Voya PARTNERS NCSR Certified 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, 2016

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):

Voya Investment Management

Annual Report

December 31, 2016

Classes ADV, I, R6, S and S2

Voya Partners, Inc.

n Voya Global Bond Portfolio

n VY^® American Century Small-Mid Cap Value Portfolio

n VY^® Baron Growth Portfolio

n VY^® Columbia Contrarian Core Portfolio

n VY^® Columbia Small Cap Value II Portfolio

n VY^® Invesco Comstock Portfolio

n VY^® Invesco Equity and Income Portfolio

n VY^® JPMorgan Mid Cap Value Portfolio

n VY^® Oppenheimer Global Portfolio

n VY^® Pioneer High Yield Portfolio

n VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio

n VY^® T. Rowe Price Growth Equity Portfolio

n 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.

INVESTMENT MANAGEMENT

voyainvestments.com

TABLE OF CONTENTS

President's Letter					2
Market Perspective					3
Portfolio Managers' Report					6
Shareholder Expense Examples					32
Report of Independent Registered Public Accounting Firm					35
Statements of Assets and Liabilities					36
Statements of Operations					44
Statements of Changes in Net Assets					48
Financial Highlights					55
Notes to Financial Statements					61
Summary Portfolio of Investments ("Portfolio of Investments")					84
Tax Information					157
Director and Officer Information					159
Advisory Contract Approval Discussion					163

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This report contains a summary portfolio of investments for the Portfolios. The Portfolios' Forms N-Q are available on the SEC's website at www.sec.gov. The Portfolios' Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C., 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.

PRESIDENT'S LETTER

New administration, new possibilities

Dear Shareholder,

During the presidential campaign, President Donald Trump promised to cut taxes and regulations; since the election, anticipation of these policies has driven a rally in the stock markets. As the Trump administration transitions into power, it's appropriate to consider how its policies might impact long-term investors.

The incoming president inherits a much better economy than the outgoing one did: job growth is accelerating, inflation is rising at an acceptable pace and corporate earnings have turned positive again. These trends were established enough in December that the U.S. Federal Reserve Board ("Fed") could justify increasing interest rates. In a recent update to its World Economic Outlook, the International Monetary Fund ("IMF") raised its near-term estimates of U.S. growth. Optimism about the pro-growth impacts of Trump policies is evident in surveys of small-business and consumer sentiment. We believe expectations of tax cuts, deregulation and increased fiscal policy stimulus will accelerate economic growth in the near term, leading to expectations of improved corporate revenue and earnings, which, if realized, could help sustain a stock market rally.

Greater fiscal stimulus also could help our trading partners, provided the new administration does not impose protectionist trade policies. Globally, near-term economic progress and easier fiscal policies should reduce the need to rely so heavily upon monetary policy. The IMF notes that the outlook for advanced economies has improved, though tighter financial conditions challenge the prospects for emerging and developing economies.

The potential benefits of Trump policies could be mitigated by longer-term trends in the economy: an aging population, consumers' reluctance to borrow and subdued productivity growth. Fiscal stimulus would increase demand, but if coupled with aggressive tax cuts could increase the federal budget deficit, raising inflation. Should inflation accelerate above the Fed's comfort threshold, we could see a faster than expected pace of interest rate increases, dampening growth potential.

Political uncertainty persists in this post-election world; the shift from monetary toward fiscal stimulus, while potentially beneficial, may also increase volatility. Investors should remain vigilant. True to our philosophy, we believe a globally diversified portfolio represents the best way to navigate the changing landscape of 2017. Before taking any action that could impact your long-term potential for investment success, thoroughly discuss with your investment advisor your circumstances and possible responses.

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

Sincerely,

Shaun Mathews
President and Chief Executive Officer
Voya Family of Funds
January 19, 2017

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

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

MARKET PERSPECTIVE: YEAR ENDED DECEMBER 31, 2016

In our semi-annual report we described how markets in global equities, in the form of the MSCI World Index^SM (the "Index") measured in local currencies, including net reinvested dividends, recovered sharply after intensifying global concerns had driven them down into February. With much turmoil along the way, the Index managed to turn a 0.70% loss in the first half into a 9.00% gain for the whole fiscal year. (The Index returned 7.51% for the year ended December 31, 2016, measured in U.S. dollars.)

The U.S. Federal Open Market Committee ("FOMC") had started raising interest rates in December with the prospect of more to come in 2016 despite sluggish economic progress. It was worse in the rest of the developed world where negative bond yields were increasingly common.

China was an ongoing concern with declining growth, policy missteps and ballooning debt. Energy and commodities prices were falling, adding to deflationary pressures.

Many indices of risky assets seemed to reach their nadir on February 11. The Index, with no specific catalyst evident, rebounded by nearly 14% to the end of May.

As asset prices recovered, there were still many who doubted that the gains would be sustained. Yet by the end of May, the domestic economy was delivering some more encouraging data. FOMC officials started talking about two to three rate increases in 2016, as the faint growth in U.S. gross domestic product ("GDP") in late 2015 and early 2016 would soon improve and employment was nearly full.

A surprisingly weak U.S. employment report on June 3 put paid to an interest rate increase that month. But worse was to come. On June 23, the British electorate unexpectedly voted to leave the European Union ("EU"). The strident voices of anti-globalization in other EU countries were sure to demand their own referendum. The potential disintegration of the world's largest trading bloc had alarming implications for global demand and investment. Yet an initial 6% drop in the Index was mostly reversed by month end.

Indeed, the prices of risk assets resumed their recovery; the Index rose 4.56% in the two months through August. Two strong employment reports took the unemployment rate below 4.9%. Core inflation was holding above 2%. Slim second quarter annualized GDP growth of just 1.1% concealed real final sales growth of 2.4%. By the end of August, Federal Reserve officials were again warning of two interest rate increases before year end. In the event the FOMC did not act in September after a less strong employment report and listless purchasing managers' indices, but broadly hinted that they would do so in December.

By the end of October, one notable trend was the increase in government bond yields. There were various reasons. In the U.S., an interest rate hike in December was an increasingly likely prospect, not dimmed by GDP growth for the third quarter of 2016 reported at 2.9% and later revised even higher. In the euro zone, it was feared that the European Central Bank was about to "taper" its bond buying. In the U.K., the weakening pound made government bonds less attractive.

But this and other market trends were thrown into disarray when on November 8 a new U.S. President was unexpectedly elected on a platform of massive infrastructure spending, tax reductions, lighter financial regulation, trade protectionism and the repeal of the Affordable Care Act.

Having stumbled for two months, the Index danced 2.63% higher in November and 2.78% in December. But the music had changed. The platform was seen as reflationary and inflationary in the U.S. The yield curve rose and steepened faster than ever. This and the prospect of lighter regulation benefited banks. The promised infrastructure spending boosted sectors like industrials, energy and materials. However, sectors that had been "bond surrogates" like utilities and consumer staples suffered. The technology sector, on which the net effect was unclear, was little changed.

In U.S. fixed income markets, the Bloomberg Barclays U.S. Aggregate Bond Index ("Barclays Aggregate") gained 2.65% in the fiscal year, while the Bloomberg Barclays U.S. Treasury Bond sub-index added 1.04%. Indices of riskier classes generally outperformed Treasuries. The Bloomberg Barclays U.S. Corporate Investment Grade Bond sub-index advanced 6.11%; the Bloomberg Barclays High Yield Bond — 2% Issuer Constrained Composite Index (not a part of the Barclays Aggregate) soared 17.13%.

U.S. equities, represented by the S&P 500^® index including dividends, rose 11.96% over the twelve months. The strongest sectors were energy and telecommunications, returning 27.36% and 23.49% respectively. Weakest were health care and consumer staples, which returned -2.69% and 5.38%, respectively. S&P 500^® companies' earnings per share recorded a 3.13% year-over-year increase in the third quarter of 2016 after five straight year-over-year declines.

In currencies, the dollar was boosted by developments in November and on a trade-weighted basis reached a 14-year high. The dollar gained 3.21% against the euro and 19.38% on the pound in 2016, although in the latter case it was primarily due to Britain's vote to leave the EU. The dollar actually lost 2.71% against the yen, but this included a gain after November 8 of more than 11%.

In international markets, the MSCI Japan^® Index, in a pattern that inversely reflected the yen, a driver of the value of non-yen export earnings, slipped 0.74% for the year, but rose nearly 15% in the last quarter. The MSCI Europe ex UK^® Index added 2.31%, the balance of larger effects: industrials gained over 15% and made the largest contribution, while health care lost 10% and made the largest negative contribution. The MSCI UK^® Index surged 19.16%, its big multinational members like HSBC, Shell and Glencore benefiting from the weaker pound, the currency in which their substantial overseas earnings would be reported.

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.

BENCHMARK DESCRIPTIONS

Index				Description
Bank of America/Merrill Lynch All Convertibles (Speculative Grade) Index				An 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.
Bloomberg Barclays Global Aggregate Index				Provides a broad-based measure of the global investment-grade fixed-rate debt markets.
Bloomberg Barclays High Yield Bond — 2% Issuer Constrained Composite Index				An index that includes all fixed-income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity.
Bloomberg Barclays U.S. Aggregate Bond Index				An index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities.
Bloomberg Barclays U.S. Corporate Investment Grade Bond Index				An index consisting of publicly issued, fixed rate, nonconvertible, investment grade debt securities.
Bloomberg Barclays 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.
Bloomberg 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 Index^SM				A broad-based 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. Index^SM				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 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 Index^SM				An 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				A 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 index that measures the performance of those Russell 1000^® securities with lower price-to-book ratios and lower forecasted growth values.
Russell 2000^® Growth Index				An index that measures the performance of securities of smaller U.S. companies with greater than average growth orientation.
Russell 2000^® Value Index				An index that measures the performance of those Russell 2000^® companies with lower price-to-book ratios and lower than forecasted growth values.
Russell 2500^TM Growth Index				Measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500^TM Index companies with higher price-to-book ratios and higher forecasted growth values.

BENCHMARK DESCRIPTIONS (CONTINUED)

Index				Description
Russell 2500^TM Value Index				Measures the performance of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.
Russell Midcap^® Growth Index				An index that measures the performance of those companies included in the Russell Midcap^® Index with relatively higher price-to-book ratios and higher forecasted growth values.
Russell Midcap^® 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 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 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.

VOYA GLOBAL BOND PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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, 2016, the Portfolio's Class S shares provided a total return of 6.03% compared to the Bloomberg Barclays Global Aggregate Index, which returned 2.09% for the same period.

Portfolio Specifics: The Portfolio produced positive total return and outperformed the Bloomberg Barclays Global Aggregate Index for calendar year 2016. For the period, the Portfolio carried an overweight to U.S. based spread assets on the belief that the U.S. economy would continue to grow modestly, that unemployment numbers would remain low, and that globally the demand for yield would help support reductions in accommodation from the U.S. Federal Reserve Board ("Fed"). Return contributions arose from enhanced carry from credit and options on interest rates. The overweight to spread assets included positions in securitized credit (non-agency residential mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities) and high yield corporates. All contributed positively to results on an absolute and relative basis for the year. Strong security selection in investment grade and high yield corporates helped outperform the Bloomberg Barclays Global Aggregate Index's respective sectors as well. Additionally, outperformance was driven by the Portfolio's positioning in global rate markets which benefited from the meaningful increase in interest rate volatility, particularly after the U.S. Presidential election on prospects of higher growth. In terms of currency positioning, the Portfolio was strategically short the Yen and Euro which contributed positively to performance in the last quarter as the dollar gained strength considerably. Exposure to emerging market hard currency and corporate bonds contributed to overall returns while allocation to emerging markets local currency bonds over the period was flat versus the Index.

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: As 2016 comes to a close, we would like to look ahead to what should be another eventful year in 2017. With the Donald Trump administration set to be sworn into office in January, changes are most certainly on the horizon. Looking domestically, we believe the expectations of tax cuts, deregulation and fiscal policy will result in near-term acceleration of economic growth in the United States. In our opinion, this increase in incrementally higher nominal growth will likely lead to improved corporate revenues and earnings, creating a constructive environment for corporate credit and supporting tighter spreads. However, structural issues such as subdued productivity and the consumer's ongoing aversion to leverage will continue to limit the upside of potential growth. While we expect near-term global inflationary pressures will continue to build, demographics and the persistent savings glut should keep inflation expectations contained over the long term.

As expected, the Fed voted to increase interest rates by 25 basis points (0.25%) at its December Federal Open Market Committee meeting. Janet Yellen detailed the Fed's plan for 2017, projecting increased GDP and a lower employment rate, and highlighted by the possibility of three rate hikes for the year. While this may sound hawkish, this tone is in fact historically dovish. Therefore, we believe the Fed will maintain its cautious pace of rate normalization, as guided by market expectations. Globally, near-term cyclical tailwinds and easier fiscal policies should reduce the need to rely so heavily on global monetary policy accommodation.

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.

Geographic Diversification
as of December 31, 2016
(as a percentage of net assets)

United States⁽¹⁾	74.2	%
Belgium	7.2	%
Cayman Islands	3.8	%
Italy	2.9	%
Spain	1.7	%
Austria	1.5	%
United Kingdom	1.1	%
Netherlands	0.8	%
France	0.8	%
Brazil	0.7	%
Countries between 0.0% — 0.6%^	2.8	%
Assets in Excess of Other Liabilities*	2.5	%
Net Assets	100.0	%

* Includes short-term investments and purchased options.

^ Includes 12 countries, which each represents 0.0%-0.6% of net assets.

⁽¹⁾ Includes 21.1% 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.

Top Ten Holdings
as of December 31, 2016*
(as a percentage of net assets)

Voya Emerging Markets Local Currency Debt Fund — Class P	9.3	%
Kingdom of Belgium Government Bond, 0.800%, 06/22/25	7.2	%
Voya Emerging Markets Hard Currency Debt Fund — Class P	6.3	%
United States Treasury Note, 1.750%, 11/30/21	4.5	%
Voya Emerging Markets Corporate Debt Fund — Class P	4.3	%
Italy Buoni Poliennali Del Tesoro, 4.500%, 03/01/26	2.8	%
United States Treasury Note, 2.125%, 11/30/23	2.4	%
Spain Government Bond, 1.950%, 04/30/26	1.7	%
United States Treasury Bond, 2.250%, 08/15/46	1.7	%
Republic of Austria Government Bond, 1.650%, 10/21/24	1.5	%

* Excludes short-term investments.

Portfolio holdings are subject to change daily.

PORTFOLIO MANAGERS' REPORT

VOYA GLOBAL BOND PORTFOLIO

Average Annual Total Returns for the Periods Ended December 31, 2016
	1 Year			5 Year			10 Year
Class ADV		5.82	%		0.63	%		3.06	%
Class I		6.30	%		1.14	%		3.57	%
Class S		6.03	%		0.88	%		3.32	%
Blooomberg Barclays Global Aggregate Index		2.09	%		0.21	%		3.29	%

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 managed by a different sub-adviser.

VY^® AMERICAN CENTURY SMALL-MID CAP VALUE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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, Senior Vice President, Phillip N. Davidson, CFA, Chief Investment Officer — Value Equity and Senior Vice President, Michael Liss, CFA, Vice President, 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, 2016, the Portfolio's Class S shares provided a total return 24.06% compared to the Russell 2500^TM Value Index and the S&P SmallCap 600^®/Citigroup Value Index, which returned 25.20% and 31.32%, respectively, for the same period.

Portfolio Specifics: The Portfolio underperformed the Russell 2500 Value Index. 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.

The Mid Cap Value sleeve outperformed the Russell Midcap Value Index over the year. Stock selection and overweight allocations in both the financials and industrials sectors contributed to the sleeve's relative performance. An underweight allocation to the materials sector, however, detracted from relative performance.

Among benchmarks, small-cap stocks outperformed both mid- and large-cap stocks. The Small Cap Value sleeve trailed the Russell 2000 Value Index in the period. Stock selection in the materials sector was a top detractor, as was stock selection and an overweight allocation in the health care sector. Stock selection in the financials sector boosted relative performance in the sleeve.

Within the overall Portfolio, stock selection and allocation effects in the industrials and financials sectors contributed to relative performance. An underweight position in the real estate sector also boosted returns. A Portfolio-only position in semiconductor supplier Applied Materials was a top contributor, rising after the company experienced order strength. Also, the company held an analyst day in mid-September that showed improvement in market share. Sysco Corp., another Portfolio-only holding, also boosted relative returns. The marketer and distributor of food products rose after reporting strong earnings.

On the other hand, stock selection and an underweight allocation in the materials sector detracted from relative returns. Among individual securities, hospital company LifePoint Health was a leading detractor. Shares of the health care provider struggled due to concerns over the benefit in volumes from the at-risk Affordable Care Act, and the company also reported earnings misses because of two one-time expenses. Information technology holding Verifone, one of the two leading providers of payment processing terminals, also weighed on performance. The Portfolio-only position dropped on poor financial results and lowered guidance. The company has benefited in the past from the transition to chip technology in payment processing terminals, but some investors are concerned that the initial ramp in the terminal replacement cycle is normalizing. The Portfolio team believes secular drivers of demand remain in place.

Current Strategy and Outlook: The team follows a stock-specific, valuation-driven strategy. The Portfolio's sector allocation is the result of the team's bottom-up investment process.

Relative to the Russell 2500^TM Value Index, the Portfolio continues to have a substantial underweight in the real estate sector. The team believes that in general, valuations in the real estate sector are stretched. The Portfolio is also underweight in the financials sector.

Relative to the Russell 2500^TM Value Index, the overall Portfolio is overweight in the health care sector, driven by overweight positioning among health care providers and the equipment and supplies industry. It is also overweight in the energy sector, driven by overweight positioning in the oil, gas, and consumable fuel industry.

Sector Diversification
as of December 31, 2016
(as a percentage of net assets)

Financials	25.4	%
Industrials	14.6	%
Energy	10.2	%
Information Technology	9.4	%
Health Care	7.7	%
Consumer Discretionary	7.6	%
Utilities	5.4	%
Real Estate	5.3	%
Consumer Staples	4.6	%
Materials	4.5	%
Exchange-Traded Funds	2.1	%
Telecommunication Services	0.5	%
Assets in Excess of Other Liabilities*	2.7	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2016*
(as a percentage of net assets)

Northern Trust Corp.	2.2	%
iShares Russell Midcap Value Index Fund	1.9	%
Johnson Controls International plc	1.9	%
LifePoint Health, Inc.	1.5	%
Zimmer Biomet Holdings, Inc.	1.2	%
Imperial Oil Ltd.	1.2	%
Applied Materials, Inc.	1.1	%
EQT Corp.	1.1	%
Baker Hughes, Inc.	1.1	%
Noble Energy, Inc.	1.1	%

* Excludes short-term investments.

Portfolio holdings are subject to change daily.

VY^® AMERICAN CENTURY SMALL-MID CAP VALUE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2016
	1 Year			5 Year			10 Year			Since Inception of Class S2 February 27, 2009
Class ADV		23.69	%		15.66	%		8.85	%		—
Class I		24.38	%		16.24	%		9.40	%		—
Class S		24.06	%		15.95	%		9.13	%		—
Class S2		23.92	%		15.79	%		—			19.77	%
Russell 2500^TM Value Index		25.20	%		15.04	%		6.94	%		19.48	%
S&P SmallCap 600^®/Citigroup Value Index		31.32	%		16.88	%		8.18	%		20.80	%

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.

VY^® BARON GROWTH PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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, 2016, the Portfolio's Class S shares provided a total return of 5.33% compared to the Russell 2000^® Growth Index and the Russell 2500^TM Growth Index, which returned 11.32% and 9.73%, respectively, for the same period.

Portfolio Specifics: The year started with a sell off driven by concerns around a possible tightening of the credit markets, signs of slowing growth, particularly in China, and continued low oil prices. As global concerns subsided, oil prices ticked up, domestic job numbers improved, and the Federal Reserve deferred interest rate hikes, the markets recovered. In late June, the U.K.'s vote to exit the European Union sent the markets into another sharp, but thankfully short-lived, decline. In November, post-election expectations of corporate tax reform, looser regulations, a stronger dollar, higher interest rates, and investment in infrastructure drove rotation into stocks, sectors, and asset classes that are expected to benefit from these developments.

Absolute Performance

Consumer discretionary, financials, and health care were the top sector performers in 2016. Within consumer discretionary, the leisure facilities, hotels resorts & cruise lines, specialty stores, and casinos & gaming sub-industries drove positive performance, led by top contributor Vail Resorts, Inc. The sector also included the top detractor in 2016, athletic apparel company Under Armour, Inc. Performance of the financials sector was driven primarily by life & health insurance company Primerica, Inc., the third biggest contributor during the period. Health care benefited from second biggest contributor IDEXX Laboratories, Inc., a manufacturer of veterinary diagnostics equipment.

Information technology ("IT") and consumer staples detracted the most during the period. Within IT, holdings in application software and internet software & services were the biggest detractors, led by financial software company SS&C Technologies, Inc., and real estate data and marketing services company CoStar Group, Inc., respectively. Weak performance of the consumer staples sector was led by retail grocer Smart & Final Stores, Inc. and leading craft beer company Boston Beer Company, Inc.

Relative Performance

The Portfolio trailed the Russell 2000^® Growth Index due to stock selection and greater exposure to smaller mid-cap and mid-cap stocks, which trailed the smallest cap stocks in the Russell 2000^® Growth Index during the period.

Health care, larger exposure to the outperforming utilities sector early in the year, and greater exposure to the strong performing real estate sector aided relative results. Within health care, lower exposure to declining biotechnology and pharmaceutical stocks added 518 basis points (5.18%) to relative performance. Strength was also attributable to outperformance of health care equipment and life sciences tools & services holdings.

IT, industrials, and consumer staples investments and lack of exposure to the top performing materials sector detracted the most from relative results. Within IT, underperformance of application software and internet software & services holdings and lack of exposure to the strong performing semiconductor, semiconductor equipment, and electronic equipment & instruments sub-industries hurt relative results. Within industrials, lack of exposure to the outperforming office services & supplies, construction & engineering, trucking, and airlines sub-industries and underperformance of Caesarstone Ltd., weighed on relative results. Weakness in consumer staples was mainly due to the underperformance of Smart & Final Stores, Inc. and TreeHouse Foods, Inc.

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 strong, long-term growth opportunities over the long term. We believe the rapid rate of growth in the post-recession equity markets will slow to single digits as multiples are now at the high end of the historical range.

Sector Diversification
as of December 31, 2016
(as a percentage of net assets)

Consumer Discretionary	34.5	%
Information Technology	20.9	%
Financials	16.2	%
Health Care	9.2	%
Real Estate	8.6	%
Industrials	4.3	%
Consumer Staples	4.2	%
Telecommunication Services	1.2	%
Assets in Excess of Other Liabilities*	0.9	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2016
(as a percentage of net assets)

Vail Resorts, Inc.	10.8	%
Gartner, Inc.	4.9	%
Choice Hotels International, Inc.	4.4	%
CoStar Group, Inc.	4.0	%
Bright Horizons Family Solutions, Inc.	3.6	%
Idexx Laboratories, Inc.	3.4	%
Gaming and Leisure Properties, Inc.	3.2	%
Ansys, Inc.	2.9	%
SS&C Technologies Holdings, Inc.	2.8	%
Primerica, Inc.	2.7	%

Portfolio holdings are subject to change daily.

PORTFOLIO MANAGERS' REPORT

VY^® BARON GROWTH PORTFOLIO

Average Annual Total Returns for the Periods Ended December 31, 2016
	1 Year			5 Year			10 Year			Since Inception of Class S2 February 27, 2009
Class ADV		5.06	%		11.36	%		6.29	%		—
Class I		5.57	%		11.92	%		6.83	%		—
Class R6⁽¹⁾		5.56	%		11.92	%		6.83	%		—
Class S		5.33	%		11.64	%		6.57	%		—
Class S2		5.17	%		11.48	%		—			17.34	%
Russell 2000^® Growth Index		11.32	%		13.74	%		7.76	%		18.87	%
Russell 2500^TM Growth Index		9.73	%		13.88	%		8.24	%		19.39	%

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.

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.

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.

⁽¹⁾ Class R6 incepted on May 3, 2016. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

VY^® COLUMBIA CONTRARIAN CORE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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, Senior 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, 2016, the Portfolio's Class S shares provided a total return of 8.41% compared to the Russell 1000^® Index, which returned 12.05% for the same period.

Portfolio Specifics: Stock selection was the primary driver of performance for the period, with strong stock selection in the consumer discretionary sector, which was more than offset by poor stock selection in the information technology, health care, industrials and consumer staples sectors. An overweight to the strong performing financials sector also contributed positively and an overweight to health care detracted.

In the financials sector, Morgan Stanley and JP Morgan Chase & Co. were two of the top contributors in the entire Portfolio, benefitting from the post-election rally in financials which was fueled by expectations that interest rates, tax policies and de-regulation will be significant tailwinds for the global financial services firms. Not owning Bank of America Corp., which rallied more than the other banks, proved to be the biggest detractor relative to the benchmark in the period.

Verizon Communications also contributed positively to performance following positive earnings results. The company is a leading provider of communications services within the United States. The nature of this business allows for a steady stream of cash flows. After a sluggish 2015, the stock benefited from investors' increased focus on value and yield during the period.

CVS Health Corporation ("CVS") was a top detractor in the period. Rumblings about the potential for increased regulation, especially regarding pharmaceutical pricing, put a damper on health care stocks in general. Both CVS and Walgreen's, with their link to health care, were vulnerable to the same concerns. After years of gaining significant market share in the pharmacy benefit management business, CVS/Caremark has run up against more stiff competition.

Another top detractor was auto parts manufacturer Delphi Automotive Plc. Early in the period the company reported solid earnings, profit margins and organic sales growth, but the UK-based company sold off on the outcome of the Brexit vote and concerns on the global auto cycle.

Video game maker Activision Blizzard detracted this period after being a top contributor for many previous periods. The stock sold off after the company reported disappointing sales of its latest Call of Duty game, impacted by a strong competition and some cannibalization from an online version.

Current Strategy and Outlook: The team hasn't made any significant position changes as a result of the election, instead planning to stick to its process and continue to monitor indications about things like interest rates, trade agreements, tax policy and regulations. As we await forthcoming details on President-elect Trump's administration and agenda, we continue to adhere to our bottom-up, fundamental research process, using pessimism as the starting point of our contrarian process to select potential investment candidates for a well-diversified portfolio where we see the ability for long-term value creation.

Sector Diversification
as of December 31, 2016
(as a percentage of net assets)

Information Technology	20.6	%
Financials	17.8	%
Health Care	14.1	%
Consumer Discretionary	12.5	%
Industrials	9.3	%
Consumer Staples	9.2	%
Energy	7.3	%
Telecommunication Services	3.5	%
Materials	1.9	%
Real Estate	1.4	%
Utilities	1.3	%
Assets in Excess of Other Liabilities*	1.1	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2016
(as a percentage of net assets)

Apple, Inc.	4.0	%
Citigroup, Inc.	3.7	%
JPMorgan Chase & Co.	3.5	%
Berkshire Hathaway, Inc. — Class B	3.1	%
Alphabet, Inc. — Class C	2.9	%
Microsoft Corp.	2.9	%
Philip Morris International, Inc.	2.7	%
Comcast Corp. — Class A	2.7	%
Verizon Communications, Inc.	2.7	%
Morgan Stanley	2.6	%

Portfolio holdings are subject to change daily.

VY^® COLUMBIA CONTRARIAN CORE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2016
	1 Year			5 Year			10 Year
Class ADV		8.12	%		13.47	%		5.16	%
Class I		8.64	%		14.05	%		5.69	%
Class S		8.41	%		13.76	%		5.42	%
Russell 1000^® Index		12.05	%		14.69	%		7.08	%

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 April 30, 2013, the Portfolio was managed by a different sub-adviser.

VY^® COLUMBIA SMALL CAP VALUE II PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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, 2016, the Portfolio's Class I shares provided a total return of 24.00% compared to the Russell 2000^® Value Index, which returned 31.74% for the same period.

Portfolio Specifics: The Portfolio had a strong year on an absolute basis, though relative performance was underwhelming as the Portfolio trailed the Russell 2000^® Value Index. While the Portfolio's sector allocations were a slight detractor from relative performance during the period, the bulk of underperformance was derived from negative stock selection. We would anticipate that stock selection would be the primary driver of relative performance, either positive or negative, given the process by which the Portfolio is run which is by bottom up stock selection and fundamental research.

From an allocation standpoint, an overweight to materials, which was the best performing sector during the period, contributed to relative performance. However, an overweight to health care was the biggest detractor from relative performance on an allocation basis. The rest of the sector allocations had a minimal impact to overall performance.

The Portfolio benefitted from strong stock selection in the IT sector, particularly in communications equipment and IT services names. Strong stock selection in those areas more than made up for weaker stock selection in the semiconductor space.

The Portfolio also benefitted from strong stock selection in utilities. The utilities sector outperformed most other sectors for most of the year, but began to sell off in the late third and fourth quarter. Utilities are sensitive to changes in interest rates and as treasury rates began to rise, the sector gave back some gains.

Weak stock selection among financial companies was the biggest detractor from relative performance. Financials are the biggest sector in the Russell 2000^® Value Index, accounting for more than 30% of the benchmark. Stock selection was weak among the banks, which enjoyed a strong year, particularly post presidential election. While the majority of our bank holdings enjoyed strong years, not owning some of the names that had outstanding years detracted from relative performance.

Lastly, positions in two personal beauty product companies hurt relative performance in consumer staples.

Current Strategy and Outlook: We continue to believe that our focus on small-cap value companies with strong underlying earnings prospects and attractively priced shares have the potential to reward investors. Our rigorous research continues to focus on a set of 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 we believe are both inexpensive and show improving operating performance/metrics. As we do this, three types of opportunities typically come to light:

• Companies with compressed near-term operating fundamentals that the managers believe are poised to expand within a reasonable timeframe

• Opportunities in industries that may be out of favor

• Out-of-the-limelight companies missed by the Wall Street research community

Sector Diversification
as of December 31, 2016
(as a percentage of net assets)

Financials	31.8	%
Industrials	14.0	%
Information Technology	9.9	%
Real Estate	8.0	%
Consumer Discretionary	6.9	%
Materials	6.8	%
Energy	6.7	%
Health Care	4.8	%
Utilities	4.8	%
Consumer Staples	3.1	%
Exchange-Traded Funds	1.1	%
Assets in Excess of Other Liabilities*	2.1	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2016*
(as a percentage of net assets)

Community Bank System, Inc.	1.5	%
Sterling Bancorp/DE	1.5	%
Independent Bank Corp.	1.5	%
EMCOR Group, Inc.	1.4	%
Renasant Corp.	1.4	%
Sandy Spring Bancorp, Inc.	1.4	%
Union Bankshares Corp.	1.3	%
MGIC Investment Corp.	1.2	%
Hope Bancorp, Inc.	1.2	%
Customers Bancorp, Inc.	1.2	%

* Excludes short-term investments.

Portfolio holdings are subject to change daily.

PORTFOLIO MANAGERS' REPORT

VY^® COLUMBIA SMALL CAP VALUE II PORTFOLIO

Average Annual Total Returns for the Periods Ended December 31, 2016
	1 Year			5 Year			10 Year			Since Inception of Class S2 February 27, 2009
Class ADV		23.41	%		14.63	%		7.26	%		—
Class I		24.00	%		15.20	%		7.80	%		—
Class R6⁽¹⁾		23.99	%		15.20	%		7.80	%		—
Class S		23.70	%		14.89	%		7.53	%		—
Class S2		23.57	%		14.73	%		—			19.05	%
Russell 2000^® Value Index		31.74	%		15.07	%		6.26	%		18.89	%

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.

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

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.

VY^® INVESCO COMSTOCK PORTFOLIO

PORTFOLIO MANAGERS' REPORT

VY^® Invesco Comstock Portfolio (the "Portfolio") seeks capital growth and income. The Portfolio is managed by Kevin Holt, Lead Portfolio Manager, and Devin Armstrong, James Warwick, and Charles DyReyes each a Portfolio Manager of Invesco Advisers, Inc. — the Sub-Adviser.

Performance: For the year ended December 31, 2016, the Portfolio's Class S shares, provided a total return of 17.79% compared to the Russell 1000^® Value Index and the S&P 500^® Index, which returned 17.34% and 11.96%, respectively, for the same period.

Portfolio Specifics: On the positive side of sector performance, stock selection and an overweight exposure within financials contributed to relative performance. Within banks, Bank of America and JPMorgan Chase were large contributors on a relative and absolute basis. Within diversified financials, Morgan Stanley was a top performer for the period, outperforming the sector and benchmark. Financial stocks rallied during the second half of the year, notably post-election, as large banks rallied on expectations of a more lenient regulatory environment from the new presidential administration.

Strong stock selection and overweight exposure within information technology stocks also boosted relative performance for the year. Within software, Microsoft and Symantec Corp. were large contributors. Within hardware storage and peripherals, NetApp Inc. was a large contributor. Symantec stock rallied after they announced a deal to buy Blue Coat, a technology and cloud access security firm. In the second half of the year, NetApp reported smaller than expected declines in their mature product areas and growth in strategic solutions. Investors also welcomed strong expense management.

Having no exposure to real estate and a material underweight to consumer staples were large contributors to relative performance, as these sectors were the bottom performing sectors in the Russell 1000^® Value Index for the year. The Portfolio has remained materially underweight these area of the market because management believes these sectors are generally overvalued, as investors have driven up stock prices in a quest for yield in a low-interest rate environment.

On the negative side, a material overweight allocation to consumer discretionary stocks was a detractor for the period. Having a material overweight to Carnival Corp. was a large detractor, followed by media company, Viacom Inc. The large cruise line operator stock sold off after the Brexit decision due to foreign exposure, even though the company beat earnings expectations during that time. Prior to the Brexit decision, investors were focused on oil prices and the impact on the cruise line's margin recovery.

Stock selection within telecommunication services also dampened performance. Frontier Communications was a large detractor, as well as not owning AT&T Inc. AT&T posted returns over 20% for the year, outperforming the sector and benchmark.

Stock selection within health care also dampened relative performance. Express Scripts, a pharmacy benefits manager, and Novartis, a major European pharmaceuticals firm, were large detractors, both posting negative double-digit returns for the period. Express Scripts was eliminated from the Portfolio due to projected pricing and margin pressure, given potential regulations on prescription drugs.

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. Derivatives were used solely for the purpose of hedging and not for speculative purposes or leverage. The use of currency forward contracts had a positive impact on the Portfolio's performance relative to the Russell 1000^® Value Index for the reporting period.

Current Strategy and Outlook: The Portfolio's financials weighting is overweight to the benchmark, as we have a favorable view of large banks within financials. We also are constructive on the long — term prospects for our energy holdings as we believe supply and demand for oil should balance over time. The Portfolio's exposure in each sector has a higher volatility than the Russell 1000^® Value Index. Therefore, the Portfolio should be more sensitive to broad moves within these sectors for the foreseeable future.

Sector Diversification
as of December 31, 2016
(as a percentage of net assets)

Financials	36.2	%
Energy	17.2	%
Consumer Discretionary	10.4	%
Health Care	9.6	%
Information Technology	9.4	%
Industrials	9.2	%
Consumer Staples	3.0	%
Materials	1.8	%
Telecommunication Services	1.0	%
Utilities	0.6	%
Assets in Excess of Other Liabilities*	1.6	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2016
(as a percentage of net assets)

Citigroup, Inc.	5.8	%
JPMorgan Chase & Co.	4.6	%
Bank of America Corp.	4.1	%
Carnival Corp.	2.6	%
Suncor Energy, Inc.	2.5	%
Cisco Systems, Inc.	2.3	%
PNC Financial Services Group, Inc.	2.2	%
Royal Dutch Shell PLC — Class A ADR	2.0	%
Wells Fargo & Co.	2.0	%
Morgan Stanley	2.0	%

Portfolio holdings are subject to change daily.

PORTFOLIO MANAGERS' REPORT

VY^® INVESCO COMSTOCK PORTFOLIO

Average Annual Total Returns for the Periods Ended December 31, 2016
	1 Year			5 Year			10 Year
Class ADV		17.51	%		13.85	%		5.44	%
Class I		18.13	%		14.41	%		5.96	%
Class S		17.79	%		14.13	%		5.70	%
Russell 1000^® Value Index		17.34	%		14.80	%		5.72	%
S&P 500^® Index		11.96	%		14.66	%		6.95	%

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.

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.

VY^® INVESCO EQUITY AND INCOME PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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, Matthew Titus and Chuck Burge of Invesco Advisers, Inc. — the Sub-Adviser.*

Performance: For the year ended December 31, 2016, the Portfolio's Class S shares provided a total return of 15.00% compared to the Russell 1000^® Value Index, Bloomberg Barclays U.S. Government/Credit Index and the 60% Russell 1000^® Value Index/40% Bloomberg Barclays U.S. Government/Credit Index, which returned 17.34%, 3.05% and 11.62%, respectively, for the same period.

Portfolio Specifics: Strong stock selection and an overweight exposure to financials was the largest contributor to the Portfolio's relative performance for the period. Specifically, within banks and diversified financials, included a number of the Portfolio's top contributors including Comerica, Morgan Stanley, Citizens Financial Group and Bank of America. These companies benefitted from the strong rally in financials stocks following the election results, as investor optimism on future interest rates and the economy fueled returns. Also, not owning Wells Fargo helped performance, as the company was charged with fraudulent activity regarding clients' accounts.

Stock selection and an underweight to consumer staples sector also contributed to relative performance. Wal-Mart and Procter & Gamble were key contributors. During a time when competitors were struggling earlier in the year, Wal-Mart posted better than expected earnings and revenues and raised its guidance for the full year.

Having no exposure to real estate also enhanced relative returns. Although real estate posted positive returns for the year, it was a bottom performing sector within the Russell 1000^® Value Index. The Portfolio has remained materially underweight this area of the market because management believes these sectors are generally overvalued, as investors have driven up stock prices in a quest for yield in a low-interest rate environment.

Weak stock selection within health care detracted from the Portfolio's relative return. Much of the Portfolio's underperformance within the sector was attributable to its pharmaceutical holdings, such as Novartis, Sanofi and Teva Pharmaceuticals. Sanofi's stock declined after the French drug maker reported that it does not expect meaningful earnings growth over the next few years as the company explores the possible sale of some businesses and seeks to cut costs. Teva's stock declined after company management announced a delay in the acquisition of a generics drug maker.

Stock selection within telecommunication services hurt relative performance. UK-based Vodafone Group was a large detractor within the sector. Vodafone was downgraded by analysts a few times during the period, based on lower profit margins and weak guidance. Also, not owning AT&T hurt performance, as AT&T posted returns over 20% for the period.

During the period, the Portfolio's allocation to high grade bonds was a valuable source of income that helped to dampen overall Portfolio volatility. However, these instruments detracted from relative performance versus the Russell 1000^® Value Index, as bonds underperformed equities during the period. Similarly, the Portfolio's allocation to convertible securities posted double digit returns on an absolute basis, but detracted from relative performance as convertibles underperformed the Russell 1000^® Value Index.

Current Strategy and Outlook: Equity markets were positive during the reporting period, but had significant volatility at times as macro events generally overshadowed company fundamentals in investors' minds. 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.

* 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.

Top Ten Holdings
as of December 31, 2016*
(as a percentage of net assets)

Citigroup, Inc.	3.3	%
United States Treasury Note, 1.375%, 12/15/19	3.3	%
United States Treasury Note, 1.000%, 11/30/18	3.2	%
JPMorgan Chase & Co.	2.8	%
Bank of America Corp.	2.7	%
United States Treasury Note, 1.750%, 11/30/21	2.0	%
Morgan Stanley	2.0	%
Apache Corp.	1.8	%
Citizens Financial Group, Inc.	1.6	%
Baker Hughes, Inc.	1.5	%

* Excludes short-term investments.

Portfolio holdings are subject to change daily.

Sector Diversification
as of December 31, 2016
(as a percentage of net assets)

Financials	28.3	%
Energy	11.2	%
U.S. Treasury Obligations	9.4	%
Information Technology	8.5	%
Health Care	7.2	%
Industrials	5.9	%
Consumer Discretionary	5.2	%
Communications	3.3	%
Consumer, Non-cyclical	3.2	%
Consumer Staples	2.8	%
Technology	2.3	%
Materials	1.9	%
Consumer, Cyclical	1.2	%
Telecommunication Services	1.2	%
Utilities	0.9	%
Basic Materials	0.2	%
Federal Home Loan Mortgage Corporation	0.1	%
Federal National Mortgage Association	0.1	%
Municipal	0.1	%
Assets in Excess of Other Liabilities*	7.0	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

VY^® INVESCO EQUITY AND INCOME PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2016
	1 Year			5 Year			10 Year			Since Inception of Class S2 February 27, 2009
Class ADV		14.69	%		11.08	%		5.96	%		—
Class I		15.28	%		11.63	%		6.49	%		—
Class S		15.00	%		11.36	%		6.22	%		—
Class S2		14.84	%		11.20	%		—			13.12	%
Russell 1000^® Value Index		17.34	%		14.80	%		5.72	%		17.80	%
Bloomberg Barclays U.S. Government/Credit Index		3.05	%		2.29	%		4.40	%		4.29	%
60% Russell 1000^® Value Index/40% Bloomberg Barclays U.S. Government/Credit Index		11.62	%		9.81	%		5.55	%		12.50	%

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.

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.

VY^® JPMORGAN MID CAP VALUE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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, 2016, the Portfolio's Class S shares provided a total return of 14.69% compared to the Russell Midcap^® Value Index (the "Index" or "Russell Midcap^® Value"), which returned 20.00% for the same period.

Portfolio Specifics: The Portfolio underperformed the Index during the year. The combination of weak stock selection as well as our underweight position in the materials and industrials sectors detracted from results. In these more cyclical areas of the market, the underperformance was mainly a story of what we don't own, rather than what we do own. We seek a less risky approach to these cyclical parts of the market by investing in companies with relatively steadier earnings patterns, healthy balance sheets, high levels of sustainable free cash flow, and management teams with an eye towards capital allocation. Strong stock selection in utilities and information technology contributed to Portfolio results.

Two stock-specific detractors from performance for the year were Coty and Kroger. Coty's share price slid following weak third-quarter earnings results. The company attributed weakness to the acquisition of several Procter & Gamble beauty brands, coupled with a previously announced management transition. In our view, Coty has an attractive portfolio of brands including OPI, CoverGirl and Calvin Klein fragrances. We are impressed with management and believe that the company has the ability to grow its top and bottom lines over time. Shares of Kroger trended down on investor concerns that the combination of deflation in food-at-home pricing and rising labor costs could create a difficult operating environment for grocers. Amidst this backdrop, Kroger stock has been under pressure for most of the year. However, Kroger enjoyed somewhat of a relief rally following the election as investors began to believe in reflation. Our positive outlook is based on the fact that Kroger has been investing in its omni-channel platform, growing its organic food selection, and successfully winning market share from its main competitors.

On the positive side we benefited from our exposure to financials, which represent the largest absolute weight in the portfolio. M&T Bank rallied along with other financials towards the end of the year as shares reacted positively to the U.S. presidential election. Investors are optimistic about higher interest rates, a less burdensome regulatory environment, and corporate tax reform under the new administration. While we've trimmed the position slightly to reflect current valuation levels, we continue to own shares given that the bank is an extremely high quality franchise. M&T Bank's fortress balance sheet, strong management, and commitment to generating strong returns to shareholders keep us optimistic over the long term. On a stock specific basis, Energen was also a top contributor to results in 2016. Energen shares benefited from the recovery in crude oil prices that occurred throughout the year. Over the past five years Energen has transitioned from a growth-by-acquisition story to a company focused on growing organically. Subsequent to the sale of Energen's distribution business, the company has formed itself into a pure-play Permian basin upstream business. We continue to have an optimistic view on Energen given its excellent acreage and inventory depth in the well-located Permian basin.

Current Strategy and Outlook: As we approach 2017, we are weighing the risks and opportunities we see from an unexpected election outcome and a rather well-expected interest rate hike. Overall, despite the risks and expected volatility, we are optimistic 2017 can be a strong year for U.S. equity markets, with both expanding earnings and improved sentiment driving healthy returns. We believe the Portfolio should benefit in 2017 from our exposure to financials, which represents the largest absolute weight in the Portfolio, as optimism continues around higher interest rates, a less burdensome regulatory environment, and corporate tax reform under the new administration. Additionally, our limited exposure to the yield-oriented sectors of the market, where valuations are stretched, should benefit as we enter a rising interest rate environment.

Sector Diversification
as of December 31, 2016
(as a percentage of net assets)

Financials	22.6	%
Consumer Discretionary	17.2	%
Utilities	11.3	%
Real Estate	10.2	%
Information Technology	9.8	%
Industrials	8.7	%
Consumer Staples	6.4	%
Health Care	4.4	%
Materials	4.1	%
Energy	3.3	%
Assets in Excess of Other Liabilities*	2.0	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2016*
(as a percentage of net assets)

Energen Corp.	2.3	%
EQT Corp.	2.0	%
Loews Corp.	1.9	%
M&T Bank Corp.	1.7	%
Mohawk Industries, Inc.	1.7	%
Fifth Third Bancorp	1.5	%
SunTrust Banks, Inc.	1.4	%
Arrow Electronics, Inc.	1.4	%
WestRock Co.	1.4	%
Xcel Energy, Inc.	1.4	%

* Excludes short-term investments.

Portfolio holdings are subject to change daily.

VY^® JPMORGAN MID CAP VALUE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2016
	1 Year			5 Year			10 Year			Since Inception of Class S2 February 27, 2009
Class ADV		14.42	%		14.80	%		7.82	%		—
Class I		14.94	%		15.37	%		8.36	%		—
Class S		14.69	%		15.09	%		8.09	%		—
Class S2		14.56	%		14.92	%		—			18.76	%
Russell Midcap^® Value		20.00	%		15.70	%		7.59	%		20.69	%

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.

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.

VY^® OPPENHEIMER GLOBAL PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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, 2016, the Portfolio's Class S shares provided a total return of -0.04% compared to the MSCI All Country World Index^SM, which returned 7.86% for the same period.

Portfolio Specifics: The Portfolio's underperformance stemmed largely from weaker relative stock selection in the financials and information technology sectors. Stock selection and an overweight position in health care and an underweight position in energy also had a negative impact on relative performance. The Portfolio outperformed the MSCI All Country World Index^SM in the consumer discretionary sector due to stock selection and the consumer staples sector as a result of an underweight position. On a country basis, stock selection in the U.S., Switzerland and United Kingdom detracted most from performance versus the MSCI All Country World Index^SM. Alternatively, stock selection in France and Japan contributed positively to relative performance, as did stock selection in Denmark. It is worth observing that the decisions we make in constructing the Portfolio are primarily a residual of individual stock preferences and investment themes, combined with prudent thinking about risk.

Top contributors to performance this period included LVMH Moet Hennessy Louis Vuitton SE ("LVMH") (Consumer Discretionary) (France), Keyence Corp. (Information Technology) (Japan), and Kering SA (Consumer Discretionary) (France).

LVMH is an iconic global luxury company with 70 brands across fashion and leather goods, watches and jewelry, wines and spirits, perfumes and cosmetics, and selective retailing. Brands include Louis Vuitton, Bulgari, Fendi, Givenchy, Tag Heuer, Hennessy, Moet & Chandon, Sephora and Benefit; LVMH also owns DFS, the airport duty-free retailer. Given the wide moat and exclusive nature of the brands LVMH owns, we believe the company is positioned to benefit from the growing demand for luxury goods, particularly in the emerging markets. Customers are willing to pay premium prices, enabling LVMH to earn above-average margins and deliver returns on invested capital in the low double digits. Keyence Corp. develops, produces and sells factory automation solutions, such as image processing equipment, control and measuring equipment, as well as sensors. The company reported strong operating results at the close of April for their fiscal third quarter. Kering SA is a global consumer and luxury brands company, with popular names such as Gucci, Bottega Veneta, Yves Saint Laurent and Puma. In our opinion, these brands tend to garner high margins and have timeless appeal even through fashion cycles.

The most significant detractors from performance this period included SunEdison, Inc. (Information Technology) (United States), Circassia Pharmaceuticals plc (Health Care) (United Kingdom) and Celldex Therapeutics, Inc. (Health Care) (United States). We exited our positions in SunEdison and Celldex.

SunEdison, Inc. owns and operates clean power generation assets and sells silicon wafers to the semiconductor industry. We purchased shares in SunEdison, Inc. in 2015 after the stock had fallen approximately 70%, presenting what we considered an attractive risk/reward. Our investment thesis was predicated on growth of solar demand, which in turn would increase demand for SunEdison's EPC (Engineering, Procurement and Construction) expertise. Moreover, low debt financing costs would allow for faster growth, and returns on SunEdison's 20-year contracts would rise. As an added incentive for the renewable energy space, the government extended investment tax credits for another few years. The reversal of low debt costs in the energy market that resulted from widening high yield spreads challenged SunEdison's growth rate. Further, obligations were supposed to be non-recourse to the parent segment; however, this did not turn out to be the case. SunEdison revealed that its accounting was unreliable and that the previously disclosed levels of cash on its balance sheet, which we believed gave us a margin of safety in our investment thesis, were unlikely to be correct. The company filed for bankruptcy. Pharma companies Circassia Pharmaceuticals and Celldex Therapeutics had disappointing results in Phase III drug trials during the reporting period.

Current Strategy and Outlook: At period end, the Portfolio had its largest overweight positions in information technology, consumer discretionary, health care, industrials and financials. The Portfolio had underweight positions in energy, consumer staples, materials, utilities, telecommunication services and real estate. On a country basis, the Portfolio had its largest overweight positions in Japan, Germany 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 Index^SM, the Portfolio had its largest allocation to that country on an absolute basis at period end.

We are long-term investors in companies that we believe can sustainably monetize their exposure to growth streams within the world economy to provide us, as shareholders, with a meaningfully positive return on our capital. We manage the risk in our Portfolio through the diversity of the companies we hold and by limiting the size of individual stock positions. We hold companies in our Portfolio for an average of eight to ten years — some we have held even longer — to reap those capital returns as they compound over time.

Geographic Diversification
as of December 31, 2016
(as a percentage of net assets)

United States	45.5	%
Japan	14.2	%
Germany	9.1	%
France	6.5	%
United Kingdom	5.9	%
Switzerland	4.3	%
India	3.4	%
Spain	2.7	%
Netherlands	2.7	%
Sweden	1.4	%
Countries between 0.4%-1.3%^	2.9	%
Assets in Excess of Other Liabilities*	1.4	%
Net Assets	100.0	%

* Includes short-term investments.

^ Includes 3 countries, which each represents 0.4%-1.3% of net assets.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2016
(as a percentage of net assets)

S&P Global, Inc.	3.1	%
Citigroup, Inc.	3.0	%
Aetna, Inc.	2.9	%
Airbus Group SE	2.7	%
Alphabet, Inc. — Class C	2.6	%
Murata Manufacturing Co., Ltd.	2.6	%
Alphabet, Inc. — Class A	2.6	%
LVMH Moet Hennessy Louis Vuitton SE	2.5	%
Colgate-Palmolive Co.	2.4	%
SAP SE	2.4	%

Portfolio holdings are subject to change daily.

PORTFOLIO MANAGERS' REPORT

VY^® OPPENHEIMER GLOBAL PORTFOLIO

Average Annual Total Returns for the Periods Ended December 31, 2016
	1 Year			5 Year			10 Year			Since Inception of Class S2 February 27, 2009
Class ADV		-0.29	%		10.02	%		4.05	%		—
Class I		0.22	%		10.56	%		4.57	%		—
Class S		-0.04	%		10.28	%		4.32	%		—
Class S2		-0.20	%		10.12	%		—			14.30	%
MSCI All Country World Index^SM		7.86	%		9.36	%		3.56	%		13.33	%

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.

VY^® PIONEER HIGH YIELD PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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

Performance: For the year ended December 31, 2016, the Portfolio's Class I shares provided a total return of 14.29% 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 17.49% and 17.33%, respectively, for the same period.

Portfolio Specifics: Within high yield, the top contributors to sector allocation were found in the underweights to the banking, media and retail sectors. Underweights to energy and basic industries were the largest negative contributors to both sector allocation and security selection. At the onset of 2016, energy was poised to continue to drag down the Bank of America/Merrill Lynch High Yield Master II Index. The pace of defaults was expected to pick up significantly. Following the stabilization and recovery in oil prices, defaults have trended lower and the sector led the corporate high yield index. Security selection was positive within gaming, telecommunications and utilities.

The out-of-benchmark allocation to convertible bonds was a slight negative contributor to relative performance, as the asset class lagged high yield despite posting strong absolute returns. The negative returns within the healthcare sector offset the positive returns from the remaining sectors such as basic industries and technology. Bank loans also had a strong year, however it resulted in a slight drag on relative performance given high yield's annual return.

The Portfolio's underweight allocation to securities that were rated CCC and below, including distressed, quality tiers was a strong negative contributor to performance as the more speculative credits significantly outperformed during the period.

The Portfolio's allocation to equity was a detractor during the year. The equity allocation was hurt by its healthcare and consumer discretionary exposure. The financial, industrial and information technology sectors contributed to returns.

Securities contributing to performance included the convertible bond positions in Dycom Industries and Mentor Graphics. The corporate bond position in Scientific Games International was also a top contributor.

Securities detracting from performance, during the year, included the corporate bond positions in Linn Energy, Community Health Systems and Approach Resources.

Current Strategy and Outlook: We continue to remain overweight the healthcare sector. We believe there is increasing value in the healthcare space as the sector continues to trade at levels overly reflecting risks associated with a Trump administration. These risks include the repealing or replacement of the Affordable Care Act and legislation affecting drug pricing. The Portfolio is slightly underweight energy. Within the energy sector, the Portfolio is overweight exploration & production and underweight energy services. The default risk within energy continues to trend lower as commodity prices have stabilized, supporting the energy and metals & mining sectors. The Portfolio is overweight homebuilding, which is U.S. based and levered to the strong consumer. High yield has experienced a significant level of positive total returns in 2016, despite a weak start to the year. We do not expect similar returns going forward, but believe fundamentals remain strong and returns will be more consistent. We will continue to invest in out-of-benchmark sectors such as bank loans and convertible bonds. Bank loans are poised to benefit from higher LIBOR rates, which will result in higher coupons. Convertible bonds will continue to be utilized to enhance the Portfolio's total return without the need to invest further down in the lower quality rating tiers.

Investment Type Allocation
as of December 31, 2016
(as a percentage of net assets)

Corporate Bonds/Notes	85.4	%
Common Stock	4.6	%
U.S. Treasury Obligations	3.4	%
Preferred Stock	1.4	%
Municipal Bonds	0.6	%
Warrants**	0.0	%
Foreign Government Bonds**	0.0	%
Assets in Excess of Other Liabilities*	4.6	%
Net Assets	100.0	%

* Includes short-term investments.

** Amount is less than 0.05%.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2016*
(as a percentage of net assets)

United States Treasury Floating Rate Note, 0.705%, 07/31/18	3.4	%
Sprint Corp., 7.250%, 09/15/21	1.8	%
Scientific Games International, Inc., 10.000%, 12/01/22	1.0	%
VRX Escrow Corp., 5.875%, 05/15/23	0.9	%
CHS/Community Health Systems, Inc., 8.000%, 11/15/19	0.7	%
Crown Cork & Seal Co., Inc., 7.375%, 12/15/26	0.7	%
Level 3 Financing, Inc., 5.250%, 03/15/26	0.7	%
Forest City Realty Trust, Inc.	0.7	%
Fly Leasing Ltd, 6.375%, 10/15/21	0.6	%
HCA, Inc., 5.250%, 06/15/26	0.6	%

* Excludes short-term investments.

Portfolio holdings are subject to change daily.

VY^® PIONEER HIGH YIELD PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2016
	1 Year			5 Year			10 Year
Class I		14.29	%		7.38	%		7.77	%
Class S		13.91	%		7.10	%		7.49	%
Bank of America/Merrill Lynch High Yield Master II Index		17.49	%		7.35	%		7.34	%
Bank of American/Merrill Lynch All Convertibles (Speculative Grade) Index		17.33	%		10.03	%		6.40	%

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.

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.

VY^® T. ROWE PRICE DIVERSIFIED MID CAP GROWTH PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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, 2016, the Portfolio's Class S shares provided a total return of 7.19% compared to the S&P MidCap 400 Index and the Russell Midcap^® Growth Index, which returned 20.74% and 7.33%, respectively, for the same period.

Portfolio Specifics: The Portfolio outperformed the Russell Midcap^® Growth Index before the deduction of fees and expenses, but underperformed net of fees and expenses during the reporting period. Industrials and business services boosted relative results, due to stock selection and a favorable overweight. Leading holdings within the sector included United Continental and Harris. The largest passenger air carrier in the U.S. by revenue, United Continental received a boost from the news that the president of a competing airline would be moving to the firm, supporting the belief that United will be able to close a profit margin gap with its competitors. Shares also benefited from improved bookings and lower-than-expected non-fuel costs, which led to an improved year-end outlook. Harris, which provides secure communications products, benefited from accelerating orders for tactical radios, several new contracts, and the divestiture of an underperforming business.

In consumer discretionary, our stock holdings also outpaced their benchmark peers, most notably Burlington Stores and Harman International Industries. Burlington Stores consistently exceeded analyst estimates with growth in traffic, units per transaction, and conversion driving higher-than-expected same-store sales, while higher markups and cost savings expanded margins. A manufacturer of audio systems and electronic systems, Harman International received a boost following Samsung's bid to acquire the company.

Information technology was an area of relative weakness, owing to stock choices and a detrimental underweight. Sabre and Atlassian both detracted here. Sabre, which provides global distribution systems for the travel and tourism industry, fell as falling airline capacity and weak U.S. corporate bookings weighed on the company's travel network business. A provider of enterprise software for application development, collaboration, and chat functions, Atlassian suffered from a broad sell-off of software stocks and from investor concerns about slowing revenue growth due to pricing issues.

Current Strategy and Outlook: In the wake of President Trump's inauguration, we would not be surprised to see more market turbulence as the more controversial elements of his agenda work their way through the political process. Many of his stated policy goals could introduce considerable uncertainty into prospects for some Portfolio holdings, but in that case, we hope to take advantage of short-term volatility to build up positions in firms with superior long-term prospects. We are also concerned about the effects of the extraordinary measures taken by regulators and central banks to depress interest rates. We believe this shift in monetary policy has complicated the capital markets' role in directing investment and led to greater risk taking. This is particularly true in the information technology sector, raising concerns that a number of large, privately funded companies in that market space may falter in the coming year.

Sector Diversification
as of December 31, 2016
(as a percentage of net assets)

Consumer Discretionary	21.4	%
Information Technology	20.4	%
Industrials	17.0	%
Health Care	15.2	%
Financials	7.8	%
Consumer Staples	5.6	%
Materials	5.5	%
Real Estate	4.0	%
Energy	1.8	%
Telecommunication Services	0.9	%
Utilities	0.5	%
Liabilities in Excess of Other Assets*	(0.1	)%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2016*
(as a percentage of net assets)

Fiserv, Inc.	1.0	%
Ross Stores, Inc.	1.0	%
Autozone, Inc.	0.9	%
O'Reilly Automotive, Inc.	0.9	%
Dollar General Corp.	0.9	%
SBA Communications Corp.	0.9	%
Intuitive Surgical, Inc.	0.9	%
Zoetis, Inc.	0.8	%
Amphenol Corp.	0.8	%
Vulcan Materials Co.	0.8	%

* Excludes short-term investments.

Portfolio holdings are subject to change daily.

PORTFOLIO MANAGERS' REPORT

VY^® T. ROWE PRICE DIVERSIFIED MID CAP GROWTH PORTFOLIO

Average Annual Total Returns for the Periods Ended December 31, 2016
	1 Year			5 Year			10 Year			Since Inception of Class S2 February 27, 2009
Class ADV		6.93	%		13.45	%		7.89	%		—
Class I		7.41	%		13.98	%		8.43	%		—
Class R6⁽¹⁾		7.52	%		14.00	%		8.44	%		—
Class S		7.19	%		13.70	%		8.16	%		—
Class S2		6.99	%		13.53	%		—			18.56	%
S&P MidCap 400 Index		20.74	%		15.33	%		9.16	%		19.97	%
Russell Midcap^® Growth Index		7.33	%		13.51	%		7.83	%		18.91	%

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

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.

VY^® T. ROWE PRICE GROWTH EQUITY PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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

Performance: For the year ended December 31, 2016, the Portfolio's Class I shares, provided a total return of 1.51% compared to the S&P 500^® Index and the Russell 1000^® Growth Index, which returned 11.96% and 7.08%, respectively, for the same period.

Portfolio Specifics: Stock selection was the main reason for relative underperformance by the Portfolio, but sector weighting was also negative. Health care was the largest relative detractor, primarily due to stock selection, though the Portfolio's overweight here was also detrimental. Information technology underperformed on stock selection. The Portfolio's lack of energy stocks also detracted, as this was the strongest sector in the S&P 500^® Index. Consumer discretionary underperformed largely due to overweighting. Consumer staples was the leading relative outperformer, due to favorable significant underweighting.

Health care was the largest detractor. Shares of Allergan declined early in the year when its proposed merger with Pfizer was called off after the U.S. Treasury Department issued a notice aimed at curbing the benefits of tax inversions. While we still maintain a constructive view, we subsequently trimmed our position and continue to monitor competitive pressures on Restasis, a chronic dry-eye therapy, as well as sales growth of its Alzheimer's treatment, Namenda.

Early in the year, shares of Alexion Pharmaceuticals sold off along with other larger biotechnology stocks. The company issued disappointing guidance that fell below consensus analyst estimates in the first quarter and announced disappointing results from a phase III clinical trial that led to a sharp decline in the second quarter. The stock saw further volatility later in the year after delaying the filing of its quarterly financial statements and removing the CEO and CFO. Its financial statements have since been filed, without issue, and a new management team is on board.

Information technology relatively detracted. While shares of Alphabet lagged for the year, the stock remains a top holding and with strong prospects. Recent results continue to confirm our belief that the company remains very well positioned to keep capturing share of traditional ad-spending dollars. Mobile search continues to be the largest driver of growth, but YouTube, programmatic display, Play, and Cloud are all meaningful drivers as well.

Our substantial allocation to salesforce.com detracted from relative returns in the latter half of 2016, largely in response to a lack of clarity surrounding the company's acquisition strategy. Sentiment weighed on the stock based on its failed pursuit of acquiring LinkedIn, rumors of the CEO's interest in acquiring Twitter, and a leaked presentation highlighting numerous potential acquisition targets. Nonetheless, we believe the leading cloud-computing company's core business remains well positioned and it continues to execute well in both technology and sales.

Current Strategy and Outlook: In the fourth quarter, U.S. stocks advanced, resulting in strong full-year gains for many investors. Small-cap stocks outperformed large-caps, and value stocks surpassed growth stocks, as measured by Russell indexes. The U.S. Federal Reserve Board raised short-term rates in mid-December and is projecting three rate increases in 2017. Developed non-U.S. equity markets significantly underperformed U.S. shares, as returns to U.S. investors were hurt by a stronger dollar versus major currencies.

In our opinion, large-cap growth stock valuations appear relatively attractive versus their value counterparts and compared with small- and mid-cap stocks, which recorded strong fourth-quarter and 12-month gains. We are not concerned that interest rates are rising because moderately rising rates are a sign that the economy is growing. If President-elect Trump's agenda is pursued successfully, we believe multinational companies should benefit from improving global growth. Large-cap growth stocks would benefit from a rollback in corporate tax rates and an increase in infrastructure spending in 2017. However, policy initiatives take time to implement, and we intend to maintain our risk-aware investment approach to stock selection.

Sector Diversification
as of December 31, 2016
(as a percentage of net assets)

Information Technology	36.8	%
Consumer Discretionary	25.9	%
Health Care	15.4	%
Industrials	6.5	%
Financials	6.1	%
Consumer Staples	3.6	%
Real Estate	3.0	%
Utilities	0.7	%
Materials	0.7	%
Telecommunication Services	0.4	%
Assets in Excess of Other Liabilities*	0.9	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2016
(as a percentage of net assets)

Amazon.com, Inc.	7.6	%
Priceline.com, Inc.	4.3	%
Facebook, Inc.	4.1	%
Microsoft Corp.	4.0	%
Alphabet, Inc. — Class A	3.6	%
Alphabet, Inc. — Class C	3.1	%
Visa, Inc. — Class A	3.0	%
Apple, Inc.	2.9	%
Mastercard, Inc.	2.2	%
PayPal Holdings, Inc.	2.0	%

Portfolio holdings are subject to change daily.

PORTFOLIO MANAGERS' REPORT

VY^® T. ROWE PRICE GROWTH EQUITY PORTFOLIO

Average Annual Total Returns for the Periods Ended December 31, 2016
	1 Year			5 Year			10 Year			Since Inception of Class S2 February 27, 2009
Class ADV		1.01	%		14.58	%		7.29	%		—
Class I		1.51	%		15.15	%		7.83	%		—
Class S		1.26	%		14.86	%		7.56	%		—
Class S2		1.10	%		14.69	%		—			17.41	%
S&P 500^® Index		11.96	%		14.66	%		6.95	%		17.76	%
Russell 1000^® Growth Index		7.08	%		14.50	%		8.33	%		18.07	%

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.

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.

VY^® TEMPLETON FOREIGN EQUITY PORTFOLIO

PORTFOLIO MANAGERS' REPORT

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

Performance: For the year ended December 31, 2016, the Portfolio's Class I shares provided a total return of 1.85% compared to the MSCI All Country World ex-U.S. Index^SM ("MSCI ACWI ex-U.S.") and the MSCI EAFE^® Index, which returned 4.50% and 1.00%, respectively, for the same period.

Portfolio Specifics: International equities advanced in 2016, an eventful year that began with fear and volatility and ended with renewed optimism and many major bourses hitting near-record highs. Portfolio performance improved sharply amid the second-half value rally, while full-year underperformance was largely attributable to adverse currency effects.

Financials stocks rebounded strongly near period-end as interest rates rose and growth expectations improved, though the late recovery failed to overcome earlier weakness. Stock selection in the sector detracted from the Portfolio's relative performance. European banks lagged but remained abundantly cheap in our assessment, relative to U.S. peers, and well placed to benefit from the potential for economic reflation, higher interest rates, falling loan-loss provisions and the end of re-regulation.

An overweighting in the health care sector detracted amid a sharp and sustained decline following political criticism during the U.S. election cycle. Israeli drug manufacturer Teva Pharmaceutical Industries performed poorly, though we believe the stock remained potentially well positioned for growth over a long-term horizon. Industry fundamentals more broadly continued to impress us, characterized by high returns on equity, strong cash flows and low leverage.

Turning to contributors, the Portfolio's significantly overweighted energy position benefited relative performance amid rebounding oil prices, and U.K. oil major BP was a top contributor, gaining as management continued to balance spending cuts with growth initiatives. Our current energy sector strategy involves selectively reducing exposure to some of the earlier cycle energy services and exploration and production stocks we believe have fuller valuations and rotating into more modestly valued integrated oil producers. Oil prices look well supported, in our view, given vast reductions in industry capital expenditures, a significant decline in the U.S. rig count and major oil producers' recent agreement to curtail a larger-than-expected amount of production.

Stock selection benefited results in the information technology sector, led by South Korean semiconductor and consumer electronics manufacturer Samsung Electronics. The company's shares rose as the firm recovered from a high-profile product recall and introduced more shareholder-friendly governance initiatives. The Portfolio's relative results also benefited from stock selection and its significant underweighting in what we considered the expensive and overcrowded consumer staples sector. Elsewhere, the materials sector contributed, led by Swiss miner Glencore, which rebounded off January 2016 lows amid balance sheet restructuring and commodity reflation.

From a regional standpoint, stock selection in North America detracted from the Portfolio's relative performance, while stock selection in Asia and Europe contributed.

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: Value has been bouncing off an extremely low base and, notwithstanding the risk of temporary consolidation should stocks periodically get ahead of themselves, the longer term prospects for our investment philosophy remain attractive to us. We are watching specifically for any meaningful improvements in the earnings of value stocks, which could drive the next leg of performance for a style that has thus far benefited primarily from higher valuation multiples. Conversely, economic and interest-rate normalization represent significant challenges for bondholders with nominally fixed returns. Real assets that can adjust for, or pass through, price increases and sustainably generate cash flows — like equities — appear far better positioned to us. As the market refocuses on fundamentals, we are confident that this next cycle will again prove the virtue of value-oriented active investors capable of identifying selective bargains and mitigating downside risk over the long term.

Geographic Diversification
as of December 31, 2016
(as a percentage of net assets)

United Kingdom	19.2	%
Germany	12.3	%
Japan	11.9	%
France	10.3	%
China	6.8	%
Switzerland	6.3	%
South Korea	6.3	%
Netherlands	5.6	%
Singapore	3.5	%
Hong Kong	2.6	%
Countries between 0.5% — 2.5%^	12.9	%
Assets in Excess of Other Liabilities*	2.3	%
Net Assets	100.0	%

* Includes short-term investments.

^ Includes 10 countries, which each represents 0.5%-2.5% of net assets.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2016
(as a percentage of net assets)

Samsung Electronics Co., Ltd. GDR	3.0	%
BP PLC	2.8	%
Royal Dutch Shell PLC — Class B	2.7	%
BNP Paribas	2.0	%
HSBC Holdings PLC	2.0	%
Roche Holding AG	1.9	%
SoftBank Group Corp.	1.8	%
ENI S.p.A.	1.7	%
Teva Pharmaceutical Industries Ltd. ADR	1.8	%
Sanofi	1.8	%

Portfolio holdings are subject to change daily.

PORTFOLIO MANAGERS' REPORT

VY^® TEMPLETON FOREIGN EQUITY PORTFOLIO

Average Annual Total Returns for the Periods Ended December 31, 2016
	1 Year			5 Year			10 Year			Since Inception of Class S2 February 27, 2009
Class ADV		1.33	%		5.11	%		0.93	%		—
Class I		1.85	%		5.63	%		1.37	%		—
Class S		1.63	%		5.36	%		1.11	%		—
Class S2		1.39	%		5.20	%		—			9.35	%
MSCI ACWI ex-U.S.		4.50	%		5.00	%		0.96	%		9.90	%
MSCI EAFE^® Index		1.00	%		6.53	%		0.75	%		10.04	%

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

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.

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, 2016 to December 31, 2016. 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)
Voya Global Bond Portfolio	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2016*		Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2016*
Class ADV	$	1,000.00	$	975.10		1.10	%	$	5.46	$	1,000.00	$	1,019.61		1.10	%	$	5.58
Class I		1,000.00		978.10		0.60			2.98		1,000.00		1,022.12		0.60			3.05
Class S		1,000.00		976.90		0.85			4.22		1,000.00		1,020.86		0.85			4.32
VY^® American Century Small-Mid Cap Value Portfolio
Class ADV	$	1,000.00	$	1,145.70		1.36	%	$	7.34	$	1,000.00	$	1,018.30		1.36	%	$	6.90
Class I		1,000.00		1,148.70		0.86			4.64		1,000.00		1,020.81		0.86			4.37
Class S		1,000.00		1,147.50		1.11			5.99		1,000.00		1,019.56		1.11			5.63
Class S2		1,000.00		1,147.70		1.26			6.80		1,000.00		1,018.80		1.26			6.39
VY^® Baron Growth Portfolio
Class ADV	$	1,000.00	$	1,011.10		1.48	%	$	7.48	$	1,000.00	$	1,017.70		1.48	%	$	7.51
Class I		1,000.00		1,013.60		0.98			4.96		1,000.00		1,020.21		0.98			4.98
Class R6		1,000.00		1,013.60		0.98			4.96		1,000.00		1,020.21		0.98			4.98
Class S		1,000.00		1,012.20		1.23			6.22		1,000.00		1,018.95		1.23			6.24
Class S2		1,000.00		1,011.50		1.38			6.98		1,000.00		1,018.20		1.38			7.00

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

	Actual Portfolio Return									Hypothetical (5% return before expenses)
VY^® Columbia Contrarian Core Portfolio	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2016*		Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2016*
Class ADV	$	1,000.00	$	1,060.70		1.20	%	$	6.22	$	1,000.00	$	1,019.10		1.20	%	$	6.09
Class I		1,000.00		1,062.90		0.70			3.63		1,000.00		1,021.62		0.70			3.56
Class S		1,000.00		1,062.10		0.95			4.92		1,000.00		1,020.36		0.95			4.82
VY^® Columbia Small Cap Value II Portfolio
Class ADV	$	1,000.00	$	1,200.40		1.36	%	$	7.52	$	1,000.00	$	1,018.30		1.36	%	$	6.90
Class I		1,000.00		1,203.40		0.86			4.76		1,000.00		1,020.81		0.86			4.37
Class R6		1,000.00		1,203.30		0.86			4.76		1,000.00		1,020.81		0.86			4.37
Class S		1,000.00		1,201.80		1.11			6.14		1,000.00		1,019.56		1.11			5.63
Class S2		1,000.00		1,200.40		1.26			6.97		1,000.00		1,018.80		1.26			6.39
VY^® Invesco Comstock Portfolio
Class ADV	$	1,000.00	$	1,175.90		1.23	%	$	6.73	$	1,000.00	$	1,018.95		1.23	%	$	6.24
Class I		1,000.00		1,178.90		0.73			4.00		1,000.00		1,021.47		0.73			3.71
Class S		1,000.00		1,177.10		0.98			5.36		1,000.00		1,020.21		0.98			4.98
VY^® Invesco Equity and Income Portfolio
Class ADV	$	1,000.00	$	1,124.90		1.14	%	$	6.09	$	1,000.00	$	1,019.41		1.14	%	$	5.79
Class I		1,000.00		1,127.80		0.64			3.42		1,000.00		1,021.92		0.64			3.25
Class S		1,000.00		1,126.50		0.89			4.76		1,000.00		1,020.66		0.89			4.52
Class S2		1,000.00		1,125.60		1.02			5.45		1,000.00		1,020.01		1.02			5.18
VY^® JPMorgan Mid Cap Value Portfolio
Class ADV	$	1,000.00	$	1,075.10		1.37	%	$	7.15	$	1,000.00	$	1,018.25		1.37	%	$	6.95
Class I		1,000.00		1,077.00		0.87			4.54		1,000.00		1,020.76		0.87			4.42
Class S		1,000.00		1,076.20		1.12			5.85		1,000.00		1,019.51		1.12			5.69
Class S2		1,000.00		1,075.60		1.27			6.63		1,000.00		1,018.75		1.27			6.44
VY^® Oppenheimer Global Portfolio
Class ADV	$	1,000.00	$	1,087.00		1.25	%	$	6.56	$	1,000.00	$	1,018.85		1.25	%	$	6.34
Class I		1,000.00		1,090.20		0.75			3.94		1,000.00		1,021.37		0.75			3.81
Class S		1,000.00		1,088.60		1.00			5.25		1,000.00		1,020.11		1.00			5.08
Class S2		1,000.00		1,087.70		1.15			6.03		1,000.00		1,019.36		1.15			5.84
VY^® Pioneer High Yield Portfolio
Class I	$	1,000.00	$	1,072.40		0.71	%	$	3.70	$	1,000.00	$	1,021.57		0.71	%	$	3.61
Class S		1,000.00		1,071.10		0.96			5.00		1,000.00		1,020.31		0.96			4.88
VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio
Class ADV	$	1,000.00	$	1,053.30		1.27	%	$	6.55	$	1,000.00	$	1,018.75		1.27	%	$	6.44
Class I		1,000.00		1,055.20		0.77			3.98		1,000.00		1,021.27		0.77			3.91
Class R6		1,000.00		1,055.20		0.77			3.98		1,000.00		1,021.27		0.77			3.91
Class S		1,000.00		1,054.50		1.02			5.27		1,000.00		1,020.01		1.02			5.18
Class S2		1,000.00		1,053.90		1.17			6.04		1,000.00		1,019.25		1.17			5.94

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

	Actual Portfolio Return									Hypothetical (5% return before expenses)
VY^® T. Rowe Price Growth Equity Portfolio	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2016*		Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2016*
Class ADV	$	1,000.00	$	1,076.60		1.23	%	$	6.42	$	1,000.00	$	1,018.95		1.23	%	$	6.24
Class I		1,000.00		1,079.30		0.73			3.82		1,000.00		1,021.47		0.73			3.71
Class S		1,000.00		1,077.90		0.98			5.12		1,000.00		1,020.21		0.98			4.98
Class S2		1,000.00		1,077.20		1.13			5.90		1,000.00		1,019.46		1.13			5.74
VY^® Templeton Foreign Equity Portfolio
Class ADV	$	1,000.00	$	1,072.40		1.41	%	$	7.35	$	1,000.00	$	1,018.05		1.41	%	$	7.15
Class I		1,000.00		1,075.10		0.91			4.75		1,000.00		1,020.56		0.91			4.62
Class S		1,000.00		1,074.20		1.16			6.05		1,000.00		1,019.30		1.16			5.89
Class S2		1,000.00		1,072.00		1.31			6.82		1,000.00		1,018.55		1.31			6.65

* Expenses are equal to each Portfolio's respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half-year.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Shareholders and Board of Directors
Voya Partners, Inc.

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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the custodian 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 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, 2016, 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 23, 2017

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2016

	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+*	$	194,783,139		$	352,939,928	$	703,402,760	$	322,256,643
Investments in affiliates at fair value**		48,212,598			—		—		—
Short-term investments at fair value***		21,473,701			18,122,918		5,192,517		3,610,640
Total investments at fair value	$	264,469,438		$	371,062,846	$	708,595,277	$	325,867,283
Cash		—			—		1,015,000		—
Cash collateral for futures		1,059,894			—		—		—
Cash pledged for centrally cleared swaps (Note 2)		1,523,000			—		—		—
Cash pledged as collateral for OTC derivatives (Note 2)		2,810,000			—		—		—
Foreign currencies at value****		127,235			—		—		—
Foreign cash collateral for futures*****		78,951			—		—		—
Receivables:
Investment securities sold		380,303			826,257		—		4,049,932
Fund shares sold		300,541			196,913		200,546		75,445
Dividends		730			690,223		941,057		464,132
Interest		1,406,451			—		—		—
Foreign tax reclaims		—			—		—		3,769
Unrealized appreciation on forward foreign currency contracts		2,510,309			11,678		—		—
Prepaid expenses		1,016			1,131		3,349		1,367
Reimbursement due from manager		12,495			34,484		—		55,916
Other assets		11,344			6,711		23,238		10,648
Total assets		274,691,707			372,830,243		710,778,467		330,528,492
LIABILITIES:
Payable for investment securities purchased		2,219,825			2,067,964		—		4,100,201
Payable for fund shares redeemed		—			446,344		93,682		119,716
Payable upon receipt of securities loaned		15,731,207			7,238,056		—		—
Unrealized depreciation on forward foreign currency contracts		5,919,220			50,142		—		—
Variation margin payable on centrally cleared swaps		136,792			—		—		—
Cash received as collateral for OTC derivatives (Note 2)		2,030,000			—		—		—
Payable for investment management fees		116,090			329,555		580,552		251,631
Payable for distribution and shareholder service fees		18,846			65,235		137,484		72,986
Payable to custodian due to bank overdraft		18,122			—		—		—
Payable to directors under the deferred compensation plan (Note 6)		11,344			6,711		23,238		10,648
Payable for directors fees		1,208			1,492		3,866		1,652
Other accrued expenses and liabilities		50,097			49,481		104,982		47,025
Written options, at fair value^		20,041,868			—		—		—
Total liabilities		46,294,619			10,254,980		943,804		4,603,859
NET ASSETS	$	228,397,088		$	362,575,263	$	709,834,663	$	325,924,633
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	238,033,075		$	300,718,316	$	244,314,440	$	264,120,775
Undistributed net investment income		2,763,579			4,001,439		5,804,645		3,172,780
Accumulated net realized gain (loss)		(637,211	)		9,152,134		78,260,735		17,698,993
Net unrealized appreciation (depreciation)		(11,762,355	)		48,703,374		381,454,843		40,932,085
NET ASSETS	$	228,397,088		$	362,575,263	$	709,834,663	$	325,924,633
+ Including securities loaned at value	$	15,412,472		$	7,031,588	$	—	$	—
* Cost of investments in securities	$	191,517,371		$	304,198,114	$	321,947,917	$	281,324,211
** Cost of investments in affiliates	$	57,285,247		$	—	$	—	$	—
*** Cost of short-term investments	$	21,510,566		$	18,122,918	$	5,192,517	$	3,610,640
**** Cost of foreign currencies	$	172,025		$	—	$	—	$	—
***** Cost of foreign cash collateral for futures	$	78,951		$	—	$	—	$	—
^ Premiums received on written options	$	17,710,908		$	—	$	—	$	—

See Accompanying Notes to Financial Statements
36

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2016 (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	$	24,365,119	$	101,947,517	$	77,655,016	$	25,431,592
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		2,379,182		8,471,086		3,129,093		1,230,913
Net asset value and redemption price per share	$	10.24	$	12.03	$	24.82	$	20.66
Class I:
Net assets	$	163,396,895	$	156,657,107	$	150,672,284	$	10,628,838
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		15,678,803		12,313,526		5,597,753		491,756
Net asset value and redemption price per share	$	10.42	$	12.72	$	26.92	$	21.61
Class R6:
Net assets		n/a		n/a	$	878,572		n/a
Shares authorized		n/a		n/a		100,000,000		n/a
Par value		n/a		n/a	$	0.001		n/a
Shares outstanding		n/a		n/a		32,628		n/a
Net asset value and redemption price per share		n/a		n/a	$	26.93		n/a
Class S:
Net assets	$	40,635,074	$	99,089,312	$	478,019,678	$	289,864,203
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		3,903,801		7,889,459		18,438,480		13,668,911
Net asset value and redemption price per share	$	10.41	$	12.56	$	25.93	$	21.21
Class S2:
Net assets		n/a	$	4,881,327	$	2,609,113		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		406,592		104,715		n/a
Net asset value and redemption price per share		n/a	$	12.01	$	24.92		n/a

See Accompanying Notes to Financial Statements
37

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2016

	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+*	$	232,944,488	$	512,193,593		$	1,649,050,314	$	597,053,478
Short-term investments at fair value**		9,231,151		13,337,082			245,630,700		25,237,209
Total investments at fair value	$	242,175,639	$	525,530,675		$	1,894,681,014	$	622,290,687
Foreign currencies at value***		—		1,715			392,644		—
Receivables:
Investment securities sold		71,445		—			776,429		—
Fund shares sold		312,672		1,480,404			117,275		29,257
Dividends		273,166		536,057			2,137,803		964,752
Interest		—		—			3,022,754		—
Foreign tax reclaims		—		216,911			305,269		—
Unrealized appreciation on forward foreign currency contracts		—		822,857			1,883,232		—
Prepaid expenses		838		2,123			7,353		2,506
Reimbursement due from manager		—		—			31,037		—
Other assets		6,775		17,693			65,920		13,720
Total assets		242,840,535		528,608,435			1,903,420,730		623,300,922
LIABILITIES:
Payable for investment securities purchased		4,013,081		—			6,396,290		—
Payable for fund shares redeemed		575,582		1,758,300			3,796,468		1,534,993
Payable upon receipt of securities loaned		—		6,159,852			118,166,949		11,668,889
Unrealized depreciation on forward foreign currency contracts		—		1,731			—		—
Payable for investment management fees		170,475		312,633			936,215		434,761
Payable for distribution and shareholder service fees		47,674		76,913			309,937		105,916
Payable to directors under the deferred compensation plan (Note 6)		6,775		17,693			65,920		13,720
Payable for directors fees		1,035		2,527			8,616		3,015
Other accrued expenses and liabilities		30,904		77,709			194,179		110,074
Total liabilities		4,845,526		8,407,358			129,874,574		13,871,368
NET ASSETS	$	237,995,009	$	520,201,077		$	1,773,546,156	$	609,429,554
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	174,756,489	$	522,204,336		$	1,556,781,192	$	419,865,263
Undistributed net investment income		709,236		1,270,256			4,391,247		178,023
Accumulated net realized gain (loss)		8,605,969		(91,064,715	)		35,389,261		52,955,296
Net unrealized appreciation		53,923,315		87,791,200			176,984,456		136,430,972
NET ASSETS	$	237,995,009	$	520,201,077		$	1,773,546,156	$	609,429,554
+ Including securities loaned at value	$	—	$	5,922,116		$	115,709,832	$	11,371,819
* Cost of investments in securities	$	179,021,173	$	425,209,667		$	1,477,530,157	$	460,622,506
** Cost of short-term investments	$	9,231,151	$	13,337,082		$	242,031,419	$	25,237,209
*** Cost of foreign currencies	$	—	$	1,708		$	389,651	$	—

See Accompanying Notes to Financial Statements
38

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2016 (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	$	36,303,748	$	34,489,736	$	49,628,241	$	98,003,096
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		1,962,628		1,990,680		1,126,423		5,075,712
Net asset value and redemption price per share	$	18.50	$	17.33	$	44.06	$	19.31
Class I:
Net assets	$	49,625,486	$	194,503,515	$	594,455,567	$	215,891,946
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		2,604,690		11,135,262		13,251,124		10,928,664
Net asset value and redemption price per share	$	19.05	$	17.47	$	44.86	$	19.75
Class R6:
Net assets	$	401,554		n/a		n/a		n/a
Shares authorized		100,000,000		n/a		n/a		n/a
Par value	$	0.001		n/a		n/a		n/a
Shares outstanding		21,067		n/a		n/a		n/a
Net asset value and redemption price per share	$	19.06		n/a		n/a		n/a
Class S:
Net assets	$	145,815,665	$	291,207,826	$	682,464,791	$	291,724,733
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		7,689,966		16,684,929		15,344,205		14,897,783
Net asset value and redemption price per share	$	18.96	$	17.45	$	44.48	$	19.58
Class S2:
Net assets	$	5,848,556		n/a	$	446,997,557	$	3,809,779
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		317,134		n/a		10,193,450		197,900
Net asset value and redemption price per share	$	18.44		n/a	$	43.85	$	19.25

See Accompanying Notes to Financial Statements
39

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2016

	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+*	$	1,341,286,653		$	99,063,003		$	849,044,707	$	1,515,156,709
Short-term investments at fair value**		79,150,704			3,249,444			46,207,414		59,179,509
Total investments at fair value	$	1,420,437,357		$	102,312,447		$	895,252,121	$	1,574,336,218
Cash		—			35,892			415,226		3,214,915
Cash collateral for futures		—			155,455			—		—
Cash pledged for centrally cleared swaps (Note 2)		—			310,000			—		—
Receivables:
Investment securities sold		2,748,740			—			1,316,726		12,492,055
Fund shares sold		69,582			990			98,275		273,917
Dividends		368,646			19,133			543,905		658,471
Interest		—			1,255,157			—		—
Foreign tax reclaims		1,210,730			—			—		27,170
Unrealized appreciation on unfunded corporate loans (Note 12)		—			5,514			—		—
Variation margin receivable on centrally cleared swaps		—			841			—		—
Prepaid expenses		6,275			404			3,386		6,908
Reimbursement due from manager		—			7,159			—		—
Other assets		54,980			4,351			27,373		42,030
Total assets		1,424,896,310			104,107,343			897,657,012		1,591,051,684
LIABILITIES:
Payable for investment securities purchased		885,179			29,135			242,487		11,710,863
Payable for fund shares redeemed		1,035,325			158,340			2,897,253		1,664,377
Payable upon receipt of securities loaned		61,772,209			—			45,142,497		48,609,294
Payable for investment management fees		815,833			61,093			540,732		903,699
Payable for distribution and shareholder service fees		77,959			899			34,854		157,154
Payable to custodian due to foreign currency overdraft***		10,847			—			—		—
Payable to directors under the deferred compensation plan (Note 6)		54,980			4,351			27,373		42,030
Payable for directors fees		7,071			493			4,147		7,870
Other accrued expenses and liabilities		267,144			17,316			182,190		177,314
Total liabilities		64,926,547			271,627			49,071,533		63,272,601
NET ASSETS	$	1,359,969,763		$	103,835,716		$	848,585,479	$	1,527,779,083
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	815,162,947		$	116,604,642		$	582,710,915	$	1,036,750,033
Undistributed net investment income		16,291,321			3,364,553			5,589,834		527,655
Accumulated net realized gain (loss)		(5,040,288	)		(18,241,386	)		63,452,484		168,899,423
Net unrealized appreciation		533,555,783			2,107,907			196,832,246		321,601,972
NET ASSETS	$	1,359,969,763		$	103,835,716		$	848,585,479	$	1,527,779,083
+ Including securities loaned at value	$	58,873,574		$	—		$	44,133,447	$	47,628,893
* Cost of investments in securities	$	807,643,031		$	97,090,217		$	652,212,461	$	1,193,550,584
** Cost of short-term investments	$	79,150,704		$	3,252,170		$	46,207,414	$	59,179,509
*** Cost of foreign currency overdraft	$	10,847		$	—		$	—	$	—

See Accompanying Notes to Financial Statements
40

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2016 (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	$	90,659,770		n/a	$	49,418,405	$	192,546,062
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		5,701,225		n/a		5,379,263		2,654,633
Net asset value and redemption price per share	$	15.90		n/a	$	9.19	$	72.53
Class I:
Net assets	$	1,091,477,928	$	99,572,795	$	737,054,121	$	989,826,251
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		65,918,519		8,518,718		73,466,848		12,781,425
Net asset value and redemption price per share	$	16.56	$	11.69	$	10.03	$	77.44
Class R6:
Net assets		n/a		n/a	$	1,083,554		n/a
Shares authorized		n/a		n/a		100,000,000		n/a
Par value		n/a		n/a	$	0.001		n/a
Shares outstanding		n/a		n/a		107,983		n/a
Net asset value and redemption price per share		n/a		n/a	$	10.03		n/a
Class S:
Net assets	$	174,417,466	$	4,262,921	$	56,578,381	$	336,809,888
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		10,915,108		365,149		5,827,580		4,493,130
Net asset value and redemption price per share	$	15.98	$	11.67	$	9.71	$	74.96
Class S2:
Net assets	$	3,414,599		n/a	$	4,451,018	$	8,596,882
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		219,195		n/a		482,725		117,326
Net asset value and redemption price per share	$	15.58		n/a	$	9.22	$	73.27

See Accompanying Notes to Financial Statements
41

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2016

	VY^® Templeton Foreign Equity Portfolio
ASSETS:
Investments in securities at fair value+*	$	613,492,304
Short-term investments at fair value**		26,977,186
Total investments at fair value	$	640,469,490
Foreign currencies at value***		123,841
Receivables:
Investment securities sold		127,563
Fund shares sold		61,331
Dividends		1,043,553
Foreign tax reclaims		1,071,555
Prepaid expenses		2,865
Reimbursement due from manager		20,545
Other assets		47,519
Total assets		642,968,262
LIABILITIES:
Payable for investment securities purchased		170,257
Payable for fund shares redeemed		349,057
Payable upon receipt of securities loaned		13,691,845
Payable for investment management fees		475,407
Payable for distribution and shareholder service fees		104,481
Payable to custodian due to bank overdraft		92,961
Payable to directors under the deferred compensation plan (Note 6)		47,519
Payable for directors fees		3,283
Other accrued expenses and liabilities		154,914
Total liabilities		15,089,724
NET ASSETS	$	627,878,538
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	687,987,908
Undistributed net investment income		11,585,457
Accumulated net realized loss		(139,725,247	)
Net unrealized appreciation		68,030,420
NET ASSETS	$	627,878,538
+ Including securities loaned at value	$	13,003,961
* Cost of investments in securities	$	545,350,230
** Cost of short-term investments	$	26,976,909
*** Cost of foreign currencies	$	124,128

See Accompanying Notes to Financial Statements
42

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2016 (CONTINUED)

	VY^® Templeton Foreign Equity Portfolio
Class ADV:
Net assets	$	31,936,700
Shares authorized		100,000,000
Par value	$	0.001
Shares outstanding		2,930,719
Net asset value and redemption price per share	$	10.90
Class I:
Net assets	$	170,231,088
Shares authorized		100,000,000
Par value	$	0.001
Shares outstanding		15,462,663
Net asset value and redemption price per share	$	11.01
Class S:
Net assets	$	423,389,911
Shares authorized		100,000,000
Par value	$	0.001
Shares outstanding		38,715,752
Net asset value and redemption price per share	$	10.94
Class S2:
Net assets	$	2,320,839
Shares authorized		100,000,000
Par value	$	0.001
Shares outstanding		213,660
Net asset value and redemption price per share	$	10.86

See Accompanying Notes to Financial Statements
43

STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2016

	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*	$	14,613		$	6,297,838		$	8,314,410		$	6,298,764
Interest		6,434,578			—			—			431
Dividends from affiliated underlying funds		1,699,327			—			—			—
Securities lending income, net		20,250			111,402			—			—
Total investment income		8,168,768			6,409,240			8,314,410			6,299,195
EXPENSES:
Investment management fees		1,448,743			3,257,115			7,344,494			2,973,525
Distribution and shareholder service fees:
Class ADV		131,392			424,138			414,926			120,138
Class S		106,145			204,524			1,282,526			739,648
Class S2		—			16,176			14,291			—
Transfer agent fees		370			993			1,316			737
Shareholder reporting expense		29,106			32,904			72,078			33,700
Professional fees		19,581			21,270			48,219			25,501
Custody and accounting expense		77,180			104,371			73,288			41,397
Directors fees		7,244			8,949			23,194			9,912
Miscellaneous expense		13,190			19,343			46,855			21,907
Interest expense		1,472			13			10,103			75
Total expenses		1,834,423			4,089,796			9,331,290			3,966,540
Net waived and reimbursed fees		(148,278	)		(871,848	)		(1,328	)		(785,696	)
Brokerage commission recapture		—			—			(4,072	)		(26,480	)
Net expenses		1,686,145			3,217,948			9,325,890			3,154,364
Net investment income (loss)		6,482,623			3,191,292			(1,011,480	)		3,144,831
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		8,908,621			12,517,553			85,922,795			18,523,125
Sale of affiliated underlying funds		(917,367	)		—			—			—
Foreign currency related transactions		(3,224,379	)		161,117			361			357
Futures		2,051,314			—			—			—
Swaps		(2,596,365	)		—			—			—
Written options		292,921			—			—			—
Net realized gain		4,514,745			12,678,670			85,923,156			18,523,482
Net change in unrealized appreciation (depreciation) on:
Investments		5,141,422			50,842,072			(46,286,719	)		4,985,729
Affiliated underlying funds		3,389,442			—			—			—
Foreign currency related transactions		(3,396,293	)		(26,837	)		—			(63	)
Futures		465,130			—			—			—
Swaps		408,953			—			—			—
Written options		(2,330,960	)		—			—			—
Net change in unrealized appreciation (depreciation)		3,677,694			50,815,235			(46,286,719	)		4,985,666
Net realized and unrealized gain		8,192,439			63,493,905			39,636,437			23,509,148
Increase in net assets resulting from operations	$	14,675,062		$	66,685,197		$	38,624,957		$	26,653,979
* Foreign taxes withheld	$	—		$	36,118		$	—		$	14,100

See Accompanying Notes to Financial Statements
44

STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2016

	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*	$	2,958,357		$	14,484,976		$	28,737,543		$	10,605,266
Interest		—			—			11,659,538			—
Securities lending income, net		—			148,392			769,187			208,292
Total investment income		2,958,357			14,633,368			41,166,268			10,813,558
EXPENSES:
Investment management fees		1,758,771			3,537,763			10,862,054			5,024,021
Distribution and shareholder service fees:
Class ADV		142,826			162,738			230,388			463,883
Class S		328,801			698,986			1,693,647			724,437
Class S2		20,840			—			1,837,414			17,352
Transfer agent fees		757			1,209			2,734			638
Shareholder reporting expense		26,494			62,515			216,991			64,982
Registration fees		—			—			1,098			—
Professional fees		19,269			33,468			101,731			42,417
Custody and accounting expense		21,379			96,371			227,704			71,480
Directors fees		6,208			15,162			51,699			18,096
Miscellaneous expense		19,201			37,212			103,680			43,861
Interest expense		—			—			—			174
Total expenses		2,344,546			4,645,424			15,329,140			6,471,341
Net waived and reimbursed fees		(54,534	)		(93,267	)		(726,914	)		(1,286	)
Brokerage commission recapture		(46,007	)		(5,290	)		(17,315	)		(6,290	)
Net expenses		2,244,005			4,546,867			14,584,911			6,463,765
Net investment income		714,352			10,086,501			26,581,357			4,349,793
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		8,854,041			25,695,131			39,963,165			54,144,082
Foreign currency related transactions		—			2,005,117			5,097,514			—
Net realized gain		8,854,041			27,700,248			45,060,679			54,144,082
Net change in unrealized appreciation (depreciation) on:
Investments		35,484,324			45,384,160			167,013,334			23,478,691
Foreign currency related transactions		—			168,589			918,998			—
Net change in unrealized appreciation (depreciation)		35,484,324			45,552,749			167,932,332			23,478,691
Net realized and unrealized gain		44,338,365			73,252,997			212,993,011			77,622,773
Increase in net assets resulting from operations	$	45,052,717		$	83,339,498		$	239,574,368		$	81,972,566
* Foreign taxes withheld	$	6,979		$	287,783		$	683,244		$	—

See Accompanying Notes to Financial Statements
45

STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2016

	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*	$	24,682,548		$	221,315		$	8,679,744		$	13,012,110
Interest		—			5,442,627			—			—
Securities lending income, net		1,078,555			—			566,114			932,803
Total investment income		25,761,103			5,663,942			9,245,858			13,944,913
EXPENSES:
Investment management fees		9,899,508			690,820			6,136,610			11,017,734
Distribution and shareholder service fees:
Class ADV		487,016			—			241,740			960,837
Class S		473,879			10,031			99,126			868,471
Class S2		15,302			—			17,675			31,056
Transfer agent fees		2,158			486			1,504			2,927
Shareholder reporting expense		137,630			16,885			68,555			126,590
Professional fees		112,557			14,831			49,290			80,566
Custody and accounting expense		319,168			32,090			99,035			177,573
Directors fees		42,426			2,961			24,880			47,219
Miscellaneous expense		89,977			10,181			53,965			98,242
Interest expense		—			—			178			304
Total expenses		11,579,621			778,285			6,792,558			13,411,519
Net waived and reimbursed fees		(1,262	)		(65,632	)		(1,231	)		(93,687	)
Brokerage commission recapture		—			(95	)		(1,051	)		(6,787	)
Net expenses		11,578,359			712,558			6,790,276			13,311,045
Net investment income		14,182,744			4,951,384			2,455,582			633,868
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		8,968,376			(3,186,494	)		67,926,268			171,328,712
Foreign currency related transactions		12,190			47			—			4,675
Futures		—			(122,214	)		—			—
Swaps		—			141,185			—			—
Net realized gain (loss)		8,980,566			(3,167,476	)		67,926,268			171,333,387
Net change in unrealized appreciation (depreciation) on:
Investments		(31,437,876	)		11,140,165			(11,910,223	)		(159,760,721	)
Foreign currency related transactions		(46,458	)		(62	)		—			1,965
Futures		—			52,947			—			—
Swaps		—			146,722			—			—
Unfunded commitments		—			5,514			—			—
Net change in unrealized appreciation (depreciation)		(31,484,334	)		11,345,286			(11,910,223	)		(159,758,756	)
Net realized and unrealized gain (loss)		(22,503,768	)		8,177,810			56,016,045			11,574,631
Increase (decrease) in net assets resulting from operations	$	(8,321,024	)	$	13,129,194		$	58,471,627		$	12,208,499
* Foreign taxes withheld	$	1,998,608		$	—		$	13,145		$	34,719

See Accompanying Notes to Financial Statements
46

STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2016

	VY^® Templeton Foreign Equity Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	20,844,496
Interest		32,607
Securities lending income, net		455,193
Total investment income		21,332,296
EXPENSES:
Investment management fees		5,831,237
Distribution and shareholder service fees:
Class ADV		164,373
Class S		1,119,383
Class S2		10,331
Transfer agent fees		1,483
Shareholder reporting expense		69,880
Professional fees		42,680
Custody and accounting expense		247,260
Directors fees		19,698
Miscellaneous expense		80,615
Interest expense		139
Total expenses		7,587,079
Net waived and reimbursed fees		(315,922	)
Brokerage commission recapture		(5,596	)
Net expenses		7,265,561
Net investment income		14,066,735
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		(4,064,326	)
Foreign currency related transactions		(277,834	)
Net realized loss		(4,342,160	)
Net change in unrealized appreciation (depreciation) on:
Investments		(1,891,989	)
Foreign currency related transactions		29,547
Net change in unrealized appreciation (depreciation)		(1,862,442	)
Net realized and unrealized loss		(6,204,602	)
Increase in net assets resulting from operations	$	7,862,133
* Foreign taxes withheld	$	2,019,681

See Accompanying Notes to Financial Statements
47

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Global Bond Portfolio						VY^® American Century Small-Mid Cap Value Portfolio
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
FROM OPERATIONS:
Net investment income	$	6,482,623		$	7,920,236		$	3,191,292		$	3,038,304
Net realized gain (loss)		4,514,745			(18,018,009	)		12,678,670			27,210,391
Net change in unrealized appreciation (depreciation)		3,677,694			(1,710,632	)		50,815,235			(35,602,203	)
Increase (decrease) in net assets resulting from operations		14,675,062			(11,808,405	)		66,685,197			(5,353,508	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		(154,504	)		—			(995,310	)		(1,133,028	)
Class I		(1,633,644	)		—			(2,077,708	)		(2,364,293	)
Class S		(327,519	)		—			(1,101,144	)		(1,308,701	)
Class S2		—			—			(48,274	)		(43,628	)
Net realized gains:
Class ADV		—			—			(7,579,332	)		(16,172,736	)
Class I		—			—			(11,110,668	)		(23,979,645	)
Class S		—			—			(7,061,817	)		(15,919,521	)
Class S2		—			—			(327,339	)		(639,323	)
Return of capital:
Class ADV		(200,037	)		—			—			—
Class I		(1,312,446	)		—			—			—
Class S		(322,210	)		—			—			—
Total distributions		(3,950,360	)		—			(30,301,592	)		(61,560,875	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		11,918,890			7,497,148			61,787,440			24,872,268
Reinvestment of distributions		3,950,360			—			30,301,592			61,560,875
		15,869,250			7,497,148			92,089,032			86,433,143
Cost of shares redeemed		(36,478,785	)		(49,345,165	)		(43,296,396	)		(64,589,400	)
Net increase (decrease) in net assets resulting from capital share transactions		(20,609,535	)		(41,848,017	)		48,792,636			21,843,743
Net increase (decrease) in net assets		(9,884,833	)		(53,656,422	)		85,176,241			(45,070,640	)
NET ASSETS:
Beginning of year or period		238,281,921			291,938,343			277,399,022			322,469,662
End of year or period	$	228,397,088		$	238,281,921		$	362,575,263		$	277,399,022
Undistributed net investment income/Accumulated net investment loss at end of year or period	$	2,763,579		$	(515,854	)	$	4,001,439		$	4,090,003

See Accompanying Notes to Financial Statements
48

STATEMENTS OF CHANGES IN NET ASSETS

	VY^® Baron Growth Portfolio						VY^® Columbia Contrarian Core Portfolio
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
FROM OPERATIONS:
Net investment income (loss)	$	(1,011,480	)	$	(2,534,878	)	$	3,144,831		$	2,635,954
Net realized gain		85,923,156			86,253,062			18,523,482			30,338,522
Net change in unrealized appreciation (depreciation)		(46,286,719	)		(129,335,880	)		4,985,666			(22,240,552	)
Increase (decrease) in net assets resulting from operations		38,624,957			(45,617,696	)		26,653,979			10,733,924
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		—			(51,188	)		(818,094	)		(146,230	)
Class I		—			(1,281,940	)		(372,081	)		(120,209	)
Class S		—			(1,817,615	)		(9,970,524	)		(2,665,751	)
Class S2		—			(10,839	)		—			—
Net realized gains:
Class ADV		(9,413,716	)		(7,956,319	)		(2,225,263	)		(2,307,141	)
Class I		(17,990,751	)		(16,920,166	)		(901,673	)		(1,206,112	)
Class R6		(324	)		—			—			—
Class S		(56,573,883	)		(47,874,375	)		(26,093,897	)		(35,019,245	)
Class S2		(318,426	)		(484,995	)		—			—
Total distributions		(84,297,100	)		(76,397,437	)		(40,381,532	)		(41,464,688	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		24,054,643			34,281,041			16,806,433			18,857,402
Reinvestment of distributions		84,297,100			76,397,437			40,381,532			41,464,688
		108,351,743			110,678,478			57,187,965			60,322,090
Cost of shares redeemed		(202,292,467	)		(203,226,667	)		(55,253,278	)		(53,225,750	)
Net increase (decrease) in net assets resulting from capital share transactions		(93,940,724	)		(92,548,189	)		1,934,687			7,096,340
Net decrease in net assets		(139,612,867	)		(214,563,322	)		(11,792,866	)		(23,634,424	)
NET ASSETS:
Beginning of year or period		849,447,530			1,064,010,852			337,717,499			361,351,923
End of year or period	$	709,834,663		$	849,447,530		$	325,924,633		$	337,717,499
Undistributed (distributions in excess of) net investment income at end of year or period	$	5,804,645		$	(17,659	)	$	3,172,780		$	11,151,533

See Accompanying Notes to Financial Statements
49

STATEMENTS OF CHANGES IN NET ASSETS

	VY^® Columbia Small Cap Value II Portfolio						VY^® Invesco Comstock Portfolio
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
FROM OPERATIONS:
Net investment income	$	714,352		$	603,137		$	10,086,501		$	7,954,276
Net realized gain		8,854,041			21,134,398			27,700,248			46,586,258
Net change in unrealized appreciation (depreciation)		35,484,324			(28,061,517	)		45,552,749			(89,907,596	)
Increase (decrease) in net assets resulting from operations		45,052,717			(6,323,982	)		83,339,498			(35,367,062	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		(15,674	)		(75,657	)		(738,151	)		(775,483	)
Class I		(230,012	)		(281,364	)		(5,061,532	)		(5,351,730	)
Class R6		(17	)		—			—			—
Class S		(349,701	)		(483,770	)		(6,796,359	)		(7,603,995	)
Class S2		(8,597	)		(21,449	)		—			—
Net realized gains:
Class ADV		(1,236,527	)		—			—			—
Class I		(1,752,923	)		—			—			—
Class R6		(131	)		—			—			—
Class S		(5,529,745	)		—			—			—
Class S2		(214,304	)		—			—			—
Total distributions		(9,337,631	)		(862,240	)		(12,596,042	)		(13,731,208	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		29,420,526			26,522,023			34,781,203			116,065,545
Reinvestment of distributions		9,337,631			862,240			12,596,042			13,731,208
		38,758,157			27,384,263			47,377,245			129,796,753
Cost of shares redeemed		(47,448,223	)		(54,259,618	)		(133,465,225	)		(114,041,864	)
Net increase (decrease) in net assets resulting from capital share transactions		(8,690,066	)		(26,875,355	)		(86,087,980	)		15,754,889
Net increase (decrease) in net assets		27,025,020			(34,061,577	)		(15,344,524	)		(33,343,381	)
NET ASSETS:
Beginning of year or period		210,969,989			245,031,566			535,545,601			568,888,982
End of year or period	$	237,995,009		$	210,969,989		$	520,201,077		$	535,545,601
Undistributed net investment income at end of year or period	$	709,236		$	598,885		$	1,270,256		$	988,549

See Accompanying Notes to Financial Statements
50

STATEMENTS OF CHANGES IN NET ASSETS

	VY^® Invesco Equity and Income Portfolio						VY^® JPMorgan Mid Cap Value Portfolio
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
FROM OPERATIONS:
Net investment income	$	26,581,357		$	26,587,452		$	4,349,793		$	4,232,708
Net realized gain		45,060,679			82,939,387			54,144,082			55,658,161
Net change in unrealized appreciation (depreciation)		167,932,332			(151,461,029	)		23,478,691			(79,176,650	)
Increase (decrease) in net assets resulting from operations		239,574,368			(41,934,190	)		81,972,566			(19,285,781	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		(750,644	)		(921,211	)		(421,565	)		(377,888	)
Class I		(11,647,011	)		(14,265,378	)		(1,897,621	)		(2,143,085	)
Class S		(11,792,935	)		(15,265,238	)		(1,880,544	)		(1,937,538	)
Class S2		(7,227,173	)		(8,811,979	)		(21,210	)		(19,270	)
Net realized gains:
Class ADV		(2,032,873	)		(4,055,040	)		(8,688,677	)		(13,223,638	)
Class I		(24,684,765	)		(50,510,479	)		(19,904,144	)		(35,398,660	)
Class S		(29,280,225	)		(62,177,273	)		(26,505,473	)		(45,650,719	)
Class S2		(18,543,168	)		(38,137,778	)		(391,432	)		(649,788	)
Total distributions		(105,958,794	)		(194,144,376	)		(59,710,666	)		(99,400,586	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		25,992,017			29,358,738			35,302,031			49,706,246
Reinvestment of distributions		105,958,794			194,144,376			59,710,666			99,400,586
		131,950,811			223,503,114			95,012,697			149,106,832
Cost of shares redeemed		(305,107,611	)		(333,647,596	)		(129,110,564	)		(131,017,273	)
Net increase (decrease) in net assets resulting from capital share transactions		(173,156,800	)		(110,144,482	)		(34,097,867	)		18,089,559
Net decrease in net assets		(39,541,226	)		(346,223,048	)		(11,835,967	)		(100,596,808	)
NET ASSETS:
Beginning of year or period		1,813,087,382			2,159,310,430			621,265,521			721,862,329
End of year or period	$	1,773,546,156		$	1,813,087,382		$	609,429,554		$	621,265,521
Undistributed net investment income at end of year or period	$	4,391,247		$	3,193,599		$	178,023		$	3,516

See Accompanying Notes to Financial Statements
51

STATEMENTS OF CHANGES IN NET ASSETS

	VY^® Oppenheimer Global Portfolio						VY^® Pioneer High Yield Portfolio
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
FROM OPERATIONS:
Net investment income	$	14,182,744		$	16,352,683		$	4,951,384		$	5,671,305
Net realized gain (loss)		8,980,566			100,576,095			(3,167,476	)		(1,280,826	)
Net change in unrealized appreciation (depreciation)		(31,484,334	)		(50,455,539	)		11,345,286			(8,783,327	)
Increase (decrease) in net assets resulting from operations		(8,321,024	)		66,473,239			13,129,194			(4,392,848	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		(687,804	)		(1,084,846	)		—			—
Class I		(13,873,563	)		(19,318,309	)		(4,907,706	)		(5,539,616	)
Class S		(1,776,290	)		(3,033,566	)		(197,859	)		(210,519	)
Class S2		(25,099	)		(54,499	)		—			—
Net realized gains:
Class ADV		(6,897,082	)		(8,315,481	)		—			—
Class I		(77,745,290	)		(100,091,139	)		—			—
Class S		(13,294,926	)		(18,803,314	)		—			—
Class S2		(242,723	)		(376,490	)		—			—
Total distributions		(114,542,777	)		(151,077,644	)		(5,105,565	)		(5,750,135	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		24,311,860			94,529,991			18,508,506			12,634,324
Reinvestment of distributions		114,542,777			151,077,644			5,105,565			5,750,135
		138,854,637			245,607,635			23,614,071			18,384,459
Cost of shares redeemed		(256,622,666	)		(202,359,715	)		(23,137,395	)		(34,934,776	)
Net increase (decrease) in net assets resulting from capital share transactions		(117,768,029	)		43,247,920			476,676			(16,550,317	)
Net increase (decrease) in net assets		(240,631,830	)		(41,356,485	)		8,500,305			(26,693,300	)
NET ASSETS:
Beginning of year or period		1,600,601,593			1,641,958,078			95,335,411			122,028,711
End of year or period	$	1,359,969,763		$	1,600,601,593		$	103,835,716		$	95,335,411
Undistributed net investment income at end of year or period	$	16,291,321		$	16,309,516		$	3,364,553		$	3,208,204

See Accompanying Notes to Financial Statements
52

STATEMENTS OF CHANGES IN NET ASSETS

	VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio						VY^® T. Rowe Price Growth Equity Portfolio
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
FROM OPERATIONS:
Net investment income (loss)	$	2,455,582		$	1,205,957		$	633,868		$	(2,574,018	)
Net realized gain		67,926,268			99,490,810			171,333,387			184,078,366
Net change in unrealized appreciation (depreciation)		(11,910,223	)		(83,377,794	)		(159,758,756	)		(19,214,776	)
Increase in net assets resulting from operations		58,471,627			17,318,973			12,208,499			162,289,572
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		(13,696	)		—			—			—
Class I		(2,294,727	)		—			—			—
Class R6		(9	)		—			—			—
Class S		(27,759	)		—			—			—
Net realized gains:
Class ADV		(6,387,707	)		(4,928,655	)		(23,966,449	)		(28,240,157	)
Class I		(88,659,304	)		(119,999,747	)		(119,705,351	)		(150,611,865	)
Class R6		(366	)		—			—			—
Class S		(3,940,284	)		(4,330,538	)		(39,520,831	)		(60,500,345	)
Class S2		(541,416	)		(689,460	)		(1,051,248	)		(740,378	)
Total distributions		(101,865,268	)		(129,948,400	)		(184,243,879	)		(240,092,745	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		43,577,227			38,636,631			112,814,677			285,115,923
Proceeds from shares issued in merger (Note 13)		29,183,887			—			—			—
Reinvestment of distributions		101,865,268			129,948,400			184,243,879			240,092,745
		174,626,382			168,585,031			297,058,556			525,208,668
Cost of shares redeemed		(111,164,436	)		(87,954,330	)		(356,518,739	)		(262,660,670	)
Net increase (decrease) in net assets resulting from capital share transactions		63,461,946			80,630,701			(59,460,183	)		262,547,998
Net increase (decrease) in net assets		20,068,305			(31,998,726	)		(231,495,563	)		184,744,825
NET ASSETS:
Beginning of year or period		828,517,174			860,515,900			1,759,274,646			1,574,529,821
End of year or period	$	848,585,479		$	828,517,174		$	1,527,779,083		$	1,759,274,646
Undistributed net investment income/Accumulated net investment loss at end of year or period	$	5,589,834		$	2,304,604		$	527,655		$	(32,269	)

See Accompanying Notes to Financial Statements
53

STATEMENTS OF CHANGES IN NET ASSETS

	VY^® Templeton Foreign Equity Portfolio
	Year Ended December 31, 2016			Year Ended December 31, 2015
FROM OPERATIONS:
Net investment income	$	14,066,735		$	17,113,370
Net realized gain (loss)		(4,342,160	)		28,451,749
Net change in unrealized appreciation (depreciation)		(1,862,442	)		(68,773,168	)
Increase (decrease) in net assets resulting from operations		7,862,133			(23,208,049	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		(947,058	)		(1,326,137	)
Class I		(6,016,205	)		(8,274,865	)
Class S		(14,104,724	)		(19,973,007	)
Class S2		(76,613	)		(83,426	)
Total distributions		(21,144,600	)		(29,657,435	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		26,656,215			27,587,391
Reinvestment of distributions		21,144,600			29,657,435
		47,800,815			57,244,826
Cost of shares redeemed		(129,326,350	)		(124,914,543	)
Net decrease in net assets resulting from capital share transactions		(81,525,535	)		(67,669,717	)
Net decrease in net assets		(94,808,002	)		(120,535,201	)
NET ASSETS:
Beginning of year or period		722,686,540			843,221,741
End of year or period	$	627,878,538		$	722,686,540
Undistributed net investment income at end of year or period	$	11,585,457		$	21,744,257

See Accompanying Notes to Financial Statements
54

FINANCIAL HIGHLIGHTS

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

			Income (loss) from investment operations									Less distributions
	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
Year or period ended	($)		($)			($)			($)			($)		($)		($)
Voya Global Bond Portfolio
Class ADV
12-31-16		9.81		0.24	^•		0.33			0.57			0.06		—		0.08
12-31-15		10.31		0.26	^•		(0.76	)		(0.50	)		—		—		—
12-31-14		10.35		0.37	^•		(0.37	)		0.00	^*		0.04		—		—
12-31-13		11.35		0.33	^•		(0.85	)		(0.52	)		0.19		0.29		—
12-31-12		11.22		0.41	^•		0.39			0.80			0.67		—		—
Class I
12-31-16		9.97		0.30	^•		0.33			0.63			0.10		—		0.08
12-31-15		10.42		0.32	^•		(0.77	)		(0.45	)		—		—		—
12-31-14		10.46		0.43	^•		(0.38	)		0.05			0.09		—		—
12-31-13		11.46		0.40	^•		(0.87	)		(0.47	)		0.24		0.29		—
12-31-12		11.32		0.47	^•		0.40			0.87			0.73		—		—
Class S
12-31-16		9.97		0.27			0.33			0.60			0.08		—		0.08
12-31-15		10.44		0.29	^•		(0.76	)		(0.47	)		—		—		—
12-31-14		10.48		0.40	^•		(0.38	)		0.02			0.06		—		—
12-31-13		11.48		0.37	^•		(0.87	)		(0.50	)		0.21		0.29		—
12-31-12		11.33		0.47	^•		0.37			0.84			0.69		—		—
VY^® American Century Small-Mid Cap Value Portfolio
Class ADV
12-31-16		10.80		0.08			2.34			2.42			0.14		1.05		—
12-31-15		13.82		0.08			(0.27	)		(0.19	)		0.19		2.64		—
12-31-14		14.79		0.12	^•		1.49			1.61			0.18		2.40		—
12-31-13		11.76		0.12	^•		3.49			3.61			0.14		0.44		—
12-31-12		11.08		0.18	^•		1.53			1.71			0.12		0.91		—
Class I
12-31-16		11.35		0.15	^•		2.47			2.62			0.20		1.05		—
12-31-15		14.40		0.16	^•		(0.31	)		(0.15	)		0.26		2.64		—
12-31-14		15.30		0.20	^•		1.55			1.75			0.25		2.40		—
12-31-13		12.12		0.19	^•		3.61			3.80			0.18		0.44		—
12-31-12		11.38		0.24	^•		1.58			1.82			0.17		0.91		—
Class S
12-31-16		11.22		0.11			2.44			2.55			0.16		1.05		—
12-31-15		14.25		0.13	^•		(0.30	)		(0.17	)		0.22		2.64		—
12-31-14		15.16		0.16	^•		1.54			1.70			0.21		2.40		—
12-31-13		12.03		0.15	^•		3.57			3.72			0.15		0.44		—
12-31-12		11.30		0.19			1.59			1.78			0.14		0.91		—
Class S2
12-31-16		10.78		0.09			2.35			2.44			0.16		1.05		—
12-31-15		13.79		0.11	^•		(0.30	)		(0.19	)		0.18		2.64		—
12-31-14		14.70		0.13	^•		1.49			1.62			0.13		2.40		—
12-31-13		11.70		0.13	^•		3.46			3.59			0.15		0.44		—
12-31-12		11.03		0.19	^•		1.53			1.72			0.14		0.91		—
VY^® Baron Growth Portfolio
Class ADV
12-31-16		26.58		(0.11	)		1.50			1.39			—		3.15		—
12-31-15		30.35		(0.16	)		(1.23	)		(1.39	)		0.02		2.36		—
12-31-14		29.66		(0.01	)		1.17			1.16			—		0.47		—
12-31-13		22.53		(0.04	)^•		8.55			8.51			0.32		1.06		—
12-31-12		18.87		0.30	^•		3.36			3.66			—		—		—

										Ratios to average net assets									Supplemental data
	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
12-31-16		0.14		—		10.24		5.82			1.16		1.10		1.10		2.27			24,365		214
12-31-15		—		—		9.81		(4.85	)		1.15		1.10		1.10		2.58			26,374		335
12-31-14		0.04		—		10.31		(0.06	)		1.16		1.10		1.10		3.49			32,874		296
12-31-13		0.48		—		10.35		(4.50	)		1.19		1.08		1.08		3.09			34,155		394
12-31-12		0.67		—		11.35		7.36			1.18		1.02		1.02		3.61			34,927		487
Class I
12-31-16		0.18		—		10.42		6.30			0.66		0.60		0.60		2.78			163,397		214
12-31-15		—		—		9.97		(4.32	)		0.65		0.60		0.60		3.08			168,739		335
12-31-14		0.09		—		10.42		0.42			0.66		0.60		0.60		3.99			208,023		296
12-31-13		0.53		—		10.46		(4.00	)		0.69		0.58		0.58		3.65			237,646		394
12-31-12		0.73		—		11.46		7.91			0.68		0.52		0.52		4.09			309,348		487
Class S
12-31-16		0.16		—		10.41		6.03			0.91		0.85		0.85		2.53			40,635		214
12-31-15		—		—		9.97		(4.50	)		0.90		0.85		0.85		2.83			43,169		335
12-31-14		0.06		—		10.44		0.15			0.91		0.85		0.85		3.74			51,041		296
12-31-13		0.50		—		10.48		(4.28	)		0.94		0.83		0.83		3.39			54,246		394
12-31-12		0.69		—		11.48		7.65			0.93		0.77		0.77		4.05			66,533		487
VY^® American Century Small-Mid Cap Value Portfolio
Class ADV
12-31-16		1.19		—		12.03		23.69			1.65		1.36		1.36		0.78			101,948		68
12-31-15		2.83		—		10.80		(1.97	)		1.66		1.36		1.36		0.72			79,901		71
12-31-14		2.58		—		13.82		12.15			1.65		1.36		1.36		0.82			86,335		79
12-31-13		0.58		—		14.79		31.12			1.66		1.42		1.42		0.88			95,563		84
12-31-12		1.03		—		11.76		16.07			1.70		1.43		1.43		1.55			56,202		95
Class I
12-31-16		1.25		—		12.72		24.38			1.15		0.86		0.86		1.28			156,657		68
12-31-15		2.90		—		11.35		(1.54	)		1.16		0.86		0.86		1.21			115,279		71
12-31-14		2.65		—		14.40		12.76			1.15		0.86		0.86		1.31			138,605		79
12-31-13		0.62		—		15.30		31.78			1.16		0.92		0.92		1.38			171,086		84
12-31-12		1.08		—		12.12		16.59			1.20		0.93		0.93		2.05			116,175		95
Class S
12-31-16		1.21		—		12.56		24.06			1.40		1.11		1.11		1.03			99,089		68
12-31-15		2.86		—		11.22		(1.74	)		1.41		1.11		1.11		0.96			78,646		71
12-31-14		2.61		—		14.25		12.47			1.40		1.11		1.11		1.06			94,268		79
12-31-13		0.59		—		15.16		31.36			1.41		1.17		1.17		1.12			116,117		84
12-31-12		1.05		—		12.03		16.35			1.45		1.18		1.18		1.76			84,475		95
Class S2
12-31-16		1.21		—		12.01		23.92			1.58		1.26		1.26		0.90			4,881		68
12-31-15		2.82		—		10.78		(1.91	)		1.66		1.26		1.26		0.85			3,573		71
12-31-14		2.53		—		13.79		12.33			1.65		1.26		1.26		0.89			3,262		79
12-31-13		0.59		—		14.70		31.15			1.66		1.32		1.32		0.98			6,560		84
12-31-12		1.05		—		11.70		16.24			1.70		1.33		1.33		1.68			3,205		95
VY^® Baron Growth Portfolio
Class ADV
12-31-16		3.15		—		24.82		5.06			1.48		1.48		1.48		(0.41	)		77,655		4
12-31-15		2.38		—		26.58		(5.27	)		1.49		1.49		1.49		(0.54	)		90,914		5
12-31-14		0.47		—		30.35		4.06			1.48		1.48		1.48		(0.04	)		111,145		10
12-31-13		1.38		—		29.66		38.50			1.49		1.49		1.49		(0.15	)		110,486		8
12-31-12		—		—		22.53		19.40			1.52		1.52		1.52		1.45			61,428		15

See Accompanying Notes to Financial Statements
55

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	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
Year or period ended	($)		($)			($)			($)			($)		($)		($)
VY^® Baron Growth Portfolio (continued)
Class I
12-31-16		28.45		0.04			1.58			1.62			—		3.15		—
12-31-15		32.31		(0.01	)		(1.31	)		(1.32	)		0.18		2.36		—
12-31-14		31.49		0.14			1.24			1.38			0.09		0.47		—
12-31-13		23.80		0.10	^•		9.06			9.16			0.41		1.06		—
12-31-12		19.84		0.43	^•		3.53			3.96			—		—		—
Class R6
05-03-16⁽⁵⁾-12-31-16		28.86		0.23	^•		0.99			1.22			—		3.15		—
Class S
12-31-16		27.57		(0.05	)		1.56			1.51			—		3.15		—
12-31-15		31.39		(0.08	)		(1.29	)		(1.37	)		0.09		2.36		—
12-31-14		30.60		0.09			1.19			1.28			0.02		0.47		—
12-31-13		23.18		0.01			8.83			8.84			0.36		1.06		—
12-31-12		19.37		0.35	^•		3.46			3.81			—		—		—
Class S2
12-31-16		26.65		(0.10	)^•		1.52			1.42			—		3.15		—
12-31-15		30.43		(0.13	)		(1.24	)		(1.37	)		0.05		2.36		—
12-31-14		29.75		0.02			1.17			1.19			0.04		0.47		—
12-31-13		22.62		(0.03	)^•		8.61			8.58			0.39		1.06		—
12-31-12		18.93		0.36	^•		3.33			3.69			—		—		—
VY^® Columbia Contrarian Core Portfolio
Class ADV
12-31-16		21.73		0.15	^•		1.55			1.70			0.74		2.03		—
12-31-15		24.00		0.12	^•		0.58			0.70			0.18		2.79		—
12-31-14		24.56		0.14	^•		2.70			2.84			0.17		3.23		—
12-31-13		18.49		0.11			6.23			6.34			0.27		—		—
12-31-12		16.53		0.15			1.83			1.98			0.02		—		—
Class I
12-31-16		22.59		0.27	^•		1.62			1.89			0.84		2.03		—
12-31-15		24.82		0.24	^•		0.60			0.84			0.28		2.79		—
12-31-14		25.24		0.27			2.79			3.06			0.25		3.23		—
12-31-13		18.96		0.18	^•		6.45			6.63			0.35		—		—
12-31-12		16.94		0.25	^•		1.87			2.12			0.10		—		—
Class S
12-31-16		22.21		0.21	^•		1.59			1.80			0.77		2.03		—
12-31-15		24.45		0.18	^•		0.58			0.76			0.21		2.79		—
12-31-14		24.93		0.21			2.75			2.96			0.21		3.23		—
12-31-13		18.75		0.18	^•		6.30			6.48			0.30		—		—
12-31-12		16.75		0.20	^•		1.85			2.05			0.05		—		—
VY^® Columbia Small Cap Value II Portfolio
Class ADV
12-31-16		15.67		0.01			3.55			3.56			0.01		0.72		—
12-31-15		16.23		0.00	^*		(0.52	)		(0.52	)		0.04		—		—
12-31-14		15.63		0.03	^•		0.61			0.64			0.04		—		—
12-31-13		11.28		0.01	^•		4.44			4.45			0.10		—		—
12-31-12		9.92		0.06			1.33			1.39			0.03		—		—
Class I
12-31-16		16.12		0.10			3.64			3.74			0.09		0.72		—
12-31-15		16.67		0.09			(0.54	)		(0.45	)		0.10		—		—
12-31-14		15.99		0.11	^•		0.63			0.74			0.06		—		—
12-31-13		11.51		0.08	^•		4.54			4.62			0.14		—		—
12-31-12		10.10		0.12	^•		1.35			1.47			0.06		—		—

										Ratios to average net assets									Supplemental data
	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^® Baron Growth Portfolio (continued)
Class I
12-31-16		3.15		—		26.92		5.57			0.98		0.98		0.98		0.12			150,672		4
12-31-15		2.54		—		28.45		(4.75	)		0.99		0.99		0.99		(0.04	)		193,601		5
12-31-14		0.56		—		32.31		4.55			0.98		0.98		0.98		0.45			251,230		10
12-31-13		1.47		—		31.49		39.23			0.99		0.99		0.99		0.36			270,788		8
12-31-12		—		—		23.80		19.96			1.02		1.02		1.02		1.95			169,708		15
Class R6
05-03-16⁽⁵⁾-12-31-16		3.15		—		26.93		4.10			0.98		0.98		0.98		1.39			879		4
Class S
12-31-16		3.15		—		25.93		5.33			1.23		1.23		1.23		(0.17	)		478,020		4
12-31-15		2.45		—		27.57		(5.03	)		1.24		1.24		1.24		(0.29	)		559,237		5
12-31-14		0.49		—		31.39		4.34			1.23		1.23		1.23		0.26			694,762		10
12-31-13		1.42		—		30.60		38.85			1.24		1.24		1.24		0.09			798,221		8
12-31-12		—		—		23.18		19.67			1.27		1.27		1.27		1.65			551,582		15
Class S2
12-31-16		3.15		—		24.92		5.17			1.42		1.38		1.38		(0.38	)		2,609		4
12-31-15		2.41		—		26.65		(5.17	)		1.49		1.39		1.39		(0.44	)		5,696		5
12-31-14		0.51		—		30.43		4.17			1.48		1.38		1.38		0.05			6,874		10
12-31-13		1.45		—		29.75		38.68			1.49		1.39		1.39		(0.11	)		6,312		8
12-31-12		—		—		22.62		19.49			1.52		1.42		1.42		1.70			1,427		15
VY^® Columbia Contrarian Core Portfolio
Class ADV
12-31-16		2.77		—		20.66		8.12			1.44		1.20		1.19		0.71			25,432		53
12-31-15		2.97		—		21.73		2.75			1.44		1.18		1.17		0.51			22,738		65
12-31-14		3.40		—		24.00		12.50			1.44		1.18		1.17		0.56			17,942		72
12-31-13		0.27		—		24.56		34.42			1.46		1.24		1.23		0.55			15,554		128
12-31-12		0.02		—		18.49		11.99			1.44		1.25		1.25		0.86			10,347		20
Class I
12-31-16		2.87		—		21.61		8.64			0.94		0.70		0.69		1.21			10,629		53
12-31-15		3.07		—		22.59		3.25			0.94		0.68		0.67		1.01			10,628		65
12-31-14		3.48		—		24.82		13.09			0.94		0.68		0.67		1.07			11,751		72
12-31-13		0.35		—		25.24		35.18			0.96		0.74		0.72		0.87			10,991		128
12-31-12		0.10		—		18.96		12.56			0.94		0.75		0.75		1.37			92,694		20
Class S
12-31-16		2.80		—		21.21		8.41			1.19		0.95		0.94		0.96			289,864		53
12-31-15		3.00		—		22.21		2.98			1.19		0.93		0.92		0.76			304,352		65
12-31-14		3.44		—		24.45		12.81			1.19		0.93		0.92		0.82			331,659		72
12-31-13		0.30		—		24.93		34.74			1.21		0.99		0.98		0.80			327,459		128
12-31-12		0.05		—		18.75		12.27			1.19		1.00		1.00		1.09			272,420		20
VY^® Columbia Small Cap Value II Portfolio
Class ADV
12-31-16		0.73		—		18.50		23.41			1.39		1.36		1.34		0.10			36,304		61
12-31-15		0.04		—		15.67		(3.21	)		1.39		1.36		1.35		0.00	^*		27,978		53
12-31-14		0.04		—		16.23		4.12			1.39		1.36		1.35		0.18			30,927		52
12-31-13		0.10		—		15.63		39.58			1.38		1.36		1.36		0.10			12,246		39
12-31-12		0.03		—		11.28		14.01			1.39		1.39		1.37		0.69			6,763		44
Class I
12-31-16		0.81		—		19.05		24.00			0.89		0.86		0.84		0.59			49,625		61
12-31-15		0.10		—		16.12		(2.74	)		0.89		0.86		0.85		0.50			42,845		53
12-31-14		0.06		—		16.67		4.68			0.89		0.86		0.85		0.67			49,412		52
12-31-13		0.14		—		15.99		40.27			0.88		0.86		0.86		0.60			23,620		39
12-31-12		0.06		—		11.51		14.56			0.89		0.89		0.87		1.14			16,180		44

See Accompanying Notes to Financial Statements
56

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	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
Year or period ended	($)		($)			($)			($)			($)		($)		($)
VY^® Columbia Small Cap Value II Portfolio (continued)
Class R6
05-03-16⁽⁵⁾-12-31-16		16.28		0.19	^•		3.40			3.59			0.09		0.72		—
Class S
12-31-16		16.04		0.06			3.63			3.69			0.05		0.72		—
12-31-15		16.58		0.05			(0.54	)		(0.49	)		0.05		—		—
12-31-14		15.92		0.06			0.63			0.69			0.03		—		—
12-31-13		11.46		0.05	^•		4.52			4.57			0.11		—		—
12-31-12		10.06		0.10	^•		1.33			1.43			0.03		—		—
Class S2
12-31-16		15.62		0.03			3.54			3.57			0.03		0.72		—
12-31-15		16.20		0.02	^•		(0.53	)		(0.51	)		0.07		—		—
12-31-14		15.59		0.05	^•		0.61			0.66			0.05		—		—
12-31-13		11.24		0.02			4.43			4.45			0.10		—		—
12-31-12		9.90		0.07			1.32			1.39			0.05		—		—
VY^® Invesco Comstock Portfolio
Class ADV
12-31-16		15.07		0.28			2.35			2.63			0.37		—		—
12-31-15		16.42		0.17	^•		(1.18	)		(1.01	)		0.34		—		—
12-31-14		15.34		0.19			1.17			1.36			0.28		—		—
12-31-13		11.44		0.11			3.87			3.98			0.08		—		—
12-31-12		9.77		0.13			1.66			1.79			0.12		—		—
Class I
12-31-16		15.18		0.34	^•		2.41			2.75			0.46		—		—
12-31-15		16.55		0.26	^•		(1.20	)		(0.94	)		0.43		—		—
12-31-14		15.45		0.28			1.17			1.45			0.35		—		—
12-31-13		11.51		0.19			3.89			4.08			0.14		—		—
12-31-12		9.83		0.19	^•		1.66			1.85			0.17		—		—
Class S
12-31-16		15.17		0.30	^•		2.39			2.69			0.41		—		—
12-31-15		16.53		0.22	^•		(1.20	)		(0.98	)		0.38		—		—
12-31-14		15.43		0.24			1.17			1.41			0.31		—		—
12-31-13		11.51		0.15			3.88			4.03			0.11		—		—
12-31-12		9.82		0.16	^•		1.67			1.83			0.14		—		—
VY^® Invesco Equity and Income Portfolio
Class ADV
12-31-16		40.80		0.53			5.28			5.81			0.68		1.87		—
12-31-15		46.25		0.46			(1.47	)		(1.01	)		0.79		3.65		—
12-31-14		44.34		0.61	^•		3.09			3.70			0.55		1.24		—
12-31-13		36.01		0.49	^•		8.27			8.76			0.43		—		—
12-31-12		32.57		0.53	^•		3.45			3.98			0.54		—		—
Class I
12-31-16		41.47		0.74	^•		5.41			6.15			0.89		1.87		—
12-31-15		46.93		0.70	^•		(1.50	)		(0.80	)		1.01		3.65		—
12-31-14		44.92		0.87	^•		3.11			3.98			0.73		1.24		—
12-31-13		36.43		0.71	^•		8.38			9.09			0.60		—		—
12-31-12		33.05		0.71	^•		3.51			4.22			0.84		—		—
Class S
12-31-16		41.14		0.62	^•		5.37			5.99			0.78		1.87		—
12-31-15		46.59		0.58	^•		(1.49	)		(0.91	)		0.89		3.65		—
12-31-14		44.65		0.64	^•		3.20			3.84			0.66		1.24		—
12-31-13		36.23		0.60	^•		8.32			8.92			0.50		—		—
12-31-12		32.81		0.62	^•		3.48			4.10			0.68		—		—

										Ratios to average net assets								Supplemental data
	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 Small Cap Value II Portfolio (continued)
Class R6
05-03-16⁽⁵⁾-12-31-16		0.81		—		19.06		22.85			0.89		0.86		0.84		1.57		402		61
Class S
12-31-16		0.77		—		18.96		23.70			1.14		1.11		1.09		0.33		145,816		61
12-31-15		0.05		—		16.04		(2.95	)		1.14		1.11		1.10		0.24		135,313		53
12-31-14		0.03		—		16.58		4.33			1.14		1.11		1.10		0.36		160,726		52
12-31-13		0.11		—		15.92		39.97			1.13		1.11		1.11		0.34		161,750		39
12-31-12		0.03		—		11.46		14.20			1.14		1.14		1.12		0.88		135,653		44
Class S2
12-31-16		0.75		—		18.44		23.57			1.32		1.26		1.24		0.18		5,849		61
12-31-15		0.07		—		15.62		(3.19	)		1.39		1.26		1.25		0.12		4,834		53
12-31-14		0.05		—		16.20		4.28			1.39		1.26		1.25		0.30		3,967		52
12-31-13		0.10		—		15.59		39.68			1.38		1.26		1.26		0.19		978		39
12-31-12		0.05		—		11.24		14.07			1.39		1.29		1.27		0.76		604		44
VY^® Invesco Comstock Portfolio
Class ADV
12-31-16		0.37		—		17.33		17.51			1.25		1.23		1.23		1.66		34,490		18
12-31-15		0.34		—		15.07		(6.19	)		1.24		1.22		1.22		1.08		34,395		24
12-31-14		0.28		—		16.42		8.82			1.24		1.22		1.22		1.20		41,258		26
12-31-13		0.08		—		15.34		34.79			1.24		1.24		1.24		0.87		36,783		15
12-31-12		0.12		—		11.44		18.30			1.28		1.27		1.26		1.25		22,633		18
Class I
12-31-16		0.46		—		17.47		18.13			0.75		0.73		0.73		2.16		194,504		18
12-31-15		0.43		—		15.18		(5.76	)		0.74		0.72		0.72		1.62		198,367		24
12-31-14		0.35		—		16.55		9.39			0.74		0.72		0.72		1.70		143,633		26
12-31-13		0.14		—		15.45		35.47			0.74		0.74		0.74		1.38		58,373		15
12-31-12		0.17		—		11.51		18.83			0.78		0.77		0.76		1.74		48,793		18
Class S
12-31-16		0.41		—		17.45		17.79			1.00		0.98		0.98		1.91		291,208		18
12-31-15		0.38		—		15.17		(5.97	)		0.99		0.97		0.97		1.33		302,784		24
12-31-14		0.31		—		16.53		9.13			0.99		0.97		0.97		1.44		383,997		26
12-31-13		0.11		—		15.43		35.00			0.99		0.99		0.99		1.13		367,659		15
12-31-12		0.14		—		11.51		18.66			1.03		1.02		1.01		1.49		259,717		18
VY^® Invesco Equity and Income Portfolio
Class ADV
12-31-16		2.55		—		44.06		14.69			1.17		1.14		1.14		1.24		49,628		134
12-31-15		4.44		—		40.80		(2.55	)		1.16		1.14		1.14		1.04		49,572		140
12-31-14		1.79		—		46.25		8.43			1.16		1.14		1.14		1.34		52,407		157
12-31-13		0.43		—		44.34		24.33			1.18		1.15		1.15		1.19		32,942		37
12-31-12		0.54		—		36.01		12.23			1.18		1.15		1.15		1.52		19,776		27
Class I
12-31-16		2.76		—		44.86		15.28			0.67		0.64		0.64		1.74		594,456		134
12-31-15		4.66		—		41.47		(2.06	)		0.66		0.64		0.64		1.53		600,309		140
12-31-14		1.97		—		46.93		8.96			0.66		0.64		0.64		1.87		694,569		157
12-31-13		0.60		—		44.92		24.96			0.68		0.65		0.65		1.70		561,393		37
12-31-12		0.84		—		36.43		12.79			0.68		0.65		0.65		2.01		499,847		27
Class S
12-31-16		2.65		—		44.48		15.00			0.92		0.89		0.89		1.49		682,465		134
12-31-15		4.54		—		41.14		(2.31	)		0.91		0.89		0.89		1.28		720,086		140
12-31-14		1.90		—		46.59		8.69			0.91		0.89		0.89		1.39		889,726		157
12-31-13		0.50		—		44.65		24.64			0.93		0.90		0.90		1.45		271,953		37
12-31-12		0.68		—		36.23		12.52			0.93		0.90		0.90		1.76		198,595		27

See Accompanying Notes to Financial Statements
57

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	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
Year or period ended	($)		($)			($)			($)			($)		($)		($)
VY^® Invesco Equity and Income Portfolio (continued)
Class S2
12-31-16		40.60		0.56	^•		5.28			5.84			0.72		1.87		—
12-31-15		46.03		0.51	^•		(1.46	)		(0.95	)		0.83		3.65		—
12-31-14		44.13		0.43	^•		3.29			3.72			0.58		1.24		—
12-31-13		35.87		0.54	^•		8.24			8.78			0.52		—		—
12-31-12		32.52		0.56	^•		3.45			4.01			0.66		—		—
VY^® JPMorgan Mid Cap Value Portfolio
Class ADV
12-31-16		18.66		0.08			2.50			2.58			0.08		1.85		—
12-31-15		22.47		0.06			(0.63	)		(0.57	)		0.08		3.16		—
12-31-14		20.96		0.11			2.84			2.95			0.14		1.30		—
12-31-13		16.57		0.06			5.07			5.13			0.08		0.66		—
12-31-12		13.91		0.09			2.65			2.74			0.08		—		—
Class I
12-31-16		19.04		0.18			2.56			2.74			0.18		1.85		—
12-31-15		22.85		0.17			(0.64	)		(0.47	)		0.18		3.16		—
12-31-14		21.27		0.23			2.89			3.12			0.24		1.30		—
12-31-13		16.79		0.16			5.14			5.30			0.16		0.66		—
12-31-12		14.08		0.17			2.69			2.86			0.15		—		—
Class S
12-31-16		18.89		0.13			2.54			2.67			0.13		1.85		—
12-31-15		22.70		0.12			(0.65	)		(0.53	)		0.12		3.16		—
12-31-14		21.14		0.18			2.86			3.04			0.18		1.30		—
12-31-13		16.70		0.11			5.11			5.22			0.12		0.66		—
12-31-12		14.01		0.13			2.67			2.80			0.11		—		—
Class S2
12-31-16		18.60		0.10			2.50			2.60			0.10		1.85		—
12-31-15		22.40		0.08	^•		(0.63	)		(0.55	)		0.09		3.16		—
12-31-14		20.89		0.13			2.84			2.97			0.16		1.30		—
12-31-13		16.52		0.10	^•		5.03			5.13			0.10		0.66		—
12-31-12		13.88		0.14	^•		2.62			2.76			0.12		—		—
VY^® Oppenheimer Global Portfolio
Class ADV
12-31-16		17.30		0.09	^•		(0.17	)		(0.08	)		0.12		1.20		—
12-31-15		18.21		0.08			0.69			0.77			0.19		1.49		—
12-31-14		18.28		0.15			0.19			0.34			0.15		0.26		—
12-31-13		14.60		0.12	^•		3.73			3.85			0.17		—		—
12-31-12		12.15		0.14			2.42			2.56			0.11		—		—
Class I
12-31-16		17.97		0.20			(0.20	)		0.00	^*		0.21		1.20		—
12-31-15		18.84		0.20	^•		0.71			0.91			0.29		1.49		—
12-31-14		18.89		0.25	^•		0.19			0.44			0.23		0.26		—
12-31-13		15.06		0.21	^•		3.85			4.06			0.23		—		—
12-31-12		12.54		0.21	^•		2.49			2.70			0.18		—		—
Class S
12-31-16		17.38		0.13	^•		(0.17	)		(0.04	)		0.16		1.20		—
12-31-15		18.28		0.15	^•		0.68			0.83			0.24		1.49		—
12-31-14		18.34		0.20	^•		0.18			0.38			0.18		0.26		—
12-31-13		14.63		0.15			3.76			3.91			0.20		—		—
12-31-12		12.19		0.17	^•		2.41			2.58			0.14		—		—

										Ratios to average net assets								Supplemental data
	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
12-31-16		2.59		—		43.85		14.84			1.10		1.02		1.02		1.36		446,998		134
12-31-15		4.48		—		40.60		(2.44	)		1.16		1.02		1.02		1.15		443,119		140
12-31-14		1.82		—		46.03		8.54			1.16		1.02		1.02		0.95		522,608		157
12-31-13		0.52		—		44.13		24.47			1.18		1.05		1.05		1.31		4,078		37
12-31-12		0.66		—		35.87		12.34			1.18		1.05		1.05		1.60		1,540		27
VY^® JPMorgan Mid Cap Value Portfolio
Class ADV
12-31-16		1.93		—		19.31		14.42			1.37		1.37		1.37		0.42		98,003		19
12-31-15		3.24		—		18.66		(3.27	)		1.36		1.36		1.36		0.31		90,818		14
12-31-14		1.44		—		22.47		14.66			1.36		1.36		1.36		0.54		91,446		22
12-31-13		0.74		—		20.96		31.26			1.36		1.36		1.36		0.39		78,395		25
12-31-12		0.08		—		16.57		19.69			1.43		1.43		1.43		0.64		42,637		28
Class I
12-31-16		2.03		—		19.75		14.94			0.87		0.87		0.87		0.92		215,892		19
12-31-15		3.34		—		19.04		(2.77	)		0.86		0.86		0.86		0.80		227,935		14
12-31-14		1.54		—		22.85		15.27			0.86		0.86		0.86		1.02		272,496		22
12-31-13		0.82		—		21.27		31.89			0.86		0.86		0.86		0.88		256,705		25
12-31-12		0.15		—		16.79		20.33			0.93		0.93		0.93		1.15		171,485		28
Class S
12-31-16		1.98		—		19.58		14.69			1.12		1.12		1.12		0.67		291,725		19
12-31-15		3.28		—		18.89		(3.04	)		1.11		1.11		1.11		0.55		298,607		14
12-31-14		1.48		—		22.70		14.99			1.11		1.11		1.11		0.75		352,277		22
12-31-13		0.78		—		21.14		31.54			1.11		1.11		1.11		0.63		380,688		25
12-31-12		0.11		—		16.70		20.02			1.18		1.18		1.18		0.89		248,115		28
Class S2
12-31-16		1.95		—		19.25		14.56			1.30		1.27		1.27		0.52		3,810		19
12-31-15		3.25		—		18.60		(3.20	)		1.36		1.26		1.26		0.40		3,906		14
12-31-14		1.46		—		22.40		14.81			1.36		1.26		1.26		0.63		5,643		22
12-31-13		0.76		—		20.89		31.37			1.36		1.26		1.26		0.50		5,066		25
12-31-12		0.12		—		16.52		19.86			1.43		1.33		1.33		0.86		2,664		28
VY^® Oppenheimer Global Portfolio
Class ADV
12-31-16		1.32		—		15.90		(0.29	)		1.25		1.25		1.25		0.58		90,660		6
12-31-15		1.68		—		17.30		3.56			1.25		1.25		1.25		0.51		110,372		12
12-31-14		0.41		—		18.21		1.86			1.25		1.25		1.25		0.81		101,077		12
12-31-13		0.17		—		18.28		26.46			1.26		1.26		1.26		0.70		102,691		11
12-31-12		0.11		—		14.60		21.18			1.22		1.22		1.22		1.00		76,791		13
Class I
12-31-16		1.41		—		16.56		0.22			0.75		0.75		0.75		1.07		1,091,478		6
12-31-15		1.78		—		17.97		4.13			0.75		0.75		0.75		1.04		1,254,238		12
12-31-14		0.49		—		18.84		2.32			0.75		0.75		0.75		1.32		1,320,671		12
12-31-13		0.23		—		18.89		27.12			0.76		0.76		0.76		1.22		1,481,760		11
12-31-12		0.18		—		15.06		21.70			0.72		0.72		0.72		1.52		1,324,037		13
Class S
12-31-16		1.36		—		15.98		(0.04	)		1.00		1.00		1.00		0.82		174,417		6
12-31-15		1.73		—		17.38		3.84			1.00		1.00		1.00		0.77		231,621		12
12-31-14		0.44		—		18.28		2.09			1.00		1.00		1.00		1.08		215,383		12
12-31-13		0.20		—		18.34		26.85			1.01		1.01		1.01		0.96		252,672		11
12-31-12		0.14		—		14.63		21.33			0.97		0.97		0.97		1.26		192,122		13

See Accompanying Notes to Financial Statements
58

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	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
Year or period ended	($)		($)			($)			($)			($)			($)		($)
VY^® Oppenheimer Global Portfolio (continued)
Class S2
12-31-16		16.97		0.10	^•		(0.17	)		(0.07	)		0.12			1.20		—
12-31-15		17.88		0.11	^•		0.69			0.80			0.22			1.49		—
12-31-14		17.98		0.16	^•		0.18			0.34			0.18			0.26		—
12-31-13		14.37		0.11	^•		3.70			3.81			0.20			—		—
12-31-12		12.01		0.13	^•		2.39			2.52			0.16			—		—
VY^® Pioneer High Yield Portfolio
Class I
12-31-16		10.77		0.56			0.94			1.50			0.58			—		—
12-31-15		11.87		0.59	^•		(1.10	)		(0.51	)		0.59			—		—
12-31-14		12.41		0.58			(0.53	)		0.05			0.59			—		—
12-31-13		11.60		0.60	^•		0.80			1.40			0.59			—		—
12-31-12		10.55		0.63	^•		1.04			1.67			0.62			—		—
Class S
12-31-16		10.76		0.52			0.94			1.46			0.55			—		—
12-31-15		11.86		0.56	^•		(1.10	)		(0.54	)		0.56			—		—
12-31-14		12.39		0.56	^•		(0.53	)		0.03			0.56			—		—
12-31-13		11.58		0.57	^•		0.80			1.37			0.56			—		—
12-31-12		10.54		0.57			1.07			1.64			0.60			—		—
VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio
Class ADV
12-31-16		9.83		(0.01	)^•		0.68			0.67			0.00	^*		1.31		—
12-31-15		11.43		(0.04	)		0.31			0.27			—			1.87		—
12-31-14		11.08		(0.03	)		1.21			1.18			0.00	^*		0.83		—
12-31-13		8.35		(0.03	)		2.90			2.87			0.02			0.12		—
12-31-12		7.89		0.01			1.19			1.20			0.00	^*		0.74		—
Class I
12-31-16		10.60		0.04			0.73			0.77			0.03			1.31		—
12-31-15		12.13		0.02			0.32			0.34			—			1.87		—
12-31-14		11.68		0.03			1.28			1.31			0.03			0.83		—
12-31-13		8.76		0.02			3.05			3.07			0.03			0.12		—
12-31-12		8.25		0.06			1.23			1.29			0.04			0.74		—
Class R6
05-03-16⁽⁵⁾-12-31-16		10.58		0.03	^•		0.76			0.79			0.03			1.31		—
Class S
12-31-16		10.30		0.01	^•		0.72			0.73			0.01			1.31		—
12-31-15		11.87		(0.01	)		0.31			0.30			—			1.87		—
12-31-14		11.44		(0.00	)^*		1.26			1.26			0.00	^*		0.83		—
12-31-13		8.60		(0.00	)^*		2.98			2.98			0.02			0.12		—
12-31-12		8.11		0.03			1.22			1.25			0.02			0.74		—
Class S2
12-31-16		9.85		(0.01	)		0.69			0.68			—			1.31		—
12-31-15		11.44		(0.02	)		0.30			0.28			—			1.87		—
12-31-14		11.08		(0.01	)		1.20			1.19			0.00	^*		0.83		—
12-31-13		8.34		(0.02	)		2.90			2.88			0.02			0.12		—
12-31-12		7.89		0.02			1.19			1.21			0.02			0.74		—
VY^® T. Rowe Price Growth Equity Portfolio
Class ADV
12-31-16		81.69		(0.25	)		0.93			0.68			—			9.84		—
12-31-15		86.54		(0.46	)^•		9.58			9.12			—			13.97		—
12-31-14		86.20		(0.42	)		7.08			6.66			—			6.32		—
12-31-13		62.23		(0.38	)^•		24.36			23.98			0.01			—		—
12-31-12		52.59		(0.16	)^•		9.80			9.64			—			—		—

										Ratios to average net assets									Supplemental data
	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 S2
12-31-16		1.32		—		15.58		(0.20	)		1.18		1.15		1.15		0.66			3,415		6
12-31-15		1.71		—		16.97		3.74			1.25		1.15		1.15		0.61			4,371		12
12-31-14		0.44		—		17.88		1.91			1.25		1.15		1.15		0.91			4,827		12
12-31-13		0.20		—		17.98		26.66			1.26		1.16		1.16		0.67			4,287		11
12-31-12		0.16		—		14.37		21.17			1.22		1.12		1.12		1.01			2,082		13
VY^® Pioneer High Yield Portfolio
Class I
12-31-16		0.58		—		11.69		14.29			0.78		0.71		0.71		5.01			99,573		51
12-31-15		0.59		—		10.77		(4.55	)		0.76		0.71		0.71		4.98			91,560		28
12-31-14		0.59		—		11.87		0.27			0.76		0.71		0.71		4.73			117,617		35
12-31-13		0.59		—		12.41		12.33			0.73		0.71		0.71		4.93			119,042		51
12-31-12		0.62		—		11.60		16.21			0.75		0.71		0.71		5.58			104,882		34
Class S
12-31-16		0.55		—		11.67		13.91			1.03		0.96		0.96		4.76			4,263		51
12-31-15		0.56		—		10.76		(4.79	)		1.01		0.96		0.96		4.73			3,776		28
12-31-14		0.56		—		11.86		0.10			1.01		0.96		0.96		4.50			4,412		35
12-31-13		0.56		—		12.39		12.07			0.98		0.96		0.96		4.67			3,406		51
12-31-12		0.60		—		11.58		15.84			1.00		0.96		0.96		5.39			4,089		34
VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio
Class ADV
12-31-16		1.31		—		9.19		6.93			1.27		1.27		1.27		(0.15	)		49,418		26
12-31-15		1.87		—		9.83		1.51			1.27		1.27		1.27		(0.34	)		27,217		26
12-31-14		0.83		—		11.43		11.29			1.28		1.27		1.27		(0.28	)		29,356		27
12-31-13		0.14		—		11.08		34.46			1.27		1.25		1.25		(0.32	)		27,222		20
12-31-12		0.74		—		8.35		15.70			1.24		1.22		1.22		0.14			21,538		17
Class I
12-31-16		1.34		—		10.03		7.41			0.77		0.77		0.77		0.34			737,054		26
12-31-15		1.87		—		10.60		2.02			0.77		0.77		0.77		0.17			766,591		26
12-31-14		0.86		—		12.13		11.82			0.78		0.77		0.77		0.22			796,856		27
12-31-13		0.15		—		11.68		35.18			0.77		0.75		0.75		0.17			804,053		20
12-31-12		0.78		—		8.76		16.13			0.74		0.72		0.72		0.61			668,143		17
Class R6
05-03-16⁽⁵⁾-12-31-16		1.34		—		10.03		7.62			0.77		0.77		0.77		0.53			1,084		26
Class S
12-31-16		1.32		—		9.71		7.19			1.02		1.02		1.02		0.12			56,578		26
12-31-15		1.87		—		10.30		1.72			1.02		1.02		1.02		(0.08	)		30,614		26
12-31-14		0.83		—		11.87		11.65			1.03		1.02		1.02		(0.02	)		30,412		27
12-31-13		0.14		—		11.44		34.74			1.02		1.00		1.00		(0.06	)		29,284		20
12-31-12		0.76		—		8.60		15.87			0.99		0.97		0.97		0.35			18,731		17
Class S2
12-31-16		1.31		—		9.22		6.99			1.20		1.17		1.17		(0.06	)		4,451		26
12-31-15		1.87		—		9.85		1.60			1.27		1.17		1.17		(0.23	)		4,095		26
12-31-14		0.83		—		11.44		11.39			1.28		1.17		1.17		(0.13	)		3,893		27
12-31-13		0.14		—		11.08		34.62			1.27		1.15		1.15		(0.23	)		1,013		20
12-31-12		0.76		—		8.34		15.73			1.24		1.12		1.12		0.29			1,025		17
VY^® T. Rowe Price Growth Equity Portfolio
Class ADV
12-31-16		9.84		—		72.53		1.01			1.24		1.23		1.23		(0.34	)		192,546		40
12-31-15		13.97		—		81.69		10.25			1.24		1.23		1.23		(0.54	)		202,307		42
12-31-14		6.32		—		86.54		8.16			1.24		1.23		1.23		(0.50	)		171,971		35
12-31-13		0.01		—		86.20		38.54			1.24		1.23		1.23		(0.53	)		164,865		41
12-31-12		—		—		62.23		18.33			1.24		1.23		1.23		(0.26	)		112,773		38

See Accompanying Notes to Financial Statements
59

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	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
Year or period ended	($)		($)			($)			($)			($)		($)		($)
VY^® T. Rowe Price Growth Equity Portfolio (continued)
Class I
12-31-16		86.14		0.13			1.01			1.14			—		9.84		—
12-31-15		90.15		(0.03	)		9.99			9.96			—		13.97		—
12-31-14		89.11		0.00	^*		7.36			7.36			—		6.32		—
12-31-13		64.01		(0.02	)		25.13			25.11			0.01		—		—
12-31-12		53.91		0.14	^•		10.06			10.20			0.10		—		—
Class S
12-31-16		83.90		(0.08	)		0.98			0.90			—		9.84		—
12-31-15		88.33		(0.25	)^•		9.79			9.54			—		13.97		—
12-31-14		87.65		(0.22	)		7.22			7.00			—		6.32		—
12-31-13		63.12		(0.20	)^•		24.74			24.54			0.01		—		—
12-31-12		53.21		(0.00	)^*		9.91			9.91			—		—		—
Class S2
12-31-16		82.35		(0.17	)^•		0.93			0.76			—		9.84		—
12-31-15		87.05		(0.38	)^•		9.65			9.27			—		13.97		—
12-31-14		86.59		(0.33	)^•		7.11			6.78			—		6.32		—
12-31-13		62.45		(0.31	)^•		24.46			24.15			0.01		—		—
12-31-12		52.72		(0.09	)		9.82			9.73			—		—		—
VY^® Templeton Foreign Equity Portfolio
Class ADV
12-31-16		11.08		0.20	^•		(0.07	)		0.13			0.31		—		—
12-31-15		11.91		0.21	^•		(0.63	)		(0.42	)		0.41		—		—
12-31-14		13.07		0.36	^•		(1.26	)		(0.90	)		0.26		—		—
12-31-13		11.05		0.20	^•		1.96			2.16			0.14		—		—
12-31-12		9.45		0.17	^•		1.55			1.72			0.12		—		—
Class I
12-31-16		11.20		0.25	^•		(0.06	)		0.19			0.38		—		—
12-31-15		12.04		0.28	^•		(0.64	)		(0.36	)		0.48		—		—
12-31-14		13.21		0.43	^•		(1.28	)		(0.85	)		0.32		—		—
12-31-13		11.15		0.29	^•		1.95			2.24			0.18		—		—
12-31-12		9.52		0.22	^•		1.56			1.78			0.15		—		—
Class S
12-31-16		11.12		0.22	^•		(0.05	)		0.17			0.35		—		—
12-31-15		11.95		0.25	^•		(0.64	)		(0.39	)		0.44		—		—
12-31-14		13.12		0.40	^•		(1.28	)		(0.88	)		0.29		—		—
12-31-13		11.08		0.23	^•		1.97			2.20			0.16		—		—
12-31-12		9.48		0.14	^•		1.60			1.74			0.14		—		—
Class S2
12-31-16		11.06		0.22			(0.08	)		0.14			0.34		—		—
12-31-15		11.90		0.23	^•		(0.63	)		(0.40	)		0.44		—		—
12-31-14		13.07		0.34			(1.23	)		(0.89	)		0.28		—		—
12-31-13		11.04		0.21	^•		1.97			2.18			0.15		—		—
12-31-12		9.45		0.17			1.55			1.72			0.13		—		—

										Ratios to average net assets									Supplemental data
	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 I
12-31-16		9.84		—		77.44		1.51			0.74		0.73		0.73		0.16			989,826		40
12-31-15		13.97		—		86.14		10.81			0.74		0.73		0.73		(0.04	)		1,124,421		42
12-31-14		6.32		—		90.15		8.69			0.74		0.73		0.73		0.00	^*		1,036,976		35
12-31-13		0.01		—		89.11		39.24			0.74		0.73		0.73		(0.03	)		1,069,544		41
12-31-12		0.10		—		64.01		18.92			0.74		0.73		0.73		0.22			801,969		38
Class S
12-31-16		9.84		—		74.96		1.26			0.99		0.98		0.98		(0.10	)		336,810		40
12-31-15		13.97		—		83.90		10.54			0.99		0.98		0.98		(0.29	)		427,186		42
12-31-14		6.32		—		88.33		8.42			0.99		0.98		0.98		(0.25	)		360,966		35
12-31-13		0.01		—		87.65		38.89			0.99		0.98		0.98		(0.28	)		367,958		41
12-31-12		—		—		63.12		18.62			0.99		0.98		0.98		(0.00	)^*		238,987		38
Class S2
12-31-16		9.84		—		73.27		1.10			1.17		1.13		1.13		(0.23	)		8,597		40
12-31-15		13.97		—		82.35		10.38			1.24		1.13		1.13		(0.44	)		5,361		42
12-31-14		6.32		—		87.05		8.26			1.24		1.13	��	1.13		(0.38	)		4,616		35
12-31-13		0.01		—		86.59		38.68			1.24		1.13		1.13		(0.43	)		2,482		41
12-31-12		—		—		62.45		18.46			1.24		1.13		1.13		(0.16	)		1,534		38
VY^® Templeton Foreign Equity Portfolio
Class ADV
12-31-16		0.31		—		10.90		1.33			1.46		1.41		1.41		1.84			31,937		15
12-31-15		0.41		—		11.08		(3.83	)^(a)		1.45		1.43		1.43		1.76			35,751		10
12-31-14		0.26		—		11.91		(7.01	)		1.44		1.42		1.42		2.81			40,973		10
12-31-13		0.14		—		13.07		19.68			1.44		1.42		1.42		1.64			46,583		12
12-31-12		0.12		—		11.05		18.32			1.46		1.44		1.44		1.71			36,360		9
Class I
12-31-16		0.38		—		11.01		1.85			0.96		0.91		0.91		2.33			170,231		15
12-31-15		0.48		—		11.20		(3.34	)^(a)		0.95		0.93		0.93		2.29			186,602		10
12-31-14		0.32		—		12.04		(6.59	)		0.94		0.92		0.92		3.27			215,838		10
12-31-13		0.18		—		13.21		20.28			0.94		0.92		0.92		2.47			277,773		12
12-31-12		0.15		—		11.15		18.89			0.96		0.94		0.94		2.15			375,814		9
Class S
12-31-16		0.35		—		10.94		1.63			1.21		1.16		1.16		2.09			423,390		15
12-31-15		0.44		—		11.12		(3.57	)^(a)		1.20		1.18		1.18		2.03			497,824		10
12-31-14		0.29		—		11.95		(6.87	)		1.19		1.17		1.17		3.10			584,346		10
12-31-13		0.16		—		13.12		20.05			1.19		1.17		1.17		1.91			709,362		12
12-31-12		0.14		—		11.08		18.64			1.21		1.19		1.19		1.38			648,985		9
Class S2
12-31-16		0.34		—		10.86		1.39			1.39		1.31		1.31		1.94			2,321		15
12-31-15		0.44		—		11.06		(3.72	)^(a)		1.45		1.33		1.33		1.88			2,510		10
12-31-14		0.28		—		11.90		(6.99	)		1.44		1.32		1.32		2.80			2,065		10
12-31-13		0.15		—		13.07		19.88			1.44		1.32		1.32		1.80			2,158		12
12-31-12		0.13		—		11.04		18.40			1.46		1.34		1.34		1.89			1,310		9

⁽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.

⁽⁴⁾ Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy.

⁽⁵⁾ Commencement of operations.

^(a) Excluding amounts related to a foreign currency settlement recorded in the fiscal year ended December 31, 2015, 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 year or period.

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

See Accompanying Notes to Financial Statements
60

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016

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 thirty-eight 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"), Class R6, 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. With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All

shareholders 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. 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 data reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic communications networks, and third-market broker-dealers. The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio's assets attributable to that class, subtracting the Portfolio's liabilities attributable to that class, and dividing by the number of shares of that class

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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

When a market quotation is not readily available or is deemed unreliable, each Portfolio will determine a fair value for the relevant asset in accordance with procedures adopted by the Portfolios' Board of Directors ("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 exchange contracts are valued utilizing current and forward rates obtained from an independent pricing service. Such prices from the third party pricing service are for specific settlement periods and each Portfolio's forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent period reported by the independent pricing service and (h) Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by brokers.

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

Foreign securities' (including 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.

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

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 significant 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 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 the Portfolio's assets and liabilities. A reconciliation of Level 3 investments is presented only when a Portfolio has a significant amount of Level 3 investments.

For the year ended December 31, 2016, 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

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 and Global Bond) declare and pay dividends annually. Pioneer High Yield and Global Bond declare dividends on a daily basis and pay dividends monthly. The Portfolios distribute capital gains distributions, if any, annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of 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 risk factors. This

may allow a Portfolio to pursue its objectives more quickly, and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

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

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

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

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

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

Interest Rate Risk. With bonds and other fixed rate debt instruments, a rise in market interest rates generally causes values to fall; conversely, values generally rise as market interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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 fund that invests in fixed-income securities, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential changes in government policy may affect interest rates.

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

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

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 is (and other countries outside of the European Union are) 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 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 Master Agreements are with select counterparties and they govern transactions, including certain over-the-counter ("OTC") derivative and forward foreign currency

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

contracts, entered into by a Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

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

As of December 31, 2016, 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 $22,717,186, $822,857, and $1,883,232, respectively, which represents the gross payments to be received by the Portfolios on open forward foreign currency contracts and purchased options were they to be unwound as of December 31, 2016. To reduce the amount of potential loss to Global Bond, certain counterparties have posted $2,030,000 in cash collateral for open OTC transactions at December 31, 2016.

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, 2016, that triggered any credit related contingent features for each respective Portfolio.

As of December 31, 2016, Global Bond, and Invesco Comstock had a liability position of $25,961,088 and $1,731 on open forward foreign currency contracts and

written options with credit related contingent features. If a contingent feature would have been triggered as of December 31, 2016, the Portfolios could have been required to pay this amount in cash to its counterparties. As of December 31, 2016, Global Bond had pledged $2,810,000 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 Portfolio of Investments.

During the year ended December 31, 2016, the following Portfolios had average contract amounts on forward foreign currency contracts to buy and sell as disclosed below:

	Buy		Sell
Global Bond**	$	269,255,104	$	177,581,995
American Century Small-Mid Cap Value*		109,543		7,023,631
Invesco Comstock*		1,852,572		45,179,028
Invesco Equity and Income*		377,020		103,443,755

* For the year ended December 31, 2016, 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 Portfolio of Investments for open forward foreign currency contracts at December 31, 2016.

** For the year ended December 31, 2016, 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 Portfolio of Investments for open forward foreign currency contracts at December 31, 2016.

I. Futures Contracts. Certain Portfolios may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. A Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when each Portfolio's assets are valued.

Upon entering into a futures contract, a Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by a Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. Open futures contracts are reported on a table following each Portfolio's Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statements of Operations. Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 2016, 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, 2016, 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, 2016, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below. Please refer to the tables following each respective Portfolio of

Investments for open futures contracts at December 31, 2016.

	Purchased		Sold
Global Bond	$	77,215,588	$	46,170,173
Pioneer High Yield		—		2,007,554

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, as amended ("1933 Act") or securities offered pursuant to Section 4(a)(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.

Securities that are not registered for sale to the public under the 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

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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' Portfolio of Investments. Losses may arise due to changes in the fair value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Portfolios are required to hold liquid assets as collateral with the Portfolios' custodian sufficient to cover the purchase price.

To mitigate counterparty risk, certain Portfolios have entered into Master Securities Forward Transaction Agreements ("MSFTA") with their respective counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed-delivery transactions with a particular counterparty. Cash collateral, if any, is presented on the Statement of Assets and Liabilities as an asset (Cash pledged as collateral for delayed-delivery or when-issued securities) and a liability (Cash received as collateral for delayed-delivery or when-issued securities). At December 31, 2016, there was no cash collateral pledged to or received 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, 2016, Global Bond had purchased credit default swaptions to increase exposure to credit risk. There were no open credit default swaptions at December 31, 2016.

During the year ended December 31, 2016, Global Bond had purchased and written foreign currency options to gain exposure to currencies and to generate income. Please refer to the Portfolio of Investments and the tables following for open purchased and written foreign currency options at December 31, 2016.

During the year ended December 31, 2016, Global Bond had purchased and written interest rate swaptions to gain exposure to interest rates and to generate income. Please refer to the Portfolio of Investments and the tables following for open purchased and written interest rate swaptions at December 31, 2016.

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Please refer to Note 8 for the volume of both purchased and written option activity during the year ended December 31, 2016.

O. Swap Agreements. Certain Portfolios may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). Swap agreements are privately negotiated in the OTC market and may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange ("centrally cleared swaps").

The swap agreement will specify the "notional" amount of the asset or non-asset reference to which the contract relates. Subsequent changes in fair value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. A Portfolio may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported following each Portfolio's Portfolio of Investments.

Swaps are marked to market daily using quotations primarily from third party pricing services, 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 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).

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

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

For the year ended December 31, 2016, 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, 2016, Global Bond and Pioneer High Yield had an average notional amount of $11,700,000 and $3,154,288, respectively, on credit default swaps to sell protection. Please refer to the tables following the Portfolio of Investments for Global Bond and Pioneer High Yield for open credit default swaps to sell protection at December 31, 2016.

At December 31, 2016, Pioneer High Yield had pledged $310,000 in cash collateral for open centrally cleared credit default swaps outstanding at December 31, 2016.

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, 2016, 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 $1,520,772,109.

For the year ended December 31, 2016, 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 $1,470,308,901.

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 Portfolio of Investments for Global Bond for open centrally cleared interest rate swaps at December 31, 2016.

At December 31, 2016, Global Bond had pledged $1,523,000 in cash collateral for open centrally cleared interest rate swaps outstanding at December 31, 2016.

Volatility Swap Contracts. A volatility swap is an agreement between counterparties to exchange periodic payments based on the measured volatility of a reference security, index, currency or other reference investment over a specified time frame. One cash flow is typically based on the volatility of the reference investment as measured by changes in its price or level while the other cash flow is based on an interest rate or the measured volatility of a different reference investment. The unrealized appreciation or depreciation on a volatility swap will typically depend on the magnitude of the reference investment's volatility, or size of the movement, rather than general directional increases or decreases in its price. Volatility swaps are less standard in structure than other types of swaps and provide pure, or isolated, exposure to volatility risk of the specific underlying reference investment. Volatility swaps are typically used to speculate on future volatility levels, to trade the spread between realized and expected volatility, or to decrease the volatility exposure of investments held by the Portfolios.

For the year ended December 31, 2016, Global Bond had entered into one foreign currency volatility swap with a notional amount of $3,632,600. Global Bond entered into foreign currency volatility swaps to take a position on future expectations of volatility. There were no open volatility swaps at December 31, 2016 for Global Bond.

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 Portfolio of Investments for structured products held by Global Bond at December 31, 2016.

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, 2016, 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	$	105,413,737		$	87,445,401
American Century Small-Mid Cap Value		218,286,827	��		199,580,297
Baron Growth		32,053,672			203,838,749
Columbia Contrarian Core		170,843,396			205,347,449
Columbia Small Cap Value II		125,518,037			142,715,645
Invesco Comstock		87,375,708			153,268,667
Invesco Equity and Income		327,533,862			506,798,185
JPMorgan Mid Cap Value		114,015,869			219,552,162
Oppenheimer Global		85,624,250			301,563,677
Pioneer High Yield		46,972,978			47,270,684
T. Rowe Price Diversified Mid Cap Growth		213,264,333			247,112,034
T. Rowe Price Growth Equity		634,259,675			856,529,126
Templeton Foreign Equity		98,371,632			174,848,329

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

	Purchases		Sales
Global Bond	$	409,426,135	$	427,316,915
Invesco Equity and Income		1,888,239,205		1,898,533,393
Pioneer High Yield		3,500,775		—

NOTE 4 — INVESTMENT MANAGEMENT FEES

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

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 (CONTINUED)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

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

Portfolio				Fee
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%
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⁾ The Investment Adviser has contractually agreed to waive 0.01% of the management fee for Invesco Equity and Income.

The Investment Adviser has contractually agreed to waive a portion of the management fee for Global Bond, American Century Small-Mid Cap Value, Columbia Contrarian Core, Columbia Small Cap Value II, Invesco Comstock, T. Rowe Price Growth Equity and, effective January 1, 2016, Templeton Foreign 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) x average daily net assets as of the calculation date.

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, 2016, the Investment Adviser waived $6,064, $473,064, $97,111, $53,042, $93,267, $92,054 and $113,652 for Global Bond, American Century Small-Mid Cap Value, Columbia Contrarian Core, Columbia Small Cap Value II, Invesco Comstock, T. Rowe Price Growth Equity and Templeton Foreign 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 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, 2016.

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 sub-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

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 (CONTINUED)

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 shares and, effective May 1, 2016, a Portfolio makes payments at an annual rate of 0.15% of the Portfolio's average daily net assets attributable to its Class S2 shares. Prior to May 1, 2016, the distribution fee on Class S2 shares was 0.25% and the Distributor had contractually agreed to waive a portion of the fee equal to 0.10%, so that the actual fee paid by Class S2 shares of each applicable Portfolio was an annual rate of 0.15%. The Distributor has contractually agreed to waive 0.02% of the distribution fee for Class S2 shares of Invesco Equity and Income. Termination or modification of this obligation 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. Prior to May 1, 2016, the Distributor had contractually agreed to waive a portion of the servicing fee for Baron Growth so that total net operating expenses did not exceed 1.31% for Class S shares.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At December 31, 2016, 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		5.80	%
	Pioneer High Yield		23.96
	T. Rowe Price Diversified Mid Cap Growth		12.50
Security Life of Denver Insurance Company	Global Bond		6.25
	Pioneer High Yield		24.08
	T. Rowe Price Diversified Mid Cap Growth		5.51

Subsidiary/Affiliated Investment Company	Portfolio	Percentage
Voya Institutional Trust Company	Global Bond		20.30	%
	American Century Small-Mid Cap Value		42.31
	Baron Growth		13.86
	Columbia Contrarian Core		7.65
	Columbia Small Cap Value II		11.07
	Invesco Comstock		7.06
	JPMorgan Mid Cap Value		23.71
	Oppenheimer Global		9.93
	T. Rowe Price Diversified Mid Cap Growth		7.37
	T. Rowe Price Growth Equity		18.61
Voya Insurance and Annuity Company	Baron Growth		40.95
	Columbia Contrarian Core		81.00
	Columbia Small Cap Value II		46.48
	Invesco Comstock		39.11
	Invesco Equity and Income		60.70
	JPMorgan Mid Cap Value		23.71
	Oppenheimer Global		9.29
	T. Rowe Price Growth Equity		16.31
	Templeton Foreign Equity		63.77
Voya Retirement Insurance and Annuity Company	Global Bond		67.43
	American Century Small-Mid Cap Value		55.26
	Baron Growth		40.53
	Columbia Contrarian Core		8.48
	Columbia Small Cap Value II		32.75
	Invesco Comstock		19.14
	Invesco Equity and Income		33.07
	JPMorgan Mid Cap Value		46.55
	Oppenheimer Global		73.10
	Pioneer High Yield		49.53
	T. Rowe Price Diversified Mid Cap Growth		73.30
	T. Rowe Price Growth Equity		51.16
	Templeton Foreign Equity		25.21
Voya Solution 2025 Portfolio	Invesco Comstock		7.12
Voya Solution 2035 Portfolio	Invesco Comstock		8.49
Voya Solution 2045 Portfolio	Invesco Comstock		6.14
Voya Solution Moderately Aggressive Portfolio	Invesco Comstock		5.45

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 "DC Plan"), which allows eligible independent

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 (CONTINUED)

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

directors, as described in the DC Plan, to defer the receipt of all or a portion of the directors' fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the director under the DC Plan, the amounts deferred are invested in shares of the funds selected by the director (the "Notional Funds"). The Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, 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 Statements of Assets and Liabilities. Deferral of directors' fees under the DC Plan will not affect net assets of the Portfolio, and will not materially affect the Portfolios' assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

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, 2016, Pioneer High Yield engaged in such purchase and sales transactions totaling $3,750,205 and $1,037,638, 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 levels listed below:

Portfolio	Class ADV			Class I			Class R6			Class S			Class S2
Global Bond		1.10	%		0.60	%		N/A			0.85	%		N/A
American Century Small-Mid Cap Value		1.52	%		1.02	%		N/A			1.27	%		1.42	%
Baron Growth⁽¹⁾		1.55	%		1.05	%		1.05	%		1.30	%		1.45	%
Columbia Contrarian Core⁽²⁾		N/A			N/A			N/A			N/A			N/A
Columbia Small Cap Value II		1.65	%		1.15	%		1.15	%		1.40	%		1.55	%
Invesco Comstock⁽³⁾		N/A			N/A			N/A			N/A			N/A
Invesco Equity and Income		1.15	%		0.65	%		N/A			0.90	%		1.05	%
JPMorgan Mid Cap Value		1.50	%		1.00	%		N/A			1.25	%		1.40	%
Oppenheimer Global		1.30	%		0.80	%		N/A			1.05	%		1.20	%
Pioneer High Yield		N/A			0.71	%		N/A			0.96	%		N/A

Portfolio	Class ADV			Class I			Class R6			Class S			Class S2
T. Rowe Price Diversified Mid Cap Growth		1.30	%		0.80	%		0.80	%		1.05	%		1.20	%
T. Rowe Price Growth Equity		1.25	%		0.75	%		N/A			1.00	%		1.15	%
Templeton Foreign Equity⁽⁴⁾		1.48	%		0.98	%		N/A			1.23	%		1.38	%

⁽¹⁾Prior to January 1, 2016, the expense limits for Baron Growth were 1.59%, 1.09%, 1.34% and 1.49% for Class ADV, Class I, Class S and Class S2, respectively.

⁽²⁾Pursuant to a side letter agreement, through May 1, 2017, the Investment Adviser has agreed to waive all or a portion of the management fee and/or reimburse expenses so that the expense limits are 1.24%, 0.74% and 0.99% for Class ADV, Class I and Class S, respectively. Prior to May 1, 2016, the side letter expense limits were 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.

⁽³⁾Pursuant to a side letter agreement, through May 1, 2017, the Investment Adviser has agreed to waive all or a portion of the management 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.

⁽⁴⁾Pursuant to a side letter agreement, through May 1, 2017, the Investment Adviser has agreed to waive all or a portion of the management 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.

Unless otherwise specified above, the Investment Adviser may, at a later date, recoup from a Portfolio for fees waived and/or 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.

At December 31, 2016, 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	2017		2018		2019		Total
Global Bond	$	173,482	$	135,581	$	142,214	$	451,277
American Century Small-Mid Cap Value		463,222		430,902		397,677		1,291,801
Invesco Equity and Income		201,217		207,075		331,544		739,836
Pioneer High Yield		60,824		55,577		65,632		182,033
T. Rowe Price Diversified Mid Cap Growth		67,420		—		—		67,420

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 (CONTINUED)

NOTE 7 — EXPENSE LIMITATION AGREEMENTS (continued)

The Expense Limitation Agreement is contractual through May 1, 2017, except for T. Rowe Price Diversified Mid Cap Growth, which is through May 1, 2018, 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 credit default swaptions for Global Bond during the year ended December 31, 2016 were as follows:

	USD Notional			Cost
Balance at 12/31/2015		—		$	—
Options Purchased		12,250,000			15,313
Options Expired		(12,250,000	)		(15,313	)
Balance at 12/31/2016		—		$	—

Transactions in purchased foreign currency options for Global Bond during the year ended December 31, 2016 were as follows:

	USD Notional			Cost
Balance at 12/31/2015		—		$	—
Options Purchased		1,376,602,000			7,028,993
Options Terminated in Closing Sell Transactions		(459,940,000	)		(2,765,444	)
Options Expired		(867,062,000	)		(3,633,530	)
Balance at 12/31/2016		49,600,000		$	630,019

Transactions in purchased interest rate swaptions for Global Bond during the year ended December 31, 2016 were as follows:

	EUR Notional			USD Notional			Cost
Balance at 12/31/2015		—			—		$	—
Options Purchased		2,331,400,000			2,227,636,000			40,933,598
Options Terminated in Closing Sell Transactions		(1,165,700,000	)		(1,378,736,000	)		(23,151,845	)
Options Expired		(1,165,700,000	)		—			(975,386	)
Balance at 12/31/2016		—			848,900,000		$	16,806,367

Transactions in written foreign currency options for Global Bond during the year ended December 31, 2016 were as follows:

	USD Notional			Premiums Received
Balance at 12/31/2015		—		$	—
Options Written		1,209,562,000			5,862,810
Options Terminated in Closing Purchase Transactions		(478,700,000	)		(2,779,516	)
Options Expired		(730,862,000	)		(3,083,294	)
Balance at 12/31/2016		—		$	—

Transactions in written interest rate swaptions for Global Bond Portfolio during the year ended December 31, 2016 were as follows:

	EUR Notional			USD Notional			Premiums Received
Balance at 12/31/2015		—			—		$	—
Options Written		717,800,000			4,630,556,000			45,258,739
Options Terminated in Closing Purchase Transactions		(351,800,000	)		(3,106,656,000	)		(25,198,790	)
Options Expired		(366,000,000	)		(982,400,000	)		(2,349,041	)
Balance at 12/31/2016		—			541,500,000		$	17,710,908

NOTE 9 — LINE OF CREDIT

Effective May 20, 2016, each Portfolio, in addition to certain other funds managed by the Investment Adviser, has entered into an unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Portfolios or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to May 20, 2016, the aggregate amount was $200,000,000 and the commitment fee was equal to 0.10% 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, 2016:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized		Approximate Weighted Average Interest Rate For Days Utilized
Global Bond		32	$	900,094		1.37	%
Baron Growth		96		2,738,641		1.40
Columbia Contrarian Core		4		485,750		1.41
JPMorgan Mid Cap Value		1		4,689,000		1.36
T. Rowe Price Diversified Mid Cap Growth		7		673,571		1.38
T. Rowe Price Growth Equity		3		2,685,333		1.38
Templeton Foreign Equity		2		1,843,000		1.38

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 (CONTINUED)

NOTE 10 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease) in shares outstanding			Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease)
Year or period ended	#		#		#		#			#			($)		($)		($)		($)			($)
Global Bond
Class ADV
12/31/16		107,392		—		33,630		(449,149	)		(308,127	)		1,108,838		—		354,541		(4,679,862	)		(3,216,483	)
12/31/15		113,182		—		—		(614,527	)		(501,345	)		1,149,434		—		—		(6,210,909	)		(5,061,475	)
Class I
12/31/16		653,116		—		274,656		(2,172,158	)		(1,244,386	)		6,967,143		—		2,946,090		(22,923,095	)		(13,009,862	)
12/31/15		331,772		—		—		(3,368,908	)		(3,037,136	)		3,408,954		—		—		(34,472,167	)		(31,063,213	)
Class S
12/31/16		360,024		—		60,641		(848,014	)		(427,349	)		3,842,909		—		649,729		(8,875,828	)		(4,383,190	)
12/31/15		286,919		—		—		(842,940	)		(556,021	)		2,938,760		—		—		(8,662,089	)		(5,723,329	)
American Century Small-Mid Cap Value
Class ADV
12/31/16		1,295,216		—		795,421		(1,020,127	)		1,070,510			14,704,948		—		8,574,642		(11,256,751	)		12,022,839
12/31/15		473,429		—		1,557,675		(875,507	)		1,155,597			5,970,451		—		17,305,764		(10,683,402	)		12,592,813
Class I
12/31/16		2,512,202		—		1,159,927		(1,514,853	)		2,157,276			29,961,101		—		13,188,376		(17,722,536	)		25,426,941
12/31/15		926,534		—		2,261,282		(2,656,690	)		531,126			12,118,570		—		26,343,938		(33,327,530	)		5,134,978
Class S
12/31/16		1,323,919		—		726,242		(1,172,038	)		878,123			15,736,354		—		8,162,961		(13,410,822	)		10,488,493
12/31/15		410,728		—		1,494,208		(1,507,539	)		397,397			5,276,838		—		17,228,222		(19,488,659	)		3,016,401
Class S2
12/31/16		124,442		—		34,941		(84,336	)		75,047			1,385,037		—		375,613		(906,287	)		854,363
12/31/15		118,990		—		61,638		(85,591	)		95,037			1,506,409		—		682,951		(1,089,809	)		1,099,551
Baron Growth
Class ADV
12/31/16		109,364		—		373,857		(773,995	)		(290,774	)		2,797,559		—		9,413,716		(19,855,399	)		(7,644,124	)
12/31/15		157,011		—		274,983		(674,427	)		(242,433	)		4,531,491		—		8,007,507		(19,713,089	)		(7,174,091	)
Class I
12/31/16		417,307		—		660,211		(2,285,812	)		(1,208,294	)		11,410,135		—		17,990,751		(63,974,158	)		(34,573,272	)
12/31/15		434,975		—		585,465		(1,988,870	)		(968,430	)		13,911,453		—		18,202,106		(60,748,084	)		(28,634,525	)
Class R6
5/3/16⁽¹⁾-12/31/16		32,619		—		12		(3	)		32,628			891,979		—		324		(76	)		892,227
Class S
12/31/16		314,847		—		2,153,555		(4,311,981	)		(1,843,579	)		8,589,723		—		56,573,883		(114,899,359	)		(49,735,753	)
12/31/15		479,189		—		1,647,066		(3,978,855	)		(1,852,600	)		14,697,709		—		49,691,990		(120,734,669	)		(56,344,970	)
Class S2
12/31/16		14,243		—		12,601		(135,840	)		(108,996	)		365,247		—		318,426		(3,563,475	)		(2,879,802	)
12/31/15		38,030		—		16,992		(67,220	)		(12,198	)		1,140,388		—		495,834		(2,030,825	)		(394,603	)
Columbia Contrarian Core
Class ADV
12/31/16		206,108		—		150,661		(172,206	)		184,563			4,342,604		—		3,043,357		(3,618,361	)		3,767,600
12/31/15		298,412		—		111,618		(111,160	)		298,870			6,867,135		—		2,453,372		(2,573,744	)		6,746,763
Class I
12/31/16		52,290		—		60,396		(91,369	)		21,317			1,150,383		—		1,273,754		(2,028,475	)		395,662
12/31/15		41,593		—		58,172		(102,770	)		(3,005	)		990,276		—		1,326,321		(2,486,511	)		(169,914	)
Class S
12/31/16		510,533		—		1,741,401		(2,286,414	)		(34,480	)		11,313,446		—		36,064,421		(49,606,442	)		(2,228,575	)
12/31/15		465,869		—		1,679,367		(2,008,544	)		136,692			10,999,991		—		37,684,995		(48,165,495	)		519,491
Columbia Small Cap Value II
Class ADV
12/31/16		450,766		—		78,116		(352,261	)		176,621			7,702,073		—		1,252,201		(5,575,925	)		3,378,349
12/31/15		408,608		—		4,520		(532,746	)		(119,618	)		6,702,716		—		75,657		(8,642,955	)		(1,864,582	)
Class I
12/31/16		733,228		—		120,397		(907,546	)		(53,921	)		12,450,314		—		1,982,935		(14,937,217	)		(503,968	)
12/31/15		609,948		—		16,368		(932,364	)		(306,048	)		10,295,607		—		281,364		(15,562,223	)		(4,985,252	)

⁽¹⁾ Commencement of operations.

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 (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	#		#		#		#			#			($)		($)		($)		($)			($)
Class R6
5/3/16⁽¹⁾-12/31/16		21,304		—		9		(246	)		21,067			397,901		—		148		(4,790	)		393,259
Class S
12/31/16		411,446		—		358,284		(1,517,722	)		(747,992	)		7,134,368		—		5,879,446		(25,165,493	)		(12,151,679	)
12/31/15		424,400		—		28,258		(1,706,752	)		(1,254,094	)		7,082,409		—		483,770		(28,634,794	)		(21,068,615	)
Class S2
12/31/16		105,603		—		13,958		(111,844	)		7,717			1,735,870		—		222,901		(1,764,798	)		193,973
12/31/15		149,977		—		1,285		(86,774	)		64,488			2,441,291		—		21,449		(1,419,646	)		1,043,094
Invesco Comstock
Class ADV
12/31/16		137,527		—		43,241		(472,936	)		(292,168	)		2,173,379		—		738,151		(7,225,279	)		(4,313,749	)
12/31/15		113,278		—		49,774		(392,836	)		(229,784	)		1,807,702		—		775,483		(6,343,359	)		(3,760,174	)
Class I
12/31/16		1,703,584		—		293,404		(3,927,834	)		(1,930,846	)		25,537,401		—		5,061,532		(62,442,471	)		(31,843,538	)
12/31/15		6,421,704		—		342,384		(2,378,098	)		4,385,990			106,336,129		—		5,351,730		(38,383,357	)		73,304,502
Class S
12/31/16		441,908		—		394,851		(4,109,040	)		(3,272,281	)		7,070,423		—		6,796,359		(63,797,475	)		(49,930,693	)
12/31/15		492,751		—		485,164		(4,247,552	)		(3,269,637	)		7,921,714		—		7,603,995		(69,315,148	)		(53,789,439	)
Invesco Equity and Income
Class ADV
12/31/16		117,019		—		67,141		(272,844	)		(88,684	)		4,917,985		—		2,783,517		(11,060,798	)		(3,359,296	)
12/31/15		151,527		—		115,812		(185,467	)		81,872			6,762,682		—		4,976,251		(8,306,926	)		3,432,007
Class I
12/31/16		140,124		—		855,589		(2,219,141	)		(1,223,428	)		6,100,181		—		36,331,776		(93,520,850	)		(51,088,893	)
12/31/15		164,439		—		1,482,183		(1,971,650	)		(325,028	)		7,496,933		—		64,775,858		(89,096,748	)		(16,823,957	)
Class S
12/31/16		168,617		—		979,188		(3,305,136	)		(2,157,331	)		7,220,022		—		41,073,160		(138,071,848	)		(89,778,666	)
12/31/15		161,203		—		1,786,423		(3,542,858	)		(1,595,232	)		7,164,577		—		77,442,510		(159,782,804	)		(75,175,717	)
Class S2
12/31/16		180,004		—		623,733		(1,523,860	)		(720,123	)		7,753,829		—		25,770,341		(62,454,115	)		(28,929,945	)
12/31/15		176,308		—		1,097,658		(1,714,178	)		(440,212	)		7,934,546		—		46,949,757		(76,461,118	)		(21,576,815	)
JPMorgan Mid Cap Value
Class ADV
12/31/16		379,036		—		496,562		(667,514	)		208,084			7,178,861		—		9,110,242		(12,514,259	)		3,774,844
12/31/15		579,033		—		689,418		(469,879	)		798,572			12,439,583		—		13,601,526		(9,908,503	)		16,132,606
Class I
12/31/16		851,179		—		1,156,229		(3,052,791	)		(1,045,383	)		16,553,193		—		21,801,765		(58,125,339	)		(19,770,381	)
12/31/15		916,659		—		1,862,198		(2,727,988	)		50,869			20,004,354		—		37,541,744		(57,873,448	)		(327,350	)
Class S
12/31/16		567,728		—		1,522,331		(3,001,207	)		(911,148	)		10,935,631		—		28,386,017		(57,184,186	)		(17,862,538	)
12/31/15		754,919		—		2,381,009		(2,843,433	)		292,495			16,390,139		—		47,588,257		(60,718,665	)		3,259,731
Class S2
12/31/16		33,702		—		22,547		(68,319	)		(12,070	)		634,346		—		412,642		(1,286,780	)		(239,792	)
12/31/15		41,003		—		34,000		(116,903	)		(41,900	)		872,170		—		669,059		(2,516,657	)		(975,428	)
Oppenheimer Global
Class ADV
12/31/16		323,960		—		489,979		(1,491,343	)		(677,404	)		5,108,110		—		7,584,886		(23,882,388	)		(11,189,392	)
12/31/15		960,893		—		502,423		(636,796	)		826,520			17,968,362		—		9,400,327		(12,029,300	)		15,339,389
Class I
12/31/16		763,650		—		5,694,149		(10,331,521	)		(3,873,722	)		12,607,200		—		91,618,853		(171,064,377	)		(66,838,324	)
12/31/15		1,382,462		—		6,158,301		(7,840,979	)		(300,216	)		27,346,457		—		119,409,448		(149,839,229	)		(3,083,324	)
Class S
12/31/16		387,945		—		969,834		(3,768,813	)		(2,411,034	)		6,216,476		—		15,071,216		(60,422,277	)		(39,134,585	)
12/31/15		2,501,221		—		1,162,773		(2,122,531	)		1,541,463			48,174,303		—		21,836,880		(38,875,357	)		31,135,826
Class S2
12/31/16		24,256		—		17,666		(80,329	)		(38,407	)		380,074		—		267,822		(1,253,624	)		(605,728	)
12/31/15		55,320		—		23,500		(91,169	)		(12,349	)		1,040,869		—		430,989		(1,615,829	)		(143,971	)

⁽¹⁾ Commencement of operations.

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 (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	#		#		#		#			#			($)		($)			($)		($)			($)
Pioneer High Yield
Class I
12/31/16		1,586,910		—		437,270		(2,008,093	)		16,087			17,733,148		—			4,907,706		(22,326,804	)		314,050
12/31/15		997,272		—		472,917		(2,873,020	)		(1,402,831	)		11,695,730		—			5,539,616		(33,567,286	)		(16,331,940	)
Class S
12/31/16		69,562		—		17,639		(73,088	)		14,113			775,358		—			197,859		(810,591	)		162,626
12/31/15		79,466		—		18,014		(118,390	)		(20,910	)		938,594		—			210,519		(1,367,490	)		(218,377	)
T. Rowe Price Diversified Mid Cap Growth
Class ADV
12/31/16		2,584,781		40,605		703,451		(719,181	)		2,609,656			24,893,148		370,917			6,401,403		(6,749,217	)		24,916,251
12/31/15		536,469		—		474,365		(809,175	)		201,659			6,094,705		—			4,928,655		(8,492,047	)		2,531,313
Class I
12/31/16		1,137,024		—		9,178,005		(9,167,702	)		1,147,327			11,584,917		—			90,954,031		(93,257,764	)		9,281,184
12/31/15		2,032,041		—		10,723,838		(6,103,326	)		6,652,553			24,643,747		—			119,999,748		(71,696,552	)		72,946,943
Class R6
5/3/16⁽¹⁾-12/31/16		109,396		—		38		(1,451	)		107,983			1,094,354		—			375		(14,630	)		1,080,099
Class S
12/31/16		504,140		2,987,146		413,338		(1,049,203	)		2,855,421			4,984,404		28,812,970			3,968,043		(10,214,524	)		27,550,893
12/31/15		606,565		—		398,027		(594,730	)		409,862			6,742,873		—			4,330,538		(6,775,241	)		4,298,170
Class S2
12/31/16		104,820		—		59,301		(97,200	)		66,921			1,020,404		—			541,416		(928,301	)		633,519
12/31/15		97,971		—		66,230		(88,614	)		75,587			1,155,306		—			689,459		(990,490	)		854,275
T. Rowe Price Growth Equity
Class ADV
12/31/16		200,051		—		335,148		(357,035	)		178,164			14,888,541		—			23,966,449		(26,585,574	)		12,269,416
12/31/15		312,835		—		339,629		(163,295	)		489,169			26,554,454		—	��		28,240,157		(13,937,412	)		40,857,199
Class I
12/31/16		735,960		—		1,570,936		(2,578,497	)		(271,601	)		58,374,400		—			119,705,351		(205,091,631	)		(27,011,880	)
12/31/15		1,690,630		—		1,721,278		(1,861,900	)		1,550,008			150,420,520		—			150,611,865		(169,614,232	)		131,418,153
Class S
12/31/16		460,280		—		535,295		(1,594,203	)		(598,628	)		35,025,413		—			39,520,831		(123,258,488	)		(48,712,244	)
12/31/15		1,201,876		—		709,182		(905,956	)		1,005,102			107,064,018		—			60,500,345		(78,301,743	)		89,262,620
Class S2
12/31/16		58,653		—		14,558		(20,988	)		52,223			4,526,323		—			1,051,248		(1,583,046	)		3,994,525
12/31/15		12,276		—		8,837		(9,041	)		12,072			1,076,931		—			740,378		(807,283	)		1,010,026
Templeton Foreign Equity
Class ADV
12/31/16		182,603		—		90,541		(569,378	)		(296,234	)		1,931,568		—			947,058		(6,081,216	)		(3,202,590	)
12/31/15		306,681		—		108,700		(629,849	)		(214,468	)		3,779,598		—			1,326,137		(7,589,183	)		(2,483,448	)
Class I
12/31/16		1,373,628		—		570,798		(3,140,085	)		(1,195,659	)		14,865,872		—			6,016,205		(34,019,056	)		(13,136,979	)
12/31/15		629,508		—		672,207		(2,569,753	)		(1,268,038	)		7,847,901		—			8,274,865		(30,862,697	)		(14,739,931	)
Class S
12/31/16		893,873		—		1,345,871		(8,286,273	)		(6,046,529	)		9,497,019		—			14,104,724		(88,637,951	)		(65,036,208	)
12/31/15		1,281,336		—		1,633,116		(7,042,292	)		(4,127,840	)		15,119,746		—			19,973,008		(86,161,662	)		(51,068,908	)
Class S2
12/31/16		34,034		—		7,353		(54,647	)		(13,260	)		361,756		—			76,613		(588,127	)		(149,758	)
12/31/15		71,716		—		6,855		(25,193	)		53,378			840,146		—			83,425		(301,001	)		622,570

⁽¹⁾ Commencement of operations.

NOTE 11 — SECURITIES LENDING

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Portfolios can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at

least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at Market Close of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 (CONTINUED)

NOTE 11 — SECURITIES LENDING (continued)

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 U.S. government. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Securities Lending Collateral.

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

The following is a summary of each respective Portfolio's securities lending agreements by counterparty which are subject to offset under the Agreement as of December 31, 2016:

Global Bond

Counterparty	Securities Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
BNP Paribas Prime Brokerage, Inc.	$	131,198	$	(131,198	)	$	—
Barclays Capital Inc.		10,335,086		(10,335,086	)		—
Goldman, Sachs & Co.		4,440,475		(4,440,475	)		—
HSBC Securities (USA) Inc.		94,778		(94,778	)		—
J.P. Morgan Securities LLC		384,023		(384,023	)		—
RBC Dominion Securities Inc		26,912		(26,912	)		—
Total	$	15,412,472	$	(15,412,472	)	$	—

⁽¹⁾ Collateral with a fair value of $15,731,207 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
Barclays Capital Inc.	$	331,843	$	(331,843	)	$	—
BMO Capital Markets Corp		467,477		(467,477	)		—
BNP Paribas		12,688		(12,688	)		—
BNP Paribas Prime Brokerage Intl Ltd		41,357		(41,357	)		—
Citadel Clearing LLC		42,292		(42,292	)		—
Credit Suisse Securities (USA) LLC		238,249		(238,249	)		—
Deutsche Bank Securities Inc.		53,550		(53,550	)		—
Goldman, Sachs & Co.		1,509,617		(1,509,617	)		—
HSBC Bank PLC		463,186		(463,186	)		—
J.P. Morgan Securities LLC		2,152,862		(2,152,862	)		—
Jefferies LLC		39,780		(39,780	)		—
Merrill Lynch, Pierce, Fenner & Smith Inc.		162,281		(162,281	)		—
Morgan Stanley & Co. LLC		788,458		(788,458	)		—
National Financial Services LLC		111,240		(111,240	)		—
Nomura Securities International, Inc.		211,831		(211,831	)		—
RBC Dominion Securities Inc		5,802		(5,802	)		—
Scotia Capital (USA) INC		311,480		(311,480	)		—
SG Americas Securities, LLC		82,240		(82,240	)		—
UBS Securities LLC.		3,570		(3,570	)		—
Wells Fargo Securities LLC		1,785		(1,785	)		—
Total	$	7,031,588	$	(7,031,588	)	$	—

⁽¹⁾ Collateral with a fair value of $7,238,056 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 Comstock

Counterparty	Securities Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
Barclays Capital Inc.	$	61,518	$	(61,518	)	$	—
HSBC Bank PLC		1,342,356		(1,342,356	)		—
J.P. Morgan Securities LLC		3,229,938		(3,229,938	)		—
SG Americas Securities, LLC		18,316		(18,316	)		—
Scotia Capital (USA) INC		1,269,988		(1,269,988	)		—
Total	$	5,922,116	$	(5,922,116	)	$	—

⁽¹⁾ Collateral with a fair value of $6,159,852 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.

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 (CONTINUED)

NOTE 11 — SECURITIES LENDING (continued)

Invesco Equity and Income

Counterparty	Securities Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
BNP Paribas Prime Brokerage Intl Ltd	$	19,273	$	(19,273	)	$	—
Barclays Capital Inc.		15,560,541		(15,560,541	)		—
Citadel Clearing LLC		1,322,360		(1,322,360	)		—
Citigroup Global Markets Inc.		8,208,291		(8,208,291	)		—
Deutsche Bank Securities Inc.		6,418,155		(6,418,155	)		—
HSBC Securities (USA) Inc.		12,315,643		(12,315,643	)		—
Jefferies LLC		1,345,667		(1,345,667	)		—
Merrill Lynch, Pierce, Fenner & Smith Inc.		224,178		(224,178	)		—
Nomura Securities International, Inc.		10,286,946		(10,286,946	)		—
RBC Capital Markets, LLC		2,875,502		(2,875,502	)		—
RBS Securities Inc		19,560,401		(19,560,401	)		—
SG Americas Securities, LLC		7,771,647		(7,771,647	)		—
Societe Generale		29,801,228		(29,801,228	)		—
Total	$	115,709,832	$	(115,709,832	)	$	—

⁽¹⁾ Collateral with a fair value of $118,166,949 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
Citigroup Global Markets Inc.	$	292,097	$	(292,097	)	$	—
Morgan Stanley & Co. LLC		6,194,074		(6,194,074	)		—
SG Americas Securities, LLC		3,020,008		(3,020,008	)		—
Scotia Capital (USA) INC		192,850		(192,850	)		—
Wells Fargo Securities LLC		1,672,790		(1,672,790	)		—
Total	$	11,371,819	$	(11,371,819	)	$	—

⁽¹⁾ Collateral with a fair value of $11,668,889 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
Citadel Clearing LLC	$	835,742	$	(835,742	)	$	—
Citigroup Global Markets Limited		911,561		(911,561	)		—
Citigroup Global Markets Inc.		577,749		(577,749	)		—
Credit Suisse Securities (Europe) Limited		1,738,510		(1,738,510	)		—
Deutsche Bank Securities Inc.		2,819,340		(2,819,340	)		—
Goldman, Sachs & Co.		3,548,786		(3,548,786	)		—
HSBC Bank PLC		543,261		(543,261	)		—
J.P. Morgan Securities LLC		2,183,462		(2,183,462	)		—
JP Morgan Securities, Plc.		902		(902	)		—
Morgan Stanley & Co. International PLC		840,311		(840,311	)		—
Merrill Lynch, Pierce, Fenner & Smith Inc.		14,395		(14,395	)		—
Merrill Lynch International		860,139		(860,139	)		—
Morgan Stanley & Co. LLC		22,362,877		(22,362,877	)		—
Natixis Securities America LLC		62,100		(62,100	)		—
RBC Capital Markets, LLC		782,514		(782,514	)		—
RBC Dominion Securities Inc		3,506,957		(3,506,957	)		—

Oppenheimer Global (continued)

Counterparty	Securities Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
SG Americas Securities, LLC	$	17,133,802	$	(17,133,802	)	$	—
Societe Generale		61,277		(61,277	)		—
UBS AG		64		(64	)		—
Wells Fargo Securities LLC		89,825		(89,825	)		—
Total	$	58,873,574	$	(58,873,574	)	$	—

⁽¹⁾ Collateral with a fair value of $61,772,209 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
BMO Capital Markets Corp	$	86,370	$	(86,370	)	$	—
BNP Paribas Prime Brokerage Intl Ltd		6,070		(6,070	)		—
BNP Paribas		1,991,804		(1,991,804	)		—
Barclays Capital Inc.		281,429		(281,429	)		—
Citadel Clearing LLC		1,888,040		(1,888,040	)		—
Citigroup Global Markets Inc.		43		(43	)		—
Credit Suisse Securities (USA) LLC		781,346		(781,346	)		—
Deutsche Bank Securities Inc.		1,867,728		(1,867,728	)		—
Goldman, Sachs & Co.		7,050,771		(7,050,771	)		—
HSBC Bank PLC		1,323,868		(1,323,868	)		—
J.P. Morgan Securities LLC		5,065,476		(5,065,476	)		—
Morgan Stanley & Co. LLC		3,874,191		(3,874,191	)		—
National Financial Services LLC		217,699		(217,699	)		—
Natixis Securities America LLC		1,162,943		(1,162,943	)		—
RBC Dominion Securities Inc		5,447,408		(5,447,408	)		—
SG Americas Securities, LLC		3,547		(3,547	)		—
Scotia Capital (USA) INC		5,935,862		(5,935,862	)		—
UBS AG		777,096		(777,096	)		—
UBS Securities LLC.		4,580,673		(4,580,673	)		—
Wells Fargo Securities LLC		1,791,083		(1,791,083	)		—
Total	$	44,133,447	$	(44,133,447	)	$	—

⁽¹⁾ Collateral with a fair value of $45,142,497 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
Goldman, Sachs & Co.	$	7,271,348	$	(7,271,348	)	$	—
J.P. Morgan Securities LLC		21,014,167		(21,014,167	)		—
Natixis Securities America LLC		4,956,669		(4,956,669	)		—
RBC Capital Markets, LLC		11,116		(11,116	)		—
RBC Dominion Securities Inc		3,126,317		(3,126,317	)		—
Scotia Capital (USA) INC		9,137,583		(9,137,583	)		—
UBS AG		2,111,693		(2,111,693	)		—
Total	$	47,628,893	$	(47,628,893	)	$	—

⁽¹⁾ Collateral with a fair value of $48,609,294 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.

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 (CONTINUED)

NOTE 11 — SECURITIES LENDING (continued)

Templeton Foreign Equity

Counterparty	Securities Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
Credit Suisse Securities (Europe) Limited	$	6,242,065	$	(6,242,065	)	$	—
JP Morgan Securities, Plc.		6,453,860		(6,453,860	)		—
Nomura Securities International, Inc.		308,036		(308,036	)		—
Total	$	13,003,961	$	(13,003,961	)	$	—

⁽¹⁾ Collateral with a fair value of $13,691,845 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 Portfolio of Investments. At December 31, 2016, Pioneer High Yield had the following unfunded loan commitments:

Loan	Unfunded Commitments		Unrealized Appreciation at 12/31/16*
Camping World Term Loan	$	222,628	$	3,270
Virgin Media Bristol LLC Term Loan		269,328		2,244
	$	491,956	$	5,514

* 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 — REORGANIZATIONS

On August 26, 2016, T. Rowe Price Diversified Mid Cap Growth ("Acquiring Portfolio") acquired all of the assets of, and assumed all of the liabilities of VY^® Fidelity^® VIP Mid Cap 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 August 9, 2016. The reorganization could provide the Acquired Portfolio's shareholders with the potential for improved performance and an immediate benefit through lower gross and net expenses. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value.

Assuming the acquisition had been completed on January 1, 2016, 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, 2016, are as follows:

Net investment income	$	2,396,290
Net realized and unrealized gain on investments	$	57,917,138
Net increase in net assets resulting from operations	$	60,313,428

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 26, 2016. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:

Total Net Assets of Acquired Portfolio (000s)				Total Net Assets of Acquiring Portfolio (000s)				Acquired Portfolio's Capital Loss Carryforwards (000s)				Acquired Portfolio's Unrealized Appreciation (000s)				Portfolios' Conversion Ratio
$	29,184			$	850,426			$	—			$	—				1.3397

The net assets of the Acquiring Portfolio after the acquisition were $879,610,125.

NOTE 14 — FEDERAL INCOME TAXES

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.

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 (CONTINUED)

NOTE 14 — FEDERAL INCOME TAXES (continued)

The following permanent tax differences have been reclassified as of December 31, 2016:

	Paid-in Capital			Undistributed Net Investment Income			Accumulated Net Realized Gains/ (Losses)
Global Bond	$	—		$	(1,087,523	)	$	1,087,523
American Century Small-Mid Cap Value		(94	)		942,580			(942,486	)
Baron Growth		1,378,807			6,833,784			(8,212,591	)
Columbia Contrarian Core		—			37,115			(37,115	)
Invesco Comstock		—			2,791,248			(2,791,248	)
Invesco Equity and Income		—			6,034,054			(6,034,054	)
JPMorgan Mid Cap Value		—			45,654			(45,654	)
Oppenheimer Global		—			2,161,817			(2,161,817	)
Pioneer High Yield		—			310,530			(310,530	)
T. Rowe Price Diversified Mid Cap Growth		—			3,167,104			(3,167,104	)
T. Rowe Price Growth Equity		—			(73,944	)		73,944
Templeton Foreign Equity		(22,498,473	)⁽¹⁾		(3,080,935	)		25,579,408

⁽¹⁾ Relates to the expiration of capital loss carryforwards.

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, 2016						Year Ended December 31, 2015
	Ordinary Income		Long-term Capital Gains		Return of Capital		Ordinary Income		Long-term Capital Gains
Global Bond	$	2,115,667	$	—	$	1,834,693	$	—	$	—
American Century Small-Mid Cap Value		11,518,051		18,783,541		—		21,982,574		39,578,301
Baron Growth		—		84,297,100		—		3,161,582		73,235,855
Columbia Contrarian Core		11,518,396		28,863,136		—		15,220,880		26,243,808
Columbia Small Cap Value II		604,001		8,733,630		—		862,240		—
Invesco Comstock		12,596,042		—		—		13,731,208		—
Invesco Equity and Income		31,417,763		74,541,031		—		43,306,600		150,837,776
JPMorgan Mid Cap Value		5,185,326		54,525,340		—		7,256,199		92,144,387
Oppenheimer Global		19,489,360		95,053,417		—		23,491,220		127,586,424
Pioneer High Yield		5,105,565		—		—		5,750,135		—
T. Rowe Price Diversified Mid Cap Growth		7,800,802		94,064,466		—		8,011,231		121,937,169
T. Rowe Price Growth Equity		—		184,243,879		—		11,502,817		228,589,928
Templeton Foreign Equity		21,144,600		—		—		29,657,435		—

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, 2016 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.

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 (CONTINUED)

NOTE 14 — FEDERAL INCOME TAXES (continued)

	Undistributed		Undistributed Long-term		Unrealized Appreciation/			Capital Loss Carryforwards
	Ordinary Income		Capital Gains		(Depreciation)			Amount			Character		Expiration
Global Bond	$	—	$	—	$	(8,552,280	)	$	(1,072,763	)	Long-term			None
American Century Small-Mid Cap Value		9,418,708		8,906,091		43,537,839			—			—		—
Baron Growth		5,824,967		84,257,199		375,458,379			—			—		—
Columbia Contrarian Core		3,181,986		18,673,466		39,957,612			—			—		—
Columbia Small Cap Value II		714,975		8,813,326		53,715,958			—			—		—
Invesco Comstock		2,108,439		—		78,768,959			(82,863,600	)	Short-term			2017
Invesco Equity and Income		7,133,101		41,913,978		167,778,265			—			—		—
JPMorgan Mid Cap Value		4,644,397		50,367,921		134,563,637			—			—		—
Oppenheimer Global		16,341,117		2,474,881		526,042,813			—			—		—
Pioneer High Yield		3,470,733		—		1,441,044			(12,856,704	)	Short-term			2017
									(572,999	)	Short-term			None
									(4,246,952	)	Long-term			None
								$	(17,676,655	)
T. Rowe Price Diversified Mid Cap Growth		9,271,794		64,237,585		192,390,478			—			—		—
T. Rowe Price Growth Equity		565,364		172,932,777		317,568,618			—			—		—
Templeton Foreign Equity		11,632,131		—		65,435,887			(133,709,136	)	Short-term			2017
									(762,548	)	Short-term			None
									(2,658,823	)	Long-term			None
								$	(137,130,507	)

* 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, 2016, 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 2012.

NOTE 15 — SUBSEQUENT EVENTS

Subsequent to December 31, 2016, the following Portfolios paid dividends from net investment income of:

Per Share
Amount

Payable Date

Record Date

Global Bond

Class ADV

0.0165

February 1, 2017

Daily

Class I

0.0212

February 1, 2017

Daily

Class S

0.0190

February 1, 2017

Daily

Pioneer High Yield

Class I

0.0503

February 1, 2017

Daily

Class S

0.0477

February 1, 2017

Daily

Investment Adviser: On January 12, 2017, the Board approved a proposal to change the Investment Adviser for all Portfolios from DSL to Voya Investments, LLC with an effective date of May 1, 2017. There are no changes to the services provided or the fees charged to the

Portfolios upon the replacement of DSL with Voya Investments, LLC.

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

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2016

Principal
Amount†

Value

Percentage
of Net
Assets

CORPORATE BONDS/NOTES: 22.7%

Brazil: 0.4%

900,000

Petrobras Global
Finance BV,
8.750%, 05/23/26

973,125

0.4

Canada: 0.2%

454,000

Other Securities

447,161

0.2

China: 0.3%

601,000

Other Securities

596,075

0.3

France: 0.8%

287,000

BPCE SA,
5.150%, 07/21/24

291,888

0.1

226,000

Electricite de
France SA,
2.350%, 10/13/20

223,787

0.1

940,000

SFR Group SA,
6.000%, 05/15/22

968,200

0.4

294,000

Other Securities

296,602

0.2

1,780,477

0.8

Guernsey: 0.3%

716,000

Credit Suisse
Group Funding
Guernsey Ltd.,
2.750%, 03/26/20

709,863

0.3

Ireland: 0.3%

652,000

Other Securities

641,594

0.3

Italy: 0.1%

286,000

Other Securities

291,165

0.1

Japan: 0.6%

790,000

Bank of
Tokyo-Mitsubishi
UFJ Ltd./The,
2.300%, 03/05/20

781,079

0.4

200,000

Mizuho Bank Ltd.,
3.200%, 03/26/25

198,781

0.1

300,000

Other Securities

306,617

0.1

1,286,477

0.6

Mexico: 0.0%

MXN

1,152,227

Other Securities^(a)

6,584

0.0

Netherlands: 0.8%

690,000

Shell International
Finance BV,
3.250%, 05/11/25

689,271

0.3

Principal Amount†				Value		Percentage of Net Assets
	701,000		Shell International Finance BV, 1.625%-4.000%, 11/10/18-05/10/46	$	686,011		0.3
	300,000	#	Siemens Financieringsmaatschappij NV, 2.350%, 10/15/26		277,604		0.1
	269,000		Other Securities		289,008		0.1
					1,941,894		0.8
			Norway: 0.2%
	380,000		Other Securities		370,862		0.2
			South Africa: 0.0%
ZAR	1,000,000		Other Securities		74,075		0.0
			Sweden: 0.1%
	298,000	#,L	Nordea Bank AB, 5.500%, 09/29/49		296,927		0.1
			Switzerland: 0.3%
	400,000	#	Credit Suisse AG, 6.500%, 08/08/23		426,528		0.2
	250,000		UBS AG/Stamford CT, 7.625%, 08/17/22		284,063		0.1
					710,591		0.3
			United Kingdom: 1.1%
	1,002,000		Santander UK PLC, 2.375%, 03/16/20		996,287		0.4
	400,000	#,L	Standard Chartered PLC, 4.300%, 02/19/27		381,159		0.2
	344,000	#	UBS Group Funding Jersey Ltd., 4.125%, 04/15/26		351,999		0.1
	813,000		Other Securities		818,082		0.4
					2,547,527		1.1
			United States: 17.2%
	762,000		21st Century Fox America, Inc., 4.500%-5.400%, 02/15/21-10/01/43		818,002		0.4
	806,000		AbbVie, Inc., 2.500%-2.850%, 05/14/20-05/14/23		800,678		0.4
	100,000	#	AMC Entertainment Holdings, Inc., 5.875%, 11/15/26		102,500		0.0
	986,000		Anheuser-Busch InBev Finance, Inc., 2.650%-3.300%, 02/01/21-02/01/23		998,389		0.4
	710,000		Apple, Inc., 3.200%, 05/13/25		712,777		0.3

See Accompanying Notes to Financial Statements
84

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			United States (continued)
	962,000		AT&T, Inc., 3.600%, 02/17/23	$	970,495		0.4
	594,000		AT&T, Inc., 3.000%-5.150%, 06/30/22-03/15/42		588,008		0.3
	1,361,000		Bank of America Corp., 3.300%-4.100%, 01/11/23-08/01/25		1,396,710		0.6
	540,000	#	Calpine Corp., 6.000%, 01/15/22		566,325		0.2
	1,048,000		Citigroup, Inc., 4.000%-5.500%, 08/05/24-09/13/25		1,099,419		0.5
	758,000		Citizens Bank NA/Providence RI, 2.450%, 12/04/19		760,697		0.3
	562,000	#	COX Communications, Inc., 2.950%, 06/30/23		529,067		0.2
	777,000		CVS Health Corp., 2.800%, 07/20/20		788,883		0.3
	320,000	#	Diamond 1 Finance Corp. / Diamond 2 Finance Corp., 4.420%, 06/15/21		331,165		0.1
	337,000	#	Diamond 1 Finance Corp. / Diamond 2 Finance Corp., 5.450%, 06/15/23		357,579		0.2
	313,000	#	Diamond 1 Finance Corp. / Diamond 2 Finance Corp., 6.020%, 06/15/26		339,234		0.1
	1,026,000		Energy Transfer Partners L.P., 4.900%, 02/01/24		1,061,649		0.5
	165,000	#	ESH Hospitality, Inc., 5.250%, 05/01/25		164,587		0.1
	240,000		Goldman Sachs Group, Inc., 2.625%, 04/25/21		238,292		0.1
	627,000		Goldman Sachs Group, Inc., 5.250%, 07/27/21		687,287		0.3
	605,000		Hartford Financial Services Group, Inc., 6.625%, 03/30/40		747,822		0.3
	294,000		Huntington Bancshares, Inc./OH, 2.600%, 08/02/18		296,924		0.1
	570,000		Huntington National Bank, 2.200%, 11/06/18		571,751		0.3
	1,041,000		Indiana Michigan Power Co., 7.000%, 03/15/19		1,147,414		0.5

Principal Amount†				Value		Percentage of Net Assets
	570,000	#	JBS USA LLC / JBS USA Finance, Inc., 5.875%, 07/15/24	$	591,375		0.3
	1,197,000		JPMorgan Chase & Co., 1.625%-6.000%, 05/15/18-12/29/49		1,198,286		0.5
	40	#	Kern River Funding Corp., 4.893%, 04/30/18		41		0.0
	990,000		Morgan Stanley, 3.750%-4.100%, 02/25/23-05/22/23		1,016,868		0.4
	1,048,000		Mylan, Inc., 2.600%, 06/24/18		1,054,279		0.5
	625,000		Netflix, Inc., 5.750%, 03/01/24		670,312		0.3
	200,000	#	Novelis Corp., 5.875%, 09/30/26		202,500		0.1
	110,000	#	Owens-Brockway Glass Container, Inc., 5.875%, 08/15/23		114,881		0.1
	165,000	#	Post Holdings, Inc., 5.000%, 08/15/26		158,400		0.1
	272,000		Time Warner Cable LLC, 5.875%, 11/15/40		290,547		0.1
	485,000		Time Warner, Inc., 6.500%, 11/15/36		587,480		0.3
	505,000	#	Valeant Pharmaceuticals International, 7.250%, 07/15/22		415,363		0.2
	270,000		Verizon Communications, Inc., 5.012%, 08/21/54		270,063		0.1
	1,071,000		Verizon Communications, Inc., 5.150%, 09/15/23		1,184,706		0.5
	599,000		Wells Fargo & Co., 4.100%, 06/03/26		606,747		0.3
	14,797,000		Other Securities^(b)		14,760,292		6.5
					39,197,794		17.2
			Total Corporate Bonds/Notes (Cost $51,389,388)		51,872,191		22.7
COLLATERALIZED MORTGAGE OBLIGATIONS: 16.7%
			United States: 16.7%
	217,548		Banc of America Alternative Loan Trust 2004-1 4A1, 4.750%, 02/25/19		214,602		0.1
	710,636		Banc of America Funding 2005-1 Trust 1A1, 5.500%, 02/25/35		713,563		0.3

See Accompanying Notes to Financial Statements
85

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			United States (continued)
	176,668		Citigroup Mortgage Loan Trust, Inc. 2005-2 1A3, 3.074%, 05/25/35	$	174,738		0.1
	471,126		CitiMortgage Alternative Loan Trust Series 2006-A3 1A7, 6.000%, 07/25/36		423,126		0.2
	35,187	#	Deutsche ALT-A Securities, Inc. Alternate Loan Trust 2007-RS1 A2, 1.256%, 01/27/37		94,930		0.0
	100,000		Fannie Mae Connecticut Avenue Securities 2014-C01 M2, 5.156%, 01/25/24		106,715		0.1
	320,000		Fannie Mae Connecticut Avenue Securities 2014-C03 2M2, 3.656%, 07/25/24		321,614		0.1
	400,000		Fannie Mae Connecticut Avenue Securities 2014-CO3 1M2, 3.756%, 07/25/24		401,489		0.2
	1,780,000		Fannie Mae Connecticut Avenue Securities 2014-CO4 1M2, 5.656%, 11/25/24		1,934,926		0.9
	80,000		Fannie Mae Connecticut Avenue Securities 2015-C02 1M2, 4.756%, 05/25/25		83,526		0.0
	500,000		Fannie Mae Connecticut Avenue Securities 2015-C03 1M2, 5.756%, 07/25/25		539,551		0.2
	122,747		Fannie Mae REMIC Trust 2005-74 DK, 20.976%, 07/25/35		168,540		0.1
	165,645		Fannie Mae REMIC Trust 2005-87 SB, 21.061%, 10/25/35		285,353		0.1
	387,165		Fannie Mae REMIC Trust 2006-104 ES, 29.670%, 11/25/36		688,119		0.3
	1,759,907	^	Fannie Mae REMIC Trust 2007-89 SB, 5.794%, 09/25/37		322,825		0.2

Principal Amount†				Value		Percentage of Net Assets
	2,870,295	^	Fannie Mae REMIC Trust 2007-94 SG, 5.694%, 10/25/37	$	528,201		0.2
	248,774		Fannie Mae REMIC Trust 2010-109 SN, 21.145%, 10/25/40		557,200		0.3
	5,234,621	^	Fannie Mae REMIC Trust 2011-55 SK, 5.804%, 06/25/41		1,003,892		0.4
	602,582	^	Fannie Mae REMIC Trust 2011-69 AI, 5.000%, 05/25/18		10,584		0.0
	4,159,677	^	Fannie Mae REMIC Trust 2011-86 NS, 5.194%, 09/25/41		663,788		0.3
	3,193,101	^	Fannie Mae REMIC Trust 2012-10 US, 5.694%, 02/25/42		482,383		0.2
	1,963,455	^	Fannie Mae REMIC Trust 2012-110 JI, 4.000%, 06/25/42		320,021		0.1
	6,553,427	^	Fannie Mae REMIC Trust 2012-133 PS, 5.444%, 03/25/42		980,715		0.4
	2,963,226	^	Fannie Mae REMIC Trust 2012-144 SB, 5.344%, 01/25/43		693,963		0.3
	2,032,743	^	Fannie Mae, 3.000%, 06/25/33		272,276		0.2
	1,039,896	^	Fannie Mae, 3.500%, 08/25/33		154,649		0.1
	657,315	^	Fannie Mae, 3.500%, 08/25/43		145,278		0.1
	2,579,901	^	Fannie Mae, 5.184%, 01/25/38		448,142		0.2
	3,731,908	^	Fannie Mae, 5.224%, 11/25/41		716,467		0.3
	54,786	^	Fannie Mae, 5.500%, 07/25/33		12,096		0.0
	22,763	^	Fannie Mae, 5.500%, 06/25/35		5,126		0.0
	113,915	^	Fannie Mae, 5.784%, 06/25/37		21,514		0.0
	348,530	^	Fannie Mae, 5.814%, 06/25/36		62,907		0.1
	20,479	^	Fannie Mae, 5.994%, 05/25/35		3,388		0.0
	103,563	^	Fannie Mae, 6.000%, 12/25/32		23,238		0.0
	44,730	^	Fannie Mae, 6.000%, 02/25/33		9,758		0.0
	52,899	^	Fannie Mae, 6.000%, 03/25/33		12,300		0.0

See Accompanying Notes to Financial Statements
86

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			United States (continued)
	43,640	^	Fannie Mae, 6.000%, 03/25/33	$	11,183		0.0
	24,157	^	Fannie Mae, 6.000%, 09/25/35		5,367		0.0
	27,013	^	Fannie Mae, 6.344%, 06/25/23		2,777		0.0
	111,587	^	Fannie Mae, 6.474%, 09/25/36		22,713		0.0
	181,173	^	Fannie Mae, 6.500%, 02/25/32		41,815		0.0
	170,702	^	Fannie Mae, 6.794%, 10/25/33		37,898		0.0
	20,492	^	Fannie Mae, 6.874%, 03/25/23		214		0.0
	112,685	^	Fannie Mae, 6.994%, 07/25/31		24,949		0.0
	61,750	^	Fannie Mae, 6.994%, 02/25/32		13,728		0.0
	32,992	^	Fannie Mae, 7.000%, 02/25/28		7,631		0.0
	40,341	^	Fannie Mae, 7.000%, 03/25/33		11,034		0.0
	30,954	^	Fannie Mae, 7.000%, 04/25/33		7,464		0.0
	39,387	^	Fannie Mae, 7.194%, 07/25/32		8,211		0.0
	1,215,417	^	Fannie Mae, 7.264%, 12/18/32		265,270		0.1
	217,418	^	Fannie Mae, 7.500%, 01/25/24		40,176		0.0
	662,962		Fannie Mae, 1.156%-24.833%, 08/25/25-05/25/43		773,530		0.3
	12,897,440	^	Freddie Mac 3502 DL, 5.296%, 01/15/39		2,278,766		1.0
	3,673,619	^	Freddie Mac REMIC Trust 3505 SA, 5.296%, 01/15/39		611,050		0.3
	4,294,538	^	Freddie Mac REMIC Trust 3702 S, 3.746%, 05/15/36		393,713		0.2
	4,214,389	^	Freddie Mac REMIC Trust 3710 SL, 5.296%, 05/15/36		333,978		0.1
	592,487	^	Freddie Mac REMIC Trust 3803 SG, 5.896%, 08/15/28		28,308		0.0
	4,067,833	^	Freddie Mac REMIC Trust 3925 SD, 5.346%, 07/15/40		584,925		0.2
	2,012,292	^	Freddie Mac REMIC Trust 4136 SW, 5.546%, 11/15/32		365,246		0.2
	853,151	^	Freddie Mac REMIC Trust 4161 CI, 4.000%, 02/15/43		159,219		0.1
	13,229,759	^	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/43		2,415,533		1.1
	1,565,159	^	Freddie Mac Series 4120 IK, 3.000%, 10/15/32		210,042		0.1

Principal Amount†				Value		Percentage of Net Assets
	530,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2014-DN1 M3, 5.256%, 02/25/24	$	578,732		0.2
	400,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2014-DN3 M3, 4.756%, 08/25/24		416,823		0.2
	1,100,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2014-DN4 M3, 5.306%, 10/25/24		1,178,106		0.5
	340,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2014-HQ3 M3, 5.506%, 10/25/24		369,394		0.2
	100,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3 M3, 5.456%, 04/25/28		108,282		0.0
	170,673		Freddie Mac Structured Agency Credit Risk Debt Notes 2015-HQ1 M2, 2.956%, 03/25/25		172,229		0.1
	200,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2016-DNA4 M3, 4.556%, 03/25/29		200,669		0.1
	200,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2016-HQA3 M3, 4.606%, 03/25/29		200,313		0.1
	1,433,294	^	Freddie Mac, 5.246%, 10/15/36		193,974		0.1
	103,087	^	Freddie Mac, 5.446%, 07/15/35		14,282		0.0
	123,094	^	Freddie Mac, 6.946%, 03/15/29		23,140		0.0
	113,968	^	Freddie Mac, 6.996%, 03/15/29		20,559		0.0
	13,235	^	Freddie Mac, 7.000%, 03/15/28		3,106		0.0
	70,732	^	Freddie Mac, 7.000%, 04/15/28		15,516		0.0
	166,309	^	Freddie Mac, 8.246%, 08/15/29		37,206		0.0

See Accompanying Notes to Financial Statements
87

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			United States (continued)
	1,751,652		Freddie Mac, 1.154%-22.169%, 09/15/22-08/15/35	$	1,919,234		0.8
	576,790		Ginnie Mae Series 2007-8 SP, 19.652%, 03/20/37		893,897		0.4
	5,003,597	^	Ginnie Mae Series 2010-165 IP, 4.000%, 04/20/38		317,050		0.2
	3,368,343	^	Ginnie Mae Series 2010-68 MS, 5.111%, 06/20/40		527,455		0.2
	2,257,048	^	Ginnie Mae Series 2012-97 SC, 5.993%, 07/16/41		419,362		0.2
	809,671		IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 0.966%, 04/25/46		670,487		0.3
	720,699		JP Morgan Mortgage Trust 2005-A4 B1, 3.091%, 07/25/35		619,035		0.3
	143,489		JP Morgan Mortgage Trust 2007-A1 7A1, 3.137%, 07/25/35		142,111		0.0
	10,373,614	^	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 X, 1.437%, 08/25/45		414,157		0.2
	69,972		WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 2.850%, 10/25/36		61,520		0.0
	1,093,899		WaMu Mortgage Pass-Through Certificates Series 2006-AR16 Trust 3A1, 2.648%, 12/25/36		1,007,584		0.4
	272,248		WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 2.804%, 08/25/46		238,751		0.1
	513,329		WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 2.676%, 12/25/36		474,029		0.2
	145,537		WaMu Mortgage Pass-Through Certificates Series 2007-HY4 1A1, 2.361%, 04/25/37		127,152		0.1
	188,519		Wells Fargo Alternative Loan 2007-PA2 2A1, 1.186%, 06/25/37		139,503		0.1

Principal
Amount†

Value

Percentage
of Net
Assets

80,123

Wells Fargo Mortgage
Backed Securities
2005-AR16 Trust
2A1, 3.040%,
02/25/34

81,551

0.0

333,072

Wells Fargo Mortgage
Backed Securities
2006-AR17 Trust A1,
3.048%, 10/25/36

318,144

0.1

71,839

Wells Fargo Mortgage
Backed Securities
2006-AR17 Trust A2,
3.048%, 10/25/36

68,619

0.0

384,562

Wells Fargo Mortgage
Backed Securities
2006-AR7 Trust 2A1,
3.089%, 05/25/36

366,972

0.2

361,278

Wells Fargo Mortgage
Backed Securities
2006-AR8 Trust 3A2,
3.087%, 04/25/36

353,689

0.2

6,449,742

Other Securities

3,221,319

1.4

Total Collateralized
Mortgage
Obligations
(Cost $35,735,286)

38,170,195

16.7

STRUCTURED PRODUCTS: 0.0%

Russia: 0.0%

RUB

5,671,358

Morgan
Stanley & Co.
International
PLC - EM Whole
Loan SA /Russian
Federation Total
Return Linked
Bonds, Series 007,
Cl. VR, 4.650%,
08/22/34

40,792

0.0

Total Structured
Products
(Cost $202,246)

40,792

0.0

FOREIGN GOVERNMENT BONDS: 14.0%

Austria: 1.5%

EUR

3,000,000

Republic of Austria
Government Bond,
1.650%, 10/21/24

3,541,347

1.5

Belgium: 7.2%

EUR

15,100,000

Kingdom of Belgium
Government Bond,
0.800%, 06/22/25

16,478,421

7.2

Brazil: 0.3%

BRL

705,000

Brazil Notas do
Tesouro Nacional
Series F, 6.000%,
05/15/45

666,280

0.3

See Accompanying Notes to Financial Statements
88

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Principal
Amount†

Value

Percentage
of Net
Assets

Germany: 0.1%

EUR

140,000

Other Securities

204,812

0.1

Italy: 2.8%

EUR

4,900,000

Italy Buoni Poliennali
Del Tesoro,
4.500%, 03/01/26

6,364,202

2.8

Russia: 0.4%

RUB

51,720,000

Russian Federal
Bond - OFZ,
7.500%, 08/18/21

825,564

0.4

Spain: 1.7%

EUR

3,500,000

Spain
Government Bond,
1.950%, 04/30/26

3,886,552

1.7

Total Foreign
Government Bonds
(Cost $32,935,157)

31,967,178

14.0

U.S. GOVERNMENT AGENCY OBLIGATIONS: 1.4%

Federal Home Loan Mortgage
Corporation^##: 0.7%

1,466,374

4.000%-6.500%, due
01/01/18-05/01/46

1,549,514

0.7

Federal National Mortgage
Association^##: 0.7%

1,435,188

2.500%-7.500%, due
09/01/19-05/01/45

1,558,703

0.7

Government National Mortgage
Association: 0.0%

75,814

5.000%-6.500%, due
04/15/34-02/20/35

85,310

0.0

Total U.S.
Government
Agency Obligations
(Cost $3,124,965)

3,193,527

1.4

COMMERCIAL MORTGAGE-BACKED SECURITIES: 8.3%

United States: 8.3%

810,000

Banc of America
Commercial
Mortgage Trust
2007-3 AJ,
5.549%, 06/10/49

820,857

0.4

450,000

Banc of America
Commercial
Mortgage Trust
2007-3 B,
5.602%, 06/10/49

451,543

0.2

Principal Amount†				Value		Percentage of Net Assets
	390,000		Banc of America Commercial Mortgage Trust 2007-3 C, 5.602%, 06/10/49	$	387,250		0.2
	540,000		Banc of America Commercial Mortgage Trust 2007-4 AJ, 5.814%, 02/10/51		544,612		0.2
	8,020,000	#,^	BBCCRE Trust 2015-GTP XA, 0.597%, 08/10/33		359,850		0.2
	440,000	#	Bear Stearns Commercial Mortgage Securities Trust 2004-PWR6 5.406%, 11/11/41		458,185		0.2
	71,656		Bear Stearns Commercial Mortgage Securities Trust 2005-TOP20 C, 5.124%, 10/12/42		71,577		0.0
	140,000	#	Bear Stearns Commercial Mortgage Securities Trust 2006-TOP22 E, 5.714%, 04/12/38		131,521		0.1
	410,000		Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17 AJ, 5.887%, 06/11/50		413,114		0.2
	448,655	#	Beckman Coulter, Inc. 2000-A A, 7.498%, 12/15/18		450,008		0.2
	1,885,802	^	CD 2016-CD1 Mortgage Trust, 1.446%, 08/10/49		186,287		0.1
	280,000	#	Citigroup Commercial Mortgage Trust 2016-GC36, 2.850%, 02/10/49		193,479		0.1
	680,000	#	COMM 2004-LB2A H, 6.067%, 03/10/39		721,045		0.3
	10,479,540	#,^	COMM 2012 - LTRT XA, 1.030%, 10/05/30		464,116		0.2
	4,005,394	^	COMM 2012-CR1 XA, 2.023%, 05/15/45		289,136		0.1
	6,512,726	^	COMM 2013-LC6 XA, 1.683%, 01/10/46		360,277		0.1
	4,348,928	^	COMM 2014-CR17 XA, 1.163%, 05/10/47		234,058		0.1
	200,000	#	COMM 2015-CR27 D, 3.472%, 10/10/48		152,887		0.1
	240,000		COMM 2015-PC1 D, 4.443%, 07/10/50		175,359		0.1

See Accompanying Notes to Financial Statements
89

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			United States (continued)
	453,068	#	Commercial Mortgage Trust 2004-GG1 F, 6.361%, 06/10/36	$	455,091		0.2
	104,264	#	Credit Suisse Commercial Mortgage Trust Series 2006-K1A K, 5.415%, 02/25/21		104,220		0.1
	12,974	#	Credit Suisse First Boston Mortgage Securities Corp. 2003-C4 J, 5.322%, 08/15/36		12,954		0.0
	300,000	#	CSAIL 2016-C7 Commercial Mortgage Trust, 4.394%, 11/15/49		213,452		0.1
	2,207,120	#,^	DBUBS 2011-LC1A XA, 0.748%, 11/10/46		48,588		0.0
	210,000	#	DBUBS 2011-LC2A D, 5.543%, 07/10/44		215,076		0.1
	565,385	#	EQTY 2014-INNS Mortgage Trust, 4.216%, 05/08/31		554,567		0.2
	3,560,000	^	Freddie Mac Multifamily Structured Pass Through Certificates K010 X3, 4.631%, 11/25/44		565,953		0.2
	9,125,089	^	Freddie Mac Multifamily Structured Pass Through Certificates K704 X1, 1.964%, 08/25/18		217,966		0.1
	4,423,190	^	Freddie Mac Multifamily Structured Pass Through Certificates K711 X3, 1.619%, 08/25/40		166,070		0.1
	42,116,459	#,^	FREMF Mortgage Trust 2012-K17 X2A, 0.100%, 12/25/44		165,189		0.1
	12,349	#	GE Capital Commercial Mortgage Series 2005-C2 H, 5.463%, 05/10/43		12,307		0.0
	100,000	#	GS Mortgage Securities Trust 2010-C2 F, 4.548%, 12/10/43		81,374		0.0
	2,801,170	^	GS Mortgage Securities Trust 2012-GCJ7 XA, 2.386%, 05/10/45		207,150		0.1

Principal Amount†				Value		Percentage of Net Assets
	75,000	#	GS Mortgage Securities Trust 2016-GS3, 2.620%, 10/10/49	$	53,784		0.0
	13,641,502	^	JPMBB Commercial Mortgage Securities Trust 2014-C24 XA, 1.072%, 11/15/47		682,060		0.3
	250,000	#	JP Morgan Chase Commercial Mortgage Securities Corp. 2004-CB8 J, 4.733%, 01/12/39		240,731		0.1
	434,785		JP Morgan Chase Commercial Mortgage Securities Corp. 2006-LDP8 B, 5.520%, 05/15/45		434,389		0.2
	2,940,000	#,^	JP Morgan Chase Commercial Mortgage Securities Corp. 2012-LC9 XB, 0.353%, 12/15/47		52,915		0.0
	175,811	#	JP Morgan Chase Commercial Mortgage Securities Trust 2003-LN1 H, 5.571%, 10/15/37		175,697		0.1
	270,000		JP Morgan Chase Commercial Mortgage Securities Trust 2004-CIBC9 E, 5.373%, 06/12/41		260,846		0.1
	460,000		JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP11 AM, 5.753%, 06/15/49		464,875		0.2
	7,205,245	^	JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX XA, 1.660%, 06/15/45		414,954		0.2
	360,000		LB-UBS Commercial Mortgage Trust 2005-C3 E, 4.983%, 07/15/40		362,037		0.2
	360,000		LB-UBS Commercial Mortgage Trust 2005-C3 F, 5.013%, 07/15/40		344,684		0.2
	50,000		LB-UBS Commercial Mortgage Trust 2006-C4 C, 5.872%, 06/15/38		50,052		0.0
	780,000		LB-UBS Commercial Mortgage Trust 2006-C4 D, 5.872%, 06/15/38		780,780		0.3

See Accompanying Notes to Financial Statements
90

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			United States (continued)
	310,000		Morgan Stanley Capital I Trust 2006-IQ11, 6.235%, 10/15/42	$	303,423		0.1
	865,000	#	Morgan Stanley Capital I Trust 2011-C1 C, 5.432%, 09/15/47		945,019		0.4
	570,000	#	Morgan Stanley Capital I Trust 2011-C1 D, 5.432%, 09/15/47		610,079		0.3
	460,000	#	Morgan Stanley Capital I Trust 2011-C1 E, 5.432%, 09/15/47		491,264		0.2
	290,000	#	Morgan Stanley Reremic Trust 2012-XA B, 0.250%, 07/27/49		267,522		0.1
	6,404,433	#,^	UBS-Barclays Commercial Mortgage Trust 2012-C3 XA, 2.043%, 08/10/49		496,505		0.2
	5,896,031	#,^	Wells Fargo Commercial Mortgage Trust 2012-LC5 XA, 2.018%, 10/15/45		419,426		0.2
	50,000	#	Wells Fargo Commercial Mortgage Trust 2016-C34, 5.030%, 06/15/49		40,251		0.0
	7,230,000	^	Wells Fargo Commercial Mortgage Trust 2016-C37, 1.047%, 12/15/49		455,842		0.2
	3,892,934	#,^	WFRBS Commercial Mortgage Trust 2012-C8 XA, 1.989%, 08/15/45		285,475		0.1
	390,000		Other Securities		397,513		0.2
			Total Commercial Mortgage-Backed Securities (Cost $18,996,542)		18,915,241		8.3
U.S. TREASURY OBLIGATIONS: 9.1%
			U.S. Treasury Bonds: 2.0%
	830,000		2.000%, due 11/15/26		797,403		0.3
	4,597,000	L	2.250%, due 08/15/46		3,855,555		1.7
					4,652,958		2.0
			U.S. Treasury Notes: 7.1%
	10,414,000	L	1.750%, due 11/30/21		10,327,376		4.5
	5,360,000		2.125%, due 11/30/23		5,318,605		2.4

Principal Amount†				Value		Percentage of Net Assets
	451,000	L	1.000%-1.625%, due 11/30/18-10/31/23	$	440,882		0.2
					16,086,863		7.1
			Total U.S. Treasury Obligations (Cost $20,769,816)		20,739,821		9.1
ASSET-BACKED SECURITIES: 4.2%
			Cayman Islands: 3.8%
	350,000	#	ALM VII R-2 Ltd., 2.887%, 10/15/27		349,966		0.1
	240,000	#	Apidos CLO XI, 2.834%, 01/17/28		240,233		0.1
	210,000	#	Apidos CLO XVII, 2.733%, 04/17/26		210,000		0.1
	370,000	#	Apidos CLO XVII, 3.383%, 04/17/26		370,000		0.2
	640,000	#	Ares XXVII CLO Ltd. 2013-2A B, 2.690%, 07/28/25		640,061		0.3
	400,000	#	Blue Hill CLO 2013-1A B1, 2.830%, 01/15/26		400,317		0.2
	510,000	#	BlueMountain CLO 2012-2 Ltd., 2.784%, 11/20/28		509,994		0.2
	330,000	#	BlueMountain CLO 2014-4 Ltd., 2.737%, 11/30/26		329,996		0.2
	300,000	#	BlueMountain CLO 2014-4 Ltd., 3.437%, 11/30/26		299,994		0.1
	1,000,000	#	Bluemountain CLO III Ltd. 2007-3A C, 1.683%, 03/17/21		995,688		0.4
	640,000	#	Bristol Park CLO Ltd., 2.784%, 04/15/29		639,989		0.3
	210,000	#	Carlyle Global Market Strategies CLO 2012-4 Ltd., 2.330%, 01/20/29		210,591		0.1
	290,000	#	Carlyle Global Market Strategies CLO 2012-4 Ltd., 2.780%, 01/20/29		289,998		0.1
	620,000	#	Carlyle US CLO 2016-4 Ltd., 2.732%, 10/20/27		619,987		0.3
	520,000	#	Dryden 33 Senior Loan Fund 2014-33A BR, 2.636%, 10/15/28		521,187		0.2
	1,300,000	#	Madison Park Funding Ltd. 2007-6A C, 1.884%, 07/26/21		1,274,384		0.5
	160,000	#	Madison Park Funding X Ltd. 2012-10A BR, 2.778%, 01/20/29		159,999		0.1

See Accompanying Notes to Financial Statements
91

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			Cayman Islands (continued)
	250,000	#	Magnetite VIII Ltd. 2014-8A BR, 2.630%, 04/15/26	$	249,997		0.1
	420,000	#	Shackleton 2016-IX CLO Ltd., 2.364%, 10/20/28		419,987		0.2
					8,732,368		3.8
			United States: 0.4%
	387,880		Citigroup Mortgage Loan Trust 2006-WF1 A2E, 5.204%, 03/25/36		278,276		0.1
	640,000	#	OHA Loan Funding Ltd. 2016-1A B1, 2.686%, 01/20/28		639,987		0.3
					918,263		0.4
			Total Asset-Backed Securities (Cost $9,629,572)		9,650,631		4.2
Shares				Value		Percentage of Net Assets
COMMON STOCK: 0.0%
			United States: 0.0%
	48,071		Other Securities^(b)	$	26,686		0.0
			Total Common Stock (Cost $1,298,013)		26,686		0.0
MUTUAL FUNDS: 21.1%
			United States: 21.1%
	1,016,577		Voya Emerging Markets Corporate Debt Fund - Class P		9,840,467		4.3
	1,543,413		Voya Emerging Markets Hard Currency Debt Fund - Class P		14,492,650		6.3
	2,978,583		Voya Emerging Markets Local Currency Debt Fund - Class P		21,177,722		9.3
	336,040		Voya High Yield Bond Fund - Class P		2,701,759		1.2
			Total Mutual Funds (Cost $57,285,247)		48,212,598		21.1

# of Contracts				Value		Percentage of Net Assets
PURCHASED OPTIONS: 8.9%
			Options on Currencies: 0.3%
	49,600,000	@	Call USD vs. Put JPY, Strike @ 120.000, Exp. 03/17/17 Counterparty: Bank of America N.A.	$	558,589		0.3
			OTC Interest Rate Swaptions: 8.6%
	19,100,000	@	Call on 20-year Interest Rate Swap, Receive a fixed rate equal to 2.610% and pay a floating rate based on the 3-month USD-LIBOR-BBA, Exp. 11/17/23 Counterparty: Goldman Sachs International		1,760,489		0.8
	15,950,000	@	Call on 30-year Interest Rate Swap, Receive a fixed rate equal to 2.540% and pay a floating rate based on the 3-month USD-LIBOR-BBA, Exp. 11/16/21 Counterparty: Goldman Sachs International		1,767,671		0.8
	283,200,000	@	Put on 10-year Interest Rate Swap, Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.710%, Exp. 11/15/17 Counterparty: Bank of America N.A.		5,933,751		2.6
	19,100,000	@	Put on 20-year Interest Rate Swap, Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.610%, Exp. 11/17/23 Counterparty: Goldman Sachs International		2,229,128		1.0

See Accompanying Notes to Financial Statements
92

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

# of
Contracts

Value

Percentage
of Net
Assets

OTC Interest Rate Swaptions (continued)

15,950,000

Put on 30-year
Interest Rate Swap,
Receive a floating
rate based
on the 3-month
USD-LIBOR-BBA
and pay a fixed rate
equal to 2.540%,
Exp. 11/16/21
Counterparty:
Goldman Sachs
International

2,395,374

1.0

495,600,000

Put on 5-year
Interest Rate Swap,
Receive a floating
rate based
on the 3-month
USD-LIBOR-BBA
and pay a fixed rate
equal to 2.423%,
Exp. 11/15/17
Counterparty:
Bank of
America N.A.

5,561,875

2.4

19,648,288

8.6

Total Purchased
Options
(Cost $17,436,386)

20,206,877

8.9

Total Long-Term
Investments
(Cost $248,802,618)

242,995,737

106.4

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 9.4%

Corporate Bonds/Notes: 0.2%

265,000

Barclays Bank PLC,
6.050%, 12/04/17

273,873

0.1

258,000

Hewlett Packard
Enterprise Co.,
2.450%, 10/05/17

259,469

0.1

533,342

0.2

U.S. Government Agency
Obligations: 0.0%

1,879

Fannie Mae,
6.000%, 06/01/17

1,890

0.0

Fannie Mae,
7.000%, 11/01/17

0.0

1,905

0.0

Principal Amount†			Value		Percentage of Net Assets
		Securities Lending Collateral^cc: 6.9%
	3,736,204	Bank of Nova Scotia, Repurchase Agreement dated 12/30/16, 0.51%, due 01/03/17 (Repurchase Amount $3,736,413, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%-4.000%, Market Value plus accrued interest $3,811,145, due 12/31/17-10/20/46)	$	3,736,204		1.6
	3,736,204	Cantor Fitzgerald, Repurchase Agreement dated 12/30/16, 0.50%, due 01/03/17 (Repurchase Amount $3,736,409, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $3,810,928, due 01/25/17-10/20/66)		3,736,204		1.6
	3,736,204	Daiwa Capital Markets, Repurchase Agreement dated 12/30/16, 0.52%, due 01/03/17 (Repurchase Amount $3,736,417, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $3,810,928, due 03/02/17-02/01/49)		3,736,204		1.7

See Accompanying Notes to Financial Statements
93

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			Securities Lending Collateral^cc (continued)
	786,391		Merrill Lynch & Co., Inc., Repurchase Agreement dated 12/30/16, 0.50%, due 01/03/17 (Repurchase Amount $786,434, collateralized by various U.S. Government Securities, 0.685%-2.000%, Market Value plus accrued interest $802,119, due 10/31/18-11/30/22)	$	786,391		0.4
	3,736,204		Nomura Securities, Repurchase Agreement dated 12/30/16, 0.50%, due 01/03/17 (Repurchase Amount $3,736,409, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $3,810,928, due 01/15/17-08/20/66)		3,736,204		1.6
					15,731,207		6.9
			Collateralized Mortgage Obligations: 0.0%
	173		Fannie Mae, 6.000%, 03/25/17		175		0.0
	1,024		Freddie Mac, 6.000%, 05/15/17		1,038		0.0
					1,213		0.0
			Foreign Government Bonds: 0.4%
EUR	10,000	Z	Bundesschatzanweisungen, -0.810%, 12/15/17		10,609		0.0
EUR	830,000	Z	Bundesschatzanweisungen, -0.930%, 06/16/17		877,425		0.4
					888,034		0.4

Principal
Amount†

Value

Percentage
of Net
Assets

Mutual Funds: 1.9%

4,318,000

BlackRock Liquidity
Funds, FedFund,
Institutional Class,
0.420%††
(Cost $4,318,000)

4,318,000

1.9

Total Short-Term
Investments
(Cost $21,510,566)

21,473,701

9.4

Total Investments in
Securities
(Cost
$270,313,184)

264,469,438

115.8

Liabilities in Excess
of Other Assets

(36,072,350

)

(15.8

)

Net Assets

228,397,088

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, 2016.

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, 2016.

# 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.

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, 2016.

^ 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.

Z Indicates Zero Coupon Bond; rate shown reflects current effective yield.

(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 $270,151,431.

Net unrealized depreciation consists of:
Gross Unrealized Appreciation	$	7,774,906
Gross Unrealized Depreciation		(13,456,899	)
Net Unrealized Depreciation	$	(5,681,993	)

See Accompanying Notes to Financial Statements
94

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Sector Diversification	Percentage of Net Assets
Affiliated Investment Companies		21.1	%
Collateralized Mortgage Obligations		16.7
Foreign Government Bonds		14.4
U.S. Treasury Obligations		9.1
Purchased Options		8.9
Commercial Mortgage-Backed Securities		8.3
Financial		8.2
Other Asset-Backed Securities		4.2
Communications		3.9
Consumer, Non-cyclical		3.6
Energy		2.9
Utilities		1.6

Sector Diversification	Percentage of Net Assets
U.S. Government Agency Obligations		1.4	%
Technology		1.2
Consumer, Cyclical		0.8
Industrial		0.5
Basic Materials		0.2
Structured Products		0.0
Materials		0.0
Consumer Discretionary		0.0
Short-Term Investments		8.8
Liabilities in Excess of Other Assets		(15.8	)
Net Assets		100.0	%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Common Stock
United States	$	26,686		$	—		$	—	$	26,686
Total Common Stock		26,686			—			—		26,686
Mutual Funds		48,212,598			—			—		48,212,598
Purchased Options		—			20,206,877			—		20,206,877
Corporate Bonds/Notes		—			51,865,607			6,584		51,872,191
Collateralized Mortgage Obligations		—			38,170,195			—		38,170,195
Structured Products		—			—			40,792		40,792
Short-Term Investments		4,318,000			17,155,701			—		21,473,701
Commercial Mortgage-Backed Securities		—			18,915,241			—		18,915,241
Asset-Backed Securities		—			9,650,631			—		9,650,631
Foreign Government Bonds		—			31,967,178			—		31,967,178
U.S. Treasury Obligations		—			20,739,821			—		20,739,821
U.S. Government Agency Obligations		—			3,193,527			—		3,193,527
Total Investments, at fair value	$	52,557,284		$	211,864,778		$	47,376	$	264,469,438
Other Financial Instruments+
Centrally Cleared Swaps		—			9,338,677			—		9,338,677
Forward Foreign Currency Contracts		—			2,510,309			—		2,510,309
Futures		428,249			—			—		428,249
Total Assets	$	52,985,533		$	223,713,764		$	47,376	$	276,746,673
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps	$	—		$	(9,668,135	)	$	—	$	(9,668,135	)
Forward Foreign Currency Contracts		—			(5,919,220	)		—		(5,919,220	)
Futures		(225,417	)		—			—		(225,417	)
Written Options		—			(20,041,868	)		—		(20,041,868	)
Total Liabilities	$	(225,417	)	$	(35,629,223	)	$	—	$	(35,854,640	)

^ 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, 2016, 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		1,315,087	Buy	01/13/17	$	975,000	$	979,595	$	4,595
Barclays Bank PLC	Swedish Krona		6,106,729	Buy	01/13/17		663,000		670,752		7,752
Barclays Bank PLC	Swedish Krona		6,137,938	Buy	01/13/17		658,000		674,180		16,180
Barclays Bank PLC	New Zealand Dollar		708,662	Buy	01/13/17		507,000		492,125		(14,875	)
Barclays Bank PLC	New Zealand Dollar		741,201	Buy	01/13/17		527,000		514,722		(12,278	)

See Accompanying Notes to Financial Statements
95

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	Australian Dollar		2,435,088	Buy	01/13/17	$	1,811,000	$	1,756,804	$	(54,196	)
Barclays Bank PLC	Canadian Dollar		5,044,846	Buy	01/13/17		3,789,000		3,757,856		(31,144	)
Barclays Bank PLC	Norwegian Krone		10,482,071	Buy	01/13/17		1,245,000		1,213,975		(31,025	)
Barclays Bank PLC	Norwegian Krone		5,131,642	Buy	01/13/17		602,000		594,318		(7,682	)
Barclays Bank PLC	Norwegian Krone		13,019,631	Buy	01/13/17		1,526,000		1,507,862		(18,138	)
Barclays Bank PLC	Swedish Krona		13,339,162	Buy	01/13/17		1,452,000		1,465,150		13,150
Barclays Bank PLC	British Pound		1,430,154	Buy	01/13/17		1,782,000		1,763,047		(18,953	)
Barclays Bank PLC	Norwegian Krone		9,407,382	Buy	01/13/17		1,116,000		1,089,511		(26,489	)
Barclays Bank PLC	South Korean Won		596,663,700	Buy	03/10/17		510,921		494,125		(16,796	)
BNP Paribas	Swedish Krona		8,408,994	Buy	01/13/17		914,000		923,629		9,629
BNP Paribas	EU Euro		674,301	Buy	01/13/17		720,000		710,195		(9,805	)
BNP Paribas	EU Euro		1,002,670	Buy	01/13/17		1,061,000		1,056,043		(4,957	)
BNP Paribas	Australian Dollar		635,596	Buy	01/13/17		468,000		458,553		(9,447	)
BNP Paribas	Canadian Dollar		2,636,040	Buy	01/13/17		1,966,000		1,963,560		(2,440	)
BNP Paribas	Swiss Franc		541,818	Buy	01/13/17		540,000		532,484		(7,516	)
BNP Paribas	British Pound		893,439	Buy	01/13/17		1,114,000		1,101,402		(12,598	)
BNP Paribas	Japanese Yen		4,122,084,888	Buy	01/13/17		37,853,062		35,290,282		(2,562,780	)
Citibank N.A.	Australian Dollar		932,046	Buy	01/13/17		668,000		672,429		4,429
Citibank N.A.	Swedish Krona		10,220,910	Buy	01/13/17		1,112,000		1,122,646		10,646
Citibank N.A.	Japanese Yen		16,316,087	Buy	01/13/17		139,000		139,686		686
Citibank N.A.	Australian Dollar		1,397,722	Buy	01/13/17		1,035,000		1,008,392		(26,608	)
Citibank N.A.	Danish Krone		6,741,468	Buy	01/13/17		974,381		955,120		(19,261	)
Citibank N.A.	Czech Koruna		11,239,058	Buy	01/27/17		450,362		438,388		(11,974	)
Deutsche Bank AG	New Zealand Dollar		1,795,665	Buy	01/13/17		1,241,000		1,246,987		5,987
Deutsche Bank AG	Australian Dollar		986,008	Buy	01/13/17		735,000		711,359		(23,641	)
Deutsche Bank AG	EU Euro		498,764	Buy	01/13/17		531,000		525,314		(5,686	)
Deutsche Bank AG	New Zealand Dollar		2,219,278	Buy	01/09/17		1,561,000		1,541,390		(19,610	)
Deutsche Bank AG	New Zealand Dollar		5,545,365	Buy	01/13/17		3,894,000		3,850,940		(43,060	)
Deutsche Bank AG	Australian Dollar		2,488,399	Buy	01/13/17		1,843,000		1,795,265		(47,735	)
Deutsche Bank AG	New Zealand Dollar		5,014,006	Buy	01/09/17		3,665,143		3,482,457		(182,686	)
Deutsche Bank AG	New Zealand Dollar		5,014,006	Buy	01/09/17		3,665,143		3,482,457		(182,686	)
Deutsche Bank AG	Israeli New Shekel		1,035,992	Buy	01/27/17		269,441		269,107		(334	)
Deutsche Bank AG	New Zealand Dollar		6,419,791	Buy	03/15/17		4,601,000		4,450,307		(150,693	)
Deutsche Bank AG	New Zealand Dollar		1,266,017	Buy	01/13/17		890,000		879,177		(10,823	)
Goldman Sachs International	New Zealand Dollar		1,509,012	Buy	01/13/17		1,042,000		1,047,923		5,923
Goldman Sachs International	EU Euro		2,613,522	Buy	01/13/17		2,726,000		2,752,642		26,642
Goldman Sachs International	EU Euro		4,243,781	Buy	01/13/17		4,513,000		4,469,682		(43,318	)
Goldman Sachs International	Japanese Yen		48,542,120	Buy	01/13/17		440,000		415,582		(24,418	)
Goldman Sachs International	Japanese Yen		240,449,260	Buy	01/10/17		2,341,531		2,058,182		(283,349	)
HSBC Bank USA N.A.	Hong Kong Sar Dollar		762,813	Buy	03/10/17		98,312		98,398		86
HSBC Bank USA N.A.	Singapore Dollar		648,988	Buy	03/10/17		449,268		447,992		(1,276	)
JPMorgan Chase Bank N.A.	Australian Dollar		2,052,560	Buy	01/13/17		1,474,000		1,480,827		6,827
JPMorgan Chase Bank N.A.	British Pound		791,864	Buy	01/13/17		973,000		976,184		3,184
JPMorgan Chase Bank N.A.	Japanese Yen		122,351,660	Buy	01/13/17		1,043,000		1,047,486		4,486
JPMorgan Chase Bank N.A.	Australian Dollar		5,808,157	Buy	01/13/17		4,187,000		4,190,318		3,318
JPMorgan Chase Bank N.A.	Swiss Franc		1,951,019	Buy	01/13/17		1,898,000		1,917,409		19,409
JPMorgan Chase Bank N.A.	New Zealand Dollar		1,338,478	Buy	01/13/17		961,000		929,496		(31,504	)
JPMorgan Chase Bank N.A.	Australian Dollar		1,650,350	Buy	01/13/17		1,223,000		1,190,652		(32,348	)
JPMorgan Chase Bank N.A.	Canadian Dollar		526,568	Buy	01/13/17		390,000		392,235		2,235
JPMorgan Chase Bank N.A.	Australian Dollar		1,617,360	Buy	01/13/17		1,220,765		1,166,851		(53,914	)
JPMorgan Chase Bank N.A.	Canadian Dollar		2,814,772	Buy	01/13/17		2,092,000		2,096,696		4,696
JPMorgan Chase Bank N.A.	EU Euro		25,260,553	Buy	01/13/17		27,174,073		26,605,195		(568,878	)
Morgan Stanley Capital Services LLC	Australian Dollar		2,373,208	Buy	01/13/17		1,772,000		1,712,160		(59,840	)

See Accompanying Notes to Financial Statements
96

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services LLC	Japanese Yen		98,722,735	Buy	01/13/17	$	868,000	$	845,192	$	(22,808	)
Morgan Stanley Capital Services LLC	Swedish Krona		5,448,903	Buy	01/13/17		592,000		598,498		6,498
Morgan Stanley Capital Services LLC	Japanese Yen		534,373,000	Buy	01/10/17		4,829,973		4,574,091		(255,882	)
Morgan Stanley Capital Services LLC	Japanese Yen		253,524,000	Buy	01/10/17		2,291,497		2,170,098		(121,399	)
Morgan Stanley Capital Services LLC	British Pound		503,930	Buy	01/13/17		626,000		621,228		(4,772	)
Morgan Stanley Capital Services LLC	Swiss Franc		1,010,673	Buy	01/13/17		1,004,000		993,263		(10,737	)
Morgan Stanley Capital Services LLC	EU Euro		499,804	Buy	01/13/17		531,000		526,409		(4,591	)
Morgan Stanley Capital Services LLC	British Pound		535,349	Buy	01/13/17		663,000		659,961		(3,039	)
Morgan Stanley Capital Services LLC	Swiss Franc		321,580	Buy	01/13/17		322,000		316,040		(5,960	)
Morgan Stanley Capital Services LLC	Swiss Franc		3,999,485	Buy	01/13/17		4,006,879		3,930,586		(76,293	)
Morgan Stanley Capital Services LLC	British Pound		11,314,322	Buy	01/13/17		14,111,679		13,947,924		(163,755	)
Morgan Stanley Capital Services LLC	Norwegian Krone		22,549,741	Buy	01/13/17		2,674,254		2,611,586		(62,668	)
										$	(5,240,307	)
The Bank of New York Mellon	Malaysian Ringgit		5,447,079	Sell	03/10/17		1,232,064		1,210,167		21,897
Barclays Bank PLC	Japanese Yen		127,409,282	Sell	01/13/17		1,085,000		1,090,785		(5,785	)
Barclays Bank PLC	British Pound		1,245,202	Sell	01/13/17		1,531,000		1,535,044		(4,044	)
Barclays Bank PLC	Norwegian Krone		5,558,262	Sell	01/13/17		638,000		643,727		(5,727	)
Barclays Bank PLC	Norwegian Krone		6,416,437	Sell	01/13/17		739,000		743,116		(4,116	)
Barclays Bank PLC	EU Euro		765,227	Sell	01/13/17		822,000		805,961		16,039
Barclays Bank PLC	Norwegian Krone		9,171,328	Sell	01/13/17		1,067,000		1,062,172		4,828
Barclays Bank PLC	British Pound		300,635	Sell	01/13/17		374,000		370,613		3,387
Barclays Bank PLC	Japanese Yen		250,631,208	Sell	01/13/17		2,285,000		2,145,721		139,279
Barclays Bank PLC	Norwegian Krone		22,639,030	Sell	01/13/17		2,650,000		2,621,927		28,073
Barclays Bank PLC	Norwegian Krone		7,725,707	Sell	01/13/17		911,000		894,749		16,251
Barclays Bank PLC	Philippine Peso		5,648,082	Sell	03/10/17		112,110		112,791		(681	)
Barclays Bank PLC	Thai Baht		28,109,443	Sell	03/10/17		789,263		784,709		4,554
BNP Paribas	Norwegian Krone		6,032,011	Sell	01/13/17		693,000		698,594		(5,594	)
BNP Paribas	Swedish Krona		3,748,401	Sell	01/13/17		399,000		411,718		(12,718	)
BNP Paribas	Canadian Dollar		1,706,026	Sell	01/13/17		1,279,000		1,270,802		8,198
BNP Paribas	EU Euro		845,537	Sell	01/13/17		903,000		890,546		12,454
BNP Paribas	EU Euro		331,373	Sell	01/13/17		354,000		349,012		4,988
BNP Paribas	Norwegian Krone		10,090,645	Sell	01/13/17		1,172,000		1,168,643		3,357
BNP Paribas	Swiss Franc		1,010,397	Sell	01/13/17		997,000		992,991		4,009
BNP Paribas	Japanese Yen		253,524,184	Sell	01/10/17		2,305,000		2,170,100		134,900
BNP Paribas	Swiss Franc		442,229	Sell	01/13/17		440,000		434,610		5,390
BNP Paribas	EU Euro		270,105	Sell	01/13/17		288,000		284,483		3,517
Citibank N.A.	Australian Dollar		507,217	Sell	01/13/17		367,000		365,934		1,066
Citibank N.A.	Norwegian Krone		6,118,284	Sell	01/13/17		706,000		708,586		(2,586	)
Citibank N.A.	Turkish Lira		5,545,051	Sell	01/27/17		1,662,870		1,564,106		98,764
Citibank N.A.	Brazilian Real		8,211,832	Sell	02/10/17		2,353,905		2,494,581		(140,676	)
Citibank N.A.	Colombian Peso		2,961,027,253	Sell	02/10/17		932,167		978,922		(46,755	)
Citibank N.A.	New Zealand Dollar		6,419,791	Sell	03/15/17		4,400,106		4,450,308		(50,202	)
Deutsche Bank AG	New Zealand Dollar		2,236,825	Sell	01/13/17		1,543,000		1,553,348		(10,348	)
Deutsche Bank AG	New Zealand Dollar		1,470,803	Sell	01/13/17		1,046,000		1,021,389		24,611
Deutsche Bank AG	British Pound		1,326,222	Sell	01/13/17		1,649,000		1,634,922		14,078
Deutsche Bank AG	Norwegian Krone		19,584,943	Sell	01/13/17		2,291,000		2,268,220		22,780
Deutsche Bank AG	New Zealand Dollar		7,141,971	Sell	01/09/17		5,014,006		4,960,426		53,580
Deutsche Bank AG	Norwegian Krone		9,619,808	Sell	01/13/17		1,128,000		1,114,113		13,887
Goldman Sachs International	Swiss Franc		2,005,241	Sell	01/13/17		1,984,000		1,970,697		13,303
Goldman Sachs International	EU Euro		5,190,693	Sell	01/13/17		5,528,000		5,466,998		61,002
Goldman Sachs International	New Zealand Dollar		3,724,966	Sell	01/13/17		2,639,789		2,586,776		53,013
Goldman Sachs International	Swedish Krona		21,247,874	Sell	01/13/17		2,320,194		2,333,828		(13,634	)

See Accompanying Notes to Financial Statements
97

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Goldman Sachs International	Romanian New Leu		1,620,684	Sell	01/27/17	$	386,509	$	376,167	$	10,342
HSBC Bank USA N.A.	Russian Ruble		51,166,596	Sell	01/27/17		800,073		827,958		(27,885	)
HSBC Bank USA N.A.	Polish Zloty		6,836,149	Sell	01/27/17		1,667,903		1,632,845		35,058
HSBC Bank USA N.A.	Mexican Peso		26,858,949	Sell	02/10/17		1,295,767		1,288,384		7,383
JPMorgan Chase Bank N.A.	New Zealand Dollar		4,949,037	Sell	01/09/17		3,462,000		3,437,333		24,667
JPMorgan Chase Bank N.A.	New Zealand Dollar		2,442,491	Sell	01/13/17		1,681,000		1,696,171		(15,171	)
JPMorgan Chase Bank N.A.	Canadian Dollar		1,437,045	Sell	01/13/17		1,059,000		1,070,440		(11,440	)
JPMorgan Chase Bank N.A.	Australian Dollar		1,859,527	Sell	01/13/17		1,349,000		1,341,563		7,437
JPMorgan Chase Bank N.A.	Japanese Yen		166,811,432	Sell	01/13/17		1,414,000		1,428,118		(14,118	)
JPMorgan Chase Bank N.A.	EU Euro		418,476	Sell	01/13/17		446,000		440,751		5,249
JPMorgan Chase Bank N.A.	British Pound		393,490	Sell	01/13/17		499,000		485,081		13,919
JPMorgan Chase Bank N.A.	Australian Dollar		751,963	Sell	01/13/17		563,000		542,507		20,493
JPMorgan Chase Bank N.A.	British Pound		602,979	Sell	01/13/17		762,000		743,332		18,668
JPMorgan Chase Bank N.A.	New Zealand Dollar		750,972	Sell	01/13/17		535,000		521,507		13,493
JPMorgan Chase Bank N.A.	New Zealand Dollar		906,482	Sell	01/13/17		646,000		629,500		16,500
JPMorgan Chase Bank N.A.	British Pound		373,299	Sell	01/13/17		475,000		460,191		14,809
JPMorgan Chase Bank N.A.	British Pound		944,961	Sell	01/13/17		1,191,000		1,164,917		26,083
JPMorgan Chase Bank N.A.	Swiss Franc		2,326,941	Sell	01/13/17		2,310,000		2,286,855		23,145
JPMorgan Chase Bank N.A.	British Pound		582,795	Sell	01/13/17		729,000		718,450		10,550
JPMorgan Chase Bank N.A.	Australian Dollar		1,055,064	Sell	01/13/17		789,000		761,180		27,820
JPMorgan Chase Bank N.A.	Australian Dollar		3,022,413	Sell	01/13/17		2,257,000		2,180,532		76,468
JPMorgan Chase Bank N.A.	Swiss Franc		1,402,646	Sell	01/13/17		1,405,000		1,378,483		26,517
JPMorgan Chase Bank N.A.	EU Euro		1,778,080	Sell	01/13/17		1,912,000		1,872,729		39,271
JPMorgan Chase Bank N.A.	Australian Dollar		3,370,920	Sell	01/13/17		2,544,000		2,431,964		112,036
JPMorgan Chase Bank N.A.	Japanese Yen		240,449,260	Sell	01/10/17		2,258,196		2,058,182		200,014
JPMorgan Chase Bank N.A.	Russian Ruble		37,898,113	Sell	01/27/17		575,915		613,252		(37,337	)
JPMorgan Chase Bank N.A.	Indonesian Rupiah		28,526,241,483	Sell	03/10/17		2,114,621		2,092,171		22,450
Morgan Stanley Capital Services LLC	Norwegian Krone		11,541,226	Sell	01/13/17		1,325,000		1,336,641		(11,641	)
Morgan Stanley Capital Services LLC	Swedish Krona		6,060,381	Sell	01/13/17		658,000		665,661		(7,661	)
Morgan Stanley Capital Services LLC	EU Euro		885,243	Sell	01/13/17		955,000		932,365		22,635
Morgan Stanley Capital Services LLC	British Pound		425,533	Sell	01/13/17		542,000		524,583		17,417
Morgan Stanley Capital Services LLC	British Pound		580,152	Sell	01/13/17		726,000		715,192		10,808
Morgan Stanley Capital Services LLC	Japanese Yen		534,372,833	Sell	01/10/17		4,875,000		4,574,089		300,911
Morgan Stanley Capital Services LLC	Canadian Dollar		5,923,136	Sell	01/13/17		4,407,329		4,412,085		(4,756	)
Morgan Stanley Capital Services LLC	South African Rand		23,349,781	Sell	01/27/17		1,602,139		1,691,819		(89,680	)
Morgan Stanley Capital Services LLC	Hungarian Forint		286,495,812	Sell	01/27/17		996,339		975,965		20,374
Morgan Stanley Capital Services LLC	Japanese Yen		256,088,125	Sell	09/20/17		2,312,000		2,222,282		89,718

See Accompanying Notes to Financial Statements
98

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services LLC	Japanese Yen		253,524,000	Sell	09/20/17	$	2,319,895	$	2,200,031	$	119,864
Morgan Stanley Capital Services LLC	Japanese Yen		534,373,000	Sell	09/20/17		4,889,830		4,637,183		252,647
										$	1,831,396

At December 31, 2016, 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
Australia 10-Year Bond		11		03/15/17	$	1,014,042		$	4,323
Australia 3-Year Bond		36		03/15/17		2,895,857			(6,622	)
Canada 10-Year Bond		30		03/22/17		3,072,953			(35,213	)
CBOE Volatility Index		80		01/18/17		1,210,000			70,032
Euro-Bobl 5-Year		66		03/08/17		9,283,964			87,399
Euro-Buxl^® 30-year German Government Bond		31		03/08/17		5,662,351			111,065
Euro-Schatz		128		03/08/17		15,129,919			25,437
Long Gilt		29		03/29/17		4,497,141			80,225
Short Gilt		16		03/29/17		2,083,656			8,880
U.S. Treasury Long Bond		15		03/22/17		2,259,844			(17,233	)
U.S. Treasury Ultra Long Bond		2		03/22/17		320,500			3,590
					$	47,430,227		$	331,883
Short Contracts
Euro-Bund		(54	)	03/08/17		(9,330,828	)		(162,617	)
Japan 10-Year Bond (TSE)		(4	)	03/13/17		(5,141,904	)		(3,012	)
U.S. Treasury 10-Year Note		(45	)	03/22/17		(5,592,656	)		14,269
U.S. Treasury 2-Year Note		(9	)	03/31/17		(1,950,187	)		(720	)
U.S. Treasury 5-Year Note		(131	)	03/31/17		(15,413,992	)		19,985
U.S. Treasury Ultra 10-Year Note		(17	)	03/22/17		(2,279,062	)		3,044
					$	(39,708,629	)	$	(129,051	)

At December 31, 2016, 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 High Yield Index, Series 27, Version 1	Sell		5.000	Intercontinental Exchange	12/20/21	USD	11,400,000	$	705,751	$	155,131
								$	705,751	$	155,131

(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.

See Accompanying Notes to Financial Statements
99

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

At December 31, 2016, 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	$	98,045		$	97,377
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 1.143%	Chicago Mercantile Exchange	02/04/46	EUR	500,000		11,448			10,994
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 0.123%	Chicago Mercantile Exchange	02/11/19	EUR	200,000		(155	)		(157	)
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to -0.095%	Chicago Mercantile Exchange	02/16/19	EUR	100,000		(139	)		(145	)
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 0.056%	Chicago Mercantile Exchange	02/10/21	EUR	100,000		(308	)		(325	)
Receive a fixed rate equal to 0.294% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	02/10/23	EUR	2,400,000		14,181			15,261
Receive a fixed rate equal to 0.325% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	02/16/23	EUR	100,000		784			840
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		847,526			1,035,878
Receive a fixed rate equal to -0.165% and pay a floating rate based on the 6-month JPY-LIBOR-BBA	Chicago Mercantile Exchange	07/14/18	JPY	619,500,000		(15,155	)		(17,114	)
Receive a fixed rate equal to -0.104% and pay a floating rate based on the 6-month JPY-LIBOR-BBA	Chicago Mercantile Exchange	03/07/21	JPY	750,000,000		(43,541	)		(47,455	)
Receive a fixed rate equal to -0.198% and pay a floating rate based on the 6-month JPY-LIBOR-BBA	Chicago Mercantile Exchange	07/14/21	JPY	512,300,000		(52,524	)		(58,446	)
Receive a floating rate based on the 6-month JPY-LIBOR-BBA and pay a fixed rate equal to -0.030%	Chicago Mercantile Exchange	03/02/23	JPY	15,400,000		1,091			1,159
Receive a floating rate based on the 6-month JPY-LIBOR-BBA and pay a fixed rate equal to -0.044%	Chicago Mercantile Exchange	03/03/23	JPY	1,733,000,000		135,500			143,352
Receive a fixed rate equal to -0.020% and pay a floating rate based on the 6-month JPY-LIBOR-BBA	Chicago Mercantile Exchange	03/07/23	JPY	750,000,000		(49,383	)		(52,559	)
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		723,078			729,720
Receive a fixed rate equal to 0.558% and pay a floating rate based on the 6-month JPY-LIBOR-BBA	Chicago Mercantile Exchange	02/24/25	JPY	1,084,559,370		299,448			284,499
Receive a floating rate based on the 6-month JPY-LIBOR-BBA and pay a fixed rate equal to 0.119%	Chicago Mercantile Exchange	03/02/26	JPY	10,900,000		656			666
Receive a floating rate based on the 6-month JPY-LIBOR-BBA and pay a fixed rate equal to 0.103%	Chicago Mercantile Exchange	03/03/26	JPY	1,231,000,000		89,425			90,867
Receive a fixed rate equal to -0.092% and pay a floating rate based on the 6-month JPY-LIBOR-BBA	Chicago Mercantile Exchange	07/14/26	JPY	652,900,000		(160,420	)		(176,512	)
Receive a fixed rate equal to 0.387% and pay a floating rate based on the 6-month JPY-LIBOR-BBA	Chicago Mercantile Exchange	03/02/31	JPY	7,700,000		(332	)		(314	)
Receive a fixed rate equal to 0.360% and pay a floating rate based on the 6-month JPY-LIBOR-BBA	Chicago Mercantile Exchange	03/03/31	JPY	867,000,000		(65,745	)		(64,442	)
Receive a floating rate based on the 6-month JPY-LIBOR-BBA and pay a fixed rate equal to 0.373%	Chicago Mercantile Exchange	03/07/31	JPY	350,000,000		21,494			20,825
Receive a floating rate based on the 6-month JPY-LIBOR-BBA and pay a fixed rate equal to 0.074%	Chicago Mercantile Exchange	07/14/31	JPY	79,500,000		36,282			39,492

See Accompanying Notes to Financial Statements
100

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

	Clearinghouse	Termination Date	Notional Amount		Fair Value			Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 0.623% and pay a floating rate based on the 6-month JPY-LIBOR-BBA	Chicago Mercantile Exchange	03/02/36	JPY	6,200,000	$	(198	)	$	(195	)
Receive a fixed rate equal to 0.585% and pay a floating rate based on the 6-month JPY-LIBOR-BBA	Chicago Mercantile Exchange	03/03/36	JPY	693,000,000		(64,132	)		(64,885	)
Receive a floating rate based on the 6-month JPY-LIBOR-BBA and pay a fixed rate equal to 0.178%	Chicago Mercantile Exchange	07/14/36	JPY	326,600,000		256,568			278,738
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		1,062,764			1,042,596
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		(657,079	)		(645,979	)
Receive a floating rate based on the 6-month JPY-LIBOR-BBA and pay a fixed rate equal to 0.233%	Chicago Mercantile Exchange	07/14/46	JPY	172,300,000		255,951			278,964
Receive a fixed rate equal to 0.747% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	04/04/17	USD	19,000,000		(12,569	)		(12,569	)
Receive a fixed rate equal to 0.925% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	08/13/17	USD	16,000,000		(13,647	)		(13,647	)
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		(1,595	)		(1,595	)
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		(19,449	)		(19,449	)
Receive a fixed rate equal to 0.859% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	04/04/18	USD	18,000,000		(88,125	)		(88,125	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 0.702%	Chicago Mercantile Exchange	04/04/18	USD	36,500,000		158,534			158,534
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		12,631			12,631
Receive a fixed rate equal to 0.774% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	07/11/18	USD	7,400,000		(61,846	)		(61,846	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.170%	Chicago Mercantile Exchange	01/19/19	USD	27,800,000		170,137			170,137
Receive a fixed rate equal to 0.972% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	04/04/19	USD	25,000,000		(303,571	)		(303,571	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 0.826%	Chicago Mercantile Exchange	04/04/19	USD	13,000,000		149,053			149,053
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 0.841%	Chicago Mercantile Exchange	07/11/19	USD	14,500,000		266,443			266,443
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		29,098			29,098
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		(116,201	)		(116,201	)
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		(38,737	)		(38,737	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 0.900%	Chicago Mercantile Exchange	09/14/19	USD	5,000,000		73,167			73,167
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		(40,186	)		(40,186	)

See Accompanying Notes to Financial Statements
101

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2016 (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 0.983%	Chicago Mercantile Exchange	10/31/19	USD	5,000,000	$	67,735		$	67,735
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		1,185,029			1,185,029
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.883%	Chicago Mercantile Exchange	06/30/20	USD	27,546,000		(109,400	)		(109,400	)
Receive a fixed rate equal to 1.465% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	01/19/21	USD	10,600,000		(163,259	)		(163,259	)
Receive a fixed rate equal to 1.255% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	02/04/21	USD	38,214,000		(922,843	)		(922,843	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.079%	Chicago Mercantile Exchange	04/04/21	USD	7,500,000		204,029			204,029
Receive a fixed rate equal to 1.209% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	04/04/21	USD	8,000,000		(223,196	)		(223,196	)
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		(165,155	)		(165,155	)
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		(516,788	)		(516,788	)
Receive a fixed rate equal to 0.990% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	07/11/21	USD	11,000,000		(447,763	)		(447,763	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.113%	Chicago Mercantile Exchange	10/11/21	USD	3,500,000		112,400			112,400
Receive a fixed rate equal to 1.744% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	11/18/21	USD	7,300,000		(75,100	)		(75,099	)
Receive a fixed rate equal to 1.813% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	11/22/21	USD	11,000,000		(78,598	)		(78,598	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.861%	Chicago Mercantile Exchange	11/25/21	USD	14,700,000		72,697			72,697
Receive a fixed rate equal to 1.790% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	11/30/21	USD	7,300,000		(60,510	)		(60,510	)
Receive a fixed rate equal to 1.817% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	12/02/21	USD	7,300,000		(52,027	)		(52,027	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.874%	Chicago Mercantile Exchange	12/05/21	USD	14,700,000		65,875			65,875
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.932%	Chicago Mercantile Exchange	12/14/21	USD	19,000,000		35,568			35,568
Receive a fixed rate equal to 2.059% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	12/21/21	USD	36,800,000		148,850			148,850
Receive a fixed rate equal to 1.970% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	11/17/22	USD	15,576,000		(200,059	)		(200,059	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.313%	Chicago Mercantile Exchange	04/04/23	USD	6,000,000		237,972			237,972
Receive a fixed rate equal to 1.433% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	04/04/23	USD	1,500,000		(59,897	)		(59,897	)
Receive a fixed rate equal to 1.145% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	07/11/23	USD	4,900,000		(297,993	)		(297,993	)

See Accompanying Notes to Financial Statements
102

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2016 (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 1.980%	Chicago Mercantile Exchange	12/05/23	USD	3,500,000	$	13,966		$	13,966
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		(7,328	)		(7,328	)
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		(174,174	)		(174,174	)
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		409,239			409,239
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		(2,495,015	)		(2,495,015	)
Receive a fixed rate equal to 1.692% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	02/04/25	USD	10,917,000		(457,953	)		(457,953	)
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		(55,752	)		(55,752	)
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		291,998			291,998
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		(29,584	)		(29,584	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.339%	Chicago Mercantile Exchange	07/11/26	USD	3,000,000		259,961			259,961
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.454%	Chicago Mercantile Exchange	10/11/26	USD	1,200,000		84,767			84,767
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.719%	Chicago Mercantile Exchange	11/14/26	USD	2,500,000		119,261			119,261
Receive a fixed rate equal to 2.226% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	11/22/26	USD	7,800,000		(86,249	)		(86,249	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.264%	Chicago Mercantile Exchange	11/25/26	USD	7,800,000		59,287			59,287
Receive a fixed rate equal to 2.184% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	11/30/26	USD	3,800,000		(56,669	)		(56,669	)
Receive a fixed rate equal to 2.228% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	12/02/26	USD	3,800,000		(41,882	)		(41,882	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.292%	Chicago Mercantile Exchange	12/05/26	USD	7,800,000		40,884			40,884
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.398%	Chicago Mercantile Exchange	12/14/26	USD	11,100,000		(47,886	)		(47,886	)
Receive a fixed rate equal to 2.474% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	12/21/26	USD	21,200,000		234,991			234,991
Receive a fixed rate equal to 2.307% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	11/17/27	USD	11,328,000		(211,027	)		(211,027	)
Receive a fixed rate equal to 1.837% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	04/04/31	USD	1,500,000		(107,634	)		(107,634	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.517%	Chicago Mercantile Exchange	12/05/36	USD	5,500,000		59,741			59,742
Receive a fixed rate equal to 2.508% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	12/06/36	USD	8,800,000		(108,637	)		(108,637	)

See Accompanying Notes to Financial Statements
103

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2016 (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	12/06/36	USD	8,800,000	$	58,506		$	58,506
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.516%	Chicago Mercantile Exchange	12/06/36	USD	5,500,000		61,184			61,184
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.649%	Chicago Mercantile Exchange	12/13/36	USD	3,400,000		(35,883	)		(35,883	)
Receive a fixed rate equal to 2.585% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	12/13/36	USD	4,400,000		1,120			1,120
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.691%	Chicago Mercantile Exchange	12/14/36	USD	3,400,000		(59,030	)		(59,030	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.767%	Chicago Mercantile Exchange	12/20/36	USD	3,400,000		(101,314	)		(101,314	)
Receive a fixed rate equal to 2.640% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	01/03/37	USD	2,200,000		19,687			19,687
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		129,250			129,250
Receive a fixed rate equal to 2.036% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	04/04/46	USD	900,000		(91,657	)		(91,657	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.188%	Chicago Mercantile Exchange	04/04/46	USD	900,000		83,141			83,141
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.558%	Chicago Mercantile Exchange	12/05/46	USD	4,100,000		52,143			52,143
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.557%	Chicago Mercantile Exchange	12/06/46	USD	4,100,000		53,159			53,159
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.588%	Chicago Mercantile Exchange	12/06/46	USD	6,400,000		39,014			39,014
Receive a fixed rate equal to 2.551% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	12/06/46	USD	6,400,000		(91,548	)		(91,548	)
Receive a fixed rate equal to 2.635% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	12/13/46	USD	3,300,000		14,188			14,188
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.698%	Chicago Mercantile Exchange	12/13/46	USD	2,500,000		(45,222	)		(45,222	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.742%	Chicago Mercantile Exchange	12/14/46	USD	2,500,000		(69,105	)		(69,105	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.794%	Chicago Mercantile Exchange	12/20/46	USD	2,500,000		(97,544	)		(97,544	)
Receive a fixed rate equal to 2.668% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	01/03/47	USD	3,300,000		37,612			37,612
					$	(682,160	)	$	(484,588	)

At December 31, 2016, the following over-the-counter written interest rate swaptions were outstanding for Voya Global Bond Portfolio:

Description	Counterparty	Exercise Rate			Pay/Receive Exercise Rate	Floating Rate Index	Expiration Date	Notional Amount		Premiums Received		Fair Value
Call on 20-year Interest Rate Swap	Goldman Sachs International		2.435	%	Pay	3-month USD-LIBOR-BBA	11/17/17	USD	44,200,000	$	2,351,440	$	(1,532,139	)
Call on 30-year Interest Rate Swap	Goldman Sachs International		2.435	%	Pay	3-month USD-LIBOR-BBA	11/16/17	USD	31,850,000		2,344,514		(1,467,163	)

See Accompanying Notes to Financial Statements
104

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Description	Counterparty	Exercise Rate			Pay/Receive Exercise Rate	Floating Rate Index	Expiration Date	Notional Amount		Premiums Received		Fair Value
Put on 10-year Interest Rate Swap	Bank of America N.A.		2.250	%	Receive	3-month USD-LIBOR-BBA	11/15/17	USD	141,600,000	$	4,602,000	$	(5,774,439	)
Put on 20-year Interest Rate Swap	Goldman Sachs International		2.435	%	Receive	3-month USD-LIBOR-BBA	11/17/17	USD	44,200,000		2,351,440		(3,013,320	)
Put on 30-year Interest Rate Swap	Goldman Sachs International		2.435	%	Receive	3-month USD-LIBOR-BBA	11/16/17	USD	31,850,000		2,344,514		(2,910,031	)
Put on 5-year Interest Rate Swap	Bank of America N.A.		1.970	%	Receive	3-month USD-LIBOR-BBA	11/15/17	USD	247,800,000		3,717,000		(5,344,776	)
								Total Written Swaptions		$	17,710,908	$	(20,041,868	)

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, 2016, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/15		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)		Ending Fair Value at 12/31/16		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Corporate Debt Fund — Class P	$	10,077,423	$	531,487	$	(1,226,586	)	$	458,143	$	9,840,467	$	531,487	$	(26,586	)	$	—
Voya Emerging Markets Hard Currency Debt Fund — Class P		15,265,422		934,968		(2,526,548	)		818,808		14,492,650		934,968		(126,548	)		—
Voya Emerging Markets Local Currency Debt Fund — Class P		20,054,916		—		—			1,122,806		21,177,722		—		—			—
Voya High Yield Bond Fund — Class P		8,523,268		233,039		(7,044,233	)		989,685		2,701,759		232,872		(764,233	)		—
	$	53,921,029	$	1,699,494	$	(10,797,367	)	$	3,389,442	$	48,212,598	$	1,699,327	$	(917,367	)	$	—

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, 2016 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Investments in securities at value*	$	558,589
Interest rate contracts	Investments in securities at value*		19,648,288
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		2,510,309
Interest rate contracts	Net Assets — Unrealized appreciation**		358,217
Equity contracts	Net Assets — Unrealized appreciation**		70,032
Credit contracts	Net Assets — Unrealized appreciation***		155,131
Interest rate contracts	Net Assets — Unrealized appreciation***		9,183,546
Total Asset Derivatives		$	32,484,112
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	5,919,220
Interest rate contracts	Net Assets — Unrealized depreciation**		225,417
Interest rate contracts	Net Assets — Unrealized depreciation***		9,668,135
Interest rate contracts	Written options, at fair value		20,041,868
Total Liability Derivatives		$	35,854,640

* Includes purchased options.

See Accompanying Notes to Financial Statements
105

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

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

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

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2016 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
Equity contracts	$	—		$	—		$	179,608	$	—		$	—		$	179,608
Credit Contracts		(15,312	)		—			—		(76,682	)		—			(91,994	)
Foreign exchange contracts		627,577			(3,327,565	)		—		(77,771	)		3,337,578			559,819
Interest rate contracts		7,751,382			—			1,871,706		(2,441,912	)		(3,044,657	)		4,136,519
Total	$	8,363,647		$	(3,327,565	)	$	2,051,314	$	(2,596,365	)	$	292,921		$	4,783,952
	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
Equity contracts	$	—		$	—		$	70,032	$	—		$	—		$	70,032
Credit contracts		—			—			—		188,255			—			188,255
Foreign exchange contracts		(71,430	)		(3,325,713	)		—		—			—			(3,397,143	)
Interest rate contracts		2,841,921			—			395,098		220,698			(2,330,960	)		1,126,757
Total	$	2,770,491		$	(3,325,713	)	$	465,130	$	408,953		$	(2,330,960	)	$	(2,012,099	)

* 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, 2016:

	Bank of America N.A.			Barclays Bank PLC		BNP Paribas			Citibank N.A.			Deutsche Bank AG			Goldman Sachs International			HSBC Bank USA N.A.		JPMorgan Chase Bank N.A.			Morgan Stanley Capital Services LLC			The Bank of New York		Totals
Assets:
Purchased options	$	12,054,215		$	—	$	—		$	—		$	—		$	8,152,662		$	—	$	—		$	—		$	—	$	20,206,877
Forward foreign currency contracts		—			254,088		186,442			115,591			134,923			170,225			42,527		743,744			840,872			21,897		2,510,309
Total Assets	$	12,054,215		$	254,088	$	186,442		$	115,591		$	134,923		$	8,322,887		$	42,527	$	743,744		$	840,872		$	21,897	$	22,717,186
Liabilities:
Forward foreign currency contracts	$	—		$	251,929	$	2,627,855		$	298,062		$	677,302		$	364,719		$	29,161	$	764,710		$	905,482		$	—	$	5,919,220
Written options		11,119,215			—		—			—			—			8,922,653			—		—			—			—		20,041,868
Total Liabilities	$	11,119,215		$	251,929	$	2,627,855		$	298,062		$	677,302		$	9,287,372		$	29,161	$	764,710		$	905,482		$	—	$	25,961,088
Net OTC derivative instruments by counterparty, at fair value	$	935,000		$	2,159	$	(2,441,413	)	$	(182,471	)	$	(542,379	)	$	(964,485	)	$	13,366	$	(20,966	)	$	(64,610	)	$	21,897	$	(3,243,902	)
Total collateral pledged by the Portfolio/ (Received from counterparty)	$	(935,000	)	$	—	$	2,441,413		$	—		$	—		$	—		$	—	$	—		$	—		$	—	$	1,506,413
Net Exposure⁽¹⁾⁽²⁾—	$			$	2,159	$	—		$	(182,471	)	$	(542,379	)	$	(964,485	)	$	13,366	$	(20,966	)	$	(64,610	)	$	21,897	$	(1,737,489	)

(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.

(2) At December 31, 2016, the Portfolio had pledged $2,810,000 to BNP Paribas. In addition, the Portfolio received $2,030,000 from Bank of America N.A. Excess cash collateral is not shown for financial reporting purposes.

See Accompanying Notes to Financial Statements
106

VY^® AMERICAN CENTURY SUMMARY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2016

Shares				Value		Percentage of Net Assets
COMMON STOCK: 95.1%
			Consumer Discretionary: 7.6%
	15,936		Advance Auto Parts, Inc.	$	2,695,096		0.7
	37,031		Delphi Automotive PLC		2,494,038		0.7
	33,029		Target Corp.		2,385,685		0.7
	1,005,147		Other Securities^(a)		19,837,805		5.5
					27,412,624		7.6
			Consumer Staples: 4.6%
	86,835		Conagra Brands, Inc.		3,434,324		0.9
	69,698		Mondelez International, Inc.		3,089,713		0.9
	172,943		Other Securities^(a)		10,065,236		2.8
					16,589,273		4.6
			Energy: 10.2%
	46,964		Anadarko Petroleum Corp.		3,274,800		0.9
	60,078		Baker Hughes, Inc.		3,903,268		1.1
	51,913		Devon Energy Corp.		2,370,867		0.6
	61,335		EQT Corp.		4,011,309		1.1
	126,462		Imperial Oil Ltd.		4,399,538		1.2
	100,791		Noble Energy, Inc.		3,836,105		1.1
	41,623		Occidental Petroleum Corp.		2,964,806		0.8
	652,214		Other Securities^(a)		12,325,617		3.4
					37,086,310		10.2
			Financials: 25.4%
	48,110		Allied World Assurance Co. Holdings Ltd.		2,583,988		0.7
	50,408		Bank of the Ozarks, Inc.		2,650,957		0.7
	69,378		BB&T Corp.		3,262,154		0.9	��
	75,437		Capital Bank Financial Corp.		2,960,902		0.8
	154,697		Capitol Federal Financial, Inc.		2,546,313		0.7
	26,976		Chubb Ltd.		3,564,069		1.0
	47,608		Commerce Bancshares, Inc.		2,752,218		0.7
	88,353		Invesco Ltd.		2,680,630		0.7
	17,718		M&T Bank Corp.		2,771,627		0.8
	88,069		Northern Trust Corp.		7,842,544		2.2
	28,372		PNC Financial Services Group, Inc.		3,318,389		0.9
	22,385		Reinsurance Group of America, Inc.		2,816,705		0.8
	41,201		UMB Financial Corp.		3,177,421		0.9
	57,952		Unum Group		2,545,831		0.7
	38,779	L	Westamerica Bancorp.		2,440,362		0.7
	1,095,015		Other Securities^(a)		44,201,996		12.2
					92,116,106		25.4

Shares				Value		Percentage of Net Assets
			Health Care: 7.7%
	94,142	@	LifePoint Health, Inc.	$	5,347,265		1.5
	43,768		Zimmer Biomet Holdings, Inc.		4,516,858		1.2
	352,342		Other Securities		18,054,801		5.0
					27,918,924		7.7
			Industrials: 14.5%
	129,761		Heartland Express, Inc.		2,641,934		0.7
	25,995		Hubbell, Inc.		3,033,617		0.8
	40,991		Ingersoll-Rand PLC - Class A		3,075,965		0.8
	163,917		Johnson Controls International plc		6,751,741		1.9
	91,782		Koninklijke Philips NV		2,805,961		0.8
	54,347		Republic Services, Inc.		3,100,496		0.9
	60,847		Textron, Inc.		2,954,730		0.8
	757,487		Other Securities^(a)		28,257,201		7.8
					52,621,645		14.5
			Information Technology: 9.4%
	125,577		Applied Materials, Inc.		4,052,370		1.1
	78,993	@	Keysight Technologies, Inc.		2,888,774		0.8
	23,484		Lam Research Corp.		2,482,963		0.7
	78,585		Maxim Integrated Products		3,031,023		0.8
	35,021		TE Connectivity Ltd.		2,426,255		0.7
	100,464		Teradyne, Inc.		2,551,786		0.7
	773,384		Other Securities		16,710,397		4.6
					34,143,568		9.4
			Materials: 4.5%
	213,590		Graphic Packaging Holding Co.		2,665,603		0.7
	175,637	@	Multi Packaging Solutions International Ltd.		2,504,584		0.7
	64,844		WestRock Co.		3,292,130		0.9
	162,802		Other Securities		7,873,016		2.2
					16,335,333		4.5
			Real Estate: 5.3%
	126,634		Weyerhaeuser Co.		3,810,417		1.1
	825,145		Other Securities^(a)		15,403,199		4.2
					19,213,616		5.3
			Telecommunication Services: 0.5%
	32,645		Other Securities		1,839,872		0.5
			Utilities: 5.4%
	50,313		Edison International		3,622,033		1.0
	56,519		PG&E Corp.		3,434,660		1.0
	79,688		Xcel Energy, Inc.		3,243,301		0.9

See Accompanying Notes to Financial Statements
107

VY^® AMERICAN CENTURY SUMMARY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Value

Percentage
of Net
Assets

Utilities (continued)

147,389

Other Securities

9,102,628

2.5

19,402,622

5.4

Total Common Stock
(Cost $296,406,423)

344,679,893

95.1

EXCHANGE-TRADED FUNDS: 2.1%

7,418

iShares Russell 2000
Value Index Fund

882,297

0.2

84,591

iShares Russell Midcap
Value Index Fund

6,803,654

1.9

Total Exchange-Traded
Funds
(Cost $7,207,110)

7,685,951

2.1

PREFERRED STOCK: 0.1%

Industrials: 0.1%

11,716

Other Securities

574,084

0.1

Total Preferred Stock
(Cost $584,581)

574,084

0.1

Total Long-Term
Investments
(Cost $304,198,114)

352,939,928

97.3

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 5.0%

Securities Lending Collateral^cc: 2.0%

1,719,057

Bank of Nova Scotia,
Repurchase Agreement
dated 12/30/16, 0.51%,
due 01/03/17
(Repurchase Amount
$1,719,153, collateralized
by various U.S.
Government/U.S.
Government Agency
Obligations,
1.000%-4.000%,
Market Value plus
accrued interest
$1,753,538, due
12/31/17-10/20/46)

1,719,057

0.4

Principal Amount†			Value		Percentage of Net Assets
	1,719,057	Cantor Fitzgerald, Repurchase Agreement dated 12/30/16, 0.50%, due 01/03/17 (Repurchase Amount $1,719,151, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $1,753,438, due 01/25/17-10/20/66)	$	1,719,057		0.5
	1,719,057	Daiwa Capital Markets, Repurchase Agreement dated 12/30/16, 0.52%, due 01/03/17 (Repurchase Amount $1,719,155, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,753,438, due 03/02/17-02/01/49)		1,719,057		0.5
	361,828	Merrill Lynch & Co., Inc., Repurchase Agreement dated 12/30/16, 0.50%, due 01/03/17 (Repurchase Amount $361,848, collateralized by various U.S. Government Securities, 0.685%-2.000%, Market Value plus accrued interest $369,065, due 10/31/18-11/30/22)		361,828		0.1
	1,719,057	Nomura Securities, Repurchase Agreement dated 12/30/16, 0.50%, due 01/03/17 (Repurchase Amount $1,719,151, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $1,753,438, due 01/15/17-08/20/66)		1,719,057		0.5
				7,238,056		2.0

See Accompanying Notes to Financial Statements
108

VY^® AMERICAN CENTURY SUMMARY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Value

Percentage
of Net
Assets

Mutual Funds: 3.0%

10,884,862

BlackRock Liquidity Funds,
FedFund, Institutional
Class, 0.420%††
(Cost $10,884,862)

10,884,862

3.0

Total Short-Term
Investments
(Cost $18,122,918)

18,122,918

5.0

Total Investments in
Securities
(Cost $322,321,032)

371,062,846

102.3

Liabilities in Excess of
Other Assets

(8,487,583

)

(2.3

)

Net Assets

362,575,263

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, 2016.

@ 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, 2016.

(a) This grouping contains securities on loan.

Cost for federal income tax purposes is $327,525,333.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	53,278,990
Gross Unrealized Depreciation		(9,741,477	)
Net Unrealized Appreciation	$	43,537,513

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	27,412,624	$	—		$	—	$	27,412,624
Consumer Staples		16,589,273		—			—		16,589,273
Energy		37,086,310		—			—		37,086,310
Financials		92,116,106		—			—		92,116,106
Health Care		27,918,924		—			—		27,918,924
Industrials		49,815,684		2,805,961			—		52,621,645
Information Technology		34,143,568		—			—		34,143,568
Materials		16,335,333		—			—		16,335,333
Real Estate		19,213,616		—			—		19,213,616
Telecommunication Services		1,839,872		—			—		1,839,872
Utilities		19,402,622		—			—		19,402,622
Total Common Stock		341,873,932		2,805,961			—		344,679,893
Exchange-Traded Funds		7,685,951		—			—		7,685,951
Preferred Stock		574,084		—			—		574,084
Short-Term Investments		10,884,862		7,238,056			—		18,122,918
Total Investments, at fair value	$	361,018,829	$	10,044,017		$	—	$	371,062,846
Other Financial Instruments+
Forward Foreign Currency Contracts		—		11,678			—		11,678
Total Assets	$	361,018,829	$	10,055,695		$	—	$	371,074,524
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	(50,142	)	$	—	$	(50,142	)
Total Liabilities	$	—	$	(50,142	)	$	—	$	(50,142	)

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

See Accompanying Notes to Financial Statements
109

VY^® AMERICAN CENTURY SUMMARY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

# 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.

At December 31, 2016, 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)
Morgan Stanley	Canadian Dollar		139,710	Buy	03/31/17	$	103,146	$	104,164	$	1,018
										$	1,018
Credit Suisse AG	Japanese Yen		5,307,491	Sell	03/31/17		45,105		45,615		(510	)
Credit Suisse AG	Japanese Yen		143,550,429	Sell	03/31/17		1,218,677		1,233,733		(15,056	)
Morgan Stanley	Canadian Dollar		5,266,883	Sell	03/31/17		3,937,503		3,926,843		10,660
UBS AG	EU Euro		55,390	Sell	03/31/17		58,261		58,570		(309	)
UBS AG	EU Euro		7,620	Sell	03/31/17		7,995		8,058		(63	)
UBS AG	EU Euro		57,856	Sell	03/31/17		60,439		61,178		(739	)
UBS AG	EU Euro		6,939	Sell	03/31/17		7,274		7,338		(64	)
UBS AG	EU Euro		132,893	Sell	03/31/17		138,582		140,522		(1,940	)
UBS AG	EU Euro		2,154,641	Sell	03/31/17		2,246,881		2,278,342		(31,461	)
										$	(39,482	)

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, 2016 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	$	11,678
Total Asset Derivatives		$	11,678
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	50,142
Total Liability Derivatives		$	50,142

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2016 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	$	171,354
Total	$	171,354
	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	$	72,805
Total	$	72,805

* 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.

See Accompanying Notes to Financial Statements
110

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® BARON GROWTH PORTFOLIO AS OF DECEMBER 31, 2016

Shares				Value		Percentage of Net Assets
COMMON STOCK: 99.1%
			Consumer Discretionary: 34.5%
	2,790,684	@	AO World PLC	$	6,238,817		0.9
	364,500	@	Bright Horizons Family Solutions, Inc.		25,522,290		3.6
	560,000		Choice Hotels International, Inc.		31,388,000		4.4
	202,600		Dick's Sporting Goods, Inc.		10,758,060		1.5
	728,364		Manchester United PLC - Class A		10,379,187		1.5
	188,200		Marriott Vacations Worldwide Corp.		15,968,770		2.3
	280,845	@	Nord Anglia Education, Inc.		6,543,689		0.9
	65,000	@	Panera Bread Co.		13,330,850		1.9
	472,571	@	Penn National Gaming, Inc.		6,516,754		0.9
	593,691	@	Pinnacle Entertainment, Inc.		8,608,519		1.2
	213,000		Red Rock Resorts, Inc.		4,939,470		0.7
	477,500	@	Under Armour, Inc. - Class A		13,871,375		2.0
	457,001	@	Under Armour, Inc. - Class C		11,502,715		1.6
	475,000		Vail Resorts, Inc.		76,622,250		10.8
	170,000		Other Securities		2,439,500		0.3
					244,630,246		34.5
			Consumer Staples: 4.2%
	273,000		Church & Dwight Co., Inc.		12,063,870		1.7
	152,000	@	Performance Food Group Co.		3,648,000		0.5
	300,000	@	Smart & Final Stores, Inc.		4,230,000		0.6
	142,500	@	TreeHouse Foods, Inc.		10,287,075		1.4
					30,228,945		4.2
			Financials: 16.2%
	195,000	@	Arch Capital Group Ltd.		16,826,550		2.4
	275,000		Carlyle Group L.P.		4,193,750		0.6
	407,500		Cohen & Steers, Inc.		13,692,000		1.9
	85,000		Factset Research Systems, Inc.		13,891,550		2.0
	297,229		Financial Engines, Inc.		10,923,166		1.5
	80,000		Moelis & Co.		2,712,000		0.4
	155,000		Morningstar, Inc.		11,401,800		1.6
	182,500		MSCI, Inc. - Class A		14,377,350		2.0
	160,000		Oaktree Capital Group, LLC		6,000,000		0.8
	278,168		Primerica, Inc.		19,235,317		2.7
	64,500		Other Securities		2,116,565		0.3
					115,370,048		16.2

Shares				Value		Percentage of Net Assets
			Health Care: 9.2%
	105,000		Bio-Techne Corp.	$	10,797,150		1.5
	205,000	@	Idexx Laboratories, Inc.		24,040,350		3.4
	299,978	@	Inovalon Holdings, Inc.		3,089,773		0.4
	28,400	@	Mettler Toledo International, Inc.		11,887,104		1.7
	47,008	@	Neogen Corp.		3,102,528		0.4
	130,000		West Pharmaceutical Services, Inc.		11,027,900		1.6
	33,680		Other Securities		1,155,224		0.2
					65,100,029		9.2
			Industrials: 4.3%
	361,500	@	Caesarstone Ltd.		10,356,975		1.5
	102,500	@	Middleby Corp.		13,203,025		1.9
	65,000	@	Trex Co., Inc.		4,186,000		0.6
	74,000		Other Securities		2,540,420		0.3
					30,286,420		4.3
			Information Technology: 20.9%
	226,500	@	Ansys, Inc.		20,948,985		2.9
	300,448	@	Benefitfocus, Inc.		8,923,306		1.3
	156,500		Booz Allen Hamilton Holding Corp.		5,644,955		0.8
	150,500	@	CoStar Group, Inc.		28,367,745		4.0
	347,000	@	Gartner, Inc.		35,071,290		4.9
	164,000	@	Guidewire Software, Inc.		8,090,120		1.1
	338,000		MAXIMUS, Inc.		18,857,020		2.7
	685,000		SS&C Technologies Holdings, Inc.		19,591,000		2.8
	24,000		Other Securities		2,677,500		0.4
					148,171,921		20.9
			Real Estate: 8.6%
	15,000		Alexander's, Inc.		6,403,050		0.9
	82,000		Alexandria Real Estate Equities, Inc.		9,112,660		1.3
	115,000		American Assets Trust, Inc.		4,954,200		0.7
	474,170		Douglas Emmett, Inc.		17,335,655		2.5
	750,000		Gaming and Leisure Properties, Inc.		22,965,000		3.2
					60,770,565		8.6
			Telecommunication Services: 1.2%
	921,311	@	Iridium Communications, Inc.		8,844,586		1.2
			Total Common Stock (Cost $321,947,917)		703,402,760		99.1

See Accompanying Notes to Financial Statements
111

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® BARON GROWTH PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 0.7%

Mutual Funds: 0.7%

5,192,517

BlackRock Liquidity
Funds, FedFund,
Institutional Class,
0.420%††
(Cost $5,192,517)

5,192,517

0.7

Total Short-Term
Investments
(Cost $5,192,517)

5,192,517

0.7

Total Investments in
Securities
(Cost $327,140,434)

708,595,277

99.8

Assets in Excess of
Other Liabilities

1,239,386

0.2

Net Assets

709,834,663

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, 2016.

@ Non-income producing security.

Cost for federal income tax purposes is $333,136,898.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	390,264,615
Gross Unrealized Depreciation		(14,806,236	)
Net Unrealized Appreciation	$	375,458,379

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Common Stock*	$	703,402,760	$	—	$	—	$	703,402,760
Short-Term Investments		5,192,517		—		—		5,192,517
Total Investments, at fair value	$	708,595,277	$	—	$	—	$	708,595,277

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

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

See Accompanying Notes to Financial Statements
112

VY^® COLUMBIA SUMMARY PORTFOLIO OF INVESTMENTS
CONTRARIAN CORE PORTFOLIO AS OF DECEMBER 31, 2016

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.9%
			Consumer Discretionary: 12.5%
	79,615		Coach, Inc.	$	2,788,117		0.8
	128,207		Comcast Corp. - Class A		8,852,694		2.7
	104,149		Lowe's Cos, Inc.		7,407,077		2.3
	32,055		McDonald's Corp.		3,901,735		1.2
	36,915		Walt Disney Co.		3,847,281		1.2
	257,790		Other Securities		13,993,623		4.3
					40,790,527		12.5
			Consumer Staples: 9.2%
	68,896		Coca-Cola Co.		2,856,428		0.9
	84,946		CVS Health Corp.		6,703,089		2.1
	118,175		Kroger Co.		4,078,219		1.2
	49,043		PepsiCo, Inc.		5,131,369		1.6
	98,165		Philip Morris International, Inc.		8,981,116		2.7
	27,526		Walgreens Boots Alliance, Inc.		2,278,052		0.7
					30,028,273		9.2
			Energy: 7.3%
	44,221		Chevron Corp.		5,204,812		1.6
	80,477		ConocoPhillips		4,035,117		1.2
	65,795		Exxon Mobil Corp.		5,938,657		1.8
	64,110		Noble Energy, Inc.		2,440,026		0.8
	39,700		Schlumberger Ltd.		3,332,815		1.0
	66,567		Other Securities		2,810,489		0.9
					23,761,916		7.3
			Financials: 17.8%
	138,371		Bank of New York Mellon Corp.		6,556,018		2.0
	62,142	@	Berkshire Hathaway, Inc. - Class B		10,127,903		3.1
	201,236		Citigroup, Inc.		11,959,455		3.7
	132,593		JPMorgan Chase & Co.		11,441,450		3.5
	196,530		Morgan Stanley		8,303,393		2.6
	89,890		Wells Fargo & Co.		4,953,838		1.5
	53,234		Other Securities		4,470,120		1.4
					57,812,177		17.8
			Health Care: 14.1%
	13,125	@	Allergan plc		2,756,381		0.8
	25,035		Anthem, Inc.		3,599,282		1.1
	15,790	@	Biogen, Inc.		4,477,728		1.4
	31,699		Cardinal Health, Inc.		2,281,377		0.7
	32,109	@	Celgene Corp.		3,716,617		1.1
	29,953		Cigna Corp.		3,995,431		1.2
	55,224		Johnson & Johnson		6,362,357		2.0
	32,123		Medtronic PLC		2,288,121		0.7
	195,545		Pfizer, Inc.		6,351,302		2.0

Shares				Value		Percentage of Net Assets
	32,140		Zimmer Biomet Holdings, Inc.	$	3,316,848		1.0
	94,096		Other Securities		6,858,405		2.1
					46,003,849		14.1
			Industrials: 9.3%
	38,871		FedEx Corp.		7,237,780		2.2
	222,315		General Electric Co.		7,025,154		2.2
	59,717		Honeywell International, Inc.		6,918,214		2.1
	80,505		Nielsen NV		3,377,185		1.0
	89,973		Other Securities		5,723,079		1.8
					30,281,412		9.3
			Information Technology: 20.6%
	5,323	@	Alphabet, Inc. - Class A		4,218,211		1.3
	12,304	@	Alphabet, Inc. - Class C		9,496,473		2.9
	112,231		Apple, Inc.		12,998,594		4.0
	30,631		Broadcom Ltd.		5,414,642		1.7
	37,944	@	Electronic Arts, Inc.		2,988,470		0.9
	65,890	@	Facebook, Inc.		7,580,645		2.3
	35,000		Fidelity National Information Services, Inc.		2,647,400		0.8
	43,321		Mastercard, Inc.		4,472,893		1.4
	151,910		Microsoft Corp.		9,439,687		2.9
	34,515		Qualcomm, Inc.		2,250,378		0.7
	96,000		Other Securities		5,603,075		1.7
					67,110,468		20.6
			Materials: 1.9%
	15,893		Sherwin-Williams Co.		4,271,085		1.3
	18,055		Other Securities		1,899,566		0.6
					6,170,651		1.9
			Real Estate: 1.4%
	42,390		American Tower Corp.		4,479,775		1.4
			Telecommunication Services: 3.5%
	62,825		AT&T, Inc.		2,671,947		0.8
	165,547		Verizon Communications, Inc.		8,836,899		2.7
					11,508,846		3.5
			Utilities: 1.3%
	35,971		Edison International		2,589,552		0.8
	17,452		Other Securities		1,719,197		0.5
					4,308,749		1.3
			Total Common Stock (Cost $281,324,211)		322,256,643		98.9

See Accompanying Notes to Financial Statements
113

VY^® COLUMBIA SUMMARY PORTFOLIO OF INVESTMENTS
CONTRARIAN CORE PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Principal
Amount†

Value

Percentage
of Net
Assets

CORPORATE BONDS/NOTES: — %

Materials: —%

649,000

Other Securities

—

Total Corporate
Bonds/Notes
(Cost $—)

—

Total Long-Term
Investments
(Cost $281,324,211)

322,256,643

98.9

SHORT-TERM INVESTMENTS: 1.1%

Mutual Funds: 1.1%

3,610,640

BlackRock Liquidity
Funds, FedFund,
Institutional Class,
0.420%††
(Cost $3,610,640)

3,610,640

1.1

Total Short-Term
Investments
(Cost $3,610,640)

3,610,640

1.1

Total Investments in
Securities
(Cost $284,934,851)

325,867,283

100.0

Assets in Excess of
Other Liabilities

57,350

0.0

Net Assets

325,924,633

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, 2016.

@ Non-income producing security.

Cost for federal income tax purposes is $285,909,324.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	43,256,690
Gross Unrealized Depreciation		(3,298,731	)
Net Unrealized Appreciation	$	39,957,959

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Common Stock*	$	322,256,643	$	—	$	—	$	322,256,643
Corporate Bonds/Notes		—		—		—		—
Short-Term Investments		3,610,640		—		—		3,610,640
Total Investments, at fair value	$	325,867,283	$	—	$	—	$	325,867,283

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

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

See Accompanying Notes to Financial Statements
114

VY^® COLUMBIA SUMMARY PORTFOLIO OF INVESTMENTS
SMALL CAP VALUE II PORTFOLIO AS OF DECEMBER 31, 2016

Shares				Value		Percentage of Net Assets
COMMON STOCK: 96.8%
			Consumer Discretionary: 6.9%
	25,300		Childrens Place Retail Stores, Inc.	$	2,554,035		1.1
	79,000		Tower International, Inc.		2,239,650		0.9
	436,800		Other Securities		11,687,064		4.9
					16,480,749		6.9
			Consumer Staples: 3.1%
	78,000		AdvancePierre Foods Holdings, Inc.		2,322,840		1.0
	386,800		Other Securities		4,960,848		2.1
					7,283,688		3.1
			Energy: 6.7%
	90,000		Patterson-UTI Energy, Inc.		2,422,800		1.0
	545,000		Other Securities		13,463,475		5.7
					15,886,275		6.7
			Financials: 31.8%
	105,000		American Equity Investment Life Holding Co.		2,366,700		1.0
	58,500		Ameris Bancorp.		2,550,600		1.1
	43,843		Amerisafe, Inc.		2,733,611		1.2
	37,500		Argo Group International Holdings Ltd.		2,471,250		1.0
	47,000		Bank of the Ozarks, Inc.		2,471,730		1.0
	85,000	@	BofI Holding, Inc.		2,426,750		1.0
	58,000		Community Bank System, Inc.		3,583,820		1.5
	80,000	@	Customers Bancorp, Inc.		2,865,600		1.2
	57,000		Hancock Holding Co.		2,456,700		1.0
	133,000		Hope Bancorp, Inc.		2,911,370		1.2
	49,004		Independent Bank Corp.		3,452,332		1.5
	52,000		MB Financial, Inc.		2,455,960		1.0
	290,000	@	MGIC Investment Corp.		2,955,100		1.2
	34,000		Prosperity Bancshares, Inc.		2,440,520		1.0
	77,500		Renasant Corp.		3,272,050		1.4
	80,000		Sandy Spring Bancorp, Inc.		3,199,200		1.4
	149,000		Sterling Bancorp/DE		3,486,600		1.5
	33,200		UMB Financial Corp.		2,560,384		1.1
	86,500		Union Bankshares Corp.		3,091,510		1.3
	58,000	@	Western Alliance Bancorp.		2,825,180		1.2
	33,500		Wintrust Financial Corp.		2,431,095		1.0
	50,000		WSFS Financial Corp.		2,317,500		1.0
	729,000		Other Securities		14,266,240		6.0
					75,591,802		31.8

Shares				Value		Percentage of Net Assets
			Health Care: 4.8%
	370,500		Other Securities	$	11,497,170		4.8
			Industrials: 14.0%
	58,500		ABM Industries, Inc.		2,389,140		1.0
	48,500		Barnes Group, Inc.		2,299,870		0.9
	22,000		Curtiss-Wright Corp.		2,163,920		0.9
	34,500		Deluxe Corp.		2,470,545		1.0
	46,500		EMCOR Group, Inc.		3,290,340		1.4
	42,500		Granite Construction, Inc.		2,337,500		1.0
	67,500	@	Mastec, Inc.		2,581,875		1.1
	64,000		Skywest, Inc.		2,332,800		1.0
	105,000	@	Swift Transportation Co.		2,557,800		1.1
	53,500	@	XPO Logistics, Inc.		2,309,060		1.0
	251,771		Other Securities		8,488,421		3.6
					33,221,271		14.0
			Information Technology: 9.9%
	45,500	@	Cirrus Logic, Inc.		2,572,570		1.1
	80,000	@	II-VI, Inc.		2,372,000		1.0
	140,000	@	Kulicke & Soffa Industries, Inc.		2,233,000		1.0
	28,500		Science Applications International Corp.		2,416,800		1.0
	19,500		SYNNEX Corp.		2,359,890		1.0
	646,000		Other Securities		11,492,175		4.8
					23,446,435		9.9
			Materials: 6.8%
	220,000	@	AK Steel Holding Corp.		2,246,200		0.9
	30,500		Neenah Paper, Inc.		2,598,600		1.1
	364,844		Other Securities		11,429,240		4.8
	��				16,274,040		6.8
			Real Estate: 8.0%
	54,000		American Assets Trust, Inc.		2,326,320		1.0
	97,000		First Industrial Realty Trust, Inc.		2,720,850		1.1
	45,500		Highwoods Properties, Inc.		2,320,955		1.0
	19,000		PS Business Parks, Inc.		2,213,880		0.9
	369,300		Other Securities		9,540,323		4.0
					19,122,328		8.0
			Utilities: 4.8%
	70,000		New Jersey Resources Corp.		2,485,000		1.0
	76,000		South Jersey Industries, Inc.		2,560,440		1.1
	109,500		Other Securities		6,398,290		2.7
					11,443,730		4.8
			Total Common Stock (Cost $176,324,773)		230,247,488		96.8

See Accompanying Notes to Financial Statements
115

VY^® COLUMBIA SUMMARY PORTFOLIO OF INVESTMENTS
SMALL CAP VALUE II PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Value

Percentage
of Net
Assets

EXCHANGE-TRADED FUNDS: 1.1%

20,000

iShares Russell 2000 ETF

2,697,000

1.1

Total Exchange-Traded
Funds
(Cost $2,696,400)

2,697,000

1.1

Total Long-Term
Investments
(Cost $179,021,173)

232,944,488

97.9

SHORT-TERM INVESTMENTS: 3.9%

Mutual Funds: 3.9%

9,231,151

BlackRock Liquidity
Funds, FedFund,
Institutional Class,
0.420%††
(Cost $9,231,151)

9,231,151

3.9

Total Short-Term
Investments
(Cost $9,231,151)

9,231,151

3.9

Total Investments in
Securities
(Cost $188,252,324)

242,175,639

101.8

Liabilities in Excess of
Other Assets

(4,180,630

)

(1.8

)

Net Assets

237,995,009

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, 2016.

@ Non-income producing security.

Cost for federal income tax purposes is $188,459,681.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	57,119,416
Gross Unrealized Depreciation		(3,403,458	)
Net Unrealized Appreciation	$	53,715,958

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Common Stock*	$	230,247,488	$	—	$	—	$	230,247,488
Exchange-Traded Funds		2,697,000		—		—		2,697,000
Short-Term Investments		9,231,151		—		—		9,231,151
Total Investments, at fair value	$	242,175,639	$	—	$	—	$	242,175,639

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

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

See Accompanying Notes to Financial Statements
116

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO AS OF DECEMBER 31, 2016

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.4%
			Consumer Discretionary: 10.4%
	265,940		Carnival Corp.	$	13,844,836		2.6
	81,378		Comcast Corp. - Class A		5,619,151		1.1
	272,194		General Motors Co.		9,483,239		1.8
	76,832		Target Corp.		5,549,575		1.1
	205,495		Twenty-First Century Fox, Inc. - Class B		5,599,739		1.1
	177,465		Other Securities		13,876,239		2.7
					53,972,779		10.4
			Consumer Staples: 3.0%
	74,643		Wal-Mart Stores, Inc.		5,159,324		1.0
	205,779		Other Securities		10,680,307		2.0
					15,839,631		3.0
			Energy: 17.2%
	255,687		BP PLC ADR		9,557,580		1.8
	82,864		Chevron Corp.		9,753,093		1.9
	193,657		Devon Energy Corp.		8,844,315		1.7
	121,675		Halliburton Co.		6,581,401		1.3
	115,402		Hess Corp.		7,188,391		1.4
	288,175		Marathon Oil Corp.		4,988,309		1.0
	65,044		Occidental Petroleum Corp.		4,633,084		0.9
	244,277		QEP Resources, Inc.		4,497,139		0.9
	194,580		Royal Dutch Shell PLC - Class A ADR		10,581,260		2.0
	405,058		Suncor Energy, Inc.		13,241,346		2.5
	1,008,530	@,L	Weatherford International PLC		5,032,565		1.0
	138,983		Other Securities		4,429,362		0.8
					89,327,845		17.2
			Financials: 36.2%
	65,710		Aflac, Inc.		4,573,416		0.9
	116,395		American International Group, Inc.		7,601,758		1.5
	100,193		Allstate Corp.		7,426,305		1.4
	362,435		Ally Financial, Inc.		6,893,514		1.3
	973,247		Bank of America Corp.		21,508,759		4.1
	136,997		Bank of New York Mellon Corp.		6,490,918		1.2
	505,597		Citigroup, Inc.		30,047,630		5.8
	169,970		Citizens Financial Group, Inc.		6,056,031		1.2
	365,985		Fifth Third Bancorp		9,870,615		1.9
	27,746		Goldman Sachs Group, Inc.		6,643,780		1.3
	274,944		JPMorgan Chase & Co.		23,724,918		4.6
	190,106		Metlife, Inc.		10,244,812		2.0
	245,621		Morgan Stanley		10,377,487		2.0
	99,621		PNC Financial Services Group, Inc.		11,651,672		2.2

Shares				Value		Percentage of Net Assets
	125,520		State Street Corp.	$	9,755,414		1.9
	191,952		Wells Fargo & Co.		10,578,475		2.0
	166,762		Other Securities		4,649,841		0.9
					188,095,345		36.2
			Health Care: 9.6%
	38,721		Anthem, Inc.		5,566,918		1.1
	17,167	@	Biogen, Inc.		4,868,218		0.9
	123,569		Merck & Co., Inc.		7,274,507		1.4
	301,869		Pfizer, Inc.		9,804,705		1.9
	183,047		Sanofi ADR		7,402,421		1.4
	219,549		Other Securities		15,272,674		2.9
					50,189,443		9.6
			Industrials: 9.2%
	106,551		Caterpillar, Inc.		9,881,540		1.9
	73,113		Eaton Corp. PLC		4,905,151		0.9
	100,878		Emerson Electric Co.		5,623,949		1.1
	204,587		General Electric Co.		6,464,949		1.2
	173,343		Johnson Controls International plc		7,139,998		1.4
	153,008		Textron, Inc.		7,430,068		1.4
	207,368		Other Securities		6,609,148		1.3
					48,054,803		9.2
			Information Technology: 9.4%
	397,186		Cisco Systems, Inc.		12,002,961		2.3
	234,958	@	eBay, Inc.		6,975,903		1.3
	170,502		Intel Corp.		6,184,107		1.2
	118,005		Microsoft Corp.		7,332,831		1.4
	224,692		NetApp, Inc.		7,924,887		1.5
	335,019		Other Securities		8,671,767		1.7
					49,092,456		9.4
			Materials: 1.8%
	85,591		International Paper Co.		4,541,459		0.9
	155,173		Other Securities		4,705,285		0.9
					9,246,744		1.8
			Telecommunication Services: 1.0%
	1,776,602		Other Securities^(a)		5,281,480		1.0
			Utilities: 0.6%
	99,873		Other Securities		3,093,067		0.6
			Total Common Stock (Cost $425,209,667)		512,193,593		98.4

See Accompanying Notes to Financial Statements
117

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.6%
		Securities Lending Collateral^cc: 1.2%
	1,462,984	Cantor Fitzgerald, Repurchase Agreement dated 12/30/16, 0.50%, due 01/03/17 (Repurchase Amount $1,463,064, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $1,492,244, due 01/25/17-10/20/66)	$	1,462,984		0.3
	1,462,984	Citigroup, Inc., Repurchase Agreement dated 12/30/16, 0.53%, due 01/03/17 (Repurchase Amount $1,463,069, collateralized by various U.S. Government Agency Obligations, 2.000%-8.500%, Market Value plus accrued interest $1,492,244, due 12/01/17-01/01/47)		1,462,984		0.3
	1,462,984	Daiwa Capital Markets, Repurchase Agreement dated 12/30/16, 0.52%, due 01/03/17 (Repurchase Amount $1,463,067, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,492,244, due 03/02/17-02/01/49)		1,462,984		0.3
	307,916	Merrill Lynch & Co., Inc., Repurchase Agreement dated 12/30/16, 0.50%, due 01/03/17 (Repurchase Amount $307,933, collateralized by various U.S. Government Securities, 0.685%-2.000%, Market Value plus accrued interest $314,074, due 10/31/18-11/30/22)		307,916		0.0

Principal
Amount†

Value

Percentage
of Net
Assets

1,462,984

Nomura Securities,
Repurchase Agreement
dated 12/30/16, 0.50%,
due 01/03/17
(Repurchase
Amount $1,463,064,
collateralized by various
U.S. Government/
U.S. Government
Agency Obligations,
0.000%-9.500%,
Market Value plus
accrued interest
$1,492,244, due
01/15/17-08/20/66)

1,462,984

0.3

6,159,852

1.2

Value

Percentage
of Net
Assets

Mutual Funds: 1.4%

7,177,230

BlackRock Liquidity
Funds, FedFund,
Institutional Class,
0.420%††
(Cost $7,177,230)

7,177,230

1.4

Total Short-Term
Investments
(Cost $13,337,082)

13,337,082

2.6

Total Investments in
Securities
(Cost $438,546,749)

525,530,675

101.0

Liabilities in Excess of
Other Assets

(5,329,598

)

(1.0

)

Net Assets

520,201,077

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, 2016.

@ 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, 2016.

(a) This grouping contains securities on loan.

Cost for federal income tax purposes is $446,747,864.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	107,445,032
Gross Unrealized Depreciation		(28,662,221	)
Net Unrealized Appreciation	$	78,782,811

See Accompanying Notes to Financial Statements
118

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	53,972,779	$	—		$	—	$	53,972,779
Consumer Staples		15,839,631		—			—		15,839,631
Energy		89,327,845		—			—		89,327,845
Financials		188,095,345		—			—		188,095,345
Health Care		45,846,468		4,342,975			—		50,189,443
Industrials		48,054,803		—			—		48,054,803
Information Technology		49,092,456		—			—		49,092,456
Materials		9,246,744		—			—		9,246,744
Telecommunication Services		3,344,493		1,936,987			—		5,281,480
Utilities		3,093,067		—			—		3,093,067
Total Common Stock		505,913,631		6,279,962			—		512,193,593
Short-Term Investments		7,177,230		6,159,852			—		13,337,082
Total Investments, at fair value	$	513,090,861	$	12,439,814		$	—	$	525,530,675
Other Financial Instruments+
Forward Foreign Currency Contracts		—		822,857			—		822,857
Total Assets	$	513,090,861	$	13,262,671		$	—	$	526,353,532
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	(1,731	)	$	—	$	(1,731	)
Total Liabilities	$	—	$	(1,731	)	$	—	$	(1,731	)

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

At December 31, 2016, 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	Canadian Dollar		55,142	Buy	01/20/17	$	42,038	$	41,079	$	(959	)
Barclays Bank PLC	Swiss Franc		38,144	Buy	01/20/17		37,784		37,507		(277	)
Barclays Bank PLC	British Pound		13,924	Buy	01/20/17		17,663		17,168		(495	)
										$	(1,731	)
Barclays Bank PLC	EU Euro		4,115,723	Sell	01/20/17		4,381,014		4,336,469		44,545
Barclays Bank PLC	Canadian Dollar		5,040,113	Sell	01/20/17		3,843,164		3,754,663		88,501
Barclays Bank PLC	Swiss Franc		901,029	Sell	01/20/17		892,174		885,976		6,198
Barclays Bank PLC	British Pound		1,921,741	Sell	01/20/17		2,436,869		2,369,543		67,326
CIBC World Markets Corp.	Swiss Franc		901,029	Sell	01/20/17		892,143		885,976		6,167
CIBC World Markets Corp.	Canadian Dollar		5,040,116	Sell	01/20/17		3,841,874		3,754,665		87,209
CIBC World Markets Corp.	EU Euro		4,115,723	Sell	01/20/17		4,380,961		4,336,470		44,491
CIBC World Markets Corp.	British Pound		1,914,191	Sell	01/20/17		2,427,319		2,360,234		67,085
Goldman Sachs International	Canadian Dollar		5,040,113	Sell	01/20/17		3,842,883		3,754,664		88,219
Goldman Sachs International	Swiss Franc		901,029	Sell	01/20/17		892,108		885,977		6,131
Goldman Sachs International	EU Euro		4,119,995	Sell	01/20/17		4,385,368		4,340,971		44,397
Goldman Sachs International	British Pound		1,914,191	Sell	01/20/17		2,427,596		2,360,234		67,362
RBC Capital Markets Corp.	British Pound		1,914,191	Sell	01/20/17		2,427,701		2,360,233		67,468
RBC Capital Markets Corp.	Swiss Franc		897,523	Sell	01/20/17		888,592		882,528		6,064
RBC Capital Markets Corp.	EU Euro		4,115,723	Sell	01/20/17		4,380,422		4,336,470		43,952
RBC Capital Markets Corp.	Canadian Dollar		5,040,113	Sell	01/20/17		3,842,405		3,754,663		87,742
										$	822,857

See Accompanying Notes to Financial Statements
119

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO AS OF DECEMBER 31, 2016 (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, 2016 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	$	822,857
Total Asset Derivatives		$	822,857
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	1,731
Total Liability Derivatives		$	1,731

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2016 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	$	964,553
Total	$	964,553
	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	$	172,351
Total	$	172,351

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, 2016:

	Barclays Bank PLC		CIBC World Markets Corp.		Deutsche Bank AG		Goldman Sachs International		RBC Capital Markets Corp.		Totals
Assets:
Forward foreign currency contracts	$	206,570	$	204,952	$	—	$	206,109	$	205,226	$	822,857
Total Assets	$	206,570	$	204,952	$	—	$	206,109	$	205,226	$	822,857

Liabilities:

Forward foreign currency contracts	$	1,731	$	—	$	—	$	—	$	—	$	1,731
Total Liabilities	$	1,731	$	—	$	—	$	—	$	—	$	1,731
Net OTC derivative instruments by counterparty, at fair value	$	204,839	$	204,952	$	—	$	206,109	$	205,226	$	821,126
Total collateral pledged by the Portfolio/(Received from counterparty)	$	—	$	—	$	—	$	—	$	—	$	—
Net Exposure⁽¹⁾	$	204,839	$	204,952	$	—	$	206,109	$	205,226	$	821,126

See Accompanying Notes to Financial Statements
120

VY^® INVESCO SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2016

Shares			Value		Percentage of Net Assets
COMMON STOCK: 64.5%
		Consumer Discretionary: 5.2%
	390,840	Carnival Corp.	$	20,347,131		1.1
	245,378	Comcast Corp. - Class A		16,943,351		1.0
	396,113	General Motors Co.		13,800,577		0.8
	2,424,041	Other Securities		41,667,567		2.3
				92,758,626		5.2
		Consumer Staples: 2.8%
	302,614	Mondelez International, Inc.		13,414,879		0.8
	130,388	Philip Morris International, Inc.		11,929,198		0.7
	283,675	Walgreens Boots Alliance, Inc.		23,476,943		1.3
				48,821,020		2.8
		Energy: 9.3%
	498,039	Apache Corp.		31,610,535		1.8
	402,869	Baker Hughes, Inc.		26,174,399		1.5
	588,345	Canadian Natural Resources Ltd.		18,750,443		1.0
	572,346	Devon Energy Corp.		26,139,042		1.5
	124,650	Exxon Mobil Corp.		11,250,909		0.6
	170,717	Occidental Petroleum Corp.		12,160,172		0.7
	929,287	Royal Dutch Shell PLC - Class A		25,651,764		1.4
	271,318	Total S.A.		13,916,516		0.8
				165,653,780		9.3
		Financials: 22.5%
	129,849	Aon PLC		14,482,059		0.8
	2,149,409	Bank of America Corp.		47,501,939		2.7
	342,878	Charles Schwab Corp.		13,533,395		0.8
	993,614	Citigroup, Inc.		59,050,480		3.3
	812,372	Citizens Financial Group, Inc.		28,944,814		1.6
	222,373	Comerica, Inc.		15,145,825		0.9
	777,070	Fifth Third Bancorp		20,957,578		1.2
	557,536	First Horizon National Corp.		11,156,295		0.6
	67,012	Goldman Sachs Group, Inc.		16,046,023		0.9
	585,964	JPMorgan Chase & Co.		50,562,834		2.8
	830,934	Morgan Stanley		35,106,961		2.0
	163,864	Northern Trust Corp.		14,592,089		0.8
	193,633	PNC Financial Services Group, Inc.		22,647,316		1.3
	230,598	State Street Corp.		17,922,077		1.0
	421,630	Other Securities		31,541,270		1.8
				399,190,955		22.5

Shares				Value		Percentage of Net Assets
			Health Care: 7.2%
	192,483		Medtronic PLC	$	13,710,564		0.8
	379,322		Merck & Co., Inc.		22,330,686		1.2
	177,057		Novartis AG		12,876,205		0.7
	653,310		Pfizer, Inc.		21,219,509		1.2
	145,564		Sanofi		11,771,099		0.7
	598,778		Other Securities		45,901,411		2.6
					127,809,474		7.2
			Industrials: 5.1%
	167,149		Caterpillar, Inc.		15,501,398		0.9
	408,880		CSX Corp.		14,691,058		0.8
	97,522		General Dynamics Corp.		16,838,149		1.0
	642,018		General Electric Co.		20,287,769		1.1
	161,885		Ingersoll-Rand PLC - Class A		12,147,850		0.7
	255,351		Other Securities		10,517,908		0.6
					89,984,132		5.1
			Information Technology: 8.5%
	387,442		Applied Materials, Inc.		12,502,753		0.7
	622,713		Cisco Systems, Inc.		18,818,387		1.1
	105,819	@	Citrix Systems, Inc.		9,450,695		0.5
	477,825	@	eBay, Inc.		14,186,624		0.8
	377,903		Intel Corp.		13,706,542		0.8
	566,703		Juniper Networks, Inc.		16,015,027		0.9
	192,589		Microsoft Corp.		11,967,480		0.7
	507,135		Oracle Corp.		19,499,341		1.1
	281,644		Qualcomm, Inc.		18,363,189		1.0
	361,715		Other Securities		16,034,006		0.9
					150,544,044		8.5
			Materials: 1.9%
	580,145		Mosaic Co.		17,015,653		0.9
	583,918		Other Securities^(a)		17,514,714		1.0
					34,530,367		1.9
			Telecommunication Services: 1.2%
	183,129		Verizon Communications, Inc.		9,775,426		0.6
	511,607		Other Securities		10,827,106		0.6
					20,602,532		1.2
			Utilities: 0.8%
	340,256		Other Securities		15,011,602		0.8
			Total Common Stock (Cost $983,221,429)		1,144,906,532		64.5
PREFERRED STOCK: 1.1%
			Energy: 0.4%
	140,612		Other Securities		6,925,141		0.4

See Accompanying Notes to Financial Statements
121

VY^® INVESCO SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Shares				Value		Percentage of Net Assets
			Financials: 0.7%
	137,999		Other Securities	$	12,106,970		0.7
			Total Preferred Stock (Cost $17,144,943)		19,032,111		1.1
Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 17.7%
			Basic Materials: 0.2%
	770,000	#	Montell Finance Co. BV, 8.100%, 03/15/27	$	1,008,549		0.1
	2,315,000		Other Securities		2,442,201		0.1
					3,450,750		0.2
			Communications: 3.3%
	1,210,000	#	Cox Communications, Inc., 8.375%, 03/01/39		1,511,111		0.1
	2,700,000	#	Crown Castle Towers, LLC, 4.883%, 08/15/40		2,877,633		0.2
	435,000	#	Crown Castle Towers, LLC, 6.113%, 01/15/40		471,667		0.0
	3,989,000	#	Ctrip.com International Ltd., 1.250%, 09/15/22		3,859,358		0.2
	4,731,000	#	DISH Network Corp., 3.375%, 08/15/26		5,408,125		0.3
	1,319,000	#	Finisar Corp., 0.500%, 12/15/36		1,333,014		0.1
	2,954,000	#	Liberty Interactive LLC, 1.750%, 09/30/46		3,190,320		0.2
	9,559,000		Liberty Media Corp., 1.375%, 10/15/23		10,311,771		0.6
	1,933,000	#	Liberty Media Corp., 2.250%, 09/30/46		2,046,564		0.1
	2,941,000		Verizon Communications, Inc., 4.125%-5.150%, 09/15/23-08/21/54		2,960,021		0.2
	22,704,000		Other Securities^(a)		23,756,820		1.3
					57,726,404		3.3
			Consumer, Cyclical: 1.2%
	1,120,333	#	Virgin Australia 2013-1A Trust, 5.000%, 04/23/25		1,172,148		0.1
	2,126,000		Walgreens Boots Alliance, Inc., 3.100%-4.500%, 11/18/21-11/18/34		2,148,215		0.1
	17,690,278		Other Securities		17,847,034		1.0
					21,167,397		1.2
			Consumer, Non-cyclical: 3.2%
	981,000	#	Bayer US Finance LLC, 3.000%, 10/08/21		986,109		0.0

Principal Amount†				Value		Percentage of Net Assets
	965,000	#	ERAC USA Finance LLC, 2.350%, 10/15/19	$	964,328		0.0
	1,251,000	#	Medicines Co., 2.750%, 07/15/23		1,209,561		0.1
	574,000	#	Mylan NV, 3.150%, 06/15/21		563,400		0.0
	785,000	#	Mylan NV, 5.250%, 06/15/46		725,306		0.1
	2,762,000	#	NuVasive, Inc., 2.250%, 03/15/21		3,519,824		0.2
	1,095,000		Philip Morris International, Inc., 3.600%-4.875%, 11/15/23-11/15/43		1,168,137		0.1
	1,309,000	#	Wright Medical Group NV, 2.250%, 11/15/21		1,638,704		0.1
	43,442,000		Other Securities		45,590,831		2.6
					56,366,200		3.2
			Energy: 1.5%
	1,298,000	#	Chesapeake Energy Corp., 5.500%, 09/15/26		1,411,575		0.1
	2,490,000	#	Ensco Jersey Finance Ltd., 3.000%, 01/31/24		2,546,025		0.2
	136,000	#	Petroleos Mexicanos, 6.500%, 03/13/27		140,454		0.0
	21,136,000		Other Securities		21,749,828		1.2
					25,847,882		1.5
			Financial: 5.1%
	440,000	#	Apollo Management Holdings L.P., 4.000%, 05/30/24		436,174		0.0
	1,117,000	#	Apollo Management Holdings L.P., 4.400%, 05/27/26		1,111,259		0.1
	927,000	#	Athene Global Funding, 2.875%, 10/23/18		926,718		0.1
	725,000	#	BBVA Bancomer SA/ Texas, 4.375%, 04/10/24		732,250		0.1
	4,217,000	#	Blackhawk Network Holdings, Inc., 1.500%, 01/15/22		4,343,510		0.3
	595,000		Citizens Financial Group, Inc., 2.375%, 07/28/21		583,572		0.0
	472,000	#	Credit Suisse AG, 6.500%, 08/08/23		503,303		0.0
	1,540,000	#	Farmers Exchange Capital III, 5.454%, 10/15/54		1,499,744		0.1
	4,179,000	#	Goldman Sachs Group, Inc., 1.000%, 09/28/20		5,364,917		0.3
	1,175,000		Goldman Sachs Group, Inc., 4.250%-5.250%, 07/27/21-10/21/25		1,222,532		0.1

See Accompanying Notes to Financial Statements
122

VY^® INVESCO SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			Financial (continued)
	465,000	#	HBOS PLC, 6.750%, 05/21/18	$	491,388		0.0
	670,000	#	Jackson National Life Global Funding, 2.100%, 10/25/21		653,618		0.0
	2,850,000		JPMorgan Chase & Co., 3.200%-5.300%, 06/15/26-12/29/49		2,877,600		0.2
	443,000	#	KKR Group Finance Co. III LLC, 5.125%, 06/01/44		418,418		0.0
	2,335,000	#	Liberty Mutual Group, Inc., 4.850%, 08/01/44		2,314,924		0.1
	1,300,000	#	MassMutual Global Funding II, 2.000%, 04/15/21		1,266,920		0.1
	3,250,000	#	MassMutual Global Funding II, 2.100%, 08/02/18		3,278,399		0.2
	2,360,000	#	Mizuho Financial Group Cayman 3 Ltd., 4.600%, 03/27/24		2,474,264		0.1
	4,015,000		Morgan Stanley, 2.375%-4.000%, 07/23/19-07/23/25		4,050,538		0.2
	1,515,000	#	Nationwide Financial Services, Inc., 5.300%, 11/18/44		1,580,574		0.1
	1,305,000	#	Nordea Bank AB, 2.250%, 05/27/21		1,284,196		0.1
	690,000	#	Reliance Standard Life Global Funding II, 3.050%, 01/20/21		695,325		0.0
	1,360,000	#	Societe Generale SA, 2.625%, 09/16/20		1,360,387		0.1
	805,000	#	Societe Generale SA, 5.000%, 01/17/24		817,757		0.0
	660,000	#	Spirit Realty L.P., 4.450%, 09/15/26		622,274		0.0
	985,000	#	Standard Chartered PLC, 3.050%, 01/15/21		985,146		0.1
	585,000	#	UBS Group Funding Jersey Ltd., 4.125%, 04/15/26		598,603		0.0
	47,012,000		Other Securities		48,549,645		2.7
					91,043,955		5.1
			Industrial: 0.8%
	1,105,000	#	Aviation Capital Group Corp., 2.875%, 09/17/18		1,120,193		0.0
	1,095,000	#	Aviation Capital Group Corp., 4.875%, 10/01/25		1,162,069		0.1
	435,000	#	BAE Systems Holdings, Inc., 2.850%, 12/15/20		435,693		0.0

Principal Amount†				Value		Percentage of Net Assets
	410,000	#	SMBC Aviation Capital Finance DAC, 2.650%, 07/15/21	$	394,754		0.0
	11,749,000		Other Securities		11,755,757		0.7
					14,868,466		0.8
			Technology: 2.3%
	6,052,000		Citrix Systems, Inc., 0.500%, 04/15/19		7,035,450		0.4
	910,000	#	Diamond 1 Finance Corp. / Diamond 2 Finance Corp., 5.450%, 06/15/23		965,569		0.0
	35,000	#	Diamond 1 Finance Corp. / Diamond 2 Finance Corp., 8.350%, 07/15/46		43,163		0.0
	29,951,000		Other Securities^(a)		33,327,671		1.9
					41,371,853		2.3
			Utilities: 0.1%
	150,000	#	Electricite de France SA, 4.600%, 01/27/20		159,113		0.0
	620,000	#	Electricite de France SA, 4.875%, 01/22/44		621,456		0.1
	350,000	#	Electricite de France SA, 5.625%, 12/29/49		332,938		0.0
	605,000		Other Securities		599,382		0.0
					1,712,889		0.1
			Total Corporate Bonds/Notes (Cost $305,758,125)		313,555,796		17.7
MUNICIPAL BONDS: 0.1%
			Georgia: 0.1%
	500,000		Other Securities		609,856		0.1
			Total Municipal Bonds (Cost $503,958)		609,856		0.1
U.S. TREASURY OBLIGATIONS: 9.4%
			U.S. Treasury Bonds: 0.7%
	14,368,200	L	2.000%-2.250%, due 11/15/26-08/15/46		12,316,811		0.7
			U.S. Treasury Notes: 8.7%
	57,470,000	L	1.000%, due 11/30/18		57,280,809		3.2
	57,650,000		1.375%, due 12/15/19		57,485,352		3.3
	36,360,000	L	1.750%, due 11/30/21		36,057,557		2.0
	4,029,000		2.125%-2.625%, due 11/15/20-11/30/23		4,005,209		0.2
					154,828,927		8.7
			Total U.S. Treasury Obligations (Cost $167,422,730)		167,145,738		9.4

See Accompanying Notes to Financial Statements
123

VY^® INVESCO SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.2%
			Federal Home Loan Mortgage Corporation^##: 0.1%
	2,400,000		Other Securities	$	2,527,848		0.1
			Federal National Mortgage Association^##: 0.1%
	915,000		Other Securities		1,272,433		0.1
			Total U.S. Government Agency Obligations (Cost $3,478,972)		3,800,281		0.2
			Total Long-Term Investments (Cost $1,477,530,157)		1,649,050,314		93.0
SHORT-TERM INVESTMENTS: 13.8%
			Corporate Bonds/Notes: 3.1%
	1,455,000		Actavis Funding SCS, 1.850%, 03/01/17		1,456,470		0.1
	400,000		Bank of America Corp., 5.750%, 12/01/17		414,406		0.0
	365,000		British Telecommunications PLC, 1.250%, 02/14/17		365,028		0.0
	3,000,000		Caterpillar Financial Services Corp., 1.750%, 03/24/17		3,004,980		0.2
	775,000		Cintas Corp. No 2, 6.125%, 12/01/17		806,677		0.0
	3,260,000		Eaton Corp., 1.500%, 11/02/17		3,263,192		0.2
	1,845,000		Ford Motor Credit Co. LLC, 1.724%, 12/06/17		1,843,906		0.1
	3,900,000		GlaxoSmithKline Capital PLC, 1.500%, 05/08/17		3,905,869		0.2
	4,011,000	#	Goldman Sachs Group, Inc., 1.000%, 03/15/17		7,169,983		0.4
	3,490,000		Intel Corp., 1.350%, 12/15/17		3,495,507		0.2
	285,000		Interpublic Group of Cos., Inc., 2.250%, 11/15/17		286,814		0.0
	2,000,000		Kellogg Co., 1.750%, 05/17/17		2,004,828		0.1
	1,644,000		Kraft Heinz Foods Co., 1.600%, 06/30/17		1,645,478		0.1
	1,040,000		Kraft Heinz Foods Co., 2.250%, 06/05/17		1,043,398		0.1
	510,000	#	Macquarie Bank Ltd., 5.000%, 02/22/17		512,562		0.0
	3,060,000		MGIC Investment Corp., 5.000%, 05/01/17		3,130,762		0.2
	3,250,000		National Rural Utilities Cooperative Finance Corp., 0.950%, 04/24/17		3,247,579		0.2
	3,930,000	#	New York Life Global Funding, 1.650%, 05/15/17		3,939,546		0.2

Principal Amount†				Value		Percentage of Net Assets
	130,000		Noble Holding International Ltd., 2.500%, 03/15/17	$	130,162		0.0
	328,000		Philip Morris International, Inc., 1.250%, 08/11/17		328,239		0.0
	1,835,000		Philip Morris International, Inc., 1.625%, 03/20/17		1,835,081		0.1
	1,995,000		Prudential Financial, Inc., 6.000%, 12/01/17		2,073,036		0.1
	1,744,000		Radian Group, Inc., 3.000%, 11/15/17		2,674,860		0.2
	3,630,000	#	Roche Holdings, Inc., 1.350%, 09/29/17		3,636,538		0.2
	3,245,000		Vodafone Group PLC, 1.625%, 03/20/17		3,245,808		0.2
	135,000		Wyndham Worldwide Corp., 2.950%, 03/01/17		135,138		0.0
					55,595,847		3.1
			Securities Lending Collateral^cc: 6.7%
	28,065,094		Citigroup, Inc., Repurchase Agreement dated 12/30/16, 0.53%, due 01/03/17 (Repurchase Amount $28,066,724, collateralized by various U.S. Government Agency Obligations, 2.000%-8.500%, Market Value plus accrued interest $28,626,396, due 12/01/17-01/01/47)		28,065,094		1.6
	5,906,573		Merrill Lynch & Co., Inc., Repurchase Agreement dated 12/30/16, 0.50%, due 01/03/17 (Repurchase Amount $5,906,897, collateralized by various U.S. Government Securities, 0.685%-2.000%, Market Value plus accrued interest $6,024,705, due 10/31/18-11/30/22)		5,906,573		0.3

See Accompanying Notes to Financial Statements
124

VY^® INVESCO SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Principal Amount†			Value		Percentage of Net Assets
		Securities Lending Collateral^cc (continued)
	28,065,094	Nomura Securities, Repurchase Agreement dated 12/30/16, 0.50%, due 01/03/17 (Repurchase Amount $28,066,632, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $28,626,397, due 01/15/17-08/20/66)	$	28,065,094		1.6
	28,065,094	RBC Dominion Securities Inc., Repurchase Agreement dated 12/30/16, 0.52%, due 01/03/17 (Repurchase Amount $28,066,693, collateralized by various U.S. Government Agency Obligations, 0.875%-7.000%, Market Value plus accrued interest $28,626,396, due 02/13/17-01/01/47)		28,065,094		1.6
	28,065,094	State of Wisconsin Investment Board, Repurchase Agreement dated 12/30/16, 0.65%, due 01/03/17 (Repurchase Amount $28,067,093, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $28,778,201, due 04/15/18-02/15/46)		28,065,094		1.6
				118,166,949		6.7
		U.S. Treasury Notes: 0.0%
	120,000	United States Treasury Note, 0.875%, 04/30/17 (Cost $120,056)		120,143		0.0

Value

Percentage
of Net
Assets

Mutual Funds: 4.0%

71,747,761

BlackRock Liquidity
Funds, FedFund,
Institutional Class,
0.420%††
(Cost $71,747,761)

71,747,761

4.0

Total Short-Term
Investments
(Cost $242,031,419)

245,630,700

13.8

Total Investments in
Securities
(Cost $1,719,561,576)

1,894,681,014

106.8

Liabilities in Excess of
Other Assets

(121,134,858

)

(6.8

)

Net Assets

1,773,546,156

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, 2016.

# 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.

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, 2016.

(a) This grouping contains securities on loan.

Cost for federal income tax purposes is $1,726,884,535.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	212,681,882
Gross Unrealized Depreciation		(44,885,403	)
Net Unrealized Appreciation	$	167,796,479

See Accompanying Notes to Financial Statements
125

VY^® INVESCO SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	84,065,076	$	8,693,550	$	—	$	92,758,626
Consumer Staples		48,821,020		—		—		48,821,020
Energy		126,085,500		39,568,280		—		165,653,780
Financials		399,190,955		—		—		399,190,955
Health Care		103,162,170		24,647,304		—		127,809,474
Industrials		89,984,132		—		—		89,984,132
Information Technology		150,544,044		—		—		150,544,044
Materials		25,598,802		8,931,565		—		34,530,367
Telecommunication Services		17,867,155		2,735,377		—		20,602,532
Utilities		15,011,602		—		—		15,011,602
Total Common Stock		1,060,330,456		84,576,076		—		1,144,906,532
Preferred Stock		100,960		18,931,151		—		19,032,111
Corporate Bonds/Notes		—		313,555,796		—		313,555,796
Municipal Bonds		—		609,856		—		609,856
Short-Term Investments		71,747,761		173,882,939		—		245,630,700
U.S. Treasury Obligations		—		167,145,738		—		167,145,738
U.S. Government Agency Obligations		—		3,800,281		—		3,800,281
Total Investments, at fair value	$	1,132,179,177	$	762,501,837	$	—	$	1,894,681,014
Other Financial Instruments+
Forward Foreign Currency Contracts		—		1,883,232		—		1,883,232
Total Assets	$	1,132,179,177	$	764,385,069	$	—	$	1,896,564,246

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

At December 31, 2016, 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 Mellon	British Pound		12,423,966	Sell	01/20/17	$	15,779,431	$	15,318,986	$	460,445
The Bank of New York Mellon	EU Euro		10,449,187	Sell	01/20/17		11,142,699		11,009,628		133,071
The Bank of New York Mellon	Canadian Dollar		9,764,121	Sell	01/20/17		7,445,684		7,273,842		171,842
The Bank of New York Mellon	Swiss Franc		4,662,406	Sell	01/20/17		4,623,293		4,584,516		38,777
The Bank of New York Mellon	Australian Dollar		4,923,058	Sell	01/20/17		3,689,782		3,551,078		138,704
State Street Bank and Trust Co.	Australian Dollar		4,918,438	Sell	01/20/17		3,687,303		3,547,745		139,558
State Street Bank and Trust Co.	Canadian Dollar		9,765,993	Sell	01/20/17		7,445,692		7,275,236		170,456
State Street Bank and Trust Co.	EU Euro		10,463,046	Sell	01/20/17		11,158,001		11,024,230		133,771
State Street Bank and Trust Co.	British Pound		12,425,737	Sell	01/20/17		15,780,376		15,321,170		459,206
State Street Bank and Trust Co.	Swiss Franc		4,659,646	Sell	01/20/17		4,619,205		4,581,803		37,402
										$	1,883,232

See Accompanying Notes to Financial Statements
126

VY^® INVESCO SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO AS OF DECEMBER 31, 2016 (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, 2016 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	1,883,232
Total Asset Derivatives		$	1,883,232

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2016 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	$	6,297,911
Total	$	6,297,911
	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	$	913,016
Total	$	913,016

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, 2016:

	State Street Bank and Trust Co.		The Bank of New York Mellon		Totals
Assets:
Forward foreign currency contracts	$	940,393	$	942,839	$	1,883,232
Total Assets	$	940,393	$	942,839	$	1,883,232
Net OTC derivative instruments by counterparty, at fair value	$	940,393	$	942,839	$	1,883,232
Total collateral pledged by the Portfolio/(Received from counterparty)	$	—	$	—	$	—
Net Exposure⁽¹⁾	$	940,393	$	942,839	$	1,883,232

See Accompanying Notes to Financial Statements
127

VY^® JPMORGAN SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2016

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.0%
			Consumer Discretionary: 17.2%
	7,580	@	Autozone, Inc.	$	5,986,608		1.0
	113,630	@	Dish Network Corp. - Class A		6,582,586		1.1
	72,040		Expedia, Inc.		8,160,691		1.4
	294,690		Hilton Worldwide Holdings, Inc.		8,015,568		1.3
	127,050		Kohl's Corp.		6,273,729		1.0
	53,040	@	Mohawk Industries, Inc.		10,591,027		1.7
	174,376		Newell Brands, Inc.		7,785,888		1.3
	78,850	L	Tiffany & Co.		6,105,356		1.0
	974,395		Other Securities^(a)		45,087,503		7.4
					104,588,956		17.2
			Consumer Staples: 6.4%
	80,690		Dr Pepper Snapple Group, Inc.		7,316,162		1.2
	235,700		Kroger Co.		8,134,007		1.3
	715,166		Other Securities		23,583,286		3.9
					39,033,455		6.4
			Energy: 3.3%
	189,890		EQT Corp.		12,418,806		2.0
	203,280	L	PBF Energy, Inc.		5,667,446		1.0
	177,300		Other Securities		1,918,386		0.3
					20,004,638		3.3
			Financials: 22.6%
	215,250		Citizens Financial Group, Inc.		7,669,357		1.3
	337,790		Fifth Third Bancorp		9,110,196		1.5
	71,090		First Republic Bank		6,550,233		1.1
	166,990		Hartford Financial Services Group, Inc.		7,957,073		1.3
	197,400		Invesco Ltd.		5,989,116		1.0
	253,070		Loews Corp.		11,851,268		1.9
	67,973		M&T Bank Corp.		10,633,016		1.7
	101,450		Marsh & McLennan Cos., Inc.		6,857,006		1.1
	76,530		Northern Trust Corp.		6,814,997		1.1
	83,860		Raymond James Financial, Inc.		5,808,982		0.9
	160,600		SunTrust Banks, Inc.		8,808,910		1.4
	93,710		T. Rowe Price Group, Inc.		7,052,615		1.2
	189,110		XL Group Ltd.		7,046,239		1.2
	1,107,311		Other Securities		35,675,835		5.9
					137,824,843		22.6
			Health Care: 4.4%
	33,960		Humana, Inc.		6,928,859		1.1
	179,470		Other Securities		19,842,591		3.3
					26,771,450		4.4

Shares				Value		Percentage of Net Assets
			Industrials: 8.7%
	134,810		Ametek, Inc.	$	6,551,766		1.1
	65,820		Carlisle Cos., Inc.		7,259,288		1.2
	55,960		Hubbell, Inc.		6,530,532		1.1
	74,390		IDEX Corp.		6,699,564		1.1
	67,560		MSC Industrial Direct Co.		6,241,868		1.0
	44,401		Snap-On, Inc.		7,604,559		1.2
	323,876		Other Securities		11,879,063		2.0
					52,766,640		8.7
			Information Technology: 9.8%
	109,120		Amphenol Corp.		7,332,864		1.2
	120,210	@	Arrow Electronics, Inc.		8,570,973		1.4
	111,730		CDW Corp.		5,820,016		0.9
	87,686		Jack Henry & Associates, Inc.		7,784,763		1.3
	160,720	@	Keysight Technologies, Inc.		5,877,531		1.0
	140,020	@	Synopsys, Inc.		8,241,577		1.3
	384,736		Other Securities^(a)		16,326,747		2.7
					59,954,471		9.8
			Materials: 4.1%
	97,370		Ball Corp.		7,309,566		1.2
	167,970		WestRock Co.		8,527,837		1.4
	124,315		Other Securities		9,403,930		1.5
					25,241,333		4.1
			Real Estate: 10.2%
	34,130		AvalonBay Communities, Inc.		6,046,129		1.0
	45,070		Boston Properties, Inc.		5,668,905		0.9
	68,276		Vornado Realty Trust		7,125,966		1.2
	1,369,132		Other Securities		43,156,347		7.1
					61,997,347		10.2
			Utilities: 11.3%
	252,800		Centerpoint Energy, Inc.		6,228,992		1.0
	183,480		CMS Energy Corp.		7,636,438		1.3
	112,040		Edison International		8,065,760		1.3
	240,444	@	Energen Corp.		13,866,405		2.3
	109,270		National Fuel Gas Co.		6,189,053		1.0
	72,550		Sempra Energy		7,301,432		1.2
	127,580		WEC Energy Group, Inc.		7,482,567		1.2
	205,330		Xcel Energy, Inc.		8,356,931		1.4
	66,420		Other Securities		3,742,767		0.6
					68,870,345		11.3
			Total Common Stock (Cost $460,622,506)		597,053,478		98.0

See Accompanying Notes to Financial Statements
128

VY^® JPMORGAN SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.1%
		Securities Lending Collateral^cc: 1.9%
	2,771,401	Bank of Nova Scotia, Repurchase Agreement dated 12/30/16, 0.51%, due 01/03/17 (Repurchase Amount $2,771,556, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%-4.000%, Market Value plus accrued interest $2,826,990, due 12/31/17-10/20/46)	$	2,771,401		0.5
	2,771,401	Cantor Fitzgerald, Repurchase Agreement dated 12/30/16, 0.50%, due 01/03/17 (Repurchase Amount $2,771,553, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $2,826,829, due 01/25/17-10/20/66)		2,771,401		0.4
	2,771,401	Daiwa Capital Markets, Repurchase Agreement dated 12/30/16, 0.52%, due 01/03/17 (Repurchase Amount $2,771,559, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $2,826,829, due 03/02/17-02/01/49)		2,771,401		0.4
	583,285	Merrill Lynch & Co., Inc., Repurchase Agreement dated 12/30/16, 0.50%, due 01/03/17 (Repurchase Amount $583,317, collateralized by various U.S. Government Securities, 0.685%-2.000%, Market Value plus accrued interest $594,951, due 10/31/18-11/30/22)		583,285		0.1

Principal
Amount†

Value

Percentage
of Net
Assets

2,771,401

Nomura Securities,
Repurchase Agreement
dated 12/30/16, 0.50%,
due 01/03/17
(Repurchase Amount
$2,771,553,
collateralized by various
U.S. Government/U.S.
Government Agency
Obligations,
0.000%-9.500%,
Market Value plus
accrued interest
$2,826,829,
due 01/15/17-08/20/66)

2,771,401

0.5

11,668,889

1.9

Value

Percentage
of Net
Assets

Mutual Funds: 2.2%

13,568,320

BlackRock Liquidity Funds,
FedFund, Institutional
Class, 0.420%††
(Cost $13,568,320)

13,568,320

2.2

Total Short-Term
Investments
(Cost $25,237,209)

25,237,209

4.1

Total Investments in
Securities
(Cost $485,859,715)

622,290,687

102.1

Liabilities in Excess of
Other Assets

(12,861,133

)

(2.1

)

Net Assets

609,429,554

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, 2016.

@ 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, 2016.

(a) This grouping contains securities on loan.

Cost for federal income tax purposes is $487,727,050.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	152,270,460
Gross Unrealized Depreciation		(17,706,823	)
Net Unrealized Appreciation	$	134,563,637

See Accompanying Notes to Financial Statements
129

VY^® JPMORGAN SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP VALUE PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Common Stock*	$	597,053,478	$	—	$	—	$	597,053,478
Short-Term Investments		13,568,320		11,668,889		—		25,237,209
Total Investments, at fair value	$	610,621,798	$	11,668,889	$	—	$	622,290,687

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

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

See Accompanying Notes to Financial Statements
130

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® OPPENHEIMER GLOBAL PORTFOLIO AS OF DECEMBER 31, 2016

Shares				Value		Percentage of Net Assets
COMMON STOCK: 96.7%
			China: 1.3%
	674,995	@,L	JD.com, Inc. ADR	$	17,171,873		1.3
			Denmark: 0.4%
	123,320		Other Securities^(a)		5,113,398		0.4
			France: 6.5%
	176,998		LVMH Moet Hennessy Louis Vuitton SE		33,748,611		2.5
	103,880		Kering		23,300,744		1.7
	366,460		Societe Generale		18,025,061		1.3
	189,437		Technip S.A.		13,493,979		1.0
					88,568,395		6.5
			Germany: 7.2%
	146,838		Allianz SE		24,233,914		1.7
	180,764		Bayer AG		18,832,683		1.4
	81,976		Linde AG		13,447,198		1.0
	374,830		SAP SE		32,424,793		2.4
	77,987		Other Securities		9,548,757		0.7
					98,487,345		7.2
			India: 3.4%
	11,081,846		DLF Ltd.		18,136,563		1.4
	2,374,040		ICICI Bank Ltd. ADR		17,781,560		1.3
	1,494,555		Other Securities		9,948,123		0.7
					45,866,246		3.4
			Italy: 1.2%
	566,046		Other Securities^(a)		16,155,679		1.2
			Japan: 14.2%
	1,213,400		Dai-ichi Life Holdings, Inc.		20,174,574		1.5
	807,100		KDDI Corp.		20,381,679		1.5
	39,751		Keyence Corp.		27,199,605		2.0
	359,200		Kyocera Corp.		17,809,328		1.3
	268,700		Murata Manufacturing Co., Ltd.		35,881,315		2.6
	321,700		Nidec Corp.		27,695,371		2.0
	301,600		Sumitomo Mitsui Financial Group, Inc.		11,485,825		0.8
	305,400		Suzuki Motor Corp.		10,722,251		0.8
	173,100		Other Securities		22,445,719		1.7
					193,795,667		14.2
			Netherlands: 2.7%
	553,853		Airbus Group SE		36,581,394		2.7
			Spain: 2.7%
	847,575		Industria de Diseno Textil SA		28,873,561		2.1

Shares				Value		Percentage of Net Assets
	1,168,262		Other Securities	$	7,872,858		0.6
					36,746,419		2.7
			Sweden: 1.4%
	1,037,339		Assa Abloy AB		19,194,539		1.4
			Switzerland: 4.3%
	166,236		Nestle S.A.		11,908,746		0.9
	52,719		Roche Holding AG		12,017,431		0.9
	1,851,086		UBS Group AG		28,942,583		2.1
	380,537		Other Securities		5,438,267		0.4
					58,307,027		4.3
			United Kingdom: 5.9%
	444,927		International Game Technology PLC		11,354,537		0.8
	1,265,166		Prudential PLC		25,249,674		1.9
	575,775		Unilever PLC		23,284,402		1.7
	11,653,666		Other Securities^(a)		20,325,562		1.5
					80,214,175		5.9
			United States: 45.5%
	128,360		3M Co.		22,921,245		1.7
	225,053	@	Adobe Systems, Inc.		23,169,206		1.7
	321,710		Aetna, Inc.		39,895,257		2.9
	44,940	@	Alphabet, Inc. - Class A		35,612,703		2.6
	46,607	@	Alphabet, Inc. - Class C		35,972,215		2.6
	167,240		Anthem, Inc.		24,044,095		1.8
	54,130	@	Biogen, Inc.		15,350,185		1.1
	688,420		Citigroup, Inc.		40,912,801		3.0
	502,140		Colgate-Palmolive Co.		32,860,042		2.4
	244,740	@	Facebook, Inc.		28,157,337		2.1
	341,370		FNF Group		11,592,925		0.9
	196,530		Gilead Sciences, Inc.		14,073,513		1.0
	110,630		Goldman Sachs Group, Inc.		26,490,354		2.0
	274,980		Intuit, Inc.		31,515,458		2.3
	219,560	@,L	Ionis Pharmaceuticals, Inc.		10,501,555		0.8
	704,620		Maxim Integrated Products		27,177,193		2.0
	317,290	@	PayPal Holdings, Inc.		12,523,436		0.9
	390,540		S&P Global, Inc.		41,998,672		3.1
	234,000	L	Tiffany & Co.		18,118,620		1.3
	154,700		United Parcel Service, Inc. - Class B		17,734,808		1.3
	275,380		Walt Disney Co.		28,700,104		2.1
	168,310		Zimmer Biomet Holdings, Inc.		17,369,592		1.3
	1,869,860		Other Securities^(a)		62,091,924		4.6
					618,783,240		45.5
			Total Common Stock (Cost $794,926,725)		1,314,985,397		96.7

See Accompanying Notes to Financial Statements
131

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® OPPENHEIMER GLOBAL PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Value

Percentage
of Net
Assets

PREFERRED STOCK: 1.9%

Germany: 1.9%

334,794

Bayerische Motoren
Werke AG

25,568,342

1.9

India: 0.0%

5,080,989

Other Securities

732,914

0.0

Total Preferred Stock
(Cost $12,716,306)

26,301,256

1.9

Total Long-Term
Investments
(Cost $807,643,031)

1,341,286,653

98.6

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 5.8%

Securities Lending Collateral^cc: 4.5%

3,087,985

Bank of Nova Scotia,
Repurchase
Agreement dated
12/30/16, 0.51%, due
01/03/17 (Repurchase
Amount $3,088,158,
collateralized by
various U.S.
Government/U.S.
Government Agency
Obligations,
1.000%-4.000%,
Market Value plus
accrued interest
$3,149,924, due
12/31/17-10/20/46)

3,087,985

0.2

14,671,056

Cantor Fitzgerald,
Repurchase
Agreement dated
12/30/16, 0.50%, due
01/03/17 (Repurchase
Amount $14,671,860,
collateralized by
various U.S.
Government/U.S.
Government Agency
Obligations,
0.000%-10.000%,
Market Value plus
accrued interest
$14,964,477, due
01/25/17-10/20/66)

14,671,056

1.0

Principal Amount†			Value		Percentage of Net Assets
	14,671,056	Daiwa Capital Markets, Repurchase Agreement dated 12/30/16, 0.52%, due 01/03/17 (Repurchase Amount $14,671,892, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $14,964,477, due 03/02/17-02/01/49)	$	14,671,056		1.1
	14,671,056	Nomura Securities, Repurchase Agreement dated 12/30/16, 0.50%, due 01/03/17 (Repurchase Amount $14,671,860, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $14,964,478, due 01/15/17-08/20/66)		14,671,056		1.1
	14,671,056	State of Wisconsin Investment Board, Repurchase Agreement dated 12/30/16, 0.65%, due 01/03/17 (Repurchase Amount $14,672,101, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $15,043,833, due 04/15/18-02/15/46)		14,671,056		1.1
				61,772,209		4.5

See Accompanying Notes to Financial Statements
132

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® OPPENHEIMER GLOBAL PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Value

Percentage
of Net
Assets

Mutual Funds: 1.3%

17,378,495

BlackRock Liquidity
Funds, FedFund,
Institutional Class,
0.420%††
(Cost $17,378,495)

17,378,495

1.3

Total Short-Term
Investments
(Cost $79,150,704)

79,150,704

5.8

Total Investments
in Securities
(Cost $886,793,735)

1,420,437,357

104.4

Liabilities in Excess of
Other Assets

(60,467,594

)

(4.4

)

Net Assets

1,359,969,763

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, 2016.

@ 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, 2016.

(a) This grouping contains securities on loan.

Cost for federal income tax purposes is $894,308,904.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	565,017,363
Gross Unrealized Depreciation		(38,888,910	)
Net Unrealized Appreciation	$	526,128,453
Sector Diversification	Percentage of Net Assets
Information Technology		24.3	%
Financials		20.6
Consumer Discretionary		15.9
Health Care		14.7
Industrials		12.4
Consumer Staples		5.4
Telecommunication Services		1.5
Materials		1.4
Real Estate		1.4
Energy		1.0
Short-Term Investments		5.8
Liabilities in Excess of Other Assets		(4.4	)
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, 2016 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, 2016
Asset Table
Investments, at fair value
Common Stock
China	$	17,171,873	$	—	$	—	$	17,171,873
Denmark		—		5,113,398		—		5,113,398
France		—		88,568,395		—		88,568,395
Germany		—		98,487,345		—		98,487,345
India		17,781,560		28,084,686		—		45,866,246
Italy		9,850,878		6,304,801		—		16,155,679
Japan		—		193,795,667		—		193,795,667
Netherlands		—		36,581,394		—		36,581,394
Spain		—		36,746,419		—		36,746,419
Sweden		—		19,194,539		—		19,194,539
Switzerland		—		58,307,027		—		58,307,027
United Kingdom		16,509,121		63,705,054		—		80,214,175
United States		618,783,240		—		—		618,783,240
Total Common Stock		680,096,672		634,888,725		—		1,314,985,397
Preferred Stock		732,914		25,568,342		—		26,301,256
Short-Term Investments		17,378,495		61,772,209		—		79,150,704
Total Investments, at fair value	$	698,208,081	$	722,229,276	$	—	$	1,420,437,357

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

See Accompanying Notes to Financial Statements
133

VY^® PIONEER SUMMARY PORTFOLIO OF INVESTMENTS
HIGH YIELD PORTFOLIO AS OF DECEMBER 31, 2016

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 85.4%
			Basic Materials: 2.3%
	300,000	#	Ausdrill Finance Pty Ltd., 6.875%, 11/01/19	$	300,000		0.3
	100,000	#	CVR Partners L.P. / CVR Nitrogen Finance Corp., 9.250%, 06/15/23		103,375		0.1
	530,000		Freeport-McMoRan, Inc., 3.550%, 03/01/22		495,550		0.5
	75,000	#	HudBay Minerals, Inc., 7.250%, 01/15/23		77,813		0.1
	100,000	#	HudBay Minerals, Inc., 7.625%, 01/15/25		104,188		0.1
	200,000	#	INEOS Group Holdings SA, 5.875%, 02/15/19		204,600		0.2
	35,000	#	Teck Resources Ltd., 8.000%, 06/01/21		38,588		0.0
	35,000	#	Teck Resources Ltd., 8.500%, 06/01/24		40,425		0.1
	145,000	#	Tronox Finance LLC, 7.500%, 03/15/22		135,937		0.1
	80,000	#	United States Steel Corp., 8.375%, 07/01/21		88,642		0.1
	810,000		Other Securities		756,800		0.7
					2,345,918		2.3
			Communications: 14.4%
	200,000	#	Altice Financing SA, 6.625%, 02/15/23		206,000		0.2
	200,000	#	Altice US Finance I Corp., 5.375%, 07/15/23		208,250		0.2
	200,000	#	CCO Holdings LLC / CCO Holdings Capital Corp., 5.500%, 05/01/26		204,500		0.2
	310,000	#	CCO Holdings LLC / CCO Holdings Capital Corp., 5.750%, 02/15/26		321,625		0.3
	580,000		CenturyLink, Inc., 6.450%, 06/15/21		613,350		0.6
	120,000	#	CommScope, Inc., 5.000%, 06/15/21		124,050		0.1
	200,000	#	CSC Holdings LLC, 5.500%, 04/15/27		203,000		0.2
	125,000	#	Ctrip.com International Ltd., 1.250%, 09/15/22		120,937		0.1
	260,000	#	DISH Network Corp., 3.375%, 08/15/26		297,212		0.3
	555,000		Frontier Communications Corp., 8.750%, 04/15/22		552,225		0.6

Principal Amount†				Value		Percentage of Net Assets
	613,000		Frontier Communications Corp., 8.500%-10.500%, 04/15/20-09/15/22	$	647,353		0.6
	250,000	#	Gray Television, Inc., 5.125%, 10/15/24		242,500		0.2
	280,000	#	Gray Television, Inc., 5.875%, 07/15/26		278,600		0.3
	415,000	#	Hughes Satellite Systems Corp., 5.250%, 08/01/26		407,737		0.4
	690,000	#	Level 3 Financing, Inc., 5.250%, 03/15/26		684,825		0.7
	447,750		McGraw-Hill Global Education Holdings, LLC, 5.000%, 05/04/22		448,701		0.4
	195,000	#	MDC Partners, Inc., 6.500%, 05/01/24		176,475		0.2
	550,000	#	Netflix, Inc., 4.375%, 11/15/26		534,188		0.5
	245,000	#	Nexstar Escrow Corp., 5.625%, 08/01/24		243,775		0.2
	200,000	#	SFR Group SA, 6.000%, 05/15/22		206,000		0.2
	480,000		Shutterfly, Inc., 0.250%, 05/15/18		488,100		0.5
	425,000	#	Sinclair Television Group, Inc., 5.125%, 02/15/27		405,875		0.4
	170,000	#	Sirius XM Radio, Inc., 4.625%, 05/15/23		168,938		0.2
	1,760,000		Sprint Corp., 7.250%, 09/15/21		1,874,400		1.8
	425,000		TEGNA, Inc., 6.375%, 10/15/23		451,307		0.4
	450,000		T-Mobile USA, Inc., 6.500%, 01/15/26		487,688		0.5
	550,000		T-Mobile USA, Inc., 6.000%-6.633%, 04/28/21-04/15/24		581,575		0.5
	160,000	#	Univision Communications, Inc., 5.125%, 02/15/25		153,600		0.1
	440,000	#	Videotron Ltd., 5.375%, 06/15/24		453,200		0.4
	105,000	#	WebMD Health Corp., 2.625%, 06/15/23		98,963		0.1
	935,000		Windstream Services LLC, 6.375%-7.750%, 10/15/20-08/01/23		897,763		0.9
	150,000	#	Zillow Group, Inc., 2.000%, 12/01/21		154,781		0.2
	1,933,349		Other Securities		2,018,241		1.9
					14,955,734		14.4

See Accompanying Notes to Financial Statements
134

VY^® PIONEER SUMMARY PORTFOLIO OF INVESTMENTS
HIGH YIELD PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			Consumer, Cyclical: 12.0%
	130,000	#	AdvancePierre Foods Holdings, Inc., 5.500%, 12/15/24	$	131,544		0.1
	190,000	#	AMC Entertainment Holdings, Inc., 5.875%, 11/15/26		194,750		0.2
	70,000	#	Beazer Homes USA, Inc., 8.750%, 03/15/22		75,775		0.1
	230,000	#	Cooper-Standard Automotive, Inc., 5.625%, 11/15/26		227,987		0.2
	610,000		Global Partners L.P. / GLP Finance Corp., 6.250%-7.000%, 07/15/22-06/15/23		589,326		0.6
	165,000	#	Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.125%, 12/01/24		172,219		0.2
	205,000	#,&	IHO Verwaltungs GmbH, 4.125%, 09/15/21		207,563		0.2
	185,000	#	International Automotive Components Group SA, 9.125%, 06/01/18		179,450		0.2
	175,000	#	Intrepid Aviation Group Holdings LLC / Intrepid Finance Co., 6.875%, 02/15/19		157,500		0.1
	310,000	#	JB Poindexter & Co., Inc., 9.000%, 04/01/22		327,050		0.3
	400,000		KB Home, 7.000%, 12/15/21		424,000		0.4
	655,000		KB Home, 1.375%-7.500%, 02/01/19-09/15/22		660,731		0.6
	205,000	#	KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.000%, 06/01/24		209,869		0.2
	205,000	#	KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.250%, 06/01/26		208,587		0.2
	250,000	#	Landry's, Inc., 6.750%, 10/15/24		254,375		0.2
	250,000		Lennar Corp., 4.500%, 06/15/19		259,375		0.2
	465,000		Lennar Corp., 4.750%, 11/15/22		478,950		0.5
	200,000	#	Nexteer Automotive Group Ltd., 5.875%, 11/15/21		208,500		0.2
	230,000	#	PetSmart, Inc., 7.125%, 03/15/23		235,175		0.2
	264,000	#	Rexel SA, 5.250%, 06/15/20		272,085		0.3

Principal Amount†				Value		Percentage of Net Assets
	150,000		Scientific Games International, Inc., 6.250%, 09/01/20	$	128,250		0.1
	990,000		Scientific Games International, Inc., 10.000%, 12/01/22		990,000		1.0
	365,000	#	Taylor Morrison Communities, Inc. / Monarch Communities, Inc., 5.625%, 03/01/24		370,475		0.4
	360,000	#	TI Group Automotive Systems LLC, 8.750%, 07/15/23		378,000		0.4
	350,000	#	Viking Cruises Ltd., 8.500%, 10/15/22		364,438		0.3
	160,000	#	ZF North America Capital, Inc., 4.750%, 04/29/25		163,400		0.2
	4,562,075		Other Securities		4,615,167		4.4
					12,484,541		12.0
			Consumer, Non-cyclical: 16.1%
	545,000		Alliance One International, Inc., 9.875%, 07/15/21		469,381		0.4
	80,000	#	Alliance One International, Inc., 8.500%, 04/15/21		81,400		0.1
	215,000	#	C&S Group Enterprises LLC, 5.375%, 07/15/22		208,550		0.2
	225,000	#	Cenveo Corp., 6.000%, 08/01/19		201,937		0.2
	145,000		CHS/Community Health Systems, Inc., 6.875%, 02/01/22		101,500		0.1
	870,000		CHS/Community Health Systems, Inc., 8.000%, 11/15/19		726,450		0.7
	375,000	#	Cimpress NV, 7.000%, 04/01/22		384,375		0.4
	500,000		Constellation Brands, Inc., 3.750%-4.250%, 05/01/21-05/01/23		519,390		0.5
	305,000	#	Constellis Holdings LLC / Constellis Finance Corp., 9.750%, 05/15/20		314,150		0.3
	310,000	#	Dole Food Co., Inc., 7.250%, 05/01/19		316,975		0.3
	406,000	#	DPx Holdings BV, 7.500%, 02/01/22		429,853		0.4
	315,000	#	Endo Finance Co., 5.750%, 01/15/22		281,925		0.3
	140,000	#	Endo Finance LLC & Endo Finco, Inc., 5.375%, 01/15/23		119,700		0.1

See Accompanying Notes to Financial Statements
135

VY^® PIONEER SUMMARY PORTFOLIO OF INVESTMENTS
HIGH YIELD PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			Consumer, Non-cyclical (continued)
	200,000	#	Endo Finance LLC / Endo Ltd. / Endo Finco, Inc., 6.000%, 07/15/23	$	176,500		0.2
	200,000	#	Endo Ltd / Endo Finance LLC / Endo Finco, Inc., 6.500%, 02/01/25		167,500		0.1
	200,000	#	FAGE International SA/ FAGE USA Dairy Industry, Inc., 5.625%, 08/15/26		201,000		0.2
	600,000		HCA, Inc., 5.250%, 06/15/26		621,750		0.6
	35,000	#	Horizon Pharma, Inc. / Horizon Pharma USA, Inc., 8.750%, 11/01/24		35,613		0.0
	295,000	#	Insulet Corp., 1.250%, 09/15/21		274,719		0.3
	495,000		Kindred Healthcare, Inc., 6.375%-8.000%, 01/15/20-04/15/22		468,544		0.4
	80,000	#	Lamb Weston Holdings, Inc., 4.625%, 11/01/24		80,400		0.1
	80,000	#	Lamb Weston Holdings, Inc., 4.875%, 11/01/26		79,350		0.0
	90,000	#	Medicines Co., 2.750%, 07/15/23		87,019		0.1
	345,000	#	NuVasive, Inc., 2.250%, 03/15/21		439,659		0.4
	325,000	#	Post Holdings, Inc., 5.000%, 08/15/26		312,000		0.3
	260,000	#	Post Holdings, Inc., 6.000%, 12/15/22		272,675		0.3
	100,000	#	Post Holdings, Inc., 6.750%, 12/01/21		107,000		0.1
	100,000	#	Post Holdings, Inc., 7.750%, 03/15/24		111,500		0.1
	510,000	#	RegionalCare Hospital Partners Holdings, Inc., 8.250%, 05/01/23		511,275		0.5
	500,000	#	Sothebys, 5.250%, 10/01/22		493,750		0.5
	85,000	#	Tenet Healthcare Corp., 7.500%, 01/01/22		88,825		0.1
	525,000		United Rentals North America, Inc., 5.750%, 11/15/24		553,875		0.5
	1,225,000	#	VRX Escrow Corp., 5.875%, 05/15/23		931,000		0.9
	470,000		Wright Medical Group, Inc., 2.000%, 02/15/20		492,031		0.5
	6,252,564		Other Securities		6,113,703		5.9
					16,775,274		16.1

Principal Amount†				Value		Percentage of Net Assets
			Energy: 15.2%
	150,000	#	Alta Mesa Holdings L.P. / Alta Mesa Finance Services Corp., 7.875%, 12/15/24	$	156,000		0.2
	135,000	#	Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.375%, 09/15/24		138,037		0.1
	175,000		Antero Resources Corp., 6.000%, 12/01/20		180,259		0.2
	355,000	#	Antero Resources Corp., 5.000%, 03/01/25		348,968		0.3
	275,000	#	Blue Racer Midstream LLC / Blue Racer Finance Corp., 6.125%, 11/15/22		276,375		0.3
	310,000	#	California Resources Corp., 8.000%, 12/15/22		277,450		0.3
	125,000	#	Chesapeake Energy Corp., 5.500%, 09/15/26		135,938		0.1
	173,000	#	Chesapeake Energy Corp., 8.000%, 12/15/22		187,575		0.2
	137,000	#	Cobalt International Energy, Inc., 7.750%, 12/01/23		76,720		0.1
	318,000	#	Cobalt International Energy, Inc., 10.750%, 12/01/21		308,301		0.3
	510,000		Archrock Partners L.P. / Archrock Partners Finance Corp., 6.000%, 04/01/21		497,250		0.5
	50,000		Archrock Partners L.P. / Archrock Partners Finance Corp., 6.000%, 10/01/22		48,750		0.0
	205,000	#	Extraction Oil & Gas Holdings LLC / Extraction Finance Corp., 7.875%, 07/15/21		220,375		0.2
	210,000	#	Great Western Petroleum LLC / Great Western Finance, Inc., 9.000%, 09/30/21		219,450		0.2
	110,000		Gulfport Energy Corp., 6.625%, 05/01/23		115,500		0.1
	300,000	#	Gulfport Energy Corp., 6.000%, 10/15/24		306,750		0.3
	200,000	#	Gulfport Energy Corp., 6.375%, 05/15/25		203,040		0.2
	131,000	#	Halcon Resources Corp., 12.000%, 02/15/22		143,445		0.1

See Accompanying Notes to Financial Statements
136

VY^® PIONEER SUMMARY PORTFOLIO OF INVESTMENTS
HIGH YIELD PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			Energy (continued)
	90,000	#	Hiland Partners L.P. / Hiland Partners Finance Corp., 5.500%, 05/15/22	$	94,021		0.1
	255,000	#	Hilcorp Energy I L.P. / Hilcorp Finance Co., 5.750%, 10/01/25		259,462		0.3
	140,000	#	Holly Energy Partners L.P. / Holly Energy Finance Corp., 6.000%, 08/01/24		146,650		0.1
	490,000		Oasis Petroleum, Inc., 6.875%, 03/15/22		504,700		0.5
	425,000		ONEOK, Inc., 7.500%, 09/01/23		489,812		0.5
	230,000	#	Parsley Energy LLC / Parsley Finance Corp., 5.375%, 01/15/25		231,932		0.2
	210,000	#	Parsley Energy LLC / Parsley Finance Corp., 6.250%, 06/01/24		222,033		0.2
	275,000	#	Range Resources Corp., 5.000%, 03/15/23		272,938		0.3
	535,000		Rice Energy, Inc., 6.250%-7.250%, 05/01/22-05/01/23		556,450		0.5
	125,000	#	Sabine Pass Liquefaction LLC, 5.000%, 03/15/27		126,563		0.1
	245,000	#	Sabine Pass Liquefaction LLC, 5.875%, 06/30/26		264,906		0.3
	580,000		Sabine Pass Liquefaction LLC, 5.625%-5.750%, 02/01/21-05/15/24		624,137		0.6
	535,000		Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.250%-6.375%, 08/01/22-11/15/23		540,788		0.5
	135,000	#	TerraForm Power Operating LLC, 6.375%, 02/01/23		137,363		0.1
	585,000		Williams Cos, Inc., 4.550%-5.750%, 06/24/24-06/24/44		574,425		0.6
	7,406,606		Other Securities		6,892,735		6.6
					15,779,098		15.2
			Financial: 9.1%
	232,413	#,&	AAF Holdings LLC/AAF Finance Co., 12.000%, 07/01/19		241,128		0.2

Principal Amount†				Value		Percentage of Net Assets
	275,000	#	Alliance Data Systems Corp., 5.875%, 11/01/21	$	279,812		0.3
	508,000		Ally Financial, Inc., 5.750%, 11/20/25		508,635		0.5
	500,000		Ally Financial, Inc., 4.625%, 05/19/22-03/30/25		499,375		0.5
	225,000		Citigroup, Inc., 5.900%, 12/29/49		228,094		0.2
	550,000		Citigroup, Inc., 6.250%, 12/29/49		566,637		0.6
	335,000	#	Communications Sales & Leasing, Inc. / CSL Capital LLC, 6.000%, 04/15/23		346,725		0.3
	475,000	#	Credit Agricole SA, 8.125%, 12/29/49		501,709		0.5
	600,000		Fly Leasing Ltd, 6.375%, 10/15/21		627,000		0.6
	250,000	#	Galileo Re Ltd. (Cat Bond), 7.918%, 01/09/19		250,887		0.2
	260,000	#	Iron Mountain US Holdings, Inc., 5.375%, 06/01/26		252,850		0.2
	300,000		Iron Mountain, Inc., 5.750%, 08/15/24		309,750		0.3
	250,000	#	Kilimanjaro Re Ltd. (Cat Bond), 5.003%, 04/30/18		255,462		0.2
	250,000	#	Kilimanjaro Re Ltd., 9.753%, 12/06/19		261,088		0.3
	575,000		Nationstar Mortgage LLC / Nationstar Capital Corp., 6.500%, 07/01/21		585,063		0.6
	225,000		Nationstar Mortgage LLC / Nationstar Capital Corp., 6.500%, 08/01/18-06/01/22		226,750		0.2
	125,000	#	Ocwen Loan Servicing LLC, 8.375%, 11/15/22		127,563		0.1
	435,000	#	Provident Funding Associates L.P. / PFG Finance Corp., 6.750%, 06/15/21		439,350		0.4
	120,000	#	Quicken Loans, Inc., 5.750%, 05/01/25		117,300		0.1
	225,000	#	Rialto Holdings LLC / Rialto Corp., 7.000%, 12/01/18		228,938		0.2
	210,000	#	TMX Finance LLC / TitleMax Finance Corp., 8.500%, 09/15/18		184,275		0.2
	2,410,555		Other Securities		2,438,262		2.4
					9,476,653		9.1

See Accompanying Notes to Financial Statements
137

VY^® PIONEER SUMMARY PORTFOLIO OF INVESTMENTS
HIGH YIELD PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			Industrial: 7.9%
	135,000	#	Advanced Disposal Services, Inc., 5.625%, 11/15/24	$	134,662		0.1
	250,000	#	Amsted Industries, Inc., 5.000%, 03/15/22		251,250		0.2
EUR	100,000	#,&	ARD Finance SA, 6.625%, 09/15/23		105,668		0.1
	100,000	#,&	ARD Finance SA, 7.125%, 09/15/23		99,125		0.1
	70,000	#	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 4.156%, 05/15/21		72,187		0.0
	80,000	#	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 4.625%, 05/15/23		79,300		0.1
	90,000	#	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 7.250%, 05/15/24		95,175		0.1
	325,000		Ball Corp., 4.000%, 11/15/23		319,719		0.3
	575,000		Ball Corp., 5.250%, 07/01/25		603,031		0.6
	350,000	#	BC Mountain LLC / BC Mountain Finance, Inc., 7.000%, 02/01/21		315,000		0.3
	85,000	#	Belden, Inc., 5.250%, 07/15/24		85,850		0.1
	140,000	#	Builders FirstSource, Inc., 5.625%, 09/01/24		141,225		0.1
	305,000	#	Cleaver-Brooks, Inc., 8.750%, 12/15/19		319,106		0.3
	205,000	#	Coveris Holdings SA, 7.875%, 11/01/19		204,488		0.2
	640,000		Crown Cork & Seal Co., Inc., 7.375%, 12/15/26		720,000		0.7
	425,000		Dycom Industries, Inc., 0.750%, 09/15/21		465,906		0.5
	150,000	#	Engility Corp., 8.875%, 09/01/24		157,688		0.2
	270,000	#	Florida East Coast Holdings Corp., 6.750%, 05/01/19		280,125		0.3
	644,000		General Cable Corp., 4.500%, 11/15/29		505,943		0.5
	575,000	#	NANA Development Corp., 9.500%, 03/15/19		526,125		0.5
	200,000	#	syncreon Group BV / syncreon Global Finance US, Inc., 8.625%, 11/01/21		147,000		0.1

Principal Amount†				Value		Percentage of Net Assets
	75,000	#	Tutor Perini Corp., 2.875%, 06/15/21	$	85,828		0.1
	2,655,883		Other Securities		2,474,177		2.4
					8,188,578		7.9
			Insurance: 0.1%
	71,581		Other Securities		71,954		0.1
			Technology: 5.8%
	145,000	#	Diamond 1 Finance Corp. / Diamond 2 Finance Corp., 5.875%, 06/15/21		154,277		0.2
	375,000	#	Entegris, Inc., 6.000%, 04/01/22		391,406		0.4
	420,000	#	First Data Corp., 5.750%, 01/15/24		434,965		0.4
	155,000	#	First Data Corp., 7.000%, 12/01/23		165,462		0.2
	300,000	#	Inception Merger Sub, Inc. / Rackspace Hosting, Inc., 8.625%, 11/15/24		318,285		0.3
	510,000		j2 Global, Inc., 8.000%, 08/01/20		530,719		0.5
	465,000	#	Micron Technology, Inc., 5.250%, 08/01/23		469,069		0.5
	110,000	#	Micron Technology, Inc., 5.625%, 01/15/26		109,587		0.1
	160,000	#	MSCI, Inc., 4.750%, 08/01/26		159,000		0.1
	250,000	#	MSCI, Inc., 5.250%, 11/15/24		263,125		0.3
	440,000		ON Semiconductor Corp., 1.000%, 12/01/20		452,925		0.4
	200,000	#	Open Text Corp., 5.875%, 06/01/26		211,500		0.2
	200,000	#	Quintiles IMS, Inc., 5.000%, 10/15/26		201,000		0.2
	46,000	#	Teradyne, Inc., 1.250%, 12/15/23		48,818		0.0
	2,224,250		Other Securities^(a)		2,071,860		2.0
					5,981,998		5.8
			Utilities: 2.5%
	505,000		AES Corp., 4.875%, 05/15/23		501,313		0.5
	100,000		AES Corp., 5.500%, 03/15/24		102,250		0.1
	200,000	#	Calpine Corp., 5.250%, 06/01/26		198,000		0.2
	245,000		NRG Energy, Inc., 6.250%, 05/01/24		239,487		0.2
	515,000	#	NRG Energy, Inc., 6.625%, 01/15/27		489,250		0.5

See Accompanying Notes to Financial Statements
138

VY^® PIONEER SUMMARY PORTFOLIO OF INVESTMENTS
HIGH YIELD PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Principal
Amount†

Value

Percentage
of Net
Assets

Utilities (continued)

170,000

NRG Energy, Inc.,
7.250%, 05/15/26

170,000

0.2

107,296

NSG Holdings, LLC,
7.750%, 12/15/25

116,282

0.1

755,000

Talen Energy Supply
LLC, 6.500%, 06/01/25

587,013

0.5

210,261

Other Securities

208,337

0.2

2,611,932

2.5

Total Corporate
Bonds/Notes
(Cost $87,316,206)

88,671,680

85.4

MUNICIPAL BONDS: 0.6%

: 0.6%

745,000

Other Securities

650,759

0.6

Total Municipal
Bonds
(Cost $634,642)

650,759

0.6

FOREIGN GOVERNMENT BONDS: —%

14,440

Other Securities

—

Total Foreign
Government Bonds
(Cost $1,223)

—

U.S. TREASURY OBLIGATIONS: 3.4%

U.S. Treasury Notes: 3.4%

3,500,000

0.705%, due 07/31/18

3,503,889

3.4

Total U.S. Treasury
Obligations
(Cost $3,500,614)

3,503,889

3.4

Value

Percentage
of Net
Assets

COMMON STOCK: 4.6%

Consumer Discretionary: 0.9%

50,408

Ford Motor Co.

611,449

0.6

1,476

#,@

Perseus Holding Corp.

—

8,679

Other Securities

336,952

0.3

948,401

0.9

Energy: 0.2%

428,295

Other Securities

195,441

0.2

Financials: 0.4%

4,651

Other Securities

403,314

0.4

Health Care: 1.0%

28,200

Other Securities

1,064,262

1.0

Shares				Value		Percentage of Net Assets
			Industrials: 0.5%
	28,534		Other Securities	$	452,986		0.5
			Information Technology: 0.5%
	10,537	@	NCR Corp.		427,381		0.4
	1,750		Other Securities		121,240		0.1
					548,621		0.5
			Materials: 0.3%
	3,564		Other Securities		305,720		0.3
			Real Estate: 0.8%
	32,109		Forest City Realty Trust, Inc.		669,151		0.7
	5,760		Other Securities		146,362		0.1
					815,513		0.8
			Telecommunication Services: 0.0%
	1,994		Other Securities		14,616		0.0
			Total Common Stock (Cost $3,787,530)		4,748,874		4.6
PREFERRED STOCK: 1.4%
			Consumer Discretionary: —%
	775	#,@	Perseus Holding Corp.		—		—
			Financials: 0.9%
	470	@	Bank of America Corp.		548,396		0.5
	3,774		Other Securities		366,047		0.4
					914,443		0.9
			Health Care: 0.5%
	150	@	Kindred Healthcare, Inc.		70,762		0.1
	1,080		Other Securities		442,514		0.4
					513,276		0.5
			Industrials: 0.0%
	267		Other Securities		60,082		0.0
			Total Preferred Stock (Cost $1,850,002)		1,487,801		1.4
WARRANTS: —%
			Energy: —%
	644		Other Securities		—		—
			Health Care: —%
	252		Other Securities		—		—
			Total Warrants (Cost $—)		—		—
			Total Long-Term Investments (Cost $97,090,217)		99,063,003		95.4

See Accompanying Notes to Financial Statements
139

VY^® PIONEER SUMMARY PORTFOLIO OF INVESTMENTS
HIGH YIELD PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.1%
			Corporate Bonds/Notes: 0.5%
	300,000		Golar LNG Ltd., 3.750%, 03/07/17	$	299,625		0.3
	250,000	#	Sanders Re Ltd. (Cat Bond), 4.503%, 05/05/17		250,862		0.2
					550,487		0.5
			U.S. Treasury Bills: 1.9%
	700,000	Z	United States Treasury Bill, 0.350%, 01/19/17		699,874		0.7
	1,250,000	Z	United States Treasury Bill, 0.390%, 02/02/17		1,249,566		1.2
					1,949,440		1.9
			Certificates of Deposit: 0.2%
	260,000		Sumitomo, 1.260%, 04/03/17 (Cost $260,000)		260,199		0.2

Value

Percentage
of Net
Assets

Mutual Funds: 0.5%

489,318

BlackRock Liquidity
Funds, FedFund,
Institutional Class,
0.420%††
(Cost $489,318)

489,318

0.5

Total Short-Term
Investments
(Cost $3,252,170)

3,249,444

3.1

Total Investments in
Securities
(Cost
$100,342,387)

102,312,447

98.5

Assets in Excess of
Other Liabilities

1,523,269

1.5

Net Assets

103,835,716

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, 2016.

# 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

Z Indicates Zero Coupon Bond; rate shown reflects current effective yield.

(a) The grouping contains securities in default.

EUR EU Euro

Cost for federal income tax purposes is $100,876,856.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	4,903,725
Gross Unrealized Depreciation		(3,468,134	)
Net Unrealized Appreciation	$	1,435,591

See Accompanying Notes to Financial Statements
140

VY^® PIONEER SUMMARY PORTFOLIO OF INVESTMENTS
HIGH YIELD PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	891,436	$	56,965	$	—	$	948,401
Energy		190,348		—		5,093		195,441
Financials		403,314		—		—		403,314
Health Care		1,064,262		—		—		1,064,262
Industrials		440,651		—		12,335		452,986
Information Technology		548,621		—		—		548,621
Materials		305,720		—		—		305,720
Real Estate		815,513		—		—		815,513
Telecommunication Services		14,616		—		—		14,616
Total Common Stock		4,674,481		56,965		17,428		4,748,874
Preferred Stock		715,859		709,125		62,817		1,487,801
Warrants		—		—		—		—
Corporate Bonds/Notes		—		88,671,680		—		88,671,680
Municipal Bonds		—		650,759		—		650,759
Short-Term Investments		489,318		2,760,126		—		3,249,444
U.S. Treasury Obligations		—		3,503,889		—		3,503,889
Foreign Government Bonds		—		—		—		—
Total Investments, at fair value	$	5,879,658	$	96,352,544	$	80,245	$	102,312,447
Other Financial Instruments+
Centrally Cleared Swaps		—		102,133		—		102,133
Futures		30,262		—		—		30,262
Total Assets	$	5,909,920	$	96,454,677	$	80,245	$	102,444,842

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

At December 31, 2016, 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		(19	)	03/17/17	$	(2,124,390	)	$	30,262
					$	(2,124,390	)	$	30,262

See Accompanying Notes to Financial Statements
141

VY^® PIONEER SUMMARY PORTFOLIO OF INVESTMENTS
HIGH YIELD PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

At December 31, 2016, 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	USD	1,101,678	$	86,829	$	16,321
CDX North American High Yield Index Series 25, Version 1	Sell		5.000	Chicago Mercantile Exchange	12/20/20	USD	2,044,350		141,066		85,812
								$	227,895	$	102,133

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, 2016 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Credit contracts	Net Assets — Unrealized appreciation*	$	102,133
Equity contracts	Net Assets — Unrealized appreciation**		30,262
Total Asset Derivatives		$	132,395

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

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

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2016 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	$	—		$	141,185	$	141,185
Equity contracts		(122,214	)		—		(122,214	)
Total	$	(122,214	)	$	141,185	$	18,971
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures			Swaps		Total
Credit contracts	$	—		$	146,722	$	146,722
Equity contracts		52,947			—		52,947
Total	$	52,947		$	146,722	$	199,669

* 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
142

VY^® T. ROWE PRICE DIVERSIFIED SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2016

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.8%
			Consumer Discretionary: 21.3%
	9,800	@	Autozone, Inc.	$	7,739,942		0.9
	62,200	@	Burlington Stores, Inc.		5,271,450		0.6
	84,300	@	Carmax, Inc.		5,428,077		0.6
	102,900		Dollar General Corp.		7,621,803		0.9
	60,900	@	Dollar Tree, Inc.		4,700,262		0.6
	320,900		Hanesbrands, Inc.		6,921,813		0.8
	71,500		L Brands, Inc.		4,707,560		0.6
	27,700	@	O'Reilly Automotive, Inc.		7,711,957		0.9
	125,000		Ross Stores, Inc.		8,200,000		1.0
	151,000		Service Corp. International		4,288,400		0.5
	67,100		Tractor Supply Co.		5,086,851		0.6
	18,100	@	Ulta Salon Cosmetics & Fragrance, Inc.		4,614,414		0.5
	2,419,832		Other Securities^(a)		108,272,084		12.8
					180,564,613		21.3
			Consumer Staples: 5.6%
	46,400		Hershey Co.		4,799,152		0.6
	45,000		McCormick & Co., Inc.		4,199,850		0.5
	59,800		Mead Johnson Nutrition Co.		4,231,448		0.5
	765,300		Other Securities^(a)		34,233,737		4.0
					47,464,187		5.6
			Energy: 1.8%
	281,437		Other Securities		14,982,455		1.8
			Financials: 7.8%
	86,833		CBOE Holdings, Inc.		6,416,090		0.7
	129,100		FNF Group		4,384,236		0.5
	1,008,030		Other Securities^(a)		55,684,310		6.6
					66,484,636		7.8
			Health Care: 15.2%
	54,500		AmerisourceBergen Corp.		4,261,355		0.5
	28,600		Cooper Cos., Inc.		5,002,998		0.6
	77,650		Dentsply Sirona, Inc.		4,482,734		0.5
	140,800	@	Hologic, Inc.		5,648,896		0.7
	41,100	@	Idexx Laboratories, Inc.		4,819,797		0.6
	45,900	@	Incyte Corp., Ltd.		4,602,393		0.5
	11,400	@	Intuitive Surgical, Inc.		7,229,538		0.9
	10,100	@	Mettler Toledo International, Inc.		4,227,456		0.5
	32,470	@,L	Tesaro, Inc.		4,366,566		0.5
	132,850		Zoetis, Inc.		7,111,461		0.8
	1,327,629		Other Securities^(a)		76,947,595		9.1
					128,700,789		15.2

Shares				Value		Percentage of Net Assets
			Industrials: 17.0%
	45,787		Equifax, Inc.	$	5,413,397		0.6
	54,100		Rockwell Collins, Inc.		5,018,316		0.6
	77,500	@	Verisk Analytics, Inc.		6,290,675		0.8
	2,093,866		Other Securities^(a)		127,472,656		15.0
					144,195,044		17.0
			Information Technology: 19.6%
	104,700		Amphenol Corp.		7,035,840		0.8
	182,479	@	Atlassian Corp. PLC		4,394,094		0.5
	76,700	@	Electronic Arts, Inc.		6,040,892		0.7
	67,500		Fidelity National Information Services, Inc.		5,105,700		0.6
	82,100	@	Fiserv, Inc.		8,725,588		1.0
	41,700	@	Gartner, Inc.		4,214,619		0.5
	53,400		Harris Corp.		5,471,898		0.7
	45,400		Intuit, Inc.		5,203,294		0.6
	73,800	@	Red Hat, Inc.		5,143,860		0.6
	180,700		Sabre Corp.		4,508,465		0.5
	69,700	@	ServiceNow, Inc.		5,181,498		0.6
	99,600	@	Vantiv, Inc.		5,938,152		0.7
	60,100	@,L	VeriSign, Inc.		4,571,807		0.6
	1,791,865		Other Securities^(a)		95,172,388		11.2
					166,708,095		19.6
			Materials: 5.5%
	82,100		Ball Corp.		6,163,247		0.7
	87,100		RPM International, Inc.		4,688,593		0.6
	18,600		Sherwin-Williams Co.		4,998,564		0.6
	55,900		Vulcan Materials Co.		6,995,885		0.8
	463,000		Other Securities^(a)		23,719,026		2.8
					46,565,315		5.5
			Real Estate: 3.6%
	60,400		Crown Castle International Corp.		5,240,908		0.6
	16,615		Equinix, Inc.		5,938,367		0.7
	591,314		Other Securities		19,303,883		2.3
					30,483,158		3.6
			Telecommunication Services: 0.9%
	70,850	@	SBA Communications Corp.		7,315,971		0.9
			Utilities: 0.5%
	117,000		Other Securities		4,535,554		0.5
			Total Common Stock (Cost $644,301,403)		837,999,817		98.8

See Accompanying Notes to Financial Statements
143

VY^® T. ROWE PRICE DIVERSIFIED SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Value

Percentage
of Net
Assets

PREFERRED STOCK: 1.3%

Consumer Discretionary: 0.1%

8,859

Other Securities

825,216

0.1

Information Technology: 0.8%

533,210

Other Securities

6,850,495

0.8

Real Estate: 0.4%

103,987

Other Securities

3,369,179

0.4

Total Preferred Stock
(Cost $7,911,058)

11,044,890

1.3

Total Long-Term
Investments
(Cost $652,212,461)

849,044,707

100.1

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 5.4%

Securities Lending Collateral^cc: 5.3%

2,256,421

Bank of Nova Scotia,
Repurchase
Agreement dated
12/30/16, 0.51%,
due 01/03/17
(Repurchase
Amount $2,256,547,
collateralized
by various
U.S. Government/U.S.
Government
Agency Obligations,
1.000%-4.000%,
Market Value plus
accrued interest
$2,301,680, due
12/31/17-10/20/46)

2,256,421

0.3

10,721,519

Cantor Fitzgerald,
Repurchase
Agreement dated
12/30/16, 0.50%,
due 01/03/17
(Repurchase
Amount $10,722,106,
collateralized
by various
U.S. Government/U.S.
Government Agency
Obligations,
0.000%-10.000%,
Market Value plus
accrued interest
$10,935,949, due
01/25/17-10/20/66)

10,721,519

1.3

Principal Amount†			Value		Percentage of Net Assets
	10,721,519	Daiwa Capital Markets, Repurchase Agreement dated 12/30/16, 0.52%, due 01/03/17 (Repurchase Amount $10,722,130, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $10,935,949, due 03/02/17-02/01/49)	$	10,721,519		1.2
	10,721,519	Nomura Securities, Repurchase Agreement dated 12/30/16, 0.50%, due 01/03/17 (Repurchase Amount $10,722,106, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $10,935,950, due 01/15/17-08/20/66)		10,721,519		1.2
	10,721,519	State of Wisconsin Investment Board, Repurchase Agreement dated 12/30/16, 0.65%, due 01/03/17 (Repurchase Amount $10,722,283, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $10,993,942, due 04/15/18-02/15/46)		10,721,519		1.3
				45,142,497		5.3

See Accompanying Notes to Financial Statements
144

VY^® T. ROWE PRICE DIVERSIFIED SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Value

Percentage
of Net
Assets

Mutual Funds: 0.1%

1,064,917

T. Rowe Price Reserve
Investment Fund,
0.453%††
(Cost $1,064,917)

1,064,917

0.1

Total Short-Term
Investments
(Cost $46,207,414)

46,207,414

5.4

Total Investments
in Securities
(Cost $698,419,875)

895,252,121

105.5

Liabilities in Excess
of Other Assets

(46,666,642

)

(5.5

)

Net Assets

848,585,479

100.0

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

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

†† Rate shown is the 7-day yield as of December 31, 2016.

@ 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, 2016.

(a) This grouping contains securities on loan.

Cost for federal income tax purposes is $702,861,643.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	225,333,782
Gross Unrealized Depreciation		(32,943,304	)
Net Unrealized Appreciation	$	192,390,478

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	180,564,613	$	—	$	—	$	180,564,613
Consumer Staples		47,464,187		—		—		47,464,187
Energy		14,216,446		766,009		—		14,982,455
Financials		66,484,636		—		—		66,484,636
Health Care		128,700,789		—		—		128,700,789
Industrials		144,195,044		—		—		144,195,044
Information Technology		166,096,095		—		612,000		166,708,095
Materials		46,565,315		—		—		46,565,315
Real Estate		29,618,111		—		865,047		30,483,158
Telecommunication Services		7,315,971		—		—		7,315,971
Utilities		4,535,554		—		—		4,535,554
Total Common Stock		835,756,761		766,009		1,477,047		837,999,817
Preferred Stock		—		—		11,044,890		11,044,890
Short-Term Investments		1,064,917		45,142,497		—		46,207,414
Total Investments, at fair value	$	836,821,678	$	45,908,506	$	12,521,937	$	895,252,121

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, 2016.

Investments, at fair value

Fair Value at
December 31,
2016

Valuation
Technique(s)

Unobservable
Inputs

Range

Impact to Valuation
from an Increase
in Input

Common Stock

Dropbox, Inc. - Series A

424,848

Market Comparable

Enterprise Value to
Sales Multiple

5.2x-9.1x

Increase

Discount for lack of
marketability

10%

Decrease

Sales Growth Rate

40%

Increase

Premium for Strategic
Acquisition

28%

Increase

See Accompanying Notes to Financial Statements
145

VY^® T. ROWE PRICE DIVERSIFIED SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Investments, at fair value

Fair Value at
December 31,
2016

Valuation
Technique(s)

Unobservable
Inputs

Range

Impact to Valuation
from an Increase
in Input

Dropbox, Inc.

187,152

Market Comparable

Enterprise Value to
Sales Multiple

5.2x-9.1x

Increase

Discount for lack of
marketability

10%

Decrease

Sales Growth Rate

40%

Increase

Premium for Strategic
Acquisition

28%

Increase

WeWork Companies, Inc., - Class A

865,047

Recent Comparable
Transaction Price/
Market Comparable

Discount for non-
controlling interest

15%

Decrease

Enterprise Value to
Sales Multiple

14.7x

Increase

Enterprise Value to
EBITDA

7.4x-19.1x

Increase

Discount rate for the
Time Value of Money

17%-24%

Decrease

Discount for lack of
marketability

10%

Decrease

Sales Growth Rate

122%

Increase

Total Common Stock

1,477,047

Preferred Stock

AirBNB, Inc. - Series D

3,401,055

Recent Comparable
Transaction Price

Discount Factor*

0.00%

n/a

AirBNB, Inc. - Series E

390,495

Recent Comparable
Transaction Price

Discount Factor*

0.00%

n/a

Dropbox, Inc. - Series A

232,406

Market Comparable

Enterprise Value to
Sales Multiple

5.2x-9.1x

Increase

Discount for lack of
marketability

10%

Decrease

Sales Growth Rate

40%

Increase

Premium for Strategic
Acquisition

28%

Increase

Dropbox, Inc. - Series A-1

1,141,642

Market Comparable

Enterprise Value to
Sales Multiple

5.2x-9.1x

Increase

Discount for lack of
marketability

10%

Decrease

Sales Growth Rate

40%

Increase

Premium for Strategic
Acquisition

28%

Increase

Flipkart Online Services - Pvt. Ltd., -
Series G

825,216

Recent Comparable
Transaction Price/
Market Comparable

Discount Factor*

0.00%

n/a

Enterprise Value to
Sales Multiple

3.1x-4.0x

Increase

Discount for lack of
marketability

10%

Decrease

Sales Growth Rate

28%

Increase

Tanium, Inc.- Series G

1,684,897

Recent Comparable
Transaction Price/
Market Comparable

Discount Factor*

0.00%

n/a

Enterprise Value to
Sales Multiple

8.3x

Increase

Discount for lack of
marketability

10%

Decrease

Sales Growth Rate

99%

Increase

See Accompanying Notes to Financial Statements
146

VY^® T. ROWE PRICE DIVERSIFIED SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Investments, at fair value

Fair Value at
December 31,
2016

Valuation
Technique(s)

Unobservable
Inputs

Range

Impact to Valuation
from an Increase
in Input

WeWork Companies, Inc. - Series D-1

1,438,430

Recent Comparable
Transaction Price/
Market Comparable

Discount for non-
controlling interest

15%

Decrease

Enterprise Value to
Sales Multiple

14.7x

Increase

Enterprise Value to
EBITDA

7.4x-19.1x

Increase

Discount rate for the
Time Value of Money

17%-24%

Decrease

Discount for lack of
marketability

10%

Decrease

Sales Growth Rate

122%

Increase

WeWork Companies, Inc. - Series D-2

1,130,177

Recent Comparable
Transaction Price/
Market Comparable

Discount for non-
controlling interest

15%

Decrease

Enterprise Value to
Sales Multiple

14.7x

Increase

Enterprise Value to
EBITDA

7.4x-19.1x

Increase

Discount rate for the
Time Value of Money

17%-24%

Decrease

Discount for lack of
marketability

10%

Decrease

Sales Growth Rate

122%

Increase

WeWork Companies, Inc. - Series E

800,572

Recent Comparable
Transaction Price/
Market Comparable

Discount for non-
controlling interest

15%

Decrease

Enterprise Value to
Sales Multiple

14.7x

Increase

Enterprise Value to
EBITDA

7.4x-19.1x

Increase

Discount rate for the
Time Value of Money

17%-24%

Decrease

Discount for lack of
marketability

10%

Decrease

Sales Growth Rate

122%

Increase

Total Preferred Stock

11,044,890

* No quantitative unobservable inputs were significant to the fair valuation determination at December 31, 2016.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio's assets and liabilities during the year ended December 31, 2016:

	Beginning Balance 12/31/15		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 12/31/16
Asset Table
Investments, at fair value Common Stock	$	1,477,438	$	—	$	—	$	—	$	—	$	(391	)	$	—	$	—	$	1,477,047
Preferred Stock		11,144,623		—		—		—		—		(99,733	)		—		—		11,044,890
Total Investments, at value	$	12,622,061	$	—	$	—	$	—	$	—	$	(100,124	)	$	—	$	—	$	12,521,937

* As of December 31, 2016 total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $(100,124).

See Accompanying Notes to Financial Statements
147

VY^® T. ROWE PRICE SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO AS OF DECEMBER 31, 2016

Shares				Value		Percentage of Net Assets
COMMON STOCK: 97.6%
			Consumer Discretionary: 25.7%
	153,900	@	Amazon.com, Inc.	$	115,404,993		7.6
	22,851	@	Autozone, Inc.		18,047,491		1.2
	171,700		Delphi Automotive PLC		11,563,995		0.8
	208,920	L	Ferrari NV		12,146,609		0.8
	193,100		Lowe's Cos, Inc.		13,733,272		0.9
	165,100		Marriott International, Inc.		13,650,468		0.9
	504,260	@	MGM Resorts International		14,537,816		1.0
	44,859	@	Priceline.com, Inc.		65,765,985		4.3
	172,400		Ross Stores, Inc.		11,309,440		0.7
	230,500		Starbucks Corp.		12,797,360		0.8
	98,875	@,L	Tesla Motors, Inc.		21,128,599		1.4
	162,102		Tractor Supply Co.		12,288,952		0.8
	1,025,480		Other Securities		69,377,669		4.5
					391,752,649		25.7
			Consumer Staples: 3.6%
	295,500		Mondelez International, Inc.		13,099,515		0.9
	242,700		Philip Morris International, Inc.		22,204,623		1.5
	212,187		Walgreens Boots Alliance, Inc.		17,560,596		1.1
	12,400		Other Securities		1,985,364		0.1
					54,850,098		3.6
			Financials: 6.1%
	283,500		Charles Schwab Corp.		11,189,745		0.7
	306,600		Intercontinental Exchange, Inc.		17,298,372		1.1
	130,600		JPMorgan Chase & Co.		11,269,474		0.8
	606,600		Morgan Stanley		25,628,850		1.7
	162,900		State Street Corp.		12,660,588		0.8
	283,431		TD Ameritrade Holding Corp.		12,357,592		0.8
	34,000		Other Securities		3,132,760		0.2
					93,537,381		6.1
			Health Care: 15.4%
	124,069		Aetna, Inc.		15,385,797		1.0
	174,819	@	Alexion Pharmaceuticals, Inc.		21,389,105		1.4
	69,048	@	Biogen, Inc.		19,580,632		1.3
	195,200		Bristol-Myers Squibb Co.		11,407,488		0.7
	271,500		Danaher Corp.		21,133,560		1.4
	71,815		Humana, Inc.		14,652,414		1.0
	37,500	@	Intuitive Surgical, Inc.		23,781,375		1.5
	151,300		Stryker Corp.		18,127,253		1.2
	150,000		UnitedHealth Group, Inc.		24,006,000		1.6

Shares				Value		Percentage of Net Assets
	222,600		Zoetis, Inc.	$	11,915,778		0.8
	497,024		Other Securities		54,278,789		3.5
					235,658,191		15.4
			Industrials: 6.5%
	466,130		American Airlines Group, Inc.		21,763,609		1.4
	137,600		Boeing Co.		21,421,568		1.4
	64,000		Roper Technologies, Inc.		11,717,120		0.8
	590,416		Other Securities^(a)		44,902,845		2.9
					99,805,142		6.5
			Information Technology: 35.6%
	202,900	@	Alibaba Group Holding Ltd. ADR		17,816,649		1.2
	70,150	@	Alphabet, Inc. - Class A		55,590,368		3.6
	61,071	@	Alphabet, Inc. - Class C		47,135,819		3.1
	382,800		Apple, Inc.		44,335,896		2.9
	117,200	L	ASML Holding NV-NY REG		13,149,840		0.9
	545,469	@	Facebook, Inc.		62,756,209		4.1
	115,028	@	Fiserv, Inc.		12,225,176		0.8
	328,900		Mastercard, Inc.		33,958,925		2.2
	986,600		Microsoft Corp.		61,307,324		4.0
	207,007	@	NXP Semiconductor NV - NXPI - US		20,288,756		1.3
	758,500	@	PayPal Holdings, Inc.		29,937,995		2.0
	364,264	@	Salesforce.com, Inc.		24,937,513		1.6
	186,460	@	ServiceNow, Inc.		13,861,436		0.9
	792,200		Tencent Holdings Ltd.		19,208,564		1.3
	589,900		Visa, Inc. - Class A		46,023,998		3.0
	590,721		Other Securities^(a)		41,576,418		2.7
					544,110,886		35.6
			Materials: 0.7%
	64,805		Other Securities		10,079,908		0.7
			Real Estate: 2.9%
	219,900		American Tower Corp.		23,239,032		1.5
	129,912		Crown Castle International Corp.		11,272,464		0.7
	32,362		Other Securities		9,921,302		0.7
					44,432,798		2.9
			Telecommunication Services: 0.4%
	113,700		Other Securities		6,538,887		0.4
			Utilities: 0.7%
	90,500		Other Securities		10,811,130		0.7
			Total Common Stock (Cost $1,173,420,773)		1,491,577,070		97.6

See Accompanying Notes to Financial Statements
148

VY^® T. ROWE PRICE SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Value

Percentage
of Net
Assets

PREFERRED STOCK: 1.5%

Consumer Discretionary: 0.2%

36,963

Other Securities

3,443,103

0.2

Information Technology: 1.2%

389,009

Other Securities

18,660,586

1.2

Real Estate: 0.1%

45,554

Other Securities

1,475,950

0.1

Total Preferred Stock
(Cost $20,129,811)

23,579,639

1.5

Total Long-Term
Investments
(Cost $1,193,550,584)

1,515,156,709

99.1

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 3.9%

Securities Lending Collateral^cc: 3.2%

2,429,810

Bank of Nova Scotia,
Repurchase
Agreement dated
12/30/16, 0.51%,
due 01/03/17
(Repurchase Amount
$2,429,946,
collateralized by
various U.S.
Government/U.S.
Government Agency
Obligations,
1.000%-4.000%,
Market Value plus
accrued interest
$2,478,547, due
12/31/17-10/20/46)

2,429,810

0.2

11,544,871

Cantor Fitzgerald,
Repurchase
Agreement dated
12/30/16, 0.50%,
due 01/03/17
(Repurchase Amount
$11,545,504,
collateralized by
various U.S.
Government/U.S.
Government Agency
Obligations,
0.000%-10.000%,
Market Value plus
accrued interest
$11,775,768, due
01/25/17-10/20/66)

11,544,871

0.8

Principal Amount†			Value		Percentage of Net Assets
	11,544,871	Daiwa Capital Markets, Repurchase Agreement dated 12/30/16, 0.52%, due 01/03/17 (Repurchase Amount $11,545,529, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $11,775,769, due 03/02/17-02/01/49)	$	11,544,871		0.8
	11,544,871	Nomura Securities, Repurchase Agreement dated 12/30/16, 0.50%, due 01/03/17 (Repurchase Amount $11,545,504, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $11,775,769, due 01/15/17-08/20/66)		11,544,871		0.7
	11,544,871	State of Wisconsin Investment Board, Repurchase Agreement dated 12/30/16, 0.65%, due 01/03/17 (Repurchase Amount $11,545,693, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $11,838,215, due 04/15/18-02/15/46)		11,544,871		0.7
				48,609,294		3.2

See Accompanying Notes to Financial Statements
149

VY^® T. ROWE PRICE SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Value

Percentage
of Net
Assets

Mutual Funds: 0.7%

10,570,215

T. Rowe Price Reserve
Investment Fund,
0.453%††
(Cost $10,570,215)

10,570,215

0.7

Total Short-Term
Investments
(Cost $59,179,509)

59,179,509

3.9

Total Investments in
Securities
(Cost $1,252,730,093)

1,574,336,218

103.0

Liabilities in Excess
of Other Assets

(46,557,135

)

(3.0

)

Net Assets

1,527,779,083

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, 2016.

@ 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, 2016.

(a) This grouping contains securities on loan.

Cost for federal income tax purposes is $1,256,763,447.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	344,622,148
Gross Unrealized Depreciation		(27,049,377	)
Net Unrealized Appreciation	$	317,572,771

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	391,465,002	$	—	$	287,647	$	391,752,649
Consumer Staples		54,850,098		—		—		54,850,098
Financials		93,537,381		—		—		93,537,381
Health Care		235,658,191		—		—		235,658,191
Industrials		99,805,142		—		—		99,805,142
Information Technology		523,526,229		19,208,564		1,376,093		544,110,886
Materials		10,079,908		—		—		10,079,908
Real Estate		44,268,789		—		164,009		44,432,798
Telecommunication Services		6,538,887		—		—		6,538,887
Utilities		10,811,130		—		—		10,811,130
Total Common Stock		1,470,540,757		19,208,564		1,827,749		1,491,577,070
Preferred Stock		—		—		23,579,639		23,579,639
Short-Term Investments		10,570,215		48,609,294		—		59,179,509
Total Investments, at fair value	$	1,481,110,972	$	67,817,858	$	25,407,388	$	1,574,336,218

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

See Accompanying Notes to Financial Statements
150

VY^® T. ROWE PRICE SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

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, 2016.

Investments, at fair value

Fair Value at
December 31,
2016

Valuation
Technique(s)

Unobservable
Inputs

Range

Impact to Valuation
from an Increase
in Input

Common Stock

Dropbox, Inc. - Series A

1,376,093

Market Comparable

Enterprise Value to
Sales Multiple

5.2x-9.1x

Increase

Discount for lack of
marketability

10%

Decrease

Sales Growth Rate

40%

Increase

Premium for Strategic
Acquisition

28%

Increase

Flipkart Online Services Pvt. Ltd.

287,647

Recent Comparable
Transaction Price/
Market Comparable

Discount Factor*

0.00%

n/a

Enterprise Value to
Sales Multiple

3.1x-4.0x

Increase

Discount for lack of
marketability

10%

Decrease

Sales Growth Rate

28%

Increase

WeWork Companies, Inc., - Class A

164,009

Recent Comparable
Transaction Price/
Market Comparable

Discount for non-
controlling interest

15%

Decrease

Enterprise Value to
Sales Multiple

14.7x

Increase

Enterprise Value to
EBITDA

7.4x-19.1x

Increase

Discount rate for the
Time Value of Money

17%-24%

Decrease

Discount for lack of
marketability

10%

Decrease

Sales Growth Rate

122%

Increase

Total Common Stock

1,827,749

Preferred Stock

AirBNB, Inc. - Series D

6,220,305

Recent Comparable
Transaction Price

Discount Factor*

0.00%

n/a

AirBNB, Inc. - Series E

1,686,090

Recent Comparable
Transaction Price

Discount Factor*

0.00%

n/a

Flipkart Online Services
Pvt. Ltd., - Series A

98,180

Recent Comparable
Transaction Price/
Market Comparable

Discount Factor*

0.00%

n/a

Enterprise Value to
Sales Multiple

3.1x-4.0x

Increase

Discount for lack of
marketability

10%

Decrease

Sales Growth Rate

28%

Increase

Flipkart Online Services Pvt. Ltd., -
Series C

173,445

Recent Comparable
Transaction Price/
Market Comparable

Discount Factor*

0.00%

n/a

Enterprise Value to
Sales Multiple

3.1x-4.0x

Increase

Discount for lack of
marketability

10%

Decrease

Sales Growth Rate

28%

Increase

Flipkart Online Services Pvt. Ltd., -
Series E

322,485

Recent Comparable
Transaction Price/
Market Comparable

Discount Factor*

0.00%

n/a

Enterprise Value to
Sales Multiple

3.1x-4.0x

Increase

Discount for lack of
marketability

10%

Decrease

Sales Growth Rate

28%

Increase

See Accompanying Notes to Financial Statements
151

VY^® T. ROWE PRICE SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Investments, at fair value

Fair Value at
December 31,
2016

Valuation
Technique(s)

Unobservable
Inputs

Range

Impact to Valuation
from an Increase
in Input

Flipkart Online Services Pvt. Ltd., -
Series G $1,542,192

Recent Comparable

Transaction Price/
Market Comparable

Discount Factor*

0.00%

n/a

Enterprise Value to
Sales Multiple

3.1x-4.0x

Increase

Discount for lack of
marketability

10%

Decrease

Sales Growth Rate

28%

Increase

Flipkart Online Services Pvt. Ltd., -
Series H

1,306,801

Recent Comparable
Transaction Price/
Market Comparable

Discount Factor*

0.00%

n/a

Enterprise Value to
Sales Multiple

3.1x-4.0x

Increase

Discount for lack of
marketability

10%

Decrease

Sales Growth Rate

28%

Increase

Magic Leap, Inc., - Series C

2,152,641

Recent Comparable
Transaction Price

Discount Factor*

0.00%

n/a

Snapchat, Inc. - Series F

2,421,965

Recent Comparable
Transaction Price

Discount Factor*

0.00%

n/a

Uber Technologies, Inc. - Series G

3,579,148

Recent Comparable
Transaction Price

Discount Factor*

0.00%

n/a

WeWork Companies, Inc. - Series E

1,475,950

Recent Comparable
Transaction Price/
Market Comparable

Discount for non-
controlling interest

15%

Decrease

Enterprise Value to
Sales Multiple

14.7x

Increase

Enterprise Value to
EBITDA

7.4x-19.1x

Increase

Discount rate for the
Time Value of Money

17%-24%

Decrease

Discount for lack of
marketability

10%

Decrease

Sales Growth Rate

122%

Increase

Xiaoju Kuaizhi, Inc., Series A-17

2,600,437

Recent Comparable
Transaction Price

Discount Factor*

0.00%

n/a

Total Preferred Stock

23,579,639

* No quantitative unobservable inputs were significant to the fair valuation determination at December 31, 2016.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio's assets and liabilities during the year ended December 31, 2016:

	Beginning Balance 12/31/15		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 12/31/16
Asset Table
Investments, at fair value Common Stock	$	1,953,306	$	—	$	—	$	—	$	—	$	(125,557	)	$	—	$	—	$	1,827,749
Preferred Stock		19,424,931		4,574,606		—		—		—		(419,898	)		—		—		23,579,639
Total Investments, at value	$	21,378,237	$	4,574,606	$	—	$	—	$	—	$	(545,455	)	$	—	$	—	$	25,407,388

* As of December 31, 2016, total change in unrealized gain (loss) on Level 3 securities still held at year end and included in the change in net assets was $(545,455).

See Accompanying Notes to Financial Statements
152

VY^® TEMPLETON SUMMARY PORTFOLIO OF INVESTMENTS
FOREIGN EQUITY PORTFOLIO AS OF DECEMBER 31, 2016

Shares				Value		Percentage of Net Assets
COMMON STOCK: 97.7%
			Canada: 0.5%
	167,100		Other Securities	$	3,228,372		0.5
			China: 6.8%
	36,110	@	Baidu, Inc. ADR		5,936,845		0.9
	2,585,000		China Life Insurance Co., Ltd.		6,682,093		1.1
	670,500		China Mobile Ltd.		7,069,199		1.1
	21,246,000		China Telecom Corp., Ltd.		9,745,734		1.6
	10,446,300		Other Securities		13,462,799		2.1
					42,896,670		6.8
			France: 10.3%
	306,996		AXA S.A.		7,739,027		1.2
	195,968		BNP Paribas		12,471,035		2.0
	191,520		Cie de Saint-Gobain		8,909,040		1.4
	57,514		Cie Generale des Etablissements Michelin		6,393,210		1.0
	499,790		Credit Agricole SA		6,186,762		1.0
	135,141		Sanofi		10,928,238		1.8
	171,714		Total S.A.		8,807,601		1.4
	141,860		Other Securities		3,253,002		0.5
					64,687,915		10.3
			Germany: 12.3%
	100,971		Bayer AG		10,519,544		1.7
	87,505		HeidelbergCement AG		8,144,994		1.3
	521,675		Infineon Technologies AG		9,023,693		1.4
	157,650	#,@	Innogy SE		5,478,038		0.9
	143,370		Lanxess		9,388,364		1.5
	103,258		Merck KGaA		10,751,354		1.7
	65,920		Siemens AG		8,071,269		1.3
	273,394		Other Securities^(a)		16,042,278		2.5
					77,419,534		12.3
			Hong Kong: 2.6%
	228,400		CK Hutchison Holdings Ltd. ADR		2,592,340		0.4
	485,640		CK Hutchison Holdings Ltd.		5,482,127		0.9
	1,459,540		Other Securities		8,421,434		1.3
					16,495,901		2.6
			India: 1.5%
	496,486		Housing Development Finance Corp.		9,207,786		1.5
			Israel: 1.8%
	301,899		Teva Pharmaceutical Industries Ltd. ADR		10,943,839		1.8

Shares				Value		Percentage of Net Assets
			Italy: 2.0%
	680,187		ENI S.p.A.	$	11,026,598		1.7
	575,172		Other Securities^(a)		1,651,745		0.3
					12,678,343		2.0
			Japan: 11.9%
	851,600		Konica Minolta, Inc.		8,439,953		1.3
	988,300		Nissan Motor Co., Ltd.		9,913,779		1.6
	190,100		Omron Corp.		7,264,665		1.2
	171,300		SoftBank Group Corp.		11,335,616		1.8
	240,400		Suntory Beverage & Food Ltd.		9,957,757		1.6
	4,116,400		Other Securities		27,741,496		4.4
					74,653,266		11.9
			Netherlands: 5.6%
	127,558		Akzo Nobel NV		7,970,720		1.3
	588,596		Royal Dutch Shell PLC - Class B		16,911,586		2.7
	374,301	L	SBM Offshore NV		5,860,200		0.9
	150,904		Other Securities		4,228,850		0.7
					34,971,356		5.6
			Norway: 2.5%
	573,623		Telenor ASA		8,562,308		1.4
	381,610		Other Securities		6,902,823		1.1
					15,465,131		2.5
			Portugal: 1.1%
	474,200		Galp Energia SGPS SA		7,069,510		1.1
			Singapore: 3.5%
	701,482		DBS Group Holdings Ltd.		8,369,270		1.3
	3,420,600		Singapore Telecommunications Ltd.		8,580,360		1.4
	362,500		Other Securities		5,092,726		0.8
					22,042,356		3.5
			South Korea: 6.3%
	35,481		Hyundai Mobis Co. Ltd.		7,746,325		1.2
	247,680	@	KB Financial Group, Inc. ADR		8,740,627		1.4
	24,941		Samsung Electronics Co., Ltd. GDR		18,543,852		3.0
	171,216		Other Securities		4,419,096		0.7
					39,449,900		6.3
			Spain: 0.9%
	634,810		Telefonica S.A.		5,860,814		0.9
			Sweden: 0.7%
	282,620		Other Securities^(a)		4,528,418		0.7

See Accompanying Notes to Financial Statements
153

VY^® TEMPLETON SUMMARY PORTFOLIO OF INVESTMENTS
FOREIGN EQUITY PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Shares				Value		Percentage of Net Assets
			Switzerland: 6.3%
	82,527		Novartis AG	$	6,001,652		1.0
	53,696		Roche Holding AG		12,240,141		1.9
	492,410		UBS Group AG		7,699,058		1.2
	1,508,905		Other Securities		13,614,667		2.2
					39,555,518		6.3
			Taiwan: 1.0%
	1,099,251		Taiwan Semiconductor Manufacturing Co., Ltd.		6,157,186		1.0
			Thailand: 0.9%
	1,298,000		Other Securities		5,834,659		0.9
			United Kingdom: 19.2%
	1,136,625		Aviva PLC		6,770,496		1.1
	1,403,493		BAE Systems PLC		10,208,435		1.6
	2,978,460		Barclays PLC		8,173,979		1.3
	2,776,524		BP PLC		17,390,665		2.8
	609,930		Sky PLC		7,435,661		1.2
	283,504		CRH PLC - London		9,831,753		1.6
	406,976		GlaxoSmithKline PLC		7,817,448		1.2
	1,537,600		HSBC Holdings PLC		12,295,031		2.0
	989,391	@	Standard Chartered PLC		8,068,453		1.3
	3,336,261		Vodafone Group PLC		8,210,186		1.3
	3,917,174		Other Securities		24,143,723		3.8
					120,345,830		19.2
			Total Common Stock (Cost $545,350,230)		613,492,304		97.7
Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.3%
			U.S. Government Agency Obligations: 2.1%
	8,700,000	Z	Federal Farm Credit Notes, 0.233%, 01/03/17	$	8,700,000		1.4
	4,300,000	Z	Federal Home Loan Mortgage Corp., 0.300%, 01/03/17		4,300,000		0.7
					13,000,000		2.1

Principal Amount†			Value		Percentage of Net Assets
		Securities Lending Collateral^cc: 2.2%
	3,251,866	Citigroup, Inc., Repurchase Agreement dated 12/30/16, 0.53%, due 01/03/17 (Repurchase Amount $3,252,055, collateralized by various U.S. Government Agency Obligations, 2.000%-8.500%, Market Value plus accrued interest $3,316,904, due 12/01/17-01/01/47)	$	3,251,866		0.5
	3,251,866	HSBC Securities USA, Repurchase Agreement dated 12/30/16, 0.46%, due 01/03/17 (Repurchase Amount $3,252,030, collateralized by various U.S. Government Securities, 1.375%-3.750%, Market Value plus accrued interest $3,316,921, due 11/30/18-11/15/43)		3,251,866		0.5
	684,381	Merrill Lynch & Co., Inc., Repurchase Agreement dated 12/30/16, 0.50%, due 01/03/17 (Repurchase Amount $684,419, collateralized by various U.S. Government Securities, 0.685%-2.000%, Market Value plus accrued interest $698,069, due 1 0/31/18-11/30/22)		684,381		0.1
	3,251,866	Nomura Securities, Repurchase Agreement dated 12/30/16, 0.50%, due 01/03/17 (Repurchase Amount $3,252,044, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $3,316,903, due 01/15/17-08/20/66)		3,251,866		0.6

See Accompanying Notes to Financial Statements
154

VY^® TEMPLETON SUMMARY PORTFOLIO OF INVESTMENTS
FOREIGN EQUITY PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Principal
Amount†

Value

Percentage
of Net
Assets

Securities Lending Collateral^cc (continued)

3,251,866

RBC Dominion
Securities Inc.,
Repurchase
Agreement dated
12/30/16, 0.52%, due
01/03/17 (Repurchase
Amount $3,252,051,
collateralized by
various U.S.
Government Agency
Obligations,
0.875%-7.000%,
Market Value plus
accrued interest
$3,316,903, due
02/13/17-01/01/47)

3,251,866

0.5

13,691,845

2.2

Value

Percentage
of Net
Assets

Mutual Funds: 0.0%

285,341

BlackRock Liquidity
Funds, FedFund,
Institutional Class,
0.420%††
(Cost $285,341)

285,341

0.0

Total Short-Term
Investments
(Cost $26,976,909)

26,977,186

4.3

Total Investments in
Securities
(Cost $572,327,139)

640,469,490

102.0

Liabilities in Excess
of Other Assets

(12,590,952

)

(2.0

)

Net Assets

627,878,538

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, 2016.

# 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.

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, 2016.

Z Indicates Zero Coupon Bond; rate shown reflects current effective yield.

(a) This grouping contains securities on loan.

Cost for federal income tax purposes is $574,921,879.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	123,642,969
Gross Unrealized Depreciation		(58,095,358	)
Net Unrealized Appreciation	$	65,547,611
Sector Diversification	Percentage of Net Assets
Financials		21.5	%
Health Care		14.4
Energy		13.1
Information Technology		9.6
Telecommunication Services		9.5
Materials		9.0
Industrials		9.0
Consumer Discretionary		7.8
Consumer Staples		2.4
Utilities		0.9
Real Estate		0.5
U.S. Government Agency Obligations		2.1
Short-Term Investments		2.2
Liabilities in Excess of Other Assets		(2.0	)
Net Assets		100.0	%

See Accompanying Notes to Financial Statements
155

VY^® TEMPLETON SUMMARY PORTFOLIO OF INVESTMENTS
FOREIGN EQUITY PORTFOLIO AS OF DECEMBER 31, 2016 (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Common Stock
Canada	$	3,228,372	$	—	$	—	$	3,228,372
China		5,936,845		36,959,825		—		42,896,670
France		—		64,687,915		—		64,687,915
Germany		5,478,038		71,941,496		—		77,419,534
Hong Kong		2,592,340		13,903,561		—		16,495,901
India		—		9,207,786		—		9,207,786
Israel		10,943,839		—		—		10,943,839
Italy		—		12,678,343		—		12,678,343
Japan		—		74,653,266		—		74,653,266
Netherlands		—		34,971,356		—		34,971,356
Norway		—		15,465,131		—		15,465,131
Portugal		—		7,069,510		—		7,069,510
Singapore		—		22,042,356		—		22,042,356
South Korea		8,740,627		30,709,273		—		39,449,900
Spain		—		5,860,814		—		5,860,814
Sweden		—		4,528,418		—		4,528,418
Switzerland		—		39,555,518		—		39,555,518
Taiwan		—		6,157,186		—		6,157,186
Thailand		—		5,834,659		—		5,834,659
United Kingdom		4,371,983		115,973,847		—		120,345,830
Total Common Stock		41,292,044		572,200,260		—		613,492,304
Short-Term Investments		285,341		26,691,845		—		26,977,186
Total Investments, at fair value	$	41,577,385	$	598,892,105	$	—	$	640,469,490

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

See Accompanying Notes to Financial Statements
156

TAX INFORMATION (UNAUDITED)

Dividends and distributions paid during the year ended December 31, 2016 were as follows:

Portfolio Name	Type	Per Share Amount
Voya Global Bond Portfolio
Class ADV	NII	$	0.0622
Class I	NII	$	0.1008
Class S	NII	$	0.0826
All Classes	ROC	$	0.0817
VY^® American Century Small-Mid Cap Value Portfolio
Class ADV	NII	$	0.1381
Class I	NII	$	0.1967
Class S	NII	$	0.1640
Class S2	NII	$	0.1551
All Classes	STCG	$	0.2945
All Classes	LTCG	$	0.7580
VY^® Baron Growth Portfolio
All Classes	LTCG	$	3.1511
VY^® Columbia Contrarian Core Portfolio
Class ADV	NII	$	0.7448
Class I	NII	$	0.8360
Class S	NII	$	0.7741
All Classes	STCG	$	0.0248
All Classes	LTCG	$	2.0011
VY^® Columbia Small Cap Value II Portfolio
Class ADV	NII	$	0.0091
Class I	NII	$	0.0942
Class R6	NII	$	0.0943
Class S	NII	$	0.0454
Class S2	NII	$	0.0288
All Classes	LTCG	$	0.7179
VY^® Invesco Comstock Portfolio
Class ADV	NII	$	0.3728
Class I	NII	$	0.4553
Class S	NII	$	0.4125
VY^® Invesco Equity and Income Portfolio
Class ADV	NII	$	0.6799
Class I	NII	$	0.8875
Class S	NII	$	0.7756
Class S2	NII	$	0.7191
All Classes	LTCG	$	1.8669

Portfolio Name	Type	Per Share Amount
VY^® JPMorgan Mid Cap Value Portfolio
Class ADV	NII	$	0.0835
Class I	NII	$	0.1752
Class S	NII	$	0.1265
Class S2	NII	$	0.0997
All Classes	STCG	$	0.0321
All Classes	LTCG	$	1.8149
VY^® Oppenheimer Global Portfolio
Class ADV	NII	$	0.1192
Class I	NII	$	0.2133
Class S	NII	$	0.1597
Class S2	NII	$	0.1236
All Classes	STCG	$	0.0381
All Classes	LTCG	$	1.1572
VY^® Pioneer High Yield Portfolio
Class I	NII	$	0.5799
Class S	NII	$	0.5513
VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio
Class ADV	NII	$	0.0028
Class I	NII	$	0.0338
Class R6	NII	$	0.0338
Class S	NII	$	0.0092
All Classes	STCG	$	0.0717
All Classes	LTCG	$	1.2342
VY^® T. Rowe Price Growth Equity Portfolio
All Classes	LTCG	$	9.8410
VY^® Templeton Foreign Equity Portfolio
Class ADV	NII	$	0.3143
Class I	NII	$	0.3801
Class S	NII	$	0.3455
Class S2	NII	$	0.3392

NII — Net investment income
STCG — Short-term capital gain
LTCG — Long-term capital gain
ROC — Return of capital

Of the ordinary distributions made during the year ended December 31, 2016, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

VY^® American Century Small-Mid Cap Value Portfolio	41.91	%
VY^® Columbia Contrarian Core Portfolio	44.38	%
VY^® Columbia Small Cap Value II Portfolio	100.00	%
VY^® Invesco Comstock Portfolio	85.84	%
VY^® Invesco Equity and Income Portfolio	64.02	%
VY^® JPMorgan Mid Cap Value Portfolio	100.00	%
VY^® Oppenheimer Global Portfolio	41.99	%
VY^® Pioneer High Yield Portfolio	4.20	%
VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio	86.06	%

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	$	18,783,541
VY^® Baron Growth Portfolio	$	84,297,100
VY^® Columbia Contrarian Core Portfolio	$	28,863,136
VY^® Columbia Small Cap Value II Portfolio	$	8,733,630
VY^® Invesco Equity and Income Portfolio	$	74,541,031
VY^® JPMorgan Mid Cap Value Portfolio	$	54,525,340
VY^® Oppenheimer Global Portfolio	$	95,053,417
VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio	$	94,064,466
VY^® T. Rowe Price Growth Equity Portfolio	$	184,243,879

157

TAX INFORMATION (UNAUDITED) (CONTINUED)

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, 2016. 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	$	1,235,365	$	0.0149		64.59	%
VY^® Templeton Foreign Equity Portfolio	$	1,036,478	$	0.0181		99.23	%

*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.

158

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: 56

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: 63

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: 68

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 (23 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: 75

Director

November 2007 - Present

Retired.

151

None.

Martin J. Gavin
7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, AZ 85258-2034
Age: 66

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: 72

Director

May 2013 - Present

Retired.

151

None.

Patrick W. Kenny
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 74

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: 59

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: 66

Director

January 2006 - Present

Consultant (May 2001 - Present).

151

None.

159

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: 63

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: 71

Director

January 2005 - Present

Retired.

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: 61

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 (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 Government Money Market Portfolio; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya International High Dividend Equity Income Fund; Voya Investors Trust; Voya Mutual Funds; Voya Natural Resources Equity Income Fund; Voya Partners, Inc.; Voya Prime Rate Trust; Voya Senior Income Fund; Voya Separate Portfolios Trust; Voya Series Fund, Inc.; Voya Strategic Allocation Portfolios, Inc.; Voya Variable Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Fund Complex is as of January 31, 2017.

(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.

160

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: 61

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: 58

Executive Vice President

January 2005 - Present

Managing Director and Chief Operating Officer, Voya Investments, LLC and Voya Funds Services, LLC (March 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: 66

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: 50

Chief Compliance Officer

February 2012 - Present

Senior Vice President, Voya Investment Management 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: 49

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: 52

Senior Vice President

January 2005 - Present

Senior Vice President, Voya Investments, LLC (September 2003 - Present).

Robert Terris
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 46

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: 44

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: 58

Vice President

January 2005 - Present

Vice President, Voya Investments, LLC (October 2015 - Present) and Voya Funds Services, LLC (September 2004 - Present).

Lauren D. Bensinger
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 63

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).

161

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

Sara M. Donaldson
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 57

Vice President

September 2014 - Present

Vice President, Voya Investments, LLC (October 2015 - Present). Formerly, Vice President, Voya Funds Services, LLC (April 2014 - October 2015). Formerly, Director, Compliance, AXA Rosenberg Global Services, LLC (September 1997 - March 2014).

Micheline S. Favor
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 39

Vice President

September 2016 - Present

Vice President, Head of Fund Compliance, Voya Investments LLC, and Chief Compliance Officer for Voya Investments, LLC and Directed Services, LLC (June 2016 - Present). Formerly, Vice President, Mutual Fund Compliance (March 2014 - June 2016); Assistant Vice President, Mutual Fund Compliance (May 2013 - March 2014); Assistant Vice President, Senior Project Manager (May 2008 - May 2013).

Robyn L. Ichilov
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 49

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: 40

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: 59

Vice President

March 2006 - Present

Vice President - Mutual Fund Product Development, Voya Investments, LLC (July 2012 - Present); Vice President, Voya Family of Funds (March 2010 - Present) and Vice President, Voya Funds Services, LLC (March 2006 - Present). Formerly Managing Paralegal, Registration Statements (June 2003 - July 2012).

Craig Wheeler
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 47

Vice President

May 2013 - Present

Vice President - Director of Tax, Voya Investments, LLC (October 2015 - Present). Formerly, Vice President - Director of Tax, Voya Funds Services, LLC (March 2013 - October 2015). 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: 53

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: 65

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: 54

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.

162

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED)

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

Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), provides that, after an initial period, the Board of Directors (the "Board") of Voya Partners, Inc. (the "Company"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" 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 (collectively, the "Portfolios"), as such term is defined under the 1940 Act (the "Independent Directors"), must annually review and approve the Portfolios' existing investment management and sub-advisory contracts. At a meeting held on October 18, 2016, the Board, including a majority of the Independent Directors, considered whether to renew and approve the investment management contracts (the "Management Contracts") between Directed Services LLC (the "Adviser") and the Portfolios, and the sub-advisory contracts (the "Sub-Advisory Contracts") with the sub-adviser to each Portfolio (each a "Sub-Adviser" and collectively, the "Sub-Advisers") effective through November 30, 2016. Consideration by the Board at its October 18, 2016 meeting of whether to renew the Management and Sub-Advisory Contracts effective through November 30, 2016 was deemed prudent because the prior approval of the Contracts was set to expire on November 17, 2016 (the same date of the Board's meeting to discuss the annual renewal/approval). In addition, at a meeting held on November 17, 2016, the Board, including a majority of the Independent Directors, considered whether to renew and approve the Management and Sub-Advisory Contracts effective through November 30, 2017.

In addition to the Board meetings on October 18, 2016 and November 17, 2016, the Independent Directors also held separate meetings outside the presence of Management on October 18, 2016, and November 15, 2016, to consider the renewal of the Management and Sub-Advisory Contracts. As a result, subsequent references herein to factors considered and determinations made by the Independent Directors and/or the Board include, as applicable, factors

considered and determinations made at those meetings by the Independent Directors.

At its October 18, 2016 meeting, the Board, including the Independent Directors, voted to renew the Management and Sub-Advisory Contracts for the Portfolios effective through November 30, 2016. At its November 17, 2016 meeting, the Board, including the Independent Directors voted to renew the Management Contracts and Sub-Advisory Contracts for the Portfolios effective through November 30, 2017. In reaching these decisions, the Board took into account information furnished to it throughout the year at meetings of the Board and the Board's committees, as well as information prepared specifically in connection with the annual renewal or approval process. Determinations by the Independent Directors also took into account various factors that they believed, in light of the legal advice furnished to them by K&L Gates LLP ("K&L Gates"), their independent legal counsel, and their own business judgment, to be relevant. Further, while the Board considered at the same meetings the investment management contracts and sub-advisory contracts that were subject to renewal for the investment companies in the Voya family of funds ("Voya funds"), the Board considered each Voya fund's investment management and sub-advisory relationships separately.

Provided below is an overview of the Board's contract approval process in general, as well as a discussion of certain specific factors that the Board considered at its renewal meetings. While the Board gave its attention to the information furnished at the request of the Independent Directors that was most relevant to its considerations, discussed below are a number of the primary factors relevant to the Board's consideration as to whether to renew the Management and Sub-Advisory Contracts. Each Board member may have accorded different weight to the various factors in reaching his or her conclusions with respect to each Portfolio's investment management and sub-advisory arrangements.

The Board, in considering the Management and Sub-Advisory Contracts, was cognizant that shareholders of each Portfolio have a broad range of investment options available to them and that, based upon their opportunity to review and weigh the disclosure provided by the Portfolio, have chosen the Portfolio as an investment.

Overview of the Contract Renewal and Approval Process

The Board follows a structured process pursuant to which it seeks, considers, reviews and analyzes relevant information when it decides whether to approve new or

163

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

existing investment management and sub-advisory arrangements for Voya funds, including the Portfolios' existing Management and Sub-Advisory Contracts (the "Contract Review Process").

The Contract Review Process has evolved as the Board's membership has changed through periodic retirements of some Directors and the appointment and election of new Directors. In addition, the Independent Directors have reviewed and refined the renewal and approval process at least annually in order to make revised requests for information from Management and address certain unique characteristics related to new or existing Voya funds.

The Board has established (among other committees) three Investment Review Committees (each, an "IRC") and a Contracts Committee. Among other matters, the Contracts Committee provides oversight with respect to the contracts renewal and approval process, and each Portfolio is assigned to an IRC, which provides ongoing oversight regarding, among other matters, the investment performance of the Adviser and the Sub-Advisers, as well as the oversight by the Adviser of the performance of the Sub-Advisers. The IRCs will typically apply a heightened level of scrutiny in cases where performance has lagged a Portfolio's relevant benchmark and/or Morningstar, Inc. ("Morningstar") category average, as applicable. The Board and/or IRCs may also apply a heightened level of scrutiny in cases where a Portfolio's performance has lagged its Selected Peer Group (defined below).

The type and format of the information provided to the Board or to legal counsel for the Independent Directors in connection with the Contract Review Process has been codified in a 15(c) methodology guide for the Voya funds ("15(c) Methodology Guide"). This 15(c) Methodology Guide was developed by the Independent Directors and sets out a blueprint pursuant to which the Independent Directors request, and Management provides, certain information that the Independent Directors deem important to facilitate an informed review in connection with initial and annual approvals of investment management and sub-advisory contracts. Among other actions, the Independent Directors retain the services of an independent consultant with experience in the mutual fund industry to assist the Independent Directors in developing and determining a selected peer group of investment companies for each Portfolio ("Selected Peer Group") based on each Portfolio's particular attributes, such as fund type and scale, Morningstar category and sales channels and structure. The Independent Directors review, evaluate and update the 15(c) Methodology Guide at least annually.

Management provides certain of the information requested by the 15(c) Methodology Guide in Fund Analysis and Comparison Tables ("FACT sheets") prior to the Independent Directors' review of investment management and sub-advisory arrangements (including the Portfolios' Management and Sub-Advisory Contracts). The Independent Directors have periodically retained an independent firm to test and verify the accuracy of certain FACT sheet data for a representative sample of the Voya funds. In addition, the Contracts Committee routinely employs the services of an independent consultant to assist in its review and analysis of, among other matters, the 15(c) Methodology Guide, the content and format of the FACT sheets, and Selected Peer Groups to be used by the Portfolios for certain comparison purposes during the renewal process. As part of an ongoing process, the Contracts Committee recommends and considers recommendations from Management for refinements to the 15(c) Methodology Guide and other aspects of the review process, and the Board's IRCs review benchmarks and peer groups used to assess the performance of the Voya funds.

The Board employed its process for reviewing contracts when considering the renewals of the Portfolios' Management and Sub-Advisory Contracts at its October 18, 2016 and November 17, 2016 meetings that would be effective through November 30, 2016 and November 30, 2017, respectively. Set forth below is a discussion of many of the Board's primary considerations and conclusions resulting from this process.

Nature, Extent and Quality of Service

In determining whether to approve the Management and Sub-Advisory Contracts, the Independent Directors received and evaluated such information as they deemed necessary regarding the nature, extent and quality of services provided to the Portfolios by the Adviser and the Sub-Advisers. This included information regarding the Adviser and the Sub-Advisers provided throughout the year at regular meetings of the Board and its committees, as well as information furnished in connection with the contract renewal meetings.

The Adviser oversees, subject to the authority of the Board, the provision of all investment advisory and portfolio management services for the Portfolios. In addition, the Adviser provides administrative services reasonably necessary for the operation of the Portfolio. The Adviser conducts day-to-day oversight of the Portfolios' operations and risks but may delegate certain management responsibilities to one or more Sub-Advisers. Also, the Adviser oversees various other service providers, which may include, among others, distributors, custodians and fund accounting agents,

164

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

shareholder service providers, and transfer agents, who provide services to the Portfolios.

The materials requested by the Independent Directors and provided to the Board, K&L Gates and/or independent consultants that assisted the Independent Directors prior to the October 18, 2016 and November 17, 2016 Board meetings included, among other information, the following items for each Portfolio: (1) FACT sheets that provided information regarding the performance and expenses of the Portfolio and other similarly managed funds in its Selected Peer Group, as well as information regarding the Portfolio's investment portfolio, objective and strategies; (2) reports providing risk and attribution analyses of the Portfolio; (3) the 15(c) Methodology Guide, which describes how the FACT sheets were prepared, including the manner in which each Portfolio's Selected Peer Group was selected and how profitability was determined; (4) responses from the Adviser and the Sub-Adviser to the Portfolios to a series of questions posed by K&L Gates on behalf of the Independent Directors; (5) copies of the forms of Management and Sub-Advisory Contracts; (6) copies of the Forms ADV for the Adviser and the Sub-Adviser; (7) financial statements for the Adviser and the Sub-Adviser (or the parent company of certain unaffiliated sub-advisers); (8) a draft of a narrative summary addressing key factors the Board customarily considers in evaluating the Management and Sub-Advisory Contracts for the Voya funds' (including the Portfolio's) investment management and sub-advisory contracts, including a written analysis for the Portfolio of how performance, fees and expenses compare to its Selected Peer Group and/or designated benchmarks; (9) independent analyses of Portfolio performance by the Company's Chief Investment Risk Officer, who leads the Adviser's Investment Risk Management Department ("IRMD"); (10) information regarding net asset flows into and out of the Portfolio; and (11) other information relevant to the Board's evaluations.

For each Portfolio, Class I shares were used for purposes of certain comparisons between the Portfolio and its Selected Peer Group. Class I shares generally were selected so that a Portfolio's share class with the longest performance history was compared to the analogous class of shares for each fund in its Selected Peer Group. The mutual funds included in the Portfolios' Selected Peer Groups were selected based upon criteria designed to represent the Portfolio share class being compared to the Selected Peer Groups.

In arriving at its conclusions with respect to the Management Contracts, the Board was mindful of the "manager-of-managers" platform of the Voya funds that has been developed by the Adviser. The Board

recognized that the Adviser is responsible for monitoring the investment program, performance, developments and ongoing operations of the Sub-Advisers under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Adviser has developed to provide ongoing oversight of the nature, extent and quality of the services each Sub-Adviser provides to the applicable Portfolios and each Sub-Adviser's compliance with applicable laws and regulations. The Board was advised that to assist in the selection and monitoring of the Sub-Advisers, the Adviser has developed an oversight process formulated by its Manager Research & Selection Group ("MR&S"), which analyzes both qualitative (such as in-person meetings and telephonic meetings with the Sub-Advisers and research on sub-advisers) and quantitative information (such as performance data, portfolio data and attribution analysis) about each Sub-Adviser and the Portfolios that it manages. The Board recognized that MR&S also typically provides in-person reports to the IRCs at their meetings prior to any Sub-Adviser presentations. In addition, the Board noted that MR&S prepares periodic due diligence reports regarding the Sub-Advisers based on on-site visits and information and analysis which team members use to attempt to gain and maintain an in-depth understanding of each Sub-Adviser's investment process and to try to identify issues that may be relevant to the Sub-Adviser's services to a Portfolio and/or its performance. The Board also noted that MR&S provides written reports on these due diligence analyses to the pertinent IRC. The Board noted the resources that Management has committed to its services as a manager-of-managers, including resources for reporting to the Board and the IRCs to assist them with their assessment of the investment performance of the Portfolios on an on-going basis throughout the year. This includes the appointment of a Chief Investment Risk Officer and the IRMD staff members, who report directly to the Board and who have developed attribution analyses and other metrics used by the IRCs to analyze the key factors underlying investment performance for the funds in the Voya funds.

The Board also considered the techniques that the Adviser has developed to screen and perform due diligence on new sub-advisers if and when the Adviser recommends to the Board a new sub-adviser to manage a Portfolio in the Voya funds. The Board noted that, for new non-Voya-affiliated sub-advisers, MR&S is responsible for: identifying qualified candidates; analyzing their investment processes, personnel and resources; conducting due diligence on the candidates; and selecting a firm to propose as a new sub-adviser, as well as preparing written materials and reports to the

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committees and the Board as part of the process of considering the approval of any new sub-adviser for a Portfolio.

The Board also considered that in the course of monitoring performance of the Sub-Advisers, MR&S has developed, based on guidance from the IRCs, a methodology for comparing performance of each Portfolio to its Morningstar category average and/or median and primary benchmark. The Board also recognized that MR&S provides the IRCs with regular updates on the Portfolios and alerts the IRCs to potential issues as they arise. The Board noted that another service provided by MR&S is the preparation of the Fund Dispersion Report. This report seeks to monitor any dispersion between the Portfolios managed by non-Voya-affiliated sub-advisers and their similarly managed retail counterparts, and it assists the Board in carrying out its general oversight duties. The Board also considered that the Adviser regularly monitors performance, personnel, compliance and other issues that may arise on a day-to-day basis regarding the Sub-Advisers and contemplated that, if issues are identified either through formal or informal processes, they are brought before the IRCs and the Board for consideration and action and the Adviser consistently makes its resources available to the Board and the IRCs to assist with addressing any issues that arise.

The Board considered that the Portfolios also benefit from the services of the IRMD, under the leadership of the Chief Investment Risk Officer, the costs of which are shared by the Portfolios and the Adviser. The Board considered that the IRMD regularly presents written materials and reports to the IRCs that focus on the investment risks of the Portfolios. The Board also considered that the IRMD provides the IRCs with analyses that are developed to assist the IRCs in identifying trends in Portfolio performance and other areas over consecutive periods. The Board noted that the services provided by the IRMD are meant to provide an additional perspective for the benefit of the IRCs, which may vary from the perspective of MR&S.

The Board also considered the techniques used by the Adviser to monitor the performance of the Sub-Adviser and the proactive approach that the Adviser, working in cooperation with the IRCs, has taken to advocate or recommend, when it believed appropriate, changes designed to assist in improving the Voya funds' performance.

In considering the Portfolios' Management Contracts, the Board also considered the extent of benefits provided to the Portfolios' shareholders, beyond investment management services, from being part of the Voya funds.

This includes, in most cases, the right to exchange or transfer investments, without a sales charge, between the same class of shares of such funds or among Voya funds available on a product platform, and the wide range of Voya funds available for exchange or transfer. The Board also took into account the Adviser's ongoing efforts to reduce the expenses of the Voya funds through renegotiated arrangements with certain of the Voya funds' service providers. In addition, the Board considered the efforts of the Adviser and the expenses that it incurred in recent years to help make the Voya funds more balanced and efficient by the launch of new investment products and the combinations of similar funds.

Further, the Board received periodic reports showing that the investment policies and restrictions for each Portfolio were consistently complied with and other periodic reports covering matters such as compliance by Adviser and the Sub-Adviser personnel with codes of ethics. The Board considered reports throughout the year and also in connection with the Board's consideration of the Management and Sub-Advisory Contracts from the Company's Chief Compliance Officer ("CCO") evaluating whether the regulatory compliance systems and procedures of the Adviser and the Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws. The Board also took into account the CCO's annual and periodic reports and recommendations with respect to service provider compliance programs. In this regard, the Board also considered the policies and procedures developed by the CCO in consultation with the Board's Compliance Committee that guide the CCO's compliance oversight function.

The Board requested and considered information regarding the staffing of each Portfolio's portfolio management team. The Board took into account the respective resources and reputations of the Adviser and each Sub-Adviser, and evaluated the compensation arrangements for each Portfolio's portfolio management team. The Board also considered the adequacy of the resources committed to the Portfolios (and other relevant funds in the Voya funds) by the Adviser and each Sub-Adviser, and whether those resources are commensurate with the needs of the Portfolios and are sufficient to provide high-quality services to the Portfolios. The Board also considered the financial stability of the Adviser and each Sub-Adviser.

Based on their deliberations and the materials presented to them, the Board concluded that the investment management and related services provided by the Adviser and each Sub-Adviser are appropriate in light of

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the Portfolios' operations, the competitive landscape of the investment company business, and investor needs, and that the nature, extent and quality of the overall services provided by the Adviser and each Sub-Adviser were appropriate.

Portfolio Performance

In assessing investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Portfolio. The Board considered the performance reports and analyses from MR&S and IRMD and discussions with portfolio managers at Board and committee meetings during the year. The Board also paid particular attention in assessing performance to the FACT sheets furnished in connection with the renewal and approval process. The FACT sheets prepared for each Portfolio included its investment performance compared to the Portfolio's Morningstar category average, Selected Peer Group and primary benchmark. The FACT sheet performance data was as of March 31, 2016.

In addition, the Board also considered at its October 18, 2016 and November 17, 2016 meetings certain additional data regarding performance and Portfolio asset levels as of August 31, 2016 and September 30, 2016, respectively. The Board's findings specific to each Portfolio's performance are discussed under "Portfolio-by-Portfolio Analysis" below.

Economies of Scale

When evaluating the reasonableness of advisory fee rates, the Board also considered whether economies of scale likely will be realized by the Adviser and a Sub-Adviser as a Portfolio grows larger and the extent to which any such economies are reflected in contractual fee rates. In this regard, the Board noted any breakpoints in advisory fee rate schedules that will result in a lower advisory fee rate when a Portfolio achieves sufficient asset levels to receive a breakpoint discount. In the case of sub-advisory fees, the Board considered that breakpoints would inure to the benefit of the Adviser, except to the extent that there are corresponding advisory fee rate breakpoints or waivers, which the Board monitors over time. The Board also considered that some of the Portfolios that do not have advisory fee breakpoints do have fee waiver or expense reimbursement arrangements. In this connection, the Board considered the extent to which economies of scale could be realized through such fee waivers, expense reimbursements or other expense reductions. In evaluating fee rate breakpoint arrangements and economies of scale, the Independent Directors also considered prior periodic

management reports, industry information on this topic and the Portfolios' investment performance.

Information Regarding Services to Other Clients

The Board requested and considered information regarding the nature of services and fee rates offered by the Adviser and the Sub-Advisers to other clients, including other registered investment companies and relevant institutional accounts. When fee rates offered to other clients differed materially from those charged to a Portfolio, the Board considered any underlying rationale provided by the Adviser or the Sub-Adviser for these differences. For non-Voya-affiliated Sub-Advisers, the Board did not view this information as being a key factor in its deliberations because of the arm's-length nature of negotiations between the Adviser and non-Voya-affiliated Sub-Advisers with respect to sub-advisory fee rates. The Board also noted that the fee rates charged to the Portfolios and other institutional clients of the Adviser or the Sub-Advisers (including other investment companies) may differ materially due to, among other reasons, as applicable: differences in services; different regulatory requirements associated with registered investment companies, such as the Portfolios, as compared to non-registered investment company clients; market differences in fee rates that existed when a Portfolio first was organized; differences in the original sponsors of Portfolios that now are managed by the Adviser; investment capacity constraints that existed when certain contracts were first agreed upon or that might exist at present; and different pricing structures that are necessary to be competitive in different marketing channels.

Fee Rates, Profitability and Fall-out Benefits

The Board reviewed and considered each contractual management fee rate payable by each Portfolio to the Adviser. The Board also considered the contractual sub-advisory fee rate payable by the Adviser to each Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual management fees that are paid to each Sub-Adviser, as compared to the portion retained by the Adviser. In addition, the Board considered fee waivers and expense limitations applicable to the fees payable by the Portfolios, including the Adviser's agreement to extend each such fee waiver and expense limitation agreement and not to terminate such agreement without prior approval of the Board.

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association with the Portfolios. For each Portfolio, the Board separately determined that the fees payable to the Adviser and the fee rate payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

For each Portfolio, the Board considered information on revenues, costs and profits realized by the Adviser and the Voya-affiliated Sub-Adviser, which was prepared by Management in accordance with the methodology (including related assumptions) specified in the 15(c) Methodology Guide. In analyzing the profitability of the Adviser in connection with its services to a Portfolio, the Board took into account the sub-advisory fee rate payable by the Adviser to each Sub-Adviser. In addition, the Board considered information that it requested and that was provided by Management with respect to the profitability of service providers affiliated with the Adviser. The Board also considered the profitability of the Adviser and its affiliated companies attributable to managing and operating each Portfolio both with and without the profitability of the distributor of the Portfolios and both before and after giving effect to any expenses incurred by the Adviser or any affiliated company in making revenue sharing or other payments to third parties, including affiliated insurance companies, for distribution services. The Board did not request profitability data from the Sub-Advisers that were not affiliated with the Adviser because the Board did not view this data as relevant to its deliberations, given the arm's-length nature of the relationship between the Adviser and these non-Voya-affiliated Sub-Advisers with respect to the negotiation of sub-advisory fee rates. In this regard, the Board also noted that the Adviser (and not a Portfolio) pays the sub-advisory fees earned by a non-Voya-affiliated Sub-Adviser. In addition, the Board noted that certain of the Voya funds' Sub-Advisers had previously represented that they had not accounted for their profits on an account-by-account basis.

entrepreneurial risk associated with offering and managing a mutual fund complex in the current regulatory and market environment. In addition, the Board recognized that the use of different reasonable methodologies for purposes of calculating profit data can give rise to dramatically different profit and loss results.

In considering the Management and Sub-Advisory Contracts, the Board noted that, at the request of the Board, the Adviser has from time to time agreed to implement remedial actions regarding certain Voya funds. These remedial actions have included, among others: reductions in fee rates or adjustments to expense limitation and waiver arrangements; changes in the Sub-Adviser or portfolio managers; and strategy modifications.

In making its determinations, the Board based its conclusions as to the reasonableness of the management and sub-advisory fees of the Adviser and each Sub-Adviser primarily on the factors described for each Portfolio below.

Portfolio-by-Portfolio Analysis

The following paragraphs outline certain of the specific factors that the Board considered, and the conclusions reached, at its October 18, 2016 and November 17, 2016 meetings in relation to approving each Portfolio's Management and Sub-Advisory Contracts. These specific factors are in addition to those considerations discussed above. In each case, the Portfolio's performance was compared to its Morningstar category median and/or average, as well as its primary benchmark, a broad-based securities market index that appears in the Portfolio's prospectus. With respect to Morningstar quintile rankings, the first quintile represents the highest (best) performance and the fifth quintile represents the lowest performance. Each Portfolio's management fee rates and expense ratio were compared to the fees and expense ratios of the funds in its Selected Peer Group.

Voya Global Bond Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Global Bond Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2016: (1) the Portfolio underperformed its Morningstar category average for all periods presented, with the exception of the year-to-date and one-year periods, during which it outperformed; (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it outperformed; and (3) the Portfolio is ranked in the first (highest) quintile of its Morningstar

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category for the one-year period, the second quintile for the year-to-date period, and the third quintile for the three-year, five-year and ten-year periods. In analyzing this performance data, the Board took into account: (1) Management's representations regarding the strength of the Portfolio's performance during certain periods; and (2) that Management would continue to monitor, and the Board or its Investment Review Committee would periodically review, the Portfolio's performance.

After its deliberation, the Board reached the following conclusions: (1) the Portfolio's management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio's expense ratio is reasonable in the context of all factors considered by the Board; (3) taking into account that Management will continue to monitor, and the Board or its Investment Review Committee would periodically review, the Portfolio's performance, the Portfolio's performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Management and Sub-Advisory Contracts for the Portfolio for the relevant periods. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

VY^® American Century Small-Mid Cap Value Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for VY^® American Century Small-Mid Cap Value Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2016: (1) the Portfolio outperformed its Morningstar category average for all periods presented; (2) the Portfolio outperformed its primary benchmark for all periods presented; and (3) the

Portfolio is ranked in the first (highest) quintile of its Morningstar category for the one-year, three-year, five-year and ten-year periods, and the second quintile for year-to-date period.

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

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

VY^® Baron Growth Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for VY^® Baron Growth Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2016: (1) the Portfolio outperformed its Morningstar category average for all periods presented, with the exception of the one-year and three-year periods, during which it underperformed; (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which it underperformed; and (3) the Portfolio is ranked in the first

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(highest) quintile of its Morningstar category for the year-to-date period, the second quintile for the five-year and ten-year periods, the third quintile for the one-year period, and the fourth quintile for the three-year period. In analyzing this performance data, the Board took into account: (1) Management's representations regarding the strength of the Portfolio's performance during certain periods; (2) Management's analysis with respect to the effect that the Portfolio's smaller capitalization investment portfolio relative to its Morningstar category peer group, and sector weightings, had on the Portfolio's performance during certain periods; (3) Management's confidence in the Sub-Adviser's ability to execute the Portfolio's investment strategy; and (4) that Management would continue to monitor, and the Board or its Investment Review Committee would periodically review, the Portfolio's performance.

In considering the fees payable under the Management and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee for the Portfolio is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio is above the median and the average expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as directed by the Board during the 2015 annual Contract Review Process, lower expense limits were implemented for the Portfolio in January 2016; and (2) Management's representations regarding the competitiveness of the Portfolio's management fee and expense ratio.

Management and Sub-Advisory Contracts for the Portfolio for the relevant periods. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

VY^® Columbia Contrarian Core Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for VY^® Columbia Contrarian Core Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2016: (1) the Portfolio outperformed its Morningstar category average for all periods presented, with the exception of the ten-year period, during which the Portfolio's performance was equal to its Morningstar category average; (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the one-year and three-year periods, during which it outperformed; and (3) the Portfolio is ranked in the first (highest) quintile of its Morningstar category for the one-year and three-year periods and the third quintile for the year-to-date, five-year and ten-year periods.

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Contracts for the Portfolio for the relevant periods. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

VY^® Columbia Small Cap Value II Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for VY^® Columbia Small Cap Value II Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2016: (1) the Portfolio outperformed its Morningstar category average for all periods presented, with the exception of the year-to-date period, during which it underperformed; (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed; and (3) the Portfolio is ranked in the first (highest) quintile of its Morningstar category for the three-year and five-year periods, the second quintile for the one-year period, and the fourth quintile for the year-to-date period.

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

VY^® Invesco Comstock Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for VY^® Invesco Comstock Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2016: (1) the Portfolio underperformed its Morningstar category average for all periods presented, with the exception of the ten-year period, during which it outperformed; (2) the Portfolio underperformed its primary benchmark for all periods presented; and (3) the Portfolio is ranked in the third quintile of its Morningstar category for the five-year and ten-year periods, the fourth quintile for the three-year period, and the fifth (lowest) quintile for the year-to-date and one-year periods. In analyzing this performance data, the Board took into account: (1) Management's analysis regarding the impact that stock selection, sector allocation and factors such as size bias and valuation bias had on the Portfolio's performance; (2) Management's representations regarding the Portfolio's favorable performance during certain periods and Management's expectation that performance will improve; (3) Management's confidence in the Sub-Adviser's ability to execute the Portfolio's investment strategy; and (4) that Management would continue to closely monitor, and the Board or its Investment Review Committee would periodically review, the Portfolio's performance.

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the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Management and Sub-Advisory Contracts for the Portfolio for the relevant periods. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

VY^® Invesco Equity and Income Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for VY^® Invesco Equity and Income Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2016: (1) the Portfolio outperformed its Morningstar category average for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed; (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the ten-year period, during which it outperformed; and (3) the Portfolio is ranked in the first (highest) quintile of its Morningstar category for the ten-year period, the second quintile for the three-year and five-year periods, the third quintile for the one-year period, and the fifth (lowest) quintile for the year-to-date period.

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

this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

VY^® JPMorgan Mid Cap Value Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for VY^® JPMorgan Mid Cap Value Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2016: (1) the Portfolio outperformed its Morningstar category average for all periods presented; (2) the Portfolio outperformed its primary benchmark for all periods presented; and (3) the Portfolio is ranked in the first (highest) quintile of its Morningstar category for all periods presented.

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

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

VY^® Oppenheimer Global Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for VY^® Oppenheimer Global Portfolio, the Board considered that,

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based on performance data for the periods ended March 31, 2016: (1) the Portfolio outperformed its Morningstar category average for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed; (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed; and (3) the Portfolio is ranked in the second quintile of its Morningstar category for the ten-year period, the third quintile for the three-year and five-year periods, and the fifth (lowest) quintile for the year-to-date and one-year periods.

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

VY^® Pioneer High Yield Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for VY^® Pioneer High Yield Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2016: (1) the Portfolio underperformed its Morningstar category average for all periods presented, with the exception of the three-year and ten-year periods, during which it outperformed; (2) the Portfolio underperformed its primary benchmark for all periods

presented, with the exception of the ten-year period, during which it outperformed; and (3) the Portfolio is ranked in the first (highest) quintile of its Morningstar category for the ten-year period, the third quintile for the three-year period, the fourth quintile for the year-to-date and five-year periods, and the fifth (lowest) quintile for the one-year period. In analyzing this performance data, the Board took into account Management's representations regarding the competitiveness of the Portfolio's performance during certain periods.

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

VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2016: (1) the Portfolio outperformed its Morningstar category average for all periods presented; (2) the Portfolio outperformed its primary benchmark for all periods presented, with the

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exception of the year-to-date and one-year periods, during which it underperformed; and (3) the Portfolio is ranked in the first (highest) quintile of its Morningstar category for the three-year, five-year and ten-year periods, and the second quintile for the year-to-date and one-year periods.

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

VY^® T. Rowe Price Growth Equity Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for VY^® T. Rowe Price Growth Equity Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2016: (1) the Portfolio outperformed its Morningstar category average for all periods presented, with the exception of the year-to-date period, during which it underperformed; (2) the Portfolio outperformed its benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed; and (3) the Portfolio is ranked in the first (highest) quintile of its Morningstar category for the three-year, five-year and ten-year periods, the second quintile for the one-year period, and the fifth (lowest) quintile for the year-to-date period.

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

VY^® Templeton Foreign Equity Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for VY^® Templeton Foreign Equity Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2016: (1) the Portfolio underperformed its Morningstar category average for all periods presented, with the exception of the five-year and ten-year periods, during which it outperformed; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed; and (3) the Portfolio is ranked in the first (highest) quintile of its Morningstar category for the ten-year period, the third quintile for the three-year and five-year periods, the fourth quintile for the year-to-date period, and the fifth (lowest) quintile for the one-year period. In analyzing this performance data, the Board took into account: (1) Management's analysis regarding the negative effect that the Portfolio's stock selection,

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ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

including its value bias, focus on stocks with larger capitalization and higher volatility had on the Portfolio's performance; (2) Management's representations regarding the reasonableness of the Portfolio's performance during certain periods; (3) Management's representations that it was analyzing options for addressing the Portfolio's underperformance; and (4) that Management would continue to monitor, and the Board or its Investment Review Committee would periodically review, the Portfolio's performance.

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

Board took into account management's representations regarding the competitiveness of the Portfolio's management fee and expense ratio, including the Portfolio's recent decrease in the sub-advisory fee rate breakpoints and the implementation of a corresponding management fee waiver effective January 1, 2016.

175

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.

VPAR-VPI

(1216-022017)

TABLE OF CONTENTS

Annual Report

December 31, 2016

Classes ADV, I, R6, 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

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. 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, D.C., 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

New administration, new possibilities

Dear Shareholder,

During the presidential campaign, President Donald Trump promised to cut taxes and regulations; since the election, anticipation of these policies has driven a rally in the stock markets. As the Trump administration transitions into power, it’s appropriate to consider how its policies might impact long-term investors.

The incoming president inherits a much better economy than the outgoing one did: job growth is accelerating, inflation is rising at an acceptable pace and corporate earnings have turned positive again. These trends were established enough in December that the U.S. Federal Reserve Board (“Fed”) could justify increasing interest rates. In a recent update to its World Economic Outlook, the International Monetary Fund (“IMF”) raised its near-term estimates of U.S. growth. Optimism about the pro-growth impacts of Trump policies is evident in surveys of small-business and consumer sentiment. We believe expectations of tax cuts, deregulation and increased fiscal policy stimulus will accelerate economic growth in the near term, leading to expectations of improved corporate revenue and earnings, which, if realized, could help sustain a stock market rally.

The potential benefits of Trump policies could be mitigated by longer-term trends in the economy: an aging population, consumers’ reluctance to borrow and subdued productivity growth. Fiscal stimulus would increase demand, but if coupled with aggressive tax cuts could increase the federal budget deficit, raising inflation. Should inflation accelerate above the Fed’s comfort threshold, we could see a faster than expected pace of interest rate increases, dampening growth potential.

Sincerely,

Shaun Mathews
President and Chief Executive Officer
Voya Family of Funds
January 19, 2017

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, 2016

In our semi-annual report we described how markets in global equities, in the form of the MSCI World IndexSM (the “Index”) measured in local currencies, including net reinvested dividends, recovered sharply after intensifying global concerns had driven them down into February. With much turmoil along the way, the Index managed to turn a 0.70% loss in the first half into a 9.00% gain for the whole fiscal year. (The Index returned 7.51% for the year ended December 31, 2016, measured in U.S. dollars.)

The U.S. Federal Open Market Committee (“FOMC”) had started raising interest rates in December with the prospect of more to come in 2016 despite sluggish economic progress. It was worse in the rest of the developed world where negative bond yields were increasingly common.

China was an ongoing concern with declining growth, policy missteps and ballooning debt. Energy and commodities prices were falling, adding to deflationary pressures.

Many indices of risky assets seemed to reach their nadir on February 11. The Index, with no specific catalyst evident, rebounded by nearly 14% to the end of May.

As asset prices recovered, there were still many who doubted that the gains would be sustained. Yet by the end of May, the domestic economy was delivering some more encouraging data. FOMC officials started talking about two to three rate increases in 2016, as the faint growth in U.S. gross domestic product (“GDP”) in late 2015 and early 2016 would soon improve and employment was nearly full.

A surprisingly weak U.S. employment report on June 3 put paid to an interest rate increase that month. But worse was to come. On June 23, the British electorate unexpectedly voted to leave the European Union (“EU”). The strident voices of anti-globalization in other EU countries were sure to demand their own referendum. The potential disintegration of the world’s largest trading bloc had alarming implications for global demand and investment. Yet an initial 6% drop in the Index was mostly reversed by month end.

Indeed, the prices of risk assets resumed their recovery; the Index rose 4.56% in the two months through August. Two strong employment reports took the unemployment rate below 4.9%. Core inflation was holding above 2%. Slim second quarter annualized GDP growth of just 1.1% concealed real final sales growth of 2.4%. By the end of August, Federal Reserve officials were again warning of two interest rate increases before year end. In the event the FOMC did not act in September after a less strong employment report and listless purchasing managers’ indices, but broadly hinted that they would do so in December.

By the end of October, one notable trend was the increase in government bond yields. There were various reasons. In the U.S., an interest rate hike in December was an increasingly likely prospect, not dimmed by GDP growth for the third quarter of 2016 reported at 2.9% and later revised even higher. In the euro zone, it was feared that the European Central Bank was about to “taper” its bond buying. In the U.K., the weakening pound made government bonds less attractive.

Having stumbled for two months, the Index danced 2.63% higher in November and 2.78% in December. But the music had changed. The platform was seen as reflationary and inflationary in the U.S. The yield curve rose and steepened faster than ever. This and the prospect of lighter regulation benefited banks. The promised infrastructure spending boosted sectors like industrials, energy and materials. However, sectors that had been “bond surrogates” like utilities and consumer staples suffered. The technology sector, on which the net effect was unclear, was little changed.

In U.S. fixed income markets, the Bloomberg Barclays U.S. Aggregate Bond Index (“Barclays Aggregate”) gained 2.65% in the fiscal year, while the Bloomberg Barclays U.S. Treasury Bond sub-index added 1.04%. Indices of riskier classes generally outperformed Treasuries. The Bloomberg Barclays U.S. Corporate Investment Grade Bond sub-index advanced 6.11%; the Bloomberg Barclays High Yield Bond — 2% Issuer Constrained Composite Index (not a part of the Barclays Aggregate) soared 17.13%.

U.S. equities, represented by the S&P 500® index including dividends, rose 11.96% over the twelve months. The strongest sectors were energy and telecommunications, returning 27.36% and 23.49% respectively. Weakest were health care and consumer staples, which returned -2.69% and 5.38%, respectively. S&P 500® companies’ earnings per share recorded a 3.13% year-over-year increase in the third quarter of 2016 after five straight year-over-year declines.

In currencies, the dollar was boosted by developments in November and on a trade-weighted basis reached a 14-year high. The dollar gained 3.21% against the euro and 19.38% on the pound in 2016, although in the latter case it was primarily due to Britain’s vote to leave the EU. The dollar actually lost 2.71% against the yen, but this included a gain after November 8 of more than 11%.

In international markets, the MSCI Japan® Index, in a pattern that inversely reflected the yen, a driver of the value of non-yen export earnings, slipped 0.74% for the year, but rose nearly 15% in the last quarter. The MSCI Europe ex UK® Index added 2.31%, the balance of larger effects: industrials gained over 15% and made the largest contribution, while health care lost 10% and made the largest negative contribution. The MSCI UK® Index surged 19.16%, its big multinational members like HSBC, Shell and Glencore benefiting from the weaker pound, the currency in which their substantial overseas earnings would be reported.

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
		Bloomberg Barclays High Yield Bond — 2% Issuer Constrained Composite Index				An index that includes all fixed-income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity.
		Bloomberg Barclays U.S. Aggregate Bond Index				An index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities.
		Bloomberg Barclays U.S. Corporate Investment Grade Bond Index				An index consisting of publicly issued, fixed rate, nonconvertible, investment grade debt securities.
		Bloomberg Barclays 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 index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
		MSCI Europe ex UK® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.
		MSCI Japan® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.
		MSCI UK® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.
		MSCI World IndexSM				An index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
		Russell 3000® Index				An index that measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.
		S&P 500® Index				An index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.
		S&P Target 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.

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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, 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 (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). Each Portfolio uses an asset allocation strategy (“Strategic Asset Allocation”) designed for investors expecting to retire around the year or have the risk profile applicable to that Portfolio. 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 an overweight position in U.S. core fixed income, funded by underweight positions in U.S. large-cap equity (in the far-dated Portfolios) and high yield bonds (in the near-dated Portfolios).

In January, the Portfolios reduced exposure to U.S. mid cap equities, allocating proceeds to core U.S. fixed income. This tactical trade was made to reduce risk given uncertainty around U.S. Federal Reserve Board (“Fed”) policy and global growth. In February, with continual global weakness and policy induced volatility, equity exposure was further reduced by selling U.S. large cap and developed international equities in favor of core U.S. fixed income.

In mid-March, both short-term positions implemented in February were reversed by selling U.S. core fixed income and purchasing U.S. large-cap and developed international equities. This trade was made to add risk back into the Portfolios, as policy steps from the European Central Bank, Fed and Bank of Japan helped to ventilate the monetary system and economic growth numbers had firmed.

In mid-April, given improved U.S. economic data, the Portfolios covered a portion of the short U.S. mid cap position that was originated in January. At the end of April, to maintain equity weights through the Portfolios’ annual glide down, the underweight large cap/overweight U.S. fixed income position initiated in July of 2015 was closed. In addition, the last of the short U.S. mid cap/long core fixed income position initiated in January was closed. These trades were a continuation of re-risking the Portfolios from their defensive posture, reflecting confidence that a trough in the markets was made in the first quarter.

In early-June, a modest overweight to commodities was enacted, offset by an underweight to core bonds. At the time of the trade, we believed the global oil market would likely move to a balanced state in 2017 as demand continues to rise faster than production. In addition, commodities should benefit from continued global growth and Fed-driven U.S. dollar weakness.

In mid-June, a portion of the Portfolios U.S. large cap position was shifted into U.S. mid cap. This trade reflected the view that U.S. consumer spending will continue to drive U.S. outperformance relative to the global equity markets. Given that U.S. large cap corporations have greater exposure to international markets than do their mid cap counterparts, this trade provided the suite with greater exposure to the U.S. growth story without incurring a meaningful increase in tracking error. In addition, we believed U.S. mid cap provided greater protection from the possibility of a successful British referendum and lower sensitivity to both the shape of the yield curve and energy prices.

At the end of the second quarter, in response to the financial shock and uncertainty surrounding the passing of Brexit, the Portfolios reduced volatility by selling U.S. large cap into cash.

In July, the Portfolios purchased U.S. large cap equities with cash, directly reversing the risk-reduction trade implemented in June as a response to the British withdrawal from the European Union. Support for this trade include a strong June payroll report and improved fundamental and technical indicators.

Also in July, duration was increased in some of the Portfolios by purchasing long-term U.S. Treasury Bonds and core fixed income. The pursuit of yield from investors had increased demand for U.S. Treasuries given its positive yielding bond market and high credit rating. At the time, the odds of a rate hike were relatively low, but U.S. policy is still expected to tighten versus other major central banks which only increases the value of the U.S. dollar and, subsequently, the demand for its bonds.

In August, the Portfolios enacted a modest overweight to emerging markets (“EM”) equities offset by selling high yield and U.S. large cap. We believe that EM equities have been making a meaningful turnaround after prolonged underperformance relative to domestic markets since 2011. Increased acceleration of industrial production combined with the easing of financial market conditions are positive for the asset class.

At the end of October, the Portfolios further increased their tactical overweight to EM funded by a reduction in short duration (and core bonds for Portfolios where short duration exposure was unavailable). In addition, as part of the semi-annual review of the Portfolios’ strategic asset allocation, existing tactical trades were incorporated into longer-term strategic positions, resulting in a slight decrease in fixed income exposure.

In November, the Portfolios closed the mid-cap overweight enacted in June after meaningful gains in mid-cap leading into and after the U.S. elections. At the end of the month, the Portfolios removed their overweight to EM equities as headwinds from a rise in dollar strength and the uncertainty of the Trump administration’s stance on trade continued to pressure the asset class. Proceeds from both trades were allocated to U.S. large cap equities.

During the year, tactical moves relative to our Strategic Asset Allocations had a negative impact across all Portfolios.

The performance of Portfolios against their benchmarks was also impacted by differences between Strategic Asset Allocations and benchmark asset allocations. This varied from Portfolio to Portfolio. For example, in some cases Portfolios had a higher allocation to equities than their

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Portfolio Managers’ Report

Voya Solution Portfolios

benchmarks, enhancing relative performance. In addition, the Portfolios tended to have a higher weighting in high yield bonds and bank loans with less cash than the benchmarks within the fixed income exposure, which was beneficial. On the other hand, the Portfolios tended to have a lower weighting in U.S. mid-caps within the equities exposure, which detracted.

Individual contributors to benchmark-relative performance include Voya Intermediate Bond Fund, Voya Small Company Portfolio and Voya Global Bond Fund. Individual detractors to relative performance include VY® T. Rowe Price Growth Equity Portfolio, Voya Multi-Manager Mid Cap Value Fund and Voya Multi-Manager Large Cap Core Portfolio.

During the year, the Portfolios utilized futures to enact tactical positions. Futures were utilized to avoid significant manager disruption and provide the Portfolios with greater liquidity. The impact of the derivatives was in line with expectations of the tactical asset allocation positions. Overall, tactical positions detracted from performance for the year.

Current Strategy and Outlook: We believe both monetary and fiscal policy are going to be far more active than any time since the post-2009 era. President-elect Donald Trump has promised a meaningful reduction in corporate and personal income tax rates as part of his agenda to reinvigorate the U.S. economy. Additionally, the Fed is now forecasting three interest rate hikes in 2017. Both of these initiatives come while the U.S. is at or approaching full employment, making each an important issue in its own right for markets to digest this coming year.

In our view, a tightening monetary and loose fiscal policy environment will favor continued U.S. dollar strength, albeit at a more modest pace going forward. U.S. bond yields are still likely to climb, met with fits and starts, and will be highly dependent upon the strength of U.S. economic progress. Rising bond yields have historically created a virtuous circle of attracting foreign flows looking for yield, but the key will be the speed of those moves. Commodity prices have found their legs and are continuing to move higher on a deal from OPEC to cut oil production, while the prospects of better growth around the world should benefit cyclical commodities such as iron ore and copper. The U.S. consumer has fared very well as a result of an increase in disposable income, solid job prospects and favorable financing rates. Consumer confidence and wage growth will be key indicators for us to monitor going forward.

Though we believe equity markets can continue to do well, this thesis rests on a few conditions being met. First, U.S. dollar strength can continue but must be within reasonable bounds. Too strong a dollar can hurt earnings of the larger capitalization companies that earn a sizeable share of revenues overseas. The year-on-year change in the U.S. dollar is just turning positive, and a large move from this point forward could start to negatively impact earnings. We favor the U.S. in this environment, as it has the best growth trajectory and visibility over the next quarter.

We are mindful that fund flows are just starting to warm up to the ideas that equities can outpace fixed income returns. We think equities can finally get some traction among investors as the coming reflation initiatives take hold. As for bonds they may be susceptible the old adage “don’t throw the baby out with the bath water,” but we are still finding opportunities in high yield fixed income and senior loans.

In retrospect, making asset allocation decisions in 2016 was easy. Simply buying after equity market corrections was a good strategy. The market environment in 2017 may not be so cut and dry. We are closely looking for signs of overheating sentiment among investors, and have yet to see any of our indicators firmly pointing to ebullience. While we believe recession risk in the near-term has all but disappeared, we are keenly aware that if the Fed starts hiking faster than the markets expect, it could spell trouble for all risk assets, especially with U.S. equities at lofty 17 times earnings. Tightening labor markets and fast rising wages could be a challenge for equities, but in our view that is more likely a concern for later this coming year.

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

(1)

The investment objective of each Portfolio is described in the Portfolios’ prospectuses, each dated May 1, 2016.

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

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Voya Solution Portfolios

Portfolio Managers’ Report

Target Allocations as of December 31, 2016
	Income		2020		2025		2030		2035		2040		2045		2050		2055		2060
U.S. Large Blend		14.0%		15.0%		16.0%		22.0%		21.0%		20.0%		18.0%		19.0%		21.0%		21.0%
U.S. Large Growth		4.0%		7.0%		8.0%		9.0%		12.0%		13.0%		15.0%		15.0%		15.0%		15.0%
U.S. Large Value		6.0%		7.0%		8.0%		9.0%		10.0%		11.0%		13.0%		13.0%		13.0%		13.0%
U.S. Mid Cap		3.0%		5.0%		7.0%		7.0%		7.0%		10.0%		11.0%		11.0%		11.0%		11.0%
U.S. Small Cap		—		2.0%		3.0%		3.0%		3.0%		4.0%		4.0%		4.0%		4.0%		4.0%
International Equity		5.0%		11.0%		14.0%		15.0%		19.0%		19.0%		21.0%		21.0%		21.0%		21.0%
Emerging Markets		—		—		3.0%		4.0%		6.0%		6.0%		6.0%		6.0%		6.0%		6.0%
U.S. Real Estate		1.0%		1.0%		1.0%		1.5%		1.5%		1.5%		1.5%		1.5%		1.5%		1.5%
Global Real Estate		1.0%		1.0%		1.0%		1.5%		1.5%		1.5%		1.5%		1.5%		1.5%		1.5%
Commodities		1.5%		1.5%		1.5%		1.5%		1.5%		1.5%		1.5%		1.5%		1.5%		1.5%
Core Fixed Income		32.5%		22.5%		18.5%		13.5%		8.5%		7.5%		4.8%		3.8%		3.8%		3.8%
High Yield		3.0%		3.0%		3.0%		3.0%		3.0%		3.0%		—		—		—		—
Senior Debt		5.0%		5.0%		5.0%		5.0%		5.0%		2.0%		1.7%		1.7%		—		—
Global Bond		6.0%		6.0%		6.0%		—		—		—		—		—		—		—
TIPS		9.0%		7.0%		—		—		—		—		—		—		—		—
Short Duration		8.0%		5.3%		4.3%		3.3%		0.3%		—		—		—		—		—
Long Gov’t Bond		1.0%		0.7%		0.7%		1.7%		0.7%		—		1.0%		1.0%		0.7%		0.7%
Total Equity		35%		51%		63%		74%		83%		88%		93%		94%		96%		96%
Total Fixed Income		65%		49%		37%		26%		17%		12%		7%		6%		4%		4%

Target Allocations as of December 31, 2016
	Aggressive		Moderately Aggressive		Balanced		Moderately Conservative		Conservative
U.S. Large Blend		19.0%		17.5%		16.5%		10.5%		11.0%
U.S. Large Growth		17.0%		11.0%		9.5%		3.0%		0.0%
U.S. Large Value		13.0%		12.0%		12.5%		7.0%		5.5%
U.S. Mid Cap		16.0%		14.0%		9.0%		7.5%		4.0%
U.S. Small Cap		4.0%		3.0%		2.0%		2.0%		0.0%
International Equity		20.0%		16.0%		9.0%		7.0%		3.0%
Emerging Markets		5.0%		4.0%		2.0%		2.0%		0.0%
U.S. Real Estate		1.0%		1.0%		1.0%		1.0%		0.0%
Global Real Estate		1.0%		1.0%		1.0%		1.0%		0.0%
Commodities		1.0%		1.5%		1.5%		2.0%		2.0%
Core Fixed Income		3.0%		10.3%		19.0%		25.0%		28.5%
High Yield		0.0%		3.0%		5.0%		7.0%		9.0%
Senior Debt		0.0%		3.0%		5.0%		6.0%		7.0%
Global Bond		0.0%		2.0%		2.0%		5.0%		7.0%
TIPS		0.0%		0.0%		0.0%		4.0%		8.0%
Short Duration		0.0%		0.0%		4.3%		10.0%		15.0%
Long Gov’t Bond		0.0%		0.7%		0.7%		0.0%		0.0%
Equity		97%		81%		64%		43%		25%
Fixed Income		3%		19%		36%		57%		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

Portfolio Managers’ Report

Voya Solution Portfolios

		Total Returns for the Period Ended December 31, 2016
					1 Year
		Voya Solution Aggressive Portfolio, Class S			6.75%
		S&P Target Risk Aggressive Index			7.93%
		Voya Solution Balanced Portfolio, Class S			6.32%
		S&P Target Risk Growth Index			6.94%
		Voya Solution Conservative Portfolio, Class S			6.04%
		S&P Target Risk Conservative Index			5.35%
		Voya Solution Income Portfolio, Class S			4.47%
		S&P Target Date Retirement Income Index			5.27%
		Russell 3000® Index			12.74%
		MSCI EAFE® Index			1.00%
		Bloomberg Barclays U.S. Aggregate Bond (“BCAB”) Index			2.65%
		Voya Solution Moderately Aggressive Portfolio, Class S			6.17%
		S&P Target Risk Aggressive Index			7.93%
		Voya Solution Moderately Conservative Portfolio, Class S			5.87%
		S&P Target Risk Moderate Index			5.89%
		Voya Solution 2020 Portfolio, Class S			5.46%
		S&P Target Date 2020 Index			7.49%
		Voya Solution 2025 Portfolio, Class S			5.88%
		S&P Target Date 2025 Index			8.09%
		Russell 3000® Index			12.74%
		MSCI EAFE® Index			1.00%
		BCAB Index			2.65%
		Voya Solution 2030 Portfolio, Class S			6.32%
		S&P Target Date 2030 Index			8.62%
		Voya Solution 2035 Portfolio, Class S			6.23%
		S&P Target Date 2035 Index			9.12%
		Russell 3000® Index			12.74%
		MSCI EAFE® Index			1.00%
		BCAB Index			2.65%
		Voya Solution 2040 Portfolio, Class S			6.79%
		S&P Target Date 2040 Index			9.50%
		Voya Solution 2045 Portfolio, Class S			6.40%
		S&P Target Date 2045 Index			9.81%
		Russell 3000® Index			12.74%
		MSCI EAFE® Index			1.00%
		BCAB Index			2.65%
		Voya Solution 2050 Portfolio, Class S			6.56%
		S&P Target Date 2050 Index			10.01%
		Voya Solution 2055 Portfolio, Class S			6.44%
		S&P Target Date 2055+ Index			10.21%
		Voya Solution 2060 Portfolio, Class S			6.56%
		S&P Target Date 2055+ Index			10.21%

TABLE OF CONTENTS

Voya Solution Aggressive Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: t1700079_chart-aggressive.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2016
	1 Year		Since Inception of Classes ADV, I, S, and S2 May 1, 2013
Class ADV		6.41%		7.12%
Class I		6.93%		7.79%
Class S		6.75%		7.52%
Class S2		6.57%		7.21%
Class R6(1)		6.94%		7.79%
S&P Target Risk Aggressive Index		7.93%		7.24%

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.

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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Class R6 incepted on May 2, 2016. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Solution Balanced Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2016
	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		6.08%		7.89%		2.96%		—
Class I		6.69%		8.44%		3.56%		—
Class S		6.32%		8.16%		3.28%		—
Class S2		6.10%		8.00%		—		6.62%
Class R6(1)		6.58%		8.41%		3.55%		—
S&P Target Risk Growth Index		6.94%		8.02%		4.16%		7.26%

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 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.

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TABLE OF CONTENTS

Voya Solution Conservative Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: t1700079_chart-conservative.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2016
	1 Year		5 Year		Since Inception of Classes ADV, I, S, and S2 April 30, 2010
Class ADV		5.76%		4.90%		4.43%
Class I		6.24%		5.40%		4.95%
Class S		6.04%		5.16%		4.69%
Class S2		5.90%		5.01%		4.54%
Class R6(1)		6.24%		5.40%		4.95%
S&P Target Risk Conservative Index		5.35%		4.48%		4.68%

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 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.

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TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Solution Income Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2016
	1 Year		5 Year		10 Year		Since Inception of Class S2 May 28, 2009
Class ADV		4.26%		5.10%		3.64%		—
Class I		4.78%		5.63%		4.17%		—
Class S		4.47%		5.36%		3.91%		—
Class S2		4.28%		5.20%		—		6.39%
Class T		4.11%		4.91%		3.45%		—
S&P Target Date Retirement Income Index		5.27%		4.92%		4.15%		6.51%
Russell 3000® Index		12.74%		14.67%		7.07%		15.24%
MSCI EAFE® Index		1.00%		6.53%		0.75%		6.44%
BCAB Index		2.65%		2.23%		4.34%		4.07%

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

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Average Annual Total Returns for the Periods Ended December 31, 2016
	1 Year		5 Year		Since Inception of Classes ADV, I, S, and S2 April 30, 2010
Class ADV		6.00%		8.97%		7.15%
Class I		6.40%		9.51%		7.70%
Class S		6.17%		9.22%		7.42%
Class S2		5.97%		9.07%		7.27%
Class R6(1)		6.31%		9.49%		7.68%
S&P Target Risk Aggressive Index		7.93%		10.13%		8.79%

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 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.

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TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Solution Moderately Conservative Portfolio

[MISSING IMAGE: t1700079_chart-modcnsrvtv.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2016
	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		5.64%		6.17%		3.16%		—
Class I		6.12%		6.66%		3.80%		—
Class S		5.87%		6.44%		3.52%		—
Class S2		5.62%		6.26%		—		5.49%
Class R6(1)		6.03%		6.64%		3.79%		—
S&P Target Risk Moderate Index		5.89%		5.81%		3.70%		5.53%

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 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.

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TABLE OF CONTENTS

Voya Solution 2020 Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: t1700079_chart-2020.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2016
	1 Year		5 Year		Since Inception of Classes ADV, I, S, S2 and T October 3, 2011
Class ADV		5.21%		7.27%		8.60%
Class I		5.73%		7.82%		9.15%
Class S		5.46%		7.53%		8.86%
Class S2		5.33%		7.41%		8.74%
Class T		4.99%		7.15%		8.46%
S&P Target Date 2020 Index		7.49%		7.93%		9.39%

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: t1700079_chart-2025.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2016
	1 Year		5 Year		10 Year		Since Inception of Class S2 May 28, 2009
Class ADV		5.53%		7.80%		3.26%		—
Class I		6.13%		8.34%		3.78%		—
Class S		5.88%		8.07%		3.53%		—
Class S2		5.75%		7.91%		—		9.07%
Class T		5.43%		7.58%		3.07%		—
S&P Target Date 2025 Index		8.09%		8.64%		5.04%		10.10%
Russell 3000® Index		12.74%		14.67%		7.07%		15.24%
MSCI EAFE® Index		1.00%		6.53%		0.75%		6.44%
BCAB Index		2.65%		2.23%		4.34%		4.07%

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: t1700079_chart-2030.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2016
	1 Year		5 Year		Since Inception of Classes ADV, I, S, S2 and T October 3, 2011
Class ADV		6.09%		8.75%		10.43%
Class I		6.55%		9.30%		10.99%
Class S		6.32%		8.97%		10.65%
Class S2		6.17%		8.80%		10.48%
Class T		5.81%		8.58%		10.25%
S&P Target Date 2030 Index		8.62%		9.32%		11.11%

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: t1700079_chart-2035.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2016
	1 Year		5 Year		10 Year		Since Inception of Class S2 May 28, 2009
Class ADV		6.00%		8.87%		3.45%		—
Class I		6.49%		9.39%		3.97%		—
Class S		6.23%		9.13%		3.71%		—
Class S2		6.09%		8.97%		—		9.85%
Class T		5.73%		8.64%		3.24%		—
S&P Target Date 2035 Index		9.12%		9.87%		5.12%		11.13%
Russell 3000® Index		12.74%		14.67%		7.07%		15.24%
MSCI EAFE® Index		1.00%		6.53%		0.75%		6.44%
BCAB Index		2.65%		2.23%		4.34%		4.07%

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: t1700079_chart-2040.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2016
	1 Year		5 Year		Since Inception of Classes ADV, I, S, S2 and T October 3, 2011
Class ADV		6.48%		9.66%		11.64%
Class I		7.06%		10.25%		12.23%
Class S		6.79%		9.92%		11.89%
Class S2		6.64%		9.76%		11.74%
Class T		6.27%		9.45%		11.42%
S&P Target Date 2040 Index		9.50%		10.27%		12.23%

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: t1700079_chart-2045.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2016
	1 Year		5 Year		10 Year		Since Inception of Class S2 May 28, 2009
Class ADV		6.16%		9.51%		3.45%		—
Class I		6.63%		10.07%		3.96%		—
Class S		6.40%		9.77%		3.70%		—
Class S2		6.28%		9.62%		—		10.36%
Class T		5.94%		9.29%		3.24%		—
S&P Target Date 2045 Index		9.81%		10.59%		5.15%		11.65%
Russell 3000® Index		12.74%		14.67%		7.07%		15.24%
MSCI EAFE® Index		1.00%		6.53%		0.75%		6.44%
BCAB Index		2.65%		2.23%		4.34%		4.07%

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: t1700079_chart-2050.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2016
	1 Year		5 Year		Since Inception of Classes ADV, I, S, S2 and T October 3, 2011
Class ADV		6.27%		9.78%		11.76%
Class I		6.75%		10.39%		12.37%
Class S		6.56%		10.04%		12.00%
Class S2		6.32%		9.86%		11.83%
Class T		6.02%		9.63%		11.59%
S&P Target Date 2050 Index		10.01%		10.88%		12.90%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2050 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 2055 Portfolio

[MISSING IMAGE: t1700079_chart-2055.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2016
	1 Year		5 Year		Since Inception of Classes ADV, I, S, S2 and T March 8, 2010
Class ADV		6.13%		9.58%		8.01%
Class I		6.72%		10.14%		8.55%
Class S		6.44%		9.86%		8.28%
Class S2		6.24%		9.68%		8.12%
Class T		5.96%		9.39%		7.82%
S&P Target Date 2055+ Index		10.21%		11.10%		9.56%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Solution 2055 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 2060 Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: t1700079_chart-2060.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2016
	1 Year		Since Inception of Classes ADV, I, S, S2 and T February 9, 2015
Class ADV		6.34%		2.70%
Class I		6.73%		3.07%
Class S		6.56%		2.65%
Class S2		6.34%		2.70%
Class T		5.91%		2.32%
S&P Target Date 2055+ Index		10.21%		4.31%

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, 2016 to December 31, 2016. 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.

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2016			Ending Account Value December 31, 2016			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2016**			Beginning Account Value July 1, 2016			Ending Account Value December 31, 2016			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2016**
Voya Solution Aggressive Portfolio
Class ADV		$	1,000.00		$	1,063.10		0.68%		$	3.53		$	1,000.00		$	1,021.72		0.68%		$	3.46
Class I			1,000.00			1,065.60		0.18			0.93			1,000.00			1,024.23		0.18			0.92
Class R6			1,000.00			1,065.70		0.18			0.93			1,000.00			1,024.23		0.18			0.92
Class S			1,000.00			1,064.80		0.43			2.23			1,000.00			1,022.97		0.43			2.19
Class S2			1,000.00			1,063.90		0.58			3.01			1,000.00			1,022.22		0.58			2.95
Voya Solution Balanced Portfolio
Class ADV		$	1,000.00		$	1,042.00		0.64%		$	3.29		$	1,000.00		$	1,021.92		0.64%		$	3.25
Class I			1,000.00			1,044.40		0.14			0.72			1,000.00			1,024.43		0.14			0.71
Class R6			1,000.00			1,043.30		0.14			0.72			1,000.00			1,024.43		0.14			0.71
Class S			1,000.00			1,042.40		0.39			2.00			1,000.00			1,023.18		0.39			1.98
Class S2			1,000.00			1,041.30		0.54			2.77			1,000.00			1,022.42		0.54			2.75
Voya Solution Conservative Portfolio
Class ADV		$	1,000.00		$	1,014.00		0.62%		$	3.14		$	1,000.00		$	1,022.02		0.62%		$	3.15
Class I			1,000.00			1,015.50		0.12			0.61			1,000.00			1,024.53		0.12			0.61
Class R6			1,000.00			1,015.50		0.12			0.61			1,000.00			1,024.53		0.12			0.61
Class S			1,000.00			1,015.10		0.37			1.87			1,000.00			1,023.28		0.37			1.88
Class S2			1,000.00			1,014.40		0.52			2.63			1,000.00			1,022.52		0.52			2.64

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2016			Ending Account Value December 31, 2016			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2016**			Beginning Account Value July 1, 2016			Ending Account Value December 31, 2016			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2016**
Voya Solution Income Portfolio
Class ADV		$	1,000.00		$	1,010.10		0.62%		$	3.13		$	1,000.00		$	1,022.02		0.62%		$	3.15
Class I			1,000.00			1,013.10		0.12			0.61			1,000.00			1,024.53		0.12			0.61
Class S			1,000.00			1,011.70		0.37			1.87			1,000.00			1,023.28		0.37			1.88
Class S2			1,000.00			1,010.90		0.52			2.63			1,000.00			1,022.52		0.52			2.64
Class T			1,000.00			1,010.00		0.82			4.14			1,000.00			1,021.01		0.82			4.17
Voya Solution Moderately Aggressive Portfolio
Class ADV		$	1,000.00		$	1,051.50		0.70%		$	3.61		$	1,000.00		$	1,021.62		0.70%		$	3.56
Class I			1,000.00			1,053.90		0.20			1.03			1,000.00			1,024.13		0.20			1.02
Class R6			1,000.00			1,053.00		0.20			1.03			1,000.00			1,024.13		0.20			1.02
Class S			1,000.00			1,052.40		0.45			2.32			1,000.00			1,022.87		0.45			2.29
Class S2			1,000.00			1,051.30		0.60			3.09			1,000.00			1,022.12		0.60			3.05
Voya Solution Moderately Conservative Portfolio
Class ADV		$	1,000.00		$	1,026.20		0.64%		$	3.26		$	1,000.00		$	1,021.92		0.64%		$	3.25
Class I			1,000.00			1,029.10		0.14			0.71			1,000.00			1,024.43		0.14			0.71
Class R6			1,000.00			1,028.20		0.14			0.71			1,000.00			1,024.43		0.14			0.71
Class S			1,000.00			1,027.00		0.39			1.99			1,000.00			1,023.18		0.39			1.98
Class S2			1,000.00			1,026.40		0.54			2.75			1,000.00			1,022.42		0.54			2.75
Voya Solution 2020 Portfolio
Class ADV		$	1,000.00		$	1,028.30		0.64%		$	3.26		$	1,000.00		$	1,021.92		0.64%		$	3.25
Class I			1,000.00			1,030.20		0.14			0.71			1,000.00			1,024.43		0.14			0.71
Class S			1,000.00			1,029.20		0.39			1.99			1,000.00			1,023.18		0.39			1.98
Class S2			1,000.00			1,028.70		0.54			2.75			1,000.00			1,022.42		0.54			2.75
Class T			1,000.00			1,027.00		0.84			4.28			1,000.00			1,020.91		0.84			4.27
Voya Solution 2025 Portfolio
Class ADV		$	1,000.00		$	1,036.80		0.64%		$	3.28		$	1,000.00		$	1,021.92		0.64%		$	3.25
Class I			1,000.00			1,039.50		0.14			0.72			1,000.00			1,024.43		0.14			0.71
Class S			1,000.00			1,038.60		0.39			2.00			1,000.00			1,023.18		0.39			1.98
Class S2			1,000.00			1,037.80		0.54			2.77			1,000.00			1,022.42		0.54			2.75
Class T			1,000.00			1,035.50		0.84			4.30			1,000.00			1,020.91		0.84			4.27
Voya Solution 2030 Portfolio
Class ADV		$	1,000.00		$	1,045.80		0.66%		$	3.39		$	1,000.00		$	1,021.82		0.66%		$	3.35
Class I			1,000.00			1,047.60		0.16			0.82			1,000.00			1,024.33		0.16			0.81
Class S			1,000.00			1,046.90		0.41			2.11			1,000.00			1,023.08		0.41			2.08
Class S2			1,000.00			1,046.00		0.56			2.88			1,000.00			1,022.32		0.56			2.85
Class T			1,000.00			1,044.70		0.86			4.42			1,000.00			1,020.81		0.86			4.37
Voya Solution 2035 Portfolio
Class ADV		$	1,000.00		$	1,050.70		0.66%		$	3.40		$	1,000.00		$	1,021.82		0.66%		$	3.35
Class I			1,000.00			1,053.00		0.16			0.83			1,000.00			1,024.33		0.16			0.81
Class S			1,000.00			1,052.20		0.41			2.11			1,000.00			1,023.08		0.41			2.08
Class S2			1,000.00			1,051.40		0.56			2.89			1,000.00			1,022.32		0.56			2.85
Class T			1,000.00			1,049.20		0.86			4.43			1,000.00			1,020.81		0.86			4.37

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2016			Ending Account Value December 31, 2016			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2016**			Beginning Account Value July 1, 2016			Ending Account Value December 31, 2016			Annualized Expense Ratio*		Expenses Paid During the Period Ended December 31, 2016**
Voya Solution 2040 Portfolio
Class ADV		$	1,000.00		$	1,055.60		0.66%		$	3.41		$	1,000.00		$	1,021.82		0.66%		$	3.35
Class I			1,000.00			1,058.60		0.16			0.83			1,000.00			1,024.33		0.16			0.81
Class S			1,000.00			1,057.30		0.41			2.12			1,000.00			1,023.08		0.41			2.08
Class S2			1,000.00			1,056.50		0.56			2.89			1,000.00			1,022.32		0.56			2.85
Class T			1,000.00			1,054.30		0.86			4.44			1,000.00			1,020.81		0.86			4.37
Voya Solution 2045 Portfolio
Class ADV		$	1,000.00		$	1,056.80		0.68%		$	3.52		$	1,000.00		$	1,021.72		0.68%		$	3.46
Class I			1,000.00			1,059.80		0.18			0.93			1,000.00			1,024.23		0.18			0.92
Class S			1,000.00			1,058.40		0.43			2.22			1,000.00			1,022.97		0.43			2.19
Class S2			1,000.00			1,057.10		0.58			3.00			1,000.00			1,022.22		0.58			2.95
Class T			1,000.00			1,056.60		0.88			4.55			1,000.00			1,020.71		0.88			4.47
Voya Solution 2050 Portfolio
Class ADV		$	1,000.00		$	1,057.40		0.68%		$	3.52		$	1,000.00		$	1,021.72		0.68%		$	3.46
Class I			1,000.00			1,059.30		0.18			0.93			1,000.00			1,024.23		0.18			0.92
Class S			1,000.00			1,058.80		0.43			2.23			1,000.00			1,022.97		0.43			2.19
Class S2			1,000.00			1,057.10		0.58			3.00			1,000.00			1,022.22		0.58			2.95
Class T			1,000.00			1,055.60		0.88			4.55			1,000.00			1,020.71		0.88			4.47
Voya Solution 2055 Portfolio
Class ADV		$	1,000.00		$	1,057.10		0.69%		$	3.57		$	1,000.00		$	1,021.67		0.69%		$	3.51
Class I			1,000.00			1,060.50		0.19			0.98			1,000.00			1,024.18		0.19			0.97
Class S			1,000.00			1,059.40		0.44			2.28			1,000.00			1,022.92		0.44			2.24
Class S2			1,000.00			1,058.20		0.59			3.05			1,000.00			1,022.17		0.59			3.00
Class T			1,000.00			1,057.20		0.89			4.60			1,000.00			1,020.66		0.89			4.52
Voya Solution 2060 Portfolio
Class ADV		$	1,000.00		$	1,058.10		0.69%		$	3.57		$	1,000.00		$	1,021.67		0.69%		$	3.51
Class I			1,000.00			1,060.90		0.19			0.98			1,000.00			1,024.18		0.19			0.97
Class S			1,000.00			1,059.20		0.44			2.28			1,000.00			1,022.92		0.44			2.24
Class S2			1,000.00			1,059.10		0.59			3.05			1,000.00			1,022.17		0.59			3.00
Class T			1,000.00			1,057.00		0.89			4.60			1,000.00			1,020.66		0.89			4.52

The annualized expense ratios do not include expenses of the underlying funds.

Expenses are equal to each Portfolio’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/366 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 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, each a series of Voya Partners, Inc., as of December 31, 2016, and the related statements of operations for the year 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.

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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the custodian and transfer agent of the underlying funds. 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 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, 2016, and the results of their operations for the year 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 accounting principles generally accepted in the United States of America.

Boston, Massachusetts
February 23, 2017

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2016

	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*		$	7,249,914		$	46,591,928		$	15,261,546		$	452,310,440
Investments in unaffiliated underlying funds at fair value**			545,069			3,064,435			1,081,270			32,762,919
Total investments at fair value		$	7,794,983		$	49,656,363		$	16,342,816		$	485,073,359
Cash			14,506			78,234			29,113			718,836
Receivables:
Investments in affiliated underlying funds sold			—			—			—			1,526,114
Fund shares sold			123,144			535,722			48,465			285,261
Dividends			4,227			55,726			23,230			550,548
Prepaid expenses			24			200			65			2,425
Reimbursement due from manager			7,350			5,976			5,421			59,101
Other assets			—			842			274			21,765
Total assets			7,944,234			50,333,063			16,449,384			488,237,409
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			125,655			560,358			67,770			431,052
Payable for fund shares redeemed			—			19,440			—			1,811,375
Payable for investment management fees			1,355			8,845			2,935			89,190
Payable for distribution and shareholder service fees			2,048			13,732			5,173			130,955
Payable for directors fees			32			230			79			2,698
Payable to directors under the deferred compensation plan (Note 6)			—			842			274			21,765
Other accrued expenses and liabilities			2,547			10,860			3,550			82,717
Total liabilities			131,637			614,307			79,781			2,569,752
NET ASSETS		$	7,812,597		$	49,718,756		$	16,369,603		$	485,667,657
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	8,026,853		$	50,042,818		$	16,633,762		$	495,929,118
Undistributed net investment income			65,132			809,692			341,095			9,866,359
Accumulated net realized loss			(208,806)			(152,561)			(413,074)			(9,618,540)
Net unrealized depreciation			(70,582)			(981,193)			(192,180)			(10,509,280)
NET ASSETS		$	7,812,597		$	49,718,756		$	16,369,603		$	485,667,657
* Cost of investments in affiliated underlying funds		$	7,345,890		$	47,516,737		$	15,455,962		$	462,189,994
** Cost of investments in unaffiliated underlying funds		$	519,676		$	3,120,819		$	1,079,034		$	33,392,645

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2016 (continued)

	Voya Solution Aggressive Portfolio			Voya Solution Balanced Portfolio			Voya Solution Conservative Portfolio			Voya Solution Income Portfolio
Class ADV
Net assets		$	2,519,716		$	18,215,398		$	8,524,036		$	205,103,019
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			222,329			2,011,166			803,979			18,457,750
Net asset value and redemption price per share		$	11.33		$	9.06		$	10.60		$	11.11
Class I
Net assets		$	257,982		$	2,092,101		$	108,819		$	82,425,671
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			22,319			222,652			10,128			7,241,485
Net asset value and redemption price per share		$	11.56		$	9.40		$	10.74		$	11.38
Class R6
Net assets		$	658,581		$	2,412,207		$	717,969			n/a
Shares authorized			100,000,000			100,000,000			100,000,000			n/a
Par value		$	0.001		$	0.001		$	0.001			n/a
Shares outstanding			56,976			256,775			66,851			n/a
Net asset value and redemption price per share		$	11.56		$	9.39		$	10.74			n/a
Class S
Net assets		$	3,954,039		$	25,331,451		$	6,512,968		$	186,264,384
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			345,659			2,758,679			610,995			16,513,601
Net asset value and redemption price per share		$	11.44		$	9.18		$	10.66		$	11.28
Class S2
Net assets		$	422,279		$	1,667,599		$	505,811		$	11,669,790
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			37,312			181,985			47,760			1,061,564
Net asset value and redemption price per share		$	11.32		$	9.16		$	10.59		$	10.99
Class T
Net assets			n/a			n/a			n/a		$	204,793
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			17,460
Net asset value and redemption price per share			n/a			n/a			n/a		$	11.73

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2016

	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*		$	609,753,023		$	33,338,594		$	20,879,769		$	827,941,166
Investments in unaffiliated underlying funds at fair value**			82,395,602			2,151,517			1,258,060			67,271,303
Total investments at fair value		$	692,148,625		$	35,490,111		$	22,137,829		$	895,212,469
Cash			1,198,430			59,175			28,671			1,046,554
Receivables:
Investments in affiliated underlying funds sold			—			—			—			6,057,299
Fund shares sold			351,429			105,440			770,865			586,411
Dividends			663,513			41,839			18,816			767,471
Prepaid expenses			3,053			177			45			4,103
Reimbursement due from manager			25			4,813			24,477			80,110
Other assets			21,712			730			110			29,384
Total assets			694,386,787			35,702,285			22,980,813			903,783,801
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			545,173			117,819			649,871			546,459
Payable for fund shares redeemed			220,807			21,001			135,007			6,643,710
Payable for investment management fees			163,009			6,350			11,508			166,236
Payable for distribution and shareholder service fees			151,670			10,412			5,207			217,107
Payable for directors fees			3,540			190			80			4,752
Payable to directors under the deferred compensation plan (Note 6)			21,712			730			110			29,384
Other accrued expenses and liabilities			84,360			10,843			2,350			146,869
Total liabilities			1,190,271			167,345			804,133			7,754,517
NET ASSETS		$	693,196,516		$	35,534,940		$	22,176,680		$	896,029,284
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	705,965,513		$	36,556,133		$	21,356,253		$	901,284,303
Undistributed net investment income			9,726,651			692,402			315,292			17,184,274
Accumulated net realized gain (loss)			(2,908,643)			(1,394,863)			367,247			5,300,288
Net unrealized appreciation (depreciation)			(19,587,005)			(318,732)			137,888			(27,739,581)
NET ASSETS		$	693,196,516		$	35,534,940		$	22,176,680		$	896,029,284
* Cost of investments in affiliated underlying funds		$	631,787,918		$	33,673,106		$	20,755,087		$	854,104,991
** Cost of investments in unaffiliated underlying funds		$	79,947,712		$	2,135,737		$	1,244,855		$	68,847,059

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2016 (continued)

	Voya Solution Moderately Aggressive Portfolio			Voya Solution Moderately Conservative Portfolio			Voya Solution 2020 Portfolio			Voya Solution 2025 Portfolio
Class ADV
Net assets		$	24,644,749		$	13,487,330		$	9,166,520		$	302,669,886
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			2,121,473			1,459,989			754,207			28,394,029
Net asset value and redemption price per share		$	11.62		$	9.24		$	12.15		$	10.66
Class I
Net assets		$	4,334,258		$	32,815		$	6,376,847		$	193,794,563
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			366,246			3,401			515,334			17,714,104
Net asset value and redemption price per share		$	11.83		$	9.65		$	12.37		$	10.94
Class R6
Net assets		$	1,287,150		$	287,156			n/a			n/a
Shares authorized			100,000,000			100,000,000			n/a			n/a
Par value		$	0.001		$	0.001			n/a			n/a
Shares outstanding			108,861			29,795			n/a			n/a
Net asset value and redemption price per share		$	11.82		$	9.64			n/a			n/a
Class S
Net assets		$	661,798,132		$	20,882,843		$	6,477,318		$	376,402,664
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			56,505,521			2,212,798			525,139			34,800,548
Net asset value and redemption price per share		$	11.71	��	$	9.44		$	12.33		$	10.82
Class S2
Net assets		$	1,132,227		$	844,796		$	147,883		$	22,356,469
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			96,743			90,426			12,099			2,126,076
Net asset value and redemption price per share		$	11.70		$	9.34		$	12.22		$	10.52
Class T
Net assets			n/a			n/a		$	8,112		$	805,702
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			667			72,610
Net asset value and redemption price per share			n/a			n/a		$	12.16		$	11.10

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2016

	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*		$	13,766,499		$	779,817,426		$	10,171,425		$	549,799,630
Investments in unaffiliated underlying funds at fair value**			1,121,244			73,360,327			1,006,102			67,099,383
Total investments at fair value		$	14,887,743		$	853,177,753		$	11,177,527		$	616,899,013
Cash			15,833			941,754			15,206			1,166,717
Receivables:
Investments in affiliated underlying funds sold			293,888			10,190,688			72,942			7,884,391
Fund shares sold			18,607			719,878			41,002			643,508
Dividends			10,839			654,617			6,553			357,502
Prepaid expenses			18			3,681			14			2,615
Reimbursement due from manager			16,096			62,862			19,579			38,238
Other assets			—			25,442			—			16,678
Total assets			15,243,024			865,776,675			11,332,823			627,008,662
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			7,563			444,268			4,055			206,353
Payable for fund shares redeemed			312,496			10,910,566			113,944			8,527,899
Payable for investment management fees			10,266			160,542			13,535			118,495
Payable for distribution and shareholder service fees			3,793			196,206			2,817			134,502
Payable for directors fees			45			4,404			37			3,136
Payable to directors under the deferred compensation plan (Note 6)			—			25,442			—			16,678
Other accrued expenses and liabilities			2,417			126,549			2,045			89,234
Total liabilities			336,580			11,867,977			136,433			9,096,297
NET ASSETS		$	14,906,444		$	853,908,698		$	11,196,390		$	617,912,365
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	14,287,003		$	857,386,204		$	10,680,350		$	618,418,312
Undistributed net investment income			199,946			13,786,106			130,837			7,128,010
Accumulated net realized gain			263,519			8,430,297			209,851			8,281,765
Net unrealized appreciation (depreciation)			155,976			(25,693,909)			175,352			(15,915,722)
NET ASSETS		$	14,906,444		$	853,908,698		$	11,196,390		$	617,912,365
* Cost of investments in affiliated underlying funds		$	13,605,915		$	806,116,709		$	10,053,137		$	568,251,257
** Cost of investments in unaffiliated underlying funds		$	1,125,852		$	72,754,954		$	949,038		$	64,563,477

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2016 (continued)

	Voya Solution 2030 Portfolio			Voya Solution 2035 Portfolio			Voya Solution 2040 Portfolio			Voya Solution 2045 Portfolio
Class ADV
Net assets		$	6,623,438		$	262,148,182		$	4,897,361		$	176,396,938
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			475,219			24,483,057			336,584			16,600,491
Net asset value and redemption price per share		$	13.94		$	10.71		$	14.55		$	10.63
Class I
Net assets		$	3,247,231		$	210,862,892		$	2,887,323		$	171,475,045
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			228,139			19,198,949			194,309			15,707,052
Net asset value and redemption price per share		$	14.23		$	10.98		$	14.86		$	10.92
Class S
Net assets		$	4,769,785		$	359,464,379		$	3,217,247		$	256,935,417
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			336,308			33,084,513			217,679			23,852,146
Net asset value and redemption price per share		$	14.18		$	10.87		$	14.78		$	10.77
Class S2
Net assets		$	255,154		$	20,808,815		$	182,552		$	12,686,975
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			18,208			1,984,380			12,490			1,207,346
Net asset value and redemption price per share		$	14.01		$	10.49		$	14.62		$	10.51
Class T
Net assets		$	10,836		$	624,430		$	11,907		$	417,990
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			775			56,042			819			38,172
Net asset value and redemption price per share		$	13.98		$	11.14		$	14.53		$	10.95

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2016

	Voya Solution 2050 Portfolio			Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio
ASSETS:
Investments in affiliated underlying funds at fair value*		$	6,077,456		$	129,451,265		$	2,576,215
Investments in unaffiliated underlying funds at fair value**			695,524			11,980,491			295,621
Total investments at fair value		$	6,772,980		$	141,431,756		$	2,871,836
Cash			9,239			239,230			3,217
Receivables:
Investments in affiliated underlying funds sold			119,885			1,886,205			34,018
Fund shares sold			6,046			431,250			9,771
Dividends			3,909			55,779			1,474
Prepaid expenses			9			517			4
Reimbursement due from manager			15,838			8,424			8,804
Other assets			—			1,816			—
Total assets			6,927,906			144,054,977			2,929,124
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			2,341			38,645			793
Payable for fund shares redeemed			125,931			2,317,455			43,789
Payable for investment management fees			12,892			26,427			8,117
Payable for distribution and shareholder service fees			1,781			29,993			742
Payable for directors fees			21			664			9
Payable to directors under the deferred compensation plan (Note 6)			—			1,816			—
Other accrued expenses and liabilities			1,168			13,578			4,166
Total liabilities			144,134			2,428,578			57,616
NET ASSETS		$	6,783,772		$	141,626,399		$	2,871,508
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	6,463,560		$	144,192,275		$	2,708,752
Undistributed net investment income			64,080			1,560,825			26,736
Accumulated net realized gain (loss)			119,433			(848,506)			80,625
Net unrealized appreciation (depreciation)			136,699			(3,278,195)			55,395
NET ASSETS		$	6,783,772		$	141,626,399		$	2,871,508
* Cost of investments in affiliated underlying funds		$	5,969,485		$	133,290,290		$	2,533,835
** Cost of investments in unaffiliated underlying funds		$	666,796		$	11,419,661		$	282,607

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2016 (continued)

	Voya Solution 2050 Portfolio			Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio
Class ADV
Net assets		$	3,184,366		$	42,792,893		$	1,394,514
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			218,609			3,486,408			133,841
Net asset value and redemption price per share		$	14.57		$	12.27		$	10.42
Class I
Net assets		$	1,451,521		$	44,518,648		$	606,268
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			97,322			3,559,851			57,781
Net asset value and redemption price per share		$	14.91		$	12.51		$	10.49
Class S
Net assets		$	1,995,750		$	51,294,122		$	835,797
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			134,764			4,144,792			80,270
Net asset value and redemption price per share		$	14.81		$	12.38		$	10.41
Class S2
Net assets		$	142,490		$	2,995,767		$	31,785
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			9,731			243,355			3,050
Net asset value and redemption price per share		$	14.64		$	12.31		$	10.42
Class T
Net assets		$	9,645		$	24,969		$	3,144
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			660			1,998			304
Net asset value and redemption price per share		$	14.60		$	12.50		$	10.35

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2016

	Voya Solution Aggressive Portfolio			Voya Solution Balanced Portfolio			Voya Solution Conservative Portfolio			Voya Solution Income Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	89,707		$	897,405		$	355,303		$	10,635,438
Dividends from unaffiliated underlying funds			8,339			30,423			24,113			362,736
Total investment income			98,046			927,828			379,416			10,998,174
EXPENSES:
Investment management fees			13,520			96,336			33,646			1,123,565
Distribution and shareholder service fees:
Class ADV			11,776			107,367			43,390			1,132,888
Class S			8,618			57,231			15,948			510,615
Class S2			1,206			3,454			1,916			59,981
Class T			—			—			—			3,177
Transfer agent fees			103			181			243			5,857
Shareholder reporting expense			1,833			7,320			1,962			36,287
Professional fees			7,170			12,810			9,444			61,885
Custody and accounting expense			311			4,392			1,307			51,297
Directors fees			190			1,385			471			16,191
Miscellaneous expense			11,681			9,603			8,956			42,196
Total expenses			56,408			300,079			117,283			3,043,939
Net waived and reimbursed fees			(23,057)			(66,645)			(36,983)			(682,578)
Net expenses			33,351			233,434			80,300			2,361,361
Net investment income			64,695			694,394			299,116			8,636,813
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			(238,359)			(931,291)			(316,676)			(9,954,305)
Sale of unaffiliated underlying funds			(3,426)			(76,300)			10,776			(345,117)
Capital gain distributions from affiliated underlying funds			235,588			1,553,364			245,912			11,092,811
Futures			(2,117)			(142,126)			(6,352)			(994,090)
Net realized gain (loss)			(8,314)			403,647			(66,340)			(200,701)
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			345,819			1,525,542			563,000			13,508,401
Unaffiliated underlying funds			44,149			109,238			88,291			1,513,403
Net change in unrealized appreciation (depreciation)			389,968			1,634,780			651,291			15,021,804
Net realized and unrealized gain			381,654			2,038,427			584,951			14,821,103
Increase in net assets resulting from operations		$	446,349		$	2,732,821		$	884,067		$	23,457,916

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2016

	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		$	10,849,015		$	752,240		$	326,439		$	18,070,288
Dividends from unaffiliated underlying funds			1,211,081			35,633			13,926			644,809
Total investment income			12,060,096			787,873			340,365			18,715,097
EXPENSES:
Investment management fees			1,539,265			79,704			33,306			1,979,007
Distribution and shareholder service fees:
Class ADV			134,548			82,301			34,640			1,632,186
Class S			1,689,298			51,634			13,301			976,600
Class S2			4,430			3,349			747			110,336
Class T			—			—			43			5,959
Transfer agent fees			6,856			166			322			1,351
Shareholder reporting expense			25,620			7,954			3,713			46,865
Professional fees			81,804			12,078			9,349			103,578
Custody and accounting expense			58,710			3,642			817			69,930
Directors fees			21,234			1,138			475			28,509
Miscellaneous expense			46,193			8,863			9,194			56,392
Interest expense			195			—			—			—
Total expenses			3,608,153			250,829			105,907			5,010,713
Net waived and reimbursed fees			(350,055)			(60,094)			(34,694)			(946,420)
Net expenses			3,258,098			190,735			71,213			4,064,293
Net investment income			8,801,998			597,138			269,152			14,650,804
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			(18,724,101)			(1,386,330)			(8,072)			(9,859,943)
Sale of unaffiliated underlying funds			(2,113,993)			(53,396)			6,515			(1,646,873)
Capital gain distributions from affiliated underlying funds			24,241,634			894,085			460,798			29,917,695
Futures			(2,229,195)			(132,900)			(6,351)			(1,699,994)
Net realized gain (loss)			1,174,345			(678,541)			452,890			16,710,885
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			25,358,302			2,012,039			245,129			19,948,494
Unaffiliated underlying funds			5,657,029			160,377			19,797			1,059,823
Net change in unrealized appreciation (depreciation)			31,015,331			2,172,416			264,926			21,008,317
Net realized and unrealized gain			32,189,676			1,493,875			717,816			37,719,202
Increase in net assets resulting from operations		$	40,991,674		$	2,091,013		$	986,968		$	52,370,006

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2016

	Voya Solution 2030 Portfolio			Voya Solution 2035 Portfolio			Voya Solution 2040 Portfolio			Voya Solution 2045 Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	207,316		$	15,035,087		$	142,000		$	8,912,128
Dividends from unaffiliated underlying funds			11,431			930,521			12,017			933,217
Total investment income			218,747			15,965,608			154,017			9,845,345
EXPENSES:
Investment management fees			19,186			1,862,706			15,773			1,345,577
Distribution and shareholder service fees:
Class ADV			21,360			1,397,957			19,009			918,730
Class S			7,079			901,342			4,674			640,887
Class S2			934			93,598			551			56,642
Class T			49			5,253			56			2,813
Transfer agent fees			486			1,313			435			935
Shareholder reporting expense			2,538			45,750			3,081			37,000
Professional fees			8,824			91,374			8,982			66,149
Custody and accounting expense			787			65,400			683			48,342
Directors fees			270			26,430			219			18,817
Miscellaneous expense			9,800			56,916			9,523			36,693
Interest expense			—			135			—			20
Total expenses			71,313			4,548,174			62,986			3,172,605
Net waived and reimbursed fees			(26,875)			(729,076)			(26,885)			(416,938)
Net expenses			44,438			3,819,098			36,101			2,755,667
Net investment income			174,309			12,146,510			117,916			7,089,678
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			(13,983)			(7,744,179)			(4,560)			(5,727,264)
Sale of unaffiliated underlying funds			10,251			(699,021)			9,826			(965,688)
Capital gain distributions from affiliated underlying funds			319,093			29,059,473			282,751			22,115,490
Futures			(4,234)			(2,747,900)			(4,234)			(1,925,431)
Net realized gain			311,127			17,868,373			283,783			13,497,107
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			229,102			19,777,978			191,651			13,577,801
Unaffiliated underlying funds			(1,581)			2,413,182			60,345			4,559,006
Net change in unrealized appreciation (depreciation)			227,521			22,191,160			251,996			18,136,807
Net realized and unrealized gain			538,648			40,059,533			535,779			31,633,914
Increase in net assets resulting from operations		$	712,957		$	52,206,043		$	653,695		$	38,723,592

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2016

	Voya Solution 2050 Portfolio			Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds		$	77,995		$	1,960,292		$	32,390
Dividends from unaffiliated underlying funds			8,254			176,318			3,414
Total investment income			86,249			2,136,610			35,804
EXPENSES:
Investment management fees			9,237			283,668			3,850
Distribution and shareholder service fees:
Class ADV			10,575			206,517			3,576
Class S			2,841			119,188			1,111
Class S2			358			13,106			144
Class T			49			121			22
Transfer agent fees			263			1,028			2,017
Shareholder reporting expense			3,012			11,926			2,059
Professional fees			8,725			20,862			7,837
Custody and accounting expense			678			12,219			113
Directors fees			127			3,986			53
Offering expense			—			—			1,477
Miscellaneous expense			8,896			13,179			8,821
Total expenses			44,761			685,800			31,080
Net waived and reimbursed fees			(23,311)			(93,134)			(22,838)
Net expenses			21,450			592,666			8,242
Net investment income			64,799			1,543,944			27,562
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds			(14,997)			(4,020,350)			12,613
Sale of unaffiliated underlying funds			5,781			(194,841)			2,586
Capital gain distributions from affiliated underlying funds			154,912			4,856,041			67,466
Futures			(2,117)			(386,537)			—
Net realized gain			143,579			254,313			82,665
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds			150,852			6,059,972			52,015
Unaffiliated underlying funds			30,975			914,787			13,433
Net change in unrealized appreciation (depreciation)			181,827			6,974,759			65,448
Net realized and unrealized gain			325,406			7,229,072			148,113
Increase in net assets resulting from operations		$	390,205		$	8,773,016		$	175,675

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, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
FROM OPERATIONS:
Net investment income		$	64,695		$	37,990		$	694,394		$	574,191
Net realized gain (loss)			(8,314)			194,126			403,647			3,361,626
Net change in unrealized appreciation (depreciation)			389,968			(363,437)			1,634,780			(4,226,720)
Increase (decrease) in net assets resulting from operations			446,349			(131,321)			2,732,821			(290,903)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(23,934)			(47,203)			(410,012)			(724,136)
Class I			(2,335)			(2,457)			(2,354)			(1,464)
Class R6			(957)			—			(20,744)			—
Class S			(48,921)			(44,857)			(525,795)			(676,369)
Class S2			(3,605)			(2,927)			(11,571)			(16,597)
Net realized gains:
Class ADV			(123,049)			(96,240)			(1,429,535)			(2,180,551)
Class I			(7,887)			(4,428)			(6,154)			(3,705)
Class R6			(3,226)			—			(54,237)			—
Class S			(182,612)			(85,945)			(1,528,071)			(1,860,233)
Class S2			(14,026)			(5,577)			(36,902)			(49,700)
Total distributions			(410,552)			(289,634)			(4,025,375)			(5,512,755)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			3,630,137			3,899,642			14,742,333			5,899,791
Reinvestment of distributions			410,552			289,634			4,025,375			5,512,755
			4,040,689			4,189,276			18,767,708			11,412,546
Cost of shares redeemed			(1,371,169)			(2,325,550)			(16,023,486)			(9,400,747)
Net increase in net assets resulting from capital share transactions			2,669,520			1,863,726			2,744,222			2,011,799
Net increase (decrease) in net assets			2,705,317			1,442,771			1,451,668			(3,791,859)
NET ASSETS:
Beginning of year or period			5,107,280			3,664,509			48,267,088			52,058,947
End of year or period		$	7,812,597		$	5,107,280		$	49,718,756		$	48,267,088
Undistributed net investment income at end of year or period		$	65,132		$	79,719		$	809,692		$	969,949

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, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
FROM OPERATIONS:
Net investment income		$	299,116		$	240,782		$	8,636,813		$	4,565,044
Net realized gain (loss)			(66,340)			306,825			(200,701)			4,801,141
Net change in unrealized appreciation (depreciation)			651,291			(642,838)			15,021,804			(14,960,555)
Increase (decrease) in net assets resulting from operations			884,067			(95,231)			23,457,916			(5,594,370)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(150,115)			(263,669)			(2,150,558)			(1,908,525)
Class I			(628)			(369)			(1,212,513)			(694,006)
Class R6			(8,166)			—			—			—
Class S			(136,481)			(164,946)			(2,220,269)			(1,447,689)
Class S2			(9,380)			(10,087)			(138,417)			(107,320)
Class T			—			—			—			(1,719)
Net realized gains:
Class ADV			(206,616)			(339,072)			(2,591,594)			(2,774,895)
Class I			(635)			(391)			(1,083,900)			(816,284)
Class R6			(8,257)			—			—			—
Class S			(153,138)			(190,593)			(2,268,074)			(1,876,766)
Class S2			(10,919)			(12,061)			(155,401)			(146,501)
Class T			—			—			(2,132)			(3,225)
Total distributions			(684,335)			(981,188)			(11,822,858)			(9,776,930)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			4,259,688			2,704,514			32,380,433			24,468,475
Proceeds from shares issued in merger (Note 11)			—			—			—			502,116,080
Reinvestment of distributions			684,168			980,967			11,822,858			9,776,930
			4,943,856			3,685,481			44,203,291			536,361,485
Cost of shares redeemed			(3,277,607)			(5,820,892)			(158,926,207)			(100,672,020)
Net increase (decrease) in net assets resulting from capital share transactions			1,666,249			(2,135,411)			(114,722,916)			435,689,465
Net increase (decrease) in net assets			1,865,981			(3,211,830)			(103,087,858)			420,318,165
NET ASSETS:
Beginning of year or period			14,503,622			17,715,452			588,755,515			168,437,350
End of year or period		$	16,369,603		$	14,503,622		$	485,667,657		$	588,755,515
Undistributed net investment income at end of year or period		$	341,095		$	304,540		$	9,866,359		$	5,704,462

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, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
FROM OPERATIONS:
Net investment income		$	8,801,998		$	5,540,845		$	597,138		$	533,264
Net realized gain (loss)			1,174,345			10,904,776			(678,541)			2,219,539
Net change in unrealized appreciation (depreciation)			31,015,331			(47,890,854)			2,172,416			(2,910,960)
Increase (decrease) in net assets resulting from operations			40,991,674			(31,445,233)			2,091,013			(158,157)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(212,822)			(571,200)			(274,375)			(574,383)
Class I			(53,499)			(2,819)			(1,055)			(1,147)
Class R6			(1,403)			—			(203)			—
Class S			(8,226,554)			(316,380)			(513,040)			(563,437)
Class S2			(8,934)			(28,735)			(18,457)			(25,478)
Net realized gains:
Class ADV			(395,963)			(2,042,964)			(828,646)			(1,294,485)
Class I			(62,404)			(8,662)			(2,273)			(2,177)
Class R6			(1,637)			—			(437)			—
Class S			(10,441,172)			(1,067,852)			(1,219,917)			(1,180,760)
Class S2			(14,815)			(96,371)			(47,298)			(53,881)
Total distributions			(19,419,203)			(4,134,983)			(2,905,701)			(3,695,748)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			11,405,648			8,915,955			6,036,432			8,095,674
Proceeds from shares issued in merger (Note 11)			—			812,445,061			—			—
Reinvestment of distributions			19,419,203			4,134,983			2,905,701			3,695,748
			30,824,851			825,495,999			8,942,133			11,791,422
Cost of shares redeemed			(115,010,937)			(66,302,153)			(15,464,819)			(9,954,124)
Net increase (decrease) in net assets resulting from capital share transactions			(84,186,086)			759,193,846			(6,522,686)			1,837,298
Net increase (decrease) in net assets			(62,613,615)			723,613,630			(7,337,374)			(2,016,607)
NET ASSETS:
Beginning of year or period			755,810,131			32,196,501			42,872,314			44,888,921
End of year or period		$	693,196,516		$	755,810,131		$	35,534,940		$	42,872,314
Undistributed net investment income at end of year or period		$	9,726,651		$	8,487,428		$	692,402		$	806,668

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, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
FROM OPERATIONS:
Net investment income		$	269,152		$	57,081		$	14,650,804		$	12,142,052
Net realized gain			452,890			62,041			16,710,885			79,656,406
Net change in unrealized appreciation (depreciation)			264,926			(114,868)			21,008,317			(91,093,462)
Increase in net assets resulting from operations			986,968			4,254			52,370,006			704,996
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(30,050)			(13,688)			(5,850,591)			(10,970,091)
Class I			(17,525)			(195)			(5,020,661)			(7,433,439)
Class S			(23,360)			(183)			(8,047,201)			(14,388,544)
Class S2			(683)			(176)			(504,984)			(911,625)
Class T			—			(169)			(12,925)			(10,324)
Net realized gains:
Class ADV			(39,585)			(18,880)			(25,793,205)			(38,955,867)
Class I			(19,182)			(238)			(16,534,468)			(21,794,551)
Class S			(26,838)			(238)			(30,295,541)			(45,794,442)
Class S2			(970)			(238)			(2,072,239)			(3,108,350)
Class T			(28)			(238)			(62,642)			(87,705)
Total distributions			(158,221)			(34,243)			(94,194,457)			(143,454,938)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			21,178,235			10,083,488			77,865,505			118,002,074
Reinvestment of distributions			158,203			32,574			94,194,456			143,454,938
			21,336,438			10,116,062			172,059,961			261,457,012
Cost of shares redeemed			(9,430,029)			(1,291,607)			(243,406,338)			(264,465,132)
Net increase (decrease) in net assets resulting from capital share transactions			11,906,409			8,824,455			(71,346,377)			(3,008,120)
Net increase (decrease) in net assets			12,735,156			8,794,466			(113,170,828)			(145,758,062)
NET ASSETS:
Beginning of year or period			9,441,524			647,058			1,009,200,112			1,154,958,174
End of year or period		$	22,176,680		$	9,441,524		$	896,029,284		$	1,009,200,112
Undistributed net investment income at end of year or period		$	315,292		$	71,599		$	17,184,274		$	19,413,501

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, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
FROM OPERATIONS:
Net investment income		$	174,309		$	27,284		$	12,146,510		$	10,849,741
Net realized gain			311,127			32,015			17,868,373			82,911,381
Net change in unrealized appreciation (depreciation)			227,521			(68,356)			22,191,160			(97,689,028)
Increase (decrease) in net assets resulting from operations			712,957			(9,057)			52,206,043			(3,927,906)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(16,483)			(3,964)			(5,125,743)			(9,275,972)
Class I			(5,762)			(1,232)			(5,348,117)			(8,012,932)
Class S			(11,238)			(51)			(7,573,427)			(13,253,942)
Class S2			(1,455)			(48)			(448,201)			(727,376)
Class T			—			(39)			(7,825)			(15,578)
Net realized gains:
Class ADV			(22,721)			(11,578)			(24,216,893)			(38,056,781)
Class I			(7,039)			(2,860)			(19,033,957)			(27,087,345)
Class S			(14,220)			(169)			(30,708,986)			(48,462,268)
Class S2			(1,785)			(169)			(1,959,015)			(2,896,790)
Class T			(26)			(169)			(50,073)			(100,161)
Total distributions			(80,729)			(20,279)			(94,472,237)			(147,889,145)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			14,162,825			4,050,320			84,881,033			132,031,334
Reinvestment of distributions			80,678			19,396			94,472,237			147,889,145
			14,243,503			4,069,716			179,353,270			279,920,479
Cost of shares redeemed			(3,898,412)			(284,913)			(210,855,745)			(241,552,464)
Net increase (decrease) in net assets resulting from capital share transactions			10,345,091			3,784,803			(31,502,475)			38,368,015
Net increase (decrease) in net assets			10,977,319			3,755,467			(73,768,669)			(113,449,036)
NET ASSETS:
Beginning of year or period			3,929,125			173,658			927,677,367			1,041,126,403
End of year or period		$	14,906,444		$	3,929,125		$	853,908,698		$	927,677,367
Undistributed net investment income at end of year or period		$	199,946		$	34,930		$	13,786,106		$	18,484,561

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, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
FROM OPERATIONS:
Net investment income		$	117,916		$	24,315		$	7,089,678		$	5,873,825
Net realized gain			283,783			27,859			13,497,107			59,565,361
Net change in unrealized appreciation (depreciation)			251,996			(57,581)			18,136,807			(70,781,842)
Increase (decrease) in net assets resulting from operations			653,695			(5,407)			38,723,592			(5,342,656)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(16,429)			(19,082)			(2,509,631)			(5,806,658)
Class I			(7,933)			(119)			(3,442,244)			(5,832,169)
Class S			(11,673)			(104)			(4,215,034)			(8,956,275)
Class S2			(846)			(100)			(205,558)			(423,849)
Class T			(9)			(88)			(4,674)			(5,671)
Net realized gains:
Class ADV			(36,813)			(37,793)			(16,558,058)			(31,366,475)
Class I			(13,678)			(209)			(15,825,344)			(25,860,796)
Class S			(20,636)			(209)			(22,768,310)			(43,087,460)
Class S2			(1,485)			(209)			(1,227,821)			(2,223,782)
Class T			(65)			(209)			(34,121)			(56,087)
Total distributions			(109,567)			(58,122)			(66,790,795)			(123,619,222)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			10,328,998			3,416,687			74,260,683			104,390,931
Reinvestment of distributions			109,464			56,880			66,790,795			123,619,222
			10,438,462			3,473,567			141,051,478			228,010,153
Cost of shares redeemed			(3,126,569)			(788,865)			(145,774,446)			(168,987,078)
Net increase (decrease) in net assets resulting from capital share transactions			7,311,893			2,684,702			(4,722,968)			59,023,075
Net increase (decrease) in net assets			7,856,021			2,621,173			(32,790,171)			(69,938,803)
NET ASSETS:
Beginning of year or period			3,340,369			719,196			650,702,536			720,641,339
End of year or period		$	11,196,390		$	3,340,369		$	617,912,365		$	650,702,536
Undistributed net investment income at end of year or period		$	130,837		$	35,885		$	7,128,010		$	10,360,171

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, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
FROM OPERATIONS:
Net investment income		$	64,799		$	10,652		$	1,543,944		$	1,056,227
Net realized gain			143,579			21,337			254,313			9,062,866
Net change in unrealized appreciation (depreciation)			181,827			(36,519)			6,974,759			(11,819,562)
Increase (decrease) in net assets resulting from operations			390,205			(4,530)			8,773,016			(1,700,469)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(7,610)			(9,415)			(475,842)			(927,010)
Class I			(3,867)			(118)			(700,799)			(877,070)
Class S			(5,038)			(104)			(671,361)			(1,196,206)
Class S2			(380)			(99)			(39,938)			(68,106)
Class T			—			(89)			(203)			—
Net realized gains:
Class ADV			(20,068)			(19,432)			(2,731,652)			(3,822,880)
Class I			(7,612)			(221)			(2,812,511)			(3,009,474)
Class S			(10,258)			(221)			(3,164,455)			(4,426,890)
Class S2			(798)			(221)			(207,570)			(268,925)
Class T			(49)			(221)			(1,005)			(628)
Total distributions			(55,680)			(30,141)			(10,805,336)			(14,597,189)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			6,583,275			1,558,673			41,346,741			49,522,854
Reinvestment of distributions			55,596			28,852			10,805,337			14,597,187
			6,638,871			1,587,525			52,152,078			64,120,041
Cost of shares redeemed			(1,867,857)			(247,971)			(36,891,031)			(29,052,084)
Net increase in net assets resulting from capital share transactions			4,771,014			1,339,554			15,261,047			35,067,957
Net increase in net assets			5,105,539			1,304,883			13,228,727			18,770,299
NET ASSETS:
Beginning of year or period			1,678,233			373,350			128,397,672			109,627,373
End of year or period		$	6,783,772		$	1,678,233		$	141,626,399		$	128,397,672
Undistributed net investment income at end of year or period		$	64,080		$	15,896		$	1,560,825		$	1,887,097

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Solution 2060 Portfolio
	Year Ended December 31, 2016			February 9, 2015(1) to December 31, 2015
FROM OPERATIONS:
Net investment income		$	27,562		$	4,755
Net realized gain			82,665			12,229
Net change in unrealized appreciation (depreciation)			65,448			(10,053)
Increase in net assets resulting from operations			175,675			6,931
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV			(3,173)			—
Class I			(2,369)			—
Class S			(1,737)			—
Class S2			(167)			—
Class T			(9)			—
Net realized gains:
Class ADV			(5,282)			—
Class I			(3,922)			—
Class S			(2,891)			—
Class S2			(282)			—
Class T			(18)			—
Total distributions			(19,850)			—
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			3,046,992			749,836
Reinvestment of distributions			19,850			—
			3,066,842			749,836
Cost of shares redeemed			(1,027,327)			(80,599)
Net increase in net assets resulting from capital share transactions			2,039,515			669,237
Net increase in net assets			2,195,340			676,168
NET ASSETS:
Beginning of year or period			676,168			—
End of year or period		$	2,871,508		$	676,168
Undistributed net investment income at end of year or period		$	26,736		$	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)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Aggressive Portfolio
Class ADV
12-31-16		11.35		0.08		0.63		0.71		0.12		0.61		—		0.73		—		11.33		6.41		1.04		0.68		0.68		0.77		2,520		61
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
12-31-16		11.57		0.17•		0.61		0.78		0.18		0.61		—		0.79		—		11.56		6.93		0.54		0.18		0.18		1.53		258		61
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 R6
05-02-16(5) - 12-31-16		11.66		0.44•		0.25		0.69		0.18		0.61		—		0.79		—		11.56		6.11		0.54		0.18		0.18		5.93		659		61
Class S
12-31-16		11.46		0.12•		0.63		0.75		0.16		0.61		—		0.77		—		11.44		6.75		0.79		0.43		0.43		1.08		3,954		61
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
12-31-16		11.36		0.13•		0.60		0.73		0.16		0.61		—		0.77		—		11.32		6.57		0.97		0.58		0.58		1.15		422		61
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
12-31-16		9.39		0.12•		0.44		0.56		0.20		0.69		—		0.89		—		9.06		6.08		0.78		0.64		0.64		1.25		18,215		78
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Balanced Portfolio (continued)
Class I
12-31-16		9.72		0.28•		0.35		0.63		0.26		0.69		—		0.95		—		9.40		6.69		0.28		0.14		0.14		3.03		2,092		78
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
Class R6
05-02-16(5) - 12-31-16		9.89		0.23•		0.22		0.45		0.26		0.69		—		0.95		—		9.39		4.75		0.28		0.14		0.14		3.74		2,412		78
Class S
12-31-16		9.52		0.16		0.43		0.59		0.24		0.69		—		0.93		—		9.18		6.32		0.53		0.39		0.39		1.63		25,331		78
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
Class S2
12-31-16		9.50		0.18•		0.39		0.57		0.22		0.69		—		0.91		—		9.16		6.10		0.71		0.54		0.54		1.96		1,668		78
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
Voya Solution Conservative Portfolio
Class ADV
12-31-16		10.45		0.20		0.40		0.60		0.19		0.26		—		0.45		—		10.60		5.76		0.85		0.62		0.62		1.79		8,524		58
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
Class I
12-31-16		10.60		0.29•		0.37		0.66		0.26		0.26		—		0.52		—		10.74		6.24		0.35		0.12		0.12		2.67		109		58
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
Class R6
05-02-16(5) - 12-31-16		10.98		0.20•		0.08		0.28		0.26		0.26		—		0.52		—		10.74		2.57		0.35		0.12		0.12		2.81		718		58

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Conservative Portfolio (continued)
Class S
12-31-16		10.52		0.22•		0.41		0.63		0.23		0.26		—		0.49		—		10.66		6.04		0.60		0.37		0.37		2.02		6,513		58
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
Class S2
12-31-16		10.46		0.21•		0.40		0.61		0.22		0.26		—		0.48		—		10.59		5.90		0.78		0.52		0.52		1.94		506		58
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
Voya Solution Income Portfolio
Class ADV																														��
12-31-16		10.88		0.16•		0.31		0.47		0.11		0.13		—		0.24		—		11.11		4.26		0.75		0.62		0.62		1.41		205,103		46
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
Class I
12-31-16		11.12		0.22•		0.31		0.53		0.14		0.13		—		0.27		—		11.38		4.78		0.25		0.12		0.12		1.91		82,426		46
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
Class S
12-31-16		11.04		0.19•		0.31		0.50		0.13		0.13		—		0.26		—		11.28		4.47		0.50		0.37		0.37		1.66		186,264		46
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
Class S2
12-31-16		10.77		0.16•		0.30		0.46		0.11		0.13		—		0.24		—		10.99		4.28		0.68		0.52		0.52		1.49		11,670		46
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Income Portfolio (continued)
Class T
12-31-16		11.39		0.11•		0.36		0.47		—		0.13		—		0.13		—		11.73		4.11		0.97		0.82		0.82		0.92		205		46
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
Voya Solution Moderately Aggressive Portfolio
Class ADV
12-31-16		11.23		0.11•		0.56		0.67		0.10		0.18		—		0.28		—		11.62		6.00		0.75		0.70		0.70		0.95		24,645		52
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
Class I
12-31-16		11.44		0.17		0.55		0.72		0.15		0.18		—		0.33		—		11.83		6.40		0.25		0.20		0.20		1.55		4,334		52
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
Class R6
05-02-16(5) - 12-31-16		11.56		0.39•		0.20		0.59		0.15		0.18		—		0.33		—		11.82		5.21		0.25		0.20		0.20		5.04		1,287		52
Class S
12-31-16		11.34		0.14•		0.55		0.69		0.14		0.18		—		0.32		—		11.71		6.17		0.50		0.45		0.45		1.25		661,798		52
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
Class S2
12-31-16		11.32		0.13		0.54		0.67		0.11		0.18		—		0.29		—		11.70		5.97		0.68		0.60		0.60		1.14		1,132		52
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution Moderately Conservative Portfolio
Class ADV
12-31-16		9.51		0.13•		0.40		0.53		0.20		0.60		—		0.80		—		9.24		5.64		0.80		0.64		0.64		1.35		13,487		65
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
Class I
12-31-16		9.93		0.19		0.41		0.60		0.28		0.60		—		0.88		—		9.65		6.12		0.30		0.14		0.14		1.93		33		65
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
Class R6
05-02-16(5) - 12-31-16		10.17		0.36•		(0.01)		0.35		0.28		0.60		—		0.88		—		9.64		3.52		0.30		0.14		0.14		5.68		287		65
Class S
12-31-16		9.73		0.17		0.39		0.56		0.25		0.60		—		0.85		—		9.44		5.87		0.55		0.39		0.39		1.74		20,883		65
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
Class S2
12-31-16		9.64		0.14		0.39		0.53		0.23		0.60		—		0.83		—		9.34		5.62		0.73		0.54		0.54		1.61		845		65
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
Voya Solution 2020 Portfolio
Class ADV
12-31-16		11.65		0.18•		0.43		0.61		0.05		0.06		—		0.11		—		12.15		5.21		0.86		0.64		0.64		1.53		9,167		84
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
Class I
12-31-16		11.81		0.26•		0.42		0.68		0.06		0.06		—		0.12		—		12.37		5.73		0.36		0.14		0.14		2.13		6,377		84
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2020 Portfolio (continued)
Class S
12-31-16		11.80		0.20•		0.44		0.64		0.05		0.06		—		0.11		—		12.33		5.46		0.61		0.39		0.39		1.65		6,477		84
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
Class S2
12-31-16		11.70		0.14•		0.48		0.62		0.04		0.06		—		0.10		—		12.22		5.33		0.79		0.54		0.54		1.18		148		84
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
Class T
12-31-16		11.64		0.15•		0.43		0.58		—		0.06		—		0.06		—		12.16		4.99		1.08		0.84		0.84		1.29		8		84
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
Voya Solution 2025 Portfolio
Class ADV
12-31-16		11.17		0.14•		0.47		0.61		0.21		0.91		—		1.12		—		10.66		5.53		0.74		0.64		0.64		1.31		302,670		43
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
Class I
12-31-16		11.44		0.21		0.48		0.69		0.28		0.91		—		1.19		—		10.94		6.13		0.24		0.14		0.14		1.84		193,795		43
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
Class S
12-31-16		11.32		0.17•		0.48		0.65		0.24		0.91		—		1.15		—		10.82		5.88		0.49		0.39		0.39		1.58		376,403		43
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets									Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)			Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)			($000’s)		(%)
Voya Solution 2025 Portfolio (continued)
Class S2
12-31-16		11.03		0.15•		0.47		0.62		0.22		0.91		—		1.13		—		10.52		5.75		0.67		0.54		0.54		1.39			22,356		43
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
Class T
12-31-16		11.58		0.14		0.48		0.62		0.19		0.91		—		1.10		—		11.10		5.43		0.96		0.84		0.84		1.14			806		43
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
Voya Solution 2030 Portfolio
Class ADV
12-31-16		13.24		0.23•		0.57		0.80		0.04		0.06		—		0.10		—		13.94		6.09		0.95		0.66		0.66		1.71			6,623		67
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
Class I
12-31-16		13.46		0.35•		0.53		0.88		0.05		0.06		—		0.11		—		14.23		6.55		0.45		0.16		0.16		2.54			3,247		67
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
Class S
12-31-16		13.44		0.27•		0.58		0.85		0.05		0.06		—		0.11		—		14.18		6.32		0.70		0.41		0.41		2.00			4,770		67
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
Class S2
12-31-16		13.30		0.18•		0.64		0.82		0.05		0.06		—		0.11		—		14.01		6.17		0.88		0.56		0.56		1.30	��		255		67
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2030 Portfolio (continued)
Class T
12-31-16		13.27		0.19•		0.58		0.77		—		0.06		—		0.06		—		13.98		5.81		1.17		0.86		0.86		1.43		11		67
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
Voya Solution 2035 Portfolio
Class ADV
12-31-16		11.27		0.12•		0.53		0.65		0.21		1.00		—		1.21		—		10.71		6.00		0.74		0.66		0.66		1.11		262,148		44
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
Class I
12-31-16		11.54		0.19		0.53		0.72		0.28		1.00		—		1.28		—		10.98		6.49		0.24		0.16		0.16		1.67		210,863		44
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
Class S
12-31-16		11.43		0.16•		0.53		0.69		0.25		1.00		—		1.25		—		10.87		6.23		0.49		0.41		0.41		1.41		359,464		44
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
Class S2
12-31-16		11.07		0.14		0.51		0.65		0.23		1.00		—		1.23		—		10.49		6.09		0.67		0.56		0.56		1.24		20,809		44
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
Class T
12-31-16		11.65		0.09•		0.56		0.65		0.16		1.00		—		1.16		—		11.14		5.73		0.96		0.86		0.86		0.83		624		44
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2040 Portfolio
Class ADV
12-31-16		13.84		0.19•		0.71		0.90		0.06		0.13		—		0.19		—		14.55		6.48		1.03		0.66		0.66		1.34		4,897		72
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
Class I
12-31-16		14.07		0.31•		0.68		0.99		0.07		0.13		—		0.20		—		14.86		7.06		0.53		0.16		0.16		2.14		2,887		72
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
Class S
12-31-16		14.03		0.25•		0.70		0.95		0.07		0.13		—		0.20		—		14.78		6.79		0.78		0.41		0.41		1.75		3,217		72
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
Class S2
12-31-16		13.90		0.20•		0.72		0.92		0.07		0.13		—		0.20		—		14.62		6.64		0.96		0.56		0.56		1.41		183		72
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
Class T
12-31-16		13.81		0.17•		0.70		0.87		0.02		0.13		—		0.15		—		14.53		6.27		1.25		0.86		0.86		1.19		12		72
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
Voya Solution 2045 Portfolio
Class ADV
12-31-16		11.15		0.09•		0.56		0.65		0.15		1.02		—		1.17		—		10.63		6.16		0.75		0.68		0.68		0.86		176,397		45
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions															Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital			Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)			($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2045 Portfolio (continued)
Class I
12-31-16		11.44		0.15		0.57		0.72		0.22		1.02		—			1.24		—		10.92		6.63		0.25		0.18		0.18		1.41		171,475		45
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
Class S
12-31-16		11.29		0.14		0.55		0.69		0.19		1.02		—			1.21		—		10.77		6.40		0.50		0.43		0.43		1.14		256,935		45
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
Class S2
12-31-16		11.04		0.11		0.55		0.66		0.17		1.02		—			1.19		—		10.51		6.28		0.68		0.58		0.58		0.96		12,687		45
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
Class T
12-31-16		11.46		0.07		0.58		0.65		0.14		1.02		—			1.16		—		10.95		5.94		0.97		0.88		0.88		0.70		418		45
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
Voya Solution 2050 Portfolio
Class ADV
12-31-16		13.86		0.18•		0.68		0.86		0.04		0.11		—			0.15		—		14.57		6.27		1.22		0.68		0.68		1.26		3,184		70
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
Class I
12-31-16		14.13		0.28•		0.67		0.95		0.06		0.11		—			0.17		—		14.91		6.75		0.72		0.18		0.18		1.92		1,452		70
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions															Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains			From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)			($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2050 Portfolio (continued)
Class S
12-31-16		14.06		0.24•		0.68		0.92		0.06		0.11			—		0.17		—		14.81		6.56		0.97		0.43		0.43		1.71		1,996		70
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
Class S2
12-31-16		13.93		0.20•		0.67		0.87		0.05		0.11			—		0.16		—		14.64		6.32		1.15		0.58		0.58		1.44		142		70
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
Class T
12-31-16		13.88		0.13•		0.70		0.83		—		0.11			—		0.11		—		14.60		6.02		1.44		0.88		0.88		0.96		10		70
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
Voya Solution 2055 Portfolio
Class ADV
12-31-16		12.52		0.11		0.64		0.75		0.15		0.85			—		1.00		—		12.27		6.13		0.76		0.69		0.69		0.88		42,793		58
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
Class I
12-31-16		12.74		0.18•		0.65		0.83		0.21		0.85			—		1.06		—		12.51		6.72		0.26		0.19		0.19		1.46		44,519		58
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
Class S													��
12-31-16		12.62		0.13		0.66		0.79		0.18		0.85			—		1.03		—		12.38		6.44		0.51		0.44		0.44		1.16		51,294		58
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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions															Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions			Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)			($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Solution 2055 Portfolio (continued)
Class S2
12-31-16		12.56		0.11		0.65		0.76		0.16		0.85		—		1.01			—		12.31		6.24		0.69		0.59		0.59		0.93		2,996		58
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
Class T
12-31-16		12.78		0.12•		0.62		0.74		0.17		0.85		—		1.02			—		12.50		5.96		0.98		0.89		0.89		0.96		25		58
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
Voya Solution 2060 Portfolio
Class ADV
12-31-16		9.89		0.15•		0.48		0.63		0.04		0.06		—		0.10			—		10.42		6.34		1.97		0.69		0.69		1.50		1,395		82
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
12-31-16		9.92		0.16•		0.51		0.67		0.04		0.06		—		0.10			—		10.49		6.73		1.47		0.19		0.19		1.56		606		82
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
12-31-16		9.86		0.17•		0.48		0.65		0.04		0.06		—		0.10			—		10.41		6.56		1.72		0.44		0.44		1.68		836		82
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
12-31-16		9.89		0.09•		0.54		0.63		0.04		0.06		—		0.10			—		10.42		6.34		1.90		0.59		0.59		0.92		32		82
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
12-31-16		9.86		0.07		0.51		0.58		0.03		0.06		—		0.09			—		10.35		5.91		2.19		0.89		0.89		0.67		3		82
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)

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 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.

(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 year or period.

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2016

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 thirty-eight 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”), Class R6, 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. With the exception of class specific matters, each class has equal voting rights as to

voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders 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. 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

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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2016 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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 exchange contracts are valued utilizing current and forward rates obtained from an independent pricing service. Such prices from the third party pricing service are for specific settlement periods and each Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent period reported by the independent pricing service and (h) Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by brokers.

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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2016 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 significant unobservable inputs, including the Sub-Adviser’s or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. 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.

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, 2016, 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. 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.

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, 2016 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 risk factors. This may allow a Portfolio to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

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

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.

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

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.

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 is (and other countries outside of the European Union are) 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.

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

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2016 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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, 2016, 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, 2016, the following Portfolios had average notional values on futures contracts purchased and sold as of December 31, 2016. There were no open futures contracts for any Portfolio at December 31, 2016.

	Purchased			Sold
Solution Aggressive		$	—		$	102,417
Solution Balanced			677,643			701,544
Solution Conservative			—			307,249
Solution Income			4,465,727			4,133,315
Solution Moderately Aggressive			7,206,340			6,290,323
Solution Moderately Conservative			512,128			526,924
Solution 2020			—			307,250
Solution 2025			7,690,098			8,199,433
Solution 2030			—			204,833
Solution 2035			8,794,353			7,765,779
Solution 2040			—			204,833
Solution 2045			6,219,968			6,178,451
Solution 2050			—			102,417
Solution 2055			1,903,706			2,028,116

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, 2016, the cost of purchases and the proceeds from sales of the Underlying Funds were as follows:

	Purchases			Sales
Solution Aggressive		$	6,159,427		$	3,854,684
Solution Balanced			36,281,456			37,036,799
Solution Conservative			10,309,016			9,040,535
Solution Income			249,215,031			368,067,709
Solution Moderately Aggressive			370,165,139			467,606,917
Solution Moderately Conservative			24,816,621			33,805,437
Solution 2020			25,276,706			13,301,963
Solution 2025			410,729,492			563,708,995
Solution 2030			16,521,996			6,103,890
Solution 2035			389,292,474			505,818,088
Solution 2040			12,622,258			5,323,251
Solution 2045			284,827,854			351,651,826
Solution 2050			7,750,006			2,981,093
Solution 2055			82,346,180			76,852,538
Solution 2060			3,507,230			1,459,102

NOTE 4 — INVESTMENT MANAGEMENT FEES

The Portfolios have entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Investment Adviser has overall

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2016 (continued)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

responsibility for the management of the Portfolios. The Investment Adviser oversees all investment management and portfolio management services for the Portfolios and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolios, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates: 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.

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% of each Portfolio’s average daily net assets attributable to its Class ADV shares and effective May 1, 2016, each Portfolio makes payments to the Distributor at an annual rate of 0.15% and 0.45% of each Portfolio’s average daily net assets attributable to its Class S2 and Class T shares, respectively. Prior to May 1, 2016, the distribution fee on Class S2 shares was 0.25% and the Distributor had contractually agreed to waive a portion of the fee equal to 0.10%, so that the actual fee paid by Class S2 shares of the Portfolios was an annual rate of 0.15%. Prior to May 1, 2016, the distribution fee on Class T shares was 0.50% and the Distributor had contractually agreed to waive a portion of the fee equal to 0.05%, so that the actual fee paid by Class T shares of each applicable Portfolio was an annual rate of 0.45%.

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, 2016, 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		7.53%
	Solution Balanced		8.03
	Solution Conservative		8.68
	Solution Income		33.95
	Solution Moderately Conservative		5.24
	Solution 2020		18.25
	Solution 2025		30.45
	Solution 2030		21.88
	Solution 2035		30.10
	Solution 2040		17.72
	Solution 2045		28.06
	Solution 2050		16.50
	Solution 2055		28.66
	Solution 2060		12.29
Voya Insurance and Annuity Company	Solution Moderately Aggressive		92.43
Voya Retirement Insurance and Annuity Company	Solution Aggressive		92.38
	Solution Balanced		91.96
	Solution Conservative		91.30
	Solution Income		61.07
	Solution Moderately Conservative		94.75
	Solution 2020		81.73
	Solution 2025		66.74
	Solution 2030		77.62
	Solution 2035		68.18
	Solution 2040		82.24
	Solution 2045		70.64
	Solution 2050		83.43
	Solution 2055		71.34
	Solution 2060		87.60

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.

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2016 (continued)

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

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 Portfolios have adopted a deferred compensation plan (the “DC Plan”), which allows eligible independent directors, as described in the DC Plan, to defer the receipt of all or a portion of the directors’ fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the director under the 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 Statements of Assets and Liabilities. Deferral of directors’ fees under the DC Plan will not affect net assets of the Portfolio, and will not materially affect the Portfolios’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

NOTE 7 — EXPENSE LIMITATION AGREEMENT

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

Portfolio(1)	Class ADV		Class I		Class R6		Class S		Class S2		Class T
Solution Aggressive		1.39%		0.89%		0.89%		1.14%		1.29%		N/A
Solution Balanced		1.30%		0.80%		0.80%		1.05%		1.20%		N/A
Solution Conservative		1.16%		0.66%		0.66%		0.91%		1.06%		N/A
Solution Income		1.18%		0.68%		N/A		0.93%		1.08%		1.38%
Solution Moderately Aggressive		1.38%		0.88%		0.88%		1.13%		1.28%		N/A
Solution Moderately Conservative		1.24%		0.74%		0.74%		0.99%		1.14%		N/A
Solution 2020		1.26%		0.76%		N/A		1.01%		1.16%		1.46%
Solution 2025		1.30%		0.80%		N/A		1.05%		1.20%		1.50%
Solution 2030		1.33%		0.83%		N/A		1.08%		1.23%		1.53%
Solution 2035		1.37%		0.87%		N/A		1.12%		1.27%		1.57%
Solution 2040		1.38%		0.88%		N/A		1.13%		1.28%		1.58%
Solution 2045		1.39%		0.89%		N/A		1.14%		1.29%		1.59%
Solution 2050		1.39%		0.89%		N/A		1.14%		1.29%		1.59%

Portfolio(1)	Class ADV		Class I		Class R6		Class S		Class S2		Class T
Solution 2055		1.39%		0.89%		N/A		1.14%		1.29%		1.59%
Solution 2060		1.39%		0.89%		N/A		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.

The Investment Adviser may at a later date recoup from a Portfolio for fees waived and/or 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, 2016 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,
	2017			2018			2019			Total
Solution Aggressive		$	14,968		$	12,690		$	22,989		$	50,647
Solution Balanced			71,065			63,484			66,469			201,018
Solution Conservative			40,932			37,813			36,857			115,602
Solution Income			230,838			340,447			677,513			1,248,798
Solution Moderately Aggressive			38,312			141,031			349,713			529,056
Solution Moderately Conservative			60,329			51,944			59,855			172,128
Solution 2020			14,049			19,318			34,629			67,996
Solution 2025			1,358,078			967,252			935,785			3,261,115
Solution 2030			13,791			17,601			26,854			58,246
Solution 2035			936,968			727,201			721,028			2,385,197
Solution 2040			13,435			16,747			26,861			57,043
Solution 2045			473,742			378,863			412,613			1,265,218
Solution 2050			13,226			16,251			23,295			52,772
Solution 2055			84,591			72,976			92,164			249,731
Solution 2060			—			29,374			22,828			52,202

The Expense Limitation Agreement is contractual through May 1, 2018 for all Portfolios (except for Solution Aggressive and Solution 2060, which are through May 1, 2017) and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2016 (continued)

NOTE 8 — LINE OF CREDIT

Effective May 20, 2016, each Portfolio, in addition to certain other funds managed by the Investment Adviser, has entered into an unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $400,000,000. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Portfolios or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to May 20, 2016, the aggregate amount was $200,000,000 and the commitment fee was equal to 0.10% 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, 2016 as follows:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Solution Moderately Aggressive		2		$	565,500		1.40%
Solution 2035		1			539,000		1.38
Solution 2045		1			535,000		1.38

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	#		#		#		#		#		($)		($)		($)		($)		($)
Solution Aggressive
Class ADV
12/31/2016		71,088		—		13,350		(72,164)		12,274		790,135		—		146,983		(806,792)		130,326
12/31/2015		133,363		—		12,054		(115,116)		30,301		1,640,492		—		143,443		(1,390,895)		393,040
Class I
12/31/2016		10,057		—		912		(547)		10,422		113,995		—		10,222		(6,309)		117,908
12/31/2015		10,343		—		569		—*		10,912		131,149		—		6,885		—*		138,034
Class R6
5/2/2016(1) - 12/31/2016		58,522		—		373		(1,919)		56,976		678,814		—		4,183		(21,908)		661,089
Class S
12/31/2016		157,521		—		20,859		(43,665)		134,715		1,772,910		—		231,533		(492,326)		1,512,117
12/31/2015		160,428		—		10,900		(74,471)		96,857		2,006,952		—		130,802		(908,941)		1,228,813
Class S2
12/31/2016		24,769		—		1,605		(3,928)		22,446		274,283		—		17,631		(43,834)		248,080
12/31/2015		9,858		—		715		(2,113)		8,460		121,049		—		8,504		(25,714)		103,839
Solution Balanced
Class ADV
12/31/2016		191,318		—		206,691		(1,058,045)		(660,036)		1,755,767		—		1,839,547		(9,847,737)		(6,252,423)
12/31/2015		205,961		—		299,144		(505,975)		(870)		2,108,871		—		2,904,687		(5,124,403)		(110,845)
Class I
12/31/2016		217,306		—		924		(1,608)		216,622		2,020,929		—		8,507		(15,058)		2,014,378
12/31/2015		4,324		—		515		(926)		3,913		46,241		—		5,169		(9,949)		41,461
Class R6
5/2/2016(1) - 12/31/2016		258,700		—		8,141		(10,066)		256,775		2,459,665		—		74,982		(92,951)		2,441,696
Class S
12/31/2016		784,782		—		227,954		(622,570)		390,166		7,217,170		—		2,053,866		(5,826,050)		3,444,986
12/31/2015		344,977		—		257,785		(395,322)		207,440		3,597,100		—		2,536,602		(4,028,864)		2,104,838
Class S2
12/31/2016		141,831		—		5,386		(26,090)		121,127		1,288,802		—		48,473		(241,690)		1,095,585
12/31/2015		13,992		—		6,751		(22,742)		(1,999)		147,579		—		66,297		(237,531)		(23,655)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2016 (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	#		#		#		#		#		($)		($)		($)		($)			($)
Solution Conservative
Class ADV
12/31/2016		110,109		—		33,749		(162,455)		(18,597)		1,177,944		—		356,731			(1,740,892)		(206,217)
12/31/2015		125,281		—		56,542		(393,073)		(211,250)		1,387,230		—		602,741			(4,271,194)		(2,281,223)
Class I
12/31/2016		9,326		—		103		(519)		8,910		100,105		—		1,096		��	(5,592)		95,609
12/31/2015		471		—		50		(150)		371		5,234		—		539			(1,600)		4,173
Class R6
5/2/2016(1) - 12/31/2016		65,603		—		1,537		(289)		66,851		718,269		—		16,423			(3,103)		731,589
Class S
12/31/2016		191,001		—		27,271		(133,859)		84,413		2,045,268		—		289,618			(1,435,029)		899,857
12/31/2015		106,243		—		33,166		(135,562)		3,847		1,174,400		—		355,539			(1,457,964)		71,975
Class S2
12/31/2016		20,580		—		1,923		(8,826)		13,677		218,102		—		20,300			(92,991)		145,411
12/31/2015		12,292		—		2,075		(8,244)		6,123		137,650		—		22,148			(90,134)		69,664
Solution Income
Class ADV
12/31/2016		838,417		—		425,305		(5,679,960)		(4,416,238)		9,245,175		—		4,742,151			(62,563,950)		(48,576,624)
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
Class I
12/31/2016		1,339,227		—		201,617		(3,137,728)		(1,596,884)		15,151,519		—		2,296,413			(35,447,069)		(17,999,137)
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
Class S
12/31/2016		553,161		—		397,199		(4,849,656)		(3,899,296)		6,191,680		—		4,488,343			(54,175,988)		(43,495,965)
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
Class S2
12/31/2016		155,769		—		26,662		(549,167)		(366,736)		1,700,861		—		293,819			(6,019,372)		(4,024,692)
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
Class T
12/31/2016		7,841		—		181		(62,146)		(54,124)		91,198		—		2,132			(719,828)		(626,498)
12/31/2015		516		63,207		426		(118)		64,031		2,119		733,182		4,945			(1,330)		738,916
Solution Moderately Aggressive
Class ADV
12/31/2016		313,018		—		53,590		(1,041,492)		(674,884)		3,517,103		—		608,784			(11,697,103)		(7,571,216)
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
Class I
12/31/2016		56,764		—		10,035		(53,317)		13,482		650,676		—		115,903			(607,100)		159,479
12/31/2015		25,830		388,400		963		(66,689)		348,504		300,505		4,613,738		11,481			(761,743)		4,163,981
Class R6
5/2/2016(1) - 12/31/2016		111,329		—		263		(2,731)		108,861		1,306,234		—		3,040			(31,825)		1,277,449
Class S
12/31/2016		496,010		—		1,631,794		(9,052,219)		(6,924,415)		5,592,080		—		18,667,727			(102,367,614)		(78,107,807)
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
Class S2
12/31/2016		30,115		—		2,076		(27,362)		4,829		339,555		—		23,749			(307,295)		56,009
12/31/2015		24,794		—		10,593		(4,868)		30,519		318,836		—		125,106			(62,765)		381,177
Solution Moderately Conservative
Class ADV
12/31/2016		314,962		—		120,417		(1,288,116)		(852,737)		2,958,639		—		1,103,021			(12,347,311)		(8,285,651)
12/31/2015		516,666		—		191,286		(467,114)		240,838		5,235,276		—		1,868,868			(4,766,056)		2,338,088
Class I
12/31/2016		270		—		348		(798)		(180)		2,671		—		3,328			(7,713)		(1,714)
12/31/2015		152		—		327		(293)		186		1,610		—		3,324			(2,963)		1,971

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2016 (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	#		#		#		#		#		($)		($)		($)		($)		($)
Solution Moderately Conservative (continued)
Class R6
5/2/2016(1) - 12/31/2016		29,923		—		67		(195)		29,795		287,964		—		640		(1,877)		286,727
Class S
12/31/2016		267,868		—		185,343		(303,784)		149,427		2,577,222		—		1,732,956		(2,950,942)		1,359,236
12/31/2015		261,617		—		174,769		(467,681)		(31,295)		2,714,729		—		1,744,197		(4,948,852)		(489,926)
Class S2
12/31/2016		21,737		—		7,101		(16,349)		12,489		209,936		—		65,756		(156,976)		118,716
12/31/2015		13,745		—		8,024		(23,916)		(2,147)		144,059		—		79,359		(236,253)		(12,835)
Solution 2020
Class ADV
12/31/2016		801,007		—		5,784		(297,458)		509,333		9,402,802		—		69,636		(3,551,098)		5,921,340
12/31/2015		270,401		—		2,746		(77,349)		195,798		3,166,134		—		32,568		(972,350)		2,226,352
Class I
12/31/2016		572,827		—		2,999		(243,036)		332,790		6,912,370		—		36,706		(2,901,732)		4,047,344
12/31/2015		198,327		—		—*		(16,085)		182,242		2,346,484		—		2		(189,304)		2,157,182
Class S
12/31/2016		368,264		—		4,111		(198,513)		173,862		4,408,326		—		50,198		(2,389,852)		2,068,672
12/31/2015		361,539		—		—*		(10,564)		350,975		4,284,726		—		2		(126,396)		4,158,332
Class S2
12/31/2016		37,380		—		137		(49,568)		(12,051)		451,006		—		1,653		(587,326)		(134,667)
12/31/2015		24,151		—		—*		(303)		23,848		285,566		—		1		(3,557)		282,010
Class T
12/31/2016		317		—		1		(2)		316		3,731		—		10		(21)		3,720
12/31/2015		50		—		—*		—*		50		578		—		1		—*		579
Solution 2025
Class ADV
12/31/2016		1,472,139		—		3,007,965		(8,095,747)		(3,615,643)		16,021,320		—		31,643,796		(87,844,343)		(40,179,227)
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)
Class I
12/31/2016		3,616,536		—		2,001,405		(5,789,001)		(171,060)		40,352,865		—		21,555,129		(63,717,960)		(1,809,966)
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
Class S
12/31/2016		1,675,948		—		3,596,880		(7,440,994)		(2,168,166)		18,501,186		—		38,342,742		(82,053,585)		(25,209,657)
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)
Class S2
12/31/2016		274,563		—		248,527		(904,887)		(381,797)		2,959,702		—		2,577,222		(9,685,304)		(4,148,380)
12/31/2015		315,246		—		352,939		(920,180)		(251,995)		3,768,785		—		4,019,974		(11,275,404)		(3,486,645)
Class T
12/31/2016		2,735		—		6,895		(9,228)		402		30,432		—		75,567		(105,146)		853
12/31/2015		2,283		—		8,190		(4,788)		5,685		28,405		—		98,029		(57,754)		68,680
Solution 2030
Class ADV
12/31/2016		442,625		—		2,868		(88,794)		356,699		5,898,535		—		39,204		(1,206,550)		4,731,189
12/31/2015		121,446		—		1,136		(15,299)		107,283		1,623,383		—		15,542		(204,869)		1,434,056
Class I
12/31/2016		263,076		—		918		(99,835)		164,159		3,633,035		—		12,801		(1,361,694)		2,284,142
12/31/2015		66,974		—		277		(3,574)		63,677		906,574		—		3,851		(48,330)		862,095
Class S
12/31/2016		301,171		—		1,831		(74,932)		228,070		4,131,153		—		25,458		(1,036,181)		3,120,430
12/31/2015		110,273		—		—*		(2,338)		107,935		1,483,479		—		1		(31,713)		1,451,767
Class S2
12/31/2016		36,147		—		234		(21,246)		15,135		493,775		—		3,207		(293,936)		203,046
12/31/2015		2,769		—		—*		—*		2,769		36,883		—		1		(1)		36,883

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2016 (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	#		#		#		#		#		($)		($)		($)		($)		($)
Solution 2030 (continued)
Class T
12/31/2016		475		—		—*		(4)		471		6,327		—		8		(51)		6,284
12/31/2015		—		—		—*		—		—*		1		—		1		—		2
Solution 2035
Class ADV
12/31/2016		1,664,992		—		2,799,870		(6,879,600)		(2,414,738)		18,108,474		—		29,342,636		(74,747,008)		(27,295,898)
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)
Class I
12/31/2016		3,627,460		—		2,272,327		(5,588,967)		310,820		40,334,615		—		24,382,074		(61,733,997)		2,982,692
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
Class S
12/31/2016		2,135,744		—		3,601,356		(6,188,718)		(451,618)		23,469,030		—		38,282,413		(68,348,830)		(6,597,387)
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
Class S2
12/31/2016		274,981		—		234,621		(538,586)		(28,984)		2,929,101		—		2,407,216		(5,690,669)		(354,352)
12/31/2015		248,552		—		314,052		(957,055)		(394,451)		3,153,713		—		3,624,166		(12,335,819)		(5,557,940)
Class T
12/31/2016		3,580		—		5,302		(28,951)		(20,069)		39,813		—		57,898		(335,241)		(237,530)
12/31/2015		3,744		—		9,518		(1,193)		12,069		47,267		—		115,739		(16,211)		146,795
Solution 2040
Class ADV
12/31/2016		312,727		—		3,752		(141,023)		175,456		4,342,825		—		53,242		(1,982,272)		2,413,795
12/31/2015		125,000		—		3,947		(14,900)		114,047		1,767,906		—		56,875		(214,750)		1,610,031
Class I
12/31/2016		183,107		—		1,494		(24,919)		159,682		2,608,905		—		21,611		(363,209)		2,267,307
12/31/2015		46,988		—		—*		(12,663)		34,325		657,777		—		2		(179,143)		478,636
Class S
12/31/2016		213,730		—		2,244		(41,758)		174,216		3,024,568		—		32,309		(592,676)		2,464,201
12/31/2015		71,111		—		—*		(27,951)		43,160		985,441		—		1		(394,972)		590,470
Class S2
12/31/2016		24,827		—		159		(13,178)		11,808		345,812		—		2,272		(188,319)		159,765
12/31/2015		379		—		—*		—*		379		5,239		—		1		—*		5,240
Class T
12/31/2016		498		—		2		(6)		494		6,888		—		30		(93)		6,825
12/31/2015		23		—		—*		—*		23		324		—		1		—*		325
Solution 2045
Class ADV
12/31/2016		1,279,189		—		1,838,736		(4,217,207)		(1,099,282)		13,744,459		—		19,067,689		(45,138,333)		(12,326,185)
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)
Class I
12/31/2016		3,458,160		—		1,812,567		(4,371,118)		899,609		37,965,364		—		19,267,588		(47,840,957)		9,391,995
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
Class S
12/31/2016		1,842,368		—		2,569,842		(4,486,162)		(73,952)		19,982,189		—		26,983,344		(48,706,800)		(1,741,267)
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
Class S2
12/31/2016		237,021		—		139,842		(383,030)		(6,167)		2,524,988		—		1,433,379		(4,045,609)		(87,242)
12/31/2015		204,790		—		229,034		(654,820)		(220,996)		2,608,223		—		2,647,631		(8,652,212)		(3,396,358)
Class T
12/31/2016		4,049		—		3,629		(3,827)		3,851		43,683		—		38,795		(42,747)		39,731
12/31/2015		2,952		—		5,142		(1,077)		7,017		36,749		—		61,758		(14,474)		84,033
Solution 2050
Class ADV
12/31/2016		195,180		—		1,949		(47,816)		149,313		2,707,059		—		27,679		(664,751)		2,069,987
12/31/2015		49,242		—		2,002		(5,700)		45,544		691,029		—		28,848		(82,795)		637,082

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2016 (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	#		#		#		#		#		($)		($)		($)		($)		($)
Solution 2050 (continued)
Class I
12/31/2016		112,886		—		791		(43,767)		69,910		1,609,179		—		11,478		(627,537)		993,120
12/31/2015		35,144		—		—*		(8,035)		27,109		499,073		—		1		(114,137)		384,937
Class S
12/31/2016		148,122		—		1,060		(36,987)		112,195		2,095,615		—		15,296		(530,087)		1,580,824
12/31/2015		24,707		—		—*		(2,441)		22,266		345,483		—		1		(33,330)		312,154
Class S2
12/31/2016		12,196		—		79		(3,206)		9,069		166,511		—		1,128		(45,435)		122,204
12/31/2015		1,644		—		—*		(1,285)		359		23,088		—		1		(17,709)		5,380
Class T
12/31/2016		359		—		1		(3)		357		4,911		—		15		(47)		4,879
12/31/2015		—		—		—*		—		—*		—		—		1		—		1
Solution 2055
Class ADV
12/31/2016		780,954		—		267,961		(897,478)		151,437		9,513,310		—		3,207,494		(11,004,737)		1,716,067
12/31/2015		958,435		—		362,034		(687,431)		633,038		13,274,081		—		4,749,889		(9,493,615)		8,530,355
Class I
12/31/2016		1,528,510		—		288,686		(1,136,841)		680,355		18,921,397		—		3,513,311		(14,137,682)		8,297,026
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
Class S
12/31/2016		955,451		—		318,325		(845,974)		427,802		11,722,491		—		3,835,816		(10,363,508)		5,194,799
12/31/2015		1,149,129		—		425,992		(864,563)		710,558		16,171,799		—		5,623,096		(11,796,616)		9,998,279
Class S2
12/31/2016		96,308		—		20,626		(113,535)		3,399		1,175,038		—		247,508		(1,384,825)		37,721
12/31/2015		103,582		—		25,630		(103,907)		25,305		1,435,275		—		337,030		(1,479,639)		292,666
Class T
12/31/2016		1,200		—		99		(23)		1,276		14,505		—		1,208		(279)		15,434
12/31/2015		294		—		47		(3)		338		3,965		—		628		(37)		4,556
Solution 2060
Class ADV
12/31/2016		134,992		—		833		(21,262)		114,563		1,351,166		—		8,455		(215,748)		1,143,873
2/9/2015(1) - 12/31/2015		19,776		—		—		(498)		19,278		193,663		—		—		(4,897)		188,766
Class I
12/31/2016		86,877		—		617		(61,632)		25,862		857,791		—		6,292		(629,232)		234,851
2/9/2015(1) - 12/31/2015		34,447		—		—		(2,528)		31,919		336,593		—		—		(25,392)		311,201
Class S
12/31/2016		79,155		—		456		(13,566)		66,045		788,824		—		4,628		(136,276)		657,176
2/9/2015(1) - 12/31/2015		19,042		—		—		(4,817)		14,225		187,425		—		—		(47,313)		140,112
Class S2
12/31/2016		4,970		—		44		(4,560)		454		49,211		—		448		(46,071)		3,588
2/9/2015(1) - 12/31/2015		2,898		—		—		(302)		2,596		29,143		—		—		(2,997)		26,146
Class T
12/31/2016		—		—		3		—		3		—		—		27		—		27
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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2016 (continued)

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.

The following permanent tax differences have been reclassified as of December 31, 2016:

	Undistributed Net Investment Income			Accumulated Net Realized Gains/(Losses)
Solution Aggressive		$	470		$	(470)
Solution Balanced			115,825			(115,825)
Solution Conservative			42,209			(42,209)
Solution Income			1,246,841			(1,246,841)
Solution Moderately Aggressive			940,437			(940,437)
Solution Moderately Conservative			95,726			(95,726)
Solution 2020			46,159			(46,159)
Solution 2025			2,556,331			(2,556,331)
Solution 2030			25,645			(25,645)
Solution 2035			1,658,348			(1,658,348)
Solution 2040			13,926			(13,926)
Solution 2045			55,302			(55,302)
Solution 2050			280			(280)
Solution 2055			17,927			(17,927)
Solution 2060			176			(176)

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

	Year Ended December 31, 2016						Year Ended December 31, 2015
	Ordinary Income			Long-term Capital Gains			Ordinary Income			Long-term Capital Gains
Solution Aggressive		$	79,752		$	330,800		$	130,396		$	159,239
Solution Balanced			970,476			3,054,899			1,902,511			3,610,244
Solution Conservative			304,770			379,565			584,199			396,989
Solution Income			5,721,757			6,101,101			4,159,259			5,617,671

	Year Ended December 31, 2016				Year Ended December 31, 2015
	Ordinary Income		Long-term Capital Gains		Ordinary Income		Long-term Capital Gains
Solution Moderately Aggressive		8,503,212		10,915,991		1,265,910		2,869,073
Solution Moderately Conservative		808,032		2,097,669		1,575,858		2,119,890
Solution 2020		81,257		76,964		15,749		18,494
Solution 2025		19,436,362		74,758,095		43,850,398		99,604,540
Solution 2030		39,434		41,295		8,842		11,437
Solution 2035		18,503,313		75,968,924		41,925,780		105,963,365
Solution 2040		39,261		70,306		24,130		33,992
Solution 2045		10,377,141		56,413,654		30,756,256		92,862,966
Solution 2050		19,203		36,477		10,787		19,354
Solution 2055		1,888,143		8,917,193		4,299,498		10,297,691
Solution 2060		11,188		8,662		—		—

The tax-basis components of distributable earnings as of December 31, 2016 were:

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Short-term Capital Loss Carryforwards			Expiration
Solution Aggressive		$	65,177		$	150,623		$	(430,011)		$	—		—
Solution Balanced			810,360			934,614			(2,068,368)			—		—
Solution Conservative			341,318			97,474			(702,728)			—		—
Solution Income			9,885,381			1,397,734			(21,525,554)			—		—
Solution Moderately Aggressive			9,743,248			7,846,351			(30,340,749)			—		—
Solution Moderately Conservative			692,986			—			(1,653,970)			(59,625)		None
Solution 2020			480,935			422,653			(83,088)			—		—
Solution 2025			17,209,520			24,780,546			(47,219,839)			—		—
Solution 2030			280,113			305,497			33,870			—		—
Solution 2035			13,807,818			22,975,987			(40,239,599)			—		—
Solution 2040			199,443			277,865			38,766			—		—
Solution 2045			7,142,084			17,575,061			(25,209,018)			—		—
Solution 2050			108,847			158,946			52,438			—		—
Solution 2055			1,562,221			3,304,219			(7,430,920)			—		—
Solution 2060			61,974			69,843			30,947			—		—

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

As of December 31, 2016, 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 that remains subject to examination by these jurisdictions is 2012.

NOTE 11 — 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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2016 (continued)

NOTE 11 — REORGANIZATIONS (continued)

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.

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 12 — SUBSEQUENT EVENTS

Expense Limitation Agreement: On January 12, 2017, the Board approved revisions to the expense limits for certain Portfolios. Effective January 1, 2017, the expense limits, through May 1, 2018, for the below Portfolios are as follows:

Portfolio(1)	Class ADV		Class I		Class S		Class S2		Class T
Solution 2020		1.22%		0.72%		0.97%		1.12%		1.42%
Solution 2025		1.28%		0.78%		1.03%		1.18%		1.48%
Solution 2030		1.29%		0.79%		1.04%		1.19%		1.49%
Solution 2035		1.33%		0.83%		1.08%		1.23%		1.53%
Solution 2040		1.33%		0.83%		1.08%		1.23%		1.53%
Solution 2045		1.36%		0.86%		1.11%		1.26%		1.56%
Solution 2050		1.36%		0.86%		1.11%		1.26%		1.56%
Solution 2055		1.36%		0.86%		1.11%		1.26%		1.56%
Solution 2060		1.37%		0.87%		1.12%		1.27%		1.57%

(1)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2016 (continued)

NOTE 12 — SUBSEQUENT EVENTS (continued)

Investment Adviser: On January 12, 2017, the Board approved a proposal to change the Investment Adviser for all Portfolios from DSL to Voya Investments, LLC with an effective date of May 1, 2017. There are no changes to the services provided or the fees charged to the Portfolios upon the replacement of DSL with Voya Investments, LLC.

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 above, no such subsequent events were identified.

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Aggressive Portfolio

as of December 31, 2016

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 6.0%
	1,629		iShares Russell 1000 Value Index Fund		$	182,497		2.3
	1,291		SPDR Trust Series 1			288,577		3.7
			Total Exchange-Traded Funds (Cost $443,184)			471,074		6.0
MUTUAL FUNDS: 93.8%
			Affiliated Investment Companies: 92.9%
	16,150		Voya Emerging Markets Index Portfolio - Class I			154,390		2.0
	9,655		Voya Index Plus LargeCap Portfolio - Class I			233,563		3.0
	15,527		Voya Intermediate Bond Fund - Class R6			154,647		2.0
	74,586		Voya International Core Fund - Class I			671,275		8.6
	17,891		Voya International Index Portfolio - Class I			157,616		2.0
	37,638		Voya Large Cap Growth Portfolio - Class I			652,651		8.4
	34,652		Voya Large Cap Value Fund - Class R6			449,784		5.8
	34,156	@	Voya MidCap Opportunities Portfolio - Class I			421,480		5.4
	24,539		Voya Multi-Manager Emerging Markets Equity Fund - Class I			230,418		2.9
	73,596		Voya Multi-Manager International Equity Fund - Class I			741,845		9.5
	49,074		Voya Multi-Manager Large Cap Core Portfolio - Class I			730,705		9.4
	56,318		Voya Multi-Manager Mid Cap Value Fund - Class I			625,132		8.0
	6,721		Voya Russell™ Mid Cap Growth Index Portfolio - Class I			191,617		2.5
	14,253		Voya Small Company Portfolio - Class I		$	315,274		4.0

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	22,698		Voya U.S. Stock Index Portfolio - Class I			313,001		4.0
	6,723		VY® Clarion Global Real Estate Portfolio - Class I			78,791		1.0
	2,163		VY® Clarion Real Estate Portfolio - Class I			79,339		1.0
	22,797		VY® Invesco Comstock Portfolio - Class I			398,261		5.1
	8,395	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			650,125		8.3
						7,249,914		92.9
			Unaffiliated Investment Companies: 0.9%
	14,595	@	Credit Suisse Commodity Return Strategy Fund - Class I			73,995		0.9
			Total Mutual Funds (Cost $7,422,382)			7,323,909		93.8
			Total Investments in Securities (Cost $7,865,566)		$	7,794,983		99.8
			Assets in Excess of Other Liabilities			17,614		0.2
			Net Assets		$	7,812,597		100.0

Non-income producing security.

Cost for federal income tax purposes is $8,224,995.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	168,568
Gross Unrealized Depreciation		(598,580)
Net Unrealized Depreciation	$	(430,012)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	471,074		$	—		$	—		$	471,074
Mutual Funds			7,323,909			—			—			7,323,909
Total Investments, at fair value		$	7,794,983		$	—		$	—		$	7,794,983

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, 2016 (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, 2016, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/15			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/16			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	—		$	306,002		$	(144,067)		$	(7,545)		$	154,390		$	2,545		$	1,318		$	—
Voya Index Plus LargeCap Portfolio - Class I			—			247,063			(27,150)			13,650			233,563			3,041			652			—
Voya Intermediate Bond Fund - Class R6			—			162,995			(5,268)			(3,080)			154,647			808			(86)			—
Voya International Core Fund - Class I			382,279			388,320			(108,757)			9,433			671,275			9,825			(12,259)			—
Voya International Index Portfolio - Class I			101,366			82,011			(27,620)			1,859			157,616			3,622			(3,237)			—
Voya Large Cap Growth Portfolio - Class I			388,031			413,882			(109,442)			(39,820)			652,651			2,942			(7,636)			67,806
Voya Large Cap Value Fund - Class R6			384,891			293,577			(296,974)			68,290			449,784			8,965			(28,104)			—
Voya MidCap Opportunities Portfolio - Class I			219,039			290,009			(88,245)			677			421,480			—			(13,747)			36,222
Voya Multi-Manager Emerging Markets Equity Fund - Class I			249,558			152,482			(221,786)			50,164			230,418			2,563			(30,431)			—
Voya Multi-Manager International Equity Fund - Class I			484,382			383,271			(124,336)			(1,472)			741,845			12,879			(13,381)			—
Voya Multi-Manager Large Cap Core Portfolio - Class I			513,972			408,072			(224,228)			32,889			730,705			14,281			(17,205)			22,295
Voya Multi-Manager Mid Cap Value Fund - Class I			405,837			350,858			(234,397)			102,834			625,132			7,357			(51,115)			10,182
Voya Russell™ Mid Cap Growth Index Portfolio - Class I			191,769			103,372			(119,661)			16,137			191,617			1,472			(11,399)			—
Voya Small Company Portfolio - Class I			205,572			157,713			(94,153)			46,142			315,274			1,092			(8,850)			22,091
Voya U.S. Bond Index Portfolio - Class I			—			370,126			(370,126)			—			—			771			2,278			—
Voya U.S. Stock Index Portfolio - Class I			518,494			598,109			(842,732)			39,130			313,001			5,814			(32,083)			14,201
VY® Clarion Global Real Estate Portfolio - Class I			—			90,487			(9,104)			(2,592)			78,791			811			(41)			—
VY® Clarion Real Estate Portfolio - Class I			104,830			55,565			(79,802)			(1,254)			79,339			1,037			4,314			—
VY® Invesco Comstock Portfolio - Class I			251,821			185,324			(93,276)			54,392			398,261			9,882			(4,818)			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			387,643			413,986			(117,488)			(34,015)			650,125			—			(12,529)			62,791
		$	4,789,484		$	5,453,224		$	(3,338,612)		$	345,819		$	7,249,914		$	89,707		$	(238,359)		$	235,588

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2016 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(2,117)
Total		$	(2,117)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Balanced Portfolio

as of December 31, 2016

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 4.7%
	2,968		iShares Barclays 20+ Year Treasury Bond Fund		$	353,578		0.7
	8,757		SPDR Trust Series 1			1,957,452		4.0
			Total Exchange-Traded Funds (Cost $2,320,230)			2,311,030		4.7
MUTUAL FUNDS: 95.2%
			Affiliated Investment Companies: 93.7%
	249,761		Voya Floating Rate Fund - Class I			2,487,620		5.0
	101,897		Voya Global Bond Fund - Class R6			979,234		2.0
	250,203		Voya High Yield Bond Fund - Class R6			2,011,630		4.0
	272,224		Voya Intermediate Bond Fund - Class R6			2,711,353		5.5
	196,130		Voya International Core Fund - Class I			1,765,168		3.6
	114,230		Voya International Index Portfolio - Class I			1,006,367		2.0
	141,255		Voya Large Cap Growth Portfolio - Class I			2,449,365		4.9
	194,908		Voya Large Cap Value Fund - Class R6			2,529,908		5.1
	178,261	@	Voya MidCap Opportunities Portfolio - Class I			2,199,737		4.4
	104,303		Voya Multi-Manager Emerging Markets Equity Fund - Class I			979,401		2.0
	173,018		Voya Multi-Manager International Equity Fund - Class I			1,744,024		3.5
	186,867		Voya Multi-Manager Large Cap Core Portfolio - Class I			2,782,448		5.6
	202,346		Voya Multi-Manager Mid Cap Value Fund - Class I			2,246,040		4.5
	162,718		Voya Short Term Bond Fund - Class R6			1,599,515		3.2
	45,533		Voya Small Company Portfolio - Class I			1,007,181		2.0
	233,540		Voya U.S. Bond Index Portfolio - Class I			2,459,175		5.0

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	108,722		Voya U.S. Stock Index Portfolio - Class I		$	1,499,278		3.0
	42,867		VY® Clarion Global Real Estate Portfolio - Class I			502,401		1.0
	13,798		VY® Clarion Real Estate Portfolio - Class I			506,095		1.0
	219,951		VY® Goldman Sachs Bond Portfolio - Class I			2,212,708		4.5
	102,077		VY® Invesco Comstock Portfolio - Class I			1,783,289		3.6
	193,354		VY® T. Rowe Price Capital Appreciation Portfolio - Class I			4,928,596		9.9
	144,860		VY® T. Rowe Price Equity Income Portfolio - Class I			2,006,312		4.0
	28,346	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			2,195,083		4.4
						46,591,928		93.7
			Unaffiliated Investment Companies: 1.5%
	148,601	@	Credit Suisse Commodity Return Strategy Fund - Class I			753,405		1.5
			Total Mutual Funds (Cost $48,317,326)			47,345,333		95.2
			Total Investments in Securities (Cost $50,637,556)		$	49,656,363		99.9
			Assets in Excess of Other Liabilities			62,393		0.1
			Net Assets		$	49,718,756		100.0

Non-income producing security.

Cost for federal income tax purposes is $51,724,731.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	495,275
Gross Unrealized Depreciation		(2,563,643)
Net Unrealized Depreciation	$	(2,068,368)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Balanced Portfolio

as of December 31, 2016 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	2,311,030		$	—		$	—		$	2,311,030
Mutual Funds			47,345,333			—			—			47,345,333
Total Investments, at fair value		$	49,656,363		$	—		$	—		$	49,656,363

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, 2016, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/15			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/16			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	—		$	1,015,094		$	(1,015,094)		$	—		$	—		$	22		$	(57,246)		$	—
Voya Floating Rate Fund - Class I			2,435,269			915,885			(976,069)			112,535			2,487,620			96,575			(39,796)			—
Voya Global Bond Fund - Class R6			2,434,924			426,488			(2,007,766)			125,588			979,234			36,688			(13,307)			—
Voya High Yield Bond Fund - Class I			2,386,386			297,637			(2,943,000)			258,977			—			77,580			(58,775)			—
Voya High Yield Bond Fund - Class R6			—			2,770,181			(763,837)			5,286			2,011,630			44,065			(45,114)			—
Voya Intermediate Bond Fund - Class R6			978,596			2,495,427			(736,128)			(26,542)			2,711,353			61,749			253			—
Voya International Core Fund - Class I			2,158,659			757,695			(1,318,819)			167,633			1,765,168			26,200			(192,482)			—
Voya International Index Portfolio - Class I			952,152			415,905			(400,109)			38,419			1,006,367			28,259			(57,551)			—
Voya Large Cap Growth Portfolio - Class I			2,916,982			1,052,571			(1,213,414)			(306,774)			2,449,365			12,244			89,733			282,169
Voya Large Cap Value Fund - Class R6			3,579,327			963,181			(2,481,645)			469,045			2,529,908			63,021			(201,743)			—
Voya MidCap Opportunities Portfolio - Class I			1,937,392			1,172,036			(951,650)			41,959			2,199,737			—			(107,987)			210,592
Voya Multi-Manager Emerging Markets Equity Fund - Class I			937,678			423,511			(513,881)			132,093			979,401			11,055			(68,896)			—
Voya Multi-Manager International Equity Fund - Class I			1,197,664			1,129,746			(549,505)			(33,881)			1,744,024			30,708			(12,806)			—
Voya Multi-Manager Large Cap Core Portfolio - Class I			2,897,721			1,546,355			(1,623,214)			(38,414)			2,782,448			57,596			112,587			94,610
Voya Multi-Manager Mid Cap Value Fund - Class I			2,144,856			855,203			(1,291,542)			537,523			2,246,040			26,806			(293,723)			37,098
Voya Russell™ Mid Cap Growth Index Portfolio - Class I			240,269			18,324			(251,295)			(7,298)			—			—			9,340			—
Voya Russell™ Mid Cap Index Portfolio - Class I			—			1,059,888			(1,059,888)			—			—			—			277			—
Voya Short Term Bond Fund - Class R6			979,172			2,134,532			(1,517,399)			3,210			1,599,515			30,548			(9,796)			—
Voya Small Company Portfolio - Class I			966,158			417,312			(503,537)			127,248			1,007,181			4,268			(4,669)			86,385
Voya U.S. Bond Index Portfolio - Class I			2,435,319			3,362,930			(3,332,320)			(6,754)			2,459,175			46,093			9,547			3,304
Voya U.S. Stock Index Portfolio - Class I			1,904,810			2,267,049			(2,746,499)			73,918			1,499,278			26,300			(83,195)			42,310
VY T. Rowe Price Equity Income Portfolio Initial			—			2,567,165			(586,395)			25,542			2,006,312			46,275			(13,623)			174,325
VY® BlackRock Inflation Protected Bond Portfolio - Class I			972,409			54,608			(1,125,548)			98,531			—			—			(61,717)			—
VY® Clarion Global Real Estate Portfolio - Class I			—			644,188			(122,418)			(19,369)			502,401			5,645			(90)			—
VY® Clarion Real Estate Portfolio - Class I			984,937			219,739			(554,062)			(144,519)			506,095			7,338			169,964			—
VY® Goldman Sachs Bond Portfolio - Class I			972,807			1,876,262			(599,626)			(36,735)			2,212,708			38,444			14,586			—
VY® Invesco Comstock Portfolio - Class I			1,655,722			666,543			(754,043)			215,067			1,783,289			44,841			28,996			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			4,843,517			1,803,822			(1,684,867)			(33,876)			4,928,596			75,085			(49,825)			371,039
VY® T. Rowe Price Growth Equity Portfolio - Class I			2,914,227			1,059,741			(1,526,015)			(252,870)			2,195,083			—			5,767			251,532
		$	45,826,953		$	34,389,018		$	(35,149,585)		$	1,525,542		$	46,591,928		$	897,405		$	(931,291)		$	1,553,364

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, 2016 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2016 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(156,309)
Interest rate contracts			14,183
Total		$	(142,126)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Conservative Portfolio

as of December 31, 2016

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 4.5%
	952		iShares iBoxx $ High Yield Corporate Bond Fund		$	82,396		0.5
	2,953		SPDR Trust Series 1			660,084		4.0
			Total Exchange-Traded Funds (Cost $721,459)			742,480		4.5
MUTUAL FUNDS: 95.3%
			Affiliated Investment Companies: 93.2%
	115,505		Voya Floating Rate Fund - Class I			1,150,426		7.0
	117,777		Voya Global Bond Fund - Class R6			1,131,841		6.9
	154,932		Voya High Yield Bond Fund - Class R6			1,245,650		7.6
	72,655		Voya Intermediate Bond Fund - Class R6			723,641		4.4
	56,590		Voya International Index Portfolio - Class I			498,558		3.1
	12,877		Voya Large Cap Value Fund - Class R6			167,146		1.0
	26,153	@	Voya MidCap Opportunities Portfolio - Class I			322,725		2.0
	29,700		Voya Multi-Manager Mid Cap Value Fund - Class I			329,673		2.0
	231,508		Voya Short Term Bond Fund - Class R6			2,275,721		13.9
	130,810		Voya U.S. Bond Index Portfolio - Class I			1,377,434		8.4
	35,905		Voya U.S. Stock Index Portfolio - Class I			495,132		3.0
	135,881		VY® BlackRock Inflation Protected Bond Portfolio - Class I			1,297,662		7.9

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	186,712		VY® Goldman Sachs Bond Portfolio - Class I		$	1,878,318		11.5
	63,843		VY® T. Rowe Price Capital Appreciation Portfolio - Class I			1,627,353		10.0
	53,449		VY® T. Rowe Price Equity Income Portfolio - Class I			740,266		4.5
						15,261,546		93.2
			Unaffiliated Investment Companies: 2.1%
	66,823	@	Credit Suisse Commodity Return Strategy Fund - Class I			338,790		2.1
			Total Mutual Funds (Cost $15,813,537)			15,600,336		95.3
			Total Investments in Securities (Cost $16,534,996)		$	16,342,816		99.8
			Assets in Excess of Other Liabilities			26,787		0.2
			Net Assets		$	16,369,603		100.0

Non-income producing security.

Cost for federal income tax purposes is $17,045,544.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	78,084
Gross Unrealized Depreciation		(780,812)
Net Unrealized Depreciation	$	(702,728)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	742,480		$	—		$	—		$	742,480
Mutual Funds			15,600,336			—			—			15,600,336
Total Investments, at fair value		$	16,342,816		$	—		$	—		$	16,342,816

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, 2016 (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, 2016, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/15			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/16			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Market Index Portfolio - Class I		$	—		$	337,032		$	(337,032)		$	—		$	—		$	8		$	(19,313)		$	—
Voya Floating Rate Fund - Class I			1,019,033			330,894			(244,220)			44,719			1,150,426			46,071			(9,684)			—
Voya Global Bond Fund - Class R6			1,743,765			423,517			(1,112,666)			77,225			1,131,841			35,603			(5,265)			—
Voya High Yield Bond Fund - Class I			1,036,364			301,351			(1,440,607)			102,892			—			39,046			(17,185)			—
Voya High Yield Bond Fund - Class R6			—			1,531,910			(302,982)			16,722			1,245,650			26,037			(17,997)			—
Voya Intermediate Bond Fund - Class R6			952,577			710,742			(941,841)			2,163			723,641			38,096			(7,805)			—
Voya International Index Portfolio - Class I			427,569			195,766			(136,052)			11,275			498,558			14,606			(18,941)			—
Voya Large Cap Growth Portfolio - Class I			408,061			121,858			(549,563)			19,644			—			—			(25,242)			—
Voya Large Cap Value Fund - Class R6			400,645			161,223			(451,468)			56,746			167,146			5,417			(34,939)			—
Voya MidCap Opportunities Portfolio - Class I			290,208			158,372			(140,458)			14,603			322,725			—			(24,752)			34,060
Voya Multi-Manager Mid Cap Value Fund - Class I			285,686			138,452			(166,937)			72,472			329,673			3,958			(34,152)			5,477
Voya Short Term Bond Fund - Class R6			1,173,055			1,710,219			(604,030)			(3,523)			2,275,721			37,899			(7,090)			—
Voya U.S. Bond Index Portfolio - Class I			1,737,266			512,304			(880,472)			8,336			1,377,434			32,192			3,671			2,177
Voya U.S. Stock Index Portfolio - Class I			288,246			560,916			(384,181)			30,151			495,132			7,815			(13,486)			—
VY T. Rowe Price Equity Income Portfolio Initial			—			1,018,104			(285,791)			7,953			740,266			17,321			(5,951)			70,294
VY® BlackRock Inflation Protected Bond Portfolio - Class I			1,310,541			361,541			(484,003)			109,583			1,297,662			—			(58,537)			—
VY® Goldman Sachs Bond Portfolio - Class I			946,740			1,178,325			(246,126)			(621)			1,878,318			26,015			5,430			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			1,450,713			579,621			(395,641)			(7,340)			1,627,353			25,219			(25,438)			133,904
		$	13,470,469		$	10,332,147		$	(9,104,070)		$	563,000		$	15,261,546		$	355,303		$	(316,676)		$	245,912

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2016 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(6,352)
Total		$	(6,352)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Income Portfolio

as of December 31, 2016

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 5.2%
	40,727		iShares Barclays 20+ Year Treasury Bond Fund		$	4,851,808		1.0
	90,131		SPDR Trust Series 1			20,146,982		4.2
			Total Exchange-Traded Funds (Cost $24,962,437)			24,998,790		5.2
MUTUAL FUNDS: 94.7%
			Affiliated Investment Companies: 93.1%
	2,451,013		Voya Floating Rate Fund - Class I			24,412,085		5.0
	2,997,418		Voya Global Bond Fund - Class R6			28,805,185		5.9
	1,228,135		Voya High Yield Bond Fund - Class R6			9,874,208		2.0
	2,390,250		Voya Intermediate Bond Fund - Class R6			23,806,889		4.9
	1,649,972		Voya International Core Fund - Class I			14,849,746		3.1
	1,121,003		Voya International Index Portfolio - Class I			9,876,036		2.0
	553,933		Voya Large Cap Growth Portfolio - Class I			9,605,205		2.0
	765,658		Voya Large Cap Value Fund - Class R6			9,938,244		2.0
	582,598	@	Voya MidCap Opportunities Portfolio - Class I			7,189,262		1.5
	1,927,332		Voya Multi-Manager Large Cap Core Portfolio - Class I			28,697,976		5.9
	661,914		Voya Multi-Manager Mid Cap Value Fund - Class I			7,347,244		1.5
	3,437,375		Voya Short Term Bond Fund - Class R6			33,789,395		7.0
	4,782,208		Voya U.S. Bond Index Portfolio - Class I			50,356,648		10.4
	355,673		Voya U.S. Stock Index Portfolio - Class I			4,904,726		1.0
	4,537,822		VY® BlackRock Inflation Protected Bond Portfolio - Class I			43,336,196		8.9

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	420,656		VY® Clarion Global Real Estate Portfolio - Class I		$	4,930,084		1.0
	135,469		VY® Clarion Real Estate Portfolio - Class I			4,968,998		1.0
	6,609,216		VY® Goldman Sachs Bond Portfolio - Class I			66,488,713		13.7
	1,564,368		VY® T. Rowe Price Capital Appreciation Portfolio - Class I			39,875,740		8.2
	1,422,110		VY® T. Rowe Price Equity Income Portfolio - Class I			19,696,222		4.1
	123,472	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			9,561,638		2.0
						452,310,440		93.1
			Unaffiliated Investment Companies: 1.6%
	1,531,386	@	Credit Suisse Commodity Return Strategy Fund - Class I			7,764,129		1.6
			Total Mutual Funds (Cost $470,620,202)			460,074,569		94.7
			Total Investments in Securities (Cost $495,582,639)		$	485,073,359		99.9
			Assets in Excess of Other Liabilities			594,298		0.1
			Net Assets		$	485,667,657		100.0

Non-income producing security.

Cost for federal income tax purposes is $506,598,913.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	2,601,673
Gross Unrealized Depreciation		(24,127,227)
Net Unrealized Depreciation	$	(21,525,554)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution Income Portfolio

as of December 31, 2016 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	24,998,790		$	—		$	—		$	24,998,790
Mutual Funds			460,074,569			—			—			460,074,569
Total Investments, at fair value		$	485,073,359		$	—		$	—		$	485,073,359

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, 2016, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/15			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/16			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Market Index Portfolio - Class I		$	—		$	10,568,461		$	(10,568,461)		$	—		$	—		$	264		$	(597,953)		$	—
Voya Floating Rate Fund - Class I			29,495,782			2,154,043			(8,395,565)			1,157,825			24,412,085			1,130,669			(318,813)			—
Voya Global Bond Fund - Class R6			35,348,086			2,593,710			(10,515,971)			1,379,360			28,805,185			872,062			(402,322)			—
Voya High Yield Bond Fund - Class I			17,218,299			952,571			(20,083,776)			1,912,906			—			568,328			(304,548)			—
Voya High Yield Bond Fund - Class R6			—			17,490,363			(7,610,506)			(5,649)			9,874,208			249,454			(453,505)			—
Voya Intermediate Bond Fund - Class R6			47,519,474			15,617,645			(39,202,802)			(127,428)			23,806,889			1,599,603			256,550			—
Voya International Core Fund - Class I			17,427,150			2,993,116			(6,652,618)			1,082,098			14,849,746			230,986			(1,229,606)			—
Voya International Index Portfolio - Class I			11,548,095			2,084,828			(4,116,502)			359,615			9,876,036			338,489			(595,444)			—
Voya Large Cap Growth Portfolio - Class I			17,696,581			2,770,593			(9,195,460)			(1,666,509)			9,605,205			62,105			484,338			1,431,285
Voya Large Cap Value Fund - Class R6			23,153,396			2,334,506			(18,869,561)			3,319,903			9,938,244			305,542			(2,145,584)			—
Voya MidCap Opportunities Portfolio - Class I			8,816,089			1,796,722			(3,924,472)			500,923			7,189,262			—			(798,712)			893,542
Voya Multi-Manager Large Cap Core Portfolio - Class I			24,608,464			16,078,515			(11,728,335)			(260,668)			28,697,976			675,534			979,025			1,207,583
Voya Multi-Manager Mid Cap Value Fund - Class I			8,673,475			1,370,584			(4,638,177)			1,941,362			7,347,244			91,905			(1,005,646)			127,192
Voya Russell™ Mid Cap Index Portfolio - Class I			—			10,828,274			(10,828,274)			—			—			—			(26,226)			—
Voya Short Term Bond Fund - Class R6			47,547,406			3,893,288			(17,784,216)			132,917			33,789,395			815,940			(225,299)			—
Voya U.S. Bond Index Portfolio - Class I			81,388,349			24,956,541			(56,909,537)			921,295			50,356,648			1,283,078			(113,306)			87,613
Voya U.S. Stock Index Portfolio - Class I			22,824,571			18,392,631			(38,482,189)			2,169,713			4,904,726			77,904			(2,923,255)			—
VY T. Rowe Price Equity Income Portfolio Initial			—			25,535,726			(5,915,145)			75,641			19,696,222			475,224			(158,890)			2,210,460
VY® BlackRock Inflation Protected Bond Portfolio - Class I			53,111,312			2,490,277			(16,623,779)			4,358,386			43,336,196			—			(2,366,480)			—
VY® Clarion Global Real Estate Portfolio - Class I			—			6,239,114			(1,131,806)			(177,224)			4,930,084			71,015			7,696			—
VY® Clarion Real Estate Portfolio - Class I			11,944,468			1,004,046			(6,146,289)			(1,833,227)			4,968,998			93,038			2,183,455			—
VY® Goldman Sachs Bond Portfolio - Class I			47,229,418			32,942,631			(13,867,437)			184,101			66,488,713			1,060,354			261,213			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			47,019,557			7,398,417			(14,310,149)			(232,085)			39,875,740			633,944			(734,593)			3,881,730
VY® T. Rowe Price Growth Equity Portfolio - Class I			17,678,737			2,984,604			(9,416,849)			(1,684,854)			9,561,638			—			273,599			1,253,406
		$	570,248,709		$	215,471,206		$	(346,917,876)		$	13,508,401		$	452,310,440		$	10,635,438		$	(9,954,305)		$	11,092,811

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 Income Portfolio

as of December 31, 2016 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2016 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(1,089,896)
Interest rate contracts			95,806
Total		$	(994,090)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Aggressive Portfolio

as of December 31, 2016

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 10.3%
	42,330		iShares Barclays 20+ Year Treasury Bond Fund		$	5,042,773		0.7
	220,729		iShares Russell 1000 Value Index Fund			24,728,270		3.6
	187,355		SPDR Trust Series 1			41,879,463		6.0
			Total Exchange-Traded Funds (Cost $69,063,780)			71,650,506		10.3
MUTUAL FUNDS: 89.5%
			Affiliated Investment Companies: 88.0%
	1,432,839		Voya Emerging Markets Index Portfolio - Class I			13,697,941		2.0
	2,086,527		Voya Floating Rate Fund - Class I			20,781,804		3.0
	1,418,354		Voya Global Bond Fund - Class R6			13,630,379		2.0
	1,742,084		Voya High Yield Bond Fund - Class R6			14,006,352		2.0
	858,257		Voya Index Plus LargeCap Portfolio - Class I			20,761,240		3.0
	3,612,860		Voya Intermediate Bond Fund - Class R6			35,984,089		5.2
	4,681,274		Voya International Core Fund - Class I			42,131,464		6.1
	1,590,430		Voya International Index Portfolio - Class I			14,011,692		2.0
	2,162,331		Voya Large Cap Growth Portfolio - Class I			37,494,815		5.4
	2,426,185		Voya Large Cap Value Fund - Class R6			31,491,888		4.5
	3,858,631	@	Voya MidCap Opportunities Portfolio - Class I			47,615,502		6.9
	1,451,378		Voya Multi-Manager Emerging Markets Equity Fund - Class I			13,628,443		2.0
	5,505,418		Voya Multi-Manager International Equity Fund - Class I			55,494,611		8.0
	2,298,650		Voya Multi-Manager Large Cap Core Portfolio - Class I			34,226,903		4.9
	4,382,000		Voya Multi-Manager Mid Cap Value Fund - Class I			48,640,205		7.0
	950,937		Voya Small Company Portfolio - Class I			21,034,727		3.0

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	1,297,395		Voya U.S. Bond Index Portfolio - Class I		$	13,661,568		2.0
	1,261,371		Voya U.S. Stock Index Portfolio - Class I			17,394,306		2.5
	596,789		VY® Clarion Global Real Estate Portfolio - Class I			6,994,370		1.0
	192,103		VY® Clarion Real Estate Portfolio - Class I			7,046,351		1.0
	1,624,849		VY® Invesco Comstock Portfolio - Class I			28,386,120		4.1
	1,345,745		VY® T. Rowe Price Capital Appreciation Portfolio - Class I			34,303,039		5.0
	482,118	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			37,335,214		5.4
						609,753,023		88.0
			Unaffiliated Investment Companies: 1.5%
	2,119,348	@	Credit Suisse Commodity Return Strategy Fund - Class I			10,745,096		1.5
			Total Mutual Funds (Cost $642,671,850)			620,498,119		89.5
			Total Investments in Securities (Cost $711,735,630)		$	692,148,625		99.8
			Assets in Excess of Other Liabilities			1,047,891		0.2
			Net Assets		$	693,196,516		100.0

Non-income producing security.

Cost for federal income tax purposes is $722,489,374.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	11,829,655
Gross Unrealized Depreciation		(42,170,404)
Net Unrealized Depreciation	$	(30,340,749)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Aggressive Portfolio

as of December 31, 2016 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	71,650,506		$	—		$	—		$	71,650,506
Mutual Funds			620,498,119			—			—			620,498,119
Total Investments, at fair value		$	692,148,625		$	—		$	—		$	692,148,625

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, 2016, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/15			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/16			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	—		$	28,799,494		$	(14,388,867)		$	(712,686)		$	13,697,941		$	310,202		$	184,824		$	—
Voya Floating Rate Fund - Class I			22,944,583			3,096,868			(6,101,416)			841,769			20,781,804			888,738			(187,950)			—
Voya Global Bond Fund - Class R6			15,289,385			1,910,305			(3,852,461)			283,150			13,630,379			375,450			86,615			—
Voya High Yield Bond Fund - Class I			22,435,932			1,846,419			(25,622,152)			1,339,801			—			733,274			(197,878)			—
Voya High Yield Bond Fund - Class R6			—			22,280,358			(8,552,111)			278,105			14,006,352			333,958			54,091			—
Voya Index Plus LargeCap Portfolio - Class I			—			22,419,731			(3,091,638)			1,433,147			20,761,240			370,559			83,273			—
Voya Intermediate Bond Fund - Class R6			22,909,627			26,623,237			(13,227,264)			(321,511)			35,984,089			836,320			270,752			—
Voya International Core Fund - Class I			45,188,975			5,094,763			(8,688,731)			536,457			42,131,464			641,477			(1,050,612)			—
Voya International Index Portfolio - Class I			14,985,829			1,948,979			(2,926,701)			3,585			14,011,692			441,589			(327,345)			—
Voya Large Cap Growth Portfolio - Class I			57,270,078			6,467,798			(23,115,590)			(3,127,471)			37,494,815			240,039			(1,397,783)			5,532,002
Voya Large Cap Value Fund - Class R6			55,840,384			5,101,370			(35,481,487)			6,031,621			31,491,888			921,618			(2,450,410)			—
Voya MidCap Opportunities Portfolio - Class I			32,328,613			27,848,678			(13,286,220)			724,431			47,615,502			—			(2,904,553)			5,367,339
Voya Multi-Manager Emerging Markets Equity Fund - Class I			29,478,323			2,832,789			(21,793,172)			3,110,503			13,628,443			157,924			(1,425,831)			—
Voya Multi-Manager International Equity Fund - Class I			60,231,796			6,959,489			(11,516,871)			(179,803)			55,494,611			1,002,632			(1,316,154)			—
Voya Multi-Manager Large Cap Core Portfolio - Class I			63,604,033			7,508,687			(39,076,770)			2,190,953			34,226,903			956,949			(1,686,429)			1,927,034
Voya Multi-Manager Mid Cap Value Fund - Class I			50,521,908			6,204,920			(16,804,154)			8,717,531			48,640,205			595,526			(3,223,365)			824,181
Voya Russell™ Mid Cap Growth Index Portfolio - Class I			18,864,996			565,999			(20,471,992)			1,040,997			—			—			(952,368)			—
Voya Russell™ Mid Cap Index Portfolio - Class I			—			14,504,321			(14,504,321)			—			—			—			(19,127)			—
Voya Small Company Portfolio - Class I			22,763,495			3,000,629			(7,687,058)			2,957,661			21,034,727			99,808			(341,358)			2,019,885
Voya U.S. Bond Index Portfolio - Class I			7,675,694			40,799,046			(34,478,658)			(334,514)			13,661,568			142,586			228,455			10,391
Voya U.S. Stock Index Portfolio - Class I			45,368,324			8,048,921			(37,318,711)			1,295,772			17,394,306			316,822			(179,132)			618,539
VY® Clarion Global Real Estate Portfolio - Class I			—			8,248,837			(996,558)			(257,909)			6,994,370			91,914			13,058			—
VY® Clarion Real Estate Portfolio - Class I			15,498,731			1,073,179			(9,274,302)			(251,257)			7,046,351			119,860			636,389			—
VY® Invesco Comstock Portfolio - Class I			29,714,726			2,899,791			(8,753,993)			4,525,596			28,386,120			734,357			(488,772)			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			—			40,803,051			(4,755,153)			(1,744,859)			34,303,039			537,413			(108,786)			3,030,784
VY® T. Rowe Price Growth Equity Portfolio - Class I			57,228,546			7,278,978			(24,149,543)			(3,022,767)			37,335,214			—			(2,023,704)			4,911,479
		$	690,143,978		$	304,166,637		$	(409,915,894)		$	25,358,302		$	609,753,023		$	10,849,015		$	(18,724,101)		$	24,241,634

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, 2016 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2016 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(2,447,337)
Interest rate contracts			218,142
Total		$	(2,229,195)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Conservative Portfolio

as of December 31, 2016

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 4.0%
	6,361		SPDR Trust Series 1		$	1,421,874		4.0
			Total Exchange-Traded Funds (Cost $1,382,793)			1,421,874		4.0
MUTUAL FUNDS: 95.9%
			Affiliated Investment Companies: 93.8%
	73,703		Voya Emerging Markets Index Portfolio - Class I			704,605		2.0
	214,607		Voya Floating Rate Fund - Class I			2,137,490		6.0
	182,366		Voya Global Bond Fund - Class R6			1,752,536		4.9
	268,751		Voya High Yield Bond Fund - Class R6			2,160,759		6.1
	103,658		Voya Intermediate Bond Fund - Class R6			1,032,437		2.9
	100,290		Voya International Core Fund - Class I			902,606		2.5
	81,774		Voya International Index Portfolio - Class I			720,428		2.0
	30,324		Voya Large Cap Growth Portfolio - Class I			525,813		1.5
	27,911		Voya Large Cap Value Fund - Class R6			362,284		1.0
	106,292	@	Voya MidCap Opportunities Portfolio - Class I			1,311,645		3.7
	88,469		Voya Multi-Manager International Equity Fund - Class I			891,764		2.5
	120,701		Voya Multi-Manager Mid Cap Value Fund - Class I			1,339,779		3.8
	322,617		Voya Short Term Bond Fund - Class R6			3,171,325		8.9
	32,592		Voya Small Company Portfolio - Class I			720,942		2.0
	250,216		Voya U.S. Bond Index Portfolio - Class I			2,634,775		7.4
	64,902		Voya U.S. Stock Index Portfolio - Class I			895,000		2.5
	147,286		VY® BlackRock Inflation Protected Bond Portfolio - Class I			1,406,582		4.0

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS (continued)
			Affiliated Investment Companies: (continued)
	30,684		VY® Clarion Global Real Estate Portfolio - Class I		$	359,616		1.0
	9,876		VY® Clarion Real Estate Portfolio - Class I			362,244		1.0
	370,463		VY® Goldman Sachs Bond Portfolio - Class I			3,726,858		10.5
	41,775		VY® Invesco Comstock Portfolio - Class I			729,813		2.1
	138,406		VY® T. Rowe Price Capital Appreciation Portfolio - Class I			3,527,976		9.9
	103,806		VY® T. Rowe Price Equity Income Portfolio - Class I			1,437,718		4.1
	6,761	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			523,599		1.5
						33,338,594		93.8
			Unaffiliated Investment Companies: 2.1%
	143,914	@	Credit Suisse Commodity Return Strategy Fund - Class I			729,643		2.1
			Total Mutual Funds (Cost $34,426,050)			34,068,237		95.9
			Total Investments in Securities (Cost $35,808,843)		$	35,490,111		99.9
			Assets in Excess of Other Liabilities			44,829		0.1
			Net Assets		$	35,534,940		100.0

Non-income producing security.

Cost for federal income tax purposes is $37,144,081.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	343,755
Gross Unrealized Depreciation		(1,997,725)
Net Unrealized Depreciation	$	(1,653,970)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Solution Moderately

PORTFOLIO OF INVESTMENTS

Conservative Portfolio

as of December 31, 2016 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	1,421,874		$	—		$	—		$	1,421,874
Mutual Funds			34,068,237			—			—			34,068,237
Total Investments, at fair value		$	35,490,111		$	—		$	—		$	35,490,111

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, 2016, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/15			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/16			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	821,571		$	927,842		$	(1,197,664)		$	152,856		$	704,605		$	15,662		$	(124,373)		$	—
Voya Floating Rate Fund - Class I			2,157,382			898,103			(1,028,034)			110,039			2,137,490			89,455			(43,975)			—
Voya Global Bond Fund - Class R6			2,157,636			409,238			(893,341)			79,003			1,752,536			51,336			(11,972)			—
Voya High Yield Bond Fund - Class I			2,118,722			771,538			(3,113,694)			223,434			—			72,568			(90,066)			—
Voya High Yield Bond Fund - Class R6			—			2,633,897			(515,859)			42,721			2,160,759			44,336			(25,567)			—
Voya Intermediate Bond Fund - Class R6			2,817,805			830,414			(2,622,738)			6,956			1,032,437			81,878			9,411			—
Voya International Core Fund - Class I			2,124,868			491,256			(1,917,691)			204,173			902,606			13,612			(224,917)			—
Voya International Index Portfolio - Class I			843,621			230,599			(393,895)			40,103			720,428			22,457			(56,222)			—
Voya Large Cap Growth Portfolio - Class I			1,184,368			281,591			(884,670)			(55,476)			525,813			4,014			(23,606)			92,519
Voya Large Cap Value Fund - Class R6			1,268,228			215,385			(1,308,232)			186,903			362,284			13,638			(143,661)			—
Voya MidCap Opportunities Portfolio - Class I			1,501,774			591,647			(856,017)			74,241			1,311,645			—			(116,811)			145,580
Voya Multi-Manager International Equity Fund - Class I			—			1,231,727			(318,660)			(21,303)			891,764			15,957			(1,482)			—
Voya Multi-Manager Large Cap Core Portfolio - Class I			857,536			177,109			(1,079,153)			44,508			—			—			(34,904)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			1,583,355			415,883			(1,078,673)			419,214			1,339,779			16,247			(258,052)			22,486
Voya Russell™ Mid Cap Growth Index Portfolio - Class I			106,431			15,805			(124,587)			2,351			—			—			(1,269)			—
Voya Russell™ Mid Cap Index Portfolio - Class I			—			751,649			(751,649)			—			—			—			(495)			—
Voya Short Term Bond Fund - Class R6			2,168,757			2,114,281			(1,111,993)			280			3,171,325			47,697			(12,099)			—
Voya Small Company Portfolio - Class I			855,723			247,824			(504,859)			122,254			720,942			3,383			(26,480)			68,458
Voya U.S. Bond Index Portfolio - Class I			5,183,645			1,887,523			(4,496,193)			59,800			2,634,775			73,106			8,885			4,490
Voya U.S. Stock Index Portfolio - Class I			852,861			1,260,876			(1,290,802)			72,065			895,000			16,447			(66,344)			35,212
VY T. Rowe Price Equity Income Portfolio Initial			—			2,310,338			(883,152)			10,532			1,437,718			33,775			(10,329)			140,301
VY® BlackRock Inflation Protected Bond Portfolio - Class I			2,153,808			338,939			(1,275,470)			189,305			1,406,582			—			(107,187)			—
VY® Clarion Global Real Estate Portfolio - Class I			—			501,844			(128,738)			(13,490)			359,616			4,623			1,670			—
VY® Clarion Real Estate Portfolio - Class I			872,774			140,531			(536,764)			(114,297)			362,244			6,013			141,273			—
VY® Goldman Sachs Bond Portfolio - Class I			2,801,047			2,033,502			(1,117,340)			9,649			3,726,858			51,199			27,583			—
VY® Invesco Comstock Portfolio - Class I			733,320			757,678			(914,790)			153,605			729,813			19,886			(34,647)			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			4,290,995			951,833			(1,754,279)			39,427			3,527,976			54,951			(88,527)			304,096
VY® T. Rowe Price Growth Equity Portfolio - Class I			1,290,913			310,607			(1,051,107)			(26,814)			523,599			—			(72,167)			80,943
		$	40,747,140		$	23,729,459		$	(33,150,044)		$	2,012,039		$	33,338,594		$	752,240		$	(1,386,330)		$	894,085

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, 2016 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2016 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(145,788)
Interest rate contracts			12,888
Total		$	(132,900)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2020 Portfolio

as of December 31, 2016

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 4.3%
	1,219		iShares Barclays 20+ Year Treasury Bond Fund		$	145,219		0.7
	3,596		SPDR Trust Series 1			803,814		3.6
			Total Exchange-Traded Funds (Cost $945,660)			949,033		4.3
MUTUAL FUNDS: 95.5%
			Affiliated Investment Companies: 94.1%
	111,497		Voya Floating Rate Fund - Class I			1,110,510		5.0
	136,628		Voya Global Bond Fund - Class R6			1,312,994		5.9
	55,814		Voya High Yield Bond Fund - Class R6			448,744		2.0
	99,518		Voya Intermediate Bond Fund - Class R6			991,201		4.5
	149,912		Voya International Core Fund - Class I			1,349,208		6.1
	50,945		Voya International Index Portfolio - Class I			448,823		2.0
	44,163		Voya Large Cap Growth Portfolio - Class I			765,781		3.5
	34,744		Voya Large Cap Value Fund - Class R6			450,982		2.0
	44,235	@	Voya MidCap Opportunities Portfolio - Class I			545,865		2.5
	66,193		Voya Multi-Manager International Equity Fund - Class I			667,223		3.0
	89,545		Voya Multi-Manager Large Cap Core Portfolio - Class I			1,333,324		6.0
	50,127		Voya Multi-Manager Mid Cap Value Fund - Class I			556,412		2.5
	95,060		Voya Short Term Bond Fund - Class R6			934,435		4.2
	20,296		Voya Small Company Portfolio - Class I			448,939		2.0
	126,447		Voya U.S. Bond Index Portfolio - Class I			1,331,484		6.0
	72,965		Voya U.S. Stock Index Portfolio - Class I			1,006,181		4.5

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	160,911		VY® BlackRock Inflation Protected Bond Portfolio - Class I		$	1,536,704		6.9
	19,142		VY® Clarion Global Real Estate Portfolio - Class I			224,349		1.0
	6,159		VY® Clarion Real Estate Portfolio - Class I			225,928		1.0
	109,226		VY® Goldman Sachs Bond Portfolio - Class I			1,098,811		5.0
	38,970		VY® Invesco Comstock Portfolio - Class I			680,809		3.1
	86,350		VY® T. Rowe Price Capital Appreciation Portfolio - Class I			2,201,074		9.9
	32,294		VY® T. Rowe Price Equity Income Portfolio - Class I			447,275		2.0
	9,849	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			762,713		3.5
						20,879,769		94.1
			Unaffiliated Investment Companies: 1.4%
	60,952	@	Credit Suisse Commodity Return Strategy Fund - Class I			309,027		1.4
			Total Mutual Funds (Cost $21,054,282)			21,188,796		95.5
			Total Investments in Securities (Cost $21,999,942)		$	22,137,829		99.8
			Assets in Excess of Other Liabilities			38,851		0.2
			Net Assets		$	22,176,680		100.0

Non-income producing security.

Cost for federal income tax purposes is $22,220,918.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	357,173
Gross Unrealized Depreciation		(440,262)
Net Unrealized Depreciation	$	(83,089)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2020 Portfolio

as of December 31, 2016 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	949,033		$	—		$	—		$	949,033
Mutual Funds			21,188,796			—			—			21,188,796
Total Investments, at fair value		$	22,137,829		$	—		$	—		$	22,137,829

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, 2016, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/15			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/16			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	—		$	427,715		$	(427,715)		$	—		$	—		$	9		$	(23,285)		$	—
Voya Floating Rate Fund - Class I			472,975			1,000,417			(392,353)			29,471			1,110,510			33,377			(3,247)			—
Voya Global Bond Fund - Class R6			568,624			1,215,307			(454,099)			(16,838)			1,312,994			23,744			16,352			—
Voya High Yield Bond Fund - Class I			280,110			359,449			(649,184)			9,625			—			13,885			(3,524)			—
Voya High Yield Bond Fund - Class R6			—			673,928			(238,513)			13,329			448,744			9,178			14,323			—
Voya Intermediate Bond Fund - Class R6			380,850			1,004,632			(378,813)			(15,468)			991,201			20,938			6,447			—
Voya International Core Fund - Class I			468,719			1,324,143			(478,365)			34,711			1,349,208			19,245			(21,839)			—
Voya International Index Portfolio - Class I			186,512			416,259			(165,531)			11,583			448,823			8,690			(7,567)			—
Voya Large Cap Growth Portfolio - Class I			427,010			822,584			(450,438)			(33,375)			765,781			3,411			(11,940)			78,613
Voya Large Cap Value Fund - Class R6			374,543			533,868			(506,146)			48,717			450,982			9,231			4,450			—
Voya MidCap Opportunities Portfolio - Class I			236,426			639,437			(329,826)			(172)			545,865			(0.01)			(14,492)			43,400
Voya Multi-Manager International Equity Fund - Class I			374,060			701,171			(420,437)			12,429			667,223			11,285			(12,348)			—
Voya Multi-Manager Large Cap Core Portfolio - Class I			377,383			1,380,713			(453,353)			28,581			1,333,324			25,108			6,364			37,677
Voya Multi-Manager Mid Cap Value Fund - Class I			232,832			622,818			(371,659)			72,421			556,412			6,381			(23,515)			8,831
Voya Short Term Bond Fund - Class R6			571,209			1,138,685			(773,041)			(2,418)			934,435			16,373			(523)			—
Voya Small Company Portfolio - Class I			275,879			490,948			(375,574)			57,686			448,939			1,304			10,035			26,395
Voya U.S. Bond Index Portfolio - Class I			805,766			2,157,660			(1,604,051)			(27,891)			1,331,484			24,805			23,210			1,534
Voya U.S. Stock Index Portfolio - Class I			214,238			1,734,826			(954,567)			11,684			1,006,181			15,742			15,755			11,166
VY T. Rowe Price Equity Income Portfolio Initial			—			574,516			(133,911)			6,670			447,275			10,038			(4,632)			34,704
VY® BlackRock Inflation Protected Bond Portfolio - Class I			663,308			1,390,922			(532,181)			14,655			1,536,704			—			12,764			—
VY® Clarion Global Real Estate Portfolio - Class I			—			286,910			(54,835)			(7,726)			224,349			2,297			506			—
VY® Clarion Real Estate Portfolio - Class I			194,481			276,649			(235,580)			(9,622)			225,928			2,922			19,801			—
VY® Goldman Sachs Bond Portfolio - Class I			331,814			1,129,282			(344,187)			(18,098)			1,098,811			19,148			5,988			—
VY® Invesco Comstock Portfolio - Class I			277,927			613,894			(299,385)			88,373			680,809			16,679			4,691			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			945,420			2,057,846			(759,737)			(42,455)			2,201,074			32,649			(2,997)			147,802
VY® T. Rowe Price Growth Equity Portfolio - Class I			427,596			820,523			(464,663)			(20,743)			762,713			—			(18,849)			70,676
		$	9,087,682		$	23,795,102		$	(12,248,144)		$	245,129		$	20,879,769		$	326,439		$	(8,072)		$	460,798

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 2020 Portfolio

as of December 31, 2016 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2016 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(6,351)
Total		$	(6,351)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2025 Portfolio

as of December 31, 2016

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 5.9%
	131,725		iShares Barclays 20+ Year Treasury Bond Fund		$	15,692,399		1.7
	166,577		SPDR Trust Series 1			37,234,957		4.2
			Total Exchange-Traded Funds (Cost $53,298,752)			52,927,356		5.9
MUTUAL FUNDS: 94.0%
			Affiliated Investment Companies: 92.4%
	1,856,156		Voya Emerging Markets Index Portfolio - Class I			17,744,852		2.0
	4,506,231		Voya Floating Rate Fund - Class I			44,882,064		5.0
	5,510,998		Voya Global Bond Fund - Class R6			52,960,688		5.9
	2,257,940		Voya High Yield Bond Fund - Class R6			18,153,839		2.0
	4,015,786		Voya Intermediate Bond Fund - Class R6			39,997,229		4.5
	6,067,473		Voya International Core Fund - Class I			54,607,258		6.1
	2,061,137		Voya International Index Portfolio - Class I			18,158,620		2.0
	2,036,925		Voya Large Cap Growth Portfolio - Class I			35,320,276		4.0
	1,407,723		Voya Large Cap Value Fund - Class R6			18,272,247		2.0
	2,499,392	@	Voya MidCap Opportunities Portfolio - Class I			30,842,492		3.5
	939,911		Voya Multi-Manager Emerging Markets Equity Fund - Class I			8,825,764		1.0
	5,349,989		Voya Multi-Manager International Equity Fund - Class I			53,927,891		6.0
	4,099,243		Voya Multi-Manager Large Cap Core Portfolio - Class I			61,037,724		6.8
	2,839,562		Voya Multi-Manager Mid Cap Value Fund - Class I			31,519,136		3.5
	2,032,034		Voya Short Term Bond Fund - Class R6			19,974,891		2.2
	1,232,629		Voya Small Company Portfolio - Class I			27,265,755		3.1
	3,302,777		Voya U.S. Bond Index Portfolio - Class I			34,778,247		3.9

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	1,961,673		Voya U.S. Stock Index Portfolio - Class I		$	27,051,477		3.0
	773,449		VY® Clarion Global Real Estate Portfolio - Class I			9,064,818		1.0
	249,092		VY® Clarion Real Estate Portfolio - Class I			9,136,679		1.0
	3,524,266		VY® Goldman Sachs Bond Portfolio - Class I			35,454,120		4.0
	2,108,372		VY® Invesco Comstock Portfolio - Class I			36,833,252		4.1
	3,486,320		VY® T. Rowe Price Capital Appreciation Portfolio - Class I			88,866,305		9.9
	1,307,294		VY® T. Rowe Price Equity Income Portfolio - Class I			18,106,023		2.0
	454,023	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			35,159,519		3.9
						827,941,166		92.4
			Unaffiliated Investment Companies: 1.6%
	2,829,181	@	Credit Suisse Commodity Return Strategy Fund - Class I			14,343,947		1.6
			Total Mutual Funds (Cost $869,653,298)			842,285,113		94.0
			Total Investments in Securities (Cost $922,952,050)		$	895,212,469		99.9
			Assets in Excess of Other Liabilities			816,815		0.1
			Net Assets		$	896,029,284		100.0

Non-income producing security.

Cost for federal income tax purposes is $942,432,308.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	9,221,110
Gross Unrealized Depreciation		(56,440,949)
Net Unrealized Depreciation	$	(47,219,839)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2025 Portfolio

as of December 31, 2016 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	52,927,356		$	—		$	—		$	52,927,356
Mutual Funds			842,285,113			—			—			842,285,113
Total Investments, at fair value		$	895,212,469		$	—		$	—		$	895,212,469

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, 2016, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/15			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/16			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	19,203,592		$	21,798,098		$	(27,322,471)		$	4,065,633		$	17,744,852		$	414,162		$	(3,446,763)		$	—
Voya Floating Rate Fund - Class I			50,876,092			6,265,808			(14,323,677)			2,063,841			44,882,064			1,992,604			(599,080)			—
Voya Global Bond Fund - Class R6			60,976,738			7,541,910			(17,837,802)			2,279,842			52,960,688			1,522,364			(782,472)			—
Voya High Yield Bond Fund - Class I			29,709,541			2,248,939			(35,398,334)			3,439,854			—			983,089			(520,869)			—
Voya High Yield Bond Fund - Class R6			—			31,307,124			(13,005,280)			(148,005)			18,153,839			450,755			(771,567)			—
Voya Intermediate Bond Fund - Class R6			35,859,081			15,851,972			(11,629,605)			(84,219)			39,997,229			1,292,024			228,346			—
Voya International Core Fund - Class I			60,126,612			9,677,498			(17,759,929)			2,563,077			54,607,258			850,277			(3,127,163)			—
Voya International Index Portfolio - Class I			19,922,328			3,356,921			(5,528,238)			407,609			18,158,620			592,037			(816,081)			—
Voya Large Cap Growth Portfolio - Class I			50,887,766			7,958,173			(18,130,170)			(5,395,493)			35,320,276			216,829			1,445,079			4,997,100
Voya Large Cap Value Fund - Class R6			39,949,144			3,064,799			(29,275,727)			4,534,031			18,272,247			540,485			(2,444,945)			—
Voya MidCap Opportunities Portfolio - Class I			25,349,060			15,859,871			(10,228,549)			(137,890)			30,842,492			—			(1,270,945)			3,635,670
Voya Multi-Manager Emerging Markets Equity Fund - Class I			9,814,357			1,740,367			(4,040,148)			1,311,188			8,825,764			104,663			(541,423)			—
Voya Multi-Manager International Equity Fund - Class I			60,154,085			9,797,066			(14,852,911)			(1,170,349)			53,927,891			996,713			(213,142)			—
Voya Multi-Manager Large Cap Core Portfolio - Class I			49,179,158			32,926,185			(20,876,293)			(191,326)			61,037,724			1,397,795			1,710,698			2,435,029
Voya Multi-Manager Mid Cap Value Fund - Class I			34,913,031			4,818,595			(15,226,665)			7,014,175			31,519,136			394,690			(3,224,246)			546,233
Voya Russell™ Mid Cap Growth Index Portfolio - Class I			10,058,019			611,632			(9,842,040)			(827,611)			—			—			894,578			—
Voya Russell™ Mid Cap Index Portfolio - Class I			—			19,844,228			(19,844,228)			—			—			—			(44,086)			—
Voya Short Term Bond Fund - Class R6			51,259,075			6,672,817			(38,417,552)			460,551			19,974,891			802,308			(478,471)			—
Voya Small Company Portfolio - Class I			30,340,125			5,166,855			(11,308,192)			3,066,967			27,265,755			133,812			473,026			2,708,054
Voya U.S. Bond Index Portfolio - Class I			66,364,156			37,669,852			(70,110,506)			854,745			34,778,247			947,909			(80,012)			62,713
Voya U.S. Stock Index Portfolio - Class I			20,150,303			30,954,048			(25,846,729)			1,793,855			27,051,477			494,125			(1,475,441)			944,342
VY T. Rowe Price Equity Income Portfolio Initial			—			22,384,562			(4,351,407)			72,868			18,106,023			434,841			(98,915)			1,929,449
VY® Clarion Global Real Estate Portfolio - Class I			—			11,154,530			(1,770,955)			(318,757)			9,064,818			124,774			(1,846)			—
VY® Clarion Real Estate Portfolio - Class I			20,613,446			1,723,829			(10,210,210)			(2,990,386)			9,136,679			162,408			3,546,274			—
VY® Goldman Sachs Bond Portfolio - Class I			30,552,172			15,059,084			(9,926,411)			(230,725)			35,454,120			850,936			188,800			—
VY® Invesco Comstock Portfolio - Class I			39,600,865			5,956,249			(13,587,401)			4,863,539			36,833,252			963,410			731,079			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			101,393,528			13,465,499			(24,955,621)			(1,037,101)			88,866,305			1,407,278			(1,044,925)			8,213,211
VY® T. Rowe Price Growth Equity Portfolio - Class I			50,836,880			8,316,972			(17,682,914)			(6,311,419)			35,159,519			—			1,904,570			4,445,894
		$	968,089,154		$	353,193,483		$	(513,289,965)		$	19,948,494		$	827,941,166		$	18,070,288		$	(9,859,943)		$	29,917,695

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, 2016 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2016 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(1,861,271)
Interest rate contracts			161,277
Total		$	(1,699,994)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2030 Portfolio

as of December 31, 2016

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 6.1%
	3,046		iShares Barclays 20+ Year Treasury Bond Fund		$	362,870		2.4
	2,451		SPDR Trust Series 1			547,872		3.7
			Total Exchange-Traded Funds (Cost $922,113)			910,742		6.1
MUTUAL FUNDS: 93.8%
			Affiliated Investment Companies: 92.4%
	30,902		Voya Emerging Markets Index Portfolio - Class I			295,424		2.0
	74,845		Voya Floating Rate Fund - Class I			745,459		5.0
	37,467		Voya High Yield Bond Fund - Class R6			301,238		2.0
	18,455		Voya Index Plus LargeCap Portfolio - Class I			446,418		3.0
	55,673		Voya Intermediate Bond Fund - Class R6			554,508		3.7
	109,033		Voya International Core Fund - Class I			981,298		6.6
	34,200		Voya International Index Portfolio - Class I			301,304		2.0
	38,087		Voya Large Cap Growth Portfolio - Class I			660,430		4.4
	23,319		Voya Large Cap Value Fund - Class R6			302,679		2.0
	41,550	@	Voya MidCap Opportunities Portfolio - Class I			512,733		3.5
	31,298		Voya Multi-Manager Emerging Markets Equity Fund - Class I			293,891		2.0
	96,277		Voya Multi-Manager International Equity Fund - Class I			970,469		6.5
	80,114		Voya Multi-Manager Large Cap Core Portfolio - Class I			1,192,901		8.0
	47,089		Voya Multi-Manager Mid Cap Value Fund - Class I			522,688		3.5
	18,777		Voya Short Term Bond Fund - Class R6			184,582		1.3
	20,432		Voya Small Company Portfolio - Class I			451,949		3.0
	27,589		Voya U.S. Bond Index Portfolio - Class I			290,509		2.0

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	58,936		Voya U.S. Stock Index Portfolio - Class I		$	812,727		5.5
	19,286		VY® Clarion Global Real Estate Portfolio - Class I			226,033		1.5
	6,207		VY® Clarion Real Estate Portfolio - Class I			227,661		1.5
	29,334		VY® Goldman Sachs Bond Portfolio - Class I			295,098		2.0
	43,585		VY® Invesco Comstock Portfolio - Class I			761,426		5.1
	57,950		VY® T. Rowe Price Capital Appreciation Portfolio - Class I			1,477,146		9.9
	21,671		VY® T. Rowe Price Equity Income Portfolio - Class I			300,141		2.0
	8,494	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			657,787		4.4
						13,766,499		92.4
			Unaffiliated Investment Companies: 1.4%
	41,519	@	Credit Suisse Commodity Return Strategy Fund - Class I			210,502		1.4
			Total Mutual Funds (Cost $13,809,654)			13,977,001		93.8
			Total Investments in Securities (Cost $14,731,767)		$	14,887,743		99.9
			Assets in Excess of Other Liabilities			18,701		0.1
			Net Assets		$	14,906,444		100.0

Non-income producing security.

Cost for federal income tax purposes is $14,853,873.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	303,916
Gross Unrealized Depreciation		(270,046)
Net Unrealized Appreciation	$	33,870

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2030 Portfolio

as of December 31, 2016 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	910,742		$	—		$	—		$	910,742
Mutual Funds			13,977,001			—			—			13,977,001
Total Investments, at fair value		$	14,887,743		$	—		$	—		$	14,887,743

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, 2016, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/15			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/16			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	79,251		$	532,417		$	(309,676)		$	(6,568)		$	295,424		$	3,068		$	7,357		$	—
Voya Floating Rate Fund - Class I			194,345			668,944			(133,796)			15,966			745,459			19,029			(657)			—
Voya High Yield Bond Fund - Class I			119,517			216,103			(339,318)			3,698			—			6,895			(902)			—
Voya High Yield Bond Fund - Class R6			—			436,054			(142,343)			7,527			301,238			5,867			8,175			—
Voya Index Plus LargeCap Portfolio - Class I			—			497,589			(74,018)			22,847			446,418			3,670			2,782			—
Voya Intermediate Bond Fund - Class R6			139,082			580,998			(157,337)			(8,235)			554,508			11,133			3,168			—
Voya International Core Fund - Class I			254,655			891,431			(183,262)			18,474			981,298			14,267			(8,992)			—
Voya International Index Portfolio - Class I			78,076			272,362			(55,395)			6,261			301,304			4,374			(3,001)			—
Voya Large Cap Growth Portfolio - Class I			217,594			661,960			(194,226)			(24,898)			660,430			2,478			(8,933)			57,099
Voya Large Cap Value Fund - Class R6			156,172			325,040			(205,965)			27,432			302,679			5,384			2,549			—
Voya MidCap Opportunities Portfolio - Class I			98,564			561,286			(138,792)			(8,325)			512,733			—			(3,115)			35,173
Voya Multi-Manager Emerging Markets Equity Fund - Class I			76,813			273,178			(67,028)			10,928			293,891			3,245			2,706			—
Voya Multi-Manager International Equity Fund - Class I			257,674			893,973			(180,548)			(630)			970,469			16,735			(8,443)			—
Voya Multi-Manager Large Cap Core Portfolio - Class I			363,725			1,217,582			(421,459)			33,053			1,192,901			21,391			(31)			28,376
Voya Multi-Manager Mid Cap Value Fund - Class I			136,388			548,705			(210,484)			48,079			522,688			6,114			(11,453)			8,462
Voya Russell™ Mid Cap Growth Index Portfolio - Class I			39,221			1,446			(41,120)			453			—			—			(4,160)			—
Voya Short Term Bond Fund - Class R6			155,467			441,499			(412,110)			(274)			184,582			5,370			(527)			—
Voya Small Company Portfolio - Class I			117,754			401,306			(119,851)			52,740			451,949			989			2,381			20,009
Voya U.S. Bond Index Portfolio - Class I			182,609			818,787			(707,233)			(3,654)			290,509			5,459			5,073			234
Voya U.S. Stock Index Portfolio - Class I			117,908			1,242,335			(552,923)			5,407			812,727			14,217			9,579			12,031
VY T. Rowe Price Equity Income Portfolio Initial			—			355,171			(59,088)			4,058			300,141			6,933			(1,720)			19,604
VY® Clarion Global Real Estate Portfolio - Class I			59,150			212,242			(41,626)			(3,733)			226,033			1,987			1,009			—
VY® Clarion Real Estate Portfolio - Class I			60,228			213,429			(44,609)			(1,387)			227,661			2,475			3,681			—
VY® Goldman Sachs Bond Portfolio - Class I			—			345,360			(44,905)			(5,357)			295,098			4,324			(286)			—
VY® Invesco Comstock Portfolio - Class I			196,770			663,465			(180,579)			81,770			761,426			19,296			8,145			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			394,683			1,374,303			(260,621)			(31,219)			1,477,146			22,616			(5,598)			83,458
VY® T. Rowe Price Growth Equity Portfolio - Class I			217,483			663,077			(207,462)			(15,311)			657,787			—			(12,770)			54,647
		$	3,713,129		$	15,310,042		$	(5,485,774)		$	229,102		$	13,766,499		$	207,316		$	(13,983)		$	319,093

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 2030 Portfolio

as of December 31, 2016 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2016 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(4,234)
Total		$	(4,234)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2035 Portfolio

as of December 31, 2016

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 7.0%
	53,684		iShares Barclays 20+ Year Treasury Bond Fund		$	6,395,375		0.8
	159,962		iShares Russell 1000 Value Index Fund			17,920,543		2.1
	158,405		SPDR Trust Series 1			35,408,270		4.1
			Total Exchange-Traded Funds (Cost $58,050,143)			59,724,188		7.0
MUTUAL FUNDS: 92.9%
			Affiliated Investment Companies: 91.3%
	1,764,241		Voya Emerging Markets Index Portfolio - Class I			16,866,148		2.0
	4,283,019		Voya Floating Rate Fund - Class I			42,658,867		5.0
	2,146,100		Voya High Yield Bond Fund - Class R6			17,254,641		2.0
	1,057,054		Voya Index Plus LargeCap Portfolio - Class I			25,570,146		3.0
	2,502,237		Voya Intermediate Bond Fund - Class R6			24,922,276		2.9
	7,208,910		Voya International Core Fund - Class I			64,880,186		7.6
	1,959,143		Voya International Index Portfolio - Class I			17,260,051		2.0
	2,904,039		Voya Large Cap Growth Portfolio - Class I			50,356,044		5.9
	1,955,740		Voya Large Cap Value Fund - Class R6			25,385,505		3.0
	2,375,574	@	Voya MidCap Opportunities Portfolio - Class I			29,314,584		3.4
	3,573,466		Voya Multi-Manager Emerging Markets Equity Fund - Class I			33,554,846		3.9
	8,051,632		Voya Multi-Manager International Equity Fund - Class I			81,160,453		9.5
	4,926,961		Voya Multi-Manager Large Cap Core Portfolio - Class I			73,362,446		8.6
	2,698,796		Voya Multi-Manager Mid Cap Value Fund - Class I			29,956,636		3.5

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	1,171,572		Voya Small Company Portfolio - Class I		$	25,915,169		3.1
	774,765		Voya U.S. Bond Index Portfolio - Class I			8,158,275		1.0
	2,485,874		Voya U.S. Stock Index Portfolio - Class I			34,280,199		4.0
	1,102,862		VY® Clarion Global Real Estate Portfolio - Class I			12,925,541		1.5
	355,183		VY® Clarion Real Estate Portfolio - Class I			13,028,119		1.5
	2,504,584		VY® Invesco Comstock Portfolio - Class I			43,755,087		5.1
	2,319,562		VY® T. Rowe Price Capital Appreciation Portfolio - Class I			59,125,635		6.9
	647,296	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			50,126,572		5.9
						779,817,426		91.3
			Unaffiliated Investment Companies: 1.6%
	2,689,574	@	Credit Suisse Commodity Return Strategy Fund - Class I			13,636,139		1.6
			Total Mutual Funds (Cost $820,821,520)			793,453,565		92.9
			Total Investments in Securities (Cost $878,871,663)		$	853,177,753		99.9
			Assets in Excess of Other Liabilities			730,945		0.1
			Net Assets		$	853,908,698		100.0

Non-income producing security.

Cost for federal income tax purposes is $893,417,353.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	11,743,602
Gross Unrealized Depreciation		(51,983,202)
Net Unrealized Depreciation	$	(40,239,600)

See Accompanying Notes to Financial Statements

100

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2035 Portfolio

as of December 31, 2016 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	59,724,188		$	—		$	—		$	59,724,188
Mutual Funds			793,453,565			—			—			793,453,565
Total Investments, at fair value		$	853,177,753		$	—		$	—		$	853,177,753

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, 2016, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/15			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/16			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	17,711,782		$	20,323,760		$	(24,988,535)		$	3,819,141		$	16,866,148		$	381,473		$	(3,310,737)		$	—
Voya Floating Rate Fund - Class I			46,911,478			7,720,183			(13,981,994)			2,009,200			42,658,867			1,849,112			(657,348)			—
Voya High Yield Bond Fund - Class I			27,355,699			2,901,272			(32,684,421)			2,427,450			—			903,017			(563,570)			—
Voya High Yield Bond Fund - Class R6			—			28,495,481			(11,686,487)			445,647			17,254,641			422,804			(468,538)			—
Voya Index Plus LargeCap Portfolio - Class I			—			28,403,031			(4,578,767)			1,745,882			25,570,146			456,815			175,692			—
Voya Intermediate Bond Fund - Class R6			14,197,848			25,339,954			(14,585,088)			(30,438)			24,922,276			819,136			(6,970)			—
Voya International Core Fund - Class I			69,309,289			11,182,986			(14,817,421)			(794,668)			64,880,186			1,011,905			93,774			—
Voya International Index Portfolio - Class I			18,372,498			3,270,857			(4,708,027)			324,723			17,260,051			545,812			(703,549)			—
Voya Large Cap Growth Portfolio - Class I			56,316,052			11,700,434			(10,543,595)			(7,116,847)			50,356,044			300,637			1,898,949			6,928,562
Voya Large Cap Value Fund - Class R6			46,056,864			4,732,544			(30,534,147)			5,130,244			25,385,505			695,864			(2,271,764)			—
Voya MidCap Opportunities Portfolio - Class I			23,375,530			14,687,390			(7,458,243)			(1,290,093)			29,314,584			—			(23,177)			3,356,501
Voya Multi-Manager Emerging Markets Equity Fund - Class I			36,196,403			6,458,795			(13,688,631)			4,588,279			33,554,846			398,589			(1,864,205)			—
Voya Multi-Manager International Equity Fund - Class I			87,828,652			14,370,989			(19,199,777)			(1,839,411)			81,160,453			1,502,538			(294,527)			—
Voya Multi-Manager Large Cap Core Portfolio - Class I			91,846,901			15,938,840			(35,573,972)			1,150,677			73,362,446			1,657,601			986,080			2,834,119
Voya Multi-Manager Mid Cap Value Fund - Class I			32,196,406			4,327,547			(12,799,068)			6,231,751			29,956,636			375,771			(2,748,691)			520,049
Voya Russell™ Mid Cap Growth Index Portfolio - Class I			9,274,969			460,957			(9,029,906)			(706,020)			—			—			757,416			—
Voya Russell™ Mid Cap Index Portfolio - Class I			—			18,505,749			(18,505,749)			—			—			—			(32,079)
Voya Short Term Bond Fund - Class R6			9,453,157			1,448,115			(11,025,800)			124,528			—			103,094			(81,586)			—
Voya Small Company Portfolio - Class I			27,977,979			4,838,408			(9,842,264)			2,941,046			25,915,169			123,569			375,247			2,500,748
Voya U.S. Bond Index Portfolio - Class I			37,657,364			30,845,703			(60,834,900)			490,108			8,158,275			361,347			250,866			19,244
Voya U.S. Stock Index Portfolio - Class I			37,192,460			29,760,106			(35,750,390)			3,078,023			34,280,199			642,253			(2,354,653)			1,387,989
VY® Clarion Global Real Estate Portfolio - Class I			13,883,008			2,676,112			(3,612,016)			(21,563)			12,925,541			173,330			35,459			—
VY® Clarion Real Estate Portfolio - Class I			14,220,314			2,912,701			(3,384,190)			(720,706)			13,028,119			225,224			1,164,382			—
VY® Invesco Comstock Portfolio - Class I			45,652,250			6,676,257			(14,390,015)			5,816,595			43,755,087			1,146,998			683,635			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			60,770,096			15,068,957			(16,156,395)			(557,023)			59,125,635			938,198			(982,473)			5,314,372
VY® T. Rowe Price Growth Equity Portfolio - Class I			56,258,417			12,223,991			(10,887,289)			(7,468,547)			50,126,572			—			2,198,187			6,197,889
		$	880,015,416		$	325,271,119		$	(445,247,087)		$	19,777,978		$	779,817,426		$	15,035,087		$	(7,744,179)		$	29,059,473

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 2035 Portfolio

as of December 31, 2016 (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2016 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(3,012,949)
Interest rate contracts			265,049
Total		$	(2,747,900)

See Accompanying Notes to Financial Statements

102

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2040 Portfolio

as of December 31, 2016

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 7.5%
	3,793		iShares Russell 1000 Value Index Fund		$	424,930		3.8
	1,878		SPDR Trust Series 1			419,789		3.7
			Total Exchange-Traded Funds (Cost $791,223)			844,719		7.5
MUTUAL FUNDS: 92.3%
			Affiliated Investment Companies: 90.9%
	23,171		Voya Emerging Markets Index Portfolio - Class I			221,519		2.0
	22,436		Voya Floating Rate Fund - Class I			223,466		2.0
	28,086		Voya High Yield Bond Fund - Class R6			225,811		2.0
	9,228		Voya Index Plus LargeCap Portfolio - Class I			223,215		2.0
	31,145		Voya Intermediate Bond Fund - Class R6			310,200		2.8
	94,398		Voya International Core Fund - Class I			849,580		7.6
	25,657		Voya International Index Portfolio - Class I			226,038		2.0
	41,245		Voya Large Cap Growth Portfolio - Class I			715,185		6.4
	23,928		Voya Large Cap Value Fund - Class R6			310,586		2.8
	44,508	@	Voya MidCap Opportunities Portfolio - Class I			549,225		4.9
	46,935		Voya Multi-Manager Emerging Markets Equity Fund - Class I			440,717		3.9
	105,533		Voya Multi-Manager International Equity Fund - Class I			1,063,770		9.5
	69,658		Voya Multi-Manager Large Cap Core Portfolio - Class I			1,037,212		9.3
	50,463		Voya Multi-Manager Mid Cap Value Fund - Class I			560,142		5.0

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	20,434		Voya Small Company Portfolio - Class I			451,996		$	4.0
	32,538		Voya U.S. Stock Index Portfolio - Class I			448,696			4.0
	14,465		VY® Clarion Global Real Estate Portfolio - Class I			169,529			1.5
	4,656		VY® Clarion Real Estate Portfolio - Class I			170,768			1.5
	29,433		VY® Invesco Comstock Portfolio - Class I			514,188			4.6
	29,321		VY® T. Rowe Price Capital Appreciation Portfolio - Class I			747,382			6.7
	9,197	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			712,200			6.4
						10,171,425			90.9
			Unaffiliated Investment Companies: 1.4%
	31,831	@	Credit Suisse Commodity Return Strategy Fund - Class I			161,383			1.4
			Total Mutual Funds (Cost $10,210,952)			10,332,808			92.3
			Total Investments in Securities (Cost $11,002,175)		$	11,177,527			99.8
			Assets in Excess of Other Liabilities			18,863			0.2
			Net Assets		$	11,196,390			100.0

Non-income producing security.

Cost for federal income tax purposes is $11,138,761.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	282,215
Gross Unrealized Depreciation		(243,449)
Net Unrealized Appreciation	$	38,766

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	844,719		$	—		$	—		$	844,719
Mutual Funds			10,332,808			—			—			10,332,808
Total Investments, at fair value		$	11,177,527		$	—		$	—		$	11,177,527

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

See Accompanying Notes to Financial Statements

103

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2040 Portfolio

as of December 31, 2016 (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, 2016, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/15			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/16			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	67,366		$	396,709		$	(236,290)		$	(6,266)		$	221,519		$	2,756		$	6,963		$	—
Voya Floating Rate Fund - Class I			67,440			202,261			(51,473)			5,238			223,466			6,176			(364)			—
Voya High Yield Bond Fund - Class I			99,590			185,319			(287,944)			3,035			—			5,858			(701)			—
Voya High Yield Bond Fund - Class R6			—			325,245			(105,555)			6,121			225,811			4,594			6,545			—
Voya Index Plus LargeCap Portfolio - Class I			—			332,841			(121,817)			12,191			223,215			3,298			1,476			—
Voya Intermediate Bond Fund - Class R6			42,431			543,826			(269,501)			(6,556)			310,200			7,280			3,480			—
Voya International Core Fund - Class I			250,240			766,840			(185,909)			18,409			849,580			12,174			(9,664)			—
Voya International Index Portfolio - Class I			66,462			204,762			(49,893)			4,707			226,038			3,932			(2,602)			—
Voya Large Cap Growth Portfolio - Class I			215,529			692,416			(159,503)			(33,257)			715,185			2,877			(6,461)			66,295
Voya Large Cap Value Fund - Class R6			155,841			444,703			(313,160)			23,202			310,586			5,378			8,694			—
Voya MidCap Opportunities Portfolio - Class I			100,805			601,859			(142,106)			(11,333)			549,225			—			(5,648)			43,583
Voya Multi-Manager Emerging Markets Equity Fund - Class I			133,754			405,651			(118,260)			19,572			440,717			4,795			3,154			—
Voya Multi-Manager International Equity Fund - Class I			319,625			975,636			(233,590)			2,099			1,063,770			18,077			(11,879)			—
Voya Multi-Manager Large Cap Core Portfolio - Class I			340,848			1,367,151			(684,528)			13,741			1,037,212			19,699			17,421			27,886
Voya Multi-Manager Mid Cap Value Fund - Class I			165,603			549,160			(219,804)			65,183			560,142			6,457			(19,739)			8,936
Voya Russell™ Mid Cap Growth Index Portfolio - Class I			66,798			34,402			(101,860)	��		660			—			—			(2,611)			—
Voya Small Company Portfolio - Class I			133,474			401,374			(137,396)			54,544			451,996			1,185			2,686			23,982
Voya U.S. Bond Index Portfolio - Class I			100,839			426,031			(527,902)			1,032			—			1,820			2,806			185
Voya U.S. Stock Index Portfolio - Class I			167,152			705,093			(426,399)			2,850			448,696			7,516			1,717			4,115
VY® Clarion Global Real Estate Portfolio - Class I			50,406			159,863			(37,579)			(3,161)			169,529			1,598			1,163			—
VY® Clarion Real Estate Portfolio - Class I			51,432			161,498			(41,041)			(1,121)			170,768			1,989			3,263			—
VY® Invesco Comstock Portfolio - Class I			148,220			444,950			(139,984)			61,002			514,188			13,064			4,989			—
VY® T. Rowe Price Capital Appreciation Portfolio - Class I			226,134			700,880			(161,803)			(17,829)			747,382			11,476			26			45,257
VY® T. Rowe Price Growth Equity Portfolio - Class I			216,571			687,024			(168,983)			(22,412)			712,200			—			(9,274)			62,512
		$	3,186,560		$	11,715,494		$	(4,922,280)		$	191,651		$	10,171,425		$	142,000		$	(4,560)		$	282,751

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2016 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(4,234)
Total		$	(4,234)

See Accompanying Notes to Financial Statements

104

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2045 Portfolio

as of December 31, 2016

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 9.3%
	51,415		iShares Barclays 20+ Year Treasury Bond Fund		$	6,125,069		1.0
	229,803		iShares Russell 1000 Value Index Fund			25,744,830		4.2
	113,783		SPDR Trust Series 1			25,433,914		4.1
			Total Exchange-Traded Funds (Cost $54,065,944)			57,303,813		9.3
MUTUAL FUNDS: 90.5%
			Affiliated Investment Companies: 88.9%
	1,275,243		Voya Emerging Markets Index Portfolio - Class I			12,191,320		2.0
	1,083,473		Voya Floating Rate Fund - Class I			10,791,393		1.8
	764,043		Voya Index Plus LargeCap Portfolio - Class I			18,482,193		3.0
	1,665,950		Voya Intermediate Bond Fund - Class R6			16,592,861		2.7
	5,210,343		Voya International Core Fund - Class I			46,893,089		7.6
	2,478,088		Voya International Index Portfolio - Class I			21,831,955		3.5
	2,624,095		Voya Large Cap Growth Portfolio - Class I			45,501,803		7.4
	1,872,184		Voya Large Cap Value Fund - Class R6			24,300,952		3.9
	2,698,547	@	Voya MidCap Opportunities Portfolio - Class I			33,300,071		5.4
	2,582,999		Voya Multi-Manager Emerging Markets Equity Fund - Class I			24,254,360		3.9
	6,126,151		Voya Multi-Manager International Equity Fund - Class I			61,751,601		10.0
	4,146,791		Voya Multi-Manager Large Cap Core Portfolio - Class I			61,745,716		10.0
	3,065,193		Voya Multi-Manager Mid Cap Value Fund - Class I			34,023,643		5.5

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	1,129,031		Voya Small Company Portfolio - Class I		$	24,974,157		4.0
	1,268,267		Voya U.S. Stock Index Portfolio - Class I			17,489,407		2.8
	797,234		VY® Clarion Global Real Estate Portfolio - Class I			9,343,586		1.5
	256,753		VY® Clarion Real Estate Portfolio - Class I			9,417,718		1.5
	1,809,887		VY® Invesco Comstock Portfolio - Class I			31,618,719		5.1
	584,906	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			45,295,086		7.3
						549,799,630		88.9
			Unaffiliated Investment Companies: 1.6%
	1,932,065	@	Credit Suisse Commodity Return Strategy Fund - Class I			9,795,570		1.6
			Total Mutual Funds (Cost $578,748,790)			559,595,200		90.5
			Total Investments in Securities (Cost $632,814,734)		$	616,899,013		99.8
			Assets in Excess of Other Liabilities			1,013,352		0.2
			Net Assets		$	617,912,365		100.0

Non-income producing security.

Cost for federal income tax purposes is $642,108,030.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	10,603,250
Gross Unrealized Depreciation		(35,812,267)
Net Unrealized Depreciation	$	(25,209,017)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	57,303,813		$	—		$	—		$	57,303,813
Mutual Funds			559,595,200			—			—			559,595,200
Total Investments, at fair value		$	616,899,013		$	—		$	—		$	616,899,013

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

See Accompanying Notes to Financial Statements

105

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2045 Portfolio

as of December 31, 2016 (continued)

Transactions with Affiliates

An investment of atleast 5% of the votiung 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, 2016, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/15			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/16			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	12,508,562		$	14,754,355		$	(17,733,741)		$	2,662,144		$	12,191,320		$	270,147		$	(2,317,292)		$	—
Voya Floating Rate Fund - Class I			11,534,895			2,154,759			(3,386,991)			488,730			10,791,393			460,615			(152,172)			—
Voya Index Plus LargeCap Portfolio - Class I			—			20,310,065			(3,085,939)			1,258,067			18,482,193			323,614			116,231			—
Voya Intermediate Bond Fund - Class R6			14,916,903			18,124,579			(16,563,233)			114,612			16,592,861			626,339			34,563			—
Voya International Core Fund - Class I			48,682,468			8,588,664			(10,305,624)			(72,419)			46,893,089			731,114			(403,010)			—
Voya International Index Portfolio - Class I			22,602,274			4,413,614			(5,243,059)			59,126			21,831,955			676,328			(512,402)			—
Voya Large Cap Growth Portfolio - Class I			49,356,685			11,210,115			(8,780,332)			(6,284,665)			45,501,803			267,049			1,667,578			6,154,468
Voya Large Cap Value Fund - Class R6			38,510,566			6,141,025			(25,147,334)			4,796,695			24,300,952			637,145			(2,067,146)			—
Voya MidCap Opportunities Portfolio - Class I			19,667,524			22,376,617			(7,363,105)			(1,380,965)			33,300,071			—			(189,069)			3,751,217
Voya Multi-Manager Emerging Markets Equity Fund - Class I			25,404,950			4,812,241			(9,094,256)			3,131,425			24,254,360			288,008			(1,184,379)			—
Voya Multi-Manager International Equity Fund - Class I			64,886,708			11,511,779			(13,230,621)			(1,416,265)			61,751,601			1,142,810			(176,912)			—
Voya Multi-Manager Large Cap Core Portfolio - Class I			64,917,522			10,521,720			(14,218,395)			524,869			61,745,716			1,361,518			1,099,835			2,293,406
Voya Multi-Manager Mid Cap Value Fund - Class I			35,477,328			5,034,385			(13,155,841)			6,667,771			34,023,643			426,641			(2,772,431)			590,452
Voya Russell™ Mid Cap Growth Index Portfolio - Class I			16,258,347			751,535			(15,615,591)			(1,394,291)			—			—			1,485,328			—
Voya Russell™ Mid Cap Index Portfolio - Class I			—			13,306,008			(13,306,008)			—			—			—			(24,660)			—
Voya Small Company Portfolio - Class I			26,155,720			4,776,472			(8,808,834)			2,850,799			24,974,157			116,647			321,581			2,360,680
Voya U.S. Bond Index Portfolio - Class I			13,070,537			20,358,309			(33,610,119)			181,273			—			90,673			114,209			9,081
Voya U.S. Stock Index Portfolio - Class I			45,631,486			23,734,475			(55,945,281)			4,068,727			17,489,407			381,202			(3,724,679)			1,395,572
VY® Clarion Global Real Estate Portfolio - Class I			9,793,080			2,082,330			(2,512,388)			(19,436)			9,343,586			123,519			13,290			—
VY® Clarion Real Estate Portfolio - Class I			9,998,583			2,289,215			(2,384,861)			(485,219)			9,417,718			160,043			786,658			—
VY® Invesco Comstock Portfolio - Class I			32,014,093			4,954,900			(9,496,506)			4,146,232			31,618,719			828,716			516,141			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			49,323,932			11,185,120			(8,894,557)			(6,319,409)			45,295,086			—			1,641,474			5,560,614
		$	610,712,163		$	223,392,282		$	(297,882,616)		$	13,577,801		$	549,799,630		$	8,912,128		$	(5,727,264)		$	22,115,490

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2016 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(2,110,616)
Interest rate contracts			185,185
Total		$	(1,925,431)

See Accompanying Notes to Financial Statements

106

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2050 Portfolio

as of December 31, 2016

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 8.7%
	533		iShares Barclays 20+ Year Treasury Bond Fund		$	63,496		0.9
	2,383		iShares Russell 1000 Value Index Fund			266,968		3.9
	1,180		SPDR Trust Series 1			263,765		3.9
			Total Exchange-Traded Funds (Cost $568,068)			594,229		8.7
MUTUAL FUNDS: 91.1%
			Affiliated Investment Companies: 89.6%
	14,013		Voya Emerging Markets Index Portfolio - Class I			133,962		2.0
	11,898		Voya Floating Rate Fund - Class I			118,500		1.8
	8,389		Voya Index Plus LargeCap Portfolio - Class I			202,920		3.0
	18,695		Voya Intermediate Bond Fund - Class R6			186,205		2.8
	57,181		Voya International Core Fund - Class I			514,629		7.6
	27,201		Voya International Index Portfolio - Class I			239,638		3.5
	28,831		Voya Large Cap Growth Portfolio - Class I			499,922		7.4
	21,753		Voya Large Cap Value Fund - Class R6			282,360		4.2
	29,645	@	Voya MidCap Opportunities Portfolio - Class I			365,814		5.4
	28,386		Voya Multi-Manager Emerging Markets Equity Fund - Class I			266,542		3.9
	67,273		Voya Multi-Manager International Equity Fund - Class I			678,115		10.0
	46,143		Voya Multi-Manager Large Cap Core Portfolio - Class I			687,068		10.1
	33,634		Voya Multi-Manager Mid Cap Value Fund - Class I			373,341		5.5

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	12,387		Voya Small Company Portfolio - Class I		$	274,008		4.0
	14,795		Voya U.S. Stock Index Portfolio - Class I			204,028		3.0
	8,758		VY® Clarion Global Real Estate Portfolio - Class I			102,638		1.5
	2,820		VY® Clarion Real Estate Portfolio - Class I			103,429		1.5
	19,838		VY® Invesco Comstock Portfolio - Class I			346,564		5.1
	6,428	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			497,773		7.3
						6,077,456		89.6
			Unaffiliated Investment Companies: 1.5%
	19,979	@	Credit Suisse Commodity Return Strategy Fund - Class I			101,295		1.5
			Total Mutual Funds (Cost $6,068,213)			6,178,751		91.1
			Total Investments in Securities
			(Cost $6,636,281)		$	6,772,980		99.8
			Assets in Excess of Other Liabilities			10,792		0.2
			Net Assets		$	6,783,772		100.0

Non-income producing security.

Cost for federal income tax purposes is $6,720,542.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	193,460
Gross Unrealized Depreciation		(141,022)
Net Unrealized Appreciation	$	52,438

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	594,229		$	—		$	—		$	594,229
Mutual Funds			6,178,751			—			—			6,178,751
Total Investments, at fair value		$	6,772,980		$	—		$	—		$	6,772,980

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 2050 Portfolio

as of December 31, 2016 (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, 2016, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/15			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/16			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	32,383		$	251,639		$	(146,945)		$	(3,115)		$	133,962		$	1,471		$	2,818		$	—
Voya Floating Rate Fund - Class I			29,581			109,694			(23,503)			2,728			118,500			3,143			(219)			—
Voya Index Plus LargeCap Portfolio - Class I			—			225,343			(33,632)			11,209			202,920			1,759			1,198			—
Voya Intermediate Bond Fund - Class R6			38,274			347,089			(194,732)			(4,426)			186,205			4,569			2,516			—
Voya International Core Fund - Class I			125,717			475,934			(98,370)			11,348			514,629			7,967			(6,568)			—
Voya International Index Portfolio - Class I			58,422			246,215			(70,311)			5,312			239,638			3,670			(3,787)			—
Voya Large Cap Growth Portfolio - Class I			127,012			497,829			(107,080)			(17,839)			499,922			1,931			(7,753)			44,502
Voya Large Cap Value Fund - Class R6			105,544			415,705			(257,802)			18,913			282,360			4,755			10,678			—
Voya MidCap Opportunities Portfolio - Class I			50,639			410,686			(90,189)			(5,322)			365,814			—			(4,052)			26,342
Voya Multi-Manager Emerging Markets Equity Fund - Class I			65,514			253,235			(62,872)			10,665			266,542			3,141			1,358			—
Voya Multi-Manager International Equity Fund - Class I			167,504			638,170			(128,529)			970			678,115			12,460			(8,418)			—
Voya Multi-Manager Large Cap Core Portfolio - Class I			174,565			718,260			(222,336)			16,579			687,068			12,463			3,496			16,585
Voya Multi-Manager Mid Cap Value Fund - Class I			91,602			375,189			(131,509)			38,059			373,341			4,649			(7,971)			6,434
Voya Russell™ Mid Cap Growth Index Portfolio - Class I			41,943			26,522			(68,800)			335			—			—			(631)			—
Voya Small Company Portfolio - Class I			67,095			246,801			(74,450)			34,562			274,008			632			1,096			12,790
Voya U.S. Bond Index Portfolio - Class I			35,276			214,140			(249,732)			316			—			851			1,660			102
Voya U.S. Stock Index Portfolio - Class I			117,677			524,591			(441,736)			3,496			204,028			3,644			3,234			5,188
VY® Clarion Global Real Estate Portfolio - Class I			25,360			98,919			(19,561)			(2,080)			102,638			932			479			—
VY® Clarion Real Estate Portfolio - Class I			25,893			99,886			(21,242)			(1,108)			103,429			1,157			1,950			—
VY® Invesco Comstock Portfolio - Class I			82,695			305,454			(83,335)			41,750			346,564			8,801			2,622			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			127,011			487,082			(104,820)			(11,500)			497,773			—			(8,703)			42,969
		$	1,589,707		$	6,968,383		$	(2,631,486)		$	150,852		$	6,077,456		$	77,995		$	(14,997)		$	154,912

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2016 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(2,117)
Total		$	(2,117)

See Accompanying Notes to Financial Statements

108

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2055 Portfolio

as of December 31, 2016

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 6.9%
	8,742		iShares Barclays 20+ Year Treasury Bond Fund		$	1,041,434		0.7
	52,099		iShares Russell 1000 Value Index Fund			5,836,651		4.1
	12,898		SPDR Trust Series 1			2,883,090		2.1
			Total Exchange-Traded Funds
			(Cost $9,066,930)			9,761,175		6.9
MUTUAL FUNDS: 93.0%
			Affiliated Investment Companies: 91.4%
	292,345		Voya Emerging Markets Index Portfolio - Class I			2,794,820		2.0
	175,110		Voya Index Plus LargeCap Portfolio - Class I			4,235,905		3.0
	384,259		Voya Intermediate Bond Fund - Class R6			3,827,221		2.7
	1,194,094		Voya International Core Fund - Class I			10,746,843		7.6
	567,940		Voya International Index Portfolio - Class I			5,003,550		3.5
	601,508		Voya Large Cap Growth Portfolio - Class I			10,430,145		7.4
	433,957		Voya Large Cap Value Fund - Class R6			5,632,760		4.0
	618,586	@	Voya MidCap Opportunities Portfolio - Class I			7,633,349		5.4
	592,157		Voya Multi-Manager Emerging Markets Equity Fund - Class I			5,560,357		3.9
	1,404,172		Voya Multi-Manager International Equity Fund - Class I			14,154,056		10.0
	950,389		Voya Multi-Manager Large Cap Core Portfolio - Class I			14,151,297		10.0
	702,456		Voya Multi-Manager Mid Cap Value Fund - Class I			7,797,265		5.5

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	258,729		Voya Small Company Portfolio - Class I		$	5,723,080		4.0
	713,056		Voya U.S. Stock Index Portfolio - Class I			9,833,036		7.0
	182,737		VY® Clarion Global Real Estate Portfolio - Class I			2,141,682		1.5
	58,843		VY® Clarion Real Estate Portfolio - Class I			2,158,379		1.5
	414,665		VY® Invesco Comstock Portfolio - Class I			7,244,202		5.1
	134,082	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			10,383,318		7.3
						129,451,265		91.4
			Unaffiliated Investment Companies: 1.6%
	437,735	@	Credit Suisse Commodity Return Strategy Fund - Class I			2,219,316		1.6
			Total Mutual Funds
			(Cost $135,643,021)			131,670,581		93.0
			Total Investments in Securities
			(Cost $144,709,951)		$	141,431,756		99.9
			Assets in Excess of Other Liabilities			194,643		0.1
			Net Assets		$	141,626,399		100.0

Non-income producing security.

Cost for federal income tax purposes is $148,862,676.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	2,639,520
Gross Unrealized Depreciation		(10,070,440)
Net Unrealized Depreciation	$	(7,430,920)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	9,761,175		$	—		$	—		$	9,761,175
Mutual Funds			131,670,581			—			—			131,670,581
Total Investments, at fair value		$	141,431,756		$	—		$	—		$	141,431,756

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 2055 Portfolio

as of December 31, 2016 (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, 2016, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/15			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/16			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	2,482,539		$	3,645,368		$	(3,781,674)		$	448,587		$	2,794,820		$	56,284		$	(389,647)		$	—
Voya Index Plus LargeCap Portfolio - Class I			—			4,598,576			(642,628)			279,957			4,235,905			67,490			24,476			—
Voya Intermediate Bond Fund - Class R6			2,939,607			4,483,940			(3,600,348)			4,022			3,827,221			130,382			20,033			—
Voya International Core Fund - Class I			9,621,776			3,327,883			(2,546,067)			343,251			10,746,843			166,450			(417,464)			—
Voya International Index Portfolio - Class I			4,470,245			2,865,903			(2,595,050)			262,452			5,003,550			140,899			(404,971)			—
Voya Large Cap Growth Portfolio - Class I			9,739,815			3,887,747			(2,161,834)			(1,035,583)			10,430,145			56,708			89,712			1,306,896
Voya Large Cap Value Fund - Class R6			7,699,454			2,534,373			(5,884,047)			1,282,980			5,632,760			136,891			(656,816)			—
Voya MidCap Opportunities Portfolio - Class I			3,880,959			5,584,234			(1,906,212)			74,368			7,633,349			—			(391,407)			794,868
Voya Multi-Manager Emerging Markets Equity Fund - Class I			5,009,401			1,815,256			(1,920,837)			656,537			5,560,357			65,575			(254,910)			—
Voya Multi-Manager International Equity Fund - Class I			12,817,117			4,460,184			(2,943,378)			(179,867)			14,154,056			260,196			(149,163)			—
Voya Multi-Manager Large Cap Core Portfolio - Class I			12,973,510			4,211,183			(3,411,246)			377,850			14,151,297			299,780			9,081			487,014
Voya Multi-Manager Mid Cap Value Fund - Class I			7,002,864			2,143,266			(2,861,051)			1,512,186			7,797,265			97,131			(656,192)			134,425
Voya Russell™ Mid Cap Growth Index Portfolio - Class I			3,208,924			332,324			(3,427,765)			(113,483)			—			—			139,250			—
Voya Russell™ Mid Cap Index Portfolio - Class I			—			2,975,705			(2,975,705)			—			—			—			(859)			—
Voya Small Company Portfolio - Class I			5,159,922			1,777,016			(2,184,380)			970,522			5,723,080			24,288			(241,105)			491,538
Voya U.S. Bond Index Portfolio - Class I			2,622,075			5,639,078			(8,297,085)			35,932			—			21,049			29,428			3,791
Voya U.S. Stock Index Portfolio - Class I			11,567,479			9,762,203			(12,629,164)			1,132,518			9,833,036			188,692			(909,834)			449,548
VY® Clarion Global Real Estate Portfolio - Class I			1,948,269			748,666			(548,595)			(6,658)			2,141,682			26,361			264			—
VY® Clarion Real Estate Portfolio - Class I			1,968,763			790,233			(538,185)			(62,432)			2,158,379			33,985			123,437			—
VY® Invesco Comstock Portfolio - Class I			6,319,628			2,018,493			(2,072,414)			978,495			7,244,202			188,131			60,978			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			9,730,542			3,846,503			(2,292,065)			(901,662)			10,383,318			—			(44,640)			1,187,961
		$	121,162,889		$	71,448,134		$	(69,219,730)		$	6,059,972		$	129,451,265		$	1,960,292		$	(4,020,350)		$	4,856,041

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2016 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(422,213)
Interest rate contracts			35,676
Total		$	(386,537)

See Accompanying Notes to Financial Statements

110

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PORTFOLIO OF INVESTMENTS

Voya Solution 2060 Portfolio

as of December 31, 2016

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 8.8%
	174		iShares Barclays 20+ Year Treasury Bond Fund		$	20,729		0.7
	1,037		iShares Russell 1000 Value Index Fund			116,175		4.1
	513		SPDR Trust Series 1			114,671		4.0
			Total Exchange-Traded Funds (Cost $239,844)			251,575		8.8
MUTUAL FUNDS: 91.2%
			Affiliated Investment Companies: 89.7%
	5,938		Voya Emerging Markets Index Portfolio - Class I			56,763		2.0
	3,557		Voya Index Plus LargeCap Portfolio - Class I			86,035		3.0
	7,846		Voya Intermediate Bond Fund - Class R6			78,150		2.7
	24,248		Voya International Core Fund - Class I			218,234		7.6
	11,534		Voya International Index Portfolio - Class I			101,611		3.5
	12,220		Voya Large Cap Growth Portfolio - Class I			211,893		7.4
	8,999		Voya Large Cap Value Fund - Class R6			116,812		4.1
	12,565	@	Voya MidCap Opportunities Portfolio - Class I			155,055		5.4
	12,028		Voya Multi-Manager Emerging Markets Equity Fund - Class I			112,946		3.9
	28,519		Voya Multi-Manager International Equity Fund - Class I			287,474		10.0
	19,292		Voya Multi-Manager Large Cap Core Portfolio - Class I			287,252		10.0
	14,264		Voya Multi-Manager Mid Cap Value Fund - Class I			158,325		5.5

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies (continued)
	5,253		Voya Small Company Portfolio - Class I		$	116,202		4.1
	10,453		Voya U.S. Stock Index Portfolio - Class I			144,152		5.0
	3,711		VY® Clarion Global Real Estate Portfolio - Class I			43,495		1.5
	1,195		VY® Clarion Real Estate Portfolio - Class I			43,843		1.5
	8,416		VY® Invesco Comstock Portfolio - Class I			147,028		5.1
	2,724	@	VY® T. Rowe Price Growth Equity Portfolio - Class I			210,945		7.4
						2,576,215		89.7
			Unaffiliated Investment Companies: 1.5%
	8,688	@	Credit Suisse Commodity Return Strategy Fund - Class I			44,046		1.5
			Total Mutual Funds (Cost $2,576,598)			2,620,261		91.2
			Total Investments in Securities
			(Cost $2,816,442)		$	2,871,836		100.0
			Liabilities in Excess of Other Assets			(328)		—
			Net Assets		$	2,871,508		100.0

Non-income producing security.

Cost for federal income tax purposes is $2,840,890.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	76,297
Gross Unrealized Depreciation		(45,351)
Net Unrealized Appreciation	$	30,946

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2016 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, 2016
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	251,575		$	—		$	—		$	251,575
Mutual Funds			2,620,261			—			—			2,620,261
Total Investments, at fair value		$	2,871,836		$	—		$	—		$	2,871,836

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

See Accompanying Notes to Financial Statements

111

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Solution 2060 Portfolio

as of December 31, 2016 (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, 2016, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/15			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/16			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I		$	13,624		$	110,435		$	(65,510)		$	(1,786)		$	56,763		$	598		$	1,540		$	—
Voya Index Plus LargeCap Portfolio - Class I			—			99,468			(18,119)			4,686			86,035			716			764			—
Voya Intermediate Bond Fund - Class R6			15,409			136,311			(71,823)			(1,747)			78,150			1,878			830			—
Voya International Core Fund - Class I			50,472			217,818			(54,639)			4,583			218,234			3,404			(1,751)			—
Voya International Index Portfolio - Class I			23,435			111,989			(35,508)			1,695			101,611			1,493			(608)			—
Voya Large Cap Growth Portfolio - Class I			50,215			223,843			(54,219)			(7,946)			211,893			805			(2,056)			18,562
Voya Large Cap Value Fund - Class R6			41,068			215,221			(146,423)			6,946			116,812			1,957			6,350			—
Voya MidCap Opportunities Portfolio - Class I			20,351			185,418			(48,814)			(1,900)			155,055			—			(1,710)			11,131
Voya Multi-Manager Emerging Markets Equity Fund - Class I			27,048			115,286			(32,416)			3,028			112,946			1,342			2,009			—
Voya Multi-Manager International Equity Fund - Class I			68,006			291,491			(72,114)			91			287,474			5,323			(2,138)			—
Voya Multi-Manager Large Cap Core Portfolio - Class I			68,064			327,907			(113,781)			5,062			287,252			5,140			4,549			6,918
Voya Multi-Manager Mid Cap Value Fund - Class I			37,317			170,723			(64,809)			15,094			158,325			1,987			(1,667)			2,749
Voya Russell™ Mid Cap Growth Index Portfolio - Class I			16,838			12,781			(29,814)			195			—			—			(268)			—
Voya Small Company Portfolio - Class I			27,010			113,117			(37,255)			13,330			116,202			259			2,278			5,234
Voya U.S. Bond Index Portfolio - Class I			13,538			104,134			(117,818)			146			—			342			628			40
Voya U.S. Stock Index Portfolio - Class I			60,709			289,499			(207,412)			1,356			144,152			2,581			2,164			4,266
VY® Clarion Global Real Estate Portfolio - Class I			10,187			45,030			(11,081)			(641)			43,495			390			171			—
VY® Clarion Real Estate Portfolio - Class I			10,365			45,453			(11,486)			(489)			43,843			483			991			—
VY® Invesco Comstock Portfolio - Class I			34,063			139,303			(42,197)			15,859			147,028			3,692			3,417			—
VY® T. Rowe Price Growth Equity Portfolio - Class I			50,469			223,232			(57,209)			(5,547)			210,945			—			(2,880)			18,566
		$	638,188		$	3,178,459		$	(1,292,447)		$	52,015		$	2,576,215		$	32,390		$	12,613		$	67,466

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

See Accompanying Notes to Financial Statements

112

TABLE OF CONTENTS

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended December 31, 2016 were as follows:

Portfolio Name	Type	Per Share Amount
Voya Solution Aggressive Portfolio
Class ADV	NII		$	0.1182
Class I	NII		$	0.1799
Class R6	NII		$	0.1803
Class S	NII		$	0.1628
Class S2	NII		$	0.1562
All Classes	LTCG		$	0.6077
Voya Solution Balanced Portfolio
Class ADV	NII		$	0.1973
Class I	NII		$	0.2631
Class R6	NII		$	0.2631
Class S	NII		$	0.2367
Class S2	NII		$	0.2157
All Classes	LTCG		$	0.6879
Voya Solution Conservative Portfolio
Class ADV	NII		$	0.1897
Class I	NII		$	0.2581
Class R6	NII		$	0.2582
Class S	NII		$	0.2327
Class S2	NII		$	0.2243
All Classes	LTCG		$	0.2611
Voya Solution Income Portfolio
Class ADV	NII		$	0.1063
Class I	NII		$	0.1433
Class S	NII		$	0.1254
Class S2	NII		$	0.1141
Class T	NII		$	—
All Classes	LTCG		$	0.1281
Voya Solution Moderately Aggressive Portfolio
Class ADV	NII		$	0.0968
Class I	NII		$	0.1544
Class R6	NII		$	0.1544
Class S	NII		$	0.1419
Class S2	NII		$	0.1086
All Classes	LTCG		$	0.1801
Voya Solution Moderately Conservative Portfolio
Class ADV	NII		$	0.1991
Class I	NII		$	0.2789
Class R6	NII		$	0.2790
Class S	NII		$	0.2528
Class S2	NII		$	0.2346
All Classes	LTCG		$	0.6001
Voya Solution 2020 Portfolio
Class ADV	NII		$	0.0457
Class I	NII		$	0.0550
Class S	NII		$	0.0524
Class S2	NII		$	0.0424
Class T	NII		$	—
All Classes	STCG		$	0.0067
All Classes	LTCG		$	0.0535
Voya Solution 2025 Portfolio
Class ADV	NII		$	0.2058
Class I	NII		$	0.2755
Class S	NII		$	0.2410
Class S2	NII		$	0.2211

Portfolio Name	Type	Per Share Amount
Voya Solution 2025 Portfolio (continued)
Class T	NII		$	0.1872
All Classes	LTCG		$	0.9073
Voya Solution 2030 Portfolio
Class ADV	NII		$	0.0436
Class I	NII		$	0.0492
Class S	NII		$	0.0475
Class S2	NII		$	0.0490
Class T	NII		$	—
All Classes	STCG		$	0.0059
All Classes	LTCG		$	0.0542
Voya Solution 2035 Portfolio
Class ADV	NII		$	0.2113
Class I	NII		$	0.2805
Class S	NII		$	0.2462
Class S2	NII		$	0.2284
Class T	NII		$	0.1560
All Classes	LTCG		$	0.9983
Voya Solution 2040 Portfolio
Class ADV	NII		$	0.0561
Class I	NII		$	0.0729
Class S	NII		$	0.0711
Class S2	NII		$	0.0716
Class T	NII		$	0.0172
All Classes	STCG		$	0.0041
All Classes	LTCG		$	0.1216
Voya Solution 2045 Portfolio
Class ADV	NII		$	0.1549
Class I	NII		$	0.2223
Class S	NII		$	0.1892
Class S2	NII		$	0.1711
Class T	NII		$	0.1400
All Classes	LTCG		$	1.0220
Voya Solution 2050 Portfolio
Class ADV	NII		$	0.0427
Class I	NII		$	0.0572
Class S	NII		$	0.0553
Class S2	NII		$	0.0536
Class T	NII		$	—
All Classes	STCG		$	0.0067
All Classes	LTCG		$	0.1059
Voya Solution 2055 Portfolio
Class ADV	NII		$	0.1473
Class I	NII		$	0.2107
Class S	NII		$	0.1794
Class S2	NII		$	0.1627
Class T	NII		$	0.1708
All Classes	LTCG		$	0.8456
Voya Solution 2060 Portfolio
Class ADV	NII		$	0.0355
Class I	NII		$	0.0357
Class S	NII		$	0.0355
Class S2	NII		$	0.0350
Class T	NII		$	0.0316
All Classes	STCG		$	0.0178
All Classes	LTCG		$	0.0413

NII - Net investment income

STCG - Short-term capital gain

LTCG - Long-term capital gain

113

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TAX INFORMATION (Unaudited) (continued)

Of the ordinary distributions made during the year ended December 31, 2016, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

	Voya Solution Aggressive Portfolio					56.86%
	Voya Solution Balanced Portfolio					32.19%
	Voya Solution Conservative Portfolio					14.09%
	Voya Solution Income Portfolio					20.87%
	Voya Solution Moderately Aggressive Portfolio					34.33%
	Voya Solution Moderately Conservative Portfolio					21.46%
	Voya Solution 2020 Portfolio					22.70%
	Voya Solution 2025 Portfolio					29.30%
	Voya Solution 2030 Portfolio					24.71%
	Voya Solution 2035 Portfolio					37.42%
	Voya Solution 2040 Portfolio					29.70%
	Voya Solution 2045 Portfolio					50.51%
	Voya Solution 2050 Portfolio					31.42%
	Voya Solution 2055 Portfolio					52.76%
	Voya Solution 2060 Portfolio					19.40%

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	$	330,800
Voya Solution Balanced Portfolio	$	3,054,899
Voya Solution Conservative Portfolio	$	379,565
Voya Solution Income Portfolio	$	6,101,101
Voya Solution Moderately Aggressive Portfolio	$	10,915,991
Voya Solution Moderately Conservative Portfolio	$	2,097,669
Voya Solution 2020 Portfolio	$	76,964
Voya Solution 2025 Portfolio	$	74,758,095
Voya Solution 2030 Portfolio	$	41,295
Voya Solution 2035 Portfolio	$	75,968,924
Voya Solution 2040 Portfolio	$	70,306
Voya Solution 2045 Portfolio	$	56,413,654
Voya Solution 2050 Portfolio	$	36,477
Voya Solution 2055 Portfolio	$	8,917,193
Voya Solution 2060 Portfolio	$	8,662

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. 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, 2016:

114

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TAX INFORMATION (Unaudited) (continued)

	Creditable Foreign Taxes Paid			Per Share Amount			Portion of Ordinary Income Distribution Derived from Foreign Sourced Income*
Voya Solution Aggressive Portfolio		$	3,629		$	0.0054		33.17%
Voya Solution Balanced Portfolio		$	12,484		$	0.0023		9.86%
Voya Solution Conservative Portfolio		$	694		$	0.0005		3.43%
Voya Solution Income Portfolio		$	41,801		$	0.0010		4.82%
Voya Solution Moderately Aggressive Portfolio		$	260,696		$	0.0044		20.49%
Voya Solution Moderately Conservative Portfolio		$	6,033		$	0.0016		8.03%
Voya Solution 2020 Portfolio		$	4,164		$	0.0024		7.61%
Voya Solution 2025 Portfolio		$	288,320		$	0.0034		14.60%
Voya Solution 2030 Portfolio		$	5,483		$	0.0051		13.83%
Voya Solution 2035 Portfolio		$	412,177		$	0.0052		22.69%
Voya Solution 2040 Portfolio		$	5,375		$	0.0070		18.74%
Voya Solution 2045 Portfolio		$	316,672		$	0.0054		32.21%
Voya Solution 2050 Portfolio		$	3,494		$	0.0074		22.81%
Voya Solution 2055 Portfolio		$	72,624		$	0.0063		32.88%
Voya Solution 2060 Portfolio		$	1,473		$	0.0053		18.04%

None of the Portfolios listed above derived any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

115

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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: 56

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: 63

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: 68

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 (23 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: 75

Director

November 2007 – Present

Retired.

151

None.

Martin J. Gavin
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, AZ 85258-2034
Age: 66

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: 72

Director

May 2013 – Present

Retired.

151

None.

Patrick W. Kenny
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 74

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: 59

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: 66

Director

January 2006 – Present

Consultant (May 2001 – Present).

151

None.

Christopher P. Sullivan
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 63

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: 71

Director

January 2005 – Present

Retired.

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: 61

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 (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 Government Money Market Portfolio; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya International High Dividend Equity Income Fund; Voya Investors Trust; Voya Mutual Funds; Voya Natural Resources Equity Income Fund; Voya Partners, Inc.; Voya Prime Rate Trust; Voya Senior Income Fund; Voya Separate Portfolios Trust; Voya Series Fund, Inc.; Voya Strategic Allocation Portfolios, Inc.; Voya Variable Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Fund Complex is as of January 31, 2017.

(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.

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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: 61	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: 58	Executive Vice President	January 2005 – Present	Managing Director and Chief Operating Officer, Voya Investments, LLC and Voya Funds Services, LLC (March 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: 66	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: 50	Chief Compliance Officer	February 2012 – Present	Senior Vice President, Voya Investment Management 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: 49	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: 52	Senior Vice President	January 2005 – Present	Senior Vice President, Voya Investments, LLC (September 2003 – Present).
Robert Terris 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 46	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: 44	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: 58	Vice President	January 2005 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (September 2004 – Present).
Lauren D. Bensinger 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 63	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).

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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
Sara M. Donaldson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57	Vice President	September 2014 – Present	Vice President, Voya Investments, LLC (October 2015 – Present). Formerly, Vice President, Voya Funds Services, LLC (April 2014 – October 2015). Formerly, Director, Compliance, AXA Rosenberg Global Services, LLC (September 1997 – March 2014).
Micheline S. Favor 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 39	Vice President	September 2016 – Present	Vice President, Head of Fund Compliance, Voya Investments LLC, and Chief Compliance Officer for Voya Investments, LLC and Directed Services, LLC (June 2016 – Present). Formerly, Vice President, Mutual Fund Compliance (March 2014 – June 2016); Assistant Vice President, Mutual Fund Compliance (May 2013 – March 2014); Assistant Vice President, Senior Project Manager (May 2008 – May 2013).
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 49	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: 40	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: 59	Vice President	March 2006 – Present	Vice President – Mutual Fund Product Development, Voya Investments, LLC (July 2012 – Present); Vice President, Voya Family of Funds (March 2010 – Present) and Vice President, Voya Funds Services, LLC (March 2006 – Present). Formerly Managing Paralegal, Registration Statements (June 2003 – July 2012).
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 47	Vice President	May 2013 – Present	Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present). Formerly, Vice President – Director of Tax, Voya Funds Services, LLC (March 2013 – October 2015). 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: 53	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: 65	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: 54	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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BOARD CONSIDERATION AND APPROVAL OF INVESTMENT Management Contracts AND SUB-ADVISORY CONTRACTS

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), provides that, after an initial period, the Board of Directors (the “Board”) of Voya Partners, Inc. (the “Company”), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not “interested persons” of the 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 (collectively, the “Portfolios”), as such term is defined under the 1940 Act (the “Independent Directors”), must annually review and approve the Portfolios’ existing investment management and sub-advisory contracts. At a meeting held on October 18, 2016, the Board, including a majority of the Independent Directors, considered whether to renew and approve the investment management contracts (the “Management Contracts”) between Directed Services LLC (the “Adviser”) and the Portfolios, and the sub-advisory contracts (the “Sub-Advisory Contracts”) with the sub-adviser to each Portfolio (the “Sub-Adviser”) effective through November 30, 2016. Consideration by the Board at its October 18, 2016 meeting of whether to renew the Management and Sub-Advisory Contracts effective through November 30, 2016 was deemed prudent because the prior approval of the Contracts was set to expire on November 17, 2016 (the same date of the Board’s meeting to discuss the annual renewal/approval). In addition, at a meeting held on November 17, 2016, the Board, including a majority of the Independent Directors, considered whether to renew and approve the Management and Sub-Advisory Contracts effective through November 30, 2017.

At its October 18, 2016 meeting, the Board, including the Independent Directors, voted to renew the Management and Sub-Advisory Contracts for the Portfolios effective through November 30, 2016. At its November 17, 2016 meeting, the Board, including the Independent Directors, voted to renew the Management and Sub-Advisory Contracts for the Portfolios effective through November 30, 2017. In reaching these decisions, the Board took into account information furnished to it throughout the year at meetings of the Board and the Board’s committees, as well as information prepared specifically in connection with the annual renewal or approval process. Determinations by the Independent Directors also took into account various factors that they believed, in light of the legal advice furnished to them by K&L Gates LLP (“K&L Gates”), their independent legal counsel, and their own business judgment, to be relevant. Further, while the Board considered at the same meetings the investment management contracts and sub-advisory contracts that were subject to renewal for the investment companies in the Voya family of funds (“Voya funds”), the Board considered each Voya fund’s investment management and sub-advisory relationships separately.

Provided below is an overview of the Board’s contract approval process in general, as well as a discussion of certain specific factors that the Board considered at its renewal meetings. While the Board gave its attention to the information furnished at the request of the Independent Directors that was most relevant to its considerations, discussed below are a number of the primary factors relevant to the Board’s consideration as to whether to renew the Management and Sub-Advisory Contracts. Each Board member may have accorded different weight to the various factors in reaching his or her conclusions with respect to each Portfolio’s investment management and sub-advisory arrangements.

Overview of the Contract Renewal and Approval Process

The Board follows a structured process pursuant to which it seeks, considers, reviews and analyzes relevant information when it decides whether to approve new or existing investment management and sub-advisory arrangements for Voya funds, including the Portfolios’ existing Management and Sub-Advisory Contracts (the “Contract Review Process”).

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The Contract Review Process has evolved as the Board’s membership has changed through periodic retirements of some Directors and the appointment and election of new Directors. In addition, the Independent Directors have reviewed and refined the renewal and approval process at least annually in order to make revised requests for information from Management and address certain unique characteristics related to new or existing Voya funds.

The Board has established (among other committees) three Investment Review Committees (each, an “IRC”) and a Contracts Committee. Among other matters, the Contracts Committee provides oversight with respect to the contracts renewal and approval process, and each Portfolio is assigned to an IRC, which provides ongoing oversight regarding, among other matters, the investment performance of the Adviser and the Sub-Adviser, as well as the oversight by the Adviser of the performance of the Sub-Adviser. The IRCs will typically apply a heightened level of scrutiny in cases where performance has lagged a Portfolio’s relevant benchmark, and/or Morningstar, Inc. (“Morningstar”) category average, as applicable. The Board and/or IRCs may also apply a heightened level of scrutiny in cases where a Portfolio’s performance has lagged its Selected Peer Group (defined below).

The type and format of the information provided to the Board or to legal counsel for the Independent Directors in connection with the Contract Review Process has been codified in a 15(c) methodology guide for the Voya funds (“15(c) Methodology Guide”). This 15(c) Methodology Guide was developed by the Independent Directors and sets out a blueprint pursuant to which the Independent Directors request, and Management provides, certain information that the Independent Directors deem important to facilitate an informed review in connection with initial and annual approvals of investment management and sub-advisory contracts. Among other actions, the Independent Directors retain the services of an independent consultant with experience in the mutual fund industry to assist the Independent Directors in developing and determining a selected peer group of investment companies for each Portfolio (“Selected Peer Group”) based on each Portfolio’s particular attributes, such as fund type and scale, Morningstar category and sales channels and structure. The Independent Directors review, evaluate and update the 15(c) Methodology Guide at least annually.

Independent Directors have periodically retained an independent firm to test and verify the accuracy of certain FACT sheet data for a representative sample of the Voya funds. In addition, the Contracts Committee routinely employs the services of an independent consultant to assist in its review and analysis of, among other matters, the 15(c) Methodology Guide, the content and format of the FACT sheets, and Selected Peer Groups to be used by the Portfolios for certain comparison purposes during the renewal process. As part of an ongoing process, the Contracts Committee recommends and considers recommendations from Management for refinements to the 15(c) Methodology Guide and other aspects of the review process, and the Board’s IRCs review benchmarks and peer groups used to assess the performance of the Voya funds.

The Board employed its process for reviewing contracts when considering the renewals of the Portfolios’ Management and Sub-Advisory Contracts at its October 18, 2016 and November 17, 2016 meetings that would be effective through November 30, 2016 and November 30, 2017, respectively. Set forth below is a discussion of many of the Board’s primary considerations and conclusions resulting from this process.

Nature, Extent and Quality of Service

In determining whether to approve the Management and Sub-Advisory Contracts, the Independent Directors received and evaluated such information as they deemed necessary regarding the nature, extent and quality of services provided to the Portfolios by the Adviser and the Sub-Adviser. This included information regarding the Adviser and the Sub-Adviser provided throughout the year at regular meetings of the Board and its committees, as well as information furnished in connection with the contract renewal meetings.

The Adviser oversees, subject to the authority of the Board, the provision of all investment advisory and portfolio management services for the Portfolios. In addition, the Adviser provides administrative services reasonably necessary for the operation of the Portfolios. The Adviser conducts day-to-day oversight of the Portfolios’ operations and risks but may delegate certain management responsibilities to one or more Sub-Advisers. Also, the Adviser oversees various other service providers, which may include, among others, distributors, custodians and fund accounting agents, shareholder service providers, and transfer agents, who provide services to the Portfolios.

The materials requested by the Independent Directors and provided to the Board, K&L Gates and/or independent consultants that assisted the Independent Directors prior to

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the October 18, 2016 and November 17, 2016 Board meetings included, among other information, the following items for each Portfolio: (1) FACT sheets that provided information regarding the performance and expenses of the Portfolio and other similarly managed funds in its Selected Peer Group, as well as information regarding the Portfolio’s investment portfolio, objective and strategies; (2) reports providing risk and attribution analyses of the Portfolio; (3) the 15(c) Methodology Guide, which describes how the FACT sheets were prepared, including the manner in which each Portfolio’s Selected Peer Group was selected and how profitability was determined; (4) responses from the Adviser and the Sub-Adviser to the Portfolios to a series of questions posed by K&L Gates on behalf of the Independent Directors; (5) copies of the forms of Management and Sub-Advisory Contracts; (6) copies of the Forms ADV for the Adviser and the Sub-Adviser; (7) financial statements for the Adviser and the Sub-Adviser; (8) a draft of a narrative summary addressing key factors the Board customarily considers in evaluating the Management and Sub-Advisory Contracts for the Voya funds’ (including the Portfolio’s) investment management and sub-advisory contracts, including a written analysis for the Portfolio of how performance, fees and expenses compare to its Selected Peer Group and/or designated benchmark(s); (9) independent analyses of Portfolio performance by the Company’s Chief Investment Risk Officer, who leads the Adviser’s Investment Risk Management Department (“IRMD”); (10) information regarding net asset flows into and out of the Portfolio; and (11) other information relevant to the Board’s evaluations.

For each Portfolio, Class I shares were used for purposes of certain comparisons between the Portfolio and its Selected Peer Group. Class I shares generally were selected so that a Portfolio’s share class with the longest performance history was compared to the analogous class of shares for each fund in its Selected Peer Group. The mutual funds included in the Portfolios’ Selected Peer Groups were selected based upon criteria designed to represent the Portfolio share class being compared to the Selected Peer Groups.

to the applicable Portfolios and the Sub-Adviser’s compliance with applicable laws and regulations. The Board was advised that to assist in the selection and monitoring of the Sub-Adviser, the Adviser has developed an oversight process formulated by its Manager Research & Selection Group (“MR&S”), which analyzes both qualitative (such as in-person meetings and telephonic meetings with the Sub-Adviser and research on sub-advisers) and quantitative information (such as performance data, portfolio data and attribution analysis) about the Sub-Adviser and the Portfolios that it manages. The Board recognized that MR&S also typically provides in-person reports to the IRCs at their meetings prior to any Sub-Adviser presentations. In addition, the Board noted that MR&S prepares periodic due diligence reports regarding the Sub-Adviser based on on-site visits and information and analysis which team members use to attempt to gain and maintain an in-depth understanding of the Sub-Adviser’s investment process and to try to identify issues that may be relevant to the Sub-Adviser’s services to a Portfolio and/or its performance. The Board also noted that MR&S provides written reports on these due diligence analyses to the pertinent IRC. The Board noted the resources that Management has committed to its services as a manager-of-managers, including resources for reporting to the Board and the IRCs to assist them with their assessment of the investment performance of the Portfolios on an on-going basis throughout the year. This includes the appointment of a Chief Investment Risk Officer and the IRMD staff members, who report directly to the Board and who have developed attribution analyses and other metrics used by the IRCs to analyze the key factors underlying investment performance for the funds in the Voya funds.

The Board also considered that in the course of monitoring performance of the Sub-Adviser, MR&S has developed, based on guidance from the IRCs, a methodology for comparing performance of each Portfolio to its Morningstar category average and/or median and primary benchmark. The Board also recognized that MR&S provides the IRCs with regular updates on the Portfolios and alerts the IRCs to potential issues as they arise. The Board also considered that the Adviser regularly monitors performance, personnel, compliance and other issues that may arise on a day-to-day basis regarding the Sub-Adviser and contemplated that, if issues are identified either through formal or informal processes, they are brought

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before the IRCs and the Board for consideration and action and the Adviser consistently makes its resources available to the Board and the IRCs to assist with addressing any issues that arise.

In considering the Portfolios’ Management Contracts, the Board also considered the extent of benefits provided to the Portfolios’ shareholders, beyond investment management services, from being part of the Voya funds. This includes, in most cases, the right to exchange or transfer investments, without a sales charge, between the same class of shares of such funds or among Voya funds available on a product platform, and the wide range of Voya funds available for exchange or transfer. The Board also took into account the Adviser’s ongoing efforts to reduce the expenses of the Voya funds through renegotiated arrangements with certain of the Voya funds’ service providers. In addition, the Board considered the efforts of the Adviser and the expenses that it incurred in recent years to help make the Voya funds more balanced and efficient by the launch of new investment products and the combinations of similar funds.

procedures of the Adviser and the Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws. The Board also took into account the CCO’s annual and periodic reports and recommendations with respect to service provider compliance programs. In this regard, the Board also considered the policies and procedures developed by the CCO in consultation with the Board’s Compliance Committee that guide the CCO’s compliance oversight function.

The Board requested and considered information regarding the staffing of each Portfolio’s portfolio management team. The Board took into account the respective resources and reputations of the Adviser and the Sub-Adviser, and evaluated the compensation arrangements for each Portfolio’s portfolio management team. The Board also considered the adequacy of the resources committed to the Portfolios (and other relevant funds in the Voya funds) by the Adviser and the Sub-Adviser, and whether those resources are commensurate with the needs of the Portfolios and are sufficient to provide high-quality services to the Portfolios. The Board also considered the financial stability of the Adviser and the Sub-Adviser.

Based on their deliberations and the materials presented to them, the Board concluded that the investment management and related services provided by the Adviser and the Sub-Adviser are appropriate in light of the Portfolios’ operations, the competitive landscape of the investment company business, and investor needs, and that the nature, extent and quality of the overall services provided by the Adviser and the Sub-Adviser were appropriate.

Portfolio Performance

In assessing investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Portfolio. The Board considered the performance reports and analyses from MR&S and IRMD and discussions with portfolio managers at Board and committee meetings during the year. The Board also paid particular attention in assessing performance to the FACT sheets furnished in connection with the renewal and approval process. The FACT sheets prepared for each Portfolio included its investment performance compared to the Portfolio’s Morningstar category average, Selected Peer Group and primary benchmark. The FACT sheet performance data was as of March 31, 2016.

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The Board’s findings specific to each Portfolio’s performance are discussed under “Portfolio-by-Portfolio Analysis” below.

Economies of Scale

When evaluating the reasonableness of advisory fee rates, the Board also considered whether economies of scale likely will be realized by the Adviser and the Sub-Adviser as a Portfolio grows larger and the extent to which any such economies are reflected in contractual fee rates. In this regard, the Board also considered that, while the Portfolios do not have advisory fee breakpoints, they do have expense reimbursement arrangements. In this connection, the Board considered the extent to which economies of scale could be realized through such expense reimbursements or other expense reductions. In evaluating fee rate breakpoint arrangements and economies of scale, the Independent Directors also considered prior periodic management reports, industry information on this topic and the Portfolios’ investment performance.

Information Regarding Services to Other Clients

The Board requested and considered information regarding the nature of services and fee rates offered by the Adviser and the Sub-Adviser to other clients, including other registered investment companies and relevant institutional accounts. When fee rates offered to other clients differed materially from those charged to a Portfolio, the Board considered any underlying rationale provided by the Adviser or the Sub-Adviser for these differences. The Board also noted that the fee rates charged to the Portfolios and other institutional clients of the Adviser or the Sub-Adviser (including other investment companies) may differ materially due to, among other reasons, as applicable: differences in services; different regulatory requirements associated with registered investment companies, such as the Portfolios, as compared to non-registered investment company clients; market differences in fee rates that existed when a Portfolio first was organized; differences in the original sponsors of Portfolios that now are managed by the Adviser; investment capacity constraints that existed when certain contracts were first agreed upon or that might exist at present; and different pricing structures that are necessary to be competitive in different marketing channels.

Fee Rates, Profitability and Fall-out Benefits

that are paid to each Sub-Adviser, as compared to the portion retained by the Adviser. In addition, the Board considered fee waivers and expense limitations applicable to the fees payable by the Portfolios, including the Adviser’s agreement to extend each such fee waiver and expense limitation agreement and not to terminate such agreement without prior approval of the Board.

The Board requested information regarding and considered: (1) the fee rate structure of each Portfolio as it relates to the services provided under the contracts; and (2) the potential fall-out benefits to the Adviser and the Sub-Adviser and their respective affiliates from their association with the Portfolios. For each Portfolio, the Board separately determined that the fees payable to the Adviser and the fee rate payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

For each Portfolio, the Board considered information on revenues, costs and profits realized by the Adviser and the Sub-Adviser, which was prepared by Management in accordance with the methodology (including related assumptions) specified in the 15(c) Methodology Guide. In analyzing the profitability of the Adviser in connection with its services to a Portfolio, the Board took into account the sub-advisory fee rate payable by the Adviser to the Sub-Adviser. In addition, the Board considered information that it requested and that was provided by Management with respect to the profitability of service providers affiliated with the Adviser. The Board also considered the profitability of the Adviser and its affiliated companies attributable to managing and operating each Portfolio both with and without the profitability of the distributor of the Portfolios and both before and after giving effect to any expenses incurred by the Adviser or any affiliated company in making revenue sharing or other payments to third parties, including affiliated insurance companies, for distribution services.

Although the 15(c) Methodology Guide establishes certain standards for profit calculation, the Board recognized that profitability analysis on a client-by-client basis is not an exact science and there is no uniform methodology within the asset management industry for determining profitability for this purpose. In this context, the Board realized that Management’s calculations regarding its costs incurred in establishing the infrastructure necessary for the Portfolios’ operations may not be fully reflected in the expenses allocated to each Portfolio in determining profitability, and that the information presented may not portray all of the costs borne by the Adviser and Management or capture their entrepreneurial risk associated with offering and

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managing a mutual fund complex in the current regulatory and market environment. In addition, the Board recognized that the use of different reasonable methodologies for purposes of calculating profit data can give rise to dramatically different profit and loss results.

In considering the Management and Sub-Advisory Contracts, the Board noted that, at the request of the Board, the Adviser has from time to time agreed to implement remedial actions regarding certain Voya funds. These remedial actions have included, among others: reductions in fee rates or adjustments to expense limitation and waiver arrangements; changes in sub-advisers or portfolio managers; and strategy modifications.

In making its determinations, the Board based its conclusions as to the reasonableness of the management and sub-advisory fees of the Adviser and the Sub-Adviser primarily on the factors described for each Portfolio below.

Portfolio-by-Portfolio Analysis

The following paragraphs outline certain of the specific factors that the Board considered, and the conclusions reached, at its October 18, 2016 and November 17, 2016 meetings in relation to approving each Portfolio’s Management and Sub-Advisory Contracts. These specific factors are in addition to those considerations discussed above. In each case, the Portfolio’s performance was compared to its Morningstar category median and/or average, as well as its primary benchmark, a broad-based securities market index that appears in the Portfolio’s prospectus. With respect to Morningstar quintile rankings, the first quintile represents the highest (best) performance and the fifth quintile represents the lowest performance. Each Portfolio’s management fee rates and expense ratio were compared to the fees and expense ratios of the funds in its Selected Peer Group.

Voya Solution Aggressive Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Solution Aggressive Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2016: (1) the Portfolio underperformed its Morningstar category average for all periods presented; (2) the Portfolio underperformed its primary benchmark for all periods presented; and (3) the Portfolio is ranked in the fourth quintile of its Morningstar category for all periods presented. In analyzing this performance data, the Board took into account: (1) that the Portfolio commenced operations in May 2013, and therefore had a limited operating history for the purpose of analyzing its

performance; and (2) that Management would continue to monitor, and the Board or its Investment Review Committee would periodically review, the Portfolio’s performance.

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

After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s expense ratio is reasonable in the context of all factors considered by the Board; (3) taking into account that the Portfolio commenced operations in May 2013, and therefore had a limited operating history for the purpose of analyzing the Portfolio’s performance, it is reasonable to permit the Portfolio time to establish a longer performance record for the purpose of evaluating investment performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Management and Sub-Advisory Contracts for the Portfolio for the relevant periods. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

Voya Solution Balanced Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Solution Balanced Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2016: (1) the Portfolio outperformed its

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Morningstar category average for the one-year and three-year periods, but underperformed for the year-to-date and five-year periods; (2) the Portfolio underperformed its primary benchmark for all periods presented; and (3) the Portfolio is ranked in the third quintile of its Morningstar category for the one-year, three-year and five-year periods, and the fourth quintile for the year-to-date period. In analyzing this performance data, the Board took into account Management’s representations regarding the competitiveness of the Portfolio’s performance during certain periods.

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

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

Voya Solution Conservative Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya

Solution Conservative Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2016: (1) the Portfolio outperformed its Morningstar category average for all periods presented; (2) the Portfolio outperformed its primary benchmark for the one-year period, equaled its performance for the three-year period, and underperformed for the one-year and five-year periods; and (3) the Portfolio is ranked in the first (highest) quintile of its Morningstar category for the one-year period, the second quintile for the year-to-date and three-year periods, and the third quintile for the five-year period.

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

Voya Solution Income Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Solution Income Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2016: (1) the Portfolio outperformed its Morningstar category average for all periods presented,

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with the exception of the year-to-date period, during which it underperformed; (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which it outperformed; and (3) the Portfolio is ranked in the first (highest) quintile of its Morningstar category for the one-year, three-year, five-year and ten-year periods, and the fourth quintile for the year-to-date period.

In considering the fees payable under the Management and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee for the Portfolio is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio, inclusive of Acquired Fund Fees and Expenses (“AFFE”), is above the median and the average of the funds in its Selected Peer Group, and the expense ratio for the Portfolio, not inclusive of AFFE, is above the median and the average of the expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) Management’s representations regarding the competitiveness of the Portfolio’s management fee and expense ratio.

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

Voya Solution Moderately Aggressive Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Solution Moderately Aggressive Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2016: (1) the Portfolio

outperformed its Morningstar category average for all periods presented, except the year-to-date period, during which it underperformed; (2) the Portfolio underperformed its primary benchmark for all periods presented; and (3) the Portfolio is ranked in the second quintile of its Morningstar category for the three-year period, the third quintile for the one-year and five-year periods, and the fourth quintile for the year-to-date period.

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

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

Voya Solution Moderately Conservative Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Solution Moderately Conservative Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2016: (1) the Portfolio

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outperformed its Morningstar category average for all periods presented, with the exception of the year-to-date period, during which it underperformed; (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which it outperformed; and (3) the Portfolio is ranked in the first (highest) quintile of its Morningstar category for the three-year period, the second quintile for the five-year period, the third quintile for the one-year period, and the fourth quintile for the year-to-date period.

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

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

Voya Solution 2020 Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Solution 2020 Portfolio, the Board considered that, based

on performance data for the periods ended March 31, 2016: (1) the Portfolio outperformed its Morningstar category average for all periods presented, with the exception of the year-to-date period, during which it underperformed; (2) the Portfolio outperformed its primary benchmark for the three-year period, equaled its performance for the one-year period, and underperformed for the year-to-date period; and (3) the Portfolio is ranked in the first (highest) quintile of its Morningstar category for the one-year and three-year periods, and the fourth quintile for the year-to-date period.

In considering the fees payable under the Management and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee for the Portfolio is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio, inclusive of Acquired Fund Fees and Expenses (“AFFE”), is above the median and the average expense ratios of the funds in its Selected Peer Group, and the expense ratio for the Portfolio, not inclusive of AFFE, is above the median and the average of the expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, at the Board’s direction during the 2016 Contract Review Process, new lower expense limits were implemented on behalf of the Portfolio, to become effective January 1, 2017; (2) that the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (3) Management’s representations regarding the competitiveness of the Portfolio’s management fee and expense ratio.

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

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Voya Solution 2025 Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Solution 2025 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2016: (1) the Portfolio outperformed its Morningstar category average for all periods presented, with the exception of the year-to-date and ten-year periods, during which it underperformed; (2) the Portfolio underperformed its primary benchmark for all periods presented; and (3) the Portfolio is ranked in the first (highest) quintile of its Morningstar category for the three-year period, the second quintile for the five-year period, the third quintile for the one-year and ten-year periods, and the fourth quintile for the year-to-date period.

In considering the fees payable under the Management and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee for the Portfolio is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio, inclusive of Acquired Fund Fees and Expenses (“AFFE”), is above the median and the average expense ratios of the funds in its Selected Peer Group, and the expense ratio for the Portfolio, not inclusive of AFFE, is above the median and the average of the expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, at the Board’s direction during the 2016 Contract Review Process, new lower expense limits were implemented on behalf of the Portfolio, to become effective January 1, 2017; (2) that the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (3) Management’s representations regarding the competitiveness of the Portfolio’s management fee and expense ratio.

this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

Voya Solution 2030 Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Solution 2030 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2016: (1) the Portfolio outperformed its Morningstar category average for all periods presented, with the exception of the year-to-date period, during which it underperformed; (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which it outperformed; and (3) the Portfolio is ranked in the first (highest) quintile of its Morningstar category for the three-year period, the second quintile for the one-year period, and the fourth quintile for the year-to-date period.

In considering the fees payable under the Management and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee for the Portfolio is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio, inclusive of Acquired Fund Fees and Expenses (“AFFE”), is above the median and the average expense ratios of the funds in its Selected Peer Group, and the expense ratio for the Portfolio, not inclusive of AFFE, is above the median and the average of the expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, at the Board’s direction during the 2016 Contract Review Process, new lower expense limits were implemented on behalf of the Portfolio, to become effective January 1, 2017; (2) that the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (3) Management’s representations regarding the competitiveness of the Portfolio’s management fee and expense ratio.

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reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Management and Sub-Advisory Contracts for the Portfolio for the relevant periods. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

Voya Solution 2035 Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Solution 2035 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2016: (1) the Portfolio underperformed its Morningstar category average for all periods presented, with the exception of the three-year period, during which it outperformed, and the five-year period during which its performance was equal to the performance of its Morningstar category average; (2) the Portfolio underperformed its primary benchmark for all periods presented; and (3) the Portfolio is ranked in the second quintile of its Morningstar category for the three-year period, the third quintile for the one-year, five-year and ten-year periods, and the fifth (lowest) quintile for the year-to-date period. In analyzing this performance data, the Board took into account Management’s representations regarding the competitiveness of the Portfolio’s performance during certain periods.

In considering the fees payable under the Management and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee for the Portfolio is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio, inclusive of Acquired Fund Fees and Expenses (“AFFE”), is above the median and the average of the funds in its Selected Peer Group, and the expense ratio for the Portfolio, not inclusive of AFFE, is above the median and the average of the expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, at the Board’s direction during the 2016 Contract Review Process, new lower expense limits were implemented on behalf of the Portfolio, to become effective January 1, 2017; (2) that the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (3) Management’s representations regarding the competitiveness of the Portfolio’s management fee and expense ratio.

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

Voya Solution 2040 Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Solution 2040 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2016: (1) the Portfolio outperformed its Morningstar category average for all periods presented, with the exception of the year-to-date period, during which it underperformed; (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which it outperformed; and (3) the Portfolio is ranked in the first (highest) quintile of its Morningstar category for the three-year period, the second quintile for the one-year period, and the fourth quintile for the year-to-date period.

In considering the fees payable under the Management and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee for the Portfolio is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio, inclusive of Acquired Fund Fees and Expenses (“AFFE”), is above the median and the average of the funds in its Selected Peer Group, and the expense ratio for the Portfolio, not inclusive of AFFE, is above the median and the average of the expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, at the Board’s direction during the 2016 Contract Review Process, new lower expense limits were implemented on behalf of the Portfolio, to become effective January 1, 2017; (2) that the Portfolio indirectly bears the fees payable by the underlying

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funds in which the Portfolio invests; and (3) Management’s representations regarding the competitiveness of the Portfolio’s management fee and expense ratio.

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

Voya Solution 2045 Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Solution 2045 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2016: (1) the Portfolio underperformed its Morningstar category average for all periods presented, with the exception of the three-year and five-year periods, during which it outperformed; (2) the Portfolio underperformed its primary benchmark for all periods presented; and (3) the Portfolio is ranked in the first (highest) quintile of its Morningstar category for the three-year period, the second quintile for the five-year period, the third quintile for the ten-year period, the fourth quintile for the one-year period, and the fifth (lowest) quintile for the year-to-date period. In analyzing this performance data, the Board took into account Management’s representations regarding the competitiveness of the Portfolio’s performance during certain periods.

ratio for the Portfolio, not inclusive of AFFE, is above the median and the average of the expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, at the Board’s direction during the 2016 Contract Review Process, new lower expense limits were implemented on behalf of the Portfolio, to become effective January 1, 2017; (2) that the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (3) Management’s representations regarding the competitiveness of the Portfolio’s management fee and expense ratio.

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

Voya Solution 2050 Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Solution 2050 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2016: (1) the Portfolio outperformed its Morningstar category average for all periods presented, with the exception of the year-to-date period, during which it underperformed; (2) the Portfolio underperformed its primary benchmark for all periods presented; and (3) the Portfolio is ranked in the first (highest) quintile of its Morningstar category for the three-year period, the second quintile for the one-year period, and the fourth quintile for the year-to-date period. In analyzing this performance data, the Board took into account Management’s representations regarding the competitiveness of the Portfolio’s performance during certain periods.

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including that: (a) the management fee for the Portfolio is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio, inclusive of Acquired Fund Fees and Expenses (“AFFE”), is above the median and the average of the funds in its Selected Peer Group, and the expense ratio for the Portfolio, not inclusive of AFFE, is above the median and the average of the expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, at the Board’s direction during the 2016 Contract Review Process, new lower expense limits were implemented on behalf of the Portfolio, to become effective January 1, 2017; (2) that the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (3) Management’s representations regarding the competitiveness of the Portfolio’s management fee and expense ratio.

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

Voya Solution 2055 Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Solution 2055 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2016: (1) the Portfolio underperformed its Morningstar category average for all periods presented, with the exception of the three-year period, during which it outperformed; (2) the Portfolio underperformed its primary benchmark for all periods presented; and (3) the Portfolio is ranked in the second quintile of its Morningstar category for the three-year period, the third quintile for the five-year period, the fourth quintile for the one-year period, and the fifth (lowest) quintile for the year-to-date period. In analyzing this performance data, the Board took into account Management’s representations regarding the competitiveness of the Portfolio’s performance for certain periods.

In considering the fees payable under the Management and Sub-Advisory Contracts for the Portfolio, the Board

took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee for the Portfolio is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio, inclusive of Acquired Fund Fees and Expenses (“AFFE”), is above the median and the average of the funds in its Selected Peer Group, and the expense ratio for the Portfolio, not inclusive of AFFE, is above the median and the average of the expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, at the Board’s direction during the 2016 Contract Review Process, new lower expense limits were implemented on behalf of the Portfolio, to become effective January 1, 2017; (2) that the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (3) Management’s representations regarding the competitiveness of the Portfolio’s management fee and expense ratio.

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

Voya Solution 2060 Portfolio

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Solution 2060 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2016: (1) the Portfolio underperformed its Morningstar category average for all periods presented; (2) the Portfolio underperformed its primary benchmark for all periods presented; and (3) the Portfolio is ranked in the third quintile of its Morningstar category for the one-year period, and the fifth (lowest) quintile for the year-to-date period. In analyzing this performance data, the Board took into account: (1) that the Portfolio commenced operations in February 2015, and therefore had a limited operating

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ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

history for the purpose of analyzing its performance; (2) Management’s expectation that longer-term performance will improve; and (3) that Management would continue to monitor, and the Board or its Investment Review Committee would periodically review, the Portfolio’s performance.

In considering the fees payable under the Management and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that the expense ratio for the Portfolio, inclusive of Acquired Fund Fees and Expenses (“AFFE”), is above the median and the average of the funds in its Selected Peer Group, and the expense ratio for the Portfolio, not inclusive of AFFE, is above the median and the average of the expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, at the Board’s direction during the 2016 Contract Review Process, new lower expense limits were implemented on behalf of the Portfolio, to become

effective January 1, 2017; (2) that the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (3) Management’s representations regarding the competitiveness of the Portfolio’s expense ratio.

After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s expense ratio is reasonable in the context of all factors considered by the Board; (3) taking into account that the Portfolio commenced operations in February 2015, and therefore had a limited operating history for the purpose of analyzing the Portfolio’s performance, it is reasonable to permit the Portfolio time to establish a longer performance record for the purpose of evaluating investment performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Management and Sub-Advisory Contracts for the Portfolio for the relevant periods. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

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Investment Adviser
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 (1216-021517)

TABLE OF CONTENTS

Annual Report

December 31, 2016

Classes ADV, I, S, S2 and Z

Voya Partners, Inc.

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Voya Index Solution Income Portfolio

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Voya Index Solution 2020 Portfolio

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Voya Index Solution 2025 Portfolio

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Voya Index Solution 2030 Portfolio

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Voya Index Solution 2035 Portfolio

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Voya Index Solution 2040 Portfolio

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Voya Index Solution 2045 Portfolio

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Voya Index Solution 2050 Portfolio

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Voya Index Solution 2055 Portfolio

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Voya Index Solution 2060 Portfolio