0.25–0.50%. In its announcement, the FOMC cited considerable improvement in labor market conditions and a reasonable confidence that inflation will approach its 2% objective over the medium term.

The interest rate hike had already been priced into most asset classes, so it did not change the direction of the markets for the quarter. U.S. stocks posted high, single-digit gains despite reduced expectations of fourth quarter 2015 earnings; possibly due to early indications of a positive holiday shopping season. Though somewhat below U.S. equities, international stocks also posted gains. Oil prices continued to drop, sustaining losses for the quarter and for the full year. Bond prices generally declined, particularly among high-yield issues; the main exceptions were mortgage-backed securities. Bond yields, which

	Top Ten Holdings as of December 31, 2015* (as a percentage of net assets)

	Voya Emerging Markets Local Currency Debt Fund – Class P			8.4%
	Voya Emerging Markets Hard Currency Debt Fund – Class P			6.4%
	Voya Emerging Markets Corporate Debt Fund – Class P			4.2%
	Voya High Yield Bond Fund – Class P			3.6%
	Spain Government Bond, 1.600%, 04/30/25			3.3%
	United States Treasury Note, 0.875%, 11/30/17			2.6%
	Fannie Mae, 4.500%, 05/01/44			1.6%
	Fannie Mae, 3.000%, 07/01/43			1.6%
	Austria Government Bond, 1.650%, 10/21/24			1.5%
	Spain Government Bond, 2.750%, 10/31/24			1.2%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

move in the opposite direction of bond prices, generally increased. The yield on the widely watched ten-year U.S. Treasury note began the year just below 2.2% and finished close to 2.3%.

The Portfolio’s allocation to spread assets was the largest positive contributor to performance for the period. We remained generally overweight to corporate credit, both high yield and investment grade within the U.S. and emerging markets (“EM”). Since declining oil prices resulted in spread widening within high yield early in the year, the Portfolio moved more defensive in its allocation to the sector. Volatility within commodities resulted in a shift away from credits more sensitive to these price moves to a focus in higher quality, more consumer-related names that could take advantage of a resurgent consumer both in the U.S. and Europe. Additionally, the Portfolio favored mortgages as the U.S. housing market continued to gain steam throughout the year.

The overall foreign exchange allocation in the Portfolio added to performance for the period. EM currencies struggled for the year as growth across EM economies slowed. Positions such as the Mexican peso detracted from performance in response to the collapse of global commodities and slowing economic growth; however, developed market currency positioning more than offset negative performance from EM currencies. Overweight positioning during the first half of the year to the Swiss franc versus an underweight to the Euro resulted in solid returns. During the second and third quarters, the Portfolio maintained an overweight to the Euro and was underweight the dollar as we held a stronger view than the market on a

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Voya Global Bond Portfolio

Portfolio Managers’ Report

European economic recovery. The Portfolio was also long the Japanese Yen (“JPY”) relative to USD at the end of the third quarter and fourth quarter resulting in negative performance for the Portfolio. We held a view that Abe and Kuroda lacked the joint will to stimulate growth further; however JPY performance was overwhelmed by risk on sentiment early in the fourth quarter. In the fourth quarter, our expectations of increased quantitative easing and rate cuts from the European Central Bank (“ECB”) led us to be short EUR. This position ultimately resulted in losses as the magnitude of ECB easing was less than half of market expectations. These losses were partly offset with gains in a short GBP position that expressed our view of a slowing economy with lower inflation expectations.

For the year, interest rate positioning detracted in all four quarters, including quarters 1, 2, and 4 in the U.S. as well as quarters 2, 3, and 4 in Europe. The Portfolio’s allocation to interest rate risk was the main detractor from performance as sovereign debt yields shifted dramatically as a result of negative macro headlines. The Portfolio’s allocation to developed market sovereigns underperformed the allocation to EM sovereigns for the period. The Portfolio’s short duration posture when rates rose in the U.S. and long duration positioning when rates fell in Germany provided nice returns early on in the year. During second and third quarters of the year, the Portfolio increased its duration as anticipation of an interest rate hike by the Fed declined, but decreased duration in the fourth quarter when a rate hike became more imminent. The Portfolio also capitalized on lower Italian 10-year interest rates relative to German 10-year interest rates. Carry in the portfolio arising from US and Euro interest rate derivatives further enhanced returns.

To manage interest rate risk during the period, the portfolio used government bond futures and interest rate swaps. To manage currency risk we employed currency forwards, occasionally using currency options to limit risk in adverse scenarios. Occasionally, we used index credit default swaps to manage exposure to spread sectors. The use of derivatives contributed to performance.

Current Strategy and Outlook: Our view is that U.S. growth is poised to stay closely tethered to a frustratingly low potential rate. We believe momentum in the household formation rate is likely to continue and is a sign of the continued resilience of the U.S. consumer. However, a continued cautious stance towards leverage, particularly within the millennial generation, is subduing the upside to growth. While U.S. dollar strength will continue to weigh on near term growth prospects, we believe this headwind will wane throughout 2016.

The Fed’s decision to begin raising short-term interest rates comes at a time when other major central banks — notably, in Europe, China and Japan — continue to provide massive amounts of support to their economies and are biased more toward further accommodation. The disruptions that potentially may emerge from this divergence in central bank policies will demand close attention from investors this year. We believe G-3 central banks will be progressively less effective in either calibrating monetary policy to economic conditions or achieving desired growth or inflation outcomes. Central Banks are addressing only the demand side of the economy while there is significant supply side weakness arising from historically low productivity growth and low labor force participation. Central bank policy deployment is now more likely to cause market confusion and volatility, in contrast to generally positive influence to markets over prior years.

The speed of the Fed’s normalization actions will be driven by supply-side and/or productivity improvements or lack thereof. We believe a continuation of the relatively muted growth in supply side factors would be received negatively by the market and would pressure the Fed to accelerate the near term pace of tightening while also lowering the terminal funds rate. Additionally, the lack of top-line revenue growth, paired with continued pressure for a larger share of income for labor, will pressure corporate margins from their historically high levels. We believe that higher levels of nominal growth will ultimately prove necessary for more leveraged entities.

Effective January 1, 2015, Mustafa Chowdhury was added as a portfolio manager of 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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Portfolio Managers’ Report

Voya Global Bond Portfolio

[MISSING IMAGE: t1600165_chart-globalbond.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		10 Year
Class ADV		-4.85%		0.13%		3.27%
Class I		-4.32%		0.64%		3.78%
Class S		-4.50%		0.40%		3.54%
Barclays Global Aggregate Index		-3.15%		0.90%		3.74%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Global Bond Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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) 262-3862 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.

Prior to January 21, 2011, the Portfolio was advised by a different sub-adviser.

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VY® American Century Small-Mid Cap Value Portfolio

Portfolio Managers’ Report

	Sector Diversification as of December 31, 2015 (as a percentage of net assets)

	Financials			29.2%
	Industrials			13.2%
	Information Technology			10.2%
	Energy			9.6%
	Consumer Discretionary			8.3%
	Utilities			7.5%
	Health Care			7.2%
	Consumer Staples			6.2%
	Materials			5.1%
	Telecommunication Services			0.8%
	Exchange-Traded Funds			0.7%
	Assets in Excess of Other Liabilities*			2.0%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

VY® American Century Small-Mid Cap Value Portfolio (the “Portfolio”) seeks long-term capital growth. Income is a secondary objective. The Portfolio is managed by a team of portfolio managers comprised of Miles Lewis, CFA, and Jeff John, CFA, Vice President (responsible for the management of the Small Cap Value portion of the Portfolio) and Kevin Toney, CFA, Vice President, Phillip N. Davidson, CFA, Chief Investment Officer — Value Equity and Senior Vice President, Michael Liss, CFA, CPA, and Brian Woglom, CFA, Vice President (responsible for the Mid Cap Value portion of the Portfolio) (each a “Sleeve”), Portfolio Managers of American Century Investment Management, Inc. — the Sub-Adviser.

Performance: For the year ended December 31, 2015, the Portfolio’s Class S shares provided a total return -1.74% compared to the Russell 2500™ Value Index and the S&P SmallCap 600®/Citigroup Value Index, which returned -5.49% and -6.67%, respectively, for the same period.

Portfolio Specifics: Overall Portfolio — The portfolio outperformed the Russell 2500 Value benchmark due to security selection. Although the Russell 2500 Value is the overall portfolio benchmark, the Small Cap Value and Mid Cap Value sleeves are managed against the Russell 2000 Value and Russell Mid Cap Value benchmarks, respectively.

Small Cap Value Sleeve — Investments in the energy, consumer discretionary, and financials sectors added significantly to performance, while positions in the information technology, utilities, and consumer staples sectors detracted from returns. The Small Cap Value Sleeve outperformed the Russell 2000 Value Index due to security selection. Sector weightings were detractive on balance.

Two banking positions, Bank of the Ozarks and BankUnited, led contributors for the Sleeve. Bank of the Ozarks sold off early in the period but bounced back in the second quarter on solid loan growth and announced three acquisitions later in the year. BankUnited exhibited solid loan growth throughout the year. In the media space, Entravision, the largest Spanish-language broadcaster in the U.S., continued to benefit from news that television broadcasters may be able to auction off the excess broadcast spectrum they gained by switching from analog to digital. Additionally, the company should benefit from the 2016 U.S. presidential election cycle, as Latinos are a significant demographic for candidates.

Cumulus Media detracted from relative returns as core advertising trends weakened across the industry. The company’s integration of its acquisition of the Westwood One network was slower and more expensive than hoped, as it worked to unlock the considerable value in Westwood

	Top Ten Holdings as of December 31, 2015* (as a percentage of net assets)

	Sysco Corp.			2.3%
	Northern Trust Corp.			2.1%
	Republic Services, Inc.			1.7%
	Zimmer Biomet Holdings, Inc.			1.4%
	Imperial Oil Ltd.			1.3%
	LifePoint Hospitals, Inc.			1.3%
	Applied Materials, Inc.			1.2%
	Weyerhaeuser Co.			1.2%
	Tyco International Plc			1.2%
	Cameron International Corp.			1.2%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

One’s content. In the materials sector, Horsehead Holdings Corporation added new, low-cost capacity but experienced cost overruns at a new plant. The team felt the company’s balance sheet was deteriorating and exited the portfolio’s position.

Mid Cap Value Sleeve — Positions in the consumer staples, utilities, and energy sectors contributed the most to performance, while positions in the information technology and financials sectors detracted from returns. The Mid Cap Value Sleeve outperformed the Russell Mid Cap Value Index due to security selection. Sector allocations detracted slightly from relative performance.

Waste management company Republic Services contributed as the company continued to execute well and has minimal exposure to emerging markets and foreign currency issues. The team trimmed its position on outperformance. A lack of exposure to Freeport-McMoRan was helpful when the company sold shares in a secondary offering in the third quarter and the stock sold off.

A non-index position in Devon Energy detracted after the company announced a $2 billion acquisition of Felix Energy. Shares of natural gas producer EQT Corp. underperformed as warm weather caused weak natural gas consumption and drove commodity prices to decade lows.

Current Strategy and Outlook: We continue to be bottom-up investment managers, building our portfolios one stock at a time, a process that seeks exposure to market segments based on the attractiveness of individual companies in terms of their valuation and fundamentals. As of December 31, 2015, the Mid Cap Value Sleeve is notably overweight the consumer staples sector and also has a significant overweight in energy stocks. The Portfolio has smaller overweights in the industrials and health care sector. The Small Cap Value Sleeve, as of December 31, 2015, maintained substantial overweights in the materials and industrials sectors and a smaller overweight to consumer discretionary companies. The Portfolio’s greatest underweights are in the financials and utilities sectors.

TABLE OF CONTENTS

Portfolio Managers’ Report

VY® American Century Small-Mid Cap Value Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		10 Year		Since Inception of Class S2 February 27, 2009
Class ADV		-1.97%		10.06%		8.08%		—
Class I		-1.54%		10.61%		8.61%		—
Class S		-1.74%		10.34%		8.35%		—
Class S2		-1.91%		10.18%		—		19.17%
Russell 2500TM Value Index		-5.49%		9.23%		6.51%		18.66%
S&P SmallCap 600®/Citigroup Value Index		-6.67%		10.37%		7.17%		19.34%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY® American Century Small-Mid Cap Value Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 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) 262-3862 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

VY® Baron Growth Portfolio

Portfolio Managers’ Report

	Sector Diversification as of December 31, 2015 (as a percentage of net assets)

	Consumer Discretionary			30.9%
	Information Technology			18.1%
	Financials			17.3%
	Industrials			10.5%
	Health Care			9.7%
	Consumer Staples			7.5%
	Utilities			2.2%
	Materials			2.1%
	Telecommunication Services			0.9%
	Assets in Excess of Other Liabilities*			0.8%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

VY® Baron Growth Portfolio (the “Portfolio”) seeks capital appreciation. The Portfolio is managed by Ronald Baron, Founder, Chief Executive Officer, Chief Investment Officer, Chairman, and Portfolio Manager of BAMCO, Inc. — the Sub-Adviser.

Performance: For the year ended December 31, 2015, the Portfolio’s Class S shares provided a total return of -5.03% compared to the Russell 2000® Growth Index and the Russell 2500™ Growth Index, which returned -1.38% and -0.19%, respectively, for the same period.

Portfolio Specifics: Many sectors and capitalization ranges experienced significant volatility in 2015, in reaction to geopolitical events, global monetary policies, sagging oil and commodity prices, and a strengthening U.S. dollar. For the first seven and a half months of 2015, the markets generally increased. In late August, and again in late September, however, stocks plunged sharply, largely as a reaction to the collapse of China’s A-shares stock market and concerns around a slowing Chinese economy. In October, the markets again reversed course, boosted by signals from central banks that they would extend the global trend of easy monetary policy. Toward the end of the year, the Federal Reserve Board (“Fed”) raised interest rates for the first time since 2006. After an initial rally, the markets sold off over concerns about the implications of Fed tightening in the face of lingering concerns around employment trends, soft commodity prices, slowing overseas growth, and weakness in corporate earnings.

Information technology (“IT”) and consumer discretionary were the top contributors to performance in 2015. IT had a solid year, with gains in 12 of 13 sector holdings, led by application software. Consumer discretionary investments had a mixed year, although contributors outweighed detractors. The sector included ski resort company Vail Resorts, Inc. and corporate-sponsored childcare company Bright Horizons Family Solutions, Inc., the top and second largest contributors to performance.

Industrials, consumer staples, and health care were the top sector detractors. Industrials holdings were pressured by foreign exchange headwinds. The sector included the portfolio’s third biggest detractor, shortline railroad Genesee & Wyoming, Inc. Consumer staples was hurt by poor performance of the second biggest detractor, United Natural Foods, Inc. Health care was pressured by weakness in the stock of top detractor Community Health Systems, Inc.

Outperformance of consumer discretionary and IT investments and lower exposure to the poor performing materials sector contributed the most to relative results. Within consumer discretionary, outperformance of Vail Resorts, Inc., Bright Horizons Family Solutions, Inc., and Under Armour,

	Top Ten Holdings as of December 31, 2015 (as a percentage of net assets)

	Vail Resorts, Inc.			7.2%
	Under Armour, Inc.			4.6%
	Gartner, Inc.			4.1%
	Middleby Corp.			4.1%
	CoStar Group, Inc.			3.8%
	Choice Hotels International, Inc.			3.4%
	Bright Horizons Family Solutions, Inc.			3.4%
	SS&C Technologies Holdings, Inc.			3.1%
	Mettler Toledo International, Inc.			2.7%
	MAXIMUS, Inc.			2.7%
	Portfolio holdings are subject to change daily.

Inc. added value and overshadowed the negative effect of larger exposure to this lagging sector. Strength in IT was partly attributable to outperformance of application software investments and larger exposure to this strong performing sub-industry. Larger exposure to the outperforming IT consulting & other services sub-industry also aided relative results. These positive effects were somewhat offset by lack of exposure to semiconductor stocks, which rose 8.3% within the Russell 2000® Growth index.

Health care, industrials, consumer staples, and financials investments were the primary detractors from relative performance. Within health care, underperformance of Community Health Systems, Inc. and lower exposure to outperforming biotechnology and health care equipment stocks detracted the most from relative results. Weakness in industrials was mainly due to the underperformance of Genesee & Wyoming, Inc., CaesarStone Sdot-Yam Ltd., Colfax Corp., and Generac Holdings, Inc. Consumer staples holdings trailed their counterparts in the Russell 2000® Growth index after falling 18.1%, with United Natural Foods, Inc. and The Boston Beer Company, Inc. leading the decline. Within financials, underperformance of asset management & custody bank holdings, led by Cohen & Steers, Inc., The Carlyle Group, and Artisan Partners Asset Management, Inc., and larger exposure to this lagging sub-industry hurt relative results.

Current Strategy and Outlook: As long-term, fundamental, bottom-up investors, we are continuing to position the Portfolio to benefit from what we believe to be growth opportunities over the long term. We think the U.S. economy will continue on its path to recovery, which is good news for the types of companies in which we invest. At the same time, we think the process of deleveraging from historical highs could take years, during which interest rates will remain relatively low, in our view. We also believe that low oil prices, which have dampened economic growth in the past year due to the negative impact on the energy sector and its suppliers, will be offset by faster growth in the rest of the economy in part spurred by the lower cost of energy.

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Portfolio Managers’ Report

VY® Baron Growth Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		10 Year		Since Inception of Class S2 February 27, 2009
Class ADV		-5.27%		10.68%		7.26%		—
Class I		-4.75%		11.24%		7.80%		—
Class S		-5.03%		10.97%		7.54%		—
Class S2		-5.17%		10.81%		—		19.23%
Russell 2000® Growth Index		-1.38%		10.67%		7.95%		20.02%
Russell 2500TM Growth Index		-0.19%		11.43%		8.49%		20.87%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY® Baron Growth Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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.

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 manager, only through the end of the period as stated on the cover. The portfolio manager’s views are subject to change at any time based on market and other conditions.

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

VY® Columbia Contrarian Core Portfolio

Portfolio Managers’ Report

	Sector Diversification as of December 31, 2015 (as a percentage of net assets)

	Information Technology			21.2%
	Financials			18.5%
	Health Care			18.4%
	Consumer Discretionary			12.0%
	Industrials			9.6%
	Consumer Staples			7.9%
	Energy			5.5%
	Telecommunication Services			2.7%
	Materials			1.5%
	Utilities			1.4%
	Assets in Excess of Other Liabilities			1.3%
	Net Assets			100.0%
	Portfolio holdings are subject to change daily.

VY® Columbia Contrarian Core Portfolio (the “Portfolio”) seeks total return, consisting of long-term capital appreciation and current income. The Portfolio is managed by Guy W. Pope, CFA, Portfolio Manager and Head of Contrarian Core Strategy with Columbia Management Investment Advisers, LLC (“CMIA”) — the Sub-Adviser.

Performance: For the year ended December 31, 2015, the Portfolio’s Class S shares provided a total return of 2.98% compared to the Russell 1000® Index, which returned 0.92% for the same period.

Portfolio Specifics: During the reporting period, stock selection was the primary driver of performance, with strong stock selection in the information technology sector, while the detractors were driven primarily from stock selection in the financials and consumer discretionary sectors. An underweight to the poor performing energy sector also contributed positively.

In the tech sector, the top contributor in the Portfolio for the period was Activision Blizzard. The video game maker finished a strong year with its “Call of Duty” franchise dominating holiday sales within the industry and its massive active user base leaving room for additional cross sell and monetization opportunities as its highly profitable franchises, including “World of Warcraft,” “Call of Duty” and “Destiny,” will be leveraged on other platforms and media (online, mobile, social networking, film and video). During the period, the company also announced it was acquiring King Digital Entertainment, maker of the popular “Candy Crush Saga” game, which will further enable Activision Blizzard to extend its presence across the fast-growing mobile gaming category.

Alphabet Inc. was also a top contributor as the company delivered strong results driven primarily by Google mobile search and YouTube. YouTube’s revenue continues to grow rapidly as a result of hours watched and demand for TrueView ads by advertisers. TrueView ads allow viewers to skip ads after five seconds or select which ads they want to view. Sponsors pay

	Top Ten Holdings as of December 31, 2015 (as a percentage of net assets)

	Apple, Inc.			3.4%
	Citigroup, Inc.			2.9%
	JPMorgan Chase & Co.			2.8%
	Microsoft Corp.			2.7%
	Verizon Communications, Inc.			2.7%
	Berkshire Hathaway, Inc. – Class B			2.6%
	CVS Health Corp.			2.6%
	Medtronic PLC			2.6%
	Alphabet, Inc. - Class C			2.4%
	Johnson & Johnson			2.4%
	Portfolio holdings are subject to change daily.

only for ads that are viewed in their entirety. Google is well-positioned to continue to capture an increasing percentage of advertisers’ wallet share with unified ad campaigns that optimize spending across channels and products, and new measurement tools that ensure better understanding of their online to offline conversions.

Range Resources Inc., an independent oil and natural gas company that was added to the Portfolio in March of this year, was the top detractor in the Portfolio for the period. The stock dropped approximately 54%, driven by earnings and revenue misses. We sold the stock before the end of the period.

Current Strategy and Outlook: In 2016, we expect continued slow earnings growth and a more volatile stock market. Earnings growth ended 2015 essentially flat, which was a let-down given estimates at the start of the year targeting high single digits. At this time, we feel the market will take its cue from the global macroeconomic outlook. The perception that there will be a recovery of global growth would be welcomed and the opposite would have a negative impact on markets. From a long term standpoint, we believe equities remain an attractive asset class even though the short-term market backdrop is less certain.

TABLE OF CONTENTS

Portfolio Managers’ Report

VY® Columbia Contrarian Core Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		10 Year
Class ADV		2.75%		10.59%		5.68%
Class I		3.25%		11.15%		6.21%
Class S		2.98%		10.88%		5.94%
Russell 1000® Index		0.92%		12.44%		7.40%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY® Columbia Contrarian Core Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 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) 262-3862 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 October 31, 2005, the Portfolio was advised by a different sub-adviser. Prior to April 30, 2013, the Portfolio was advised by a different sub-adviser.

TABLE OF CONTENTS

VY® Columbia Small Cap Value II Portfolio

Portfolio Managers’ Report

	Sector Diversification as of December 31, 2015 (as a percentage of net assets)

	Financials			38.2%
	Industrials			13.4%
	Consumer Discretionary			11.6%
	Information Technology			10.8%
	Health Care			6.3%
	Energy			4.9%
	Materials			4.6%
	Utilities			4.5%
	Consumer Staples			3.4%
	Assets in Excess of Other Liabilities*			2.3%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

VY® Columbia Small Cap Value II Portfolio (the “Portfolio”) seeks long-term growth of capital. The Portfolio is managed by Christian K. Stadlinger, Ph. D., CFA, and Jarl Ginsberg, CFA, CAIA, Portfolio Managers, of Columbia Management Investment Advisors, LLC — the Sub-Adviser.

Performance: For the year ended December 31, 2015, the Portfolio’s Class I shares provided a total return of -2.74% compared to the Russell 2000® Value Index, which returned -7.47% for the same period.

Portfolio Specifics: During the reporting period, stock selection accounted for the overwhelming majority of outperformance, with strongest stock selection in the financials sector, followed by energy, consumer discretionary and industrials. This was slightly offset by poorer stock selection in the consumer staples sector. An overweight to health care stocks helped, and an overweight to the poor performing consumer discretionary sector detracted.

The Portfolio’s holdings in life insurer Symetra Financial benefitted from news of an acquisition agreement with a Japanese insurance company, sending the company’s stock price higher.

In consumer discretionary, signs of improving consumer spending aided the sector. Stock selection was favorable in apparel (Skechers U.S.A, Inc.) and household durables (Helen of Troy Limited). These two holdings contributed strongly to the Portfolio’s relative outperformance. Skechers continued to advance strongly on robust athletic and apparel trends in the U.S., product innovation combined with a sound marketing strategy and broad expansion internationally. Helen of Troy also continued its incremental rise through solid product positioning of its hair care appliances, accessories and related consumer products.

In the health care sector, PharMerica Corporation advanced on general merger and acquisition activity in the service area

	Top Ten Holdings as of December 31, 2015* (as a percentage of net assets)

	Sterling Bancorp/DE			1.5%
	Amerisafe, Inc.			1.5%
	Argo Group International Holdings Ltd.			1.4%
	Independent Bank Corp.			1.4%
	CubeSmart			1.4%
	PharMerica Corp.			1.4%
	Renasant Corp.			1.4%
	Community Bank System, Inc.			1.3%
	Avista Corp.			1.3%
	Fairchild Semiconductor International, Inc.			1.3%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

highlighting the company’s franchise value as well as pharmacy sales to long term care facilities.

Swift Transportation Company, the largest truckload carrier in North America, was the top detractor in the Portfolio for the period. The company earnings came in below estimates and guidance, and in the face of the current headwinds - no fleet growth, lowered pricing expectations, and the absence of any material utilization improvement - we sold the stock.

Current Strategy and Outlook: In 2016, we expect continued slow earnings growth and a more volatile stock market. Earnings growth ended 2015 essentially flat, which was a let-down given estimates at the start of the year targeting high single digits. At this time we feel the market will take its cue from the global macroeconomic outlook. We continue to believe that our focus on small-cap value companies with strong underlying earnings prospects and attractively priced shares has the potential to reward investors. We remain focused on our research of those companies where we believe the valuation gap is likely to shrink in the near term and look for a company’s upward inflection point. We seek out stocks that are both inexpensive and show improving operating performance/metrics.

TABLE OF CONTENTS

Portfolio Managers’ Report

VY® Columbia Small Cap Value II Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		Since Inception of Class ADV December 29, 2006		Since Inception of Class I April 28, 2006		Since Inception of Class S May 1, 2006		Since Inception of Class S2 February 27, 2009
Class ADV		-3.21%		9.25%		5.60%		—		—		—
Class I		-2.74%		9.80%		—		5.88%		—		—
Class S		-2.95%		9.51%		—		—		5.67%		—
Class S2		-3.19%		9.33%		—		—		—		18.40%
Russell 2000® Value Index		-7.47%		7.67%		3.75%		4.37%		4.41%		17.12%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY® Columbia Small Cap Value II Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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.

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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VY® Invesco Comstock Portfolio

Portfolio Managers’ Report

	Sector Diversification as of December 31, 2015 (as a percentage of net assets)

	Financials			28.3%
	Consumer Discretionary			14.7%
	Energy			13.0%
	Information Technology			12.8%
	Health Care			11.0%
	Industrials			6.9%
	Consumer Staples			4.7%
	Materials			1.7%
	Utilities			1.1%
	Telecommunication Services			0.7%
	Assets in Excess of Other Liabilities*			5.1%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

VY® Invesco Comstock Portfolio (the “Portfolio”) seeks capital growth and income. The Portfolio is managed by Kevin Holt, Lead Portfolio Manager, Devin E. Armstrong, James N. Warwick, and Charles DyReyes, Product Managers, of Invesco Advisers, Inc. — the Sub-Adviser.*

Performance: For the year ended December 31, 2015, the Portfolio’s Class S shares, provided a total return of -5.97% compared to the Russell 1000® Value Index and the S&P 500® Index, which returned -3.83% and 1.38%, respectively, for the same period.

Portfolio Specifics: On the positive side of sector performance, we used currency forward contracts during the reporting period for the purpose of hedging currency exposure of non-US based companies held in the Portfolio. Derivatives were used solely for the purpose of hedging and not for speculative purposes or leverage. The use of currency forward contracts had a large positive impact on the Portfolio’s performance relative to the Russell 1000® Value Index for the reporting period.

Stock selection within consumer staples also contributed to relative performance. ConAgra Foods shares benefited after the packaged foods maker reported earnings that exceeded analysts’ estimates towards the end of the reporting period, causing the stock to post double digit returns. Also, not owning Proctor & Gamble, which is a large benchmark holding that posted negative performance for the period helped relative performance.

A material underweight in utilities also helped relative performance, as utilities stocks posted negative returns for the period. We continue to believe utilities remain overvalued, as a sector.

On the negative side, weak stock selection and an underweight to healthcare stocks was a large detractor to relative performance. Specifically, being underweight within the healthcare equipment and services industry hurt performance. Also, not owning select names within pharmaceuticals, like Eli Lilly and Company, hurt performance as that stock posted a return of over 20% for the period.

Stock selection and an underweight in financials also acted as a large detractor to performance. Within diversified financials, Morgan Stanley and State Street underperformed the sector and benchmark, posting double digit negative returns. Although Morgan Stanley

	Top Ten Holdings as of December 31, 2015* (as a percentage of net assets)

	Citigroup, Inc.			4.8%
	JPMorgan Chase & Co.			3.8%
	Bank of America Corp.			3.0%
	Carnival Corp.			2.9%
	Cisco Systems, Inc.			2.4%
	General Electric Co.			2.3%
	Suncor Energy, Inc.			2.1%
	Wells Fargo & Co.			2.1%
	Merck & Co., Inc.			2.0%
	General Motors Co.			1.9%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

reported profits and revenues that beat estimates, financial stocks in general declined in the latter part of the period due to concerns about a prolonged low interest rate environment. Not owning real estate also hurt performance.

Stock selection and an overweight within the energy sector also hurt performance, mainly due to the declining prices of oil. Notably, Royal Dutch Shell and Murphy Oil Corp. were two of the largest relative detractors within the sector. Despite having a strong balance sheet and maintaining an attractive dividend, Royal Dutch Shell, a non-benchmark and top holding within the portfolio, underperformed the sector and benchmark for the period.

Current Strategy and Outlook: Although the Portfolio is underweight financials and overweight in energy compared to the Russell 1000® Value Index, we have a favorable view of large diversified financials companies and have been taking advantage of what we perceive to be weakness in the energy sector to add to the Portfolio’s energy position. The Portfolio’s exposure in each sector has a higher volatility than the Russell 1000® Value Index. Therefore, we believe the Portfolio should be more sensitive to broad moves within these sectors for the foreseeable future.

Effective November 9, 2015, Matthew Seinsheimer was removed as a portfolio manager of the Portfolio and Charles DyReyes was added as a portfolio manager of the Portfolio.

TABLE OF CONTENTS

Portfolio Managers’ Report

VY® Invesco Comstock Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		10 Year
Class ADV		-6.19%		9.72%		5.27%
Class I		-5.76%		10.26%		5.79%
Class S		-5.97%		9.99%		5.53%
Russell 1000® Value Index		-3.83%		11.27%		6.16%
S&P 500® Index		1.38%		12.57%		7.31%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY® Invesco Comstock Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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.

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

VY® Invesco Equity and Income Portfolio

Portfolio Managers’ Report

	Sector Diversification as of December 31, 2015 (as a percentage of net assets)

	Financials			26.5%
	Health Care			9.1%
	Energy			8.5%
	Information Technology			8.3%
	U.S. Treasury Notes			8.2%
	Industrials			6.4%
	Consumer Discretionary			5.8%
	Consumer Staples			5.0%
	Consumer, Non-cyclical			4.7%
	Technology			3.3%
	Communications			2.4%
	Telecommunication Services			1.8%
	U.S. Treasury Bonds			1.6%
	Consumer, Cyclical			1.3%
	Utilities			1.1%
	Materials			0.4%
	Basic Materials			0.3%
	Federal Home Loan Mortgage Corporation			0.1%
	Foreign Government Bonds			0.1%
	Federal National Mortgage Association			0.1%
	Municipal			0.1%
	Assets in Excess of Other Liabilities*			4.9%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

VY® Invesco Equity and Income Portfolio (the “Portfolio”) seeks total return, consisting of long-term capital appreciation and current income. The Portfolio is managed by Brian Jurkash, Thomas B. Bastian, CFA, James O. Roeder, Sergio Marcheli, Mary Jayne Maly and Chuck Burge of Invesco Advisers, Inc. — the Sub-Adviser.*

Performance: For the year ended December 31, 2015, the Portfolio’s Class S shares provided a total return of -2.31% compared to the Russell 1000® Value Index, Barclays U.S. Government/Credit Index and the 60% Russell 1000® Value Index/40% Barclays U.S. Government/Credit Index, which returned -3.83%, 0.15% and -2.03%, respectively, for the same period.

Portfolio Specifics: On the positive side, strong stock selection within the information technology sector was a large contributor to the Portfolio’s relative returns for the reporting period. Notably, Amdocs within software and services was a large driver of performance, posting returns in double-digits for the reporting period. UK-based Amdocs’ stock price rallied when the company reported record revenues in July of 2015, after expanding their product suite and renewing major service contracts. Also, we used currency forward contracts during the reporting period for the purpose of hedging currency exposure of non-U.S. based companies held in the Portfolio. The use of currency forward contracts had a large positive impact on the Portfolio’s relative performance. This was mainly due to the strength of the U.S. dollar. Energy was one of the worst performing sectors during the period, with continued weakness in oil prices driving down stock prices. As such, the Portfolio’s meaningful underweight in the sector was a positive contributor to relative return. Stock selection in consumer discretionary also added to relative returns. Within the sector, Carnival Corp. was a notable contributor, posting returns over 20% for the period. The cruise line operator reported higher-than-expected earnings and raised its outlook for 2016.

On the negative side, stock selection and an underweight within the industrials sector detracted from the Portfolio’s relative performance. Tyco International within commercial and professional services performed poorly for the reporting period, posting negative double-digit returns. In the 4th quarter, Tyco met analysts’ earnings expectations; however, revenue numbers fell short due to the impact from foreign currency. Stock selection in consumer staples also dampened relative performance. Notably,

	Top Ten Holdings as of December 31, 2015* (as a percentage of net assets)

	JPMorgan Chase & Co.			3.2%
	United States Treasury Note, 1.250%, 12/15/18			3.1%
	Citigroup, Inc.			3.1%
	United States Treasury Note, 0.875%, 11/30/17			3.1%
	General Electric Co.			2.5%
	Bank of America Corp.			1.9%
	United States Treasury Note, 1.625%, 11/30/20			1.9%
	Morgan Stanley			1.6%
	Carnival Corp.			1.4%
	PNC Financial Services Group, Inc.			1.3%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

Archer-Daniels-Midland stock sold off during the 4th quarter as investors weighed 3rd quarter profits that missed analyst expectations and guidance that the company may continue to have a challenging operating environment due to the strong U.S. dollar and depressed ethanol margins. Stock selection and the allocation to healthcare stocks hurt performance, as well. Specifically, an underweight to healthcare services and not owning names like Cigna Corp. were large detractors, as those stocks performed well for the period.

The Portfolio’s allocation to high grade bonds posted flat returns, whereas convertible bonds posted negative returns. However, the Portfolio’s allocation to bonds contributed to relative performance versus the Russell 1000® Value index, as bonds outperformed large value equities, which posted negative returns. Cash is utilized for investment opportunities and the fixed income allocation potentially provides income and capital preservation during equity market downturns.

Current Strategy and Outlook: Equity markets experienced continued volatility during the reporting period based on political unrest in Eastern Europe, a sluggish Chinese economy and the effects to the global economy from falling oil prices. We believe that market volatility creates opportunities to invest in companies with attractive valuations and strong fundamentals. We believe that ultimately those valuations and fundamentals will be reflected in those companies’ stock prices.

Brian Jurkash was added as a portfolio manager in April 2015. Effective January 25, 2016, Matthew Titus was added as a portfolio manager of the Portfolio. Effective March 1, 2016, Mary Jayne Maly will be removed as a portfolio manager of the Portfolio.

TABLE OF CONTENTS

Portfolio Managers’ Report

VY® Invesco Equity and Income Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year			10 Year		Since Inception of Class S2 February 27, 2009
Class ADV		-2.55%			7.73%		5.72%		—
Class I		-2.06%			8.27%		6.25%		—
Class S		-2.31%			8.00%		5.98%		—
Class S2		-2.44%		��	7.84%		—		12.87%
Russell 1000® Value Index		-3.83%			11.27%		6.16%		17.87%
Barclays U.S. Government/Credit Index		0.15%			3.39%		4.47%		4.47%
60% Russell 1000® Value Index/40% Barclays U.S. Government/Credit Index		-2.03%			8.28%		5.82%		12.63%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY® Invesco Equity and Income Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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.

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

VY® JPMorgan Mid Cap Value Portfolio

Portfolio Managers’ Report

	Sector Diversification as of December 31, 2015 (as a percentage of net assets)

	Financials			33.0%
	Consumer Discretionary			17.8%
	Utilities			10.8%
	Industrials			9.3%
	Information Technology			9.3%
	Consumer Staples			6.3%
	Health Care			5.4%
	Materials			5.4%
	Energy			3.5%
	Liabilities in Excess of Other Assets*			(0.8)%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

VY® JPMorgan Mid Cap Value Portfolio (the “Portfolio”) seeks growth from capital appreciation. The Portfolio is managed by Jonathan K.L. Simon, Lawrence Playford, CFA, and Gloria Fu, CFA, Managing Directors and Portfolio Managers of J.P. Morgan Investment Management Inc. — the Sub-Adviser.

Performance: For the year ended December 31, 2015, the Portfolio’s Class S shares provided a total return of -3.04% compared to the Russell Midcap® Value Index (the “Index” or “Russell Midcap® Value”), which returned -4.78% for the same period.

Portfolio Specifics: The Portfolio outperformed the Index during the year. The strategy’s historical performance remained strong with positive alpha in all standard time periods.

Within the consumer staples sector, we saw solid performance from Kroger, which had another excellent year as it continued to consecutively post strong top-line growth. The company has positioned itself well for the shift in consumer eating trends by offering a wide range of price points. Kroger has been investing in its omni-channel platform, growing its organic food selection, and successfully winning market share from its main competitors. We are impressed with management’s innovative thinking and strong commitment to returning capital to shareholders through steady dividend raises and aggressive share buybacks. We view Kroger as a top supermarket operator that should continue to gain market share in 2016.

Although stock selection and sector overweight in consumer discretionary detracted from results this year, the position in Expedia performed well. The global expansion of mobile connectivity has driven rapid growth in online travel expenditures, allowing online travel agencies (“OTA”) such as Expedia to take market share from traditional travel agencies. The OTA market continued to consolidate in 2015 largely due to Expedia’s activity in the merger-and-acquisition space. Expedia has strengthened its position as the online market leader through the acquisitions of Travelocity, Orbitz and HomeAway. Organic growth was strong this year in the hotel and airline segments, and management proved that they remain focused on returning cash to shareholders with a $10 million increase to the company’s stock repurchase plan.

Stock selection within the materials sector was strong this year largely due to our position in Airgas (“ARG”) and our lack of ownership in Freeport-McMoran (“FCX”). The French industrial gas company, Air Liquide, announced it would acquire ARG, one of the largest suppliers of industrial, medical and specialty gases, to expand its footprint in the U.S. The agreed upon price was 50% above the one-month average stock price prior to the announcement. We chose not to purchase FCX due to deteriorating business fundamentals in their mining business as they are experiencing decreased demand and weak pricing. FCX’s heavy exposure to commodity price volatility conflicts with our investment philosophy of owning high quality companies with stable end products.

An underweight to the energy sector was the largest contributor to relative performance this year. Despite strong sector allocation, a few of our energy names, such as Southwestern Energy and Energen were among the worst-performing names in the Portfolio. Southwestern Energy, a major natural gas

	Top Ten Holdings as of December 31, 2015 (as a percentage of net assets)

	Jack Henry & Associates, Inc.			1.9%
	Mohawk Industries, Inc.			1.8%
	M&T Bank Corp.			1.8%
	Loews Corp.			1.6%
	Fifth Third Bancorp			1.6%
	Arrow Electronics, Inc.			1.6%
	Synopsys, Inc.			1.5%
	Energen Corp.			1.5%
	SunTrust Bank			1.5%
	Kroger Co.			1.5%
	Portfolio holdings are subject to change daily.

exploration and production company, had a challenging year navigating the weak natural gas price environment, hurt by the resilient production levels from the shale gas producers. Additionally, the warmer-than-usual fall and winter has created an oversupplied gas market, further exacerbating the price weakness. Despite these headwinds, Southwestern Energy is trading at a sharp discount to net asset value as their assets in the Marcellus, Appalachia and Fayetteville regions are among the highest quality. At these price levels, we believe the risk/reward of company’s stock falls in our favor. Energen, an oil and natural gas exploration and production company, had a difficult year as commodity prices continued to fall. Despite the weak macro environment, the company is seeing growth in its Midland Basin assets where Energen should continue to benefit from drilling efficiencies and higher-margin volume growth in 2016. We are impressed by management’s commitment to a strong balance sheet. At these low commodity price levels, we believe Energen still has enough liquidity to fund its operations through 2017. We feel confident management will be able to fully utilize available resources to weather these tough times.

Current Strategy and Outlook: The financial sector remains the largest absolute sector weight within the Portfolio. As value investors, we are able to find high-quality financial companies that are trading at what we believe to be attractive valuations. The increase in the fed funds rate that was initiated at the December Federal Reserve Board meeting was welcome news as, in our opinion, the Portfolio is well positioned to benefit as the interest rate environment normalizes. We expect that bank holdings will see meaningful net interest margin expansion over time as short-term interest rates increase.

The consumer discretionary sector continues to be where we find some of our highest-conviction ideas and is the largest overweight position relative to the benchmark. In the consumer discretionary space, the Portfolio’s traditional retail holdings are developing effective omni-channel retailing systems that blend the best of online and brick and mortar retailing.

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Portfolio Managers’ Report

VY® JPMorgan Mid Cap Value Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		10 Year		Since Inception of Class S2 February 27, 2009
Class ADV		-3.27%		12.10%		7.99%		—
Class I		-2.77%		12.67%		8.53%		—
Class S		-3.04%		12.38%		8.26%		—
Class S2		-3.20%		12.21%		—		19.39%
Russell Midcap® Value		-4.78%		11.25%		7.61%		20.79%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY® JPMorgan Mid Cap Value Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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.

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

VY® Oppenheimer Global Portfolio

Portfolio Managers’ Report

	Geographic Diversification as of December 31, 2015 (as a percentage of net assets)

	United States			45.1%
	Japan			12.4%
	Germany			9.2%
	United Kingdom			5.6%
	Switzerland			5.1%
	France			4.6%
	India			3.3%
	Spain			3.2%
	Sweden			3.1%
	Netherlands			2.3%
	Countries between 0.3% – 1.7%^			4.8%
	Assets in Excess of Other Liabilities*			1.3%
	Net Assets			100.0%
	* Includes short-term investments.
	^ Includes 5 countries, which each represents 0.3% – 1.7% of net assets.
	Portfolio holdings are subject to change daily.

VY® Oppenheimer Global Portfolio (the “Portfolio”) seeks capital appreciation. The Portfolio is managed by Rajeev Bhaman, CFA, Portfolio Manager of OppenheimerFunds, Inc. — the Sub-Adviser.

Performance: For the year ended December 31, 2015, the Portfolio’s Class S shares provided a total return of 3.84% compared to the MSCI All Country World IndexSM, which returned -2.36% for the same period.

Portfolio Specifics: The Portfolio outperformed the MSCI All Country World IndexSM in seven out of ten sectors, led by stock selection in information technology and industrials, and underweight positions in energy and materials, which were the two worst performing sectors of the Index. The Portfolio underperformed the MSCI All Country World IndexSM in the consumer staples sector due to an underweight position and stock selection, and in the health care sector as a result of stock selection.

On a country basis, stock selection in the United States was the strongest contributor to performance. Stock selection and an overweight position in Japan and an underweight position in Canada also contributed positively to relative performance. Detractors from performance included stock selection in India, an overweight position in Brazil and stock selection in Denmark.

Top contributors to performance this period included information technology stocks Alphabet, Inc. (United States), Altera Corp. (United States), Murata Manufacturing Co., Ltd. (Japan) and Adobe Systems, Inc. (United States). Airbus Group SE (Industrials) (France) also contributed positively to performance. Alphabet is the new holding company vehicle for what was previously known as Google, now a mere division. The company reorganized the structure of the company in a way which will make it easier for investors to see the value in its core businesses and more easily assess the progress of their developing ones. We initiated a position in Alphabet several years ago due to its dominance in a variety of fast growing areas in e-commerce and mobility. In our view, given its strengths, and the durability of these strengths, it was unusually cheap, valued at essentially a market multiple. The valuation is a bit higher now but the business remains one of significant structural opportunity. Altera is a key player in the programmable logic device (“PLD”) niche of the semiconductor industry. In contrast to application-specific integrated circuits, PLDs can be reconfigured to address the unique needs of respective users. Recognizing the value of Altera’s intellectual property, Intel, the largest chip maker, announced plans to acquire Altera. The acquisition was completed late in the year. Murata Manufacturing Co. Ltd. is a Japan-based smartphone ceramic capacitor manufacturer. The company has exceeded earnings expectations due to robust, global sales of high-end smartphones. As a component manufacturer with both Apple and Samsung as customers, it does not matter which company wins the next product refresh. Adobe Systems, Inc. performed well and reported a sharp increase in quarterly sales and profits for its fiscal fourth quarter. After declining in 2014 on fears of Europe and oil prices potentially reducing new orders, Airbus performed positively in 2015. None of these issues are especially important to the bigger economic case for Airbus. A snapback was to be expected.

The most significant detractors from performance this period included SunEdison, Inc. (Information Technology) (United States), ICICI Bank Ltd. (Financials) (India), Tiffany & Co. (Consumer Discretionary) (United States), bluebird bio, Inc. (Health Care) (United States) and LM Ericsson Telefon AB (“Ericsson”) (Information Technology) (Sweden). SunEdison, Inc. is a position we initiated during the reporting period, in a period of sharp decline in its share price. The company is a developer of technologies in the field of solar power. During the reporting period, concerns developed about the durability of their finances. Accelerating the share decline may have the involvement of hedge funds that

	Top Ten Holdings as of December 31, 2015 (as a percentage of net assets)

	McGraw-Hill Cos., Inc.			2.6%
	Aetna, Inc.			2.4%
	Airbus Group SE			2.3%
	Alphabet, Inc. - Class C			2.3%
	Murata Manufacturing Co., Ltd.			2.3%
	Alphabet, Inc. - Class A			2.2%
	Adobe Systems, Inc.			2.2%
	Colgate-Palmolive Co.			2.2%
	Citigroup, Inc.			2.1%
	Maxim Integrated Products			2.0%
	Portfolio holdings are subject to change daily.

appear to have exhibited stop loss behaviors, needing a quick out as the share price declined. ICICI Bank Ltd. is the largest private sector bank in India. After the company’s share price nearly doubled since the third quarter of 2013, it underwent a correction this reporting period. This was not a major concern of ours, as India is among the most under-banked nations in the world. Shares of Tiffany & Co. fell early in the year as it experienced a soft holiday sales season due to some promotional missteps. Also, in contrast to its European luxury counterparts, it was negatively impacted by the sharp rise in the U.S. dollar. Despite much talk of China’s current slowdown, we believe our thesis on increasing consumption of luxury goods, particularly in the emerging markets, over the longer term remains intact. China has demonstrated an appetite for jewelry. Tiffany & Co. continues to improve its product offering, which has positive implications for margins, and continues to have a strong global brand, in our view. bluebird bio, inc. is a clinical-stage biotechnology company that experienced declines during the reporting period. Ericsson, a mobile network operator, underperformed for a few reasons: slower U.S. recovery, 4G peaking in China and no resolution of a patent dispute with Apple. We viewed these as transient factors and remained comfortable with our position in Ericsson at period-end.

Current Strategy and Outlook: At period end, the Portfolio had its largest overweight positions in information technology, health care, consumer discretionary and industrials. The Portfolio had its most significant underweight positions in energy, consumer staples, materials and utilities. On a country basis, the Portfolio had its largest overweight positions in Germany, Japan and France, with its most significant underweight positions in the United States, Canada and Australia. Despite being underweight the United States relative to the MSCI All Country World IndexSM, the Portfolio had its largest allocation to that country on an absolute basis at period-end.

Headlines have very little to do with the way we invest, other than perhaps creating opportunities to buy or add to companies where we believe that near-term concerns have caused share prices to dislocate from long-term fundamentals. The Portfolio is a long-term, growth-oriented investment portfolio. We use a bottom-up, fundamental approach and seek to invest only in high quality companies with above average, sustainable growth characteristics. We seek to add value via our individual stock selection, and make no effort to mimic the weights assigned to the benchmark by sector, region or country. Valuation is a critical part of our investment criteria. Assuming we properly understand a given set of business economics, we believe our returns are principally a function of paying an appropriate price.

TABLE OF CONTENTS

Portfolio Managers’ Report

VY® Oppenheimer Global Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		10 Year		Since Inception of Class S2 February 27, 2009
Class ADV		3.56%		8.12%		5.76%		—
Class I		4.13%		8.65%		6.29%		—
Class S		3.84%		8.37%		6.03%		—
Class S2		3.74%		8.22%		—		16.59%
MSCI All Country World IndexSM		-2.36%		6.09%		4.76%		14.15%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY® Oppenheimer Global Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 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) 262-3862 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 November 8, 2004, the Portfolio was advised by a different sub-adviser.

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VY® Pioneer High Yield Portfolio

Portfolio Managers’ Report

	Investment Type Allocation as of December 31, 2015 (as a percentage of net assets)

	Corporate Bonds/Notes			83.2%
	Common Stock			6.5%
	Preferred Stock			2.4%
	Collateralized Mortgage Obligations			1.0%
	Foreign Government Bonds**			0.0%
	Rights**			0.0%
	Assets in Excess of Other Liabilities*			6.9%
	Net Assets			100.0%
	* Includes short-term investments.
	** Amount is less than 0.05%.
	Portfolio holdings are subject to change daily.

VY® Pioneer High Yield Portfolio (the “Portfolio”) seeks to maximize total return through income and capital appreciation. The Portfolio is managed by Andrew Feltus, Director of High Yield and Senior Vice President, and Tracy Wright, Senior Vice President, Portfolio Managers, of Pioneer Investment Management, Inc. — the Sub-Adviser.

Performance: For the year ended December 31, 2015, the Portfolio’s Class I shares provided a total return of -4.55% compared to the Bank of America/Merrill Lynch High Yield Master II Index and the Bank of America/Merrill Lynch All Convertibles (Speculative Grade) Index, which returned -4.64% and -10.29%, respectively, for the same period.

Portfolio Specifics: The Portfolio benefited during 2015 from our out of benchmark exposure of approximately 15% to convertible securities with a focus on technology and healthcare issuers. Healthcare was a strong contributor as issuers benefited from industry consolidation and ongoing favorable demographic trends. Technology also was a contributor. The modest energy allocation was a detractor.

Within high yield corporates, a significant contributor to relative returns was the underweight combined with security selection in the basic industry sector. The metals/mining sector was hurt by the sharp drop in prices experienced by most commodities throughout the year as a result of overcapacity and concerns about the pace of global growth. Issue selection in the homebuilding, healthcare, media and services sectors also helped. Additionally, the overweight to the banking sector and the underweight to energy contributed to relative returns. Both the underweight and security selection in the leisure and telecommunications sectors hurt returns.

The Portfolio’s underweight allocation to the lower-rated CCC quality tier was a strong relative contributor to performance as the more speculative credits significantly lagged during the period. Also, the 5.3% average allocation to floating rate bank loans helped relative returns during 2015 as securities positioned higher in the capital structure generally outperformed.

The Portfolio’s approximate 6% allocation to equity was a modest detractor during the year. The equity allocation was hurt by its energy and materials exposure. The healthcare and consumer discretionary sectors contributed to returns.

	Top Ten Holdings as of December 31, 2015* (as a percentage of net assets)

	Sprint Corp., 7.250%, 09/15/21			1.3%
	Timberstar Trust, 7.530%, 10/15/36			1.0%
	Scientific Games International, Inc., 10.000%, 12/01/22			1.0%
	CHS/Community Health Systems, Inc., 8.000%, 11/15/19			0.9%
	VRX Escrow Corp., 5.875%, 05/15/23			0.8%
	Forest City Enterprises, Inc.			0.8%
	Ford Motor Co.			0.7%
	Sealy Corp.			0.8%
	Crown Cork & Seal Co., Inc., 7.375%, 12/15/26			0.7%
	Citigroup, Inc.			0.7%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

Securities contributing to performance included the convertible bond positions in healthcare focused Salix Pharmaceuticals, Emergent Biosolutions, Alere and Amarin. The convertible holding in Jarden Corporation also helped. The corporate bond positions in Rentech Nitrogen Partners, Lennar Corporation and Post Holdings were also contributors.

Securities detracting from performance included the corporate bond positions in Denbury Resources, Linn Energy and Scientific Games International. The convertible and corporate bond holdings in Chesapeake Energy also detracted.

Current Strategy and Outlook: We continue to hold overweights to asset rich industries such as healthcare and those with strong free cash flows generating capabilities such as technology, which offer significant asset value and strong downside protection. The average high yield index option-adjusted spread stands at 695 basis points (“bps”) (a basis point is one-hundredth of one percent) which is now well above its 550 bps long-term average. We believe current spread levels more than compensate for any default risk, which we believe will remain below the 4% long-term average through at least 2016. Our positive fundamental outlook is supported by the fact that issuers are generally maintaining strong margins and balance sheets. In addition, in our view, financial conditions remain positive with issuers continuing to have ample access to capital. Given our growth outlook, we will maintain our exposure to certain names in convertibles and equity.

TABLE OF CONTENTS

Portfolio Managers’ Report

VY® Pioneer High Yield Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		Since Inception of Class I January 3, 2006		Since Inception of Class S January 20, 2006
Class I		-4.55%		4.40%		7.19%		—
Class S		-4.79%		4.15%		—		6.95%
Bank of America/Merrill Lynch High Yield Master II Index		-4.64%		4.84%		6.80%		6.75%
Bank of American/Merrill Lynch All Convertibles (Speculative Grade) Index		-10.29%		5.01%		6.33%		6.15%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY® Pioneer High Yield Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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.

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

VY® T. Rowe Price Diversified Mid Cap Growth Portfolio

Portfolio Managers’ Report

	Sector Diversification as of December 31, 2015 (as a percentage of net assets)

	Information Technology			20.8%
	Consumer Discretionary			20.7%
	Industrials			18.1%
	Health Care			15.2%
	Financials			9.6%
	Consumer Staples			6.0%
	Materials			6.0%
	Energy			1.7%
	Telecommunication Services			1.3%
	Utilities			0.5%
	Assets in Excess of Other Liabilities*			0.1%
	Net Assets			100.0%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

VY® T. Rowe Price Diversified Mid Cap Growth Portfolio (the “Portfolio”) seeks long-term capital appreciation. The Portfolio is managed by Donald J. Peters, Vice President, and Donald J. Easley, CFA, Vice President, Portfolio Managers of T. Rowe Price Associates, Inc. — the Sub-Adviser.

Performance: For the year ended December 31, 2015, the Portfolio’s Class S shares provided a total return of 1.72% compared to the S&P MidCap 400 Index and the Russell Midcap® Growth Index, which returned -2.18% and -0.20%, respectively, for the same period.

Portfolio Specifics: Health care contributed most to relative outperformance, due to stock positioning and a strategic overweight. Synageva Biopharmaceutical and Thoratec both helped here. A developer of enzyme replacement therapies for extremely rare diseases, Synageva Biopharmaceutical benefited from Alexion Pharmaceuticals’ announcement that it would acquire the company with an eye toward expanding its drug pipeline.

In information technology, our stock holdings also outperformed their benchmark peers, most notably Verisign and Vantiv. Verisign, which manages the .com and .net domain name registry and provides various online security services, benefited from strong results driven in large part by increased demand in China. A credit and debit card processing provider, Vantiv beat sales and earnings estimates this past quarter, and we also believe that the company stands to benefit from helping card issuers comply with the new requirements for chip-and-PIN card systems in the U.S.

Financials was another area of relative strength, owing to stock selection. E*TRADE Financial provided a boost here, as this online brokerage received regulatory approval to put its excess capital reserves to work. The firm chose to pay down debt, and we believe it will continue to benefit from more flexible use of its funds.

Consumer staples hurt relative results, as our stock holdings ended slightly down in a quarter when consumer staples led

	Top Ten Holdings as of December 31, 2015* (as a percentage of net assets)

	Hanesbrands, Inc.			1.0%
	Crown Castle International Corp.			1.0%
	SBA Communications Corp.			1.0%
	Ross Stores, Inc.			1.0%
	Dollar General Corp.			0.9%
	Autozone, Inc.			0.9%
	Carmax, Inc.			0.8%
	Southwest Airlines Co.			0.8%
	Intuitive Surgical, Inc.			0.8%
	Verisk Analytics, Inc.			0.8%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

the benchmark. Among our detrimental positions were Fresh Market and Monster Beverage. Fresh Market struggled amid strong competition from more established players within the organic grocery space. By contrast, Monster Beverage shares benefited from the company’s lucrative deal with Coca-Cola, and so our limited allocation to the company proved disadvantageous.

Current Strategy and Outlook: We anticipate that the U.S. economy should benefit from stable growth, driven by labor market strength, low inflation, and reduced fiscal headwinds. On balance, it is our opinion that the environment for growth stocks has the potential to remain favorable in 2016, though market volatility is likely to increase. We believe that interest rates may rise but will stay low, and the drop in energy costs could boost spending power for most consumers. Our strategy remains focused on growth companies with the ability to grow revenues and earnings regardless of the macroeconomic conditions, and we believe that the market will continue to reward our bottom-up, fundamentals-based approach.

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Portfolio Managers’ Report

VY® T. Rowe Price Diversified Mid Cap Growth Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		10 Year		Since Inception of Class S2 February 27, 2009
Class ADV		1.51%		10.98%		8.07%		—
Class I		2.02%		11.52%		8.60%		—
Class S		1.72%		11.25%		8.34%		—
Class S2		1.60%		11.08%		—		20.35%
S&P MidCap 400 Index		-2.18%		10.68%		8.18%		19.86%
Russell Midcap® Growth Index		-0.20%		11.54%		8.16%		20.71%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY® T. Rowe Price Diversified Mid Cap Growth Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 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) 262-3862 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 November 8, 2004, the Portfolio was advised by a different sub-adviser.

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VY® T. Rowe Price Growth Equity Portfolio

Portfolio Managers’ Report

	Sector Diversification as of December 31, 2015 (as a percentage of net assets)

	Information Technology			30.5%
	Consumer Discretionary			27.1%
	Health Care			21.3%
	Industrials			10.4%
	Financials			5.5%
	Consumer Staples			2.2%
	Materials			1.0%
	Telecommunication Services			0.1%
	Assets in Excess of Other Liabilities*			1.9%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

VY® T. Rowe Price Growth Equity Portfolio (the “Portfolio”) seeks long-term growth through investments in stocks. The Portfolio is managed by Joseph Fath, Vice President and Portfolio Manager of T. Rowe Price Associates, Inc. — the Sub-Adviser.

Performance: For the year ended December 31, 2015, the Portfolio’s Class I shares, provided a total return of 10.81% compared to the S&P 500® Index and the Russell 1000® Growth Index, which returned 1.38% and 5.67%, respectively, for the same period.

Portfolio Specifics: Stock selection was the primary reason for outperformance by the Portfolio, and sector weighting was notably positive. Consumer discretionary was the leading relative outperformer, primarily driven by stock selection, but significant overweighting of the strongest performer in the benchmark also helped. Information technology outperformed largely on stock selection. The lack of energy stocks in the Portfolio also benefited results, as that was by far the worst performer in the benchmark. Industrials and business services was the largest relative detractor, mainly due to stock selection.

Consumer discretionary was the leading outperformer. Amazon.com continued to improve operating leverage in its core retail business throughout the year and reported impressive results with sharp acceleration in revenue and margins in its Amazon Web Services (“AWS”) cloud-computing unit. Despite the stock’s runup, we believe there is room for improvement as retail margins ramp up from below normalized levels and the company benefits from the expanding higher margin and faster growth AWS unit.

Information technology also outperformed. Multiple factors drove shares of Alphabet higher, including strong earnings driven by the move to increase advertising coverage on mobile searches. The market was also encouraged by a new focus on expense discipline. Alphabet, the new holding company of Google, also instituted its first-ever share buyback program, indicating management’s move toward more shareholder-friendly behavior.

Industrials and business services was the largest detractor. American Airlines performed well early in 2015, but the stock began experiencing difficulty toward the end of the second quarter due to concerns that industry-wide capacity discipline may not remain in effect, which would hurt pricing power and reduce revenue. Canadian Pacific Railway shares lagged as investors became concerned that

	Top Ten Holdings as of December 31, 2015 (as a percentage of net assets)

	Amazon.com, Inc.			7.2%
	Alphabet, Inc. - Class A			3.6%
	Priceline.com, Inc.			3.5%
	Microsoft Corp.			3.3%
	Alphabet, Inc. - Class C			3.3%
	Allergan plc			3.1%
	Facebook, Inc.			2.9%
	Danaher Corp.			2.8%
	Visa, Inc. - Class A			2.7%
	Mastercard, Inc.			2.7%
	Portfolio holdings are subject to change daily.

a slowdown in crude shipments would start to pressure earnings of railway companies. Shares of Canadian Pacific fell further in the fourth quarter after the company announced plans to merge with competitor Norfolk Southern. Norfolk Southern has thus far rejected Canadian Pacific Railway’s offers.

Current Strategy and Outlook: Major U.S. stock indexes were narrowly mixed in 2015. In the first part of the year, equities benefited from steady economic and employment growth, generally favorable corporate earnings outside of the energy sector, higher merger activity, and central bank stimulus measures. Large-cap U.S. indexes reached their highest levels of the year in May, while smaller-cap benchmarks peaked about one month later. During the summer, global equities fell sharply in response to a plunge in Chinese stocks, which stemmed from its decelerating economy. Large-cap U.S. indexes experienced their first “correction,” typically defined as a drop of at least 10% from the highs, in the last four years. Growth stocks outpaced value shares according to Russell indexes, while large-cap shares generally outperformed small-caps.

We are optimistic about the longer-term prospects for large-cap growth stocks and expect the United States to generate moderate economic growth in 2016. We expect that the Federal Reserve Board is likely to raise short-term interest rates at a slower pace than the market currently expects, which should not hinder rising stock prices. However, the recent weakness in China’s industrial economy, falling energy and commodity prices, and geopolitical flare-ups could perpetuate the market’s recent volatility.

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Portfolio Managers’ Report

VY® T. Rowe Price Growth Equity Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		10 Year		Since Inception of Class S2 February 27, 2009
Class ADV		10.25%		13.99%		8.48%		—
Class I		10.81%		14.56%		9.02%		—
Class S		10.54%		14.27%		8.75%		—
Class S2		10.38%		14.10%		—		20.00%
S&P 500® Index		1.38%		12.57%		7.31%		18.63%
Russell 1000® Growth Index		5.67%		13.53%		8.53%		19.78%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY® T. Rowe Price Growth Equity Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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.

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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VY® Templeton Foreign Equity Portfolio

Portfolio Managers’ Report

	Geographic Diversification as of December 31, 2015 (as a percentage of net assets)

	United Kingdom			20.5%
	Germany			12.0%
	France			11.5%
	Switzerland			7.9%
	Japan			6.9%
	China			6.1%
	South Korea			5.6%
	Netherlands			5.4%
	Italy			3.0%
	Hong Kong			2.8%
	Countries between 0.2% – 2.8%^			14.6%
	Assets in Excess of Other Liabilities*			3.7%
	Net Assets			100.0%
	* Includes short-term investments.
	^ Includes 11 countries, which each represents 0.2% – 2.8% of net assets.
	Portfolio holdings are subject to change daily.

VY® Templeton Foreign Equity Portfolio (the “Portfolio”) seeks long-term capital growth. The Portfolio is managed by Cindy L. Sweeting, CFA, Antonio T. Docal, CFA, and Peter A. Nori, CFA, Portfolio Managers of Templeton Investment Counsel, LLC — the Sub-Adviser.

Performance: For the year ended December 31, 2015, the Portfolio’s Class I shares provided a total return of -3.34% compared to the MSCI All Country World ex-U.S. IndexSM (“MSCI ACWI ex-U.S.”) and the MSCI EAFE® Index, which returned -5.66% and -0.81%, respectively, for the same period.

Portfolio Specifics: In an environment where international stocks ended the year lower, the Portfolio limited losses and performed better than the MSCI ACWI ex-U.S., supported by stock selection. From a regional standpoint, stock selection and an overweighting in Europe contributed to relative performance, while the Portfolio’s underweighting and stock selection in Japan, the world’s best performing developed market in 2015, led to underperformance for the Portfolio’s Asia allocation.

Turning to sectors, even-weighted materials holdings delivered strong relative returns, supported by an underweighting and stock selection in metals and mining and stock selection in the construction materials industry. For example, Irish building materials firm CRH PLC and German cement-maker HeidelbergCement AG, were among the top contributors as they benefited from industry consolidation and restructuring as well as improving end-market demand.

Stock selection in financials also contributed. SwissRe AG, the world’s second largest reinsurer, was a top performer, rallying to the highest levels in more than a decade due to benign natural weather events and successful operational and financial management. The financials sector more broadly represented compelling value, in our analysis, particularly in Europe. We believe falling provisions, easing regulatory pressures and eventual turns in the business and interest rate cycles should support book value and earnings recoveries in the restructured sector.

Stock selection in consumer discretionary, information technology and energy also contributed, as did an overweighting in health care. An overweighting in energy detracted, but stock selection offset the negative effect. Although the timing for a recovery in the broader energy sector remains uncertain, at year-end oil traded near the cash cost of production, a very depressed level realized only a few times in the past 25 years. In our opinion, these types of prices should continue to accelerate the supply adjustment, ultimately restoring balance at a level that encourages continued investment in the production

	Top Ten Holdings as of December 31, 2015 (as a percentage of net assets)

	Samsung Electronics Co., Ltd. GDR			2.5%
	Teva Pharmaceutical Industries Ltd. ADR			2.3%
	Roche Holding AG			2.2%
	BNP Paribas			2.1%
	Swiss Re Ltd.			1.9%
	Credit Suisse Group AG			1.9%
	Nissan Motor Co., Ltd.			1.9%
	GlaxoSmithKline PLC			1.8%
	CRH PLC - London			1.8%
	AXA S.A.			1.8%
	Portfolio holdings are subject to change daily.

necessary to meet global demand over the long term.

Detractors included an underweighted position in the defensive consumer staples sector. Despite the sector’s stable earnings and balance sheet profile, we found few opportunities among what we considered richly valued companies in a competitive industry selling commoditized products at single-digit profit margins. The few bargains we identified in consumer staples were mostly in special situations or restructuring. U.K. retailer Tesco PLC (“Tesco”), a significant detractor in 2015, is one such example. With sentiment at an all-time low, valuations we considered depressed, and progress evident under new management’s reorganization plan, Tesco appeared to us to be positioned for a long-term recovery. Stock selection in telecommunication services also lagged, pressured by Spanish mobile company Telefonica SA, which faced headwinds in its Latin American operations.

During the period, the U.S. dollar appreciated against most foreign currencies, which also hurt the Portfolio’s performance because investments in securities with non-U.S. currency exposure lost value as the dollar rose.

Current Strategy and Outlook: A critical insight we have gleaned through six decades of investing in global equity markets is that returns seem to accrue to value intermittently. We believe our style of investing has historically compounded positive performance over a long-term investment horizon. But, it has rarely been a steady appreciation. At Templeton, we buy on pessimism, and the market can remain at odds with our portfolios for a considerable stretch. But, empirical evidence has shown that when the value cycle turns, it does so swiftly and abruptly. We believe being properly positioned for these turns is essential to capturing the long-term benefits of the value investment discipline. We have been witnessing historical extremes in the discount afforded to value relative to growth, quality and safety. Although this environment has been, and may remain, painful for some time, we believe the eventual normalization of these extremes represents the most compelling opportunity in equity markets today, and we have sought to position the Portfolio accordingly.

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Portfolio Managers’ Report

VY® Templeton Foreign Equity Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		Since Inception of Class ADV December 20, 2006		Since Inception of Class I January 3, 2006		Since Inception of Class S January 12, 2006		Since Inception of Class S2 February 27, 2009
Class ADV		-3.83%		2.09%		0.96%		—		—		—
Class I		-3.34%		2.59%		—		3.19%		—		—
Class S		-3.57%		2.33%		—		—		2.91%		—
Class S2		-3.72%		2.19%		—		—		—		10.57%
MSCI ACWI ex-U.S.		-5.66%		1.06%		0.65%		2.71%		2.41%		10.72%
MSCI EAFE® Index		-0.81%		3.60%		0.77%		2.82%		2.54%		11.42%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY® Templeton Foreign Equity Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 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) 262-3862 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

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 each class of 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, 2015 to December 31, 2015. 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, 2015			Ending Account Value December 31, 2015			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2015*			Beginning Account Value July 1, 2015			Ending Account Value December 31, 2015			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2015*
Voya Global Bond Portfolio
Class ADV		$	1,000.00		$	977.10		1.10%		$	5.48		$	1,000.00		$	1,019.66		1.10%		$	5.60
Class I			1,000.00			980.30		0.60			2.99			1,000.00			1,022.18		0.60			3.06
Class S			1,000.00			979.40		0.85			4.24			1,000.00			1,020.92		0.85			4.33
VY® American Century Small-Mid Cap Value Portfolio
Class ADV		$	1,000.00		$	964.30		1.36%		$	6.73		$	1,000.00		$	1,018.35		1.36%		$	6.92
Class I			1,000.00			966.40		0.86			4.26			1,000.00			1,020.87		0.86			4.38
Class S			1,000.00			965.70		1.11			5.50			1,000.00			1,019.61		1.11			5.65
Class S2			1,000.00			964.80		1.26			6.24			1,000.00			1,018.85		1.26			6.41
VY® Baron Growth Portfolio
Class ADV		$	1,000.00		$	920.30		1.49%		$	7.21		$	1,000.00		$	1,017.69		1.49%		$	7.58
Class I			1,000.00			923.10		0.99			4.80			1,000.00			1,020.21		0.99			5.04
Class S			1,000.00			921.50		1.24			6.01			1,000.00			1,018.95		1.24			6.31
Class S2			1,000.00			921.00		1.39			6.73			1,000.00			1,018.20		1.39			7.07
VY® Columbia Contrarian Core Portfolio
Class ADV		$	1,000.00		$	997.90		1.18%		$	5.94		$	1,000.00		$	1,019.26		1.18%		$	6.01
Class I			1,000.00			1,000.60		0.68			3.43			1,000.00			1,021.78		0.68			3.47
Class S			1,000.00			999.10		0.93			4.69			1,000.00			1,020.52		0.93			4.74

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2015			Ending Account Value December 31, 2015			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2015*			Beginning Account Value July 1, 2015			Ending Account Value December 31, 2015			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2015*
VY® Columbia Small Cap Value II Portfolio
Class ADV		$	1,000.00		$	929.00		1.36%		$	6.61		$	1,000.00		$	1,018.35		1.36%		$	6.92
Class I			1,000.00			931.30		0.86			4.19			1,000.00			1,020.87		0.86			4.38
Class S			1,000.00			930.10		1.11			5.40			1,000.00			1,019.61		1.11			5.65
Class S2			1,000.00			929.10		1.26			6.13			1,000.00			1,018.85		1.26			6.41
VY® Invesco Comstock Portfolio
Class ADV		$	1,000.00		$	933.00		1.22%		$	5.94		$	1,000.00		$	1,019.06		1.22%		$	6.21
Class I			1,000.00			935.10		0.72			3.51			1,000.00			1,021.58		0.72			3.67
Class S			1,000.00			934.10		0.97			4.73			1,000.00			1,020.32		0.97			4.94
VY® Invesco Equity and Income Portfolio
Class ADV		$	1,000.00		$	964.30		1.14%		$	5.64		$	1,000.00		$	1,019.46		1.14%		$	5.80
Class I			1,000.00			966.40		0.64			3.17			1,000.00			1,021.98		0.64			3.26
Class S			1,000.00			965.20		0.89			4.41			1,000.00			1,020.72		0.89			4.53
Class S2			1,000.00			964.70		1.02			5.05			1,000.00			1,020.06		1.02			5.19
VY® JPMorgan Mid Cap Value Portfolio
Class ADV		$	1,000.00		$	954.10		1.36%		$	6.70		$	1,000.00		$	1,018.35		1.36%		$	6.92
Class I			1,000.00			956.80		0.86			4.24			1,000.00			1,020.87		0.86			4.38
Class S			1,000.00			955.30		1.11			5.47			1,000.00			1,019.61		1.11			5.65
Class S2			1,000.00			954.30		1.26			6.21			1,000.00			1,018.85		1.26			6.41
VY® Oppenheimer Global Portfolio
Class ADV		$	1,000.00		$	939.10		1.25%		$	6.11		$	1,000.00		$	1,018.90		1.25%		$	6.36
Class I			1,000.00			941.40		0.75			3.67			1,000.00			1,021.42		0.75			3.82
Class S			1,000.00			940.10		1.00			4.89			1,000.00			1,020.16		1.00			5.09
Class S2			1,000.00			939.60		1.15			5.62			1,000.00			1,019.41		1.15			5.85
VY® Pioneer High Yield Portfolio
Class I		$	1,000.00		$	915.00		0.71%		$	3.43			1,000.00		$	1,021.63		0.71%		$	3.62
Class S			1,000.00			913.80		0.96			4.63			1,000.00			1,020.37		0.96			4.89
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio
Class ADV		$	1,000.00		$	956.50		1.27%		$	6.26		$	1,000.00		$	1,018.80		1.27%		$	6.46
Class I			1,000.00			958.50		0.77			3.80			1,000.00			1,021.32		0.77			3.92
Class S			1,000.00			957.50		1.02			5.03			1,000.00			1,020.06		1.02			5.19
Class S2			1,000.00			956.60		1.17			5.77			1,000.00			1,019.31		1.17			5.96
VY® T. Rowe Price Growth Equity Portfolio
Class ADV		$	1,000.00		$	1,032.70		1.23%		$	6.30		$	1,000.00		$	1,019.00		1.23%		$	6.26
Class I			1,000.00			1,035.20		0.73			3.74			1,000.00			1,021.53		0.73			3.72
Class S			1,000.00			1,034.10		0.98			5.02			1,000.00			1,020.27		0.98			4.99
Class S2			1,000.00			1,033.30		1.13			5.79			1,000.00			1,019.51		1.13			5.75
VY® Templeton Foreign Equity Portfolio
Class ADV		$	1,000.00		$	904.70		1.43%		$	6.87		$	1,000.00		$	1,018.00		1.43%		$	7.27
Class I			1,000.00			906.40		0.93			4.47			1,000.00			1,020.52		0.93			4.74
Class S			1,000.00			905.30		1.18			5.67			1,000.00			1,019.26		1.18			6.01
Class S2			1,000.00			905.00		1.33			6.39			1,000.00			1,018.50		1.33			6.77

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

The Shareholders and Board of Directors
Voya Partners, Inc.

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of Voya Global Bond Portfolio, VY® American Century Small-Mid Cap Value Portfolio, VY® Baron Growth Portfolio, VY® Columbia Contrarian Core Portfolio, VY® Columbia Small Cap Value II Portfolio, VY® Invesco Comstock Portfolio, VY® Invesco Equity and Income Portfolio, VY® JPMorgan Mid Cap Value Portfolio, VY® Oppenheimer Global Portfolio, VY® Pioneer High Yield Portfolio, VY® T. Rowe Price Diversified Mid Cap Growth Portfolio, VY® T. Rowe Price Growth Equity Portfolio, and VY® Templeton Foreign Equity Portfolio, each a series of Voya Partners, Inc., as of December 31, 2015, 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 financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the aforementioned funds of Voya Partners, Inc. as of December 31, 2015, 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 in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
February 25, 2016

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2015

	Voya Global Bond Portfolio			VY® American Century Small-Mid Cap Value Portfolio			VY® Baron Growth Portfolio			VY® Columbia Contrarian Core Portfolio
ASSETS:
Investments in securities at fair value+*		$	180,552,569		$	271,805,798		$	842,852,503		$	333,463,536
Investments in affiliates at fair value**			53,921,029			—			—			—
Short-term investments at fair value***			12,022,540			14,415,860			9,848,887			—
Total investments at fair value		$	246,496,138		$	286,221,658		$	852,701,390		$	333,463,536
Cash			—			—			—			7,996,171
Cash collateral for futures			2,110,207			—			—			—
Cash pledged for centrally cleared swaps (Note 2)			1,388,000			—			—			—
Cash pledged as collateral for OTC derivatives (Note 2)			1,430,000			—			—			—
Receivables:
Investment securities sold			1,544,435			547,021			1,901,520			141,703
Investment securities sold on a delayed-delivery or when-issued basis			291,145			—			—			—
Fund shares sold			271,195			27,289			1,798,188			3,459
Dividends			979			599,292			780,371			364,693
Interest			1,343,831			—			—			31
Foreign currency settlement (Note 13)			57,422			56			12,863			57,981
Foreign tax reclaims			—			—			—			3,831
Unrealized appreciation on forward foreign currency contracts			4,443,411			16,457			—			—
Prepaid expenses			535			601			1,914			714
Reimbursement due from manager			10,599			44,198			—			66,126
Other assets			9,573			4,779			18,077			8,423
Total assets			259,397,470			287,461,351			857,214,323			342,106,668
LIABILITIES:
Payable for investment securities purchased			—			731,425			—			1,540,374
Payable for investment securities purchased on a delayed-delivery or when-issued basis			6,315,690			—			—			—
Payable for fund shares redeemed			576,937			1,275,901			6,768,993			2,457,232
Payable for foreign cash collateral for futures*****			143,086			—			—			—
Payable upon receipt of securities loaned			7,383,540			7,642,699			—			—
Unrealized depreciation on forward foreign currency contracts			4,526,609			27,726			—			—
Variation margin payable on centrally cleared swaps			72,306			—			—			—
Cash received as collateral for OTC derivatives (Note 2)			470,000			—			—			—
Payable for investment management fees			122,449			260,850			698,669			261,409
Payable for distribution and shareholder service fees			20,485			52,322			161,361			75,108
Payable to custodian due to bank overdraft			53,328			—			—			—
Payable to custodian due to foreign currency overdraft****			1,353,517			—			—			—
Payable to trustees under the deferred compensation plan (Note 6)			9,573			4,779			18,077			8,423
Payable for trustee fees			1,328			1,520			4,937			1,751
Other accrued expenses and liabilities			66,701			65,107			114,756			44,872
Total liabilities			21,115,549			10,062,329			7,766,793			4,389,169
NET ASSETS		$	238,281,921		$	277,399,022		$	849,447,530		$	337,717,499
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	260,477,303		$	251,925,774		$	336,876,357		$	262,186,088
Undistributed (distributions in excess of) net investment income/ Accumulated net investment loss			(515,854)			4,090,003			(17,659)			11,151,533
Accumulated net realized gain (loss)			(6,239,479)			23,495,106			84,847,270			28,433,459
Net unrealized appreciation (depreciation)			(15,440,049)			(2,111,861)			427,741,562			35,946,419
NET ASSETS		$	238,281,921		$	277,399,022		$	849,447,530		$	337,717,499
+ Including securities loaned at value		$	7,233,208		$	7,458,299		$	—		$	—
* Cost of investments in securities		$	182,465,088		$	273,906,056		$	415,110,941		$	297,516,833
** Cost of investments in affiliates		$	66,383,120		$	—		$	—		$	—
*** Cost of short-term investments		$	12,022,540		$	14,415,860		$	9,848,887		$	—
**** Cost of foreign currency overdraft		$	1,373,523		$	—		$	—		$	—
***** Cost of payable for foreign cash collateral for futures		$	143,086		$	—		$	—		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2015 (continued)

	Voya Global Bond Portfolio			VY® American Century Small-Mid Cap Value Portfolio			VY® Baron Growth Portfolio			VY® Columbia Contrarian Core Portfolio
Class ADV
Net assets		$	26,374,087		$	79,900,789		$	90,913,545		$	22,737,764
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			2,687,310			7,400,575			3,419,867			1,046,350
Net asset value and redemption price per share		$	9.81		$	10.80		$	26.58		$	21.73
Class I
Net assets		$	168,738,824		$	115,279,483		$	193,600,718		$	10,627,647
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			16,923,189			10,156,250			6,806,048			470,439
Net asset value and redemption price per share		$	9.97		$	11.35		$	28.45		$	22.59
Class S
Net assets		$	43,169,010		$	78,645,514		$	559,237,436		$	304,352,088
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			4,331,150			7,011,335			20,282,059			13,703,391
Net asset value and redemption price per share		$	9.97		$	11.22		$	27.57		$	22.21
Class S2
Net assets			n/a		$	3,573,236		$	5,695,831			n/a
Shares authorized			n/a			100,000,000			100,000,000			n/a
Par value			n/a		$	0.001		$	0.001			n/a
Shares outstanding			n/a			331,545			213,711			n/a
Net asset value and redemption price per share			n/a		$	10.78		$	26.65			n/a

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2015

	VY® Columbia Small Cap Value II Portfolio			VY® Invesco Comstock Portfolio			VY® Invesco Equity and Income Portfolio			VY® JPMorgan Mid Cap Value Portfolio
ASSETS:
Investments in securities at fair value+*		$	206,174,661		$	507,905,196		$	1,724,699,607		$	625,949,709
Short-term investments at fair value**			5,109,137			28,499,873			155,328,095			13,187,586
Total investments at fair value		$	211,283,798		$	536,405,069		$	1,880,027,702		$	639,137,295
Cash			178			9,008			5,030			38,166
Foreign currencies at value***			—			507			495,242			—
Receivables:
Investment securities sold			36,743			692,011			523,527			—
Fund shares sold			821,722			766,652			1,484,614			259,310
Dividends			194,693			713,996			2,392,497			949,047
Interest			—			—			3,093,860			—
Foreign currency settlement (Note 13)			—			—			8,604			—
Foreign tax reclaims			—			156,518			294,271			—
Unrealized appreciation on forward foreign currency contracts			—			648,775			970,216			—
Prepaid expenses			465			1,175			3,985			1,371
Reimbursement due from manager			—			—			9,530			—
Other assets			5,369			14,234			53,838			9,868
Total assets			212,342,968			539,407,945			1,889,362,916			640,395,057
LIABILITIES:
Payable for investment securities purchased			219,288			268,521			389,201			48,969
Payable for fund shares redeemed			924,431			630,974			1,563,425			7,110,160
Payable upon receipt of securities loaned			—			2,490,134			72,856,452			11,324,364
Payable for investment management fees			155,053			322,713			964,206			445,673
Payable for distribution and shareholder service fees			42,774			79,919			320,234			104,439
Payable to trustees under the deferred compensation plan (Note 6)			5,369			14,234			53,838			9,868
Payable for trustee fees			1,160			2,828			10,016			3,459
Other accrued expenses and liabilities			24,904			53,021			118,162			82,604
Total liabilities			1,372,979			3,862,344			76,275,534			19,129,536
NET ASSETS		$	210,969,989		$	535,545,601		$	1,813,087,382		$	621,265,521
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	183,446,555		$	608,292,316		$	1,729,937,992		$	453,963,130
Undistributed net investment income			598,885			988,549			3,193,599			3,516
Accumulated net realized gain (loss)			8,485,558			(115,973,715)			70,903,667			54,346,594
Net unrealized appreciation			18,438,991			42,238,451			9,052,124			112,952,281
NET ASSETS		$	210,969,989		$	535,545,601		$	1,813,087,382		$	621,265,521
+ Including securities loaned at value		$	—		$	2,428,639		$	71,184,581		$	11,010,866
* Cost of investments in securities		$	187,735,670		$	466,305,430		$	1,716,593,503		$	512,997,428
** Cost of short-term investments		$	5,109,137		$	28,499,873		$	155,328,095		$	13,187,586
*** Cost of foreign currencies		$	—		$	513		$	495,388		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2015 (continued)

	VY® Columbia Small Cap Value II Portfolio			VY® Invesco Comstock Portfolio			VY® Invesco Equity and Income Portfolio			VY® JPMorgan Mid Cap Value Portfolio
Class ADV
Net assets		$	27,978,236		$	34,395,214		$	49,572,223		$	90,817,613
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			1,786,008			2,282,848			1,215,107			4,867,628
Net asset value and redemption price per share		$	15.67		$	15.07		$	40.80		$	18.66
Class I
Net assets		$	42,844,750		$	198,366,670		$	600,309,293		$	227,934,544
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			2,658,611			13,066,107			14,474,552			11,974,047
Net asset value and redemption price per share		$	16.12		$	15.18		$	41.47		$	19.04
Class S
Net assets		$	135,312,648		$	302,783,717		$	720,086,455		$	298,607,186
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			8,437,958			19,957,210			17,501,535			15,808,931
Net asset value and redemption price per share		$	16.04		$	15.17		$	41.14		$	18.89
Class S2
Net assets		$	4,834,355			n/a		$	443,119,411		$	3,906,178
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			309,418			n/a			10,913,573			209,969
Net asset value and redemption price per share		$	15.62			n/a		$	40.60		$	18.60

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2015

	VY® Oppenheimer Global Portfolio			VY® Pioneer High Yield Portfolio			VY® T. Rowe Price Diversified Mid Cap Growth Portfolio			VY® T. Rowe Price Growth Equity Portfolio
ASSETS:
Investments in securities at fair value+*		$	1,580,135,580		$	88,799,800		$	827,245,150		$	1,725,864,392
Short-term investments at fair value**			72,472,740			5,223,470			44,957,460			111,455,188
Total investments at fair value		$	1,652,608,320		$	94,023,270		$	872,202,610		$	1,837,319,580
Cash			—			4,548			830,996			1,615,375
Cash collateral for futures			—			243,880			—			—
Cash pledged for centrally cleared swaps (Note 2)			—			200,000			—			—
Receivables:
Investment securities sold			—			2,384,854			960,036			—
Fund shares sold			23,303			102,307			27,637			232,392
Dividends			405,509			10,625			398,199			759,600
Interest			—			1,201,765			—			—
Foreign currency settlement (Note 13)			302,563			—			—			402,047
Foreign tax reclaims			583,430			—			—			60,287
Variation margin receivable on centrally cleared swaps			—			813			—			—
Prepaid expenses			3,419			224			1,771			3,547
Reimbursement due from manager			—			4,727			—			—
Other assets			45,071			3,633			20,435			31,868
Total assets			1,653,971,615			98,180,646			874,441,684			1,840,424,696
LIABILITIES:
Payable for investment securities purchased			—			2,340,000			62,458			1,730,212
Payable for fund shares redeemed			2,619,711			429,868			707,209			5,349,167
Payable upon receipt of securities loaned			49,184,412			—			44,494,247			72,625,813
Payable for investment management fees			956,973			58,228			526,412			1,035,500
Payable for distribution and shareholder service fees			97,799			811			20,182			178,924
Payable to trustees under the deferred compensation plan (Note 6)			45,071			3,633			20,435			31,868
Payable for trustee fees			8,484			571			4,378			8,341
Other accrued expenses and liabilities			457,572			12,124			89,189			190,225
Total liabilities			53,370,022			2,845,235			45,924,510			81,150,050
NET ASSETS		$	1,600,601,593		$	95,335,411		$	828,517,174		$	1,759,274,646
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	932,930,976		$	116,127,966		$	519,247,704		$	1,096,210,216
Undistributed (distributions in excess of) net investment income			16,309,516			3,208,204			2,304,604			(32,269)
Accumulated net realized gain (loss)			86,320,984			(14,763,380)			98,222,397			181,735,971
Net unrealized appreciation (depreciation)			565,040,117			(9,237,379)			208,742,469			481,360,728
NET ASSETS		$	1,600,601,593		$	95,335,411		$	828,517,174		$	1,759,274,646
+ Including securities loaned at value		$	47,337,016		$	—		$	43,488,320		$	71,050,174
* Cost of investments in securities		$	1,015,054,082		$	97,969,905		$	618,502,682		$	1,244,497,546
** Cost of short-term investments		$	72,472,740		$	5,223,470		$	44,957,460		$	111,455,188

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2015 (continued)

	VY® Oppenheimer Global Portfolio			VY® Pioneer High Yield Portfolio			VY® T. Rowe Price Diversified Mid Cap Growth Portfolio			VY® T. Rowe Price Growth Equity Portfolio
Class ADV
Net assets		$	110,372,308			n/a		$	27,217,451		$	202,306,993
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			6,378,629			n/a			2,769,608			2,476,469
Net asset value and redemption price per share		$	17.30			n/a		$	9.83		$	81.69
Class I
Net assets		$	1,254,237,876		$	91,559,738		$	766,591,030		$	1,124,420,639
Shares authorized			250,000,000			100,000,000			250,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			69,792,241			8,502,632			72,319,521			13,053,026
Net asset value and redemption price per share		$	17.97		$	10.77		$	10.60		$	86.14
Class S
Net assets		$	231,620,672		$	3,775,673		$	30,613,515		$	427,185,998
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			13,326,142			351,036			2,972,159			5,091,758
Net asset value and redemption price per share		$	17.38		$	10.76		$	10.30		$	83.90
Class S2
Net assets		$	4,370,737			n/a		$	4,095,178		$	5,361,016
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			257,602			n/a			415,804			65,103
Net asset value and redemption price per share		$	16.97			n/a		$	9.85		$	82.35

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2015

	VY® Templeton Foreign Equity Portfolio
ASSETS:
Investments in securities at fair value+*		$	695,852,126
Short-term investments at fair value**			34,523,830
Total investments at fair value		$	730,375,956
Cash			676,973
Foreign currencies at value***			516
Receivables:
Fund shares sold			4,656,252
Dividends			1,181,700
Foreign currency settlement (Note 13)			1,974,841
Foreign tax reclaims			1,042,301
Prepaid expenses			1,617
Reimbursement due from manager			12,321
Other assets			42,055
Total assets			739,964,532
LIABILITIES:
Payable for fund shares redeemed			844,965
Payable upon receipt of securities loaned			15,523,830
Payable for investment management fees			547,202
Payable for distribution and shareholder service fees			122,380
Payable to trustees under the deferred compensation plan (Note 6)			42,055
Payable for trustee fees			4,109
Other accrued expenses and liabilities			193,451
Total liabilities			17,277,992
NET ASSETS		$	722,686,540
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	792,011,916
Undistributed net investment income			21,744,257
Accumulated net realized loss			(160,962,495)
Net unrealized appreciation			69,892,862
NET ASSETS		$	722,686,540
+ Including securities loaned at value		$	14,742,324
* Cost of investments in securities		$	625,817,843
** Cost of short-term investments		$	34,523,773
*** Cost of foreign currencies		$	516

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2015 (continued)

	VY® Templeton Foreign Equity Portfolio
Class ADV
Net assets		$	35,751,134
Shares authorized			100,000,000
Par value		$	0.001
Shares outstanding			3,226,953
Net asset value and redemption price per share		$	11.08
Class I
Net assets		$	186,601,766
Shares authorized			100,000,000
Par value		$	0.001
Shares outstanding			16,658,322
Net asset value and redemption price per share		$	11.20
Class S
Net assets		$	497,824,134
Shares authorized			100,000,000
Par value		$	0.001
Shares outstanding			44,762,281
Net asset value and redemption price per share		$	11.12
Class S2
Net assets		$	2,509,506
Shares authorized			100,000,000
Par value		$	0.001
Shares outstanding			226,920
Net asset value and redemption price per share		$	11.06

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2015

	Voya Global Bond Portfolio			VY® American Century Small-Mid Cap Value Portfolio			VY® Baron Growth Portfolio			VY® Columbia Contrarian Core Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	5,171		$	6,188,458		$	9,366,369		$	5,884,781
Interest			7,222,908			—			—			597
Dividends from affiliated underlying funds			2,534,880			—			—			—
Securities lending income, net			18,255			110,196			—			—
Total investment income			9,781,214			6,298,654			9,366,369			5,885,378
EXPENSES:
Investment management fees(1)			1,500,091			3,213,282			9,026,546			3,034,378
Distribution and shareholder service fees:
Class ADV			148,425			421,879			521,850			100,220
Class S			116,825			219,597			1,616,391			797,378
Class S2			—			16,157			32,716			—
Transfer agent fees			383			924			1,425			618
Administrative service fees(1)			93,366			104,883			348,180			118,004
Shareholder reporting expense			18,250			40,005			94,082			28,092
Professional fees			23,176			25,552			61,260			26,151
Custody and accounting expense			74,432			124,025			122,256			44,285
Trustee fees			7,967			9,123			29,625			10,508
Miscellaneous expense			18,039			19,059			51,100			18,537
Interest expense			2,360			585			5,566			—
Total expenses			2,003,314			4,195,071			11,910,997			4,178,171
Net waived and reimbursed fees			(142,336)			(934,721)			(6,543)			(895,419)
Brokerage commission recapture			—			—			(3,207)			(33,328)
Net expenses			1,860,978			3,260,350			11,901,247			3,249,424
Net investment income (loss)			7,920,236			3,038,304			(2,534,878)			2,635,954
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			(6,708,968)			26,117,556			86,241,289			30,285,684
Sale of affiliated underlying funds			(4,172,706)			—			—			—
Foreign currency related transactions			(9,349,939)			1,092,835			11,773			52,838
Futures			1,315,608			—			—			—
Swaps			(2,971,336)			—			—			—
Written options			3,869,332			—			—			—
Net realized gain (loss)			(18,018,009)			27,210,391			86,253,062			30,338,522
Net change in unrealized appreciation (depreciation) on:
Investments			(2,243,362)			(35,554,669)			(129,335,954)			(22,253,588)
Affiliated underlying funds			(982,279)			—			—			—
Foreign currency related transactions			3,128,192			(47,534)			74			13,036
Futures			(793,316)			—			—			—
Swaps			(800,529)			—			—			—
Written options			(19,338)			—			—			—
Net change in unrealized appreciation (depreciation)			(1,710,632)			(35,602,203)			(129,335,880)			(22,240,552)
Net realized and unrealized gain (loss)			(19,728,641)			(8,391,812)			(43,082,818)			8,097,970
Increase (decrease) in net assets resulting from operations		$	(11,808,405)		$	(5,353,508)		$	(45,617,696)		$	10,733,924
* Foreign taxes withheld		$	—		$	19,743		$	14,314		$	20,297

(1)

Effective May 1, 2015, the investment management fee and administration fee were combined under a single amended and restated investment management agreement. Please see Note 4 for further information.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2015

	VY® Columbia Small Cap Value II Portfolio			VY® Invesco Comstock Portfolio			VY® Invesco Equity and Income Portfolio			VY® JPMorgan Mid Cap Value Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	3,125,908		$	12,997,632		$	30,799,061		$	11,506,542
Interest			—			—			12,181,561			—
Securities lending income, net			—			98,853			570,317			2,697
Total investment income			3,125,908			13,096,485			43,550,939			11,509,239
EXPENSES:
Investment management fees(1)			1,892,093			3,775,354			11,874,112			5,449,867
Distribution and shareholder service fees:
Class ADV			146,665			189,124			257,885			470,933
Class S			376,447			868,033			2,019,841			835,030
Class S2			24,419			—			2,437,527			24,272
Transfer agent fees			658			1,353			2,709			704
Administrative service fees(1)			79,482			183,116			695,221			238,384
Shareholder reporting expense			29,573			45,625			126,875			68,985
Registration fees			—			—			1,095			—
Professional fees			20,605			34,310			141,310			50,370
Custody and accounting expense			26,276			97,090			259,475			79,205
Trustee fees			6,959			16,965			60,095			20,753
Miscellaneous expense			16,267			31,888			113,127			48,037
Interest expense			16			—			—			18
Total expenses			2,619,460			5,242,858			17,989,272			7,286,558
Net waived and reimbursed fees			(71,992)			(93,750)			(992,407)			(4,854)
Brokerage commission recapture			(24,697)			(6,899)			(33,378)			(5,173)
Net expenses			2,522,771			5,142,209			16,963,487			7,276,531
Net investment income			603,137			7,954,276			26,587,452			4,232,708
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			21,134,398			41,800,027			73,190,916			55,658,161
Foreign currency related transactions			—			4,786,231			9,748,471			—
Net realized gain			21,134,398			46,586,258			82,939,387			55,658,161
Net change in unrealized appreciation (depreciation) on:
Investments			(28,061,517)			(89,582,034)			(149,964,701)			(79,176,650)
Foreign currency related transactions			—			(325,562)			(1,496,328)			—
Net change in unrealized appreciation (depreciation)			(28,061,517)			(89,907,596)			(151,461,029)			(79,176,650)
Net realized and unrealized loss			(6,927,119)			(43,321,338)			(68,521,642)			(23,518,489)
Decrease in net assets resulting from operations		$	(6,323,982)		$	(35,367,062)		$	(41,934,190)		$	(19,285,781)
* Foreign taxes withheld		$	9,324		$	288,449		$	825,140		$	—

(1)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2015

	VY® Oppenheimer Global Portfolio			VY® Pioneer High Yield Portfolio			VY® T. Rowe Price Diversified Mid Cap Growth Portfolio			VY® T. Rowe Price Growth Equity Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	28,683,794		$	384,840		$	7,719,942		$	11,262,395
Interest			8,144			6,109,108			—			—
Securities lending income, net			1,526,917			—			510,529			304,047
Total investment income			30,218,855			6,493,948			8,230,471			11,566,442
EXPENSES:
Investment management fees(1)			11,319,279			758,340			6,188,794			11,153,176
Distribution and shareholder service fees:
Class ADV			542,859			—			151,844			938,328
Class S			595,314			10,957			74,149			1,007,543
Class S2			22,765			—			21,028			24,905
Transfer agent fees			2,188			648			1,397			2,883
Administrative service fees(1)			557,558			40,184			291,035			523,201
Shareholder reporting expense			161,172			17,155			76,479			133,479
Professional fees			116,510			13,608			55,391			108,808
Custody and accounting expense			422,437			25,550			104,305			241,336
Trustee fees			50,901			3,422			26,270			50,042
Miscellaneous expense			79,742			8,595			37,782			65,515
Interest expense			—			—			263			2,514
Total expenses			13,870,725			878,459			7,028,737			14,251,730
Net waived and reimbursed fees			(4,553)			(55,577)			(4,206)			(101,142)
Brokerage commission recapture			—			(239)			(17)			(10,128)
Net expenses			13,866,172			822,643			7,024,514			14,140,460
Net investment income (loss)			16,352,683			5,671,305			1,205,957			(2,574,018)
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			100,324,141			(1,410,316)			99,490,810			183,660,306
Foreign currency related transactions			251,954			—			—			418,060
Futures			—			91,023			—			—
Swaps			—			38,467			—			—
Net realized gain (loss)			100,576,095			(1,280,826)			99,490,810			184,078,366
Net change in unrealized appreciation (depreciation) on:
Investments			(50,509,264)			(8,716,053)			(83,377,794)			(19,215,215)
Foreign currency related transactions			53,725			—			—			439
Futures			—			(22,685)			—			—
Swaps			—			(44,589)			—			—
Net change in unrealized appreciation (depreciation)			(50,455,539)			(8,783,327)			(83,377,794)			(19,214,776)
Net realized and unrealized gain (loss)			50,120,556			(10,064,153)			16,113,016			164,863,590
Increase (decrease) in net assets resulting from operations		$	66,473,239		$	(4,392,848)		$	17,318,973		$	162,289,572
* Foreign taxes withheld		$	1,688,287		$	—		$	22,433		$	17,120

(1)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2015

	VY® Templeton Foreign Equity Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	25,484,746
Interest			2,617
Securities lending income, net			855,368
Total investment income			26,342,731
EXPENSES:
Investment management fees(1)			6,952,089
Distribution and shareholder service fees:
Class ADV			198,374
Class S			1,413,957
Class S2			11,542
Transfer agent fees			1,253
Administrative service fees(1)			283,572
Shareholder reporting expense			73,050
Professional fees			55,002
Custody and accounting expense			302,435
Trustee fees			24,655
Miscellaneous expense			84,943
Interest expense			132
Total expenses			9,401,004
Net waived and reimbursed fees			(156,716)
Brokerage commission recapture			(14,927)
Net expenses			9,229,361
Net investment income			17,113,370
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			26,575,986
Foreign currency related transactions			1,875,763
Net realized gain			28,451,749
Net change in unrealized appreciation (depreciation) on:
Investments			(68,785,113)
Foreign currency related transactions			11,945
Net change in unrealized appreciation (depreciation)			(68,773,168)
Net realized and unrealized loss			(40,321,419)
Decrease in net assets resulting from operations		$	(23,208,049)
* Foreign taxes withheld		$	2,310,763

(1)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	VY® Columbia Small Cap Value II Portfolio						VY® Invesco Comstock Portfolio
	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014
FROM OPERATIONS:
Net investment income		$	603,137		$	857,989		$	7,954,276		$	8,379,700
Net realized gain			21,134,398			20,004,933			46,586,258			62,146,491
Net change in unrealized appreciation (depreciation)			(28,061,517)			(13,107,266)			(89,907,596)			(17,797,366)
Increase (decrease) in net assets resulting from operations			(6,323,982)			7,755,656			(35,367,062)			52,728,825
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(75,657)			(92,128)			(775,483)			(684,628)
Class I			(281,364)			(231,900)			(5,351,730)			(3,056,581)
Class S			(483,770)			(301,525)			(7,603,995)			(7,164,868)
Class S2			(21,449)			(16,920)			—			—
Total distributions			(862,240)			(642,473)			(13,731,208)			(10,906,077)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			26,522,023			101,567,544			116,065,545			176,901,259
Reinvestment of distributions			862,240			642,473			13,731,208			10,906,077
			27,384,263			102,210,017			129,796,753			187,807,336
Cost of shares redeemed			(54,259,618)			(62,885,471)			(114,041,864)			(123,556,176)
Net increase (decrease) in net assets resulting from capital share transactions			(26,875,355)			39,324,546			15,754,889			64,251,160
Net increase (decrease) in net assets			(34,061,577)			46,437,729			(33,343,381)			106,073,908
NET ASSETS:
Beginning of year or period			245,031,566			198,593,837			568,888,982			462,815,074
End of year or period		$	210,969,989		$	245,031,566		$	535,545,601		$	568,888,982
Undistributed net investment income at end of year or period		$	598,885		$	857,988		$	988,549		$	2,019,041

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	VY® Invesco Equity and Income Portfolio						VY® JPMorgan Mid Cap Value Portfolio
	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014
FROM OPERATIONS:
Net investment income		$	26,587,452		$	23,970,346		$	4,232,708		$	5,870,848
Net realized gain			82,939,387			165,375,547			55,658,161			96,022,768
Net change in unrealized appreciation (depreciation)			(151,461,029)			(61,888,899)			(79,176,650)			(2,497,019)
Increase (decrease) in net assets resulting from operations			(41,934,190)			127,456,994			(19,285,781)			99,396,597
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(921,211)			(609,164)			(377,888)			(557,039)
Class I			(14,265,378)			(10,642,922)			(2,143,085)			(2,825,478)
Class S			(15,265,238)			(12,476,571)			(1,937,538)			(2,815,938)
Class S2			(8,811,979)			(6,589,109)			(19,270)			(39,286)
Net realized gains:
Class ADV			(4,055,040)			(1,298,506)			(13,223,638)			(5,003,963)
Class I			(50,510,479)			(17,942,741)			(35,398,660)			(15,175,805)
Class S			(62,177,273)			(25,536,665)			(45,650,719)			(20,943,381)
Class S2			(38,137,778)			(14,282,158)			(649,788)			(303,318)
Total distributions			(194,144,376)			(89,377,836)			(99,400,586)			(47,664,208)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			29,358,738			85,106,952			49,706,246			56,082,178
Proceeds from shares issued in merger (Note 14)			—			1,400,213,515			—			—
Reinvestment of distributions			194,144,376			89,377,836			99,400,586			47,664,208
			223,503,114			1,574,698,303			149,106,832			103,746,386
Cost of shares redeemed			(333,647,596)			(323,833,395)			(131,017,273)			(154,469,981)
Net increase (decrease) in net assets resulting from capital share transactions			(110,144,482)			1,250,864,908			18,089,559			(50,723,595)
Net increase (decrease) in net assets			(346,223,048)			1,288,944,066			(100,596,808)			1,008,794
NET ASSETS:
Beginning of year or period			2,159,310,430			870,366,364			721,862,329			720,853,535
End of year or period		$	1,813,087,382		$	2,159,310,430		$	621,265,521		$	721,862,329
Undistributed net investment income at end of year or period		$	3,193,599		$	6,410,004		$	3,516		$	236,493

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	VY® Oppenheimer Global Portfolio						VY® Pioneer High Yield Portfolio
	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014
FROM OPERATIONS:
Net investment income		$	16,352,683		$	22,196,860		$	5,671,305		$	6,111,043
Net realized gain (loss)			100,576,095			128,057,325			(1,280,826)			4,633,438
Net change in unrealized appreciation (depreciation)			(50,455,539)			(109,887,134)			(8,783,327)			(10,322,519)
Increase (decrease) in net assets resulting from operations			66,473,239			40,367,051			(4,392,848)			421,962
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(1,084,846)			(828,803)			—			—
Class I			(19,318,309)			(16,555,290)			(5,539,616)			(5,902,329)
Class S			(3,033,566)			(2,294,916)			(210,519)			(192,274)
Class S2			(54,499)			(44,585)			—			—
Net realized gains:
Class ADV			(8,315,481)			(1,471,549)			—			—
Class I			(100,091,139)			(19,161,555)			—			—
Class S			(18,803,314)			(3,303,767)			—			—
Class S2			(376,490)			(64,256)			—			—
Total distributions			(151,077,644)			(43,724,721)			(5,750,135)			(6,094,603)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			94,529,991			58,362,659			12,634,324			27,951,610
Reinvestment of distributions			151,077,644			43,724,721			5,750,135			6,094,603
			245,607,635			102,087,380			18,384,459			34,046,213
Cost of shares redeemed			(202,359,715)			(298,181,303)			(34,934,776)			(28,792,935)
Net increase (decrease) in net assets resulting from capital share transactions			43,247,920			(196,093,923)			(16,550,317)			5,253,278
Net decrease in net assets			(41,356,485)			(199,451,593)			(26,693,300)			(419,363)
NET ASSETS:
Beginning of year or period			1,641,958,078			1,841,409,671			122,028,711			122,448,074
End of year or period		$	1,600,601,593		$	1,641,958,078		$	95,335,411		$	122,028,711
Undistributed net investment income at end of year or period		$	16,309,516		$	23,404,553		$	3,208,204		$	3,169,121

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	VY® Templeton Foreign Equity Portfolio
	Year Ended December 31, 2015			Year Ended December 31, 2014
FROM OPERATIONS:
Net investment income		$	17,113,370		$	29,635,498
Net realized gain			28,451,749			35,572,487
Net change in unrealized appreciation (depreciation)			(68,773,168)			(128,123,640)
Decrease in net assets resulting from operations			(23,208,049)			(62,915,655)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(1,326,137)			(910,170)
Class I			(8,274,865)			(5,906,833)
Class S			(19,973,007)			(14,604,147)
Class S2			(83,426)			(45,628)
Total distributions			(29,657,435)			(21,466,778)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			27,587,391			50,603,767
Reinvestment of distributions			29,657,435			21,466,778
			57,244,826			72,070,545
Cost of shares redeemed			(124,914,543)			(180,342,792)
Net decrease in net assets resulting from capital share transactions			(67,669,717)			(108,272,247)
Net decrease in net assets			(120,535,201)			(192,654,680)
NET ASSETS:
Beginning of year or period			843,221,741			1,035,876,421
End of year or period		$	722,686,540		$	843,221,741
Undistributed net investment income at end of year or period		$	21,744,257		$	30,257,712

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 Global Bond Portfolio
Class ADV
12-31-15		10.31		0.26•		(0.76)		(0.50)		—		—		—		—		—		9.81		(4.85)		1.15		1.10		1.10		2.58		26,374		335
12-31-14		10.35		0.37•		(0.37)		0.00*		0.04		—		—		0.04		—		10.31		(0.06)		1.16		1.10		1.10		3.49		32,874		296
12-31-13		11.35		0.33•		(0.85)		(0.52)		0.19		0.29		—		0.48		—		10.35		(4.50)		1.19		1.08		1.08		3.09		34,155		394
12-31-12		11.22		0.41•		0.39		0.80		0.67		—		—		0.67		—		11.35		7.36		1.18		1.02		1.02		3.61		34,927		487
12-31-11		11.67		0.44•		(0.04)		0.40		0.85		—		—		0.85		—		11.22		3.26		1.16		1.02		1.02		3.73		30,299		590
Class I
12-31-15		10.42		0.32•		(0.77)		(0.45)		—		—		—		—		—		9.97		(4.32)		0.65		0.60		0.60		3.08		168,739		335
12-31-14		10.46		0.43•		(0.38)		0.05		0.09		—		—		0.09		—		10.42		0.42		0.66		0.60		0.60		3.99		208,023		296
12-31-13		11.46		0.40•		(0.87)		(0.47)		0.24		0.29		—		0.53		—		10.46		(4.00)		0.69		0.58		0.58		3.65		237,646		394
12-31-12		11.32		0.47•		0.40		0.87		0.73		—		—		0.73		—		11.46		7.91		0.68		0.52		0.52		4.09		309,348		487
12-31-11		11.77		0.50•		(0.05)		0.45		0.90		—		—		0.90		—		11.32		3.70		0.66		0.52		0.52		4.22		330,477		590
Class S
12-31-15		10.44		0.29•		(0.76)		(0.47)		—		—		—		—		—		9.97		(4.50)		0.90		0.85		0.85		2.83		43,169		335
12-31-14		10.48		0.40•		(0.38)		0.02		0.06		—		—		0.06		—		10.44		0.15		0.91		0.85		0.85		3.74		51,041		296
12-31-13		11.48		0.37•		(0.87)		(0.50)		0.21		0.29		—		0.50		—		10.48		(4.28)		0.94		0.83		0.83		3.39		54,246		394
12-31-12		11.33		0.47•		0.37		0.84		0.69		—		—		0.69		—		11.48		7.65		0.93		0.77		0.77		4.05		66,533		487
12-31-11		11.76		0.47•		(0.04)		0.43		0.86		—		—		0.86		—		11.33		3.51		0.91		0.77		0.77		3.97		67,103		590
VY® American Century Small-Mid Cap Value Portfolio
Class ADV
12-31-15		13.82		0.08		(0.27)		(0.19)		0.19		2.64		—		2.83		—		10.80		(1.97)		1.66		1.36		1.36		0.72		79,901		71
12-31-14		14.79		0.12•		1.49		1.61		0.18		2.40		—		2.58		—		13.82		12.15		1.65		1.36		1.36		0.82		86,335		79
12-31-13		11.76		0.12•		3.49		3.61		0.14		0.44		—		0.58		—		14.79		31.12		1.66		1.42		1.42		0.88		95,563		84
12-31-12		11.08		0.18•		1.53		1.71		0.12		0.91		—		1.03		—		11.76		16.07		1.70		1.43		1.43		1.55		56,202		95
12-31-11		11.63		0.12•		(0.54)		(0.42)		0.13		0.00*		—		0.13		—		11.08		(3.47)		1.75		1.44		1.44		1.07		37,525		109
Class I
12-31-15		14.40		0.16•		(0.31)		(0.15)		0.26		2.64		—		2.90		—		11.35		(1.54)		1.16		0.86		0.86		1.21		115,279		71
12-31-14		15.30		0.20•		1.55		1.75		0.25		2.40		—		2.65		—		14.40		12.76		1.15		0.86		0.86		1.31		138,605		79
12-31-13		12.12		0.19•		3.61		3.80		0.18		0.44		—		0.62		—		15.30		31.78		1.16		0.92		0.92		1.38		171,086		84
12-31-12		11.38		0.24•		1.58		1.82		0.17		0.91		—		1.08		—		12.12		16.59		1.20		0.93		0.93		2.05		116,175		95
12-31-11		11.91		0.18		(0.56)		(0.38)		0.15		0.00*		—		0.15		—		11.38		(2.97)		1.25		0.94		0.94		1.54		87,411		109
Class S
12-31-15		14.25		0.13•		(0.30)		(0.17)		0.22		2.64		—		2.86		—		11.22		(1.74)		1.41		1.11		1.11		0.96		78,646		71
12-31-14		15.16		0.16•		1.54		1.70		0.21		2.40		—		2.61		—		14.25		12.47		1.40		1.11		1.11		1.06		94,268		79
12-31-13		12.03		0.15•		3.57		3.72		0.15		0.44		—		0.59		—		15.16		31.36		1.41		1.17		1.17		1.12		116,117		84
12-31-12		11.30		0.19		1.59		1.78		0.14		0.91		—		1.05		—		12.03		16.35		1.45		1.18		1.18		1.76		84,475		95
12-31-11		11.82		0.15		(0.54)		(0.39)		0.13		0.00*		—		0.13		—		11.30		(3.16)		1.50		1.19		1.19		1.28		72,824		109

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)		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)		(%)
VY® American Century Small-Mid Cap Value Portfolio (continued)
Class S2
12-31-15		13.79		0.11•		(0.30)		(0.19)		0.18		2.64			—		2.82		—		10.78		(1.91)		1.66		1.26		1.26		0.85		3,573		71
12-31-14		14.70		0.13•		1.49		1.62		0.13		2.40			—		2.53		—		13.79		12.33		1.65		1.26		1.26		0.89		3,262		79
12-31-13		11.70		0.13•		3.46		3.59		0.15		0.44			—		0.59		—		14.70		31.15		1.66		1.32		1.32		0.98		6,560		84
12-31-12		11.03		0.19•		1.53		1.72		0.14		0.91			—		1.05		—		11.70		16.24		1.70		1.33		1.33		1.68		3,205		95
12-31-11		11.59		0.14•		(0.55)		(0.41)		0.15		0.00*			—		0.15		—		11.03		(3.33)		1.75		1.34		1.34		1.26		1,891		109
VY® Baron Growth Portfolio
Class ADV
12-31-15		30.35		(0.16)		(1.23)		(1.39)		0.02		2.36			—		2.38		—		26.58		(5.27)		1.49		1.49		1.49		(0.54)		90,914		5
12-31-14		29.66		(0.01)		1.17		1.16		—		0.47			—		0.47		—		30.35		4.06		1.48		1.48		1.48		(0.04)		111,145		10
12-31-13		22.53		(0.04)•		8.55		8.51		0.32		1.06			—		1.38		—		29.66		38.50		1.49		1.49		1.49		(0.15)		110,486		8
12-31-12		18.87		0.30•		3.36		3.66		—		—			—		—		—		22.53		19.40		1.52		1.52		1.52		1.45		61,428		15
12-31-11		18.52		(0.19)		0.54		0.35		—		—			—		—		—		18.87		1.89		1.58		1.58		1.58		(0.98)		54,052		14
Class I
12-31-15		32.31		(0.01)		(1.31)		(1.32)		0.18		2.36			—		2.54		—		28.45		(4.75)		0.99		0.99		0.99		(0.04)		193,601		5
12-31-14		31.49		0.14		1.24		1.38		0.09		0.47			—		0.56		—		32.31		4.55		0.98		0.98		0.98		0.45		251,230		10
12-31-13		23.80		0.10•		9.06		9.16		0.41		1.06			—		1.47		—		31.49		39.23		0.99		0.99		0.99		0.36		270,788		8
12-31-12		19.84		0.43•		3.53		3.96		—		—			—		—		—		23.80		19.96		1.02		1.02		1.02		1.95		169,708		15
12-31-11		19.37		(0.10)•		0.57		0.47		—		—			—		—		—		19.84		2.43		1.08		1.08		1.08		(0.51)		153,934		14
Class S
12-31-15		31.39		(0.08)		(1.29)		(1.37)		0.09		2.36			—		2.45		—		27.57		(5.03)		1.24		1.24		1.24		(0.29)		559,237		5
12-31-14		30.60		0.09		1.19		1.28		0.02		0.47			—		0.49		—		31.39		4.34		1.23		1.23		1.23		0.26		694,762		10
12-31-13		23.18		0.01		8.83		8.84		0.36		1.06			—		1.42		—		30.60		38.85		1.24		1.24		1.24		0.09		798,221		8
12-31-12		19.37		0.35•		3.46		3.81		—		—			—		—		—		23.18		19.67		1.27		1.27		1.27		1.65		551,582		15
12-31-11		18.95		(0.14)•		0.56		0.42		—		—			—		—		—		19.37		2.22		1.33		1.31		1.31		(0.72)		526,672		14
Class S2
12-31-15		30.43		(0.13)		(1.24)		(1.37)		0.05		2.36			—		2.41		—		26.65		(5.17)		1.49		1.39		1.39		(0.44)		5,696		5
12-31-14		29.75		0.02		1.17		1.19		0.04		0.47			—		0.51		—		30.43		4.17		1.48		1.38		1.38		0.05		6,874		10
12-31-13		22.62		(0.03)•		8.61		8.58		0.39		1.06			—		1.45		—		29.75		38.68		1.49		1.39		1.39		(0.11)		6,312		8
12-31-12		18.93		0.36•		3.33		3.69		—		—			—		—		—		22.62		19.49		1.52		1.42		1.42		1.70		1,427		15
12-31-11		18.55		(0.13)•		0.51		0.38		—		—			—		—		—		18.93		2.05		1.58		1.48		1.48		(0.68)		339		14
VY® Columbia Contrarian Core Portfolio
Class ADV
12-31-15		24.00		0.12•		0.58		0.70		0.18		2.79			—		2.97		—		21.73		2.75		1.44		1.18		1.17		0.51		22,738		65
12-31-14		24.56		0.14•		2.70		2.84		0.17		3.23			—		3.40		—		24.00		12.50		1.44		1.18		1.17		0.56		17,942		72
12-31-13		18.49		0.11		6.23		6.34		0.27		—			—		0.27		—		24.56		34.42		1.46		1.24		1.23		0.55		15,554		128
12-31-12		16.53		0.15		1.83		1.98		0.02		—			—		0.02		—		18.49		11.99		1.44		1.25		1.25		0.86		10,347		20
12-31-11		17.57		0.05•		(0.93)		(0.88)		0.16		—			—		0.16		—		16.53		(4.92)		1.40		1.38		1.38		0.31		9,266		12

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)		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)		(%)
VY® Columbia Contrarian Core Portfolio (continued)
Class I
12-31-15		24.82		0.24•		0.60		0.84		0.28		2.79		—		3.07		—		22.59		3.25		0.94		0.68		0.67		1.01		10,628		65
12-31-14		25.24		0.27		2.79		3.06		0.25		3.23		—		3.48		—		24.82		13.09		0.94		0.68		0.67		1.07		11,751		72
12-31-13		18.96		0.18•		6.45		6.63		0.35		—		—		0.35		—		25.24		35.18		0.96		0.74		0.72		0.87		10,991		128
12-31-12		16.94		0.25•		1.87		2.12		0.10		—		—		0.10		—		18.96		12.56		0.94		0.75		0.75		1.37		92,694		20
12-31-11		17.99		0.14		(0.97)		(0.83)		0.22		—		—		0.22		—		16.94		(4.52)		0.90		0.88		0.88		0.80		109,831		12
Class S
12-31-15		24.45		0.18•		0.58		0.76		0.21		2.79		—		3.00		—		22.21		2.98		1.19		0.93		0.92		0.76		304,352		65
12-31-14		24.93		0.21		2.75		2.96		0.21		3.23		—		3.44		—		24.45		12.81		1.19		0.93		0.92		0.82		331,659		72
12-31-13		18.75		0.18•		6.30		6.48		0.30		—		—		0.30		—		24.93		34.74		1.21		0.99		0.98		0.80		327,459		128
12-31-12		16.75		0.20•		1.85		2.05		0.05		—		—		0.05		—		18.75		12.27		1.19		1.00		1.00		1.09		272,420		20
12-31-11		17.76		0.09•		(0.93)		(0.84)		0.17		—		—		0.17		—		16.75		(4.63)		1.15		1.13		1.13		0.56		270,261		12
VY® Columbia Small Cap Value II Portfolio
Class ADV
12-31-15		16.23		0.00*		(0.52)		(0.52)		0.04		—		—		0.04		—		15.67		(3.21)		1.39		1.36		1.35		0.00*		27,978		53
12-31-14		15.63		0.03•		0.61		0.64		0.04		—		—		0.04		—		16.23		4.12		1.39		1.36		1.35		0.18		30,927		52
12-31-13		11.28		0.01•		4.44		4.45		0.10		—		—		0.10		—		15.63		39.58		1.38		1.36		1.36		0.10		12,246		39
12-31-12		9.92		0.06		1.33		1.39		0.03		—		—		0.03		—		11.28		14.01		1.39		1.39		1.37		0.69		6,763		44
12-31-11		10.29		(0.01)		(0.30)		(0.31)		0.06		—		—		0.06		—		9.92		(2.96)		1.40		1.40		1.38		0.06		4,677		36
Class I
12-31-15		16.67		0.09		(0.54)		(0.45)		0.10		—		—		0.10		—		16.12		(2.74)		0.89		0.86		0.85		0.50		42,845		53
12-31-14		15.99		0.11•		0.63		0.74		0.06		—		—		0.06		—		16.67		4.68		0.89		0.86		0.85		0.67		49,412		52
12-31-13		11.51		0.08•		4.54		4.62		0.14		—		—		0.14		—		15.99		40.27		0.88		0.86		0.86		0.60		23,620		39
12-31-12		10.10		0.12•		1.35		1.47		0.06		—		—		0.06		—		11.51		14.56		0.89		0.89		0.87		1.14		16,180		44
12-31-11		10.44		0.03•		(0.30)		(0.27)		0.07		—		—		0.07		—		10.10		(2.48)		0.90		0.90		0.88		0.31		17,304		36
Class S
12-31-15		16.58		0.05		(0.54)		(0.49)		0.05		—		—		0.05		—		16.04		(2.95)		1.14		1.11		1.10		0.24		135,313		53
12-31-14		15.92		0.06		0.63		0.69		0.03		—		—		0.03		—		16.58		4.33		1.14		1.11		1.10		0.36		160,726		52
12-31-13		11.46		0.05•		4.52		4.57		0.11		—		—		0.11		—		15.92		39.97		1.13		1.11		1.11		0.34		161,750		39
12-31-12		10.06		0.10•		1.33		1.43		0.03		—		—		0.03		—		11.46		14.20		1.14		1.14		1.12		0.88		135,653		44
12-31-11		10.39		0.03		(0.32)		(0.29)		0.04		—		—		0.04		—		10.06		(2.69)		1.15		1.15		1.13		0.21		138,626		36
Class S2
12-31-15		16.20		0.02•		(0.53)		(0.51)		0.07		—		—		0.07		—		15.62		(3.19)		1.39		1.26		1.25		0.12		4,834		53
12-31-14		15.59		0.05•		0.61		0.66		0.05		—		—		0.05		—		16.20		4.28		1.39		1.26		1.25		0.30		3,967		52
12-31-13		11.24		0.02		4.43		4.45		0.10		—		—		0.10		—		15.59		39.68		1.38		1.26		1.26		0.19		978		39
12-31-12		9.90		0.07		1.32		1.39		0.05		—		—		0.05		—		11.24		14.07		1.39		1.29		1.27		0.76		604		44
12-31-11		10.27		0.04		(0.35)		(0.31)		0.06		—		—		0.06		—		9.90		(2.88)		1.40		1.30		1.28		0.49		436		36

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)		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)		(%)
VY® Invesco Comstock Portfolio
Class ADV
12-31-15		16.42		0.17•		(1.18)		(1.01)		0.34		—		—		0.34		—		15.07		(6.19)		1.24		1.22		1.22		1.08		34,395		24
12-31-14		15.34		0.19		1.17		1.36		0.28		—		—		0.28		—		16.42		8.82		1.24		1.22		1.22		1.20		41,258		26
12-31-13		11.44		0.11		3.87		3.98		0.08		—		—		0.08		—		15.34		34.79		1.24		1.24		1.24		0.87		36,783		15
12-31-12		9.77		0.13		1.66		1.79		0.12		—		—		0.12		—		11.44		18.30		1.28		1.27		1.26		1.25		22,633		18
12-31-11		10.13		0.11		(0.35)		(0.24)		0.12		—		—		0.12		—		9.77		(2.32)		1.35		1.31		1.31		1.09		17,338		23
Class I
12-31-15		16.55		0.26•		(1.20)		(0.94)		0.43		—		—		0.43		—		15.18		(5.76)		0.74		0.72		0.72		1.62		198,367		24
12-31-14		15.45		0.28		1.17		1.45		0.35		—		—		0.35		—		16.55		9.39		0.74		0.72		0.72		1.70		143,633		26	��
12-31-13		11.51		0.19		3.89		4.08		0.14		—		—		0.14		—		15.45		35.47		0.74		0.74		0.74		1.38		58,373		15
12-31-12		9.83		0.19•		1.66		1.85		0.17		—		—		0.17		—		11.51		18.83		0.78		0.77		0.76		1.74		48,793		18
12-31-11		10.19		0.16		(0.35)		(0.19)		0.17		—		—		0.17		—		9.83		(1.81)		0.85		0.81		0.81		1.59		45,814		23
Class S
12-31-15		16.53		0.22•		(1.20)		(0.98)		0.38		—		—		0.38		—		15.17		(5.97)		0.99		0.97		0.97		1.33		302,784		24
12-31-14		15.43		0.24		1.17		1.41		0.31		—		—		0.31		—		16.53		9.13		0.99		0.97		0.97		1.44		383,997		26
12-31-13		11.51		0.15		3.88		4.03		0.11		—		—		0.11		—		15.43		35.00		0.99		0.99		0.99		1.13		367,659		15
12-31-12		9.82		0.16•		1.67		1.83		0.14		—		—		0.14		—		11.51		18.66		1.03		1.02		1.01		1.49		259,717		18
12-31-11		10.18		0.15		(0.37)		(0.22)		0.14		—		—		0.14		—		9.82		(2.09)		1.10		1.06		1.06		1.34		238,369		23
VY® Invesco Equity and Income Portfolio
Class ADV
12-31-15		46.25		0.46		(1.47)		(1.01)		0.79		3.65		—		4.44		—		40.80		(2.55)		1.16		1.14		1.14		1.04		49,572		140
12-31-14		44.34		0.61•		3.09		3.70		0.55		1.24		—		1.79		—		46.25		8.43		1.16		1.14		1.14		1.34		52,407		157
12-31-13		36.01		0.49•		8.27		8.76		0.43		—		—		0.43		—		44.34		24.33		1.18		1.15		1.15		1.19		32,942		37
12-31-12		32.57		0.53•		3.45		3.98		0.54		—		—		0.54		—		36.01		12.23		1.18		1.15		1.15		1.52		19,776		27
12-31-11		33.75		0.49•		(1.04)		(0.55)		0.63		—		—		0.63		—		32.57		(1.58)		1.15		1.15		1.15		1.46		22,313		20
Class I
12-31-15		46.93		0.70•		(1.50)		(0.80)		1.01		3.65		—		4.66		—		41.47		(2.06)		0.66		0.64		0.64		1.53		600,309		140
12-31-14		44.92		0.87•		3.11		3.98		0.73		1.24		—		1.97		—		46.93		8.96		0.66		0.64		0.64		1.87		694,569		157
12-31-13		36.43		0.71•		8.38		9.09		0.60		—		—		0.60		—		44.92		24.96		0.68		0.65		0.65		1.70		561,393		37
12-31-12		33.05		0.71•		3.51		4.22		0.84		—		—		0.84		—		36.43		12.79		0.68		0.65		0.65		2.01		499,847		27
12-31-11		34.22		0.66•		(1.05)		(0.39)		0.78		—		—		0.78		—		33.05		(1.08)		0.65		0.65		0.65		1.93		530,983		20
Class S
12-31-15		46.59		0.58•		(1.49)		(0.91)		0.89		3.65		—		4.54		—		41.14		(2.31)		0.91		0.89		0.89		1.28		720,086		140
12-31-14		44.65		0.64•		3.20		3.84		0.66		1.24		—		1.90		—		46.59		8.69		0.91		0.89		0.89		1.39		889,726		157
12-31-13		36.23		0.60•		8.32		8.92		0.50		—		—		0.50		—		44.65		24.64		0.93		0.90		0.90		1.45		271,953		37
12-31-12		32.81		0.62•		3.48		4.10		0.68		—		—		0.68		—		36.23		12.52		0.93		0.90		0.90		1.76		198,595		27
12-31-11		33.97		0.57•		(1.04)		(0.47)		0.69		—		—		0.69		—		32.81		(1.33)		0.90		0.90		0.90		1.67		205,145		20

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)		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)		(%)
VY® Invesco Equity and Income Portfolio (continued)
Class S2
12-31-15		46.03		0.51•		(1.46)		(0.95)		0.83		3.65		—		4.48		—		40.60		(2.44)		1.16		1.02		1.02		1.15		443,119		140
12-31-14		44.13		0.43•		3.29		3.72		0.58		1.24		—		1.82		—		46.03		8.54		1.16		1.02		1.02		0.95		522,608		157
12-31-13		35.87		0.54•		8.24		8.78		0.52		—		—		0.52		—		44.13		24.47		1.18		1.05		1.05		1.31		4,078		37
12-31-12		32.52		0.56•		3.45		4.01		0.66		—		—		0.66		—		35.87		12.34		1.18		1.05		1.05		1.60		1,540		27
12-31-11		33.70		0.52•		(1.03)		(0.51)		0.67		—		—		0.67		—		32.52		(1.48)		1.15		1.05		1.05		1.55		967		20
VY® JPMorgan Mid Cap Value Portfolio
Class ADV
12-31-15		22.47		0.06		(0.63)		(0.57)		0.08		3.16		—		3.24		—		18.66		(3.27)		1.36		1.36		1.36		0.31		90,818		14
12-31-14		20.96		0.11		2.84		2.95		0.14		1.30		—		1.44		—		22.47		14.66		1.36		1.36		1.36		0.54		91,446		22
12-31-13		16.57		0.06		5.07		5.13		0.08		0.66		—		0.74		—		20.96		31.26		1.36		1.36		1.36		0.39		78,395		25
12-31-12		13.91		0.09		2.65		2.74		0.08		—		—		0.08		—		16.57		19.69		1.43		1.43		1.43		0.64		42,637		28
12-31-11		13.78		0.07		0.15		0.22		0.09		—		—		0.09		—		13.91		1.60		1.50		1.50		1.50		0.54		30,671		36
Class I
12-31-15		22.85		0.17		(0.64)		(0.47)		0.18		3.16		—		3.34		—		19.04		(2.77)		0.86		0.86		0.86		0.80		227,935		14
12-31-14		21.27		0.23		2.89		3.12		0.24		1.30		—		1.54		—		22.85		15.27		0.86		0.86		0.86		1.02		272,496		22
12-31-13		16.79		0.16		5.14		5.30		0.16		0.66		—		0.82		—		21.27		31.89		0.86		0.86		0.86		0.88		256,705		25
12-31-12		14.08		0.17		2.69		2.86		0.15		—		—		0.15		—		16.79		20.33		0.93		0.93		0.93		1.15		171,485		28
12-31-11		13.95		0.15		0.13		0.28		0.15		—		—		0.15		—		14.08		2.07		1.00		1.00		1.00		1.03		125,233		36
Class S
12-31-15		22.70		0.12		(0.65)		(0.53)		0.12		3.16		—		3.28		—		18.89		(3.04)		1.11		1.11		1.11		0.55		298,607		14
12-31-14		21.14		0.18		2.86		3.04		0.18		1.30		—		1.48		—		22.70		14.99		1.11		1.11		1.11		0.75		352,277		22
12-31-13		16.70		0.11		5.11		5.22		0.12		0.66		—		0.78		—		21.14		31.54		1.11		1.11		1.11		0.63		380,688		25
12-31-12		14.01		0.13		2.67		2.80		0.11		—		—		0.11		—		16.70		20.02		1.18		1.18		1.18		0.89	��	248,115		28
12-31-11		13.88		0.11		0.14		0.25		0.12		—		—		0.12		—		14.01		1.82		1.25		1.25		1.25		0.78		178,083		36
Class S2
12-31-15		22.40		0.08•		(0.63)		(0.55)		0.09		3.16		—		3.25		—		18.60		(3.20)		1.36		1.26		1.26		0.40		3,906		14
12-31-14		20.89		0.13		2.84		2.97		0.16		1.30		—		1.46		—		22.40		14.81		1.36		1.26		1.26		0.63		5,643		22
12-31-13		16.52		0.10•		5.03		5.13		0.10		0.66		—		0.76		—		20.89		31.37		1.36		1.26		1.26		0.50		5,066		25
12-31-12		13.88		0.14•		2.62		2.76		0.12		—		—		0.12		—		16.52		19.86		1.43		1.33		1.33		0.86		2,664		28
12-31-11		13.79		0.13•		0.10		0.23		0.14		—		—		0.14		—		13.88		1.67		1.50		1.40		1.40		0.97		178		36
VY® Oppenheimer Global Portfolio
Class ADV
12-31-15		18.21		0.08		0.69		0.77		0.19		1.49		—		1.68		—		17.30		3.56		1.25		1.25		1.25		0.51		110,372		12
12-31-14		18.28		0.15		0.19		0.34		0.15		0.26		—		0.41		—		18.21		1.86		1.25		1.25		1.25		0.81		101,077		12
12-31-13		14.60		0.12•		3.73		3.85		0.17		—		—		0.17		—		18.28		26.46		1.26		1.26		1.26		0.70		102,691		11
12-31-12		12.15		0.14		2.42		2.56		0.11		—		—		0.11		—		14.60		21.18		1.22		1.22		1.22		1.00		76,791		13
12-31-11		13.46		0.13		(1.29)		(1.16)		0.15		—		—		0.15		—		12.15		(8.60)		1.16		1.16		1.16		0.96		65,051		12

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)		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)		(%)
VY® Oppenheimer Global Portfolio (continued)
Class I
12-31-15		18.84		0.20•		0.71		0.91		0.29		1.49		—		1.78		—			17.97		4.13		0.75		0.75		0.75		1.04		1,254,238		12
12-31-14		18.89		0.25•		0.19		0.44		0.23		0.26		—		0.49		—			18.84		2.32		0.75		0.75		0.75		1.32		1,320,671		12
12-31-13		15.06		0.21•		3.85		4.06		0.23		—		—		0.23		—			18.89		27.12		0.76		0.76		0.76		1.22		1,481,760		11
12-31-12		12.54		0.21•		2.49		2.70		0.18		—		—		0.18		—			15.06		21.70		0.72		0.72		0.72		1.52		1,324,037		13
12-31-11		13.88		0.20•		(1.34)		(1.14)		0.20		—		—		0.20		—			12.54		(8.13)		0.66		0.66		0.66		1.46		1,234,551		12
Class S
12-31-15		18.28		0.15•		0.68		0.83		0.24		1.49		—		1.73		—			17.38		3.84		1.00		1.00		1.00		0.77		231,621		12
12-31-14		18.34		0.20•		0.18		0.38		0.18		0.26		—		0.44		—			18.28		2.09		1.00		1.00		1.00		1.08		215,383		12
12-31-13		14.63		0.15		3.76		3.91		0.20		—		—		0.20		—			18.34		26.85		1.01		1.01		1.01		0.96		252,672		11
12-31-12		12.19		0.17•		2.41		2.58		0.14		—		—		0.14		—			14.63		21.33		0.97		0.97		0.97		1.26		192,122		13
12-31-11		13.50		0.16		(1.30)		(1.14)		0.17		—		—		0.17		—			12.19		(8.38)		0.91		0.91		0.91		1.20		171,755		12
Class S2
12-31-15		17.88		0.11•		0.69		0.80		0.22		1.49		—		1.71		—			16.97		3.74		1.25		1.15		1.15		0.61		4,371		12
12-31-14		17.98		0.16•		0.18		0.34		0.18		0.26		—		0.44		—			17.88		1.91		1.25		1.15		1.15		0.91		4,827		12
12-31-13		14.37		0.11•		3.70		3.81		0.20		—		—		0.20		—			17.98		26.66		1.26		1.16		1.16		0.67		4,287		11
12-31-12		12.01		0.13•		2.39		2.52		0.16		—		—		0.16		—			14.37		21.17		1.22		1.12		1.12		1.01		2,082		13
12-31-11		13.36		0.06•		(1.21)		(1.15)		0.20		—		—		0.20		—			12.01		(8.52)		1.16		1.06		1.06		0.52		755		12
VY® Pioneer High Yield Portfolio
Class I
12-31-15		11.87		0.59•		(1.10)		(0.51)		0.59		—		—		0.59		—			10.77		(4.55)		0.76		0.71		0.71		4.98		91,560		28
12-31-14		12.41		0.58		(0.53)		0.05		0.59		—		—		0.59		—			11.87		0.27		0.76		0.71		0.71		4.73		117,617		35
12-31-13		11.60		0.60•		0.80		1.40		0.59		—		—		0.59		—			12.41		12.33		0.73		0.71		0.71		4.93		119,042		51
12-31-12		10.55		0.63•		1.04		1.67		0.62		—		—		0.62		—			11.60		16.21		0.75		0.71		0.71		5.58		104,882		34
12-31-11		11.24		0.63		(0.70)		(0.07)		0.62		—		—		0.62		—			10.55		(0.72)		0.77		0.71		0.71		5.64		87,529		41
Class S
12-31-15		11.86		0.56•		(1.10)		(0.54)		0.56		—		—		0.56		—			10.76		(4.79)		1.01		0.96		0.96		4.73		3,776		28
12-31-14		12.39		0.56•		(0.53)		0.03		0.56		—		—		0.56		—			11.86		0.10		1.01		0.96		0.96		4.50		4,412		35
12-31-13		11.58		0.57•		0.80		1.37		0.56		—		—		0.56		—			12.39		12.07		0.98		0.96		0.96		4.67		3,406		51
12-31-12		10.54		0.57		1.07		1.64		0.60		—		—		0.60		—			11.58		15.84		1.00		0.96		0.96		5.39		4,089		34
12-31-11		11.23		0.60•		(0.69)		(0.09)		0.60		—		—		0.60		—			10.54		(0.97)		1.02		0.96		0.96		5.34		1,712		41
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio
Class ADV																			��
12-31-15		11.43		(0.04)		0.31		0.27		—		1.87		—		1.87		—			9.83		1.51		1.27		1.27		1.27		(0.34)		27,217		26
12-31-14		11.08		(0.03)		1.21		1.18		0.00*		0.83		—		0.83		—			11.43		11.29		1.28		1.27		1.27		(0.28)		29,356		27
12-31-13		8.35		(0.03)		2.90		2.87		0.02		0.12		—		0.14		—			11.08		34.46		1.27		1.25		1.25		(0.32)		27,222		20
12-31-12		7.89		0.01		1.19		1.20		0.00*		0.74		—		0.74		—			8.35		15.70		1.24		1.22		1.22		0.14		21,538		17
12-31-11		8.25		(0.03)		(0.32)		(0.35)		0.01		—		—		0.01		—			7.89		(4.23)		1.16		1.16		1.16		(0.28)		18,993		38

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)		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)		(%)
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio (continued)
Class I
12-31-15		12.13		0.02		0.32		0.34		—		1.87		—		1.87		—		10.60		2.02		0.77		0.77		0.77		0.17		766,591		26
12-31-14		11.68		0.03		1.28		1.31		0.03		0.83		—		0.86		—		12.13		11.82		0.78		0.77		0.77		0.22		796,856		27
12-31-13		8.76		0.02		3.05		3.07		0.03		0.12		—		0.15		—		11.68		35.18		0.77		0.75		0.75		0.17		804,053		20
12-31-12		8.25		0.06		1.23		1.29		0.04		0.74		—		0.78		—		8.76		16.13		0.74		0.72		0.72		0.61		668,143		17
12-31-11		8.60		0.02		(0.34)		(0.32)		0.03		—		—		0.03		—		8.25		(3.71)		0.66		0.66		0.66		0.25		663,904		38
Class S
12-31-15		11.87		(0.01)		0.31		0.30		—		1.87		—		1.87		—		10.30		1.72		1.02		1.02		1.02		(0.08)		30,614		26
12-31-14		11.44		(0.00)*		1.26		1.26		0.00*		0.83		—		0.83		—		11.87		11.65		1.03		1.02		1.02		(0.02)		30,412		27
12-31-13		8.60		(0.00)*		2.98		2.98		0.02		0.12		—		0.14		—		11.44		34.74		1.02		1.00		1.00		(0.06)		29,284		20
12-31-12		8.11		0.03		1.22		1.25		0.02		0.74		—		0.76		—		8.60		15.87		0.99		0.97		0.97		0.35		18,731		17
12-31-11		8.45		0.00*		(0.33)		(0.33)		0.01		—		—		0.01		—		8.11		(3.89)		0.91		0.91		0.91		0.01		21,669		38
Class S2
12-31-15		11.44		(0.02)		0.30		0.28		—		1.87		—		1.87		—		9.85		1.60		1.27		1.17		1.17		(0.23)		4,095		26
12-31-14		11.08		(0.01)		1.20		1.19		0.00*		0.83		—		0.83		—		11.44		11.39		1.28		1.17		1.17		(0.13)		3,893		27
12-31-13		8.34		(0.02)		2.90		2.88		0.02		0.12		—		0.14		—		11.08		34.62		1.27		1.15		1.15		(0.23)		1,013		20
12-31-12		7.89		0.02		1.19		1.21		0.02		0.74		—		0.76		—		8.34		15.73		1.24		1.12		1.12		0.29		1,025		17
12-31-11		8.25		(0.00)*		(0.34)		(0.34)		0.02		—		—		0.02		—		7.89		(4.07)		1.16		1.06		1.06		(0.07)		739		38
VY® T. Rowe Price Growth Equity Portfolio
Class ADV
12-31-15		86.54		(0.46)•		9.58		9.12		—		13.97		—		13.97		—		81.69		10.25		1.24		1.23		1.23		(0.54)		202,307		42
12-31-14		86.20		(0.42)		7.08		6.66		—		6.32		—		6.32		—		86.54		8.16		1.24		1.23		1.23		(0.50)		171,971		35
12-31-13		62.23		(0.38)•		24.36		23.98		0.01		—		—		0.01		—		86.20		38.54		1.24		1.23		1.23		(0.53)		164,865		41
12-31-12		52.59		(0.16)•		9.80		9.64		—		—		—		—		—		62.23		18.33		1.24		1.23		1.23		(0.26)		112,773		38
12-31-11		53.43		(0.27)•		(0.57)		(0.84)		—		—		—		—		—		52.59		(1.57)		1.25		1.24		1.24		(0.50)		92,701		28
Class I
12-31-15		90.15		(0.03)		9.99		9.96		—		13.97		—		13.97		—		86.14		10.81		0.74		0.73		0.73		(0.04)		1,124,421		42
12-31-14		89.11		0.00*		7.36		7.36		—		6.32		—		6.32		—		90.15		8.69		0.74		0.73		0.73		0.00*		1,036,976		35
12-31-13		64.01		(0.02)		25.13		25.11		0.01		—		—		0.01		—		89.11		39.24		0.74		0.73		0.73		(0.03)		1,069,544		41
12-31-12		53.91		0.14•		10.06		10.20		0.10		—		—		0.10		—		64.01		18.92		0.74		0.73		0.73		0.22		801,969		38
12-31-11		54.49		0.00*		(0.58)		(0.58)		—		—		—		—		—		53.91		(1.06)		0.75		0.74		0.74		0.00*		722,532		28
Class S
12-31-15		88.33		(0.25)•		9.79		9.54		—		13.97		—		13.97		—		83.90		10.54		0.99		0.98		0.98		(0.29)		427,186		42
12-31-14		87.65		(0.22)		7.22		7.00		—		6.32		—		6.32		—		88.33		8.42		0.99		0.98		0.98		(0.25)		360,966		35
12-31-13		63.12		(0.20)•		24.74		24.54		0.01		—		—		0.01		—		87.65		38.89		0.99		0.98		0.98		(0.28)		367,958		41
12-31-12		53.21		(0.00)*		9.91		9.91		—		—		—		—		—		63.12		18.62		0.99		0.98		0.98		(0.00)*		238,987		38
12-31-11		53.92		(0.13)		(0.58)		(0.71)		—		—		—		—		—		53.21		(1.32)		1.00		0.99		0.99		(0.24)		173,070		28

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)		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)		(%)
VY® T. Rowe Price Growth Equity Portfolio (continued)
Class S2
12-31-15		87.05		(0.38)•		9.65		9.27		—		13.97		—		13.97		—		82.35		10.38		1.24		1.13		1.13		(0.44)		5,361		42
12-31-14		86.59		(0.33)•		7.11		6.78		—		6.32		—		6.32		—		87.05		8.26		1.24		1.13		1.13		(0.38)		4,616		35
12-31-13		62.45		(0.31)•		24.46		24.15		0.01		—		—		0.01		—		86.59		38.68		1.24		1.13		1.13		(0.43)		2,482		41
12-31-12		52.72		(0.09)		9.82		9.73		—		—		—		—		—		62.45		18.46		1.24		1.13		1.13		(0.16)		1,534		38
12-31-11		53.51		(0.17)•		(0.62)		(0.79)		—		—		—		—		—		52.72		(1.48)		1.25		1.14		1.14		(0.32)		622		28
VY® Templeton Foreign Equity Portfolio
Class ADV
12-31-15		11.91		0.21•		(0.63)		(0.42)		0.41		—		—		0.41		—		11.08		(3.83)(a)		1.45		1.43		1.43		1.76		35,751		10
12-31-14		13.07		0.36•		(1.26)		(0.90)		0.26		—		—		0.26		—		11.91		(7.01)		1.44		1.42		1.42		2.81		40,973		10
12-31-13		11.05		0.20•		1.96		2.16		0.14		—		—		0.14		—		13.07		19.68		1.44		1.42		1.42		1.64		46,583		12
12-31-12		9.45		0.17•		1.55		1.72		0.12		—		—		0.12		—		11.05		18.32		1.46		1.44		1.44		1.71		36,360		9
12-31-11		10.99		0.20•		(1.57)		(1.37)		0.17		—		—		0.17		—		9.45		(12.42)		1.48		1.48		1.48		1.94		23,120		14
Class I
12-31-15		12.04		0.28•		(0.64)		(0.36)		0.48		—		—		0.48		—		11.20		(3.34)(a)		0.95		0.93		0.93		2.29		186,602		10
12-31-14		13.21		0.43•		(1.28)		(0.85)		0.32		—		—		0.32		—		12.04		(6.59)		0.94		0.92		0.92		3.27		215,838		10
12-31-13		11.15		0.29•		1.95		2.24		0.18		—		—		0.18		—		13.21		20.28		0.94		0.92		0.92		2.47		277,773		12
12-31-12		9.52		0.22•		1.56		1.78		0.15		—		—		0.15		—		11.15		18.89		0.96		0.94		0.94		2.15		375,814		9
12-31-11		11.05		0.26•		(1.59)		(1.33)		0.20		—		—		0.20		—		9.52		(12.00)		0.98		0.98		0.98		2.42		289,934		14
Class S
12-31-15		11.95		0.25•		(0.64)		(0.39)		0.44		—		—		0.44		—		11.12		(3.57)(a)		1.20		1.18		1.18		2.03		497,824		10
12-31-14		13.12		0.40•		(1.28)		(0.88)		0.29		—		—		0.29		—		11.95		(6.87)		1.19		1.17		1.17		3.10		584,346		10
12-31-13		11.08		0.23•		1.97		2.20		0.16		—		—		0.16		—		13.12		20.05		1.19		1.17		1.17		1.91		709,362		12
12-31-12		9.48		0.14•		1.60		1.74		0.14		—		—		0.14		—		11.08		18.64		1.21		1.19		1.19		1.38		648,985		9
12-31-11		11.00		0.25•		(1.59)		(1.34)		0.18		—		—		0.18		—		9.48		(12.21)		1.23		1.23		1.23		2.29		204,315		14
Class S2
12-31-15		11.90		0.23•		(0.63)		(0.40)		0.44		—		—		0.44		—		11.06		(3.72)(a)		1.45		1.33		1.33		1.88		2,510		10
12-31-14		13.07		0.34		(1.23)		(0.89)		0.28		—		—		0.28		—		11.90		(6.99)		1.44		1.32		1.32		2.80		2,065		10
12-31-13		11.04		0.21•		1.97		2.18		0.15		—		—		0.15		—		13.07		19.88		1.44		1.32		1.32		1.80		2,158		12
12-31-12		9.45		0.17		1.55		1.72		0.13		—		—		0.13		—		11.04		18.40		1.46		1.34		1.34		1.89		1,310		9
12-31-11		11.01		0.17•		(1.53)		(1.36)		0.20		—		—		0.20		—		9.45		(12.34)		1.48		1.38		1.38		1.67		1,013		14

(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 by an 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 an Investment Adviser and/or Distributor 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.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

(4)

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

(a)

Excluding amounts related to a foreign currency settlement recorded in the fiscal year ended December 31, 2015, Templeton Foreign Equity’s total return would have been (4.09)%, (3.60)%, (3.83)% and (3.99)% for Classes ADV, I, S and S2, respectively.

•

Calculated using average number of shares outstanding throughout the 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, 2015

NOTE 1 — ORGANIZATION

Voya Partners, Inc. (the “Company”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). It was incorporated under the laws of Maryland on May 7, 1997. The Articles of Incorporation permit the Company to offer separate series, each of which has its own investment objective, policies and restrictions. The series of the Company serve as an investment option in underlying variable insurance products offered by Directed Services LLC. The Company currently consists of forty-one active separate investment series. The thirteen series (each, a “Portfolio” and collectively, the “Portfolios”) included in this report are: Voya Global Bond Portfolio (“Global Bond”), VY® American Century Small-Mid Cap Value Portfolio (“American Century Small-Mid Cap Value”), VY® Baron Growth Portfolio (“Baron Growth”), VY® Columbia Contrarian Core Portfolio (“Columbia Contrarian Core”), VY® Columbia Small Cap Value II Portfolio (“Columbia Small Cap Value II”), VY® Invesco Comstock Portfolio (“Invesco Comstock”), VY® Invesco Equity and Income Portfolio (“Invesco Equity and Income”), VY® JPMorgan Mid Cap Value Portfolio (“JPMorgan Mid Cap Value”), VY® Oppenheimer Global Portfolio (“Oppenheimer Global”), VY® Pioneer High Yield Portfolio (“Pioneer High Yield”), VY® T. Rowe Price Diversified Mid Cap Growth Portfolio (“T. Rowe Price Diversified Mid Cap Growth”), VY® T. Rowe Price Growth Equity Portfolio (“T. Rowe Price Growth Equity”), and VY® Templeton Foreign Equity Portfolio (“Templeton Foreign Equity”), each a diversified series 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”), Initial (“Class I”), Service (“Class S”) and Service 2 (“Class S2”); however, each Portfolio may not offer all share classes. Shares of the Portfolios may be offered to separate accounts (“Separate Accounts”) of insurance companies as investment options in connection with variable annuity contracts and variable life insurance policies (“Variable Contracts”) and to certain of the Portfolios’ investment advisers and their affiliates. In the future, shares may also be offered to qualified pension and retirement plans (“Qualified Plans”) outside the Separate Account context. Each class has equal rights as to 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 bear 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. Distributions are determined

separately for each class based on income and expenses allocated to each class. 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. 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.

Directed Services LLC (“DSL” or the “Investment Adviser”), a Delaware limited liability company and an affiliate of Voya Investments, LLC, serves as the Investment Adviser to the Portfolios. DSL 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. Voya Investment Management Co. LLC (“Voya IM”), a Delaware limited liability company, serves as the sub-adviser to Global Bond. 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 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 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

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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.

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 between 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 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 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) Over-the-counter swap agreements are valued using a price provided by an independent pricing service; (g) Forward foreign currency 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 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 foreign 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.

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

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 unobservable inputs, including the sub-advisers’ 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 Summary Portfolio of Investments.

U.S. 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.

For the year ended December 31, 2015, there have been no significant changes to the fair valuation methodologies.

B. Security Transactions and Revenue Recognition. Security 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 the Portfolios’ 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.

D. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. All Portfolios (except Pioneer High Yield) declare and pay dividends annually. Pioneer High Yield declares dividends on a daily basis and pays dividends monthly. The Portfolios distribute capital gains distributions, if any, annually. The

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Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of subchapter M 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 U.S. 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 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.

F. Use of Estimates. Management of the Portfolios has made certain estimates and assumptions relating to the reporting of assets, liabilities, income, and expenses to prepare these financial statements in conformity with U.S. GAAP for investment companies. Actual results could differ from these estimates.

G. Risk Exposures and the Use of Derivative Instruments. The 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 market 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 factors.

Market Risk Factors. In pursuit of its investment objectives, a Portfolio may seek to use derivatives to increase or decrease its exposure to the following market risk factors:

Credit Risk. The price of a bond and 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, or if the issuer is late (or defaults) in paying interest or principal.

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, market

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interest rates in the United States are at or near historic lows, 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 Portfolio 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.

Risks of Investing in Derivatives. A Portfolio’s use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market 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 net asset value. 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.

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.

The U.S. government has enacted legislation that provides for new regulation of the derivatives market, including clearing, margin, reporting, and registration requirements. The European Union (and other countries outside of the European Union) is implementing similar requirements, which will affect a Portfolio when it enters into a derivatives transaction with a counterparty organized in that country or otherwise subject to that country’s derivatives regulations. Because these requirements are new and evolving (and some of the rules are not yet final), their ultimate impact remains unclear. Central clearing is expected to reduce counterparty risk and increase liquidity, however, there is no assurance that it will achieve that result, and in the meantime, central clearing and related requirements expose a Portfolio to new kinds of costs and risks.

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 it believes 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. (“ISDA”) Master Agreements (“Master Agreements”). These agreements are with select counterparties and they govern transactions, including certain over-the-counter (“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

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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, 2015, the maximum amount of loss that Global Bond, Invesco Comstock, and Invesco Equity and Income would incur if the counterparties to its derivative transactions failed to perform would be $4,443,411, $648,775, and $970,216, 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, 2015. To reduce the amount of potential loss to Global Bond, certain counterparties have posted $470,000 in cash collateral for open OTC transactions at December 31, 2015.

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. There were no credit events during the year ended December 31, 2015, that triggered any credit related contingent features for each respective Portfolio.

As of December 31, 2015, Global Bond had a liability position of $4,526,609 on open forward foreign currency contracts with credit related contingent features.

If a contingent feature would have been triggered as of December 31, 2015, the Portfolios could have been required to pay this amount in cash to its counterparties. As of December 31, 2015, Global Bond had posted $1,430,000 in cash collateral for open OTC derivative transactions with its respective counterparties.

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 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 Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement 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 Summary Portfolio of Investments.

During the year ended December 31 2015, the following Portfolios had average contract amounts on forward foreign currency contracts to buy and sell as disclosed below:

	Buy			Sell
Global Bond**		$	307,612,271		$	199,578,844
American Century Small-Mid Cap Value*			89,493			7,891,076
Invesco Comstock*			1,660,371			51,013,713
Invesco Equity and Income*			—			130,774,252

For the year ended December 31, 2015, the Portfolios used forward foreign currency contracts primarily to protect their non-U.S. dollar-denominated holdings from adverse currency movements. Please refer to the tables following each respective Summary Portfolio of Investments for open forward foreign currency contracts at December 31, 2015.

For the year ended December 31, 2015, the Portfolio used forward foreign currency contracts primarily to protect their non-U.S. dollar-denominated holdings from adverse currency movements and to gain exposure to currencies for the purposes of risk management or enhanced return. Please refer to the tables following each respective Summary Portfolio of Investments for open forward foreign currency contracts at December 31, 2015.

I. Futures Contracts. Certain Portfolios 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

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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 Summary Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Summary 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, 2015, Global Bond had purchased and sold futures contracts on various notes and bonds as part of their respective duration strategy. During the year ended December 31, 2015, Pioneer High Yield had sold futures contracts on equity indices to decrease exposure to equity risk. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where each 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 each 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, 2015, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below. Please refer to the tables following each respective Summary Portfolio of Investments for open futures contracts at December 31, 2015.

	Purchased			Sold
Global Bond		$	254,901,717		$	160,149,451
Pioneer High Yield			—			4,054,282

J. 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 net asset value, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios’ other risks.

K. Restricted Securities. The Portfolios may invest in restricted securities which include those sold under Rule 144A of the Securities Act of 1933 (“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 Securities 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.

L. Delayed-Delivery and When-Issued Transactions. Certain Portfolios 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 Portfolios’ Summary 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

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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, 2015, there was no cash collateral pledged to or posted by any Portfolio.

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

N. Options Contracts. Certain Portfolios may purchase put and call options and may write (sell) put options and covered call options on futures, swaps (“swaptions”), securities, commodities or foreign currencies. The Portfolios may engage in option transactions as a hedge against adverse movements in the value of portfolio holdings or to increase market exposure. Option contracts are valued daily and unrealized gains or losses are recorded based upon the last sales price on the principal exchange on which the options are traded. An amount equal to the proceeds of the premium received by the Portfolios upon the writing of a put or call option is included in the Statements of Assets and Liabilities as an asset and equivalent liability which is subsequently marked-to-market until it is exercised or closed, or it expires. The Portfolios

will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option, the purchase cost of the security for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Realized and unrealized gains or losses on option contracts are reflected in the accompanying financial statements. The risk in writing a covered call option is that the Portfolios give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Portfolios may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Portfolios pay a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract.

During the year ended December 31, 2015, Global Bond had purchased and written exchange-traded futures contracts to gain exposure to interest rates and to generate income. There were no open purchased or written exchange-traded options at December 31, 2015.

During the year ended December 31, 2015, Global Bond had purchased and written foreign currency options to gain exposure to currencies and to generate income. There were no open purchased or written foreign currency options at December 31, 2015.

During the year ended December 31, 2015, Global Bond had purchased and written interest rate swaptions to gain exposure to interest rates and to generate income. There were no open or written interest rate swaptions at December 31, 2015.

Please refer to Note 8 for the volume of both purchased and written option activity during the year ended December 31, 2015.

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

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 Summary Portfolio of Investments.

Swaps are marked to market daily using quotations primarily from third party pricing services, registered commodities exchange(s), counterparties or brokers. The fair value of an OTC swap contract is recorded on each Portfolio’s Statements of Assets and Liabilities. Daily changes in the value of centrally cleared swaps, if any, are recorded as variation margin receivable or payable on the 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 Statements of Operations. Upfront payments paid or received on OTC swaps by a Portfolio when entering into the agreements are reported on the Statements of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statements 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 Statements 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 Summary 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 Statements of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may default on its obligation to perform, that there will be no liquid market for these investments and that unfavorable changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.

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

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

Certain Portfolios may sell credit default swaps which expose these Portfolios to the risk of loss from credit risk- related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/moratorium. If a Portfolio is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

For the year ended December 31, 2015, Global Bond had purchased 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. Global Bond used CDX swaps to hedge the credit risk associated with various

sectors with the credit markets. For the year ended December 31, 2015, Global Bond had an average notional amount of $28,826,000 on credit default swaps to buy protection. There were no open credit default swaps to buy protection at December 31, 2015.

For the year ended December 31, 2015, Global Bond and Pioneer High Yield had sold credit protection on various credit default swap indices to gain additional exposure to the market or certain sectors of the markets. For the year ended December 31, 2015, Global Bond and Pioneer High Yield had an average notional amount of $12,000,000 and $1,620,767, respectively, on credit default swaps to sell protection. Please refer to the tables following the Summary Portfolio of Investments for both Global Bond and Pioneer High Yield for open credit default swaps to sell protection at December 31, 2015.

At December 31, 2015, Pioneer High Yield had pledged $200,000 in cash collateral as initial margin for open centrally cleared credit default swaps outstanding at December 31, 2015.

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, 2015, Global Bond had entered into interest rate swaps in which it pays a floating interest rate and receives 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 was $1,029,739,181.

For the year ended December 31, 2015, Global Bond had entered into interest rate swaps in which it pays a fixed interest rate and receives 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 was $866,191,504.

Global 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 the Summary Portfolio of Investments for Global Bond for open centrally cleared interest rate swaps at December 31, 2015.

At December 31, 2015, Global Bond had posted $1,388,000 in cash collateral as initial margin for the open centrally cleared interest rate swaps outstanding at December 31, 2015.

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

P. Structured Products. Global Bond invests in structured products which are specially-designed derivative investments whose principal payments or interest payments are linked to the performance of underlying foreign currencies, interest rate spreads, stock market indices, prices of individual securities, commodities or other financial instruments or the occurrence of other specific events. The terms and conditions of these products may be ‘structured’ by the purchaser (a Portfolio) and the borrower issuing the note. The market value of these products will increase or decrease based on the performance of the underlying asset or reference. A Portfolio records the net change in the market value of the structured product on the accompanying Statements of Operations as a change in unrealized appreciation or depreciation on investments. A Portfolio records a realized gain or loss on the Statements of Operations upon the sale or maturity of the structured product. Please refer to the Summary Portfolio of Investments for structured products held by Global Bond at December 31, 2015.

Q. 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, 2015, the cost of purchases and the proceeds from the sales of securities, excluding U.S. government and short-term securities, were as follows:

	Purchases			Sales
Global Bond		$	193,420,619		$	237,769,025
American Century Small-Mid Cap Value			212,184,684			247,184,364
Baron Growth			53,381,186			223,463,285
Columbia Contrarian Core			223,016,364			258,743,415
Columbia Small Cap Value II			118,590,365			142,326,179
Invesco Comstock			133,063,939			129,215,626
Invesco Equity and Income			368,159,965			541,743,790
JPMorgan Mid Cap Value			93,127,421			148,727,322
Oppenheimer Global			198,464,199			308,277,842
Pioneer High Yield			29,984,539			46,076,052
T. Rowe Price Diversified Mid Cap Growth			221,347,275			269,732,791
T. Rowe Price Growth Equity			691,198,764			703,316,662
Templeton Foreign Equity			76,062,238			147,735,722

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

	Purchases			Sales
Global Bond		$	706,315,740		$	718,872,631
Invesco Equity and Income			2,273,914,450			2,319,207,158
Pioneer High Yield			—			1,995,041

NOTE 4 — INVESTMENT MANAGEMENT FEES

Prior to May 1, 2015, the Portfolios had entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. For its services, each Portfolio paid the Investment Adviser a monthly fee in arrears equal to the following as a percentage of each Portfolio’s average daily net assets during the month. Amounts paid to the Investment Adviser through April 30, 2015 are reflected as investment management fees on the accompanying Statement of Operations.

Portfolio			Fee
Global Bond			0.500% on the first $4 billion; 0.475% on the next $1 billion; 0.450% on the next $1 billion; 0.430% on assets over $6 billion
American Century Small-Mid Cap Value			1.00% on the first $250 million; 0.95% on the next $250 million; 0.90% on assets over $500 million
Baron Growth			0.850% on the first $1 billion; 0.825% on the next $1 billion; 0.800% on assets over $2 billion
Columbia Contrarian Core(1)			0.80% on the first $500 million; 0.75% on the next $500 million; 0.70% on assets over $1 billion
Columbia Small Cap Value II			0.75%
Invesco Comstock			0.60%
Invesco Equity and Income(2)			0.55% on the first $750 million; 0.53% on the next $250 million; 0.51% on assets over $1 billion
JPMorgan Mid Cap Value			0.75% on the first $500 million; 0.65% on the next $500 million; 0.60% on assets over $1 billion
Oppenheimer Global			0.60% on the first $3 billion; 0.58% on the next $1 billion; 0.57% on the next $4 billion; 0.56% on assets over $8 billion
Pioneer High Yield			0.60% on the first $2 billion; 0.50% on the next $1 billion; 0.40% on the next $1 billion; 0.30% on assets over $4 billion
T. Rowe Price Diversified Mid Cap Growth			0.64%
T. Rowe Price Growth Equity			0.60%
Templeton Foreign Equity			0.80% on the first $500 million; 0.75% on assets over $500 million

(1)

Effective January 1, 2015, advisory fee breakpoints were incorporated.

(2)

The Investment Adviser had contractually agreed to waive 0.01% of the fee for Invesco Equity and Income.

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

Also, prior to May 1, 2015, the Portfolios had entered into an administrative agreement (“Administrative Agreement”) with Voya Funds Services, LLC (the “Administrator”), a Delaware limited liability company. The Administrator provided certain administrative and shareholder services necessary for each Portfolio’s operations and is responsible for the supervision of other service providers. For its services, the Administrator was entitled to receive from each Portfolio a fee at an annual rate of 0.10% of each Portfolio’s average daily net assets. Amounts paid to the Administrator through April 30, 2015 are reflected as administrative service fees on the accompanying Statements of Operations.

Effective May 1, 2015, the terms of the Portfolios’ Management Agreement and Administrative Agreement were combined under a single Amended and Restated Investment Management Agreement with a single management fee. The single management fee rate under the Portfolios’ Amended and Restated Investment Management Agreement does not exceed the former combined investment management and administrative services fee rates for the Portfolios and there is no change to the investment management or administrative services provided.

The Amended and Restated Investment Management Agreement compensates the Investment Adviser with a monthly fee in arrears equal to the following as a percentage of each Portfolio’s average daily net assets during the month. Single management fee amounts paid to the Investment Adviser from May 1, 2015 through December 31, 2015 are reflected as investment management fees on the accompanying Statements of Operations.

Portfolio			Fee
Global Bond			0.600% on the first $4 billion; 0.575% on the next $1 billion; 0.550% on the next $1 billion; 0.530% on assets over $6 billion
American Century Small-Mid Cap Value			1.10% on the first $250 million; 1.05% on the next $250 million; 1.00% on assets over $500 million
Baron Growth			0.950% on the first $1 billion; 0.925% on the next $1 billion; 0.900% on assets over $2 billion
Columbia Contrarian Core			0.90% on the first $500 million; 0.85% on the next $500 million; 0.80% on assets over $1 billion
Columbia Small Cap Value II			0.85%
Invesco Comstock			0.70%

Portfolio			Fee
Invesco Equity and Income(1)			0.65% on the first $750 million; 0.63% on the next $250 million; 0.61% on assets over $1 billion
JPMorgan Mid Cap Value			0.85% on the first $500 million; 0.75% on the next $500 million; 0.70% on assets over $1 billion
Oppenheimer Global			0.70% on the first $3 billion; 0.68% on the next $1 billion; 0.67% on the next $4 billion; 0.66% on assets over $8 billion
Pioneer High Yield			0.70% on the first $2 billion; 0.60% on the next $1 billion; 0.50% on the next $1 billion; 0.40% on assets over $4 billion
T. Rowe Price Diversified Mid Cap Growth			0.74%
T. Rowe Price Growth Equity			0.70%
Templeton Foreign Equity			0.90% on the first $500 million; 0.85% on assets over $500 million

(1)

Effective May 1, 2015, the Investment Adviser has contractually agreed to waive 0.01% of the fee for Invesco Equity and Income.

The Investment Adviser has contractually agreed to waive a portion of the advisory fee for Global Bond, American Century Small-Mid Cap Value, Columbia Contrarian Core, Columbia Small Cap Value II, Invesco Comstock and T. Rowe Price Growth Equity in connection with sub-advisory fee reductions for these Portfolios. The waiver is calculated as follows:

Waiver = 50% x (former sub-advisory fee rate minus new sub-advisory fee rate)

In addition, the Investment Adviser has agreed to further waive a portion of the advisory fee for T. Rowe Price Growth Equity. The waiver for T. Rowe Price Growth Equity is based on the total savings in excess of $500,000 as a result of the aggregated sub-advisory fee schedule of T. Rowe Price Growth Equity and VY® T. Rowe Price Equity Income Portfolio, which is not included in this report. The aggregated amount of savings is allocated to the two Portfolios pro rata based on each Portfolio’s contribution to the amount saved.

For the year ended December 31, 2015, the Investment Adviser waived $6,755, $500,588, $104,598, $67,108, $93,750, and $96,161 for Global Bond, American Century Small-Mid Cap Value, Columbia Contrarian Core, Columbia Small Cap Value II, Invesco Comstock, and T. Rowe Price Growth Equity, respectively. Termination or modification of these obligations requires approval by the Board.

Templeton Foreign Equity may invest its assets in Templeton Smaller Companies Fund. Templeton Foreign Equity’s purchase of shares of Templeton Smaller

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

Companies Fund will result in Templeton Foreign Equity paying a proportionate share of the expenses of Templeton Smaller Companies Fund. The Investment Adviser will waive its management fee in an amount equal to the advisory fee received by the adviser of the Templeton Smaller Companies Fund resulting from the Templeton Foreign Equity’s investment into the Templeton Smaller Companies Fund. There were no such waivers for the year ended December 31, 2015.

The Company and DSL have entered into sub-advisory agreements with each sub-adviser. These sub-advisers provide investment advice for the various Portfolios and are paid by DSL based on the average daily net assets of the respective Portfolios. Subject to such policies as the Board or DSL may determine, the sub-advisers manage each respective Portfolio’s assets in accordance with the Portfolio’s investment objectives, policies, and limitations. The sub-advisers of the Portfolios are as follows (* denotes a related party adviser):

Portfolio			Sub-Adviser
Global Bond			Voya Investment Management Co. LLC*
American Century Small-Mid Cap Value			American Century Investment Management, Inc.
Baron Growth			BAMCO, Inc.
Columbia Contrarian Core & Columbia Small Cap Value II			Columbia Management Investment Advisers, LLC
Invesco Comstock & Invesco Equity and Income			Invesco Advisers, Inc.
JPMorgan Mid Cap Value			J.P. Morgan Investment Management Inc.
Oppenheimer Global			OppenheimerFunds, Inc.
Pioneer High Yield			Pioneer Investment Management, Inc.
T. Rowe Price Diversified Mid Cap Growth & T. Rowe Price Growth Equity			T. Rowe Price Associates, Inc.
Templeton Foreign Equity			Templeton Investment Counsel, LLC

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Class ADV and Class S2 shares of each respective Portfolio have a plan of distribution pursuant to Rule 12b-1 under the 1940 Act (the “Plan”), whereby the Distributor is reimbursed or compensated by the Portfolios for expenses incurred in the distribution of each Portfolio’s shares. The Distributor may pay, on behalf of each Portfolio, out of its distribution fee, compensation to certain financial institutions for providing distribution assistance. Under the Plan, a Portfolio makes payments at an annual rate of 0.25% of the Portfolio’s average daily net assets

attributable to its Class ADV and Class S2 shares, as applicable. The Distributor has contractually agreed to waive a portion of its fee equal to 0.10% of the average daily net assets attributable to the distribution fee paid by Class S2 shares of the Portfolios, so that the actual fee paid by a Portfolio is an annual rate of 0.15%. The Distributor has agreed to waive an additional 0.02% of the distribution fee for Invesco Equity and Income Class S2 shares. Termination or modification of these obligations requires approval by the Board.

Class ADV, Class S and Class S2 shares are further subject to a shareholder servicing fee payable to Shareholder Organizations pursuant to the Shareholder Servicing Plan adopted for Class ADV, Class S and Class S2 shares which shall not exceed an annual rate of 0.25% of the average daily net assets of each class, respectively. The Distributor has contractually agreed to waive a portion of the servicing fee for Baron Growth so that total net operating expenses do not exceed 1.31% for Class S shares. Termination or modification of this obligation requires approval by the Board.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At December 31, 2015, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Portfolios:

Subsidiary/Affiliated Investment Company	Portfolio	Percentage
ReliaStar Life Insurance Company	Oppenheimer Global		5.34%
	Pioneer High Yield		25.07
	T. Rowe Price Diversified Mid Cap Growth		13.09
Security Life of Denver Insurance Company	Global Bond		6.01
	Pioneer High Yield		19.47
	T. Rowe Price Diversified Mid Cap Growth		5.67
Voya Institutional Trust Company	Global Bond		19.69
	American Century Small-Mid Cap Value		42.71
	Baron Growth		14.99
	Columbia Contrarian Core		6.54
	Columbia Small Cap Value II		8.94
	Invesco Comstock		7.34
	JPMorgan Mid Cap Value		20.98
	Oppenheimer Global		9.70
	T. Rowe Price Growth Equity		16.50
Voya Insurance and Annuity Company	Baron Growth		39.69
	Columbia Contrarian Core		81.64
	Columbia Small Cap Value II		50.63
	Invesco Comstock		39.44
	Invesco Equity and Income		61.15
	JPMorgan Mid Cap Value		24.86
	Oppenheimer Global		10.60

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

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

Subsidiary/Affiliated Investment Company	Portfolio	Percentage
	T. Rowe Price Growth Equity		17.98
	Templeton Foreign Equity		64.92
Voya Retirement Insurance and Annuity Company	Global Bond		67.81
	American Century Small-Mid Cap Value		54.93
	Baron Growth		40.47
	Columbia Contrarian Core		8.80
	Columbia Small Cap Value II		32.16
	Invesco Comstock		19.19
	Invesco Equity and Income		33.06
	JPMorgan Mid Cap Value		48.04
	Oppenheimer Global		72.41
	Pioneer High Yield		53.10
	T. Rowe Price Diversified Mid Cap Growth		75.12
	T. Rowe Price Growth Equity		50.25
	Templeton Foreign Equity		24.67
Voya Solution 2025 Portfolio	Invesco Comstock		7.42
Voya Solution 2035 Portfolio	Invesco Comstock		8.54
Voya Solution 2045 Portfolio	Invesco Comstock		5.99
Voya Solution Moderately Aggressive Portfolio	Invesco Comstock		5.54

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-advisers to use their 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 “Plan”), which allows eligible non-affiliated directors, as described in the 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 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, LLC, in amounts equal to the directors’ 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 Statement of Assets and Liabilities. Deferral of directors’ fees under the 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 Plan.

The Portfolio(s) may engage in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment advisers) and/or have a common sub-adviser. These interfund transactions are made pursuant to Rule 17a-7 of the Investment Company Act of 1940. For the year ended December 31, 2015, Pioneer High Yield engaged in such purchase and sales transactions totaling $1,208,434 and $850,485, respectively.

NOTE 7 — 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 following annual expenses to average daily net assets:

Portfolio	Class ADV		Class I		Class S		Class S2
Global Bond		1.10%		0.60%		0.85%		N/A
American Century Small-Mid Cap Value		1.52%		1.02%		1.27%		1.42%
Baron Growth		1.59%		1.09%		1.34%		1.49%
Columbia Contrarian Core(1)		N/A		N/A		N/A		N/A
Columbia Small Cap Value II		1.65%		1.15%		1.40%		1.55%
Invesco Comstock(2)		N/A		N/A		N/A		N/A
Invesco Equity and Income		1.15%		0.65%		0.90%		1.05%
JPMorgan Mid Cap Value		1.50%		1.00%		1.25%		1.40%
Oppenheimer Global		1.30%		0.80%		1.05%		1.20%
Pioneer High Yield		N/A		0.71%		0.96%		N/A
T. Rowe Price Diversified Mid Cap Growth		1.30%		0.80%		1.05%		1.20%
T. Rowe Price Growth Equity		1.25%		0.75%		1.00%		1.15%
Templeton Foreign Equity(3)		1.48%		0.98%		1.23%		1.38%

(1)

Pursuant to a side letter agreement, through May 1, 2016, the Investment Adviser has agreed to waive all or a portion of the advisory fee and/or reimburse expenses so that the expense limits are 1.21%, 0.71% and 0.96% for Class ADV, Class I, and Class S, respectively. Termination or modification of this obligation requires approval by the Board. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment.

(2)

Pursuant to a side letter agreement, through May 1, 2016, the Investment Adviser has agreed to waive all or a portion of the advisory fee and/or reimburse expenses so that the expense limits are 1.31%, 0.81% and 1.06% for Class ADV, Class I, and Class S, respectively. Termination or modification of this obligation requires approval by the Board. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment.

(3)

Pursuant to a side letter agreement, through May 1, 2016, the Investment Adviser has agreed to waive all or a portion of the advisory fee and/or reimburse expenses so that the expense limits are 1.42%, 0.92%, 1.17% and 1.32% for Class ADV, Class I, Class S, and Class S2, respectively. Termination or modification of this obligation requires approval by the Board. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 7 — EXPENSE LIMITATION AGREEMENTS (continued)

The Investment Adviser may, at a later date, recoup from a Portfolio for fees waived and other expenses, except as otherwise noted above, assumed 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.

At December 31, 2015, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser, and the related expiration dates are as follows:

	December 31,
Portfolio	2016			2017			2018			Total
Global Bond		$	243,845		$	173,482		$	135,581		$	552,908
American Century Small-Mid Cap Value			471,719			463,222			430,902			1,365,843
Invesco Equity and Income			261,856			201,217			207,075			670,148
Pioneer High Yield			16,528			60,824			55,577			132,929
T. Rowe Price Diversified Mid Cap Growth			178,875			67,420			—			246,295

The Expense Limitation Agreement is contractual through May 1, 2016 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

NOTE 8 — PURCHASED AND WRITTEN OPTIONS

Transactions in purchased options on exchange-traded futures contracts for Global Bond during the year ended December 31, 2015 were as follows:

	Number of Contracts		Cost
Balance at 12/31/2014		—		$	—
Options Purchased		524			76,635
Options Expired		(524)			(76,635)
Balance at 12/31/2015		—		$	—

Transactions in purchased foreign currency options for Global Bond during the year ended December 31, 2015 were as follows:

	USD Notional		Cost
Balance at 12/31/2014		16,644,000		$	76,562
Options Purchased		123,882,944			1,135,238
Options Terminated in Closing Sell Transactions		(28,027,648)			(324,000)

	USD Notional		Cost
Options Expired		(112,499,296)			(887,800)
Balance at 12/31/2015		—		$	—

Transactions in purchased interest rate swaptions for Global Bond during the year ended December 31, 2015 were as follows:

	USD Notional		Cost
Balance at 12/31/2014		81,473,000		$	332,364
Options Purchased		1,667,066,000			22,902,265
Options Terminated in Closing Sell Transactions		(1,272,760,000)			(21,548,062)
Options Expired		(475,779,000)			(1,686,567)
Balance at 12/31/2015		—		$	—

Transactions in written options on exchange-traded futures contracts for Global Bond during the year ended December 31, 2015 were as follows:

	Number of Contracts		Premiums Received
Balance at 12/31/2014		—		$	—
Options Written		524			110,040
Options Terminated in Closing Purchase Transactions		(524)			(110,040)
Balance at 12/31/2015		—		$	—

Transactions in written foreign currency options for Global Bond during the year ended December 31, 2015 were as follows:

	USD Notional		Premiums Received
Balance at 12/31/2014		—		$	—
Options Written		127,917,648			495,944
Options Terminated in Closing Purchase Transactions		(64,670,648)			(284,622)
Options Exercised		(63,247,000)			(211,322)
Balance at 12/31/2015		—		$	—

Transactions in written interest rate swaptions for Global Bond Portfolio during the year ended December 31, 2015 were as follows:

	EUR Notional		USD Notional		Premiums Received
Balance at 12/31/2014		—		165,890,000		$	483,169
Options Written		1,648,904,000		2,377,398,000			16,820,310
Options Terminated in Closing Purchase Transactions		(824,452,000)		(2,140,420,000)			(15,122,853)
Options Expired		(824,452,000)		(402,868,000)			(2,180,626)
Balance at 12/31/2015		—		—		$	—

NOTE 9 — LINE OF CREDIT

The Portfolios, in addition to certain other funds managed by the Investment Adviser, have entered into an unsecured

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 9 — LINE OF CREDIT (continued)

committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $200,000,000. The proceeds may be used only to: (1) temporarily finance the purchase and sale of securities; or (2) finance the redemption of shares of an investor in the funds. The funds to which the line of credit is available pay a commitment fee equal to 0.10% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to May 22, 2015, the funds to which the Credit Agreement is available paid a commitment fee equal to 0.07% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.

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, 2015:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Global Bond		59		$	1,234,136		1.12%
American Century Small-Mid Cap Value		7			2,678,000		1.14
Baron Growth		63			2,853,794		1.13
Columbia Small Cap Value II		1			512,000		1.13
JPMorgan Mid Cap Value		1			562,000		1.14
T. Rowe Price Diversified Mid Cap Growth		4			2,108,250		1.14
T. Rowe Price Growth Equity		11			7,382,182		1.13
Templeton Foreign Equity		3			1,425,000		1.13

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	#		#		#		#		#		($)		($)		($)		($)		($)
Global Bond
Class ADV
12/31/2015		113,182		—		—		(614,527)		(501,345)		1,149,434		—		—		(6,210,909)		(5,061,475)
12/31/2014		278,699		—		10,629		(400,536)		(111,208)		2,975,845		—		114,685		(4,254,237)		(1,163,707)
Class I
12/31/2015		331,772		—		—		(3,368,908)		(3,037,136)		3,408,954		—		—		(34,472,167)		(31,063,213)
12/31/2014		483,622		—		169,865		(3,410,514)		(2,757,027)		5,229,242		—		1,849,829		(36,697,829)		(29,618,758)
Class S
12/31/2015		286,919		—		—		(842,940)		(556,021)		2,938,760		—		—		(8,662,089)		(5,723,329)
12/31/2014		597,864		—		27,133		(913,455)		(288,458)		6,473,866		—		296,298		(9,835,369)		(3,065,205)
Class S2
12/31/2015		—		—		—		—		—		—		—		—		—		—
12/31/2014		—		—		—		—		—		—		—		—		—		—
American Century Small-Mid Cap Value
Class ADV
12/31/2015		473,429		—		1,557,675		(875,507)		1,155,597		5,970,451		—		17,305,764		(10,683,402)		12,592,813
12/31/2014		766,656		—		1,070,476		(2,055,345)		(218,213)		11,169,061		—		13,787,729		(31,265,428)		(6,308,638)
Class I
12/31/2015		926,534		—		2,261,282		(2,656,690)		531,126		12,118,570		—		26,343,938		(33,327,530)		5,134,978
12/31/2014		1,429,466		—		1,605,534		(4,595,045)		(1,560,045)		20,964,408		—		21,498,091		(72,207,900)		(29,745,401)
Class S
12/31/2015		410,728		—		1,494,208		(1,507,539)		397,397		5,276,838		—		17,228,222		(19,488,659)		3,016,401
12/31/2014		668,630		—		1,134,923		(2,849,694)		(1,046,141)		9,811,378		—		15,060,423		(44,122,885)		(19,251,084)
Class S2
12/31/2015		118,990		—		61,638		(85,591)		95,037		1,506,409		—		682,951		(1,089,809)		1,099,551
12/31/2014		107,978		—		34,423		(352,249)		(209,848)		1,511,452		—		441,991		(5,393,322)		(3,439,879)
Baron Growth
Class ADV
12/31/2015		157,011		—		274,983		(674,427)		(242,433)		4,531,491		—		8,007,507		(19,713,089)		(7,174,091)
12/31/2014		462,441		—		63,969		(589,391)		(62,981)		13,523,075		—		1,793,066		(17,117,076)		(1,800,935)
Class I

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (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	#		#		#		#		#		($)		($)		($)		($)		($)
Baron Growth (continued)
12/31/2015		434,975		—		585,465		(1,988,870)		(968,430)		13,911,453		—		18,202,106		(60,748,084)		(28,634,525)
12/31/2014		955,771		—		157,122		(1,938,401)		(825,508)		29,550,969		—		4,679,085		(59,916,474)		(25,686,420)
Class S
12/31/2015		479,189		—		1,647,066		(3,978,855)		(1,852,600)		14,697,709		—		49,691,990		(120,734,669)		(56,344,970)
12/31/2014		711,655		—		400,748		(5,059,180)		(3,946,777)		21,575,656		—		11,605,656		(151,763,902)		(118,582,590)
Class S2
12/31/2015		38,030		—		16,992		(67,220)		(12,198)		1,140,388		—		495,834		(2,030,825)		(394,603)
12/31/2014		70,040		—		3,915		(60,211)		13,744		2,056,732		—		109,977		(1,759,186)		407,523
Columbia Contrarian Core
Class ADV
12/31/2015		298,412		—		111,618		(111,160)		298,870		6,867,135		—		2,453,372		(2,573,744)		6,746,763
12/31/2014		107,457		—		98,211		(91,440)		114,228		2,581,671		—		2,212,701		(2,206,659)		2,587,713
Class I
12/31/2015		41,593		—		58,172		(102,770)		(3,005)		990,276		—		1,326,321		(2,486,511)		(169,914)
12/31/2014		44,454		—		62,611		(68,994)		38,071		1,097,537		—		1,455,694		(1,712,802)		840,429
Class S
12/31/2015		465,869		—		1,679,367		(2,008,544)		136,692		10,999,991		—		37,684,995		(48,165,495)		519,491
12/31/2014		1,149,239		—		1,864,724		(2,581,735)		432,228		28,510,532		—		42,739,468		(64,427,623)		6,822,377
Columbia Small Cap Value II
Class ADV
12/31/2015		408,608		—		4,520		(532,746)		(119,618)		6,702,716		—		75,657		(8,642,955)		(1,864,582)
12/31/2014		1,725,460		—		5,978		(609,424)		1,122,014		27,635,458		—		92,128		(9,469,641)		18,257,945
Class I
12/31/2015		609,948		—		16,368		(932,364)		(306,048)		10,295,607		—		281,364		(15,562,223)		(4,985,252)
12/31/2014		2,645,302		—		14,677		(1,172,464)		1,487,515		43,529,209		—		231,900		(18,594,005)		25,167,104
Class S
12/31/2015		424,400		—		28,258		(1,706,752)		(1,254,094)		7,082,409		—		483,770		(28,634,794)		(21,068,615)
12/31/2014		1,576,282		—		19,169		(2,066,691)		(471,240)		25,666,547		—		301,525		(33,043,385)		(7,075,313)
Class S2
12/31/2015		149,977		—		1,285		(86,774)		64,488		2,441,291		—		21,449		(1,419,646)		1,043,094
12/31/2014		296,541		—		1,100		(115,403)		182,238		4,736,330		—		16,920		(1,778,440)		2,974,810
Invesco Comstock
Class ADV
12/31/2015		113,278		—		49,774		(392,836)		(229,784)		1,807,702		—		775,483		(6,343,359)		(3,760,174)
12/31/2014		348,747		—		41,145		(275,806)		114,086		5,511,435		—		684,628		(4,390,054)		1,806,009
Class I
12/31/2015		6,421,704		—		342,384		(2,378,098)		4,385,990		106,336,129		—		5,351,730		(38,383,357)		73,304,502
12/31/2014		7,273,340		—		182,269		(2,554,336)		4,901,273		110,787,326		—		3,056,581		(41,490,346)		72,353,561
Class S
12/31/2015		492,751		—		485,164		(4,247,552)		(3,269,637)		7,921,714		—		7,603,995		(69,315,148)		(53,789,439)
12/31/2014		3,774,314		—		427,764		(4,797,035)		(594,957)		60,602,498		—		7,164,868		(77,675,776)		(9,908,410)
Invesco Equity and Income
Class ADV
12/31/2015		151,527		—		115,812		(185,467)		81,872		6,762,682		—		4,976,251		(8,306,926)		3,432,007
12/31/2014		228,616		264,770		41,853		(144,914)		390,325		10,439,967		12,496,350		1,907,670		(6,612,280)		18,231,707
Class I
12/31/2015		164,439		—		1,482,183		(1,971,650)		(325,028)		7,496,933		—		64,775,858		(89,096,748)		(16,823,957)
12/31/2014		1,119,580		2,472,176		616,237		(1,906,294)		2,301,699		52,470,421		118,523,109		28,585,663		(88,666,905)		110,912,288
Class S
12/31/2015		161,203		—		1,786,423		(3,542,858)		(1,595,232)		7,164,577		—		77,442,510		(159,782,804)		(75,175,717)
12/31/2014		142,995		15,240,652		826,865		(3,204,414)		13,006,098		6,516,042		725,313,586		38,013,236		(148,168,497)		621,674,367
Class S2
12/31/2015		176,308		—		1,097,658		(1,714,178)		(440,212)		7,934,546		—		46,949,757		(76,461,118)		(21,576,815)
12/31/2014		344,107		12,218,895		460,034		(1,761,679)		11,261,357		15,680,522		543,880,470		20,871,267		(80,385,713)		500,046,546
JPMorgan Mid Cap Value
Class ADV
12/31/2015		579,033		—		689,418		(469,879)		798,572		12,439,583		—		13,601,526		(9,908,503)		16,132,606
12/31/2014		494,222		—		267,177		(433,406)		327,993		10,646,648		—		5,561,002		(9,329,934)		6,877,716
Class I
12/31/2015		916,659		—		1,862,198		(2,727,988)		50,869		20,004,354		—		37,541,744		(57,873,448)		(327,350)
12/31/2014		1,251,469		—		844,345		(2,241,033)		(145,219)		27,269,524		—		18,001,283		(48,744,453)		(3,473,646)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (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	#		#		#		#		#		($)		($)			($)		($)		($)
JPMorgan Mid Cap Value (continued)
Class S
12/31/2015		754,919		—		2,381,009		(2,843,433)		292,495		16,390,139			—		47,588,257		(60,718,665)		3,259,731
12/31/2014		787,608		—		1,127,500		(4,404,972)		(2,489,864)		17,177,427			—		23,759,319		(95,277,431)		(54,340,685)
Class S2
12/31/2015		41,003		—		34,000		(116,903)		(41,900)		872,170			—		669,059		(2,516,657)		(975,428)
12/31/2014		46,218		—		16,485		(53,315)		9,388		988,579			—		342,604		(1,118,163)		213,020
Oppenheimer Global
Class ADV
12/31/2015		960,893		—		502,423		(636,796)		826,520		17,968,362			—		9,400,327		(12,029,300)		15,339,389
12/31/2014		491,367		—		126,602		(682,041)		(64,072)		9,014,492			—		2,300,353		(12,504,408)		(1,189,563)
Class I
12/31/2015		1,382,462		—		6,158,301		(7,840,979)		(300,216)		27,346,457			—		119,409,448		(149,839,229)		(3,083,324)
12/31/2014		1,639,871		—		1,903,883		(11,877,203)		(8,333,449)		31,388,757			—		35,716,844		(225,636,846)		(158,531,245)
Class S
12/31/2015		2,501,221		—		1,162,773		(2,122,531)		1,541,463		48,174,303			—		21,836,880		(38,875,357)		31,135,826
12/31/2014		914,518		—		307,282		(3,211,814)		(1,990,014)		16,783,355			—		5,598,683		(59,323,905)		(36,941,867)
Class S2
12/31/2015		55,320		—		23,500		(91,169)		(12,349)		1,040,869			—		430,989		(1,615,829)		(143,971)
12/31/2014		65,214		—		6,101		(39,752)		31,563		1,176,055			—		108,841		(716,144)		568,752
Pioneer High Yield
Class ADV
12/31/2015		—		—		—		—		—		—			—		—		—		—
12/31/2014		—		—		—		—		—		—			—		—		—		—
Class I
12/31/2015		997,272		—		472,917		(2,873,020)		(1,402,831)		11,695,730			—		5,539,616		(33,567,286)		(16,331,940)
12/31/2014		2,053,367		—		473,025		(2,214,692)		311,700		25,684,022			—		5,902,329		(27,558,304)		4,028,047
Class S
12/31/2015		79,466		—		18,014		(118,390)		(20,910)		938,594			—		210,519		(1,367,490)		(218,377)
12/31/2014		180,973		—		15,441		(99,255)		97,159		2,267,588			—		192,274		(1,234,631)		1,225,231
T. Rowe Price Diversified Mid Cap Growth
Class ADV
12/31/2015		536,469		—		474,365		(809,175)		201,659		6,094,705			—		4,928,655		(8,492,047)		2,531,313
12/31/2014		266,097		—		188,491		(344,239)		110,349		2,975,186			—		1,984,807		(3,807,785)		1,152,208
Class I
12/31/2015		2,032,041		—		10,723,838		(6,103,326)		6,652,553		24,643,747			—		119,999,748		(71,696,552)		72,946,943
12/31/2014		760,996		—		4,906,939		(8,858,323)		(3,190,388)		8,960,731		��	—		55,027,698		(104,053,966)		(40,065,537)
Class S
12/31/2015		606,565		—		398,027		(594,730)		409,862		6,742,873			—		4,330,538		(6,775,241)		4,298,170
12/31/2014		261,061		—		184,114		(442,140)		3,035		2,976,235			—		2,012,636		(5,074,897)		(86,026)
Class S2
12/31/2015		97,971		—		66,230		(88,614)		75,587		1,155,306			—		689,459		(990,490)		854,275
12/31/2014		271,934		—		22,484		(45,694)		248,724		3,017,240			—		237,001		(504,467)		2,749,774
T. Rowe Price Growth Equity
Class ADV
12/31/2015		312,835		—		339,629		(163,295)		489,169		26,554,454			—		28,240,157		(13,937,412)		40,857,199
12/31/2014		172,357		—		146,165		(243,795)		74,727		14,738,836			—		11,953,361		(20,747,055)		5,945,142
Class I
12/31/2015		1,690,630		—		1,721,278		(1,861,900)		1,550,008		150,420,520			—		150,611,865		(169,614,232)		131,418,153
12/31/2014		823,913		—		854,693		(2,178,207)		(499,601)		72,818,004			—		72,666,041		(193,208,089)		(47,724,044)
Class S
12/31/2015		1,201,876		—		709,182		(905,956)		1,005,102		107,064,018			—		60,500,345		(78,301,743)		89,262,620
12/31/2014		716,701		—		292,976		(1,121,253)		(111,576)		62,320,632			—		24,431,255		(96,554,289)		(9,802,402)
Class S2
12/31/2015		12,276		—		8,837		(9,041)		12,072		1,076,931			—		740,378		(807,283)		1,010,026
12/31/2014		32,364		—		3,115		(11,108)		24,371		2,785,852			—		256,132		(958,894)		2,083,090
Templeton Foreign Equity
Class ADV
12/31/2015		306,681		—		108,700		(629,849)		(214,468)		3,779,598			—		1,326,137		(7,589,183)		(2,483,448)
12/31/2014		334,088		—		70,556		(526,520)		(121,876)		4,275,954			—		910,170		(6,763,141)		(1,577,017)
Class I
12/31/2015		629,508		—		672,207		(2,569,753)		(1,268,038)		7,847,901			—		8,274,865		(30,862,697)		(14,739,931)
12/31/2014		788,445		—		453,673		(4,341,392)		(3,099,274)		10,318,661			—		5,906,833		(55,741,328)		(39,515,834)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (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	#		#		#		#		#		($)		($)		($)		($)		($)
Templeton Foreign Equity (continued)
Class S
12/31/2015		1,281,336		—		1,633,116		(7,042,292)		(4,127,840)		15,119,746		—		19,973,008		(86,161,662)		(51,068,908)
12/31/2014		2,840,981		—		1,128,605		(9,157,277)		(5,187,691)		35,347,679		—		14,604,147		(117,247,042)		(67,295,216)
Class S2
12/31/2015		71,716		—		6,855		(25,193)		53,378		840,146		—		83,425		(301,001)		622,570
12/31/2014		51,536		—		3,540		(46,725)		8,351		661,473		—		45,628		(591,281)		115,820

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 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 the 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.

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 United States government. The securities purchased with cash collateral received are reflected in the Summary 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 is a summary of the Portfolios’ securities lending agreements by counterparty which are subject to offset under the Agreement as of December 31, 2015:

Global Bond

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Citigroup Global Markets Inc.		$	4,872,619		$	(4,872,619)		$	—
Goldman, Sachs & Co.			116,079			(116,079)			—
Merrill Lynch, Pierce, Fenner & Smith Inc.			2,244,510			(2,244,510)			—
Total		$	7,233,208		$	(7,233,208)		$	—

(1)

Collateral with a fair value of $7,383,540 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.

American Century Small-Mid Cap Value

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BNP Paribas Prime Brokerage, Inc.		$	107,530		$	(107,530)		$	—
Citigroup Global Markets Inc.			185,201			(185,201)			—
Goldman, Sachs & Co.			815,741			(815,741)			—
HSBC Bank PLC			95,266			(95,266)			—
Janney Montgomery Scott LLC			40,143			(40,143)			—
JP Morgan Clearing Corp			1,659,619			(1,659,619)			—
Maple Securities USA Inc.			215,685			(215,685)			—
Morgan Stanley & Co. LLC			285,693			(285,693)			—
Nomura Securities International, Inc.			634,332			(634,332)			—
RBC Dominion Securities Inc			1,439,483			(1,439,483)			—
Scotia Capital (USA) INC			894,228			(894,228)			—
SG Americas Securities, LLC			970,620			(970,620)			—
Wells Fargo Securities LLC			114,760			(114,760)			—
Total		$	7,458,299		$	(7,458,299)		$	—

(1)

Collateral with a fair value of $7,642,699 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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 11 — SECURITIES LENDING (continued)

Invesco Comstock

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Deutsche Bank Securities Inc.		$	1,966,550		$	(1,966,550)		$	—
Goldman, Sachs & Co.			409,298			(409,298)			—
SG Americas Securities, LLC			50,485			(50,485)			—
Wells Fargo Securities LLC			2,307			(2,307)			—
Total		$	2,428,639		$	(2,428,639)		$	—

(1)

Collateral with a fair value of $2,490,134 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.

Invesco Equity and Income

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.		$	488,735		$	(488,735)		$	—
BNP Paribas Prime Brokerage, Inc.			1,927,687			(1,927,687)			—
Citadel Clearing LLC			1,674,076			(1,674,076)			—
Citigroup Global Markets Inc.			54,251,976			(54,251,976)			—
Citigroup Global Markets Limited			210,530			(210,530)			—
Credit Suisse Securities (USA) LLC			126,525			(126,525)			—
Deutsche Bank Securities Inc.			514,805			(514,805)			—
Goldman, Sachs & Co.			2,938,321			(2,938,321)			—
J.P. Morgan Securities LLC			928,530			(928,530)			—
Jefferies LLC			971,367			(971,367)			—
JP Morgan Clearing Corp			54,318			(54,318)			—
JP Morgan Securities, Plc.			2,262,840			(2,262,840)			—
Morgan Stanley & Co. LLC			92,853			(92,853)			—
RBC Capital Markets, LLC			3,607,118			(3,607,118)			—
Scotia Capital (USA) INC			993,664			(993,664)			—
Wells Fargo Securities LLC			141,235			(141,235)			—
Total		$	71,184,581		$	(71,184,581)		$	—

(1)

Collateral with a fair value of $72,856,452 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.

JPMorgan Mid Cap Value

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Credit Suisse Securities (USA) LLC		$	2,682,479		$	(2,682,479)		$	—
Goldman, Sachs & Co.			329,868			(329,868)			—
Morgan Stanley & Co. LLC			464,032			(464,032)			—
Scotia Capital (USA) INC			1,868,290			(1,868,290)			—
SG Americas Securities, LLC			5,629,621			(5,629,621)			—
UBS Securities LLC.			36,575			(36,575)			—
Total		$	11,010,866		$	(11,010,866)		$	—

(1)

Collateral with a fair value of $11,324,364 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.

Oppenheimer Global

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.		$	1,571,540		$	(1,571,540)		$	—
Citigroup Global Markets Inc.			27,378			(27,378)			—
Credit Suisse Securities (Europe) Limited			2,272,049			(2,272,049)			—
Credit Suisse Securities (USA) LLC			2,138,942			(2,138,942)			—
Deutsche Bank Securities Inc.			1,080,710			(1,080,710)			—
Deutsche Bank, AG			1,228,676			(1,228,676)			—
Goldman, Sachs & Co.			12,002,553			(12,002,553)			—
HSBC Bank PLC			3,508,278			(3,508,278)			—
JP Morgan Clearing Corp			1,365,711			(1,365,711)			—
JP Morgan Securities, Plc.			497,528			(497,528)			—
Merrill Lynch International			1,747,877			(1,747,877)			—
Morgan Stanley & Co. International PLC			7,266			(7,266)			—
Morgan Stanley & Co. LLC			11,909,106			(11,909,106)			—
Nomura International PLC			34,624			(34,624)			—
RBC Dominion Securities Inc			1,798,785			(1,798,785)			—
Scotia Capital (USA) INC			5,396,121			(5,396,121)			—
SG Americas Securities, LLC			215,965			(215,965)			—
Societe Generale			456,324			(456,324)			—
UBS AG			35,355			(35,355)			—
Wells Fargo Securities LLC			42,228			(42,228)			—
Total		$	47,337,016		$	(47,337,016)		$	—

(1)

Collateral with a fair value of $49,184,412 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.

T. Rowe Price Diversified Mid Cap Growth

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.		$	1,281,825		$	(1,281,825)		$	—
BNP Paribas Prime Brokerage, Inc.			9,585			(9,585)			—
Citigroup Global Markets Inc.			1,260,451			(1,260,451)			—
Credit Suisse Securities (USA) LLC			2,292,587			(2,292,587)			—
Deutsche Bank Securities Inc.			248,246			(248,246)			—
Goldman, Sachs & Co.			2,416,143			(2,416,143)			—
HSBC Bank PLC			740,904			(740,904)			—
Jefferies LLC			240,434			(240,434)			—
JP Morgan Clearing Corp			3,630,813			(3,630,813)			—
Merrill Lynch, Pierce, Fenner & Smith Inc.			4,216,365			(4,216,365)			—
Morgan Stanley & Co. LLC			8,283,657			(8,283,657)			—
National Financial Services LLC			2,026,530			(2,026,530)			—

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 11 — SECURITIES LENDING (continued)

Counterparty		Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Nomura Securities International, Inc.	��			5,993			(5,993)			—
RBC Dominion Securities Inc				8,666,072			(8,666,072)			—
Scotia Capital (USA) INC				6,965,777			(6,965,777)			—
SG Americas Securities, LLC				1,104,800			(1,104,800)			—
UBS Securities LLC.				98,135			(98,135)			—
Total			$	43,488,320		$	(43,488,320)		$	—

(1)

Collateral with a fair value of $44,494,247 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.

T. Rowe Price Growth Equity

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.		$	481,355		$	(481,355)		$	—
BNP Paribas Prime Brokerage, Inc.			20,187			(20,187)			—
Citigroup Global Markets Inc.			2,215,145			(2,215,145)			—
Credit Suisse Securities (USA) LLC			1,826,709			(1,826,709)			—
Deutsche Bank Securities Inc.			3,368,999			(3,368,999)			—
Goldman, Sachs & Co.			1,770,657			(1,770,657)			—
Janney Montgomery Scott LLC			339,602			(339,602)			—
Jefferies LLC			255,752			(255,752)			—
JP Morgan Clearing Corp			21,059,651			(21,059,651)			—
Merrill Lynch, Pierce, Fenner & Smith Inc.			14,433,318			(14,433,318)			—
Morgan Stanley & Co. LLC			1,013,549			(1,013,549)			—
Natixis Securities America LLC			88,140			(88,140)			—
Nomura Securities International, Inc.			132,369			(132,369)			—
RBC Capital Markets, LLC			62,933			(62,933)			—
RBC Dominion Securities Inc			5,691,500			(5,691,500)			—
Scotia Capital (USA) INC			12,481,699			(12,481,699)			—
SG Americas Securities, LLC			4,688,401			(4,688,401)			—
Wells Fargo Securities LLC			1,120,209			(1,120,209)			—
Total		$	71,050,174		$	(71,050,174)		$	—

(1)

Collateral with a fair value of $72,625,813 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.

Templeton Foreign Equity

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Credit Suisse Securities (USA) LLC		$	1,274,830		$	(1,274,830)		$	—
HSBC Bank PLC			9,390,318			(9,390,318)			—
Jefferies LLC			241,017			(241,017)			—
Merrill Lynch International			2,526,535			(2,526,535)			—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Morgan Stanley & Co. LLC			1,309,613			(1,309,613)			—
Societe Generale			11			(11)			—
Total		$	14,742,324		$	(14,742,324)		$	—

(1)

Collateral with a fair value of $15,523,830 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 — UNFUNDED LOAN COMMITMENTS

Certain Portfolios may enter in credit agreements, all or a portion of which may be unfunded. The Portfolios are obligated to fund these loan commitments at the borrower’s discretion. Funded portions of the credit agreements are presented in the Summary Portfolio of Investments. At December 31, 2015, Pioneer High Yield had the following unfunded loan commitments:

Loan	Unfunded Commitments			Unrealized Appreciation at 12/31/15*
Charter Communications Operating LLC Term Loan		$	585,000		$	—
		$	585,000			—

Unfunded loan commitments are marked to market daily and any unrealized appreciation or depreciation is included in the Portfolio’s Statement of Assets and Liabilities and Statement of Operations.

NOTE 13 — FOREIGN CURRENCY SETTLEMENT

In March 2015, BNY, the Portfolios’ custodian, announced it had agreed to settle various lawsuits (the “Settlement”) involving its standing instruction foreign exchange services. Certain Portfolios were named members of the Settlement class. On September 24, 2015 the United States District Court, Southern District of New York approved (the “Approval”) the plan of allocation related to the Settlement. After the announcement of the Approval, Global Bond, American Century Small-Mid Cap Value, Baron Growth, Columbia Contrarian Core, Invesco Equity and Income, Oppenheimer Global, T. Rowe Price Growth Equity and Templeton Foreign Equity recorded receivables in the amounts of $57,422, $56, $12,863, $57,981, $8,604, $302,563, $402,047 and $1,974,841, respectively, representing each Portfolio’s respective estimated share of the net recovery associated with the Settlement. The Settlement amount for each Portfolio is included in Net Realized Gain/(Loss) on Foreign Currency Related Transactions in the respective accompanying Statements of Operations.

NOTE 14 — REORGANIZATIONS

On March 14, 2014, Invesco Equity and Income (“Acquiring Portfolio”) acquired all of the assets of, and assumed all

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 14 — REORGANIZATIONS (continued)

the liabilities of ING American Funds Asset Allocation Portfolio (“Acquired 1 Portfolio”), an open-end investment company 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 1 Portfolio on February 27, 2014. The transaction was intended to enhance the efficiency and reduce the complexity of the funds complex. Furthermore, shareholders of the Acquiring Portfolio were expected to benefit from a reduction in net expenses. 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 1 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, 2014, 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, 2014, are as follows:

Net investment income	$	20,103,564
Net realized and unrealized gain on investments	$	103,474,665
Net increase in net assets resulting from operations	$	123,578,229

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 1 Portfolio that have been included in the Acquiring Portfolio’s statement of operations since March 14, 2014. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:

	Total Net Assets of Acquired 1 Portfolio (000s)			Total Net Assets of Acquiring Portfolio (000s)						Acquired 1 Portfolio’s Capital Loss Carryforwards (000s)						Acquired 1 Portfolio’s Unrealized Depreciation (000s)						Portfolios’ Conversion Ratio
	$512,696				$	861,963					$	0					$	(8,646)						0.1784

The net assets of the Acquiring Portfolio after the acquisition of Acquired 1 Portfolio were $1,374,658,988.

On July 18, 2014, Invesco Equity and Income (“Acquiring Portfolio”) acquired all of the assets of, and assumed all the liabilities of VY® MFS Total Return Portfolio (“Acquired 2 Portfolio”), an open-end investment company 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 2 Portfolio on June 19, 2014. The transaction was intended to enhance the efficiency and reduce the complexity of the Voya family of

funds. Furthermore, the Acquired 2 Portfolio was expected to benefit from a reduction in gross and net expenses as shareholders of the Acquiring Portfolio. 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 2 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.

Net investment income	$	30,914,116
Net realized and unrealized gain on investments	$	145,707,748
Net increase in net assets resulting from operations	$	176,621,863

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 2 Portfolio that have been included in the Acquiring Portfolio’s statement of operations since July 18, 2014. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:

	Total Net Assets of Acquired 2 Portfolio (000s)			Total Net Assets of Acquiring Portfolio (000s)						Acquired 2 Portfolio’s Capital Loss Carryforwards (000s)						Acquired 2 Portfolio’s Unrealized Appreciation (000s)						Portfolios’ Conversion Ratio
	$887,517				$	1,388,200					$	0					$	35,107						0.3501

The net assets of the Acquiring Portfolio after the acquisition of Acquired 2 Portfolio were $2,275,716,892.

NOTE 15 — 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 U.S. 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, paydowns, 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.

The following permanent tax differences have been reclassified as of December 31, 2015:

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 15 — FEDERAL INCOME TAXES (continued)

	Paid-in Capital			Undistributed Net Investment Income			Accumulated Net Realized Gains/(Losses)
Global Bond(1)		$	(1,519,695)		$	(11,208,419)		$	12,728,114
American Century Small-Mid Cap Value			(657)			1,122,408			(1,121,751)
Baron Growth			(2,510,453)			2,751,581			(241,128)
Columbia Contrarian Core			(6,954,785)			8,523,034			(1,568,249)
Invesco Comstock			—			4,746,440			(4,746,440)
Invesco Equity and Income			—			9,459,949			(9,459,949)
JPMorgan Mid Cap Value			—			12,096			(12,096)

	Paid-in Capital		Undistributed Net Investment Income		Accumulated Net Realized Gains/(Losses)
Oppenheimer Global		371,781		43,500		(415,281)
Pioneer High Yield		—		117,913		(117,913)
T. Rowe Price Diversified Mid Cap Growth		—		1,116,731		(1,116,731)
T. Rowe Price Growth Equity		(2,149,594)		2,568,120		(418,526)
Templeton Foreign Equity		—		4,030,610		(4,030,610)

(1)

Relates to the tax treatment of foreign currency transactions, swaps and paydowns.

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, 2015						Year Ended December 31, 2014
	Ordinary Income			Long-term Capital Gains			Ordinary Income			Long-term Capital Gains
Global Bond		$	—		$	—		$	2,260,812		$	—
American Century Small-Mid Cap Value			21,982,574			39,578,301			27,101,807			23,686,427
Baron Growth			3,161,582			73,235,855			11,232,376			6,955,408
Columbia Contrarian Core			15,220,880			26,243,808		��	2,808,114			43,599,749
Columbia Small Cap Value II			862,240			—			642,473			—
Invesco Comstock			13,731,208			—			10,906,077			—
Invesco Equity and Income			43,306,600			150,837,776			30,317,766			59,060,070
JPMorgan Mid Cap Value			7,256,199			92,144,387			10,419,182			37,245,026
Oppenheimer Global			23,491,220			127,586,424			19,723,594			24,001,127
Pioneer High Yield			5,750,135			—			6,094,603			—
T. Rowe Price Diversified Mid Cap Growth			8,011,231			121,937,169			3,746,359			55,515,783
T. Rowe Price Growth Equity			11,502,817			228,589,928			—			109,306,789
Templeton Foreign Equity			29,657,435			—			21,466,778			—

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, 2015 are detailed below. The Regulated Investment Company Modernization Act of 2010 (the “Act”) provides an unlimited carryforward period for newly generated capital losses. Under the Act, there may be a greater likelihood that all or a portion of the Portfolios’ pre-enactment capital loss carryforwards may expire without being utilized due to the fact that post-enactment capital losses are required to be utilized before pre-enactment capital loss carryforwards.

	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
Global Bond		$	—		$	—		$	(14,735,433)		$	(2,414,031)		Short-term		None
												(4,936,897)		Long-term		None
											$	(7,350,928)
American Century Small-Mid Cap Value			11,475,651			18,803,122			(4,800,902)			—		—		—
Baron Growth			—			86,556,418			426,032,414			—		—		—
Columbia Contrarian Core			11,516,959			28,861,928			35,160,586			—		—		—
Columbia Small Cap Value II			603,894			8,732,957			18,191,592			—		—		—
Invesco Comstock			1,652,606			—			30,775,918			(105,159,957)		Short-term		2017
Invesco Equity and Income			4,448,707			74,538,528			4,216,535			—		—		—
JPMorgan Mid Cap Value			975,845			54,523,921			111,812,184			—		—		—

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 15 — FEDERAL INCOME TAXES (continued)

	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
Oppenheimer Global		19,483,236		95,046,011		553,188,486			—		—		—
Pioneer High Yield		3,167,316		—		(9,727,017)			(12,856,704)		Short-term		2017
									(791,900)		Short-term		None
									(580,549)		Long-term		None
								$	(14,229,153)
T. Rowe Price Diversified Mid Cap Growth		7,784,422		94,062,524		207,443,639			—		—		—
T. Rowe Price Growth Equity		—		184,242,222		478,854,477			—		—		—
Templeton Foreign Equity		21,140,622		—		65,786,230			(22,498,473)		Short-term		2016
									(133,709,136)		Short-term		2017
								$	(156,207,609)*

Utilization of these capital losses is subject to annual limitations under Section 382 of the Internal Revenue Code. Amounts and years of expiration may be adjusted to reflect future gain/loss activity to comply with the limitation rules.

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

As of December 31, 2015, 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 2011.

NOTE 16 — SUBSEQUENT EVENTS

Subsequent to December 31, 2015, the following Portfolio paid dividends from net investment income of:

Per Share
Amount

Payable Date

Record Date

Pioneer High Yield

Class I

0.0482

February 1, 2016

Daily

Class S

0.0459

February 1, 2016

Daily

50/50 savings waiver: On November 19, 2015, the Board approved a sub-advisory fee reduction for Templeton Foreign Equity effective January 1, 2016. Pursuant to a separate waiver agreement, DSL has agreed to lower the advisory fee for the Portfolio so that the advisory fee payable to DSL will be waived in an amount equal to 50% of the savings to DSL resulting from the implementation of the sub-advisory fee reduction from the period from January 1, 2016 through May 1, 2017.

Expense Limitation Agreement: On January 14, 2016, the Board approved a modification to the expense limits with respect to Baron Growth. Effective January 1, 2016, the new expense limits, through May 1, 2017, are 1.55%, 1.05%, 1.30% and 1.45% for Class ADV, Class I, Class S and Class S2, respectively.

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 Global Bond Portfolio

as of December 31, 2015

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 24.4%
			Australia: 0.3%
	703,000		Other Securities		$	639,322		0.3
			Canada: 0.1%
	324,000		Other Securities			296,402		0.1
			Cayman Islands: 0.2%
	601,000		Other Securities			576,264		0.2
			France: 1.0%
	287,000	#	BPCE SA, 5.150%, 07/21/24			289,941		0.1
	456,000	#	Electricite de France SA, 2.350%, 10/13/20			449,495		0.2
	940,000	#	Numericable Group SA, 6.000%, 05/15/22			914,150		0.4
	433,000	#	Societe Generale SA, 5.625%, 11/24/45			415,996		0.2
	294,000		Other Securities			296,739		0.1
						2,366,321		1.0
			Germany: 0.3%
	730,000		Deutsche Bank AG/London, 1.875%, 02/13/18			724,145		0.3
			Guernsey: 0.3%
	716,000	#	Credit Suisse Group Funding Guernsey Ltd., 2.750%, 03/26/20			709,983		0.3
			Ireland: 0.3%
	706,000	#	GE Capital International Funding Co., 4.418%, 11/15/35			722,145		0.3
			Italy: 0.1%
	286,000		Other Securities			294,766		0.1
			Japan: 0.4%
	790,000	#	Bank of Tokyo-Mitsubishi UFJ Ltd./The, 2.300%, 03/05/20			779,818		0.3
	200,000	#	Mizuho Bank Ltd., 3.200%, 03/26/25			195,975		0.1
						975,793		0.4
			Luxembourg: 0.3%
	690,000		Other Securities			691,193		0.3
			Mexico: 0.0%
	MXN1,203,839		Other Securities(a)			11,996		0.0
			Netherlands: 1.0%
	200,000	#	Carlson Wagonlit BV, 6.875%, 06/15/19			205,500		0.1
	1,030,000		Shell International Finance BV, 1.625%-3.250%, 11/10/18-05/11/25			1,013,487		0.4
	800,000	#	Siemens Financieringsmaatschappij NV, 2.900%, 05/27/22			801,362		0.4
	269,000		Other Securities			293,026		0.1
						2,313,375		1.0

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Norway: 0.2%
	380,000		Other Securities		$	360,946		0.2
			Sweden: 0.4%
	298,000	#	Nordea Bank AB, 5.500%, 09/29/49			297,627		0.1
	670,000	#	Swedbank AB, 2.200%, 03/04/20			662,817		0.3
						960,444		0.4
			Switzerland: 0.3%
	400,000	#	Credit Suisse AG, 6.500%, 08/08/23			431,920		0.2
	250,000		UBS AG/Stamford CT, 7.625%, 08/17/22			285,376		0.1
						717,296		0.3
			United Kingdom: 0.8%
	1,002,000		Abbey National Treasury Services PLC/ United Kingdom, 2.375%, 03/16/20			1,001,679		0.4
	265,000	#	Barclays Bank PLC, 6.050%, 12/04/17			282,949		0.1
	563,000		Other Securities			560,704		0.3
						1,845,332		0.8
			United States: 18.4%
	762,000		21st Century Fox America, Inc., 4.500%-5.400%, 02/15/21-10/01/43			810,052		0.4
	570,000	#	Alliance Data Systems Corp., 5.375%, 08/01/22			544,350		0.2
	1,050,000		Apple Inc., 1.000%, 05/03/18			1,042,112		0.4
	710,000		Apple, Inc., 3.200%, 05/13/25			719,891		0.3
	1,135,000		Bank of America Corp., 3.300%-4.100%, 01/11/23-04/01/24			1,154,658		0.5
	1,309,000		Barrick North America Finance LLC, 5.750%, 05/01/43			949,444		0.4
	65,000	#	Building Materials Corp. of America, 6.000%, 10/15/25			66,625		0.0
	540,000	#	Calpine Corp., 6.000%, 01/15/22			560,083		0.2
	472,000	#	CCO Safari II LLC, 4.464%, 07/23/22			470,887		0.2
	851,000		Citigroup, Inc., 4.000%-5.500%, 08/05/24-09/13/25			889,671		0.4
	758,000		Citizens Bank NA/ Providence RI, 2.450%, 12/04/19			746,657		0.3
	562,000	#	COX Communications, Inc., 2.950%, 06/30/23			495,925		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of December 31, 2015 (continued)

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			United States (continued)
	777,000		CVS Health Corp., 2.800%, 07/20/20		$	781,628		0.3
	1,026,000		Energy Transfer Partners L.P., 4.900%, 02/01/24			916,282		0.4
	539,000		Fifth Third Bancorp, 8.250%, 03/01/38			754,506		0.3
	255,000	#	Glencore Funding LLC, 2.500%, 01/15/19			213,074		0.1
	605,000		Hartford Financial Services Group, Inc., 6.625%, 03/30/40			749,207		0.3
	721,000		HCP, Inc., 4.250%, 11/15/23			723,235		0.3
	436,000	#	Kraft Heinz Foods Co., 3.950%, 07/15/25			441,071		0.2
	258,000	#	Hewlett Packard Enterprise Co., 2.450%, 10/05/17			257,903		0.1
	194,000	#	Hewlett Packard Enterprise Co., 2.850%, 10/05/18			194,057		0.1
	1,041,000		Indiana Michigan Power Co., 7.000%, 03/15/19			1,180,852		0.5
	570,000	#	JBS USA LLC / JBS USA Finance, Inc., 5.875%, 07/15/24			518,700		0.2
	840,000		JPMorgan Chase & Co., 1.625%-6.000%, 05/15/18-12/29/49			837,989		0.4
	50	#	Kern River Funding Corp., 4.893%, 04/30/18			52		0.0
	768,000		Medtronic, Inc., 3.150%-3.500%, 03/15/22-03/15/25			777,596		0.3
	700,000		Microsoft Corp., 2.000%, 11/03/20			700,748		0.3
	1,577,000		Morgan Stanley, 3.750%-4.100%, 02/25/23-04/29/24			1,607,092		0.7
	1,048,000		Mylan, Inc., 2.600%, 06/24/18			1,040,672		0.4
	110,000	#,L	Owens-Brockway Glass Container, Inc., 5.875%, 08/15/23			111,856		0.1
	470,000	#	Sable International Finance Ltd., 8.750%, 02/01/20			494,675		0.2
	585,000	#	Sanmina Corp., 4.375%, 06/01/19			589,387		0.3
	272,000		Time Warner Cable, Inc., 5.875%, 11/15/40			258,529		0.1
	485,000		Time Warner, Inc., 6.500%, 11/15/36			550,744		0.2

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			United States (continued)
	505,000	#	Valeant Pharmaceuticals International, 7.250%, 07/15/22		$	496,163		0.2
	1,071,000		Verizon Communications, Inc., 5.150%, 09/15/23			1,179,388		0.5
	542,000		Verizon Communications, Inc., 5.012%-6.550%, 09/15/43-08/21/54			572,197		0.2
	599,000		Wells Fargo & Co., 4.100%, 06/03/26			605,452		0.3
	19,031,000		Other Securities			18,835,091		7.9
						43,838,501		18.4
			Total Corporate Bonds/Notes (Cost $59,095,483)			58,044,224		24.4
COLLATERALIZED MORTGAGE OBLIGATIONS: 15.3%
			United States: 15.3%
	372,735		Banc of America Alternative Loan Trust 2004-1 4A1, 4.750%, 02/25/19			375,179		0.2
	810,000		Banc of America Commercial Mortgage Trust 2007-3 AJ, 5.558%, 06/10/49			821,840		0.3
	700,000		Banc of America Commercial Mortgage Trust 2007-3 B, 5.558%, 06/10/49			692,564		0.3
	540,000		Banc of America Commercial Mortgage Trust 2007-4 AJ, 5.809%, 02/10/51			548,288		0.2
	868,241		Banc of America Funding Corp., 5.500%, 02/25/35			877,970		0.4
	1,130,000	#	Banc of America Merrill Lynch Commercial Mortgage, Inc. 2004-4 G, 5.402%, 07/10/42			1,131,340		0.5
	8,020,000	#,^	BBCCRE Trust 2015-GTP XA, 0.597%, 08/10/33			404,674		0.2
	574,250		Bear Stearns ALT-A Trust 2005-10 22A1, 2.608%, 01/25/36			497,575		0.2
	440,000	#	Bear Stearns Commercial Mortgage Securities Trust 2004-PWR6, 5.406%, 11/11/41			472,894		0.2
	500,000		Bear Stearns Commercial Mortgage Securities Trust 2005-TOP20, 5.177%, 10/12/42			499,444		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of December 31, 2015 (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
			United States (continued)
	140,000	#	Bear Stearns Commercial Mortgage Securities Trust 2006-TOP22 E, 5.620%, 04/12/38		$	140,131		0.1
	497,440	#	Beckman Coulter, Inc. 2000-A A, 7.498%, 12/15/18			524,998		0.2
	240,000	#	Citigroup Commercial Mortgage Trust 2012-GC8 D, 4.877%, 09/10/45			230,804		0.1
	234,440		Citigroup Mortgage Loan Trust, Inc. 2005-2 1A3, 2.800%, 05/25/35			233,809		0.1
	680,000	#	COMM 2004-LNB2 H Mortgage Trust H, 6.067%, 03/10/39			735,082		0.3
	10,774,658	#,^	COMM 2012 - LTRT XA Mortgage Trust, 1.060%, 10/05/30			554,782		0.2
	3,951,125	^	COMM 2012-CCRE1 XA Mortgage Trust, 2.080%, 05/15/45			341,884		0.2
	2,953,092	^	COMM 2013-LC6 XA Mortgage Trust, 1.742%, 01/10/46			202,419		0.1
	4,401,334	^	COMM 2014-CCRE17 XA Mortgage Trust, 1.191%, 05/10/47			277,262		0.1
	225,478	^	Commercial Mortgage Pass Through Certificates, 1.394%, 04/10/47			15,973		0.0
	480,000	#	Commercial Mortgage Trust 2004-GG1 F, 6.047%, 06/10/36			486,720		0.2
	23,937	#	Credit Suisse First Boston Mortgage Securities Corp. 2003-C4 J, 5.322%, 08/15/36			23,907		0.0
	372,029	#	Credit Suisse Mortgage Capital Certificates 2009-3R 30A1, 2.380%, 07/27/37			373,279		0.2
	3,057,972	#,^	DBUBS 2011-LC1 XA Mortgage Trust, 1.127%, 11/10/46			64,549		0.0
	55,972	#	Deutsche Alternative-A Securities, Inc. Alternate Loan Trust, 0.922%, 01/27/37			108,191		0.0
	320,000		Fannie Mae Connecticut Avenue Securities 2014-C03 2M2, 3.322%, 07/25/24			292,351		0.1

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
			United States (continued)
	1,780,000		Fannie Mae Connecticut Avenue Securities 2014-CO4 M2, 5.322%, 11/25/24		$	1,815,618		0.8
	9,289,095	^	Freddie Mac Series K704 X1, 1.966%, 08/25/18			403,600		0.2
	1,100,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2014-DN4 M3, 4.972%, 10/25/24			1,092,614		0.4
	340,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2014-HQ3 M3, 5.172%, 10/25/24			341,716		0.1
	180,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DN1 M3, 4.572%, 01/25/25			177,675		0.1
	200,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2015-HQ1 M2, 2.622%, 03/25/25			199,583		0.1
	220,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2015-HQ1 M3, 4.222%, 03/25/25			212,401		0.1
	44,040,460	#,^	FREMF Mortgage Trust, 0.100%, 12/25/44			208,708		0.1
	24,529	#	GE Capital Commercial Mortgage Series 2005-C2, 5.464%, 05/10/43			24,508		0.0
	906,028		IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 0.632%, 04/25/46			703,412		0.3
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp. 2006-LDP8 B, 5.520%, 05/15/45			501,405		0.2
	2,940,000	#,^	JP Morgan Chase Commercial Mortgage Securities Corp. 2012-LC9 XB, 0.356%, 12/15/47			62,454		0.0
	372,842	#	JP Morgan Chase Commercial Mortgage Securities Trust 2003-LN1 H, 5.482%, 10/15/37			372,511		0.2
	270,000		JP Morgan Chase Commercial Mortgage Securities Trust 2004-CIBC9 E, 5.366%, 06/12/41			262,584		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of December 31, 2015 (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
			United States (continued)
	60,000		JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP8, 5.549%, 05/15/45		$	60,002		0.0
	8,495,255	^	JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX XA, 1.746%, 06/15/45			534,773		0.2
	720,699		JP Morgan Mortgage Trust 2005-A4 B1, 2.535%, 07/25/35			642,431		0.3
	180,450		JPMorgan Mortgage Trust, 2.685%, 07/25/35			179,233		0.1
	360,000		LB-UBS Commercial Mortgage Trust 2005-C3 E, 4.983%, 07/15/40			383,365		0.2
	780,000		LB-UBS Commercial Mortgage Trust 2006-C4 D, 5.840%, 06/15/38			788,832		0.3
	260,000		LB-UBS Commercial Mortgage Trust 2006-C4 E, 5.840%, 06/15/38			259,021		0.1
	360,000	#	LB-UBS Commercial Mortgage Trust 2006-C6 JR14, 5.990%, 09/15/39			364,214		0.1
	150,000	#	LB-UBS Commercial Mortgage Trust 2006-C6 JR15, 5.990%, 09/15/39			151,295		0.1
	150,000	#	LB-UBS Commercial Mortgage Trust 2006-C6 JR16, 5.990%, 09/15/39			149,893		0.1
	360,000		Merrill Lynch Mortgage Investors Trust Series 1998-C1-CTL E, 6.750%, 11/15/26			390,528		0.2
	210,000		Merrill Lynch Mortgage Trust 2006-C2 AJ, 5.802%, 08/12/43			209,947		0.1
	130,000		Merrill Lynch Mortgage Trust, 5.666%, 05/12/39			129,715		0.0
	570,000	#	Morgan Stanley Capital I Trust 2011-C1 D, 5.438%, 09/15/47			601,725		0.3
	460,000	#	Morgan Stanley Capital I Trust 2011-C1 E, 5.438%, 09/15/47			474,475		0.2
	865,000	#	Morgan Stanley Capital I Trust 2011-C1, 5.438%, 09/15/47			942,112		0.4
	290,000	#	Morgan Stanley Re-REMIC Trust, 0.250%, 07/27/49			263,407		0.1

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
			United States (continued)
	216,789	#	N-Star Real Estate CDO Ltd. 2013-1A A, 2.272%, 08/25/29		$	216,724		0.1
	269,940		Opteum Mortgage Acceptance Corp. Trust 2006-1 1APT, 0.632%, 04/25/36			234,617		0.1
	590,000		Opteum Mortgage Acceptance Corp. Trust 2006-1, 0.722%, 04/25/36			487,997		0.2
	560,183	#	TIAA CMBS I Trust 2001-C1A L, 5.770%, 06/19/33			573,734		0.2
	6,596,150	#,^	UBS-Barclays Commercial Mortgage Trust 2012-C3 XA, 2.089%, 08/10/49			609,844		0.2
	82,924		WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 2.431%, 10/25/36			74,743		0.0
	1,340,522		WaMu Mortgage Pass-Through Certificates Series 2006-AR16 Trust 3A1, 3.824%, 12/25/36			1,222,973		0.5
	317,242		WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 2.397%, 08/25/46			273,905		0.1
	606,111		WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 2.300%, 12/25/36			529,516		0.2
	168,836		WaMu Mortgage Pass-Through Certificates Series 2007-HY4 1A1, 1.972%, 04/25/37			144,019		0.1
	192,181		Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR10 Trust, 0.522%, 12/25/36			128,158		0.1
	235,961		Wells Fargo Alternative Loan 2007-PA2 2A1, 0.852%, 06/25/37			171,912		0.1
	6,019,310	#,^	Wells Fargo Commercial Mortgage Trust 2012-LC5 XA, 2.061%, 10/15/45			528,387		0.2
	593,448		Wells Fargo Mortgage Backed Securities Trust 2005-AR14 A1, 2.740%, 08/25/35			587,915		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of December 31, 2015 (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
			United States (continued)
	441,598		Wells Fargo Mortgage Backed Securities 2006-AR17 Trust A1, 2.733%, 10/25/36		$	421,597		0.2
	95,247		Wells Fargo Mortgage Backed Securities 2006-AR17 Trust A2, 2.733%, 10/25/36			90,933		0.0
	510,545		Wells Fargo Mortgage Backed Securities 2006-AR7 Trust 2A1, 2.738%, 05/25/36			487,425		0.2
	467,771		Wells Fargo Mortgage Backed Securities 2006-AR8 Trust 3A2, 2.808%, 04/25/36			455,201		0.2
	101,727		Wells Fargo Mortgage-Backed Securities Trust, 2.753%, 02/25/34			103,013		0.0
	2,962,718	#,^	WFRBS Commercial Mortgage Trust 2012-C8 XA, 2.164%, 08/15/45			246,975		0.1
	5,747,202		Other Securities			5,099,447		2.1
			Total Collateralized Mortgage Obligations (Cost $36,418,133)			36,520,701		15.3
STRUCTURED PRODUCTS: 0.0%
			Russia: 0.0%
	RUB6,309,181		Morgan Stanley & Co. International PLC - EM Whole Loan SA /Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 4.390%, 08/22/34			38,156		0.0
			Total Structured Products (Cost $224,649)			38,156		0.0
U.S. TREASURY OBLIGATIONS: 6.9%
			U.S. Treasury Bonds: 1.7%
	2,269,000	L	2.250%, due 11/15/25			2,264,145		0.9
	1,951,000		2.875%, due 08/15/45			1,891,631		0.8
						4,155,776		1.7
			U.S. Treasury Notes: 5.2%
	6,083,700	L	0.875%, due 11/30/17			6,067,158		2.6
	1,890,000		1.250%, due 12/15/18			1,886,379		0.8
	1,931,000		1.750%, due 12/31/20			1,929,824		0.8
	2,438,000		2.000%, due 11/30/22			2,424,981		1.0
						12,308,342		5.2
			Total U.S. Treasury Obligations (Cost $16,476,858)			16,464,118		6.9

Principal Amount†				Value			Percentage of Net Assets
FOREIGN GOVERNMENT BONDS: 6.6%
			Austria: 1.5%
	EUR3,000,000	#	Austria Government Bond, 1.650%, 10/21/24		$	3,520,257		1.5
			Brazil: 0.2%
	BRL705,000		Other Securities			421,191		0.2
			Germany: 0.4%
	EUR140,000		Bundesschatzanweisungen, -0.330%, 09/15/17			153,017		0.0
	EUR830,000		Bundesschatzanweisungen, -0.350%, 06/16/17			906,645		0.4
	EUR10,000		Other Securities			12,255		0.0
						1,071,917		0.4
			South Africa: 0.0%
	ZAR1,000,000		Other Securities			62,541		0.0
			Spain: 4.5%
	EUR7,300,000	#	Spain Government Bond, 1.600%, 04/30/25			7,891,619		3.3
	EUR2,340,000	#	Spain Government Bond, 2.750%, 10/31/24			2,776,457		1.2
						10,668,076		4.5
			Total Foreign Government Bonds (Cost $16,459,970)			15,743,982		6.6
U.S. GOVERNMENT AGENCY OBLIGATIONS: 19.5%
			Federal Home Loan Mortgage Corporation: 8.5%##
	1,391,000	W	0.010%, due 12/15/42			1,388,811		0.6
	1,469,601		3.000%, due 04/01/45			1,469,230		0.6
	1,436,597		3.000%, due 04/01/45			1,436,680		0.6
	1,984,000	W	3.500%, due 07/15/41			2,042,454		0.9
	974,746	^	4.000%, due 02/15/43			182,898		0.1
	15,332,354	^	4.000%, due 04/15/43			2,766,502		1.2
	1,013,671		4.000%, due 09/01/45			1,072,155		0.5
	1,245,288		4.000%, due 10/01/45			1,317,136		0.6
	5,710,031	^	4.120%, due 05/15/36			567,133		0.2
	2,321,284	^	5.620%, due 10/15/36			336,835		0.1
	5,988,929	^	5.670%, due 05/15/36			533,507		0.2
	4,882,986	^	5.670%, due 01/15/39			662,073		0.3
	5,126,356	^	5.720%, due 07/15/40			734,137		0.3
	128,670	^	5.820%, due 07/15/35			21,868		0.0
	2,474,601	^	5.920%, due 11/15/32			445,522		0.2
	1,130,015	^	6.270%, due 08/15/28			85,505		0.0
	16,151	^	7.000%, due 03/15/28			3,917		0.0
	89,442	^	7.000%, due 04/15/28			21,846		0.0
	149,607	^	7.320%, due 03/15/29			32,978		0.0
	140,691	^	7.370%, due 03/15/29			26,281		0.0
	203,998	^	8.620%, due 08/15/29			51,470		0.0
	4,590,198		0.781%-23.538%, due 05/15/17-09/01/45			4,931,955		2.1
						20,130,893		8.5

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of December 31, 2015 (continued)

Principal Amount†				Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
			Federal National Mortgage Association: 9.4%##
	2,296,836	^	3.000%, due 06/25/33		$	341,142		0.2
	1,501,000	W	3.000%, due 09/25/42			1,501,131		0.6
	3,660,333		3.000%, due 07/01/43			3,691,539		1.6
	1,054,078		3.000%, due 07/01/43			1,056,605		0.5
	1,214,246	^	3.500%, due 08/25/33			161,769		0.1
	747,151	^	3.500%, due 08/25/43			146,819		0.1
	2,036,117	^	3.628%, due 02/25/37			29,393		0.0
	2,274,687	^	4.000%, due 06/25/42			389,065		0.2
	3,483,043		4.500%, due 05/01/44			3,763,414		1.6
	1,771,499	^	5.000%, due 05/25/18			64,603		0.0
	69,935	^	5.500%, due 07/25/33			14,813		0.0
	28,838	^	5.500%, due 06/01/35			6,133		0.0
	3,070,054	^	5.518%, due 01/25/38			546,945		0.2
	5,322,507	^	5.528%, due 09/25/41			834,013		0.4
	4,679,380	^	5.558%, due 11/25/41			752,111		0.3
	3,322,672	^	5.678%, due 01/25/43			778,870		0.3
	129,370	^	6.000%, due 12/01/32			28,904		0.0
	55,222	^	6.000%, due 02/01/33			10,814		0.0
	64,743	^	6.000%, due 03/01/33			14,652		0.0
	53,917	^	6.000%, due 03/01/33			12,427		0.0
	30,744	^	6.000%, due 09/01/35			6,142		0.0
	4,292,968	^	6.028%, due 02/25/42			655,617		0.3
	139,634	^	6.118%, due 06/25/37			22,918		0.0
	1,896,717	^	6.128%, due 09/25/37			337,146		0.1
	4,891,308	^	6.138%, due 06/25/41			923,545		0.4
	437,122	^	6.148%, due 06/25/36			78,145		0.0
	25,034	^	6.328%, due 05/25/35			4,627		0.0
	222,841	^	6.500%, due 02/01/32			51,916		0.0
	35,618	^	6.678%, due 06/25/23			4,129		0.0
	129,219	^	6.808%, due 09/25/36			23,585		0.0
	39,415	^	7.000%, due 02/01/28			9,073		0.0
	49,406	^	7.000%, due 03/25/33			14,013		0.0
	40,106	^	7.000%, due 04/25/33			10,538		0.0
	210,181	^	7.128%, due 10/25/33			39,458		0.0
	85,885	^	7.208%, due 03/25/23			2,810		0.0
	137,173	^	7.328%, due 07/25/31			31,463		0.0
	75,951	^	7.328%, due 02/25/32			15,068		0.0
	54,587	^	7.500%, due 01/01/24			11,000		0.0
	47,634	^	7.528%, due 07/25/32			10,653		0.0
	1,559,579	^	7.640%, due 12/18/32			337,729		0.1
	493,825		31.342%, due 11/25/36			879,560		0.4
	3,867,240	W	0.822%-26.305%, due 03/25/17-05/25/43			4,725,843		2.0
						22,340,140		9.4
			Government National Mortgage Association: 1.6%
	8,387,827	^	4.000%, due 04/20/38			625,699		0.3
	4,487,951	^	5.448%, due 06/20/40			691,166		0.3
	2,685,503	^	6.356%, due 07/16/41			518,859		0.2

Principal Amount†				Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
			Government National Mortgage Association (continued)
	687,827		20.745%, due 03/20/37		$	1,073,844		0.4
	839,060	W	3.500%-8.000%, due 02/16/30-06/20/45			910,845		0.4
						3,820,413		1.6
			Total U.S. Government Agency Obligations (Cost $45,019,750)			46,291,446		19.5
ASSET-BACKED SECURITIES: 3.1%
			Cayman Islands: 2.5%
	740,000	#	ARES XII CLO Ltd., 2.393%, 11/25/20			726,579		0.3
	463,461	#	Black Diamond CLO 2005-1A C, 1.340%, 06/20/17			462,136		0.2
	1,000,000	#	Bluemountain CLO III Ltd. 2007-3A C, 1.216%, 03/17/21			964,181		0.4
	1,000,000	#	ColumbusNova CLO IV Ltd. 2007-2A C, 2.571%, 10/15/21			986,331		0.4
	1,300,000	#	Madison Park Funding Ltd. 2007-6A C, 1.320%, 07/26/21			1,233,580		0.5
	1,550,000	#	Muir Grove CLO Ltd. 2007-1A B, 2.320%, 03/25/20			1,501,834		0.7
						5,874,641		2.5
			United States: 0.6%
	1,849,572		Other Securities			1,532,888		0.6
			Total Asset-Backed Securities (Cost $7,465,751)			7,407,529		3.1

Shares			Value		Percentage of Net Assets
COMMON STOCK: 0.0%
		United States: 0.0%
	48,173	Other Securities(b)		42,413		0.0
		Total Common Stock (Cost $1,304,494)		42,413		0.0
MUTUAL FUNDS: 22.6%
		United States: 22.6%
	1,082,430	Voya Emerging Markets Corporate Debt Fund - Class P		10,077,423		4.2
	1,688,653	Voya Emerging Markets Hard Currency Debt Fund - Class P		15,265,422		6.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of December 31, 2015 (continued)

Shares			Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
		United States (continued)
	2,919,202	Voya Emerging Markets Local Currency Debt Fund - Class P		$	20,054,916		8.4
	1,136,436	Voya High Yield Bond Fund - Class P			8,523,268		3.6
		Total Mutual Funds (Cost $66,383,120)			53,921,029		22.6
		Total Long-Term Investments (Cost $248,848,208)			234,473,598		98.4

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 5.0%
		Securities Lending Collateralcc: 3.1%
	369,116	Bank of Nova Scotia, Repurchase Agreement dated 12/31/15, 0.30%, due 01/04/16 (Repurchase Amount $369,128, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $376,511, due 02/29/16-02/15/45)		369,116		0.2
	1,753,606	Citigroup, Inc., Repurchase Agreement dated 12/31/15, 0.34%, due 01/04/16 (Repurchase Amount $1,753,671, collateralized by various U.S. Government Agency Obligations, 0.000%-11.500%, Market Value plus accrued interest $1,788,678, due 01/15/16-04/01/51)		1,753,606		0.7
	1,753,606	Merrill Lynch & Co., Inc., Repurchase Agreement dated 12/31/15, 0.31%, due 01/04/16 (Repurchase Amount $1,753,666, collateralized by various U.S. Government Agency Obligations, 3.000%-4.500%, Market Value plus accrued interest $1,788,678, due 11/15/42-02/20/45)		1,753,606		0.7

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateralcc (continued)
	1,753,606	Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/15, 0.37%, due 01/04/16 (Repurchase Amount $1,753,677, collateralized by various U.S. Government Securities, 1.500%-3.625%, Market Value plus accrued interest $1,788,678, due 03/31/21-02/15/44)		$	1,753,606		0.8
	1,753,606	Nomura Securities, Repurchase Agreement dated 12/31/15, 0.33%, due 01/04/16 (Repurchase Amount $1,753,669, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $1,788,678, due 01/15/16-10/20/65)		$	1,753,606		0.7
					7,383,540		3.1

Shares			Value			Percentage of Net Assets
		Mutual Funds: 1.9%
	4,639,000	BlackRock Liquidity Funds, TempFund, Institutional Class, 0.270%†† (Cost $4,639,000)			4,639,000		1.9
		Total Short-Term Investments (Cost $12,022,540)		$	12,022,540		5.0
		Total Investments in Securities
		(Cost $260,870,748)		$	246,496,138		103.4
		Liabilities in Excess of Other Assets			(8,214,217)		(3.4)
		Net Assets		$	238,281,921		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, 2015.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of December 31, 2015 (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.

††

Rate shown is the 7-day yield as of December 31, 2015.

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.

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.

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

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

Loaned security, a portion or all of the security is on loan at December 31, 2015.

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.

(a)

The grouping contains securities in default.

(b)

This grouping contains securities on loan.

BRL

Brazilian Real

EUR

EU Euro

MXN

Mexican Peso

RUB

Russian Ruble

ZAR

South African Rand

Cost for federal income tax purposes is $260,618,207.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	3,288,346
Gross Unrealized Depreciation		(17,410,415)
Net Unrealized Depreciation	$	(14,122,069)

Sector Diversification	Percentage of Net Assets
Affiliated Investment Companies		22.6%
U.S. Government Agency Obligations		19.5
Collateralized Mortgage Obligations		15.3
Financial		8.7
U.S. Treasury Obligations		6.9
Foreign Government Bonds		6.6
Communications		3.9
Consumer, Non-cyclical		3.8
Other Asset-Backed Securities		2.9
Energy		1.7
Technology		1.6
Utilities		1.6
Industrial		1.3
Basic Materials		1.0
Consumer, Cyclical		0.8
Asset-Backed Securities		0.2
Structured Products		0.0
Consumer Discretionary		0.0
Materials		0.0
Short-Term Investments		5.0
Liabilities in Excess of Other Assets		(3.4)
Net Assets		100.0%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Common Stock
United States		$	42,413		$	—		$	—		$	42,413
Total Common Stock			42,413			—			—			42,413
Mutual Funds			53,921,029			—			—			53,921,029
Corporate Bonds/Notes			—			58,032,228			11,996			58,044,224
Collateralized Mortgage Obligations			—			36,520,701			—			36,520,701
Structured Products			—			—			38,156			38,156
Short-Term Investments			4,639,000			7,383,540			—			12,022,540
Foreign Government Bonds			—			15,743,982			—			15,743,982
Asset-Backed Securities			—			7,407,529			—			7,407,529
U.S. Treasury Obligations			—			16,464,118			—			16,464,118
U.S. Government Agency Obligations			—			46,291,446			—			46,291,446
Total Investments, at fair value		$	58,602,442		$	187,843,544		$	50,152		$	246,496,138
Other Financial Instruments+
Centrally Cleared Swaps			—			12,938,051			—			12,938,051
Forward Foreign Currency Contracts			—			4,443,411			—			4,443,411
Futures			121,595			—			—			121,595
Total Assets		$	58,724,037		$	205,225,006		$	50,152		$	263,999,195

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of December 31, 2015 (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, 2015
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(13,676,462)		$	—		$	(13,676,462)
Forward Foreign Currency Contracts			—			(4,526,609)			—			(4,526,609)
Futures			(383,893)			—			—			(383,893)
Total Liabilities		$	(383,893)		$	(18,203,071)		$	—		$	(18,586,964)

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

Other Financial Instruments are derivatives not reflected in the portfolio of investments and 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.

At December 31, 2015, the following forward foreign currency contracts were outstanding for Voya Global Bond Portfolio:

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For			Fair Value			Unrealized Appreciation (Depreciation)
Barclays Bank PLC	Canadian Dollar		1,621,047	Buy	01/15/16		$	1,163,000		$	1,171,559		$	8,559
Barclays Bank PLC	Norwegian Krone		17,868,364	Buy	01/15/16			2,065,000			2,018,416			(46,584)
Barclays Bank PLC	New Zealand Dollar		713,038	Buy	01/15/16			472,000			487,307			15,307
Barclays Bank PLC	South Korean Won		3,481,708,496	Buy	01/29/16			3,052,256			2,961,562			(90,694)
Citigroup, Inc.	EU Euro		393,174	Buy	01/15/16			433,000			427,403			(5,597)
Citigroup, Inc.	New Zealand Dollar		884,032	Buy	01/15/16			592,000			604,169			12,169
Citigroup, Inc.	Canadian Dollar		971,148	Buy	01/15/16			713,000			701,866			(11,134)
Citigroup, Inc.	EU Euro		10,992,942	Buy	01/15/16			11,994,000			11,949,977			(44,023)
Citigroup, Inc.	EU Euro		6,563,428	Buy	01/15/16			7,196,000			7,134,834			(61,166)
Citigroup, Inc.	EU Euro		172,099	Buy	01/15/16			183,000			187,082			4,082
Citigroup, Inc.	EU Euro		10,488,053	Buy	01/15/16			11,106,591			11,401,134			294,543
Citigroup, Inc.	Australian Dollar		2,847,843	Buy	01/29/16			2,023,606			2,072,589			48,983
Citigroup, Inc.	Canadian Dollar		64,214	Buy	01/29/16			49,000			46,410			(2,590)
Citigroup, Inc.	Swiss Franc		1,513,601	Buy	01/29/16			1,538,223			1,512,819			(25,404)
Citigroup, Inc.	Hong Kong Sar Dollar		762,813	Buy	01/29/16			98,456			98,449			(7)
Deutsche Bank AG	New Zealand Dollar		1,013,386	Buy	01/15/16			692,000			692,573			573
Deutsche Bank AG	EU Euro		1,060,118	Buy	01/15/16			1,160,000			1,152,411			(7,589)
Deutsche Bank AG	Australian Dollar		1,809,027	Buy	01/15/16			1,306,000			1,317,500			11,500
Deutsche Bank AG	Swiss Franc		548,121	Buy	01/15/16			553,000			547,507			(5,493)
Deutsche Bank AG	Australian Dollar		2,449,705	Buy	01/15/16			1,766,000			1,784,101			18,101
Deutsche Bank AG	EU Euro		1,994,285	Buy	01/15/16			2,179,000			2,167,906			(11,094)
Deutsche Bank AG	British Pound		471,997	Buy	01/15/16			710,000			695,845			(14,155)
Deutsche Bank AG	New Zealand Dollar		2,224,209	Buy	01/15/16			1,473,000			1,520,078			47,078
Deutsche Bank AG	Australian Dollar		1,762,494	Buy	01/15/16			1,278,000			1,283,610			5,610
Deutsche Bank AG	EU Euro		22,276,084	Buy	01/15/16			24,107,000			24,215,419			108,419
Deutsche Bank AG	Australian Dollar		1,247,732	Buy	01/15/16			910,000			908,714			(1,286)
Deutsche Bank AG	EU Euro		20,284,521	Buy	01/15/16			21,592,000			22,050,472			458,472
Deutsche Bank AG	Norwegian Krone		5,959,765	Buy	01/15/16			691,000			673,217			(17,783)
Deutsche Bank AG	Norwegian Krone		26,186,210	Buy	01/29/16			3,052,993			2,957,571			(95,422)
Deutsche Bank AG	New Zealand Dollar		784,652	Buy	01/29/16			515,467			535,727			20,260
Deutsche Bank AG	Swedish Krona		6,119,410	Buy	01/29/16			709,887			725,482			15,595
Deutsche Bank AG	Mexican Peso		61,047,954	Buy	03/11/16			3,516,510			3,524,907			8,397
Deutsche Bank AG	Japanese Yen		36,781,490	Buy	01/29/16			305,000			306,180			1,180
Deutsche Bank AG	Singapore Dollar		648,988	Buy	01/29/16			461,682			457,299			(4,383)
Goldman Sachs & Co.	Canadian Dollar		1,077,096	Buy	01/15/16			781,000			778,436			(2,564)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of December 31, 2015 (continued)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For			Fair Value			Unrealized Appreciation (Depreciation)
Goldman Sachs & Co.	Japanese Yen		259,050,939	Buy	01/15/16			2,117,000			2,155,766			38,766
JPMorgan Chase & Co.	British Pound		958,388	Buy	01/29/16			1,478,000			1,412,968			(65,032)
JPMorgan Chase & Co.	Australian Dollar		2,093,802	Buy	01/29/16			1,488,000			1,523,817			35,817
JPMorgan Chase & Co.	Canadian Dollar		12,573,881	Buy	01/29/16			9,594,256			9,087,636			(506,620)
JPMorgan Chase & Co.	Japanese Yen		6,123,230,888	Buy	01/29/16			50,790,162			50,971,550			181,388
JPMorgan Chase & Co.	British Pound		1,149,519	Buy	01/15/16			1,704,000			1,694,685			(9,315)
JPMorgan Chase & Co.	Canadian Dollar		2,774,631	Buy	01/15/16			1,988,000			2,005,274			17,274
JPMorgan Chase & Co.	EU Euro		968,720	Buy	01/15/16			1,049,000			1,053,056			4,056
JPMorgan Chase & Co.	Japanese Yen		160,427,113	Buy	01/15/16			1,309,000			1,335,040			26,040
JPMorgan Chase & Co.	EU Euro		6,427,654	Buy	01/15/16			7,040,000			6,987,240			(52,760)
JPMorgan Chase & Co.	EU Euro		1,065,305	Buy	01/15/16			1,163,000			1,158,050			(4,950)
JPMorgan Chase & Co.	EU Euro		6,583,000	Buy	01/20/16			7,146,000			7,157,018			11,018
JPMorgan Chase & Co.	EU Euro		10,970,746	Buy	01/20/16			11,909,000			11,927,361			18,361
JPMorgan Chase & Co.	EU Euro		6,298,345	Buy	01/20/16			6,837,000			6,847,541			10,541
JPMorgan Chase & Co.	Japanese Yen		66,830,134	Buy	01/15/16			554,000			556,146			2,146
JPMorgan Chase & Co.	New Zealand Dollar		1,956,144	Buy	01/15/16			1,318,000			1,336,875			18,875
JPMorgan Chase & Co.	Australian Dollar		1,049,834	Buy	01/15/16			764,000			764,586			586
JPMorgan Chase & Co.	EU Euro		11,079,847	Buy	01/15/16			12,053,000			12,044,448			(8,552)
JPMorgan Chase & Co.	Canadian Dollar		2,191,698	Buy	01/15/16			1,640,000			1,583,978			(56,022)
JPMorgan Chase & Co.	Canadian Dollar		6,064,798	Buy	01/15/16			4,540,900			4,383,134			(157,766)
JPMorgan Chase & Co.	Danish Krone		6,741,468	Buy	01/15/16			957,442			982,015			24,573
JPMorgan Chase & Co.	British Pound		1,723,442	Buy	01/15/16			2,596,018			2,540,796			(55,222)
JPMorgan Chase & Co.	Japanese Yen		6,373,751,946	Buy	01/15/16			51,865,467			53,040,980			1,175,513
Morgan Stanley	New Zealand Dollar		1,666,903	Buy	01/15/16			1,105,000			1,139,202			34,202
Morgan Stanley	Danish Krone		6,741,468	Buy	01/29/16			997,769			982,429			(15,340)
Morgan Stanley	EU Euro		43,150,267	Buy	01/29/16			47,593,247			46,923,549			(669,698)
Morgan Stanley	British Pound		1,511,541	Buy	01/29/16			2,329,025			2,228,491			(100,534)
Morgan Stanley	New Zealand Dollar		893,447	Buy	01/29/16			598,000			610,007			12,007
Morgan Stanley	New Zealand Dollar		1,341,749	Buy	01/15/16			922,000			916,983			(5,017)
Morgan Stanley	Norwegian Krone		27,723,734	Buy	01/15/16			3,181,000			3,131,682			(49,318)
Morgan Stanley	British Pound		861,361	Buy	01/15/16			1,285,000			1,269,867			(15,133)
Morgan Stanley	British Pound		7,987,786	Buy	01/15/16			11,908,000			11,776,046			(131,954)
Morgan Stanley	British Pound		4,792,806	Buy	01/15/16			7,145,000			7,065,825			(79,175)
Morgan Stanley	British Pound		351,736	Buy	01/15/16			524,000			518,549			(5,451)
Morgan Stanley	British Pound		380,914	Buy	01/15/16			577,000			561,564			(15,436)
Morgan Stanley	Australian Dollar		9,963,442	Buy	01/20/16			7,147,000			7,254,455			107,455
Morgan Stanley	British Pound		422,393	Buy	01/15/16			641,000			622,716			(18,284)
Morgan Stanley	Australian Dollar		2,767,630	Buy	01/15/16			2,027,000			2,015,643			(11,357)
Morgan Stanley	EU Euro		627,492	Buy	01/15/16			683,000			682,121			(879)
Morgan Stanley	Norwegian Krone		5,902,210	Buy	01/15/16			683,000			666,716			(16,284)
Morgan Stanley	Swiss Franc		2,016,018	Buy	01/15/16			1,967,670			2,013,757			46,087
Morgan Stanley	Norwegian Krone		3,607,249	Buy	01/15/16			414,986			407,476			(7,510)
Morgan Stanley	Czech Koruna		11,239,058	Buy	03/11/16			459,679			452,888			(6,791)
Morgan Stanley	Israeli New Shekel		2,615,982	Buy	03/11/16			679,552			673,242			(6,310)
													$	325,855
Barclays Bank PLC	EU Euro		1,638,935	Sell	01/15/16		$	1,809,000		$	1,781,619		$	27,381
Barclays Bank PLC	Norwegian Krone		3,866,138	Sell	01/15/16			453,000			436,720			16,280
Barclays Bank PLC	EU Euro		22,643,741	Sell	01/15/16			24,166,000			24,615,084			(449,084)
Barclays Bank PLC	Romanian New Leu		1,620,684	Sell	03/11/16			394,725			389,796			4,929
Barclays Bank PLC	Brazilian Real		8,211,832	Sell	03/11/16			2,058,619			2,030,651			27,968

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of December 31, 2015 (continued)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	Turkish Lira		4,504,188	Sell	03/11/16		1,485,231		1,515,211		(29,980)
Barclays Bank PLC	Malaysian Ringgit		6,307,909	Sell	01/29/16		1,463,552		1,462,794		758
Barclays Bank PLC	Norwegian Krone		4,892,749	Sell	01/29/16		575,000		552,606		22,394
Citigroup, Inc.	Australian Dollar		2,816,553	Sell	01/15/16		2,023,000		2,051,273		(28,273)
Citigroup, Inc.	Canadian Dollar		1,024,706	Sell	01/15/16		746,000		740,573		5,427
Citigroup, Inc.	Japanese Yen		273,841,379	Sell	01/15/16		2,232,000		2,278,849		(46,849)
Citigroup, Inc.	New Zealand Dollar		1,106,120	Sell	01/29/16		740,530		755,212		(14,682)
Citigroup, Inc.	Norwegian Krone		10,611,487	Sell	01/29/16		1,247,000		1,198,502		48,498
Citigroup, Inc.	Colombian Peso		2,961,027,253	Sell	03/11/16		883,427		925,792		(42,365)
Citigroup, Inc.	Thai Baht		27,099,373	Sell	01/29/16		755,887		752,560		3,327
Citigroup, Inc.	Swedish Krona		6,119,410	Sell	01/29/16		718,601		725,482		(6,881)
Deutsche Bank AG	Norwegian Krone		8,153,726	Sell	01/15/16		929,000		921,048		7,952
Deutsche Bank AG	Australian Dollar		1,003,491	Sell	01/15/16		714,000		730,835		(16,835)
Deutsche Bank AG	Norwegian Krone		9,340,778	Sell	01/15/16		1,073,000		1,055,137		17,863
Deutsche Bank AG	Australian Dollar		1,040,530	Sell	01/15/16		753,000		757,809		(4,809)
Deutsche Bank AG	Japanese Yen		1,478,629,515	Sell	01/15/16		12,046,000		12,304,834		(258,834)
Deutsche Bank AG	Swiss Franc		519,376	Sell	01/15/16		525,000		518,793		6,207
Deutsche Bank AG	Danish Krone		6,741,468	Sell	01/29/16		986,003		982,429		3,574
Deutsche Bank AG	Swiss Franc		81,418	Sell	01/29/16		82,084		81,376		708
Deutsche Bank AG	British Pound		1,874,125	Sell	01/29/16		2,849,358		2,763,055		86,303
Deutsche Bank AG	EU Euro		42,893,694	Sell	01/29/16		46,766,565		46,644,540		122,025
Deutsche Bank AG	Australian Dollar		4,941,645	Sell	01/29/16		3,515,941		3,596,405		(80,464)
Goldman Sachs & Co.	Canadian Dollar		11,687,644	Sell	01/29/16		8,871,962		8,447,118		424,844
HSBC Bank PLC	Thai Baht		26,958,750	Sell	01/15/16		750,000		748,941		1,059
HSBC Bank PLC	Philippine Peso		28,280,482	Sell	01/29/16		600,346		601,063		(717)
JPMorgan Chase & Co.	New Zealand Dollar		571,978	Sell	01/29/16		381,000		390,522		(9,522)
JPMorgan Chase & Co.	Swiss Franc		976,509	Sell	01/29/16		989,000		976,005		12,995
JPMorgan Chase & Co.	British Pound		595,804	Sell	01/29/16		918,000		878,404		39,596
JPMorgan Chase & Co.	EU Euro		256,573	Sell	01/29/16		283,000		279,010		3,990
JPMorgan Chase & Co.	Indonesian Rupiah		28,526,241,483	Sell	01/29/16		2,027,451		2,045,645		(18,194)
JPMorgan Chase & Co.	South Korean Won		2,575,240,200	Sell	01/15/16		2,171,000		2,193,739		(22,739)
JPMorgan Chase & Co.	Australian Dollar		1,367,764	Sell	01/15/16		995,000		996,131		(1,131)
JPMorgan Chase & Co.	EU Euro		1,425,371	Sell	01/15/16		1,555,000		1,549,462		5,538
JPMorgan Chase & Co.	Swiss Franc		587,004	Sell	01/15/16		595,000		586,345		8,655
JPMorgan Chase & Co.	EU Euro		10,971,195	Sell	01/15/16		11,908,000		11,926,337		(18,337)
JPMorgan Chase & Co.	EU Euro		6,582,901	Sell	01/15/16		7,145,000		7,156,003		(11,003)
JPMorgan Chase & Co.	EU Euro		6,299,132	Sell	01/15/16		6,837,000		6,847,528		(10,528)
JPMorgan Chase & Co.	New Zealand Dollar		981,623	Sell	01/15/16		661,000		670,865		(9,865)
JPMorgan Chase & Co.	Canadian Dollar		1,615,516	Sell	01/15/16		1,160,000		1,167,561		(7,561)
JPMorgan Chase & Co.	Australian Dollar		2,139,207	Sell	01/15/16		1,536,000		1,557,967		(21,967)
JPMorgan Chase & Co.	New Zealand Dollar		1,495,361	Sell	01/15/16		1,012,000		1,021,966		(9,966)
JPMorgan Chase & Co.	Swiss Franc		1,868,764	Sell	01/15/16		1,877,000		1,866,668		10,332
JPMorgan Chase & Co.	New Zealand Dollar		2,104,613	Sell	01/15/16		1,420,000		1,438,343		(18,343)
JPMorgan Chase & Co.	Australian Dollar		1,712,559	Sell	01/15/16		1,233,000		1,247,243		(14,243)
JPMorgan Chase & Co.	Japanese Yen		626,781,720	Sell	01/15/16		5,177,000		5,215,941		(38,941)
JPMorgan Chase & Co.	Japanese Yen		62,525,555	Sell	01/15/16		509,000		520,324		(11,324)
JPMorgan Chase & Co.	Swiss Franc		1,028,918	Sell	01/15/16		1,039,000		1,027,764		11,236
JPMorgan Chase & Co.	Canadian Dollar		858,394	Sell	01/15/16		632,000		620,376		11,624
JPMorgan Chase & Co.	EU Euro		1,269,720	Sell	01/15/16		1,377,000		1,380,260		(3,260)
JPMorgan Chase & Co.	Canadian Dollar		740,506	Sell	01/15/16		548,000		535,177		12,823

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of December 31, 2015 (continued)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
JPMorgan Chase & Co.	Swiss Franc		1,348,635	Sell	01/15/16		1,351,000		1,347,122			3,878
JPMorgan Chase & Co.	Japanese Yen		51,662,583	Sell	01/15/16		420,000		429,925			(9,925)
JPMorgan Chase & Co.	British Pound		190,607	Sell	01/15/16		285,000		281,004			3,996
JPMorgan Chase & Co.	Swiss Franc		939,083	Sell	01/15/16		924,000		938,029			(14,029)
JPMorgan Chase & Co.	Russian Ruble		37,898,113	Sell	03/11/16		524,331		509,677			14,654
Morgan Stanley	New Zealand Dollar		3,911,217	Sell	01/15/16		2,567,311		2,673,019			(105,708)
Morgan Stanley	Japanese Yen		6,160,012,378	Sell	01/29/16		50,694,625		51,277,729			(583,104)
Morgan Stanley	Canadian Dollar		950,451	Sell	01/29/16		728,000		686,928			41,072
Morgan Stanley	Norwegian Krone		10,681,974	Sell	01/29/16		1,256,019		1,206,463			49,556
Morgan Stanley	Swiss Franc		455,673	Sell	01/29/16		463,000		455,438			7,562
Morgan Stanley	Norwegian Krone		20,736,949	Sell	01/15/16		2,381,000		2,342,453			38,547
Morgan Stanley	British Pound		711,959	Sell	01/15/16		1,055,000		1,049,610			5,390
Morgan Stanley	EU Euro		2,482,522	Sell	01/15/16		2,722,000		2,698,648			23,352
Morgan Stanley	British Pound		4,783,901	Sell	01/15/16		7,185,000		7,052,698			132,302
Morgan Stanley	British Pound		372,643	Sell	01/15/16		559,000		549,371			9,629
Morgan Stanley	Japanese Yen		70,689,114	Sell	01/15/16		579,000		588,259			(9,259)
Morgan Stanley	EU Euro		6,296,314	Sell	01/20/16		6,837,000		6,845,333			(8,333)
Morgan Stanley	British Pound		7,988,473	Sell	01/20/16		11,909,000		11,777,232			131,768
Morgan Stanley	British Pound		4,793,486	Sell	01/20/16		7,146,000		7,066,933			79,067
Morgan Stanley	Japanese Yen		102,909,492	Sell	01/15/16		847,000		856,390			(9,390)
Morgan Stanley	EU Euro		2,236,234	Sell	01/15/16		2,449,000		2,430,919			18,081
Morgan Stanley	British Pound		315,984	Sell	01/15/16		479,000		465,842			13,158
Morgan Stanley	Canadian Dollar		1,008,010	Sell	01/15/16		742,000		728,506			13,494
Morgan Stanley	EU Euro		1,098,604	Sell	01/15/16		1,198,000		1,194,248			3,752
Morgan Stanley	Japanese Yen		50,997,952	Sell	01/15/16		414,000		424,394			(10,394)
Morgan Stanley	Australian Dollar		378,654	Sell	01/15/16		273,311		275,771			(2,460)
Morgan Stanley	Swedish Krona		9,076,274	Sell	01/15/16		1,043,146		1,075,568			(32,422)
Morgan Stanley	Hungarian Forint		340,159,718	Sell	03/11/16		1,181,108		1,170,839			10,269
Morgan Stanley	Polish Zloty		6,414,415	Sell	03/11/16		1,616,832		1,633,038			(16,206)
Morgan Stanley	South African Rand		23,511,781	Sell	03/11/16		1,549,433		1,501,249			48,184
Morgan Stanley	Peruvian Nuevo Sol		2,756,217	Sell	03/11/16		806,147		798,266			7,881
Morgan Stanley	Chilean Peso		184,927,455	Sell	03/11/16		257,954		258,958			(1,004)
											$	(409,053)

At December 31, 2015, the following futures contracts were outstanding for Voya Global Bond Portfolio:

Contract Description	Number of Contracts		Expiration Date			Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
30-year German Government Bond		40		03/08/16			$	6,581,393		$	(53,339)
Australia 10-Year Bond		11		03/15/16				1,017,129			5,035
Australia 3-Year Bond		36		03/15/16				2,924,134			5,455
Canada 10-Year Bond		35		03/21/16				3,566,272			68,493
Euro-Bobl 5-Year		159		03/08/16	��			22,579,013			(34,774)
Euro-Schatz		50		03/08/16				6,059,206			2,105
Long Gilt		45		03/29/16				7,746,451			(47,125)
Short Gilt		12		03/29/16				1,830,260			(1,277)
U.S. Treasury 2-Year Note		10		03/31/16				2,172,344			(2,525)
U.S. Treasury 5-Year Note		431		03/31/16				50,996,054			(169,019)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of December 31, 2015 (continued)

Contract Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
U.S. Treasury Long Bond		40		03/21/16			6,150,000			8,077
						$	111,622,256		$	(218,894)
Short Contracts
Euro-Bund		(80)		03/08/16			(13,729,637)			(62,486)
Japan 10-Year Bond (TSE)		(3)		03/14/16			(3,719,955)			(7,222)
U.S. Treasury 10-Year Note		(46)		03/21/16			(5,791,688)			32,430
U.S. Treasury Ultra Long Bond		(13)		03/21/16			(2,062,938)			(6,126)
						$	(25,304,218)		$	(43,404)

At December 31, 2015, the following centrally cleared credit default swaps were outstanding for Voya Global Bond Portfolio:

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

Reference Entity/ Obligation	Buy/Sell Protection	(Pay)/ Receive Fixed Rate (%)		Clearinghouse	Termination Date		Notional Amount(2)		Fair Value(3)			Unrealized Appreciation/ (Depreciation)
CDX North American Investment Grade Index Series 25, Version 1	Sell		1.000	Intercontinental Exchange		12/20/20		USD12,000,000		$	65,556		$	(33,124)
										$	65,556		$	(33,124)

(1)

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.

(2)

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.

(3)

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

At December 31, 2015, the following centrally cleared interest rate swaps were outstanding for Voya Global Bond Portfolio:

	Clearinghouse	Termination Date	Notional Amount		Fair Value			Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 2.960% and pay a floating rate based on the 6-month CAD-BA-CDOR	Chicago Mercantile Exchange	11/21/44	CAD	1,000,000		$	73,013		$	81,267
Receive a fixed rate equal to 1.848% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	07/06/45	EUR	1,050,000			(66,485)			(64,947)
Receive a fixed rate equal to 1.622% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	07/09/45	EUR	1,200,000			3,585			874
Receive a fixed rate equal to 1.488% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	08/05/45	EUR	2,000,000			(66,185)			(69,259)
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 1.534%	Chicago Mercantile Exchange	08/06/45	EUR	1,300,000			26,860			28,833
Receive a fixed rate equal to 1.448% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	08/25/45	EUR	4,100,000			(179,937)			(190,240)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of December 31, 2015 (continued)

	Clearinghouse	Termination Date	Notional Amount		Fair Value		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 1.409% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	08/26/45	EUR	1,900,000		(102,999)		(109,101)
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 1.557%	Chicago Mercantile Exchange	08/27/45	EUR	6,400,000		94,019		99,663
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 1.615%	Chicago Mercantile Exchange	09/11/45	EUR	9,100,000		(8,219)		(7,244)
Receive a fixed rate equal to 1.682% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	09/18/45	EUR	11,100,000		207,927		213,638
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 1.675%	Chicago Mercantile Exchange	09/21/45	EUR	1,600,000		(27,180)		(27,865)
Receive a fixed rate equal to 1.573% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	09/22/45	EUR	3,200,000		(33,230)		(35,078)
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 1.612%	Chicago Mercantile Exchange	09/23/45	EUR	3,200,000		188		1,000
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 1.564%	Chicago Mercantile Exchange	09/24/45	EUR	7,800,000		99,875		104,064
Receive a fixed rate equal to 1.552% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	09/25/45	EUR	6,300,000		(101,838)		(105,771)
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 1.530%	Chicago Mercantile Exchange	09/25/45	EUR	5,700,000		125,031		129,675
Receive a fixed rate equal to 1.516% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	09/28/45	EUR	1,100,000		(28,236)		(29,274)
Receive a fixed rate equal to 1.509% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	09/28/45	EUR	3,800,000		(104,784)		(108,599)
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 1.593%	Chicago Mercantile Exchange	11/06/45	EUR	6,500,000		31,946		38,629
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 1.662%	Chicago Mercantile Exchange	11/11/45	EUR	6,100,000		(82,462)		(74,881)
Receive a fixed rate equal to 1.548% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	11/20/45	EUR	11,168,000		(191,361)		(199,913)
Receive a fixed rate equal to 1.539% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	11/20/45	EUR	8,100,000		(157,342)		(163,309)
Receive a fixed rate equal to 1.496% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	11/23/45	EUR	4,900,000		(152,564)		(155,530)
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 1.481%	Chicago Mercantile Exchange	11/27/45	EUR	4,900,000		171,528		174,233
Receive a fixed rate equal to 1.478% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	12/01/45	EUR	11,021,000		(395,788)		(401,663)

See Accompanying Notes to Financial Statements

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of December 31, 2015 (continued)

	Clearinghouse	Termination Date	Notional Amount		Fair Value		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 0.524% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	07/06/20	EUR	5,800,000		75,566		74,845
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 0.451%	Chicago Mercantile Exchange	07/09/20	EUR	5,800,000		(54,305)		(53,227)
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 0.393%	Chicago Mercantile Exchange	08/05/20	EUR	9,800,000		(59,084)		(57,905)
Receive a fixed rate equal to 0.393% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	08/06/20	EUR	6,500,000		39,068		38,285
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 0.365%	Chicago Mercantile Exchange	08/25/20	EUR	19,100,000		(81,046)		(77,549)
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 0.372%	Chicago Mercantile Exchange	08/26/20	EUR	9,500,000		(43,552)		(42,029)
Receive a fixed rate equal to 0.434% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	08/27/20	EUR	31,800,000		245,210		246,170
Receive a fixed rate equal to 0.393% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	09/11/20	EUR	22,900,000		121,980		121,416
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 0.429%	Chicago Mercantile Exchange	09/18/20	EUR	31,700,000		(223,208)		(224,630)
Receive a fixed rate equal to 0.434% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	09/21/20	EUR	2,500,000		18,109		18,260
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 0.381%	Chicago Mercantile Exchange	09/22/20	EUR	12,700,000		(57,034)		(56,479)
Receive a fixed rate equal to 0.394% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	09/23/20	EUR	14,480,000		74,501		74,178
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 0.369%	Chicago Mercantile Exchange	09/25/20	EUR	8,600,000		(33,058)		(32,657)
Receive a fixed rate equal to 0.355% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	09/25/20	EUR	17,700,000		55,344		54,087
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 0.360%	Chicago Mercantile Exchange	09/28/20	EUR	4,800,000		(15,968)		(15,655)
Receive a fixed rate equal to 1.043% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	09/11/25	EUR	11,400,000		91,044		91,904
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 1.100%	Chicago Mercantile Exchange	09/18/25	EUR	7,300,000		(100,076)		(102,128)
Receive a fixed rate equal to 1.101% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	09/21/25	EUR	2,400,000		32,876		33,551
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 1.012%	Chicago Mercantile Exchange	09/22/25	EUR	7,000,000		(31,216)		(30,745)

See Accompanying Notes to Financial Statements

101

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of December 31, 2015 (continued)

	Clearinghouse	Termination Date	Notional Amount		Fair Value		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 0.976% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	09/24/25	EUR	16,800,000		11,056		8,767
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 0.990%	Chicago Mercantile Exchange	09/25/25	EUR	4,100,000		(8,508)		(8,144)
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 0.965%	Chicago Mercantile Exchange	09/28/25	EUR	5,400,000		3,469		4,444
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 0.976%	Chicago Mercantile Exchange	10/15/25	EUR	16,400,000		1,186		3,802
Receive a fixed rate equal to 0.900% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	10/26/25	EUR	18,300,000		(153,764)		(162,592)
Receive a fixed rate equal to 0.902% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	10/27/25	EUR	31,200,000		(253,089)		(268,047)
Receive a fixed rate equal to 0.943% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	11/06/25	EUR	10,100,000		(42,491)		(47,321)
Receive a fixed rate equal to 0.996% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	11/11/25	EUR	13,500,000		16,790		9,529
Receive a fixed rate equal to 0.955% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	11/12/25	EUR	7,700,000		(23,726)		(27,402)
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 0.878%	Chicago Mercantile Exchange	11/20/25	EUR	28,445,000		324,714		334,554
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 0.885%	Chicago Mercantile Exchange	11/20/25	EUR	18,500,000		190,717		197,373
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 0.857%	Chicago Mercantile Exchange	11/23/25	EUR	12,500,000		172,532		176,566
Receive a fixed rate equal to 0.832% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	11/27/25	EUR	12,600,000		(207,916)		(210,930)
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 0.832%	Chicago Mercantile Exchange	12/01/25	EUR	28,268,000		467,688		475,429
Receive a fixed rate equal to 1.555% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	10/15/45	EUR	9,600,000		(146,522)		(151,513)
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 1.524%	Chicago Mercantile Exchange	10/19/45	EUR	3,100,000		72,914		76,044
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 1.498%	Chicago Mercantile Exchange	10/26/45	EUR	9,200,000		281,486		291,910
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 1.527%	Chicago Mercantile Exchange	10/27/45	EUR	11,800,000		268,662		280,856
Receive a fixed rate equal to 2.899% and pay a floating rate based on the 6-month GBP-LIBOR-BBA	Chicago Mercantile Exchange	08/22/44	GBP	2,000,000		481,307		511,275

See Accompanying Notes to Financial Statements

102

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of December 31, 2015 (continued)

	Clearinghouse	Termination Date	Notional Amount		Fair Value		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 0.754% and pay a floating rate based on the 6-month JPY-LIBOR-BBA	Chicago Mercantile Exchange	05/21/24	JPY	1,855,000,000	��	548,451		590,686
Receive a fixed rate equal to 1.289% and pay a floating rate based on the 6-month JPY-LIBOR-BBA	Chicago Mercantile Exchange	02/04/45	JPY	1,015,000,000		185,795		176,056
Receive a floating rate based on the 6-month JPY-LIBOR-BBA and pay a fixed rate equal to 1.443%	Chicago Mercantile Exchange	02/24/45	JPY	468,636,765		(241,161)		(239,532)
Receive a fixed rate equal to 0.558% and pay a floating rate based on the 6-month JPY-LIBOR-BBA	Chicago Mercantile Exchange	02/24/45	JPY	1,084,559,370		152,346		150,684
Receive a fixed rate equal to 2.928% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	07/15/35	USD	5,400,000		318,704		318,704
Receive a fixed rate equal to 2.832% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	07/09/45	USD	2,000,000		74,151		74,151
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.901%	Chicago Mercantile Exchange	07/13/45	USD	4,100,000		(212,677)		(212,677)
Receive a fixed rate equal to 2.896% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	07/21/45	USD	1,588,000		80,724		80,724
Receive a fixed rate equal to 2.860% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	07/24/45	USD	2,382,000		102,891		102,891
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.782%	Chicago Mercantile Exchange	07/29/45	USD	4,000,000		(106,213)		(106,213)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.799%	Chicago Mercantile Exchange	07/30/45	USD	2,400,000		(72,223)		(72,223)
Receive a fixed rate equal to 2.808% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	07/31/45	USD	9,600,000		310,154		310,154
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.687%	Chicago Mercantile Exchange	09/25/45	USD	1,700,000		(9,203)		(9,203)
Receive a fixed rate equal to 2.613% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	09/28/45	USD	2,600,000		(27,379)		(27,379)
Receive a fixed rate equal to 0.704% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	08/27/16	USD	21,000,000		(557)		(557)
Receive a fixed rate equal to 0.771% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	10/09/16	USD	87,000,000		3,791		3,791
Receive a fixed rate equal to 0.924% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	08/13/17	USD	16,000,000		(29,259)		(29,259)
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.082%	Chicago Mercantile Exchange	08/21/17	USD	15,000,000		(9,585)		(9,585)
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.143%	Chicago Mercantile Exchange	08/27/17	USD	40,000,000		(61,704)		(61,704)

See Accompanying Notes to Financial Statements

103

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of December 31, 2015 (continued)

	Clearinghouse	Termination Date	Notional Amount		Fair Value		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 1.178% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	05/15/18	USD	56,100,000		(102,271)		(102,271)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.166%	Chicago Mercantile Exchange	05/20/18	USD	28,000,000		61,287		61,287
Receive a fixed rate equal to 1.208% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	05/21/18	USD	16,500,000		(19,704)		(19,704)
Receive a fixed rate equal to 1.224% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	05/27/18	USD	23,100,000		(22,424)		(22,424)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.231%	Chicago Mercantile Exchange	05/27/18	USD	32,900,000		26,060		26,060
Receive a fixed rate equal to 1.206% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	06/01/18	USD	16,500,000		(24,320)		(24,320)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.257%	Chicago Mercantile Exchange	06/04/18	USD	16,400,000		5,208		5,208
Receive a fixed rate equal to 1.323% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	06/10/18	USD	13,300,000		14,643		14,643
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.347%	Chicago Mercantile Exchange	06/11/18	USD	16,600,000		(27,856)		(27,856)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.374%	Chicago Mercantile Exchange	06/12/18	USD	6,632,000		(15,268)		(15,268)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.267%	Chicago Mercantile Exchange	06/19/18	USD	33,725,000		17,236		17,236
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.283%	Chicago Mercantile Exchange	06/26/18	USD	11,600,000		3,244		3,244
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.301%	Chicago Mercantile Exchange	07/03/18	USD	11,600,000		(605)		(605)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.249%	Chicago Mercantile Exchange	07/06/18	USD	11,600,000		14,609		14,609
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.230%	Chicago Mercantile Exchange	07/14/18	USD	16,800,000		31,711		31,711
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.277%	Chicago Mercantile Exchange	07/15/18	USD	56,300,000		39,464		39,464
Receive a fixed rate equal to 1.285% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	07/27/18	USD	108,800,000		(67,956)		(67,956)
Receive a fixed rate equal to 1.525% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	05/11/19	USD	37,900,000		61,417		61,417
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.465%	Chicago Mercantile Exchange	05/18/19	USD	21,400,000		9,260		9,260

See Accompanying Notes to Financial Statements

104

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of December 31, 2015 (continued)

	Clearinghouse	Termination Date	Notional Amount		Fair Value		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 1.460% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	06/01/19	USD	14,800,000		(12,646)		(12,646)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.659%	Chicago Mercantile Exchange	06/09/19	USD	16,400,000		(93,419)		(93,419)
Receive a fixed rate equal to 1.640% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	06/09/19	USD	16,400,000		82,904		82,904
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.686%	Chicago Mercantile Exchange	06/15/19	USD	16,600,000		(107,836)		(107,836)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.682%	Chicago Mercantile Exchange	06/15/19	USD	16,600,000		(105,301)		(105,301)
Receive a fixed rate equal to 1.609% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	06/17/19	USD	16,600,000		64,009		64,009
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.418%	Chicago Mercantile Exchange	07/09/19	USD	10,200,000		31,753		31,753
Receive a fixed rate equal to 1.462% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	07/13/19	USD	21,200,000		(36,084)		(36,084)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.557%	Chicago Mercantile Exchange	07/21/19	USD	8,503,000		(12,918)		(12,918)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.581%	Chicago Mercantile Exchange	07/24/19	USD	12,754,500		(29,812)		(29,812)
Receive a fixed rate equal to 1.493% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	07/29/19	USD	21,100,000		(16,688)		(16,688)
Receive a fixed rate equal to 1.502% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	07/30/19	USD	12,700,000		(6,115)		(6,115)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.534%	Chicago Mercantile Exchange	07/31/19	USD	49,100,000		(31,173)		(31,173)
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.7440%	Chicago Mercantile Exchange	08/21/19	USD	32,000,000		(250,465)		(250,465)
Receive a fixed rate equal to 1.743% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	08/21/19	USD	8,100,000		62,966		62,966
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.792%	Chicago Mercantile Exchange	08/27/19	USD	8,000,000		(75,788)		(75,788)
Receive a fixed rate equal to 1.301% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	09/25/19	USD	8,600,000		(77,680)		(77,680)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.261%	Chicago Mercantile Exchange	09/28/19	USD	12,200,000		129,534		129,534
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.668%	Chicago Mercantile Exchange	10/30/19	USD	59,452,000		(243,890)		(243,890)

See Accompanying Notes to Financial Statements

105

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SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of December 31, 2015 (continued)

	Clearinghouse	Termination Date	Notional Amount		Fair Value		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 2.000% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	11/05/19	USD	121,260,000		1,991,342		1,991,342
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.882%	Chicago Mercantile Exchange	06/30/20	USD	27,546,000		(259,275)		(259,275)
Receive a fixed rate equal to 1.780% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	07/06/20	USD	9,100,000		43,696		43,696
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.690%	Chicago Mercantile Exchange	12/22/20	USD	24,219,000		53,977		53,977
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.223%	Chicago Mercantile Exchange	05/15/21	USD	12,000,000		(272,603)		(272,603)
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.179%	Chicago Mercantile Exchange	07/01/21	USD	45,000,000		(891,426)		(891,426)
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.557%	Chicago Mercantile Exchange	08/21/24	USD	300,000		(10,650)		(10,650)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.507%	Chicago Mercantile Exchange	10/09/24	USD	8,500,000		(262,599)		(262,599)
Receive a fixed rate equal to 2.408% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	10/30/24	USD	30,878,000		704,634		704,634
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.760%	Chicago Mercantile Exchange	11/05/24	USD	64,260,000		(3,314,473)		(3,314,473)
Receive a fixed rate equal to 2.133% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/20/25	USD	6,000,000		(14,797)		(14,797)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.189%	Chicago Mercantile Exchange	05/05/25	USD	40,000,000		(65,363)		(65,363)
Receive a fixed rate equal to 2.168% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	05/05/25	USD	40,000,000		(7,362)		(7,362)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.464%	Chicago Mercantile Exchange	06/15/25	USD	16,052,667		(401,709)		(401,709)
Receive a fixed rate equal to 2.488% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	06/16/25	USD	19,900,000		539,777		539,777
Receive a fixed rate equal to 2.455% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	06/17/25	USD	19,900,000		482,634		482,634
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.467%	Chicago Mercantile Exchange	06/19/25	USD	3,655,000		(91,986)		(91,986)
Receive a fixed rate equal to 2.382% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	06/23/25	USD	4,950,000		(87,327)		(87,327)
Receive a fixed rate equal to 2.528% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	07/15/25	USD	14,505,000		439,665		439,665

See Accompanying Notes to Financial Statements

106

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of December 31, 2015 (continued)

	Clearinghouse	Termination Date	Notional Amount		Fair Value		Unrealized Appreciation/ (Depreciation)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.543%	Chicago Mercantile Exchange	07/15/25	USD	4,600,000		(145,394)		(145,394)
Receive a fixed rate equal to 2.232% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	09/14/25	USD	7,000,000		22,789		22,789
Receive a fixed rate equal to 2.760% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	12/11/25	USD	13,758,000		12,398		12,398
Receive a fixed rate equal to 2.729% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	12/16/25	USD	13,763,000		(7,047)		(7,047)
Receive a fixed rate equal to 2.719% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	12/22/25	USD	27,898,000		(28,406)		(28,406)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 3.294%	Chicago Mercantile Exchange	06/10/35	USD	10,000,000		(201,505)		(201,505)
Receive a fixed rate equal to 3.285% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	06/15/35	USD	19,900,000		387,555		387,555
Receive a fixed rate equal to 2.805% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	06/16/35	USD	15,422,500		609,108		609,108
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.834%	Chicago Mercantile Exchange	06/16/35	USD	19,900,000		(878,343)		(878,343)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.810%	Chicago Mercantile Exchange	06/17/35	USD	19,900,000		(804,086)		(804,086)
Receive a fixed rate equal to 2.815% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	06/19/35	USD	4,187,000		172,017		172,017
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.753%	Chicago Mercantile Exchange	06/23/35	USD	4,950,000		153,661		153,661
Receive a fixed rate equal to 3.057% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	10/09/44	USD	1,400,000		119,154		119,154
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.715%	Chicago Mercantile Exchange	05/11/45	USD	6,900,000		(83,187)		(83,187)
Receive a fixed rate equal to 2.810% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	05/18/45	USD	4,000,000		130,825		130,825
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.659%	Chicago Mercantile Exchange	06/01/45	USD	5,900,000		(940)		(940)
Receive a fixed rate equal to 2.905% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	06/09/45	USD	3,300,000		175,121		175,121
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.926%	Chicago Mercantile Exchange	06/09/45	USD	3,300,000		(189,692)		(189,692)
Receive a fixed rate equal to 2.980% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	06/15/45	USD	3,300,000		228,004		228,004

See Accompanying Notes to Financial Statements

107

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of December 31, 2015 (continued)

	Clearinghouse	Termination Date	Notional Amount		Fair Value			Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 2.959% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	06/15/45	USD	3,300,000			213,427			213,427
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.891%	Chicago Mercantile Exchange	06/17/45	USD	3,300,000			(164,990)			(164,990)
						$	(774,226)		$	(705,287)

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, 2015, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/14			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/15			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Corporate Debt Fund - Class P		$	13,690,107		$	544,732		$	(3,823,918)		$	(333,498)		$	10,077,423		$	544,732		$	(73,918)		$	—
Voya Emerging Markets Hard Currency Debt Fund - Class P			32,119,888			1,048,169			(18,442,929)			540,294			15,265,422			1,048,170			(1,188,929)			—
Voya Emerging Markets Local Currency Debt Fund - Class P			31,847,994			—			(10,969,387)			(823,691)			20,054,916			—			(2,369,388)			—
Voya High Yield Bond Fund - Class P			16,162,281			941,842			(8,215,471)			(365,384)			8,523,268			941,978			(540,471)			—
		$	93,820,270		$	2,534,743		$	(41,451,705)		$	(982,279)		$	53,921,029		$	2,534,880		$	(4,172,706)		$	—

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

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, 2015 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		$	4,443,411
Interest rate contracts	Net Assets — Unrealized appreciation*			121,595
Interest rate contracts	Net Assets — Unrealized appreciation**			12,938,051
Total Asset Derivatives			$	17,503,057
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	4,526,609
Interest rate contracts	Net Assets — Unrealized depreciation*			383,893
Credit contracts	Net Assets — Unrealized appreciation**			33,124
Interest rate contracts	Net Assets — Unrealized depreciation**			13,643,338
Total Liability Derivatives			$	18,586,964

See Accompanying Notes to Financial Statements

108

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Portfolio

as of December 31, 2015 (continued)

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

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2015 was as follows:

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

Derivatives not accounted for as hedging instruments	Investments*			Foreign currency related transactions**			Futures			Swaps			Written options			Total
Credit Contract		$	—		$	—		$	—		$	(460,495)		$	—		$	(460,495)
Foreign exchange contracts			(674,086)			(9,722,352)			—			—			336,861			(10,059,577)
Interest rate contracts			(2,787,417)			—			1,315,608			(2,510,841)			3,532,471			(450,179)
Total		$	(3,461,503)		$	(9,722,352)		$	1,315,608		$	(2,971,336)		$	3,869,332		$	(10,970,251)

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

Derivatives not accounted for as hedging instruments	Investments*			Foreign currency related transactions**			Futures			Swaps			Written options			Total
Credit contracts		$	—		$	—		$	—		$	(33,124)		$	—		$	(33,124)
Foreign exchange contracts			407,392			3,088,891			—			—			(19,338)			3,476,945
Interest rate contracts			—			—			(793,316)			(767,405)			—			(1,560,721)
Total		$	407,392		$	3,088,891		$	(793,316)		$	(800,529)		$	(19,338)		$	1,883,100

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, 2015:

	Barclays Bank PLC			Citigroup, Inc.			Deutsche Bank AG			Goldman Sachs & Co.			HSBC Bank PLC			JPMorgan Chase & Co.			Morgan Stanley			Totals
Assets:
Forward foreign currency contracts		$	123,576		$	417,029		$	939,817		$	463,610		$	1,059		$	1,665,505		$	832,815		$	4,443,411
Total Assets		$	123,576		$	417,029		$	939,817		$	463,610		$	1,059		$	1,665,505		$	832,815		$	4,443,411
Liabilities:
Forward foreign currency contracts		$	616,342		$	288,971		$	518,147		$	2,564		$	717		$	1,167,117		$	1,932,751		$	4,526,609
Total Liabilities		$	616,342		$	288,971		$	518,147		$	2,564		$	717		$	1,167,117		$	1,932,751		$	4,526,609
Net OTC derivative instruments by counterparty, at fair value		$	(492,766)		$	128,058		$	421,670		$	461,046		$	342		$	498,388		$	(1,099,936)			(83,198)
Total collateral pledged by the Portfolio/(Received from counterparty)		$	620,000		$	—		$	—		$	—		$	—		$	(470,000)		$	810,000		$	960,000
Net Exposure(1)		$	127,234		$	128,058		$	421,670		$	461,046		$	342		$	28,388		$	(289,936)		$	876,802

(1)

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

See Accompanying Notes to Financial Statements

109

TABLE OF CONTENTS

VY® American Century

SUMMARY PORTFOLIO OF INVESTMENTS

Small-Mid Cap Value Portfolio

as of December 31, 2015

Shares				Value			Percentage of Net Assets
COMMON STOCK: 97.3%
			Consumer Discretionary: 8.3%
	13,609		Advance Auto Parts, Inc.		$	2,048,291		0.7
	48,522		CST Brands, Inc.			1,899,151		0.7
	813,811		Other Securities(a)			19,199,693		6.9
						23,147,135		8.3
			Consumer Staples: 6.2%
	64,891		ConAgra Foods, Inc.			2,735,805		1.0
	16,292		JM Smucker Co.			2,009,455		0.7
	27,670		Kellogg Co.			1,999,711		0.7
	153,219		Sysco Corp.			6,281,979		2.3
	134,572		Other Securities(a)			4,097,513		1.5
						17,124,463		6.2
			Energy: 9.6%
	51,038	@	Cameron International Corp.			3,225,602		1.2
	54,057		EQT Corp.			2,817,991		1.0
	32,965	L	Helmerich & Payne, Inc.			1,765,276		0.6
	113,080		Imperial Oil Ltd.			3,684,069		1.3
	85,072		Noble Energy, Inc.			2,801,421		1.0
	38,501		Occidental Petroleum Corp.			2,603,053		1.0
	379,703		Other Securities			9,810,495		3.5
						26,707,907		9.6
			Financials: 29.2%
	25,044		ACE Ltd.			2,926,391		1.1
	49,880		Commerce Bancshares, Inc.			2,121,895		0.8
	78,361		Corrections Corp. of America			2,075,783		0.7
	29,872L		Cullen/Frost Bankers, Inc.			1,792,320		0.6
	18,723		M&T Bank Corp.			2,268,853		0.8
	82,407		Northern Trust Corp.			5,940,721		2.1
	112,754		Piedmont Office Realty Trust, Inc.			2,128,795		0.8
	19,463		PNC Financial Services Group, Inc.			1,855,019		0.7
	23,153		Reinsurance Group of America, Inc.			1,980,739		0.7
	55,007		Unum Group			1,831,183		0.7
	47,740	L	Westamerica Bancorp.			2,231,845		0.8
	109,995		Weyerhaeuser Co.			3,297,650		1.2
	1,902,719		Other Securities(a)			50,637,625		18.2
						81,088,819		29.2
			Health Care: 7.2%
	78,058		Baxter International, Inc.			2,977,913		1.1
	115,499	@	Boston Scientific Corp.			2,129,802		0.7
	48,058	@	LifePoint Hospitals, Inc.			3,527,457		1.3
	37,995		Quest Diagnostics, Inc.			2,702,964		1.0

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Health Care (continued)
	37,347		Zimmer Biomet Holdings, Inc.		$	3,831,429		1.4
	113,551		Other Securities			4,740,305		1.7
						19,909,870		7.2
			Industrials: 13.2%
	63,339	@	Clean Harbors, Inc.			2,638,069		1.0
	52,187		Emerson Electric Co.			2,496,104		0.9
	129,705		Heartland Express, Inc.			2,207,579		0.8
	81,269		Koninklijke Philips NV			2,074,343		0.7
	108,073		Republic Services, Inc.			4,754,131		1.7
	101,849		Tyco International Plc			3,247,965		1.2
	706,818		Other Securities			19,118,502		6.9
						36,536,693		13.2
			Information Technology: 10.2%
	178,792		Applied Materials, Inc.			3,338,047		1.2
	71,981	@	Keysight Technologies, Inc.			2,039,222		0.8
	52,949		Maxim Integrated Products			2,012,062		0.7
	43,075		Microchip Technology, Inc.			2,004,711		0.7
	30,661		SanDisk Corp.			2,329,929		0.9
	30,681		TE Connectivity Ltd.			1,982,299		0.7
	93,123		Teradyne, Inc.			1,924,852		0.7
	685,452		Other Securities(a)			12,518,749		4.5
						28,149,871		10.2
			Materials: 5.1%
	46,862		Nucor Corp.			1,888,538		0.7
	429,087		Other Securities			12,382,357		4.4
						14,270,895		5.1
			Telecommunication Services: 0.8%
	87,427		CenturyLink, Inc.			2,199,663		0.8
			Utilities: 7.5%
	50,351		Edison International			2,981,283		1.1
	33,548		Laclede Group, Inc.			1,993,087		0.7
	58,108		PG&E Corp.			3,090,765		1.1
	67,718		Westar Energy, Inc.			2,871,920		1.1
	71,657		Xcel Energy, Inc.			2,573,203		0.9
	166,184		Other Securities			7,146,046		2.6
						20,656,304		7.5
			Total Common Stock (Cost $271,826,090)			269,791,620		97.3
EXCHANGE-TRADED FUNDS: 0.7%
	29,327		iShares Russell Midcap Value Index Fund			2,014,178		0.7

See Accompanying Notes to Financial Statements

110

TABLE OF CONTENTS

VY® American Century

SUMMARY PORTFOLIO OF INVESTMENTS

Small-Mid Cap Value Portfolio

as of December 31, 2015 (continued)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: (continued)
	Total Exchange-Traded Funds (Cost $2,079,966)		$	2,014,178		0.7
	Total Long-Term Investments (Cost $273,906,056)			271,805,798		98.0

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 5.2%
		Securities Lending Collateralcc: 2.8%
	382,071	Bank of Nova Scotia, Repurchase Agreement dated 12/31/15, 0.30%, due 01/04/16 (Repurchase Amount $382,084, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $389,725, due 02/29/16-02/15/45)		382,071		0.1
	1,815,157	Citigroup, Inc., Repurchase Agreement dated 12/31/15, 0.34%, due 01/04/16 (Repurchase Amount $1,815,225, collateralized by various U.S. Government Agency Obligations, 0.000%-11.500%, Market Value plus accrued interest $1,851,460, due 01/15/16-04/01/51)		1,815,157		0.7
	1,815,157	Merrill Lynch & Co., Inc., Repurchase Agreement dated 12/31/15, 0.31%, due 01/04/16 (Repurchase Amount $1,815,219, collateralized by various U.S. Government Agency Obligations, 3.000%-4.500%, Market Value plus accrued interest $1,851,460, due 11/15/42-02/20/45)		1,815,157		0.7

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateralcc (continued)
	1,815,157	Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/15, 0.37%, due 01/04/16 (Repurchase Amount $1,815,231, collateralized by various U.S. Government Securities, 1.500%-3.625%, Market Value plus accrued interest $1,851,461, due 03/31/21-02/15/44)		$	1,815,157		0.6
	1,815,157	Nomura Securities, Repurchase Agreement dated 12/31/15, 0.33%, due 01/04/16 (Repurchase Amount $1,815,223, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $1,851,460, due 01/15/16-10/20/65)			1,815,157		0.7
					7,642,699		2.8

Shares			Value			Percentage of Net Assets
		Mutual Funds: 2.4%
	6,773,161	BlackRock Liquidity Funds, TempFund, Institutional Class, 0.270%†† (Cost $6,773,161)			6,773,161		2.4
		Total Short-Term Investments (Cost $14,415,860)			14,415,860		5.2
		Total Investments in Securities (Cost $288,321,916)		$	286,221,658		103.2
		Liabilities in Excess of Other Assets			(8,822,636)		(3.2)
		Net Assets		$	277,399,022		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.

See Accompanying Notes to Financial Statements

111

TABLE OF CONTENTS

VY® American Century

SUMMARY PORTFOLIO OF INVESTMENTS

Small-Mid Cap Value Portfolio

as of December 31, 2015 (continued)

††

Rate shown is the 7-day yield as of December 31, 2015.

Non-income producing security.

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

Loaned security, a portion or all of the security is on loan at December 31, 2015.

(a)

This grouping contains securities on loan.

Cost for federal income tax purposes is $291,022,226.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	19,007,337
Gross Unrealized Depreciation		(23,807,905)
Net Unrealized Depreciation	$	(4,800,568)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary		$	23,147,135		$	—		$	—		$	23,147,135
Consumer Staples			17,124,463			—			—			17,124,463
Energy			26,707,907			—			—			26,707,907
Financials			81,088,819			—			—			81,088,819
Health Care			19,909,870			—			—			19,909,870
Industrials			34,462,350			2,074,343			—			36,536,693
Information Technology			28,149,871			—			—			28,149,871
Materials			14,270,895			—			—			14,270,895
Telecommunication Services			2,199,663			—			—			2,199,663
Utilities			20,656,304			—			—			20,656,304
Total Common Stock			267,717,277			2,074,343			—			269,791,620
Exchange-Traded Funds			2,014,178			—			—			2,014,178
Short-Term Investments			6,773,161			7,642,699			—			14,415,860
Total Investments, at fair value		$	276,504,616		$	9,717,042		$	—		$	286,221,658
Other Financial Instruments+
Forward Foreign Currency Contracts			—			16,457			—			16,457
Total Assets		$	276,504,616		$	9,733,499		$	—		$	286,238,115
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(27,726)		$	—		$	(27,726)
Total Liabilities		$	—		$	(27,726)		$	—		$	(27,726)

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

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

See Accompanying Notes to Financial Statements

112

TABLE OF CONTENTS

VY® American Century

SUMMARY PORTFOLIO OF INVESTMENTS

Small-Mid Cap Value Portfolio

as of December 31, 2015 (continued)

At December 31, 2015, the following forward foreign currency contracts were outstanding for VY® American Century Small-Mid Cap Value Portfolio:

Counterparty	Currency	Contract Amount		Buy/Sell		Settlement Date		In Exchange For			Fair Value			Unrealized Appreciation (Depreciation)
Credit Suisse Group AG	Japanese Yen		88,604,526		Sell		01/29/16		$	733,311		$	737,569		$	(4,258)
JPMorgan Chase & Co.	Canadian Dollar		198,003		Sell		01/29/16			142,735			143,104			(369)
JPMorgan Chase & Co.	Canadian Dollar		4,172,482		Sell		01/29/16			2,992,528			3,015,616			(23,088)
UBS AG	EU Euro		16,899		Sell		01/29/16			18,366			18,377			(11)
UBS AG	EU Euro		18,080		Sell		01/29/16			19,741			19,662			79
UBS AG	EU Euro		9,082		Sell		01/29/16			9,942			9,876			66
UBS AG	EU Euro		18,774		Sell		01/29/16			20,585			20,416			169
UBS AG	EU Euro		188,436		Sell		01/29/16			206,590			204,914			1,676
UBS AG	EU Euro		1,626,457		Sell		01/29/16			1,783,150			1,768,683			14,467
															$	(11,269)

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, 2015 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		$	16,457
Total Asset Derivatives			$	16,457

Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	27,726
Total Liability Derivatives			$	27,726

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2015 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Foreign currency related transactions*
Foreign exchange contracts		$	1,084,816
Total		$	1,084,816

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Foreign currency related transactions*
Foreign exchange contracts		$	(48,258)
Total		$	(48,258)

See Accompanying Notes to Financial Statements

113

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

VY® Baron Growth Portfolio

as of December 31, 2015

Shares				Value			Percentage of Net Assets
COMMON STOCK: 99.2%
			Consumer Discretionary: 30.9%
	2,790,684	@	AO World PLC		$	6,422,033		0.7
	429,000	@	Bright Horizons Family Solutions, Inc.			28,657,200		3.4
	570,000		Choice Hotels International, Inc.			28,733,700		3.4
	400,000		Dick’s Sporting Goods, Inc.			14,140,000		1.7
	761,383		Manchester United PLC - Class A			13,560,231		1.6
	167,500		Marriott Vacations Worldwide Corp.			9,539,125		1.1
	157,000		Morningstar, Inc.			12,624,370		1.5
	66,700	@	Panera Bread Co.			12,991,826		1.5
	400,380	@	Penn National Gaming, Inc.			6,414,088		0.7
	593,691	@	Pinnacle Entertainment, Inc.			18,475,664		2.2
	485,000	@	Under Armour, Inc.			39,095,850		4.6
	475,000		Vail Resorts, Inc.			60,795,250		7.2
	601,985		Other Securities			10,708,689		1.3
						262,158,026		30.9
			Consumer Staples: 7.5%
	63,294	@	Boston Beer Co., Inc.			12,779,691		1.5
	192,000		Church & Dwight Co., Inc.			16,296,960		1.9
	470,000	@	Smart & Final Stores, Inc.			8,558,700		1.0
	203,000	@	TreeHouse Foods, Inc.			15,927,380		1.9
	175,096	@	United Natural Foods, Inc.			6,891,779		0.8
	148,903		Other Securities			3,445,615		0.4
						63,900,125		7.5
			Financials: 17.3%
	17,500		Alexander’s, Inc.			6,721,925		0.8
	82,000		Alexandria Real Estate Equities, Inc.			7,409,520		0.9
	195,000	@	Arch Capital Group Ltd.			13,601,250		1.6
	272,255		Artisan Partners Asset Management, Inc.			9,817,515		1.2
	335,000		Carlyle Group L.P.			5,232,700		0.6
	420,000		Cohen & Steers, Inc.			12,801,600		1.5
	474,170		Douglas Emmett, Inc.			14,784,621		1.7
	297,229		Financial Engines, Inc.			10,007,700		1.2
	504,411		Gaming and Leisure Properties, Inc.			14,022,626		1.6
	161,498		Moelis & Co.			4,712,512		0.5
	208,000		MSCI, Inc. - Class A			15,003,040		1.8
	160,000		Oaktree Capital Group, LLC			7,635,200		0.9
	390,000		Primerica, Inc.			18,419,700		2.2
	222,500		Other Securities			7,114,950		0.8
						147,284,859		17.3

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Health Care: 9.7%
	105,000		Bio-Techne Corp.		$	9,450,000		1.1
	244,400		Idexx Laboratories, Inc.			17,821,648		2.1
	465,000	@	Inovalon Holdings, Inc.			7,905,000		0.9
	68,000	@	Mettler Toledo International, Inc.			23,060,840		2.7
	130,000		West Pharmaceutical Services, Inc.			7,828,600		0.9
	518,127		Other Securities			16,649,290		2.0
						82,715,378		9.7
			Industrials: 10.5%
	230,000		Air Lease Corp.			7,700,400		0.9
	157,000	@	CoStar Group, Inc.			32,450,330		3.8
	112,796	@	Genesee & Wyoming, Inc.			6,056,017		0.7
	318,000	@	Middleby Corp.			34,302,660		4.1
	282,500		Other Securities			8,723,425		1.0
						89,232,832		10.5
			Information Technology: 18.1%
	239,000	@	Ansys, Inc.			22,107,500		2.6
	300,448	@	Benefitfocus, Inc.			10,933,303		1.3
	417,500		Booz Allen Hamilton Holding Corp.			12,879,875		1.5
	85,000		Factset Research Systems, Inc.			13,818,450		1.6
	387,000	@	Gartner, Inc.			35,100,900		4.1
	165,000	@	Guidewire Software, Inc.			9,926,400		1.2
	400,000		MAXIMUS, Inc.			22,500,000		2.7
	385,000		SS&C Technologies Holdings, Inc.			26,283,950		3.1
						153,550,378		18.1
			Materials: 2.1%
	402,000	@	Caesar Stone Sdot Yam Ltd.			17,422,680		2.1
			Telecommunication Services: 0.9%
	921,311	@	Iridium Communications, Inc.			7,748,225		0.9
			Utilities: 2.2%
	480,000		ITC Holdings Corp.			18,840,000		2.2
			Total Common Stock (Cost $415,110,941)			842,852,503		99.2
SHORT-TERM INVESTMENTS: 1.2%
			Mutual Funds: 1.2%
	9,848,887		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.270%†† (Cost $9,848,887)			9,848,887		1.2

See Accompanying Notes to Financial Statements

114

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

VY® Baron Growth Portfolio

as of December 31, 2015 (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Total Short-Term Investments (Cost $9,848,887)		$	9,848,887		1.2
	Total Investments in Securities (Cost $424,959,828)		$	852,701,390		100.4
	Liabilities in Excess of Other Assets			(3,253,860)		(0.4)
	Net Assets		$	849,447,530		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.

††

Rate shown is the 7-day yield as of December 31, 2015.

Non-income producing security.

Cost for federal income tax purposes is $426,668,976.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	440,444,758
Gross Unrealized Depreciation		(14,412,344)
Net Unrealized Appreciation	$	426,032,414

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Common Stock*		$	842,852,503		$	—		$	—		$	842,852,503
Short-Term Investments			9,848,887			—			—			9,848,887
Total Investments, at fair value		$	852,701,390		$	—		$	—		$	852,701,390

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 Summary Portfolio of Investments.

See Accompanying Notes to Financial Statements

115

TABLE OF CONTENTS

VY® Columbia Contrarian

SUMMARY PORTFOLIO OF INVESTMENTS

Core Portfolio

as of December 31, 2015

Shares				Value			Percentage of Net Assets
COMMON STOCK: 98.7%
			Consumer Discretionary: 12.0%
	84,310		CBS Corp. - Class B		$	3,973,530		1.2
	104,195		Coach, Inc.			3,410,302		1.0
	133,917		Comcast Corp. - Class A			7,556,936		2.2
	58,768		Delphi Automotive PLC			5,038,181		1.5
	84,724		Lowe’s Cos, Inc.			6,442,413		1.9
	40,985		McDonald’s Corp.			4,841,968		1.4
	223,274		Other Securities			9,339,824		2.8
						40,603,154		12.0
			Consumer Staples: 7.9%
	89,141		CVS Health Corp.			8,715,315		2.6
	33,510		Diageo PLC ADR			3,654,936		1.1
	63,638		PepsiCo, Inc.			6,358,709		1.9
	47,140		Philip Morris International, Inc.			4,144,077		1.2
	76,287		Other Securities			3,919,531		1.1
						26,792,568		7.9
			Energy: 5.5%
	51,371		Chevron Corp.			4,621,335		1.4
	75,795		Exxon Mobil Corp.			5,908,220		1.7
	216,404		Other Securities			8,198,369		2.4
						18,727,924		5.5
			Financials: 18.5%
	75,275		American Express Co.			5,235,376		1.5
	35,278		Aon PLC			3,252,984		1.0
	317,823		Bank of America Corp.			5,348,961		1.6
	108,116		Bank of New York Mellon Corp.			4,456,542		1.3
	68,097	@	Berkshire Hathaway, Inc. - Class B			8,991,528		2.6
	15,674		Blackrock, Inc.			5,337,311		1.6
	187,096		Citigroup, Inc.			9,682,218		2.9
	141,408		JPMorgan Chase & Co.			9,337,170		2.8
	124,315		Wells Fargo & Co.			6,757,764		2.0
	52,684		Other Securities			4,192,192		1.2
						62,592,046		18.5
			Health Care: 18.4%
	112,570		Abbott Laboratories			5,055,519		1.5
	11,270		Allergan plc			3,521,875		1.0
	91,945		Baxalta, Inc.			3,588,613		1.1
	14,770	@	Biogen, Inc.			4,524,790		1.3
	73,109		Cardinal Health, Inc.			6,526,441		1.9
	30,564	@	Celgene Corp.			3,660,345		1.1
	28,603		Cigna Corp.			4,185,477		1.2
	78,114		Johnson & Johnson			8,023,870		2.4
	113,158	@	Medtronic PLC			8,704,113		2.6
	154,805		Pfizer, Inc.			4,997,105		1.5

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Health Care (continued)
	21,521	@	Vertex Pharmaceuticals, Inc.		$	2,707,987		0.8
	25,295		Zimmer Biomet Holdings, Inc.			2,595,014		0.8
	45,915		Other Securities			4,034,426		1.2
						62,125,575		18.4
			Industrials: 9.6%
	20,076		FedEx Corp.			2,991,123		0.9
	226,800		General Electric Co.			7,064,820		2.1
	60,877		Honeywell International, Inc.			6,305,031		1.9
	136,925		Nielsen NV			6,380,705		1.9
	26,840		United Technologies Corp.			2,578,519		0.7
	135,821		Other Securities			7,011,589		2.1
						32,331,787		9.6
			Information Technology: 21.2%
	186,685		Activision Blizzard, Inc.			7,226,577		2.1
	6,223	@	Alphabet, Inc. - Class A			4,841,556		1.4
	10,759		Alphabet, Inc. - Class C			8,164,790		2.4
	107,416		Apple, Inc.			11,306,608		3.4
	84,437		Broadcom Corp.			4,882,147		1.5
	171,344		EMC Corp.			4,400,114		1.3
	47,385	@	Facebook, Inc.			4,959,314		1.5
	178,398		Hewlett Packard Enterprise Co.			2,711,650		0.8
	49,475		Mastercard, Inc.			4,816,886		1.4
	165,325		Microsoft Corp.			9,172,231		2.7
	147,166		Other Securities			9,033,490		2.7
						71,515,363		21.2
			Materials: 1.5%
	49,910		Monsanto Co.			4,917,133		1.5
			Telecommunication Services: 2.7%
	198,227		Verizon Communications, Inc.			9,162,052		2.7
			Utilities: 1.4%
	46,386		Edison International			2,746,515		0.8
	24,310		Other Securities			1,949,419		0.6
						4,695,934		1.4
			Total Common Stock (Cost $297,516,833)			333,463,536		98.7

Principal Amount†			Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: —%
		Materials: —%
	649,000	Other Securities		—		—
		Total Corporate Bonds/Notes (Cost $—)		—		—

See Accompanying Notes to Financial Statements

116

TABLE OF CONTENTS

VY® Columbia Contrarian

SUMMARY PORTFOLIO OF INVESTMENTS

Core Portfolio

as of December 31, 2015 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Total Investments in Securities (Cost $297,516,833)		$	333,463,536		98.7
	Assets in Excess of Other Liabilities			4,253,963		1.3
	Net Assets		$	337,717,499		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.

Non-income producing security.

ADR American Depositary Receipt

Cost for federal income tax purposes is $298,302,666.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	44,287,089
Gross Unrealized Depreciation		(9,126,219)
Net Unrealized Appreciation	$	35,160,870

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Common Stock*		$	333,463,536		$	—		$	—		$	333,463,536
Corporate Bonds/Notes			—			—			—			—
Total Investments, at fair value		$	333,463,536		$	—		$	—		$	333,463,536

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 Summary Portfolio of Investments.

See Accompanying Notes to Financial Statements

117

TABLE OF CONTENTS

VY® Columbia Small Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Value II Portfolio

as of December 31, 2015

Shares				Value			Percentage of Net Assets
COMMON STOCK: 97.7%
			Consumer Discretionary: 11.6%
	122,000		American Eagle Outfitters		$	1,891,000		0.9
	52,993		CalAtlantic Group, Inc.			2,009,495		0.9
	24,000	@	Helen of Troy Ltd.			2,262,000		1.1
	94,000	@	Nord Anglia Education, Inc.			1,906,320		0.9
	63,000		Sinclair Broadcast Group, Inc.			2,050,020		1.0
	63,857		Tower International, Inc.			1,824,394		0.9
	776,000		Other Securities			12,561,860		5.9
						24,505,089		11.6
			Consumer Staples: 3.4%
	31,000	@	TreeHouse Foods, Inc.			2,432,260		1.1
	346,000		Other Securities			4,835,860		2.3
						7,268,120		3.4
			Energy: 4.9%
	123,000		Patterson-UTI Energy, Inc.			1,854,840		0.9
	588,000		Other Securities			8,367,960		4.0
						10,222,800		4.9
			Financials: 38.2%
	66,000		American Assets Trust, Inc.			2,531,100		1.2
	80,000		American Equity Investment Life Holding Co.			1,922,400		0.9
	65,000		Ameris Bancorp.			2,209,350		1.0
	60,000		Amerisafe, Inc.			3,054,000		1.5
	32,000		Amtrust Financial Services, Inc.			1,970,560		0.9
	50,831		Argo Group International Holdings Ltd.			3,041,727		1.4
	126,000		CNO Financial Group, Inc.			2,405,340		1.1
	71,000		Community Bank System, Inc.			2,835,740		1.3
	97,000		CubeSmart			2,970,140		1.4
	68,000	@	Customers Bancorp, Inc.			1,850,960		0.9
	123,000		EverBank Financial Corp.			1,965,540		0.9
	67,000		First American Financial Corp.			2,405,300		1.1
	110,000		First Industrial Realty Trust, Inc.			2,434,300		1.2
	125,000		FirstMerit Corp.			2,331,250		1.1
	53,000		Highwoods Properties, Inc.			2,310,800		1.1
	65,000		Independent Bank Corp.			3,023,800		1.4
	66,000		PrivateBancorp, Inc.			2,707,320		1.3
	83,000		Renasant Corp.			2,856,030		1.4
	83,000		Sandy Spring Bancorp, Inc.			2,237,680		1.1
	195,000		Sterling Bancorp/DE			3,162,900		1.5
	107,000		Union Bankshares Corp.			2,700,680		1.3
	89,000		Virtu Financial, Inc.			2,014,960		1.0
	76,000	@	Western Alliance Bancorp.			2,725,360		1.3
	212,800		Wilshire Bancorp., Inc.			2,457,840		1.2
	39,000		Wintrust Financial Corp.			1,892,280		0.9

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Financials (continued)
	805,300		Other Securities		$	18,584,633		8.8
						80,601,990		38.2
			Health Care: 6.3%
	70,000	@	Globus Medical Inc			1,947,400		0.9
	47,500	@	LHC Group, Inc.			2,151,275		1.0
	83,500	@	PharMerica Corp.			2,922,500		1.4
	48,000	@	VCA, Inc.			2,640,000		1.3
	75,000		Other Securities			3,526,170		1.7
						13,187,345		6.3
			Industrials: 13.4%
	63,000	@	Beacon Roofing Supply, Inc.			2,594,340		1.2
	37,000		Deluxe Corp.			2,017,980		1.0
	50,600		EMCOR Group, Inc.			2,430,824		1.1
	922,932		Other Securities			21,221,861		10.1
						28,265,005		13.4
			Information Technology: 10.8%
	175,000		Cypress Semiconductor Corp.			1,716,750		0.8
	133,000	@	Fairchild Semiconductor International, Inc.			2,754,430		1.3
	121,000	@	II-VI, Inc.			2,245,760		1.1
	158,000	@	Kulicke & Soffa Industries, Inc.			1,843,860		0.9
	60,500	@	Take-Two Interactive Software, Inc.			2,107,820		1.0
	457,200		Other Securities			12,127,627		5.7
						22,796,247		10.8
			Materials: 4.6%
	39,704		Neenah Paper, Inc.			2,478,721		1.2
	320,400		Other Securities		��	7,306,344		3.4
						9,785,065		4.6
			Utilities: 4.5%
	80,000		Avista Corp.			2,829,600		1.3
	72,000		New Jersey Resources Corp.			2,373,120		1.1
	79,000		South Jersey Industries, Inc.			1,858,080		0.9
	45,000		Southwest Gas Corp.			2,482,200		1.2
						9,543,000		4.5
			Total Common Stock (Cost $187,735,670)			206,174,661		97.7
SHORT-TERM INVESTMENTS: 2.4%
			Mutual Funds: 2.4%
	5,109,137		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.270%†† (Cost $5,109,137)			5,109,137		2.4

See Accompanying Notes to Financial Statements

118

TABLE OF CONTENTS

VY® Columbia Small Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Value II Portfolio

as of December 31, 2015 (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS (continued)
	Total Short-Term Investments (Cost $5,109,137)		$	5,109,137		2.4
	Total Investments in Securities (Cost $192,844,807)		$	211,283,798		100.1
	Liabilities in Excess of Other Assets			(313,809)		(0.1)
	Net Assets		$	210,969,989		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, 2015.

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.

††

Rate shown is the 7-day yield as of December 31, 2015.

Non-income producing security.

Cost for federal income tax purposes is $193,092,206.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	31,479,713
Gross Unrealized Depreciation		(13,288,121)
Net Unrealized Appreciation	$	18,191,592

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Common Stock*		$	206,174,661		$	—		$	—		$	206,174,661
Short-Term Investments			5,109,137			—			—			5,109,137
Total Investments, at fair value		$	211,283,798		$	—		$	—		$	211,283,798

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 Summary Portfolio of Investments.

See Accompanying Notes to Financial Statements

119

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

VY® Invesco Comstock Portfolio

as of December 31, 2015

Shares				Value			Percentage of Net Assets
COMMON STOCK: 94.9%
			Consumer Discretionary: 14.7%
	285,248		Carnival Corp.		$	15,540,311		2.9
	146,887		Comcast Corp. - Class A			8,288,833		1.6
	291,956		General Motors Co.			9,929,424		1.9
	222,481		Johnson Controls, Inc.			8,785,775		1.6
	137,870		Kohl’s Corp.			6,566,748		1.2
	82,409		Target Corp.			5,983,718		1.1
	29,185		Time Warner Cable, Inc.			5,416,444		1.0
	33,861		Time Warner, Inc.			2,189,791		0.4
	220,414		Twenty-First Century Fox, Inc. Class B			6,001,873		1.1
	140,503		Viacom, Inc. Class B			5,783,103		1.1
	118,242		Other Securities			4,183,709		0.8
						78,669,729		14.7
			Consumer Staples: 4.7%
	205,054		Coca-Cola Co.			8,809,120		1.7
	80,061		Wal-Mart Stores, Inc.			4,907,739		0.9
	232,901		Other Securities			11,401,077		2.1
						25,117,936		4.7
			Energy: 13.0%
	266,621		BP PLC ADR			8,334,572		1.6
	88,879		Chevron Corp.			7,995,555		1.5
	69,765		Occidental Petroleum Corp.			4,716,812		0.9
	202,359	@	Royal Dutch Shell PLC - Class A ADR			9,266,019		1.7
	434,465		Suncor Energy, Inc.			11,209,197		2.1
	974,333	@	Weatherford International PLC			8,174,654		1.5
	862,577		Other Securities(a)			19,710,710		3.7
						69,407,519		13.0
			Financials: 28.3%
	107,455		Aflac, Inc.			6,436,554		1.2
	107,466		Allstate Corp.			6,672,564		1.2
	287,340	@	Ally Financial, Inc.			5,356,018		1.0
	951,010		Bank of America Corp.			16,005,498		3.0
	146,943		Bank of New York Mellon Corp.			6,056,990		1.1
	496,522		Citigroup, Inc.			25,695,014		4.8
	392,554		Fifth Third Bancorp			7,890,335		1.5
	29,760		Goldman Sachs Group, Inc.			5,363,645		1.0
	306,416		JPMorgan Chase & Co.			20,232,648		3.8
	159,461		Metlife, Inc.			7,687,615		1.4
	263,453		Morgan Stanley			8,380,440		1.6
	99,621		PNC Financial Services Group, Inc.			9,494,878		1.8
	130,098		State Street Corp.			8,633,303		1.6
	205,886		Wells Fargo & Co.			11,191,963		2.1
	214,348		Other Securities			6,469,861		1.2
						151,567,326		28.3
			Health Care: 11.0%
	36,503		Anthem, Inc.			5,089,978		0.9
	54,001	@	Express Scripts Holding Co.			4,720,227		0.9

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Health Care (continued)
	199,703		Merck & Co., Inc.		$	10,548,313		2.0
	83,902		Novartis AG			7,217,189		1.3
	285,385		Pfizer, Inc.			9,212,228		1.7
	139,867		Roche Holding AG ADR			4,821,216		0.9
	159,237		Sanofi-Aventis SA ADR			6,791,458		1.3
	181,197		Other Securities			10,727,319		2.0
						59,127,928		11.0
			Industrials: 6.9%
	108,592		Caterpillar, Inc.			7,379,912		1.4
	159,152		Emerson Electric Co.			7,612,240		1.4
	398,910		General Electric Co.			12,426,046		2.3
	148,773		Textron, Inc.			6,249,954		1.2
	56,244		Other Securities			3,109,731		0.6
						36,777,883		6.9
			Information Technology: 12.8%
	466,738		Cisco Systems, Inc.			12,674,270		2.4
	255,299		eBay, Inc.			7,015,617		1.3
	153,868		Intel Corp.			5,300,753		1.0
	162,036		Microsoft Corp.			8,989,757		1.7
	284,639		NetApp, Inc.			7,551,473		1.4
	142,325	@	PayPal Holdings, Inc.			5,152,165		1.0
	364,562		Symantec Corp.			7,655,802		1.4
	614,070		Other Securities			13,914,280		2.6
						68,254,117		12.8
			Materials: 1.7%
	127,108		International Paper Co.			4,791,972		0.9
	441,529		Other Securities			4,357,891		0.8
						9,149,863		1.7
			Telecommunication Services: 0.7%
	846,306		Other Securities			3,952,249		0.7
			Utilities: 1.1%
	141,135		Other Securities			5,880,646		1.1
			Total Common Stock (Cost $466,305,430)			507,905,196		94.9

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 5.3%

Securities Lending Collateralcc: 0.5%

490,134

HSBC Securities USA,
Repurchase Agreement
dated 12/31/15, 0.29%, due
01/04/16 (Repurchase
Amount $490,150,
collateralized by various
U.S. Government Securities,
3.000%, Market Value plus
accrued interest $499,938,
due 11/15/44)

490,134

0.1

See Accompanying Notes to Financial Statements

120

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

VY® Invesco Comstock Portfolio

as of December 31, 2015 (continued)

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS (continued)
		Securities Lending Collateralcc (continued)
	1,000,000	Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/15, 0.37%, due 01/04/16 (Repurchase Amount $1,000,041, collateralized by various U.S. Government Securities, 1.500%-3.625%, Market Value plus accrued interest $1,020,000, due 03/31/21-02/15/44)		$	1,000,000		0.2
	1,000,000	Nomura Securities, Repurchase Agreement dated 12/31/15, 0.33%, due 01/04/16 (Repurchase Amount $1,000,036, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $1,020,000, due 01/15/16-10/20/65)			1,000,000		0.2
					2,490,134		0.5

Shares			Value			Percentage of Net Assets
		Mutual Funds: 4.8%
	26,009,739	BlackRock Liquidity Funds, TempFund, Institutional Class, 0.270%†† (Cost $26,009,739)			26,009,739		4.8
		Total Short-Term Investments (Cost $28,499,873)		$	28,499,873		5.3

Shares		Value			Percentage of Net Assets
	Mutual Funds (continued)
	Total Investments in Securities (Cost $494,805,303)		$	536,405,069		100.2
	Liabilities in Excess of Other Assets			(859,468)		(0.2)
	Net Assets		$	535,545,601		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.

††

Rate shown is the 7-day yield as of December 31, 2015.

Non-income producing security.

ADR American Depositary Receipt

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

(a)

This grouping contains securities on loan.

Cost for federal income tax purposes is $505,619,061.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	79,898,562
Gross Unrealized Depreciation		(49,112,554)
Net Unrealized Appreciation	$	30,786,008

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary		$	78,669,729		$	—		$	—		$	78,669,729
Consumer Staples			25,117,936			—			—			25,117,936

See Accompanying Notes to Financial Statements

121

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

VY® Invesco Comstock Portfolio

as of December 31, 2015 (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, 2015
Energy			69,407,519			—			—			69,407,519
Financials			151,567,326			—			—			151,567,326
Health Care			51,910,739			7,217,189			—			59,127,928
Industrials			36,777,883			—			—			36,777,883
Information Technology			68,254,117			—			—			68,254,117
Materials			9,149,863			—			—			9,149,863
Telecommunication Services			3,952,249			—			—			3,952,249
Utilities			5,880,646			—			—			5,880,646
Total Common Stock			500,688,007			7,217,189			—			507,905,196
Short-Term Investments			26,009,739			2,490,134			—			28,499,873
Total Investments, at fair value		$	526,697,746		$	9,707,323		$	—		$	536,405,069
Other Financial Instruments+
Forward Foreign Currency Contracts			—			648,775			—			648,775
Total Assets		$	526,697,746		$	10,356,098		$	—		$	537,053,844

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

At December 31, 2015, the following forward foreign currency contracts were outstanding for VY® Invesco Comstock Portfolio:

Counterparty	Currency	Contract Amount		Buy/Sell		Settlement Date		In Exchange For			Fair Value			Unrealized Appreciation (Depreciation)
Barclays Bank PLC	EU Euro		2,793,472		Sell		01/22/16		$	3,075,588		$	3,037,209		$	38,379
CIBC World Markets	Swiss Franc		2,404,386		Sell		01/22/16			2,444,227			2,402,417			41,810
CIBC World Markets	British Pound		1,432,620		Sell		01/22/16			2,167,841			2,112,093			55,748
CIBC World Markets	EU Euro		2,793,471		Sell		01/22/16			3,074,494			3,037,207			37,287
CIBC World Markets	Canadian Dollar		3,265,570		Sell		01/22/16			2,377,035			2,360,120			16,915
Deutsche Bank AG	Swiss Franc		2,404,242		Sell		01/22/16			2,443,410			2,402,273			41,137
Deutsche Bank AG	EU Euro		2,793,471		Sell		01/22/16			3,075,248			3,037,207			38,041
Deutsche Bank AG	Canadian Dollar		3,242,250		Sell		01/22/16			2,359,905			2,343,265			16,640
Deutsche Bank AG	British Pound		1,433,087		Sell		01/22/16			2,169,370			2,112,782			56,588
Goldman Sachs & Co.	Swiss Franc		2,404,386		Sell		01/22/16			2,445,594			2,402,417			43,177
Goldman Sachs & Co.	EU Euro		2,793,825		Sell		01/22/16			3,075,493			3,037,592			37,901
Goldman Sachs & Co.	Canadian Dollar		3,242,249		Sell		01/22/16			2,360,059			2,343,265			16,794
Goldman Sachs & Co.	British Pound		1,432,620		Sell		01/22/16			2,168,227			2,112,093			56,134
The Royal Bank of Canada	Swiss Franc		2,404,386		Sell		01/22/16			2,445,358			2,402,417			42,941
The Royal Bank of Canada	Canadian Dollar		3,242,249		Sell		01/22/16			2,360,583			2,343,265			17,318
The Royal Bank of Canada	British Pound		1,432,620		Sell		01/22/16			2,167,690			2,112,093			55,597
The Royal Bank of Canada	EU Euro		2,793,471		Sell		01/22/16			3,073,575			3,037,207			36,368
															$	648,775

See Accompanying Notes to Financial Statements

122

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

VY® Invesco Comstock Portfolio

as of December 31, 2015 (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, 2015 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		$	648,775
Total Asset Derivatives			$	648,775

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2015 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Foreign currency related transactions*
Foreign exchange contracts		$	4,931,298
Total		$	4,931,298

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Foreign currency related transactions*
Foreign exchange contracts		$	(322,821)
Total		$	(322,821)

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, 2015:

	Barclays Bank PLC			CIBC World Markets			Deutsche Bank AG			Goldman Sachs & Co.			The Royal Bank of Canada			Totals
Assets:
Forward foreign currency contracts		$	38,379		$	151,760		$	152,406		$	154,006		$	152,224		$	648,775
Total Assets		$	38,379		$	151,760		$	152,406		$	154,006		$	152,224		$	648,775
Net OTC derivative instruments by counterparty, at fair value		$	38,379		$	151,760		$	152,406		$	154,006		$	152,224			648,775
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	—		$	—		$	—		$	—		$	—
Net Exposure(1)		$	38,379		$	151,760		$	152,406		$	154,006		$	152,224		$	648,775

(1)

See Accompanying Notes to Financial Statements

123

TABLE OF CONTENTS

VY® Invesco Equity and Income

SUMMARY PORTFOLIO OF INVESTMENTS

Portfolio

as of December 31, 2015

Shares				Value			Percentage of Net Assets
COMMON STOCK: 64.2%
			Consumer Discretionary: 5.8%
	450,810		Carnival Corp.		$	24,560,129		1.4
	288,175		Comcast Corp. - Class A			16,261,715		0.9
	298,043		Target Corp.			21,640,902		1.2
	62,917		Time Warner Cable, Inc.			11,676,766		0.6
	132,955		Time Warner, Inc.			8,598,200		0.5
	603,718		Other Securities			22,263,692		1.2
						105,001,404		5.8
			Consumer Staples: 5.0%
	334,583		Archer-Daniels-Midland Co.			12,272,504		0.7
	364,734		Mondelez International, Inc.			16,354,673		0.9
	198,395		Philip Morris International, Inc.			17,440,904		1.0
	200,739		Procter & Gamble Co.			15,940,684		0.9
	304,985		Wal-Mart Stores, Inc.			18,695,581		1.0
	235,399		Other Securities			9,651,359		0.5
						90,355,705		5.0
			Energy: 6.9%
	431,857		Apache Corp.			19,204,681		1.1
	179,093		Occidental Petroleum Corp.			12,108,478		0.7
	951,911		Royal Dutch Shell PLC - Class A			21,560,113		1.2
	300,639	L	Total S.A.			13,478,137		0.7
	2,549,368		Other Securities(a)			59,031,930		3.2
						125,383,339		6.9
			Financials: 20.4%
	136,449		Aon PLC			12,581,962		0.7
	2,084,928		Bank of America Corp.			35,089,338		1.9
	282,115		BB&T Corp.			10,666,768		0.6
	407,467		Charles Schwab Corp.			13,417,888		0.7
	1,071,888		Citigroup, Inc.			55,470,204		3.1
	869,395		Citizens Financial Group, Inc.			22,769,455		1.3
	661,617		Fifth Third Bancorp			13,298,502		0.7
	72,494		Goldman Sachs Group, Inc.			13,065,594		0.7
	868,509		JPMorgan Chase & Co.			57,347,649		3.2
	240,571		Marsh & McLennan Cos., Inc.			13,339,662		0.7
	897,048		Morgan Stanley			28,535,097		1.6
	188,028		Northern Trust Corp.			13,554,939		0.8
	247,590		PNC Financial Services Group, Inc.			23,597,803		1.3
	254,805		State Street Corp.			16,908,860		0.9
	246,112		Willis Group Holdings PLC			11,953,660		0.7
	905,266		Other Securities			27,329,516		1.5
						368,926,897		20.4
			Health Care: 9.1%
	74,555		Amgen, Inc.			12,102,513		0.7

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Health Care (continued)
	166,656		Eli Lilly & Co.		$	14,042,435		0.8	��
	218,444		Medtronic PLC			16,802,713		0.9
	405,137		Merck & Co., Inc.			21,399,336		1.2
	193,652		Novartis AG			16,657,805		0.9
	387,437		Pfizer, Inc.			12,506,466		0.7
	137,545		Sanofi			11,721,890		0.6
	252,967		Teva Pharmaceutical Industries Ltd. ADR			16,604,754		0.9
	635,739		Other Securities			42,835,612		2.4
						164,673,524		9.1
			Industrials: 5.5%
	110,678		General Dynamics Corp.			15,202,730		0.8
	1,448,783		General Electric Co.			45,129,590		2.5
	1,071,430		Other Securities			40,240,949		2.2
						100,573,269		5.5
			Information Technology: 8.3%
	692,396		Applied Materials, Inc.			12,927,033		0.7
	706,708		Cisco Systems, Inc.			19,190,656		1.1
	147,168	@	Citrix Systems, Inc.			11,133,259		0.6
	457,224		eBay, Inc.			12,564,515		0.7
	471,121		Intel Corp.			16,230,118		0.9
	511,458		Juniper Networks, Inc.			14,116,241		0.8
	305,449		Microsoft Corp.			16,946,311		0.9
	365,614	@	PayPal Holdings, Inc.			13,235,227		0.7
	296,188		Qualcomm, Inc.			14,804,957		0.8
	565,767		Other Securities			19,131,034		1.1
						150,279,351		8.3
			Materials: 0.4%
	267,082		Other Securities			7,368,792		0.4
			Telecommunication Services: 1.8%
	207,829		Verizon Communications, Inc.			9,605,856		0.5
	367,015		Vodafone Group PLC ADR			11,839,904		0.7
	3,215,339		Other Securities(a)			11,333,938		0.6
						32,779,698		1.8
			Utilities: 1.0%
	475,971		Other Securities			18,758,872		1.0
			Total Common Stock (Cost $1,154,435,740)			1,164,100,851		64.2
PREFERRED STOCK: 0.9%
			Energy: 0.3%
	140,612		Other Securities			5,791,457		0.3
			Financials: 0.6%
	133,522		Other Securities			11,558,517		0.6
			Total Preferred Stock (Cost $16,606,815)			17,349,974		0.9

See Accompanying Notes to Financial Statements

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as of December 31, 2015 (continued)

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 19.8%
			Basic Materials: 0.3%
	770,000	#	Montell Finance Co. BV, 8.100%, 03/15/27		$	961,925		0.1
	726,000	#	Solvay Finance America LLC, 4.450%, 12/03/25			718,160		0.0
	4,240,000		Other Securities			4,079,877		0.2
						5,759,962		0.3
			Communications: 2.4%
	1,635,000	#	CCO Safari II LLC, 4.464%, 07/23/22			1,631,143		0.1
	340,000	#	Cox Communications, Inc., 4.700%, 12/15/42			258,930		0.0
	1,210,000	#	Cox Communications, Inc., 8.375%, 03/01/39			1,336,275		0.1
	2,700,000	#	Crown Castle Towers, LLC, 4.883%, 08/15/20			2,894,108		0.2
	435,000	#	Crown Castle Towers, LLC, 6.113%, 01/15/40			475,736		0.0
	1,576,000	#	FireEye, Inc., 1.000%, 06/01/35			1,348,465		0.1
	1,576,000	#	FireEye, Inc., 1.625%, 06/01/35			1,271,635		0.0
	3,085,000		Verizon Communications, Inc., 4.400%-6.400%, 09/15/23-08/21/54			3,014,760		0.2
	30,475,000		Other Securities			31,831,266		1.7
						44,062,318		2.4
			Consumer, Cyclical: 1.3%
	1,284,000	#	GNC Holdings, Inc., 1.500%, 08/15/20			1,034,422		0.0
	2,835,000		Target Corp., 2.900%-5.875%, 07/15/16-01/15/22			2,903,690		0.2
	1,362,327	#	Virgin Australia 2013-1A Trust, 5.000%, 04/23/25			1,408,305		0.1
	20,239,649		Other Securities			18,790,084		1.0
						24,136,501		1.3
			Consumer, Non-cyclical: 4.7%
	1,130,000		Amgen, Inc., 2.300%, 06/15/16			1,136,612		0.1
	981,000	#	Bayer US Finance LLC, 3.000%, 10/08/21			990,627		0.1
	965,000	#	ERAC USA Finance LLC, 2.350%, 10/15/19			952,272		0.0
	785,000	#	Grupo Bimbo SAB de CV, 3.875%, 06/27/24			765,651		0.0
	1,644,000	#	HJ Heinz Co., 1.600%, 06/30/17			1,639,954		0.1
	1,820,000		Mondelez International, Inc., 4.125%, 02/09/16			1,824,741		0.1
	3,058,000		Philip Morris International, Inc., 1.250%-4.875%, 05/16/16-11/15/43			3,128,977		0.2

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Non-cyclical (continued)
	3,018,000	#	Wright Medical Group, Inc., 2.000%, 02/15/20		$	3,136,834		0.2
	68,052,000		Other Securities(a)			70,861,021		3.9
						84,436,689		4.7
			Energy: 1.3%
	27,359,000		Other Securities(a)			23,207,909		1.3
			Financial: 5.5%
	1,690,000	#	ABN AMRO Bank NV, 1.375%, 01/22/16			1,691,394		0.1
	440,000	#	Apollo Management Holdings L.P., 4.000%, 05/30/24			435,314		0.0
	927,000	#	Athene Global Funding, 2.875%, 10/23/18			912,419		0.1
	1,295,000		BB&T Corp., 3.200%, 03/15/16			1,298,561		0.1
	725,000	#	BBVA Bancomer SA/Texas, 4.375%, 04/10/24			717,750		0.0
	472,000	#	Credit Suisse AG, 6.500%, 08/08/23			509,666		0.0
	1,540,000	#	Farmers Exchange Capital III, 5.454%, 10/15/54			1,501,907		0.1
	4,196,000		Fifth Third Bancorp., 3.625%, 01/25/16			4,203,469		0.2
	820,000		Goldman Sachs Group, Inc./The, 4.250%, 10/21/25			815,858		0.1
	355,000		Goldman Sachs Group, Inc., 5.250%, 07/27/21			393,162		0.0
	4,011,000	#	Goldman Sachs Group, Inc., 1.000%, 03/15/17			5,726,666		0.3
	4,179,000	#	Goldman Sachs Group, Inc., 1.000%, 09/28/20			4,731,798		0.3
	465,000	#	HBOS PLC, 6.750%, 05/21/18			508,369		0.0
	4,125,000		JPMorgan Chase & Co., 4.250%-6.100%, 10/01/27-12/29/49			4,103,216		0.2
	443,000	#	KKR Group Finance Co. III LLC, 5.125%, 06/01/44			434,827		0.0
	2,000,000	#	Liberty Mutual Group, Inc., 4.850%, 08/01/44			1,859,470		0.1
	510,000	#	Macquarie Bank Ltd., 5.000%, 02/22/17			527,608		0.0
	2,360,000	#	Mizuho Financial Group Cayman 3 Ltd., 4.600%, 03/27/24			2,434,836		0.1
	4,575,000		Morgan Stanley, 2.375%-6.375%, 07/23/19-07/24/42			4,736,621		0.3

See Accompanying Notes to Financial Statements

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as of December 31, 2015 (continued)

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Financial (continued)
	1,515,000	#	Nationwide Financial Services, Inc., 5.300%, 11/18/44		$	1,522,372		0.1
	1,360,000	#	Societe Generale SA, 2.625%, 09/16/20			1,360,768		0.1
	805,000	#	Societe Generale SA, 5.000%, 01/17/24			822,292		0.0
	1,025,000	#	Societe Generale SA, 5.625%, 11/24/45			984,747		0.1
	55,755,000		Other Securities(a)			57,375,994		3.2
						99,609,084		5.5
			Industrial: 0.9%
	1,105,000	#	Aviation Capital Group Corp., 2.875%, 09/17/18			1,100,041		0.1
	1,095,000	#	Aviation Capital Group Corp., 4.875%, 10/01/25			1,089,656		0.0
	435,000	#	BAE Systems Holdings, Inc., 2.850%, 12/15/20			434,571		0.0
	510,000	#	Penske Truck Leasing Co. Lp/PTL Finance Corp., 2.500%, 03/15/16			510,910		0.0
	13,440,000		Other Securities			13,216,074		0.8
						16,351,252		0.9
			Technology: 3.3%
	7,292,000	L	Citrix Systems, Inc., 0.500%, 04/15/19			7,966,510		0.4
	2,055,000	#	Hewlett Packard Enterprise Co., 2.850%, 10/05/18			2,055,600		0.1
	1,025,000	#	HP Enterprise Co., 6.200%, 10/15/35			989,950		0.1
	2,788,000	#	Microchip Technology, Inc., 1.625%, 02/15/25			2,784,515		0.2
	1,613,000	#	Nuance Communications, Inc., 1.000%, 12/15/35			1,559,569		0.1
	5,271,000	#,L	ON Semiconductor Corp., 1.000%, 12/01/20			4,934,974		0.3
	1,146,000	#	Seagate HDD Cayman, 5.750%, 12/01/34			803,900		0.0
	33,091,000		Other Securities(a)			38,888,735		2.1
						59,983,753		3.3
			Utilities: 0.1%
	1,989,000		Other Securities			1,967,333		0.1
			Total Corporate Bonds/Notes (Cost $361,965,373)			359,514,801		19.8
MUNICIPAL BONDS: 0.1%
			Georgia: 0.1%
	500,000		Other Securities			590,971		0.1
			Total Municipal Bonds (Cost $503,979)			590,971		0.1

Principal Amount†				Value			Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: 9.8%
			U.S. Treasury Bonds: 1.6%
	16,308,200		2.250%, due 11/15/25		$	16,273,300		0.9
	13,689,300		2.875%, due 08/15/45			13,272,735		0.7
						29,546,035		1.6
			U.S. Treasury Notes: 8.2%
	55,323,000	L	0.875%, due 11/30/17			55,172,577		3.1
	56,840,000		1.250%, due 12/15/18			56,731,095		3.1
	34,683,000		1.625%, due 11/30/20			34,489,850		1.9
	1,931,000		0.875%-2.625%, due 04/30/17-11/30/22			1,929,382		0.1
						148,322,904		8.2
			Total U.S. Treasury Obligations (Cost $178,184,204)			177,868,939		9.8
FOREIGN GOVERNMENT BONDS: 0.1%
	1,410,000	#	Electricite de France SA, 4.600%-5.625%, 01/27/20-12/29/49			1,368,114		0.1
			Total Foreign Government Bonds (Cost $1,383,604)			1,368,114		0.1
U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.2%
			Federal Home Loan Mortgage Corporation: 0.1%##
	2,400,000		Other Securities			2,607,523		0.1
			Federal National Mortgage Association: 0.1%##
	915,000		Other Securities			1,298,434		0.1
			Total U.S. Government Agency Obligations (Cost $3,513,788)			3,905,957		0.2
			Total Long-Term Investments (Cost $1,716,593,503)			1,724,699,607		95.1
SHORT-TERM INVESTMENTS: 8.6%
			Securities Lending Collateralcc: 4.0%
	1,931,950		BNP Paribas Bank, Repurchase Agreement dated 12/31/15, 0.31%, due 01/04/16 (Repurchase Amount $1,932,016, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-4.500%, Market Value plus accrued interest $1,970,589, due 06/09/16-05/20/45)			1,931,950		0.1

See Accompanying Notes to Financial Statements

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Portfolio

as of December 31, 2015 (continued)

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateralcc (continued)
	17,303,564	Citigroup, Inc., Repurchase Agreement dated 12/31/15, 0.34%, due 01/04/16 (Repurchase Amount $17,304,209, collateralized by various U.S. Government Agency Obligations, 0.000%-11.500%, Market Value plus accrued interest $17,649,636, due 01/15/16-04/01/51)		$	17,303,564		0.9
	11,893,669	HSBC Securities USA, Repurchase Agreement dated 12/31/15, 0.29%, due 01/04/16 (Repurchase Amount $11,894,047, collateralized by various U.S. Government Securities, 3.000%, Market Value plus accrued interest $12,131,576, due 11/15/44)			11,893,669		0.7
	17,303,564	Mizuho Securities USA Inc., Repurchase Agreement dated 12/31/15, 0.30%, due 01/04/16 (Repurchase Amount $17,304,133, collateralized by various U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $17,649,635, due 06/13/16-03/01/44)			17,303,564		1.0
	17,303,564	Nomura Securities, Repurchase Agreement dated 12/31/15, 0.33%, due 01/04/16 (Repurchase Amount $17,304,190, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $17,649,635, due 01/15/16-10/20/65)			17,303,564		0.9

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateralcc (continued)
	7,120,141	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/15, 0.41%, due 01/04/16 (Repurchase Amount $7,120,461, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $7,267,774, due 01/15/17-02/15/42)		$	7,120,141		0.4
					72,856,452		4.0

Shares			Value			Percentage of Net Assets
		Mutual Funds: 4.6%
	82,471,643	BlackRock Liquidity Funds, TempFund, Institutional Class, 0.270%†† (Cost $82,471,643)			82,471,643		4.6
		Total Short-Term Investments (Cost $155,328,095)			155,328,095		8.6
		Total Investments in Securities (Cost $1,871,921,598)		$	1,880,027,702		103.7
		Liabilities in Excess of Other Assets			(66,940,320)		(3.7)
		Net Assets		$	1,813,087,382		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.

††

Rate shown is the 7-day yield as of December 31, 2015.

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

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Portfolio

as of December 31, 2015 (continued)

Non-income producing security.

ADR

American Depositary Receipt

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

Loaned security, a portion or all of the security is on loan at December 31, 2015.

(a)

This grouping contains securities on loan.

Cost for federal income tax purposes is $1,875,786,971.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	121,537,596
Gross Unrealized Depreciation		(117,296,865)
Net Unrealized Appreciation	$	4,240,731

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary		$	105,001,404		$	—		$	—		$	105,001,404
Consumer Staples			90,355,705			—			—			90,355,705
Energy			90,345,089			35,038,250			—			125,383,339
Financials			368,926,897			—			—			368,926,897
Health Care			136,293,829			28,379,695			—			164,673,524
Industrials			100,573,269			—			—			100,573,269
Information Technology			150,279,351			—			—			150,279,351
Materials			7,368,792			—			—			7,368,792
Telecommunication Services			21,445,760			11,333,938			—			32,779,698
Utilities			18,758,872			—			—			18,758,872
Total Common Stock			1,089,348,968			74,751,883			—			1,164,100,851
Preferred Stock			228,127			17,121,847			—			17,349,974
Corporate Bonds/Notes			—			359,514,801			—			359,514,801
Municipal Bonds			—			590,971			—			590,971
Short-Term Investments			82,471,643			72,856,452			—			155,328,095
U.S. Treasury Obligations			—			177,868,939			—			177,868,939
Foreign Government Bonds			—			1,368,114			—			1,368,114
U.S. Government Agency Obligations			—			3,905,957			—			3,905,957
Total Investments, at fair value		$	1,172,048,738		$	707,978,964		$	—		$	1,880,027,702
Other Financial Instruments+
Forward Foreign Currency Contracts			—			970,216			—			970,216
Total Assets		$	1,172,048,738		$	708,949,180		$	—		$	1,880,997,918

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

See Accompanying Notes to Financial Statements

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SUMMARY PORTFOLIO OF INVESTMENTS

Portfolio

as of December 31, 2015 (continued)

At December 31, 2015, the following forward foreign currency contracts were outstanding for VY® Invesco Equity and Income Portfolio:

Counterparty	Currency	Contract Amount		Buy/Sell		Settlement Date		In Exchange For			Fair Value			Unrealized Appreciation (Depreciation)
The Bank of New York	Israeli New Shekel		24,306,747		Sell		01/15/16		$	6,257,207		$	6,248,005		$	9,202
The Bank of New York	Canadian Dollar		9,923,672		Sell		01/15/16			7,301,891			7,172,008			129,883
The Bank of New York	EU Euro		12,942,854		Sell		01/15/16			14,115,865			14,069,647			46,218
The Bank of New York	British Pound		8,486,901		Sell		01/15/16			12,736,802			12,511,870			224,932
The Bank of New York	Swiss Franc		6,194,412		Sell		01/15/16			6,254,897			6,187,464			67,433
State Street	Israeli New Shekel		24,306,747		Sell		01/15/16			6,263,980			6,248,005			15,975
State Street	Canadian Dollar		9,923,672		Sell		01/15/16			7,300,414			7,172,009			128,405
State Street	Swiss Franc		6,194,412		Sell		01/15/16			6,256,160			6,187,463			68,697
State Street	British Pound		8,486,902		Sell		01/15/16			12,741,046			12,511,870			229,176
State Street	EU Euro		12,942,853		Sell		01/15/16			14,119,941			14,069,646			50,295
															$	970,216

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, 2015 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		$	970,216
Total Asset Derivatives			$	970,216

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2015 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Foreign currency related transactions*
Foreign exchange contracts		$	7,881,015
Total		$	7,881,015

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Foreign currency related transactions*
Foreign exchange contracts		$	(1,509,634)
Total		$	(1,509,634)

See Accompanying Notes to Financial Statements

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SUMMARY PORTFOLIO OF INVESTMENTS

Portfolio

as of December 31, 2015 (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, 2015:

	State Street Bank			The Bank of New York			Totals
Assets:
Forward foreign currency contracts		$	492,548		$	477,668		$	970,216
Total Assets		$	492,548		$	477,668		$	970,216
Net OTC derivative instruments by counterparty, at fair value		$	492,548		$	477,668			970,216
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	—		$	—
Net Exposure(1)		$	492,548		$	477,668		$	970,216

(1)

See Accompanying Notes to Financial Statements

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VY® JPMorgan Mid Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Value Portfolio

as of December 31, 2015

Shares				Value			Percentage of Net Assets
COMMON STOCK: 100.8%
			Consumer Discretionary: 17.8%
	10,080	@	Autozone, Inc.		$	7,478,453		1.2
	216,930		Best Buy Co., Inc.			6,605,518		1.1
	108,110	@	Dish Network Corp. - Class A			6,181,730		1.0
	71,870		Expedia, Inc.			8,933,441		1.4
	75,420		Genuine Parts Co.			6,477,824		1.1
	152,095	@	Jarden Corp.			8,687,666		1.4
	189,270		Kohl’s Corp.			9,014,930		1.5
	58,860	@	Mohawk Industries, Inc.			11,147,495		1.8
	84,840		Tiffany & Co.			6,472,444		1.0
	1,040,534		Other Securities(a)			39,300,979		6.3
						110,300,480		17.8
			Consumer Staples: 6.3%
	80,880		Dr Pepper Snapple Group, Inc.			7,538,016		1.2
	218,340		Kroger Co.			9,133,162		1.5
	882,836		Other Securities			22,615,097		3.6
						39,286,275		6.3
			Energy: 3.5%
	377,390		Columbia Pipeline Group, Inc.			7,547,800		1.2
	158,130		EQT Corp.			8,243,317		1.3
	405,200		Other Securities(a)			6,018,777		1.0
						21,809,894		3.5
			Financials: 33.0%
	72,590		Ameriprise Financial, Inc.			7,725,028		1.2
	43,220		AvalonBay Communities, Inc.			7,958,099		1.3
	51,840		Chubb Corp.			6,876,058		1.1
	494,320		Fifth Third Bancorp			9,935,832		1.6
	218,740		General Growth Properties, Inc.			5,951,915		1.0
	175,240		Hartford Financial Services Group, Inc.			7,615,930		1.2
	287,150		Kimco Realty Corp.			7,597,989		1.2
	266,930		Loews Corp.			10,250,112		1.6
	91,233		M&T Bank Corp.			11,055,615		1.8
	158,880		Marsh & McLennan Cos., Inc.			8,809,896		1.4
	220,540		SunTrust Bank			9,447,934		1.5
	101,300		T. Rowe Price Group, Inc.			7,241,937		1.2
	177,890		Unum Group			5,921,958		1.0

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Financials (continued)
	72,776		Vornado Realty Trust		$	7,274,689		1.2
	190,830		XL Group Plc			7,476,719		1.2
	2,531,425		Other Securities			83,998,398		13.5
						205,138,109		33.0
			Health Care: 5.4%
	77,710		AmerisourceBergen Corp.			8,059,304		1.3
	57,570		Cigna Corp.			8,424,218		1.4
	46,780		Humana, Inc.			8,350,698		1.3
	63,900		Other Securities			8,839,755		1.4
						33,673,975		5.4
			Industrials: 9.3%
	110,880		Ametek, Inc.			5,942,059		1.0
	80,430		Carlisle Cos., Inc.			7,133,337		1.1
	109,850		Fortune Brands Home & Security, Inc.			6,096,675		1.0
	73,130		Hubbell, Inc.			7,389,055		1.2
	93,440		IDEX Corp.			7,158,438		1.1
	35,321		Snap-On, Inc.			6,055,079		1.0
	379,335		Other Securities			17,858,358		2.9
						57,633,001		9.3
			Information Technology: 9.3%
	113,700		Amphenol Corp.			5,938,551		1.0
	179,610	@	Arrow Electronics, Inc.			9,731,270		1.6
	152,596		Jack Henry & Associates, Inc.			11,911,644		1.9
	208,050	@	Synopsys, Inc.			9,489,161		1.5
	143,966		Xilinx, Inc.			6,762,083		1.1
	319,076		Other Securities(a)			13,647,843		2.2
						57,480,552		9.3
			Materials: 5.4%
	148,045		Silgan Holdings, Inc.			7,952,977		1.3
	129,620		WestRock Co.			5,913,264		1.0
	203,208		Other Securities			19,513,038		3.1
						33,379,279		5.4
			Utilities: 10.8%
	447,510		Centerpoint Energy, Inc.			8,216,283		1.3
	200,000		CMS Energy Corp.			7,216,000		1.2
	230,914		Energen Corp.			9,465,165		1.5
	425,650		Questar Corp.			8,291,662		1.3
	115,600		WEC Energy Group, Inc.			5,931,436		0.9
	184,520		Westar Energy, Inc.			7,825,493		1.3

See Accompanying Notes to Financial Statements

131

TABLE OF CONTENTS

VY® JPMorgan Mid Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Value Portfolio

as of December 31, 2015 (continued)

Shares			Value			Percentage of Net Assets
COMMON STOCK: (continued)
		Utilities (continued)
	203,990	Xcel Energy, Inc.		$	7,325,281		1.2
	217,570	Other Securities			12,976,824		2.1
					67,248,144		10.8
		Total Common Stock (Cost $512,997,428)			625,949,709		100.8

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.1%
		Securities Lending Collateralcc: 1.8%
	2,149,083	BNP Paribas Bank, Repurchase Agreement dated 12/31/15, 0.31%, due 01/04/16 (Repurchase Amount $2,149,156, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-4.500%, Market Value plus accrued interest $2,192,065, due 06/09/16-05/20/45)		2,149,083		0.4
	2,689,559	Citigroup, Inc., Repurchase Agreement dated 12/31/15, 0.34%, due 01/04/16 (Repurchase Amount $2,689,659, collateralized by various U.S. Government Agency Obligations, 0.000%-11.500%, Market Value plus accrued interest $2,743,350, due 01/15/16-04/01/51)		2,689,559		0.4
	2,689,559	Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/15, 0.37%, due 01/04/16 (Repurchase Amount $2,689,668, collateralized by various U.S. Government Securities, 1.500%-3.625%, Market Value plus accrued interest $2,743,351, due 03/31/21-02/15/44)		2,689,559		0.4

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateralcc (continued)
	2,689,559	Nomura Securities, Repurchase Agreement dated 12/31/15, 0.33%, due 01/04/16 (Repurchase Amount $2,689,656, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $2,743,350, due 01/15/16-10/20/65)		$	2,689,559		0.4
	1,106,604	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/15, 0.41%, due 01/04/16 (Repurchase Amount $1,106,654, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $1,129,549, due 01/15/17-02/15/42)			1,106,604		0.2
					11,324,364		1.8

Shares			Value			Percentage of Net Assets
		Mutual Funds: 0.3%
	1,863,222	BlackRock Liquidity Funds, TempFund, Institutional Class, 0.270%†† (Cost $1,863,222)			1,863,222		0.3
		Total Short-Term Investments (Cost $13,187,586)			13,187,586		2.1
		Total Investments in Securities (Cost $526,185,014)		$	639,137,295		102.9
		Liabilities in Excess of Other Assets			(17,871,774)		(2.9)
		Net Assets		$	621,265,521		100.0

See Accompanying Notes to Financial Statements

132

TABLE OF CONTENTS

VY® JPMorgan Mid Cap

SUMMARY PORTFOLIO OF INVESTMENTS

Value Portfolio

as of December 31, 2015 (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.

††

Rate shown is the 7-day yield as of December 31, 2015.

Non-income producing security.

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

(a)

This grouping contains securities on loan.

Cost for federal income tax purposes is $527,325,111.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	151,428,286
Gross Unrealized Depreciation		(39,616,102)
Net Unrealized Appreciation	$	111,812,184

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Common Stock*		$	625,949,709		$	—		$	—		$	625,949,709
Short-Term Investments			1,863,222			11,324,364			—			13,187,586
Total Investments, at fair value		$	627,812,931		$	11,324,364		$	—		$	639,137,295

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 Summary Portfolio of Investments.

See Accompanying Notes to Financial Statements

133

TABLE OF CONTENTS

VY® Oppenheimer Global

SUMMARY PORTFOLIO OF INVESTMENTS

Portfolio

as of December 31, 2015

Shares				Value			Percentage of Net Assets
COMMON STOCK:96.8%
			Brazil: 0.8%
	428,350		Other Securities		$	12,653,459		0.8
			China: 1.7%
	634,217	@	JD.com, Inc. ADR			20,463,012		1.3
	100,310		Other Securities(a)			7,303,571		0.4
						27,766,583		1.7
			Denmark: 0.3%
	127,522		Other Securities(a)			4,430,752		0.3
			France: 4.6%
	183,818		LVMH Moet Hennessy Louis Vuitton SE			28,872,492		1.8
	112,560		Kering			19,245,047		1.2
	320,940		Societe Generale			14,789,683		0.9
	227,644		Other Securities(a)			11,320,858		0.7
						74,228,080		4.6
			Germany: 7.4%
	163,361		Allianz SE			28,797,111		1.8
	185,954		Bayer AG			23,223,990		1.4
	577,566		Deutsche Bank AG			14,026,078		0.9
	396,008		SAP SE			31,424,663		2.0
	167,453		Other Securities			20,362,370		1.3
						117,834,212		7.4
			India: 3.2%
	10,626,808		DLF Ltd.			18,535,741		1.2
	2,515,850		ICICI Bank Ltd. ADR			19,699,105		1.2
	2,081,880		Zee Telefilms Ltd.			13,723,719		0.8
						51,958,565		3.2
			Italy: 1.5%
	4,890,717		Other Securities(a)			23,934,034		1.5
			Japan: 12.4%
	1,340,100		Dai-ichi Life Insurance Co., Ltd.			22,296,167		1.4
	962,100		KDDI Corp.			24,985,925		1.5
	47,751		Keyence Corp.			26,244,196		1.6
	379,600		Kyocera Corp.			17,628,827		1.1
	252,300		Murata Manufacturing Co., Ltd.			36,301,250		2.3
	330,900		Nidec Corp.			23,995,541		1.5
	452,700		Sumitomo Mitsui Financial Group, Inc.			17,085,373		1.1
	1,681,900		Other Securities			30,229,818		1.9
						198,767,097		12.4
			Mexico: 0.5%
	94,472		Other Securities			8,724,489		0.5
			Netherlands: 2.3%
	543,083		Airbus Group SE			36,597,137		2.3
			Spain: 3.2%
	883,343		Industria de Diseno Textil SA			30,346,642		1.9
	2,447,162		Other Securities			20,424,912		1.3
						50,771,554		3.2

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Sweden: 3.1%
	1,296,882		Assa Abloy AB		$	27,147,251		1.7
	2,379,402		Telefonaktiebolaget LM Ericsson			22,940,542		1.4
						50,087,793		3.1
			Switzerland: 5.1%
	877,446	@	Credit Suisse Group AG			18,901,910		1.2
	219,245		Nestle S.A.			16,275,708		1.0
	54,233		Roche Holding AG			15,028,421		1.0
	1,582,016		UBS Group AG			30,690,275		1.9
						80,896,314		5.1
			United Kingdom: 5.6%
	2,784,375	@	Circassia Pharmaceuticals Plc			13,106,466		0.8
	1,241,676		Prudential PLC			27,974,492		1.7
	667,635		Unilever PLC			28,636,476		1.8
	6,853,571		Other Securities(a)			20,233,715		1.3
						89,951,149		5.6
			United States: 45.1%
	147,760		3M Co.			22,258,566		1.4
	375,173	@	Adobe Systems, Inc.			35,243,752		2.2
	358,940		Aetna, Inc.			38,808,593		2.4
	46,230	@	Alphabet, Inc. - Class A			35,967,402		2.2
	47,957		Alphabet, Inc. - Class C			36,393,608		2.3
	193,280		Anthem, Inc.			26,950,963		1.7
	55,680	@	Biogen, Inc.			17,057,568		1.1
	662,210		Citigroup, Inc.			34,269,368		2.1
	518,870		Colgate-Palmolive Co.			34,567,119		2.2
	624,570	@	eBay, Inc.			17,163,184		1.1
	277,620	@	Facebook, Inc.			29,055,709		1.8
	212,960		Gilead Sciences, Inc.			21,549,422		1.3
	131,290		Goldman Sachs Group, Inc.			23,662,397		1.5
	304,760		Intuit, Inc.			29,409,340		1.8
	836,080		Maxim Integrated Products			31,771,040		2.0
	429,360		McGraw-Hill Cos., Inc.			42,326,309		2.6
	624,570	@	PayPal Holdings, Inc.			22,609,434		1.4
	240,720		Tiffany & Co.			18,364,529		1.2
	211,090		United Parcel Service, Inc. - Class B			20,313,191		1.3
	286,590		Walt Disney Co.			30,114,877		1.9
	166,470		Zimmer Biomet Holdings, Inc.			17,078,157		1.1
	5,370,541		Other Securities(a)			136,341,929		8.5
						721,276,457		45.1
			Total Common Stock (Cost $1,001,566,910)			1,549,877,675		96.8

See Accompanying Notes of Financial Statements

134

TABLE OF CONTENTS

VY® Oppenheimer Global

SUMMARY PORTFOLIO OF INVESTMENTS

Portfolio

as of December 31, 2015 (continued)

Shares			Value			Percentage of Net Assets
PREFERRED STOCK:1.9%
		Germany: 1.8%
	349,294	Bayerische Motoren Werke AG		$	29,223,948		1.8
		India: 0.1%
	50,809,899	Other Securities			691,226		0.1
		Total Preferred Stock (Cost $13,137,519)			29,915,174		1.9
RIGHTS:0.0%
		Spain: 0.0%
	687,083	Other Securities			342,731		0.0
		Total Rights (Cost $349,653)			342,731		0.0
		Total Long-Term Investments (Cost $1,015,054,082)			1,580,135,580		98.7

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS:4.5%
		Securities Lending Collateralcc: 3.1%
	11,681,399	BNP Paribas Bank, Repurchase Agreement dated 12/31/15, 0.30%, due 01/04/16 (Repurchase Amount $11,681,783, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-5.500%, Market Value plus accrued interest $11,915,027, due 06/06/16-05/04/37)		11,681,399		0.8
	11,681,399	Citigroup, Inc., Repurchase Agreement dated 12/31/15, 0.34%, due 01/04/16 (Repurchase Amount $11,681,834, collateralized by various U.S. Government Agency Obligations, 0.000%-11.500%, Market Value plus accrued interest $11,915,027, due 01/15/16-04/01/51)		11,681,399		0.7
	9,333,582	HSBC Securities USA, Repurchase Agreement dated 12/31/15, 0.29%, due 01/04/16 (Repurchase Amount $9,333,879, collateralized by various U.S. Government Securities, 3.000%, Market Value plus accrued interest $9,520,280, due 11/15/44)		9,333,582		0.6

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateralcc (continued)
	11,681,399	Nomura Securities, Repurchase Agreement dated 12/31/15, 0.33%, due 01/04/16 (Repurchase Amount $11,681,821, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $11,915,027, due 01/15/16-10/20/65)		$	11,681,399		0.7
	4,806,633	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/15, 0.41%, due 01/04/16 (Repurchase Amount $4,806,849, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $4,906,296, due 01/15/17-02/15/42)			4,806,633		0.3
					49,184,412		3.1

Shares			Value			Percentage of Net Assets
		Mutual Funds: 1.4%
	23,288,328	BlackRock Liquidity Funds, TempFund, Institutional Class, 0.270%†† (Cost $23,288,328)			23,288,328		1.4
		Total Short-Term Investments (Cost $72,472,740)			72,472,740		4.5
		Total Investments in Securities (Cost $1,087,526,822)		$	1,652,608,320		103.2
		Liabilities in Excess of Other Assets			(52,006,727)		(3.2)
		Net Assets		$	1,600,601,593		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.

See Accompanying Notes of Financial Statements

135

TABLE OF CONTENTS

VY® Oppenheimer Global

SUMMARY PORTFOLIO OF INVESTMENTS

Portfolio

as of December 31, 2015 (continued)

††

Rate shown is the 7-day yield as of December 31, 2015.

Non-income producing security.

ADR

American Depositary Receipt

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

(a)

This grouping contains securities on loan.

Cost for federal income tax purposes is $1,099,378,453.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	629,223,136
Gross Unrealized Depreciation		(75,993,269)
Net Unrealized Appreciation	$	553,229,867

Sector Diversification	Percentage of Net Assets
Information Technology		24.8%
Financials		19.4
Health Care		17.0
Consumer Discretionary		16.9
Industrials		11.3
Consumer Staples		5.5
Telecommunication Services		1.5
Energy		1.2
Materials		1.1
Short-Term Investments		4.5
Liabilities in Excess of Other Assets		(3.2)
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, 2015 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, 2015
Asset Table
Investments, at fair value
Common Stock
Brazil		$	12,653,459		$	—		$	—		$	12,653,459
China			27,766,583			—			—			27,766,583
Denmark			—			4,430,752			—			4,430,752
France			—			74,228,080			—			74,228,080
Germany			—			117,834,212			—			117,834,212
India			19,699,105			32,259,460			—			51,958,565
Italy			—			23,934,034			—			23,934,034
Japan			—			198,767,097			—			198,767,097
Mexico			8,724,489			—			—			8,724,489
Netherlands			—			36,597,137			—			36,597,137
Spain			—			50,771,554			—			50,771,554
Sweden			—			50,087,793			—			50,087,793
Switzerland			—			80,896,314			—			80,896,314
United Kingdom			23,147,119			66,804,030			—			89,951,149
United States			721,276,457			—			—			721,276,457
Total Common Stock			813,267,212			736,610,463			—			1,549,877,675
Preferred Stock			691,226			29,223,948			—			29,915,174
Rights			342,731			—			—			342,731
Short-Term Investments			23,288,328			49,184,412			—			72,472,740
Total Investments, at fair value		$	837,589,497		$	815,018,823		$	—		$	1,652,608,320

(1)

For the year ended December 31, 2015, as a result of the fair value pricing procedures for international equities utilized by the Portfolio, 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, 2015, securities valued at $29,503,422 and $7,449,409 were transferred from Level 1 to Level 2 and Level 2 to Level 1, respectively, within the fair value hierarchy.

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

See Accompanying Notes of Financial Statements

136

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

VY® Pioneer High Yield Portfolio

as of December 31, 2015

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 83.2%
			Basic Material: 2.6%
	50,000	#	Blue Cube Spinco, Inc., 9.750%, 10/15/23		$	54,187		0.0
	50,000	#	Blue Cube Spinco, Inc., 10.000%, 10/15/25			55,250		0.1
	225,000	#	Cliffs Natural Resources, Inc., 8.250%, 03/31/20			172,687		0.2
	375,000	#	Evolution Escrow Issuer LLC, 7.500%, 03/15/22			218,438		0.2
	300,000	#	IAMGOLD Corp., 6.750%, 10/01/20			190,500		0.2
	200,000	#	INEOS Group Holdings SA, 5.875%, 02/15/19			194,750		0.2
	80,000	#	Prince Mineral Holding Corp., 11.500%, 12/15/19			58,000		0.1
	120,000	#	Unifrax I LLC/Unifrax Holding Co., 7.500%, 02/15/19			107,400		0.1
	240,000	#	WR Grace & Co-Conn, 5.125%, 10/01/21			243,000		0.2
	1,899,000		Other Securities			1,199,286		1.3
						2,493,498		2.6
			Communications: 12.0%
	200,000	#	Altice Financing SA, 6.625%, 02/15/23			198,000		0.2
	200,000	#	Altice US Finance I Corp., 5.375%, 07/15/23			201,000		0.2
	550,000		CCO Holdings LLC/CCO Holdings Capital Corp., 6.500%, 04/30/21			573,031		0.6
	210,000	#	CCOH Safari LLC, 5.750%, 02/15/26			211,050		0.2
	580,000		CenturyLink, Inc., 6.450%, 06/15/21			568,400		0.6
	155,000	#	CommScope Tech Finance LLC, 6.000%, 06/15/25			149,575		0.2
	120,000	#	CommScope, Inc., 5.000%, 06/15/21			115,500		0.1
	115,000	#	CommScope, Inc., 5.500%, 06/15/24			109,681		0.1
	330,000	#	DigitalGlobe, Inc., 5.250%, 02/01/21			278,850		0.3
	400,000		Equinix, Inc., 5.375%, 01/01/22			412,000		0.4
	195,000		Equinix, Inc., 5.375%, 04/01/23			199,875		0.2
	50,000	#	FireEye, Inc., 1.000%, 06/01/35			42,781		0.1
	50,000	#	FireEye, Inc., 1.625%, 06/01/35			40,344		0.0
	218,000		Frontier Communications Corp., 8.500%, 04/15/20			219,090		0.2
	555,000		Frontier Communications Corp., 8.750%, 04/15/22			516,150		0.6
	65,000	#	Frontier Communications Corp., 8.875%, 09/15/20			65,975		0.1

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Communications (continued)
	65,000	#	Frontier Communications Corp., 10.500%, 09/15/22		$	64,756		0.0
	465,500		McGraw-Hill School Education, 6.250%, 12/17/19			458,518		0.5
	270,000	#	MDC Partners, Inc., 6.750%, 04/01/20			279,112		0.3
	85,000	#	MPL 2 Acquisition Canco, Inc., 9.875%, 08/15/18			88,613		0.1
	200,000	#	Numericable Group SA, 6.000%, 05/15/22			194,500		0.2
	480,000		Shutterfly, Inc., 0.250%, 05/15/18			465,000		0.5
	170,000	#	Sirius XM Radio, Inc., 4.625%, 05/15/23			167,237		0.2
	1,670,000		Sprint Corp., 7.250%, 09/15/21			1,248,325		1.3
	245,000	#	Taylor Morrison Communities, Inc./ Monarch Communities, Inc., 5.625%, 03/01/24			236,425		0.2
	425,000		TEGNA, Inc., 6.375%, 10/15/23			449,437		0.5
	160,000	#	Univision Communications, Inc., 5.125%, 02/15/25			152,400		0.2
	315,000		WebMD Health Corp., 1.500%, 12/01/20			353,391		0.4
	600,000		WebMD Health Corp., 2.500%, 01/31/18			620,250		0.6
	935,000		Windstream Corp., 6.375%-7.750%, 10/15/20-08/01/23			718,306		0.7
	2,226,968		Other Securities			2,053,886		2.2
						11,451,458		12.0
			Consumer, Cyclical: 11.4%
	300,000	#	Brookfield Residential Properties, Inc., 6.500%, 12/15/20			290,625		0.3
	315,000	#	DriveTime Automotive Group, Inc./DT Acceptance Corp., 8.000%, 06/01/21			281,925		0.3
	610,000		Global Partners L.P./ GLP Finance Corp., 6.250%-7.000%, 07/15/22-06/15/23			496,350		0.5
	380,000		Jarden Corp., 1.125%, 03/15/34			468,113		0.5
	406,000	#	JLL/Delta Dutch Newco BV, 7.500%, 02/01/22			397,372		0.4
	650,000		KB Home, 1.375%, 02/01/19			584,594		0.6
	645,000		KB Home, 7.000%-7.500%, 12/15/21-09/15/22			641,500		0.7
	250,000		Lennar Corp., 4.500%, 06/15/19			255,469		0.2

See Accompanying Notes to Financial Statements

137

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SUMMARY PORTFOLIO OF INVESTMENTS

VY® Pioneer High Yield Portfolio

as of December 31, 2015 (continued)

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Cyclical (continued)
	465,000		Lennar Corp., 4.750%, 11/15/22		$	463,372		0.5
	300,000	#	NCL Corp. Ltd., 5.250%, 11/15/19			306,000		0.3
	200,000	#	Nexteer Automotive Group Ltd., 5.875%, 11/15/21			205,000		0.2
	665,000		Outerwall, Inc., 5.875%, 06/15/21			548,625		0.6
	185,000	#	Sabre GLBL, Inc., 5.250%, 11/15/23			183,844		0.2
	150,000		Scientific Games International, Inc., 6.250%, 09/01/20			71,250		0.1
	1,315,000		Scientific Games International, Inc., 10.000%, 12/01/22			940,225		1.0
	75,000	#	Shea Homes L.P./Shea Homes Funding Corp., 5.875%, 04/01/23			77,250		0.1
	245,000	#	Viking Cruises Ltd., 8.500%, 10/15/22			233,363		0.2
	160,000	#	ZF North America Capital, Inc., 4.750%, 04/29/25			153,000		0.2
	4,352,062		Other Securities			4,270,124		4.5
						10,868,001		11.4
			Consumer, Non-cyclical: 18.3%
	570,000		Alliance One International, Inc., 9.875%, 07/15/21			421,087		0.4
	215,000	#	C&S Group Enterprises LLC, 5.375%, 07/15/22			194,575		0.2
	490,000		Cardtronics, Inc., 1.000%, 12/01/20			457,231		0.5
	225,000	#	Cenveo Corp., 6.000%, 08/01/19			159,750		0.2
	70,000		CHS/Community Health Systems, Inc., 6.875%, 02/01/22			66,762		0.1
	870,000		CHS/Community Health Systems, Inc., 8.000%, 11/15/19			880,875		0.9
	375,000	#	Cimpress NV, 7.000%, 04/01/22			361,406		0.4
	500,000		Constellation Brands, Inc., 3.750%-4.250%, 05/01/21-05/01/23			501,812		0.5
	305,000	#	Constellis Holdings LLC/ Constellis Finance Corp., 9.750%, 05/15/20			251,625		0.3
	310,000	#	Dole Food Co., Inc., 7.250%, 05/01/19			307,675		0.3
	411,000		Emergent Biosolutions, Inc., 2.875%, 01/15/21			567,437		0.6
	315,000	#	Endo Finance LLC, 5.750%, 01/15/22			307,125		0.3

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Non-cyclical (continued)
	140,000	#	Endo Finance LLC, 5.875%, 01/15/23		$	137,900		0.2
	250,000	#	FAGE Dairy Industry SA/ FAGE USA Dairy Industry, Inc., 9.875%, 02/01/20			260,469		0.3
	250,000	#,&	Igloo Holdings Corp., 8.250%, 12/15/17			250,237		0.3
	120,000	#	Immunomedics, Inc., 4.750%, 02/15/20			95,775		0.1
	390,000	#	Impax Laboratories, Inc., 2.000%, 06/15/22			384,150		0.4
	490,000		Insulet Corp., 2.000%, 06/15/19			508,681		0.5
	290,000	#	Ironwood Pharmaceuticals, Inc., 2.250%, 06/15/22			271,512		0.3
	495,000		Kindred Healthcare, Inc., 6.375%-8.000%, 01/15/20-04/15/22			438,206		0.4
	205,000	#	Medicines Co, 2.500%, 01/15/22			260,863		0.3
	205,000	#	Molina Healthcare, Inc., 5.375%, 11/15/22			205,513		0.2
	550,000		Post Holdings, Inc., 7.375%, 02/15/22			575,438		0.6
	260,000	#	Post Holdings, Inc., 6.000%, 12/15/22			255,775		0.3
	100,000	#	Post Holdings, Inc., 6.750%, 12/01/21			102,250		0.1
	100,000	#	Post Holdings, Inc., 7.750%, 03/15/24			105,000		0.1
	255,000	#	Quintiles Transnational Corp., 4.875%, 05/15/23			257,550		0.3
	935,000		Reynolds Group Issuer, Inc., 5.750%-9.875%, 05/15/18-02/15/21			928,300		1.0
	165,000	#	Safway Group Holding LLC / Safway Finance Corp., 7.000%, 05/15/18			165,413		0.2
	465,000	#	Sothebys, 5.250%, 10/01/22			425,475		0.4
	255,000	#	Southern States Cooperative, Inc., 10.000%, 08/15/21			221,850		0.2
	440,000		Truven Health Analytics, Inc., 10.625%, 06/01/20			444,400		0.5
	905,000	#	VRX Escrow Corp., 5.875%, 05/15/23			812,238		0.8
	480,000		WellCare Health Plans, Inc., 5.750%, 11/15/20			496,200		0.5
	220,000	#	Wright Medical Group, Inc., 2.000%, 02/15/20			228,663		0.2
	5,541,556		Other Securities			5,148,601		5.4
						17,457,819		18.3

See Accompanying Notes to Financial Statements

138

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SUMMARY PORTFOLIO OF INVESTMENTS

VY® Pioneer High Yield Portfolio

as of December 31, 2015 (continued)

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Diversified: 0.2%
	230,000	#	Argos Merger Sub, Inc., 7.125%, 03/15/23		$	228,620		0.2
			Energy: 9.9%
	350,000		Calumet Specialty Products Partners L.P./ Calumet Finance Corp., 6.500%, 04/15/21			306,250		0.3
	175,000	#	Calumet Specialty Products Partners L.P./ Calumet Finance Corp., 7.750%, 04/15/23			149,625		0.2
	173,000	#	Chesapeake Energy Corp., 8.000%, 12/15/22			85,635		0.1
	210,000	#	ContourGlobal Power Holdings SA, 7.125%, 06/01/19			200,025		0.2
	510,000		Archrock Partners L.P./ Archrock Partners Finance Corp., 6.000%, 04/01/21			422,025		0.4
	131,000	#	Halcon Resources Corp., 12.000%, 02/15/22			86,460		0.1
	90,000	#	Hiland Partners L.P./Hiland Partners Finance Corp., 5.500%, 05/15/22			86,569		0.1
	170,000	#	Hiland Partners L.P./Hiland Partners Finance Corp., 7.250%, 10/01/20			171,912		0.2
	285,000	#	Hilcorp Energy I L.P./ Hilcorp Finance Co., 5.750%, 10/01/25			249,375		0.3
	207,000	#	Linn Energy LLC/Linn Energy Finance Corp., 12.000%, 12/15/20			105,570		0.1
	585,000		Noble Energy, Inc., 5.625%, 05/01/21			572,888		0.6
	240,000		Noble Energy, Inc., 5.875%, 06/01/22			228,610		0.2
	110,000	#	TerraForm Power Operating LLC, 5.875%, 02/01/23			91,575		0.1
	260,000	#	Whiting Petroleum Corp., 1.250%, 04/01/20			178,100		0.2
	10,793,380		Other Securities			6,450,300		6.8
						9,384,919		9.9
			Financial: 10.9%
	218,276	#,&	AAF Holdings LLC/AAF Finance Co., 12.000%, 07/01/19			207,362		0.2
	805,000		Ally Financial, Inc., 4.625%-5.750%, 05/19/22-11/20/25			808,075		0.8
	300,000	#	Ausdrill Finance Pty Ltd., 6.875%, 11/01/19			216,000		0.2

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Financial (continued)
	700,000		Bank of America Corp., 6.250%-6.500%, 09/29/49-10/29/49		$	721,844		0.8
	400,000		DuPont Fabros Technology L.P., 5.875%, 09/15/21			418,000		0.4
	140,000	#	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 04/01/21			143,500		0.2
	250,000	#	Galileo Re Ltd., 7.598%, 01/09/19			252,687		0.3
	480,000		Geo Group, Inc./The, 5.875%, 10/15/24			468,000		0.5
	250,000	#	Kilimanjaro Re Ltd., 4.703%, 04/30/18			247,637		0.2
	250,000	#	Kilimanjaro Re Ltd., 9.250%, 12/06/19			251,913		0.3
	575,000		Nationstar Mortgage LLC/ Nationstar Capital Corp., 6.500%, 07/01/21			511,031		0.5
	320,000		Nationstar Mortgage LLC/ Nationstar Capital Corp., 6.500%, 08/01/18-06/01/22			288,625		0.3
	435,000	#	Provident Funding Associates L.P./PFG Finance Corp., 6.750%, 06/15/21			423,037		0.4
	250,000	#	Queen Street VII Re Ltd., 8.803%, 04/08/16			251,931		0.3
	250,000	#	Residential Reinsurance 2012 Ltd., 5.953%, 12/06/18			254,212		0.2
	250,000	#	Residential Reinsurance 2012 Ltd., 12.953%, 12/06/18			261,763		0.3
	400,000		Royal Bank of Scotland Group PLC, 8.000%, 12/29/49			424,000		0.4
	250,000	#	Sanders Re Ltd., 4.203%, 05/05/17			250,213		0.3
	210,000	#	TMX Finance LLC/ TitleMax Finance Corp., 8.500%, 09/15/18			157,500		0.2
	525,000		United Rentals North America, Inc., 5.750%, 11/15/24			522,375		0.6
	3,334,039		Other Securities			3,305,574		3.5
						10,385,279		10.9
			Industrial: 10.1%
	150,000	#	Aguila 3 SA, 7.875%, 01/31/18			150,937		0.2
	208,587	#,&	American Energy - Utica LLC, 3.500%, 03/01/21			7,301		0.0
	345,000	#	Amsted Industries, Inc., 5.000%, 03/15/22			346,725		0.4

See Accompanying Notes to Financial Statements

139

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

VY® Pioneer High Yield Portfolio

as of December 31, 2015 (continued)

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Industrial (continued)
	397,535	#,&	Ardagh Finance Holdings SA, 8.625%, 06/15/19		$	393,806		0.4
	35,294	#	Ardagh Packaging Finance PLC, 7.000%, 11/15/20			34,853		0.0
	250,000	#	Aviation Capital Group Corp., 6.750%, 04/06/21			280,312		0.3
	325,000		Ball Corp., 4.000%, 11/15/23			311,593		0.3
	575,000		Ball Corp., 5.250%, 07/01/25			590,094		0.6
	350,000	#	BC Mountain LLC/BC Mountain Finance, Inc., 7.000%, 02/01/21			271,250		0.3
	85,000	#	Belden, Inc., 5.250%, 07/15/24			78,625		0.1
	195,000	#	Belden, Inc., 5.500%, 09/01/22			188,662		0.2
	50,000	#	Beverage Packaging Holdings Luxembourg II SA/ Beverage Packaging Holdings II Is, 6.000%, 06/15/17			48,563		0.1
	305,000	#	Cleaver-Brooks, Inc., 8.750%, 12/15/19			295,850		0.3
	300,000	#	Coveris Holding Corp., 10.000%, 06/01/18			286,500		0.3
	640,000		Crown Cork & Seal Co., Inc., 7.375%, 12/15/26			691,200		0.7
	250,000	#	Dycom Industries, Inc., 0.750%, 09/15/21			246,875		0.3
	270,000	#	Florida East Coast Holdings Corp., 6.750%, 05/01/19			247,725		0.3
	744,000		General Cable Corp., 4.500%, 11/15/29			458,955		0.5
	505,000		Griffon Corp., 5.250%, 03/01/22			483,538		0.5
	175,000	#	Intrepid Aviation Group Holdings LLC / Intrepid Finance Co., 6.875%, 02/15/19			144,375		0.2
	310,000	#	JB Poindexter & Co., Inc., 9.000%, 04/01/22			325,500		0.3
	335,000	#	JMC Steel Group, 8.250%, 03/15/18			223,613		0.2
	114,328	#,&	Liberty Tire Recycling LLC, 11.000%, 03/31/21			70,598		0.1
	575,000	#	NANA Development Corp., 9.500%, 03/15/19			508,875		0.5
	400,000	#	Rentech Nitrogen Partners L.P./Rentech Nitrogen Finance Corp., 6.500%, 04/15/21			390,000		0.4
	400,000	#	Rexel SA, 5.250%, 06/15/20			414,000		0.4

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Industrial (continued)
	200,000	#	Syncreon Group BV/ Syncreon Global Finance US, Inc., 8.625%, 11/01/21		$	158,000		0.2
	100,000	#	Videotron Ltd., 5.375%, 06/15/24			100,750		0.1
	545,000		Vishay Intertechnology, Inc., 2.250%, 05/15/41			419,309		0.4
	1,521,582		Other Securities			1,472,016		1.5
						9,640,400		10.1
			Technology: 5.5%
	150,000	#	Audatex North America, Inc., 6.000%, 06/15/21			151,687		0.1
	215,000	#	Brocade Communications Systems, Inc., 1.375%, 01/01/20			206,937		0.2
	375,000	#	Entegris, Inc., 6.000%, 04/01/22			381,094		0.4
	420,000	#	First Data Corp., 5.750%, 01/15/24			414,750		0.4
	155,000	#	First Data Corp., 7.000%, 12/01/23			155,388		0.2
	510,000		j2 Global, Inc., 8.000%, 08/01/20			535,500		0.6
	395,000		Mentor Graphics Corp., 4.000%, 04/01/31			413,516		0.4
	315,000	#	Micron Technology, Inc., 5.250%, 08/01/23			284,288		0.3
	250,000	#	MSCI, Inc., 5.250%, 11/15/24			254,375		0.3
	69,000	#	Nuance Communications, Inc., 1.000%, 12/15/35			66,714		0.1
	375,000	#	ON Semiconductor Corp., 1.000%, 12/01/20			351,094		0.4
	2,151,357		Other Securities			1,994,717		2.1
						5,210,060		5.5
			Utilities: 2.3%
	505,000		AES Corp., 4.875%, 05/15/23			444,400		0.5
	100,000		AES Corp., 5.500%, 03/15/24			89,750		0.1
	675,000		NRG Energy, Inc., 6.250%, 05/01/24			570,510		0.6
	425,000		NRG Energy, Inc., 6.250%-7.625%, 01/15/18-07/15/22			418,938		0.4
	540,000	#	Talen Energy Supply LLC, 5.125%, 07/15/19			407,700		0.4
	345,000	#	Talen Energy Supply LLC, 6.500%, 06/01/25			229,425		0.3
	350		Other Securities			366		0.0
						2,161,089		2.3
			Total Corporate Bonds/Notes (Cost $88,828,204)			79,281,143		83.2

See Accompanying Notes to Financial Statements

140

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

VY® Pioneer High Yield Portfolio

as of December 31, 2015 (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: 1.0%
	1,000,000	#	Timberstar Trust, 7.530%, 10/15/36		$	1,008,890		1.0
			Total Collateralized Mortgage Obligations (Cost $1,007,921)			1,008,890		1.0
FOREIGN GOVERNMENT BONDS: 0.0%
	13,615		Other Securities			75		0.0
			Total Foreign Government Bonds (Cost $518)			75		0.0

Shares				Value		Percentage of Net Assets
COMMON STOCK: 6.5%
			Consumer Discretionary: 1.1%
	50,408		Ford Motor Co.		710,249		0.7
	8,679		Other Securities		386,359		0.4
					1,096,608		1.1
			Energy: 0.3%
	47,707		Other Securities		315,123		0.3
			Financials: 1.1%
	35,040	@	Forest City Enterprises, Inc.		768,427		0.8
	1,476	#,@	Perseus Holding Corp.		—		—
	8,642		Other Securities		305,653		0.3
					1,074,080		1.1
			Health Care: 1.8%
	4,129		Thermo Fisher Scientific, Inc.		585,699		0.6
	25,783		Other Securities		1,102,034		1.2
					1,687,733		1.8
			Industrials: 0.8%
	49,762		Other Securities		753,476		0.8
			Information Technology: 0.8%
	23,277		Other Securities		736,469		0.8
			Materials: 0.6%
	14,803		Other Securities		535,988		0.6
			Telecommunication Services: 0.0%
	4,800		Other Securities		30,912		0.0
			Total Common Stock (Cost $5,200,320)		6,230,389		6.5
PREFERRED STOCK: 2.4%
			Consumer Discretionary: 0.8%
	7,900	@	Sealy Corp.		697,624		0.8
			Energy: 0.0%
	2,701		Other Securities		28,214		0.0
			Financials: 1.0%
	22,770	P	Citigroup, Inc.		637,788		0.7
	775	#,@	Perseus Holding Corp.		—		—
	13,310		Other Securities		337,907		0.3
					975,695		1.0
			Health Care: 0.5%
	150	@	Kindred Healthcare, Inc.		101,779		0.1

Shares			Value			Percentage of Net Assets
PREFERRED STOCK: (continued)
		Health Care (continued)
	936	Other Securities		$	355,828		0.4
					457,607		0.5
		Industrials: 0.1%
	267	Other Securities			120,163		0.1
		Total Preferred Stock (Cost $2,932,942)			2,279,303		2.4
RIGHTS: —%
		Health Care: —%
	44	Other Securities			—		—
		Total Rights (Cost $ —)			—		—
		Total Long-Term Investments (Cost $97,969,905)			88,799,800		93.1
SHORT-TERM INVESTMENTS: 5.5%
		Mutual Funds: 5.5%
	5,223,470	BlackRock Liquidity Funds, TempFund, Institutional Class, 0.270%†† (Cost $5,223,470)			5,223,470		5.5
		Total Short-Term Investments (Cost $5,223,470)			5,223,470		5.5
		Total Investments in Securities (Cost $103,193,375)		$	94,023,270		98.6
		Assets in Excess of Other Liabilities			1,312,141		1.4
		Net Assets		$	95,335,411		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.

††

Rate shown is the 7-day yield as of December 31, 2015.

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.

Non-income producing security.

Payment-in-kind

Preferred Stock may be called prior to convertible date.

Cost for federal income tax purposes is $103,750,287.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	3,163,483
Gross Unrealized Depreciation		(12,890,500)
Net Unrealized Depreciation	$	(9,727,017)

See Accompanying Notes to Financial Statements

141

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

VY® Pioneer High Yield Portfolio

as of December 31, 2015 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary		$	1,096,608		$	—		$	—		$	1,096,608
Energy			315,123			—			—			315,123
Financials			1,074,080			—			—			1,074,080
Health Care			1,687,733			—			—			1,687,733
Industrials			697,969			—			55,507			753,476
Information Technology			736,469			—			—			736,469
Materials			535,988			—			—			535,988
Telecommunication Services			30,912			—			—			30,912
Total Common Stock			6,174,882			—			55,507			6,230,389
Preferred Stock			1,001,843			1,157,297			120,163			2,279,303
Rights			—			—			—			—
Corporate Bonds/Notes			—			79,281,143			—			79,281,143
Collateralized Mortgage Obligations			—			1,008,890			—			1,008,890
Short-Term Investments			5,223,470			—			—			5,223,470
Foreign Government Bonds			—			75			—			75
Total Investments, at fair value		$	12,400,195		$	81,447,405		$	175,670		$	94,023,270
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(44,589)		$	—		$	(44,589)
Futures			(22,685)			—			—			(22,685)
Total Liabilities		$	(22,685)		$	(44,589)		$	—		$	(67,274)

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

At December 31, 2015, the following futures contracts were outstanding for VY® Pioneer High Yield Portfolio:

Contract Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Short Contracts
S&P 500 E-Mini		(28)		03/18/16		$	(2,849,560)		$	(22,685)
						$	(2,849,560)		$	(22,685)

See Accompanying Notes to Financial Statements

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SUMMARY PORTFOLIO OF INVESTMENTS

VY® Pioneer High Yield Portfolio

as of December 31, 2015 (continued)

At December 31, 2015, the following centrally cleared credit default swaps were outstanding for VY® Pioneer High Yield Portfolio:

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

Reference Entity/ Obligation	Buy/Sell Protection	(Pay)/ Receive Fixed Rate (%)		Clearinghouse	Termination Date		Notional Amount(2)		Fair Value(3)			Unrealized Appreciation/ (Depreciation)
CDX North American High Yield Index Series 23, Version 1	Sell		5.000	Chicago Mercantile Exchange		12/20/19		USD1,101,678		$	58,528		$	(11,980)
CDX North American High Yield Index Series 25, Version 1	Sell		5.000	Chicago Mercantile Exchange		12/20/20		USD2,065,000			23,204			(32,609)
										$	81,732		$	(44,589)

(1)

(2)

(3)

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, 2015 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Credit contracts	Net Assets — Unrealized depreciation*		$	44,589
Equity contracts	Net Assets — Unrealized depreciation**			22,685
Total Liability Derivatives			$	67,274

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2015 was as follows:

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

Derivatives not accounted for as hedging instruments	Futures			Swaps			Total
Credit Contract		$	—		$	38,467		$	38,467
Equity contracts			91,023			—			91,023
Total		$	91,023		$	38,467		$	129,490

See Accompanying Notes to Financial Statements

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SUMMARY PORTFOLIO OF INVESTMENTS

VY® Pioneer High Yield Portfolio

as of December 31, 2015 (continued)

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

Derivatives not accounted for as hedging instruments	Futures			Swaps			Total
Credit contracts		$	—		$	(44,589)		$	(44,589)
Equity contracts			(22,685)			—			(22,685)
Total		$	(22,685)		$	(44,589)		$	(67,274)

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

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VY® T. Rowe Price Diversified

SUMMARY PORTFOLIO OF INVESTMENTS

Mid Cap Growth Portfolio

as of December 31, 2015

Shares				Value			Percentage of Net Assets
COMMON STOCK: 98.5%
			Consumer Discretionary: 20.7%
	10,000	@	Autozone, Inc.		$	7,419,100		0.9
	124,300	@	Carmax, Inc.			6,708,471		0.8
	108,400		Dollar General Corp.			7,790,708		0.9
	284,900		Hanesbrands, Inc.			8,384,607		1.0
	55,300		L Brands, Inc.			5,298,846		0.6
	46,300		McGraw-Hill Cos., Inc.			4,564,254		0.6
	24,000	@	O’Reilly Automotive, Inc.			6,082,080		0.7
	145,200		Ross Stores, Inc.			7,813,212		1.0
	62,700		Tractor Supply Co.			5,360,850		0.7
	2,761,532		Other Securities(a)			111,776,639		13.5
						171,198,767		20.7
			Consumer Staples: 6.0%
	38,400		Constellation Brands, Inc.			5,469,696		0.7
	49,500		Hershey Co.			4,418,865		0.5
	61,600		Mead Johnson Nutrition Co.			4,863,320		0.6
	1,025,250		Other Securities(a)			34,919,703		4.2
						49,671,584		6.0
			Energy: 1.7%
	315,000		Other Securities(a)			13,795,207		1.7
			Financials: 9.2%
	56,200		Aon PLC			5,182,202		0.6
	64,933		CBOE Holdings, Inc.			4,214,152		0.5
	94,400		Crown Castle International Corp.			8,160,880		1.0
	129,100		FNF Group			4,475,897		0.5
	21,600		Intercontinental Exchange, Inc.			5,535,216		0.7
	1,091,314		Other Securities(a)			48,949,766		5.9
						76,518,113		9.2
			Health Care: 15.2%
	74,300	@	Alkermes PLC			5,897,934		0.7
	55,800		AmerisourceBergen Corp.			5,787,018		0.7
	50,000	@	BioMarin Pharmaceutical, Inc.			5,238,000		0.6
	55,600	@	Incyte Corp., Ltd.			6,029,820		0.7
	12,000	@	Intuitive Surgical, Inc.			6,553,920		0.8
	118,950		Zoetis, Inc.			5,700,084		0.7
	1,552,034		Other Securities(a)			90,839,255		11.0
						126,046,031		15.2
			Industrials: 18.1%
	62,800		Allegion Public Ltd.			4,139,776		0.5
	41,000		Equifax, Inc.			4,566,170		0.5
	37,800	@	IHS, Inc.			4,476,654		0.5

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Industrials (continued)
	24,300		Roper Technologies, Inc.		$	4,611,897		0.5
	119,400	@	Sensata Technologies Holdings N.V.			5,499,564		0.7
	154,700		Southwest Airlines Co.			6,661,382		0.8
	19,100	@	TransDigm Group, Inc.			4,363,395		0.5
	95,041	@	United Continental Holdings, Inc.			5,445,849		0.7
	84,200	@	Verisk Analytics, Inc.			6,473,296		0.8
	2,005,172		Other Securities(a)			104,136,808		12.6
						150,374,791		18.1
			Information Technology: 19.8%
	15,500	@	Alliance Data Systems Corp.			4,286,835		0.5
	106,300		Amphenol Corp.			5,552,049		0.7
	92,500		ARM Holdings PLC ADR			4,184,700		0.5
	85,900		Fidelity National Information Services, Inc.			5,205,540		0.6
	65,200	@	Fiserv, Inc.			5,963,192		0.7
	50,600	@	Gartner, Inc.			4,589,420		0.6
	53,100		Intuit, Inc.			5,124,150		0.6
	26,100	@	LinkedIn Corp.			5,874,588		0.7
	26,000	@	Palo Alto Networks, Inc.			4,579,640		0.6
	75,300	@	Red Hat, Inc.			6,235,593		0.7
	66,600	@	ServiceNow, Inc.			5,764,896		0.7
	105,600	@	Vantiv, Inc.			5,007,552		0.6
	54,600	@,L	VeriSign, Inc.			4,769,856		0.6
	2,183,825		Other Securities(a)			97,343,336		11.7
						164,481,347		19.8
			Materials: 6.0%
	77,500		Ball Corp.			5,636,575		0.7
	67,500		Celanese Corp.			4,544,775		0.6
	21,700		Sherwin-Williams Co.			5,633,320		0.7
	53,900		Valspar Corp.			4,471,005		0.5
	681,100		Other Securities(a)			29,130,821		3.5
						49,416,496		6.0
			Telecommunication Services: 1.3%
	74,650	@	SBA Communications Corp.			7,843,475		1.0
	72,700		Other Securities			2,844,024		0.3
						10,687,499		1.3
			Utilities: 0.5%
	117,000		Other Securities			3,910,692		0.5
			Total Common Stock
			(Cost $610,591,624)			816,100,527		98.5

See Accompanying Notes to Financial Statements

145

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VY® T. Rowe Price Diversified

SUMMARY PORTFOLIO OF INVESTMENTS

Mid Cap Growth Portfolio

as of December 31, 2015 (continued)

Shares			Value			Percentage of Net Assets
PREFERRED STOCK: 1.4%
		Financials: 0.4%
	103,987	Other Securities		$	3,420,088		0.4
		Information Technology: 1.0%
	542,069	Other Securities			7,724,535		1.0
		Total Preferred Stock
		(Cost $7,911,058)			11,144,623		1.4
		Total Long-Term Investments
		(Cost $618,502,682)			827,245,150		99.9

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 5.4%
		Securities Lending Collateralcc: 5.4%
	8,443,479	BNP Paribas Bank, Repurchase Agreement dated 12/31/15, 0.31%, due 01/04/16 (Repurchase Amount $8,443,766, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-4.500%, Market Value plus accrued interest $8,612,349, due 06/09/16-05/20/45)		8,443,479		1.0
	10,567,478	Citigroup, Inc., Repurchase Agreement dated 12/31/15, 0.34%, due 01/04/16 (Repurchase Amount $10,567,872, collateralized by various U.S. Government Agency Obligations, 0.000%-11.500%, Market Value plus accrued interest $10,778,828, due 01/15/16-04/01/51)		10,567,478		1.3
	10,567,478	Mizuho Securities USA Inc., Repurchase Agreement dated 12/31/15, 0.30%, due 01/04/16 (Repurchase Amount $10,567,825, collateralized by various U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $10,778,828, due 06/13/16-03/01/44)		10,567,478		1.3

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateralcc (continued)
	10,567,478	Nomura Securities, Repurchase Agreement dated 12/31/15, 0.33%, due 01/04/16 (Repurchase Amount $10,567,860, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $10,778,828, due 01/15/16-10/20/65)		$	10,567,478		1.3
	4,348,334	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/15, 0.41%, due 01/04/16 (Repurchase Amount $4,348,529, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $4,438,495, due 01/15/17-02/15/42)			4,348,334		0.5
					44,494,247		5.4

Shares			Value			Percentage of Net Assets
		Mutual Funds: 0.0%
	463,213	T. Rowe Price Reserve Investment Fund, 0.225%†† (Cost $463,213)			463,213		0.0
		Total Short-Term Investments (Cost $44,957,460)			44,957,460		5.4
		Total Investments in Securities (Cost $663,460,142)		$	872,202,610		105.3
		Liabilities in Excess of Other Assets			(43,685,436)		(5.3)
		Net Assets		$	828,517,174		100.0

See Accompanying Notes to Financial Statements

146

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SUMMARY PORTFOLIO OF INVESTMENTS

Mid Cap Growth Portfolio

as of December 31, 2015 (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.

††

Rate shown is the 7-day yield as of December 31, 2015.

Non-income producing security.

ADR

American Depositary Receipt

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

Loaned security, a portion or all of the security is on loan at December 31, 2015.

(a)

This grouping contains securities on loan.

Cost for federal income tax purposes is $664,758,972.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	247,309,886
Gross Unrealized Depreciation		(39,866,248)
Net Unrealized Appreciation	$	207,443,638

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary		$	171,198,767		$	—		$	—		$	171,198,767
Consumer Staples			49,671,584			—			—			49,671,584
Energy			13,795,207			—			—			13,795,207
Financials			75,639,995			—			878,118			76,518,113
Health Care			126,046,031			—			—			126,046,031
Industrials			150,374,791			—			—			150,374,791
Information Technology			160,900,464			2,981,563			599,320			164,481,347
Materials			49,416,496			—			—			49,416,496
Telecommunication Services			10,687,499			—			—			10,687,499
Utilities			3,910,692			—			—			3,910,692
Total Common Stock			811,641,526			2,981,563			1,477,438			816,100,527
Preferred Stock			—			—			11,144,623			11,144,623
Short-Term Investments			463,213			44,494,247			—			44,957,460
Total Investments, at fair value		$	812,104,739		$	47,475,810		$	12,622,061		$	872,202,610

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

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at December 31, 2015.

Investments, at fair value

Fair Value at
December 31, 2015

Valuation
Technique(s)

Unobservable
Inputs

Range

Impact to
Valuation from an
Increase in Input

Common Stock

1,477,438

Recent Comparable
Transaction Price

Discount Factor*

0.00%

Decrease

Preferred Stock

11,144,623

Recent Comparable
Transaction Price

Discount Factor*

0.00%

Decrease

No quantitative unobservable inputs were significant to the fair valuation determination at December 31, 2015.

See Accompanying Notes to Financial Statements

147

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SUMMARY PORTFOLIO OF INVESTMENTS

Mid Cap Growth Portfolio

as of December 31, 2015 (continued)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolios’s assets and liabilities during the year ended December 31, 2015:

	Beginning Balance 12/31/2014*			Purchases			Sales			��	Accrued Discounts/ (Premiums)			Total Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation)**			Transfers Into Level 3			Transfers Out of Level 3			Ending Balance 12/31/2015
Asset Table
Investments, at fair value
Common Stock		$	2,427,407		$	303,091		$	—			$	—		$	—		$	(192,100)		$	—		$	(1,060,960)		$	1,477,438
Preferred Stock			7,355,179			2,916,101			—				—			—			1,794,805			—			(921,462)			11,144,623
Total Investments, at value		$	9,782,586		$	3,219,192		$	—			$	—		$	—		$	1,602,705		$	—		$	(1,982,422)		$	12,622,061

A security valued at $2,738,023 was reclassified from Preferred Stock to Common Stock as of December 31, 2015.

As of December 31, 2015 total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $1,602,705.

See Accompanying Notes to Financial Statements

148

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VY® T. Rowe Price

SUMMARY PORTFOLIO OF INVESTMENTS

Growth Equity Portfolio

as of December 31, 2015

Shares				Value			Percentage of Net Assets
COMMON STOCK: 97.0%
			Consumer Discretionary: 26.9%
	186,300	@	Amazon.com, Inc.		$	125,918,307		7.2
	26,600	@	Autozone, Inc.			19,734,806		1.1
	577,400		Hanesbrands, Inc.			16,992,882		1.0
	302,400		Lowe’s Cos, Inc.			22,994,496		1.3
	872,760	@	MGM Resorts International			19,829,107		1.1
	314,800		Nike, Inc.			19,675,000		1.1
	47,959	@	Priceline.com, Inc.			61,145,327		3.5
	236,700		Starbucks Corp.			14,209,101		0.8
	84,280	@,L	Tesla Motors, Inc.			20,228,043		1.1
	182,300		Tractor Supply Co.			15,586,650		0.9
	256,400		Walt Disney Co.			26,942,512		1.5
	1,794,908		Other Securities(a)			110,341,843		6.3
						473,598,074		26.9
			Consumer Staples: 2.2%
	129,400		CVS Health Corp.			12,651,438		0.8
	231,000		Walgreens Boots Alliance, Inc.			19,670,805		1.1
	33,900		Other Securities			5,474,850		0.3
						37,797,093		2.2
			Financials: 5.4%
	236,900		American Tower Corp.			22,967,455		1.3
	147,012		Crown Castle International Corp.			12,709,187		0.7
	67,800		Intercontinental Exchange, Inc.			17,374,428		1.0
	563,400		Morgan Stanley			17,921,754		1.0
	418,062		Other Securities			23,397,795		1.4
						94,370,619		5.4
			Health Care: 21.3%
	197,200	@	Alexion Pharmaceuticals, Inc.			37,615,900		2.1
	173,231	@	Allergan plc			54,134,688		3.1
	160,000		Anthem, Inc.			22,310,400		1.3
	45,400	@	Biogen, Inc.			13,908,290		0.8
	291,400		Bristol-Myers Squibb Co.			20,045,406		1.1
	226,016	@	Celgene Corp.			27,067,676		1.5
	93,000		Cigna Corp.			13,608,690		0.8
	231,700		Gilead Sciences, Inc.			23,445,723		1.3
	82,100		Humana, Inc.			14,655,671		0.8
	122,000	@	Incyte Corp., Ltd.			13,230,900		0.8
	46,600	@	Intuitive Surgical, Inc.			25,451,056		1.5
	109,600		McKesson Corp.			21,616,408		1.2
	31,800	@	Regeneron Pharmaceuticals, Inc.			17,263,266		1.0

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Health Care (continued)
	180,400		UnitedHealth Group, Inc.		$	21,222,256		1.2
	188,900	@	Valeant Pharmaceuticals International, Inc. - USD			19,201,685		1.1
	124,300	@	Vertex Pharmaceuticals, Inc.			15,640,669		0.9
	111,700		Other Securities			14,386,990		0.8
						374,805,674		21.3
			Industrials: 10.4%
	711,200		American Airlines Group, Inc.			30,119,320		1.7
	198,800		Boeing Co.			28,744,492		1.6
	112,100	L	Canadian Pacific Railway Ltd			14,303,960		0.8
	533,500		Danaher Corp.			49,551,480		2.8
	101,300		Roper Technologies, Inc.			19,225,727		1.1
	175,300		Wabtec Corp.			12,467,336		0.7
	430,072		Other Securities			28,915,748		1.7
						183,328,063		10.4
			Information Technology: 29.7%
	186,092	@	Alibaba Group Holding Ltd. ADR			15,123,697		0.8
	81,250	@	Alphabet, Inc. - Class A			63,213,313		3.6
	75,671		Alphabet, Inc. - Class C			57,425,208		3.3
	344,800		Apple, Inc.			36,293,648		2.0
	481,500	@	Facebook, Inc.			50,393,790		2.9
	78,900	@	LinkedIn Corp.			17,758,812		1.0
	490,500		Mastercard, Inc.			47,755,080		2.7
	1,053,500		Microsoft Corp.			58,448,180		3.3
	239,964	@	Salesforce.com, Inc.			18,813,178		1.1
	1,137,000		Tencent Holdings Ltd.			22,262,444		1.3
	180,200	@,L	VeriSign, Inc.			15,742,272		0.9
	620,700		Visa, Inc. - Class A			48,135,285		2.7
	1,313,844		Other Securities(a)			71,482,979		4.1
						522,847,886		29.7
			Materials: 1.0%
	156,400		Other Securities			17,962,948		1.0
			Telecommunication Services: 0.1%
	44,200		Other Securities			1,729,104		0.1
			Total Common Stock
			(Cost $1,228,942,341)			1,706,439,461		97.0
PREFERRED STOCK: 1.1%
			Consumer Discretionary: 0.2%
	20,407		Other Securities			2,902,692		0.2

See Accompanying Notes to Financial Statements

149

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VY® T. Rowe Price

SUMMARY PORTFOLIO OF INVESTMENTS

Growth Equity Portfolio

as of December 31, 2015 (continued)

Shares			Value			Percentage of Net Assets
PREFERRED STOCK: (continued)
		Financials: 0.1%
	45,554	Other Securities		$	1,498,251		0.1
		Information Technology: 0.8%
	233,266	Other Securities			15,023,988		0.8
		Total Preferred Stock
		(Cost $15,555,205)			19,424,931		1.1
		Total Long-Term Investments
		(Cost $1,244,497,546)			1,725,864,392		98.1

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS:6.3%
		Securities Lending Collateralcc: 4.1%
	17,248,744	BNP Paribas Bank, Repurchase Agreement dated 12/31/15, 0.30%, due 01/04/16 (Repurchase Amount $17,249,311, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-5.500%, Market Value plus accrued interest $17,593,719, due 06/06/16-05/04/37)		17,248,744		0.9
	17,248,744	Citigroup, Inc., Repurchase Agreement dated 12/31/15, 0.34%, due 01/04/16 (Repurchase Amount $17,249,387, collateralized by various U.S. Government Agency Obligations, 0.000%-11.500%, Market Value plus accrued interest $17,593,719, due 01/15/16-04/01/51)		17,248,744		1.0
	13,782,070	HSBC Securities USA, Repurchase Agreement dated 12/31/15, 0.29%, due 01/04/16 (Repurchase Amount $13,782,508, collateralized by various U.S. Government Securities, 3.000%, Market Value plus accrued interest $14,057,751, due 11/15/44)		13,782,070		0.8

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateralcc (continued)
	17,248,744	Nomura Securities, Repurchase Agreement dated 12/31/15, 0.33%, due 01/04/16 (Repurchase Amount $17,249,368, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $17,593,719, due 01/15/16-10/20/65)		$	17,248,744		1.0
	7,097,511	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/15, 0.41%, due 01/04/16 (Repurchase Amount $7,097,830, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $7,244,674, due 01/15/17-02/15/42)			7,097,511		0.4
					72,625,813		4.1

Shares			Value			Percentage of Net Assets
		Affiliated Investment Companies: 2.2%
	38,829,375	T. Rowe Price Reserve Investment Fund, 0.225%††
		(Cost $38,829,375)			38,829,375		2.2
		Total Short-Term Investments
		(Cost $111,455,188)			111,455,188		6.3
		Total Investments in Securities (Cost $1,355,952,734)		$	1,837,319,580		104.4
		Liabilities in Excess of Other Assets			(78,044,934)		(4.4)
		Net Assets		$	1,759,274,646		100.0

See Accompanying Notes to Financial Statements

150

TABLE OF CONTENTS

VY® T. Rowe Price

SUMMARY PORTFOLIO OF INVESTMENTS

Growth Equity Portfolio

as of December 31, 2015 (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.

††

Rate shown is the 7-day yield as of December 31, 2015.

Non-income producing security.

ADR

American Depositary Receipt

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

Loaned security, a portion or all of the security is on loan at December 31, 2015.

(a)

This grouping contains securities on loan.

Cost for federal income tax purposes is $1,358,458,985.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	511,736,502
Gross Unrealized Depreciation		(32,875,907)
Net Unrealized Appreciation	$	478,860,595

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary		$	473,158,837		$	—		$	439,237		$	473,598,074
Consumer Staples			37,797,093			—			—			37,797,093
Financials			94,204,132			—			166,487			94,370,619
Health Care			374,805,674			—			—			374,805,674
Industrials			183,328,063			—			—			183,328,063
Information Technology			499,237,860			22,262,444			1,347,582			522,847,886
Materials			17,962,948			—			—			17,962,948
Telecommunication Services			1,729,104			—			—			1,729,104
Total Common Stock			1,682,223,711			22,262,444			1,953,306			1,706,439,461
Preferred Stock			—			—			19,424,931			19,424,931
Short-Term Investments			38,829,375			72,625,813			—			111,455,188
Total Investments, at fair value		$	1,721,053,086		$	94,888,257		$	21,378,237		$	1,837,319,580

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

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at December 31, 2015.

Investments, at fair value

Fair Value at
December 31, 2015

Valuation
Technique(s)

Unobservable Inputs

Range

Impact to
Valuation from
an Increase in Input

Common Stock

1,953,306

Recent Comparable
Transaction Price

Discount Factor*

0.00%

Decrease

Preferred Stock

19,424,931

Recent Comparable
Transaction Price

Discount Factor*

0.00%

Decrease

No quantitative unobserable inputs were significant to the fair valuation determination at December 31, 2015.

See Accompanying Notes to Financial Statements

151

TABLE OF CONTENTS

VY® T. Rowe Price

SUMMARY PORTFOLIO OF INVESTMENTS

Growth Equity Portfolio

as of December 31, 2015 (continued)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolios’s assets and liabilities during the year ended December 31, 2015:

	Beginning Balance 12/31/2014			Purchases			Sales			Accrued Discounts/ (Premiums)			Total Realized Gain/ (Loss)			Net Change in Unrealized Appreciation/ (Depreciation)*			Transfers Into Level 3			Transfers Out of Level 3			Ending Balance 12/31/2015
Asset Table
Investments, at fair value
Common Stock		$	2,759,993		$	518,518		$	—		$	—		$	—		$	(1,325,205)		$	—		$	—		$	1,953,306
Preferred Stock			4,394,627			11,160,580			—			—						3,869,724			—			—			19,424,931
Total Investments, at value		$	7,154,620		$	11,679,098		$	—		$	—		$	—		$	2,544,519		$	—		$	—		$	21,378,237

As of December 31, 2015 total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $2,544,519.

See Accompanying Notes to Financial Statements

152

TABLE OF CONTENTS

VY® Templeton Foreign Equity

SUMMARY PORTFOLIO OF INVESTMENTS

Portfolio

as of December 31, 2015

Shares				Value			Percentage of Net Assets
COMMON STOCK: 96.3%
			Brazil: 0.2%
	345,617		Other Securities(a)		$	1,486,153		0.2
			China: 6.1%
	2,585,000		China Life Insurance Co., Ltd.			8,298,363		1.1
	774,500		China Mobile Ltd.			8,717,854		1.2
	21,246,000		China Telecom Corp., Ltd.			9,910,559		1.4
	12,217,400		Other Securities(a)			17,051,936		2.4
						43,978,712		6.1
			France: 11.5%
	473,266		AXA S.A.			12,931,388		1.8
	273,888		BNP Paribas			15,495,933		2.1
	191,520		Cie de Saint-Gobain			8,299,616		1.2
	120,314		Cie Generale des Etablissements Michelin			11,451,858		1.6
	638,860		Credit Agricole SA			7,528,458		1.0
	135,141		Sanofi			11,517,016		1.6
	242,964		Total S.A.			10,892,473		1.5
	103,640		Other Securities(a)			5,154,073		0.7
						83,270,815		11.5
			Germany: 12.0%
	100,971		Bayer AG			12,610,374		1.7
	85,980		Deutsche Boerse AG			7,557,784		1.0
	156,915		HeidelbergCement AG			12,788,256		1.8
	569,995		Infineon Technologies AG			8,309,838		1.2
	103,258		Merck KGaA			9,997,581		1.4
	74,750		Siemens AG			7,231,793		1.0
	548,941		Other Securities			27,826,557		3.9
						86,322,183		12.0
			Hong Kong: 2.8%
	228,400	@	CK Hutchison Holdings Ltd. ADR			3,069,696		0.4
	485,640		CK Hutchison Holdings Ltd.			6,527,938		0.9
	8,330,540		Other Securities(a)			10,881,287		1.5
						20,478,921		2.8
			India: 1.3%
	496,486		Housing Development Finance Corp.			9,443,085		1.3
			Israel: 2.3%
	253,929		Teva Pharmaceutical Industries Ltd. ADR			16,667,900		2.3
			Italy: 3.0%
	680,187		ENI S.p.A.			10,106,408		1.4
	1,493,810		UniCredit SpA			8,258,858		1.1
	1,072,600		Other Securities			3,562,124		0.5
						21,927,390		3.0

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Japan: 6.9%
	1,282,100		Nissan Motor Co., Ltd.		$	13,424,539		1.9
	171,300		SoftBank Group Corp.			8,645,580		1.2
	240,400		Suntory Beverage & Food Ltd.			10,523,785		1.4
	149,600		Toyota Motor Corp.			9,212,222		1.3
	1,900,800		Other Securities			7,916,797		1.1
						49,722,923		6.9
			Netherlands: 5.4%
	159,998		Akzo Nobel NV			10,690,910		1.5
	455,036		Royal Dutch Shell PLC - Class B			10,370,755		1.4
	1,168,550		Other Securities(a)			17,950,082		2.5
						39,011,747		5.4
			Norway: 2.1%
	573,623		Telenor ASA			9,561,476		1.3
	651,604		Other Securities			5,752,770		0.8
						15,314,246		2.1
			Portugal: 0.9%
	564,750		Other Securities			6,589,919		0.9
			Russia: 0.4%
	226,203		Other Securities			2,871,647		0.4
			Singapore: 2.8%
	886,582		DBS Group Holdings Ltd.			10,390,302		1.4
	3,902,000		Singapore Telecommunications Ltd.			10,060,390		1.4
						20,450,692		2.8
			South Korea: 5.6%
	35,481		Hyundai Mobis			7,423,674		1.0
	247,680	@	KB Financial Group, Inc. ADR			6,902,842		1.0
	34,081		Samsung Electronics Co., Ltd. GDR			18,069,237		2.5
	247,749		Other Securities			7,993,420		1.1
						40,389,173		5.6
			Spain: 1.8%
	1,007,321		Telefonica S.A.			11,175,205		1.5
	178,256		Other Securities(a)			1,962,479		0.3
						13,137,684		1.8
			Sweden: 1.5%
	282,620		Getinge AB			7,403,304		1.0
	364,710		Other Securities			3,516,281		0.5
						10,919,585		1.5
			Switzerland: 7.9%
	638,169	@	Credit Suisse Group AG			13,747,413		1.9
	82,527		Novartis AG			7,098,913		1.0
	57,076		Roche Holding AG			15,816,240		2.2

See Accompanying Notes to Financial Statements

153

TABLE OF CONTENTS

VY® Templeton Foreign Equity

SUMMARY PORTFOLIO OF INVESTMENTS

Portfolio

as of December 31, 2015 (continued)

��

Shares			Value			Percentage of Net Assets
COMMON STOCK: (continued)
		Switzerland (continued)
	142,055	Swiss Re Ltd.		$	13,873,987		1.9
	2,104,860	Other Securities			6,088,601		0.9
					56,625,154		7.9
		Taiwan: 0.6%
	948,251	Other Securities			4,090,984		0.6
		Thailand: 0.7%
	1,168,800	Other Securities			4,990,907		0.7
		United Kingdom: 20.5%
	1,446,095	Aviva PLC			10,976,614		1.5
	1,403,493	BAE Systems PLC			10,333,301		1.4
	2,345,820	Barclays PLC			7,550,699		1.1
	2,113,824	BP PLC			10,984,942		1.5
	609,930	Sky PLC			9,998,490		1.4
	451,664	CRH PLC - London			13,076,524		1.8
	648,766	GlaxoSmithKline PLC			13,102,453		1.8
	1,466,000	HSBC Holdings PLC			11,591,086		1.6
	2,163,454	Kingfisher PLC			10,478,717		1.5
	7,476,467	Lloyds Banking Group Plc			8,044,689		1.1
	1,471,390	Marks & Spencer Group PLC			9,796,861		1.4
	2,762,541	Vodafone Group PLC			8,958,329		1.2
	4,493,854	Other Securities			23,269,601		3.2
					148,162,306		20.5
		Total Common Stock (Cost $625,817,843)			695,852,126		96.3

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.8%
		U.S. Government Agency Obligations: 2.7%
	11,000,000	Farmer Mac Discount Notes, 0.120%, 01/04/16		11,000,000		1.6
	8,000,000	Freddie Mac Discount Notes, 0.090%, 01/04/16		8,000,000		1.1
				19,000,000		2.7
		Securities Lending Collateralcc: 2.1%
	3,686,971	Citigroup, Inc., Repurchase Agreement dated 12/31/15, 0.34%, due 01/04/16 (Repurchase Amount $3,687,108, collateralized by various U.S. Government Agency Obligations, 0.000%-11.500%, Market Value plus accrued interest $3,760,710, due 01/15/16-04/01/51)		3,686,971		0.5

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateralcc (continued)
	2,945,850	HSBC Securities USA, Repurchase Agreement dated 12/31/15, 0.29%, due 01/04/16 (Repurchase Amount $2,945,944, collateralized by various U.S. Government Securities, 3.000%, Market Value plus accrued interest $3,004,775, due 11/15/44)		$	2,945,850		0.4
	3,686,971	Mizuho Securities USA Inc., Repurchase Agreement dated 12/31/15, 0.30%, due 01/04/16 (Repurchase Amount $3,687,092, collateralized by various U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $3,760,710, due 06/13/16-03/01/44)			3,686,971		0.5
	3,686,971	Nomura Securities, Repurchase Agreement dated 12/31/15, 0.33%, due 01/04/16 (Repurchase Amount $3,687,104, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $3,760,710, due 01/15/16-10/20/65)			3,686,971		0.5
	1,517,067	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/15, 0.41%, due 01/04/16 (Repurchase Amount $1,517,135, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $1,548,523, due 01/15/17-02/15/42)			1,517,067		0.2
					15,523,830		2.1
		Total Short-Term Investments (Cost $34,523,773)			34,523,830		4.8
		Total Investments in Securities (Cost $660,341,616)		$	730,375,956		101.1
		Liabilities in Excess of Other Assets			(7,689,416)		(1.1)
		Net Assets		$	722,686,540		100.0

See Accompanying Notes to Financial Statements

154

TABLE OF CONTENTS

VY® Templeton Foreign Equity

SUMMARY PORTFOLIO OF INVESTMENTS

Portfolio

as of December 31, 2015 (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.

Non-income producing security.

ADR

American Depositary Receipt

GDR

Global Depositary Receipt

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

(a)

This grouping contains securities on loan.

Cost for federal income tax purposes is $664,448,248.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	158,702,381
Gross Unrealized Depreciation		(92,774,673)
Net Unrealized Appreciation	$	65,927,708

Sector Diversification	Percentage of Net Assets
Financials		25.9%
Health Care		14.8
Energy		10.5
Consumer Discretionary		10.1
Telecommunication Services		9.2
Industrials		8.7
Materials		7.9
Information Technology		6.1
Consumer Staples		3.1
U.S. Government Agency Obligations		1.6
Short-Term Investments		3.2
Liabilities in Excess of Other Assets		(1.1)
Net Assets		100.0%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Common Stock
Brazil		$	1,486,153		$	—		$	—		$	1,486,153
China			—			43,978,712			—			43,978,712
France			—			83,270,815			—			83,270,815
Germany			—			86,322,183			—			86,322,183
Hong Kong			—			20,478,921			—			20,478,921
India			—			9,443,085			—			9,443,085
Israel			16,667,900			—			—			16,667,900
Italy			—			21,927,390			—			21,927,390
Japan			—			49,722,923			—			49,722,923
Netherlands			—			39,011,747			—			39,011,747
Norway			—			15,314,246			—			15,314,246
Portugal			—			6,589,919			—			6,589,919
Russia			2,871,647			—			—			2,871,647
Singapore			—			20,450,692			—			20,450,692
South Korea			8,979,040			31,410,133			—			40,389,173
Spain			—			13,137,684			—			13,137,684
Sweden			—			10,919,585			—			10,919,585
Switzerland			—			56,625,154			—			56,625,154
Taiwan			—			4,090,984			—			4,090,984
Thailand			—			4,990,907			—			4,990,907
United Kingdom			—			148,162,306			—			148,162,306
Total Common Stock			30,004,740			665,847,386			—			695,852,126
Short-Term Investments			—			34,523,830			—			34,523,830
Total Investments, at fair value		$	30,004,740		$	700,371,216		$	—		$	730,375,956

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

See Accompanying Notes to Financial Statements

155

TABLE OF CONTENTS

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended December 31, 2015 were as follows:

Portfolio Name	Type	Per Share Amount
VY® American Century Small-Mid Cap Value Portfolio
Class ADV	NII		$	0.1851
Class I	NII		$	0.2605
Class S	NII		$	0.2172
Class S2	NII		$	0.1803
All Classes	STCG		$	0.7982
All Classes	LTCG		$	1.8439
VY® Baron Growth Portfolio
Class ADV	NII		$	0.0152
Class I	NII		$	0.1790
Class S	NII		$	0.0897
Class S2	NII		$	0.0528
All Classes	LTCG		$	2.3626
VY® Columbia Contrarian Core Portfolio
Class ADV	NII		$	0.1766
Class I	NII		$	0.2777
Class S	NII		$	0.2121
All Classes	STCG		$	0.8886
All Classes	LTCG		$	1.8977
VY® Columbia Small Cap Value II Portfolio
Class ADV	NII		$	0.0419
Class I	NII		$	0.1002
Class S	NII		$	0.0549
Class S2	NII		$	0.0680
VY® Invesco Comstock Portfolio
Class ADV	NII		$	0.3434
Class I	NII		$	0.4278
Class S	NII		$	0.3833
VY® Invesco Equity and Income Portfolio
Class ADV	NII		$	0.7895
Class I	NII		$	1.0069
Class S	NII		$	0.8894

Portfolio Name	Type	Per Share Amount
Class S2	NII		$	0.8254
All Classes	STCG		$	0.0954
All Classes	LTCG		$	3.5594
VY® JPMorgan Mid Cap Value Portfolio
Class ADV	NII		$	0.0791
Class I	NII		$	0.1763
Class S	NII		$	0.1234
Class S2	NII		$	0.0880
All Classes	STCG		$	0.0925
All Classes	LTCG		$	3.0677
VY Oppenheimer Global Portfolio
Class ADV	NII		$	0.1944
Class I	NII		$	0.2876
Class S	NII		$	0.2404
Class S2	NII		$	0.2157
All Classes	LTCG		$	1.4901
VY® Pioneer High Yield Portfolio
Class I	NII		$	0.5944
Class S	NII		$	0.5644
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio
All Classes	STCG		$	0.1155
All Classes	LTCG		$	1.7580
VY® T. Rowe Price Growth Equity Portfolio
All Classes	STCG		$	0.6693
All Classes	LTCG		$	13.3008
VY® Templeton Foreign Equity Portfolio
Class ADV	NII		$	0.4111
Class I	NII		$	0.4810
Class S	NII		$	0.4443
Class S2	NII		$	0.4366

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, 2015, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

	VY® American Century Small-Mid Cap Value Portfolio					26.93%
	VY® Baron Growth Portfolio					100.00%
	VY® Columbia Contrarian Core Portfolio					34.89%
	VY® Columbia Small Cap Value II Portfolio					100.00%
	VY® Invesco Comstock Portfolio					76.38%
	VY® Invesco Equity and Income Portfolio					60.45%
	VY® JPMorgan Mid Cap Value Portfolio					100.00%
	VY® Oppenheimer Global Portfolio					35.32%
	VY® Pioneer High Yield Portfolio					5.46%
	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio					78.33%
	VY® T. Rowe Price Growth Equity Portfolio					84.71%

156

TABLE OF CONTENTS

TAX INFORMATION (Unaudited) (continued)

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):

VY® American Century Small-Mid Cap Value Portfolio	$	39,578,301
VY® Baron Growth Portfolio	$	73,235,855
VY® Columbia Contrarian Core Portfolio	$	26,243,808
VY® Invesco Equity and Income Portfolio	$	150,837,776
VY® JPMorgan Mid Cap Value Portfolio	$	92,144,387
VY® Oppenheimer Global Portfolio	$	127,586,424
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio	$	121,937,169
VY® T. Rowe Price Growth Equity Portfolio	$	228,589,928

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, 2015. 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*
VY® Oppenheimer Global Portfolio		$	725,382		$	0.0081		61.19%
VY® Templeton Foreign Equity Portfolio		$	751,398		$	0.0116		85.06%

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.

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

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

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DIRECTOR 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) 262-3862.

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: 55

Director

November 2007 – Present

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

151

DSM/Dentaquest, Boston, MA (February 2014 – Present).

John V. Boyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 62

Chairperson

Director

January 2014 – Present
November 1997 – Present

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

151

None.

Patricia W. Chadwick
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 67

Director

January 2006 – Present

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

151

Wisconsin Energy Corporation (June 2006 – Present); The Royce Funds (35 funds) (December 2009 – Present); and AMICA Mutual Insurance Company (1992 – Present).

Peter S. Drotch
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 74

Director

November 2007 – Present

Retired.

151

First Marblehead Corporation (September 2003 – Present).

Martin J. Gavin
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, AZ 85258-2034
Age: 65

Director

August 2015 – Present

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

151

None.

Russell H. Jones
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 71

Director

May 2013 – Present

Retired.

151

None.

Patrick W. Kenny
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 73

Director

March 2002 – Present

Retired.

151

Assured Guaranty Ltd. (April 2004 – Present).

Joseph E. Obermeyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 58

Director

May 2013 – Present

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

151

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

Sheryl K. Pressler
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 65

Director

January 2006 – Present

Consultant (May 2001 – Present).

151

None.

Christopher P. Sullivan
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 62

Director

October 2015 – Present

Retired. Formerly, President, Bond Division, Fidelity Management and Research (June 2009 – September 2012).

151

None.

Roger B. Vincent
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 70

Director

January 2005 – Present

Retired. Formerly, President, Springwell Corporation, a corporate finance firm (March 1989 – August 2011).

151

UGI Corporation (February 2006 – Present) and UGI Utilities, Inc. (February 2006 – Present).

Director who is an “interested person”:

Shaun P. Mathews(3)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 60

Director

November 2007 – Present

President and Chief Executive Officer, Voya Investments, LLC (December 2006 – Present).

151

Voya Capital Corporation, LLC and Voya Investments Distributor, LLC (December 2005 – Present); Voya Funds Services, LLC, Voya Investments, LLC and Voya Investment Management, LLC (March 2006 – Present); and Voya Investment Trust Co. (April 2009 – 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)

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 Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya International High Dividend Equity Income Fund; Voya Investors Trust; Voya Money Market Portfolio; 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, 2016.

(3)

Mr. Mathews is deemed to be an “interested person” of the Company as defined in the 1940 Act, because of his current affiliation with the Voya funds, Voya Financial, Inc., or Voya Financial, Inc.’s affiliates.

Effective December 31, 2015, Dr. Albert E. DePrince, Jr. retired as a 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
Shaun P. Mathews 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 60	President and Chief Executive Officer	November 2006 – Present	President and Chief Executive Officer, Voya Investments, LLC (December 2006 – Present).
Michael J. Roland 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57	Managing Director and Chief Operating Officer	April 2012 – Present	Managing Director and Chief Operating Officer, Voya Investments, LLC and Voya Funds Services, LLC (April 2012 – Present). Formerly, Chief Compliance Officer, Directed Services LLC and Voya Investments, LLC (March 2011 – December 2013); Executive Vice President and Chief Operating Officer, Voya Investments, LLC and Voya Funds Services, LLC (January 2007 – April 2012) and Chief Compliance Officer, Voya Family of Funds (March 2011 – February 2012).
Stanley D. Vyner 230 Park Avenue New York, New York 10169 Age: 65	Executive Vice President Chief Investment Risk Officer	January 2005 – Present September 2009 – Present	Executive Vice President, Voya Investments, LLC (July 2000 – Present) and Chief Investment Risk Officer, Voya Investments, LLC (January 2003 – Present).
Kevin M. Gleason 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 49	Chief Compliance Officer	February 2012 – Present	Senior Vice President, Voya Investments, LLC and Chief Compliance Officer, Voya Family of Funds (February 2012 – Present). Formerly, Assistant General Counsel and Assistant Secretary, The Northwestern Mutual Life Insurance Company (June 2004 – January 2012).
Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 48	Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary	March 2005 – Present	Senior Vice President, Voya Investments, LLC and Voya Funds Services, LLC (April 2005 – Present).
Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 51	Senior Vice President	January 2005 – Present	Senior Vice President, Voya Investments, LLC (September 2003 – Present).
Julius A. Drelick, III 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 49	Senior Vice President	July 2012 – Present	Senior Vice President and Chief Compliance Officer of Directed Services LLC and Voya Investments, LLC (January 2014 – Present); and Senior Vice President – Fund Compliance, Voya Funds Services, LLC (June 2012 – Present). Formerly, Vice President – Platform Product Management & Project Management, Voya Investments, LLC (April 2007 – June 2012).
Robert Terris 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 45	Senior Vice President	May 2006 – 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: 43	Vice President and Treasurer	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2012 – Present). Formerly, Assistant Vice President – Director, Voya Funds Services, LLC (March 2003 – March 2012).
Maria M. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57	Vice President	January 2005 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (September 2004 – Present).

160

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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
Lauren D. Bensinger 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 62	Vice President	January 2005 – Present	Vice President, Voya Funds Services, LLC (February 1996 – Present) and Voya Investments, LLC (October 2004 – Present); Vice President and Money Laundering Reporting Officer, Voya Investments Distributor, LLC (April 2010 – Present); Anti-Money Laundering Compliance Officer, Voya Financial, Inc. (January 2013 – Present); and Money Laundering Reporting Officer, Voya Investment Management Trust Co. (October 2012 – Present).
Sara M. Donaldson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 56	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).
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 48	Vice President	January 2005 – Present	Vice President, Voya Funds Services, LLC (November 1995 – Present) and Voya Investments, LLC (August 1997 – Present). Formerly, Treasurer, Voya Family of Funds (November 1999 – February 2012).
Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 39	Vice President	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2007 – Present).
Kimberly K. Springer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 58	Vice President	March 2006 – Present	Vice President – Mutual Fund Product Development, Voya Investments, LLC (July 2012 – Present); Vice President, Voya Investment Management – Voya Family of Funds (March 2010 – Present) and Vice President, Voya Funds Services, LLC (March 2006 – Present). Formerly Managing Paralegal, Registration Statements (June 2003 – July 2012).
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 46	Vice President	May 2013 – Present	Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (March 2013 – Present). Formerly, Assistant Vice President – Director of Tax, Voya Funds Services, LLC (March 2008 – February 2013).
Huey P. Falgout, Jr. 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52	Secretary	August 2003 – Present	Senior Vice President and Chief Counsel, Voya Investment Management – Mutual Fund Legal Department (March 2010 – Present).
Paul A. Caldarelli 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 64	Assistant Secretary	June 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: 53	Assistant Secretary	August 2003 – 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.

161

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Investment Adviser
Directed Services LLC
1475 Dunwoody Drive
West Chester, Pennsylvania 19380

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

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

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

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

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

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

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

VPAR-VPI (1215-022216)

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Annual Report

December 31, 2015

Classes ADV, I, S, S2 and T

Voya Partners, Inc.

	■ Voya Solution Aggressive Portfolio			■ Voya Solution 2030 Portfolio
	■ Voya Solution Balanced Portfolio			■ Voya Solution 2035 Portfolio
	■ Voya Solution Conservative Portfolio			■ Voya Solution 2040 Portfolio
	■ Voya Solution Income Portfolio			■ Voya Solution 2045 Portfolio
	■ Voya Solution Moderately Aggressive Portfolio			■ Voya Solution 2050 Portfolio
	■ Voya Solution Moderately Conservative Portfolio			■ Voya Solution 2055 Portfolio
	■ Voya Solution 2020 Portfolio			■ Voya Solution 2060 Portfolio
	■ Voya Solution 2025 Portfolio

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PROXY VOTING INFORMATION

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. The Portfolios’ Forms N-Q are available on the SEC’s website at www.sec.gov. The Portfolios’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The Portfolios’ Forms N-Q, as well as a complete portfolio of investments, are available without charge upon request from the Portfolios by calling Shareholder Services toll-free at (800) 992-0180.

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PRESIDENT’S LETTER

Fed action — global reaction

Dear Shareholder,

Sincerely,

Shaun Mathews
President and Chief Executive Officer
January 12, 2016

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, 2015

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Benchmark Descriptions

		Index				Description
		Barclays Global Inflation Linked U.S. TIPS Index				The index measures the performance of the US Treasury Inflation Protected Securities (TIPS) market.
		Barclays High Yield Bond — 2% Issuer Constrained Composite Index				An unmanaged 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.
		Barclays U.S. Aggregate Bond Index				An unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities.
		Barclays U.S. Corporate Investment Grade Bond Index				An unmanaged index consisting of publicly issued, fixed rate, nonconvertible, investment grade debt securities.
		Barclays U.S. Treasury Bond Index				A market capitalization-weighted index that measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of one year or more.
		MSCI EAFE® Index				An unmanaged 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 unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
		Russell 2000® Index				An unmanaged index that measures the performance of securities of small U.S. companies.
		Russell 3000® Index				An unmanaged index that measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.
		Russell Midcap® Index				An unmanaged 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.
		S&P 500® Index				An unmanaged 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 Date Retirement Income Index				Seeks to represent asset allocations which target an immediate retirement horizon.
		S&P Target Risk Aggressive Index				Seeks to emphasize exposure to equity securities, maximizing opportunities for long-term capital accumulation. It may include small allocations in fixed-income securities to enhance portfolio efficiency.
		S&P Target Risk Conservative Index				Seeks to emphasize exposure to fixed income securities in order to produce a current income stream and avoid excessive volatility of returns. Equity securities are included to protect long-term purchasing power.
		S&P Target Risk Growth Index				Seeks to measure the performance of an asset allocation strategy targeted to a growth focused risk profile.
		S&P Target Risk Moderate Index				Seeks to measure the performance of an asset allocation strategy targeted to a moderate risk profile.
		S&P Target Date 2020 Index, S&P Target Date 2025 Index, S&P Target Date 2030 Index, S&P Target Date 2035 Index, S&P Target Date 2040 Index, S&P Target Date 2045 Index, S&P Target Date 2050 Index and S&P Target Date 2055+ Index				Each seeks to represent the market consensus for asset allocations which target an approximate 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055 and beyond 2055 retirement horizon, respectively.
		Shanghai Stock Exchange Composite Index				A capitalization-weighted index. The index tracks the daily price performance of all A-shares and B-shares listed on the Shanghai Stock Exchange. The index was developed on December 19, 1990 with a base value of 100.

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Voya Solution Portfolios

Portfolio Managers’ Report

The Voya Solution Portfolios consist of Voya Solution Aggressive Portfolio, Voya Solution Balanced Portfolio, Voya Solution Conservative Portfolio, Voya Solution Income Portfolio, Voya Solution Moderately Aggressive Portfolio, Voya Solution Moderately Conservative Portfolio, VoyaVoya Solution 2020 Portfolio,Voya Voya Solution 2025 Portfolio,VOYA Voya Solution 2030 Portfolio, Voya Solution 2035 Portfolio, Voya Solution 2040 Portfolio, Voya Solution 2045 Portfolio, Voya Solution 2050 Portfolio, Voya Solution 2055 Portfolio, and Voya Solution 2060 Portfolio (each a “Portfolio” or collectively, the “Portfolios” or the “Solution Portfolios”). Each Portfolio seeks to achieve its investment objective by investing in a combination of underlying funds which are actively managed funds or passively managed funds (index funds)(1). The Portfolios are managed by Halvard Kvaale, CIMA, Paul Zemsky, CFA and Chief Investment Officer, and Jody Hrazanek, Portfolio Managers of Voya Investment Management Co. LLC (“Voya IM”) the Sub-Adviser (“Sub-Adviser”).*

Portfolio Specifics: The Portfolios began the year with a tactical overweight to developed international and Japanese equities, high yield and senior loans, funded by underweights to emerging markets equity, U.S. large cap and core U.S. fixed income. At the beginning of the year, we reduced exposure to high yield bonds, allocating the proceeds to long duration U.S. Treasuries. This was done in an effort to lengthen our duration exposure, based on lower expectations for inflation in the U.S. and continued signs of decelerated global growth.

At the end of the first quarter, we further reduced our exposure to high yield bonds and allocated the proceeds to cash. At the time, this trade was made over concerns that the effects of declining crude oil prices on energy companies, which have a large representation in the high yield bond market, would create short term headwinds for the asset class. In addition, we closed our Japanese equities position that was initiated at the end of 2014. Our reasoning for the position at the time was that Japanese equities were attractively valued relative to U.S. equities, showed positive corporate earnings revisions by analyst, and that reform efforts by Prime Minister Shinzo Abe would be a tailwind for risk assets. This thesis was largely fulfilled and we closed the position for a profit at the end of the quarter.

In April, we purchased high yield bonds with cash, directly reversing our end of the first quarter trade as the thesis for the original trade, where we believed further declines in crude oil prices could negatively affect high yield, failed to transpire. In mid-April, we shifted assets from domestic mid cap equities into currency-hedged Eurozone equities, forecasting Eurozone equities would outperform U.S. equities because of expected economic activity improvements, continued expansion of bank lending and sustained positive effects from enhanced competitiveness of the Euro.

As part of our annual process, the Portfolios glided down at the end of April, resulting in lower strategic equity allocations across our near and intermediate-dated Portfolios. To achieve this glide down, we sold domestic mid cap equities and purchased core U.S. fixed income. In addition, we added commodities as a strategic asset allocation across all Portfolios, funded by additional reductions in domestic mid cap equities. Both supply and prices of major commodity categories had come down over the past two years, making the asset class more attractive than in previous years. This allocation will also seek to hedge inflationary pressures which may strengthen given nascent wage rises in the U.S. and expansionary monetary policy outside the U.S.

At the end of the quarter, we closed out the Eurozone equities trade enacted at the beginning of the quarter. Since early April, the run-up in sovereign bond yields caused a significant correction in Eurozone equity prices, and the unfolding situation in Greece introduced more risk than we were willing to tolerate.

At the end of July, we reduced exposure to domestic large cap equities, allocating the proceeds to core fixed income. This trade was made to reduce our overweight to equities ahead of the Federal Reserve Board (“Fed”) policy decision in September, believing that the execution of Fed policy and/or its communication on the subject could potentially trigger a market correction. We further de-risked the Portfolios in August ahead of the Fed’s policy decision, reducing domestic large cap equities and shifting the proceeds to global real estate, lengthening the duration of the Portfolios. Subdued U.S. earnings growth, earnings revisions and economic surprises supported the thesis for this risk-off trade.

At the start of October, we reduced risk across the Portfolios by selling mid cap equities and buying core U.S. bonds, neutralizing our equity overweight. This trade was placed due to a worsening global economic outlook at the time and uncertainty around the Fed’s intentions on raising interest rates. We unwound this trade at the end of October after weak payroll numbers helped to push off expectations for a Fed interest rate hike and increased risk appetite in the markets.

At the end of October, we made changes to our strategic asset allocations across all Portfolios to reflect our longer term views. This change led to a reduction to U.S. core fixed income, domestic equities, U.S. real estate and short duration, and an increase to international equity and senior loans for most of the Portfolios. In addition, we added global real estate and long-term government bonds as new strategic asset classes.

In November, we reduced risk in the Portfolios given uncertainty over the Fed, commodities and global growth. The Portfolios ended the year in a defensive posture, with underweights to domestic large cap equity (far-dated Portfolios) and high yield (near-dated Portfolios), with a corresponding overweight position in core U.S. fixed income.

During the year, tactical moves relative to our strategic benchmarks had a positive impact across all Portfolios.

Nine out of the fifteen Solution Portfolios outperformed their respective S&P Target Date or Target Risk indices for the year**.

Among the largest asset class contributors to absolute return were domestic large blend and large growth, U.S. real estate investment trusts, core U.S. fixed income and short duration bonds. Individual contributors to benchmark-relative performance include VY® T.Rowe Price Growth Portfolio, VY® T.Rowe Price Capital Appreciation Portfolio and Voya Small Company Portfolio.

Among the largest asset class detractors from absolute return were broad-basket commodities, emerging markets equity and domestic mid cap value. Individual detractors to relative performance include VY® Invesco Comstock Portfolio, Voya Multi-Manager Large Cap Core Portfolio and Voya Global Bond Portfolio.

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Portfolio Managers’ Report

Voya Solution Portfolios

The Portfolios utilized S&P 400 Mini Futures and 10 Year Treasury Futures to enact a tactical position held in October. Futures were utilized to avoid affecting underlying managers with shorter term tactical moves and to provide the Portfolios with greater liquidity. This tactical position detracted from performance during the reporting period.

Current Strategy and Outlook: While we have entered into a new year, the market conditions and investor fears first seen in late 2015 persist. High yield credit and commodity markets sank to multi-year lows, while Chinese equities resumed a rout reminiscent of last summer. With a fresh round of meetings around the corner, central banks are once again in the hot seat, battling deflationary pressures and struggling to remain credible.

Chinese volatility has once again crept back into the forefront of global investor worries. While 2015 GDP growth of 6.9% is largely consistent with the People’s Bank of China’s estimates, softer-than-expected December industrial production, fixed asset investment and retail sales numbers point toward slower 2016 growth, which some are even predicting to be sub-6%. While China’s transition to a consumer-driven growth model continues to be difficult, a hard landing for the economy is still not our base case scenario.

Recent dovish commentary from both the European Central Bank (“ECB”) and Bank of Japan (“BoJ”) has raised expectations of possible further monetary stimulus from these authorities. While the ECB left its rates unchanged following its most recent meeting, President Mario Draghi mentioned that failing to reach its inflation target would reflect poorly on the ECB’s credibility and that there is a need to “review and possibly revisit our monetary policy stance at our next meeting in early March”. Similarly, BoJ Governor Kuroda was quoted saying the Japanese central bank will make “policy adjustment without hesitation” to reach its 2% inflation target.

Financial conditions in the U.S. have tightened considerably in the new year. The S&P 500® is down about 8%, and we have seen two consecutive quarters of negative S&P earnings growth. Our current activity model is implying GDP growth of 1% for the fourth quarter, down from 2% in the third quarter. High yield bond spreads have widened out as much as 130 basis points (1.30%) (a basis point is one-hundredth of one percent) since year-end, long-term bond yields are down close to 20 basis points, and crude oil has touched 12-year lows. We believe market volatility is likely to continue since the Fed appears to be focused on both economic and market developments, both at home and abroad; it will be interesting to see if the Federal Open Market Committee’s January statement includes any discussion of market conditions.

For the U.S. we continue to see consumer-driven growth in 2016, as we rounded out 2015 with strong housing data, above consensus payroll gains and record auto sales. On the other hand, the manufacturing sector remains under pressure, with December delivering a second consecutive month of contraction; January flash Markit Manufacturing PMI surprised to the upside, however. Overall, a stronger dollar and weaker oil prices should continue to help consumers while weighing on manufacturers.

Effective August 7, 2015, Frank Van Etten was removed as a portfolio manager of the Portfolios. Effective December 18, 2015, Jody Hrazanek was added as a portfolio manager of the Portfolios.

Each Portfolio’s relative performance versus its respective benchmarks can be found on page 6.

(1)

The investment objective of each Portfolio is described in the Portfolios’ prospectuses, each dated May 1, 2015.

TABLE OF CONTENTS

Voya Solution Portfolios

Portfolio Managers’ Report

		Average Annual Total Returns for the Period Ended December 31, 2015
					1 Year
		Voya Solution Aggressive Portfolio, Class S			-1.12%
		S&P Target Risk Aggressive Index			-0.54%
		Voya Solution Balanced Portfolio, Class S			-0.46%
		S&P Target Risk Growth Index			-0.69%
		Voya Solution Conservative Portfolio, Class S			-0.48%
		S&P Target Risk Conservative Index			-0.82%
		Voya Solution Income Portfolio, Class S			0.10%
		S&P Target Date Retirement Income Index			0.07%
		Russell 3000® Index			0.48%
		MSCI EAFE® Index			-0.81%
		Barclays U.S. Aggregate Bond (“BCAB”) Index			0.55%
		Voya Solution Moderately Aggressive Portfolio, Class S			-1.15%
		S&P Target Risk Aggressive Index			-0.54%
		Voya Solution Moderately Conservative Portfolio, Class S			-0.38%
		S&P Target Risk Moderate Index			-0.81%
		Voya Solution 2020 Portfolio, Class S			1.23%
		S&P Target Date 2020 Index			0.06%
		Voya Solution 2025 Portfolio, Class S			-0.09%
		S&P Target Date 2025 Index			0.00%
		Russell 3000® Index			0.48%
		MSCI EAFE® Index			-0.81%
		BCAB Index			0.55%
		Voya Solution 2030 Portfolio, Class S			0.52%
		S&P Target Date 2030 Index			-0.05%
		Voya Solution 2035 Portfolio, Class S			-0.48%
		S&P Target Date 2035 Index			-0.10%
		Russell 3000® Index			0.48%
		MSCI EAFE® Index			-0.81%
		BCAB Index			0.55%
		Voya Solution 2040 Portfolio, Class S			0.03%
		S&P Target Date 2040 Index			-0.15%
		Voya Solution 2045 Portfolio, Class S			-0.95%
		S&P Target Date 2045 Index			-0.21%
		Russell 3000® Index			0.48%
		MSCI EAFE® Index			-0.81%
		BCAB Index			0.55%
		Voya Solution 2050 Portfolio, Class S			0.00%
		S&P Target Date 2050 Index			-0.22%
		Voya Solution 2055 Portfolio, Class S			-0.87%
		S&P Target Date 2055+ Index			-0.29%
		Voya Solution 2060 Portfolio, Class S*			-1.40%
		S&P Target Date 2055+ Index*			-1.74%

Voya Solution 2060 Portfolio and S&P Target Date 2055+ Index cumulative total returns are for the date of inception on February 9, 2015 to December 31, 2015.

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Solution Portfolios

Target Allocations as of December 31, 2015
Asset Class	2060		2055		2050		2045		2040		2035		2030		2025		2020		Income
US Large Blend		23.0%		23.0%		21.0%		21.0%		23.0%		22.0%		22.0%		16.0%		15.0%		14.0%
US Large Growth		15.0%		15.0%		15.0%		15.0%		13.0%		12.0%		11.0%		10.0%		9.0%		6.0%
US Large Value		13.0%		13.0%		13.0%		13.0%		11.0%		10.0%		9.0%		8.0%		7.0%		4.0%
US Mid Cap Growth		5.5%		5.5%		5.5%		5.5%		5.0%		3.5%		3.5%		3.5%		2.5%		1.5%
US Mid Cap Value		5.5%		5.5%		5.5%		5.5%		5.0%		3.5%		3.5%		3.5%		2.5%		1.5%
US Small Cap		4.0%		4.0%		4.0%		4.0%		4.0%		3.0%		3.0%		3.0%		3.0%		—
International		21.0%		21.0%		21.0%		21.0%		19.0%		19.0%		15.0%		14.0%		11.0%		5.0%
Emerging Markets		6.0%		6.0%		6.0%		6.0%		6.0%		6.0%		4.0%		3.0%		—		—
US Real Estate		1.5%		1.5%		1.5%		1.5%		1.5%		1.5%		1.5%		2.0%		2.0%		2.0%
Global Real Estate		1.5%		1.5%		1.5%		1.5%		1.5%		1.5%		1.5%		—		—		—
Commodities		1.0%		1.0%		1.0%		1.0%		1.0%		1.0%		1.0%		1.0%		1.0%		1.0%
Core Fixed Income		2.2%		2.2%		2.2%		2.2%		4.0%		7.0%		11.0%		16.0%		19.0%		32.0%
High Yield		—		—		—		—		4.0%		4.0%		4.0%		4.0%		4.0%		4.0%
Senior Debt		—		—		1.8%		1.8%		2.0%		5.0%		5.0%		5.0%		5.0%		5.0%
International Bonds		—		—		—		—		—		—		—		6.0%		6.0%		6.0%
TIPS		—		—		—		—		—		—		—		—		7.0%		9.0%
Short Duration		—		—		—		—		—		1.0%		4.0%		5.0%		6.0%		8.0%
Long Gov’t Bonds		0.8%		0.8%		1.0%		1.0%		—		—		1.0%		—		—		1.0%
Total Equity		97%		97%		95%		95%		90%		83%		75%		64%		53%		35%
Total Fixed Income		3%		3%		5%		5%		10%		17%		25%		36%		47%		65%

Target Allocations as of December 31, 2015
Asset Class	Aggressive		Moderately Aggressive		Balanced		Moderately Conservative		Conservative
US Large Blend		23.0%		18.5%		19.0%		13.0%		11.0%
US Large Growth		15.0%		15.0%		12.0%		5.8%		3.0%
US Large Value		15.0%		14.0%		11.0%		4.8%		3.0%
US Mid Cap Growth		8.0%		6.8%		4.5%		3.7%		2.0%
US Mid Cap Value		8.0%		6.7%		4.5%		3.7%		2.0%
US Small Cap		4.0%		3.0%		2.0%		2.0%		—
International		19.0%		16.0%		9.0%		7.0%		3.0%
Emerging Markets		5.0%		4.0%		2.0%		2.0%		—
US Real Estate		2.0%		2.0%		2.0%		2.0%		—
Commodities		1.0%		1.0%		1.0%		1.0%		1.0%
Core Fixed Income		—		3.0%		12.0%		28.0%		28.0%
High Yield		—		4.0%		6.0%		6.0%		10.0%
Senior Debt		—		3.0%		5.0%		5.0%		7.0%
International Bonds		—		2.0%		5.0%		5.0%		12.0%
TIPS		—		—		2.0%		5.0%		9.0%
Short Duration		—		—		2.0%		5.0%		8.0%
Long Gov’t Bonds		—		1.0%		1.0%		1.0%		1.0%
Total Equity		100%		87%		67%		45%		25%
Total Fixed Income		—		13%		33%		55%		75%

As these are target allocations, the actual allocations of each Portfolio’s assets may deviate from the percentages shown. Although the Portfolios expect to be fully invested at all times, they may maintain liquidity reserves to meet redemption requests.

Portfolio holdings are subject to change daily.

TABLE OF CONTENTS

Voya Solution Aggressive Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: t1600160_chart-aggressive.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		Since Inception of Classes ADV, I, S, and S2 May 1, 2013
Class ADV		-1.32%		7.39%
Class I		-0.83%		8.12%
Class S		-1.12%		7.81%
Class S2		-1.20%		7.45%
S&P Target Risk Aggressive Index		-0.54%		6.98%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution Aggressive Portfolio against the index indicated. The index is unmanaged, has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 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) 262-3862 to get performance through the most recent month end.

It is important to note that the Portfolio has a limited operating history. Performance over a longer period of time may be more meaningful than short-term performance.

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 Solution Balanced Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		Since Inception of Classes ADV, I and S July 2, 2007		Since Inception of Class S2 April 30, 2010
Class ADV		-0.72%		6.05%		2.60%		—
Class I		-0.19%		6.57%		3.20%		—
Class S		-0.46%		6.31%		2.92%		—
Class S2		-0.60%		6.14%		—		6.72%
S&P Target Risk Growth Index		-0.69%		6.91%		3.84%		7.32%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution Balanced Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 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

Voya Solution Conservative Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: t1600160_chart-conservative.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		Since Inception of Classes ADV, I, S, and S2 April 30, 2010
Class ADV		-0.76%		3.75%		4.19%
Class I		-0.23%		4.27%		4.73%
Class S		-0.48%		3.99%		4.46%
Class S2		-0.67%		3.85%		4.30%
S&P Target Risk Conservative Index		-0.82%		4.33%		4.57%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution Conservative Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 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 Solution Income Portfolio

[MISSING IMAGE: t1600160_chart-income.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		10 Year		Since Inception of Class S2 May 28, 2009
Class ADV		-0.30%		4.25%		3.93%		—
Class I		0.20%		4.76%		4.45%		—
Class S		0.10%		4.52%		4.20%		—
Class S2		-0.13%		4.37%		—		6.71%
Class T		-0.40%		4.07%		3.73%		—
S&P Target Date Retirement Income Index		0.07%		4.72%		4.51%		6.70%
Russell 3000® Index		0.48%		12.18%		7.35%		15.62%
MSCI EAFE® Index		-0.81%		3.60%		3.03%		7.29%
BCAB Index		0.55%		3.25%		4.51%		4.29%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution Income Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 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) 262-3862 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

Voya Solution Moderately Aggressive Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: t1600160_chart-growth.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		Since Inception of Classes ADV, I, S, and S2 April 30, 2010
Class ADV		-1.42%		6.54%		7.35%
Class I		-0.85%		7.09%		7.93%
Class S		-1.15%		6.81%		7.64%
Class S2		-1.21%		6.67%		7.50%
S&P Target Risk Aggressive Index		-0.54%		8.17%		8.95%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution Moderately Aggressive Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 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 Solution Moderately Conservative Portfolio

[MISSING IMAGE: t1600160_chart-moderate.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		Since Inception of Classes ADV, I and S July 2, 2007		Since Inception of Class S2 April 30, 2010
Class ADV		-0.60%		4.82%		2.87%		—
Class I		-0.09%		5.34%		3.53%		—
Class S		-0.38%		5.08%		3.25%		—
Class S2		-0.50%		4.93%		—		5.47%
S&P Target Risk Moderate Index		-0.81%		5.13%		3.45%		5.47%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution Moderately Conservative Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 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

Voya Solution 2020 Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: t1600160_chart-2020.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		Since Inception of Classes ADV, I, S, S2 and T October 3, 2011
Class ADV		0.88%		9.42%
Class I		1.38%		9.98%
Class S		1.23%		9.67%
Class S2		1.08%		9.56%
Class T		0.72%		9.30%
S&P Target Date 2020 Index		0.06%		9.85%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2020 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 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 Solution 2025 Portfolio

[MISSING IMAGE: t1600160_chart-2025.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		10 Year		Since Inception of Class S2 May 28, 2009
Class ADV		-0.26%		5.92%		3.91%		—
Class I		0.19%		6.43%		4.43%		—
Class S		-0.09%		6.17%		4.17%		—
Class S2		-0.23%		6.01%		—		9.58%
Class T		-0.56%		5.71%		3.70%		—
S&P Target Date 2025 Index		0.00%		6.96%		5.65%		10.41%
Russell 3000® Index		0.48%		12.18%		7.35%		15.62%
MSCI EAFE® Index		-0.81%		3.60%		3.03%		7.29%
BCAB Index		0.55%		3.25%		4.51%		4.29%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2025 Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 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

Voya Solution 2030 Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: t1600160_chart-2030.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		Since Inception of Classes ADV, I, S, S2 and T October 3, 2011
Class ADV		0.18%		11.48%
Class I		0.66%		12.06%
Class S		0.52%		11.69%
Class S2		0.23%		11.52%
Class T		-0.26%		11.32%
S&P Target Date 2030 Index		-0.05%		11.70%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2030 Portfolio against the index indicated. The index is unmanaged, has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 update illustrates performance for a variable investment option available through a variable contract or a variable life insurance policy. The

It is important to note that the Portfolio has a limited operating history. Performance over a longer period of time may be more meaningful thanshort-term performance.

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 Solution 2035 Portfolio

[MISSING IMAGE: t1600160_chart-2035.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		10 Year		Since Inception of Class S2 May 28, 2009
Class ADV		-0.77%		6.53%		4.20%		—
Class I		-0.30%		7.05%		4.70%		—
Class S		-0.48%		6.80%		4.46%		—
Class S2		-0.62%		6.64%		—		10.43%
Class T		-1.00%		6.32%		3.99%		—
S&P Target Date 2035 Index		-0.10%		7.65%		5.79%		11.43%
Russell 3000® Index		0.48%		12.18%		7.35%		15.62%
MSCI EAFE® Index		-0.81%		3.60%		3.03%		7.29%
BCAB Index		0.55%		3.25%		4.51%		4.29%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2035 Portfolio against the indices indicated. An index is unmanaged, has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 update illustrates performance for a variable investment option available through a variable

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) 262-3862 to get performance through the most recent month end.

It is important to note that the Portfolio has a limited operating history. Performance over a longer period of time may be more meaningful thanshort-term performance.

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

Voya Solution 2040 Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: t1600160_chart-2040.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		Since Inception of Classes ADV, I, S, S2 and T October 3, 2011
Class ADV		-0.33%		12.89%
Class I		0.22%		13.49%
Class S		0.03%		13.13%
Class S2		-0.33%		12.97%
Class T		-0.66%		12.67%
S&P Target Date 2040 Index		-0.15%		12.88%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2040 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 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 Solution 2045 Portfolio

[MISSING IMAGE: t1600160_chart-2045.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		10 Year		Since Inception of Class S2 May 28, 2009
Class ADV		-1.15%		7.01%		4.26%		—
Class I		-0.59%		7.55%		4.78%		—
Class S		-0.95%		7.28%		4.51%		—
Class S2		-1.07%		7.10%		—		10.99%
Class T		-1.31%		6.80%		4.05%		—
S&P Target Date 2045 Index		-0.21%		8.03%		5.83%		11.93%
Russell 3000® Index		0.48%		12.18%		7.35%		15.62%
MSCI EAFE® Index		-0.81%		3.60%		3.03%		7.29%
BCAB Index		0.55%		3.25%		4.51%		4.29%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2045 Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 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

Voya Solution 2050 Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: t1600160_chart-2050.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		Since Inception of Classes ADV, I, S, S2 and T October 3, 2011
Class ADV		-0.33%		13.09%
Class I		0.38%		13.73%
Class S		0.00%		13.33%
Class S2		-0.17%		13.17%
Class T		-0.60%		12.94%
S&P Target Date 2050 Index		-0.22%		13.60%
S&P Target Date 2045 Index		-0.21%		13.26%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2050 Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 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) 262-3862 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.

Effective May 1, 2015, the Portfolio changed its primary benchmark from the S&P Target Date 2045 Index to the S&P Target Date 2050 Index because the S&P Target Date 2050 Index is considered by the Adviser to be a more appropriate benchmark reflecting the types of securities in which the Portfolio invests.

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Solution 2055 Portfolio

[MISSING IMAGE: t1600160_chart-2055.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		Since Inception of Classes ADV, I, S, S2 and T March 8, 2010
Class ADV		-1.15%		7.07%		8.34%
Class I		-0.67%		7.62%		8.87%
Class S		-0.87%		7.35%		8.60%
Class S2		-1.04%		7.19%		8.44%
Class T		-1.36%		6.90%		8.14%
S&P Target Date 2055+ Index		-0.29%		8.38%		9.45%
S&P Target Date 2045 Index		-0.21%		8.03%		9.14%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2055 Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 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) 262-3862 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.

Effective May 1, 2015, the Portfolio changed its primary benchmark from the S&P Target Date 2045 Index to the S&P Target Date 2055+ Index because the S&P Target Date 2055+ Index is considered by the Adviser to be a more appropriate benchmark reflecting the types of securities in which the Portfolio invests.

TABLE OF CONTENTS

Voya Solution 2060 Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: t1600160_chart-2060.jpg]

Cumulative Total Returns for the Periods Ended December 31, 2015
	Since Inception of Classes ADV, I, S, S2 and T February 9, 2015
Class ADV		-1.10%
Class I		-0.80%
Class S		-1.40%
Class S2		-1.10%
Class T		-1.40%
S&P Target Date 2055+ Index		-1.74%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2060 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 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) 262-3862 to get performance through the most recent month end.

It is important to note that the Portfolio has a limited operating history. Performance over a longer period of time may be more meaningful than short-term performance.

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

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, 2015 to December 31, 2015. 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, 2015			Ending Account Value December 31, 2015			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2015**			Beginning Account Value July 1, 2015			Ending Account Value December 31, 2015			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2015**
Voya Solution Aggressive Portfolio
Class ADV		$	1,000.00		$	958.30		0.68%		$	3.36		$	1,000.00		$	1,021.78		0.68%		$	3.47
Class I			1,000.00			961.30		0.18			0.89			1,000.00			1,024.30		0.18			0.92
Class S			1,000.00			959.80		0.43			2.12			1,000.00			1,023.04		0.43			2.19
Class S2			1,000.00			958.80		0.58			2.86			1,000.00			1,022.28		0.58			2.96
Voya Solution Balanced Portfolio
Class ADV		$	1,000.00		$	973.50		0.65%		$	3.23		$	1,000.00		$	1,021.93		0.65%		$	3.31
Class I			1,000.00			975.70		0.15			0.75			1,000.00			1,024.45		0.15			0.77
Class S			1,000.00			974.40		0.40			1.99			1,000.00			1,023.19		0.40			2.04
Class S2			1,000.00			973.90		0.55			2.74			1,000.00			1,022.43		0.55			2.80
Voya Solution Conservative Portfolio
Class ADV		$	1,000.00		$	984.40		0.61%		$	3.05		$	1,000.00		$	1,022.13		0.61%		$	3.11
Class I			1,000.00			987.20		0.11			0.55			1,000.00			1,024.65		0.11			0.56
Class S			1,000.00			985.50		0.36			1.80			1,000.00			1,023.39		0.36			1.84
Class S2			1,000.00			984.50		0.51			2.55			1,000.00			1,022.63		0.51			2.60
Voya Solution Income Portfolio
Class ADV		$	1,000.00		$	989.30		0.63%		$	3.16		$	1,000.00		$	1,022.03		0.63%		$	3.21
Class I			1,000.00			991.10		0.13			0.65			1,000.00			1,024.55		0.13			0.66
Class S			1,000.00			990.80		0.38			1.91			1,000.00			1,023.29		0.38			1.94
Class S2			1,000.00			990.10		0.53			2.66			1,000.00			1,022.53		0.53			2.70
Class T			1,000.00			988.60		0.83			4.16			1,000.00			1,021.02		0.83			4.23

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2015			Ending Account Value December 31, 2015			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2015**			Beginning Account Value July 1, 2015			Ending Account Value December 31, 2015			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2015**
Voya Solution Moderately Aggressive Portfolio
Class ADV		$	1,000.00		$	961.50		0.69%		$	3.41		$	1,000.00		$	1,021.73		0.69%		$	3.52
Class I			1,000.00			964.50		0.19			0.94			1,000.00			1,024.25		0.19			0.97
Class S			1,000.00			963.50		0.44			2.18			1,000.00			1,022.99		0.44			2.24
Class S2			1,000.00			962.90		0.59			2.92			1,000.00			1,022.23		0.59			3.01
Voya Solution Moderately Conservative Portfolio
Class ADV		$	1,000.00		$	980.00		0.66%		$	3.29		$	1,000.00		$	1,021.88		0.66%		$	3.36
Class I			1,000.00			982.80		0.16			0.80			1,000.00			1,024.40		0.16			0.82
Class S			1,000.00			981.50		0.41			2.05			1,000.00			1,023.14		0.41			2.09
Class S2			1,000.00			981.10		0.56			2.80			1,000.00			1,022.38		0.56			2.85
Voya Solution 2020 Portfolio
Class ADV		$	1,000.00		$	991.10		0.63%		$	3.16		$	1,000.00		$	1,022.03		0.63%		$	3.21
Class I			1,000.00			993.20		0.13			0.65			1,000.00			1,024.55		0.13			0.66
Class S			1,000.00			992.50		0.38			1.91			1,000.00			1,023.29		0.38			1.94
Class S2			1,000.00			992.30		0.53			2.66			1,000.00			1,022.53		0.53			2.70
Class T			1,000.00			990.30		0.83			4.16			1,000.00			1,021.02		0.83			4.23
Voya Solution 2025 Portfolio
Class ADV		$	1,000.00		$	976.10		0.65%		$	3.24		$	1,000.00		$	1,021.93		0.65%		$	3.31
Class I			1,000.00			978.00		0.15			0.75			1,000.00			1,024.45		0.15			0.77
Class S			1,000.00			976.60		0.40			1.99			1,000.00			1,023.19		0.40			2.04
Class S2			1,000.00			975.40		0.55			2.74			1,000.00			1,022.43		0.55			2.80
Class T			1,000.00			974.30		0.85			4.23			1,000.00			1,020.92		0.85			4.33
Voya Solution 2030 Portfolio
Class ADV		$	1,000.00		$	975.90		0.66%		$	3.29		$	1,000.00		$	1,021.88		0.66%		$	3.36
Class I			1,000.00			975.60		0.16			0.80			1,000.00			1,024.40		0.16			0.82
Class S			1,000.00			978.80		0.41			2.04			1,000.00			1,023.14		0.41			2.09
Class S2			1,000.00			976.40		0.56			2.79			1,000.00			1,022.38		0.56			2.85
Class T			1,000.00			973.70		0.86			4.28			1,000.00			1,020.87		0.86			4.38
Voya Solution 2035 Portfolio
Class ADV		$	1,000.00		$	964.60		0.67%		$	3.32		$	1,000.00		$	1,021.83		0.67%		$	3.41
Class I			1,000.00			966.90		0.17			0.84			1,000.00			1,024.35		0.17			0.87
Class S			1,000.00			966.30		0.42			2.08			1,000.00			1,023.09		0.42			2.14
Class S2			1,000.00			965.60		0.57			2.82			1,000.00			1,022.33		0.57			2.91
Class T			1,000.00			963.60		0.87			4.31			1,000.00			1,020.82		0.87			4.43
Voya Solution 2040 Portfolio
Class ADV		$	1,000.00		$	967.40		0.67%		$	3.32		$	1,000.00		$	1,021.83		0.67%		$	3.41
Class I			1,000.00			970.00		0.17			0.84			1,000.00			1,024.35		0.17			0.87
Class S			1,000.00			970.00		0.42			2.09			1,000.00			1,023.09		0.42			2.14
Class S2			1,000.00			966.90		0.57			2.83			1,000.00			1,022.33		0.57			2.91
Class T			1,000.00			965.50		0.87			4.31			1,000.00			1,020.82		0.87			4.43
Voya Solution 2045 Portfolio
Class ADV		$	1,000.00		$	960.90		0.69%		$	3.41		$	1,000.00		$	1,021.73		0.69%		$	3.52
Class I			1,000.00			963.60		0.19			0.94			1,000.00			1,024.25		0.19			0.97
Class S			1,000.00			961.80		0.44			2.18			1,000.00			1,022.99		0.44			2.24
Class S2			1,000.00			960.80		0.59			2.92			1,000.00			1,022.23		0.59			3.01
Class T			1,000.00			959.70		0.89			4.40			1,000.00			1,020.72		0.89			4.53

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return												Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2015			Ending Account Value December 31, 2015				Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2015**			Beginning Account Value July 1, 2015			Ending Account Value December 31, 2015			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2015**
Voya Solution 2050 Portfolio
Class ADV		$	1,000.00		$	968.80			0.69%		$	3.42		$	1,000.00		$	1,021.73		0.69%		$	3.52
Class I			1,000.00			973.00			0.19			0.94			1,000.00			1,024.25		0.19			0.97
Class S			1,000.00			970.40			0.44			2.19			1,000.00			1,022.99		0.44			2.24
Class S2			1,000.00			969.80			0.59			2.93			1,000.00			1,022.23		0.59			3.01
Class T			1,000.00			966.20			0.89			4.41			1,000.00			1,020.72		0.89			4.53
Voya Solution 2055 Portfolio
Class ADV		$	1,000.00		$	960.90			0.70%		$	3.46		$	1,000.00		$	1,021.68		0.70%		$	3.57
Class I			1,000.00			963.40			0.20			0.99			1,000.00			1,024.20		0.20			1.02
Class S			1,000.00			962.50			0.45			2.23			1,000.00			1,022.94		0.45			2.29
Class S2			1,000.00			961.40			0.60			2.97			1,000.00			1,022.18		0.60			3.06
Class T			1,000.00			960.10			0.90			4.45			1,000.00			1,020.67		0.90			4.58
Voya Solution 2060 Portfolio
Class ADV		$	1,000.00		$	966.80			0.70%		$	3.47		$	1,000.00		$	1,021.68		0.70%		$	3.57
Class I			1,000.00			967.80	��		0.20			0.99			1,000.00			1,024.20		0.20			1.02
Class S			1,000.00			962.90			0.45			2.23			1,000.00			1,022.94		0.45			2.29
Class S2			1,000.00			965.80			0.60			2.97			1,000.00			1,022.18		0.60			3.06
Class T			1,000.00			963.80			0.90			4.45			1,000.00			1,020.67		0.90			4.58

The annualized expense ratios do not include expenses of the underlying funds.

TABLE OF CONTENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Shareholders and Board of Directors
Voya Partners, Inc.

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Voya Solution Aggressive Portfolio, Voya Solution Balanced Portfolio, Voya Solution Conservative Portfolio, Voya Solution Income Portfolio, Voya Solution Moderately Aggressive Portfolio, Voya Solution Moderately Conservative Portfolio, Voya Solution 2020 Portfolio, Voya Solution 2025 Portfolio, Voya Solution 2030 Portfolio, Voya Solution 2035 Portfolio, Voya Solution 2040 Portfolio, Voya Solution 2045 Portfolio, Voya Solution 2050 Portfolio, Voya Solution 2055 Portfolio, and Voya Solution 2060 Portfolio (commenced operations February 9, 2015), each a series of Voya Partners, Inc., as of December 31, 2015, and the related statements of operations for the year or period then ended, the statements of changes in net assets for each of the years or periods 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. These financial statements and financial highlights are the responsibility of management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the aforementioned funds of Voya Partners, Inc. as of December 31, 2015, the results of their operations for the year or period then ended, the changes in their net assets for each of the years or periods 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.

Boston, Massachusetts
February 25, 2016

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2015

	Voya Solution Aggressive Portfolio			Voya Solution Balanced Portfolio			Voya Solution Conservative Portfolio			Voya Solution Income Portfolio
ASSETS:
Investments in affiliated underlying funds at fair value*		$	4,789,484		$	45,826,953		$	13,470,469		$	570,248,709
Investments in unaffiliated underlying funds at fair value**			316,986			2,404,201			1,012,564			17,862,134
Total investments at fair value		$	5,106,470		$	48,231,154		$	14,483,033		$	588,110,843
Cash			3,522			56,853			26,358			865,143
Receivables:
Investments in affiliated underlying funds sold			—			—			—			1,101,148
Fund shares sold			15,073			76,242			36,148			151,505
Dividends			881			8,732			2,861			38,058
Prepaid expenses			11			97			32			1,229
Reimbursement due from manager			576			4,970			3,157			50,520
Other assets			—			557			178			17,928
Total assets			5,126,533			48,378,605			14,551,767			590,336,374
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			14,352			76,242			36,147			—
Payable for fund shares redeemed			720			—			—			1,252,654
Payable for investment management fees			914			8,666			2,642			104,610
Payable for distribution and shareholder service fees			1,565			15,718			4,960			161,936
Payable to trustees under the deferred compensation plan (Note 6)			—			557			178			17,928
Payable for trustee fees			24			257			86			1,688
Other accrued expenses and liabilities			1,678			10,077			4,132			42,043
Total liabilities			19,253			111,517			48,145			1,580,859
NET ASSETS		$	5,107,280		$	48,267,088		$	14,503,622		$	588,755,515
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	5,357,333		$	47,298,596		$	14,967,513		$	610,652,034
Undistributed net investment income			79,719			969,949			304,540			5,704,462
Accumulated net realized gain (loss)			130,778			2,614,516			75,040			(2,069,897)
Net unrealized depreciation			(460,550)			(2,615,973)			(843,471)			(25,531,084)
NET ASSETS		$	5,107,280		$	48,267,088		$	14,503,622		$	588,755,515
* Cost of investments in affiliated underlying funds		$	5,231,278		$	48,277,305		$	14,227,884		$	593,636,663
** Cost of investments in unaffiliated underlying funds		$	335,742		$	2,569,822		$	1,098,620		$	20,005,264

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2015 (continued)

	Voya Solution Aggressive Portfolio			Voya Solution Balanced Portfolio			Voya Solution Conservative Portfolio			Voya Solution Income Portfolio
Class ADV
Net assets		$	2,383,334		$	25,078,740		$	8,595,396		$	248,968,302
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			210,055			2,671,202			822,576			22,873,987
Net asset value and redemption price per share		$	11.35		$	9.39		$	10.45		$	10.88
Class I
Net assets		$	137,596		$	58,624		$	12,906		$	98,320,814
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			11,897			6,031			1,218			8,838,369
Net asset value and redemption price per share		$	11.57		$	9.72		$	10.60		$	11.12
Class S
Net assets		$	2,417,474		$	22,551,570		$	5,538,733		$	225,273,582
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			210,943			2,368,513			526,583			20,412,897
Net asset value and redemption price per share		$	11.46		$	9.52		$	10.52		$	11.04
Class S2
Net assets		$	168,876		$	578,154		$	356,587		$	15,377,448
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			14,867			60,859			34,084			1,428,300
Net asset value and redemption price per share		$	11.36		$	9.50		$	10.46		$	10.77
Class T
Net assets			n/a			n/a			n/a		$	815,369
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			71,584
Net asset value and redemption price per share			n/a			n/a			n/a		$	11.39

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2015

	Voya Solution Moderately Aggressive Portfolio			Voya Solution Moderately Conservative Portfolio			Voya Solution 2020 Portfolio			Voya Solution 2025 Portfolio
ASSETS:
Investments in affiliated underlying funds at fair value*		$	690,143,978		$	40,747,140		$	9,087,682		$	968,089,154
Investments in unaffiliated underlying funds at fair value**			65,027,554			2,105,014			351,238			40,683,622
Total investments at fair value		$	755,171,532		$	42,852,154		$	9,438,920		$	1,008,772,776
Cash			840,625			40,535			1,517			723,664
Receivables:
Investments in affiliated underlying funds sold			—			4,473			84,917			4,220,149
Fund shares sold			1,047,973			10,594			9,834			417,050
Dividends			184,504			7,700			1,597			186,567
Prepaid expenses			1,536			87			10			2,061
Reimbursement due from manager			36,216			4,069			4,692			77,053
Other assets			16,970			496			—			23,000
Total assets			757,299,356			42,920,108			9,541,487			1,014,422,320
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			1,047,829			—			—			—
Payable for fund shares redeemed			144			15,068			94,751			4,637,200
Payable for investment management fees			140,720			7,709			1,558			180,742
Payable for distribution and shareholder service fees			167,909			13,913			2,067			253,153
Payable to trustees under the deferred compensation plan (Note 6)			16,970			496			—			23,000
Payable for trustee fees			1,589			221			11			5,511
Other accrued expenses and liabilities			114,064			10,387			1,576			122,602
Total liabilities			1,489,225			47,794			99,963			5,222,208
NET ASSETS		$	755,810,131		$	42,872,314		$	9,441,524		$	1,009,200,112
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	790,151,599		$	43,078,819		$	9,449,844		$	972,630,680
Undistributed net investment income			8,487,428			806,668			71,599			19,413,501
Accumulated net realized gain			7,773,440			1,477,975			47,119			65,903,829
Net unrealized depreciation			(50,602,336)			(2,491,148)			(127,038)			(48,747,898)
NET ASSETS		$	755,810,131		$	42,872,314		$	9,441,524		$	1,009,200,112
* Cost of investments in affiliated underlying funds		$	737,537,175		$	43,093,693		$	9,208,129		$	1,014,201,473
** Cost of investments in unaffiliated underlying funds		$	68,236,693		$	2,249,609		$	357,829		$	43,319,201

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2015 (continued)

	Voya Solution Moderately Aggressive Portfolio			Voya Solution Moderately Conservative Portfolio			Voya Solution 2020 Portfolio			Voya Solution 2025 Portfolio
Class ADV
Net assets		$	31,415,526		$	22,004,953		$	2,853,158		$	357,443,145
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			2,796,356			2,312,726			244,874			32,009,672
Net asset value and redemption price per share		$	11.23		$	9.51		$	11.65		$	11.17
Class I
Net assets		$	4,035,397		$	35,549		$	2,156,746		$	204,692,710
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			352,764			3,580			182,544			17,885,164
Net asset value and redemption price per share		$	11.44		$	9.93		$	11.81		$	11.44
Class S
Net assets		$	719,319,098		$	20,080,625		$	4,144,945		$	418,555,045
Shares authorized			200,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			63,429,937			2,063,372			351,277			36,968,714
Net asset value and redemption price per share		$	11.34		$	9.73		$	11.80		$	11.32
Class S2
Net assets		$	1,040,110		$	751,187		$	282,583		$	27,672,682
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			91,914			77,937			24,150			2,507,872
Net asset value and redemption price per share		$	11.32		$	9.64		$	11.70		$	11.03
Class T
Net assets			n/a			n/a		$	4,092		$	836,530
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			352			72,208
Net asset value and redemption price per share			n/a			n/a		$	11.64		$	11.58

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2015

	Voya Solution 2030 Portfolio			Voya Solution 2035 Portfolio			Voya Solution 2040 Portfolio			Voya Solution 2045 Portfolio
ASSETS:
Investments in affiliated underlying funds at fair value*		$	3,713,129		$	880,015,416		$	3,186,560		$	610,712,163
Investments in unaffiliated underlying funds at fair value**			213,626			46,880,518			151,947			39,451,476
Total investments at fair value		$	3,926,755		$	926,895,934		$	3,338,507		$	650,163,639
Cash			1,531			990,640			1,338			772,614
Receivables:
Investments in affiliated underlying funds sold			—			2,452,726			—			1,527,218
Fund shares sold			54,735			467,788			16,237			533,900
Dividends			744			227,421			364			79,517
Prepaid expenses			3			1,881			3			1,314
Reimbursement due from manager			2,907			57,175			2,274			30,103
Other assets			—			19,588			—			12,575
Total assets			3,986,675			931,113,153			3,358,723			653,120,880
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			54,734			—			16,237			—
Payable for fund shares redeemed			—			2,920,514			—			2,061,118
Payable for investment management fees			590			167,621			541			118,292
Payable for distribution and shareholder service fees			807			221,171			997			147,303
Payable to trustees under the deferred compensation plan (Note 6)			—			19,588			—			12,575
Payable for trustee fees			5			5,053			6			3,508
Other accrued expenses and liabilities			1,414			101,839			573			75,548
Total liabilities			57,550			3,435,786			18,354			2,418,344
NET ASSETS		$	3,929,125		$	927,677,367		$	3,340,369		$	650,702,536
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	3,941,912		$	888,888,679		$	3,368,457		$	623,141,280
Undistributed net investment income			34,930			18,484,561			35,885			10,360,171
Accumulated net realized gain			23,828			68,189,196			12,671			51,253,614
Net unrealized depreciation			(71,545)			(47,885,069)			(76,644)			(34,052,529)
NET ASSETS		$	3,929,125		$	927,677,367		$	3,340,369		$	650,702,536
* Cost of investments in affiliated underlying funds		$	3,781,647		$	926,092,675		$	3,259,922		$	642,741,591
** Cost of investments in unaffiliated underlying funds		$	216,653		$	48,688,328		$	155,229		$	41,474,577

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2015 (continued)

	Voya Solution 2030 Portfolio			Voya Solution 2035 Portfolio			Voya Solution 2040 Portfolio			Voya Solution 2045 Portfolio
Class ADV
Net assets		$	1,568,838		$	303,217,615		$	2,229,302		$	197,360,162
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			118,520			26,897,795			161,128			17,699,773
Net asset value and redemption price per share		$	13.24		$	11.27		$	13.84		$	11.15
Class I
Net assets		$	860,982		$	218,050,709		$	487,314		$	169,324,854
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			63,980			18,888,129			34,627			14,807,443
Net asset value and redemption price per share		$	13.46		$	11.54		$	14.07		$	11.44
Class S
Net assets		$	1,454,417		$	383,233,389		$	609,784		$	270,222,109
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			108,239			33,536,131			43,463			23,926,098
Net asset value and redemption price per share		$	13.44		$	11.43		$	14.03		$	11.29
Class S2
Net assets		$	40,862		$	22,288,590		$	9,474		$	13,402,134
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			3,073			2,013,364			682			1,213,514
Net asset value and redemption price per share		$	13.30		$	11.07		$	13.90		$	11.04
Class T
Net assets		$	4,026		$	887,064		$	4,495		$	393,277
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			303			76,110			326			34,321
Net asset value and redemption price per share		$	13.27		$	11.65		$	13.81		$	11.46

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2015

	Voya Solution 2050 Portfolio			Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio
ASSETS:
Investments in affiliated underlying funds at fair value*		$	1,589,707		$	121,162,889		$	638,188
Investments in unaffiliated underlying funds at fair value**			86,837			7,159,616			37,407
Total investments at fair value		$	1,676,544		$	128,322,505		$	675,595
Cash			1,038			109,480			432
Receivables:
Fund shares sold			12,202			310,155			2,678
Dividends			177			15,024			76
Prepaid expenses			2			244			—
Prepaid offering expense			—			—			1,477
Reimbursement due from manager			1,622			13,377			2,794
Other assets			—			1,023			—
Total assets			1,691,585			128,771,808			683,052
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			12,202			162,333			2,679
Payable for fund shares redeemed			—			147,822			—
Payable for investment management fees			267			22,944			113
Payable for distribution and shareholder service fees			426			28,730			110
Payable to trustees under the deferred compensation plan (Note 6)			—			1,023			—
Payable for trustee fees			4			609			1
Other accrued expenses and liabilities			453			10,675			3,981
Total liabilities			13,352			374,136			6,884
NET ASSETS		$	1,678,233		$	128,397,672		$	676,168
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	1,692,546		$	128,931,228		$	669,237
Undistributed net investment income			15,896			1,887,097			6,453
Accumulated net realized gain			14,919			7,832,301			10,531
Net unrealized depreciation			(45,128)			(10,252,954)			(10,053)
NET ASSETS		$	1,678,233		$	128,397,672		$	676,168
* Cost of investments in affiliated underlying funds		$	1,632,587		$	131,061,886		$	647,822
** Cost of investments in unaffiliated underlying funds		$	89,085		$	7,513,573		$	37,826

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2015 (continued)

	Voya Solution 2050 Portfolio			Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio
Class ADV
Net assets		$	960,186		$	41,769,732		$	190,734
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			69,296			3,334,972			19,278
Net asset value and redemption price per share		$	13.86		$	12.52		$	9.89
Class I
Net assets		$	387,279		$	36,691,824		$	316,500
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			27,412			2,879,496			31,919
Net asset value and redemption price per share		$	14.13		$	12.74		$	9.92
Class S
Net assets		$	317,333		$	46,912,774		$	140,306
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			22,570			3,716,990			14,225
Net asset value and redemption price per share		$	14.06		$	12.62		$	9.86
Class S2
Net assets		$	9,223		$	3,014,118		$	25,661
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			662			239,956			2,596
Net asset value and redemption price per share		$	13.93		$	12.56		$	9.89
Class T
Net assets		$	4,212		$	9,224		$	2,967
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			303			722			301
Net asset value and redemption price per share		$	13.88		$	12.78		$	9.86

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2015

	Voya Solution Aggressive Portfolio			Voya Solution Balanced Portfolio			Voya Solution Conservative Portfolio			Voya Solution Income Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	58,793		$	792,411		$	300,417		$	5,799,863
Dividends from unaffiliated underlying funds			6,157			58,181			29,626			305,520
Total investment income			64,950			850,592			330,043			6,105,383
EXPENSES:
Investment management fees(1)			9,046			91,270			30,486			648,006
Distribution and shareholder service fees:
Class ADV			12,555			136,708			54,065			747,467
Class S			5,245			58,706			14,877			316,091
Class S2			685			3,182			1,768			44,198
Class T			—			—			—			2,764
Transfer agent fees			58			147			266			3,603
Administrative service fees(1)			1,343			17,378			5,898			54,943
Shareholder reporting expense			1,171			7,644			2,190			15,631
Professional fees			7,448			13,083			9,129			25,665
Custody and accounting expense			311			3,764			1,186			12,045
Trustee fees			144			1,545			513			10,127
Miscellaneous expense			1,781			7,095			7,050			9,270
Total expenses			39,787			340,522			127,428			1,889,810
Net waived and reimbursed fees			(12,827)			(64,121)			(38,167)			(349,471)
Net expenses			26,960			276,401			89,261			1,540,339
Net investment income			37,990			574,191			240,782			4,565,044
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			(139,162)			752,337			(107,222)			(1,185,276)
Sale of unaffiliated underlying funds			1,958			(118,332)			(50,956)			(834,544)
Capital gain distributions from affiliated underlying funds			331,320			2,741,077			440,853			7,366,045
Capital gain distributions from unaffiliated underlying funds			10			19			—			—
Foreign currency related transactions			—			110			37			273
Futures			—			(13,585)			24,113			(545,357)
Net realized gain			194,126			3,361,626			306,825			4,801,141
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			(338,460)			(4,039,527)			(561,067)			(14,041,467)
Unaffiliated underlying funds			(24,977)			(214,349)			(90,823)			(1,003,575)
Foreign currency related transactions			—			(268)			(89)			(832)
Futures			—			27,424			9,141			85,319
Net change in unrealized appreciation (depreciation)			(363,437)			(4,226,720)			(642,838)			(14,960,555)
Net realized and unrealized loss			(169,311)			(865,094)			(336,013)			(10,159,414)
Decrease in net assets resulting from operations		$	(131,321)		$	(290,903)		$	(95,231)		$	(5,594,370)

(1)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2015

	Voya Solution Moderately Aggressive Portfolio			Voya Solution Moderately Conservative Portfolio			Voya Solution 2020 Portfolio			Voya Solution 2025 Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	6,189,485		$	721,497		$	64,507		$	16,027,942
Dividends from unaffiliated underlying funds			811,326			49,970			2,792			1,057,716
Total investment income			7,000,811			771,467			67,299			17,085,658
EXPENSES:
Investment management fees(1)			683,228			78,228			4,436			1,934,636
Distribution and shareholder service fees:
Class ADV			126,321			110,147			5,927			1,982,384
Class S			724,702			53,087			1,179			1,154,526
Class S2			4,690			4,366			251			155,513
Class T			—			—			29			6,538
Transfer agent fees			2,829			166			304			1,418
Administrative service fees(1)			10,963			14,912			216			376,779
Shareholder reporting expense			6,611			5,996			2,008			42,545
Professional fees			18,637			12,765			8,044			110,049
Custody and accounting expense			10,048			2,868			109			88,280
Trustee fees			9,533			1,325			68			33,068
Miscellaneous expense			4,226			7,160			7,017			56,660
Interest expense			147			—			—			—
Total expenses			1,601,935			291,020			29,588			5,942,396
Net waived and reimbursed fees			(141,969)			(52,817)			(19,370)			(998,790)
Net expenses			1,459,966			238,203			10,218			4,943,606
Net investment income			5,540,845			533,264			57,081			12,142,052
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			(4,038,774)			570,886			(26,507)			29,617,019
Sale of unaffiliated underlying funds			(509,554)			(88,419)			(3,183)			(3,134,945)
Capital gain distributions from affiliated underlying funds			16,816,342			1,748,753			91,731			51,714,775
Capital gain distributions from unaffiliated underlying funds			—			—			—			389
Foreign currency related transactions			73			92			—			(1,486)
Futures			(1,363,311)			(11,773)			—			1,460,654
Net realized gain			10,904,776			2,219,539			62,041			79,656,406
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			(44,755,001)			(2,749,411)			(109,878)			(88,269,593)
Unaffiliated underlying funds			(3,153,958)			(185,688)			(4,990)			(3,437,065)
Foreign currency related transactions			(178)			(238)			—			(2,320)
Futures			18,283			24,377			—			615,516
Net change in unrealized appreciation (depreciation)			(47,890,854)			(2,910,960)			(114,868)			(91,093,462)
Net realized and unrealized loss			(36,986,078)			(691,421)			(52,827)			(11,437,056)
Increase (decrease) in net assets resulting from operations		$	(31,445,233)		$	(158,157)		$	4,254		$	704,996

(1)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2015

	Voya Solution 2030 Portfolio			Voya Solution 2035 Portfolio			Voya Solution 2040 Portfolio			Voya Solution 2045 Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	29,903		$	14,091,049		$	29,646		$	8,225,252
Dividends from unaffiliated underlying funds			1,582			1,335,460			1,764			889,892
Total investment income			31,485			15,426,509			31,410			9,115,144
EXPENSES:
Investment management fees(1)			1,843			1,819,102			2,232			1,263,564
Distribution and shareholder service fees:
Class ADV			2,118			1,676,994			4,709			1,092,209
Class S			561			1,053,582			304			737,459
Class S2			28			127,785			23			76,855
Class T			32			6,688			33			2,942
Transfer agent fees			339			1,289			330			970
Administrative service fees(1)			78			342,975			254			237,939
Shareholder reporting expense			2,008			39,465			843			34,675
Professional fees			6,844			100,886			7,589			71,655
Custody and accounting expense			292			79,725			183			57,305
Trustee fees			28			30,313			36			21,046
Miscellaneous expense			7,640			51,010			7,313			39,042
Interest expense			—			158			—			88
Total expenses			21,811			5,329,972			23,849			3,635,749
Net waived and reimbursed fees			(17,610)			(753,204)			(16,754)			(394,430)
Net expenses			4,201			4,576,768			7,095			3,241,319
Net investment income			27,284			10,849,741			24,315			5,873,825
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			(14,328)			28,577,633			(47,275)			20,586,426
Sale of unaffiliated underlying funds			(1,098)			256,599			(2,089)			241,394
Capital gain distributions from affiliated underlying funds			47,441			53,334,755			77,223			39,021,144
Capital gain distributions from unaffiliated underlying funds			—			1,044			—			552
Foreign currency related transactions			—			(1,164)			—			(812)
Futures			—			742,514			—			(283,343)
Net realized gain			32,015			82,911,381			27,859			59,565,361
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			(65,145)			(91,485,025)			(54,304)			(66,228,176)
Unaffiliated underlying funds			(3,211)			(6,753,451)			(3,277)			(4,936,155)
Foreign currency related transactions			—			(2,079)			—			(1,447)
Futures			—			551,527			—			383,936
Net change in unrealized appreciation (depreciation)			(68,356)			(97,689,028)			(57,581)			(70,781,842)
Net realized and unrealized loss			(36,341)			(14,777,647)			(29,722)			(11,216,481)
Decrease in net assets resulting from operations		$	(9,057)		$	(3,927,906)		$	(5,407)		$	(5,342,656)

(1)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2015

	Voya Solution 2050 Portfolio			Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio
							February 9, 2015(2) to December 31, 2015
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	13,598		$	1,488,551		$	5,158
Dividends from unaffiliated underlying funds			904			145,638			255
Total investment income			14,502			1,634,189			5,413
EXPENSES:
Investment management fees(1)			1,191			222,115			333
Distribution and shareholder service fees:
Class ADV			2,410			204,791			212
Class S			175			117,134			84
Class S2			36			14,735			28
Class T			34			51			19
Transfer agent fees			313			876			782
Administrative service fees(1)			134			37,694			3
Shareholder reporting expense			854			12,760			800
Professional fees			7,504			19,119			7,456
Custody and accounting expense			146			13,285			1,003
Trustee fees			19			3,656			5
Offering expense			—			—			11,671
Miscellaneous expense			7,295			7,673			7,642
Total expenses			20,111			653,889			30,038
Net waived and reimbursed fees			(16,261)			(75,927)			(29,380)
Net expenses			3,850			577,962			658
Net investment income			10,652			1,056,227			4,755
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			(16,834)			1,896,748			1,859
Sale of unaffiliated underlying funds			(349)			4,489			6
Capital gain distributions from affiliated underlying funds			38,520			7,238,556			10,364
Capital gain distributions from unaffiliated underlying funds			—			79			—
Foreign currency related transactions			—			(128)			—
Futures			—			(76,878)			—
Net realized gain			21,337			9,062,866			12,229
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			(34,117)			(11,100,125)			(9,634)
Unaffiliated underlying funds			(2,402)			(774,078)			(419)
Foreign currency related transactions			—			(207)			—
Futures			—			54,848			—
Net change in unrealized appreciation (depreciation)			(36,519)			(11,819,562)			(10,053)
Net realized and unrealized gain (loss)			(15,182)			(2,756,696)			2,176
Increase (decrease) in net assets resulting from operations		$	(4,530)		$	(1,700,469)		$	6,931

(1)

(2)

Commencement of operations.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution Aggressive Portfolio						Voya Solution Balanced Portfolio
	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014
FROM OPERATIONS:
Net investment income		$	37,990		$	25,345		$	574,191		$	624,261
Net realized gain			194,126			242,971			3,361,626			4,803,411
Net change in unrealized appreciation (depreciation)			(363,437)			(121,360)			(4,226,720)			(2,271,831)
Increase (decrease) in net assets resulting from operations			(131,321)			146,956			(290,903)			3,155,841
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(47,203)			(7,127)			(724,136)			(492,698)
Class I			(2,457)			(8)			(1,464)			(26)
Class S			(44,857)			(6,284)			(676,369)			(459,274)
Class S2			(2,927)			(167)			(16,597)			(11,001)
Net realized gains:
Class ADV			(96,240)			(8,033)			(2,180,551)			(1,838,481)
Class I			(4,428)			(19)			(3,705)			(75)
Class S			(85,945)			(6,844)			(1,860,233)			(1,500,747)
Class S2			(5,577)			(213)			(49,700)			(44,553)
Total distributions			(289,634)			(28,695)			(5,512,755)			(4,346,855)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			3,899,642			2,928,113			5,899,791			6,599,193
Reinvestment of distributions			289,634			28,695			5,512,755			4,346,855
			4,189,276			2,956,808			11,412,546			10,946,048
Cost of shares redeemed			(2,325,550)			(538,538)			(9,400,747)			(9,181,670)
Net increase in net assets resulting from capital share transactions			1,863,726			2,418,270			2,011,799			1,764,378
Net increase (decrease) in net assets			1,442,771			2,536,531			(3,791,859)			573,364
NET ASSETS:
Beginning of year or period			3,664,509			1,127,978			52,058,947			51,485,583
End of year or period		$	5,107,280		$	3,664,509		$	48,267,088		$	52,058,947
Undistributed net investment income at end of year or period		$	79,719		$	97,431		$	969,949		$	1,408,693

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution Conservative Portfolio						Voya Solution Income Portfolio
	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014
FROM OPERATIONS:
Net investment income		$	240,782		$	296,721		$	4,565,044		$	2,650,486
Net realized gain			306,825			647,752			4,801,141			9,170,858
Net change in unrealized appreciation (depreciation)			(642,838)			(221,695)			(14,960,555)			(1,965,788)
Increase (decrease) in net assets resulting from operations			(95,231)			722,778			(5,594,370)			9,855,556
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(263,669)			(258,110)			(1,908,525)			(2,029,424)
Class I			(369)			(98)			(694,006)			(696,238)
Class S			(164,946)			(148,024)			(1,447,689)			(1,510,514)
Class S2			(10,087)			(7,699)			(107,320)			(99,007)
Class T			—			—			(1,719)			(2,437)
Net realized gains:
Class ADV			(339,072)			(454,228)			(2,774,895)			—
Class I			(391)			(143)			(816,284)			—
Class S			(190,593)			(238,082)			(1,876,766)			—
Class S2			(12,061)			(13,060)			(146,501)			—
Class T			—			—			(3,225)			—
Total distributions			(981,188)			(1,119,444)			(9,776,930)			(4,337,620)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			2,704,514			2,917,160			24,468,475			22,799,864
Proceeds from shares issued in merger (Note 12)			—			—			502,116,080			—
Reinvestment of distributions			980,967			1,119,445			9,776,930			4,337,620
			3,685,481			4,036,605			536,361,485			27,137,484
Cost of shares redeemed			(5,820,892)			(3,264,309)			(100,672,020)			(51,121,212)
Net increase (decrease) in net assets resulting from capital share transactions			(2,135,411)			772,296			435,689,465			(23,983,728)
Net increase (decrease) in net assets			(3,211,830)			375,630			420,318,165			(18,465,792)
NET ASSETS:
Beginning of year or period			17,715,452			17,339,822			168,437,350			186,903,142
End of year or period		$	14,503,622		$	17,715,452		$	588,755,515		$	168,437,350
Undistributed net investment income at end of year or period		$	304,540		$	431,248		$	5,704,462		$	4,118,565

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution Moderately Aggressive Portfolio						Voya Solution Moderately Conservative Portfolio
	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014
FROM OPERATIONS:
Net investment income		$	5,540,845		$	302,350		$	533,264		$	648,845
Net realized gain			10,904,776			3,774,720			2,219,539			2,924,891
Net change in unrealized appreciation (depreciation)			(47,890,854)			(2,144,827)			(2,910,960)			(1,195,117)
Increase (decrease) in net assets resulting from operations			(31,445,233)			1,932,243			(158,157)			2,378,619
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(571,200)			(281,227)			(574,383)			(448,243)
Class I			(2,819)			(78)			(1,147)			(29)
Class S			(316,380)			(199,025)			(563,437)			(528,003)
Class S2			(28,735)			(13,714)			(25,478)			(15,919)
Net realized gains:
Class ADV			(2,042,964)			(1,312,300)			(1,294,485)			(1,274,824)
Class I			(8,662)			(282)			(2,177)			(66)
Class S			(1,067,852)			(818,999)			(1,180,760)			(1,329,118)
Class S2			(96,371)			(51,669)			(53,881)			(42,168)
Total distributions			(4,134,983)			(2,677,294)			(3,695,748)			(3,638,370)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			8,915,955			7,817,156			8,095,674			8,005,489
Proceeds from shares issued in merger (Note 12)			812,445,061			—			—			—
Reinvestment of distributions			4,134,983			2,677,295			3,695,748			3,638,370
			825,495,999			10,494,451			11,791,422			11,643,859
Cost of shares redeemed			(66,302,153)			(6,656,733)			(9,954,124)			(12,099,886)
Net increase (decrease) in net assets resulting from capital share transactions			759,193,846			3,837,718			1,837,298			(456,027)
Net increase (decrease) in net assets			723,613,630			3,092,667			(2,016,607)			(1,715,778)
NET ASSETS:
Beginning of year or period			32,196,501			29,103,834			44,888,921			46,604,699
End of year or period		$	755,810,131		$	32,196,501		$	42,872,314		$	44,888,921
Undistributed net investment income at end of year or period		$	8,487,428		$	916,562		$	806,668		$	1,155,062

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution 2020 Portfolio						Voya Solution 2025 Portfolio
	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014
FROM OPERATIONS:
Net investment income		$	57,081		$	5,818		$	12,142,052		$	14,147,140
Net realized gain			62,041			28,077			79,656,406			133,853,533
Net change in unrealized appreciation (depreciation)			(114,868)			(13,548)			(91,093,462)			(82,456,837)
Increase in net assets resulting from operations			4,254			20,347			704,996			65,543,836
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(13,688)			(390)			(10,970,091)			(7,770,543)
Class I			(195)			—			(7,433,439)			(5,167,433)
Class S			(183)			—			(14,388,544)			(9,839,537)
Class S2			(176)			—			(911,625)			(626,978)
Class T			(169)			—			(10,324)			(51,109)
Net realized gains:
Class ADV			(18,880)			(1,614)			(38,955,867)			(22,007,158)
Class I			(238)			(11)			(21,794,551)			(11,058,574)
Class S			(238)			(12)			(45,794,442)			(23,887,292)
Class S2			(238)			(11)			(3,108,350)			(1,695,494)
Class T			(238)			(11)			(87,705)			(153,305)
Total distributions			(34,243)			(2,049)			(143,454,938)			(82,257,423)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			10,083,488			612,209			118,002,074			137,902,204
Reinvestment of distributions			32,574			2,049			143,454,938			82,257,423
			10,116,062			614,258			261,457,012			220,159,627
Cost of shares redeemed			(1,291,607)			(3,935)			(264,465,132)			(348,688,179)
Net increase (decrease) in net assets resulting from capital share transactions			8,824,455			610,323			(3,008,120)			(128,528,552)
Net increase (decrease) in net assets			8,794,466			628,621			(145,758,062)			(145,242,139)
NET ASSETS:
Beginning of year or period			647,058			18,437			1,154,958,174			1,300,200,313
End of year or period		$	9,441,524		$	647,058		$	1,009,200,112		$	1,154,958,174
Undistributed net investment income at end of year or period		$	71,599		$	14,270		$	19,413,501		$	33,444,752

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution 2030 Portfolio						Voya Solution 2035 Portfolio
	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014
FROM OPERATIONS:
Net investment income		$	27,284		$	1,771		$	10,849,741		$	11,799,947
Net realized gain			32,015			18,000			82,911,381			139,950,207
Net change in unrealized appreciation (depreciation)			(68,356)			(5,697)			(97,689,028)			(92,469,894)
Increase (decrease) in net assets resulting from operations			(9,057)			14,074			(3,927,906)			59,280,260
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(3,964)			(374)			(9,275,972)			(6,802,252)
Class I			(1,232)			—			(8,012,932)			(5,095,144)
Class S			(51)			—			(13,253,942)			(8,668,342)
Class S2			(48)			—			(727,376)			(579,632)
Class T			(39)			—			(15,578)			(35,193)
Net realized gains:
Class ADV			(11,578)			(1,930)			(38,056,781)			(32,474,750)
Class I			(2,860)			(30)			(27,087,345)			(18,565,782)
Class S			(169)			(31)			(48,462,268)			(35,967,415)
Class S2			(169)			(31)			(2,896,790)			(2,623,213)
Class T			(169)			(31)			(100,161)			(193,251)
Total distributions			(20,279)			(2,427)			(147,889,145)			(111,004,974)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			4,050,320			267,213			132,031,334			133,124,882
Reinvestment of distributions			19,396			2,425			147,889,145			111,004,974
			4,069,716			269,638			279,920,479			244,129,856
Cost of shares redeemed			(284,913)			(127,607)			(241,552,464)			(306,797,936)
Net increase (decrease) in net assets resulting from capital share transactions			3,784,803			142,031			38,368,015			(62,668,080)
Net increase (decrease) in net assets			3,755,467			153,678			(113,449,036)			(114,392,794)
NET ASSETS:
Beginning of year or period			173,658			19,980			1,041,126,403			1,155,519,197
End of year or period		$	3,929,125		$	173,658		$	927,677,367		$	1,041,126,403
Undistributed net investment income at end of year or period		$	34,930		$	5,333		$	18,484,561		$	31,270,051

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution 2040 Portfolio						Voya Solution 2045 Portfolio
	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014
FROM OPERATIONS:
Net investment income		$	24,315		$	5,456		$	5,873,825		$	5,939,457
Net realized gain			27,859			49,057			59,565,361			120,946,019
Net change in unrealized appreciation (depreciation)			(57,581)			(22,406)			(70,781,842)			(82,592,079)
Increase (decrease) in net assets resulting from operations			(5,407)			32,107			(5,342,656)			44,293,397
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(19,082)			(346)			(5,806,658)			(3,656,571)
Class I			(119)			—			(5,832,169)			(3,392,204)
Class S			(104)			—			(8,956,275)			(5,059,363)
Class S2			(100)			—			(423,849)			(283,975)
Class T			(88)			—			(5,671)			(15,222)
Net realized gains:
Class ADV			(37,793)			(2,368)			(31,366,475)			(25,471,735)
Class I			(209)			(16)			(25,860,796)			(17,512,336)
Class S			(209)			(16)			(43,087,460)			(30,526,941)
Class S2			(209)			(16)			(2,223,782)			(1,899,842)
Class T			(209)			(17)			(56,087)			(117,244)
Total distributions			(58,122)			(2,779)			(123,619,222)			(87,935,433)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			3,416,687			802,761			104,390,931			114,754,136
Reinvestment of distributions			56,880			2,779			123,619,222			87,935,433
			3,473,567			805,540			228,010,153			202,689,569
Cost of shares redeemed			(788,865)			(136,869)			(168,987,078)			(234,645,609)
Net increase (decrease) in net assets resulting from capital share transactions			2,684,702			668,671			59,023,075			(31,956,040)
Net increase (decrease) in net assets			2,621,173			697,999			(69,938,803)			(75,598,076)
NET ASSETS:
Beginning of year or period			719,196			21,197			720,641,339			796,239,415
End of year or period		$	3,340,369		$	719,196		$	650,702,536		$	720,641,339
Undistributed net investment income at end of year or period		$	35,885		$	19,490		$	10,360,171		$	21,014,258

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution 2050 Portfolio						Voya Solution 2055 Portfolio
	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014
FROM OPERATIONS:
Net investment income		$	10,652		$	2,536		$	1,056,227		$	869,325
Net realized gain			21,337			26,439			9,062,866			13,537,927
Net change in unrealized appreciation (depreciation)			(36,519)			(12,063)			(11,819,562)			(8,152,837)
Increase (decrease) in net assets resulting from operations			(4,530)			16,912			(1,700,469)			6,254,415
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(9,415)			(322)			(927,010)			(443,228)
Class I			(118)			—			(877,070)			(327,350)
Class S			(104)			—			(1,196,206)			(517,436)
Class S2			(99)			—			(68,106)			(32,356)
Class T			(89)			—			—			(569)
Net realized gains:
Class ADV			(19,432)			(2,393)			(3,822,880)			(2,181,949)
Class I			(221)			(33)			(3,009,474)			(1,227,740)
Class S			(221)			(34)			(4,426,890)			(2,218,869)
Class S2			(221)			(33)			(268,925)			(147,095)
Class T			(221)			(33)			(628)			(2,909)
Total distributions			(30,141)			(2,848)			(14,597,189)			(7,099,501)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			1,558,673			343,577			49,522,854			45,678,343
Reinvestment of distributions			28,852			2,848			14,597,187			7,099,501
			1,587,525			346,425			64,120,041			52,777,844
Cost of shares redeemed			(247,971)			(8,517)			(29,052,084)			(33,424,354)
Net increase in net assets resulting from capital share transactions			1,339,554			337,908			35,067,957			19,353,490
Net increase in net assets			1,304,883			351,972			18,770,299			18,508,404
NET ASSETS:
Beginning of year or period			373,350			21,378			109,627,373			91,118,969
End of year or period		$	1,678,233		$	373,350		$	128,397,672		$	109,627,373
Undistributed net investment income at end of year or period		$	15,896		$	9,823		$	1,887,097		$	3,067,766

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution 2060 Portfolio
	February 9, 2015(1) to December 31, 2015
FROM OPERATIONS:
Net investment income		$	4,755
Net realized gain			12,229
Net change in unrealized appreciation (depreciation)			(10,053)
Increase in net assets resulting from operations			6,931
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions			—
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			749,836
			749,836
Cost of shares redeemed			(80,599)
Net increase in net assets resulting from capital share transactions			669,237
Net increase in net assets			676,168
NET ASSETS:
Beginning of year or period			—
End of year or period		$	676,168
Undistributed net investment income at end of year or period		$	6,453

(1)

Commencement of operations.

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 Solution Aggressive Portfolio
Class ADV
12-31-15		12.13		0.06•		(0.19)		(0.13)		0.21		0.44		—		0.65		—		11.35		(1.32)		0.94		0.68		0.68		0.53		2,383		78
12-31-14		11.55		0.13•		0.57		0.70		0.06		0.06		—		0.12		—		12.13		6.10		1.26		0.65		0.65		1.12		2,180		70
05-01-13(5) - 12-31-13		10.00		0.19•		1.36		1.55		—		—		—		—		—		11.55		15.50		12.00		0.56		0.56		2.55		496		35
Class I
12-31-15		12.32		0.19•		(0.26)		(0.07)		0.24		0.44		—		0.68		—		11.57		(0.83)		0.44		0.18		0.18		1.56		138		78
12-31-14		11.65		0.24•		0.52		0.76		0.03		0.06		—		0.09		—		12.32		6.56		0.76		0.15		0.15		2.01		12		70
05-01-13(5) - 12-31-13		10.00		0.29•		1.36		1.65		—		—		—		—		—		11.65		16.50		11.50		0.06		0.06		3.99		4		35
Class S
12-31-15		12.23		0.13•		(0.23)		(0.10)		0.23		0.44		—		0.67		—		11.46		(1.12)		0.69		0.43		0.43		1.04		2,417		78
12-31-14		11.63		0.11•		0.61		0.72		0.06		0.06		—		0.12		—		12.23		6.25		1.01		0.40		0.40		0.92		1,395		70
05-01-13(5) - 12-31-13		10.00		0.28•		1.35		1.63		—		—		—		—		—		11.63		16.30		11.75		0.31		0.31		3.73		591		35
Class S2
12-31-15		12.14		0.11•		(0.22)		(0.11)		0.23		0.44		—		0.67		—		11.36		(1.20)		0.94		0.58		0.58		0.93		169		78
12-31-14		11.56		0.18•		0.51		0.69		0.05		0.06		—		0.11		—		12.14		6.04		1.26		0.55		0.55		1.54		78		70
05-01-13(5) - 12-31-13		10.00		0.23•		1.33		1.56		—		—		—		—		—		11.56		15.60		12.00		0.46		0.46		3.12		38		35
Voya Solution Balanced Portfolio
Class ADV
12-31-15		10.57		0.10•		(0.14)		(0.04)		0.28		0.86		—		1.14		—		9.39		(0.72)		0.78		0.65		0.65		0.97		25,079		49
12-31-14		10.88		0.12		0.52		0.64		0.20		0.75		—		0.95		—		10.57		6.14		0.78		0.64		0.64		1.09		28,237		61
12-31-13		9.84		0.10•		1.38		1.48		0.20		0.24		—		0.44		—		10.88		15.39		0.78		0.63		0.63		0.97		27,369		78
12-31-12		8.84		0.14•		1.03		1.17		0.14		0.03		—		0.17		—		9.84		13.35		0.71		0.62		0.62		1.44		24,244		75
12-31-11		9.16		0.24•		(0.49)		(0.25)		0.03		0.04		—		0.07		—		8.84		(2.68)		0.62		0.62		0.62		2.63		16,050		70
Class I
12-31-15		10.90		0.18•		(0.16)		0.02		0.34		0.86		—		1.20		—		9.72		(0.19)		0.28		0.15		0.15		1.72		59		49
12-31-14		11.19		0.27•		0.45		0.72		0.26		0.75		—		1.01		—		10.90		6.66		0.28		0.14		0.14		2.53		23		61
12-31-13		10.10		0.16		1.42		1.58		0.25		0.24		—		0.49		—		11.19		15.93		0.28		0.13		0.13		1.49		1		78
12-31-12		9.05		0.18		1.06		1.24		0.16		0.03		—		0.19		—		10.10		13.86		0.21		0.12		0.12		1.85		1		75
12-31-11		9.33		0.26		(0.47)		(0.21)		0.03		0.04		—		0.07		—		9.05		(2.17)		0.12		0.12		0.12		2.78		1		70

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)		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 Solution Balanced Portfolio (continued)
Class S
12-31-15		10.70		0.13		(0.14)			(0.01)		0.31		0.86		—		1.17		—		9.52		(0.46)		0.53		0.40		0.40		1.28		22,552		49
12-31-14		11.01		0.16		0.51			0.67		0.23		0.75		—		0.98		—		10.70		6.34		0.53		0.39		0.39		1.35		23,128		61
12-31-13		9.95		0.13•		1.39			1.52		0.22		0.24		—		0.46		—		11.01		15.65		0.53		0.38		0.38		1.24		23,012		78
12-31-12		8.92		0.16•		1.05			1.21		0.15		0.03		—		0.18		—		9.95		13.71		0.46		0.37		0.37		1.70		18,349		75
12-31-11		9.22		0.24•		(0.47)			(0.23)		0.03		0.04		—		0.07		—		8.92		(2.46)		0.37		0.37		0.37		2.66		12,042		70
Class S2
12-31-15		10.67		0.11•		(0.13)			(0.02)		0.29		0.86		—		1.15		—		9.50		(0.60)		0.78		0.55		0.55		1.06		578		49
12-31-14		10.95		0.12•		0.54			0.66		0.19		0.75		—		0.94		—		10.67		6.22		0.78		0.54		0.54		1.06		671		61
12-31-13		9.90		0.11•		1.39			1.50		0.21		0.24		—		0.45		—		10.95		15.51		0.78		0.53		0.53		1.06		1,103		78
12-31-12		8.88		0.17•		1.02			1.19		0.14		0.03		—		0.17		—		9.90		13.54		0.71		0.52		0.52		1.75		1,022		75
12-31-11		9.20		0.19•		(0.44)			(0.25)		0.03		0.04		—		0.07		—		8.88		(2.71)		0.62		0.52		0.52		2.04		415		70
Voya Solution Conservative Portfolio
Class ADV
12-31-15		11.15		0.14•		(0.22)		��	(0.08)		0.27		0.35		—		0.62		—		10.45		(0.76)		0.83		0.61		0.61		1.29		8,595		51
12-31-14		11.42		0.17		0.30			0.47		0.27		0.47		—		0.74		—		11.15		4.20		0.81		0.58		0.58		1.62		11,527		54
12-31-13		11.22		0.17•		0.43			0.60		0.29		0.11		—		0.40		—		11.42		5.40		0.85		0.60		0.60		1.50		10,870		72
12-31-12		10.44		0.24•		0.82			1.06		0.28		—		—		0.28		—		11.22		10.19		0.75		0.62		0.62		2.19		9,541		69
12-31-11		10.50		0.39•		(0.38)			0.01		0.04		0.03		—		0.07		—		10.44		0.09		0.62		0.62		0.62		3.67		6,411		84
Class I
12-31-15		11.30		0.21•		(0.23)			(0.02)		0.33		0.35		—		0.68		—		10.60		(0.23)		0.33		0.11		0.11		1.86		13		51
12-31-14		11.57		0.25•		0.27			0.52		0.32		0.47		—		0.79		—		11.30		4.63		0.31		0.08		0.08		2.19		10		54
12-31-13		11.34		0.23		0.44			0.67		0.33		0.11		—		0.44		—		11.57		6.02		0.35		0.10		0.10		1.99		3		72
12-31-12		10.54		0.29•		0.82			1.11		0.31		—		—		0.31		—		11.34		10.60		0.25		0.12		0.12		2.61		3		69
12-31-11		10.54		0.40		(0.33)			0.07		0.04		0.03		—		0.07		—		10.54		0.69		0.12		0.12		0.12		3.72		3		84
Class S
12-31-15		11.22		0.17		(0.21)			(0.04)		0.31		0.35		—		0.66		—		10.52		(0.48)		0.58		0.36		0.36		1.61		5,539		51
12-31-14		11.49		0.21•		0.29			0.50		0.30		0.47		—		0.77		—		11.22		4.40		0.56		0.33		0.33		1.86		5,867		54
12-31-13		11.27		0.20•		0.44			0.64		0.31		0.11		—		0.42		—		11.49		5.77		0.60		0.35		0.35		1.74		6,168		72
12-31-12		10.49		0.28•		0.80			1.08		0.30		—		—		0.30		—		11.27		10.34		0.50		0.37		0.37		2.51		5,285		69
12-31-11		10.53		0.40•		(0.37)			0.03		0.04		0.03		—		0.07		—		10.49		0.28		0.37		0.37		0.37		3.76		2,941		84
Class S2
12-31-15		11.17		0.16•		(0.22)			(0.06)		0.30		0.35		—		0.65		—		10.46		(0.67)		0.83		0.51		0.51		1.43		357		51
12-31-14		11.44		0.18		0.30			0.48		0.28		0.47		—		0.75		—		11.17		4.28		0.81		0.48		0.48		1.70		312		54
12-31-13		11.23		0.18•		0.44			0.62		0.30		0.11		—		0.41		—		11.44		5.59		0.85		0.50		0.50		1.60		298		72
12-31-12		10.46		0.29•		0.77			1.06		0.29		—		—		0.29		—		11.23		10.23		0.75		0.52		0.52		2.61		298		69
12-31-11		10.51		0.46•		(0.44)			0.02		0.04		0.03		—		0.07		—		10.46		0.17		0.62		0.52		0.52		4.36		122		84

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)		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 Solution Income Portfolio
Class ADV
12-31-15		11.61		0.13•		(0.15)		(0.02)		0.29		0.42		—		0.71		—		10.88		(0.30)		0.73		0.63		0.63		1.16		248,968		31
12-31-14		11.26		0.15•		0.47		0.62		0.27		—		—		0.27		—		11.61		5.53		0.75		0.62		0.62		1.33		84,286		47
12-31-13		10.89		0.13•		0.59		0.72		0.35		—		—		0.35		—		11.26		6.68		0.74		0.63		0.63		1.19		94,068		70
12-31-12		10.40		0.20•		0.78		0.98		0.49		—		—		0.49		—		10.89		9.57		0.70		0.62		0.62		1.82		111,796		71
12-31-11		10.83		0.34•		(0.34)		0.00*		0.43		—		—		0.43		—		10.40		0.14		0.62		0.62		0.62		3.23		109,184		75
Class I
12-31-15		11.86		0.19•		(0.15)		0.04		0.36		0.42		—		0.78		—		11.12		0.20		0.23		0.13		0.13		1.72		98,321		31
12-31-14		11.51		0.22•		0.47		0.69		0.34		—		—		0.34		—		11.86		6.02		0.25		0.12		0.12		1.85		23,178		47
12-31-13		11.12		0.19•		0.61		0.80		0.41		—		—		0.41		—		11.51		7.30		0.24		0.13		0.13		1.70		24,937		70
12-31-12		10.61		0.24		0.82		1.06		0.55		—		—		0.55		—		11.12		10.12		0.20		0.12		0.12		2.32		25,403		71
12-31-11		11.05		0.40•		(0.35)		0.05		0.49		—		—		0.49		—		10.61		0.54		0.12		0.12		0.12		3.63		22,837		75
Class S
12-31-15		11.76		0.16•		(0.14)		0.02		0.32		0.42		—		0.74		—		11.04		0.10		0.48		0.38		0.38		1.43		225,274		31
12-31-14		11.41		0.19•		0.46		0.65		0.30		—		—		0.30		—		11.76		5.76		0.50		0.37		0.37		1.59		56,602		47
12-31-13		11.03		0.16•		0.60		0.76		0.38		—		—		0.38		—		11.41		6.97		0.49		0.38		0.38		1.46		62,431		70
12-31-12		10.53		0.22•		0.80		1.02		0.52		—		—		0.52		—		11.03		9.77		0.45		0.37		0.37		2.02		68,703		71
12-31-11		10.96		0.37•		(0.34)		0.03		0.46		—		—		0.46		—		10.53		0.35		0.37		0.37		0.37		3.39		80,716		75
Class S2
12-31-15		11.50		0.14•		(0.14)		0.00*		0.31		0.42		—		0.73		—		10.77		(0.13)		0.73		0.53		0.53		1.27		15,377		31
12-31-14		11.15		0.16•		0.46		0.62		0.27		—		—		0.27		—		11.50		5.61		0.75		0.52		0.52		1.42		4,281		47
12-31-13		10.79		0.14•		0.59		0.73		0.37		—		—		0.37		—		11.15		6.85		0.74		0.53		0.53		1.28		5,274		70
12-31-12		10.32		0.21•		0.77		0.98		0.51		—		—		0.51		—		10.79		9.62		0.70		0.52		0.52		2.00		5,889		71
12-31-11		10.75		0.33•		(0.32)		0.01		0.44		—		—		0.44		—		10.32		0.25		0.62		0.52		0.52		3.13		4,697		75
Class T
12-31-15		12.07		0.13•		(0.17)		(0.04)		0.22		0.42		—		0.64		—		11.39		(0.40)		0.98		0.83		0.83		1.09		815		31
12-31-14		11.67		0.13•		0.48		0.61		0.21		—		—		0.21		—		12.07		5.22		1.00		0.82		0.82		1.05		91		47
12-31-13		11.29		0.12•		0.61		0.73		0.35		—		—		0.35		—		11.67		6.55		0.99		0.83		0.83		1.00		193		70
12-31-12		10.70		0.19•		0.80		0.99		0.40		—		—		0.40		—		11.29		9.29		0.95		0.82		0.82		1.69		259		71
12-31-11		11.03		0.33•		(0.34)		(0.01)		0.32		—		—		0.32		—		10.70		0.03		0.87		0.82		0.82		2.98		210		75
Voya Solution Moderately Aggressive Portfolio
Class ADV
12-31-15		13.03		0.11•		(0.22)		(0.11)		0.37		1.32		—		1.69		—		11.23		(1.42)		0.74		0.69		0.69		0.94		31,416		26
12-31-14		13.38		0.12•		0.67		0.79		0.20		0.94		—		1.14		—		13.03		6.09		0.78		0.67		0.67		0.89		20,020		71
12-31-13		11.61		0.10•		2.23		2.33		0.21		0.35		—		0.56		—		13.38		20.42		0.80		0.63		0.63		0.78		16,945		79
12-31-12		10.25		0.11•		1.42		1.53		0.12		0.05		—		0.17		—		11.61		15.07		0.73		0.62		0.62		0.98		13,603		70
12-31-11		10.89		0.21•		(0.79)		(0.58)		0.02		0.04		—		0.06		—		10.25		(5.29)		0.62		0.62		0.62		1.96		9,527		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)		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 Solution Moderately Aggressive Portfolio (continued)
Class I
12-31-15		13.23		0.23•		(0.27)		(0.04)		0.43		1.32		—		1.75		—		11.44		(0.85)		0.24		0.19		0.19		2.00			4,035			26
12-31-14		13.56		0.31•		0.56		0.87		0.26		0.94		—		1.20		—		13.23		6.60		0.28		0.17		0.17		2.39			56			71
12-31-13		11.74		0.15		2.28		2.43		0.26		0.35		—		0.61		—		13.56		21.10		0.30		0.13		0.13		1.19			4			79
12-31-12		10.34		0.16		1.44		1.60		0.15		0.05		—		0.20		—		11.74		15.62		0.23		0.12		0.12		1.42			4			70
12-31-11		10.94		0.23		(0.77)		(0.54)		0.02		0.04		—		0.06		—		10.34		(4.84)		0.12		0.12		0.12		2.16			3			83
Class S																															��
12-31-15		13.13		0.21•		(0.29)		(0.08)		0.39		1.32		—		1.71		—		11.34		(1.15)		0.49		0.44		0.44		1.81			719,319			26
12-31-14		13.47		0.15		0.68		0.83		0.23		0.94		—		1.17		—		13.13		6.33		0.53		0.42		0.42		1.04			11,315			71
12-31-13		11.67		0.12•		2.27		2.39		0.24		0.35		—		0.59		—		13.47		20.84		0.55		0.38		0.38		0.96			11,871			79
12-31-12		10.30		0.14•		1.42		1.56		0.14		0.05		—		0.19		—		11.67		15.28		0.48		0.37		0.37		1.29			9,256			70
12-31-11		10.92		0.23•		(0.79)		(0.56)		0.02		0.04		—		0.06		—		10.30		(5.05)		0.37		0.37		0.37		2.20			5,379			83
Class S2																																		��
12-31-15		13.12		0.12•		(0.21)		(0.09)		0.39		1.32		—		1.71		—		11.32		(1.21)		0.74		0.59		0.59		0.98			1,040			26
12-31-14		13.50		0.14•		0.67		0.81		0.25		0.94		—		1.19		—		13.12		6.17		0.78		0.57		0.57		1.08			806			71
12-31-13		11.72		0.17•		2.19		2.36		0.23		0.35		—		0.58		—		13.50		20.56		0.80		0.53		0.53		1.34			284			79
12-31-12		10.30		0.14•		1.41		1.55		0.08		0.05		—		0.13		—		11.72		15.18		0.73		0.52		0.52		1.27			84			70
12-31-11		10.91		0.08•		(0.65)		(0.57)		—		0.04		—		0.04		—		10.30		(5.18)		0.62		0.52		0.52		0.70			37			83
Voya Solution Moderately Conservative Portfolio
Class ADV
12-31-15		10.45		0.10		(0.14)		(0.04)		0.28		0.62		—		0.90		—		9.51		(0.60)		0.78		0.66		0.66		1.09			22,005			58
12-31-14		10.80		0.15		0.39		0.54		0.23		0.66		—		0.89		—		10.45		5.20		0.78		0.65		0.65		1.30			21,659			66
12-31-13		10.42		0.13•		0.81		0.94		0.27		0.29		—		0.56		—		10.80		9.27		0.79		0.62		0.62		1.23			21,918			85
12-31-12		9.55		0.18•		0.94		1.12		0.19		0.06		—		0.25		—		10.42		11.79		0.70		0.62		0.62		1.74			22,425			85
12-31-11		9.79		0.34•		(0.44)		(0.10)		0.06		0.08		—		0.14		—		9.55		(0.94)		0.62		0.62		0.62		3.54			13,782			77
Class I
12-31-15		10.87		0.16		(0.15)		0.01		0.33		0.62		—		0.95		—		9.93		(0.09)		0.28		0.16		0.16		1.58			36			58
12-31-14		11.20		0.23•		0.39		0.62		0.29		0.66		—		0.95		—		10.87		5.74		0.28		0.15		0.15		2.19			37			66
12-31-13		10.79		0.18		0.84		1.02		0.32		0.29		—		0.61		—		11.20		9.70		0.29		0.12		0.12		1.66			1			85
12-31-12		9.86		0.23		0.97		1.20		0.21		0.06		—		0.27		—		10.79		12.23		0.20		0.12		0.12		2.16			1			85
12-31-11		10.04		0.34		(0.38)		(0.04)		0.06		0.08		—		0.14		—		9.86		(0.30)		0.12		0.12		0.12		3.39			1			77
Class S
12-31-15		10.67		0.14•		(0.16)		(0.02)		0.30		0.62		—		0.92		—		9.73		(0.38)		0.53		0.41		0.41		1.33			20,081			58
12-31-14		11.00		0.17•		0.42		0.59		0.26		0.66		—		0.92		—		10.67		5.58		0.53		0.40		0.40		1.53			22,346			66
12-31-13		10.60		0.16		0.82		0.98		0.29		0.29		—		0.58		—		11.00		9.54		0.54		0.37		0.37		1.43			24,016			85
12-31-12		9.70		0.21•		0.95		1.16		0.20		0.06		—		0.26		—		10.60		11.99		0.45		0.37		0.37		2.02			22,653			85
12-31-11		9.91		0.32•		(0.40)		(0.08)		0.05		0.08		—		0.13		—		9.70		(0.69)		0.37		0.37		0.37		3.26			15,227			77

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)		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 Solution Moderately Conservative Portfolio (continued)
Class S2
12-31-15		10.59		0.10		(0.13)		(0.03)		0.30		0.62		—		0.92		—		9.64		(0.50)		0.78		0.56		0.56		1.14		751		58
12-31-14		10.93		0.16•		0.41		0.57		0.25		0.66		—		0.91		—		10.59		5.40		0.78		0.55		0.55		1.43		848		66
12-31-13		10.55		0.14•		0.82		0.96		0.29		0.29		—		0.58		—		10.93		9.36		0.79		0.52		0.52		1.26		669		85
12-31-12		9.67		0.23•		0.91		1.14		0.20		0.06		—		0.26		—		10.55		11.85		0.70		0.52		0.52		2.23		712		85
12-31-11		9.90		0.32•		(0.41)		(0.09)		0.06		0.08		—		0.14		—		9.67		(0.84)		0.62		0.52		0.52		3.21		178		77
Voya Solution 2020 Portfolio
Class ADV
12-31-15		12.87		0.19•		(0.05)		0.14		0.57		0.79		—		1.36		—		11.65		0.88		1.49		0.63		0.63		1.60		2,853		86
12-31-14		12.19		0.20•		0.53		0.73		0.01		0.04		—		0.05		—		12.87		5.97		4.32		0.63		0.63		1.55		631		32
12-31-13		11.80		0.11•		1.36		1.47		0.29		0.80		—		1.09		0.01		12.19		13.01(a)		89.79		0.63		0.63		0.87		4		68
12-31-12		10.85		0.15		1.12		1.27		0.11		0.21		—		0.32		—		11.80		11.76		45.86		0.62		0.62		1.28		4		72
10-03-11(5) - 12-31-11		10.00		0.08		0.77		0.85		—		—		—		—		—		10.85		8.50		0.62		0.62		0.62		3.31		3		15
Class I
12-31-15		13.04		0.32•		(0.11)		0.21		0.65		0.79		—		1.44		—		11.81		1.38		0.99		0.13		0.13		2.76		2,157		86
12-31-14		12.29		0.19		0.60		0.79		—		0.04		—		0.04		—		13.04		6.41		3.82		0.13		0.13		1.52		4		32
12-31-13		11.85		0.17		1.40		1.57		0.34		0.80		—		1.14		0.01		12.29		13.85(a)		89.29		0.13		0.13		1.38		4		68
12-31-12		10.86		0.21		1.12		1.33		0.13		0.21		—		0.34		—		11.85		12.22		45.36		0.12		0.12		1.81		4		72
10-03-11(5) - 12-31-11		10.00		0.09		0.77		0.86		—		—		—		—		—		10.86		8.60		0.12		0.12		0.12		3.81		3		15
Class S
12-31-15		13.01		0.53•		(0.34)		0.19		0.61		0.79		—		1.40		—		11.80		1.23		1.24		0.38		0.38		4.58		4,145		86
12-31-14		12.30		0.16		0.59		0.75		—		0.04		—		0.04		—		13.01		6.08		4.07		0.38		0.38		1.27		4		32
12-31-13		11.81		0.14		1.39		1.53		0.25		0.80		—		1.05		0.01		12.30		13.47(a)		89.54		0.38		0.38		1.14		4		68
12-31-12		10.85		0.18		1.11		1.29		0.12		0.21		—		0.33		—		11.81		11.90		45.61		0.37		0.37		1.56		4		72
10-03-11(5) - 12-31-11		10.00		0.09		0.76		0.85		—		—		—		—		—		10.85		8.50		0.37		0.37		0.37		3.55		3		15
Class S2
12-31-15		12.91		0.36•		(0.20)		0.16		0.58		0.79		—		1.37		—		11.70		1.08		1.49		0.53		0.53		3.08		283		86
12-31-14		12.23		0.14		0.58		0.72		—		0.04		—		0.04		—		12.91		5.87		4.32		0.53		0.53		1.12		4		32
12-31-13		11.81		0.12		1.40		1.52		0.31		0.80		—		1.11		0.01		12.23		13.39(a)		89.79		0.53		0.53		0.97		4		68
12-31-12		10.85		0.16		1.13		1.29		0.12		0.21		—		0.33		—		11.81		11.88		45.86		0.52		0.52		1.39		4		72
10-03-11(5) - 12-31-11		10.00		0.08		0.77		0.85		—		—		—		—		—		10.85		8.50		0.62		0.52		0.52		3.42		3		15

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)		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 Solution 2020 Portfolio (continued)
Class T
12-31-15		12.87		0.11•		0.01		0.12		0.56		0.79		—		1.35		—			11.64		0.72		1.74		0.83		0.83		0.91		4		86
12-31-14		12.21		0.10		0.60		0.70		—		0.04		—		0.04		—			12.87		5.72		4.57		0.83		0.83		0.81		4		32
12-31-13		11.77		0.08		1.42		1.50		0.27		0.80		—		1.07		0.01			12.21		13.28(a)		90.04		0.83		0.83		0.67		4		68
12-31-12		10.84		0.13		1.12		1.25		0.11		0.21		—		0.32		—			11.77		11.53		46.11		0.82		0.82		1.11		4		72
10-03-11(5) - 12-31-11		10.00		0.08		0.76		0.84		—		—		—		—		—	��		10.84		8.40		0.87		0.82		0.82		3.11		3		15
Voya Solution 2025 Portfolio
Class ADV
12-31-15		12.83		0.11•		(0.09)		0.02		0.37		1.31		—		1.68		—			11.17		(0.26)		0.74		0.65		0.65		0.89		357,443		42
12-31-14		13.06		0.12•		0.54		0.66		0.23		0.66		—		0.89		—			12.83		5.26		0.74		0.63		0.63		0.94		435,280		46
12-31-13		11.48		0.10•		1.73		1.83		0.25		—		—		0.25		—			13.06		16.05		0.74		0.62		0.62		0.85		500,390		72
12-31-12		10.39		0.14•		1.23		1.37		0.28		—		—		0.28		—			11.48		13.24		0.70		0.62		0.62		1.22		494,888		65
12-31-11		10.98		0.22		(0.60)		(0.38)		0.21		—		—		0.21		—			10.39		(3.37)		0.62		0.62		0.62		2.01		494,505		71
Class I
12-31-15		13.12		0.18•		(0.10)		0.08		0.45		1.31		—		1.76		—			11.44		0.19		0.24		0.15		0.15		1.44		204,693		42
12-31-14		13.34		0.20•		0.55		0.75		0.31		0.66		—		0.97		—			13.12		5.82		0.24		0.13		0.13		1.47		197,457		46
12-31-13		11.73		0.17•		1.75		1.92		0.31		—		—		0.31		—			13.34		16.54		0.24		0.12		0.12		1.39		225,551		72
12-31-12		10.61		0.20•		1.25		1.45		0.33		—		—		0.33		—			11.73		13.83		0.20		0.12		0.12		1.75		191,144		65
12-31-11		11.21		0.28•		(0.62)		(0.34)		0.26		—		—		0.26		—			10.61		(2.92)		0.12		0.12		0.12		2.55		152,184		71
Class S
12-31-15		13.00		0.14•		(0.10)		0.04		0.41		1.31		—		1.72		—			11.32		(0.09)		0.49		0.40		0.40		1.14		418,555		42
12-31-14		13.22		0.16•		0.55		0.71		0.27		0.66		—		0.93		—			13.00		5.58		0.49		0.38		0.38		1.21		486,302		46
12-31-13		11.62		0.14•		1.74		1.88		0.28		—		—		0.28		—			13.22		16.33		0.49		0.37		0.37		1.11		530,013		72
12-31-12		10.52		0.17•		1.23		1.40		0.30		—		—		0.30		—			11.62		13.44		0.45		0.37		0.37		1.48		512,357		65
12-31-11		11.11		0.25•		(0.61)		(0.36)		0.23		—		—		0.23		—			10.52		(3.10)		0.37		0.37		0.37		2.24		503,345		71
Class S2
12-31-15		12.70		0.12•		(0.10)		0.02		0.38		1.31		—		1.69		—			11.03		(0.23)		0.74		0.55		0.55		0.98		27,673		42
12-31-14		12.93		0.13•		0.55		0.68		0.25		0.66		—		0.91		—			12.70		5.40		0.74		0.53		0.53		1.03		35,050		46
12-31-13		11.38		0.11•		1.70		1.81		0.26		—		—		0.26		—			12.93		16.08		0.74		0.52		0.52		0.93		41,255		72
12-31-12		10.32		0.15•		1.21		1.36		0.30		—		—		0.30		—			11.38		13.33		0.70		0.52		0.52		1.40		43,134		65
12-31-11		10.92		0.24•		(0.61)		(0.37)		0.23		—		—		0.23		—			10.32		(3.23)		0.62		0.52		0.52		2.25		32,053		71
Class T
12-31-15		13.07		0.09•		(0.12)		(0.03)		0.15		1.31		—		1.46		—			11.58		(0.56)		0.99		0.85		0.85		0.70		837		42
12-31-14		13.29		0.06•		0.60		0.66		0.22		0.66		—		0.88		—			13.07		5.14		0.99		0.83		0.83		0.45		869		46
12-31-13		11.68		0.08•		1.75		1.83		0.22		—		—		0.22		—			13.29		15.75		0.99		0.82		0.82		0.66		2,992		72
12-31-12		10.49		0.11•		1.24		1.35		0.16		—		—		0.16		—			11.68		12.95		0.95		0.82		0.82		0.93		2,737		65
12-31-11		11.06		0.19•		(0.58)		(0.39)		0.18		—		—		0.18		—			10.49		(3.44)		0.87		0.82		0.82		1.71		3,256		71

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations							Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)			Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		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 Solution 2030 Portfolio
Class ADV
12-31-15		13.94		0.36•		(0.31)			0.05		0.19		0.56		—		0.75		—		13.24		0.18		2.57		0.66		0.66		2.65		1,569		69
12-31-14		13.23		0.14•		0.69			0.83		0.02		0.10		—		0.12		—		13.94		6.30		8.42		0.66		0.66		0.98		157		136
12-31-13		12.12		0.11		2.06			2.17		0.24		0.84		—		1.08		0.02		13.23		18.66(b)		85.63		0.64		0.64		0.86		4		73
12-31-12		11.06		0.11		1.38			1.49		0.10		0.33		—		0.43		—		12.12		13.48		42.34		0.62		0.62		0.96		4		76
10-03-11(5) - 12-31-11		10.00		0.07		0.99			1.06		—		—		—		—		—		11.06		10.60		0.62		0.62		0.62		2.82		3		11
Class I
12-31-15		14.14		0.39•		(0.27)			0.12		0.24		0.56		—		0.80		—		13.46		0.66		2.07		0.16		0.16		2.90		861		69
12-31-14		13.32		0.20		0.72			0.92		—		0.10		—		0.10		—		14.14		6.94		7.92		0.16		0.16		1.50		4		136
12-31-13		12.17		0.18		2.08			2.26		0.29		0.84		—		1.13		0.02		13.32		19.38(b)		85.13		0.14		0.14		1.36		4		73
12-31-12		11.07		0.18		1.37			1.55		0.12		0.33		—		0.45		—		12.17		13.94		41.84		0.12		0.12		1.48		4		76
10-03-11(5) - 12-31-11		10.00		0.08		0.99			1.07		—		—		—		—		—		11.07		10.70		0.12		0.12		0.12		3.32		3		11
Class S
12-31-15		14.07		0.49•		(0.39)			0.10		0.17		0.56		—		0.73		—		13.44		0.52		2.32		0.41		0.41		3.69		1,454		69
12-31-14		13.32		0.17		0.68			0.85		—		0.10		—		0.10		—		14.07		6.41		8.17		0.41		0.41		1.25		4		136
12-31-13		12.13		0.14		2.06			2.20		0.19		0.84		—		1.03		0.02		13.32		18.92(b)		85.38		0.39		0.39		1.09		4		73
12-31-12		11.06		0.14		1.37			1.51		0.11		0.33		—		0.44		—		12.13		13.62		42.09		0.37		0.37		1.21		4		76
10-03-11(5) - 12-31-11		10.00		0.08		0.98			1.06		—		—		—		—		—		11.06		10.60		0.37		0.37		0.37		3.10		3		11
Class S2
12-31-15		13.96		0.28•		(0.22)			0.06		0.16		0.56		—		0.72		—		13.30		0.23		2.57		0.56		0.56		2.01		41		69
12-31-14		13.22		0.15		0.69			0.84		—		0.10		—		0.10		—		13.96		6.38		8.42		0.56		0.56		1.10		4		136
12-31-13		12.13		0.12		2.04			2.16		0.25		0.84		—		1.09		0.02		13.22		18.57(b)		85.63		0.54		0.54		0.96		4		73
12-31-12		11.06		0.13		1.38			1.51		0.11		0.33		—		0.44		—		12.13		13.60		42.34		0.52		0.52		1.06		4		76
10-03-11(5) - 12-31-11		10.00		0.07		0.99			1.06		—		—		—		—		—		11.06		10.60		0.62		0.52		0.52		2.93		3		11
Class T
12-31-15		13.97		0.13		(0.14)			(0.01)		0.13		0.56		—		0.69		—		13.27		(0.26)		2.82		0.86		0.86		0.92		4		69
12-31-14		13.25		0.11		0.71	��		0.82		—		0.10		—		0.10		—		13.97		6.22		8.67		0.86		0.86		0.80		4		136
12-31-13		12.09		0.08		2.11			2.19		0.21		0.84		—		1.05		0.02		13.25		18.89(b)		85.88		0.84		0.84		0.66		4		73
12-31-12		11.05		0.09		1.38			1.47		0.10		0.33		—		0.43		—		12.09		13.25		42.59		0.82		0.82		0.74		4		76
10-03-11(5) - 12-31-11		10.00		0.07		0.98			1.05		—		—		—		—		—		11.05		10.50		0.87		0.82		0.82		2.61		3		11

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)		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 Solution 2035 Portfolio
Class ADV
12-31-15		13.22		0.11•		(0.13)		(0.02)		0.38		1.55		—		1.93		—		11.27		(0.77)		0.74		0.67		0.67		0.84		303,218		46
12-31-14		13.97		0.12•		0.61		0.73		0.26		1.22		—		1.48		—		13.22		5.38		0.75		0.66		0.66		0.84		361,683		59
12-31-13		11.82		0.11•		2.25		2.36		0.21		—		—		0.21		—		13.97		20.09		0.74		0.63		0.63		0.82		425,221		74
12-31-12		10.48		0.10•		1.45		1.55		0.21		—		—		0.21		—		11.82		14.89		0.70		0.62		0.62		0.86		411,758		58
12-31-11		11.19		0.17		(0.73)		(0.56)		0.15		—		—		0.15		—		10.48		(4.90)		0.62		0.62		0.62		1.54		418,753		71
Class I
12-31-15		13.51		0.18•		(0.14)		0.04		0.46		1.55		—		2.01		—		11.54		(0.30)		0.24		0.17		0.17		1.39		218,051		46
12-31-14		14.25		0.20		0.61		0.81		0.33		1.22		—		1.55		—		13.51		5.93		0.25		0.16		0.16		1.40		214,675		59
12-31-13		12.05		0.18•		2.30		2.48		0.28		—		—		0.28		—		14.25		20.72		0.24		0.13		0.13		1.39		208,709		74
12-31-12		10.69		0.16•		1.47		1.63		0.27		—		—		0.27		—		12.05		15.37		0.20		0.12		0.12		1.39		168,154		58
12-31-11		11.41		0.24•		(0.76)		(0.52)		0.20		—		—		0.20		—		10.69		(4.42)		0.12		0.12		0.12		2.10		140,503		71
Class S
12-31-15		13.39		0.14•		(0.13)		0.01		0.42		1.55		—		1.97		—		11.43		(0.48)		0.49		0.42		0.42		1.10		383,233		46
12-31-14		14.13		0.16•		0.61		0.77		0.29		1.22		—		1.51		—		13.39		5.68		0.50		0.41		0.41		1.14		432,573		59
12-31-13		11.96		0.14•		2.28		2.42		0.25		—		—		0.25		—		14.13		20.35		0.49		0.38		0.38		1.08		485,103		74
12-31-12		10.61		0.13•		1.46		1.59		0.24		—		—		0.24		—		11.96		15.09		0.45		0.37		0.37		1.15		456,581		58
12-31-11		11.32		0.21		(0.74)		(0.53)		0.18		—		—		0.18		—		10.61		(4.61)		0.37		0.37		0.37		1.77		416,250		71
Class S2
12-31-15		13.01		0.11•		(0.11)		0.00*		0.39		1.55		—		1.94		—		11.07		(0.62)		0.74		0.57		0.57		0.90		22,289		46
12-31-14		13.77		0.13•		0.60		0.73		0.27		1.22		—		1.49		—		13.01		5.50		0.75		0.56		0.56		0.95		31,331		59
12-31-13		11.66		0.11•		2.22		2.33		0.22		—		—		0.22		—		13.77		20.17		0.74		0.53		0.53		0.88		34,588		74
12-31-12		10.36		0.12•		1.42		1.54		0.24		—		—		0.24		—		11.66		14.97		0.70		0.52		0.52		1.07		36,830		58
12-31-11		11.08		0.19•		(0.73)		(0.54)		0.18		—		—		0.18		—		10.36		(4.79)		0.62		0.52		0.52		1.78		26,630		71
Class T
12-31-15		13.50		0.09•		(0.15)		(0.06)		0.24		1.55		—		1.79		—		11.65		(1.00)		0.99		0.87		0.87		0.69		887		46
12-31-14		14.22		0.05•		0.67		0.72		0.22		1.22		—		1.44		—		13.50		5.26		1.00		0.86		0.86		0.32		864		59
12-31-13		12.02		0.06•		2.31		2.37		0.17		—		—		0.17		—		14.22		19.85		0.99		0.83		0.83		0.48		1,898		74
12-31-12		10.63		0.07•		1.47		1.54		0.15		—		—		0.15		—		12.02		14.59		0.95		0.82		0.82		0.61		2,561		58
12-31-11		11.33		0.15•		(0.73)		(0.58)		0.12		—		—		0.12		—		10.63		(5.06)		0.87		0.82		0.82		1.30		2,927		71
Voya Solution 2040 Portfolio
Class ADV
12-31-15		14.89		0.25•		(0.26)		(0.01)		0.35		0.69		—		1.04		—		13.84		(0.33)		2.07		0.67		0.67		1.72		2,229		108
12-31-14		14.04		0.18•		0.73		0.91		0.01		0.05		—		0.06		—		14.89		6.51		3.66		0.67		0.67		1.23		701		80
12-31-13		12.45		0.08		2.58		2.66		0.21		0.89		—		1.10		0.03		14.04		22.31(c)		84.89		0.64		0.64		0.63		4		67
12-31-12		11.23		0.08		1.57		1.65		0.09		0.34		—		0.43		—		12.45		14.70		44.95		0.62		0.62		0.63		4		64
10-03-11(5) - 12-31-11		10.00		0.06		1.17		1.23		—		—		—		—		—		11.23		12.30		0.62		0.62		0.62		2.25		3		10

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)		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 Solution 2040 Portfolio (continued)
Class I
12-31-15		15.08		0.43•		(0.36)		0.07		0.39		0.69		—		1.08		—		14.07		0.22		1.57		0.17		0.17		3.06		487		108
12-31-14		14.14		0.17		0.82		0.99		—		0.05		—		0.05		—		15.08		7.04		3.16		0.17		0.17		1.14		5		80
12-31-13		12.52		0.15		2.60		2.75		0.27		0.89		—		1.16		0.03		14.14		22.99(c)		84.39		0.14		0.14		1.11		4		67
12-31-12		11.24		0.14		1.58		1.72		0.10		0.34		—		0.44		—		12.52		15.34		44.45		0.12		0.12		1.16		4		64
10-03-11(5) - 12-31-11		10.00		0.07		1.17		1.24		—		—		—		—		—		11.24		12.40		0.12		0.12		0.12		2.75		3		10
Class S
12-31-15		15.02		0.49•		(0.45)		0.04		0.34		0.69		—		1.03		—		14.03		0.03		1.82		0.42		0.42		3.50		610		108
12-31-14		14.15		0.13		0.79		0.92		—		0.05		—		0.05		—		15.02		6.54		3.41		0.42		0.42		0.90		5		80
12-31-13		12.48		0.11		2.59		2.70		0.17		0.89		—		1.06		0.03		14.15		22.57(c)		84.64		0.39		0.39		0.84		4		67
12-31-12		11.23		0.11		1.58		1.69		0.10		0.34		—		0.44		—		12.48		15.02		44.70		0.37		0.37		0.92		4		64
10-03-11(5) - 12-31-11		10.00		0.07		1.16		1.23		—		—		—		—		—		11.23		12.30		0.37		0.37		0.37		2.57		3		10
Class S2
12-31-15		14.93		0.22•		(0.23)		(0.01)		0.33		0.69		—		1.02		—		13.90		(0.33)		2.07		0.57		0.57		1.46		9		108
12-31-14		14.05		0.11		0.82		0.93		—		0.05		—		0.05		—		14.93		6.66		3.66		0.57		0.57		0.76		5		80
12-31-13		12.47		0.10		2.56		2.66		0.22		0.89		—		1.11		0.03		14.05		22.30(c)		84.89		0.54		0.54		0.71		4		67
12-31-12		11.23		0.09		1.58		1.67		0.09		0.34		—		0.43		—		12.47		14.91		44.95		0.52		0.52		0.73		4		64
10-03-11(5) - 12-31-11		10.00		0.06		1.17		1.23		—		—		—		—		—		11.23		12.30		0.62		0.52		0.52		2.36		3		10
Class T
12-31-15		14.85		0.10•		(0.16)		(0.06)		0.29		0.69		—		0.98		—		13.81		(0.66)		2.32		0.87		0.87		0.67		4		108
12-31-14		14.01		0.06		0.83		0.89		—		0.05		—		0.05		—		14.85		6.40		3.91		0.87		0.87		0.45		4		80
12-31-13		12.43		0.06		2.56		2.62		0.18		0.89		—		1.07		0.03		14.01		22.06(c)		85.14		0.84		0.84		0.41		4		67
12-31-12		11.22		0.05		1.58		1.63		0.08		0.34		—		0.42		—		12.43		14.56		45.20		0.82		0.82		0.43		4		64
10-03-11(5) - 12-31-11		10.00		0.05		1.17		1.22		—		—		—		—		—		11.22		12.20		0.87		0.82		0.82		2.06		3		10
Voya Solution 2045 Portfolio
Class ADV
12-31-15		13.60		0.07•		(0.11)		(0.04)		0.38		2.03		—		2.41		—		11.15		(1.15)		0.75		0.69		0.69		0.58		197,360		41
12-31-14		14.55		0.08•		0.73		0.81		0.22		1.54		—		1.76		—		13.60		5.84		0.74		0.68		0.68		0.55		237,641		58
12-31-13		11.98		0.06•		2.69		2.75		0.18		—		—		0.18		—		14.55		23.09		0.74		0.63		0.63		0.49		266,469		72
12-31-12		10.56		0.07•		1.53		1.60		0.18		—		—		0.18		—		11.98		15.23		0.70		0.62		0.62		0.60		239,901		50
12-31-11		11.29		0.14•		(0.76)		(0.62)		0.11		—		—		0.11		—		10.56		(5.42)		0.62		0.62		0.62		1.28		244,111		77

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)		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 Solution 2045 Portfolio (continued)
Class I
12-31-15		13.90		0.15•		(0.12)		0.03		0.46		2.03		—		2.49		—		11.44		(0.59)		0.25		0.19		0.19		1.15		169,325		41
12-31-14		14.84		0.15		0.75		0.90		0.30		1.54		—		1.84		—		13.90		6.34		0.24		0.18		0.18		1.04		161,654		58
12-31-13		12.21		0.14•		2.74		2.88		0.25		—		—		0.25		—		14.84		23.74		0.24		0.13		0.13		1.07		158,048		72
12-31-12		10.76		0.11		1.58		1.69		0.24		—		—		0.24		—		12.21		15.81		0.20		0.12		0.12		1.11		124,166		50
12-31-11		11.51		0.21•		(0.80)		(0.59)		0.16		—		—		0.16		—		10.76		(5.02)		0.12		0.12		0.12		1.86		109,358		77
Class S
12-31-15		13.76		0.12		(0.14)		(0.02)		0.42		2.03		—		2.45		—		11.29		(0.95)		0.50		0.44		0.44		0.85		270,222		41
12-31-14		14.70		0.12•		0.73		0.85		0.25		1.54		—		1.79		—		13.76		6.10		0.49		0.43		0.43		0.83		301,617		58
12-31-13		12.10		0.10•		2.72		2.82		0.22		—		—		0.22		—		14.70		23.45		0.49		0.38		0.38		0.74		350,686		72
12-31-12		10.67		0.11		1.53		1.64		0.21		—		—		0.21		—		12.10		15.47		0.45		0.37		0.37		0.91		313,757		50
12-31-11		11.40		0.18		(0.78)		(0.60)		0.13		—		—		0.13		—		10.67		(5.14)		0.37		0.37		0.37		1.51		277,998		77
Class S2
12-31-15		13.49		0.08•		(0.11)		(0.03)		0.39		2.03		—		2.42		—		11.04		(1.07)		0.75		0.59		0.59		0.65		13,402		41
12-31-14		14.45		0.09•		0.72		0.81		0.23		1.54		—		1.77		—		13.49		5.87		0.74		0.58		0.58		0.67		19,353		58
12-31-13		11.89		0.07•		2.68		2.75		0.19		—		—		0.19		—		14.45		23.26		0.74		0.53		0.53		0.52		19,968		72
12-31-12		10.49		0.09•		1.51		1.60		0.20		—		—		0.20		—		11.89		15.37		0.70		0.52		0.52		0.76		22,458		50
12-31-11		11.24		0.16•		(0.77)		(0.61)		0.14		—		—		0.14		—		10.49		(5.38)		0.62		0.52		0.52		1.49		19,318		77
Class T
12-31-15		13.77		0.06•		(0.13)		(0.07)		0.21		2.03		—		2.24		—		11.46		(1.31)		1.00		0.89		0.89		0.44		393		41
12-31-14		14.73		(0.00)*•		0.78		0.78		0.20		1.54		—		1.74		—		13.77		5.53		0.99		0.88		0.88		(0.00)*		376		58
12-31-13		12.10		0.04•		2.72		2.76		0.13		—		—		0.13		—		14.73		22.93		0.99		0.83		0.83		0.27		1,068		72
12-31-12		10.63		0.02•		1.57		1.59		0.12		—		—		0.12		—		12.10		14.98		0.95		0.82		0.82		0.21		936		50
12-31-11		11.35		0.11•		(0.75)		(0.64)		0.08		—		—		0.08		—		10.63		(5.63)		0.87		0.82		0.82		0.98		1,367		77
Voya Solution 2050 Portfolio
Class ADV
12-31-15		14.95		0.18•		(0.19)		(0.01)		0.35		0.73		—		1.08		—		13.86		(0.33)		3.24		0.69		0.69		1.22		960		67
12-31-14		14.16		0.17•		0.74		0.91		0.01		0.11		—		0.12		—		14.95		6.49		6.49		0.68		0.68		1.15		355		51
12-31-13		12.44		0.06		2.70		2.76		0.19		0.88		—		1.07		0.03		14.16		23.18(d)		84.37		0.64		0.64		0.48		4		65
12-31-12		11.23		0.07		1.59		1.66		0.09		0.36		—		0.45		—		12.44		14.78		41.76		0.62		0.62		0.56		4		59
10-03-11(5) - 12-31-11		10.00		0.06		1.17		1.23		—		—		—		—		—		11.23		12.30		0.62		0.62		0.62		2.22		3		12
Class I
12-31-15		15.15		0.53•		(0.43)		0.10		0.39		0.73		—		1.12		—		14.13		0.38		2.74		0.19		0.19		3.80		387		67
12-31-14		14.26		0.14		0.86		1.00		—		0.11		—		0.11		—		15.15		7.04		5.99		0.18		0.18		0.97		5		51
12-31-13		12.51		0.13		2.73		2.86		0.26		0.88		—		1.14		0.03		14.26		23.84(d)		84.87		0.14		0.14		0.98		4		65
12-31-12		11.24		0.13		1.60		1.73		0.10		0.36		—		0.46		—		12.51		15.42		41.26		0.12		0.12		1.09		4		59
10-03-11(5) - 12-31-11		10.00		0.07		1.17		1.24		—		—		—		—		—		11.24		12.40		0.12		0.12		0.12		2.73		3		12

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)		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 Solution 2050 Portfolio (continued)
Class S
12-31-15		15.09		0.38•		(0.34)		0.04		0.34		0.73		—		1.07		—		14.06		0.00		2.99		0.44		0.44		2.70		317		67
12-31-14		14.25		0.13		0.82		0.95		—		0.11		—		0.11		—		15.09		6.69		6.24		0.43		0.43		0.87		5		51
12-31-13		12.46		0.09		2.71		2.80		0.16		0.88		—		1.04		0.03		14.25		23.37(d)		84.12		0.39		0.39		0.66		4		65
12-31-12		11.23		0.10		1.59		1.69		0.10		0.36		—		0.46		—		12.46		15.01		41.51		0.37		0.37		0.84		4		59
10-03-11(5) - 12-31-11		10.00		0.06		1.17		1.23		—		—		—		—		—		11.23		12.30		0.37		0.37		0.37		2.32		3		12
Class S2
12-31-15		14.97		0.13•		(0.11)		0.02		0.33		0.73		—		1.06		—		13.93		(0.17)		3.24		0.59		0.59		0.89		9		67
12-31-14		14.15		0.08		0.85		0.93		—		0.11		—		0.11		—		14.97		6.59		6.49		0.58		0.58		0.58		5		51
12-31-13		12.45		0.08		2.68		2.76		0.21		0.88		—		1.09		0.03		14.15		23.09(d)		84.37		0.54		0.54		0.58		4		65
12-31-12		11.23		0.08		1.59		1.67		0.09		0.36		—		0.45		—		12.45		14.90		41.76		0.52		0.52		0.66		4		59
10-03-11(5) - 12-31-11		10.00		0.06		1.17		1.23		—		—		—		—		—		11.23		12.30		0.62		0.52		0.52		2.34		3		12
Class T
12-31-15		14.95		0.08		(0.13)		(0.05)		0.29		0.73		—		1.02		—		13.88		(0.60)		3.49		0.89		0.89		0.51		4		67
12-31-14		14.17		0.04		0.85		0.89		—		0.11		—		0.11		—		14.95		6.30		6.74		0.88		0.88		0.28		5		51
12-31-13		12.42		0.04		2.73		2.77		0.17		0.88		—		1.05		0.03		14.17		23.28(d)		84.62		0.84		0.84		0.26		4		65
12-31-12		11.22		0.04		1.60		1.64		0.08		0.36		—		0.44		—		12.42		14.65		42.01		0.82		0.82		0.36		4		59
10-03-11(5) - 12-31-11		10.00		0.05		1.17		1.22		—		—		—		—		—		11.22		12.20		0.87		0.82		0.82		2.03		3		12
Voya Solution 2055 Portfolio
Class ADV
12-31-15		14.27		0.08•		(0.17)		(0.09)		0.32		1.34		—		1.66		—		12.52		(1.15)		0.76		0.70		0.70		0.61		41,770		41
12-31-14		14.46		0.09•		0.76		0.85		0.18		0.86		—		1.04		—		14.27		6.03		0.77		0.68		0.68		0.60		38,558		72
12-31-13		12.05		0.08•		2.69		2.77		0.14		0.22		—		0.36		—		14.46		23.19		0.76		0.63		0.63		0.61		34,195		73
12-31-12		10.66		0.09•		1.52		1.61		0.10		0.12		—		0.22		—		12.05		15.27		0.72		0.62		0.62		0.78		19,927		55
12-31-11		11.34		0.17•		(0.79)		(0.62)		0.03		0.03		—		0.06		—		10.66		(5.45)		0.62		0.62		0.62		1.58		11,461		81
Class I
12-31-15		14.49		0.17•		(0.19)		(0.02)		0.39		1.34		—		1.73		—		12.74		(0.67)		0.26		0.20		0.20		1.22		36,692		41
12-31-14		14.65		0.17•		0.76		0.93		0.23		0.86		—		1.09		—		14.49		6.56		0.27		0.18		0.18		1.15		24,787		72
12-31-13		12.17		0.17•		2.71		2.88		0.18		0.22		—		0.40		—		14.65		23.89		0.26		0.13		0.13		1.24		16,948		73
12-31-12		10.74		0.14•		1.54		1.68		0.13		0.12		—		0.25		—		12.17		15.80		0.22		0.12		0.12		1.21		8,034		55
12-31-11		11.37		0.24•		(0.80)		(0.56)		0.04		0.03		—		0.07		—		10.74		(4.91)		0.12		0.12		0.12		2.16		4,746		81
Class S
12-31-15		14.37		0.12•		(0.17)		(0.05)		0.36		1.34		—		1.70		—		12.62		(0.87)		0.51		0.45		0.45		0.86		46,913		41
12-31-14		14.55		0.14•		0.74		0.88		0.20		0.86		—		1.06		—		14.37		6.25		0.52		0.43		0.43		0.93		43,206		72
12-31-13		12.11		0.12•		2.70		2.82		0.16		0.22		—		0.38		—		14.55		23.52		0.51		0.38		0.38		0.90		37,658		73
12-31-12		10.70		0.13•		1.52		1.65		0.12		0.12		—		0.24		—		12.11		15.53		0.47		0.37		0.37		1.14		22,055		55
12-31-11		11.35		0.20•		(0.78)		(0.58)		0.04		0.03		—		0.07		—		10.70		(5.13)		0.37		0.37		0.37		1.77		10,061		81

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)		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 Solution 2055 Portfolio (continued)
Class S2
12-31-15		14.31		0.10		(0.17)		(0.07)		0.34		1.34		—		1.68		—		12.56		(1.04)		0.76		0.60		0.60		0.71		3,014		41
12-31-14		14.50		0.11•		0.75		0.86		0.19		0.86		—		1.05		—		14.31		6.12		0.77		0.58		0.58		0.78		3,071		72
12-31-13		12.07		0.10•		2.69		2.79		0.14		0.22		—		0.36		—		14.50		23.36		0.76		0.53		0.53		0.72		2,250		73
12-31-12		10.68		0.10•		1.52		1.62		0.11		0.12		—		0.23		—		12.07		15.30		0.72		0.52		0.52		0.90		1,294		55
12-31-11		11.34		0.19•		(0.79)		(0.60)		0.03		0.03		—		0.06		—		10.68		(5.26)		0.62		0.52		0.52		1.73		745		81
Class T
12-31-15		14.25		0.08•		(0.21)		(0.13)		—		1.34		—		1.34		—		12.78		(1.36)		1.01		0.90		0.90		0.56		9		41
12-31-14		14.44		(0.06)•		0.90		0.84		0.17		0.86		—		1.03		—		14.25		6.00		1.02		0.88		0.88		(0.40)		5		72
12-31-13		12.06		0.14•		2.61		2.75		0.15		0.22		—		0.37		—		14.44		23.00		1.01		0.83		0.83		1.02		68		73
12-31-12		10.65		0.06•		1.52		1.58		0.05		0.12		—		0.17		—		12.06		14.95		0.97		0.82		0.82		0.54		12		55
12-31-11		11.31		0.11		(0.74)		(0.63)		0.00*		0.03		—		0.03		—		10.65		(5.56)		0.87		0.82		0.82		0.94		7		81
Voya Solution 2060 Portfolio
Class ADV
02-09-15(5) - 12-31-15		10.00		0.25•		(0.36)		(0.11)		—		—		—		—		—		9.89		(1.10)		19.06		0.70		0.70		2.85		191		78
Class I
02-09-15(5) - 12-31-15		10.00		0.27•		(0.35)		(0.08)		—		—		—		—		—		9.92		(0.80)		18.56		0.20		0.20		3.11		317		78
Class S
02-09-15(5) - 12-31-15		10.00		0.27•		(0.41)		(0.14)		—		—		—		—		—		9.86		(1.40)		18.81		0.45		0.45		3.06		140		78
Class S2
02-09-15(5) - 12-31-15		10.00		0.24•		(0.35)		(0.11)		—		—		—		—		—		9.89		(1.10)		19.06		0.60		0.60		2.66		26		78
Class T
02-09-15(5) - 12-31-15		10.00		0.05		(0.19)		(0.14)		—		—		—		—		—		9.86		(1.40)		19.31		0.90		0.90		0.58		3		78

(1)

(2)

Annualized for periods less than one year.

(3)

(4)

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

(5)

Commencement of operations.

(a)

During the year ended December 31, 2013, Voya Investments, LLC voluntarily reimbursed Voya Solution 2020 Portfolio $22 for the foregone investment opportunities attributable to uninvested cash. Excluding this payment by affiliate, total return would have been 12.88%, 13.71%, 13.33%, 13.25% and 13.15% on Classes ADV, I, S, S2 and T, respectively.

See Accompanying Notes to Financial Statements

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Financial Highlights (continued)

(b)

During the year ended December 31, 2013, Voya Investments, LLC voluntarily reimbursed Voya Solution 2030 Portfolio $33 for the foregone investment opportunities attributable to uninvested cash. Excluding this payment by affiliate, total return would have been 18.46%, 19,19%, 18.72%, 18.37% and 18.69% on Classes ADV, I, S, S2 and T, respectively.

(c)

During the year ended December 31, 2013, Voya Investments, LLC voluntarily reimbursed Voya Solution 2040 Portfolio $39 for the foregone investment opportunities attributable to uninvested cash. Excluding this payment by affiliate, total return would have been 22.09%, 22.76%, 22.35%, 22.07% and 21.84% on Classes ADV, I, S, S2 and T, respectively.

(d)

During the year ended December 31, 2013, Voya Investments, LLC voluntarily reimbursed Voya Solution 2050 Portfolio $40 for the foregone investment opportunities attributable to uninvested cash. Excluding this payment by affiliate, total return would have been 22.95%, 23.61%, 23.14%, 22.86% and 23.05% on Classes ADV, I, S, S2 and T, respectively.

•

Calculated using average number of shares outstanding throughout the 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, 2015

NOTE 1 — ORGANIZATION

Voya Partners, Inc. (the “Company”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). It was incorporated under the laws of Maryland on May 7, 1997. The Articles of Incorporation permit the Company to offer separate series, each of which has its own investment objective, policies and restrictions. The series of the Company serve as investment options in underlying variable annuity contracts and variable life insurance policies offered by Directed Services LLC. The Company currently consists of forty-one active separate investment series. The fifteen series (each, a “Portfolio” and collectively, the “Portfolios”) included in this report are: Voya Solution Aggressive Portfolio (“Solution Aggressive”), Voya Solution Balanced Portfolio (“Solution Balanced”), Voya Solution Conservative Portfolio (“Solution Conservative”), Voya Solution Income Portfolio (“Solution Income”), Voya Solution Moderately Aggressive Portfolio (“Solution Moderately Aggressive”), Voya Solution Moderately Conservative Portfolio (“Solution Moderately Conservative”), Voya Solution 2020 Portfolio (“Solution 2020”), Voya Solution 2025 Portfolio (“Solution 2025”), Voya Solution 2030 Portfolio (“Solution 2030”), Voya Solution 2035 Portfolio (“Solution 2035”), Voya Solution 2040 Portfolio (“Solution 2040”), Voya Solution 2045 Portfolio (“Solution 2045”), Voya Solution 2050 Portfolio (“Solution 2050”), Voya Solution 2055 Portfolio (“Solution 2055”) and Voya Solution 2060 Portfolio (“Solution 2060”). Each Portfolio is a diversified series of the Company.

Solution 2020, Solution 2025, Solution 2030, Solution 2035, Solution 2040, Solution 2045, Solution 2050, Solution 2055 and Solution 2060 are structured and managed around a specific target retirement or financial goal date (“Target Date”). When these Portfolios reach their respective Target Date, they may be combined with Solution Income, without a vote of shareholders, if approved by the Portfolios’ Board of Directors (the “Board”).

The classes of shares included in this report are: Adviser (“Class ADV”), Initial (“Class I”), Service (“Class S”), Service 2 (“Class S2”) and Class T; however each Portfolio may not offer all share classes. Shares of the Portfolios may be offered to separate accounts (“Separate Accounts”) of insurance companies as investment options in connection with variable annuity contracts and variable life insurance policies (“Variable Contracts”) and to certain of the Portfolios’ investment advisers and their affiliates. In the future, shares may also be offered to qualified pension and retirement plans (“Qualified Plans”) outside the Separate Account context. Each class has equal rights as

to 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 bear 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.

Directed Services LLC (“DSL” or the “Investment Adviser”), a Delaware limited liability company and an affiliate of Voya Investments, LLC, serves as the Investment Adviser to the Portfolios. DSL 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. 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.

Each Portfolio seeks to achieve its investment objective by investing in other investment companies (“Underlying Funds”) and uses asset allocation strategies to determine how much to invest in the Underlying Funds. The investment objective of the Portfolios is described in the respective Portfolio’s Prospectus.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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.

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 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) Over-the-counter swap agreements are valued using a price provided by an independent pricing service; (g) Forward foreign currency 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 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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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.

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 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. The Portfolios classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing each Portfolio’s investments under these levels of classification is included following the Portfolio of Investments.

For the year ended December 31, 2015, there have been no significant changes to the fair valuation methodologies.

B. Security Transactions and Revenue Recognition. Security transactions are accounted for on the trade date. Dividend income received from the Underlying Funds is recognized on the ex-dividend date and is recorded as income distributions in the Statements of Operations. Capital gain distributions received from the Underlying Funds are recognized on the ex-dividend date and are recorded on the Statements of Operations as such. Costs used in determining realized gains and losses on the sales of investment securities are on the basis of specific identification.

C. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Each Portfolio declares and pays dividends from net investment income and capital gain 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 U.S. GAAP for investment companies.

D. 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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

F. 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. 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 market 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 factors.

Market Risk Factors. In pursuit of its investment objectives, a Portfolio may seek to use derivatives to increase or decrease its exposure to the following market risk factors:

Risks of Investing in Derivatives. Each Portfolio’s use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market 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.

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

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter 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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

G. Futures Contracts. Certain Portfolios 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, if any, 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, 2015, certain Portfolios 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. Certain Portfolios also purchased futures contracts on U.S. Treasury Notes and sold futures contracts on equity indices as part of their tactical asset allocation strategy. 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, 2015, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below. There were no open futures contracts held by any Portfolio at December 31, 2015.

	Purchased			Sold
Solution Balanced		$	910,828		$	1,357,711
Solution Conservative			246,538			—
Solution Income			3,201,752			12,219,400
Solution Moderately Aggressive			6,036,728			22,402,234
Solution Moderately Conservative			653,424			1,221,940
Solution 2025			7,898,862			—
Solution 2035			8,674,019			9,096,665
Solution 2045			8,161,041			19,007,956
Solution 2055			1,636,107			3,530,049

H. Offering Costs. Costs incurred with the offering of shares of a Portfolio are deferred and amortized over a twelve month period on a straight-line basis starting at the commencement of operations.

I. 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 — INVESTMENTS IN UNDERLYING FUNDS

For the year ended December 31, 2015, the cost of purchases and the proceeds from sales of the Underlying Funds were as follows:

	Purchases			Sales
Solution Aggressive		$	5,344,051		$	3,729,786
Solution Balanced			24,840,942			26,765,312
Solution Conservative			8,665,760			11,169,415
Solution Income			105,921,646			174,695,663
Solution Moderately Aggressive			82,145,539			135,577,515
Solution Moderately Conservative			25,359,810			25,798,008
Solution 2020			10,918,309			2,071,637
Solution 2025			456,646,539			565,060,274
Solution 2030			4,483,123			692,612
Solution 2035			463,316,216			540,064,901
Solution 2040			3,993,158			1,342,150
Solution 2045			281,401,186			325,734,420
Solution 2050			1,762,642			442,921
Solution 2055			73,616,514			50,025,475
Solution 2060			829,603			156,185

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 4 — INVESTMENT MANAGEMENT FEES

Prior to May 1, 2015, the Portfolios had entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Management Agreement compensated the Investment Adviser with an annual management fee of 0.10% of each Portfolio’s average daily nets assets invested in affiliated Underlying Funds and 0.30% of each Portfolio’s average daily net assets invested in unaffiliated Underlying Funds and/or other investments. Amounts paid to the Investment Adviser through April 30, 2015 are reflected as investment management fees on the accompanying Statements of Operations.

Also, prior to May 1, 2015, the Portfolios had entered into an administrative agreement (“Administrative Agreement”) with Voya Funds Services, LLC (the “Administrator”), a Delaware limited liability company. The Administrator provided certain administrative and shareholder services necessary for each Portfolio’s operations and was responsible for the supervision of other service providers. For its services, the Administrator was entitled to receive from each Portfolio a fee at an annual rate of 0.10% of each Portfolio’s average daily net assets. Amounts paid to the Administrator through April 30, 2015 are reflected as administrative service fees on the accompanying Statements of Operations.

The Amended and Restated Investment Management Agreement compensates the Investment Adviser with a management fee of 0.20% of each Portfolio’s average daily nets assets invested in affiliated Underlying Funds and 0.40% of each Portfolio’s average daily net assets invested in unaffiliated Underlying Funds and/or other investments. Single management fee amounts paid to the Investment Adviser from May 1, 2015 through December 31, 2015 are reflected as investment management fees on the accompanying Statement of Operations.

The Investment Adviser has entered into a sub-advisory agreement with Voya IM. 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 AND SERVICE FEES

Classes ADV, S2 and T of the respective Portfolios have a plan of distribution pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plans”), whereby the Distributor is reimbursed or compensated by the Portfolios for expenses incurred in the distribution of each Portfolio’s shares (“Distribution Fees”). The Distributor may pay, on behalf of each Portfolio, out of its distribution fee, compensation to certain financial institutions for providing distribution assistance pursuant to a Distribution Services Agreement. Under the 12b-1 Plans, each Portfolio makes payments to the Distributor at an annual rate of 0.25%, 0.25% and 0.50% of each Portfolio’s average daily net assets attributable to its Class ADV, Class S2 and Class T shares, respectively. The Distributor has contractually agreed to waive a portion of its fee equal to 0.10% of each Portfolio’s average daily net assets attributable to the distribution fee paid by Class S2 shares, so that the actual fee paid is an annual rate of 0.15%. Termination or modification of this obligation requires approval by the Board. The Distributor has contractually agreed to waive a portion of this fee equal to 0.05% of each applicable Portfolio’s average daily net assets attributable to the distribution fee paid by Class T shares, so that the actual fee paid is an annual rate of 0.45%. Termination or modification of this obligation requires approval by the Board.

The Company has a shareholder servicing plan (“Service Plan”) for the Classes ADV, S, S2 and T shares of each respective Portfolio. 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 Classes ADV, S, S2 and T shares and their shareholders including Variable Contract owners or Qualified Plan participants with interests in the Portfolios. Under the Service Plan, each Portfolio makes payments to the Distributor which shall not exceed an annual rate of 0.25% of each applicable Portfolio’s average daily net assets attributable to its Classes ADV, S, S2 and T shares.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At December 31, 2015, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the following Portfolios:

Subsidiary	Portfolio	Percentage
Voya Institutional Trust Company	Solution Aggressive		6.38%
	Solution Conservative		6.90
	Solution Income		30.47
	Solution 2020		8.51
	Solution 2025		27.30
	Solution 2030		16.07

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

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

Subsidiary	Portfolio	Percentage
	Solution 2035		26.92
	Solution 2040		33.43
	Solution 2045		24.85
	Solution 2050		40.02
	Solution 2055		21.89
	Solution 2060		23.47
Voya Insurance and Annuity Company	Solution Moderately Aggressive		92.44
Voya Retirement Insurance and Annuity Company	Solution Aggressive		93.55
	Solution Balanced		96.53
	Solution Conservative		93.08
	Solution Income		65.26
	Solution Moderately Conservative		96.02
	Solution 2020		91.46
	Solution 2025		70.16
	Solution 2030		81.96
	Solution 2035		71.52
	Solution 2040		66.31
	Solution 2045		74.04
	Solution 2050		59.47
	Solution 2055		78.11
	Solution 2060		76.08

NOTE 7 — OTHER ACCRUED EXPENSES AND LIABILITIES

At December 31, 2015, the following Portfolios had the below payables included in Other Accrued Expenses and Liabilities on the Statements of Assets and Liabilities that exceeded 5% of total liabilities:

Portfolio	Accrued Expense	Amount
Solution Moderately Conservative	Custody		$	3,074
	Miscellaneous			2,789
Solution 2060	Custody			383
	Offering Fee			2,774

NOTE 8 — EXPENSE LIMITATION AGREEMENT

Portfolio(1)	Class ADV		Class I		Class S		Class S2		Class T
Solution Aggressive		1.39%		0.89%		1.14%		1.29%		N/A
Solution Balanced		1.30%		0.80%		1.05%		1.20%		N/A
Solution Conservative		1.16%		0.66%		0.91%		1.06%		N/A
Solution Income		1.18%		0.68%		0.93%		1.08%		1.38%
Solution Moderately Aggressive		1.38%		0.88%		1.13%		1.28%		N/A
Solution Moderately Conservative		1.24%		0.74%		0.99%		1.14%		N/A
Solution 2020		1.26%		0.76%		1.01%		1.16%		1.46%
Solution 2025		1.30%		0.80%		1.05%		1.20%		1.50%
Solution 2030		1.33%		0.83%		1.08%		1.23%		1.53%
Solution 2035		1.37%		0.87%		1.12%		1.27%		1.57%
Solution 2040		1.38%		0.88%		1.13%		1.28%		1.58%
Solution 2045		1.39%		0.89%		1.14%		1.29%		1.59%
Solution 2050		1.39%		0.89%		1.14%		1.29%		1.59%
Solution 2055		1.39%		0.89%		1.14%		1.29%		1.59%
Solution 2060		1.39%		0.89%		1.14%		1.29%		1.59%

(1)

The operating expense limits take into account the operating expenses incurred at the Underlying Fund level. The amount of fees and expenses of an Underlying Fund borne by each Portfolio will vary based on each Portfolio’s allocation of assets to, and the net expenses of, a particular Underlying Fund.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 8 — EXPENSE LIMITATION AGREEMENT (continued)

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, 2015 the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:

	December 31,
	2016			2017			2018			Total
Solution Aggressive		$	24,058		$	14,968		$	12,690		$	51,716
Solution Balanced			73,602			71,065			63,484			208,151
Solution Conservative			40,923			40,932			37,813			119,668
Solution Income			235,643			230,838			340,447			806,928
Solution Moderately Aggressive			46,092			38,312			141,031			225,435
Solution Moderately Conservative			76,331			60,329			51,944			188,604
Solution 2020			16,311			14,049			19,318			49,678
Solution 2025			1,470,250			1,358,078			967,252			3,795,580
Solution 2030			16,405			13,791			17,601			47,797
Solution 2035			1,223,115			936,968			727,201			2,887,284
Solution 2040			16,982			13,435			16,747			47,164
Solution 2045			823,846			473,742			378,863			1,676,451
Solution 2050			16,935			13,226			16,251			46,412
Solution 2055			91,227			84,591			72,976			248,794
Solution 2060			—			—			29,374			29,374

The Expense Limitation Agreement is contractual through May 1, 2018 for all Portfolios (except for Solution Aggressive, which is through May 1, 2016, and Solution

2060, which is through May 1, 2017) and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

NOTE 9 — LINE OF CREDIT

The Portfolios, in addition to certain other funds managed by the Investment Adviser, have entered into an unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon for an aggregate amount of $200,000,000. The proceeds may be used only to: (1) temporarily finance the purchase and sale of securities; or (2) finance the redemption of shares of an investor in the funds. The funds to which the line of credit is available pay a commitment fee equal to 0.10% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to May 22, 2015, the funds to which the Credit Agreement is available paid a commitment fee equal to 0.07% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.

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, 2015 as follows:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Solution Moderately Aggressive		7		$	677,571		1.13%
Solution 2035		13			391,462		1.13
Solution 2045		1			1,071,000		1.13

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	#		#		#		#		#		($)		($)		($)		($)		($)
Solution Aggressive
Class ADV
12/31/2015		133,363		—		12,054		(115,116)		30,301		1,640,492		—		143,443		(1,390,895)		393,040
12/31/2014		154,840		—		1,280		(19,262)		136,858		1,843,267		—		15,160		(228,253)		1,630,174
Class I
12/31/2015		10,343		—		569		—*		10,912		131,149		—		6,885		—*		138,034
12/31/2014		682		—		2		—*		684		8,352		—		28		30		8,410

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (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	#		#		#		#		#		($)		($)		($)		($)		($)
Solution Aggressive (continued)
Class S
12/31/2015		160,428		—		10,900		(74,471)		96,857		2,006,952		—		130,802		(908,941)		1,228,813
12/31/2014		85,782		—		1,100		(23,639)		63,243		1,009,337		—		13,128		(281,068)		741,397
Class S2
12/31/2015		9,858		—		715		(2,113)		8,460		121,049		—		8,504		(25,714)		103,839
12/31/2014		5,646		—		32		(2,531)		3,147		67,157		—		379		(29,247)		38,289
Solution Balanced
Class ADV
12/31/2015		205,961		—		299,144		(505,975)		(870)		2,108,871		—		2,904,687		(5,124,403)		(110,845)
12/31/2014		309,124		—		225,452		(378,551)		156,025		3,375,467		—		2,331,179		(4,140,741)		1,565,905
Class I
12/31/2015		4,324		—		515		(926)		3,913		46,241		—		5,169		(9,949)		41,461
12/31/2014		2,118		—		10		(110)		2,018		23,017		—		101		(1,184)		21,934
Class S
12/31/2015		344,977		—		257,785		(395,322)		207,440		3,597,100		—		2,536,602		(4,028,864)		2,104,838
12/31/2014		280,166		—		187,383		(397,351)		70,198		3,067,644		—		1,960,021		(4,431,354)		596,311
Class S2
12/31/2015		13,992		—		6,751		(22,742)		(1,999)		147,579		—		66,297		(237,531)		(23,655)
12/31/2014		12,219		—		5,321		(55,416)		(37,876)		133,065		—		55,554		(608,391)		(419,772)
Solution Conservative
Class ADV
12/31/2015		125,281		—		56,542		(393,073)		(211,250)		1,387,230		—		602,741		(4,271,194)		(2,281,223)
12/31/2014		151,604		—		64,290		(133,750)		82,144		1,736,213		—		712,338		(1,537,899)		910,652
Class I
12/31/2015		471		—		50		(150)		371		5,234		—		539		(1,600)		4,173
12/31/2014		525		—		21		—*		546		5,943		—		241		—*		6,184
Class S
12/31/2015		106,243		—		33,166		(135,562)		3,847		1,174,400		—		355,539		(1,457,964)		71,975
12/31/2014		95,898		—		34,659		(144,688)		(14,131)		1,111,927		—		386,107		(1,664,558)		(166,524)
Class S2
12/31/2015		12,292		—		2,075		(8,244)		6,123		137,650		—		22,148		(90,134)		69,664
12/31/2014		5,524		—		1,870		(5,445)		1,949		63,077		—		20,759		(61,852)		21,984
Solution Income
Class ADV
12/31/2015		875,501		17,732,399		422,310		(3,417,878)		15,612,332		8,937,303		196,406,386		4,683,419		(38,302,807)		171,724,301
12/31/2014		663,951		—		177,552		(1,933,340)		(1,091,837)		7,610,632		—		2,029,424		(22,271,265)		(12,631,209)
Class I
12/31/2015		882,319		7,086,887		133,536		(1,219,110)		6,883,632		9,761,205		80,072,506		1,510,290		(13,921,933)		77,422,068
12/31/2014		675,323		—		59,763		(947,414)		(212,328)		7,947,689		—		696,238		(11,149,334)		(2,505,407)
Class S
12/31/2015		522,004		18,628,555		296,033		(3,844,837)		15,601,755		4,991,798		209,005,049		3,324,455		(43,039,025)		174,282,277
12/31/2014		523,734		—		130,555		(1,312,451)		(658,162)		6,110,756		—		1,510,514		(15,226,445)		(7,605,175)
Class S2
12/31/2015		75,965		1,451,787		23,159		(494,983)		1,055,928		776,050		15,898,957		253,821		(5,406,925)		11,521,903
12/31/2014		97,794		—		8,746		(207,263)		(100,723)		1,117,962		—		99,007		(2,351,953)		(1,134,984)
Class T
12/31/2015		516		63,207		426		(118)		64,031		2,119		733,182		4,945		(1,330)		738,916
12/31/2014		1,071		—		205		(10,275)		(8,999)		12,825		—		2,437		(122,215)		(106,953)
Solution Moderately Aggressive
Class ADV
12/31/2015		356,971		1,149,017		222,861		(468,829)		1,260,020		4,325,948		13,430,897		2,614,164		(5,579,778)		14,791,231
12/31/2014		356,299		—		125,179		(211,294)		270,184		4,775,780		—		1,593,527		(2,805,589)		3,563,718

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (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	#		#		#		#		#		($)		($)		($)		($)		($)
Solution Moderately Aggressive (continued)
Class I
12/31/2015		25,830		388,400		963		(66,689)		348,504		300,505		4,613,738		11,481		(761,743)		4,163,981
12/31/2014		4,418		—		28		(487)		3,959		58,536		—		360		(6,395)		52,501
Class S
12/31/2015		323,918		67,391,670		117,010		(5,264,540)		62,568,058		3,970,666		794,400,426		1,384,232		(59,897,867)		739,857,457
12/31/2014		179,296		—		79,409		(278,237)		(19,532)		2,401,872		—		1,018,024		(3,738,911)		(319,015)
Class S2
12/31/2015		24,794		—		10,593		(4,868)		30,519		318,836		—		125,106		(62,765)		381,177
12/31/2014		43,302		—		5,100		(8,018)		40,384		580,968		—		65,384		(105,838)		540,514
Solution Moderately Conservative
Class ADV
12/31/2015		516,666		—		191,286		(467,114)		240,838		5,235,276		—		1,868,868		(4,766,056)		2,338,088
12/31/2014		404,547		—		167,450		(530,499)		41,498		4,358,637		—		1,723,067		(5,705,865)		375,839
Class I
12/31/2015		152		—		327		(293)		186		1,610		—		3,324		(2,963)		1,971
12/31/2014		3,966		—		9		(681)		3,294		43,084		—		95		(7,291)		35,888
Class S
12/31/2015		261,617		—		174,769		(467,681)		(31,295)		2,714,729		—		1,744,197		(4,948,852)		(489,926)
12/31/2014		306,420		—		177,037		(572,181)		(88,724)		3,347,877		—		1,857,121		(6,270,232)		(1,065,234)
Class S2
12/31/2015		13,745		—		8,024		(23,916)		(2,147)		144,059		—		79,359		(236,253)		(12,835)
12/31/2014		24,148		—		5,580		(10,878)		18,850		255,891		—		58,087		(116,498)		197,480
Solution 2020
Class ADV
12/31/2015		270,401		—		2,746		(77,349)		195,798		3,166,134		—		32,568		(972,350)		2,226,352
12/31/2014		48,923		—		159		(307)		48,775		612,209		—		2,004		(3,935)		610,278
Class I
12/31/2015		198,327		—		—*		(16,085)		182,242		2,346,484		—		2		(189,304)		2,157,182
12/31/2014		—		—		1		—		1		—		—		11		—		11
Class S
12/31/2015		361,539		—		—*		(10,564)		350,975		4,284,726		—		2		(126,396)		4,158,332
12/31/2014		—		—		1		—		1		—		—		11		—		11
Class S2
12/31/2015		24,151		—		—*		(303)		23,848		285,566		—		1		(3,557)		282,010
12/31/2014		—		—		1		—		1		—		—		11		—		11
Class T
12/31/2015		50		—		—*		—*		50		578		—		1		—*		579
12/31/2014		—		—		1		—		1		—		—		12		—		12
Solution 2025
Class ADV
12/31/2015		1,784,495		—		4,330,092		(8,031,558)		(1,916,971)		22,123,192		—		49,925,958		(100,164,909)		(28,115,759)
12/31/2014		2,231,249		—		2,365,187		(8,995,769)		(4,399,333)		29,044,488		—		29,777,701		(118,304,500)		(59,482,311)
Class I
12/31/2015		4,602,193		—		2,479,049		(4,243,398)		2,837,844		58,869,833		—		29,227,991		(51,960,653)		36,137,171
12/31/2014		5,476,228		—		1,262,725		(8,596,798)		(1,857,845)		73,210,248		—		16,226,007		(114,659,726)		(25,223,471)
Class S
12/31/2015		2,603,333		—		5,152,653		(8,206,295)		(450,309)		33,211,859		—		60,182,986		(101,006,412)		(7,611,567)
12/31/2014		2,279,513		—		2,647,318		(7,601,495)		(2,674,664)		30,203,403		—		33,726,829		(99,848,972)		(35,918,740)
Class S2
12/31/2015		315,246		—		352,939		(920,180)		(251,995)		3,768,785		—		4,019,974		(11,275,404)		(3,486,645)
12/31/2014		390,863		—		186,394		(1,007,792)		(430,535)		4,991,097		—		2,322,472		(13,209,698)		(5,896,129)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (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	#		#		#		#		#		($)		($)		($)		($)		($)
Solution 2025 (continued)
Class T
12/31/2015		2,283		—		8,190		(4,788)		5,685		28,405		—		98,029		(57,754)		68,680
12/31/2014		33,371		—		15,933		(207,881)		(158,577)		452,968		—		204,414		(2,665,283)		(2,007,901)
Solution 2030
Class ADV
12/31/2015		121,446		—		1,136		(15,299)		107,283		1,623,383		—		15,542		(204,869)		1,434,056
12/31/2014		19,829		—		169		(9,062)		10,936		267,213		—		2,303		(127,607)		141,909
Class I
12/31/2015		66,974		—		277		(3,574)		63,677		906,574		—		3,851		(48,330)		862,095
12/31/2014		—		—		2		—		2		—		—		30		—		30
Class S
12/31/2015		110,273		—		—*		(2,338)		107,935		1,483,479		—		1		(31,713)		1,451,767
12/31/2014		—		—		2		—		2		—		—		31		—		31
Class S2
12/31/2015		2,769		—		—*		—*		2,769		36,883		—		1		(1)		36,883
12/31/2014		—		—		2		—		2		—		—		31		—		31
Class T
12/31/2015		—		—		—*		—		—*		1		—		1		—		2
12/31/2014		—		—		2		—		2		—		—		30		—		30
Solution 2035
Class ADV
12/31/2015		1,648,550		—		4,028,320		(6,140,085)		(463,215)		20,918,739		—		47,332,753		(77,942,642)		(9,691,150)
12/31/2014		1,744,453		—		3,030,633		(7,862,097)		(3,087,011)		24,110,514		—		39,277,002		(108,687,237)		(45,299,721)
Class I
12/31/2015		4,738,743		—		2,922,587		(4,667,888)		2,993,442		62,332,893		—		35,100,277		(58,410,906)		39,022,264
12/31/2014		5,425,725		—		1,789,783		(5,971,308)		1,244,200		75,880,127		—		23,660,926		(83,373,140)		16,167,913
Class S
12/31/2015		3,466,195		—		5,186,236		(7,427,892)		1,224,539		45,578,722		—		61,716,210		(92,846,886)		14,448,046
12/31/2014		1,961,410		—		3,404,711		(7,389,232)		(2,023,111)		27,216,748		—		44,635,757		(102,662,482)		(30,809,977)
Class S2
12/31/2015		248,552		—		314,052		(957,055)		(394,451)		3,153,713		—		3,624,166		(12,335,819)		(5,557,940)
12/31/2014		401,603		—		251,203		(756,733)		(103,927)		5,348,909		—		3,202,845		(10,410,085)		(1,858,331)
Class T
12/31/2015		3,744		—		9,518		(1,193)		12,069		47,267		—		115,739		(16,211)		146,795
12/31/2014		39,474		—		17,254		(126,143)		(69,415)		568,584		—		228,444		(1,664,992)		(867,964)
Solution 2040
Class ADV
12/31/2015		125,000		—		3,947		(14,900)		114,047		1,767,906		—		56,875		(214,750)		1,610,031
12/31/2014		55,828		—		186		(9,235)		46,779		802,761		—		2,713		(136,869)		668,605
Class I
12/31/2015		46,988		—		—*		(12,663)		34,325		657,777		—		2		(179,143)		478,636
12/31/2014		—		—		1		—		1		—		—		17		—		17
Class S
12/31/2015		71,111		—		—*		(27,951)		43,160		985,441		—		1		(394,972)		590,470
12/31/2014		—		—		1		—		1		—		—		16		—		16
Class S2
12/31/2015		379		—		—*		—*		379		5,239		—		1		—*		5,240
12/31/2014		—		—		1		—		1		—		—		16		—		16
Class T
12/31/2015		23		—		—*		—*		23		324		—		1		—*		325
12/31/2014		—		—		1		—		1		—		—		17		—		17

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (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	#		#		#		#		#		($)		($)		($)		($)		($)
Solution 2045
Class ADV
12/31/2015		1,428,372		—		3,182,631		(4,384,453)		226,550		18,126,746		—		37,173,134		(56,697,016)		(1,397,136)
12/31/2014		1,421,478		—		2,191,746		(4,449,138)		(835,914)		20,282,717		—		29,128,306		(63,324,912)		(13,913,889)
Class I
12/31/2015		4,101,908		—		2,652,131		(3,574,117)		3,179,922		54,184,542		—		31,692,964		(45,385,554)		40,491,952
12/31/2014		4,631,246		—		1,541,633		(5,193,702)		979,177		67,357,973		—		20,904,540		(75,567,806)		12,694,707
Class S
12/31/2015		2,210,545		—		4,403,023		(4,610,924)		2,002,644		29,434,671		—		52,043,735		(58,237,822)		23,240,584
12/31/2014		1,541,939		—		2,649,762		(6,124,054)		(1,932,353)		22,188,855		—		35,586,304		(88,338,311)		(30,563,152)
Class S2
12/31/2015		204,790		—		229,034		(654,820)		(220,996)		2,608,223		—		2,647,631		(8,652,212)		(3,396,358)
12/31/2014		330,210		—		165,692		(443,661)		52,241		4,621,951		—		2,183,817		(6,389,684)		416,084
Class T
12/31/2015		2,952		—		5,142		(1,077)		7,017		36,749		—		61,758		(14,474)		84,033
12/31/2014		20,235		—		9,827		(75,284)		(45,222)		302,640		—		132,466		(1,024,896)		(589,790)
Solution 2050
Class ADV
12/31/2015		49,242		—		2,002		(5,700)		45,544		691,029		—		28,848		(82,795)		637,082
12/31/2014		23,835		—		186		(569)		23,452		343,577		—		2,715		(8,517)		337,775
Class I
12/31/2015		35,144		—		—*		(8,035)		27,109		499,073		—		1		(114,137)		384,937
12/31/2014		—		—		2		—		2		—		—		33		—		33
Class S
12/31/2015		24,707		—		—*		(2,441)		22,266		345,483		—		1		(33,330)		312,154
12/31/2014		—		—		2		—		2		—		—		34		—		34
Class S2
12/31/2015		1,644		—		—*		(1,285)		359		23,088		—		1		(17,709)		5,380
12/31/2014		—		—		2		—		2		—		—		33		—		33
Class T
12/31/2015		—		—		—*		—		—*		—		—		1		—		1
12/31/2014		—		—		2		—		2		—		—		33		—		33
Solution 2055
Class ADV
12/31/2015		958,435		—		362,034		(687,431)		633,038		13,274,081		—		4,749,889		(9,493,615)		8,530,355
12/31/2014		789,420		—		188,455		(640,060)		337,815		11,381,547		—		2,625,177		(9,240,921)		4,765,803
Class I
12/31/2015		1,335,242		—		291,783		(458,681)		1,168,344		18,637,734		—		3,886,544		(6,282,177)		16,242,101
12/31/2014		1,276,229		—		110,212		(832,392)		554,049		18,577,926		—		1,555,089		(12,432,533)		7,700,482
Class S
12/31/2015		1,149,129		—		425,992		(864,563)		710,558		16,171,799		—		5,623,096		(11,796,616)		9,998,279
12/31/2014		960,371		—		195,311		(737,606)		418,076		13,967,923		—		2,736,305		(10,611,072)		6,093,156
Class S2
12/31/2015		103,582		—		25,630		(103,907)		25,305		1,435,275		—		337,030		(1,479,639)		292,666
12/31/2014		110,096		—		12,855		(63,468)		59,483		1,580,844		—		179,451		(907,693)		852,602
Class T
12/31/2015		294		—		47		(3)		338		3,965		—		628		(37)		4,556
12/31/2014		11,983		—		250		(16,576)		(4,343)		170,103		—		3,479		(232,135)		(58,553)
Solution 2060
Class ADV
2/9/2015(1) - 12/31/2015		19,776		—		—		(498)		19,278		193,663		—		—		(4,897)		188,766

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (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	#		#		#		#		#		($)		($)		($)		($)		($)
Solution 2060 (continued)
Class I
2/9/2015(1) - 12/31/2015		34,447		—		—		(2,528)		31,919		336,593		—		—		(25,392)		311,201
Class S
2/9/2015(1) - 12/31/2015		19,042		—		—		(4,817)		14,225		187,425		—		—		(47,313)		140,112
Class S2
2/9/2015(1) - 12/31/2015		2,898		—		—		(302)		2,596		29,143		—		—		(2,997)		26,146
Class T
2/9/2015(1) - 12/31/2015		301		—		—		—		301		3,012		—		—		—		3,012

(1)

Commencement of operations

Share amount is less than 0.500 per share or $0.50.

NOTE 11 — 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 U.S. 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 following permanent tax differences have been reclassified as of December 31, 2015:

	Undistributed Net Investment Income			Accumulated Net Realized Gains/(Losses)
Solution Aggressive		$	41,742		$	(41,742)
Solution Balanced			405,631			(405,631)
Solution Conservative			71,581			(71,581)
Solution Income			1,192,359			(1,192,359)
Solution Moderately Aggressive			2,960,240			(2,960,240)
Solution Moderately Conservative			282,787			(282,787)
Solution 2020			14,659			(14,659)
Solution 2025			7,540,720			(7,540,720)
Solution 2030			7,647			(7,647)
Solution 2035			7,650,569			(7,650,569)
Solution 2040			11,573			(11,573)
Solution 2045			4,496,710			(4,496,710)

	Undistributed Net Investment Income		Accumulated Net Realized Gains/(Losses)
Solution 2050		5,246		(5,246)
Solution 2055		831,496		(831,496)
Solution 2060		1,698		(1,698)

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

	Year Ended December 31, 2015						Year Ended December 31, 2014
	Ordinary Income			Long-term Capital Gains			Ordinary Income			Long-term Capital Gains
Solution Aggressive		$	130,396		$	159,239		$	17,859		$	10,836
Solution Balanced			1,902,511			3,610,244			1,836,209			2,510,646
Solution Conservative			584,199			396,989			651,677			467,767
Solution Income			4,159,259			5,617,671			4,337,620			—
Solution Moderately Aggressive			1,265,910			2,869,073			982,421			1,694,873
Solution Moderately Conservative			1,575,858			2,119,890			1,919,034			1,719,336
Solution 2020			15,749			18,494			599			1,450
Solution 2025			43,850,398			99,604,540			23,455,600			58,801,823
Solution 2030			8,842			11,437			721			1,706
Solution 2035			41,925,780			105,963,365			23,445,726			87,559,248
Solution 2040			24,130			33,992			701			2,078
Solution 2045			30,756,256			92,862,966			17,516,559			70,418,874
Solution 2050			10,787			19,354			660			2,188
Solution 2055			4,299,498			10,297,691			2,587,997			4,511,504

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 11 — FEDERAL INCOME TAXES (continued)

The tax-basis components of distributable earnings as of December 31, 2015 were:

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)
Solution Aggressive		$	79,742		$	330,781		$	(660,553)
Solution Balanced			970,458			3,054,677			(3,056,134)
Solution Conservative			304,708			379,504			(1,147,935)
Solution Income			5,721,638			6,099,401			(33,700,382)
Solution Moderately Aggressive			8,500,272			10,914,767			(53,741,103)
Solution Moderately Conservative			807,123			2,097,669			(3,110,842)
Solution 2020			80,249			76,926			(165,480)
Solution 2025			19,435,465			74,756,664			(57,600,733)
Solution 2030			39,401			40,314			(92,498)
Solution 2035			18,503,214			75,963,827			(55,659,700)
Solution 2040			38,260			69,330			(135,672)
Solution 2045			10,372,064			56,411,941			(39,210,856)
Solution 2050			17,221			35,491			(67,022)
Solution 2055			1,888,024			8,916,686			(11,337,339)
Solution 2060			10,183			8,661			(11,912)

At December 31, 2015, 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.

NOTE 12 — REORGANIZATIONS

On August 14, 2015, Solution Income (“Acquiring Portfolio”) acquired all of the assets of, and assumed all of the liabilities of Voya Solution 2015 Portfolio (“Acquired Portfolio”), which is not included in this report, an open-end investment company in a tax-free reorganization in exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization. The transaction occurred due to the Acquired Portfolio reaching its Target Date in 2015. 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, 2015, 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, 2015, are as follows:

Net investment income	$	8,797,000
Net realized and unrealized loss on investments	$	(6,156,878)
Net increase in net assets resulting from operations	$	2,640,123

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 14, 2015. 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 Depreciation (000s)						Portfolios’ Conversion Ratio
	$502,116				$	156,751					$	—					$	(11,548)						0.9579

The net assets of the Acquiring Portfolio after the acquisition were $658,867,349.

On August 14, 2015, Solution Moderately Aggressive (“Acquiring Portfolio”) acquired all of the assets of, and assumed all of the liabilities of VY® Franklin Templeton Founding Strategy Portfolio (“Acquired Portfolio”), which is not included in this report, an open-end investment company in a tax-free reorganization in exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization approved by the shareholders of the Acquired Portfolio on July 28, 2015. The reorganization provided shareholders of the Acquired Portfolio with an immediate benefit through lower net expenses. 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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 12 — REORGANIZATIONS (continued)

Net investment income	$	38,457,769
Net realized and unrealized loss on investments	$	(65,616,857)
Net decrease in net assets resulting from operations	$	(27,159,089)

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 14, 2015. 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 Depreciation (000s)						Portfolios’ Conversion Ratio
	$812,445				$	32,834					$	—					$	(3,610)						0.7713

The net assets of the Acquiring Portfolio after the acquisition were $845,279,259.

NOTE 13 — SUBSEQUENT EVENTS

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. No such subsequent events were identified.

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Aggressive Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 5.3%
	1,256	iShares Russell 1000 Value Index Fund		$	122,912		2.4
	727	SPDR Trust Series 1			148,228		2.9
		Total Exchange-Traded Funds (Cost $277,499)			271,140		5.3
MUTUAL FUNDS: 94.7%
		Affiliated Investment Companies: 93.8%
	41,963	Voya International Core Fund - Class I			382,279		7.5
	11,238	Voya International Index Portfolio - Class I			101,366		2.0
	20,199	Voya Large Cap Growth Portfolio - Class I			388,031		7.6
	32,981	Voya Large Cap Value Fund - Class R6			384,891		7.5
	16,993	Voya MidCap Opportunities Portfolio - Class I			219,039		4.3
	28,456	Voya Multi-Manager Emerging Markets Equity Fund - Class I			249,558		4.9
	46,755	Voya Multi-Manager International Equity Fund - Class I			484,382		9.5
	35,446	Voya Multi-Manager Large Cap Core Portfolio - Class I			513,972		10.1
	40,788	Voya Multi-Manager Mid Cap Value Fund - Class I			405,837		7.9
	7,132	Voya Russell™ Mid Cap Growth Index Portfolio - Class I			191,769		3.8
	10,419	Voya Small Company Portfolio - Class I			205,572		4.0

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	38,868		Voya U.S. Stock Index Portfolio - Class I		$	518,494		10.1
	2,936		VY® Clarion Real Estate Portfolio - Class I			104,830		2.1
	16,589		VY® Invesco Comstock Portfolio - Class I			251,821		4.9
	4,500	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			387,643		7.6
						4,789,484		93.8
			Unaffiliated Investment Companies: 0.9%
	10,165	@	Credit Suisse Commodity Return Strategy Fund - Class I			45,846		0.9
			Total Mutual Funds (Cost $5,289,521)			4,835,330		94.7
			Total Investments in Securities (Cost $5,567,020)		$	5,106,470		100.0
			Assets in Excess of Other Liabilities			810		—
			Net Assets		$	5,107,280		100.0

Non-income producing security.

Cost for federal income tax purposes is $5,767,023.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	3,240
Gross Unrealized Depreciation		(663,793)
Net Unrealized Depreciation	$	(660,553)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	271,140		$	—		$	—		$	271,140
Mutual Funds			4,835,330			—			—			4,835,330
Total Investments, at fair value		$	5,106,470		$	—		$	—		$	5,106,470

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 Solution Aggressive Portfolio

as of December 31, 2015 (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, 2015, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/14			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/15			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	70,566		$	82,197		$	(158,928)		$	6,165		$	—		$	1,726		$	(22,957)		$	—
Voya International Core Fund - Class I			271,737			296,557			(203,017)			17,002			382,279			4,180			(28,557)			5,696
Voya International Index Portfolio - Class I			71,613			111,010			(77,742)			(3,515)			101,366			2,623			(1,648)			—
Voya Large Cap Growth Portfolio - Class I			277,320			327,066			(185,224)			(31,131)			388,031			2,487			5,169			43,031
Voya Large Cap Value Fund - Class R6			288,310			423,437			(300,962)			(25,894)			384,891			6,849			(22,499)			20,074
Voya MidCap Opportunities Portfolio - Class I			149,439			203,326			(108,914)			(24,812)			219,039			—			(10,786)			33,188
Voya Multi-Manager Emerging Markets Equity Fund - Class I			209,270			259,475			(191,896)			(27,291)			249,558			3,694			(17,267)			—
Voya Multi-Manager International Equity Fund - Class I			340,375			380,351			(235,556)			(788)			484,382			6,180			(18,176)			4,548
Voya Multi-Manager Large Cap Core Portfolio - Class I			299,936			489,570			(225,364)			(50,170)			513,972			5,411			1,949			35,992
Voya Multi-Manager Mid Cap Value Fund - Class I			333,961			454,138			(332,368)			(49,894)			405,837			4,992			(41,579)			64,431
Voya RussellTM Mid Cap Growth Index Portfolio - Class I			185,888			224,425			(196,756)			(21,788)			191,769			1,451			16,787			—
Voya Small Company Portfolio - Class I			150,688			178,308			(105,008)			(18,416)			205,572			875			(11,804)			25,266
Voya U.S. Bond Index Portfolio - Class I			—			150,355			(150,355)			—			—			—			241			—
Voya U.S. Stock Index Portfolio - Class I			268,895			662,122			(371,413)			(41,110)			518,494			9,468			(8,555)			41,580
VY® Clarion Real Estate Portfolio - Class I			77,170			88,398			(54,148)			(6,590)			104,830			1,918			8,305			—
VY® Invesco Comstock Portfolio - Class I			110,975			273,608			(104,282)			(28,480)			251,821			6,939			2,540			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			276,458			340,427			(197,494)			(31,748)			387,643			—			9,675			57,514
		$	3,382,601		$	4,944,770		$	(3,199,427)		$	(338,460)		$	4,789,484		$	58,793		$	(139,162)		$	331,320

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Balanced Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 4.0%
	4,075	iShares Barclays 20+ Year Treasury Bond Fund		$	491,527		1.0
	7,133	SPDR Trust Series 1			1,454,347		3.0
		Total Exchange-Traded Funds (Cost $1,976,414)			1,945,874		4.0
MUTUAL FUNDS: 95.9%
		Affiliated Investment Companies: 94.9%
	252,359	Voya Floating Rate Fund - Class I			2,435,269		5.1
	254,699	Voya Global Bond Fund - Class R6			2,434,924		5.1
	318,185	Voya High Yield Bond Fund - Class I			2,386,386		5.0
	98,948	Voya Intermediate Bond Fund - Class R6			978,596		2.0
	236,955	Voya International Core Fund - Class I			2,158,659		4.5
	105,560	Voya International Index Portfolio - Class I			952,152		2.0
	151,847	Voya Large Cap Growth Portfolio - Class I			2,916,982		6.0
	306,712	Voya Large Cap Value Fund - Class R6			3,579,327		7.4
	150,302	Voya MidCap Opportunities Portfolio - Class I			1,937,392		4.0
	106,919	Voya Multi-Manager Emerging Markets Equity Fund - Class I			937,678		1.9
	115,605	Voya Multi-Manager International Equity Fund - Class I			1,197,664		2.5
	199,843	Voya Multi-Manager Large Cap Core Portfolio - Class I			2,897,721		6.0
	215,563	Voya Multi-Manager Mid Cap Value Fund - Class I			2,144,856		4.4
	8,935	Voya Russell™ Mid Cap Growth Index Portfolio - Class I			240,269		0.5
	99,307	Voya Short Term Bond Fund - Class R6			979,172		2.0
	48,969	Voya Small Company Portfolio - Class I			966,158		2.0

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	231,494		Voya U.S. Bond Index Portfolio - Class I		$	2,435,319		5.1
	142,789		Voya U.S. Stock Index Portfolio - Class I			1,904,810		4.0
	105,812		VY® BlackRock Inflation Protected Bond Portfolio - Class I			972,409		2.0
	27,582		VY® Clarion Real Estate Portfolio - Class I			984,937		2.0
	97,087	@	VY® Goldman Sachs Bond Portfolio - Class I			972,807		2.0
	109,073		VY® Invesco Comstock Portfolio - Class I			1,655,722		3.4
	185,433		VY® T. Rowe Price Capital Appreciation Portfolio - Class I			4,843,517		10.0
	33,831	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			2,914,227		6.0
						45,826,953		94.9
			Unaffiliated Investment Companies: 1.0%
	101,625	@	Credit Suisse Commodity Return Strategy Fund - Class I			458,327		1.0
			Total Mutual Funds (Cost $48,870,713)			46,285,280		95.9
			Total Investments in Securities (Cost $50,847,127)		$	48,231,154		99.9
			Assets in Excess of Other Liabilities			35,934		0.1
			Net Assets		$	48,267,088		100.0

Non-income producing security.

Cost for federal income tax purposes is $51,287,288

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	408,239
Gross Unrealized Depreciation		(3,464,373)
Net Unrealized Depreciation	$	(3,056,134)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Balanced Portfolio

as of December 31, 2015 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	1,945,874		$	—		$	—		$	1,945,874
Mutual Funds			46,285,280			—			—			46,285,280
Total Investments, at fair value		$	48,231,154		$	—		$	—		$	48,231,154

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

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, 2015, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/14			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/15			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	990,459		$	269,532		$	(1,358,117)		$	98,126		$	—		$	20,328		$	(241,515)		$	—
Voya Floating Rate Fund - Class I			2,613,239			533,398			(630,419)			(80,949)			2,435,269			105,485			(6,664)			—
Voya Global Bond Fund - Class R6			2,592,404			634,075			(711,045)			(80,510)			2,434,924			4,197			(34,594)			—
Voya High Yield Bond Fund - Class I			3,104,619			664,422			(1,273,434)			(109,221)			2,386,386			148,932			(58,596)			—
Voya Intermediate Bond Fund - Class R6			1,848,477			810,753			(1,636,349)			(44,285)			978,596			38,250			32,991			—
Voya International Core Fund - Class I			1,529,318			1,085,813			(374,458)			(82,014)			2,158,659			24,045			4,056			32,771
Voya International Index Portfolio - Class I			1,510,736			255,226			(791,053)			(22,757)			952,152			30,661			38,114			—
Voya Large Cap Growth Portfolio - Class I			2,603,140			1,241,755			(601,046)			(326,867)			2,916,982			17,566			186,557			303,976
Voya Large Cap Value Fund - Class R6			3,137,403			1,616,569			(761,235)			(413,410)			3,579,327			65,030			(30,115)			198,940
Voya MidCap Opportunities Portfolio - Class I			1,709,949			927,494			(341,033)			(359,018)			1,937,392			—			54,939			305,208
Voya Multi-Manager Emerging Markets Equity Fund - Class I			978,763			344,693			(241,245)			(144,533)			937,678			14,147			(18,163)			—
Voya Multi-Manager International Equity Fund - Class I			1,511,523			262,126			(539,388)			(36,597)			1,197,664			15,572			48,448			11,458
Voya Multi-Manager Large Cap Core Portfolio - Class I			3,169,348			750,203			(712,406)			(309,424)			2,897,721			30,386			82,477			188,047
Voya Multi-Manager Mid Cap Value Fund - Class I			3,133,669			695,739			(1,274,408)			(410,144)			2,144,856			26,882			(12,375)			346,953
Voya Russell™ Mid Cap Growth Index Portfolio - Class I			1,439,526			69,052			(1,109,268)			(159,041)			240,269			2,226			220,237			—
Voya Short Term Bond Fund - Class R6			1,050,880			199,636			(263,841)			(7,503)			979,172			19,553			(1,688)			—
Voya Small Company Portfolio - Class I			1,061,344			266,606			(189,181)			(172,611)			966,158			5,151			14,065			148,787
Voya U.S. Bond Index Portfolio - Class I			2,375,676			2,545,018			(2,414,505)			(70,870)			2,435,319			38,930			21,932			4,518
Voya U.S. Stock Index Portfolio - Class I			1,567,935			2,460,636			(2,029,749)			(94,012)			1,904,810			33,120			9,492			88,303
VY® BlackRock Inflation Protected Bond Portfolio - Class I			1,040,399			214,274			(285,678)			3,414			972,409			14,023			(41,507)			—
VY® Clarion Real Estate Portfolio - Class I			1,089,539			240,126			(268,477)			(76,251)			984,937			16,728			94,459			—
VY® Goldman Sachs Bond Portfolio - Class I			—			1,471,297			(499,663)			1,173			972,807			—			2,132			—
VY® Invesco Comstock Portfolio - Class I			1,562,088			620,614			(350,687)			(176,293)			1,655,722			45,956			28,623			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			5,249,773			1,214,285			(1,038,483)			(582,058)			4,843,517			75,243			103,671			681,245
VY® T. Rowe Price Growth Equity Portfolio - Class I			2,594,070			1,359,654			(655,625)			(383,872)			2,914,227			—			255,361			430,871
		$	49,464,277		$	20,752,996		$	(20,350,793)		$	(4,039,527)		$	45,826,953		$	792,411		$	752,337		$	2,741,077

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Balanced Portfolio

as of December 31, 2015 (continued)

The effect of derivative instruments by primary risk exposure on the Portfolio’s Statement of Operations for the year ended December 31, 2015 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(2,972)
Interest rate contracts			(10,613)
Total		$	(13,585)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	27,424
Total		$	27,424

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Conservative Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 6.0%
	1,324	iShares Barclays 20+ Year Treasury Bond Fund		$	159,701		1.1
	2,908	iShares iBoxx High Yield Corporate Bond Fund			234,327		1.6
	2,317	SPDR Trust Series 1			472,413		3.3
		Total Exchange-Traded Funds (Cost $908,343)			866,441		6.0
MUTUAL FUNDS: 93.9%
		Affiliated Investment Companies: 92.9%
	105,599	Voya Floating Rate Fund - Class I			1,019,033		7.0
	182,402	Voya Global Bond Fund - Class R6			1,743,765		12.0
	138,182	Voya High Yield Bond Fund - Class I			1,036,364		7.1
	96,317	Voya Intermediate Bond Fund - Class R6			952,577		6.6
	47,402	Voya International Index Portfolio - Class I			427,569	��	3.0
	21,242	Voya Large Cap Growth Portfolio - Class I			408,061		2.8
	34,331	Voya Large Cap Value Fund - Class R6			400,645		2.8
	22,514	Voya MidCap Opportunities Portfolio - Class I			290,208		2.0
	28,712	Voya Multi-Manager Mid Cap Value Fund - Class I			285,686		2.0
	118,971	Voya Short Term Bond Fund - Class R6			1,173,055		8.1
	165,139	Voya U.S. Bond Index Portfolio - Class I			1,737,266		12.0
	21,608	Voya U.S. Stock Index Portfolio - Class I			288,246		2.0

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	142,605		VY® BlackRock Inflation Protected Bond Portfolio - Class I		$	1,310,541		9.0
	94,485	@	VY® Goldman Sachs Bond Portfolio - Class I			946,740		6.5
	55,540		VY® T. Rowe Price Capital Appreciation Portfolio - Class I			1,450,713		10.0
						13,470,469		92.9
			Unaffiliated Investment Companies: 1.0%
	32,400	@	Credit Suisse Commodity Return Strategy Fund - Class I			146,123		1.0
			Total Mutual Funds (Cost $14,424,627)			13,616,592		93.9
			Total Investments in Securities (Cost $15,326,504)		$	14,483,033		99.9
			Assets in Excess of Other Liabilities			20,589		0.1
			Net Assets		$	14,503,622		100.0

Non-income producing security.

Cost for federal income tax purposes is $15,630,968.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	8,442
Gross Unrealized Depreciation		(1,156,377)
Net Unrealized Depreciation	$	(1,147,935)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	866,441		$	—		$	—		$	866,441
Mutual Funds			13,616,592			—			—			13,616,592
Total Investments, at fair value		$	14,483,033		$	—		$	—		$	14,483,033

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 Solution Conservative Portfolio

as of December 31, 2015 (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, 2015, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/14			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)				Ending Fair Value at 12/31/15			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Floating Rate Fund - Class I		$	1,239,823		$	243,281		$	(429,262)		$	(34,809)			$	1,019,033		$	49,168		$	(4,295)		$	—
Voya Global Bond Fund - Class R6			2,108,839			474,411			(786,674)			(52,811)				1,743,765			3,414			(38,505)			—
Voya High Yield Bond Fund - Class I			1,757,391			415,541			(1,116,226)			(20,342)				1,036,364			77,459			(50,223)			—
Voya Intermediate Bond Fund - Class R6			1,163,478			592,267			(777,255)			(25,913)				952,577			32,249			5,349			—
Voya International Index Portfolio - Class I			511,860			168,376			(246,814)			(5,853)				427,569			15,790			(6,084)			—
Voya Large Cap Growth Portfolio - Class I			265,344			454,145			(263,837)			(47,591)	��			408,061			2,891			18,385			50,033
Voya Large Cap Value Fund - Class R6			532,164			219,128			(308,780)			(41,867)				400,645			8,870			(12,392)			28,758
Voya MidCap Opportunities Portfolio - Class I			623,820			138,227			(395,224)			(76,615)				290,208			—			42,385			53,106
Voya Multi-Manager Mid Cap Value Fund - Class I			619,328			148,809			(447,229)			(35,222)				285,686			3,569			(13,296)			46,064
Voya Short Term Bond Fund - Class R6			1,424,594			252,222			(495,592)			(8,169)				1,173,055			25,993			(3,373)			—
Voya U.S. Bond Index Portfolio - Class I			3,131,187			1,184,772			(2,537,313)			(41,380)				1,737,266			38,684			5,140			4,241
Voya U.S. Stock Index Portfolio - Class I			—			430,442			(116,098)			(26,098)				288,246			5,527			(10,328)			30,006
VY® BlackRock Inflation Protected Bond Portfolio - Class I			1,586,972			290,154			(612,424)			45,839				1,310,541			13,854			(94,658)			—
VY® Goldman Sachs Bond Portfolio - Class I			—			1,589,770			(644,113)			1,083				946,740			—			2,875			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			1,778,512			488,027			(667,132)			(148,694)				1,450,713			22,949			(7,218)			228,645
VY® T. Rowe Price Growth Equity Portfolio - Class I			263,628			18,879			(239,882)			(42,625)				—			—			59,016			—
		$	17,006,940		$	7,108,451		$	(10,083,855)		$	(561,067)			$	13,470,469		$	300,417		$	(107,222)		$	440,853

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

The effect of derivative instruments by primary risk exposure on the Portfolio’s Statement of Operations for the year ended December 31, 2015 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	24,113
Total		$	24,113

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	9,141
Total		$	9,141

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Income Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 2.1%
	51,043	iShares Barclays 20+ Year Treasury Bond Fund		$	6,156,807		1.1
	29,786	SPDR Trust Series 1			6,073,067		1.0
		Total Exchange-Traded Funds (Cost $12,652,342)			12,229,874		2.1
MUTUAL FUNDS: 97.8%
		Affiliated Investment Companies: 96.8%
	3,056,558	Voya Floating Rate Fund - Class I			29,495,782		5.0
	3,697,499	Voya Global Bond Fund - Class R6			35,348,086		6.0
	2,295,773	Voya High Yield Bond Fund - Class I			17,218,299		2.9
	4,804,800	Voya Intermediate Bond Fund - Class R6			47,519,474		8.1
	1,912,969	Voya International Core Fund - Class I			17,427,150		2.9
	1,280,277	Voya International Index Portfolio - Class I			11,548,095		2.0
	921,217	Voya Large Cap Growth Portfolio - Class I			17,696,581		3.0
	1,984,010	Voya Large Cap Value Fund - Class R6			23,153,396		3.9
	683,948	Voya MidCap Opportunities Portfolio - Class I			8,816,089		1.5
	1,697,135	Voya Multi-Manager Large Cap Core Portfolio - Class I			24,608,464		4.2
	871,706	Voya Multi-Manager Mid Cap Value Fund - Class I			8,673,475		1.5
	4,822,252	Voya Short Term Bond Fund - Class R6			47,547,406		8.1
	7,736,535	Voya U.S. Bond Index Portfolio - Class I			81,388,349		13.8
	1,710,987	Voya U.S. Stock Index Portfolio - Class I			22,824,571		3.9

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	5,779,251		VY® BlackRock Inflation Protected Bond Portfolio - Class I		$	53,111,312		9.0
	334,485		VY® Clarion Real Estate Portfolio - Class I			11,944,468		2.0
	4,713,515	@	VY® Goldman Sachs Bond Portfolio - Class I			47,229,418		8.0
	1,800,136		VY® T. Rowe Price Capital Appreciation Portfolio - Class I			47,019,557		8.0
	205,233	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			17,678,737		3.0
						570,248,709		96.8
			Unaffiliated Investment Companies: 1.0%
	1,248,838	@	Credit Suisse Commodity Return Strategy Fund - Class I			5,632,260		1.0
			Total Mutual Funds (Cost $601,246,175)			575,880,969		97.8
			Total Investments in Securities (Cost $613,641,927)		$	588,110,843		99.9
			Assets in Excess of Other Liabilities			644,672		0.1
			Net Assets		$	588,755,515		100.0

Non-income producing security.

Cost for federal income tax purposes is $621,811,225.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	4,962,820
Gross Unrealized Depreciation		(38,663,202)
Net Unrealized Depreciation	$	(33,700,382)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	12,229,874		$	—		$	—		$	12,229,874
Mutual Funds			575,880,969			—			—			575,880,969
Total Investments, at fair value		$	588,110,843		$	—		$	—		$	588,110,843

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 Solution Income Portfolio

as of December 31, 2015 (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, 2015, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/14			Purchases at Cost			Sales at Cost			Acquired at Cost (Note 12)			Acquired Unrealized Appreciation/ (Depreciation) (Note 12)			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/15			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Floating Rate Fund - Class I		$	8,405,003		$	2,454,987		$	(5,349,900)		$	25,406,717		$	(320,453)		$	(1,100,572)		$	29,495,782		$	706,273		$	(35,300)		$	—
Voya Global Bond Fund - Class R6			10,005,050			851,054			(7,901,606)			34,296,200			(4,098,852)			2,196,240			35,348,086			16,196			(481,376)			—
Voya High Yield Bond Fund - Class I			6,638,416			2,416,963			(5,872,770)			15,624,909			(853,211)			(736,008)			17,218,299			579,151			(345,986)			—
Voya Intermediate Bond Fund - Class R6			16,988,417			3,595,725			(12,744,322)			40,085,387			195,867			(601,600)			47,519,474			764,190			12,705			—
Voya International Core Fund - Class I			—			6,974,024			(3,269,720)			15,868,298			(750,114)			(1,395,338)			17,427,150			194,960			(220,430)			265,701
Voya International Index Portfolio - Class I			4,857,208			1,812,284			(4,556,544)			10,453,202			(490,432)			(527,623)			11,548,095			93,776			(43,195)			—
Voya Large Cap Growth Portfolio - Class I			4,983,918			2,470,155			(3,734,947)			13,766,787			1,169,938			(959,270)			17,696,581			26,647			811,801			461,148
Voya Large Cap Value Fund - Class R6			5,846,561			5,592,695			(6,596,185)			20,864,324			(870,438)			(1,683,561)			23,153,396			290,410			(443,457)			753,783
Voya MidCap Opportunities Portfolio - Class I			5,077,224			2,334,900			(4,374,239)			7,096,284			436,222			(1,754,302)			8,816,089			—			160,475			1,451,466
Voya Multi-Manager International Equity Fund - Class I			3,239,895			174,268			(3,725,871)			—			—			311,708			—			—			(90)			—
Voya Multi-Manager Large Cap Core Portfolio - Class I			7,221,013			5,175,376			(7,072,606)			19,406,724			1,403,734			(1,525,777)			24,608,464			228,299			592,199			395,388
Voya Multi-Manager Mid Cap Value Fund - Class I			5,039,270			2,484,178			(4,607,312)			7,565,089			(8,039)			(1,799,711)			8,673,475			109,179			(124,115)			1,409,099
Voya Short Term Bond Fund - Class R6			13,520,585			3,130,568			(9,018,868)			40,515,287			(339,143)			(261,023)			47,547,406			507,301			(70,547)			—
Voya U.S. Bond Index Portfolio - Class I			31,839,986			18,432,557			(32,209,882)			65,185,209			(818,963)			(1,040,558)			81,388,349			1,101,200			(77,980)			44,317
Voya U.S. Stock Index Portfolio - Class I			—			4,024,592			(5,802,801)			26,751,833			(1,844,312)			(304,741)			22,824,571			369,888			(756,308)			272,250
VY® BlackRock Inflation Protected Bond Portfolio - Class I			15,057,129			3,417,201			(10,805,996)			49,628,958			(4,703,204)			517,224			53,111,312			130,276			(1,776,046)			—
VY® Clarion Real Estate Portfolio - Class I			3,505,431			628,750			(2,134,842)			8,512,634			1,746,298			(313,803)			11,944,468			50,853			623,355			—
VY® Goldman Sachs Bond Portfolio - Class I			—			18,508,317			(11,549,882)			40,195,406			39,054			36,523			47,229,418			—			59,392			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			13,508,310			4,527,861			(9,469,885)			41,569,429			(1,326,189)			(1,789,969)			47,019,557			631,264			(132,669)			1,656,964
VY® T. Rowe Price Growth Equity Portfolio - Class I			4,171,518			3,374,061			(3,519,311)			13,782,915			1,178,860			(1,309,306)			17,678,737			—			1,062,296			655,929
		$	159,904,934		$	92,380,516		$	(154,317,489)		$	496,575,592		$	(10,253,377)		$	(14,041,467)		$	570,248,709		$	5,799,863		$	(1,185,276)		$	7,366,045

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

The effect of derivative instruments by primary risk exposure on the Portfolio’s Statement of Operations for the year ended December 31, 2015 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(452,739)
Interest rate contracts			(92,618)
Total		$	(545,357)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	85,319
Total		$	85,319

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Aggressive Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 7.6%
	64,758	iShares Barclays 20+ Year Treasury Bond Fund		$	7,811,110		1.0
	195,760	iShares Russell 1000 Value Index Fund			19,157,074		2.5
	151,162	SPDR Trust Series 1			30,820,420		4.1
		Total Exchange-Traded Funds (Cost $59,834,946)			57,788,604		7.6
MUTUAL FUNDS: 92.3%
		Affiliated Investment Companies: 91.3%
	2,377,677	Voya Floating Rate Fund - Class I			22,944,583		3.0
	1,599,308	Voya Global Bond Fund - Class R6			15,289,385		2.0
	2,991,458	Voya High Yield Bond Fund - Class I			22,435,932		3.0
	2,316,444	Voya Intermediate Bond Fund - Class R6			22,909,627		3.0
	4,960,370	Voya International Core Fund - Class I			45,188,975		6.0
	1,661,400	Voya International Index Portfolio - Class I			14,985,829		2.0
	2,981,264	Voya Large Cap Growth Portfolio - Class I			57,270,078		7.6
	4,784,951	Voya Large Cap Value Fund - Class R6			55,840,384		7.4
	2,508,038	Voya MidCap Opportunities Portfolio - Class I			32,328,613		4.3
	3,361,268	Voya Multi-Manager Emerging Markets Equity Fund - Class I			29,478,323		3.9
	5,813,880	Voya Multi-Manager International Equity Fund - Class I			60,231,796		8.0
	4,386,485	Voya Multi-Manager Large Cap Core Portfolio - Class I			63,604,033		8.4
	5,077,579	Voya Multi-Manager Mid Cap Value Fund - Class I			50,521,908		6.7

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	701,562		Voya Russell™ Mid Cap Growth Index Portfolio - Class I		$	18,864,996		2.5
	1,153,750		Voya Small Company Portfolio - Class I			22,763,495		3.0
	729,629		Voya U.S. Bond Index Portfolio - Class I			7,675,694		1.0
	3,400,924		Voya U.S. Stock Index Portfolio - Class I			45,368,324		6.0
	434,017		VY® Clarion Real Estate Portfolio - Class I			15,498,731		2.0
	1,957,492		VY® Invesco Comstock Portfolio - Class I			29,714,726		3.9
	664,367	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			57,228,546		7.6
						690,143,978		91.3
			Unaffiliated Investment Companies: 1.0%
	1,605,089	@	Credit Suisse Commodity Return Strategy Fund - Class I			7,238,950		1.0
			Total Mutual Funds (Cost $745,938,922)			697,382,928		92.3
			Total Investments in Securities (Cost $805,773,868)		$	755,171,532		99.9
			Assets in Excess of Other Liabilities			638,599		0.1
			Net Assets		$	755,810,131		100.0

Non-income producing security.

Cost for federal income tax purposes is $808,912,635.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	612,095
Gross Unrealized Depreciation		(54,353,198)
Net Unrealized Depreciation	$	(53,741,103)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Aggressive Portfolio

as of December 31, 2015 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	57,788,604		$	—		$	—		$	57,788,604
Mutual Funds			697,382,928			—			—			697,382,928
Total Investments, at fair value		$	755,171,532		$	—		$	—		$	755,171,532

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

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, 2015, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/14			Purchases at Cost			Sales at Cost			Acquired at Cost (Note 12)			Acquired Unrealized Appreciation/ (Depreciation) (Note 12)			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/15			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	613,979		$	200,197		$	(17,286,811)		$	16,412,270		$	(252,756)		$	313,121		$	—		$	13,114		$	(1,144,162)		$	—
Voya Floating Rate Fund - Class I			973,576			2,521,112			(4,352,311)			24,650,000			(36,716)			(811,078)			22,944,583			405,944			(77,050)			—
Voya Global Bond Fund - Class R6			643,873			1,546,354			(3,191,676)			16,482,634			33,195			(224,995)			15,289,385			1,042			(38,739)			—
Voya High Yield Bond Fund - Class I			1,608,616			2,494,094			(5,001,523)			24,597,292			(45,667)			(1,216,880)			22,435,932			537,027			(192,228)			—
Voya Intermediate Bond Fund - Class R6			—			3,503,226			(4,970,813)			24,623,829			(12,677)			(233,938)			22,909,627			246,738			(24,560)			—
Voya International Core Fund - Class I			1,740,018			2,954,780			(4,405,293)			49,246,426			(677,175)			(3,669,781)			45,188,975			503,084			(360,187)			685,627
Voya International Index Portfolio - Class I			937,283			702,472			(1,924,352)			16,412,388			(134,253)			(1,007,709)			14,985,829			19,796			(99,413)			—
Voya Large Cap Growth Portfolio - Class I			1,938,889			2,714,384			(6,842,924)			59,792,355			(59,591)			(273,035)			57,270,078			14,143			(11,054)	��		244,747
Voya Large Cap Value Fund - Class R6			1,601,294			6,397,103			(7,618,429)			59,761,473			(144,568)			(4,156,489)			55,840,384			579,762			(482,847)			1,368,614
Voya MidCap Opportunities Portfolio - Class I			1,224,966			5,501,649			(3,011,088)			34,862,544			34,731			(6,284,189)			32,328,613			—			(295,701)			5,003,369
Voya Multi-Manager Emerging Markets Equity Fund - Class I			1,213,144			2,060,026			(3,334,378)			32,463,747			(832,836)			(2,091,380)			29,478,323			444,487			(355,498)			—
Voya Multi-Manager International Equity Fund - Class I			2,344,334			3,946,228			(5,952,730)			65,668,514			(967,089)			(4,807,461)			60,231,796			782,709			(307,128)			575,924
Voya Multi-Manager Large Cap Core Portfolio - Class I			2,787,685			2,642,596			(9,396,248)			69,721,907			(227,878)			(1,924,029)			63,604,033			566,771			(217,139)			171,620
Voya Multi-Manager Mid Cap Value Fund - Class I			2,674,553			9,647,763			(5,404,965)			55,440,499			68,212			(11,904,154)			50,521,908			632,865			(362,459)			8,167,993
Voya Russell™ Mid Cap Growth Index Portfolio - Class I			1,462,299			316,978			(2,240,002)			20,527,953			1,218			(1,203,450)			18,864,996			7,326			145,896			—
Voya Small Company Portfolio - Class I			988,576			558,420			(2,051,920)			24,623,463			(4,137)			(1,350,907)			22,763,495			4,985			(93,322)			143,988
Voya U.S. Bond Index Portfolio - Class I			—			7,869,064			(157,239)			—			—			(36,131)			7,675,694			43,142			597			—
Voya U.S. Stock Index Portfolio - Class I			1,113,525			18,222,038			(5,808,460)			32,814,748			(33,658)			(939,869)			45,368,324			717,228			(240,086)			115,314
VY® Clarion Real Estate Portfolio - Class I			676,956			246,814			(2,364,174)			16,459,719			193,520			285,896			15,498,731			10,777			74,686			—
VY® Invesco Comstock Portfolio - Class I			969,552			2,011,157			(3,429,070)			32,814,402			(342,727)			(2,308,588)			29,714,726			658,545			(142,825)			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			2,444,693			181,871			(2,488,627)			—			—			(137,937)			—			—			209,379			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			1,931,738			1,911,945			(7,401,815)			61,533,930			24,766			(772,018)			57,228,546			—			(24,934)			339,146
		$	29,889,549		$	78,150,271		$	(108,634,848)		$	738,910,093		$	(3,416,086)		$	(44,755,001)		$	690,143,978		$	6,189,485		$	(4,038,774)		$	16,816,342

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Aggressive Portfolio

as of December 31, 2015 (continued)

The effect of derivative instruments by primary risk exposure on the Portfolio’s Statement of Operations for the year ended December 31, 2015 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(1,194,476)
Interest rate contracts			(168,835)
Total		$	(1,363,311)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	18,283
Total		$	18,283

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Conservative Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 4.0%
	3,562	iShares Barclays 20+ Year Treasury Bond Fund		$	429,649		1.0
	6,235	SPDR Trust Series 1			1,271,254		3.0
		Total Exchange-Traded Funds (Cost $1,728,508)			1,700,903		4.0
MUTUAL FUNDS: 96.0%
		Affiliated Investment Companies: 95.1%
	92,833	Voya Emerging Markets Index Portfolio - Class I			821,571		1.9
	223,563	Voya Floating Rate Fund - Class I			2,157,382		5.0
	225,694	Voya Global Bond Fund - Class R6			2,157,636		5.0
	282,496	Voya High Yield Bond Fund - Class I			2,118,722		4.9
	284,915	Voya Intermediate Bond Fund - Class R6			2,817,805		6.6
	233,246	Voya International Core Fund - Class I			2,124,868		5.0
	93,528	Voya International Index Portfolio - Class I			843,621		2.0
	61,654	Voya Large Cap Growth Portfolio - Class I			1,184,368		2.8
	108,674	Voya Large Cap Value Fund - Class R6			1,268,228		3.0
	116,507	Voya MidCap Opportunities Portfolio - Class I			1,501,774		3.5
	59,140	Voya Multi-Manager Large Cap Core Portfolio - Class I			857,536		2.0
	159,131	Voya Multi-Manager Mid Cap Value Fund - Class I			1,583,355		3.7
	3,958	Voya Russell™ Mid Cap Growth Index Portfolio - Class I			106,431		0.3
	219,955	Voya Short Term Bond Fund - Class R6			2,168,757		5.1
	43,372	Voya Small Company Portfolio - Class I			855,723		2.0
	492,742	Voya U.S. Bond Index Portfolio - Class I			5,183,645		12.1

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	63,933		Voya U.S. Stock Index Portfolio - Class I		$	852,861		2.0
	234,364		VY® BlackRock Inflation Protected Bond Portfolio - Class I			2,153,808		5.0
	24,441		VY® Clarion Real Estate Portfolio - Class I			872,774		2.0
	279,546	@	VY® Goldman Sachs Bond Portfolio - Class I			2,801,047		6.5
	48,308		VY® Invesco Comstock Portfolio - Class I			733,320		1.7
	164,280		VY® T. Rowe Price Capital Appreciation Portfolio - Class I			4,290,995		10.0
	14,986	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			1,290,913		3.0
						40,747,140		95.1
			Unaffiliated Investment Companies: 0.9%
	89,603	@	Credit Suisse Commodity Return Strategy Fund - Class I			404,111		0.9
			Total Mutual Funds (Cost $43,625,406)			41,151,251		96.0
			Total Investments in Securities (Cost $45,343,302)		$	42,852,154		100.0
			Assets in Excess of Other Liabilities			20,160		—
			Net Assets		$	42,872,314		100.0

Non-income producing security.

Cost for federal income tax purposes is $45,962,996.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	179,098
Gross Unrealized Depreciation		(3,289,940)
Net Unrealized Depreciation	$	(3,110,842)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Conservative Portfolio

as of December 31, 2015 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	1,700,903		$	—		$	—		$	1,700,903
Mutual Funds			41,151,251			—			—			41,151,251
Total Investments, at fair value		$	42,852,154		$	—		$	—		$	42,852,154

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

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, 2015, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/14			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/15			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	850,238		$	391,397		$	(312,754)		$	(107,310)		$	821,571		$	17,125		$	(36,506)		$	—
Voya Floating Rate Fund - Class I			2,245,771			543,283			(558,604)			(73,068)			2,157,382			90,616			(3,238)			—
Voya Global Bond Fund - Class R6			2,228,129			632,176			(630,640)			(72,029)			2,157,636			3,606			(26,223)			—
Voya High Yield Bond Fund - Class I			2,665,179			704,666			(1,150,500)			(100,623)			2,118,722			127,898			(43,369)			—
Voya Intermediate Bond Fund - Class R6			3,859,131			773,066			(1,750,224)			(64,168)			2,817,805			86,788			15,234			—
Voya International Core Fund - Class I			875,804			1,819,627			(460,005)			(110,558)			2,124,868			23,818			(13,509)			32,461
Voya International Index Portfolio - Class I			1,297,538			327,202			(781,135)			16			843,621			25,894			16,918			—
Voya Large Cap Growth Portfolio - Class I			1,117,967			508,566			(333,058)			(109,107)			1,184,368			6,732			65,413			116,498
Voya Large Cap Value Fund - Class R6			1,796,615			483,033			(853,860)			(157,560)			1,268,228			25,493			(5,349)			96,023
Voya MidCap Opportunities Portfolio - Class I			1,242,951			874,382			(329,247)			(286,312)			1,501,774			(60)			56,558			233,991
Voya Multi-Manager International Equity Fund - Class I			865,463			57,624			(938,641)			15,554			—			—			69,005			—
Voya Multi-Manager Large Cap Core Portfolio - Class I			666,906			742,318			(438,518)			(113,170)			857,536			8,969			51,647			51,024
Voya Multi-Manager Mid Cap Value Fund - Class I			2,355,197			690,103			(1,188,141)			(273,804)			1,583,355			19,971			(29,475)			257,747
Voya RussellTM Mid Cap Growth Index Portfolio - Class I			1,124,125			106,570			(995,211)			(129,053)			106,431			916			182,746			—
Voya Short Term Bond Fund - Class R6			2,258,329			495,222			(568,304)			(16,490)			2,168,757			41,770			(3,342)			—
Voya Small Company Portfolio - Class I	��		911,814			312,197			(208,076)			(160,212)			855,723			4,340			29,244			125,350
Voya U.S. Bond Index Portfolio - Class I			7,034,655			3,346,091			(4,999,207)			(197,894)			5,183,645			101,762			95,716			10,452
Voya U.S. Stock Index Portfolio - Class I			446,564			1,166,638			(678,245)			(82,096)			852,861			15,968			(1,327)			74,807
VY® BlackRock Inflation Protected Bond Portfolio - Class I			2,235,897			518,933			(620,369)			19,347			2,153,808			19,668			(90,715)			—
VY® Clarion Real Estate Portfolio - Class I			936,305			249,314			(245,792)			(67,053)			872,774			13,998			85,595			—
VY® Goldman Sachs Bond Portfolio - Class I			—			4,146,579			(1,348,805)			3,273			2,801,047			—			4,554			—
VY® Invesco Comstock Portfolio - Class I			—			964,345			(159,479)			(71,546)			733,320			20,145			(7,646)			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			4,510,492			1,389,816			(1,189,581)			(419,732)			4,290,995			66,080			29,254			570,229
VY® T. Rowe Price Growth Equity Portfolio - Class I			1,114,007			699,813			(347,091)			(175,816)			1,290,913			—			129,701			180,171
		$	42,639,077		$	21,942,961		$	(21,085,487)		$	(2,749,411)		$	40,747,140		$	721,497		$	570,886		$	1,748,753

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Conservative Portfolio

as of December 31, 2015 (continued)

The effect of derivative instruments by primary risk exposure on the Portfolio’s Statement of Operations for the year ended December 31, 2015 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(2,125)
Interest rate contracts			(9,648)
Total		$	(11,773)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	24,337
Total		$	24,337

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2020 Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 2.8%
	1,301	SPDR Trust Series 1		$	265,261		2.8
		Total Exchange-Traded Funds (Cost $264,439)			265,261		2.8
MUTUAL FUNDS: 97.2%
		Affiliated Investment Companies: 96.3%
	49,013	Voya Floating Rate Fund - Class I			472,975		5.0
	59,479	Voya Global Bond Fund - Class R6			568,624		6.0
	37,348	Voya High Yield Bond Fund - Class I			280,110		3.0
	38,509	Voya Intermediate Bond Fund - Class R6			380,850		4.0
	51,451	Voya International Core Fund - Class I			468,719		5.0
	20,678	Voya International Index Portfolio - Class I			186,512		2.0
	22,229	Voya Large Cap Growth Portfolio - Class I			427,010		4.5
	32,094	Voya Large Cap Value Fund - Class R6			374,543		4.0
	18,342	Voya MidCap Opportunities Portfolio - Class I			236,426		2.5
	36,106	Voya Multi-Manager International Equity Fund - Class I			374,060		4.0
	26,026	Voya Multi-Manager Large Cap Core Portfolio - Class I			377,383		4.0
	23,400	Voya Multi-Manager Mid Cap Value Fund - Class I			232,832		2.5
	57,932	Voya Short Term Bond Fund - Class R6			571,209		6.1
	13,983	Voya Small Company Portfolio - Class I			275,879		2.9
	76,594	Voya U.S. Bond Index Portfolio - Class I			805,766		8.5
	16,060	Voya U.S. Stock Index Portfolio - Class I			214,238		2.3

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	72,177		VY® BlackRock Inflation Protected Bond Portfolio - Class I		$	663,308		7.0
	5,446		VY® Clarion Real Estate Portfolio - Class I			194,481		2.1
	33,115	@	VY® Goldman Sachs Bond Portfolio - Class I			331,814		3.5
	18,309		VY® Invesco Comstock Portfolio - Class I			277,927		2.9
	36,195		VY® T. Rowe Price Capital Appreciation Portfolio - Class I			945,420		10.0
	4,964	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			427,596		4.5
						9,087,682		96.3
			Unaffiliated Investment Companies: 0.9%
	19,064	@	Credit Suisse Commodity Return Strategy Fund - Class I			85,977		0.9
			Total Mutual Funds (Cost $9,301,519)			9,173,659		97.2
			Total Investments in Securities (Cost $9,565,958)		$	9,438,920		100.0
			Assets in Excess of Other Liabilities			2,604		—
			Net Assets		$	9,441,524		100.0

Non-income producing security.

Cost for federal income tax purposes is $9,604,400.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	30,919
Gross Unrealized Depreciation		(196,399)
Net Unrealized Depreciation	$	(165,480)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2020 Portfolio

as of December 31, 2015 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	265,261		$	—		$	—		$	265,261
Mutual Funds			9,173,659			—			—			9,173,659
Total Investments, at fair value		$	9,438,920		$	—		$	—		$	9,438,920

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

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, 2015, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/14			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/15			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Floating Rate Fund - Class I		$	32,382		$	511,287		$	(62,154)		$	(8,540)		$	472,975		$	4,776		$	(1,133)		$	—
Voya Global Bond Fund - Class R6			38,552			617,332			(83,712)			(3,548)			568,624			63			(3,569)			—
Voya High Yield Bond Fund - Class I			25,793			361,210			(98,639)			(8,254)			280,110			3,986			(2,058)			—
Voya Intermediate Bond Fund - Class R6			29,447			416,847			(62,795)			(2,649)			380,850			2,660			(267)			—
Voya International Core Fund - Class I			22,113			522,608			(65,813)			(10,189)			468,719			5,060			(3,600)			6,896
Voya International Index Portfolio - Class I			18,725			202,328			(34,037)			(504)			186,512			388			(877)			—
Voya Large Cap Growth Portfolio - Class I			35,565			452,270			(69,319)			8,494			427,010			192			758			3,327
Voya Large Cap Value Fund - Class R6			22,757			414,357			(53,648)			(8,923)			374,543			2,696			(1,842)			9,319
Voya MidCap Opportunities Portfolio - Class I			19,563			281,828			(58,243)			(6,722)			236,426			—			(6,805)			13,918
Voya Multi-Manager International Equity Fund - Class I			28,103			410,742			(57,469)			(7,316)			374,060			4,712			(2,350)			3,467
Voya Multi-Manager Large Cap Core Portfolio - Class I			32,728			618,318			(273,205)			(458)			377,383			3,406			555			2,090
Voya Multi-Manager Mid Cap Value Fund - Class I			32,371			308,441			(69,857)			(38,123)			232,832			2,827			(4,603)			36,484
Voya Russell™ Mid Cap Growth Index Portfolio - Class I			12,976			737			(12,491)			(1,222)			—			—			1,931			—
Voya Short Term Bond Fund - Class R6			39,064			612,794			(78,301)			(2,348)			571,209			2,528			(478)			—
Voya Small Company Portfolio - Class I			19,731			302,073			(40,842)			(5,083)			275,879			98			(628)			2,817
Voya U.S. Bond Index Portfolio - Class I			49,059			950,197			(185,541)			(7,949)			805,766			6,439			(559)			107
Voya U.S. Stock Index Portfolio - Class I			—			408,219			(190,224)			(3,757)			214,238			3,448			4,785			1,271
VY® BlackRock Inflation Protected Bond Portfolio - Class I			45,126			716,395			(91,636)			(6,577)			663,308			2,569			(2,459)			—
VY® Clarion Real Estate Portfolio - Class I			13,494			199,923			(27,228)			8,292			194,481			247			1,250			—
VY® Goldman Sachs Bond Portfolio - Class I			—			380,809			(47,568)			(1,427)			331,814			—			131			—
VY® Invesco Comstock Portfolio - Class I			19,362			307,923			(40,594)			(8,764)			277,927			6,176			584			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			65,055			1,018,209			(134,849)			(2,995)			945,420			12,236			(7,073)			9,986
VY® T. Rowe Price Growth Equity Portfolio - Class I			19,292			463,055			(63,435)			8,684			427,596			—			1,800			2,049
		$	621,258		$	10,477,902		$	(1,901,600)		$	(109,878)		$	9,087,682		$	64,507		$	(26,507)		$	91,731

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2025 Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 3.1%
	152,429	SPDR Trust Series 1		$	31,078,749		3.1
		Total Exchange-Traded Funds (Cost $30,878,361)			31,078,749		3.1
MUTUAL FUNDS: 96.9%
		Affiliated Investment Companies: 95.9%
	2,169,897	Voya Emerging Markets Index Portfolio - Class I			19,203,592		1.9
	5,272,134	Voya Floating Rate Fund - Class I			50,876,092		5.0
	6,378,320	Voya Global Bond Fund - Class R6			60,976,738		6.0
	3,961,272	Voya High Yield Bond Fund - Class I			29,709,541		2.9
	3,625,792	Voya Intermediate Bond Fund - Class R6			35,859,081		3.6
	6,600,067	Voya International Core Fund - Class I			60,126,612		6.0
	2,208,684	Voya International Index Portfolio - Class I			19,922,328		2.0
	2,649,025	Voya Large Cap Growth Portfolio - Class I			50,887,766		5.0
	3,423,234	Voya Large Cap Value Fund - Class R6			39,949,144		4.0
	1,966,568	Voya MidCap Opportunities Portfolio - Class I			25,349,060		2.5
	1,119,083	Voya Multi-Manager Emerging Markets Equity Fund - Class I			9,814,357		1.0
	5,806,379	Voya Multi-Manager International Equity Fund - Class I			60,154,085		6.0
	3,391,666	Voya Multi-Manager Large Cap Core Portfolio - Class I			49,179,158		4.9
	3,508,847	Voya Multi-Manager Mid Cap Value Fund - Class I			34,913,031		3.5
	374,043	Voya Russell™ Mid Cap Growth Index Portfolio - Class I			10,058,019		1.0
	5,198,689	Voya Short Term Bond Fund - Class R6			51,259,075		5.1

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	1,537,766		Voya Small Company Portfolio - Class I		$	30,340,125		3.0
	6,308,380		Voya U.S. Bond Index Portfolio - Class I			66,364,156		6.6
	1,510,517		Voya U.S. Stock Index Portfolio - Class I			20,150,303		2.0
	577,246		VY® Clarion Real Estate Portfolio - Class I			20,613,446		2.0
	3,049,119	@	VY® Goldman Sachs Bond Portfolio - Class I			30,552,172		3.0
	2,608,753		VY® Invesco Comstock Portfolio - Class I			39,600,865		3.9
	3,881,835		VY® T. Rowe Price Capital Appreciation Portfolio - Class I			101,393,528		10.0
	590,166	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			50,836,880		5.0
						968,089,154		95.9
			Unaffiliated Investment Companies: 1.0%
	2,129,684	@	Credit Suisse Commodity Return Strategy Fund - Class I			9,604,873		1.0
			Total Mutual Funds (Cost $1,026,642,313)			977,694,027		96.9
			Total Investments in Securities (Cost $1,057,520,674)		$	1,008,772,776		100.0
			Assets in Excess of Other Liabilities			427,336		—
			Net Assets		$	1,009,200,112		100.0

Non-income producing security.

Cost for federal income tax purposes is $1,066,373,509.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	10,816,629
Gross Unrealized Depreciation		(68,417,362)
Net Unrealized Depreciation	$	(57,600,733)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2025 Portfolio

as of December 31, 2015 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	31,078,749		$	—		$	—		$	31,078,749
Mutual Funds			977,694,027			—			—			977,694,027
Total Investments, at fair value		$	1,008,772,776		$	—		$	—		$	1,008,772,776

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

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, 2015, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/14			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/15			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	21,915,882		$	6,653,839		$	(6,522,146)		$	(2,843,983)		$	19,203,592		$	434,779		$	(826,845)		$	—
Voya Floating Rate Fund - Class I			57,969,673			8,364,629			(13,772,462)			(1,685,748)			50,876,092			2,258,821			(167,366)			—
Voya Global Bond Fund - Class R6			68,991,426			12,867,471			(18,980,841)			(1,901,318)			60,976,738			111,682			(1,077,418)			—
Voya High Yield Bond Fund - Class I			45,422,442			6,776,887			(21,240,121)			(1,249,667)			29,709,541			1,962,775			(830,510)			—
Voya Intermediate Bond Fund - Class R6			35,164,284			23,118,958			(21,250,160)			(1,174,001)			35,859,081			1,092,693			429,244			—
Voya International Core Fund - Class I			50,831,723			22,433,666			(11,156,256)			(1,982,521)			60,126,612			670,900			391,232			914,335
Voya International Index Portfolio - Class I			44,610,862			4,586,290			(29,108,313)			(166,511)			19,922,328			652,094			1,583,948			—
Voya Large Cap Growth Portfolio - Class I			68,471,758			12,405,150			(21,329,756)			(8,659,386)			50,887,766			311,727			7,057,466			5,394,618
Voya Large Cap Value Fund - Class R6			51,385,914			10,872,023			(17,490,482)			(4,818,311)			39,949,144			794,640			(438,627)			2,806,084
Voya MidCap Opportunities Portfolio - Class I			35,016,338			5,849,692			(10,116,261)			(5,400,709)			25,349,060			—			1,930,904			3,966,892
Voya Multi-Manager Emerging Markets Equity Fund - Class I			10,823,904			3,666,313			(3,137,215)			(1,538,645)			9,814,357			148,329			(208,448)			—
Voya Multi-Manager International Equity Fund - Class I			61,372,711			13,379,768			(12,306,947)			(2,291,447)			60,154,085			783,463			1,279,879			576,478
Voya Multi-Manager Large Cap Core Portfolio - Class I			70,317,236			13,123,429			(27,003,381)			(7,258,126)			49,179,158			520,966			3,560,908			3,338,322
Voya Multi-Manager Mid Cap Value Fund - Class I			69,491,025			10,108,353			(38,750,203)			(5,936,144)			34,913,031			438,333			(419,115)			5,657,293
Voya RussellTM Mid Cap Growth Index Portfolio - Class I			34,830,387			1,176,332			(22,653,698)			(3,295,002)			10,058,019			96,593			4,459,806			—
Voya Short Term Bond Fund - Class R6			57,777,383			8,356,898			(14,483,310)			(391,896)			51,259,075			1,040,486			(95,877)			—
Voya Small Company Portfolio - Class I			35,328,434			7,138,496			(5,566,119)			(6,560,686)			30,340,125			165,260			1,528,886			4,773,495
Voya U.S. Bond Index Portfolio - Class I			58,583,753			65,262,667			(54,895,285)			(2,586,979)			66,364,156			1,116,946			1,131,557			133,064
Voya U.S. Stock Index Portfolio - Class I			—			25,769,083			(3,549,621)			(2,069,159)			20,150,303			381,211			(306,468)			1,897,979
VY® Clarion Real Estate Portfolio - Class I			24,205,245			4,123,190			(6,171,988)			(1,543,001)			20,613,446			359,870			1,958,847			—
VY® Goldman Sachs Bond Portfolio - Class I			—			37,561,515			(7,000,872)			(8,471)			30,552,172			—			30,052			—
VY® Invesco Comstock Portfolio - Class I			34,635,481			17,888,561			(8,599,392)			(4,323,785)			39,600,865			1,104,858			738,254			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			116,458,700			20,397,978			(21,955,951)			(13,507,199)			101,393,528			1,581,516			3,422,090			14,562,656
VY® T. Rowe Price Growth Equity Portfolio - Class I			40,262,234			29,459,665			(11,808,121)			(7,076,898)			50,836,880			—			4,484,620			7,693,559
		$	1,093,866,795		$	371,340,853		$	(408,848,901)		$	(88,269,593)		$	968,089,154		$	16,027,942		$	29,617,019		$	51,714,775

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2025 Portfolio

as of December 31, 2015 (continued)

The effect of derivative instruments by primary risk exposure on the Portfolio’s Statement of Operations for the year ended December 31, 2015 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	1,460,654
Total		$	1,460,654

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	615,516
Total		$	615,516

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2030 Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 4.6%
	302	iShares Barclays 20+ Year Treasury Bond Fund		$	36,427		0.9
	717	SPDR Trust Series 1			146,189		3.7
		Total Exchange-Traded Funds (Cost $182,466)			182,616		4.6
MUTUAL FUNDS: 95.3%
		Affiliated Investment Companies: 94.5%
	8,955	Voya Emerging Markets Index Portfolio - Class I			79,251		2.0
	20,139	Voya Floating Rate Fund - Class I			194,345		4.9
	15,936	Voya High Yield Bond Fund - Class I			119,517		3.0
	14,063	Voya Intermediate Bond Fund - Class R6			139,082		3.5
	27,953	Voya International Core Fund - Class I			254,655		6.5
	8,656	Voya International Index Portfolio - Class I			78,076		2.0
	11,327	Voya Large Cap Growth Portfolio - Class I			217,594		5.5
	13,382	Voya Large Cap Value Fund - Class R6			156,172		4.0
	7,647	Voya MidCap Opportunities Portfolio - Class I			98,564		2.5
	8,759	Voya Multi-Manager Emerging Markets Equity Fund - Class I			76,813		2.0
	24,872	Voya Multi-Manager International Equity Fund - Class I			257,674		6.6
	25,084	Voya Multi-Manager Large Cap Core Portfolio - Class I			363,725		9.3
	13,707	Voya Multi-Manager Mid Cap Value Fund - Class I			136,388		3.5
	1,459	Voya RussellTM Mid Cap Growth Index Portfolio - Class I			39,221		1.0
	15,767	Voya Short Term Bond Fund - Class R6			155,467		4.0

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	5,968		Voya Small Company Portfolio - Class I		$	117,754		3.0
	17,358		Voya U.S. Bond Index Portfolio - Class I			182,609		4.7
	8,839		Voya U.S. Stock Index Portfolio - Class I			117,908		3.0
	5,025		VY® Clarion Global Real Estate Portfolio - Class I			59,150		1.5
	1,687		VY® Clarion Real Estate Portfolio - Class I			60,228		1.5
	12,962		VY® Invesco Comstock Portfolio - Class I			196,770		5.0
	15,110		VY® T. Rowe Price Capital Appreciation Portfolio - Class I			394,683		10.0
	2,525	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			217,483		5.5
						3,713,129		94.5
			Unaffiliated Investment Companies: 0.8%
	6,876	@	Credit Suisse Commodity Return Strategy Fund - Class I			31,010		0.8
			Total Mutual Funds (Cost $3,815,834)			3,744,139		95.3
			Total Investments in Securities (Cost $3,998,300)		$	3,926,755		99.9
			Assets in Excess of Other Liabilities			2,370		0.1
			Net Assets		$	3,929,125		100.0

Non-income producing security.

Cost for federal income tax purposes is $4,019,253.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	10,509
Gross Unrealized Depreciation		(103,007)
Net Unrealized Depreciation	$	(92,498)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2030 Portfolio

as of December 31, 2015 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	182,616		$	—		$	—		$	182,616
Mutual Funds			3,744,139			—			—			3,744,139
Total Investments, at fair value		$	3,926,755		$	—		$	—		$	3,926,755

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

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, 2015, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/14			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/15			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	3,240		$	83,960		$	(4,754)		$	(3,195)		$	79,251		$	125		$	(661)		$	—
Voya Floating Rate Fund - Class I			8,700			203,521			(14,518)			(3,358)			194,345			1,946			(456)			—
Voya High Yield Bond Fund - Class I			6,995			145,436			(29,534)			(3,380)			119,517			1,649			(752)			—
Voya Intermediate Bond Fund - Class R6			5,276			143,213			(8,195)			(1,212)			139,082			910			(82)			—
Voya International Core Fund - Class I			8,480			265,919			(13,117)			(6,627)			254,655			2,481			(1,265)			3,380
Voya International Index Portfolio - Class I			6,669			83,089			(11,023)			(659)			78,076			189			(120)			—
Voya Large Cap Growth Portfolio - Class I			11,410			223,714			(21,037)			3,507			217,594			116			(445)			2,016
Voya Large Cap Value Fund - Class R6			7,803			170,737			(18,337)			(4,031)			156,172			1,043			(1,102)			3,503
Voya MidCap Opportunities Portfolio - Class I			5,254			121,468			(27,867)			(291)			98,564			—			(4,082)			4,283
Voya Multi-Manager Emerging Markets Equity Fund - Class I			3,197			81,410			(4,891)			(2,903)			76,813			1,011			(676)			—
Voya Multi-Manager International Equity Fund - Class I			10,004			267,242			(13,447)			(6,125)			257,674			2,932			(1,045)			2,158
Voya Multi-Manager Large Cap Core Portfolio - Class I			12,300			562,725			(207,940)			(3,360)			363,725			3,029			1,855			2,281
Voya Multi-Manager Mid Cap Value Fund - Class I			10,367			179,372			(31,926)			(21,425)			136,388			1,493			(2,028)			19,264
Voya Russell™ Mid Cap Growth Index Portfolio - Class I			5,217			53,485			(18,523)			(958)			39,221			28			335			—
Voya Short Term Bond Fund - Class R6			7,024			165,068			(15,897)			(728)			155,467			686			(111)			—
Voya Small Company Portfolio - Class I			5,277			120,512			(5,793)			(2,242)			117,754			48			(327)			1,375
Voya U.S. Bond Index Portfolio - Class I			—			267,808			(83,420)			(1,779)			182,609			1,240			(126)			24
Voya U.S. Stock Index Portfolio - Class I			1,770			128,918			(11,599)			(1,181)			117,908			1,803			(1,124)			1,280
VY® Clarion Global Real Estate Portfolio - Class I			—			60,789			(2,017)			378			59,150			2			(45)			—
VY® Clarion Real Estate Portfolio - Class I			3,665			70,911			(15,883)			1,535			60,228			122			661			—
VY® Invesco Comstock Portfolio - Class I			5,184			209,596			(11,798)			(6,212)			196,770			4,200			(281)			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			17,502			404,045			(23,036)			(3,828)			394,683			4,850			(1,943)			4,950
VY® T. Rowe Price Growth Equity Portfolio - Class I			9,888			221,560			(16,894)			2,929			217,483			—			(508)			2,927
		$	155,222		$	4,234,498		$	(611,446)		$	(65,145)		$	3,713,129		$	29,903		$	(14,328)		$	47,441

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2035 Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 4.1%
	186,669	SPDR Trust Series 1		$	38,059,943		4.1
		Total Exchange-Traded Funds (Cost $37,309,785)			38,059,943		4.1
MUTUAL FUNDS: 95.8%
		Affiliated Investment Companies: 94.9%
	2,001,331	Voya Emerging Markets Index Portfolio - Class I			17,711,782		1.9
	4,861,293	Voya Floating Rate Fund - Class I			46,911,478		5.1
	3,647,427	Voya High Yield Bond Fund - Class I			27,355,699		2.9
	1,435,576	Voya Intermediate Bond Fund - Class R6			14,197,848		1.5
	7,608,045	Voya International Core Fund - Class I			69,309,289		7.5
	2,036,862	Voya International Index Portfolio - Class I			18,372,498		2.0
	2,931,601	Voya Large Cap Growth Portfolio - Class I			56,316,052		6.1
	3,946,604	Voya Large Cap Value Fund - Class R6			46,056,864		5.0
	1,813,462	Voya MidCap Opportunities Portfolio - Class I			23,375,530		2.5
	4,127,298	Voya Multi-Manager Emerging Markets Equity Fund - Class I			36,196,403		3.9
	8,477,669	Voya Multi-Manager International Equity Fund - Class I			87,828,652		9.5
	6,334,269	Voya Multi-Manager Large Cap Core Portfolio - Class I			91,846,901		9.9
	3,235,820	Voya Multi-Manager Mid Cap Value Fund - Class I			32,196,406		3.5
	344,923	Voya RussellTM Mid Cap Growth Index Portfolio - Class I			9,274,969		1.0
	958,738	Voya Short Term Bond Fund - Class R6			9,453,157		1.0
	1,418,043	Voya Small Company Portfolio - Class I			27,977,979		3.0

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	3,579,597		Voya U.S. Bond Index Portfolio - Class I		$	37,657,364		4.1
	2,788,040		Voya U.S. Stock Index Portfolio - Class I			37,192,460		4.0
	1,179,525		VY® Clarion Global Real Estate Portfolio - Class I			13,883,008		1.5
	398,217		VY® Clarion Real Estate Portfolio - Class I			14,220,314		1.5
	3,007,395		VY® Invesco Comstock Portfolio - Class I			45,652,250		4.9
	2,326,573		VY® T. Rowe Price Capital Appreciation Portfolio - Class I			60,770,096		6.5
	653,104	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			56,258,417		6.1
						880,015,416		94.9
			Unaffiliated Investment Companies: 0.9%
	1,955,782	@	Credit Suisse Commodity Return Strategy Fund - Class I			8,820,575		0.9
			Total Mutual Funds (Cost $937,471,218)			888,835,991		95.8
			Total Investments in Securities (Cost $974,781,003)		$	926,895,934		99.9
			Assets in Excess of Other Liabilities			781,433		0.1
			Net Assets		$	927,677,367		100.0

Non-income producing security.

Cost for federal income tax purposes is $982,555,634.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	14,812,604
Gross Unrealized Depreciation		(70,472,304)
Net Unrealized Depreciation	$	(55,659,700)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2035 Portfolio

as of December 31, 2015 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	38,059,943		$	—		$	—		$	38,059,943
Mutual Funds			888,835,991			—			—			888,835,991
Total Investments, at fair value		$	926,895,934		$	—		$	—		$	926,895,934

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

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, 2015, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/14			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/15			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	19,856,322		$	6,109,242		$	(5,495,712)		$	(2,758,070)		$	17,711,782		$	401,529		$	(682,887)		$	—
Voya Floating Rate Fund - Class I			52,487,129			9,902,623			(13,904,287)			(1,573,987)			46,911,478			2,075,974			(143,206)			—
Voya High Yield Bond Fund - Class I			41,626,763			14,959,498			(28,793,945)			(436,617)			27,355,699			1,340,460			(1,332,367)			—
Voya Intermediate Bond Fund - Class R6			—			27,809,923			(13,219,285)			(392,790)			14,197,848			406,960			(254,619)			—
Voya International Core Fund - Class I			69,053,265			13,736,150			(11,230,028)			(2,250,098)			69,309,289			772,100			1,255,837			1,052,256
Voya International Index Portfolio - Class I			40,407,486			3,910,986			(26,106,963)			160,989			18,372,498			602,687			1,059,172			—
Voya Large Cap Growth Portfolio - Class I			73,176,466			10,783,867			(19,118,707)			(8,525,574)			56,316,052			348,668			6,453,041			6,033,907
Voya Large Cap Value Fund - Class R6			51,388,012			11,807,890			(11,501,908)			(5,637,130)			46,056,864			882,628			(329,325)			2,980,935
Voya MidCap Opportunities Portfolio - Class I			31,701,643			5,369,109			(9,132,392)			(4,562,830)			23,375,530			—			1,376,635			3,586,532
Voya Multi-Manager Emerging Markets Equity Fund - Class I			39,232,448			12,589,174			(10,074,221)			(5,550,998)			36,196,403			546,144			(908,386)			—
Voya Multi-Manager International Equity Fund - Class I			83,384,571			23,691,750			(15,568,986)			(3,678,683)			87,828,652			1,142,039			1,496,823			840,321
Voya Multi-Manager Large Cap Core Portfolio - Class I			63,656,782			60,575,566			(22,085,064)			(10,300,383)			91,846,901			972,066			2,452,206			6,308,166
Voya Multi-Manager Mid Cap Value Fund - Class I			62,919,285			9,202,505			(34,106,136)			(5,819,248)			32,196,406			403,564			(121,619)			5,208,545
Voya Russell™ Mid Cap Growth Index Portfolio - Class I			31,535,355			1,282,083			(20,525,309)			(3,017,160)			9,274,969			89,206			4,044,503			—
Voya Short Term Bond Fund - Class R6			10,212,894			2,642,889			(3,333,270)			(69,356)			9,453,157			190,874			(22,531)			—
Voya Small Company Portfolio - Class I			31,981,805			6,866,949			(4,940,244)			(5,930,531)			27,977,979			152,624			1,223,692			4,408,487
Voya U.S. Bond Index Portfolio - Class I			—			43,918,515			(5,568,564)			(692,587)			37,657,364			450,041			(84,842)			50,270
Voya U.S. Stock Index Portfolio - Class I			30,242,542			36,453,850			(25,983,911)			(3,520,021)			37,192,460			733,748			(1,551,326)			4,436,020
VY® Clarion Global Real Estate Portfolio - Class I			—			15,277,449			(1,224,105)			(170,336)			13,883,008			1,621			(42,788)			—
VY® Clarion Real Estate Portfolio - Class I			21,905,320			4,328,477			(8,520,669)			(3,492,814)			14,220,314			334,251			3,786,573			—
VY® Invesco Comstock Portfolio - Class I			31,360,379			27,756,934			(8,309,933)			(5,155,130)			45,652,250			1,275,059			707,289			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			105,437,209			15,812,881			(50,307,107)			(10,172,887)			60,770,096			968,806			4,219,379			9,828,329
VY® T. Rowe Price Growth Equity Portfolio - Class I			62,498,459			13,955,828			(12,257,086)			(7,938,784)			56,258,417			—			5,976,379			8,600,987
		$	954,064,135		$	378,744,138		$	(361,307,832)		$	(91,485,025)		$	880,015,416		$	14,091,049		$	28,577,633		$	53,334,755

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2035 Portfolio

as of December 31, 2015 (continued)

The effect of derivative instruments by primary risk exposure on the Portfolio’s Statement of Operations for the year ended December 31, 2015 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	811,013
Interest rate contracts			(68,499)
Total		$	742,514

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	551,527
Total		$	551,527

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2040 Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 3.6%
	623	iShares Russell 1000 Value Index Fund		$	60,967		1.8
	297	SPDR Trust Series 1			60,555		1.8
		Total Exchange-Traded Funds (Cost $121,378)			121,522		3.6
MUTUAL FUNDS: 96.3%
		Affiliated Investment Companies: 95.4%
	7,612	Voya Emerging Markets Index Portfolio - Class I			67,366		2.0
	6,989	Voya Floating Rate Fund - Class I			67,440		2.0
	13,279	Voya High Yield Bond Fund - Class I			99,590		3.0
	4,290	Voya Intermediate Bond Fund - Class R6			42,431		1.3
	27,469	Voya International Core Fund - Class I			250,240		7.5
	7,368	Voya International Index Portfolio - Class I			66,462		2.0
	11,220	Voya Large Cap Growth Portfolio - Class I			215,529		6.4
	13,354	Voya Large Cap Value Fund - Class R6			155,841		4.7
	7,820	Voya MidCap Opportunities Portfolio - Class I			100,805		3.0
	15,251	Voya Multi-Manager Emerging Markets Equity Fund - Class I			133,754		4.0
	30,852	Voya Multi-Manager International Equity Fund - Class I			319,625		9.6
	23,507	Voya Multi-Manager Large Cap Core Portfolio - Class I			340,848		10.2
	16,644	Voya Multi-Manager Mid Cap Value Fund - Class I			165,603		5.0
	2,484	Voya Russell™ Mid Cap Growth Index Portfolio - Class I			66,798		2.0

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	6,765		Voya Small Company Portfolio - Class I		$	133,474		4.0
	9,585		Voya U.S. Bond Index Portfolio - Class I			100,839		3.0	��
	12,530		Voya U.S. Stock Index Portfolio - Class I			167,152		5.0
	4,283		VY® Clarion Global Real Estate Portfolio - Class I			50,406		1.5
	1,440		VY® Clarion Real Estate Portfolio - Class I			51,432		1.5
	9,764		VY® Invesco Comstock Portfolio - Class I			148,220		4.4
	8,657		VY® T. Rowe Price Capital Appreciation Portfolio - Class I			226,134		6.8
	2,514	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			216,571		6.5
						3,186,560		95.4
			Unaffiliated Investment Companies: 0.9%
	6,746	@	Credit Suisse Commodity Return Strategy Fund - Class I			30,425		0.9
			Total Mutual Funds (Cost $3,293,773)			3,216,985		96.3
			Total Investments in Securities (Cost $3,415,151)		$	3,338,507		99.9
			Assets in Excess of Other Liabilities			1,862		0.1
			Net Assets		$	3,340,369		100.0

Non-income producing security.

Cost for federal income tax purposes is $3,474,179.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	10,657
Gross Unrealized Depreciation		(146,329)
Net Unrealized Depreciation	$	(135,672)

See Accompanying Notes to Financial Statements

100

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2040 Portfolio

as of December 31, 2015 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	121,522		$	—		$	—		$	121,522
Mutual Funds			3,216,985			—			—			3,216,985
Total Investments, at fair value		$	3,338,507		$	—		$	—		$	3,338,507

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

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, 2015, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/14			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/15			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	13,747		$	73,857		$	(18,732)		$	(1,506)		$	67,366		$	317		$	(2,858)		$	—
Voya Floating Rate Fund - Class I			14,499			70,173			(16,237)			(995)			67,440			1,003			(413)			—
Voya High Yield Bond Fund - Class I			28,763			127,748			(55,400)			(1,521)			99,590			1,724			(2,260)			—
Voya Intermediate Bond Fund - Class R6			—			80,337			(37,511)			(395)			42,431			463			(317)			—
Voya International Core Fund - Class I			47,731			265,117			(62,714)			106			250,240			2,639			(6,625)			3,597
Voya International Index Portfolio - Class I			27,943			70,974			(33,696)			1,241			66,462			477			(726)			—
Voya Large Cap Growth Portfolio - Class I			54,166			222,805			(63,484)			2,042			215,529			309			(714)			5,352
Voya Large Cap Value Fund - Class R6			54,564			228,626			(122,495)			(4,854)			155,841			1,367			(3,013)			5,452
Voya MidCap Opportunities Portfolio - Class I			21,896			105,382			(24,981)			(1,492)			100,805			—			(3,251)			5,118
Voya Multi-Manager Emerging Markets Equity Fund - Class I			27,169			146,668			(37,623)			(2,460)			133,754			1,912			(5,866)			—
Voya Multi-Manager International Equity Fund - Class I			57,663			341,382			(76,906)			(2,514)			319,625			3,936			(5,718)			2,897
Voya Multi-Manager Large Cap Core Portfolio - Class I			49,453			467,331			(172,122)			(3,814)			340,848			3,111			(2,210)			5,264
Voya Multi-Manager Mid Cap Value Fund - Class I			50,721			208,124			(69,377)			(23,865)			165,603			1,965			(6,364)			25,356
Voya Russell™ Mid Cap Growth Index Portfolio - Class I			29,047			80,859			(39,936)			(3,172)			66,798			142			2,821			—
Voya Small Company Portfolio - Class I			29,445			138,485			(30,675)			(3,781)			133,474			161			(1,766)			4,648
Voya U.S. Bond Index Portfolio - Class I			—			189,109			(87,238)			(1,032)			100,839			683			156			—
Voya U.S. Stock Index Portfolio - Class I			29,429			204,334			(64,634)			(1,977)			167,152			2,749			(3,796)			4,335
VY® Clarion Global Real Estate Portfolio - Class I			—			58,798			(8,787)			395			50,406			1			(88)			—
VY® Clarion Real Estate Portfolio - Class I			15,106			62,627			(26,186)			(115)			51,432			273			2,199			—
VY® Invesco Comstock Portfolio - Class I			21,670			167,753			(35,665)			(5,538)			148,220			3,423			(783)			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			52,791			248,907			(74,570)			(994)			226,134			2,991			(5,227)			7,498
VY® T. Rowe Price Growth Equity Portfolio - Class I			50,382			225,553			(61,301)			1,937			216,571			—			(456)			7,706
		$	676,185		$	3,784,949		$	(1,220,270)		$	(54,304)		$	3,186,560		$	29,646		$	(47,275)		$	77,223

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

See Accompanying Notes to Financial Statements

101

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2045 Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 5.1%
	55,783	iShares Barclays 20+ Year Treasury Bond Fund		$	6,728,546		1.0
	134,950	iShares Russell 1000 Value Index Fund			13,206,207		2.0
	65,126	SPDR Trust Series 1			13,278,540		2.1
		Total Exchange-Traded Funds (Cost $33,459,666)			33,213,293		5.1
MUTUAL FUNDS: 94.8%
		Affiliated Investment Companies: 93.8%
	1,413,397	Voya Emerging Markets Index Portfolio - Class I			12,508,562		1.9
	1,195,326	Voya Floating Rate Fund - Class I			11,534,895		1.8
	1,508,281	Voya Intermediate Bond Fund - Class R6			14,916,903		2.3
	5,343,849	Voya International Core Fund - Class I			48,682,468		7.5
	2,505,795	Voya International Index Portfolio - Class I			22,602,274		3.5
	2,569,322	Voya Large Cap Growth Portfolio - Class I			49,356,685		7.6
	3,299,963	Voya Large Cap Value Fund - Class R6			38,510,566		5.9
	1,525,797	Voya MidCap Opportunities Portfolio - Class I			19,667,524		3.0
	2,896,802	Voya Multi-Manager Emerging Markets Equity Fund - Class I			25,404,950		3.9
	6,263,196	Voya Multi-Manager International Equity Fund - Class I			64,886,708		10.0
	4,477,070	Voya Multi-Manager Large Cap Core Portfolio - Class I			64,917,522		10.0
	3,565,561	Voya Multi-Manager Mid Cap Value Fund - Class I			35,477,328		5.4
	604,624	Voya Russell™ Mid Cap Growth Index Portfolio - Class I			16,258,347		2.5

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	1,325,683		Voya Small Company Portfolio - Class I		$	26,155,720		4.0
	1,242,447		Voya U.S. Bond Index Portfolio - Class I			13,070,537		2.0
	3,420,651		Voya U.S. Stock Index Portfolio - Class I			45,631,486		7.0
	832,037		VY® Clarion Global Real Estate Portfolio - Class I			9,793,080		1.5
	279,994		VY® Clarion Real Estate Portfolio - Class I			9,998,583		1.5
	2,108,965		VY® Invesco Comstock Portfolio - Class I			32,014,093		4.9
	572,602	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			49,323,932		7.6
						610,712,163		93.8
			Unaffiliated Investment Companies: 1.0%
	1,383,189	@	Credit Suisse Commodity Return Strategy Fund - Class I			6,238,183		1.0
			Total Mutual Funds (Cost $650,756,502)			616,950,346		94.8
			Total Investments in Securities (Cost $684,216,168)		$	650,163,639		99.9
			Assets in Excess of Other Liabilities			538,897		0.1
			Net Assets		$	650,702,536		100.0

Non-income producing security.

Cost for federal income tax purposes is $689,374,495.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	11,618,284
Gross Unrealized Depreciation		(50,829,140)
Net Unrealized Depreciation	$	(39,210,856)

See Accompanying Notes to Financial Statements

102

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2045 Portfolio

as of December 31, 2015 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	33,213,293		$	—		$	—		$	33,213,293
Mutual Funds			616,950,346			—			—			616,950,346
Total Investments, at fair value		$	650,163,639		$	—		$	—		$	650,163,639

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

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, 2015, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/14			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/15			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	13,754,033		$	4,353,945		$	(3,640,653)		$	(1,958,763)		$	12,508,562		$	277,922		$	(435,172)		$	—
Voya Floating Rate Fund - Class I			12,730,621			2,661,284			(3,519,547)			(337,463)			11,534,895			504,987			(81,583)			—
Voya Intermediate Bond Fund - Class R6			7,354,485			19,048,507			(11,040,938)			(445,151)			14,916,903			287,567			30,130			—
Voya International Core Fund - Class I			53,160,069			6,230,018			(9,397,520)			(1,310,099)			48,682,468			540,683			1,036,004			736,869
Voya International Index Portfolio - Class I			27,995,759			3,953,528			(8,667,459)			(679,554)			22,602,274			735,516			180,309			—
Voya Large Cap Growth Portfolio - Class I			54,320,049			10,221,450			(9,927,768)			(5,257,046)			49,356,685			302,928			3,093,519			5,242,343
Voya Large Cap Value Fund - Class R6			53,853,890			10,761,915			(20,846,685)			(5,258,554)			38,510,566			781,350			49,613			2,885,598
Voya MidCap Opportunities Portfolio - Class I			21,963,056			4,625,319			(3,650,359)			(3,270,492)			19,667,524			—			450,793			2,976,420
Voya Multi-Manager Emerging Markets Equity Fund - Class I			27,176,171			9,074,386			(6,932,810)			(3,912,797)			25,404,950			382,133			(595,394)			—
Voya Multi-Manager International Equity Fund - Class I			66,523,666			11,493,726			(10,842,466)			(2,288,218)			64,886,708			841,175			1,184,218			618,943
Voya Multi-Manager Large Cap Core Portfolio - Class I			51,452,573			34,463,334			(13,923,821)			(7,074,564)			64,917,522			682,867			1,630,502			4,381,225
Voya Multi-Manager Mid Cap Value Fund - Class I			50,851,121			9,597,139			(18,143,708)			(6,827,224)			35,477,328			443,338			(297,594)			5,721,877
Voya Russell™ Mid Cap Growth Index Portfolio - Class I			29,130,073			1,724,399			(12,576,643)			(2,019,482)			16,258,347			155,533			2,446,529			—
Voya Small Company Portfolio - Class I			29,542,471			6,577,627			(4,683,577)			(5,280,801)			26,155,720			140,853			923,342			4,068,500
Voya U.S. Bond Index Portfolio - Class I			—			16,244,964			(2,993,154)			(181,273)			13,070,537			144,164			(1,694)			—
Voya U.S. Stock Index Portfolio - Class I			39,043,632			32,619,063			(21,711,212)			(4,319,997)			45,631,486			881,629			(1,251,584)			4,937,221
VY® Clarion Global Real Estate Portfolio - Class I			—			10,793,770			(883,876)			(116,814)			9,793,080			1,127			(30,467)			—
VY® Clarion Real Estate Portfolio - Class I			15,180,551			3,202,641			(6,538,929)			(1,845,680)			9,998,583			231,389			2,053,908			—
VY® Invesco Comstock Portfolio - Class I			21,724,700			19,193,251			(5,324,415)			(3,579,443)			32,014,093			890,091			465,336			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			42,007,144			1,318,642			(39,542,002)			(3,783,784)			—			—			4,980,201			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			54,125,848			12,205,535			(10,526,474)			(6,480,977)			49,323,932			—			4,755,510			7,452,148
		$	671,889,912		$	230,364,443		$	(225,314,016)		$	(66,228,176)		$	610,712,163		$	8,225,252		$	20,586,426		$	39,021,144

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

See Accompanying Notes to Financial Statements

103

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2045 Portfolio

as of December 31, 2015 (continued)

The effect of derivative instruments by primary risk exposure on the Portfolio’s Statement of Operations for the year ended December 31, 2015 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(140,556)
Interest rate contracts			(142,787)
Total		$	(283,343)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	383,936
Total		$	383,936

See Accompanying Notes to Financial Statements

104

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2050 Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 4.3%
	105	iShares Barclays 20+ Year Treasury Bond Fund		$	12,665		0.7
	304	iShares Russell 1000 Value Index Fund			29,750		1.8
	145	SPDR Trust Series 1			29,564		1.8
		Total Exchange-Traded Funds (Cost $72,366)			71,979		4.3
MUTUAL FUNDS: 95.6%
		Affiliated Investment Companies: 94.7%
	3,659	Voya Emerging Markets Index Portfolio - Class I			32,383		1.9
	3,065	Voya Floating Rate Fund - Class I			29,581		1.8
	3,870	Voya Intermediate Bond Fund - Class R6			38,274		2.3
	13,800	Voya International Core Fund - Class I			125,717		7.5
	6,477	Voya International Index Portfolio - Class I			58,422		3.5
	6,612	Voya Large Cap Growth Portfolio - Class I			127,012		7.6
	9,044	Voya Large Cap Value Fund - Class R6			105,544		6.3
	3,929	Voya MidCap Opportunities Portfolio - Class I			50,639		3.0
	7,470	Voya Multi-Manager Emerging Markets Equity Fund - Class I			65,514		3.9
	16,168	Voya Multi-Manager International Equity Fund - Class I			167,504		10.0
	12,039	Voya Multi-Manager Large Cap Core Portfolio - Class I			174,565		10.4
	9,206	Voya Multi-Manager Mid Cap Value Fund - Class I			91,602		5.4
	1,560	Voya Russell™ Mid Cap Growth Index Portfolio - Class I			41,943		2.5

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	3,401		Voya Small Company Portfolio - Class I		$	67,095		4.0
	3,353		Voya U.S. Bond Index Portfolio - Class I			35,276		2.1
	8,821		Voya U.S. Stock Index Portfolio - Class I			117,677		7.0
	2,155		VY® Clarion Global Real Estate Portfolio - Class I			25,360		1.5
	725		VY® Clarion Real Estate Portfolio - Class I			25,893		1.5
	5,448		VY® Invesco Comstock Portfolio - Class I			82,695		4.9
	1,474	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			127,011		7.6
						1,589,707		94.7
			Unaffiliated Investment Companies: 0.9%
	3,294	@	Credit Suisse Commodity Return Strategy Fund - Class I			14,858		0.9
			Total Mutual Funds (Cost $1,649,306)			1,604,565		95.6
			Total Investments in Securities (Cost $1,721,672)		$	1,676,544		99.9
			Assets in Excess of Other Liabilities			1,689		0.1
			Net Assets		$	1,678,233		100.0

Non-income producing security.

Cost for federal income tax purposes is $1,743,566.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	4,969
Gross Unrealized Depreciation		(71,991)
Net Unrealized Depreciation	$	(67,022)

See Accompanying Notes to Financial Statements

105

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2050 Portfolio

as of December 31, 2015 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	71,979		$	—		$	—		$	71,979
Mutual Funds			1,604,565			—			—			1,604,565
Total Investments, at fair value		$	1,676,544		$	—		$	—		$	1,676,544

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

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, 2015, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/14			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/15			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	7,130		$	31,790		$	(5,153)		$	(1,384)		$	32,383		$	166		$	(953)		$	—
Voya Floating Rate Fund - Class I			6,581			27,595			(4,063)			(532)			29,581			465			(132)			—
Voya Intermediate Bond Fund - Class R6			3,800			45,372			(10,540)			(358)			38,274			324			(85)			—
Voya International Core Fund - Class I			27,511			116,164			(17,714)			(244)			125,717			1,251			(2,701)			1,705
Voya International Index Portfolio - Class I			14,495			53,841			(9,810)			(104)			58,422			440			(665)			—
Voya Large Cap Growth Portfolio - Class I			28,097			115,850			(17,456)			521			127,012			180			173			3,122
Voya Large Cap Value Fund - Class R6			28,335			120,654			(41,025)			(2,420)			105,544			942			(2,704)			3,295
Voya MidCap Opportunities Portfolio - Class I			11,358			48,414			(6,887)			(2,246)			50,639			—			(993)			3,317
Voya Multi-Manager Emerging Markets Equity Fund - Class I			14,092			66,681			(13,264)			(1,995)			65,514			881			(2,408)			—
Voya Multi-Manager International Equity Fund - Class I			34,443			156,121			(21,243)			(1,817)			167,504			1,945			(2,268)			1,431
Voya Multi-Manager Large Cap Core Portfolio - Class I			26,573			202,673			(53,908)			(773)			174,565			1,578			(2,097)			2,614
Voya Multi-Manager Mid Cap Value Fund - Class I			26,309			108,880			(30,848)			(12,739)			91,602			1,024			(3,390)			13,219
Voya Russell™ Mid Cap Growth Index Portfolio - Class I			15,067			52,531			(23,873)			(1,782)			41,943			93			1,463			—
Voya Small Company Portfolio - Class I			15,273			62,869			(8,203)			(2,844)			67,095			84			(268)			2,431
Voya U.S. Bond Index Portfolio - Class I			—			75,017			(39,425)			(316)			35,276			272			—			—
Voya U.S. Stock Index Portfolio - Class I			20,907			122,047			(23,012)			(2,265)			117,677			1,918			(1,504)			2,932
VY® Clarion Global Real Estate Portfolio - Class I			—			27,961			(2,964)			363			25,360			1			(96)			—
VY® Clarion Real Estate Portfolio - Class I			7,836			26,876			(9,285)			466			25,893			138			652			—
VY® Invesco Comstock Portfolio - Class I			11,240			85,198			(9,855)			(3,888)			82,695			1,896			139			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			21,719			3,333			(25,345)			293			—			—			340			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			28,002			117,430			(18,368)			(53)			127,011			—			663			4,454
		$	348,768		$	1,667,297		$	(392,241)		$	(34,117)		$	1,589,707		$	13,598		$	(16,834)		$	38,520

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

See Accompanying Notes to Financial Statements

106

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2055 Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 4.6%
	7,908	iShares Barclays 20+ Year Treasury Bond Fund		$	953,863		0.7
	25,502	iShares Russell 1000 Value Index Fund			2,495,626		1.9
	12,306	SPDR Trust Series 1			2,509,070		2.0
		Total Exchange-Traded Funds (Cost $5,987,128)			5,958,559		4.6
MUTUAL FUNDS: 95.3%
		Affiliated Investment Companies: 94.4%
	280,513	Voya Emerging Markets Index Portfolio - Class I			2,482,539		1.9
	297,230	Voya Intermediate Bond Fund - Class R6			2,939,607		2.3
	1,056,177	Voya International Core Fund - Class I			9,621,776		7.5
	495,593	Voya International Index Portfolio - Class I			4,470,245		3.5
	507,018	Voya Large Cap Growth Portfolio - Class I			9,739,815		7.6
	659,765	Voya Large Cap Value Fund - Class R6			7,699,454		6.0
	301,083	Voya MidCap Opportunities Portfolio - Class I			3,880,959		3.0
	571,197	Voya Multi-Manager Emerging Markets Equity Fund - Class I			5,009,401		3.9
	1,237,173	Voya Multi-Manager International Equity Fund - Class I			12,817,117		10.0
	894,725	Voya Multi-Manager Large Cap Core Portfolio - Class I			12,973,510		10.1
	703,805	Voya Multi-Manager Mid Cap Value Fund - Class I			7,002,864		5.5
	119,335	Voya Russel™ Mid Cap Growth Index Portfolio - Class I			3,208,924		2.5

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	261,527		Voya Small Company Portfolio - Class I		$	5,159,922		4.0
	249,247		Voya U.S. Bond Index Portfolio - Class I			2,622,075		2.1
	867,127		Voya U.S. Stock Index Portfolio - Class I			11,567,479		9.0
	165,528		VY® Clarion Global Real Estate Portfolio - Class I			1,948,269		1.5
	55,132		VY® Clarion Real Estate Portfolio - Class I			1,968,763		1.5
	416,313		VY® Invesco Comstock Portfolio - Class I			6,319,628		4.9
	112,962	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			9,730,542		7.6
						121,162,889		94.4
			Unaffiliated Investment Companies: 0.9%
	266,310	@	Credit Suisse Commodity Return Strategy Fund - Class I			1,201,057		0.9
			Total Mutual Funds (Cost $132,588,331)			122,363,946		95.3
			Total Investments in Securities (Cost $138,575,459)		$	128,322,505		99.9
			Assets in Excess of Other Liabilities			75,167		0.1
			Net Assets		$	128,397,672		100.0

Non-income producing security.

Cost for federal income tax purposes is $139,659,844.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	492,114
Gross Unrealized Depreciation		(11,829,453)
Net Unrealized Depreciation	$	(11,337,339)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	5,958,559		$	—		$	—		$	5,958,559
Mutual Funds			122,363,946			—			—			122,363,946
Total Investments, at fair value		$	128,322,505		$	—		$	—		$	128,322,505

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

See Accompanying Notes to Financial Statements

107

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2055 Portfolio

as of December 31, 2015 (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, 2015, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/14			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/15			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	2,096,154		$	1,274,093		$	(493,501)		$	(394,207)		$	2,482,539		$	46,235		$	(54,875)		$	—
Voya Intermediate Bond Fund - Class R6			838,169			3,671,965			(1,497,542)			(72,985)			2,939,607			52,469			(3,434)			—
Voya International Core Fund - Class I			8,088,480			3,118,160			(1,469,427)			(115,437)			9,621,776			105,832			(59,328)			144,233
Voya International Index Portfolio - Class I			4,260,940			1,647,205			(1,264,999)			(172,901)			4,470,245			122,312			31,428			—
Voya Large Cap Growth Portfolio - Class I			8,263,096			3,759,515			(1,476,486)			(806,310)			9,739,815			53,419			379,393			924,453
Voya Large Cap Value Fund - Class R6			8,308,600			3,699,292			(3,357,404)			(951,034)			7,699,454			141,236			(715)			493,826
Voya MidCap Opportunities Portfolio - Class I			3,340,820			1,632,172			(511,279)			(580,754)			3,880,959			—			23,717			557,613
Voya Multi-Manager Emerging Markets Equity Fund - Class I			4,142,164			2,670,804			(1,075,196)			(728,371)			5,009,401			74,610			(111,496)			—
Voya Multi-Manager International Equity Fund - Class I			10,125,558			4,631,482			(1,507,471)			(432,452)			12,817,117			164,549			63,327			121,077
Voya Multi-Manager Large Cap Core Portfolio - Class I			7,824,953			8,723,161			(2,286,367)			(1,288,237)			12,973,510			134,000			260,222			791,843
Voya Multi-Manager Mid Cap Value Fund - Class I			7,738,805			3,379,914			(2,853,225)			(1,262,630)			7,002,864			86,658			(168,259)			1,118,444
Voya Russell™ Mid Cap Growth Index Portfolio - Class I			4,431,650			1,104,136			(1,978,181)			(348,681)			3,208,924			25,873			386,653			—
Voya Small Company Portfolio - Class I			4,493,510			2,175,801			(724,067)			(785,322)			5,159,922			23,433			22,827			676,845
Voya U.S. Bond Index Portfolio - Class I			—			3,146,018			(488,011)			(35,932)			2,622,075			27,930			574			—
Voya U.S. Stock Index Portfolio - Class I			8,327,836			7,703,200			(3,496,462)			(967,095)			11,567,479			217,424			(248,581)			1,083,391
VY® Clarion Global Real Estate Portfolio - Class I			—			2,016,696			(39,239)			(29,188)			1,948,269			—			(770)			—
VY® Clarion Real Estate Portfolio - Class I			2,305,337			1,030,721			(1,104,884)			(262,411)			1,968,763			40,878			302,501			—
VY® Invesco Comstock Portfolio - Class I			3,306,078			4,365,736			(706,888)			(645,298)			6,319,628			171,693			59,728			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			6,387,718			806,114			(6,974,866)			(218,966)			—			—			402,534			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			8,234,736			4,116,074			(1,618,354)			(1,001,914)			9,730,542			—			611,302			1,326,831
		$	102,514,604		$	64,672,259		$	(34,923,849)		$	(11,100,125)		$	121,162,889		$	1,488,551		$	1,896,748		$	7,238,556

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

The effect of derivative instruments by primary risk exposure on the Portfolio’s Statement of Operations for the year ended December 31, 2015 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(49,864)
Interest rate contracts			(27,014)
Total		$	(76,878)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	54,848
Total		$	54,848

See Accompanying Notes to Financial Statements

108

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2060 Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 4.6%
	41	iShares Barclays 20+ Year Treasury Bond Fund		$	4,945		0.7
	131	iShares Russell 1000 Value Index Fund			12,820		1.9
	65	SPDR Trust Series 1			13,253		2.0
		Total Exchange-Traded Funds (Cost $30,862)			31,018		4.6
MUTUAL FUNDS: 95.3%
		Affiliated Investment Companies: 94.4%
	1,539	Voya Emerging Markets Index Portfolio - Class I			13,624		2.0
	1,558	Voya Intermediate Bond Fund - Class R6			15,409		2.3
	5,540	Voya International Core Fund - Class I			50,472		7.5
	2,598	Voya International Index Portfolio - Class I			23,435		3.5
	2,614	Voya Large Cap Growth Portfolio - Class I			50,215		7.4
	3,519	Voya Large Cap Value Fund - Class R6			41,068		6.1
	1,579	Voya MidCap Opportunities Portfolio - Class I			20,351		3.0
	3,084	Voya Multi-Manager Emerging Markets Equity Fund - Class I			27,048		4.0
	6,564	Voya Multi-Manager International Equity Fund - Class I			68,006		10.0
	4,694	Voya Multi-Manager Large Cap Core Portfolio - Class I			68,064		10.1
	3,750	Voya Multi-Manager Mid Cap Value Fund - Class I			37,317		5.5
	626	Voya Russell™ Mid Cap Growth Index Portfolio - Class I			16,838		2.5

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	1,369		Voya Small Company Portfolio - Class I		$	27,010		4.0
	1,287		Voya U.S. Bond Index Portfolio - Class I			13,538		2.0
	4,551		Voya U.S. Stock Index Portfolio - Class I			60,709		9.0
	865		VY® Clarion Global Real Estate Portfolio - Class I			10,187		1.5
	290		VY® Clarion Real Estate Portfolio - Class I			10,365		1.5
	2,244		VY® Invesco Comstock Portfolio - Class I			34,063		5.0
	586	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			50,469		7.5
						638,188		94.4
			Unaffiliated Investment Companies: 0.9%
	1,417	@	Credit Suisse Commodity Return Strategy Fund - Class I			6,389		0.9
			Total Mutual Funds (Cost $654,786)			644,577		95.3
			Total Investments in Securities (Cost $685,648)		$	675,595		99.9
			Assets in Excess of Other Liabilities			573		0.1
			Net Assets		$	676,168		100.0

Non-income producing security.

Cost for federal income tax purposes is $687,507.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	4,258
Gross Unrealized Depreciation		(16,170)
Net Unrealized Depreciation	$	(11,912)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	31,018		$	—		$	—		$	31,018
Mutual Funds			644,577			—			—			644,577
Total Investments, at fair value		$	675,595		$	—		$	—		$	675,595

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

See Accompanying Notes to Financial Statements

109

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2060 Portfolio

as of December 31, 2015 (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, 2015, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/14			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/15			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	—		$	15,742		$	(1,683)		$	(435)		$	13,624		$	6		$	(32)		$	—
Voya Intermediate Bond Fund - Class R6			—			20,575			(5,039)			(127)			15,409			104			(14)			—
Voya International Core Fund - Class I			—			57,877			(6,156)			(1,249)			50,472			571			(32)			778
Voya International Index Portfolio - Class I			—			26,475			(2,973)			(67)			23,435			16			(37)			—
Voya Large Cap Growth Portfolio - Class I			—			54,488			(5,927)			1,654			50,215			6			267			111
Voya Large Cap Value Fund - Class R6			—			59,239			(17,036)			(1,135)			41,068			282			411			1,024
Voya MidCap Opportunities Portfolio - Class I			—			23,161			(1,988)			(822)			20,351			—			(273)			1,280
Voya Multi-Manager Emerging Markets Equity Fund - Class I			—			31,126			(3,310)			(768)			27,048			414			(26)			—
Voya Multi-Manager International Equity Fund - Class I			—			77,648			(8,224)			(1,418)			68,006			897			(91)			660
Voya Multi-Manager Large Cap Core Portfolio - Class I			—			94,482			(26,560)			142			68,064			593			1,070			93
Voya Multi-Manager Mid Cap Value Fund - Class I			—			51,776			(7,946)			(6,513)			37,317			468			(422)			6,041
Voya Russell™ Mid Cap Growth Index Portfolio - Class I			—			25,774			(8,741)			(195)			16,838			3			93			—
Voya Small Company Portfolio - Class I			—			29,512			(2,446)			(56)			27,010			3			(97)			86
Voya U.S. Bond Index Portfolio - Class I			—			32,309			(18,625)			(146)			13,538			105			12			—
Voya U.S. Stock Index Portfolio - Class I			—			71,280			(10,947)			376			60,709			945			517			133
VY® Clarion Global Real Estate Portfolio - Class I			—			11,070			(792)			(91)			10,187			—			(16)			—
VY® Clarion Real Estate Portfolio - Class I			—			13,297			(3,326)			394			10,365			5			260			—
VY® Invesco Comstock Portfolio - Class I			—			39,020			(4,313)			(644)			34,063			740			14			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			—			874			(874)			—			—			—			16			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			—			54,823			(5,820)			1,466			50,469			—			239			158
		$	—		$	790,548		$	(142,726)		$	(9,634)		$	638,188		$	5,158		$	1,859		$	10,364

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

See Accompanying Notes to Financial Statements

110

TABLE OF CONTENTS

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended December 31, 2015 were as follows:

Portfolio Name	Type	Per Share Amount
Voya Solution Aggressive Portfolio
Class ADV	NII		$	0.2137
Class I	NII		$	0.2418
Class S	NII		$	0.2274
Class S2	NII		$	0.2287
All Classes	STCG		$	0.0747
All Classes	LTCG		$	0.3610
Voya Solution Balanced Portfolio
Class ADV	NII		$	0.2846
Class I	NII		$	0.3388	��
Class S	NII		$	0.3116
Class S2	NII		$	0.2862
All Classes	STCG		$	0.1013
All Classes	LTCG		$	0.7557
Voya Solution Conservative Portfolio
Class ADV	NII		$	0.2745
Class I	NII		$	0.3331
Class S	NII		$	0.3055
Class S2	NII		$	0.2952
All Classes	STCG		$	0.0945
All Classes	LTCG		$	0.2585
Voya Solution Income Portfolio
Class ADV	NII		$	0.2888
Class I	NII		$	0.3570
Class S	NII		$	0.3239
Class S2	NII		$	0.3076
Class T	NII		$	0.2239
All Classes	LTCG		$	0.4199
Voya Solution Moderately Aggressive Portfolio
Class ADV	NII		$	0.3687
Class I	NII		$	0.4292
Class S	NII		$	0.3907
Class S2	NII		$	0.3932
All Classes	STCG		$	0.1422
All Classes	LTCG		$	1.1765
Voya Solution Moderately Conservative Portfolio
Class ADV	NII		$	0.2771
Class I	NII		$	0.3292
Class S	NII		$	0.2980
Class S2	NII		$	0.2953
All Classes	STCG		$	0.1015
All Classes	LTCG		$	0.5230
Voya Solution 2020 Portfolio
Class ADV	NII		$	0.5707
Class I	NII		$	0.6454
Class S	NII		$	0.6054
Class S2	NII		$	0.5849
Class T	NII		$	0.5608
All Classes	STCG		$	0.0531
All Classes	LTCG		$	0.7341
Voya Solution 2025 Portfolio
Class ADV	NII		$	0.3689
Class I	NII		$	0.4468

Portfolio Name	Type	Per Share Amount
Class S	NII		$	0.4116
Class S2	NII		$	0.3842
Class T	NII		$	0.1542
All Classes	STCG		$	0.1210
All Classes	LTCG		$	1.1890
Voya Solution 2030 Portfolio
Class ADV	NII		$	0.1910
Class I	NII		$	0.2403
Class S	NII		$	0.1673
Class S2	NII		$	0.1565
Class T	NII		$	0.1294
All Classes	STCG		$	0.1310
All Classes	LTCG		$	0.4269
Voya Solution 2035 Portfolio
Class ADV	NII		$	0.3777
Class I	NII		$	0.4584
Class S	NII		$	0.4238
Class S2	NII		$	0.3891
Class T	NII		$	0.2410
All Classes	STCG		$	0.1414
All Classes	LTCG		$	1.4082
Voya Solution 2040 Portfolio
Class ADV	NII		$	0.3495
Class I	NII		$	0.3916
Class S	NII		$	0.3423
Class S2	NII		$	0.3308
Class T	NII		$	0.2919
All Classes	STCG		$	0.0831
All Classes	LTCG		$	0.6091
Voya Solution 2045 Portfolio
Class ADV	NII		$	0.3753
Class I	NII		$	0.4572
Class S	NII		$	0.4214
Class S2	NII		$	0.3864
Class T	NII		$	0.2050
All Classes	STCG		$	0.1923
All Classes	LTCG		$	1.8350
Voya Solution 2050 Portfolio
Class ADV	NII		$	0.3529
Class I	NII		$	0.3884
Class S	NII		$	0.3417
Class S2	NII		$	0.3269
Class T	NII		$	0.2933
All Classes	STCG		$	0.0345
All Classes	LTCG		$	0.6939
Voya Solution 2055 Portfolio
Class ADV	NII		$	0.3245
Class I	NII		$	0.3900
Class S	NII		$	0.3616
Class S2	NII		$	0.3389
Class T	NII		$	—
All Classes	STCG		$	0.1429
All Classes	LTCG		$	1.1953

NII - Net investment income

STCG - Short-term capital gain

LTCG - Long-term capital gain

111

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TAX INFORMATION (Unaudited) (continued)

Of the ordinary distributions made during the year ended December 31, 2015, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

Voya Solution Aggressive Portfolio	11.30%
Voya Solution Balanced Portfolio	11.44%
Voya Solution Conservative Portfolio	4.75%
Voya Solution Income Portfolio	9.23%
Voya Solution Moderately Aggressive Portfolio	10.47%
Voya Solution Moderately Conservative Portfolio	6.96%
Voya Solution 2020 Portfolio	10.51%
Voya Solution 2025 Portfolio	10.51%
Voya Solution 2030 Portfolio	9.39%
Voya Solution 2035 Portfolio	11.97%
Voya Solution 2040 Portfolio	11.39%
Voya Solution 2045 Portfolio	12.27%
Voya Solution 2050 Portfolio	13.38%	��
Voya Solution 2055 Portfolio	13.17%

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 Solution Aggressive Portfolio	$	159,239
Voya Solution Balanced Portfolio	$	3,610,244
Voya Solution Conservative Portfolio	$	396,989
Voya Solution Income Portfolio	$	5,617,671
Voya Solution Moderately Aggressive Portfolio	$	2,869,073
Voya Solution Moderately Conservative Portfolio	$	2,119,890
Voya Solution 2020 Portfolio	$	18,494
Voya Solution 2025 Portfolio	$	99,604,540
Voya Solution 2030 Portfolio	$	11,437
Voya Solution 2035 Portfolio	$	105,963,365
Voya Solution 2040 Portfolio	$	33,992
Voya Solution 2045 Portfolio	$	92,862,966
Voya Solution 2050 Portfolio	$	19,354
Voya Solution 2055 Portfolio	$	10,297,691

The Regulated Investment Company Modernization Act of 2010 allows qualified fund-of-funds to elect to pass through the ability to take foreign tax credits (or deductions) to the extent that foreign taxes are passed through from underlying funds.

112

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TAX INFORMATION (Unaudited) (continued)

A qualified fund-of-funds is a regulated investment company that has at least 50% of the value of its total assets invested in other regulated investment companies at the end of each quarter of the taxable year. 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, 2015:

	Creditable Foreign Taxes Paid			Per Share Amount			Portion of Ordinary Income Distribution Derived from Foreign Sourced Income*
Voya Solution Aggressive Portfolio		$	2,040		$	0.0046		14.45%
Voya Solution Balanced Portfolio		$	8,640		$	0.0017		4.81%
Voya Solution Conservative Portfolio		$	458		$	0.0003		0.11%
Voya Solution Income Portfolio		$	39,261		$	0.0007		3.20%
Voya Solution Moderately Aggressive Portfolio		$	252,756		$	0.0038		18.97%
Voya Solution Moderately Conservative Portfolio		$	6,476		$	0.0015		2.87%
Voya Solution 2020 Portfolio		$	1,413		$	0.0017		12.16%
Voya Solution 2025 Portfolio		$	280,504		$	0.0031		7.57%
Voya Solution 2030 Portfolio		$	1,149		$	0.0040		18.53%
Voya Solution 2035 Portfolio		$	401,000		$	0.0049		11.94%
Voya Solution 2040 Portfolio		$	1,404		$	0.0059		20.73%
Voya Solution 2045 Portfolio		$	296,037		$	0.0051		14.52%
Voya Solution 2050 Portfolio		$	699		$	0.0059		21.51%
Voya Solution 2055 Portfolio		$	58,002		$	0.0057		15.65%
Voya Solution 2060 Portfolio		$	316		$	0.0046		19.31%

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 should 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.

113

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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: 55

Director

November 2007 – Present

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

151

DSM/Dentaquest, Boston, MA (February 2014 – Present).

John V. Boyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 62

Chairperson

Director

January 2014 – Present November 1997 – Present

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

151

None.

Patricia W. Chadwick
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 67

Director

January 2006 – Present

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

151

Wisconsin Energy Corporation (June 2006 – Present); The Royce Funds (35 funds) (December 2009 – Present); and AMICA Mutual Insurance Company (1992 – Present).

Peter S. Drotch
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 74

Director

November 2007 – Present

Retired.

151

First Marblehead Corporation (September 2003 – Present).

Martin J. Gavin
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, AZ 85258-2034
Age: 65

Director

August 2015 – Present

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

151

None.

Russell H. Jones
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 71

Director

May 2013 – Present

Retired.

151

None.

Patrick W. Kenny
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 73

Director

March 2002 – Present

Retired.

151

Assured Guaranty Ltd. (April 2004 – Present).

Joseph E. Obermeyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 58

Director

May 2013 – Present

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

151

None.

114

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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

Sheryl K. Pressler
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 65

Director

January 2006 – Present

Consultant (May 2001 – Present).

151

None.

Christopher P. Sullivan
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 62

Director

October 2015 – Present

Retired. Formerly, President, Bond Division, Fidelity Management and Research (June 2009 – September 2012).

151

None.

Roger B. Vincent
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 70

Director

January 2005 – Present

Retired. Formerly, President, Springwell Corporation, a corporate finance firm (March 1989 – August 2011).

151

UGI Corporation (February 2006 – Present) and UGI Utilities, Inc. (February 2006 – Present).

Director who is an “interested person”:

Shaun P. Mathews(3)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 60

Director

November 2007 – Present

President and Chief Executive Officer, Voya Investments, LLC (December 2006 – Present).

151

(1)

(2)

(3)

Effective December 31, 2015, Dr. Albert E. DePrince, Jr. retired as a Director of the Board.

115

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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
Shaun P. Mathews 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 60	President and Chief Executive Officer	November 2006 – Present	President and Chief Executive Officer, Voya Investments, LLC (December 2006 – Present).
Michael J. Roland 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57	Managing Director and Chief Operating Officer	April 2012 – Present	Managing Director and Chief Operating Officer, Voya Investments, LLC and Voya Funds Services, LLC (April 2012 – Present). Formerly, Chief Compliance Officer, Directed Services LLC and Voya Investments, LLC (March 2011 – December 2013); Executive Vice President and Chief Operating Officer, Voya Investments, LLC and Voya Funds Services, LLC (January 2007 – April 2012) and Chief Compliance Officer, Voya Family of Funds (March 2011 – February 2012).
Stanley D. Vyner 230 Park Avenue New York, New York 10169 Age: 65	Executive Vice President Chief Investment Risk Officer	January 2005 – Present September 2009 – Present	Executive Vice President, Voya Investments, LLC (July 2000 – Present) and Chief Investment Risk Officer, Voya Investments, LLC (January 2003 – Present).
Kevin M. Gleason 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 49	Chief Compliance Officer	February 2012 – Present	Senior Vice President, Voya Investments, LLC and Chief Compliance Officer, Voya Family of Funds (February 2012 – resent). Formerly, Assistant General Counsel and Assistant Secretary, The Northwestern Mutual Life Insurance Company (June 2004 – January 2012).
Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 48	Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary	March 2005 – Present	Senior Vice President, Voya Investments, LLC and Voya Funds Services, LLC (April 2005 – Present).
Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 51	Senior Vice President	January 2005 – Present	Senior Vice President, Voya Investments, LLC (September 2003 – Present).
Julius A. Drelick, III 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 49	Senior Vice President	July 2012 – Present	Senior Vice President and Chief Compliance Officer of Directed Services LLC and Voya Investments, LLC (January 2014 – Present); and Senior Vice President – Fund Compliance, Voya Funds Services, LLC (June 2012 – Present). Formerly, Vice President – Platform Product Management & Project Management, Voya Investments, LLC (April 2007 – June 2012).
Robert Terris 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 45	Senior Vice President	May 2006 – 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: 43	Vice President and Treasurer	September 2012 - Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2012 – Present). Formerly, Assistant Vice President – Director, Voya Funds Services, LLC (March 2003 – March 2012).
Maria M. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57	Vice President	January 2005 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (September 2004 – Present).

116

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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
Lauren D. Bensinger 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 62	Vice President	January 2005 – Present	Vice President, Voya Funds Services, LLC (February 1996 – Present) and Voya Investments, LLC (October 2004 – Present); Vice President and Money Laundering Reporting Officer, Voya Investments Distributor, LLC (April 2010 – Present); Anti-Money Laundering Compliance Officer, Voya Financial, Inc. (January 2013 – Present); and Money Laundering Reporting Officer, Voya Investment Management Trust Co. (October 2012 – Present).
Sara M. Donaldson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 56	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).
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 48	Vice President	January 2005 – Present	Vice President, Voya Funds Services, LLC (November 1995 – Present) and Voya Investments, LLC (August 1997 –- Present). Formerly, Treasurer, Voya Family of Funds (November 1999 – February 2012).
Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 39	Vice President	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2007 – Present).
Kimberly K. Springer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 58	Vice President	March 2006 – Present	Vice President – Mutual Fund Product Development, Voya Investments, LLC (July 2012 – Present); Vice President, Voya Investment Management – Voya Family of Funds (March 2010 – Present) and Vice President, Voya Funds Services, LLC (March 2006 – Present). Formerly Managing Paralegal, Registration Statements (June 2003 – July 2012).
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 46	Vice President	May 2013 – Present	Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (March 2013 – Present). Formerly, Assistant Vice President – Director of Tax, Voya Funds Services, LLC (March 2008 – February 2013).
Huey P. Falgout, Jr. 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52	Secretary	August 2003 – Present	Senior Vice President and Chief Counsel, Voya Investment Management – Mutual Fund Legal Department (March 2010 – Present).
Paul A. Caldarelli 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 64	Assistant Secretary	June 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: 53	Assistant Secretary	August 2003 – 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.

117

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Investment Adviser
Directed Services LLC
1475 Dunwoody Drive
West Chester, Pennsylvania 19380

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-VSOL (1215-021716)

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Annual Report

December 31, 2015

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

Voya Partners, Inc.

■

Voya Index Solution Income Portfolio

■

Voya Index Solution 2020 Portfolio

■

Voya Index Solution 2025 Portfolio

■

Voya Index Solution 2030 Portfolio

■

Voya Index Solution 2035 Portfolio

■

Voya Index Solution 2040 Portfolio

■

Voya Index Solution 2045 Portfolio

■

Voya Index Solution 2050 Portfolio

■

Voya Index Solution 2055 Portfolio

■

Voya Index Solution 2060 Portfolio

TABLE OF CONTENTS

	President’s Letter					1
	Market Perspective					2
	Portfolio Managers’ Report					4
	Shareholder Expense Examples					17
	Report of Independent Registered Public Accounting Firm					19
	Statements of Assets and Liabilities					20
	Statements of Operations					26
	Statements of Changes in Net Assets					29
	Financial Highlights					34
	Notes to Financial Statements					43
	Portfolios of Investments					55
	Tax Information					75
	Director and Officer Information					78

PROXY VOTING INFORMATION

QUARTERLY PORTFOLIO HOLDINGS

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President’s Letter

Fed action — global reaction

Dear Shareholder,

Sincerely,

Shaun Mathews
President and Chief Executive Officer
January 12, 2016

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, 2015

requirements and by the end of December, with the yuan gradually depreciating, the Shanghai Composite had regained over a quarter of its losses.

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Benchmark Descriptions

		Index				Description
		Barclays Global Inflation Linked U.S. TIPS Index				The index measures the performance of the US Treasury Inflation Protected Securities (TIPS) market.
		Barclays High Yield Bond — 2% Issuer Constrained Composite Index				An unmanaged 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.
		Barclays U.S. Aggregate Bond Index				An unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities.
		Barclays U.S. Corporate Investment Grade Bond Index				An unmanaged index consisting of publicly issued, fixed rate, nonconvertible, investment grade debt securities.
		Barclays U.S. Treasury Bond Index				A market capitalization-weighted index that measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of one year or more.
		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 unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
		Russell 2000® Index				An unmanaged index that measures the performance of securities of small U.S. companies.
		Russell Midcap® Index				An unmanaged 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.
		S&P 500® Index				An unmanaged 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 Date Retirement Income Index				Seeks to represent asset allocations which target an immediate retirement horizon.
		S&P Target Date 2020 Index, S&P Target Date 2025 Index, S&P Target Date 2030 Index, S&P Target Date 2035 Index, S&P Target Date 2040 Index, S&P Target Date 2045 Index, S&P Target Date 2050 Index and S&P Target Date 2055+ Index				Each seeks to represent the market consensus for asset allocations which target an approximate 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055 and beyond 2055 retirement horizon, respectively.
		Shanghai Stock Exchange Composite Index				A capitalization-weighted index. The index tracks the daily price performance of all A-shares and B-shares listed on the Shanghai Stock Exchange. The index was developed on December 19, 1990 with a base value of 100.

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Voya Index Solution Portfolios

Portfolio Managers’ Report

The Voya Index Solution Portfolios consist of Voya Index Solution Income Portfolio, Voya Index Solution 2020 Portfolio, Voya Index Solution 2025 Portfolio, Voya Index Solution 2030 Portfolio, Voya Index Solution 2035 Portfolio, Voya Index Solution 2040 Portfolio, Voya Index Solution 2045 Portfolio, Voya Index Solution 2050 Portfolio, Voya Index Solution 2055 Portfolio, and Voya Index Solution 2060 Portfolio (each a “Portfolio” or collectively, the “Portfolios” or the “Index Solution Portfolios”). Each Portfolio seeks to achieve its investment objective by investing in a combination of underlying funds which are actively managed funds or passively managed funds (index funds)(1). The Portfolios are managed by Halvard Kvaale, CIMA, Paul Zemsky, CFA and Chief Investment Officer, and Jody Hrazanek Portfolio Managers of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser (“Sub-Adviser”).*

Portfolio Specifics: We began the year with a tactical overweight to developed international and Japanese equities and senior loans, funded by underweights to U.S. large cap, emerging markets equity and core U.S. fixed income.

We reduced our exposure to high yield bonds at the beginning of the period, allocating the proceeds to long duration U.S. Treasuries. This was done in an effort to lengthen our duration exposure, based on lower expectations for inflation in the U.S. and continued signs of decelerated global growth. At the end of the first quarter, we further reduced our exposure to high yield bonds and allocated the proceeds to cash. This trade was made over concerns that the effects of declining crude oil prices on energy companies, which have a large representation in the high yield bond market, would create short term headwinds for the asset class. In addition, we closed our Japanese equities position that was initiated at the end of 2014 for a profit.

At the start of April, we purchased high yield bonds with cash, directly reversing our end of the first quarter trade as the thesis for the original trade, where we believed further declines in crude oil prices could negatively affect high yield, failed to transpire. In mid-April, we shifted assets from domestic mid cap equities into currency-hedged Eurozone equities, believing Eurozone equities would outperform U.S. equities because of expected economic activity improvements, continued expansion of bank lending and sustained positive effects from enhanced competitiveness of the Euro.

As part of our annual process, the Portfolios glided down at the end of April, resulting in lower strategic equity allocations across our near and intermediate-dated Portfolios. To achieve this glide down, we sold domestic mid cap equities and purchased core U.S. fixed income. In addition, we added commodities as a strategic asset allocation across all Portfolios, funded by additional reductions in domestic mid cap equities. Both supply and prices of major commodity categories have come down over the past two years, making the asset class more attractive than in previous years. This allocation will also seek to hedge inflationary pressures which may strengthen given nascent wage rises in the U.S. and expansionary monetary policy outside the U.S. At the end of the second quarter, we closed out the Eurozone equities trade enacted in April. Since early April, the run-up in sovereign bond yields caused a significant correction in Eurozone equity prices, and the unfolding situation in Greece introduced more risk than we were willing to tolerate.

At the end of July, we slightly increased our underweight to domestic mid cap equities, allocating the proceeds to core fixed income. This trade was made to reduce our overweight to equities ahead of the Federal Reserve Board (“Fed”) policy decision in September. We further de-risked the Portfolios in August ahead of the Fed’s policy decision, reducing our position in international equities and allocating the proceeds to real estate, lengthening the duration of the Portfolios. In September, we increased our underweight to emerging market equities and purchased domestic large cap equities. While emerging market equities are cheap as a group, uncertainty about Fed actions and global growth concerns present headwinds for their economies.

At the onset of the last quarter of the year, we reduced risk across the Portfolios by selling mid cap equities and buying core U.S. bonds, neutralizing our equity overweight. This trade was placed due to a worsening global economic outlook at that time and uncertainty around Fed intentions on raising interest rates. We unwound this trade at the end of October after a weak payroll report helped to push off expectations for a Fed rate hike, thereby increasing risk appetite in the markets.

At the end of October, we made changes to our strategic asset allocations across all Portfolios to reflect our longer term views. This change led to a reduction in core U.S. fixed income, domestic mid and small cap equity, emerging markets equity, and high yield; and an increase to domestic large cap equities. In addition, we added senior loans, long government bonds, U.S. and Global REITs as new asset classes within the strategic asset allocation.

In November and December, we reduced risk in the Portfolios given uncertainty over the Fed, commodities and global growth by selling high yield and buying core U.S. fixed income. The Portfolios ended the quarter in a defensive posture, with underweights to domestic mid cap equity (far-dated Portfolios) and high yield (near-dated Portfolios), with a corresponding overweight position in core U.S. fixed income.

During the year, tactical moves relative to our strategic benchmarks had a positive impact across all of the Portfolios.

All of the Portfolios underperformed their respective S&P Target Date indices this year.

Among the largest asset class contributors to absolute return were domestic large blend equities and core U.S. fixed income. Among the largest asset class detractors from absolute return were emerging markets equity and broad-basket commodities.

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Portfolio Managers’ Report

Voya Index Solution Portfolios

Effective August 7, 2015, Frank Van Etten was removed as a portfolio manager of the Portfolios. Effective December 18, 2015, Jody Hrazanek was added as a portfolio manager of the Portfolios.

Each Portfolio’s relative performance versus its respective benchmark can be found on page 5.

(1)

The investment objective of each Portfolio is described in the Portfolios’ prospectuses, each dated May 1, 2015.

		Average Annual Total Returns for the Period Ended December 31, 2015
					1 Year
		Voya Index Solution Income Portfolio, Class S			-1.11%
		S&P Target Date Retirement Income Index			0.07%
		Voya Index Solution 2020 Portfolio, Class S			-0.08%
		S&P Target Date 2020 Index			0.06%
		Voya Index Solution 2025 Portfolio, Class S			-1.50%
		S&P Target Date 2025 Index			0.00%
		Voya Index Solution 2030 Portfolio, Class S			-0.27%
		S&P Target Date 2030 Index			-0.05%
		Voya Index Solution 2035 Portfolio, Class S			-1.63%
		S&P Target Date 2035 Index			-0.10%
		Voya Index Solution 2040 Portfolio, Class S			-1.65%
		S&P Target Date 2040 Index			-0.15%
		Voya Index Solution 2045 Portfolio, Class S			-1.86%
		S&P Target Date 2045 Index			-0.21%
		Voya Index Solution 2050 Portfolio, Class S			-1.60%
		S&P Target Date 2050 Index			-0.22%
		Voya Index Solution 2055 Portfolio, Class S			-1.93%
		S&P Target Date 2055+ Index			-0.29%
		Voya Index Solution 2060 Portfolio, Class S*			-2.10%
		S&P Target Date 2055+ Index			-1.74%

Voya Index Solution 2060 Portfolio cumulative total returns are for the date of inception on February 9, 2015, to December 31, 2015.

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Voya Index Solution Portfolios

Portfolio Managers’ Report

Target Asset Allocation as of December 31, 2015
Asset Class	2060		2055		2050		2045		2040		2035		2030		2025		2020		Income
U.S. Large Blend		48.5%		48.5%		48.0%		48.0%		47.0%		44.0%		38.0%		33.0%		30.0%		22.0%
U.S. Mid Cap Blend		12.5%		12.5%		12.5%		12.5%		10.5%		8.5%		7.5%		7.0%		4.0%		3.0%
U.S. Small Cap		4.0%		4.0%		4.0%		4.0%		4.0%		4.0%		3.0%		3.0%		2.0%		—
International Equity		22.0%		22.0%		20.5%		20.5%		19.5%		18.5%		18.5%		15.0%		12.0%		6.0%
Emerging Markets		6.0%		6.0%		6.0%		6.0%		5.0%		4.0%		4.0%		3.0%		2.0%		1.0%
U.S. Real Estate		1.5%		1.5%		1.5%		1.5%		1.5%		1.5%		1.5%		1.0%		1.0%		1.0%
Global Real Estate		1.5%		1.5%		1.5%		1.5%		1.5%		1.5%		1.5%		1.0%		1.0%		1.0%
Commodities		1.0%		1.0%		1.0%		1.0%		1.0%		1.0%		1.0%		1.0%		1.0%		1.0%
Core Fixed Income		2.0%		2.0%		2.0%		2.0%		6.0%		9.0%		17.0%		25.0%		36.0%		53.0%
High Yield		—		—		—		—		2.0%		6.0%		6.0%		9.0%		9.0%		9.0%
Senior Debt		—		—		2.0%		2.0%		2.0%		2.0%		2.0%		2.0%		2.0%		2.0%
Long Gov’t Bonds		1.0%		1.0%		1.0%		1.0%		—		—		—		—		—		1.0%
Total Equity		97%		97%		95%		95%		90%		83%		75%		64%		53%		35%
Total Fixed Income		3%		3%		5%		5%		10%		17%		25%		36%		47%		65%

Portfolio holdings are subject to change daily.

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Portfolio Managers’ Report

Voya Index Solution Income Portfolio

Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		Since Inception of Classes ADV, I, S and T March 10, 2008		Since Inception of Class S2 May 28, 2009		Since Inception of Class Z May 1, 2015
Class ADV		-1.37%		4.44%		4.10%		—		—
Class I		-0.91%		4.97%		4.64%		—		—
Class S		-1.11%		4.70%		4.36%		—		—
Class S2		-1.25%		4.55%		—		6.14%		—
Class T		-1.47%		4.25%		3.90%		—		—
Class Z		—		—		—		—		-3.06%
S&P Target Date Retirement Income Index		0.07%		4.72%		4.33%		6.70%		-2.12%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution Income Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 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) 262-3862 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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Voya Index Solution 2020 Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: t1600161_chart-index2020.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		Since Inception of Classes ADV, I, S, T and S2 October 3, 2011		Since Inception of Class Z May 1, 2015
Class ADV		0.00%		8.78%		—
Class I		0.04%		9.20%		—
Class S		-0.08%		8.90%		—
Class S2		-0.16%		8.83%		—
Class T		-0.54%		8.46%		—
Class Z		—		—		-2.97%
S&P Target Date 2020 Index		0.06%		9.85%		-3.44%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2020 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 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) 262-3862 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 Index Solution 2025 Portfolio

[MISSING IMAGE: t1600161_chart-index2025.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		Since Inception of Classes ADV, I, S and T March 10, 2008		Since Inception of Class S2 May 28, 2009		Since Inception of Class Z May 1, 2015
Class ADV		-1.80%		6.01%		4.42%		—		—
Class I		-1.25%		6.56%		4.94%		—		—
Class S		-1.50%		6.28%		4.69%		—		—
Class S2		-1.63%		6.12%		—		9.21%		—
Class T		-1.87%		5.85%		4.21%		—		—
Class Z		—		—		—		—		-4.81%
S&P Target Date 2025 Index		0.00%		6.96%		5.79%		10.41%		-3.84%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2025 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 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) 262-3862 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

Voya Index Solution 2030 Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: t1600161_chart-index2030.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		Since Inception of Classes ADV, I, S, T and S2 October 3, 2011			Since Inception of Class Z May 1, 2015
Class ADV		-0.48%		10.98%			—
Class I		-0.03%		11.51%			—
Class S		-0.27%		11.18%			—
Class S2		-0.58%		11.01%			—
Class T		-0.99%		10.67%			—
Class Z		—		—	��		-4.23%
S&P Target Date 2030 Index		-0.05%		11.70%			-4.18%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2030 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 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) 262-3862 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 Index Solution 2035 Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		Since Inception of Classes ADV, I, S and T March 10, 2008		Since Inception of Class S2 May 28, 2009		Since Inception of Class Z May 1, 2015
Class ADV		-1.91%		6.93%		4.82%		—		—
Class I		-1.47%		7.45%		5.33%		—		—
Class S		-1.63%		7.20%		5.09%		—		—
Class S2		-1.78%		7.04%		—		10.37%		—
Class T		-2.08%		6.72%		4.60%		—		—
Class Z		—		—		—		—		-5.49%
S&P Target Date 2035 Index		-0.10%		7.65%		6.00%		11.43%		-4.49%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2035 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 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) 262-3862 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

Voya Index Solution 2040 Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: t1600161_chart-index2040.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		Since Inception of Classes ADV, I, S, T and S2 October 3, 2011		Since Inception of Class Z May 1, 2015
Class ADV		-1.78%		12.45%		—
Class I		-1.50%		12.97%		—
Class S		-1.65%		12.68%		—
Class S2		-1.88%		12.51%		—
Class T		-2.19%		12.20%		—
Class Z		—		—		-5.75%
S&P Target Date 2040 Index		-0.15%		12.88%		-4.75%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2040 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 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) 262-3862 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 Index Solution 2045 Portfolio

[MISSING IMAGE: t1600161_chart-index2045.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		Since Inception of Classes ADV, I, S and T March 10, 2008		Since Inception of Class S2 May 28, 2009			Since Inception of Class Z May 1, 2015
Class ADV		-2.05%		7.21%		4.80%		—			—
Class I		-1.61%		7.75%		5.32%		—	��		—
Class S		-1.86%		7.48%		5.06%		—			—
Class S2		-1.99%		7.32%		—		11.02%			—
Class T		-2.38%		7.00%		4.58%		—			—
Class Z		—		—		—		—			-6.26%
S&P Target Date 2045 Index		-0.21%		8.03%		6.05%		11.93%			-4.97%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2045 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 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) 262-3862 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

Voya Index Solution 2050 Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: t1600161_chart-index2050.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		Since Inception of Classes ADV, I, S, T and S2 October 3, 2011		Since Inception of Class Z May 1, 2015
Class ADV		-1.97%		12.53%		—
Class I		-1.45%		13.11%		—
Class S		-1.60%		12.83%		—
Class S2		-1.83%		12.65%		—
Class T		-2.09%		12.34%		—
Class Z		—		—		-6.02%
S&P Target Date 2050 Index		-0.22%		13.60%		-5.12%
S&P Target Date 2045 Index		-0.21%		13.26%		-4.97%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2050 Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 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) 262-3862 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 Index Solution 2055 Portfolio

[MISSING IMAGE: t1600161_chart-index2055.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		Since Inception of Classes ADV, I, S, T and S2 March 8, 2010		Since Inception of Class Z May 1, 2015
Class ADV		-2.15%		7.26%		8.29%		—
Class I		-1.66%		7.78%		8.83%		—
Class S		-1.93%		7.54%		8.56%		—
Class S2		-2.04%		7.36%		8.39%		—
Class T		-2.31%		7.04%		8.07%		—
Class Z		—		—		—		-6.22%
S&P Target Date 2055+ Index		-0.29%		8.38%		9.45%		-5.27%
S&P Target Date 2045 Index		-0.21%		8.03%		9.14%		-4.97%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2055 Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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.

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) 262-3862 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

Voya Index Solution 2060 Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: t1600161_chart-index2060.jpg]

Cumulative Total Returns for the Period Ended December 31, 2015
	Since Inception of Classes ADV, I, S and T February 9, 2015		Since Inception of Class Z May 1, 2015
Class ADV		-2.30%		—
Class I		-1.80%		—
Class S		-2.10%		—
Class S2		-2.30%		—
Class Z		—		-6.12%
S&P Target Date 2055+ Index		-1.74%		-5.27%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Solution 2060 Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. 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 update illustrates performance for a variable investment option available through a variable

It is important to note that the Portfolio has a limited operating history. Performance over a longer period of time may be more meaningful than short-term performance.

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

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, 2015 to December 31, 2015. 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, 2015			Ending Account Value December 31, 2015			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2015**			Beginning Account Value July 1, 2015			Ending Account Value December 31, 2015			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2015**
Voya Index Solution Income Portfolio
Class ADV		$	1,000.00		$	982.60		0.62%		$	3.10		$	1,000.00		$	1,022.08		0.62%		$	3.16
Class I			1,000.00			984.40		0.12			0.60			1,000.00			1,024.60		0.12			0.61
Class S			1,000.00			983.30		0.37			1.85			1,000.00			1,023.34		0.37			1.89
Class S2			1,000.00			982.80		0.52			2.60			1,000.00			1,022.58		0.52			2.65
Class T			1,000.00			981.60		0.82			4.10			1,000.00			1,021.07		0.82			4.18
Class Z			1,000.00			986.50		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2020 Portfolio
Class ADV		$	1,000.00		$	989.10		0.63%		$	3.16		$	1,000.00		$	1,022.03		0.63%		$	3.21
Class I			1,000.00			986.30		0.13			0.65			1,000.00			1,024.55		0.13			0.66
Class S			1,000.00			987.60		0.38			1.90			1,000.00			1,023.29		0.38			1.94
Class S2			1,000.00			986.70		0.53			2.65			1,000.00			1,022.53		0.53			2.70
Class T			1,000.00			984.60		0.83			4.15			1,000.00			1,021.02		0.83			4.23
Class Z			1,000.00			988.00		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2025 Portfolio
Class ADV		$	1,000.00		$	966.90		0.63%		$	3.12		$	1,000.00		$	1,022.03		0.63%		$	3.21
Class I			1,000.00			970.10		0.13			0.65			1,000.00			1,024.55		0.13			0.66
Class S			1,000.00			968.30		0.38			1.89			1,000.00			1,023.29		0.38			1.94
Class S2			1,000.00			967.60		0.53			2.63			1,000.00			1,022.53		0.53			2.70
Class T			1,000.00			967.00		0.83			4.12			1,000.00			1,021.02		0.83			4.23
Class Z			1,000.00			971.10		0.00			0.00			1,000.00			1,025.21		0.00			0.00

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2015			Ending Account Value December 31, 2015			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2015**			Beginning Account Value July 1, 2015			Ending Account Value December 31, 2015			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2015**
Voya Index Solution 2030 Portfolio
Class ADV		$	1,000.00		$	977.50		0.63%		$	3.14		$	1,000.00		$	1,022.03		0.63%		$	3.21
Class I			1,000.00			979.00		0.13			0.65			1,000.00			1,024.55		0.13			0.66
Class S			1,000.00			978.20		0.38			1.89			1,000.00			1,023.29		0.38			1.94
Class S2			1,000.00			975.00		0.53			2.64			1,000.00			1,022.53		0.53			2.70
Class T			1,000.00			972.50		0.83			4.13			1,000.00			1,021.02		0.83			4.23
Class Z			1,000.00			978.30		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2035 Portfolio
Class ADV		$	1,000.00		$	961.40		0.64%		$	3.16		$	1,000.00		$	1,021.98		0.64%		$	3.26
Class I			1,000.00			963.10		0.14			0.69			1,000.00			1,024.50		0.14			0.71
Class S			1,000.00			962.90		0.39			1.93			1,000.00			1,023.24		0.39			1.99
Class S2			1,000.00			961.90		0.54			2.67			1,000.00			1,022.48		0.54			2.75
Class T			1,000.00			959.80		0.84			4.15			1,000.00			1,020.97		0.84			4.28
Class Z			1,000.00			965.70		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2040 Portfolio
Class ADV		$	1,000.00		$	962.30		0.63%		$	3.12		$	1,000.00		$	1,022.03		0.63%		$	3.21
Class I			1,000.00			962.60		0.13			0.64			1,000.00			1,024.55		0.13			0.66
Class S			1,000.00			962.40		0.38			1.88			1,000.00			1,023.29		0.38			1.94
Class S2			1,000.00			960.80		0.53			2.62			1,000.00			1,022.53		0.53			2.70
Class T			1,000.00			959.00		0.83			4.10			1,000.00			1,021.02		0.83			4.23
Class Z			1,000.00			963.30		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2045 Portfolio
Class ADV		$	1,000.00		$	957.40		0.64%		$	3.16		$	1,000.00		$	1,021.98		0.64%		$	3.26
Class I			1,000.00			959.20		0.14			0.69			1,000.00			1,024.50		0.14			0.71
Class S			1,000.00			958.00		0.39			1.92			1,000.00			1,023.24		0.39			1.99
Class S2			1,000.00			958.00		0.54			2.67			1,000.00			1,022.48		0.54			2.75
Class T			1,000.00			955.80		0.84			4.14			1,000.00			1,020.97		0.84			4.28
Class Z			1,000.00			960.10		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2050 Portfolio
Class ADV		$	1,000.00		$	959.30		0.64%		$	3.16		$	1,000.00		$	1,021.98		0.64%		$	3.26
Class I			1,000.00			962.50		0.14			0.69			1,000.00			1,024.50		0.14			0.71
Class S			1,000.00			961.70		0.39			1.93			1,000.00			1,023.24		0.39			1.99
Class S2			1,000.00			960.00		0.54			2.67			1,000.00			1,022.48		0.54			2.75
Class T			1,000.00			958.70		0.84			4.15			1,000.00			1,020.97		0.84			4.28
Class Z			1,000.00			962.50		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2055 Portfolio
Class ADV		$	1,000.00		$	957.00		0.65%		$	3.21		$	1,000.00		$	1,021.93		0.65%		$	3.31
Class I			1,000.00			959.70		0.15			0.74			1,000.00			1,024.45		0.15			0.77
Class S			1,000.00			958.10		0.40			1.97			1,000.00			1,023.19		0.40			2.04
Class S2			1,000.00			957.50		0.55			2.71			1,000.00			1,022.43		0.55			2.80
Class T			1,000.00			956.00		0.85			4.19			1,000.00			1,020.92		0.85			4.33
Class Z			1,000.00			960.40		0.00			0.00			1,000.00			1,025.21		0.00			0.00
Voya Index Solution 2060 Portfolio
Class ADV		$	1,000.00		$	959.70		0.65%		$	3.21		$	1,000.00		$	1,021.93		0.65%		$	3.31
Class I			1,000.00			962.70		0.15			0.74			1,000.00			1,024.45		0.15			0.77
Class S			1,000.00			959.80		0.40			1.98			1,000.00			1,023.19		0.40			2.04
Class S2			1,000.00			958.80		0.55			2.72			1,000.00			1,022.43		0.55			2.80
Class Z			1,000.00			961.80		0.00			0.00			1,000.00			1,025.21		0.00			0.00

The annualized expense ratios do not include expenses of underlying funds.

TABLE OF CONTENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Shareholders and Board of Directors
Voya Partners, Inc.

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Voya Index Solution Income Portfolio, Voya Index Solution 2020 Portfolio, Voya Index Solution 2025 Portfolio, Voya Index Solution 2030 Portfolio, Voya Index Solution 2035 Portfolio, Voya Index Solution 2040 Portfolio, Voya Index Solution 2045 Portfolio, Voya Index Solution 2050 Portfolio, Voya Index Solution 2055 Portfolio, and Voya Index Solution 2060 Portfolio, each a series of Voya Partners, Inc., as of December 31, 2015, and the related statements of operations for the year or period then ended, the statements of changes in net assets for each of the years or periods 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. These financial statements and financial highlights are the responsibility of management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the aforementioned funds of Voya Partners, Inc. as of December 31, 2015, the results of its operations for the year or period then ended, the changes in its net assets for each of the years or periods 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.

Boston, Massachusetts
February 24, 2016

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2015

	Voya Index Solution Income Portfolio			Voya Index Solution 2020 Portfolio			Voya Index Solution 2025 Portfolio				Voya Index Solution 2030 Portfolio
ASSETS:
Investments in affiliated underlying funds at fair value*		$	327,283,479		$	7,313,566		$	406,275,921			$	4,474,208
Investments in unaffiliated underlying funds at fair value**			54,160,544			1,174,299			74,267,753				664,268
Total investments at fair value		$	381,444,023		$	8,487,865		$	480,543,674			$	5,138,476
Cash			468,402			7,129			480,374				4,102
Receivables:
Investments in affiliated underlying funds sold			5,071,176			—			13,358,639				—
Fund shares sold			415,998			244,461			176,975				168,442
Dividends			158,422			4,100			262,618				2,081
Prepaid expenses			762			7			815				3
Reimbursement due from manager			46,751			5,096			58,705				4,437
Other assets			3,177			—			5,629				—
Total assets			387,608,711			8,748,658			494,887,429				5,317,541
LIABILITIES:										��
Payable for investments in affiliated underlying funds purchased			—			220,293			—				113,224
Payable for fund shares redeemed			5,487,174			24,169			13,535,613				55,217
Payable for investment management fees			76,036			1,454			97,502				832
Payable for distribution and shareholder service fees			106,865			2,163			148,437				1,107
Payable to trustees under the deferred compensation plan (Note 6)			3,177			—			5,629				—
Payable for trustee fees			1,288			8			2,618				5
Other accrued expenses and liabilities			46,753			2,250			74,971				2,487
Total liabilities			5,721,293			250,337			13,864,770				172,872
NET ASSETS		$	381,887,418		$	8,498,321		$	481,022,659			$	5,144,669
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	395,120,228		$	8,540,398		$	461,864,367			$	5,181,734
Undistributed net investment income			6,124,094			61,745			10,998,166				35,142
Accumulated net realized gain (loss)			(166,180)			17,647			31,660,068				14,369
Net unrealized depreciation			(19,190,724)			(121,469)			(23,499,942)				(86,576)
NET ASSETS		$	381,887,418		$	8,498,321		$	481,022,659			$	5,144,669
* Cost of investments in affiliated underlying funds		$	339,939,874		$	7,399,146		$	422,305,569			$	4,544,391
** Cost of investments in unaffiliated underlying funds		$	60,694,873		$	1,210,188		$	81,738,047			$	680,661

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2015 (continued)

	Voya Index Solution Income Portfolio			Voya Index Solution 2020 Portfolio			Voya Index Solution 2025 Portfolio			Voya Index Solution 2030 Portfolio
Class ADV
Net assets		$	134,514,810		$	4,702,561		$	228,081,162		$	2,598,076
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			14,086,498			413,676			22,372,753			209,669
Net asset value and redemption price per share		$	9.55		$	11.37		$	10.19		$	12.39
Class I
Net assets		$	30,873,426		$	311,376		$	49,274,946		$	779,493
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			3,158,517			26,959			4,729,998			61,885
Net asset value and redemption price per share		$	9.77		$	11.55		$	10.42		$	12.60
Class S
Net assets		$	199,998,936		$	1,083,804		$	166,419,764		$	520,745
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			20,651,749			93,795			16,139,849			41,433
Net asset value and redemption price per share		$	9.68		$	11.55		$	10.31		$	12.57
Class S2
Net assets		$	14,859,186		$	367,182		$	34,933,511		$	46,758
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			1,564,001			31,872			3,438,658			3,756
Net asset value and redemption price per share		$	9.50		$	11.52		$	10.16		$	12.45
Class T
Net assets		$	6,013		$	3,705		$	3,268		$	4,054
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			625			324			319			328
Net asset value and redemption price per share		$	9.63		$	11.43		$	10.24		$	12.35
Class Z
Net assets		$	1,635,047		$	2,029,693		$	2,310,008		$	1,195,543
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			166,978			175,438			221,491			94,983
Net asset value and redemption price per share		$	9.79		$	11.57		$	10.43		$	12.59

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2015

	Voya Index Solution 2035 Portfolio			Voya Index Solution 2040 Portfolio			Voya Index Solution 2045 Portfolio			Voya Index Solution 2050 Portfolio
ASSETS:
Investments in affiliated underlying funds at fair value*		$	341,595,003		$	2,590,179		$	229,557,712		$	1,611,422
Investments in unaffiliated underlying funds at fair value**			57,658,939			330,454			29,450,670			194,723
Total investments at fair value		$	399,253,942		$	2,920,633		$	259,008,382		$	1,806,145
Cash			432,495			1,745			336,354			1,968
Receivables:
Investments in affiliated underlying funds sold			14,373,169			140,022			6,705,257			42,825
Fund shares sold			273,590			10,661			68,498			13,673
Dividends			184,129			686			64,055			307
Prepaid expenses			834			1			532			1
Reimbursement due from manager			52,006			3,833			36,426			3,484
Other assets			4,479			—			2,708			—
Total assets			414,574,644			3,077,581			266,222,212			1,868,403
LIABILITIES:
Payable for investments in unaffiliated underlying funds purchased			—			34,529			—			—
Payable for fund shares redeemed			14,646,759			116,032			6,773,754			56,498
Payable for investment management fees			80,409			431			50,348			287
Payable for distribution and shareholder service fees			126,816			651			81,571			330
Payable to trustees under the deferred compensation plan (Note 6)			4,479			—			2,708			—
Payable for trustee fees			2,179			3			1,376			2
Other accrued expenses and liabilities			54,185			2,457			27,099			2,342
Total liabilities			14,914,827			154,103			6,936,856			59,459
NET ASSETS		$	399,659,817		$	2,923,478		$	259,285,356		$	1,808,944
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	378,377,940		$	2,947,872		$	246,144,949		$	1,806,056
Undistributed net investment income			8,559,830			21,302			4,993,787			13,201
Accumulated net realized gain			36,231,920			8,410			23,548,456			22,031
Net unrealized depreciation			(23,509,873)			(54,106)			(15,401,836)			(32,344)
NET ASSETS		$	399,659,817		$	2,923,478		$	259,285,356		$	1,808,944
* Cost of investments in affiliated underlying funds		$	360,165,555		$	2,638,559		$	243,486,651		$	1,641,904
** Cost of investments in unaffiliated underlying funds		$	62,598,260		$	336,180		$	30,923,567		$	196,585

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2015 (continued)

	Voya Index Solution 2035 Portfolio			Voya Index Solution 2040 Portfolio			Voya Index Solution 2045 Portfolio			Voya Index Solution 2050 Portfolio
Class ADV
Net assets		$	199,096,902		$	1,252,338		$	133,884,063		$	666,126
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			19,250,331			99,272			12,695,169			52,494
Net asset value and redemption price per share		$	10.34		$	12.62		$	10.55		$	12.69
Class I
Net assets		$	37,272,145		$	165,209		$	27,900,165		$	295,249
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			3,521,567			12,915			2,573,321			23,058
Net asset value and redemption price per share		$	10.58		$	12.79		$	10.84		$	12.80
Class S
Net assets		$	129,763,865		$	401,418		$	80,586,128		$	254,267
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			12,395,188			31,295			7,530,118			19,818
Net asset value and redemption price per share		$	10.47		$	12.83		$	10.70		$	12.83
Class S2
Net assets		$	31,067,168		$	13,955		$	16,367,643		$	13,591
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			3,007,397			1,099			1,550,238			1,070
Net asset value and redemption price per share		$	10.33		$	12.70		$	10.56		$	12.71
Class T
Net assets		$	3,320		$	4,134		$	3,377		$	4,123
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			320			327			319			326
Net asset value and redemption price per share		$	10.37		$	12.64		$	10.59		$	12.65
Class Z
Net assets		$	2,456,417		$	1,086,424		$	543,980		$	575,588
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			231,617			84,874			50,115			44,963
Net asset value and redemption price per share		$	10.61		$	12.80		$	10.85		$	12.80

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2015

	Voya Index Solution 2055 Portfolio			Voya Index Solution 2060 Portfolio
ASSETS:
Investments in affiliated underlying funds at fair value*		$	65,450,904		$	358,932
Investments in unaffiliated underlying funds at fair value**			6,555,330			38,012
Total investments at fair value		$	72,006,234		$	396,944
Cash			86,258			297
Receivables:
Investments in affiliated underlying funds sold			2,652,497			39,072
Fund shares sold			20,220			257
Dividends			17,441			53
Prepaid expenses			155			—
Prepaid offering expense			—			1,490
Reimbursement due from manager			8,829			—
Other assets			558			—
Total assets			74,792,192			438,113
LIABILITIES:
Payable for investments in unaffiliated underlying funds purchased			—			15,001
Payable for fund shares redeemed			2,672,717			24,244
Payable for investment management fees			13,721			43
Payable to investment adviser (Note 7)			—			569
Payable for distribution and shareholder service fees			22,575			57
Payable to trustees under the deferred compensation plan (Note 6)			558			—
Payable for trustee fees			351			1
Other accrued expenses and liabilities			12,352			590
Total liabilities			2,722,274			40,505
NET ASSETS		$	72,069,918		$	397,608
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	70,982,481		$	397,672
Undistributed net investment income			1,243,025			2,288
Accumulated net realized gain			5,328,819			4,847
Net unrealized depreciation			(5,484,407)			(7,199)
NET ASSETS		$	72,069,918		$	397,608
* Cost of investments in affiliated underlying funds		$	70,672,554		$	365,747
** Cost of investments in unaffiliated underlying funds		$	6,818,087		$	38,396

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2015 (continued)

	Voya Index Solution 2055 Portfolio			Voya Index Solution 2060 Portfolio
Class ADV
Net assets		$	37,161,804		$	86,657
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			2,832,431			8,866
Net asset value and redemption price per share		$	13.12		$	9.77
Class I
Net assets		$	8,112,755		$	32,102
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			606,356			3,270
Net asset value and redemption price per share		$	13.38		$	9.82
Class S
Net assets		$	20,529,722		$	131,030
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			1,549,105			13,384
Net asset value and redemption price per share		$	13.25		$	9.79
Class S2
Net assets		$	5,815,865		$	4,378
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			441,590			448
Net asset value and redemption price per share		$	13.17		$	9.77
Class T
Net assets		$	4,145			n/a
Shares authorized			100,000,000			n/a
Par value		$	0.001			n/a
Shares outstanding			316			n/a
Net asset value and redemption price per share		$	13.11			n/a
Class Z
Net assets		$	445,627		$	143,441
Shares authorized			100,000,000			100,000,000
Par value		$	0.001		$	0.001
Shares outstanding			33,263			14,600
Net asset value and redemption price per share		$	13.40		$	9.82

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2015

	Voya Index Solution Income Portfolio			Voya Index Solution 2020 Portfolio			Voya Index Solution 2025 Portfolio			Voya Index Solution 2030 Portfolio
INVESTMENT INCOME:
Interest		$	139		$	—		$	—		$	—
Dividends from affiliated underlying funds			5,138,310			55,499			8,989,735			32,368
Dividends from unaffiliated underlying funds			1,787,782			12,612			3,477,016			6,179
Total investment income			6,926,231			68,111			12,466,751			38,547
EXPENSES:
Investment management fees(1)			541,570			3,332			1,044,660			1,851
Distribution and shareholder service fees:
Class ADV			378,079			4,198			1,211,284			2,172
Class S			395,456			397			482,701			312
Class S2			41,018			332			184,128			48
Class T			32			29			27			33
Transfer agent fees			536			466			740			497
Administrative service fees(1)			56,267			6			174,168			7
Shareholder reporting expense			6,888			1,154			11,630			1,074
Professional fees			38,069			7,852			85,685			7,850
Custody and accounting expense			16,873			4,377			45,930			4,462
Trustee fees			7,723			48			15,706			27
Miscellaneous expense			16,156			7,986			25,271			8,005
Total expenses			1,498,667			30,177			3,281,930			26,338
Net waived and reimbursed fees			(383,058)			(23,772)			(750,525)			(22,970)
Net expenses			1,115,609			6,405			2,531,405			3,368
Net investment income			5,810,622			61,706			9,935,346			35,179
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			2,616,742			23,249			20,321,193			14,925
Sale of unaffiliated underlying funds			(1,836,275)			(6,494)			(3,529,700)			(2,214)
Capital gain distributions from affiliated underlying funds			3,364,336			992			18,618,174			1,813
Foreign currency related transactions			(194)			—			(379)			—
Futures			(264,473)			—			683,313			—
Net realized gain			3,880,136			17,747			36,092,601			14,524
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			(12,937,281)			(87,025)			(49,026,314)			(72,501)
Unaffiliated underlying funds			(3,516,810)			(35,780)			(5,591,864)			(16,300)
Foreign currency related transactions			(412)			—			(1,194)			—
Futures			91,413			—			265,099			—
Net change in unrealized appreciation (depreciation)			(16,363,090)			(122,805)			(54,354,273)			(88,801)
Net realized and unrealized loss			(12,482,954)			(105,058)			(18,261,672)			(74,277)
Decrease in net assets resulting from operations		$	(6,672,332)		$	(43,352)		$	(8,326,326)		$	(39,098)

(1)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2015

	Voya Index Solution 2035 Portfolio			Voya Index Solution 2040 Portfolio			Voya Index Solution 2045 Portfolio			Voya Index Solution 2050 Portfolio
INVESTMENT INCOME:
Interest		$	—		$	—		$	176		$	—
Dividends from affiliated underlying funds			7,630,646			21,085			5,148,941			13,204
Dividends from unaffiliated underlying funds			2,268,707			1,975			593,746			1,092
Total investment income			9,899,353			23,060			5,742,863			14,296
EXPENSES:
Investment management fees(1)			849,917			936			509,676			673
Distribution and shareholder service fees:
Class ADV			1,068,637			1,163			700,878			623
Class S			377,106			189			234,650			121
Class S2			169,675			28			87,059			31
Class T			27			33			29			33
Transfer agent fees			559			487			612			466
Administrative service fees(1)			145,420			8			90,876			7
Shareholder reporting expense			11,226			1,084			6,700			1,081
Professional fees			72,895			7,625			49,262			7,545
Custody and accounting expense			39,666			4,665			24,617			4,571
Trustee fees			13,072			15			8,258			10
Miscellaneous expense			25,217			7,905			17,187			7,914
Total expenses			2,773,417			24,138			1,729,804			23,075
Net waived and reimbursed fees			(572,418)			(22,316)			(339,401)			(21,919)
Net expenses			2,200,999			1,822			1,390,403			1,156
Net investment income			7,698,354			21,238			4,352,460			13,140
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			19,873,124			6,969			11,166,567			19,935
Sale of unaffiliated underlying funds			(2,381,316)			(475)			(519,500)			299
Capital gain distributions from affiliated underlying funds			20,355,742			2,001			14,421,719			1,868
Foreign currency related transactions			(318)			—			(201)			—
Futures			312,705			—			(133,816)			—
Net realized gain			38,159,937			8,495			24,934,769			22,102
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			(49,852,119)			(51,585)			(33,456,744)			(33,745)
Unaffiliated underlying funds			(3,930,765)			(5,645)			(1,677,800)			(1,817)
Foreign currency related transactions			(1,002)			—			—			—
Futures			222,439			—			137,120			—
Net change in unrealized appreciation (depreciation)			(53,561,447)			(57,230)			(34,997,424)			(35,562)
Net realized and unrealized loss			(15,401,510)			(48,735)			(10,062,655)			(13,460)
Decrease in net assets resulting from operations		$	(7,703,156)		$	(27,497)		$	(5,710,195)		$	(320)

(1)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2015

	Voya Index Solution 2055 Portfolio			Voya Index Solution 2060 Portfolio
				February 9, 2015(2) to December 31, 2015
INVESTMENT INCOME:
Interest		$	42		$	—
Dividends from affiliated underlying funds			1,356,242			2,382
Dividends from unaffiliated underlying funds			90,073			170
Total investment income			1,446,357			2,552
EXPENSES:
Investment management fees(1)			128,253			155
Distribution and shareholder service fees:
Class ADV			179,305			141
Class S			57,940			40
Class S2			27,080			53
Class T			34			—
Transfer agent fees			454			354
Administrative service fees(1)			21,530			4
Shareholder reporting expense			4,047			837
Professional fees			19,050			7,432
Custody and accounting expense			12,971			989
Trustee fees			2,111			3
Offering expense			—			11,784
Miscellaneous expense			9,376			5,157
Total expenses			462,151			26,949
Net waived and reimbursed fees			(97,229)			(26,637)
Net expenses			364,922			312
Net investment income			1,081,435			2,240
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			2,027,466			3,286
Sale of unaffiliated underlying funds			(120,797)			(9)
Capital gain distributions from affiliated underlying funds			3,795,609			1,618
Foreign currency related transactions			(38)			—
Futures			(48,025)			—
Net realized gain			5,654,215			4,895
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			(8,127,114)			(6,816)
Unaffiliated underlying funds			(342,592)			(383)
Foreign currency related transactions			(137)			—
Futures			30,471			—
Net change in unrealized appreciation (depreciation)			(8,439,372)			(7,199)
Net realized and unrealized loss			(2,785,157)			(2,304)
Decrease in net assets resulting from operations		$	(1,703,722)		$	(64)

(1)

(2)

Commencement of operations.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Index Solution Income Portfolio						Voya Index Solution 2020 Portfolio
	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014
FROM OPERATIONS:
Net investment income		$	5,810,622		$	3,026,253		$	61,706		$	280
Net realized gain			3,880,136			10,412,571			17,747			1,236
Net change in unrealized appreciation (depreciation)			(16,363,090)			(3,149,455)			(122,805)			(524)
Increase (decrease) in net assets resulting from operations			(6,672,332)			10,289,369			(43,352)			992
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(634,249)			(772,494)			(166)			(70)
Class I			(130,597)			(114,554)			(22)			(86)
Class S			(2,345,797)			(2,893,994)			(17)			(78)
Class S2			(58,282)			(105,484)			(1)			(74)
Class T			(53)			(60)			—			(63)
Class Z			(79)			—			(111)			—
Net realized gains:
Class ADV			(2,276,217)			(1,929,367)			(326)			(204)
Class I			(360,664)			(234,690)			(99)			(205)
Class S			(7,391,138)			(6,640,745)			(98)			(205)
Class S2			(216,486)			(256,790)			(98)			(205)
Class T			(215)			(170)			(98)			(205)
Class Z			(219)			—			(493)			—
Total distributions			(13,413,996)			(12,948,348)			(1,529)			(1,395)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			26,814,739			18,242,750			8,854,316			—
Proceeds from shares issued in merger (Note 10)			251,868,347			—			—			—
Reinvestment of distributions			13,413,728			12,948,348			948			1,395
			292,096,814			31,191,098			8,855,264			1,395
Cost of shares redeemed			(61,919,717)			(40,526,463)			(331,327)			—
Net increase (decrease) in net assets resulting from capital share transactions			230,177,097			(9,335,365)			8,523,937			1,395
Net increase (decrease) in net assets			210,090,769			(11,994,344)			8,479,056			992
NET ASSETS:
Beginning of year or period			171,796,649			183,790,993			19,265			18,273
End of year or period		$	381,887,418		$	171,796,649		$	8,498,321		$	19,265
Undistributed net investment income at end of year or period		$	6,124,094		$	3,167,134		$	61,745		$	316

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Index Solution 2025 Portfolio							Voya Index Solution 2030 Portfolio
	Year Ended December 31, 2015				Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014
FROM OPERATIONS:
Net investment income		$	9,935,346			$	7,361,975		$	35,179		$	259
Net realized gain			36,092,601				43,795,712			14,524			1,715
Net change in unrealized appreciation (depreciation)			(54,354,273)				(23,332,312)			(88,801)			(952)
Increase (decrease) in net assets resulting from operations			(8,326,326)				27,825,375			(39,098)			1,022
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(3,410,776)				(4,030,265)			(392)			(66)
Class I			(1,024,278)	��			(849,202)			—			(89)
Class S			(3,258,109)				(3,199,937)			—			(77)
Class S2			(497,192)				(813,600)			—			(70)
Class T			(46)				(49)			—			(63)
Class Z			(97)				—			—			—
Net realized gains:
Class ADV			(20,270,652)				(11,835,104)			(1,153)			(275)
Class I			(4,465,190)				(1,963,736)			(63)			(275)
Class S			(16,160,818)				(8,308,066)			(63)			(275)
Class S2			(2,976,718)				(2,273,330)			(63)			(275)
Class T			(310)				(169)			(63)			(275)
Class Z			(425)				—			(287)			—
Total distributions			(52,064,611)				(33,273,458)			(2,084)			(1,740)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			82,168,309				99,795,707			5,919,215			—
Reinvestment of distributions			52,064,255				33,273,458			1,749			1,740
			134,232,564				133,069,165			5,920,964			1,740
Cost of shares redeemed			(112,129,124)				(110,199,751)			(756,043)			—
Net increase in net assets resulting from capital share transactions			22,103,440				22,869,414			5,164,921			1,740
Net increase (decrease) in net assets			(38,287,497)				17,421,331			5,123,739			1,022
NET ASSETS:
Beginning of year or period			519,310,156				501,888,825			20,930			19,908
End of year or period		$	481,022,659			$	519,310,156		$	5,144,669		$	20,930
Undistributed net investment income at end of year or period		$	10,998,166			$	8,183,908		$	35,142		$	302

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Index Solution 2035 Portfolio						Voya Index Solution 2040 Portfolio
	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014
FROM OPERATIONS:
Net investment income		$	7,698,354		$	5,301,346		$	21,238		$	235
Net realized gain			38,159,937			45,024,404			8,495			2,174
Net change in unrealized appreciation (depreciation)			(53,561,447)			(26,274,767)			(57,230)			(1,164)
Increase (decrease) in net assets resulting from operations			(7,703,156)			24,050,983			(27,497)			1,245
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(2,703,379)			(2,989,256)			(75)			(59)
Class I			(708,488)			(523,257)			(34)			(80)
Class S			(2,295,635)			(2,197,001)			(17)			(70)
Class S2			(396,748)			(689,228)			(17)			(62)
Class T			(42)			(44)			(3)			(54)
Class Z			(1,039)			—			(145)			—
Net realized gains:
Class ADV			(21,434,185)			(10,988,649)			(374)			(290)
Class I			(4,034,485)			(1,477,868)			(211)			(291)
Class S			(15,058,363)			(7,016,371)			(211)			(291)
Class S2			(3,244,251)			(2,367,719)			(210)			(290)
Class T			(384)			(192)			(210)			(290)
Class Z			(5,917)			—			(896)			—
Total distributions			(49,882,916)			(28,249,585)			(2,403)			(1,777)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			71,304,946			92,260,369			3,198,357			858
Reinvestment of distributions			49,882,490			28,249,585			1,242			1,777
			121,187,436			120,509,954			3,199,599			2,635
Cost of shares redeemed			(97,566,851)			(88,259,903)			(269,435)			(3)
Net increase in net assets resulting from capital share transactions			23,620,585			32,250,051			2,930,164			2,632
Net increase (decrease) in net assets			(33,965,487)			28,051,449			2,900,264			2,100
NET ASSETS:
Beginning of year or period			433,625,304			405,573,855			23,214			21,114
End of year or period		$	399,659,817		$	433,625,304		$	2,923,478		$	23,214
Undistributed net investment income at end of year or period		$	8,559,830		$	6,102,320		$	21,302		$	291

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Index Solution 2045 Portfolio						Voya Index Solution 2050 Portfolio
	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014
FROM OPERATIONS:
Net investment income		$	4,352,460		$	2,485,193		$	13,140		$	203
Net realized gain			24,934,769			29,766,306			22,102			2,196
Net change in unrealized appreciation (depreciation)			(34,997,424)			(17,212,877)			(35,562)			(1,180)
Increase (decrease) in net assets resulting from operations			(5,710,195)			15,038,622			(320)			1,219
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(1,357,061)			(1,590,364)			(14)			(56)
Class I			(377,565)			(256,041)			(37)			(77)
Class S			(1,127,665)			(1,143,217)			(24)			(67)
Class S2			(156,530)			(257,702)			(21)			(59)
Class T			(31)			(33)			(6)			(51)
Class Z			(43)			—			(158)			—
Net realized gains:
Class ADV			(14,880,990)			(7,081,744)			(232)			(282)
Class I			(2,763,241)			(854,800)			(233)			(282)
Class S			(9,852,747)			(4,391,211)			(232)			(283)
Class S2			(1,757,731)			(1,092,301)			(232)			(282)
Class T			(417)			(193)			(231)			(282)
Class Z			(314)			—			(982)			—
Total distributions			(32,274,335)			(16,667,606)			(2,402)			(1,721)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			58,386,012			61,543,097			2,217,945			—
Reinvestment of distributions			32,273,888			16,667,606			1,145			1,721
			90,659,900			78,210,703			2,219,090			1,721
Cost of shares redeemed			(62,654,289)			(50,959,586)			(429,831)			—
Net increase in net assets resulting from capital share transactions			28,005,611			27,251,117			1,789,259			1,721
Net increase (decrease) in net assets			(9,978,919)			25,622,133			1,786,537			1,219
NET ASSETS:
Beginning of year or period			269,264,275			243,642,142			22,407			21,188
End of year or period		$	259,285,356		$	269,264,275		$	1,808,944		$	22,407
Undistributed net investment income at end of year or period		$	4,993,787		$	3,016,491		$	13,201		$	260

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Index Solution 2055 Portfolio						Voya Index Solution 2060 Portfolio
	Year Ended December 31, 2015			Year Ended December 31, 2014			February 9, 2015(1) to December 31, 2015
FROM OPERATIONS:
Net investment income		$	1,081,435		$	540,524		$	2,240
Net realized gain			5,654,215			5,931,849			4,895
Net change in unrealized appreciation (depreciation)			(8,439,372)			(3,291,793)			(7,199)
Increase (decrease) in net assets resulting from operations			(1,703,722)			3,180,580			(64)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(292,320)			(278,053)			—
Class I			(72,668)			(41,530)			—
Class S			(245,405)			(201,219)			—
Class S2			(39,840)			(55,145)			—
Class T			(27)			(31)			—
Class Z			(2,379)			—			—
Net realized gains:
Class ADV			(2,921,488)			(1,203,256)			—
Class I			(488,658)			(134,385)			—
Class S			(1,953,282)			(741,487)			—
Class S2			(416,612)			(237,458)			—
Class T			(378)			(184)			—
Class Z			(15,988)			—			—
Total distributions			(6,449,045)			(2,892,748)			—
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			32,927,242			23,259,708			607,321
Reinvestment of distributions			6,448,642			2,892,748			—
			39,375,884			26,152,456			607,321
Cost of shares redeemed			(21,064,074)			(11,668,378)			(209,649)
Net increase in net assets resulting from capital share transactions			18,311,810			14,484,078			397,672
Net increase in net assets			10,159,043			14,771,910			397,608
NET ASSETS:
Beginning of year or period			61,910,875			47,138,965			—
End of year or period		$	72,069,918		$	61,910,875		$	397,608
Undistributed net investment income at end of year or period		$	1,243,025		$	652,377		$	2,288

(1)

Commencement of operations.

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 Solution Income Portfolio
Class ADV
12-31-15		10.53		0.21•		(0.33)		(0.12)		0.19		0.67		—		0.86		—		9.55		(1.37)		0.77		0.62		0.62		2.17		134,515		34
12-31-14		10.73		0.17		0.43		0.60		0.23		0.57		—		0.80		—		10.53		5.68		0.78		0.62		0.62		1.50		37,651		23
12-31-13		10.64		0.19•		0.58		0.77		0.30		0.38		—		0.68		—		10.73		7.50		0.76		0.61		0.61		1.74		37,886		39
12-31-12		10.42		0.19•		0.67		0.86		0.26		0.38		—		0.64		—		10.64		8.36		0.71		0.62		0.62		1.79		31,359		45
12-31-11		10.76		0.14		0.09		0.23		0.25		0.32		—		0.57		—		10.42		2.35		0.62		0.62		0.62		1.46		25,479		78
Class I
12-31-15		10.76		0.28•		(0.36)		(0.08)		0.24		0.67		—		0.91		—		9.77		(0.91)		0.27		0.12		0.12		2.84		30,873		34
12-31-14		10.94		0.22•		0.45		0.67		0.28		0.57		—		0.85		—		10.76		6.23		0.28		0.12		0.12		2.00		5,042		23
12-31-13		10.82		0.22•		0.63		0.85		0.35		0.38		—		0.73		—		10.94		8.10		0.26		0.11		0.11		2.01		5,682		39
12-31-12		10.59		0.27•		0.64		0.91		0.30		0.38		—		0.68		—		10.82		8.75		0.21		0.12		0.12		2.53		10,690		45
12-31-11		10.90		0.21•		0.09		0.30		0.29		0.32		—		0.61		—		10.59		2.99		0.12		0.12		0.12		2.01		6,699		78
Class S
12-31-15		10.66		0.23•		(0.33)		(0.10)		0.21		0.67		—		0.88		—		9.68		(1.11)		0.52		0.37		0.37		2.24		199,999		34
12-31-14		10.85		0.19•		0.44		0.63		0.25		0.57		—		0.82		—		10.66		5.90		0.53		0.37		0.37		1.73		124,505		23
12-31-13		10.74		0.21•		0.60		0.81		0.32		0.38		—		0.70		—		10.85		7.78		0.51		0.36		0.36		1.92		134,689		39
12-31-12		10.51		0.21•		0.68		0.89		0.28		0.38		—		0.66		—		10.74		8.52		0.46		0.37		0.37		1.97		141,443		45
12-31-11		10.82		0.19		0.08		0.27		0.26		0.32		—		0.58		—		10.51		2.73		0.37		0.37		0.37		1.64		142,821		78
Class S2
12-31-15		10.46		0.22•		(0.33)		(0.11)		0.18		0.67		—		0.85		—		9.50		(1.25)		0.77		0.52		0.52		2.28		14,859		34
12-31-14		10.66		0.17•		0.43		0.60		0.23		0.57		—		0.80		—		10.46		5.78		0.78		0.52		0.52		1.56		4,595		23
12-31-13		10.58		0.20•		0.58		0.78		0.32		0.38		—		0.70		—		10.66		7.64		0.76		0.51		0.51		1.87		5,531		39
12-31-12		10.39		0.22•		0.64		0.86		0.29		0.38		—		0.67		—		10.58		8.38		0.71		0.52		0.52		2.06		4,328		45
12-31-11		10.75		0.15•		0.09		0.24		0.28		0.32		—		0.60		—		10.39		2.52		0.62		0.52		0.52		1.46		1,763		78
Class T
12-31-15		10.60		0.18•		(0.31)		(0.13)		0.17		0.67		—		0.84		—		9.63		(1.47)		1.02		0.82		0.82		1.82		6		34
12-31-14		10.79		0.13		0.45		0.58		0.20		0.57		—		0.77		—		10.60		5.47		1.03		0.82		0.82		1.31		3		23
12-31-13		10.69		0.16		0.59		0.75		0.27		0.38		—		0.65		—		10.79		7.28		1.01		0.81		0.81		1.51		3		39
12-31-12		10.46		0.16		0.68		0.84		0.23		0.38		—		0.61		—		10.69		8.09		0.96		0.82		0.82		1.53		3		45
12-31-11		10.78		0.13		0.08		0.21		0.21		0.32		—		0.53		—		10.46		2.20		0.87		0.82		0.82		1.19		3		78
Class Z
05-01-15(5) - 12-31-15		11.02		0.58•		(0.90)		(0.32)		0.24		0.67		—		0.91		—		9.79		(3.06)		0.28		0.00		0.00		9.14		1,635		34
Voya Index Solution 2020 Portfolio
Class ADV
12-31-15		11.82		0.46•		(0.46)		0.00*		0.15		0.30		—		0.45		—		11.37		0.00		2.22		0.63		0.63		4.05		4,703		108
12-31-14		12.11		0.15		0.47		0.62		0.23		0.68		—		0.91		—		11.82		5.27		71.22		0.63		0.63		1.31		4		23
12-31-13		11.41		0.19		1.30		1.49		0.26		0.54		—		0.80		0.01		12.11		13.55(a)		95.97		0.62		0.62		1.61		4		36
12-31-12		10.76		0.17		1.02		1.19		0.02		0.52		—		0.54		—		11.41		11.12		58.46		0.62		0.62		1.54		3		61
10-03-11(5) - 12-31-11		10.00		0.01		0.75		0.76		—		—		—		—		—		10.76		7.60		0.62		0.62		0.62		0.42		3		41

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)		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 Solution 2020 Portfolio (continued)
Class I
12-31-15		11.91		0.34•		(0.33)		0.01		0.07			0.30		—		0.37		—		11.55		0.04		1.72		0.13		0.13		2.98		311		108
12-31-14		12.18		0.21		0.49		0.70		0.29			0.68		—		0.97		—		11.91		5.86		70.72		0.13		0.13		1.82		4		23
12-31-13		11.47		0.25		1.30		1.55		0.31			0.54		—		0.85		0.01		12.18		14.02(a)		95.47		0.12		0.12		2.11		4		36
12-31-12		10.77		0.23		1.02		1.25		0.03			0.52		—		0.55		—		11.47		11.69		57.96		0.12		0.12		2.04		3		61
10-03-11(5) - 12-31-11		10.00		0.02		0.75		0.77		—			—		—		—		—		10.77		7.70		0.12		0.12		0.12		0.90		3		41
Class S
12-31-15		11.91		0.58•		(0.59)		(0.01)		0.05			0.30		—		0.35		—		11.55		(0.08)		1.97		0.38		0.38		5.10		1,084		108
12-31-14		12.19		0.18		0.48		0.66		0.26			0.68		—		0.94		—		11.91		5.54		70.97		0.38		0.38		1.57		4		23
12-31-13		11.43		0.22		1.29		1.51		0.22			0.54		—		0.76		0.01		12.19		13.63(a)		95.72		0.37		0.37		1.86		4		36
12-31-12		10.76		0.20		1.01		1.21		0.02			0.52		—		0.54		—		11.43		11.36		58.21		0.37		0.37		1.79		3		61
10-03-11(5) - 12-31-11		10.00		0.02		0.74		0.76		—			—		—		—		—		10.76		7.60		0.37		0.37		0.37		0.66		3		41
Class S2
12-31-15		11.84		0.46•		(0.48)		(0.02)		0.00*			0.30		—		0.30		—		11.52		(0.16)		2.22		0.53		0.53		3.99		367		108
12-31-14		12.13		0.16		0.48		0.64		0.25			0.68		—		0.93		—		11.84		5.36		71.22		0.53		0.53		1.41		4		23
12-31-13		11.43		0.20		1.31		1.51		0.28			0.54		—		0.82		0.01		12.13		13.64(a)		95.97		0.52		0.52		1.71		4		36
12-31-12		10.76		0.21		1.00		1.21		0.02			0.52		—		0.54		—		11.43		11.33		58.46		0.52		0.52		1.90		3		61
10-03-11(5) - 12-31-11		10.00		0.01		0.75		0.76		—			—		—		—		—		10.76		7.60		0.62		0.52		0.52		0.54		3		41
Class T
12-31-15		11.79		0.22		(0.28)		(0.06)		—			0.30		—		0.30		—		11.43		(0.54)		2.47		0.83		0.83		1.87		4		108
12-31-14		12.08		0.13		0.47		0.60		0.21			0.68		—		0.89		—		11.79		5.07		71.47		0.83		0.83		1.11		4		23
12-31-13		11.38		0.17		1.29		1.46		0.23			0.54		—		0.77		0.01		12.08		13.30(a)		96.22		0.82		0.82		1.40		4		36
12-31-12		10.75		0.15		1.01		1.16		0.01			0.52		—		0.53		—		11.38		10.88		58.71		0.82		0.82		1.34		3		61
10-03-11(5) - 12-31-11		10.00		0.00*		0.75		0.75		—			—		—		—		—		10.75		7.50		0.87		0.82		0.82		0.18		3		41
Class Z
05-01-15(5) - 12-31-15		12.30		0.38•		(0.74)		(0.36)		0.07			0.30		—		0.37		—		11.57		(2.97)		1.70		0.00		0.00		4.91		2,030		108
Voya Index Solution 2025 Portfolio
Class ADV
12-31-15		11.49		0.19		(0.36)		(0.17)		0.16			0.97		—		1.13		—		10.19		(1.80)		0.77		0.63		0.63		1.75		228,081		40
12-31-14		11.63		0.15		0.46		0.61		0.19			0.56		—		0.75		—		11.49		5.41		0.77		0.62		0.62		1.29		242,980		33
12-31-13		10.38		0.18•		1.54		1.72		0.16	��		0.31		—		0.47		—		11.63		16.77		0.75		0.61		0.61		1.66		245,758		40
12-31-12		9.56		0.16•		1.04		1.20		0.12			0.26		—		0.38		—		10.38		12.74		0.71		0.62		0.62		1.63		181,218		39
12-31-11		10.40		0.12•		(0.34)		(0.22)		0.15			0.47		—		0.62		—		9.56		(1.75)		0.62		0.62		0.62		1.19		114,181		95
Class I
12-31-15		11.72		0.26•		(0.37)		(0.11)		0.22			0.97		—		1.19		—		10.42		(1.25)		0.27		0.13		0.13		2.29		49,275		40
12-31-14		11.84		0.22•		0.46		0.68		0.24			0.56		—		0.80		—		11.72		5.95		0.27		0.12		0.12		1.89		46,808		33
12-31-13		10.54		0.24•		1.56		1.80		0.19			0.31		—		0.50		—		11.84		17.38		0.25		0.11		0.11		2.13		33,098		40
12-31-12		9.69		0.24•		1.02		1.26		0.15			0.26		—		0.41		—		10.54		13.26		0.21		0.12		0.12		2.32		29,471		39
12-31-11		10.52		0.16•		(0.34)		(0.18)		0.18			0.47		—		0.65		—		9.69		(1.24)		0.12		0.12		0.12		1.55		15,692		95

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)		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 Solution 2025 Portfolio (continued)
Class S
12-31-15		11.61		0.23		(0.36)		(0.13)		0.20		0.97		—		1.17		—		10.31		(1.50)		0.52		0.38		0.38		1.99		166,420		40
12-31-14		11.74		0.18		0.47		0.65		0.22		0.56		—		0.78		—		11.61		5.67		0.52		0.37		0.37		1.55		186,666		33
12-31-13		10.47		0.21•		1.54		1.75		0.17		0.31		—		0.48		—		11.74		17.00		0.50		0.36		0.36		1.88		174,380		40
12-31-12		9.62		0.19•		1.05		1.24		0.13		0.26		—		0.39		—		10.47		13.12		0.46		0.37		0.37		1.84		138,176		39
12-31-11		10.46		0.14•		(0.34)		(0.20)		0.17		0.47		—		0.64		—		9.62		(1.55)		0.37		0.37		0.37		1.42		98,843		95
Class S2
12-31-15		11.44		0.20•		(0.35)		(0.15)		0.16		0.97		—		1.13		—		10.16		(1.63)		0.77		0.53		0.53		1.83		34,934		40
12-31-14		11.58		0.16•		0.46		0.62		0.20		0.56		—		0.76		—		11.44		5.52		0.77		0.52		0.52		1.36		42,853		33
12-31-13		10.34		0.20•		1.52		1.72		0.17		0.31		—		0.48		—		11.58		16.87		0.75		0.51		0.51		1.80		48,649		40
12-31-12		9.53		0.18•		1.03		1.21		0.14		0.26		—		0.40		—		10.34		12.88		0.71		0.52		0.52		1.77		32,743		39
12-31-11		10.40		0.09•		(0.31)		(0.22)		0.18		0.47		—		0.65		—		9.53		(1.70)		0.62		0.52		0.52		0.93		13,158		95
Class T
12-31-15		11.53		0.17		(0.35)		(0.18)		0.14		0.97		—		1.11		—		10.24		(1.87)		1.02		0.83		0.83		1.55		3		40
12-31-14		11.66		0.12		0.47		0.59		0.16		0.56		—		0.72		—		11.53		5.23		1.02		0.82		0.82		1.10		4		33
12-31-13		10.39		0.16		1.54		1.70		0.12		0.31		—		0.43		—		11.66		16.58		1.00		0.81		0.81		1.42		3		40
12-31-12		9.55		0.14		1.04		1.18		0.08		0.26		—		0.34		—		10.39		12.54		0.96		0.82		0.82		1.34		3		39
12-31-11		10.37		0.10		(0.34)		(0.24)		0.11		0.47		—		0.58		—		9.55		(1.93)		0.87		0.82		0.82		0.97		3		95
Class Z
05-01-15(5) - 12-31-15		12.17		0.41•		(0.96)		(0.55)		0.22		0.97		—		1.19		—		10.43		(4.81)		0.28		0.00		0.00		5.95		2,310		40
Voya Index Solution 2030 Portfolio
Class ADV
12-31-15		12.70		0.48•		(0.53)		(0.05)		0.07		0.19		—		0.26		—		12.39		(0.48)		3.36		0.63		0.63		3.93		2,598		136
12-31-14		13.19		0.14		0.50		0.64		0.22		0.91		—		1.13		—		12.70		5.00		65.69		0.63		0.63		1.10		4		32
12-31-13		11.85		0.19•		1.95		2.14		0.27		0.55		—		0.82		0.02		13.19		18.71(b)		87.48		0.61		0.61		1.48		4		41
12-31-12		11.00		0.20		1.33		1.53		0.01		0.67		—		0.68		—		11.85		13.99		43.07		0.62		0.62		1.74		4		51
10-03-11(5) - 12-31-11		10.00		(0.00)*		1.00		1.00		—		—		—		—		—		11.00		10.00		0.62		0.62		0.62		(0.00)*		3		50
Class I
12-31-15		12.79		0.99•		(0.99)		0.00*		—		0.19		—		0.19		—		12.60		(0.03)		2.86		0.13		0.13		8.08		779		136
12-31-14		13.28		0.20		0.51		0.71		0.29		0.91		—		1.20		—		12.79		5.52		65.19		0.13		0.13		1.61		4		32
12-31-13		11.91		0.25•		1.97		2.22		0.32		0.55		—		0.87		0.02		13.28		19.32(b)		86.98		0.11		0.11		1.97		4		41
12-31-12		11.01		0.26•		1.33		1.59		0.02		0.67		—		0.69		—		11.91		14.55		42.57		0.12		0.12		2.23		4		51
10-03-11(5) - 12-31-11		10.00		0.01		1.00		1.01		—		—		—		—		—		11.01		10.10		0.12		0.12		0.12		0.46		3		50
Class S
12-31-15		12.79		0.43•		(0.46)		(0.03)		—		0.19		—		0.19		—		12.57		(0.27)		3.11		0.38		0.38		3.45		521		136
12-31-14		13.27		0.17		0.52		0.69		0.26		0.91		—		1.17		—		12.79		5.32		65.44		0.38		0.38		1.35		4		32
12-31-13		11.87		0.22		1.94		2.16		0.23		0.55		—		0.78		0.02		13.27		18.78(b)		87.23		0.36		0.36		1.73		4		41
12-31-12		11.00		0.23		1.32		1.55		0.01		0.67		—		0.68		—		11.87		14.22		42.82		0.37		0.37		2.00		4		51
10-03-11(5) - 12-31-11		10.00		0.00*		1.00		1.00		—		—		—		—		—		11.00		10.00		0.37		0.37		0.37		0.17		3		50

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)		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 Solution 2030 Portfolio (continued)
Class S2
12-31-15		12.71		0.48•		(0.55)		(0.07)		—		0.19		—		0.19		—		12.45		(0.58)		3.36		0.53		0.53		3.87		47		136
12-31-14		13.21		0.15		0.49		0.64		0.23		0.91		—		1.14		—		12.71		5.00		65.69		0.53		0.53		1.20		4		32
12-31-13		11.87		0.20		1.95		2.15		0.28		0.55		—		0.83		0.02		13.21		18.79(b)		87.48		0.51		0.51		1.58		4		41
12-31-12		11.00		0.23		1.32		1.55		0.01		0.67		—		0.68		—		11.87		14.20		43.07		0.52		0.52		1.97		4		51
10-03-11(5) - 12-31-11		10.00		0.00*		1.00		1.00		—		—		—		—		—		11.00		10.00		0.62		0.52		0.52		0.11		3		50
Class T
12-31-15		12.66		0.24		(0.36)		(0.12)		—		0.19		—		0.19		—		12.35		(0.99)		3.61		0.83		0.83		1.88		4		136
12-31-14		13.17		0.11		0.50		0.61		0.21		0.91		—		1.12		—		12.66		4.75		65.94		0.83		0.83		0.91		4		32
12-31-13		11.82		0.16		1.96		2.12		0.24		0.55		—		0.79		0.02		13.17		18.56(b)		87.73		0.81		0.81		1.27		4		41
12-31-12		10.99		0.18		1.32		1.50		0.00*		0.67		—		0.67		—		11.82		13.75		43.32		0.82		0.82		1.52		4		51
10-03-11(5) - 12-31-11		10.00		(0.01)		1.00		0.99		—		—		—		—		—		10.99		9.90		0.87		0.82		0.82		(0.29)		3		50
Class Z
05-01-15(5) - 12-31-15		13.34		0.36•		(0.92)		(0.56)		—		0.19		—		0.19		—		12.59		(4.23)		2.82		0.00		0.00		4.30		1,196		136
Voya Index Solution 2035 Portfolio
Class ADV
12-31-15		11.86		0.18		(0.35)		(0.17)		0.15		1.20		—		1.35		—		10.34		(1.91)		0.77		0.64		0.64		1.62		199,097		38
12-31-14		12.01		0.13		0.53		0.66		0.17		0.64		—		0.81		—		11.86		5.65		0.76		0.63		0.63		1.12		213,542		44
12-31-13		10.25		0.17•		2.01		2.18		0.12		0.30		—		0.42		—		12.01		21.67		0.75		0.62		0.62		1.51		208,246		45
12-31-12		9.30		0.15•		1.21		1.36		0.09		0.32		—		0.41		—		10.25		14.87		0.71		0.62		0.62		1.47		150,358		34
12-31-11		10.27		0.11•		(0.51)		(0.40)		0.12		0.45		—		0.57		—		9.30		(3.46)		0.62		0.62		0.62		1.06		94,263		100
Class I
12-31-15		12.11		0.25•		(0.37)		(0.12)		0.21		1.20		—		1.41		—		10.58		(1.47)		0.27		0.14		0.14		2.18		37,272		38
12-31-14		12.24		0.21•		0.53		0.74		0.23		0.64		—		0.87		—		12.11		6.16		0.26		0.13		0.13		1.73		34,038		44
12-31-13		10.42		0.23•		2.05		2.28		0.16		0.30		—		0.46		—		12.24		22.29		0.25		0.12		0.12		1.99		20,257		45
12-31-12		9.43		0.21•		1.23		1.44		0.13		0.32		—		0.45		—		10.42		15.49		0.21		0.12		0.12		2.05		18,530		34
12-31-11		10.40		0.14•		(0.51)		(0.37)		0.15		0.45		—		0.60		—		9.43		(3.06)		0.12		0.12		0.12		1.43		11,109		100
Class S
12-31-15		11.99		0.22		(0.36)		(0.14)		0.18		1.20		—		1.38		—		10.47		(1.63)		0.52		0.39		0.39		1.87		129,764		38
12-31-14		12.13		0.16		0.54		0.70		0.20		0.64		—		0.84		—		11.99		5.90		0.51		0.38		0.38		1.38		145,942		44
12-31-13		10.34		0.20•		2.03		2.23		0.14		0.30		—		0.44		—		12.13		21.97		0.50		0.37		0.37		1.76		133,001		45
12-31-12		9.37		0.17•		1.23		1.40		0.11		0.32		—		0.43		—		10.34		15.15		0.46		0.37		0.37		1.69		93,319		34
12-31-11		10.34		0.13•		(0.51)		(0.38)		0.14		0.45		—		0.59		—		9.37		(3.26)		0.37		0.37		0.37		1.30		64,863		100
Class S2
12-31-15		11.83		0.19•		(0.34)		(0.15)		0.15		1.20		—		1.35		—		10.33		(1.78)		0.77		0.54		0.54		1.71		31,067		38
12-31-14		11.98		0.14•		0.54		0.68		0.19		0.64		—		0.83		—		11.83		5.77		0.76		0.53		0.53		1.17		40,100		44
12-31-13		10.23		0.18•		2.01		2.19		0.14		0.30		—		0.44		—		11.98		21.74		0.75		0.52		0.52		1.66		44,066		45
12-31-12		9.29		0.16•		1.22		1.38		0.12		0.32		—		0.44		—		10.23		15.04		0.71		0.52		0.52		1.63		28,712		34
12-31-11		10.29		0.07•		(0.47)		(0.40)		0.15		0.45		—		0.60		—		9.29		(3.44)		0.62		0.52		0.52		0.71		8,819		100

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)		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 Solution 2035 Portfolio (continued)
Class T
12-31-15		11.89		0.16		(0.35)		(0.19)		0.13		1.20		—		1.33		—		10.37		(2.08)		1.02		0.84		0.84		1.44		3		38
12-31-14		12.02		0.10		0.56		0.66		0.15		0.64		—		0.79		—		11.89		5.57		1.01		0.83		0.83		0.92		4		44
12-31-13		10.25		0.14		2.02		2.16		0.09		0.30		—		0.39		—		12.02		21.38		1.00		0.82		0.82		1.27		4		45
12-31-12		9.29		0.12		1.21		1.33		0.05		0.32		—		0.37		—		10.25		14.56		0.96		0.82		0.82		1.19		3		34
12-31-11		10.24		0.09		(0.51)		(0.42)		0.08		0.45		—		0.53		—		9.29		(3.69)		0.87		0.82		0.82		0.88		3		100
Class Z
05-01-15(5) - 12-31-15		12.66		0.43•		(1.07)		(0.64)		0.21		1.20		—		1.41		—		10.61		(5.49)		0.28		0.00		0.00		6.12		2,456		38
Voya Index Solution 2040 Portfolio
Class ADV
12-31-15		13.60		0.52•		(0.73)		(0.21)		0.13		0.64		—		0.77		—		12.62		(1.78)		5.76		0.63		0.63		4.17		1,252		106
12-31-14		13.98		0.14•		0.64		0.78		0.20		0.96		—		1.16		—		13.60		5.73		61.99		0.63		0.63		0.98		5		32
12-31-13		12.06		0.17		2.54		2.71		0.18		0.63		—		0.81		0.02		13.98		23.19(c)		83.06		0.61		0.61		1.29		4		41
12-31-12		11.18		0.14		1.53		1.67		—		0.79		—		0.79		—		12.06		15.03		54.52		0.62		0.62		1.14		4		44
10-03-11(5) - 12-31-11		10.00		(0.01)		1.19		1.18		—		—		—		—		—		11.18		11.80		0.62		0.62		0.62		(0.32)		3		56
Class I
12-31-15		13.71		1.29•		(1.47)		(0.18)		0.10		0.64		—		0.74		—		12.79		(1.50)		5.26		0.13		0.13		10.20		165		106
12-31-14		14.09		0.19		0.66		0.85		0.27		0.96		—		1.23		—		13.71		6.21		61.49		0.13		0.13		1.42		5		32
12-31-13		12.13		0.24•		2.57		2.81		0.24		0.63		—		0.87		0.02		14.09		23.90(c)		82.56		0.11		0.11		1.79		4		41
12-31-12		11.19		0.20		1.54		1.74		0.01		0.79		—		0.80		—		12.13		15.63		54.02		0.12		0.12		1.64		4		44
10-03-11(5) - 12-31-11		10.00		0.00*		1.19		1.19		—		—		—		—		—		11.19		11.90		0.12		0.12		0.12		0.11		3		56
Class S
12-31-15		13.72		0.51•		(0.71)		(0.20)		0.05		0.64		—		0.69		—		12.83		(1.65)		5.51		0.38		0.38		3.95		401		106
12-31-14		14.09		0.16		0.66		0.82		0.23		0.96		—		1.19		—		13.72		6.03		61.74		0.38		0.38		1.16		4		32
12-31-13		12.08		0.20•		2.56		2.76		0.14		0.63		—		0.77		0.02		14.09		23.53(c)		82.81		0.36		0.36		1.54		4		41
12-31-12		11.18		0.17		1.52		1.69		0.00*		0.79		—		0.79		—		12.08		15.23		54.27		0.37		0.37		1.39		4		44
10-03-11(5) - 12-31-11		10.00		(0.00)*		1.18		1.18		—		—		—		—		—		11.18		11.80		0.37		0.37		0.37		(0.18)		3		56
Class S2
12-31-15		13.62		0.38•		(0.61)		(0.23)		0.05		0.64		—		0.69		—		12.70		(1.88)		5.76		0.53		0.53		2.84		14		106
12-31-14		14.00		0.13		0.66		0.79		0.21		0.96		—		1.17		—		13.62		5.80		61.99		0.53		0.53		1.01		4		32
12-31-13		12.07		0.18		2.55		2.73		0.19		0.63		—		0.82		0.02		14.00		23.36(c)		83.06		0.51		0.51		1.38		4		41
12-31-12		11.18		0.15		1.53		1.68		0.00*		0.79		—		0.79		—		12.07		15.13		54.52		0.52		0.52		1.24		4		44
10-03-11(5) - 12-31-11		10.00		(0.01)		1.19		1.18		—		—		—		—		—		11.18		11.80		0.62		0.52		0.52		(0.21)		3		56
Class T
12-31-15		13.56		0.24		(0.51)		(0.27)		0.01		0.64		—		0.65		—		12.64		(2.19)		6.01		0.83		0.83		1.81		4		106
12-31-14		13.95		0.09		0.66		0.75		0.18		0.96		—		1.14		—		13.56		5.54		62.24		0.83		0.83		0.72		4		32
12-31-13		12.03		0.14		2.55		2.69		0.16		0.63		—		0.79		0.02		13.95		23.02(c)		83.31		0.81		0.81		1.09		4		41
12-31-12		11.17		0.11		1.54		1.65		—		0.79		—		0.79		—		12.03		14.85		54.77		0.82		0.82		0.94		4		44
10-03-11(5) - 12-31-11		10.00		(0.02)		1.19		1.17		—		—		—		—		—		11.17		11.70		0.87		0.82		0.82		(0.57)		3		56

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)		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 Solution 2040 Portfolio (continued)
Class Z
05-01-15(5) - 12-31-15		14.34		0.57•		(1.37)			(0.80)		0.10		0.64		—		0.74		—		12.80		(5.75)		5.12		0.00			0.00		6.74		1,086		106
Voya Index Solution 2045 Portfolio
Class ADV
12-31-15		12.16		0.16		(0.34)			(0.18)		0.12		1.31		—		1.43		—		10.55		(2.05)		0.76		0.64			0.64		1.44		133,884		36
12-31-14		12.25		0.10•		0.59	��		0.69		0.14		0.64		—		0.78		—		12.16		5.80		0.75		0.63			0.63		0.83		138,235		44
12-31-13		10.26		0.14•		2.26			2.40		0.10		0.31		—		0.41		—		12.25		23.74		0.75		0.61			0.61		1.27		128,133		48
12-31-12		9.18		0.12•		1.30			1.42		0.08		0.26		—		0.34		—		10.26		15.64		0.71		0.62			0.62		1.22		86,051		28
12-31-11		10.12		0.10•		(0.58)			(0.48)		0.09		0.37		—		0.46		—		9.18		(4.48)		0.62		0.62			0.62		1.01		52,209		102
Class I																													��
12-31-15		12.46		0.25•		(0.38)			(0.13)		0.18		1.31		—		1.49		—		10.84		(1.61)		0.26		0.14			0.14		2.09		27,900		36
12-31-14		12.52		0.18•		0.59			0.77		0.19		0.64		—		0.83		—		12.46		6.32		0.25		0.13			0.13		1.42		19,837		44
12-31-13		10.46		0.20•		2.31			2.51		0.14		0.31		—		0.45		—		12.52		24.34		0.25		0.11			0.11		1.74		11,306		48
12-31-12		9.34		0.17•		1.33			1.50		0.12		0.26		—		0.38		—		10.46		16.19		0.21		0.12			0.12		1.73		14,728		28
12-31-11		10.26		0.15•		(0.59)			(0.44)		0.11		0.37		—		0.48		—		9.34		(3.92)		0.12		0.12			0.12		1.50		9,152		102
Class S
12-31-15		12.32		0.20		(0.36)			(0.16)		0.15		1.31		—		1.46		—		10.70		(1.86)		0.51		0.39			0.39		1.66		80,586		36	��
12-31-14		12.40		0.13		0.60			0.73		0.17		0.64		—		0.81		—		12.32		6.01		0.50		0.38			0.38		1.07		90,710		44
12-31-13		10.37		0.18•		2.28			2.46		0.12		0.31		—		0.43		—		12.40		24.07		0.50		0.36			0.36		1.53		83,716		48
12-31-12		9.27		0.14•		1.32			1.46		0.10		0.26		—		0.36		—		10.37		15.88		0.46		0.37			0.37		1.42		54,383		28
12-31-11		10.19		0.13•		(0.58)			(0.45)		0.10		0.37		—		0.47		—		9.27		(4.09)		0.37		0.37			0.37		1.27		38,266		102
Class S2
12-31-15		12.16		0.18•		(0.35)			(0.17)		0.12		1.31		—		1.43		—		10.56		(1.99)		0.76		0.54			0.54		1.54	��	16,368		36
12-31-14		12.24		0.11		0.60			0.71		0.15		0.64		—		0.79		—		12.16		5.95		0.75		0.53			0.53		0.90		20,479		44
12-31-13		10.25		0.16•		2.25			2.41		0.11		0.31		—		0.42		—		12.24		23.86		0.75		0.51			0.51		1.41		20,484		48
12-31-12		9.19		0.13•		1.29			1.42		0.10		0.26		—		0.36		—		10.25		15.65		0.71		0.52			0.52		1.33		13,683		28
12-31-11		10.14		0.08•		(0.55)			(0.47)		0.11		0.37		—		0.48		—		9.19		(4.32)		0.62		0.52			0.52		0.87		5,408		102
Class T
12-31-15		12.22		0.15		(0.37)			(0.22)		0.10		1.31		—		1.41		—		10.59		(2.38)		1.01		0.84			0.84		1.25		3		36
12-31-14		12.28		0.07		0.62			0.69		0.11		0.64		—		0.75		—		12.22		5.76		1.00		0.83			0.83		0.62		4		44
12-31-13		10.27		0.12		2.27			2.39		0.07		0.31		—		0.38		—		12.28		23.52		1.00		0.81			0.81		1.02		4		48
12-31-12		9.18		0.09		1.30			1.39		0.04		0.26		—		0.30		—		10.27		15.31		0.96		0.82			0.82		0.93		3		28
12-31-11		10.09		0.08		(0.57)			(0.49)		0.05		0.37		—		0.42		—		9.18		(4.61)		0.87		0.82			0.82		0.86		3		102
Class Z
05-01-15(5) - 12-31-15		13.09		0.59•		(1.34)			(0.75)		0.18		1.31		—		1.49		—		10.85		(6.26)		0.32		0.00			0.00		8.27		544		36

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)		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 Solution 2050 Portfolio
Class ADV
12-31-15		13.68		0.44•		(0.68)		(0.24)		0.04		0.71		—		0.75		—		12.69		(1.97)		7.70		0.64		0.64		3.52		666		195
12-31-14		14.03		0.10		0.68		0.78		0.19		0.94		—		1.13		—		13.68		5.64		62.26		0.64		0.64		0.77		4		32
12-31-13		11.95		0.16		2.59		2.75		0.17		0.52		—		0.69		0.02		14.03		23.69(d)		83.28		0.62		0.62		1.20		4		39
12-31-12		11.18		0.14		1.55		1.69		—		0.92		—		0.92		—		11.95		15.24		42.58		0.62		0.62		1.14		4		43
10-03-11(5) - 12-31-11		10.00		(0.01)		1.19		1.18		—		—		—		—		—		11.18		11.80		0.62		0.62		0.62		(0.36)		3		55
Class I
12-31-15		13.79		0.44•		(0.61)		(0.17)		0.11		0.71		—		0.82		—		12.80		(1.45)		7.20		0.14		0.14		3.47		295		195
12-31-14		14.14		0.18		0.67		0.85		0.26		0.94		—		1.20		—		13.79		6.12		61.76		0.14		0.14		1.29		5		32
12-31-13		12.02		0.22•		2.63		2.85		0.23		0.52		—		0.75		0.02		14.14		24.41(d)		82.78		0.12		0.12		1.70		4		39
12-31-12		11.19		0.20		1.56		1.76		0.01		0.92		—		0.93		—		12.02		15.83		42.08		0.12		0.12		1.65		4		43
10-03-11(5) - 12-31-11		10.00		0.00*		1.19		1.19		—		—		—		—		—		11.19		11.90		0.12		0.12		0.12		0.10		3		55
Class S
12-31-15		13.80		0.55•		(0.74)		(0.19)		0.07		0.71		—		0.78		—		12.83		(1.60)		7.45		0.39		0.39		4.31		254		195
12-31-14		14.14		0.14		0.68		0.82		0.22		0.94		—		1.16		—		13.80		5.93		62.01		0.39		0.39		1.04		5		32
12-31-13		11.97		0.19•		2.61		2.80		0.13		0.52		—		0.65		0.02		14.14		24.03(d)		83.03		0.37		0.37		1.44		4		39
12-31-12		11.19		0.16		1.54		1.70		0.00*		0.92		—		0.92		—		11.97		15.33		42.33		0.37		0.37		1.35		4		43
10-03-11(5) - 12-31-11		10.00		(0.01)		1.20		1.19		—		—		—		—		—		11.19		11.90		0.37		0.37		0.37		(0.21)		3		55
Class S2
12-31-15		13.70		0.32•		(0.54)		(0.22)		0.06		0.71		—		0.77		—		12.71		(1.83)		7.70		0.54		0.54		2.43		14		195
12-31-14		14.05		0.12		0.67		0.79		0.20		0.94		—		1.14		—		13.70		5.71		62.26		0.54		0.54		0.88		4		32
12-31-13		11.97		0.17		2.59		2.76		0.18		0.52		—		0.70		0.02		14.05		23.76(d)		83.28		0.52		0.52		1.30		4		39
12-31-12		11.19		0.15		1.55		1.70		0.00*		0.92		—		0.92		—		11.97		15.33		42.58		0.52		0.52		1.28		4		43
10-03-11(5) - 12-31-11		10.00		(0.01)		1.20		1.19		—		—		—		—		—		11.19		11.90		0.62		0.52		0.52		(0.24)		3		55
Class T
12-31-15		13.63		0.25		(0.50)		(0.25)		0.02		0.71		—		0.73		—		12.65		(2.09)		7.95		0.84		0.84		1.82		4		195
12-31-14		14.00		0.08		0.66		0.74		0.17		0.94		—		1.11		—		13.63		5.38		62.51		0.84		0.84		0.59		4		32
12-31-13		11.92		0.13		2.60		2.73		0.15		0.52		—		0.67		0.02		14.00		23.53(d)		83.53		0.82		0.82		0.99		4		39
12-31-12		11.18		0.11		1.55		1.66		—		0.92		—		0.92		—		11.92		14.96		42.83		0.82		0.82		0.96		4		43
10-03-11(5) - 12-31-11		10.00		(0.02)		1.20		1.18		—		—		—		—		—		11.18		11.80		0.87		0.82		0.82		(0.62)		3		55
Class Z
05-01-15(5) - 12-31-15		14.46		0.61•		(1.45)		(0.84)		0.11		0.71		—		0.82		—		12.80		(6.02)		7.05		0.00		0.00		7.16		576		195
Voya Index Solution 2055 Portfolio
Class ADV
12-31-15		14.69		0.20•		(0.45)		(0.25)		0.12		1.20		—		1.32		—		13.12		(2.15)		0.78		0.65		0.65		1.42		37,162		39
12-31-14		14.57		0.13•		0.74		0.87		0.14		0.61		—		0.75		—		14.69		6.08		0.78		0.63		0.63		0.88		31,811		44
12-31-13		12.06		0.17•		2.67		2.84		0.10		0.23		—		0.33		—		14.57		23.83		0.80		0.61		0.61		1.31		24,873		50
12-31-12		10.57		0.15•		1.48		1.63		0.03		0.11		—		0.14		—		12.06		15.52		0.74		0.62		0.62		1.29		13,319		28
12-31-11		11.19		0.09•		(0.59)		(0.50)		0.00*		0.12		—		0.12		—		10.57		(4.40)		0.62		0.62		0.62		0.81		5,676		135

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)		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 Solution 2055 Portfolio (continued)
Class I
12-31-15		14.94		0.32•		(0.50)		(0.18)		0.18		1.20		—		1.38		—		13.38		(1.66)		0.28		0.15		0.15		2.23		8,113		39
12-31-14		14.78		0.22•		0.74		0.96		0.19		0.61		—		0.80		—		14.94		6.61		0.28		0.13		0.13		1.44		3,974		44
12-31-13		12.21		0.26•		2.67		2.93		0.13		0.23		—		0.36		—		14.78		24.32		0.30		0.11		0.11		1.89		1,782		50
12-31-12		10.66		0.21•		1.50		1.71		0.05		0.11		—		0.16		—		12.21		16.18		0.24		0.12		0.12		1.80		1,750		28
12-31-11		11.24		0.10•		(0.55)		(0.45)		0.01		0.12		—		0.13		—		10.66		(3.93)		0.12		0.12		0.12		0.91		618		135
Class S
12-31-15		14.82		0.21		(0.43)		(0.22)		0.15		1.20		—		1.35		—		13.25		(1.93)		0.53		0.40		0.40		1.55		20,530		39
12-31-14		14.68		0.16•		0.76		0.92		0.17		0.61		—		0.78		—		14.82		6.35		0.53		0.38		0.38		1.09		20,758		44
12-31-13		12.13		0.21•		2.68		2.89		0.11		0.23		—		0.34		—		14.68		24.15		0.55		0.36		0.36		1.57		15,267		50
12-31-12		10.61		0.17•		1.50		1.67		0.04		0.11		—		0.15		—		12.13		15.89		0.49		0.37		0.37		1.48		8,886		28
12-31-11		11.21		0.12•		(0.59)		(0.47)		0.01		0.12		—		0.13		—		10.61		(4.17)		0.37		0.37		0.37		1.13		3,385		135
Class S2
12-31-15		14.72		0.21•		(0.45)		(0.24)		0.11		1.20		—		1.31		—		13.17		(2.04)		0.78		0.55		0.55		1.50		5,816		39
12-31-14		14.59		0.13•		0.75		0.88		0.14		0.61		—		0.75		—		14.72		6.15		0.78		0.53		0.53		0.89		5,363		44
12-31-13		12.07		0.18•		2.67		2.85		0.10		0.23		—		0.33		—		14.59		23.92		0.80		0.51		0.51		1.36		5,212		50
12-31-12		10.58		0.17•		1.48		1.65		0.05		0.11		—		0.16		—		12.07		15.69		0.74		0.52		0.52		1.44		3,663		28
12-31-11		11.20		0.05•		(0.54)		(0.49)		0.01		0.12		—		0.13		—		10.58		(4.32)		0.62		0.52		0.52		0.43		733		135
Class T
12-31-15		14.67		0.17		(0.44)		(0.27)		0.09		1.20		—		1.29		—		13.11		(2.31)		1.03		0.85		0.85		1.17		4		39
12-31-14		14.55		0.09		0.74		0.83		0.10		0.61		—		0.71		—		14.67		5.82		1.03		0.83		0.83		0.62		5		44
12-31-13		12.02		0.14		2.67		2.81		0.05		0.23		—		0.28		—		14.55		23.61		1.05		0.81		0.81		1.02		4		50
12-31-12		10.53		0.11		1.49		1.60		—		0.11		—		0.11		—		12.02		15.28		0.99		0.82		0.82		0.98		4		28
12-31-11		11.17		0.10		(0.62)		(0.52)		—		0.12		—		0.12		—		10.53		(4.59)		0.87		0.82		0.82		0.86		3		135
Class Z
05-01-15(5) - 12-31-15		15.69		0.28•		(1.19)		(0.91)		0.18		1.20		—		1.38		—		13.40		(6.22)		0.30		0.00		0.00		3.14		446		39
Voya Index Solution 2060 Portfolio
Class ADV
02-09-15(5) - 12-31-15		10.00		0.20•		(0.43)		(0.23)		—		—		—		—		—		9.77		(2.30)		36.51		0.65		0.65		2.29		87		208
Class I
02-09-15(5) - 12-31-15		10.00		0.51•		(0.69)		(0.18)		—		—		—		—		—		9.82		(1.80)		36.01		0.15		0.15		5.86		32		208
Class S
02-09-15(5) - 12-31-15		10.00		0.58•		(0.79)		(0.21)		—		—		—		—		—		9.79		(2.10)		36.26		0.40		0.40		6.61		131		208
Class S2
02-09-15(5) - 12-31-15		10.00		0.06•		(0.29)		(0.23)		—		—		—		—		—		9.77		(2.30)		36.51		0.55		0.55		0.73		4		208
Class Z
05-01-15(5) - 12-31-15		10.46		0.03•		(0.67)		(0.64)		—		—		—		—		—		9.82		(6.12)		35.54		0.00		0.00		0.52		143		208

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

(5)

Commencement of operations.

(a)

During the year ended December 31, 2013, Voya Investments, LLC voluntarily reimbursed Voya Index Solution 2020 Portfolio $22 for the foregone investment opportunities attributable to uninvested cash. Excluding this payment by affiliate, total return would have been 13.41%, 13.88%, 13.50%, 13.50% and 13.16% on Classes ADV, I, S, S2 and T, respectively.

(b)

During the year ended December 31, 2013, Voya Investments, LLC voluntarily reimbursed Voya Index Solution 2030 Portfolio $24 for the foregone investment opportunities attributable to uninvested cash. Excluding this payment by affiliate, total return would have been 18.53%, 19.14%, 18.60%, 18.62% and 18.38% on Classes ADV, I, S, S2 and T, respectively.

(c)

During the year ended December 31, 2013, Voya Investments, LLC voluntarily reimbursed Voya Index Solution 2040 Portfolio $30 for the foregone investment opportunities attributable to uninvested cash. Excluding this payment by affiliate, total return would have been 23.01%, 23.72%, 23.35%, 23.18% and 22.85% on Classes ADV, I, S, S2 and T, respectively.

(d)

During the year ended December 31, 2013, Voya Investments, LLC voluntarily reimbursed Voya Index Solution 2050 Portfolio $31 for the foregone investment opportunities attributable to uninvested cash. Excluding this payment by affiliate, total return would have been 23.51%, 24.22%, 23.85%, 23.58% and 23.35% on Classes ADV, I, S, S2 and T, respectively.

•

Calculated using average number of shares outstanding throughout the 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, 2015

NOTE 1 — ORGANIZATION

Voya Partners, Inc. (the “Company”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). It was incorporated under the laws of Maryland on May 7, 1997. The Articles of Incorporation permit the Company to offer separate series, each of which has its own investment objective, policies and restrictions. The series of the Company serve as investment options in underlying variable annuity contracts and variable life insurance policies offered by Directed Services LLC. The Company currently consists of forty-one active separate investment series. The ten series (each, a “Portfolio” and collectively, the “Portfolios”) included in this report are: Voya Index Solution Income Portfolio (“Index Solution Income”), Voya Index Solution 2020 Portfolio (“Index Solution 2020”), Voya Index Solution 2025 Portfolio (“Index Solution 2025”), Voya Index Solution 2030 Portfolio (“Index Solution 2030”), Voya Index Solution 2035 Portfolio (“Index Solution 2035”), Voya Index Solution 2040 Portfolio (“Index Solution 2040”), Voya Index Solution 2045 Portfolio (“Index Solution 2045”), Voya Index Solution 2050 Portfolio (“Index Solution 2050”), Voya Index Solution 2055 Portfolio (“Index Solution 2055”) and Voya Index Solution 2060 Portfolio (“Index Solution 2060”), each a diversified series of the Company.

Index Solution 2020, Index Solution 2025, Index Solution 2030, Index Solution 2035, Index Solution 2040, Index Solution 2045, Index Solution 2050, Index Solution 2055 and Index Solution 2060 are structured and managed around a specific target retirement or financial goal date (“Target Date”). When these Portfolios reach their respective Target Date, they may be combined with the Index Solution Income, without a vote of shareholders, if approved by the Board of Directors (the “Board”).

The classes of shares included in this report are: Adviser (“Class ADV”), Initial (“Class I”), Service (“Class S”), Service 2 (“Class S2”), Class T and Class Z; however each Portfolio may not offer all share classes. Shares of the Portfolios may be offered to separate accounts (“Separate Accounts”) of insurance companies as investment options in connection with variable annuity contracts and variable life insurance policies (“Variable Contracts”) and to certain of the Portfolios’ investment advisers and their affiliates. In the future, shares may also be offered to qualified pension and retirement plans (“Qualified Plans”) outside the Separate Account context. Each class has equal rights as to 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 bear 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.

Directed Services LLC (“DSL” or the “Investment Adviser”), a Delaware limited liability company and an affiliate of Voya Investments, LLC, serves as the Investment Adviser to the Portfolios. DSL 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. 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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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.

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) Over-the-counter swap agreements are valued using a price provided by an independent pricing service; (g) Forward foreign currency 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 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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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.

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 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. The Portfolios classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing each Portfolio’s investments under these levels of classification is included following the Portfolio of Investments.

For the year ended December 31, 2015, there have been no significant changes to the fair valuation methodologies.

B. Security Transactions and Revenue Recognition. Security transactions are accounted for on the trade date. Dividend income received from the Underlying Funds is recognized on the ex-dividend date and is recorded as income distributions in the Statements of Operations. Capital gain distributions received from the Underlying Funds are recognized on the ex-dividend date and are recorded on the Statements of Operations as such. Realized gains and losses are reported on the basis of identified cost of securities sold.

C. 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. 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 U.S. GAAP for investment companies.

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

E. Use of Estimates. The preparation of financial statements in conformity with U.S. 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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

permit it to increase or decrease the level of risk, or change the level or types of exposure to market 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 factors.

Market Risk Factors. In pursuit of its investment objectives, a Portfolio may seek to use derivatives to increase or decrease its exposure to the following market risk factors:

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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

	Purchased			Sold
Index Solution Income		$	2,167,594		$	7,874,725
Index Solution 2025			4,261,636			—
Index Solution 2035			3,667,090			4,073,133

	Purchased		Sold
Index Solution 2045		3,142,391		7,738,952
Index Solution 2055		1,134,315		2,036,567

H. Offering Costs. Costs incurred with the offering of shares of a Portfolio are deferred and amortized over a twelve month period on a straight-line basis starting at the commencement of operations.

NOTE 3 — INVESTMENTS IN UNDERLYING FUNDS

For the year ended December 31, 2015, the cost of purchases and the proceeds from sales of the Underlying Funds were as follows:

	Purchases			Sales
Index Solution Income		$	85,823,162		$	111,514,309
Index Solution 2020			10,393,083			1,818,619
Index Solution 2025			206,169,728			214,626,508
Index Solution 2030			6,455,821			1,263,196
Index Solution 2035			164,639,924			174,016,064
Index Solution 2040			3,518,795			571,922
Index Solution 2045			104,333,009			99,220,642
Index Solution 2050			2,484,016			686,137
Index Solution 2055			41,158,681			27,101,188
Index Solution 2060			615,434			216,186

NOTE 4 — INVESTMENT MANAGEMENT FEES

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

responsible for the supervision of other service providers. For its services, the Administrator was entitled to receive from each Portfolio a fee at an annual rate of 0.10% of each Portfolio’s average daily net assets. Amounts paid to the Administrator through April 30, 2015 are reflected as administrative service fees on the accompanying Statements of Operations.

NOTE 5 — DISTRIBUTION AND SERVICE FEES

agreed to waive a portion of its fee equal to 0.10% of each Portfolio’s average daily net assets attributable to the distribution fee paid by Class S2 shares, so that the actual fee paid is an annual rate of 0.15%. Termination or modification of this obligation requires approval by the Board. With the exception of Index Solution 2060, which does not offer Class T shares, the Distributor has contractually agreed to waive a portion of its fee equal to 0.05% of each Portfolio’s average daily net assets attributable to the distribution fee paid by Class T shares, so that the actual fee paid is an annual rate of 0.45%. Termination or modification of this obligation requires approval by the Board.

The Company has a shareholder servicing plan (“Service Plan”) for the Classes ADV, S, S2 and T shares of each respective Portfolio. 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 Classes ADV, S, S2 and T shares and their shareholders including Variable Contract owners or Qualified Plan participants with interests in the Portfolios. Under the Service Plan, each Portfolio makes payments to the Distributor which shall not exceed an annual rate of 0.25% of each Portfolio’s average daily net assets attributable to its Classes ADV, S, S2 and T shares.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At December 31, 2015, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the following Portfolios:

Subsidiary	Portfolio	Percentage
ReliaStar Life Insurance Company	Index Solution 2060		5.37%
Voya Institutional Trust Company	Index Solution Income		49.29
	Index Solution 2020		33.81
	Index Solution 2025		22.12
	Index Solution 2030		39.96
	Index Solution 2035		18.30
	Index Solution 2040		7.00
	Index Solution 2045		14.65
	Index Solution 2050		5.71
	Index Solution 2055		10.14
	Index Solution 2060		6.44
Voya Retirement Insurance and Annuity Company	Index Solution Income		50.67
	Index Solution 2020		66.14
	Index Solution 2025		77.81
	Index Solution 2030		59.95
	Index Solution 2035		81.64
	Index Solution 2040		92.59
	Index Solution 2045		85.35

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

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

Subsidiary	Portfolio	Percentage
	Index Solution 2050		93.84
	Index Solution 2055		89.86
	Index Solution 2060		88.17

NOTE 7 — EXPENSE LIMITATION AGREEMENTS

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, and extraordinary expenses, except for Class Z, to the levels listed in the table below. For Class Z, the Expense Limitation Agreement excludes investment-related costs, extraordinary expenses and acquired fund fees and expenses to the levels listed in the table below.

Portfolio	Class ADV(1)		Class I(1)		Class S(1)		Class S2(1)		Class T(1)		Class Z(2)(3)
Index Solution Income		1.01%		0.51%		0.76%		0.91%		1.21%		0.00%
Index Solution 2020		1.01%		0.51%		0.76%		0.91%		1.21%		0.00%
Index Solution 2025		1.01%		0.51%		0.76%		0.91%		1.21%		0.00%
Index Solution 2030		1.01%		0.51%		0.76%		0.91%		1.21%		0.00%
Index Solution 2035		1.01%		0.51%		0.76%		0.91%		1.21%		0.00%
Index Solution 2040		1.00%		0.50%		0.75%		0.90%		1.20%		0.00%

Portfolio	Class ADV(1)		Class I(1)		Class S(1)		Class S2(1)		Class T(1)		Class Z(2)(3)
Index Solution 2045		1.01%		0.51%		0.76%		0.91%		1.21%		0.00%
Index Solution 2050		1.01%		0.51%		0.76%		0.91%		1.21%		0.00%
Index Solution 2055		1.01%		0.51%		0.76%		0.91%		1.21%		0.00%
Index Solution 2060		1.01%		0.51%		0.76%		0.91%		N/A		0.00%

(1)

(2)

Pursuant to a side letter agreement, through May 1, 2018, the Investment Adviser has agreed to waive all or a portion of the advisory fee so that the direct expense limits are 0.00% for all Portfolios. 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)

The operating expense limits shown apply only at each Portfolio level and do not include the fees payable by the Underlying Funds in which each Portfolio invests.

The Investment Adviser may at a later date recoup, except for Class Z, from a Portfolio for fees waived and other expenses assumed 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, 2015, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser, and the related expiration dates are as follows:

	December 31,
	2016			2017			2018			Total
Index Solution Income		$	262,538		$	283,370		$	374,853		$	920,761
Index Solution 2020			17,073			13,317			23,703			54,093
Index Solution 2025			623,562			759,707			713,698			2,096,967
Index Solution 2030			16,565			13,352			22,957			52,874
Index Solution 2035			451,323			552,136			538,481			1,541,940
Index Solution 2040			16,327			13,502			22,307			52,136
Index Solution 2045			268,695			314,407			321,987			905,089
Index Solution 2050			16,307			13,467			21,910			51,684
Index Solution 2055			66,067			80,383			91,837			238,287
Index Solution 2060			—			—			26,627			26,627

The Expense Limitation Agreement is contractual through May 1, 2018 (except for Index Solution 2060, which is through May 1, 2017) and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 7 — EXPENSE LIMITATION AGREEMENTS (continued)

For the year ended December 31, 2015, Index Solution 2060 had a payable to the Investment Adviser of $569 representing a recoupment of previously reimbursed fees.

NOTE 8 — LINE OF CREDIT

investor in the funds. The funds to which the line of credit is available pay a commitment fee equal to 0.10% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to May 22, 2015, the funds to which the Credit Agreement is available paid a commitment fee equal to 0.07% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.

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 Portfolios did not utilize the line of credit during the year ended December 31, 2015.

NOTE 9 — 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 Solution Income
Class ADV
12/31/2015		1,343,831		10,951,625		297,898		(2,083,879)		10,509,475		13,444,759		106,767,778		2,910,466		(20,716,015)		102,406,988
12/31/2014		960,343		—		261,302		(1,176,479)		45,166		10,358,076		—		2,701,861		(12,697,126)		362,811
Class I
12/31/2015		421,734		2,669,648		49,225		(450,785)		2,689,822		4,260,951		26,589,402		491,261		(4,459,722)		26,881,892
12/31/2014		275,491		—		33,104		(359,382)		(50,787)		3,018,885		—		349,244		(3,938,992)		(570,863)
Class S
12/31/2015		610,317		10,746,585		983,529		(3,365,521)		8,974,910		6,142,945		106,152,600		9,736,935		(33,612,981)		88,419,499
12/31/2014		385,860		—		910,672		(2,034,823)		(738,291)		4,245,797		—		9,534,738		(22,066,112)		(8,285,577)
Class S2
12/31/2015		110,560		1,274,307		28,268		(288,516)		1,124,619		1,092,463		12,355,591		274,769		(2,906,358)		10,816,465
12/31/2014		58,265		—		35,275		(173,057)		(79,517)		619,992		—		362,274		(1,824,233)		(841,967)
Class T
12/31/2015		—		303		—		—*		303		—		2,976		—		—		2,976
12/31/2014		—		—		22		—		22		—		—		231		—		231
Class Z
5/1/2015(1) - 12/31/2015		190,009		—		30		(23,061)		166,978		1,873,621		—		297		(224,641)		1,649,277
Index Solution 2020
Class ADV
12/31/2015		418,271		—		30		(4,950)		413,351		4,779,768		—		344		(56,611)		4,723,501
12/31/2014		—		—		24		—		24		—		—		275		—		275
Class I
12/31/2015		32,278		—		—*		(5,644)		26,634		369,062		—		1		(66,188)		302,875
12/31/2014		—		—		25		—		25		—		—		291		—		291
Class S
12/31/2015		102,494		—		—*		(9,024)		93,470		1,190,661		—		—*		(105,325)		1,085,336
12/31/2014		—		—		24		—		24		—		—		283		—		283
Class S2
12/31/2015		35,668		—		—*		(4,121)		31,547		416,642		—		—*		(47,695)		368,947
12/31/2014		—		—		24		—		24		—		—		278		—		278
Class T
12/31/2015		—*		—		—*		—		—*		3		—		—*		—		3
12/31/2014		—		—		23		—		23		—		—		268		—		268

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 9 — 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	#		#		#		#		#		($)		($)		($)		($)		($)
Index Solution 2020 (continued)
Class Z
5/1/2015(1) - 12/31/2015		180,141		—		51		(4,754)		175,438		2,098,180		—		603		(55,508)		2,043,275
Index Solution 2025
Class ADV
12/31/2015		2,925,766		—		2,238,320		(3,934,257)		1,229,829		32,697,172		—		23,681,428		(43,355,227)		13,023,373
12/31/2014		2,803,677		—		1,404,015		(4,196,702)		10,990		32,950,980		—		15,865,368		(48,971,969)		(155,621)
Class I
12/31/2015		1,223,807		—		508,755		(996,076)		736,486		13,996,775		—		5,489,468		(10,660,151)		8,826,092
12/31/2014		2,381,776		—		244,603		(1,428,179)		1,198,200		28,457,059		—		2,812,938		(16,899,085)		14,370,912
Class S
12/31/2015		2,475,618		—		1,816,551		(4,223,848)		68,321		28,299,354		—		19,418,927		(45,861,924)		1,856,357
12/31/2014		2,554,614		—		1,008,589		(2,342,926)		1,220,277		29,849,422		—		11,508,003		(27,687,498)		13,669,927
Class S2
12/31/2015		425,446		—		329,593		(1,061,017)		(305,978)		4,660,744		—		3,473,910		(12,060,973)		(3,926,319)
12/31/2014		732,632		—		274,394		(1,462,988)		(455,962)		8,538,246		—		3,086,930		(16,641,199)		(5,016,023)
Class T
12/31/2015		—		—		—		—		—		—		—		—		—		—
12/31/2014		—		—		19		—		19		—		—		219		—		219
Class Z
5/1/2015(1) - 12/31/2015		239,522		—		48		(18,079)		221,491		2,514,264		—		522		(190,849)		2,323,937
Index Solution 2030
Class ADV
12/31/2015		227,492		—		115		(18,266)		209,341		2,843,605		—		1,462		(226,871)		2,618,196
12/31/2014		—		—		27		—		27		—		—		342		—		342
Class I
12/31/2015		62,097		—		—*		(541)		61,556		783,259		—		—*		(6,817)		776,442
12/31/2014		—		—		29		—		29		—		—		363		—		363
Class S
12/31/2015		58,036		—		—*		(16,932)		41,104		735,399		—		—*		(214,270)		521,129
12/31/2014		—		—		28		—		28		—		—		352		—		352
Class S2
12/31/2015		3,853		—		—*		(426)		3,427		48,461		—		—*		(5,317)		43,144
12/31/2014		—		—		28		—		28		—		—		345		—		345
Class T
12/31/2015		—		—		—*		—		—*		3		—		—*		(1)		2
12/31/2014		—		—		27		—		27		—		—		338		—		338
Class Z
5/1/2015(1) - 12/31/2015		118,696		—		22		(23,735)		94,983		1,508,488		—		287		(302,767)		1,206,008
Index Solution 2035
Class ADV
12/31/2015		2,166,518		—		2,232,892		(3,152,755)		1,246,655		25,011,219		—		24,137,564		(35,451,057)		13,697,726
12/31/2014		2,870,042		—		1,199,820		(3,405,171)		664,691		34,531,485		—		13,977,905		(41,063,964)		7,445,426
Class I
12/31/2015		1,188,894		—		429,617		(908,306)		710,205		14,069,611		—		4,742,973		(9,984,964)		8,827,620
12/31/2014		1,645,774		—		168,587		(658,627)		1,155,734		20,190,708		—		2,001,125		(8,068,263)		14,123,570
Class S
12/31/2015		2,164,681		—		1,587,740		(3,526,780)		225,641		25,342,780		—		17,353,998		(39,171,851)		3,524,927
12/31/2014		2,487,915		—		782,784		(2,065,642)		1,205,057		29,847,400		—		9,213,372		(25,343,630)		13,717,142
Class S2
12/31/2015		386,767		—		337,442		(1,105,555)		(381,346)		4,365,413		—		3,640,999		(12,933,530)		(4,927,118)
12/31/2014		634,379		—		263,076		(1,185,849)		(288,394)		7,690,776		—		3,056,947		(13,784,046)		(3,036,323)
Class T
12/31/2015		—		—		—		—		—		—		—		—		—		—
12/31/2014		—		—		20		—		20		—		—		236		—		236

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 9 — 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	#			#		#		#		#		($)		($)		($)		($)		($)
Index Solution 2035 (continued)
Class Z
5/1/2015(1) - 12/31/2015		233,338			—		629		(2,350)		231,617		2,515,923		—		6,956		(25,449)		2,497,430
Index Solution 2040
Class ADV
12/31/2015		108,014			—		15		(9,148)		98,881		1,379,869		—		198		(115,566)		1,264,501
12/31/2014		64			—		26		—*		90		858		—		349		(3)		1,204
Class I
12/31/2015		13,472			—		—*		(885)		12,587		171,135		—		1		(11,381)		159,755
12/31/2014		—			—		28		—		28		—		—		371		—		371
Class S
12/31/2015		40,416			—		—*		(9,448)		30,968		526,030		—		1		(122,735)		403,296
12/31/2014		—			—		27		—		27		—		—		360		—		360
Class S2
12/31/2015		810			—		—*		(39)		771		10,416		—		1		(490)		9,927
12/31/2014		—			—		26		—		26		—		—		353		—		353
Class T
12/31/2015		—			—		—*		—		—*		—		—		1		—		1
12/31/2014		—			—		26		—		26		—		—		344		—		344
Class Z
5/1/2015(1) - 12/31/2015		86,298			—		78		(1,502)		84,874		1,110,907		—		1,040		(19,263)		1,092,684
Index Solution 2045
Class ADV
12/31/2015		1,840,874			—		1,468,178		(1,977,968)		1,331,084		21,429,285		—		16,238,051		(22,675,585)		14,991,751
12/31/2014		2,181,890			—		725,093		(2,000,961)		906,022		26,901,772		—		8,672,107		(24,478,375)		11,095,504
Class I
12/31/2015		1,215,424			—		276,723		(510,383)		981,764		14,519,501		—		3,140,806		(5,643,479)		12,016,828
12/31/2014		975,805			—		90,829		(378,117)		688,517		12,285,409		—		1,110,842		(4,731,449)		8,664,802
Class S
12/31/2015		1,531,338			—		979,519		(2,341,112)		169,745		18,249,450		—		10,980,412		(26,872,818)		2,357,044
12/31/2014		1,414,398			—		457,391		(1,265,130)		606,659		17,550,350		—		5,534,428		(15,794,362)		7,290,416
Class S2
12/31/2015		315,781			—		172,923		(622,382)		(133,678)		3,634,347		—		1,914,261		(7,454,252)		(1,905,644)
12/31/2014		390,464			—		112,971		(492,469)		10,966		4,805,566		—		1,350,003		(5,955,400)		200,169
Class T
12/31/2015		—			—		—		—		—		—		—		—		—		—
12/31/2014		—			—		19		—		19		—		—		226		—		226
Class Z
5/1/2015(1) - 12/31/2015		50,832			—		31		(748)		50,115		553,429		—		358		(8,155)		545,632
Index Solution 2050
Class ADV
12/31/2015		75,462			—		—*		(23,295)		52,167		962,895		—		1		(302,268)		660,628
12/31/2014		—			—		25		—		25		—		—		338		—		338
Class I
12/31/2015		26,404			—		—*		(3,674)		22,730		335,518		—		1		(47,087)		288,432
12/31/2014		—			—		27		—		27		—		—		359		—		359
Class S
12/31/2015		23,747	��		—		—*		(4,255)		19,492		306,231		—		1		(54,538)		251,694
12/31/2014		—			—		26		—		26		—		—		349		—		349
Class S2
12/31/2015		743			—		—*		—*		743		9,307		—		1		—		9,308
12/31/2014		—			—		25		—		25		—		—		342		—		342
Class T
12/31/2015		—			—		—*		—		—*		23		—		1		—		24
12/31/2014		—			—		25		—		25		—		—		333		—		333

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 9 — 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	#		#		#		#		#		($)		($)		($)		($)		($)
Index Solution 2050 (continued)
Class Z
5/1/2015(1) - 12/31/2015		46,905		—		85		(2,027)		44,963		603,971		—		1,140		(25,938)		579,173
Index Solution 2055
Class ADV
12/31/2015		900,410		—		233,561		(467,458)		666,513		12,838,610		—		3,213,808		(6,571,970)		9,480,448
12/31/2014		722,460		—		102,726		(365,872)		459,314		10,668,614		—		1,481,309		(5,352,497)		6,797,426
Class I
12/31/2015		433,679		—		40,066		(133,475)		340,270		6,190,272		—		561,326		(1,802,931)		4,948,667
12/31/2014		183,611		—		12,024		(50,103)		145,532		2,747,158		—		175,914		(736,098)		2,186,974
Class S
12/31/2015		783,303		—		158,293		(793,583)		148,013		11,259,852		—		2,198,688		(11,059,282)		2,399,258
12/31/2014		540,460		—		64,880		(243,976)		361,364		8,028,381		—		942,707		(3,632,274)		5,338,814
Class S2
12/31/2015		155,806		—		33,052		(111,625)		77,233		2,176,589		—		456,452		(1,626,637)		1,006,404
12/31/2014		123,109		—		20,263		(136,203)		7,169		1,815,555		—		292,603		(1,947,509)		160,649
Class T
12/31/2015		—		—		—*		—		—*		—		—		1		—		1
12/31/2014		—		—		15		—		15		—		—		215		—		215
Class Z
5/1/2015(1) - 12/31/2015		32,196		—		1,310		(243)		33,263		461,919		—		18,367		(3,254)		477,032
Index Solution 2060
Class ADV
2/9/2015(1) - 12/31/2015		21,787		—		—		(12,921)		8,866		213,509		—		—		(129,000)		84,509
Class I
2/9/2015(1) - 12/31/2015		4,605		—		—		(1,335)		3,270		45,138		—		—		(13,001)		32,137
Class S
2/9/2015(1) - 12/31/2015		14,774		—		—		(1,390)		13,384		146,710		—		—		(13,729)		132,981
Class S2
2/9/2015(1) - 12/31/2015		5,812		—		—		(5,364)		448		54,743		—		—		(53,298)		1,445
Class Z
5/1/2015(1) - 12/31/2015		14,664		—		—		(64)		14,600		147,221		—		—		(621)		146,600

(1)

Commencement of operations.

Amount is less than 0.500 per share or $0.50.

NOTE 10 — REORGANIZATIONS

On August 14, 2015, Index Solution Income (“Acquiring Portfolio”) acquired all of the assets of, and assumed all of the liabilities of Voya Index Solution 2015 Portfolio (“Acquired Portfolio”), which is not included in this report, an open-end investment company in a tax-free reorganization in exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization. The transaction occurred due to the Acquired Portfolio reaching its Target Date in 2015. 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.

Net investment income	$	8,301,108
Net realized and unrealized loss on investments	$	(12,026,946)
Net decrease in net assets resulting from operations	$	(3,725,838)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 10 — 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 14, 2015. 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 Depreciation (000s)						Portfolios’ Conversion Ratio
	$251,868				$	164,154					$	—					$	(6,096)						0.9345

The net assets of the Acquiring Portfolio after the acquisition were $416,022,017.

NOTE 11 — 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 U.S. 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 following permanent tax differences have been reclassified as of December 31, 2015:

	Undistributed Net Investment Income			Accumulated Net Realized Gains/(Losses)
Index Solution Income		$	317,962		$	(317,962)
Index Solution 2020			40			(40)
Index Solution 2025			1,069,410			(1,069,410)
Index Solution 2030			53			(53)
Index Solution 2035			864,487			(864,487)
Index Solution 2040			64			(64)
Index Solution 2045			643,731			(643,731)
Index Solution 2050			61			(61)
Index Solution 2055			161,852			(161,852)
Index Solution 2060			48			(48)

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

	Year Ended December 31, 2015						Year Ended December 31, 2014
	Ordinary Income			Long-term Capital Gains			Ordinary Income			Long-term Capital Gains
Index Solution Income		$	3,808,025		$	9,605,971		$	3,886,586		$	9,061,762
Index Solution 2020			381			1,148			371			1,024
Index Solution 2025			9,305,750			42,758,861			8,893,053			24,380,405
Index Solution 2030			480			1,604			365			1,375
Index Solution 2035			7,447,396			42,435,520			6,463,656			21,785,929
Index Solution 2040			390			2,013			325			1,452
Index Solution 2045			4,001,461			28,272,874			3,247,357			13,420,249
Index Solution 2050			364			2,038			309			1,412
Index Solution 2055			882,789			5,566,256			575,978			2,316,770

The tax-basis components of distributable earnings as of December 31, 2015 were:

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)
Index Solution Income		$	6,129,408		$	5,288,324		$	(24,645,228)
Index Solution 2020			83,834			2,227			(128,129)
Index Solution 2025			11,003,292			36,182,755			(28,022,629)
Index Solution 2030			52,018			4,133			(93,211)
Index Solution 2035			8,747,021			37,290,287			(24,751,354)
Index Solution 2040			28,897			4,657			(57,945)
Index Solution 2045			5,100,066			24,493,116			(16,450,309)
Index Solution 2050			33,883			4,263			(35,256)
Index Solution 2055			1,243,528			5,680,335			(5,835,923)
Index Solution 2060			7,582			1,570			(9,216)

At December 31, 2015, 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.

NOTE 12 — SUBSEQUENT EVENTS

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution Income Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 13.2%
	33,273	iShares Barclays 20+ Year Treasury Bond Fund		$	4,013,389		1.1
	35,137	iShares iBoxx High Yield Corporate Bond Fund			2,831,339		0.7
	53,414	iShares U.S. Real Estate ETF			4,011,926		1.0
	352,577	PowerShares Senior Loan Portfolio			7,897,725		2.1
	588,620	SPDR Barclays Capital High Yield Bond ETF			19,960,104		5.2
	97,971	SPDR Dow Jones International Real Estate ETF			3,832,626		1.0
	38,843	SPDR Trust Series 1			7,919,699		2.1
		Total Exchange-Traded Funds (Cost $55,895,809)			50,466,808		13.2
MUTUAL FUNDS: 86.7%
		Affiliated Investment Companies: 85.7%
	413,096	Voya Emerging Markets Index Portfolio - Class I			3,655,900		1.0
	2,510,497	Voya International Index Portfolio - Class I			22,644,680		5.9
	742,009	Voya Russell™ Mid Cap Index Portfolio - Class I			11,382,412		3.0
	20,361,494	Voya U.S. Bond Index Portfolio - Class I			214,202,917		56.1
	5,651,992	Voya U.S. Stock Index Portfolio - Class I			75,397,570		19.7
					327,283,479		85.7

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Unaffiliated Investment Companies: 1.0%
	819,010	@	Credit Suisse Commodity Return Strategy Fund - Class I		$	3,693,736		1.0
			Total Mutual Funds (Cost $344,738,938)			330,977,215		86.7
			Total Investments in Securities (Cost $400,634,747)		$	381,444,023		99.9
			Assets in Excess of Other Liabilities			443,395		0.1
			Net Assets		$	381,887,418		100.0

Non-income producing security.

Cost for federal income tax purposes is $406,089,251.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	48,616
Gross Unrealized Depreciation		(24,693,844)
Net Unrealized Depreciation	$	(24,645,228)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	50,466,808		$	—		$	—		$	50,466,808
Mutual Funds			330,977,215			—			—			330,977,215
Total Investments, at fair value		$	381,444,023		$	—		$	—		$	381,444,023

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 Index Solution Income Portfolio

as of December 31, 2015 (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, 2015, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/14			Purchases at Cost			Sales at Cost			Acquired at Cost (Note 10)			Acquired Unrealized Appreciation/ (Depreciation) (Note 10)			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/15			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	1,620,242		$	865,894			(1,010,597)		$	2,883,047		$	(430,926)		$	(271,760)		$	3,655,900		$	31,992		$	(174,199)		$	—
Voya International Index Portfolio - Class I			9,897,061			3,884,519			(4,068,311)			14,943,886			84,312			(2,096,787)			22,644,680			290,731			823,343			—
Voya Russell™ Mid Cap Index Portfolio - Class I			13,758,745			3,131,275			(13,092,109)			11,617,995			1,022,351			(5,055,845)			11,382,412			101,793			3,926,947			628,567
Voya U.S. Bond Index Portfolio - Class I			91,093,301			34,756,563			(42,962,116)			134,506,875			(1,215,274)			(1,976,432)			214,202,917			3,423,515			(1,527,489)			188,713
Voya U.S. Stock Index Portfolio - Class I			27,241,973			21,500,746			(22,542,552)			55,805,172			(3,071,312)			(3,536,457)			75,397,570			1,290,279			(431,860)			2,547,056
		$	143,611,322		$	64,138,997		$	(83,675,685)		$	219,756,975		$	(3,610,849)		$	(12,937,281)		$	327,283,479		$	5,138,310		$	2,616,742		$	3,364,336

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

The effect of derivative instruments by primary risk exposure on the Portfolio’s Statement of Operations for the year ended December 31, 2015 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(204,654)
Interest rate contracts			(59,819)
Total		$	(264,473)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	91,413
Total		$	91,413

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2020 Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 12.9%
	637	iShares iBoxx High Yield Corporate Bond Fund		$	51,330		0.6
	984	iShares U.S. Real Estate ETF			73,908		0.9
	7,173	PowerShares Senior Loan Portfolio			160,675		1.9
	12,359	SPDR Barclays Capital High Yield Bond ETF			419,094		4.9
	1,814	SPDR Dow Jones International Real Estate ETF			70,964		0.8
	1,560	SPDR Trust Series 1			318,068		3.8
		Total Exchange-Traded Funds (Cost $1,123,731)			1,094,039		12.9
MUTUAL FUNDS: 87.0%
		Affiliated Investment Companies: 86.1%
	19,483	Voya Emerging Markets Index Portfolio - Class I			172,425		2.0
	112,782	Voya International Index Portfolio - Class I			1,017,291		12.0
	22,359	Voya Russell™ Mid Cap Index Portfolio - Class I			342,985		4.0
	11,807	Voya Russell™ Small Cap Index Portfolio - Class I			168,249		2.0
	320,605	Voya U.S. Bond Index Portfolio - Class I			3,372,768		39.7
	167,905	Voya U.S. Stock Index Portfolio - Class I			2,239,848		26.4
					7,313,566		86.1

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Unaffiliated Investment Companies: 0.9%
	17,796	@	Credit Suisse Commodity Return Strategy Fund - Class I		$	80,260		0.9
			Total Mutual Funds (Cost $7,485,603)			7,393,826		87.0
			Total Investments in Securities (Cost $8,609,334)		$	8,487,865		99.9
			Assets in Excess of Other Liabilities			10,456		0.1
			Net Assets		$	8,498,321		100.0

Non-income producing security.

Cost for federal income tax purposes is $8,615,994.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	2,468
Gross Unrealized Depreciation		(130,597)
Net Unrealized Depreciation	$	(128,129)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	1,094,039		$	—		$	—		$	1,094,039
Mutual Funds			7,393,826			—			—			7,393,826
Total Investments, at fair value		$	8,487,865		$	—		$	—		$	8,487,865

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 Index Solution 2020 Portfolio

as of December 31, 2015 (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, 2015, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/14			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/15			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	338		$	182,791		$	(4,058)		$	(6,646)		$	172,425		$	7		$	(147)		$	—
Voya International Index Portfolio - Class I			2,147			1,077,730			(52,121)			(10,465)			1,017,291			66			612			—
Voya Russell™ Mid Cap Index Portfolio - Class I			2,051			455,428			(109,897)			(4,597)			342,985			14			2,987			85
Voya Russell™ Small Cap Index Portfolio - Class I			363			172,939			(2,026)			(3,027)			168,249			4			15			32
Voya U.S. Bond Index Portfolio - Class I			6,148			4,321,658			(921,853)			(33,185)			3,372,768			22,201			(1,143)			14
Voya U.S. Stock Index Portfolio - Class I			4,436			2,770,059			(505,542)			(29,105)			2,239,848			33,207			20,925			861
		$	15,483		$	8,980,605		$	(1,595,497)		$	(87,025)		$	7,313,566		$	55,499		$	23,249		$	992

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2025 Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 14.4%
	44,834	iShares iBoxx High Yield Corporate Bond Fund		$	3,612,724		0.7
	68,363	iShares U.S. Real Estate ETF			5,134,745		1.1
	451,286	PowerShares Senior Loan Portfolio			10,108,806		2.1
	751,481	SPDR Barclays Capital High Yield Bond ETF			25,482,721		5.3
	124,948	SPDR Dow Jones International Real Estate ETF			4,887,966		1.0
	99,415	SPDR Trust Series 1			20,269,724		4.2
		Total Exchange-Traded Funds (Cost $75,592,522)			69,496,686		14.4
MUTUAL FUNDS: 85.5%
		Affiliated Investment Companies: 84.5%
	1,573,365	Voya Emerging Markets Index Portfolio - Class I			13,924,282		2.9
	7,949,957	Voya International Index Portfolio - Class I			71,708,609		14.9
	2,154,766	Voya Russell™ Mid Cap Index Portfolio - Class I			33,054,103		6.9
	1,010,784	Voya Russell™ Small Cap Index Portfolio - Class I			14,403,666		3.0
	12,788,807	Voya U.S. Bond Index Portfolio - Class I			134,538,253		28.0
	10,393,329	Voya U.S. Stock Index Portfolio - Class I			138,647,008		28.8
					406,275,921		84.5

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Unaffiliated Investment Companies: 1.0%
	1,057,886	@	Credit Suisse Commodity Return Strategy Fund - Class I		$	4,771,067		1.0
			Total Mutual Funds (Cost $428,451,094)			411,046,988		85.5
			Total Investments in Securities (Cost $504,043,616)		$	480,543,674		99.9
			Assets in Excess of Other Liabilities			478,985		0.1
			Net Assets		$	481,022,659		100.0

Non-income producing security.

Cost for federal income tax purposes is $508,566,303.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	423,341
Gross Unrealized Depreciation		(28,445,970)
Net Unrealized Depreciation	$	(28,022,629)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	69,496,686		$	—		$	—		$	69,496,686
Mutual Funds			411,046,988			—			—			411,046,988
Total Investments, at fair value		$	480,543,674		$	—		$	—		$	480,543,674

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 Index Solution 2025 Portfolio

as of December 31, 2015 (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, 2015, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/14			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/15			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	14,829,930		$	5,475,268		$	(3,909,008)		$	(2,471,908)		$	13,924,282		$	307,632		$	(207,371)		$	—
Voya International Index Portfolio - Class I			75,382,254			15,620,306			(13,362,462)			(5,931,489)			71,708,609			2,329,712			3,359,487			—
Voya Russell™ Mid Cap Index Portfolio - Class I			73,315,139			10,598,915			(32,956,871)			(17,903,080)			33,054,103			586,667			13,748,739			3,622,654
Voya Russell™ Small Cap Index Portfolio - Class I			15,960,453			3,652,753			(2,370,012)			(2,839,528)			14,403,666			168,315			652,013			1,355,539
Voya U.S. Bond Index Portfolio - Class I			115,918,387			62,655,096			(42,058,071)			(1,977,159)			134,538,253			2,903,979			(1,114,826)			285,400
Voya U.S. Stock Index Portfolio - Class I			141,135,730			51,501,029			(36,086,601)			(17,903,150)			138,647,008			2,693,430			3,883,151			13,354,581
		$	436,541,893		$	149,503,367		$	(130,743,025)		$	(49,026,314)		$	406,275,921		$	8,989,735		$	20,321,193		$	18,618,174

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

The effect of derivative instruments by primary risk exposure on the Portfolio’s Statement of Operations for the year ended December 31, 2015 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	683,313
Total		$	683,313

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	265,099
Total		$	265,099

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2030 Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 12.1%
	140	iShares iBoxx High Yield Corporate Bond Fund		$	11,281		0.2
	910	iShares U.S. Real Estate ETF			68,350		1.3
	4,358	PowerShares Senior Loan Portfolio			97,619		1.9
	5,364	SPDR Barclays Capital High Yield Bond ETF			181,893		3.6
	1,723	SPDR Dow Jones International Real Estate ETF			67,404		1.3
	948	SPDR Trust Series 1			193,288		3.8
		Total Exchange-Traded Funds (Cost $632,615)			619,835		12.1
MUTUAL FUNDS: 87.8%
		Affiliated Investment Companies: 87.0%
	23,631	Voya Emerging Markets Index Portfolio - Class I			209,130		4.1
	106,069	Voya International Index Portfolio - Class I			956,738		18.6
	25,192	Voya Russell™ Mid Cap Index Portfolio - Class I			386,443		7.5
	10,813	Voya Russell™ Small Cap Index Portfolio - Class I			154,091		3.0
	95,000	Voya U.S. Bond Index Portfolio - Class I			999,397		19.4
	132,564	Voya U.S. Stock Index Portfolio - Class I			1,768,409		34.4
					4,474,208		87.0

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Unaffiliated Investment Companies: 0.8%
	9,852	@	Credit Suisse Commodity Return Strategy Fund - Class I		$	44,433		0.8
			Total Mutual Funds (Cost $4,592,437)			4,518,641		87.8
			Total Investments in Securities (Cost $5,225,052)		$	5,138,476		99.9
			Assets in Excess of Other Liabilities			6,193		0.1
			Net Assets		$	5,144,669		100.0

Non-income producing security.

Cost for federal income tax purposes is $5,231,687.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	562
Gross Unrealized Depreciation		(93,773)
Net Unrealized Depreciation	$	(93,211)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	619,835		$	—		$	—		$	619,835
Mutual Funds			4,518,641			—			—			4,518,641
Total Investments, at fair value		$	5,138,476		$	—		$	—		$	5,138,476

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 Index Solution 2030 Portfolio

as of December 31, 2015 (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, 2015, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/14			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/15			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	772		$	231,214		$	(15,295)		$	(7,561)		$	209,130		$	16		$	(456)		$	—
Voya International Index Portfolio - Class I			3,927			1,080,034			(116,035)			(11,188)			956,738			120			(799)			—
Voya Russell™ Mid Cap Index Portfolio - Class I			2,864			481,959			(91,518)			(6,862)			386,443			23			1,450			140
Voya Russell™ Small Cap Index Portfolio - Class I			624			170,329			(13,908)			(2,954)			154,091			7			(11)			53
Voya U.S. Bond Index Portfolio - Class I			2,882			1,472,123			(465,556)			(10,052)			999,397			6,121			(495)			7
Voya U.S. Stock Index Portfolio - Class I			6,535			2,269,208			(473,450)			(33,884)			1,768,409			26,081			15,236			1,613
		$	17,604		$	5,704,867		$	(1,175,762)		$	(72,501)		$	4,474,208		$	32,368		$	14,925		$	1,813

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2035 Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 13.4%
	11,617	iShares iBoxx High Yield Corporate Bond Fund		$	936,098		0.2
	85,086	iShares U.S. Real Estate ETF			6,390,809		1.6
	374,427	PowerShares Senior Loan Portfolio			8,387,165		2.1
	445,072	SPDR Barclays Capital High Yield Bond ETF			15,092,391		3.8
	156,010	SPDR Dow Jones International Real Estate ETF			6,103,111		1.5
	82,477	SPDR Trust Series 1			16,816,236		4.2
		Total Exchange-Traded Funds (Cost $57,535,551)			53,725,810		13.4
MUTUAL FUNDS: 86.5%
		Affiliated Investment Companies: 85.5%
	1,750,554	Voya Emerging Markets Index Portfolio - Class I			15,492,406		3.9
	8,164,809	Voya International Index Portfolio - Class I			73,646,576		18.4
	2,212,048	Voya Russell™ Mid Cap Index Portfolio - Class I			33,932,811		8.5
	1,122,464	Voya Russell™ Small Cap Index Portfolio - Class I			15,995,118		4.0
	4,128,222	Voya U.S. Bond Index Portfolio - Class I			43,428,897		10.9
	11,926,476	Voya U.S. Stock Index Portfolio - Class I			159,099,195		39.8
					341,595,003		85.5

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Unaffiliated Investment Companies: 1.0%
	872,091	@	Credit Suisse Commodity Return Strategy Fund - Class I		$	3,933,129		1.0
			Total Mutual Funds (Cost $365,228,264)			345,528,132		86.5
			Total Investments in Securities (Cost $422,763,815)		$	399,253,942		99.9
			Assets in Excess of Other Liabilities			405,875		0.1
			Net Assets		$	399,659,817		100.0

Non-income producing security.

Cost for federal income tax purposes is $424,005,296.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	346,824
Gross Unrealized Depreciation		(25,098,178)
Net Unrealized Depreciation	$	(24,751,354)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	53,725,810		$	—		$	—		$	53,725,810
Mutual Funds			345,528,132			—			—			345,528,132
Total Investments, at fair value		$	399,253,942		$	—		$	—		$	399,253,942

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 Index Solution 2035 Portfolio

as of December 31, 2015 (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, 2015, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/14			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/15			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	16,566,575		$	5,758,887		$	(4,073,020)		$	(2,760,036)		$	15,492,406		$	342,659		$	(260,313)		$	—
Voya International Index Portfolio - Class I			84,214,562			14,794,700			(17,847,802)			(7,514,884)			73,646,576			2,594,898			4,692,321			—
Voya Russell™ Mid Cap Index Portfolio - Class I			65,815,463			8,663,062			(24,847,732)			(15,697,982)			33,932,811			544,404			11,556,231			3,361,682
Voya Russell™ Small Cap Index Portfolio - Class I			17,830,097			3,752,348			(2,471,159)			(3,116,168)			15,995,118			187,487			645,124			1,509,944
Voya U.S. Bond Index Portfolio - Class I			26,425,533			33,523,834			(15,364,074)			(1,156,396)			43,428,897			840,679			153,710			85,696
Voya U.S. Stock Index Portfolio - Class I			166,379,505			47,898,322			(35,571,979)			(19,606,653)			159,099,195			3,120,519			3,086,051			15,398,420
		$	377,231,735		$	114,391,153		$	(100,175,766)		$	(49,852,119)		$	341,595,003		$	7,630,646		$	19,873,124		$	20,355,742

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

The effect of derivative instruments by primary risk exposure on the Portfolio’s Statement of Operations for the year ended December 31, 2015 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	343,578
Interest rate contracts			(30,873)
Total		$	312,705

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	222,439
Total		$	222,439

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2040 Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 10.3%
	605	iShares U.S. Real Estate ETF		$	45,442		1.6
	2,721	PowerShares Senior Loan Portfolio			60,950		2.1
	802	SPDR Barclays Capital High Yield Bond ETF			27,196		0.9
	1,159	SPDR Dow Jones International Real Estate ETF			45,340		1.6
	593	SPDR Trust Series 1			120,907		4.1
		Total Exchange-Traded Funds (Cost $303,672)			299,835		10.3
MUTUAL FUNDS: 89.6%
		Affiliated Investment Companies: 88.6%
	16,687	Voya Emerging Markets Index Portfolio - Class I			147,682		5.0
	63,124	Voya International Index Portfolio - Class I			569,378		19.5
	16,162	Voya Russell™ Mid Cap Index Portfolio - Class I			247,925		8.5
	8,165	Voya Russell™ Small Cap Index Portfolio - Class I			116,357		4.0
	24,953	Voya U.S. Bond Index Portfolio - Class I			262,501		9.0
	93,429	Voya U.S. Stock Index Portfolio - Class I			1,246,336		42.6
					2,590,179		88.6

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Unaffiliated Investment Companies: 1.0%
	6,789	@	Credit Suisse Commodity Return Strategy Fund - Class I		$	30,619		1.0
			Total Mutual Funds (Cost $2,671,067)			2,620,798		89.6
			Total Investments in Securities (Cost $2,974,739)		$	2,920,633		99.9
			Assets in Excess of Other Liabilities			2,845		0.1
			Net Assets		$	2,923,478		100.0

Non-income producing security.

Cost for federal income tax purposes is $2,978,578.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	307
Gross Unrealized Depreciation		(58,252)
Net Unrealized Depreciation	$	(57,945)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	299,835		$	—		$	—		$	299,835
Mutual Funds			2,620,798			—			—			2,620,798
Total Investments, at fair value		$	2,920,633		$	—		$	—		$	2,920,633

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 Index Solution 2040 Portfolio

as of December 31, 2015 (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, 2015, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/14			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/15			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	1,097		$	161,597		$	(8,889)		$	(6,123)		$	147,682		$	24		$	(521)		$	—
Voya International Index Portfolio - Class I			4,603			628,563			(54,798)			(8,990)			569,378			152			457			—
Voya Russell™ Mid Cap Index Portfolio - Class I			3,675			292,410			(43,450)			(4,710)			247,925			37			1,198			228
Voya Russell™ Small Cap Index Portfolio - Class I			939			123,917			(6,244)			(2,254)			116,358			11			14			85
Voya U.S. Bond Index Portfolio - Class I			919			409,096			(145,768)			(1,746)			262,501			1,602			(661)			3
Voya U.S. Stock Index Portfolio - Class I			9,346			1,553,773			(289,022)			(27,762)			1,246,335			19,259			6,482			1,685
		$	20,579		$	3,169,356		$	(548,171)		$	(51,585)		$	2,590,179		$	21,085		$	6,969		$	2,001

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2045 Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 10.4%
	22,650	iShares Barclays 20+ Year Treasury Bond Fund		$	2,732,043		1.0
	54,542	iShares U.S. Real Estate ETF			4,096,650		1.6
	240,014	PowerShares Senior Loan Portfolio			5,376,314		2.1
	99,652	SPDR Dow Jones International Real Estate ETF			3,898,386		1.5
	52,869	SPDR Trust Series 1			10,779,460		4.2
		Total Exchange-Traded Funds (Cost $27,634,792)			26,882,853		10.4
MUTUAL FUNDS: 89.5%
		Affiliated Investment Companies: 88.5%
	1,700,029	Voya Emerging Markets Index Portfolio - Class I			15,045,258		5.8
	5,870,483	Voya International Index Portfolio - Class I			52,951,756		20.4
	1,770,411	Voya Russell™ Mid Cap Index Portfolio - Class I			27,158,102		10.5
	727,669	Voya Russell™ Small Cap Index Portfolio - Class I			10,369,280		4.0
	973,486	Voya U.S. Bond Index Portfolio - Class I			10,241,070		3.9
	8,530,153	Voya U.S. Stock Index Portfolio - Class I			113,792,246		43.9
					229,557,712		88.5

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Unaffiliated Investment Companies: 1.0%
	569,361	@	Credit Suisse Commodity Return Strategy Fund - Class I		$	2,567,817		1.0
			Total Mutual Funds (Cost $246,775,426)			232,125,529		89.5
			Total Investments in Securities (Cost $274,410,218)		$	259,008,382		99.9
			Assets in Excess of Other Liabilities			276,974		0.1
			Net Assets		$	259,285,356		100.0

Non-income producing security.

Cost for federal income tax purposes is $275,458,691.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	230,153
Gross Unrealized Depreciation		(16,680,462)
Net Unrealized Depreciation	$	(16,450,309)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	26,882,853		$	—		$	—		$	26,882,853
Mutual Funds			232,125,529			—			—			232,125,529
Total Investments, at fair value		$	259,008,382		$	—		$	—		$	259,008,382

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 Index Solution 2045 Portfolio

as of December 31, 2015 (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, 2015, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/14			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/15			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	18,041,836		$	6,412,702		$	(6,930,527)		$	(2,478,753)		$	15,045,258		$	378,112		$	(873,726)		$	—
Voya International Index Portfolio - Class I			57,645,216			12,152,176			(11,764,212)			(5,081,424)			52,951,756			1,799,823			2,962,123			—
Voya Russell™ Mid Cap Index Portfolio - Class I			46,417,767			8,123,853			(16,796,573)			(10,586,945)			27,158,102			481,847			6,774,979			2,975,394
Voya Russell™ Small Cap Index Portfolio - Class I			11,095,631			2,745,214			(1,496,565)			(1,975,000)			10,369,280			118,224			401,914			952,126
Voya U.S. Bond Index Portfolio - Class I			8,241,369			8,814,604			(6,595,003)			(219,901)			10,241,069			181,898			51,497			12,029
Voya U.S. Stock Index Portfolio - Class I			111,704,109			38,328,583			(23,125,724)			(13,114,721)			113,792,247			2,189,037			1,849,780			10,482,170
		$	253,145,928		$	76,577,132		$	(66,708,604)		$	(33,456,744)		$	229,557,712		$	5,148,941		$	11,166,567		$	14,421,719

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

The effect of derivative instruments by primary risk exposure on the Portfolio’s Statement of Operations for the year ended December 31, 2015 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(75,930)
Interest rate contracts			(57,886)
Total		$	(133,816)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	137,120
Total		$	137,120

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2050 Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 9.8%
	129	iShares Barclays 20+ Year Treasury Bond Fund		$	15,560		0.8
	364	iShares U.S. Real Estate ETF			27,340		1.5
	1,630	PowerShares Senior Loan Portfolio			36,512		2.0
	690	SPDR Dow Jones International Real Estate ETF			26,993		1.5
	354	SPDR Trust Series 1			72,177		4.0
		Total Exchange-Traded Funds (Cost $179,631)			178,582		9.8
MUTUAL FUNDS: 90.0%
		Affiliated Investment Companies: 89.1%
	12,184	Voya Emerging Markets Index Portfolio - Class I			107,827		6.0
	41,247	Voya International Index Portfolio - Class I			372,048		20.6
	12,418	Voya Russell™ Mid Cap Index Portfolio - Class I			190,491		10.5
	5,062	Voya Russell™ Small Cap Index Portfolio - Class I			72,128		4.0
	6,941	Voya U.S. Bond Index Portfolio - Class I			73,022		4.0
	59,663	Voya U.S. Stock Index Portfolio - Class I			795,906		44.0
					1,611,422		89.1

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Unaffiliated Investment Companies: 0.9%
	3,579	@	Credit Suisse Commodity Return Strategy Fund - Class I		$	16,141		0.9
			Total Mutual Funds (Cost $1,658,858)			1,627,563		90.0
			Total Investments in Securities (Cost $1,838,489)		$	1,806,145		99.8
			Assets in Excess of Other Liabilities			2,799		0.2
			Net Assets		$	1,808,944		100.0

Non-income producing security.

Cost for federal income tax purposes is $1,841,401.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	322
Gross Unrealized Depreciation		(35,578)
Net Unrealized Depreciation	$	(35,256)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	178,582		$	—		$	—		$	178,582
Mutual Funds			1,627,563			—			—			1,627,563
Total Investments, at fair value		$	1,806,145		$	—		$	—		$	1,806,145

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 Index Solution 2050 Portfolio

as of December 31, 2015 (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, 2015, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/14			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/15			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	1,468		$	137,454		$	(27,317)		$	(3,778)		$	107,827		$	30		$	(144)		$	—
Voya International Index Portfolio - Class I			4,660			458,832			(86,516)			(4,928)			372,048			144			2,517			—
Voya Russell™ Mid Cap Index Portfolio - Class I			3,762			255,327			(64,926)			(3,672)			190,491			38			2,336			237
Voya Russell™ Small Cap Index Portfolio - Class I			902			87,713			(14,972)			(1,515)			72,128			9			501			76
Voya U.S. Bond Index Portfolio - Class I			666			181,062			(108,101)			(605)			73,022			513			(223)			1
Voya U.S. Stock Index Portfolio - Class I			9,031			1,139,317			(333,195)			(19,247)			795,906			12,470			14,948			1,554
		$	20,489		$	2,259,705		$	(635,027)		$	(33,745)		$	1,611,422		$	13,204		$	19,935		$	1,868

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2055 Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 8.1%
	6,167	iShares Barclays 20+ Year Treasury Bond Fund		$	743,863		1.0
	14,851	iShares U.S. Real Estate ETF			1,115,459		1.5
	27,164	SPDR Dow Jones International Real Estate ETF			1,062,656		1.5
	14,395	SPDR Trust Series 1			2,934,996		4.1
		Total Exchange-Traded Funds (Cost $5,928,651)			5,856,974		8.1
MUTUAL FUNDS: 91.8%
		Affiliated Investment Companies: 90.8%
	472,263	Voya Emerging Markets Index Portfolio - Class I			4,179,532		5.8
	1,751,259	Voya International Index Portfolio - Class I			15,796,359		21.9
	492,572	Voya Russell™ Mid Cap Index Portfolio - Class I			7,556,062		10.5
	202,242	Voya Russell™ Small Cap Index Portfolio - Class I			2,881,956		4.0
	277,619	Voya U.S. Bond Index Portfolio - Class I			2,920,551		4.0
	2,407,530	Voya U.S. Stock Index Portfolio - Class I			32,116,444		44.6
					65,450,904		90.8

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Unaffiliated Investment Companies: 1.0%
	154,846	@	Credit Suisse Commodity Return Strategy Fund - Class I		$	698,356		1.0
			Total Mutual Funds (Cost $71,561,990)			66,149,260		91.8
			Total Investments in Securities (Cost $77,490,641)		$	72,006,234		99.9
			Assets in Excess of Other Liabilities			63,684		0.1
			Net Assets		$	72,069,918		100.0

Non-income producing security.

Cost for federal income tax purposes is $77,842,157.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	55,496
Gross Unrealized Depreciation		(5,891,419)
Net Unrealized Depreciation	$	(5,835,923)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	5,856,974		$	—		$	—		$	5,856,974
Mutual Funds			66,149,260			—			—			66,149,260
Total Investments, at fair value		$	72,006,234		$	—		$	—		$	72,006,234

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 Index Solution 2055 Portfolio

as of December 31, 2015 (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, 2015, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/14			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/15			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	4,150,660		$	2,657,196		$	(1,945,267)		$	(683,057)		$	4,179,532		$	93,821		$	(221,448)		$	—
Voya International Index Portfolio - Class I			13,254,966			6,330,980			(2,481,460)			(1,308,127)			15,796,359			446,587			606,953			—
Voya Russell™ Mid Cap Index Portfolio - Class I			10,669,525			4,102,707			(4,842,209)			(2,373,961)			7,556,062			119,565			1,382,815			738,313
Voya Russell™ Small Cap Index Portfolio - Class I			2,550,214			1,268,644			(459,798)			(477,104)			2,881,956			29,335			67,874			236,254
Voya U.S. Bond Index Portfolio - Class I			1,893,699			2,648,222			(1,561,183)			(60,187)			2,920,551			48,559			11,584			2,984
Voya U.S. Stock Index Portfolio - Class I			26,975,612			16,867,992			(8,502,482)			(3,224,678)			32,116,444			618,375			179,688			2,818,058
		$	59,494,676		$	33,875,741		$	(19,792,399)		$	(8,127,114)		$	65,450,904		$	1,356,242		$	2,027,466		$	3,795,609

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

The effect of derivative instruments by primary risk exposure on the Portfolio’s Statement of Operations for the year ended December 31, 2015 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(32,589)
Interest rate contracts			(15,436)
Total		$	(48,025)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	30,471
Total		$	30,471

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2060 Portfolio

as of December 31, 2015

Shares			Value				Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 8.5%
	35	iShares Barclays 20+ Year Treasury Bond Fund		$	4,222			1.1
	84	iShares U.S. Real Estate ETF			6,309			1.6
	161	SPDR Dow Jones International Real Estate ETF			6,298			1.6
	83	SPDR Trust Series 1			16,923			4.2
		Total Exchange-Traded Funds (Cost $33,895)			33,752			8.5
MUTUAL FUNDS: 91.3%
		Affiliated Investment Companies: 90.3%
	2,681	Voya Emerging Markets Index Portfolio - Class I			23,730			6.0
	9,689	Voya International Index Portfolio - Class I			87,393			22.0
	2,714	Voya Russell™ Mid Cap Index Portfolio - Class I			41,640			10.5
	1,099	Voya Russell™ Small Cap Index Portfolio - Class I			15,667	��		3.9
	1,505	Voya U.S. Bond Index Portfolio - Class I			15,831			4.0
	13,094	Voya U.S. Stock Index Portfolio - Class I			174,671			43.9
					358,932			90.3

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Unaffiliated Investment Companies: 1.0%
	945	@	Credit Suisse Commodity Return Strategy Fund - Class I		$	4,260		1.0
			Total Mutual Funds (Cost $370,248)			363,192		91.3
			Total Investments in Securities (Cost $404,143)		$	396,944		99.8
			Assets in Excess of Other Liabilities			664		0.2
			Net Assets		$	397,608		100.0

Non-income producing security.

Cost for federal income tax purposes is $406,160.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	62
Gross Unrealized Depreciation		(9,278)
Net Unrealized Depreciation	$	(9,216)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	33,752		$	—		$	—		$	33,752
Mutual Funds			363,192			—			—			363,192
Total Investments, at fair value		$	396,944		$	—		$	—		$	396,944

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Solution 2060 Portfolio

as of December 31, 2015 (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, 2015, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/14			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/15			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	—		$	37,657		$	(13,198)		$	(729)		$	23,730		$	22		$	(126)		$	—
Voya International Index Portfolio - Class I			—			128,746			(39,990)			(1,363)			87,393			104			151			—
Voya Russell™ Mid Cap Index Portfolio - Class I			—			66,745			(24,470)			(635)			41,640			28			137			172
Voya Russell™ Small Cap Index Portfolio - Class I			—			21,883			(5,888)			(328)			15,667			7			29			55
Voya U.S. Bond Index Portfolio - Class I			—			35,762			(19,870)			(61)			15,831			105			(69)			1
Voya U.S. Stock Index Portfolio - Class I			—			284,594			(106,223)			(3,700)			174,671			2,116			3,164			1,390
		$	—		$	575,387		$	(209,639)		$	(6,816)		$	358,932		$	2,382		$	3,286		$	1,618

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended December 31, 2015 were as follows:

Portfolio Name	Type	Per Share Amount
Voya Index Solution Income Portfolio
Class ADV	NII		$	0.1863
Class I	NII		$	0.2421
Class S	NII		$	0.2122
Class S2	NII		$	0.1800
Class T	NII		$	0.1651
Class Z(1)	NII		$	0.2421
All Classes	STCG		$	0.0417
All Classes	LTCG		$	0.6269
Voya Index Solution 2020 Portfolio
Class ADV	NII		$	0.1543
Class I	NII		$	0.0680
Class S	NII		$	0.0535
Class S2	NII		$	0.0030
Class T	NII		$	—
Class Z(1)	NII		$	0.0680
All Classes	STCG		$	0.0160
All Classes	LTCG		$	0.2869
Voya Index Solution 2025 Portfolio
Class ADV	NII		$	0.1635
Class I	NII		$	0.2229
Class S	NII		$	0.1959
Class S2	NII		$	0.1623
Class T	NII		$	0.1429
Class Z(1)	NII		$	0.2229
All Classes	STCG		$	0.0247
All Classes	LTCG		$	0.9470
Voya Index Solution 2030 Portfolio
Class ADV	NII		$	0.0650
Class I	NII		$	—
Class S	NII		$	—
Class S2	NII		$	—
Class T	NII		$	—
Class Z(1)	NII		$	—
All Classes	STCG		$	0.0099
All Classes	LTCG		$	0.1813
Voya Index Solution 2035 Portfolio
Class ADV	NII		$	0.1514
Class I	NII		$	0.2108
Class S	NII		$	0.1830
Class S2	NII		$	0.1468

Portfolio Name	Type	Per Share Amount
Class T	NII		$	0.1310
Class Z(1)	NII		$	0.2108
All Classes	STCG		$	0.0368
All Classes	LTCG		$	1.1636
Voya Index Solution 2040 Portfolio
Class ADV	NII		$	0.1284
Class I	NII		$	0.1038
Class S	NII		$	0.0506
Class S2	NII		$	0.0528
Class T	NII		$	0.0104
Class Z(1)	NII		$	0.1038
All Classes	STCG		$	0.0301
All Classes	LTCG		$	0.6122
Voya Index Solution 2045 Portfolio
Class ADV	NII		$	0.1192
Class I	NII		$	0.1786
Class S	NII		$	0.1496
Class S2	NII		$	0.1164
Class T	NII		$	0.0985
Class Z(1)	NII		$	0.1786
All Classes	STCG		$	0.0439
All Classes	LTCG		$	1.2632
Voya Index Solution 2050 Portfolio
Class ADV	NII		$	0.0442
Class I	NII		$	0.1145
Class S	NII		$	0.0735
Class S2	NII		$	0.0632
Class T	NII		$	0.0185
Class Z(1)	NII		$	0.1145
All Classes	STCG		$	0.0341
All Classes	LTCG		$	0.6757
Voya Index Solution 2055 Portfolio
Class ADV	NII		$	0.1197
Class I	NII		$	0.1779
Class S	NII		$	0.1503
Class S2	NII		$	0.1144
Class T	NII		$	0.0856
Class Z(1)	NII		$	0.1780
All Classes	STCG		$	0.0475
All Classes	LTCG		$	1.1488

NII - Net investment income

STCG - Short-term capital gain

LTCG - Long-term capital gain

(1)

Commenced operations on May 1, 2015.

TABLE OF CONTENTS

TAX INFORMATION (Unaudited) (continued)

Of the ordinary distributions made during the year ended December 31, 2015, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

	Voya Index Solution Income Portfolio					19.68%
	Voya Index Solution 2020 Portfolio					6.24%
	Voya Index Solution 2025 Portfolio					41.41%
	Voya Index Solution 2030 Portfolio					8.27%
	Voya Index Solution 2035 Portfolio					55.78%
	Voya Index Solution 2040 Portfolio					16.03%
	Voya Index Solution 2045 Portfolio					68.66%
	Voya Index Solution 2050 Portfolio					21.18%
	Voya Index Solution 2055 Portfolio					70.61%

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 Index Solution Income Portfolio	$	9,605,971
Voya Index Solution 2020 Portfolio	$	1,148
Voya Index Solution 2025 Portfolio	$	42,758,861
Voya Index Solution 2030 Portfolio	$	1,604
Voya Index Solution 2035 Portfolio	$	42,435,520
Voya Index Solution 2040 Portfolio	$	2,013
Voya Index Solution 2045 Portfolio	$	28,272,874
Voya Index Solution 2050 Portfolio	$	2,038
Voya Index Solution 2055 Portfolio	$	5,566,256

	Creditable Foreign Taxes Paid			Per Share Amount			Portion of Ordinary Income Distribution Derived from Foreign Sourced Income*
Voya Index Solution Income Portfolio		$	34,986		$	0.0009		4.68%
Voya Index Solution 2020 Portfolio		$	1,533		$	0.0021		1.68%
Voya Index Solution 2025 Portfolio		$	119,121		$	0.0025		19.23%
Voya Index Solution 2030 Portfolio		$	1,576		$	0.0039		2.89%
Voya Index Solution 2035 Portfolio		$	126,765		$	0.0032		26.37%
Voya Index Solution 2040 Portfolio		$	1,060		$	0.0045		3.75%
Voya Index Solution 2045 Portfolio		$	101,428		$	0.0041		33.05%
Voya Index Solution 2050 Portfolio		$	717		$	0.0049		2.40%
Voya Index Solution 2055 Portfolio		$	29,692		$	0.0052		33.25%
Voya Index Solution 2060 Portfolio		$	170		$	0.0040		3.53%

None of the Portfolios listed above derived any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

TABLE OF CONTENTS

TAX INFORMATION (Unaudited) (continued)

TABLE OF CONTENTS

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: 55

Director

November 2007 – Present

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

151

DSM/Dentaquest, Boston, MA (February 2014 – Present).

John V. Boyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 62

Chairperson

Director

January 2014 – Present November 1997 – Present

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

151

None.

Patricia W. Chadwick
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 67

Director

January 2006 – Present

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

151

Wisconsin Energy Corporation (June 2006 – Present); The Royce Funds (35 funds) (December 2009 – Present); and AMICA Mutual Insurance Company (1992 – Present).

Peter S. Drotch
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 74

Director

November 2007 – Present

Retired.

151

First Marblehead Corporation (September 2003 – Present).

Martin J. Gavin
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, AZ 85258-2034
Age: 65

Director

August 2015 – Present

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

151

None.

Russell H. Jones
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 71

Director

May 2013 – Present

Retired.

151

None.

Patrick W. Kenny
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 73

Director

March 2002 – Present

Retired.

151

Assured Guaranty Ltd. (April 2004 – Present).

Joseph E. Obermeyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 58

Director

May 2013 – Present

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

151

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

Sheryl K. Pressler
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 65

Director

January 2006 – Present

Consultant (May 2001 – Present).

151

None.

Christopher P. Sullivan
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 62

Director

October 2015 - Present

Retired. Formerly, President, Bond Division, Fidelity Management and Research (June 2009 – September 2012).

151

None.

Roger B. Vincent
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 70

Director

January 2005 – Present

Retired. Formerly, President, Springwell Corporation, a corporate finance firm (March 1989 – August 2011).

151

UGI Corporation (February 2006 – Present) and UGI Utilities, Inc. (February 2006 – Present).

Director who is an “interested person”:

Shaun P. Mathews(3)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 60

Director

November 2007 – Present

President and Chief Executive Officer, Voya Investments, LLC (December 2006 – Present).

151

(1)

(2)

(3)

Effective December 31, 2015, Dr. Albert E. DePrince, Jr. retired as a 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
Shaun P. Mathews 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 60	President and Chief Executive Officer	November 2006 – Present	President and Chief Executive Officer, Voya Investments, LLC (December 2006 – Present).
Michael J. Roland 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57	Managing Director and Chief Operating Officer	April 2012 – Present	Managing Director and Chief Operating Officer, Voya Investments, LLC and Voya Funds Services, LLC (April 2012 – Present). Formerly, Chief Compliance Officer, Directed Services LLC and Voya Investments, LLC (March 2011 – December 2013); Executive Vice President and Chief Operating Officer, Voya Investments, LLC and Voya Funds Services, LLC (January 2007 – April 2012) and Chief Compliance Officer, Voya Family of Funds (March 2011 – February 2012).
Stanley D. Vyner 230 Park Avenue New York, New York 10169 Age: 65	Executive Vice President Chief Investment Risk Officer	January 2005 – Present September 2009 – Present	Executive Vice President, Voya Investments, LLC (July 2000 – Present) and Chief Investment Risk Officer, Voya Investments, LLC (January 2003 – Present).
Kevin M. Gleason 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 49	Chief Compliance Officer	February 2012 – Present	Senior Vice President, Voya Investments, LLC and Chief Compliance Officer, Voya Family of Funds (February 2012 – Present). Formerly, Assistant General Counsel and Assistant Secretary, The Northwestern Mutual Life Insurance Company (June 2004 – January 2012).
Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 48	Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary	March 2005 – Present	Senior Vice President, Voya Investments, LLC and Voya Funds Services, LLC (April 2005 – Present).
Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 51	Senior Vice President	January 2005 – Present	Senior Vice President, Voya Investments, LLC (September 2003 – Present).
Julius A. Drelick, III 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 49	Senior Vice President	July 2012 – Present	Senior Vice President and Chief Compliance Officer of Directed Services LLC and Voya Investments, LLC (January 2014 – Present); and Senior Vice President – Fund Compliance, Voya Funds Services, LLC (June 2012 – Present). Formerly, Vice President – Platform Product Management & Project Management, Voya Investments, LLC (April 2007 – June 2012).
Robert Terris 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 45	Senior Vice President	May 2006 – 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: 43	Vice President and Treasurer	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2012 – Present). Formerly, Assistant Vice President – Director, Voya Funds Services, LLC (March 2003 – March 2012).
Maria M. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57	Vice President	January 2005 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (September 2004 – 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
Lauren D. Bensinger 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 62	Vice President	January 2005 – Present	Vice President, Voya Funds Services, LLC (February 1996 – Present) and Voya Investments, LLC (October 2004 – Present); Vice President and Money Laundering Reporting Officer, Voya Investments Distributor, LLC (April 2010 – Present); Anti-Money Laundering Compliance Officer, Voya Financial, Inc. (January 2013 – Present); and Money Laundering Reporting Officer, Voya Investment Management Trust Co. (October 2012 – Present).
Sara M. Donaldson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 56	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).
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 48	Vice President	January 2005 – Present	Vice President, Voya Funds Services, LLC (November 1995 – Present) and Voya Investments, LLC (August 1997 – Present). Formerly, Treasurer, Voya Family of Funds (November 1999 – February 2012).
Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 39	Vice President	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2007 – Present).
Kimberly K. Springer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 58	Vice President	March 2006 – Present	Vice President – Mutual Fund Product Development, Voya Investments, LLC (July 2012 – Present); Vice President, Voya Investment Management – Voya Family of Funds (March 2010 – Present) and Vice President, Voya Funds Services, LLC (March 2006 – Present). Formerly Managing Paralegal, Registration Statements (June 2003 – July 2012).
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 46	Vice President	May 2013 – Present	Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (March 2013 – Present). Formerly, Assistant Vice President – Director of Tax, Voya Funds Services, LLC (March 2008 – February 2013).
Huey P. Falgout, Jr. 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52	Secretary	August 2003 – Present	Senior Vice President and Chief Counsel, Voya Investment Management – Mutual Fund Legal Department (March 2010 – Present).
Paul A. Caldarelli 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 64	Assistant Secretary	June 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: 53	Assistant Secretary	August 2003 – 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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Investment Adviser
Directed Services LLC
1475 Dunwoody Drive
West Chester, Pennsylvania 19380

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-VINDSOL (1215-021716)

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Annual Report

December 31, 2015

Classes ADV and S

Voya Partners, Inc.

■

VY® Fidelity® VIP Contrafund® Portfolio*

■

VY® Fidelity® VIP Equity-Income Portfolio*

■

VY® Fidelity® VIP Mid Cap Portfolio*

Fidelity and Contrafund are registered trademarks of FMR LLC.
Used with permission.

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PROXY VOTING INFORMATION

QUARTERLY PORTFOLIO HOLDINGS

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PRESIDENT’S LETTER

Fed action — global reaction

Dear Shareholder,

Sincerely,

Shaun Mathews
President and Chief Executive Officer
January 12, 2016

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, 2015

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Benchmark Descriptions

		Index				Description
		Barclays Global Inflation Linked U.S. TIPS Index				The index measures the performance of the US Treasury Inflation Protected Securities (TIPS) market.
		Barclays High Yield Bond — 2% Issuer Constrained Composite Index				An unmanaged 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.
		Barclays U.S. Aggregate Bond Index				An unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities.
		Barclays U.S. Corporate Investment Grade Bond Index				An unmanaged index consisting of publicly issued, fixed rate, nonconvertible, investment grade debt securities.
		Barclays U.S. Treasury Bond Index				A market capitalization-weighted index that measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of one year or more.
		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 unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
		Russell 2000® Index				An unmanaged index that measures the performance of securities of small U.S. companies.
		Russell 3000® Value Index				A market capitalization-weighted index of stocks of the 3,000 largest U.S. domiciled companies that exhibit value oriented companies.
		Russell Midcap® Index				An unmanaged 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.
		S&P 500® Index				An unmanaged 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 unmanaged index that measures the performance of the mid-size company segment of the U.S. market.
		Shanghai Stock Exchange Composite Index				A capitalization-weighted index. The index tracks the daily price performance of all A-shares and B-shares listed on the Shanghai Stock Exchange. The index was developed on December 19, 1990 with a base value of 100.

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VY® Fidelity® VIP Contrafund® Portfolio

Portfolio Managers’ Report

VY® Fidelity® VIP Contrafund® Portfolio (the “Portfolio”) seeks long-term capital appreciation by investing all of its assets in the Service Class 2 shares of the Fidelity® VIP Contrafund® Portfolio, a series of Fidelity Variable Insurance Products Fund II, a registered open-end investment company. Please refer to Management’s Discussion of Fund Performance on page 4 of the included Fidelity® Variable Insurance Products: Contrafund® Portfolio Annual Report.

[MISSING IMAGE: t1600159_chart-contrafund.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		10 Year
Class ADV		-0.16%		10.03%		6.41%
Class S		0.08%		10.29%		6.68%
S&P 500® Index		1.38%		12.57%		7.31%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY® Fidelity® VIP Contrafund® Portfolio against the index indicated. The index is unmanaged, has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in the 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.

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Portfolio Managers’ Report

VY® Fidelity® VIP Equity-Income Portfolio

VY® Fidelity® VIP Equity-Income Portfolio (the “Portfolio”) seeks reasonable income and considers the potential for capital appreciation by investing all of its assets in the Service Class 2 shares of the Fidelity® VIP Equity-Income Portfolio, a series of Fidelity Variable Insurance Products Fund, a registered open-end investment company. Please refer to Management’s Discussion of Fund Performance on page 4 of the included Fidelity® Variable Insurance Products: Equity-Income Portfolio Annual Report.

[MISSING IMAGE: t1600159_chart-equityincome.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		10 Year
Class ADV		-4.82%		8.78%		4.37%
Class S		-4.60%		9.03%		4.64%
Russell 3000® Value Index		-4.13%		10.98%		6.11%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY® Fidelity® VIP Equity-Income Portfolio against the index indicated. The index is unmanaged, has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in the 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.

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VY® Fidelity® VIP Mid Cap Portfolio

Portfolio Managers’ Report

VY® Fidelity® VIP Mid Cap Portfolio (the “Portfolio”) seeks long-term growth of capital by investing all of its assets in the Service Class 2 shares of the Fidelity® VIP Mid Cap Portfolio, a series of Fidelity Variable Insurance Products Fund III, a registered open-end investment company. Please refer to Management’s Discussion of Fund Performance on page 4 of the included Fidelity® Variable Insurance Products: Mid Cap Portfolio Annual Report.

[MISSING IMAGE: t1600159_chart-midcap.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2015
	1 Year		5 Year		10 Year
Class ADV		-2.19%		7.09%		6.78%
Class S		-1.88%		7.35%		7.05%
S&P MidCap 400 Index		-2.18%		10.68%		8.18%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY® Fidelity® VIP Mid Cap Portfolio against the index indicated. The index is unmanaged, has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in the 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.

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

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

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2015 to December 31, 2015. 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, 2015			Ending Account Value December 31, 2015			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2015*			Beginning Account Value July 1, 2015			Ending Account Value December 31, 2015			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2015*
VY® Fidelity® VIP Contrafund® Portfolio
Class ADV		$	1,000.00		$	970.50		1.43%		$	7.10		$	1,000.00		$	1,018.00		1.43%		$	7.27
Class S			1,000.00			971.70		1.18			5.86			1,000.00			1,019.26		1.18			6.01
VY® Fidelity® VIP Equity-Income Portfolio
Class ADV		$	1,000.00		$	946.30		1.34%		$	6.57		$	1,000.00		$	1,018.45		1.34%		$	6.82
Class S			1,000.00			947.10		1.09			5.35			1,000.00			1,019.71		1.09			5.55
VY® Fidelity® VIP Mid Cap Portfolio
Class ADV		$	1,000.00		$	933.30		1.43%		$	6.97		$	1,000.00		$	1,018.00		1.43%		$	7.27
Class S			1,000.00			935.20		1.18			5.76			1,000.00			1,019.26		1.18			6.01

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

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Shareholders and Board of Directors
Voya Partners, Inc.

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of VY® Fidelity® VIP Contrafund® Portfolio, VY® Fidelity® VIP Equity-Income Portfolio, and VY® Fidelity® VIP Mid Cap Portfolio, each a series of Voya Partners, Inc., as of December 31, 2015, 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 financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

Boston, Massachusetts
February 22, 2016

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STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2015

	VY® Fidelity® VIP Contrafund® Portfolio			VY® Fidelity® VIP Equity-Income Portfolio			VY® Fidelity® VIP Mid Cap Portfolio
ASSETS:
Investments in master fund at fair value*(1)		$	235,943,852		$	10,410,775		$	32,582,807
Cash			1,167,663			23,806			121,996
Receivables:
Investment in master fund sold			832,322			242,041			—
Fund shares sold			2,957			—			13,459
Prepaid expenses			531			22			72
Reimbursement due from manager			22,101			2,256			8,647
Other assets			7,748			622			1,210
Total assets			237,977,174			10,679,522			32,728,191
LIABILITIES:
Payable for investments in master fund purchased			2,935			—			13,444
Payable for fund shares redeemed			832,344			242,041			15
Payable for investment management fees			20,469			936			2,814
Payable for distribution and shareholder service fees			52,593			2,399			7,146
Payable for directors fees			1,376			60			186
Payable to directors under the deferred compensation plan (Note 6)			7,748			622			1,210
Other accrued expenses and liabilities			90,840			11,189			36,116
Total liabilities			1,008,305			257,247			60,931
NET ASSETS		$	236,968,869		$	10,422,275		$	32,667,260
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	214,198,805		$	23,499,450		$	29,494,917
Undistributed (distributions in excess of) net investment income			3,150,059			370,598			(1,216)
Accumulated net realized gain (loss)			(44,277,360)			(13,009,022)			3,778,328
Net unrealized appreciation (depreciation)			63,897,365			(438,751)			(604,769)
NET ASSETS		$	236,968,869		$	10,422,275		$	32,667,260
* Cost of investments in master fund at value		$	172,046,487		$	10,849,526		$	33,187,576
Class ADV
Net assets		$	6,722,484		$	278,094		$	521,070
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			463,127			24,787			34,299
Net asset value and redemption price per share		$	14.52		$	11.22		$	15.19
Class S
Net assets		$	230,246,385		$	10,144,181		$	32,146,190
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			15,719,506			903,249			2,087,693
Net asset value and redemption price per share		$	14.65		$	11.23		$	15.40

(1)

The master funds for the VY® Fidelity® VIP Contrafund®, VY® Fidelity® VIP Equity-Income and VY® Fidelity® VIP Mid Cap Portfolios are the Fidelity® VIP Contrafund®, Fidelity® VIP Equity-Income and Fidelity® VIP Mid Cap Portfolios, respectively. These financial statements should be read in conjunction with the master Fidelity funds’ financial statements.

See Accompanying Notes to Financial Statements

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STATEMENTS OF OPERATIONS for the year ended December 31, 2015

	VY® Fidelity® VIP Contrafund® Portfolio			VY® Fidelity® VIP Equity-Income Portfolio			VY® Fidelity® VIP Mid Cap Portfolio
INVESTMENT INCOME:
Dividends from master fund(1)		$	1,974,647		$	346,471		$	86,935
Total investment income			1,974,647			346,471			86,935
EXPENSES:
Investment management fees(2)			176,755			7,836			24,156
Distribution and shareholder service fees:
Class ADV			33,708			1,404			2,629
Class S			671,186			29,180			91,581
Class S2(3)			—			—			11
Transfer agent fees			251			4			745
Administrative service fees(2)			98,459			4,116			13,004
Shareholder reporting expense			18,250			1,825			10,494
Registration fees			696			—			348
Professional fees			77,745			10,950			16,429
Custody and accounting expense			24,090			1,095			3,210
Directors fees			8,256			359			1,115
Miscellaneous expense			13,606			7,029			7,347
Total expenses			1,123,002			63,798			171,069
Net waived and reimbursed fees			(277,407)			(26,982)			(58,253)
Net expenses			845,595			36,816			112,816
Net investment income (loss)			1,129,052			309,655			(25,881)
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Capital gain distributions from master fund			26,481,186			1,152,411			4,740,325
Sale of investments in master fund			44,074,851			257,709			2,363,606
Net realized gain			70,556,037			1,410,120			7,103,931
Net change in unrealized appreciation (depreciation) on:
Master fund			(70,634,233)			(2,263,512)			(7,608,324)
Net change in unrealized appreciation (depreciation)			(70,634,233)			(2,263,512)			(7,608,324)
Net realized and unrealized loss			(78,196)			(853,392)			(504,393)
Increase (decrease) in net assets resulting from operations		$	1,050,856		$	(543,737)		$	(530,274)

(1)

(2)

(3)

Class S2 of VY® Fidelity® VIP Mid Cap Portfolio liquidated on May 28, 2015.

See Accompanying Notes to Financial Statements

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STATEMENTS OF CHANGES IN NET ASSETS

	VY® Fidelity® VIP Contrafund® Portfolio						VY® Fidelity® VIP Equity-Income Portfolio
	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014
FROM OPERATIONS:
Net investment income		$	1,129,052		$	1,229,502		$	309,655		$	307,550
Net realized gain			70,556,037			31,864,676			1,410,120			1,100,032
Net change in unrealized appreciation (depreciation)			(70,634,233)			826,231			(2,263,512)			(259,623)
Increase (decrease) in net assets resulting from operations			1,050,856			33,920,409			(543,737)			1,147,959
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(174,251)			(24,081)			(10,681)			(10,601)
Class S			(7,189,918)			(1,674,200)			(448,151)			(589,465)
Total distributions			(7,364,169)			(1,698,281)			(458,832)			(600,066)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			6,825,556			9,267,936			657,951			901,113
Reinvestment of distributions			7,364,169			1,698,281			458,832			600,066
			14,189,725			10,966,217			1,116,783			1,501,179
Cost of shares redeemed			(78,056,879)			(79,991,121)			(2,694,039)			(3,600,173)
Net decrease in net assets resulting from capital share transactions			(63,867,154)			(69,024,904)			(1,577,256)			(2,098,994)
Net decrease in net assets			(70,180,467)			(36,802,776)			(2,579,825)			(1,551,101)
NET ASSETS:
Beginning of year or period			307,149,336			343,952,112			13,002,100			14,553,201
End of year or period		$	236,968,869		$	307,149,336		$	10,422,275		$	13,002,100
Undistributed net investment income at end of year or period		$	3,150,059		$	7,357,262		$	370,598		$	458,175

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	VY® Fidelity® VIP Mid Cap Portfolio
	Year Ended December 31, 2015			Year Ended December 31, 2014
FROM OPERATIONS:
Net investment (loss)		$	(25,881)		$	(123,227)
Net realized gain			7,103,931			6,112,711
Net change in unrealized appreciation (depreciation)			(7,608,324)			(3,665,690)
Increase (decrease) in net assets resulting from operations			(530,274)			2,323,794
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(4,189)			(48,801)
Class S			(465,055)			(2,047,718)
Class S2(1)			—			(273)
Net realized gains:
Class ADV			(32,225)			(74,539)
Class S			(2,136,248)			(2,906,187)
Class S2(1)			—			(393)
Total distributions			(2,637,717)			(5,077,911)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			2,392,518			2,088,992
Reinvestment of distributions			2,637,717			5,077,245
			5,030,235			7,166,237
Cost of shares redeemed			(9,406,202)			(10,462,728)
Net decrease in net assets resulting from capital share transactions			(4,375,967)			(3,296,491)
Net decrease in net assets			(7,543,958)			(6,050,608)
NET ASSETS:
Beginning of year or period			40,211,218			46,261,826
End of year or period		$	32,667,260		$	40,211,218
Undistributed (distributions in excess of) net investment income at end of year or period		$	(1,216)		$	467,098

(1)

Class S2 liquidated on May 28, 2015.

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				Ratios and Supplemental data including the master fund
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss) on master fund		Total from investment operations		From net investment income		From net realized gains from master fund		From return of capital from master fund		Total distributions		Net asset value, end of year or period		Total Return(1)		Gross expenses excluding expenses of the master fund(2)(3)(4)		Net expenses excluding expenses of the master fund(2)(3)(4)		Net investment income (loss) excluding expenses of the master fund(2)(4)		Net assets, end of year or period		Portfolio turnover rate(5)		Expenses including gross expenses of the master fund(2)(3)(4)		Expenses including expenses net of voluntary waivers, if any, of the master fund(2)(3)(4)		Expenses including expenses net of all reductions of the master fund(2)(3)(4)		Portfolio turnover rate of the master fund
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		($000’s)		(%)		(%)		(%)		(%)		(%)
VY® Fidelity® VIP Contrafund® Portfolio
Class ADV
12-31-15		14.92		0.04		(0.05)		(0.01)		0.39		—		—		0.39		14.52		(0.16)		0.65		0.55		0.26		6,722		13		1.53		1.43		1.42		80
12-31-14		13.49		0.03		1.45		1.48		0.05		—		—		0.05		14.92		11.02		0.65		0.55		0.21		6,674		5		1.53		1.43		1.43		74
12-31-13		10.42		0.04		3.11		3.15		0.08		—		—		0.08		13.49		30.31		0.65		0.55		0.29		6,336		4		1.54		1.43		1.42		86
12-31-12		9.05		0.07		1.33		1.40		0.03		—		—		0.03		10.42		15.46		0.61		0.55		0.77		5,451		5		1.50		1.44		1.43		87
12-31-11		9.42		0.01		(0.33)		(0.32)		0.05		—		—		0.05		9.05		(3.31)		0.55		0.55		0.24		4,023		8		1.45		1.44		1.43		135
Class S
12-31-15		15.04		0.06•		(0.03)		0.03		0.42		—		—		0.42		14.65		0.08		0.40		0.30		0.41		230,246		13		1.28		1.18		1.17		80
12-31-14		13.58		0.06		1.48		1.54		0.08		—		—		0.08		15.04		11.36		0.40		0.30		0.39		300,476		5		1.28		1.18		1.18		74
12-31-13		10.49		0.06•		3.13		3.19		0.10		—		—		0.10		13.58		30.46		0.40		0.30		0.49		337,616		4		1.29		1.18		1.17		86
12-31-12		9.10		0.08•		1.36		1.44		0.05		—		—		0.05		10.49		15.82		0.36		0.30		0.77		309,112		5		1.25		1.19		1.18		87
12-31-11		9.47		0.05		(0.35)		(0.30)		0.07		—		—		0.07		9.10		(3.10)		0.30		0.30		0.45		311,215		8		1.20		1.19		1.18		135
VY® Fidelity® VIP Equity-Income Portfolio
Class ADV
12-31-15		12.24		0.30•		(0.87)		(0.57)		0.45		—		—		0.45		11.22		(4.82)		0.78		0.55		2.53		278		18		1.57		1.34		1.33		46
12-31-14		11.81		0.27•		0.66		0.93		0.50		—		—		0.50		12.24		8.00		0.74		0.55		2.20		273		10		1.53		1.34		1.34		40
12-31-13		9.62		0.20•		2.38		2.58		0.39		—		—		0.39		11.81		27.03		0.68		0.55		1.81		247		17		1.48		1.34		1.34		32
12-31-12		8.36		0.10•		1.27		1.37		0.11		—		—		0.11		9.62		16.47		0.69		0.55		1.08		203		17		1.49		1.35		1.34		48
12-31-11		8.47		0.16		(0.16)		0.00*		0.11		—		—		0.11		8.36		0.14		0.55		0.55		1.83		454		20		1.36		1.36		1.35		96
Class S
12-31-15		12.24		0.31•		(0.85)		(0.54)		0.47		—		—		0.47		11.23		(4.60)		0.53		0.30		2.59		10,144		18		1.32		1.09		1.08		46
12-31-14		11.80		0.26		0.70		0.96		0.52		—		—		0.52		12.24		8.23		0.49		0.30		2.16		12,729		10		1.28		1.09		1.09		40
12-31-13		9.63		0.17•		2.45		2.62		0.45		—		—		0.45		11.80		27.46		0.43		0.30		1.59		14,306		17		1.23		1.09		1.09		32
12-31-12		8.43		0.22•		1.18		1.40		0.20		—		—		0.20		9.63		16.68		0.44		0.30		2.44		16,883		17		1.24		1.10		1.09		48
12-31-11		8.54		0.14•		(0.13)		0.01		0.12		—		—		0.12		8.43		0.33		0.30		0.30		1.66		17,687		20		1.11		1.11		1.10		96
VY® Fidelity® VIP Mid Cap Portfolio
Class ADV
12-31-15		16.63		(0.05)		(0.24)		(0.29)		0.13		1.02		—		1.15		15.19		(2.19)		0.71		0.55		(0.29)		521		19		1.59		1.43		1.43		26
12-31-14		17.89		(0.09)•		0.98		0.89		0.85		1.30		—		2.15		16.63		5.44		0.69		0.55		(0.54)		514		7		1.57		1.43		1.43		142
12-31-13		13.24		(0.05)•		4.70		4.65		—		—		—		—		17.89		35.12		0.67		0.55		(0.33)		1,118		20		1.56		1.44		1.43		132
12-31-12		11.62		(0.04)		1.66		1.62		—		—		—		—		13.24		13.94		0.65		0.55		(0.23)		1,609		11		1.55		1.45		1.43		187
12-31-11		13.10		(0.07)•		(1.41)		(1.48)		—		—		—		—		11.62		(11.30)		0.55		0.55		(0.54)		1,783		6		1.46		1.46		1.45		84

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				Ratios and Supplemental data including the master fund
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss) on master fund		Total from investment operations		From net investment income		From net realized gains from master fund		From return of capital from master fund		Total distributions		Net asset value, end of year or period		Total Return(1)		Gross expenses excluding expenses of the master fund(2)(3)(4)		Net expenses excluding expenses of the master fund(2)(3)(4)		Net investment income (loss) excluding expenses of the master fund(2)(4)		Net assets, end of year or period		Portfolio turnover rate(5)		Expenses including gross expenses of the master fund(2)(3)(4)		Expenses including expenses net of voluntary waivers, if any, of the master fund(2)(3)(4)		Expenses including expenses net of all reductions of the master fund(2)(3)(4)		Portfolio turnover rate of the master fund
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		($000’s)		(%)		(%)		(%)		(%)		(%)
VY® Fidelity® VIP Mid Cap Portfolio (continued)
Class S
12-31-15		16.88		(0.01)•		(0.23)		(0.24)		0.22		1.02		—		1.24		15.40		(1.88)		0.46		0.30		(0.07)		32,146		19		1.34		1.18		1.18		26
12-31-14		18.15		(0.05)•		1.00		0.95		0.92		1.30		—		2.22		16.88		5.69		0.44		0.30		(0.28)		39,692		7		1.32		1.18		1.18		142
12-31-13		13.41		(0.01)		4.76		4.75		0.01		—		—		0.01		18.15		35.41		0.42		0.30		(0.04)		45,139		20		1.31		1.19		1.18		132
12-31-12		11.74		0.00*		1.67		1.67		—		—		—		—		13.41		14.22		0.40		0.30		0.03		38,972		11		1.30		1.20		1.18		187
12-31-11		13.23		(0.04)		(1.43)		(1.47)		0.02		—		—		0.02		11.74		(11.11)		0.30		0.30		(0.28)		49,159		6		1.21		1.21		1.20		84

(1)

(2)

Annualized for periods less than one year.

(3)

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

(4)

Expense ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed by the Investment Adviser and/or Distributor or reductions from brokerage commission recapture 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 but prior to reductions from brokerage commission recapture 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.

(5)

Portfolio turnover rate is calculated based on the Portfolio’s purchases or sales of the master fund.

(6)

Commencement of operations.

•

Calculated using average number of shares outstanding throughout the 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, 2015

NOTE 1 — ORGANIZATION

Each Portfolio in this report operates as a “feeder fund” and seeks to achieve its investment objective by investing all its investable assets in a separate mutual fund (“Master Fund”). Each Master Fund is a registered open-end management investment company that has the same investment objective and substantially similar policies as each corresponding Portfolio. The investment objective of the Portfolios is described in the respective Portfolio’s Prospectus.

As of December 31, 2015, VY® Fidelity® VIP Contrafund®, VY® Fidelity® VIP Equity-Income, and VY® Fidelity® VIP Mid Cap each held 1.27%, 0.20% and 0.40% of their respective Master Fund. Each Master Fund directly acquires securities and a Portfolio investing in the Master Fund has indirect exposure to those securities.

The classes of shares included in this report are: Adviser (“Class ADV”) and Service (“Class S”). Shares of the Portfolios may be offered to separate accounts (“Separate Accounts”) of insurance companies as investment options in connection with variable annuity contracts and variable life insurance policies (“Variable Contracts”) and to certain of the Portfolios’ investment advisers and their affiliates. In the future, shares may also be offered to qualified pension and retirement plans (“Qualified Plans”) outside the Separate Account context. Each class has equal rights as to 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 bear 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.

Directed Services LLC (“DSL” or the “Investment Adviser”), a Delaware limited liability company and an affiliate of Voya Investments, LLC, serves as the Investment Adviser to the Portfolios. DSL 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. 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

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 NAV per share of each class of each Portfolio is computed 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

Fidelity and Contrafund are registered trademarks of FMR LLC. Used with permission.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 the Portfolio does not price its shares, the value of the Portfolio’s assets will likely change and you will not be able to purchase or redeem shares of the Portfolio. The NAV of each Portfolio is determined based upon the NAV of the respective Master Fund.

Securities of each Master Fund are valued at their NAV. For more information regarding the determination of NAV of each Master Fund, including the circumstances under which the Master Funds will use fair value pricing and the effects of using fair value pricing, see the Master Funds’ Prospectus and SAI.

When your Variable Contract or Qualified Plan is buying shares of a Portfolio, it will pay the NAV that is next calculated after the order from the Variable Contract owner or Qualified Plan participant is received in proper form. When the Variable Contract owner or Qualified Plan participant is selling shares, it will normally receive the NAV that is next calculated after the order form is received from the Variable Contract owner or Qualified Plan participant in proper form. Investments will be processed at the NAV next calculated after an order is received and accepted by a Portfolio or its designated agent. In order to receive that day’s price, your order must be received by Market Close.

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 unobservable inputs, including the 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. Securities valued at amortized cost 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 Portfolios of Investments.

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.

For the year ended December 31, 2015, there have been no significant changes to the fair valuation methodologies.

B. Security Transactions and Revenue Recognition. Security transactions are accounted for on the trade date. Dividend income received from the master funds is recognized on the ex-dividend date and is recorded as income distributions in the Statements of Operations. Capital gain distributions received from the master funds are recognized on the ex-dividend date and are recorded on the Statements of Operations as such. Costs used in determining realized gains and losses on the sales of investment securities are on the basis of specific identification.

C. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Each Portfolio declares and pays dividends and capital gain 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 U.S. GAAP for investment companies.

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

F. 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 — INVESTMENTS IN MASTER FUNDS

For the year ended December 31, 2015, the cost of purchases and the proceeds from sales of the Master Funds were as follows:

	Purchases			Sales
VY® Fidelity® VIP Contrafund®		$	34,439,058		$	105,325,070
VY® Fidelity® VIP Equity-Income			2,094,252			3,826,976
VY® Fidelity® VIP Mid Cap			7,102,692			14,162,902

NOTE 4 — INVESTMENT MANAGEMENT AND MASTER FUNDS EXPENSES

Fidelity Management & Research Company (“FMR”) serves as investment adviser to each Master Fund. FMR has day-to-day responsibility for choosing investments for each Master Fund. As shareholders of the Master Funds, the Portfolios indirectly pay a portion of the master-level management fee.(1)

Each Master Fund, Fidelity® VIP Contrafund® Portfolio, Fidelity® VIP Equity-Income Portfolio and Fidelity® VIP Mid Cap Portfolio, pays FMR a management fee for advisory services at annual rates of 0.55%, 0.45% and 0.55%, of each respective Master Fund’s current average daily net assets. Prior to May 1, 2015 and pursuant to its Management Agreement with the Company, if the respective Portfolio did not invest substantially all of its assets in another investment company, DSL may have

charged an annual management fee at annual rates equal to 0.58%, 0.48% and 0.58% of average daily net assets for VY® Fidelity® VIP Contrafund®, VY® Fidelity® VIP Equity-Income and VY® Fidelity® VIP Mid Cap, respectively. If a Portfolio invested substantially all of its assets in another investment company, DSL did not charge a management fee. No management fees were paid to the Investment Adviser through April 30, 2015, as each Portfolio invested substantially all of its assets in another investment company.

Also, prior to May 1, 2015, the Portfolios had entered into an administrative agreement (“Administrative Agreement”) with Voya Funds Services, LLC (the “Administrator”), a Delaware limited liability company. The Administrator provided certain administrative and shareholder services necessary for each Portfolio’s operations and was responsible for the supervision of other service providers. For its services, the Administrator was entitled to receive from each Portfolio a management fee at an annual rate of 0.10% of each Portfolio’s average daily net assets. Amounts paid to the Administrator through April 30, 2015 are reflected as administrative service fees on the accompanying Statements of Operations.

Pursuant to its Amended and Restated Investment Management Agreement with the Company, if the respective Portfolio does not invest substantially all of its assets in another investment company, DSL may charge an annual management fee at annual rates equal to 0.68%, 0.58% and 0.68% of average daily net assets for VY® Fidelity® VIP Contrafund®, VY® Fidelity® VIP Equity-Income and VY® Fidelity® VIP Mid Cap, respectively. If a Portfolio invests substantially all of its assets in another investment company, DSL may charge an annual management fee at annual rates equal to 0.10% of average daily net assets for each Portfolio. Each Portfolio anticipates investing substantially all of its assets in another investment company. Single management fee

(1)

Investors in the Portfolios should recognize that an investment in the Portfolios bears not only a proportionate share of the expenses of the Portfolios (including operating costs and management fees, if any), but also indirectly similar expenses of the Master Funds in which each Portfolio invests. Investors also bear their proportionate share of any sales charges incurred by the Portfolios related to the purchase of shares of the mutual fund investments.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 4 — INVESTMENT MANAGEMENT AND MASTER FUNDS EXPENSES (continued)

amounts paid to the Investment Adviser from May 1, 2015 through December 31, 2015 are reflected as investment management fees on the accompanying Statement of Operations.

For the year ended December 31, 2015, each Portfolio invested substantially all of its assets in its respective Master Fund.

NOTE 5 — DISTRIBUTION AND SERVICE FEES

The Portfolios have a shareholder servicing plan (“Service Plan”) for the Class ADV and Class S shares of each respective Portfolio. Under the Service Plan, a Portfolio pays the Distributor a fee calculated at an annual rate of 0.25% of a Portfolio’s average daily net assets attributable to its Class ADV and Class S shares.

The Portfolios have a plan of distribution pursuant to Rule 12b-1 under the 1940 Act (“Distribution Plan”) for the Class ADV shares of each respective Portfolio. The Distribution Plan provides for a distribution fee, payable to the Distributor at an annual rate not to exceed 0.25% of a Portfolio’s average daily net assets attributable to its Class ADV shares.

Fidelity Distributors Corporation (“FDC”) distributes Service Class 2 shares of each Master Fund. Service Class 2 of each Master Fund currently pays FDC a 12b-1 (service) fee at an annual rate of 0.25% of its average net assets throughout the month. Shareholders of Class ADV and Class S shares of each respective Portfolio pay only their proportionate share of the Master Fund’s 12b-1 plan expenses.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At December 31, 2015, the following direct or indirect, wholly-owned subsidiary of Voya Financial, Inc. owned more than 5% of the following Portfolios:

Subsidiary	Portfolio	Percentage
Voya Retirement Insurance and Annuity Company	VY® Fidelity® VIP Contrafund®		99.25%
	VY® Fidelity® VIP Equity-Income		96.57
	VY® Fidelity® VIP Mid Cap		98.76

NOTE 7 — OTHER ACCRUED EXPENSES AND LIABILITIES

At December 31, 2015, the following Portfolio had the below payables included in Other Accrued Expenses and Liabilities on the Statements of Assets and Liabilities that exceeded 5% of total liabilities:

Portfolio	Accrued Expense	Amount
VY® Fidelity® VIP Mid Cap	Audit		$	5,837
VY® Fidelity® VIP Mid Cap	Shareholder Reporting			20,935

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 for each Portfolio, excluding interest, taxes, investment-related costs, leverage expenses, Master Fund Fees and Expenses, and extraordinary expenses to 0.55% and 0.30% for Class ADV and Class S, respectively.

The Investment Adviser may at a later date recoup from a Portfolio for fees waived and other expenses assumed 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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 8 — EXPENSE LIMITATION AGREEMENT (continued)

As of December 31, 2015, the amounts of waived and/or reimbursed fees subject to possible recoupment by the Investment Adviser, and the related expiration dates are as follows:

	December 31,
	2016			2017			2018			Total
VY® Fidelity® VIP Contrafund®		$	316,955		$	320,070		$	277,407		$	914,432

	December 31,
	2016		2017		2018		Total
VY® Fidelity® VIP Equity-Income		22,012		26,392		26,982		75,386
VY® Fidelity® VIP Mid Cap		53,428		57,390		58,251		169,069

The Expense Limitation Agreement is contractual through May 1, 2016 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

NOTE 9 — 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	#		#		#		#		#		($)		($)		($)		($)		($)
VY® Fidelity® VIP Contrafund®
Class ADV
12/31/2015		43,826		—		11,563		(39,610)		15,779		649,368		—		174,251		(588,505)		235,114
12/31/2014		124,454		—		1,713		(148,588)		(22,421)		1,726,506		—		24,081		(2,074,739)		(324,152)
Class S
12/31/2015		406,235		—		473,332		(5,140,167)		(4,260,600)		6,176,188		—		7,189,918		(77,468,374)		(64,102,268)
12/31/2014		534,851		—		118,234		(5,525,929)		(4,872,844)		7,541,430		—		1,674,200		(77,916,382)		(68,700,752)
VY® Fidelity® VIP Equity-Income
Class ADV
12/31/2015		3,671		—		900		(2,098)		2,473		44,596		—		10,681		(25,617)		29,660
12/31/2014		873		—		886		(334)		1,425		10,526		—		10,601		(4,108)		17,019
Class S
12/31/2015		51,365		—		37,755		(225,665)		(136,545)		613,355		—		448,151		(2,668,422)		(1,606,916)
12/31/2014		73,964		—		49,327		(295,821)		(172,530)		890,587		—		589,465		(3,596,065)		(2,116,013)
VY® Fidelity® VIP Mid Cap
Class ADV
12/31/2015		5,105		—		2,231		(3,969)		3,367		87,714		—		36,414		(67,505)		56,623
12/31/2014		8,353		—		7,675		(47,582)		(31,554)		147,725		—		123,340		(786,244)		(515,179)
Class S
12/31/2015		135,395		—		157,464		(556,063)		(263,204)		2,304,804		—		2,601,303		(9,333,399)		(4,427,292)
12/31/2014		109,232		—		303,920		(549,039)		(135,887)		1,941,267		—		4,953,905		(9,676,484)		(2,781,312)
Class S2(1)
12/31/2015		—		—		—		(302)		(302)		—		—		—		(5,298)		(5,298)
12/31/2014		—		—		—		—		—		—		—		—		—

—

(1)

Class S2 liquidated on May 28, 2015.

NOTE 10 — 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 U.S. 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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2015 (continued)

NOTE 10 — Federal Income Taxes (continued)

The following permanent tax differences have been reclassified as of December 31, 2015:

	Paid-in Capital			Undistributed Net Investment Income			Accumulated Net Realized Gains/(Losses)
VY® Fidelity® VIP Contrafund®		$	—		$	2,027,914		$	(2,027,914)
VY® Fidelity® VIP Equity-Income			—			61,600			(61,600)
VY® Fidelity® VIP Mid Cap			(185)			26,811			(26,626)

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

	Year Ended December 31, 2015						Year Ended December 31, 2014
	Ordinary Income			Long-term Capital Gains			Ordinary Income			Long-term Capital Gains
VY® Fidelity® VIP Contrafund®		$	7,364,169		$	—		$	1,698,281		$	—
VY® Fidelity® VIP Equity-Income			458,832			—			600,066			—
VY® Fidelity® VIP Mid Cap			564,612			2,073,105			2,096,792			2,981,119

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards
Amount	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Character			Expiration
VY® Fidelity® VIP Contrafund®		$	3,157,772		$	—		$	28,429,791		$	(1,420,874)	Short-term	2017
												(7,388,912)	Short-term	2018
											$	(8,809,786)*
VY® Fidelity® VIP Equity-Income			371,256			—			(1,763,378)			(4,401,655)	Short-term	2017
												(5,708,489)	Short-term	2018
												(42,629)	Short-term	None
												(1,531,622)	Long-term	None
											$	(11,684,395)
VY® Fidelity® VIP Mid Cap			—			4,842,306			(1,668,747)			—	—	—

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.

NOTE 11 — SUBSEQUENT EVENT

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® Fidelity® VIP Contrafund® Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
Master Fund: 99.6%
	7,096,056	Fidelity VIP Contrafund Portfolio - Service Class 2		$	235,943,852		99.6
		Total Investments in Master Fund (Cost $172,046,487)		$	235,943,852		99.6
		Assets in Excess of Other Liabilities			1,025,017		0.4
		Net Assets		$	236,968,869		100.0

Cost for federal income tax purposes is $207,514,061.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	28,429,791
Gross Unrealized Depreciation		—
Net Unrealized Appreciation	$	28,429,791

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Master Fund		$	235,943,852		$	—		$	—		$	235,943,852
Total Investments, at fair value		$	235,943,852		$	—		$	—		$	235,943,852

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

VY® Fidelity® VIP Equity-Income Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
Master Fund: 99.9%
	519,500	Fidelity VIP Equity-Income Portfolio - Service Class 2		$	10,410,775		99.9
		Total Investments in Master Fund (Cost $10,849,526)		$	10,410,775		99.9
		Assets in Excess of Other Liabilities			11,500		0.1
		Net Assets		$	10,422,275		100.0

Cost for federal income tax purposes is $12,174,153.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	—
Gross Unrealized Depreciation		(1,763,378)
Net Unrealized Depreciation	$	(1,763,378)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Master Fund		$	10,410,775		$	—		$	—		$	10,410,775
Total Investments, at fair value		$	10,410,775		$	—		$	—		$	10,410,775

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

VY® Fidelity® VIP Mid Cap Portfolio

as of December 31, 2015

Shares			Value			Percentage of Net Assets
Master Fund: 99.7%
	1,023,651	Fidelity VIP Mid Cap Portfolio - Service Class 2		$	32,582,807		99.7
		Total Investments in Master Fund (Cost $33,187,576)		$	32,582,807		99.7
		Assets in Excess of Other Liabilities			84,453		0.3
		Net Assets		$	32,667,260		100.0

Cost for federal income tax purposes is $34,251,554.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	—
Gross Unrealized Depreciation		(1,668,747)
Net Unrealized Depreciation	$	(1,668,747)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 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, 2015
Asset Table
Investments, at fair value
Master Fund		$	32,582,807		$	—		$	—		$	32,582,807
Total Investments, at fair value		$	32,582,807		$	—		$	—		$	32,582,807

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended December 31, 2015 were as follows:

Portfolio Name	Type	Per Share Amount
VY® Fidelity® VIP Contrafund® Portfolio
Class ADV	NII		$	0.3908
Class S	NII		$	0.4167
VY® Fidelity® VIP Equity-Income Portfolio
Class ADV	NII		$	0.4545
Class S	NII		$	0.4730
VY® Fidelity® VIP Mid Cap Portfolio
Class ADV	NII		$	0.1326
Class S	NII		$	0.2224
All Classes	STCG		$	0.0455
All Classes	LTCG		$	0.9789

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, 2015, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

	VY® Fidelity® VIP Contrafund® Portfolio					55.48%
	VY® Fidelity® VIP Equity-Income Portfolio					64.50%
	VY® Fidelity® VIP Mid Cap Portfolio					52.89%

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):

VY® Fidelity® VIP Mid Cap Portfolio

2,073,105

TABLE OF CONTENTS

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: 55

Director

November 2007 – Present

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

151

DSM/Dentaquest, Boston, MA (February 2014 – Present).

John V. Boyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 62

Chairperson

Director

January 2014 – Present
November 1997 – Present

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

151

None.

Patricia W. Chadwick
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 67

Director

January 2006 – Present

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

151

Wisconsin Energy Corporation (June 2006 – Present); The Royce Funds (35 funds) (December 2009 – Present); and AMICA Mutual Insurance Company (1992 – Present).

Peter S. Drotch
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 74

Director

November 2007 – Present

Retired.

151

First Marblehead Corporation (September 2003 – Present).

Martin J. Gavin
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, AZ 85258-2034
Age: 65

Director

August 2015 – Present

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

151

None.

Russell H. Jones
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 71

Director

May 2013 – Present

Retired.

151

None.

Patrick W. Kenny
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 73

Director

March 2002 – Present

Retired.

151

Assured Guaranty Ltd. (April 2004 – Present).

Joseph E. Obermeyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 58

Director

May 2013 – Present

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

151

None.

Sheryl K. Pressler
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 65

Director

January 2006 – Present

Consultant (May 2001 – Present).

151

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

Christopher P. Sullivan
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 62

Director

October 2015 – Present

Retired. Formerly, President, Bond Division, Fidelity Management and Research (June 2009 – September 2012).

151

None.

Roger B. Vincent
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 70

Director

January 2005 – Present

Retired. Formerly, President, Springwell Corporation, a corporate finance firm (March 1989 – August 2011).

151

UGI Corporation (February 2006 – Present) and UGI Utilities, Inc. (February 2006 – Present).

Director who is an “interested person”:

Shaun P. Mathews(3)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 60

Director

November 2007 – Present

President and Chief Executive Officer, Voya Investments, LLC (December 2006 – Present).

151

(1)

(2)

(3)

Effective December 31, 2015, Dr. Albert E. DePrince, Jr. retired as a 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
Shaun P. Mathews 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 60	President and Chief Executive Officer	November 2006 – Present	President and Chief Executive Officer, Voya Investments, LLC (December 2006 – Present).
Michael J. Roland 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57	Managing Director and Chief Operating Officer	April 2012 – Present	Managing Director and Chief Operating Officer, Voya Investments, LLC and Voya Funds Services, LLC (April 2012 – Present). Formerly, Chief Compliance Officer, Directed Services LLC and Voya Investments, LLC (March 2011 – December 2013); Executive Vice President and Chief Operating Officer, Voya Investments, LLC and Voya Funds Services, LLC (January 2007 – April 2012) and Chief Compliance Officer, Voya Family of Funds (March 2011 – February 2012).
Stanley D. Vyner 230 Park Avenue New York, New York 10169 Age: 65	Executive Vice President Chief Investment Risk Officer	January 2005 – Present September 2009 – Present	Executive Vice President, Voya Investments, LLC (July 2000 – Present) and Chief Investment Risk Officer, Voya Investments, LLC (January 2003 – Present).
Kevin M. Gleason 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 49	Chief Compliance Officer	February 2012 – Present	Senior Vice President, Voya Investments, LLC and Chief Compliance Officer, Voya Family of Funds (February 2012 – Present). Formerly, Assistant General Counsel and Assistant Secretary, The Northwestern Mutual Life Insurance Company (June 2004 – January 2012).
Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 48	Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary	March 2005 – Present	Senior Vice President, Voya Investments, LLC and Voya Funds Services, LLC (April 2005 – Present).
Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 51	Senior Vice President	January 2005 – Present	Senior Vice President, Voya Investments, LLC (September 2003 – Present).
Julius A. Drelick, III 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 49	Senior Vice President	July 2012 – Present	Senior Vice President and Chief Compliance Officer of Directed Services LLC and Voya Investments, LLC (January 2014 – Present); and Senior Vice President – Fund Compliance, Voya Funds Services, LLC (June 2012 – Present). Formerly, Vice President – Platform Product Management & Project Management, Voya Investments, LLC (April 2007 – June 2012).
Robert Terris 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 45	Senior Vice President	May 2006 – 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: 43	Vice President and Treasurer	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2012 – Present). Formerly, Assistant Vice President – Director, Voya Funds Services, LLC (March 2003 – March 2012).
Maria M. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57	Vice President	January 2005 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (September 2004 – 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
Lauren D. Bensinger 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 62	Vice President	January 2005 – Present	Vice President, Voya Funds Services, LLC (February 1996 – Present) and Voya Investments, LLC (October 2004 – Present); Vice President and Money Laundering Reporting Officer, Voya Investments Distributor, LLC (April 2010 – Present); Anti-Money Laundering Compliance Officer, Voya Financial, Inc. (January 2013 – Present); and Money Laundering Reporting Officer, Voya Investment Management Trust Co. (October 2012 – Present).
Sara M. Donaldson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 56	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).
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 48	Vice President	January 2005 – Present	Vice President, Voya Funds Services, LLC (November 1995 – Present) and Voya Investments, LLC (August 1997 – Present). Formerly, Treasurer, Voya Family of Funds (November 1999 – February 2012).
Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 39	Vice President	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2007 – Present).
Kimberly K. Springer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 58	Vice President	March 2006 – Present	Vice President – Mutual Fund Product Development, Voya Investments, LLC (July 2012 – Present); Vice President, Voya Investment Management – Voya Family of Funds (March 2010 – Present) and Vice President, Voya Funds Services, LLC (March 2006 – Present). Formerly Managing Paralegal, Registration Statements (June 2003 – July 2012).
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 46	Vice President	May 2013 – Present	Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (March 2013 – Present). Formerly, Assistant Vice President – Director of Tax, Voya Funds Services, LLC (March 2008 – February 2013).
Huey P. Falgout, Jr. 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52	Secretary	August 2003 – Present	Senior Vice President and Chief Counsel, Voya Investment Management – Mutual Fund Legal Department (March 2010 – Present).
Paul A. Caldarelli 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 64	Assistant Secretary	June 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: 53	Assistant Secretary	August 2003 – 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.

Fidelity^® Variable Insurance Products:

Contrafund^® Portfolio

Annual Report

December 31, 2015

Contents

Performance	3

Management’s Discussion of Fund Performance	4

Investment Summary	5

Investments	6

Financial Statements	13

Notes to Financial Statements	19

Report of Independent Registered Public Accounting Firm	26

Trustees and Officers	27

Shareholder Expense Example	34

Distributions	35

Board Approval of Investment Advisory Contracts and Management Fees	36

To view a fund’s proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission’s (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity^® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor’s, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund’s portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity’s web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Table of Contents

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. Performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company’s separate account. If performance information included the effect of these additional charges, the total returns would have been lower. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended December 31, 2015	Past 1	Past 5	Past 10
	year	years	years
Initial Class	0.64%	10.91%	7.26%
Service Class	0.56%	10.80%	7.16%
Service Class 2	0.39%	10.63%	7.00%
Investor Class	0.56%	10.82%	7.17%

$10,000 Over 10 Years

Let’s say hypothetically that $10,000 was invested in VIP Contrafund^SM Portfolio – Initial Class on December 31, 2005.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500^® Index performed over the same period.

Annual Report

Table of Contents

Management’s Discussion of Fund Performance

Market Recap: U.S. stocks gained modestly in 2015, rebounding from a steep decline in August and September over worries about China’s slowing economic growth. The S&P 500^® index rose 1.38% for the period, its lowest calendar-year return since 2008. After the late-summer rout, stocks sharply reversed course in October, lifted by the U.S. Federal Reserve’s decision to put off raising near-term interest rates until mid-December. Investors also were encouraged by an interest-rate cut in China and economic stimulus in Europe. Overall, growth stocks fared much better than their value counterparts, as investors sought growth in a subpar economic environment. This helped lift the technology-heavy Nasdaq Composite Index^® 6.96% for the year. Sector performance in the broader market was split, with five of 10 sectors in the S&P 500^® gaining ground and five retreating. Consumer discretionary (+10%) led the way, benefiting from rising personal income and low inflation. Health care (+7%), consumer staples (+7%) and information technology (+6%) also outpaced the broad market amid strong fundamentals. Conversely, energy (-21%) was by far the worst performer, stung by deflated commodity prices that also hit materials (-8%). The defensive, but rate-sensitive utilities sector (-5%) lost ground on the cusp of Fed tightening, while industrials (-3%) were dragged down with energy prices and a slower-growing China.

Comments from Co-Portfolio Manager Robert Stansky: For the year, the fund’s share classes posted small gains while trailing the benchmark S&P 500^® index. Stock selection in the consumer discretionary sector was the biggest drag on relative performance. One stock responsible for a lot of the negative impact here was strong-performing online retailer Amazon.com, the fund’s biggest relative detractor and a stock we didn’t own for much of the period because of concerns about its valuation. Given Amazon’s improving profitability and its recent success in cloud computing, Co-Manager Peter Dixon built an overweighted position here in November. Also detracting was chipmaker Marvell Technology Group, an out-of-benchmark position. Not owning industrial conglomerate General Electric also detracted, as did a sizable underweighting in PC software provider Microsoft. Both were strong-performing index names. Conversely, the fund got a boost from stock picking in industrials. Shares of Roper Technologies, the fund’s top relative contributor and fourth-largest holding at the end of 2015, rose about 22% for the year. The maker of pumps and other equipment used in the energy and industrials sectors, as well as medical software and scientific imaging products, posted strong third-quarter earnings. Other noteworthy contributors were coffee-bar operator Starbucks and managed-care provider CIGNA.

Note to shareholders: On November 2, 2015, Peter Dixon was named Co-Manager of the fund to manage its consumer discretionary sleeve, succeeding Peter Saperstone.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

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Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2015

			% of fund’s
	% of fund’s		net assets
	net assets		6 months ago
Alphabet, Inc. Class C		3.0		1.8
Apple, Inc.		2.5		4.2
Danaher Corp.		2.4		1.9
Roper Technologies, Inc.		2.2		1.6
AMETEK, Inc.		2.2		1.7
JPMorgan Chase & Co.		1.7		1.9
Capital One Financial Corp.		1.6		1.8
Amazon.com, Inc.		1.6		0.0
Facebook, Inc. Class A		1.4		0.9
The Coca-Cola Co.		1.4		1.2
		20.0

Market Sectors as of December 31, 2015

			% of fund’s
	% of fund’s		net assets
	net assets		6 months ago
Information Technology		19.8		18.3
Financials		15.8		16.3
Health Care		15.2		15.3
Consumer Discretionary		13.7		14.6
Consumer Staples		9.8		9.0
Industrials		8.9		9.8
Energy		6.5		7.6
Materials		3.7		3.8
Utilities		2.9		2.7
Telecommunication Services		2.2		1.8

Asset Allocation (% of fund’s net assets)

Foreign investments – 12.0%

Foreign investments – 11.5%

Percentages shown as 0.0% may reflect amounts less than 0.05%.

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Investments December 31, 2015
Showing Percentage of Net Assets

Common Stocks – 98.4%

	Shares		Value

CONSUMER DISCRETIONARY – 13.7%
Auto Components – 0.6%
Delphi Automotive PLC		1,216,400	$	104,281,972
Automobiles – 0.3%
Tesla Motors, Inc. (a)		239,100		57,386,391
Diversified Consumer Services – 0.3%
2U, Inc. (a)		785,400		21,975,492
H&R Block, Inc.		1,260,100		41,973,931
				63,949,423
Hotels, Restaurants & Leisure – 1.6%
Fiesta Restaurant Group, Inc. (a)		602,500		20,244,000
Hilton Worldwide Holdings, Inc.		5,497,700		117,650,780
Las Vegas Sands Corp.		1,010,900		44,317,856
Starbucks Corp.		1,989,400		119,423,682
Tuniu Corp. Class A sponsored ADR (a)		309,109		4,939,562
				306,575,880
Household Durables – 0.2%
Lennar Corp. Class A		384,414		18,801,689
PulteGroup, Inc.		1,590,640		28,345,205
				47,146,894
Internet & Catalog Retail – 1.6%
Amazon.com, Inc. (a)		433,700		293,133,493
Media – 3.5%
Charter Communications, Inc. Class A (a)(b)		738,200		135,164,420
Comcast Corp. Class A		238,300		13,447,269
ITV PLC		37,801,500		154,140,803
Legend Pictures LLC (a)(c)(d)		2,062		3,777,378
Manchester United PLC (b)		1,352,629		24,090,322
MDC Partners, Inc. Class A		2,088,521		45,362,676
The Madison Square Garden Co. (a)		201,306		32,571,311
The Walt Disney Co.		2,213,700		232,615,596
Weinstein Co. Holdings LLC Class A-1 unit (a)(c)(d)		11,499		3,438,201
				644,607,976
Multiline Retail – 0.4%
B&M European Value Retail S.A.		15,805,466		66,336,290
Specialty Retail – 3.4%
AutoZone, Inc. (a)		112,445		83,424,070
Home Depot, Inc.		1,517,494		200,688,582
L Brands, Inc.		1,682,371		161,204,789
Ross Stores, Inc.		1,652,450		88,918,335
TJX Companies, Inc.		1,383,939		98,135,114
				632,370,890
Textiles, Apparel & Luxury Goods – 1.8%
NIKE, Inc. Class B		3,038,802		189,925,125
VF Corp.		2,248,800		139,987,800
				329,912,925

TOTAL CONSUMER DISCRETIONARY				2,545,702,134

CONSUMER STAPLES – 9.8%
Beverages – 2.1%
Anheuser-Busch InBev SA NV		36,571		4,551,161


	Shares		Value

Constellation Brands, Inc. Class A (sub. vtg.)		495,200	$	70,536,288
Monster Beverage Corp.		395,033		58,844,116
The Coca-Cola Co.		6,127,306		263,229,066
				397,160,631
Food & Staples Retailing – 2.1%
CVS Health Corp.		2,021,364		197,628,758
Kroger Co.		2,748,764		114,980,798
Sprouts Farmers Market LLC (a)		724,000		19,251,160
Wal-Mart Stores, Inc.		394,276		24,169,119
Whole Foods Market, Inc.		1,286,806		43,108,001
				399,137,836
Food Products – 1.1%
Blue Buffalo Pet Products, Inc. (a)(b)		289,900		5,424,029
Keurig Green Mountain, Inc.		762,133		68,576,727
Mead Johnson Nutrition Co. Class A		1,025,989		81,001,832
The Hershey Co.		440,490		39,322,542
				194,325,130
Household Products – 1.4%
Colgate-Palmolive Co.		2,416,900		161,013,878
Procter & Gamble Co.		1,241,184		98,562,421
				259,576,299
Personal Products – 0.4%
Estee Lauder Companies, Inc. Class A		675,928		59,522,220
Nu Skin Enterprises, Inc. Class A		472,937		17,919,583
				77,441,803
Tobacco – 2.7%
Altria Group, Inc.		3,877,554		225,712,418
British American Tobacco PLC sponsored ADR		1,854,279		204,805,116
Philip Morris International, Inc.		729,400		64,121,554
Reynolds American, Inc.		73,436		3,389,071
				498,028,159

TOTAL CONSUMER STAPLES				1,825,669,858

ENERGY – 6.4%
Energy Equipment & Services – 1.5%
Baker Hughes, Inc.		1,036,200		47,820,630
Dril-Quip, Inc. (a)		276,749		16,391,843
Halliburton Co.		717,982		24,440,107
Independence Contract Drilling, Inc. (a)		1,081,939		5,463,792
Oceaneering International, Inc.		479,162		17,978,158
Schlumberger Ltd.		2,274,000		158,611,500
				270,706,030
Oil, Gas & Consumable Fuels – 4.9%
Anadarko Petroleum Corp.		1,824,121		88,615,798
Apache Corp.		1,003,600		44,630,092
Black Stone Minerals LP		1,195,000		17,243,850
Cabot Oil & Gas Corp.		1,718,635		30,402,653
Chevron Corp.		1,345,900		121,077,164
Cimarex Energy Co.		249,300		22,282,434
Encana Corp.		4,618,200		23,463,139
EOG Resources, Inc.		803,574		56,885,003
Exxon Mobil Corp.		1,619,002		126,201,206

See accompanying notes which are an integral part of the financial statements.

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Table of Contents

Common Stocks – continued

	Shares		Value

ENERGY – continued
Oil, Gas & Consumable Fuels – continued
Kinder Morgan, Inc.		269,700	$	4,023,924
Memorial Resource Development Corp. (a)		1,499,500		24,216,925
Noble Energy, Inc.		2,471,800		81,396,374
Parsley Energy, Inc. Class A (a)		1,629,457		30,063,482
Phillips 66 Co.		999,439		81,754,110
Pioneer Natural Resources Co.		406,600		50,979,508
PrairieSky Royalty Ltd. (b)		1,444,612		22,884,943
SM Energy Co. (b)		1,240,600		24,390,196
Suncor Energy, Inc.		2,386,195		61,599,252
				912,110,053

TOTAL ENERGY				1,182,816,083

FINANCIALS – 15.8%
Banks – 6.6%
Bank of America Corp.		14,439,214		243,011,972
Citigroup, Inc.		4,177,450		216,183,038
Comerica, Inc.		1,157,500		48,418,225
Huntington Bancshares, Inc.		3,415,181		37,771,902
JPMorgan Chase & Co.		4,821,006		318,331,026
M&T Bank Corp.		496,500		60,165,870
Regions Financial Corp.		3,286,900		31,554,240
Synovus Financial Corp.		950,023		30,761,745
U.S. Bancorp		3,805,544		162,382,562
Wells Fargo & Co.		983,200		53,446,752
Zions Bancorporation		1,008,500		27,532,050
				1,229,559,382
Capital Markets – 1.8%
Bank of New York Mellon Corp.		990,400		40,824,288
BlackRock, Inc. Class A		191,113		65,077,799
E*TRADE Financial Corp. (a)		1,456,278		43,164,080
Goldman Sachs Group, Inc.		581,100		104,731,653
Invesco Ltd.		735,357		24,619,752
Northern Trust Corp.		483,364		34,845,711
Oaktree Capital Group LLC Class A		331,134		15,801,714
				329,064,997
Consumer Finance – 2.1%
Capital One Financial Corp.		4,084,248		294,801,021
Navient Corp.		3,176,876		36,375,230
OneMain Holdings, Inc. (a)		495,098		20,566,371
SLM Corp. (a)		5,632,376		36,723,092
				388,465,714
Diversified Financial Services – 1.0%
Berkshire Hathaway, Inc.:
Class A (a)		47		9,296,600
Class B (a)		768,800		101,512,352
IntercontinentalExchange, Inc.		249,109		63,836,672
KBC Ancora		450,178		19,038,422
				193,684,046
Insurance – 1.9%
Direct Line Insurance Group PLC		5,376,391		32,297,943
Fairfax Financial Holdings Ltd. (sub. vtg.)		21,700		10,302,050
Marsh & McLennan Companies, Inc.		1,226,970		68,035,487


	Shares		Value

MetLife, Inc.		938,487	$	45,244,458
The Chubb Corp.		1,404,300		186,266,352
Unum Group		635,100		21,142,479
				363,288,769
Real Estate Investment Trusts – 2.1%
Altisource Residential Corp. Class B		2,101,682		26,081,874
American Tower Corp.		242,100		23,471,595
Boston Properties, Inc.		326,000		41,578,040
Crown Castle International Corp.		156,600		13,538,070
Digital Realty Trust, Inc.		508,200		38,430,084
Duke Realty LP		1,550,100		32,583,102
Extra Space Storage, Inc.		255,400		22,528,834
FelCor Lodging Trust, Inc.		1,352,900		9,876,170
Outfront Media, Inc.		587,014		12,814,516
Store Capital Corp.		1,879,000		43,592,800
Sun Communities, Inc.		801,969		54,958,936
Ventas, Inc.		796,000		44,918,280
VEREIT, Inc.		2,582,800		20,455,776
				384,828,077
Real Estate Management & Development – 0.3%
CBRE Group, Inc. (a)		1,402,389		48,494,612

TOTAL FINANCIALS				2,937,385,597

HEALTH CARE – 15.2%
Biotechnology – 4.8%
AbbVie, Inc.		2,025,421		119,985,940
Alexion Pharmaceuticals, Inc. (a)		542,432		103,468,904
Amgen, Inc.		1,298,520		210,788,752
Baxalta, Inc.		1,882,425		73,471,048
Biogen, Inc. (a)		118,931		36,434,512
BioMarin Pharmaceutical, Inc. (a)		246,893		25,864,511
Celgene Corp. (a)		1,135,700		136,011,432
Gilead Sciences, Inc.		1,701,961		172,221,434
Vertex Pharmaceuticals, Inc. (a)		34,100		4,290,803
				882,537,336
Health Care Equipment & Supplies – 3.3%
Abbott Laboratories		2,216,400		99,538,524
Boston Scientific Corp. (a)		7,962,549		146,829,404
Edwards Lifesciences Corp. (a)		855,484		67,566,126
Medtronic PLC		3,264,390		251,096,879
The Cooper Companies, Inc.		186,020		24,963,884
Wright Medical Group NV (a)		1,204,200		29,117,556
				619,112,373
Health Care Providers & Services – 2.9%
Brookdale Senior Living, Inc. (a)		409,233		7,554,441
Cigna Corp.		879,126		128,642,508
HCA Holdings, Inc. (a)		669,114		45,252,180
Henry Schein, Inc. (a)		473,641		74,925,270
McKesson Corp.		539,100		106,326,693
UnitedHealth Group, Inc.		1,465,100		172,354,364
				535,055,456
Life Sciences Tools & Services – 0.8%
Agilent Technologies, Inc.		1,361,700		56,932,677
Thermo Fisher Scientific, Inc.		670,613		95,126,454
				152,059,131

See accompanying notes which are an integral part of the financial statements.

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Table of Contents

Investments – continued

Common Stocks – continued

	Shares		Value

HEALTH CARE – continued
Pharmaceuticals – 3.4%
Allergan PLC (a)		754,352	$	235,735,000
Bristol-Myers Squibb Co.		3,318,705		228,293,717
Endo Health Solutions, Inc. (a)		810,100		49,594,322
Horizon Pharma PLC (a)		1,448,700		31,393,329
Teva Pharmaceutical Industries Ltd. sponsored ADR		1,345,700		88,331,748
				633,348,116

TOTAL HEALTH CARE				2,822,112,412

INDUSTRIALS – 8.9%
Electrical Equipment – 2.3%
AMETEK, Inc.		7,459,547		399,757,124
SolarCity Corp. (a)		385,500		19,668,210
				419,425,334
Industrial Conglomerates – 4.6%
Danaher Corp.		4,774,221		443,429,646
Roper Technologies, Inc.		2,174,340		412,667,989
				856,097,635
Machinery – 1.2%
WABCO Holdings, Inc. (a)		965,979		98,781,013
Wabtec Corp.		1,732,535		123,217,889
				221,998,902
Professional Services – 0.3%
Verisk Analytics, Inc. (a)		629,032		48,359,980
WageWorks, Inc. (a)		59,257		2,688,490
				51,048,470
Road & Rail – 0.5%
eHi Car Service Co. Ltd. sponsored ADR (a)		40		504
J.B. Hunt Transport Services, Inc.		1,354,583		99,372,209
				99,372,713
Trading Companies & Distributors – 0.0%
AerCap Holdings NV (a)		181,400		7,829,224

TOTAL INDUSTRIALS				1,655,772,278

INFORMATION TECHNOLOGY – 19.8%
Communications Equipment – 0.6%
CommScope Holding Co., Inc. (a)		250,600		6,488,034
Qualcomm Technologies, Inc.		2,038,629		101,900,871
				108,388,905
Electronic Equipment & Components – 0.2%
Fitbit, Inc.		593,900		17,573,501
Samsung SDI Co. Ltd.		224,010		21,485,525
				39,059,026
Internet Software & Services – 7.0%
58.com, Inc. ADR (a)		387,455		25,556,532
Alibaba Group Holding Ltd. sponsored ADR (a)		2,708,400		220,111,668
Alphabet, Inc.:
Class A (a)		27,000		21,006,270
Class C		729,136		553,326,721
Box, Inc. Class A (b)		1,467,400		20,484,904
Cvent, Inc. (a)		1,779,131		62,109,463


	Shares		Value

Facebook, Inc. Class A (a)		2,540,776	$	265,917,616
Just Dial Ltd.		1,155,420		14,642,806
New Relic, Inc.		635,992		23,169,189
Opower, Inc. (a)(b)(e)		2,860,761		30,209,636
Shopify, Inc. Class A		11,600		299,280
Tencent Holdings Ltd.		1,395,700		27,327,787
Yahoo!, Inc. (a)		1,224,100		40,713,566
				1,304,875,438
IT Services – 1.3%
Alliance Data Systems Corp. (a)		88,100		24,365,817
Blackhawk Network Holdings, Inc. (a)		1,203,680		53,214,693
Fidelity National Information Services, Inc.		534,900		32,414,940
Global Payments, Inc.		280,300		18,082,153
Sabre Corp.		1,144,544		32,012,896
The Western Union Co.		205,900		3,687,669
Travelport Worldwide Ltd.		6,053,205		78,086,345
Worldline SA (a)(f)		361,963		9,389,582
				251,254,095
Semiconductors & Semiconductor Equipment – 3.0%
Broadcom Corp. Class A		575,800		33,292,756
Intersil Corp. Class A		1,380,029		17,609,170
Marvell Technology Group Ltd.		9,461,328		83,448,913
Maxim Integrated Products, Inc.		818,700		31,110,600
Micron Technology, Inc. (a)		2,609,900		36,956,184
NVIDIA Corp.		1,002,102		33,029,282
NXP Semiconductors NV (a)		1,001,500		84,376,375
Qorvo, Inc. (a)		4,304,395		219,093,706
Semtech Corp. (a)		762,400		14,424,608
				553,341,594
Software – 3.8%
Activision Blizzard, Inc.		673,171		26,058,449
Adobe Systems, Inc. (a)		354,729		33,323,242
Autodesk, Inc. (a)		2,263,100		137,890,683
Electronic Arts, Inc. (a)		1,851,600		127,241,952
Fleetmatics Group PLC (a)		304,689		15,475,154
HubSpot, Inc. (a)		73,785		4,154,833
Imperva, Inc. (a)		141,720		8,972,293
Microsoft Corp.		2,852,613		158,262,969
Mobileye NV (a)		100,800		4,261,824
Salesforce.com, Inc. (a)		1,791,157		140,426,709
Varonis Systems, Inc. (a)(b)		762,445		14,333,966
Zendesk, Inc. (a)		1,210,300		32,000,332
				702,402,406
Technology Hardware, Storage & Peripherals – 3.9%
Apple, Inc.		4,462,892		469,764,012
EMC Corp.		2,798,100		71,855,208
HP, Inc.		7,749,400		91,752,896
SanDisk Corp.		807,500		61,361,925
Western Digital Corp.		681,900		40,948,095
				735,682,136

TOTAL INFORMATION TECHNOLOGY				3,695,003,600

See accompanying notes which are an integral part of the financial statements.

Annual Report

Table of Contents

Common Stocks – continued

	Shares		Value

MATERIALS – 3.7%
Chemicals – 3.2%
E.I. du Pont de Nemours & Co.		1,347,400	$	89,736,840
Eastman Chemical Co.		769,441		51,944,962
Ecolab, Inc.		2,162,194		247,311,750
LyondellBasell Industries NV Class A		378,624		32,902,426
Monsanto Co.		688,176		67,799,100
PPG Industries, Inc.		526,800		52,058,376
The Dow Chemical Co.		630,900		32,478,732
W.R. Grace & Co. (a)		305,522		30,426,936
				604,659,122
Construction Materials – 0.1%
Eagle Materials, Inc.		396,359		23,951,974
Containers & Packaging – 0.4%
Graphic Packaging Holding Co.		1,571,733		20,165,334
WestRock Co.		1,080,540		49,294,235
				69,459,569

TOTAL MATERIALS				698,070,665

TELECOMMUNICATION SERVICES – 2.2%
Diversified Telecommunication Services – 2.2%
AT&T, Inc.		6,207,568		213,602,415
CenturyLink, Inc.		486,632		12,243,661
Cogent Communications Group, Inc.		401,339		13,922,450
Frontier Communications Corp.		546,500		2,552,155
inContact, Inc. (a)		1,547,317		14,761,404
Level 3 Communications, Inc. (a)		726,886		39,513,523
Verizon Communications, Inc.		2,325,568		107,487,753
				404,083,361
Wireless Telecommunication Services – 0.0%
T-Mobile U.S., Inc. (a)		55,400		2,167,248
Telephone & Data Systems, Inc.		256,603		6,643,452
				8,810,700

TOTAL TELECOMMUNICATION SERVICES				412,894,061

UTILITIES – 2.9%
Electric Utilities – 1.7%
Edison International		696,226		41,223,541
Exelon Corp.		3,101,292		86,122,879
FirstEnergy Corp.		166,600		5,286,218
NextEra Energy, Inc.		1,044,300		108,492,327
PPL Corp.		1,893,772		64,634,438
				305,759,403
Independent Power and Renewable Electricity Producers – 0.1%
NRG Energy, Inc.		1,526,352		17,965,163
NRG Yield, Inc. Class C (b)		532,400		7,858,224
				25,823,387
Multi-Utilities – 1.1%
Dominion Resources, Inc.		1,070,431		72,403,953
DTE Energy Co.		67,536		5,415,712
NiSource, Inc.		820,877		16,015,310


	Shares		Value

PG&E Corp.		994,834	$	52,915,220
Sempra Energy		697,550		65,576,676
				212,326,871

TOTAL UTILITIES				543,909,661

TOTAL COMMON STOCKS
(Cost $15,239,181,638)				18,319,336,349

Convertible Preferred Stocks – 0.1%

ENERGY – 0.1%
Oil, Gas & Consumable Fuels – 0.1%
Southwestern Energy Co. Series B 6.25%		429,700		7,970,935

INFORMATION TECHNOLOGY – 0.0%
Software – 0.0%
MongoDB, Inc. Series F, 8.00% (a)(d)		299,866		2,416,920

TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $26,432,798)				10,387,855

U.S. Treasury Obligations – 0.0%
	Principal
	Amount

U.S. Treasury Bills, yield at date of purchase 0.1% to 0.27% 1/28/16 to 3/10/16 (g)
(Cost $5,739,522)	$	5,740,000		5,739,488

Money Market Funds – 2.4%
	Shares

Fidelity Cash Central Fund, 0.33% (h)		330,668,416		330,668,416
Fidelity Securities Lending Cash Central Fund, 0.35% (h)(i)		115,366,217		115,366,217

TOTAL MONEY MARKET FUNDS
(Cost $446,034,633)				446,034,633

TOTAL INVESTMENT PORTFOLIO – 100.9%
(Cost $15,717,388,591)				18,781,498,325

NET OTHER ASSETS (LIABILITIES) – (0.9)%				(158,621,516	)
NET ASSETS – 100%			$	18,622,876,809

See accompanying notes which are an integral part of the financial statements.

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Table of Contents

Investments – continued

Futures Contracts
		Underlying		Unrealized
	Expiration	Face Amount		Appreciation/
	Date	at Value		(Depreciation)
Purchased

Equity Index Contracts
568 CME E-mini S&P 500 Index Contracts (United States)	March 2016	$	57,805,360	$	973,787

The face value of futures purchased as a percentage of Net Assets is 0.3%

Legend

(a)

Non-income producing

(b)

Security or a portion of the security is on loan at period end.

(c)

Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is wholly-owned by the Fund.

(d)

Restricted securities – Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $9,632,499 or 0.1% of net assets.

(e)

Affiliated company

(f)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $9,389,582 or 0.1% of net assets.

(g)

Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,714,664.

(h)

Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund’s holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund’s financial statements, which are not covered by the Fund’s Report of Independent Registered Public Accounting Firm, are available on the SEC’s website or upon request.

(i)

Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

	Acquisition
Security	Date	Acquisition Cost
Legend Pictures LLC	9/23/10	$	1,546,500
MongoDB, Inc. Series F, 8.00%	10/2/13	$	5,014,998
Weinstein Co. Holdings LLC Class A-1 unit	10/19/05	$	11,499,000

See accompanying notes which are an integral part of the financial statements.

Annual Report

Table of Contents

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$	596,492
Fidelity Securities Lending Cash Central Fund		1,523,547
Total	$	2,120,039

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

	Value,								Value,
	beginning of				Sales		Dividend		end of
Affiliate	period		Purchases		Proceeds		Income		period
Jumei International Holding Ltd. sponsored ADR	$	—	$	47,470,775	$	39,084,426	$	—	$	—
Opower, Inc.		27,573,841		11,231,435		—		—		30,209,636
Total	$	27,573,841	$	58,702,210	$	39,084,426	$	—	$	30,209,636

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2015, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$	2,545,702,134	$	2,538,486,555	$	—	$	7,215,579
Consumer Staples		1,825,669,858		1,821,118,697		4,551,161		—
Energy		1,190,787,018		1,190,787,018		—		—
Financials		2,937,385,597		2,937,385,597		—		—
Health Care		2,822,112,412		2,822,112,412		—		—
Industrials		1,655,772,278		1,655,772,278		—		—
Information Technology		3,697,420,520		3,631,547,482		63,456,118		2,416,920
Materials		698,070,665		698,070,665		—		—
Telecommunication Services		412,894,061		412,894,061		—		—
Utilities		543,909,661		543,909,661		—		—
U.S. Government and Government Agency Obligations		5,739,488		—		5,739,488		—
Money Market Funds		446,034,633		446,034,633		—		—
Total Investments in Securities:	$	18,781,498,325	$	18,698,119,059	$	73,746,767	$	9,632,499
Derivative Instruments:
Assets
Futures Contracts	$	973,787	$	973,787	$	—	$	—
Total Assets	$	973,787	$	973,787	$	—	$	—
Total Derivative Instruments:	$	973,787	$	973,787	$	—	$	—

Value of Derivative Instruments

The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of December 31, 2015. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Table of Contents

Investments – continued

Primary Risk Exposure / Derivative Type	Value
	Asset		Liability
Equity Risk
Futures Contracts ^(a)	$	973,787	$	0
Total Equity Risk	$	973,787	$	0
Total Value of Derivatives	$	973,787	$	0

(a)

Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America	88.0	%
Ireland	3.1	%
United Kingdom	2.5	%
Cayman Islands	1.6	%
Others (Individually Less Than 1%)	4.8	%
	100.0	%

See accompanying notes which are an integral part of the financial statements.

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Table of Contents

Financial Statements

Statement of Assets and Liabilities

			December 31, 2015
Assets
Investment in securities, at value (including securities loaned of $112,814,119) — See accompanying schedule:
Unaffiliated issuers (cost $15,224,727,118)	$	18,305,254,056
Fidelity Central Funds (cost $446,034,633)		446,034,633
Other affiliated issuers (cost $46,626,840)		30,209,636
Total Investments (cost $15,717,388,591)			$	18,781,498,325
Receivable for investments sold				11,796,095
Receivable for fund shares sold				2,371,862
Dividends receivable				23,371,256
Distributions receivable from Fidelity Central Funds				349,575
Prepaid expenses				40,104
Other receivables				1,006,912
Total assets				18,820,434,129

Liabilities
Payable for investments purchased	$	45,629,131
Payable for fund shares redeemed		23,267,985
Accrued management fee		8,599,218
Distribution and service plan fees payable		1,892,942
Payable for daily variation margin for derivative instruments		642,622
Other affiliated payables		1,260,397
Other payables and accrued expenses		898,808
Collateral on securities loaned, at value		115,366,217
Total liabilities				197,557,320

Net Assets			$	18,622,876,809
Net Assets consist of:
Paid in capital			$	14,224,031,817
Distributions in excess of net investment income				(780,806	)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions				1,334,668,790
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies				3,064,957,008
Net Assets			$	18,622,876,809

Initial Class:
Net Asset Value, offering price and redemption price per share ($7,436,130,270 ÷ 219,262,221 shares)			$	33.91

Service Class:
Net Asset Value, offering price and redemption price per share ($1,546,863,855 ÷ 45,781,036 shares)			$	33.79

Service Class 2:
Net Asset Value, offering price and redemption price per share ($8,363,075,583 ÷ 251,484,786 shares)			$	33.25

Investor Class:
Net Asset Value, offering price and redemption price per share ($1,276,807,101 ÷ 37,815,086 shares)			$	33.76

See accompanying notes which are an integral part of the financial statements.

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Table of Contents

Financial Statements – continued

Statement of Operations

				Year ended December
				31, 2015
Investment Income
Dividends				$	315,035,042
Interest					2,371
Income from Fidelity Central Funds					2,120,039
Total income					317,157,452

Expenses
Management fee	$	106,872,546
Transfer agent fees		13,883,996
Distribution and service plan fees		23,441,424
Accounting and security lending fees		1,706,048
Custodian fees and expenses		379,623
Independent trustees’ compensation		84,348
Appreciation in deferred trustee compensation account		32
Audit		96,943
Legal		70,881
Miscellaneous		131,775
Total expenses before reductions		146,667,616
Expense reductions		(1,098,180	)		145,569,436

Net investment income (loss)					171,588,016
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		1,530,712,419
Other affiliated issuers		(8,386,349	)
Foreign currency transactions		(316,439	)
Futures contracts		2,138,003
Total net realized gain (loss)					1,524,147,634
Change in net unrealized appreciation (depreciation) on:
Investment securities		(1,581,220,096	)
Assets and liabilities in foreign currencies		(25,202	)
Futures contracts		(215,223	)
Total change in net unrealized appreciation (depreciation)					(1,581,460,521	)
Net gain (loss)					(57,312,887	)
Net increase (decrease) in net assets resulting from operations				$	114,275,129

Statement of Changes in Net Assets
	Year ended December			Year ended December
	31, 2015			31, 2014
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	171,588,016		$	169,153,778
Net realized gain (loss)		1,524,147,634			2,187,512,453
Change in net unrealized appreciation (depreciation)		(1,581,460,521	)		(227,810,831	)
Net increase (decrease) in net assets resulting from operations		114,275,129			2,128,855,400
Distributions to shareholders from net investment income		(176,945,760	)		(161,948,221	)
Distributions to shareholders from net realized gain		(1,751,090,544	)		(388,082,984	)
Total distributions		(1,928,036,304	)		(550,031,205	)
Share transactions – net increase (decrease)		730,822,309			(730,491,919	)
Redemption fees		–			13
Total increase (decrease) in net assets		(1,082,938,866	)		848,332,289

Net Assets
Beginning of period		19,705,815,675			18,857,483,386
End of period (including distributions in excess of net investment income of $780,806 and undistributed net investment income of $1,449,774, respectively)	$	18,622,876,809		$	19,705,815,675

See accompanying notes which are an integral part of the financial statements.

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Table of Contents

Financial Highlights — VIP Contrafund Portfolio Initial Class
Years ended December 31,	2015			2014			2013			2012			2011
Selected Per–Share Data
Net asset value, beginning of period	$	37.36		$	34.35		$	26.44		$	23.02		$	23.88
Income from Investment Operations
Net investment income (loss)^A		.35			.36			.32			.32			.25
Net realized and unrealized gain (loss)		(.14	)		3.76			7.94			3.46			(.86	)
Total from investment operations		.21			4.12			8.26			3.78			(.61	)
Distributions from net investment income		(.37	)		(.36	)		(.34	)		(.34	)^B		(.25	)
Distributions from net realized gain		(3.30	)		(.75	)		(.01	)		(.01	)^B		–
Total distributions		(3.66	)^C		(1.11	)		(.35	)		(.36	)^D		(.25	)
Redemption fees added to paid in capital^A		–			–	^E		–	^E		–	^E		–	^E
Net asset value, end of period	$	33.91		$	37.36		$	34.35		$	26.44		$	23.02
Total Return^F,G		.64	%		11.94	%		31.29	%		16.42	%		(2.53	)%
Ratios to Average Net Assets^H,I
Expenses before reductions		.63	%		.63	%		.64	%		.64	%		.65	%
Expenses net of fee waivers, if any		.63	%		.63	%		.63	%		.64	%		.64	%
Expenses net of all reductions		.62	%		.63	%		.62	%		.63	%		.63	%
Net investment income (loss)		1.01	%		1.01	%		1.05	%		1.27	%		1.03	%
Supplemental Data
Net assets, end of period (000 omitted)	$	7,436,130		$	8,005,930		$	7,654,305		$	6,440,357		$	6,113,440
Portfolio turnover rate^J		80	%		74	%		86	%		87	%		135	%

^A	Calculated based on average shares outstanding during the period.
^B	The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
^C	Total distributions of $3.66 per share is comprised of distributions from net investment income of $.369 and distributions from net realized gain of $3.295 per share.
^D	Total distributions of $.36 per share is comprised of distributions from net investment income of $.342 and distributions from net realized gain of $.013 per share.
^E	Amount represents less than $.005 per share.
^F	Total returns do not reflect charges attributable to your insurance company’s separate account. Inclusion of these charges would reduce the total returns shown.
^G	Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
^H	Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
^I	Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
^J	Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Table of Contents

Financial Highlights — VIP Contrafund Portfolio Service Class
Years ended December 31,	2015			2014			2013			2012			2011
Selected Per–Share Data
Net asset value, beginning of period	$	37.23		$	34.24		$	26.36		$	22.95		$	23.81
Income from Investment Operations
Net investment income (loss)^A		.32			.33			.29			.30			.22
Net realized and unrealized gain (loss)		(.13	)		3.73			7.91			3.44			(.85	)
Total from investment operations		.19			4.06			8.20			3.74			(.63	)
Distributions from net investment income		(.33	)		(.32	)		(.31	)		(.32	)^B		(.23	)
Distributions from net realized gain		(3.30	)		(.75	)		(.01	)		(.01	)^B		–
Total distributions		(3.63	)		(1.07	)		(.32	)		(.33	)		(.23	)
Redemption fees added to paid in capital^A		–			–	^C		–	^C		–	^C		–	^C
Net asset value, end of period	$	33.79		$	37.23		$	34.24		$	26.36		$	22.95
Total Return^D,E		.56	%		11.82	%		31.14	%		16.31	%		(2.64	)%
Ratios to Average Net Assets^F,G
Expenses before reductions		.73	%		.73	%		.74	%		.74	%		.75	%
Expenses net of fee waivers, if any		.73	%		.73	%		.73	%		.74	%		.74	%
Expenses net of all reductions		.72	%		.73	%		.72	%		.73	%		.73	%
Net investment income (loss)		.91	%		.91	%		.95	%		1.16	%		.93	%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,546,864		$	1,714,615		$	1,688,448		$	1,374,781		$	1,277,101
Portfolio turnover rate^H		80	%		74	%		86	%		87	%		135	%

^A	Calculated based on average shares outstanding during the period.
^B	The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
^C	Amount represents less than $.005 per share.
^D	Total returns do not reflect charges attributable to your insurance company’s separate account. Inclusion of these charges would reduce the total returns shown.
^E	Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
^F	Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
^G	Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
^H	Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Table of Contents

Financial Highlights — VIP Contrafund Portfolio Service Class 2
Years ended December 31,	2015			2014			2013			2012			2011
Selected Per–Share Data
Net asset value, beginning of period	$	36.70		$	33.77		$	26.00		$	22.64		$	23.49
Income from Investment Operations
Net investment income (loss)^A		.26			.27			.24			.26			.18
Net realized and unrealized gain (loss)		(.14	)		3.68			7.80			3.39			(.84	)
Total from investment operations		.12			3.95			8.04			3.65			(.66	)
Distributions from net investment income		(.28	)		(.27	)		(.26	)		(.28	)^B		(.19	)
Distributions from net realized gain		(3.30	)		(.75	)		(.01	)		(.01	)^B		–
Total distributions		(3.57	)^C		(1.02	)		(.27	)		(.29	)		(.19	)
Redemption fees added to paid in capital^A		–			–	^D		–	^D		–	^D		–	^D
Net asset value, end of period	$	33.25		$	36.70		$	33.77		$	26.00		$	22.64
Total Return^E,F		.39	%		11.65	%		30.95	%		16.14	%		(2.78	)%
Ratios to Average Net Assets^G,H
Expenses before reductions		.88	%		.88	%		.89	%		.89	%		.90	%
Expenses net of fee waivers, if any		.88	%		.88	%		.88	%		.89	%		.89	%
Expenses net of all reductions		.87	%		.88	%		.87	%		.88	%		.88	%
Net investment income (loss)		.76	%		.76	%		.80	%		1.02	%		.78	%
Supplemental Data
Net assets, end of period (000 omitted)	$	8,363,076		$	8,764,266		$	8,472,780		$	7,740,640		$	6,980,191
Portfolio turnover rate^I		80	%		74	%		86	%		87	%		135	%

^A	Calculated based on average shares outstanding during the period.
^B	The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
^C	Total distributions of $3.57 per share is comprised of distributions from net investment income of $.279 and distributions from net realized gain of $3.295 per share.
^D	Amount represents less than $.005 per share.
^E	Total returns do not reflect charges attributable to your insurance company’s separate account. Inclusion of these charges would reduce the total returns shown.
^F	Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
^G	Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
^H	Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
^I	Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Table of Contents

Financial Highlights — VIP Contrafund Portfolio Investor Class
Years ended December 31,	2015			2014			2013			2012			2011
Selected Per–Share Data
Net asset value, beginning of period	$	37.21		$	34.22		$	26.35		$	22.94		$	23.80
Income from Investment Operations
Net investment income (loss)^A		.32			.33			.29			.30			.23
Net realized and unrealized gain (loss)		(.13	)		3.74			7.91			3.45			(.86	)
Total from investment operations		.19			4.07			8.20			3.75			(.63	)
Distributions from net investment income		(.34	)		(.33	)		(.32	)		(.32	)^B		(.23	)
Distributions from net realized gain		(3.30	)		(.75	)		(.01	)		(.01	)^B		–
Total distributions		(3.64	)		(1.08	)		(.33	)		(.34	)^C		(.23	)
Redemption fees added to paid in capital^A		–			–	^D		–	^D		–	^D		–	^D
Net asset value, end of period	$	33.76		$	37.21		$	34.22		$	26.35		$	22.94
Total Return^E,F		.56	%		11.85	%		31.15	%		16.34	%		(2.62	)%
Ratios to Average Net Assets^G,H
Expenses before reductions		.71	%		.71	%		.72	%		.73	%		.73	%
Expenses net of fee waivers, if any		.71	%		.71	%		.71	%		.73	%		.73	%
Expenses net of all reductions		.70	%		.71	%		.71	%		.71	%		.71	%
Net investment income (loss)		.93	%		.93	%		.97	%		1.18	%		.94	%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,276,807		$	1,210,592		$	1,031,358		$	698,845		$	577,021
Portfolio turnover rate^I		80	%		74	%		86	%		87	%		135	%

^A	Calculated based on average shares outstanding during the period.
^B	The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
^C	Total distributions of $.34 per share is comprised of distributions from net investment income of $.322 and distributions from net realized gain of $.013 per share.
^D	Amount represents less than $.005 per share.
^E	Total returns do not reflect charges attributable to your insurance company’s separate account. Inclusion of these charges would reduce the total returns shown.
^F	Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
^G	Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
^H	Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
^I	Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

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Notes to Financial Statements

For the period ended December 31, 2015

1. Organization.

VIP Contrafund Portfolio (the Fund) is a fund of Variable Insurance Products Fund II (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. The Fund offered Service Class 2R shares during the period April 24, 2002 through April 30, 2015, and all outstanding shares were converted to Service Class 2 shares by April 30, 2015. All classes have equal rights and voting privileges, except for matters affecting a single class.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund’s Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund’s Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund’s investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee’s activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund’s investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 – quoted prices in active markets for identical investments

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 – unobservable inputs (including the Fund’s own assumptions based on the best information available)

Valuation techniques used to value the Fund’s investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted

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Notes to Financial Statements – continued

securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2015, is included at the end of the Fund’s Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund’s investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

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are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to future contracts, foreign currency transactions, short-term gain distributions from the underlying funds, passive foreign investment companies (PFIC), market discount, partnerships, deferred trustees compensation and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$	3,885,918,269
Gross unrealized depreciation		(878,064,417	)
Net unrealized appreciation (depreciation) on securities	$	3,007,853,852
Tax Cost	$	15,773,644,473

The tax-based components of distributable earnings as of period end were as follows:

Undistributed long-term capital gain		$	1,451,089,124
Net unrealized appreciation (depreciation) on securities and other investments		$	3,007,727,338

The Fund intends to elect to defer to its next fiscal year $59,189,705 of capital losses recognized during the period November 1, 2015 to December 31, 2015.

The tax character of distributions paid was as follows:

	December 31, 2015		December 31, 2014
Ordinary Income	$	332,205,069	$	550,031,205
Long-term Capital Gains		1,595,831,235		–
Total	$	1,928,036,304	$	550,031,205

Trading (Redemption) Fees. Service Class 2R shares held by investors less than 60 days may have been subject to a redemption fee equal to 1% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital. These redemption fees were eliminated effective April 30, 2015.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund’s Schedule of Investments.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund’s investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund’s use of derivatives increased or decreased its exposure to the following risk:

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Notes to Financial Statements – continued

Equity Risk

Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption “Futures Contracts”. The underlying face amount at value reflects each contract’s exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

During the period the Fund recognized net realized gain (loss) of $2,138,003 and a change in net unrealized appreciation (depreciation) of $(215,223) related to its investment in futures contracts. These amounts are included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $15,215,723,815 and $16,217,211,883, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund’s average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .55% of the Fund’s average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class’ average net assets and .25% of Service Class 2’s and Service Class 2R’s average net assets.

For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services, were as follows:

Service Class	$	1,650,945
Service Class 2		21,781,847
Service Class 2R^(a)		8,632
	$	23,441,424

(a) For the period January 1, 2015 through April 30, 2015.

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proxy statements and out of pocket expenses, equal to an annual rate of .07% (.15% for Investor Class) of class-level average net assets. For the period, transfer agent fees for each class, including out of pocket expenses, were as follows:

Initial Class	$	5,191,806
Service Class		1,090,201
Service Class 2		5,751,481
Service Class 2R^(a)		2,276
Investor Class		1,848,232
	$	13,883,996

(a) For the period January 1, 2015 through April 30, 2015.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund’s accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $244,252 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $7,531.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the “line of credit”) to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $28,208 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund’s Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $2,824,800. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $1,523,547, including $69,724 from securities loaned to FCM.

9. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $79,633 and a portion of class-level operating expenses as follows:

		Amount
Investor Class		$	24,858

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Notes to Financial Statements – continued

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended December 31,	2015^(a)		2014
From net investment income
Initial Class	$	79,941,331	$	74,463,277
Service Class		14,932,185		14,364,873
Service Class 2		69,447,147		62,622,769
Service Class 2R		856		73,371
Investor Class		12,624,241		10,423,931
Total	$	176,945,760	$	161,948,221
From net realized gain
Initial Class	$	703,131,983	$	156,226,874
Service Class		150,460,594		33,622,782
Service Class 2		788,053,180		174,366,001
Service Class 2R		864,532		208,163
Investor Class		108,580,255		23,659,164
Total	$	1,751,090,544	$	388,082,984

(a)

All Service Class 2R shares were converted by April 30, 2015.

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares			Shares			Dollars			Dollars
Years ended December 31,	2015^(a)			2014			2015^(a)			2014
Initial Class
Shares sold		8,952,835			10,169,551		$	315,514,465		$	365,094,273
Reinvestment of distributions		22,901,483			6,099,687			783,073,314			230,690,151
Shares redeemed		(26,888,922	)		(24,801,841	)		(943,774,825	)		(891,153,398	)
Net increase (decrease)		4,965,396			(8,532,603	)	$	154,812,954		$	(295,368,974	)
Service Class
Shares sold		1,554,871			1,837,138		$	54,599,900		$	66,530,853
Reinvestment of distributions		4,853,587			1,273,220			165,392,779			47,987,655
Shares redeemed		(6,683,290	)		(6,372,556	)		(233,768,207	)		(228,362,389	)
Net increase (decrease)		(274,832	)		(3,262,198	)	$	(13,775,528	)	$	(113,843,881	)
Service Class 2
Shares sold		21,717,333			19,214,314		$	748,436,481		$	682,228,630
Reinvestment of distributions		25,563,476			6,379,240			857,500,327			236,988,770
Shares redeemed		(34,618,040	)		(37,694,574	)		(1,186,593,252	)		(1,326,668,678	)
Net increase (decrease)		12,662,769			(12,101,020	)	$	419,343,556		$	(407,451,278	)
Service Class 2R
Shares sold		11,068			17,673		$	389,193		$	616,867
Reinvestment of distributions		25,733			7,591			865,388			281,534
Shares redeemed		(321,045	)		(55,287	)		(11,097,459	)		(1,946,621	)
Net increase (decrease)		(284,244	)		(30,023	)	$	(9,842,878	)	$	(1,048,220	)
Investor Class
Shares sold		3,099,314			2,779,701		$	107,242,291		$	99,365,365
Reinvestment of distributions		3,561,108			904,781			121,204,496			34,083,095
Shares redeemed		(1,379,023	)		(1,288,330	)		(48,162,582	)		(46,228,026	)
Net increase (decrease)		5,281,399			2,396,152		$	180,284,205		$	87,220,434

(a)

All Service Class 2R shares were converted by April 30, 2015.

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12. Other.

The Fund’s organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were the owners of record of 12% of the total outstanding shares of the Fund and one otherwise unaffiliated shareholder was the owner of record of 10% of the total outstanding shares of the Fund.

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Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund II and Shareholders of VIP Contrafund Portfolio:

We have audited the accompanying statement of assets and liabilities of VIP Contrafund Portfolio (the Fund), a fund of Variable Insurance Products Fund II, including the schedule of investments, as of December 31, 2015, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2015, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of VIP Contrafund Portfolio as of December 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for the each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 16, 2016

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Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund’s activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund’s performance. Each of the Trustees oversees 170 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees’ commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board’s conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity^® funds are overseen by different Boards of Trustees. The fund’s Board oversees Fidelity’s high income and certain equity funds, and other Boards oversee Fidelity’s investment-grade bond, money market, asset allocation, and sector funds. The asset allocation funds may invest in Fidelity^® funds overseen by the fund’s Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity^® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity^® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund’s activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund’s business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund’s exposure to risks is mitigated but not eliminated by the processes overseen

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Trustees and Officers – continued

by the Trustees. While each of the Board’s committees has responsibility for overseeing different aspects of the fund’s activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. In addition, the Independent Trustees have worked with FMR to enhance the Board’s oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. For example, a working group comprised of Independent Trustees and FMR has worked and continues to work to review the Fidelity^® funds’ valuation-related activities, reporting and risk management. Appropriate personnel, including but not limited to the fund’s Chief Compliance Officer (CCO), FMR’s internal auditor, the independent accountants, the fund’s Treasurer and portfolio management personnel, make periodic reports to the Board’s committees, as appropriate, including an annual review of Fidelity’s risk management program for the Fidelity^® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under “Standing Committees of the Trustees.”

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity^® funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-present), and Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the board of Artis-Naples, Naples, Florida, and as a Trustee for Brewster Academy, Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

Charles S. Morrison (1960)

Year of Election or Appointment: 2014

Trustee

Mr. Morrison also serves as Trustee of other funds. He serves as a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity’s Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity’s Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (investment adviser firm, 2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity’s Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity’s Bond Division.

Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

The information includes the Trustee’s principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee’s qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

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Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity^® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), and as a member of the Independent Directors Council (IDC) Governing Council (2010-2015). Mr. Dirks is a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-present).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity^® funds. Mr. Lacy serves as Chairman (2014-present) and a member (2010-present) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes) and a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association and as a member of the Board of Directors for The Western Union Company (global money transfer, 2006-2011), The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), and Earth Fare, Inc. (retail grocery, 2010-2014).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity^® funds. Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is Chairman of the Board of Directors of Artis-Naples in Naples, Florida (2012-present), a member of the Council on Foreign Relations (1994-present), and a member of the Board of Governors, State University System of Florida (2013-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity^® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).

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Trustees and Officers – continued

Robert W. Selander (1950)

Year of Election or Appointment: 2011

Trustee

Mr. Selander also serves as Trustee of other Fidelity^® funds. Mr. Selander serves as a Director of The Western Union Company (global money transfer, 2014-present) and a non-executive Chairman of Health Equity, Inc. (health savings custodian, 2015-present). Previously, Mr. Selander served as a Member of the Advisory Board of other Fidelity^® funds (2011), and Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity^® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

William S. Stavropoulos (1939)

Year of Election or Appointment: 2001

Trustee

Vice Chairman of the Independent Trustees

Mr. Stavropoulos also serves as Trustee of other Fidelity^® funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and Maersk Inc. (industrial conglomerate), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of the Naples Philharmonic Center for the Arts. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity^® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

+ The information includes the Trustee’s principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee’s qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

Advisory Board Members and Officers:

Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

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Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity^® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2015-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity’s Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2008

Deputy Treasurer

Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin’ Brands (2000-2005).

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

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Trustees and Officers – continued

Scott C. Goebel (1968)

Year of Election or Appointment: 2015

Vice President

Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and FMR Investment Management (U.K.) Limited (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity^® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as a Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present) and President of the Equity Division of FMR (investment adviser firm, 2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

John F. Papandrea (1972)

Year of Election or Appointment: 2016

Anti-Money Laundering (AML) Officer

Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).

Melissa M. Reilly (1971)

Year of Election or Appointment: 2014

Vice President of certain Equity Funds

Ms. Reilly also serves as Vice President of other funds. Ms. Reilly is an employee of Fidelity Investments (2004-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2008

President and Treasurer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Deputy Treasurer

Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).

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Renee Stagnone (1975)

Year of Election or Appointment: 2013

Deputy Treasurer

Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present).

Linda J. Wondrack (1964)

Year of Election or Appointment: 2014

Chief Compliance Officer

Ms. Wondrack also serves as Chief Compliance Officer of other funds. Ms. Wondrack is Executive Vice President and head of the Ethics Office and Asset Management Compliance for Fidelity Investments (2012-present). Ms. Wondrack also serves as Chief Compliance Officer of Fidelity SelectCo, LLC (investment adviser firm, 2014-present); Chief Compliance Officer of Impresa Management LLC (2013-present); and Chief Compliance Officer of FMR Co., Inc. (investment adviser firm), Fidelity Investments Money Management, Inc. (investment adviser firm), FMR Investment Management (U.K.) Limited (investment adviser firm), Fidelity Management & Research (Hong Kong) (investment adviser firm), Fidelity Management & Research Company (investment adviser firm), FIAM LLC (investment adviser firm), and Strategic Advisers, Inc. (investment adviser firm), Ballyrock Investment Advisors LLC, and Northern Neck Investors LLC (2012-present). Previously, Ms. Wondrack served as Chief Compliance Officer of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2012-2016); Senior Vice President and Chief Compliance Officer for Columbia Management Investment Advisers, LLC (2005-2012); Chief Compliance Officer for certain funds within the Columbia Family of Funds (2007-2012); and Senior Vice President of Compliance Risk Management at Bank of America (2005-2010).

Joseph F. Zambello (1957)

Year of Election or Appointment: 2011

Deputy Treasurer

Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments (1991-present). Previously, Mr. Zambello served as Vice President of the Program Management Group of FMR (investment adviser firm, 2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).

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Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2015 to December 31, 2015).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund’s annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ 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 the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund’s annualized expense ratio used to calculate the expense estimate in the table below.

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

						Expenses Paid
	Annualized	Beginning		Ending		During Period-^B
	Expense	Account Value		Account Value		July 1, 2015
	Ratio-^A	July 1, 2015		December 31, 2015		to December 31, 2015
Initial Class	.63%
Actual		$	1,000.00	$	974.20	$	3.13
Hypothetical-^C		$	1,000.00	$	1,022.03	$	3.21
Service Class	.73%
Actual		$	1,000.00	$	973.90	$	3.63
Hypothetical-^C		$	1,000.00	$	1,021.53	$	3.72
Service Class 2	.88%
Actual		$	1,000.00	$	972.90	$	4.38
Hypothetical-^C		$	1,000.00	$	1,020.77	$	4.48
Investor Class	.71%
Actual		$	1,000.00	$	973.60	$	3.53
Hypothetical-^C		$	1,000.00	$	1,021.63	$	3.62

A	Annualized expense ratio reflects expenses net of applicable fee waivers.
B	Expenses are equal to each Class’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
C	5% return per year before expenses

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Distributions (Unaudited)

The Board of Trustees of VIP Contrafund Portfolio voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends		Capital Gains
Initial Class	02/05/2016	02/05/2016	$	0.00	$	2.648
Service Class	02/05/2016	02/05/2016	$	0.00	$	2.648
Service Class 2	02/05/2016	02/05/2016	$	0.00	$	2.648
Investor Class	02/05/2016	02/05/2016	$	0.00	$	2.648

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2015 $1,452,533,002, or, if subsequently determined to be different, the net capital gain of such year.

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends–received deduction for corporate shareholders:

	February
	2015			December 2015
Initial Class		20	%		70	%
Service Class		21	%		74	%
Service Class 2		22	%		81	%
Investor Class		20	%		73	%
Service Class 2R		22	%		0	%

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Board Approval of Investment Advisory Contracts and Management Fees

VIP Contrafund Portfolio

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees’ counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund’s Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund’s Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board’s annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.

At its July 2015 meeting, the Board unanimously determined to renew the fund’s Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund’s management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; and (iv) the extent to which (if any) economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees’ counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board’s decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity’s competitors, and that the fund’s shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided. The Board considered Fidelity’s staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund’s investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity’s investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers’ investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity’s investment staff, including its size, education, experience, and resources, as well as Fidelity’s approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity’s global investment organization. The Board also noted that Fidelity’s analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity’s investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity’s trading, risk management, and compliance capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, the Investment Advisers), and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund’s compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of “soft” commission dollars to pay for research services.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information

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and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

In 2014, the Board formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity’s competitive positioning with respect to industry participants.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity’s global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) reducing management fees and total expenses for certain index funds and diversified international funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) launching active fixed-income exchange-traded funds; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and information security and to increase efficiency; (ix) implementing investment enhancements to further strengthen Fidelity’s target date product line to increase investors’ probability of success in achieving their goals; (x) modifying the eligibility criteria for certain share classes to accommodate roll-over assets from employer-sponsored retirement plans; (xi) launching a new Class W of the Freedom Index Funds to attract and retain Fidelity record-kept retirement plan assets; and (xii) implementing changes to Fidelity’s money market product line in response to recent money market regulatory reforms.

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there were portfolio management changes for the fund in April 2013 and June 2013.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund, for different time periods, measured against a securities market index (“benchmark index”) and a peer group of funds with similar objectives (“peer group”), if any. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

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Board Approval of Investment Advisory Contracts and Management Fees – continued

VIP Contrafund Portfolio

The Board noted that, on April 30, 2015 (after the periods shown in the chart above), FMR converted assets in Service Class 2 R into Service Class 2.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund’s management fee and total expense ratio compared to “mapped groups” of competitive funds and classes created for the purpose of facilitating the Trustees’ competitive analysis of management fees and total expenses. Fidelity creates “mapped groups” by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board’s management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the “Total Mapped Group.” The Total Mapped Group comparison focuses on a fund’s standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). “TMG %” represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund’s. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund’s actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The “Asset-Size Peer Group” (ASPG) comparison focuses on a fund’s standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund’s management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund’s management fee rate ranked, is also included in the chart and considered by the Board.

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VIP Contrafund Portfolio

The Board noted that the fund’s management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2014.

The Board noted that, in 2014, the ad hoc Committee on Group Fee was formed by it and other Fidelity fund boards to conduct an in-depth review of the “group fee” component of the management fee of funds with such management fee structures. Committee focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity’s active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

Based on its review, the Board concluded that the fund’s management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of each class’s total expense ratio, the Board considered the fund’s management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each class ranked below its competitive median for 2014.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted the findings of the 2013 ad hoc joint committee (created with the board of other Fidelity funds), which reviewed and compared Fidelity’s institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund’s shareholders. The Board also considered the level of Fidelity’s profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationship with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of

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Board Approval of Investment Advisory Contracts and Management Fees – continued

detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity’s audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year’s methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board’s assessment of Fidelity’s profitability analysis. PwC’s engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity’s mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of fund profitability and its conformity to established allocation methodologies. After considering PwC’s reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity’s profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity’s non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity’s affiliates may benefit from or be related to the fund’s business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that in 2013, it and the boards of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund’s management contract incorporates a “group fee” structure, which provides for lower group fee rates as total group assets increase, and for higher group fee rates as total group assets decrease (with “group assets” defined to include fund assets under FMR’s management plus sector fund assets previously under FMR’s management and currently managed by Fidelity SelectCo, LLC). FMR calculates the group fee rates based on a tiered asset “breakpoint” schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity’s costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as group assets increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds’ Advisory Contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends and Fidelity’s long-term strategies for certain funds; (ii) the various share classes employed by Fidelity and the attributes of each class, together with similar information on the distribution and servicing payments made by Fidelity or the funds to third-party participants in the distribution channels; (iii) fund profitability, and fund performance in relation to fund profitability; (iv) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (v) annual fund profitability margins, with particular focus on certain funds with negative margins; (vi) the realization of fall-out benefits in certain Fidelity business units; (vii) economies of scale and the way in which they are shared with fund shareholders; (viii) Fidelity’s group fee structures, including the group fee schedule of breakpoints; (ix) the impact of cost containment measures on the funds; and (x) the transfer agent fee structure.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that the fund’s Advisory Contracts should be renewed.

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VIPCON-ANN-0216

1.540131.118

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Fidelity^®Variable Insurance Products:

Equity-Income Portfolio

Annual Report

December 31, 2015

Contents

Performance	3

Management’s Discussion of Fund Performance	4

Investment Summary	5

Investments	6

Financial Statements	12

Notes to Financial Statements	18

Report of Independent Registered Public Accounting Firm	25

Trustees and Officers	26

Shareholder Expense Example	33

Distributions	34

Board Approval of Investment Advisory Contracts and Management Fees	35

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity^®Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor’s, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

For a complete list of a fund’s portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity’s web site at http:// www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

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Performance: The Bottom Line

Average Annual Total Returns

For the periods ended December 31, 2015	Past 1			Past 5			Past 10
	year			years			years
Initial Class		-4.08	%		9.65	%		5.22	%
Service Class		-4.17	%		9.53	%		5.11	%
Service Class 2		-4.32	%		9.36	%		4.96	%
Investor Class		-4.18	%		9.55	%		5.12	%

$10,000 Over 10 Years

Let’s say hypothetically that $10,000 was invested in VIP Equity-Income Portfolio^SM – Initial Class on December 31, 2005.

The chart shows how the value of your investment would have changed, and also shows how the Russell 3000^® Value Index performed over the same period.

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Management’s Discussion of Fund Performance

Market Recap: U.S. stocks gained modestly in 2015, rebounding from a steep decline in August and September over worries about China’s slowing economic growth. The S&P 500^® index rose 1.38% for the period, its lowest calendar-year return since 2008. After the late-summer rout, stocks sharply reversed course in October, lifted by the Federal Reserve’s decision to put off raising near-term interest rates until mid-December. Investors also were encouraged by an interest-rate cut in China and economic stimulus in Europe. Overall, growth stocks fared much better than their value counterparts, as investors sought growth in a subpar economic environment. This helped lift the technology-heavy Nasdaq Composite Index^® 6.96% for the year. Sector performance in the broader market was split, with five of 10 sectors in the S&P 500^® gaining ground and five retreating. Consumer discretionary (+10%) led the way, benefiting from rising personal income and low inflation. Health care (+7%), consumer staples (+7%) and information technology (+6%) also outpaced the broad market amid strong fundamentals. Conversely, the energy sector (-21%) was by far the worst performer, stung by deflated commodity prices that also hit materials (-8%). The defensive, but rate-sensitive utilities sector (-5%) lost ground on the cusp of Fed tightening, while industrials (-3%) were dragged down with energy prices and a slower-growing China.

Comments from Portfolio Manager James Morrow: For the year, the fund’s share classes struggled to mid-single-digit declines, roughly in line with the –4.13% return of the benchmark Russell 3000^®Value Index. The fund was hurt by poor stock picking in the materials sector, as well as a substantial underweighting in health care. A strong dollar also hurt the value of the fund’s overseas investments. Conversely, underweighting the energy sector – by far the market’s biggest laggard – proved helpful, even as stock picking in the group hurt. Specifically, master limited partnership Williams Partners and its majority-owned energy transportation company Williams Companies were detractors. Both of these non-benchmark entities were hard hit by upheaval in the energy business. CONSOL Energy, a producer of coal and natural gas, also hampered results. Despite the multiple challenges in energy, the fund benefited from largely avoiding Exxon Mobil and not owning ConocoPhillips. On the positive side, security selection in consumer discretionary and consumer staples were positives, as was an underweighting in utilities. On an individual basis, General Electric, among the fund’s largest holdings and a notable overweighting, contributed meaningfully. The fund also was helped by a position in Chubb, a provider of property and casualty insurance.

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Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2015

			% of fund’s
	% of fund’s		net assets
	net assets		6 months ago
Johnson & Johnson		5.7		4.3
General Electric Co.^(a)		4.2		3.9
Chevron Corp.		3.9		3.0
Procter & Gamble Co.		3.5		2.5
JPMorgan Chase & Co.^(a)		3.4		4.5
United Parcel Service, Inc. Class B^(a)		2.4		2.2
AT&T, Inc.		2.1		1.3
Cisco Systems, Inc.		2.0		1.8
Verizon Communications, Inc.		2.0		1.7
MetLife, Inc.		1.8		1.7
		31.0

(a)

Security or a portion of the security is pledged as collateral for call options written.

Top Five Market Sectors as of December 31, 2015

			% of fund’s
	% of fund’s		net assets
	net assets		6 months ago
Financials		24.9		27.7
Industrials		12.1		11.4
Health Care		11.4		9.4
Information Technology		11.4		11.7
Energy		9.9		10.9

Asset Allocation (% of fund’s net assets)

Foreign investments – 9.0%

Written options – (0.1)%

***

Foreign investments – 10.5%

†

Written options – (0.1)%

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Investments December 31, 2015

Showing Percentage of Net Assets

Common Stocks – 97.5%


	Shares		Value
CONSUMER DISCRETIONARY – 8.1%
Automobiles – 1.2%
Ford Motor Co.		752,100	$	10,597,089
General Motors Co.		1,595,000		54,245,950
				64,843,039
Hotels, Restaurants & Leisure – 1.4%
Compass Group PLC		33,600		582,228
Dunkin’ Brands Group, Inc. (a)		320,600		13,654,354
McDonald’s Corp. (b)		330,400		39,033,456
Whitbread PLC		79,714		5,171,808
Yum! Brands, Inc. (b)		223,900		16,355,895
				74,797,741
Household Durables – 0.7%
M.D.C. Holdings, Inc. (a)	��	469,100		11,976,123
Tupperware Brands Corp.		386,700		21,519,855
				33,495,978
Leisure Products – 0.9%
Mattel, Inc. (a)		1,092,300		29,677,791
New Academy Holding Co. LLC unit (c)(d)(e)		127,200		18,840,864
				48,518,655
Media – 1.5%
Comcast Corp. Class A		1,240,543		70,003,841
Time Warner, Inc.		151,600		9,803,972
				79,807,813
Multiline Retail – 1.7%
Kohl’s Corp.		242,175		11,534,795
Macy’s, Inc.		462,300		16,171,254
Target Corp.		813,960		59,101,636
				86,807,685
Specialty Retail – 0.7%
Foot Locker, Inc.		252,200		16,415,698
GNC Holdings, Inc.		421,000		13,059,420
Stage Stores, Inc. (a)		724,300		6,598,373
				36,073,491

TOTAL CONSUMER DISCRETIONARY				424,344,402

CONSUMER STAPLES – 9.6%
Beverages – 1.8%
Anheuser-Busch InBev SA NV ADR		134,700		16,837,500
Molson Coors Brewing Co.
Class B (b)		241,800		22,709,856
The Coca-Cola Co.		1,222,400		52,514,304
				92,061,660
Food & Staples Retailing – 2.9%
CVS Health Corp.		830,400		81,188,208
Tesco PLC		1,741,800		3,827,216
Wal-Mart Stores, Inc.		640,878		39,285,821
Walgreens Boots Alliance, Inc.		252,307		21,485,203
Whole Foods Market, Inc.		234,600		7,859,100
				153,645,548
Food Products – 1.2%
B&G Foods, Inc. Class A		337,813		11,830,211
Sanderson Farms, Inc. (a)		94,000		7,286,880
The Hershey Co. (b)		506,200		45,188,474
				64,305,565



	Shares		Value
Household Products – 3.5%
Procter & Gamble Co.		2,297,719	$	182,461,866
Personal Products – 0.2%
Avon Products, Inc. (a)		2,849,500		11,540,475

TOTAL CONSUMER STAPLES				504,015,114

ENERGY – 9.7%
Energy Equipment & Services – 0.4%
Ensco PLC Class A		609,876		9,385,992
National Oilwell Varco, Inc.		181,806		6,088,683
Oceaneering International, Inc.		165,400		6,205,808
				21,680,483
Oil, Gas & Consumable Fuels – 9.3%
Anadarko Petroleum Corp.		250,886		12,188,042
Apache Corp.		658,268		29,273,178
Avance Gas Holding Ltd. (a)		467,758		5,991,721
BW LPG Ltd. (a)		877,356		7,191,674
Cameco Corp. (a)		318,700		3,931,639
Chevron Corp.		2,244,780		201,940,409
CONSOL Energy, Inc. (a)		788,235		6,227,057
Foresight Energy LP (a)		654,880		2,311,726
Golar LNG Ltd.		173,200		2,734,828
Imperial Oil Ltd.		120,300		3,919,292
Kinder Morgan, Inc.		1,221,400		18,223,288
Legacy Reserves LP		1,295,801		2,267,652
MPLX LP		671,657		26,416,270
Noble Energy, Inc.		267,700		8,815,361
Suncor Energy, Inc.		2,025,500		52,287,967
The Williams Companies, Inc.		1,589,549		40,851,409
Williams Partners LP		2,170,256		60,441,630
				485,013,143

TOTAL ENERGY				506,693,626

FINANCIALS – 24.8%
Banks – 11.8%
Bank of America Corp.		4,092,400		68,875,092
Comerica, Inc.		658,648		27,551,246
First Niagara Financial Group, Inc.		1,910,414		20,727,992
FirstMerit Corp.		897,121		16,731,307
JPMorgan Chase & Co. (b)		2,695,264		177,968,282
KeyCorp		1,395,300		18,404,007
Lloyds Banking Group PLC		4,385,500		4,718,777
M&T Bank Corp.		633,391		76,754,321
Regions Financial Corp.		3,694,800		35,470,080
Standard Chartered PLC (United Kingdom)		1,290,092		10,720,749
SunTrust Banks, Inc.		949,700		40,685,148
U.S. Bancorp		1,208,138		51,551,248
Wells Fargo & Co. (b)		1,289,286		70,085,587
				620,243,836
Capital Markets – 5.3%
Apollo Global Management LLC Class A		88,900		1,349,502
Apollo Investment Corp. (a)		2,029,047		10,591,625
Ares Capital Corp.		841,995		11,998,429

See accompanying notes which are an integral part of the financial statements.

Annual Report

Table of Contents

Common Stocks – continued


	Shares		Value
FINANCIALS – continued
Capital Markets – continued
Ares Management LP		351,466	$	4,544,455
KKR & Co. LP		4,721,121		73,602,276
Morgan Stanley		650,075		20,678,886
PJT Partners, Inc. (a)(d)		69,430		1,964,175
State Street Corp.		908,502		60,288,193
The Blackstone Group LP		2,950,826		86,282,152
TPG Specialty Lending, Inc.		273,600		4,437,792
				275,737,485
Consumer Finance – 0.4%
Synchrony Financial (d)		630,120		19,161,949
Insurance – 4.9%
ACE Ltd. (b)		268,011		31,317,085
MetLife, Inc.		1,972,970		95,116,884
Prudential Financial, Inc.		437,762		35,638,204
The Chubb Corp.		631,600		83,775,424
The Travelers Companies, Inc.		108,345		12,227,817
				258,075,414
Real Estate Investment Trusts – 2.3%
American Capital Agency Corp.		526,148		9,123,406
American Tower Corp.		29,500		2,860,025
Annaly Capital Management, Inc.		993,209		9,316,300
Coresite Realty Corp.		80,947		4,591,314
Cousins Properties, Inc.		917,700		8,653,911
Crown Castle International Corp.		194,400		16,805,880
Duke Realty LP		745,700		15,674,614
First Potomac Realty Trust		1,163,557		13,264,550
Piedmont Office Realty Trust, Inc. Class A		618,024		11,668,293
Public Storage		26,500		6,564,050
Retail Properties America, Inc.		406,232		6,000,047
Sabra Health Care REIT, Inc.		180,800		3,657,584
Two Harbors Investment Corp.		746,134		6,043,685
Ventas, Inc.		150,990		8,520,366
				122,744,025
Thrifts & Mortgage Finance – 0.1%
Radian Group, Inc.		586,308		7,850,664

TOTAL FINANCIALS				1,303,813,373

HEALTH CARE – 11.3%
Biotechnology – 1.4%
AbbVie, Inc.		391,800		23,210,232
Amgen, Inc.		146,471		23,776,637
Gilead Sciences, Inc.		274,300		27,756,417
				74,743,286
Health Care Equipment & Supplies – 1.9%
DENTSPLY International, Inc.		200,500		12,200,425
Medtronic PLC		962,152		74,008,732
St. Jude Medical, Inc.		185,246		11,442,645
				97,651,802
Pharmaceuticals – 8.0%
GlaxoSmithKline PLC		2,350,400		47,468,306
Johnson & Johnson		2,915,168		299,446,057
Merck & Co., Inc.		300,500		15,872,410



	Shares		Value
Pfizer, Inc.		599,812	$	19,361,931
Sanofi SA		182,756		15,574,790
Teva Pharmaceutical Industries Ltd. sponsored ADR		346,200		22,724,568
				420,448,062

TOTAL HEALTH CARE				592,843,150

INDUSTRIALS – 12.1%
Aerospace & Defense – 2.9%
General Dynamics Corp.		141,600		19,450,176
Raytheon Co.		182,100		22,676,913
The Boeing Co. (b)		298,800		43,203,492
United Technologies Corp.		669,371		64,306,472
				149,637,053
Air Freight & Logistics – 3.0%
C.H. Robinson Worldwide, Inc.		196,428		12,182,465
PostNL NV (d)		4,812,100		18,303,424
United Parcel Service, Inc. Class B (b)		1,329,637		127,950,969
				158,436,858
Airlines – 0.2%
Copa Holdings SA Class A		204,700		9,878,822
Commercial Services & Supplies – 0.5%
KAR Auction Services, Inc.		549,600		20,351,688
Republic Services, Inc.		155,726		6,850,387
				27,202,075
Electrical Equipment – 1.2%
Eaton Corp. PLC		518,700		26,993,148
Emerson Electric Co.		772,703		36,958,384
				63,951,532
Industrial Conglomerates – 4.2%
General Electric Co. (b)		7,093,147		220,951,529
Machinery – 0.1%
Cummins, Inc.		62,800		5,527,028

TOTAL INDUSTRIALS				635,584,897

INFORMATION TECHNOLOGY – 11.2%
Communications Equipment – 3.1%
Cisco Systems, Inc.		3,776,531		102,551,699
Qualcomm Technologies, Inc.		1,211,239		60,543,781
				163,095,480
Electronic Equipment & Components – 0.4%
Hitachi Ltd.		1,324,000		7,502,282
TE Connectivity Ltd.		244,361		15,788,164
				23,290,446
Internet Software & Services – 0.5%
Yahoo!, Inc. (d)		718,900		23,910,614
IT Services – 2.5%
First Data Corp.		2,006,096		28,923,892
IBM Corp.		560,023		77,070,365
Paychex, Inc.		460,169		24,338,338
				130,332,595

See accompanying notes which are an integral part of the financial statements.

Annual Report

Table of Contents

Investments – continued

Common Stocks – continued


	Shares		Value
INFORMATION TECHNOLOGY – continued
Semiconductors & Semiconductor Equipment – 1.4%
Applied Materials, Inc.		2,451,600	$	45,771,372
Maxim Integrated Products, Inc.		745,900		28,344,200
				74,115,572
Software – 0.9%
Microsoft Corp.		819,224		45,450,548
Technology Hardware, Storage & Peripherals – 2.4%
Apple, Inc.		481,900		50,724,794
EMC Corp.		2,582,300		66,313,464
Seagate Technology LLC		255,700		9,373,962
				126,412,220

TOTAL INFORMATION TECHNOLOGY				586,607,475

MATERIALS – 1.3%
Chemicals – 0.5%
LyondellBasell Industries NV Class A		148,700		12,922,030
Potash Corp. of Saskatchewan, Inc.		718,700		12,309,887
Syngenta AG sponsored ADR		11,300		889,649
Tronox Ltd. Class A		451,800		1,766,538
				27,888,104
Containers & Packaging – 0.5%
Packaging Corp. of America		221,200		13,946,660
WestRock Co.		304,800		13,904,976
				27,851,636
Metals & Mining – 0.3%
Freeport-McMoRan, Inc.		505,278		3,420,732
Nucor Corp.		254,500		10,256,350
				13,677,082

TOTAL MATERIALS				69,416,822

TELECOMMUNICATION SERVICES – 4.2%
Diversified Telecommunication Services – 4.1%
AT&T, Inc.		3,251,393		111,880,433
Verizon Communications, Inc.		2,194,359		101,423,273
				213,303,706
Wireless Telecommunication Services – 0.1%
KDDI Corp.		238,000		6,180,906

TOTAL TELECOMMUNICATION SERVICES				219,484,612

UTILITIES – 5.2%
Electric Utilities – 4.9%
American Electric Power Co., Inc.		479,571		27,944,602
Entergy Corp.		311,800		21,314,648
Exelon Corp.		2,883,100		80,063,687
NextEra Energy, Inc.		49,983		5,192,734
PPL Corp.		1,674,900		57,164,337
Southern Co.		1,225,977		57,363,464
Xcel Energy, Inc.		259,700		9,325,827
				258,369,299



	Shares		Value
Multi-Utilities – 0.3%
CenterPoint Energy, Inc.		799,300	$	14,675,148

TOTAL UTILITIES				273,044,447

TOTAL COMMON STOCKS (Cost $4,603,004,640)				5,115,847,918

Convertible Preferred Stocks – 0.2%

HEALTH CARE – 0.1%
Health Care Providers & Services – 0.0%
AmSurg Corp. Series A-1, 5.25%		16,150		2,319,544
Pharmaceuticals – 0.1%
Allergan PLC 5.50%		2,275		2,343,660

TOTAL HEALTH CARE				4,663,204

TELECOMMUNICATION SERVICES – 0.0%
Wireless Telecommunication Services – 0.0%
T-Mobile U.S., Inc. Series A 5.50%		39,985		2,707,384

UTILITIES – 0.1%
Independent Power and Renewable Electricity Producers – 0.1%
Dynegy, Inc. 5.375%		31,800		1,594,134
Multi-Utilities – 0.0%
CenterPoint Energy, Inc. 2.00% ZENS (d)		24,500		1,398,031

TOTAL UTILITIES				2,992,165

TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $11,060,121)				10,362,753

Corporate Bonds – 0.5%
	Principal
	Amount(f)
Convertible Bonds – 0.4%

CONSUMER DISCRETIONARY – 0.0%
Household Durables – 0.0%
Jarden Corp. 1.875% 9/15/18	$	1,340,000		2,436,288

ENERGY – 0.2%
Oil, Gas & Consumable Fuels – 0.2%
Amyris, Inc. 3% 2/27/17		1,383,000		1,264,228
Scorpio Tankers, Inc. 2.375% 7/1/19 (g)		7,335,000		6,780,291
Whiting Petroleum Corp. 1.25% 4/1/20 (g)		1,690,000		1,149,200
				9,193,719

INFORMATION TECHNOLOGY – 0.2%
Communications Equipment – 0.1%
InterDigital, Inc. 1.5% 3/1/20 (g)		4,600,000		4,413,125

See accompanying notes which are an integral part of the financial statements.

Annual Report

Table of Contents

Corporate Bonds – continued

	Principal
	Amount(f)		Value

Convertible Bonds – continued

INFORMATION TECHNOLOGY – continued
Semiconductors & Semiconductor Equipment – 0.1%
Micron Technology, Inc. 3.125% 5/1/32	$	1,160,000	$	1,843,675
NXP Semiconductors NV 1% 12/1/19		2,350,000		2,574,719
				4,418,394

TOTAL INFORMATION TECHNOLOGY				8,831,519

TOTAL CONVERTIBLE BONDS				20,461,526

Nonconvertible Bonds – 0.1%

CONSUMER DISCRETIONARY – 0.1%
Media – 0.1%
Altice SA 7.625% 2/15/25 (g)		3,220,000		2,777,250

CONSUMER STAPLES – 0.0%
Tobacco – 0.0%
Vector Group Ltd. 7.75% 2/15/21		2,350,000		2,479,250

MATERIALS – 0.0%
Metals & Mining – 0.0%
Walter Energy, Inc. 8.5% 4/15/21 (h)		5,250,000		525

TOTAL NONCONVERTIBLE BONDS				5,257,025

TOTAL CORPORATE BONDS (Cost $32,411,935)				25,718,551

Preferred Securities – 0.1%

FINANCIALS – 0.1%
Diversified Financial Services – 0.1%
Baggot Securities Ltd. 10.24% (Cost $3,931,535) (g)(i)	EUR	2,560,000		3,027,398

Money Market Funds – 2.8%
		Shares
Fidelity Cash Central Fund, 0.33% (j)		101,348,301		101,348,301
Fidelity Securities Lending Cash Central Fund, 0.35% (j)(k)		47,684,836		47,684,836

TOTAL MONEY MARKET FUNDS (Cost $149,033,137)				149,033,137


TOTAL INVESTMENT PORTFOLIO – 101.1% (Cost $4,799,441,368)				5,303,989,757

NET OTHER ASSETS (LIABILITIES) – (1.1)%				(57,144,334	)
NET ASSETS – 100%			$	5,246,845,423

Written Options

	Expiration
	Date/	Number
	Exercise	of
	Price	Contracts		Premium		Value
Call Options
ACE Ltd.	2/19/16 – $120.00		635	$	118,384	$	(107,950	)
General Electric Co.	1/15/16 – $31.00		25,070		765,483		(1,266,035	)
General Electric Co.	3/18/16 – $33.00		11,802		248,899		(336,357	)
JPMorgan Chase & Co.	2/19/16 – $70.00		4,100		360,993		(170,150	)
McDonald’s Corp.	1/15/16 – $115.00		1,145		207,900		(443,688	)
Molson Coors Brewing Co. Class B	1/15/16 – $100.00		763		89,269		(9,538	)
The Boeing Co.	1/15/16 – $150.00		1,027		393,221		(37,486	)
The Hershey Co.	2/19/16 – $90.00		1,632		207,929		(474,912	)
United Parcel Service, Inc. Class B	1/15/16 – $105.00		4,293		786,758		(12,879	)
Wells Fargo & Co.	1/15/16 – $57.50		4,073		279,240		(24,438	)
Yum! Brands, Inc.	1/15/16 – $75.00		723		125,077		(61,454	)
TOTAL WRITTEN OPTIONS				$	3,583,153	$	(2,944,887	)

See accompanying notes which are an integral part of the financial statements.

Annual Report

Table of Contents

Investments – continued

Currency Abbreviations

EUR – European Monetary Unit

Legend

(a)

Security or a portion of the security is on loan at period end.

(b)

Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $268,193,820.

(c)

(d)

Non-income producing

(e)

Investment is owned by an entity that is treated as a U.S. Corporation for tax purposes in which the Fund holds a percentage ownership.

(f)

Amount is stated in United States dollars unless otherwise noted.

(g)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from

registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $18,147,264 or 0.3% of net assets.

(h)

Non-income producing – Security is in default.

(i)

Security is perpetual in nature with no stated maturity date.

(j)

(k)

Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$	328,083
Fidelity Securities Lending Cash Central Fund		672,703
Total	$	1,000,786

Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total			Level 1			Level 2		Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$	424,344,402		$	404,921,310		$	582,228	$	18,840,864
Consumer Staples		504,015,114			500,187,898			3,827,216		–
Energy		506,693,626			493,510,231			13,183,395		–
Financials		1,303,813,373			1,299,094,596			4,718,777		–
Health Care		597,506,354			532,143,714			65,362,640		–
Industrials		635,584,897			635,584,897			–		–
Information Technology		586,607,475			550,181,301			36,426,174		–
Materials		69,416,822			69,416,822			–		–
Telecommunication Services		222,191,996			216,011,090			6,180,906		–
Utilities		276,036,612			274,638,581			1,398,031		–
Corporate Bonds		25,718,551			–			25,718,551		–
Preferred Securities		3,027,398			–			3,027,398		–
Money Market Funds		149,033,137			149,033,137			–		–
Total Investments in Securities:	$	5,303,989,757		$	5,124,723,577		$	160,425,316	$	18,840,864
Derivative Instruments:
Liabilities
Written Options	$	(2,944,887	)	$	(2,944,887	)	$	–	$	–
Total Liabilities	$	(2,944,887	)	$	(2,944,887	)	$	–	$	–
Total Derivative Instruments:	$	(2,944,887	)	$	(2,944,887	)	$	–	$	–

See accompanying notes which are an integral part of the financial statements.

Annual Report

Table of Contents

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset		Liability
Equity Risk
Written Options ^(a)	$	0	$	(2,944,887	)
Total Equity Risk		0		(2,944,887	)
Total Value of Derivatives	$	0	$	(2,944,887	)

(a) Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Table of Contents

Financial Statements

Statement of Assets and Liabilities

			December 31, 2015
Assets
Investment in securities, at value (including securities loaned of $46,333,760) – See accompanying schedule:
Unaffiliated issuers (cost $4,650,408,231)	$	5,154,956,620
Fidelity Central Funds (cost $149,033,137)		149,033,137
Total Investments (cost $4,799,441,368)			$	5,303,989,757
Cash				225,161
Foreign currency held at value (cost $951,744)				951,746
Receivable for investments sold				7,280,235
Receivable for fund shares sold				808,613
Dividends receivable				7,987,833
Interest receivable				275,257
Distributions receivable from Fidelity Central Funds				201,147
Prepaid expenses				12,202
Other receivables				438,670
Total assets				5,322,170,621
Liabilities
Payable for investments purchased	$	18,187,477
Payable for fund shares redeemed		3,349,438
Accrued management fee		1,967,501
Distribution and service plan fees payable		308,611
Written options, at value (premium received $3,583,153)		2,944,887
Other affiliated payables		407,361
Other payables and accrued expenses		475,087
Collateral on securities loaned, at value		47,684,836
Total liabilities				75,325,198
Net Assets			$	5,246,845,423
Net Assets consist of:
Paid in capital			$	4,428,083,522
Distributions in excess of net investment income				(15,247,286	)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions				328,848,538
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies				505,160,649
Net Assets			$	5,246,845,423
Initial Class:
Net Asset Value, offering price and redemption price per share ($3,238,579,995 ÷ 158,288,156 shares)			$	20.46
Service Class:
Net Asset Value, offering price and redemption price per share ($309,668,720 ÷ 15,201,706 shares)			$	20.37
Service Class 2:
Net Asset Value, offering price and redemption price per share ($1,348,911,710 ÷ 67,311,488 shares)			$	20.04
Investor Class:
Net Asset Value, offering price and redemption price per share ($349,684,998 ÷ 17,162,940 shares)			$	20.37

See accompanying notes which are an integral part of the financial statements.

Annual Report

Table of Contents

Statement of Operations

				Year ended
				December 31, 2015
Investment Income
Dividends				$	192,727,501
Interest					3,773,450
Income from Fidelity Central Funds					1,000,786
Total income					197,501,737
Expenses
Management fee	$	26,200,773
Transfer agent fees		4,162,111
Distribution and service plan fees		4,255,589
Accounting and security lending fees		1,123,303
Custodian fees and expenses		119,593
Independent trustees’ compensation		26,181
Appreciation in deferred trustee compensation account		66
Audit		85,908
Legal		21,767
Miscellaneous		41,642
Total expenses before reductions		36,036,933
Expense reductions		(339,997	)		35,696,936
Net investment income (loss)					161,804,801
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		370,975,049
Foreign currency transactions		(46,475	)
Written options		15,127,152
Total net realized gain (loss)					386,055,726
Change in net unrealized appreciation (depreciation) on:
Investment securities		(781,720,652	)
Assets and liabilities in foreign currencies		41,270
Written options		3,441,483
Total change in net unrealized appreciation (depreciation)					(778,237,899	)
Net gain (loss)					(392,182,173	)
Net increase (decrease) in net assets resulting from operations				$	(230,377,372	)

Statement of Changes in Net Assets

	Year ended December			Year ended December
	31, 2015			31, 2014
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	161,804,801		$	182,361,728
Net realized gain (loss)		386,055,726			591,213,191
Change in net unrealized appreciation (depreciation)		(778,237,899	)		(239,753,698	)
Net increase (decrease) in net assets resulting from operations		(230,377,372	)		533,821,221
Distributions to shareholders from net investment income		(173,549,033	)		(173,173,144	)
Distributions to shareholders from net realized gain		(562,610,777	)		(87,899,582	)
Total distributions		(736,159,810	)		(261,072,726	)
Share transactions – net increase (decrease)		(79,940,029	)		(437,948,697	)
Redemption fees		3,144			7,981
Total increase (decrease) in net assets		(1,046,474,067	)		(165,192,221	)
Net Assets
Beginning of period		6,293,319,490			6,458,511,711
End of period (including distributions in excess of net investment income of $15,247,286 and distributions in excess of net investment income of $3,340,048, respectively)	$	5,246,845,423		$	6,293,319,490

See accompanying notes which are an integral part of the financial statements.

Annual Report

Table of Contents

Financial Highlights – VIP Equity-Income Portfolio Initial Class

Years ended December 31,	2015			2014			2013			2012			2011
Selected Per–Share Data
Net asset value, beginning of period	$	24.30		$	23.29		$	19.94		$	18.69		$	19.02
Income from Investment Operations
Net investment income (loss)^A		.63			.71	^B		.56			.59			.48
Net realized and unrealized gain (loss)		(1.57	)^C		1.35			4.96			2.59			(.31	)
Total from investment operations		(.94	)		2.06			5.52			3.18			.17
Distributions from net investment income		(.71	)		(.71	)		(.60	)		(.63	)^D		(.50	)
Distributions from net realized gain		(2.19	)		(.34	)		(1.57	)		(1.30	)^D		–
Total distributions		(2.90	)		(1.05	)		(2.17	)		(1.93	)		(.50	)
Redemption fees added to paid in capital^A,E		–			–			–			–			–
Net asset value, end of period	$	20.46		$	24.30		$	23.29		$	19.94		$	18.69
Total Return ^F,G		(4.08	)%^C		8.85	%		28.15	%		17.31	%		.97	%
Ratios to Average Net Assets^H,I
Expenses before reductions		.54	%		.54	%		.55	%		.55	%		.56	%
Expenses net of fee waivers, if any		.54	%		.54	%		.54	%		.55	%		.55	%
Expenses net of all reductions		.53	%		.54	%		.54	%		.54	%		.54	%
Net investment income (loss)		2.85	%		2.94	%^B		2.43	%		2.94	%		2.48	%
Supplemental Data
Net assets, end of period (000 omitted)	$	3,238,580		$	3,817,228		$	3,947,728		$	3,461,083		$	3,345,762
Portfolio turnover rate^J		46	%		40	%		32	%		48	%		96	%

Calculated based on average shares outstanding during the period.

Net Investment income per share reflects a large, non-recurring dividend which amounted to $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.59%.

Net realized and unrealized gain (loss) per share reflects proceeds from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been (4.18)%.

The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

Amount represents less than $.005 per share.

Total returns do not reflect charges attributable to your insurance company’s separate account. Inclusion of these charges would reduce the total returns shown.

Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

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Financial Highlights – VIP Equity-Income Portfolio Service Class

Years ended December 31,	2015			2014			2013			2012			2011
Selected Per–Share Data
Net asset value, beginning of period	$	24.20		$	23.20		$	19.87		$	18.63		$	18.96
Income from Investment Operations
Net investment income (loss)^A		.61			.69	^B		.53			.57			.46
Net realized and unrealized gain (loss)		(1.56	)^C		1.34			4.94			2.57			(.31	)
Total from investment operations		(.95	)		2.03			5.47			3.14			.15
Distributions from net investment income		(.69	)		(.68	)		(.57	)		(.60	)^D		(.48	)
Distributions from net realized gain		(2.19	)		(.34	)		(1.57	)		(1.30	)^D		–
Total distributions		(2.88	)		(1.03	)^E		(2.14	)		(1.90	)		(.48	)
Redemption fees added to paid in capital ^A,F		–			–			–			–			–
Net asset value, end of period	$	20.37		$	24.20		$	23.20		$	19.87		$	18.63
Total Return ^G,H		(4.17	)%^C		8.74	%		28.01	%		17.19	%		.86	%
Ratios to Average Net Assets ^I,J
Expenses before reductions		.64	%		.64	%		.65	%		.65	%		.66	%
Expenses net of fee waivers, if any		.64	%		.64	%		.64	%		.65	%		.66	%
Expenses net of all reductions		.63	%		.64	%		.64	%		.64	%		.64	%
Net investment income (loss)		2.75	%		2.84	%^B		2.33	%		2.84	%		2.38	%
Supplemental Data
Net assets, end of period (000 omitted)	$	309,669		$	369,024		$	391,896		$	350,493		$	347,999
Portfolio turnover rate^K		46	%		40	%		32	%		48	%		96	%

Calculated based on average shares outstanding during the period.

Net realized and unrealized gain (loss) per share reflects proceeds from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been (4.27)%.

The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

A total distribution of $1.03 per share is comprised of distributions from net investment income of $.684 and distributions from net realized gain of $.342 per share.

Amount represents less than $.005 per share.

Total returns do not reflect charges attributable to your insurance company’s separate account. Inclusion of these charges would reduce the total returns shown.

Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

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Financial Highlights – VIP Equity-Income Portfolio Service Class 2

Years ended December 31,	2015			2014			2013			2012			2011
Selected Per–Share Data
Net asset value, beginning of period	$	23.85		$	22.88		$	19.62		$	18.41		$	18.75
Income from Investment Operations
Net investment income (loss)^A		.57			.64	^B		.49			.53			.42
Net realized and unrealized gain (loss)		(1.54	)^C		1.32			4.88			2.55			(.31	)
Total from investment operations		(.97	)		1.96			5.37			3.08			.11
Distributions from net investment income		(.65	)		(.65	)		(.54	)		(.57	)^D		(.45	)
Distributions from net realized gain		(2.19	)		(.34	)		(1.57	)		(1.30	)^D		–
Total distributions		(2.84	)		(.99	)		(2.11	)		(1.87	)		(.45	)
Redemption fees added to paid in capital ^A,E		–			–			–			–			–
Net asset value, end of period	$	20.04		$	23.85		$	22.88		$	19.62		$	18.41
Total Return ^F,G		(4.32	)%^C		8.57	%		27.83	%		17.05	%		.66	%
Ratios to Average Net Assets ^H,I
Expenses before reductions		.79	%		.79	%		.80	%		.80	%		.81	%
Expenses net of fee waivers, if any		.79	%		.79	%		.79	%		.80	%		.81	%
Expenses net of all reductions		.78	%		.79	%		.79	%		.79	%		.80	%
Net investment income (loss)		2.60	%		2.69	%^B		2.18	%		2.69	%		2.23	%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,348,912		$	1,702,854		$	1,755,769		$	1,560,856		$	1,457,230
Portfolio turnover rate^J		46	%		40	%		32	%		48	%		96	%

Calculated based on average shares outstanding during the period.

Net realized and unrealized gain (loss) per share reflects proceeds from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been (4.42)%.

The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

Amount represents less than $.005 per share.

Total returns do not reflect charges attributable to your insurance company’s separate account. Inclusion of these charges would reduce the total returns shown.

Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

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Financial Highlights – VIP Equity-Income Portfolio Investor Class

Years ended December 31,	2015			2014			2013			2012			2011
Selected Per–Share Data
Net asset value, beginning of period	$	24.21		$	23.21		$	19.89		$	18.64		$	18.97
Income from Investment Operations
Net investment income (loss)^A		.61			.69	^B		.54			.57			.46
Net realized and unrealized gain (loss)		(1.56	)^C		1.34			4.93			2.59			(.31	)
Total from investment operations		(.95	)		2.03			5.47			3.16			.15
Distributions from net investment income		(.70	)		(.69	)		(.58	)		(.61	)^D		(.48	)
Distributions from net realized gain		(2.19	)		(.34	)		(1.57	)		(1.30	)^D		–
Total distributions		(2.89	)		(1.03	)		(2.15	)		(1.91	)		(.48	)
Redemption fees added to paid in capital ^A,E		–			–			–			–			–
Net asset value, end of period	$	20.37		$	24.21		$	23.21		$	19.89		$	18.64
Total Return ^F,G		(4.18	)%^C		8.77	%		27.99	%		17.27	%		.89	%
Ratios to Average Net Assets ^H,I
Expenses before reductions		.62	%		.62	%		.63	%		.64	%		.64	%
Expenses net of fee waivers, if any		.62	%		.62	%		.62	%		.64	%		.64	%
Expenses net of all reductions		.61	%		.62	%		.62	%		.63	%		.63	%
Net investment income (loss)		2.77	%		2.86	%^B		2.35	%		2.85	%		2.39	%
Supplemental Data
Net assets, end of period (000 omitted)	$	349,685		$	388,773		$	351,139		$	220,311		$	178,499
Portfolio turnover rate^J		46	%		40	%		32	%		48	%		96	%

Calculated based on average shares outstanding during the period.

Net realized and unrealized gain (loss) per share reflects proceeds from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been (4.28)%.

The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

Amount represents less than $.005 per share.

Total returns do not reflect charges attributable to your insurance company’s separate account. Inclusion of these charges would reduce the total returns shown.

Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

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Notes to Financial Statements

For the period ended December 31, 2015

1. Organization.

VIP Equity-Income Portfolio (the Fund) is a fund of Variable Insurance Products Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. The Fund offered Service Class 2R shares during the period April 24, 2002 through April 30, 2015, and all outstanding shares were converted to Service Class 2 shares by April 30, 2015. All classes have equal rights and voting privileges, except for matters affecting a single class.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 – quoted prices in active markets for identical investments

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 – unobservable inputs (including the Fund’s own assumptions based on the best information available)

Valuation techniques used to value the Fund’s investments by major category are as follows:

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securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of December 31, 2015, is included at the end of the Fund’s Schedule of Investments.

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Notes to Financial Statements – continued

provision for U.S. Federal income taxes is required. As of December 31, 2015, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund’s federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Book-tax differences are primarily due to foreign currency transactions, equity–debt classification, certain conversion ratio adjustments, contingent interest, market discount, options transactions, partnerships, deferred trustees compensation and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$	996,553,186
Gross unrealized depreciation		(469,990,890	)
Net unrealized appreciation (depreciation) on securities	$	526,562,296
Tax Cost	$	4,777,427,461

The tax-based components of distributable earnings as of period end were as follows:

Undistributed long-term capital gain	$	326,387,012

Net unrealized appreciation (depreciation) on securities and other investments	$	527,175,265

The Fund intends to elect to defer to its next fiscal year $19,438,423 of capital losses recognized during the period November 1, 2015 to December 31, 2015.

The tax character of distributions paid was as follows:

	December 31, 2015		December 31, 2014
Ordinary Income	$	202,573,284	$	242,650,166
Long-term Capital Gains		533,586,526		18,422,560
Total	$	736,159,810	$	261,072,726

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund’s investment objective allows the Fund to enter into various types of derivative contracts, including options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

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achieve its objectives.

The Fund’s use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded options may be mitigated by the protection provided by the exchange on which they trade.

Options. Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.

The Fund used exchange-traded written covered call options to manage its exposure to the market. When the Fund writes a covered call option, the Fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

Upon entering into a written options contract, the Fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected on the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed the Fund will realize a gain or loss depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are reflected separately on the Statement of Operations.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Schedule of Investments under the caption “Written Options”.

During the period, the Fund recognized net realized gain (loss) of $15,127,152 and a change in net unrealized appreciation (depreciation) of $3,441,483 related to its investment in written options. This amount is included in the Statement of Operations.

The following is a summary of the Fund’s written options activity:

Written Options	Number of Contracts			Amount of Premiums
Outstanding at beginning of period		17,086		$	1,503,953
Options Opened		319,412			28,477,955
Options Exercised		(89,901	)		(8,269,373	)
Options Closed		(96,405	)		(9,624,661	)
Options Expired		(94,929	)		(8,504,721	)
Outstanding at end of period		55,263		$	3,583,153

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $2,591,089,543 and $3,086,366,914, respectively.

6. Fees and Other Transactions with Affiliates.

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Notes to Financial Statements – continued

previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .45% of the Fund’s average net assets.

For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services, were as follows:

Service Class	$	344,600
Service Class 2		3,898,418
Service Class 2R^(a)		12,571
	$	4,255,589

(a) For the period January 1, 2015 through April 30, 2015.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund’s transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class (with the exception of Investor Class) pays a fee for transfer agent services, typesetting, printing and mailing of shareholder reports, excluding mailing of proxy statements and out of pocket expenses, equal to an annual rate of .07% (.15% for Investor Class) of class-level average net assets For the period, transfer agent fees for each class, including out of pocket expenses, were as follows:

Initial Class	$	2,354,728
Service Class		227,693
Service Class 2		1,030,558
Service Class 2R^(a)		3,315
Investor Class		545,817
	$	4,162,111

(a) For the period January 1, 2015 through April 30, 2015.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $196,680.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the “line of credit”) to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $8,769 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

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period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund’s Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $5,930,322. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $672,703, including $47,413 from securities loaned to FCM.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $306,883 for the period. In addition, through arrangements with the Fund’s custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund’s expenses. During the period, these credits reduced the Fund’s custody expenses by $689.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $24,221 and a portion of class-level operating expenses as follows:

		Amount
Investor Class		$	8,204

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended December 31,	2015^(a)		2014
From net investment income
Initial Class	$	109,149,565	$	107,336,069
Service Class		10,156,613		10,064,095
Service Class 2		42,706,986		44,643,796
Service Class 2R		11,545		416,261
Investor Class		11,524,324		10,712,923
Total	$	173,549,033	$	173,173,144
From net realized gain
Initial Class	$	339,608,604	$	53,100,552
Service Class		33,003,823		5,192,387
Service Class 2		153,933,197		24,163,154
Service Class 2R		1,316,715		208,074
Investor Class		34,748,438		5,235,415
Total	$	562,610,777	$	87,899,582

(a) All Service Class 2R shares were converted by April 30, 2015.

11. Share Transactions.

Transactions for each class of shares were as follows:

Years ended	Shares			Shares			Dollars			Dollars
December 31,	2015^(a)			2014			2015^(a)			2014
Initial Class
Shares sold		2,942,434			3,745,247		$	64,636,128		$	90,278,141
Reinvestment of distributions		20,908,619			6,589,354			448,758,169			160,436,620
Shares redeemed		(22,650,939	)		(22,744,482	)		(503,270,251	)		(547,118,347	)
Net increase (decrease)		1,200,114			(12,409,881	)	$	10,124,046		$	(296,403,586	)

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Notes to Financial Statements – continued

Years ended	Shares			Shares			Dollars			Dollars
December 31,	2015^(a)			2014			2015^(a)			2014
Service Class
Shares sold		583,466			560,667		$	12,999,462		$	13,553,192
Reinvestment of distributions		2,018,226			629,390			43,160,436			15,256,482
Shares redeemed		(2,646,679	)		(2,833,591	)		(58,306,592	)		(68,623,532	)
Net increase (decrease)		(44,987	)		(1,643,534	)	$	(2,146,694	)	$	(39,813,858	)
Service Class 2
Shares sold		4,829,943			4,230,671		$	104,917,377		$	100,211,368
Reinvestment of distributions		9,327,616			2,879,996			196,640,183			68,806,950
Shares redeemed		(18,242,504	)		(12,454,297	)		(397,542,395	)		(296,579,008	)
Net increase (decrease)		(4,084,945	)		(5,343,630	)	$	(95,984,835	)	$	(127,560,690	)
Service Class 2R
Shares sold		44,755			205,262		$	994,924		$	4,868,639
Reinvestment of distributions		61,837			26,268			1,328,260			624,335
Shares redeemed		(758,460	)		(106,535	)		(16,752,939	)		(2,539,192	)
Net increase (decrease)		(651,868	)		124,995		$	(14,429,755	)	$	2,953,782
Investor Class
Shares sold		1,061,340			1,906,050		$	23,323,259		$	45,905,466
Reinvestment of distributions		2,166,600			656,848			46,272,762			15,948,338
Shares redeemed		(2,123,884	)		(1,632,275	)		(47,098,812	)		(38,978,149	)
Net increase (decrease)		1,104,056			930,623		$	22,497,209		$	22,875,655

(a) All Service Class 2R shares were converted by April 30, 2015.

12. Other.

At the end of the period, the investment adviser or its affiliates were the owners of record of 14% of the total outstanding shares of the Fund and one otherwise unaffiliated shareholder was the owner of record of 19% of the total outstanding shares of the Fund.

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Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund and Shareholders of VIP Equity-Income Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of VIP Equity-Income Portfolio (a fund of Variable Insurance Products Fund) at December 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the VIP Equity-Income Portfolio’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 17, 2016

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Trustees and Officers

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Fidelity^®funds are overseen by different Boards of Trustees. The fund’s Board oversees Fidelity’s high income and certain equity funds, and other Boards oversee Fidelity’s investment-grade bond, money market, asset allocation, and sector funds. The asset allocation funds may invest in Fidelity^®funds overseen by the fund’s Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity^® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity^® funds overseen by each Board.

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by the Trustees. While each of the Board’s committees has responsibility for overseeing different aspects of the fund’s activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. In addition, the Independent Trustees have worked with FMR to enhance the Board’s oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. For example, a working group comprised of Independent Trustees and FMR has worked and continues to work to review the Fidelity^®funds’ valuation-related activities, reporting and risk management. Appropriate personnel, including but not limited to the fund’s Chief Compliance Officer (CCO), FMR’s internal auditor, the independent accountants, the fund’s Treasurer and portfolio management personnel, make periodic reports to the Board’s committees, as appropriate, including an annual review of Fidelity’s risk management program for the Fidelity^®funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under “Standing Committees of the Trustees.”

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity^®funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-present), and Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the board of Artis-Naples, Naples, Florida, and as a Trustee for Brewster Academy, Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

Charles S. Morrison (1960)

Year of Election or Appointment: 2014

Trustee

Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

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Trustees and Officers – continued

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity^®funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), and as a member of the Independent Directors Council (IDC) Governing Council (2010-2015). Mr. Dirks is a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-present).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity^®funds. Mr. Lacy serves as Chairman (2014-present) and a member (2010-present) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes) and a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association and as a member of the Board of Directors for The Western Union Company (global money transfer, 2006-2011), The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), and Earth Fare, Inc. (retail grocery, 2010-2014).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity^®funds. Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is Chairman of the Board of Directors of Artis-Naples in Naples, Florida (2012-present), a member of the Council on Foreign Relations (1994-present), and a member of the Board of Governors, State University System of Florida (2013-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity^®funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).

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Robert W. Selander (1950)

Year of Election or Appointment: 2011

Trustee

Mr. Selander also serves as Trustee of other Fidelity^®funds. Mr. Selander serves as a Director of The Western Union Company (global money transfer, 2014-present) and a non-executive Chairman of Health Equity, Inc. (health savings custodian, 2015-present). Previously, Mr. Selander served as a Member of the Advisory Board of other Fidelity^® funds (2011), and Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity^®funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

William S. Stavropoulos (1939)

Year of Election or Appointment: 2001

Trustee

Vice Chairman of the Independent Trustees

Mr. Stavropoulos also serves as Trustee of other Fidelity^®funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and Maersk Inc. (industrial conglomerate), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of the Naples Philharmonic Center for the Arts. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity^®funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

Advisory Board Members and Officers:

Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

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Trustees and Officers – continued

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2008

Deputy Treasurer

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

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Scott C. Goebel (1968)

Year of Election or Appointment: 2015

Vice President

Thomas C. Hense (1964)

Year of Election or Appointment: 2008, 2010, or 2015

Vice President

Mr. Hense serves as Vice President of Fidelity Advisor^® Multi-Asset Income Fund (2015) and other funds (High Income (2008), Small Cap (2008), and Value (2010) funds), and is an employee of Fidelity Investments (1993-present). Previously, Mr. Hense served as a portfolio manager for Fidelity’s Institutional Money Management Group (Pyramis) (2003-2008).

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

John F. Papandrea (1972)

Year of Election or Appointment: 2016

Anti-Money Laundering (AML) Officer

Kenneth B. Robins (1969)

Year of Election or Appointment: 2008

President and Treasurer

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Deputy Treasurer

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Trustees and Officers – continued

Renee Stagnone (1975)

Year of Election or Appointment: 2013

Deputy Treasurer

Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present).

Linda J. Wondrack (1964)

Year of Election or Appointment: 2014

Chief Compliance Officer

Joseph F. Zambello (1957)

Year of Election or Appointment: 2011

Deputy Treasurer

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Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2015 to December 31, 2015).

Actual Expenses

Hypothetical Example for Comparison Purposes

								Expenses Paid
	Annualized			Beginning		Ending		During Period-^B
	Expense			Account Value		Account Value		July 1, 2015
	Ratio-^A			July 1, 2015		December 31, 2015		to December 31, 2015
Initial Class		.54	%
Actual				$	1,000.00	$	950.00	$	2.65
Hypothetical-^C				$	1,000.00	$	1,022.48	$	2.75
Service Class		.64	%
Actual				$	1,000.00	$	949.60	$	3.14
Hypothetical-^C				$	1,000.00	$	1,021.98	$	3.26
Service Class 2		.79	%
Actual				$	1,000.00	$	948.80	$	3.88
Hypothetical-^C				$	1,000.00	$	1,021.22	$	4.02
Investor Class		.62	%
Actual				$	1,000.00	$	949.40	$	3.05
Hypothetical-^C				$	1,000.00	$	1,022.08	$	3.16

Annualized expense ratio reflects expenses net of applicable fee waivers.

Expenses are equal to each Class’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

5% return per year before expenses

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Distributions (Unaudited)

The Board of Trustees of VIP Equity – Income Portfolio voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:

	Pay Date	Record Date	Capital Gains
Initial Class	02/12/2016	02/12/2016	$1.254
Service Class	02/12/2016	02/12/2016	$1.254
Service Class 2	02/12/2016	02/12/2016	$1.254
Investor Class	02/12/2016	02/12/2016	$1.254

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2015 $327,277,152, or, if subsequently determined to be different, the net capital gain of such year.

Initial Class designates 71%; Service Class designates 73% Service Class 2 designates 76% and Investor Class designates 72% of the dividends distributed in December 2015, during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

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Board Approval of Investment Advisory Contracts and Management Fees

VIP Equity-Income Portfolio

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Board Approval of Investment Advisory Contracts and Management Fees – continued

and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

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VIP Equity-Income Portfolio

The Board noted that, on April 30, 2015 (after the periods shown in the chart above), FMR converted assets in Service Class 2 R into Service Class 2.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the “Total Mapped Group.” The Total Mapped Group is broader than the Lipper peer group used by the Board for performance comparisons because the Total Mapped Group combines several Lipper investment objective categories while the Lipper peer group does not. The Total Mapped Group comparison focuses on a fund’s standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). “TMG %” represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund’s. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund’s actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The “Asset-Size Peer Group” (ASPG) comparison focuses on a fund’s standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund’s management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund’s management fee rate ranked, is also included in the chart and considered by the Board.

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Board Approval of Investment Advisory Contracts and Management Fees – continued

VIP Equity-Income Portfolio

The Board noted that the fund’s management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2014.

Based on its review, the Board concluded that the fund’s management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that the total expense ratio of each class ranked below its competitive median for 2014.

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The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds’ Advisory Contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends and Fidelity’s long-term strategies for certain funds; (ii) the various share classes employed by Fidelity and the attributes of each class, together with similar information on the distribution and servicing payments made by Fidelity or the funds to third-party participants in the distribution channels; (iii) fund profitability, and fund performance in relation to fund profitability; (iv) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (v) annual fund profitability margins, with particular focus on certain funds with negative margins; (vi) the realization of fall-out benefits in certain Fidelity business units; (vii) economies of scale and the way in which they are shared with fund shareholders;(viii) Fidelity’s group fee structures, including the group fee schedule of breakpoints;(ix) the impact of cost containment measures on the funds; and (x) the transfer agent fee structure.

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VIPEI-ANN-0216

1.540027.118

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Fidelity^® Variable Insurance Products:

Mid Cap Portfolio

Annual Report

December 31, 2015

Contents

Performance	3

Management’s Discussion of Fund Performance	4

Investment Summary	5

Investments	6

Financial Statements	12

Notes to Financial Statements	18

Report of Independent Registered Public Accounting Firm	24

Trustees and Officers	25

Shareholder Expense Example	32

Distributions	33

Board Approval of Investment Advisory Contracts and Management Fees	34

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity^® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor’s, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

For a complete list of a fund’s portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity’s web site at http:// www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

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Performance: The Bottom Line

Average Annual Total Returns

For the periods ended December 31, 2015	Past 1	Past 5	Past 10
	year	years	years
Initial Class	-1.39%	7.94%	7.64%
Service Class	-1.50%	7.84%	7.53%
Service Class 2	-1.63%	7.68%	7.37%
Investor Class	-1.47%	7.85%	7.54%

$10,000 Over 10 Years

Let’s say hypothetically that $10,000 was invested in VIP Mid Cap Portfolio – Initial Class on December 31, 2005.

The chart shows how the value of your investment would have changed, and also shows how the S&P MidCap 400^® Index performed over the same period.

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Management’s Discussion of Fund Performance

Market Recap: U.S. stocks gained modestly in 2015, rebounding from a steep decline in August and September over worries about China’s slowing economic growth. The S&P 500^®index rose 1.38% for the period, its lowest calendar-year return since 2008. After the late-summer rout, stocks sharply reversed course in October, lifted by the Federal Reserve’s decision to put off raising near-term interest rates until mid-December. Investors also were encouraged by an interest-rate cut in China and economic stimulus in Europe. Overall, growth stocks fared much better than their value counterparts, as investors sought growth in a subpar economic environment. This helped lift the technology-heavy Nasdaq Composite Index^® 6.96% for the year. Sector performance in the broader market was split, with five of 10 sectors in the S&P 500^® gaining ground and five retreating. Consumer discretionary (+10%) led the way, benefiting from rising personal income and low inflation. Health care (+7%), consumer staples (+7%) and information technology (+6%) also outpaced the broad market amid strong fundamentals. Conversely, the energy sector (-21%) was by far the worst performer, stung by deflated commodity prices that also hit materials (-8%). The defensive, but rate-sensitive utilities sector (-5%) lost ground on the cusp of Fed tightening, while industrials (-3%) were dragged down with energy prices and a slower-growing China.

Comments from Portfolio Manager Thomas Allen: For the year, the fund’s share classes recorded small declines and finished modestly ahead of the -2.18% return of the benchmark S&P MidCap 400^® index. Positioning in information technology, energy, materials and health care aided the fund’s performance versus the index. Underweighting the lower end of the benchmark’s market capitalization spectrum also was helpful, as larger-caps tended to perform better this period. At the stock level, Global Payments was the fund’s top contributor. The provider of payment processing services announced strong quarterly results in both July and October, which aided its stock. Electronic Arts, a leading maker of video games, also was helpful, as were Freescale Semiconductor and Netherlands-based NXP Semiconductors. All three were non-index positions. NXP closed a deal to buy Freescale during the period. Conversely, performance was hampered by stock picking in industrials and financials. In the former category, a non-index position in Spirit Airlines was by far our biggest relative detractor. Another detractor from transportation – a group where I reduced the fund’s allocation during the period – was less-than-truckload (LTL) hauler and logistics provider Saia. One detractor from the technology sector was Belden, a manufacturer of networking, connectivity and cable products.

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Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2015

			% of fund’s
	% of fund’s		net assets
	net assets		6 months ago
Global Payments, Inc.		1.6		1.4
Jones Lang LaSalle, Inc.		1.1		1.1
CBRE Group, Inc.		1.1		1.1
Electronic Arts, Inc.		1.1		1.1
Total System Services, Inc.		1.1		1.0
Cardinal Health, Inc.		1.1		1.1
McGraw Hill Financial, Inc.		1.0		0.9
Textron, Inc.		1.0		1.2
CDW Corp.		1.0		0.8
Steris PLC		0.9		0.9
		11.0

Top Five Market Sectors as of December 31, 2015

			% of fund’s
	% of fund’s		net assets
	net assets		6 months ago
Information Technology		24.4		23.9
Financials		20.5		18.2
Consumer Discretionary		17.8		18.5
Industrials		14.5		15.5
Health Care		13.6		13.8

Asset Allocation (% of fund’s net assets)

Foreign investments – 11.9%

Foreign investments – 11.7%

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Investments December 31, 2015

Showing Percentage of Net Assets

Common Stocks – 99.6%
	Shares		Value

CONSUMER DISCRETIONARY – 17.8%
Auto Components – 1.6%
Delphi Automotive PLC		483,061	$	41,412,820
Gentex Corp.		2,316,292		37,083,835
Johnson Controls, Inc.		370,200		14,619,198
Modine Manufacturing Co. (a)		147,000		1,330,350
Tenneco, Inc. (a)		177,476		8,147,923
Visteon Corp.		235,822		27,001,619
				129,595,745
Diversified Consumer Services – 0.6%
Houghton Mifflin Harcourt Co. (a)		1,831,364		39,887,108
ServiceMaster Global Holdings, Inc. (a)		213,200		8,365,968
				48,253,076
Hotels, Restaurants & Leisure – 2.8%
Brinker International, Inc.		79,767		3,824,828
Buffalo Wild Wings, Inc. (a)		89,100		14,224,815
DineEquity, Inc.		696,400		58,964,188
Interval Leisure Group, Inc.		470,600		7,346,066
Jubilant Foodworks Ltd.		75,070		1,675,961
Las Vegas Sands Corp.		618,188		27,101,362
Panera Bread Co. Class A (a)		99,518		19,384,116
Texas Roadhouse, Inc. Class A		936,500		33,498,605
The Restaurant Group PLC		166,500		1,682,589
Wyndham Worldwide Corp.		796,600		57,872,990
				225,575,520
Household Durables – 4.1%
Ethan Allen Interiors, Inc.		100,900		2,807,038
Harman International Industries, Inc.		198,205		18,672,893
iRobot Corp. (a)(b)		25,500		902,700
Jarden Corp. (a)		1,235,350		70,563,192
Lennar Corp. Class A (b)		1,291,900		63,186,829
Mohawk Industries, Inc. (a)		37,800		7,158,942
NVR, Inc. (a)		40,614		66,728,802
PulteGroup, Inc.		3,463,000		61,710,660
Toll Brothers, Inc. (a)		1,031,700		34,355,610
Whirlpool Corp.		50,899		7,475,536
				333,562,202
Leisure Products – 0.9%
Brunswick Corp.		488,200		24,658,982
Polaris Industries, Inc. (b)		529,819		45,537,943
				70,196,925
Media – 1.6%
AMC Networks, Inc. Class A (a)		410,100		30,626,268
Interpublic Group of Companies, Inc.		2,228,985		51,890,771
John Wiley & Sons, Inc. Class A		18,100		815,043
Lions Gate Entertainment Corp. (b)		376,300		12,188,357
MDC Partners, Inc. Class A		67,300		1,461,756
Naspers Ltd. Class N		62,800		8,583,776
News Corp. Class A		791,100		10,569,096
Omnicom Group, Inc.		135,800		10,274,628
				126,409,695
Multiline Retail – 0.8%
Dollar Tree, Inc. (a)		874,200		67,505,724


	Shares		Value

Specialty Retail – 3.0%
AutoZone, Inc. (a)		52,732	$	39,122,398
Dick’s Sporting Goods, Inc.		510,600		18,049,710
Foot Locker, Inc.		647,087		42,118,893
GNC Holdings, Inc.		823,000		25,529,460
L Brands, Inc.		141,600		13,568,112
Party City Holdco, Inc. (b)		179,500		2,317,345
Select Comfort Corp. (a)		71,400		1,528,674
Signet Jewelers Ltd.		340,743		42,146,502
TJX Companies, Inc.		536,800		38,064,488
Urban Outfitters, Inc. (a)		365,800		8,321,950
Williams-Sonoma, Inc.		183,200		10,700,712
				241,468,244
Textiles, Apparel & Luxury Goods – 2.4%
Deckers Outdoor Corp. (a)		540,500		25,511,600
G-III Apparel Group Ltd. (a)		1,274,866		56,425,569
Hanesbrands, Inc.		748,700		22,034,241
Kate Spade & Co. (a)		368,800		6,553,576
Page Industries Ltd.		21,178		4,270,835
PVH Corp.		444,000		32,700,600
Ralph Lauren Corp.		259,100		28,884,468
VF Corp.		214,276		13,338,681
				189,719,570

TOTAL CONSUMER DISCRETIONARY				1,432,286,701

CONSUMER STAPLES – 2.2%
Beverages – 0.8%
C&C Group PLC		1,473,293		5,944,889
Dr. Pepper Snapple Group, Inc.		641,525		59,790,130
				65,735,019
Food & Staples Retailing – 0.9%
CVS Health Corp.		405,447		39,640,553
Kroger Co.		815,880		34,128,260
				73,768,813
Food Products – 0.5%
Amplify Snack Brands, Inc.		70,500		812,160
Archer Daniels Midland Co.		127,854		4,689,685
Britannia Industries Ltd.		15,000		669,588
Bunge Ltd.		374,988		25,604,181
Ingredion, Inc.		59,405		5,693,375
				37,468,989

TOTAL CONSUMER STAPLES				176,972,821

ENERGY – 3.1%
Energy Equipment & Services – 1.1%
Baker Hughes, Inc.		264,581		12,210,413
Dril-Quip, Inc. (a)		478,600		28,347,478
Ensco PLC Class A		107,000		1,646,730
Halliburton Co.		839,200		28,566,368
Nuverra Environmental Solutions, Inc. (a)		470		241
Oceaneering International, Inc.		569,700		21,375,144
				92,146,374
Oil, Gas & Consumable Fuels – 2.0%
Apache Corp.		379,496		16,876,187

See accompanying notes which are an integral part of the financial statements.

Annual Report

Table of Contents

Common Stocks – continued
	Shares		Value

ENERGY – continued
Oil, Gas & Consumable Fuels – continued
Cimarex Energy Co.		298,752	$	26,702,454
Columbia Pipeline Group, Inc.		67,721		1,354,420
Emerald Oil, Inc. warrants 2/4/16 (a)		6,490		0
Energen Corp.		26,603		1,090,457
EOG Resources, Inc.		50,800		3,596,132
Newfield Exploration Co. (a)		558,100		18,171,736
PDC Energy, Inc. (a)		74,800		3,992,824
Phillips 66 Co.		238,285		19,491,713
Rice Energy, Inc. (a)		81,100		883,990
SM Energy Co.		274,500		5,396,670
Southwestern Energy Co. (a)(b)		1,276,900		9,078,759
Suncor Energy, Inc.		1,778,800		45,919,445
Western Refining, Inc.		149,200		5,314,504
				157,869,291

TOTAL ENERGY				250,015,665

FINANCIALS – 20.4%
Banks – 6.5%
Boston Private Financial Holdings, Inc.		1,579,316		17,909,443
CIT Group, Inc.		528,300		20,973,510
Comerica, Inc.		787,529		32,942,338
Commerce Bancshares, Inc.		820,449		34,901,900
CVB Financial Corp.		1,142,400		19,329,408
First Citizen Bancshares, Inc.		44,300		11,436,931
First Commonwealth Financial Corp.		1,170,400		10,615,528
First Republic Bank		538,200		35,553,492
Hilltop Holdings, Inc. (a)		389,400		7,484,268
Huntington Bancshares, Inc.		4,846,716		53,604,679
Investors Bancorp, Inc.		2,678,600		33,321,784
Lakeland Financial Corp.		679,346		31,671,111
M&T Bank Corp.		395,300		47,902,454
PacWest Bancorp		606,093		26,122,608
Prosperity Bancshares, Inc.		259,000		12,395,740
Regions Financial Corp.		3,919,900		37,631,040
SunTrust Banks, Inc.		1,093,165		46,831,189
UMB Financial Corp.		786,200		36,597,610
Valley National Bancorp		266,400		2,624,040
				519,849,073
Capital Markets – 3.1%
Ameriprise Financial, Inc.		280,913		29,894,761
E*TRADE Financial Corp. (a)		156,600		4,641,624
Franklin Resources, Inc.		196,800		7,246,176
Greenhill & Co., Inc.		235,500		6,737,655
Invesco Ltd.		1,770,100		59,262,948
Lazard Ltd. Class A		839,745		37,796,922
Legg Mason, Inc.		240,500		9,434,815
PJT Partners, Inc. (a)		34,123		965,340
Raymond James Financial, Inc.		817,795		47,407,576
Stifel Financial Corp. (a)		590,800		25,026,288
The Blackstone Group LP		810,935		23,711,739
				252,125,844


	Shares		Value

Consumer Finance – 1.6%
American Express Co.		63,989	$	4,450,435
Capital One Financial Corp.		488,500		35,259,930
Discover Financial Services		245,600		13,169,072
OneMain Holdings, Inc. (a)		355,700		14,775,778
SLM Corp. (a)		8,999,300		58,675,436
Synchrony Financial (a)		161,100		4,899,051
				131,229,702
Diversified Financial Services – 1.2%
CRISIL Ltd.		84,555		2,504,881
McGraw Hill Financial, Inc.		814,130		80,256,935
Moody’s Corp.		167,900		16,847,086
				99,608,902
Insurance – 4.5%
ACE Ltd.		32,300		3,774,255
AFLAC, Inc.		704,500		42,199,550
Bajaj Finserv Ltd.		58,922		1,765,540
Brown & Brown, Inc.		56,700		1,820,070
First American Financial Corp.		1,466,308		52,640,457
Hiscox Ltd.		1,760,076		27,348,181
Marsh & McLennan Companies, Inc.		1,165,084		64,603,908
Primerica, Inc.		550,920		26,019,952
Principal Financial Group, Inc.		1,107,100		49,797,358
Progressive Corp.		319,600		10,163,280
Reinsurance Group of America, Inc.		674,058		57,665,662
The Chubb Corp.		147,100		19,511,344
The Travelers Companies, Inc.		9,000		1,015,740
				358,325,297
Real Estate Investment Trusts – 0.5%
Ladder Capital Corp. Class A		1,444,799		17,944,404
Mid-America Apartment Communities, Inc.		121,300		11,015,253
SL Green Realty Corp.		8,400		949,032
VEREIT, Inc.		754,400		5,974,848
				35,883,537
Real Estate Management & Development – 2.2%
CBRE Group, Inc. (a)		2,547,523		88,093,345
Colliers International Group, Inc.		24,800		1,104,840
Jones Lang LaSalle, Inc.		566,560		90,570,282
Realogy Holdings Corp. (a)		21,900		803,073
				180,571,540
Thrifts & Mortgage Finance – 0.8%
Beneficial Bancorp, Inc. (a)		427,862		5,699,122
BofI Holding, Inc. (a)(b)		106,700		2,246,035
Essent Group Ltd. (a)		2,413,800		52,838,082
Housing Development Finance Corp. Ltd.		349,130		6,635,357
				67,418,596

TOTAL FINANCIALS				1,645,012,491

HEALTH CARE – 13.6%
Biotechnology – 0.9%
Amgen, Inc.		32,700		5,308,191
Baxalta, Inc.		344,000		13,426,320
Biogen, Inc. (a)		54,800		16,787,980
BioMarin Pharmaceutical, Inc. (a)		8,500		890,460

See accompanying notes which are an integral part of the financial statements.

Annual Report

Table of Contents

Investments – continued

Common Stocks – continued
	Shares		Value

HEALTH CARE – continued
Biotechnology – continued
Medivation, Inc. (a)		19,900	$	961,966
United Therapeutics Corp. (a)		196,300		30,742,543
				68,117,460
Health Care Equipment & Supplies – 4.3%
Alere, Inc. (a)		37,000		1,446,330
Becton, Dickinson & Co.		173,300		26,703,797
Boston Scientific Corp. (a)		3,814,103		70,332,059
DENTSPLY International, Inc.		783,000		47,645,550
Hologic, Inc. (a)		1,594,824		61,703,741
St. Jude Medical, Inc.		62,300		3,848,271
Steris PLC (b)		966,500		72,816,110
Zimmer Biomet Holdings, Inc.		635,100		65,154,909
				349,650,767
Health Care Providers & Services – 3.8%
Cardinal Health, Inc.		950,847		84,882,112
Cigna Corp.		97,500		14,267,175
Community Health Systems, Inc. (a)		473,900		12,572,567
DaVita HealthCare Partners, Inc. (a)		728,500		50,783,735
HCA Holdings, Inc. (a)		638,135		43,157,070
Laboratory Corp. of America Holdings (a)		340,900		42,148,876
McKesson Corp.		250,750		49,455,423
Molina Healthcare, Inc. (a)		32,400		1,948,212
Surgery Partners, Inc. (a)(b)		181,800		3,725,082
Surgical Care Affiliates, Inc. (a)		103,100		4,104,411
Universal Health Services, Inc. Class B		6,200		740,838
				307,785,501
Life Sciences Tools & Services – 1.5%
Agilent Technologies, Inc.		814,606		34,058,677
Bruker Corp. (a)		616,800		14,969,736
Thermo Fisher Scientific, Inc.		489,963		69,501,252
				118,529,665
Pharmaceuticals – 3.1%
Allergan PLC (a)		186,745		58,357,813
Catalent, Inc. (a)		511,500		12,802,845
Endo Health Solutions, Inc. (a)		870,800		53,310,376
Horizon Pharma PLC (a)		165,870		3,594,403
Jazz Pharmaceuticals PLC (a)		405,271		56,964,892
Perrigo Co. PLC		10,900		1,577,230
Teva Pharmaceutical Industries Ltd. sponsored ADR		951,656		62,466,700
				249,074,259

TOTAL HEALTH CARE				1,093,157,652

INDUSTRIALS – 14.5%
Aerospace & Defense – 2.4%
Curtiss-Wright Corp.		396,548		27,163,538
Esterline Technologies Corp. (a)		238,248		19,298,088
Huntington Ingalls Industries, Inc.		234,800		29,784,380
Rockwell Collins, Inc.		445,583		41,127,311
Textron, Inc.		1,879,181		78,944,394
				196,317,711


	Shares		Value

Air Freight & Logistics – 0.9%
C.H. Robinson Worldwide, Inc.		242,600	$	15,046,052
FedEx Corp.		369,011		54,978,949
				70,025,001
Airlines – 1.3%
Allegiant Travel Co.		63,400		10,640,422
Copa Holdings SA Class A		67,400		3,252,724
Southwest Airlines Co.		777,600		33,483,456
Spirit Airlines, Inc. (a)		1,456,013		58,022,118
				105,398,720
Building Products – 0.5%
A.O. Smith Corp.		207,800		15,919,558
Lennox International, Inc.		210,356		26,273,464
				42,193,022
Commercial Services & Supplies – 1.1%
Copart, Inc. (a)		111,100		4,222,911
G&K Services, Inc. Class A		203,000		12,768,700
Herman Miller, Inc.		303,600		8,713,320
HNI Corp.		231,277		8,339,849
KAR Auction Services, Inc.		321,282		11,897,072
Knoll, Inc.		1,026,700		19,301,960
Matthews International Corp. Class A		104,700		5,596,215
Multi-Color Corp.		66,100		3,953,441
Republic Services, Inc.		301,213		13,250,360
				88,043,828
Construction & Engineering – 1.0%
AECOM (a)		31,800		954,954
EMCOR Group, Inc.		925,707		44,470,964
Jacobs Engineering Group, Inc. (a)		755,055		31,674,557
Quanta Services, Inc. (a)		360,371		7,297,513
				84,397,988
Electrical Equipment – 0.1%
AMETEK, Inc.		185,500		9,940,945
Rockwell Automation, Inc.		15,900		1,631,499
				11,572,444
Industrial Conglomerates – 0.6%
Roper Technologies, Inc.		233,686		44,351,266
Machinery – 4.6%
AGCO Corp.		672,000		30,502,080
Caterpillar, Inc. (b)		55,265		3,755,809
Colfax Corp. (a)		783,400		18,292,390
Cummins, Inc.		203,175		17,881,432
Deere & Co. (b)		356,600		27,197,882
IDEX Corp.		17,500		1,340,675
Illinois Tool Works, Inc.		439,367		40,720,534
Ingersoll-Rand PLC		627,345		34,685,905
Manitowoc Co., Inc. (b)		882,579		13,547,588
Mueller Industries, Inc.		719,904		19,509,398
Rexnord Corp. (a)		3,617,434		65,547,904
Snap-On, Inc.		160,600		27,531,658
Stanley Black & Decker, Inc.		74,400		7,940,712
Valmont Industries, Inc.		141,881		15,042,224
Wabtec Corp.		116,660		8,296,859

See accompanying notes which are an integral part of the financial statements.

Annual Report

Table of Contents

Common Stocks – continued
	Shares		Value

INDUSTRIALS – continued
Machinery – continued
Woodward, Inc.		527,107	$	26,176,134
Xylem, Inc.		263,600		9,621,400
				367,590,584
Professional Services – 0.7%
CEB, Inc.		224,600		13,788,194
Dun & Bradstreet Corp.		428,205		44,503,346
				58,291,540
Road & Rail – 0.6%
ArcBest Corp.		30,140		644,695
CSX Corp.		193,000		5,008,350
J.B. Hunt Transport Services, Inc.		52,500		3,851,400
Old Dominion Freight Lines, Inc. (a)		269,300		15,907,551
Saia, Inc. (a)		741,205		16,491,811
Swift Transporation Co. (a)		588,178		8,128,620
				50,032,427
Trading Companies & Distributors – 0.7%
Air Lease Corp. Class A (b)		1,018,894		34,112,571
HD Supply Holdings, Inc. (a)		82,900		2,489,487
Misumi Group, Inc.		775,200		10,708,345
WESCO International, Inc. (a)		111,400		4,865,952
				52,176,355

TOTAL INDUSTRIALS				1,170,390,886

INFORMATION TECHNOLOGY – 24.4%
Communications Equipment – 1.1%
Brocade Communications Systems, Inc.		868,403		7,971,940
CommScope Holding Co., Inc. (a)		1,207,390		31,259,327
F5 Networks, Inc. (a)		455,554		44,170,516
Juniper Networks, Inc.		189,962		5,242,951
				88,644,734
Electronic Equipment & Components – 4.3%
Arrow Electronics, Inc. (a)		648,180		35,118,392
Avnet, Inc.		816,630		34,984,429
Belden, Inc.		870,300		41,495,904
CDW Corp.		1,821,220		76,564,089
IPG Photonics Corp. (a)(b)		315,200		28,103,232
Jabil Circuit, Inc.		260,900		6,076,361
Keysight Technologies, Inc. (a)		365,453		10,353,283
Littelfuse, Inc.		29,500		3,156,795
Methode Electronics, Inc. Class A		529,000		16,838,070
TE Connectivity Ltd.		737,266		47,634,756
Trimble Navigation Ltd. (a)		1,649,600		35,383,920
Zebra Technologies Corp. Class A (a)		155,100		10,802,715
				346,511,946
Internet Software & Services – 0.7%
Alphabet, Inc. Class C		60,302		45,761,982
Tencent Holdings Ltd.		549,000		10,749,412
				56,511,394
IT Services – 10.4%
Alliance Data Systems Corp. (a)		226,990		62,778,624
Blackhawk Network Holdings, Inc. (a)		1,492,994		66,005,265


	Shares		Value

Broadridge Financial Solutions, Inc.		311,203	$	16,720,937
Cognizant Technology Solutions Corp. Class A (a)		74,400		4,465,488
Euronet Worldwide, Inc. (a)		983,477		71,233,239
EVERTEC, Inc.		1,003,693		16,801,821
Fidelity National Information
Services, Inc.		980,777		59,435,086
Fiserv, Inc. (a)		701,614		64,169,616
FleetCor Technologies, Inc. (a)		387,240		55,348,213
Genpact Ltd. (a)		2,744,988		68,569,800
Global Payments, Inc.		1,965,376		126,786,398
Maximus, Inc.		440,300		24,766,875
The Western Union Co.		1,509,648		27,037,796
Total System Services, Inc.		1,723,410		85,825,818
Vantiv, Inc. (a)		576,400		27,332,888
Visa, Inc. Class A		404,100		31,337,955
Xerox Corp.		2,686,149		28,553,764
				837,169,583
Semiconductors & Semiconductor Equipment – 3.0%
Atmel Corp.		1,777,633		15,305,420
Broadcom Corp. Class A		733,200		42,393,624
Cree, Inc. (a)		796,800		21,250,656
Intersil Corp. Class A		658,608		8,403,838
Maxim Integrated Products, Inc.		584,300		22,203,400
Microchip Technology, Inc. (b)		101,875		4,741,263
NVIDIA Corp.		1,467,033		48,353,408
NXP Semiconductors NV (a)		799,643		67,369,923
Qorvo, Inc. (a)		74,800		3,807,320
Semtech Corp. (a)		325,000		6,149,000
				239,977,852
Software – 3.8%
Activision Blizzard, Inc.		1,350,700		52,285,597
Cadence Design Systems, Inc. (a)		2,450,100		50,986,581
Electronic Arts, Inc. (a)		1,251,890		86,029,881
Fair Isaac Corp.		334,900		31,540,882
Intuit, Inc.		192,997		18,624,211
Parametric Technology Corp. (a)		884,741		30,638,581
Synopsys, Inc. (a)		884,749		40,353,402
				310,459,135
Technology Hardware, Storage & Peripherals – 1.1%
EMC Corp.		1,075,239		27,612,138
SanDisk Corp.		431,500		32,789,685
Western Digital Corp.		470,300		28,241,515
				88,643,338

TOTAL INFORMATION TECHNOLOGY				1,967,917,982

MATERIALS – 3.0%
Chemicals – 2.1%
Albemarle Corp. U.S.		776,956		43,517,306
Ashland, Inc.		86,126		8,845,140
Eastman Chemical Co.		553,500		37,366,785
Ferro Corp. (a)		1,648,609		18,332,532
PolyOne Corp.		928,460		29,487,890
PPG Industries, Inc.		99,900		9,872,118
Praxair, Inc.		189,300		19,384,320
				166,806,091

See accompanying notes which are an integral part of the financial statements.

Annual Report

Table of Contents

Investments – continued

Common Stocks – continued
	Shares		Value

MATERIALS – continued
Containers & Packaging – 0.4%
Aptargroup, Inc.		189,630	$	13,776,620
WestRock Co.		519,500		23,699,590
				37,476,210
Metals & Mining – 0.2%
B2Gold Corp. (a)		8,111,000		8,206,548
New Gold, Inc. (a)		2,039,120		4,745,224
Randgold Resources Ltd. sponsored ADR		41,100		2,545,323
				15,497,095
Paper & Forest Products – 0.3%
Boise Cascade Co. (a)		986,464		25,184,426

TOTAL MATERIALS				244,963,822

UTILITIES – 0.6%
Electric Utilities – 0.5%
Exelon Corp.		1,107,300		30,749,721
OGE Energy Corp.		295,000		7,755,550
				38,505,271
Independent Power and Renewable Electricity Producers – 0.0%
Calpine Corp. (a)		171,700		2,484,499
Dynegy, Inc. (a)		254,900		3,415,660
				5,900,159
Multi-Utilities – 0.1%
CMS Energy Corp.		160,519		5,791,526
NiSource, Inc.		67,721		1,321,237
				7,112,763

TOTAL UTILITIES				51,518,193

TOTAL COMMON STOCKS
(Cost $7,196,519,579)				8,032,236,213

Nonconvertible Preferred Stocks – 0.1%

FINANCIALS – 0.1%
Capital Markets – 0.1%
GMAC Capital Trust I Series 2, 8.125%
(Cost $8,358,700)		405,466		10,282,618

Money Market Funds – 1.3%
	Shares		Value

Fidelity Cash Central Fund, 0.33% (c)		30,864,252	$	30,864,252
Fidelity Securities Lending Cash Central Fund, 0.35% (c)(d)		72,375,074		72,375,074

TOTAL MONEY MARKET FUNDS
(Cost $103,239,326)				103,239,326

TOTAL INVESTMENT PORTFOLIO – 101.0%
(Cost $7,308,117,605)				8,145,758,157

NET OTHER ASSETS (LIABILITIES) – (1.0)%				(82,484,203	)
NET ASSETS – 100%			$	8,063,273,954

See accompanying notes which are an integral part of the financial statements.

Annual Report

Table of Contents

Legend

(a)

Non-income producing

(b)

Security or a portion of the security is on loan at period end.

(c)

unaudited listing of the fund’s holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund’s financial statements, which are not covered by the Fund’s Report of Independent Registered Public Accounting Firm, are available on the SEC’s website or upon request.

(d)

Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$	68,209
Fidelity Securities Lending Cash Central Fund		333,919
Total	$	402,128

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$	1,432,286,701	$	1,417,756,129	$	14,530,572	$	—
Consumer Staples		176,972,821		176,303,233		669,588		—
Energy		250,015,665		250,015,665		—		—
Financials		1,655,295,109		1,644,389,331		10,905,778		—
Health Care		1,093,157,652		1,093,157,652		—		—
Industrials		1,170,390,886		1,159,682,541		10,708,345		—
Information Technology		1,967,917,982		1,957,168,570		10,749,412		—
Materials		244,963,822		244,963,822		—		—
Utilities		51,518,193		51,518,193		—		—
Money Market Funds		103,239,326		103,239,326		—		—
Total Investments in Securities:	$	8,145,758,157	$	8,098,194,462	$	47,563,695	$	—

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America	88.1	%
Bermuda	3.8	%
Ireland	2.6	%
Canada	1.0	%
Others (Individually Less Than 1%)	4.5	%
	100.0	%

See accompanying notes which are an integral part of the financial statements.

Annual Report

Table of Contents

Financial Statements

Statement of Assets and Liabilities
			December 31, 2015
Assets
Investment in securities, at value (including securities loaned of $70,372,992) — See accompanying schedule:
Unaffiliated issuers (cost $7,204,878,279)	$	8,042,518,831
Fidelity Central Funds (cost $103,239,326)		103,239,326
Total Investments (cost $7,308,117,605)			$	8,145,758,157
Receivable for investments sold				2,413,943
Receivable for fund shares sold				1,668,407
Dividends receivable				8,844,998
Distributions receivable from Fidelity Central Funds				57,265
Prepaid expenses				18,370
Other receivables				118,918
Total assets				8,158,880,058

Liabilities
Payable for investments purchased	$	12,379,836
Payable for fund shares redeemed		5,154,612
Accrued management fee		3,747,681
Distribution and service plan fees payable		1,234,422
Other affiliated payables		588,392
Other payables and accrued expenses		126,087
Collateral on securities loaned, at value		72,375,074
Total liabilities				95,606,104

Net Assets			$	8,063,273,954
Net Assets consist of:
Paid in capital			$	6,760,040,663
Distributions in excess of net investment income				(115,077	)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions				465,748,069
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies				837,600,299

Net Assets			$	8,063,273,954

Initial Class:
Net Asset Value, offering price and redemption price per share ($1,382,527,358 ÷ 42,341,816 shares)			$	32.65

Service Class:
Net Asset Value, offering price and redemption price per share ($566,348,884 ÷ 17,474,295 shares)			$	32.41

Service Class 2:
Net Asset Value, offering price and redemption price per share ($5,591,029,554 ÷ 175,676,779 shares)			$	31.83

Investor Class:
Net Asset Value, offering price and redemption price per share ($523,368,158 ÷ 16,102,145 shares)			$	32.50

See accompanying notes which are an integral part of the financial statements.

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Statement of Operations
				Year ended
				December 31, 2015
Investment Income
Dividends				$	98,775,296
Income from Fidelity Central Funds					402,128
Total income					99,177,424

Expenses
Management fee	$	48,488,119
Transfer agent fees		6,277,624
Distribution and service plan fees		16,125,395
Accounting and security lending fees		1,257,908
Custodian fees and expenses		129,012
Independent trustees’ compensation		38,064
Audit		74,079
Legal		31,695
Interest		16,782
Miscellaneous		59,847
Total expenses before reductions		72,498,525
Expense reductions		(132,320	)		72,366,205

Net investment income (loss)					26,811,219
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		506,895,720
Foreign currency transactions		66,493
Total net realized gain (loss)					506,962,213
Change in net unrealized appreciation (depreciation) on:
Investment securities		(648,517,058	)
Assets and liabilities in foreign currencies		(3,073	)
Total change in net unrealized appreciation (depreciation)					(648,520,131	)
Net gain (loss)					(141,557,918	)
Net increase (decrease) in net assets resulting from operations				$	(114,746,699	)

Statement of Changes in Net Assets
	Year ended December			Year ended December
	31, 2015			31, 2014
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	26,811,219		$	14,348,386
Net realized gain (loss)		506,962,213			1,118,713,559
Change in net unrealized appreciation (depreciation)		(648,520,131	)		(608,445,007	)
Net increase (decrease) in net assets resulting from operations		(114,746,699	)		524,616,938
Distributions to shareholders from net investment income		(24,497,724	)		(6,886,171	)
Distributions to shareholders from net realized gain		(1,074,651,414	)		(212,967,306	)
Total distributions		(1,099,149,138	)		(219,853,477	)
Share transactions – net increase (decrease)		244,251,301			(445,133,654	)
Total increase (decrease) in net assets		(969,644,536	)		(140,370,193	)

Net Assets
Beginning of period		9,032,918,490			9,173,288,683
End of period (including distributions in excess of net investment income of $115,077 and distributions in excess of net investment income of $109,829, respectively)	$	8,063,273,954		$	9,032,918,490

See accompanying notes which are an integral part of the financial statements.

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Financial Highlights — VIP Mid Cap Portfolio Initial Class
Years ended December 31,	2015			2014			2013			2012			2011
Selected Per–Share Data
Net asset value, beginning of period	$	37.68		$	36.39		$	30.55		$	29.08		$	32.69
Income from Investment Operations
Net investment income (loss)^A		.17			.13			.18			.29			.08
Net realized and unrealized gain (loss)		(.59	)		2.11			10.57			3.99			(3.55	)
Total from investment operations		(.42	)		2.24			10.75			4.28			(3.47	)
Distributions from net investment income		(.16	)^B		(.10	)		(.19	)		(.20	)^B		(.08	)
Distributions from net realized gain		(4.45	)^B		(.85	)		(4.72	)		(2.61	)^B		(.06	)
Total distributions		(4.61	)		(.95	)		(4.91	)		(2.81	)		(.14	)
Net asset value, end of period	$	32.65		$	37.68		$	36.39		$	30.55		$	29.08
Total Return^C,D		(1.39	)%		6.29	%		36.23	%		14.83	%		(10.61	)%
Ratios to Average Net Assets^E,F
Expenses before reductions		.63	%		.64	%		.64	%		.65	%		.66	%
Expenses net of fee waivers, if any		.63	%		.64	%		.64	%		.65	%		.66	%
Expenses net of all reductions		.63	%		.63	%		.63	%		.63	%		.65	%
Net investment income (loss)		.49	%		.35	%		.52	%		.90	%		.25	%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,382,527		$	1,476,171		$	1,489,788		$	1,217,359		$	1,085,843
Portfolio turnover rate^G		26	%^H		142	%		132	%		187	%		84	%

Calculated based on average shares outstanding during the period.

The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

Total returns do not reflect charges attributable to your insurance company’s separate account. Inclusion of these charges would reduce the total returns shown.

Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

The portfolio turnover rate does not include the assets acquired in the merger.

See accompanying notes which are an integral part of the financial statements.

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Financial Highlights — VIP Mid Cap Portfolio Service Class
Years ended December 31,	2015			2014			2013			2012			2011
Selected Per–Share Data
Net asset value, beginning of period	$	37.44		$	36.16		$	30.39		$	28.93		$	32.52
Income from Investment Operations
Net investment income (loss)^A		.13			.09			.15			.25			.05
Net realized and unrealized gain (loss)		(.59	)		2.10			10.49			3.98			(3.54	)
Total from investment operations		(.46	)		2.19			10.64			4.23			(3.49	)
Distributions from net investment income		(.13	)^B		(.06	)		(.15	)		(.16	)^B		(.05	)
Distributions from net realized gain		(4.45	)^B		(.85	)		(4.72	)		(2.61	)^B		(.06	)
Total distributions		(4.57	)^C		(.91	)		(4.87	)		(2.77	)		(.10	)^D
Net asset value, end of period	$	32.41		$	37.44		$	36.16		$	30.39		$	28.93
Total Return^E,F		(1.50	)%		6.20	%		36.06	%		14.75	%		(10.72	)%
Ratios to Average Net Assets^G,H
Expenses before reductions		.73	%		.74	%		.74	%		.75	%		.76	%
Expenses net of fee waivers, if any		.73	%		.74	%		.74	%		.75	%		.76	%
Expenses net of all reductions		.73	%		.73	%		.73	%		.73	%		.75	%
Net investment income (loss)		.39	%		.25	%		.42	%		.80	%		.15	%
Supplemental Data
Net assets, end of period (000 omitted)	$	566,349		$	622,227		$	638,612		$	525,875		$	566,560
Portfolio turnover rate^I		26	%^J		142	%		132	%		187	%		84	%

Calculated based on average shares outstanding during the period.

The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

Total distributions of $4.57 per share is comprised of distributions from net investment income of $.128 and distributions from net realized gain of $4.445 per share.

Total distributions of $.10 per share is comprised of distributions from net investment income of $.048 and distributions from net realized gain of $.055 per share.

Total returns do not reflect charges attributable to your insurance company’s separate account. Inclusion of these charges would reduce the total returns shown.

Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

The portfolio turnover rate does not include the assets acquired in the merger.

See accompanying notes which are an integral part of the financial statements.

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Financial Highlights — VIP Mid Cap Portfolio Service Class 2
Years ended December 31,	2015			2014			2013			2012			2011
Selected Per–Share Data
Net asset value, beginning of period	$	36.84		$	35.60		$	29.98		$	28.58		$	32.13
Income from Investment Operations
Net investment income (loss)^A		.08			.04			.09			.20			–	^B
Net realized and unrealized gain (loss)		(.57	)		2.06			10.35			3.93			(3.49	)
Total from investment operations		(.49	)		2.10			10.44			4.13			(3.49	)
Distributions from net investment income		(.08	)^C		(.01	)		(.10	)		(.12	)^C		(.01	)
Distributions from net realized gain		(4.45	)^C		(.85	)		(4.72	)		(2.61	)^C		(.06	)
Total distributions		(4.52	)^D		(.86	)		(4.82	)		(2.73	)		(.06	)^E
Net asset value, end of period	$	31.83		$	36.84		$	35.60		$	29.98		$	28.58
Total Return^F,G		(1.63	)%		6.03	%		35.87	%		14.56	%		(10.85	)%
Ratios to Average Net Assets^H,I
Expenses before reductions		.88	%		.88	%		.89	%		.90	%		.91	%
Expenses net of fee waivers, if any		.88	%		.88	%		.89	%		.90	%		.91	%
Expenses net of all reductions		.88	%		.88	%		.88	%		.88	%		.90	%
Net investment income (loss)		.24	%		.10	%		.27	%		.65	%		-	%^J
Supplemental Data
Net assets, end of period (000 omitted)	$	5,591,030		$	6,431,011		$	6,574,623		$	5,335,565		$	4,888,475
Portfolio turnover rate^K		26	%^L		142	%		132	%		187	%		84	%

Calculated based on average shares outstanding during the period.

Amount represents less than $.005 per share.

The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

Total distributions of $4.52 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $4.446 per share.

Total distributions of $.06 per share is comprised of distributions from net investment income of $.007 and distributions from net realized gain of $.055 per share.

Total returns do not reflect charges attributable to your insurance company’s separate account. Inclusion of these charges would reduce the total returns shown.

Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

Amount represents less than .005%.

Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

The portfolio turnover rate does not include the assets acquired in the merger.

See accompanying notes which are an integral part of the financial statements.

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Financial Highlights — VIP Mid Cap Portfolio Investor Class
Years ended December 31,	2015			2014			2013			2012			2011
Selected Per–Share Data
Net asset value, beginning of period	$	37.53		$	36.25		$	30.46		$	29.00		$	32.60
Income from Investment Operations
Net investment income (loss)^A		.14			.10			.15			.26			.05
Net realized and unrealized gain (loss)		(.59	)		2.10			10.52			3.98			(3.54	)
Total from investment operations		(.45	)		2.20			10.67			4.24			(3.49	)
Distributions from net investment income		(.14	)^B		(.07	)		(.16	)		(.17	)^B		(.06	)
Distributions from net realized gain		(4.45	)^B		(.85	)		(4.72	)		(2.61	)^B		(.06	)
Total distributions		(4.58	)^C		(.92	)		(4.88	)		(2.78	)		(.11	)^D
Net asset value, end of period	$	32.50		$	37.53		$	36.25		$	30.46		$	29.00
Total Return^E,F		(1.47	)%		6.20	%		36.08	%		14.74	%		(10.70	)%
Ratios to Average Net Assets^G,H
Expenses before reductions		.71	%		.72	%		.73	%		.74	%		.74	%
Expenses net of fee waivers, if any		.71	%		.72	%		.72	%		.74	%		.74	%
Expenses net of all reductions		.71	%		.71	%		.71	%		.72	%		.73	%
Net investment income (loss)		.41	%		.27	%		.44	%		.82	%		.17	%
Supplemental Data
Net assets, end of period (000 omitted)	$	523,368		$	503,509		$	470,265		$	312,004		$	314,362
Portfolio turnover rate^I		26	%^J		142	%		132	%		187	%		84	%

Calculated based on average shares outstanding during the period.

The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

Total distributions of $4.58 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $4.446 per share.

Total distributions of $.11 per share is comprised of distributions from net investment income of $.056 and distributions from net realized gain of $.055 per share.

Total returns do not reflect charges attributable to your insurance company’s separate account. Inclusion of these charges would reduce the total returns shown.

Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

The portfolio turnover rate does not include the assets acquired in the merger.

See accompanying notes which are an integral part of the financial statements.

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Notes to Financial Statements

For the period ended December 31, 2015

1. Organization.

VIP Mid Cap Portfolio (the Fund) is a fund of Variable Insurance Products Fund III (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund’s investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee’s activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund’s investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 – quoted prices in active markets for identical investments

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 – unobservable inputs (including the Fund’s own assumptions based on the best information available)

Valuation techniques used to value the Fund’s investments by major category are as follows:

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Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund’s investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2015, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund’s federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

Book-tax differences are primarily due to foreign currency transactions, partnerships, certain foreign taxes, equity-debt classifications and losses deferred due to wash sales and excise tax regulations.

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Notes to Financial Statements – continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$	1,472,882,706
Gross unrealized depreciation		(654,677,896	)
Net unrealized appreciation (depreciation) on securities	$	818,204,810
Tax Cost	$	7,327,553,347

The tax-based components of distributable earnings as of period end were as follows:

Undistributed long-term capital gain		$	493,205,790
Net unrealized appreciation (depreciation) on securities and other investments		$	818,164,557

The Fund intends to elect to defer to its next fiscal year $8,021,978 of capital losses recognized during the period November 1, 2015 to December 31, 2015.

The tax character of distributions paid was as follows:

	December 31, 2015		December 31, 2014
Ordinary Income	$	30,795,763	$	87,283,265
Long-term Capital Gains		1,068,353,375		132,570,212
Total	$	1,099,149,138	$	219,853,477

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and securities acquired in the merger, aggregated $2,296,119,671 and $3,188,329,627, respectively.

5. Fees and Other Transactions with Affiliates.

For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services, were as follows:

Service Class	$	614,201
Service Class 2		15,511,194
	$	16,125,395

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund’s transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class (with the exception of Investor Class) pays a fee for transfer agent services, typesetting, printing and mailing of shareholder reports, excluding mailing of proxy statements and out of pocket expenses, equal to an annual rate of .07% (.15% for Investor Class) of class-level average net assets. For the period, transfer agent fees for each class, including out of pocket expenses, were as follows:

Initial Class	$	978,036
Service Class		405,885
Service Class 2		4,095,758
Investor Class		797,945
	$	6,277,624

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Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund’s activity in this program during the period for which loans were outstanding was as follows:

			Weighted Average
Borrower or Lender	Average Loan Balance		Interest Rate			Interest Expense
Borrower	$	9,404,229		.36	%	$	9,964

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the “line of credit”) to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $12,913 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund’s Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $333,919, including $876 from securities loaned to FCM.

8. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank’s base rate, as revised from time to time. The average loan balance during the period for which loans were outstanding amounted to $11,037,722. The weighted average interest rate was ..62%. The interest expense amounted to $6,818 under the bank borrowing program. At period end, there were no bank borrowings outstanding.

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Notes to Financial Statements – continued

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $84,123 for the period. In addition, through arrangements with the Fund’s custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund’s expenses. During the period, these credits reduced the Fund’s custody expenses by $145.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount $36,698 and a portion of class-level operating expenses as follows:

		Amount
Investor Class		$	11,354

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended December 31,	2015		2014
From net investment income
Initial Class	$	6,856,691	$	3,774,917
Service Class		2,239,466		990,351
Service Class 2		13,204,712		1,215,921
Investor Class		2,196,855		904,982
Total	$	24,497,724	$	6,886,171
From net realized gain
Initial Class	$	173,008,924	$	34,174,917
Service Class		73,895,308		14,603,745
Service Class 2		768,328,236		153,016,366
Investor Class		59,418,946		11,172,278
Total	$	1,074,651,414	$	212,967,306

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares			Shares			Dollars			Dollars
Years ended
December 31,	2015			2014			2015			2014
Initial Class
Shares sold		4,347457			3,868,698		$	150,311,214		$	141,786,603
Issued in exchange for the shares of VIP Growth Strategies Portfolio		360,771			–			12,767,680			–
Reinvestment of distributions		5,354,795			1,054,394			179,865,615			37,949,834
Shares redeemed		(6,893,278	)		(6,692,546	)		(237,965,645	)		(244,766,127	)
Net increase (decrease)		3,169,745			(1,769,454	)	$	104,978,864		$	(65,029,690	)
Service Class
Shares sold		1,507,053			1,246,174		$	51,724,215		$	45,087,196
Issued in exchange for the shares of VIP Growth Strategies Portfolio		2,365			–			83,060			–
Reinvestment of distributions		2,283,479			437,179			76,134,774			15,594,096
Shares redeemed		(2,939,119	)		(2,725,033	)		(101,018,159	)		(98,952,997	)
Net increase (decrease)		853,778			(1,041,680	)	$	26,923,890		$	(38,271,705	)
Service Class 2
Shares sold		8,545,475			12,121,569		$	287,200,999		$	436,064,579
Issued in exchange for the shares of VIP Growth Strategies Portfolio		219,579			–			7,566,682			–
Reinvestment of distributions		23,864,809			4,408,382			781,532,948			154,232,287
Shares redeemed		(31,525,458	)		(26,657,188	)		(1,056,122,491	)		(947,962,455	)
Net increase (decrease)		1,104,405			(10,127,237	)	$	20,178,138		$	(357,665,589	)
Investor Class
Shares sold		1,067,585			1,116,739		$	36,914,564		$	40,550,127
Issued in exchange for the shares of VIP Growth Strategies Portfolio		1,289,847			–			45,428,423			–

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	Shares			Shares			Dollars			Dollars
Years ended
December 31,	2015			2014			2015			2014
Reinvestment of distributions		1,843,002			336,975			61,615,801			12,077,260
Shares redeemed		(1,513,170	)		(1,012,211	)		(51,788,379	)		(36,794,057	)
Net increase (decrease)		2,687,264			441,503		$	92,170,409		$	15,833,330

12. Other.

At the end of the period, the investment adviser or its affiliates were the owners of record of 11% of the total outstanding shares of the Fund.

13. Merger Information.

On April 24, 2015, the Fund acquired all of the assets and assumed all of the liabilities of VIP Growth Strategies Portfolio (“Target Fund”) pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees (“The Board”). The acquisition was accomplished by an exchange of shares of each class of the Fund for corresponding shares then outstanding of the Target Fund at their respective net asset value on the acquisition date. The reorganization provides shareholders of the Target Fund access to a larger portfolio with a similar investment objective and lower expenses. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders. The Target Fund’s net assets of $65,845,845, including securities of $65,918,670 and unrealized appreciation of $3,990,039 were combined with the Fund’s net assets of $9,322,211,254 for total net assets after the acquisition of $9,388,057,099.

Pro forma results of operations of the combined entity for the entire period ended December 31, 2015, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

Net Investment income (loss)	$	26,894,205
Total net realized gain (loss)		515,198,842
Total change in net unrealized appreciation (depreciation)		(653,262,046	)
Net increase (decrease) in net assets resulting from operations	$	(111,168,999	)

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the Fund’s accompanying Statement of Operations since April 24, 2015.

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Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund III and Shareholders of VIP Mid Cap Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of VIP Mid Cap Portfolio (a fund of Variable Insurance Products Fund III) at December 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the VIP Mid Cap Portfolio’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 16, 2016

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Trustees and Officers

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Fidelity^® funds are overseen by different Boards of Trustees. The fund’s Board oversees Fidelity’s high income and certain equity funds, and other Boards oversee Fidelity’s investment-grade bond, money market, asset allocation, and sector funds. The asset allocation funds may invest in Fidelity^®funds overseen by the fund’s Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity^® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity^® funds overseen by each Board.

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Trustees and Officers – continued

by the Trustees. While each of the Board’s committees has responsibility for overseeing different aspects of the fund’s activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. In addition, the Independent Trustees have worked with FMR to enhance the Board’s oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. For example, a working group comprised of Independent Trustees and FMR has worked and continues to work to review the Fidelity^®funds’ valuation-related activities, reporting and risk management. Appropriate personnel, including but not limited to the fund’s Chief Compliance Officer (CCO), FMR’s internal auditor, the independent accountants, the fund’s Treasurer and portfolio management personnel, make periodic reports to the Board’s committees, as appropriate, including an annual review of Fidelity’s risk management program for the Fidelity^®funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under “Standing Committees of the Trustees.”

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity^®funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-present), and Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the board of Artis-Naples, Naples, Florida, and as a Trustee for Brewster Academy, Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

Charles S. Morrison (1960)

Year of Election or Appointment: 2014

Trustee

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

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Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity^®funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), and as a member of the Independent Directors Council (IDC) Governing Council (2010-2015). Mr. Dirks is a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-present).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity^®funds. Mr. Lacy serves as Chairman (2014-present) and a member (2010-present) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes) and a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association and as a member of the Board of Directors for The Western Union Company (global money transfer, 2006-2011), The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), and Earth Fare, Inc. (retail grocery, 2010-2014).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity^®funds. Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is Chairman of the Board of Directors of Artis-Naples in Naples, Florida (2012-present), a member of the Council on Foreign Relations (1994-present), and a member of the Board of Governors, State University System of Florida (2013-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity^®funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).

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Trustees and Officers – continued

Robert W. Selander (1950)

Year of Election or Appointment: 2011

Trustee

Mr. Selander also serves as Trustee of other Fidelity^®funds. Mr. Selander serves as a Director of The Western Union Company (global money transfer, 2014-present) and a non-executive Chairman of Health Equity, Inc. (health savings custodian, 2015-present). Previously, Mr. Selander served as a Member of the Advisory Board of other Fidelity^® funds (2011), and Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity^®funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

William S. Stavropoulos (1939)

Year of Election or Appointment: 2002

Trustee

Vice Chairman of the Independent Trustees

Mr. Stavropoulos also serves as Trustee of other Fidelity^®funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and Maersk Inc. (industrial conglomerate), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of the Naples Philharmonic Center for the Arts. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity^®funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

Advisory Board Members and Officers:

Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

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Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2008

Deputy Treasurer

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

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Trustees and Officers – continued

Scott C. Goebel (1968)

Year of Election or Appointment: 2015

Vice President

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

John F. Papandrea (1972)

Year of Election or Appointment: 2016

Anti-Money Laundering (AML) Officer

Melissa M. Reilly (1971)

Year of Election or Appointment: 2014

Vice President of certain Equity Funds

Ms. Reilly also serves as Vice President of other funds. Ms. Reilly is an employee of Fidelity Investments (2004-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2008

President and Treasurer

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Deputy Treasurer

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Renee Stagnone (1975)

Year of Election or Appointment: 2013

Deputy Treasurer

Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present).

Linda J. Wondrack (1964)

Year of Election or Appointment: 2014

Chief Compliance Officer

Joseph F. Zambello (1957)

Year of Election or Appointment: 2011

Deputy Treasurer

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Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2015 to December 31, 2015).

Actual Expenses

Hypothetical Example for Comparison Purposes

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs.

Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

						Expenses Paid
	Annualized	Beginning		Ending		During Period-^B
	Expense	Account Value		Account Value		July 1, 2015
	Ratio-^A	July 1, 2015		December 31, 2015		to December 31, 2015
Initial Class	.63%
Actual		$	1,000.00	$	936.90	$	3.08
Hypothetical-^C		$	1,000.00	$	1,022.03	$	3.21
Service Class	.73%
Actual		$	1,000.00	$	936.50	$	3.56
Hypothetical-^C		$	1,000.00	$	1,021.53	$	3.72
Service Class 2	.88%
Actual		$	1,000.00	$	936.10	$	4.29
Hypothetical-^C		$	1,000.00	$	1,020.77	$	4.48
Investor Class	.71%
Actual		$	1,000.00	$	936.70	$	3.47
Hypothetical-^C		$	1,000.00	$	1,021.63	$	3.62

Annualized expense ratio reflects expenses net of applicable fee waivers.

Expenses are equal to each Class’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

5% return per year before expenses

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Distributions (Unaudited)

The Board of Trustees of VIP Growth Strategies Portfolio voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:

	Pay Date	Record Date	Capital Gains
Initial Class	04/21/15	04/21/15	$	1.272
Service Class	04/21/15	04/21/15	$	1.272
Service Class 2	04/21/15	04/21/15	$	1.272
Investor Class	04/21/15	04/21/15	$	1.272

The Board of Trustees of VIP Mid Cap Portfolio voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:

	Pay Date	Record Date	Capital Gains
Initial Class	02/05/16	02/05/16	$	1.983
Service Class	02/05/16	02/05/16	$	1.983
Service Class 2	02/05/16	02/05/16	$	1.983
Investor Class	02/05/16	02/05/16	$	1.983

VIP Growth Strategies Portfolio hereby designates as a capital gain dividend with respect to the taxable year ended April 24, 2015 $5,514,443, or, if subsequently determined to be different, the net capital gain of such year.

VIP Mid Cap Portfolio hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2015 $495,935,518, or, if subsequently determined to be different, the net capital gain of such year.

VIP Mid Cap Portfolio Initial Class, VIP Mid Cap Portfolio Service Class, VIP Mid Cap Portfolio Service Class 2, and VIP Mid Cap Portfolio Investor Class designate 100% of the dividends distributed in December 2015, as qualifying for the dividends-received deduction for corporate shareholders.

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Board Approval of Investment Advisory Contracts and Management Fees

VIP Mid Cap Portfolio

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and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

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Board Approval of Investment Advisory Contracts and Management Fees – continued

VIP Mid Cap Portfolio

The Board has discussed with FMR the fund’s underperformance (based on the December 31, 2014 data presented herein) and has engaged with FMR to consider what steps might be taken to remediate the fund’s underperformance. The Board noted that the fund’s performance has improved since the period shown.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.

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VIP Mid Cap Portfolio

The Board noted that the fund’s management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2014.

The Board noted that, in 2014, the ad hoc Committee on Group Fee was formed by it and other Fidelity fund boards to conduct an in-depth review of the “group fee” component of the management fee of funds with such management fee structures. Committee focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a speci-fied period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

Based on its review, the Board concluded that the fund’s management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that the total expense ratio of each class ranked below its competitive median for 2014.

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Board Approval of Investment Advisory Contracts and Management Fees – continued

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds’ Advisory Contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends and Fidelity’s long-term strategies for certain funds; (ii) the various share classes employed by Fidelity and the attributes of each class, together with similar information on the distribution and servicing payments made by Fidelity or the funds to third-party participants in the distribution channels; (iii) fund profitability, and fund performance in relation to fund profitability; (iv) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (v) annual fund profitability margins, with particular focus on certain funds with negative margins; (vi) the realization of fall-out benefits in certain Fidelity business units; (vii) economies of scale and the way in which they are shared with fund shareholders;(viii) Fidelity’s group fee structures, including the group fee schedule of breakpoints;(ix) the impact of cost containment measures on the funds; and (x) the transfer agent fee structure.

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VIPMID-ANN-0216

1.735273.116

TABLE OF CONTENTS

Investment Adviser
Directed Services LLC
1475 Dunwoody Drive
West Chester, Pennsylvania 19380

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-VYFID (1215-021716)

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), Exhibit 99.CODE ETH.

Item 3. Audit Committee Financial Expert.

The Board of Trustees has determined that Colleen D. Baldwin, Peter S. Drotch, Patrick W. Kenny, Joseph E. Obermeyer, and Roger B. Vincent are audit committee financial experts, as defined in Item 3 of Form N-CSR. Ms. Baldwin, Mr. Drotch, Mr. Kenny, 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, for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $872,625 for year ended December 31, 2015 and $896,000 for year ended December 31, 2014.

(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 $111,100 for year ended December 31, 2015 and $110,850 for year ended December 31, 2014.

(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 $231,398 in the year ended December 31, 2015 and $216,300 in the year ended December 31, 2014. 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 in the year ended December 31, 2015 and $13,654 in the year ended December 31, 2014.

(e) (1)

Audit Committee Pre-Approval Policies and Procedures

AUDIT AND NON-AUDIT SERVICES
PRE-APPROVAL POLICY

Statement of Principles

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

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

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

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

II.

Audit Services

The annual audit services engagement terms and fees are subject to the Committee’s specific pre-approval. Audit services are those services that are normally provided by auditors in connection with statutory and regulatory filings or engagements or those that generally only independent auditors can reasonably provide. They include the Funds’ annual financial statement audit and procedures that the independent auditors must perform in order to form an opinion on the Funds’ financial statements (e.g., information systems and procedural reviews and testing). The Committee will monitor the audit services engagement and approve any changes in terms, conditions or fees deemed by the Committee to be necessary or appropriate.

The Committee may grant general pre-approval to other audit services, such as statutory audits and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or issued in connection with securities offerings.

The Committee has pre-approved the audit services listed on Appendix A. The Committee must specifically approve all audit services not listed on Appendix A.

III.

Audit-related Services

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or the review of the Funds’ financial statements or are traditionally performed by the independent auditors. The Committee believes that the provision of audit-related services will not impair the independent auditors’ independence, and therefore may grant pre-approval to audit-related services. Audit-related services include accounting consultations related to accounting, financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures relating to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Form N-SAR or Form N-CSR.

The Committee has pre-approved the audit-related services listed on Appendix B. The Committee must specifically approve all audit-related services not listed on Appendix B.

IV.

Tax Services

The Committee believes the independent auditors can provide tax services to the Funds, including tax compliance, tax planning, and tax advice, without compromising the auditors’ independence. Therefore, the Committee may grant general pre-approval with respect to tax services historically provided by the Funds’ independent auditors that do not, in the Committee’s view, impair auditor independence and that are consistent with the SEC’s rules on auditor independence.

The Committee will not grant pre-approval if the independent auditors initially recommends a transaction the sole business purpose of which is tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Committee may consult

outside counsel to determine that tax planning and reporting positions are consistent with this Policy.

The Committee has pre-approved the tax-related services listed on Appendix C. The Committee must specifically approve all tax-related services not listed on Appendix C.

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 20, 2014

Appendix A
Pre-Approved Audit Services for the Pre-Approval Period January 1, 2015 through December 31, 2015

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 $13,750 per audit
Audit of summary portfolio of investments	√	Not to exceed $525 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, 2015 through December 31, 2015

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 $2,525 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, 2015 through December 31, 2015

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
Assistance and advice regarding year-end reporting for 1099’s, as requested	√		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

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, and similar routine tax consultations.	√		Not to exceed $120,000 during the Pre-Approval Period

Appendix D
Pre-Approved Other Services for the Pre-Approval Period January 1, 2015 through December 31, 2015

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 $5,300 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, 2015 to December 31, 2015

Bookkeeping or other services related to the accounting records or financial statements of the Funds

Financial information systems design and implementation

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

Actuarial services

Internal audit outsourcing services

Management functions

Human resources

Broker-dealer, investment adviser, or investment banking services

Legal services

Expert services unrelated to the audit

Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible

EXHIBIT A

VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND

VOYA BALANCED PORTFOLIO, INC.

VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY FUND

VOYA EQUITY TRUST

VOYA FUNDS TRUST

VOYA GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND

VOYA GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND

VOYA INFRASTRUCTURE, INDUSTRIALS, AND MATERIALS FUND

VOYA INTERMEDIATE BOND PORTFOLIO

VOYA INTERNATIONAL HIGH DIVIDEND EQUITY INCOME FUND

VOYA INVESTORS TRUST

VOYA MONEY MARKET PORTFOLIO

VOYA MUTUAL FUNDS

VOYA PARTNERS, INC.

VOYA PRIME RATE TRUST

VOYA NATURAL RESOURCES EQUITY INCOME FUND

VOYA SENIOR INCOME FUND

VOYA SEPARATE PORTFOLIOS TRUST

VOYA SERIES FUND, INC.

VOYA STRATEGIC ALLOCATIONS PORTFOLIOS, INC.
VOYA VARIABLE FUNDS

VOYA VARIABLE 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, 2015 and December 31, 2014; 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	2015		2014
Voya Partners, Inc.	$	342,498	$	340,804
Voya Investments, LLC ⁽¹⁾	$	145,625	$	184,250

(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 report to shareholders filed under Item 1 of this Form and filed herein, as applicable.

Report of Independent Registered Public Accounting Firm

The Shareholders and Board of Directors

Voya Partners, Inc.

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of Voya Global Bond Portfolio, VY^® American Century Small-Mid Cap Value Portfolio, VY^® Baron Growth Portfolio, VY^® Columbia Contrarian Core Portfolio, VY^® Columbia Small Cap Value II Portfolio, VY^®Invesco Comstock Portfolio, VY^® Invesco Equity and Income Portfolio, VY^® JPMorgan Mid Cap Value Portfolio, VY^® Oppenheimer Global Portfolio, VY^® Pioneer High Yield Portfolio, VY^®T. Rowe Price Diversified Mid Cap Growth Portfolio, VY^® T. Rowe Price Growth Equity Portfolio, and VY^®Templeton Foreign Equity Portfolio, and including the portfolios of investments of VY^® Fidelity^®VIP Contrafund^® Portfolio, VY^® Fidelity^® VIP Equity-Income Portfolio, VY^®Fidelity^® VIP Mid Cap Portfolio, Voya Solution Aggressive Portfolio, Voya Solution Balanced Portfolio, Voya Solution Conservative Portfolio, Voya Solution Income Portfolio, Voya Solution Moderately Aggressive Portfolio, Voya Solution Moderately Conservative Portfolio, Voya Solution 2020 Portfolio, Voya Solution 2025 Portfolio, Voya Solution 2030 Portfolio, Voya Solution 2035 Portfolio, Voya Solution 2040 Portfolio, Voya Solution 2045 Portfolio, Voya Solution 2050 Portfolio, Voya Solution 2055 Portfolio, Voya Solution 2060 Portfolio, Voya Index Solution Income Portfolio, Voya Index Solution 2020 Portfolio, Voya Index Solution 2025 Portfolio, Voya Index Solution 2030 Portfolio, Voya Index Solution 2035 Portfolio, Voya Index Solution 2040 Portfolio, Voya Index Solution 2045 Portfolio, Voya Index Solution 2050 Portfolio, Voya Index Solution 2055 Portfolio, and Voya Index Solution 2060 Portfolio, each a series of Voya Partners, Inc., as of December 31, 2015, 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 (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 of Voya Global Bond Portfolio, VY^® American Century Small-Mid Cap Value Portfolio, VY^® Baron Growth Portfolio, VY^® Columbia Contrarian Core Portfolio, VY^® Columbia Small Cap Value II Portfolio, VY^®Invesco Comstock Portfolio, VY^® Invesco Equity and Income Portfolio, VY^® JPMorgan Mid Cap Value Portfolio, VY^® Oppenheimer Global Portfolio, VY^® Pioneer High Yield Portfolio, VY^®T. Rowe Price Diversified Mid Cap Growth Portfolio, VY^® T. Rowe Price Growth Equity Portfolio, and VY^®Templeton Foreign Equity Portfolio, as of December 31, 2015 (included in Item 6 of this Form N-CSR). These financial statements, financial highlights, and portfolios of investments are the responsibility of management. Our responsibility is to express an opinion on these financial statements, financial highlights, and portfolios of investments based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and portfolios of investments. Our procedures included confirmation of securities owned as of December 31, 2015, by correspondence with the custodian, transfer agent, and brokers, or by other appropriate auditing procedures when replies from brokers were not received. An audit also includes assessing 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.

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 aforementioned funds of Voya Partners, Inc. as of December 31, 2015, and 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.

Boston, Massachusetts

February 25, 2016

Voya Global Bond Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2015

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 24.4%
			Australia: 0.3%
	703,000		BHP Billiton Finance USA Ltd., 5.000%, 09/30/43		639,322		0.3

			Canada: 0.1%
	324,000		Goldcorp, Inc., 3.700%, 03/15/23		296,402		0.1

			Cayman Islands: 0.2%
	601,000		Alibaba Group Holding Ltd, 3.600%, 11/28/24		576,264		0.2

			France: 1.0%
	294,000		BPCE SA, 2.500%, 12/10/18		296,739		0.1
	287,000	#	BPCE SA, 5.150%, 07/21/24		289,941		0.1
	456,000	#	Electricite de France SA, 2.350%, 10/13/20		449,495		0.2
	940,000	#	Numericable Group SA, 6.000%, 05/15/22		914,150		0.4
	433,000	#	Societe Generale SA, 5.625%, 11/24/45		415,996		0.2
					2,366,321		1.0

			Germany: 0.3%
	730,000		Deutsche Bank AG/London, 1.875%, 02/13/18		724,145		0.3

			Guernsey: 0.3%
	716,000	#	Credit Suisse Group Funding Guernsey Ltd., 2.750%, 03/26/20		709,983		0.3

			Ireland: 0.3%
	706,000	#	GE Capital International Funding Co., 4.418%, 11/15/35		722,145		0.3

			Italy: 0.1%
	286,000		Intesa Sanpaolo SpA, 3.875%, 01/15/19		294,766		0.1

			Japan: 0.4%
	790,000	#	Bank of Tokyo-Mitsubishi UFJ Ltd./The, 2.300%, 03/05/20		779,818		0.3
	200,000	#	Mizuho Bank Ltd., 3.200%, 03/26/25		195,975		0.1
					975,793		0.4

			Luxembourg: 0.3%
	690,000		Actavis Funding SCS, 2.350%, 03/12/18		691,193		0.3

			Mexico: 0.0%
^MXN	1,007,437	±	Banco Invex S.A., 6.450%, 03/13/34		–		–
^MXN	196,402		JPMorgan Hipotecaria su Casita, 6.100%, 09/25/35		11,996		0.0
					11,996		0.0

			Netherlands: 1.0%
	200,000	#	Carlson Wagonlit BV, 6.875%, 06/15/19		205,500		0.1
	269,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 4.500%, 01/11/21		293,026		0.1
	340,000		Shell International Finance BV, 1.625%, 11/10/18		338,415		0.2
	690,000		Shell International Finance BV, 3.250%, 05/11/25		675,072		0.3
	800,000	#	Siemens Financieringsmaatschappij NV, 2.900%, 05/27/22		801,362		0.3
					2,313,375		1.0

			Norway: 0.2%
	380,000		Statoil ASA, 2.450%, 01/17/23		360,946		0.2

			Sweden: 0.4%
	298,000	#	Nordea Bank AB, 5.500%, 09/29/49		297,627		0.1
	670,000	#	Swedbank AB, 2.200%, 03/04/20		662,817		0.3
					960,444		0.4

			Switzerland: 0.3%
	400,000	#	Credit Suisse AG, 6.500%, 08/08/23		431,920		0.2
	250,000		UBS AG/Stamford CT, 7.625%, 08/17/22		285,376		0.1
					717,296		0.3

			United Kingdom: 0.8%
	1,002,000		Abbey National Treasury Services PLC/United Kingdom, 2.375%, 03/16/20		1,001,679		0.5
	283,000		Aon PLC, 2.800%, 03/15/21		282,280		0.1
	280,000		AstraZeneca PLC, 2.375%, 11/16/20		278,424		0.1
	265,000	#	Barclays Bank PLC, 6.050%, 12/04/17		282,949		0.1
					1,845,332		0.8

			United States: 18.4%
	424,000		21st Century Fox America, Inc., 4.500%, 02/15/21		456,969		0.2
	338,000		21st Century Fox America, Inc., 5.400%, 10/01/43		353,084		0.1
	616,000		AbbVie, Inc., 2.500%, 05/14/20		610,535		0.3
	80,000		Albemarle Corp., 3.000%, 12/01/19		78,566		0.0
	570,000	#	Alliance Data Systems Corp., 5.375%, 08/01/22		544,350		0.2
	638,000		Amsurg Corp., 5.625%, 07/15/22		634,012		0.3
	1,050,000		Apple Inc., 1.000%, 05/03/18		1,042,112		0.4
	710,000		Apple, Inc., 3.200%, 05/13/25		719,891		0.3

Voya Global Bond Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2015 (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			United States: (continued)
	295,000		AT&T, Inc., 3.000%, 06/30/22		287,386		0.1
	368,000		Bank of America Corp., 3.300%, 01/11/23		363,399		0.2
	458,000		Bank of America Corp., 4.100%, 07/24/23		474,523		0.2
	309,000		Bank of America Corp., 4.000%, 04/01/24		316,736		0.1
	1,309,000		Barrick North America Finance LLC, 5.750%, 05/01/43		949,444		0.4
	65,000	#	Building Materials Corp. of America, 6.000%, 10/15/25		66,625		0.0
	540,000	#	Calpine Corp., 6.000%, 01/15/22		560,083		0.2
	395,000		CBRE Services, Inc., 5.250%, 03/15/25		400,863		0.2
	216,000		CBS Corp., 3.700%, 08/15/24		210,558		0.1
	689,000		CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 02/15/23		691,584		0.3
	472,000	#	CCO Safari II LLC, 4.464%, 07/23/22		470,887		0.2
	501,000		Celgene Corp., 4.000%, 08/15/23		515,276		0.2
	290,000		Chevron Corp., 2.419%, 11/17/20		288,755		0.1
	382,000		Citigroup, Inc., 4.000%, 08/05/24		379,272		0.2
	469,000		Citigroup, Inc., 5.500%, 09/13/25		510,400		0.2
	758,000		Citizens Bank NA/Providence RI, 2.450%, 12/04/19		746,657		0.3
	262,000		ConocoPhillips Co., 4.300%, 11/15/44		218,211		0.1
	562,000	#	COX Communications, Inc., 2.950%, 06/30/23		495,925		0.2
	777,000		CVS Health Corp., 2.800%, 07/20/20		781,628		0.3
	789,000		Devon Energy Corp., 5.600%, 07/15/41		597,681		0.3
	299,000		DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.150%, 03/15/42		279,538		0.1
	442,000		Discover Bank/Greenwood DE, 7.000%, 04/15/20		503,802		0.2
	277,000		Eastman Chemical Co., 2.700%, 01/15/20		274,636		0.1
	545,000		Eaton Corp., 4.150%, 11/02/42		504,427		0.2
	523,000		eBay, Inc., 2.600%, 07/15/22		487,733		0.2
	105,000		Emerson Electric Co., 2.625%, 12/01/21		104,422		0.0
	1,026,000		Energy Transfer Partners L.P., 4.900%, 02/01/24		916,282		0.4
	558,000		Entergy Corp., 5.125%, 09/15/20		600,440		0.3
	539,000		Fifth Third Bancorp, 8.250%, 03/01/38		754,506		0.3
	532,000		FirstEnergy Corp., 4.250%, 03/15/23		542,346		0.2
	478,000		General Dynamics Corp., 2.250%, 11/15/22		460,298		0.2
	205,000		General Electric Capital Corp., 6.750%, 03/15/32		268,290		0.1
	200,000		General Motors Financial Co., Inc., 4.300%, 07/13/25		194,443		0.1
	255,000	#	Glencore Funding LLC, 2.500%, 01/15/19		213,074		0.1
	627,000		Goldman Sachs Group, Inc., 5.250%, 07/27/21		694,402		0.3
	605,000		Hartford Financial Services Group, Inc., 6.625%, 03/30/40		749,207		0.3
	721,000		HCP, Inc., 4.250%, 11/15/23		723,235		0.3
	436,000	#	Kraft Heinz Foods Co., 3.950%, 07/15/25		441,071		0.2
	258,000	#	Hewlett Packard Enterprise Co., 2.450%, 10/05/17		257,903		0.1
	194,000	#	Hewlett Packard Enterprise Co., 2.850%, 10/05/18		194,057		0.1
	570,000		Huntington National Bank, 2.200%, 11/06/18		568,886		0.2
	294,000		Huntington Bancshares, Inc./OH, 2.600%, 08/02/18		294,549		0.1
	1,041,000		Indiana Michigan Power Co., 7.000%, 03/15/19		1,180,852		0.5
	570,000	#	JBS USA LLC / JBS USA Finance, Inc., 5.875%, 07/15/24		518,700		0.2
	384,000		JM Smucker Co/The, 3.000%, 03/15/22		382,615		0.2
	362,000		JPMorgan Chase & Co., 1.625%, 05/15/18		359,462		0.2
	478,000		JPMorgan Chase & Co., 6.000%, 12/29/49		478,528		0.2
	50	#	Kern River Funding Corp., 4.893%, 04/30/18		52		0.0
	222,000		Kinder Morgan Energy Partners L.P., 4.250%, 09/01/24		189,316		0.1
	127,000		Kohls Corp., 4.750%, 12/15/23		129,886		0.1
	218,000		Lockheed Martin Corp., 3.100%, 01/15/23		218,220		0.1
	375,000		Medtronic, Inc., 3.150%, 03/15/22		379,476		0.2
	393,000		Medtronic, Inc., 3.500%, 03/15/25		398,119		0.2
	700,000		Microsoft Corp., 2.000%, 11/03/20		700,748		0.3
	372,000		Morgan Stanley, 3.750%, 02/25/23		381,862		0.2
	587,000		Morgan Stanley, 3.875%, 04/29/24		599,485		0.3
	618,000		Morgan Stanley, 4.100%, 05/22/23		625,745		0.3
	240,000		MPT Operating Partnership L.P./MPT Finance Corp., 6.375%, 02/15/22		245,700		0.1
	1,048,000		Mylan, Inc., 2.600%, 06/24/18		1,040,672		0.4
	625,000		Netflix, Inc., 5.750%, 03/01/24		645,312		0.3
	438,000		Newell Rubbermaid, Inc., 2.875%, 12/01/19		423,081		0.2
	381,000		NextEra Energy Capital Holdings, Inc., 3.625%, 06/15/23		380,379		0.2
	504,000		Oracle Corp., 2.950%, 05/15/25		492,681		0.2

Voya Global Bond Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2015 (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			United States: (continued)
	110,000	#,L	Owens-Brockway Glass Container, Inc., 5.875%, 08/15/23		111,856		0.0
	568,000		Philip Morris International, Inc., 4.250%, 11/10/44		550,046		0.2
	280,000		Regency Energy Partners L.P. / Regency Energy Finance Corp., 4.500%, 11/01/23		242,740		0.1
	280,000		Regency Energy Partners L.P. / Regency Energy Finance Corp., 5.500%, 04/15/23		252,468		0.1
	272,000		Reynolds American, Inc., 6.150%, 09/15/43		309,371		0.1
	470,000	#	Sable International Finance Ltd., 8.750%, 02/01/20		494,675		0.2
	585,000	#	Sanmina Corp., 4.375%, 06/01/19		589,387		0.2
	117,000		Scripps Networks Interactive, Inc., 2.750%, 11/15/19		115,216		0.0
	676,000		St Jude Medical, Inc., 2.500%, 01/15/16		676,247		0.3
	570,000		Starz LLC / Starz Finance Corp., 5.000%, 09/15/19		578,550		0.2
	104,000		Sunoco Logistics Partners Operations L.P., 4.250%, 04/01/24		90,149		0.0
	445,000		Synchrony Financial, 4.250%, 08/15/24		439,811		0.2
	585,000		Tenet Healthcare Corp., 6.000%, 10/01/20		618,637		0.3
	272,000		Time Warner Cable, Inc., 5.875%, 11/15/40		258,529		0.1
	485,000		Time Warner, Inc., 6.500%, 11/15/36		550,744		0.2
	505,000	#	Valeant Pharmaceuticals International, 7.250%, 07/15/22		496,162		0.2
	270,000		Verizon Communications, Inc., 5.012%, 08/21/54		248,161		0.1
	1,071,000		Verizon Communications, Inc., 5.150%, 09/15/23		1,179,388		0.5
	272,000		Verizon Communications, Inc., 6.550%, 09/15/43		324,036		0.1
	600,000		Visa, Inc., 3.150%, 12/14/25		602,017		0.3
	599,000		Wells Fargo & Co., 4.100%, 06/03/26		605,452		0.3
	514,000		Wells Fargo & Co., 2.550%, 12/07/20		511,775		0.2
	455,000		Xerox Corp., 2.750%, 09/01/20		429,234		0.2
					43,838,501		18.4

		Total Corporate Bonds/Notes
		(Cost $59,095,482)			58,044,224		24.4

COLLATERALIZED MORTGAGE OBLIGATIONS: 15.3%
			United States: 15.3%
	648,495		Adjustable Rate Mortgage Trust 2006-2, 2.843%, 05/25/36		606,220		0.2
	473,485		Alternative Loan Trust 2005-51 3A2A, 1.547%, 11/20/35		403,160		0.2
	125,299		Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/36		107,144		0.0
	443,396		American Home Mortgage Assets Trust 2006-3 2A11, 1.197%, 10/25/46		318,119		0.1
	372,735		Banc of America Alternative Loan Trust 2004-1 4A1, 4.750%, 02/25/19		375,179		0.2
	810,000		Banc of America Commercial Mortgage Trust 2007-3 AJ, 5.558%, 06/10/49		821,840		0.3
	700,000		Banc of America Commercial Mortgage Trust 2007-3 B, 5.558%, 06/10/49		692,564		0.3
	540,000		Banc of America Commercial Mortgage Trust 2007-4 AJ, 5.809%, 02/10/51		548,288		0.2
	868,241		Banc of America Funding Corp., 5.500%, 02/25/35		877,970		0.4
	1,130,000	#	Banc of America Merrill Lynch Commercial Mortgage, Inc. 2004-4 G, 5.402%, 07/10/42		1,131,340		0.5
	8,020,000	#,^	BBCCRE Trust 2015-GTP XA, 0.597%, 08/10/33		404,674		0.2
	574,250		Bear Stearns ALT-A Trust 2005-10 22A1, 2.608%, 01/25/36		497,575		0.2
	440,000	#	Bear Stearns Commercial Mortgage Securities Trust 2004-PWR6, 5.406%, 11/11/41		472,894		0.2
	500,000		Bear Stearns Commercial Mortgage Securities Trust 2005-TOP20, 5.177%, 10/12/42		499,444		0.2
	140,000	#	Bear Stearns Commercial Mortgage Securities Trust 2006-TOP22 E, 5.620%, 04/12/38		140,131		0.1
	497,440	#	Beckman Coulter, Inc. 2000-A A, 7.498%, 12/15/18		524,998		0.2
	431,966		ChaseFlex Trust Series 2006-2 A3, 5.053%, 09/25/36		379,358		0.2
	240,000	#	Citigroup Commercial Mortgage Trust 2012-GC8 D, 4.877%, 09/10/45		230,804		0.1
	234,440		Citigroup Mortgage Loan Trust, Inc. 2005-2 1A3, 2.800%, 05/25/35		233,810		0.1
	572,340		CitiMortgage Alternative Loan Trust Series 2006-A3 1A7, 6.000%, 07/25/36		517,793		0.2
	680,000	#	COMM 2004-LNB2 H Mortgage Trust H, 6.067%, 03/10/39		735,082		0.3
	10,774,658	#,^	COMM 2012 - LTRT XA Mortgage Trust, 1.060%, 10/05/30		554,782		0.2
	3,951,125	^	COMM 2012-CCRE1 XA Mortgage Trust, 2.080%, 05/15/45		341,884		0.1

Voya Global Bond Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2015 (continued)

Principal Amount†				Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
			United States: (continued)
	2,953,092	^	COMM 2013-LC6 XA Mortgage Trust, 1.742%, 01/10/46		202,419		0.1
	4,401,334	^	COMM 2014-CCRE17 XA Mortgage Trust, 1.191%, 05/10/47		277,262		0.1
	225,478	^	Commercial Mortgage Pass Through Certificates, 1.394%, 04/10/47		15,973		0.0
	480,000	#	Commercial Mortgage Trust 2004-GG1 F, 6.047%, 06/10/36		486,719		0.2
	92,190		Countrywide Alternative Loan Trust 2005-53T2 2A6, 0.922%, 11/25/35		58,598		0.0
	145,652		Countrywide Home Loan Mortgage Pass-through Trust, 5.500%, 11/25/35		144,973		0.1
	158,977		Countrywide Home Loan Mortgage Pass-through Trust, 5.500%, 09/25/35		157,338		0.1
	23,937	#	Credit Suisse First Boston Mortgage Securities Corp. 2003-C4 J, 5.322%, 08/15/36		23,907		0.0
	372,029	#	Credit Suisse Mortgage Capital Certificates 2009-3R 30A1, 2.380%, 07/27/37		373,279		0.2
	3,057,972	#,^	DBUBS 2011-LC1 XA Mortgage Trust, 1.127%, 11/10/46		64,549		0.0
	55,972	#	Deutsche Alternative-A Securities, Inc. Alternate Loan Trust, 0.922%, 01/27/37		108,191		0.0
	320,000		Fannie Mae Connecticut Avenue Securities 2014-C03 2M2, 3.322%, 07/25/24		292,351		0.1
	1,780,000		Fannie Mae Connecticut Avenue Securities 2014-CO4 M2, 5.322%, 11/25/24		1,815,618		0.8
	9,289,095	^	Freddie Mac Series K704 X1, 1.966%, 08/25/18		403,600		0.2
	1,100,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2014-DN4 M3, 4.972%, 10/25/24		1,092,614		0.5
	340,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2014-HQ3 M3, 5.172%, 10/25/24		341,716		0.1
	180,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DN1 M3, 4.572%, 01/25/25		177,674		0.1
	200,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2015-HQ1 M2, 2.622%, 03/25/25		199,583		0.1
	220,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2015-HQ1 M3, 4.222%, 03/25/25		212,401		0.1
	44,040,460	#,^	FREMF Mortgage Trust, 0.100%, 12/25/44		208,708		0.1
	24,529	#	GE Capital Commercial Mortgage Series 2005-C2, 5.464%, 05/10/43		24,508		0.0
	346,486		GreenPoint Mortgage Funding Trust 2006-AR3 4A1, 0.632%, 04/25/36		262,111		0.1
	290,000		GS Mortgage Securities Trust 2006-GG6 D, 5.666%, 04/10/38		289,738		0.1
	110,000		GS Mortgage Securities Trust 2006-GG6, 5.666%, 04/10/38		109,913		0.0
	143,453		GSR Mortgage Loan Trust, 2.793%, 09/25/35		144,926		0.1
	194,385		HomeBanc Mortgage Trust 2006-2 A1, 0.602%, 12/25/36		172,745		0.1
	906,028		IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 0.632%, 04/25/46		703,412		0.3
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp. 2006-LDP8 B, 5.520%, 05/15/45		501,405		0.2
	2,940,000	#,^	JP Morgan Chase Commercial Mortgage Securities Corp. 2012-LC9 XB, 0.356%, 12/15/47		62,454		0.0
	372,842	#	JP Morgan Chase Commercial Mortgage Securities Trust 2003-LN1 H, 5.482%, 10/15/37		372,511		0.2
	270,000		JP Morgan Chase Commercial Mortgage Securities Trust 2004-CIBC9 E, 5.366%, 06/12/41		262,585		0.1
	60,000		JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP8, 5.549%, 05/15/45		60,002		0.0
	8,495,255	^	JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX XA, 1.746%, 06/15/45		534,773		0.2
	720,699		JP Morgan Mortgage Trust 2005-A4 B1, 2.535%, 07/25/35		642,431		0.3
	180,450		JPMorgan Mortgage Trust, 2.685%, 07/25/35		179,233		0.1
	360,000		LB-UBS Commercial Mortgage Trust 2005-C3 E, 4.983%, 07/15/40		383,365		0.2
	780,000		LB-UBS Commercial Mortgage Trust 2006-C4 D, 5.840%, 06/15/38		788,833		0.3
	260,000		LB-UBS Commercial Mortgage Trust 2006-C4 E, 5.840%, 06/15/38		259,021		0.1
	360,000	#	LB-UBS Commercial Mortgage Trust 2006-C6 JR14, 5.990%, 09/15/39		364,214		0.1
	150,000	#	LB-UBS Commercial Mortgage Trust 2006-C6 JR15, 5.990%, 09/15/39		151,295		0.1
	150,000	#	LB-UBS Commercial Mortgage Trust 2006-C6 JR16, 5.990%, 09/15/39		149,893		0.1
	217,916		Lehman XS Trust Series 2005-5N 1A2, 0.782%, 11/25/35		173,675		0.1
	451,487		Lehman XS Trust Series 2006-14N 2A, 0.622%, 09/25/46		362,442		0.1

Voya Global Bond Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2015 (continued)

Principal Amount†				Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
			United States: (continued)
	197,599		MASTR Adjustable Rate Mortgages Trust, 2.751%, 04/25/36		191,149		0.1
	360,000		Merrill Lynch Mortgage Investors Trust Series 1998-C1-CTL E, 6.750%, 11/15/26		390,528		0.2
	210,000		Merrill Lynch Mortgage Trust 2006-C2 AJ, 5.802%, 08/12/43		209,947		0.1
	130,000		Merrill Lynch Mortgage Trust, 5.666%, 05/12/39		129,715		0.1
	570,000	#	Morgan Stanley Capital I Trust 2011-C1 D, 5.438%, 09/15/47		601,725		0.2
	460,000	#	Morgan Stanley Capital I Trust 2011-C1 E, 5.438%, 09/15/47		474,475		0.2
	865,000	#	Morgan Stanley Capital I Trust 2011-C1, 5.438%, 09/15/47		942,112		0.4
	290,000	#	Morgan Stanley Re-REMIC Trust, 0.250%, 07/27/49		263,407		0.1
	216,789	#	N-Star Real Estate CDO Ltd. 2013-1A A, 2.272%, 08/25/29		216,724		0.1
	269,940		Opteum Mortgage Acceptance Corp. Trust 2006-1 1APT, 0.632%, 04/25/36		234,617		0.1
	590,000		Opteum Mortgage Acceptance Corp. Trust 2006-1, 0.722%, 04/25/36		487,997		0.2
	4,075		Residential Accredit Loans, Inc., 3.156%, 04/25/35		379		0.0
	560,183	#	TIAA CMBS I Trust 2001-C1A L, 5.770%, 06/19/33		573,734		0.2
	6,596,150	#,^	UBS-Barclays Commercial Mortgage Trust 2012-C3 XA, 2.089%, 08/10/49		609,844		0.3
	380,000		Wachovia Bank Commercial Mortgage Trust Series 2005-C22, 5.565%, 12/15/44		378,951		0.2
	130,000		Wachovia Bank Commercial Mortgage Trust Series 2006-C23, 5.625%, 01/15/45		129,703		0.1
	190,000		Wachovia Bank Commercial Mortgage Trust Series 2006-C25, 5.767%, 05/15/43		191,011		0.1
	82,924		WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 2.431%, 10/25/36		74,743		0.0
	1,340,522		WaMu Mortgage Pass-Through Certificates Series 2006-AR16 Trust 3A1, 3.824%, 12/25/36		1,222,973		0.5
	317,242		WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 2.397%, 08/25/46		273,905		0.1
	606,111		WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 2.300%, 12/25/36		529,517		0.2
	168,836		WaMu Mortgage Pass-Through Certificates Series 2007-HY4 1A1, 1.972%, 04/25/37		144,019		0.1
	192,181		Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR10 Trust, 0.522%, 12/25/36		128,158		0.0
	235,961		Wells Fargo Alternative Loan 2007-PA2 2A1, 0.852%, 06/25/37		171,912		0.1
	6,019,310	#,^	Wells Fargo Commercial Mortgage Trust 2012-LC5 XA, 2.061%, 10/15/45		528,387		0.2
	593,448		Wells Fargo Mortgage Backed Securities Trust 2005-AR14 A1, 2.740%, 08/25/35		587,915		0.2
	441,598		Wells Fargo Mortgage Backed Securities 2006-AR17 Trust A1, 2.733%, 10/25/36		421,597		0.2
	95,247		Wells Fargo Mortgage Backed Securities 2006-AR17 Trust A2, 2.733%, 10/25/36		90,933		0.0
	510,545		Wells Fargo Mortgage Backed Securities 2006-AR7 Trust 2A1, 2.738%, 05/25/36		487,425		0.2
	467,771		Wells Fargo Mortgage Backed Securities 2006-AR8 Trust 3A2, 2.808%, 04/25/36		455,201		0.2
	101,727		Wells Fargo Mortgage-Backed Securities Trust, 2.753%, 02/25/34		103,013		0.0
	2,962,718	#,^	WFRBS Commercial Mortgage Trust 2012-C8 XA, 2.164%, 08/15/45		246,975		0.1

		Total Collateralized Mortgage Obligations
		(Cost $36,418,133)			36,520,702		15.3

STRUCTURED PRODUCTS: 0.0%
			Russia: 0.0%
^RUB	6,309,181		Morgan Stanley & Co. International PLC - EM Whole Loan SA /Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 4.390%, 08/22/34		38,156		0.0

		Total Structured Products
		(Cost $224,649)			38,156		0.0

U.S. TREASURY OBLIGATIONS: 6.9%
			U.S. Treasury Bonds: 1.7%
	1,951,000		2.875%, due 08/15/45		1,891,631		0.8
	2,269,000	L	2.250%, due 11/15/25		2,264,145		0.9
					4,155,776		1.7

			U.S. Treasury Notes: 5.2%
	6,083,700	L	0.875%, due 11/30/17		6,067,158		2.6
	1,890,000		1.250%, due 12/15/18		1,886,379		0.8
	1,931,000		1.750%, due 12/31/20		1,929,824		0.8

Voya Global Bond Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2015 (continued)

Principal Amount†					Value		Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: (continued)
				U.S. Treasury Notes: (continued)
	2,438,000			2.000%, due 11/30/22		2,424,981		1.0
						12,308,342		5.2

		Total U.S. Treasury Obligations
		(Cost $16,476,858)				16,464,118		6.9

FOREIGN GOVERNMENT BONDS: 6.6%
				Austria: 1.5%
^EUR	3,000,000	#		Austria Government Bond, 1.650%, 10/21/24		3,520,257		1.5

				Brazil: 0.2%
^BRL	705,000			Brazil Notas do Tesouro Nacional Series F, 6.000%, 05/15/45		421,191		0.2

				Germany: 0.4%
^EUR	10,000			Bundesrepublik Deutschland, 2.000%, 08/15/23		12,255		0.0
^EUR	140,000			Bundesschatzanweisungen, -0.330%, 09/15/17		153,017		0.0
^EUR	830,000			Bundesschatzanweisungen, -0.350%, 06/16/17		906,645		0.4
						1,071,917		0.4

				South Africa: 0.0%
^ZAR	1,000,000			Transnet SOC Ltd., 10.800%, 11/06/23		62,541		0.0

				Spain: 4.5%
^EUR	7,300,000	#		Spain Government Bond, 1.600%, 04/30/25		7,891,619		3.3
^EUR	2,340,000	#		Spain Government Bond, 2.750%, 10/31/24		2,776,457		1.2
						10,668,076		4.5

		Total Foreign Government Bonds
		(Cost $16,459,970)				15,743,982		6.6

U.S. GOVERNMENT AGENCY OBLIGATIONS: 19.4%
				Federal Home Loan Mortgage Corporation: 8.4%^##
	1,391,000	W		0.010%, due 12/15/42		1,388,811		0.6
	41,017			0.781%, due 02/15/29		41,481		0.0
	14,237			0.831%, due 03/15/32		14,422		0.0
	56,612			0.831%, due 01/15/33		57,178		0.0
	21,275			1.281%, due 08/15/31		21,910		0.0
	11,681			1.281%, due 02/15/32		12,038		0.0
	12,515			1.331%, due 02/15/32		12,846		0.0
	12,201			1.331%, due 02/15/32		12,524		0.0
	17,513			1.331%, due 03/15/32		17,981		0.0
	1,469,601			3.000%, due 04/01/45		1,469,230		0.6
	1,436,597			3.000%, due 04/01/45		1,436,680		0.6
	532,968			3.000%, due 09/01/45		532,689		0.2
	1,984,000	W		3.500%, due 07/15/41		2,042,454		0.9
	974,746	^		4.000%, due 02/15/43		182,898		0.1
	15,332,354	^		4.000%, due 04/15/43		2,766,503		1.2
	1,013,671			4.000%, due 09/01/45		1,072,155		0.5
	352,259			4.000%, due 09/01/45		372,583		0.2
	482,806			4.000%, due 09/01/45		511,035		0.2
	252,191			4.000%, due 09/01/45		266,780		0.1
	312,663			4.000%, due 09/01/45		330,774		0.1
	195,015			4.000%, due 09/01/45		206,417		0.1
	1,245,288			4.000%, due 10/01/45		1,317,136		0.6
	5,710,031	^		4.120%, due 05/15/36		567,133		0.2
	5,444			5.000%, due 01/01/20		5,743		0.0
	23,424			5.000%, due 02/01/20		24,720		0.0
	184,115			5.000%, due 09/15/23		197,216		0.1
	702,924			5.000%, due 02/15/34		774,384		0.3
	628,082			5.000%, due 11/15/34		688,083		0.3
	18,991			5.000%, due 12/01/34		21,059		0.0
	10,457			5.500%, due 01/01/18		10,793		0.0
	2,321,284	^		5.620%, due 10/15/36		336,835		0.2
	5,988,929	^		5.670%, due 05/15/36		533,507		0.2
	4,882,986	^		5.670%, due 01/15/39		662,073		0.3
	5,126,356	^		5.720%, due 07/15/40		734,137		0.3
	128,670	^		5.820%, due 07/15/35		21,868		0.0
	2,474,601	^		5.920%, due 11/15/32		445,522		0.2
	6,248			6.000%, due 05/15/17		6,419		0.0
	54,206			6.000%, due 02/01/34		61,664		0.0
	1,130,015	^		6.270%, due 08/15/28		85,505		0.0
	1,971			6.500%, due 04/01/18		2,014		0.0
	13,676			6.500%, due 02/01/22		15,583		0.0
	17,576			6.500%, due 09/01/22		20,027		0.0
	53,406			6.500%, due 04/15/28		59,015		0.0
	11,228			6.500%, due 06/15/31		12,457		0.0
	89,746			6.500%, due 02/15/32		102,570		0.1
	65,233			6.500%, due 06/15/32		74,231		0.0
	5,017			6.500%, due 08/01/32		5,852		0.0
	7,443			6.500%, due 07/01/34		8,484		0.0
	10,612			6.500%, due 07/01/34		12,097		0.0
	54,043			6.750%, due 02/15/24		59,355		0.0
	95,691			7.000%, due 09/15/26		106,667		0.1
	16,151	^		7.000%, due 03/15/28		3,917		0.0
	89,442	^		7.000%, due 04/15/28		21,846		0.0
	149,607	^		7.320%, due 03/15/29		32,978		0.0
	140,691	^		7.370%, due 03/15/29		26,282		0.0
	81,774			7.500%, due 09/15/22		90,141		0.0
	98,665			8.000%, due 05/15/35		113,017		0.1
	203,998	^		8.620%, due 08/15/29		51,470		0.0
	8,094			23.172%, due 06/15/34		8,914		0.0
	27,180			23.538%, due 08/15/35		40,790		0.0
						20,130,893		8.4

				Federal National Mortgage Association: 9.4%^##
	8,191			0.822%, due 11/25/33		8,246		0.0
	8,830			0.860%, due 10/18/32		8,956		0.0
	4,086			1.422%, due 04/25/32		4,200		0.0
	13,277			1.422%, due 04/25/32		13,647		0.0
	39,624			1.422%, due 09/25/32		40,696		0.0
	39,630			1.422%, due 12/25/32		40,701		0.0
	292,011			2.491%, due 10/01/36		309,078		0.1
	468,000	W		2.500%, due 01/15/28		471,736		0.2
	142,784			2.500%, due 06/01/30		144,123		0.1
	95,078			2.500%, due 06/01/30		95,970		0.0
	57,503			2.500%, due 07/01/30		58,042		0.0
	2,296,836	^		3.000%, due 06/25/33		341,142		0.2
	1,501,000	W	��	3.000%, due 09/25/42		1,501,131		0.6
	1,054,078			3.000%, due 07/01/43		1,056,605		0.5
	3,660,333			3.000%, due 07/01/43		3,691,539		1.6
	1,214,246	^		3.500%, due 08/25/33		161,769		0.1
	747,151	^		3.500%, due 08/25/43		146,819		0.1
	2,036,117	^		3.628%, due 02/25/37		29,393		0.0
	302,000	W		4.000%, due 08/25/40		319,592		0.1
	2,274,687	^		4.000%, due 06/25/42		389,065		0.2
	144,111			4.500%, due 08/25/25		152,571		0.1
	3,483,043			4.500%, due 05/01/44		3,763,414		1.6
	1,771,499	^		5.000%, due 05/25/18		64,603		0.0
	262,994			5.000%, due 07/25/40		277,533		0.1
	127,390			5.000%, due 06/01/41		140,749		0.1
	15,268			5.500%, due 09/01/19		15,983		0.0
	13,934			5.500%, due 09/01/19		14,656		0.0
	44,041			5.500%, due 09/01/24		49,063		0.0
	69,935	^		5.500%, due 07/25/33		14,813		0.0
	28,838	^		5.500%, due 06/01/35		6,133		0.0
	3,070,054	^		5.518%, due 01/25/38		546,945		0.2

Voya Global Bond Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2015 (continued)

Principal Amount†				Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
			Federal National Mortgage Association: (continued)
	5,322,507	^	5.528%, due 09/25/41		834,013		0.4
	4,679,380	^	5.558%, due 11/25/41		752,111		0.3
	3,322,672	^	5.678%, due 01/25/43		778,870		0.3
	4,632		6.000%, due 03/25/17		4,740		0.0
	10,711		6.000%, due 06/01/17		10,967		0.0
	9,042		6.000%, due 05/01/21		9,586		0.0
	29,660		6.000%, due 01/25/32		33,693		0.0
	129,370	^	6.000%, due 12/01/32		28,904		0.0
	55,222	^	6.000%, due 02/01/33		10,814		0.0
	53,917	^	6.000%, due 03/01/33		12,426		0.0
	64,743	^	6.000%, due 03/01/33		14,652		0.0
	162,733		6.000%, due 11/01/34		184,966		0.1
	250,541		6.000%, due 04/01/35		284,926		0.1
	30,744	^	6.000%, due 09/01/35		6,142		0.0
	4,292,968	^	6.028%, due 02/25/42		655,617		0.3
	139,634	^	6.118%, due 06/25/37		22,918		0.0
	1,896,717	^	6.128%, due 09/25/37		337,146		0.2
	4,891,308	^	6.138%, due 06/25/41		923,544		0.4
	437,122	^	6.148%, due 06/25/36		78,145		0.0
	25,034	^	6.328%, due 05/25/35		4,627		0.0
	21,265		6.500%, due 04/25/29		24,309		0.0
	30,479		6.500%, due 11/25/29		34,589		0.0
	110,155		6.500%, due 12/01/29		125,991		0.1
	35,379		6.500%, due 10/25/31		39,229		0.0
	222,841	^	6.500%, due 02/01/32		51,916		0.0
	33,795		6.500%, due 04/25/32		38,105		0.0
	45,588		6.500%, due 01/01/34		52,329		0.0
	35,618	^	6.678%, due 06/25/23		4,129		0.0
	129,219	^	6.808%, due 09/25/36		23,585		0.0
	91		7.000%, due 11/01/17		91		0.0
	39,415	^	7.000%, due 02/01/28		9,073		0.0
	49,406	^	7.000%, due 03/25/33		14,013		0.0
	1,117		7.000%, due 04/01/33		1,283		0.0
	40,106	^	7.000%, due 04/25/33		10,538		0.0
	210,181	^	7.128%, due 10/25/33		39,458		0.0
	85,885	^	7.208%, due 03/25/23		2,810		0.0
	137,173	^	7.328%, due 07/25/31		31,463		0.0
	75,951	^	7.328%, due 02/25/32		15,068		0.0
	54,587	^	7.500%, due 01/01/24		11,000		0.0
	31,841		7.500%, due 09/01/32		39,481		0.0
	77,249		7.500%, due 01/01/33		91,907		0.0
	47,634	^	7.528%, due 07/25/32		10,653		0.0
	1,559,579	^	7.640%, due 12/18/32		337,729		0.2
	240,912		8.000%, due 05/25/43		268,125		0.1
	163,781		22.288%, due 10/25/35		283,095		0.1
	122,747		22.314%, due 07/25/35		203,492		0.1
	76,724		22.653%, due 06/25/36		118,800		0.1
	248,774		22.863%, due 10/25/40		576,972		0.3
	26,820		23.021%, due 03/25/36		41,158		0.0
	54,450		26.305%, due 04/25/35		92,469		0.0
	493,825		31.342%, due 11/25/36		879,560		0.4
					22,340,140		9.4

			Government National Mortgage Association: 1.6%
	280,000	W	3.500%, due 11/20/41		291,222		0.1
	212,995		3.500%, due 06/20/45		222,431		0.1
	8,387,827	^	4.000%, due 04/20/38		625,699		0.3
	70,368		5.000%, due 04/15/34		78,461		0.0
	4,487,951	^	5.448%, due 06/20/40		691,166		0.3
	2,685,503	^	6.356%, due 07/16/41		518,858		0.2
	24,496		6.500%, due 02/20/35		29,062		0.0
	251,201		8.000%, due 02/16/30		289,670		0.1
	687,827		20.745%, due 03/20/37		1,073,844		0.5
					3,820,413		1.6

		Total U.S. Government Agency Obligations
		(Cost $45,019,750)			46,291,446		19.4

ASSET-BACKED SECURITIES: 3.1%
			Cayman Islands: 2.5%
	740,000	#	ARES XII CLO Ltd., 2.393%, 11/25/20		726,579		0.3
	463,461	#	Black Diamond CLO 2005-1A C, 1.340%, 06/20/17		462,136		0.2
	1,000,000	#	Bluemountain CLO III Ltd. 2007-3A C, 1.216%, 03/17/21		964,181		0.4
	1,000,000	#	ColumbusNova CLO IV Ltd. 2007-2A C, 2.571%, 10/15/21		986,331		0.4
	1,300,000	#	Madison Park Funding Ltd. 2007-6A C, 1.320%, 07/26/21		1,233,580		0.5
	1,550,000	#	Muir Grove CLO Ltd. 2007-1A B, 2.320%, 03/25/20		1,501,834		0.7
					5,874,641		2.5

			United States: 0.6%
	446,977	+	Citigroup Mortgage Loan Trust 2006-WF1 A2E, 5.342%, 03/25/36		321,937		0.1
	711,903		First Franklin Mortgage Loan Trust 2006-FF5, 0.582%, 04/25/36		600,697		0.2
	690,691		Securitized Asset Backed Receivables LLC Trust 2006-NC2 A3, 0.662%, 03/25/36		610,254		0.3
					1,532,888		0.6

		Total Asset-Backed Securities
		(Cost $7,465,751)			7,407,529		3.1

Value

Percentage
of Net
Assets

COMMON STOCK: 0.0%

United States: 0.0%

43,083

@,L

American Media, Inc.

–

4,988

Resolute Forest Products

37,759

0.0

102

WestRock Co.

4,653

0.0

Total Common Stock

(Cost $1,304,494)

42,412

0.0

MUTUAL FUNDS: 22.7%

United States: 22.7%

1,082,430

Voya Emerging Markets Corporate Debt Fund - Class P

10,077,423

4.3

1,688,653

Voya Emerging Markets Hard Currency Debt Fund - Class P

15,265,422

6.4

2,919,202

Voya Emerging Markets Local Currency Debt Fund - Class P

20,054,916

8.4

1,136,436

Voya High Yield Bond Fund - Class P

8,523,268

3.6

Total Mutual Funds

(Cost $66,383,121)

53,921,029

22.7

Total Long-Term Investments

(Cost $248,848,208)

234,473,598

98.4

Voya Global Bond Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2015 (continued)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 5.0%
		Securities Lending Collateral^cc: 3.1%
	369,116	Bank of Nova Scotia, Repurchase Agreement dated 12/31/15, 0.30%, due 01/04/16 (Repurchase Amount $369,128, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $376,511, due 02/29/16-02/15/45)		369,116		0.2
	1,753,606	Citigroup, Inc., Repurchase Agreement dated 12/31/15, 0.34%, due 01/04/16 (Repurchase Amount $1,753,671, collateralized by various U.S. Government Agency Obligations, 0.000%-11.500%, Market Value plus accrued interest $1,788,678, due 01/15/16-04/01/51)		1,753,606		0.7
	1,753,606	Merrill Lynch & Co., Inc., Repurchase Agreement dated 12/31/15, 0.31%, due 01/04/16 (Repurchase Amount $1,753,666, collateralized by various U.S. Government Agency Obligations, 3.000%-4.500%, Market Value plus accrued interest $1,788,678, due 11/15/42-02/20/45)		1,753,606		0.7
	1,753,606	Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/15, 0.37%, due 01/04/16 (Repurchase Amount $1,753,677, collateralized by various U.S. Government Securities, 1.500%-3.625%, Market Value plus accrued interest $1,788,678, due 03/31/21-02/15/44)		1,753,606		0.8
	1,753,606	Nomura Securities, Repurchase Agreement dated 12/31/15, 0.33%, due 01/04/16 (Repurchase Amount $1,753,669, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $1,788,678, due 01/15/16-10/20/65)		1,753,606		0.7
				7,383,540		3.1

Value

Percentage
of Net
Assets

Mutual Funds: 1.9%

4,639,000

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.270%††

(Cost $4,639,000)

4,639,000

1.9

Total Short-Term Investments

(Cost $12,022,540)

12,022,540

5.0

Total Investments in Securities
(Cost $260,870,748)

246,496,138

103.4

Liabilities in Excess of Other Assets

(8,214,217

)

(3.4

)

Net Assets

238,281,921

100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of December 31, 2015.
#	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.
##	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.
@	Non-income producing security.
+	Step-up basis bonds. Interest rates shown reflect current and next coupon rates.
cc	Represents securities purchased with cash collateral received for securities on loan.
W	Settlement is on a when-issued or delayed-delivery basis.
L	Loaned security, a portion or all of the security is on loan at December 31, 2015.
±	Defaulted security
^	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.

BRL	Brazilian Real
EUR	EU Euro
MXN	Mexican Peso
RUB	Russian Ruble
ZAR	South African Rand

Cost for federal income tax purposes is $260,618,207.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	3,288,346
Gross Unrealized Depreciation		(17,410,415	)

Net Unrealized Depreciation	$	(14,122,069	)

VY^®American Century
Small-Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS

as of December 31, 2015

Shares				Value		Percentage of Net Assets
COMMON STOCK: 97.3%
			Consumer Discretionary: 8.3%
	13,609		Advance Auto Parts, Inc.		2,048,291		0.7
	16,899		Carnival Corp.		920,657		0.3
	5,505	@	Cavco Industries, Inc.		458,622		0.2
	33,875	@	Century Communities, Inc.		599,926		0.2
	87,263		ClubCorp Holdings, Inc.		1,594,295		0.6
	48,522		CST Brands, Inc.		1,899,151		0.7
	19,652		Culp, Inc.		500,536		0.2
	23,894		Destination Maternity Corp.		208,356		0.1
	28,006	@	Entercom Communications Corp.		314,507		0.1
	170,384		Entravision Communications Corp.		1,313,661		0.5
	38,124	@	Honda Motor Co., Ltd. ADR		1,217,299		0.4
	6,937		Lowe's Cos, Inc.		527,489		0.2
	31,727	@	Malibu Boats, Inc.		519,371		0.2
	18,671	@	MarineMax, Inc.		343,920		0.1
	53,278		Mattel, Inc.		1,447,563		0.5
	17,870	@	MCBC Holdings, Inc.		244,819		0.1
	10,564	L	Nexstar Broadcasting Group, Inc.		620,107		0.2
	23,334	L	Peak Resorts, Inc.		140,237		0.0
	17,688		Penske Auto Group, Inc.		748,910		0.3
	80,130		Pulte Group, Inc.		1,427,917		0.5
	11,489		Ralph Lauren Corp.		1,280,794		0.4
	13,519		Red Robin Gourmet Burgers, Inc.		834,663		0.3
	11,081	@	Stoneridge, Inc.		163,999		0.0
	10,437		Target Corp.		757,831		0.3
	23,378	@	Thor Industries, Inc.		1,312,675		0.5
	23,426		Toll Brothers, Inc.		780,086		0.3
	17,078		Tower International, Inc.		487,918		0.2
	15,045	@,L	Townsquare Media, Inc.		179,938		0.1
	4,557	L	Tupperware Corp.		253,597		0.1
					23,147,135		8.3

			Consumer Staples: 6.2%
	64,891		ConAgra Foods, Inc.		2,735,804		1.0
	23,562	@,L	Fresh Market, Inc.		551,822		0.2
	26,039		General Mills, Inc.		1,501,409		0.6
	46,789	@	Inventure Foods, Inc.		332,202		0.1
	16,292		JM Smucker Co.		2,009,455		0.7
	27,670		Kellogg Co.		1,999,711		0.7
	38,182		Mondelez International, Inc.		1,712,081		0.6
	153,219		Sysco Corp.		6,281,979		2.3
					17,124,463		6.2

			Energy: 9.6%
	30,692	@	Aegean Marine Petroleum Network, Inc.		256,585		0.1
	26,126		Anadarko Petroleum Corp.		1,269,201		0.5
	42,286		Ardmore Shipping Corp.		537,878		0.2
	51,038	@	Cameron International Corp.		3,225,602		1.2
	9,272		Carrizo Oil & Gas, Inc.		274,266		0.1
	18,589		Cimarex Energy Co.		1,661,485		0.6
	8,459		Delek US Holdings, Inc.		208,091		0.1
	52,654		Devon Energy Corp.		1,684,928		0.6
	9,035	@	Dril-Quip, Inc.		535,143		0.2
	54,057		EQT Corp.		2,817,991		1.0
	23,761	@	Euronav NV		325,763		0.1
	57,435	@	FMC Technologies, Inc.		1,666,189		0.6
	45,412	@	Forum Energy Technologies, Inc.		565,834		0.2
	32,965	L	Helmerich & Payne, Inc.		1,765,276		0.6
	113,080		Imperial Oil Ltd.		3,684,069		1.3
	17,190	@	Matrix Service Co.		353,083		0.1
	85,072		Noble Energy, Inc.		2,801,421		1.0
	38,501		Occidental Petroleum Corp.		2,603,053		0.9
	3,548	@	PDC Energy, Inc.		189,392		0.1
	35,244		Scorpio Tankers, Inc.		282,657		0.1
					26,707,907		9.6

			Financials: 29.2%
	25,044		ACE Ltd.		2,926,391		1.0
	16,275		Aflac, Inc.		974,872		0.3
	45,186		Allied World Assurance Co. Holdings Ltd.		1,680,467		0.6
	15,087		Allstate Corp.		936,752		0.3
	13,389		Apollo Commercial Real Estate Finance, Inc.		230,692		0.1
	42,526	L	Ares Management L.P.		549,861		0.2
	41,074		Armada Hoffler Properties, Inc.		430,456		0.1
	27,086	@	Atlas Financial Holdings, Inc.		539,011		0.2
	23,316		Bank of Hawaii Corp.		1,466,576		0.5
	16,673		Bank of the Ozarks, Inc.		824,647		0.3
	37,522		BankUnited, Inc.		1,353,043		0.5
	43,283		BB&T Corp.		1,636,530		0.6
	11,010		Blackstone Mortgage Trust, Inc.		294,628		0.1
	17,134	L	BOK Financial Corp.		1,024,442		0.4
	63,815		Boston Private Financial Holdings, Inc.		723,662		0.3
	4,227		Boston Properties, Inc.		539,112		0.2
	43,501		Brown & Brown, Inc.		1,396,382		0.5
	62,206		Campus Crest Communities, Inc.		423,001		0.1
	39,281		Capital Bank Financial Corp.		1,256,206		0.4
	135,156		Capitol Federal Financial, Inc.		1,697,559		0.6
	14,427		CBL & Associates Properties, Inc.		178,462		0.1
	17,564		Chatham Lodging Trust		359,711		0.1
	24,968		Comerica, Inc.		1,044,411		0.4
	49,880		Commerce Bancshares, Inc.		2,121,895		0.8
	45,854		Compass Diversified Trust		728,620		0.3
	78,361		Corrections Corp. of America		2,075,783		0.7
	29,872	L	Cullen/Frost Bankers, Inc.		1,792,320		0.6

VY^®American Century
Small-Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS

as of December 31, 2015 (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Financials: (continued)
	14,759	@	DiamondRock Hospitality Co.		142,424		0.0
	10,999	@	Eagle Bancorp, Inc.		555,120		0.2
	13,678		Easterly Government Properties, Inc.		234,988		0.1
	45,116		Empire State Realty Trust, Inc.		815,246		0.3
	19,737		Endurance Specialty Holdings Ltd.		1,262,971		0.4
	4,496		EPR Properties		262,791		0.1
	21,117	@,L	FCB Financial Holdings, Inc.		755,777		0.3
	29,751		First Financial Bankshares, Inc.		897,588		0.3
	4,691	@	First NBC Bank Holding Co.		175,396		0.1
	36,647		Franklin Resources, Inc.		1,349,343		0.5
	18,670		Hatteras Financial Corp.		245,510		0.1
	5,958		Healthcare Realty Trust, Inc.		168,731		0.1
	19,355		Home Bancshares, Inc.		784,265		0.3
	68,379		Host Hotels & Resorts, Inc.		1,048,934		0.4
	3,265	@	Infinity Property & Casualty Corp.		268,481		0.1
	10,660	@	James River Group Holdings Ltd.		357,536		0.1
	35,533		Kite Realty Group Trust		921,371		0.3
	40,925		LegacyTexas Financial Group, Inc.		1,023,944		0.4
	55,928		Lexington Realty Trust		447,424		0.2
	23,138	L	LPL Financial Holdings, Inc.		986,836		0.4
	18,723		M&T Bank Corp.		2,268,853		0.8
	32,228	@	Markit Ltd.		972,319		0.3
	31,430	@	Medical Properties Trust, Inc.		361,759		0.1
	21,334		Metlife, Inc.		1,028,512		0.4
	28,413		MFA Mortgage Investments, Inc.		187,526		0.1
	13,493		New Residential Investment Corp.		164,075		0.1
	82,407		Northern Trust Corp.		5,940,721		2.1
	25,657		Outfront Media, Inc.		560,092		0.2
	18,675		Pennymac Mortgage Investment Trust		284,981		0.1
	112,754		Piedmont Office Realty Trust, Inc.		2,128,796		0.8
	19,463		PNC Financial Services Group, Inc.		1,855,019		0.7
	20,748		ProAssurance Corp.		1,006,900		0.4
	23,153		Reinsurance Group of America, Inc.		1,980,739		0.7
	11,282		Rexford Industrial Realty, Inc.		184,574		0.1
	9,980		RLJ Lodging Trust		215,867		0.1
	26,136	L	Rouse Properties, Inc.		380,540		0.1
	10,914		Sabra Healthcare REIT, Inc.		220,790		0.1
	3,754		ServisFirst Bancshares, Inc.		178,428		0.1
	39,731		Southside Bancshares, Inc.		954,339		0.3
	23,380		State Street Corp.		1,551,497		0.6
	33,471	@	Summit Hotel Properties, Inc.		399,978		0.1
	13,088		Sunstone Hotel Investors, Inc.		163,469		0.1
	26,886		SunTrust Bank		1,151,796		0.4
	16,371		T. Rowe Price Group, Inc.		1,170,363		0.4
	21,586	@	Texas Capital Bancshares, Inc.		1,066,780		0.4
	15,125		Torchmark Corp.		864,545		0.3
	5,599		Travelers Cos., Inc.		631,903		0.2
	54,275		Two Harbors Investment Corp.		439,628		0.2
	36,430		UMB Financial Corp.		1,695,817		0.6
	55,007		Unum Group		1,831,183		0.7
	21,338		Urstadt Biddle Properties, Inc.		410,543		0.1
	18,836		Validus Holdings Ltd.		871,918		0.3
	31,131		Valley National Bancorp.		306,640		0.1
	8,066		Washington Real Estate Investment Trust		218,266		0.1
	47,740	L	Westamerica Bancorp.		2,231,845		0.8
	109,995		Weyerhaeuser Co.		3,297,650		1.2
					81,088,819		29.2

			Health Care: 7.2%
	26,172	@	AMN Healthcare Services, Inc.		812,641		0.3
	78,058		Baxter International, Inc.		2,977,913		1.1
	8,196		Becton Dickinson & Co.		1,262,922		0.4
	115,499	@	Boston Scientific Corp.		2,129,802		0.8
	26,101	@	Haemonetics Corp.		841,496		0.3
	20,352	@	Hanger Orthopedic Group, Inc.		334,790		0.1
	48,058	@	LifePoint Hospitals, Inc.		3,527,457		1.3
	14,138	@	PharMerica Corp.		494,830		0.2
	8,154	@	Providence Service Corp.		382,586		0.1
	37,995		Quest Diagnostics, Inc.		2,702,964		1.0
	10,438		Utah Medical Products, Inc.		611,040		0.2
	37,347		Zimmer Biomet Holdings, Inc.		3,831,429		1.4
					19,909,870		7.2

			Industrials: 13.2%
	16,368	@	Actuant Corp.		392,177		0.1
	47,468		ADT Corp.		1,565,495		0.6
	14,605		Albany International Corp.		533,813		0.2
	27,947	@	Babcock & Wilcox Enterprises, Inc.		583,254		0.2
	18,781		Brink's Co.		542,020		0.2
	19,623		CDI Corp.		132,651		0.0
	63,339	@	Clean Harbors, Inc.		2,638,069		0.9
	37,215	@	Continental Building Products, Inc.		649,774		0.2
	17,465	@	CSW Industrials, Inc.		657,907		0.2
	23,764		CSX Corp.		616,676		0.2
	13,408		Cubic Corp.		633,528		0.2
	21,600	@	DXP Enterprises, Inc.		492,480		0.2
	28,998		Dynamic Materials Corp.		202,696		0.1
	52,187		Emerson Electric Co.		2,496,104		0.9
	13,303	@	EnPro Industries, Inc.		583,204		0.2
	14,028		Global Brass & Copper Holdings, Inc.		298,796		0.1
	30,043		Graham Corp.		505,323		0.2

VY^®American Century
Small-Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS

as of December 31, 2015 (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Industrials: (continued)
	30,631	@	Great Lakes Dredge & Dock Corp.		121,299		0.0
	129,705		Heartland Express, Inc.		2,207,579		0.8
	1,793		Hubbell, Inc.		181,165		0.1
	68,711	@	Innerworkings, Inc.		515,333		0.2
	9,187		Kforce, Inc.		232,247		0.1
	81,269		Koninklijke Philips NV		2,074,343		0.8
	13,636		Marten Transport Ltd.		241,357		0.1
	14,143		MSC Industrial Direct Co.		795,827		0.3
	21,639		Multi-Color Corp.		1,294,229		0.5
	22,629	@	NCI Building Systems, Inc.		280,826		0.1
	16,676		On Assignment, Inc.		749,586		0.3
	23,528		Oshkosh Corp.		918,533		0.3
	13,294		Parker Hannifin Corp.		1,289,252		0.5
	48,616	@	PGT, Inc.		553,736		0.2
	33,379		Raven Industries, Inc.		520,712		0.2
	108,073		Republic Services, Inc.		4,754,131		1.7
	9,558		Rockwell Automation, Inc.		980,746		0.3
	25,523		Textron, Inc.		1,072,221		0.4
	101,849		Tyco International Plc		3,247,965		1.2
	9,259		Valmont Industries, Inc.		981,639		0.4
					36,536,693		13.2

			Information Technology: 10.2%
	178,792		Applied Materials, Inc.		3,338,047		1.2
	20,670	@	AVG Technologies		414,434		0.2
	29,725	@	BroadSoft, Inc.		1,051,076		0.4
	81,461		Cypress Semiconductor Corp.		799,132		0.3
	85,302		EVERTEC, Inc.		1,427,955		0.5
	92,119	@	Exar Corp.		564,689		0.2
	8,863		Harris Corp.		770,195		0.3
	14,179		Ingram Micro, Inc.		430,758		0.2
	71,981	@	Keysight Technologies, Inc.		2,039,222		0.7
	54,501	@	Kulicke & Soffa Industries, Inc.		636,027		0.2
	17,771	L	Lam Research Corp.		1,411,373		0.5
	52,949		Maxim Integrated Products		2,012,062		0.7
	66,982		Mentor Graphics Corp.		1,233,808		0.5
	43,075		Microchip Technology, Inc.		2,004,711		0.7
	21,903		Polycom, Inc.		275,759		0.1
	30,661		SanDisk Corp.		2,329,929		0.9
	34,763	@	Semtech Corp.		657,716		0.2
	92,842	@	Silicon Graphics International Corp.		547,768		0.2
	30,681		TE Connectivity Ltd.		1,982,299		0.7
	93,123		Teradyne, Inc.		1,924,852		0.7
	48,936	@	VeriFone Holdings, Inc.		1,371,187		0.5
	15,435		Western Digital Corp.		926,872		0.3
					28,149,871		10.2

			Materials: 5.1%
	20,151		Bemis Co., Inc.		900,548		0.3
	36,472	@	Berry Plastics Group, Inc.		1,319,557		0.5
	9,338		Compass Minerals International, Inc.		702,871		0.2
	101,785		Graphic Packaging Holding Co.		1,305,902		0.5
	17,927		Innophos Holdings, Inc.		519,524		0.2
	15,409		Innospec, Inc.		836,863		0.3
	45,185		KapStone Paper and Packaging Corp.		1,020,729		0.4
	19,361		Minerals Technologies, Inc.		887,895		0.3
	25,027		Mosaic Co.		690,495		0.2
	67,729	@	Multi Packaging Solutions International Ltd.		1,175,098		0.4
	46,862		Nucor Corp.		1,888,539		0.7
	42,652		Sonoco Products Co.		1,743,187		0.6
	28,051		WestRock Co.		1,279,687		0.5
					14,270,895		5.1

			Telecommunication Services: 0.8%
	87,427		CenturyLink, Inc.		2,199,663		0.8

			Utilities: 7.5%
	7,703		Allete, Inc.		391,543		0.1
	23,921	@	Ameren Corp.		1,034,105		0.4
	25,529		Atmos Energy Corp.		1,609,348		0.6
	15,360		Consolidated Edison, Inc.		987,187		0.4
	50,351		Edison International		2,981,283		1.1
	6,100	@	El Paso Electric Co.		234,850		0.1
	58,882		Great Plains Energy, Inc.		1,608,067		0.6
	33,548		Laclede Group, Inc.		1,993,087		0.7
	19,726		NorthWestern Corp.		1,070,136		0.4
	58,108		PG&E Corp.		3,090,765		1.1
	8,963		South Jersey Industries, Inc.		210,810		0.1
	67,718		Westar Energy, Inc.		2,871,920		1.0
	71,657		Xcel Energy, Inc.		2,573,203		0.9
					20,656,304		7.5

		Total Common Stock
		(Cost $271,826,090)			269,791,620		97.3

EXCHANGE-TRADED FUNDS: 0.7%
	29,327		iShares Russell Midcap Value Index Fund		2,014,178		0.7

		Total Exchange-Traded Funds
		(Cost $2,079,966)			2,014,178		0.7

		Total Long-Term Investments
		(Cost $273,906,056)			271,805,798		98.0

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 5.2%

Securities Lending Collateral^cc: 2.8%

382,071

Bank of Nova Scotia, Repurchase Agreement dated 12/31/15, 0.30%, due 01/04/16 (Repurchase Amount $382,084, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $389,725, due 02/29/16-02/15/45)

382,071

0.1

VY^®American Century
Small-Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS

as of December 31, 2015 (continued)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateral^cc: (continued)
	1,815,157	Citigroup, Inc., Repurchase Agreement dated 12/31/15, 0.34%, due 01/04/16 (Repurchase Amount $1,815,225, collateralized by various U.S. Government Agency Obligations, 0.000%-11.500%, Market Value plus accrued interest $1,851,460, due 01/15/16-04/01/51)		1,815,157		0.7
	1,815,157	Merrill Lynch & Co., Inc., Repurchase Agreement dated 12/31/15, 0.31%, due 01/04/16 (Repurchase Amount $1,815,219, collateralized by various U.S. Government Agency Obligations, 3.000%-4.500%, Market Value plus accrued interest $1,851,460, due 11/15/42-02/20/45)		1,815,157		0.7
	1,815,157	Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/15, 0.37%, due 01/04/16 (Repurchase Amount $1,815,231, collateralized by various U.S. Government Securities, 1.500%-3.625%, Market Value plus accrued interest $1,851,461, due 03/31/21-02/15/44)		1,815,157		0.6
	1,815,157	Nomura Securities, Repurchase Agreement dated 12/31/15, 0.33%, due 01/04/16 (Repurchase Amount $1,815,223, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $1,851,460, due 01/15/16-10/20/65)		1,815,157		0.7
				7,642,699		2.8

Value

Percentage
of Net
Assets

Mutual Funds: 2.4%

6,773,161

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.270%††

(Cost $6,773,161)

6,773,161

2.4

Total Short-Term Investments

(Cost $14,415,860)

14,415,860

5.2

Total Investments in Securities
(Cost $288,321,916)

286,221,658

103.2

Liabilities in Excess of Other Assets

(8,822,636

)

(3.2

)

Net Assets

277,399,022

100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of December 31, 2015.
@	Non-income producing security.
ADR	American Depositary Receipt
cc	Represents securities purchased with cash collateral received for securities on loan.
L	Loaned security, a portion or all of the security is on loan at December 31, 2015.

Cost for federal income tax purposes is $291,022,226.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	19,007,337
Gross Unrealized Depreciation		(23,807,905	)

Net Unrealized Depreciation	$	(4,800,568	)

VY^®Baron Growth Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2015

Shares				Value		Percentage of Net Assets
COMMON STOCK: 99.2%
			Consumer Discretionary: 30.9%
	2,790,684	@	AO World PLC		6,422,033		0.8
	429,000	@	Bright Horizons Family Solutions, Inc.		28,657,200		3.4
	570,000		Choice Hotels International, Inc.		28,733,700		3.4
	210,000		ClubCorp Holdings, Inc.		3,836,700		0.4
	400,000		Dick's Sporting Goods, Inc.		14,140,000		1.7
	230,721		Interval Leisure Group, Inc.		3,601,555		0.4
	761,383		Manchester United PLC - Class A		13,560,231		1.6
	167,500		Marriott Vacations Worldwide Corp.		9,539,125		1.1
	157,000		Morningstar, Inc.		12,624,370		1.5
	161,264	@	Nord Anglia Education, Inc.		3,270,434		0.4
	66,700	@	Panera Bread Co.		12,991,826		1.5
	400,380	@	Penn National Gaming, Inc.		6,414,088		0.7
	593,691	@	Pinnacle Entertainment, Inc.		18,475,664		2.2
	485,000	@	Under Armour, Inc.		39,095,850		4.6
	475,000		Vail Resorts, Inc.		60,795,250		7.2
					262,158,026		30.9

			Consumer Staples: 7.5%
	63,294	@	Boston Beer Co., Inc.		12,779,691		1.5
	192,000		Church & Dwight Co., Inc.		16,296,960		1.9
	148,903	@	Performance Food Group Co.		3,445,615		0.4
	470,000	@	Smart & Final Stores, Inc.		8,558,700		1.0
	203,000	@	TreeHouse Foods, Inc.		15,927,380		1.9
	175,096	@	United Natural Foods, Inc.		6,891,779		0.8
					63,900,125		7.5

			Financials: 17.3%
	17,500		Alexander's, Inc.		6,721,925		0.8
	82,000		Alexandria Real Estate Equities, Inc.		7,409,520		0.9
	115,000		American Assets Trust, Inc.		4,410,250		0.5
	195,000	@	Arch Capital Group Ltd.		13,601,250		1.6
	272,255		Artisan Partners Asset Management, Inc.		9,817,515		1.2
	335,000		Carlyle Group L.P.		5,232,700		0.6
	420,000		Cohen & Steers, Inc.		12,801,600		1.5
	474,170		Douglas Emmett, Inc.		14,784,621		1.7
	297,229		Financial Engines, Inc.		10,007,700		1.2
	504,411		Gaming and Leisure Properties, Inc.		14,022,626		1.6
	107,500		LaSalle Hotel Properties		2,704,700		0.3
	161,498		Moelis & Co.		4,712,512		0.5
	208,000		MSCI, Inc. - Class A		15,003,040		1.8
	160,000		Oaktree Capital Group, LLC		7,635,200		0.9
	390,000		Primerica, Inc.		18,419,700		2.2
					147,284,859		17.3

			Health Care: 9.7%
	105,000		Bio-Techne Corp.		9,450,000		1.1
	155,000	@	Community Health Systems, Inc.		4,112,150		0.5
	161,119	@	ConforMIS, Inc.		2,785,748		0.3
	115,000	@	Diplomat Pharmacy, Inc.		3,935,300		0.5
	40,000	@	Edwards Lifesciences Corp.		3,159,200		0.4
	244,400		Idexx Laboratories, Inc.		17,821,648		2.1
	465,000	@	Inovalon Holdings, Inc.		7,905,000		0.9
	68,000	@	Mettler Toledo International, Inc.		23,060,840		2.7
	47,008	@	Neogen Corp.		2,656,892		0.3
	130,000		West Pharmaceutical Services, Inc.		7,828,600		0.9
					82,715,378		9.7

			Industrials: 10.5%
	230,000		Air Lease Corp.		7,700,400		0.9
	80,000	@	Colfax Corp.		1,868,000		0.2
	157,000	@	CoStar Group, Inc.		32,450,330		3.8
	102,500	@	Generac Holdings, Inc.		3,051,425		0.4
	112,796	@	Genesee & Wyoming, Inc.		6,056,017		0.7
	318,000	@	Middleby Corp.		34,302,660		4.0
	100,000	@	Trex Co., Inc.		3,804,000		0.5
					89,232,832		10.5

			Information Technology: 18.1%
	239,000	@	Ansys, Inc.		22,107,500		2.6
	300,448	@	Benefitfocus, Inc.		10,933,303		1.3
	417,500		Booz Allen Hamilton Holding Corp.		12,879,875		1.5
	85,000		Factset Research Systems, Inc.		13,818,450		1.6
	387,000	@	Gartner, Inc.		35,100,900		4.1
	165,000	@	Guidewire Software, Inc.		9,926,400		1.2
	400,000		MAXIMUS, Inc.		22,500,000		2.7
	385,000		SS&C Technologies Holdings, Inc.		26,283,950		3.1
					153,550,378		18.1

			Materials: 2.1%
	402,000	@	Caesar Stone Sdot Yam Ltd.		17,422,680		2.1

			Telecommunication Services: 0.9%
	921,311	@	Iridium Communications, Inc.		7,748,225		0.9

			Utilities: 2.2%
	480,000		ITC Holdings Corp.		18,840,000		2.2

		Total Common Stock
		(Cost $415,110,941)			842,852,503		99.2

VY^®Baron Growth Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2015 (continued)

Shares				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.2%
			Mutual Funds: 1.2%
	9,848,887		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.270%††
			(Cost $9,848,887)		9,848,887			1.2

		Total Short-Term Investments
		(Cost $9,848,887)			9,848,887			1.2

		Total Investments in Securities (Cost $424,959,828)		$	852,701,390			100.4
		Liabilities in Excess of Other Assets			(3,253,860	)		(0.4	)
		Net Assets		$	849,447,530			100.0

††	Rate shown is the 7-day yield as of December 31, 2015.
@	Non-income producing security.

Cost for federal income tax purposes is $426,668,976.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	440,444,758
Gross Unrealized Depreciation		(14,412,344	)

Net Unrealized Appreciation	$	426,032,414

VY^®Columbia Contrarian Core Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2015

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.7%
			Consumer Discretionary: 12.0%
	56,427		ARAMARK Holdings Corp.		1,819,771		0.5
	84,310		CBS Corp. - Class B		3,973,530		1.2
	104,195		Coach, Inc.		3,410,302		1.0
	133,917		Comcast Corp. – Class A		7,556,936		2.2
	58,768		Delphi Automotive PLC		5,038,181		1.5
	55,525		Johnson Controls, Inc.		2,192,682		0.7
	84,724		Lowe's Cos, Inc.		6,442,413		1.9
	40,985		McDonald's Corp.		4,841,968		1.4
	68,727	@	Michaels Cos, Inc.		1,519,554		0.5
	33,435		PVH Corp.		2,462,488		0.7
	9,160		Whirlpool Corp.		1,345,329		0.4
					40,603,154		12.0

			Consumer Staples: 7.9%
	53,155		Archer-Daniels-Midland Co.		1,949,725		0.5
	89,141		CVS Health Corp.		8,715,316		2.6
	33,510		Diageo PLC ADR		3,654,936		1.1
	63,638		PepsiCo, Inc.		6,358,709		1.9
	47,140		Philip Morris International, Inc.		4,144,077		1.2
	23,132		Walgreens Boots Alliance, Inc.		1,969,805		0.6
					26,792,568		7.9

			Energy: 5.5%
	91,932		Canadian Natural Resources Ltd.		2,006,876		0.6
	51,371		Chevron Corp.		4,621,335		1.3
	50,437		ConocoPhillips		2,354,903		0.7
	17,490		EQT Corp.		911,754		0.3
	75,795		Exxon Mobil Corp.		5,908,220		1.7
	27,680		Noble Energy, Inc.		911,502		0.3
	28,865		Schlumberger Ltd.		2,013,334		0.6
					18,727,924		5.5

			Financials: 18.5%
	75,275		American Express Co.		5,235,376		1.5
	23,165		American Tower Corp.		2,245,847		0.7
	35,278		Aon PLC		3,252,984		0.9
	317,823		Bank of America Corp.		5,348,961		1.6
	108,116		Bank of New York Mellon Corp.		4,456,542		1.3
	68,097	@	Berkshire Hathaway, Inc. – Class B		8,991,528		2.6
	15,674		Blackrock, Inc.		5,337,311		1.6
	187,096		Citigroup, Inc.		9,682,218		2.9
	7,064		Goldman Sachs Group, Inc.		1,273,145		0.4
	141,408		JPMorgan Chase & Co.		9,337,170		2.8
	124,315		Wells Fargo & Co.		6,757,763		2.0
	22,455		Weyerhaeuser Co.		673,201		0.2
					62,592,046		18.5

			Health Care: 18.4%
	112,570		Abbott Laboratories		5,055,519		1.5
	11,270		Allergan plc		3,521,875		1.0
	91,945		Baxalta, Inc.		3,588,613		1.1
	14,770	@	Biogen, Inc.		4,524,790		1.3
	73,109		Cardinal Health, Inc.		6,526,441		1.9
	30,564	@	Celgene Corp.		3,660,345		1.1
	28,603		Cigna Corp.		4,185,477		1.2
	16,765		Cooper Cos., Inc.		2,249,863		0.7
	29,150	@	Endo International PLC		1,784,563		0.5
	78,114		Johnson & Johnson		8,023,870		2.4
	113,158	@	Medtronic PLC		8,704,113		2.6
	154,805		Pfizer, Inc.		4,997,105		1.5
	21,521	@	Vertex Pharmaceuticals, Inc.		2,707,987		0.8
	25,295		Zimmer Biomet Holdings, Inc.		2,595,014		0.8
					62,125,575		18.4

			Industrials: 9.6%
	19,323		Dun & Bradstreet Corp.		2,008,239		0.6
	46,392		Eaton Corp. PLC		2,414,240		0.7
	20,076		FedEx Corp.		2,991,123		0.9
	226,800		General Electric Co.		7,064,820		2.1
	60,877		Honeywell International, Inc.		6,305,031		1.9
	4,084	@	IHS, Inc.		483,668		0.1
	136,925		Nielsen NV		6,380,705		1.9
	66,022		Tyco International Plc		2,105,442		0.6
	26,840		United Technologies Corp.		2,578,519		0.8
					32,331,787		9.6

			Information Technology: 21.2%
	186,685		Activision Blizzard, Inc.		7,226,576		2.1
	5,310	@	Alibaba Group Holding Ltd. ADR		431,544		0.1
	6,223	@	Alphabet, Inc. - Class A		4,841,556		1.4
	10,759		Alphabet, Inc. - Class C		8,164,790		2.4
	107,416		Apple, Inc.		11,306,608		3.4
	84,437		Broadcom Corp.		4,882,147		1.5
	21,709	@	Electronic Arts, Inc.		1,491,842		0.5
	171,344		EMC Corp.		4,400,114		1.3
	47,385	@	Facebook, Inc.		4,959,314		1.5
	178,398		Hewlett Packard Enterprise Co.		2,711,650		0.8
	17,966		Intuit, Inc.		1,733,719		0.5
	49,475		Mastercard, Inc.		4,816,886		1.4
	165,325		Microsoft Corp.		9,172,231		2.7
	31,728	@	PayPal Holdings, Inc.		1,148,554		0.3
	44,145		Qualcomm, Inc.		2,206,588		0.7
	26,308		Skyworks Solutions, Inc.		2,021,244		0.6
					71,515,363		21.2

			Materials: 1.5%
	49,910		Monsanto Co.		4,917,133		1.5

			Telecommunication Services: 2.7%
	198,227		Verizon Communications, Inc.		9,162,052		2.7

			Utilities: 1.4%
	24,310		DTE Energy Co.		1,949,419		0.6
	46,386		Edison International		2,746,515		0.8
					4,695,934		1.4

		Total Common Stock
		(Cost $297,516,833)			333,463,536		98.7

VY^®Columbia Contrarian Core Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2015 (continued)

Principal
Amount†

Value

Percentage
of Net
Assets

CORPORATE BONDS/NOTES: –%

Materials: –%

649,000

SINO Forest Corp. Escrow, 5.000%, 08/01/14

–

Total Corporate Bonds/Notes

(Cost $–)

–

Total Investments in Securities
(Cost $297,516,833)

333,463,536

98.7

Assets in Excess of Other Liabilities

4,253,963

1.3

Net Assets

337,717,499

100.0

†	Unless otherwise indicated, principal amount is shown in USD.
@	Non-income producing security.
ADR	American Depositary Receipt

Cost for federal income tax purposes is $298,302,666.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	44,287,089
Gross Unrealized Depreciation		(9,126,219	)

Net Unrealized Appreciation	$	35,160,870

VY^®Columbia Small Cap Value II Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2015

Shares					Value		Percentage of Net Assets
COMMON STOCK: 97.7%
				Consumer Discretionary: 11.6%
	55,000			AMC Entertainment Holdings, Inc.		1,320,000		0.6
	122,000			American Eagle Outfitters		1,891,000		0.9
	47,000		@	Bloomin Brands, Inc.		793,830		0.4
	52,993			CalAtlantic Group, Inc.		2,009,495		0.9
	20,000			Childrens Place Retail Stores, Inc.		1,104,000		0.5
	52,000			EW Scripps Co.		988,000		0.5
	53,000			Guess?, Inc.		1,000,640		0.5
	24,000		@	Helen of Troy Ltd.		2,262,000		1.1
	168,000			JC Penney Co., Inc.		1,118,880		0.5
	94,000		@	Nord Anglia Education, Inc.		1,906,320		0.9
	87,000		@	Penn National Gaming, Inc.		1,393,740		0.7
	18,000			Red Robin Gourmet Burgers, Inc.		1,111,320		0.5
	119,000		@	Sequential Brands Group, Inc.		941,290		0.4
	63,000			Sinclair Broadcast Group, Inc.		2,050,020		1.0
	36,000		@	Tenneco, Inc.		1,652,760		0.8
	63,857			Tower International, Inc.		1,824,394		0.9
	121,000		@	Travelcenters of America LLC		1,137,400		0.5
						24,505,089		11.6

		��		Consumer Staples: 3.4%
	16,000			Nu Skin Enterprises, Inc.		606,240		0.3
	70,000		@	Performance Food Group Co.		1,619,800		0.8
	57,000			SpartanNash Co.		1,233,480		0.6
	203,000		@	SUPERVALU, Inc.		1,376,340		0.6
	31,000		@	TreeHouse Foods, Inc.		2,432,260		1.1
						7,268,120		3.4

				Energy: 4.9%
	100,000		@	Aegean Marine Petroleum Network, Inc.		836,000		0.4
	27,000			Carrizo Oil & Gas, Inc.		798,660		0.4
	84,000		@	Matador Resources Co.		1,660,680		0.8
	70,000		@	Parsley Energy, Inc.		1,291,500		0.6
	123,000			Patterson-UTI Energy, Inc.		1,854,840		0.9
	19,000		@	PDC Energy, Inc.		1,014,220		0.5
	78,000			Rowan Companies PLC		1,322,100		0.6
	210,000			Teekay Tankers Ltd.		1,444,800		0.7
						10,222,800		4.9

				Financials: 38.2%
	66,000			American Assets Trust, Inc.		2,531,100		1.2
	80,000			American Equity Investment Life Holding Co.		1,922,400		0.9
	65,000			Ameris Bancorp.		2,209,350		1.0
	60,000			Amerisafe, Inc.		3,054,000		1.4
	32,000			Amtrust Financial Services, Inc.		1,970,560		0.9
	50,831			Argo Group International Holdings Ltd.		3,041,727		1.4
	32,500			Bank of the Ozarks, Inc.		1,607,450		0.8
	116,300			Brandywine Realty Trust		1,588,658		0.8
	54,000			Cathay General Bancorp.		1,691,820		0.8
	126,000			CNO Financial Group, Inc.		2,405,340		1.1
	71,000			Community Bank System, Inc.		2,835,740		1.3
	97,000			CubeSmart		2,970,140		1.4
	68,000		@	Customers Bancorp, Inc.		1,850,960		0.9
	123,000			EverBank Financial Corp.		1,965,540		0.9
	67,000			First American Financial Corp.		2,405,300		1.1
	110,000			First Industrial Realty Trust, Inc.		2,434,300		1.2
	125,000			FirstMerit Corp.		2,331,250		1.1
	53,000			Highwoods Properties, Inc.		2,310,800		1.1
	60,000		@	Hilltop Holdings, Inc.		1,153,200		0.5
	65,000			Independent Bank Corp.		3,023,800		1.4
	24,000			Kilroy Realty Corp.		1,518,720		0.7
	32,000			LaSalle Hotel Properties		805,120		0.4
	71,000			Mack-Cali Realty Corp.		1,657,850		0.8
	109,000		@	MGIC Investment Corp.		962,470		0.5
	66,000			PrivateBancorp, Inc.		2,707,320		1.3
	17,000			Prosperity Bancshares, Inc.		813,620		0.4
	16,000			PS Business Parks, Inc.		1,398,880		0.7
	68,000		@	Radian Group, Inc.		910,520		0.4
	83,000			Renasant Corp.		2,856,030		1.4
	41,000			RLJ Lodging Trust		886,830		0.4
	83,000			Sandy Spring Bancorp, Inc.		2,237,680		1.1
	195,000			Sterling Bancorp/DE		3,162,900		1.5
	21,500			Sun Communities, Inc.		1,473,395		0.7
	40,000			TriplePoint Venture Growth BDC Corp.		478,400		0.2
	103,000			Umpqua Holdings Corp.		1,637,700		0.8
	107,000			Union Bankshares Corp.		2,700,680		1.3
	89,000			Virtu Financial, Inc.		2,014,960		1.0
	76,000		@	Western Alliance Bancorp.		2,725,360		1.3
	212,800			Wilshire Bancorp., Inc.		2,457,840		1.2
	39,000			Wintrust Financial Corp.		1,892,280		0.9
						80,601,990		38.2

				Health Care: 6.3%
	39,000		@	Catalent, Inc.		976,170		0.5
	70,000		@	Globus Medical Inc		1,947,400		0.9
	47,500		@	LHC Group, Inc.		2,151,275		1.0
	18,500		@	LifePoint Hospitals, Inc.		1,357,900		0.6
	17,500		@	Parexel International Corp.		1,192,100		0.6
	83,500		@	PharMerica Corp.		2,922,500		1.4
	48,000		@	VCA, Inc.		2,640,000		1.3
						13,187,345		6.3

				Industrials: 13.4%
	56,000		@	ABM Industries, Inc.		1,594,320		0.8
	56,000		@	Actuant Corp.		1,341,760		0.6
	17,000			Alaska Air Group, Inc.		1,368,670		0.6
	39,000			Barnes Group, Inc.		1,380,210		0.7

VY^®Columbia Small Cap Value II Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2015 (continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Industrials: (continued)
	63,000	@	Beacon Roofing Supply, Inc.		2,594,340			1.2
	37,000		Deluxe Corp.		2,017,980			1.0
	50,600		EMCOR Group, Inc.		2,430,824			1.1
	19,800	@	Esterline Technologies Corp.		1,603,800			0.8
	39,000		Franklin Electric Co., Inc.		1,054,170			0.5
	94,000	@	Mastec, Inc.		1,633,720			0.8
	106,132	@	Neff Corp.		812,971			0.4
	24,000		On Assignment, Inc.		1,078,800			0.5
	26,000		Oshkosh Corp.		1,015,040			0.5
	65,000		Skywest, Inc.		1,236,300			0.6
	72,000		Steelcase, Inc.		1,072,800			0.5
	63,500	@	Trinity Industries, Inc.		1,525,270			0.7
	64,500		TrueBlue, Inc.		1,661,520			0.8
	109,000	@	Wabash National Corp.		1,289,470			0.6
	72,000		West Corp.		1,553,040			0.7
					28,265,005			13.4

			Information Technology: 10.8%
	50,000	@	AVG Technologies		1,002,500			0.5
	175,000		Cypress Semiconductor Corp.		1,716,750			0.8
	133,000	@	Fairchild Semiconductor International, Inc.		2,754,430			1.3
	101,000	@	Finisar Corp.		1,468,540			0.7
	121,000	@	II-VI, Inc.		2,245,760			1.1
	58,000		Integrated Device Technology, Inc.		1,528,300			0.7
	97,000		IXYS Corp.		1,225,110			0.6
	158,000	@	Kulicke & Soffa Industries, Inc.		1,843,860			0.9
	22,700		Leidos Holdings, Inc.		1,277,102			0.6
	24,000	@	Rogers Corp.		1,237,680			0.6
	29,000		Science Applications International Corp.		1,327,620			0.6
	57,000	@	Super Micro Computer, Inc.		1,397,070			0.6
	18,500	@	SYNNEX Corp.		1,663,705			0.8
	60,500	@	Take-Two Interactive Software, Inc.		2,107,820			1.0
					22,796,247			10.8

			Materials: 4.6%
	32,000		Cabot Corp.		1,308,160			0.6
	50,000		Carpenter Technology Corp.		1,513,500			0.7
	104,000		Huntsman Corp.		1,182,480			0.5
	54,000		Materion Corp.		1,512,000			0.7
	39,704		Neenah Paper, Inc.		2,478,721			1.2
	61,000		Orion Engineered Carbons SA		768,600			0.4
	19,400	@	US Concrete Inc.		1,021,604			0.5
					9,785,065			4.6

			Utilities: 4.5%
	80,000		Avista Corp.		2,829,600			1.3
	72,000		New Jersey Resources Corp.		2,373,120			1.1
	79,000		South Jersey Industries, Inc.		1,858,080			0.9
	45,000		Southwest Gas Corp.		2,482,200			1.2
					9,543,000			4.5

		Total Common Stock
		(Cost $187,735,670)			206,174,661			97.7

SHORT-TERM INVESTMENTS: 2.4%
			Mutual Funds: 2.4%
	5,109,137		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.270%††
			(Cost $5,109,137)		5,109,137			2.4

		Total Short-Term Investments
		(Cost $5,109,137)			5,109,137			2.4

		Total Investments in Securities (Cost $192,844,807)		$	211,283,798			100.1
		Liabilities in Excess of Other Assets			(313,809	)		(0.1	)
		Net Assets		$	210,969,989			100.0

††	Rate shown is the 7-day yield as of December 31, 2015.
@	Non-income producing security.

Cost for federal income tax purposes is $193,092,206.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	31,479,713
Gross Unrealized Depreciation		(13,288,121	)

Net Unrealized Appreciation	$	18,191,592

VY^®Invesco Comstock Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2015

Shares				Value		Percentage of Net Assets
COMMON STOCK: 94.9%
			Consumer Discretionary: 14.7%
	285,248		Carnival Corp.		15,540,311		2.9
	48,651		CBS Corp. - Class B		2,292,922		0.4
	146,887		Comcast Corp. – Class A		8,288,833		1.6
	291,956		General Motors Co.		9,929,424		1.9
	222,481		Johnson Controls, Inc.		8,785,775		1.6
	137,870		Kohl's Corp.		6,566,748		1.2
	69,591		Mattel, Inc.		1,890,787		0.4
	82,409		Target Corp.		5,983,718		1.1
	29,185		Time Warner Cable, Inc.		5,416,444		1.0
	33,861		Time Warner, Inc.		2,189,791		0.4
	220,414		Twenty-First Century Fox, Inc. Class B		6,001,873		1.1
	140,503		Viacom, Inc. Class B		5,783,103		1.1
					78,669,729		14.7

			Consumer Staples: 4.7%
	205,054		Coca-Cola Co.		8,809,120		1.6
	96,615		ConAgra Foods, Inc.		4,073,288		0.8
	24,644		CVS Health Corp.		2,409,444		0.4
	53,956		Mondelez International, Inc.		2,419,387		0.5
	57,686	@	Unilever NV ADR		2,498,958		0.5
	80,061		Wal-Mart Stores, Inc.		4,907,739		0.9
					25,117,936		4.7

			Energy: 13.0%
	266,621		BP PLC ADR		8,334,572		1.6
	88,879		Chevron Corp.		7,995,555		1.5
	134,756		Devon Energy Corp.		4,312,192		0.8
	130,509		Halliburton Co.		4,442,526		0.8
	95,373		Hess Corp.		4,623,683		0.9
	28,670	L	Murphy Oil Corp.		643,642		0.1
	229,171	L	Noble Corp. PLC		2,417,754		0.5
	69,765		Occidental Petroleum Corp.		4,716,812		0.9
	244,098		QEP Resources, Inc.		3,270,913		0.6
	202,359	@	Royal Dutch Shell PLC - Class A ADR		9,266,019		1.7
	434,465		Suncor Energy, Inc.		11,209,197		2.1
	974,333	@	Weatherford International PLC		8,174,654		1.5
					69,407,519		13.0

			Financials: 28.3%
	107,455		Aflac, Inc.		6,436,555		1.2
	107,466		Allstate Corp.		6,672,564		1.2
	287,340	@	Ally Financial, Inc.		5,356,018		1.0
	951,010		Bank of America Corp.		16,005,498		3.0
	146,943		Bank of New York Mellon Corp.		6,056,990		1.1
	496,522		Citigroup, Inc.		25,695,014		4.8
	162,401		Citizens Financial Group, Inc.		4,253,282		0.8
	392,554		Fifth Third Bancorp		7,890,335		1.5
	29,760		Goldman Sachs Group, Inc.		5,363,645		1.0
	306,416		JPMorgan Chase & Co.		20,232,648		3.8
	159,461		Metlife, Inc.		7,687,615		1.4
	263,453		Morgan Stanley		8,380,440		1.6
	99,621		PNC Financial Services Group, Inc.		9,494,878		1.8
	130,098		State Street Corp.		8,633,303		1.6
	51,947		US Bancorp		2,216,578		0.4
	205,886		Wells Fargo & Co.		11,191,963		2.1
					151,567,326		28.3

			Health Care: 11.0%
	76,703		AbbVie, Inc.		4,543,886		0.8
	36,503		Anthem, Inc.		5,089,978		0.9
	54,001	@	Express Scripts Holding Co.		4,720,227		0.9
	50,704	@	GlaxoSmithKline PLC ADR		2,045,906		0.4
	53,790	@	Medtronic PLC		4,137,527		0.8
	199,703		Merck & Co., Inc.		10,548,313		2.0
	83,902		Novartis AG		7,217,189		1.3
	285,385		Pfizer, Inc.		9,212,228		1.7
	139,867		Roche Holding AG ADR		4,821,216		0.9
	159,237		Sanofi-Aventis SA ADR		6,791,458		1.3
					59,127,928		11.0

			Industrials: 6.9%
	108,592		Caterpillar, Inc.		7,379,912		1.4
	159,152		Emerson Electric Co.		7,612,240		1.4
	398,910		General Electric Co.		12,426,046		2.3
	56,244		Ingersoll-Rand PLC - Class A		3,109,731		0.6
	148,773		Textron, Inc.		6,249,954		1.2
					36,777,883		6.9

			Information Technology: 12.8%
	466,738		Cisco Systems, Inc.		12,674,270		2.4
	52,734	@	Citrix Systems, Inc.		3,989,327		0.8
	181,802		Corning, Inc.		3,323,341		0.6
	255,299		eBay, Inc.		7,015,617		1.3
	68,177		Hewlett Packard Enterprise Co.		1,036,290		0.2
	223,642		HP, Inc.		2,647,921		0.5
	153,868		Intel Corp.		5,300,753		1.0
	162,036		Microsoft Corp.		8,989,757		1.7
	284,639		NetApp, Inc.		7,551,473		1.4
	142,325	@	PayPal Holdings, Inc.		5,152,165		1.0
	364,562		Symantec Corp.		7,655,802		1.4
	87,715	@	Yahoo!, Inc.		2,917,401		0.5
					68,254,117		12.8

			Materials: 1.7%
	441,529		Alcoa, Inc.		4,357,891		0.8
	127,108		International Paper Co.		4,791,972		0.9
					9,149,863		1.7

			Telecommunication Services: 0.7%
	846,306		Frontier Communications Corp.		3,952,249		0.7

			Utilities: 1.1%
	75,784		FirstEnergy Corp.		2,404,626		0.4
	65,351		PG&E Corp.		3,476,020		0.7
					5,880,646		1.1

		Total Common Stock
		(Cost $466,305,430)			507,905,196		94.9

VY^®Invesco Comstock Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2015 (continued)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 5.3%
		Securities Lending Collateral^cc: 0.5%
	490,134	HSBC Securities USA, Repurchase Agreement dated 12/31/15, 0.29%, due 01/04/16 (Repurchase Amount $490,150, collateralized by various U.S. Government Securities, 3.000%, Market Value plus accrued interest $499,938, due 11/15/44)		490,134		0.1
	1,000,000	Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/15, 0.37%, due 01/04/16 (Repurchase Amount $1,000,041, collateralized by various U.S. Government Securities, 1.500%-3.625%, Market Value plus accrued interest $1,020,000, due 03/31/21-02/15/44)		1,000,000		0.2
	1,000,000	Nomura Securities, Repurchase Agreement dated 12/31/15, 0.33%, due 01/04/16 (Repurchase Amount $1,000,036, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $1,020,000, due 01/15/16-10/20/65)		1,000,000		0.2
				2,490,134		0.5

Shares				Value			Percentage of Net Assets
			Mutual Funds: 4.8%
	26,009,739		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.270%††
			(Cost $26,009,739)		26,009,739			4.8

		Total Short-Term Investments
		(Cost $28,499,873)			28,499,873			5.3

		Total Investments in Securities (Cost $494,805,303)		$	536,405,069			100.2
		Liabilities in Excess of Other Assets			(859,468	)		(0.2	)
		Net Assets		$	535,545,601			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of December 31, 2015.
@	Non-income producing security.
ADR	American Depositary Receipt
cc	Represents securities purchased with cash collateral received for securities on loan.
L	Loaned security, a portion or all of the security is on loan at December 31, 2015.

Cost for federal income tax purposes is $505,619,061.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	79,898,562
Gross Unrealized Depreciation		(49,112,554	)

Net Unrealized Appreciation	$	30,786,008

VY^®Invesco Equity and Income Portfolio	PORTFOLIO OF INVESTMENTS
	as of December 31, 2015

Shares				Value		Percentage of Net Assets
COMMON STOCK: 64.2%
			Consumer Discretionary: 5.8%
	450,810		Carnival Corp.		24,560,129		1.3
	66,626		CBS Corp. - Class B		3,140,083		0.2
	288,175		Comcast Corp. – Class A		16,261,715		0.9
	315,428		General Motors Co.		10,727,706		0.6
	298,043		Target Corp.		21,640,902		1.2
	221,664		Thomson Reuters Corp.		8,395,903		0.5
	62,917		Time Warner Cable, Inc.		11,676,766		0.6
	132,955		Time Warner, Inc.		8,598,200		0.5
					105,001,404		5.8

			Consumer Staples: 5.0%
	334,583		Archer-Daniels-Midland Co.		12,272,504		0.7
	364,734		Mondelez International, Inc.		16,354,673		0.9
	198,395		Philip Morris International, Inc.		17,440,904		1.0
	200,739		Procter & Gamble Co.		15,940,684		0.9
	235,399		Sysco Corp.		9,651,359		0.5
	304,985		Wal-Mart Stores, Inc.		18,695,581		1.0
					90,355,705		5.0

			Energy: 6.9%
	110,508		Anadarko Petroleum Corp.		5,368,479		0.3
	431,857		Apache Corp.		19,204,681		1.1
	250,281		Baker Hughes, Inc.		11,550,468		0.6
	501,465	L	Canadian Natural Resources Ltd.		10,951,993		0.6
	313,362		Devon Energy Corp.		10,027,584		0.5
	138,120		Exxon Mobil Corp.		10,766,454		0.6
	179,093		Occidental Petroleum Corp.		12,108,478		0.7
	951,911		Royal Dutch Shell PLC - Class A		21,560,113		1.2
	300,639	L	Total S.A.		13,478,137		0.7
	1,235,632	@	Weatherford International PLC		10,366,952		0.6
					125,383,339		6.9

			Financials: 20.4%
	136,449		Aon PLC		12,581,962		0.7
	2,084,928		Bank of America Corp.		35,089,338		1.9
	282,115		BB&T Corp.		10,666,768		0.6
	407,467		Charles Schwab Corp.		13,417,888		0.7
	1,071,888		Citigroup, Inc.		55,470,204		3.1
	869,395		Citizens Financial Group, Inc.		22,769,455		1.3
	90,208		CME Group, Inc.		8,172,845		0.5
	268,108		Comerica, Inc.		11,214,958		0.6
	661,617		Fifth Third Bancorp		13,298,502		0.7
	546,950		First Horizon National Corp.		7,941,714		0.4
	72,494		Goldman Sachs Group, Inc.		13,065,594		0.7
	868,509		JPMorgan Chase & Co.		57,347,649		3.2
	240,571		Marsh & McLennan Cos., Inc.		13,339,662		0.7
	897,048		Morgan Stanley		28,535,097		1.6
	188,028		Northern Trust Corp.		13,554,938		0.8
	247,590		PNC Financial Services Group, Inc.		23,597,803		1.3
	254,805		State Street Corp.		16,908,860		0.9
	246,112		Willis Group Holdings PLC		11,953,660		0.7
					368,926,897		20.4

			Health Care: 9.1%
	74,555		Amgen, Inc.		12,102,513		0.7
	67,019		Anthem, Inc.		9,345,129		0.5
	72,360		Baxalta, Inc.		2,824,211		0.1
	304,172		Baxter International, Inc.		11,604,162		0.6
	166,656		Eli Lilly & Co.		14,042,435		0.8
	117,330	@	Express Scripts Holding Co.		10,255,815		0.6
	218,444		Medtronic PLC		16,802,713		0.9
	405,137		Merck & Co., Inc.		21,399,336		1.2
	193,652		Novartis AG		16,657,805		0.9
	387,437		Pfizer, Inc.		12,506,466		0.7
	137,545		Sanofi		11,721,890		0.7
	252,967		Teva Pharmaceutical Industries Ltd. ADR		16,604,754		0.9
	74,858		UnitedHealth Group, Inc.		8,806,295		0.5
					164,673,524		9.1

			Industrials: 5.5%
	122,490		Caterpillar, Inc.		8,324,420		0.5
	418,717		CSX Corp.		10,865,706		0.6
	110,678		General Dynamics Corp.		15,202,730		0.8
	1,448,783		General Electric Co.		45,129,590		2.5
	177,009		Ingersoll-Rand PLC - Class A		9,786,828		0.5
	353,214		Tyco International Plc		11,263,995		0.6
					100,573,269		5.5

			Information Technology: 8.3%
	146,977		Amdocs Ltd.		8,020,535		0.5
	692,396		Applied Materials, Inc.		12,927,033		0.7
	706,708		Cisco Systems, Inc.		19,190,656		1.1
	147,168	@	Citrix Systems, Inc.		11,133,259		0.6
	457,224		eBay, Inc.		12,564,515		0.7
	471,121		Intel Corp.		16,230,118		0.9
	511,458		Juniper Networks, Inc.		14,116,241		0.8
	305,449		Microsoft Corp.		16,946,311		0.9
	418,790		NetApp, Inc.		11,110,499		0.6
	365,614	@	PayPal Holdings, Inc.		13,235,227		0.7
	296,188		Qualcomm, Inc.		14,804,957		0.8
					150,279,351		8.3

			Materials: 0.4%
	267,082		Mosaic Co.		7,368,792		0.4

			Telecommunication Services: 1.8%
	204,718		Orange SA		3,424,076		0.2
	915,795	@	Koninklijke KPN NV		3,463,889		0.2
	1,912,551	L	Telecom Italia S.p.A. - TIT		2,423,817		0.1
	182,275	@	Telefonica S.A.		2,022,156		0.1
	207,829		Verizon Communications, Inc.		9,605,856		0.5
	367,015		Vodafone Group PLC ADR		11,839,904		0.7
					32,779,698		1.8

VY^®Invesco Equity and Income Portfolio	PORTFOLIO OF INVESTMENTS
	as of December 31, 2015 (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Utilities: 1.0%
	305,593		FirstEnergy Corp.		9,696,466		0.5
	170,378		PG&E Corp.		9,062,406		0.5
					18,758,872		1.0

		Total Common Stock (Cost $1,154,435,740)			1,164,100,851		64.2

PREFERRED STOCK: 1.0%
			Energy: 0.3%
	140,612	P	El Paso Energy Capital Trust I		5,791,457		0.3

			Financials: 0.7%
	68,900		AMG Capital Trust II		3,884,237		0.3
	56,155		Keycorp		7,446,153		0.4
	4,467	P	State Street Corp.		123,647		0.0
	4,000	P	Wells Fargo & Co.		104,480		0.0
					11,558,517		0.7

		Total Preferred Stock (Cost $16,606,816)			17,349,974		1.0

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 19.8%
			Basic Materials: 0.3%
	80,000		ArcelorMittal, 7.500%, 03/01/41		54,500		0.0
	460,000		ArcelorMittal, 10.600%, 06/01/19		433,550		0.0
	1,320,000		Eastman Chemical Co., 2.700%, 01/15/20		1,308,734		0.1
	195,000		International Paper Co., 6.000%, 11/15/41		205,169		0.0
	315,000		Monsanto Co., 2.125%, 07/15/19		314,891		0.0
	770,000	#	Montell Finance Co. BV, 8.100%, 03/15/27		961,925		0.1
	150,000		Rio Tinto Finance USA Ltd., 7.125%, 07/15/28		177,264		0.0
	335,000		Rio Tinto Finance USA Ltd., 9.000%, 05/01/19		391,416		0.0
	726,000	#	Solvay Finance America LLC, 4.450%, 12/03/25		718,160		0.1
	835,000		Sunoco Logistics Partner, 5.300%, 04/01/44		623,353		0.0
	550,000		Sunoco Logistics Partner, 5.500%, 02/15/30		571,000		0.0
					5,759,962		0.3

			Communications: 2.4%
	225,000		America Movil S.A.B de CV, 2.375%, 09/08/16		225,945		0.0
	455,000		America Movil S.A.B de CV, 4.375%, 07/16/42		403,687		0.0
	466,000		AT&T, Inc., 3.400%, 05/15/25		448,813		0.0
	837,000		AT&T, Inc., 3.000%, 06/30/22		815,397		0.0
	747,000		AT&T, Inc., 4.500%, 05/15/35		693,110		0.0
	101,000		AT&T, Inc., 5.350%, 09/01/40		100,095		0.0
	270,000		AT&T, Inc., 6.150%, 09/15/34		288,609		0.0
	365,000		British Telecommunications PLC, 1.250%, 02/14/17		363,387		0.0
	1,635,000	#	CCO Safari II LLC, 4.464%, 07/23/22		1,631,143		0.1
	2,421,000		Ciena Corp., 4.000%, 12/15/20		3,156,379		0.2
	1,115,000		Comcast Corp., 4.400%, 08/15/35		1,123,869		0.1
	1,019,000		Comcast Corp., 5.700%, 05/15/18		1,114,337		0.1
	135,000		Comcast Corp., 6.450%, 03/15/37		168,330		0.0
	340,000	#	Cox Communications, Inc., 4.700%, 12/15/42		258,930		0.0
	1,210,000	#	Cox Communications, Inc., 8.375%, 03/01/39		1,336,276		0.1
	2,700,000	#	Crown Castle Towers, LLC, 4.883%, 08/15/20		2,894,108		0.2
	435,000	#	Crown Castle Towers, LLC, 6.113%, 01/15/40		475,736		0.0
	505,000		DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 3.800%, 03/15/22		509,196		0.0
	2,960,000		DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.150%, 03/15/42		2,767,334		0.2
	1,576,000	#	FireEye, Inc., 1.000%, 06/01/35		1,348,465		0.1
	1,576,000	#	FireEye, Inc., 1.625%, 06/01/35		1,271,635		0.1
	285,000		Interpublic Group of Cos., Inc., 2.250%, 11/15/17		284,268		0.0
	4,912,000		JDS Uniphase Corp., 0.625%, 08/15/33		4,626,490		0.3
	2,419,000		Liberty Interactive LLC, 0.750%, 03/30/43		3,649,666		0.2
	9,559,000		Liberty Media Corp., 1.375%, 10/15/23		9,409,641		0.5
	125,000		NBCUniversal Media, LLC, 5.150%, 04/30/20		139,704		0.0
	210,000		NBCUniversal Media, LLC, 5.950%, 04/01/41		251,687		0.0
	415,000		Rogers Communications, Inc., 4.500%, 03/15/43		387,483		0.0
	370,000		Telefonica Emisones SAU, 7.045%, 06/20/36		446,040		0.0
	535,000		Verizon Communications, Inc., 4.400%, 11/01/34		495,141		0.0
	1,058,000		Verizon Communications, Inc., 4.522%, 09/15/48		949,890		0.1
	467,000		Verizon Communications, Inc., 5.012%, 08/21/54		429,226		0.0
	745,000		Verizon Communications, Inc., 5.150%, 09/15/23		820,396		0.1
	280,000		Verizon Communications, Inc., 6.400%, 02/15/38		320,106		0.0

VY^®Invesco Equity and Income Portfolio	PORTFOLIO OF INVESTMENTS
	as of December 31, 2015 (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Communications: (continued)
	559,000		Viacom, Inc., 4.850%, 12/15/34		457,799		0.0
					44,062,318		2.4

			Consumer, Cyclical: 1.3%
	450,000		Advance Auto Parts, Inc., 4.500%, 12/01/23		459,778		0.0
	387,000		Advance Auto Parts, Inc., 5.750%, 05/01/20		420,166		0.0
	711,077		American Airlines 2014-1 Class A Pass Through Trust, 3.700%, 10/01/26		712,393		0.1
	315,000		Cintas Corp. No 2, 2.850%, 06/01/16		316,267		0.0
	375,562		Continental Airlines 2009-1 Pass Through Trust, 9.000%, 01/08/18		387,862		0.0
	226,580		Continental Airlines 2010-1 Class A Pass Through Trust, 4.750%, 07/15/22		238,759		0.0
	350,781		Continental Airlines 2012-1 Class A Pass Thru Trusts, 4.150%, 04/11/24		360,340		0.0
	626,632		CVS Pass-Through Trust, 6.036%, 12/10/28		689,683		0.0
	620,000		CVS Caremark Corp., 3.375%, 08/12/24		615,025		0.0
	149,016		Delta Air Lines 2010-1 Class A Pass Through Trust, 6.200%, 01/02/20		159,820		0.0
	595,000		Dollar General Corp., 3.250%, 04/15/23		567,586		0.0
	1,056,000		Ford Motor Credit Co. LLC, 4.134%, 08/04/25		1,054,856		0.1
	2,040,000		Ford Motor Credit Co. LLC, 2.500%, 01/15/16		2,040,473		0.1
	1,284,000	#	GNC Holdings, Inc., 1.500%, 08/15/20		1,034,422		0.1
	2,035,000		Iconix Brand Group, Inc., 1.500%, 03/15/18		1,007,325		0.1
	1,526,000		Iconix Brand Group, Inc., 2.500%, 06/01/16		1,373,400		0.1
	2,815,000		Johnson Controls, Inc., 5.500%, 01/15/16		2,818,068		0.2
	725,000		MDC Holdings, Inc., 6.000%, 01/15/43		576,375		0.0
	1,460,000		QVC, Inc., 5.450%, 08/15/34		1,266,397		0.1
	594,000		Ross Stores, Inc., 3.375%, 09/15/24		585,797		0.0
	645,000		Target Corp., 2.900%, 01/15/22		656,658		0.0
	2,190,000		Target Corp., 5.875%, 07/15/16		2,247,032		0.1
	885,000		United Airlines 2014-2 Class A Pass Through Trust, 3.750%, 03/03/28		893,894		0.1
	1,362,327	#	Virgin Australia 2013-1A Trust, 5.000%, 04/23/25		1,408,306		0.1
	1,000,000		Walgreens Boots Alliance, Inc., 3.300%, 11/18/21		982,452		0.1
	737,000		Walgreens Boots Alliance, Inc., 4.500%, 11/18/34		675,115		0.0
	375,000		Wal-Mart Stores, Inc., 3.300%, 04/22/24		387,669		0.0
	50,000		Wal-Mart Stores, Inc., 6.500%, 08/15/37		64,722		0.0
	135,000		Wyndham Worldwide Corp., 2.950%, 03/01/17		135,861		0.0
					24,136,501		1.3

			Consumer, Non-cyclical: 4.7%
	1,137,000		AbbVie, Inc., 4.500%, 05/14/35		1,116,776		0.1
	1,455,000		Actavis Funding SCS, 1.850%, 03/01/17		1,458,070		0.1
	985,000		Actavis Funding SCS, 4.850%, 06/15/44		978,709		0.1
	610,000		Aetna, Inc., 3.950%, 09/01/20		643,163		0.0
	1,430,000		Allergan, Inc., 5.750%, 04/01/16		1,441,673		0.1
	1,130,000		Amgen, Inc., 2.300%, 06/15/16		1,136,612		0.1
	1,285,000		Anheuser-Busch InBev Worldwide, Inc., 2.875%, 02/15/16		1,287,467		0.1
	981,000	#	Bayer US Finance LLC, 3.000%, 10/08/21		990,627		0.1
	530,000		Becton Dickinson and Co., 1.750%, 11/08/16		532,797		0.0
	507,000		Becton Dickinson and Co., 2.675%, 12/15/19		510,377		0.0
	715,000		Becton Dickinson and Co., 3.875%, 05/15/24		726,080		0.0
	435,000		Becton Dickinson and Co., 4.875%, 05/15/44		441,092		0.0
	3,611,000		BioMarin Pharmaceutical, Inc., 1.500%, 10/15/20		4,843,254		0.3
	4,224,000		Brookdale Senior Living, Inc., 2.750%, 06/15/18		4,221,360		0.2
	1,445,000		Celgene Corp., 4.625%, 05/15/44		1,370,087		0.1
	325,000		Celgene Corp., 4.000%, 08/15/23		334,261		0.0
	260,000		Celgene Corp., 5.000%, 08/15/45		261,994		0.0
	750,000		Coca-Cola Co., 1.800%, 09/01/16		754,867		0.0
	910,000		ConAgra Foods, Inc., 1.300%, 01/25/16		910,146		0.1
	240,000		Corn Products International, Inc., 6.625%, 04/15/37		283,335		0.0
	2,405,000		Dr Pepper Snapple Group, Inc., 2.900%, 01/15/16		2,405,909		0.1
	493,000		Edwards Lifesciences Corp., 2.875%, 10/15/18		499,149		0.0
	965,000	#	ERAC USA Finance LLC, 2.350%, 10/15/19		952,272		0.1
	420,000		Express Scripts Holding Co., 2.250%, 06/15/19		417,914		0.0
	2,285,000		Express Scripts, Inc., 3.125%, 05/15/16		2,300,479		0.1
	1,400,000		General Mills, Inc., 0.875%, 01/29/16		1,399,857		0.1
	1,400,000		General Mills, Inc., 2.200%, 10/21/19		1,401,702		0.1
	500,000		Gilead Sciences, Inc., 3.050%, 12/01/16		508,518		0.0

VY^®Invesco Equity and Income Portfolio	PORTFOLIO OF INVESTMENTS
	as of December 31, 2015 (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Non-cyclical: (continued)
	755,000		Gilead Sciences, Inc., 4.400%, 12/01/21		816,135		0.1
	80,000		GlaxoSmithKline Capital, Inc., 6.375%, 05/15/38		102,299		0.0
	785,000	#	Grupo Bimbo SAB de CV, 3.875%, 06/27/24		765,651		0.1
	4,573,000		HealthSouth Corp., 2.000%, 12/01/43		4,950,272		0.3
	1,644,000	#	HJ Heinz Co., 1.600%, 06/30/17		1,639,954		0.1
	2,410,000	L	Jazz Investments I Ltd., 1.875%, 08/15/21		2,533,512		0.1
	963,000		Laboratory Corp. of America Holdings, 3.200%, 02/01/22		946,767		0.1
	423,000		Laboratory Corp. of America Holdings, 4.700%, 02/01/45		389,919		0.0
	1,768,000		Live Nation Entertainment, Inc., 2.500%, 05/15/19		1,806,675		0.1
	730,000		McKesson Corp., 2.284%, 03/15/19		727,734		0.0
	2,760,000		McKesson Corp., 3.250%, 03/01/16		2,770,008		0.2
	92,000		Mead Johnson Nutrition Co., 4.125%, 11/15/25		92,922		0.0
	1,733,000		Medtronic, Inc., 3.150%, 03/15/22		1,753,687		0.1
	615,000		Medtronic, Inc., 4.375%, 03/15/35		622,546		0.0
	390,000		Medtronic, Inc., 4.000%, 04/01/43		362,808		0.0
	2,940,000		Merck & Co., Inc., 0.700%, 05/18/16		2,940,497		0.2
	1,820,000		Mondelez International, Inc., 4.125%, 02/09/16		1,824,741		0.1
	630,000		Moody's Corp., 4.500%, 09/01/22		668,644		0.0
	639,000		Moodys Corp., 4.875%, 02/15/24		681,310		0.0
	2,201,000		NuVasive, Inc., 2.750%, 07/01/17		3,013,994		0.2
	3,840,000		PepsiCo, Inc., 2.500%, 05/10/16		3,863,589		0.2
	275,000		Perrigo Co. PLC, 2.300%, 11/08/18		271,316		0.0
	328,000		Philip Morris International, Inc., 1.250%, 08/11/17		328,584		0.0
	1,635,000		Philip Morris International, Inc., 2.500%, 05/16/16		1,645,162		0.1
	275,000		Philip Morris International, Inc., 3.600%, 11/15/23		287,024		0.0
	820,000		Philip Morris International, Inc., 4.875%, 11/15/43		868,208		0.1
	4,315,000		Sanofi, 2.625%, 03/29/16		4,333,624		0.2
	825,000		Tupperware Brands Corp., 4.750%, 06/01/21		842,563		0.1
	354,000		Tyson Foods, Inc., 4.875%, 08/15/34		362,146		0.0
	1,965,000		Unilever Capital Corp., 2.750%, 02/10/16		1,968,511		0.1
	145,000		Ventas Realty L.P., 5.700%, 09/30/43		159,915		0.0
	795,000		Verisk Analytics, Inc., 5.500%, 06/15/45		761,666		0.0
	3,018,000	#	Wright Medical Group, Inc., 2.000%, 02/15/20		3,136,834		0.2
	2,000,000		Zoetis, Inc., 1.150%, 02/01/16		1,999,682		0.1
	79,000		Zoetis, Inc., 4.700%, 02/01/43		69,243		0.0
					84,436,689		4.7

			Energy: 1.3%
	2,284,000		Chevron Corp., 1.365%, 03/02/18		2,266,580		0.1
	360,000		Chevron Corp., 1.718%, 06/24/18		358,354		0.0
	2,947,000		Cobalt International Energy, Inc., 2.625%, 12/01/19		1,681,632		0.1
	1,425,000		ConocoPhillips Co., 2.875%, 11/15/21		1,385,563		0.1
	1,528,000		ConocoPhillips Co., 4.150%, 11/15/34		1,326,492		0.1
	715,000		Devon Energy Corp., 2.250%, 12/15/18		653,167		0.1
	291,000	L	Devon Energy Corp., 3.250%, 05/15/22		247,808		0.0
	460,000		Enable Midstream Partners L.P., 2.400%, 05/15/19		409,080		0.0
	570,000		Energy Transfer Partners L.P., 4.900%, 03/15/35		415,379		0.0
	3,320,000		Enterprise Products Operating, LLC, 3.200%, 02/01/16		3,321,129		0.2
	175,000		Enterprise Products Operating L.P., 5.250%, 01/31/20		184,533		0.0
	300,000		Enterprise Products Operating L.P., 6.500%, 01/31/19		329,880		0.0
	615,000		Enterprise Products Operating LLC, 2.550%, 10/15/19		590,324		0.1
	1,943,000		Helix Energy Solutions Group, Inc., 3.250%, 03/15/32		1,541,042		0.1
	250,000		Husky Energy, Inc., 3.950%, 04/15/22		232,088		0.0
	700,000		Kinder Morgan, Inc./DE, 5.300%, 12/01/34		552,855		0.0
	570,000		Noble Energy, Inc., 5.250%, 11/15/43		461,544		0.0
	130,000	L	Noble Holding International Ltd., 2.500%, 03/15/17		122,684		0.0
	295,000		Plains All American Pipeline L.P. / PAA Finance Corp., 3.650%, 06/01/22		253,608		0.0
	371,000		Rowan Cos, Inc., 5.400%, 12/01/42		222,408		0.0
	318,000		Southwestern Energy Co., 4.100%, 03/15/22		200,407		0.0
	165,000		Spectra Energy Capital, LLC, 7.500%, 09/15/38		163,950		0.0

VY^®Invesco Equity and Income Portfolio	PORTFOLIO OF INVESTMENTS
	as of December 31, 2015 (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Energy: (continued)
	1,615,000		Spectra Energy Partners L.P., 2.950%, 06/15/16		1,621,009		0.1
	858,000		Spectra Energy Partners L.P., 4.500%, 03/15/45		661,537		0.1
	4,224,000	L	Stone Energy Corp., 1.750%, 03/01/17		3,141,600		0.2
	544,000		Suncor Energy, Inc., 3.600%, 12/01/24		513,679		0.0
	215,000		Texas Eastern Transmission LP, 7.000%, 07/15/32		236,723		0.0
	171,000		Williams Partners L.P., 5.100%, 09/15/45		112,854		0.0
					23,207,909		1.3

			Financial: 5.5%
	3,445,000		Abbey National Treasury Services PLC/London, 4.000%, 04/27/16		3,476,990		0.2
	1,690,000	#	ABN AMRO Bank NV, 1.375%, 01/22/16		1,691,394		0.1
	395,000		American International Group, Inc., 2.300%, 07/16/19		392,028		0.0
	1,325,000		Air Lease Corp., 2.625%, 09/04/18		1,310,839		0.1
	1,870,000		Air Lease Corp., 4.250%, 09/15/24		1,837,275		0.1
	543,000		American Express Co., 3.625%, 12/05/24		532,420		0.0
	1,200,000		American Financial Group, Inc./OH, 9.875%, 06/15/19		1,458,463		0.1
	1,140,000		American International Group, Inc., 4.375%, 01/15/55		983,691		0.1
	440,000	#	Apollo Management Holdings L.P., 4.000%, 05/30/24		435,315		0.0
	927,000	#	Athene Global Funding, 2.875%, 10/23/18		912,419		0.1
	1,475,000		Australia & New Zealand Banking Group Ltd., 0.900%, 02/12/16		1,475,363		0.1
	445,000		Bank of America Corp., 1.250%, 01/11/16		445,035		0.0
	500,000		Bank of America Corp., 5.650%, 05/01/18		537,939		0.0
	400,000		Bank of America Corp., 5.750%, 12/01/17		428,117		0.0
	525,000		Barclays Bank PLC, 6.750%, 05/22/19		597,116		0.0
	1,295,000		BB&T Corp., 3.200%, 03/15/16		1,298,561		0.1
	725,000	#	BBVA Bancomer SA/Texas, 4.375%, 04/10/24		717,750		0.0
	860,000		BNP Paribas SA, 4.250%, 10/15/24		853,567		0.1
	1,023,000		Boeing Capital Corp., 2.125%, 08/15/16		1,030,206		0.1
	765,000		Brookfield Asset Management, Inc., 4.000%, 01/15/25		748,728		0.0
	1,930,000		Citigroup, Inc., 4.000%, 08/05/24		1,916,216		0.1
	260,000		Citigroup, Inc., 5.300%, 05/06/44		271,230		0.0
	560,000		Citigroup, Inc., 6.675%, 09/13/43		689,015		0.0
	325,000		CNA Financial Corp., 5.875%, 08/15/20		360,645		0.0
	472,000	#	Credit Suisse AG, 6.500%, 08/08/23		509,666		0.0
	1,540,000	#	Farmers Exchange Capital III, 5.454%, 10/15/54		1,501,907		0.1
	4,196,000		Fifth Third Bancorp., 3.625%, 01/25/16		4,203,469		0.2
	4,011,000	#	Goldman Sachs Group, Inc., 1.000%, 03/15/17		5,726,665		0.3
	4,179,000	#	Goldman Sachs Group, Inc., 1.000%, 09/28/20		4,731,798		0.3
	820,000		Goldman Sachs Group, Inc., 4.250%, 10/21/25		815,858		0.1
	355,000		Goldman Sachs Group, Inc., 5.250%, 07/27/21		393,162		0.0
	465,000	#	HBOS PLC, 6.750%, 05/21/18		508,369		0.0
	840,000		HCP, Inc., 3.875%, 08/15/24		815,615		0.1
	320,000		HCP, Inc., 4.200%, 03/01/24		318,656		0.0
	500,000		HSBC Finance Corp., 5.500%, 01/19/16		500,824		0.0
	1,020,000		Intercontinental Exchange, Inc., 3.750%, 12/01/25		1,024,689		0.1
	4,851,000		Jefferies Group, Inc., 3.875%, 11/01/29		4,844,936		0.3
	515,000		JPMorgan Chase & Co., 4.250%, 10/01/27		515,446		0.0
	665,000		JPMorgan Chase & Co., 5.000%, 12/29/49		632,581		0.0
	1,120,000		JPMorgan Chase & Co., 5.300%, 12/29/49		1,118,600		0.1
	1,825,000		JPMorgan Chase & Co., 6.100%, 10/29/49		1,836,589		0.1
	443,000	#	KKR Group Finance Co. III LLC, 5.125%, 06/01/44		434,828		0.0
	1,830,000		Lazard Group LLC, 3.750%, 02/13/25		1,691,793		0.1	��
	2,000,000	#	Liberty Mutual Group, Inc., 4.850%, 08/01/44		1,859,470		0.1
	375,000		Lloyds Bank PLC, 2.300%, 11/27/18		376,843		0.0
	510,000	#	Macquarie Bank Ltd., 5.000%, 02/22/17		527,608		0.0
	285,000		Markel Corp., 5.000%, 03/30/43		285,054		0.0
	275,000		Marsh & McLennan Cos, Inc., 4.050%, 10/15/23		284,761		0.0
	715,000		MetLife, Inc., 4.600%, 05/13/46		721,337		0.0
	1,076,000		MGIC Investment Corp., 2.000%, 04/01/20		1,501,020		0.1
	2,779,000		MGIC Investment Corp., 5.000%, 05/01/17		2,872,791		0.2
	2,360,000	#	Mizuho Financial Group Cayman 3 Ltd., 4.600%, 03/27/24		2,434,836		0.1
	2,975,000		Morgan Stanley, 2.375%, 07/23/19		2,968,205		0.2
	1,040,000		Morgan Stanley, 4.000%, 07/23/25		1,073,983		0.1

VY^®Invesco Equity and Income Portfolio	PORTFOLIO OF INVESTMENTS
	as of December 31, 2015 (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Financial: (continued)
	560,000		Morgan Stanley, 6.375%, 07/24/42		694,433		0.0
	165,000		National Rural Utilities Cooperative Finance Corp., 3.050%, 02/15/22		166,759		0.0
	1,515,000	#	Nationwide Financial Services, Inc., 5.300%, 11/18/44		1,522,372		0.1
	1,293,000		Old Republic International Corp., 3.750%, 03/15/18		1,643,726		0.1
	400,000		Piedmont Operating Partnership L.P., 4.450%, 03/15/24		401,160		0.0
	2,545,000		PNC Bank NA, 1.300%, 10/03/16		2,550,632		0.1
	275,000		Prudential Financial, Inc., 5.100%, 08/15/43		287,585		0.0
	648,000		Radian Group, Inc., 2.250%, 03/01/19		837,945		0.1
	1,607,000	L	Radian Group, Inc., 3.000%, 11/15/17		2,019,798		0.1
	125,000		Realty Income Corp., 2.000%, 01/31/18		125,130		0.0
	525,000		Reinsurance Group of America, Inc., 4.700%, 09/15/23		554,672		0.0
	1,360,000	#	Societe Generale SA, 2.625%, 09/16/20		1,360,768		0.1
	805,000	#	Societe Generale SA, 5.000%, 01/17/24		822,291		0.1
	1,025,000	#	Societe Generale SA, 5.625%, 11/24/45		984,747		0.1
	1,100,000		Sumitomo Mitsui Banking Corp., 2.650%, 07/23/20		1,100,069		0.1
	3,535,000		Suntrust Bk., 3.600%, 04/15/16		3,553,304		0.2
	445,000		Travelers Cos, Inc./The, 4.600%, 08/01/43		468,601		0.0
	170,000		Ventas Realty L.P. / Ventas Capital Corp., 4.250%, 03/01/22		175,592		0.0
	1,255,000		Visa, Inc., 3.150%, 12/14/25		1,259,218		0.1
	1,020,000		Visa, Inc., 4.150%, 12/14/35		1,031,741		0.1
	585,000		Visa, Inc., 4.300%, 12/14/45		594,437		0.0
	140,000		Wells Fargo & Co., 1.500%, 01/16/18		139,470		0.0
	965,000		Wells Fargo & Co., 3.550%, 09/29/25		975,029		0.1
	2,285,000		Wells Fargo & Co., 3.900%, 05/01/45		2,112,119		0.1
	470,000		Wells Fargo & Co., 4.100%, 06/03/26		475,063		0.0
	2,000,000		Wells Fargo & Co., 4.650%, 11/04/44		1,950,442		0.1
	350,000		WR Berkley Corp., 4.625%, 03/15/22		370,300		0.0
					99,609,084		5.5

			Industrial: 0.9%
	1,105,000	#	Aviation Capital Group Corp., 2.875%, 09/17/18		1,100,041		0.1
	1,095,000	#	Aviation Capital Group Corp., 4.875%, 10/01/25		1,089,656		0.1
	435,000	#	BAE Systems Holdings, Inc., 2.850%, 12/15/20		434,571		0.0
	1,335,000		Burlington Northern Santa Fe LLC, 5.150%, 09/01/43		1,412,214		0.1
	500,000		Canadian National Railway Co., 5.800%, 06/01/16		510,227		0.0
	330,000		CSX Corp., 5.500%, 04/15/41		364,775		0.0
	1,015,000		Deere & Co., 2.600%, 06/08/22		1,002,140		0.1
	295,000		FedEx Corp., 4.900%, 01/15/34		303,952		0.0
	605,000		FedEx Corp., 5.100%, 01/15/44		628,775		0.0
	156,000		L-3 Communications Corp., 3.950%, 05/28/24		148,538		0.0
	1,535,000		Lockheed Martin Corp., 2.125%, 09/15/16		1,545,730		0.1
	304,000		Northrop Grumman Corp., 3.850%, 04/15/45		274,479		0.0
	703,000		Packaging Corp. of America, 4.500%, 11/01/23		739,704		0.1
	510,000	#	Penske Truck Leasing Co. Lp / PTL Finance Corp., 2.500%, 03/15/16		510,910		0.0
	545,000		Pentair Finance SA, 5.000%, 05/15/21		568,922		0.0
	285,000		Precision Castparts Corp., 2.500%, 01/15/23		275,460		0.0
	1,075,000		Thermo Fisher Scientific, Inc., 2.250%, 08/15/16		1,081,068		0.1
	157,000		Union Pacific Corp., 3.646%, 02/15/24		164,124		0.0
	730,000		Union Pacific Corp., 4.150%, 01/15/45		725,516		0.1
	375,000		Union Pacific Corp., 4.850%, 06/15/44		407,902		0.0
	550,000		Valmont Industries, Inc., 5.000%, 10/01/44		481,315		0.0
	2,193,000		Valmont Industries, Inc., 5.250%, 10/01/54		1,875,798		0.1
	752,000		Waste Management, Inc., 3.900%, 03/01/35		705,435		0.0
					16,351,252		0.9

			Technology: 3.3%
	1,146,000		Apple, Inc., 2.150%, 02/09/22		1,113,679		0.1
	7,292,000	L	Citrix Systems, Inc., 0.500%, 04/15/19		7,966,510		0.4
	340,000		Computer Sciences Corp., 4.450%, 09/15/22		349,303		0.0
	2,055,000	#	Hewlett Packard Enterprise Co., 2.850%, 10/05/18		2,055,600		0.1
	1,025,000	#	HP Enterprise Co., 6.200%, 10/15/35		989,950		0.1
	5,367,000	L	Lam Research Corp., 1.250%, 05/15/18		7,711,708		0.4
	960,000		Lam Research Corp., 3.800%, 03/15/25		906,120		0.0
	2,788,000	#	Microchip Technology, Inc., 1.625%, 02/15/25		2,784,515		0.2
	5,485,000	L	Micron Technology, Inc., 3.000%, 11/15/43		4,586,831		0.3

VY^®Invesco Equity and Income Portfolio	PORTFOLIO OF INVESTMENTS
	as of December 31, 2015 (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Technology: (continued)
	649,000		Microsoft Corp., 3.500%, 02/12/35		601,142		0.0
	3,387,000		NetSuite, Inc., 0.250%, 06/01/18		3,353,130		0.2
	1,613,000	#	Nuance Communications, Inc., 1.000%, 12/15/35		1,559,569		0.1
	6,651,000		NVIDIA Corp., 1.000%, 12/01/18		11,111,327		0.6
	5,271,000	#,L	ON Semiconductor Corp., 1.000%, 12/01/20		4,934,974		0.3
	1,005,000		Oracle Corp., 4.300%, 07/08/34		1,000,957		0.1
	330,000		Pitney Bowes, Inc., 4.625%, 03/15/24		323,978		0.0
	6,090,000		SanDisk Corp., 0.500%, 10/15/20		6,333,600		0.3
	540,000		Seagate HDD Cayman, 4.750%, 01/01/25		450,693		0.0
	1,146,000	#	Seagate HDD Cayman, 5.750%, 12/01/34		803,900		0.0
	1,141,000	L	Xerox Corp., 4.800%, 03/01/35		1,046,267		0.1
					59,983,753		3.3

			Utilities: 0.1%
	1,384,000		Georgia Power Co., 3.000%, 04/15/16		1,391,757		0.1
	605,000		Oglethorpe Power Corp., 4.550%, 06/01/44		575,576		0.0
					1,967,333		0.1

		Total Corporate Bonds/Notes (Cost $361,965,373)			359,514,801		19.8

MUNICIPAL BONDS: 0.0%
			Georgia: 0.0%
	175,000		Municipal Electric Authority of Georgia, 6.637%, 04/01/57		208,423		0.0
	325,000		Municipal Electric Authority of Georgia, 6.655%, 04/01/57		382,548		0.0

		Total Municipal Bonds (Cost $503,978)			590,971		0.0

U.S. TREASURY OBLIGATIONS: 9.8%
			U.S. Treasury Bonds: 1.6%
	13,689,300		2.875%, due 08/15/45		13,272,735		0.7
	16,308,200		2.250%, due 11/15/25		16,273,300		0.9
					29,546,035		1.6

			U.S. Treasury Notes: 8.2%
	120,000		0.875%, due 04/30/17		119,973		0.0
	55,323,000	L	0.875%, due 11/30/17		55,172,577		3.1
	56,840,000		1.250%, due 12/15/18		56,731,095		3.1
	34,683,000		1.625%, due 11/30/20		34,489,850		1.9
	1,631,000		2.000%, due 11/30/22		1,622,290		0.1
	180,000		2.625%, due 11/15/20		187,119		0.0
					148,322,904		8.2

		Total U.S. Treasury Obligations (Cost $178,184,204)			177,868,939		9.8

FOREIGN GOVERNMENT BONDS: 0.1%
	150,000	#	Electricite de France SA, 4.600%, 01/27/20		161,786		0.0
	620,000	#	Electricite de France SA, 4.875%, 01/22/44		595,288		0.0
	640,000	#	Electricite de France SA, 5.625%, 12/29/49		611,040		0.1


		Total Foreign Government Bonds (Cost $1,383,604)			1,368,114		0.1

U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.2%
			Federal Home Loan Mortgage Corporation: 0.1%^##
	2,400,000		4.875%, due 06/13/18		2,607,523		0.1

			Federal National Mortgage Association: 0.1%^##
	915,000		6.625%, due 11/15/30		1,298,434		0.1

		Total U.S. Government Agency Obligations (Cost $3,513,788)			3,905,957		0.2

		Total Long-Term Investments (Cost $1,716,593,503)			1,724,699,607		95.1

SHORT-TERM INVESTMENTS: 8.6%
			Securities Lending Collateral^cc: 4.0%
	1,931,950		BNP Paribas Bank, Repurchase Agreement dated 12/31/15, 0.31%, due 01/04/16 (Repurchase Amount $1,932,016, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-4.500%, Market Value plus accrued interest $1,970,589, due 06/09/16-05/20/45)		1,931,950		0.1
	17,303,564		Citigroup, Inc., Repurchase Agreement dated 12/31/15, 0.34%, due 01/04/16 (Repurchase Amount $17,304,209, collateralized by various U.S. Government Agency Obligations, 0.000%-11.500%, Market Value plus accrued interest $17,649,636, due 01/15/16-04/01/51)		17,303,564		0.9

VY^®Invesco Equity and Income Portfolio	PORTFOLIO OF INVESTMENTS
	as of December 31, 2015 (continued)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateral^cc: (continued)
	11,893,669	HSBC Securities USA, Repurchase Agreement dated 12/31/15, 0.29%, due 01/04/16 (Repurchase Amount $11,894,047, collateralized by various U.S. Government Securities, 3.000%, Market Value plus accrued interest $12,131,576, due 11/15/44)		11,893,669		0.7
	17,303,564	Mizuho Securities USA Inc., Repurchase Agreement dated 12/31/15, 0.30%, due 01/04/16 (Repurchase Amount $17,304,133, collateralized by various U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $17,649,635, due 06/13/16-03/01/44)		17,303,564		1.0
	17,303,564	Nomura Securities, Repurchase Agreement dated 12/31/15, 0.33%, due 01/04/16 (Repurchase Amount $17,304,190, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $17,649,635, due 01/15/16-10/20/65)		17,303,564		0.9
	7,120,141	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/15, 0.41%, due 01/04/16 (Repurchase Amount $7,120,461, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $7,267,774, due 01/15/17-02/15/42)		7,120,141		0.4
				72,856,452		4.0

Shares				Value			Percentage of Net Assets
			Mutual Funds: 4.6%
	82,471,643		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.270%††
			(Cost $82,471,643)		82,471,643			4.6


		Total Short-Term Investments (Cost $155,328,095)			155,328,095			8.6

		Total Investments in Securities (Cost $1,871,921,598)		$	1,880,027,702			103.7
		Liabilities in Excess of Other Assets			(66,940,320	)		(3.7	)
		Net Assets		$	1,813,087,382			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of December 31, 2015.
#	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.
##	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.
@	Non-income producing security.
ADR	American Depositary Receipt
P	Preferred Stock may be called prior to convertible date.
cc	Represents securities purchased with cash collateral received for securities on loan.
L	Loaned security, a portion or all of the security is on loan at December 31, 2015.

	Cost for federal income tax purposes is $1,875,786,971.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	121,537,596
Gross Unrealized Depreciation		(117,296,865	)

Net Unrealized Appreciation	$	4,240,731

VY^® JPMorgan Mid Cap Value
Portfolio

PORTFOLIO OF INVESTMENTS

as of December 31, 2015

Shares				Value		Percentage of Net Assets
COMMON STOCK: 100.8%
			Consumer Discretionary: 17.8%
	10,080	@	Autozone, Inc.		7,478,453		1.2
	113,310	@	Bed Bath & Beyond, Inc.		5,467,207		0.9
	216,930		Best Buy Co., Inc.		6,605,518		1.1
	79,779		CBS Corp. - Class B		3,759,984		0.6
	108,110	@	Dish Network Corp. - Class A		6,181,730		1.0
	71,870		Expedia, Inc.		8,933,441		1.4
	233,700		Gap, Inc.		5,772,390		0.9
	75,420		Genuine Parts Co.		6,477,824		1.1
	152,095	@	Jarden Corp.		8,687,666		1.4
	189,270		Kohl's Corp.		9,014,930		1.5
	67,476	L	Marriott International, Inc.		4,523,591		0.7
	58,860	@	Mohawk Industries, Inc.		11,147,495		1.8
	85,710	L	Nordstrom, Inc.		4,269,215		0.7
	65,130		PVH Corp.		4,796,825		0.8
	12,539		Starwood Hotels & Resorts Worldwide, Inc.		868,702		0.1
	194,960		TEGNA, Inc.		4,975,379		0.8
	84,840		Tiffany & Co.		6,472,444		1.0
	146,650		Time, Inc.		2,298,006		0.4
	41,280		VF Corp.		2,569,680		0.4
					110,300,480		17.8

			Consumer Staples: 6.3%
	40,250		Constellation Brands, Inc.		5,733,210		0.9
	80,880		Dr Pepper Snapple Group, Inc.		7,538,016		1.2
	62,633		Edgewell Personal Care Co.		4,908,548		0.8
	65,763		Energizer Holdings, Inc.		2,239,888		0.4
	50,770		Hershey Co.		4,532,238		0.7
	218,340		Kroger Co.		9,133,162		1.5
	663,420	@	Rite Aid Corp.		5,201,213		0.8
					39,286,275		6.3

			Energy: 3.5%
	377,390		Columbia Pipeline Group, Inc.		7,547,800		1.2
	158,130		EQT Corp.		8,243,317		1.3
	105,650		PBF Energy, Inc.		3,888,976		0.6
	299,550	@,L	Southwestern Energy Co.		2,129,801		0.4
					21,809,894		3.5

			Financials: 33.0%
	9,153		Alleghany Corp.		4,374,493		0.7
	219,200		Ally Financial, Inc.		4,085,888		0.7
	111,190		American Campus Communities, Inc.		4,596,594		0.7
	156,530		American Homes 4 Rent		2,607,790		0.4
	72,590		Ameriprise Financial, Inc.		7,725,028		1.2
	43,220		AvalonBay Communities, Inc.		7,958,099		1.3
	37,400		Boston Properties, Inc.		4,769,996		0.8
	224,930		Brixmor Property Group, Inc.		5,807,693		0.9
	51,840		Chubb Corp.		6,876,058		1.1
	207,740		Citizens Financial Group, Inc.		5,440,711		0.9
	494,320		Fifth Third Bancorp		9,935,832		1.6
	86,230		First Republic Bank/San Francisco CA		5,696,354		0.9
	218,740		General Growth Properties, Inc.		5,951,915		1.0
	175,240		Hartford Financial Services Group, Inc.		7,615,930		1.2
	92,990		HCP, Inc.		3,555,938		0.6
	220,290		Huntington Bancshares, Inc.		2,436,407		0.4
	172,650		Invesco Ltd.		5,780,322		0.9
	287,150		Kimco Realty Corp.		7,597,989		1.2
	72,060		LaSalle Hotel Properties		1,813,030		0.3
	76,860		Legg Mason, Inc.		3,015,218		0.5
	266,930		Loews Corp.		10,250,112		1.6
	91,233		M&T Bank Corp.		11,055,615		1.8
	158,880		Marsh & McLennan Cos., Inc.		8,809,896		1.4
	62,060		Northern Trust Corp.		4,473,905		0.7
	150,342		Outfront Media, Inc.		3,281,966		0.5
	88,080		Progressive Corp.		2,800,944		0.5
	160,460		Rayonier, Inc.		3,562,212		0.6
	64,980		Regency Centers Corp.		4,426,438		0.7
	220,540		SunTrust Bank		9,447,934		1.5
	101,300		T. Rowe Price Group, Inc.		7,241,937		1.2
	177,890		Unum Group		5,921,958		1.0
	72,776		Vornado Realty Trust		7,274,689		1.2
	168,930		Weyerhaeuser Co.		5,064,521		0.8
	30,860		WP Carey, Inc.		1,820,740		0.3
	49,270		WR Berkley Corp.		2,697,532		0.4
	190,830		XL Group Plc		7,476,719		1.2
	69,220		Zions Bancorp.		1,889,706		0.3
					205,138,109		33.0

			Health Care: 5.4%
	77,710		AmerisourceBergen Corp.		8,059,304		1.3
	57,570		Cigna Corp.		8,424,218		1.4
	31,120	@	Henry Schein, Inc.		4,922,873		0.8
	46,780		Humana, Inc.		8,350,698		1.3
	32,780		Universal Health Services, Inc.		3,916,882		0.6
					33,673,975		5.4

			Industrials: 9.3%
	110,880		Ametek, Inc.		5,942,059		1.0
	80,430		Carlisle Cos., Inc.		7,133,337		1.1
	48,830	@	Equifax, Inc.		5,438,197		0.9
	109,850		Fortune Brands Home & Security, Inc.		6,096,675		1.0
	73,130		Hubbell, Inc.		7,389,055		1.2
	93,440		IDEX Corp.		7,158,438		1.1
	97,080		MSC Industrial Direct Co.		5,462,692		0.9
	67,520		Regal-Beloit Corp.		3,951,270		0.6
	165,905	@	Rexnord Corp.		3,006,199		0.5
	35,321		Snap-On, Inc.		6,055,079		1.0
					57,633,001		9.3

			Information Technology: 9.3%
	113,700		Amphenol Corp.		5,938,551		1.0
	106,680		Analog Devices, Inc.		5,901,538		0.9

VY^® JPMorgan Mid Cap Value
Portfolio

PORTFOLIO OF INVESTMENTS

as of December 31, 2015 (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Information Technology: (continued)
	179,610	@	Arrow Electronics, Inc.		9,731,270		1.6
	124,606	@	CommScope Holding Co., Inc.		3,226,049		0.5
	152,596		Jack Henry & Associates, Inc.		11,911,644		1.9
	59,690		KLA-Tencor Corp.		4,139,501		0.7
	28,100	@,L	Match Group, Inc.		380,755		0.1
	208,050	@	Synopsys, Inc.		9,489,161		1.5
	143,966		Xilinx, Inc.		6,762,083		1.1
					57,480,552		9.3

			Materials: 5.4%
	36,940		Airgas, Inc.		5,109,541		0.8
	69,898		Albemarle Corp.		3,914,987		0.6
	77,750		Ball Corp.		5,654,758		0.9
	18,620		Sherwin-Williams Co.		4,833,752		0.8
	148,045		Silgan Holdings, Inc.		7,952,977		1.3
	129,620		WestRock Co.		5,913,264		1.0
					33,379,279		5.4

			Utilities: 10.8%
	447,510		Centerpoint Energy, Inc.		8,216,284		1.3
	200,000		CMS Energy Corp.		7,216,000		1.2
	95,940		Edison International		5,680,607		0.9
	230,914		Energen Corp.		9,465,165		1.5
	80,730		National Fuel Gas Co.		3,451,207		0.6
	425,650		Questar Corp.		8,291,662		1.3
	40,900		Sempra Energy		3,845,009		0.6
	115,600		WEC Energy Group, Inc.		5,931,436		0.9
	184,520		Westar Energy, Inc.		7,825,493		1.3
	203,990		Xcel Energy, Inc.		7,325,281		1.2
					67,248,144		10.8

		Total Common Stock
		(Cost $512,997,428)			625,949,709		100.8

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.1%
		Securities Lending Collateral^cc: 1.8%
	2,149,083	BNP Paribas Bank, Repurchase Agreement dated 12/31/15, 0.31%, due 01/04/16 (Repurchase Amount $2,149,156, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-4.500%, Market Value plus accrued interest $2,192,065, due 06/09/16-05/20/45)		2,149,083		0.4
	2,689,559	Citigroup, Inc., Repurchase Agreement dated 12/31/15, 0.34%, due 01/04/16 (Repurchase Amount $2,689,659, collateralized by various U.S. Government Agency Obligations, 0.000%-11.500%, Market Value plus accrued interest $2,743,350, due 01/15/16-04/01/51)		2,689,559		0.4
	2,689,559	Millenium Fixed Income Ltd., Repurchase Agreement dated 12/31/15, 0.37%, due 01/04/16 (Repurchase Amount $2,689,668, collateralized by various U.S. Government Securities, 1.500%-3.625%, Market Value plus accrued interest $2,743,351, due 03/31/21-02/15/44)		2,689,559		0.4
	2,689,559	Nomura Securities, Repurchase Agreement dated 12/31/15, 0.33%, due 01/04/16 (Repurchase Amount $2,689,656, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $2,743,350, due 01/15/16-10/20/65)		2,689,559		0.4
	1,106,604	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/15, 0.41%, due 01/04/16 (Repurchase Amount $1,106,654, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $1,129,549, due 01/15/17-02/15/42)		1,106,604		0.2
				11,324,364		1.8

VY^® JPMorgan Mid Cap Value
Portfolio

PORTFOLIO OF INVESTMENTS

as of December 31, 2015 (continued)

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: (continued)

Mutual Funds: 0.3%

1,863,222

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.270%††

(Cost $1,863,222)

1,863,222

0.3

Total Short-Term Investments

(Cost $13,187,586)

13,187,586

2.1

Total Investments in Securities
(Cost $526,185,014)

639,137,295

102.9

Liabilities in Excess of Other Assets

(17,871,774

)

(2.9

)

Net Assets

621,265,521

100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of December 31, 2015.
@	Non-income producing security.
cc	Represents securities purchased with cash collateral received for securities on loan.
L	Loaned security, a portion or all of the security is on loan at December 31, 2015.

	Cost for federal income tax purposes is $527,325,111.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	151,428,286
Gross Unrealized Depreciation		(39,616,102	)

Net Unrealized Appreciation	$	111,812,184

VY^® Oppenheimer Global
Portfolio

PORTFOLIO OF INVESTMENTS

as of December 31, 2015

Shares				Value		Percentage of Net Assets
COMMON STOCK: 96.8%
			Brazil: 0.8%
	428,350	@	Embraer SA ADR		12,653,459		0.8

			China: 1.7%
	634,217	@	JD.com, Inc. ADR		20,463,012		1.3
	100,310	@,L	Qihoo 360 Technology Co. Ltd. ADR		7,303,571		0.4
					27,766,583		1.7

			Denmark: 0.3%
	127,522	L	FLSmidth & Co. A/S		4,430,752		0.3

			France: 4.6%
	183,818		LVMH Moet Hennessy Louis Vuitton SE		28,872,492		1.8
	112,560		Kering		19,245,047		1.2
	320,940		Societe Generale		14,789,683		0.9
	227,644	L	Technip S.A.		11,320,858		0.7
					74,228,080		4.6

			Germany: 7.4%
	163,361		Allianz SE		28,797,111		1.8
	185,954		Bayer AG		23,223,990		1.4
	577,566		Deutsche Bank AG		14,026,078		0.9
	87,228		Linde AG		12,600,890		0.8
	396,008		SAP SE		31,424,663		2.0
	80,225		Siemens AG		7,761,480		0.5
					117,834,212		7.4

			India: 3.2%
	10,626,808		DLF Ltd.		18,535,741		1.2
	2,515,850		ICICI Bank Ltd. ADR		19,699,105		1.2
	2,081,880		Zee Telefilms Ltd.		13,723,719		0.8
					51,958,565		3.2

			Italy: 1.5%
	4,230,895	@	Banca Monte dei Paschi di Siena SpA		5,600,946		0.4
	268,717	L	Brunello Cucinelli SpA		4,750,110		0.3
	302,841		Prysmian S.p.A.		6,616,848		0.4
	88,264	L	Tod's S.p.A.		6,966,130		0.4
					23,934,034		1.5

			Japan: 12.4%
	1,340,100		Dai-ichi Life Insurance Co., Ltd.		22,296,167		1.4
	63,600		Fanuc Ltd.		10,957,636		0.7
	962,100		KDDI Corp.		24,985,925		1.6
	47,751		Keyence Corp.		26,244,196		1.6
	379,600		Kyocera Corp.		17,628,827		1.1
	252,300		Murata Manufacturing Co., Ltd.		36,301,250		2.3
	330,900		Nidec Corp.		23,995,541		1.5
	26,500		Nintendo Co., Ltd.		3,644,018		0.2
	1,319,300		Nomura Holdings, Inc.		7,348,574		0.4
	452,700		Sumitomo Mitsui Financial Group, Inc.		17,085,373		1.1
	272,500		Suzuki Motor Corp.		8,279,590		0.5
					198,767,097		12.4

			Mexico: 0.5%
	94,472	@	Fomento Economico Mexicano SAB de CV ADR		8,724,489		0.5

			Netherlands: 2.3%
	543,083		Airbus Group SE		36,597,137		2.3

			Spain: 3.2%
	1,760,079		Banco Bilbao Vizcaya Argentaria S.A.		12,860,591		0.8
	883,343		Industria de Diseno Textil SA		30,346,641		1.9
	687,083		Repsol YPF S.A.		7,564,322		0.5
					50,771,554		3.2

			Sweden: 3.1%
	1,296,882		Assa Abloy AB		27,147,251		1.7
	2,379,402		Telefonaktiebolaget LM Ericsson		22,940,542		1.4
					50,087,793		3.1

			Switzerland: 5.1%
	877,446	@	Credit Suisse Group AG		18,901,910		1.2
	219,245		Nestle S.A.		16,275,708		1.0
	54,233		Roche Holding AG		15,028,421		1.0
	1,582,016		UBS Group AG		30,690,275		1.9
					80,896,314		5.1

			United Kingdom: 5.6%
	2,784,375	@	Circassia Pharmaceuticals Plc		13,106,466		0.8
	6,224,814	L	Earthport PLC		2,271,227		0.1
	480,187	@,L	International Game Technology PLC		7,769,426		0.5
	1,241,676		Prudential PLC		27,974,492		1.8
	148,570		Shire PLC		10,193,062		0.6
	667,635		Unilever PLC		28,636,476		1.8
					89,951,149		5.6

			United States: 45.1%
	147,760		3M Co.		22,258,566		1.4
	289,330	@,L	Acadia Pharmaceuticals, Inc.		10,314,615		0.6
	375,173	@	Adobe Systems, Inc.		35,243,752		2.2
	358,940		Aetna, Inc.		38,808,593		2.4
	46,230	@	Alphabet, Inc. - Class A		35,967,402		2.2
	47,957		Alphabet, Inc. - Class C		36,393,608		2.3
	193,280		Anthem, Inc.		26,950,963		1.7
	55,680	@	Biogen, Inc.		17,057,568		1.1
	123,910	@	BioMarin Pharmaceutical, Inc.		12,980,812		0.8
	113,250	@	Bluebird Bio, Inc.		7,272,915		0.5
	766,730	@,L	Celldex Therapeutics, Inc.		12,022,326		0.8
	28,940		Cigna Corp.		4,234,790		0.3
	662,210		Citigroup, Inc.		34,269,368		2.1
	107,470	@,L	Clovis Oncology, Inc.		3,761,450		0.2
	518,870		Colgate-Palmolive Co.		34,567,119		2.2
	624,570	@	eBay, Inc.		17,163,184		1.1
	223,440		Emerson Electric Co.		10,687,135		0.7
	277,620	@	Facebook, Inc.		29,055,709		1.8
	351,160		FNF Group		12,174,717		0.8
	212,960		Gilead Sciences, Inc.		21,549,422		1.3
	131,290		Goldman Sachs Group, Inc.		23,662,397		1.5
	8,350		Humana, Inc.		1,490,559		0.1

VY^® Oppenheimer Global
Portfolio

PORTFOLIO OF INVESTMENTS

as of December 31, 2015 (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			United States: (continued)
	304,760		Intuit, Inc.		29,409,340		1.8
	109,230	@,L	Ionis Pharmaceuticals, Inc.		6,764,614		0.4
	250,260	@	MacroGenics, Inc.		7,750,552		0.5
	836,080		Maxim Integrated Products		31,771,040		2.0
	87,150		McDonald's Corp.		10,295,901		0.6
	429,360		McGraw-Hill Cos., Inc.		42,326,309		2.6
	96,220		Medivation, Inc.		4,651,275		0.3
	624,570	@	PayPal Holdings, Inc.		22,609,434		1.4
	159,030		St. Jude Medical, Inc.		9,823,283		0.6
	2,493,850	@,L	SunEdison, Inc.		12,693,697		0.8
	100,411	@,L	Theravance Biopharma, Inc.		1,645,736		0.1
	240,720		Tiffany & Co.		18,364,529		1.1
	211,090		United Parcel Service, Inc. - Class B		20,313,191		1.3
	61,810	@	Vertex Pharmaceuticals, Inc.		7,777,552		0.5
	286,590		Walt Disney Co.		30,114,877		1.9
	166,470		Zimmer Biomet Holdings, Inc.		17,078,157		1.1
					721,276,457		45.1

		Total Common Stock
		(Cost $1,001,566,910)			1,549,877,675		96.8

PREFERRED STOCK: 1.9%
			Germany: 1.8%
	349,294		Bayerische Motoren Werke AG		29,223,948		1.8

			India: 0.1%
	50,809,899		Zee Entertainment Enterprises Ltd.		691,226		0.1

		Total Preferred Stock
		(Cost $13,137,519)			29,915,174		1.9

RIGHTS: 0.0%
			Spain: 0.0%
	687,083	@	Repsol SA		342,731		0.0

		Total Rights
		(Cost $349,653)			342,731		0.0

		Total Long-Term Investments
		(Cost $1,015,054,082)			1,580,135,580		98.7

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.5%
		Securities Lending Collateral^cc: 3.1%
	11,681,399	BNP Paribas Bank, Repurchase Agreement dated 12/31/15, 0.30%, due 01/04/16 (Repurchase Amount $11,681,783, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-5.500%, Market Value plus accrued interest $11,915,027, due 06/06/16-05/04/37)		11,681,399		0.8
	11,681,399	Citigroup, Inc., Repurchase Agreement dated 12/31/15, 0.34%, due 01/04/16 (Repurchase Amount $11,681,834, collateralized by various U.S. Government Agency Obligations, 0.000%-11.500%, Market Value plus accrued interest $11,915,027, due 01/15/16-04/01/51)		11,681,399		0.7
	9,333,582	HSBC Securities USA, Repurchase Agreement dated 12/31/15, 0.29%, due 01/04/16 (Repurchase Amount $9,333,879, collateralized by various U.S. Government Securities, 3.000%, Market Value plus accrued interest $9,520,280, due 11/15/44)		9,333,582		0.6
	11,681,399	Nomura Securities, Repurchase Agreement dated 12/31/15, 0.33%, due 01/04/16 (Repurchase Amount $11,681,821, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $11,915,027, due 01/15/16-10/20/65)		11,681,399		0.7

VY^® Oppenheimer Global
Portfolio

PORTFOLIO OF INVESTMENTS

as of December 31, 2015 (continued)

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: (continued)

Securities Lending Collateral^cc: (continued)

4,806,633

State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/15, 0.41%, due 01/04/16 (Repurchase Amount $4,806,849, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $4,906,296, due 01/15/17-02/15/42)

4,806,633

0.3

49,184,412

3.1

Value

Percentage

of Net

Assets

Mutual Funds: 1.4%

23,288,328

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.270%††

(Cost $23,288,328)

23,288,328

1.4

Total Short-Term Investments

(Cost $72,472,740)

72,472,740

4.5

Total Investments in Securities
(Cost $1,087,526,822)

1,652,608,320

103.2

Liabilities in Excess of Other Assets

(52,006,727

)

(3.2

)

Net Assets

1,600,601,593

100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of December 31, 2015.
@	Non-income producing security.
ADR	American Depositary Receipt
cc	Represents securities purchased with cash collateral received for securities on loan.
L	Loaned security, a portion or all of the security is on loan at December 31, 2015.

	Cost for federal income tax purposes is $1,099,378,453.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	629,223,136
Gross Unrealized Depreciation		(75,993,269	)

Net Unrealized Appreciation	$	553,229,867

VY^®Pioneer High Yield Portfolio

PORTFOLIO OF INVESTMENTS

as of December 31, 2015

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 83.2%
			Basic Materials: 2.6%
	50,000	#	Blue Cube Spinco, Inc., 9.750%, 10/15/23		54,187		0.1
	50,000	#	Blue Cube Spinco, Inc., 10.000%, 10/15/25		55,250		0.1
	225,000	#	Cliffs Natural Resources, Inc., 8.250%, 03/31/20		172,687		0.2
	375,000	#	Evolution Escrow Issuer LLC, 7.500%, 03/15/22		218,438		0.2
	195,000		Hexion US Finance Corp. / Hexion Nova Scotia Finance ULC, 8.875%, 02/01/18		138,450		0.1
	219,000		Hexion US Finance Corp. / Hexion Nova Scotia Finance ULC, 9.000%, 11/15/20		84,863		0.1
	60,000		Hexion US Finance Corp., 6.625%, 04/15/20		47,250		0.0
	300,000	#	IAMGOLD Corp., 6.750%, 10/01/20		190,500		0.2
	200,000	#	INEOS Group Holdings SA, 5.875%, 02/15/19		194,750		0.2
	155,000		Millar Western Forest Products Ltd., 8.500%, 04/01/21		81,375		0.1
	80,000	#	Prince Mineral Holding Corp., 11.500%, 12/15/19		58,000		0.1
	410,000		Resolute Forest Products, Inc., 5.875%, 05/15/23		300,325		0.3
	410,000		Tronox Finance LLC, 6.375%, 08/15/20		248,788		0.3
	120,000	#	Unifrax I LLC / Unifrax Holding Co., 7.500%, 02/15/19		107,400		0.1
	295,000		United States Steel Corp., 7.500%, 03/15/22		146,025		0.1
	240,000	#	WR Grace & Co-Conn, 5.125%, 10/01/21		243,000		0.2
	155,000		Xerium Technologies, Inc., 8.875%, 06/15/18		152,210		0.2
					2,493,498		2.6

			Communications: 12.0%
	200,000	#	Altice Financing SA, 6.625%, 02/15/23		198,000		0.2
	200,000	#	Altice US Finance I Corp., 5.375%, 07/15/23		201,000		0.2
	550,000		CCO Holdings LLC / CCO Holdings Capital Corp., 6.500%, 04/30/21		573,031		0.6
	210,000	#	CCOH Safari LLC, 5.750%, 02/15/26		211,050		0.2
	580,000		CenturyLink, Inc., 6.450%, 06/15/21		568,400		0.6
	155,000	#	CommScope Tech Finance LLC, 6.000%, 06/15/25		149,575		0.2
	115,000	#	CommScope, Inc., 5.500%, 06/15/24		109,681		0.1
	120,000	#	CommScope, Inc., 5.000%, 06/15/21		115,500		0.1
	330,000	#	DigitalGlobe, Inc., 5.250%, 02/01/21		278,850		0.3
	400,000		Equinix, Inc., 5.375%, 01/01/22		412,000		0.4
	195,000		Equinix, Inc., 5.375%, 04/01/23		199,875		0.2
	245,000		Finisar Corp., 0.500%, 12/15/33		228,156		0.2
	50,000	#	FireEye, Inc., 1.000%, 06/01/35		42,781		0.0
	50,000	#	FireEye, Inc., 1.625%, 06/01/35		40,344		0.0
	218,000		Frontier Communications Corp., 8.500%, 04/15/20		219,090		0.2
	555,000		Frontier Communications Corp., 8.750%, 04/15/22		516,150		0.5
	65,000	#	Frontier Communications Corp., 8.875%, 09/15/20		65,975		0.1
	65,000	#	Frontier Communications Corp., 10.500%, 09/15/22		64,756		0.1
	200,000		Intelsat Luxembourg SA, 7.750%, 06/01/21		94,000		0.1
	275,000		Liberty Media Corp., 1.375%, 10/15/23		270,703		0.3
	465,500		McGraw-Hill School Educcation, 6.250%, 12/17/19		458,518		0.5
	270,000	#	MDC Partners, Inc., 6.750%, 04/01/20		279,112		0.3
	85,000	#	MPL 2 Acquisition Canco, Inc., 9.875%, 08/15/18		88,613		0.1
	125,000		NeuStar, Inc., 4.500%, 01/15/23		100,750		0.1
	200,000	#	Numericable Group SA, 6.000%, 05/15/22		194,500		0.2
	350,000		Quebecor Media, Inc., 5.750%, 01/15/23		353,938		0.4
	480,000		Shutterfly, Inc., 0.250%, 05/15/18		465,000		0.5
	170,000	#	Sirius XM Radio, Inc., 4.625%, 05/15/23		167,238		0.2
	1,670,000		Sprint Corp., 7.250%, 09/15/21		1,248,325		1.3
	245,000	#	Taylor Morrison Communities, Inc. / Monarch Communities, Inc., 5.625%, 03/01/24		236,425		0.2
	425,000		TEGNA, Inc., 6.375%, 10/15/23		449,437		0.5
	70,000		T-Mobile USA, Inc., 6.500%, 01/15/24		71,575		0.1
	100,000		T-Mobile USA, Inc., 6.500%, 01/15/26		101,199		0.1
	100,000		T-Mobile USA, Inc., 6.633%, 04/28/21		104,750		0.1
	155,000		Twitter, Inc., 0.250%, 09/15/19		132,428		0.1

VY^® Pioneer High Yield Portfolio

PORTFOLIO OF INVESTMENTS

as of December 31, 2015 (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Communications: (continued)
	58,291		Univision Communications, Inc., 4.000%, 03/01/20		57,174		0.1
	160,000	#	Univision Communications, Inc., 5.125%, 02/15/25		152,400		0.2
	269,328		Virgin Media Investment Holding Ltd., 3.500%, 06/30/23		264,054		0.3
	315,000		WebMD Health Corp., 1.500%, 12/01/20		353,391		0.4
	600,000		WebMD Health Corp., 2.500%, 01/31/18		620,250		0.6
	279,348		West Corp., 3.250%, 06/30/18		275,158		0.3
	375,000		Windstream Corp., 6.375%, 08/01/23		271,406		0.3
	360,000		Windstream Corp., 7.500%, 06/01/22		277,650		0.3
	200,000		Windstream Corp., 7.750%, 10/15/20		169,250		0.2
					11,451,458		12.0

			Consumer, Cyclical: 11.4%
	245,000		Allegion US Holding Co., Inc., 5.750%, 10/01/21		249,287		0.3
	335,000		Asbury Automotive Group, Inc., 6.000%, 12/15/24		347,562		0.4
	300,000	#	Brookfield Residential Properties, Inc., 6.500%, 12/15/20		290,625		0.3
	342,250		Camping World, 5.750%, 02/20/20		340,111		0.3
	285,000		DR Horton, Inc., 5.750%, 08/15/23		305,235		0.3
	315,000	#	DriveTime Automotive Group, Inc. / DT Acceptance Corp., 8.000%, 06/01/21		281,925		0.3
	173,022		Federal Mogul Corp., 4.750%, 12/27/15		153,038		0.2
	100,000		Ferrellgas L.P. / Ferrellgas Finance Corp., 6.500%, 05/01/21		85,500		0.1
	375,000		Ferrellgas L.P. / Ferrellgas Finance Corp., 6.750%, 01/15/22		317,812		0.3
	345,000		Global Partners L.P. / GLP Finance Corp., 6.250%, 07/15/22		277,725		0.3
	265,000		Global Partners L.P. / GLP Finance Corp., 7.000%, 06/15/23		218,625		0.2
	300,000		Group 1 Automotive, Inc., 5.000%, 06/01/22		298,500		0.3
	380,000		Jarden Corp., 1.125%, 03/15/34		468,112		0.5
	406,000	#	JLL/Delta Dutch Newco BV, 7.500%, 02/01/22		397,372		0.4
	650,000		KB Home, 1.375%, 02/01/19		584,594		0.6
	400,000		KB Home, 7.000%, 12/15/21		396,500		0.4
	245,000		KB Home, 7.500%, 09/15/22		245,000		0.3
	98,987		Landrys, Inc., 4.000%, 04/24/18		98,632		0.1
	250,000		Lennar Corp., 4.500%, 06/15/19		255,469		0.3
	465,000		Lennar Corp., 4.750%, 11/15/22		463,372		0.5
	100,000		LKQ Corp., 4.750%, 05/15/23		94,250		0.1
	310,000		MDC Holdings, Inc., 5.500%, 01/15/24		314,650		0.3
	145,000		Meritage Homes Corp., 7.000%, 04/01/22		152,613		0.2
	300,000	#	NCL Corp. Ltd., 5.250%, 11/15/19		306,000		0.3
	200,000	#	Nexteer Automotive Group Ltd., 5.875%, 11/15/21		205,000		0.2
	665,000		Outerwall, Inc., 5.875%, 06/15/21		548,625		0.6
	270,000		Regal Entertainment Group, 5.750%, 02/01/25		261,563		0.3
	150,000		Regal Entertainment Group, 5.750%, 03/15/22		150,563		0.1
	330,000		Ryland Group, Inc., 0.250%, 06/01/19		296,794		0.3
	130,000		Ryland Group, Inc., 5.375%, 10/01/22		131,300		0.1
	185,000	#	Sabre GLBL, Inc., 5.250%, 11/15/23		183,844		0.2
	150,000		Scientific Games International, Inc., 6.250%, 09/01/20		71,250		0.1
	1,315,000		Scientific Games International, Inc., 10.000%, 12/01/22		940,225		1.0
	75,000	#	Shea Homes L.P. / Shea Homes Funding Corp., 5.875%, 04/01/23		77,250		0.1
	235,000		CalAtlantic Group, Inc., 1.250%, 08/01/32		262,025		0.3
	427,802		Tower Automotive Holdings - TL B 1L, 4.000%, 04/17/20		410,690		0.4
	245,000	#	Viking Cruises Ltd., 8.500%, 10/15/22		233,363		0.2
	160,000	#	ZF North America Capital, Inc., 4.750%, 04/29/25		153,000		0.2
					10,868,001		11.4

			Consumer, Non-cyclical: 18.3%
	116,032		AdvancePierre Foods - TL L, 5.750%, 07/10/17		116,003		0.1
	140,000		Alere, Inc., 3.000%, 05/15/16		145,425		0.2
	570,000		Alliance One International, Inc., 9.875%, 07/15/21		421,087		0.4
	155,000		Ascent Capital Group, Inc., 4.000%, 07/15/20		102,009		0.1
	69,612		BioScrip, Inc. - TL B DD, 6.500%, 07/31/20		63,782		0.1
	119,732		BioScrip, Inc. - TL B, 6.500%, 07/31/20		109,704		0.1
	225,000		BioScrip, Inc., 8.875%, 02/15/21		180,000		0.2
	115,000		BioMarin Pharmaceutical, Inc., 1.500%, 10/15/20		154,244		0.2
	215,000	#	C&S Group Enterprises LLC, 5.375%, 07/15/22		194,575		0.2

VY^® Pioneer High Yield Portfolio

PORTFOLIO OF INVESTMENTS

as of December 31, 2015 (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Non-cyclical: (continued)
	490,000		Cardtronics, Inc., 1.000%, 12/01/20		457,231		0.5
	120,000		Carriage Services, Inc., 2.750%, 03/15/21		141,975		0.1
	225,000	#	Cenveo Corp., 6.000%, 08/01/19		159,750		0.2
	290,000		Cepheid, 1.250%, 02/01/21		259,006		0.3
	67,000		Chiquita Brands International, Inc. / Chiquita Brands LLC, 7.875%, 02/01/21		70,434		0.1
	70,000		CHS/Community Health Systems, Inc., 6.875%, 02/01/22		66,762		0.1
	870,000		CHS/Community Health Systems, Inc., 8.000%, 11/15/19		880,875		0.9
	375,000	#	Cimpress NV, 7.000%, 04/01/22		361,406		0.4
	225,000		Constellation Brands, Inc., 3.750%, 05/01/21		226,125		0.2
	275,000		Constellation Brands, Inc., 4.250%, 05/01/23		275,687		0.3
	305,000	#	Constellis Holdings LLC / Constellis Finance Corp., 9.750%, 05/15/20		251,625		0.3
	430,000		Del Monte Foods Company, 8.250%, 07/26/21		354,033		0.4
	310,000	#	Dole Food Co., Inc., 7.250%, 05/01/19		307,675		0.3
	32,000		DynCorp International, Inc., 10.375%, 07/01/17		23,840		0.0
	411,000		Emergent Biosolutions, Inc., 2.875%, 01/15/21		567,437		0.6
	315,000	#	Endo Finance LLC, 5.750%, 01/15/22		307,125		0.3
	140,000	#	Endo Finance LLC, 5.875%, 01/15/23		137,900		0.1
	180,000		Endologix, Inc., 2.250%, 12/15/18		146,362		0.2
	115,000		Endologix, Inc., 3.250%, 11/01/20		125,278		0.1
	250,000	#	FAGE Dairy Industry SA / FAGE USA Dairy Industry, Inc., 9.875%, 02/01/20		260,469		0.3
	350,000		FTI Consulting, Inc., 6.000%, 11/15/22		367,937		0.4
	270,000		H&E Equipment Services, Inc., 7.000%, 09/01/22		265,950		0.3
	250,000	#,&	Igloo Holdings Corp., 8.250%, 12/15/17		250,237		0.3
	120,000	#	Immunomedics, Inc., 4.750%, 02/15/20		95,775		0.1
	390,000	#	Impax Laboratories, Inc., 2.000%, 06/15/22		384,150		0.4
	490,000		Insulet Corp., 2.000%, 06/15/19		508,681		0.5
	290,000	#	Ironwood Pharmaceuticals, Inc., 2.250%, 06/15/22		271,512		0.3
	200,000		Jazz Investments I Ltd., 1.875%, 08/15/21		210,250		0.2
	255,000		Kindred Healthcare, Inc., 6.375%, 04/15/22		212,606		0.2
	240,000		Kindred Healthcare, Inc., 8.000%, 01/15/20		225,600		0.2
	333,325		Lantheus Medical Imaging, Inc. - TL B 1L, 7.000%, 06/30/22		306,659		0.3
	205,000	#	Medicines Co, 2.500%, 01/15/22		260,863		0.3
	144,041		Metaldyne LLC, 3.750%, 10/08/21		142,720		0.1
	205,000	#	Molina Healthcare, Inc., 5.375%, 11/15/22		205,513		0.2
	100,000		Monitronics International, Inc., 9.125%, 04/01/20		79,750		0.1
	124,000		NuVasive, Inc., 2.750%, 07/01/17		169,803		0.2
	238,000		PDL BioPharma, Inc., 4.000%, 02/01/18		191,739		0.2
	260,000	#	Post Holdings, Inc., 6.000%, 12/15/22		255,775		0.3
	100,000	#	Post Holdings, Inc., 6.750%, 12/01/21		102,250		0.1
	550,000		Post Holdings, Inc., 7.375%, 02/15/22		575,438		0.6
	100,000	#	Post Holdings, Inc., 7.750%, 03/15/24		105,000		0.1
	245,000		Quidel Corp., 3.250%, 12/15/20		238,722		0.2
	255,000	#	Quintiles Transnational Corp., 4.875%, 05/15/23		257,550		0.3
	155,000		Rent-A-Center, Inc./TX, 4.750%, 05/01/21		116,638		0.1
	250,000		Revlon Consumer Products Corp., 5.750%, 02/15/21		243,125		0.3
	100,000		Reynolds Group Issuer, Inc., 5.750%, 10/15/20		101,969		0.1
	235,000		Reynolds Group Issuer, Inc., 8.250%, 02/15/21		227,363		0.2
	335,000		Reynolds Group Issuer, Inc., 8.500%, 05/15/18		331,650		0.3
	265,000		Reynolds Group Issuer, Inc., 9.875%, 08/15/19		267,319		0.3
	165,000	#	Safway Group Holding LLC / Safway Finance Corp., 7.000%, 05/15/18		165,413		0.2
	465,000	#	Sothebys, 5.250%, 10/01/22		425,475		0.4
	255,000	#	Southern States Cooperative, Inc., 10.000%, 08/15/21		221,850		0.2
	202,815		Surgical Care Affiliates, Inc. - TL B 1L, 4.250%, 03/17/22		202,181		0.2
	480,000		Theravance, Inc., 2.125%, 01/15/23		361,500		0.4
	440,000		Truven Health Analytics, Inc., 10.625%, 06/01/20		444,400		0.5
	275,000		Universal Hospital Services, Inc., 7.625%, 08/15/20		259,531		0.3
	905,000	#	VRX Escrow Corp., 5.875%, 05/15/23		812,238		0.9
	480,000		WellCare Health Plans, Inc., 5.750%, 11/15/20		496,200		0.5
	220,000	#	Wright Medical Group, Inc., 2.000%, 02/15/20		228,663		0.2
					17,457,819		18.3

VY^® Pioneer High Yield Portfolio

PORTFOLIO OF INVESTMENTS

as of December 31, 2015 (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Diversified: 0.2%
	230,000	#	Argos Merger Sub, Inc., 7.125%, 03/15/23		228,620		0.2

			Energy: 9.9%
	175,000		Antero Resources Corp., 6.000%, 12/01/20		147,000		0.2
	350,000		Approach Resources, Inc., 7.000%, 06/15/21		126,000		0.1
	235,000		Berry Petroleum Co., 6.375%, 09/15/22		58,162		0.1
	185,000		Bonanza Creek Energy, Inc., 5.750%, 02/01/23		97,125		0.1
	350,000		Calumet Specialty Products Partners L.P. / Calumet Finance Corp., 6.500%, 04/15/21		306,250		0.3
	175,000	#	Calumet Specialty Products Partners L.P. / Calumet Finance Corp., 7.750%, 04/15/23		149,625		0.2
	140,000		Chaparral Energy, Inc., 8.250%, 09/01/21		34,300		0.0
	173,000	#	Chesapeake Energy Corp., 8.000%, 12/15/22		85,635		0.1
	515,000		Cobalt International Energy, Inc., 2.625%, 12/01/19		293,872		0.3
	335,000		Comstock Resources, Inc., 7.750%, 04/01/19		51,925		0.1
	200,000		Concho Resources, Inc., 5.500%, 04/01/23		186,000		0.2
	210,000	#	ContourGlobal Power Holdings SA, 7.125%, 06/01/19		200,025		0.2
	115,000		Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 6.000%, 12/15/20		85,100		0.1
	270,000		Denbury Resources, Inc., 4.625%, 07/15/23		88,258		0.1
	300,000		Denbury Resources, Inc., 5.500%, 05/01/22		101,094		0.1
	195,000		EP Energy LLC / Everest Acquisition Finance, Inc., 6.375%, 06/15/23		98,475		0.1
	275,000		EP Energy, LLC, 7.750%, 09/01/22		141,625		0.2
	255,000		EPL Oil & Gas, Inc., 8.250%, 02/15/18		68,850		0.1
	510,000		Archrock Partners L.P. / Archrock Partners Finance Corp., 6.000%, 04/01/21		422,025		0.4
	2,000		Green Field Energy Services, Inc. - escrow, 11/15/16		–		–
	380,000		Gulfport Energy Corp., 7.750%, 11/01/20		342,000		0.4
	131,000	#	Halcon Resources Corp., 12.000%, 02/15/22		86,460		0.1
	90,000	#	Hiland Partners L.P. / Hiland Partners Finance Corp., 5.500%, 05/15/22		86,569		0.1
	170,000	#	Hiland Partners L.P. / Hiland Partners Finance Corp., 7.250%, 10/01/20		171,912		0.2
	285,000	#	Hilcorp Energy I L.P. / Hilcorp Finance Co., 5.750%, 10/01/25		249,375		0.3
	200,000		Holly Energy Partners L.P. / Holly Energy Finance Corp., 6.500%, 03/01/20		199,000		0.2
	250,380		Jonah Energy, 7.500%, 05/12/21		157,739		0.2
	200,000		Legacy Reserves L.P. / Legacy Reserves Finance Corp., 6.625%, 12/01/21		43,000		0.0
	207,000	#	Linn Energy LLC / Linn Energy Finance Corp., 12.000%, 12/15/20		105,570		0.1
	110,000		Linn Energy LLC / Linn Energy Finance Corp., 6.250%, 11/01/19		18,700		0.0
	345,000		MarkWest Energy Partners L.P. / MarkWest Energy Finance Corp., 4.875%, 06/01/25		310,500		0.3
	180,000		Memorial Production Partners L.P. / Memorial Production Finance Corp., 6.875%, 08/01/22		54,900		0.1
	200,000		Memorial Production Partners L.P. / Memorial Production Finance Corp., 7.625%, 05/01/21		61,000		0.1
	200,000		Midstates Petroleum Co., Inc. / Midstates Petroleum Co. LLC, 9.250%, 06/01/21		24,000		0.0
	250,000		Murphy Oil USA, Inc., 6.000%, 08/15/23		263,750		0.3
	585,000		Noble Energy, Inc., 5.625%, 05/01/21		572,888		0.6
	240,000		Noble Energy, Inc., 5.875%, 06/01/22		228,610		0.2
	170,000		Northern Oil and Gas, Inc., 8.000%, 06/01/20		113,900		0.1
	245,000		ONEOK, Inc., 7.500%, 09/01/23		204,575		0.2
	240,000		PDC Energy, Inc., 7.750%, 10/15/22		231,600		0.2
	285,000		Penn Virginia Corp., 8.500%, 05/01/20		46,312		0.1
	275,000		Range Resources Corp., 5.000%, 03/15/23		206,250		0.2
	210,000		Rice Energy, Inc., 6.250%, 05/01/22		152,250		0.2
	325,000		Sabine Pass Liquefaction LLC, 5.625%, 02/01/21		300,625		0.3
	155,000		Sabine Pass Liquefaction LLC, 5.750%, 05/15/24		135,625		0.1
	360,000		Sanchez Energy Corp., 7.750%, 06/15/21		221,400		0.2
	136,000		SandRidge Energy, Inc., 8.125%, 10/16/22		26,775		0.0
	130,000		SEACOR Holdings, Inc., 3.000%, 11/15/28		103,675		0.1
	360,000		SolarCity Corp., 1.625%, 11/01/19		292,500		0.3
	200,000		Swift Energy Co., 7.875%, 03/01/22		17,000		0.0

VY^® Pioneer High Yield Portfolio

PORTFOLIO OF INVESTMENTS

as of December 31, 2015 (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Energy: (continued)
	175,000		Swift Energy Co., 8.875%, 01/15/20		14,875		0.0
	130,000		Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.250%, 11/15/23		100,750		0.1
	190,000		Targa Resources Partners L.P., 6.375%, 08/01/22		164,825		0.2
	110,000	#	TerraForm Power Operating LLC, 5.875%, 02/01/23		91,575		0.1
	300,000		Tesoro Corp., 5.375%, 10/01/22		301,875		0.3
	155,000		Unit Corp., 6.625%, 05/15/21		112,375		0.1
	210,000		Vanguard Natural Resources, LLC, 7.875%, 04/01/20		56,700		0.1
	295,000		Western Refining Logistics L.P. / WNRL Finance Corp., 7.500%, 02/15/23		283,200		0.3
	260,000	#	Whiting Petroleum Corp., 1.250%, 04/01/20		178,100		0.2
	150,000		WPX Energy, Inc., 7.500%, 08/01/20		122,250		0.1
	235,000		WPX Energy, Inc., 8.250%, 08/01/23		188,588		0.2
					9,384,919		9.9

			Financial: 10.9%
	218,276	#,&	AAF Holdings LLC/AAF Finance Co., 12.000%, 07/01/19		207,362		0.2
	72,125		Alliant Holdings I LLC, 4.500%, 08/12/22		70,750		0.1
	300,000		Ally Financial, Inc., 4.625%, 03/30/25		297,000		0.3
	200,000		Ally Financial, Inc., 4.625%, 05/19/22		201,500		0.2
	305,000		Ally Financial, Inc., 5.750%, 11/20/25		309,575		0.3
	300,000	#	Ausdrill Finance Pty Ltd., 6.875%, 11/01/19		216,000		0.2
	325,000		Bank of America Corp., 6.250%, 09/29/49		326,219		0.3
	375,000		Bank of America Corp., 6.500%, 10/29/49		395,625		0.4
	325,000		Capital One Financial Corp., 5.550%, 12/29/49		324,187		0.3
	175,000		Citigroup, Inc., 5.900%, 12/29/49		172,375		0.2
	190,000		CNO Financial Group, Inc., 4.500%, 05/30/20		194,275		0.2
	311,914		Confie Seguros Holding II - TL 1L, 5.750%, 11/08/18		308,015		0.3
	400,000		DuPont Fabros Technology L.P., 5.875%, 09/15/21		418,000		0.4
	140,000	#	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 04/01/21		143,500		0.2
	400,000		Fly Leasing Ltd, 6.375%, 10/15/21		399,500		0.4
	250,000	#	Galileo Re Ltd., 7.598%, 01/09/19		252,687		0.3
	480,000		Geo Group, Inc./The, 5.875%, 10/15/24		468,000		0.5
	300,000		Iron Mountain, Inc., 5.750%, 08/15/24		290,625		0.3
	250,000		Kennedy-Wilson, Inc., 5.875%, 04/01/24		241,875		0.3
	250,000	#	Kilimanjaro Re Ltd., 4.703%, 04/30/18		247,637		0.3
	250,000	#	Kilimanjaro Re Ltd., 9.250%, 12/06/19		251,912		0.3
	285,000		MJ Acquisition Corp., 9.000%, 05/08/23		279,471		0.3
	350,000		Morgan Stanley, 5.550%, 12/29/49		350,437		0.4
	300,000		MPT Operating Partnership L.P. / MPT Finance Corp., 5.500%, 05/01/24		300,000		0.3
	220,000		Nationstar Mortgage LLC / Nationstar Capital Corp., 6.500%, 06/01/22		191,125		0.2
	575,000		Nationstar Mortgage LLC / Nationstar Capital Corp., 6.500%, 07/01/21		511,031		0.5
	100,000		Nationstar Mortgage LLC / Nationstar Capital Corp., 6.500%, 08/01/18		97,500		0.1
	125,000		Ocwen Financial Corp., 6.625%, 05/15/19		110,625		0.1
	435,000	#	Provident Funding Associates L.P. / PFG Finance Corp., 6.750%, 06/15/21		423,038		0.4
	250,000	#	Queen Street VII Re Ltd., 8.803%, 04/08/16		251,931		0.3
	250,000	#	Residential Reinsurance 2012 Ltd., 5.953%, 12/06/18		254,213		0.3
	250,000	#	Residential Reinsurance 2012 Ltd., 12.953%, 12/06/18		261,763		0.3
	400,000		Royal Bank of Scotland Group PLC, 8.000%, 12/29/49		424,000		0.4
	250,000	#	Sanders Re Ltd., 4.203%, 05/05/17		250,213		0.3
	210,000	#	TMX Finance LLC / TitleMax Finance Corp., 8.500%, 09/15/18		157,500		0.2
	525,000		United Rentals North America, Inc., 5.750%, 11/15/24		522,375		0.5
	250,000		Wells Fargo & Co., 5.875%, 12/31/49		263,438		0.3
					10,385,279		10.9

			Industrial: 10.1%
	105,000		AECOM, 5.750%, 10/15/22		108,544		0.1
	105,000		AECOM, 5.875%, 10/15/24		107,494		0.1
	350,000		AEP Industries, Inc., 8.250%, 04/15/19		361,375		0.4
	150,000	#	Aguila 3 SA, 7.875%, 01/31/18		150,937		0.2
	208,587	#,&	American Energy - Utica LLC, 3.500%, 03/01/21		7,301		0.0
	345,000	#	Amsted Industries, Inc., 5.000%, 03/15/22		346,725		0.4

VY^® Pioneer High Yield Portfolio

PORTFOLIO OF INVESTMENTS

as of December 31, 2015 (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Industrial: (continued)
	397,535	#,&	Ardagh Finance Holdings SA, 8.625%, 06/15/19		393,806		0.4
	35,294	#	Ardagh Packaging Finance PLC, 7.000%, 11/15/20		34,853		0.0
	250,000	#	Aviation Capital Group Corp., 6.750%, 04/06/21		280,312		0.3
	325,000		Ball Corp., 4.000%, 11/15/23		311,594		0.3
	575,000		Ball Corp., 5.250%, 07/01/25		590,094		0.6
	350,000	#	BC Mountain LLC / BC Mountain Finance, Inc., 7.000%, 02/01/21		271,250		0.3
	85,000	#	Belden, Inc., 5.250%, 07/15/24		78,625		0.1
	195,000	#	Belden, Inc., 5.500%, 09/01/22		188,662		0.2
	50,000	#	Beverage Packaging Holdings Luxembourg II SA / Beverage Packaging Holdings II Is, 6.000%, 06/15/17		48,562		0.1
	305,000	#	Cleaver-Brooks, Inc., 8.750%, 12/15/19		295,850		0.3
	300,000	#	Coveris Holding Corp., 10.000%, 06/01/18		286,500		0.3
	640,000		Crown Cork & Seal Co., Inc., 7.375%, 12/15/26		691,200		0.7
	100,000		Darling Ingredients, Inc., 5.375%, 01/15/22		98,875		0.1
	250,000	#	Dycom Industries, Inc., 0.750%, 09/15/21		246,875		0.3
	31,582		Filtration Group, Inc., 8.250%, 11/22/21		30,727		0.0
	270,000	#	Florida East Coast Holdings Corp., 6.750%, 05/01/19		247,725		0.3
	100,000		GCI, Inc., 6.750%, 06/01/21		102,000		0.1
	744,000		General Cable Corp., 4.500%, 11/15/29		458,955		0.5
	300,000		Golar LNG Ltd., 3.750%, 03/07/17		280,020		0.3
	505,000		Griffon Corp., 5.250%, 03/01/22		483,537		0.5
	115,000		IAC/InterActiveCorp, 4.875%, 11/30/18		115,719		0.1
	175,000	#	Intrepid Aviation Group Holdings LLC / Intrepid Finance Co., 6.875%, 02/15/19		144,375		0.2
	310,000	#	JB Poindexter & Co., Inc., 9.000%, 04/01/22		325,500		0.3
	335,000	#	JMC Steel Group, 8.250%, 03/15/18		223,613		0.2
	114,328	#,&	Liberty Tire Recycling LLC, 11.000%, 03/31/21		70,598		0.1
	575,000	#	NANA Development Corp., 9.500%, 03/15/19		508,875		0.5
	400,000	#	Rentech Nitrogen Partners L.P. / Rentech Nitrogen Finance Corp., 6.500%, 04/15/21		390,000		0.4
	400,000	#	Rexel SA, 5.250%, 06/15/20		414,000		0.4
	190,000		SunPower Corp., 0.875%, 06/01/21		166,013		0.2
	200,000	#	Syncreon Group BV / Syncreon Global Finance US, Inc., 8.625%, 11/01/21		158,000		0.2
	125,000		Triumph Group, Inc., 5.250%, 06/01/22		101,250		0.1
	100,000	#	Videotron Ltd., 5.375%, 06/15/24		100,750		0.1
	545,000		Vishay Intertechnology, Inc., 2.250%, 05/15/41		419,309		0.4
					9,640,400		10.1

			Technology: 5.5%
	150,000		Advanced Micro Devices, Inc., 6.750%, 03/01/19		109,500		0.1
	160,000		Advanced Micro Devices, Inc., 7.500%, 08/15/22		109,600		0.1
	150,000	#	Audatex North America, Inc., 6.000%, 06/15/21		151,687		0.1
	215,000	#	Brocade Communications Systems, Inc., 1.375%, 01/01/20		206,937		0.2
	210,000		Brocade Communications Systems, Inc., 4.625%, 01/15/23		200,550		0.2
	150,000		Citrix Systems, Inc., 0.500%, 04/15/19		163,875		0.2
	375,000	#	Entegris, Inc., 6.000%, 04/01/22		381,094		0.4
	74,083		Expert Global Solutions, Inc., 8.500%, 04/03/18		73,712		0.1
	420,000	#	First Data Corp., 5.750%, 01/15/24		414,750		0.4
	155,000	#	First Data Corp., 7.000%, 12/01/23		155,388		0.2
	510,000		j2 Global, Inc., 8.000%, 08/01/20		535,500		0.6
	145,000		KEYW Holding Corp., 2.500%, 07/15/19		108,297		0.1
	250,000		MedAssets, Inc., 8.000%, 11/15/18		255,000		0.3
	395,000		Mentor Graphics Corp., 4.000%, 04/01/31		413,516		0.4
	315,000	#	Micron Technology, Inc., 5.250%, 08/01/23		284,288		0.3
	250,000	#	MSCI, Inc., 5.250%, 11/15/24		254,375		0.3
	265,000		NCR Corp., 5.000%, 07/15/22		258,044		0.3
	160,000		NCR Corp., 6.375%, 12/15/23		158,200		0.2
	69,000	#	Nuance Communications, Inc., 1.000%, 12/15/35		66,714		0.1
	162,000		Nuance Communications, Inc., 1.500%, 11/01/35		174,656		0.2
	375,000	#	ON Semiconductor Corp., 1.000%, 12/01/20		351,094		0.4
	197,500		SkillSoft, 5.750%, 04/28/21		154,050		0.1
	180,000		Synchronoss Technologies, Inc., 0.750%, 08/15/19		181,800		0.2

VY^® Pioneer High Yield Portfolio

PORTFOLIO OF INVESTMENTS

as of December 31, 2015 (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Technology: (continued)
	47,774		Vertafore, Inc., 4.250%, 07/31/16		47,433		0.0
					5,210,060		5.5

			Utilities: 2.3%
	505,000		AES Corp., 4.875%, 05/15/23		444,400		0.5
	100,000		AES Corp., 5.500%, 03/15/24		89,750		0.1
	350		AES Red Oak, LLC, 8.540%, 11/30/19		366		0.0
	675,000		NRG Energy, Inc., 6.250%, 05/01/24		570,510		0.6
	150,000		NRG Energy, Inc., 6.250%, 07/15/22		130,875		0.1
	275,000		NRG Energy, Inc., 7.625%, 01/15/18		288,063		0.3
	540,000	#	Talen Energy Supply LLC, 5.125%, 07/15/19		407,700		0.4
	345,000	#	Talen Energy Supply LLC, 6.500%, 06/01/25		229,425		0.3

					2,161,089		2.3

		Total Corporate Bonds/Notes
		(Cost $88,828,204)			79,281,143		83.2

COLLATERALIZED MORTGAGE OBLIGATIONS: 1.0%
	1,000,000	#	Timberstar Trust, 7.530%, 10/15/36		1,008,890		1.0

		Total Collateralized Mortgage Obligations
		(Cost $1,007,921)			1,008,890		1.0

FOREIGN GOVERNMENT BONDS: 0.0%
	13,615	&	Mashantucket Western Pequot Tribe, 2.000%, 07/01/36		75		0.0

		Total Foreign Government Bonds
		(Cost $518)			75		0.0

Shares				Value		Percentage of Net Assets
COMMON STOCK: 6.5%
			Consumer Discretionary: 1.1%
	3,636	@	Cengage Learning Holdings II L.P.		83,628		0.1
	50,408		Ford Motor Co.		710,249		0.7
	5,043		Starbucks Corp.		302,731		0.3
					1,096,608		1.1

			Energy: 0.3%
	20	@	Green Field Energy Service, Inc.		–		–
	25,289		Halcon Resources Corp.		31,864		0.0
	6,900		Marathon Oil Corp.		86,871		0.1
	3,743		Marathon Petroleum Corp.		194,037		0.2
	11,755	@	SandRidge Energy, Inc.		2,351		0.0
					315,123		0.3

			Financials: 1.1%
	1,252		Capital One Financial Corp.		90,369		0.1
	5,760	@	Communications Sales & Leasing, Inc.		107,655		0.1
	35,040	@	Forest City Enterprises, Inc.		768,427		0.8
	1,630		JPMorgan Chase & Co.		107,629		0.1
	1,476	#,@	Perseus Holding Corp.		–		–
					1,074,080		1.1

			Health Care: 1.8%
	2,690		Aetna, Inc.		290,843		0.3
	15,129	@	BioScrip, Inc.		26,476		0.0
	1,274		Bio-Rad Laboratories, Inc.		176,653		0.2
	2,670		Cigna Corp.		390,701		0.4
	4,020	@	Mylan NV		217,361		0.3
	4,129		Thermo Fisher Scientific, Inc.		585,699		0.6
					1,687,733		1.8

			Industrials: 0.8%
	123	@	Ceva Holdings LLC		55,508		0.1
	19,600	@	Commercial Vehicle Group, Inc.		54,096		0.1
	9,985		General Cable Corp.		134,098		0.1
	3,055		Joy Global, Inc.		38,524		0.0
	5,449		Kennametal, Inc.		104,621		0.1
	5,836	@	Liberty Tire Recycling		–		–
	1,224		Orbital ATK, Inc.		109,352		0.1
	4,490	@	United Continental Holdings, Inc.		257,277		0.3
					753,476		0.8

			Information Technology: 0.8%
	5,800		EMC Corp.		148,944		0.2
	13,491	@	NCR Corp.		329,990		0.3
	3,986		TE Connectivity Ltd.		257,535		0.3
					736,469		0.8

			Materials: 0.6%
	10,495		Axiall Corp.		161,623		0.2
	4,308	@	LyondellBasell Industries NV - Class A		374,365		0.4
					535,988		0.6

			Telecommunication Services: 0.0%
	4,800		Windstream Holdings, Inc.		30,912		0.0

		Total Common Stock
		(Cost $5,200,320)			6,230,389		6.5

PREFERRED STOCK: 2.4%
			Consumer Discretionary: 0.8%
	7,900	@	Sealy Corp.		697,624		0.8

			Energy: 0.0%
	285		Halcon Resources Corp.		19,024		0.0
	1,016		SandRidge Energy, Inc. 7.0% Conv PS		2,540		0.0
	1,400		SandRidge Energy, Inc. 8.5% Conv PS		6,650		0.0
					28,214		0.0

			Financials: 1.0%
	22,770	P	Citigroup, Inc.		637,788		0.7
	13,000	P	GMAC Capital Trust I		329,680		0.3
	310	P	Morgan Stanley		8,227		0.0
	775	#,@	Perseus Holding Corp.		–		–
					975,695		1.0

VY^® Pioneer High Yield Portfolio

PORTFOLIO OF INVESTMENTS

as of December 31, 2015 (continued)

Value

Percentage
of Net
Assets

PREFERRED STOCK: (continued)

Health Care: 0.5%

811

Alere, Inc.

227,056

0.3

125

Allergan PLC

128,772

0.1

150

Kindred Healthcare, Inc.

101,779

0.1

457,607

0.5

Industrials: 0.1%

267

Ceva Holdings Series A-2

120,163

0.1

Total Preferred Stock

(Cost $2,932,942)

2,279,303

2.4

RIGHTS: –%

Health Care: –%

BioScrip, Inc.

–

Total Rights

(Cost $–)

–

Total Long-Term Investments

(Cost $97,969,905)

88,799,800

93.1

SHORT-TERM INVESTMENTS: 5.5%

Mutual Funds: 5.5%

5,223,470

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.270%††

(Cost $5,223,470)

5,223,470

5.5

Total Short-Term Investments

(Cost $5,223,470)

5,223,470

5.5

Total Investments in Securities
(Cost $103,193,375)

94,023,270

98.6

Assets in Excess of Other Liabilities

1,312,141

1.4

Net Assets

95,335,411

100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of December 31, 2015.
#	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.
@	Non-income producing security.
&	Payment-in-kind
P	Preferred Stock may be called prior to convertible date.

	Cost for federal income tax purposes is $103,750,287.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	3,163,483
Gross Unrealized Depreciation		(12,890,500	)

Net Unrealized Depreciation	$	(9,727,017	)

VY^®T. Rowe Price Diversified
Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2015

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.5%
			Consumer Discretionary: 20.7%
	10,000	@	Autozone, Inc.		7,419,100		0.9
	88,300	@	Bloomin Brands, Inc.		1,491,387		0.2
	86,300		BorgWarner, Inc.		3,730,749		0.4
	45,600		Brinker International, Inc.		2,186,520		0.3
	70,600	@	Burlington Stores, Inc.		3,028,740		0.4
	124,300	@	Carmax, Inc.		6,708,471		0.8
	7,600	@	Chipotle Mexican Grill, Inc.		3,646,860		0.4
	48,300		Choice Hotels International, Inc.		2,434,803		0.3
	75,400		Coach, Inc.		2,467,842		0.3
	57,000	@,L	Ctrip.com International Ltd. ADR		2,640,810		0.3
	18,900		Delphi Automotive PLC		1,620,297		0.2
	38,300		Dick's Sporting Goods, Inc.		1,353,905		0.2
	57,200	@	Discovery Communications, Inc. - Class C		1,442,584		0.2
	108,400		Dollar General Corp.		7,790,708		0.9
	48,100	@	Dollar Tree, Inc.		3,714,282		0.4
	96,000		Extended Stay America, Inc.		1,526,400		0.2
	35,900	@,L	Ferrari NV		1,723,200		0.2
	42,500	@	Five Below, Inc.		1,364,250		0.2
	19,700	@,L	Fossil Group, Inc.		720,232		0.1
	95,200		Gentex Corp.		1,524,152		0.2
	284,900		Hanesbrands, Inc.		8,384,607		1.0
	29,700		Harley-Davidson, Inc.		1,348,083		0.2
	16,500		Harman International Industries, Inc.		1,554,465		0.2
	109,000		Interpublic Group of Cos., Inc.		2,537,520		0.3
	111,700	@	Kate Spade & Co.		1,984,909		0.2
	55,300		L Brands, Inc.		5,298,846		0.6
	62,500	@	Liberty Interactive Corp. QVC Group		1,707,500		0.2
	23,800	L	Lululemon Athletica, Inc.		1,248,786		0.1
	52,912	L	Marriott International, Inc.		3,547,221		0.4
	76,300		Mattel, Inc.		2,073,071		0.2
	46,300		McGraw-Hill Cos., Inc.		4,564,254		0.6
	154,800	@	MGM Resorts International		3,517,056		0.4
	94,700	@	Michaels Cos, Inc.		2,093,817		0.3
	75,100		Newell Rubbermaid, Inc.		3,310,408		0.4
	42,200	@	Norwegian Cruise Line Holdings Ltd.		2,472,920		0.3
	21,200		Omnicom Group, Inc.		1,603,992		0.2
	24,000	@	O'Reilly Automotive, Inc.		6,082,080		0.7
	49,400	@	Pandora Media, Inc.		662,454		0.1
	8,700	@	Panera Bread Co.		1,694,586		0.2
	28,700	@	Papa John's International, Inc.		1,603,469		0.2
	18,800	@	Polaris Industries, Inc.		1,615,860		0.2
	88,900		Pulte Group, Inc.		1,584,198		0.2
	32,300		PVH Corp.		2,378,895		0.3
	24,600	@,L	Restoration Hardware Holdings, Inc.		1,954,470		0.2
	145,200		Ross Stores, Inc.		7,813,212		0.9
	23,600		Royal Caribbean Cruises Ltd.		2,388,556		0.3
	115,700		Service Corp. International		3,010,514		0.4
	26,800	@	Signet Jewelers Ltd.		3,314,892		0.4
	36,500		Sotheby's		940,240		0.1
	55,200		Starwood Hotels & Resorts Worldwide, Inc.		3,824,256		0.5
	11,800	@,L	Tesla Motors, Inc.		2,832,118		0.3
	50,700		Tiffany & Co.		3,867,903		0.5
	69,600		Toll Brothers, Inc.		2,317,680		0.3
	62,700		Tractor Supply Co.		5,360,850		0.6
	18,400	@	TripAdvisor, Inc.		1,568,600		0.2
	13,400	@	Ulta Salon Cosmetics & Fragrance, Inc.		2,479,000		0.3
	142,200	@	Vipshop Holdings Ltd. ADR		2,171,394		0.3
	33,020	@,L	Wayfair, Inc.		1,572,412		0.2
	37,000		Williams-Sonoma, Inc.		2,161,170		0.3
	56,500	@	Wolverine World Wide, Inc.		944,115		0.1
	18,400	L	Wynn Resorts Ltd.		1,273,096		0.2
					171,198,767		20.7

			Consumer Staples: 6.0%
	47,600	@,L	Blue Buffalo Pet Products, Inc.		890,596		0.1
	39,650		Brown-Forman Corp. - Class B		3,936,452		0.5
	37,600		Church & Dwight Co., Inc.		3,191,488		0.4
	13,000		Clorox Co.		1,648,790		0.2
	38,400		Constellation Brands, Inc.		5,469,696		0.7
	23,700		Dr Pepper Snapple Group, Inc.		2,208,840		0.3
	120,700		Flowers Foods, Inc.		2,593,843		0.3
	41,000	@	Fresh Market, Inc.		960,220		0.1
	48,300	@	Hain Celestial Group, Inc.		1,950,837		0.2
	49,500		Hershey Co.		4,418,865		0.5
	13,600		JM Smucker Co.		1,677,424		0.2
	47,800		McCormick & Co., Inc.		4,089,768		0.5
	61,600		Mead Johnson Nutrition Co.		4,863,320		0.6
	25,200		Monster Beverage Corp.		3,753,792		0.4
	17,900		Pricesmart, Inc.		1,485,521		0.2
	445,900	@	Rite Aid Corp.		3,495,856		0.4
	61,400	@	Sprouts Farmers Market, Inc.		1,632,626		0.2
	41,900		Whole Foods Market, Inc.		1,403,650		0.2
					49,671,584		6.0

			Energy: 1.7%
	53,500		Cabot Oil & Gas Corp.		946,415		0.1
	15,100		Cimarex Energy Co.		1,349,638		0.2
	59,600		Columbia Pipeline Group, Inc.		1,192,000		0.1
	16,000	@	Concho Resources, Inc./Midland TX		1,485,760		0.2
	22,200	@,L	Continental Resources, Inc.		510,156		0.1
	22,400	@	Diamondback Energy, Inc.		1,498,560		0.2

VY^®T. Rowe Price Diversified
Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2015 (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Energy: (continued)
	24,500		EQT Corp.		1,277,185		0.2
	31,900		Oceaneering International, Inc.		1,196,888		0.1
	10,300		Pioneer Natural Resources Co.		1,291,414		0.2
	39,900	L	Range Resources Corp.		981,939		0.1
	19,600		Tesoro Corp.		2,065,252		0.2
					13,795,207		1.7

			Financials: 9.2%
	40,200		American Campus Communities, Inc.		1,661,868		0.2
	56,200		Aon PLC		5,182,202		0.6
	64,500		BankUnited, Inc.		2,325,870		0.3
	64,933		CBOE Holdings, Inc.		4,214,152		0.5
	94,400		Crown Castle International Corp.		8,160,880		1.0
	106,100	@	E*Trade Financial Corp.		3,144,804		0.4
	9,515		Equinix, Inc.		2,877,336		0.3
	14,300	@	Federal Realty Investment Trust		2,089,230		0.2
	84,300		Fifth Third Bancorp		1,694,430		0.2
	35,400		Financial Engines, Inc.		1,191,918		0.1
	129,100		FNF Group		4,475,897		0.5
	21,600		Intercontinental Exchange, Inc.		5,535,216		0.7
	39,100		Invesco Ltd.		1,309,068		0.2
	57,400		Iron Mountain, Inc.		1,550,374		0.2
	18,400		Jones Lang LaSalle, Inc.		2,941,424		0.4
	77,000		Lazard Ltd.		3,465,770		0.4
	38,000	L	LPL Financial Holdings, Inc.		1,620,700		0.2
	69,700	@	Markit Ltd.		2,102,849		0.3
	40,700	@	Moody's Corp.		4,083,838		0.5
	34,300		MSCI, Inc. - Class A		2,474,059		0.3
	25,200		Northern Trust Corp.		1,816,668		0.2
	80,100		Progressive Corp.		2,547,180		0.3
	21,300	@	SVB Financial Group		2,532,570		0.3
	21,300	@	Taubman Centers, Inc.		1,634,136		0.2
	108,400	@	TD Ameritrade Holding Corp.		3,762,564		0.5
	26,699	@	WeWork Companies, Inc., Classs A		878,118		0.1
	79,400		WisdomTree Investments, Inc.		1,244,992		0.1
					76,518,113		9.2

			Health Care: 15.2%
	47,700	@	Acadia Pharmaceuticals, Inc.		1,700,505		0.2
	70,200		Agilent Technologies, Inc.		2,935,062		0.4
	8,600	@,L	Agios Pharmaceuticals, Inc.		558,312		0.1
	48,200	@,L	Akorn, Inc.		1,798,342		0.2
	31,800	@	Align Technology, Inc.		2,094,030		0.3
	74,300	@	Alkermes PLC		5,897,934		0.7
	16,600	@	Alnylam Pharmaceuticals, Inc.		1,562,724		0.2
	55,800		AmerisourceBergen Corp.		5,787,018		0.7
	9,800	@,L	Athenahealth, Inc.		1,577,506		0.2
	85,000		Baxalta, Inc.		3,317,550		0.4
	50,000	@	BioMarin Pharmaceutical, Inc.		5,238,000		0.6
	10,700	@	Bluebird Bio, Inc.		687,154		0.1
	67,900	@	Bruker BioSciences Corp.		1,647,933		0.2
	139,184	@	Catalent, Inc.		3,483,776		0.4
	40,100	@	Centene Corp.		2,638,981		0.3
	43,400	@	Cerner Corp.		2,611,378		0.3
	11,800	@	Clovis Oncology, Inc.		413,000		0.1
	36,500	@	DaVita, Inc.		2,544,415		0.3
	36,400		Dentsply International, Inc.		2,214,940		0.3
	46,100	@	Endo International PLC		2,822,242		0.3
	75,500	@	Envision Healthcare Holdings, Inc.		1,960,735		0.2
	22,300	@	Henry Schein, Inc.		3,527,637		0.4
	41,700	@,L	Horizon Pharma PLC		903,639		0.1
	15,600		Humana, Inc.		2,784,756		0.3
	56,600		Idexx Laboratories, Inc.		4,127,272		0.5
	8,500	@	Illumina, Inc.		1,631,532		0.2
	55,600	@	Incyte Corp., Ltd.		6,029,820		0.7
	7,150	@,L	Intercept Pharmaceuticals, Inc.		1,067,853		0.1
	12,000	@	Intuitive Surgical, Inc.		6,553,920		0.8
	59,700	@	Ironwood Pharmaceuticals, Inc.		691,923		0.1
	15,100	@	Jazz Pharmaceuticals PLC		2,122,456		0.3
	20,100	@	Mallinckrodt PLC - W/I		1,500,063		0.2
	31,700	@	Medidata Solutions, Inc.		1,562,493		0.2
	35,700		Mednax, Inc.		2,558,262		0.3
	12,000	@	Mettler Toledo International, Inc.		4,069,560		0.5
	21,600	@	Neurocrine Biosciences, Inc.		1,221,912		0.2
	15,700		Pacira Pharmaceuticals, Inc./DE		1,205,603		0.1
	13,100	@	Puma Biotechnology, Inc.		1,027,040		0.1
	26,200		Quintiles Transnational Holdings, Inc.		1,798,892		0.2
	39,100	@	Seattle Genetics, Inc.		1,754,808		0.2
	26,100	@	Sirona Dental Systems, Inc.		2,859,777		0.3
	25,500	@	Team Health Holdings, Inc.		1,119,195		0.1
	21,900		Teleflex, Inc.		2,878,755		0.4
	11,100		Ultragenyx Pharmaceutical, Inc.		1,245,198		0.2
	12,500		United Therapeutics Corp.		1,957,625		0.2
	16,800		Universal Health Services, Inc.		2,007,432		0.2
	102,700	@,L	Veeva Systems, Inc.		2,962,895		0.4
	17,000	@	Vertex Pharmaceuticals, Inc.		2,139,110		0.3
	26,000	@	WellCare Health Plans, Inc.		2,033,460		0.2
	25,100		West Pharmaceutical Services, Inc.		1,511,522		0.2
	118,950		Zoetis, Inc.		5,700,084		0.7
					126,046,031		15.2

			Industrials: 18.1%
	49,000		Alaska Air Group, Inc.		3,944,990		0.5
	7,300	@	Allegiant Travel Co.		1,225,159		0.1
	62,800		Allegion Public Ltd.		4,139,776		0.5
	53,562	@	Ametek, Inc.		2,870,388		0.3
	29,400	@	Armstrong World Industries, Inc.		1,344,462		0.2

VY^®T. Rowe Price Diversified
Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2015 (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Industrials: (continued)
	43,600	@	Avis Budget Group, Inc.		1,582,244		0.2
	26,900		CH Robinson Worldwide, Inc.		1,668,338		0.2
	29,500		Clarcor, Inc.		1,465,560		0.2
	46,200	@	Colfax Corp.		1,078,770		0.1
	24,800	@,L	Copa Holdings S.A.		1,196,848		0.1
	44,500	@	Copart, Inc.		1,691,445		0.2
	15,900	@	CoStar Group, Inc.		3,286,371		0.4
	44,100	@	DigitalGlobe, Inc.		690,606		0.1
	85,200		Donaldson Co., Inc.		2,441,832		0.3
	41,000		Equifax, Inc.		4,566,170		0.6
	53,700		Expeditors International Washington, Inc.		2,421,870		0.3
	40,700	L	Fastenal Co.		1,661,374		0.2
	67,600		Flowserve Corp.		2,844,608		0.3
	52,800		Fortune Brands Home & Security, Inc.		2,930,400		0.4
	35,100	@,L	Generac Holdings, Inc.		1,044,927		0.1
	35,200	@	Genesee & Wyoming, Inc.		1,889,888		0.2
	56,500		Graco, Inc.		4,071,955		0.5
	64,500	@	Hertz Global Holdings, Inc.		917,835		0.1
	16,100		Hubbell, Inc.		1,626,744		0.2
	29,600		IDEX Corp.		2,267,656		0.3
	37,800	@	IHS, Inc.		4,476,654		0.5
	37,600		JB Hunt Transport Services, Inc.		2,758,336		0.3
	33,100		Kansas City Southern		2,471,577		0.3
	70,100		KAR Auction Services, Inc.		2,595,803		0.3
	23,000	@	Kirby Corp.		1,210,260		0.1
	23,900		Landstar System, Inc.		1,401,735		0.2
	32,200	@	Manpower, Inc.		2,714,138		0.3
	17,800	@	Middleby Corp.		1,920,086		0.2
	42,500		Nielsen NV		1,980,500		0.2
	19,800		Nordson Corp.		1,270,170		0.2
	29,300	@	Old Dominion Freight Line		1,730,751		0.2
	26,000		Paccar, Inc.		1,232,400		0.1
	88,400		Ritchie Brothers Auctioneers, Inc.		2,131,324		0.3
	41,700		Robert Half International, Inc.		1,965,738		0.2
	26,000		Rockwell Collins, Inc.		2,399,800		0.3
	118,810		Rollins, Inc.		3,077,179		0.4
	24,300		Roper Technologies, Inc.		4,611,897		0.6
	119,400	@	Sensata Technologies Holdings N.V.		5,499,564		0.7
	19,000		Snap-On, Inc.		3,257,170		0.4
	154,700		Southwest Airlines Co.		6,661,382		0.8
	39,700	@	Spirit Airlines, Inc.		1,582,045		0.2
	12,700	@	Stericycle, Inc.		1,531,620		0.2
	97,300		Textron, Inc.		4,087,573		0.5
	23,300	@	Towers Watson & Co.		2,993,118		0.4
	19,100	@	TransDigm Group, Inc.		4,363,395		0.5
	66,500	@	TransUnion		1,833,405		0.2
	95,041	@	United Continental Holdings, Inc.		5,445,849		0.7
	13,900		Valmont Industries, Inc.		1,473,678		0.2
	84,200	@	Verisk Analytics, Inc.		6,473,296		0.8
	16,800	@	WABCO Holdings, Inc.		1,717,968		0.2
	42,800		Wabtec Corp.		3,043,936		0.4
	30,400		Waste Connections, Inc.		1,712,128		0.2
	10,000	L	WW Grainger, Inc.		2,025,900		0.2
	50,800		Xylem, Inc.		1,854,200		0.2
					150,374,791		18.1

			Information Technology: 19.8%
	74,000	@	Akamai Technologies, Inc.		3,894,620		0.5
	15,500	@	Alliance Data Systems Corp.		4,286,835		0.5
	106,300		Amphenol Corp.		5,552,049		0.7
	18,200	@	Ansys, Inc.		1,683,500		0.2
	92,500		ARM Holdings PLC ADR		4,184,700		0.5
	37,341	@	Atlassian Corp. PLC		1,123,217		0.1
	104,338	@	Atlassian Corp. PLC		2,981,563		0.3
	25,900	@	Autodesk, Inc.		1,578,087		0.2
	79,500	@	Black Knight Financial Services, Inc.		2,628,270		0.3
	19,500	@	Check Point Software Technologies		1,586,910		0.2
	45,800		Cognex Corp.		1,546,666		0.2
	98,600		CoreLogic, Inc.		3,338,596		0.4
	44,255	@	Dropbox, Inc. - Class A		416,046		0.1
	19,495	@	Dropbox, Inc. - Class B		183,274		0.0
	48,000	@	Electronic Arts, Inc.		3,298,560		0.4
	20,600	@	EPAM Systems, Inc.		1,619,572		0.2
	17,300		F5 Networks, Inc.		1,677,408		0.2
	9,800		Factset Research Systems, Inc.		1,593,186		0.2
	20,600		FEI Co.		1,643,674		0.2
	85,900		Fidelity National Information Services, Inc.		5,205,540		0.6
	65,200	@	Fiserv, Inc.		5,963,192		0.7
	78,500		Fortinet, Inc.		2,446,845		0.3
	50,600	@	Gartner, Inc.		4,589,420		0.6
	65,500	@	Genpact Ltd.		1,636,190		0.2
	49,900		Global Payments, Inc.		3,219,049		0.4
	40,200	@	Guidewire Software, Inc.		2,418,432		0.3
	46,100		Integrated Device Technology, Inc.		1,214,735		0.1
	53,100		Intuit, Inc.		5,124,150		0.6
	27,400	@,L	IPG Photonics Corp.		2,442,984		0.3
	34,950	@	Keysight Technologies, Inc.		990,133		0.1
	43,100		KLA-Tencor Corp.		2,988,985		0.4
	68,800		Linear Technology Corp.		2,921,936		0.3
	26,100	@	LinkedIn Corp.		5,874,588		0.7
	33,100	@,L	Match Group, Inc.		448,505		0.1
	13,400	@	Mercadolibre, Inc.		1,532,156		0.2
	51,700		Microchip Technology, Inc.		2,406,118		0.3
	48,600		Microsemi Corp.		1,583,874		0.2
	49,100	@,L	Mobileye NV		2,075,948		0.2
	25,100		Motorola Solutions, Inc.		1,718,095		0.2
	44,700	@,L	NetSuite, Inc.		3,782,514		0.5
	26,000	@	Palo Alto Networks, Inc.		4,579,640		0.6
	37,500		Paychex, Inc.		1,983,375		0.2
	75,600	@,L	Pure Storage, Inc.		1,177,092		0.1
	52,800	@	QLIK Technologies, Inc.		1,671,648		0.2
	75,300	@	Red Hat, Inc.		6,235,593		0.7
	111,100		Sabre Corp.		3,107,467		0.4
	44,700		SanDisk Corp.		3,396,753		0.4
	66,600	@	ServiceNow, Inc.		5,764,896		0.7
	53,700		Skyworks Solutions, Inc.		4,125,771		0.5
	44,500	@	Splunk, Inc.		2,617,045		0.3
	34,400		SS&C Technologies Holdings, Inc.		2,348,488		0.3
	73,800	@	Trimble Navigation Ltd.		1,583,010		0.2

VY^®T. Rowe Price Diversified
Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2015 (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Information Technology: (continued)
	63,900	@	Twitter, Inc.		1,478,646		0.2
	105,600	@	Vantiv, Inc.		5,007,552		0.6
	54,600	@,L	VeriSign, Inc.		4,769,856		0.6
	18,699		WEX, Inc.		1,652,992		0.2
	37,647	@	Workday, Inc.		2,999,713		0.4
	60,400		Xilinx, Inc.		2,836,988		0.3
	23,900	L	Zillow Group, Inc. - A		622,356		0.1
	47,800	@,L	Zillow Group, Inc. - C		1,122,344		0.1
					164,481,347		19.8

			Materials: 6.0%
	21,900		Air Products & Chemicals, Inc.		2,849,409		0.3
	35,000		Ashland, Inc.		3,594,500		0.4
	77,500		Ball Corp.		5,636,575		0.7
	27,100		Carpenter Technology Corp.		820,317		0.1
	67,500		Celanese Corp.		4,544,775		0.6
	51,200		CF Industries Holdings, Inc.		2,089,472		0.3
	19,300		Compass Minerals International, Inc.		1,452,711		0.2
	20,500		Eagle Materials, Inc.		1,238,815		0.2
	4,800		NewMarket Corp.		1,827,504		0.2
	46,100		PolyOne Corp.		1,464,136		0.2
	81,800		RPM International, Inc.		3,604,108		0.4
	77,200		Sealed Air Corp.		3,443,120		0.4
	21,700		Sherwin-Williams Co.		5,633,320		0.7
	119,100	L	Silver Wheaton Corp.		1,479,222		0.2
	133,700	@	Stillwater Mining Co		1,145,809		0.1
	53,900		Valspar Corp.		4,471,005		0.5
	43,400		Vulcan Materials Co.		4,121,698		0.5
					49,416,496		6.0

			Telecommunication Services: 1.3%
	74,650	@	SBA Communications Corp.		7,843,475		1.0
	72,700	@	T-Mobile US, Inc.		2,844,024		0.3
					10,687,499		1.3

			Utilities: 0.5%
	37,400		Atmos Energy Corp.		2,357,696		0.3
	79,600		NiSource, Inc.		1,552,996		0.2
					3,910,692		0.5

		Total Common Stock
		(Cost $610,591,624)			816,100,527		98.5

PREFERRED STOCK: 1.4%
			Financials: 0.4%
	44,396	@	WeWork Companies, Inc. - Series D-1		1,460,166		0.2
	34,882	@	WeWork Companies, Inc. - Series D-2		1,147,254		0.1
	24,709	@	WeWork Companies, Inc. - Series E		812,668		0.1
					3,420,088		0.4

			Information Technology: 1.0%
	32,391	@	AirBNB, Inc. - Series D		3,015,421		0.4
	3,719	@	AirBNB, Inc. - Series E		346,218		0.0
	24,209	@	Dropbox, Inc. - Series A		227,591		0.0
	118,921	@	Dropbox, Inc. - Series A-1		1,117,988		0.2
	8,859	@	Flipkart - Series G		1,260,104		0.2
	353,970	@	Tanium, Inc.- Series G		1,757,213		0.2
					7,724,535		1.0

		Total Preferred Stock
		(Cost $7,911,058)			11,144,623		1.4

		Total Long-Term Investments
		(Cost $618,502,682)			827,245,150		99.9

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 5.4%
		Securities Lending Collateral^cc: 5.4%
	8,443,479	BNP Paribas Bank, Repurchase Agreement dated 12/31/15, 0.31%, due 01/04/16 (Repurchase Amount $8,443,766, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-4.500%, Market Value plus accrued interest $8,612,349, due 06/09/16-05/20/45)		8,443,479		1.0
	10,567,478	Citigroup, Inc., Repurchase Agreement dated 12/31/15, 0.34%, due 01/04/16 (Repurchase Amount $10,567,872, collateralized by various U.S. Government Agency Obligations, 0.000%-11.500%, Market Value plus accrued interest $10,778,828, due 01/15/16-04/01/51)		10,567,478		1.3
	10,567,478	Mizuho Securities USA Inc., Repurchase Agreement dated 12/31/15, 0.30%, due 01/04/16 (Repurchase Amount $10,567,825, collateralized by various U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $10,778,828, due 06/13/16-03/01/44)		10,567,478		1.3

VY^®T. Rowe Price Diversified
Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS
as of December 31, 2015 (continued)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateral^cc: (continued)
	10,567,478	Nomura Securities, Repurchase Agreement dated 12/31/15, 0.33%, due 01/04/16 (Repurchase Amount $10,567,860, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $10,778,828, due 01/15/16-10/20/65)		10,567,478		1.3
	4,348,334	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/15, 0.41%, due 01/04/16 (Repurchase Amount $4,348,529, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $4,438,495, due 01/15/17-02/15/42)		4,348,334		0.5
				44,494,247		5.4

Shares				Value			Percentage of Net Assets
			Mutual Funds: 0.0%
	463,213		T. Rowe Price Reserve Investment Fund, 0.225%††
			(Cost $463,213)		463,213			0.0

		Total Short-Term Investments
		(Cost $44,957,460)			44,957,460			5.4

		Total Investments in Securities (Cost $663,460,142)		$	872,202,610			105.3
		Liabilities in Excess of Other Assets			(43,685,436	)		(5.3	)
		Net Assets		$	828,517,174			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of December 31, 2015.
@	Non-income producing security.
ADR	American Depositary Receipt
cc	Represents securities purchased with cash collateral received for securities on loan.
L	Loaned security, a portion or all of the security is on loan at December 31, 2015.

Cost for federal income tax purposes is $664,758,972.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	247,309,886
Gross Unrealized Depreciation		(39,866,248	)

Net Unrealized Appreciation	$	207,443,638

VY^®T. Rowe Price Growth Equity Portfolio

PORTFOLIO OF INVESTMENTS

as of December 31, 2015

Shares				Value		Percentage of Net Assets
COMMON STOCK: 97.0%
			Consumer Discretionary: 26.9%
	186,300	@	Amazon.com, Inc.		125,918,307		7.2
	26,600	@	Autozone, Inc.		19,734,806		1.1
	271,900		BorgWarner, Inc.		11,754,237		0.7
	204,600	@	Carmax, Inc.		11,042,262		0.6
	24,100	@	Chipotle Mexican Grill, Inc.		11,564,385		0.7
	78,600		Delphi Automotive PLC		6,738,378		0.4
	91,520	@,L	Ferrari NV		4,392,960		0.2
	3,088	@	Flipkart Online Services Pvt. Ltd.		439,237		0.0
	577,400		Hanesbrands, Inc.		16,992,882		1.0
	331,400		Hilton Worldwide Holdings, Inc.		7,091,960		0.4
	65,800		Home Depot, Inc.		8,702,050		0.5
	158,400		Las Vegas Sands Corp.		6,944,256		0.4
	302,400		Lowe's Cos, Inc.		22,994,496		1.3
	172,900	L	Marriott International, Inc.		11,591,216		0.7
	872,760	@	MGM Resorts International		19,829,107		1.1
	54,800		Netflix, Inc.		6,268,024		0.3
	314,800		Nike, Inc.		19,675,000		1.1
	47,959	@	Priceline.com, Inc.		61,145,327		3.5
	218,900		Ross Stores, Inc.		11,779,009		0.7
	118,900		Royal Caribbean Cruises Ltd.		12,033,869		0.7
	236,700		Starbucks Corp.		14,209,101		0.8
	84,280	@,L	Tesla Motors, Inc.		20,228,043		1.1
	182,300		Tractor Supply Co.		15,586,650		0.9
	256,400		Walt Disney Co.		26,942,512		1.5
					473,598,074		26.9

			Consumer Staples: 2.2%
	33,900		Costco Wholesale Corp.		5,474,850		0.3
	129,400		CVS Health Corp.		12,651,438		0.8
	231,000		Walgreens Boots Alliance, Inc.		19,670,805		1.1
					37,797,093		2.2

			Financials: 5.4%
	236,900		American Tower Corp.		22,967,455		1.3
	12,800		Blackrock, Inc.		4,358,656		0.3
	147,012		Crown Castle International Corp.		12,709,187		0.7
	67,800		Intercontinental Exchange, Inc.		17,374,428		1.0
	563,400		Morgan Stanley		17,921,754		1.0
	157,400		State Street Corp.		10,445,064		0.6
	242,800	@	TD Ameritrade Holding Corp.		8,427,588		0.5
	5,062	@	WeWork Companies, Inc., Classs A		166,487		0.0
					94,370,619		5.4

			Health Care: 21.3%
	197,200	@	Alexion Pharmaceuticals, Inc.		37,615,900		2.1
	173,231	@	Allergan plc		54,134,688		3.1
	160,000		Anthem, Inc.		22,310,400		1.3
	45,400	@	Biogen, Inc.		13,908,290		0.8
	80,900	@	BioMarin Pharmaceutical, Inc.		8,475,084		0.5
	291,400		Bristol-Myers Squibb Co.		20,045,406		1.1
	226,016	@	Celgene Corp.		27,067,676		1.5
	93,000		Cigna Corp.		13,608,690		0.8
	231,700		Gilead Sciences, Inc.		23,445,723		1.3
	82,100		Humana, Inc.		14,655,671		0.8
	30,800	@	Illumina, Inc.		5,911,906		0.3
	122,000	@	Incyte Corp., Ltd.		13,230,900		0.8
	46,600	@	Intuitive Surgical, Inc.		25,451,056		1.5
	109,600		McKesson Corp.		21,616,408		1.2
	31,800	@	Regeneron Pharmaceuticals, Inc.		17,263,266		1.0
	180,400		UnitedHealth Group, Inc.		21,222,256		1.2
	188,900	@	Valeant Pharmaceuticals International, Inc. - USD		19,201,685		1.1
	124,300	@	Vertex Pharmaceuticals, Inc.		15,640,669		0.9
					374,805,674		21.3

			Industrials: 10.4%
	711,200		American Airlines Group, Inc.		30,119,320		1.7
	198,800		Boeing Co.		28,744,492		1.6
	112,100	L	Canadian Pacific Railway Ltd		14,303,960		0.8
	533,500		Danaher Corp.		49,551,480		2.8
	64,600		FedEx Corp.		9,624,754		0.6
	178,332		Flowserve Corp.		7,504,210		0.4
	17,400	@	IHS, Inc.		2,060,682		0.1
	101,300		Roper Technologies, Inc.		19,225,727		1.1
	169,740	@	United Continental Holdings, Inc.		9,726,102		0.6
	175,300		Wabtec Corp.		12,467,336		0.7
					183,328,063		10.4

			Information Technology: 29.7%
	160,900	@	Akamai Technologies, Inc.		8,468,167		0.5
	186,092	@	Alibaba Group Holding Ltd. ADR		15,123,697		0.8
	81,250	@	Alphabet, Inc. - Class A		63,213,313		3.6
	75,671		Alphabet, Inc. - Class C		57,425,208		3.3
	344,800		Apple, Inc.		36,293,648		2.1
	53,200	@,L	ASML Holding NV-NY REG		4,722,564		0.3
	143,343	@	Dropbox, Inc. - Class A		1,347,582		0.1
	481,500	@	Facebook, Inc.		50,393,790		2.9
	136,100	@	Fiserv, Inc.		12,447,706		0.7
	78,900	@	LinkedIn Corp.		17,758,812		1.0
	84,501	@	LivingSocial.com		–		–
	490,500		Mastercard, Inc.		47,755,080		2.7
	1,053,500		Microsoft Corp.		58,448,180		3.3
	256,500	@,L	Mobileye NV		10,844,820		0.6
	89,700	@,L	NetSuite, Inc.		7,590,414		0.4
	42,700		Palo Alto Networks, Inc.		7,521,178		0.4
	228,100	@	PayPal Holdings, Inc.		8,257,220		0.5
	239,964	@	Salesforce.com, Inc.		18,813,178		1.1
	118,800	@	ServiceNow, Inc.		10,283,328		0.6
	1,137,000		Tencent Holdings Ltd.		22,262,444		1.2
	180,200	@,L	VeriSign, Inc.		15,742,272		0.9

VY^®T. Rowe Price Growth Equity Portfolio

PORTFOLIO OF INVESTMENTS

as of December 31, 2015 (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Information Technology: (continued)
	620,700		Visa, Inc. - Class A		48,135,285		2.7
					522,847,886		29.7

			Materials: 1.0%
	100,300		Ashland, Inc.		10,300,810		0.6
	56,100		Martin Marietta Materials, Inc.		7,662,138		0.4
					17,962,948		1.0

			Telecommunication Services: 0.1%
	44,200	@	T-Mobile US, Inc.		1,729,104		0.1

		Total Common Stock
		(Cost $1,228,942,341)			1,706,439,461		97.0

PREFERRED STOCK: 1.1%
			Consumer Discretionary: 0.2%
	1,054	@	Flipkart Online Services Pvt. Ltd., - Series A		149,921		0.0
	1,862	@	Flipkart Online Services Pvt. Ltd., - Series C		264,851		0.0
	3,462	@	Flipkart Online Services Pvt. Ltd., - Series E		492,435		0.1
	14,029	@	Flipkart Online Services Pvt. Ltd., - Series H		1,995,485		0.1
					2,902,692		0.2

			Financials: 0.1%
	45,554	@	WeWork Companies, Inc. - Series E		1,498,251		0.1

			Information Technology: 0.8%
	59,241	@	AirBNB, Inc. - Series D		5,515,005		0.3
	16,058	@	AirBNB, Inc. - Series E		1,494,910		0.1
	16,556	@	Flipkart - Series G		2,354,926		0.1
	73,385	@	Uber Technologies, Inc. - Series G		3,579,150		0.2
	68,026	@	Xiaoju Kuaizhi, Inc., Series A-17		2,079,997		0.1
					15,023,988		0.8

		Total Preferred Stock
		(Cost $15,555,205)			19,424,931		1.1

		Total Long-Term Investments
		(Cost $1,244,497,546)			1,725,864,392		98.1

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 6.3%
		Securities Lending Collateral^cc: 4.1%
	17,248,744	BNP Paribas Bank, Repurchase Agreement dated 12/31/15, 0.30%, due 01/04/16 (Repurchase Amount $17,249,311, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-5.500%, Market Value plus accrued interest $17,593,719, due 06/06/16-05/04/37)		17,248,744		0.9
	17,248,744	Citigroup, Inc., Repurchase Agreement dated 12/31/15, 0.34%, due 01/04/16 (Repurchase Amount $17,249,387, collateralized by various U.S. Government Agency Obligations, 0.000%-11.500%, Market Value plus accrued interest $17,593,719, due 01/15/16-04/01/51)		17,248,744		1.0
	13,782,070	HSBC Securities USA, Repurchase Agreement dated 12/31/15, 0.29%, due 01/04/16 (Repurchase Amount $13,782,508, collateralized by various U.S. Government Securities, 3.000%, Market Value plus accrued interest $14,057,751, due 11/15/44)		13,782,070		0.8
	17,248,744	Nomura Securities, Repurchase Agreement dated 12/31/15, 0.33%, due 01/04/16 (Repurchase Amount $17,249,368, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $17,593,719, due 01/15/16-10/20/65)		17,248,744		1.0
	7,097,511	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/15, 0.41%, due 01/04/16 (Repurchase Amount $7,097,830, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $7,244,674, due 01/15/17-02/15/42)		7,097,511		0.4
				72,625,813		4.1

VY^®T. Rowe Price Growth Equity Portfolio

PORTFOLIO OF INVESTMENTS

as of December 31, 2015 (continued)

Shares				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Affiliated Investment Companies: 2.2%
	38,829,375		T. Rowe Price Reserve Investment Fund, 0.225%††
			(Cost $38,829,375)		38,829,375			2.2

		Total Short-Term Investments
		(Cost $111,455,188)			111,455,188			6.3

		Total Investments in Securities (Cost $1,355,952,734)		$	1,837,319,580			104.4
		Liabilities in Excess of Other Assets			(78,044,934	)		(4.4	)
		Net Assets		$	1,759,274,646			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of December 31, 2015.
@	Non-income producing security.
ADR	American Depositary Receipt
cc	Represents securities purchased with cash collateral received for securities on loan.
L	Loaned security, a portion or all of the security is on loan at December 31, 2015.

	Cost for federal income tax purposes is $1,358,458,985.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	511,736,502
Gross Unrealized Depreciation		(32,875,907	)

Net Unrealized Appreciation	$	478,860,595

VY^®Templeton Foreign Equity Portfolio

PORTFOLIO OF INVESTMENTS

as of December 31, 2015

Shares				Value		Percentage of Net Assets
COMMON STOCK: 96.3%
			Brazil: 0.2%
	345,617	@,L	Petroleo Brasileiro SA ADR		1,486,153		0.2

			China: 6.1%
	2,585,000		China Life Insurance Co., Ltd.		8,298,363		1.1
	774,500		China Mobile Ltd.		8,717,854		1.2
	21,246,000		China Telecom Corp., Ltd.		9,910,559		1.4
	4,266,600	@,L	CRRC Corp. Ltd		5,241,356		0.7
	4,230,000		Kunlun Energy Co. Ltd.		3,755,860		0.5
	1,368,800		Sinopharm Group Co.		5,464,557		0.8
	2,352,000		Weichai Power Co. Ltd.		2,590,163		0.4
					43,978,712		6.1

			France: 11.5%
	473,266		AXA S.A.		12,931,388		1.8
	273,888		BNP Paribas		15,495,933		2.1
	191,520		Cie de Saint-Gobain		8,299,616		1.2
	120,314		Cie Generale des Etablissements Michelin		11,451,858		1.6
	638,860		Credit Agricole SA		7,528,458		1.0
	135,141		Sanofi		11,517,016		1.6
	103,640	L	Technip S.A.		5,154,073		0.7
	242,964		Total S.A.		10,892,473		1.5
					83,270,815		11.5

			Germany: 12.0%
	100,971		Bayer AG		12,610,374		1.7
	85,980		Deutsche Boerse AG		7,557,785		1.0
	144,348		Deutsche Post AG		4,035,675		0.6
	156,915		HeidelbergCement AG		12,788,256		1.8
	569,995		Infineon Technologies AG		8,309,838		1.2
	74,860		Lanxess		3,444,868		0.5
	103,258		Merck KGaA		9,997,581		1.4
	193,800		Metro AG		6,173,983		0.9
	42,620		Morphosys AG		2,652,028		0.4
	34,327		Muenchener Rueckversicherungs-Gesellschaft AG		6,839,250		0.9
	58,986		SAP SE		4,680,752		0.6
	74,750		Siemens AG		7,231,793		1.0
					86,322,183		12.0

			Hong Kong: 2.8%
	973,900		AIA Group Ltd.		5,819,133		0.8
	485,640		Cheung Kong Property Holdings Ltd.		3,141,598		0.4
	228,400	@	CK Hutchison Holdings Ltd. ADR		3,069,696		0.4
	485,640		CK Hutchison Holdings Ltd.		6,527,938		0.9
	6,871,000	L	Noble Group Ltd.		1,920,556		0.3
					20,478,921		2.8

			India: 1.3%
	496,486		Housing Development Finance Corp.		9,443,085		1.3

			Israel: 2.3%
	253,929		Teva Pharmaceutical Industries Ltd. ADR		16,667,900		2.3

			Italy: 3.0%
	680,187		ENI S.p.A.		10,106,408		1.4
	1,072,600		Intesa Sanpaolo SpA - ISP		3,562,124		0.5
	1,493,810		UniCredit SpA		8,258,858		1.1
					21,927,390		3.0

			Japan: 6.9%
	503,800		Konica Minolta Holdings, Inc.		5,045,648		0.7
	1,282,100		Nissan Motor Co., Ltd.		13,424,539		1.9
	171,300		SoftBank Group Corp.		8,645,580		1.2
	240,400		Suntory Beverage & Food Ltd.		10,523,785		1.4
	1,397,000		Toshiba Corp.		2,871,149		0.4
	149,600		Toyota Motor Corp.		9,212,222		1.3
					49,722,923		6.9

			Netherlands: 5.4%
	159,998		Akzo Nobel NV		10,690,910		1.5
	216,195		Koninklijke Philips NV		5,518,249		0.8
	150,904		Qiagen NV		4,090,152		0.6
	455,036		Royal Dutch Shell PLC - Class B		10,370,755		1.4
	374,301	L	SBM Offshore NV		4,728,471		0.6
	427,150		TNT Express NV		3,613,210		0.5
					39,011,747		5.4

			Norway: 2.1%
	485,530		Subsea 7 SA		3,436,573		0.5
	166,074		Statoil ASA		2,316,197		0.3
	573,623		Telenor ASA		9,561,476		1.3
					15,314,246		2.1

			Portugal: 0.9%
	564,750		Galp Energia SGPS SA		6,589,919		0.9

			Russia: 0.4%
	226,203	@	MMC Norilsk Nickel PJSC ADR		2,871,647		0.4

			Singapore: 2.8%		��
	886,582		DBS Group Holdings Ltd.		10,390,302		1.4
	3,902,000		Singapore Telecommunications Ltd.		10,060,390		1.4
					20,450,692		2.8

			South Korea: 5.6%
	171,216		Hana Financial Group, Inc.		3,421,394		0.5
	35,481		Hyundai Mobis		7,423,674		1.0
	247,680	@	KB Financial Group, Inc. ADR		6,902,841		0.9
	58,716	@	POSCO ADR		2,076,198		0.3
	17,817		POSCO		2,495,829		0.4
	34,081		Samsung Electronics Co., Ltd. GDR		18,069,237		2.5
					40,389,173		5.6

			Spain: 1.8%
	178,256	L	Repsol YPF S.A.		1,962,479		0.3

VY^®Templeton Foreign Equity Portfolio

PORTFOLIO OF INVESTMENTS

as of December 31, 2015 (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Spain: (continued)
	1,007,321		Telefonica S.A.		11,175,205		1.5
					13,137,684		1.8

			Sweden: 1.5%
	364,710		Telefonaktiebolaget LM Ericsson		3,516,281		0.5
	282,620		Getinge AB		7,403,304		1.0
					10,919,585		1.5

			Switzerland: 7.9%
	199,690	@	ABB Ltd.		3,563,990		0.5
	638,169	@	Credit Suisse Group AG		13,747,413		1.9
	1,905,170		Glencore PLC		2,524,611		0.4
	82,527		Novartis AG		7,098,913		1.0
	57,076		Roche Holding AG		15,816,240		2.2
	142,055		Swiss Re Ltd.		13,873,987		1.9
					56,625,154		7.9

			Taiwan: 0.6%
	948,251		Taiwan Semiconductor Manufacturing Co., Ltd.		4,090,984		0.6

			Thailand: 0.7%
	1,168,800		Bangkok Bank PCL - Foreign Reg		4,990,907		0.7

			United Kingdom: 20.5%
	1,446,095		Aviva PLC		10,976,614		1.5
	1,403,493		BAE Systems PLC		10,333,301		1.4
	2,345,820		Barclays PLC		7,550,699		1.0
	2,113,824		BP PLC		10,984,942		1.5
	609,930		Sky PLC		9,998,490		1.4
	451,664		CRH PLC - London		13,076,524		1.8
	648,766		GlaxoSmithKline PLC		13,102,453		1.8
	1,466,000		HSBC Holdings PLC		11,591,086		1.6
	2,163,454		Kingfisher PLC		10,478,717		1.5
	7,476,467		Lloyds Banking Group Plc		8,044,689		1.1
	1,471,390		Marks & Spencer Group PLC		9,796,861		1.4
	430,980		Petrofac Ltd.		5,055,294		0.7
	702,723		Rexam PLC		6,267,977		0.9
	748,061	@	Standard Chartered PLC		6,206,813		0.9
	2,612,090		Tesco PLC		5,739,517		0.8
	2,762,541		Vodafone Group PLC		8,958,329		1.2
					148,162,306		20.5

		Total Common Stock
		(Cost $625,817,843)			695,852,126		96.3

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.8%
		U.S. Government Agency Obligations: 2.7%
	11,000,000	Farmer Mac Discount Notes, 0.120%, 01/04/16		11,000,000		1.6
	8,000,000	Freddie Mac Discount Notes, 0.090%, 01/04/16		8,000,000		1.1
				19,000,000		2.7

		Securities Lending Collateral^cc: 2.1%
	3,686,971	Citigroup, Inc., Repurchase Agreement dated 12/31/15, 0.34%, due 01/04/16 (Repurchase Amount $3,687,108, collateralized by various U.S. Government Agency Obligations, 0.000%-11.500%, Market Value plus accrued interest $3,760,710, due 01/15/16-04/01/51)		3,686,971		0.5
	2,945,850	HSBC Securities USA, Repurchase Agreement dated 12/31/15, 0.29%, due 01/04/16 (Repurchase Amount $2,945,944, collateralized by various U.S. Government Securities, 3.000%, Market Value plus accrued interest $3,004,775, due 11/15/44)		2,945,850		0.4
	3,686,971	Mizuho Securities USA Inc., Repurchase Agreement dated 12/31/15, 0.30%, due 01/04/16 (Repurchase Amount $3,687,092, collateralized by various U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $3,760,710, due 06/13/16-03/01/44)		3,686,971		0.5
	3,686,971	Nomura Securities, Repurchase Agreement dated 12/31/15, 0.33%, due 01/04/16 (Repurchase Amount $3,687,104, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $3,760,710, due 01/15/16-10/20/65)		3,686,971		0.5

VY^®Templeton Foreign Equity Portfolio

PORTFOLIO OF INVESTMENTS

as of December 31, 2015 (continued)

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)								��
			Securities Lending Collateral^cc: (continued)
	1,517,067		State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/15, 0.41%, due 01/04/16 (Repurchase Amount $1,517,135, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $1,548,523, due 01/15/17-02/15/42)		1,517,067			0.2
					15,523,830			2.1

		Total Short-Term Investments
		(Cost $34,523,773)			34,523,830			4.8

		Total Investments in Securities (Cost $660,341,616)		$	730,375,956			101.1
		Liabilities in Excess of Other Assets			(7,689,416	)		(1.1	)
		Net Assets		$	722,686,540			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
@	Non-income producing security.
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
cc	Represents securities purchased with cash collateral received for securities on loan.
L	Loaned security, a portion or all of the security is on loan at December 31, 2015.

	Cost for federal income tax purposes is $664,448,248.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	158,702,381
Gross Unrealized Depreciation		(92,774,673	)

Net Unrealized Appreciation	$	65,927,708

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.

N/A.

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. Exhibits.

(a)(1)

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 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.

(b)

The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

(3)

Not applicable.

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 Partners, Inc.

By	/s/ Shaun P. Mathews	Shaun P. Mathews
	President and Chief Executive Officer

Date: March 8, 2016

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/ Shaun P. Mathews	Shaun P. Mathews
	President and Chief Executive Officer

Date: March 8, 2016

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

Date: March 8, 2016

Acquisition

Acquisition Cost

New Academy Holding Co. LLC unit