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: January 1, 2017 to June 30, 2017

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

Semi-Annual Report

June 30, 2017

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	1
Market Perspective	2
Shareholder Expense Examples	4
Statements of Assets and Liabilities	7
Statements of Operations	15
Statements of Changes in Net Assets	19
Financial Highlights	26
Notes to Financial Statements	33
Summary Portfolios of Investments ("Portfolio of Investments")	56
Advisory and Sub-Advisory Contract Approval Discussion	132

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

Guiding through the Headlines

Dear Shareholder,

So far this year, investors have been rewarded for, the most part, ignoring the volatility in news headlines and focusing on market fundamentals — improving corporate earnings in a supportive global economy. On the back of strong equity returns in 2017, one of the big questions on investors' minds is, where does the U.S. now stand in the business and economic cycle? It matters greatly for asset allocators, who have to determine the proper mix of equity and fixed income investments in client portfolios.

In our view, the U.S. is squarely in the late stages of the business cycle, with the U.S. Federal Reserve Board ("Fed") tightening monetary policy and unemployment falling to new lows. The rest of the world is behind the U.S. with more slack to be absorbed, but central banks are starting to talk about adjusting monetary policy to match underlying economic strength. We believe this is not necessarily bad for equities, especially when monetary policy is being renormalized from an extremely accommodative stance.

Monetary policy has been a critical driver of bond returns this year. Unemployment currently stands at 4.3%, below the 4.7% level above which the Fed believes inflation rises. But wage growth is tame and inflation has been soft for the past few months, which we believe should help corporate profit margins and work to extend the business cycle. With a benign interest-rate tightening cycle thus far, a currently low risk of recession and good but not spectacular growth, we believe that the U.S. is in a "goldilocks" environment, at least for the near term.

Does this mean one should assume that the good times will keep rolling? Maybe. The pace of equity gains may slow as we make it through the year, but that doesn't mean investors should be switching their allocations. The best way to keep on track to meet your goals is not with the latest business media updates but with the guidance of your investment advisor. If your long-term investment goals have changed, thoroughly discuss them with your investment advisor before making any changes to your investment strategy.

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
July 31, 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.

1

MARKET PERSPECTIVE: SIX MONTHS ENDED JUNE 30, 2017

As our new fiscal year got under way, investor sentiment was still reeling from the unexpected result of the U.S. presidential election. For this and perhaps more importantly, other reasons, global equities, in the form of the MSCI World Index^SM (the "Index") measured in local currencies, including net reinvested dividends, forged ahead in 2017, rising in every month, to end the first half of the fiscal year up 8.25%. (The Index returned 10.66% for the six-month period ended June 30, 2017, measured in U.S. dollars.)

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

Having drifted sideways, the Index jumped 5.5% by the end of 2016. The platform was seen as reflationary in the U.S. and elsewhere. The yield curve, which had been rising and steepening, did so faster than ever, especially when the Federal Open Market Committee ("FOMC") raised the federal funds rate by 25bp (0.25%) on December 14 and projected three more similar raises in 2017.

The term "reflation trade", meaning the positioning of a portfolio to take advantage of an expected increase in demand, economic activity, inflation and interest rates, had been part of the market pundit's lexicon for years. There is no doubt that it received new impetus after the election, given the legislative agenda described above and the fact that the party charged with getting it enacted had a majority in both houses of Congress.

Yet expectations for this agenda to drive the reflation trade soon faded in 2017. Item 1 would be to repeal and replace the Affordable Care Act. The second version of the bill narrowly passed the House on May 4 after the first was abandoned. The Senate's somewhat different version still lacked 50 votes as June ended. Complex and contentious issues were involved, as they are with policies on tax reform, deregulation and infrastructure spending. Commentators increasingly cautioned that this and other political controversies would impede and at least delay any meaningful reflationary boost from policy.

However, investors seemed to take comfort from signs, emerging even before the election, of budding reflation in key economic areas, which would continue to grow in 2017.

In the euro zone, unemployment edged down to 9.3%, still high but the lowest in eight years. The region's composite purchasing managers' index reached and held at a six-year high. Gross domestic product ("GDP") grew 1.9% year over year in the first quarter of 2017, within striking distance of the UK (2.0%) and U.S. (2.1%). The Economic Sentiment Indicator for June came in at the best level in nearly 10 years and by then European Central Bank President Draghi was hinting that monetary tightening was on the horizon.

China had been a grave concern early in 2016, due to declining growth, policy missteps and ballooning debt. But over the next 12 months, matters stabilized. While too much debt and sharply rising home prices were still problems, GDP growth was targeted at 6.5% year-over-year. Actual growth in the first quarter of 2017 was 6.9%. Very much in the reflation theme, producer prices, after 54 consecutive months of annual declines, turned and stayed positive from September 2016.

In the U.S., the labor market continued to tighten. The June employment report, although disappointing in the number of new jobs created (138,000), showed the unemployment rate

falling to 4.3%. Corporate earnings were improving (see below). It was no surprise when the FOMC added a further 25bp (0.25%) in March and another in June to the federal funds rate.

To be sure there remained areas of sluggishness, like core consumer price inflation and wage growth, but each piece of negative news, whether economic or political, seemed to excite a buy-the-dip mentality and June ended with the Index barely below its best level.

In U.S. fixed income markets, the Bloomberg Barclays U.S. Aggregate Bond Index ("Barclays Aggregate") rose 2.27% in the half-year. The Bloomberg Barclays U.S. Treasury Bond sub-index gained 1.87%, a little better than the coupon as the yield curve mostly fell. Indices of riskier classes outperformed Treasuries. The Bloomberg Barclays U.S. Corporate Investment Grade Bond sub-index rose 3.80%, the Bloomberg Barclays High Yield Bond — 2% Issuer Constrained Composite Index (not a part of the Barclays Aggregate) rose 4.92%.

U.S. equities, represented by the S&P 500^® Index including dividends, climbed 9.34% in the six months through June. The earnings per share of its constituent companies topped 13% growth year-over-year in the first quarter of 2017, the best since 2011. The technology sector was the leader, up 17.23%, although it fell more than 4% in the last three weeks on valuation concerns. Energy was the weakest sector, down 12.61%, with oil prices down nearly 14% over the period.

In currencies, the dollar fell 7.84% against the euro, 4.89% against the pound and 4.27% against the yen. While the U.S. was far ahead of the other regions in terms of monetary tightening, the beginning of the period was near the peak of the euphoria surrounding the reflation trade that had driven the dollar higher.

In international markets, the MSCI Japan^® Index gained 5.89% over the half-year, in an environment of improving corporate governance and profitability, with little competition from fixed income investments. The MSCI Europe ex UK^® Index added 9.23%. Aside from the positive developments noted above, corporate earnings were improving and political fears were assuaged by the election of a centrist President in France. The MSCI UK^® Index rose 4.64%. More than 2% was lost in June, after an election called to give the ruling party a dominant majority and facilitate Brexit negotiations, resulted in a hung parliament.

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.

2

BENCHMARK DESCRIPTION

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 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.
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.

3

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED)

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

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2017 to June 30, 2017. 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 January 1, 2017		Ending Account Value June 30, 2017		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2017*		Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2017*
Class ADV	$	1,000.00	$	1,054.70		1.10	%	$	5.60	$	1,000.00	$	1,019.34		1.10	%	$	5.51
Class I		1,000.00		1,057.50		0.60			3.06		1,000.00		1,021.82		0.60			3.01
Class S		1,000.00		1,055.30		0.85			4.33		1,000.00		1,020.58		0.85			4.26
VY® American Century Small-Mid Cap Value Portfolio
Class ADV	$	1,000.00	$	1,036.60		1.36	%	$	6.87	$	1,000.00	$	1,018.05		1.36	%	$	6.80
Class I		1,000.00		1,038.50		0.86			4.35		1,000.00		1,020.53		0.86			4.31
Class S		1,000.00		1,037.40		1.11			5.61		1,000.00		1,019.29		1.11			5.56
Class S2		1,000.00		1,035.80		1.26			6.36		1,000.00		1,018.55		1.26			6.31

4

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

	Actual Portfolio Return									Hypothetical (5% return before expenses)
VY® Baron Growth Portfolio	Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2017*		Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2017*
Class ADV	$	1,000.00	$	1,176.10		1.49	%	$	8.04	$	1,000.00	$	1,017.41		1.49	%	$	7.45
Class I		1,000.00		1,179.00		0.99			5.35		1,000.00		1,019.89		0.99			4.96
Class R6		1,000.00		1,179.00		0.99			5.35		1,000.00		1,019.89		0.99			4.96
Class S		1,000.00		1,177.40		1.24			6.69		1,000.00		1,018.65		1.24			6.21
Class S2		1,000.00		1,176.60		1.39			7.50		1,000.00		1,017.90		1.39			6.95
VY® Columbia Contrarian Core Portfolio
Class ADV	$	1,000.00	$	1,107.50		1.21	%	$	6.32	$	1,000.00	$	1,018.79		1.21	%	$	6.06
Class I		1,000.00		1,110.10		0.71			3.71		1,000.00		1,021.27		0.71			3.56
Class S		1,000.00		1,108.40		0.96			5.02		1,000.00		1,020.03		0.96			4.81
VY® Columbia Small Cap Value II Portfolio
Class ADV	$	1,000.00	$	1,011.90		1.36	%	$	6.78	$	1,000.00	$	1,018.05		1.36	%	$	6.80
Class I		1,000.00		1,014.70		0.86			4.30		1,000.00		1,020.53		0.86			4.31
Class R6		1,000.00		1,014.70		0.86			4.30		1,000.00		1,020.53		0.86			4.31
Class S		1,000.00		1,013.70		1.11			5.54		1,000.00		1,019.29		1.11			5.56
Class S2		1,000.00		1,013.00		1.26			6.29		1,000.00		1,018.55		1.26			6.31
VY® Invesco Comstock Portfolio
Class ADV	$	1,000.00	$	1,031.70		1.23	%	$	6.20	$	1,000.00	$	1,018.70		1.23	%	$	6.16
Class I		1,000.00		1,034.90		0.73			3.68		1,000.00		1,021.17		0.73			3.66
Class S		1,000.00		1,033.80		0.98			4.94		1,000.00		1,019.93		0.98			4.91
VY® Invesco Equity and Income Portfolio
Class ADV	$	1,000.00	$	1,039.90		1.14	%	$	5.77	$	1,000.00	$	1,019.14		1.14	%	$	5.71
Class I		1,000.00		1,042.60		0.64			3.24		1,000.00		1,021.62		0.64			3.21
Class S		1,000.00		1,041.10		0.89			4.50		1,000.00		1,020.38		0.89			4.46
Class S2		1,000.00		1,040.60		1.02			5.16		1,000.00		1,019.74		1.02			5.11
VY® JPMorgan Mid Cap Value Portfolio
Class ADV	$	1,000.00	$	1,061.60		1.37	%	$	7.00	$	1,000.00	$	1,018.00		1.37	%	$	6.85
Class I		1,000.00		1,064.80		0.87			4.45		1,000.00		1,020.48		0.87			4.36
Class S		1,000.00		1,063.30		1.12			5.73		1,000.00		1,019.24		1.12			5.61
Class S2		1,000.00		1,062.30		1.27			6.49		1,000.00		1,018.50		1.27			6.36
VY® Oppenheimer Global Portfolio
Class ADV	$	1,000.00	$	1,196.90		1.25	%	$	6.81	$	1,000.00	$	1,018.60		1.25	%	$	6.26
Class I		1,000.00		1,199.30		0.75			4.09		1,000.00		1,021.08		0.75			3.76
Class S		1,000.00		1,197.70		1.00			5.45		1,000.00		1,019.84		1.00			5.01
Class S2		1,000.00		1,197.00		1.15			6.26		1,000.00		1,019.09		1.15			5.76

5

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

	Actual Portfolio Return									Hypothetical (5% return before expenses)
VY® Pioneer High Yield Portfolio	Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2017*		Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2017*
Class I	$	1,000.00	$	1,046.90		0.71	%	$	3.60	$	1,000.00	$	1,021.27		0.71	%	$	3.56
Class S		1,000.00		1,046.50		0.96			4.87		1,000.00		1,020.03		0.96			4.81
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio
Class ADV	$	1,000.00	$	1,124.00		1.27	%	$	6.69	$	1,000.00	$	1,018.50		1.27	%	$	6.36
Class I		1,000.00		1,127.60		0.77			4.06		1,000.00		1,020.98		0.77			3.86
Class R6		1,000.00		1,128.60		0.77			4.06		1,000.00		1,020.98		0.77			3.86
Class S		1,000.00		1,126.70		1.02			5.38		1,000.00		1,019.74		1.02			5.11
Class S2		1,000.00		1,125.80		1.17			6.17		1,000.00		1,018.99		1.17			5.86
VY® T. Rowe Price Growth Equity Portfolio
Class ADV	$	1,000.00	$	1,191.80		1.23	%	$	6.68	$	1,000.00	$	1,018.70		1.23	%	$	6.16
Class I		1,000.00		1,194.70		0.73			3.97		1,000.00		1,021.17		0.73			3.66
Class S		1,000.00		1,193.20		0.98			5.33		1,000.00		1,019.93		0.98			4.91
Class S2		1,000.00		1,192.30		1.13			6.14		1,000.00		1,019.19		1.13			5.66
VY® Templeton Foreign Equity Portfolio
Class ADV	$	1,000.00	$	1,135.80		1.40	%	$	7.41	$	1,000.00	$	1,017.85		1.40	%	$	7.00
Class I		1,000.00		1,139.00		0.90			4.77		1,000.00		1,020.33		0.90			4.51
Class S		1,000.00		1,137.10		1.15			6.09		1,000.00		1,019.09		1.15			5.76
Class S2		1,000.00		1,137.20		1.30			6.89		1,000.00		1,018.35		1.30			6.51

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

6

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2017 (UNAUDITED)

	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+*	$	157,785,294		$	353,700,447	$	721,759,409	$	312,948,118
Investments in affiliates at fair value**		52,023,900			—		—		—
Short-term investments at fair value***		21,199,919			26,810,707		39,232,528		3,951,989
Total investments at fair value	$	231,009,113		$	380,511,154	$	760,991,937	$	316,900,107
Cash		4,605			—		25		25
Cash collateral for futures		2,060,380			—		—		—
Cash pledged for centrally cleared swaps (Note 2)		1,711,000			—		—		—
Cash pledged as collateral for OTC derivatives (Note 2)		1,130,000			—		—		—
Foreign currencies at value****		175,217			—		—		—
Receivables:
Investment securities sold		1,336,335			2,843,204		569,155		11,365,531
Fund shares sold		45,442			617,542		2,575,226		1,639
Dividends		7,117			544,891		920,437		334,355
Interest		1,415,128			—		—		—
Unrealized appreciation on forward foreign currency contracts		2,348,728			11,640		—		—
Prepaid expenses		1,094			1,732		3,512		1,591
Reimbursement due from manager		12,262			37,353		—		53,920
Other assets		12,795			8,106		26,778		12,254
Total assets		241,269,216			384,575,622		765,087,070		328,669,422
LIABILITIES:
Payable for investment securities purchased		2,341,086			4,746,964		8,859		3,228,749
Payable for fund shares redeemed		90,460			56,499		451,814		272,100
Payable for foreign cash collateral for futures*****		719,134			—		—		—
Payable upon receipt of securities loaned		2,097,263			17,572,716		—		—
Unrealized depreciation on forward foreign currency contracts		1,039,922			119,695		—		—
Variation margin payable on centrally cleared swaps		16,479			—		—		—
Cash received as collateral for OTC derivatives (Note 2)		3,073,000			—		—		—
Payable for investment management fees		112,412			322,110		600,720		242,575
Payable for distribution and shareholder service fees		18,664			65,915		143,374		71,005
Payable to directors under the deferred compensation plan (Note 6)		12,795			8,106		26,778		12,254
Payable for directors fees		1,140			1,807		3,712		1,639
Other accrued expenses and liabilities		56,283			57,569		104,585		46,271
Written options, at fair value^		5,036,709			—		—		—
Total liabilities		14,615,347			22,951,381		1,339,842		3,874,593
NET ASSETS	$	226,653,869		$	361,624,241	$	763,747,228	$	324,794,829
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	226,385,296		$	286,721,132	$	177,619,564	$	229,145,930
Undistributed net investment income		3,276,486			5,312,861		5,190,663		4,515,209
Accumulated net realized gain (loss)		(3,887,669	)		30,400,580		145,864,034		32,352,422
Net unrealized appreciation		879,756			39,189,668		435,072,967		58,781,268
NET ASSETS	$	226,653,869		$	361,624,241	$	763,747,228	$	324,794,829
+ Including securities loaned at value	$	2,042,864		$	17,122,250	$	—	$	—
* Cost of investments in securities	$	156,853,406		$	314,403,311	$	286,686,442	$	254,166,849
** Cost of investments in affiliates	$	58,199,568		$	—	$	—	$	—
*** Cost of short-term investments	$	21,194,033		$	26,810,707	$	39,232,528	$	3,951,989
**** Cost of foreign currencies	$	176,998		$	—	$	—	$	—
***** Cost of payable for foreign cash collateral for futures	$	719,134		$	—	$	—	$	—
^ Premiums received on written options	$	6,530,954		$	—	$	—	$	—

See Accompanying Notes to Financial Statements
7

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2017 (UNAUDITED) (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	$	24,922,964	$	107,213,520	$	84,862,454	$	27,594,792
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		2,329,973		8,600,200		2,907,485		1,206,237
Net asset value and redemption price per share	$	10.70	$	12.47	$	29.19	$	22.88
Class I:
Net assets	$	161,510,940	$	150,036,398	$	156,388,608	$	9,857,342
Shares authorized		100,000,000		100,000,000		100,000,000		100,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		14,837,460		11,357,042		4,927,921		410,868
Net asset value and redemption price per share	$	10.89	$	13.21	$	31.74	$	23.99
Class R6:
Net assets		n/a		n/a	$	1,899,358		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		59,821		n/a
Net asset value and redemption price per share		n/a		n/a	$	31.75		n/a
Class S:
Net assets	$	40,219,965	$	100,306,503	$	518,257,052	$	287,342,695
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		3,699,357		7,700,314		16,976,093		12,222,311
Net asset value and redemption price per share	$	10.87	$	13.03	$	30.53	$	23.51
Class S2:
Net assets		n/a	$	4,067,820	$	2,339,756		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		326,926		79,803		n/a
Net asset value and redemption price per share		n/a	$	12.44	$	29.32		n/a

See Accompanying Notes to Financial Statements
8

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2017 (UNAUDITED)

	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+*	$	209,930,524	$	472,981,499		$	1,596,895,386	$	588,711,712
Short-term investments at fair value**		6,222,967		7,737,456			169,340,251		19,897,871
Total investments at fair value	$	216,153,491	$	480,718,955		$	1,766,235,637	$	608,609,583
Cash		25		25			—		148
Foreign currencies at value***		—		1,792			785,260		—
Receivables:
Investment securities sold		3,539,647		578,010			40,891,395		323,480
Fund shares sold		918,561		861,314			983,038		287,944
Dividends		271,737		528,182			2,013,023		842,819
Interest		—		—			2,885,289		—
Foreign tax reclaims		—		234,409			393,188		—
Unrealized appreciation on forward foreign currency contracts		—		3,631			9,159		—
Prepaid expenses		1,110		2,522			8,516		2,911
Reimbursement due from manager		—		—			24,251		—
Other assets		7,854		20,390			75,308		16,219
Total assets		220,892,425		482,949,230			1,814,304,064		610,083,104
LIABILITIES:
Payable for investment securities purchased		5,513,926		1,670,529			11,748,710		430,010
Payable for fund shares redeemed		5,209		11,533			188,493		107,356
Payable upon receipt of securities loaned		—		—			76,001,659		13,646,036
Unrealized depreciation on forward foreign currency contracts		—		1,200,277			484,938		—
Payable for investment management fees		150,790		274,709			879,663		409,390
Payable for distribution and shareholder service fees		42,725		69,265			290,386		98,381
Payable to custodian due to bank overdraft		—		—			3,244		—
Payable to directors under the deferred compensation plan (Note 6)		7,854		20,390			75,308		16,219
Payable for directors fees		1,136		2,543			8,795		3,011
Other accrued expenses and liabilities		30,082		81,717			196,031		90,972
Total liabilities		5,751,722		3,330,963			89,877,227		14,801,375
NET ASSETS	$	215,140,703	$	479,618,267		$	1,724,426,837	$	595,281,729
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	148,757,154	$	464,805,955		$	1,435,958,845	$	368,473,221
Undistributed net investment income		847,411		5,021,640			17,409,763		2,171,125
Accumulated net realized gain (loss)		24,003,062		(79,910,324	)		83,299,210		74,983,501
Net unrealized appreciation		41,533,076		89,700,996			187,759,019		149,653,882
NET ASSETS	$	215,140,703	$	479,618,267		$	1,724,426,837	$	595,281,729
+ Including securities loaned at value	$	—	$	—		$	74,421,217	$	13,329,058
* Cost of investments in securities	$	168,397,448	$	382,085,104		$	1,408,015,979	$	439,057,830
** Cost of short-term investments	$	6,222,967	$	7,737,456		$	169,992,110	$	19,897,871
*** Cost of foreign currencies	$	—	$	1,784		$	785,260	$	—

See Accompanying Notes to Financial Statements
9

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2017 (UNAUDITED) (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	$	35,453,244	$	33,848,736	$	53,129,228	$	99,813,413
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		1,893,676		1,892,715		1,159,591		4,868,396
Net asset value and redemption price per share	$	18.72	$	17.88	$	45.82	$	20.50
Class I:
Net assets	$	44,551,788	$	174,542,714	$	593,470,343	$	219,991,085
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		2,304,597		9,656,481		12,689,783		10,461,495
Net asset value and redemption price per share	$	19.33	$	18.08	$	46.77	$	21.03
Class R6:
Net assets	$	2,112,889		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		109,253		n/a		n/a		n/a
Net asset value and redemption price per share	$	19.34		n/a		n/a		n/a
Class S:
Net assets	$	127,919,155	$	271,226,817	$	642,298,279	$	271,795,677
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		6,656,991		15,036,717		13,869,514		13,055,476
Net asset value and redemption price per share	$	19.22	$	18.04	$	46.31	$	20.82
Class S2:
Net assets	$	5,103,627		n/a	$	435,528,987	$	3,681,554
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		273,284		n/a		9,544,947		180,012
Net asset value and redemption price per share	$	18.68		n/a	$	45.63	$	20.45

See Accompanying Notes to Financial Statements
10

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2017 (UNAUDITED)

	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+*	$	1,535,110,456	$	100,321,545		$	953,439,358	$	1,571,844,022
Short-term investments at fair value**		67,090,624		3,167,814			40,476,803		106,246,826
Total investments at fair value	$	1,602,201,080	$	103,489,359		$	993,916,161	$	1,678,090,848
Cash		25		—			2,794,727		2,432,647
Cash collateral for futures		—		147,000			—		—
Cash pledged for centrally cleared swaps (Note 2)		—		224,408			—		—
Receivables:
Investment securities sold		4,605,360		1,144,778			2,627,445		555,067
Fund shares sold		256,863		37,232			32,678		418,843
Dividends		490,828		19,065			544,091		774,069
Interest		—		1,225,990			—		—
Foreign tax reclaims		1,854,771		—			—		28,853
Unrealized appreciation on forward foreign currency contracts		16,964		—			—		—
Variation margin receivable on centrally cleared swaps		—		4,375			—		—
Prepaid expenses		6,980		503			4,383		11,227
Reimbursement due from manager		—		5,865			—		—
Other assets		63,001		4,957			31,818		49,313
Total assets		1,609,495,872		106,303,532			999,951,303		1,682,360,867
LIABILITIES:
Payable for investment securities purchased		—		1,041,381			4,200,816		1,007,925
Payable for fund shares redeemed		1,715,522		2,497			500,064		1,054,446
Payable upon receipt of securities loaned		32,788,898		—			40,125,803		33,948,637
Payable for investment management fees		911,365		60,573			583,620		942,089
Payable for distribution and shareholder service fees		86,922		755			34,707		167,817
Payable to directors under the deferred compensation plan (Note 6)		63,001		4,957			31,818		49,313
Payable for directors fees		7,421		525			4,594		8,059
Other accrued expenses and liabilities		311,511		24,749			166,907		156,865
Total liabilities		35,884,640		1,135,437			45,648,329		37,335,151
NET ASSETS	$	1,573,611,232	$	105,168,095		$	954,302,974	$	1,645,025,716
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	762,155,389	$	115,726,678		$	579,533,100	$	871,170,194
Undistributed net investment income		25,855,993		3,291,732			6,542,822		1,196,136
Accumulated net realized gain (loss)		55,723,196		(17,243,815	)		103,729,434		366,697,006
Net unrealized appreciation		729,876,654		3,393,500			264,497,618		405,962,380
NET ASSETS	$	1,573,611,232	$	105,168,095		$	954,302,974	$	1,645,025,716
+ Including securities loaned at value	$	31,760,697	$	—		$	39,221,785	$	33,231,078
* Cost of investments in securities	$	805,261,910	$	97,050,878		$	688,941,740	$	1,165,879,172
** Cost of short-term investments	$	67,090,624	$	3,152,266		$	40,476,803	$	106,246,826

See Accompanying Notes to Financial Statements
11

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2017 (UNAUDITED) (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	$	103,313,077		n/a	$	54,412,772	$	221,631,754
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		5,429,613		n/a		5,264,918		2,564,135
Net asset value and redemption price per share	$	19.03		n/a	$	10.33	$	86.44
Class I:
Net assets	$	1,261,225,795	$	101,513,780	$	838,941,229	$	1,062,757,379
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		63,499,552		8,502,127		74,148,579		11,487,346
Net asset value and redemption price per share	$	19.86	$	11.94	$	11.31	$	92.52
Class R6:
Net assets		n/a		n/a	$	4,639,823		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		409,914		n/a
Net asset value and redemption price per share		n/a		n/a	$	11.32		n/a
Class S:
Net assets	$	204,781,560	$	3,654,315	$	51,536,113	$	350,919,448
Shares authorized		100,000,000		100,000,000		100,000,000		100,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		10,696,805		306,427		4,712,446		3,923,488
Net asset value and redemption price per share	$	19.14	$	11.93	$	10.94	$	89.44
Class S2:
Net assets	$	4,290,800		n/a	$	4,773,037	$	9,717,135
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		230,077		n/a		459,927		111,229
Net asset value and redemption price per share	$	18.65		n/a	$	10.38	$	87.36

See Accompanying Notes to Financial Statements
12

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2017 (UNAUDITED)

	VY® Templeton Foreign Equity Portfolio
ASSETS:
Investments in securities at fair value+*	$	640,221,061
Short-term investments at fair value**		18,744,225
Total investments at fair value	$	658,965,286
Cash		25
Foreign currencies at value***		11,826
Receivables:
Fund shares sold		73,726
Dividends		1,966,124
Foreign tax reclaims		1,390,032
Prepaid expenses		3,099
Reimbursement due from manager		17,910
Other assets		52,995
Total assets		662,481,023
LIABILITIES:
Payable for investment securities purchased		11,824
Payable for fund shares redeemed		2,024,289
Payable upon receipt of securities loaned		7,539,938
Payable for investment management fees		479,757
Payable for distribution and shareholder service fees		105,348
Payable to directors under the deferred compensation plan (Note 6)		52,995
Payable for directors fees		3,240
Other accrued expenses and liabilities		159,614
Total liabilities		10,377,005
NET ASSETS	$	652,104,018
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	629,057,201
Undistributed net investment income		21,582,408
Accumulated net realized loss		(129,833,798	)
Net unrealized appreciation		131,298,207
NET ASSETS	$	652,104,018
+ Including securities loaned at value	$	7,286,596
* Cost of investments in securities	$	508,915,699
** Cost of short-term investments	$	18,743,828
*** Cost of foreign currencies	$	11,826

See Accompanying Notes to Financial Statements
13

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

	VY® Templeton Foreign Equity Portfolio
Class ADV:
Net assets	$	35,982,343
Shares authorized		100,000,000
Par value	$	0.001
Shares outstanding		2,906,970
Net asset value and redemption price per share	$	12.38
Class I:
Net assets	$	180,964,637
Shares authorized		100,000,000
Par value	$	0.001
Shares outstanding		14,435,380
Net asset value and redemption price per share	$	12.54
Class S:
Net assets	$	433,453,499
Shares authorized		100,000,000
Par value	$	0.001
Shares outstanding		34,851,272
Net asset value and redemption price per share	$	12.44
Class S2:
Net assets	$	1,703,539
Shares authorized		100,000,000
Par value	$	0.001
Shares outstanding		137,992
Net asset value and redemption price per share	$	12.35

See Accompanying Notes to Financial Statements
14

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2017 (UNAUDITED)

	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*	$	25,680		$	3,198,919		$	3,860,406		$	2,913,899
Interest, net of foreign taxes withheld*		2,949,137			—			—			—
Dividends from affiliated underlying funds		914,321			—			—			—
Securities lending income, net		10,164			44,108			—			—
Total investment income		3,899,302			3,243,027			3,860,406			2,913,899
EXPENSES:
Investment management fees		678,572			1,944,056			3,497,135			1,463,139
Distribution and shareholder service fees:
Class ADV		60,826			262,493			204,325			66,368
Class S		50,591			124,153			622,003			360,632
Class S2		—			9,063			5,449			—
Transfer agent fees		179			569			624			389
Shareholder reporting expense		13,986			16,314			36,200			16,438
Professional fees		10,416			16,023			24,480			13,542
Custody and accounting expense		40,355			59,815			40,865			21,119
Directors fees		3,421			5,422			11,135			4,918
Miscellaneous expense		7,520			13,042			26,643			11,792
Interest expense		656			375			6,641			—
Total expenses		866,522			2,451,325			4,475,500			1,958,337
Waived and reimbursed fees		(76,561	)		(519,720	)		—			(371,477	)
Brokerage commission recapture		—			—			(1,112	)		(15,390	)
Net expenses		789,961			1,931,605			4,474,388			1,571,470
Net investment income (loss)		3,109,341			1,311,422			(613,982	)		1,342,429
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		(2,402,513	)		21,513,991			67,601,648			14,644,433
Foreign currency related transactions		208,417			(265,545	)		1,651			8,996
Futures		227,175			—			—			—
Swaps		(9,511,348	)		—			—			—
Written options		8,227,811			—			—			—
Net realized gain (loss)		(3,250,458	)		21,248,446			67,603,299			14,653,429
Net change in unrealized appreciation (depreciation) on:
Investments		(2,291,128	)		(9,444,678	)		53,618,124			17,848,837
Affiliated underlying funds		2,896,981			—			—			—
Foreign currency related transactions		4,772,229			(69,028	)		—			346
Futures		(766,980	)		—			—			—
Swaps		4,205,804			—			—			—
Written options		3,825,205			—			—			—
Net change in unrealized appreciation (depreciation)		12,642,111			(9,513,706	)		53,618,124			17,849,183
Net realized and unrealized gain		9,391,653			11,734,740			121,221,423			32,502,612
Increase in net assets resulting from operations	$	12,500,994		$	13,046,162		$	120,607,441		$	33,845,041
* Foreign taxes withheld	$	337		$	20,248		$	—		$	5,165

See Accompanying Notes to Financial Statements
15

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2017 (UNAUDITED)

	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*	$	1,375,791		$	5,968,698		$	13,614,755		$	5,113,301
Interest		—			—			6,433,143			—
Securities lending income, net		—			60,447			350,757			68,919
Total investment income		1,375,791			6,029,145			20,398,655			5,182,220
EXPENSES:
Investment management fees		957,292			1,765,345			5,494,285			2,487,070
Distribution and shareholder service fees:
Class ADV		92,563			85,218			129,056			247,591
Class S		168,225			355,787			820,127			348,046
Class S2		10,928			—			886,845			7,511
Transfer agent fees		391			615			1,379			332
Shareholder reporting expense		12,308			28,160			92,240			24,188
Registration fees		—			—			141			—
Professional fees		10,522			21,475			66,793			19,005
Custody and accounting expense		10,005			43,666			114,499			31,859
Directors fees		3,407			7,628			26,384			9,031
Miscellaneous expense		10,616			18,269			50,389			15,189
Interest expense		48			162			—			71
Total expenses		1,276,305			2,326,325			7,682,138			3,189,893
Waived and reimbursed fees		(32,550	)		(46,501	)		(291,048	)		—
Brokerage commission recapture		(6,139	)		(2,063	)		(10,951	)		(775	)
Net expenses		1,237,616			2,277,761			7,380,139			3,189,118
Net investment income		138,175			3,751,384			13,018,516			1,993,102
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		15,397,093			11,722,954			50,242,139			22,028,205
Foreign currency related transactions		—			(568,563	)		(2,332,190	)		—
Net realized gain		15,397,093			11,154,391			47,909,949			22,028,205
Net change in unrealized appreciation (depreciation) on:
Investments		(12,390,239	)		3,912,469			13,108,110			13,222,910
Foreign currency related transactions		—			(2,002,673	)		(2,333,547	)		—
Net change in unrealized appreciation (depreciation)		(12,390,239	)		1,909,796			10,774,563			13,222,910
Net realized and unrealized gain		3,006,854			13,064,187			58,684,512			35,251,115
Increase in net assets resulting from operations	$	3,145,029		$	16,815,571		$	71,703,028		$	37,244,217
* Foreign taxes withheld	$	4,214		$	172,410		$	392,504		$	—

See Accompanying Notes to Financial Statements
16

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2017 (UNAUDITED)

	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*	$	15,282,864	$	91,447		$	4,481,369	$	7,220,656
Interest		—		2,806,073			—		—
Securities lending income, net		252,530		—			201,117		228,433
Total investment income		15,535,394		2,897,520			4,682,486		7,449,089
EXPENSES:
Investment management fees		5,151,500		364,251			3,371,409		5,594,489
Distribution and shareholder service fees:
Class ADV		243,562		—			129,936		519,432
Class S		234,919		4,798			63,502		417,657
Class S2		7,651		—			9,570		18,455
Transfer agent fees		1,074		193			521		1,417
Shareholder reporting expense		60,540		8,507			36,500		64,480
Professional fees		49,180		9,417			31,045		54,845
Custody and accounting expense		162,462		14,527			49,790		97,090
Directors fees		22,261		1,574			13,781		24,175
Miscellaneous expense		37,573		5,445			23,136		38,945
Interest expense		—		5			308		566
Total expenses		5,970,722		408,717			3,729,498		6,831,551
Waived and reimbursed fees		—		(33,444	)		—		(47,226	)
Brokerage commission recapture		—		(7	)		—		(3,717	)
Net expenses		5,970,722		375,266			3,729,498		6,780,608
Net investment income		9,564,672		2,522,254			952,988		668,481
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		60,698,306		1,094,300			40,276,950		197,731,558
Foreign currency related transactions		65,178		(43	)		—		66,025
Futures		—		(157,705	)		—		—
Swaps		—		61,019			—		—
Net realized gain		60,763,484		997,571			40,276,950		197,797,583
Net change in unrealized appreciation (depreciation) on:
Investments (net of Indian capital gains tax accrued#)		196,204,924		1,316,155			67,665,372		84,358,725
Foreign currency related transactions		115,947		108			—		1,683
Futures		—		(23,276	)		—		—
Swaps		—		(1,880	)		—		—
Unfunded commitments		—		(5,514	)		—		—
Net change in unrealized appreciation (depreciation)		196,320,871		1,285,593			67,665,372		84,360,408
Net realized and unrealized gain		257,084,355		2,283,164			107,942,322		282,157,991
Increase in net assets resulting from operations	$	266,649,027	$	4,805,418		$	108,895,310	$	282,826,472
* Foreign taxes withheld	$	1,496,720	$	—		$	12,219	$	42,194
# Foreign taxes accrued on Indian investments	$	62,035	$	—		$	—	$	—

See Accompanying Notes to Financial Statements
17

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2017 (UNAUDITED)

	VY® Templeton Foreign Equity Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	11,559,264
Interest		36,231
Securities lending income, net		114,846
Foreign withholding tax claims (Note 13)		1,812,563
Total investment income		13,522,904
EXPENSES:
Investment management fees		2,855,387
Distribution and shareholder service fees:
Class ADV		85,115
Class S		538,121
Class S2		3,772
Transfer agent fees		601
Shareholder reporting expense		32,210
Professional fees		22,388
Custody and accounting expense		130,370
Directors fees		9,720
Miscellaneous expense		24,789
Total expenses		3,702,473
Waived and reimbursed fees		(168,562	)
Brokerage commission recapture		(7,958	)
Net expenses		3,525,953
Net investment income		9,996,951
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		9,651,234
Foreign currency related transactions		240,215
Net realized gain		9,891,449
Net change in unrealized appreciation (depreciation) on:
Investments		63,163,408
Foreign currency related transactions		104,379
Net change in unrealized appreciation (depreciation)		63,267,787
Net realized and unrealized gain		73,159,236
Increase in net assets resulting from operations	$	83,156,187
* Foreign taxes withheld	$	620,299

See Accompanying Notes to Financial Statements
18

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	Voya Global Bond Portfolio						VY® American Century Small-Mid Cap Value Portfolio
	Six Months Ended June 30, 2017			Year Ended December 31, 2016			Six Months Ended June 30, 2017			Year Ended December 31, 2016
FROM OPERATIONS:
Net investment income	$	3,109,341		$	6,482,623		$	1,311,422		$	3,191,292
Net realized gain (loss)		(3,250,458	)		4,514,745			21,248,446			12,678,670
Net change in unrealized appreciation (depreciation)		12,642,111			3,677,694			(9,513,706	)		50,815,235
Increase in net assets resulting from operations		12,500,994			14,675,062			13,046,162			66,685,197
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		(230,598	)		(154,504	)		—			(995,310	)
Class I		(1,931,815	)		(1,633,644	)		—			(2,077,708	)
Class S		(434,021	)		(327,519	)		—			(1,101,144	)
Class S2		—			—			—			(48,274	)
Net realized gains:
Class ADV		—			—			—			(7,579,332	)
Class I		—			—			—			(11,110,668	)
Class S		—			—			—			(7,061,817	)
Class S2		—			—			—			(327,339	)
Return of capital:
Class ADV		—			(200,037	)		—			—
Class I		—			(1,312,446	)		—			—
Class S		—			(322,210	)		—			—
Total distributions		(2,596,434	)		(3,950,360	)		—			(30,301,592	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		5,641,326			11,918,890			36,324,696			61,787,440
Reinvestment of distributions		2,596,434			3,950,360			—			30,301,592
		8,237,760			15,869,250			36,324,696			92,089,032
Cost of shares redeemed		(19,885,539	)		(36,478,785	)		(50,321,880	)		(43,296,396	)
Net increase (decrease) in net assets resulting from capital share transactions		(11,647,779	)		(20,609,535	)		(13,997,184	)		48,792,636
Net increase (decrease) in net assets		(1,743,219	)		(9,884,833	)		(951,022	)		85,176,241
NET ASSETS:
Beginning of year or period		228,397,088			238,281,921			362,575,263			277,399,022
End of year or period	$	226,653,869		$	228,397,088		$	361,624,241		$	362,575,263
Undistributed net investment income at end of year or period	$	3,276,486		$	2,763,579		$	5,312,861		$	4,001,439

See Accompanying Notes to Financial Statements
19

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	VY® Baron Growth Portfolio						VY® Columbia Contrarian Core Portfolio
	Six Months Ended June 30, 2017			Year Ended December 31, 2016			Six Months Ended June 30, 2017			Year Ended December 31, 2016
FROM OPERATIONS:
Net investment income (loss)	$	(613,982	)	$	(1,011,480	)	$	1,342,429		$	3,144,831
Net realized gain		67,603,299			85,923,156			14,653,429			18,523,482
Net change in unrealized appreciation (depreciation)		53,618,124			(46,286,719	)		17,849,183			4,985,666
Increase in net assets resulting from operations		120,607,441			38,624,957			33,845,041			26,653,979
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		—			—			—			(818,094	)
Class I		—			—			—			(372,081	)
Class S		—			—			—			(9,970,524	)
Net realized gains:
Class ADV		—			(9,413,716	)		—			(2,225,263	)
Class I		—			(17,990,751	)		—			(901,673	)
Class R6		—			(324	)		—			—
Class S		—			(56,573,883	)		—			(26,093,897	)
Class S2		—			(318,426	)		—			—
Total distributions		—			(84,297,100	)		—			(40,381,532	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		37,215,566			24,054,643			2,159,744			16,806,433
Reinvestment of distributions		—			84,297,100			—			40,381,532
		37,215,566			108,351,743			2,159,744			57,187,965
Cost of shares redeemed		(103,910,442	)		(202,292,467	)		(37,134,589	)		(55,253,278	)
Net increase (decrease) in net assets resulting from capital share transactions		(66,694,876	)		(93,940,724	)		(34,974,845	)		1,934,687
Net increase (decrease) in net assets		53,912,565			(139,612,867	)		(1,129,804	)		(11,792,866	)
NET ASSETS:
Beginning of year or period		709,834,663			849,447,530			325,924,633			337,717,499
End of year or period	$	763,747,228		$	709,834,663		$	324,794,829		$	325,924,633
Undistributed net investment income at end of year or period	$	5,190,663		$	5,804,645		$	4,515,209		$	3,172,780

See Accompanying Notes to Financial Statements
20

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	VY® Columbia Small Cap Value II Portfolio						VY® Invesco Comstock Portfolio
	Six Months Ended June 30, 2017			Year Ended December 31, 2016			Six Months Ended June 30, 2017			Year Ended December 31, 2016
FROM OPERATIONS:
Net investment income	$	138,175		$	714,352		$	3,751,384		$	10,086,501
Net realized gain		15,397,093			8,854,041			11,154,391			27,700,248
Net change in unrealized appreciation (depreciation)		(12,390,239	)		35,484,324			1,909,796			45,552,749
Increase in net assets resulting from operations		3,145,029			45,052,717			16,815,571			83,339,498
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		—			(15,674	)		—			(738,151	)
Class I		—			(230,012	)		—			(5,061,532	)
Class R6		—			(17	)		—			—
Class S		—			(349,701	)		—			(6,796,359	)
Class S2		—			(8,597	)		—			—
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	)		—			(12,596,042	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		17,601,859			29,420,526			27,743,997			34,781,203
Reinvestment of distributions		—			9,337,631			—			12,596,042
		17,601,859			38,758,157			27,743,997			47,377,245
Cost of shares redeemed		(43,601,194	)		(47,448,223	)		(85,142,378	)		(133,465,225	)
Net decrease in net assets resulting from capital share transactions		(25,999,335	)		(8,690,066	)		(57,398,381	)		(86,087,980	)
Net increase (decrease) in net assets		(22,854,306	)		27,025,020			(40,582,810	)		(15,344,524	)
NET ASSETS:
Beginning of year or period		237,995,009			210,969,989			520,201,077			535,545,601
End of year or period	$	215,140,703		$	237,995,009		$	479,618,267		$	520,201,077
Undistributed net investment income at end of year or period	$	847,411		$	709,236		$	5,021,640		$	1,270,256

See Accompanying Notes to Financial Statements
21

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	VY® Invesco Equity and Income Portfolio						VY® JPMorgan Mid Cap Value Portfolio
	Six Months Ended June 30, 2017			Year Ended December 31, 2016			Six Months Ended June 30, 2017			Year Ended December 31, 2016
FROM OPERATIONS:
Net investment income	$	13,018,516		$	26,581,357		$	1,993,102		$	4,349,793
Net realized gain		47,909,949			45,060,679			22,028,205			54,144,082
Net change in unrealized appreciation (depreciation)		10,774,563			167,932,332			13,222,910			23,478,691
Increase in net assets resulting from operations		71,703,028			239,574,368			37,244,217			81,972,566
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		—			(750,644	)		—			(421,565	)
Class I		—			(11,647,011	)		—			(1,897,621	)
Class S		—			(11,792,935	)		—			(1,880,544	)
Class S2		—			(7,227,173	)		—			(21,210	)
Net realized gains:
Class ADV		—			(2,032,873	)		—			(8,688,677	)
Class I		—			(24,684,765	)		—			(19,904,144	)
Class S		—			(29,280,225	)		—			(26,505,473	)
Class S2		—			(18,543,168	)		—			(391,432	)
Total distributions		—			(105,958,794	)		—			(59,710,666	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		25,400,341			25,992,017			27,238,609			35,302,031
Reinvestment of distributions		—			105,958,794			—			59,710,666
		25,400,341			131,950,811			27,238,609			95,012,697
Cost of shares redeemed		(146,222,688	)		(305,107,611	)		(78,630,651	)		(129,110,564	)
Net decrease in net assets resulting from capital share transactions		(120,822,347	)		(173,156,800	)		(51,392,042	)		(34,097,867	)
Net decrease in net assets		(49,119,319	)		(39,541,226	)		(14,147,825	)		(11,835,967	)
NET ASSETS:
Beginning of year or period		1,773,546,156			1,813,087,382			609,429,554			621,265,521
End of year or period	$	1,724,426,837		$	1,773,546,156		$	595,281,729		$	609,429,554
Undistributed net investment income at end of year or period	$	17,409,763		$	4,391,247		$	2,171,125		$	178,023

See Accompanying Notes to Financial Statements
22

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	VY® Oppenheimer Global Portfolio						VY® Pioneer High Yield Portfolio
	Six Months Ended June 30, 2017			Year Ended December 31, 2016			Six Months Ended June 30, 2017			Year Ended December 31, 2016
FROM OPERATIONS:
Net investment income	$	9,564,672		$	14,182,744		$	2,522,254		$	4,951,384
Net realized gain (loss)		60,763,484			8,980,566			997,571			(3,167,476	)
Net change in unrealized appreciation (depreciation)		196,320,871			(31,484,334	)		1,285,593			11,345,286
Increase (decrease) in net assets resulting from operations		266,649,027			(8,321,024	)		4,805,418			13,129,194
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		—			(687,804	)		—			—
Class I		—			(13,873,563	)		(2,504,091	)		(4,907,706	)
Class S		—			(1,776,290	)		(90,984	)		(197,859	)
Class S2		—			(25,099	)		—			—
Net realized gains:
Class ADV		—			(6,897,082	)		—			—
Class I		—			(77,745,290	)		—			—
Class S		—			(13,294,926	)		—			—
Class S2		—			(242,723	)		—			—
Total distributions		—			(114,542,777	)		(2,595,075	)		(5,105,565	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		40,194,602			24,311,860			4,944,746			18,508,506
Reinvestment of distributions		—			114,542,777			2,595,075			5,105,565
		40,194,602			138,854,637			7,539,821			23,614,071
Cost of shares redeemed		(93,202,160	)		(256,622,666	)		(8,417,785	)		(23,137,395	)
Net increase (decrease) in net assets resulting from capital share transactions		(53,007,558	)		(117,768,029	)		(877,964	)		476,676
Net increase (decrease) in net assets		213,641,469			(240,631,830	)		1,332,379			8,500,305
NET ASSETS:
Beginning of year or period		1,359,969,763			1,600,601,593			103,835,716			95,335,411
End of year or period	$	1,573,611,232		$	1,359,969,763		$	105,168,095		$	103,835,716
Undistributed net investment income at end of year or period	$	25,855,993		$	16,291,321		$	3,291,732		$	3,364,553

See Accompanying Notes to Financial Statements
23

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio						VY® T. Rowe Price Growth Equity Portfolio
	Six Months Ended June 30, 2017			Year Ended December 31, 2016			Six Months Ended June 30, 2017			Year Ended December 31, 2016
FROM OPERATIONS:
Net investment income	$	952,988		$	2,455,582		$	668,481		$	633,868
Net realized gain		40,276,950			67,926,268			197,797,583			171,333,387
Net change in unrealized appreciation (depreciation)		67,665,372			(11,910,223	)		84,360,408			(159,758,756	)
Increase in net assets resulting from operations		108,895,310			58,471,627			282,826,472			12,208,499
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	)		—			(23,966,449	)
Class I		—			(88,659,304	)		—			(119,705,351	)
Class R6		—			(366	)		—			—
Class S		—			(3,940,284	)		—			(39,520,831	)
Class S2		—			(541,416	)		—			(1,051,248	)
Total distributions		—			(101,865,268	)		—			(184,243,879	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		61,100,275			43,577,227			54,918,539			112,814,677
Proceeds from shares issued in merger (Note 14)		—			29,183,887			—			—
Reinvestment of distributions		—			101,865,268			—			184,243,879
		61,100,275			174,626,382			54,918,539			297,058,556
Cost of shares redeemed		(64,278,090	)		(111,164,436	)		(220,498,378	)		(356,518,739	)
Net increase (decrease) in net assets resulting from capital share transactions		(3,177,815	)		63,461,946			(165,579,839	)		(59,460,183	)
Net increase (decrease) in net assets		105,717,495			20,068,305			117,246,633			(231,495,563	)
NET ASSETS:
Beginning of year or period		848,585,479			828,517,174			1,527,779,083			1,759,274,646
End of year or period	$	954,302,974		$	848,585,479		$	1,645,025,716		$	1,527,779,083
Undistributed net investment income at end of year or period	$	6,542,822		$	5,589,834		$	1,196,136		$	527,655

See Accompanying Notes to Financial Statements
24

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	VY® Templeton Foreign Equity Portfolio
	Six Months Ended June 30, 2017			Year Ended December 31, 2016
FROM OPERATIONS:
Net investment income	$	9,996,951		$	14,066,735
Net realized gain (loss)		9,891,449			(4,342,160	)
Net change in unrealized appreciation (depreciation)		63,267,787			(1,862,442	)
Increase in net assets resulting from operations		83,156,187			7,862,133
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		—			(947,058	)
Class I		—			(6,016,205	)
Class S		—			(14,104,724	)
Class S2		—			(76,613	)
Total distributions		—			(21,144,600	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		8,712,268			26,656,215
Reinvestment of distributions		—			21,144,600
		8,712,268			47,800,815
Cost of shares redeemed		(67,642,975	)		(129,326,350	)
Net decrease in net assets resulting from capital share transactions		(58,930,707	)		(81,525,535	)
Net increase (decrease) in net assets		24,225,480			(94,808,002	)
NET ASSETS:
Beginning of year or period		627,878,538			722,686,540
End of year or period	$	652,104,018		$	627,878,538
Undistributed net investment income at end of year or period	$	21,582,408		$	11,585,457

See Accompanying Notes to Financial Statements
25

FINANCIAL HIGHLIGHTS (UNAUDITED)

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
06-30-17		10.24		0.12	•		0.44			0.56			0.10		—		—
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
06-30-17		10.42		0.15	•		0.45			0.60			0.13		—		—
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
06-30-17		10.41		0.14	•		0.43			0.57			0.11		—		—
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
06-30-17		12.03		0.03	•		0.41			0.44			—		—		—
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
06-30-17		12.72		0.06	•		0.43			0.49			—		—		—
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
06-30-17		12.56		0.05	•		0.42			0.47			—		—		—
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
06-30-17		12.01		0.03	•		0.40			0.43			—		—		—
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		—

										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)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		(%)			(%)		(%)		(%)		(%)		($000's)		(%)
Voya Global Bond Portfolio
Class ADV
06-30-17		0.10		—		10.70		5.47			1.17		1.10		1.10		2.35		24,923		62
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
06-30-17		0.13		—		10.89		5.75			0.67		0.60		0.60		2.85		161,511		62
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
06-30-17		0.11		—		10.87		5.53			0.92		0.85		0.85		2.60		40,220		62
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
06-30-17		—		—		12.47		3.66			1.65		1.36		1.36		0.46		107,214		27
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
06-30-17		—		—		13.21		3.85			1.15		0.86		0.86		0.95		150,036		27
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
06-30-17		—		—		13.03		3.74			1.40		1.11		1.11		0.71		100,307		27
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
06-30-17		—		—		12.44		3.58			1.55		1.26		1.26		0.53		4,068		27
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

See Accompanying Notes to Financial Statements
26

FINANCIAL HIGHLIGHTS (UNAUDITED) (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
Class ADV
06-30-17		24.82		(0.06	)•		4.43			4.37			—		—		—
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			—		—		—
Class I
06-30-17		26.92		0.01	•		4.81			4.82			—		—		—
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
06-30-17		26.93		0.03	•		4.79			4.82			—		—		—
05-03-16(5) -12-31-16		28.86		0.23	•		0.99			1.22			—		3.15		—
Class S
06-30-17		25.93		(0.03	)•		4.63			4.60			—		—		—
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
06-30-17		24.92		(0.05	)•		4.45			4.40			—		—		—
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
06-30-17		20.66		0.06	•		2.16			2.22			—		—		—
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
06-30-17		21.61		0.12	•		2.26			2.38			—		—		—
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
06-30-17		21.21		0.09	•		2.21			2.30			—		—		—
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		—		—

										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)		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)		(%)
VY® Baron Growth Portfolio
Class ADV
06-30-17		—		—		29.19		17.61			1.49		1.49		1.49		(0.44	)		84,862		1
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
Class I
06-30-17		—		—		31.74		17.90			0.99		0.99		0.99		0.05			156,389		1
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
06-30-17		—		—		31.75		17.90			0.99		0.99		0.99		0.19			1,899		1
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
06-30-17		—		—		30.53		17.74			1.24		1.24		1.24		(0.19	)		518,257		1
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
06-30-17		—		—		29.32		17.66			1.39		1.39		1.39		(0.38	)		2,340		1
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
06-30-17		—		—		22.88		10.75			1.44		1.21		1.20		0.59			27,595		23
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
06-30-17		—		—		23.99		11.01			0.94		0.71		0.70		1.09			9,857		23
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
06-30-17		—		—		23.51		10.84			1.19		0.96		0.95		0.84			287,343		23
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

See Accompanying Notes to Financial Statements
27

FINANCIAL HIGHLIGHTS (UNAUDITED) (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
Class ADV
06-30-17		18.50		(0.01	)		0.23			0.22			—		—		—
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
06-30-17		19.05		0.04	•		0.24			0.28			—		—		—
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		—		—
Class R6
06-30-17		19.06		0.05	•		0.23			0.28			—		—		—
05-03-16(5) -12-31-16		16.28		0.19	•		3.40			3.59			0.09		0.72		—
Class S
06-30-17		18.96		0.02			0.24			0.26			—		—		—
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
06-30-17		18.44		(0.00	)*		0.24			0.24			—		—		—
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
06-30-17		17.33		0.10	•		0.45			0.55			—		—		—
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
06-30-17		17.47		0.15	•		0.46			0.61			—		—		—
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
06-30-17		17.45		0.13	•		0.46			0.59			—		—		—
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		—		—

										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)		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)		(%)
VY® Columbia Small Cap Value II Portfolio
Class ADV
06-30-17		—		—		18.72		1.19			1.39		1.36		1.35		(0.13	)		35,453		27
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
06-30-17		—		—		19.33		1.47			0.89		0.86		0.85		0.37			44,552		27
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
Class R6
06-30-17		—		—		19.34		1.47			0.89		0.86		0.85		0.57			2,113		27
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
06-30-17		—		—		19.22		1.37			1.14		1.11		1.10		0.11			127,919		27
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
06-30-17		—		—		18.68		1.30			1.29		1.26		1.25		(0.04	)		5,104		27
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
06-30-17		—		—		17.88		3.17			1.25		1.23		1.23		1.17			33,849		8
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
06-30-17		—		—		18.08		3.49			0.75		0.73		0.73		1.66			174,543		8
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
06-30-17		—		—		18.04		3.38			1.00		0.98		0.98		1.42			271,227		8
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

See Accompanying Notes to Financial Statements
28

FINANCIAL HIGHLIGHTS (UNAUDITED) (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
Class ADV
06-30-17		44.06		0.27	•		1.49			1.76			—		—		—
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
06-30-17		44.86		0.39	•		1.52			1.91			—		—		—
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
06-30-17		44.48		0.33	•		1.50			1.83			—		—		—
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		—		—
Class S2
06-30-17		43.85		0.29	•		1.49			1.78			—		—		—
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
06-30-17		19.31		0.04	•		1.15			1.19			—		—		—
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
06-30-17		19.75		0.09	•		1.19			1.28			—		—		—
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
06-30-17		19.58		0.06	•		1.18			1.24			—		—		—
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
06-30-17		19.25		0.05	•		1.15			1.20			—		—		—
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		—		—

										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)		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)		(%)
VY® Invesco Equity and Income Portfolio
Class ADV
06-30-17		—		—		45.82		3.99			1.17		1.14		1.14		1.21		53,129		68
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
06-30-17		—		—		46.77		4.26			0.67		0.64		0.64		1.70		593,470		68
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
06-30-17		—		—		46.31		4.11			0.92		0.89		0.89		1.45		642,298		68
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
Class S2
06-30-17		—		—		45.63		4.06			1.07		1.02		1.02		1.32		435,529		68
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
06-30-17		—		—		20.50		6.16			1.37		1.37		1.37		0.37		99,813		6
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
06-30-17		—		—		21.03		6.48			0.87		0.87		0.87		0.88		219,991		6
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
06-30-17		—		—		20.82		6.33			1.12		1.12		1.12		0.61		271,796		6
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
06-30-17		—		—		20.45		6.23			1.27		1.27		1.27		0.46		3,682		6
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

See Accompanying Notes to Financial Statements
29

FINANCIAL HIGHLIGHTS (UNAUDITED) (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
Class ADV
06-30-17		15.90		0.08	•		3.05			3.13			—			—		—
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
06-30-17		16.56		0.12	•		3.18			3.30			—			—		—
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
06-30-17		15.98		0.10	•		3.06			3.16			—			—		—
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			—		—
Class S2
06-30-17		15.58		0.08	•		2.99			3.07			—			—		—
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
06-30-17		11.69		0.29	•		0.25			0.54			0.29			—		—
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
06-30-17		11.67		0.27	•		0.27			0.54			0.28			—		—
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
06-30-17		9.19		(0.01	)		1.15			1.14			—			—		—
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		—

										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)		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)		(%)
VY® Oppenheimer Global Portfolio
Class ADV
06-30-17		—		—		19.03		19.69			1.25		1.25		1.25		0.87			103,313		4
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
06-30-17		—		—		19.86		19.93			0.75		0.75		0.75		1.37			1,261,226		4
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
06-30-17		—		—		19.14		19.77			1.00		1.00		1.00		1.11			204,782		4
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
Class S2
06-30-17		—		—		18.65		19.70			1.15		1.15		1.15		0.98			4,291		4
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
06-30-17		0.29		—		11.94		4.69			0.78		0.71		0.71		4.86			101,514		19
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
06-30-17		0.28		—		11.93		4.65			1.03		0.96		0.96		4.60			3,654		19
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
06-30-17		—		—		10.33		12.40			1.27		1.27		1.27		(0.25	)		54,413		14
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

See Accompanying Notes to Financial Statements
30

FINANCIAL HIGHLIGHTS (UNAUDITED) (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 Diversified Mid Cap Growth Portfolio (continued)
Class I
06-30-17		10.03		0.01			1.27		1.28		—			—		—
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
06-30-17		10.03		0.02	•		1.27		1.29		—			—		—
05-03-16(5) -12-31-16		10.58		0.03	•		0.76		0.79		0.03			1.31		—
Class S
06-30-17		9.71		(0.00	)*•		1.23		1.23		—			—		—
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
06-30-17		9.22		(0.00	)*		1.16		1.16		—			—		—
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
06-30-17		72.53		(0.12	)•		14.03		13.91		—			—		—
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		—			—		—
Class I
06-30-17		77.44		0.09	•		14.99		15.08		—			—		—
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
06-30-17		74.96		(0.02	)•		14.50		14.48		—			—		—
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
06-30-17		73.27		(0.08	)•		14.17		14.09		—			—		—
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		—			—		—

									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)		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)		(%)
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio (continued)
Class I
06-30-17		—		—		11.31		12.76		0.77		0.77		0.77		0.25			838,941		14
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
06-30-17		—		—		11.32		12.86		0.77		0.77		0.77		0.32			4,640		14
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
06-30-17		—		—		10.94		12.67		1.02		1.02		1.02		(0.00	)*		51,536		14
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
06-30-17		—		—		10.38		12.58		1.17		1.17		1.17		(0.14	)		4,773		14
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
06-30-17		—		—		86.44		19.18		1.24		1.23		1.23		(0.29	)		221,632		23
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
Class I
06-30-17		—		—		92.52		19.47		0.74		0.73		0.73		0.20			1,062,757		23
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
06-30-17		—		—		89.44		19.32		0.99		0.98		0.98		(0.05	)		350,919		23
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
06-30-17		—		—		87.36		19.23		1.14		1.13		1.13		(0.20	)		9,717		23
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

See Accompanying Notes to Financial Statements
31

FINANCIAL HIGHLIGHTS (UNAUDITED) (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® Templeton Foreign Equity Portfolio
Class ADV
06-30-17		10.90		0.17	•		1.31			1.48			—		—		—
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
06-30-17		11.01		0.20	•		1.33			1.53			—		—		—
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
06-30-17		10.94		0.18	•		1.32			1.50			—		—		—
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
06-30-17		10.86		0.15	•		1.34			1.49			—		—		—
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)		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)		(%)
VY® Templeton Foreign Equity Portfolio
Class ADV
06-30-17		—		—		12.38		13.58	(a)		1.46		1.40		1.40		2.88		35,982		5
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	)(b)		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
06-30-17		—		—		12.54		13.90	(a)		0.96		0.90		0.90		3.33		180,965		5
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	)(b)		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
06-30-17		—		—		12.44		13.71	(a)		1.21		1.15		1.15		3.04		433,453		5
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	)(b)		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
06-30-17		—		—		12.35		13.72	(a)		1.36		1.30		1.30		2.59		1,704		5
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	)(b)		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 from foreign withholding tax claims received in the period ended June 30, 2017, Templeton Foreign Equity's total return would have been 13.30%, 13.62%, 13.44%, and 13.45% for Classes ADV, I, S, and S2, respectively.

^(b)  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
32

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2017 (UNAUDITED)

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 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 are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets

of each class, without distinction between share classes. 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.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Prior to May 1, 2017, Directed Services LLC, a Delaware limited liability company, served as the investment adviser to the Portfolios. There were no changes to the services provided or the fees charged to the Portfolios upon the replacement of Directed Services LLC with Voya Investments. 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,

33

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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

All other assets for which market quotations are not readily available or became unreliable (or if the above fair valuation methods are unavailable or determined to be unreliable) are valued at fair value as determined in good faith by or under the supervision of the Board following procedures approved by the Board. The Board has delegated to the Investment Adviser responsibility for overseeing the implementation of the Portfolios' valuation procedures; a "Pricing Committee" comprised of

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NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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-advisers' or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Portfolios' investments under these levels of classification is included following the Summary Portfolio of Investments.

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 six months ended June 30, 2017, 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

35

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

include, but are not limited to, revaluation of currencies and future adverse political and economic developments, which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

D.  Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. All Portfolios (except Pioneer High Yield 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 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 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

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NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

market interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate paid by the securities is a floating rate, which generally will decrease when the market rate of interest to which the inverse security is indexed increases and will increase when the market rate of interest to which the inverse security is indexed decreases. As of the date of this report, market 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 NAV. Derivatives may not perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their

complexity, derivatives expose a Portfolio to the risk of improper valuation.

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated 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

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NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

and they govern transactions, including certain over-the-counter ("OTC") derivative and forward foreign currency contracts, entered into by a Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

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

As of June 30, 2017, the maximum amount of loss that Global Bond, Invesco Comstock, Invesco Equity and Income and Oppenheimer Global would incur if the counterparties to its derivative transactions failed to perform would be $6,145,737, $3,631, $9,159 and $16,964, 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 June 30, 2017. To reduce the amount of potential loss to Global Bond, the Portfolio has received $3,073,000 in cash collateral for open OTC transactions at June 30, 2017.

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

As of June 30, 2017, Global Bond, Invesco Comstock and Invesco Equity and Income had a liability position of $6,076,631, $1,200,277 and $484,938 on open forward foreign currency contracts and OTC written options with

credit related contingent features. If a contingent feature would have been triggered as of June 30, 2017, the Portfolios could have been required to pay this amount in cash to its counterparties. As of June 30, 2017, Global Bond had pledged $1,130,00 in cash collateral for open OTC derivative transactions with its respective counterparties.

H.  Forward Foreign Currency Contracts. Certain Portfolios may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks on their non-U.S. dollar denominated investment securities. When entering into a forward currency contract, a Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and a Portfolio's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates. Open forward foreign currency contracts are presented following the Summary Portfolio of Investments.

During the period ended June 30, 2017, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below:

	Purchased		Sold
Global Bond**	$	203,471,177	$	120,115,932
American Century Small-Mid Cap Value*		149,232		7,532,184
Invesco Comstock*		180,825		46,941,078
Invesco Equity and Income*		1,553,693		84,530,510
Oppenheimer Global*		—		4,622,324

*  For the period ended June 30, 2017, 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 June 30, 2017.

**  For the period ended June 30, 2017, 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 June 30, 2017.

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

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NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2017 (UNAUDITED) (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 Summary Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Summary Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statements of Operations. Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended June 30, 2017, Global Bond had purchased and sold futures contracts on various notes and bonds as part of their respective duration strategy. During the period ended June 30, 2017, 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 period ended June 30, 2017, 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 June 30, 2017.

	Purchased		Sold
Global Bond	$	56,956,285	$	32,473,226
Pioneer High Yield		—		2,221,828

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 NAV, 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

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NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2017 (UNAUDITED) (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' Summary Portfolio of Investments. Losses may arise due to changes in the fair value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Portfolios are 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 June 30, 2017, 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 period ended June 30, 2017, Global Bond had purchased credit default swaptions to increase exposure to credit risk. There were no open credit default swaptions at June 30, 2017.

During the period ended June 30, 2017, Global Bond had purchased foreign currency options to gain exposure to currencies. There were no open purchased foreign currency option at June 30, 2017.

During the period ended June 30, 2017, 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 June 30, 2017.

Please refer to Note 8 for the volume of both purchased and written option activity during the period ended June 30, 2017.

40

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 Summary Portfolio of Investments.

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

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is

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

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

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

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

Certain Portfolios may sell credit default swaps which expose these Portfolios to the risk of loss from credit risk-related events specified in the contract. Although

41

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

For the period ended June 30, 2017, 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 period ended June 30, 2017, Global Bond and Pioneer High Yield had an average notional amount of $11,343,000 and $3,124,689, respectively, on credit default swaps to sell protection. Please refer to the tables following the Portfolio of Investments for Pioneer High Yield for open credit default swaps to sell protection at June 30, 2017. There were no open credit default swaps to sell protection for Global Bond at June 30, 2017.

At June 30, 2017, Pioneer High Yield had pledged $224,208 in cash collateral for open centrally cleared credit default swaps outstanding at June 30, 2017.

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 period ended June 30, 2017, 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 $466,297,247.

For the period ended June 30, 2017, 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 $520,914,055.

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

42

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Bond for open centrally cleared interest rate swaps at June 30, 2017.

At June 30, 2017, Global Bond had pledged $1,711,000 in cash collateral for open centrally cleared interest rate swaps outstanding at June 30, 2017.

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 June 30, 2017.

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 period ended June 30, 2017, 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	$	29,611,015	$	62,487,807
American Century Small-Mid Cap Value		94,944,446		106,093,833
Baron Growth		6,769,877		109,324,004
Columbia Contrarian Core		73,017,387		114,539,729
Columbia Small Cap Value II		60,199,908		86,076,494
Invesco Comstock		37,647,691		92,379,983
Invesco Equity and Income		155,373,281		264,852,108
JPMorgan Mid Cap Value		32,791,268		76,025,634
Oppenheimer Global		60,111,923		122,206,796
Pioneer High Yield		18,925,986		20,119,432

	Purchases		Sales
T. Rowe Price Diversified Mid Cap Growth	$	131,749,972	$	135,153,674
T. Rowe Price Growth Equity		365,928,143		591,289,184
Templeton Foreign Equity		31,699,150		77,725,637

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

	Purchases		Sales
Global Bond	$	101,471,336	$	102,095,284
Invesco Equity and Income		983,744,497		991,575,423

NOTE 4 — INVESTMENT MANAGEMENT FEES

The Portfolios have entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolios. The Investment Adviser oversees all investment management and portfolio management services for the Portfolios and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolios, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates:

Portfolio	Fee
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%

43

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

Portfolio	Fee
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 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 period ended April 30, 2017, Directed Services LLC waived $1,890, $197,272, $31,264, $22,595, $31,057, $31,285 and $40,153 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. From May 1, 2017 to June 30, 2017, Voya Investments waived $953, $98,905, $15,093, $9,955, $15,444, $15,941 and $20,205 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 six months ended June 30, 2017.

The Company and the Investment Adviser have entered into sub-advisory agreements with each sub-adviser. These sub-advisers provide investment advice for the various Portfolios and are paid by the Investment Adviser based on the average daily net assets of the respective Portfolios. Subject to such policies as the Board or the Investment Adviser 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 an affiliated 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

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Class ADV and Class S2 shares of each respective Portfolio have a plan of distribution (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 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. 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

44

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)

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.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At June 30, 2017, 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		5.86	%
	Pioneer High Yield		23.35
	T. Rowe Price Diversified Mid Cap Growth		12.02
Security Life of Denver   Insurance Company	Global Bond		6.82
	Columbia Small Cap Value II		5.61
	Pioneer High Yield		23.30
	T. Rowe Price Diversified Mid Cap Growth		5.28
Voya Institutional Trust   Company	Global Bond		21.25
	American Century Small-Mid Cap Value		41.20
	Baron Growth		15.21
	Columbia Contrarian Core		8.28
	Columbia Small Cap Value II		12.66
	Invesco Comstock		7.17
	JPMorgan Mid Cap Value		24.28
	Oppenheimer Global		10.70
	T. Rowe Price Diversified Mid Cap Growth		10.44
	T. Rowe Price Growth Equity		19.94
	Templeton Foreign Equity		5.02
Voya Insurance and   Annuity Company	Baron Growth		41.42
	Columbia Contrarian Core		80.36
	Columbia Small Cap Value II		44.72
	Invesco Comstock		38.98
	Invesco Equity and Income		59.51
	JPMorgan Mid Cap Value		22.60
	Oppenheimer Global		9.74
	T. Rowe Price Growth Equity		15.77
	Templeton Foreign Equity		63.04
Voya Retirement Insurance and Annuity Company	Global Bond		65.72
	American Century Small-Mid Cap Value		56.24
	Baron Growth		38.59
	Columbia Contrarian Core		8.44
	Columbia Small Cap Value II		32.23
	Invesco Comstock		20.24
	Invesco Equity and Income		33.84
	JPMorgan Mid Cap Value		47.00
	Oppenheimer Global		71.81
	Pioneer High Yield		51.50
	T. Rowe Price Diversified Mid Cap Growth		71.01
	T. Rowe Price Growth Equity		54.98
	Templeton Foreign Equity		26.01

Subsidiary/Affiliated Investment Company	Portfolio	Percentage
Voya Solution 2025 Portfolio	Invesco Comstock		5.62	%
Voya Solution 2035 Portfolio	Invesco Comstock		7.24
Voya Solution 2045 Portfolio	Invesco Comstock		6.68
Voya Solution Moderately   Aggressive Portfolio	Invesco Comstock		5.83

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

The Investment Adviser may direct the Portfolios' sub-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 directors, as described in the DC Plan, to defer the receipt of all or a portion of the directors' fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the director under the DC Plan, the amounts deferred are invested in shares of the funds selected by the director (the "Notional Funds"). The Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the directors' deferred fees, resulting in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities. Deferral of directors' fees under the DC Plan will not affect net assets of the Portfolio, and will not materially affect the Portfolios' assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

NOTE 7 — 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

45

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

NOTE 7 — EXPENSE LIMITATION AGREEMENTS (continued)

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 1.55%		1.05	%		1.05	%		1.30	%		1.45	%
Columbia Contrarian Core(1) 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(2) 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
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(3) 1.48%		0.98	%		N/A			1.23	%		1.38	%

⁽¹⁾  Pursuant to a side letter agreement, through May 1, 2018, 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. Termination or modification of this obligation requires approval by the Board. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment.

⁽²⁾  Pursuant to a side letter agreement, through May 1, 2018, 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.

⁽³⁾  Pursuant to a side letter agreement, through May 1, 2018, 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 June 30, 2017, 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:

	June 30,
Portfolio	2018		2019		2020		Total
Global Bond	$	158,056	$	131,443	$	148,057	$	437,556
American Century Small-Mid Cap Value		438,988		427,442		418,033		1,284,463
Invesco Equity and Income		192,848		267,764		326,111		786,723
Pioneer High Yield		57,788		57,122		69,879		184,789

The Expense Limitation Agreement is contractual 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 period ended June 30, 2017 were as follows:

	USD Notional			Cost
Balance at 12/31/2016		—		$	—
Options Purchased		22,500,000			15,750
Options Expired		(22,500,000	)		(15,750	)
Balance at 06/30/2017		—		$	—

Transactions in purchased foreign currency options for Global Bond during the period ended June 30, 2017 were as follows:

	USD Notional			Cost
Balance at 12/31/2016		49,600,000		$	630,019
Options Expired		(49,600,000	)		(630,019	)
Balance at 06/30/2017		—		$	—

Transactions in purchased interest rate swaptions for Global Bond during the period ended June 30, 2017 were as follows:

	EURUSD Notional			Notional			Cost
Balance at 12/31/2016		—			848,900,000		$	16,806,367
Options Purchased		68,300,000			602,800,000			23,285,984
Options Terminated in Closing Sell Transactions		(45,500,000	)		(1,095,800,000	)		(33,456,663	)
Options Expired		—			(115,700,000	)		(1,349,040	)
Balance at 06/30/2017		22,800,000			240,200,000		$	5,286,648

46

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

NOTE 8 — PURCHASED AND WRITTEN OPTIONS (continued)

Transactions in written interest rate swaptions for Global Bond Portfolio during the period ended June 30, 2017 were as follows:

	EURUSD Notional			Premiums Notional			Received
Balance at 12/31/2016		—			541,500,000		$	17,710,908
Options Written		1,062,100,000			3,314,000,000			27,020,107
Options Terminated in Closing Purchase Transactions		(76,000,000	)		(2,085,100,000	)		(35,282,709	)
Options Expired		(948,100,000	)		(1,552,900,000	)		(2,917,352	)
Balance at 06/30/2017		38,000,000			217,500,000		$	6,530,954

NOTE 9 — LINE OF CREDIT

Effective May 19, 2017, the line of credit was renewed and 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.

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 below Portfolios utilized the line of credit during the six months ended June 30, 2017 as follows:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized		Approximate Weighted Average Interest Rate For Days Utilized
Global Bond		15	$	658,467		1.85	%
American Century Small-Mid Cap Value		7		1,100,286		1.66
Baron Growth		41		3,302,634		1.79
Columbia Small Cap Value II		1		923,000		1.91
Invesco Comstock		3		1,029,000		1.91
JPMorgan Mid Cap Value		1		1,564,000		1.66
T. Rowe Price Diversified Mid Cap Growth		3		1,390,667		1.86
T. Rowe Price Growth Equity		1		12,436,000		1.66

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
6/30/17		71,225		—		21,917		(142,351	)		(49,209	)		744,092		—		230,598		(1,487,211	)		(512,521	)
12/31/16		107,392		—		33,630		(449,149	)		(308,127	)		1,108,838		—		354,541		(4,679,862	)		(3,216,483	)
Class I
6/30/17		251,893		—		180,466		(1,273,702	)		(841,343	)		2,676,097		—		1,931,815		(13,545,139	)		(8,937,227	)
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	)
Class S
6/30/17		209,474		—		40,590		(454,508	)		(204,444	)		2,221,137		—		434,021		(4,853,189	)		(2,198,031	)
12/31/16		360,024		—		60,641		(848,014	)		(427,349	)		3,842,909		—		649,729		(8,875,828	)		(4,383,190	)
American Century Small-Mid Cap Value
Class ADV
6/30/17		711,335		—		—		(582,221	)		129,114			8,745,624		—		—		(7,154,171	)		1,591,453
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
Class I
6/30/17		1,514,872		—		—		(2,471,357	)		(956,485	)		19,627,934		—		—		(31,835,066	)		(12,207,132	)
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
Class S
6/30/17		574,871		—		—		(764,015	)		(189,144	)		7,381,220		—		—		(9,780,536	)		(2,399,316	)
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
Class S2
6/30/17		46,425		—		—		(126,091	)		(79,666	)		569,918		—		—		(1,552,107	)		(982,189	)
12/31/16		124,442		—		34,941		(84,336	)		75,047			1,385,037		—		375,613		(906,287	)		854,363

47

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

NOTE 10 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease) in shares outstanding			Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease)
Year or period ended	#		#		#		#			#			($)		($)		($)		($)			($)
Baron Growth
Class ADV
6/30/17		69,932		—		—		(291,540	)		(221,608	)		1,935,654		—		—		(7,959,481	)		(6,023,827	)
12/31/16		109,364		—		373,857		(773,995	)		(290,774	)		2,797,559		—		9,413,716		(19,855,399	)		(7,644,124	)
Class I
6/30/17		297,176		—		—		(967,009	)		(669,833	)		8,937,143		—		—		(28,556,571	)		(19,619,428	)
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	)
Class R6
6/30/17		48,741		—		—		(21,548	)		27,193			1,484,330		—		—		(632,533	)		851,797
5/3/16(1)-12/31/16		32,619		—		12		(3	)		32,628			891,979		—		324		(76	)		892,227
Class S
6/30/17		848,971		—		—		(2,311,358	)		(1,462,387	)		24,629,434		—		—		(65,803,936	)		(41,174,502	)
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	)
Class S2
6/30/17		8,347		—		—		(33,259	)		(24,912	)		229,005		—		—		(957,921	)		(728,916	)
12/31/16		14,243		—		12,601		(135,840	)		(108,996	)		365,247		—		318,426		(3,563,475	)		(2,879,802	)
Columbia Contrarian Core
Class ADV
6/30/17		54,941		—		—		(79,616	)		(24,675	)		1,215,903		—		—		(1,752,569	)		(536,666	)
12/31/16		206,108		—		150,661		(172,206	)		184,563			4,342,604		—		3,043,357		(3,618,361	)		3,767,600
Class I
6/30/17		14,909		—		—		(95,797	)		(80,888	)		344,719		—		—		(2,187,441	)		(1,842,722	)
12/31/16		52,290		—		60,396		(91,369	)		21,317			1,150,383		—		1,273,754		(2,028,475	)		395,662
Class S
6/30/17		26,393		—		—		(1,472,993	)		(1,446,600	)		599,122		—		—		(33,194,579	)		(32,595,457	)
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	)
Columbia Small Cap Value II
Class ADV
6/30/17		255,151		—		—		(324,103	)		(68,952	)		4,747,855		—		—		(6,043,620	)		(1,295,765	)
12/31/16		450,766		—		78,116		(352,261	)		176,621			7,702,073		—		1,252,201		(5,575,925	)		3,378,349
Class I
6/30/17		361,301		—		—		(661,394	)		(300,093	)		6,899,408		—		—		(12,719,544	)		(5,820,136	)
12/31/16		733,228		—		120,397		(907,546	)		(53,921	)		12,450,314		—		1,982,935		(14,937,217	)		(503,968	)
Class R6
6/30/17		101,251		—		—		(13,065	)		88,186			1,949,978		—		—		(253,463	)		1,696,515
5/3/16(1)-12/31/16		21,304		—		9		(246	)		21,067			397,901		—		148		(4,790	)		393,259
Class S
6/30/17		189,442		—		—		(1,222,417	)		(1,032,975	)		3,661,460		—		—		(23,419,605	)		(19,758,145	)
12/31/16		411,446		—		358,284		(1,517,722	)		(747,992	)		7,134,368		—		5,879,446		(25,165,493	)		(12,151,679	)
Class S2
6/30/17		18,463		—		—		(62,314	)		(43,851	)		343,158		—		—		(1,164,962	)		(821,804	)
12/31/16		105,603		—		13,958		(111,844	)		7,717			1,735,870		—		222,901		(1,764,798	)		193,973
Invesco Comstock
Class ADV
6/30/17		54,475		—		—		(152,440	)		(97,965	)		955,410		—		—		(2,700,507	)		(1,745,097	)
12/31/16		137,527		—		43,241		(472,936	)		(292,168	)		2,173,379		—		738,151		(7,225,279	)		(4,313,749	)
Class I
6/30/17		569,501		—		—		(2,048,281	)		(1,478,780	)		10,157,131		—		—		(36,495,113	)		(26,337,982	)
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	)
Class S
6/30/17		933,050		—		—		(2,581,263	)		(1,648,213	)		16,631,456		—		—		(45,946,758	)		(29,315,302	)
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	)
Invesco Equity and Income
Class ADV
6/30/17		128,528		—		—		(95,359	)		33,169			5,790,209		—		—		(4,312,791	)		1,477,418
12/31/16		117,019		—		67,141		(272,844	)		(88,684	)		4,917,985		—		2,783,517		(11,060,798	)		(3,359,296	)

48

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2017 (UNAUDITED) (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	#		#		#		#			#			($)		($)		($)		($)			($)
Invesco Equity and Income (continued)
Class I
6/30/17		116,828		—		—		(678,169	)		(561,341	)		5,338,659		—		—		(31,220,739	)		(25,882,080	)
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	)
Class S
6/30/17		107,190		—		—		(1,581,881	)		(1,474,691	)		4,891,276		—		—		(72,025,372	)		(67,134,096	)
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	)
Class S2
6/30/17		211,622		—		—		(860,124	)		(648,502	)		9,380,197		—		—		(38,663,786	)		(29,283,589	)
12/31/16		180,004		—		623,733		(1,523,860	)		(720,123	)		7,753,829		—		25,770,341		(62,454,115	)		(28,929,945	)
JPMorgan Mid Cap Value
Class ADV
6/30/17		165,538		—		—		(372,854	)		(207,316	)		3,315,506		—		—		(7,469,285	)		(4,153,779	)
12/31/16		379,036		—		496,562		(667,514	)		208,084			7,178,861		—		9,110,242		(12,514,259	)		3,774,844
Class I
6/30/17		969,645		—		—		(1,436,814	)		(467,169	)		19,918,043		—		—		(29,528,771	)		(9,610,728	)
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	)
Class S
6/30/17		181,578		—		—		(2,023,885	)		(1,842,307	)		3,686,118		—		—		(40,958,428	)		(37,272,310	)
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	)
Class S2
6/30/17		15,988		—		—		(33,876	)		(17,888	)		318,942		—		—		(674,167	)		(355,225	)
12/31/16		33,702		—		22,547		(68,319	)		(12,070	)		634,346		—		412,642		(1,286,780	)		(239,792	)
Oppenheimer Global
Class ADV
6/30/17		175,381		—		—		(446,993	)		(271,612	)		3,110,823		—		—		(7,879,560	)		(4,768,737	)
12/31/16		323,960		—		489,979		(1,491,343	)		(677,404	)		5,108,110		—		7,584,886		(23,882,388	)		(11,189,392	)
Class I
6/30/17		1,015,364		—		—		(3,434,331	)		(2,418,967	)		17,965,241		—		—		(62,855,144	)		(44,889,903	)
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	)
Class S
6/30/17		1,052,411		—		—		(1,270,713	)		(218,302	)		18,820,038		—		—		(22,362,513	)		(3,542,475	)
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	)
Class S2
6/30/17		16,835		—		—		(5,953	)		10,882			298,500		—		—		(104,943	)		193,557
12/31/16		24,256		—		17,666		(80,329	)		(38,407	)		380,074		—		267,822		(1,253,624	)		(605,728	)
Pioneer High Yield
Class I
6/30/17		397,114		—		210,296		(624,001	)		(16,591	)		4,717,368		—		2,504,090		(7,409,682	)		(188,224	)
12/31/16		1,586,910		—		437,270		(2,008,093	)		16,087			17,733,148		—		4,907,706		(22,326,804	)		314,050
Class S
6/30/17		19,160		—		7,652		(85,534	)		(58,722	)		227,378		—		90,985		(1,008,103	)		(689,740	)
12/31/16		69,562		—		17,639		(73,088	)		14,113			775,358		—		197,859		(810,591	)		162,626
T. Rowe Price Diversified Mid Cap Growth
Class ADV
6/30/17		153,930		—		—		(268,276	)		(114,346	)		1,530,559		—		—		(2,633,810	)		(1,103,251	)
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
Class I
6/30/17		5,006,309		—		—		(4,324,578	)		681,731			52,592,693		—		—		(46,562,741	)		6,029,952
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
Class R6
6/30/17		322,407		—		—		(20,476	)		301,931			3,498,669		—		—		(220,474	)		3,278,195
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
6/30/17		307,770		—		—		(1,422,904	)		(1,115,134	)		3,270,030		—		—		(14,408,884	)		(11,138,854	)
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
Class S2
6/30/17		20,840		—		—		(43,638	)		(22,798	)		208,324		—		—		(452,181	)		(243,857	)
12/31/16		104,820		—		59,301		(97,200	)		66,921			1,020,404		—		541,416		(928,301	)		633,519

49

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2017 (UNAUDITED) (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	#		#		#		#			#			($)		($)		($)		($)			($)
T. Rowe Price Growth Equity
Class ADV
6/30/17		79,239		—		—		(169,737	)		(90,498	)		6,528,025		—		—		(13,536,673	)		(7,008,648	)
12/31/16		200,051		—		335,148		(357,035	)		178,164			14,888,541		—		23,966,449		(26,585,574	)		12,269,416
Class I
6/30/17		336,422		—		—		(1,630,501	)		(1,294,079	)		29,422,666		—		—		(142,811,796	)		(113,389,130	)
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	)
Class S
6/30/17		216,567		—		—		(786,209	)		(569,642	)		18,325,324		—		—		(63,016,114	)		(44,690,790	)
12/31/16		460,280		—		535,295		(1,594,203	)		(598,628	)		35,025,413		—		39,520,831		(123,258,488	)		(48,712,244	)
Class S2
6/30/17		7,796		—		—		(13,894	)		(6,098	)		642,524		—		—		(1,133,795	)		(491,271	)
12/31/16		58,653		—		14,558		(20,988	)		52,223			4,526,323		—		1,051,248		(1,583,046	)		3,994,525
Templeton Foreign Equity
Class ADV
6/30/17		184,738		—		—		(208,488	)		(23,750	)		2,169,807		—		—		(2,440,608	)		(270,801	)
12/31/16		182,603		—		90,541		(569,378	)		(296,234	)		1,931,568		—		947,058		(6,081,216	)		(3,202,590	)
Class I
6/30/17		226,775		—		—		(1,254,058	)		(1,027,283	)		2,693,962		—		—		(14,924,004	)		(12,230,042	)
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	)
Class S
6/30/17		328,409		—		—		(4,192,889	)		(3,864,480	)		3,715,787		—		—		(49,280,968	)		(45,565,181	)
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	)
Class S2
6/30/17		11,283		—		—		(86,951	)		(75,668	)		132,712		—		—		(997,395	)		(864,683	)
12/31/16		34,034		—		7,353		(54,647	)		(13,260	)		361,756		—		76,613		(588,127	)		(149,758	)

⁽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 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.

50

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

NOTE 11 — SECURITIES LENDING (continued)

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 June 30, 2017:

Global Bond

Counterparty	Securities Loaned at Value		Cash Collateral Received(1)			Net Amount
BNP Paribas Prime Brokerage Intl Ltd	$	226,119	$	(226,119	)	$	—
Barclays Capital Inc.		583,835		(583,835	)		—
Goldman Sachs & Co.		2,149		(2,149	)		—
J.P. Morgan Securities LLC		201,086		(201,086	)		—
Morgan Stanley & Co. LLC		452,306		(452,306	)		—
Nomura Securities International, Inc.		426,857		(426,857	)		—
Wells Fargo Securities LLC		150,512		(150,512	)		—
Total	$	2,042,864	$	(2,042,864	)	$	—

⁽¹⁾  Collateral with a fair value of $2,097,263 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
BMO Capital Markets Corp	$	591,523	$	(591,523	)	$	—
Barclays Bank PLC		420,922		(420,922	)		—
Barclays Capital Inc.		57,941		(57,941	)		—
Deutsche Bank Securities Inc.		155,883		(155,883	)		—
Goldman Sachs & Co.		732,359		(732,359	)		—
J.P. Morgan Securities LLC		2,011,743		(2,011,743	)		—
Janney Montgomery Scott LLC		12,530		(12,530	)		—
Jefferies LLC		22,011		(22,011	)		—
Merrill Lynch, Pierce, Fenner & Smith Inc.		39,116		(39,116	)		—
Morgan Stanley & Co. LLC		1,134,778		(1,134,778	)		—
National Financial Services LLC		206,627		(206,627	)		—
Natixis Securities America LLC		329,912		(329,912	)		—
Nomura Securities International, Inc.		123,844		(123,844	)		—
RBC Capital Markets, LLC		50,374		(50,374	)		—
RBC Dominion Securities Inc		1,287,021		(1,287,021	)		—
SG Americas Securities, LLC		320,584		(320,584	)		—
Scotia Capital (USA) INC		1,119,900		(1,119,900	)		—
UBS AG		48,522		(48,522	)		—
UBS Securities LLC.		453,348		(453,348	)		—
Wells Fargo Securities LLC		112,848		(112,848	)		—
BNP Paribas Prime Brokerage Intl Ltd		301,373		(301,373	)		—
Barclays Bank PLC		609,789		(609,789	)		—
Barclays Capital Inc.		56,875		(56,875	)		—
Credit Suisse Securities (USA) LLC		1,219,929		(1,219,929	)		—
Goldman Sachs & Co.		2,596,393		(2,596,393	)		—
Janney Montgomery Scott LLC		2,201		(2,201	)		—
Merrill Lynch, Pierce, Fenner & Smith Inc.		1,690,117		(1,690,117	)		—
Morgan Stanley & Co. LLC		204,621		(204,621	)		—
Nomura Securities International, Inc.		119,616		(119,616	)		—
SG Americas Securities, LLC		118,208		(118,208	)		—
Scotia Capital (USA) INC		48,208		(48,208	)		—

Counterparty	Securities Loaned at Value		Cash Collateral Received(1)			Net Amount
UBS AG	$	776,172	$	(776,172	)	$	—
Wells Fargo Securities LLC		146,962		(146,962	)		—
Total	$	17,122,250	$	(17,122,250	)	$	—

⁽¹⁾  Collateral with a fair value of $17,572,716 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Invesco Equity and Income

Counterparty	Securities Loaned at Value		Cash Collateral Received(1)			Net Amount
BNP Paribas Prime Brokerage Intl Ltd	$	879,820	$	(879,820	)	$	—
BNP Paribas		20,778,595		(20,778,595	)		—
Citadel Clearing LLC		1,593,243		(1,593,243	)		—
Citigroup Global Markets Inc.		545,442		(545,442	)		—
Deutsche Bank Securities Inc.		206,170		(206,170	)		—
J.P. Morgan Securities LLC		2,757,164		(2,757,164	)		—
Merrill Lynch, Pierce, Fenner & Smith Inc.		26,777,255		(26,777,255	)		—
Morgan Stanley & Co. LLC		215,427		(215,427	)		—
Nomura Securities International, Inc.		20,668,101		(20,668,101	)		—
Total	$	74,421,217	$	(74,421,217	)	$	—

⁽¹⁾  Collateral with a fair value of $76,001,659 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
Barclays Capital Inc.	$	1,376,416	$	(1,376,416	)	$	—
Cantor Fitzgerald & Co		1,889,368		(1,889,368	)		—
Citigroup Global Markets Inc.		696,706		(696,706	)		—
Goldman Sachs & Co.		500,000		(500,000	)		—
Morgan Stanley & Co. LLC		3,107,808		(3,107,808	)		—
Natixis Securities America LLC		46,076		(46,076	)		—
RBC Dominion Securities Inc		5,652,861		(5,652,861	)		—
Wells Fargo Securities LLC		59,823		(59,823	)		—
Total	$	13,329,058	$	(13,329,058	)	$	—

⁽¹⁾  Collateral with a fair value of $13,646,036 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
BNP Paribas Prime Brokerage, Inc.	$	96,659	$	(96,659	)	$	—
Barclays Capital Inc.		2,260,844		(2,260,844	)		—
CIBC World Markets INC		1,314,373		(1,314,373	)		—
Citadel Clearing LLC		384,169		(384,169	)		—
Citigroup Global Markets Limited		1,412,219		(1,412,219	)		—
Citigroup Global Markets Inc.		563,745		(563,745	)		—
Deutsche Bank, AG		7,313		(7,313	)		—
Goldman Sachs & Co.		5,258,023		(5,258,023	)		—

51

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

NOTE 11 — SECURITIES LENDING (continued)

Counterparty	Securities Loaned at Value		Cash Collateral Received(1)			Net Amount
HSBC Bank PLC	$	4,976,685	$	(4,976,685	)	$	—
J.P. Morgan Securities LLC		4,929,865		(4,929,865	)		—
JP Morgan Securities, Plc.		112,749		(112,749	)		—
Morgan Stanley & Co. International PLC		744,537		(744,537	)		—
Morgan Stanley & Co. LLC		4,137,463		(4,137,463	)		—
Natixis Securities America LLC		391,339		(391,339	)		—
RBC Dominion Securities Inc		2,608,223		(2,608,223	)		—
SG Americas Securities, LLC		2,559,709		(2,559,709	)		—
Scotia Capital (USA) INC		2,782		(2,782	)		—
Total	$	31,760,697	$	(31,760,697	)	$	—

⁽¹⁾  Collateral with a fair value of $32,788,898 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

T. Rowe Price Diversified Mid Cap Growth

Counterparty	Securities Loaned at Value		Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.	$	389,274	$	(389,274	)	$	—
CIBC World Markets INC		1,354,226		(1,354,226	)		—
Citadel Clearing LLC		1,054,420		(1,054,420	)		—
Citigroup Global Markets Inc.		980,572		(980,572	)		—
Credit Suisse Securities (USA) LLC		699,276		(699,276	)		—
Deutsche Bank Securities Inc.		956,161		(956,161	)		—
Goldman Sachs & Co.		6,923,574		(6,923,574	)		—
HSBC Bank PLC		1,727,926		(1,727,926	)		—
J.P. Morgan Securities LLC		3,853,255		(3,853,255	)		—
Jefferies LLC		3,936		(3,936	)		—
Merrill Lynch, Pierce, Fenner & Smith Inc.		66,408		(66,408	)		—
Morgan Stanley & Co. LLC		2,416,433		(2,416,433	)		—
National Financial Services LLC		1,299,107		(1,299,107	)		—
Natixis Securities America LLC		515,129		(515,129	)		—
Nomura Securities International, Inc.		25,673		(25,673	)		—
RBC Capital Markets, LLC		41,827		(41,827	)		—
RBC Dominion Securities Inc		2,553,916		(2,553,916	)		—
SG Americas Securities, LLC		120,490		(120,490	)		—
Scotia Capital (USA) INC		8,149,462		(8,149,462	)		—
UBS AG		24,864		(24,864	)		—
UBS Securities LLC.		4,485,559		(4,485,559	)		—
Wells Fargo Securities LLC		1,580,297		(1,580,297	)		—
Total	$	39,221,785	$	(39,221,785	)	$	—

⁽¹⁾  Collateral with a fair value of $40,125,803 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
BMO Capital Markets Corp	$	22,863	$	(22,863	)	$	—
Barclays Capital Inc.		568,827		(568,827	)		—
CIBC World Markets INC		9,029		(9,029	)		—
Citigroup Global Markets Inc.		4,527,413		(4,527,413	)		—
Credit Suisse Securities (USA) LLC		1,480,236		(1,480,236	)		—
Goldman Sachs & Co.		4,543,645		(4,543,645	)		—

Counterparty	Securities Loaned at Value		Cash Collateral Received(1)			Net Amount
J.P. Morgan Securities LLC	$	12,105,986	$	(12,105,986	)	$	—
Jefferies LLC		58,840		(58,840	)		—
Merrill Lynch, Pierce, Fenner & Smith Inc.		547,023		(547,023	)		—
Morgan Stanley & Co. LLC		1,447,712		(1,447,712	)		—
National Financial Services LLC		1,803,413		(1,803,413	)		—
Natixis Securities America LLC		64,800		(64,800	)		—
Nomura Securities International, Inc.		7,120		(7,120	)		—
RBC Dominion Securities Inc		1,044,384		(1,044,384	)		—
SG Americas Securities, LLC		71,691		(71,691	)		—
Scotia Capital (USA) INC		2,562,268		(2,562,268	)		—
UBS AG		2,110,161		(2,110,161	)		—
UBS Securities LLC.		77,321		(77,321	)		—
Wells Fargo Securities LLC		178,346		(178,346	)		—
Total	$	33,231,078	$	(33,231,078	)	$	—

⁽¹⁾  Collateral with a fair value of $33,948,637 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Templeton Foreign Equity

Counterparty	Securities Loaned at Value		Cash Collateral Received(1)			Net Amount
Credit Suisse Securities (Europe) Limited	$	2,286,956	$	(2,286,956	)	$	—
Merrill Lynch, Pierce, Fenner & Smith Inc.		4,496,995		(4,496,995	)		—
Morgan Stanley & Co. LLC		502,645		(502,645	)		—
Total	$	7,286,596	$	(7,286,596	)	$	—

⁽¹⁾  Collateral with a fair value of $7,539,938 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

NOTE 12 — UNFUNDED LOAN COMMITMENTS

Certain Portfolios may enter in credit agreements, all or a portion of which may be unfunded. The Portfolios are obligated to fund these loan commitments at the borrower's discretion. Funded portions of the credit agreements are presented in the Summary Portfolio of Investments. At June 30, 2017, there were no unfunded loan commitments.

NOTE 13 — FOREIGN WITHHOLDING CLAIMS

Templeton Foreign Equity had filed claims to recover taxes withheld by Poland and Spain on dividend income on the basis that Poland and Spain had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. The claims were filed based on the premise that the imposition of a withholding tax by a European Union member state on dividends paid to a nonresident company, including the Portfolio, while exempting domestic funds from such taxes results in discriminatory tax withholding contrary to the free movement of capital.

52

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

NOTE 13 — FOREIGN WITHHOLDING CLAIMS (continued)

In May 2017, the Portfolio received payment, including interest, of approximately $1,295,708 of taxes withheld in

Poland from 2005-2008. In June 2017, the Portfolio received payment, including interest, of approximately $516,855 of taxes withheld in Spain from 2006-2010. Polish and Spanish withholding tax claims received are disclosed in the statement of operations.

NOTE 14 — 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"), an open-end investment company that is not included in this report, in a tax-free reorganization in exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization approved by the shareholders of the Acquired Portfolio on August 9, 2016. 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 15 — FEDERAL INCOME TAXES

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

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:

	Six Months Ended June 30, 2017		Year Ended December 31, 2016
	Ordinary Income		Ordinary Income		Long-term Capital Gains		Return of Capital
Global Bond	$	2,596,434	$	2,115,667	$	—	$	1,834,693
American Century Small-Mid Cap Value		—		11,518,051		18,783,541		—
Baron Growth		—		—		84,297,100		—
Columbia Contrarian Core		—		11,518,396		28,863,136		—
Columbia Small Cap Value II		—		604,001		8,733,630		—
Invesco Comstock		—		12,596,042		—		—
Invesco Equity and Income		—		31,417,763		74,541,031		—
JPMorgan Mid Cap Value		—		5,185,326		54,525,340		—
Oppenheimer Global		—		19,489,360		95,053,417		—
Pioneer High Yield		2,595,075		5,105,565		—		—
T. Rowe Price Diversified Mid Cap Growth		—		7,800,802		94,064,466		—
T. Rowe Price Growth Equity		—		—		184,243,879		—
Templeton Foreign Equity		—		21,144,600		—		—

53

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

NOTE 15 — FEDERAL INCOME TAXES (continued)

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

	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	)

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

As of June 30, 2017, 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 16 — SUBSEQUENT EVENTS

Sub-adviser name change: Effective, July 3, 2017, the name of Pioneer Investment Management, Inc. changed to Amundi Pioneer Asset Management, Inc. coinciding with its acquisition by Amundi S.A.

Dividends: Subsequent to June 30, 2017, the following Portfolios declared dividends and distributions of:

	Per Share Amounts
	Net Investment Income		Short-term Capital Gains		Long-term Capital Gains		Payable Date	Record Date
Global Bond
Class ADV	$	0.0173	$	—	$	—	August 1, 2017	Daily
Class I	$	0.0222	$	—	$	—	August 1, 2017	Daily
Class S	$	0.0199	$	—	$	—	August 1, 2017	Daily
American Century Small-Mid Cap Value
Class ADV	$	0.1181	$	0.1962	$	0.3225	August 7, 2017	August 3, 2017
Class I	$	0.1678	$	0.1962	$	0.3225	August 7, 2017	August 3, 2017
Class S	$	0.1411	$	0.1962	$	0.3225	August 7, 2017	August 3, 2017
Class S2	$	0.1222	$	0.1962	$	0.3225	August 7, 2017	August 3, 2017

54

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

NOTE 16 — SUBSEQUENT EVENTS (continued)

	Per Share Amounts
	Net Investment Income		Short-term Capital Gains		Long-term Capital Gains		Payable Date	Record Date
Baron Growth
Class ADV	$	0.1635	$	—	$	3.4014	August 7, 2017	August 3, 2017
Class I	$	0.3070	$	—	$	3.4014	August 7, 2017	August 3, 2017
Class R6	$	0.3071	$	—	$	3.4014	August 7, 2017	August 3, 2017
Class S	$	0.2312	$	—	$	3.4014	August 7, 2017	August 3, 2017
Class S2	$	0.1118	$	—	$	3.4014	August 7, 2017	August 3, 2017
Columbia Contrarian Core
Class ADV	$	0.1955	$	—	$	1.3621	August 7, 2017	August 3, 2017
Class I	$	0.2949	$	—	$	1.3621	August 7, 2017	August 3, 2017
Class S	$	0.2337	$	—	$	1.3621	August 7, 2017	August 3, 2017
Columbia Small Cap Value II
Class ADV	$	0.0321	$	—	$	0.7912	August 7, 2017	August 3, 2017
Class I	$	0.1083	$	—	$	0.7912	August 7, 2017	August 3, 2017
Class R6	$	0.1084	$	—	$	0.7912	August 7, 2017	August 3, 2017
Class S	$	0.0584	$	—	$	0.7912	August 7, 2017	August 3, 2017
Class S2	$	0.0376	$	—	$	0.7912	August 7, 2017	August 3, 2017
Invesco Comstock
Class ADV	$	0.0802	$	—	$	—	August 7, 2017	August 3, 2017
Class I	$	0.0802	$	—	$	—	August 7, 2017	August 3, 2017
Class S	$	0.0802	$	—	$	—	August 7, 2017	August 3, 2017
Invesco Equity and Income
Class ADV	$	0.0926	$	—	$	1.1345	August 7, 2017	August 3, 2017
Class I	$	0.2918	$	—	$	1.1345	August 7, 2017	August 3, 2017
Class S	$	0.1681	$	—	$	1.1345	August 7, 2017	August 3, 2017
Class S2	$	0.1120	$	—	$	1.1345	August 7, 2017	August 3, 2017
JPMorgan Mid Cap Value
Class ADV	$	0.0068	$	0.1539	$	1.7876	August 7, 2017	August 3, 2017
Class I	$	0.0068	$	0.1539	$	1.7876	August 7, 2017	August 3, 2017
Class S	$	0.0068	$	0.1539	$	1.7876	August 7, 2017	August 3, 2017
Class S2	$	0.0068	$	0.1539	$	1.7876	August 7, 2017	August 3, 2017
Oppenheimer Global
Class ADV	$	0.1292	$	—	$	0.0310	August 7, 2017	August 3, 2017
Class I	$	0.2168	$	—	$	0.0310	August 7, 2017	August 3, 2017
Class S	$	0.1730	$	—	$	0.0310	August 7, 2017	August 3, 2017
Class S2	$	0.1566	$	—	$	0.0310	August 7, 2017	August 3, 2017
Pioneer High Yield
Class I	$	0.0493	$	—	$	—	August 1, 2017	Daily
Class S	$	0.0467	$	—	$	—	August 1, 2017	Daily
T. Rowe Price Diversified Mid Cap Growth
Class ADV	$	0.0250	$	0.0433	$	0.7597	August 7, 2017	August 3, 2017
Class I	$	0.0708	$	0.0433	$	0.7597	August 7, 2017	August 3, 2017
Class R6	$	0.0708	$	0.0433	$	0.7597	August 7, 2017	August 3, 2017
Class S	$	0.0496	$	0.0433	$	0.7597	August 7, 2017	August 3, 2017
Class S2	$	0.0354	$	0.0433	$	0.7597	August 7, 2017	August 3, 2017
T. Rowe Price Growth Equity
Class ADV	$	—	$	—	$	9.4870	August 7, 2017	August 3, 2017
Class I	$	0.0492	$	—	$	9.4870	August 7, 2017	August 3, 2017
Class S	$	—	$	—	$	9.4870	August 7, 2017	August 3, 2017
Class S2	$	—	$	—	$	9.4870	August 7, 2017	August 3, 2017
Templeton Foreign Equity
Class ADV	$	0.1923	$	—	$	—	August 7, 2017	August 3, 2017
Class I	$	0.2492	$	—	$	—	August 7, 2017	August 3, 2017
Class S	$	0.2168	$	—	$	—	August 7, 2017	August 3, 2017
Class S2	$	0.1803	$	—	$	—	August 7, 2017	August 3, 2017

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.

55

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED)

Geographic Diversification
as of June 30, 2017
(as a percentage of net assets)

United States(1)	74.0	%
Cayman Islands	3.4	%
Italy	3.0	%
Spain	1.9	%
Germany	1.7	%
United Kingdom	1.3	%
Netherlands	1.0	%
France	0.8	%
Brazil	0.8	%
Japan	0.6	%
Countries between 0.0% - 0.4%^	2.4	%
Assets in Excess of Other Liabilities*	9.1	%
Net Assets	100.0	%

* Includes short-term investments and purchased options.

⁽¹⁾ Includes 23.0% 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.

^ Includes 12 countries, which each represents 0.0% - 0.4% of net assets.

Portfolio holdings are subject to change daily.

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 23.1%
			Brazil: 0.5%
	900,000	L	Petrobras Global Finance BV, 8.750%, 05/23/26	$	1,037,250		0.5
			Canada: 0.3%
	235,000	#,L	Cenovus Energy, Inc., 4.250%, 04/15/27		224,331		0.1
	324,000		Other Securities		335,250		0.2
					559,581		0.3
			China: 0.3%
	601,000		Alibaba Group Holding Ltd., 3.600%, 11/28/24		620,016		0.3
			France: 0.8%
	287,000	#	BPCE SA, 5.150%, 07/21/24		307,100		0.2
	226,000	#	Electricite de France SA, 2.350%, 10/13/20		226,963		0.1
	940,000	#	SFR Group SA, 6.000%, 05/15/22		984,650		0.4
	294,000		Other Securities		296,688		0.1
					1,815,401		0.8
			Guernsey: 0.3%
	716,000		Credit Suisse Group Funding Guernsey Ltd., 2.750%, 03/26/20		722,050		0.3

Principal Amount†				Value		Percentage of Net Assets
			Ireland: 0.3%
	652,000		Other Securities	$	670,399		0.3
			Japan: 0.6%
	790,000	#	Bank of Tokyo-Mitsubishi UFJ Ltd./The, 2.300%, 03/05/20		791,365		0.4
	200,000	#	Mizuho Bank Ltd., 3.200%, 03/26/25		201,555		0.1
	300,000		Other Securities		311,888		0.1
					1,304,808		0.6
			Luxembourg: 0.2%
	350,000	#	Altice Financing SA, 6.625%, 02/15/23		372,204		0.2
	130,000	#	Dana Financing Luxembourg Sarl, 5.750%, 04/15/25		134,875		0.0
					507,079		0.2
			Mexico: 0.0%
MXN	1,135,592		Other Securities(a)		6,740		0.0
			Netherlands: 1.0%
	690,000		Shell International Finance BV, 3.250%, 05/11/25		704,576		0.3
	361,000		Shell International Finance BV, 4.000%, 05/10/46		358,092		0.2

See Accompanying Notes to Financial Statements
56

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			Netherlands (continued)
	300,000	#	Siemens Financieringsmaatschappij NV, 2.350%, 10/15/26	$	283,632		0.1
	766,000	L	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/26		728,968		0.3
	269,000		Other Securities		289,235		0.1
					2,364,503		1.0
			Norway: 0.2%
	380,000		Other Securities		376,690		0.2
			South Africa: 0.0%
ZAR	1,000,000		Other Securities		80,670		0.0
			Sweden: 0.1%
	298,000	#	Nordea Bank AB, 5.500%, 09/29/49		303,215		0.1
			Switzerland: 0.3%
	400,000	#	Credit Suisse AG, 6.500%, 08/08/23		450,760		0.2
	250,000		UBS AG/Stamford CT, 7.625%, 08/17/22		294,125		0.1
					744,885		0.3
			United Kingdom: 1.3%
	230,000	#	Anglo American Capital PLC, 4.750%, 04/10/27		236,854		0.1
	239,000	#	Santander UK Group Holdings PLC, 5.625%, 09/15/45		270,767		0.1
	1,002,000		Santander UK PLC, 2.375%, 03/16/20		1,008,208		0.5
	400,000	#	Standard Chartered PLC, 4.300%, 02/19/27		403,183		0.2
	200,000	#	Virgin Media Secured Finance PLC, 5.250%, 01/15/26		208,912		0.1
	813,000		Other Securities		823,049		0.3
					2,950,973		1.3
			United States: 16.9%
	762,000		21st Century Fox America, Inc., 4.500%-5.400%, 02/15/21-10/01/43		845,102		0.4

Principal Amount†				Value		Percentage of Net Assets
	195,000	#	AMC Entertainment Holdings, Inc., 5.875%, 11/15/26	$	204,019		0.1
	986,000		Anheuser-Busch InBev Finance, Inc., 2.650%-3.300%, 02/01/21-02/01/23		1,009,223		0.4
	1,024,000		AT&T, Inc., 3.000%-5.450%, 06/30/22-03/01/47		1,067,908		0.5
	1,361,000		Bank of America Corp., 3.300%-4.100%, 01/11/23-08/01/25		1,419,084		0.6
	300,000	#	Builders FirstSource, Inc., 5.625%, 09/01/24		313,500		0.1
	540,000	#	Calpine Corp., 6.000%, 01/15/22		560,250		0.2
	1,048,000		Citigroup, Inc., 4.000%-5.500%, 08/05/24-09/13/25		1,119,331		0.5
	758,000		Citizens Bank NA/Providence RI, 2.450%, 12/04/19		764,930		0.3
	185,000	#	CommScope Technologies LLC, 5.000%, 03/15/27		185,000		0.1
	562,000	#	Cox Communications, Inc., 2.950%, 06/30/23		548,817		0.2
	777,000		CVS Health Corp., 2.800%, 07/20/20		791,560		0.3
	177,000	#	Dell International LLC / EMC Corp., 4.420%, 06/15/21		186,745		0.1
	480,000	#	Dell International LLC / EMC Corp., 5.450%, 06/15/23		521,465		0.2
	313,000	#	Dell International LLC / EMC Corp., 6.020%, 06/15/26		345,393		0.2
	1,026,000		Energy Transfer L.P., 4.900%, 02/01/24		1,084,216		0.5
	385,000	#	ESH Hospitality, Inc., 5.250%, 05/01/25		399,919		0.2
	200,000	#	First Data Corp., 5.750%, 01/15/24		208,500		0.1
	240,000		Goldman Sachs Group, Inc./The, 2.625%, 04/25/21		240,666		0.1
	627,000		Goldman Sachs Group, Inc., 5.250%, 07/27/21		687,539		0.3
	605,000		Hartford Financial Services Group, Inc., 6.625%, 03/30/40		820,957		0.4

See Accompanying Notes to Financial Statements
57

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			United States (continued)
	115,000	#	Hill-Rom Holdings, Inc., 5.000%, 02/15/25	$	117,875		0.0
	294,000		Huntington Bancshares, Inc./OH, 2.600%, 08/02/18		296,060		0.1
	570,000		Huntington National Bank, 2.200%, 11/06/18		571,766		0.3
	1,041,000		Indiana Michigan Power Co., 7.000%, 03/15/19		1,123,825		0.5
	570,000	#	JBS USA LUX SA / JBS USA Finance, Inc., 5.875%, 07/15/24		537,225		0.2
	835,000		JPMorgan Chase & Co., 2.550%-6.000%, 03/01/21-12/29/49		874,845		0.4
	372,000		Morgan Stanley, 3.750%, 02/25/23		387,098		0.2
	618,000		Morgan Stanley, 4.100%, 05/22/23		645,924		0.3
	625,000		Netflix, Inc., 5.750%, 03/01/24		683,594		0.3
	175,000	#	Nielsen Finance LLC / Nielsen Finance Co., 5.000%, 04/15/22		182,000		0.1
	200,000	#	Novelis Corp., 5.875%, 09/30/26		206,500		0.1
	110,000	#	Owens-Brockway Glass Container, Inc., 5.875%, 08/15/23		121,481		0.1
	400,000	#	Post Holdings, Inc., 5.000%, 08/15/26		400,000		0.2
	175,000	#	Sirius XM Radio, Inc., 5.375%, 04/15/25		181,344		0.1
	95,000	#	Six Flags Entertainment Corp., 4.875%, 07/31/24		95,819		0.0
	195,000	#	Six Flags Entertainment Corp., 5.500%, 04/15/27		201,337		0.1
	235,000	#	Standard Industries, Inc./NJ, 5.000%, 02/15/27		240,288		0.1
	272,000		Time Warner Cable LLC, 5.875%, 11/15/40		304,523		0.1
	485,000		Time Warner, Inc., 6.500%, 11/15/36		599,140		0.3

Principal Amount†				Value		Percentage of Net Assets
	380,000	#	Univision Communications, Inc., 5.125%, 02/15/25	$	377,625		0.2
	505,000	#	Valeant Pharmaceuticals International, 7.250%, 07/15/22		477,225		0.2
	568,000	#	Verizon Communications, Inc., 4.812%, 03/15/39		576,760		0.3
	500,000		Verizon Communications, Inc., 4.125%-5.012%, 03/16/27-08/21/54		506,145		0.2
	599,000		Wells Fargo & Co., 4.100%, 06/03/26		620,275		0.3
	14,344,000		Other Securities(b)		14,599,399		6.4
					38,252,197		16.9
			Total Corporate Bonds/Notes (Cost $50,775,396)		52,316,457		23.1
COLLATERALIZED MORTGAGE OBLIGATIONS: 14.7%
			United States: 14.7%
	678,430		Banc of America Funding 2005-1 Trust 1A1, 5.500%, 02/25/35		680,521		0.3
	146,333		Citigroup Mortgage Loan Trust, Inc. 2005-2 1A3, 3.223%, 05/25/35		145,715		0.0
	423,077		CitiMortgage Alternative Loan Trust Series 2006-A3 1A7, 6.000%, 07/25/36		391,784		0.2
	26,807	#	Deutsche ALT-A Securities, Inc. ALT2007-RS1 A2, 1.720%, 01/27/37		104,088		0.0
	100,000		Fannie Mae Connecticut Avenue Securities 2014-C01 M2, 5.616%, 01/25/24		114,520		0.1
	320,000		Fannie Mae Connecticut Avenue Securities 2014-C03 2M2, 4.116%, 07/25/24		338,352		0.2
	400,000		Fannie Mae Connecticut Avenue Securities 2014-CO3 1M2, 4.216%, 07/25/24		426,812		0.2

See Accompanying Notes to Financial Statements
58

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			United States (continued)
	500,000		Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 4.216%, 10/25/29	$	514,124		0.2
	200,000		Fannie Mae Connecticut Avenue Securities 2017-C04 2M2, 4.066%, 11/25/29		203,051		0.1
	92,469	^	Fannie Mae Interest Strip Sereis 328 2, 6.000%, 12/25/32		21,582		0.0
	45,903	^	Fannie Mae Interest Strip Sereis 332 2, 6.000%, 03/25/33		10,736		0.0
	191,547	^	Fannie Mae Interest Strip Series 254 2, 7.500%, 01/25/24		33,988		0.0
	29,742	^	Fannie Mae Interest Strip Series 294 2, 7.000%, 02/25/28		6,813		0.0
	159,384	^	Fannie Mae Interest Strip Series 319 2, 6.500%, 02/25/32		37,884		0.0
	39,519	^	Fannie Mae Interest Strip Series 331 5, 6.000%, 02/25/33		8,530		0.0
	38,787	^	Fannie Mae Interest Strip Series 334 12, 6.000%, 03/25/33		9,469		0.0
	47,835	^	Fannie Mae Interest Strip Series 338 2, 5.500%, 07/25/33		10,390		0.0
	20,324	^	Fannie Mae Interest Strip Series 356 10, 5.500%, 06/25/35		3,752		0.0
	21,518	^	Fannie Mae Interest Strip Series 364 15, 6.000%, 09/25/35		4,638		0.0
	615,593	^	Fannie Mae Interest Strip Series 418 5, 3.500%, 08/25/43		106,101		0.1
	957,621	^	Fannie Mae Interest Strip Series 418 80, 3.500%, 08/25/33		136,093		0.1
	15,842		Fannie Mae REMIC Trust 1999-14 MB, 6.500%, 04/25/29		17,603		0.0
	22,932		Fannie Mae REMIC Trust 1999-54 LH, 6.500%, 11/25/29		25,730		0.0
	20,659		Fannie Mae REMIC Trust 2001-80 ZB, 6.000%, 01/25/32		23,192		0.0

Principal Amount†				Value		Percentage of Net Assets
	95,846	^	Fannie Mae REMIC Trust 2002-12 SB, 6.534%, 07/25/31	$	20,114		0.0
	54,323	^	Fannie Mae REMIC Trust 2002-2 SW, 6.534%, 02/25/32		11,705		0.0
	25,247		Fannie Mae REMIC Trust 2002-21 PE, 6.500%, 04/25/32		28,783		0.0
	9,674		Fannie Mae REMIC Trust 2002-29 F, 2.216%, 04/25/32		9,912		0.0
	35,283	^	Fannie Mae REMIC Trust 2002-41 S, 6.734%, 07/25/32		7,046		0.0
	2,977		Fannie Mae REMIC Trust 2002-64 FJ, 2.216%, 04/25/32		3,050		0.0
	6,428		Fannie Mae REMIC Trust 2002-68 FH, 1.709%, 10/18/32		6,459		0.0
	1,084,350	^	Fannie Mae REMIC Trust 2002-77 JS, 6.791%, 12/18/32		230,450		0.1
	28,873		Fannie Mae REMIC Trust 2002-84 FB, 2.216%, 12/25/32		29,549		0.0
	28,869		Fannie Mae REMIC Trust 2003-11 FA, 2.216%, 09/25/32		29,545		0.0
	6,058		Fannie Mae REMIC Trust 2003-116 FA, 1.616%, 11/25/33		6,066		0.0
	36,458	^	Fannie Mae REMIC Trust 2003-13 IO, 7.000%, 03/25/33		9,312		0.0
	29,392	^	Fannie Mae REMIC Trust 2003-26 IK, 7.000%, 04/25/33		6,962		0.0
	22,823	^	Fannie Mae REMIC Trust 2003-52 NS, 5.884%, 06/25/23		2,147		0.0
	150,596	^	Fannie Mae REMIC Trust 2004-56 SE, 6.334%, 10/25/33		32,590		0.0
	41,007		Fannie Mae REMIC Trust 2005-25 PS, 22.809%, 04/25/35		67,906		0.0
	18,766	^	Fannie Mae REMIC Trust 2005-40 SB, 5.534%, 05/25/35		2,981		0.0
	95,416		Fannie Mae REMIC Trust 2005-71 DB, 4.500%, 08/25/25		99,267		0.0
	121,579		Fannie Mae REMIC Trust 2005-74 DK, 19.136%, 07/25/35		194,917		0.1
	154,966		Fannie Mae REMIC Trust 2005-87 SB, 19.374%, 10/25/35		254,408		0.1
	335,644		Fannie Mae REMIC Trust 2006-104 ES, 27.370%, 11/25/36		597,536		0.3

See Accompanying Notes to Financial Statements
59

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			United States (continued)
	19,351		Fannie Mae REMIC Trust 2006-11 PS, 20.108%, 03/25/36	$	30,792		0.0
	54,172		Fannie Mae REMIC Trust 2006-46 SW, 19.740%, 06/25/36		84,299		0.0
	309,701	^	Fannie Mae REMIC Trust 2006-51 SA, 5.354%, 06/25/36		55,438		0.0
	99,094	^	Fannie Mae REMIC Trust 2006-90 SX, 6.014%, 09/25/36		19,471		0.0
	11,598,591	^	Fannie Mae REMIC Trust 2007-116 DI, 4.724%, 01/25/38		1,970,079		0.9
	96,804	^	Fannie Mae REMIC Trust 2007-88 XI, 5.324%, 06/25/37		18,665		0.0
	1,406,006	^	Fannie Mae REMIC Trust 2007-89 SB, 5.334%, 09/25/37		269,372		0.1
	2,591,665	^	Fannie Mae REMIC Trust 2007-94 SG, 5.234%, 10/25/37		468,055		0.2
	248,774		Fannie Mae REMIC Trust 2010-109 SN, 18.864%, 10/25/40		576,084		0.3
	182,222		Fannie Mae REMIC Trust 2010-155 PL, 5.000%, 07/25/40		191,960		0.1
	4,638,673	^	Fannie Mae REMIC Trust 2011-55 SK, 5.344%, 06/25/41		895,643		0.4
	3,660,281	^	Fannie Mae REMIC Trust 2011-86 NS, 4.734%, 09/25/41		570,184		0.3
	2,734,793	^	Fannie Mae REMIC Trust 2012-10 US, 5.234%, 02/25/42		401,100		0.2
	1,824,192	^	Fannie Mae REMIC Trust 2012-110 JI, 4.000%, 06/25/42		273,696		0.1
	6,066,743	^	Fannie Mae REMIC Trust 2012-133 PS, 4.984%, 03/25/42		872,308		0.4
	2,809,807	^	Fannie Mae REMIC Trust 2012-144 SB, 4.884%, 01/25/43		658,527		0.3
	3,391,027	^	Fannie Mae REMIC Trust 2012-27 SB, 4.764%, 11/25/41		469,743		0.2
	23,601		Fannie Mae REMIC Trust 2013-130 ST, 8.000%, 05/25/43		28,287		0.0
	1,890,559	^	Fannie Mae REMIC Trust 2013-64 LI, 3.000%, 06/25/33		258,408		0.1

Principal Amount†				Value		Percentage of Net Assets
	11,473,373	^	Freddie Mac 3502 DL, 4.841%, 01/15/39	$	1,902,581		0.8
	58,981		Freddie Mac REMIC Trust 1360 PZ, 7.500%, 09/15/22		64,677		0.0
	33,414		Freddie Mac REMIC Trust 1674 Z, 6.750%, 02/15/24		36,540		0.0
	72,686		Freddie Mac REMIC Trust 1897 K, 7.000%, 09/15/26		81,714		0.0
	11,977	^	Freddie Mac REMIC Trust 2035 PE, 7.000%, 03/15/28		2,754		0.0
	64,721	^	Freddie Mac REMIC Trust 2049 PL, 7.000%, 04/15/28		13,931		0.0
	30,411		Freddie Mac REMIC Trust 2122 F, 1.609%, 02/15/29		30,498		0.0
	102,232	^	Freddie Mac REMIC Trust 2134 SB, 6.541%, 03/15/29		17,524		0.0
	112,584	^	Freddie Mac REMIC Trust 2136 SG, 6.491%, 03/15/29		20,270		0.0
	146,714	^	Freddie Mac REMIC Trust 2177 SB, 7.791%, 08/15/29		31,770		0.0
	15,584		Freddie Mac REMIC Trust 2344 FP, 2.109%, 08/15/31		16,012		0.0
	8,081		Freddie Mac REMIC Trust 2412 GF, 2.109%, 02/15/32		8,303		0.0
	61,631		Freddie Mac REMIC Trust 2415 ZA, 6.500%, 02/15/32		69,439		0.0
	45,930		Freddie Mac REMIC Trust 2461 PZ, 6.500%, 06/15/32		53,716		0.0
	8,622		Freddie Mac REMIC Trust 2464 FI, 2.159%, 02/15/32		8,828		0.0
	8,844		Freddie Mac REMIC Trust 2470 LF, 2.159%, 02/15/32		9,055		0.0
	12,324		Freddie Mac REMIC Trust 2471 FD, 2.159%, 03/15/32		12,621		0.0
	10,019		Freddie Mac REMIC Trust 2504 FP, 1.659%, 03/15/32		10,072		0.0
	38,869		Freddie Mac REMIC Trust 2551 LF, 1.659%, 01/15/33		39,046		0.0
	116,543		Freddie Mac REMIC Trust 2676 KY, 5.000%, 09/15/23		124,118		0.1

See Accompanying Notes to Financial Statements
60

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			United States (continued)
	494,372		Freddie Mac REMIC Trust 2750 XG, 5.000%, 02/15/34	$	540,188		0.2
	423,542		Freddie Mac REMIC Trust 2890 PE, 5.000%, 11/15/34		461,903		0.2
	78,052		Freddie Mac REMIC Trust 3001 HT, 8.000%, 05/15/35		88,672		0.0
	91,331	^	Freddie Mac REMIC Trust 3004 SB, 4.991%, 07/15/35		11,928		0.0
	18,741		Freddie Mac REMIC Trust 3025 SJ, 20.501%, 08/15/35		29,073		0.0
	1,204,555	^	Freddie Mac REMIC Trust 3223 S, 4.791%, 10/15/36		161,531		0.1
	3,231,592	^	Freddie Mac REMIC Trust 3505 SA, 4.841%, 01/15/39		537,698		0.2
	3,612,961	^	Freddie Mac REMIC Trust 3702 S, 3.291%, 05/15/36		338,202		0.2
	3,404,254	^	Freddie Mac REMIC Trust 3710 SL, 4.841%, 05/15/36		214,790		0.1
	407,110	^	Freddie Mac REMIC Trust 3803 SG, 5.441%, 08/15/28		14,306		0.0
	3,776,339	^	Freddie Mac REMIC Trust 3925 SD, 4.891%, 07/15/40		494,304		0.2
	1,842,930	^	Freddie Mac REMIC Trust 4136 SW, 5.091%, 11/15/32		322,933		0.2
	796,660	^	Freddie Mac REMIC Trust 4161 CI, 4.000%, 02/15/43		147,303		0.1
	12,282,795	^	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/43		2,183,998		1.0
	1,448,186	^	Freddie Mac Series 4120 IK, 3.000%, 10/15/32		193,301		0.1
	530,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2014-DN1 M3, 5.716%, 02/25/24		619,443		0.3
	400,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2014-DN3 M3, 5.216%, 08/25/24		436,919		0.2

Principal Amount†				Value		Percentage of Net Assets
	340,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2014-HQ3 M3, 5.966%, 10/25/24	$	377,660		0.2
	100,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3 M3, 5.916%, 04/25/28		115,219		0.1
	119,314		Freddie Mac Structured Agency Credit Risk Debt Notes 2015-HQ1 M2, 3.416%, 03/25/25		120,722		0.1
	600,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA2 M2, 3.809%, 12/25/29		601,850		0.3
	526,743		Ginnie Mae Series 2007-8 SP, 18.118%, 03/20/37		774,670		0.3
	3,827,706	^	Ginnie Mae Series 2010-165 IP, 4.000%, 04/20/38		198,379		0.1
	2,971,673	^	Ginnie Mae Series 2010-68 MS, 4.638%, 06/20/40		456,323		0.2
	2,065,078	^	Ginnie Mae Series 2012-97 SC, 5.528%, 07/16/41		370,681		0.2
	763,910		IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 1.426%, 04/25/46		677,140		0.3
	702,667		JP Morgan Mortgage Trust 2005-A4 B1, 3.480%, 07/25/35		629,345		0.3
	129,413		JP Morgan Mortgage Trust 2007-A1 7A1, 3.466%, 07/25/35		128,927		0.0
	9,548,950	^	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 X, 1.136%, 08/25/45		341,465		0.2

See Accompanying Notes to Financial Statements
61

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal Amount†			Value		Percentage of Net Assets
		United States (continued)
	63,006	WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 2.937%, 10/25/36	$	60,880		0.0
	1,013,278	WaMu Mortgage Pass-Through Certificates Series 2006-AR16 Trust 3A1, 2.808%, 12/25/36		962,228		0.4
	240,694	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 2.887%, 08/25/46		221,803		0.1
	478,376	WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 2.953%, 12/25/36		456,494		0.2
	135,529	WaMu Mortgage Pass-Through Certificates Series 2007-HY4 1A1, 2.763%, 04/25/37		120,044		0.1
	163,789	Wells Fargo Alternative Loan 2007-PA2 2A1, 1.646%, 06/25/37		130,144		0.1
	74,100	Wells Fargo Mortgage Backed Securities 2005-AR16 Trust 2A1, 3.185%, 02/25/34		75,771		0.0
	203,732	Wells Fargo Mortgage Backed Securities 2006-8 A15 Trust, 6.000%, 07/25/36		205,660		0.1
	264,362	Wells Fargo Mortgage Backed Securities 2006-AR17 Trust A1, 3.048%, 10/25/36		257,247		0.1
	57,020	Wells Fargo Mortgage Backed Securities 2006-AR17 Trust A2, 3.048%, 10/25/36		55,485		0.0

Principal Amount†			Value		Percentage of Net Assets
	324,286	Wells Fargo Mortgage Backed Securities 2006-AR7 Trust 2A1, 3.329%, 05/25/36	$	311,779		0.2
	312,045	Wells Fargo Mortgage Backed Securities 2006-AR8 Trust 3A2, 3.174%, 04/25/36		306,946		0.1
	5,932,299	Other Securities		2,920,091		1.3
		Total Collateralized Mortgage Obligations (Cost $31,382,050)		33,365,198		14.7
STRUCTURED PRODUCTS: 0.0%
		Russia: 0.0%
RUB	5,352,217	Morgan Stanley & Co. International PLC - EM Whole Loan SA /Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5.000%, 08/22/34		40,044		0.0
		Total Structured Products (Cost $191,033)		40,044		0.0
U.S. TREASURY OBLIGATIONS: 8.8%
		U.S. Treasury Bonds: 1.0%
	2,276,000	3.000%, due 02/15/47		2,352,371		1.0
		U.S. Treasury Notes: 7.8%
	1,342,000	1.250%, due 03/31/19		1,339,352		0.6
	872,000	1.250%, due 06/30/19		869,718		0.4
	891,000	1.500%, due 06/15/20		889,748		0.4
	7,416,000	2.000%, due 06/30/24		7,349,664		3.2
	6,774,000	2.375%, due 05/15/27		6,818,722		3.0
	369,000	1.250%-2.125%, due 05/31/19-03/31/24		361,887		0.2
				17,629,091		7.8
		Total U.S. Treasury Obligations (Cost $20,011,085)		19,981,462		8.8

See Accompanying Notes to Financial Statements
62

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: 1.3%
			Federal Home Loan Mortgage Corporation##: 0.6%
	1,348,862		4.000%-6.500%, due 01/01/20-05/01/46	$	1,425,675		0.6
			Federal National Mortgage Association##: 0.6%
	1,282,365		2.500%-7.500%, due 09/01/19-05/01/45		1,392,857		0.6
			Government National Mortgage Association: 0.1%
	68,220		5.000%-6.500%, due 04/15/34-02/20/35		76,428		0.1
			Total U.S. Government Agency Obligations (Cost $2,832,970)		2,894,960		1.3
COMMERCIAL MORTGAGE-BACKED SECURITIES: 8.9%
			United States: 8.9%
	7,040,000	^	BANK 2017-BNK5 XA, 1.107%, 06/15/60		543,219		0.2
	450,000		Banc of America Commercial Mortgage Trust 2007-3 B, 5.676%, 06/10/49		455,674		0.2
	390,000		Banc of America Commercial Mortgage Trust 2007-3 C, 5.676%, 06/10/49		395,892		0.2
	8,891,954	^	Banc of America Commercial Mortgage Trust 2017-BNK3 XA, 1.300%, 02/15/50		721,016		0.3
	2,075,546	^	Barclays Commercial Mortgage Trust 2017-C1 XA, 1.696%, 02/15/50		225,741		0.1
	8,020,000	#,^	BBCCRE Trust 2015-GTP XA, 0.749%, 08/10/33		344,694		0.1
	440,000	#	Bear Stearns Commercial Mortgage Securities Trust 2004-PWR6 E, 5.406%, 11/11/41		450,716		0.2

Principal Amount†				Value		Percentage of Net Assets
	140,000	#	Bear Stearns Commercial Mortgage Securities Trust 2006-TOP22 E, 5.897%, 04/12/38	$	132,253		0.1
	422,853	#	Beckman Coulter, Inc. 2000-A A, 7.498%, 12/15/18		428,092		0.2
	1,879,052	^	CD 2016-CD1 Mortgage Trust XA, 1.575%, 08/10/49		182,099		0.1
	9,008,471	^	CFCRE Commercial Mortgage Trust 2016-C7 XA, 0.944%, 12/10/54		521,579		0.2
	3,493,763	^	COMM 2012-CR1 XA, 2.060%, 05/15/45		258,847		0.1
	10,324,806	#,^	COMM 2012-LTRT XA, 1.015%, 10/05/30		415,896		0.2
	6,440,637	^	COMM 2013-LC6 XA, 1.804%, 01/10/46		317,085		0.1
	14,386,359	^	COMM 2014-CR16 XA, 1.354%, 04/10/47		722,864		0.3
	3,961,845	^	COMM 2014-UBS3 XA, 1.478%, 06/10/47		231,170		0.1
	570,000		COMM 2016-COR1 C, 4.542%, 10/10/49		571,132		0.3
	4,478,211	^	COMM 2016-CR28 XA, 0.374%, 02/10/49		186,141		0.1
	263,358	#	Commercial Mortgage Trust 2004-GG1 F, 6.591%, 06/10/36		263,828		0.1
	7,447	#	Credit Suisse First Boston Mortgage Securities Corp. 2003-C4 J, 5.322%, 08/15/36		7,427		0.0
	290,000	#	DBJPM 16-C3 Mortgage Trust, 3.636%, 09/10/49		235,540		0.1
	2,169,951	#,^	DBUBS 2011-LC1A XA, 0.927%, 11/10/46		40,881		0.0
	210,000	#	DBUBS 2011-LC2A D, 5.727%, 07/10/44		221,648		0.1

See Accompanying Notes to Financial Statements
63

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			United States (continued)
	3,560,000	^	Freddie Mac Multifamily Structured Pass Through Certificates K010 X3, 4.793%, 11/25/44	$	502,259		0.2
	8,484,641	^	Freddie Mac Multifamily Structured Pass Through Certificates K018 X1, 1.528%, 01/25/22		428,021		0.2
	9,030,492	^	Freddie Mac Multifamily Structured Pass Through Certificates K704 X1, 2.118%, 08/25/18		135,542		0.0
	29,023,305	^	Freddie Mac Multifamily Structured Pass Through Certificates K710 X1, 1.872%, 05/25/19		797,061		0.3
	4,423,190	^	Freddie Mac Multifamily Structured Pass Through Certificates K711 X3, 1.675%, 08/25/40		146,569		0.1
	41,625,365	#,^	FREMF Mortgage Trust 2012-K17 X2A, 0.100%, 12/25/44		146,754		0.1
	5,371	#	GE Capital Commercial Mortgage Series 2005-C2 H, 5.462%, 05/10/43		5,373		0.0
	100,000	#	GS Mortgage Securities Trust 2010-C2 F, 4.548%, 12/10/43		89,045		0.0
	2,402,594	^	GS Mortgage Securities Trust 2012-GCJ7 XA, 2.429%, 05/10/45		176,262		0.1
	660,000		JPMBB Commercial Mortgage Securities Trust 2014-C18 AS, 4.439%, 02/15/47		707,658		0.3

Principal Amount†				Value		Percentage of Net Assets
	735,971	#	JPMBB Commercial Mortgage Securities Trust 2014-C24 ESK, 9.989%, 11/15/47	$	739,419		0.3
	13,594,327	^	JPMBB Commercial Mortgage Securities Trust 2014-C24 XA, 1.212%, 11/15/47		639,549		0.3
	250,000	#	JP Morgan Chase Commercial Mortgage Securities Corp. 2004-CB8 J, 4.733%, 01/12/39		240,687		0.1
	213,187		JP Morgan Chase Commercial Mortgage Securities Corp. 2006-LDP8 B, 5.520%, 05/15/45		213,027		0.1
	2,940,000	#,^	JP Morgan Chase Commercial Mortgage Securities Corp. 2012-LC9 XB, 0.424%, 12/15/47		49,713		0.0
	134,949	#	JP Morgan Chase Commercial Mortgage Securities Trust 2003-LN1 H, 5.758%, 10/15/37		134,603		0.1
	270,000		JP Morgan Chase Commercial Mortgage Securities Trust 2004-CIBC9 E, 5.510%, 06/12/41		275,109		0.1
	300,000		JP Morgan Chase Commercial Mortgage Securities Trust 2005-LDP2 F, 5.010%, 07/15/42		302,191		0.1
	7,097,910	^	JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX XA, 1.826%, 06/15/45		373,468		0.2
	360,000		LB-UBS Commercial Mortgage Trust 2005-C3 E, 4.983%, 07/15/40		360,791		0.2
	360,000		LB-UBS Commercial Mortgage Trust 2005-C3 F, 5.013%, 07/15/40		358,981		0.2

See Accompanying Notes to Financial Statements
64

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			United States (continued)
	50,000		LB-UBS Commercial Mortgage Trust 2006-C4 C, 6.062%, 06/15/38	$	50,019		0.0
	780,000		LB-UBS Commercial Mortgage Trust 2006-C4 D, 6.062%, 06/15/38		780,121		0.3
	3,497,618	#,^	LSTAR Commercial Mortgage Trust 2017-5 X, 1.393%, 03/10/50		195,269		0.1
	361,980	#	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 D, 3.389%, 10/15/47		263,057		0.1
	310,000		Morgan Stanley Capital I Trust 2006-IQ11, 6.375%, 10/15/42		303,874		0.2
	570,000	#	Morgan Stanley Capital I Trust 2011-C1 D, 5.588%, 09/15/47		611,802		0.3
	460,000	#	Morgan Stanley Capital I Trust 2011-C1 E, 5.588%, 09/15/47		490,990		0.2
	290,000	#	Morgan Stanley Reremic Trust 2012-XA B, 0.250%, 07/27/49		282,639		0.1
	5,459,581	#,^	UBS-Barclays Commercial Mortgage Trust 2012-C3 XA, 2.088%, 08/10/49		435,432		0.2
	4,995,372	#,^	Wells Fargo Commercial Mortgage Trust 2012-LC5 XA, 2.154%, 10/15/45		380,279		0.2
	7,191,015	^	Wells Fargo Commercial Mortgage Trust 2016-C37, 1.190%, 12/15/49		438,897		0.2
	3,506,819	#,^	WFRBS Commercial Mortgage Trust 2012-C8 XA, 2.069%, 08/15/45		266,397		0.1
	1,427,101	#,^	WFRBS Commercial Mortgage Trust 2013-C12 XA, 1.512%, 03/15/48		72,807		0.0

Principal Amount†				Value		Percentage of Net Assets
	10,534,384	^	WFRBS Commercial Mortgage Trust 2014-C19 XA, 1.373%, 03/15/47	$	558,969		0.3
	409,658		Other Securities		414,031		0.2
			Total Commercial Mortgage-Backed Securities (Cost $20,107,471)		20,240,099		8.9
FOREIGN GOVERNMENT BONDS: 7.3%
			Brazil: 0.3%
BRL	705,000		Brazil Notas do Tesouro Nacional Series F, 6.000%, 05/15/45		668,718		0.3
			Germany: 1.7%
EUR	590,000		Bundesrepublik Deutschland, 2.500%, 08/15/46		879,515		0.4
EUR	410,000		Bundesrepublik Deutschland, 0.000%-2.000%, 08/15/23-08/15/26		453,595		0.2
EUR	2,190,000		Bundesschatzanweisungen, -0.610%, 12/14/18		2,523,342		1.1
					3,856,452		1.7
			Indonesia: 0.0%
IDR	1,589,000,000		Other Securities		120,956		0.0
			Italy: 3.0%
EUR	4,900,000		Italy Buoni Poliennali Del Tesoro, 4.500%, 03/01/26		6,754,192		3.0
			Russia: 0.4%
RUB	51,720,000		Russian Federal Bond - OFZ, 7.500%, 08/18/21		867,773		0.4
			Spain: 1.9%
EUR	3,500,000	#	Spain Government Bond, 1.950%, 04/30/26		4,205,269		1.9
			Total Foreign Government Bonds (Cost $16,353,209)		16,473,360		7.3

See Accompanying Notes to Financial Statements
65

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: 3.8%
			Cayman Islands: 3.4%
	350,000	#	ALM VII R-2 Ltd. 2013-7R2A A2R, 3.158%, 10/15/27	$	352,213		0.2
	240,000	#	Apidos CLO XI 2012-11A BR, 3.108%, 01/17/28		240,760		0.1
	210,000	#	Apidos CLO XVII 2014-17A A2R, 3.008%, 04/17/26		210,012		0.1
	370,000	#	Apidos CLO XVII 2014-17A BR, 3.658%, 04/17/26		369,996		0.2
	250,000	#	Avery Point IV CLO Ltd. 2014-1A CR, 3.506%, 04/25/26		250,030		0.1
	250,000	#	Babson CLO Ltd. 2014-IA BR, 3.356%, 07/20/25		250,002		0.1
	510,000	#	BlueMountain CLO 2012-2A BR, 3.072%, 11/20/28		511,380		0.2
	330,000	#	BlueMountain CLO 2014-4A B1R, 3.050%, 11/30/26		330,262		0.2
	300,000	#	BlueMountain CLO 2014-4A CR, 3.750%, 11/30/26		300,297		0.1
	640,000	#	Bristol Park CLO Ltd. 2016-1A B, 3.058%, 04/15/29		643,165		0.3
	290,000	#	Carlyle Global Market Strategies CLO Ltd. 2012-4A BR, 3.056%, 01/20/29		290,882		0.1
	250,000	#	Carlyle Global Market Strategies CLO Ltd. 2014-3A BR, 3.320%, 07/27/26		250,471		0.1
	250,000	#	Cedar Funding II CLO Ltd. 2013-1A CR, 3.639%, 06/09/30		250,000		0.1
	500,000	#	Cedar Funding IV CLO Ltd. 2014-4A CR, 3.406%, 07/23/30		499,994		0.2
	520,000	#	Dryden 33 Senior Loan Fund 2014-33A BR, 3.008%, 10/15/28		521,565		0.2
	1,300,000	#	Madison Park Funding Ltd. 2007-6A C, 2.167%, 07/26/21		1,292,912		0.6

Principal Amount†				Value		Percentage of Net Assets
	250,000	#	Octagon Investment Partners XIX Ltd. 2014-1A CR, 3.258%, 04/15/26	$	250,033		0.1
	250,000	#	Palmer Square CLO 2015-2A BR Ltd., 3.707%, 07/20/30		250,000		0.1
	420,000	#	Shackleton CLO Ltd. 2016-9A A, 2.656%, 10/20/28		424,179		0.2
	250,000	#	Thacher Park CLO Ltd. 2014-1A CR, 3.356%, 10/20/26		250,007		0.1
					7,738,160		3.4
			United States: 0.4%
	366,873		Citigroup Mortgage Loan Trust 2006-WF1 A2E, 5.076%, 03/25/36		275,137		0.1
	640,000	#	OHA Loan Funding Ltd. 2016-1A B1, 2.956%, 01/20/28		641,461		0.3
					916,598		0.4
			Total Asset-Backed Securities (Cost $8,615,531)		8,654,758		3.8
Shares				Value		Percentage of Net Assets
COMMON STOCK: 0.0%
			United States: 0.0%
	48,071		Other Securities(b)	$	21,947		0.0
			Total Common Stock (Cost $1,298,013)		21,947		0.0
MUTUAL FUNDS: 23.0%
			United States: 23.0%
	1,040,317		Voya Emerging Markets Corporate Debt Fund - Class P		10,403,168		4.6
	1,581,468		Voya Emerging Markets Hard Currency Debt Fund - Class P		15,450,946		6.8
	3,047,105		Voya Emerging Markets Local Currency Debt Fund - Class P		23,340,824		10.3
	346,262		Voya High Yield Bond Fund - Class P		2,828,962		1.3
			Total Mutual Funds (Cost $58,199,568)		52,023,900		23.0

See Accompanying Notes to Financial Statements
66

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

# of Contracts				Value		Percentage of Net Assets
PURCHASED OPTIONS: 1.7%
			OTC Interest Rate Swaptions: 1.7%
	11,400,000	@	Call on 30-Year Interest Rate Swap, Receive a fixed rate equal to 1.315% and pay a floating rate based on the 6-month EUR-EURIBOR, Exp. 04/10/37 Counterparty: Morgan Stanley Capital Services LLC	$	1,498,814		0.7
	61,100,000	@	Put on 10-Year Interest Rate Swap, Receive a floating rate based on the 3-month USD-LIBOR and pay a fixed rate equal to 2.522%, Exp. 09/29/17 Counterparty: Goldman Sachs International		264,788		0.1
	47,400,000	@	Put on 10-Year Interest Rate Swap, Receive a floating rate based on the 3-month USD-LIBOR and pay a fixed rate equal to 2.551%, Exp. 07/12/17 Counterparty: Morgan Stanley Capital Services LLC		780		0.0
	86,200,000	@	Put on 10-Year Interest Rate Swap, Receive a floating rate based on the 3-month USD-LIBOR and pay a fixed rate equal to 2.574%, Exp. 07/12/17 Counterparty: Bank of America N.A.		766		0.0

# of Contracts				Value		Percentage of Net Assets
	45,500,000	@	Put on 30-Year Interest Rate Swap, Receive a floating rate based on the 3-month USD-LIBOR and pay a fixed rate equal to 2.850%, Exp. 07/06/17 Counterparty: JPMorgan Chase Bank N.A.	$	1		0.0
	11,400,000	@	Put on 30-Year Interest Rate Swap, Receive a floating rate based on the 6-month EUR-EURIBOR and pay a fixed rate equal to 1.315%, Exp. 04/10/37 Counterparty: Morgan Stanley Capital Services LLC		2,031,860		0.9
					3,797,009		1.7
			Total Purchased Options (Cost $5,286,648)		3,797,009		1.7
			Total Long-Term Investments (Cost $215,052,974)		209,809,194		92.6
Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 9.3%
			Corporate Bonds/Notes: 0.5%
	537,000		Allergan Funding SCS, 2.350%, 03/12/18	$	539,341		0.2
	265,000	#	Barclays Bank PLC, 6.050%, 12/04/17		269,606		0.1
	362,000		JPMorgan Chase & Co., 1.625%, 05/15/18		361,978		0.2
					1,170,925		0.5
			Commercial Paper: 0.9%
	2,000,000		Kroger Co., 1.404%, 07/03/17 (Cost $1,999,855)		1,999,766		0.9

See Accompanying Notes to Financial Statements
67

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal Amount†			Value		Percentage of Net Assets
		U.S. Government Agency Obligations: 0.0%
	1,850	Freddie Mac, 5.500%, 01/01/18	$	1,863		0.0
	70	Freddie Mac, 6.500%, 04/01/18		71		0.0
				1,934		0.0
		Securities Lending Collateralcc: 0.9%
	4,092	BNP Paribas S.A., Repurchase Agreement dated 06/30/17, 1.14%, due 07/03/17 (Repurchase Amount $4,092, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $4,174, due 07/28/17-09/09/49)		4,092		0.0
	85,743	Cantor Fitzgerald, Repurchase Agreement dated 06/30/17, 1.15%, due 07/03/17 (Repurchase Amount $85,751, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $87,458, due 07/15/17-05/20/67)		85,743		0.0
	4,981	HSBC Securities USA, Repurchase Agreement dated 06/30/17, 1.08%, due 07/03/17 (Repurchase Amount $4,981, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-7.250%, Market Value plus accrued interest $5,081, due 07/15/17-01/15/37)		4,981		0.0

Principal Amount†				Value		Percentage of Net Assets
	2,447		Jefferies LLC, Repurchase Agreement dated 06/30/17, 1.18%, due 07/03/17 (Repurchase Amount $2,447, collateralized by various U.S. Government Agency Obligations, 0.000%-7.125%, Market Value plus accrued interest $2,496, due 07/07/17-01/15/30)	$	2,447		0.0
	1,000,000		NBC Global Finance Ltd., Repurchase Agreement dated 06/30/17, 1.20%, due 07/03/17 (Repurchase Amount $1,000,099, collateralized by various U.S. Government Securities, 0.000%-2.500%, Market Value plus accrued interest $1,020,000, due 08/15/21-09/09/49)		1,000,000		0.5
		1,000,000	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/17, 1.30%, due 07/03/17 (Repurchase Amount $1,000,107, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $1,019,997, due 01/15/19-02/15/46)		1,000,000		0.4
					2,097,263		0.9
			Collateralized Mortgage Obligations: 0.0%
	221,751	^	Fannie Mae REMIC Trust 2011-69 AI, 5.000%, 05/25/18 (Cost $3,374)		1,888		0.0

See Accompanying Notes to Financial Statements
68

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal Amount†				Value			Percentage of Net Assets
			Foreign Government Bonds: 0.0%
EUR	10,000	Z	Bundesschatzanweisungen, -0.690%, 12/15/17 (Cost $11,081)	$	11,457			0.0
			U.S. Treasury Obligations: 0.1%
	209,000		United States Treasury Note, 0.625%, 06/30/18 (Cost $207,943)		207,686			0.1
Shares				Value			Percentage of Net Assets
			Mutual Funds: 6.9%
	15,709,000		BlackRock Liquidity Funds, FedFund, Institutional Class, 0.860%†† (Cost $15,709,000)	$	15,709,000			6.9
			Total Short-Term Investments (Cost $21,194,033)		21,199,919			9.3
			Total Investments in Securities (Cost $236,247,007)	$	231,009,113			101.9
			Liabilities in Excess of Other Assets		(4,355,244	)		(1.9	)
			Net Assets	$	226,653,869			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 June 30, 2017.

  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 June 30, 2017.

#  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 June 30, 2017.

^  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  Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2017.

(a)  The grouping contains securities in default.

(b)  This grouping contains securities on loan.

BRL  Brazilian Real

EUR  EU Euro

IDR  Indonesian Rupiah

MXN  Mexican Peso

RUB  Russian Ruble

ZAR  South African Rand

Cost for federal income tax purposes is $236,000,167.

Net unrealized depreciation consists of:
Gross Unrealized Appreciation	$	4,840,498
Gross Unrealized Depreciation		(9,831,552	)
Net Unrealized Depreciation	$	(4,991,054	)
Sector Diversification	Percentage of Net Assets
Affiliated Investment Companies		23.0	%
Collateralized Mortgage Obligations		14.7
Commercial Mortgage-Backed Securities		8.9
U.S. Treasury Obligations		8.8
Financial		8.3
Foreign Government Bonds		7.3
Communications		4.5
Other Asset-Backed Securities		3.8
Consumer, Non-cyclical		3.1
Energy		2.7
Purchased Options		1.7
Utilities		1.5
U.S. Government Agency Obligations		1.3
Consumer, Cyclical		1.0
Technology		1.0
Industrial		0.6
Basic Materials		0.4
Structured Products		0.0
Materials		0.0
Consumer Discretionary		0.0
Short-Term Investments		9.3
Liabilities in Excess of Other Assets		(1.9	)
Net Assets		100.0	%

See Accompanying Notes to Financial Statements
69

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2017
Asset Table
Investments, at fair value
Common Stock
United States	$	21,947		$	—		$	—	$	21,947
Total Common Stock		21,947			—			—		21,947
Mutual Funds		52,023,900			—			—		52,023,900
Purchased Options		—			3,797,009			—		3,797,009
Corporate Bonds/Notes		—			52,309,717			6,740		52,316,457
Collateralized Mortgage Obligations		—			33,365,198			—		33,365,198
Structured Products		—			—			40,044		40,044
Short-Term Investments		15,709,000			5,490,919			—		21,199,919
Asset-Backed Securities		—			8,654,758			—		8,654,758
Foreign Government Bonds		—			16,473,360			—		16,473,360
Commercial Mortgage-Backed Securities		—			20,240,099			—		20,240,099
U.S. Government Agency Obligations		—			2,894,960			—		2,894,960
U.S. Treasury Obligations		—			19,981,462			—		19,981,462
Total Investments, at fair value	$	67,754,847		$	163,207,482		$	46,784	$	231,009,113
Other Financial Instruments+
Centrally Cleared Swaps		—			6,414,301			—		6,414,301
Forward Foreign Currency Contracts		—			2,348,728			—		2,348,728
Futures		120,834			—			—		120,834
Total Assets	$	67,875,681		$	171,970,511		$	46,784	$	239,892,976
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps	$	—		$	(2,537,955	)	$	—	$	(2,537,955	)
Forward Foreign Currency Contracts		—			(1,039,922	)		—		(1,039,922	)
Futures		(684,982	)		—			—		(684,982	)
Written Options		—			(5,036,709	)		—		(5,036,709	)
Total Liabilities	$	(684,982	)	$	(8,614,586	)	$	—	$	(9,299,568	)

^  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 June 30, 2017, the following forward foreign currency contracts were outstanding for Voya Global Bond Portfolio:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	1,627,000	ZAR	21,835,690	Barclays Bank PLC	07/14/17	$	(38,960	)
USD	437,908	CZK	10,337,488	Barclays Bank PLC	07/14/17		(14,433	)
CZK	1,611,185	USD	67,000	Barclays Bank PLC	07/14/17		3,501
USD	408,000	NOK	3,458,348	Barclays Bank PLC	07/28/17		(6,459	)
USD	334,000	NOK	2,804,561	Barclays Bank PLC	07/28/17		(2,107	)
EUR	43,792,124	USD	49,093,520	Barclays Bank PLC	07/28/17		991,508
CAD	10,930,430	USD	8,261,657	Barclays Bank PLC	07/28/17		171,276
DKK	6,741,468	USD	1,016,553	Barclays Bank PLC	07/28/17		20,406
CHF	678,432	USD	710,000	Barclays Bank PLC	07/28/17		(1,319	)
SEK	10,449,838	USD	1,201,023	Barclays Bank PLC	07/28/17		41,176
GBP	7,764,068	USD	9,891,472	Barclays Bank PLC	07/28/17		229,327
USD	4,806,187	JPY	534,373,000	Barclays Bank PLC	09/20/17		38,635
USD	2,280,212	JPY	253,524,000	Barclays Bank PLC	09/20/17		18,330
USD	43,979	JPY	4,889,830	Barclays Bank PLC	09/20/17		354
KRW	3,175,658,700	USD	2,828,011	Barclays Bank PLC	09/22/17		(51,761	)
USD	1,825,264	TRY	6,870,238	CitiBank N.A.	07/14/17		(121,710	)
CZK	11,239,058	USD	448,892	CitiBank N.A.	07/14/17		42,900
ZAR	4,888,810	USD	363,000	CitiBank N.A.	07/14/17		9,993
USD	380,872	RON	1,620,684	CitiBank N.A.	07/14/17		(25,312	)
ILS	1,035,992	USD	285,098	CitiBank N.A.	07/14/17		12,008

See Accompanying Notes to Financial Statements
70

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
AUD	10,834,962	USD	8,220,158	CitiBank N.A.	07/28/17	$	104,708
USD	3,179,000	CAD	4,124,668	CitiBank N.A.	07/28/17		(3,221	)
EUR	131,617	USD	150,000	CitiBank N.A.	07/28/17		530
USD	1,544,543	CLP	1,035,461,840	CitiBank N.A.	08/11/17		(13,599	)
CLP	630,035,000	USD	940,000	CitiBank N.A.	08/11/17		8,064
USD	1,462,666	COP	4,271,936,773	CitiBank N.A.	08/11/17		68,815
USD	605,475	PEN	1,993,223	CitiBank N.A.	08/11/17		(6,101	)
USD	3,100,709	BRL	9,792,040	CitiBank N.A.	08/11/17		169,955
JPY	507,048,000	USD	4,525,206	CitiBank N.A.	09/20/17		(1,442	)
JPY	260,977,955	USD	2,329,127	CitiBank N.A.	09/20/17		(742	)
JPY	1,068,746,000	USD	9,538,143	CitiBank N.A.	09/20/17		(3,039	)
MYR	3,229,102	USD	758,005	CitiBank N.A.	09/21/17		(9,740	)
USD	1,739,421	THB	59,261,900	CitiBank N.A.	09/22/17		(5,192	)
USD	2,016,448	IDR	27,066,780,271	CitiBank N.A.	09/22/17		3,627
USD	482,876	ZAR	6,710,240	Deutsche Bank AG	07/14/17		(29,084	)
HUF	353,918,368	USD	1,253,260	Deutsche Bank AG	07/14/17		56,138
USD	268,000	RON	1,109,607	Deutsche Bank AG	07/14/17		(10,095	)
USD	4,238,000	NZD	5,785,689	Deutsche Bank AG	07/28/17		188
USD	539,000	SEK	4,629,317	Deutsche Bank AG	07/28/17		(11,299	)
USD	234,000	EUR	208,914	Deutsche Bank AG	07/28/17		(4,935	)
USD	1,987,000	NOK	16,667,810	Deutsche Bank AG	07/28/17		(10,522	)
CHF	275,661	USD	284,389	Goldman Sachs International	07/28/17		3,563
USD	9,001,000	GBP	7,053,510	Goldman Sachs International	09/29/17		(211,038	)
USD	225,147	PLN	900,016	HSBC Bank USA N.A.	07/14/17		(17,717	)
USD	1,999,805	RUB	115,286,357	HSBC Bank USA N.A.	07/14/17		49,188
USD	990,623	HUF	286,495,812	HSBC Bank USA N.A.	07/14/17		(69,331	)
USD	89,933	MXN	1,699,710	HSBC Bank USA N.A.	08/11/17		(3,120	)
SGD	648,988	USD	469,756	HSBC Bank USA N.A.	09/22/17		2,235
HKD	762,813	USD	98,073	HSBC Bank USA N.A.	09/22/17		(151	)
ZAR	308,542	USD	23,000	JPMorgan Chase Bank N.A.	07/14/17		540
USD	157,000	RUB	8,965,987	JPMorgan Chase Bank N.A.	07/14/17		5,298
USD	264,154	CZK	6,174,988	JPMorgan Chase Bank N.A.	07/14/17		(6,047	)
USD	135,000	CZK	3,227,684	JPMorgan Chase Bank N.A.	07/14/17		(6,235	)
AUD	568,442	USD	431,000	JPMorgan Chase Bank N.A.	07/28/17		5,753
USD	519,000	CHF	503,627	JPMorgan Chase Bank N.A.	07/28/17		(7,083	)
EUR	5,627,604	USD	6,432,000	JPMorgan Chase Bank N.A.	07/28/17		4,288
GBP	1,561,564	USD	2,028,000	JPMorgan Chase Bank N.A.	07/28/17		7,566
GBP	624,308	USD	808,000	JPMorgan Chase Bank N.A.	07/28/17		5,812
USD	870,000	AUD	1,132,133	JPMorgan Chase Bank N.A.	07/28/17		144
NZD	6,799,291	USD	4,960,495	JPMorgan Chase Bank N.A.	07/28/17		19,744
USD	617,961	NOK	5,231,356	JPMorgan Chase Bank N.A.	07/28/17		(8,981	)
USD	730,000	AUD	955,501	JPMorgan Chase Bank N.A.	07/28/17		(4,144	)
GBP	599,612	USD	770,000	JPMorgan Chase Bank N.A.	07/28/17		11,620
USD	425,000	MXN	8,052,159	JPMorgan Chase Bank N.A.	08/11/17		(15,829	)
USD	113,495	PHP	5,648,082	JPMorgan Chase Bank N.A.	09/22/17		2,356
USD	1,553,000	PLN	5,872,115	Morgan Stanley & Co. International PLC	07/14/17		(31,554	)
USD	1,408,000	CAD	1,834,244	Morgan Stanley & Co. International PLC	07/28/17		(7,137	)
SEK	2,857,398	USD	339,000	Morgan Stanley & Co. International PLC	07/28/17		666
CAD	749,247	USD	566,000	Morgan Stanley & Co. International PLC	07/28/17		12,052
USD	759,000	AUD	999,960	Morgan Stanley & Co. International PLC	07/28/17		(9,303	)
JPY	3,937,266,251	USD	35,315,492	Morgan Stanley & Co. International PLC	07/28/17		(271,180	)
USD	2,312,000	JPY	256,088,125	Morgan Stanley & Co. International PLC	09/20/17		27,241
USD	2,319,895	JPY	253,524,000	Morgan Stanley & Co. International PLC	09/20/17		58,013
USD	4,889,830	JPY	534,373,000	Morgan Stanley & Co. International PLC	09/20/17		122,278
HUF	199,726,560	USD	720,000	The Bank of New York Mellon	07/14/17		18,932
						$1,308,806

At June 30, 2017, 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	09/15/17	$	1,092,837	$	(15,748	)
Australia 3-Year Bond		36	09/15/17		3,089,384		(18,550	)
Canada 10-Year Bond		26	09/20/17		2,817,936		(87,040	)
CBOE Volatility Index		88	07/19/17		1,084,600		(36,080	)
Euro-Bobl 5-Year		68	09/07/17		10,228,659		(102,919	)
Euro-Bund		46	09/07/17		8,504,489		(157,355	)
Euro-Buxl® 30-year German Government Bond		27	09/07/17		5,042,648		(92,116	)

See Accompanying Notes to Financial Statements
71

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Contract Description	Number of Contracts			Expiration Date	Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
Euro-Schatz		107		09/07/17	$	13,669,221		$	(35,722	)
Long Gilt		35		09/27/17		5,724,231			(116,849	)
Short Gilt		16		09/27/17		2,159,994			(11,916	)
U.S. Treasury 2-Year Note		34		09/29/17		7,347,719			(10,687	)
U.S. Treasury Long Bond		16		09/20/17		2,459,000			22,345
U.S. Treasury Ultra Long Bond		16		09/20/17		2,654,000			47,718
					$	65,874,718		$	(614,919	)
Short Contracts
Japan 10-Year Bond (TSE)		(4	)	09/12/17		(5,338,431	)		13,913
U.S. Treasury 10-Year Note		(84	)	09/20/17		(10,544,625	)		18,206
U.S. Treasury 5-Year Note		(64	)	09/29/17		(7,541,500	)		17,378
U.S. Treasury Ultra 10-Year Note		(70	)	09/20/17		(9,436,875	)		1,274
					$	(32,861,431	)	$	50,771

At June 30, 2017, the following centrally cleared interest rate swaps were outstanding for Voya Global Bond Portfolio:

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Notional Amount		Fair Value			Unrealized Appreciation/ (Depreciation)
Pay	3-month CAD-CDOR		2.960	%	11/21/2044	CAD	1,000,000	$	82,694		$	78,240
Pay	6-month EUR-EURIBOR		0.285		03/16/2022	EUR	15,200,000		41,498			34,708
Pay	6-month EUR-EURIBOR		0.261		03/17/2022	EUR	7,600,000		10,856			8,104
Pay	6-month EUR-EURIBOR		0.263		03/24/2022	EUR	11,400,000		15,840			11,713
Pay	6-month EUR-EURIBOR		0.253		03/29/2022	EUR	22,800,000		16,496			8,936
Pay	6-month EUR-EURIBOR		0.234		03/30/2022	EUR	5,300,000		(1,592	)		(3,054	)
Pay	6-month EUR-EURIBOR		0.156		04/07/2022	EUR	3,800,000		(18,055	)		(18,044	)
Pay	6-month EUR-EURIBOR		0.121		04/19/2022	EUR	7,600,000		(53,052	)		(51,812	)
Pay	6-month EUR-EURIBOR		0.294		02/10/2023	EUR	2,400,000		(9,711	)		(8,756	)
Pay	6-month EUR-EURIBOR		0.325		02/16/2023	EUR	100,000		(218	)		(183	)
Pay	6-month EUR-EURIBOR		1.509		03/15/2047	EUR	10,200,000		(79,651	)		(102,088	)
Pay	6-month EUR-EURIBOR		1.627		04/13/2047	EUR	6,400,000		(362,203	)		(350,330	)
Pay	6-month EUR-EURIBOR		1.394		04/26/2047	EUR	4,200,000		(171,197	)		(169,836	)
Pay	6-month EUR-EURIBOR		1.456		05/08/2047	EUR	3,200,000		(74,133	)		(75,380	)
Pay	6-month EUR-EURIBOR		1.457		05/12/2047	EUR	4,400,000		(100,695	)		(102,073	)
Pay	6-month EUR-EURIBOR		1.430		05/22/2047	EUR	2,100,000		(64,335	)		(64,862	)
Pay	6-month EUR-EURIBOR		1.430		05/05/2067	EUR	2,700,000		(62,938	)		(62,878	)
Pay	6-month GBP-LIBOR		2.899		08/22/2044	GBP	2,000,000		769,224			909,701
Pay	6-month JPY-LIBOR		(0.165	)	07/14/2018	JPY	619,500,000		(11,411	)		(12,716	)
Pay	6-month JPY-LIBOR		(0.105	)	03/07/2021	JPY	750,000,000		(44,703	)		(46,499	)
Pay	6-month JPY-LIBOR		(0.199	)	07/14/2021	JPY	512,300,000		(52,107	)		(55,639	)
Pay	6-month JPY-LIBOR		(0.020	)	03/07/2023	JPY	750,000,000		(54,944	)		(55,351	)
Pay	6-month JPY-LIBOR		0.754		05/21/2024	JPY	1,855,000,000		674,532			655,658
Pay	6-month JPY-LIBOR		0.558		02/24/2025	JPY	1,084,559,370		273,848			249,093
Pay	6-month JPY-LIBOR		(0.092	)	07/14/2026	JPY	652,900,000		(172,515	)		(180,741	)
Pay	6-month JPY-LIBOR		0.387		03/02/2031	JPY	7,700,000		(395	)		(326	)
Pay	6-month JPY-LIBOR		0.360		03/03/2031	JPY	867,000,000		(72,849	)		(64,653	)
Pay	6-month JPY-LIBOR		0.623		03/02/2036	JPY	6,200,000		(71	)		(7	)
Pay	6-month JPY-LIBOR		0.585		03/03/2036	JPY	693,000,000		(50,349	)		(42,544	)
Pay	6-month JPY-LIBOR		1.289		02/04/2045	JPY	1,015,000,000		1,139,936			1,093,972
Pay	3-month USD-LIBOR		1.837		04/04/2031	USD	1,500,000		(93,037	)		(93,037	)
Pay	3-month USD-LIBOR		2.036		04/04/2046	USD	900,000		(85,066	)		(85,066	)
Receive	6-month EUR-EURIBOR		(0.123	)	02/11/2019	EUR	200,000		(185	)		(173	)
Receive	6-month EUR-EURIBOR		(0.095	)	02/16/2019	EUR	100,000		(141	)		(135	)
Receive	6-month EUR-EURIBOR		0.056		02/10/2021	EUR	100,000		110			99
Receive	6-month EUR-EURIBOR		0.300		03/15/2022	EUR	51,600,000		(184,050	)		(157,782	)
Receive	6-month EUR-EURIBOR		0.300		03/23/2022	EUR	15,200,000		(51,734	)		(44,522	)
Receive	6-month EUR-EURIBOR		0.189		04/04/2022	EUR	6,100,000		17,735			18,464
Receive	6-month EUR-EURIBOR		1.143		02/04/2046	EUR	500,000		54,108			50,785
Receive	6-month EUR-EURIBOR		1.487		03/20/2047	EUR	1,500,000		21,191			23,708
Receive	6-month EUR-EURIBOR		1.408		03/29/2047	EUR	1,400,000		50,826			51,408
Receive	6-month EUR-EURIBOR		1.270		04/19/2047	EUR	3,000,000		227,570			220,750
Receive	6-month EUR-EURIBOR		1.308		04/24/2047	EUR	1,500,000		97,600			95,262
Receive	6-month EUR-EURIBOR		1.810		05/03/2047	EUR	3,300,000		80,785			80,224
Receive	6-month EUR-EURIBOR		1.470		05/09/2047	EUR	9,700,000		184,814			189,876
Receive	6-month EUR-EURIBOR		1.439		06/12/2047	EUR	7,800,000		219,656			221,873
Receive	6-month EUR-EURIBOR		1.257		04/13/2067	EUR	6,300,000		372,170			360,530

See Accompanying Notes to Financial Statements
72

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Notional Amount		Fair Value			Unrealized Appreciation/ (Depreciation)
Receive	6-month EUR-EURIBOR		1.465	%	06/15/2067	EUR	2,200,000	$	34,209		$	34,844
Receive	6-month JPY-LIBOR		(0.030	)	03/02/2023	JPY	15,400,000		1,200			1,209
Receive	6-month JPY-LIBOR		(0.044	)	03/03/2023	JPY	1,733,000,000		147,163			147,789
Receive	6-month JPY-LIBOR		0.119		03/02/2026	JPY	10,900,000		877			837
Receive	6-month JPY-LIBOR		0.103		03/03/2026	JPY	1,231,000,000		114,098			109,275
Receive	6-month JPY-LIBOR		0.373		03/07/2031	JPY	350,000,000		24,354			21,096
Receive	6-month JPY-LIBOR		0.178		07/14/2036	JPY	326,600,000		251,838			261,108
Receive	6-month JPY-LIBOR		1.443		02/24/2045	JPY	468,636,765		(695,710	)		(666,322	)
Receive	6-month JPY-LIBOR		0.233		07/14/2046	JPY	172,300,000		250,942			261,442
Receive	3-month USD-LIBOR		0.702		04/04/2018	USD	36,500,000		172,786			172,786
Receive	3-month USD-LIBOR		0.826		04/04/2019	USD	13,000,000		153,300			153,300
Receive	3-month USD-LIBOR		0.900		09/14/2019	USD	5,000,000		72,707			72,707
Receive	3-month USD-LIBOR		0.983		10/31/2019	USD	5,000,000		68,496			68,496
Receive	3-month USD-LIBOR		1.689		03/07/2020	USD	7,000,000		(12,150	)		(12,150	)
Receive	3-month USD-LIBOR		1.079		04/04/2021	USD	7,500,000		185,207			185,207
Receive	3-month USD-LIBOR		1.113		10/11/2021	USD	3,500,000		100,747			100,747
Receive	3-month USD-LIBOR		1.964		03/07/2022	USD	2,000,000		(10,996	)		(10,996	)
Receive	3-month USD-LIBOR		1.853		07/05/2022	USD	5,000,000		—			—
Receive	3-month USD-LIBOR		1.313		04/04/2023	USD	6,000,000		208,399			208,399
Receive	3-month USD-LIBOR		1.980		12/05/2023	USD	3,500,000		4,189			4,188
Receive	3-month USD-LIBOR		1.454		10/11/2026	USD	1,200,000		74,718			74,718
Receive	3-month USD-LIBOR		1.719		11/14/2026	USD	2,500,000		101,082			101,082
Receive	3-month USD-LIBOR		2.188		04/04/2046	USD	900,000		71,967			71,967
Receive	3-month USD-LIBOR		2.528		07/05/2047	USD	4,500,000		—			—
								$3,799,575			$3,876,346

At June 30, 2017, 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 10-Year Interest Rate Swap	Bank of America N.A.		2.051	%	Pay	USD	-	LIBOR	3-month 07/12/2017	USD	86,200,000	$	241,360	$	(8,363	)
Call on 10-Year Interest Rate Swap	Goldman Sachs International		2.022	%	Pay		3-month USD-LIBOR		09/29/2017	USD	61,100,000		226,070		(205,935	)
Call on 10-Year Interest Rate Swap	Morgan Stanley Capital Services LLC		2.051	%	Pay		3-month USD-LIBOR		07/12/2017	USD	47,400,000		286,770		(4,598	)
Call on 20-Year Interest Rate Swap	Morgan Stanley Capital Services LLC		1.700	%	Pay		6-month EUR-EURIBOR		04/12/2027	EUR	19,000,000		2,546,377		(1,979,943	)
Put on 20-Year Interest Rate Swap	Morgan Stanley Capital Services LLC		1.700	%	Receive		6-month EUR-EURIBOR		04/12/2027	EUR	19,000,000		2,546,377		(2,813,161	)
Put on 30-Year Interest Rate Swap	JPMorgan Chase Bank N.A.		2.610	%	Receive		3-month USD-LIBOR		07/06/2017	USD	22,800,000		684,000		(24,709	)
										Total Written Swaptions		$	6,530,954	$	(5,036,709	)

Currency Abbreviations

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

CLP — Chilean Peso

COP — Colombian Peso

CZK — Czech Koruna

DKK — Danish Krone

EUR — EU Euro

GBP — British Pound

HKD — Hong Kong Sar Dollar

HUF — Hungarian Forint

IDR — Indonesian Rupiah

ILS — Israeli New Shekel

JPY — Japanese Yen

KRW — South Korean Won

MXN — Mexican Peso

MYR — Malaysian Ringgit

NZD — New Zealand Dollar

PEN — Peruvian Nuevo Sol

See Accompanying Notes to Financial Statements
73

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

PHP — Philippine Peso

PLN — Polish Zloty

RON — Romanian New Leu

RUB — Russian Ruble

SEK — Swedish Krona

SGD — Singapore Dollar

THB — Thai Baht

TRY — Turkish Lira

USD — United States Dollar

ZAR — South African Rand

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2017, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/16		Purchases at Cost		Sales at Cost		Change in Unrealized Appreciation/ (Depreciation)		Ending Fair Value at 6/30/17		Investment Income		Realized Gains/ (Losses)		Net Capital Gain Distributions
Voya Emerging Markets Corporate Debt Fund — Class P	$	9,840,467	$	235,950	$	—	$	326,751	$	10,403,168	$	235,950	$	—	$	—
Voya Emerging Markets Hard Currency Debt Fund — Class P		14,492,650		329,546		—		628,750		15,450,946		329,546		—		—
Voya Emerging Markets Local Currency Debt Fund — Class P		21,177,722		265,511		—		1,897,591		23,340,824		265,511		—		—
Voya High Yield Bond Fund — Class P		2,701,759		83,314		—		43,889		2,828,962		83,314		—		—
	$	48,212,598	$	914,321	$	—	$	2,896,981	$	52,023,900	$	914,321	$	—	$	—

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 June 30, 2017 was as follows:

Derivatives not accounted
for as hedging instruments Location on Statement of Assets and Liabilities Fair Value

Asset Derivatives
Interest rate contracts	Investments in securities at value*	$	3,797,009
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		2,348,728
Interest rate contracts	Net Assets — Unrealized appreciation**		120,834
Interest rate contracts	Net Assets — Unrealized appreciation***		6,414,301
Total Asset Derivatives		$	12,680,872
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	1,039,922
Interest rate contracts	Net Assets — Unrealized depreciation**		648,902
Equity contracts	Net Assets — Unrealized depreciation**		36,080
Interest rate contracts	Net Assets — Unrealized depreciation***		2,537,955
Interest rate contracts	Written options, at fair value		5,036,709
Total Liability Derivatives		$	9,299,568

*  Includes purchased options.

**  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.

See Accompanying Notes to Financial Statements
74

SUMMARY PORTFOLIO OF INVESTMENTS
VOYA GLOBAL BOND PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2017 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 $—	$	—	$	(36,017	)	$	—		$	—	$	(36,017	)
Credit Contracts (15,750)		—		—			287,627			—		271,877
Foreign exchange contracts (630,019)		67,589		—			—			—		(562,430	)
Interest rate contracts (2,817,400)		—		263,192			(9,798,975	)		8,227,811		(4,125,372	)
Total $(3,463,169)	$	67,589	$	227,175		$	(9,511,348	)	$	8,227,811	$	(4,451,942	)
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 $—	$	—	$	(106,112	)	$	—		$	—	$	(106,112	)
Credit contracts —		—		—			(155,131	)		—		(155,131	)
Foreign exchange contracts 71,430		4,717,717		—			—			—		4,789,147
Interest rate contracts (4,331,560)		—		(660,868	)		4,360,935			3,825,205		3,193,712
Total $(4,260,130)	$	4,717,717	$	(766,980	)	$	4,205,804		$	3,825,205	$	7,721,616

*  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 June 30, 2017:

	Bank of America N.A.			Barclays Bank PLC		Citibank N.A.			Deutsche Bank AG			Goldman Sachs International			HSBC Bank USA N.A.			JPMorgan Chase Bank N.A.			Morgan Stanley Capital Services LLC			Morgan Stanley & International Co. PLC			The Bank of New York Mellon		Totals
Assets:
Purchased options	$	766		$	—	$	—		$	—		$	264,788		$	—		$	1		$	3,531,454		$	—		$	—	$	3,797,009
Forward foreign currency contracts		—			1,514,513		420,600			56,326			3,563			51,423			63,121			—			220,250			18,932		2,348,728
Total Assets	$	766		$	1,514,513	$	420,600		$	56,326		$	268,351		$	51,423		$	63,122		$	3,531,454		$	220,250		$	18,932	$	6,145,737
Liabilities:
Forward foreign currency contracts	$	—		$	115,039	$	190,098		$	65,935		$	211,038		$	90,319		$	48,319		$	—		$	319,174		$	—	$	1,039,922
Written options		8,363			—		—			—			205,935			—			24,709			4,797,702			—			—		5,036,709
Total Liabilities	$	8,363		$	115,039	$	190,098		$	65,935		$	416,973		$	90,319		$	73,028		$	4,797,702		$	319,174		$	—	$	6,076,631
Net OTC derivative instruments by counterparty, at fair value	$	(7,597	)	$	1,399,474	$	230,502		$	(9,609	)	$	(148,622	)	$	(38,896	)	$	(9,906	)	$	(1,266,248	)	$	(98,924	)	$	18,932	$	69,106
Total collateral pledged by the Portfolio/ (Received from counterparty)	$	—		$	—	$	(230,502	)	$	—		$	—		$	—		$	—		$	1,130,000		$	—		$	—	$	899,498
Net Exposure(1)(2)	$	(7,597	)	$	1,399,474	$	—		$	(9,609	)	$	(148,622	)	$	(38,896	)	$	(9,906	)	$	(136,248	)	$	(98,924	)	$	18,932	$	968,604

(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 June 30, 2017, the Portfolio received $1,233,000 and $1,840,000 from Citibank N.A. and Morgan Stanley & Co. International PLC, respectively. Excess cash collateral is not shown for financial reporting purposes.

See Accompanying Notes to Financial Statements
75

VY^® AMERICAN CENTURY  SUMMARY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED)

Sector Diversification
as of June 30, 2017
(as a percentage of net assets)

Financials	24.6	%
Industrials	14.5	%
Energy	10.3	%
Information Technology	8.6	%
Health Care	8.0	%
Consumer Discretionary	6.8	%
Utilities	6.1	%
Real Estate	6.0	%
Consumer Staples	5.4	%
Materials	5.0	%
Exchange-Traded Funds	1.7	%
Telecommunication Services	0.8	%
Assets in Excess of Other Liabilities*	2.2	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Shares				Value		Percentage of Net Assets
COMMON STOCK: 95.9%
			Consumer Discretionary: 6.8%
	23,053		Advance Auto Parts, Inc.	$	2,687,749		0.7
	89,156	L	Honda Motor Co., Ltd. ADR		2,441,983		0.7
	871,526		Other Securities(a)		19,589,372		5.4
					24,719,104		6.8
			Consumer Staples: 5.4%
	110,987		Conagra Brands, Inc.		3,968,895		1.1
	77,342		Mondelez International, Inc.		3,340,401		0.9
	45,629		Sysco Corp.		2,296,508		0.6
	148,745		Other Securities(a)		9,977,850		2.8
					19,583,654		5.4
			Energy: 10.3%
	54,803		Anadarko Petroleum Corp.		2,484,768		0.7
	66,974		Baker Hughes, Inc.		3,650,753		1.0
	76,662		EQT Corp.		4,491,627		1.2
	144,085		Imperial Oil Ltd.		4,199,887		1.2
	47,440		Marathon Petroleum Corp.		2,482,535		0.7
	84,424		National Oilwell Varco, Inc.		2,780,926		0.8
	111,511		Noble Energy, Inc.		3,155,761		0.9
	51,939		Occidental Petroleum Corp.		3,109,588		0.8
	681,988		Other Securities(a)		11,045,386		3.0
					37,401,231		10.3
			Financials: 24.6%
	27,066		Ameriprise Financial, Inc.		3,445,231		1.0
	50,628		Bank of the Ozarks, Inc.		2,372,934		0.7
	75,841		BankUnited, Inc.		2,556,600		0.7
	74,724		BB&T Corp.		3,393,217		0.9
	21,872		Chubb Ltd.		3,179,751		0.9
	44,254		Commerce Bancshares, Inc.		2,514,955		0.7

Shares				Value		Percentage of Net Assets
	30,252		Hanover Insurance Group, Inc.	$	2,681,235		0.7
	117,687		Invesco Ltd.		4,141,406		1.1
	17,657		M&T Bank Corp.		2,859,551		0.8
	81,027		Northern Trust Corp.		7,876,635		2.2
	17,835		Reinsurance Group of America, Inc.		2,289,836		0.6
	32,175		UMB Financial Corp.		2,408,620		0.7
	54,560		Unum Group		2,544,133		0.7
	1,450,364		Other Securities(a)		46,811,954		12.9
					89,076,058		24.6
			Health Care: 8.0%
	30,417		Cardinal Health, Inc.		2,370,093		0.7
	54,214	@	LifePoint Health, Inc.		3,640,470		1.0
	21,748		Quest Diagnostics, Inc.		2,417,508		0.7
	43,146		Zimmer Biomet Holdings, Inc.		5,539,946		1.5
	245,876		Other Securities		14,774,932		4.1
					28,742,949		8.0
			Industrials: 14.3%
	151,358	L	Heartland Express, Inc.		3,151,274		0.9
	27,738		Hubbell, Inc.		3,139,110		0.9
	36,329		Ingersoll-Rand PLC - Class A		3,320,107		0.9
	169,889		Johnson Controls International plc		7,366,387		2.0
	68,167		Koninklijke Philips NV		2,426,661		0.7
	65,992		Textron, Inc.		3,108,223		0.9
	736,633		Other Securities(a)		29,143,664		8.0
					51,655,426		14.3
			Information Technology: 8.6%
	71,623		Applied Materials, Inc.		2,958,746		0.8
	81,384	@	Keysight Technologies, Inc.		3,168,279		0.9

See Accompanying Notes to Financial Statements
76

VY^® AMERICAN CENTURY  SUMMARY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Shares				Value		Percentage of Net Assets
			Information Technology (continued)
	19,173		Lam Research Corp.	$	2,711,637		0.8
	73,376		Maxim Integrated Products		3,294,583		0.9
	31,224		TE Connectivity Ltd.		2,456,704		0.7
	87,774		Teradyne, Inc.		2,635,853		0.7
	565,591		Other Securities(a)		13,709,946		3.8
					30,935,748		8.6
			Materials: 5.0%
	210,146		Graphic Packaging Holding Co.		2,895,812		0.8
	51,285		WestRock Co.		2,905,808		0.8
	272,161		Other Securities		12,326,317		3.4
					18,127,937		5.0
			Real Estate: 6.0%
	153,239		Weyerhaeuser Co.		5,133,507		1.4
	755,764		Other Securities(a)		16,390,395		4.6
					21,523,902		6.0
			Telecommunication Services: 0.8%
	50,155	@	Level 3 Communications, Inc.		2,974,191		0.8
			Utilities: 6.1%
	45,555		Edison International		3,561,945		1.0
	56,036		PG&E Corp.		3,719,109		1.0
	78,303		Xcel Energy, Inc.		3,592,542		1.0
	167,088		Other Securities		11,008,511		3.1
					21,882,107		6.1
			Total Common Stock (Cost $307,763,810)		346,622,307		95.9
EXCHANGE-TRADED FUNDS: 1.7%
	75,213		iShares Russell Midcap Value Index Fund		6,324,661		1.7
			Total Exchange-Traded Funds (Cost $5,938,701)		6,324,661		1.7
PREFERRED STOCK: 0.2%
			Industrials: 0.2%
	13,889		Other Securities(a)		753,479		0.2
			Total Preferred Stock (Cost $700,800)		753,479		0.2
			Total Long-Term Investments (Cost $314,403,311)		353,700,447		97.8

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 7.4%
		Securities Lending Collateralcc: 4.9%
	388,155	BNP Paribas S.A., Repurchase Agreement dated 06/30/17, 1.11%, due 07/03/17 (Repurchase Amount $388,190, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $395,918, due 07/28/17-09/09/49)	$	388,155		0.1
	4,173,669	Cantor Fitzgerald, Repurchase Agreement dated 06/30/17, 1.15%, due 07/03/17 (Repurchase Amount $4,174,063, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $4,257,142, due 07/15/17-05/20/67)		4,173,669		1.2
	3,958,996	Daiwa Capital Markets, Repurchase Agreement dated 06/30/17, 1.15%, due 07/03/17 (Repurchase Amount $3,959,370, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $4,038,176, due 07/13/17-12/01/51)		3,958,996		1.1
	472,471	HSBC Securities USA, Repurchase Agreement dated 06/30/17, 1.06%, due 07/03/17 (Repurchase Amount $472,512, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-7.250%, Market Value plus accrued interest $481,921, due 07/15/17-01/15/37)		472,471		0.1

See Accompanying Notes to Financial Statements
77

VY^® AMERICAN CENTURY  SUMMARY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal Amount†			Value			Percentage of Net Assets
		Securities Lending Collateralcc (continued)
	232,056	Jefferies LLC, Repurchase Agreement dated 06/30/17, 1.25%, due 07/03/17 (Repurchase Amount $232,080, collateralized by various U.S. Government Agency Obligations, 0.000%-7.125%, Market Value plus accrued interest $236,698, due 07/07/17-01/15/30)	$	232,056			0.1
	4,173,669	NBC Global Finance Ltd., Repurchase Agreement dated 06/30/17, 1.20%, due 07/03/17 (Repurchase Amount $4,174,081, collateralized by various U.S. Government Securities, 0.000%-2.500%, Market Value plus accrued interest $4,257,142, due 08/15/21-09/09/49)		4,173,669			1.1
	4,173,700	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/17, 1.30%, due 07/03/17 (Repurchase Amount $4,174,146, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $4,257,162, due 01/15/19-02/15/46)		4,173,700			1.2
				17,572,716			4.9
Shares			Value			Percentage of Net Assets
		Mutual Funds: 2.5%
	9,237,991	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.860%†† (Cost $9,237,991)	$	9,237,991			2.5
		Total Short-Term Investments (Cost $26,810,707)		26,810,707			7.4
		Total Investments in Securities (Cost $341,214,018)	$	380,511,154			105.2
		Liabilities in Excess of Other Assets		(18,886,913	)		(5.2	)
		Net Assets	$	361,624,241			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 June 30, 2017.

  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 June 30, 2017.

@  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 June 30, 2017.

(a)  This grouping contains securities on loan.

Cost for federal income tax purposes is $345,419,191.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	48,764,523
Gross Unrealized Depreciation		(13,672,560	)
Net Unrealized Appreciation	$	35,091,963

See Accompanying Notes to Financial Statements
78

VY^® AMERICAN CENTURY  SUMMARY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2017
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	24,719,104	$	—		$	—	$	24,719,104
Consumer Staples		19,583,654		—			—		19,583,654
Energy		37,401,231		—			—		37,401,231
Financials		89,076,058		—			—		89,076,058
Health Care		28,742,949		—			—		28,742,949
Industrials		49,228,765		2,426,661			—		51,655,426
Information Technology		30,935,748		—			—		30,935,748
Materials		18,127,937		—			—		18,127,937
Real Estate		21,523,902		—			—		21,523,902
Telecommunication Services		2,974,191		—			—		2,974,191
Utilities		21,882,107		—			—		21,882,107
Total Common Stock		344,195,646		2,426,661			—		346,622,307
Exchange-Traded Funds		6,324,661		—			—		6,324,661
Preferred Stock		753,479		—			—		753,479
Short-Term Investments		9,237,991		17,572,716			—		26,810,707
Total Investments, at fair value	$	360,511,777	$	19,999,377		$	—	$	380,511,154
Other Financial Instruments+
Forward Foreign Currency Contracts		—		11,640			—		11,640
Total Assets	$	360,511,777	$	20,011,017		$	—	$	380,522,794
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	(119,695	)	$	—	$	(119,695	)
Total Liabilities	$	—	$	(119,695	)	$	—	$	(119,695	)

^  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.

#  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 June 30, 2017, the following forward foreign currency contracts were outstanding for VY^® American Century Small-Mid Cap Value Portfolio:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	1,480,302	JPY	164,564,448	Credit Suisse AG	09/29/17	$	11,452
CAD	113,589	USD	87,562	Morgan Stanley	09/29/17		151
USD	3,581,390	CAD	4,733,279	Morgan Stanley	09/29/17		(73,615	)
EUR	44,036	USD	50,495	UBS AG	09/29/17		37
EUR	49,830	USD	57,261	UBS AG	09/29/17		(80	)
USD	2,137,181	EUR	1,902,524	UBS AG	09/29/17		(46,000	)
						$	(108,055	)

Currency Abbreviations

CAD — Canadian Dollar

EUR — EU Euro

JPY — Japanese Yen

USD — United States Dollar

See Accompanying Notes to Financial Statements
79

VY^® AMERICAN CENTURY  SUMMARY PORTFOLIO OF INVESTMENTS
SMALL-MID CAP VALUE PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

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

The fair value of derivative instruments as of June 30, 2017 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	$	11,640
Total Asset Derivatives		$	11,640
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	119,695
Total Liability Derivatives		$	119,695

The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2017 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	$	(265,534	)
Total	$	(265,534	)
	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	$	(69,591	)
Total	$	(69,591	)

*  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
80

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® BARON GROWTH PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED)

Sector Diversification
as of June 30, 2017
(as a percentage of net assets)

Consumer Discretionary	31.4	%
Information Technology	21.3	%
Financials	16.7	%
Health Care	9.4	%
Real Estate	8.3	%
Consumer Staples	3.3	%
Industrials	2.8	%
Telecommunication Services	1.3	%
Assets in Excess of Other Liabilities*	5.5	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Shares				Value		Percentage of Net Assets
COMMON STOCK: 94.5%
			Consumer Discretionary: 31.4%
	2,110,964	@	AO World PLC	$	3,190,127		0.4
	303,550	@	Bright Horizons Family Solutions, Inc.		23,437,096		3.1
	550,000		Choice Hotels International, Inc.		35,337,500		4.6
	100,000		Dick's Sporting Goods, Inc.		3,983,000		0.5
	728,364		Manchester United PLC - Class A		11,835,915		1.6
	188,200		Marriott Vacations Worldwide Corp.		22,160,550		2.9
	472,571	@	Penn National Gaming, Inc.		10,113,019		1.3
	593,691	@	Pinnacle Entertainment, Inc.		11,731,334		1.5
	213,000		Red Rock Resorts, Inc.		5,016,150		0.7
	400,000	@	Under Armour, Inc. - Class A		8,704,000		1.1
	331,251	@	Under Armour, Inc. - Class C		6,678,020		0.9
	470,000		Vail Resorts, Inc.		95,330,100		12.5
	151,000		Other Securities		2,528,350		0.3
					240,045,161		31.4
			Consumer Staples: 3.3%
	187,000		Church & Dwight Co., Inc.		9,701,560		1.3
	135,000	@	Performance Food Group Co.		3,699,000		0.5
	116,700	@	TreeHouse Foods, Inc.		9,533,223		1.2
	229,876		Other Securities		2,091,872		0.3
					25,025,655		3.3
			Financials: 16.7%
	195,000	@	Arch Capital Group Ltd.		18,191,550		2.4
	270,000		Carlyle Group L.P.		5,332,500		0.7
	330,000		Cohen & Steers, Inc.		13,378,200		1.8
	82,000		Factset Research Systems, Inc.		13,626,760		1.8
	297,229		Financial Engines, Inc.		10,878,581		1.4
	103,926		Kinsale Capital Group, Inc.		3,877,479		0.5

Shares				Value		Percentage of Net Assets
	80,000		Moelis & Co.	$	3,108,000		0.4
	149,000		Morningstar, Inc.		11,672,660		1.5
	182,500		MSCI, Inc. - Class A		18,795,675		2.5
	160,000		Oaktree Capital Group LLC		7,456,000		1.0
	253,500		Primerica, Inc.		19,202,625		2.5
	47,000		Other Securities		1,745,580		0.2
					127,265,610		16.7
			Health Care: 9.4%
	103,500		Bio-Techne Corp.		12,161,250		1.6
	76,133	@	Glaukos Corp.		3,157,235		0.4
	176,000	@	Idexx Laboratories, Inc.		28,409,920		3.7
	300,000	@	Inovalon Holdings, Inc.		3,945,000		0.5
	18,900	@	Mettler Toledo International, Inc.		11,123,406		1.5
	47,008	@	Neogen Corp.		3,248,723		0.4
	100,500		West Pharmaceutical Services, Inc.		9,499,260		1.3
	12,000		Other Securities		304,200		0.0
					71,848,994		9.4
			Industrials: 2.8%
	70,000		Air Lease Corp.		2,615,200		0.3
	120,000	@	Caesarstone Ltd.		4,206,000		0.6
	85,000	@	Middleby Corp.		10,328,350		1.4
	60,000	@	Trex Co., Inc.		4,059,600		0.5
					21,209,150		2.8
			Information Technology: 21.3%
	198,500	@	ANSYS, Inc.		24,153,480		3.2
	300,448	@	Benefitfocus, Inc.		10,921,285		1.4
	137,300	@	CoStar Group, Inc.		36,192,280		4.7
	298,600	@	Gartner, Inc.		36,880,086		4.8
	164,000	@	Guidewire Software, Inc.		11,268,440		1.5
	15,000		Littelfuse, Inc.		2,475,000		0.3
	257,000		MAXIMUS, Inc.		16,095,910		2.1

See Accompanying Notes to Financial Statements
81

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® BARON GROWTH PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Shares				Value		Percentage of Net Assets
			Information Technology (continued)
	605,000		SS&C Technologies Holdings, Inc.	$	23,238,050		3.1
	20,998		Other Securities		1,461,461		0.2
					162,685,992		21.3
			Real Estate: 8.3%
	14,720		Alexander's, Inc.		6,203,891		0.8
	82,000		Alexandria Real Estate Equities, Inc.		9,878,540		1.3
	68,838		American Assets Trust, Inc.		2,711,529		0.4
	470,000		Douglas Emmett, Inc.		17,958,700		2.3
	710,000		Gaming and Leisure Properties, Inc.		26,745,700		3.5
					63,498,360		8.3
			Telecommunication Services: 1.3%
	921,311	@	Iridium Communications, Inc.		10,180,487		1.3
			Total Common Stock (Cost $286,686,442)		721,759,409		94.5

Shares			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 5.1%
		Mutual Funds: 5.1%
	39,232,528	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.860%†† (Cost $39,232,528)	$	39,232,528		5.1
		Total Short-Term Investments (Cost $39,232,528)		39,232,528		5.1
		Total Investments in Securities (Cost $325,918,970)	$	760,991,937		99.6
		Assets in Excess of Other Liabilities		2,755,291		0.4
		Net Assets	$	763,747,228		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 June 30, 2017.

  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 June 30, 2017.

@  Non-income producing security.

Cost for federal income tax purposes is $331,612,930.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	440,681,356
Gross Unrealized Depreciation		(11,302,349	)
Net Unrealized Appreciation	$	429,379,007

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2017
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	236,855,034	$	3,190,127	$	—	$	240,045,161
Consumer Staples		25,025,655		—		—		25,025,655
Financials		127,265,610		—		—		127,265,610
Health Care		71,848,994		—		—		71,848,994
Industrials		21,209,150		—		—		21,209,150
Information Technology		162,685,992		—		—		162,685,992
Real Estate		63,498,360		—		—		63,498,360
Telecommunication Services		10,180,487		—		—		10,180,487
Total Common Stock		718,569,282		3,190,127		—		721,759,409
Short-Term Investments		39,232,528		—		—		39,232,528
Total Investments, at fair value	$	757,801,810	$	3,190,127	$	—	$	760,991,937

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

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

See Accompanying Notes to Financial Statements
82

VY^® COLUMBIA   SUMMARY PORTFOLIO OF INVESTMENTS
CONTRARIAN CORE PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED)

Sector Diversification
as of June 30, 2017
(as a percentage of net assets)

Information Technology	21.6	%
Financials	17.4	%
Health Care	16.1	%
Consumer Discretionary	12.6	%
Industrials	8.2	%
Consumer Staples	6.7	%
Energy	6.3	%
Telecommunication Services	2.4	%
Materials	2.2	%
Real Estate	1.6	%
Utilities	1.3	%
Assets in Excess of Other Liabilities*	3.6	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Shares				Value		Percentage of Net Assets
COMMON STOCK: 96.4%
			Consumer Discretionary: 12.6%
	76,330		Coach, Inc.	$	3,613,462		1.1
	212,339		Comcast Corp. - Class A		8,264,234		2.6
	82,269		Lowe's Cos, Inc.		6,378,315		2.0
	23,875		McDonald's Corp.		3,656,695		1.1
	28,520		PVH Corp.		3,265,540		1.0
	56,880		Starbucks Corp.		3,316,673		1.0
	37,095		Walt Disney Co.		3,941,344		1.2
	146,072		Other Securities		8,480,659		2.6
					40,916,922		12.6
			Consumer Staples: 6.7%
	44,313		PepsiCo, Inc.		5,117,708		1.6
	88,875		Philip Morris International, Inc.		10,438,369		3.2
	122,886		Other Securities		6,170,385		1.9
					21,726,462		6.7
			Energy: 6.3%
	121,908		Canadian Natural Resources Ltd.		3,515,827		1.1
	48,411		Chevron Corp.		5,050,719		1.5
	29,439		EOG Resources, Inc.		2,664,818		0.8
	72,185		Exxon Mobil Corp.		5,827,495		1.8
	81,446		Halliburton Co.		3,478,559		1.1
					20,537,418		6.3
			Financials: 17.4%
	31,195		Aon PLC		4,147,375		1.3
	136,556		Bank of New York Mellon Corp.		6,967,087		2.1
	56,202	@	Berkshire Hathaway, Inc. - Class B		9,518,933		2.9
	150,211		Citigroup, Inc.		10,046,112		3.1
	113,403		JPMorgan Chase & Co.		10,365,034		3.2

Shares				Value		Percentage of Net Assets
	108,225		Morgan Stanley	$	4,822,506		1.5
	139,255		Wells Fargo & Co.		7,716,119		2.4
	33,083		Other Securities		2,899,386		0.9
					56,482,552		17.4
			Health Care: 16.1%
	75,503		Abbott Laboratories		3,670,201		1.1
	17,015		Allergan plc		4,136,176		1.3
	20,505		Anthem, Inc.		3,857,606		1.2
	9,060	@	Biogen, Inc.		2,458,522		0.7
	47,250		Bristol-Myers Squibb Co.		2,632,770		0.8
	42,194		Cardinal Health, Inc.		3,287,756		1.0
	39,639	@	Celgene Corp.		5,147,917		1.6
	29,163		Cigna Corp.		4,881,595		1.5
	66,914		Johnson & Johnson		8,852,053		2.7
	28,983		Medtronic PLC		2,572,241		0.8
	162,360		Pfizer, Inc.		5,453,672		1.7
	19,360		Zimmer Biomet Holdings, Inc.		2,485,824		0.8
	22,686		Other Securities		2,840,097		0.9
					52,276,430		16.1
			Industrials: 8.2%
	33,522		Eaton Corp. PLC		2,609,017		0.8
	35,141		FedEx Corp.		7,637,194		2.3
	138,525		General Electric Co.		3,741,560		1.2
	56,237		Honeywell International, Inc.		7,495,830		2.3
	64,613		Johnson Controls International plc		2,801,620		0.9
	59,670		Other Securities		2,306,842		0.7
					26,592,063		8.2
			Information Technology: 21.6%
	66,290		Activision Blizzard, Inc.		3,816,315		1.2
	4,833	@	Alphabet, Inc. - Class A		4,493,143		1.4

See Accompanying Notes to Financial Statements
83

VY^® COLUMBIA   SUMMARY PORTFOLIO OF INVESTMENTS
CONTRARIAN CORE PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Shares				Value		Percentage of Net Assets
			Information Technology (continued)
	9,824	@	Alphabet, Inc. - Class C	$	8,927,364		2.7
	93,686		Apple, Inc.		13,492,658		4.2
	27,681		Broadcom Ltd.		6,451,057		2.0
	65,400	@	Facebook, Inc.		9,874,092		3.0
	42,415		Fidelity National Information Services, Inc.		3,622,241		1.1
	48,051		Mastercard, Inc. - Class A		5,835,794		1.8
	137,370		Microsoft Corp.		9,468,914		2.9
	51,797		Other Securities		4,307,339		1.3
					70,288,917		21.6
			Materials: 2.2%
	13,453		Sherwin-Williams Co.		4,721,465		1.4
	58,280		Other Securities		2,552,232		0.8
					7,273,697		2.2
			Real Estate: 1.6%
	38,045		American Tower Corp.		5,034,115		1.6
			Telecommunication Services: 2.4%
	149,995		AT&T, Inc.		5,659,311		1.8
	44,707		Other Securities		1,996,615		0.6
					7,655,926		2.4
			Utilities: 1.3%
	64,185		Southern Co.		3,073,178		1.0
	13,946		Other Securities		1,090,438		0.3
					4,163,616		1.3
			Total Common Stock (Cost $254,166,849)		312,948,118		96.4

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 $254,166,849)		312,948,118		96.4
Shares			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.2%
		Mutual Funds: 1.2%
	3,951,989	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.860%†† (Cost $3,951,989)	$	3,951,989		1.2
		Total Short-Term Investments (Cost $3,951,989)		3,951,989		1.2
		Total Investments in Securities (Cost $258,118,838)	$	316,900,107		97.6
		Assets in Excess of Other Liabilities		7,894,722		2.4
		Net Assets	$	324,794,829		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 June 30, 2017.

  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 June 30, 2017.

@  Non-income producing security.

Cost for federal income tax purposes is $259,069,072.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	62,289,875
Gross Unrealized Depreciation		(4,458,840	)
Net Unrealized Appreciation	$	57,831,035

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2017
Asset Table
Investments, at fair value
Common Stock*	$	312,948,118	$	—	$	—	$	312,948,118
Corporate Bonds/Notes		—		—		—		—
Short-Term Investments		3,951,989		—		—		3,951,989
Total Investments, at fair value	$	316,900,107	$	—	$	—	$	316,900,107

^  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
84

VY^® COLUMBIA  SUMMARY PORTFOLIO OF INVESTMENTS
SMALL CAP VALUE II PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED)

Sector Diversification
as of June 30, 2017
(as a percentage of net assets)

Financials	30.9	%
Industrials	13.1	%
Information Technology	9.2	%
Consumer Discretionary	9.1	%
Real Estate	8.6	%
Materials	8.1	%
Health Care	6.5	%
Utilities	5.9	%
Energy	5.0	%
Consumer Staples	1.2	%
Assets in Excess of Other Liabilities*	2.4	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Shares				Value		Percentage of Net Assets
COMMON STOCK: 97.6%
			Consumer Discretionary: 9.1%
	55,500		Aarons, Inc.	$	2,158,950		1.0
	52,000		Adtalem Global Education, Inc.		1,973,400		0.9
	22,000		Childrens Place Retail Stores, Inc.		2,246,200		1.1
	33,000	@	Dave & Buster's Entertainment, Inc.		2,194,830		1.0
	86,500	@	William Lyon Homes		2,088,110		1.0
	202,830		Other Securities		8,826,968		4.1
					19,488,458		9.1
			Consumer Staples: 1.2%
	116,000		Other Securities		2,568,000		1.2
			Energy: 5.0%
	100,000		Patterson-UTI Energy, Inc.		2,019,000		0.9
	568,000		Other Securities		8,713,670		4.1
					10,732,670		5.0
			Financials: 30.9%
	77,000		American Equity Investment Life Holding Co.		2,023,560		0.9
	58,500		Ameris Bancorp.		2,819,700		1.3
	37,500		Argo Group International Holdings Ltd.		2,272,500		1.1
	55,000		Cathay General Bancorp.		2,087,250		1.0
	55,000		Community Bank System, Inc.		3,067,350		1.4
	48,000	@	Encore Capital Group, Inc.		1,927,200		0.9
	57,000		Hancock Holding Co.		2,793,000		1.3
	109,000		Hope Bancorp, Inc.		2,032,850		0.9
	44,000		Independent Bank Corp.		2,932,600		1.4
	255,000	@	MGIC Investment Corp.		2,856,000		1.3
	66,700		Renasant Corp.		2,917,458		1.4
	74,000		Sandy Spring Bancorp, Inc.		3,008,840		1.4

Shares				Value		Percentage of Net Assets
	210,000	@	SLM Corp.	$	2,415,000		1.1
	134,000		Sterling Bancorp/DE		3,115,500		1.4
	33,200		UMB Financial Corp.		2,485,352		1.2
	86,500		Union Bankshares Corp.		2,932,350		1.4
	31,500		Wintrust Financial Corp.		2,407,860		1.1
	50,000		WSFS Financial Corp.		2,267,500		1.0
	677,821		Other Securities		20,176,627		9.4
					66,538,497		30.9
			Health Care: 6.5%
	37,997	@	Almost Family, Inc.		2,342,515		1.1
	39,000	@	LHC Group, Inc.		2,647,710		1.2
	77,000	@	Merit Medical Systems, Inc.		2,937,550		1.4
	218,345		Other Securities		6,098,756		2.8
					14,026,531		6.5
			Industrials: 13.1%
	54,500		ABM Industries, Inc.		2,262,840		1.0
	48,500		Barnes Group, Inc.		2,838,705		1.3
	33,000		Deluxe Corp.		2,284,260		1.1
	32,500		EMCOR Group, Inc.		2,124,850		1.0
	43,500		Granite Construction, Inc.		2,098,440		1.0
	61,500		Kennametal, Inc.		2,301,330		1.1
	49,500	@	Mastec, Inc.		2,234,925		1.0
	59,000		Skywest, Inc.		2,070,900		1.0
	58,000		Triton International Ltd./ Bermuda		1,939,520		0.9
	244,500		Other Securities		8,024,910		3.7
					28,180,680		13.1
			Information Technology: 9.2%
	19,000	@	Rogers Corp.		2,063,780		1.0
	27,875		Science Applications International Corp.		1,935,083		0.9
	16,500		SYNNEX Corp.		1,979,340		0.9
	750,700		Other Securities		13,798,148		6.4
					19,776,351		9.2

See Accompanying Notes to Financial Statements
85

VY^® COLUMBIA  SUMMARY PORTFOLIO OF INVESTMENTS
SMALL CAP VALUE II PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Shares			Value		Percentage of Net Assets
		Materials: 8.1%
	56,000	Carpenter Technology Corp.	$	2,096,080		1.0
	27,500	Neenah Paper, Inc.		2,206,875		1.0
	74,000	Olin Corp.		2,240,720		1.1
	596,659	Other Securities		10,842,662		5.0
				17,386,337		8.1
		Real Estate: 8.6%
	54,000	American Assets Trust, Inc.		2,127,060		1.0
	97,000	First Industrial Realty Trust, Inc.		2,776,140		1.3
	57,000	Hudson Pacific Properties, Inc.		1,948,830		0.9
	19,000	PS Business Parks, Inc.		2,515,410		1.2
	386,000	Other Securities		9,080,750		4.2
				18,448,190		8.6
		Utilities: 5.9%
	30,500	Black Hills Corp.		2,057,835		0.9
	70,000	New Jersey Resources Corp.		2,779,000		1.3
	27,500	ONE Gas, Inc.		1,919,775		0.9
	76,000	South Jersey Industries, Inc.		2,596,920		1.2
	66,500	Other Securities		3,431,280		1.6
				12,784,810		5.9
		Total Common Stock (Cost $168,397,448)		209,930,524		97.6

Shares			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.9%
		Mutual Funds: 2.9%
	6,222,967	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.860%†† (Cost $6,222,967)	$	6,222,967			2.9
		Total Short-Term Investments (Cost $6,222,967)		6,222,967			2.9
		Total Investments in Securities (Cost $174,620,415)	$	216,153,491			100.5
		Liabilities in Excess of Other Assets		(1,012,788	)		(0.5	)
		Net Assets	$	215,140,703			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 June 30, 2017.

  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 June 30, 2017.

@  Non-income producing security.

Cost for federal income tax purposes is $174,720,868.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	45,923,179
Gross Unrealized Depreciation		(4,490,556	)
Net Unrealized Appreciation	$	41,432,623

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2017
Asset Table
Investments, at fair value
Common Stock*	$	209,930,524	$	—	$	—	$	209,930,524
Short-Term Investments		6,222,967		—		—		6,222,967
Total Investments, at fair value	$	216,153,491	$	—	$	—	$	216,153,491

^  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
86

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED)

Sector Diversification
as of June 30, 2017
(as a percentage of net assets)

Financials	36.2	%
Energy	14.0	%
Health Care	12.6	%
Information Technology	10.4	%
Industrials	9.4	%
Consumer Discretionary	9.1	%
Consumer Staples	3.7	%
Materials	1.9	%
Telecommunication Services	0.7	%
Utilities	0.6	%
Assets in Excess of Other Liabilities*	1.4	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Shares			Value		Percentage of Net Assets
COMMON STOCK: 98.2%
		Consumer Discretionary: 9.1%
	40,329	Advance Auto Parts, Inc.	$	4,701,958		1.0
	241,368	Carnival Corp.		15,826,500		3.3
	264,572	General Motors Co.		9,241,500		1.9
	189,502	Twenty-First Century Fox, Inc. - Class B		5,281,421		1.1
	136,844	Other Securities		8,483,776		1.8
				43,535,155		9.1
		Consumer Staples: 3.7%
	51,172	CVS Health Corp.		4,117,299		0.9
	68,835	Wal-Mart Stores, Inc.		5,209,433		1.1
	139,805	Other Securities		8,337,900		1.7
				17,664,632		3.7
		Energy: 14.0%
	235,790	BP PLC ADR		8,170,124		1.7
	136,530	Canadian Natural Resources Ltd.		3,939,661		0.8
	78,525	Chevron Corp.		8,192,513		1.7
	178,588	Devon Energy Corp.		5,709,458		1.2
	103,003	Halliburton Co.		4,399,258		0.9
	122,312	Hess Corp.		5,365,828		1.1
	387,613	Marathon Oil Corp.		4,593,214		1.0
	179,439	Royal Dutch Shell PLC - Class A ADR		9,544,360		2.0
	373,536	Suncor Energy, Inc.		10,907,251		2.3
	306,731	Other Securities		6,299,638		1.3
				67,121,305		14.0
		Financials: 36.2%
	115,381	American International Group, Inc.		7,213,620		1.5
	78,332	Allstate Corp.		6,927,682		1.5
	334,228	Ally Financial, Inc.		6,985,365		1.5

Shares				Value		Percentage of Net Assets
	897,510		Bank of America Corp.	$	21,773,593		4.5
	162,460		Bank of New York Mellon Corp.		8,288,709		1.7
	430,097		Citigroup, Inc.		28,764,887		6.0
	156,743		Citizens Financial Group, Inc.		5,592,590		1.2
	337,504		Fifth Third Bancorp		8,761,604		1.8
	23,887		Goldman Sachs Group, Inc.		5,300,525		1.1
	206,555		JPMorgan Chase & Co.		18,879,127		3.9
	176,617		Metlife, Inc.		9,703,338		2.0
	224,709		Morgan Stanley		10,013,033		2.1
	86,095		PNC Financial Services Group, Inc.		10,750,683		2.2
	89,880		State Street Corp.		8,064,933		1.7
	177,014		Wells Fargo & Co.		9,808,346		2.1
	180,580		Other Securities		6,627,809		1.4
					173,455,844		36.2
			Health Care: 12.6%
	35,707		Anthem, Inc.		6,717,558		1.4
	15,831	@	Biogen, Inc.		4,295,900		0.9
	46,248		Medtronic PLC		4,104,510		0.9
	92,615		Merck & Co., Inc.		5,935,695		1.2
	121,430	@	Mylan NV		4,713,912		1.0
	55,073		Novartis AG		4,600,061		1.0
	278,378		Pfizer, Inc.		9,350,717		1.9
	168,804		Sanofi ADR		8,087,400		1.7
	147,981		Other Securities		12,605,558		2.6
					60,411,311		12.6
			Industrials: 9.4%
	82,307		Caterpillar, Inc.		8,844,710		1.8
	104,543		Eaton Corp. PLC		8,136,582		1.7
	188,666		General Electric Co.		5,095,869		1.1
	159,853		Johnson Controls International plc		6,931,226		1.5

See Accompanying Notes to Financial Statements
87

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Shares				Value		Percentage of Net Assets
			Industrials (continued)
	136,198		Textron, Inc.	$	6,414,926		1.3
	224,787		Other Securities		9,597,191		2.0
					45,020,504		9.4
			Information Technology: 10.0%
	383,461		Cisco Systems, Inc.		12,002,329		2.5
	216,672	@	eBay, Inc.		7,566,186		1.6
	157,235		Intel Corp.		5,305,109		1.1
	108,822		Microsoft Corp.		7,501,100		1.6
	133,335		NetApp, Inc.		5,340,067		1.1
	103,573	@	PayPal Holdings, Inc.		5,558,763		1.1
	79,388		Other Securities		4,930,955		1.0
					48,204,509		10.0
			Materials: 1.9%
	78,932		International Paper Co.		4,468,340		0.9
	161,005		Other Securities		4,730,122		1.0
					9,198,462		1.9
			Telecommunication Services: 0.7%
	1,274,298		Other Securities		3,618,966		0.7
			Utilities: 0.6%
	97,492		Other Securities		2,842,867		0.6
			Total Common Stock (Cost $381,032,698)		471,073,555		98.2
CLOSED-END FUNDS: 0.4%
			Information Technology: 0.4%
	35,021		Other Securities		1,907,944		0.4
			Total Closed-End Funds (Cost $1,052,406)		1,907,944		0.4
			Total Long-Term Investments (Cost $382,085,104)		472,981,499		98.6

Shares			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.6%
		Mutual Funds: 1.6%
	7,737,456	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.860%†† (Cost $7,737,456)	$	7,737,456			1.6
		Total Short-Term Investments (Cost $7,737,456)		7,737,456			1.6
		Total Investments in Securities (Cost $389,822,560)	$	480,718,955			100.2
		Liabilities in Excess of Other Assets		(1,100,688	)		(0.2	)
		Net Assets	$	479,618,267			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 June 30, 2017.

  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 June 30, 2017.

@  Non-income producing security.

ADR  American Depositary Receipt

Cost for federal income tax purposes is $395,917,224.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	109,647,100
Gross Unrealized Depreciation		(24,845,369	)
Net Unrealized Appreciation	$	84,801,731

See Accompanying Notes to Financial Statements
88

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2017
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	43,535,155	$	—		$	—	$	43,535,155
Consumer Staples		13,930,283		3,734,349			—		17,664,632
Energy		67,121,305		—			—		67,121,305
Financials		173,455,844		—			—		173,455,844
Health Care		55,811,250		4,600,061			—		60,411,311
Industrials		45,020,504		—			—		45,020,504
Information Technology		48,204,509		—			—		48,204,509
Materials		9,198,462		—			—		9,198,462
Telecommunication Services		—		3,618,966			—		3,618,966
Utilities		2,842,867		—			—		2,842,867
Total Common Stock		459,120,179		11,953,376			—		471,073,555
Short-Term Investments		7,737,456		—			—		7,737,456
Closed-End Funds		1,907,944		—			—		1,907,944
Total Investments, at fair value	$	468,765,579	$	11,953,376		$	—	$	480,718,955
Other Financial Instruments+
Forward Foreign Currency Contracts		—		3,631			—		3,631
Total Assets	$	468,765,579	$	11,957,007		$	—	$	480,722,586
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	(1,200,277	)	$	—	$	(1,200,277	)
Total Liabilities	$	—	$	(1,200,277	)	$	—	$	(1,200,277	)

^  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.

#  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 June 30, 2017, the following forward foreign currency contracts were outstanding for VY^® Invesco Comstock Portfolio:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
CAD	60,466	USD	45,692	Barclays Bank PLC	08/04/17	$	964
GBP	33,862	USD	43,133	Barclays Bank PLC	08/04/17		1,018
USD	966,404	CHF	939,600	Barclays Bank PLC	08/04/17		(15,556	)
USD	3,201,681	CAD	4,245,214	Barclays Bank PLC	08/04/17		(73,991	)
USD	5,085,381	EUR	4,554,222	Barclays Bank PLC	08/04/17		(125,300	)
USD	2,588,888	GBP	2,048,560	Barclays Bank PLC	08/04/17		(82,128	)
USD	966,578	CHF	939,600	CIBC World Markets Corp.	08/04/17		(15,382	)
USD	5,085,244	EUR	4,554,222	CIBC World Markets Corp.	08/04/17		(125,437	)
USD	2,591,542	GBP	2,048,205	CIBC World Markets Corp.	08/04/17		(79,011	)
USD	3,200,508	CAD	4,245,170	CIBC World Markets Corp.	08/04/17		(75,129	)
USD	178,215	EUR	156,385	Goldman Sachs International	08/04/17		(712	)
EUR	32,177	USD	36,078	Goldman Sachs International	08/04/17		737
USD	530,702	EUR	474,893	Goldman Sachs International	08/04/17		(12,643	)
USD	2,591,675	GBP	2,048,205	Goldman Sachs International	08/04/17		(78,878	)
USD	966,966	CHF	939,600	Goldman Sachs International	08/04/17		(14,994	)
USD	3,200,337	CAD	4,245,215	Goldman Sachs International	08/04/17		(75,335	)
USD	5,080,316	EUR	4,554,826	Goldman Sachs International	08/04/17		(131,056	)
USD	492,353	EUR	430,160	RBC Capital Markets Corp.	08/04/17		188
CHF	54,202	USD	55,922	RBC Capital Markets Corp.	08/04/17		724
USD	3,201,664	CAD	4,245,215	RBC Capital Markets Corp.	08/04/17		(74,007	)
USD	2,590,866	GBP	2,048,205	RBC Capital Markets Corp.	08/04/17		(79,687	)

See Accompanying Notes to Financial Statements
89

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® INVESCO COMSTOCK PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	5,084,926	EUR	4,554,222	RBC Capital Markets Corp.	08/04/17	$	(125,756	)
USD	967,395	CHF	940,280	RBC Capital Markets Corp.	08/04/17		(15,275	)
						$	(1,196,646	)

Currency Abbreviations

CAD — Canadian Dollar

CHF — Swiss Franc

EUR — EU Euro

GBP — British Pound

USD — United States Dollar

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

The fair value of derivative instruments as of June 30, 2017 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	$	3,631
Total Asset Derivatives		$	3,631
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	1,200,277
Total Liability Derivatives		$	1,200,277

The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2017 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	$	(568,063	)
Total	$	(568,063	)
	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	$	(2,017,772	)
Total	$	(2,017,772	)

*  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 June 30, 2017:

	Barclays Bank PLC			CIBC World Markets Corp.			Goldman Sachs International			RBC Capital Markets Corp.			Totals
Assets:
Forward foreign currency contracts	$	1,982		$	—		$	737		$	912		$	3,631
Total Assets	$	1,982		$	—		$	737		$	912		$	3,631
Liabilities:
Forward foreign currency contracts	$	296,975		$	294,959		$	313,618		$	294,725		$	1,200,277
Total Liabilities	$	296,975		$	294,959		$	313,618		$	294,725		$	1,200,277
Net OTC derivative instruments by counterparty, at fair value	$	(294,993	)	$	(294,959	)	$	(312,881	)	$	(293,813	)	$	(1,196,646	)
Total collateral pledged by the Portfolio/(Received from counterparty)	$	—		$	—		$	—		$	—		$	—
Net Exposure(1)	$	(294,993	)	$	(294,959	)	$	(312,881	)	$	(293,813	)	$	(1,196,646	)

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

See Accompanying Notes to Financial Statements
90

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED)

Sector Diversification
as of June 30, 2017
(as a percentage of net assets)

Financials	28.7	%
Energy	10.9	%
U.S. Treasury Obligations	9.3	%
Information Technology	7.4	%
Health Care	7.3	%
Industrials	6.0	%
Consumer Discretionary	5.7	%
Communications	3.8	%
Consumer Staples	3.4	%
Consumer, Non-cyclical	3.2	%
Technology	1.9	%
Materials	1.6	%
Telecommunication Services	1.1	%
Utilities	1.0	%
Consumer, Cyclical	1.0	%
Basic Materials	0.2	%
Federal National Mortgage Association	0.1	%
Municipal**	0.0	%
Assets in Excess of Other Liabilities*	7.4	%
Net Assets	100.0	%

* Includes short-term investments.

** Amount is less than 0.05%.

Portfolio holdings are subject to change daily.

Shares				Value		Percentage of Net Assets
COMMON STOCK: 63.8%
			Consumer Discretionary: 5.7%
	329,183		Carnival Corp.	$	21,584,529		1.3
	451,328		Comcast Corp. - Class A		17,565,686		1.0
	494,596		General Motors Co.		17,276,238		1.0
	2,874,954		Other Securities		41,568,236		2.4
					97,994,689		5.7
			Consumer Staples: 3.4%
	162,596		CVS Health Corp.		13,082,474		0.8
	109,418		Philip Morris International, Inc.		12,851,144		0.7
	263,329		Walgreens Boots Alliance, Inc.		20,621,294		1.2
	265,543		Other Securities		11,468,803		0.7
					58,023,715		3.4
			Energy: 8.9%
	490,253		Apache Corp.		23,497,826		1.4
	316,909		Baker Hughes, Inc.		17,274,710		1.0
	541,076		Canadian Natural Resources Ltd.		15,613,097		0.9
	526,363		Devon Energy Corp.		16,827,825		1.0
	338,805		Occidental Petroleum Corp.		20,284,255		1.2
	854,624		Royal Dutch Shell PLC - Class A		22,706,370		1.3
	592,730	@	TechnipFMC PLC		16,122,256		0.9
	249,518		Total S.A.		12,387,850		0.7
	114,636		Other Securities		9,254,564		0.5
					153,968,753		8.9

Shares			Value		Percentage of Net Assets
		Financials: 22.6%
	130,058	Aon PLC	$	17,291,211		1.0
	1,976,719	Bank of America Corp.		47,955,203		2.8
	315,332	Charles Schwab Corp.		13,546,663		0.8
	913,783	Citigroup, Inc.		61,113,807		3.5
	747,106	Citizens Financial Group, Inc.		26,656,742		1.5
	192,669	Comerica, Inc.		14,111,078		0.8
	714,637	Fifth Third Bancorp		18,551,976		1.1
	61,628	Goldman Sachs Group, Inc.		13,675,253		0.8
	514,962	JPMorgan Chase & Co.		47,067,527		2.7
	764,175	Morgan Stanley		34,051,638		2.0
	136,313	Northern Trust Corp.		13,250,987		0.8
	178,077	PNC Financial Services Group, Inc.		22,236,475		1.3
	212,073	State Street Corp.		19,029,310		1.1
	1,190,774	Other Securities		41,094,139		2.4
				389,632,009		22.6
		Health Care: 7.3%
	229,925	Baxter International, Inc.		13,919,659		0.8
	159,203	Cardinal Health, Inc.		12,405,098		0.7
	177,019	Medtronic PLC		15,710,436		0.9
	267,774	Merck & Co., Inc.		17,161,636		1.0
	178,697	Novartis AG		14,925,954		0.9
	600,820	Pfizer, Inc.		20,181,544		1.2
	133,869	Sanofi		12,827,351		0.7
	107,096	Other Securities		19,360,714		1.1
				126,492,392		7.3

See Accompanying Notes to Financial Statements
91

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Shares				Value		Percentage of Net Assets
			Industrials: 5.0%
	109,377		Caterpillar, Inc.	$	11,753,652		0.7
	239,329		CSX Corp.		13,057,790		0.7
	93,729		General Dynamics Corp.		18,567,715		1.1
	427,892		General Electric Co.		11,557,363		0.7
	150,530		Ingersoll-Rand PLC - Class A		13,756,937		0.8
	384,082		Johnson Controls International plc		16,653,796		1.0
					85,347,253		5.0
			Information Technology: 7.4%
	572,683		Cisco Systems, Inc.		17,924,978		1.0
	231,379		Cognizant Technology Solutions Corp.		15,363,566		0.9
	439,433	@	eBay, Inc.		15,345,000		0.9
	347,541		Intel Corp.		11,726,033		0.7
	521,173		Juniper Networks, Inc.		14,530,303		0.8
	538,013		Oracle Corp.		26,975,972		1.6
	259,017		Qualcomm, Inc.		14,302,919		0.8
	212,902		Other Securities		11,426,450		0.7
					127,595,221		7.4
			Materials: 1.6%
	533,536		Mosaic Co.		12,180,627		0.7
	543,145		Other Securities(a)		15,795,004		0.9
					27,975,631		1.6
			Telecommunication Services: 1.1%
	655,573		Other Securities		19,316,333		1.1
			Utilities: 0.8%
	312,918		Other Securities		14,262,162		0.8
			Total Common Stock (Cost $927,085,204)		1,100,608,158		63.8
PREFERRED STOCK: 0.7%
			Energy: 0.4%
	140,612		Other Securities		7,044,661		0.4
			Financials: 0.3%
	79,900		Other Securities		4,617,202		0.3
			Total Preferred Stock (Cost $10,847,296)		11,661,863		0.7
Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 18.7%
			Basic Materials: 0.2%
	770,000	#	Basell Finance Co. BV, 8.100%, 03/15/27	$	1,023,136		0.1

Principal Amount†				Value		Percentage of Net Assets
	2,191,000		Other Securities	$	2,314,824		0.1
					3,337,960		0.2
			Communications: 3.8%
	1,210,000	#	Cox Communications, Inc., 8.375%, 03/01/39		1,609,900		0.1
	2,700,000	#	Crown Castle Towers LLC, 4.883%, 08/15/40		2,883,293		0.2
	435,000	#	Crown Castle Towers LLC, 6.113%, 01/15/40		467,958		0.0
	3,989,000	#	Ctrip.com International Ltd., 1.250%, 09/15/22		4,320,586		0.3
	4,731,000	#	DISH Network Corp., 3.375%, 08/15/26		5,759,993		0.3
	1,319,000	#	Finisar Corp., 0.500%, 12/15/36		1,290,971		0.1
	1,807,000	#	Liberty Expedia Holdings, Inc., 1.000%, 06/30/47		1,930,102		0.1
	2,954,000	#	Liberty Interactive LLC, 1.750%, 09/30/46		3,391,562		0.2
	673,000	#	Liberty Media Corp. - Liberty Formula One, 1.000%, 01/30/23		782,783		0.0
	9,559,000		Liberty Media Corp., 1.375%, 10/15/23		11,364,695		0.7
	1,933,000	#	Liberty Media Corp., 2.250%, 09/30/46		2,090,056		0.1
	833,000	#	Verizon Communications, Inc., 4.812%, 03/15/39		845,847		0.0
	2,327,000	#	Viavi Solutions, Inc., 1.000%, 03/01/24		2,443,350		0.1
	25,551,000		Other Securities(a)		27,395,276		1.6
					66,576,372		3.8
			Consumer, Cyclical: 1.0%
	994,287	#	Virgin Australia 2013-1A Pass Through Trust, 5.000%, 04/23/25		1,039,030		0.1
	1,737,000		Walgreens Boots Alliance, Inc., 3.300%-4.500%, 11/18/21-11/18/34		1,808,504		0.1
	13,760,948		Other Securities		14,208,883		0.8
					17,056,417		1.0
			Consumer, Non-cyclical: 3.2%
	981,000	#	Bayer US Finance LLC, 3.000%, 10/08/21		1,001,298		0.1
	1,509,000	#	DexCom, Inc., 0.750%, 05/15/22		1,543,895		0.1
	965,000	#	ERAC USA Finance LLC, 2.350%, 10/15/19		967,077		0.0
	1,232,000	#	Heineken NV, 3.500%, 01/29/28		1,253,118		0.1

See Accompanying Notes to Financial Statements
92

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			Consumer, Non-cyclical (continued)
	2,104,000	#	Neurocrine Biosciences, Inc., 2.250%, 05/15/24	$	2,094,795		0.1
	462,000	#	Pacira Pharmaceuticals, Inc./DE, 2.375%, 04/01/22		492,030		0.0
	1,095,000		Philip Morris International, Inc., 3.600%-4.875%, 11/15/23-11/15/43		1,206,276		0.1
	40,640,000		Other Securities		46,078,321		2.7
					54,636,810		3.2
			Energy: 1.6%
	873,000	#	Cenovus Energy, Inc., 5.250%, 06/15/37		818,623		0.0
	1,298,000	#	Chesapeake Energy Corp., 5.500%, 09/15/26		1,220,120		0.1
	2,490,000	#	Ensco Jersey Finance Ltd., 3.000%, 01/31/24		1,926,637		0.1
	1,360,000	#,L	Nabors Industries, Inc., 0.750%, 01/15/24		1,085,450		0.1
	21,395,000		Other Securities		21,966,015		1.3
					27,016,845		1.6
			Financial: 5.8%
	455,000	#	ANZ New Zealand Int'l Ltd./London, 2.875%, 01/25/22		459,162		0.0
	440,000	#	Apollo Management Holdings L.P., 4.000%, 05/30/24		447,636		0.0
	927,000	#	Athene Global Funding, 2.875%, 10/23/18		931,964		0.1
	1,555,000	#	Athene Global Funding, 4.000%, 01/25/22		1,616,080		0.1
	725,000	#	BBVA Bancomer SA/Texas, 4.375%, 04/10/24		754,363		0.1
	4,217,000	#,L	Blackhawk Network Holdings, Inc., 1.500%, 01/15/22		4,723,040		0.3
	485,000	#	Carlyle Holdings Finance LLC, 3.875%, 02/01/23		498,586		0.0
	595,000		Citizens Financial Group, Inc., 2.375%, 07/28/21		590,364		0.0
	1,335,000	#	Commonwealth Bank of Australia, 2.250%, 03/10/20		1,338,301		0.1
	9,000,000	#	Credit Suisse AG/Nassau, 0.050%, 06/24/24		8,770,500		0.5
	472,000	#	Credit Suisse AG, 6.500%, 08/08/23		531,897		0.0

Principal Amount†				Value		Percentage of Net Assets
	4,179,000	#	Goldman Sachs Group, Inc., 1.000%, 09/28/20	$	5,482,806		0.3
	1,175,000		Goldman Sachs Group, Inc., 4.250%-5.250%, 07/27/21-10/21/25		1,238,434		0.1
	670,000	#	Jackson National Life Global Funding, 2.100%, 10/25/21		657,431		0.1
	620,000	#	Jackson National Life Global Funding, 3.250%, 01/30/24		628,612		0.0
	2,405,000		JPMorgan Chase & Co., 3.200%-5.000%, 06/15/26-01/01/66		2,474,371		0.1
	443,000	#	KKR Group Finance Co. III LLC, 5.125%, 06/01/44		470,332		0.0
	2,335,000	#	Liberty Mutual Group, Inc., 4.850%, 08/01/44		2,518,368		0.2
	1,300,000	#	MassMutual Global Funding II, 2.000%, 04/15/21		1,281,254		0.1
	3,250,000	#	MassMutual Global Funding II, 2.100%, 08/02/18		3,265,408		0.2
	670,000	#	Metropolitan Life Global Funding I, 2.050%, 06/12/20		669,558		0.0
	2,360,000	#	Mizuho Financial Group Cayman 3 Ltd., 4.600%, 03/27/24		2,504,951		0.2
	4,015,000		Morgan Stanley, 2.375%-4.000%, 07/23/19-07/23/25		4,083,924		0.2
	1,350,000	#	National Australia Bank Ltd., 3.500%, 01/10/27		1,377,788		0.1
	1,515,000	#	Nationwide Financial Services, Inc., 5.300%, 11/18/44		1,731,730		0.1
	690,000	#	Reliance Standard Life Global Funding II, 3.050%, 01/20/21		698,050		0.0
	1,360,000	#	Societe Generale SA, 2.625%, 09/16/20		1,375,126		0.1
	805,000	#	Societe Generale SA, 5.000%, 01/17/24		858,908		0.0
	985,000	#	Standard Chartered PLC, 3.050%, 01/15/21		998,467		0.1
	616,000	#	Teachers Insurance & Annuity Association of America, 4.270%, 05/15/47		633,137		0.0
	585,000	#	UBS Group Funding Switzerland AG, 4.125%, 04/15/26		611,273		0.0
	45,169,000		Other Securities		46,355,413		2.7
					100,577,234		5.8

See Accompanying Notes to Financial Statements
93

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			Industrial: 1.0%
	1,105,000	#	Aviation Capital Group Corp., 2.875%, 09/17/18	$	1,115,967		0.1
	1,757,000	#	Aviation Capital Group Corp., 2.875%, 01/20/22		1,752,455		0.1
	1,095,000	#	Aviation Capital Group Corp., 4.875%, 10/01/25		1,194,588		0.1
	435,000	#	BAE Systems Holdings, Inc., 2.850%, 12/15/20		441,248		0.0
	410,000	#	SMBC Aviation Capital Finance DAC, 2.650%, 07/15/21		402,910		0.0
	11,166,000		Other Securities		11,769,825		0.7
					16,676,993		1.0
			Technology: 1.9%
	1,840,000	#	Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.625%, 01/15/24		1,884,521		0.1
	910,000	#	Dell International LLC / EMC Corp., 5.450%, 06/15/23		988,610		0.1
	35,000	#	Dell International LLC / EMC Corp., 8.350%, 07/15/46		45,364		0.0
	3,784,000	#	Microchip Technology, Inc., 1.625%, 02/15/27		3,996,850		0.2
	790,000	#	RealPage, Inc., 1.500%, 11/15/22		863,569		0.1
	726,000	#	Silicon Laboratories, Inc., 1.375%, 03/01/22		754,132		0.0
	23,868,000		Other Securities(a)		24,958,863		1.4
					33,491,909		1.9
			Utilities: 0.2%
	150,000	#	Electricite de France SA, 4.600%, 01/27/20		159,143		0.0
	620,000	#	Electricite de France SA, 4.875%, 01/22/44		654,038		0.1
	350,000	#	Electricite de France SA, 5.625%, 12/29/49		361,725		0.0
	2,068,000		Other Securities		2,113,574		0.1
					3,288,480		0.2
			Total Corporate Bonds/Notes (Cost $308,377,778)		322,659,020		18.7

Principal Amount†				Value		Percentage of Net Assets
MUNICIPAL BONDS: 0.0%
			Georgia: 0.0%
	500,000		Other Securities	$	611,848		0.0
			Total Municipal Bonds (Cost $503,947)		611,848		0.0
U.S. TREASURY OBLIGATIONS: 9.3%
			U.S. Treasury Bonds: 0.4%
	5,767,300		3.000%-4.500%, due 02/15/36-02/15/47		6,070,973		0.4
			U.S. Treasury Notes: 8.9%
	47,470,000	L	1.250%, due 05/31/19		47,361,531		2.8
	57,650,000		1.500%, due 06/15/20		57,568,944		3.3
	39,830,500	L	1.750%, due 05/31/22		39,597,133		2.3
	9,462,800		1.250%-2.625%, due 01/31/19-05/15/27		9,444,751		0.5
					153,972,359		8.9
			Total U.S. Treasury Obligations (Cost $160,169,639)		160,043,332		9.3
U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.1%
			Federal National Mortgage Association: 0.1%##
	915,000		Other Securities		1,311,165		0.1
			Total U.S. Government Agency Obligations (Cost $1,032,115)		1,311,165		0.1
			Total Long-Term Investments (Cost $1,408,015,979)		1,596,895,386		92.6
SHORT-TERM INVESTMENTS: 9.8%
			Corporate Bonds/Notes: 2.0%
	500,000		Bank of America Corp., 5.650%, 05/01/18		515,810		0.1
	400,000		Bank of America Corp., 5.750%, 12/01/17		406,815		0.0
	4,526,000		Brookdale Senior Living, Inc., 2.750%, 06/15/18		4,506,199		0.3
	2,284,000		Chevron Corp., 1.365%, 03/02/18		2,283,655		0.2
	360,000		Chevron Corp., 1.718%, 06/24/18		360,839		0.0
	775,000		Cintas Corp. No 2, 6.125%, 12/01/17		789,661		0.0
	1,019,000		Comcast Corp., 5.700%, 05/15/18		1,055,362		0.1
	1,420,000		Duke Energy Corp., 2.100%, 06/15/18		1,425,812		0.1
	3,260,000		Eaton Corp., 1.500%, 11/02/17		3,260,910		0.2
	2,215,000		eBay, Inc., 2.500%, 03/09/18		2,228,197		0.1

See Accompanying Notes to Financial Statements
94

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			Corporate Bonds/Notes (continued)
	1,845,000		Ford Motor Credit Co. LLC, 1.724%, 12/06/17	$	1,845,343		0.1
	465,000	#	HBOS PLC, 6.750%, 05/21/18		483,768		0.0
	3,490,000		Intel Corp., 1.350%, 12/15/17		3,489,389		0.2
	285,000		Interpublic Group of Cos., Inc., 2.250%, 11/15/17		285,409		0.0
	500,000		Northrop Grumman Corp., 1.750%, 06/01/18		500,642		0.0
	1,467,000		Old Republic International Corp., 3.750%, 03/15/18		1,864,007		0.1
	328,000		Philip Morris International, Inc., 1.250%, 08/11/17		327,998		0.0
	820,000		Precision Castparts Corp., 1.250%, 01/15/18		819,555		0.1
	1,995,000		Prudential Financial, Inc., 6.000%, 12/01/17		2,030,030		0.1
	125,000		Realty Income Corp., 2.000%, 01/31/18		125,139		0.0
	3,630,000	#	Roche Holdings, Inc., 1.350%, 09/29/17		3,630,229		0.2
	2,380,000		United Parcel Service, Inc., 1.125%, 10/01/17		2,378,629		0.1
	140,000		Wells Fargo & Co., 1.500%, 01/16/18		139,968		0.0
					34,753,366		2.0
			U.S. Government Agency Obligations: 0.1%
	2,400,000		Freddie Mac, 4.875%, 06/13/18 (Cost $2,429,057)		2,480,655		0.1
			Securities Lending Collateralcc: 4.4%
	2,438,174		BNP Paribas S.A., Repurchase Agreement dated 06/30/17, 1.11%, due 07/03/17 (Repurchase Amount $2,438,396, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $2,486,938, due 07/28/17-09/09/49)		2,438,174		0.1

Principal Amount†			Value		Percentage of Net Assets
	14,978,452	Citigroup, Inc., Repurchase Agreement dated 06/30/17, 1.10%, due 07/03/17 (Repurchase Amount $14,979,806, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.750%, Market Value plus accrued interest $15,278,021, due 07/27/17-07/01/47)	$	14,978,452		0.9
	2,967,796	HSBC Securities USA, Repurchase Agreement dated 06/30/17, 1.06%, due 07/03/17 (Repurchase Amount $2,968,055, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.250%, Market Value plus accrued interest $3,027,157, due 07/15/17-01/15/37)		2,967,796		0.2
	1,457,649	Jefferies LLC, Repurchase Agreement dated 06/30/17, 1.25%, due 07/03/17 (Repurchase Amount $1,457,799, collateralized by various U.S. Government Agency Obligations, 0.000%-7.125%, Market Value plus accrued interest $1,486,810, due 07/07/17-01/15/30)		1,457,649		0.1

See Accompanying Notes to Financial Statements
95

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal Amount†			Value		Percentage of Net Assets
		Securities Lending Collateralcc (continued)
	18,053,194	Nomura Securities, Repurchase Agreement dated 06/30/17, 1.13%, due 07/03/17 (Repurchase Amount $18,054,871, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $18,414,258, due 07/10/17-06/20/67)	$	18,053,194		1.0
	18,053,194	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/17, 1.08%, due 07/03/17 (Repurchase Amount $18,054,797, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.375%-7.000%, Market Value plus accrued interest $18,414,259, due 02/19/19-06/01/47)		18,053,194		1.0
	18,053,200	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/17, 1.30%, due 07/03/17 (Repurchase Amount $18,055,129, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $18,414,212, due 01/15/19-02/15/46)		18,053,200		1.1
				76,001,659		4.4

Shares			Value			Percentage of Net Assets
		Mutual Funds: 3.3%
	56,104,571	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.860%†† (Cost $56,104,571)	$	56,104,571			3.3
		Total Short-Term Investments (Cost $169,992,110)		169,340,251			9.8
		Total Investments in Securities (Cost $1,578,008,089)	$	1,766,235,637			102.4
		Liabilities in Excess of Other Assets		(41,808,800	)		(2.4	)
		Net Assets	$	1,724,426,837			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 June 30, 2017.

  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 June 30, 2017.

#  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 June 30, 2017.

(a)  This grouping contains securities on loan.

Cost for federal income tax purposes is $1,586,127,115.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	233,888,934
Gross Unrealized Depreciation		(53,780,412	)
Net Unrealized Appreciation	$	180,108,522

See Accompanying Notes to Financial Statements
96

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2017
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	88,287,379	$	9,707,310		$	—	$	97,994,689
Consumer Staples		58,023,715		—			—		58,023,715
Energy		118,874,533		35,094,220			—		153,968,753
Financials		389,632,009		—			—		389,632,009
Health Care		98,739,087		27,753,305			—		126,492,392
Industrials		85,347,253		—			—		85,347,253
Information Technology		127,595,221		—			—		127,595,221
Materials		19,794,365		8,181,266			—		27,975,631
Telecommunication Services		16,582,702		2,733,631			—		19,316,333
Utilities		14,262,162		—			—		14,262,162
Total Common Stock		1,017,138,426		83,469,732			—		1,100,608,158
Preferred Stock		110,640		11,551,223			—		11,661,863
Corporate Bonds/Notes		—		315,972,925			6,686,095		322,659,020
Municipal Bonds		—		611,848			—		611,848
Short-Term Investments		56,104,571		113,235,680			—		169,340,251
U.S. Treasury Obligations		—		160,043,332			—		160,043,332
U.S. Government Agency Obligations		—		1,311,165			—		1,311,165
Total Investments, at fair value	$	1,073,353,637	$	686,195,905		$	6,686,095	$	1,766,235,637
Other Financial Instruments+
Forward Foreign Currency Contracts		—		9,159			—		9,159
Total Assets	$	1,073,353,637	$	686,205,064		$	6,686,095	$	1,766,244,796
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	(484,938	)	$	—	$	(484,938	)
Total Liabilities	$	—	$	(484,938	)	$	—	$	(484,938	)

^  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.

#  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 June 30, 2017, the following forward foreign currency contracts were outstanding for VY^® Invesco Equity and Income Portfolio:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	35,207	CAD	45,852	State Street Bank and Trust Co.	07/05/17	$	(152	)
USD	501,638	CAD	654,173	State Street Bank and Trust Co.	07/05/17		(2,824	)
USD	17,232	CAD	22,386	State Street Bank and Trust Co.	07/06/17		(32	)
AUD	256,403	USD	196,424	State Street Bank and Trust Co.	07/28/17		579
GBP	426,105	USD	552,041	State Street Bank and Trust Co.	07/28/17		3,406
USD	3,006,228	AUD	3,948,653	State Street Bank and Trust Co.	07/28/17		(27,655	)
GBP	14,454	USD	18,820	State Street Bank and Trust Co.	07/28/17		22
CAD	16,790	USD	12,930	State Street Bank and Trust Co.	07/28/17		24
EUR	18,339	USD	20,962	State Street Bank and Trust Co.	07/28/17		12
CHF	11,851	USD	12,378	State Street Bank and Trust Co.	07/28/17		1
AUD	17,662	USD	13,573	State Street Bank and Trust Co.	07/28/17		(3	)

See Accompanying Notes to Financial Statements
97

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	10,809,148	EUR	9,502,189	State Street Bank and Trust Co.	07/28/17	$	(58,500	)
CAD	34,389	USD	26,417	State Street Bank and Trust Co.	07/28/17		114
CAD	490,630	USD	376,392	State Street Bank and Trust Co.	07/28/17		2,134
EUR	37,128	USD	42,478	State Street Bank and Trust Co.	07/28/17		(14	)
GBP	29,252	USD	38,017	State Street Bank and Trust Co.	07/28/17		114
CHF	23,924	USD	25,037	State Street Bank and Trust Co.	07/28/17		(46	)
USD	5,146,200	CAD	6,713,064	State Street Bank and Trust Co.	07/28/17		(32,994	)
EUR	545,367	USD	621,305	State Street Bank and Trust Co.	07/28/17		2,431
USD	15,731,423	GBP	12,156,573	State Street Bank and Trust Co.	07/28/17		(115,195	)
CHF	352,578	USD	367,976	State Street Bank and Trust Co.	07/28/17		322
USD	5,802,931	CHF	5,564,402	State Street Bank and Trust Co.	07/28/17		(9,575	)
USD	10,809,359	EUR	9,497,556	The Bank of New York Mellon	07/28/17		(52,991	)
USD	15,744,948	GBP	12,160,703	The Bank of New York Mellon	07/28/17		(107,054	)
USD	6,586,834	CAD	8,587,783	The Bank of New York Mellon	07/28/17		(38,724	)
USD	3,005,018	AUD	3,948,775	The Bank of New York Mellon	07/28/17		(28,959	)
USD	5,807,620	CHF	5,569,507	The Bank of New York Mellon	07/28/17		(10,220	)
						$	(475,779	)

Currency Abbreviations

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

EUR — EU Euro

GBP — British Pound

USD — United States Dollar

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

The fair value of derivative instruments as of June 30, 2017 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	9,159
Total Asset Derivatives		$	9,159
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	484,938
Total Liability Derivatives		$	484,938

The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2017 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	$	(3,095,989	)
Total	$	(3,095,989	)
	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	$	(2,359,011	)
Total	$	(2,359,011	)

*  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
98

VY^® INVESCO   SUMMARY PORTFOLIO OF INVESTMENTS
EQUITY AND INCOME PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at June 30, 2017:

	State Street Bank and Trust Co.			The Bank of New York Mellon			Totals
Assets:
Forward foreign currency contracts	$	9,159		$	—		$	9,159
Total Assets	$	9,159		$	—		$	9,159
Liabilities:
Forward foreign currency contracts	$	246,990		$	237,948		$	484,938
Total Liabilities	$	246,990		$	237,948		$	484,938
Net OTC derivative instruments by counterparty, at fair value	$	(237,831	)	$	(237,948	)	$	(475,779	)
Total collateral pledged by the Portfolio/(Received from counterparty)	$	—		$	—		$	—
Net Exposure(1)	$	(237,831	)	$	(237,948	)	$	(475,779	)

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

See Accompanying Notes to Financial Statements
99

VY^® JPMORGAN   SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP VALUE PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED)

Sector Diversification
as of June 30, 2017
(as a percentage of net assets)

Financials	22.5	%
Consumer Discretionary	17.6	%
Real Estate	10.5	%
Information Technology	9.6	%
Utilities	8.7	%
Industrials	7.7	%
Consumer Staples	6.2	%
Energy	6.0	%
Health Care	5.3	%
Materials	4.8	%
Assets in Excess of Other Liabilities*	1.1	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.9%
			Consumer Discretionary: 17.6%
	98,970	@	Dish Network Corp. - Class A	$	6,211,357		1.0
	61,960		Expedia, Inc.		9,228,942		1.5
	93,910		Hilton Worldwide Holdings, Inc.		5,808,334		1.0
	150,381	L	Kohl's Corp.		5,815,233		1.0
	52,260	@	Mohawk Industries, Inc.		12,630,719		2.1
	173,446		Newell Brands, Inc.		9,300,175		1.6
	59,290		PVH Corp.		6,788,705		1.1
	60,910		Tiffany & Co.		5,717,622		1.0
	829,954		Other Securities(a)		43,179,854		7.3
					104,680,941		17.6
			Consumer Staples: 6.2%
	30,600		Constellation Brands, Inc.		5,928,138		1.0
	79,820		Dr Pepper Snapple Group, Inc.		7,272,400		1.2
	74,263	@	Edgewell Personal Care Co.		5,645,473		0.9
	596,473		Other Securities		18,326,366		3.1
					37,172,377		6.2
			Energy: 6.0%
	230,704	@	Energen Corp.		11,389,856		1.9
	192,610		EQT Corp.		11,285,020		1.9
	271,260		Williams Cos., Inc.		8,213,753		1.4
	209,420		Other Securities(a)		4,661,689		0.8
					35,550,318		6.0
			Financials: 22.5%
	181,550		Citizens Financial Group, Inc.		6,477,704		1.1
	315,590		Fifth Third Bancorp		8,192,717		1.4
	63,960		First Republic Bank		6,402,396		1.1
	154,430		Hartford Financial Services Group, Inc.		8,118,385		1.4

Shares				Value		Percentage of Net Assets
	190,770		Invesco Ltd.	$	6,713,196		1.1
	231,540		Loews Corp.		10,838,387		1.8
	62,413		M&T Bank Corp.		10,107,785		1.7
	90,980		Marsh & McLennan Cos., Inc.		7,092,801		1.2
	71,460		Northern Trust Corp.		6,946,627		1.2
	147,990		SunTrust Banks, Inc.		8,393,993		1.4
	90,530		T. Rowe Price Group, Inc.		6,718,231		1.1
	184,000		XL Group Ltd.		8,059,200		1.3
	985,950		Other Securities		39,669,631		6.7
					133,731,053		22.5
			Health Care: 5.3%
	38,630		Cigna Corp.		6,466,276		1.1
	28,940		Humana, Inc.		6,963,543		1.2
	140,790		Other Securities		17,911,401		3.0
					31,341,220		5.3
			Industrials: 7.7%
	69,430		Carlisle Cos., Inc.		6,623,622		1.1
	96,060		Fortune Brands Home & Security, Inc.		6,266,954		1.1
	51,910		IDEX Corp.		5,866,349		1.0
	69,260		MSC Industrial Direct Co.		5,953,590		1.0
	46,201		Snap-On, Inc.		7,299,758		1.2
	176,590		Other Securities		13,985,962		2.3
					45,996,235		7.7
			Information Technology: 9.6%
	93,090		Amphenol Corp.		6,871,904		1.2
	94,890	@	Arrow Electronics, Inc.		7,441,274		1.2
	118,570		CDW Corp.		7,414,182		1.2
	159,986	@	CommScope Holding Co., Inc.		6,084,268		1.0
	73,196		Jack Henry & Associates, Inc.		7,602,869		1.3
	179,009	@	Keysight Technologies, Inc.		6,968,820		1.2

See Accompanying Notes to Financial Statements
100

VY^® JPMORGAN   SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP VALUE PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Shares				Value		Percentage of Net Assets
			Information Technology (continued)
	102,670	@	Synopsys, Inc.	$	7,487,723		1.3
	202,850		Other Securities		7,439,160		1.2
					57,310,200		9.6
			Materials: 4.8%
	218,540		Ball Corp.		9,224,574		1.6
	192,830		Silgan Holdings, Inc.		6,128,137		1.0
	145,820		WestRock Co.		8,262,161		1.4
	13,860		Other Securities		4,864,306		0.8
					28,479,178		4.8
			Real Estate: 10.5%
	61,286		Vornado Realty Trust		5,754,755		1.0
	1,554,823		Other Securities(a)		56,732,810		9.5
					62,487,565		10.5
			Utilities: 8.7%
	193,640		CMS Energy Corp.		8,955,850		1.5
	109,480		Edison International		8,560,241		1.4
	104,310		National Fuel Gas Co.		5,824,670		1.0
	66,700		Sempra Energy		7,520,425		1.3
	137,960		WEC Energy Group, Inc.		8,467,985		1.4
	205,550		Xcel Energy, Inc.		9,430,634		1.6
	90,550		Other Securities		3,202,820		0.5
					51,962,625		8.7
			Total Common Stock (Cost $439,057,830)		588,711,712		98.9
Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.3%
			Securities Lending Collateralcc: 2.3%
	437,787		BNP Paribas S.A., Repurchase Agreement dated 06/30/17, 1.11%, due 07/03/17 (Repurchase Amount $437,827, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $446,543, due 07/28/17-09/09/49)	$	437,787		0.1

Principal Amount†			Value		Percentage of Net Assets
	3,241,051	Cantor Fitzgerald, Repurchase Agreement dated 06/30/17, 1.15%, due 07/03/17 (Repurchase Amount $3,241,357, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $3,305,872, due 07/15/17-05/20/67)	$	3,241,051		0.5
	3,241,051	Daiwa Capital Markets, Repurchase Agreement dated 06/30/17, 1.15%, due 07/03/17 (Repurchase Amount $3,241,357, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $3,305,872, due 07/13/17-12/01/51)		3,241,051		0.5
	532,883	HSBC Securities USA, Repurchase Agreement dated 06/30/17, 1.06%, due 07/03/17 (Repurchase Amount $532,929, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-7.250%, Market Value plus accrued interest $543,542, due 07/15/17-01/15/37)		532,883		0.1
	261,728	Jefferies LLC, Repurchase Agreement dated 06/30/17, 1.25%, due 07/03/17 (Repurchase Amount $261,755, collateralized by various U.S. Government Agency Obligations, 0.000%-7.125%, Market Value plus accrued interest $266,964, due 07/07/17-01/15/30)		261,728		0.0

See Accompanying Notes to Financial Statements
101

VY^® JPMORGAN   SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP VALUE PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount† Value Percentage
of Net
Assets

Shares Value Percentage
of Net
Assets

	Securities Lending Collateralcc (continued)
2,690,436	Nomura Securities, Repurchase Agreement dated 06/30/17, 1.13%, due 07/03/17 (Repurchase Amount $2,690,686, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $2,744,245, due 07/10/17-06/20/67)	$	2,690,436	0.5
3,241,100	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/17, 1.30%, due 07/03/17 (Repurchase Amount $3,241,446, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $3,305,913, due 01/15/19-02/15/46)		3,241,100	0.6
			13,646,036	2.3

	Mutual Funds: 1.0%
6,251,835	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.860%†† (Cost $6,251,835)	$	6,251,835		1.0
	Total Short-Term Investments (Cost $19,897,871)		19,897,871		3.3
	Total Investments in Securities (Cost $458,955,701)	$	608,609,583		102.2
	Liabilities in Excess of Other Assets		(13,327,854	)	(2.2	)
	Net Assets	$	595,281,729		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 June 30, 2017.

  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 June 30, 2017.

@  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 June 30, 2017.

(a)  This grouping contains securities on loan.

Cost for federal income tax purposes is $460,140,538.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	165,852,308
Gross Unrealized Depreciation		(17,383,263	)
Net Unrealized Appreciation	$	148,469,045

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2017
Asset Table
Investments, at fair value
Common Stock*	$	588,711,712	$	—	$	—	$	588,711,712
Short-Term Investments		6,251,835		13,646,036		—		19,897,871
Total Investments, at fair value	$	594,963,547	$	13,646,036	$	—	$	608,609,583

^  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
102

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® OPPENHEIMER GLOBAL PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED)

Geographic Diversification
as of June 30, 2017
(as a percentage of net assets)

United States	44.4	%
Japan	14.4	%
Germany	9.2	%
United Kingdom	6.8	%
France	6.2	%
India	3.4	%
Netherlands	2.9	%
Switzerland	2.9	%
Spain	2.7	%
China	2.1	%
Countries between 0.5% - 1.4%^	2.5	%
Assets in Excess of Other Liabilities*	2.5	%
Net Assets	100.0	%

* Includes short-term investments.

^ Includes 3 countries, which each represents 0.5% - 1.4% of net assets.

Portfolio holdings are subject to change daily.

Shares Value Percentage
of Net
Assets

Shares Value Percentage
of Net
Assets

COMMON STOCK: 95.7%
			China: 2.1%
	674,995	@	JD.com, Inc. ADR	$	26,473,304	1.7
	40,510		Other Securities		7,245,618	0.4
					33,718,922	2.1
			Denmark: 0.5%
	111,808		Other Securities		7,065,099	0.5
			France: 6.2%
	172,948		LVMH Moet Hennessy Louis Vuitton SE		43,246,672	2.7
	97,300		Kering		33,131,882	2.1
	402,220		Societe Generale		21,690,037	1.4
					98,068,591	6.2
			Germany: 7.4%
	144,444		Allianz SE		28,504,948	1.8
	165,555		Bayer AG		21,457,659	1.4
	78,609		Linde AG		14,963,500	1.0
	337,154		SAP SE		35,290,439	2.2
	113,271		Siemens AG		15,580,907	1.0
					115,797,453	7.4
			India: 3.4%
	10,607,982	@	DLF Ltd.		31,290,711	2.0
	1,540,792		ICICI Bank Ltd. ADR		13,820,904	0.9
	1,167,036		Other Securities		8,857,921	0.5
					53,969,536	3.4
			Italy: 0.6%
	279,399		Other Securities(a)		9,820,594	0.6

	Japan: 14.4%
1,148,200	Dai-ichi Life Holdings, Inc.	$	20,841,455	1.3
62,400	Fanuc Ltd.		12,077,254	0.8
790,300	KDDI Corp.		20,901,560	1.3
74,902	Keyence Corp.		32,973,948	2.1
322,100	Kyocera Corp.		18,720,688	1.2
251,200	Murata Manufacturing Co., Ltd.		38,349,708	2.4
314,200	Nidec Corp.		32,280,910	2.0
45,900	Nintendo Co., Ltd.		15,366,937	1.0
305,400	Suzuki Motor Corp.		14,548,637	0.9
181,300	TDK Corp.		11,984,278	0.8
608,200	Other Securities		8,914,435	0.6
			226,959,810	14.4
	Netherlands: 2.9%
553,853	Airbus SE		45,707,096	2.9
	Spain: 2.7%
847,575	Industria de Diseno Textil SA		32,551,187	2.1
1,168,262	Other Securities		9,731,583	0.6
			42,282,770	2.7
	Sweden: 1.4%
1,014,405	Assa Abloy AB		22,358,983	1.4
	Switzerland: 2.9%
1,544,378	UBS Group AG		26,263,518	1.7
736,981	Other Securities		19,433,927	1.2
			45,697,445	2.9

See Accompanying Notes to Financial Statements
103

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® OPPENHEIMER GLOBAL PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Shares				Value		Percentage of Net Assets
			United Kingdom: 6.8%
	1,265,166		Prudential PLC	$	29,040,483		1.8
	526,844	@	TechnipFMC PLC		14,249,071		0.9
	575,775		Unilever PLC		31,159,876		2.0
	12,154,783		Other Securities(a)		32,584,428		2.1
					107,033,858		6.8
			United States: 44.4%
	116,380		3M Co.		24,229,152		1.5
	225,053	@	Adobe Systems, Inc.		31,831,496		2.0
	261,400		Aetna, Inc.		39,688,362		2.5
	44,940	@	Alphabet, Inc. - Class A		41,779,819		2.6
	46,607	@	Alphabet, Inc. - Class C		42,353,179		2.7
	165,080		Anthem, Inc.		31,056,501		2.0
	54,130	@	Biogen, Inc.		14,688,717		0.9
	688,420		Citigroup, Inc.		46,041,530		2.9
	502,140		Colgate-Palmolive Co.		37,223,638		2.4
	237,890	@	Facebook, Inc.		35,916,632		2.3
	341,370		FNF Group		15,303,617		1.0
	196,530		Gilead Sciences, Inc.		13,910,394		0.9
	110,630		Goldman Sachs Group, Inc.		24,548,797		1.6
	225,110		Intuit, Inc.		29,896,859		1.9
	650,650		Maxim Integrated Products		29,214,185		1.9
	302,490	@	PayPal Holdings, Inc.		16,234,638		1.0
	253,120		S&P Global, Inc.		36,952,989		2.3
	227,940		Tiffany & Co.		21,396,728		1.4
	149,610		United Parcel Service, Inc. - Class B		16,545,370		1.0
	230,480		Walt Disney Co.		24,488,500		1.6
	307,740		Whole Foods Market, Inc.		12,958,931		0.8
	166,580		Zimmer Biomet Holdings, Inc.		21,388,872		1.4
	2,154,840		Other Securities(a)		90,591,404		5.8
					698,240,310		44.4
			Total Common Stock (Cost $792,545,604)		1,506,720,467		95.7
PREFERRED STOCK: 1.8%
			Germany: 1.8%
	334,794		Bayerische Motoren Werke AG		27,629,069		1.8
			India: 0.0%
	5,080,989		Other Securities		760,920		0.0
			Total Preferred Stock (Cost $12,716,306)		28,389,989		1.8
			Total Long-Term Investments (Cost $805,261,910)		1,535,110,456		97.5

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.3%
		Securities Lending Collateralcc: 2.1%
	1,051,926	BNP Paribas S.A., Repurchase Agreement dated 06/30/17, 1.11%, due 07/03/17 (Repurchase Amount $1,052,022, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $1,072,965, due 07/28/17-09/09/49)	$	1,051,926		0.1
	7,787,591	Cantor Fitzgerald, Repurchase Agreement dated 06/30/17, 1.15%, due 07/03/17 (Repurchase Amount $7,788,327, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $7,943,343, due 07/15/17-05/20/67)		7,787,591		0.5
	7,787,591	Daiwa Capital Markets, Repurchase Agreement dated 06/30/17, 1.15%, due 07/03/17 (Repurchase Amount $7,788,327, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $7,943,343, due 07/13/17-12/01/51)		7,787,591		0.5

See Accompanying Notes to Financial Statements
104

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® OPPENHEIMER GLOBAL PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal Amount†			Value		Percentage of Net Assets
		Securities Lending Collateralcc (continued)
	1,280,426	HSBC Securities USA, Repurchase Agreement dated 06/30/17, 1.06%, due 07/03/17 (Repurchase Amount $1,280,538, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.250%, Market Value plus accrued interest $1,306,037, due 07/15/17-01/15/37)	$	1,280,426		0.1
	628,888	Jefferies LLC, Repurchase Agreement dated 06/30/17, 1.25%, due 07/03/17 (Repurchase Amount $628,953, collateralized by various U.S. Government Agency Obligations, 0.000%-7.125%, Market Value plus accrued interest $641,469, due 07/07/17-01/15/30)		628,888		0.0
	6,464,876	Nomura Securities, Repurchase Agreement dated 06/30/17, 1.13%, due 07/03/17 (Repurchase Amount $6,465,476, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $6,594,174, due 07/10/17-06/20/67)		6,464,876		0.4

Principal Amount†			Value			Percentage of Net Assets
	7,787,600	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/17, 1.30%, due 07/03/17 (Repurchase Amount $7,788,432, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $7,943,329, due 01/15/19-02/15/46)	$	7,787,600			0.5
				32,788,898			2.1
Shares			Value			Percentage of Net Assets
		Mutual Funds: 2.2%
	34,301,726	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.860%†† (Cost $34,301,726)	$	34,301,726			2.2
		Total Short-Term Investments (Cost $67,090,624)		67,090,624			4.3
		Total Investments in Securities (Cost $872,352,534)	$	1,602,201,080			101.8
		Liabilities in Excess of Other Assets		(28,589,848	)		(1.8	)
		Net Assets	$	1,573,611,232			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 June 30, 2017.

  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 June 30, 2017.

@  Non-income producing security.

ADR  American Depositary Receipt

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

(a)  This grouping contains securities on loan.

Cost for federal income tax purposes is $879,366,753.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	747,491,434
Gross Unrealized Depreciation		(24,657,107	)
Net Unrealized Appreciation	$	722,834,327

See Accompanying Notes to Financial Statements
105

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® OPPENHEIMER GLOBAL PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Sector Diversification	Percentage of Net Assets
Information Technology		25.6	%
Financials		18.2
Consumer Discretionary		16.0
Health Care		15.0
Industrials		12.3
Consumer Staples		5.2
Real Estate		2.0
Telecommunication Services		1.3
Materials		1.0
Energy		0.9
Short-Term Investments		4.3
Liabilities in Excess of Other Assets		(1.8	)
Net Assets		100.0	%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2017
Asset Table
Investments, at fair value
Common Stock
China	$	33,718,922	$	—	$	—	$	33,718,922
Denmark		—		7,065,099		—		7,065,099
France		—		98,068,591		—		98,068,591
Germany		—		115,797,453		—		115,797,453
India		13,820,904		40,148,632		—		53,969,536
Italy		4,284,049		5,536,545		—		9,820,594
Japan		—		226,959,810		—		226,959,810
Netherlands		—		45,707,096		—		45,707,096
Spain		—		42,282,770		—		42,282,770
Sweden		—		22,358,983		—		22,358,983
Switzerland		—		45,697,445		—		45,697,445
United Kingdom		14,461,488		92,572,370		—		107,033,858
United States		698,240,310		—		—		698,240,310
Total Common Stock		764,525,673		742,194,794		—		1,506,720,467
Preferred Stock		760,920		27,629,069		—		28,389,989
Short-Term Investments		34,301,726		32,788,898		—		67,090,624
Total Investments, at fair value	$	799,588,319	$	802,612,761	$	—	$	1,602,201,080
Other Financial Instruments+
Forward Foreign Currency Contracts		—		16,964		—		16,964
Total Assets	$	799,588,319	$	802,629,725	$	—	$	1,602,218,044

^  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.

#  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 June 30, 2017, the following forward foreign currency contracts were outstanding for VY^® Oppenheimer Global Portfolio:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	4,622,324	JPY	517,987,855	Deutsche Bank AG	07/03/17	$	16,964
						$	16,964

See Accompanying Notes to Financial Statements
106

SUMMARY PORTFOLIO OF INVESTMENTS
VY^® OPPENHEIMER GLOBAL PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Currency Abbreviations

JPY — Japanese Yen

USD — United States Dollar

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

The fair value of derivative instruments as of June 30, 2017 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	16,964
Total Asset Derivatives		$	16,964

The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2017 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	$	(79,006	)
Total	$	(79,006	)
	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	$	16,964
Total	$	16,964

*  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 June 30, 2017:

	Deutsche Bank AG
Assets:
Forward foreign currency contracts	$	16,964
Total Assets	$	16,964
Net OTC derivative instruments by counterparty, at fair value	$	16,964
Total collateral pledged by the Portfolio/(Received from counterparty)	$	—
Net Exposure(1)	$	16,964

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

See Accompanying Notes to Financial Statements
107

VY^® PIONEER  SUMMARY PORTFOLIO OF INVESTMENTS
HIGH YIELD PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED)

Investment Type Allocation
as of June 30, 2017
(as a percentage of net assets)

Corporate Bonds/Notes	82.2	%
Bank Loans	4.6	%
Common Stock	3.8	%
U.S. Treasury Obligations	3.3	%
Preferred Stock	1.5	%
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.

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 82.2%
			Basic Materials: 2.6%
	300,000	#	Ausdrill Finance Pty Ltd., 6.875%, 11/01/19	$	307,500		0.3
	100,000	#	CVR Partners L.P. / CVR Nitrogen Finance Corp., 9.250%, 06/15/23		105,000		0.1
	220,000	#	First Quantum Minerals Ltd., 7.500%, 04/01/25		216,150		0.2
	530,000		Freeport-McMoRan, Inc., 3.550%, 03/01/22		499,355		0.5
	75,000	#	Hudbay Minerals, Inc., 7.250%, 01/15/23		77,719		0.1
	100,000	#	Hudbay Minerals, Inc., 7.625%, 01/15/25		105,250		0.1
	190,000	#	Kinross Gold Corp., 4.500%, 07/15/27		190,000		0.2
	435,000	#	Kraton Polymers LLC / Kraton Polymers Capital Corp., 7.000%, 04/15/25		458,925		0.4
	145,000	#	Tronox Finance LLC, 7.500%, 03/15/22		150,075		0.1
	590,000		Other Securities		576,875		0.6
					2,686,849		2.6
			Communications: 13.6%
	200,000	#	Altice Financing SA, 6.625%, 02/15/23		212,688		0.2
	200,000	#	Altice US Finance I Corp., 5.375%, 07/15/23		208,625		0.2
	505,000	#	CCO Holdings LLC / CCO Holdings Capital Corp., 5.500%, 05/01/26		537,194		0.5
	310,000	#	CCO Holdings LLC / CCO Holdings Capital Corp., 5.750%, 02/15/26		332,475		0.3

Principal Amount†				Value		Percentage of Net Assets
	155,000	#	CommScope Technologies LLC, 5.000%, 03/15/27	$	155,000		0.1
	120,000	#	CommScope, Inc., 5.000%, 06/15/21		123,150		0.2
	200,000	#	CSC Holdings LLC, 5.500%, 04/15/27		212,000		0.2
	125,000	#	Ctrip.com International Ltd., 1.250%, 09/15/22		135,391		0.1
	319,000	#	DISH Network Corp., 2.375%, 03/15/24		335,947		0.3
	555,000		Frontier Communications Corp., 8.750%, 04/15/22		501,193		0.5
	416,000		Frontier Communications Corp., 8.500%-10.500%, 04/15/20-09/15/22		406,185		0.4
	250,000	#	Gray Television, Inc., 5.125%, 10/15/24		253,125		0.2
	280,000	#	Gray Television, Inc., 5.875%, 07/15/26		286,300		0.3
	415,000		Hughes Satellite Systems Corp., 5.250%, 08/01/26		435,231		0.4
	690,000		Level 3 Financing, Inc., 5.250%, 03/15/26		717,676		0.7
	195,000	#	MDC Partners, Inc., 6.500%, 05/01/24		195,487		0.2
	550,000	#	Netflix, Inc., 4.375%, 11/15/26		550,000		0.5
	245,000	#	Nexstar Escrow Corp., 5.625%, 08/01/24		248,675		0.2
	200,000	#	SFR Group SA, 6.000%, 05/15/22		209,500		0.2
	425,000	#	Sinclair Television Group, Inc., 5.125%, 02/15/27		413,312		0.4
	170,000	#	Sirius XM Radio, Inc., 4.625%, 05/15/23		175,312		0.2
	295,000	#	Sirius XM Radio, Inc., 5.000%, 08/01/27		298,688		0.3
	1,760,000		Sprint Corp., 7.250%, 09/15/21		1,960,200		1.9

See Accompanying Notes to Financial Statements
108

VY^® PIONEER  SUMMARY PORTFOLIO OF INVESTMENTS
HIGH YIELD PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			Communications (continued)
	425,000		TEGNA, Inc., 6.375%, 10/15/23	$	449,969		0.4
	450,000		T-Mobile USA, Inc., 6.500%, 01/15/26		497,813		0.5
	545,000		T-Mobile USA, Inc., 5.125%-6.500%, 03/01/23-04/15/25		581,458		0.5
	160,000	#	Univision Communications, Inc., 5.125%, 02/15/25		159,000		0.2
	440,000	#	Videotron Ltd., 5.375%, 06/15/24		466,400		0.4
	935,000		Windstream Services LLC, 6.375%-7.750%, 10/15/20-08/01/23		837,084		0.8
	150,000	#	Zillow Group, Inc., 2.000%, 12/01/21		175,594		0.2
	2,077,000		Other Securities		2,199,225		2.1
					14,269,897		13.6
			Consumer, Cyclical: 11.4%
	190,000	#	AMC Entertainment Holdings, Inc., 5.875%, 11/15/26		198,787		0.2
	160,000	#	AMC Entertainment Holdings, Inc., 6.125%, 05/15/27		169,250		0.1
	230,000	#	Cooper-Standard Automotive, Inc., 5.625%, 11/15/26		231,437		0.2
	110,000	#	Eldorado Resorts, Inc., 6.000%, 04/01/25		117,012		0.1
	610,000		Global Partners L.P. / GLP Finance Corp., 6.250%-7.000%, 07/15/22-06/15/23		613,450		0.6
	165,000	#	Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.125%, 12/01/24		180,469		0.2
	175,000	#	Intrepid Aviation Group Holdings LLC / Intrepid Finance Co., 6.875%, 02/15/19		170,625		0.2
	310,000	#	JB Poindexter & Co., Inc., 9.000%, 04/01/22		325,888		0.3
	400,000		KB Home, 7.000%, 12/15/21		450,000		0.4
	555,000		KB Home, 1.375%-7.500%, 02/01/19-09/15/22		610,825		0.6
	205,000	#	KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.000%, 06/01/24		214,225		0.2

Principal Amount†				Value		Percentage of Net Assets
	205,000	#	KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.250%, 06/01/26	$	216,275		0.2
	250,000	#	Landry's, Inc., 6.750%, 10/15/24		256,562		0.2
	250,000		Lennar Corp., 4.500%, 06/15/19		259,375		0.2
	465,000		Lennar Corp., 4.750%, 11/15/22		496,969		0.5
	230,000	#	Meritage Homes Corp., 5.125%, 06/06/27		230,863		0.2
	200,000	#	Nexteer Automotive Group Ltd., 5.875%, 11/15/21		208,500		0.2
	230,000	#	PetSmart, Inc., 7.125%, 03/15/23		205,275		0.2
	340,000	#	PetSmart, Inc., 8.875%, 06/01/25		314,874		0.3
	990,000		Scientific Games International, Inc., 10.000%, 12/01/22		1,089,000		1.0
	365,000	#	Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc., 5.625%, 03/01/24		384,163		0.4
	360,000	#	TI Group Automotive Systems LLC, 8.750%, 07/15/23		382,500		0.4
	450,000	#	Viking Cruises Ltd., 8.500%, 10/15/22		474,187		0.5
	105,000	#	Viking Cruises Ltd, 6.250%, 05/15/25		106,313		0.1
	160,000	#	ZF North America Capital, Inc., 4.750%, 04/29/25		169,400		0.2
	3,845,000		Other Securities		3,945,181		3.7
					12,021,405		11.4
			Consumer, Non-cyclical: 16.0%
	80,000	#	Alliance One International, Inc., 8.500%, 04/15/21		83,600		0.1
	215,000	#	C&S Group Enterprises LLC, 5.375%, 07/15/22		212,850		0.2
	225,000	#	Cenveo Corp., 6.000%, 08/01/19		191,250		0.2
	755,000		CHS/Community Health Systems, Inc., 8.000%, 11/15/19		761,606		0.7
	230,000		CHS/Community Health Systems, Inc., 6.250%-6.875%, 02/01/22-03/31/23		215,306		0.2
	375,000	#	Cimpress NV, 7.000%, 04/01/22		390,000		0.4
	250,000	#	CSVC Acquisition Corp., 7.750%, 06/15/25		256,094		0.2

See Accompanying Notes to Financial Statements
109

VY^® PIONEER  SUMMARY PORTFOLIO OF INVESTMENTS
HIGH YIELD PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			Consumer, Non-cyclical (continued)
	140,000	#	Endo Finance LLC / Endo Finco, Inc., 5.375%, 01/15/23	$	117,600		0.1
	280,000	#	Endo Finance LLC, 5.750%, 01/15/22		253,344		0.2
	200,000	#	Endo Ltd. / Endo Finance LLC / Endo Finco, Inc., 6.000%, 02/01/25		164,000		0.2
	200,000	#	FAGE International SA/ FAGE USA Dairy Industry, Inc., 5.625%, 08/15/26		206,460		0.2
	600,000		HCA, Inc., 5.250%, 06/15/26		648,600		0.6
	185,000	#	Hertz Corp./The, 7.625%, 06/01/22		185,018		0.2
	35,000	#	Horizon Pharma, Inc. / Horizon Pharma USA, Inc., 8.750%, 11/01/24		35,700		0.0
	480,000		Innoviva, Inc., 2.125%, 01/15/23		438,600		0.4
	275,000	#	Insulet Corp., 1.250%, 09/15/21		303,187		0.3
	400,000		Jazz Investments I Ltd., 1.875%, 08/15/21		439,000		0.4
	495,000		Kindred Healthcare, Inc., 6.375%-8.000%, 01/15/20-04/15/22		505,331		0.5
	80,000	#	Lamb Weston Holdings, Inc., 4.625%, 11/01/24		82,800		0.1
	80,000	#	Lamb Weston Holdings, Inc., 4.875%, 11/01/26		83,300		0.1
	406,000	#	Patheon Holdings I BV, 7.500%, 02/01/22		431,629		0.4
	325,000	#	Post Holdings, Inc., 5.000%, 08/15/26		325,000		0.3
	260,000	#	Post Holdings, Inc., 6.000%, 12/15/22		276,575		0.3
	510,000	#	RegionalCare Hospital Partners Holdings, Inc., 8.250%, 05/01/23		549,525		0.5
	500,000	#	Sothebys, 5.250%, 10/01/22		513,750		0.5
	235,000	#	Team Health Holdings, Inc., 6.375%, 02/01/25		228,538		0.2
	110,000	#	Teladoc, Inc., 3.000%, 12/15/22		116,462		0.1
	85,000	#	Tenet Healthcare Corp., 7.500%, 01/01/22		92,421		0.1
	490,000		Tenet Healthcare Corp., 4.375%-8.125%, 10/01/21-04/01/22		505,650		0.5
	525,000		United Rentals North America, Inc., 5.750%, 11/15/24		551,906		0.5
	1,525,000	#	Valeant Pharmaceuticals International, Inc., 5.875%, 05/15/23		1,315,312		1.3

Principal Amount†				Value		Percentage of Net Assets
	95,000	#	Valeant Pharmaceuticals International, Inc., 6.500%, 03/15/22	$	99,869		0.1
	125,000	#	Valeant Pharmaceuticals International, Inc., 7.000%, 03/15/24		131,719		0.1
	525,000		WellCare Health Plans, Inc., 5.250%, 04/01/25		551,250		0.5
	470,000		Wright Medical Group, Inc., 2.000%, 02/15/20		524,638		0.5
	4,941,000		Other Securities		5,048,792		4.8
					16,836,682		16.0
			Energy: 15.6%
	150,000	#	Alta Mesa Holdings L.P. / Alta Mesa Finance Services Corp., 7.875%, 12/15/24		151,875		0.1
	135,000	#	Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.375%, 09/15/24		138,712		0.1
	212,000	#	Antero Resources Corp., 5.000%, 03/01/25		206,700		0.2
	355,000	#	Blue Racer Midstream LLC / Blue Racer Finance Corp., 6.125%, 11/15/22		359,437		0.3
	310,000	#	California Resources Corp., 8.000%, 12/15/22		197,237		0.2
	100,000		Cheniere Corpus Christi Holdings LLC, 5.875%, 03/31/25		107,000		0.1
	518,000	#	Cheniere Corpus Christi Holdings LLC, 5.125%, 06/30/27		531,597		0.5
	137,000	#	Chesapeake Energy Corp., 8.000%, 12/15/22		145,391		0.1
	180,000	#	Chesapeake Energy Corp., 8.000%, 06/15/27		177,075		0.2
	137,000	#	Cobalt International Energy, Inc., 7.750%, 12/01/23		83,056		0.1
	318,000	#	Cobalt International Energy, Inc., 10.750%, 12/01/21		302,100		0.3
	160,000	#	Covey Park Energy LLC / Covey Park Finance Corp., 7.500%, 05/15/25		160,400		0.2
	535,000		DCP Midstream Operating L.P., 2.700%-5.600%, 04/01/19-04/01/44		514,000		0.5
	285,000	#	Delek Logistics Partners L.P., 6.750%, 05/15/25		289,275		0.3
	150,000	#	Exterran Energy Solutions L.P. / EES Finance Corp., 8.125%, 05/01/25		153,375		0.2

See Accompanying Notes to Financial Statements
110

VY^® PIONEER  SUMMARY PORTFOLIO OF INVESTMENTS
HIGH YIELD PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			Energy (continued)
	525,000		Archrock Partners L.P. / Archrock Partners Finance Corp., 6.000%, 04/01/21	$	514,500		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		211,662		0.2
	245,000	#	Great Western Petroleum LLC / Great Western Finance Corp., 9.000%, 09/30/21		243,163		0.2
	20,000		Gulfport Energy Corp., 6.625%, 05/01/23		20,150		0.0
	300,000	#	Gulfport Energy Corp., 6.000%, 10/15/24		293,250		0.3
	200,000	#	Gulfport Energy Corp., 6.375%, 05/15/25		197,750		0.2
	150,000	#	Halcon Resources Corp., 6.750%, 02/15/25		135,750		0.1
	131,000	#	Halcon Resources Corp., 12.000%, 02/15/22		148,685		0.2
	90,000	#	Hiland Partners Holdings LLC / Hiland Partners Finance Corp., 5.500%, 05/15/22		94,003		0.1
	255,000	#	Hilcorp Energy I L.P. / Hilcorp Finance Co., 5.750%, 10/01/25		241,613		0.2
	140,000	#	Holly Energy Partners L.P. / Holly Energy Finance Corp., 6.000%, 08/01/24		146,300		0.1
	100,000	#	MEG Energy Corp., 6.500%, 01/15/25		91,375		0.1
	295,000	#	MEG Energy Corp., 7.000%, 03/31/24		230,838		0.2
	425,000		ONEOK, Inc., 7.500%, 09/01/23		507,875		0.5
	230,000	#	Parsley Energy LLC / Parsley Finance Corp., 5.375%, 01/15/25		232,875		0.2
	210,000	#	Parsley Energy LLC / Parsley Finance Corp., 6.250%, 06/01/24		221,550		0.2
	275,000	#	Range Resources Corp., 5.000%, 03/15/23		270,188		0.3
	410,000		Rice Energy, Inc., 6.250%, 05/01/22		428,963		0.4
	135,000	#	TerraForm Power Operating LLC, 6.375%, 02/01/23		141,075		0.1
	270,000	#	Trinidad Drilling Ltd, 6.625%, 02/15/25		257,175		0.3

Principal Amount†				Value		Percentage of Net Assets
	180,000		Williams Cos, Inc./The, 4.550%, 06/24/24	$	185,850		0.2
	405,000		Williams Cos, Inc./The, 5.750%, 06/24/44		420,188		0.4
	7,874,000		Other Securities		7,605,363		7.2
					16,406,121		15.6
			Financial: 7.4%
	239,821	#,&	AAF Holdings LLC/AAF Finance Co., 12.000%, 07/01/19		251,812		0.3
	275,000	#	Alliance Data Systems Corp., 5.875%, 11/01/21		285,312		0.3
	808,000		Ally Financial, Inc., 4.625%-5.750%, 05/19/22-11/20/25		842,204		0.8
	225,000		Citigroup, Inc., 5.900%, 12/29/49		241,368		0.2
	550,000		Citigroup, Inc., 6.250%, 12/29/49		610,844		0.6
	140,000	#	CyrusOne L.P. / CyrusOne Finance Corp., 5.000%, 03/15/24		144,550		0.1
	40,000	#	CyrusOne L.P. / CyrusOne Finance Corp., 5.375%, 03/15/27		41,750		0.1
	125,000	#	Dana Financing Luxembourg Sarl, 5.750%, 04/15/25		129,687		0.1
	600,000		Fly Leasing Ltd., 6.375%, 10/15/21		632,250		0.6
	260,000	#	Iron Mountain US Holdings, Inc., 5.375%, 06/01/26		274,300		0.3
	300,000		Iron Mountain, Inc., 5.750%, 08/15/24		307,500		0.3
	250,000	#	Kilimanjaro Re Ltd. (Cat Bond), 10.292%, 12/06/19		250,388		0.2
	575,000		Nationstar Mortgage LLC / Nationstar Capital Corp., 6.500%, 07/01/21		590,813		0.6
	225,000		Nationstar Mortgage LLC / Nationstar Capital Corp., 6.500%, 08/01/18-06/01/22		229,375		0.2
	308,000	#	Provident Funding Associates L.P. / PFG Finance Corp., 6.375%, 06/15/25		316,470		0.3
	120,000	#	Quicken Loans, Inc., 5.750%, 05/01/25		124,500		0.1
	225,000	#	Rialto Holdings LLC / Rialto Corp., 7.000%, 12/01/18		229,500		0.2
	400,000		Royal Bank of Scotland Group PLC, 8.000%, 12/29/49		435,272		0.4
	335,000	#	Uniti Group, Inc. / CSL Capital LLC, 6.000%, 04/15/23		349,445		0.3

See Accompanying Notes to Financial Statements
111

VY^® PIONEER  SUMMARY PORTFOLIO OF INVESTMENTS
HIGH YIELD PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			Financial (continued)
	1,395,000		Other Securities	$	1,461,540		1.4
					7,748,880		7.4
			Industrial: 6.7%
	135,000	#	Advanced Disposal Services, Inc., 5.625%, 11/15/24		139,387		0.1
	250,000	#	Amsted Industries, Inc., 5.000%, 03/15/22		259,375		0.2
	250,000	#	Amsted Industries, Inc., 5.375%, 09/15/24		260,000		0.3
	350,000	#	Apex Tool Group LLC, 7.000%, 02/01/21		327,250		0.3
	80,000	#	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 4.625%, 05/15/23		82,267		0.1
	220,000	#	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 6.000%, 02/15/25		231,550		0.2
	90,000	#	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 7.250%, 05/15/24		98,775		0.1
	325,000		Ball Corp., 4.000%, 11/15/23		333,531		0.3
	500,000		Ball Corp., 5.250%, 07/01/25		553,750		0.5
	85,000	#	Belden, Inc., 5.250%, 07/15/24		88,400		0.1
	140,000	#	Builders FirstSource, Inc., 5.625%, 09/01/24		146,300		0.1
	305,000	#	Cleaver-Brooks, Inc., 8.750%, 12/15/19		314,913		0.3
	205,000	#	Coveris Holdings SA, 7.875%, 11/01/19		202,950		0.2
	640,000		Crown Cork & Seal Co., Inc., 7.375%, 12/15/26		744,000		0.7
	410,000		Dycom Industries, Inc., 0.750%, 09/15/21		477,650		0.5
	100,000	#	EnPro Industries, Inc., 5.875%, 09/15/22		104,750		0.1
	270,000	#	Florida East Coast Holdings Corp., 6.750%, 05/01/19		277,027		0.3
	644,000		General Cable Corp., 4.500%, 11/15/29		488,233		0.5
	80,000	#	Park-Ohio Industries, Inc., 6.625%, 04/15/27		84,150		0.1
	200,000	#	syncreon Group BV / syncreon Global Finance US, Inc., 8.625%, 11/01/21		153,000		0.1
	230,000	#	Tutor Perini Corp., 6.875%, 05/01/25		242,650		0.2
	185,000	#	USG Corp., 4.875%, 06/01/27		190,781		0.2
	1,160,000		Other Securities		1,219,450		1.2
					7,020,139		6.7

Principal Amount†				Value		Percentage of Net Assets
			Technology: 6.2%
	310,000	#	Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 5.750%, 03/01/25	$	317,362		0.3
	145,000	#	Dell International LLC / EMC Corp., 5.875%, 06/15/21		152,250		0.1
	385,000		Diebold Nixdorf, Inc., 8.500%, 04/15/24		432,201		0.4
	375,000	#	Entegris, Inc., 6.000%, 04/01/22		392,813		0.4
	420,000	#	First Data Corp., 5.750%, 01/15/24		437,850		0.4
	155,000	#	First Data Corp., 7.000%, 12/01/23		165,850		0.2
	70,000	#	j2 Cloud Services LLC / j2 Global Co-Obligor, Inc., 6.000%, 07/15/25		72,450		0.1
	510,000		j2 Cloud Services LLC, 8.000%, 08/01/20		522,900		0.5
	165,000	#	Lumentum Holdings, Inc., 0.250%, 03/15/24		193,978		0.2
	175,000	#	Microchip Technology, Inc., 1.625%, 02/15/27		184,844		0.2
	200,000	#	Micron Technology, Inc., 5.250%, 08/01/23		208,700		0.2
	160,000	#	MSCI, Inc., 4.750%, 08/01/26		164,848		0.2
	250,000	#	MSCI, Inc., 5.250%, 11/15/24		266,250		0.2
	90,000	#	Nice Systems, Inc., 1.250%, 01/15/24		100,744		0.1
	250,000	#	ON Semiconductor Corp., 1.625%, 10/15/23		251,250		0.2
	200,000	#	Open Text Corp., 5.875%, 06/01/26		215,624		0.2
	200,000	#	Quintiles IMS, Inc., 5.000%, 10/15/26		206,750		0.2
	400,000	#	Rackspace Hosting, Inc., 8.625%, 11/15/24		427,000		0.4
	90,000	#	Silicon Laboratories, Inc., 1.375%, 03/01/22		93,488		0.1
	110,000	#	Synaptics, Inc., 0.500%, 06/15/22		111,375		0.1
	46,000	#	Teradyne, Inc., 1.250%, 12/15/23		53,159		0.0
	1,715,000		Other Securities(a)		1,546,972		1.5
					6,518,658		6.2
			Utilities: 2.7%
	505,000		AES Corp., 4.875%, 05/15/23		516,994		0.5
	100,000		AES Corp., 5.500%, 03/15/24		104,625		0.1
	390,000		Calpine Corp., 5.750%, 01/15/25		367,575		0.3

See Accompanying Notes to Financial Statements
112

VY^® PIONEER  SUMMARY PORTFOLIO OF INVESTMENTS
HIGH YIELD PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			Utilities (continued)
	200,000	#	Calpine Corp., 5.250%, 06/01/26	$	197,000		0.2
	181,000	#	Dynegy, Inc., 8.000%, 01/15/25		176,475		0.2
	620,000		NRG Energy, Inc., 6.625%, 01/15/27		623,875		0.6
	415,000		NRG Energy, Inc., 6.250%-7.250%, 05/01/24-05/15/26		425,475		0.4
	189,825	#	NSG Holdings LLC / NSG Holdings, Inc., 7.750%, 12/15/25		205,011		0.2
	350,222		Other Securities		279,098		0.2
					2,896,128		2.7
			Total Corporate Bonds/Notes (Cost $83,655,593)		86,404,759		82.2
FOREIGN GOVERNMENT BONDS: —%
	14,904		Other Securities		—		—
			Total Foreign Government Bonds (Cost $1,745)		—		—
BANK LOANS: 4.6%
			Basic Materials: 0.3%
	264,338		Other Securities		264,998		0.3
			Communications: 0.8%
	445,500		McGraw-Hill Global Education Holdings, LLC, 5.226%, 05/04/22		439,430		0.4
	455,396		Other Securities		455,132		0.4
					894,562		0.8
			Consumer, Cyclical: 1.1%
	1,130,936		Other Securities		1,134,299		1.1
			Consumer, Non-cyclical: 0.7%
	949,254		Other Securities		789,353		0.7
			Energy: 0.5%
	575,380		Other Securities		551,805		0.5
			Financial: 0.3%
	313,977		Other Securities		310,936		0.3
			Industrial: 0.5%
	519,769		Other Securities		522,541		0.5
			Insurance: 0.1%
	71,219		Other Securities		71,447		0.1

Principal Amount†				Value		Percentage of Net Assets
			Technology: 0.3%
	322,506		Other Securities	$	315,517		0.3
			Total Bank Loans (Cost $4,994,355)		4,855,458		4.6
U.S. TREASURY OBLIGATIONS: 3.3%
			U.S. Treasury Notes: 3.3%
	3,500,000		1.217%, due 07/31/18		3,506,535		3.3
			Total U.S. Treasury Obligations (Cost $3,500,421)		3,506,535		3.3
Shares				Value		Percentage of Net Assets
COMMON STOCK: 3.8%
			Consumer Discretionary: 0.8%
	50,408		Ford Motor Co.	$	564,066		0.6
	1,476	#,@	Perseus Holding Corp.		—		—
	4,139		Other Securities		241,345		0.2
					805,411		0.8
			Consumer Staples: 0.1%
	4,469		Other Securities		105,915		0.1
			Energy: 0.0%
	424,552		Other Securities		6,246		0.0
			Financials: 0.3%
	3,955		Other Securities		343,198		0.3
			Health Care: 1.0%
	26,076		Other Securities		1,069,570		1.0
			Industrials: 0.2%
	8,021		Other Securities		186,003		0.2
			Information Technology: 0.3%
	7,456		Other Securities		319,526		0.3
			Materials: 0.3%
	3,044		Other Securities		256,883		0.3
			Real Estate: 0.8%
	30,063		Forest City Realty Trust, Inc.		726,623		0.7
	5,760		Other Securities		144,806		0.1
					871,429		0.8
			Telecommunication Services: 0.0%
	1,994		Other Securities		7,737		0.0
			Total Common Stock (Cost $3,161,851)		3,971,918		3.8

See Accompanying Notes to Financial Statements
113

VY^® PIONEER  SUMMARY PORTFOLIO OF INVESTMENTS
HIGH YIELD PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Shares				Value		Percentage of Net Assets
PREFERRED STOCK: 1.5%
			Consumer Discretionary: —%
	775	#,@	Perseus Holding Corp.	$	—		—
			Financials: 0.9%
	470	@	Bank of America Corp.		593,135		0.5
	3,774		Other Securities		396,978		0.4
					990,113		0.9
			Health Care: 0.5%
	1,080		Other Securities		517,994		0.5
			Industrials: 0.1%
	267		Other Securities		74,768		0.1
			Total Preferred Stock (Cost $1,736,913)		1,582,875		1.5
WARRANTS: —%
			Energy: —%
	644		Other Securities		—		—
			Health Care: —%
	252		Other Securities		—		—
			Total Warrants (Cost $—)		—		—
			Total Long-Term Investments (Cost $97,050,878)		100,321,545		95.4
Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.0%
			Corporate Bonds/Notes: 1.0%
	185,000	#	International Automotive Components Group SA, 9.125%, 06/01/18	$	180,606		0.2
	250,000	#	Kilimanjaro Re Ltd. (Cat Bond), 5.542%, 04/30/18		250,713		0.2
	375,000		Shutterfly, Inc., 0.250%, 05/15/18		375,703		0.3
	290,000		WebMD Health Corp., 2.500%, 01/31/18		300,331		0.3
					1,107,353		1.0
			U.S. Treasury Obligations: 1.5%
	520,000		United States Treasury Bill, 1.000%, 09/28/17		518,737		0.5
	500,000		United States Treasury Bill, 0.280%, 07/06/17		499,970		0.5
	265,000		United States Treasury Bill, 0.700%, 07/13/17		264,944		0.3
	260,000		United States Treasury Bill, 0.790%, 07/20/17		259,903		0.2
					1,543,554		1.5

Shares			Value		Percentage of Net Assets
		Mutual Funds: 0.5%
	516,907	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.860%†† (Cost $516,907)	$	516,907		0.5
		Total Short-Term Investments (Cost $3,152,266)		3,167,814		3.0
		Total Investments in Securities (Cost $100,203,144)	$	103,489,359		98.4
		Assets in Excess of Other Liabilities		1,678,736		1.6
		Net Assets	$	105,168,095		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 June 30, 2017.

  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 June 30, 2017.

#  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 security for which the issuer has the option at each interest payment date of making interest payments in cash or additional debt securities.

(a)  The grouping contains securities in default.

EUR  EU Euro

Cost for federal income tax purposes is $100,700,535.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	5,393,956
Gross Unrealized Depreciation		(2,605,132	)
Net Unrealized Appreciation	$	2,788,824

See Accompanying Notes to Financial Statements
114

VY^® PIONEER   SUMMARY PORTFOLIO OF INVESTMENTSHIGH YIELD PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2017
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	805,411	$	—	$	—	$	805,411
Consumer Staples		105,915		—		—		105,915
Energy		1,153		—		5,093		6,246
Financials		343,198		—		—		343,198
Health Care		1,069,570		—		—		1,069,570
Industrials		155,166		—		30,837		186,003
Information Technology		319,526		—		—		319,526
Materials		256,883		—		—		256,883
Real Estate		871,429		—		—		871,429
Telecommunication Services		7,737		—		—		7,737
Total Common Stock		3,935,988		—		35,930		3,971,918
Preferred Stock		818,219		685,935		78,721		1,582,875
Warrants		—		—		—		—
Corporate Bonds/Notes		—		86,404,759		—		86,404,759
Short-Term Investments		516,907		2,650,907		—		3,167,814
Bank Loans		—		4,855,458		—		4,855,458
U.S. Treasury Obligations		—		3,506,535		—		3,506,535
Foreign Government Bonds		—		—		—		—
Total Investments, at fair value	$	5,271,114	$	98,103,594	$	114,651	$	103,489,359
Other Financial Instruments+
Centrally Cleared Swaps		—		100,253		—		100,253
Futures		6,986		—		—		6,986
Total Assets	$	5,278,100	$	98,203,847	$	114,651	$	103,596,598

^  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 June 30, 2017, 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	)	09/15/17	$	(2,299,855	)	$	6,986
					$	(2,299,855	)	$	6,986

At June 30, 2017, 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 (%)		Termination Date	Notional Amount(2)		Fair Value(3)		Unrealized Appreciation/ (Depreciation)
CDX North American High Yield Index Series 23, Version 1	Sell		5.000	12/20/19	USD	1,090,320	$	79,493	$	9,711
CDX North American High Yield Index Series 25, Version 1	Sell		5.000	12/20/20	USD	2,023,700		145,237		90,542
							$	224,730	$	100,253

See Accompanying Notes to Financial Statements
115

VY^® PIONEER   SUMMARY PORTFOLIO OF INVESTMENTSHIGH YIELD PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

(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.

Currency Abbreviations

USD  —  United States Dollar

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

The fair value of derivative instruments as of June 30, 2017 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*	$	100,253
Equity contracts	Net Assets — Unrealized appreciation**		6,986
Total Asset Derivatives		$	107,239

*  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 period ended June 30, 2017 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	$	—		$	61,019		$	61,019
Equity contracts		(157,705	)		—			(157,705	)
Total	$	(157,705	)	$	61,019		$	(96,686	)
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures			Swaps			Total
Credit contracts	$	—		$	(1,880	)	$	(1,880	)
Equity contracts		(23,276	)		—			(23,276	)
Total	$	(23,276	)	$	(1,880	)	$	(25,156	)

*  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.

See Accompanying Notes to Financial Statements
116

VY^® T. ROWE PRICE DIVERSIFIED  SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED)

Sector Diversification
as of June 30, 2017
(as a percentage of net assets)

Information Technology	23.2	%
Consumer Discretionary	17.9	%
Industrials	17.4	%
Health Care	16.4	%
Financials	7.6	%
Consumer Staples	5.8	%
Materials	5.3	%
Real Estate	4.4	%
Energy	1.5	%
Utilities	0.5	%
Assets in Excess of Other Liabilities*	—	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.6%
			Consumer Discretionary: 17.8%
	12,100	@	Autozone, Inc.	$	6,902,566		0.7
	57,000	@	Burlington Stores, Inc.		5,243,430		0.6
	77,900	@,L	Carmax, Inc.		4,912,374		0.5
	104,900		Coach, Inc.		4,965,966		0.5
	113,800		Dollar General Corp.		8,203,842		0.9
	70,600	@	Dollar Tree, Inc.		4,936,352		0.5
	119,800		Newell Brands, Inc.		6,423,676		0.7
	31,700	@	O'Reilly Automotive, Inc.		6,934,058		0.8
	136,200		Ross Stores, Inc.		7,862,826		0.8
	142,500		Service Corp. International		4,766,625		0.5
	17,300	@	Ulta Beauty, Inc.		4,970,982		0.5
	2,026,959		Other Securities(a)		103,253,380		10.8
					169,376,077		17.8
			Consumer Staples: 5.8%
	53,500		Dr Pepper Snapple Group, Inc.		4,874,385		0.5
	51,400		Hershey Co.		5,518,818		0.6
	52,800		McCormick & Co., Inc.		5,148,528		0.5
	903,000		Other Securities(a)		39,645,512		4.2
					55,187,243		5.8
			Energy: 1.5%
	405,137		Other Securities(a)		14,586,067		1.5
			Financials: 7.6%
	79,033		CBOE Holdings, Inc.		7,223,616		0.8
	51,700		First Republic Bank		5,175,170		0.5
	119,400		FNF Group		5,352,702		0.6
	40,700		Moody's Corp.		4,952,376		0.5
	25,900	@	SVB Financial Group		4,552,961		0.5
	864,130		Other Securities		45,027,649		4.7
					72,284,474		7.6

Shares				Value		Percentage of Net Assets
			Health Care: 16.4%
	28,600		Cooper Cos., Inc.	$	6,847,412		0.7
	140,800	@	Hologic, Inc.		6,389,504		0.7
	35,300	@	Idexx Laboratories, Inc.		5,698,126		0.6
	30,700	@	Illumina, Inc.		5,327,064		0.6
	57,600	@	Incyte Corp., Ltd.		7,252,416		0.8
	8,900	@	Intuitive Surgical, Inc.		8,324,793		0.9
	8,600	@	Mettler Toledo International, Inc.		5,061,444		0.5
	122,350		Zoetis, Inc.		7,632,193		0.8
	1,486,461		Other Securities(a)		103,597,273		10.8
					156,130,225		16.4
			Industrials: 17.4%
	62,800		Allegion Public Ltd.		5,094,336		0.5
	50,087		Equifax, Inc.		6,882,956		0.7
	84,875		Fortune Brands Home & Security, Inc.		5,537,245		0.6
	55,300		Rockwell Collins, Inc.		5,810,924		0.6
	19,100		TransDigm Group, Inc.		5,135,417		0.5
	79,700	@	Verisk Analytics, Inc.		6,724,289		0.7
	2,072,682		Other Securities(a)		131,314,793		13.8
					166,499,960		17.4
			Information Technology: 22.5%
	99,100		Amphenol Corp.		7,315,562		0.8
	151,179	@	Atlassian Corp. PLC		5,318,477		0.6
	71,100	@	Electronic Arts, Inc.		7,516,692		0.8
	74,900		Fidelity National Information Services, Inc.		6,396,460		0.7
	73,500	@	Fiserv, Inc.		8,991,990		0.9
	49,900		Global Payments, Inc.		4,506,968		0.5
	59,500		Harris Corp.		6,490,260		0.7
	73,800	@	Red Hat, Inc.		7,066,350		0.7
	64,400	@	ServiceNow, Inc.		6,826,400		0.7

See Accompanying Notes to Financial Statements
117

VY^® T. ROWE PRICE DIVERSIFIED  SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Shares				Value		Percentage of Net Assets
			Information Technology (continued)
	48,500		Skyworks Solutions, Inc.	$	4,653,575		0.5
	105,000	@	Vantiv, Inc.		6,650,700		0.7
	70,400	@,L	VeriSign, Inc.		6,544,384		0.7
	2,590,913		Other Securities(a)		136,028,820		14.2
					214,306,638		22.5
			Materials: 5.3%
	177,400		Ball Corp.		7,488,054		0.8
	87,100		RPM International, Inc.		4,751,305		0.5
	64,900		Vulcan Materials Co.		8,221,532		0.9
	576,929		Other Securities(a)		30,143,608		3.1
					50,604,499		5.3
			Real Estate: 3.8%
	12,115		Equinix, Inc.		5,199,274		0.5
	63,350	@	SBA Communications Corp.		8,545,915		0.9
	649,414		Other Securities(a)		22,840,662		2.4
					36,585,851		3.8
			Utilities: 0.5%
	112,100		Other Securities		4,714,531		0.5
			Total Common Stock (Cost $681,030,682)		940,275,565		98.6
PREFERRED STOCK: 1.4%
			Consumer Discretionary: 0.1%
	8,859		Other Securities		1,060,954		0.1
			Information Technology: 0.7%
	533,210		Other Securities		6,715,273		0.7
			Real Estate: 0.6%
	44,396	@	WeWork Companies, Inc. - Series D-1		2,300,157		0.3
	34,882	@	WeWork Companies, Inc. - Series D-2		1,807,236		0.2
	24,709	@	WeWork Companies, Inc. - Series E		1,280,173		0.1
					5,387,566		0.6
			Total Preferred Stock (Cost $7,911,058)		13,163,793		1.4
			Total Long-Term Investments (Cost $688,941,740)		953,439,358		100.0

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.2%
		Securities Lending Collateralcc: 4.2%
	1,287,307	BNP Paribas S.A., Repurchase Agreement dated 06/30/17, 1.11%, due 07/03/17 (Repurchase Amount $1,287,424, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $1,313,053, due 07/28/17-09/09/49)	$	1,287,307		0.1
	9,530,214	Cantor Fitzgerald, Repurchase Agreement dated 06/30/17, 1.15%, due 07/03/17 (Repurchase Amount $9,531,115, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $9,720,818, due 07/15/17-05/20/67)		9,530,214		1.0
	9,530,214	Daiwa Capital Markets, Repurchase Agreement dated 06/30/17, 1.15%, due 07/03/17 (Repurchase Amount $9,531,115, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $9,720,818, due 07/13/17-12/01/51)		9,530,214		1.0

See Accompanying Notes to Financial Statements
118

VY^® T. ROWE PRICE DIVERSIFIED  SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal Amount†			Value		Percentage of Net Assets
		Securities Lending Collateralcc (continued)
	1,566,935	HSBC Securities USA, Repurchase Agreement dated 06/30/17, 1.06%, due 07/03/17 (Repurchase Amount $1,567,072, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-7.250%, Market Value plus accrued interest $1,598,276, due 07/15/17-01/15/37)	$	1,566,935		0.2
	769,609	Jefferies LLC, Repurchase Agreement dated 06/30/17, 1.25%, due 07/03/17 (Repurchase Amount $769,688, collateralized by various U.S. Government Agency Obligations, 0.000%-7.125%, Market Value plus accrued interest $785,005, due 07/07/17-01/15/30)		769,609		0.1
	7,911,324	Nomura Securities, Repurchase Agreement dated 06/30/17, 1.13%, due 07/03/17 (Repurchase Amount $7,912,059, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $8,069,551, due 07/10/17-06/20/67)		7,911,324		0.8

Principal Amount†			Value			Percentage of Net Assets
	9,530,200	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/17, 1.30%, due 07/03/17 (Repurchase Amount $9,531,218, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $9,720,776, due 01/15/19-02/15/46)	$	9,530,200			1.0
				40,125,803			4.2
Shares			Value			Percentage of Net Assets
		Mutual Funds: 0.0%
	351,000	T. Rowe Price Reserve Investment Fund, 1.000%†† (Cost $351,000)	$	351,000			0.0
		Total Short-Term Investments (Cost $40,476,803)		40,476,803			4.2
		Total Investments in Securities (Cost $729,418,543)	$	993,916,161			104.2
		Liabilities in Excess of Other Assets		(39,613,187	)		(4.2	)
		Net Assets	$	954,302,974			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 June 30, 2017.

  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 June 30, 2017.

@  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 June 30, 2017.

(a)  This grouping contains securities on loan.

Cost for federal income tax purposes is $733,512,661.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	282,539,801
Gross Unrealized Depreciation		(22,136,301	)
Net Unrealized Appreciation	$	260,403,500

See Accompanying Notes to Financial Statements
119

VY^® T. ROWE PRICE DIVERSIFIED  SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2017
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	169,376,077	$	—	$	—	$	169,376,077
Consumer Staples		55,187,243		—		—		55,187,243
Energy		14,586,067		—		—		14,586,067
Financials		72,284,474		—		—		72,284,474
Health Care		156,130,225		—		—		156,130,225
Industrials		166,499,960		—		—		166,499,960
Information Technology		213,787,076		—		519,562		214,306,638
Materials		50,604,499		—		—		50,604,499
Real Estate		35,202,576		—		1,383,275		36,585,851
Utilities		4,714,531		—		—		4,714,531
Total Common Stock		938,372,728		—		1,902,837		940,275,565
Preferred Stock		—		—		13,163,793		13,163,793
Short-Term Investments		351,000		40,125,803		—		40,476,803
Total Investments, at fair value	$	938,723,728	$	40,125,803	$	15,066,630	$	993,916,161

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 June 30, 2017.

Investments, at fair value	Fair Value at June 30, 2017		Valuation Technique(s)	Unobservable Inputs	Range		Impact to Valuation from an Increase in Input
Common Stock
Dropbox, Inc. - Class A	$	360,678	Recent Comparable Transaction Price	Discount Factor*		—		n/a
Dropbox, Inc. - Class B		158,884	Recent Comparable Transaction Price	Discount Factor*		—		n/a
WeWork Companies, Inc., Class A		1,383,275	Recent Comparable Transaction Price	Discount Factor*		—		n/a
Total Common Stock	$	1,902,837
Preferred Stock
AirBNB, Inc. - Series D	$	3,401,055	Recent Comparable Transaction Price	Discount Factor*		—		n/a
AirBNB, Inc. - Series E		390,495	Recent Comparable Transaction Price	Discount Factor*		—		n/a
Dropbox, Inc. - Series A		197,304	Recent Comparable Transaction Price	Discount Factor*		—		n/a
Dropbox, Inc. - Series A-1		969,206	Recent Comparable Transaction Price	Discount Factor*		—		n/a
Flipkart Online Services Pvt. Ltd., - Series G		1,060,954	Recent Comparable Transaction Price	Discount Factor*		—		n/a
Tanium, Inc.- Series G		1,757,213	Recent Comparable Transaction Price	Discount Factor*		—		n/a
WeWork Companies, Inc. - Series D-1		2,300,157	Recent Comparable Transaction Price	Discount Factor*		—		n/a
WeWork Companies, Inc. - Series D-2		1,807,236	Recent Comparable Transaction Price	Discount Factor*		—		n/a
WeWork Companies, Inc. - Series E		1,280,173	Recent Comparable Transaction Price	Discount Factor*		—		n/a
Total Preferred Stock	$	13,163,793

*  No quantitative unobservable inputs were significant to the fair valuation determination at June 30, 2017.

See Accompanying Notes to Financial Statements
120

VY^® T. ROWE PRICE DIVERSIFIED  SUMMARY PORTFOLIO OF INVESTMENTS
MID CAP GROWTH PORTFOLIO   AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio's assets and liabilities during the period ended June 30, 2017:

	Beginning Balance 12/31/16		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 6/30/17
Asset Table
Investments, at fair value Common Stock	$	1,477,047	$	—	$	—	$	—	$	—	$	425,790	$	—	$	—	$	1,902,837
Preferred Stock		11,044,890		—		—		—				2,118,903		—		—		13,163,793
Total Investments, at value	$	12,521,937	$	—	$	—	$	—	$	—	$	2,544,693	$	—	$	—	$	15,066,630

*  As of June 30, 2017, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $2,544,693.

See Accompanying Notes to Financial Statements
121

VY^® T. ROWE PRICE  SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED)

Sector Diversification
as of June 30, 2017
(as a percentage of net assets)

Information Technology	37.6	%
Consumer Discretionary	19.7	%
Health Care	16.4	%
Industrials	8.6	%
Financials	5.8	%
Consumer Staples	2.9	%
Real Estate	2.9	%
Utilities	0.9	%
Telecommunication Services	0.7	%
Assets in Excess of Other Liabilities*	4.5	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Shares				Value		Percentage of Net Assets
COMMON STOCK: 94.1%
			Consumer Discretionary: 19.4%
	100,869	@	Amazon.com, Inc.	$	97,641,192		5.9
	27,051	@	Autozone, Inc.		15,431,514		0.9
	144,520		Ferrari NV		12,431,610		0.8
	87,800		Home Depot, Inc.		13,468,520		0.8
	65,256	@	O'Reilly Automotive, Inc.		14,274,097		0.9
	30,059	@	Priceline.com, Inc.		56,225,961		3.4
	343,700		Starbucks Corp.		20,041,147		1.2
	46,204	@,L	Tesla, Inc.		16,707,828		1.0
	172,000		Yum! Brands, Inc.		12,686,720		0.8
	973,286		Other Securities(a)		60,909,492		3.7
					319,818,081		19.4
			Consumer Staples: 2.9%
	258,200		Philip Morris International, Inc.		30,325,590		1.8
	297,953		Other Securities		17,886,782		1.1
					48,212,372		2.9
			Financials: 5.8%
	276,600		Intercontinental Exchange, Inc.		18,233,472		1.1
	166,300		JPMorgan Chase & Co.		15,199,820		0.9
	459,700		Morgan Stanley		20,484,232		1.2
	716,176		Other Securities		41,948,327		2.6
					95,865,851		5.8
			Health Care: 16.4%
	81,369		Aetna, Inc.		12,354,255		0.8
	182,250	@	Alexion Pharmaceuticals, Inc.		22,174,358		1.4
	96,477		Becton Dickinson & Co.		18,823,627		1.1
	68,548	@	Biogen, Inc.		18,601,185		1.1
	87,195		Cigna Corp.		14,595,571		0.9
	147,200		Danaher Corp.		12,422,208		0.8
	178,500	@	HCA Healthcare, Inc.		15,565,200		1.0

Shares				Value		Percentage of Net Assets
	63,415		Humana, Inc.	$	15,258,917		0.9
	27,100	@	Intuitive Surgical, Inc.		25,348,527		1.5
	199,700		Merck & Co., Inc.		12,798,773		0.8
	157,000		Stryker Corp.		21,788,460		1.3
	151,900		UnitedHealth Group, Inc.		28,165,298		1.7
	154,733	@	Vertex Pharmaceuticals, Inc.		19,940,442		1.2
	331,942		Other Securities		31,505,722		1.9
					269,342,543		16.4
			Industrials: 8.6%
	90,365		Acuity Brands, Inc.		18,369,397		1.1
	389,700		American Airlines Group, Inc.		19,609,704		1.2
	129,200		Boeing Co.		25,549,300		1.6
	126,000		Honeywell International, Inc.		16,794,540		1.0
	86,100		Illinois Tool Works, Inc.		12,333,825		0.7
	74,832		Roper Technologies, Inc.		17,325,853		1.1
	363,294		Other Securities(a)		31,401,319		1.9
					141,383,938		8.6
			Information Technology: 36.6%
	283,164	@	Alibaba Group Holding Ltd. ADR		39,897,808		2.4
	54,550	@	Alphabet, Inc. - Class A		50,714,044		3.1
	46,671	@	Alphabet, Inc. - Class C		42,411,338		2.6
	587,779		Apple, Inc.		84,651,932		5.2
	132,800	@	Electronic Arts, Inc.		14,039,616		0.9
	394,669	@	Facebook, Inc.		59,587,126		3.6
	106,128	@	Fiserv, Inc.		12,983,699		0.8
	126,600		Intuit, Inc.		16,813,746		1.0
	222,300		Mastercard, Inc. - Class A		26,998,335		1.6

See Accompanying Notes to Financial Statements
122

VY^® T. ROWE PRICE  SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Shares				Value		Percentage of Net Assets
			Information Technology (continued)
	739,300		Microsoft Corp.	$	50,959,949		3.1
	836,200	@	PayPal Holdings, Inc.		44,878,854		2.7
	261,764	@	Salesforce.com, Inc.		22,668,762		1.4
	119,095	@	ServiceNow, Inc.		12,624,070		0.8
	502,700		Tencent Holdings Ltd.		18,034,343		1.1
	456,500		Visa, Inc. - Class A		42,810,570		2.6
	233,961		Xilinx, Inc.		15,048,371		0.9
	1,013,300		Other Securities(a)		46,725,169		2.8
					601,847,732		36.6
			Real Estate: 2.8%
	185,600		American Tower Corp.		24,558,592		1.5
	126,412		Crown Castle International Corp.		12,663,954		0.8
	23,400		Other Securities		8,132,198		0.5
					45,354,744		2.8
			Telecommunication Services: 0.7%
	199,300		Other Securities		12,081,566		0.7
			Utilities: 0.9%
	102,600		NextEra Energy, Inc.		14,377,338		0.9
			Total Common Stock (Cost $1,148,171,325)		1,548,284,165		94.1
PREFERRED STOCK: 1.4%
			Consumer Discretionary: 0.3%
	36,963		Other Securities		4,540,220		0.3
			Information Technology: 1.0%
	310,169		Other Securities		16,659,484		1.0
			Real Estate: 0.1%
	45,554		Other Securities		2,360,153		0.1
			Total Preferred Stock (Cost $17,707,847)		23,559,857		1.4
			Total Long-Term Investments (Cost $1,165,879,172)		1,571,844,022		95.5

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 6.5%
		Securities Lending Collateralcc: 2.1%
	1,089,131	BNP Paribas S.A., Repurchase Agreement dated 06/30/17, 1.11%, due 07/03/17 (Repurchase Amount $1,089,230, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $1,110,914, due 07/28/17-09/09/49)	$	1,089,131		0.1
	8,063,061	Cantor Fitzgerald, Repurchase Agreement dated 06/30/17, 1.15%, due 07/03/17 (Repurchase Amount $8,063,823, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $8,224,322, due 07/15/17-05/20/67)		8,063,061		0.5
	8,063,061	Daiwa Capital Markets, Repurchase Agreement dated 06/30/17, 1.15%, due 07/03/17 (Repurchase Amount $8,063,823, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $8,224,322, due 07/13/17-12/01/51)		8,063,061		0.5

See Accompanying Notes to Financial Statements
123

VY^® T. ROWE PRICE  SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal Amount†			Value		Percentage of Net Assets
		Securities Lending Collateralcc (continued)
	1,325,712	HSBC Securities USA, Repurchase Agreement dated 06/30/17, 1.06%, due 07/03/17 (Repurchase Amount $1,325,828, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.250%, Market Value plus accrued interest $1,352,228, due 07/15/17-01/15/37)	$	1,325,712		0.1
	651,131	Jefferies LLC, Repurchase Agreement dated 06/30/17, 1.25%, due 07/03/17 (Repurchase Amount $651,198, collateralized by various U.S. Government Agency Obligations, 0.000%-7.125%, Market Value plus accrued interest $664,157, due 07/07/17-01/15/30)		651,131		0.0
	6,693,441	Nomura Securities, Repurchase Agreement dated 06/30/17, 1.13%, due 07/03/17 (Repurchase Amount $6,694,063, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $6,827,310, due 07/10/17-06/20/67)		6,693,441		0.4

Principal Amount†			Value			Percentage of Net Assets
	8,063,100	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/17, 1.30%, due 07/03/17 (Repurchase Amount $8,063,962, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $8,224,339, due 01/15/19-02/15/46)	$	8,063,100			0.5
				33,948,637			2.1
Shares			Value			Percentage of Net Assets
		Mutual Funds: 4.4%
	72,298,189	T. Rowe Price Reserve Investment Fund, 1.000%†† (Cost $72,298,189)	$	72,298,189			4.4
		Total Short-Term Investments (Cost $106,246,826)		106,246,826			6.5
		Total Investments in Securities (Cost $1,272,125,998)	$	1,678,090,848			102.0
		Liabilities in Excess of Other Assets		(33,065,132	)		(2.0	)
		Net Assets	$	1,645,025,716			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 June 30, 2017.

  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 June 30, 2017.

@  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 June 30, 2017.

(a)  This grouping contains securities on loan.

Cost for federal income tax purposes is $1,274,916,042.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	417,641,800
Gross Unrealized Depreciation		(14,466,994	)
Net Unrealized Appreciation	$	403,174,806

See Accompanying Notes to Financial Statements
124

VY^® T. ROWE PRICE  SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2017
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	319,545,987	$	—	$	272,094	$	319,818,081
Consumer Staples		48,212,372		—		—		48,212,372
Financials		95,865,851		—		—		95,865,851
Health Care		269,342,543		—		—		269,342,543
Industrials		141,383,938		—		—		141,383,938
Information Technology		579,899,210		20,780,277		1,168,245		601,847,732
Real Estate		45,092,482		—		262,262		45,354,744
Telecommunication Services		12,081,566		—		—		12,081,566
Utilities		14,377,338		—		—		14,377,338
Total Common Stock		1,525,801,287		20,780,277		1,702,601		1,548,284,165
Preferred Stock		—		—		23,559,857		23,559,857
Short-Term Investments		72,298,189		33,948,637		—		106,246,826
Total Investments, at fair value	$	1,598,099,476	$	54,728,914	$	25,262,458	$	1,678,090,848

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

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

The 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 June 30, 2017.

Investments, at fair value	Fair Value at June 30, 2017		Valuation Technique(s)	Unobservable Inputs	Range		Impact to Valuation from an Increase in Input
Common Stock
Dropbox, Inc. - Class A	$	1,168,245	Recent Comparable Transaction Price	Discount Factor*		—	n/a
Flipkart Online Services Pvt. Ltd.		272,094	Recent Comparable Transaction Price	Discount Factor*		—	n/a
WeWork Companies, Inc., - Class A		262,262	Recent Comparable Transaction Price	Discount Factor*		—	n/a
Total Common Stock	$	1,702,601
Preferred Stock
AirBNB, Inc. - Series D	$	6,220,305	Recent Comparable Transaction Price	Discount Factor*		—	n/a
AirBNB, Inc. - Series E		1,686,090	Recent Comparable Transaction Price	Discount Factor*		—	n/a
Flipkart Online Services Pvt. Ltd., - Series A		92,872	Recent Comparable Transaction Price	Discount Factor*		—	n/a
Flipkart Online Services Pvt. Ltd., - Series C		164,067	Recent Comparable Transaction Price	Discount Factor*		—	n/a
Flipkart Online Services Pvt. Ltd., - Series E		305,049	Recent Comparable Transaction Price	Discount Factor*		—	n/a
Flipkart Online Services Pvt. Ltd., - Series G		1,982,747	Recent Comparable Transaction Price	Discount Factor*		—	n/a
Flipkart Online Services Pvt. Ltd., - Series H		1,995,485	Recent Comparable Transaction Price	Discount Factor*		—	n/a
Magic Leap, Inc., Series C		2,152,641	Recent Comparable Transaction Price	Discount Factor*		—	n/a

See Accompanying Notes to Financial Statements
125

VY^® T. ROWE PRICE  SUMMARY PORTFOLIO OF INVESTMENTS
GROWTH EQUITY PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Investments, at fair value	Fair Value at June 30, 2017		Valuation Technique(s)	Unobservable Inputs	Range			Impact to Valuation from an Increase in Input
Uber Technologies, Inc. - Series G	$	3,135,741	Recent Comparable Transaction Price/ Market Comparable	Discount Factor*		—		n/a
				Enterprise Value to Gross Profit Multiple		13.6	x	Increase
				Enterprise Value to EBITDA Multiple		28.2	x	Increase
				Discount for Lack of Marketability		10.00	%	Decrease
WeWork Companies, Inc. - Series E		2,360,153	Recent Comparable Transaction Price	Discount Factor*		—		n/a
Xiaoju Kuaizhi, Inc., Series A-17		3,464,707	Recent Comparable Transaction Price	Discount Factor*		—		n/a
Total Preferred Stock	$	23,559,857

*  No quantitative unobservable inputs were significant to the fair valuation determination at June 30, 2017.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio's assets and liabilities during the period ended June 30, 2017:

	Beginning Balance 12/31/16		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 6/30/17
Asset Table
Investments, at fair value Common Stock	$	1,827,749	$	—	$	—	$	—	$	—	$	(125,148	)	$	—	$	—		$	1,702,601
Preferred Stock		23,579,639		—		—		—		—		2,402,183			—		(2,421,965	)		23,559,857
Total Investments, at value	$	25,407,388	$	—	$	—	$	—	$	—	$	2,277,035		$	—	$	(2,421,965	)	$	25,262,458

*  As of June, 2017, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $2,277,035.

See Accompanying Notes to Financial Statements
126

VY^® TEMPLETON SUMMARY PORTFOLIO OF INVESTMENTS
FOREIGN EQUITY PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED)

Geographic Diversification
as of June 30, 2017
(as a percentage of net assets)

United Kingdom	19.6	%
Japan	11.4	%
Germany	11.0	%
France	10.6	%
South Korea	7.3	%
China	6.2	%
Switzerland	5.5	%
Netherlands	5.3	%
Singapore	3.7	%
Hong Kong	3.0	%
Countries between 0.5% - 1.9%^	14.6	%
Assets in Excess of Other Liabilities*	1.8	%
Net Assets	100.0	%

* Includes short-term investments.

^ Includes 12 countries, which each represents 0.5% - 1.9% of net assets.

Portfolio holdings are subject to change daily.

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.2%
			Canada: 1.8%
	1,091,310		Other Securities	$	11,689,110		1.8
			China: 6.2%
	36,110	@	Baidu, Inc. ADR		6,458,635		1.0
	2,585,000		China Life Insurance Co., Ltd.		7,899,907		1.2
	670,500		China Mobile Ltd.		7,108,509		1.1
	21,246,000		China Telecom Corp., Ltd.		10,088,944		1.6
	4,462,800		Other Securities		8,807,139		1.3
					40,363,134		6.2
			France: 10.6%
	306,996		AXA S.A.		8,406,596		1.3
	195,968		BNP Paribas		14,108,300		2.1
	145,199		Cie de Saint-Gobain		7,754,376		1.2
	57,514		Cie Generale des Etablissements Michelin		7,654,788		1.2
	499,790		Credit Agricole SA		8,050,812		1.2
	115,691		Sanofi		11,085,531		1.7
	171,714		Total S.A.		8,525,106		1.3
	141,860		Other Securities		3,854,117		0.6
					69,439,626		10.6
			Germany: 11.0%
	95,421		Bayer AG		12,367,559		1.9
	66,865		HeidelbergCement AG		6,481,830		1.0
	391,745		Infineon Technologies AG		8,320,906		1.3
	187,470	#	Innogy SE		7,378,174		1.1
	123,760		Lanxess		9,386,007		1.4
	83,268		Merck KGaA		10,075,342		1.6
	65,920		Siemens AG		9,067,576		1.4
	95,046		Other Securities(a)		8,512,498		1.3
					71,589,892		11.0

Shares			Value		Percentage of Net Assets
		Hong Kong: 3.0%
	973,900	AIA Group Ltd.	$	7,125,404		1.1
	228,400	CK Hutchison Holdings Ltd. ADR		2,860,710		0.4
	485,640	CK Hutchison Holdings Ltd.		6,094,561		0.9
	485,640	Other Securities		3,800,270		0.6
				19,880,945		3.0
		India: 1.6%
	413,798	Housing Development Finance Corp.		10,334,199		1.6
		Israel: 1.5%
	301,899	Teva Pharmaceutical Industries Ltd. ADR		10,029,085		1.5
		Italy: 1.4%
	626,264	ENI S.p.A.		9,411,437		1.4
		Japan: 11.4%
	851,600	Konica Minolta, Inc.		7,104,776		1.1
	679,700	Nissan Motor Co., Ltd.		6,786,759		1.0
	190,100	Omron Corp.		8,274,939		1.3
	646,600	Panasonic Corp.		8,810,094		1.4
	154,100	SoftBank Group Corp.		12,526,811		1.9
	240,400	Suntory Beverage & Food Ltd.		11,173,990		1.7
	2,666,100	Other Securities		19,399,332		3.0
				74,076,701		11.4
		Luxembourg: 0.5%
	139,100	Other Securities		3,258,690		0.5

See Accompanying Notes to Financial Statements
127

VY^® TEMPLETON SUMMARY PORTFOLIO OF INVESTMENTS
FOREIGN EQUITY PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Shares				Value		Percentage of Net Assets
			Netherlands: 5.3%
	93,348		Akzo Nobel NV	$	8,118,363		1.2
	588,596		Royal Dutch Shell PLC - Class B		15,801,771		2.4
	519,615		Other Securities		10,830,960		1.7
					34,751,094		5.3
			Norway: 1.9%
	573,623		Telenor ASA		9,516,544		1.4
	82,650		Other Securities		3,107,828		0.5
					12,624,372		1.9
			Portugal: 1.1%
	474,200		Galp Energia SGPS SA		7,185,930		1.1
			Singapore: 3.7%
	613,082		DBS Group Holdings Ltd.		9,227,361		1.4
	3,077,400		Singapore Telecommunications Ltd.		8,690,826		1.3
	362,500		United Overseas Bank Ltd.		6,085,882		1.0
					24,004,069		3.7
			South Korea: 7.3%
	171,216		Hana Financial Group, Inc.		6,761,749		1.0
	35,481		Hyundai Mobis Co. Ltd.		7,756,566		1.2
	217,880		KB Financial Group, Inc. ADR		11,000,761		1.7
	21,021	@	Samsung Electronics Co., Ltd. GDR		21,793,872		3.4
					47,312,948		7.3
			Spain: 1.0%
	634,810		Telefonica S.A.		6,571,323		1.0
			Sweden: 0.9%
	282,620		Other Securities		5,535,469		0.9
			Switzerland: 5.5%
	82,527		Novartis AG		6,893,200		1.0
	49,166		Roche Holding AG		12,562,647		1.9
	492,410		UBS Group AG		8,373,869		1.3
	183,973		Other Securities		8,220,557		1.3
					36,050,273		5.5
			Taiwan: 1.2%
	1,099,251		Taiwan Semiconductor Manufacturing Co., Ltd.		7,510,317		1.2

Shares				Value		Percentage of Net Assets
			Thailand: 1.2%
	1,298,000		Bangkok Bank PCL - Foreign Reg	$	7,522,057		1.2
			United Kingdom: 19.6%
	1,136,625		Aviva PLC		7,796,573		1.2
	1,403,493		BAE Systems PLC		11,586,286		1.8
	2,978,460		Barclays PLC		7,877,390		1.2
	2,776,524		BP PLC		16,026,660		2.4
	609,930		Sky PLC		7,899,327		1.2
	217,734		CRH PLC — London		7,751,044		1.2
	315,426		GlaxoSmithKline PLC		6,714,590		1.0
	1,537,600		HSBC Holdings PLC (HKD)		14,284,905		2.2
	113,520	@,L	LivaNova PLC		6,948,559		1.1
	1,057,911	@	Standard Chartered PLC		10,714,800		1.6
	3,653,591		Vodafone Group PLC		10,376,083		1.6
	4,537,998		Other Securities		20,063,584		3.1
					128,039,801		19.6
			United States: 0.5%
	352,000		Other Securities		3,034,670		0.5
			Total Common Stock (Cost $508,909,834)		640,215,142		98.2
Principal Amount†				Value		Percentage of Net Assets
PREFERRED STOCK: 0.0%
			United Kingdom: 0.0%
	4,544,000		Other Securities	$	5,919		0.0
			Total Preferred Stock (Cost $5,865)		5,919		0.0
			Total Long-Term Investments (Cost $508,915,699)		640,221,061		98.2
SHORT-TERM INVESTMENTS: 2.9%
			U.S. Government Agency Obligations: 1.7%
	11,000,000		Federal Home Loan Bank Discount Notes, 0.433%, 07/03/17 (Cost $10,999,603)		11,000,000		1.7

See Accompanying Notes to Financial Statements
128

VY^® TEMPLETON SUMMARY PORTFOLIO OF INVESTMENTS
FOREIGN EQUITY PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Principal Amount†			Value		Percentage of Net Assets
		Securities Lending Collateralcc: 1.2%
	241,894	BNP Paribas S.A., Repurchase Agreement dated 06/30/17, 1.11%, due 07/03/17 (Repurchase Amount $241,916, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $246,732, due 07/28/17-09/09/49)	$	241,894		0.0
	1,790,797	Cantor Fitzgerald, Repurchase Agreement dated 06/30/17, 1.15%, due 07/03/17 (Repurchase Amount $1,790,966, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $1,826,613, due 07/15/17-05/20/67)		1,790,797		0.3
	1,790,797	Daiwa Capital Markets, Repurchase Agreement dated 06/30/17, 1.15%, due 07/03/17 (Repurchase Amount $1,790,966, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,826,613, due 07/13/17-12/01/51)		1,790,797		0.3

Principal Amount†			Value		Percentage of Net Assets
	294,439	HSBC Securities USA, Repurchase Agreement dated 06/30/17, 1.06%, due 07/03/17 (Repurchase Amount $294,465, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-7.250%, Market Value plus accrued interest $300,328, due 07/15/17-01/15/37)	$	294,439		0.1
	144,615	Jefferies LLC, Repurchase Agreement dated 06/30/17, 1.25%, due 07/03/17 (Repurchase Amount $144,630, collateralized by various U.S. Government Agency Obligations, 0.000%-7.125%, Market Value plus accrued interest $147,508, due 07/07/17-01/15/30)		144,615		0.0
	1,486,596	Nomura Securities, Repurchase Agreement dated 06/30/17, 1.13%, due 07/03/17 (Repurchase Amount $1,486,734, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $1,516,328, due 07/10/17-06/20/67)		1,486,596		0.2
	1,790,800	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/17, 1.30%, due 07/03/17 (Repurchase Amount $1,790,991, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $1,826,611, due 01/15/19-02/15/46)		1,790,800		0.3
				7,539,938		1.2

See Accompanying Notes to Financial Statements
129

VY^® TEMPLETON SUMMARY PORTFOLIO OF INVESTMENTS
FOREIGN EQUITY PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Shares			Value			Percentage of Net Assets
		Mutual Funds: 0.0%
	204,287	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.860%†† (Cost $204,287)	$	204,287			0.0
		Total Short-Term Investments (Cost $18,743,828)		18,744,225			2.9
		Total Investments in Securities (Cost $527,659,527)	$	658,965,286			101.1
		Liabilities in Excess of Other Assets		(6,861,268	)		(1.1	)
		Net Assets	$	652,104,018			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 June 30, 2017.

  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 June 30, 2017.

#  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 June 30, 2017.

(a)  This grouping contains securities on loan.

Cost for federal income tax purposes is $530,254,267.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	166,873,289
Gross Unrealized Depreciation		(38,162,270	)
Net Unrealized Appreciation	$	128,711,019
Sector Diversification	Percentage of Net Assets
Financials		23.1	%
Health Care		14.8
Energy		11.4
Information Technology		10.1
Telecommunication Services		9.9
Industrials		8.9
Materials		8.7
Consumer Discretionary		7.9
Consumer Staples		1.7
Utilities		1.1
Real Estate		0.6
Short-Term Investments		2.9
Liabilities in Excess of Other Assets		(1.1	)
Net Assets		100.0	%

See Accompanying Notes to Financial Statements
130

VY^® TEMPLETON SUMMARY PORTFOLIO OF INVESTMENTS
FOREIGN EQUITY PORTFOLIO  AS OF JUNE 30, 2017 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2017
Asset Table
Investments, at fair value
Common Stock
Canada	$	11,689,110	$	—	$	—	$	11,689,110
China		6,458,635		33,904,499		—		40,363,134
France		—		69,439,626		—		69,439,626
Germany		—		71,589,892		—		71,589,892
Hong Kong		2,860,710		17,020,235		—		19,880,945
India		—		10,334,199		—		10,334,199
Israel		10,029,085		—		—		10,029,085
Italy		—		9,411,437		—		9,411,437
Japan		—		74,076,701		—		74,076,701
Luxembourg		—		3,258,690		—		3,258,690
Netherlands		—		34,751,094		—		34,751,094
Norway		—		12,624,372		—		12,624,372
Portugal		—		7,185,930		—		7,185,930
Singapore		—		24,004,069		—		24,004,069
South Korea		11,000,761		36,312,187		—		47,312,948
Spain		—		6,571,323		—		6,571,323
Sweden		—		5,535,469		—		5,535,469
Switzerland		—		36,050,273		—		36,050,273
Taiwan		—		7,510,317		—		7,510,317
Thailand		—		7,522,057		—		7,522,057
United Kingdom		11,237,107		116,802,694		—		128,039,801
United States		3,034,670		—		—		3,034,670
Total Common Stock		56,310,078		583,905,064		—		640,215,142
Preferred Stock		—		5,919		—		5,919
Short-Term Investments		204,287		18,539,938		—		18,744,225
Total Investments, at fair value	$	56,514,365	$	602,450,921	$	—	$	658,965,286

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

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

See Accompanying Notes to Financial Statements
131

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED)

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

Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), provides that when Voya Global Bond Portfolio, VY^® American Century Small-Mid Cap Value Portfolio, VY^® Baron Growth Portfolio, VY^® Columbia Contrarian Core Portfolio, VY^® Columbia Small Cap Value II Portfolio, VY^® Invesco Comstock Portfolio, VY^® Invesco Equity and Income Portfolio, VY^® JPMorgan Mid Cap Value Portfolio, VY^® Oppenheimer Global Portfolio, VY^® Pioneer High Yield Portfolio, VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio, VY^® T. Rowe Price Growth Equity Portfolio, and VY^® Templeton Foreign Equity Portfolio (each a "Portfolio" and collectively, the "Portfolios"), each a series of Voya Partners, Inc. ("VPI"), enter into new investment management and sub-advisory agreements, the Board of Directors of VPI (the "Board"), including a majority of Board members who have no direct or indirect interest in the investment management and sub-advisory agreements, and who are not "interested persons" of the Portfolios, must determine whether to approve the new arrangements. Thus, at its meeting held on January 12, 2017, the Board considered the approval of the investment management contracts (the "Management Contracts") with Voya Investments, LLC ("VIL") and the sub-advisory contracts (the "Sub-Advisory Contracts") between VIL and the sub-advisers (the "Sub-Advisers") for the Portfolios in connection with the transfer of advisory services (the "Transfer") from the existing investment adviser, Directed Services LLC ("DSL"), to VIL, which are both indirect, wholly-owned subsidiaries of Voya Financial, Inc.

In determining whether to approve the Management and Sub-Advisory Contracts for the Portfolios with VIL, the Board received and evaluated such information as it deemed necessary for an informed determination of whether the Management and Sub-Advisory Contracts should be approved for the Portfolios.

The materials provided to the Board to inform its consideration of whether to approve each Portfolio's Management Contract and each Portfolio's Sub-Advisory Contract included the following: (1) memoranda and related materials provided to the Board in advance of its January 12, 2017 meeting discussing Management's rationale for requesting the Transfer; (2) VIL's responses to inquiries from K&L Gates LLP, counsel to the Independent Directors; (3) supporting documentation, including copies of the forms of Management and Sub-Advisory Contracts for the Portfolios; and (4) other information relevant to the Board's evaluation. In

addition, the Board considered the information provided periodically throughout the year in presentations to the Board by VIL in the context of VIL's oversight and management of the other funds in the Voya funds complex. In this regard, the Board placed particular emphasis on the information provided by VIL, DSL and the Sub-Advisers in connection with the Board's consideration of whether to renew the existing Management and Sub-Advisory Contracts in November 2016 and information provided by VIL and DSL regarding the expected impact of the Transfer.

The Board's consideration of whether to approve the Management and Sub-Advisory Contracts on behalf of each Portfolio took into account several factors, including, but not limited to, the following: (1) that the management of DSL and VIL is substantially similar; (2) the operations of DSL and VIL are very similar in nature; (3) there are no material changes between the new Management Contracts and existing Management Contracts, except with respect to the legal entity that is a party to each Management Contract; (4) no changes were expected in the nature, extent or quality of services provided to the Portfolios, the personnel managing the Portfolios or the manner in which they are managed as a result of the Transfer.

In connection with its review, the Board determined that it did not need to consider certain factors it typically considers during its review of the Management and Sub-Advisory Contracts because it had reviewed them recently in connection with its November 2016 meetings. Among other factors considered at the November 2016 meetings, the Board considered: (1) the nature, extent and quality of services provided under the existing Management and Sub-Advisory Contracts; (2) the extent to which economics of scale are reflected in the fee rate schedules under the existing Management and Sub-Advisory Contracts; (3) the existence of any "fall-out" benefits to DSL, VIL, the Sub-Advisers and their affiliates; (4) a comparison of the Portfolios' fee rates, expense ratios and investment performance to those of selected similar funds; and (5) the costs incurred and profits realized by DSL and its affiliates with respect to their services to the Portfolios. A further description of the process followed by the Board in approving the existing Management and Sub-Advisory Contracts at the November 2016 meetings, including the information reviewed, certain material factors considered and certain related conclusions reached, is set forth in the Portfolios' annual report to Shareholders for the period ended December 31, 2016.

The Board also considered that: (1) each Portfolio's management fee rate will not change as a result of the Transfer and is reasonable in the context of all factors

132

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

considered by the Board; (2) each Portfolio's expense ratio will not change as a result of the Transfer and is reasonable in the context of all factors considered by the Board; and (3) each Portfolio's sub-advisory fee rate payable by VIL to the Sub-Advisers will not change as a result of the Transfer and is reasonable in the context of all factors considered by the Board.

Based on, among other matters, the considerations set forth above and other factors, the Board voted to approve the Management and Sub-Advisory Contracts for each Portfolio. During the Board's deliberations, different Board members may have given different weight to different individual factors and related considerations.

APPROVAL OF SUB-ADVISORY CONTRACTS IN CONNECTION WITH A CHANGE OF CONTROL

Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), provides that an investment company such as Voya Partners, Inc. (the "Company"), on behalf of VY^® Pioneer High Yield Portfolio (the "Portfolio"), a series of the Company, can enter into a new sub-advisory contract only if the Board of Directors of the Company (the "Board"), including a majority of the Board members who have no direct or indirect interest in the Portfolio's sub-advisory contracts, and who are not "interested persons" of the Portfolio, as such term is defined under the 1940 Act (the "Independent Directors"), approve the new arrangement. Thus, at a meeting on May 18, 2017, the Board considered a proposal by management that Voya Investments, LLC (the "Manager"), the Portfolio's investment manager, enter into a new sub-advisory contract between the Manager and Pioneer Investment Management, Inc. (the "Sub-Adviser" or "Pioneer"). Discussed below are certain factors that the Board considered at its meeting on May 18, 2017 in determining whether to approve new sub-advisory arrangements for the Portfolio in connection with a Change of Control, as such term is defined below.

The Portfolio is subject to the 1940 Act, which provides that any sub-advisory agreement must terminate automatically upon its "assignment." As used in the 1940 Act, the term assignment includes any transfer of a controlling block of outstanding voting securities of an adviser or the parent company of an adviser. Such a transfer is referred to herein as a "Change of Control."

At its May 18, 2017 meeting, the Board was informed that Pioneer Global Asset Management S.p.A. ("PGAM"), the parent company of Pioneer and a wholly-owned subsidiary of UniCredit S.p.A. ("UniCredit"), had entered into an agreement together with UniCredit to sell Pioneer, to Amundi SA, a French company (the "Transaction"). Accordingly, the Board was advised that the Transaction

would result in a Change of Control of Pioneer and constitute an "assignment" (as defined in the 1940 Act) of the current sub-advisory agreement under which Pioneer provides services to the Portfolio ("Prior Agreement"). In light of the foregoing, at its in-person meeting on May 18, 2017, the Board approved a new sub-advisory agreement (the "New Agreement") for the Portfolio to replace the Prior Agreement upon such Change of Control as described above. The closing of the Transaction occurred on July 3, 2017. In addition, effective July 3, 2017, the name of the Sub-Adviser changed from Pioneer Investment Management, Inc. to Amundi Pioneer Asset Management, Inc.

The decision by the Board, including a majority of the Independent Directors, to approve the New Agreement was based on a determination by the Board that it would be in the best interests of the shareholders of the Portfolio for the Sub-Adviser to continue providing sub-advisory services for the Portfolio, without interruption, after the Change of Control. Prior to its approval of the New Agreement, the Board reviewed, among other matters, the quality, extent and nature of the services currently being provided by the Sub-Adviser under the Prior Agreement and to be provided under the New Agreement. In considering the New Agreement at its May 18, 2017 meeting, the Board placed emphasis on the information provided to it previously in connection with, the Board's annual review of the Prior Agreement, which was most recently approved for continuation at the in-person meeting of the Board held on November 17, 2016. At that meeting, the Board concluded, in light of all factors it considered, to renew the Prior Agreement and that the fee rates set forth in the Prior Agreement were fair and reasonable. Among other factors, the Board considered: (1) the nature, extent and quality of services provided and to be provided under the Prior Agreement; (2) the extent to which economies of scale are reflected in fee rate schedules under the Prior Agreement; (3) a comparison of the Portfolio's fee rate, expense ratio, and investment performance to those of similar funds; and (4) the existence of any "fall-out" benefits to the Sub-Adviser and its affiliates from Pioneer's relationship with the Portfolio.

A further description of the process followed by the Board in approving the Prior Agreement on November 17, 2016, including the information reviewed, certain material factors considered and certain related conclusions reached, is set forth in the Portfolio's Annual Report, dated December 31, 2016, under the section titled "ADVISORY CONTRACT APPROVAL DISCUSSION."

In connection with its approval of the New Agreement at its meeting on May 18, 2017, the Board also considered

133

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

information provided by Pioneer regarding the Transaction and the New Agreement. In this regard, the Board took into account the considerations set out below.

1) The Sub-Adviser's description of the Transaction and the impact thereof on the services Pioneer provides to the Portfolio.

2) The Sub-Adviser's representations that, following the Transaction, Pioneer will manage the Portfolio using the same investment approach, strategies and portfolio management team, except that it would have access to additional research and portfolio management capabilities following the Transaction.

3) Representations by the Sub-Adviser that approval of the New Agreement was necessary for the Portfolio to continue receiving sub-advisory services from the Sub-Adviser following the Change of Control. In addition, the Board considered that the terms of the New Agreement, including the fees payable thereunder, are substantially similar to the terms of the Prior Agreement.

4) The Sub-Adviser's representations that there were no other material changes or developments relating to the information provided by Pioneer in connection with the November 2016 renewal.

Based on the foregoing and other relevant considerations, at an in-person meeting of the Board held on May 18, 2017, the Board, including a majority of the Independent Directors, voted to approve the New Agreement. In this connection, the Board concluded that, in light of all factors considered, the terms of the New Agreement, including the fee rate schedule, were fair and reasonable, and the New Agreement should be approved so as to enable a continuation without interruption of the services being provided by the Sub-Adviser. The Board noted that no one factor was determinative of its decisions which, instead, were premised upon the totality of factors considered. The Board also noted that different Board members likely placed emphasis on different factors in reaching their individual conclusions to vote in favor of the New Agreement.

134

Investment Adviser

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

Distributor

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

Transfer Agent

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

Custodian

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

Legal Counsel

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

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

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Semi-Annual Report

June 30, 2017

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

Voya Partners, Inc.

■

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

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.

TABLE OF CONTENTS

President’s Letter	1
Market Perspective	2
Shareholder Expense Examples	4
Statements of Assets and Liabilities	7
Statements of Operations	15
Statements of Changes in Net Assets	19
Financial Highlights	27
Notes to Financial Statements	40
Portfolios of Investments	55
Advisory and Sub-Advisory Contract Approval Discussion	94

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.

PRESIDENT’S LETTER

br

 

Guiding through the Headlines

Dear Shareholder,

So far this year, investors have been rewarded for, the most part, ignoring the volatility in news headlines and focusing on market fundamentals — improving corporate earnings in a supportive global economy. On the back of strong equity returns in 2017, one of the big questions on investors’ minds is, where does the U.S. now stand in the business and economic cycle? It matters greatly for asset allocators, who have to determine the proper mix of equity and fixed income investments in client portfolios.

In our view, the U.S. is squarely in the late stages of the business cycle, with the U.S. Federal Reserve Board (“Fed”) tightening monetary policy and unemployment falling to new lows. The rest of the world is behind the U.S. with more slack to be absorbed, but central banks are starting to talk about adjusting monetary policy to match underlying economic strength. We believe this is not necessarily bad for equities, especially when monetary policy is being renormalized from an extremely accommodative stance.

Monetary policy has been a critical driver of bond returns this year. Unemployment currently stands at 4.3%, below the 4.7% level above which the Fed believes inflation rises. But wage growth is tame and inflation has been soft for the past few months, which we believe should help corporate profit margins and work to extend the business cycle. With a benign interest-rate tightening cycle thus far, a currently low risk of recession and good but not spectacular growth, we believe that the U.S. is in a “goldilocks” environment, at least for the near term.

Does this mean one should assume that the good times will keep rolling? Maybe. The pace of equity gains may slow as we make it through the year, but that doesn’t mean investors should be switching their allocations. The best way to keep on track to meet your goals is not with the latest business media updates but with the guidance of your investment advisor. If your long-term investment goals have changed, thoroughly discuss them with your investment advisor before making any changes to your investment strategy.

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
July 31, 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.

1

Market Perspective: Six Months Ended June 30, 2017

As our new fiscal year got under way, investor sentiment was still reeling from the unexpected result of the U.S. presidential election. For this and perhaps more importantly, other reasons, global equities, in the form of the MSCI World IndexSM (the “Index”) measured in local currencies, including net reinvested dividends, forged ahead in 2017, rising in every month, to end the first half of the fiscal year up 8.25%. (The Index returned 10.66% for the six-month period ended June 30, 2017, measured in U.S. dollars.)

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

Having drifted sideways, the Index jumped 5.5% by the end of 2016. The platform was seen as reflationary in the U.S. and elsewhere. The yield curve, which had been rising and steepening, did so faster than ever, especially when the Federal Open Market Committee (“FOMC”) raised the federal funds rate by 25bp (0.25%) on December 14 and projected three more similar raises in 2017.

The term “reflation trade”, meaning the positioning of a portfolio to take advantage of an expected increase in demand, economic activity, inflation and interest rates, had been part of the market pundit’s lexicon for years. There is no doubt that it received new impetus after the election, given the legislative agenda described above and the fact that the party charged with getting it enacted had a majority in both houses of Congress.

Yet expectations for this agenda to drive the reflation trade soon faded in 2017. Item 1 would be to repeal and replace the Affordable Care Act. The second version of the bill narrowly passed the House on May 4 after the first was abandoned. The Senate’s somewhat different version still lacked 50 votes as June ended. Complex and contentious issues were involved, as they are with policies on tax reform, deregulation and infrastructure spending. Commentators increasingly cautioned that this and other political controversies would impede and at least delay any meaningful reflationary boost from policy.

However, investors seemed to take comfort from signs, emerging even before the election, of budding reflation in key economic areas, which would continue to grow in 2017.

In the euro zone, unemployment edged down to 9.3%, still high but the lowest in eight years. The region’s composite purchasing managers’ index reached and held at a six-year high. Gross domestic product (“GDP”) grew 1.9% year over year in the first quarter of 2017, within striking distance of the UK (2.0%) and U.S. (2.1%). The Economic Sentiment Indicator for June came in at the best level in nearly 10 years and by then European Central Bank President Draghi was hinting that monetary tightening was on the horizon.

China had been a grave concern early in 2016, due to declining growth, policy missteps and ballooning debt. But over the next 12 months, matters stabilized. While too much debt and sharply rising home prices were still problems, GDP growth was targeted at 6.5% year-over-year. Actual growth in the first quarter of 2017 was 6.9%. Very much in the reflation theme, producer prices, after 54 consecutive months of annual declines, turned and stayed positive from September 2016.

In the U.S., the labor market continued to tighten. The June employment report, although disappointing in the number of new jobs created (138,000), showed the unemployment rate falling to 4.3%. Corporate earnings were improving (see below). It was no surprise when the FOMC added a further 25bp (0.25%) in March and another in June to the federal funds rate.

To be sure there remained areas of sluggishness, like core consumer price inflation and wage growth, but each piece of negative news, whether economic or political, seemed to excite a buy-the-dip mentality and June ended with the Index barely below its best level.

In U.S. fixed income markets, the Bloomberg Barclays U.S. Aggregate Bond Index (“Barclays Aggregate”) rose 2.27% in the half-year. The Bloomberg Barclays U.S. Treasury Bond sub-index gained 1.87%, a little better than the coupon as the yield curve mostly fell. Indices of riskier classes outperformed Treasuries. The Bloomberg Barclays U.S. Corporate Investment Grade Bond sub-index rose 3.80%, the Bloomberg Barclays High Yield Bond — 2% Issuer Constrained Composite Index (not a part of the Barclays Aggregate) rose 4.92%.

U.S. equities, represented by the S&P 500® Index including dividends, climbed 9.34% in the six months through June. The earnings per share of its constituent companies topped 13% growth year-over-year in the first quarter of 2017, the best since 2011. The technology sector was the leader, up 17.23%, although it fell more than 4% in the last three weeks on valuation concerns. Energy was the weakest sector, down 12.61%, with oil prices down nearly 14% over the period.

In currencies, the dollar fell 7.84% against the euro, 4.89% against the pound and 4.27% against the yen. While the U.S. was far ahead of the other regions in terms of monetary tightening, the beginning of the period was near the peak of the euphoria surrounding the reflation trade that had driven the dollar higher.

In international markets, the MSCI Japan® Index gained 5.89% over the half-year, in an environment of improving corporate governance and profitability, with little competition from fixed income investments. The MSCI Europe ex UK® Index added 9.23%. Aside from the positive developments noted above, corporate earnings were improving and political fears were assuaged by the election of a centrist President in France. The MSCI UK® Index rose 4.64%. More than 2% was lost in June, after an election called to give the ruling party a dominant majority and facilitate Brexit negotiations, resulted in a hung parliament.

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.

2

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 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.
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.

3

shareholder expense examples (Unaudited)

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

The Examples are based on an investment of  $1,000 invested at the beginning of the period and held for the entire period from January 1, 2017 to June 30, 2017. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

​

Actual Portfolio Return

Hypothetical (5% return before expenses)

​

Beginning Account Value January 1, 2017

Ending Account Value June 30, 2017

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2017**

Beginning Account Value January 1, 2017

Ending Account Value June 30, 2017

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2017**

Voya Solution Aggressive Portfolio

Class ADV

​

$

1,000.00

​

$

1,101.50

​

0.67%

​

$

3.49

​

$

1,000.00

​

$

1,021.47

​

0.67%

​

$

3.36

Class I

​

​

1,000.00

​

​

1,103.80

​

0.17

​

​

0.89

​

​

1,000.00

​

​

1,023.95

​

0.17

​

​

0.85

Class R6

​

​

1,000.00

​

​

1,103.80

​

0.17

​

​

0.89

​

​

1,000.00

​

​

1,023.95

​

0.17

​

​

0.85

Class S

​

​

1,000.00

​

​

1,103.10

​

0.42

​

​

2.19

​

​

1,000.00

​

​

1,022.71

​

0.42

​

​

2.11

Class S2

​

​

1,000.00

​

​

1,101.60

​

0.57

​

​

2.97

​

​

1,000.00

​

​

1,021.97

​

0.57

​

​

2.86

Voya Solution Balanced Portfolio

Class ADV

​

$

1,000.00

​

$

1,069.50

​

0.66%

​

$

3.39

​

$

1,000.00

​

$

1,021.52

​

0.66%

​

$

3.31

Class I

​

​

1,000.00

​

​

1,072.30

​

0.16

​

​

0.82

​

​

1,000.00

​

​

1,024.00

​

0.16

​

​

0.80

Class R6

​

​

1,000.00

​

​

1,073.50

​

0.16

​

​

0.82

​

​

1,000.00

​

​

1,024.00

​

0.16

​

​

0.80

Class S

​

​

1,000.00

​

​

1,071.90

​

0.41

​

​

2.11

​

​

1,000.00

​

​

1,022.76

​

0.41

​

​

2.06

Class S2

​

​

1,000.00

​

​

1,071.00

​

0.56

​

​

2.88

​

​

1,000.00

​

​

1,022.02

​

0.56

​

​

2.81

Voya Solution Conservative Portfolio

Class ADV

​

$

1,000.00

​

$

1,036.80

​

0.62%

​

$

3.13

​

$

1,000.00

​

$

1,021.72

​

0.62%

​

$

3.11

Class I

​

​

1,000.00

​

​

1,039.10

​

0.12

​

​

0.61

​

​

1,000.00

​

​

1,024.20

​

0.12

​

​

0.60

Class R6

​

​

1,000.00

​

​

1,039.10

​

0.12

​

​

0.61

​

​

1,000.00

​

​

1,024.20

​

0.12

​

​

0.60

Class S

​

​

1,000.00

​

​

1,037.50

​

0.37

​

​

1.87

​

​

1,000.00

​

​

1,022.96

​

0.37

​

​

1.86

Class S2

​

​

1,000.00

​

​

1,036.80

​

0.52

​

​

2.63

​

​

1,000.00

​

​

1,022.22

​

0.52

​

​

2.61

4

shareholder expense examples (Unaudited) (continued)

​

Actual Portfolio Return

Hypothetical (5% return before expenses)

​

Beginning Account Value January 1, 2017

Ending Account Value June 30, 2017

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2017**

Beginning Account Value January 1, 2017

Ending Account Value June 30, 2017

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2017**

Voya Solution Income Portfolio

Class ADV

​

$

1,000.00

​

$

1,045.90

​

0.62%

​

$

3.15

​

$

1,000.00

​

$

1,021.72

​

0.62%

​

$

3.11

Class I

​

​

1,000.00

​

​

1,049.20

​

0.12

​

​

0.61

​

​

1,000.00

​

​

1,024.20

​

0.12

​

​

0.60

Class S

​

​

1,000.00

​

​

1,047.00

​

0.37

​

​

1.88

​

​

1,000.00

​

​

1,022.96

​

0.37

​

​

1.86

Class S2

​

​

1,000.00

​

​

1,046.40

​

0.52

​

​

2.64

​

​

1,000.00

​

​

1,022.22

​

0.52

​

​

2.61

Class T

​

​

1,000.00

​

​

1,045.20

​

0.82

​

​

4.16

​

​

1,000.00

​

​

1,020.73

​

0.82

​

​

4.11

Voya Solution Moderately Aggressive Portfolio

Class ADV

​

$

1,000.00

​

$

1,085.20

​

0.72%

​

$

3.72

​

$

1,000.00

​

$

1,021.22

​

0.72%

​

$

3.61

Class I

​

​

1,000.00

​

​

1,087.90

​

0.22

​

​

1.14

​

​

1,000.00

​

​

1,023.70

​

0.22

​

​

1.10

Class R6

​

​

1,000.00

​

​

1,088.00

​

0.22

​

​

1.14

​

​

1,000.00

​

​

1,023.70

​

0.22

​

​

1.10

Class S

​

​

1,000.00

​

​

1,087.10

​

0.47

​

​

2.43

​

​

1,000.00

​

​

1,022.46

​

0.47

​

​

2.36

Class S2

​

​

1,000.00

​

​

1,086.30

​

0.62

​

​

3.21

​

​

1,000.00

​

​

1,021.72

​

0.62

​

​

3.11

Voya Solution Moderately Conservative Portfolio

Class ADV

​

$

1,000.00

​

$

1,049.80

​

0.65%

​

$

3.30

​

$

1,000.00

​

$

1,021.57

​

0.65%

​

$

3.26

Class I

​

​

1,000.00

​

​

1,052.80

​

0.15

​

​

0.76

​

​

1,000.00

​

​

1,024.05

​

0.15

​

​

0.75

Class R6

​

​

1,000.00

​

​

1,051.90

​

0.15

​

​

0.76

​

​

1,000.00

​

​

1,024.05

​

0.15

​

​

0.75

Class S

​

​

1,000.00

​

​

1,050.80

​

0.40

​

​

2.03

​

​

1,000.00

​

​

1,022.81

​

0.40

​

​

2.01

Class S2

​

​

1,000.00

​

​

1,050.30

​

0.55

​

​

2.80

​

​

1,000.00

​

​

1,022.07

​

0.55

​

​

2.76

Voya Solution 2020 Portfolio

Class ADV

​

$

1,000.00

​

$

1,062.60

​

0.61%

​

$

3.12

​

$

1,000.00

​

$

1,021.77

​

0.61%

​

$

3.06

Class I

​

​

1,000.00

​

​

1,065.50

​

0.11

​

​

0.56

​

​

1,000.00

​

​

1,024.25

​

0.11

​

​

0.55

Class S

​

​

1,000.00

​

​

1,064.10

​

0.36

​

​

1.84

​

​

1,000.00

​

​

1,023.01

​

0.36

​

​

1.81

Class S2

​

​

1,000.00

​

​

1,063.00

​

0.51

​

​

2.61

​

​

1,000.00

​

​

1,022.27

​

0.51

​

​

2.56

Class T

​

​

1,000.00

​

​

1,061.70

​

0.81

​

​

4.14

​

​

1,000.00

​

​

1,020.78

​

0.81

​

​

4.06

Voya Solution 2025 Portfolio

Class ADV

​

$

1,000.00

​

$

1,075.00

​

0.65%

​

$

3.34

​

$

1,000.00

​

$

1,021.57

​

0.65%

​

$

3.26

Class I

​

​

1,000.00

​

​

1,077.70

​

0.15

​

​

0.77

​

​

1,000.00

​

​

1,024.05

​

0.15

​

​

0.75

Class S

​

​

1,000.00

​

​

1,075.80

​

0.40

​

​

2.06

​

​

1,000.00

​

​

1,022.81

​

0.40

​

​

2.01

Class S2

​

​

1,000.00

​

​

1,075.10

​

0.55

​

​

2.83

​

​

1,000.00

​

​

1,022.07

​

0.55

​

​

2.76

Class T

​

​

1,000.00

​

​

1,073.90

​

0.85

​

​

4.37

​

​

1,000.00

​

​

1,020.58

​

0.85

​

​

4.26

Voya Solution 2030 Portfolio

Class ADV

​

$

1,000.00

​

$

1,083.20

​

0.63%

​

$

3.25

​

$

1,000.00

​

$

1,021.67

​

0.63%

​

$

3.16

Class I

​

​

1,000.00

​

​

1,086.40

​

0.13

​

​

0.67

​

​

1,000.00

​

​

1,024.15

​

0.13

​

​

0.65

Class S

​

​

1,000.00

​

​

1,085.30

​

0.38

​

​

1.96

​

​

1,000.00

​

​

1,022.91

​

0.38

​

​

1.91

Class S2

​

​

1,000.00

​

​

1,084.20

​

0.53

​

​

2.74

​

​

1,000.00

​

​

1,022.17

​

0.53

​

​

2.66

Class T

​

​

1,000.00

​

​

1,082.30

​

0.83

​

​

4.29

​

​

1,000.00

​

​

1,020.68

​

0.83

​

​

4.16

Voya Solution 2035 Portfolio

Class ADV

​

$

1,000.00

​

$

1,092.40

​

0.65%

​

$

3.37

​

$

1,000.00

​

$

1,021.57

​

0.65%

​

$

3.26

Class I

​

​

1,000.00

​

​

1,095.60

​

0.15

​

​

0.78

​

​

1,000.00

​

​

1,024.05

​

0.15

​

​

0.75

Class S

​

​

1,000.00

​

​

1,092.90

​

0.40

​

​

2.08

​

​

1,000.00

​

​

1,022.81

​

0.40

​

​

2.01

Class S2

​

​

1,000.00

​

​

1,092.50

​

0.55

​

​

2.85

​

​

1,000.00

​

​

1,022.07

​

0.55

​

​

2.76

Class T

​

​

1,000.00

​

​

1,091.60

​

0.85

​

​

4.41

​

​

1,000.00

​

​

1,020.58

​

0.85

​

​

4.26

Voya Solution 2040 Portfolio

Class ADV

​

$

1,000.00

​

$

1,096.90

​

0.63%

​

$

3.28

​

$

1,000.00

​

$

1,021.67

​

0.63%

​

$

3.16

Class I

​

​

1,000.00

​

​

1,099.60

​

0.13

​

​

0.68

​

​

1,000.00

​

​

1,024.15

​

0.13

​

​

0.65

Class S

​

​

1,000.00

​

​

1,098.10

​

0.38

​

​

1.98

​

​

1,000.00

​

​

1,022.91

​

0.38

​

​

1.91

Class S2

​

​

1,000.00

​

​

1,097.10

​

0.53

​

​

2.76

​

​

1,000.00

​

​

1,022.17

​

0.53

​

​

2.66

Class T

​

​

1,000.00

​

​

1,096.40

​

0.83

​

​

4.31

​

​

1,000.00

​

​

1,020.68

​

0.83

​

​

4.16

5

shareholder expense examples (Unaudited) (continued)

​

Actual Portfolio Return

Hypothetical (5% return before expenses)

​

Beginning Account Value January 1, 2017

Ending Account Value June 30, 2017

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2017**

Beginning Account Value January 1, 2017

Ending Account Value June 30, 2017

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2017**

Voya Solution 2045 Portfolio

Class ADV

​

$

1,000.00

​

$

1,097.80

​

0.67%

​

$

3.48

​

$

1,000.00

​

$

1,021.47

​

0.67%

​

$

3.36

Class I

​

​

1,000.00

​

​

1,100.70

​

0.17

​

​

0.89

​

​

1,000.00

​

​

1,023.95

​

0.17

​

​

0.85

Class S

​

​

1,000.00

​

​

1,100.30

​

0.42

​

​

2.19

​

​

1,000.00

​

​

1,022.71

​

0.42

​

​

2.11

Class S2

​

​

1,000.00

​

​

1,099.00

​

0.57

​

​

2.97

​

​

1,000.00

​

​

1,021.97

​

0.57

​

​

2.86

Class T

​

​

1,000.00

​

​

1,096.80

​

0.87

​

​

4.52

​

​

1,000.00

​

​

1,020.48

​

0.87

​

​

4.36

Voya Solution 2050 Portfolio

Class ADV

​

$

1,000.00

​

$

1,099.50

​

0.66%

​

$

3.44

​

$

1,000.00

​

$

1,021.52

​

0.66%

​

$

3.31

Class I

​

​

1,000.00

​

​

1,102.60

​

0.16

​

​

0.83

​

​

1,000.00

​

​

1,024.00

​

0.16

​

​

0.80

Class S

​

​

1,000.00

​

​

1,101.30

​

0.41

​

​

2.14

​

​

1,000.00

​

​

1,022.76

​

0.41

​

​

2.06

Class S2

​

​

1,000.00

​

​

1,100.40

​

0.56

​

​

2.92

​

​

1,000.00

​

​

1,022.02

​

0.56

​

​

2.81

Class T

​

​

1,000.00

​

​

1,099.30

​

0.86

​

​

4.48

​

​

1,000.00

​

​

1,020.53

​

0.86

​

​

4.31

Voya Solution 2055 Portfolio

Class ADV

​

$

1,000.00

​

$

1,101.10

​

0.67%

​

$

3.49

​

$

1,000.00

​

$

1,021.47

​

0.67%

​

$

3.36

Class I

​

​

1,000.00

​

​

1,102.30

​

0.17

​

​

0.89

​

​

1,000.00

​

​

1,023.95

​

0.17

​

​

0.85

Class S

​

​

1,000.00

​

​

1,101.00

​

0.42

​

​

2.19

​

​

1,000.00

​

​

1,022.71

​

0.42

​

​

2.11

Class S2

​

​

1,000.00

​

​

1,100.70

​

0.57

​

​

2.97

​

​

1,000.00

​

​

1,021.97

​

0.57

​

​

2.86

Class T

​

​

1,000.00

​

​

1,099.20

​

0.87

​

​

4.53

​

​

1,000.00

​

​

1,020.48

​

0.87

​

​

4.36

Voya Solution 2060 Portfolio

Class ADV

​

$

1,000.00

​

$

1,100.80

​

0.68%

​

$

3.54

​

$

1,000.00

​

$

1,021.42

​

0.68%

​

$

3.41

Class I

​

​

1,000.00

​

​

1,103.90

​

0.18

​

​

0.94

​

​

1,000.00

​

​

1,023.90

​

0.18

​

​

0.90

Class S

​

​

1,000.00

​

​

1,102.80

​

0.43

​

​

2.24

​

​

1,000.00

​

​

1,022.66

​

0.43

​

​

2.16

Class S2

​

​

1,000.00

​

​

1,101.70

​

0.58

​

​

3.02

​

​

1,000.00

​

​

1,021.92

​

0.58

​

​

2.91

Class T

​

​

1,000.00

​

​

1,100.50

​

0.88

​

​

4.58

​

​

1,000.00

​

​

1,020.43

​

0.88

​

​

4.41

*

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 181/365 to reflect the most recent fiscal half-year.

6

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2017 (Unaudited)

​

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*

​

$

10,205,694

​

$

54,671,122

​

$

15,569,782

​

$

448,425,161

Investments in unaffiliated underlying funds at fair value**

​

​

543,941

​

​

2,510,303

​

​

773,128

​

​

9,424,984

Total investments at fair value

​

$

10,749,635

​

$

57,181,425

​

$

16,342,910

​

$

457,850,145

Cash

​

​

18,757

​

​

10,677

​

​

37,200

​

​

108,703

Cash collateral for futures

​

​

—

​

​

116,297

​

​

—

​

​

1,089,693

Receivables:

​

​

​

​

Investments in affiliated underlying funds sold

​

​

—

​

​

—

​

​

—

​

​

168,547

Fund shares sold

​

​

50,534

​

​

2,702,953

​

​

14,602

​

​

148,122

Prepaid expenses

​

​

40

​

​

254

​

​

85

​

​

2,321

Reimbursement due from manager

​

​

2,453

​

​

3,000

​

​

3,223

​

​

27,249

Other assets

​

​

—

​

​

1,030

​

​

332

​

​

24,476

Total assets

​

​

10,821,419

​

​

60,015,636

​

​

16,398,352

​

​

459,419,256

LIABILITIES:

​

​

​

​

Payable for investments in affiliated underlying funds purchased

​

​

50,534

​

​

2,694,178

​

​

14,601

​

​

—

Payable for fund shares redeemed

​

​

—

​

​

8,776

​

​

—

​

​

316,669

Payable for foreign cash collateral for futures***

​

​

—

​

​

18,224

​

​

—

​

​

172,431

Payable for investment management fees

​

​

1,848

​

​

9,396

​

​

2,820

​

​

78,087

Payable for distribution and shareholder service fees

​

​

2,237

​

​

13,207

​

​

4,739

​

​

118,070

Payable for directors fees

​

​

45

​

​

255

​

​

81

​

​

2,367

Payable to directors under the deferred compensation plan (Note 6)

​

​

—

​

​

1,030

​

​

332

​

​

24,476

Other accrued expenses and liabilities

​

​

4,212

​

​

12,516

​

​

5,043

​

​

83,400

Total liabilities

​

​

58,876

​

​

2,757,582

​

​

27,616

​

​

795,500

NET ASSETS

​

$

10,762,543

​

$

57,258,054

​

$

16,370,736

​

$

458,623,756

NET ASSETS WERE COMPRISED OF:

​

​

​

​

Paid-in capital

​

$

10,133,444

​

$

54,097,851

​

$

16,038,765

​

$

447,001,162

Undistributed net investment income

​

​

76,961

​

​

997,870

​

​

477,194

​

​

12,583,128

Accumulated net realized gain (loss)

​

​

(95,308)

​

​

50,767

​

​

(355,639)

​

​

(7,621,904)

Net unrealized appreciation

​

​

647,446

​

​

2,111,566

​

​

210,416

​

​

6,661,370

NET ASSETS

​

$

10,762,543

​

$

57,258,054

​

$

16,370,736

​

$

458,623,756

* Cost of investments in affiliated underlying funds

​

$

9,558,368

​

$

52,483,931

​

$

15,332,697

​

$

440,730,613

** Cost of investments in unaffiliated underlying funds

​

$

543,821

​

$

2,570,347

​

$

799,797

​

$

10,307,789

*** Cost of payable for foreign cash collateral for futures

​

$

—

​

$

18,217

​

$

—

​

$

172,358

See Accompanying Notes to Financial Statements

7

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2017 (Unaudited) (continued)

​

Voya Solution Aggressive Portfolio

Voya Solution Balanced Portfolio

Voya Solution Conservative Portfolio

Voya Solution Income Portfolio

Class ADV

​

​

​

​

Net assets

​

$

2,839,418

​

$

18,642,502

​

$

8,594,047

​

$

190,713,995

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

​

​

227,431

​

​

1,923,164

​

​

781,975

​

​

16,408,944

Net asset value and redemption price per share

​

$

12.48

​

$

9.69

​

$

10.99

​

$

11.62

Class I

​

​

​

​

Net assets

​

$

339,701

​

$

4,494,194

​

$

67,600

​

$

87,207,090

Shares authorized

​

​

100,000,000

​

​

100,000,000

​

​

100,000,000

​

​

100,000,000

Par value

​

$

0.001

​

$

0.001

​

$

0.001

​

$

0.001

Shares outstanding

​

​

26,613

​

​

445,818

​

​

6,056

​

​

7,306,829

Net asset value and redemption price per share

​

$

12.76

​

$

10.08

​

$

11.16

​

$

11.94

Class R6

​

​

​

​

Net assets

​

$

2,764,161

​

$

8,358,566

​

$

2,157,656

​

​

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

​

​

216,556

​

​

829,159

​

​

193,328

​

​

n/a

Net asset value and redemption price per share

​

$

12.76

​

$

10.08

​

$

11.16

​

​

n/a

Class S

​

​

​

​

Net assets

​

$

4,266,194

​

$

23,976,861

​

$

4,969,240

​

$

170,222,425

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

​

​

338,154

​

​

2,436,689

​

​

449,158

​

​

14,410,463

Net asset value and redemption price per share

​

$

12.62

​

$

9.84

​

$

11.06

​

$

11.81

Class S2

​

​

​

​

Net assets

​

$

553,069

​

$

1,785,931

​

$

582,193

​

$

10,268,397

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

​

​

44,343

​

​

182,010

​

​

53,008

​

​

892,632

Net asset value and redemption price per share

​

$

12.47

​

$

9.81

​

$

10.98

​

$

11.50

Class T

​

​

​

​

Net assets

​

​

n/a

​

​

n/a

​

​

n/a

​

$

211,849

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

​

​

17,285

Net asset value and redemption price per share

​

​

n/a

​

​

n/a

​

​

n/a

​

$

12.26

See Accompanying Notes to Financial Statements

8

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2017 (Unaudited)

​

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*

​

$

656,580,330

​

$

31,754,539

​

$

25,852,840

​

$

870,735,986

Investments in unaffiliated underlying funds at fair value**

​

​

45,845,455

​

​

1,270,795

​

​

1,239,882

​

​

34,791,054

Total investments at fair value

​

$

702,425,785

​

$

33,025,334

​

$

27,092,722

​

$

905,527,040

Cash

​

​

269,732

​

​

10,756

​

​

45,969

​

​

196,647

Cash collateral for futures

​

​

1,613,715

​

​

74,579

​

​

—

​

​

2,103,701

Receivables:

​

​

​

​

Investments in affiliated underlying funds sold

​

​

195,675

​

​

—

​

​

—

​

​

—

Fund shares sold

​

​

63,670

​

​

28,688

​

​

55,459

​

​

694,124

Prepaid expenses

​

​

3,529

​

​

170

​

​

123

​

​

4,544

Reimbursement due from manager

​

​

15,636

​

​

7,934

​

​

37,944

​

​

27,411

Other assets

​

​

25,023

​

​

861

​

​

187

​

​

33,736

Total assets

​

​

704,612,765

​

​

33,148,322

​

​

27,232,404

​

​

908,587,203

LIABILITIES:

​

​

​

​

Payable for investments in affiliated underlying funds purchased

​

​

—

​

​

18,938

​

​

55,459

​

​

689,546

Payable for fund shares redeemed

​

​

259,346

​

​

9,750

​

​

—

​

​

4,577

Payable for foreign cash collateral for futures***

​

​

259,347

​

​

12,617

​

​

—

​

​

339,266

Payable for investment management fees

​

​

124,655

​

​

5,729

​

​

12,383

​

​

157,051

Payable for distribution and shareholder service fees

​

​

149,292

​

​

9,080

​

​

6,518

​

​

207,108

Payable for directors fees

​

​

3,526

​

​

169

​

​

131

​

​

4,549

Payable to directors under the deferred compensation plan (Note 6)

​

​

25,023

​

​

861

​

​

187

​

​

33,736

Other accrued expenses and liabilities

​

​

66,807

​

​

18,497

​

​

3,221

​

​

104,734

Total liabilities

​

​

887,996

​

​

75,641

​

​

77,899

​

​

1,540,567

NET ASSETS

​

$

703,724,769

​

$

33,072,681

​

$

27,154,505

​

$

907,046,636

NET ASSETS WERE COMPRISED OF:

​

​

​

​

Paid-in capital

​

$

658,101,088

​

$

32,407,915

​

$

24,775,586

​

$

845,606,575

Undistributed net investment income

​

​

11,912,096

​

​

889,290

​

​

452,281

​

​

20,900,751

Accumulated net realized gain (loss)

​

​

5,281,041

​

​

(1,135,788)

​

​

1,059,789

​

​

7,857,012

Net unrealized appreciation

​

​

28,430,544

​

​

911,264

​

​

866,849

​

​

32,682,298

NET ASSETS

​

$

703,724,769

​

$

33,072,681

​

$

27,154,505

​

$

907,046,636

* Cost of investments in affiliated underlying funds

​

$

628,991,245

​

$

30,794,149

​

$

24,989,343

​

$

836,416,003

** Cost of investments in unaffiliated underlying funds

​

$

44,777,047

​

$

1,308,450

​

$

1,236,530

​

$

36,132,105

*** Cost of payable for foreign cash collateral for futures

​

$

259,238

​

$

12,612

​

$

—

​

$

339,122

See Accompanying Notes to Financial Statements

9

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2017 (Unaudited) (continued)

​

Voya Solution Moderately Aggressive Portfolio

Voya Solution Moderately Conservative Portfolio

Voya Solution 2020 Portfolio

Voya Solution 2025 Portfolio

Class ADV

​

​

​

​

Net assets

​

$

25,998,091

​

$

10,966,511

​

$

11,696,501

​

$

298,618,275

Shares authorized

​

​

100,000

​

​

100,000,000

​

​

100,000,000

​

​

100,000,000

Par value

​

$

0.001

​

$

0.001

​

$

0.001

​

$

0.001

Shares outstanding

​

​

2,062,301

​

​

1,130,606

​

​

905,993

​

​

26,060,344

Net asset value and redemption price per share

​

$

12.61

​

$

9.70

​

$

12.91

​

$

11.46

Class I

​

​

​

​

Net assets

​

$

4,883,948

​

$

25,249

​

$

7,714,916

​

$

224,955,283

Shares authorized

​

​

100,000

​

​

100,000,000

​

​

100,000,000

​

​

100,000,000

Par value

​

$

0.001

​

$

0.001

​

$

0.001

​

$

0.001

Shares outstanding

​

​

379,363

​

​

2,486

​

​

585,541

​

​

19,081,161

Net asset value and redemption price per share

​

$

12.87

​

$

10.16

​

$

13.18

​

$

11.79

Class R6

​

​

​

​

Net assets

​

$

4,432,551

​

$

1,108,000

​

​

n/a

​

​

n/a

Shares authorized

​

​

100,000

​

​

100,000,000

​

​

n/a

​

​

n/a

Par value

​

$

0.001

​

$

0.001

​

​

n/a

​

​

n/a

Shares outstanding

​

​

344,568

​

​

109,228

​

​

n/a

​

​

n/a

Net asset value and redemption price per share

​

$

12.86

​

$

10.14

​

​

n/a

​

​

n/a

Class S

​

​

​

​

Net assets

​

$

666,944,371

​

$

20,045,874

​

$

7,489,383

​

$

362,958,094

Shares authorized

​

​

200,000

​

​

100,000,000

​

​

100,000,000

​

​

100,000,000

Par value

​

$

0.001

​

$

0.001

​

$

0.001

​

$

0.001

Shares outstanding

​

​

52,410,200

​

​

2,020,506

​

​

570,899

​

​

31,178,763

Net asset value and redemption price per share

​

$

12.73

​

$

9.92

​

$

13.12

​

$

11.64

Class S2

​

​

​

​

Net assets

​

$

1,465,808

​

$

927,047

​

$

244,676

​

$

19,740,205

Shares authorized

​

​

100,000

​

​

100,000,000

​

​

100,000,000

​

​

100,000,000

Par value

​

$

0.001

​

$

0.001

​

$

0.001

​

$

0.001

Shares outstanding

​

​

115,357

​

​

94,460

​

​

18,840

​

​

1,745,509

Net asset value and redemption price per share

​

$

12.71

​

$

9.81

​

$

12.99

​

$

11.31

Class T

​

​

​

​

Net assets

​

​

n/a

​

​

n/a

​

$

9,029

​

$

774,779

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

​

​

700

​

​

65,018

Net asset value and redemption price per share

​

​

n/a

​

​

n/a

​

$

12.91

​

$

11.92

See Accompanying Notes to Financial Statements

10

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2017 (Unaudited)

​

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*

​

$

21,156,150

​

$

841,271,509

​

$

18,397,478

​

$

611,417,082

Investments in unaffiliated underlying funds at fair value**

​

​

1,468,434

​

​

35,741,575

​

​

1,220,174

​

​

35,930,365

Total investments at fair value

​

$

22,624,584

​

$

877,013,084

​

$

19,617,652

​

$

647,347,447

Cash

​

​

33,599

​

​

384,285

​

​

27,800

​

​

218,694

Cash collateral for futures

​

​

—

​

​

2,033,120

​

​

—

​

​

1,488,313

Receivables:

​

​

​

​

Fund shares sold

​

​

78,900

​

​

869,004

​

​

53,899

​

​

824,058

Prepaid expenses

​

​

98

​

​

4,398

​

​

85

​

​

3,126

Reimbursement due from manager

​

​

25,178

​

​

26,470

​

​

26,753

​

​

39,532

Other assets

​

​

117

​

​

29,436

​

​

100

​

​

19,466

Total assets

​

​

22,762,476

​

​

880,359,797

​

​

19,726,289

​

​

649,940,636

LIABILITIES:

​

​

​

​

Payable for investments in affiliated underlying funds purchased

​

​

78,899

​

​

751,381

​

​

53,899

​

​

810,950

Payable for fund shares redeemed

​

​

—

​

​

117,623

​

​

—

​

​

13,107

Payable for foreign cash collateral for futures***

​

​

—

​

​

328,050

​

​

—

​

​

239,729

Payable for investment management fees

​

​

11,301

​

​

152,230

​

​

11,059

​

​

113,658

Payable for distribution and shareholder service fees

​

​

5,454

​

​

188,894

​

​

4,177

​

​

130,415

Payable for directors fees

​

​

97

​

​

4,380

​

​

86

​

​

3,203

Payable to directors under the deferred compensation plan (Note 6)

​

​

117

​

​

29,436

​

​

100

​

​

19,466

Other accrued expenses and liabilities

​

​

3,890

​

​

83,866

​

​

5,945

​

​

77,991

Total liabilities

​

​

99,758

​

​

1,655,860

​

​

75,266

​

​

1,408,519

NET ASSETS

​

$

22,662,718

​

$

878,703,937

​

$

19,651,023

​

$

648,532,117

NET ASSETS WERE COMPRISED OF:

​

​

​

​

Paid-in capital

​

$

20,556,688

​

$

803,911,771

​

$

17,621,122

​

$

588,503,113

Undistributed net investment income

​

​

261,209

​

​

16,310,219

​

​

178,641

​

​

8,408,895

Accumulated net realized gain

​

​

895,732

​

​

18,322,178

​

​

883,384

​

​

17,101,541

Net unrealized appreciation

​

​

949,089

​

​

40,159,769

​

​

967,876

​

​

34,518,568

NET ASSETS

​

$

22,662,718

​

$

878,703,937

​

$

19,651,023

​

$

648,532,117

* Cost of investments in affiliated underlying funds

​

$

20,222,837

​

$

799,518,239

​

$

17,440,742

​

$

577,389,319

** Cost of investments in unaffiliated underlying funds

​

$

1,452,658

​

$

37,048,066

​

$

1,209,034

​

$

35,229,570

*** Cost of payable for foreign cash collateral for futures

​

$

—

​

$

327,912

​

$

—

​

$

239,628

See Accompanying Notes to Financial Statements

11

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2017 (Unaudited) (continued)

​	Voya Solution 2030 Portfolio			Voya Solution 2035 Portfolio			Voya Solution 2040 Portfolio			Voya Solution 2045 Portfolio
Class ADV	​			​			​			​
Net assets	​	$	9,972,356	​	$	260,627,174	​	$	7,181,529	​	$	175,046,128
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	​	​	660,274	​	​	22,279,842	​	​	450,018	​	​	14,996,803
Net asset value and redemption price per share	​	$	15.10	​	$	11.70	​	$	15.96	​	$	11.67
Class I	​			​			​			​
Net assets	​	$	5,630,981	​	$	244,975,637	​	$	6,000,695	​	$	203,842,267
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	364,210	​	​	20,365,391	​	​	367,300	​	​	16,956,193
Net asset value and redemption price per share	​	$	15.46	​	$	12.03	​	$	16.34	​	$	12.02
Class S	​			​			​			​
Net assets	​	$	6,728,191	​	$	352,509,858	​	$	6,170,220	​	$	256,327,093
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	​	​	437,271	​	​	29,660,838	​	​	380,156	​	​	21,635,615
Net asset value and redemption price per share	​	$	15.39	​	$	11.88	​	$	16.23	​	$	11.85
Class S2	​			​			​			​
Net assets	​	$	319,542	​	$	19,897,957	​	$	284,424	​	$	12,844,786
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	​	​	21,035	​	​	1,735,938	​	​	17,733	​	​	1,112,253
Net asset value and redemption price per share	​	$	15.19	​	$	11.46	​	$	16.04	​	$	11.55
Class T	​			​			​			​
Net assets	​	$	11,648	​	$	693,311	​	$	14,155	​	$	471,843
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	​	​	770	​	​	57,011	​	​	889	​	​	39,285
Net asset value and redemption price per share	​	$	15.13	​	$	12.16	​	$	15.93	​	$	12.01

See Accompanying Notes to Financial Statements

12

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2017 (Unaudited)

​	Voya Solution 2050 Portfolio			Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio
ASSETS:	​			​			​
Investments in affiliated underlying funds at fair value*	​	$	11,376,719	​	$	150,947,944	​	$	5,093,136
Investments in unaffiliated underlying funds at fair value**	​	​	835,440	​	​	8,540,230	​	​	376,062
Total investments at fair value	​	$	12,212,159	​	$	159,488,174	​	$	5,469,198
Cash	​	​	18,755	​	​	23,602	​	​	7,306
Cash collateral for futures	​	​	—	​	​	355,911	​	​	—
Receivables:	​			​			​
Fund shares sold	​	​	132,539	​	​	532,808	​	​	35,596
Prepaid expenses	​	​	45	​	​	1,181	​	​	20
Reimbursement due from manager	​	​	19,823	​	​	11,809	​	​	13,387
Other assets	​	​	—	​	​	2,335	​	​	—
Total assets	​	​	12,383,321	​	​	160,415,820	​	​	5,525,507
LIABILITIES:	​			​			​
Payable for investments in affiliated underlying funds purchased	​	​	132,538	​	​	481,994	​	​	35,596
Payable for fund shares redeemed	​	​	—	​	​	50,814	​	​	—
Payable for foreign cash collateral for futures***	​	​	—	​	​	57,479	​	​	—
Payable for investment management fees	​	​	9,438	​	​	27,779	​	​	8,395
Payable for distribution and shareholder service fees	​	​	2,592	​	​	30,704	​	​	1,185
Payable for directors fees	​	​	47	​	​	757	​	​	22
Payable to directors under the deferred compensation plan (Note 6)	​	​	—	​	​	2,335	​	​	—
Other accrued expenses and liabilities	​	​	6,381	​	​	14,155	​	​	8,028
Total liabilities	​	​	150,996	​	​	666,017	​	​	53,226
NET ASSETS	​	$	12,232,325	​	$	159,749,803	​	$	5,472,281
NET ASSETS WERE COMPRISED OF:	​			​			​
Paid-in capital	​	$	11,060,903	​	$	147,875,216	​	$	4,920,745
Undistributed net investment income	​	​	86,738	​	​	1,821,906	​	​	35,768
Accumulated net realized gain (loss)	​	​	410,955	​	​	(336,651)	​	​	244,156
Net unrealized appreciation	​	​	673,729	​	​	10,389,332	​	​	271,612
NET ASSETS	​	$	12,232,325	​	$	159,749,803	​	$	5,472,281
* Cost of investments in affiliated underlying funds	​	$	10,711,294	​	$	140,668,518	​	$	4,824,070
** Cost of investments in unaffiliated underlying funds	​	$	827,136	​	$	8,379,888	​	$	373,516
*** Cost of payable for foreign cash collateral for futures	​	$	—	​	$	57,455	​	$	—

See Accompanying Notes to Financial Statements

13

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2017 (Unaudited) (continued)

​	Voya Solution 2050 Portfolio			Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio
Class ADV	​			​			​
Net assets	​	$	4,851,391	​	$	45,001,877	​	$	1,794,375
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	302,832	​	​	3,332,026	​	​	156,420
Net asset value and redemption price per share	​	$	16.02	​	$	13.51	​	$	11.47
Class I	​			​			​
Net assets	​	$	4,006,160	​	$	58,440,718	​	$	1,394,187
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	243,637	​	​	4,236,504	​	​	120,375
Net asset value and redemption price per share	​	$	16.44	​	$	13.79	​	$	11.58
Class S	​			​			​
Net assets	​	$	3,134,503	​	$	53,132,067	​	$	2,196,797
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	192,222	​	​	3,897,104	​	​	191,404
Net asset value and redemption price per share	​	$	16.31	​	$	13.63	​	$	11.48
Class S2	​			​			​
Net assets	​	$	229,745	​	$	3,149,665	​	$	83,474
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	14,261	​	​	232,405	​	​	7,272
Net asset value and redemption price per share	​	$	16.11	​	$	13.55	​	$	11.48
Class T	​			​			​
Net assets	​	$	10,526	​	$	25,476	​	$	3,448
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	656	​	​	1,854	​	​	303
Net asset value and redemption price per share	​	$	16.05	​	$	13.74	​	$	11.39

See Accompanying Notes to Financial Statements

14

STATEMENTS OF OPERATIONS for the six months ended June 30, 2017 (Unaudited)

​

Voya Solution Aggressive Portfolio

Voya Solution Balanced Portfolio

Voya Solution Conservative Portfolio

Voya Solution Income Portfolio

INVESTMENT INCOME:

​

​

​

​

Dividends from affiliated underlying funds

​

$

27,661

​

$

297,246

​

$

166,498

​

$

3,626,278

Dividends from unaffiliated underlying funds

​

​

4,597

​

​

11,065

​

​

8,605

​

​

113,202

Total investment income

​

​

32,258

​

​

308,311

​

​

175,103

​

​

3,739,480

EXPENSES:

​

​

​

​

Investment management fees

​

​

9,485

​

​

53,848

​

​

17,195

​

​

495,834

Distribution and shareholder service fees:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

6,658

​

​

45,654

​

​

20,754

​

​

489,464

Class S

​

​

5,166

​

​

29,871

​

​

7,234

​

​

222,203

Class S2

​

​

963

​

​

3,447

​

​

1,126

​

​

22,390

Class T

​

​

—

​

​

—

​

​

—

​

​

725

Transfer agent fees

​

​

60

​

​

97

​

​

135

​

​

2,665

Shareholder reporting expense

​

​

882

​

​

3,620

​

​

905

​

​

19,530

Professional fees

​

​

3,884

​

​

6,335

​

​

4,828

​

​

32,971

Custody and accounting expense

​

​

322

​

​

2,172

​

​

705

​

​

19,355

Directors fees

​

​

134

​

​

767

​

​

244

​

​

7,101

Miscellaneous expense

​

​

4,406

​

​

4,742

​

​

4,360

​

​

19,870

Interest expense

​

​

—

​

​

3

​

​

—

​

​

19

Total expenses

​

​

31,960

​

​

150,556

​

​

57,486

​

​

1,332,127

Waived and reimbursed fees

​

​

(11,531)

​

​

(30,423)

​

​

(18,482)

​

​

(309,416)

Net expenses

​

​

20,429

​

​

120,133

​

​

39,004

​

​

1,022,711

Net investment income

​

​

11,829

​

​

188,178

​

​

136,099

​

​

2,716,769

REALIZED AND UNREALIZED GAIN (LOSS):

​

​

​

​

Net realized gain (loss) on:

​

​

​

​

Sale of affiliated underlying funds

​

​

(4,388)

​

​

(106,931)

​

​

7,412

​

​

863,619

Sale of unaffiliated underlying funds

​

​

44,895

​

​

130,528

​

​

50,023

​

​

1,390,142

Capital gain distributions from affiliated underlying funds

​

​

72,991

​

​

209,146

​

​

—

​

​

—

Foreign currency related transactions

​

​

—

​

​

672

​

​

—

​

​

6,240

Futures

​

​

—

​

​

(30,087)

​

​

—

​

​

(263,365)

Net realized gain

​

​

113,498

​

​

203,328

​

​

57,435

​

​

1,996,636

Net change in unrealized appreciation (depreciation) on:

​

​

​

​

Affiliated underlying funds

​

​

743,301

​

​

3,112,001

​

​

431,501

​

​

17,574,103

Unaffiliated underlying funds

​

​

(25,273)

​

​

(3,660)

​

​

(28,905)

​

​

(253,080)

Foreign currency related transactions

​

​

—

​

​

(8)

​

​

—

​

​

(73)

Futures

​

​

—

​

​

(15,574)

​

​

—

​

​

(150,300)

Net change in unrealized appreciation (depreciation)

​

​

718,028

​

​

3,092,759

​

​

402,596

​

​

17,170,650

Net realized and unrealized gain

​

​

831,526

​

​

3,296,087

​

​

460,031

​

​

19,167,286

Increase in net assets resulting from operations

​

$

843,355

​

$

3,484,265

​

$

596,130

​

$

21,884,055

See Accompanying Notes to Financial Statements

15

STATEMENTS OF OPERATIONS for the six months ended June 30, 2017 (Unaudited)

​

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

​

$

3,518,309

​

$

272,408

​

$

176,635

​

$

5,370,938

Dividends from unaffiliated underlying funds

​

​

342,152

​

​

6,097

​

​

11,862

​

​

295,244

Total investment income

​

​

3,860,461

​

​

278,505

​

​

188,497

​

​

5,666,182

EXPENSES:

​

​

​

​

Investment management fees

​

​

772,851

​

​

35,401

​

​

27,413

​

​

961,802

Distribution and shareholder service fees:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

63,199

​

​

29,029

​

​

27,482

​

​

751,737

Class S

​

​

831,879

​

​

25,254

​

​

8,850

​

​

464,080

Class S2

​

​

2,561

​

​

1,767

​

​

472

​

​

43,238

Class T

​

​

—

​

​

—

​

​

30

​

​

2,797

Transfer agent fees

​

​

3,366

​

​

67

​

​

243

​

​

582

Shareholder reporting expense

​

​

16,750

​

​

3,439

​

​

995

​

​

23,530

Professional fees

​

​

44,486

​

​

5,973

​

​

3,930

​

​

51,223

Custody and accounting expense

​

​

26,015

​

​

1,810

​

​

453

​

​

32,580

Directors fees

​

​

10,579

​

​

506

​

​

392

​

​

13,645

Miscellaneous expense

​

​

21,661

​

​

9,186

​

​

5,252

​

​

17,502

Interest expense

​

​

15

​

​

—

​

​

—

​

​

202

Total expenses

​

​

1,793,362

​

​

112,432

​

​

75,512

​

​

2,362,918

Waived and reimbursed fees

​

​

(118,346)

​

​

(30,815)

​

​

(24,004)

​

​

(413,213)

Net expenses

​

​

1,675,016

​

​

81,617

​

​

51,508

​

​

1,949,705

Net investment income

​

​

2,185,445

​

​

196,888

​

​

136,989

​

​

3,716,477

REALIZED AND UNREALIZED GAIN (LOSS):

​

​

​

​

Net realized gain (loss) on:

​

​

​

​

Sale of affiliated underlying funds

​

​

(991,390)

​

​

55,758

​

​

562,073

​

​

(2,128,887)

Sale of unaffiliated underlying funds

​

​

4,865,091

​

​

122,551

​

​

45,784

​

​

2,342,376

Capital gain distributions from affiliated underlying funds

​

​

4,683,954

​

​

98,418

​

​

84,685

​

​

2,805,570

Foreign currency related transactions

​

​

9,093

​

​

460

​

​

—

​

​

11,721

Futures

​

​

(377,064)

​

​

(18,112)

​

​

—

​

​

(474,056)

Net realized gain

​

​

8,189,684

​

​

259,075

​

​

692,542

​

​

2,556,724

Net change in unrealized appreciation (depreciation) on:

​

​

​

​

Affiliated underlying funds

​

​

49,623,979

​

​

1,294,903

​

​

738,815

​

​

60,483,808

Unaffiliated underlying funds

​

​

(1,379,481)

​

​

(53,436)

​

​

(9,854)

​

​

234,705

Foreign currency related transactions

​

​

(109)

​

​

(6)

​

​

—

​

​

(143)

Futures

​

​

(226,840)

​

​

(11,465)

​

​

—

​

​

(296,491)

Net change in unrealized appreciation (depreciation)

​

​

48,017,549

​

​

1,229,996

​

​

728,961

​

​

60,421,879

Net realized and unrealized gain

​

​

56,207,233

​

​

1,489,071

​

​

1,421,503

​

​

62,978,603

Increase in net assets resulting from operations

​

$

58,392,678

​

$

1,685,959

​

$

1,558,492

​

$

66,695,080

See Accompanying Notes to Financial Statements

16

STATEMENTS OF OPERATIONS for the six months ended June 30, 2017 (Unaudited)

​

Voya Solution 2030 Portfolio

Voya Solution 2035 Portfolio

Voya Solution 2040 Portfolio

Voya Solution 2045 Portfolio

INVESTMENT INCOME:

​

​

​

​

Dividends from affiliated underlying funds

​

$

91,880

​

$

4,053,090

​

$

71,378

​

$

2,341,122

Dividends from unaffiliated underlying funds

​

​

11,536

​

​

278,807

​

​

10,469

​

​

276,921

Total investment income

​

​

103,416

​

​

4,331,897

​

​

81,847

​

​

2,618,043

EXPENSES:

​

​

​

​

Investment management fees

​

​

20,645

​

​

932,521

​

​

18,344

​

​

694,488

Distribution and shareholder service fees:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

20,855

​

​

655,974

​

​

15,408

​

​

440,759

Class S

​

​

7,553

​

​

445,827

​

​

6,918

​

​

321,538

Class S2

​

​

935

​

​

41,114

​

​

466

​

​

26,283

Class T

​

​

40

​

​

2,311

​

​

45

​

​

1,560

Transfer agent fees

​

​

243

​

​

647

​

​

98

​

​

457

Shareholder reporting expense

​

​

995

​

​

22,625

​

​

1,538

​

​

19,005

Professional fees

​

​

3,655

​

​

47,965

​

​

4,575

​

​

40,346

Custody and accounting expense

​

​

778

​

​

25,340

​

​

659

​

​

21,955

Directors fees

​

​

290

​

​

13,138

​

​

256

​

​

9,609

Miscellaneous expense

​

​

4,672

​

​

21,047

​

​

5,333

​

​

24,631

Interest expense

​

​

—

​

​

73

​

​

—

​

​

10

Total expenses

​

​

60,661

​

​

2,208,582

​

​

53,640

​

​

1,600,641

Waived and reimbursed fees

​

​

(18,508)

​

​

(400,798)

​

​

(19,597)

​

​

(263,483)

Net expenses

​

​

42,153

​

​

1,807,784

​

​

34,043

​

​

1,337,158

Net investment income

​

​

61,263

​

​

2,524,113

​

​

47,804

​

​

1,280,885

REALIZED AND UNREALIZED GAIN (LOSS):

​

​

​

​

Net realized gain (loss) on:

​

​

​

​

Sale of affiliated underlying funds

​

​

511,559

​

​

1,671,085

​

​

481,089

​

​

1,227,983

Sale of unaffiliated underlying funds

​

​

25,702

​

​

4,548,611

​

​

82,545

​

​

4,229,747

Capital gain distributions from affiliated underlying funds

​

​

94,952

​

​

4,114,051

​

​

109,899

​

​

3,679,358

Foreign currency related transactions

​

​

—

​

​

11,285

​

​

—

​

​

8,168

Futures

​

​

—

​

​

(453,151)

​

​

—

​

​

(325,480)

Net realized gain

​

​

632,213

​

​

9,891,881

​

​

673,533

​

​

8,819,776

Net change in unrealized appreciation (depreciation) on:

​

​

​

​

Affiliated underlying funds

​

​

772,729

​

​

68,052,551

​

​

838,448

​

​

52,479,390

Unaffiliated underlying funds

​

​

20,384

​

​

(1,911,863)

​

​

(45,924)

​

​

(1,835,111)

Foreign currency related transactions

​

​

—

​

​

(139)

​

​

—

​

​

(101)

Futures

​

​

—

​

​

(286,871)

​

​

—

​

​

(209,888)

Net change in unrealized appreciation (depreciation)

​

​

793,113

​

​

65,853,678

​

​

792,524

​

​

50,434,290

Net realized and unrealized gain

​

​

1,425,326

​

​

75,745,559

​

​

1,466,057

​

​

59,254,066

Increase in net assets resulting from operations

​

$

1,486,589

​

$

78,269,672

​

$

1,513,861

​

$

60,534,951

See Accompanying Notes to Financial Statements

17

STATEMENTS OF OPERATIONS for the six months ended June 30, 2017 (Unaudited)

​	Voya Solution 2050 Portfolio			Voya Solution 2055 Portfolio			Voya Solution 2060 Portfolio
INVESTMENT INCOME:	​			​			​
Dividends from affiliated underlying funds	​	$	37,519	​	$	522,593	​	$	16,478
Dividends from unaffiliated underlying funds	​	​	6,277	​	​	49,294	​	​	2,946
Total investment income	​	​	43,796	​	​	571,887	​	​	19,424
EXPENSES:	​			​			​
Investment management fees	​	​	10,311	​	​	161,735	​	​	4,816
Distribution and shareholder service fees:	​	​	​	​	​	​	​	​	​
Class ADV	​	​	10,233	​	​	109,639	​	​	4,183
Class S	​	​	3,225	​	​	64,491	​	​	2,086
Class S2	​	​	326	​	​	6,373	​	​	154
Class T	​	​	35	​	​	90	​	​	11
Transfer agent fees	​	​	74	​	​	612	​	​	198
Shareholder reporting expense	​	​	1,548	​	​	7,002	​	​	1,446
Professional fees	​	​	4,568	​	​	10,627	​	​	4,019
Custody and accounting expense	​	​	417	​	​	5,048	​	​	272
Directors fees	​	​	141	​	​	2,272	​	​	67
Miscellaneous expense	​	​	6,180	​	​	8,484	​	​	4,719
Total expenses	​	​	37,058	​	​	376,373	​	​	21,971
Waived and reimbursed fees	​	​	(15,920)	​	​	(65,567)	​	​	(11,579)
Net expenses	​	​	21,138	​	​	310,806	​	​	10,392
Net investment income	​	​	22,658	​	​	261,081	​	​	9,032
REALIZED AND UNREALIZED GAIN (LOSS):	​			​			​
Net realized gain (loss) on:	​			​			​
Sale of affiliated underlying funds	​	​	186,635	​	​	(1,041,770)	​	​	115,161
Sale of unaffiliated underlying funds	​	​	44,468	​	​	744,998	​	​	20,523
Capital gain distributions from affiliated underlying funds	​	​	60,419	​	​	881,447	​	​	27,847
Foreign currency related transactions	​	​	—	​	​	1,898	​	​	—
Futures	​	​	—	​	​	(74,718)	​	​	—
Net realized gain	​	​	291,522	​	​	511,855	​	​	163,531
Net change in unrealized appreciation (depreciation) on:	​			​			​
Affiliated underlying funds	​	​	557,453	​	​	14,118,452	​	​	226,685
Unaffiliated underlying funds	​	​	(20,423)	​	​	(400,489)	​	​	(10,468)
Foreign currency related transactions	​	​	—	​	​	(24)	​	​	—
Futures	​	​	—	​	​	(50,412)	​	​	—
Net change in unrealized appreciation (depreciation)	​	​	537,030	​	​	13,667,527	​	​	216,217
Net realized and unrealized gain	​	​	828,552	​	​	14,179,382	​	​	379,748
Increase in net assets resulting from operations	​	$	851,210	​	$	14,440,463	​	$	388,780

See Accompanying Notes to Financial Statements

18

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

​

Voya Solution Aggressive Portfolio

Voya Solution Balanced Portfolio

​

Six Months Ended June 30, 2017

Year Ended December 31, 2016

Six Months Ended June 30, 2017

Year Ended December 31, 2016

FROM OPERATIONS:

​

​

​

​

Net investment income

​

$

11,829

​

$

64,695

​

$

188,178

​

$

694,394

Net realized gain (loss)

​

​

113,498

​

​

(8,314)

​

​

203,328

​

​

403,647

Net change in unrealized appreciation (depreciation)

​

​

718,028

​

​

389,968

​

​

3,092,759

​

​

1,634,780

Increase in net assets resulting from operations

​

​

843,355

​

​

446,349

​

​

3,484,265

​

​

2,732,821

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(23,934)

​

​

—

​

​

(410,012)

Class I

​

​

—

​

​

(2,335)

​

​

—

​

​

(2,354)

Class R6

​

​

—

​

​

(957)

​

​

—

​

​

(20,744)

Class S

​

​

—

​

​

(48,921)

​

​

—

​

​

(525,795)

Class S2

​

​

—

​

​

(3,605)

​

​

—

​

​

(11,571)

Net realized gains:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(123,049)

​

​

—

​

​

(1,429,535)

Class I

​

​

—

​

​

(7,887)

​

​

—

​

​

(6,154)

Class R6

​

​

—

​

​

(3,226)

​

​

—

​

​

(54,237)

Class S

​

​

—

​

​

(182,612)

​

​

—

​

​

(1,528,071)

Class S2

​

​

—

​

​

(14,026)

​

​

—

​

​

(36,902)

Total distributions

​

​

—

​

​

(410,552)

​

​

—

​

​

(4,025,375)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

Net proceeds from sale of shares

​

​

3,687,325

​

​

3,630,137

​

​

10,499,148

​

​

14,742,333

Reinvestment of distributions

​

​

—

​

​

410,552

​

​

—

​

​

4,025,375

​

​

​

3,687,325

​

​

4,040,689

​

​

10,499,148

​

​

18,767,708

Cost of shares redeemed

​

​

(1,580,734)

​

​

(1,371,169)

​

​

(6,444,115)

​

​

(16,023,486)

Net increase in net assets resulting from capital share transactions

​

​

2,106,591

​

​

2,669,520

​

​

4,055,033

​

​

2,744,222

Net increase in net assets

​

​

2,949,946

​

​

2,705,317

​

​

7,539,298

​

​

1,451,668

NET ASSETS:

​

​

​

​

Beginning of year or period

​

​

7,812,597

​

​

5,107,280

​

​

49,718,756

​

​

48,267,088

End of year or period

​

$

10,762,543

​

$

7,812,597

​

$

57,258,054

​

$

49,718,756

Undistributed net investment income at end of year or period

​

$

76,961

​

$

65,132

​

$

997,870

​

$

809,692

See Accompanying Notes to Financial Statements

19

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

​

Voya Solution Conservative Portfolio

Voya Solution Income Portfolio

​

Six Months Ended June 30, 2017

Year Ended December 31, 2016

Six Months Ended June 30, 2017

Year Ended December 31, 2016

FROM OPERATIONS:

​

​

​

​

Net investment income

​

$

136,099

​

$

299,116

​

$

2,716,769

​

$

8,636,813

Net realized gain (loss)

​

​

57,435

​

​

(66,340)

​

​

1,996,636

​

​

(200,701)

Net change in unrealized appreciation (depreciation)

​

​

402,596

​

​

651,291

​

​

17,170,650

​

​

15,021,804

Increase in net assets resulting from operations

​

​

596,130

​

​

884,067

​

​

21,884,055

​

​

23,457,916

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(150,115)

​

​

—

​

​

(2,150,558)

Class I

​

​

—

​

​

(628)

​

​

—

​

​

(1,212,513)

Class R6

​

​

—

​

​

(8,166)

​

​

—

​

​

—

Class S

​

​

—

​

​

(136,481)

​

​

—

​

​

(2,220,269)

Class S2

​

​

—

​

​

(9,380)

​

​

—

​

​

(138,417)

Net realized gains:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(206,616)

​

​

—

​

​

(2,591,594)

Class I

​

​

—

​

​

(635)

​

​

—

​

​

(1,083,900)

Class R6

​

​

—

​

​

(8,257)

​

​

—

​

​

—

Class S

​

​

—

​

​

(153,138)

​

​

—

​

​

(2,268,074)

Class S2

​

​

—

​

​

(10,919)

​

​

—

​

​

(155,401)

Class T

​

​

—

​

​

—

​

​

—

​

​

(2,132)

Total distributions

​

​

—

​

​

(684,335)

​

​

—

​

​

(11,822,858)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

Net proceeds from sale of shares

​

​

3,185,634

​

​

4,259,688

​

​

14,984,505

​

​

32,380,433

Reinvestment of distributions

​

​

—

​

​

684,168

​

​

—

​

​

11,822,858

​

​

​

3,185,634

​

​

4,943,856

​

​

14,984,505

​

​

44,203,291

Cost of shares redeemed

​

​

(3,780,631)

​

​

(3,277,607)

​

​

(63,912,461)

​

​

(158,926,207)

Net increase (decrease) in net assets resulting from capital share transactions

​

​

(594,997)

​

​

1,666,249

​

​

(48,927,956)

​

​

(114,722,916)

Net increase (decrease) in net assets

​

​

1,133

​

​

1,865,981

​

​

(27,043,901)

​

​

(103,087,858)

NET ASSETS:

​

​

​

​

Beginning of year or period

​

​

16,369,603

​

​

14,503,622

​

​

485,667,657

​

​

588,755,515

End of year or period

​

$

16,370,736

​

$

16,369,603

​

$

458,623,756

​

$

485,667,657

Undistributed net investment income at end of year or period

​

$

477,194

​

$

341,095

​

$

12,583,128

​

$

9,866,359

See Accompanying Notes to Financial Statements

20

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

​

Voya Solution Moderately Aggressive Portfolio

Voya Solution Moderately Conservative Portfolio

​

Six Months Ended June 30, 2017

Year Ended December 31, 2016

Six Months Ended June 30, 2017

Year Ended December 31, 2016

FROM OPERATIONS:

​

​

​

​

Net investment income

​

$

2,185,445

​

$

8,801,998

​

$

196,888

​

$

597,138

Net realized gain (loss)

​

​

8,189,684

​

​

1,174,345

​

​

259,075

​

​

(678,541)

Net change in unrealized appreciation (depreciation)

​

​

48,017,549

​

​

31,015,331

​

​

1,229,996

​

​

2,172,416

Increase in net assets resulting from operations

​

​

58,392,678

​

​

40,991,674

​

​

1,685,959

​

​

2,091,013

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(212,822)

​

​

—

​

​

(274,375)

Class I

​

​

—

​

​

(53,499)

​

​

—

​

​

(1,055)

Class R6

​

​

—

​

​

(1,403)

​

​

—

​

​

(203)

Class S

​

​

—

​

​

(8,226,554)

​

​

—

​

​

(513,040)

Class S2

​

​

—

​

​

(8,934)

​

​

—

​

​

(18,457)

Net realized gains:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(395,963)

​

​

—

​

​

(828,646)

Class I

​

​

—

​

​

(62,404)

​

​

—

​

​

(2,273)

Class R6

​

​

—

​

​

(1,637)

​

​

—

​

​

(437)

Class S

​

​

—

​

​

(10,441,172)

​

​

—

​

​

(1,219,917)

Class S2

​

​

—

​

​

(14,815)

​

​

—

​

​

(47,298)

Total distributions

​

​

—

​

​

(19,419,203)

​

​

—

​

​

(2,905,701)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

Net proceeds from sale of shares

​

​

8,368,474

​

​

11,405,648

​

​

3,201,039

​

​

6,036,432

Reinvestment of distributions

​

​

—

​

​

19,419,203

​

​

—

​

​

2,905,701

​

​

​

8,368,474

​

​

30,824,851

​

​

3,201,039

​

​

8,942,133

Cost of shares redeemed

​

​

(56,232,899)

​

​

(115,010,937)

​

​

(7,349,257)

​

​

(15,464,819)

Net decrease in net assets resulting from capital share transactions

​

​

(47,864,425)

​

​

(84,186,086)

​

​

(4,148,218)

​

​

(6,522,686)

Net increase (decrease) in net assets

​

​

10,528,253

​

​

(62,613,615)

​

​

(2,462,259)

​

​

(7,337,374)

NET ASSETS:

​

​

​

​

Beginning of year or period

​

​

693,196,516

​

​

755,810,131

​

​

35,534,940

​

​

42,872,314

End of year or period

​

$

703,724,769

​

$

693,196,516

​

$

33,072,681

​

$

35,534,940

Undistributed net investment income at end of year or period

​

$

11,912,096

​

$

9,726,651

​

$

889,290

​

$

692,402

See Accompanying Notes to Financial Statements

21

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

​

Voya Solution 2020 Portfolio

Voya Solution 2025 Portfolio

​

Six Months Ended June 30, 2017

Year Ended December 31, 2016

Six Months Ended June 30, 2017

Year Ended December 31, 2016

FROM OPERATIONS:

​

​

​

​

Net investment income

​

$

136,989

​

$

269,152

​

$

3,716,477

​

$

14,650,804

Net realized gain

​

​

692,542

​

​

452,890

​

​

2,556,724

​

​

16,710,885

Net change in unrealized appreciation (depreciation)

​

​

728,961

​

​

264,926

​

​

60,421,879

​

​

21,008,317

Increase in net assets resulting from operations

​

​

1,558,492

​

​

986,968

​

​

66,695,080

​

​

52,370,006

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(30,050)

​

​

—

​

​

(5,850,591)

Class I

​

​

—

​

​

(17,525)

​

​

—

​

​

(5,020,661)

Class S

​

​

—

​

​

(23,360)

​

​

—

​

​

(8,047,201)

Class S2

​

​

—

​

​

(683)

​

​

—

​

​

(504,984)

Class T

​

​

—

​

​

—

​

​

—

​

​

(12,925)

Net realized gains:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(39,585)

​

​

—

​

​

(25,793,205)

Class I

​

​

—

​

​

(19,182)

​

​

—

​

​

(16,534,468)

Class S

​

​

—

​

​

(26,838)

​

​

—

​

​

(30,295,541)

Class S2

​

​

—

​

​

(970)

​

​

—

​

​

(2,072,239)

Class T

​

​

—

​

​

(28)

​

​

—

​

​

(62,642)

Total distributions

​

​

—

​

​

(158,221)

​

​

—

​

​

(94,194,457)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

Net proceeds from sale of shares

​

​

8,818,463

​

​

21,178,235

​

​

48,543,700

​

​

77,865,505

Reinvestment of distributions

​

​

—

​

​

158,203

​

​

—

​

​

94,194,456

​

​

​

8,818,463

​

​

21,336,438

​

​

48,543,700

​

​

172,059,961

Cost of shares redeemed

​

​

(5,399,130)

​

​

(9,430,029)

​

​

(104,221,428)

​

​

(243,406,338)

Net increase (decrease) in net assets resulting from capital share transactions

​

​

3,419,333

​

​

11,906,409

​

​

(55,677,728)

​

​

(71,346,377)

Net increase (decrease) in net assets

​

​

4,977,825

​

​

12,735,156

​

​

11,017,352

​

​

(113,170,828)

NET ASSETS:

​

​

​

​

Beginning of year or period

​

​

22,176,680

​

​

9,441,524

​

​

896,029,284

​

​

1,009,200,112

End of year or period

​

$

27,154,505

​

$

22,176,680

​

$

907,046,636

​

$

896,029,284

Undistributed net investment income at end of year or period

​

$

452,281

​

$

315,292

​

$

20,900,751

​

$

17,184,274

See Accompanying Notes to Financial Statements

22

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

​

Voya Solution 2030 Portfolio

Voya Solution 2035 Portfolio

​

Six Months Ended June 30, 2017

Year Ended December 31, 2016

Six Months Ended June 30, 2017

Year Ended December 31, 2016

FROM OPERATIONS:

​

​

​

​

Net investment income

​

$

61,263

​

$

174,309

​

$

2,524,113

​

$

12,146,510

Net realized gain

​

​

632,213

​

​

311,127

​

​

9,891,881

​

​

17,868,373

Net change in unrealized appreciation (depreciation)

​

​

793,113

​

​

227,521

​

​

65,853,678

​

​

22,191,160

Increase in net assets resulting from operations

​

​

1,486,589

​

​

712,957

​

​

78,269,672

​

​

52,206,043

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(16,483)

​

​

—

​

​

(5,125,743)

Class I

​

​

—

​

​

(5,762)

​

​

—

​

​

(5,348,117)

Class S

​

​

—

​

​

(11,238)

​

​

—

​

​

(7,573,427)

Class S2

​

​

—

​

​

(1,455)

​

​

—

​

​

(448,201)

Class T

​

​

—

​

​

—

​

​

—

​

​

(7,825)

Net realized gains:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(22,721)

​

​

—

​

​

(24,216,893)

Class I

​

​

—

​

​

(7,039)

​

​

—

​

​

(19,033,957)

Class S

​

​

—

​

​

(14,220)

​

​

—

​

​

(30,708,986)

Class S2

​

​

—

​

​

(1,785)

​

​

—

​

​

(1,959,015)

Class T

​

​

—

​

​

(26)

​

​

—

​

​

(50,073)

Total distributions

​

​

—

​

​

(80,729)

​

​

—

​

​

(94,472,237)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

Net proceeds from sale of shares

​

​

10,573,595

​

​

14,162,825

​

​

43,229,395

​

​

84,881,033

Reinvestment of distributions

​

​

—

​

​

80,678

​

​

—

​

​

94,472,237

​

​

​

10,573,595

​

​

14,243,503

​

​

43,229,395

​

​

179,353,270

Cost of shares redeemed

​

​

(4,303,910)

​

​

(3,898,412)

​

​

(96,703,828)

​

​

(210,855,745)

Net increase (decrease) in net assets resulting from capital share transactions

​

​

6,269,685

​

​

10,345,091

​

​

(53,474,433)

​

​

(31,502,475)

Net increase (decrease) in net assets

​

​

7,756,274

​

​

10,977,319

​

​

24,795,239

​

​

(73,768,669)

NET ASSETS:

​

​

​

​

Beginning of year or period

​

​

14,906,444

​

​

3,929,125

​

​

853,908,698

​

​

927,677,367

End of year or period

​

$

22,662,718

​

$

14,906,444

​

$

878,703,937

​

$

853,908,698

Undistributed net investment income at end of year or period

​

$

261,209

​

$

199,946

​

$

16,310,219

​

$

13,786,106

See Accompanying Notes to Financial Statements

23

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

​

Voya Solution 2040 Portfolio

Voya Solution 2045 Portfolio

​

Six Months Ended June 30, 2017

Year Ended December 31, 2016

Six Months Ended June 30, 2017

Year Ended December 31, 2016

FROM OPERATIONS:

​

​

​

​

Net investment income

​

$

47,804

​

$

117,916

​

$

1,280,885

​

$

7,089,678

Net realized gain

​

​

673,533

​

​

283,783

​

​

8,819,776

​

​

13,497,107

Net change in unrealized appreciation (depreciation)

​

​

792,524

​

​

251,996

​

​

50,434,290

​

​

18,136,807

Increase in net assets resulting from operations

​

​

1,513,861

​

​

653,695

​

​

60,534,951

​

​

38,723,592

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(16,429)

​

​

—

​

​

(2,509,631)

Class I

​

​

—

​

​

(7,933)

​

​

—

​

​

(3,442,244)

Class S

​

​

—

​

​

(11,673)

​

​

—

​

​

(4,215,034)

Class S2

​

​

—

​

​

(846)

​

​

—

​

​

(205,558)

Class T

​

​

—

​

​

(9)

​

​

—

​

​

(4,674)

Net realized gains:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(36,813)

​

​

—

​

​

(16,558,058)

Class I

​

​

—

​

​

(13,678)

​

​

—

​

​

(15,825,344)

Class S

​

​

—

​

​

(20,636)

​

​

—

​

​

(22,768,310)

Class S2

​

​

—

​

​

(1,485)

​

​

—

​

​

(1,227,821)

Class T

​

​

—

​

​

(65)

​

​

—

​

​

(34,121)

Total distributions

​

​

—

​

​

(109,567)

​

​

—

​

​

(66,790,795)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

Net proceeds from sale of shares

​

​

11,357,806

​

​

10,328,998

​

​

38,927,100

​

​

74,260,683

Reinvestment of distributions

​

​

—

​

​

109,464

​

​

—

​

​

66,790,795

​

​

​

11,357,806

​

​

10,438,462

​

​

38,927,100

​

​

141,051,478

Cost of shares redeemed

​

​

(4,417,034)

​

​

(3,126,569)

​

​

(68,842,299)

​

​

(145,774,446)

Net increase (decrease) in net assets resulting from capital share transactions

​

​

6,940,772

​

​

7,311,893

​

​

(29,915,199)

​

​

(4,722,968)

Net increase (decrease) in net assets

​

​

8,454,633

​

​

7,856,021

​

​

30,619,752

​

​

(32,790,171)

NET ASSETS:

​

​

​

​

Beginning of year or period

​

​

11,196,390

​

​

3,340,369

​

​

617,912,365

​

​

650,702,536

End of year or period

​

$

19,651,023

​

$

11,196,390

​

$

648,532,117

​

$

617,912,365

Undistributed net investment income at end of year or period

​

$

178,641

​

$

130,837

​

$

8,408,895

​

$

7,128,010

See Accompanying Notes to Financial Statements

24

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

​

Voya Solution 2050 Portfolio

Voya Solution 2055 Portfolio

​

Six Months Ended June 30, 2017

Year Ended December 31, 2016

Six Months Ended June 30, 2017

Year Ended December 31, 2016

FROM OPERATIONS:

​

​

​

​

Net investment income

​

$

22,658

​

$

64,799

​

$

261,081

​

$

1,543,944

Net realized gain

​

​

291,522

​

​

143,579

​

​

511,855

​

​

254,313

Net change in unrealized appreciation (depreciation)

​

​

537,030

​

​

181,827

​

​

13,667,527

​

​

6,974,759

Increase in net assets resulting from operations

​

​

851,210

​

​

390,205

​

​

14,440,463

​

​

8,773,016

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(7,610)

​

​

—

​

​

(475,842)

Class I

​

​

—

​

​

(3,867)

​

​

—

​

​

(700,799)

Class S

​

​

—

​

​

(5,038)

​

​

—

​

​

(671,361)

Class S2

​

​

—

​

​

(380)

​

​

—

​

​

(39,938)

Class T

​

​

—

​

​

—

​

​

—

​

​

(203)

Net realized gains:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(20,068)

​

​

—

​

​

(2,731,652)

Class I

​

​

—

​

​

(7,612)

​

​

—

​

​

(2,812,511)

Class S

​

​

—

​

​

(10,258)

​

​

—

​

​

(3,164,455)

Class S2

​

​

—

​

​

(798)

​

​

—

​

​

(207,570)

Class T

​

​

—

​

​

(49)

​

​

—

​

​

(1,005)

Total distributions

​

​

—

​

​

(55,680)

​

​

—

​

​

(10,805,336)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

Net proceeds from sale of shares

​

​

6,194,399

​

​

6,583,275

​

​

22,832,818

​

​

41,346,741

Reinvestment of distributions

​

​

—

​

​

55,596

​

​

—

​

​

10,805,337

​

​

​

6,194,399

​

​

6,638,871

​

​

22,832,818

​

​

52,152,078

Cost of shares redeemed

​

​

(1,597,056)

​

​

(1,867,857)

​

​

(19,149,877)

​

​

(36,891,031)

Net increase in net assets resulting from capital share transactions

​

​

4,597,343

​

​

4,771,014

​

​

3,682,941

​

​

15,261,047

Net increase in net assets

​

​

5,448,553

​

​

5,105,539

​

​

18,123,404

​

​

13,228,727

NET ASSETS:

​

​

​

​

Beginning of year or period

​

​

6,783,772

​

​

1,678,233

​

​

141,626,399

​

​

128,397,672

End of year or period

​

$

12,232,325

​

$

6,783,772

​

$

159,749,803

​

$

141,626,399

Undistributed net investment income at end of year or period

​

$

86,738

​

$

64,080

​

$

1,821,906

​

$

1,560,825

See Accompanying Notes to Financial Statements

25

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

​	Voya Solution 2060 Portfolio
​	Six Months Ended June 30, 2017			Year Ended December 31, 2016
FROM OPERATIONS:	​			​
Net investment income	​	$	9,032	​	$	27,562
Net realized gain	​	​	163,531	​	​	82,665
Net change in unrealized appreciation (depreciation)	​	​	216,217	​	​	65,448
Increase in net assets resulting from operations	​	​	388,780	​	​	175,675
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	​	​	3,332,905	​	​	3,046,992
Reinvestment of distributions	​	​	—	​	​	19,850
​	​	​	3,332,905	​	​	3,066,842
Cost of shares redeemed	​	​	(1,120,912)	​	​	(1,027,327)
Net increase in net assets resulting from capital share transactions	​	​	2,211,993	​	​	2,039,515
Net increase in net assets	​	​	2,600,773	​	​	2,195,340
NET ASSETS:	​			​
Beginning of year or period	​	​	2,871,508	​	​	676,168
End of year or period	​	$	5,472,281	​	$	2,871,508
Undistributed net investment income at end of year or period	​	$	35,768	​	$	26,736

See Accompanying Notes to Financial Statements

26

Financial Highlights (Unaudited)

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

11.33

​

0.00*

​

1.15

​

1.15

​

—

​

—

​

—

​

—

​

—

​

12.48

​

10.15

​

0.93

​

0.67

​

0.67

​

0.04

​

2,839

​

35

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

11.56

​

0.04•

​

1.16

​

1.20

​

—

​

—

​

—

​

—

​

—

​

12.76

​

10.38

​

0.43

​

0.17

​

0.17

​

0.60

​

340

​

35

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

11.56

​

0.04•

​

1.16

​

1.20

​

—

​

—

​

—

​

—

​

—

​

12.76

​

10.38

​

0.43

​

0.17

​

0.17

​

0.60

​

2,764

​

35

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

11.44

​

0.02•

​

1.16

​

1.18

​

—

​

—

​

—

​

—

​

—

​

12.62

​

10.31

​

0.68

​

0.42

​

0.42

​

0.30

​

4,266

​

35

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

11.32

​

0.01•

​

1.14

​

1.15

​

—

​

—

​

—

​

—

​

—

​

12.47

​

10.16

​

0.83

​

0.57

​

0.57

​

0.14

​

553

​

35

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

9.06

​

0.03•

​

0.60

​

0.63

​

—

​

—

​

—

​

—

​

—

​

9.69

​

6.95

​

0.78

​

0.66

​

0.66

​

0.55

​

18,643

​

33

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

27

Financial Highlights (Unaudited) (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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

9.40

​

0.05•

​

0.63

​

0.68

​

—

​

—

​

—

​

—

​

—

​

10.08

​

7.23

​

0.28

​

0.16

​

0.16

​

1.06

​

4,494

​

33

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

9.39

​

0.05•

​

0.64

​

0.69

​

—

​

—

​

—

​

—

​

—

​

10.08

​

7.35

​

0.28

​

0.16

​

0.16

​

1.08

​

8,359

​

33

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

9.18

​

0.04•

​

0.62

​

0.66

​

—

​

—

​

—

​

—

​

—

​

9.84

​

7.19

​

0.53

​

0.41

​

0.41

​

0.80

​

23,977

​

33

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

9.16

​

0.03•

​

0.62

​

0.65

​

—

​

—

​

—

​

—

​

—

​

9.81

​

7.10

​

0.68

​

0.56

​

0.56

​

0.66

​

1,786

​

33

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.60

​

0.08•

​

0.31

​

0.39

​

—

​

—

​

—

​

—

​

—

​

10.99

​

3.68

​

0.85

​

0.62

​

0.62

​

1.56

​

8,594

​

42

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.74

​

0.11•

​

0.31

​

0.42

​

—

​

—

​

—

​

—

​

—

​

11.16

​

3.91

​

0.35

​

0.12

​

0.12

​

2.06

​

68

​

42

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.74

​

0.11•

​

0.31

​

0.42

​

—

​

—

​

—

​

—

​

—

​

11.16

​

3.91

​

0.35

​

0.12

​

0.12

​

2.07

​

2,158

​

42

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

28

Financial Highlights (Unaudited) (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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.66

​

0.10•

​

0.30

​

0.40

​

—

​

—

​

—

​

—

​

—

​

11.06

​

3.75

​

0.60

​

0.37

​

0.37

​

1.77

​

4,969

​

42

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.59

​

0.09•

​

0.30

​

0.39

​

—

​

—

​

—

​

—

​

—

​

10.98

​

3.68

​

0.75

​

0.52

​

0.52

​

1.65

​

582

​

42

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

11.11

​

0.05•

​

0.46

​

0.51

​

—

​

—

​

—

​

—

​

—

​

11.62

​

4.59

​

0.75

​

0.62

​

0.62

​

0.97

​

190,714

​

28

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

​

1.43

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

11.38

​

0.09•

​

0.47

​

0.56

​

—

​

—

​

—

​

—

​

—

​

11.94

​

4.92

​

0.25

​

0.12

​

0.12

​

1.47

​

87,207

​

28

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

11.28

​

0.07•

​

0.46

​

0.53

​

—

​

—

​

—

​

—

​

—

​

11.81

​

4.70

​

0.50

​

0.37

​

0.37

​

1.22

​

170,222

​

28

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.99

​

0.06•

​

0.45

​

0.51

​

—

​

—

​

—

​

—

​

—

​

11.50

​

4.64

​

0.65

​

0.52

​

0.52

​

1.08

​

10,268

​

28

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

29

Financial Highlights (Unaudited) (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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

11.73

​

0.05•

​

0.48

​

0.53

​

—

​

—

​

—

​

—

​

—

​

12.26

​

4.52

​

0.95

​

0.82

​

0.82

​

0.77

​

212

​

28

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

11.62

​

0.02•

​

0.97

​

0.99

​

—

​

—

​

—

​

—

​

—

​

12.61

​

8.52

​

0.76

​

0.72

​

0.72

​

0.38

​

25,998

​

23

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

11.83

​

0.06•

​

0.98

​

1.04

​

—

​

—

​

—

​

—

​

—

​

12.87

​

8.79

​

0.26

​

0.22

​

0.22

​

0.89

​

4,884

​

23

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

11.82

​

0.06•

​

0.98

​

1.04

​

—

​

—

​

—

​

—

​

—

​

12.86

​

8.80

​

0.26

​

0.22

​

0.22

​

0.98

​

4,433

​

23

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

11.71

​

0.04•

​

0.98

​

1.02

​

—

​

—

​

—

​

—

​

—

​

12.73

​

8.71

​

0.51

​

0.47

​

0.47

​

0.63

​

666,944

​

23

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

11.70

​

0.03•

​

0.98

​

1.01

​

—

​

—

​

—

​

—

​

—

​

12.71

​

8.63

​

0.66

​

0.62

​

0.62

​

0.50

​

1,466

​

23

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

30

Financial Highlights (Unaudited) (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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

9.24

​

0.05•

​

0.41

​

0.46

​

—

​

—

​

—

​

—

​

—

​

9.70

​

4.98

​

0.84

​

0.65

​

0.65

​

1.01

​

10,967

​

33

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

9.65

​

0.08•

​

0.43

​

0.51

​

—

​

—

​

—

​

—

​

—

​

10.16

​

5.28

​

0.34

​

0.15

​

0.15

​

1.55

​

25

​

33

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

9.64

​

0.08•

​

0.42

​

0.50

​

—

​

—

​

—

​

—

​

—

​

10.14

​

5.19

​

0.34

​

0.15

​

0.15

​

1.59

​

1,108

​

33

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

9.44

​

0.06•

​

0.42

​

0.48

​

—

​

—

​

—

​

—

​

—

​

9.92

​

5.08

​

0.59

​

0.40

​

0.40

​

1.26

​

20,046

​

33

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

9.34

​

0.05•

​

0.42

​

0.47

​

—

​

—

​

—

​

—

​

—

​

9.81

​

5.03

​

0.74

​

0.55

​

0.55

​

1.13

​

927

​

33

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

12.15

​

0.05•

​

0.71

​

0.76

​

—

​

—

​

—

​

—

​

—

​

12.91

​

6.26

​

0.80

​

0.61

​

0.61

​

0.84

​

11,697

​

49

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

See Accompanying Notes to Financial Statements

31

Financial Highlights (Unaudited) (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 I	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	12.37	​	0.09•	​	0.72	​	0.81	​	—	​	—	​	—	​	—	​	—	​	13.18	​	6.55	​	0.30	​	0.11	​	0.11	​	1.34	​	7,715	​	49
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
Class S	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	12.33	​	0.07•	​	0.72	​	0.79	​	—	​	—	​	—	​	—	​	—	​	13.12	​	6.41	​	0.55	​	0.36	​	0.36	​	1.10	​	7,489	​	49
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	12.22	​	0.06•	​	0.71	​	0.77	​	—	​	—	​	—	​	—	​	—	​	12.99	​	6.30	​	0.70	​	0.51	​	0.51	​	0.94	​	245	​	49
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	12.16	​	0.04•	​	0.71	​	0.75	​	—	​	—	​	—	​	—	​	—	​	12.91	​	6.17	​	1.00	​	0.81	​	0.81	​	0.63	​	9	​	49
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	10.66	​	0.05	​	0.75	​	0.80	​	—	​	—	​	—	​	—	​	—	​	11.46	​	7.50	​	0.74	​	0.65	​	0.65	​	0.60	​	298,618	​	34
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	10.94	​	0.06•	​	0.79	​	0.85	​	—	​	—	​	—	​	—	​	—	​	11.79	​	7.77	​	0.24	​	0.15	​	0.15	​	1.10	​	224,955	​	34
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

See Accompanying Notes to Financial Statements

32

Financial Highlights (Unaudited) (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 S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.82

​

0.05•

​

0.77

​

0.82

​

—

​

—

​

—

​

—

​

—

​

11.64

​

7.58

​

0.49

​

0.40

​

0.40

​

0.85

​

362,958

​

34

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

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.52

​

0.04•

​

0.75

​

0.79

​

—

​

—

​

—

​

—

​

—

​

11.31

​

7.51

​

0.64

​

0.55

​

0.55

​

0.75

​

19,740

​

34

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

11.10

​

0.02•

​

0.80

​

0.82

​

—

​

—

​

—

​

—

​

—

​

11.92

​

7.39

​

0.94

​

0.85

​

0.85

​

0.40

​

775

​

34

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

13.94

​

0.03•

​

1.13

​

1.16

​

—

​

—

​

—

​

—

​

—

​

15.10

​

8.32

​

0.83

​

0.63

​

0.63

​

0.45

​

9,972

​

48

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

14.23

​

0.07•

​

1.16

​

1.23

​

—

​

—

​

—

​

—

​

—

​

15.46

​

8.64

​

0.33

​

0.13

​

0.13

​

0.93

​

5,631

​

48

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

14.18

​

0.05•

​

1.16

​

1.21

​

—

​

—

​

—

​

—

​

—

​

15.39

​

8.53

​

0.58

​

0.38

​

0.38

​

0.71

​

6,728

​

48

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

See Accompanying Notes to Financial Statements

33

Financial Highlights (Unaudited) (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 S2	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	14.01	​	0.03•	​	1.15	​	1.18	​	—	​	—	​	—	​	—	​	—	​	15.19	​	8.42	​	0.73	​	0.53	​	0.53	​	0.38	​	320	​	48
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
Class T	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	13.98	​	0.02•	​	1.13	​	1.15	​	—	​	—	​	—	​	—	​	—	​	15.13	​	8.23	​	1.03	​	0.83	​	0.83	​	0.22	​	12	​	48
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	10.71	​	0.02•	​	0.97	​	0.99	​	—	​	—	​	—	​	—	​	—	​	11.70	​	9.24	​	0.75	​	0.65	​	0.65	​	0.34	​	260,627	​	25
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	10.98	​	0.05•	​	1.00	​	1.05	​	—	​	—	​	—	​	—	​	—	​	12.03	​	9.56	​	0.25	​	0.15	​	0.15	​	0.85	​	244,976	​	25
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	10.87	​	0.03•	​	0.98	​	1.01	​	—	​	—	​	—	​	—	​	—	​	11.88	​	9.29	​	0.50	​	0.40	​	0.40	​	0.59	​	352,510	​	25
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	10.49	​	0.03•	​	0.94	​	0.97	​	—	​	—	​	—	​	—	​	—	​	11.46	​	9.25	​	0.65	​	0.55	​	0.55	​	0.53	​	19,898	​	25
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

See Accompanying Notes to Financial Statements

34

Financial Highlights (Unaudited) (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 2035 Portfolio (continued)	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Class T	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	11.14	​	0.01•	​	1.01	​	1.02	​	—	​	—	​	—	​	—	​	—	​	12.16	​	9.16	​	0.95	​	0.85	​	0.85	​	0.14	​	693	​	25
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
Voya Solution 2040 Portfolio	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Class ADV	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	14.55	​	0.02•	​	1.39	​	1.41	​	—	​	—	​	—	​	—	​	—	​	15.96	​	9.69	​	0.86	​	0.63	​	0.63	​	0.31	​	7,182	​	44
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	14.86	​	0.06•	​	1.42	​	1.48	​	—	​	—	​	—	​	—	​	—	​	16.34	​	9.96	​	0.36	​	0.13	​	0.13	​	0.81	​	6,001	​	44
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	14.78	​	0.05•	​	1.40	​	1.45	​	—	​	—	​	—	​	—	​	—	​	16.23	​	9.81	​	0.61	​	0.38	​	0.38	​	0.64	​	6,170	​	44
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	14.62	​	0.03•	​	1.39	​	1.42	​	—	​	—	​	—	​	—	​	—	​	16.04	​	9.71	​	0.76	​	0.53	​	0.53	​	0.38	​	284	​	44
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	14.53	​	0.01•	​	1.39	​	1.40	​	—	​	—	​	—	​	—	​	—	​	15.93	​	9.64	​	1.06	​	0.83	​	0.83	​	0.08	​	14	​	44
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

See Accompanying Notes to Financial Statements

35

Financial Highlights (Unaudited) (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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Class ADV	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	10.63	​	0.01•	​	1.03	​	1.04	​	—	​	—	​	—	​	—	​	—	​	11.67	​	9.78	​	0.76	​	0.67	​	0.67	​	0.14	​	175,046	​	24
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
Class I	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	10.92	​	0.04•	​	1.06	​	1.10	​	—	​	—	​	—	​	—	​	—	​	12.02	​	10.07	​	0.26	​	0.17	​	0.17	​	0.66	​	203,842	​	24
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	10.77	​	0.02•	​	1.06	​	1.08	​	—	​	—	​	—	​	—	​	—	​	11.85	​	10.03	​	0.51	​	0.42	​	0.42	​	0.40	​	256,327	​	24
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	10.51	​	0.02•	​	1.02	​	1.04	​	—	​	—	​	—	​	—	​	—	​	11.55	​	9.90	​	0.66	​	0.57	​	0.57	​	0.30	​	12,845	​	24
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	10.95	​	(0.00)*•	​	1.06	​	1.06	​	—	​	—	​	—	​	—	​	—	​	12.01	​	9.68	​	0.96	​	0.87	​	0.87	​	(0.05)	​	472	​	24
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	14.57	​	0.02•	​	1.43	​	1.45	​	—	​	—	​	—	​	—	​	—	​	16.02	​	9.95	​	0.99	​	0.66	​	0.66	​	0.27	​	4,851	​	34
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

See Accompanying Notes to Financial Statements

36

Financial Highlights (Unaudited) (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 I	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	14.91	​	0.06•	​	1.47	​	1.53	​	—	​	—	​	—	​	—	​	—	​	16.44	​	10.26	​	0.49	​	0.16	​	0.16	​	0.78	​	4,006	​	34
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
Class S	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	14.81	​	0.04•	​	1.46	​	1.50	​	—	​	—	​	—	​	—	​	—	​	16.31	​	10.13	​	0.74	​	0.41	​	0.41	​	0.49	​	3,135	​	34
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	14.64	​	0.03•	​	1.44	​	1.47	​	—	​	—	​	—	​	—	​	—	​	16.11	​	10.04	​	0.89	​	0.56	​	0.56	​	0.32	​	230	​	34
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	14.60	​	0.00*	​	1.45	​	1.45	​	—	​	—	​	—	​	—	​	—	​	16.05	​	9.93	​	1.19	​	0.86	​	0.86	​	0.01	​	11	​	34
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	12.27	​	0.01•	​	1.23	​	1.24	​	—	​	—	​	—	​	—	​	—	​	13.51	​	10.11	​	0.76	​	0.67	​	0.67	​	0.08	​	45,002	​	25
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
06-30-17	​	12.51	​	0.04•	​	1.24	​	1.28	​	—	​	—	​	—	​	—	​	—	​	13.79	​	10.23	​	0.26	​	0.17	​	0.17	​	0.60	​	58,441	​	25
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

See Accompanying Notes to Financial Statements

37

Financial Highlights (Unaudited) (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 S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

12.38

​

0.02•

​

1.23

​

1.25

​

—

​

—

​

—

​

—

​

—

​

13.63

​

10.10

​

0.51

​

0.42

​

0.42

​

0.33

​

53,132

​

25

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

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

12.31

​

0.02•

​

1.22

​

1.24

​

—

​

—

​

—

​

—

​

—

​

13.55

​

10.07

​

0.66

​

0.57

​

0.57

​

0.24

​

3,150

​

25

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

12.50

​

(0.01)•

​

1.25

​

1.24

​

—

​

—

​

—

​

—

​

—

​

13.74

​

9.92

​

0.96

​

0.87

​

0.87

​

(0.15)

​

25

​

25

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.42

​

0.01•

​

1.04

​

1.05

​

—

​

—

​

—

​

—

​

—

​

11.47

​

10.08

​

1.20

​

0.68

​

0.68

​

0.13

​

1,794

​

42

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.49

​

0.04•

​

1.05

​

1.09

​

—

​

—

​

—

​

—

​

—

​

11.58

​

10.39

​

0.70

​

0.18

​

0.18

​

0.77

​

1,394

​

42

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.41

​

0.03•

​

1.04

​

1.07

​

—

​

—

​

—

​

—

​

—

​

11.48

​

10.28

​

0.95

​

0.43

​

0.43

​

0.49

​

2,197

​

42

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.42

​

0.02•

​

1.04

​

1.06

​

—

​

—

​

—

​

—

​

—

​

11.48

​

10.17

​

1.10

​

0.58

​

0.58

​

0.41

​

83

​

42

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.35

​

(0.00) *

​

1.04

​

1.04

​

—

​

—

​

—

​

—

​

—

​

11.39

​

10.05

​

1.40

​

0.88

​

0.88

​

(0.05)

​

3

​

42

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

See Accompanying Notes to Financial Statements

38

Financial Highlights (Unaudited) (continued)

(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 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

39

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited)

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 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 are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if applicable.

Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Prior to May 1, 2017, Directed Services LLC, a Delaware limited liability company, served as the investment adviser to the Portfolios. There were no changes to the services provided or the fees charged to the Portfolios upon the replacement of Directed Services LLC with Voya Investments. 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.

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

40

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

 

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

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

All other assets for which market quotations are not readily available or became unreliable (or if the above fair

41

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

 

valuation methods are unavailable or determined to be unreliable) are valued at fair value as determined in good faith by or under the supervision of the Board following procedures approved by the Board. The Board has delegated to the Investment Adviser responsibility for overseeing the implementation of the Portfolios’ valuation procedures; a “Pricing Committee” comprised of employees of the Investment Adviser or its affiliates has responsibility for applying the fair valuation methods set forth in the procedures and, if a fair valuation cannot be determined pursuant to the fair valuation methods, determining the fair value of assets held by the Portfolios. Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in each Portfolio.

Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and 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.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses,

purchases and sales, and transfers in or out of the Level 3 category during the period. The beginning of period timing recognition is used for the transfers between levels of a Portfolio’s assets and liabilities. A reconciliation of Level 3 investments is presented only when a Portfolio has a significant amount of Level 3 investments.

For the period ended June 30, 2017, 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 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 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.

42

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited) (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.

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the

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

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

43

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

 

price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when each Portfolio’s assets are valued.

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

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended June 30, 2017, 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 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 period ended June 30, 2017, the following Portfolios had average notional values on futures contracts purchased and sold as of June 30, 2017. Please refer to the tables following each respective Portfolio of Investments for open futures contracts purchased and sold for Solution Balanced, Solution Income, Solution

Moderately Aggressive, Solution Moderately Conservative, Solution 2025, Solution 2035, Solution 2045 and Solution 2055. There were no open futures contracts purchased or sold for remaining Portfolios at June 30, 2017.

​	Purchased			Sold
Solution Balanced	​	$	750,908	​	$	774,453
Solution Income	​	​	7,098,800	​	​	7,258,803
Solution Moderately Aggressive	​	​	10,576,259	​	​	10,649,970
Solution Moderately Conservative	​	​	509,057	​	​	415,945
Solution 2025	​	​	13,725,929	​	​	13,923,178
Solution 2035	​	​	13,260,500	​	​	13,387,730
Solution 2045	​	​	9,702,865	​	​	9,757,558
Solution 2055	​	​	2,297,672	​	​	2,320,273

H. 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 six months ended June 30, 2017, the cost of purchases and the proceeds from sales of the Underlying Funds were as follows:

​	Purchases			Sales
Solution Aggressive	​	$	5,296,781	​	$	3,173,656
Solution Balanced	​	​	20,994,687	​	​	16,810,709
Solution Conservative	​	​	6,927,407	​	​	7,387,344
Solution Income	​	​	133,834,109	​	​	180,632,106
Solution Moderately Aggressive	​	​	158,216,233	​	​	204,741,226
Solution Moderately Conservative	​	​	11,130,996	​	​	15,113,969
Solution 2020	​	​	16,288,045	​	​	12,754,655
Solution 2025	​	​	311,701,898	​	​	365,124,898
Solution 2030	​	​	15,548,896	​	​	9,237,381
Solution 2035	​	​	221,911,797	​	​	274,550,901
Solution 2040	​	​	14,423,136	​	​	7,449,068
Solution 2045	​	​	152,052,813	​	​	181,385,745
Solution 2050	​	​	7,850,858	​	​	3,240,232
Solution 2055	​	​	42,202,906	​	​	38,449,127
Solution 2060	​	​	4,081,125	​	​	1,863,511

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,

44

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited) (continued)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

 

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 direct investments.

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

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Classes ADV, S2 and T of the respective Portfolios have a plan of distribution (each a “Plan” and collectively, the “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 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 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.

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 June 30, 2017, 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	​	7.82%
​	Solution Balanced	​	8.20
​	Solution Conservative	​	10.37
​	Solution Income	​	36.34
​	Solution Moderately Conservative	​	6.21
​	Solution 2020	​	22.51
​	Solution 2025	​	32.73
​	Solution 2030	​	22.72
​	Solution 2035	​	32.50
​	Solution 2040	​	18.63
​	Solution 2045	​	30.66
​	Solution 2050	​	19.53
​	Solution 2055	​	32.51
​	Solution 2060	​	16.87
Voya Insurance and Annuity Company	Solution Moderately Aggressive	​	91.62
Voya Retirement Insurance and Annuity Company	Solution Aggressive	​	92.11
​	Solution Balanced	​	91.80
​	Solution Conservative	​	89.61
​	Solution Income	​	58.27
​	Solution Moderately Conservative	​	93.78
​	Solution 2020	​	77.48
​	Solution 2025	​	64.37
​	Solution 2030	​	76.91
​	Solution 2035	​	65.67
​	Solution 2040	​	81.35
​	Solution 2045	​	67.89
​	Solution 2050	​	80.43
​	Solution 2055	​	67.43
​	Solution 2060	​	83.06

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 Portfolios have adopted a deferred compensation plan (the “DC Plan”), which allows eligible independent directors, as described in the DC Plan, to defer the receipt of all or a portion of the directors’ fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the director under the DC Plan, the amounts deferred are invested in shares of the funds selected by the director (the “Notional Funds”). The Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the directors’ deferred fees, resulting in a Portfolio asset

45

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited) (continued)

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

 

equal to the deferred compensation liability. Such assets, if applicable, are included as a component of  “Other assets” on the accompanying Statements of Assets and Liabilities. Deferral of directors’ fees under the DC Plan will not affect net assets of the Portfolio, and will not materially affect the Portfolios’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

NOTE 7 — 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

​

1.22%

​

0.72%

​

N/A

​

0.97%

​

1.12%

​

1.42%

Solution 2025

​

1.28%

​

0.78%

​

N/A

​

1.03%

​

1.18%

​

1.48%

Solution 2030

​

1.29%

​

0.79%

​

N/A

​

1.04%

​

1.19%

​

1.49%

Solution 2035

​

1.33%

​

0.83%

​

N/A

​

1.08%

​

1.23%

​

1.53%

Solution 2040

​

1.33%

​

0.83%

​

N/A

​

1.08%

​

1.23%

​

1.53%

Solution 2045

​

1.36%

​

0.86%

​

N/A

​

1.11%

​

1.26%

​

1.56%

Solution 2050

​

1.36%

​

0.86%

​

N/A

​

1.11%

​

1.26%

​

1.56%

Solution 2055

​

1.36%

​

0.86%

​

N/A

​

1.11%

​

1.26%

​

1.56%

Solution 2060

​

1.37%

​

0.87%

​

N/A

​

1.12%

​

1.27%

​

1.57%

(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.

Prior to January 1, 2017, the expense limits were:

Portfolio(2)

Class ADV

Class I

Class R6

Class S

Class S2

Class T

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%

Portfolio(2)

Class ADV

Class I

Class R6

Class S

Class S2

Class T

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%

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%

(2)

The operating expense limits took 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 was 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 June 30, 2017 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:

​

June 30,

​

​

2018

2019

2020

Total

Solution Aggressive

​

$

6,393

​

$

13,587

​

$

27,231

​

$

47,211

Solution Balanced

​

​

61,481

​

​

66,004

​

​

64,135

​

​

191,620

Solution Conservative

​

​

39,838

​

​

34,948

​

​

38,455

​

​

113,241

Solution Income

​

​

207,178

​

​

550,313

​

​

678,943

​

​

1,436,434

Solution Moderately Aggressive

​

​

30,534

​

​

287,331

​

​

305,266

​

​

623,131

Solution Moderately Conservative

​

​

52,617

​

​

53,631

​

​

63,019

​

​

169,267

Solution 2020

​

​

15,220

​

​

23,352

​

​

46,693

​

​

85,265

Solution 2025

​

​

1,084,901

​

​

936,710

​

​

884,246

​

​

2,905,857

Solution 2030

​

​

15,608

​

​

19,161

​

​

35,290

​

​

70,059

Solution 2035

​

​

712,047

​

​

750,730

​

​

770,232

​

​

2,233,009

Solution 2040

​

​

12,390

​

​

20,590

​

​

35,719

​

​

68,699

Solution 2045

​

​

380,333

​

​

348,768

​

​

510,904

​

​

1,240,005

Solution 2050

​

​

13,209

​

​

19,144

​

​

29,633

​

​

61,986

Solution 2055

​

​

70,324

​

​

79,138

​

​

120,365

​

​

269,827

Solution 2060

​

​

10,564

​

​

29,698

​

​

23,519

​

​

63,781

The Expense Limitation Agreement is contractual through May 1, 2018 for all Portfolios and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

46

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited) (continued)

NOTE 8 — LINE OF CREDIT

Effective May 19, 2017, the line of credit was renewed and 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.

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

The following Portfolios utilized the line of credit during the period ended June 30, 2017:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Solution 2025	​	2	​	$	551,000	​	1.91%
Solution 2035	​	2	​	​	488,000	​	1.91

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

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

40,148

​

—

​

—

​

(35,046)

​

5,102

​

488,451

​

—

​

—

​

(423,490)

​

64,961

12/31/2016

​

71,088

​

—

​

13,350

​

(72,164)

​

12,274

​

790,135

​

—

​

146,983

​

(806,792)

​

130,326

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

7,001

​

—

​

—

​

(2,706)

​

4,295

​

86,759

​

—

​

—

​

(33,716)

​

53,043

12/31/2016

​

10,057

​

—

​

912

​

(547)

​

10,422

​

113,995

​

—

​

10,222

​

(6,309)

​

117,908

Class R6

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

164,961

​

—

​

—

​

(5,382)

​

159,579

​

2,058,907

​

—

​

—

​

(64,079)

​

1,994,828

5/2/2016(1) - 12/31/2016

​

58,522

​

—

​

373

​

(1,919)

​

56,976

​

678,814

​

—

​

4,183

​

(21,908)

​

661,089

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

75,801

​

—

​

—

​

(83,306)

​

(7,505)

​

914,022

​

—

​

—

​

(1,005,100)

​

(91,078)

12/31/2016

​

157,521

​

—

​

20,859

​

(43,665)

​

134,715

​

1,772,910

​

—

​

231,533

​

(492,326)

​

1,512,117

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

11,591

​

—

​

—

​

(4,560)

​

7,031

​

139,186

​

—

​

—

​

(54,349)

​

84,837

12/31/2016

​

24,769

​

—

​

1,605

​

(3,928)

​

22,446

​

274,283

​

—

​

17,631

​

(43,834)

​

248,080

Solution Balanced

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

74,394

​

—

​

—

​

(162,396)

​

(88,002)

​

705,362

​

—

​

—

​

(1,522,431)

​

(817,069)

12/31/2016

​

191,318

​

—

​

206,691

​

(1,058,045)

​

(660,036)

​

1,755,767

​

—

​

1,839,547

​

(9,847,737)

​

(6,252,423)

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

228,014

​

—

​

—

​

(4,848)

​

223,166

​

2,295,668

​

—

​

—

​

(46,756)

​

2,248,912

12/31/2016

​

217,306

​

—

​

924

​

(1,608)

​

216,622

​

2,020,929

​

—

​

8,507

​

(15,058)

​

2,014,378

Class R6

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

595,560

​

—

​

—

​

(23,176)

​

572,384

​

5,883,004

​

—

​

—

​

(227,404)

​

5,655,600

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

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

140,960

​

—

​

—

​

(462,950)

​

(321,990)

​

1,351,307

​

—

​

—

​

(4,385,136)

​

(3,033,829)

12/31/2016

​

784,782

​

—

​

227,954

​

(622,570)

​

390,166

​

7,217,170

​

—

​

2,053,866

​

(5,826,050)

​

3,444,986

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

27,631

​

—

​

—

​

(27,607)

​

24

​

263,807

​

—

​

—

​

(262,388)

​

1,419

12/31/2016

​

141,831

​

—

​

5,386

​

(26,090)

​

121,127

​

1,288,802

​

—

​

48,473

​

(241,690)

​

1,095,585

47

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited) (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

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

95,265

​

—

​

—

​

(117,269)

​

(22,004)

​

1,034,526

​

—

​

—

​

(1,265,389)

​

(230,863)

12/31/2016

​

110,109

​

—

​

33,749

​

(162,455)

​

(18,597)

​

1,177,944

​

—

​

356,731

​

(1,740,892)

​

(206,217)

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

2,024

​

—

​

—

​

(6,096)

​

(4,072)

​

22,228

​

—

​

—

​

(67,796)

​

(45,568)

12/31/2016

​

9,326

​

—

​

103

​

(519)

​

8,910

​

100,105

​

—

​

1,096

​

(5,592)

​

95,609

Class R6

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

130,881

​

—

​

—

​

(4,403)

​

126,478

​

1,439,458

​

—

​

—

​

(48,336)

​

1,391,122

5/2/2016(1) - 12/31/2016

​

65,603

​

—

​

1,537

​

(289)

​

66,851

​

718,269

​

—

​

16,423

​

(3,103)

​

731,589

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

53,488

​

—

​

—

​

(215,325)

​

(161,837)

​

581,887

​

—

​

—

​

(2,347,732)

​

(1,765,845)

12/31/2016

​

191,001

​

—

​

27,271

​

(133,859)

​

84,413

​

2,045,268

​

—

​

289,618

​

(1,435,029)

​

899,857

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

9,975

​

—

​

—

​

(4,727)

​

5,248

​

107,535

​

—

​

—

​

(51,378)

​

56,157

12/31/2016

​

20,580

​

—

​

1,923

​

(8,826)

​

13,677

​

218,102

​

—

​

20,300

​

(92,991)

​

145,411

Solution Income

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

402,007

​

—

​

—

​

(2,450,812)

​

(2,048,805)

​

4,590,806

​

—

​

—

​

(27,934,927)

​

(23,344,121)

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)

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

586,106

​

—

​

—

​

(520,761)

​

65,345

​

6,868,738

​

—

​

—

​

(6,110,478)

​

758,260

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)

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

270,711

​

—

​

—

​

(2,373,849)

​

(2,103,138)

​

3,153,685

​

—

​

—

​

(27,572,358)

​

(24,418,673)

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)

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

32,778

​

—

​

—

​

(201,710)

​

(168,932)

​

369,958

​

—

​

—

​

(2,291,279)

​

(1,921,321)

12/31/2016

​

155,769

​

—

​

26,662

​

(549,167)

​

(366,736)

​

1,700,861

​

—

​

293,819

​

(6,019,372)

​

(4,024,692)

Class T

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

110

​

—

​

—

​

(285)

​

(175)

​

1,318

​

—

​

—

​

(3,419)

​

(2,101)

12/31/2016

​

7,841

​

—

​

181

​

(62,146)

​

(54,124)

​

91,198

​

—

​

2,132

​

(719,828)

​

(626,498)

Solution Moderately Aggressive

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

154,570

​

—

​

—

​

(213,742)

​

(59,172)

​

1,888,509

​

—

​

—

​

(2,599,671)

​

(711,162)

12/31/2016

​

313,018

​

—

​

53,590

​

(1,041,492)

​

(674,884)

​

3,517,103

​

—

​

608,784

​

(11,697,103)

​

(7,571,216)

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

27,537

​

—

​

—

​

(14,420)

​

13,117

​

341,819

​

—

​

—

​

(181,150)

​

160,669

12/31/2016

​

56,764

​

—

​

10,035

​

(53,317)

​

13,482

​

650,676

​

—

​

115,903

​

(607,100)

​

159,479

Class R6

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

248,108

​

—

​

—

​

(12,400)

​

235,708

​

3,100,036

​

—

​

—

​

(157,604)

​

2,942,432

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

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

227,527

​

—

​

—

​

(4,322,849)

​

(4,095,322)

​

2,788,760

​

—

​

—

​

(53,275,783)

​

(50,487,023)

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)

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

20,136

​

—

​

—

​

(1,522)

​

18,614

​

249,350

​

—

​

—

​

(18,691)

​

230,659

12/31/2016

​

30,115

​

—

​

2,076

​

(27,362)

​

4,829

​

339,555

​

—

​

23,749

​

(307,295)

​

56,009

Solution Moderately Conservative

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

104,095

​

—

​

—

​

(433,478)

​

(329,383)

​

999,623

​

—

​

—

​

(4,102,517)

​

(3,102,894)

12/31/2016

​

314,962

​

—

​

120,417

​

(1,288,116)

​

(852,737)

​

2,958,639

​

—

​

1,103,021

​

(12,347,311)

​

(8,285,651)

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

3

​

—

​

—

​

(918)

​

(915)

​

36

​

—

​

—

​

(9,276)

​

(9,240)

12/31/2016

​

270

​

—

​

348

​

(798)

​

(180)

​

2,671

​

—

​

3,328

​

(7,713)

​

(1,714)

48

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited) (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

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

81,652

​

—

​

—

​

(2,219)

​

79,433

​

810,158

​

—

​

—

​

(22,004)

​

788,154

5/2/2016(1) - 12/31/2016

​

29,923

​

—

​

67

​

(195)

​

29,795

​

287,964

​

—

​

640

​

(1,877)

​

286,727

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

138,374

​

—

​

—

​

(330,667)

​

(192,293)

​

1,342,944

​

—

​

—

​

(3,205,919)

​

(1,862,975)

12/31/2016

​

267,868

​

—

​

185,343

​

(303,784)

​

149,427

​

2,577,222

​

—

​

1,732,956

​

(2,950,942)

​

1,359,236

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

5,025

​

—

​

—

​

(991)

​

4,034

​

48,278

​

—

​

—

​

(9,541)

​

38,737

12/31/2016

​

21,737

​

—

​

7,101

​

(16,349)

​

12,489

​

209,936

​

—

​

65,756

​

(156,976)

​

118,716

Solution 2020

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

299,947

​

—

​

—

​

(148,161)

​

151,786

​

3,769,315

​

—

​

—

​

(1,882,153)

​

1,887,162

12/31/2016

​

801,007

​

—

​

5,784

​

(297,458)

​

509,333

​

9,402,802

​

—

​

69,636

​

(3,551,098)

​

5,921,340

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

206,832

​

—

​

—

​

(136,625)

​

70,207

​

2,644,555

​

—

​

—

​

(1,777,694)

​

866,861

12/31/2016

​

572,827

​

—

​

2,999

​

(243,036)

​

332,790

​

6,912,370

​

—

​

36,706

​

(2,901,732)

​

4,047,344

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

168,447

​

—

​

—

​

(122,687)

​

45,760

​

2,149,060

​

—

​

—

​

(1,567,220)

​

581,840

12/31/2016

​

368,264

​

—

​

4,111

​

(198,513)

​

173,862

​

4,408,326

​

—

​

50,198

​

(2,389,852)

​

2,068,672

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

19,952

​

—

​

—

​

(13,210)

​

6,742

​

255,086

​

—

​

—

​

(172,026)

​

83,060

12/31/2016

​

37,380

​

—

​

137

​

(49,568)

​

(12,051)

​

451,006

​

—

​

1,653

​

(587,326)

​

(134,667)

Class T

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

36

​

—

​

—

​

(3)

​

33

​

447

​

—

​

—

​

(37)

​

410

12/31/2016

​

317

​

—

​

1

​

(2)

​

316

​

3,731

​

—

​

10

​

(21)

​

3,720

Solution 2025

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

1,086,677

​

—

​

—

​

(3,420,362)

​

(2,333,685)

​

12,108,469

​

—

​

—

​

(38,085,261)

​

(25,976,792)

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)

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

2,357,163

​

—

​

—

​

(990,106)

​

1,367,057

​

27,021,517

​

—

​

—

​

(11,269,211)

​

15,752,306

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)

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

721,335

​

—

​

—

​

(4,343,120)

​

(3,621,785)

​

8,144,057

​

—

​

—

​

(49,268,797)

​

(41,124,740)

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)

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

114,200

​

—

​

—

​

(494,767)

​

(380,567)

​

1,261,214

​

—

​

—

​

(5,501,322)

​

(4,240,108)

12/31/2016

​

274,563

​

—

​

248,527

​

(904,887)

​

(381,797)

​

2,959,702

​

—

​

2,577,222

​

(9,685,304)

​

(4,148,380)

Class T

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

727

​

—

​

—

​

(8,319)

​

(7,592)

​

8,443

​

—

​

—

​

(96,837)

​

(88,394)

12/31/2016

​

2,735

​

—

​

6,895

​

(9,228)

​

402

​

30,432

​

—

​

75,567

​

(105,146)

​

853

Solution 2030

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

328,609

​

—

​

—

​

(143,554)

​

185,055

​

4,829,191

​

—

​

—

​

(2,109,975)

​

2,719,216

12/31/2016

​

442,625

​

—

​

2,868

​

(88,794)

​

356,699

​

5,898,535

​

—

​

39,204

​

(1,206,550)

​

4,731,189

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

166,054

​

—

​

—

​

(29,984)

​

136,070

​

2,494,548

​

—

​

—

​

(448,160)

​

2,046,388

12/31/2016

​

263,076

​

—

​

918

​

(99,835)

​

164,159

​

3,633,035

​

—

​

12,801

​

(1,361,694)

​

2,284,142

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

177,732

​

—

​

—

​

(76,769)

​

100,963

​

2,632,378

​

—

​

—

​

(1,161,001)

​

1,471,377

12/31/2016

​

301,171

​

—

​

1,831

​

(74,932)

​

228,070

​

4,131,153

​

—

​

25,458

​

(1,036,181)

​

3,120,430

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

42,049

​

—

​

—

​

(39,221)

​

2,828

​

617,478

​

—

​

—

​

(584,697)

​

32,781

12/31/2016

​

36,147

​

—

​

234

​

(21,246)

​

15,135

​

493,775

​

—

​

3,207

​

(293,936)

​

203,046

49

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited) (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

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

—

​

—

​

—

​

(5)

​

(5)

​

—

​

—

​

—

​

(77)

​

(77)

12/31/2016

​

475

​

—

​

—*

​

(4)

​

471

​

6,327

​

—

​

8

​

(51)

​

6,284

Solution 2035

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

699,509

​

—

​

—

​

(2,902,724)

​

(2,203,215)

​

7,883,949

​

—

​

—

​

(32,784,877)

​

(24,900,928)

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)

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

1,922,061

​

—

​

—

​

(755,619)

​

1,166,442

​

22,300,257

​

—

​

—

​

(8,773,339)

​

13,526,918

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

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

972,343

​

—

​

—

​

(4,396,018)

​

(3,423,675)

​

11,171,156

​

—

​

—

​

(50,507,665)

​

(39,336,509)

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)

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

164,739

​

—

​

—

​

(413,180)

​

(248,441)

​

1,857,966

​

—

​

—

​

(4,633,262)

​

(2,775,296)

12/31/2016

​

274,981

​

—

​

234,621

​

(538,586)

​

(28,984)

​

2,929,101

​

—

​

2,407,216

​

(5,690,669)

​

(354,352)

Class T

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

1,361

​

—

​

—

​

(392)

​

969

​

16,067

​

—

​

—

​

(4,685)

​

11,382

12/31/2016

​

3,580

​

—

​

5,302

​

(28,951)

​

(20,069)

​

39,813

​

—

​

57,898

​

(335,241)

​

(237,530)

Solution 2040

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

199,486

​

—

​

—

​

(86,052)

​

113,434

​

3,075,128

​

—

​

—

​

(1,335,418)

​

1,739,710

12/31/2016

​

312,727

​

—

​

3,752

​

(141,023)

​

175,456

​

4,342,825

​

—

​

53,242

​

(1,982,272)

​

2,413,795

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

236,273

​

—

​

—

​

(63,281)

​

172,992

​

3,660,051

​

—

​

—

​

(994,320)

​

2,665,731

12/31/2016

​

183,107

​

—

​

1,494

​

(24,919)

​

159,682

​

2,608,905

​

—

​

21,611

​

(363,209)

​

2,267,307

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

286,456

​

—

​

—

​

(123,979)

​

162,477

​

4,446,962

​

—

​

—

​

(1,994,102)

​

2,452,860

12/31/2016

​

213,730

​

—

​

2,244

​

(41,758)

​

174,216

​

3,024,568

​

—

​

32,309

​

(592,676)

​

2,464,201

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

11,062

​

—

​

—

​

(5,819)

​

5,243

​

174,540

​

—

​

—

​

(93,141)

​

81,399

12/31/2016

​

24,827

​

—

​

159

​

(13,178)

​

11,808

​

345,812

​

—

​

2,272

​

(188,319)

​

159,765

Class T

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

73

​

—

​

—

​

(3)

​

70

​

1,125

​

—

​

—

​

(53)

​

1,072

12/31/2016

​

498

​

—

​

2

​

(6)

​

494

​

6,888

​

—

​

30

​

(93)

​

6,825

Solution 2045

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

660,997

​

—

​

—

​

(2,264,685)

​

(1,603,688)

​

7,415,504

​

—

​

—

​

(25,381,095)

​

(17,965,591)

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)

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

1,815,206

​

—

​

—

​

(566,064)

​

1,249,142

​

21,038,815

​

—

​

—

​

(6,572,963)

​

14,465,852

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

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

832,854

​

—

​

—

​

(3,049,385)

​

(2,216,531)

​

9,531,438

​

—

​

—

​

(34,863,391)

​

(25,331,953)

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)

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

83,657

​

—

​

—

​

(178,750)

​

(95,093)

​

926,843

​

—

​

—

​

(2,023,290)

​

(1,096,447)

12/31/2016

​

237,021

​

—

​

139,842

​

(383,030)

​

(6,167)

​

2,524,988

​

—

​

1,433,379

​

(4,045,609)

​

(87,242)

Class T

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

1,248

​

—

​

—

​

(135)

​

1,113

​

14,500

​

—

​

—

​

(1,560)

​

12,940

12/31/2016

​

4,049

​

—

​

3,629

​

(3,827)

​

3,851

​

43,683

​

—

​

38,795

​

(42,747)

​

39,731

Solution 2050

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

134,713

​

—

​

—

​

(50,489)

​

84,224

​

2,079,901

​

—

​

—

​

(784,237)

​

1,295,664

12/31/2016

​

195,180

​

—

​

1,949

​

(47,816)

​

149,313

​

2,707,059

​

—

​

27,679

​

(664,751)

​

2,069,987

50

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited) (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

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

158,444

​

—

​

—

​

(12,129)

​

146,315

​

2,522,577

​

—

​

—

​

(193,712)

​

2,328,865

12/31/2016

​

112,886

​

—

​

791

​

(43,767)

​

69,910

​

1,609,179

​

—

​

11,478

​

(627,537)

​

993,120

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

94,538

​

—

​

—

​

(37,081)

​

57,457

​

1,494,216

​

—

​

—

​

(593,829)

​

900,387

12/31/2016

​

148,122

​

—

​

1,060

​

(36,987)

​

112,195

​

2,095,615

​

—

​

15,296

​

(530,087)

​

1,580,824

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

6,162

​

—

​

—

​

(1,633)

​

4,529

​

97,705

​

—

​

—

​

(25,210)

​

72,495

12/31/2016

​

12,196

​

—

​

79

​

(3,206)

​

9,069

​

166,511

​

—

​

1,128

​

(45,435)

​

122,204

Class T

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

—

​

—

​

—

​

(4)

​

(4)

​

—

​

—

​

—

​

(68)

​

(68)

12/31/2016

​

359

​

—

​

1

​

(3)

​

357

​

4,911

​

—

​

15

​

(47)

​

4,879

Solution 2055

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

394,607

​

—

​

—

​

(548,989)

​

(154,382)

​

5,125,827

​

—

​

—

​

(7,085,003)

​

(1,959,176)

12/31/2016

​

780,954

​

—

​

267,961

​

(897,478)

​

151,437

​

9,513,310

​

—

​

3,207,494

​

(11,004,737)

​

1,716,067

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

829,962

​

—

​

—

​

(153,309)

​

676,653

​

11,010,433

​

—

​

—

​

(2,037,458)

​

8,972,975

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

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

455,835

​

—

​

—

​

(703,523)

​

(247,688)

​

5,995,060

​

—

​

—

​

(9,168,562)

​

(3,173,502)

12/31/2016

​

955,451

​

—

​

318,325

​

(845,974)

​

427,802

​

11,722,491

​

—

​

3,835,816

​

(10,363,508)

​

5,194,799

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

53,183

​

—

​

—

​

(64,133)

​

(10,950)

​

700,558

​

—

​

—

​

(855,969)

​

(155,411)

12/31/2016

​

96,308

​

—

​

20,626

​

(113,535)

​

3,399

​

1,175,038

​

—

​

247,508

​

(1,384,825)

​

37,721

Class T

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

70

​

—

​

—

​

(214)

​

(144)

​

940

​

—

​

—

​

(2,885)

​

(1,945)

12/31/2016

​

1,200

​

—

​

99

​

(23)

​

1,276

​

14,505

​

—

​

1,208

​

(279)

​

15,434

Solution 2060

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

83,964

​

—

​

—

​

(61,384)

​

22,580

​

927,190

​

—

​

—

​

(682,390)

​

244,800

12/31/2016

​

134,992

​

—

​

833

​

(21,262)

​

114,563

​

1,351,166

​

—

​

8,455

​

(215,748)

​

1,143,873

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

80,124

​

—

​

—

​

(17,529)

​

62,595

​

895,686

​

—

​

—

​

(194,487)

​

701,199

12/31/2016

​

86,877

​

—

​

617

​

(61,632)

​

25,862

​

857,791

​

—

​

6,292

​

(629,232)

​

234,851

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

129,040

​

—

​

—

​

(17,906)

​

111,134

​

1,419,485

​

—

​

—

​

(198,792)

​

1,220,693

12/31/2016

​

79,155

​

—

​

456

​

(13,566)

​

66,045

​

788,824

​

—

​

4,628

​

(136,276)

​

657,176

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

8,155

​

—

​

—

​

(3,933)

​

4,222

​

90,544

​

—

​

—

​

(45,232)

​

45,312

12/31/2016

​

4,970

​

—

​

44

​

(4,560)

​

454

​

49,211

​

—

​

448

​

(46,071)

​

3,588

Class T

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

—

​

—

​

—

​

(1)

​

(1)

​

—

​

—

​

—

​

(11)

​

(11)

12/31/2016

​

—

​

—

​

3

​

—

​

3

​

—

​

—

​

27

​

—

​

27

(1)

Commencement of operations

*

Share amount is less than 0.500 per share or $0.50.

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 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

51

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited) (continued)

NOTE 10 — FEDERAL INCOME TAXES (continued)

 

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.

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.

No dividends or distributions were made during the six months ended June 30, 2017. The tax composition of dividends and distributions to shareholders during the year ended December 31, 2016 was as follows:

​	Ordinary Income			Long-term Capital Gains
Solution Aggressive	​	$	79,752	​	$	330,800
Solution Balanced	​	​	970,476	​	​	3,054,899
Solution Conservative	​	​	304,770	​	​	379,565
Solution Income	​	​	5,721,757	​	​	6,101,101
Solution Moderately Aggressive	​	​	8,503,212	​	​	10,915,991
Solution Moderately Conservative	​	​	808,032	​	​	2,097,669
Solution 2020	​	​	81,257	​	​	76,964
Solution 2025	​	​	19,436,362	​	​	74,758,095
Solution 2030	​	​	39,434	​	​	41,295
Solution 2035	​	​	18,503,313	​	​	75,968,924
Solution 2040	​	​	39,261	​	​	70,306
Solution 2045	​	​	10,377,141	​	​	56,413,654
Solution 2050	​	​	19,203	​	​	36,477
Solution 2055	​	​	1,888,143	​	​	8,917,193
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 June 30, 2017, 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 11 — SUBSEQUENT EVENTS

Dividends: Subsequent to June 30, 2017, the Portfolios declared dividends and distributions of:

​	PER SHARE AMOUNTS							​	​
​	Net Investment Income			Short-term Capital Gains			Long-term Capital Gains	Payable Date	Record Date
Solution Aggressive				​			​	​	​
Class ADV	​	$	0.0464	​	$	—	$0.1671	August 7, 2017	August 3, 2017
Class I	​	$	0.0973	​	$	—	$0.1671	August 7, 2017	August 3, 2017
Class R6	​	$	0.0974	​	$	—	$0.1671	August 7, 2017	August 3, 2017
Class S	​	$	0.0717	​	$	—	$0.1671	August 7, 2017	August 3, 2017
Class S2	​	$	0.0717	​	$	—	$0.1671	August 7, 2017	August 3, 2017
Solution Balanced				​			​	​	​
Class ADV	​	$	0.1132	​	$	—	$0.1621	August 7, 2017	August 3, 2017
Class I	​	$	0.1697	​	$	—	$0.1621	August 7, 2017	August 3, 2017
Class R6	​	$	0.1697	​	$	—	$0.1621	August 7, 2017	August 3, 2017
Class S	​	$	0.1459	​	$	—	$0.1621	August 7, 2017	August 3, 2017
Class S2	​	$	0.1518	​	$	—	$0.1621	August 7, 2017	August 3, 2017

52

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited) (continued)

NOTE 11 — SUBSEQUENT EVENTS (continued)

 

​	PER SHARE AMOUNTS							​	​
​	Net Investment Income			Short-term Capital Gains			Long-term Capital Gains	Payable Date	Record Date
Solution Conservative				​			​	​	​
Class ADV	​	$	0.2165	​	$	—	$0.0659	August 7, 2017	August 3, 2017
Class I	​	$	0.2720	​	$	—	$0.0659	August 7, 2017	August 3, 2017
Class R6	​	$	0.2720	​	$	—	$0.0659	August 7, 2017	August 3, 2017
Class S	​	$	0.2357	​	$	—	$0.0659	August 7, 2017	August 3, 2017
Class S2	​	$	0.2397	​	$	—	$0.0659	August 7, 2017	August 3, 2017
Solution Income				​			​	​	​
Class ADV	​	$	0.2321	​	$	—	$0.0365	August 7, 2017	August 3, 2017
Class I	​	$	0.3020	​	$	—	$0.0365	August 7, 2017	August 3, 2017
Class S	​	$	0.2654	​	$	—	$0.0365	August 7, 2017	August 3, 2017
Class S2	​	$	0.2395	​	$	—	$0.0365	August 7, 2017	August 3, 2017
Class T	​	$	0.1259	​	$	—	$0.0365	August 7, 2017	August 3, 2017
Solution Moderately Aggressive				​			​	​	​
Class ADV	​	$	0.1462	​	$	—	$0.1433	August 7, 2017	August 3, 2017
Class I	​	$	0.2114	​	$	—	$0.1433	August 7, 2017	August 3, 2017
Class R6	​	$	0.2115	​	$	—	$0.1433	August 7, 2017	August 3, 2017
Class S	​	$	0.1788	​	$	—	$0.1433	August 7, 2017	August 3, 2017
Class S2	​	$	0.1772	​	$	—	$0.1433	August 7, 2017	August 3, 2017
Solution Moderately Conservative				​			​	​	​
Class ADV	​	$	0.1759	​	$	—	$   —	August 7, 2017	August 3, 2017
Class I	​	$	0.2554	​	$	—	$   —	August 7, 2017	August 3, 2017
Class R6	​	$	0.2499	​	$	—	$   —	August 7, 2017	August 3, 2017
Class S	​	$	0.2239	​	$	—	$   —	August 7, 2017	August 3, 2017
Class S2	​	$	0.2167	​	$	—	$   —	August 7, 2017	August 3, 2017
Solution 2020				​			​	​	​
Class ADV	​	$	0.1357	​	$	0.0784	$0.1994	August 7, 2017	August 3, 2017
Class I	​	$	0.1718	​	$	0.0784	$0.1994	August 7, 2017	August 3, 2017
Class S	​	$	0.1489	​	$	0.0784	$0.1994	August 7, 2017	August 3, 2017
Class S2	​	$	0.1372	​	$	0.0784	$0.1994	August 7, 2017	August 3, 2017
Class T	​	$	0.1127	​	$	0.0784	$0.1994	August 7, 2017	August 3, 2017
Solution 2025				​			​	​	​
Class ADV	​	$	0.1945	​	$	—	$0.3208	August 7, 2017	August 3, 2017
Class I	​	$	0.2579	​	$	—	$0.3208	August 7, 2017	August 3, 2017
Class S	​	$	0.2261	​	$	—	$0.3208	August 7, 2017	August 3, 2017
Class S2	​	$	0.1983	​	$	—	$0.3208	August 7, 2017	August 3, 2017
Class T	​	$	0.1656	​	$	—	$0.3208	August 7, 2017	August 3, 2017
Solution 2030				​			​	​	​
Class ADV	​	$	0.1150	​	$	0.0510	$0.1925	August 7, 2017	August 3, 2017
Class I	​	$	0.1441	​	$	0.0510	$0.1925	August 7, 2017	August 3, 2017
Class S	​	$	0.1278	​	$	0.0510	$0.1925	August 7, 2017	August 3, 2017
Class S2	​	$	0.1002	​	$	0.0510	$0.1925	August 7, 2017	August 3, 2017
Class T	​	$	0.0808	​	$	0.0510	$0.1925	August 7, 2017	August 3, 2017
Solution 2035				​			​	​	​
Class ADV	​	$	0.1560	​	$	—	$0.3108	August 7, 2017	August 3, 2017
Class I	​	$	0.2191	​	$	—	$0.3108	August 7, 2017	August 3, 2017
Class S	​	$	0.1884	​	$	—	$0.3108	August 7, 2017	August 3, 2017
Class S2	​	$	0.1694	​	$	—	$0.3108	August 7, 2017	August 3, 2017
Class T	​	$	0.1297	​	$	—	$0.3108	August 7, 2017	August 3, 2017
Solution 2040				​			​	​	​
Class ADV	​	$	0.0828	​	$	0.0544	$0.2212	August 7, 2017	August 3, 2017
Class I	​	$	0.1232	​	$	0.0544	$0.2212	August 7, 2017	August 3, 2017
Class S	​	$	0.1107	​	$	0.0544	$0.2212	August 7, 2017	August 3, 2017
Class S2	​	$	0.1070	​	$	0.0544	$0.2212	August 7, 2017	August 3, 2017
Class T	​	$	0.0638	​	$	0.0544	$0.2212	August 7, 2017	August 3, 2017

53

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited) (continued)

NOTE 11 — SUBSEQUENT EVENTS (continued)

 

​	PER SHARE AMOUNTS							​	​
​	Net Investment Income			Short-term Capital Gains			Long-term Capital Gains	Payable Date	Record Date
Solution 2045				​			​	​	​
Class ADV	​	$	0.0990	​	$	—	$0.3234	August 7, 2017	August 3, 2017
Class I	​	$	0.1612	​	$	—	$0.3234	August 7, 2017	August 3, 2017
Class S	​	$	0.1310	​	$	—	$0.3234	August 7, 2017	August 3, 2017
Class S2	​	$	0.1134	​	$	—	$0.3234	August 7, 2017	August 3, 2017
Class T	​	$	0.0914	​	$	—	$0.3234	August 7, 2017	August 3, 2017
Solution 2050				​			​	​	​
Class ADV	​	$	0.0648	​	$	0.0569	$0.1979	August 7, 2017	August 3, 2017
Class I	​	$	0.0970	​	$	0.0569	$0.1979	August 7, 2017	August 3, 2017
Class S	​	$	0.0828	​	$	0.0569	$0.1979	August 7, 2017	August 3, 2017
Class S2	​	$	0.0740	​	$	0.0569	$0.1979	August 7, 2017	August 3, 2017
Class T	​	$	0.0227	​	$	0.0569	$0.1979	August 7, 2017	August 3, 2017
Solution 2055				​			​	​	​
Class ADV	​	$	0.0982	​	$	—	$0.2796	August 7, 2017	August 3, 2017
Class I	​	$	0.1608	​	$	—	$0.2796	August 7, 2017	August 3, 2017
Class S	​	$	0.1299	​	$	—	$0.2796	August 7, 2017	August 3, 2017
Class S2	​	$	0.1098	​	$	—	$0.2796	August 7, 2017	August 3, 2017
Class T	​	$	0.0973	​	$	—	$0.2796	August 7, 2017	August 3, 2017
Solution 2060				​			​	​	​
Class ADV	​	$	0.0405	​	$	0.0695	$0.1341	August 7, 2017	August 3, 2017
Class I	​	$	0.0591	​	$	0.0695	$0.1341	August 7, 2017	August 3, 2017
Class S	​	$	0.0567	​	$	0.0695	$0.1341	August 7, 2017	August 3, 2017
Class S2	​	$	0.0441	​	$	0.0695	$0.1341	August 7, 2017	August 3, 2017
Class T	​	$	—	​	$	0.0695	$0.1341	August 7, 2017	August 3, 2017

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.

54

PORTFOLIO OF INVESTMENTS​

Voya Solution Aggressive Portfolio as of June 30, 2017 (Unaudited)

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 4.1%
​	2,355	​	iShares MSCI Emerging Markets Index Fund	​	$	97,473	​	0.9
​	2,192	​	iShares Russell 1000 Value Index Fund	​	​	255,215	​	2.4
​	1,452	​	WisdomTree Europe Hedged Equity Fund	​	​	90,503	​	0.8
​	​	​	Total Exchange-Traded Funds	​			​
​	​	​	(Cost $436,514)	​	​	443,191	​	4.1
MUTUAL FUNDS: 95.8%
​	​	​	Affiliated Investment Companies: 94.9%
​	19,601	​	Voya Emerging Markets Index Portfolio - Class I	​	​	218,353	​	2.0
​	12,513	​	Voya Index Plus LargeCap Portfolio - Class I	​	​	321,090	​	3.0
​	21,118	​	Voya Intermediate Bond Fund - Class R6	​	​	213,500	​	2.0
​	45,445	​	Voya International Index Portfolio - Class I	​	​	448,091	​	4.2
​	40,296	​	Voya Large Cap Growth Portfolio - Class I	​	​	798,260	​	7.4
​	43,530	​	Voya Large Cap Value Fund - Class R6	​	​	597,673	​	5.6
​	38,457	@	Voya MidCap Opportunities Portfolio - Class I	​	​	534,166	​	5.0
​	43,994	​	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	505,488	​	4.7
​	118,655	​	Voya Multi-Manager International Equity Fund - Class I	​	​	1,366,905	​	12.6
​	58,325	​	Voya Multi-Manager International Factors Fund - Class I	​	​	599,583	​	5.6
​	59,655	​	Voya Multi-Manager Large Cap Core Portfolio - Class I	​	​	971,783	​	9.0
​	68,595	​	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	795,702	​	7.4

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	​	Affiliated Investment Companies (continued)
​	8,574	​	Voya Russell™ Mid Cap Growth Index Portfolio - Class I	​	$	269,050	​	2.5
​	35,850	​	Voya Small Company Portfolio - Class I	​	​	731,701	​	6.8
​	32,106	​	Voya U.S. Stock Index Portfolio - Class I	​	​	483,188	​	4.5
​	8,749	​	VY® Clarion Global Real Estate Portfolio - Class I	​	​	106,915	​	1.0
​	2,846	​	VY® Clarion Real Estate Portfolio - Class I	​	​	106,768	​	1.0
​	29,550	​	VY® Invesco Comstock Portfolio - Class I	​	​	534,257	​	5.0
​	6,520	@	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	603,221	​	5.6
​	​	​	​	​	​	10,205,694	​	94.9
​	​	​	Unaffiliated Investment Companies: 0.9%
​	20,903	@	Credit Suisse Commodity Return Strategy Found - Class I	​		100,750	​	0.9
​	​	​	Total Mutual Funds (Cost $9,665,675)	​		10,306,444	​	95.8
​	​	​	Total Investments in Securities (Cost $10,102,189)	​	$	10,749,635	​	99.9
​	​	​	Assets in Excess of Other Liabilities	​	​	12,908	​	0.1
​	​	​	Net Assets	​	$	10,762,543	​	100.0

@

Non-income producing security.

Cost for federal income tax purposes is $10,485,310.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	687,799
Gross Unrealized Depreciation	​	(423,474)
Net Unrealized Appreciation	$	264,325

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

443,191

​

$

—

​

$

—

​

$

443,191

Mutual Funds

​

​

10,306,444

​

​

—

​

​

—

​

​

10,306,444

Total Investments, at fair value

​

$

10,749,635

​

$

—

​

$

—

​

$

10,749,635

^

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

See Accompanying Notes to Financial Statements

55

PORTFOLIO OF INVESTMENTS​

Voya Solution Aggressive Portfolio as of June 30, 2017 (Unaudited) (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 period ended June 30, 2017, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

154,390

​

$

67,700

​

$

(28,771)

​

$

25,034

​

$

218,353

​

$

3,113

​

$

1,024

​

$

—

Voya Index Plus LargeCap Portfolio - Class I

​

​

233,563

​

​

109,118

​

​

(31,834)

​

​

10,243

​

​

321,090

​

​

4,598

​

​

3,730

​

​

5,268

Voya Intermediate Bond Fund - Class R6

​

​

154,647

​

​

79,212

​

​

(23,381)

​

​

3,022

​

​

213,500

​

​

2,866

​

​

(333)

​

​

—

Voya International Index Portfolio - Class I

​

​

157,616

​

​

303,886

​

​

(36,806)

​

​

23,395

​

​

448,091

​

​

9,259

​

​

(924)

​

​

—

Voya Large Cap Growth Portfolio - Class I

​

​

652,651

​

​

445,444

​

​

(397,557)

​

​

97,722

​

​

798,260

​

​

—

​

​

(12,935)

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

449,784

​

​

287,175

​

​

(149,511)

​

​

10,225

​

​

597,673

​

​

2,696

​

​

17,263

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

421,480

​

​

171,247

​

​

(127,843)

​

​

69,282

​

​

534,166

​

​

698

​

​

(15,425)

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

230,418

​

​

265,642

​

​

(43,704)

​

​

53,132

​

​

505,488

​

​

—

​

​

5,947

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

741,845

​

​

622,450

​

​

(124,288)

​

​

126,898

​

​

1,366,905

​

​

—

​

​

(1,977)

​

​

—

Voya Multi-Manager International Factor Fund - Class I

​

​

671,275

​

​

227,551

​

​

(377,018)

​

​

77,775

​

​

599,583

​

​

—

​

​

12,387

​

​

—

Voya Multi-Manager Large Cap Core Portfolio - Class I

​

​

730,705

​

​

389,518

​

​

(223,280)

​

​

74,840

​

​

971,783

​

​

—

​

​

(4,094)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

625,132

​

​

259,168

​

​

(131,523)

​

​

42,925

​

​

795,702

​

​

—

​

​

(12,814)

​

​

—

Voya Russell™ Mid Cap Growth Index Portfolio - Class I

​

​

191,617

​

​

85,901

​

​

(26,006)

​

​

17,538

​

​

269,050

​

​

2,226

​

​

2,804

​

​

—

Voya Small Company Portfolio - Class I

​

​

315,274

​

​

536,679

​

​

(57,369)

​

​

(62,883)

​

​

731,701

​

​

2,205

​

​

1,560

​

​

67,723

Voya U.S. Stock Index Portfolio - Class I

​

​

313,001

​

​

188,825

​

​

(46,027)

​

​

27,389

​

​

483,188

​

​

—

​

​

3,485

​

​

—

VY® Clarion Global Real Estate Portfolio - Class I

​

​

78,791

​

​

35,837

​

​

(11,748)

​

​

4,035

​

​

106,915

​

​

—

​

​

(224)

​

​

—

VY® Clarion Real Estate Portfolio - Class I

​

​

79,339

​

​

36,642

​

​

(10,642)

​

​

1,429

​

​

106,768

​

​

—

​

​

882

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

398,261

​

​

178,645

​

​

(55,669)

​

​

13,020

​

​

534,257

​

​

—

​

​

2,467

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

650,125

​

​

230,904

​

​

(406,088)

​

​

128,280

​

​

603,221

​

​

—

​

​

(7,211)

​

​

—

​

​

$

7,249,914

​

$

4,521,544

​

$

(2,309,065)

​

$

743,301

​

$

10,205,694

​

$

27,661

​

$

(4,388)

​

$

72,991

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

See Accompanying Notes to Financial Statements

56

PORTFOLIO OF INVESTMENTS​

Voya Solution Balanced Portfolio as of June 30, 2017 (Unaudited)

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 3.1%
​	15,048	​	iShares Russell 1000 Value Index Fund	​	$	1,752,039	​	3.1
​	​	​	Total Exchange-Traded Funds (Cost $1,726,950)	​		1,752,039	​	3.1
MUTUAL FUNDS: 96.8%
​	​	​	Affiliated Investment Companies: 95.5%
​	129,950	​	Voya Emerging Markets Index Portfolio - Class I	​	​	1,447,647	​	2.5
​	287,155	​	Voya Floating Rate Fund - Class I	​	​	2,834,219	​	4.9
​	280,367	​	Voya High Yield Bond Fund - Class R6	​	​	2,287,794	​	4.0
​	564,766	​	Voya Intermediate Bond Fund - Class R6	​	​	5,709,782	​	10.0
​	177,335	​	Voya International Index Portfolio - Class I	​	​	1,748,527	​	3.1
​	142,892	​	Voya Large Cap Growth Portfolio - Class I	​	​	2,830,682	​	4.9
​	225,052	​	Voya Large Cap Value Fund - Class R6	​	​	3,089,965	​	5.4
​	164,291	@	Voya MidCap Opportunities Portfolio - Class I	​	​	2,282,006	​	4.0
​	102,143	​	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	1,173,628	​	2.0
​	177,446	​	Voya Multi-Manager International Equity Fund - Class I	​	​	2,044,177	​	3.6
​	283,372	​	Voya Multi-Manager International Factors Fund - Class I	​	​	2,913,063	​	5.1
​	216,391	​	Voya Multi-Manager Large Cap Core Portfolio - Class I	​	​	3,525,003	​	6.2
​	194,181	​	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	2,252,494	​	3.9
​	114,948	​	Voya Short Term Bond Fund - Class R6	​	​	1,132,239	​	2.0
​	109,394	​	Voya Small Company Portfolio - Class I	​	​	2,232,732	​	3.9
​	240,755	​	Voya U.S. Bond Index Portfolio - Class I	​	​	2,559,226	​	4.5

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	​	Affiliated Investment Companies (continued)
​	114,526	​	Voya U.S. Stock Index Portfolio - Class I	​	$	1,723,621	​	3.0
​	46,711	​	VY® Clarion Global Real Estate Portfolio - Class I	​	​	570,806	​	1.0
​	15,183	​	VY® Clarion Real Estate Portfolio - Class I	​	​	569,653	​	1.0
​	248,703	​	VY® Goldman Sachs Bond Portfolio - Class I	​	​	2,561,643	​	4.5
​	110,449	​	VY® Invesco Comstock Portfolio - Class I	​	​	1,996,916	​	3.5
​	206,109	​	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	5,736,024	​	10.0
​	15,664	@	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	1,449,275	​	2.5
​	​	​	​	​	​	54,671,122	​	95.5
​	​	​	Unaffiliated Investment Companies: 1.3%
​	157,316	@	Credit Suisse Commodity Return Strategy Fund - Class I	​		758,264	​	1.3
​	​	​	Total Mutual Funds (Cost $53,327,328)	​		55,429,386	​	96.8
​	​	​	Total Investments in Securities (Cost $55,054,278)	​	$	57,181,425	​	99.9
​	​	​	Assets in Excess of Other Liabilities	​	​	76,629	​	0.1
​	​	​	Net Assets	​	$	57,258,054	​	100.0

@

Non-income producing security.

Cost for federal income tax purposes is $56,192,651.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	2,384,908
Gross Unrealized Depreciation	​	(1,396,134)
Net Unrealized Appreciation	$	988,774

See Accompanying Notes to Financial Statements

57

PORTFOLIO OF INVESTMENTS​

Voya Solution Balanced Portfolio as of June 30, 2017 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

1,752,039

​

$

—

​

$

—

​

$

1,752,039

Mutual Funds

​

​

55,429,386

​

​

—

​

​

—

​

​

55,429,386

Total Investments, at fair value

​

$

57,181,425

​

$

—

​

$

—

​

$

57,181,425

Other Financial Instruments+

​

​

​

​

Futures

​

​

2,338

​

​

—

​

​

—

​

​

2,338

Total Assets

​

$

57,183,763

​

$

—

​

$

—

​

$

57,183,763

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(17,912)

​

$

—

​

$

—

​

$

(17,912)

Total Liabilities

​

$

(17,912)

​

$

—

​

$

—

​

$

(17,912)

^

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 June 30, 2017, the following futures contracts were outstanding for Voya Solution Balanced Portfolio:

Contract Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/​ (Depreciation)
Long Contracts	​		​		​			​
EURO STOXX 50® Index	​	13	​	09/15/17	​	$	509,434	​	$	(17,912)
​	​	​	​	​	​	$	509,434	​	$	(17,912)
Short Contracts	​		​		​			​
S&P 500 E-Mini	​	(5)	​	09/15/17	​	​	(605,225)	​	​	2,338
​	​	​	​	​	​	$	(605,225)	​	$	2,338

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2017, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

—

​

$

1,435,755

​

$

(4,524)

​

$

16,416

​

$

1,447,647

​

$

12,626

​

$

80

​

$

—

Voya Floating Rate Fund - Class I

​

​

2,487,620

​

​

628,091

​

​

(264,433)

​

​

(17,059)

​

​

2,834,219

​

​

52,455

​

​

(6,198)

​

​

—

Voya Global Bond Fund - Class R6

​

​

979,234

​

​

119,392

​

​

(1,106,818)

​

​

8,192

​

​

—

​

​

17,320

​

​

9,687

​

​

—

Voya High Yield Bond Fund - Class R6

​

​

2,011,630

​

​

453,152

​

​

(216,349)

​

​

39,361

​

​

2,287,794

​

​

55,030

​

​

(9,761)

​

​

—

Voya Intermediate Bond Fund - Class R6

​

​

2,711,353

​

​

3,250,465

​

​

(304,395)

​

​

52,359

​

​

5,709,782

​

​

58,059

​

​

(2,431)

​

​

—

Voya International Index Portfolio - Class I

​

​

1,006,367

​

​

742,660

​

​

(135,743)

​

​

135,243

​

​

1,748,527

​

​

37,444

​

​

(12,799)

​

​

—

Voya Large Cap Growth Portfolio - Class I

​

​

2,449,365

​

​

1,490,444

​

​

(1,449,459)

​

​

340,332

​

​

2,830,682

​

​

—

​

​

(50,260)

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

2,529,908

​

​

748,168

​

​

(321,540)

​

​

133,429

​

​

3,089,965

​

​

13,671

​

​

13,706

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

2,199,737

​

​

388,781

​

​

(640,140)

​

​

333,628

​

​

2,282,006

​

​

3,224

​

​

(69,966)

​

​

—

See Accompanying Notes to Financial Statements

58

PORTFOLIO OF INVESTMENTS​

Voya Solution Balanced Portfolio as of June 30, 2017 (Unaudited) (continued)

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

979,401

​

​

181,417

​

​

(208,532)

​

​

221,342

​

​

1,173,628

​

​

—

​

​

(13,878)

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

1,744,024

​

​

317,480

​

​

(286,764)

​

​

269,437

​

​

2,044,177

​

​

—

​

​

(30,524)

​

​

—

Voya Multi-Manager International Factor Fund - Class I

​

​

1,765,168

​

​

1,134,494

​

​

(265,813)

​

​

279,214

​

​

2,913,063

​

​

—

​

​

(11,866)

​

​

—

Voya Multi-Manager Large Cap Core Portfolio - Class I

​

​

2,782,448

​

​

1,080,516

​

​

(578,629)

​

​

240,668

​

​

3,525,003

​

​

—

​

​

17,947

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

2,246,040

​

​

396,031

​

​

(541,094)

​

​

151,517

​

​

2,252,494

​

​

—

​

​

(52,017)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

1,599,515

​

​

315,300

​

​

(789,109)

​

​

6,533

​

​

1,132,239

​

​

12,856

​

​

(3,443)

​

​

—

Voya Small Company Portfolio - Class I

​

​

1,007,181

​

​

1,546,204

​

​

(122,002)

​

​

(198,651)

​

​

2,232,732

​

​

6,805

​

​

6,191

​

​

209,146

Voya U.S. Bond Index Portfolio - Class I

​

​

2,459,175

​

​

601,851

​

​

(532,463)

​

​

30,663

​

​

2,559,226

​

​

27,756

​

​

(8,497)

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

1,499,278

​

​

814,587

​

​

(697,194)

​

​

106,950

​

​

1,723,621

​

​

—

​

​

38,739

​

​

—

VY® Clarion Global Real Estate Portfolio - Class I

​

​

502,401

​

​

100,642

​

​

(54,951)

​

​

22,714

​

​

570,806

​

​

—

​

​

(1,649)

​

​

—

VY® Clarion Real Estate Portfolio - Class I

​

​

506,095

​

​

110,547

​

​

(54,264)

​

​

7,275

​

​

569,653

​

​

—

​

​

4,904

​

​

—

VY® Goldman Sachs Bond Portfolio - Class I

​

​

2,212,708

​

​

528,320

​

​

(229,853)

​

​

50,468

​

​

2,561,643

​

​

—

​

​

2,559

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

1,783,289

​

​

373,466

​

​

(195,694)

​

​

35,855

​

​

1,996,916

​

​

—

​

​

27,891

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

4,928,596

​

​

923,272

​

​

(592,243)

​

​

476,399

​

​

5,736,024

​

​

—

​

​

(31,818)

​

​

—

VY® T. Rowe Price Equity Income Portfolio - Class I

​

​

2,006,312

​

​

145,573

​

​

(2,126,343)

​

​

(25,542)

​

​

—

​

​

—

​

​

99,341

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

2,195,083

​

​

304,033

​

​

(1,445,099)

​

​

395,258

​

​

1,449,275

​

​

—

​

​

(22,869)

​

​

—

​

​

$

46,591,928

​

$

18,130,641

​

$

(13,163,448)

​

$

3,112,001

​

$

54,671,122

​

$

297,246

​

$

(106,931)

​

$

209,146

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 June 30, 2017 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	2,338
Total Asset Derivatives	​	​	$	2,338
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	17,912
Total Liability Derivatives	​	​	$	17,912

*

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 period ended June 30, 2017 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(30,087)
Total	​	$	(30,087)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(15,574)
Total	​	$	(15,574)

See Accompanying Notes to Financial Statements

59

PORTFOLIO OF INVESTMENTS​

Voya Solution Conservative Portfolio as of June 30, 2017 (Unaudited)

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 2.7%
​	4,233	​	iShares MSCI Emerging Markets Index Fund	​	$	175,204	​	1.1
​	138	​	iShares Russell 1000 Value Index Fund	​	​	16,067	​	0.1
​	2,280	​	SPDR Bloomberg Barclays High Yield Bond ETF	​	​	84,816	​	0.5
​	2,610	​	WisdomTree Europe Hedged Equity Fund	​	​	162,681	​	1.0
​	​	​	Total Exchange-Traded Funds (Cost $432,079)	​		438,768	​	2.7
MUTUAL FUNDS: 97.1%
​	​	​	Affiliated Investment Companies: 95.1%
​	21,908	​	Voya Emerging Markets Index Portfolio - Class I	​	​	244,060	​	1.5
​	115,454	​	Voya Floating Rate Fund - Class I	​	​	1,139,531	​	7.0
​	50,668	​	Voya Global Bond Fund - Class R6	​	​	500,602	​	3.1
​	130,593	​	Voya High Yield Bond Fund - Class R6	​	​	1,065,636	​	6.5
​	161,812	​	Voya Intermediate Bond Fund - Class R6	​	​	1,635,915	​	10.0
​	50,272	​	Voya International Index Portfolio - Class I	​	​	495,685	​	3.0
​	16,101	​	Voya Large Cap Growth Portfolio - Class I	​	​	318,963	​	1.9
​	34,542	​	Voya Large Cap Value Fund - Class R6	​	​	474,259	​	2.9
​	23,612	@	Voya MidCap Opportunities Portfolio - Class I	​	​	327,969	​	2.0
​	27,853	​	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	323,089	​	2.0
​	329,903	​	Voya Short Term Bond Fund - Class R6	​	​	3,249,544	​	19.8

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	​	Affiliated Investment Companies (continued)
​	138,228	​	Voya U.S. Bond Index Portfolio - Class I	​	$	1,469,365	​	9.0
​	37,314	​	Voya U.S. Stock Index Portfolio - Class I	​	​	561,574	​	3.4
​	84,801	​	VY® BlackRock Inflation Protected Bond Portfolio - Class I	​	​	802,213	​	4.9
​	126,962	​	VY® Goldman Sachs Bond Portfolio - Class I	​	​	1,307,710	​	8.0
​	59,420	​	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	1,653,667	​	10.1
​	​	​	​	​	​	15,569,782	​	95.1
​	​	​	Unaffiliated Investment Companies: 2.0%
​	69,369	@	Credit Suisse Commodity Return Strategy Fund - Class I	​		334,360	​	2.0
​	​	​	Total Mutual Funds (Cost $15,700,415)	​		15,904,142	​	97.1
​	​	​	Total Investments in Securities (Cost $16,132,494)	​	$	16,342,910	​	99.8
​	​	​	Assets in Excess of Other Liabilities	​	​	27,826	​	0.2
​	​	​	Net Assets	​	$	16,370,736	​	100.0

@

Non-income producing security.

Cost for federal income tax purposes is $16,570,740.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	285,287
Gross Unrealized Depreciation	​	(513,117)
Net Unrealized Depreciation	$	(227,830)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

438,768

​

$

—

​

$

—

​

$

438,768

Mutual Funds

​

​

15,904,142

​

​

—

​

​

—

​

​

15,904,142

Total Investments, at fair value

​

$

16,342,910

​

$

—

​

$

—

​

$

16,342,910

^

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

See Accompanying Notes to Financial Statements

60

PORTFOLIO OF INVESTMENTS​

Voya Solution Conservative Portfolio as of June 30, 2017 (Unaudited) (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 period ended June 30, 2017, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

—

​

$

275,177

​

$

(35,928)

​

$

4,811

​

$

244,060

​

$

3,662

​

$

87

​

$

—

Voya Floating Rate Fund - Class I

​

​

1,150,426

​

​

204,670

​

​

(210,749)

​

​

(4,816)

​

​

1,139,531

​

​

23,519

​

​

(5,512)

​

​

—

Voya Global Bond Fund - Class R6

​

​

1,131,841

​

​

167,057

​

​

(822,985)

​

​

24,689

​

​

500,602

​

​

23,286

​

​

1,789

​

​

—

Voya High Yield Bond Fund - Class R6

​

​

1,245,650

​

​

206,895

​

​

(407,702)

​

​

20,793

​

​

1,065,636

​

​

31,469

​

​

(1,961)

​

​

—

Voya Intermediate Bond Fund - Class R6

​

​

723,641

​

​

1,109,397

​

​

(211,288)

​

​

14,165

​

​

1,635,915

​

​

16,560

​

​

(117)

​

​

—

Voya International Index Portfolio - Class I

​

​

498,558

​

​

86,594

​

​

(154,366)

​

​

64,899

​

​

495,685

​

​

11,176

​

​

(7,718)

​

​

—

Voya Large Cap Growth Portfolio - Class I

​

​

—

​

​

327,981

​

​

(383)

​

​

(8,635)

​

​

318,963

​

​

—

​

​

(6)

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

167,146

​

​

386,887

​

​

(77,874)

​

​

(1,900)

​

​

474,259

​

​

894

​

​

17,051

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

322,725

​

​

46,076

​

​

(89,145)

​

​

48,313

​

​

327,969

​

​

468

​

​

(9,376)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

329,673

​

​

49,855

​

​

(77,188)

​

​

20,749

​

​

323,089

​

​

—

​

​

(6,271)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

2,275,721

​

​

1,466,164

​

​

(504,506)

​

​

12,165

​

​

3,249,544

​

​

23,467

​

​

(7,596)

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

1,377,434

​

​

335,566

​

​

(262,860)

​

​

19,225

​

​

1,469,365

​

​

15,993

​

​

(6,442)

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

495,132

​

​

169,800

​

​

(137,818)

​

​

34,460

​

​

561,574

​

​

—

​

​

10,316

​

​

—

VY® BlackRock Inflation Protected Bond Portfolio - Class I

​

​

1,297,662

​

​

206,469

​

​

(702,942)

​

​

1,024

​

​

802,213

​

​

16,004

​

​

(4,581)

​

​

—

VY® Goldman Sachs Bond Portfolio - Class I

​

​

1,878,318

​

​

261,786

​

​

(858,979)

​

​

26,585

​

​

1,307,710

​

​

—

​

​

11,540

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

1,627,353

​

​

228,040

​

​

(364,653)

​

​

162,927

​

​

1,653,667

​

​

—

​

​

(18,748)

​

​

—

VY® T. Rowe Price Equity Income Portfolio - Class I

​

​

740,266

​

​

169,170

​

​

(901,483)

​

​

(7,953)

​

​

—

​

​

—

​

​

34,957

​

​

—

​

​

$

15,261,546

​

$

5,697,584

​

$

(5,820,849)

​

$

431,501

​

$

15,569,782

​

$

166,498

​

$

7,412

​

$

—

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

See Accompanying Notes to Financial Statements

61

PORTFOLIO OF INVESTMENTS​

Voya Solution Income Portfolio as of June 30, 2017 (Unaudited)

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 0.5%
​	21,200	​	iShares Russell 1000 Value Index Fund	​	$	2,468,316	​	0.5
​	​	​	Total Exchange-Traded Funds (Cost $2,433,062)	​		2,468,316	​	0.5
MUTUAL FUNDS: 99.3%
​	​	​	Affiliated Investment Companies: 97.8%
​	411,880	​	Voya Emerging Markets Index Portfolio - Class I	​	​	4,588,341	​	1.0
​	2,302,469	​	Voya Floating Rate Fund - Class I	​	​	22,725,366	​	5.0
​	1,413,431	​	Voya Global Bond Fund - Class R6	​	​	13,964,703	​	3.0
​	1,125,181	​	Voya High Yield Bond Fund - Class R6	​	​	9,181,480	​	2.0
​	4,971,265	​	Voya Intermediate Bond Fund - Class R6	​	​	50,259,486	​	11.0
​	950,965	​	Voya International Index Portfolio - Class I	​	​	9,376,519	​	2.0
​	1,264,769	​	Voya Large Cap Growth Portfolio - Class I	​	​	25,055,071	​	5.5
​	1,150,750	​	Voya Large Cap Value Fund - Class R6	​	​	15,799,802	​	3.4
​	498,297	@	Voya MidCap Opportunities Portfolio - Class I	​	​	6,921,340	​	1.5
​	820,546	​	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	9,428,079	​	2.1
​	2,279,420	​	Voya Multi-Manager International Factors Fund - Class I	​	​	23,432,441	​	5.1
​	692,373	​	Voya Multi-Manager Large Cap Core Portfolio - Class I	​	​	11,278,760	​	2.5
​	587,401	​	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	6,813,847	​	1.5
​	4,604,861	​	Voya Short Term Bond Fund - Class R6	​	​	45,357,882	​	9.9
​	4,504,410	​	Voya U.S. Bond Index Portfolio - Class I	​	​	47,881,881	​	10.4

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	​	Affiliated Investment Companies (continued)
​	1,073,960	​	Voya U.S. Stock Index Portfolio - Class I	​	$	16,163,095	​	3.5
​	3,332,050	​	VY® BlackRock Inflation Protected Bond Portfolio - Class I	​	​	31,521,190	​	6.9
​	378,564	​	VY® Clarion Global Real Estate Portfolio - Class I	​	​	4,626,054	​	1.0
​	121,616	​	VY® Clarion Real Estate Portfolio - Class I	​	​	4,563,041	​	1.0
​	4,876,025	​	VY® Goldman Sachs Bond Portfolio - Class I	​	​	50,223,057	​	10.9
​	1,410,842	​	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	39,263,726	​	8.6
​	​	​	​	​	​	448,425,161	​	97.8
​	​	​	Unaffiliated Investment Companies: 1.5%
​	1,443,292	@	Credit Suisse Commodity Return Strategy Fund - Class I	​		6,956,668	​	1.5
​	​	​	Total Mutual Funds (Cost $448,605,340)	​		455,381,829	​	99.3
​	​	​	Total Investments in Securities (Cost $451,038,402)	​	$	457,850,145	​	99.8
​	​	​	Assets in Excess of Other Liabilities	​	​	773,611	​	0.2
​	​	​	Net Assets	​	$	458,623,756	​	100.0

@

Non-income producing security.

Cost for federal income tax purposes is $462,070,554.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	9,342,554
Gross Unrealized Depreciation	​	(13,562,963)
Net Unrealized Depreciation	$	(4,220,409)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

2,468,316

​

$

—

​

$

—

​

$

2,468,316

Mutual Funds

​

​

455,381,829

​

​

—

​

​

—

​

​

455,381,829

Total Investments, at fair value

​

$

457,850,145

​

$

—

​

$

—

​

$

457,850,145

See Accompanying Notes to Financial Statements

62

PORTFOLIO OF INVESTMENTS​

Voya Solution Income Portfolio as of June 30, 2017 (Unaudited) (continued)

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Other Financial Instruments+

​

​

​

​

Futures

​

​

19,174

​

​

—

​

​

—

​

​

19,174

Total Assets

​

$

457,869,319

​

$

—

​

$

—

​

$

457,869,319

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(169,474)

​

$

—

​

$

—

​

$

(169,474)

Total Liabilities

​

$

(169,474)

​

$

—

​

$

—

​

$

(169,474)

^

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 June 30, 2017, the following futures contracts were outstanding for Voya Solution Income Portfolio:

Contract Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/​ (Depreciation)
Long Contracts	​		​		​			​
EURO STOXX 50® Index	​	123	​	09/15/17	​	$	4,820,031	​	$	(169,474)
​	​	​	​	​	​	$	4,820,031	​	$	(169,474)
Short Contracts	​		​		​			​
S&P 500 E-Mini	​	(41)	​	09/15/17	​	​	(4,962,845)	​	​	19,174
​	​	​	​	​	​	$	(4,962,845)	​	$	19,174

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2017, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

—

​

$

4,630,382

​

$

(37,934)

​

$

(4,107)

​

$

4,588,341

​

$

—

​

$

(67)

​

$

—

Voya Floating Rate Fund - Class I

​

​

24,412,085

​

​

1,225,363

​

​

(2,770,753)

​

​

(141,329)

​

​

22,725,366

​

​

487,165

​

​

(69,833)

​

​

—

Voya Global Bond Fund - Class R6

​

​

28,805,185

​

​

1,305,170

​

​

(17,180,551)

​

​

1,034,899

​

​

13,964,703

​

​

594,802

​

​

(347,861)

​

​

—

Voya High Yield Bond Fund - Class R6

​

​

9,874,208

​

​

345,042

​

​

(1,223,621)

​

​

185,851

​

​

9,181,480

​

​

255,487

​

​

(41,046)

​

​

—

Voya Intermediate Bond Fund - Class R6

​

​

23,806,889

​

​

29,827,562

​

​

(3,872,876)

​

​

497,911

​

​

50,259,486

​

​

528,736

​

​

(36,399)

​

​

—

Voya International Index Portfolio - Class I

​

​

9,876,036

​

​

302,410

​

​

(2,002,444)

​

​

1,200,517

​

​

9,376,519

​

​

227,707

​

​

(103,233)

​

​

—

Voya Large Cap Growth Portfolio - Class I

​

​

9,605,205

​

​

16,150,696

​

​

(1,859,190)

​

​

1,158,360

​

​

25,055,071

​

​

—

​

​

10,148

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

9,938,244

​

​

7,380,705

​

​

(2,103,323)

​

​

584,176

​

​

15,799,802

​

​

51,858

​

​

101,040

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

7,189,262

​

​

113,219

​

​

(1,294,546)

​

​

913,405

​

​

6,921,340

​

​

10,192

​

​

(55,686)

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

—

​

​

9,418,457

​

​

(367,118)

​

​

376,740

​

​

9,428,079

​

​

—

​

​

11,401

​

​

—

Voya Multi-Manager International Factor Fund - Class I

​

​

14,849,746

​

​

9,174,177

​

​

(3,247,555)

​

​

2,656,073

​

​

23,432,441

​

​

—

​

​

(383,151)

​

​

—

Voya Multi-Manager Large Cap Core Portfolio - Class I

​

​

28,697,976

​

​

1,123,817

​

​

(19,084,450)

​

​

541,417

​

​

11,278,760

​

​

—

​

​

1,650,194

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

7,347,244

​

​

200,905

​

​

(1,119,707)

​

​

385,405

​

​

6,813,847

​

​

—

​

​

(63,774)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

33,789,395

​

​

15,850,400

​

​

(4,420,160)

​

​

138,247

​

​

45,357,882

​

​

339,786

​

​

(71,093)

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

50,356,648

​

​

3,085,249

​

​

(6,166,186)

​

​

606,170

​

​

47,881,881

​

​

559,969

​

​

(143,329)

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

4,904,726

​

​

16,512,521

​

​

(5,544,444)

​

​

290,292

​

​

16,163,095

​

​

—

​

​

468,006

​

​

—

See Accompanying Notes to Financial Statements

63

PORTFOLIO OF INVESTMENTS​

Voya Solution Income Portfolio as of June 30, 2017 (Unaudited) (continued)

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

VY® BlackRock Inflation Protected Bond Portfolio - Class I

​

​

43,336,196

​

​

2,142,888

​

​

(15,263,359)

​

​

1,305,465

​

​

31,521,190

​

​

570,576

​

​

(1,516,712)

​

​

—

VY® Clarion Global Real Estate Portfolio - Class I

​

​

4,930,084

​

​

144,712

​

​

(660,218)

​

​

211,476

​

​

4,626,054

​

​

—

​

​

(11,327)

​

​

—

VY® Clarion Real Estate Portfolio - Class I

​

​

4,968,998

​

​

191,309

​

​

(560,770)

​

​

(36,496)

​

​

4,563,041

​

​

—

​

​

147,788

​

​

—

VY® Goldman Sachs Bond Portfolio - Class I

​

​

66,488,713

​

​

1,577,145

​

​

(18,882,031)

​

​

1,039,230

​

​

50,223,057

​

​

—

​

​

354,216

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

39,875,740

​

​

1,149,963

​

​

(5,498,265)

​

​

3,736,288

​

​

39,263,726

​

​

—

​

​

(248,755)

​

​

—

VY® T. Rowe Price Equity Income Portfolio - Class I

​

​

19,696,222

​

​

96,940

​

​

(19,717,521)

​

​

(75,641)

​

​

—

​

​

—

​

​

793,458

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

9,561,638

​

​

48,470

​

​

(10,579,862)

​

​

969,754

​

​

—

​

​

—

​

​

419,634

​

​

—

​

​

$

452,310,440

​

$

121,997,502

​

$

(143,456,884)

​

$

17,574,103

​

$

448,425,161

​

$

3,626,278

​

$

863,619

​

$

—

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 June 30, 2017 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​
Equity contracts	Net Assets — Unrealized appreciation*​	​	$	19,174
Total Asset Derivatives	​	​	$	19,174
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*​	​	$	169,474
Total Liability Derivatives	​	​	$	169,474

*

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 period ended June 30, 2017 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(263,365)
Total	​	$	(263,365)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(150,300)
Total	​	$	(150,300)

See Accompanying Notes to Financial Statements

64

Voya Solution Moderately PORTFOLIO OF INVESTMENTS

Aggressive Portfolio as of June 30, 2017 (Unaudited)

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 5.0%
​	304,246	​	iShares Russell 1000 Value Index Fund	​	$	35,423,362	​	5.0
​	​	​	Total Exchange-Traded Funds (Cost $33,688,498)	​		35,423,362	​	5.0
MUTUAL FUNDS: 94.8%
​	​	​	Affiliated Investment Companies: 93.3%
​	2,565,472	​	Voya Emerging Markets Index Portfolio - Class I	​	​	28,579,362	​	4.1
​	3,515,640	​	Voya Floating Rate Fund - Class I	​	​	34,699,366	​	4.9
​	1,719,368	​	Voya High Yield Bond Fund - Class R6	​	​	14,030,040	​	2.0
​	819,590	​	Voya Index Plus LargeCap Portfolio - Class I	​	​	21,030,684	​	3.0
​	4,838,629	​	Voya Intermediate Bond Fund - Class R6	​	​	48,918,544	​	7.0
​	2,176,867	​	Voya International Index Portfolio - Class I	​	​	21,463,910	​	3.0
​	1,931,389	​	Voya Large Cap Growth Portfolio - Class I	​	​	38,260,820	​	5.4
​	2,756,563	​	Voya Large Cap Value Fund - Class R6	​	​	37,847,616	​	5.4
​	3,020,311	@	Voya MidCap Opportunities Portfolio - Class I	​	​	41,952,118	​	6.0
​	1,254,450	​	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	14,413,627	​	2.0
​	4,665,631	​	Voya Multi-Manager International Equity Fund - Class I	​	​	53,748,069	​	7.6
​	4,520,334	​	Voya Multi-Manager International Factors Fund - Class I	​	​	46,469,038	​	6.6
​	2,150,950	​	Voya Multi-Manager Large Cap Core Portfolio - Class I	​	​	35,038,982	​	5.0
​	3,592,427	​	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	41,672,156	​	5.9
​	2,006,164	​	Voya Small Company Portfolio - Class I	​	​	40,945,799	​	5.8

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	​	Affiliated Investment Companies (continued)
​	657,492	​	Voya U.S. Bond Index Portfolio - Class I	​	$	6,989,141	​	1.0
​	1,868,428	​	Voya U.S. Stock Index Portfolio - Class I	​	​	28,119,837	​	4.0
​	572,638	​	VY® Clarion Global Real Estate Portfolio - Class I	​	​	6,997,635	​	1.0
​	185,958	​	VY® Clarion Real Estate Portfolio - Class I	​	​	6,977,145	​	1.0
​	1,546,793	​	VY® Invesco Comstock Portfolio - Class I	​	​	27,966,021	​	4.0
​	1,267,879	​	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	35,285,080	​	5.0
​	272,107	@	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	25,175,340	​	3.6
​	​	​	​	​	​	656,580,330	​	93.3
​	​	​	Unaffiliated Investment Companies: 1.5%
​	2,162,260	@	Credit Suisse Commodity Return Strategy Fund - Class I	​		10,422,093	​	1.5
​	​	​	Total Mutual Funds (Cost $640,079,794)	​		667,002,423	​	94.8
​	​	​	Total Investments in Securities (Cost $673,768,292)	​	$	702,425,785	​	99.8
​	​	​	Assets in Excess of Other Liabilities	​	​	1,298,984	​	0.2
​	​	​	Net Assets	​	$	703,724,769	​	100.0

@

Non-income producing security.

Cost for federal income tax purposes is $684,599,574.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	32,016,602
Gross Unrealized Depreciation	​	(14,190,391)
Net Unrealized Appreciation	$	17,826,211

See Accompanying Notes to Financial Statements

65

Voya Solution Moderately PORTFOLIO OF INVESTMENTS

Aggressive Portfolio as of June 30, 2017 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

35,423,362

​

$

—

​

$

—

​

$

35,423,362

Mutual Funds

​

​

667,002,423

​

​

—

​

​

—

​

​

667,002,423

Total Investments, at fair value

​

$

702,425,785

​

$

—

​

$

—

​

$

702,425,785

Other Financial Instruments+

​

​

​

​

Futures

​

​

28,060

​

​

—

​

​

—

​

​

28,060

Total Assets

​

$

702,453,845

​

$

—

​

$

—

​

$

702,453,845

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(254,900)

​

$

—

​

$

—

​

$

(254,900)

Total Liabilities

​

$

(254,900)

​

$

—

​

$

—

​

$

(254,900)

^

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 June 30, 2017, the following futures contracts were outstanding for Voya Solution Moderately Aggressive Portfolio:

Contract Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/​ (Depreciation)
Long Contracts	​		​		​			​
EURO STOXX 50® Index	​	185	​	09/15/17	​	$	7,249,640	​	$	(254,900)
​	​	​	​	​	​	$	7,249,640	​	$	(254,900)
Short Contracts	​		​		​			​
S&P 500 E-Mini	​	(60)	​	09/15/17	​	​	(7,262,700)	​	​	28,060
​	​	​	​	​	​	$	(7,262,700)	​	$	28,060

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2017, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

13,697,941

​

$

14,163,040

​

$

(1,485,489)

​

$

2,203,870

​

$

28,579,362

​

$

345,456

​

$

125,724

​

$

—

Voya Floating Rate Fund - Class I

​

​

20,781,804

​

​

15,961,485

​

​

(1,818,205)

​

​

(225,718)

​

​

34,699,366

​

​

529,242

​

​

(20,601)

​

​

—

Voya Global Bond Fund - Class R6

​

​

13,630,379

​

​

817,095

​

​

(14,369,780)

​

​

(77,694)

​

​

—

​

​

243,014

​

​

327,699

​

​

—

Voya High Yield Bond Fund - Class R6

​

​

14,006,352

​

​

840,120

​

​

(998,275)

​

​

181,843

​

​

14,030,040

​

​

377,879

​

​

21,976

​

​

—

Voya Index Plus LargeCap Portfolio - Class I

​

​

20,761,240

​

​

867,788

​

​

(1,637,900)

​

​

1,039,556

​

​

21,030,684

​

​

340,014

​

​

220,721

​

​

389,574

Voya Intermediate Bond Fund - Class R6

​

​

35,984,089

​

​

15,541,862

​

​

(3,188,374)

​

​

580,967

​

​

48,918,544

​

​

658,873

​

​

5,996

​

​

—

See Accompanying Notes to Financial Statements

66

Voya Solution Moderately PORTFOLIO OF INVESTMENTS

Aggressive Portfolio as of June 30, 2017 (Unaudited) (continued)

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya International Index Portfolio - Class I

​

​

14,011,692

​

​

7,030,205

​

​

(1,324,711)

​

​

1,746,724

​

​

21,463,910

​

​

512,582

​

​

(43,388)

​

​

—

Voya Large Cap Growth Portfolio - Class I

​

​

37,494,815

​

​

14,310,390

​

​

(18,022,261)

​

​

4,477,876

​

​

38,260,820

​

​

—

​

​

77,355

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

31,491,888

​

​

9,032,527

​

​

(4,284,500)

​

​

1,607,701

​

​

37,847,616

​

​

169,796

​

​

306,159

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

47,615,502

​

​

277,902

​

​

(13,679,503)

​

​

7,738,217

​

​

41,952,118

​

​

70,407

​

​

(2,060,696)

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

13,628,443

​

​

32,927

​

​

(1,926,552)

​

​

2,678,809

​

​

14,413,627

​

​

—

​

​

206,310

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

55,494,611

​

​

740,321

​

​

(10,484,543)

​

​

7,997,680

​

​

53,748,069

​

​

—

​

​

(523,886)

​

​

—

Voya Multi-Manager International Factor Fund - Class I

​

​

42,131,464

​

​

2,517,909

​

​

(4,215,995)

​

​

6,035,660

​

​

46,469,038

​

​

—

​

​

(217,640)

​

​

—

Voya Multi-Manager Large Cap Core Portfolio - Class I

​

​

34,226,903

​

​

3,288,612

​

​

(5,285,872)

​

​

2,809,339

​

​

35,038,982

​

​

—

​

​

289,026

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

48,640,205

​

​

655,017

​

​

(10,891,639)

​

​

3,268,573

​

​

41,672,156

​

​

—

​

​

(1,167,164)

​

​

—

Voya Small Company Portfolio - Class I

​

​

21,034,727

​

​

26,017,320

​

​

(2,059,283)

​

​

(4,046,965)

​

​

40,945,799

​

​

139,727

​

​

95,737

​

​

4,294,380

Voya U.S. Bond Index Portfolio - Class I

​

​

13,661,568

​

​

948,995

​

​

(7,901,059)

​

​

279,637

​

​

6,989,141

​

​

131,319

​

​

(164,250)

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

17,394,306

​

​

17,800,388

​

​

(8,013,974)

​

​

939,117

​

​

28,119,837

​

​

—

​

​

967,877

​

​

—

VY® Clarion Global Real Estate Portfolio - Class I

​

​

6,994,370

​

​

222,609

​

​

(520,788)

​

​

301,444

​

​

6,997,635

​

​

—

​

​

(10,661)

​

​

—

VY® Clarion Real Estate Portfolio - Class I

​

​

7,046,351

​

​

313,838

​

​

(504,991)

​

​

121,947

​

​

6,977,145

​

​

—

​

​

38,641

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

28,386,120

​

​

1,061,697

​

​

(2,299,060)

​

​

817,264

​

​

27,966,021

​

​

—

​

​

159,372

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

34,303,039

​

​

553,884

​

​

(2,660,708)

​

​

3,088,865

​

​

35,285,080

​

​

—

​

​

(13,021)

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

37,335,214

​

​

153,287

​

​

(18,372,428)

​

​

6,059,267

​

​

25,175,340

​

​

—

​

​

387,324

​

​

—

​

​

$

609,753,023

​

$

133,149,218

​

$

(135,945,890)

​

$

49,623,979

​

$

656,580,330

​

$

3,518,309

​

$

(991,390)

​

$

4,683,954

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 June 30, 2017 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	28,060
Total Asset Derivatives	​	​	$	28,060
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	254,900
Total Liability Derivatives	​	​	$	254,900

*

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 period ended June 30, 2017 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(377,064)
Total	​	$	(377,064)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(226,840)
Total	​	$	(226,840)

See Accompanying Notes to Financial Statements

67

Voya Solution Moderately PORTFOLIO OF INVESTMENTS

Conservative Portfolio as of June 30, 2017 (Unaudited)

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 1.9%
​	5,419	​	iShares Russell 1000 Value Index Fund	​	$	630,934	​	1.9
​	​	​	Total Exchange-Traded Funds (Cost $621,923)	​		630,934	​	1.9
MUTUAL FUNDS: 98.0%
​	​	​	Affiliated Investment Companies: 96.0%
​	105,902	​	Voya Emerging Markets Index Portfolio - Class I	​	​	1,179,747	​	3.6
​	232,400	​	Voya Floating Rate Fund - Class I	​	​	2,293,787	​	6.9
​	68,282	​	Voya Global Bond Fund - Class R6	​	​	674,622	​	2.0
​	244,118	​	Voya High Yield Bond Fund - Class R6	​	​	1,992,004	​	6.0
​	326,115	​	Voya Intermediate Bond Fund - Class R6	​	​	3,297,025	​	10.0
​	68,716	​	Voya International Index Portfolio - Class I	​	​	677,540	​	2.0
​	57,471	​	Voya Large Cap Growth Portfolio - Class I	​	​	1,138,509	​	3.4
​	85,766	​	Voya Large Cap Value Fund - Class R6	​	​	1,177,573	​	3.6
​	58,951	@	Voya MidCap Opportunities Portfolio - Class I	​	​	818,825	​	2.5
​	73,717	​	Voya Multi-Manager International Equity Fund - Class I	​	​	849,223	​	2.6
​	82,341	​	Voya Multi-Manager International Factors Fund - Class I	​	​	846,469	​	2.6
​	69,458	​	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	805,709	​	2.4
​	265,891	​	Voya Short Term Bond Fund - Class R6	​	​	2,619,027	​	7.9
​	47,108	​	Voya Small Company Portfolio - Class I	​	​	961,475	​	2.9
​	232,775	​	Voya U.S. Bond Index Portfolio - Class I	​	​	2,474,393	​	7.5
​	122,424	​	Voya U.S. Stock Index Portfolio - Class I	​	​	1,842,486	​	5.6

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	​	Affiliated Investment Companies (continued)
​	137,573	​	VY® BlackRock Inflation Protected Bond Portfolio - Class I	​	$	1,301,437	​	3.9
​	27,108	​	VY® Clarion Global Real Estate Portfolio - Class I	​	​	331,263	​	1.0
​	8,806	​	VY® Clarion Real Estate Portfolio - Class I	​	​	330,413	​	1.0
​	208,467	​	VY® Goldman Sachs Bond Portfolio - Class I	​	​	2,147,213	​	6.5
​	36,612	​	VY® Invesco Comstock Portfolio - Class I	​	​	661,939	​	2.0
​	119,794	​	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	3,333,860	​	10.1
​	​	​	​	​	​	31,754,539	​	96.0
​	​	​	Unaffiliated Investment Companies: 2.0%
​	132,751	@	Credit Suisse Commodity Return Strategy Fund - Class I	​		639,861	​	2.0
​	​	​	Total Mutual Funds (Cost $31,480,676)	​		32,394,400	​	98.0
​	​	​	Total Investments in Securities (Cost $32,102,599)	​	$	33,025,334	​	99.9
​	​	​	Assets in Excess of Other Liabilities	​	​	47,347	​	0.1
​	​	​	Net Assets	​	$	33,072,681	​	100.0

@

Non-income producing security.

Cost for federal income tax purposes is $33,260,174.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	1,022,870
Gross Unrealized Depreciation	​	(1,257,710)
Net Unrealized Depreciation	$	(234,840)

See Accompanying Notes to Financial Statements

68

Voya Solution Moderately PORTFOLIO OF INVESTMENTS

Conservative Portfolio as of June 30, 2017 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

630,934

​

$

—

​

$

—

​

$

630,934

Mutual Funds

​

​

32,394,400

​

​

—

​

​

—

​

​

32,394,400

Total Investments, at fair value

​

$

33,025,334

​

$

—

​

$

—

​

$

33,025,334

Other Financial Instruments+

​

​

​

​

Futures

​

​

935

​

​

—

​

​

—

​

​

935

Total Assets

​

$

33,026,269

​

$

—

​

$

—

​

$

33,026,269

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(12,400)

​

$

—

​

$

—

​

$

(12,400)

Total Liabilities

​

$

(12,400)

​

$

—

​

$

—

​

$

(12,400)

^

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 June 30, 2017, the following futures contracts were outstanding for Voya Solution Moderately Conservative Portfolio:

Contract Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/​ (Depreciation)
Long Contracts	​		​		​			​
EURO STOXX 50® Index	​	9	​	09/15/17	​	$	352,685	​	$	(12,400)
​	​	​	​	​	​	$	352,685	​	$	(12,400)
Short Contracts	​		​		​			​
S&P 500 E-Mini	​	(2)	​	09/15/17	​	​	(242,090)	​	​	935
​	​	​	​	​	​	$	(242,090)	​	$	935

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2017, 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

​

$

704,605

​

$

549,907

​

$

(179,351)

​

$

104,586

​

$

1,179,747

​

$

13,307

​

$

5,928

​

$

—

Voya Floating Rate Fund - Class I

​

​

2,137,490

​

​

601,109

​

​

(435,925)

​

​

(8,887)

​

​

2,293,787

​

​

43,823

​

​

(10,319)

​

​

—

Voya Global Bond Fund - Class R6

​

​

1,752,536

​

​

173,714

​

​

(1,299,507)

​

​

47,879

​

​

674,622

​

​

34,438

​

​

(10,202)

​

​

—

Voya High Yield Bond Fund - Class R6

​

​

2,160,759

​

​

225,197

​

​

(425,638)

​

​

31,686

​

​

1,992,004

​

​

54,406

​

​

(1,431)

​

​

—

Voya Intermediate Bond Fund - Class R6

​

​

1,032,437

​

​

2,509,944

​

​

(266,906)

​

​

21,550

​

​

3,297,025

​

​

28,493

​

​

1,914

​

​

—

Voya International Index Portfolio - Class I

​

​

720,428

​

​

67,492

​

​

(197,762)

​

​

87,382

​

​

677,540

​

​

15,792

​

​

(9,900)

​

​

—

Voya Large Cap Growth Portfolio - Class I

​

​

525,813

​

​

712,397

​

​

(153,100)

​

​

53,399

​

​

1,138,509

​

​

—

​

​

(2,265)

​

​

—

See Accompanying Notes to Financial Statements

69

Voya Solution Moderately PORTFOLIO OF INVESTMENTS

Conservative Portfolio as of June 30, 2017 (Unaudited) (continued)

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 Large Cap Value Fund - Class R6

​

​

362,284

​

​

912,867

​

​

(116,647)

​

​

19,069

​

​

1,177,573

​

​

1,764

​

​

17,339

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

1,311,645

​

​

84,514

​

​

(776,380)

​

​

199,046

​

​

818,825

​

​

1,732

​

​

(53,773)

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

891,764

​

​

64,625

​

​

(213,939)

​

​

106,773

​

​

849,223

​

​

—

​

​

6,148

​

​

—

Voya Multi-Manager International Factor Fund - Class I

​

​

902,606

​

​

64,625

​

​

(232,967)

​

​

112,205

​

​

846,469

​

​

—

​

​

1,935

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

1,339,779

​

​

82,782

​

​

(701,197)

​

​

84,345

​

​

805,709

​

​

—

​

​

(29,269)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

3,171,325

​

​

349,924

​

​

(921,970)

​

​

19,748

​

​

2,619,027

​

​

26,193

​

​

(13,875)

​

​

—

Voya Small Company Portfolio - Class I

​

​

720,942

​

​

499,155

​

​

(172,731)

​

​

(85,891)

​

​

961,475

​

​

3,202

​

​

4,062

​

​

98,418

Voya U.S. Bond Index Portfolio - Class I

​

​

2,634,775

​

​

330,573

​

​

(516,027)

​

​

25,072

​

​

2,474,393

​

​

28,570

​

​

(3,031)

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

895,000

​

​

1,520,374

​

​

(635,961)

​

​

63,073

​

​

1,842,486

​

​

—

​

​

39,062

​

​

—

VY® BlackRock Inflation Protected Bond Portfolio - Class I

​

​

1,406,582

​

​

188,722

​

​

(282,443)

​

​

(11,424)

​

​

1,301,437

​

​

20,688

​

​

(1,705)

​

​

—

VY® Clarion Global Real Estate Portfolio - Class I

​

​

359,616

​

​

32,366

​

​

(76,575)

​

​

15,856

​

​

331,263

​

​

—

​

​

(2,113)

​

​

—

VY® Clarion Real Estate Portfolio - Class I

​

​

362,244

​

​

38,895

​

​

(76,508)

​

​

5,782

​

​

330,413

​

​

—

​

​

2,007

​

​

—

VY® Goldman Sachs Bond Portfolio - Class I

​

​

3,726,858

​

​

310,693

​

​

(1,931,929)

​

​

41,591

​

​

2,147,213

​

​

—

​

​

27,013

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

729,813

​

​

71,755

​

​

(141,662)

​

​

2,033

​

​

661,939

​

​

—

​

​

23,008

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

3,527,976

​

​

258,501

​

​

(802,792)

​

​

350,175

​

​

3,333,860

​

​

—

​

​

(49,992)

​

​

—

VY® T. Rowe Price Equity Income Portfolio - Class I

​

​

1,437,718

​

​

169,355

​

​

(1,596,541)

​

​

(10,532)

​

​

—

​

​

—

​

​

61,133

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

523,599

​

​

21,788

​

​

(565,774)

​

​

20,387

​

​

—

​

​

—

​

​

54,084

​

​

—

​

​

$

33,338,594

​

$

9,841,274

​

$

(12,720,232)

​

$

1,294,903

​

$

31,754,539

​

$

272,408

​

$

55,758

​

$

98,418

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 June 30, 2017 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	935
Total Asset Derivatives	​	​	$	935
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	12,400
Total Liability Derivatives	​	​	$	12,400

*

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 period ended June 30, 2017 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(18,112)
Total	​	$	(18,112)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(11,465)
Total	​	$	(11,465)

See Accompanying Notes to Financial Statements

70

PORTFOLIO OF INVESTMENTS​

Voya Solution 2020 Portfolio as of June 30, 2017 (Unaudited)

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 3.1%
​	6,916	​	iShares MSCI Emerging Markets Index Fund	​	$	286,253	​	1.1
​	2,389	​	iShares Russell 1000 Value Index Fund	​	​	278,151	​	1.0
​	4,265	​	WisdomTree Europe Hedged Equity Fund	​	​	265,838	​	1.0
​	​	​	Total Exchange-Traded Funds (Cost $815,834)	​		830,242	​	3.1
MUTUAL FUNDS: 96.7%
​	​	​	Affiliated Investment Companies: 95.2%
​	136,130	​	Voya Floating Rate Fund - Class I	​	​	1,343,601	​	4.9
​	83,530	​	Voya Global Bond Fund - Class R6	​	​	825,281	​	3.0
​	66,515	​	Voya High Yield Bond Fund - Class R6	​	​	542,766	​	2.0
​	267,166	​	Voya Intermediate Bond Fund - Class R6	​	​	2,701,052	​	9.9
​	83,350	​	Voya International Index Portfolio - Class I	​	​	821,827	​	3.0
​	67,874	​	Voya Large Cap Growth Portfolio - Class I	​	​	1,344,581	​	5.0
​	48,222	​	Voya Large Cap Value Fund - Class R6	​	​	662,087	​	2.4
​	29,139	@	Voya MidCap Opportunities Portfolio - Class I	​	​	404,741	​	1.5
​	59,799	​	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	687,094	​	2.5
​	72,397	​	Voya Multi-Manager International Equity Fund - Class I	​	​	834,008	​	3.1
​	134,655	​	Voya Multi-Manager International Factors Fund - Class I	​	​	1,384,258	​	5.1
​	41,725	​	Voya Multi-Manager Large Cap Core Portfolio - Class I	​	​	679,694	​	2.5
​	34,280	​	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	397,649	​	1.5
​	197,378	​	Voya Short Term Bond Fund - Class R6	​	​	1,944,178	​	7.2
​	38,761	​	Voya Small Company Portfolio - Class I	​	​	791,112	​	2.9

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	​	Affiliated Investment Companies (continued)
​	73,774	​	Voya U.S. Bond Index Portfolio - Class I	​	$	784,218	​	2.9
​	143,850	​	Voya U.S. Stock Index Portfolio - Class I	​	​	2,164,937	​	8.0
​	139,932	​	VY® BlackRock Inflation Protected Bond Portfolio - Class I	​	​	1,323,755	​	4.9
​	22,151	​	VY® Clarion Global Real Estate Portfolio - Class I	​	​	270,687	​	1.0
​	7,192	​	VY® Clarion Real Estate Portfolio - Class I	​	​	269,830	​	1.0
​	179,515	​	VY® Goldman Sachs Bond Portfolio - Class I	​	​	1,849,004	​	6.8
​	37,378	​	VY® Invesco Comstock Portfolio - Class I	​	​	675,793	​	2.5
​	98,133	​	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	2,731,041	​	10.1
​	4,536	@	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	419,646	​	1.5
​	​	​	​	​	​	25,852,840	​	95.2
​	​	​	Unaffiliated Investment Companies: 1.5%
​	84,988	@	Credit Suisse Commodity Return Strategy Fund - Class I	​		409,640	​	1.5
​	​	​	Total Mutual Funds (Cost $25,410,039)	​		26,262,480	​	96.7
​	​	​	Total Investments in Securities (Cost $26,225,873)	​	$	27,092,722	​	99.8
​	​	​	Assets in Excess of Other Liabilities	​	​	61,783	​	0.2
​	​	​	Net Assets	​	$	27,154,505	​	100.0

@

Non-income producing security.

Cost for federal income tax purposes is $26,363,233.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	939,070
Gross Unrealized Depreciation	​	(209,581)
Net Unrealized Appreciation	$	729,489

See Accompanying Notes to Financial Statements

71

PORTFOLIO OF INVESTMENTS​

Voya Solution 2020 Portfolio as of June 30, 2017 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

830,242

​

$

—

​

$

—

​

$

830,242

Mutual Funds

​

​

26,262,480

​

​

—

​

​

—

​

​

26,262,480

Total Investments, at fair value

​

$

27,092,722

​

$

—

​

$

—

​

$

27,092,722

^

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 period ended June 30, 2017, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Floating Rate Fund - Class I

​

$

1,110,510

​

$

439,713

​

$

(189,519)

​

$

(17,103)

​

$

1,343,601

​

$

26,852

​

$

4,946

​

$

—

Voya Global Bond Fund - Class R6

​

​

1,312,994

​

​

467,357

​

​

(994,184)

​

​

39,114

​

​

825,281

​

​

31,968

​

​

(1,960)

​

​

—

Voya High Yield Bond Fund - Class R6

​

​

448,744

​

​

164,661

​

​

(71,464)

​

​

825

​

​

542,766

​

​

14,069

​

​

6,322

​

​

—

Voya Intermediate Bond Fund - Class R6

​

​

991,201

​

​

1,976,757

​

​

(288,193)

​

​

21,287

​

​

2,701,052

​

​

26,910

​

​

1,938

​

​

—

Voya International Index Portfolio - Class I

​

​

448,823

​

​

471,200

​

​

(162,716)

​

​

64,520

​

​

821,827

​

​

20,243

​

​

19,377

​

​

—

Voya Large Cap Growth Portfolio - Class I

​

​

765,781

​

​

807,087

​

​

(312,314)

​

​

84,027

​

​

1,344,581

​

​

—

​

​

17,936

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

450,982

​

​

331,247

​

​

(124,415)

​

​

4,273

​

​

662,087

​

​

3,000

​

​

26,435

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

545,865

​

​

170,618

​

​

(356,077)

​

​

44,335

​

​

404,741

​

​

983

​

​

24,457

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

—

​

​

732,008

​

​

(71,371)

​

​

26,457

​

​

687,094

​

​

—

​

​

1,883

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

667,223

​

​

409,185

​

​

(307,778)

​

​

65,378

​

​

834,008

​

​

—

​

​

19,846

​

​

—

Voya Multi-Manager International Factor Fund - Class I

​

​

1,349,208

​

​

423,268

​

​

(518,410)

​

​

130,192

​

​

1,384,258

​

​

—

​

​

69,033

​

​

—

Voya Multi-Manager Large Cap Core Portfolio - Class I

​

​

1,333,324

​

​

394,439

​

​

(1,061,960)

​

​

13,891

​

​

679,694

​

​

—

​

​

101,702

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

556,412

​

​

169,635

​

​

(315,860)

​

​

(12,538)

​

​

397,649

​

​

—

​

​

37,166

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

934,435

​

​

1,235,810

​

​

(228,646)

​

​

2,579

​

​

1,944,178

​

​

12,444

​

​

(561)

​

​

—

Voya Small Company Portfolio - Class I

​

​

448,939

​

​

528,050

​

​

(96,302)

​

​

(89,575)

​

​

791,112

​

​

2,755

​

​

14,965

​

​

84,685

Voya U.S. Bond Index Portfolio - Class I

​

​

1,331,484

​

​

475,334

​

​

(1,061,274)

​

​

38,674

​

​

784,218

​

​

14,546

​

​

(25,383)

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

1,006,181

​

​

1,728,533

​

​

(641,038)

​

​

71,261

​

​

2,164,937

​

​

—

​

​

45,490

​

​

—

VY® BlackRock Inflation Protected Bond Portfolio - Class I

​

​

1,536,704

​

​

561,582

​

​

(744,806)

​

​

(29,725)

​

​

1,323,755

​

​

22,865

​

​

20,535

​

​

—

VY® Clarion Global Real Estate Portfolio - Class I

​

​

224,349

​

​

76,894

​

​

(42,097)

​

​

11,541

​

​

270,687

​

​

—

​

​

(540)

​

​

—

VY® Clarion Real Estate Portfolio - Class I

​

​

225,928

​

​

82,186

​

​

(40,220)

​

​

1,936

​

​

269,830

​

​

—

​

​

4,056

​

​

—

VY® Goldman Sachs Bond Portfolio - Class I

​

​

1,098,811

​

​

947,972

​

​

(231,765)

​

​

33,986

​

​

1,849,004

​

​

—

​

​

1,420

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

680,809

​

​

211,634

​

​

(189,781)

​

​

(26,869)

​

​

675,793

​

​

—

​

​

49,909

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

2,201,074

​

​

724,666

​

​

(399,557)

​

​

204,858

​

​

2,731,041

​

​

—

​

​

19,755

​

​

—

VY® T. Rowe Price Equity Income Portfolio - Class I

​

​

447,275

​

​

121,870

​

​

(562,475)

​

​

(6,670)

​

​

—

​

​

—

​

​

24,665

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

762,713

​

​

230,569

​

​

(635,797)

​

​

62,161

​

​

419,646

​

​

—

​

​

78,681

​

​

—

​

​

$

20,879,769

​

$

13,882,275

​

$

(9,648,019)

​

$

738,815

​

$

25,852,840

​

$

176,635

​

$

562,073

​

$

84,685

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

See Accompanying Notes to Financial Statements

72

PORTFOLIO OF INVESTMENTS​

Voya Solution 2025 Portfolio as of June 30, 2017 (Unaudited)

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 2.3%
​	75,467	​	iShares Barclays 20+ Year Treasury Bond Fund	​	$	9,442,431	​	1.0
​	100,519	​	iShares Russell 1000 Value Index Fund	​	​	11,703,427	​	1.3
​	​	​	Total Exchange-Traded Funds (Cost $20,730,933)	​		21,145,858	​	2.3
MUTUAL FUNDS: 97.5%
​	​	​	Affiliated Investment Companies: 96.0%
​	2,472,280	​	Voya Emerging Markets Index Portfolio - Class I	​	​	27,541,200	​	3.0
​	4,529,758	​	Voya Floating Rate Fund - Class I	​	​	44,708,715	​	4.9
​	2,780,147	​	Voya Global Bond Fund - Class R6	​	​	27,467,852	​	3.0
​	2,213,511	​	Voya High Yield Bond Fund - Class R6	​	​	18,062,247	​	2.0
​	8,675,881	​	Voya Intermediate Bond Fund - Class R6	​	​	87,713,152	​	9.7
​	3,741,009	​	Voya International Index Portfolio - Class I	​	​	36,886,348	​	4.1
​	2,719,406	​	Voya Large Cap Growth Portfolio - Class I	​	​	53,871,432	​	5.9
​	1,914,258	​	Voya Large Cap Value Fund - Class R6	​	​	26,282,764	​	2.9
​	1,472,377	@	Voya MidCap Opportunities Portfolio - Class I	​	​	20,451,316	​	2.3
​	1,615,825	​	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	18,565,830	​	2.1
​	3,613,026	​	Voya Multi-Manager International Equity Fund - Class I	​	​	41,622,057	​	4.6
​	4,931,249	​	Voya Multi-Manager International Factors Fund - Class I	​	​	50,693,235	​	5.6
​	2,194,598	​	Voya Multi-Manager Large Cap Core Portfolio - Class I	​	​	35,750,001	​	3.9
​	1,732,453	​	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	20,096,456	​	2.2
​	2,944,394	​	Voya Short Term Bond Fund - Class R6	​	​	29,002,276	​	3.2

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	​	Affiliated Investment Companies (continued)
​	1,285,863	​	Voya Small Company Portfolio - Class I	​	$	26,244,456	​	2.9
​	6,628,649	​	Voya U.S. Stock Index Portfolio - Class I	​	​	99,761,160	​	11.0
​	737,135	​	VY® Clarion Global Real Estate Portfolio - Class I	​	​	9,007,788	​	1.0
​	239,288	​	VY® Clarion Real Estate Portfolio - Class I	​	​	8,978,092	​	1.0
​	5,232,688	​	VY® Goldman Sachs Bond Portfolio - Class I	​	​	53,896,684	​	5.9
​	1,491,459	​	VY® Invesco Comstock Portfolio - Class I	​	​	26,965,574	​	3.0
​	3,265,515	​	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	90,879,269	​	10.0
​	176,049	@	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	16,288,082	​	1.8
​	​	​	​	​	​	870,735,986	​	96.0
​	​	​	Unaffiliated Investment Companies: 1.5%
​	2,830,953	@	Credit Suisse Commodity Return Strategy Fund - Class I	​		13,645,196	​	1.5
​	​	​	Total Mutual Funds (Cost $851,817,175)	​		884,381,182	​	97.5
​	​	​	Total Investments in Securities (Cost $872,548,108)	​	$	905,527,040	​	99.8
​	​	​	Assets in Excess of Other Liabilities	​	​	1,519,596	​	0.2
​	​	​	Net Assets	​	$	907,046,636	​	100.0

@

Non-income producing security.

Cost for federal income tax purposes is $890,644,528.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	35,895,684
Gross Unrealized Depreciation	​	(21,013,172)
Net Unrealized Appreciation	$	14,882,512

See Accompanying Notes to Financial Statements

73

PORTFOLIO OF INVESTMENTS​

Voya Solution 2025 Portfolio as of June 30, 2017 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

21,145,858

​

$

—

​

$

—

​

$

21,145,858

Mutual Funds

​

​

884,381,182

​

​

—

​

​

—

​

​

884,381,182

Total Investments, at fair value

​

$

905,527,040

​

$

—

​

$

—

​

$

905,527,040

Other Financial Instruments+

​

​

​

​

Futures

​

​

36,945

​

​

—

​

​

—

​

​

36,945

Total Assets

​

$

905,563,985

​

$

—

​

$

—

​

$

905,563,985

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(333,436)

​

$

—

​

$

—

​

$

(333,436)

Total Liabilities

​

$

(333,436)

​

$

—

​

$

—

​

$

(333,436)

^

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 June 30, 2017, the following futures contracts were outstanding for Voya Solution 2025 Portfolio:

Contract Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts	​		​		​			​
EURO STOXX 50® Index	​	242	​	09/15/17	​	$	9,483,313	​	$	(333,436)
​	​	​	​	​	​	$	9,483,313	​	$	(333,436)
Short Contracts	​		​		​			​
S&P 500 E-Mini	​	(79)	​	09/15/17	​	​	(9,562,555)	​	​	36,945
​	​	​	​	​	​	$	(9,562,555)	​	$	36,945

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2017, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

17,744,852

​

$

9,972,880

​

$

(2,852,834)

​

$

2,676,302

​

$

27,541,200

​

$

301,950

​

$

127,886

​

$

—

Voya Floating Rate Fund - Class I

​

​

44,882,064

​

​

4,334,381

​

​

(4,208,347)

​

​

(299,383)

​

​

44,708,715

​

​

930,986

​

​

(108,769)

​

​

—

Voya Global Bond Fund - Class R6

​

​

52,960,688

​

​

4,157,839

​

​

(31,540,473)

​

​

1,889,798

​

​

27,467,852

​

​

1,128,348

​

​

(591,557)

​

​

—

Voya High Yield Bond Fund - Class R6

​

​

18,153,839

​

​

1,278,844

​

​

(1,715,198)

​

​

344,762

​

​

18,062,247

​

​

488,430

​

​

(75,367)

​

​

—

Voya Intermediate Bond Fund - Class R6

​

​

39,997,229

​

​

53,055,278

​

​

(6,171,460)

​

​

832,105

​

​

87,713,152

​

​

913,278

​

​

(31,570)

​

​

—

See Accompanying Notes to Financial Statements

74

PORTFOLIO OF INVESTMENTS​

Voya Solution 2025 Portfolio as of June 30, 2017 (Unaudited) (continued)

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya International Index Portfolio - Class I

​

​

18,158,620

​

​

24,417,941

​

​

(10,419,134)

​

​

4,728,921

​

​

36,886,348

​

​

895,907

​

​

(470,068)

​

​

—

Voya Large Cap Growth Portfolio - Class I

​

​

35,320,276

​

​

19,337,924

​

​

(4,944,145)

​

​

4,157,377

​

​

53,871,432

​

​

—

​

​

222,594

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

18,272,247

​

​

10,416,697

​

​

(3,480,067)

​

​

1,073,887

​

​

26,282,764

​

​

99,681

​

​

130,553

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

30,842,492

​

​

1,022,776

​

​

(16,084,401)

​

​

4,670,449

​

​

20,451,316

​

​

45,720

​

​

(1,131,299)

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

8,825,764

​

​

9,053,894

​

​

(1,559,401)

​

​

2,245,573

​

​

18,565,830

​

​

—

​

​

(2,434)

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

53,927,891

​

​

1,116,806

​

​

(19,192,457)

​

​

5,769,817

​

​

41,622,057

​

​

—

​

​

178,667

​

​

—

Voya Multi-Manager International Factor Fund - Class I

​

​

54,607,258

​

​

6,909,892

​

​

(20,202,226)

​

​

9,378,311

​

​

50,693,235

​

​

—

​

​

(3,126,800)

​

​

—

Voya Multi-Manager Large Cap Core Portfolio - Class I

​

​

61,037,724

​

​

4,287,482

​

​

(31,674,018)

​

​

2,098,813

​

​

35,750,001

​

​

—

​

​

2,888,620

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

31,519,136

​

​

977,056

​

​

(15,336,074)

​

​

2,936,338

​

​

20,096,456

​

​

—

​

​

(1,629,656)

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

19,974,891

​

​

11,223,998

​

​

(2,278,397)

​

​

81,784

​

​

29,002,276

​

​

210,508

​

​

(41,543)

​

​

—

Voya Small Company Portfolio - Class I

​

​

27,265,755

​

​

4,063,738

​

​

(2,979,671)

​

​

(2,105,366)

​

​

26,244,456

​

​

91,285

​

​

70,430

​

​

2,805,570

Voya U.S. Bond Index Portfolio - Class I

​

​

34,778,247

​

​

3,883,093

​

​

(39,382,041)

​

​

720,701

​

​

—

​

​

264,845

​

​

(458,421)

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

27,051,477

​

​

84,439,861

​

​

(14,909,087)

​

​

3,178,909

​

​

99,761,160

​

​

—

​

​

866,016

​

​

—

VY® Clarion Global Real Estate Portfolio - Class I

​

​

9,064,818

​

​

420,638

​

​

(870,605)

​

​

392,937

​

​

9,007,788

​

​

—

​

​

(13,926)

​

​

—

VY® Clarion Real Estate Portfolio - Class I

​

​

9,136,679

​

​

600,496

​

​

(721,122)

​

​

(37,961)

​

​

8,978,092

​

​

—

​

​

246,474

​

​

—

VY® Goldman Sachs Bond Portfolio - Class I

​

​

35,454,120

​

​

21,481,727

​

​

(3,981,670)

​

​

942,507

​

​

53,896,684

​

​

—

​

​

82,079

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

36,833,252

​

​

883,754

​

​

(10,553,019)

​

​

(198,413)

​

​

26,965,574

​

​

—

​

​

1,333,590

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

88,866,305

​

​

2,681,324

​

​

(8,728,542)

​

​

8,060,182

​

​

90,879,269

​

​

—

​

​

(108,013)

​

​

—

VY® T. Rowe Price Equity Income Portfolio - Class I

​

​

18,106,023

​

​

334,121

​

​

(18,367,276)

​

​

(72,868)

​

​

—

​

​

—

​

​

738,934

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

35,159,519

​

​

793,958

​

​

(26,683,721)

​

​

7,018,326

​

​

16,288,082

​

​

—

​

​

(1,225,307)

​

​

—

​

​

$

827,941,166

​

$

281,146,398

​

$

(298,835,386)

​

$

60,483,808

​

$

870,735,986

​

$

5,370,938

​

$

(2,128,887)

​

$

2,805,570

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 June 30, 2017 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	36,945
Total Asset Derivatives	​	​	$	36,945
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	333,436
Total Liability Derivatives	​	​	$	333,436

*

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

See Accompanying Notes to Financial Statements

75

PORTFOLIO OF INVESTMENTS​

Voya Solution 2025 Portfolio as of June 30, 2017 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2017 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(474,056)
Total	​	$	(474,056)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(296,491)
Total	​	$	(296,491)

See Accompanying Notes to Financial Statements

76

PORTFOLIO OF INVESTMENTS​

Voya Solution 2030 Portfolio as of June 30, 2017 (Unaudited)

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 5.0%
​	1,640	​	iShares Barclays 20+ Year Treasury Bond Fund	​	$	205,197	​	0.9
​	5,004	​	iShares MSCI Emerging Markets Index Fund	​	​	207,116	​	0.9
​	4,632	​	iShares Russell 1000 Value Index Fund	​	​	539,304	​	2.4
​	3,086	​	WisdomTree Europe Hedged Equity Fund	​	​	192,350	​	0.8
​	​	​	Total Exchange-Traded Funds (Cost $1,120,762)	​		1,143,967	​	5.0
MUTUAL FUNDS: 94.8%
​	​	​	Affiliated Investment Companies: 93.4%
​	41,352	​	Voya Emerging Markets Index Portfolio - Class I	​	​	460,665	​	2.0
​	113,325	​	Voya Floating Rate Fund - Class I	​	​	1,118,515	​	4.9
​	55,331	​	Voya High Yield Bond Fund - Class R6	​	​	451,503	​	2.0
​	26,379	​	Voya Index Plus LargeCap Portfolio - Class I	​	​	676,875	​	3.0
​	152,348	​	Voya Intermediate Bond Fund - Class R6	​	​	1,540,238	​	6.8
​	95,616	​	Voya International Index Portfolio - Class I	​	​	942,775	​	4.2
​	67,904	​	Voya Large Cap Growth Portfolio - Class I	​	​	1,345,176	​	5.9
​	50,488	​	Voya Large Cap Value Fund - Class R6	​	​	693,204	​	3.1
​	40,477	@	Voya MidCap Opportunities Portfolio - Class I	​	​	562,222	​	2.5
​	62,438	​	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	717,413	​	3.2
​	120,132	​	Voya Multi-Manager International Equity Fund - Class I	​	​	1,383,924	​	6.1
​	156,639	​	Voya Multi-Manager International Factors Fund - Class I	​	​	1,610,250	​	7.1
​	55,572	​	Voya Multi-Manager Large Cap Core Portfolio - Class I	​	​	905,266	​	4.0
​	47,808	​	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	554,569	​	2.4

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	​	Affiliated Investment Companies (continued)
​	43,095	​	Voya Small Company Portfolio - Class I	​	$	879,575	​	3.9
​	135,897	​	Voya U.S. Stock Index Portfolio - Class I	​	​	2,045,247	​	9.0
​	27,654	​	VY® Clarion Global Real Estate Portfolio - Class I	​	​	337,938	​	1.5
​	8,988	​	VY® Clarion Real Estate Portfolio - Class I	​	​	337,248	​	1.5
​	92,697	​	VY® Goldman Sachs Bond Portfolio - Class I	​	​	954,782	​	4.2
​	37,303	​	VY® Invesco Comstock Portfolio - Class I	​	​	674,443	​	3.0
​	81,595	​	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	2,270,781	​	10.0
​	7,496	@	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	693,541	​	3.1
​	​	​	​	​	​	21,156,150	​	93.4
​	​	​	Unaffiliated Investment Companies: 1.4%
​	67,317	@	Credit Suisse Commodity Return Strategy Fund - Class I	​		324,467	​	1.4
​	​	​	Total Mutual Funds (Cost $20,554,733)	​		21,480,617	​	94.8
​	​	​	Total Investments in Securities (Cost $21,675,495)	​	$	22,624,584	​	99.8
​	​	​	Assets in Excess of Other Liabilities	​	​	38,134	​	0.2
​	​	​	Net Assets	​	$	22,662,718	​	100.0

@

Non-income producing security.

Cost for federal income tax purposes is $21,770,566.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	993,424
Gross Unrealized Depreciation	​	(139,406)
Net Unrealized Appreciation	$	854,018

See Accompanying Notes to Financial Statements

77

PORTFOLIO OF INVESTMENTS​

Voya Solution 2030 Portfolio as of June 30, 2017 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

1,143,967

​

$

—

​

$

—

​

$

1,143,967

Mutual Funds

​

​

21,480,617

​

​

—

​

​

—

​

​

21,480,617

Total Investments, at fair value

​

$

22,624,584

​

$

—

​

$

—

​

$

22,624,584

^

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 period ended June 30, 2017, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

295,424

​

$

186,502

​

$

(71,634)

​

$

50,373

​

$

460,665

​

$

6,731

​

$

4,683

​

$

—

Voya Floating Rate Fund - Class I

​

​

745,459

​

​

520,520

​

​

(133,892)

​

​

(13,572)

​

​

1,118,515

​

​

19,817

​

​

4,408

​

​

—

Voya High Yield Bond Fund - Class R6

​

​

301,238

​

​

200,459

​

​

(51,951)

​

​

1,757

​

​

451,503

​

​

10,394

​

​

3,368

​

​

—

Voya Index Plus LargeCap Portfolio - Class I

​

​

446,418

​

​

293,609

​

​

(81,544)

​

​

18,392

​

​

676,875

​

​

9,942

​

​

11,377

​

​

11,391

Voya Intermediate Bond Fund - Class R6

​

​

554,508

​

​

1,114,568

​

​

(141,841)

​

​

13,003

​

​

1,540,238

​

​

15,108

​

​

315

​

​

—

Voya International Index Portfolio - Class I

​

​

301,304

​

​

920,986

​

​

(336,208)

​

​

56,693

​

​

942,775

​

​

20,089

​

​

37,496

​

​

—

Voya Large Cap Growth Portfolio - Class I

​

​

660,430

​

​

845,140

​

​

(244,571)

​

​

84,177

​

​

1,345,176

​

​

—

​

​

10,282

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

302,679

​

​

544,212

​

​

(152,733)

​

​

(954)

​

​

693,204

​

​

2,195

​

​

26,437

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

512,733

​

​

283,559

​

​

(286,885)

​

​

52,815

​

​

562,222

​

​

1,007

​

​

16,984

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

293,891

​

​

424,815

​

​

(65,842)

​

​

64,549

​

​

717,413

​

​

—

​

​

19,487

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

970,469

​

​

648,149

​

​

(357,693)

​

​

122,999

​

​

1,383,924

​

​

—

​

​

16,059

​

​

—

Voya Multi-Manager International Factor Fund - Class I

​

​

981,298

​

​

883,432

​

​

(372,396)

​

​

117,916

​

​

1,610,250

​

​

—

​

​

26,018

​

​

—

Voya Multi-Manager Large Cap Core Portfolio - Class I

​

​

1,192,901

​

​

590,896

​

​

(896,276)

​

​

17,745

​

​

905,266

​

​

—

​

​

94,756

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

522,688

​

​

282,552

​

​

(246,022)

​

​

(4,649)

​

​

554,569

​

​

—

​

​

30,233

​

​

—

Voya Short Term Bond Fund - Class R6

​

​

184,582

​

​

83,845

​

​

(269,473)

​

​

1,046

​

​

—

​

​

1,347

​

​

(582)

​

​

—

Voya Small Company Portfolio - Class I

​

​

451,949

​

​

598,739

​

​

(84,631)

​

​

(86,482)

​

​

879,575

​

​

2,719

​

​

14,499

​

​

83,562

Voya U.S. Bond Index Portfolio - Class I

​

​

290,509

​

​

263,629

​

​

(559,571)

​

​

5,433

​

​

—

​

​

2,531

​

​

(2,614)

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

812,727

​

​

1,751,088

​

​

(578,242)

​

​

59,674

​

​

2,045,247

​

​

—

​

​

40,478

​

​

—

VY® Clarion Global Real Estate Portfolio - Class I

​

​

226,033

​

​

140,844

​

​

(39,073)

​

​

10,134

​

​

337,938

​

​

—

​

​

2,416

​

​

—

VY® Clarion Real Estate Portfolio - Class I

​

​

227,661

​

​

146,194

​

​

(40,610)

​

​

4,003

​

​

337,248

​

​

—

​

​

3,357

​

​

—

VY® Goldman Sachs Bond Portfolio - Class I

​

​

295,098

​

​

722,826

​

​

(77,413)

​

​

14,271

​

​

954,782

​

​

—

​

​

(477)

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

761,426

​

​

385,333

​

​

(418,609)

​

​

(53,707)

​

​

674,443

​

​

—

​

​

77,989

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

1,477,146

​

​

912,181

​

​

(267,602)

​

​

149,056

​

​

2,270,781

​

​

—

​

​

13,450

​

​

—

VY® T. Rowe Price Equity Income Portfolio - Class I

​

​

300,141

​

​

115,970

​

​

(412,053)

​

​

(4,058)

​

​

—

​

​

—

​

​

16,807

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

657,787

​

​

356,414

​

​

(412,775)

​

​

92,115

​

​

693,541

​

​

—

​

​

44,332

​

​

—

​

​

$

13,766,499

​

$

13,216,462

​

$

(6,599,540)

​

$

772,729

​

$

21,156,150

​

$

91,880

​

$

511,559

​

$

94,952

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

See Accompanying Notes to Financial Statements

78

PORTFOLIO OF INVESTMENTS​

Voya Solution 2035 Portfolio as of June 30, 2017 (Unaudited)

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 2.6%
​	193,761	​	iShares Russell 1000 Value Index Fund	​	$	22,559,593	​	2.6
​	​	​	Total Exchange-Traded Funds (Cost $22,236,879)	​		22,559,593	​	2.6
MUTUAL FUNDS: 97.2%
​	​	​	Affiliated Investment Companies: 95.7%
​	2,393,279	​	Voya Emerging Markets Index Portfolio - Class I	​	​	26,661,127	​	3.0
​	4,379,790	​	Voya Floating Rate Fund - Class I	​	​	43,228,528	​	4.9
​	2,140,140	​	Voya High Yield Bond Fund - Class R6	​	​	17,463,544	​	2.0
​	1,020,242	​	Voya Index Plus LargeCap Portfolio - Class I	​	​	26,179,408	​	3.0
​	4,471,677	​	Voya Intermediate Bond Fund - Class R6	​	​	45,208,652	​	5.1
​	4,521,064	​	Voya International Index Portfolio - Class I	​	​	44,577,688	​	5.1
​	2,630,147	​	Voya Large Cap Growth Portfolio - Class I	​	​	52,103,213	​	5.9
​	1,819,000	​	Voya Large Cap Value Fund - Class R6	​	​	24,974,874	​	2.8
​	2,212,900	@	Voya MidCap Opportunities Portfolio - Class I	​	​	30,737,175	​	3.5
​	3,127,659	​	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	35,936,806	​	4.1
​	5,434,057	​	Voya Multi-Manager International Equity Fund - Class I	​	​	62,600,340	​	7.1
​	6,068,748	​	Voya Multi-Manager International Factors Fund - Class I	​	​	62,386,726	​	7.1
​	4,170,581	​	Voya Multi-Manager Large Cap Core Portfolio - Class I	​	​	67,938,763	​	7.7
​	2,608,912	​	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	30,263,374	​	3.4
​	1,660,961	​	Voya Small Company Portfolio - Class I	​	​	33,900,210	​	3.9

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	​	Affiliated Investment Companies (continued)
​	5,239,926	​	Voya U.S. Stock Index Portfolio - Class I	​	$	78,860,890	​	9.0
​	1,069,074	​	VY® Clarion Global Real Estate Portfolio - Class I	​	​	13,064,090	​	1.5
​	347,005	​	VY® Clarion Real Estate Portfolio - Class I	​	​	13,019,630	​	1.5
​	1,923,268	​	VY® Invesco Comstock Portfolio - Class I	​	​	34,772,693	​	4.0
​	2,210,144	​	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	61,508,319	​	7.0
​	387,867	@	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	35,885,459	​	4.1
​	​	​	​	​	​	841,271,509	​	95.7
​	​	​	Unaffiliated Investment Companies: 1.5%
​	2,734,851	@	Credit Suisse Commodity Return Strategy Fund - Class I	​		13,181,982	​	1.5
​	​	​	Total Mutual Funds (Cost $814,329,426)	​		854,453,491	​	97.2
​	​	​	Total Investments in Securities (Cost $836,566,305)	​	$	877,013,084	​	99.8
​	​	​	Assets in Excess of Other Liabilities	​	​	1,690,853	​	0.2
​	​	​	Net Assets	​	$	878,703,937	​	100.0

@

Non-income producing security.

Cost for federal income tax purposes is $851,268,905.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	44,174,347
Gross Unrealized Depreciation	​	(18,430,168)
Net Unrealized Appreciation	$	25,744,179

See Accompanying Notes to Financial Statements

79

PORTFOLIO OF INVESTMENTS​

Voya Solution 2035 Portfolio as of June 30, 2017 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

22,559,593

​

$

—

​

$

—

​

$

22,559,593

Mutual Funds

​

​

854,453,491

​

​

—

​

​

—

​

​

854,453,491

Total Investments, at fair value

​

$

877,013,084

​

$

—

​

$

—

​

$

877,013,084

Other Financial Instruments+

​

​

​

​

Futures

​

​

35,542

​

​

—

​

​

—

​

​

35,542

Total Assets

​

$

877,048,626

​

$

—

​

$

—

​

$

877,048,626

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(322,413)

​

$

—

​

$

—

​

$

(322,413)

Total Liabilities

​

$

(322,413)

​

$

—

​

$

—

​

$

(322,413)

^

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 June 30, 2017, the following futures contracts were outstanding for Voya Solution 2035 Portfolio:

Contract Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts	​		​		​			​
EURO STOXX 50® Index	​	234	​	09/15/17	​	$	9,169,815	​	$	(322,413)
​	​	​	​	​	​	$	9,169,815	​	$	(322,413)
Short Contracts	​		​		​			​
S&P 500 E-Mini	​	(76)	​	09/15/17	​	​	(9,199,420)	​	​	35,542
​	​	​	​	​	​	$	(9,199,420)	​	$	35,542

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2017, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

16,866,148

​

$

9,583,523

​

$

(2,366,466)

​

$

2,577,922

​

$

26,661,127

​

$

291,680

​

$

103,555

​

$

—

Voya Floating Rate Fund - Class I

​

​

42,658,867

​

​

4,758,054

​

​

(3,895,091)

​

​

(293,302)

​

​

43,228,528

​

​

893,117

​

​

(99,315)

​

​

—

Voya High Yield Bond Fund - Class R6

​

​

17,254,641

​

​

1,472,039

​

​

(1,507,700)

​

​

244,564

​

​

17,463,544

​

​

468,605

​

​

10,610

​

​

—

Voya Index Plus LargeCap Portfolio - Class I

​

​

25,570,146

​

​

1,715,005

​

​

(2,340,726)

​

​

1,234,983

​

​

26,179,408

​

​

430,767

​

​

295,168

​

​

—

Voya Intermediate Bond Fund - Class R6

​

​

24,922,276

​

​

22,860,656

​

​

(3,043,531)

​

​

469,251

​

​

45,208,652

​

​

518,976

​

​

(9,779)

​

​

—

Voya International Index Portfolio - Class I

​

​

17,260,051

​

​

36,625,069

​

​

(15,083,715)

​

​

5,776,283

​

​

44,577,688

​

​

1,081,717

​

​

(453,558)

​

​

—

Voya Large Cap Growth Portfolio - Class I

​

​

50,356,044

​

​

18,858,399

​

​

(20,549,951)

​

​

3,438,721

​

​

52,103,213

​

​

—

​

​

2,756,904

​

​

—

See Accompanying Notes to Financial Statements

80

PORTFOLIO OF INVESTMENTS​

Voya Solution 2035 Portfolio as of June 30, 2017 (Unaudited) (continued)

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Large Cap Value Fund - Class R6

​

​

25,385,505

​

​

2,686,623

​

​

(4,659,705)

​

​

1,562,451

​

​

24,974,874

​

​

143,746

​

​

(144,866)

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

29,314,584

​

​

972,150

​

​

(3,368,648)

​

​

3,819,089

​

​

30,737,175

​

​

44,000

​

​

(226,925)

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

33,554,846

​

​

806,971

​

​

(5,594,117)

​

​

7,169,106

​

​

35,936,806

​

​

—

​

​

(33,545)

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

81,160,453

​

​

2,238,554

​

​

(32,265,830)

​

​

11,467,163

​

​

62,600,340

​

​

—

​

​

(2,483,265)

​

​

—

Voya Multi-Manager International Factor Fund - Class I

​

​

64,880,186

​

​

13,093,577

​

​

(25,924,497)

​

​

10,337,460

​

​

62,386,726

​

​

—

​

​

(3,112,253)

​

​

—

Voya Multi-Manager Large Cap Core Portfolio - Class I

​

​

73,362,446

​

​

4,902,044

​

​

(16,881,395)

​

​

6,555,668

​

​

67,938,763

​

​

—

​

​

(22,825)

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

29,956,636

​

​

1,724,033

​

​

(3,255,716)

​

​

1,838,421

​

​

30,263,374

​

​

—

​

​

(515,798)

​

​

—

Voya Small Company Portfolio - Class I

​

​

25,915,169

​

​

13,863,502

​

​

(2,721,877)

​

​

(3,156,584)

​

​

33,900,210

​

​

117,801

​

​

153,132

​

​

4,114,051

Voya U.S. Bond Index Portfolio - Class I

​

​

8,158,275

​

​

1,243,054

​

​

(9,603,808)

​

​

202,479

​

​

—

​

​

62,681

​

​

(140,629)

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

34,280,199

​

​

54,896,855

​

​

(13,450,377)

​

​

3,134,213

​

​

78,860,890

​

​

—

​

​

984,033

​

VY® Clarion Global Real Estate Portfolio - Class I

​

​

12,925,541

​

​

734,347

​

​

(1,133,396)

​

​

537,598

​

​

13,064,090

​

​

—

​

​

5,337

​

​

—

VY® Clarion Real Estate Portfolio - Class I

​

​

13,028,119

​

​

884,869

​

​

(855,232)

​

​

(38,126)

​

​

13,019,630

​

​

—

​

​

337,898

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

43,755,087

​

​

957,654

​

​

(10,272,200)

​

​

332,152

​

​

34,772,693

​

​

—

​

​

1,040,990

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

59,125,635

​

​

2,372,446

​

​

(5,559,662)

​

​

5,569,900

​

​

61,508,319

​

​

—

​

​

(245,577)

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

50,126,572

​

​

1,108,337

​

​

(20,622,589)

​

​

5,273,139

​

​

35,885,459

​

​

—

​

​

3,471,793

​

​

—

​

​

$

779,817,426

​

$

198,357,761

​

$

(204,956,229)

​

$

68,052,551

​

$

841,271,509

​

$

4,053,090

​

$

1,671,085

​

$

4,114,051

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 June 30, 2017 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	35,542
Total Asset Derivatives	​	​	$	35,542
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	322,413
Total Liability Derivatives	​	​	$	322,413

*

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 period ended June 30, 2017 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(453,151)
Total	​	$	(453,151)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(286,871)
Total	​	$	(286,871)

See Accompanying Notes to Financial Statements

81

PORTFOLIO OF INVESTMENTS​

Voya Solution 2040 Portfolio as of June 30, 2017 (Unaudited)

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 4.8%
​	4,686	​	iShares MSCI Emerging Markets Index Fund	​	$	193,953	​	1.0
​	4,885	​	iShares Russell 1000 Value Index Fund	​	​	568,761	​	2.9
​	2,889	​	WisdomTree Europe Hedged Equity Fund	​	​	180,071	​	0.9
​	​	​	Total Exchange-Traded Funds (Cost $921,387)	​		942,785	​	4.8
MUTUAL FUNDS: 95.0%
​	​	​	Affiliated Investment Companies: 93.6%
​	35,847	​	Voya Emerging Markets Index Portfolio - Class I	​	​	399,333	​	2.0
​	58,772	​	Voya Floating Rate Fund - Class I	​	​	580,082	​	3.0
​	47,892	​	Voya High Yield Bond Fund - Class R6	​	​	390,797	​	2.0
​	22,858	​	Voya Index Plus LargeCap Portfolio - Class I	​	​	586,532	​	3.0
​	43,370	​	Voya Intermediate Bond Fund - Class R6	​	​	438,466	​	2.2
​	101,691	​	Voya International Index Portfolio - Class I	​	​	1,002,672	​	5.1
​	58,873	​	Voya Large Cap Growth Portfolio - Class I	​	​	1,166,273	​	5.9
​	50,355	​	Voya Large Cap Value Fund - Class R6	​	​	691,376	​	3.5
​	56,152	@	Voya MidCap Opportunities Portfolio - Class I	​	​	779,957	​	4.0
​	79,106	​	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	908,926	​	4.6
​	138,967	​	Voya Multi-Manager International Equity Fund - Class I	​	​	1,600,905	​	8.1
​	135,759	​	Voya Multi-Manager International Factors Fund - Class I	​	​	1,395,599	​	7.1
​	102,877	​	Voya Multi-Manager Large Cap Core Portfolio - Class I	​	​	1,675,858	​	8.5
​	66,135	​	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	767,167	​	3.9

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	​	Affiliated Investment Companies (continued)
​	46,482	​	Voya Small Company Portfolio - Class I	​	$	948,705	​	4.8
​	78,147	​	Voya U.S. Stock Index Portfolio - Class I	​	​	1,176,107	​	6.0
​	23,921	​	VY® Clarion Global Real Estate Portfolio - Class I	​	​	292,317	​	1.5
​	7,761	​	VY® Clarion Real Estate Portfolio - Class I	​	​	291,205	​	1.5
​	48,459	​	VY® Invesco Comstock Portfolio - Class I	​	​	876,144	​	4.5
​	47,692	​	VY® T. Rowe Price Capital Appreciation Portfolio - Class I	​	​	1,327,257	​	6.8
​	11,909	@	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	1,101,800	​	5.6
​	​	​	​	​	​	18,397,478	​	93.6
​	​	​	Unaffiliated Investment Companies: 1.4%
​	57,550	@	Credit Suisse Commodity Return Strategy Fund - Class I	​		277,389	​	1.4
​	​	​	Total Mutual Funds (Cost $17,728,389)	​		18,674,867	​	95.0
​	​	​	Total Investments in Securities (Cost $18,649,776)	​	$	19,617,652	​	99.8
​	​	​	Assets in Excess of Other Liabilities	​	​	33,371	​	0.2
​	​	​	Net Assets	​	$	19,651,023	​	100.0

@

Non-income producing security.

Cost for federal income tax purposes is $18,751,984.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	1,028,958
Gross Unrealized Depreciation	​	(163,290)
Net Unrealized Appreciation	$	865,668

See Accompanying Notes to Financial Statements

82

PORTFOLIO OF INVESTMENTS​

Voya Solution 2040 Portfolio as of June 30, 2017 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

942,785

​

$

—

​

$

—

​

$

942,785

Mutual Funds

​

​

18,674,867

​

​

—

​

​

—

​

​

18,674,867

Total Investments, at fair value

​

$

19,617,652

​

$

—

​

$

—

​

$

19,617,652

^

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 period ended June 30, 2017, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

221,519

​

$

210,344

​

$

(74,906)

​

$

42,376

​

$

399,333

​

$

6,386

​

$

5,444

​

$

—

Voya Floating Rate Fund - Class I

​

​

223,466

​

​

447,340

​

​

(84,365)

​

​

(6,359)

​

​

580,082

​

​

8,329

​

​

2,354

​

​

—

Voya High Yield Bond Fund - Class R6

​

​

225,811

​

​

226,345

​

​

(61,733)

​

​

374

​

​

390,797

​

​

9,182

​

​

4,179

​

​

—

Voya Index Plus LargeCap Portfolio - Class I

​

​

223,215

​

​

440,369

​

​

(79,142)

​

​

2,090

​

​

586,532

​

​

9,444

​

​

11,166

​

​

10,820

Voya Intermediate Bond Fund - Class R6

​

​

310,200

​

​

298,697

​

​

(179,817)

​

​

9,386

​

​

438,466

​

​

7,099

​

​

(2,557)

​

​

—

Voya International Index Portfolio - Class I

​

​

226,038

​

​

1,091,152

​

​

(374,890)

​

​

60,372

​

​

1,002,672

​

​

23,860

​

​

40,824

​

​

—

Voya Large Cap Growth Portfolio - Class I

​

​

715,185

​

​

993,691

​

​

(619,266)

​

​

76,663

​

​

1,166,273

​

​

—

​

​

43,499

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

310,586

​

​

857,985

​

​

(471,355)

​

​

(5,840)

​

​

691,376

​

​

2,566

​

​

33,038

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

549,225

​

​

485,328

​

​

(325,585)

​

​

70,989

​

​

779,957

​

​

1,290

​

​

18,234

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

440,717

​

​

508,474

​

​

(136,266)

​

​

96,001

​

​

908,926

​

​

—

​

​

41,066

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

1,063,770

​

​

842,669

​

​

(454,179)

​

​

148,645

​

​

1,600,905

​

​

—

​

​

31,785

​

​

—

Voya Multi-Manager International Factor Fund - Class I

​

​

849,580

​

​

853,581

​

​

(409,941)

​

​

102,379

​

​

1,395,599

​

​

—

​

​

34,782

​

​

—

Voya Multi-Manager Large Cap Core Portfolio - Class I

​

​

1,037,212

​

​

1,358,536

​

​

(788,609)

​

​

68,719

​

​

1,675,858

​

​

—

​

​

62,750

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

560,142

​

​

484,038

​

​

(269,474)

​

​

(7,539)

​

​

767,167

​

​

—

​

​

39,517

​

​

—

Voya Small Company Portfolio - Class I

​

​

451,996

​

​

737,894

​

​

(139,853)

​

​

(101,332)

​

​

948,705

​

​

3,222

​

​

15,774

​

​

99,079

Voya U.S. Stock Index Portfolio - Class I

​

​

448,696

​

​

843,515

​

​

(165,995)

​

​

49,891

​

​

1,176,107

​

​

—

​

​

13,387

​

​

—

VY® Clarion Global Real Estate Portfolio - Class I

​

​

169,529

​

​

161,466

​

​

(47,166)

​

​

8,488

​

​

292,317

​

​

—

​

​

2,268

​

​

—

VY® Clarion Real Estate Portfolio - Class I

​

​

170,768

​

​

164,530

​

​

(47,070)

​

​

2,977

​

​

291,205

​

​

—

​

​

2,405

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

514,188

​

​

489,840

​

​

(121,498)

​

​

(6,386)

​

​

876,144

​

​

—

​

​

29,812

​

​

—

VY® T. Rowe Price Capital Appreciation Portfolio - Class I

​

​

747,382

​

​

705,276

​

​

(210,857)

​

​

85,456

​

​

1,327,257

​

​

—

​

​

11,595

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

712,200

​

​

637,006

​

​

(388,504)

​

​

141,098

​

​

1,101,800

​

​

—

​

​

39,767

​

​

—

​

​

$

10,171,425

​

$

12,838,076

​

$

(5,450,471)

​

$

838,448

​

$

18,397,478

​

$

71,378

​

$

481,089

​

$

109,899

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

See Accompanying Notes to Financial Statements

83

PORTFOLIO OF INVESTMENTS​

Voya Solution 2045 Portfolio as of June 30, 2017 (Unaudited)

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 4.0%
​	225,748	​	iShares Russell 1000 Value Index Fund	​	$	26,283,839	​	4.0
​	​	​	Total Exchange-Traded Funds (Cost $24,438,583)	​		26,283,839	​	4.0
MUTUAL FUNDS: 95.8%
​	​	​	Affiliated Investment Companies: 94.3%
​	1,765,925	​	Voya Emerging Markets Index Portfolio - Class I	​	​	19,672,404	​	3.0
​	1,131,065	​	Voya Floating Rate Fund - Class I	​	​	11,163,609	​	1.7
​	752,745	​	Voya Index Plus LargeCap Portfolio - Class I	​	​	19,315,441	​	3.0
​	2,697,094	​	Voya Intermediate Bond Fund - Class R6	​	​	27,267,616	​	4.2
​	4,001,967	​	Voya International Index Portfolio - Class I	​	​	39,459,399	​	6.1
​	2,429,564	​	Voya Large Cap Growth Portfolio - Class I	​	​	48,129,657	​	7.4
​	1,809,630	​	Voya Large Cap Value Fund - Class R6	​	​	24,846,226	​	3.8
​	2,319,814	@	Voya MidCap Opportunities Portfolio - Class I	​	​	32,222,215	​	5.0
​	2,883,004	​	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	33,125,713	​	5.1
​	5,154,793	​	Voya Multi-Manager International Equity Fund - Class I	​	​	59,383,214	​	9.2
​	3,836,879	​	Voya Multi-Manager International Factors Fund - Class I	​	​	39,443,117	​	6.1
​	3,972,252	​	Voya Multi-Manager Large Cap Core Portfolio - Class I	​	​	64,707,980	​	10.0
​	2,748,528	​	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	31,882,922	​	4.9

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	​	Affiliated Investment Companies (continued)
​	1,531,648	​	Voya Small Company Portfolio - Class I	​	$	31,260,944	​	4.8
​	2,559,636	​	Voya U.S. Stock Index Portfolio - Class I	​	​	38,522,515	​	5.9
​	788,814	​	VY® Clarion Global Real Estate Portfolio - Class I	​	​	9,639,305	​	1.5
​	256,082	​	VY® Clarion Real Estate Portfolio - Class I	​	​	9,608,197	​	1.5
​	1,775,455	​	VY® Invesco Comstock Portfolio - Class I	​	​	32,100,221	​	5.0
​	428,733	@	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	39,666,387	​	6.1
​	​	​	​	​	​	611,417,082	​	94.3
​	​	​	Unaffiliated Investment Companies: 1.5%
​	2,001,354	@	Credit Suisse Commodity Return Strategy Fund - Class I	​		9,646,526	​	1.5
​	​	​	Total Mutual Funds (Cost $588,180,306)	​		621,063,608	​	95.8
​	​	​	Total Investments in Securities (Cost $612,618,889)	​	$	647,347,447	​	99.8
​	​	​	Assets in Excess of Other Liabilities	​	​	1,184,670	​	0.2
​	​	​	Net Assets	​	$	648,532,117	​	100.0

@

Non-income producing security.

Cost for federal income tax purposes is $622,385,639.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	37,340,776
Gross Unrealized Depreciation	​	(12,378,968)
Net Unrealized Appreciation	$	24,961,808

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

26,283,839

​

$

—

​

$

—

​

$

26,283,839

Mutual Funds

​

​

621,063,608

​

​

—

​

​

—

​

​

621,063,608

Total Investments, at fair value

​

$

647,347,447

​

$

—

​

$

—

​

$

647,347,447

See Accompanying Notes to Financial Statements

84

PORTFOLIO OF INVESTMENTS​

Voya Solution 2045 Portfolio as of June 30, 2017 (Unaudited) (continued)

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Other Financial Instruments+

​

​

​

​

Futures

​

​

25,721

​

​

—

​

​

—

​

​

25,721

Total Assets

​

$

647,373,168

​

$

—

​

$

—

​

$

647,373,168

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(235,609)

​

$

—

​

$

—

​

$

(235,609)

Total Liabilities

​

$

(235,609)

​

$

—

​

$

—

​

$

(235,609)

^

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 June 30, 2017, the following futures contracts were outstanding for Voya Solution 2045 Portfolio:

Contract Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts	​		​		​			​
EURO STOXX 50® Index	​	171	​	09/15/17	​	$	6,701,019	​	$	(235,609)
​	​	​	​	​	​	$	6,701,019	​	$	(235,609)
Short Contracts	​		​		​			​
S&P 500 E-Mini	​	(55)	​	09/15/17	​	​	(6,657,475)	​	​	25,721
​	​	​	​	​	​	$	(6,657,475)	​	$	25,721

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2017, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

12,191,320

​

$

7,185,209

​

$

(1,587,851)

​

$

1,883,726

​

$

19,672,404

​

$

213,884

​

$

67,915

​

$

—

Voya Floating Rate Fund - Class I

​

​

10,791,393

​

​

1,378,765

​

​

(929,395)

​

​

(77,154)

​

​

11,163,609

​

​

228,449

​

​

(23,546)

​

​

—

Voya Index Plus LargeCap Portfolio - Class I

​

​

18,482,193

​

​

1,439,190

​

​

(1,523,550)

​

​

917,608

​

​

19,315,441

​

​

315,877

​

​

189,339

​

​

338,738

Voya Intermediate Bond Fund - Class R6

​

​

16,592,861

​

​

12,432,206

​

​

(2,067,207)

​

​

309,756

​

​

27,267,616

​

​

331,813

​

​

(14,391)

​

​

—

Voya International Index Portfolio - Class I

​

​

21,831,955

​

​

27,487,895

​

​

(15,392,504)

​

​

5,532,053

​

​

39,459,399

​

​

951,787

​

​

(600,609)

​

​

—

Voya Large Cap Growth Portfolio - Class I

​

​

45,501,803

​

​

14,564,135

​

​

(15,235,019)

​

​

3,298,738

​

​

48,129,657

​

​

—

​

​

2,473,371

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

24,300,952

​

​

3,665,231

​

​

(4,518,415)

​

​

1,398,458

​

​

24,846,226

​

​

140,674

​

​

(32,385)

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

33,300,071

​

​

1,280,416

​

​

(7,181,626)

​

​

4,823,354

​

​

32,222,215

​

​

50,698

​

​

(784,942)

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

24,254,360

​

​

6,238,913

​

​

(2,885,546)

​

​

5,517,986

​

​

33,125,713

​

​

—

​

​

(45,179)

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

61,751,601

​

​

7,538,030

​

​

(17,732,920)

​

​

7,826,503

​

​

59,383,214

​

​

—

​

​

(451,544)

​

​

—

Voya Multi-Manager International Factor Fund - Class I

​

​

46,893,089

​

​

3,372,939

​

​

(18,484,592)

​

​

7,661,681

​

​

39,443,117

​

​

—

​

​

(2,630,610)

​

​

—

Voya Multi-Manager Large Cap Core Portfolio - Class I

​

​

61,745,716

​

​

2,955,689

​

​

(4,918,557)

​

​

4,925,132

​

​

64,707,980

​

​

—

​

​

764,388

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

34,023,643

​

​

1,546,459

​

​

(6,019,765)

​

​

2,332,585

​

​

31,882,922

​

​

—

​

​

(849,536)

​

​

—

See Accompanying Notes to Financial Statements

85

PORTFOLIO OF INVESTMENTS​

Voya Solution 2045 Portfolio as of June 30, 2017 (Unaudited) (continued)

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Small Company Portfolio - Class I

​

​

24,974,157

​

​

11,381,962

​

​

(2,252,792)

​

​

(2,842,383)

​

​

31,260,944

​

​

107,940

​

​

141,982

​

​

3,340,620

Voya U.S. Stock Index Portfolio - Class I

​

​

17,489,407

​

​

29,825,487

​

​

(10,140,321)

​

​

1,347,942

​

​

38,522,515

​

​

—

​

​

748,313

​

​

—

VY® Clarion Global Real Estate Portfolio - Class I

​

​

9,343,586

​

​

675,505

​

​

(772,488)

​

​

392,702

​

​

9,639,305

​

​

—

​

​

3,953

​

​

—

VY® Clarion Real Estate Portfolio - Class I

​

​

9,417,718

​

​

750,468

​

​

(564,194)

​

​

4,205

​

​

9,608,197

​

​

—

​

​

212,247

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

31,618,719

​

​

2,265,424

​

​

(2,530,408)

​

​

746,486

​

​

32,100,221

​

​

—

​

​

347,044

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

45,295,086

​

​

1,521,914

​

​

(13,630,625)

​

​

6,480,012

​

​

39,666,387

​

​

—

​

​

1,712,173

​

​

—

​

​

$

549,799,630

​

$

137,505,837

​

$

(128,367,775)

​

$

52,479,390

​

$

611,417,082

​

$

2,341,122

​

$

1,227,983

​

$

3,679,358

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 June 30, 2017 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	25,721
Total Asset Derivatives	​	​	$	25,721
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	235,609
Total Liability Derivatives	​	​	$	235,609

*

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 period ended June 30, 2017 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(325,480)
Total	​	$	(325,480)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(209,888)
Total	​	$	(209,888)

See Accompanying Notes to Financial Statements

86

PORTFOLIO OF INVESTMENTS​

Voya Solution 2050 Portfolio as of June 30, 2017 (Unaudited)

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 5.4%
​	2,621	​	iShares MSCI Emerging Markets Index Fund	​	$	108,483	​	0.9
​	3,940	​	iShares Russell 1000 Value Index Fund	​	​	458,734	​	3.7
​	1,616	​	WisdomTree Europe Hedged Equity Fund	​	​	100,726	​	0.8
​	​	​	Total Exchange-Traded Funds (Cost $655,170)	​		667,943	​	5.4
MUTUAL FUNDS: 94.4%
​	​	​	Affiliated Investment Companies: 93.0%
​	22,273	​	Voya Emerging Markets Index Portfolio - Class I	​	​	248,116	​	2.0
​	14,212	​	Voya Index Plus LargeCap Portfolio - Class I	​	​	364,681	​	3.0
​	47,946	​	Voya Intermediate Bond Fund - Class R6	​	​	484,735	​	4.0
​	83,200	​	Voya International Index Portfolio - Class I	​	​	820,352	​	6.7
​	42,757	​	Voya Large Cap Growth Portfolio - Class I	​	​	847,009	​	6.9
​	37,018	​	Voya Large Cap Value Fund - Class R6	​	​	508,261	​	4.1
​	48,090	@	Voya MidCap Opportunities Portfolio - Class I	​	​	667,964	​	5.5
​	61,012	​	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	701,029	​	5.7
​	107,808	​	Voya Multi-Manager International Equity Fund - Class I	​	​	1,241,952	​	10.1
​	66,251	​	Voya Multi-Manager International Factors Fund - Class I	​	​	681,063	​	5.6
​	75,640	​	Voya Multi-Manager Large Cap Core Portfolio - Class I	​	​	1,232,170	​	10.1
​	56,892	​	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	659,952	​	5.4

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	​	Affiliated Investment Companies (continued)
​	29,043	​	Voya Small Company Portfolio - Class I	​	$	592,773	​	4.8
​	40,527	​	Voya U.S. Stock Index Portfolio - Class I	​	​	609,931	​	5.0
​	14,894	​	VY® Clarion Global Real Estate Portfolio - Class I	​	​	182,001	​	1.5
​	4,840	​	VY® Clarion Real Estate Portfolio - Class I	​	​	181,589	​	1.5
​	33,572	​	VY® Invesco Comstock Portfolio - Class I	​	​	606,991	​	5.0
​	8,065	@	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	746,150	​	6.1
​	​	​	​	​	​	11,376,719	​	93.0
​	​	​	Unaffiliated Investment Companies: 1.4%
​	34,750	@	Credit Suisse Commodity Return Strategy Fund - Class I	​		167,497	​	1.4
​	​	​	Total Mutual Funds (Cost $10,883,260)	​		11,544,216	​	94.4
​	​	​	Total Investments in Securities (Cost $11,538,430)	​	$	12,212,159	​	99.8
​	​	​	Assets in Excess of Other Liabilities	​	​	20,166	​	0.2
​	​	​	Net Assets	​	$	12,232,325	​	100.0

@

Non-income producing security.

Cost for federal income tax purposes is $11,612,985.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	698,513
Gross Unrealized Depreciation	​	(99,339)
Net Unrealized Appreciation	$	599,174

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

667,943

​

$

—

​

$

—

​

$

667,943

Mutual Funds

​

​

11,544,216

​

​

—

​

​

—

​

​

11,544,216

Total Investments, at fair value

​

$

12,212,159

​

$

—

​

$

—

​

$

12,212,159

See Accompanying Notes to Financial Statements

87

PORTFOLIO OF INVESTMENTS​

Voya Solution 2050 Portfolio as of June 30, 2017 (Unaudited) (continued)

^

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 period ended June 30, 2017, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

133,962

​

$

111,410

​

$

(22,221)

​

$

24,965

​

$

248,116

​

$

3,512

​

$

1,346

​

$

—

Voya Floating Rate Fund - Class I

​

​

118,500

​

​

66,973

​

​

(183,394)

​

​

(2,079)

​

​

—

​

​

2,069

​

​

1,272

​

​

—

Voya Index Plus LargeCap Portfolio - Class I

​

​

202,920

​

​

175,549

​

​

(23,926)

​

​

10,138

​

​

364,681

​

​

5,187

​

​

3,140

​

​

5,943

Voya Intermediate Bond Fund - Class R6

​

​

186,205

​

​

337,843

​

​

(44,755)

​

​

5,442

​

​

484,735

​

​

5,001

​

​

(922)

​

​

—

Voya International Index Portfolio - Class I

​

​

239,638

​

​

698,998

​

​

(167,789)

​

​

49,505

​

​

820,352

​

​

16,984

​

​

20,699

​

​

—

Voya Large Cap Growth Portfolio - Class I

​

​

499,922

​

​

599,023

​

​

(309,942)

​

​

58,006

​

​

847,009

​

​

—

​

​

17,851

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

282,360

​

​

451,179

​

​

(219,809)

​

​

(5,469)

​

​

508,261

​

​

2,220

​

​

25,960

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

365,814

​

​

297,495

​

​

(49,134)

​

​

53,789

​

​

667,964

​

​

774

​

​

1,667

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

266,542

​

​

407,119

​

​

(38,671)

​

​

66,039

​

​

701,029

​

​

—

​

​

13,725

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

678,115

​

​

666,539

​

​

(201,436)

​

​

98,734

​

​

1,241,952

​

​

—

​

​

12,720

​

​

—

Voya Multi-Manager International Factor Fund - Class I

​

​

514,629

​

​

296,721

​

​

(186,691)

​

​

56,404

​

​

681,063

​

​

—

​

​

13,414

​

​

—

Voya Multi-Manager Large Cap Core Portfolio - Class I

​

​

687,068

​

​

754,040

​

​

(263,405)

​

​

54,467

​

​

1,232,170

​

​

—

​

​

25,925

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

373,341

​

​

311,574

​

​

(38,158)

​

​

13,195

​

​

659,952

​

​

—

​

​

6,952

​

​

—

Voya Small Company Portfolio - Class I

​

​

274,008

​

​

405,638

​

​

(33,814)

​

​

(53,059)

​

​

592,773

​

​

1,772

​

​

5,624

​

​

54,476

Voya U.S. Stock Index Portfolio - Class I

​

​

204,028

​

​

416,519

​

​

(34,660)

​

​

24,044

​

​

609,931

​

​

—

​

​

2,993

​

​

—

VY® Clarion Global Real Estate Portfolio - Class I

​

​

102,638

​

​

85,734

​

​

(11,560)

​

​

5,189

​

​

182,001

​

​

—

​

​

742

​

​

—

VY® Clarion Real Estate Portfolio - Class I

​

​

103,429

​

​

87,340

​

​

(11,412)

​

​

2,232

​

​

181,589

​

​

—

​

​

1,007

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

346,564

​

​

288,865

​

​

(33,824)

​

​

5,386

​

​

606,991

​

​

—

​

​

9,600

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

497,773

​

​

373,804

​

​

(215,952)

​

​

90,525

​

​

746,150

​

​

—

​

​

22,920

​

​

—

​

​

$

6,077,456

​

$

6,832,363

​

$

(2,090,553)

​

$

557,453

​

$

11,376,719

​

$

37,519

​

$

186,635

​

$

60,419

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

See Accompanying Notes to Financial Statements

88

PORTFOLIO OF INVESTMENTS​

Voya Solution 2055 Portfolio as of June 30, 2017 (Unaudited)

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 3.9%
​	53,284	​	iShares Russell 1000 Value Index Fund	​	$	6,203,856	​	3.9
​	​	​	Total Exchange-Traded Funds (Cost $5,799,553)	​		6,203,856	​	3.9
MUTUAL FUNDS: 95.9%
​	​	​	Affiliated Investment Companies: 94.5%
​	434,710	​	Voya Emerging Markets Index Portfolio - Class I	​	​	4,842,671	​	3.0
​	185,327	​	Voya Index Plus LargeCap Portfolio - Class I	​	​	4,755,484	​	3.0
​	628,059	​	Voya Intermediate Bond Fund - Class R6	​	​	6,349,679	​	4.0
​	1,066,846	​	Voya International Index Portfolio - Class I	​	​	10,519,103	​	6.6
​	557,997	​	Voya Large Cap Growth Portfolio - Class I	​	​	11,053,914	​	6.9
​	465,043	​	Voya Large Cap Value Fund - Class R6	​	​	6,385,037	​	4.0
​	627,955	@	Voya MidCap Opportunities Portfolio - Class I	​	​	8,722,290	​	5.4
​	780,237	​	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	8,964,922	​	5.6
​	1,409,203	​	Voya Multi-Manager International Equity Fund - Class I	​	​	16,234,021	​	10.2
​	865,422	​	Voya Multi-Manager International Factors Fund - Class I	​	​	8,896,535	​	5.6
​	977,896	​	Voya Multi-Manager Large Cap Core Portfolio - Class I	​	​	15,929,920	​	10.0
​	745,465	​	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	8,647,388	​	5.4
​	377,393	​	Voya Small Company Portfolio - Class I	​	​	7,702,591	​	4.8

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	​	Affiliated Investment Companies (continued)
​	633,863	​	Voya U.S. Stock Index Portfolio - Class I	​	$	9,539,638	​	6.0
​	194,235	​	VY® Clarion Global Real Estate Portfolio - Class I	​	​	2,373,551	​	1.5
​	63,078	​	VY® Clarion Real Estate Portfolio - Class I	​	​	2,366,673	​	1.5
​	437,253	​	VY® Invesco Comstock Portfolio - Class I	​	​	7,905,538	​	4.9
​	105,480	@	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	9,758,989	​	6.1
​	​	​	​	​	​	150,947,944	​	94.5
​	​	​	Unaffiliated Investment Companies: 1.4%
​	484,725	@	Credit Suisse Commodity Return Strategy Fund - Class I	​		2,336,374	​	1.4
​	​	​	Total Mutual Funds (Cost $143,248,853)	​		153,284,318	​	95.9
​	​	​	Total Investments in Securities (Cost $149,048,406)	​	$	159,488,174	​	99.8
​	​	​	Assets in Excess of Other Liabilities	​	​	261,629	​	0.2
​	​	​	Net Assets	​	$	159,749,803	​	100.0

@

Non-income producing security.

Cost for federal income tax purposes is $153,585,922.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	10,910,210
Gross Unrealized Depreciation	​	(5,007,958)
Net Unrealized Appreciation	$	5,902,252

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

6,203,856

​

$

—

​

$

—

​

$

6,203,856

Mutual Funds

​

​

153,284,318

​

​

—

​

​

—

​

​

153,284,318

Total Investments, at fair value

​

$

159,488,174

​

$

—

​

$

—

​

$

159,488,174

See Accompanying Notes to Financial Statements

89

PORTFOLIO OF INVESTMENTS​

Voya Solution 2055 Portfolio as of June 30, 2017 (Unaudited) (continued)

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Other Financial Instruments+

​

​

​

​

Futures

​

​

6,079

​

​

—

​

​

—

​

​

6,079

Total Assets

​

$

159,494,253

​

$

—

​

$

—

​

$

159,494,253

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(56,491)

​

$

—

​

$

—

​

$

(56,491)

Total Liabilities

​

$

(56,491)

​

$

—

​

$

—

​

$

(56,491)

^

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 June 30, 2017, the following futures contracts were outstanding for Voya Solution 2055 Portfolio:

Contract Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/​ (Depreciation)
Long Contracts	​		​		​			​
EURO STOXX 50® Index	​	41	​	09/15/17	​	$	1,606,677	​	$	(56,491)
​	​	​	​	​	​	$	1,606,677	​	$	(56,491)
Short Contracts	​		​		​			​
S&P 500 E-Mini	​	(13)	​	09/15/17	​	​	(1,573,585)	​	​	6,079
​	​	​	​	​	​	$	(1,573,585)	​	$	6,079

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2017, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

2,794,820

​

$

1,993,921

​

$

(386,631)

​

$

440,561

​

$

4,842,671

​

$

51,239

​

$

13,762

​

$

—

Voya Index Plus LargeCap Portfolio - Class I

​

​

4,235,905

​

​

683,811

​

​

(373,649)

​

​

209,417

​

​

4,755,484

​

​

75,674

​

​

45,149

​

​

—

Voya Intermediate Bond Fund - Class R6

​

​

3,827,221

​

​

2,925,069

​

​

(474,018)

​

​

71,407

​

​

6,349,679

​

​

77,081

​

​

(2,387)

​

​

—

Voya International Index Portfolio - Class I

​

​

5,003,550

​

​

7,142,919

​

​

(2,737,281)

​

​

1,109,915

​

​

10,519,103

​

​

247,044

​

​

55,564

​

​

—

Voya Large Cap Growth Portfolio - Class I

​

​

10,430,145

​

​

4,339,643

​

​

(5,106,246)

​

​

1,390,372

​

​

11,053,914

​

​

—

​

​

(63,586)

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

5,632,760

​

​

1,506,955

​

​

(1,047,372)

​

​

292,694

​

​

6,385,037

​

​

33,705

​

​

34,355

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

7,633,349

​

​

928,145

​

​

(887,245)

​

​

1,048,041

​

​

8,722,290

​

​

11,991

​

​

(93,034)

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

5,560,357

​

​

2,785,424

​

​

(775,441)

​

​

1,394,582

​

​

8,964,922

​

​

—

​

​

(78,133)

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

14,154,056

​

​

4,396,567

​

​

(4,686,729)

​

​

2,370,127

​

​

16,234,021

​

​

—

​

​

(573,461)

​

​

—

Voya Multi-Manager International Factor Fund - Class I

​

​

10,746,843

​

​

895,746

​

​

(4,543,409)

​

​

1,797,355

​

​

8,896,535

​

​

—

​

​

(644,198)

​

​

—

Voya Multi-Manager Large Cap Core Portfolio - Class I

​

​

14,151,297

​

​

1,836,375

​

​

(1,331,990)

​

​

1,274,238

​

​

15,929,920

​

​

—

​

​

57,657

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

7,797,265

​

​

1,204,650

​

​

(914,615)

​

​

560,088

​

​

8,647,388

​

​

—

​

​

(207,133)

​

​

—

Voya Small Company Portfolio - Class I

​

​

5,723,080

​

​

3,206,176

​

​

(575,260)

​

​

(651,405)

​

​

7,702,591

​

​

25,859

​

​

(1,140)

​

​

881,447

Voya U.S. Stock Index Portfolio - Class I

​

​

9,833,036

​

​

1,656,218

​

​

(2,556,032)

​

​

606,416

​

​

9,539,638

​

​

—

​

​

298,259

​

​

—

See Accompanying Notes to Financial Statements

90

PORTFOLIO OF INVESTMENTS​

Voya Solution 2055 Portfolio as of June 30, 2017 (Unaudited) (continued)

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

VY® Clarion Global Real Estate Portfolio - Class I

​

​

2,141,682

​

​

330,720

​

​

(192,820)

​

​

93,969

​

​

2,373,551

​

​

—

​

​

130

​

​

—

VY® Clarion Real Estate Portfolio - Class I

​

​

2,158,379

​

​

348,534

​

​

(165,157)

​

​

24,917

​

​

2,366,673

​

​

—

​

​

27,793

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

7,244,202

​

​

1,102,698

​

​

(644,814)

​

​

203,452

​

​

7,905,538

​

​

—

​

​

54,991

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

10,383,318

​

​

1,158,841

​

​

(3,665,476)

​

​

1,882,306

​

​

9,758,989

​

​

—

​

​

33,642

​

​

—

​

​

$

129,451,265

​

$

38,442,412

​

$

(31,064,185)

​

$

14,118,452

​

$

150,947,944

​

$

522,593

​

$

(1,041,770)

​

$

881,447

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 June 30, 2017 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	6,079
Total Asset Derivatives	​	​	$	6,079
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	56,491
Total Liability Derivatives	​	​	$	56,491

*

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 period ended June 30, 2017 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(74,718)
Total	​	$	(74,718)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(50,412)
Total	​	$	(50,412)

See Accompanying Notes to Financial Statements

91

PORTFOLIO OF INVESTMENTS​

Voya Solution 2060 Portfolio as of June 30, 2017 (Unaudited)

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 5.5%
​	1,213	​	iShares MSCI Emerging Markets Index Fund	​	$	50,206	​	0.9
​	1,748	​	iShares Russell 1000 Value Index Fund	​	​	203,519	​	3.7
​	748	​	WisdomTree Europe Hedged Equity Fund	​	​	46,623	​	0.9
​	​	​	Total Exchange-Traded Funds (Cost $295,550)	​		300,348	​	5.5
MUTUAL FUNDS: 94.4%
​	​	​	Affiliated Investment Companies: 93.0%
​	9,977	​	Voya Emerging Markets Index Portfolio - Class I	​	​	111,149	​	2.0
​	6,365	​	Voya Index Plus LargeCap Portfolio - Class I	​	​	163,331	​	3.0
​	21,475	​	Voya Intermediate Bond Fund - Class R6	​	​	217,112	​	4.0
​	37,114	​	Voya International Index Portfolio - Class I	​	​	365,942	​	6.7
​	19,228	​	Voya Large Cap Growth Portfolio - Class I	​	​	380,911	​	6.9
​	16,583	​	Voya Large Cap Value Fund - Class R6	​	​	227,683	​	4.1
​	21,534	@	Voya MidCap Opportunities Portfolio - Class I	​	​	299,105	​	5.5
​	27,204	​	Voya Multi-Manager Emerging Markets Equity Fund - Class I	​	​	312,571	​	5.7
​	48,302	​	Voya Multi-Manager International Equity Fund - Class I	​	​	556,443	​	10.2
​	29,685	​	Voya Multi-Manager International Factors Fund - Class I	​	​	305,159	​	5.6
​	33,832	​	Voya Multi-Manager Large Cap Core Portfolio - Class I	​	​	551,121	​	10.1
​	25,459	​	Voya Multi-Manager Mid Cap Value Fund - Class I	​	​	295,325	​	5.4

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	​	Affiliated Investment Companies (continued)
​	12,993	​	Voya Small Company Portfolio - Class I	​	$	265,190	​	4.8
​	18,141	​	Voya U.S. Stock Index Portfolio - Class I	​	​	273,025	​	5.0
​	6,673	​	VY® Clarion Global Real Estate Portfolio - Class I	​	​	81,541	​	1.5
​	2,169	​	VY® Clarion Real Estate Portfolio - Class I	​	​	81,364	​	1.5
​	15,026	​	VY® Invesco Comstock Portfolio - Class I	​	​	271,671	​	4.9
​	3,615	@	VY® T. Rowe Price Growth Equity Portfolio - Class I	​	​	334,493	​	6.1
​	​	​	​	​	​	5,093,136	​	93.0
​	​	​	Unaffiliated Investment Companies: 1.4%
​	15,708	@	Credit Suisse Commodity Return Strategy Fund - Class I	​		75,714	​	1.4
​	​	​	Total Mutual Funds (Cost $4,902,036)	​		5,168,850	​	94.4
​	​	​	Total Investments in Securities (Cost $5,197,586)	​	$	5,469,198	​	99.9
​	​	​	Assets in Excess of Other Liabilities	​	​	3,083	​	0.1
​	​	​	Net Assets	​	$	5,472,281	​	100.0

@

Non-income producing security.

Cost for federal income tax purposes is $5,217,266.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	287,912
Gross Unrealized Depreciation	​	(35,980)
Net Unrealized Appreciation	$	251,932

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

300,348

​

$

—

​

$

—

​

$

300,348

Mutual Funds

​

​

5,168,850

​

​

—

​

​

—

​

​

5,168,850

Total Investments, at fair value

​

$

5,469,198

​

$

—

​

$

—

​

$

5,469,198

^

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

See Accompanying Notes to Financial Statements

92

PORTFOLIO OF INVESTMENTS​

Voya Solution 2060 Portfolio as of June 30, 2017 (Unaudited) (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 period ended June 30, 2017, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 06/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

56,763

​

$

62,315

​

$

(18,763)

​

$

10,834

​

$

111,149

​

$

1,618

​

$

1,098

​

$

—

Voya Index Plus LargeCap Portfolio - Class I

​

​

86,035

​

​

97,470

​

​

(22,923)

​

​

2,749

​

​

163,331

​

​

2,390

​

​

3,099

​

​

2,739

Voya Intermediate Bond Fund - Class R6

​

​

78,150

​

​

173,558

​

​

(37,614)

​

​

3,018

​

​

217,112

​

​

2,331

​

​

(774)

​

​

—

Voya International Index Portfolio - Class I

​

​

101,611

​

​

353,419

​

​

(110,046)

​

​

20,958

​

​

365,942

​

​

7,822

​

​

11,849

​

​

—

Voya Large Cap Growth Portfolio - Class I

​

​

211,893

​

​

321,153

​

​

(174,067)

​

​

21,932

​

​

380,911

​

​

—

​

​

12,601

​

​

—

Voya Large Cap Value Fund - Class R6

​

​

116,812

​

​

252,107

​

​

(138,745)

​

​

(2,491)

​

​

227,683

​

​

1,115

​

​

11,145

​

​

—

Voya MidCap Opportunities Portfolio - Class I

​

​

155,055

​

​

167,299

​

​

(47,426)

​

​

24,177

​

​

299,105

​

​

384

​

​

879

​

​

—

Voya Multi-Manager Emerging Markets Equity Fund - Class I

​

​

112,946

​

​

203,619

​

​

(32,509)

​

​

28,515

​

​

312,571

​

​

—

​

​

8,265

​

​

—

Voya Multi-Manager International Equity Fund - Class I

​

​

287,474

​

​

346,468

​

​

(121,444)

​

​

43,945

​

​

556,443

​

​

—

​

​

7,678

​

​

—

Voya Multi-Manager International Factor Fund - Class I

​

​

218,234

​

​

166,915

​

​

(103,223)

​

​

23,233

​

​

305,159

​

​

—

​

​

8,939

​

​

—

Voya Multi-Manager Large Cap Core Portfolio - Class I

​

​

287,252

​

​

441,595

​

​

(197,248)

​

​

19,522

​

​

551,121

​

​

—

​

​

15,872

​

​

—

Voya Multi-Manager Mid Cap Value Fund - Class I

​

​

158,325

​

​

174,484

​

​

(40,886)

​

​

3,402

​

​

295,325

​

​

—

​

​

4,943

​

​

—

Voya Small Company Portfolio - Class I

​

​

116,202

​

​

207,114

​

​

(30,869)

​

​

(27,257)

​

​

265,190

​

​

818

​

​

4,797

​

​

25,108

Voya U.S. Stock Index Portfolio - Class I

​

​

144,152

​

​

154,989

​

​

(39,801)

​

​

13,685

​

​

273,025

​

​

—

​

​

3,409

​

​

—

VY® Clarion Global Real Estate Portfolio - Class I

​

​

43,495

​

​

47,754

​

​

(12,116)

​

​

2,408

​

​

81,541

​

​

—

​

​

383

​

​

—

VY® Clarion Real Estate Portfolio - Class I

​

​

43,843

​

​

48,573

​

​

(12,046)

​

​

994

​

​

81,364

​

​

—

​

​

566

​

​

—

VY® Invesco Comstock Portfolio - Class I

​

​

147,028

​

​

161,329

​

​

(34,873)

​

​

(1,813)

​

​

271,671

​

​

—

​

​

7,403

​

​

—

VY® T. Rowe Price Growth Equity Portfolio - Class I

​

​

210,945

​

​

216,810

​

​

(132,136)

​

​

38,874

​

​

334,493

​

​

—

​

​

13,009

​

​

—

​

​

$

2,576,215

​

$

3,596,971

​

$

(1,306,735)

​

$

226,685

​

$

5,093,136

​

$

16,478

​

$

115,161

​

$

27,847

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

See Accompanying Notes to Financial Statements

93

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

Board consideration and Approval of
New Investment Management and sub-advisory Contracts

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), provides that when 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” and collectively, the “Portfolios”), each a series of Voya Partners, Inc. (“VPI”), enter into new investment management and sub-advisory agreements, the Board of Directors of VPI (the “Board”), including a majority of Board members who have no direct or indirect interest in the investment management and sub-advisory agreements, and who are not “interested persons” of the Portfolios, must determine whether to approve the new arrangements. Thus, at its meeting held on January 12, 2017, the Board considered the approval of the investment management contracts (the “Management Contracts”) with Voya Investments, LLC (“VIL”) and the sub-advisory contracts (the “Sub-Advisory Contracts”) between VIL and Voya Investment Management Co. LLC, the sub-adviser (the “Sub-Adviser”) for the Portfolios in connection with the transfer of advisory services (the “Transfer”) from the existing investment adviser, Directed Services LLC (“DSL”), to VIL, which are both indirect, wholly-owned subsidiaries of Voya Financial, Inc.

In determining whether to approve the Management and Sub-Advisory Contracts for the Portfolios with VIL, the Board received and evaluated such information as it deemed necessary for an informed determination of whether the Management and Sub-Advisory Contracts should be approved for the Portfolios.

The materials provided to the Board to inform its consideration of whether to approve each Portfolio’s Management Contract and each Portfolio’s Sub-Advisory Contract included the following: (1) memoranda and related materials provided to the Board in advance of its January 12, 2017 meeting discussing Management’s rationale for requesting the Transfer; (2) VIL’s responses to inquiries from K&L Gates LLP, counsel to the Independent Directors; (3) supporting documentation, including copies of the forms of Management and Sub-Advisory Contracts for the Portfolios; and (4) other information relevant to the Board’s evaluation. In addition, the Board considered the information provided periodically throughout the year in

presentations to the Board by VIL in the context of VIL’s oversight and management of the other funds in the Voya funds complex. In this regard, the Board placed particular emphasis on the information provided by VIL, DSL and the Sub-Adviser in connection with the Board’s consideration of whether to renew the existing Management and Sub-Advisory Contracts in November 2016 and information provided by VIL and DSL regarding the expected impact of the Transfer.

The Board’s consideration of whether to approve the Management and Sub-Advisory Contracts on behalf of each Portfolio took into account several factors, including, but not limited to, the following: (1) that the management of DSL and VIL is substantially similar; (2) the operations of DSL and VIL are very similar in nature; (3) there are no material changes between the new Management Contracts and existing Management Contracts, except with respect to the legal entity that is a party to each Management Contract; (4) no changes were expected in the nature, extent or quality of services provided to the Portfolios, the personnel managing the Portfolios or the manner in which they are managed as a result of the Transfer.

In connection with its review, the Board determined that it did not need to consider certain factors it typically considers during its review of the Management and Sub-Advisory Contracts because it had reviewed them recently in connection with its November 2016 meetings. Among other factors considered at the November 2016 meetings, the Board considered: (1) the nature, extent and quality of services provided under the existing Management and Sub-Advisory Contracts; (2) the extent to which economics of scale are reflected in the fee rate schedules under the existing Management and Sub-Advisory Contracts; (3) the existence of any “fall-out” benefits to DSL, VIL, the Sub-Adviser and their affiliates; (4) a comparison of the Portfolios’ fee rates, expense ratios and investment performance to those of selected similar funds; and (5) the costs incurred and profits realized by DSL and its affiliates with respect to their services to the Portfolios. A further description of the process followed by the Board in approving the existing Management and Sub-Advisory Contracts at the November 2016 meetings, including the information reviewed, certain material factors considered and certain related conclusions reached, is set forth in the Portfolios’ annual report to Shareholders for the period ended December 31, 2016.

The Board also considered that: (1) each Portfolio’s management fee rate will not change as a result of the Transfer and is reasonable in the context of all factors considered by the Board; (2) each Portfolio’s expense ratio will not change as a result of the Transfer and is

94

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

reasonable in the context of all factors considered by the Board; and (3) each Portfolio’s sub-advisory fee rate payable by VIL to the Sub-Adviser will not change as a result of the Transfer and is reasonable in the context of all factors considered by the Board.

Based on, among other matters, the considerations set forth above and other factors, the Board voted to approve the Management and Sub-Advisory Contracts for each Portfolio. During the Board’s deliberations, different Board members may have given different weight to different individual factors and related considerations.

95

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

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

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

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

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

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

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

VPSAR-VSOL (0617-082317)​

Semi-Annual Report

June 30, 2017

Classes ADV, I, S, S2 and Z

Voya Partners, Inc.

■

Voya Index Solution Income Portfolio

■

Voya Index Solution 2020 Portfolio

■

Voya Index Solution 2025 Portfolio

■

Voya Index Solution 2030 Portfolio

■

Voya Index Solution 2035 Portfolio

■

Voya Index Solution 2040 Portfolio

■

Voya Index Solution 2045 Portfolio

■

Voya Index Solution 2050 Portfolio

■

Voya Index Solution 2055 Portfolio

■

Voya Index Solution 2060 Portfolio

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.

TABLE OF CONTENTS

President’s Letter	1
Market Perspective	2
Shareholder Expense Examples	4
Statements of Assets and Liabilities	6
Statements of Operations	12
Statements of Changes in Net Assets	15
Financial Highlights	20
Notes to Financial Statements	29
Portfolios of Investments	41
Advisory and Sub-Advisory Contract Approval Discussion	69

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.

[This Page Intentionally Left Blank]

PRESIDENT’S LETTER

President’s Letter

Guiding through the Headlines

Dear Shareholder,

So far this year, investors have been rewarded for, the most part, ignoring the volatility in news headlines and focusing on market fundamentals — improving corporate earnings in a supportive global economy. On the back of strong equity returns in 2017, one of the big questions on investors’ minds is, where does the U.S. now stand in the business and economic cycle? It matters greatly for asset allocators, who have to determine the proper mix of equity and fixed income investments in client portfolios.

In our view, the U.S. is squarely in the late stages of the business cycle, with the U.S. Federal Reserve Board (“Fed”) tightening monetary policy and unemployment falling to new lows. The rest of the world is behind the U.S. with more slack to be absorbed, but central banks are starting to talk about adjusting monetary policy to match underlying economic strength. We believe this is not necessarily bad for equities, especially when monetary policy is being renormalized from an extremely accommodative stance.

Monetary policy has been a critical driver of bond returns this year. Unemployment currently stands at 4.3%, below the 4.7% level above which the Fed believes inflation rises. But wage growth is tame and inflation has been soft for the past few months, which we believe should help corporate profit margins and work to extend the business cycle. With a benign interest-rate tightening cycle thus far, a currently low risk of recession and good but not spectacular growth, we believe that the U.S. is in a “goldilocks” environment, at least for the near term.

Does this mean one should assume that the good times will keep rolling? Maybe. The pace of equity gains may slow as we make it through the year, but that doesn’t mean investors should be switching their allocations. The best way to keep on track to meet your goals is not with the latest business media updates but with the guidance of your investment advisor. If your long-term investment goals have changed, thoroughly discuss them with your investment advisor before making any changes to your investment strategy.

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
July 31, 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.

1

Market Perspective:Six Months Ended June 30, 2017

As our new fiscal year got under way, investor sentiment was still reeling from the unexpected result of the U.S. presidential election. For this and perhaps more importantly, other reasons, global equities, in the form of the MSCI World IndexSM (the “Index”) measured in local currencies, including net reinvested dividends, forged ahead in 2017, rising in every month, to end the first half of the fiscal year up 8.25%. (The Index returned 10.66% for the six-month period ended June 30, 2017, measured in U.S. dollars.)

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

Having drifted sideways, the Index jumped 5.5% by the end of 2016. The platform was seen as reflationary in the U.S. and elsewhere. The yield curve, which had been rising and steepening, did so faster than ever, especially when the Federal Open Market Committee (“FOMC”) raised the federal funds rate by 25bp (0.25%) on December 14 and projected three more similar raises in 2017.

The term “reflation trade”, meaning the positioning of a portfolio to take advantage of an expected increase in demand, economic activity, inflation and interest rates, had been part of the market pundit’s lexicon for years. There is no doubt that it received new impetus after the election, given the legislative agenda described above and the fact that the party charged with getting it enacted had a majority in both houses of Congress.

Yet expectations for this agenda to drive the reflation trade soon faded in 2017. Item 1 would be to repeal and replace the Affordable Care Act. The second version of the bill narrowly passed the House on May 4 after the first was abandoned. The Senate’s somewhat different version still lacked 50 votes as June ended. Complex and contentious issues were involved, as they are with policies on tax reform, deregulation and infrastructure spending. Commentators increasingly cautioned that this and other political controversies would impede and at least delay any meaningful reflationary boost from policy.

However, investors seemed to take comfort from signs, emerging even before the election, of budding reflation in key economic areas, which would continue to grow in 2017.

In the euro zone, unemployment edged down to 9.3%, still high but the lowest in eight years. The region’s composite purchasing managers’ index reached and held at a six-year high. Gross domestic product (“GDP”) grew 1.9% year over year in the first quarter of 2017, within striking distance of the UK (2.0%) and U.S. (2.1%). The Economic Sentiment Indicator for June came in at the best level in nearly 10 years and by then European Central Bank President Draghi was hinting that monetary tightening was on the horizon.

China had been a grave concern early in 2016, due to declining growth, policy missteps and ballooning debt. But over the next 12 months, matters stabilized. While too much debt and sharply rising home prices were still problems, GDP growth was targeted at 6.5% year-over-year. Actual growth in the first quarter of 2017 was 6.9%. Very much in the reflation theme, producer prices, after 54 consecutive months of annual declines, turned and stayed positive from September 2016.

In the U.S., the labor market continued to tighten. The June employment report, although disappointing in the number of new jobs created (138,000), showed the unemployment rate falling to 4.3%. Corporate earnings were improving (see below). It was no surprise when the FOMC added a further 25bp (0.25%) in March and another in June to the federal funds rate.

To be sure there remained areas of sluggishness, like core consumer price inflation and wage growth, but each piece of negative news, whether economic or political, seemed to excite a buy-the-dip mentality and June ended with the Index barely below its best level.

In U.S. fixed income markets, the Bloomberg Barclays U.S. Aggregate Bond Index (“Barclays Aggregate”) rose 2.27% in the half-year. The Bloomberg Barclays U.S. Treasury Bond sub-index gained 1.87%, a little better than the coupon as the yield curve mostly fell. Indices of riskier classes outperformed Treasuries. The Bloomberg Barclays U.S. Corporate Investment Grade Bond sub-index rose 3.80%, the Bloomberg Barclays High Yield Bond — 2% Issuer Constrained Composite Index (not a part of the Barclays Aggregate) rose 4.92%.

U.S. equities, represented by the S&P 500® Index including dividends, climbed 9.34% in the six months through June. The earnings per share of its constituent companies topped 13% growth year-over-year in the first quarter of 2017, the best since 2011. The technology sector was the leader, up 17.23%, although it fell more than 4% in the last three weeks on valuation concerns. Energy was the weakest sector, down 12.61%, with oil prices down nearly 14% over the period.

In currencies, the dollar fell 7.84% against the euro, 4.89% against the pound and 4.27% against the yen. While the U.S. was far ahead of the other regions in terms of monetary tightening, the beginning of the period was near the peak of the euphoria surrounding the reflation trade that had driven the dollar higher.

In international markets, the MSCI Japan® Index gained 5.89% over the half-year, in an environment of improving corporate governance and profitability, with little competition from fixed income investments. The MSCI Europe ex UK® Index added 9.23%. Aside from the positive developments noted above, corporate earnings were improving and political fears were assuaged by the election of a centrist President in France. The MSCI UK® Index rose 4.64%. More than 2% was lost in June, after an election called to give the ruling party a dominant majority and facilitate Brexit negotiations, resulted in a hung parliament.

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.

2

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 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.
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.

3

SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

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

The Examples are based on an investment of  $1,000 invested at the beginning of the period and held for the entire period from January 1, 2017 to June 30, 2017. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

​

Actual Portfolio Return

Hypothetical (5% return before expenses)

​

Beginning Account Value January 1, 2017

Ending Account Value June 30, 2017

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2017**

Beginning Account Value January 1, 2017

Ending Account Value June 30, 2017

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2017**

Voya Index Solution Income Portfolio

Class ADV

​

$

1,000.00

​

$

1,042.20

​

0.65%

​

$

3.29

​

$

1,000.00

​

$

1,021.57

​

0.65%

​

$

3.26

Class I

​

​

1,000.00

​

​

1,046.20

​

0.15

​

​

0.76

​

​

1,000.00

​

​

1,024.05

​

0.15

​

​

0.75

Class S

​

​

1,000.00

​

​

1,044.60

​

0.40

​

​

2.03

​

​

1,000.00

​

​

1,022.81

​

0.40

​

​

2.01

Class S2

​

​

1,000.00

​

​

1,043.50

​

0.55

​

​

2.79

​

​

1,000.00

​

​

1,022.07

​

0.55

​

​

2.76

Class Z

​

​

1,000.00

​

​

1,047.00

​

0.00

​

​

—

​

​

1,000.00

​

​

1,024.79

​

0.00

​

​

—

Voya Index Solution 2020 Portfolio

Class ADV

​

$

1,000.00

​

$

1,057.40

​

0.66%

​

$

3.37

​

$

1,000.00

​

$

1,021.52

​

0.66%

​

$

3.31

Class I

​

​

1,000.00

​

​

1,060.30

​

0.16

​

​

0.82

​

​

1,000.00

​

​

1,024.00

​

0.16

​

​

0.80

Class S

​

​

1,000.00

​

​

1,058.80

​

0.41

​

​

2.09

​

​

1,000.00

​

​

1,022.76

​

0.41

​

​

2.06

Class S2

​

​

1,000.00

​

​

1,058.20

​

0.56

​

​

2.86

​

​

1,000.00

​

​

1,022.02

​

0.56

​

​

2.81

Class Z

​

​

1,000.00

​

​

1,061.00

​

0.00

​

​

—

​

​

1,000.00

​

​

1,024.79

​

0.00

​

​

—

Voya Index Solution 2025 Portfolio

Class ADV

​

$

1,000.00

​

$

1,068.80

​

0.66%

​

$

3.39

​

$

1,000.00

​

$

1,021.52

​

0.66%

​

$

3.31

Class I

​

​

1,000.00

​

​

1,071.10

​

0.16

​

​

0.82

​

​

1,000.00

​

​

1,024.00

​

0.16

​

​

0.80

Class S

​

​

1,000.00

​

​

1,070.90

​

0.41

​

​

2.11

​

​

1,000.00

​

​

1,022.76

​

0.41

​

​

2.06

Class S2

​

​

1,000.00

​

​

1,069.00

​

0.56

​

​

2.87

​

​

1,000.00

​

​

1,022.02

​

0.56

​

​

2.81

Class Z

​

​

1,000.00

​

​

1,071.90

​

0.00

​

​

—

​

​

1,000.00

​

​

1,024.79

​

0.00

​

​

—

4

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

​

Actual Portfolio Return

Hypothetical (5% return before expenses)

​

Beginning Account Value January 1, 2017

Ending Account Value June 30, 2017

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2017**

Beginning Account Value January 1, 2017

Ending Account Value June 30, 2017

Annualized Expense Ratio*

Expenses Paid During the Period Ended June 30, 2017**

Voya Index Solution 2030 Portfolio

Class ADV

​

$

1,000.00

​

$

1,078.70

​

0.66%

​

$

3.40

​

$

1,000.00

​

$

1,021.52

​

0.66%

​

$

3.31

Class I

​

​

1,000.00

​

​

1,080.70

​

0.16

​

​

0.83

​

​

1,000.00

​

​

1,024.00

​

0.16

​

​

0.80

Class S

​

​

1,000.00

​

​

1,079.60

​

0.41

​

​

2.11

​

​

1,000.00

​

​

1,022.76

​

0.41

​

​

2.06

Class S2

​

​

1,000.00

​

​

1,079.00

​

0.56

​

​

2.89

​

​

1,000.00

​

​

1,022.02

​

0.56

​

​

2.81

Class Z

​

​

1,000.00

​

​

1,081.40

​

0.00

​

​

—

​

​

1,000.00

​

​

1,024.79

​

0.00

​

​

—

Voya Index Solution 2035 Portfolio

Class ADV

​

$

1,000.00

​

$

1,083.20

​

0.66%

​

$

3.41

​

$

1,000.00

​

$

1,021.52

​

0.66%

​

$

3.31

Class I

​

​

1,000.00

​

​

1,087.00

​

0.16

​

​

0.83

​

​

1,000.00

​

​

1,024.00

​

0.16

​

​

0.80

Class S

​

​

1,000.00

​

​

1,086.10

​

0.41

​

​

2.12

​

​

1,000.00

​

​

1,022.76

​

0.41

​

​

2.06

Class S2

​

​

1,000.00

​

​

1,084.30

​

0.56

​

​

2.89

​

​

1,000.00

​

​

1,022.02

​

0.56

​

​

2.81

Class Z

​

​

1,000.00

​

​

1,087.60

​

0.00

​

​

—

​

​

1,000.00

​

​

1,024.79

​

0.00

​

​

—

Voya Index Solution 2040 Portfolio

Class ADV

​

$

1,000.00

​

$

1,088.40

​

0.65%

​

$

3.37

​

$

1,000.00

​

$

1,021.57

​

0.65%

​

$

3.26

Class I

​

​

1,000.00

​

​

1,091.20

​

0.15

​

​

0.78

​

​

1,000.00

​

​

1,024.05

​

0.15

​

​

0.75

Class S

​

​

1,000.00

​

​

1,090.40

​

0.40

​

​

2.07

​

​

1,000.00

​

​

1,022.81

​

0.40

​

​

2.01

Class S2

​

​

1,000.00

​

​

1,089.20

​

0.55

​

​

2.85

​

​

1,000.00

​

​

1,022.07

​

0.55

​

​

2.76

Class Z

​

​

1,000.00

​

​

1,092.40

​

0.00

​

​

—

​

​

1,000.00

​

​

1,024.79

​

0.00

​

​

—

Voya Index Solution 2045 Portfolio

Class ADV

​

$

1,000.00

​

$

1,093.00

​

0.66%

​

$

3.43

​

$

1,000.00

​

$

1,021.52

​

0.66%

​

$

3.31

Class I

​

​

1,000.00

​

​

1,095.80

​

0.16

​

​

0.83

​

​

1,000.00

​

​

1,024.00

​

0.16

​

​

0.80

Class S

​

​

1,000.00

​

​

1,094.20

​

0.41

​

​

2.13

​

​

1,000.00

​

​

1,022.76

​

0.41

​

​

2.06

Class S2

​

​

1,000.00

​

​

1,092.80

​

0.56

​

​

2.91

​

​

1,000.00

​

​

1,022.02

​

0.56

​

​

2.81

Class Z

​

​

1,000.00

​

​

1,096.50

​

0.00

​

​

—

​

​

1,000.00

​

​

1,024.79

​

0.00

​

​

—

Voya Index Solution 2050 Portfolio

Class ADV

​

$

1,000.00

​

$

1,093.00

​

0.66%

​

$

3.43

​

$

1,000.00

​

$

1,021.52

​

0.66%

​

$

3.31

Class I

​

​

1,000.00

​

​

1,096.10

​

0.16

​

​

0.83

​

​

1,000.00

​

​

1,024.00

​

0.16

​

​

0.80

Class S

​

​

1,000.00

​

​

1,095.40

​

0.41

​

​

2.13

​

​

1,000.00

​

​

1,022.76

​

0.41

​

​

2.06

Class S2

​

​

1,000.00

​

​

1,093.60

​

0.56

​

​

2.91

​

​

1,000.00

​

​

1,022.02

​

0.56

​

​

2.81

Class Z

​

​

1,000.00

​

​

1,097.50

​

0.00

​

​

—

​

​

1,000.00

​

​

1,024.79

​

0.00

​

​

—

Voya Index Solution 2055 Portfolio

Class ADV

​

$

1,000.00

​

$

1,094.50

​

0.66%

​

$

3.43

​

$

1,000.00

​

$

1,021.52

​

0.66%

​

$

3.31

Class I

​

​

1,000.00

​

​

1,097.80

​

0.16

​

​

0.83

​

​

1,000.00

​

​

1,024.00

​

0.16

​

​

0.80

Class S

​

​

1,000.00

​

​

1,096.50

​

0.41

​

​

2.13

​

​

1,000.00

​

​

1,022.76

​

0.41

​

​

2.06

Class S2

​

​

1,000.00

​

​

1,095.70

​

0.56

​

​

2.91

​

​

1,000.00

​

​

1,022.02

​

0.56

​

​

2.81

Class Z

​

​

1,000.00

​

​

1,099.00

​

0.00

​

​

—

​

​

1,000.00

​

​

1,024.79

​

0.00

​

​

—

Voya Index Solution 2060 Portfolio

Class ADV

​

$

1,000.00

​

$

1,095.40

​

0.66%

​

$

3.43

​

$

1,000.00

​

$

1,021.52

​

0.66%

​

$

3.31

Class I

​

​

1,000.00

​

​

1,099.30

​

0.16

​

​

0.83

​

​

1,000.00

​

​

1,024.00

​

0.16

​

​

0.80

Class S

​

​

1,000.00

​

​

1,097.00

​

0.41

​

​

2.13

​

​

1,000.00

​

​

1,022.76

​

0.41

​

​

2.06

Class S2

​

​

1,000.00

​

​

1,096.20

​

0.56

​

​

2.91

​

​

1,000.00

​

​

1,022.02

​

0.56

​

​

2.81

Class Z

​

​

1,000.00

​

​

1,099.10

​

0.00

​

​

—

​

​

1,000.00

​

​

1,024.79

​

0.00

​

​

—

*

The annualized expense ratios do not include expenses of underlying funds.

**

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

5

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2017 (Unaudited)

​

Voya Index Solution Income Portfolio

Voya Index Solution 2020 Portfolio

Voya Index Solution 2025 Portfolio

Voya Index Solution 2030 Portfolio

ASSETS:

​

​

​

​

Investments in affiliated underlying funds at fair value*

​

$

379,581,163

​

$

150,039,262

​

$

600,302,469

​

$

174,497,948

Investments in unaffiliated underlying funds at fair value**

​

​

68,760,385

​

​

27,620,930

​

​

113,512,961

​

​

29,145,804

Total investments at fair value

​

$

448,341,548

​

$

177,660,192

​

$

713,815,430

​

$

203,643,752

Cash

​

​

367,416

​

​

107,939

​

​

593,357

​

​

117,369

Cash collateral for futures

​

​

988,241

​

​

355,948

​

​

1,518,222

​

​

377,874

Receivables:

​

​

​

​

Fund shares sold

​

​

641,719

​

​

1,665,497

​

​

741,704

​

​

1,735,190

Prepaid expenses

​

​

2,142

​

​

619

​

​

3,137

​

​

738

Reimbursement due from manager

​

​

47,727

​

​

222,103

​

​

73,839

​

​

216,571

Other assets

​

​

9,951

​

​

679

​

​

11,093

​

​

655

Total assets

​

​

450,398,744

​

​

180,012,977

​

​

716,756,782

​

​

206,092,149

LIABILITIES:

​

​

​

​

Payable for investments in affiliated underlying funds purchased

​

​

616,757

​

​

1,656,622

​

​

704,203

​

​

1,735,190

Payable for fund shares redeemed

​

​

24,962

​

​

8,875

​

​

37,500

​

​

—

Payable for foreign cash collateral for futures***

​

​

159,817

​

​

57,478

​

​

245,333

​

​

60,282

Payable for investment management fees

​

​

85,448

​

​

35,135

​

​

135,300

​

​

38,854

Payable for distribution and shareholder service fees

​

​

88,177

​

​

10,776

​

​

137,057

​

​

9,469

Payable to directors under the deferred compensation plan (Note 6)

​

​

9,951

​

​

679

​

​

11,093

​

​

655

Payable for directors fees

​

​

2,142

​

​

713

​

​

3,260

​

​

740

Other accrued expenses and liabilities

​

​

56,354

​

​

3,968

​

​

62,951

​

​

4,420

Total liabilities

​

​

1,043,608

​

​

1,774,246

​

​

1,336,697

​

​

1,849,610

NET ASSETS

​

$

449,355,136

​

$

178,238,731

​

$

715,420,085

​

$

204,242,539

NET ASSETS WERE COMPRISED OF:

​

​

​

​

Paid-in capital

​

$

437,676,991

​

$

167,789,930

​

$

666,442,002

​

$

191,094,171

Undistributed net investment income

​

​

12,270,395

​

​

2,703,672

​

​

16,760,147

​

​

2,566,753

Accumulated net realized gain (loss)

​

​

(6,184,256)

​

​

3,550,324

​

​

11,375,992

​

​

3,399,269

Net unrealized appreciation

​

​

5,592,006

​

​

4,194,805

​

​

20,841,944

​

​

7,182,346

NET ASSETS

​

$

449,355,136

​

$

178,238,731

​

$

715,420,085

​

$

204,242,539

* Cost of investments in affiliated underlying funds

​

$

371,360,546

​

$

145,734,755

​

$

576,959,480

​

$

167,172,038

** Cost of investments in unaffiliated underlying funds

​

$

71,248,224

​

$

27,679,729

​

$

115,797,568

​

$

29,235,707

*** Cost of payable for foreign cash collateral for futures

​

$

159,749

​

$

57,454

​

$

245,229

​

$

60,256

See Accompanying Notes to Financial Statements

6

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2017 (Unaudited) (continued)

​	Voya Index Solution Income Portfolio			Voya Index Solution 2020 Portfolio			Voya Index Solution 2025 Portfolio			Voya Index Solution 2030 Portfolio
Class ADV	​			​			​			​
Net assets	​	$	115,282,892	​	$	18,642,722	​	$	228,933,919	​	$	17,151,698
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	11,386,192	​	​	1,466,796	​	​	21,649,616	​	​	1,203,023
Net asset value and redemption price per share	​	$	10.12	​	$	12.71	​	$	10.57	​	$	14.26
Class I	​			​			​			​
Net assets	​	$	22,980,352	​	$	3,887,770	​	$	55,558,534	​	$	2,891,435
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	​	​	2,205,885	​	​	298,841	​	​	5,120,145	​	​	198,162
Net asset value and redemption price per share	​	$	10.42	​	$	13.01	​	$	10.85	​	$	14.59
Class S	​			​			​			​
Net assets	​	$	171,711,696	​	$	9,531,435	​	$	147,240,691	​	$	9,742,500
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	16,668,477	​	​	735,110	​	​	13,727,397	​	​	671,438
Net asset value and redemption price per share	​	$	10.30	​	$	12.97	​	$	10.73	​	$	14.51
Class S2	​			​			​			​
Net assets	​	$	13,598,352	​	$	3,720,408	​	$	35,235,704	​	$	1,935,660
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	​	​	1,348,858	​	​	288,463	​	​	3,342,607	​	​	135,006
Net asset value and redemption price per share	​	$	10.08	​	$	12.90	​	$	10.54	​	$	14.34
Class Z	​			​			​			​
Net assets	​	$	125,781,844	​	$	142,456,396	​	$	248,451,237	​	$	172,521,246
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	12,028,962	​	​	10,913,424	​	​	22,815,682	​	​	11,806,419
Net asset value and redemption price per share	​	$	10.46	​	$	13.05	​	$	10.89	​	$	14.61

See Accompanying Notes to Financial Statements

7

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2017 (Unaudited)

​

Voya Index Solution 2035 Portfolio

Voya Index Solution 2040 Portfolio

Voya Index Solution 2045 Portfolio

Voya Index Solution 2050 Portfolio

ASSETS:

​

​

​

​

Investments in affiliated underlying funds at fair value*

​

$

540,471,245

​

$

107,416,949

​

$

378,495,798

​

$

64,418,877

Investments in unaffiliated underlying funds at fair value**

​

​

87,508,424

​

​

14,326,626

​

​

37,230,924

​

​

5,374,882

Total investments at fair value

​

$

627,979,669

​

$

121,743,575

​

$

415,726,722

​

$

69,793,759

Cash

​

​

525,658

​

​

96,647

​

​

325,043

​

​

21,636

Cash collateral for futures

​

​

1,306,517

​

​

218,762

​

​

860,079

​

​

122,303

Receivables:

​

​

​

​

Fund shares sold

​

​

2,257,859

​

​

562,258

​

​

1,232,945

​

​

703,817

Prepaid expenses

​

​

2,702

​

​

402

​

​

1,730

​

​

217

Reimbursement due from manager

​

​

71,536

​

​

141,071

​

​

38,806

​

​

73,698

Other assets

​

​

9,118

​

​

393

​

​

5,712

​

​

215

Total assets

​

​

632,153,059

​

​

122,763,108

​

​

418,191,037

​

​

70,715,645

LIABILITIES:

​

​

​

​

Payable for investments in affiliated underlying funds purchased

​

​

2,257,859

​

​

562,258

​

​

1,196,820

​

​

674,505

Payable for fund shares redeemed

​

​

—

​

​

—

​

​

36,125

​

​

29,312

Payable for foreign cash collateral for futures***

​

​

210,282

​

​

35,047

​

​

138,786

​

​

19,627

Payable for investment management fees

​

​

116,377

​

​

25,622

​

​

73,771

​

​

15,041

Payable for distribution and shareholder service fees

​

​

122,599

​

​

5,269

​

​

82,212

​

​

3,825

Payable to directors under the deferred compensation plan (Note 6)

​

​

9,118

​

​

393

​

​

5,712

​

​

215

Payable for directors fees

​

​

2,812

​

​

439

​

​

1,844

​

​

246

Other accrued expenses and liabilities

​

​

49,696

​

​

14,231

​

​

33,783

​

​

9,368

Total liabilities

​

​

2,768,743

​

​

643,259

​

​

1,569,053

​

​

752,139

NET ASSETS

​

$

629,384,316

​

$

122,119,849

​

$

416,621,984

​

$

69,963,506

NET ASSETS WERE COMPRISED OF:

​

​

​

​

Paid-in capital

​

$

576,046,927

​

$

112,972,350

​

$

378,750,814

​

$

64,769,711

Undistributed net investment income

​

​

14,184,874

​

​

1,555,769

​

​

8,711,219

​

​

850,560

Accumulated net realized gain

​

​

15,414,008

​

​

2,568,644

​

​

12,373,334

​

​

1,531,204

Net unrealized appreciation

​

​

23,738,507

​

​

5,023,086

​

​

16,786,617

​

​

2,812,031

NET ASSETS

​

$

629,384,316

​

$

122,119,849

​

$

416,621,984

​

$

69,963,506

* Cost of investments in affiliated underlying funds

​

$

514,047,316

​

$

102,253,798

​

$

360,348,087

​

$

61,539,683

** Cost of investments in unaffiliated underlying funds

​

$

90,008,127

​

$

14,435,504

​

$

38,469,116

​

$

5,424,618

*** Cost of payable for foreign cash collateral for futures

​

$

210,193

​

$

35,033

​

$

138,727

​

$

19,618

See Accompanying Notes to Financial Statements

8

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2017 (Unaudited) (continued)

​	Voya Index Solution 2035 Portfolio			Voya Index Solution 2040 Portfolio			Voya Index Solution 2045 Portfolio			Voya Index Solution 2050 Portfolio
Class ADV	​			​			​			​
Net assets	​	$	208,530,875	​	$	8,437,281	​	$	142,100,720	​	$	5,494,185
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	19,284,416	​	​	571,167	​	​	12,720,392	​	​	368,132
Net asset value and redemption price per share	​	$	10.81	​	$	14.77	​	$	11.17	​	$	14.92
Class I	​			​			​			​
Net assets	​	$	50,923,251	​	$	1,194,451	​	$	41,254,441	​	$	1,694,123
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	4,580,123	​	​	79,202	​	​	3,572,499	​	​	111,683
Net asset value and redemption price per share	​	$	11.12	​	$	15.08	​	$	11.55	​	$	15.17
Class S	​			​			​			​
Net assets	​	$	118,526,811	​	$	6,944,164	​	$	81,998,091	​	$	6,130,934
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	​	​	10,797,326	​	​	460,808	​	​	7,207,987	​	​	404,690
Net asset value and redemption price per share	​	$	10.98	​	$	15.07	​	$	11.38	​	$	15.15
Class S2	​			​			​			​
Net assets	​	$	35,587,204	​	$	1,335,760	​	$	19,387,038	​	$	1,301,707
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	​	​	3,293,895	​	​	89,701	​	​	1,732,406	​	​	86,985
Net asset value and redemption price per share	​	$	10.80	​	$	14.89	​	$	11.19	​	$	14.96
Class Z	​			​			​			​
Net assets	​	$	215,816,175	​	$	104,208,193	​	$	131,881,694	​	$	55,342,557
Shares authorized	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001	​	$	0.001	​	$	0.001
Shares outstanding	​	​	19,322,455	​	​	6,889,574	​	​	11,375,708	​	​	3,641,631
Net asset value and redemption price per share	​	$	11.17	​	$	15.13	​	$	11.59	​	$	15.20

See Accompanying Notes to Financial Statements

9

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2017 (Unaudited)

​	Voya Index Solution 2055 Portfolio			Voya Index Solution 2060 Portfolio
ASSETS:	​			​
Investments in affiliated underlying funds at fair value*	​	$	128,126,412	​	$	13,281,753
Investments in unaffiliated underlying funds at fair value**	​	​	9,258,393	​	​	1,194,508
Total investments at fair value	​	$	137,384,805	​	$	14,476,261
Cash	​	​	48,799	​	​	18,087
Cash collateral for futures	​	​	287,332	​	​	—
Receivables:	​			​
Fund shares sold	​	​	460,977	​	​	75,624
Prepaid expenses	​	​	560	​	​	44
Reimbursement due from manager	​	​	14,121	​	​	20,412
Other assets	​	​	1,449	​	​	—
Total assets	​	​	138,198,043	​	​	14,590,428
LIABILITIES:	​			​
Payable for investments in affiliated underlying funds purchased	​	​	428,364	​	​	74,424
Payable for fund shares redeemed	​	​	32,613	​	​	1,200
Payable for foreign cash collateral for futures***	​	​	46,263	​	​	—
Payable for investment management fees	​	​	23,890	​	​	6,438
Payable for distribution and shareholder service fees	​	​	28,062	​	​	1,785
Payable to directors under the deferred compensation plan (Note 6)	​	​	1,449	​	​	—
Payable for directors fees	​	​	599	​	​	49
Other accrued expenses and liabilities	​	​	18,250	​	​	6,251
Total liabilities	​	​	579,490	​	​	90,147
NET ASSETS	​	$	137,618,553	​	$	14,500,281
NET ASSETS WERE COMPRISED OF:	​			​
Paid-in capital	​	$	126,164,527	​	$	13,455,165
Undistributed net investment income	​	​	2,672,946	​	​	161,652
Accumulated net realized gain	​	​	2,321,968	​	​	405,863
Net unrealized appreciation	​	​	6,459,112	​	​	477,601
NET ASSETS	​	$	137,618,553	​	$	14,500,281
* Cost of investments in affiliated underlying funds	​	$	121,324,680	​	$	12,800,474
** Cost of investments in unaffiliated underlying funds	​	$	9,560,201	​	$	1,198,186
*** Cost of payable for foreign cash collateral for futures	​	$	46,243	​	$	—

See Accompanying Notes to Financial Statements

10

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2017 (Unaudited) (continued)

​	Voya Index Solution 2055 Portfolio			Voya Index Solution 2060 Portfolio
Class ADV	​			​
Net assets	​	$	47,480,291	​	$	2,991,772
Shares authorized	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001
Shares outstanding	​	​	3,333,292	​	​	260,539
Net asset value and redemption price per share	​	$	14.24	​	$	11.48
Class I	​			​
Net assets	​	$	13,165,935	​	$	314,896
Shares authorized	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001
Shares outstanding	​	​	902,184	​	​	27,108
Net asset value and redemption price per share	​	$	14.59	​	$	11.62
Class S	​			​
Net assets	​	$	28,108,908	​	$	1,688,560
Shares authorized	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001
Shares outstanding	​	​	1,948,239	​	​	146,324
Net asset value and redemption price per share	​	$	14.43	​	$	11.54
Class S2	​			​
Net assets	​	$	8,346,812	​	$	646,262
Shares authorized	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001
Shares outstanding	​	​	583,376	​	​	56,142
Net asset value and redemption price per share	​	$	14.31	​	$	11.51
Class Z	​			​
Net assets	​	$	40,516,607	​	$	8,858,791
Shares authorized	​	​	100,000,000	​	​	100,000,000
Par value	​	$	0.001	​	$	0.001
Shares outstanding	​	​	2,765,514	​	​	760,443
Net asset value and redemption price per share	​	$	14.65	​	$	11.65

See Accompanying Notes to Financial Statements

11

STATEMENTS OF OPERATIONS for the six months ended June 30, 2017 (Unaudited)

​

Voya Index Solution Income Portfolio

Voya Index Solution 2020 Portfolio

Voya Index Solution 2025 Portfolio

Voya Index Solution 2030 Portfolio

INVESTMENT INCOME:

​

​

​

​

Interest

​

$

40

​

$

—

​

$

76

​

$

—

Dividends from affiliated underlying funds

​

​

3,751,673

​

​

1,206,852

​

​

5,153,590

​

​

1,298,370

Dividends from unaffiliated underlying funds

​

​

879,459

​

​

319,844

​

​

1,483,109

​

​

301,560

Total investment income

​

​

4,631,172

​

​

1,526,696

​

​

6,636,775

​

​

1,599,930

EXPENSES:

​

​

​

​

Investment management fees

​

​

488,244

​

​

165,446

​

​

761,341

​

​

169,276

Distribution and shareholder service fees:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

291,335

​

​

40,984

​

​

566,100

​

​

34,053

Class S

​

​

215,447

​

​

11,071

​

​

186,936

​

​

10,586

Class S2

​

​

27,149

​

​

6,859

​

​

69,215

​

​

3,730

Transfer agent fees

​

​

481

​

​

121

​

​

413

​

​

119

Shareholder reporting expense

​

​

362

​

​

1,903

​

​

5,430

​

​

1,872

Professional fees

​

​

32,037

​

​

9,541

​

​

36,381

​

​

9,499

Custody and accounting expense

​

​

19,005

​

​

4,525

​

​

21,901

​

​

4,163

Director fees

​

​

6,428

​

​

2,138

​

​

9,779

​

​

2,221

Miscellaneous expense

​

​

12,985

​

​

6,140

​

​

14,855

​

​

6,578

Interest expense

​

​

68

​

​

—

​

​

57

​

​

—

Total expenses

​

​

1,093,541

​

​

248,728

​

​

1,672,408

​

​

242,097

Waived and reimbursed fees

​

​

(315,398)

​

​

(164,087)

​

​

(487,327)

​

​

(172,870)

Net expenses

​

​

778,143

​

​

84,641

​

​

1,185,081

​

​

69,227

Net investment income

​

​

3,853,029

​

​

1,442,055

​

​

5,451,694

​

​

1,530,703

REALIZED AND UNREALIZED GAIN (LOSS):

​

​

​

​

Net realized gain (loss) on:

​

​

​

​

Sale of affiliated underlying funds

​

​

1,599,111

​

​

1,081,048

​

​

323,613

​

​

958,826

Sale of unaffiliated underlying funds

​

​

(279,267)

​

​

544,278

​

​

534,917

​

​

411,376

Capital gain distributions from affiliated underlying funds

​

​

873,065

​

​

655,568

​

​

3,418,704

​

​

1,033,854

Capital gain distributions from unaffiliated underlying funds

​

​

—

​

​

19

​

​

—

​

​

—

Foreign currency related transactions

​

​

5,474

​

​

1,569

​

​

8,063

​

​

1,516

Futures

​

​

(216,876)

​

​

(46,525)

​

​

(305,327)

​

​

(39,274)

Net realized gain

​

​

1,981,507

​

​

2,235,957

​

​

3,979,970

​

​

2,366,298

Net change in unrealized appreciation (depreciation) on:

​

​

​

​

Affiliated underlying funds

​

​

11,960,903

​

​

4,390,870

​

​

32,176,476

​

​

6,724,760

Unaffiliated underlying funds

​

​

836,267

​

​

(136,106)

​

​

1,814,377

​

​

(25,893)

Foreign currency related transactions

​

​

(68)

​

​

(24)

​

​

(103)

​

​

(26)

Futures

​

​

(140,705)

​

​

(50,879)

​

​

(216,335)

​

​

(53,635)

Net change in unrealized appreciation (depreciation)

​

​

12,656,397

​

​

4,203,861

​

​

33,774,415

​

​

6,645,206

Net realized and unrealized gain

​

​

14,637,904

​

​

6,439,818

​

​

37,754,385

​

​

9,011,504

Increase in net assets resulting from operations

​

$

18,490,933

​

$

7,881,873

​

$

43,206,079

​

$

10,542,207

See Accompanying Notes to Financial Statements

12

STATEMENTS OF OPERATIONS for the six months ended June 30, 2017 (Unaudited)

​

Voya Index Solution 2035 Portfolio

Voya Index Solution 2040 Portfolio

Voya Index Solution 2045 Portfolio

Voya Index Solution 2050 Portfolio

INVESTMENT INCOME:

​

​

​

​

Interest

​

$

50

​

$

—

​

$

28

​

$

—

Dividends from affiliated underlying funds

​

​

4,647,354

​

​

823,589

​

​

3,277,068

​

​

503,016

Dividends from unaffiliated underlying funds

​

​

991,791

​

​

106,147

​

​

343,278

​

​

43,428

Total investment income

​

​

5,639,195

​

​

929,736

​

​

3,620,374

​

​

546,444

EXPENSES:

​

​

​

​

Investment management fees

​

​

629,188

​

​

95,280

​

​

399,149

​

​

52,877

Distribution and shareholder service fees:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

509,672

​

​

16,934

​

​

345,047

​

​

10,598

Class S

​

​

147,243

​

​

7,455

​

​

98,689

​

​

6,611

Class S2

​

​

68,111

​

​

2,006

​

​

37,775

​

​

2,013

Transfer agent fees

​

​

577

​

​

1,202

​

​

364

​

​

331

Shareholder reporting expense

​

​

6,154

​

​

2,363

​

​

4,525

​

​

1,810

Professional fees

​

​

32,655

​

​

8,439

​

​

24,133

​

​

5,600

Custody and accounting expense

​

​

18,989

​

​

4,375

​

​

13,575

​

​

2,401

Director fees

​

​

8,439

​

​

1,316

​

​

5,532

​

​

738

Miscellaneous expense

​

​

14,432

​

​

5,946

​

​

11,712

​

​

5,503

Interest expense

​

​

86

​

​

—

​

​

43

​

​

—

Total expenses

​

​

1,435,546

​

​

145,316

​

​

940,544

​

​

88,482

Waived and reimbursed fees

​

​

(395,152)

​

​

(107,491)

​

​

(235,363)

​

​

(59,444)

Net expenses

​

​

1,040,394

​

​

37,825

​

​

705,181

​

​

29,038

Net investment income

​

​

4,598,801

​

​

891,911

​

​

2,915,193

​

​

517,406

REALIZED AND UNREALIZED GAIN (LOSS):

​

​

​

​

Net realized gain (loss) on:

​

​

​

​

Sale of affiliated underlying funds

​

​

(77,344)

​

​

879,094

​

​

(68,612)

​

​

513,185

Sale of unaffiliated underlying funds

​

​

316,316

​

​

94,663

​

​

329,859

​

​

53,087

Capital gain distributions from affiliated underlying funds

​

​

4,327,773

​

​

875,607

​

​

3,878,278

​

​

601,397

Foreign currency related transactions

​

​

6,884

​

​

938

​

​

4,527

​

​

531

Futures

​

​

(265,182)

​

​

(25,390)

​

​

(174,603)

​

​

(11,440)

Net realized gain

​

​

4,308,447

​

​

1,824,912

​

​

3,969,449

​

​

1,156,760

Net change in unrealized appreciation (depreciation) on:

​

​

​

​

Affiliated underlying funds

​

​

35,791,374

​

​

4,427,907

​

​

25,297,967

​

​

2,451,925

Unaffiliated underlying funds

​

​

362,034

​

​

(62,082)

​

​

102,455

​

​

(9,884)

Foreign currency related transactions

​

​

(89)

​

​

(15)

​

​

(58)

​

​

(8)

Futures

​

​

(185,630)

​

​

(31,172)

​

​

(122,844)

​

​

(17,419)

Net change in unrealized appreciation (depreciation)

​

​

35,967,689

​

​

4,334,638

​

​

25,277,520

​

​

2,424,614

Net realized and unrealized gain

​

​

40,276,136

​

​

6,159,550

​

​

29,246,969

​

​

3,581,374

Increase in net assets resulting from operations

​

$

44,874,937

​

$

7,051,461

​

$

32,162,162

​

$

4,098,780

See Accompanying Notes to Financial Statements

13

STATEMENTS OF OPERATIONS for the six months ended June 30, 2017 (Unaudited)

​	Voya Index Solution 2055 Portfolio			Voya Index Solution 2060 Portfolio
INVESTMENT INCOME:	​			​
Dividends from affiliated underlying funds	​	$	1,134,992	​	$	100,359
Dividends from unaffiliated underlying funds	​	​	73,514	​	​	10,274
Total investment income	​	​	1,208,506	​	​	110,633
EXPENSES:	​			​
Investment management fees	​	​	127,215	​	​	10,555
Distribution and shareholder service fees:	​	​	​	​	​	​
Class ADV	​	​	111,862	​	​	5,787
Class S	​	​	32,444	​	​	1,729
Class S2	​	​	15,109	​	​	890
Transfer agent fees	​	​	411	​	​	158
Shareholder reporting expense	​	​	2,725	​	​	1,715
Professional fees	​	​	10,485	​	​	4,227
Custody and accounting expense	​	​	6,173	​	​	404
Director fees	​	​	1,794	​	​	146
Miscellaneous expense	​	​	7,523	​	​	5,096
Interest expense	​	​	16	​	​	—
Total expenses	​	​	315,757	​	​	30,707
Waived and reimbursed fees	​	​	(82,719)	​	​	(18,806)
Net expenses	​	​	233,038	​	​	11,901
Net investment income	​	​	975,468	​	​	98,732
REALIZED AND UNREALIZED GAIN (LOSS):	​			​
Net realized gain (loss) on:	​			​
Sale of affiliated underlying funds	​	​	45,890	​	​	157,203
Sale of unaffiliated underlying funds	​	​	118,674	​	​	18,414
Capital gain distributions from affiliated underlying funds	​	​	1,359,863	​	​	120,065
Foreign currency related transactions	​	​	1,462	​	​	—
Futures	​	​	(52,385)	​	​	—
Net realized gain	​	​	1,473,504	​	​	295,682
Net change in unrealized appreciation (depreciation) on:	​			​
Affiliated underlying funds	​	​	8,179,967	​	​	435,694
Unaffiliated underlying funds	​	​	25,847	​	​	(175)
Foreign currency related transactions	​	​	(20)	​	​	—
Futures	​	​	(40,792)	​	​	—
Net change in unrealized appreciation (depreciation)	​	​	8,165,002	​	​	435,519
Net realized and unrealized gain	​	​	9,638,506	​	​	731,201
Increase in net assets resulting from operations	​	$	10,613,974	​	$	829,933

See Accompanying Notes to Financial Statements

14

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

​

Voya Index Solution Income Portfolio

Voya Index Solution 2020 Portfolio

​

Six Months Ended June 30, 2017

Year Ended December 31, 2016

Six Months Ended June 30, 2017

Year Ended December 31, 2016

FROM OPERATIONS:

​

​

​

​

Net investment income

​

$

3,853,029

​

$

7,986,714

​

$

1,442,055

​

$

1,225,178

Net realized gain (loss)

​

​

1,981,507

​

​

(2,273,040)

​

​

2,235,957

​

​

1,358,693

Net change in unrealized appreciation (depreciation)

​

​

12,656,397

​

​

12,126,333

​

​

4,203,861

​

​

112,413

Increase in net assets resulting from operations

​

​

18,490,933

​

​

17,840,007

​

​

7,881,873

​

​

2,696,284

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(1,896,664)

​

​

—

​

​

(13,350)

Class I

​

​

—

​

​

(568,456)

​

​

—

​

​

(3,145)

Class S

​

​

—

​

​

(2,982,354)

​

​

—

​

​

(5,249)

Class S2

​

​

—

​

​

(206,350)

​

​

—

​

​

(1,371)

Class T

​

​

—

​

​

(83)

​

​

—

​

​

—

Class Z

​

​

—

​

​

(476,510)

​

​

—

​

​

(38,737)

Net realized gains:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(1,734,768)

​

​

—

​

​

(6,725)

Class I

​

​

—

​

​

(433,421)

​

​

—

​

​

(1,208)

Class S

​

​

—

​

​

(2,575,586)

​

​

—

​

​

(2,150)

Class S2

​

​

—

​

​

(182,389)

​

​

—

​

​

(626)

Class T

​

​

—

​

​

(87)

​

​

—

​

​

(2)

Class Z

​

​

—

​

​

(363,317)

​

​

—

​

​

(14,716)

Total distributions

​

​

—

​

​

(11,419,985)

​

​

—

​

​

(87,279)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

Net proceeds from sale of shares

​

​

76,305,731

​

​

108,379,409

​

​

81,388,110

​

​

103,660,958

Reinvestment of distributions

​

​

—

​

​

11,419,815

​

​

—

​

​

87,277

​

​

​

76,305,731

​

​

119,799,224

​

​

81,388,110

​

​

103,748,235

Cost of shares redeemed

​

​

(53,997,956)

​

​

(99,550,236)

​

​

(13,679,283)

​

​

(12,207,530)

Net increase in net assets resulting from capital share transactions

​

​

22,307,775

​

​

20,248,988

​

​

67,708,827

​

​

91,540,705

Net increase in net assets

​

​

40,798,708

​

​

26,669,010

​

​

75,590,700

​

​

94,149,710

NET ASSETS:

​

​

​

​

Beginning of year or period

​

​

408,556,428

​

​

381,887,418

​

​

102,648,031

​

​

8,498,321

End of year or period

​

$

449,355,136

​

$

408,556,428

​

$

178,238,731

​

$

102,648,031

Undistributed net investment income at end of year or period

​

$

12,270,395

​

$

8,417,366

​

$

2,703,672

​

$

1,261,617

See Accompanying Notes to Financial Statements

15

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

​

Voya Index Solution 2025 Portfolio

Voya Index Solution 2030 Portfolio

​

Six Months Ended June 30, 2017

Year Ended December 31, 2016

Six Months Ended June 30, 2017

Year Ended December 31, 2016

FROM OPERATIONS:

​

​

​

​

Net investment income

​

$

5,451,694

​

$

10,775,314

​

$

1,530,703

​

$

1,011,269

Net realized gain

​

​

3,979,970

​

​

12,459,681

​

​

2,366,298

​

​

1,064,528

Net change in unrealized appreciation (depreciation)

​

​

33,774,415

​

​

10,567,471

​

​

6,645,206

​

​

623,716

Increase in net assets resulting from operations

​

​

43,206,079

​

​

33,802,466

​

​

10,542,207

​

​

2,699,513

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(4,509,119)

​

​

—

​

​

(5,045)

Class I

​

​

—

​

​

(1,358,591)

​

​

—

​

​

(2,574)

Class S

​

​

—

​

​

(3,171,814)

​

​

—

​

​

(2,574)

Class S2

​

​

—

​

​

(668,502)

​

​

—

​

​

(1,035)

Class T

​

​

—

​

​

(60)

​

​

—

​

​

—

Class Z

​

​

—

​

​

(1,297,114)

​

​

—

​

​

(24,000)

Net realized gains:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(16,111,045)

​

​

—

​

​

(4,079)

Class I

​

​

—

​

​

(3,826,257)

​

​

—

​

​

(1,438)

Class S

​

​

—

​

​

(10,295,036)

​

​

—

​

​

(1,631)

Class S2

​

​

—

​

​

(2,297,858)

​

​

—

​

​

(596)

Class T

​

​

—

​

​

(240)

​

​

—

​

​

(2)

Class Z

​

​

—

​

​

(3,653,118)

​

​

—

​

​

(13,313)

Total distributions

​

​

—

​

​

(47,188,754)

​

​

—

​

​

(56,287)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

Net proceeds from sale of shares

​

​

147,152,150

​

​

181,654,567

​

​

106,311,456

​

​

92,623,692

Reinvestment of distributions

​

​

—

​

​

47,188,454

​

​

—

​

​

56,285

​

​

​

147,152,150

​

​

228,843,021

​

​

106,311,456

​

​

92,679,977

Cost of shares redeemed

​

​

(62,742,515)

​

​

(108,675,021)

​

​

(6,204,433)

​

​

(6,874,563)

Net increase in net assets resulting from capital share transactions

​

​

84,409,635

​

​

120,168,000

​

​

100,107,023

​

​

85,805,414

Net increase in net assets

​

​

127,615,714

​

​

106,781,712

​

​

110,649,230

​

​

88,448,640

NET ASSETS:

​

​

​

​

Beginning of year or period

​

​

587,804,371

​

​

481,022,659

​

​

93,593,309

​

​

5,144,669

End of year or period

​

$

715,420,085

​

$

587,804,371

​

$

204,242,539

​

$

93,593,309

Undistributed net investment income at end of year or period

​

$

16,760,147

​

$

11,308,453

​

$

2,566,753

​

$

1,036,050

See Accompanying Notes to Financial Statements

16

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

​

Voya Index Solution 2035 Portfolio

Voya Index Solution 2040 Portfolio

​

Six Months Ended June 30, 2017

Year Ended December 31, 2016

Six Months Ended June 30, 2017

Year Ended December 31, 2016

FROM OPERATIONS:

​

​

​

​

Net investment income

​

$

4,598,801

​

$

9,125,881

​

$

891,911

​

$

648,572

Net realized gain

​

​

4,308,447

​

​

12,816,919

​

​

1,824,912

​

​

763,937

Net change in unrealized appreciation (depreciation)

​

​

35,967,689

​

​

11,280,691

​

​

4,334,638

​

​

742,554

Increase in net assets resulting from operations

​

​

44,874,937

​

​

33,223,491

​

​

7,051,461

​

​

2,155,063

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

Net investment income:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(3,603,282)

​

​

—

​

​

(1,774)

Class I

​

​

—

​

​

(999,520)

​

​

—

​

​

(584)

Class S

​

​

—

​

​

(2,357,186)

​

​

—

​

​

(1,703)

Class S2

​

​

—

​

​

(590,771)

​

​

—

​

​

(393)

Class T

​

​

—

​

​

(55)

​

​

—

​

​

—

Class Z

​

​

—

​

​

(1,013,827)

​

​

—

​

​

(16,856)

Net realized gains:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(17,256,361)

​

​

—

​

​

(1,881)

Class I

​

​

—

​

​

(3,691,944)

​

​

—

​

​

(345)

Class S

​

​

—

​

​

(10,100,983)

​

​

—

​

​

(1,153)

Class S2

​

​

—

​

​

(2,683,902)

​

​

—

​

​

(244)

Class T

​

​

—

​

​

(297)

​

​

—

​

​

(3)

Class Z

​

​

—

​

​

(3,744,788)

​

​

—

​

​

(9,695)

Total distributions

​

​

—

​

​

(46,042,916)

​

​

—

​

​

(34,631)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

Net proceeds from sale of shares

​

​

134,481,834

​

​

157,130,588

​

​

59,386,198

​

​

58,469,965

Reinvestment of distributions

​

​

—

​

​

46,042,564

​

​

—

​

​

34,612

​

​

​

134,481,834

​

​

203,173,152

​

​

59,386,198

​

​

58,504,577

Cost of shares redeemed

​

​

(53,065,639)

​

​

(86,920,360)

​

​

(4,039,704)

​

​

(3,826,593)

Net increase in net assets resulting from capital share transactions

​

​

81,416,195

​

​

116,252,792

​

​

55,346,494

​

​

54,677,984

Net increase in net assets

​

​

126,291,132

​

​

103,433,367

​

​

62,397,955

​

​

56,798,416

NET ASSETS:

​

​

​

​

Beginning of year or period

​

​

503,093,184

​

​

399,659,817

​

​

59,721,894

​

​

2,923,478

End of year or period

​

$

629,384,316

​

$

503,093,184

​

$

122,119,849

​

$

59,721,894

Undistributed net investment income at end of year or period

​

$

14,184,874

​

$

9,586,073

​

$

1,555,769

​

$

663,858

See Accompanying Notes to Financial Statements

17

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

​

Voya Index Solution 2045 Portfolio

Voya Index Solution 2050 Portfolio

​

Six Months Ended June 30, 2017

Year Ended December 31, 2016

Six Months Ended June 30, 2017

Year Ended December 31, 2016

FROM OPERATIONS:

​

​

​

​

Net investment income

​

$

2,915,193

​

$

5,491,399

​

$

517,406

​

$

325,637

Net realized gain

​

​

3,969,449

​

​

9,763,621

​

​

1,156,760

​

​

386,892

Net change in unrealized appreciation (depreciation)

​

​

25,277,520

​

​

6,910,933

​

​

2,424,614

​

​

419,761

Increase in net assets resulting from operations

​

​

32,162,162

​

​

22,165,953

​

​

4,098,780

​

​

1,132,290

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(2,182,058)

​

​

—

​

​

(2,178)

Class I

​

​

—

​

​

(681,779)

​

​

—

​

​

(914)

Class S

​

​

—

​

​

(1,300,575)

​

​

—

​

​

(1,904)

Class S2

​

​

—

​

​

(291,671)

​

​

—

​

​

(469)

Class T

​

​

—

​

​

(46)

​

​

—

​

​

—

Class Z

​

​

—

​

​

(541,674)

​

​

—

​

​

(8,751)

Net realized gains:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(11,812,553)

​

​

—

​

​

(5,066)

Class I

​

​

—

​

​

(2,793,476)

​

​

—

​

​

(1,752)

Class S

​

​

—

​

​

(6,293,044)

​

​

—

​

​

(3,547)

Class S2

​

​

—

​

​

(1,480,752)

​

​

—

​

​

(851)

Class T

​

​

—

​

​

(299)

​

​

—

​

​

(11)

Class Z

​

​

—

​

​

(2,219,425)

​

​

—

​

​

(14,720)

Total distributions

​

​

—

​

​

(29,597,352)

​

​

—

​

​

(40,163)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

Net proceeds from sale of shares

​

​

92,204,253

​

​

105,962,148

​

​

37,866,716

​

​

28,838,296

Reinvestment of distributions

​

​

—

​

​

29,597,007

​

​

—

​

​

40,137

​

​

​

92,204,253

​

​

135,559,155

​

​

37,866,716

​

​

28,878,433

Cost of shares redeemed

​

​

(37,485,094)

​

​

(57,672,449)

​

​

(2,081,976)

​

​

(1,699,518)

Net increase in net assets resulting from capital share transactions

​

​

54,719,159

​

​

77,886,706

​

​

35,784,740

​

​

27,178,915

Net increase in net assets

​

​

86,881,321

​

​

70,455,307

​

​

39,883,520

​

​

28,271,042

NET ASSETS:

​

​

​

​

Beginning of year or period

​

​

329,740,663

​

​

259,285,356

​

​

30,079,986

​

​

1,808,944

End of year or period

​

$

416,621,984

​

$

329,740,663

​

$

69,963,506

​

$

30,079,986

Undistributed net investment income at end of year or period

​

$

8,711,219

​

$

5,796,026

​

$

850,560

​

$

333,154

See Accompanying Notes to Financial Statements

18

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

​

Voya Index Solution 2055 Portfolio

Voya Index Solution 2060 Portfolio

​

Six Months Ended June 30, 2017

Year Ended December 31, 2016

Six Months Ended June 30, 2017

Year Ended December 31, 2016

FROM OPERATIONS:

​

​

​

​

Net investment income

​

$

975,468

​

$

1,608,144

​

$

98,732

​

$

62,047

Net realized gain

​

​

1,473,504

​

​

1,290,059

​

​

295,682

​

​

116,048

Net change in unrealized appreciation (depreciation)

​

​

8,165,002

​

​

3,778,517

​

​

435,519

​

​

49,281

Increase in net assets resulting from operations

​

​

10,613,974

​

​

6,676,720

​

​

829,933

​

​

227,376

FROM DISTRIBUTIONS TO SHAREHOLDERS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(523,322)

​

​

—

​

​

(1,502)

Class I

​

​

—

​

​

(161,426)

​

​

—

​

​

(139)

Class S

​

​

—

​

​

(321,142)

​

​

—

​

​

(634)

Class S2

​

​

—

​

​

(92,558)

​

​

—

​

​

—

Class T

​

​

—

​

​

(49)

​

​

—

​

​

—

Class Z

​

​

—

​

​

(145,094)

​

​

—

​

​

(1,005)

Net realized gains:

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

—

​

​

(2,656,568)

​

​

—

​

​

(4,145)

Class I

​

​

—

​

​

(610,144)

​

​

—

​

​

(401)

Class S

​

​

—

​

​

(1,433,092)

​

​

—

​

​

(1,762)

Class S2

​

​

—

​

​

(432,018)

​

​

—

​

​

(194)

Class T

​

​

—

​

​

(286)

​

​

—

​

​

—

Class Z

​

​

—

​

​

(548,406)

​

​

—

​

​

(2,347)

Total distributions

​

​

—

​

​

(6,924,105)

​

​

—

​

​

(12,129)

FROM CAPITAL SHARE TRANSACTIONS:

​

​

​

​

Net proceeds from sale of shares

​

​

36,057,317

​

​

42,855,401

​

​

9,490,566

​

​

6,244,067

Reinvestment of distributions

​

​

—

​

​

6,923,770

​

​

—

​

​

12,012

​

​

​

36,057,317

​

​

49,779,171

​

​

9,490,566

​

​

6,256,079

Cost of shares redeemed

​

​

(10,778,096)

​

​

(19,876,346)

​

​

(1,725,417)

​

​

(963,735)

Net increase in net assets resulting from capital share transactions

​

​

25,279,221

​

​

29,902,825

​

​

7,765,149

​

​

5,292,344

Net increase in net assets

​

​

35,893,195

​

​

29,655,440

​

​

8,595,082

​

​

5,507,591

NET ASSETS:

​

​

​

​

Beginning of year or period

​

​

101,725,358

​

​

72,069,918

​

​

5,905,199

​

​

397,608

End of year or period

​

$

137,618,553

​

$

101,725,358

​

$

14,500,281

​

$

5,905,199

Undistributed net investment income at end of year or period

​

$

2,672,946

​

$

1,697,478

​

$

161,652

​

$

62,920

See Accompanying Notes to Financial Statements

19

Financial Highlights (Unaudited)

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 Index Solution Income Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

9.71

​

0.07•

​

0.34

​

0.41

​

—

​

—

​

—

​

—

​

—

​

10.12

​

4.22

​

0.76

​

0.65

​

0.65

​

1.51

​

115,283

​

23

12-31-16

​

9.55

​

0.18•

​

0.27

​

0.45

​

0.15

​

0.14

​

—

​

0.29

​

—

​

9.71

​

4.71

​

0.77

​

0.62

​

0.62

​

1.82

​

119,455

​

45

12-31-15

​

10.53

​

0.21•

​

(0.33)

​

(0.12)

​

0.19

​

0.67

​

—

​

0.86

​

—

​

9.55

​

(1.37)

​

0.77

​

0.62

​

0.62

​

2.17

​

134,515

​

34

12-31-14

​

10.73

​

0.17

​

0.43

​

0.60

​

0.23

​

0.57

​

—

​

0.80

​

—

​

10.53

​

5.68

​

0.78

​

0.62

​

0.62

​

1.50

​

37,651

​

23

12-31-13

​

10.64

​

0.19•

​

0.58

​

0.77

​

0.30

​

0.38

​

—

​

0.68

​

—

​

10.73

​

7.50

​

0.76

​

0.61

​

0.61

​

1.74

​

37,886

​

39

12-31-12

​

10.42

​

0.19•

​

0.67

​

0.86

​

0.26

​

0.38

​

—

​

0.64

​

—

​

10.64

​

8.36

​

0.71

​

0.62

​

0.62

​

1.79

​

31,359

​

45

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

9.96

​

0.10•

​

0.36

​

0.46

​

—

​

—

​

—

​

—

​

—

​

10.42

​

4.62

​

0.26

​

0.15

​

0.15

​

1.95

​

22,980

​

23

12-31-16

​

9.77

​

0.23•

​

0.28

​

0.51

​

0.18

​

0.14

​

—

​

0.32

​

—

​

9.96

​

5.23

​

0.27

​

0.12

​

0.12

​

2.33

​

29,545

​

45

12-31-15

​

10.76

​

0.28•

​

(0.36)

​

(0.08)

​

0.24

​

0.67

​

—

​

0.91

​

—

​

9.77

​

(0.91)

​

0.27

​

0.12

​

0.12

​

2.84

​

30,873

​

34

12-31-14

​

10.94

​

0.22•

​

0.45

​

0.67

​

0.28

​

0.57

​

—

​

0.85

​

—

​

10.76

​

6.23

​

0.28

​

0.12

​

0.12

​

2.00

​

5,042

​

23

12-31-13

​

10.82

​

0.22•

​

0.63

​

0.85

​

0.35

​

0.38

​

—

​

0.73

​

—

​

10.94

​

8.10

​

0.26

​

0.11

​

0.11

​

2.01

​

5,682

​

39

12-31-12

​

10.59

​

0.27•

​

0.64

​

0.91

​

0.30

​

0.38

​

—

​

0.68

​

—

​

10.82

​

8.75

​

0.21

​

0.12

​

0.12

​

2.53

​

10,690

​

45

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

9.86

​

0.09•

​

0.35

​

0.44

​

—

​

—

​

—

​

—

​

—

​

10.30

​

4.46

​

0.51

​

0.40

​

0.40

​

1.77

​

171,712

​

23

12-31-16

​

9.68

​

0.20•

​

0.28

​

0.48

​

0.16

​

0.14

​

—

​

0.30

​

—

​

9.86

​

4.95

​

0.52

​

0.37

​

0.37

​

2.05

​

174,891

​

45

12-31-15

​

10.66

​

0.23•

​

(0.33)

​

(0.10)

​

0.21

​

0.67

​

—

​

0.88

​

—

​

9.68

​

(1.11)

​

0.52

​

0.37

​

0.37

​

2.24

​

199,999

​

34

12-31-14

​

10.85

​

0.19•

​

0.44

​

0.63

​

0.25

​

0.57

​

—

​

0.82

​

—

​

10.66

​

5.90

​

0.53

​

0.37

​

0.37

​

1.73

​

124,505

​

23

12-31-13

​

10.74

​

0.21•

​

0.60

​

0.81

​

0.32

​

0.38

​

—

​

0.70

​

—

​

10.85

​

7.78

​

0.51

​

0.36

​

0.36

​

1.92

​

134,689

​

39

12-31-12

​

10.51

​

0.21•

​

0.68

​

0.89

​

0.28

​

0.38

​

—

​

0.66

​

—

​

10.74

​

8.52

​

0.46

​

0.37

​

0.37

​

1.97

​

141,443

​

45

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

9.66

​

0.08•

​

0.34

​

0.42

​

—

​

—

​

—

​

—

​

—

​

10.08

​

4.35

​

0.66

​

0.55

​

0.55

​

1.63

​

13,598

​

23

12-31-16

​

9.50

​

0.19•

​

0.27

​

0.46

​

0.16

​

0.14

​

—

​

0.30

​

—

​

9.66

​

4.79

​

0.70

​

0.52

​

0.52

​

1.98

​

13,809

​

45

12-31-15

​

10.46

​

0.22•

​

(0.33)

​

(0.11)

​

0.18

​

0.67

​

—

​

0.85

​

—

​

9.50

​

(1.25)

​

0.77

​

0.52

​

0.52

​

2.28

​

14,859

​

34

12-31-14

​

10.66

​

0.17•

​

0.43

​

0.60

​

0.23

​

0.57

​

—

​

0.80

​

—

​

10.46

​

5.78

​

0.78

​

0.52

​

0.52

​

1.56

​

4,595

​

23

12-31-13

​

10.58

​

0.20•

​

0.58

​

0.78

​

0.32

​

0.38

​

—

​

0.70

​

—

​

10.66

​

7.64

​

0.76

​

0.51

​

0.51

​

1.87

​

5,531

​

39

12-31-12

​

10.39

​

0.22•

​

0.64

​

0.86

​

0.29

​

0.38

​

—

​

0.67

​

—

​

10.58

​

8.38

​

0.71

​

0.52

​

0.52

​

2.06

​

4,328

​

45

Class Z

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

9.99

​

0.11•

​

0.36

​

0.47

​

—

​

—

​

—

​

—

​

—

​

10.46

​

4.70

​

0.26

​

0.00*

​

0.00*

​

2.24

​

125,782

​

23

12-31-16

​

9.79

​

0.32•

​

0.20

​

0.52

​

0.18

​

0.14

​

—

​

0.32

​

—

​

9.99

​

5.32

​

0.27

​

0.00

​

0.00

​

3.20

​

70,857

​

45

05-01-15(5) - 12-31-15

​

11.02

​

0.58•

​

(0.90)

​

(0.32)

​

0.24

​

0.67

​

—

​

0.91

​

—

​

9.79

​

(3.06)

​

0.28

​

0.00

​

0.00

​

9.14

​

1,635

​

34

Voya Index Solution 2020 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

12.02

​

0.09•

​

0.60

​

0.69

​

—

​

—

​

—

​

—

​

—

​

12.71

​

5.74

​

0.77

​

0.66

​

0.66

​

1.45

​

18,643

​

29

12-31-16

​

11.37

​

0.24•

​

0.43

​

0.67

​

0.01

​

0.01

​

—

​

0.02

​

—

​

12.02

​

5.90

​

0.82

​

0.63

​

0.63

​

2.07

​

13,619

​

75

12-31-15

​

11.82

​

0.46•

​

(0.46)

​

0.00*

​

0.15

​

0.30

​

—

​

0.45

​

—

​

11.37

​

0.00

​

2.22

​

0.63

​

0.63

​

4.05

​

4,703

​

108

12-31-14

​

12.11

​

0.15

​

0.47

​

0.62

​

0.23

​

0.68

​

—

​

0.91

​

—

​

11.82

​

5.27

​

71.22

​

0.63

​

0.63

​

1.31

​

4

​

23

12-31-13

​

11.41

​

0.19

​

1.30

​

1.49

​

0.26

​

0.54

​

—

​

0.80

​

0.01

​

12.11

​

13.55(a)

​

95.97

​

0.62

​

0.62

​

1.61

​

4

​

36

12-31-12

​

10.76

​

0.17

​

1.02

​

1.19

​

0.02

​

0.52

​

—

​

0.54

​

—

​

11.41

​

11.12

​

58.46

​

0.62

​

0.62

​

1.54

​

3

​

61

See Accompanying Notes to Financial Statements

20

Financial Highlights (Unaudited) (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 Index Solution 2020 Portfolio (continued)

​

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

12.27

​

0.12•

​

0.62

​

0.74

​

—

​

—

​

—

​

—

​

—

​

13.01

​

6.03

​

0.27

​

0.16

​

0.16

​

1.98

​

3,888

​

29

12-31-16

​

11.55

​

0.37•

​

0.38

​

0.75

​

0.02

​

0.01

​

—

​

0.03

​

—

​

12.27

​

6.45

​

0.32

​

0.13

​

0.13

​

3.05

​

3,539

​

75

12-31-15

​

11.91

​

0.34•

​

(0.33)

​

0.01

​

0.07

​

0.30

​

—

​

0.37

​

—

​

11.55

​

0.04

​

1.72

​

0.13

​

0.13

​

2.98

​

311

​

108

12-31-14

​

12.18

​

0.21

​

0.49

​

0.70

​

0.29

​

0.68

​

—

​

0.97

​

—

​

11.91

​

5.86

​

70.72

​

0.13

​

0.13

​

1.82

​

4

​

23

12-31-13

​

11.47

​

0.25

​

1.30

​

1.55

​

0.31

​

0.54

​

—

​

0.85

​

0.01

​

12.18

​

14.02(a)

​

95.47

​

0.12

​

0.12

​

2.11

​

4

​

36

12-31-12

​

10.77

​

0.23

​

1.02

​

1.25

​

0.03

​

0.52

​

—

​

0.55

​

—

​

11.47

​

11.69

​

57.96

​

0.12

​

0.12

​

2.04

​

3

​

61

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

12.25

​

0.10•

​

0.62

​

0.72

​

—

​

—

​

—

​

—

​

—

​

12.97

​

5.88

​

0.52

​

0.41

​

0.41

​

1.63

​

9,531

​

29

12-31-16

​

11.55

​

0.30•

​

0.43

​

0.73

​

0.02

​

0.01

​

—

​

0.03

​

—

​

12.25

​

6.26

​

0.57

​

0.38

​

0.38

​

2.53

​

8,811

​

75

12-31-15

​

11.91

​

0.58•

​

(0.59)

​

(0.01)

​

0.05

​

0.30

​

—

​

0.35

​

—

​

11.55

​

(0.08)

​

1.97

​

0.38

​

0.38

​

5.10

​

1,084

​

108

12-31-14

​

12.19

​

0.18

​

0.48

​

0.66

​

0.26

​

0.68

​

—

​

0.94

​

—

​

11.91

​

5.54

​

70.97

​

0.38

​

0.38

​

1.57

​

4

​

23

12-31-13

​

11.43

​

0.22

​

1.29

​

1.51

​

0.22

​

0.54

​

—

​

0.76

​

0.01

​

12.19

​

13.63(a)

​

95.72

​

0.37

​

0.37

​

1.86

​

4

​

36

12-31-12

​

10.76

​

0.20

​

1.01

​

1.21

​

0.02

​

0.52

​

—

​

0.54

​

—

​

11.43

​

11.36

​

58.21

​

0.37

​

0.37

​

1.79

​

3

​

61

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

12.19

​

0.09•

​

0.62

​

0.71

​

—

​

—

​

—

​

—

​

—

​

12.90

​

5.82

​

0.67

​

0.56

​

0.56

​

1.52

​

3,720

​

29

12-31-16

​

11.52

​

0.30•

​

0.39

​

0.69

​

0.01

​

0.01

​

—

​

0.02

​

—

​

12.19

​

6.00

​

0.75

​

0.53

​

0.53

​

2.54

​

3,328

​

75

12-31-15

​

11.84

​

0.46•

​

(0.48)

​

(0.02)

​

0.00*

​

0.30

​

—

​

0.30

​

—

​

11.52

​

(0.16)

​

2.22

​

0.53

​

0.53

​

3.99

​

367

​

108

12-31-14

​

12.13

​

0.16

​

0.48

​

0.64

​

0.25

​

0.68

​

—

​

0.93

​

—

​

11.84

​

5.36

​

71.22

​

0.53

​

0.53

​

1.41

​

4

​

23

12-31-13

​

11.43

​

0.20

​

1.31

​

1.51

​

0.28

​

0.54

​

—

​

0.82

​

0.01

​

12.13

​

13.64(a)

​

95.97

​

0.52

​

0.52

​

1.71

​

4

​

36

12-31-12

​

10.76

​

0.21

​

1.00

​

1.21

​

0.02

​

0.52

​

—

​

0.54

​

—

​

11.43

​

11.33

​

58.46

​

0.52

​

0.52

​

1.90

​

3

​

61

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

12.30

​

0.14•

​

0.61

​

0.75

​

—

​

—

​

—

​

—

​

—

​

13.05

​

6.10

​

0.27

​

0.00

​

0.00

​

2.18

​

142,456

​

29

12-31-16

​

11.57

​

0.41•

​

0.35

​

0.76

​

0.02

​

0.01

​

—

​

0.03

​

—

​

12.30

​

6.52

​

0.32

​

0.00

​

0.00

​

3.44

​

73,350

​

75

05-01-15(5) - 12-31-15

​

12.30

​

0.38•

​

(0.74)

​

(0.36)

​

0.07

​

0.30

​

—

​

0.37

​

—

​

11.57

​

(2.97)

​

1.70

​

0.00

​

0.00

​

4.91

​

2,030

​

108

Voya Index Solution 2025 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

9.89

​

0.07•

​

0.61

​

0.68

​

—

​

—

​

—

​

—

​

—

​

10.57

​

6.88

​

0.76

​

0.66

​

0.66

​

1.36

​

228,934

​

21

12-31-16

​

10.19

​

0.19

​

0.47

​

0.66

​

0.21

​

0.75

​

—

​

0.96

​

—

​

9.89

​

6.61

​

0.77

​

0.63

​

0.63

​

1.86

​

228,234

​

44

12-31-15

​

11.49

​

0.19

​

(0.36)

​

(0.17)

​

0.16

​

0.97

​

—

​

1.13

​

—

​

10.19

​

(1.80)

​

0.77

​

0.63

​

0.63

​

1.75

​

228,081

​

40

12-31-14

​

11.63

​

0.15

​

0.46

​

0.61

​

0.19

​

0.56

​

—

​

0.75

​

—

​

11.49

​

5.41

​

0.77

​

0.62

​

0.62

​

1.29

​

242,980

​

33

12-31-13

​

10.38

​

0.18•

​

1.54

​

1.72

​

0.16

​

0.31

​

—

​

0.47

​

—

​

11.63

​

16.77

​

0.75

​

0.61

​

0.61

​

1.66

​

245,758

​

40

12-31-12

​

9.56

​

0.16•

​

1.04

​

1.20

​

0.12

​

0.26

​

—

​

0.38

​

—

​

10.38

​

12.74

​

0.71

​

0.62

​

0.62

​

1.63

​

181,218

​

39

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.13

​

0.10•

​

0.62

​

0.72

​

—

​

—

​

—

​

—

​

—

​

10.85

​

7.11

​

0.26

​

0.16

​

0.16

​

1.83

​

55,559

​

21

12-31-16

​

10.42

​

0.25•

​

0.48

​

0.73

​

0.27

​

0.75

​

—

​

1.02

​

—

​

10.13

​

7.14

​

0.27

​

0.13

​

0.13

​

2.39

​

56,555

​

44

12-31-15

​

11.72

​

0.26•

​

(0.37)

​

(0.11)

​

0.22

​

0.97

​

—

​

1.19

​

—

​

10.42

​

(1.25)

​

0.27

​

0.13

​

0.13

​

2.29

​

49,275

​

40

12-31-14

​

11.84

​

0.22•

​

0.46

​

0.68

​

0.24

​

0.56

​

—

​

0.80

​

—

​

11.72

​

5.95

​

0.27

​

0.12

​

0.12

​

1.89

​

46,808

​

33

12-31-13

​

10.54

​

0.24•

​

1.56

​

1.80

​

0.19

​

0.31

​

—

​

0.50

​

—

​

11.84

​

17.38

​

0.25

​

0.11

​

0.11

​

2.13

​

33,098

​

40

12-31-12

​

9.69

​

0.24•

​

1.02

​

1.26

​

0.15

​

0.26

​

—

​

0.41

​

—

​

10.54

​

13.26

​

0.21

​

0.12

​

0.12

​

2.32

​

29,471

​

39

See Accompanying Notes to Financial Statements

21

Financial Highlights (Unaudited) (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 Index Solution 2025 Portfolio (continued)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.02

​

0.08•

​

0.63

​

0.71

​

—

​

—

​

—

​

—

​

—

​

10.73

​

7.09

​

0.51

​

0.41

​

0.41

​

1.62

​

147,241

​

21

12-31-16

​

10.31

​

0.21•

​

0.48

​

0.69

​

0.23

​

0.75

​

—

​

0.98

​

—

​

10.02

​

6.85

​

0.52

​

0.38

​

0.38

​

2.07

​

150,126

​

44

12-31-15

​

11.61

​

0.23

​

(0.36)

​

(0.13)

​

0.20

​

0.97

​

—

​

1.17

​

—

​

10.31

​

(1.50)

​

0.52

​

0.38

​

0.38

​

1.99

​

166,420

​

40

12-31-14

​

11.74

​

0.18

​

0.47

​

0.65

​

0.22

​

0.56

​

—

​

0.78

​

—

​

11.61

​

5.67

​

0.52

​

0.37

​

0.37

​

1.55

​

186,666

​

33

12-31-13

​

10.47

​

0.21•

​

1.54

​

1.75

​

0.17

​

0.31

​

—

​

0.48

​

—

​

11.74

​

17.00

​

0.50

​

0.36

​

0.36

​

1.88

​

174,380

​

40

12-31-12

​

9.62

​

0.19•

​

1.05

​

1.24

​

0.13

​

0.26

​

—

​

0.39

​

—

​

10.47

​

13.12

​

0.46

​

0.37

​

0.37

​

1.84

​

138,176

​

39

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

9.86

​

0.08•

​

0.60

​

0.68

​

—

​

—

​

—

​

—

​

—

​

10.54

​

6.90

​

0.66

​

0.56

​

0.56

​

1.50

​

35,236

​

21

12-31-16

​

10.16

​

0.20•

​

0.47

​

0.67

​

0.22

​

0.75

​

—

​

0.97

​

—

​

9.86

​

6.72

​

0.70

​

0.53

​

0.53

​

2.04

​

34,034

​

44

12-31-15

​

11.44

​

0.20•

​

(0.35)

​

(0.15)

​

0.16

​

0.97

​

—

​

1.13

​

—

​

10.16

​

(1.63)

​

0.77

​

0.53

​

0.53

​

1.83

​

34,934

​

40

12-31-14

​

11.58

​

0.16•

​

0.46

​

0.62

​

0.20

​

0.56

​

—

​

0.76

​

—

​

11.44

​

5.52

​

0.77

​

0.52

​

0.52

​

1.36

​

42,853

​

33

12-31-13

​

10.34

​

0.20•

​

1.52

​

1.72

​

0.17

​

0.31

​

—

​

0.48

​

—

​

11.58

​

16.87

​

0.75

​

0.51

​

0.51

​

1.80

​

48,649

​

40

12-31-12

​

9.53

​

0.18•

​

1.03

​

1.21

​

0.14

​

0.26

​

—

​

0.40

​

—

​

10.34

​

12.88

​

0.71

​

0.52

​

0.52

​

1.77

​

32,743

​

39

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.16

​

0.11•

​

0.62

​

0.73

​

—

​

—

​

—

​

—

​

—

​

10.89

​

7.19

​

0.26

​

0.00*

​

0.00*

​

2.14

​

248,451

​

21

12-31-16

​

10.43

​

0.32•

​

0.43

​

0.75

​

0.27

​

0.75

​

—

​

1.02

​

—

​

10.16

​

7.33

​

0.27

​

0.00

​

0.00

​

3.13

​

118,855

​

44

05-01-15(5) - 12-31-15

​

12.17

​

0.41•

​

(0.96)

​

(0.55)

​

0.22

​

0.97

​

—

​

1.19

​

—

​

10.43

​

(4.81)

​

0.28

​

0.00

​

0.00

​

5.95

​

2,310

​

40

Voya Index Solution 2030 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

13.22

​

0.10•

​

0.94

​

1.04

​

—

​

—

​

—

​

—

​

—

​

14.26

​

7.87

​

0.76

​

0.66

​

0.66

​

1.39

​

17,152

​

25

12-31-16

​

12.39

​

0.27•

​

0.58

​

0.85

​

0.01

​

0.01

​

—

​

0.02

​

—

​

13.22

​

6.84

​

0.83

​

0.63

​

0.63

​

2.13

​

10,732

​

64

12-31-15

​

12.70

​

0.48•

​

(0.53)

​

(0.05)

​

0.07

​

0.19

​

—

​

0.26

​

—

​

12.39

​

(0.48)

​

3.36

​

0.63

​

0.63

​

3.93

​

2,598

​

136

12-31-14

​

13.19

​

0.14

​

0.50

​

0.64

​

0.22

​

0.91

​

—

​

1.13

​

—

​

12.70

​

5.00

​

65.69

​

0.63

​

0.63

​

1.10

​

4

​

32

12-31-13

​

11.85

​

0.19•

​

1.95

​

2.14

​

0.27

​

0.55

​

—

​

0.82

​

0.02

​

13.19

​

18.71(b)

​

87.48

​

0.61

​

0.61

​

1.48

​

4

​

41

12-31-12

​

11.00

​

0.20

​

1.33

​

1.53

​

0.01

​

0.67

​

—

​

0.68

​

—

​

11.85

​

13.99

​

43.07

​

0.62

​

0.62

​

1.74

​

4

​

51

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

13.50

​

0.13•

​

0.96

​

1.09

​

—

​

—

​

—

​

—

​

—

​

14.59

​

8.07

​

0.26

​

0.16

​

0.16

​

1.87

​

2,891

​

25

12-31-16

​

12.60

​

0.31•

​

0.61

​

0.92

​

0.01

​

0.01

​

—

​

0.02

​

—

​

13.50

​

7.31

​

0.33

​

0.13

​

0.13

​

2.36

​

2,173

​

64

12-31-15

​

12.79

​

0.99•

​

(0.99)

​

0.00*

​

—

​

0.19

​

—

​

0.19

​

—

​

12.60

​

(0.03)

​

2.86

​

0.13

​

0.13

​

8.08

​

779

​

136

12-31-14

​

13.28

​

0.20

​

0.51

​

0.71

​

0.29

​

0.91

​

—

​

1.20

​

—

​

12.79

​

5.52

​

65.19

​

0.13

​

0.13

​

1.61

​

4

​

32

12-31-13

​

11.91

​

0.25•

​

1.97

​

2.22

​

0.32

​

0.55

​

—

​

0.87

​

0.02

​

13.28

​

19.32(b)

​

86.98

​

0.11

​

0.11

​

1.97

​

4

​

41

12-31-12

​

11.01

​

0.26•

​

1.33

​

1.59

​

0.02

​

0.67

​

—

​

0.69

​

—

​

11.91

​

14.55

​

42.57

​

0.12

​

0.12

​

2.23

​

4

​

51

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

13.44

​

0.12•

​

0.95

​

1.07

​

—

​

—

​

—

​

—

​

—

​

14.51

​

7.96

​

0.51

​

0.41

​

0.41

​

1.75

​

9,743

​

25

12-31-16

​

12.57

​

0.37•

​

0.52

​

0.89

​

0.01

​

0.01

​

—

​

0.02

​

—

​

13.44

​

7.08

​

0.58

​

0.38

​

0.38

​

2.83

​

6,607

​

64

12-31-15

​

12.79

​

0.43•

​

(0.46)

​

(0.03)

​

—

​

0.19

​

—

​

0.19

​

—

​

12.57

​

(0.27)

​

3.11

​

0.38

​

0.38

​

3.45

​

521

​

136

12-31-14

​

13.27

​

0.17

​

0.52

​

0.69

​

0.26

​

0.91

​

—

​

1.17

​

—

​

12.79

​

5.32

​

65.44

​

0.38

​

0.38

​

1.35

​

4

​

32

12-31-13

​

11.87

​

0.22

​

1.94

​

2.16

​

0.23

​

0.55

​

—

​

0.78

​

0.02

​

13.27

​

18.78(b)

​

87.23

​

0.36

​

0.36

​

1.73

​

4

​

41

12-31-12

​

11.00

​

0.23

​

1.32

​

1.55

​

0.01

​

0.67

​

—

​

0.68

​

—

​

11.87

​

14.22

​

42.82

​

0.37

​

0.37

​

2.00

​

4

​

51

See Accompanying Notes to Financial Statements

22

Financial Highlights (Unaudited) (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 Index Solution 2030 Portfolio (continued)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

13.29

​

0.11•

​

0.94

​

1.05

​

—

​

—

​

—

​

—

​

—

​

14.34

​

7.90

​

0.66

​

0.56

​

0.56

​

1.54

​

1,936

​

25

12-31-16

​

12.45

​

0.33•

​

0.53

​

0.86

​

0.01

​

0.01

​

—

​

0.02

​

—

​

13.29

​

6.92

​

0.76

​

0.53

​

0.53

​

2.54

​

1,735

​

64

12-31-15

​

12.71

​

0.48•

​

(0.55)

​

(0.07)

​

—

​

0.19

​

—

​

0.19

​

—

​

12.45

​

(0.58)

​

3.36

​

0.53

​

0.53

​

3.87

​

47

​

136

12-31-14

​

13.21

​

0.15

​

0.49

​

0.64

​

0.23

​

0.91

​

—

​

1.14

​

—

​

12.71

​

5.00

​

65.69

​

0.53

​

0.53

​

1.20

​

4

​

32

12-31-13

​

11.87

​

0.20

​

1.95

​

2.15

​

0.28

​

0.55

​

—

​

0.83

​

0.02

​

13.21

​

18.79(b)

​

87.48

​

0.51

​

0.51

​

1.58

​

4

​

41

12-31-12

​

11.00

​

0.23

​

1.32

​

1.55

​

0.01

​

0.67

​

—

​

0.68

​

—

​

11.87

​

14.20

​

43.07

​

0.52

​

0.52

​

1.97

​

4

​

51

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

13.51

​

0.15•

​

0.95

​

1.10

​

—

​

—

​

—

​

—

​

—

​

14.61

​

8.14

​

0.26

​

0.00*

​

0.00*

​

2.20

​

172,521

​

25

12-31-16

​

12.59

​

0.46•

​

0.48

​

0.94

​

0.01

​

0.01

​

—

​

0.02

​

—

​

13.51

​

7.48

​

0.33

​

0.00

​

0.00

​

3.53

​

72,347

​

64

05-01-15(5) - 12-31-15

​

13.34

​

0.36•

​

(0.92)

​

(0.56)

​

—

​

0.19

​

—

​

0.19

​

—

​

12.59

​

(4.23)

​

2.82

​

0.00

​

0.00

​

4.30

​

1,196

​

136

Voya Index Solution 2035 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

9.98

​

0.07•

​

0.76

​

0.83

​

—

​

—

​

—

​

—

​

—

​

10.81

​

8.32

​

0.76

​

0.66

​

0.66

​

1.32

​

208,531

​

17

12-31-16

​

10.34

​

0.19

​

0.57

​

0.76

​

0.19

​

0.93

​

—

​

1.12

​

—

​

9.98

​

7.63

​

0.76

​

0.63

​

0.63

​

1.86

​

203,566

​

41

12-31-15

​

11.86

​

0.18

​

(0.35)

​

(0.17)

​

0.15

​

1.20

​

—

​

1.35

​

—

​

10.34

​

(1.91)

​

0.77

​

0.64

​

0.64

​

1.62

​

199,097

​

38

12-31-14

​

12.01

​

0.13

​

0.53

​

0.66

​

0.17

​

0.64

​

—

​

0.81

​

—

​

11.86

​

5.65

​

0.76

​

0.63

​

0.63

​

1.12

​

213,542

​

44

12-31-13

​

10.25

​

0.17•

​

2.01

​

2.18

​

0.12

​

0.30

​

—

​

0.42

​

—

​

12.01

​

21.67

​

0.75

​

0.62

​

0.62

​

1.51

​

208,246

​

45

12-31-12

​

9.30

​

0.15•

​

1.21

​

1.36

​

0.09

​

0.32

​

—

​

0.41

​

—

​

10.25

​

14.87

​

0.71

​

0.62

​

0.62

​

1.47

​

150,358

​

34

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.23

​

0.10•

​

0.79

​

0.89

​

—

​

—

​

—

​

—

​

—

​

11.12

​

8.70

​

0.26

​

0.16

​

0.16

​

1.80

​

50,923

​

17

12-31-16

​

10.58

​

0.25•

​

0.58

​

0.83

​

0.25

​

0.93

​

—

​

1.18

​

—

​

10.23

​

8.12

​

0.26

​

0.13

​

0.13

​

2.40

​

47,484

​

41

12-31-15

​

12.11

​

0.25•

​

(0.37)

​

(0.12)

​

0.21

​

1.20

​

—

​

1.41

​

—

​

10.58

​

(1.47)

​

0.27

​

0.14

​

0.14

​

2.18

​

37,272

​

38

12-31-14

​

12.24

​

0.21•

​

0.53

​

0.74

​

0.23

​

0.64

​

—

​

0.87

​

—

​

12.11

​

6.16

​

0.26

​

0.13

​

0.13

​

1.73

​

34,038

​

44

12-31-13

​

10.42

​

0.23•

​

2.05

​

2.28

​

0.16

​

0.30

​

—

​

0.46

​

—

​

12.24

​

22.29

​

0.25

​

0.12

​

0.12

​

1.99

​

20,257

​

45

12-31-12

​

9.43

​

0.21•

​

1.23

​

1.44

​

0.13

​

0.32

​

—

​

0.45

​

—

​

10.42

​

15.49

​

0.21

​

0.12

​

0.12

​

2.05

​

18,530

​

34

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.11

​

0.08•

​

0.79

​

0.87

​

—

​

—

​

—

​

—

​

—

​

10.98

​

8.61

​

0.51

​

0.41

​

0.41

​

1.58

​

118,527

​

17

12-31-16

​

10.47

​

0.21•

​

0.58

​

0.79

​

0.22

​

0.93

​

—

​

1.15

​

—

​

10.11

​

7.77

​

0.51

​

0.38

​

0.38

​

2.06

​

118,463

​

41

12-31-15

​

11.99

​

0.22

​

(0.36)

​

(0.14)

​

0.18

​

1.20

​

—

​

1.38

​

—

​

10.47

​

(1.63)

​

0.52

​

0.39

​

0.39

​

1.87

​

129,764

​

38

12-31-14

​

12.13

​

0.16

​

0.54

​

0.70

​

0.20

​

0.64

​

—

​

0.84

​

—

​

11.99

​

5.90

​

0.51

​

0.38

​

0.38

​

1.38

​

145,942

​

44

12-31-13

​

10.34

​

0.20•

​

2.03

​

2.23

​

0.14

​

0.30

​

—

​

0.44

​

—

​

12.13

​

21.97

​

0.50

​

0.37

​

0.37

​

1.76

​

133,001

​

45

12-31-12

​

9.37

​

0.17•

​

1.23

​

1.40

​

0.11

​

0.32

​

—

​

0.43

​

—

​

10.34

​

15.15

​

0.46

​

0.37

​

0.37

​

1.69

​

93,319

​

34

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

9.96

​

0.08•

​

0.76

​

0.84

​

—

​

—

​

—

​

—

​

—

​

10.80

​

8.43

​

0.66

​

0.56

​

0.56

​

1.45

​

35,587

​

17

12-31-16

​

10.33

​

0.20

​

0.56

​

0.76

​

0.20

​

0.93

​

—

​

1.13

​

—

​

9.96

​

7.65

​

0.69

​

0.53

​

0.53

​

2.01

​

32,558

​

41

12-31-15

​

11.83

​

0.19•

​

(0.34)

​

(0.15)

​

0.15

​

1.20

​

—

​

1.35

​

—

​

10.33

​

(1.78)

​

0.77

​

0.54

​

0.54

​

1.71

​

31,067

​

38

12-31-14

​

11.98

​

0.14•

​

0.54

​

0.68

​

0.19

​

0.64

​

—

​

0.83

​

—

​

11.83

​

5.77

​

0.76

​

0.53

​

0.53

​

1.17

​

40,100

​

44

12-31-13

​

10.23

​

0.18•

​

2.01

​

2.19

​

0.14

​

0.30

​

—

​

0.44

​

—

​

11.98

​

21.74

​

0.75

​

0.52

​

0.52

​

1.66

​

44,066

​

45

12-31-12

​

9.29

​

0.16•

​

1.22

​

1.38

​

0.12

​

0.32

​

—

​

0.44

​

—

​

10.23

​

15.04

​

0.71

​

0.52

​

0.52

​

1.63

​

28,712

​

34

See Accompanying Notes to Financial Statements

23

Financial Highlights (Unaudited) (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 Index Solution 2035 Portfolio (continued)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.27

​

0.11•

​

0.79

​

0.90

​

—

​

—

​

—

​

—

​

—

​

11.17

​

8.76

​

0.26

​

0.00*

​

0.00*

​

2.14

​

215,816

​

17

12-31-16

​

10.61

​

0.34•

​

0.50

​

0.84

​

0.25

​

0.93

​

—

​

1.18

​

—

​

10.27

​

8.21

​

0.26

​

0.00

​

0.00

​

3.31

​

101,022

​

41

05-01-15(5) - 12-31-15

​

12.66

​

0.43•

​

(1.07)

​

(0.64)

​

0.21

​

1.20

​

—

​

1.41

​

—

​

10.61

​

(5.49)

​

0.28

​

0.00

​

0.00

​

6.12

​

2,456

​

38

Voya Index Solution 2040 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

13.57

​

0.10•

​

1.10

​

1.20

​

—

​

—

​

—

​

—

​

—

​

14.77

​

8.84

​

0.77

​

0.65

​

0.65

​

1.44

​

8,437

​

22

12-31-16

​

12.62

​

0.29•

​

0.68

​

0.97

​

0.01

​

0.01

​

—

​

0.02

​

—

​

13.57

​

7.67

​

0.90

​

0.62

​

0.62

​

2.27

​

5,222

​

52

12-31-15

​

13.60

​

0.52•

​

(0.73)

​

(0.21)

​

0.13

​

0.64

​

—

​

0.77

​

—

​

12.62

​

(1.78)

​

5.76

​

0.63

​

0.63

​

4.17

​

1,252

​

106

12-31-14

​

13.98

​

0.14•

​

0.64

​

0.78

​

0.20

​

0.96

​

—

​

1.16

​

—

​

13.60

​

5.73

​

61.99

​

0.63

​

0.63

​

0.98

​

5

​

32

12-31-13

​

12.06

​

0.17

​

2.54

​

2.71

​

0.18

​

0.63

​

—

​

0.81

​

0.02

​

13.98

​

23.19(c)

​

83.06

​

0.61

​

0.61

​

1.29

​

4

​

41

12-31-12

​

11.18

​

0.14

​

1.53

​

1.67

​

—

​

0.79

​

—

​

0.79

​

—

​

12.06

​

15.03

​

54.52

​

0.62

​

0.62

​

1.14

​

4

​

44

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

13.82

​

0.14•

​

1.12

​

1.26

​

—

​

—

​

—

​

—

​

—

​

15.08

​

9.12

​

0.27

​

0.15

​

0.15

​

1.89

​

1,194

​

22

12-31-16

​

12.79

​

0.32•

​

0.73

​

1.05

​

0.01

​

0.01

​

—

​

0.02

​

—

​

13.82

​

8.24

​

0.40

​

0.12

​

0.12

​

2.43

​

659

​

52

12-31-15

​

13.71

​

1.29•

​

(1.47)

​

(0.18)

​

0.10

​

0.64

​

—

​

0.74

​

—

​

12.79

​

(1.50)

​

5.26

​

0.13

​

0.13

​

10.20

​

165

​

106

12-31-14

​

14.09

​

0.19

​

0.66

​

0.85

​

0.27

​

0.96

​

—

​

1.23

​

—

​

13.71

​

6.21

​

61.49

​

0.13

​

0.13

​

1.42

​

5

​

32

12-31-13

​

12.13

​

0.24•

​

2.57

​

2.81

​

0.24

​

0.63

​

—

​

0.87

​

0.02

​

14.09

​

23.90(c)

​

82.56

​

0.11

​

0.11

​

1.79

​

4

​

41

12-31-12

​

11.19

​

0.20

​

1.54

​

1.74

​

0.01

​

0.79

​

—

​

0.80

​

—

​

12.13

​

15.63

​

54.02

​

0.12

​

0.12

​

1.64

​

4

​

44

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

13.82

​

0.12•

​

1.13

​

1.25

​

—

​

—

​

—

​

—

​

—

​

15.07

​

9.04

​

0.52

​

0.40

​

0.40

​

1.65

​

6,944

​

22

12-31-16

​

12.83

​

0.38•

​

0.63

​

1.01

​

0.01

​

0.01

​

—

​

0.02

​

—

​

13.82

​

7.89

​

0.65

​

0.37

​

0.37

​

2.85

​

5,044

​

52

12-31-15

​

13.72

​

0.51•

​

(0.71)

​

(0.20)

​

0.05

​

0.64

​

—

​

0.69

​

—

​

12.83

​

(1.65)

​

5.51

​

0.38

​

0.38

​

3.95

​

401

​

106

12-31-14

​

14.09

​

0.16

​

0.66

​

0.82

​

0.23

​

0.96

​

—

​

1.19

​

—

​

13.72

​

6.03

​

61.74

​

0.38

​

0.38

​

1.16

​

4

​

32

12-31-13

​

12.08

​

0.20•

​

2.56

​

2.76

​

0.14

​

0.63

​

—

​

0.77

​

0.02

​

14.09

​

23.53(c)

​

82.81

​

0.36

​

0.36

​

1.54

​

4

​

41

12-31-12

​

11.18

​

0.17

​

1.52

​

1.69

​

0.00*

​

0.79

​

—

​

0.79

​

—

​

12.08

​

15.23

​

54.27

​

0.37

​

0.37

​

1.39

​

4

​

44

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

13.67

​

0.12•

​

1.10

​

1.22

​

—

​

—

​

—

​

—

​

—

​

14.89

​

8.92

​

0.67

​

0.55

​

0.55

​

1.66

​

1,336

​

22

12-31-16

​

12.70

​

0.34•

​

0.65

​

0.99

​

0.01

​

0.01

​

—

​

0.02

​

—

​

13.67

​

7.82

​

0.83

​

0.52

​

0.52

​

2.60

​

651

​

52

12-31-15

​

13.62

​

0.38•

​

(0.61)

​

(0.23)

​

0.05

​

0.64

​

—

​

0.69

​

—

​

12.70

​

(1.88)

​

5.76

​

0.53

​

0.53

​

2.84

​

14

​

106

12-31-14

​

14.00

​

0.13

​

0.66

​

0.79

​

0.21

​

0.96

​

—

​

1.17

​

—

​

13.62

​

5.80

​

61.99

​

0.53

​

0.53

​

1.01

​

4

​

32

12-31-13

​

12.07

​

0.18

​

2.55

​

2.73

​

0.19

​

0.63

​

—

​

0.82

​

0.02

​

14.00

​

23.36(c)

​

83.06

​

0.51

​

0.51

​

1.38

​

4

​

41

12-31-12

​

11.18

​

0.15

​

1.53

​

1.68

​

0.00*

​

0.79

​

—

​

0.79

​

—

​

12.07

​

15.13

​

54.52

​

0.52

​

0.52

​

1.24

​

4

​

44

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

13.85

​

0.16•

​

1.12

​

1.28

​

—

​

—

​

—

​

—

​

—

​

15.13

​

9.24

​

0.27

​

0.00*

​

0.00*

​

2.15

​

104,208

​

22

12-31-16

​

12.80

​

0.47•

​

0.61

​

1.08

​

0.02

​

0.01

​

—

​

0.03

​

—

​

13.85

​

8.40

​

0.40

​

0.00

​

0.00

​

3.51

​

48,146

​

52

05-01-15(5) - 12-31-15

​

14.34

​

0.57•

​

(1.37)

​

(0.80)

​

0.10

​

0.64

​

—

​

0.74

​

—

​

12.80

​

(5.75)

​

5.12

​

0.00

​

0.00

​

6.74

​

1,086

​

106

See Accompanying Notes to Financial Statements

24

Financial Highlights (Unaudited) (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 Index Solution 2045 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.22

​

0.07•

​

0.88

​

0.95

​

—

​

—

​

—

​

—

​

—

​

11.17

​

9.30

​

0.75

​

0.66

​

0.66

​

1.25

​

142,101

​

18

12-31-16

​

10.55

​

0.17

​

0.61

​

0.78

​

0.17

​

0.94

​

—

​

1.11

​

—

​

10.22

​

7.67

​

0.76

​

0.64

​

0.64

​

1.70

​

139,777

​

41

12-31-15

​

12.16

​

0.16

​

(0.34)

​

(0.18)

​

0.12

​

1.31

​

—

​

1.43

​

—

​

10.55

​

(2.05)

​

0.76

​

0.64

​

0.64

​

1.44

​

133,884

​

36

12-31-14

​

12.25

​

0.10•

​

0.59

​

0.69

​

0.14

​

0.64

​

—

​

0.78

​

—

​

12.16

​

5.80

​

0.75

​

0.63

​

0.63

​

0.83

​

138,235

​

44

12-31-13

​

10.26

​

0.14•

​

2.26

​

2.40

​

0.10

​

0.31

​

—

​

0.41

​

—

​

12.25

​

23.74

​

0.75

​

0.61

​

0.61

​

1.27

​

128,133

​

48

12-31-12

​

9.18

​

0.12•

​

1.30

​

1.42

​

0.08

​

0.26

​

—

​

0.34

​

—

​

10.26

​

15.64

​

0.71

​

0.62

​

0.62

​

1.22

​

86,051

​

28

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.54

​

0.10•

​

0.91

​

1.01

​

—

​

—

​

—

​

—

​

—

​

11.55

​

9.58

​

0.25

​

0.16

​

0.16

​

1.78

​

41,254

​

18

12-31-16

​

10.84

​

0.24•

​

0.63

​

0.87

​

0.23

​

0.94

​

—

​

1.17

​

—

​

10.54

​

8.29

​

0.26

​

0.14

​

0.14

​

2.24

​

35,877

​

41

12-31-15

​

12.46

​

0.25•

​

(0.38)

​

(0.13)

​

0.18

​

1.31

​

—

​

1.49

​

—

​

10.84

​

(1.61)

​

0.26

​

0.14

​

0.14

​

2.09

​

27,900

​

36

12-31-14

​

12.52

​

0.18•

​

0.59

​

0.77

​

0.19

​

0.64

​

—

​

0.83

​

—

​

12.46

​

6.32

​

0.25

​

0.13

​

0.13

​

1.42

​

19,837

​

44

12-31-13

​

10.46

​

0.20•

​

2.31

​

2.51

​

0.14

​

0.31

​

—

​

0.45

​

—

​

12.52

​

24.34

​

0.25

​

0.11

​

0.11

​

1.74

​

11,306

​

48

12-31-12

​

9.34

​

0.17•

​

1.33

​

1.50

​

0.12

​

0.26

​

—

​

0.38

​

—

​

10.46

​

16.19

​

0.21

​

0.12

​

0.12

​

1.73

​

14,728

​

28

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.40

​

0.08•

​

0.90

​

0.98

​

—

​

—

​

—

​

—

​

—

​

11.38

​

9.42

​

0.50

​

0.41

​

0.41

​

1.54

​

81,998

​

18

12-31-16

​

10.70

​

0.21

​

0.62

​

0.83

​

0.19

​

0.94

​

—

​

1.13

​

—

​

10.40

​

8.05

​

0.51

​

0.39

​

0.39

​

1.91

​

76,656

​

41

12-31-15

​

12.32

​

0.20

​

(0.36)

​

(0.16)

​

0.15

​

1.31

​

—

​

1.46

​

—

​

10.70

​

(1.86)

​

0.51

​

0.39

​

0.39

​

1.66

​

80,586

​

36

12-31-14

​

12.40

​

0.13

​

0.60

​

0.73

​

0.17

​

0.64

​

—

​

0.81

​

—

​

12.32

​

6.01

​

0.50

​

0.38

​

0.38

​

1.07

​

90,710

​

44

12-31-13

​

10.37

​

0.18•

​

2.28

​

2.46

​

0.12

​

0.31

​

—

​

0.43

​

—

​

12.40

​

24.07

​

0.50

​

0.36

​

0.36

​

1.53

​

83,716

​

48

12-31-12

​

9.27

​

0.14•

​

1.32

​

1.46

​

0.10

​

0.26

​

—

​

0.36

​

—

​

10.37

​

15.88

​

0.46

​

0.37

​

0.37

​

1.42

​

54,383

​

28

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.24

​

0.07•

​

0.88

​

0.95

​

—

​

—

​

—

​

—

​

—

​

11.19

​

9.28

​

0.65

​

0.56

​

0.56

​

1.35

​

19,387

​

18

12-31-16

​

10.56

​

0.20•

​

0.60

​

0.80

​

0.18

​

0.94

​

—

​

1.12

​

—

​

10.24

​

7.88

​

0.69

​

0.54

​

0.54

​

1.93

​

18,507

​

41

12-31-15

​

12.16

​

0.18•

​

(0.35)

​

(0.17)

​

0.12

​

1.31

​

—

​

1.43

​

—

​

10.56

​

(1.99)

​

0.76

​

0.54

​

0.54

​

1.54

​

16,368

​

36

12-31-14

​

12.24

​

0.11

​

0.60

​

0.71

​

0.15

​

0.64

​

—

​

0.79

​

—

​

12.16

​

5.95

​

0.75

​

0.53

​

0.53

​

0.90

​

20,479

​

44

12-31-13

​

10.25

​

0.16•

​

2.25

​

2.41

​

0.11

​

0.31

​

—

​

0.42

​

—

​

12.24

​

23.86

​

0.75

​

0.51

​

0.51

​

1.41

​

20,484

​

48

12-31-12

​

9.19

​

0.13•

​

1.29

​

1.42

​

0.10

​

0.26

​

—

​

0.36

​

—

​

10.25

​

15.65

​

0.71

​

0.52

​

0.52

​

1.33

​

13,683

​

28

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.57

​

0.12•

​

0.90

​

1.02

​

—

​

—

​

—

​

—

​

—

​

11.59

​

9.65

​

0.25

​

0.00*

​

0.00*

​

2.13

​

131,882

​

18

12-31-16

​

10.85

​

0.34•

​

0.55

​

0.89

​

0.23

​

0.94

​

—

​

1.17

​

—

​

10.57

​

8.47

​

0.26

​

0.00

​

0.00

​

3.21

​

58,923

​

41

05-01-15(5) - 12-31-15

​

13.09

​

0.59•

​

(1.34)

​

(0.75)

​

0.18

​

1.31

​

—

​

1.49

​

—

​

10.85

​

(6.26)

​

0.32

​

0.00

​

0.00

​

8.27

​

544

​

36

Voya Index Solution 2050 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

13.65

​

0.10•

​

1.17

​

1.27

​

—

​

—

​

—

​

—

​

—

​

14.92

​

9.30

​

0.78

​

0.66

​

0.66

​

1.44

​

5,494

​

20

12-31-16

​

12.69

​

0.27•

​

0.73

​

1.00

​

0.01

​

0.03

​

—

​

0.04

​

—

​

13.65

​

7.94

​

1.03

​

0.64

​

0.64

​

2.05

​

3,296

​

49

12-31-15

​

13.68

​

0.44•

​

(0.68)

​

(0.24)

​

0.04

​

0.71

​

—

​

0.75

​

—

​

12.69

​

(1.97)

​

7.70

​

0.64

​

0.64

​

3.52

​

666

​

195

12-31-14

​

14.03

​

0.10

​

0.68

​

0.78

​

0.19

​

0.94

​

—

​

1.13

​

—

​

13.68

​

5.64

​

62.26

​

0.64

​

0.64

​

0.77

​

4

​

32

12-31-13

​

11.95

​

0.16

​

2.59

​

2.75

​

0.17

​

0.52

​

—

​

0.69

​

0.02

​

14.03

​

23.69(d)

​

83.28

​

0.62

​

0.62

​

1.20

​

4

​

39

12-31-12

​

11.18

​

0.14

​

1.55

​

1.69

​

—

​

0.92

​

—

​

0.92

​

—

​

11.95

​

15.24

​

42.58

​

0.62

​

0.62

​

1.14

​

4

​

43

See Accompanying Notes to Financial Statements

25

Financial Highlights (Unaudited) (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 Index Solution 2050 Portfolio (continued)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

13.84

​

0.14•

​

1.19

​

1.33

​

—

​

—

​

—

​

—

​

—

​

15.17

​

9.61

​

0.28

​

0.16

​

0.16

​

1.98

​

1,694

​

20

12-31-16

​

12.80

​

0.33•

​

0.76

​

1.09

​

0.02

​

0.03

​

—

​

0.05

​

—

​

13.84

​

8.52

​

0.53

​

0.14

​

0.14

​

2.52

​

950

​

49

12-31-15

​

13.79

​

0.44•

​

(0.61)

​

(0.17)

​

0.11

​

0.71

​

—

​

0.82

​

—

​

12.80

​

(1.45)

​

7.20

​

0.14

​

0.14

​

3.47

​

295

​

195

12-31-14

​

14.14

​

0.18

​

0.67

​

0.85

​

0.26

​

0.94

​

—

​

1.20

​

—

​

13.79

​

6.12

​

61.76

​

0.14

​

0.14

​

1.29

​

5

​

32

12-31-13

​

12.02

​

0.22•

​

2.63

​

2.85

​

0.23

​

0.52

​

—

​

0.75

​

0.02

​

14.14

​

24.41(d)

​

82.78

​

0.12

​

0.12

​

1.70

​

4

​

39

12-31-12

​

11.19

​

0.20

​

1.56

​

1.76

​

0.01

​

0.92

​

—

​

0.93

​

—

​

12.02

​

15.83

​

42.08

​

0.12

​

0.12

​

1.65

​

4

​

43

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

13.83

​

0.13•

​

1.19

​

1.32

​

—

​

—

​

—

​

—

​

—

​

15.15

​

9.54

​

0.53

​

0.41

​

0.41

​

1.74

​

6,131

​

20

12-31-16

​

12.83

​

0.37•

​

0.68

​

1.05

​

0.02

​

0.03

​

—

​

0.05

​

—

​

13.83

​

8.20

​

0.78

​

0.39

​

0.39

​

2.76

​

3,987

​

49

12-31-15

​

13.80

​

0.55•

​

(0.74)

​

(0.19)

​

0.07

​

0.71

​

—

​

0.78

​

—

​

12.83

​

(1.60)

​

7.45

​

0.39

​

0.39

​

4.31

​

254

​

195

12-31-14

​

14.14

​

0.14

​

0.68

​

0.82

​

0.22

​

0.94

​

—

​

1.16

​

—

​

13.80

​

5.93

​

62.01

​

0.39

​

0.39

​

1.04

​

5

​

32

12-31-13

​

11.97

​

0.19•

​

2.61

​

2.80

​

0.13

​

0.52

​

—

​

0.65

​

0.02

​

14.14

​

24.03(d)

​

83.03

​

0.37

​

0.37

​

1.44

​

4

​

39

12-31-12

​

11.19

​

0.16

​

1.54

​

1.70

​

0.00*

​

0.92

​

—

​

0.92

​

—

​

11.97

​

15.33

​

42.33

​

0.37

​

0.37

​

1.35

​

4

​

43

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

13.68

​

0.12•

​

1.16

​

1.28

​

—

​

—

​

—

​

—

​

—

​

14.96

​

9.36

​

0.68

​

0.56

​

0.56

​

1.61

​

1,302

​

20

12-31-16

​

12.71

​

0.35•

​

0.67

​

1.02

​

0.02

​

0.03

​

—

​

0.05

​

—

​

13.68

​

8.04

​

0.96

​

0.54

​

0.54

​

2.66

​

766

​

49

12-31-15

​

13.70

​

0.32•

​

(0.54)

​

(0.22)

​

0.06

​

0.71

​

—

​

0.77

​

—

​

12.71

​

(1.83)

​

7.70

​

0.54

​

0.54

​

2.43

​

14

​

195

12-31-14

​

14.05

​

0.12

​

0.67

​

0.79

​

0.20

​

0.94

​

—

​

1.14

​

—

​

13.70

​

5.71

​

62.26

​

0.54

​

0.54

​

0.88

​

4

​

32

12-31-13

​

11.97

​

0.17

​

2.59

​

2.76

​

0.18

​

0.52

​

—

​

0.70

​

0.02

​

14.05

​

23.76(d)

​

83.28

​

0.52

​

0.52

​

1.30

​

4

​

39

12-31-12

​

11.19

​

0.15

​

1.55

​

1.70

​

0.00*

​

0.92

​

—

​

0.92

​

—

​

11.97

​

15.33

​

42.58

​

0.52

​

0.52

​

1.28

​

4

​

43

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

13.85

​

0.17•

​

1.18

​

1.35

​

—

​

—

​

—

​

—

​

—

​

15.20

​

9.75

​

0.28

​

0.00*

​

0.00*

​

2.27

​

55,343

​

20

12-31-16

​

12.80

​

0.49•

​

0.61

​

1.10

​

0.02

​

0.03

​

—

​

0.05

​

—

​

13.85

​

8.62

​

0.53

​

0.00

​

0.00

​

3.63

​

21,080

​

49

05-01-15(5) - 12-31-15

​

14.46

​

0.61•

​

(1.45)

​

(0.84)

​

0.11

​

0.71

​

—

​

0.82

​

—

​

12.80

​

(6.02)

​

7.05

​

0.00

​

0.00

​

7.16

​

576

​

195

Voya Index Solution 2055 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

13.01

​

0.09•

​

1.14

​

1.23

​

—

​

—

​

—

​

—

​

—

​

14.24

​

9.45

​

0.76

​

0.66

​

0.66

​

1.30

​

47,480

​

18

12-31-16

​

13.12

​

0.22•

​

0.75

​

0.97

​

0.18

​

0.90

​

—

​

1.08

​

—

​

13.01

​

7.61

​

0.78

​

0.64

​

0.64

​

1.68

​

43,002

​

42

12-31-15

​

14.69

​

0.20•

​

(0.45)

​

(0.25)

​

0.12

​

1.20

​

—

​

1.32

​

—

​

13.12

​

(2.15)

​

0.78

​

0.65

​

0.65

​

1.42

​

37,162

​

39

12-31-14

​

14.57

​

0.13•

​

0.74

​

0.87

​

0.14

​

0.61

​

—

​

0.75

​

—

​

14.69

​

6.08

​

0.78

​

0.63

​

0.63

​

0.88

​

31,811

​

44

12-31-13

​

12.06

​

0.17•

​

2.67

​

2.84

​

0.10

​

0.23

​

—

​

0.33

​

—

​

14.57

​

23.83

​

0.80

​

0.61

​

0.61

​

1.31

​

24,873

​

50

12-31-12

​

10.57

​

0.15•

​

1.48

​

1.63

​

0.03

​

0.11

​

—

​

0.14

​

—

​

12.06

​

15.52

​

0.74

​

0.62

​

0.62

​

1.29

​

13,319

​

28

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

13.29

​

0.13•

​

1.17

​

1.30

​

—

​

—

​

—

​

—

​

—

​

14.59

​

9.78

​

0.26

​

0.16

​

0.16

​

1.86

​

13,166

​

18

12-31-16

​

13.38

​

0.30•

​

0.75

​

1.05

​

0.24

​

0.90

​

—

​

1.14

​

—

​

13.29

​

8.10

​

0.28

​

0.14

​

0.14

​

2.24

​

10,595

​

42

12-31-15

​

14.94

​

0.32•

​

(0.50)

​

(0.18)

​

0.18

​

1.20

​

—

​

1.38

​

—

​

13.38

​

(1.66)

​

0.28

​

0.15

​

0.15

​

2.23

​

8,113

​

39

12-31-14

​

14.78

​

0.22•

​

0.74

​

0.96

​

0.19

​

0.61

​

—

​

0.80

​

—

​

14.94

​

6.61

​

0.28

​

0.13

​

0.13

​

1.44

​

3,974

​

44

12-31-13

​

12.21

​

0.26•

​

2.67

​

2.93

​

0.13

​

0.23

​

—

​

0.36

​

—

​

14.78

​

24.32

​

0.30

​

0.11

​

0.11

​

1.89

​

1,782

​

50

12-31-12

​

10.66

​

0.21•

​

1.50

​

1.71

​

0.05

​

0.11

​

—

​

0.16

​

—

​

12.21

​

16.18

​

0.24

​

0.12

​

0.12

​

1.80

​

1,750

​

28

See Accompanying Notes to Financial Statements

26

Financial Highlights (Unaudited) (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 Index Solution 2055 Portfolio (continued)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

13.16

​

0.11•

​

1.16

​

1.27

​

—

​

—

​

—

​

—

​

—

​

14.43

​

9.65

​

0.51

​

0.41

​

0.41

​

1.59

​

28,109

​

18

12-31-16

​

13.25

​

0.25•

​

0.76

​

1.01

​

0.20

​

0.90

​

—

​

1.10

​

—

​

13.16

​

7.89

​

0.53

​

0.39

​

0.39

​

1.92

​

23,832

​

42

12-31-15

​

14.82

​

0.21

​

(0.43)

​

(0.22)

​

0.15

​

1.20

​

—

​

1.35

​

—

​

13.25

​

(1.93)

​

0.53

​

0.40

​

0.40

​

1.55

​

20,530

​

39

12-31-14

​

14.68

​

0.16•

​

0.76

​

0.92

​

0.17

​

0.61

​

—

​

0.78

​

—

​

14.82

​

6.35

​

0.53

​

0.38

​

0.38

​

1.09

​

20,758

​

44

12-31-13

​

12.13

​

0.21•

​

2.68

​

2.89

​

0.11

​

0.23

​

—

​

0.34

​

—

​

14.68

​

24.15

​

0.55

​

0.36

​

0.36

​

1.57

​

15,267

​

50

12-31-12

​

10.61

​

0.17•

​

1.50

​

1.67

​

0.04

​

0.11

​

—

​

0.15

​

—

​

12.13

​

15.89

​

0.49

​

0.37

​

0.37

​

1.48

​

8,886

​

28

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

13.06

​

0.10•

​

1.15

​

1.25

​

—

​

—

​

—

​

—

​

—

​

14.31

​

9.57

​

0.66

​

0.56

​

0.56

​

1.47

​

8,347

​

18

12-31-16

​

13.17

​

0.24•

​

0.74

​

0.98

​

0.19

​

0.90

​

—

​

1.09

​

—

​

13.06

​

7.71

​

0.71

​

0.54

​

0.54

​

1.87

​

6,752

​

42

12-31-15

​

14.72

​

0.21•

​

(0.45)

​

(0.24)

​

0.11

​

1.20

​

—

​

1.31

​

—

​

13.17

​

(2.04)

​

0.78

​

0.55

​

0.55

​

1.50

​

5,816

​

39

12-31-14

​

14.59

​

0.13•

​

0.75

​

0.88

​

0.14

​

0.61

​

—

​

0.75

​

—

​

14.72

​

6.15

​

0.78

​

0.53

​

0.53

​

0.89

​

5,363

​

44

12-31-13

​

12.07

​

0.18•

​

2.67

​

2.85

​

0.10

​

0.23

​

—

​

0.33

​

—

​

14.59

​

23.92

​

0.80

​

0.51

​

0.51

​

1.36

​

5,212

​

50

12-31-12

​

10.58

​

0.17•

​

1.48

​

1.65

​

0.05

​

0.11

​

—

​

0.16

​

—

​

12.07

​

15.69

​

0.74

​

0.52

​

0.52

​

1.44

​

3,663

​

28

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

13.33

​

0.15•

​

1.17

​

1.32

​

—

​

—

​

—

​

—

​

—

​

14.65

​

9.90

​

0.26

​

0.00

​

0.00

​

2.18

​

40,517

​

18

12-31-16

​

13.40

​

0.40•

​

0.67

​

1.07

​

0.24

​

0.90

​

—

​

1.14

​

—

​

13.33

​

8.24

​

0.28

​

0.00

​

0.00

​

3.06

​

17,543

​

42

05-01-15(5) - 12-31-15

​

15.69

​

0.28•

​

(1.19)

​

(0.91)

​

0.18

​

1.20

​

—

​

1.38

​

—

​

13.40

​

(6.22)

​

0.30

​

0.00

​

0.00

​

3.14

​

446

​

39

Voya Index Solution 2060 Portfolio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class ADV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.48

​

0.08•

​

0.92

​

1.00

​

—

​

—

​

—

​

—

​

—

​

11.48

​

9.54

​

0.96

​

0.66

​

0.66

​

1.51

​

2,992

​

32

12-31-16

​

9.77

​

0.21•

​

0.56

​

0.77

​

0.02

​

0.04

​

—

​

0.06

​

—

​

10.48

​

7.87

​

1.91

​

0.64

​

0.64

​

2.06

​

1,690

​

63

02-09-15(5) - 12-31-15

​

10.00

​

0.20•

​

(0.43)

​

(0.23)

​

—

​

—

​

—

​

—

​

—

​

9.77

​

(2.30)

​

36.51

​

0.65

​

0.65

​

2.29

​

87

​

208

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.57

​

0.12•

​

0.93

​

1.05

​

—

​

—

​

—

​

—

​

—

​

11.62

​

9.93

​

0.46

​

0.16

​

0.16

​

2.13

​

315

​

32

12-31-16

​

9.82

​

0.26•

​

0.54

​

0.80

​

0.01

​

0.04

​

—

​

0.05

​

—

​

10.57

​

8.24

​

1.41

​

0.14

​

0.14

​

2.52

​

146

​

63

02-09-15(5) - 12-31-15

​

10.00

​

0.51•

​

(0.69)

​

(0.18)

​

—

​

—

​

—

​

—

​

—

​

9.82

​

(1.80)

​

36.01

​

0.15

​

0.15

​

5.86

​

32

​

208

Class S

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.52

​

0.10•

​

0.92

​

1.02

​

—

​

—

​

—

​

—

​

—

​

11.54

​

9.70

​

0.71

​

0.41

​

0.41

​

1.84

​

1,689

​

32

12-31-16

​

9.79

​

0.25•

​

0.54

​

0.79

​

0.02

​

0.04

​

—

​

0.06

​

—

​

10.52

​

8.06

​

1.66

​

0.39

​

0.39

​

2.46

​

863

​

63

02-09-15(5) - 12-31-15

​

10.00

​

0.58•

​

(0.79)

​

(0.21)

​

—

​

—

​

—

​

—

​

—

​

9.79

​

(2.10)

​

36.26

​

0.40

​

0.40

​

6.61

​

131

​

208

Class S2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.50

​

0.12•

​

0.89

​

1.01

​

—

​

—

​

—

​

—

​

—

​

11.51

​

9.62

​

0.86

​

0.56

​

0.56

​

2.14

​

646

​

32

12-31-16

​

9.77

​

0.26•

​

0.51

​

0.77

​

—

​

0.04

​

—

​

0.04

​

—

​

10.50

​

7.92

​

1.84

​

0.54

​

0.54

​

2.61

​

139

​

63

02-09-15(5) - 12-31-15

​

10.00

​

0.06•

​

(0.29)

​

(0.23)

​

—

​

—

​

—

​

—

​

—

​

9.77

​

(2.30)

​

36.51

​

0.55

​

0.55

​

0.73

​

4

​

208

See Accompanying Notes to Financial Statements

27

Financial Highlights (Unaudited) (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 Index Solution 2060 Portfolio (continued)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class Z

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

06-30-17

​

10.60

​

0.13•

​

0.92

​

1.05

​

—

​

—

​

—

​

—

​

—

​

11.65

​

9.91

​

0.46

​

0.00*

​

0.00*

​

2.32

​

8,859

​

32

12-31-16

​

9.82

​

0.50•

​

0.34

​

0.84

​

0.02

​

0.04

​

—

​

0.06

​

—

​

10.60

​

8.58

​

1.41

​

0.00

​

0.00

​

4.95

​

3,068

​

63

05-01-15(5) - 12-31-15

​

10.46

​

0.03•

​

(0.67)

​

(0.64)

​

—

​

—

​

—

​

—

​

—

​

9.82

​

(6.12)

​

35.54

​

0.00

​

0.00

​

0.52

​

143

​

208

(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 expenses of underlying funds and do not include fees and expenses charged under the variable annuity contract or variable life insurance policy.

(5)

Commencement of operations.

(a)

During the year ended December 31, 2013, Voya Investments, LLC voluntarily reimbursed Voya Index Solution 2020 Portfolio $22 for the foregone investment opportunities attributable to uninvested cash. Excluding this payment by affiliate, total return would have been 13.41%, 13.88%, 13.50%, 13.50% and 13.16% on Classes ADV, I, S, S2 and T, respectively.

(b)

During the year ended December 31, 2013, Voya Investments, LLC voluntarily reimbursed Voya Index Solution 2030 Portfolio $24 for the foregone investment opportunities attributable to uninvested cash. Excluding this payment by affiliate, total return would have been 18.53%, 19.14%, 18.60%, 18.62% and 18.38% on Classes ADV, I, S, S2 and T, respectively.

(c)

During the year ended December 31, 2013, Voya Investments, LLC voluntarily reimbursed Voya Index Solution 2040 Portfolio $30 for the foregone investment opportunities attributable to uninvested cash. Excluding this payment by affiliate, total return would have been 23.01%, 23.72%, 23.35%, 23.18% and 22.85% on Classes ADV, I, S, S2 and T, respectively.

(d)

During the year ended December 31, 2013, Voya Investments, LLC voluntarily reimbursed Voya Index Solution 2050 Portfolio $31 for the foregone investment opportunities attributable to uninvested cash. Excluding this payment by affiliate, total return would have been 23.51%, 24.22%, 23.85%, 23.58% and 23.35% on Classes ADV, I, S, S2 and T, respectively.

•

Calculated using average number of shares outstanding throughout the 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

28

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited)

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 Company currently consists of thirty-eight active separate investment series. The ten series (each, a “Portfolio” and collectively, the “Portfolios”) included in this report are: Voya Index Solution Income Portfolio (“Index Solution Income”), Voya Index Solution 2020 Portfolio (“Index Solution 2020”), Voya Index Solution 2025 Portfolio (“Index Solution 2025”), Voya Index Solution 2030 Portfolio (“Index Solution 2030”), Voya Index Solution 2035 Portfolio (“Index Solution 2035”), Voya Index Solution 2040 Portfolio (“Index Solution 2040”), Voya Index Solution 2045 Portfolio (“Index Solution 2045”), Voya Index Solution 2050 Portfolio (“Index Solution 2050”), Voya Index Solution 2055 Portfolio (“Index Solution 2055”) and Voya Index Solution 2060 Portfolio (“Index Solution 2060”), each a diversified series of the Company.

Index Solution 2020, Index Solution 2025, Index Solution 2030, Index Solution 2035, Index Solution 2040, Index Solution 2045, Index Solution 2050, Index Solution 2055 and Index Solution 2060 are structured and managed around a specific target retirement or financial goal date (“Target Date”). When these Portfolios reach their respective Target Date, they may be combined with Index Solution Income, without a vote of shareholders, if approved by the Board of Directors (the “Board”).

The classes of shares included in this report are: Adviser (“Class ADV”), Initial (“Class I”), Service (“Class S”), Service 2 (“Class S2”) and Class Z. 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 are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the

daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if applicable.

Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company serves as the Investment Adviser to the Portfolios. Prior to May 1, 2017, Directed Services LLC, a Delaware limited liability company, served as the investment adviser to the Portfolios. There were no changes to the services provided or the fees charged to the Portfolios upon the replacement of Directed Services LLC with Voya Investments. 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.

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

29

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

 

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.

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

All other assets for which market quotations are not readily available or became unreliable (or if the above fair valuation methods are unavailable or determined to be unreliable) are valued at fair value as determined in good faith by or under the supervision of the Board following procedures approved by the Board. The Board has delegated to the Investment Adviser responsibility for

30

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

 

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.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. The beginning of period timing recognition is used for the transfers between levels of a

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

For the period ended June 30, 2017, there have been no significant changes to the fair valuation methodologies.

B. Security Transactions and Revenue Recognition. Security transactions are accounted for on the trade date. Dividend income received from the Underlying Funds is recognized on the ex-dividend date and is recorded as income distributions in the Statements of Operations. Capital gain distributions received from the Underlying Funds are recognized on the ex-dividend date and are recorded on the Statements of Operations as such. Realized gains and losses are reported on the basis of identified cost of securities sold.

C. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Dividends from net investment income and capital gain distributions, if any, are declared and paid annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from 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 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.

31

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited) (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.

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the

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

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

32

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

 

price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when each Portfolio’s assets are valued.

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

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended June 30, 2017, 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 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 period ended June 30, 2017, 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 purchased and sold for Index Solution Income, Index Solution 2020, Index Solution

2025, Index Solution 2030, Index Solution 2035, Index Solution 2040, Index Solution 2045, index Solution 2050 and Index Solution 2055. There were no open futures contracts purchased or sold for Index Solution 2060 at June 30, 2017.

​	Purchased			Sold
Index Solution Income	​	$	6,444,542	​	$	6,364,848
Index Solution 2020	​	​	2,237,088	​	​	2,200,770
Index Solution 2025	​	​	9,841,823	​	​	9,695,493
Index Solution 2030	​	​	2,294,550	​	​	2,200,770
Index Solution 2035	​	​	8,438,459	​	​	8,326,613
Index Solution 2040	​	​	1,342,781	​	​	1,308,358
Index Solution 2045	​	​	5,551,553	​	​	5,411,913
Index Solution 2050	​	​	501,485	​	​	713,930
Index Solution 2055	​	​	1,808,209	​	​	1,784,825

H. 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 six months ended June 30, 2017, the cost of purchases and the proceeds from sales of the Underlying Funds were as follows:

​	Purchases			Sales
Index Solution Income	​	$	121,889,970	​	$	96,736,872
Index Solution 2020	​	​	109,959,988	​	​	41,269,492
Index Solution 2025	​	​	225,470,321	​	​	137,017,748
Index Solution 2030	​	​	137,500,204	​	​	36,372,331
Index Solution 2035	​	​	180,205,439	​	​	95,608,376
Index Solution 2040	​	​	75,405,957	​	​	19,468,945
Index Solution 2045	​	​	124,290,751	​	​	67,536,746
Index Solution 2050	​	​	46,078,854	​	​	9,930,173
Index Solution 2055	​	​	46,908,641	​	​	20,907,079
Index Solution 2060	​	​	10,958,841	​	​	3,110,581

NOTE 4 — INVESTMENT MANAGEMENT FEES

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

33

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited) (continued)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

 

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 direct investments.

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

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Classes ADV and S2 of the Portfolios have a plan of distribution (the “Plans”), whereby the Distributor is reimbursed or compensated by the Portfolios for expenses incurred in the distribution of each respective 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 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 each Portfolio makes payments to the Distributor at an annual rate of 0.15% of each Portfolio’s average daily net assets attributable to its Class S2 shares.

The Company has a shareholder servicing plan (“Service Plan”) for the Classes ADV, S and S2 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 and S2 shares and their shareholders including Variable Contract owners or Qualified Plan participants with interests in the Portfolios. Under the Service Plan, each Portfolio makes payments to the Distributor which shall not exceed an annual rate of 0.25% of each Portfolio’s average daily net assets attributable to its Classes ADV, S and S2 shares.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At June 30, 2017, 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	Index Solution Income	​	40.28%
​	Index Solution 2020	​	8.16
​	Index Solution 2025	​	16.65
​	Index Solution 2030	​	5.19
​	Index Solution 2035	​	13.29
​	Index Solution 2045	​	11.20
​	Index Solution 2055	​	9.11
Voya Retirement Insurance and Annuity Company	Index Solution Income	​	59.68
​	Index Solution 2020	​	91.84
​	Index Solution 2025	​	83.24
​	Index Solution 2030	​	94.81
​	Index Solution 2035	​	86.67
​	Index Solution 2040	​	97.65
​	Index Solution 2045	​	88.80
​	Index Solution 2050	​	96.39
​	Index Solution 2055	​	90.89
​	Index Solution 2060	​	97.09

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

NOTE 7 — EXPENSE LIMITATION AGREEMENTS

The Investment Adviser has entered into a written expense limitation agreement (“Expense Limitation Agreement”) with each Portfolio whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses to the levels listed in the table below.

34

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited) (continued)

NOTE 7 — EXPENSE LIMITATION AGREEMENTS (continued)

 

Portfolio	Class ADV(1)(2)		Class I(1)(2)		Class S(1)(2)		Class S2(1)(2)		Class Z(3)(4)
Index Solution Income	​	0.89%	​	0.39%	​	0.64%	​	0.79%	​	0.00%
Index Solution 2020	​	0.89%	​	0.39%	​	0.64%	​	0.79%	​	0.00%
Index Solution 2025	​	0.89%	​	0.39%	​	0.64%	​	0.79%	​	0.00%
Index Solution 2030	​	0.89%	​	0.39%	​	0.64%	​	0.79%	​	0.00%
Index Solution 2035	​	0.89%	​	0.39%	​	0.64%	​	0.79%	​	0.00%
Index Solution 2040	​	0.89%	​	0.39%	​	0.64%	​	0.79%	​	0.00%
Index Solution 2045	​	0.89%	​	0.39%	​	0.64%	​	0.79%	​	0.00%
Index Solution 2050	​	0.89%	​	0.39%	​	0.64%	​	0.79%	​	0.00%
Index Solution 2055	​	0.89%	​	0.39%	​	0.64%	​	0.79%	​	0.00%
Index Solution 2060	​	0.89%	​	0.39%	​	0.64%	​	0.79%	​	0.00%

(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.

(2)

As of May 1, 2017, any fees waived pursuant to the Expense Limitation Agreement shall not be eligible for recoupment.

(3)

Pursuant to a side letter agreement, through May 1, 2018, the Investment Adviser has agreed to waive all or a portion of the management fee so that the direct expense limits are 0.00% for all Portfolios. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

(4)

The operating expense limits shown apply only at each Portfolio level and do not include the fees payable by the Underlying Funds in which each Portfolio invests.

Prior to May 1, 2017, the expense limits were:

Portfolio(5)	Class ADV		Class I		Class S		Class S2
Index Solution Income	​	1.01%	​	0.51%	​	0.76%	​	0.91%
Index Solution 2020	​	1.01%	​	0.51%	​	0.76%	​	0.91%
Index Solution 2025	​	1.01%	​	0.51%	​	0.76%	​	0.91%
Index Solution 2030	​	1.01%	​	0.51%	​	0.76%	​	0.91%
Index Solution 2035	​	1.01%	​	0.51%	​	0.76%	​	0.91%
Index Solution 2040	​	1.00%	​	0.50%	​	0.75%	​	0.90%
Index Solution 2045	​	1.01%	​	0.51%	​	0.76%	​	0.91%
Index Solution 2050	​	1.01%	​	0.51%	​	0.76%	​	0.91%
Index Solution 2055	​	1.01%	​	0.51%	​	0.76%	​	0.91%
Index Solution 2060	​	1.01%	​	0.51%	​	0.76%	​	0.91%

(5)

The operating expense limits took 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 was based on each Portfolio’s allocation of assets to, and the net expenses of, a particular Underlying Fund.

Prior to May 1, 2017, the Investment Adviser was able to 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 did 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.

The Expense Limitation Agreement is contractual 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 — LINE OF CREDIT

Effective May 19, 2017, the line of credit was renewed and 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.

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

The Portfolios did not utilize the line of credit during the six months ended June 30, 2017.

35

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited) (continued)

NOTE 9 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

​

Shares sold

Shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease) in shares outstanding

Shares sold

Proceeds from shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease)

Year or period ended

#

#

#

#

#

($)

($)

($)

($)

($)

Index Solution Income

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

557,909

​

—

​

—

​

(1,478,958)

​

(921,049)

​

5,555,196

​

—

​

—

​

(14,703,128)

​

(9,147,932)

12/31/2016

​

1,757,497

​

—

​

371,692

​

(3,908,445)

​

(1,779,256)

​

17,037,732

​

—

​

3,631,432

​

(37,893,146)

​

(17,223,982)

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

306,076

​

—

​

—

​

(1,065,729)

​

(759,653)

​

3,098,474

​

—

​

—

​

(10,855,049)

​

(7,756,575)

12/31/2016

​

411,277

​

—

​

100,188

​

(704,445)

​

(192,980)

​

4,109,474

​

—

​

1,001,877

​

(7,033,363)

​

(1,922,012)

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

236,863

​

—

​

—

​

(1,299,708)

​

(1,062,845)

​

2,396,403

​

—

​

—

​

(13,137,533)

​

(10,741,130)

12/31/2016

​

692,560

​

—

​

560,841

​

(4,173,828)

​

(2,920,427)

​

6,821,948

​

—

​

5,557,940

​

(40,942,521)

​

(28,562,633)

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

53,833

​

—

​

—

​

(134,491)

​

(80,658)

​

533,467

​

—

​

—

​

(1,329,582)

​

(796,115)

12/31/2016

​

302,117

​

—

​

39,994

​

(476,597)

​

(134,486)

​

2,910,178

​

—

​

388,739

​

(4,588,398)

​

(1,289,481)

Class Z

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

6,305,558

​

—

​

—

​

(1,368,109)

​

4,937,449

​

64,722,191

​

—

​

—

​

(13,972,664)

​

50,749,527

12/31/2016

​

7,750,816

​

—

​

83,732

​

(910,013)

​

6,924,535

​

77,500,077

​

—

​

839,827

​

(9,086,623)

​

69,253,281

Index Solution 2020

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

519,100

​

—

​

—

​

(185,476)

​

333,624

​

6,444,742

​

—

​

—

​

(2,311,800)

​

4,132,942

12/31/2016

​

1,054,518

​

—

​

1,682

​

(336,704)

​

719,496

​

12,205,040

​

—

​

20,075

​

(3,964,761)

​

8,260,354

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

146,335

​

—

​

—

​

(135,929)

​

10,406

​

1,853,866

​

—

​

—

​

(1,757,946)

​

95,920

12/31/2016

​

280,008

​

—

​

358

​

(18,891)

​

261,475

​

3,363,327

​

—

​

4,353

​

(220,531)

​

3,147,149

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

301,334

​

—

​

—

​

(285,769)

​

15,565

​

3,821,104

​

—

​

—

​

(3,615,026)

​

206,078

12/31/2016

​

752,349

​

—

​

609

​

(127,208)

​

625,750

​

9,012,238

​

—

​

7,399

​

(1,525,863)

​

7,493,774

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

32,350

​

—

​

—

​

(16,924)

​

15,426

​

410,078

​

—

​

—

​

(210,348)

​

199,730

12/31/2016

​

287,919

​

—

​

165

​

(46,919)

​

241,165

​

3,412,223

​

—

​

1,997

​

(532,075)

​

2,882,145

Class Z

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

5,402,975

​

—

​

—

​

(451,398)

​

4,951,577

​

68,858,320

​

—

​

—

​

(5,784,163)

​

63,074,157

12/31/2016

​

6,273,312

​

—

​

4,385

​

(491,288)

​

5,786,409

​

75,668,130

​

—

​

53,453

​

(5,961,284)

​

69,760,299

Index Solution 2025

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

1,209,651

​

—

​

—

​

(2,629,109)

​

(1,419,458)

​

12,496,663

​

—

​

—

​

(26,988,524)

​

(14,491,861)

12/31/2016

​

3,154,325

​

—

​

2,110,559

​

(4,568,562)

​

696,322

​

31,493,273

​

—

​

20,620,164

​

(45,898,182)

​

6,215,255

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

529,053

​

—

​

—

​

(993,226)

​

(464,173)

​

5,537,141

​

—

​

—

​

(10,426,308)

​

(4,889,167)

12/31/2016

​

953,157

​

—

​

519,524

​

(618,362)

​

854,319

​

9,785,563

​

—

​

5,184,848

​

(6,320,110)

​

8,650,301

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

499,434

​

—

​

—

​

(1,750,285)

​

(1,250,851)

​

5,198,832

​

—

​

—

​

(18,295,998)

​

(13,097,166)

12/31/2016

​

1,759,298

​

—

​

1,361,663

​

(4,282,561)

​

(1,161,600)

​

17,733,882

​

—

​

13,466,850

​

(43,421,336)

​

(12,220,604)

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

216,690

​

—

​

—

​

(326,581)

​

(109,891)

​

2,225,073

​

—

​

—

​

(3,354,259)

​

(1,129,186)

12/31/2016

​

464,377

​

—

​

304,868

​

(755,404)

​

13,841

​

4,620,137

​

—

​

2,966,360

​

(7,633,634)

​

(47,137)

Class Z

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

11,458,008

​

—

​

—

​

(346,070)

​

11,111,938

​

121,694,441

​

—

​

—

​

(3,677,426)

​

118,017,015

12/31/2016

​

11,517,559

​

—

​

495,023

​

(530,329)

​

11,482,253

​

118,021,712

​

—

​

4,950,232

​

(5,398,757)

​

117,573,187

Index Solution 2030

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

485,255

​

—

​

—

​

(93,866)

​

391,389

​

6,727,034

​

—

​

—

​

(1,291,813)

​

5,435,221

12/31/2016

​

765,208

​

—

​

702

​

(163,945)

​

601,965

​

9,736,426

​

—

​

9,124

​

(2,072,010)

​

7,673,540

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

122,032

​

—

​

—

​

(84,815)

​

37,217

​

1,709,438

​

—

​

—

​

(1,180,091)

​

529,347

12/31/2016

​

166,654

​

—

​

303

​

(67,898)

​

99,059

​

2,138,175

​

—

​

4,012

​

(902,410)

​

1,239,777

36

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited) (continued)

NOTE 9 — CAPITAL SHARES (continued)

 

​

Shares sold

Shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease) in shares outstanding

Shares sold

Proceeds from shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease)

Year or period ended

#

#

#

#

#

($)

($)

($)

($)

($)

Index Solution 2030 (continued)

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

241,010

​

—

​

—

​

(61,136)

​

179,874

​

3,383,881

​

—

​

—

​

(861,217)

​

2,522,664

12/31/2016

​

563,415

​

—

​

319

​

(113,604)

​

450,130

​

7,371,588

​

—

​

4,205

​

(1,491,566)

​

5,884,227

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

27,782

​

—

​

—

​

(23,340)

​

4,442

​

388,096

​

—

​

—

​

(327,800)

​

60,296

12/31/2016

​

147,444

​

—

​

125

​

(20,760)

​

126,809

​

1,882,849

​

—

​

1,631

​

(263,990)

​

1,620,490

Class Z

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

6,628,727

​

—

​

—

​

(178,183)

​

6,450,544

​

94,103,007

​

—

​

—

​

(2,543,512)

​

91,559,495

12/31/2016

​

5,419,901

​

—

​

2,816

​

(161,825)

​

5,260,892

​

71,494,654

​

—

​

37,313

​

(2,141,572)

​

69,390,395

Index Solution 2035

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

1,206,300

​

—

​

—

​

(2,329,542)

​

(1,123,242)

​

12,672,414

​

—

​

—

​

(24,287,197)

​

(11,614,783)

12/31/2016

​

2,979,966

​

—

​

2,139,450

​

(3,962,090)

​

1,157,326

​

29,828,035

​

—

​

20,859,643

​

(39,867,145)

​

10,820,533

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

525,003

​

—

​

—

​

(586,288)

​

(61,285)

​

5,580,644

​

—

​

—

​

(6,252,002)

​

(671,358)

12/31/2016

​

927,921

​

—

​

470,087

​

(278,167)

​

1,119,841

​

9,590,177

​

—

​

4,691,464

​

(2,854,854)

​

11,426,787

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

669,393

​

—

​

—

​

(1,585,227)

​

(915,834)

​

7,136,749

​

—

​

—

​

(16,756,317)

​

(9,619,568)

12/31/2016

​

1,603,662

​

—

​

1,262,226

​

(3,547,916)

​

(682,028)

​

16,320,237

​

—

​

12,458,169

​

(36,082,453)

​

(7,304,047)

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

186,148

​

—

​

—

​

(160,653)

​

25,495

​

1,949,925

​

—

​

—

​

(1,679,946)

​

269,979

12/31/2016

​

536,606

​

—

​

336,554

​

(612,158)

​

261,002

​

5,358,701

​

—

​

3,274,673

​

(6,145,494)

​

2,487,880

Class Z

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

9,862,645

​

—

​

—

​

(377,875)

​

9,484,770

​

107,142,102

​

—

​

—

​

(4,090,177)

​

103,051,925

12/31/2016

​

9,322,101

​

—

​

475,386

​

(191,420)

​

9,606,067

​

96,033,438

​

—

​

4,758,615

​

(1,967,412)

​

98,824,641

Index Solution 2040

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

246,059

​

—

​

—

​

(59,807)

​

186,252

​

3,523,509

​

—

​

—

​

(857,987)

​

2,665,522

12/31/2016

​

370,116

​

—

​

276

​

(84,750)

​

285,642

​

4,769,724

​

—

​

3,655

​

(1,104,069)

​

3,669,310

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

52,045

​

—

​

—

​

(20,549)

​

31,496

​

746,631

​

—

​

—

​

(295,921)

​

450,710

12/31/2016

​

41,205

​

—

​

68

​

(6,483)

​

34,790

​

536,998

​

—

​

921

​

(88,273)

​

449,646

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

161,806

​

—

​

—

​

(65,882)

​

95,924

​

2,360,813

​

—

​

—

​

(953,666)

​

1,407,147

12/31/2016

​

411,083

​

—

​

212

​

(77,707)

​

333,588

​

5,492,155

​

—

​

2,856

​

(1,015,554)

​

4,479,457

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

44,591

​

—

​

—

​

(2,518)

​

42,073

​

645,544

​

—

​

—

​

(36,074)

​

609,470

12/31/2016

​

53,128

​

—

​

47

​

(6,646)

​

46,529

​

693,973

​

—

​

629

​

(88,396)

​

606,206

Class Z

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

3,543,899

​

—

​

—

​

(131,424)

​

3,412,475

​

52,109,701

​

—

​

—

​

(1,896,056)

​

50,213,645

12/31/2016

​

3,504,110

​

—

​

1,968

​

(113,852)

​

3,392,226

​

46,977,115

​

—

​

26,551

​

(1,527,287)

​

45,476,379

Index Solution 2045

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

1,079,452

​

—

​

—

​

(2,032,079)

​

(952,627)

​

11,662,531

​

—

​

—

​

(21,647,073)

​

(9,984,542)

12/31/2016

​

2,360,032

​

—

​

1,402,265

​

(2,784,447)

​

977,850

​

24,248,207

​

—

​

13,994,611

​

(28,446,613)

​

9,796,205

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

439,840

​

—

​

—

​

(270,942)

​

168,898

​

4,863,480

​

—

​

—

​

(3,013,192)

​

1,850,288

12/31/2016

​

767,211

​

—

​

338,389

​

(275,321)

​

830,279

​

8,111,369

​

—

​

3,475,255

​

(2,909,050)

​

8,677,574

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

579,751

​

—

​

—

​

(744,445)

​

(164,694)

​

6,401,223

​

—

​

—

​

(8,125,003)

​

(1,723,780)

12/31/2016

​

1,248,296

​

—

​

748,878

​

(2,154,611)

​

(157,437)

​

13,009,971

​

—

​

7,593,619

​

(22,382,822)

​

(1,779,232)

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

169,644

​

—

​

—

​

(245,373)

​

(75,729)

​

1,844,282

​

—

​

—

​

(2,655,126)

​

(810,844)

12/31/2016

​

390,585

​

—

​

177,420

​

(310,107)

​

257,898

​

4,045,254

​

—

​

1,772,423

​

(3,199,726)

​

2,617,951

37

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited) (continued)

NOTE 9 — CAPITAL SHARES (continued)

 

​

Shares sold

Shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease) in shares outstanding

Shares sold

Proceeds from shares issued in merger

Reinvestment of distributions

Shares redeemed

Net increase (decrease)

Year or period ended

#

#

#

#

#

($)

($)

($)

($)

($)

Index Solution 2045 (continued)

Class Z

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

5,986,052

​

—

​

—

​

(182,775)

​

5,803,277

​

67,432,737

​

—

​

—

​

(2,044,700)

​

65,388,037

12/31/2016

​

5,322,803

​

—

​

268,068

​

(68,555)

​

5,522,316

​

56,547,347

​

—

​

2,761,099

​

(731,237)

​

58,577,209

Index Solution 2050

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

172,801

​

—

​

—

​

(46,245)

​

126,556

​

2,503,314

​

—

​

—

​

(667,024)

​

1,836,290

12/31/2016

​

225,991

​

—

​

544

​

(37,453)

​

189,082

​

2,938,579

​

—

​

7,244

​

(487,762)

​

2,458,061

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

47,849

​

—

​

—

​

(4,807)

​

43,042

​

692,292

​

—

​

—

​

(69,848)

​

622,444

12/31/2016

​

52,400

​

—

​

198

​

(7,015)

​

45,583

​

679,924

​

—

​

2,666

​

(92,458)

​

590,132

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

181,804

​

—

​

—

​

(65,312)

​

116,492

​

2,650,705

​

—

​

—

​

(952,468)

​

1,698,237

12/31/2016

​

317,982

​

—

​

404

​

(50,007)

​

268,379

​

4,259,326

​

—

​

5,451

​

(672,963)

​

3,591,814

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

34,275

​

—

​

—

​

(3,328)

​

30,947

​

498,184

​

—

​

—

​

(48,329)

​

449,855

12/31/2016

​

61,739

​

—

​

98

​

(6,868)

​

54,969

​

805,340

​

—

​

1,305

​

(89,834)

​

716,811

Class Z

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

2,142,505

​

—

​

—

​

(22,942)

​

2,119,563

​

31,522,221

​

—

​

—

​

(344,307)

​

31,177,914

12/31/2016

​

1,501,501

​

—

​

1,741

​

(26,136)

​

1,477,106

​

20,155,127

​

—

​

23,471

​

(353,464)

​

19,825,134

Index Solution 2055

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

460,082

​

—

​

—

​

(432,965)

​

27,117

​

6,309,804

​

—

​

—

​

(5,887,913)

​

421,891

12/31/2016

​

944,610

​

—

​

250,385

​

(721,251)

​

473,744

​

12,194,729

​

—

​

3,179,890

​

(9,341,279)

​

6,033,340

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

146,666

​

—

​

—

​

(41,591)

​

105,075

​

2,052,451

​

—

​

—

​

(581,614)

​

1,470,837

12/31/2016

​

307,196

​

—

​

59,581

​

(176,025)

​

190,752

​

4,058,952

​

—

​

771,570

​

(2,356,125)

​

2,474,397

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

345,097

​

—

​

—

​

(208,113)

​

136,984

​

4,820,994

​

—

​

—

​

(2,890,348)

​

1,930,646

12/31/2016

​

605,714

​

—

​

136,729

​

(480,292)

​

262,151

​

7,892,568

​

—

​

1,754,234

​

(6,208,601)

​

3,438,201

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

90,476

​

—

​

—

​

(24,204)

​

66,272

​

1,253,339

​

—

​

—

​

(337,973)

​

915,366

12/31/2016

​

171,377

​

—

​

41,176

​

(137,039)

​

75,514

​

2,223,368

​

—

​

524,576

​

(1,772,787)

​

975,157

Class Z

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

1,525,348

​

—

​

—

​

(75,477)

​

1,449,871

​

21,620,729

​

—

​

—

​

(1,080,248)

​

20,540,481

12/31/2016

​

1,243,694

​

—

​

53,428

​

(14,742)

​

1,282,380

​

16,485,784

​

—

​

693,500

​

(194,544)

​

16,984,740

Index Solution 2060

Class ADV

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

145,009

​

—

​

—

​

(45,714)

​

99,295

​

1,602,708

​

—

​

—

​

(503,232)

​

1,099,476

12/31/2016

​

201,121

​

—

​

553

​

(49,297)

​

152,377

​

1,982,420

​

—

​

5,647

​

(490,919)

​

1,497,148

Class I

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

17,624

​

—

​

—

​

(4,365)

​

13,259

​

197,716

​

—

​

—

​

(47,025)

​

150,691

12/31/2016

​

12,420

​

—

​

52

​

(1,893)

​

10,579

​

125,354

​

—

​

540

​

(19,888)

​

106,006

Class S

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

88,884

​

—

​

—

​

(24,569)

​

64,315

​

985,129

​

—

​

—

​

(275,992)

​

709,137

12/31/2016

​

90,967

​

—

​

234

​

(22,577)

​

68,624

​

920,206

​

—

​

2,396

​

(229,803)

​

692,799

Class S2

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

45,397

​

—

​

—

​

(2,466)

​

42,931

​

497,643

​

—

​

—

​

(27,841)

​

469,802

12/31/2016

​

23,184

​

—

​

19

​

(10,440)

​

12,763

​

234,817

​

—

​

194

​

(103,465)

​

131,546

Class Z

​

​

​

​

​

​

​

​

​

​

6/30/2017

​

548,442

​

—

​

—

​

(77,499)

​

470,943

​

6,207,370

​

—

​

—

​

(871,327)

​

5,336,043

12/31/2016

​

286,270

​

—

​

314

​

(11,685)

​

274,899

​

2,981,270

​

—

​

3,235

​

(119,660)

​

2,864,845

38

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited) (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 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.

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.

No dividends or distributions were made during the six months ended June 30, 2017. The tax composition of dividends and distributions to shareholders during the year ended December 31, 2016 was as follows:

​	Ordinary Income			Long-term Capital Gains
Index Solution Income	​	$	6,130,417	​	$	5,289,568
Index Solution 2020	​	​	85,035	​	​	2,244
Index Solution 2025	​	​	11,005,200	​	​	36,183,554
Index Solution 2030	​	​	52,131	​	​	4,156
Index Solution 2035	​	​	8,750,297	​	​	37,292,619
Index Solution 2040	​	​	29,939	​	​	4,692
Index Solution 2045	​	​	5,102,627	​	​	24,494,725
Index Solution 2050	​	​	35,891	​	​	4,272
Index Solution 2055	​	​	1,243,590	​	​	5,680,515

​	Ordinary Income		Long-term Capital Gains
Index Solution 2060	​	9,568	​	2,561

The tax-basis components of distributable earnings as of December 31, 2016 were:

​	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/​ (Depreciation)
Index Solution Income	​	$	8,424,022	​	$	2,051,846	​	$	(17,282,000)
Index Solution 2020	​	​	1,896,813	​	​	868,494	​	​	(198,206)
Index Solution 2025	​	​	11,315,381	​	​	14,461,980	​	​	(19,998,429)
Index Solution 2030	​	​	1,515,853	​	​	801,007	​	​	289,440
Index Solution 2035	​	​	9,591,682	​	​	16,028,359	​	​	(17,151,980)
Index Solution 2040	​	​	989,707	​	​	528,071	​	​	578,346
Index Solution 2045	​	​	5,799,492	​	​	11,829,530	​	​	(11,916,548)
Index Solution 2050	​	​	450,802	​	​	317,998	​	​	326,260
Index Solution 2055	​	​	1,797,814	​	​	2,996,819	​	​	(3,953,780)
Index Solution 2060	​	​	118,800	​	​	68,392	​	​	27,999

At December 31, 2016, the Portfolios did not have any capital loss carryovers for U.S. federal income tax purposes.

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

As of June 30, 2017, 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 11 — SUBSEQUENT EVENTS

Dividends: Subsequent to June 30, 2017, the Portfolios declared dividends and distributions of:

​	PER SHARE AMOUNTS							​	​
​	Net Investment Income			Short-term Capital Gains			Long-term Capital Gains	Payable Date	Record Date
Index Solution Income	​			​			​	​	​
Class ADV	​	$	0.1611	​	$	—	$0.0473	August 7, 2017	August 3, 2017
Class I	​	$	0.2170	​	$	—	$0.0473	August 7, 2017	August 3, 2017
Class S	​	$	0.1888	​	$	—	$0.0473	August 7, 2017	August 3, 2017
Class S2	​	$	0.1753	​	$	—	$0.0473	August 7, 2017	August 3, 2017
Class Z	​	$	0.2170	​	$	—	$0.0473	August 7, 2017	August 3, 2017
Index Solution 2020	​			​			​	​	​
Class ADV	​	$	0.0551	​	$	0.0439	$0.0602	August 7, 2017	August 3, 2017
Class I	​	$	0.0913	​	$	0.0439	$0.0602	August 7, 2017	August 3, 2017
Class S	​	$	0.0755	​	$	0.0439	$0.0602	August 7, 2017	August 3, 2017
Class S2	​	$	0.0723	​	$	0.0439	$0.0602	August 7, 2017	August 3, 2017
Class Z	​	$	0.0913	​	$	0.0439	$0.0602	August 7, 2017	August 3, 2017

39

NOTES TO FINANCIAL STATEMENTS as of June 30, 2017 (Unaudited) (continued)

NOTE 11 — SUBSEQUENT EVENTS (continued)

 

​	PER SHARE AMOUNTS							​	​
​	Net Investment Income			Short-term Capital Gains			Long-term Capital Gains	Payable Date	Record Date
Index Solution 2025	​			​			​	​	​
Class ADV	​	$	0.1362	​	$	—	$0.2133	August 7, 2017	August 3, 2017
Class I	​	$	0.1896	​	$	—	$0.2133	August 7, 2017	August 3, 2017
Class S	​	$	0.1623	​	$	—	$0.2133	August 7, 2017	August 3, 2017
Class S2	​	$	0.1490	​	$	—	$0.2133	August 7, 2017	August 3, 2017
Class Z	​	$	0.1896	​	$	—	$0.2133	August 7, 2017	August 3, 2017
Index Solution 2030	​			​			​	​	​
Class ADV	​	$	0.0455	​	$	0.0315	$0.0528	August 7, 2017	August 3, 2017
Class I	​	$	0.0697	​	$	0.0315	$0.0528	August 7, 2017	August 3, 2017
Class S	​	$	0.0595	​	$	0.0315	$0.0528	August 7, 2017	August 3, 2017
Class S2	​	$	0.0458	​	$	0.0315	$0.0528	August 7, 2017	August 3, 2017
Class Z	​	$	0.0699	​	$	0.0315	$0.0528	August 7, 2017	August 3, 2017
Index Solution 2035	​			​			​	​	​
Class ADV	​	$	0.1331	​	$	—	$0.2727	August 7, 2017	August 3, 2017
Class I	​	$	0.1850	​	$	—	$0.2727	August 7, 2017	August 3, 2017
Class S	​	$	0.1579	​	$	—	$0.2727	August 7, 2017	August 3, 2017
Class S2	​	$	0.1469	​	$	—	$0.2727	August 7, 2017	August 3, 2017
Class Z	​	$	0.1851	​	$	—	$0.2727	August 7, 2017	August 3, 2017
Index Solution 2040	​			​			​	​	​
Class ADV	​	$	0.0512	​	$	0.0358	$0.0583	August 7, 2017	August 3, 2017
Class I	​	$	0.0741	​	$	0.0358	$0.0583	August 7, 2017	August 3, 2017
Class S	​	$	0.0639	​	$	0.0358	$0.0583	August 7, 2017	August 3, 2017
Class S2	​	$	0.0611	​	$	0.0358	$0.0583	August 7, 2017	August 3, 2017
Class Z	​	$	0.0743	​	$	0.0358	$0.0583	August 7, 2017	August 3, 2017
Index Solution 2045	​			​			​	​	​
Class ADV	​	$	0.1237	​	$	—	$0.3156	August 7, 2017	August 3, 2017
Class I	​	$	0.1774	​	$	—	$0.3156	August 7, 2017	August 3, 2017
Class S	​	$	0.1519	​	$	—	$0.3156	August 7, 2017	August 3, 2017
Class S2	​	$	0.1372	​	$	—	$0.3156	August 7, 2017	August 3, 2017
Class Z	​	$	0.1774	​	$	—	$0.3156	August 7, 2017	August 3, 2017
Index Solution 2050	​			​			​	​	​
Class ADV	​	$	0.0426	​	$	0.0228	$0.0615	August 7, 2017	August 3, 2017
Class I	​	$	0.0658	​	$	0.0228	$0.0615	August 7, 2017	August 3, 2017
Class S	​	$	0.0564	​	$	0.0228	$0.0615	August 7, 2017	August 3, 2017
Class S2	​	$	0.0511	​	$	0.0228	$0.0615	August 7, 2017	August 3, 2017
Class Z	​	$	0.0662	​	$	0.0228	$0.0615	August 7, 2017	August 3, 2017
Index Solution 2055	​			​			​	​	​
Class ADV	​	$	0.1367	​	$	0.0100	$0.3010	August 7, 2017	August 3, 2017
Class I	​	$	0.1957	​	$	0.0100	$0.3010	August 7, 2017	August 3, 2017
Class S	​	$	0.1694	​	$	0.0100	$0.3010	August 7, 2017	August 3, 2017
Class S2	​	$	0.1522	​	$	0.0100	$0.3010	August 7, 2017	August 3, 2017
Class Z	​	$	0.1958	​	$	0.0100	$0.3010	August 7, 2017	August 3, 2017
Index Solution 2060	​			​			​	​	​
Class ADV	​	$	0.0317	​	$	0.0412	$0.0504	August 7, 2017	August 3, 2017
Class I	​	$	0.0489	​	$	0.0412	$0.0504	August 7, 2017	August 3, 2017
Class S	​	$	0.0429	​	$	0.0412	$0.0504	August 7, 2017	August 3, 2017
Class S2	​	$	0.0450	​	$	0.0412	$0.0504	August 7, 2017	August 3, 2017
Class Z	​	$	0.0495	​	$	0.0412	$0.0504	August 7, 2017	August 3, 2017

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.

40

PORTFOLIO OF INVESTMENTS​

Voya Index Solution Income Portfolio as of June 30, 2017 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 13.9%
​	153,158	iShares 1-3 Year Treasury Bond ETF	​	$	12,940,320	​	2.9
​	74,556	iShares Russell 1000 Growth Index Fund	​	​	8,873,655	​	2.0
​	15,644	iShares Russell 1000 Value Index Fund	​	​	1,821,431	​	0.4
​	929,009	PowerShares Senior Loan Portfolio	​	​	21,497,268	​	4.8
​	232,590	SPDR Bloomberg Barclays High Yield Bond ETF	​	​	8,652,348	​	1.9
​	112,449	SPDR Dow Jones International Real Estate	​	​	4,284,307	​	0.9
​	51,614	Vanguard REIT	​	​	4,295,833	​	1.0
​	​	Total Exchange-Traded Funds (Cost $64,010,840)	​		62,365,162	​	13.9
MUTUAL FUNDS:85.9%
​	​	Affiliated Investment Companies: 84.5%
​	1,227,932	Voya Emerging Markets Index Portfolio Class P2	​	​	13,691,443	​	3.0
​	3,267,738	Voya International Index Portfolio Class P2	​	​	32,219,897	​	7.2
​	903,591	Voya Russell Mid Cap Index Portfolio Class P2	​	​	13,436,395	​	3.0
​	22,411,426	Voya U.S. Bond Index Portfolio Class P2	​	​	238,233,458	​	53.0

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	​	Affiliated Investment Companies (continued)
​	5,444,885	@	Voya U.S. Stock Index Portfolio Class P2	​	$	81,999,970	​	18.3
​	​	​	​	​	​	379,581,163	​	84.5
​	​	​	Unaffiliated Investment Companies: 1.4%
​	1,326,810	@	Credit Suisse Commodity Return Strategy Fund - Class I	​		6,395,223	​	1.4
​	​	​	Total Mutual Funds (Cost $378,597,930)	​		385,976,386	​	85.9
​	​	​	Total Investments in Securities (Cost $442,608,770)	​	$	448,341,548	​	99.8
​	​	​	Assets in Excess of Other Liabilities	​	​	1,013,588	​	0.2
​	​	​	Net Assets	​	$	449,355,136	​	100.0

@

Non-income producing security.

Cost for federal income tax purposes is $452,720,976.

Gross Unrealized Appreciation	$	9,390,646
Gross Unrealized Depreciation	​	(13,770,074)
Net Unrealized Depreciation	$	(4,379,428)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

62,365,162

​

$

—

​

$

—

​

$

62,365,162

Mutual Funds

​

​

385,976,386

​

​

—

​

​

—

​

​

385,976,386

Total Investments, at fair value

​

$

448,341,548

​

$

—

​

$

—

​

$

448,341,548

Other Financial Instruments+

​

​

​

​

Futures

​

​

16,368

​

​

—

​

​

—

​

​

16,368

Total Assets

​

$

448,357,916

​

$

—

​

$

—

​

$

448,357,916

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(157,073)

​

$

—

​

$

—

​

$

(157,073)

Total Liabilities

​

$

(157,073)

​

$

—

​

$

—

​

$

(157,073)

^

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.

See Accompanying Notes to Financial Statements

41

PORTFOLIO OF INVESTMENTS​

Voya Index Solution Income Portfolio as of June 30, 2017 (Unaudited)  (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 June 30, 2017, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio Class P2

​

$

—

​

$

13,647,219

​

$

(145,465)

​

$

189,689

​

$

13,691,443

​

$

141,706

​

$

3,682

​

$

—

Voya International Index Portfolio - Class I

​

​

24,909,003

​

​

5,855,737

​

​

(32,297,788)

​

​

1,533,048

​

​

—

​

​

—

​

​

39,969

​

​

—

Voya International Index Portfolio Class P2

​

​

—

​

​

31,054,487

​

​

(515,337)

​

​

1,680,747

​

​

32,219,897

​

​

735,182

​

​

29,803

​

​

—

Voya Russell Mid Cap Index Portfolio Class P2

​

​

—

​

​

13,468,127

​

​

(166,826)

​

​

135,094

​

​

13,436,395

​

​

190,516

​

​

(464,368)

​

​

873,065

Voya Russell™ Mid Cap Index Portfolio - Class I

​

​

12,264,095

​

​

1,206,765

​

​

(13,039,810)

​

​

(431,050)

​

​

—

​

​

—

​

​

(742)

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

217,261,578

​

​

30,708,187

​

​

(251,084,193)

​

​

3,114,428

​

​

—

​

​

1,734,348

​

​

(9,032)

​

​

—

Voya U.S. Bond Index Portfolio Class P2

​

​

—

​

​

243,179,918

​

​

(3,802,441)

​

​

(1,144,019)

​

​

238,233,458

​

​

949,921

​

​

107

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

94,857,296

​

​

10,738,903

​

​

(105,120,059)

​

​

(476,140)

​

​

—

​

​

—

​

​

292,107

​

​

—

Voya U.S. Stock Index Portfolio Class P2

​

​

—

​

​

79,753,682

​

​

(5,112,818)

​

​

7,359,106

​

​

81,999,970

​

​

—

​

​

147,951

​

​

—

​

​

$

349,291,972

​

$

429,613,025

​

$

(411,284,737)

​

$

11,960,903

​

$

379,581,163

​

$

3,751,673

​

$

39,477

​

$

873,065

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

At June 30, 2017, the following futures contracts were outstanding for Voya Index Solution Income Portfolio:

Contract Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts	​		​		​			​
EURO STOXX 50® Index	​	114	​	09/15/17	​	$	4,467,346	​	$	(157,073)
​	​	​	​	​	​	$	4,467,346	​	$	(157,073)
Short Contracts	​		​		​			​
S&P 500 E-Mini	​	(35)	​	09/15/17	​	​	(4,236,575)	​	​	16,368
​	​	​	​	​	​	$	(4,236,575)	​	$	16,368

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

The fair value of derivative instruments as of June 30, 2017 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	16,368
Total Asset Derivatives	​	​	$	16,368
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	157,073
Total Liability Derivatives	​	​	$	157,073

*

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 period ended June 30, 2017 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(216,876)
Total	​	$	(216,876)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(140,705)
Total	​	$	(140,705)

See Accompanying Notes to Financial Statements

42

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2020 Portfolio as of June 30, 2017 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 14.0%
​	38,961	iShares 1-3 Year Treasury Bond ETF	​	$	3,291,815	​	1.8
​	12,663	iShares Barclays 20+ Year Treasury Bond Fund	​	​	1,584,395	​	0.9
​	28,712	iShares Russell 1000 Growth Index Fund	​	​	3,417,302	​	1.9
​	13,885	iShares Russell 1000 Value Index Fund	​	​	1,616,630	​	0.9
​	366,458	PowerShares Senior Loan Portfolio	​	​	8,479,838	​	4.8
​	92,034	SPDR Bloomberg Barclays High Yield Bond ETF	​	​	3,423,665	​	1.9
​	43,301	SPDR Dow Jones International Real Estate	​	​	1,649,768	​	0.9
​	18,479	Vanguard REIT	​	​	1,538,007	​	0.9
​	​	Total Exchange-Traded Funds (Cost $25,003,227)	​		25,001,420	​	14.0
MUTUAL FUNDS:85.7%
​	​	Affiliated Investment Companies: 84.2%
​	566,623	Voya Emerging Markets Index Portfolio Class P2	​	​	6,317,848	​	3.6
​	2,029,246	Voya International Index Portfolio Class P2	​	​	20,008,365	​	11.2
​	361,132	Voya Russell Mid Cap Index Portfolio Class P2	​	​	5,370,027	​	3.0
​	368,313	Voya Russell Small Cap Index Portfolio Class P2	​	​	5,292,657	​	3.0

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	​	Affiliated Investment Companies (continued)
​	6,055,701	​	Voya U.S. Bond Index Portfolio Class P2	​	$	64,372,098	​	36.1
​	3,232,289	@	Voya U.S. Stock Index Portfolio Class P2	​	​	48,678,267	​	27.3
​	​	​	​	​	​	150,039,262	​	84.2
​	​	​	Unaffiliated Investment Companies: 1.5%
​	543,467	@	Credit Suisse Commodity Return Strategy Fund - Class I	​		2,619,510	​	1.5
​	​	​	Total Mutual Funds (Cost $148,411,257)	​		152,658,772	​	85.7
​	​	​	Total Investments in Securities (Cost $173,414,484)	​	$	177,660,192	​	99.7
​	​	​	Assets in Excess of Other Liabilities	​	​	578,539	​	0.3
​	​	​	Net Assets	​	$	178,238,731	​	100.0

@

Non-income producing security.

Cost for federal income tax purposes is $173,784,821.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	4,604,594
Gross Unrealized Depreciation	​	(729,223)
Net Unrealized Appreciation	$	3,875,371

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

25,001,420

​

$

—

​

$

—

​

$

25,001,420

Mutual Funds

​

​

152,658,772

​

​

—

​

​

—

​

​

152,658,772

Total Investments, at fair value

​

$

177,660,192

​

$

—

​

$

—

​

$

177,660,192

Other Financial Instruments+

​

​

​

​

Futures

​

​

5,612

​

​

—

​

​

—

​

​

5,612

Total Assets

​

$

177,665,804

​

$

—

​

$

—

​

$

177,665,804

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(56,491)

​

$

—

​

$

—

​

$

(56,491)

Total Liabilities

​

$

(56,491)

​

$

—

​

$

—

​

$

(56,491)

^

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.

See Accompanying Notes to Financial Statements

43

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2020 Portfolio as of June 30, 2017 (Unaudited) (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 June 30, 2017, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio Class P2

​

$

—

​

$

6,323,375

​

$

(95,362)

​

$

89,835

​

$

6,317,848

​

$

65,293

​

$

3,682

​

$

—

Voya International Index Portfolio - Class I

​

​

11,606,868

​

​

6,029,411

​

​

(17,487,765)

​

​

(148,514)

​

​

—

​

​

—

​

​

39,969

​

​

—

Voya International Index Portfolio Class P2

​

​

—

​

​

18,881,428

​

​

(454,187)

​

​

1,581,124

​

​

20,008,365

​

​

426,858

​

​

29,803

​

​

—

Voya Russell Mid Cap Index Portfolio Class P2

​

​

—

​

​

5,543,517

​

​

(100,837)

​

​

(72,653)

​

​

5,370,027

​

​

71,015

​

​

83,260

​

​

325,437

Voya Russell Small Cap Index Portfolio Class P2

​

​

—

​

​

5,450,068

​

​

(102,754)

​

​

(54,657)

​

​

5,292,657

​

​

51,570

​

​

(137,693)

​

​

330,131

Voya Russell™ Mid Cap Index Portfolio - Class I

​

​

4,088,701

​

​

2,109,889

​

​

(6,055,943)

​

​

(142,647)

​

​

—

​

​

—

​

​

(742)

​

​

—

Voya Russell™ Small Cap Index Portfolio - Class I

​

​

2,067,165

​

​

2,548,707

​

​

(4,437,440)

​

​

(178,432)

​

​

—

​

​

—

​

​

1,313

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

35,191,642

​

​

25,092,532

​

​

(61,108,834)

​

​

824,660

​

​

—

​

​

343,959

​

​

(9,032)

​

​

—

Voya U.S. Bond Index Portfolio Class P2

​

​

—

​

​

67,394,291

​

​

(2,979,661)

​

​

(42,532)

​

​

64,372,098

​

​

248,157

​

​

107

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

31,334,504

​

​

18,896,099

​

​

(49,961,899)

​

​

(268,704)

​

​

—

​

​

—

​

​

292,110

​

​

—

Voya U.S. Stock Index Portfolio Class P2

​

​

—

​

​

49,064,360

​

​

(3,189,483)

​

​

2,803,390

​

​

48,678,267

​

​

—

​

​

147,935

​

​

—

​

​

$

84,288,880

​

$

207,333,677

​

$

(145,974,165)

​

$

4,390,870

​

$

150,039,262

​

$

1,206,852

​

$

450,712

​

$

655,568

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

At June 30, 2017, the following futures contracts were outstanding for Voya Index Solution 2020 Portfolio:

Contract Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts	​		​		​			​
EURO STOXX 50® Index	​	41	​	09/15/17	​	$	1,606,677	​	$	(56,491)
​	​	​	​	​	​	$	1,606,677	​	$	(56,491)
Short Contracts	​		​		​			​
S&P 500 E-Mini	​	(12)	​	09/15/17	​	​	(1,452,540)	​	​	5,612
​	​	​	​	​	​	$	(1,452,540)	​	$	5,612

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

The fair value of derivative instruments as of June 30, 2017 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	5,612
Total Asset Derivatives	​	​	$	5,612
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	56,491
Total Liability Derivatives	​	​	$	56,491

*

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

See Accompanying Notes to Financial Statements

44

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2020 Portfolio as of June 30, 2017 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2017 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(46,525)
Total	​	$	(46,525)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(50,879)
Total	​	$	(50,879)

See Accompanying Notes to Financial Statements

45

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2025 Portfolio as of June 30, 2017 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 14.4%
​	162,007	iShares 1-3 Year Treasury Bond ETF	​	$	13,687,971	​	1.9
​	54,481	iShares Barclays 20+ Year Treasury Bond Fund	​	​	6,816,663	​	1.0
​	117,335	iShares Russell 1000 Growth Index Fund	​	​	13,965,212	​	1.9
​	55,257	iShares Russell 1000 Value Index Fund	​	​	6,433,573	​	0.9
​	1,508,342	PowerShares Senior Loan Portfolio	​	​	34,903,034	​	4.9
​	375,669	SPDR Bloomberg Barclays High Yield Bond ETF	​	​	13,974,887	​	2.0
​	173,205	SPDR Dow Jones International Real Estate	​	​	6,599,110	​	0.9
​	79,501	Vanguard REIT	​	​	6,616,868	​	0.9
​	​	Total Exchange-Traded Funds (Cost $104,240,386)	​		102,997,318	​	14.4
MUTUAL FUNDS: 85.4%
​	​	Affiliated Investment Companies: 83.9%
​	3,255,726	Voya Emerging Markets Index Portfolio Class P2	​	​	36,301,345	​	5.1
​	10,359,228	Voya International Index Portfolio Class P2	​	​	102,141,987	​	14.3
​	2,160,394	Voya Russell Mid Cap Index Portfolio Class P2	​	​	32,125,056	​	4.5
​	1,488,432	Voya Russell Small Cap Index Portfolio Class P2	​	​	21,388,766	​	3.0

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	​	Affiliated Investment Companies (continued)
​	16,122,911	​	Voya U.S. Bond Index Portfolio Class P2	​	$	171,386,542	​	23.9
​	15,734,314	@	Voya U.S. Stock Index Portfolio Class P2	​	​	236,958,773	​	33.1
​	​	​	​	​	​	600,302,469	​	83.9
​	​	​	Unaffiliated Investment Companies: 1.5%
​	2,181,669	@	Credit Suisse Commodity Return Strategy Fund - Class I	​		10,515,643	​	1.5
​	​	​	Total Mutual Funds (Cost $588,516,662)	​		610,818,112	​	85.4
​	​	​	Total Investments in Securities (Cost $692,757,048)	​	$	713,815,430	​	99.8
​	​	​	Assets in Excess of Other Liabilities	​	​	1,604,655	​	0.2
​	​	​	Net Assets	​	$	715,420,085	​	100.0

@

Non-income producing security.

Cost for federal income tax purposes is $700,481,019.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	24,842,452
Gross Unrealized Depreciation	​	(11,508,041)
Net Unrealized Appreciation	$	13,334,411

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

102,997,318

​

$

—

​

$

—

​

$

102,997,318

Mutual Funds

​

​

610,818,112

​

​

—

​

​

—

​

​

610,818,112

Total Investments, at fair value

​

$

713,815,430

​

$

—

​

$

—

​

$

713,815,430

Other Financial Instruments+

​

​

​

​

Futures

​

​

24,786

​

​

—

​

​

—

​

​

24,786

Total Assets

​

$

713,840,216

​

$

—

​

$

—

​

$

713,840,216

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(241,121)

​

$

—

​

$

—

​

$

(241,121)

Total Liabilities

​

$

(241,121)

​

$

—

​

$

—

​

$

(241,121)

^

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

See Accompanying Notes to Financial Statements

46

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2025 Portfolio as of June 30, 2017 (Unaudited) (continued)

+

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.

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 June 30, 2017, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

17,455,119

​

$

8,055,083

​

$

(25,797,413)

​

$

287,211

​

$

—

​

$

—

​

$

8,305

​

$

—

Voya Emerging Markets Index Portfolio Class P2

​

​

—

​

​

33,895,302

​

​

(127,331)

​

​

2,533,374

​

​

36,301,345

​

​

436,191

​

​

3,682

​

​

—

Voya International Index Portfolio - Class I

​

​

83,260,465

​

​

9,389,716

​

​

(95,935,541)

​

​

3,285,360

​

​

—

​

​

—

​

​

39,967

​

​

—

Voya International Index Portfolio Class P2

​

​

—

​

​

96,583,831

​

​

(536,893)

​

​

6,095,049

​

​

102,141,987

​

​

2,264,503

​

​

29,803

​

​

—

Voya Russell Mid Cap Index Portfolio Class P2

​

​

—

​

​

31,778,929

​

​

(160,966)

​

​

507,093

​

​

32,125,056

​

​

442,403

​

​

(1,618,669)

​

​

2,027,366

Voya Russell Small Cap Index Portfolio Class P2

​

​

—

​

​

21,638,201

​

​

(134,025)

​

​

(115,410)

​

​

21,388,766

​

​

217,344

​

​

(1,198,901)

​

​

1,391,338

Voya Russell™ Mid Cap Index Portfolio - Class I

​

​

40,955,269

​

​

4,973,804

​

​

(45,950,556)

​

​

21,483

​

​

—

​

​

—

​

​

(742)

​

​

—

Voya Russell™ Small Cap Index Portfolio - Class I

​

​

17,773,004

​

​

2,494,443

​

​

(19,732,024)

​

​

(535,423)

​

​

—

​

​

—

​

​

1,313

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

133,969,556

​

​

31,091,430

​

​

(167,824,034)

​

​

2,763,048

​

​

—

​

​

1,116,987

​

​

(9,032)

​

​

—

Voya U.S. Bond Index Portfolio Class P2

​

​

—

​

​

176,742,882

​

​

(4,260,817)

​

​

(1,095,523)

​

​

171,386,542

​

​

676,162

​

​

107

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

184,081,327

​

​

43,152,499

​

​

(230,245,635)

​

​

3,011,809

​

​

—

​

​

—

​

​

292,107

​

​

—

Voya U.S. Stock Index Portfolio Class P2

​

​

—

​

​

231,549,338

​

​

(10,008,970)

​

​

15,418,405

​

​

236,958,773

​

​

—

​

​

147,935

​

​

—

​

​

$

477,494,740

​

$

691,345,458

​

$

(600,714,205)

​

$

32,176,476

​

$

600,302,469

​

$

5,153,590

​

$

(2,304,125)

​

$

3,418,704

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

At June 30, 2017, the following futures contracts were outstanding for Voya Index Solution 2025 Portfolio:

Contract Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts	​		​		​			​
EURO STOXX 50® Index	​	175	​	09/15/17	​	$	6,857,768	​	$	(241,121)
​	​	​	​	​	​	$	6,857,768	​	$	(241,121)
Short Contracts	​		​		​			​
S&P 500 E-Mini	​	(53)	​	09/15/17	​	​	(6,415,385)	​	​	24,786
​	​	​	​	​	​	$	(6,415,385)	​	$	24,786

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

The fair value of derivative instruments as of June 30, 2017 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	24,786
Total Asset Derivatives	​	​	$	24,786
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	241,121
Total Liability Derivatives	​	​	$	241,121

*

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

See Accompanying Notes to Financial Statements

47

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2025 Portfolio as of June 30, 2017 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2017 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(305,327)
Total	​	$	(305,327)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(216,335)
Total	​	$	(216,335)

See Accompanying Notes to Financial Statements

48

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2030 Portfolio as of June 30, 2017 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 12.9%
​	14,282	iShares Barclays 20+ Year Treasury Bond Fund	​	$	1,786,964	​	0.9
​	31,633	iShares Russell 1000 Growth Index Fund	​	​	3,764,960	​	1.8
​	15,103	iShares Russell 1000 Value Index Fund	​	​	1,758,442	​	0.9
​	417,665	PowerShares Senior Loan Portfolio	​	​	9,664,768	​	4.7
​	105,130	SPDR Bloomberg Barclays High Yield Bond ETF	​	​	3,910,836	​	1.9
​	73,446	SPDR Dow Jones International Real Estate	​	​	2,798,293	​	1.4
​	32,515	Vanguard REIT	​	​	2,706,223	​	1.3
​	​	Total Exchange-Traded Funds (Cost $26,408,075)	​		26,390,486	​	12.9
MUTUAL FUNDS: 86.8%
​	​	Affiliated Investment Companies: 85.4%
​	1,111,238	Voya Emerging Markets Index Portfolio Class P2	​	​	12,390,307	​	6.1
​	3,583,696	Voya International Index Portfolio Class P2	​	​	35,335,243	​	17.3
​	681,969	Voya Russell Mid Cap Index Portfolio Class P2	​	​	10,140,885	​	4.9
​	563,960	Voya Russell Small Cap Index Portfolio Class P2	​	​	8,104,098	​	4.0
​	2,919,170	Voya U.S. Bond Index Portfolio Class P2	​	​	31,030,776	​	15.2

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	​	Affiliated Investment Companies (continued)
​	5,145,859	@	Voya U.S. Stock Index Portfolio Class P2	​	$	77,496,639	​	37.9
​	​	​	​	​	​	174,497,948	​	85.4
​	​	​	Unaffiliated Investment Companies: 1.4%
​	571,643	@	Credit Suisse Commodity Return Strategy Fund - Class I	​		2,755,318	​	1.4
​	​	​	Total Mutual Funds (Cost $169,999,670)	​		177,253,266	​	86.8
​	​	​	Total Investments in Securities (Cost $196,407,745)	​	$	203,643,752	​	99.7
​	​	​	Assets in Excess of Other Liabilities	​	​	598,787	​	0.3
​	​	​	Net Assets	​	$	204,242,539	​	100.0

@

Non-income producing security.

Cost for federal income tax purposes is $196,770,351.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	7,746,854
Gross Unrealized Depreciation	​	(873,453)
Net Unrealized Appreciation	$	6,873,401

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

26,390,486

​

$

—

​

$

—

​

$

26,390,486

Mutual Funds

​

​

177,253,266

​

​

—

​

​

—

​

​

177,253,266

Total Investments, at fair value

​

$

203,643,752

​

$

—

​

$

—

​

$

203,643,752

Other Financial Instruments+

​

​

​

​

Futures

​

​

5,612

​

​

—

​

​

—

​

​

5,612

Total Assets

​

$

203,649,364

​

$

—

​

$

—

​

$

203,649,364

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(59,247)

​

$

—

​

$

—

​

$

(59,247)

Total Liabilities

​

$

(59,247)

​

$

—

​

$

—

​

$

(59,247)

^

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

See Accompanying Notes to Financial Statements

49

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2030 Portfolio as of June 30, 2017 (Unaudited) (continued)

+

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.

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 June 30, 2017, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

3,699,534

​

$

4,185,013

​

$

(8,004,473)

​

$

119,926

​

$

—

​

$

—

​

$

—

​

$

—

Voya Emerging Markets Index Portfolio Class P2

​

​

—

​

​

11,735,343

​

​

(43,947)

​

​

698,911

​

​

12,390,307

​

​

137,850

​

​

—

​

​

—

Voya International Index Portfolio - Class I

​

​

15,656,821

​

​

12,064,639

​

​

(27,528,864)

​

​

(192,596)

​

​

—

​

​

—

​

​

—

​

​

—

Voya International Index Portfolio Class P2

​

​

—

​

​

33,217,441

​

​

(451,687)

​

​

2,569,489

​

​

35,335,243

​

​

696,227

​

​

—

​

​

—

Voya Russell Mid Cap Index Portfolio Class P2

​

​

—

​

​

10,403,675

​

​

(45,989)

​

​

(216,801)

​

​

10,140,885

​

​

123,754

​

​

(567,119)

​

​

567,119

Voya Russell Small Cap Index Portfolio Class P2

​

​

—

​

​

8,206,410

​

​

(36,403)

​

​

(65,909)

​

​

8,104,098

​

​

72,910

​

​

(466,735)

​

​

466,735

Voya Russell™ Mid Cap Index Portfolio - Class I

​

​

6,964,693

​

​

5,065,108

​

​

(11,776,686)

​

​

(253,115)

​

​

—

​

​

—

​

​

2

​

​

—

Voya Russell™ Small Cap Index Portfolio - Class I

​

​

2,816,149

​

​

3,718,823

​

​

(6,295,905)

​

​

(239,067)

​

​

—

​

​

—

​

​

—

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

14,364,650

​

​

15,227,621

​

​

(29,878,851)

​

​

286,580

​

​

—

​

​

152,875

​

​

—

​

​

—

Voya U.S. Bond Index Portfolio Class P2

​

​

—

​

​

33,246,579

​

​

(2,377,837)

​

​

162,034

​

​

31,030,776

​

​

114,754

​

​

—

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

35,330,313

​

​

31,192,886

​

​

(66,200,320)

​

​

(322,879)

​

​

—

​

​

—

​

​

—

​

​

—

Voya U.S. Stock Index Portfolio Class P2

​

​

—

​

​

76,459,592

​

​

(3,141,140)

​

​

4,178,187

​

​

77,496,639

​

​

—

​

​

(1)

​

​

—

​

​

$

78,832,160

​

$

244,723,130

​

$

(155,782,102)

​

$

6,724,760

​

$

174,497,948

​

$

1,298,370

​

$

(1,033,853)

​

$

1,033,854

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

At June 30, 2017, the following futures contracts were outstanding for Voya Index Solution 2030 Portfolio:

Contract Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts	​		​		​			​
EURO STOXX 50® Index	​	43	​	09/15/17	​	$	1,685,052	​	$	(59,247)
​	​	​	​	​	​	$	1,685,052	​	$	(59,247)
Short Contracts	​		​		​			​
S&P 500 E-Mini	​	(12)	​	09/15/17	​	​	(1,452,540)	​	​	5,612
​	​	​	​	​	​	$	(1,452,540)	​	$	5,612

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

The fair value of derivative instruments as of June 30, 2017 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	5,612
Total Asset Derivatives	​	​	$	5,612
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	59,247
Total Liability Derivatives	​	​	$	59,247

*

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

See Accompanying Notes to Financial Statements

50

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2030 Portfolio as of June 30, 2017 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2017 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(39,274)
Total	​	$	(39,274)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(53,635)
Total	​	$	(53,635)

See Accompanying Notes to Financial Statements

51

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2035 Portfolio as of June 30, 2017 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 12.5%
​	102,666	iShares Russell 1000 Growth Index Fund	​	$	12,219,307	​	1.9
​	48,432	iShares Russell 1000 Value Index Fund	​	​	5,638,938	​	0.9
​	1,285,555	PowerShares Senior Loan Portfolio	​	​	29,747,743	​	4.7
​	332,683	SPDR Bloomberg Barclays High Yield Bond ETF	​	​	12,375,807	​	2.0
​	242,734	SPDR Dow Jones International Real Estate	​	​	9,248,165	​	1.5
​	109,999	Vanguard REIT	​	​	9,155,217	​	1.5
​	​	Total Exchange-Traded Funds (Cost $80,026,599)	​		78,385,177	​	12.5
MUTUAL FUNDS: 87.3%
​	​	Affiliated Investment Companies: 85.9%
​	4,006,456	Voya Emerging Markets Index Portfolio Class P2	​	​	44,671,989	​	7.1
​	12,287,073	Voya International Index Portfolio Class P2	​	​	121,150,537	​	19.2
​	2,946,388	Voya Russell Mid Cap Index Portfolio Class P2	​	​	43,812,784	​	7.0
​	1,735,367	Voya Russell Small Cap Index Portfolio Class P2	​	​	24,937,228	​	4.0
​	5,022,532	Voya U.S. Bond Index Portfolio Class P2	​	​	53,389,515	​	8.5

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	​	Affiliated Investment Companies (continued)
​	16,766,879	@	Voya U.S. Stock Index Portfolio Class P2	​	$	252,509,192	​	40.1
​	​	​	​	​	​	540,471,245	​	85.9
​	​	​	Unaffiliated Investment Companies: 1.4%
​	1,892,790	@	Credit Suisse Commodity Return Strategy Fund - Class I	​		9,123,247	​	1.4
​	​	​	Total Mutual Funds (Cost $524,028,844)	​		549,594,492	​	87.3
​	​	​	Total Investments in Securities (Cost $604,055,443)	​	$	627,979,669	​	99.8
​	​	​	Assets in Excess of Other Liabilities	​	​	1,404,647	​	0.2
​	​	​	Net Assets	​	$	629,384,316	​	100.0

@

Non-income producing security.

Cost for federal income tax purposes is $609,556,651.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	27,201,495
Gross Unrealized Depreciation	​	(8,778,477)
Net Unrealized Appreciation	$	18,423,018

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

78,385,177

​

$

—

​

$

—

​

$

78,385,177

Mutual Funds

​

​

549,594,492

​

​

—

​

​

—

​

​

549,594,492

Total Investments, at fair value

​

$

627,979,669

​

$

—

​

$

—

​

$

627,979,669

Other Financial Instruments+

​

​

​

​

Futures

​

​

21,045

​

​

—

​

​

—

​

​

21,045

Total Assets

​

$

628,000,714

​

$

—

​

$

—

​

$

628,000,714

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(206,675)

​

$

—

​

$

—

​

$

(206,675)

Total Liabilities

​

$

(206,675)

​

$

—

​

$

—

​

$

(206,675)

^

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.

See Accompanying Notes to Financial Statements

52

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2035 Portfolio as of June 30, 2017 (Unaudited) (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 June 30, 2017, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

19,805,366

​

$

13,145,423

​

$

(33,286,829)

​

$

336,040

​

$

—

​

$

—

​

$

8,305

​

$

—

Voya Emerging Markets Index Portfolio Class P2

​

​

—

​

​

41,484,900

​

​

(101,489)

​

​

3,288,578

​

​

44,671,989

​

​

566,814

​

​

3,682

​

​

—

Voya International Index Portfolio - Class I

​

​

93,839,912

​

​

10,756,148

​

​

(108,041,930)

​

​

3,445,870

​

​

—

​

​

—

​

​

39,969

​

​

—

Voya International Index Portfolio Class P2

​

​

—

​

​

114,799,882

​

​

(954,684)

​

​

7,305,339

​

​

121,150,537

​

​

2,663,558

​

​

29,803

​

​

—

Voya Russell Mid Cap Index Portfolio Class P2

​

​

—

​

​

44,090,226

​

​

(149,059)

​

​

(128,383)

​

​

43,812,784

​

​

595,259

​

​

(2,319,151)

​

​

2,727,849

Voya Russell Small Cap Index Portfolio Class P2

​

​

—

​

​

25,210,013

​

​

(70,247)

​

​

(202,538)

​

​

24,937,228

​

​

249,928

​

​

(1,407,487)

​

​

1,599,924

Voya Russell™ Mid Cap Index Portfolio - Class I

​

​

42,434,246

​

​

4,984,879

​

​

(47,845,309)

​

​

426,184

​

​

—

​

​

—

​

​

(742)

​

​

—

Voya Russell™ Small Cap Index Portfolio - Class I

​

​

20,222,793

​

​

2,671,255

​

​

(22,260,777)

​

​

(633,271)

​

​

—

​

​

—

​

​

1,313

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

42,671,960

​

​

9,241,181

​

​

(52,732,962)

​

​

819,821

​

​

—

​

​

357,241

​

​

(9,032)

​

​

—

Voya U.S. Bond Index Portfolio Class P2

​

​

—

​

​

58,217,365

​

​

(4,454,227)

​

​

(373,623)

​

​

53,389,515

​

​

214,554

​

​

107

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

222,144,080

​

​

26,302,942

​

​

(253,419,822)

​

​

4,972,800

​

​

—

​

​

—

​

​

292,106

​

​

—

Voya U.S. Stock Index Portfolio Class P2

​

​

—

​

​

243,127,208

​

​

(7,152,573)

​

​

16,534,557

​

​

252,509,192

​

​

—

​

​

147,935

​

​

—

​

​

$

441,118,357

​

$

594,031,422

​

$

(530,469,908)

​

$

35,791,374

​

$

540,471,245

​

$

4,647,354

​

$

(3,213,192)

​

$

4,327,773

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

At June 30, 2017, the following futures contracts were outstanding for Voya Index Solution 2035 Portfolio:

Contract Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts	​		​		​			​
EURO STOXX 50® Index	​	150	​	09/15/17	​	$	5,878,087	​	$	(206,675)
​	​	​	​	​	​	$	5,878,087	​	$	(206,675)
Short Contracts	​		​		​			​
S&P 500 E-Mini	​	(45)	​	09/15/17	​	​	(5,447,025)	​	​	21,045
​	​	​	​	​	​	$	(5,447,025)	​	$	21,045

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

The fair value of derivative instruments as of June 30, 2017 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	21,045
Total Asset Derivatives	​	​	$	21,045
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	206,675
Total Liability Derivatives	​	​	$	206,675

*

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

See Accompanying Notes to Financial Statements

53

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2035 Portfolio as of June 30, 2017 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2017 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(265,182)
Total	​	$	(265,182)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(185,630)
Total	​	$	(185,630)

See Accompanying Notes to Financial Statements

54

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2040 Portfolio as of June 30, 2017 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 10.3%
​	18,909	iShares Russell 1000 Growth Index Fund	​	$	2,250,549	​	1.8
​	9,400	iShares Russell 1000 Value Index Fund	​	​	1,094,442	​	0.9
​	150,490	PowerShares Senior Loan Portfolio	​	​	3,482,338	​	2.9
​	61,359	SPDR Bloomberg Barclays High Yield Bond ETF	​	​	2,282,555	​	1.9
​	45,799	SPDR Dow Jones International Real Estate	​	​	1,744,942	​	1.4
​	20,943	Vanguard REIT	​	​	1,743,086	​	1.4
​	​	Total Exchange-Traded Funds (Cost $12,669,241)	​		12,597,912	​	10.3
MUTUAL FUNDS: 89.4%
​	​	Affiliated Investment Companies: 88.0%
​	830,181	Voya Emerging Markets Index Portfolio Class P2	​	​	9,256,520	​	7.6
​	2,506,782	Voya International Index Portfolio Class P2	​	​	24,716,874	​	20.2
​	652,568	Voya Russell Mid Cap Index Portfolio Class P2	​	​	9,703,693	​	8.0
​	420,681	Voya Russell Small Cap Index Portfolio Class P2	​	​	6,045,183	​	5.0
​	588,745	Voya U.S. Bond Index Portfolio Class P2	​	​	6,258,356	​	5.1

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	​	Affiliated Investment Companies (continued):
​	3,415,427	@	Voya U.S. Stock Index Portfolio Class P2	​	$	51,436,323	​	42.1
​	​	​	​	​	​	107,416,949	​	88.0
​	​	​	Unaffiliated Investment Companies: 1.4%
​	358,654	@	Credit Suisse Commodity Return Strategy Fund - Class I	​		1,728,714	​	1.4
​	​	​	Total Mutual Funds (Cost $104,020,061)	​		109,145,663	​	89.4
​	​	​	Total Investments in Securities (Cost $116,689,302)	​	$	121,743,575	​	99.7
​	​	​	Assets in Excess of Other Liabilities	​	​	376,274	​	0.3
​	​	​	Net Assets	​	$	122,119,849	​	100.0

@

Non-income producing security.

Cost for federal income tax purposes is $116,790,473.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	5,236,872
Gross Unrealized Depreciation	​	(283,770)
Net Unrealized Appreciation	$	4,953,102

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

12,597,912

​

$

—

​

$

—

​

$

12,597,912

Mutual Funds

​

​

109,145,663

​

​

—

​

​

—

​

​

109,145,663

Total Investments, at fair value

​

$

121,743,575

​

$

—

​

$

—

​

$

121,743,575

Other Financial Instruments+

​

​

​

​

Futures

​

​

3,274

​

​

—

​

​

—

​

​

3,274

Total Assets

​

$

121,746,849

​

$

—

​

$

—

​

$

121,746,849

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(34,446)

​

$

—

​

$

—

​

$

(34,446)

Total Liabilities

​

$

(34,446)

​

$

—

​

$

—

​

$

(34,446)

^

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.

See Accompanying Notes to Financial Statements

55

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2040 Portfolio as of June 30, 2017 (Unaudited) (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 June 30, 2017, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

2,947,296

​

$

3,046,145

​

$

(6,085,673)

​

$

92,232

​

$

—

​

$

—

​

$

8,305

​

$

—

Voya Emerging Markets Index Portfolio Class P2

​

​

—

​

​

8,769,649

​

​

(35,134)

​

​

522,005

​

​

9,256,520

​

​

105,144

​

​

3,682

​

​

—

Voya International Index Portfolio - Class I

​

​

11,737,244

​

​

7,115,434

​

​

(18,700,241)

​

​

(152,437)

​

​

—

​

​

—

​

​

39,969

​

​

—

Voya International Index Portfolio Class P2

​

​

—

​

​

23,295,559

​

​

(381,677)

​

​

1,802,992

​

​

24,716,874

​

​

480,524

​

​

29,803

​

​

—

Voya Russell Mid Cap Index Portfolio Class P2

​

​

—

​

​

9,798,674

​

​

(46,304)

​

​

(48,677)

​

​

9,703,693

​

​

116,417

​

​

(124,800)

​

​

533,497

Voya Russell Small Cap Index Portfolio Class P2

​

​

—

​

​

6,084,816

​

​

(29,777)

​

​

(9,856)

​

​

6,045,183

​

​

53,442

​

​

(149,673)

​

​

342,110

Voya Russell™ Mid Cap Index Portfolio - Class I

​

​

5,037,983

​

​

2,900,593

​

​

(7,754,458)

​

​

(184,118)

​

​

—

​

​

—

​

​

(742)

​

​

—

Voya Russell™ Small Cap Index Portfolio - Class I

​

​

2,397,710

​

​

2,383,237

​

​

(4,573,769)

​

​

(207,178)

​

​

—

​

​

—

​

​

1,313

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

4,530,470

​

​

3,264,104

​

​

(7,896,735)

​

​

102,161

​

​

—

​

​

44,631

​

​

(9,032)

​

​

—

Voya U.S. Bond Index Portfolio Class P2

​

​

—

​

​

7,202,831

​

​

(979,729)

​

​

35,254

​

​

6,258,356

​

​

23,431

​

​

107

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

28,193,733

​

​

17,596,460

​

​

(45,404,288)

​

​

(385,905)

​

​

—

​

​

—

​

​

292,107

​

​

—

Voya U.S. Stock Index Portfolio Class P2

​

​

—

​

​

50,804,007

​

​

(2,229,118)

​

​

2,861,434

​

​

51,436,323

​

​

—

​

​

147,935

​

​

—

​

​

$

54,844,436

​

$

142,261,509

​

$

(94,116,903)

​

$

4,427,907

​

$

107,416,949

​

$

823,589

​

$

238,974

​

$

875,607

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

At June 30, 2017, the following futures contracts were outstanding for Voya Index Solution 2040 Portfolio:

Contract Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts	​		​		​			​
EURO STOXX 50® Index	​	25	​	09/15/17	​	$	979,681	​	$	(34,446)
​	​	​	​	​	​	$	979,681	​	$	(34,446)
Short Contracts	​		​		​			​
S&P 500 E-Mini	​	(7)	​	09/15/17	​	​	(847,315)	​	​	3,274
​	​	​	​	​	​	$	(847,315)	​	$	3,274

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

The fair value of derivative instruments as of June 30, 2017 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	3,274
Total Asset Derivatives	​	​	$	3,274
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	34,446
Total Liability Derivatives	​	​	$	34,446

*

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

See Accompanying Notes to Financial Statements

56

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2040 Portfolio as of June 30, 2017 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2017 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(25,390)
Total	​	$	(25,390)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(31,172)
Total	​	$	(31,172)

See Accompanying Notes to Financial Statements

57

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2045 Portfolio as of June 30, 2017 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS:7.5%
​	67,894	iShares Russell 1000 Growth Index Fund	​	$	8,080,744	​	1.9
​	34,312	iShares Russell 1000 Value Index Fund	​	​	3,994,946	​	1.0
​	298,508	PowerShares Senior Loan Portfolio	​	​	6,907,475	​	1.7
​	159,201	SPDR Dow Jones International Real Estate	​	​	6,065,558	​	1.4
​	73,041	Vanguard REIT	​	​	6,079,203	​	1.5
​	​	Total Exchange-Traded Funds (Cost $31,831,563)	​		31,127,926	​	7.5
MUTUAL FUNDS:92.3%
​	​	Affiliated Investment Companies: 90.8%
​	3,028,125	Voya Emerging Markets Index Portfolio Class P2	​	​	33,763,597	​	8.1
​	8,985,471	Voya International Index Portfolio Class P2	​	​	88,596,743	​	21.3
​	2,781,507	Voya Russell Mid Cap Index Portfolio Class P2	​	​	41,361,011	​	9.9
​	1,432,872	Voya Russell Small Cap Index Portfolio Class P2	​	​	20,590,369	​	4.9
​	1,663,611	Voya U.S. Bond Index Portfolio Class P2	​	​	17,684,182	​	4.2

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	​	Affiliated Investment Companies (continued)
​	11,719,781	@	Voya U.S. Stock Index Portfolio Class P2	​	$	176,499,896	​	42.4
​	​	​	​	​	​	378,495,798	​	90.8
​	​	​	Unaffiliated Investment Companies: 1.5%
​	1,266,182	@	Credit Suisse Commodity Return Strategy Fund - Class I	​		6,102,998	​	1.5
​	​	​	Total Mutual Funds (Cost $366,985,640)	​		384,598,796	​	92.3
​	​	​	Total Investments in Securities (Cost $398,817,203)	​	$	415,726,722	​	99.8
​	​	​	Assets in Excess of Other Liabilities	​	​	895,262	​	0.2
​	​	​	Net Assets	​	$	416,621,984	​	100.0

@

Non-income producing security.

Cost for federal income tax purposes is $402,611,639.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	19,692,264
Gross Unrealized Depreciation	​	(6,577,181)
Net Unrealized Appreciation	$	13,115,083

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

31,127,926

​

$

—

​

$

—

​

$

31,127,926

Mutual Funds

​

​

384,598,796

​

​

—

​

​

—

​

​

384,598,796

Total Investments, at fair value

​

$

415,726,722

​

$

—

​

$

—

​

$

415,726,722

Other Financial Instruments+

​

​

​

​

Futures

​

​

13,562

​

​

—

​

​

—

​

​

13,562

Total Assets

​

$

415,740,284

​

$

—

​

$

—

​

$

415,740,284

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(136,406)

​

$

—

​

$

—

​

$

(136,406)

Total Liabilities

​

$

(136,406)

​

$

—

​

$

—

​

$

(136,406)

See Accompanying Notes to Financial Statements

58

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2045 Portfolio as of June 30, 2017 (Unaudited) (continued)

^

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.

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 June 30, 2017, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

19,513,108

​

$

5,725,903

​

$

(25,883,931)

​

$

644,920

​

$

—

​

$

—

​

$

—

​

$

—

Voya Emerging Markets Index Portfolio Class P2

​

​

—

​

​

31,024,297

​

​

(106,185)

​

​

2,845,485

​

​

33,763,597

​

​

435,212

​

​

—

​

​

—

Voya International Index Portfolio - Class I

​

​

68,171,632

​

​

8,692,752

​

​

(79,897,391)

​

​

3,033,007

​

​

—

​

​

—

​

​

—

​

​

—

Voya International Index Portfolio Class P2

​

​

—

​

​

84,332,027

​

​

(689,635)

​

​

4,954,351

​

​

88,596,743

​

​

1,937,553

​

​

—

​

​

—

Voya Russell Mid Cap Index Portfolio Class P2

​

​

—

​

​

42,493,120

​

​

(148,460)

​

​

(983,649)

​

​

41,361,011

​

​

559,373

​

​

(2,563,399)

​

​

2,563,399

Voya Russell Small Cap Index Portfolio Class P2

​

​

—

​

​

21,085,131

​

​

(76,146)

​

​

(418,616)

​

​

20,590,369

​

​

205,400

​

​

(1,314,879)

​

​

1,314,879

Voya Russell™ Mid Cap Index Portfolio - Class I

​

​

31,086,931

​

​

6,228,359

​

​

(37,751,219)

​

​

435,929

​

​

—

​

​

—

​

​

—

​

​

—

Voya Russell™ Small Cap Index Portfolio - Class I

​

​

13,254,869

​

​

5,722,133

​

​

(18,638,085)

​

​

(338,917)

​

​

—

​

​

—

​

​

—

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

8,366,934

​

​

8,900,078

​

​

(17,498,590)

​

​

231,578

​

​

—

​

​

70,333

​

​

—

​

​

—

Voya U.S. Bond Index Portfolio Class P2

​

​

—

​

​

18,197,456

​

​

(419,852)

​

​

(93,422)

​

​

17,684,182

​

​

69,197

​

​

—

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

158,745,353

​

​

20,880,822

​

​

(182,769,914)

​

​

3,143,739

​

​

—

​

​

—

​

​

—

​

​

—

Voya U.S. Stock Index Portfolio Class P2

​

​

—

​

​

170,862,499

​

​

(6,206,165)

​

​

11,843,562

​

​

176,499,896

​

​

—

​

​

(1)

​

​

—

​

​

$

299,138,827

​

$

424,144,577

​

$

(370,085,573)

​

$

25,297,967

​

$

378,495,798

​

$

3,277,068

​

$

(3,878,279)

​

$

3,878,278

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

At June 30, 2017, the following futures contracts were outstanding for Voya Index Solution 2045 Portfolio:

Contract Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/​ (Depreciation)
Long Contracts	​		​		​			​
EURO STOXX 50® Index	​	99	​	09/15/17	​	$	3,879,537	​	$	(136,406)
​	​	​	​	​	​	$	3,879,537	​	$	(136,406)
Short Contracts	​		​		​			​
S&P 500 E-Mini	​	(29)	​	09/15/17	​	​	(3,510,305)	​	​	13,562
​	​	​	​	​	​	$	(3,510,305)	​	$	13,562

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

The fair value of derivative instruments as of June 30, 2017 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	13,562
Total Asset Derivatives	​	​	$	13,562
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	136,406
Total Liability Derivatives	​	​	$	136,406

*

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

See Accompanying Notes to Financial Statements

59

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2045 Portfolio as of June 30, 2017 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2017 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(174,603)
Total	​	$	(174,603)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	​	$	(122,844)
Total	​	$	(122,844)

See Accompanying Notes to Financial Statements

60

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2050 Portfolio as of June 30, 2017 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS:6.3%
​	3,949	iShares Barclays 20+ Year Treasury Bond Fund	​	$	494,099	​	0.7
​	10,743	iShares Russell 1000 Growth Index Fund	​	​	1,278,632	​	1.8
​	5,322	iShares Russell 1000 Value Index Fund	​	​	619,640	​	0.9
​	26,273	SPDR Dow Jones International Real Estate	​	​	1,001,001	​	1.4
​	12,042	Vanguard REIT	​	​	1,002,256	​	1.5
​	​	Total Exchange-Traded Funds (Cost $4,422,775)	​		4,395,628	​	6.3
MUTUAL FUNDS:93.5%
​	​	Affiliated Investment Companies: 92.1%
​	535,137	Voya Emerging Markets Index Portfolio Class P2	​	​	5,966,775	​	8.6
​	1,567,184	Voya International Index Portfolio Class P2	​	​	15,452,438	​	22.1
​	509,401	Voya Russell Mid Cap Index Portfolio Class P2	​	​	7,574,793	​	10.8
​	238,429	Voya Russell Small Cap Index Portfolio Class P2	​	​	3,426,228	​	4.9
​	258,067	Voya U.S. Bond Index Portfolio Class P2	​	​	2,743,253	​	3.9

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	​	Affiliated Investment Companies (continued)
​	1,942,589	@	Voya U.S. Stock Index Portfolio Class P2	​	$	29,255,390	​	41.8
​	​	​	​	​	​	64,418,877	​	92.1
​	​	​	Unaffiliated Investment Companies: 1.4%
​	203,165	@	Credit Suisse Commodity Return Strategy Fund - Class I	​		979,254	​	1.4
​	​	​	Total Mutual Funds (Cost $62,541,526)	​		65,398,131	​	93.5
​	​	​	Total Investments in Securities (Cost $66,964,301)	​	$	69,793,759	​	99.8
​	​	​	Assets in Excess of Other Liabilities	​	​	169,747	​	0.2
​	​	​	Net Assets	​	$	69,963,506	​	100.0

@

Non-income producing security.

Cost for federal income tax purposes is $67,027,835.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	2,957,350
Gross Unrealized Depreciation	​	(191,426)
Net Unrealized Appreciation	$	2,765,924

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

4,395,628

​

$

—

​

$

—

​

$

4,395,628

Mutual Funds

​

​

65,398,131

​

​

—

​

​

—

​

​

65,398,131

Total Investments, at fair value

​

$

69,793,759

​

$

—

​

$

—

​

$

69,793,759

Other Financial Instruments+

​

​

​

​

Futures

​

​

1,871

​

​

—

​

​

—

​

​

1,871

Total Assets

​

$

69,795,630

​

$

—

​

$

—

​

$

69,795,630

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(19,290)

​

$

—

​

$

—

​

$

(19,290)

Total Liabilities

​

$

(19,290)

​

$

—

​

$

—

​

$

(19,290)

See Accompanying Notes to Financial Statements

61

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2050 Portfolio as of June 30, 2017 (Unaudited) (continued)

^

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.

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 June 30, 2017, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

1,781,949

​

$

2,080,810

​

$

(3,901,679)

​

$

38,920

​

$

—

​

$

—

​

$

8,305

​

$

—

Voya Emerging Markets Index Portfolio Class P2

​

​

—

​

​

5,621,420

​

​

(13,929)

​

​

359,284

​

​

5,966,775

​

​

68,045

​

​

3,682

​

​

—

Voya International Index Portfolio - Class I

​

​

6,214,851

​

​

5,309,730

​

​

(11,440,259)

​

​

(84,322)

​

​

—

​

​

—

​

​

39,969

​

​

—

Voya International Index Portfolio Class P2

​

​

—

​

​

14,606,832

​

​

(216,282)

​

​

1,061,888

​

​

15,452,438

​

​

296,483

​

​

29,803

​

​

—

Voya Russell Mid Cap Index Portfolio Class P2

​

​

—

​

​

7,649,623

​

​

(24,976)

​

​

(49,854)

​

​

7,574,793

​

​

89,569

​

​

(1,766)

​

​

410,463

Voya Russell Small Cap Index Portfolio Class P2

​

​

—

​

​

3,452,241

​

​

(9,048)

​

​

(16,965)

​

​

3,426,228

​

​

29,826

​

​

1,503

​

​

190,934

Voya Russell™ Mid Cap Index Portfolio - Class I

​

​

3,132,802

​

​

2,658,661

​

​

(5,687,086)

​

​

(104,377)

​

​

—

​

​

—

​

​

(742)

​

​

—

Voya Russell™ Small Cap Index Portfolio - Class I

​

​

1,206,593

​

​

1,458,603

​

​

(2,563,680)

​

​

(101,516)

​

​

—

​

​

—

​

​

1,313

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

788,331

​

​

1,884,654

​

​

(2,681,038)

​

​

8,053

​

​

—

​

​

9,012

​

​

(9,032)

​

​

—

Voya U.S. Bond Index Portfolio Class P2

​

​

—

​

​

2,736,332

​

​

(8,333)

​

​

15,254

​

​

2,743,253

​

​

10,081

​

​

107

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

14,209,282

​

​

11,753,236

​

​

(25,778,492)

​

​

(184,026)

​

​

—

​

​

—

​

​

292,108

​

​

—

Voya U.S. Stock Index Portfolio Class P2

​

​

—

​

​

28,998,555

​

​

(1,252,751)

​

​

1,509,586

​

​

29,255,390

​

​

—

​

​

147,935

​

​

—

​

​

$

27,333,808

​

$

88,210,697

​

$

(53,577,553)

​

$

2,451,925

​

$

64,418,877

​

$

503,016

​

$

513,185

​

$

601,397

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

At June 30, 2017, the following futures contracts were outstanding for Voya Index Solution 2050 Portfolio:

Contract Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts	​		​		​			​
EURO STOXX 50® Index	​	14	​	09/15/17	​	$	548,621	​	$	(19,290)
​	​	​	​	​	​	$	548,621	​	$	(19,290)
Short Contracts	​		​		​			​
S&P 500 E-Mini	​	(4)	​	09/15/17	​	​	(484,180)	​	​	1,871
​	​	​	​	​	​	$	(484,180)	​	$	1,871

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

The fair value of derivative instruments as of June 30, 2017 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	1,871
Total Asset Derivatives	​	​	$	1,871
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	19,290
Total Liability Derivatives	​	​	$	19,290

*

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

See Accompanying Notes to Financial Statements

62

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2050 Portfolio as of June 30, 2017 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2017 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	​	Futures
Equity contracts	$(11,440)
Total	$(11,440)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	​	Futures
Equity contracts	$(17,419)
Total	$(17,419)

See Accompanying Notes to Financial Statements

63

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2055 Portfolio as of June 30, 2017 (Unaudited)

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS:5.4%
​	22,307	​	iShares Russell 1000 Growth Index Fund	​	$	2,654,979	​	1.9
​	9,043	​	iShares Russell 1000 Value Index Fund	​	​	1,052,877	​	0.8
​	48,603	​	SPDR Dow Jones International Real Estate	​	​	1,851,774	​	1.3
​	22,309	​	Vanguard REIT	​	​	1,856,778	​	1.4
​	​	​	Total Exchange-Traded Funds (Cost $7,560,976)	​		7,416,408	​	5.4
MUTUAL FUNDS: 94.4%
​	​	​	Affiliated Investment Companies: 93.1%
​	1,062,564	​	Voya Emerging Markets Index Portfolio Class P2	​	​	11,847,590	​	8.6
​	3,123,493	​	Voya International Index Portfolio Class P2	​	​	30,797,637	​	22.4
​	1,013,123	​	Voya Russell Mid Cap Index Portfolio Class P2	​	​	15,065,134	​	11.0
​	472,747	​	Voya Russell Small Cap Index Portfolio Class P2	​	​	6,793,372	​	4.9
​	510,869	​	Voya U.S. Bond Index Portfolio Class P2	​	​	5,430,542	​	3.9
​	3,864,020	@	Voya U.S. Stock Index Portfolio Class P2	​	​	58,192,137	​	42.3
​	​	​	​	​	​	128,126,412	​	93.1

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	​	Unaffiliated Investment Companies: 1.3%
​	382,155	@	Credit Suisse Commodity Return Strategy Fund - Class I	​	$	1,841,985	​	1.3
​	​	​	Total Mutual Funds (Cost $123,323,905)	​		129,968,397	​	94.4
​	​	​	Total Investments in Securities (Cost $130,884,881)	​	$	137,384,805	​	99.8
​	​	​	Assets in Excess of Other Liabilities	​	​	233,748	​	0.2
​	​	​	Net Assets	​	$	137,618,553	​	100.0

@

Non-income producing security.

Cost for federal income tax purposes is $133,293,222.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	7,199,412
Gross Unrealized Depreciation	​	(3,107,829)
Net Unrealized Appreciation	$	4,091,583

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

7,416,408

​

$

—

​

$

—

​

$

7,416,408

Mutual Funds

​

​

129,968,397

​

​

—

​

​

—

​

​

129,968,397

Total Investments, at fair value

​

$

137,384,805

​

$

—

​

$

—

​

$

137,384,805

Other Financial Instruments+

​

​

​

​

Futures

​

​

4,677

​

​

—

​

​

—

​

​

4,677

Total Assets

​

$

137,389,482

​

$

—

​

$

—

​

$

137,389,482

Liabilities Table

​

​

​

​

Other Financial Instruments+

​

​

​

​

Futures

​

$

(45,469)

​

$

—

​

$

—

​

$

(45,469)

Total Liabilities

​

$

(45,469)

​

$

—

​

$

—

​

$

(45,469)

^

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

See Accompanying Notes to Financial Statements

64

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2055 Portfolio as of June 30, 2017 (Unaudited) (continued)

+

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.

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 June 30, 2017, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

6,006,209

​

$

2,849,204

​

$

(8,898,176)

​

$

42,763

​

$

—

​

$

—

​

$

8,305

​

$

—

Voya Emerging Markets Index Portfolio Class P2

​

​

—

​

​

10,813,452

​

​

(22,655)

​

​

1,056,793

​

​

11,847,590

​

​

153,501

​

​

3,682

​

​

—

Voya International Index Portfolio - Class I

​

​

22,554,999

​

​

4,357,004

​

​

(28,001,950)

​

​

1,089,947

​

​

—

​

​

—

​

​

39,969

​

​

—

Voya International Index Portfolio Class P2

​

​

—

​

​

28,985,919

​

​

(72,268)

​

​

1,883,986

​

​

30,797,637

​

​

668,036

​

​

29,803

​

​

—

Voya Russell Mid Cap Index Portfolio Class P2

​

​

—

​

​

15,387,886

​

​

(40,481)

​

​

(282,271)

​

​

15,065,134

​

​

202,391

​

​

(518,786)

​

​

927,483

Voya Russell Small Cap Index Portfolio Class P2

​

​

—

​

​

6,877,306

​

​

(17,317)

​

​

(66,617)

​

​

6,793,372

​

​

67,543

​

​

(239,943)

​

​

432,380

Voya Russell™ Mid Cap Index Portfolio - Class I

​

​

10,598,114

​

​

2,789,268

​

​

(13,494,524)

​

​

107,142

​

​

—

​

​

—

​

​

(742)

​

​

—

Voya Russell™ Small Cap Index Portfolio - Class I

​

​

4,088,734

​

​

2,103,966

​

​

(6,010,240)

​

​

(182,460)

​

​

—

​

​

—

​

​

1,313

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

2,519,256

​

​

2,582,025

​

​

(5,169,579)

​

​

68,298

​

​

—

​

​

22,393

​

​

(9,032)

​

​

—

Voya U.S. Bond Index Portfolio Class P2

​

​

—

​

​

5,476,640

​

​

(12,342)

​

​

(33,756)

​

​

5,430,542

​

​

21,128

​

​

107

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

48,481,391

​

​

9,723,250

​

​

(58,457,185)

​

​

252,544

​

​

—

​

​

—

​

​

292,108

​

​

—

Voya U.S. Stock Index Portfolio Class P2

​

​

—

​

​

55,391,202

​

​

(1,442,663)

​

​

4,243,598

​

​

58,192,137

​

​

—

​

​

147,935

​

​

—

​

​

$

94,248,703

​

$

147,337,122

​

$

(121,639,380)

​

$

8,179,967

​

$

128,126,412

​

$

1,134,992

​

$

(245,281)

​

$

1,359,863

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

At June 30, 2017, the following futures contracts were outstanding for Voya Index Solution 2055 Portfolio:

Contract Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/​ (Depreciation)
Long Contracts	​		​		​			​
EURO STOXX 50® Index	​	33	​	09/15/17	​	$	1,293,179	​	$	(45,469)
​	​	​	​	​	​	$	1,293,179	​	$	(45,469)
Short Contracts	​		​		​			​
S&P 500 E-Mini	​	(10)	​	09/15/17	​	​	(1,210,450)	​	​	4,677
​	​	​	​	​	​	$	(1,210,450)	​	$	4,677

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

The fair value of derivative instruments as of June 30, 2017 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives	​	​
Equity contracts	Net Assets — Unrealized appreciation*	​	$	4,677
Total Asset Derivatives	​	​	$	4,677
Liability Derivatives	​	​
Equity contracts	Net Assets — Unrealized depreciation*	​	$	45,469
Total Liability Derivatives	​	​	$	45,469

*

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

See Accompanying Notes to Financial Statements

65

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2055 Portfolio as of June 30, 2017 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2017 was as follows:

​	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	​	Futures
Equity contracts	$(52,385)
Total	$(52,385)

​	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	​	Futures
Equity contracts	$(40,792)
Total	$(40,792)

See Accompanying Notes to Financial Statements

66

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2060 Portfolio as of June 30, 2017 (Unaudited)

Shares			Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 6.9%
​	2,871	iShares MSCI Emerging Markets Index Fund	​	$	118,831	​	0.8
​	2,112	iShares Russell 1000 Growth Index Fund	​	​	251,370	​	1.7
​	1,070	iShares Russell 1000 Value Index Fund	​	​	124,580	​	0.9
​	5,152	SPDR Dow Jones International Real Estate	​	​	196,291	​	1.4
​	2,342	Vanguard REIT	​	​	194,925	​	1.3
​	1,809	WisdomTree Europe Hedged Equity Fund	​	​	112,755	​	0.8
​	​	Total Exchange-Traded Funds (Cost $998,301)	​		998,752	​	6.9
MUTUAL FUNDS: 92.9%
​	​	Affiliated Investment Companies: 91.6%
​	101,247	Voya Emerging Markets Index Portfolio Class P2	​	​	1,128,905	​	7.8
​	331,052	Voya International Index Portfolio Class P2	​	​	3,264,168	​	22.5
​	106,522	Voya Russell Mid Cap Index Portfolio Class P2	​	​	1,583,978	​	10.9
​	49,880	Voya Russell Small Cap Index Portfolio Class P2	​	​	716,771	​	4.9
​	53,912	Voya U.S. Bond Index Portfolio Class P2	​	​	573,079	​	4.0

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
​	​	​	Affiliated Investment Companies (continued)
​	399,393	@	Voya U.S. Stock Index Portfolio Class P2	​	$	6,014,852	​	41.5
​	​	​	​	​	​	13,281,753	​	91.6
​	​	​	Unaffiliated Investment Companies: 1.3%
​	40,613	@	Credit Suisse Commodity Return Strategy Fund - Class I	​		195,756	​	1.3
​	​	​	Total Mutual Funds (Cost $13,000,359)	​		13,477,509	​	92.9
​	​	​	Total Investments in Securities (Cost $13,998,660)	​	$	14,476,261	​	99.8
​	​	​	Assets in Excess of Other Liabilities	​	​	24,020	​	0.2
​	​	​	Net Assets	​	$	14,500,281	​	100.0

@

Non-income producing security.

Cost for federal income tax purposes is $14,010,549.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	517,146
Gross Unrealized Depreciation	​	(51,434)
Net Unrealized Appreciation	$	465,712

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the assets and liabilities:

​

Quoted Prices in Active Markets for Identical Investments (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Fair Value at June 30, 2017

Asset Table

​

​

​

​

Investments, at fair value

​

​

​

​

Exchange-Traded Funds

​

$

998,752

​

$

—

​

$

—

​

$

998,752

Mutual Funds

​

​

13,477,509

​

​

—

​

​

—

​

​

13,477,509

Total Investments, at fair value

​

$

14,476,261

​

$

—

​

$

—

​

$

14,476,261

^

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.

See Accompanying Notes to Financial Statements

67

PORTFOLIO OF INVESTMENTS​

Voya Index Solution 2060 Portfolio as of June 30, 2017 (Unaudited) (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 June 30, 2017, where the following issuers were considered an affiliate:

Issuer

Beginning Fair Value at 12/31/16

Purchases at Cost

Sales at Cost

Change in Unrealized Appreciation/​ (Depreciation)

Ending Fair Value at 6/30/17

Investment Income

Realized Gains/​ (Losses)

Net Capital Gain Distributions

Voya Emerging Markets Index Portfolio - Class I

​

$

353,873

​

$

457,680

​

$

(817,384)

​

$

5,831

​

$

—

​

$

—

​

$

8,305

​

$

—

Voya Emerging Markets Index Portfolio Class P2

​

​

—

​

​

1,096,027

​

​

(33,936)

​

​

66,814

​

​

1,128,905

​

​

13,608

​

​

3,682

​

​

—

Voya International Index Portfolio - Class I

​

​

1,305,771

​

​

1,192,548

​

​

(2,482,817)

​

​

(15,502)

​

​

—

​

​

—

​

​

39,969

​

​

—

Voya International Index Portfolio Class P2

​

​

—

​

​

3,184,024

​

​

(113,930)

​

​

194,074

​

​

3,264,168

​

​

59,201

​

​

29,803

​

​

—

Voya Russell Mid Cap Index Portfolio Class P2

​

​

—

​

​

1,641,326

​

​

(37,570)

​

​

(19,778)

​

​

1,583,978

​

​

17,882

​

​

326,750

​

​

81,947

Voya Russell Small Cap Index Portfolio Class P2

​

​

—

​

​

743,429

​

​

(16,329)

​

​

(10,329)

​

​

716,771

​

​

5,955

​

​

154,319

​

​

38,118

Voya Russell™ Mid Cap Index Portfolio - Class I

​

​

616,838

​

​

600,631

​

​

(1,202,819)

​

​

(14,650)

​

​

—

​

​

—

​

​

(742)

​

​

—

Voya Russell™ Small Cap Index Portfolio - Class I

​

​

236,386

​

​

318,838

​

​

(538,742)

​

​

(16,482)

​

​

—

​

​

—

​

​

1,313

​

​

—

Voya U.S. Bond Index Portfolio - Class I

​

​

154,501

​

​

335,683

​

​

(492,022)

​

​

1,838

​

​

—

​

​

1,717

​

​

(9,032)

​

​

—

Voya U.S. Bond Index Portfolio Class P2

​

​

—

​

​

585,575

​

​

(14,895)

​

​

2,399

​

​

573,079

​

​

1,996

​

​

107

​

​

—

Voya U.S. Stock Index Portfolio - Class I

​

​

2,635,135

​

​

2,652,058

​

​

(5,280,572)

​

​

(6,621)

​

​

—

​

​

—

​

​

292,107

​

​

—

Voya U.S. Stock Index Portfolio Class P2

​

​

—

​

​

6,024,562

​

​

(257,810)

​

​

248,100

​

​

6,014,852

​

​

—

​

​

147,935

​

​

—

​

​

$

5,302,504

​

$

18,832,381

​

$

(11,288,826)

​

$

435,694

​

$

13,281,753

​

$

100,359

​

$

994,516

​

$

120,065

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

See Accompanying Notes to Financial Statements

68

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

Board consideration and Approval of
New Investment Management and sub-advisory Contracts

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), provides that when Voya Index Solution Income Portfolio, Voya Index Solution 2020 Portfolio, Voya Index Solution 2025 Portfolio, Voya Index Solution 2030 Portfolio, Voya Index Solution 2035 Portfolio, Voya Index Solution 2040 Portfolio, Voya Index Solution 2045 Portfolio, Voya Index Solution 2050 Portfolio, Voya Index Solution 2055 Portfolio, and Voya Index Solution 2060 Portfolio (each a “Portfolio” and collectively, the “Portfolios”), each a series of Voya Partners, Inc. (“VPI”), enter into new investment management and sub-advisory agreements, the Board of Directors of VPI (the “Board”), including a majority of Board members who have no direct or indirect interest in the investment management and sub-advisory agreements, and who are not “interested persons” of the Portfolios, must determine whether to approve the new arrangements. Thus, at its meeting held on January 12, 2017, the Board considered the approval of the investment management contracts (the “Management Contracts”) with Voya Investments, LLC (“VIL”) and the sub-advisory contracts (the “Sub-Advisory Contracts”) between VIL and Voya Investment Management Co. LLC, the sub-adviser (the “Sub-Adviser”) for the Portfolios in connection with the transfer of advisory services (the “Transfer”) from the existing investment adviser, Directed Services LLC (“DSL”), to VIL, which are both indirect, wholly-owned subsidiaries of Voya Financial, Inc.

In determining whether to approve the Management and Sub-Advisory Contracts for the Portfolios with VIL, the Board received and evaluated such information as it deemed necessary for an informed determination of whether the Management and Sub-Advisory Contracts should be approved for the Portfolios.

The materials provided to the Board to inform its consideration of whether to approve each Portfolio’s Management Contract and each Portfolio’s Sub-Advisory Contract included the following: (1) memoranda and related materials provided to the Board in advance of its January 12, 2017 meeting discussing Management’s rationale for requesting the Transfer; (2) VIL’s responses to inquiries from K&L Gates LLP, counsel to the Independent Directors; (3) supporting documentation, including copies of the forms of Management and Sub-Advisory Contracts for the Portfolios; and (4) other information relevant to the Board’s evaluation. In addition, the Board considered the information provided periodically throughout the year in presentations to the Board by VIL in the context of VIL’s oversight and management of the other funds in the Voya funds complex. In this regard, the Board placed particular emphasis on the information provided by VIL, DSL and the

Sub-Adviser in connection with the Board’s consideration of whether to renew the existing Management and Sub-Advisory Contracts in November 2016 and information provided by VIL and DSL regarding the expected impact of the Transfer.

The Board’s consideration of whether to approve the Management and Sub-Advisory Contracts on behalf of each Portfolio took into account several factors, including, but not limited to, the following: (1) that the management of DSL and VIL is substantially similar; (2) the operations of DSL and VIL are very similar in nature; (3) there are no material changes between the new Management Contracts and existing Management Contracts, except with respect to the legal entity that is a party to each Management Contract; (4) no changes were expected in the nature, extent or quality of services provided to the Portfolios, the personnel managing the Portfolios or the manner in which they are managed as a result of the Transfer.

In connection with its review, the Board determined that it did not need to consider certain factors it typically considers during its review of the Management and Sub-Advisory Contracts because it had reviewed them recently in connection with its November 2016 meetings. Among other factors considered at the November 2016 meetings, the Board considered: (1) the nature, extent and quality of services provided under the existing Management and Sub-Advisory Contracts; (2) the extent to which economics of scale are reflected in the fee rate schedules under the existing Management and Sub-Advisory Contracts; (3) the existence of any “fall-out” benefits to DSL, VIL, the Sub-Adviser and their affiliates; (4) a comparison of the Portfolios’ fee rates, expense ratios and investment performance to those of selected similar funds; and (5) the costs incurred and profits realized by DSL and its affiliates with respect to their services to the Portfolios. A further description of the process followed by the Board in approving the existing Management and Sub-Advisory Contracts at the November 2016 meetings, including the information reviewed, certain material factors considered and certain related conclusions reached, is set forth in the Portfolios’ annual report to Shareholders for the period ended December 31, 2016.

The Board also considered that: (1) each Portfolio’s management fee rate will not change as a result of the Transfer and is reasonable in the context of all factors considered by the Board; (2) each Portfolio’s expense ratio will not change as a result of the Transfer and is reasonable in the context of all factors considered by the Board; and (3) each Portfolio’s sub-advisory fee rate payable by VIL to the Sub-Adviser will not change as a result of the Transfer and is reasonable in the context of all factors considered by the Board.

69

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

Based on, among other matters, the considerations set forth above and other factors, the Board voted to approve the Management and Sub-Advisory Contracts for each

Portfolio. During the Board’s deliberations, different Board members may have given different weight to different individual factors and related considerations.

70

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

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

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

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

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

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

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

VPSAR-VINDSOL         (0617-082317)​

Item 2. Code of Ethics.

Not required for semi-annual filing.

Item 3. Audit Committee Financial Expert.

Not required for semi-annual filing.

Item 4. Principal Accountant Fees and Services.

Not required for semi-annual filing.

Item 5. Audit Committee of Listed Registrants.

Not required for semi-annual filing.

Item 6. Schedule of Investments.

Complete schedule of investments, as applicable, is included as part of the report to shareholders filed under Item 1 of this Form and filed herein, as applicable.

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 23.1%
			Brazil: 0.5%
	900,000	L	Petrobras Global Finance BV, 8.750%, 05/23/26		1,037,250		0.5
			Canada: 0.3%
	235,000	#,L	Cenovus Energy, Inc., 4.250%, 04/15/27		224,331		0.1
	324,000		Goldcorp, Inc., 3.700%, 03/15/23		335,250		0.2
					559,581		0.3
			China: 0.3%
	601,000		Alibaba Group Holding Ltd., 3.600%, 11/28/24		620,016		0.3
			France: 0.8%
	294,000		BPCE SA, 2.500%, 12/10/18		296,688		0.1
	287,000	#	BPCE SA, 5.150%, 07/21/24		307,100		0.2
	226,000	#	Electricite de France SA, 2.350%, 10/13/20		226,963		0.1
	940,000	#	SFR Group SA, 6.000%, 05/15/22		984,650		0.4
					1,815,401		0.8
			Guernsey: 0.3%
	716,000		Credit Suisse Group Funding Guernsey Ltd., 2.750%, 03/26/20		722,050		0.3
			Ireland: 0.3%
	282,000		GE Capital International Funding Co. Unlimited Co., 4.418%, 11/15/35		307,840		0.1
	370,000		Shire Acquisitions Investments Ireland DAC, 3.200%, 09/23/26		362,559		0.2
					670,399		0.3
			Japan: 0.6%
	790,000	#	Bank of Tokyo-Mitsubishi UFJ Ltd./The, 2.300%, 03/05/20		791,365		0.4
	200,000	#	Mizuho Bank Ltd., 3.200%, 03/26/25		201,555		0.1
	300,000		Sumitomo Mitsui Financial Group, Inc., 3.784%, 03/09/26		311,888		0.1
					1,304,808		0.6
			Luxembourg: 0.2%
	350,000	#	Altice Financing SA, 6.625%, 02/15/23		372,204		0.2
	130,000	#	Dana Financing Luxembourg Sarl, 5.750%, 04/15/25		134,875		0.0
					507,079		0.2
			Mexico: 0.0%
MXN	1,007,437	±	Banco Invex SA / Hipotecaria Credito y Casa SA de CV, 6.450%, 03/13/34		–		–
MXN	128,155		JPMorgan Hipotecaria su Casita, 6.100%, 09/25/35		6,740		0.0
					6,740		0.0
			Netherlands: 1.0%
	269,000		Cooperatieve Rabobank UA, 4.500%, 01/11/21		289,235		0.1
	690,000		Shell International Finance BV, 3.250%, 05/11/25		704,576		0.3
	361,000		Shell International Finance BV, 4.000%, 05/10/46		358,092		0.2
	300,000	#	Siemens Financieringsmaatschappij NV, 2.350%, 10/15/26		283,632		0.1
	766,000	L	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/26		728,968		0.3
					2,364,503		1.0
			Norway: 0.2%
	380,000		Statoil ASA, 2.450%, 01/17/23		376,690		0.2
			South Africa: 0.0%
ZAR	1,000,000		Transnet SOC Ltd., 10.800%, 11/06/23		80,670		0.0
			Sweden: 0.1%
	298,000	#	Nordea Bank AB, 5.500%, 09/29/49		303,215		0.1
			Switzerland: 0.3%
	400,000	#	Credit Suisse AG, 6.500%, 08/08/23		450,760		0.2
	250,000		UBS AG/Stamford CT, 7.625%, 08/17/22		294,125		0.1
					744,885		0.3
			United Kingdom: 1.3%
	230,000	#	Anglo American Capital PLC, 4.750%, 04/10/27		236,854		0.1
	283,000		Aon PLC, 2.800%, 03/15/21		284,421		0.1
	530,000		BP Capital Markets PLC, 3.216%, 11/28/23		538,628		0.2
	239,000	#	Santander UK Group Holdings PLC, 5.625%, 09/15/45		270,767		0.1
	1,002,000		Santander UK PLC, 2.375%, 03/16/20		1,008,208		0.5
	400,000	#	Standard Chartered PLC, 4.300%, 02/19/27		403,183		0.2
	200,000	#	Virgin Media Secured Finance PLC, 5.250%, 01/15/26		208,912		0.1
					2,950,973		1.3
			United States: 16.9%
	424,000		21st Century Fox America, Inc., 4.500%, 02/15/21		454,699		0.2
	338,000		21st Century Fox America, Inc., 5.400%, 10/01/43		390,403		0.2

See Accompanying Notes to Financial Statements

1

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			United States: (continued)
	150,000		AbbVie, Inc., 3.600%, 05/14/25		153,277		0.1
	93,000		Aetna, Inc., 2.800%, 06/15/23		92,952		0.0
	195,000	#	AMC Entertainment Holdings, Inc., 5.875%, 11/15/26		204,019		0.1
	233,000		American Tower Corp., 3.500%, 01/31/23		239,232		0.1
	432,000		Anheuser-Busch InBev Finance, Inc., 2.650%, 02/01/21		438,119		0.2
	554,000		Anheuser-Busch InBev Finance, Inc., 3.300%, 02/01/23		571,104		0.3
	295,000		AT&T, Inc., 3.000%, 06/30/22		295,848		0.1
	299,000		AT&T, Inc., 5.150%, 03/15/42		306,788		0.1
	430,000		AT&T, Inc., 5.450%, 03/01/47		465,272		0.2
	368,000		Bank of America Corp., 3.300%, 01/11/23		375,484		0.2
	226,000		Bank of America Corp., 3.875%, 08/01/25		234,063		0.1
	458,000		Bank of America Corp., 4.100%, 07/24/23		485,433		0.2
	309,000		Bank of America Corp., 4.000%, 04/01/24		324,103		0.1
	412,000		Bank of New York Mellon Corp., 2.050%, 05/03/21		408,415		0.2
	300,000		Boardwalk Pipelines L.P., 5.950%, 06/01/26		334,670		0.1
	300,000	#	Builders FirstSource, Inc., 5.625%, 09/01/24		313,500		0.1
	540,000	#	Calpine Corp., 6.000%, 01/15/22		560,250		0.2
	395,000		CBRE Services, Inc., 5.250%, 03/15/25		430,845		0.2
	216,000		CBS Corp., 3.700%, 08/15/24		221,998		0.1
	249,000		CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 02/15/23		257,559		0.1
	75,000		CDW LLC / CDW Finance Corp., 5.000%, 09/01/25		78,187		0.0
	501,000		Celgene Corp., 4.000%, 08/15/23		532,005		0.2
	472,000		Charter Communications Operating LLC / Charter Communications Operating Capital, 4.464%, 07/23/22		503,396		0.2
	195,000	L	CHS/Community Health Systems, Inc., 5.125%, 08/01/21		198,169		0.1
	579,000		Citigroup, Inc., 4.000%, 08/05/24		596,877		0.3
	469,000		Citigroup, Inc., 5.500%, 09/13/25		522,455		0.2
	758,000		Citizens Bank NA/Providence RI, 2.450%, 12/04/19		764,930		0.3
	165,000		Comcast Corp., 2.350%, 01/15/27		155,079		0.1
	185,000	#	CommScope Technologies LLC, 5.000%, 03/15/27		185,000		0.1
	562,000	#	Cox Communications, Inc., 2.950%, 06/30/23		548,817		0.2
	777,000		CVS Health Corp., 2.800%, 07/20/20		791,560		0.3
	177,000	#	Dell International LLC / EMC Corp., 4.420%, 06/15/21		186,745		0.1
	480,000	#	Dell International LLC / EMC Corp., 5.450%, 06/15/23		521,464		0.2
	313,000	#	Dell International LLC / EMC Corp., 6.020%, 06/15/26		345,393		0.2
	442,000		Discover Bank, 7.000%, 04/15/20		490,875		0.2
	277,000		Eastman Chemical Co., 2.700%, 01/15/20		280,798		0.1
	1,026,000		Energy Transfer L.P., 4.900%, 02/01/24		1,084,216		0.5
	558,000		Entergy Corp., 5.125%, 09/15/20		601,709		0.3
	238,000		Envision Healthcare Corp., 5.625%, 07/15/22		246,925		0.1
	385,000	#	ESH Hospitality, Inc., 5.250%, 05/01/25		399,919		0.2
	318,000		Fifth Third Bancorp, 8.250%, 03/01/38		477,037		0.2
	200,000	#	First Data Corp., 5.750%, 01/15/24		208,500		0.1
	532,000		FirstEnergy Corp., 4.250%, 03/15/23		560,201		0.2
	205,000		General Electric Co., 6.750%, 03/15/32		281,454		0.1
	322,000		General Motors Financial Co., Inc., 4.300%, 07/13/25		328,993		0.1
	240,000		Goldman Sachs Group, Inc./The, 2.625%, 04/25/21		240,667		0.1
	627,000		Goldman Sachs Group, Inc., 5.250%, 07/27/21		687,539		0.3
	35,000		Goodyear Tire & Rubber Co/The, 4.875%, 03/15/27		35,613		0.0
	605,000		Hartford Financial Services Group, Inc., 6.625%, 03/30/40		820,957		0.4
	110,000		Hess Corp., 5.800%, 04/01/47		111,445		0.0
	115,000	#	Hill-Rom Holdings, Inc., 5.000%, 02/15/25		117,875		0.1
	294,000		Huntington Bancshares, Inc./OH, 2.600%, 08/02/18		296,060		0.1
	570,000		Huntington National Bank, 2.200%, 11/06/18		571,766		0.3
	1,041,000		Indiana Michigan Power Co., 7.000%, 03/15/19		1,123,825		0.5
	570,000	#	JBS USA LUX SA / JBS USA Finance, Inc., 5.875%, 07/15/24		537,225		0.2
	245,000		Jefferson Smurfit Escrow, 06/01/49		–		–
	384,000		JM Smucker Co., 3.000%, 03/15/22		391,740		0.2
	357,000		JPMorgan Chase & Co., 2.550%, 03/01/21		358,906		0.2
	478,000		JPMorgan Chase & Co., 6.000%, 12/29/49		515,939		0.2
	222,000		Kinder Morgan Energy Partners L.P., 4.250%, 09/01/24		229,738		0.1
	127,000		Kohls Corp., 4.750%, 12/15/23		130,408		0.1

See Accompanying Notes to Financial Statements

2

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			United States: (continued)
	317,000		Kraft Heinz Foods Co., 3.000%, 06/01/26		303,884		0.1
	335,000		Level 3 Communications, Inc., 5.750%, 12/01/22		348,400		0.2
	375,000		Medtronic, Inc., 3.150%, 03/15/22		388,275		0.2
	170,000		MGM Resorts International, 4.625%, 09/01/26		172,550		0.1
	372,000		Morgan Stanley, 3.750%, 02/25/23		387,098		0.2
	618,000		Morgan Stanley, 4.100%, 05/22/23		645,924		0.3
	240,000		MPT Operating Partnership L.P. / MPT Finance Corp., 6.375%, 02/15/22		247,950		0.1
	625,000		Netflix, Inc., 5.750%, 03/01/24		683,594		0.3
	438,000		Newell Brands, Inc., 2.875%, 12/01/19		445,788		0.2
	381,000		NextEra Energy Capital Holdings, Inc., 3.625%, 06/15/23		391,312		0.2
	175,000	#	Nielsen Finance LLC / Nielsen Finance Co., 5.000%, 04/15/22		182,000		0.1
	200,000	#	Novelis Corp., 5.875%, 09/30/26		206,500		0.1
	220,000		Occidental Petroleum Corp., 4.625%, 06/15/45		234,095		0.1
	349,000		Oracle Corp., 2.950%, 05/15/25		350,681		0.2
	110,000	#	Owens-Brockway Glass Container, Inc., 5.875%, 08/15/23		121,481		0.1
	235,000		Pfizer, Inc., 2.750%, 06/03/26		231,608		0.1
	460,000		Philip Morris International, Inc., 4.250%, 11/10/44		475,358		0.2
	400,000	#	Post Holdings, Inc., 5.000%, 08/15/26		400,000		0.2
	230,000		Qualcomm, Inc., 2.600%, 01/30/23		229,432		0.1
	220,000		Qualcomm, Inc., 3.250%, 05/20/27		220,799		0.1
	280,000		Regency Energy Partners L.P. / Regency Energy Finance Corp., 4.500%, 11/01/23		290,880		0.1
	280,000		Regency Energy Partners L.P. / Regency Energy Finance Corp., 5.500%, 04/15/23		291,200		0.1
	272,000		Reynolds American, Inc., 6.150%, 09/15/43		341,300		0.2
	117,000		Scripps Networks Interactive, Inc., 2.750%, 11/15/19		118,513		0.1
	175,000	#	Sirius XM Radio, Inc., 5.375%, 04/15/25		181,344		0.1
	95,000	#	Six Flags Entertainment Corp., 4.875%, 07/31/24		95,819		0.0
	195,000	#	Six Flags Entertainment Corp., 5.500%, 04/15/27		201,338		0.1
	185,000		SLM Corp., 5.125%, 04/05/22		189,163		0.1
	235,000	#	Standard Industries, Inc./NJ, 5.000%, 02/15/27		240,288		0.1
	245,000		Stone Webster Escrow, 07/01/49		–		–
	185,000		Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.750%, 04/15/25		186,850		0.1
	104,000		Sunoco Logistics Partners Operations L.P., 4.250%, 04/01/24		106,777		0.0
	445,000		Synchrony Financial, 4.250%, 08/15/24		455,235		0.2
	70,000		Tesoro Logistics L.P. / Tesoro Logistics Finance Corp., 5.250%, 01/15/25		73,763		0.0
	272,000		Time Warner Cable LLC, 5.875%, 11/15/40		304,523		0.1
	485,000		Time Warner, Inc., 6.500%, 11/15/36		599,140		0.3
	100,000		United Rentals North America, Inc., 5.500%, 07/15/25		105,125		0.0
	380,000	#	Univision Communications, Inc., 5.125%, 02/15/25		377,625		0.2
	505,000	#	Valeant Pharmaceuticals International, 7.250%, 07/15/22		477,225		0.2
	230,000		Verizon Communications, Inc., 4.125%, 03/16/27		238,038		0.1
	568,000	#	Verizon Communications, Inc., 4.812%, 03/15/39		576,760		0.3
	270,000		Verizon Communications, Inc., 5.012%, 08/21/54		268,106		0.1
	20,000		Viacom, Inc., 4.375%, 03/15/43		17,866		0.0
	600,000		Visa, Inc., 3.150%, 12/14/25		609,875		0.3
	599,000		Wells Fargo & Co., 4.100%, 06/03/26		620,275		0.3
					38,252,197		16.9
		Total Corporate Bonds/Notes
		(Cost $50,775,396)			52,316,457		23.1
COLLATERALIZED MORTGAGE OBLIGATIONS: 14.7%
			United States: 14.7%
	479,775		Adjustable Rate Mortgage Trust 2006-2 1A1, 3.355%, 05/25/36		450,253		0.2
	341,483		Alternative Loan Trust 2005-51 3A2A, 2.022%, 11/20/35		322,980		0.1
	105,649		Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/36		84,476		0.0
	678,430		Banc of America Funding 2005-1 Trust 1A1, 5.500%, 02/25/35		680,521		0.3
	455,126		CHL Mortgage Pass-Through Trust 2007-7 A7, 5.750%, 06/25/37		415,650		0.2
	146,333		Citigroup Mortgage Loan Trust, Inc. 2005-2 1A3, 3.223%, 05/25/35		145,715		0.1
	423,077		CitiMortgage Alternative Loan Trust Series 2006-A3 1A7, 6.000%, 07/25/36		391,785		0.2
	72,177		Countrywide Alternative Loan Trust 2005-53T2 2A6, 1.716%, 11/25/35		47,862		0.0

See Accompanying Notes to Financial Statements

3

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
			United States: (continued)
	102,489		CHL Mortgage Pass-Through Trust 2005-17 1A8, 5.500%, 09/25/35		102,333		0.1
	94,106		CHL Mortgage Pass-Through Trust 2005-J4 A7, 5.500%, 11/25/35		94,554		0.0
	26,807	#	Deutsche ALT-A Securities, Inc. ALT2007-RS1 A2, 1.720%, 01/27/37		104,088		0.1
	100,000		Fannie Mae Connecticut Avenue Securities 2014-C01 M2, 5.616%, 01/25/24		114,520		0.1
	320,000		Fannie Mae Connecticut Avenue Securities 2014-C03 2M2, 4.116%, 07/25/24		338,352		0.2
	400,000		Fannie Mae Connecticut Avenue Securities 2014-CO3 1M2, 4.216%, 07/25/24		426,812		0.2
	500,000		Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 4.216%, 10/25/29		514,124		0.2
	200,000		Fannie Mae Connecticut Avenue Securities 2017-C04 2M2, 4.066%, 11/25/29		203,051		0.1
	92,469	^	Fannie Mae Interest Strip Sereis 328 2, 6.000%, 12/25/32		21,582		0.0
	45,903	^	Fannie Mae Interest Strip Sereis 332 2, 6.000%, 03/25/33		10,736		0.0
	191,547	^	Fannie Mae Interest Strip Series 254 2, 7.500%, 01/25/24		33,988		0.0
	29,742	^	Fannie Mae Interest Strip Series 294 2, 7.000%, 02/25/28		6,813		0.0
	159,384	^	Fannie Mae Interest Strip Series 319 2, 6.500%, 02/25/32		37,884		0.0
	39,519	^	Fannie Mae Interest Strip Series 331 5, 6.000%, 02/25/33		8,530		0.0
	38,787	^	Fannie Mae Interest Strip Series 334 12, 6.000%, 03/25/33		9,469		0.0
	47,835	^	Fannie Mae Interest Strip Series 338 2, 5.500%, 07/25/33		10,390		0.0
	20,324	^	Fannie Mae Interest Strip Series 356 10, 5.500%, 06/25/35		3,752		0.0
	21,518	^	Fannie Mae Interest Strip Series 364 15, 6.000%, 09/25/35		4,638		0.0
	615,593	^	Fannie Mae Interest Strip Series 418 5, 3.500%, 08/25/43		106,101		0.1
	957,621	^	Fannie Mae Interest Strip Series 418 80, 3.500%, 08/25/33		136,093		0.1
	15,842		Fannie Mae REMIC Trust 1999-14 MB, 6.500%, 04/25/29		17,603		0.0
	22,932		Fannie Mae REMIC Trust 1999-54 LH, 6.500%, 11/25/29		25,730		0.0
	20,659		Fannie Mae REMIC Trust 2001-80 ZB, 6.000%, 01/25/32		23,192		0.0
	95,846	^	Fannie Mae REMIC Trust 2002-12 SB, 6.534%, 07/25/31		20,114		0.0
	54,323	^	Fannie Mae REMIC Trust 2002-2 SW, 6.534%, 02/25/32		11,705		0.0
	25,247		Fannie Mae REMIC Trust 2002-21 PE, 6.500%, 04/25/32		28,783		0.0
	9,674		Fannie Mae REMIC Trust 2002-29 F, 2.216%, 04/25/32		9,912		0.0
	35,283	^	Fannie Mae REMIC Trust 2002-41 S, 6.734%, 07/25/32		7,046		0.0
	2,977		Fannie Mae REMIC Trust 2002-64 FJ, 2.216%, 04/25/32		3,050		0.0
	6,428		Fannie Mae REMIC Trust 2002-68 FH, 1.709%, 10/18/32		6,459		0.0
	1,084,350	^	Fannie Mae REMIC Trust 2002-77 JS, 6.791%, 12/18/32		230,450		0.1
	28,873		Fannie Mae REMIC Trust 2002-84 FB, 2.216%, 12/25/32		29,549		0.0
	28,869		Fannie Mae REMIC Trust 2003-11 FA, 2.216%, 09/25/32		29,545		0.0
	6,058		Fannie Mae REMIC Trust 2003-116 FA, 1.616%, 11/25/33		6,066		0.0
	36,458	^	Fannie Mae REMIC Trust 2003-13 IO, 7.000%, 03/25/33		9,312		0.0
	29,392	^	Fannie Mae REMIC Trust 2003-26 IK, 7.000%, 04/25/33		6,962		0.0
	22,823	^	Fannie Mae REMIC Trust 2003-52 NS, 5.884%, 06/25/23		2,147		0.0
	150,596	^	Fannie Mae REMIC Trust 2004-56 SE, 6.334%, 10/25/33		32,590		0.0
	41,007		Fannie Mae REMIC Trust 2005-25 PS, 22.809%, 04/25/35		67,906		0.0
	18,766	^	Fannie Mae REMIC Trust 2005-40 SB, 5.534%, 05/25/35		2,981		0.0
	95,416		Fannie Mae REMIC Trust 2005-71 DB, 4.500%, 08/25/25		99,267		0.0
	121,579		Fannie Mae REMIC Trust 2005-74 DK, 19.136%, 07/25/35		194,917		0.1
	154,966		Fannie Mae REMIC Trust 2005-87 SB, 19.374%, 10/25/35		254,408		0.1
	335,644		Fannie Mae REMIC Trust 2006-104 ES, 27.370%, 11/25/36		597,536		0.3
	19,351		Fannie Mae REMIC Trust 2006-11 PS, 20.108%, 03/25/36		30,792		0.0
	54,172		Fannie Mae REMIC Trust 2006-46 SW, 19.740%, 06/25/36		84,299		0.0

See Accompanying Notes to Financial Statements

4

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
			United States: (continued)
	309,701	^	Fannie Mae REMIC Trust 2006-51 SA, 5.354%, 06/25/36		55,438		0.0
	99,094	^	Fannie Mae REMIC Trust 2006-90 SX, 6.014%, 09/25/36		19,471		0.0
	11,598,591	^	Fannie Mae REMIC Trust 2007-116 DI, 4.724%, 01/25/38		1,970,079		0.9
	96,804	^	Fannie Mae REMIC Trust 2007-88 XI, 5.324%, 06/25/37		18,665		0.0
	1,406,006	^	Fannie Mae REMIC Trust 2007-89 SB, 5.334%, 09/25/37		269,372		0.1
	2,591,665	^	Fannie Mae REMIC Trust 2007-94 SG, 5.234%, 10/25/37		468,055		0.2
	248,774		Fannie Mae REMIC Trust 2010-109 SN, 18.864%, 10/25/40		576,084		0.3
	182,222		Fannie Mae REMIC Trust 2010-155 PL, 5.000%, 07/25/40		191,960		0.1
	4,638,673	^	Fannie Mae REMIC Trust 2011-55 SK, 5.344%, 06/25/41		895,643		0.4
	3,660,281	^	Fannie Mae REMIC Trust 2011-86 NS, 4.734%, 09/25/41		570,184		0.3
	2,734,793	^	Fannie Mae REMIC Trust 2012-10 US, 5.234%, 02/25/42		401,100		0.2
	1,824,192	^	Fannie Mae REMIC Trust 2012-110 JI, 4.000%, 06/25/42		273,696		0.1
	6,066,743	^	Fannie Mae REMIC Trust 2012-133 PS, 4.984%, 03/25/42		872,308		0.4
	2,809,807	^	Fannie Mae REMIC Trust 2012-144 SB, 4.884%, 01/25/43		658,527		0.3
	3,391,027	^	Fannie Mae REMIC Trust 2012-27 SB, 4.764%, 11/25/41		469,743		0.2
	23,601		Fannie Mae REMIC Trust 2013-130 ST, 8.000%, 05/25/43		28,287		0.0
	1,890,559	^	Fannie Mae REMIC Trust 2013-64 LI, 3.000%, 06/25/33		258,408		0.1
	11,473,373	^	Freddie Mac 3502 DL, 4.841%, 01/15/39		1,902,581		0.8
	58,981		Freddie Mac REMIC Trust 1360 PZ, 7.500%, 09/15/22		64,677		0.0
	33,414		Freddie Mac REMIC Trust 1674 Z, 6.750%, 02/15/24		36,540		0.0
	72,686		Freddie Mac REMIC Trust 1897 K, 7.000%, 09/15/26		81,714		0.0
	11,977	^	Freddie Mac REMIC Trust 2035 PE, 7.000%, 03/15/28		2,754		0.0
	64,721	^	Freddie Mac REMIC Trust 2049 PL, 7.000%, 04/15/28		13,931		0.0
	30,411		Freddie Mac REMIC Trust 2122 F, 1.609%, 02/15/29		30,498		0.0
	102,232	^	Freddie Mac REMIC Trust 2134 SB, 6.541%, 03/15/29		17,524		0.0
	112,584	^	Freddie Mac REMIC Trust 2136 SG, 6.491%, 03/15/29		20,270		0.0
	146,714	^	Freddie Mac REMIC Trust 2177 SB, 7.791%, 08/15/29		31,770		0.0
	15,584		Freddie Mac REMIC Trust 2344 FP, 2.109%, 08/15/31		16,012		0.0
	8,081		Freddie Mac REMIC Trust 2412 GF, 2.109%, 02/15/32		8,303		0.0
	61,631		Freddie Mac REMIC Trust 2415 ZA, 6.500%, 02/15/32		69,439		0.0
	45,930		Freddie Mac REMIC Trust 2461 PZ, 6.500%, 06/15/32		53,715		0.0
	8,622		Freddie Mac REMIC Trust 2464 FI, 2.159%, 02/15/32		8,828		0.0
	8,844		Freddie Mac REMIC Trust 2470 LF, 2.159%, 02/15/32		9,055		0.0
	12,324		Freddie Mac REMIC Trust 2471 FD, 2.159%, 03/15/32		12,621		0.0
	10,019		Freddie Mac REMIC Trust 2504 FP, 1.659%, 03/15/32		10,072		0.0
	38,869		Freddie Mac REMIC Trust 2551 LF, 1.659%, 01/15/33		39,046		0.0
	116,543		Freddie Mac REMIC Trust 2676 KY, 5.000%, 09/15/23		124,118		0.1
	494,372		Freddie Mac REMIC Trust 2750 XG, 5.000%, 02/15/34		540,188		0.2
	423,542		Freddie Mac REMIC Trust 2890 PE, 5.000%, 11/15/34		461,902		0.2
	78,052		Freddie Mac REMIC Trust 3001 HT, 8.000%, 05/15/35		88,672		0.0
	91,331	^	Freddie Mac REMIC Trust 3004 SB, 4.991%, 07/15/35		11,928		0.0
	18,741		Freddie Mac REMIC Trust 3025 SJ, 20.501%, 08/15/35		29,073		0.0
	1,204,555	^	Freddie Mac REMIC Trust 3223 S, 4.791%, 10/15/36		161,531		0.1
	3,231,592	^	Freddie Mac REMIC Trust 3505 SA, 4.841%, 01/15/39		537,698		0.2
	3,612,961	^	Freddie Mac REMIC Trust 3702 S, 3.291%, 05/15/36		338,202		0.2
	3,404,254	^	Freddie Mac REMIC Trust 3710 SL, 4.841%, 05/15/36		214,790		0.1
	407,110	^	Freddie Mac REMIC Trust 3803 SG, 5.441%, 08/15/28		14,306		0.0
	3,776,339	^	Freddie Mac REMIC Trust 3925 SD, 4.891%, 07/15/40		494,304		0.2
	1,842,930	^	Freddie Mac REMIC Trust 4136 SW, 5.091%, 11/15/32		322,933		0.1
	796,660	^	Freddie Mac REMIC Trust 4161 CI, 4.000%, 02/15/43		147,303		0.1
	12,282,795	^	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/43		2,183,998		1.0
	1,448,186	^	Freddie Mac Series 4120 IK, 3.000%, 10/15/32		193,301		0.1
	530,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2014-DN1 M3, 5.716%, 02/25/24		619,443		0.3
	400,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2014-DN3 M3, 5.216%, 08/25/24		436,919		0.2
	340,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2014-HQ3 M3, 5.966%, 10/25/24		377,660		0.2
	100,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3 M3, 5.916%, 04/25/28		115,219		0.1

See Accompanying Notes to Financial Statements

5

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
			United States: (continued)
	119,314		Freddie Mac Structured Agency Credit Risk Debt Notes 2015-HQ1 M2, 3.416%, 03/25/25		120,722		0.1
	600,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA2 M2, 3.809%, 12/25/29		601,850		0.3
	526,743		Ginnie Mae Series 2007-8 SP, 18.118%, 03/20/37		774,671		0.3
	3,827,706	^	Ginnie Mae Series 2010-165 IP, 4.000%, 04/20/38		198,379		0.1
	2,971,673	^	Ginnie Mae Series 2010-68 MS, 4.638%, 06/20/40		456,323		0.2
	2,065,078	^	Ginnie Mae Series 2012-97 SC, 5.528%, 07/16/41		370,681		0.2
	306,727		GreenPoint Mortgage Funding Trust 2006-AR3 4A1, 1.426%, 04/25/36		269,154		0.1
	90,030		GSR Mortgage Loan Trust 2005-AR6 1A4, 3.209%, 09/25/35		92,536		0.0
	763,910		IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 1.426%, 04/25/46		677,140		0.3
	702,667		JP Morgan Mortgage Trust 2005-A4 B1, 3.480%, 07/25/35		629,345		0.3
	129,413		JP Morgan Mortgage Trust 2007-A1 7A1, 3.466%, 07/25/35		128,927		0.1
	173,310		Lehman XS Trust Series 2005-5N 1A2, 1.576%, 11/25/35		139,279		0.1
	137,667		MASTR Adjustable Rate Mortgages Trust 2006-2 1A1, 3.473%, 04/25/36		136,650		0.1
	620		RALI Series Trust 2005-QA4 A32, 3.822%, 04/25/35		14		0.0
	2,757,732		RALI Series Trust 2006-QO1 X2, 2.064%, 02/25/46		250,229		0.1
	815,408		TBW Mortgage-Backed Trust 2007-2 A1A, 5.965%, 07/25/37		514,121		0.2
	9,548,950	^	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 X, 1.136%, 08/25/45		341,465		0.2
	63,006		WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 2.937%, 10/25/36		60,880		0.0
	1,013,278		WaMu Mortgage Pass-Through Certificates Series 2006-AR16 Trust 3A1, 2.808%, 12/25/36		962,228		0.4
	240,694		WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 2.887%, 08/25/46		221,803		0.1
	478,376		WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 2.953%, 12/25/36		456,494		0.2
	135,529		WaMu Mortgage Pass-Through Certificates Series 2007-HY4 1A1, 2.763%, 04/25/37		120,044		0.1
	163,789		Wells Fargo Alternative Loan 2007-PA2 2A1, 1.646%, 06/25/37		130,144		0.1
	74,100		Wells Fargo Mortgage Backed Securities 2005-AR16 Trust 2A1, 3.185%, 02/25/34		75,771		0.0
	203,732		Wells Fargo Mortgage Backed Securities 2006-8 A15 Trust, 6.000%, 07/25/36		205,660		0.1
	264,362		Wells Fargo Mortgage Backed Securities 2006-AR17 Trust A1, 3.048%, 10/25/36		257,247		0.1
	57,020		Wells Fargo Mortgage Backed Securities 2006-AR17 Trust A2, 3.048%, 10/25/36		55,485		0.0
	324,286		Wells Fargo Mortgage Backed Securities 2006-AR7 Trust 2A1, 3.329%, 05/25/36		311,779		0.1
	312,045		Wells Fargo Mortgage Backed Securities 2006-AR8 Trust 3A2, 3.174%, 04/25/36		306,946		0.1
		Total Collateralized Mortgage Obligations
		(Cost $31,382,050)			33,365,198		14.7
STRUCTURED PRODUCTS: 0.0%
			Russia: 0.0%
RUB	5,352,217		Morgan Stanley & Co. International PLC - EM Whole Loan SA /Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5.000%, 08/22/34		40,044		0.0
		Total Structured Products
		(Cost $191,032)			40,044		0.0
U.S. TREASURY OBLIGATIONS: 8.8%
			U.S. Treasury Bonds: 1.0%
	2,276,000		3.000%, due 02/15/47		2,352,371		1.0
			U.S. Treasury Notes: 7.8%
	1,342,000		1.250%, due 03/31/19		1,339,352		0.6
	4,000		1.250%, due 05/31/19		3,991		0.0
	872,000		1.250%, due 06/30/19		869,718		0.4
	30,000		1.250%, due 10/31/21		29,304		0.0
	891,000		1.500%, due 06/15/20		889,747		0.4
	220,000		1.625%, due 10/31/23		214,264		0.1
	105,000		1.750%, due 06/30/22		104,323		0.1
	7,416,000		2.000%, due 06/30/24		7,349,664		3.2
	10,000		2.125%, due 03/31/24		10,006		0.0
	6,774,000		2.375%, due 05/15/27		6,818,722		3.0
					17,629,091		7.8
		Total U.S. Treasury Obligations
		(Cost $20,011,085)			19,981,462		8.8
U.S. GOVERNMENT AGENCY OBLIGATIONS: 1.3%
			Federal Home Loan Mortgage Corporation: 0.6%##
	241,386		4.000%, due 09/01/45		254,173		0.1
	379,615		4.000%, due 09/01/45		399,726		0.2

See Accompanying Notes to Financial Statements

6

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
			Federal Home Loan Mortgage Corporation: (continued)
	207,431		4.000%, due 09/01/45		218,420		0.1
	131,743		4.000%, due 09/01/45		138,722		0.1
	281,816		4.000%, due 05/01/46		296,745		0.1
	2,673		5.000%, due 01/01/20		2,767		0.0
	10,983		5.000%, due 02/01/20		11,368		0.0
	13,531		5.000%, due 12/01/34		14,820		0.0
	43,620		6.000%, due 02/01/34		49,468		0.0
	8,378		6.500%, due 02/01/22		9,064		0.0
	10,421		6.500%, due 09/01/22		11,250		0.0
	3,552		6.500%, due 08/01/32		3,982		0.0
	6,592		6.500%, due 07/01/34		7,291		0.0
	7,122		6.500%, due 07/01/34		7,879		0.0
					1,425,675		0.6
			Federal National Mortgage Association: 0.6%##
	77,826		2.500%, due 06/01/30		78,533		0.0
	113,583		2.500%, due 06/01/30		114,615		0.1
	46,949		2.500%, due 07/01/30		47,376		0.0
	199,866		3.428%, due 10/01/36		212,018		0.1
	227,996		4.000%, due 05/01/45		239,894		0.1
	87,875		5.000%, due 06/01/41		96,190		0.1
	7,338		5.500%, due 09/01/19		7,508		0.0
	6,801		5.500%, due 09/01/19		6,955		0.0
	29,123		5.500%, due 09/01/24		32,252		0.0
	3,985		6.000%, due 05/01/21		4,144		0.0
	111,306		6.000%, due 11/01/34		127,099		0.1
	172,658		6.000%, due 04/01/35		197,054		0.1
	79,454		6.500%, due 12/01/29		90,466		0.0
	33,210		6.500%, due 01/01/34		38,177		0.0
	914		7.000%, due 04/01/33		1,033		0.0
	24,428		7.500%, due 09/01/32		29,598		0.0
	59,053		7.500%, due 01/01/33		69,945		0.0
					1,392,857		0.6
			Government National Mortgage Association: 0.1%
	47,633		5.000%, due 04/15/34		52,372		0.1
	20,588		6.500%, due 02/20/35		24,056		0.0
					76,428		0.1
		Total U.S. Government Agency Obligations
		(Cost $2,832,970)			2,894,960		1.3
COMMERCIAL MORTGAGE-BACKED SECURITIES: 8.9%
			United States: 8.9%
	7,040,000	^	BANK 2017-BNK5 XA, 1.107%, 06/15/60		543,219		0.2
	450,000		Banc of America Commercial Mortgage Trust 2007-3 B, 5.676%, 06/10/49		455,674		0.2
	390,000		Banc of America Commercial Mortgage Trust 2007-3 C, 5.676%, 06/10/49		395,892		0.2
	8,891,954	^	Banc of America Commercial Mortgage Trust 2017-BNK3 XA, 1.300%, 02/15/50		721,016		0.3
	2,075,546	^	Barclays Commercial Mortgage Trust 2017-C1 XA, 1.696%, 02/15/50		225,741		0.1
	8,020,000	#,^	BBCCRE Trust 2015-GTP XA, 0.749%, 08/10/33		344,694		0.2
	440,000	#	Bear Stearns Commercial Mortgage Securities Trust 2004-PWR6 E, 5.406%, 11/11/41		450,717		0.2
	19,658		Bear Stearns Commercial Mortgage Securities Trust 2005-TOP20 C, 5.279%, 10/12/42		19,865		0.0
	140,000	#	Bear Stearns Commercial Mortgage Securities Trust 2006-TOP22 E, 5.897%, 04/12/38		132,253		0.1
	422,853	#	Beckman Coulter, Inc. 2000-A A, 7.498%, 12/15/18		428,092		0.2
	1,879,052	^	CD 2016-CD1 Mortgage Trust XA, 1.575%, 08/10/49		182,099		0.1
	9,008,471	^	CFCRE Commercial Mortgage Trust 2016-C7 XA, 0.944%, 12/10/54		521,579		0.2
	3,493,763	^	COMM 2012-CR1 XA, 2.060%, 05/15/45		258,847		0.1
	10,324,806	#,^	COMM 2012-LTRT XA, 1.015%, 10/05/30		415,896		0.2
	6,440,637	^	COMM 2013-LC6 XA, 1.804%, 01/10/46		317,085		0.1
	14,386,359	^	COMM 2014-CR16 XA, 1.354%, 04/10/47		722,864		0.3
	3,961,845	^	COMM 2014-UBS3 XA, 1.478%, 06/10/47		231,170		0.1
	570,000		COMM 2016-COR1 C, 4.542%, 10/10/49		571,132		0.3
	4,478,211	^	COMM 2016-CR28 XA, 0.374%, 02/10/49		186,141		0.1
	263,358	#	Commercial Mortgage Trust 2004-GG1 F, 6.591%, 06/10/36		263,828		0.1
	7,447	#	Credit Suisse First Boston Mortgage Securities Corp. 2003-C4 J, 5.322%, 08/15/36		7,427		0.0
	290,000	#	DBJPM 16-C3 Mortgage Trust, 3.636%, 09/10/49		235,540		0.1
	2,169,951	#,^	DBUBS 2011-LC1A XA, 0.927%, 11/10/46		40,881		0.0
	210,000	#	DBUBS 2011-LC2A D, 5.727%, 07/10/44		221,648		0.1
	3,560,000	^	Freddie Mac Multifamily Structured Pass Through Certificates K010 X3, 4.793%, 11/25/44		502,259		0.2
	8,484,641	^	Freddie Mac Multifamily Structured Pass Through Certificates K018 X1, 1.528%, 01/25/22		428,020		0.2
	9,030,492	^	Freddie Mac Multifamily Structured Pass Through Certificates K704 X1, 2.118%, 08/25/18		135,542		0.1
	29,023,305	^	Freddie Mac Multifamily Structured Pass Through Certificates K710 X1, 1.872%, 05/25/19		797,061		0.3
	4,423,190	^	Freddie Mac Multifamily Structured Pass Through Certificates K711 X3, 1.675%, 08/25/40		146,569		0.1
	41,625,365	#,^	FREMF Mortgage Trust 2012-K17 X2A, 0.100%, 12/25/44		146,754		0.1
	5,371	#	GE Capital Commercial Mortgage Series 2005-C2 H, 5.462%, 05/10/43		5,372		0.0

See Accompanying Notes to Financial Statements

7

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
			United States: (continued)
	100,000	#	GS Mortgage Securities Trust 2010-C2 F, 4.548%, 12/10/43		89,045		0.0
	2,402,594	^	GS Mortgage Securities Trust 2012-GCJ7 XA, 2.429%, 05/10/45		176,262		0.1
	660,000		JPMBB Commercial Mortgage Securities Trust 2014-C18 AS, 4.439%, 02/15/47		707,658		0.3
	735,971	#	JPMBB Commercial Mortgage Securities Trust 2014-C24 ESK, 9.989%, 11/15/47		739,419		0.3
	13,594,327	^	JPMBB Commercial Mortgage Securities Trust 2014-C24 XA, 1.212%, 11/15/47		639,549		0.3
	250,000	#	JP Morgan Chase Commercial Mortgage Securities Corp. 2004-CB8 J, 4.733%, 01/12/39		240,687		0.1
	213,187		JP Morgan Chase Commercial Mortgage Securities Corp. 2006-LDP8 B, 5.520%, 05/15/45		213,027		0.1
	2,940,000	#,^	JP Morgan Chase Commercial Mortgage Securities Corp. 2012-LC9 XB, 0.424%, 12/15/47		49,713		0.0
	134,949	#	JP Morgan Chase Commercial Mortgage Securities Trust 2003-LN1 H, 5.758%, 10/15/37		134,603		0.1
	270,000		JP Morgan Chase Commercial Mortgage Securities Trust 2004-CIBC9 E, 5.510%, 06/12/41		275,109		0.1
	300,000		JP Morgan Chase Commercial Mortgage Securities Trust 2005-LDP2 F, 5.010%, 07/15/42		302,191		0.1
	7,097,910	^	JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX XA, 1.826%, 06/15/45		373,468		0.2
	360,000		LB-UBS Commercial Mortgage Trust 2005-C3 E, 4.983%, 07/15/40		360,792		0.2
	360,000		LB-UBS Commercial Mortgage Trust 2005-C3 F, 5.013%, 07/15/40		358,981		0.2
	50,000		LB-UBS Commercial Mortgage Trust 2006-C4 C, 6.062%, 06/15/38		50,019		0.0
	780,000		LB-UBS Commercial Mortgage Trust 2006-C4 D, 6.062%, 06/15/38		780,121		0.3
	3,497,618	#,^	LSTAR Commercial Mortgage Trust 2017-5 X, 1.393%, 03/10/50		195,269		0.1
	390,000		Merrill Lynch Mortgage Investors Trust Series 1998-C1 E, 6.750%, 11/15/26		394,166		0.2
	361,980	#	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 D, 3.389%, 10/15/47		263,058		0.1
	310,000		Morgan Stanley Capital I Trust 2006-IQ11, 6.375%, 10/15/42		303,874		0.1
	570,000	#	Morgan Stanley Capital I Trust 2011-C1 D, 5.588%, 09/15/47		611,802		0.3
	460,000	#	Morgan Stanley Capital I Trust 2011-C1 E, 5.588%, 09/15/47		490,990		0.2
	290,000	#	Morgan Stanley Reremic Trust 2012-XA B, 0.250%, 07/27/49		282,639		0.1
	5,459,581	#,^	UBS-Barclays Commercial Mortgage Trust 2012-C3 XA, 2.088%, 08/10/49		435,432		0.2
	4,995,372	#,^	Wells Fargo Commercial Mortgage Trust 2012-LC5 XA, 2.154%, 10/15/45		380,279		0.2
	7,191,015	^	Wells Fargo Commercial Mortgage Trust 2016-C37, 1.190%, 12/15/49		438,897		0.2
	3,506,819	#,^	WFRBS Commercial Mortgage Trust 2012-C8 XA, 2.069%, 08/15/45		266,397		0.1
	1,427,101	#,^	WFRBS Commercial Mortgage Trust 2013-C12 XA, 1.512%, 03/15/48		72,806		0.0
	10,534,384	^	WFRBS Commercial Mortgage Trust 2014-C19 XA, 1.373%, 03/15/47		558,969		0.2
		Total Commercial Mortgage-Backed Securities
		(Cost $20,107,471)			20,240,099		8.9
FOREIGN GOVERNMENT BONDS: 7.3%
			Brazil: 0.3%
BRL	705,000		Brazil Notas do Tesouro Nacional Series F, 6.000%, 05/15/45		668,718		0.3
			Germany: 1.7%
EUR	590,000		Bundesrepublik Deutschland, 2.500%, 08/15/46		879,515		0.4
EUR	10,000		Bundesrepublik Deutschland, 2.000%, 08/15/23		12,852		0.0
EUR	400,000		Bundesrepublik Deutschland, 08/15/26		440,743		0.2
EUR	2,190,000		Bundesschatzanweisungen, -0.610%, 12/14/18		2,523,342		1.1
					3,856,452		1.7
			Indonesia: 0.0%
IDR	1,589,000,000		Indonesia Treasury Bond, 7.500%, 08/15/32		120,956		0.0
			Italy: 3.0%
EUR	4,900,000		Italy Buoni Poliennali Del Tesoro, 4.500%, 03/01/26		6,754,192		3.0
			Russia: 0.4%
RUB	51,720,000		Russian Federal Bond - OFZ, 7.500%, 08/18/21		867,774		0.4

See Accompanying Notes to Financial Statements

8

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
FOREIGN GOVERNMENT BONDS: (continued)
			Spain: 1.9%
EUR	3,500,000	#	Spain Government Bond, 1.950%, 04/30/26		4,205,269		1.9
		Total Foreign Government Bonds
		(Cost $16,353,209)			16,473,361		7.3
ASSET-BACKED SECURITIES: 3.8%
			Cayman Islands: 3.4%
	350,000	#	ALM VII R-2 Ltd. 2013-7R2A A2R, 3.158%, 10/15/27		352,213		0.2
	240,000	#	Apidos CLO XI 2012-11A BR, 3.108%, 01/17/28		240,760		0.1
	210,000	#	Apidos CLO XVII 2014-17A A2R, 3.008%, 04/17/26		210,012		0.1
	370,000	#	Apidos CLO XVII 2014-17A BR, 3.658%, 04/17/26		369,996		0.2
	250,000	#	Avery Point IV CLO Ltd. 2014-1A CR, 3.506%, 04/25/26		250,030		0.1
	250,000	#	Babson CLO Ltd. 2014-IA BR, 3.356%, 07/20/25		250,002		0.1
	510,000	#	BlueMountain CLO 2012-2A BR, 3.072%, 11/20/28		511,380		0.2
	330,000	#	BlueMountain CLO 2014-4A B1R, 3.050%, 11/30/26		330,262		0.2
	300,000	#	BlueMountain CLO 2014-4A CR, 3.750%, 11/30/26		300,297		0.1
	640,000	#	Bristol Park CLO Ltd. 2016-1A B, 3.058%, 04/15/29		643,165		0.3
	290,000	#	Carlyle Global Market Strategies CLO Ltd. 2012-4A BR, 3.056%, 01/20/29		290,882		0.1
	250,000	#	Carlyle Global Market Strategies CLO Ltd. 2014-3A BR, 3.320%, 07/27/26		250,471		0.1
	250,000	#	Cedar Funding II CLO Ltd. 2013-1A CR, 3.639%, 06/09/30		250,000		0.1
	500,000	#	Cedar Funding IV CLO Ltd. 2014-4A CR, 3.406%, 07/23/30		499,994		0.2
	520,000	#	Dryden 33 Senior Loan Fund 2014-33A BR, 3.008%, 10/15/28		521,565		0.2
	1,300,000	#	Madison Park Funding Ltd. 2007-6A C, 2.167%, 07/26/21		1,292,912		0.6
	250,000	#	Octagon Investment Partners XIX Ltd. 2014-1A CR, 3.258%, 04/15/26		250,033		0.1
	250,000	#	Palmer Square CLO 2015-2A BR Ltd., 3.707%, 07/20/30		250,000		0.1
	420,000	#	Shackleton CLO Ltd. 2016-9A A, 2.656%, 10/20/28		424,179		0.2
	250,000	#	Thacher Park CLO Ltd. 2014-1A CR, 3.356%, 10/20/26		250,007		0.1
					7,738,160		3.4
			United States: 0.4%
	366,873		Citigroup Mortgage Loan Trust 2006-WF1 A2E, 5.076%, 03/25/36		275,137		0.1
	640,000	#	OHA Loan Funding Ltd. 2016-1A B1, 2.956%, 01/20/28		641,461		0.3
					916,598		0.4
		Total Asset-Backed Securities
		(Cost $8,615,531)			8,654,758		3.8

Shares				Value		Percentage of Net Assets
COMMON STOCK: 0.0%
			United States: 0.0%
	43,083	@,L	American Media, Inc.		–		–
	4,988	@	Resolute Forest Products, Inc.		21,947		0.0
		Total Common Stock
		(Cost $1,298,014)			21,947		0.0
MUTUAL FUNDS: 22.9%
			United States: 22.9%
	1,040,317		Voya Emerging Markets Corporate Debt Fund - Class P		10,403,168		4.6
	1,581,468		Voya Emerging Markets Hard Currency Debt Fund - Class P		15,450,946		6.8
	3,047,105		Voya Emerging Markets Local Currency Debt Fund - Class P		23,340,824		10.3
	346,262		Voya High Yield Bond Fund - Class P		2,828,962		1.2
		Total Mutual Funds
		(Cost $58,199,568)			52,023,900		22.9

# of Contracts				Value		Percentage of Net Assets
PURCHASED OPTIONS: 1.7%
			OTC Interest Rate Swaptions: 1.7%
	11,400,000	@	Call on 30-Year Interest Rate Swap, Receive a fixed rate equal to 1.315% and pay a floating rate based on the 6-month EUR-EURIBOR, Exp. 04/10/37 Counterparty: Morgan Stanley Capital Services LLC		1,498,814		0.7
	61,100,000	@	Put on 10-Year Interest Rate Swap, Receive a floating rate based on the 3-month USD-LIBOR and pay a fixed rate equal to 2.522%, Exp. 09/29/17 Counterparty: Goldman Sachs International		264,788		0.1
	47,400,000	@	Put on 10-Year Interest Rate Swap, Receive a floating rate based on the 3-month USD-LIBOR and pay a fixed rate equal to 2.551%, Exp. 07/12/17 Counterparty: Morgan Stanley Capital Services LLC		780		0.0

See Accompanying Notes to Financial Statements

9

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

# of Contracts				Value		Percentage of Net Assets
PURCHASED OPTIONS: (continued)
			OTC Interest Rate Swaptions: (continued)
	86,200,000	@	Put on 10-Year Interest Rate Swap, Receive a floating rate based on the 3-month USD-LIBOR and pay a fixed rate equal to 2.574%, Exp. 07/12/17 Counterparty: Bank of America N.A.		766		0.0
	45,500,000	@	Put on 30-Year Interest Rate Swap, Receive a floating rate based on the 3-month USD-LIBOR and pay a fixed rate equal to 2.850%, Exp. 07/06/17 Counterparty: JPMorgan Chase Bank N.A.		1		0.0
	11,400,000	@	Put on 30-Year Interest Rate Swap, Receive a floating rate based on the 6-month EUR-EURIBOR and pay a fixed rate equal to 1.315%, Exp. 04/10/37 Counterparty: Morgan Stanley Capital Services LLC		2,031,860		0.9
					3,797,009		1.7
		Total Purchased Options
		(Cost $5,286,648)			3,797,009		1.7
		Total Long-Term Investments
		(Cost $215,052,974)			209,809,195		92.5

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 9.4%
			Corporate Bonds/Notes: 0.6%
	537,000		Allergan Funding SCS, 2.350%, 03/12/18		539,341		0.3
	265,000	#	Barclays Bank PLC, 6.050%, 12/04/17		269,606		0.1
	362,000		JPMorgan Chase & Co., 1.625%, 05/15/18		361,977		0.2
					1,170,924		0.6
			Commercial Paper: 0.9%
	2,000,000		Kroger Co., 1.404%, 07/03/17
			(Cost $1,999,855)		1,999,766		0.9
			U.S. Government Agency Obligations: 0.0%
	1,850		Freddie Mac, 5.500%, 01/01/18		1,863		0.0
	70		Freddie Mac, 6.500%, 04/01/18		71		0.0
					1,934		0.0
			Securities Lending Collateralcc: 0.9%
	4,092		BNP Paribas S.A., Repurchase Agreement dated 06/30/17, 1.14%, due 07/03/17 (Repurchase Amount $4,092, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $4,174, due 07/28/17-09/09/49)		4,092		0.0
	85,743		Cantor Fitzgerald, Repurchase Agreement dated 06/30/17, 1.15%, due 07/03/17 (Repurchase Amount $85,751, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $87,458, due 07/15/17-05/20/67)		85,743		0.0
	4,981		HSBC Securities USA, Repurchase Agreement dated 06/30/17, 1.08%, due 07/03/17 (Repurchase Amount $4,981, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-7.250%, Market Value plus accrued interest $5,081, due 07/15/17-01/15/37)		4,981		0.0
	2,447		Jefferies LLC, Repurchase Agreement dated 06/30/17, 1.18%, due 07/03/17 (Repurchase Amount $2,447, collateralized by various U.S. Government Agency Obligations, 0.000%-7.125%, Market Value plus accrued interest $2,496, due 07/07/17-01/15/30)		2,447		0.0
	1,000,000		NBC Global Finance Ltd., Repurchase Agreement dated 06/30/17, 1.20%, due 07/03/17 (Repurchase Amount $1,000,099, collateralized by various U.S. Government Securities, 0.000%-2.500%, Market Value plus accrued interest $1,020,000, due 08/15/21-09/09/49)		1,000,000		0.5

See Accompanying Notes to Financial Statements

10

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Securities Lending Collateralcc: (continued)
	1,000,000		State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/17, 1.30%, due 07/03/17 (Repurchase Amount $1,000,107, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $1,019,997, due 01/15/19-02/15/46)		1,000,000		0.4
					2,097,263		0.9
			Collateralized Mortgage Obligations: 0.0%
	221,751	^	Fannie Mae REMIC Trust 2011-69 AI, 5.000%, 05/25/18
			(Cost $3,374)		1,888		0.0
			Foreign Government Bonds: 0.0%
EUR	10,000	Z	Bundesschatzanweisungen, -0.690%, 12/15/17
			(Cost $11,081)		11,457		0.0
			U.S. Treasury Obligations: 0.1%
	209,000		United States Treasury Note, 0.625%, 06/30/18
			(Cost $207,943)		207,686		0.1

Shares				Value			Percentage of Net Assets
			Mutual Funds: 6.9%
	15,709,000		BlackRock Liquidity Funds, FedFund, Institutional Class, 0.860%††
			(Cost $15,709,000)		15,709,000			6.9
		Total Short-Term Investments
		(Cost $21,194,033)			21,199,919			9.3
		Total Investments in Securities (Cost $236,247,007)		$	231,009,113			101.9
		Liabilities in Excess of Other Assets			(4,355,244	)		(1.9	)
		Net Assets		$	226,653,869			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of June 30, 2017.
#	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 June 30, 2017.
±	Defaulted security
^	Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security.
Z	Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2017.

BRL	Brazilian Real
EUR	EU Euro
IDR	Indonesian Rupiah
MXN	Mexican Peso
RUB	Russian Ruble
ZAR	South African Rand

Cost for federal income tax purposes is $236,000,167.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	4,840,498
Gross Unrealized Depreciation		(9,831,552	)
Net Unrealized Depreciation	$	(4,991,054	)

See Accompanying Notes to Financial Statements

11

VY^® American Century Small-Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 95.9%
			Consumer Discretionary: 6.8%
	23,053		Advance Auto Parts, Inc.		2,687,749		0.7
	29,856		Camping World Holdings, Inc.		921,057		0.3
	30,621		Carnival Corp.		2,007,819		0.6
	106,638		ClubCorp Holdings, Inc.		1,396,958		0.4
	13,847	L	Cooper Tire & Rubber Co.		499,877		0.1
	11,527		Culp, Inc.		374,627		0.1
	21,803		Delphi Automotive PLC		1,911,033		0.5
	277,301		Entravision Communications Corp.		1,830,187		0.5
	39,669	@	Gray Television, Inc.		543,465		0.2
	89,156	L	Honda Motor Co., Ltd. ADR		2,441,983		0.7
	14,814	@	Malibu Boats, Inc.		383,238		0.1
	45,046	@	MarineMax, Inc.		880,649		0.2
	74,330		Mattel, Inc.		1,600,325		0.4
	20,042	@	MCBC Holdings, Inc.		391,821		0.1
	19,015		Penske Auto Group, Inc.		834,949		0.2
	81,537		Pulte Group, Inc.		2,000,103		0.6
	13,714		Ralph Lauren Corp.		1,012,093		0.3
	12,865	@	Red Robin Gourmet Burgers, Inc.		839,441		0.2
	37,065		Target Corp.		1,938,129		0.5
	21,836	@	Townsquare Media, Inc.		223,601		0.1
					24,719,104		6.8
			Consumer Staples: 5.4%
	110,987		Conagra Brands, Inc.		3,968,895		1.1
	18,241	@	Edgewell Personal Care Co.		1,386,681		0.4
	6,791		Energizer Holdings, Inc.		326,104		0.1
	40,447		General Mills, Inc.		2,240,764		0.6
	11,103		JM Smucker Co.		1,313,818		0.4
	7,583		John B Sanfilippo & Son, Inc.		478,563		0.1
	32,004		Kellogg Co.		2,222,998		0.6
	17,323		Lamb Weston Holdings, Inc.		762,905		0.2
	77,342		Mondelez International, Inc.		3,340,401		0.9
	45,629		Sysco Corp.		2,296,507		0.6
	15,253	@,L	TreeHouse Foods, Inc.		1,246,018		0.4
					19,583,654		5.4
			Energy: 10.3%
	28,788		Aegean Marine Petroleum Network, Inc.		168,410		0.0
	54,803		Anadarko Petroleum Corp.		2,484,768		0.7
	81,294	L	Ardmore Shipping Corp.		662,546		0.2
	66,974		Baker Hughes, Inc.		3,650,753		1.0
	38,654	@	Callon Petroleum Co.		410,119		0.1
	13,320	@	Carrizo Oil & Gas, Inc.		232,034		0.1
	7,022		Cimarex Energy Co.		660,138		0.2
	61,148	@	Contango Oil & Gas Co.		406,023		0.1
	58,909		Devon Energy Corp.		1,883,321		0.5
	3,383	@	Dril-Quip, Inc.		165,090		0.0
	76,662		EQT Corp.		4,491,627		1.2
	46,579	@,L	Extraction Oil & Gas, Inc.		626,487		0.2
	20,527		Halliburton Co.		876,708		0.2
	39,171	@	Helix Energy Solutions Group, Inc.		220,924		0.1
	28,848	L	Helmerich & Payne, Inc.		1,567,600		0.4
	144,085		Imperial Oil Ltd.		4,199,887		1.2
	30,072	@,L	Keane Group, Inc.		481,152		0.1
	35,116	@,L	Mammoth Energy Services, Inc.		653,158		0.2
	47,440		Marathon Petroleum Corp.		2,482,535		0.7
	84,424		National Oilwell Varco, Inc.		2,780,927		0.8
	111,511		Noble Energy, Inc.		3,155,761		0.9
	51,939		Occidental Petroleum Corp.		3,109,588		0.9
	121,738		Scorpio Tankers, Inc.		483,300		0.1
	23,400	L	Spectra Energy Partners L.P.		1,003,860		0.3
	44,019	@,L	WildHorse Resource Development Corp.		544,515		0.1
					37,401,231		10.3
			Financials: 24.6%
	17,675		Aflac, Inc.		1,372,994		0.4
	27,066		Ameriprise Financial, Inc.		3,445,231		1.0
	12,384		Amerisafe, Inc.		705,269		0.2
	67,075	L	Ares Management L.P.		1,207,350		0.3
	28,390		Arthur J. Gallagher & Co.		1,625,327		0.5
	6,891	@	Atlas Financial Holdings, Inc.		102,676		0.0
	14,699		Bank of Hawaii Corp.		1,219,576		0.3
	50,628		Bank of the Ozarks, Inc.		2,372,934		0.7
	75,841		BankUnited, Inc.		2,556,600		0.7
	74,724		BB&T Corp.		3,393,217		0.9
	10,573		Blackstone Mortgage Trust, Inc.		334,107		0.1
	68,988		Boston Private Financial Holdings, Inc.		1,058,966		0.3
	32,807		Brown & Brown, Inc.		1,412,997		0.4
	20,664		Capital Bank Financial Corp.		787,298		0.2
	153,644		Capitol Federal Financial, Inc.		2,183,281		0.6
	21,872		Chubb Ltd.		3,179,751		0.9
	11,922		Comerica, Inc.		873,167		0.2
	44,254		Commerce Bancshares, Inc.		2,514,955		0.7
	124,586		Compass Diversified Holdings		2,174,026		0.6
	16,112	@	Donnelley Financial Solutions, Inc.		369,932		0.1
	35,686	@	FCB Financial Holdings, Inc.		1,704,006		0.5
	16,565	L	First Financial Bankshares, Inc.		732,173		0.2
	48,080		First Hawaiian, Inc.		1,472,210		0.4
	118,784		FNB Corp.		1,681,981		0.5
	30,252		Hanover Insurance Group, Inc.		2,681,235		0.7

See Accompanying Notes to Financial Statements

12

VY^® American Century Small-Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Financials: (continued)
	117,687		Invesco Ltd.		4,141,406		1.1
	19,086		James River Group Holdings Ltd.		758,287		0.2
	23,800		Kinsale Capital Group, Inc.		887,978		0.3
	44,684		LegacyTexas Financial Group, Inc.		1,703,801		0.5
	17,657		M&T Bank Corp.		2,859,551		0.8
	81,027		Northern Trust Corp.		7,876,635		2.2
	18,015		PNC Financial Services Group, Inc.		2,249,533		0.6
	19,834		ProAssurance Corp.		1,205,907		0.3
	17,835		Reinsurance Group of America, Inc.		2,289,836		0.6
	25,748		RLI Corp.		1,406,356		0.4
	25,397		Southside Bancshares, Inc.		887,371		0.2
	19,841		State Street Corp.		1,780,333		0.5
	21,720		SunTrust Banks, Inc.		1,231,958		0.3
	30,856		T. Rowe Price Group, Inc.		2,289,824		0.6
	20,888	@	Texas Capital Bancshares, Inc.		1,616,731		0.5
	10,906		Torchmark Corp.		834,309		0.2
	8,085		Travelers Cos., Inc.		1,022,995		0.3
	72,001		Two Harbors Investment Corp.		713,530		0.2
	32,175		UMB Financial Corp.		2,408,621		0.7
	54,560		Unum Group		2,544,133		0.7
	33,914		Validus Holdings Ltd.		1,762,511		0.5
	190,258		Valley National Bancorp		2,246,947		0.6
	37,104	L	Westamerica Bancorp.		2,079,308		0.6
	22,702	@	Western Alliance Bancorp.		1,116,938		0.3
					89,076,058		24.6
			Health Care: 8.0%
	29,166		Abbott Laboratories		1,417,759		0.4
	41,966	@	AMN Healthcare Services, Inc.		1,638,772		0.5
	23,091		Baxter International, Inc.		1,397,929		0.4
	30,417		Cardinal Health, Inc.		2,370,093		0.7
	33,534	@	Express Scripts Holding Co.		2,140,811		0.6
	20,565	@	HCA Healthcare, Inc.		1,793,268		0.5
	54,214	@	LifePoint Health, Inc.		3,640,470		1.0
	11,462		McKesson Corp.		1,885,958		0.5
	28,297		Owens & Minor, Inc.		910,880		0.2
	9,204	@	PharMerica Corp.		241,605		0.1
	17,185	@	Providence Service Corp.		869,733		0.2
	21,748		Quest Diagnostics, Inc.		2,417,508		0.7
	22,464		STERIS PLC		1,830,816		0.5
	8,942		Utah Medical Products, Inc.		647,401		0.2
	43,146		Zimmer Biomet Holdings, Inc.		5,539,946		1.5
					28,742,949		8.0
			Industrials: 14.3%
	10,105	@	Advisory Board Co.		520,407		0.1
	8,971		Apogee Enterprises, Inc.		509,912		0.1
	1,647		Brink's Co.		110,349		0.0
	10,549	@	Continental Building Products, Inc.		245,792		0.1
	58,421	@	CSW Industrials, Inc.		2,257,972		0.6
	13,543		Cummins, Inc.		2,196,945		0.6
	12,187		Deluxe Corp.		843,584		0.2
	9,250	@	DXP Enterprises, Inc.		319,125		0.1
	6,129	@,L	Dycom Industries, Inc.		548,668		0.2
	37,707		Emerson Electric Co.		2,248,091		0.6
	19,780		EnPro Industries, Inc.		1,411,699		0.4
	60,946	@	Foundation Building Materials, Inc.		783,766		0.2
	32,345	@	Gardner Denver Holdings, Inc.		698,975		0.2
	46,557		Global Brass & Copper Holdings, Inc.		1,422,316		0.4
	17,811	@	GMS, Inc.		500,489		0.1
	23,269		Graham Corp.		457,469		0.1
	27,425	@	Harsco Corp.		441,542		0.1
	151,358	L	Heartland Express, Inc.		3,151,274		0.9
	10,312		Hexcel Corp.		544,370		0.2
	27,738		Hubbell, Inc.		3,139,109		0.9
	17,895	@	Huron Consulting Group, Inc.		773,064		0.2
	36,329		Ingersoll-Rand PLC - Class A		3,320,107		0.9
	58,678	@	Innerworkings, Inc.		680,665		0.2
	27,684		Interface, Inc.		543,991		0.2
	7,238		ITT, Inc.		290,823		0.1
	169,889		Johnson Controls International plc		7,366,387		2.0
	68,167		Koninklijke Philips NV		2,426,661		0.7
	29,669		Korn/Ferry International		1,024,471		0.3
	9,333		Multi-Color Corp.		761,573		0.2
	53,631	@	NCI Building Systems, Inc.		895,638		0.3
	7,186	@	On Assignment, Inc.		389,122		0.1
	13,173		Paccar, Inc.		869,945		0.2
	9,072		Parker Hannifin Corp.		1,449,887		0.4
	31,766		Republic Services, Inc.		2,024,447		0.6
	29,598	@	Rexnord Corp.		688,154		0.2
	7,144		Rockwell Automation, Inc.		1,157,042		0.3
	65,992		Textron, Inc.		3,108,223		0.9
	19,914	@	Thermon Group Holdings, Inc.		381,751		0.1
	7,698		Valmont Industries, Inc.		1,151,621		0.3
					51,655,426		14.3
			Information Technology: 8.6%
	71,623		Applied Materials, Inc.		2,958,746		0.8
	24,750		AVX Corp.		404,415		0.1
	12,811		Belden, Inc.		966,334		0.3
	32,636	@,L	BroadSoft, Inc.		1,404,980		0.4
	52,248	@	Cray, Inc.		961,363		0.3
	41,540		CSRA, Inc.		1,318,895		0.4
	66,305	L	Cypress Semiconductor Corp.		905,063		0.2
	98,834		EVERTEC, Inc.		1,709,828		0.5
	1,407	@	IPG Photonics Corp.		204,156		0.1
	81,384	@	Keysight Technologies, Inc.		3,168,279		0.9
	49,563	@	Kulicke & Soffa Industries, Inc.		942,688		0.3
	19,173		Lam Research Corp.		2,711,637		0.7
	73,376		Maxim Integrated Products		3,294,583		0.9
	17,167	@	OSI Systems, Inc.		1,290,100		0.4

See Accompanying Notes to Financial Statements

13

VY^® American Century Small-Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Information Technology: (continued)
	37,690	@,L	Presidio, Inc.		539,344		0.1
	31,224		TE Connectivity Ltd.		2,456,704		0.7
	61,299	@,L	Teradata Corp.		1,807,708		0.5
	87,774		Teradyne, Inc.		2,635,853		0.7
	69,341	@	VeriFone Holdings, Inc.		1,255,072		0.3
					30,935,748		8.6
			Materials: 5.0%
	48,356		Bemis Co., Inc.		2,236,465		0.6
	1,640		Chase Corp.		174,988		0.0
	210,146		Graphic Packaging Holding Co.		2,895,812		0.8
	29,755		Innophos Holdings, Inc.		1,304,459		0.4
	20,567		Innospec, Inc.		1,348,167		0.4
	20,591		Minerals Technologies, Inc.		1,507,261		0.4
	8,153		Myers Industries, Inc.		146,346		0.0
	34,936		PolyOne Corp.		1,353,421		0.4
	66,524		Silgan Holdings, Inc.		2,114,133		0.6
	41,639		Sonoco Products Co.		2,141,077		0.6
	51,285		WestRock Co.		2,905,808		0.8
					18,127,937		5.0
			Real Estate: 6.0%
	17,215		American Tower Corp.		2,277,889		0.6
	48,258		Armada Hoffler Properties, Inc.		624,941		0.2
	4,305		Boston Properties, Inc.		529,601		0.1
	34,887		CareTrust REIT, Inc.		646,805		0.2
	12,699		Chatham Lodging Trust		255,123		0.1
	21,029		Community Healthcare Trust, Inc.		538,132		0.1
	26,647		DiamondRock Hospitality Co.		291,785		0.1
	48,157		Empire State Realty Trust, Inc.		1,000,221		0.3
	3,238		EPR Properties		232,715		0.1
	13,110		Four Corners Property Trust, Inc.		329,192		0.1
	95,418		Kite Realty Group Trust		1,806,263		0.5
	41,080		Lexington Realty Trust		407,103		0.1
	80,836		MedEquities Realty Trust, Inc.		1,020,150		0.3
	46,502		Medical Properties Trust, Inc.		598,481		0.2
	50,803	L	MGM Growth Properties LLC		1,482,940		0.4
	98,388		Piedmont Office Realty Trust, Inc.		2,074,019		0.6
	14,274		RLJ Lodging Trust		283,624		0.1
	28,911	L	Sabra Healthcare REIT, Inc.		696,755		0.2
	30,682		Summit Hotel Properties, Inc.		572,219		0.1
	15,271		Sunstone Hotel Investors, Inc.		246,169		0.1
	24,054		Urstadt Biddle Properties, Inc.		476,269		0.1
	153,239		Weyerhaeuser Co.		5,133,506		1.4
					21,523,902		6.0
			Telecommunication Services: 0.8%
	50,155	@	Level 3 Communications, Inc.		2,974,191		0.8
			Utilities: 6.1%
	32,572		Ameren Corp.		1,780,711		0.5
	19,248		Atmos Energy Corp.		1,596,622		0.4
	45,555		Edison International		3,561,946		1.0
	18,579		Eversource Energy		1,127,931		0.3
	26,355		NorthWestern Corp.		1,608,182		0.5
	56,036		PG&E Corp.		3,719,109		1.0
	21,565		Pinnacle West Capital Corp.		1,836,475		0.5
	28,264		Spire, Inc.		1,971,414		0.6
	20,505		Westar Energy, Inc.		1,087,175		0.3
	78,303		Xcel Energy, Inc.		3,592,542		1.0
					21,882,107		6.1
		Total Common Stock
		(Cost $307,763,810)			346,622,307		95.9
EXCHANGE-TRADED FUNDS: 1.7%
	75,213		iShares Russell Midcap Value Index Fund		6,324,661		1.7
		Total Exchange-Traded Funds
		(Cost $5,938,701)			6,324,661		1.7
PREFERRED STOCK: 0.2%
			Industrials: 0.2%
	13,889	@,L	Rexnord Corp.		753,479		0.2
		Total Preferred Stock
		(Cost $700,800)			753,479		0.2
		Total Long-Term Investments
		(Cost $314,403,311)			353,700,447		97.8

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 7.4%
		Securities Lending Collateralcc: 4.9%
	388,155	BNP Paribas S.A., Repurchase Agreement dated 06/30/17, 1.11%, due 07/03/17 (Repurchase Amount $388,190, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $395,918, due 07/28/17-09/09/49)		388,155		0.1
	4,173,669	Cantor Fitzgerald, Repurchase Agreement dated 06/30/17, 1.15%, due 07/03/17 (Repurchase Amount $4,174,063, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $4,257,142, due 07/15/17-05/20/67)		4,173,669		1.2

See Accompanying Notes to Financial Statements

14

VY^® American Century Small-Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateralcc: (continued)
	3,958,996	Daiwa Capital Markets, Repurchase Agreement dated 06/30/17, 1.15%, due 07/03/17 (Repurchase Amount $3,959,370, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $4,038,176, due 07/13/17-12/01/51)		3,958,996		1.1
	472,471	HSBC Securities USA, Repurchase Agreement dated 06/30/17, 1.06%, due 07/03/17 (Repurchase Amount $472,512, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-7.250%, Market Value plus accrued interest $481,921, due 07/15/17-01/15/37)		472,471		0.1
	232,056	Jefferies LLC, Repurchase Agreement dated 06/30/17, 1.25%, due 07/03/17 (Repurchase Amount $232,080, collateralized by various U.S. Government Agency Obligations, 0.000%-7.125%, Market Value plus accrued interest $236,698, due 07/07/17-01/15/30)		232,056		0.1
	4,173,669	NBC Global Finance Ltd., Repurchase Agreement dated 06/30/17, 1.20%, due 07/03/17 (Repurchase Amount $4,174,081, collateralized by various U.S. Government Securities, 0.000%-2.500%, Market Value plus accrued interest $4,257,142, due 08/15/21-09/09/49)		4,173,669		1.1
	4,173,700	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/17, 1.30%, due 07/03/17 (Repurchase Amount $4,174,146, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $4,257,162, due 01/15/19-02/15/46)		4,173,700		1.2
				17,572,716		4.9

Shares				Value			Percentage of Net Assets
			Mutual Funds: 2.5%
	9,237,991		BlackRock Liquidity Funds, FedFund, Institutional Class, 0.860%††
			(Cost $9,237,991)		9,237,991			2.5
		Total Short-Term Investments
		(Cost $26,810,707)			26,810,707			7.4
		Total Investments in Securities (Cost $341,214,018)		$	380,511,154			105.2
		Liabilities in Excess of Other Assets			(18,886,913	)		(5.2	)
		Net Assets		$	361,624,241			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of June 30, 2017.
@	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 June 30, 2017.

Cost for federal income tax purposes is $345,419,191.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	48,764,523
Gross Unrealized Depreciation		(13,672,560	)
Net Unrealized Appreciation	$	35,091,963

See Accompanying Notes to Financial Statements

15

VY^® Baron Growth Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 94.5%
			Consumer Discretionary: 31.4%
	2,110,964	@	AO World PLC		3,190,127		0.4
	303,550	@	Bright Horizons Family Solutions, Inc.		23,437,096		3.1
	31,000		Camping World Holdings, Inc.		956,350		0.1
	550,000		Choice Hotels International, Inc.		35,337,500		4.6
	120,000		ClubCorp Holdings, Inc.		1,572,000		0.2
	100,000		Dick's Sporting Goods, Inc.		3,983,000		0.5
	728,364		Manchester United PLC - Class A		11,835,915		1.6
	188,200		Marriott Vacations Worldwide Corp.		22,160,550		2.9
	472,571	@	Penn National Gaming, Inc.		10,113,019		1.3
	593,691	@	Pinnacle Entertainment, Inc.		11,731,334		1.5
	213,000		Red Rock Resorts, Inc.		5,016,150		0.7
	400,000	@	Under Armour, Inc. - Class A		8,704,000		1.1
	331,251	@	Under Armour, Inc. - Class C		6,678,020		0.9
	470,000		Vail Resorts, Inc.		95,330,100		12.5
					240,045,161		31.4
			Consumer Staples: 3.3%
	187,000		Church & Dwight Co., Inc.		9,701,560		1.3
	135,000	@	Performance Food Group Co.		3,699,000		0.5
	229,876	@	Smart & Final Stores, Inc.		2,091,872		0.3
	116,700	@	TreeHouse Foods, Inc.		9,533,223		1.2
					25,025,655		3.3
			Financials: 16.7%
	195,000	@	Arch Capital Group Ltd.		18,191,550		2.4
	270,000		Carlyle Group L.P.		5,332,500		0.7
	330,000		Cohen & Steers, Inc.		13,378,200		1.8
	47,000	@	Essent Group Ltd.		1,745,580		0.2
	82,000		Factset Research Systems, Inc.		13,626,760		1.8
	297,229		Financial Engines, Inc.		10,878,581		1.4
	103,926		Kinsale Capital Group, Inc.		3,877,479		0.5
	80,000		Moelis & Co.		3,108,000		0.4
	149,000		Morningstar, Inc.		11,672,660		1.5
	182,500		MSCI, Inc. - Class A		18,795,675		2.5
	160,000		Oaktree Capital Group LLC		7,456,000		1.0
	253,500		Primerica, Inc.		19,202,625		2.5
					127,265,610		16.7
			Health Care: 9.4%
	103,500		Bio-Techne Corp.		12,161,250		1.6
	12,000	@	Evolent Health, Inc.		304,200		0.0
	76,133	@	Glaukos Corp.		3,157,235		0.4
	176,000	@	Idexx Laboratories, Inc.		28,409,920		3.7
	300,000	@	Inovalon Holdings, Inc.		3,945,000		0.5
	18,900	@	Mettler Toledo International, Inc.		11,123,406		1.5
	47,008	@	Neogen Corp.		3,248,723		0.4
	100,500		West Pharmaceutical Services, Inc.		9,499,260		1.3
					71,848,994		9.4
			Industrials: 2.8%
	70,000		Air Lease Corp.		2,615,200		0.3
	120,000	@	Caesarstone Ltd.		4,206,000		0.6
	85,000	@	Middleby Corp.		10,328,350		1.4
	60,000	@	Trex Co., Inc.		4,059,600		0.5
					21,209,150		2.8
			Information Technology: 21.3%
	198,500	@	ANSYS, Inc.		24,153,480		3.2
	300,448	@	Benefitfocus, Inc.		10,921,285		1.4
	137,300	@	CoStar Group, Inc.		36,192,280		4.7
	298,600	@	Gartner, Inc.		36,880,086		4.8
	164,000	@	Guidewire Software, Inc.		11,268,440		1.5
	15,000		Littelfuse, Inc.		2,475,000		0.3
	257,000		MAXIMUS, Inc.		16,095,910		2.1
	605,000		SS&C Technologies Holdings, Inc.		23,238,050		3.1
	20,998	@	Wix.com Ltd.		1,461,461		0.2
					162,685,992		21.3
			Real Estate: 8.3%
	14,720		Alexander's, Inc.		6,203,891		0.8
	82,000		Alexandria Real Estate Equities, Inc.		9,878,540		1.3
	68,838		American Assets Trust, Inc.		2,711,529		0.4
	470,000		Douglas Emmett, Inc.		17,958,700		2.3
	710,000		Gaming and Leisure Properties, Inc.		26,745,700		3.5
					63,498,360		8.3
			Telecommunication Services: 1.3%
	921,311	@	Iridium Communications, Inc.		10,180,487		1.3
		Total Common Stock
		(Cost $286,686,442)			721,759,409		94.5
SHORT-TERM INVESTMENTS: 5.1%
			Mutual Funds: 5.1%
	39,232,528		BlackRock Liquidity Funds, FedFund, Institutional Class, 0.860%††
			(Cost $39,232,528)		39,232,528		5.1
		Total Short-Term Investments
		(Cost $39,232,528)			39,232,528		5.1
		Total Investments in Securities (Cost $325,918,970)		$	760,991,937		99.6
		Assets in Excess of Other Liabilities			2,755,291		0.4
		Net Assets		$	763,747,228		100.0

††	Rate shown is the 7-day yield as of June 30, 2017.
@	Non-income producing security.

See Accompanying Notes to Financial Statements

16

VY^® Baron Growth Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Cost for federal income tax purposes is $331,612,930.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	440,681,356
Gross Unrealized Depreciation		(11,302,349	)
Net Unrealized Appreciation	$	429,379,007

See Accompanying Notes to Financial Statements

17

VY^® Columbia Contrarian Core Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 96.4%
			Consumer Discretionary: 12.6%
	76,330		Coach, Inc.		3,613,462		1.1
	212,339		Comcast Corp. – Class A		8,264,234		2.5
	26,340		Dollar General Corp.		1,898,851		0.6
	12,130		Expedia, Inc.		1,806,763		0.6
	60,785	@	Liberty Interactive Corp. QVC Group		1,491,664		0.5
	82,269		Lowe's Cos, Inc.		6,378,315		2.0
	7,797		Marriott International, Inc.		782,117		0.2
	23,875		McDonald's Corp.		3,656,695		1.1
	31,665		Newell Brands, Inc.		1,697,877		0.5
	28,520		PVH Corp.		3,265,540		1.0
	7,355		Royal Caribbean Cruises Ltd.		803,387		0.3
	56,880		Starbucks Corp.		3,316,673		1.0
	37,095		Walt Disney Co.		3,941,344		1.2
					40,916,922		12.6
			Consumer Staples: 6.7%
	16,239		CVS Health Corp.		1,306,590		0.4
	35,375		Kellogg Co.		2,457,147		0.8
	43,705		Kroger Co.		1,019,201		0.3
	44,313		PepsiCo, Inc.		5,117,708		1.6
	88,875		Philip Morris International, Inc.		10,438,369		3.2
	27,567		Sysco Corp.		1,387,447		0.4
					21,726,462		6.7
			Energy: 6.3%
	121,908		Canadian Natural Resources Ltd.		3,515,827		1.1
	48,411		Chevron Corp.		5,050,719		1.5
	29,439		EOG Resources, Inc.		2,664,818		0.8
	72,185		Exxon Mobil Corp.		5,827,495		1.8
	81,446		Halliburton Co.		3,478,559		1.1
					20,537,418		6.3
			Financials: 17.4%
	31,195		Aon PLC		4,147,375		1.3
	136,556		Bank of New York Mellon Corp.		6,967,087		2.1
	56,202	@	Berkshire Hathaway, Inc. – Class B		9,518,933		2.9
	1,986		Blackrock, Inc.		838,906		0.3
	150,211		Citigroup, Inc.		10,046,112		3.1
	22,377		Invesco Ltd.		787,447		0.2
	113,403		JPMorgan Chase & Co.		10,365,034		3.2
	108,225		Morgan Stanley		4,822,506		1.5
	8,720		S&P Global, Inc.		1,273,033		0.4
	139,255		Wells Fargo & Co.		7,716,119		2.4
					56,482,552		17.4
			Health Care: 16.1%
	75,503		Abbott Laboratories		3,670,201		1.1
	11,590	@	Alexion Pharmaceuticals, Inc.		1,410,155		0.4
	17,015		Allergan plc		4,136,176		1.3
	20,505		Anthem, Inc.		3,857,606		1.2
	9,060	@	Biogen, Inc.		2,458,522		0.8
	47,250		Bristol-Myers Squibb Co.		2,632,770		0.8
	42,194		Cardinal Health, Inc.		3,287,756		1.0
	39,639	@	Celgene Corp.		5,147,917		1.6
	29,163		Cigna Corp.		4,881,595		1.5
	66,914		Johnson & Johnson		8,852,053		2.7
	28,983		Medtronic PLC		2,572,241		0.8
	162,360		Pfizer, Inc.		5,453,672		1.7
	11,096	@	Vertex Pharmaceuticals, Inc.		1,429,942		0.4
	19,360		Zimmer Biomet Holdings, Inc.		2,485,824		0.8
					52,276,430		16.1
			Industrials: 8.2%
	33,522		Eaton Corp. PLC		2,609,017		0.8
	35,141		FedEx Corp.		7,637,194		2.3
	138,525		General Electric Co.		3,741,560		1.2
	56,237		Honeywell International, Inc.		7,495,830		2.3
	64,613		Johnson Controls International plc		2,801,620		0.9
	59,670		Nielsen Holdings PLC		2,306,842		0.7
					26,592,063		8.2
			Information Technology: 21.6%
	66,290		Activision Blizzard, Inc.		3,816,315		1.2
	4,833	@	Alphabet, Inc. - Class A		4,493,143		1.4
	9,824	@	Alphabet, Inc. - Class C		8,927,364		2.7
	93,686		Apple, Inc.		13,492,658		4.2
	27,681		Broadcom Ltd.		6,451,057		2.0
	10,669	@	Electronic Arts, Inc.		1,127,927		0.3
	65,400	@	Facebook, Inc.		9,874,092		3.0
	42,415		Fidelity National Information Services, Inc.		3,622,241		1.1
	3,153	@	FleetCor Technologies, Inc.		454,694		0.1
	48,051		Mastercard, Inc. - Class A		5,835,794		1.8
	137,370		Microsoft Corp.		9,468,914		2.9
	6,785	@	Palo Alto Networks, Inc.		907,901		0.3
	31,190		Total System Services, Inc.		1,816,817		0.6
					70,288,917		21.6
			Materials: 2.2%
	22,110		Ball Corp.		933,263		0.3
	36,170		Sealed Air Corp.		1,618,969		0.5
	13,453		Sherwin-Williams Co.		4,721,465		1.4
					7,273,697		2.2
			Real Estate: 1.6%
	38,045		American Tower Corp.		5,034,115		1.6
			Telecommunication Services: 2.4%
	149,995		AT&T, Inc.		5,659,311		1.8
	44,707		Verizon Communications, Inc.		1,996,615		0.6
					7,655,926		2.4
			Utilities: 1.3%
	13,946		Edison International		1,090,438		0.3

See Accompanying Notes to Financial Statements

18

VY^® Columbia Contrarian Core Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Utilities: (continued)
	64,185		Southern Co.		3,073,178		1.0
					4,163,616		1.3
		Total Common Stock
		(Cost $254,166,849)			312,948,118		96.4

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: –%
			Materials: –%
	649,000		SINO Forest Corp. Escrow, 08/01/49		–		–
		Total Corporate Bonds/Notes
		(Cost $–)			–		–
		Total Long-Term Investments
		(Cost $254,166,849)			312,948,118		96.4

Shares				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.2%
			Mutual Funds: 1.2%
	3,951,989		BlackRock Liquidity Funds, FedFund, Institutional Class, 0.860%††
			(Cost $3,951,989)		3,951,989		1.2
		Total Short-Term Investments
		(Cost $3,951,989)			3,951,989		1.2
		Total Investments in Securities (Cost $258,118,838)		$	316,900,107		97.6
		Assets in Excess of Other Liabilities			7,894,722		2.4
		Net Assets		$	324,794,829		100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of June 30, 2017.
@	Non-income producing security.

Cost for federal income tax purposes is $259,069,072.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	62,289,875
Gross Unrealized Depreciation		(4,458,840	)
Net Unrealized Appreciation	$	57,831,035

See Accompanying Notes to Financial Statements

19

VY^® Columbia Small Cap Value II Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 97.6%
			Consumer Discretionary: 9.1%
	55,500		Aarons, Inc.		2,158,950		1.0
	52,000		Adtalem Global Education, Inc.		1,973,400		0.9
	50,000		AMC Entertainment Holdings, Inc.		1,137,500		0.5
	12,400		Capella Education Co.		1,061,440		0.5
	22,000		Childrens Place Retail Stores, Inc.		2,246,200		1.1
	16,300	@	Cooper-Standard Holdings, Inc.		1,644,181		0.8
	33,000	@	Dave & Buster's Entertainment, Inc.		2,194,830		1.0
	5,430	@	Genesco, Inc.		184,077		0.1
	25,800	@	Red Robin Gourmet Burgers, Inc.		1,683,450		0.8
	24,500	@	RH		1,580,740		0.7
	68,400		Tower International, Inc.		1,535,580		0.7
	86,500	@	William Lyon Homes		2,088,110		1.0
					19,488,458		9.1
			Consumer Staples: 1.2%
	82,000	@	Hostess Brands, Inc.		1,320,200		0.6
	34,000	@	United Natural Foods, Inc.		1,247,800		0.6
					2,568,000		1.2
			Energy: 5.0%
	125,000		Aegean Marine Petroleum Network, Inc.		731,250		0.3
	25,000		Arch Coal, Inc.		1,707,500		0.8
	35,000	@	C&J Energy Services, Inc.		1,199,450		0.6
	79,000	@	Extraction Oil & Gas, Inc.		1,062,550		0.5
	104,000	@	Keane Group, Inc.		1,664,000		0.8
	148,000	@	Oasis Petroleum, Inc.		1,191,400		0.6
	100,000		Patterson-UTI Energy, Inc.		2,019,000		0.9
	52,000		PBF Energy, Inc.		1,157,520		0.5
					10,732,670		5.0
			Financials: 30.9%
	77,000		American Equity Investment Life Holding Co.		2,023,560		0.9
	58,500		Ameris Bancorp.		2,819,700		1.3
	26,000		Amerisafe, Inc.		1,480,700		0.7
	37,500		Argo Group International Holdings Ltd.		2,272,500		1.1
	33,000		Blackstone Mortgage Trust, Inc.		1,042,800		0.5
	62,500	@	BofI Holding, Inc.		1,482,500		0.7
	55,000		Cathay General Bancorp.		2,087,250		1.0
	75,000		CNO Financial Group, Inc.		1,566,000		0.7
	55,000		Community Bank System, Inc.		3,067,350		1.4
	57,000	@	Customers Bancorp, Inc.		1,611,960		0.7
	48,000	@	Encore Capital Group, Inc.		1,927,200		0.9
	14,000		Evercore Partners, Inc.		987,000		0.5
	57,000		Hancock Holding Co.		2,793,000		1.3
	109,000		Hope Bancorp, Inc.		2,032,850		0.9
	51,000		Houlihan Lokey, Inc.		1,779,900		0.8
	44,000		Independent Bank Corp.		2,932,600		1.4
	64,000		Invesco Mortgage Capital, Inc.		1,069,440		0.5
	39,400		MB Financial, Inc.		1,735,176		0.8
	128,000	@	MBIA, Inc.		1,207,040		0.6
	255,000	@	MGIC Investment Corp.		2,856,000		1.3
	43,921		Moelis & Co.		1,706,331		0.8
	29,000		Prosperity Bancshares, Inc.		1,862,960		0.9
	66,700		Renasant Corp.		2,917,458		1.4
	74,000		Sandy Spring Bancorp, Inc.		3,008,840		1.4
	210,000	@	SLM Corp.		2,415,000		1.1
	134,000		Sterling Bancorp/DE		3,115,500		1.4
	19,000	@	Stifel Financial Corp.		873,620		0.4
	33,200		UMB Financial Corp.		2,485,352		1.2
	86,500		Union Bankshares Corp.		2,932,350		1.4
	36,000	@	Western Alliance Bancorp.		1,771,200		0.8
	31,500		Wintrust Financial Corp.		2,407,860		1.1
	50,000		WSFS Financial Corp.		2,267,500		1.0
					66,538,497		30.9
			Health Care: 6.5%
	37,997	@	Almost Family, Inc.		2,342,515		1.1
	8,700	@	Bluebird Bio, Inc.		913,935		0.4
	72,000	@	Impax Laboratories, Inc.		1,159,200		0.5
	39,000	@	LHC Group, Inc.		2,647,710		1.2
	77,000	@	Merit Medical Systems, Inc.		2,937,550		1.4
	21,145	@	Molina Healthcare, Inc.		1,462,811		0.7
	78,500	@	Tenet Healthcare Corp.		1,518,190		0.7
	38,000	@	Wright Medical Group NV		1,044,620		0.5
					14,026,531		6.5
			Industrials: 13.1%
	54,500		ABM Industries, Inc.		2,262,840		1.0
	48,500		Barnes Group, Inc.		2,838,705		1.3
	11,000		Curtiss-Wright Corp.		1,009,580		0.5
	33,000		Deluxe Corp.		2,284,260		1.1
	32,500		EMCOR Group, Inc.		2,124,850		1.0
	33,500		Franklin Electric Co., Inc.		1,386,900		0.6
	43,500		Granite Construction, Inc.		2,098,440		1.0
	61,500		Kennametal, Inc.		2,301,330		1.1
	49,500	@	Mastec, Inc.		2,234,925		1.0
	57,000	@	Navistar International Corp.		1,495,110		0.7
	89,000	@	Neff Corp.		1,691,000		0.8
	23,000		Oshkosh Corp.		1,584,240		0.7
	31,000		REV Group, Inc.		858,080		0.4
	59,000		Skywest, Inc.		2,070,900		1.0
	58,000		Triton International Ltd./Bermuda		1,939,520		0.9
					28,180,680		13.1
			Information Technology: 9.2%
	51,700		Brooks Automation, Inc.		1,121,373		0.5

See Accompanying Notes to Financial Statements

20

VY^® Columbia Small Cap Value II Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Information Technology: (continued)
	47,000		Cohu, Inc.		739,780			0.3
	99,000		Cypress Semiconductor Corp.		1,351,350			0.6
	15,000		Ebix, Inc.		808,500			0.4
	56,500	@	Entegris, Inc.		1,240,175			0.6
	35,000	@	Finisar Corp.		909,300			0.4
	47,000	@	Ichor Holdings Ltd.		947,520			0.4
	49,500	@	II-VI, Inc.		1,697,850			0.8
	90,000	@	Kulicke & Soffa Industries, Inc.		1,711,800			0.8
	155,000	@	Oclaro, Inc.		1,447,700			0.7
	19,000	@	Rogers Corp.		2,063,780			1.0
	27,875		Science Applications International Corp.		1,935,083			0.9
	16,500		SYNNEX Corp.		1,979,340			0.9
	105,000	@	TTM Technologies, Inc.		1,822,800			0.9
					19,776,351			9.2
			Materials: 8.1%
	215,000	@	AK Steel Holding Corp.		1,412,550			0.6
	23,000		Cabot Corp.		1,228,890			0.6
	56,000		Carpenter Technology Corp.		2,096,080			1.0
	86,000		KapStone Paper and Packaging Corp.		1,774,180			0.8
	33,500		Materion Corp.		1,252,900			0.6
	27,500		Neenah Paper, Inc.		2,206,875			1.0
	74,000		Olin Corp.		2,240,720			1.0
	81,659		Orion Engineered Carbons SA		1,629,097			0.8
	134,000	@	Platform Specialty Products Corp.		1,699,120			0.8
	23,500	@	US Concrete, Inc.		1,845,925			0.9
					17,386,337			8.1
			Real Estate: 8.6%
	54,000		American Assets Trust, Inc.		2,127,060			1.0
	70,500		Brandywine Realty Trust		1,235,865			0.6
	55,000		Chesapeake Lodging Trust		1,345,850			0.6
	97,000		First Industrial Realty Trust, Inc.		2,776,140			1.3
	20,500		Highwoods Properties, Inc.		1,039,555			0.5
	57,000		Hudson Pacific Properties, Inc.		1,948,830			0.9
	61,500		LaSalle Hotel Properties		1,832,700			0.8
	68,000		Mack-Cali Realty Corp.		1,845,520			0.9
	19,000		PS Business Parks, Inc.		2,515,410			1.2
	110,500		Sunstone Hotel Investors, Inc.		1,781,260			0.8
					18,448,190			8.6
			Utilities: 5.9%
	30,500		Black Hills Corp.		2,057,835			0.9
	70,000		New Jersey Resources Corp.		2,779,000			1.3
	27,500		ONE Gas, Inc.		1,919,775			0.9
	41,000		PNM Resources, Inc.		1,568,250			0.7
	76,000		South Jersey Industries, Inc.		2,596,920			1.2
	25,500		Southwest Gas Holdings, Inc.		1,863,030			0.9
					12,784,810			5.9
		Total Common Stock
		(Cost $168,397,448)			209,930,524			97.6
SHORT-TERM INVESTMENTS: 2.9%
			Mutual Funds: 2.9%
	6,222,967		BlackRock Liquidity Funds, FedFund, Institutional Class, 0.860%††
			(Cost $6,222,967)		6,222,967			2.9
		Total Short-Term Investments
		(Cost $6,222,967)			6,222,967			2.9
		Total Investments in Securities (Cost $174,620,415)		$	216,153,491			100.5
		Liabilities in Excess of Other Assets			(1,012,788	)		(0.5	)
		Net Assets		$	215,140,703			100.0

††	Rate shown is the 7-day yield as of June 30, 2017.
@	Non-income producing security.

Cost for federal income tax purposes is $174,720,868.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	45,923,179
Gross Unrealized Depreciation		(4,490,556	)
Net Unrealized Appreciation	$	41,432,623

See Accompanying Notes to Financial Statements

21

VY^® Invesco Comstock Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.2%
			Consumer Discretionary: 9.1%
	40,329		Advance Auto Parts, Inc.		4,701,958		1.0
	241,368		Carnival Corp.		15,826,500		3.3
	45,758		CBS Corp. - Class B		2,918,445		0.6
	6,781	@	Charter Communications, Inc.		2,284,180		0.5
	84,305		Comcast Corp. – Class A		3,281,151		0.7
	264,572		General Motors Co.		9,241,500		1.9
	189,502		Twenty-First Century Fox, Inc. - Class B		5,281,421		1.1
					43,535,155		9.1
			Consumer Staples: 3.7%
	51,172		CVS Health Corp.		4,117,299		0.8
	49,753		Danone		3,734,348		0.8
	30,929		Mondelez International, Inc.		1,335,824		0.3
	59,123		Unilever NV ADR		3,267,728		0.7
	68,835		Wal-Mart Stores, Inc.		5,209,433		1.1
					17,664,632		3.7
			Energy: 14.0%
	235,790		BP PLC ADR		8,170,124		1.7
	136,530		Canadian Natural Resources Ltd.		3,939,661		0.8
	78,525		Chevron Corp.		8,192,513		1.7
	178,588		Devon Energy Corp.		5,709,458		1.2
	103,003		Halliburton Co.		4,399,258		0.9
	122,312		Hess Corp.		5,365,828		1.1
	387,613		Marathon Oil Corp.		4,593,214		1.0
	64,329		Occidental Petroleum Corp.		3,851,377		0.8
	242,402	@	QEP Resources, Inc.		2,448,260		0.5
	179,439		Royal Dutch Shell PLC - Class A ADR		9,544,361		2.0
	373,536		Suncor Energy, Inc.		10,907,251		2.3
					67,121,305		14.0
			Financials: 36.2%
	33,878		Aflac, Inc.		2,631,643		0.6
	115,381		American International Group, Inc.		7,213,620		1.5
	78,332		Allstate Corp.		6,927,682		1.5
	334,228		Ally Financial, Inc.		6,985,365		1.5
	897,510		Bank of America Corp.		21,773,593		4.5
	162,460		Bank of New York Mellon Corp.		8,288,709		1.7
	430,097		Citigroup, Inc.		28,764,887		6.0
	156,743		Citizens Financial Group, Inc.		5,592,590		1.2
	337,504		Fifth Third Bancorp		8,761,604		1.8
	23,887		Goldman Sachs Group, Inc.		5,300,525		1.1
	206,555		JPMorgan Chase & Co.		18,879,127		3.9
	109,120		Keycorp		2,044,909		0.4
	176,617		Metlife, Inc.		9,703,338		2.0
	224,709		Morgan Stanley		10,013,033		2.1
	86,095		PNC Financial Services Group, Inc.		10,750,683		2.2
	89,880		State Street Corp.		8,064,932		1.7
	37,582		US Bancorp		1,951,258		0.4
	177,014		Wells Fargo & Co.		9,808,346		2.1
					173,455,844		36.2
			Health Care: 12.6%
	50,949		AbbVie, Inc.		3,694,312		0.8
	35,707		Anthem, Inc.		6,717,558		1.4
	15,831	@	Biogen, Inc.		4,295,900		0.9
	27,105		Cardinal Health, Inc.		2,112,021		0.4
	50,198		Gilead Sciences, Inc.		3,553,014		0.7
	19,729		McKesson Corp.		3,246,210		0.7
	46,248		Medtronic PLC		4,104,510		0.9
	92,615		Merck & Co., Inc.		5,935,695		1.2
	121,430	@	Mylan NV		4,713,913		1.0
	55,073		Novartis AG		4,600,061		1.0
	278,378		Pfizer, Inc.		9,350,717		1.9
	168,804		Sanofi ADR		8,087,400		1.7
					60,411,311		12.6
			Industrials: 9.4%
	133,341		Arconic, Inc.		3,020,173		0.6
	82,307		Caterpillar, Inc.		8,844,710		1.8
	104,543		Eaton Corp. PLC		8,136,582		1.7
	56,035		Emerson Electric Co.		3,340,807		0.7
	188,666		General Electric Co.		5,095,869		1.1
	35,411		Ingersoll-Rand PLC - Class A		3,236,211		0.7
	159,853		Johnson Controls International plc		6,931,226		1.5
	136,198		Textron, Inc.		6,414,926		1.3
					45,020,504		9.4
			Information Technology: 10.0%
	383,461		Cisco Systems, Inc.		12,002,329		2.5
	48,940		Cognizant Technology Solutions Corp.		3,249,616		0.7
	216,672	@	eBay, Inc.		7,566,186		1.6
	157,235		Intel Corp.		5,305,109		1.1
	108,822		Microsoft Corp.		7,501,100		1.6
	133,335		NetApp, Inc.		5,340,067		1.1
	103,573	@	PayPal Holdings, Inc.		5,558,763		1.1
	30,448		Qualcomm, Inc.		1,681,339		0.3
					48,204,509		10.0
			Materials: 1.9%
	48,704		Alcoa Corp.		1,590,186		0.3
	112,301		CF Industries Holdings, Inc.		3,139,936		0.7
	78,932		International Paper Co.		4,468,340		0.9
					9,198,462		1.9
			Telecommunication Services: 0.7%
	1,274,298		Vodafone Group PLC		3,618,966		0.7
			Utilities: 0.6%
	97,492		FirstEnergy Corp.		2,842,867		0.6
		Total Common Stock
		(Cost $381,032,698)			471,073,555		98.2

See Accompanying Notes to Financial Statements

22

VY^® Invesco Comstock Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Shares				Value			Percentage of Net Assets
CLOSED-END FUNDS: 0.4%
			Information Technology: 0.4%
	35,021	@	Altaba, Inc.		1,907,944			0.4
		Total Closed-End Funds
		(Cost $1,052,406)			1,907,944			0.4
		Total Long-Term Investments
		(Cost $382,085,104)			472,981,499			98.6
SHORT-TERM INVESTMENTS: 1.6%
			Mutual Funds: 1.6%
	7,737,456		BlackRock Liquidity Funds, FedFund, Institutional Class, 0.860%††
			(Cost $7,737,456)		7,737,456			1.6
		Total Short-Term Investments
		(Cost $7,737,456)			7,737,456			1.6
		Total Investments in Securities (Cost $389,822,560)		$	480,718,955			100.2
		Liabilities in Excess of Other Assets			(1,100,688	)		(0.2	)
		Net Assets		$	479,618,267			100.0

††	Rate shown is the 7-day yield as of June 30, 2017.
@	Non-income producing security.
ADR	American Depositary Receipt

Cost for federal income tax purposes is $395,917,224.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	109,647,100
Gross Unrealized Depreciation		(24,845,369	)
Net Unrealized Appreciation	$	84,801,731

See Accompanying Notes to Financial Statements

23

VY^® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 63.8%
			Consumer Discretionary: 5.7%
	329,183		Carnival Corp.		21,584,529		1.3
	53,990		CBS Corp. - Class B		3,443,482		0.2
	33,080	@	Charter Communications, Inc.		11,142,998		0.6
	451,328		Comcast Corp. – Class A		17,565,686		1.0
	494,596		General Motors Co.		17,276,238		1.0
	2,478,291		Kingfisher PLC		9,707,310		0.6
	215,271	@	Michael Kors Holdings Ltd.		7,803,574		0.5
	94,322		Time Warner, Inc.		9,470,872		0.5
					97,994,689		5.7
			Consumer Staples: 3.4%
	162,596		CVS Health Corp.		13,082,474		0.8
	265,543		Mondelez International, Inc.		11,468,803		0.7
	109,418		Philip Morris International, Inc.		12,851,144		0.7
	263,329		Walgreens Boots Alliance, Inc.		20,621,294		1.2
					58,023,715		3.4
			Energy: 8.9%
	490,253		Apache Corp.		23,497,826		1.4
	316,909		Baker Hughes, Inc.		17,274,710		1.0
	541,076		Canadian Natural Resources Ltd.		15,613,097		0.9
	526,363		Devon Energy Corp.		16,827,825		1.0
	114,636		Exxon Mobil Corp.		9,254,564		0.5
	338,805		Occidental Petroleum Corp.		20,284,255		1.2
	854,624		Royal Dutch Shell PLC - Class A		22,706,370		1.3
	592,730	@	TechnipFMC PLC		16,122,256		0.9
	249,518		Total S.A.		12,387,850		0.7
					153,968,753		8.9
			Financials: 22.6%
	130,058		Aon PLC		17,291,211		1.0
	1,976,719		Bank of America Corp.		47,955,203		2.8
	107,519		BB&T Corp.		4,882,438		0.3
	315,332		Charles Schwab Corp.		13,546,663		0.8
	913,783		Citigroup, Inc.		61,113,807		3.5
	747,106		Citizens Financial Group, Inc.		26,656,742		1.6
	192,669		Comerica, Inc.		14,111,078		0.8
	714,637		Fifth Third Bancorp		18,551,976		1.1
	499,684		First Horizon National Corp.		8,704,495		0.5
	61,628		Goldman Sachs Group, Inc.		13,675,253		0.8
	514,962		JPMorgan Chase & Co.		47,067,527		2.7
	389,562		Keycorp		7,300,392		0.4
	118,722		Marsh & McLennan Cos., Inc.		9,255,567		0.5
	764,175		Morgan Stanley		34,051,638		2.0
	136,313		Northern Trust Corp.		13,250,987		0.8
	178,077		PNC Financial Services Group, Inc.		22,236,475		1.3
	212,073		State Street Corp.		19,029,310		1.1
	75,287		Willis Towers Watson PLC		10,951,247		0.6
					389,632,009		22.6
			Health Care: 7.3%
	49,513		Amgen, Inc.		8,527,624		0.5
	57,583		Anthem, Inc.		10,833,090		0.6
	229,925		Baxter International, Inc.		13,919,659		0.8
	159,203		Cardinal Health, Inc.		12,405,098		0.7
	177,019		Medtronic PLC		15,710,436		0.9
	267,774		Merck & Co., Inc.		17,161,636		1.0
	178,697		Novartis AG		14,925,954		0.9
	600,820		Pfizer, Inc.		20,181,544		1.2
	133,869		Sanofi		12,827,351		0.7
					126,492,392		7.3
			Industrials: 5.0%
	109,377		Caterpillar, Inc.		11,753,652		0.7
	239,329		CSX Corp.		13,057,790		0.7
	93,729		General Dynamics Corp.		18,567,715		1.1
	427,892		General Electric Co.		11,557,363		0.7
	150,530		Ingersoll-Rand PLC - Class A		13,756,937		0.8
	384,082		Johnson Controls International plc		16,653,796		1.0
					85,347,253		5.0
			Information Technology: 7.4%
	572,683		Cisco Systems, Inc.		17,924,978		1.0
	231,379		Cognizant Technology Solutions Corp.		15,363,566		0.9
	439,433	@	eBay, Inc.		15,345,000		0.9
	347,541		Intel Corp.		11,726,033		0.7
	521,173		Juniper Networks, Inc.		14,530,303		0.8
	538,013		Oracle Corp.		26,975,972		1.6
	212,902	@	PayPal Holdings, Inc.		11,426,450		0.7
	259,017		Qualcomm, Inc.		14,302,919		0.8
					127,595,221		7.4
			Materials: 1.6%
	84,139	L	Agrium, Inc.		7,613,738		0.4
	459,006		BHP Billiton Ltd.		8,181,266		0.5
	533,536		Mosaic Co.		12,180,627		0.7
					27,975,631		1.6
			Telecommunication Services: 1.1%
	171,765		Orange SA		2,733,631		0.1
	168,418		Verizon Communications, Inc.		7,521,548		0.5
	315,390		Vodafone Group PLC ADR		9,061,154		0.5
					19,316,333		1.1
			Utilities: 0.8%
	174,851		FirstEnergy Corp.		5,098,655		0.3
	138,067		PG&E Corp.		9,163,507		0.5
					14,262,162		0.8
		Total Common Stock
		(Cost $927,085,204)			1,100,608,158		63.8

See Accompanying Notes to Financial Statements

24

VY^® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Shares				Value		Percentage of Net Assets
PREFERRED STOCK: 0.7%
			Energy: 0.4%
	140,612	@,P	El Paso Energy Capital Trust I		7,044,661		0.4
			Financials: 0.3%
	75,900	@	AMG Capital Trust II		4,506,562		0.3
	4,000	@,P	Wells Fargo & Co.		110,640		0.0
					4,617,202		0.3
		Total Preferred Stock
		(Cost $10,847,296)			11,661,863		0.7

Principal  Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 18.7%
			Basic Materials: 0.2%
	770,000	#	Basell Finance Co. BV, 8.100%, 03/15/27		1,023,136		0.1
	1,320,000		Eastman Chemical Co., 2.700%, 01/15/20		1,338,097		0.1
	195,000		International Paper Co., 6.000%, 11/15/41		238,909		0.0
	315,000		Monsanto Co., 2.125%, 07/15/19		315,807		0.0
	150,000		Rio Tinto Finance USA Ltd., 7.125%, 07/15/28		199,677		0.0
	211,000		Sherwin-Williams Co/The, 4.500%, 06/01/47		222,334		0.0
					3,337,960		0.2
			Communications: 3.8%
	455,000		America Movil S.A.B de CV, 4.375%, 07/16/42		462,104		0.0
	466,000		AT&T, Inc., 3.400%, 05/15/25		458,945		0.0
	837,000		AT&T, Inc., 3.000%, 06/30/22		839,406		0.1
	505,000		AT&T, Inc., 3.800%, 03/15/22		523,196		0.0
	747,000		AT&T, Inc., 4.500%, 05/15/35		737,916		0.0
	1,300,000		AT&T, Inc., 4.800%, 06/15/44		1,294,905		0.1
	2,960,000		AT&T, Inc., 5.150%, 03/15/42		3,037,102		0.2
	101,000		AT&T, Inc., 5.350%, 09/01/40		107,436		0.0
	270,000		AT&T, Inc., 6.150%, 09/15/34		309,620		0.0
	1,635,000		Charter Communications Operating LLC / Charter Communications Operating Capital, 4.464%, 07/23/22		1,743,757		0.1
	2,421,000		Ciena Corp., 4.000%, 12/15/20		3,433,281		0.2
	135,000		Comcast Corp., 6.450%, 03/15/37		180,158		0.0
	1,210,000	#	Cox Communications, Inc., 8.375%, 03/01/39		1,609,900		0.1
	2,700,000	#	Crown Castle Towers LLC, 4.883%, 08/15/40		2,883,293		0.2
	435,000	#	Crown Castle Towers LLC, 6.113%, 01/15/40		467,958		0.0
	3,989,000	#	Ctrip.com International Ltd., 1.250%, 09/15/22		4,320,586		0.3
	4,731,000	#	DISH Network Corp., 3.375%, 08/15/26		5,759,992		0.3
	1,319,000	#	Finisar Corp., 0.500%, 12/15/36		1,290,971		0.1
	1,689,000	L	FireEye, Inc., 1.000%, 06/01/35		1,600,327		0.1
	1,689,000		FireEye, Inc., 1.625%, 06/01/35		1,546,491		0.1
	1,807,000	#	Liberty Expedia Holdings, Inc., 1.000%, 06/30/47		1,930,102		0.1
	2,954,000	#	Liberty Interactive LLC, 1.750%, 09/30/46		3,391,561		0.2
	9,559,000		Liberty Media Corp., 1.375%, 10/15/23		11,364,695		0.7
	1,933,000	#	Liberty Media Corp., 2.250%, 09/30/46		2,090,056		0.1
	673,000	#	Liberty Media Corp.-Liberty Formula One, 1.000%, 01/30/23		782,783		0.0
	125,000		NBCUniversal Media, LLC, 5.150%, 04/30/20		136,167		0.0
	210,000		NBCUniversal Media, LLC, 5.950%, 04/01/41		269,787		0.0
	415,000		Rogers Communications, Inc., 4.500%, 03/15/43		431,074		0.0
	860,000		Telefonica Emisiones SAU, 5.213%, 03/08/47		933,596		0.1
	370,000		Telefonica Emisiones SAU, 7.045%, 06/20/36		487,960		0.0
	136,000		Verizon Communications, Inc., 4.125%, 08/15/46		121,700		0.0
	535,000		Verizon Communications, Inc., 4.400%, 11/01/34		531,889		0.0
	1,058,000		Verizon Communications, Inc., 4.522%, 09/15/48		1,007,196		0.1
	833,000	#	Verizon Communications, Inc., 4.812%, 03/15/39		845,847		0.1
	467,000		Verizon Communications, Inc., 5.012%, 08/21/54		463,724		0.0
	5,355,000		Viavi Solutions, Inc., 0.625%, 08/15/33		5,940,703		0.3
	2,327,000	#	Viavi Solutions, Inc., 1.000%, 03/01/24		2,443,350		0.1
	810,000		WebMD Health Corp., 2.625%, 06/15/23		796,838		0.1
					66,576,372		3.8
			Consumer, Cyclical: 1.0%
	2,650,000		Advance Auto Parts, Inc., 4.500%, 12/01/23		2,815,866		0.2
	387,000		Advance Auto Parts, Inc., 5.750%, 05/01/20		419,821		0.0
	647,662		American Airlines 2014-1 Class A Pass Through Trust, 3.700%, 10/01/26		664,663		0.0
	191,953		Continental Airlines 2010-1 Class A Pass Through Trust, 4.750%, 07/15/22		203,470		0.0

See Accompanying Notes to Financial Statements

25

VY^® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Cyclical: (continued)
	321,250		Continental Airlines 2012-1 Class A Pass Through Trust, 4.150%, 10/11/25		338,116		0.0
	620,000		CVS Health Corp., 3.375%, 08/12/24		631,258		0.0
	576,060		CVS Pass-Through Trust, 6.036%, 12/10/28		650,786		0.0
	113,322		Delta Air Lines 2010-1 Class A Pass Through Trust, 6.200%, 01/02/20		117,926		0.0
	595,000		Dollar General Corp., 3.250%, 04/15/23		606,720		0.0
	368,000		Ford Motor Credit Co. LLC, 3.096%, 05/04/23		364,081		0.0
	569,000		Ford Motor Credit Co. LLC, 3.810%, 01/09/24		576,793		0.0
	1,056,000		Ford Motor Credit Co. LLC, 4.134%, 08/04/25		1,076,154		0.1
	563,000		General Motors Co., 6.600%, 04/01/36		654,764		0.0
	713,000		General Motors Financial Co., Inc., 5.250%, 03/01/26		771,506		0.1
	896,000		Home Depot, Inc., 2.000%, 04/01/21		893,882		0.1
	725,000		MDC Holdings, Inc., 6.000%, 01/15/43		679,687		0.0
	1,460,000		QVC, Inc., 5.450%, 08/15/34		1,395,329		0.1
	500,000		Ross Stores, Inc., 3.375%, 09/15/24		509,033		0.0
	808,701		United Airlines 2014-2 Class A Pass Through Trust, 3.750%, 03/03/28		839,028		0.1
	994,287	#	Virgin Australia 2013-1A Pass Through Trust, 5.000%, 04/23/25		1,039,030		0.1
	1,000,000		Walgreens Boots Alliance, Inc., 3.300%, 11/18/21		1,031,997		0.1
	737,000		Walgreens Boots Alliance, Inc., 4.500%, 11/18/34		776,507		0.1
					17,056,417		1.0
			Consumer, Non-cyclical: 3.2%
	1,137,000		AbbVie, Inc., 4.500%, 05/14/35		1,204,055		0.1
	985,000		Allergan Funding SCS, 4.850%, 06/15/44		1,070,763		0.1
	952,000		Anheuser-Busch InBev Finance, Inc., 2.650%, 02/01/21		965,484		0.1
	871,000		Anheuser-Busch InBev Finance, Inc., 3.300%, 02/01/23		897,891		0.1
	1,475,000		Anheuser-Busch InBev Finance, Inc., 4.700%, 02/01/36		1,634,588		0.1
	1,646,000		Anheuser-Busch InBev Finance, Inc., 4.900%, 02/01/46		1,867,808		0.1
	981,000	#	Bayer US Finance LLC, 3.000%, 10/08/21		1,001,298		0.1
	435,000		Becton Dickinson & Co., 4.875%, 05/15/44		453,502		0.0
	442,000		Becton Dickinson & Co., 2.675%, 12/15/19		447,697		0.0
	3,952,000		BioMarin Pharmaceutical, Inc., 1.500%, 10/15/20		4,720,170		0.3
	1,445,000		Celgene Corp., 4.625%, 05/15/44		1,526,011		0.1
	325,000		Celgene Corp., 4.000%, 08/15/23		345,113		0.0
	240,000		Corn Products International, Inc., 6.625%, 04/15/37		305,902		0.0
	1,509,000	#	DexCom, Inc., 0.750%, 05/15/22		1,543,896		0.1
	493,000		Edwards Lifesciences Corp., 2.875%, 10/15/18		497,774		0.0
	965,000	#	ERAC USA Finance LLC, 2.350%, 10/15/19		967,077		0.1
	420,000		Express Scripts Holding Co., 2.250%, 06/15/19		421,608		0.0
	1,400,000		General Mills, Inc., 2.200%, 10/21/19		1,410,023		0.1
	755,000		Gilead Sciences, Inc., 4.400%, 12/01/21		814,884		0.1
	80,000		GlaxoSmithKline Capital, Inc., 6.375%, 05/15/38		110,177		0.0
	2,675,000		HealthSouth Corp., 2.000%, 12/01/43		3,626,283		0.2
	1,232,000	#	Heineken NV, 3.500%, 01/29/28		1,253,118		0.1
	2,410,000		Jazz Investments I Ltd., 1.875%, 08/15/21		2,644,975		0.2
	963,000		Laboratory Corp. of America Holdings, 3.200%, 02/01/22		983,739		0.1
	423,000		Laboratory Corp. of America Holdings, 4.700%, 02/01/45		438,211		0.0
	1,883,000		Live Nation Entertainment, Inc., 2.500%, 05/15/19		2,156,035		0.1
	730,000		McKesson Corp., 2.284%, 03/15/19		734,516		0.0
	92,000		Mead Johnson Nutrition Co., 4.125%, 11/15/25		99,310		0.0
	1,251,000		Medicines Co/The, 2.750%, 07/15/23		1,315,114		0.1
	1,733,000		Medtronic, Inc., 3.150%, 03/15/22		1,794,348		0.1
	576,000		Medtronic, Inc., 4.375%, 03/15/35		634,958		0.0
	502,000		Molson Coors Brewing Co., 1.450%, 07/15/19		496,150		0.0
	513,000		Molson Coors Brewing Co., 4.200%, 07/15/46		505,552		0.0
	630,000		Moody's Corp., 4.500%, 09/01/22		681,663		0.0
	574,000		Mylan NV, 3.150%, 06/15/21		584,430		0.0
	785,000		Mylan NV, 5.250%, 06/15/46		863,173		0.1
	2,104,000	#	Neurocrine Biosciences, Inc., 2.250%, 05/15/24		2,094,795		0.1
	2,762,000		NuVasive, Inc., 2.250%, 03/15/21		3,825,370		0.2
	462,000	#	Pacira Pharmaceuticals, Inc./DE, 2.375%, 04/01/22		492,030		0.0

See Accompanying Notes to Financial Statements

26

VY^® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Non-cyclical: (continued)
	275,000		Philip Morris International, Inc., 3.600%, 11/15/23		286,701		0.0
	820,000		Philip Morris International, Inc., 4.875%, 11/15/43		919,576		0.1
	474,000		Teva Pharmaceutical Finance Netherlands III BV, 2.800%, 07/21/23		461,604		0.0
	3,223,000		Wright Medical Group, Inc., 2.000%, 02/15/20		3,597,674		0.2
	1,309,000		Wright Medical Group NV, 2.250%, 11/15/21		1,855,507		0.1
	79,000		Zoetis, Inc., 4.700%, 02/01/43		86,257		0.0
					54,636,810		3.2
			Energy: 1.6%
	610,000		Anadarko Petroleum Corp., 6.600%, 03/15/46		755,904		0.1
	873,000	#	Cenovus Energy, Inc., 5.250%, 06/15/37		818,622		0.1
	1,298,000	#	Chesapeake Energy Corp., 5.500%, 09/15/26		1,220,120		0.1
	1,425,000		ConocoPhillips Co., 2.875%, 11/15/21		1,449,157		0.1
	1,528,000		ConocoPhillips Co., 4.150%, 11/15/34		1,541,763		0.1
	460,000		Enable Midstream Partners L.P., 2.400%, 05/15/19		458,421		0.0
	545,000		Enbridge, Inc., 5.500%, 12/01/46		617,394		0.0
	570,000		Energy Transfer L.P., 4.900%, 03/15/35		556,457		0.0
	2,490,000	#	Ensco Jersey Finance Ltd., 3.000%, 01/31/24		1,926,637		0.1
	615,000		Enterprise Products Operating LLC, 2.550%, 10/15/19		620,667		0.0
	175,000		Enterprise Products Operating LLC, 5.250%, 01/31/20		187,956		0.0
	300,000		Enterprise Products Operating LLC, 6.500%, 01/31/19		320,128		0.0
	1,359,000		Helix Energy Solutions Group, Inc., 4.250%, 05/01/22		1,274,912		0.1
	250,000		Husky Energy, Inc., 3.950%, 04/15/22		258,662		0.0
	700,000		Kinder Morgan, Inc./DE, 5.300%, 12/01/34		723,486		0.0
	2,340,000		MPLX L.P., 4.500%, 07/15/23		2,486,924		0.2
	960,000		MPLX L.P., 5.500%, 02/15/23		988,099		0.1
	1,360,000	#,L	Nabors Industries, Inc., 0.750%, 01/15/24		1,085,450		0.1
	570,000		Noble Energy, Inc., 5.250%, 11/15/43		592,703		0.0
	505,000		Occidental Petroleum Corp., 3.400%, 04/15/26		510,179		0.0
	295,000		Plains All American Pipeline L.P. / PAA Finance Corp., 3.650%, 06/01/22		301,235		0.0
	1,244,000		Shell International Finance BV, 4.000%, 05/10/46		1,233,980		0.1
	858,000		Spectra Energy Partners L.P., 4.500%, 03/15/45		850,099		0.1
	544,000		Suncor Energy, Inc., 3.600%, 12/01/24		557,541		0.0
	835,000		Sunoco Logistics Partners Operations L.P., 5.300%, 04/01/44		817,909		0.1
	550,000		Sunoco Logistics Partners Operations L.P., 5.500%, 02/15/20		587,421		0.0
	215,000		Texas Eastern Transmission L.P., 7.000%, 07/15/32		276,353		0.0
	3,942,000		Weatherford International Ltd., 5.875%, 07/01/21		3,998,666		0.2
					27,016,845		1.6
			Financial: 5.8%
	530,000		AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, 3.950%, 02/01/22		552,334		0.0
	395,000		American International Group, Inc., 2.300%, 07/16/19		397,299		0.0
	1,685,000		Air Lease Corp., 2.625%, 09/04/18		1,698,042		0.1
	851,000		Air Lease Corp., 3.000%, 09/15/23		847,172		0.1
	1,870,000		Air Lease Corp., 4.250%, 09/15/24		1,964,413		0.1
	410,000		Allstate Corp., 3.280%, 12/15/26		416,987		0.0
	543,000		American Express Co., 3.625%, 12/05/24		556,570		0.0
	615,000		American Financial Group, Inc./OH, 4.500%, 06/15/47		629,320		0.0
	1,200,000		American Financial Group, Inc./OH, 9.875%, 06/15/19		1,371,822		0.1
	1,140,000		American International Group, Inc., 4.375%, 01/15/55		1,103,623		0.1
	455,000	#	ANZ New Zealand Int'l Ltd./London, 2.875%, 01/25/22		459,162		0.0
	440,000	#	Apollo Management Holdings L.P., 4.000%, 05/30/24		447,636		0.0
	927,000	#	Athene Global Funding, 2.875%, 10/23/18		931,964		0.1
	1,555,000	#	Athene Global Funding, 4.000%, 01/25/22		1,616,080		0.1
	948,000		Australia & New Zealand Banking Group Ltd./New York NY, 2.300%, 06/01/21		943,100		0.1
	720,000		Bank of America Corp., 3.248%, 10/21/27		697,345		0.0

See Accompanying Notes to Financial Statements

27

VY^® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Financial: (continued)
	850,000		Bank of America Corp., 3.500%, 04/19/26		854,584		0.1
	725,000	#	BBVA Bancomer SA/Texas, 4.375%, 04/10/24		754,363		0.1
	4,217,000	#,L	Blackhawk Network Holdings, Inc., 1.500%, 01/15/22		4,723,040		0.3
	55,000		Brixmor Operating Partnership LP, 3.875%, 08/15/22		56,295		0.0
	765,000		Brookfield Asset Management, Inc., 4.000%, 01/15/25		782,658		0.1
	485,000	#	Carlyle Holdings Finance LLC, 3.875%, 02/01/23		498,586		0.0
	520,000		Citigroup, Inc., 4.750%, 05/18/46		548,799		0.0
	1,930,000		Citigroup, Inc., 4.000%, 08/05/24		1,989,589		0.1
	260,000		Citigroup, Inc., 5.300%, 05/06/44		295,711		0.0
	560,000		Citigroup, Inc., 6.675%, 09/13/43		750,883		0.1
	595,000		Citizens Financial Group, Inc., 2.375%, 07/28/21		590,364		0.0
	325,000		CNA Financial Corp., 5.875%, 08/15/20		358,146		0.0
	1,335,000	#	Commonwealth Bank of Australia, 2.250%, 03/10/20		1,338,301		0.1
	9,000,000	#	Credit Suisse AG/Nassau, 0.050%, 06/24/24		8,770,500		0.5
	472,000	#	Credit Suisse AG, 6.500%, 08/08/23		531,897		0.0
	60,000		Crown Castle International Corp., 4.750%, 05/15/47		61,319		0.0
	2,755,000		EPR Properties, 4.750%, 12/15/26		2,836,449		0.2
	4,179,000	#	Goldman Sachs Group, Inc., 1.000%, 09/28/20		5,482,806		0.3
	820,000		Goldman Sachs Group, Inc., 4.250%, 10/21/25		849,158		0.1
	355,000		Goldman Sachs Group, Inc., 5.250%, 07/27/21		389,276		0.0
	6,746,000		GS Finance Corp., 0.250%, 07/08/24		6,686,095		0.4
	840,000		HCP, Inc., 3.875%, 08/15/24		857,715		0.1
	320,000		HCP, Inc., 4.200%, 03/01/24		333,188		0.0
	350,000		Hospitality Properties Trust, 4.500%, 06/15/23		367,200		0.0
	240,000		Hospitality Properties Trust, 5.000%, 08/15/22		257,497		0.0
	670,000	#	Jackson National Life Global Funding, 2.100%, 10/25/21		657,431		0.0
	620,000	#	Jackson National Life Global Funding, 3.250%, 01/30/24		628,612		0.0
	5,209,000		Jefferies Group, Inc., 3.875%, 11/01/29		5,248,068		0.3
	550,000		JPMorgan Chase & Co., 3.200%, 06/15/26		544,230		0.0
	515,000		JPMorgan Chase & Co., 4.250%, 10/01/27		536,395		0.0
	675,000		JPMorgan Chase & Co., 4.260%, 02/22/48		711,290		0.1
	665,000		JPMorgan Chase & Co., 5.000%, 01/01/66		682,456		0.0
	443,000	#	KKR Group Finance Co. III LLC, 5.125%, 06/01/44		470,332		0.0
	2,335,000	#	Liberty Mutual Group, Inc., 4.850%, 08/01/44		2,518,368		0.2
	587,000		Lifestorage L.P./CA, 3.500%, 07/01/26		562,899		0.0
	285,000		Markel Corp., 5.000%, 03/30/43		307,585		0.0
	3,250,000	#	MassMutual Global Funding II, 2.100%, 08/02/18		3,265,408		0.2
	1,300,000	#	MassMutual Global Funding II, 2.000%, 04/15/21		1,281,254		0.1
	670,000	#	Metropolitan Life Global Funding I, 2.050%, 06/12/20		669,558		0.0
	2,360,000	#	Mizuho Financial Group Cayman 3 Ltd., 4.600%, 03/27/24		2,504,951		0.2
	2,975,000		Morgan Stanley, 2.375%, 07/23/19		2,997,220		0.2
	1,040,000		Morgan Stanley, 4.000%, 07/23/25		1,086,703		0.1
	1,230,000		National Australia Bank Ltd./New York, 1.875%, 07/12/21		1,203,982		0.1
	1,350,000	#	National Australia Bank Ltd., 3.500%, 01/10/27		1,377,788		0.1
	1,365,000		National Australia Bank Ltd/New York, 2.000%, 01/14/19		1,368,085		0.1
	1,515,000	#	Nationwide Financial Services, Inc., 5.300%, 11/18/44		1,731,730		0.1
	400,000		Piedmont Operating Partnership L.P., 4.450%, 03/15/24		410,210		0.0
	275,000		Prudential Financial, Inc., 5.100%, 08/15/43		320,830		0.0
	525,000		Reinsurance Group of America, Inc., 4.700%, 09/15/23		570,281		0.0
	690,000	#	Reliance Standard Life Global Funding II, 3.050%, 01/20/21		698,050		0.0
	1,360,000	#	Societe Generale SA, 2.625%, 09/16/20		1,375,126		0.1
	805,000	#	Societe Generale SA, 5.000%, 01/17/24		858,908		0.1
	985,000	#	Standard Chartered PLC, 3.050%, 01/15/21		998,467		0.1
	1,100,000		Sumitomo Mitsui Banking Corp., 2.650%, 07/23/20		1,113,684		0.1
	590,000		SunTrust Bank/Atlanta GA, 3.300%, 05/15/26		577,801		0.0
	616,000	#	Teachers Insurance & Annuity Association of America, 4.270%, 05/15/47		633,137		0.0

See Accompanying Notes to Financial Statements

28

VY^® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Financial: (continued)
	445,000		Travelers Cos, Inc., 4.600%, 08/01/43		498,203		0.0
	585,000	#	UBS Group Funding Switzerland AG, 4.125%, 04/15/26		611,273		0.0
	410,000		US Bancorp, 3.100%, 04/27/26		405,745		0.0
	145,000		Ventas Realty L.P., 5.700%, 09/30/43		170,028		0.0
	1,020,000		Visa, Inc., 4.150%, 12/14/35		1,110,834		0.1
	470,000		Wells Fargo & Co., 4.100%, 06/03/26		486,693		0.0
	2,000,000		Wells Fargo & Co., 4.650%, 11/04/44		2,108,474		0.1
	965,000		Wells Fargo & Co., 3.550%, 09/29/25		982,251		0.1
	315,000		Willis North America, Inc., 3.600%, 05/15/24		318,563		0.0
	350,000		WR Berkley Corp., 4.625%, 03/15/22		377,043		0.0
					100,577,234		5.8
			Industrial: 1.0%
	1,757,000	#	Aviation Capital Group Corp., 2.875%, 01/20/22		1,752,455		0.1
	1,105,000	#	Aviation Capital Group Corp., 2.875%, 09/17/18		1,115,967		0.1
	1,095,000	#	Aviation Capital Group Corp., 4.875%, 10/01/25		1,194,588		0.1
	970,000		Avnet, Inc., 4.625%, 04/15/26		1,004,472		0.1
	435,000	#	BAE Systems Holdings, Inc., 2.850%, 12/15/20		441,248		0.0
	1,335,000		Burlington Northern Santa Fe LLC, 5.150%, 09/01/43		1,603,877		0.1
	330,000		CSX Corp., 5.500%, 04/15/41		399,250		0.0
	1,015,000		Deere & Co., 2.600%, 06/08/22		1,028,789		0.1
	295,000		FedEx Corp., 4.900%, 01/15/34		329,652		0.0
	605,000		FedEx Corp., 5.100%, 01/15/44		682,455		0.0
	703,000		Packaging Corp. of America, 4.500%, 11/01/23		755,203		0.1
	285,000		Precision Castparts Corp., 2.500%, 01/15/23		284,429		0.0
	410,000	#	SMBC Aviation Capital Finance DAC, 2.650%, 07/15/21		402,910		0.0
	157,000		Union Pacific Corp., 3.646%, 02/15/24		166,180		0.0
	730,000		Union Pacific Corp., 4.150%, 01/15/45		768,613		0.1
	375,000		Union Pacific Corp., 4.850%, 06/15/44		432,747		0.0
	330,000		United Parcel Service, Inc., 3.400%, 11/15/46		315,747		0.0
	541,000		United Technologies Corp., 4.050%, 05/04/47		556,432		0.0
	550,000		Valmont Industries, Inc., 5.000%, 10/01/44		540,002		0.0
	2,193,000		Valmont Industries, Inc., 5.250%, 10/01/54		2,122,363		0.1
	752,000		Waste Management, Inc., 3.900%, 03/01/35		779,614		0.1
					16,676,993		1.0
			Technology: 1.9%
	1,146,000		Apple, Inc., 2.150%, 02/09/22		1,140,056		0.1
	435,000		Apple, Inc., 3.350%, 02/09/27		445,941		0.0
	1,840,000	#	Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.625%, 01/15/24		1,884,521		0.1
	3,443,000		Citrix Systems, Inc., 0.500%, 04/15/19		4,142,359		0.2
	340,000		Computer Sciences Corp., 4.450%, 09/15/22		360,286		0.0
	910,000	#	Dell International LLC / EMC Corp., 5.450%, 06/15/23		988,609		0.1
	35,000	#	Dell International LLC / EMC Corp., 8.350%, 07/15/46		45,364		0.0
	230,000		Intel Corp., 4.100%, 05/11/47		239,085		0.0
	3,784,000	#	Microchip Technology, Inc., 1.625%, 02/15/27		3,996,850		0.2
	2,861,000		Micron Technology, Inc., 3.000%, 11/15/43		3,232,930		0.2
	649,000		Microsoft Corp., 3.500%, 02/12/35		656,355		0.0
	3,362,000		Nuance Communications, Inc., 1.000%, 12/15/35		3,256,937		0.2
	2,927,000		ON Semiconductor Corp., 1.000%, 12/01/20		3,051,397		0.2
	1,810,000		Oracle Corp., 1.900%, 09/15/21		1,794,982		0.1
	1,005,000		Oracle Corp., 4.300%, 07/08/34		1,093,553		0.1
	330,000	L	Pitney Bowes, Inc., 4.625%, 03/15/24		338,818		0.0
	790,000	#	RealPage, Inc., 1.500%, 11/15/22		863,569		0.1
	3,899,000		SanDisk Corp., 0.500%, 10/15/20		3,772,583		0.2
	1,146,000		Seagate HDD Cayman, 5.750%, 12/01/34		1,149,466		0.1
	726,000	#	Silicon Laboratories, Inc., 1.375%, 03/01/22		754,133		0.0
	285,000		Texas Instruments, Inc., 2.625%, 05/15/24		284,115		0.0
					33,491,909		1.9
			Utilities: 0.2%
	150,000	#	Electricite de France SA, 4.600%, 01/27/20		159,143		0.0
	620,000	#	Electricite de France SA, 4.875%, 01/22/44		654,037		0.0
	350,000	#	Electricite de France SA, 5.625%, 12/29/49		361,725		0.0

See Accompanying Notes to Financial Statements

29

VY^® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Utilities: (continued)
	703,000		NextEra Energy Capital Holdings, Inc., 3.550%, 05/01/27		715,275		0.1
	760,000		NiSource Finance Corp., 4.375%, 05/15/47		788,058		0.1
	605,000		Oglethorpe Power Corp., 4.550%, 06/01/44		610,242		0.0
					3,288,480		0.2
		Total Corporate Bonds/Notes
		(Cost $308,377,778)			322,659,020		18.7
MUNICIPAL BONDS: 0.0%
			Georgia: 0.0%
	175,000		Municipal Electric Authority of Georgia, 6.637%, 04/01/57		214,828		0.0
	325,000		Municipal Electric Authority of Georgia, 6.655%, 04/01/57		397,020		0.0
		Total Municipal Bonds
		(Cost $503,947)			611,848		0.0
U.S. TREASURY OBLIGATIONS: 9.3%
			U.S. Treasury Bonds: 0.4%
	5,342,300		3.000%, due 02/15/47		5,521,561		0.3
	425,000		4.500%, due 02/15/36		549,412		0.1
					6,070,973		0.4
			U.S. Treasury Notes: 8.9%
	6,230,000		1.250%, due 01/31/19		6,220,020		0.4
	47,470,000	L	1.250%, due 05/31/19		47,361,531		2.8
	57,650,000		1.500%, due 06/15/20		57,568,944		3.3
	39,830,500	L	1.750%, due 05/31/22		39,597,133		2.3
	2,300,400		2.000%, due 05/31/24		2,281,574		0.1
	752,400		2.375%, due 05/15/27		757,367		0.0
	180,000		2.625%, due 11/15/20		185,790		0.0
					153,972,359		8.9
		Total U.S. Treasury Obligations
		(Cost $160,169,639)			160,043,332		9.3
U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.1%
			Federal National Mortgage Association: 0.1%##
	915,000		6.625%, due 11/15/30		1,311,165		0.1
		Total U.S. Government Agency Obligations
		(Cost $1,032,115)			1,311,165		0.1
		Total Long-Term Investments
		(Cost $1,408,015,979)			1,596,895,386		92.6
SHORT-TERM INVESTMENTS: 9.8%
			Corporate Bonds/Notes: 2.0%
	500,000		Bank of America Corp., 5.650%, 05/01/18		515,810		0.0
	400,000		Bank of America Corp., 5.750%, 12/01/17		406,815		0.0
	4,526,000		Brookdale Senior Living, Inc., 2.750%, 06/15/18		4,506,199		0.3
	2,284,000		Chevron Corp., 1.365%, 03/02/18		2,283,655		0.1
	360,000		Chevron Corp., 1.718%, 06/24/18		360,839		0.0
	775,000		Cintas Corp. No 2, 6.125%, 12/01/17		789,661		0.1
	1,019,000		Comcast Corp., 5.700%, 05/15/18		1,055,362		0.1
	1,420,000		Duke Energy Corp., 2.100%, 06/15/18		1,425,812		0.1
	3,260,000		Eaton Corp., 1.500%, 11/02/17		3,260,910		0.2
	2,215,000		eBay, Inc., 2.500%, 03/09/18		2,228,197		0.1
	1,845,000		Ford Motor Credit Co. LLC, 1.724%, 12/06/17		1,845,343		0.1
	465,000	#	HBOS PLC, 6.750%, 05/21/18		483,768		0.0
	3,490,000		Intel Corp., 1.350%, 12/15/17		3,489,389		0.2
	285,000		Interpublic Group of Cos., Inc., 2.250%, 11/15/17		285,409		0.0
	500,000		Northrop Grumman Corp., 1.750%, 06/01/18		500,642		0.0
	1,467,000		Old Republic International Corp., 3.750%, 03/15/18		1,864,007		0.1
	328,000		Philip Morris International, Inc., 1.250%, 08/11/17		327,998		0.0
	820,000		Precision Castparts Corp., 1.250%, 01/15/18		819,555		0.1
	1,995,000		Prudential Financial, Inc., 6.000%, 12/01/17		2,030,030		0.1
	125,000		Realty Income Corp., 2.000%, 01/31/18		125,139		0.0
	3,630,000	#	Roche Holdings, Inc., 1.350%, 09/29/17		3,630,229		0.2
	2,380,000		United Parcel Service, Inc., 1.125%, 10/01/17		2,378,629		0.2
	140,000		Wells Fargo & Co., 1.500%, 01/16/18		139,968		0.0
					34,753,366		2.0
			U.S. Government Agency Obligations: 0.1%
	2,400,000		Freddie Mac, 4.875%, 06/13/18
			(Cost $2,429,057)		2,480,655		0.1
			Securities Lending Collateralcc: 4.4%
	2,438,174		BNP Paribas S.A., Repurchase Agreement dated 06/30/17, 1.11%, due 07/03/17 (Repurchase Amount $2,438,396, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $2,486,938, due 07/28/17-09/09/49)		2,438,174		0.1

See Accompanying Notes to Financial Statements

30

VY^® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateralcc: (continued)
	14,978,452	Citigroup, Inc., Repurchase Agreement dated 06/30/17, 1.10%, due 07/03/17 (Repurchase Amount $14,979,806, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.750%, Market Value plus accrued interest $15,278,021, due 07/27/17-07/01/47)		14,978,452		0.9
	2,967,796	HSBC Securities USA, Repurchase Agreement dated 06/30/17, 1.06%, due 07/03/17 (Repurchase Amount $2,968,055, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.250%, Market Value plus accrued interest $3,027,157, due 07/15/17-01/15/37)		2,967,796		0.2
	1,457,649	Jefferies LLC, Repurchase Agreement dated 06/30/17, 1.25%, due 07/03/17 (Repurchase Amount $1,457,799, collateralized by various U.S. Government Agency Obligations, 0.000%-7.125%, Market Value plus accrued interest $1,486,810, due 07/07/17-01/15/30)		1,457,649		0.1
	18,053,194	Nomura Securities, Repurchase Agreement dated 06/30/17, 1.13%, due 07/03/17 (Repurchase Amount $18,054,871, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $18,414,258, due 07/10/17-06/20/67)		18,053,194		1.0
	18,053,194	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/17, 1.08%, due 07/03/17 (Repurchase Amount $18,054,797, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.375%-7.000%, Market Value plus accrued interest $18,414,259, due 02/19/19-06/01/47)		18,053,194		1.0
	18,053,200	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/17, 1.30%, due 07/03/17 (Repurchase Amount $18,055,129, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $18,414,212, due 01/15/19-02/15/46)		18,053,200		1.1
				76,001,659		4.4

Shares				Value			Percentage of Net Assets
			Mutual Funds: 3.3%
	56,104,571		BlackRock Liquidity Funds, FedFund, Institutional Class, 0.860%††
			(Cost $56,104,571)		56,104,571			3.3
		Total Short-Term Investments
		(Cost $169,992,110)			169,340,251			9.8
		Total Investments in Securities (Cost $1,578,008,089)		$	1,766,235,637			102.4
		Liabilities in Excess of Other Assets			(41,808,800	)		(2.4	)
		Net Assets		$	1,724,426,837			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of June 30, 2017.
#	Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
##	The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
@	Non-income producing security.
ADR	American Depositary Receipt
P	Preferred Stock may be called prior to convertible date.
cc	Represents securities purchased with cash collateral received for securities on loan.

See Accompanying Notes to Financial Statements

31

VY^® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

L Loaned security, a portion or all of the security is on loan at June 30, 2017.

Cost for federal income tax purposes is $1,586,127,115.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	233,888,934
Gross Unrealized Depreciation		(53,780,412	)
Net Unrealized Appreciation	$	180,108,522

See Accompanying Notes to Financial Statements

32

VY^® JPMorgan Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.9%
			Consumer Discretionary: 17.6%
	8,530	@	Autozone, Inc.		4,866,024		0.8
	106,680		Bed Bath & Beyond, Inc.		3,243,072		0.5
	87,660		Best Buy Co., Inc.		5,025,548		0.8
	121,940		BorgWarner, Inc.		5,165,378		0.9
	68,679		CBS Corp. - Class B		4,380,347		0.7
	98,970	@	Dish Network Corp. - Class A		6,211,357		1.0
	61,960		Expedia, Inc.		9,228,942		1.6
	188,170		Gap, Inc.		4,137,858		0.7
	56,220		Genuine Parts Co.		5,214,967		0.9
	30,939	@	Hilton Grand Vacations, Inc.		1,115,660		0.2
	93,910		Hilton Worldwide Holdings, Inc.		5,808,334		1.0
	150,381	L	Kohl's Corp.		5,815,233		1.0
	22,636		Marriott International, Inc.		2,270,617		0.4
	52,260	@	Mohawk Industries, Inc.		12,630,719		2.1
	173,446		Newell Brands, Inc.		9,300,175		1.6
	94,760	L	Nordstrom, Inc.		4,532,371		0.8
	59,290		PVH Corp.		6,788,705		1.1
	43,740		Ralph Lauren Corp.		3,228,012		0.5
	60,910		Tiffany & Co.		5,717,622		1.0
					104,680,941		17.6
			Consumer Staples: 6.2%
	30,600		Constellation Brands, Inc.		5,928,138		1.0
	275,860		Coty, Inc - Class A		5,175,134		0.9
	79,820		Dr Pepper Snapple Group, Inc.		7,272,400		1.2
	74,263	@	Edgewell Personal Care Co.		5,645,473		0.9
	43,463		Energizer Holdings, Inc.		2,087,093		0.4
	200,140		Kroger Co.		4,667,265		0.8
	22,780		Molson Coors Brewing Co.		1,966,825		0.3
	54,230	@	TreeHouse Foods, Inc.		4,430,049		0.7
					37,172,377		6.2
			Energy: 6.0%
	230,704	@	Energen Corp.		11,389,856		1.9
	192,610		EQT Corp.		11,285,020		1.9
	209,420	L	PBF Energy, Inc.		4,661,689		0.8
	271,260		Williams Cos., Inc.		8,213,753		1.4
					35,550,318		6.0
			Financials: 22.5%
	5,843	@	Alleghany Corp.		3,475,416		0.6
	223,060		Ally Financial, Inc.		4,661,954		0.8
	35,010		Ameriprise Financial, Inc.		4,456,423		0.7
	21,437		Chubb Ltd.		3,116,511		0.5
	181,550		Citizens Financial Group, Inc.		6,477,704		1.1
	315,590		Fifth Third Bancorp		8,192,716		1.4
	63,960		First Republic Bank		6,402,396		1.1
	154,430		Hartford Financial Services Group, Inc.		8,118,385		1.4
	347,750		Huntington Bancshares, Inc.		4,701,580		0.8
	190,770		Invesco Ltd.		6,713,196		1.1
	231,540		Loews Corp.		10,838,387		1.8
	62,413		M&T Bank Corp.		10,107,785		1.7
	90,980		Marsh & McLennan Cos., Inc.		7,092,801		1.2
	71,460		Northern Trust Corp.		6,946,627		1.2
	84,740		Progressive Corp.		3,736,187		0.6
	67,850		Raymond James Financial, Inc.		5,442,927		0.9
	147,990		SunTrust Banks, Inc.		8,393,993		1.4
	90,530		T. Rowe Price Group, Inc.		6,718,231		1.1
	102,800		Unum Group		4,793,564		0.8
	39,810		WR Berkley Corp.		2,753,658		0.5
	184,000		XL Group Ltd.		8,059,200		1.4
	57,650		Zions Bancorp.		2,531,412		0.4
					133,731,053		22.5
			Health Care: 5.3%
	54,820		AmerisourceBergen Corp.		5,182,134		0.9
	38,630		Cigna Corp.		6,466,276		1.1
	27,590	@	Henry Schein, Inc.		5,049,522		0.9
	28,940		Humana, Inc.		6,963,543		1.2
	17,240	@	Laboratory Corp. of America Holdings		2,657,374		0.4
	41,140		Universal Health Services, Inc.		5,022,371		0.8
					31,341,220		5.3
			Industrials: 7.7%
	92,830		Ametek, Inc.		5,622,713		0.9
	69,430		Carlisle Cos., Inc.		6,623,622		1.1
	96,060		Fortune Brands Home & Security, Inc.		6,266,954		1.1
	48,470		Hubbell, Inc.		5,485,350		0.9
	51,910		IDEX Corp.		5,866,349		1.0
	69,260		MSC Industrial Direct Co.		5,953,590		1.0
	35,290		Regal-Beloit Corp.		2,877,899		0.5
	46,201		Snap-On, Inc.		7,299,758		1.2
					45,996,235		7.7
			Information Technology: 9.6%
	93,090		Amphenol Corp.		6,871,904		1.2
	54,210		Analog Devices, Inc.		4,217,538		0.7
	94,890	@	Arrow Electronics, Inc.		7,441,274		1.2
	118,570		CDW Corp.		7,414,182		1.2
	159,986	@	CommScope Holding Co., Inc.		6,084,268		1.0
	73,196		Jack Henry & Associates, Inc.		7,602,869		1.3
	179,009	@	Keysight Technologies, Inc.		6,968,820		1.2
	8,610		KLA-Tencor Corp.		787,901		0.1
	140,030	@	Match Group, Inc.		2,433,721		0.4
	102,670	@	Synopsys, Inc.		7,487,723		1.3
					57,310,200		9.6
			Materials: 4.8%
	218,540		Ball Corp.		9,224,574		1.6
	13,860		Sherwin-Williams Co.		4,864,306		0.8
	192,830		Silgan Holdings, Inc.		6,128,137		1.0

See Accompanying Notes to Financial Statements

33

VY^® JPMorgan Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Materials: (continued)
	145,820		WestRock Co.		8,262,161		1.4
					28,479,178		4.8
			Real Estate: 10.5%
	60,530		American Campus Communities, Inc.		2,863,069		0.5
	99,500		American Homes 4 Rent		2,245,715		0.4
	28,930		AvalonBay Communities, Inc.		5,559,478		0.9
	41,240		Boston Properties, Inc.		5,073,345		0.9
	208,520		Brixmor Property Group, Inc.		3,728,338		0.6
	106,290	@	CBRE Group, Inc.		3,868,956		0.6
	11,870		Essex Property Trust, Inc.		3,053,795		0.5
	24,770		Federal Realty Investment Trust		3,130,680		0.5
	115,110		GGP, Inc.		2,711,992		0.5
	37,350		HCP, Inc.		1,193,706		0.2
	232,880		Kimco Realty Corp.		4,273,348		0.7
	156,662		Outfront Media, Inc.		3,622,026		0.6
	95,141		Park Hotels & Resorts, Inc.		2,565,001		0.4
	138,520		Rayonier, Inc.		3,985,220		0.7
	43,510		Regency Centers Corp.		2,725,466		0.5
	61,286		Vornado Realty Trust		5,754,755		1.0
	124,050		Weyerhaeuser Co.		4,155,675		0.7
	29,950	L	WP Carey, Inc.		1,977,000		0.3
					62,487,565		10.5
			Utilities: 8.7%
	62,330		Centerpoint Energy, Inc.		1,706,596		0.3
	193,640		CMS Energy Corp.		8,955,850		1.5
	109,480		Edison International		8,560,241		1.4
	104,310		National Fuel Gas Co.		5,824,670		1.0
	66,700		Sempra Energy		7,520,425		1.3
	137,960		WEC Energy Group, Inc.		8,467,985		1.4
	28,220		Westar Energy, Inc.		1,496,224		0.2
	205,550		Xcel Energy, Inc.		9,430,634		1.6
					51,962,625		8.7
		Total Common Stock
		(Cost $439,057,830)			588,711,712		98.9

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.3%
		Securities Lending Collateralcc: 2.3%
	437,787	BNP Paribas S.A., Repurchase Agreement dated 06/30/17, 1.11%, due 07/03/17 (Repurchase Amount $437,827, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $446,543, due 07/28/17-09/09/49)		437,787		0.1
	3,241,051	Cantor Fitzgerald, Repurchase Agreement dated 06/30/17, 1.15%, due 07/03/17 (Repurchase Amount $3,241,357, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $3,305,872, due 07/15/17-05/20/67)		3,241,051		0.5
	3,241,051	Daiwa Capital Markets, Repurchase Agreement dated 06/30/17, 1.15%, due 07/03/17 (Repurchase Amount $3,241,357, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $3,305,872, due 07/13/17-12/01/51)		3,241,051		0.5
	532,883	HSBC Securities USA, Repurchase Agreement dated 06/30/17, 1.06%, due 07/03/17 (Repurchase Amount $532,929, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-7.250%, Market Value plus accrued interest $543,542, due 07/15/17-01/15/37)		532,883		0.1
	261,728	Jefferies LLC, Repurchase Agreement dated 06/30/17, 1.25%, due 07/03/17 (Repurchase Amount $261,755, collateralized by various U.S. Government Agency Obligations, 0.000%-7.125%, Market Value plus accrued interest $266,964, due 07/07/17-01/15/30)		261,728		0.0
	2,690,436	Nomura Securities, Repurchase Agreement dated 06/30/17, 1.13%, due 07/03/17 (Repurchase Amount $2,690,686, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $2,744,245, due 07/10/17-06/20/67)		2,690,436		0.5

See Accompanying Notes to Financial Statements

34

VY^® JPMorgan Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateralcc: (continued)
	3,241,100	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/17, 1.30%, due 07/03/17 (Repurchase Amount $3,241,446, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $3,305,913, due 01/15/19-02/15/46)		3,241,100		0.6
				13,646,036		2.3

Shares				Value			Percentage of Net Assets
			Mutual Funds: 1.0%
	6,251,835		BlackRock Liquidity Funds, FedFund, Institutional Class, 0.860%††
			(Cost $6,251,835)		6,251,835			1.0
		Total Short-Term Investments
		(Cost $19,897,871)			19,897,871			3.3
		Total Investments in Securities (Cost $458,955,701)		$	608,609,583			102.2
		Liabilities in Excess of Other Assets			(13,327,854	)		(2.2	)
		Net Assets		$	595,281,729			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of June 30, 2017.
@	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 June 30, 2017.

Cost for federal income tax purposes is $460,140,538.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	165,852,308
Gross Unrealized Depreciation		(17,383,263	)
Net Unrealized Appreciation	$	148,469,045

See Accompanying Notes to Financial Statements

35

VY^® Oppenheimer Global Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 95.7%
			China: 2.1%
	40,510	@	Baidu, Inc. ADR		7,245,618		0.4
	674,995	@	JD.com, Inc. ADR		26,473,304		1.7
					33,718,922		2.1
			Denmark: 0.5%
	111,808		FLSmidth & Co. A/S		7,065,099		0.5
			France: 6.2%
	172,948		LVMH Moet Hennessy Louis Vuitton SE		43,246,672		2.7
	97,300		Kering		33,131,882		2.1
	402,220		Societe Generale		21,690,037		1.4
					98,068,591		6.2
			Germany: 7.4%
	144,444		Allianz SE		28,504,948		1.8
	165,555		Bayer AG		21,457,659		1.4
	78,609		Linde AG		14,963,500		1.0
	337,154		SAP SE		35,290,439		2.2
	113,271		Siemens AG		15,580,907		1.0
					115,797,453		7.4
			India: 3.4%
	10,607,982	@	DLF Ltd.		31,290,711		2.0
	1,540,792		ICICI Bank Ltd. ADR		13,820,904		0.9
	1,167,036		Zee Entertainment Enterprises Ltd.		8,857,921		0.5
					53,969,536		3.4
			Italy: 0.6%
	210,702	L	Brunello Cucinelli SpA		5,536,545		0.3
	68,697	L	Tod's S.p.A.		4,284,049		0.3
					9,820,594		0.6
			Japan: 14.4%
	1,148,200		Dai-ichi Life Holdings, Inc.		20,841,455		1.3
	62,400		Fanuc Ltd.		12,077,254		0.8
	790,300		KDDI Corp.		20,901,560		1.3
	74,902		Keyence Corp.		32,973,948		2.1
	322,100		Kyocera Corp.		18,720,688		1.2
	251,200		Murata Manufacturing Co., Ltd.		38,349,708		2.4
	314,200		Nidec Corp.		32,280,910		2.0
	45,900		Nintendo Co., Ltd.		15,366,937		1.0
	489,500	@	Renesas Electronics Corp.		4,279,857		0.3
	118,700		Sumitomo Mitsui Financial Group, Inc.		4,634,578		0.3
	305,400		Suzuki Motor Corp.		14,548,637		0.9
	181,300		TDK Corp.		11,984,278		0.8
					226,959,810		14.4
			Netherlands: 2.9%
	553,853		Airbus SE		45,707,096		2.9
			Spain: 2.7%
	1,168,262		Banco Bilbao Vizcaya Argentaria S.A.		9,731,583		0.6
	847,575		Industria de Diseno Textil SA		32,551,187		2.1
					42,282,770		2.7
			Sweden: 1.4%
	1,014,405		Assa Abloy AB		22,358,983		1.4
			Switzerland: 2.9%
	700,834		Credit Suisse Group AG		10,197,829		0.6
	36,147		Roche Holding AG		9,236,098		0.6
	1,544,378		UBS Group AG		26,263,518		1.7
					45,697,445		2.9
			United Kingdom: 6.8%
	2,760,672	@,L	Circassia Pharmaceuticals Plc		3,272,046		0.2
	7,470,594	@	Earthport PLC		2,019,001		0.1
	1,277,980		International Consolidated Airlines Group SA		10,159,731		0.7
	501,117		International Game Technology PLC		9,170,441		0.6
	1,265,166		Prudential PLC		29,040,483		1.8
	144,420		Shire PLC		7,963,209		0.5
	526,844	@	TechnipFMC PLC		14,249,071		0.9
	575,775		Unilever PLC		31,159,876		2.0
					107,033,858		6.8
			United States: 44.4%
	116,380		3M Co.		24,229,152		1.5
	354,930	@,L	Acadia Pharmaceuticals, Inc.		9,898,998		0.6
	225,053	@	Adobe Systems, Inc.		31,831,496		2.0
	261,400		Aetna, Inc.		39,688,362		2.5
	44,940	@	Alphabet, Inc. - Class A		41,779,819		2.7
	46,607	@	Alphabet, Inc. - Class C		42,353,179		2.7
	165,080		Anthem, Inc.		31,056,500		2.0
	54,130	@	Biogen, Inc.		14,688,717		0.9
	80,940	@	BioMarin Pharmaceutical, Inc.		7,350,971		0.5
	78,530	@,L	Bluebird Bio, Inc.		8,249,577		0.5
	124,450	@	Blueprint Medicines Corp.		6,305,882		0.4
	124,930	@	Centene Corp.		9,979,408		0.6
	688,420		Citigroup, Inc.		46,041,530		2.9
	502,140		Colgate-Palmolive Co.		37,223,638		2.4
	122,950		Emerson Electric Co.		7,330,279		0.5
	237,890	@	Facebook, Inc.		35,916,632		2.3
	341,370		FNF Group		15,303,617		1.0
	196,530		Gilead Sciences, Inc.		13,910,393		0.9
	110,630		Goldman Sachs Group, Inc.		24,548,797		1.6
	225,110		Intuit, Inc.		29,896,859		1.9
	219,560	@,L	Ionis Pharmaceuticals, Inc.		11,169,017		0.7
	53,740	@	Loxo Oncology, Inc.		4,309,411		0.3
	290,980	@	MacroGenics, Inc.		5,095,060		0.3
	650,650		Maxim Integrated Products		29,214,185		1.9
	302,490	@	PayPal Holdings, Inc.		16,234,638		1.0
	253,120		S&P Global, Inc.		36,952,989		2.3
	134,780	@	Sage Therapeutics, Inc.		10,733,879		0.7
	227,940		Tiffany & Co.		21,396,728		1.4
	569,050	@,L	Twitter, Inc.		10,168,924		0.6
	149,610		United Parcel Service, Inc. - Class B		16,545,370		1.0

See Accompanying Notes to Financial Statements

36

VY^® Oppenheimer Global Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			United States: (continued)
	230,480		Walt Disney Co.		24,488,500		1.6
	307,740		Whole Foods Market, Inc.		12,958,931		0.8
	166,580		Zimmer Biomet Holdings, Inc.		21,388,872		1.4
					698,240,310		44.4
		Total Common Stock
		(Cost $792,545,604)			1,506,720,467		95.7
PREFERRED STOCK: 1.8%
			Germany: 1.8%
	334,794		Bayerische Motoren Werke AG		27,629,069		1.8
			India: 0.0%
	5,080,989	@	Zee Entertainment Enterprises Ltd.		760,920		0.0
		Total Preferred Stock
		(Cost $12,716,306)			28,389,989		1.8
		Total Long-Term Investments
		(Cost $805,261,910)			1,535,110,456		97.5

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.3%
		Securities Lending Collateralcc: 2.1%
	1,051,926	BNP Paribas S.A., Repurchase Agreement dated 06/30/17, 1.11%, due 07/03/17 (Repurchase Amount $1,052,022, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $1,072,965, due 07/28/17-09/09/49)		1,051,926		0.1
	7,787,591	Cantor Fitzgerald, Repurchase Agreement dated 06/30/17, 1.15%, due 07/03/17 (Repurchase Amount $7,788,327, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $7,943,343, due 07/15/17-05/20/67)		7,787,591		0.5
	7,787,591	Daiwa Capital Markets, Repurchase Agreement dated 06/30/17, 1.15%, due 07/03/17 (Repurchase Amount $7,788,327, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $7,943,343, due 07/13/17-12/01/51)		7,787,591		0.5
	1,280,426	HSBC Securities USA, Repurchase Agreement dated 06/30/17, 1.06%, due 07/03/17 (Repurchase Amount $1,280,538, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.250%, Market Value plus accrued interest $1,306,037, due 07/15/17-01/15/37)		1,280,426		0.1
	628,888	Jefferies LLC, Repurchase Agreement dated 06/30/17, 1.25%, due 07/03/17 (Repurchase Amount $628,953, collateralized by various U.S. Government Agency Obligations, 0.000%-7.125%, Market Value plus accrued interest $641,469, due 07/07/17-01/15/30)		628,888		0.0
	6,464,876	Nomura Securities, Repurchase Agreement dated 06/30/17, 1.13%, due 07/03/17 (Repurchase Amount $6,465,476, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $6,594,174, due 07/10/17-06/20/67)		6,464,876		0.4

See Accompanying Notes to Financial Statements

37

VY^® Oppenheimer Global Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateralcc: (continued)
	7,787,600	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/17, 1.30%, due 07/03/17 (Repurchase Amount $7,788,432, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $7,943,329, due 01/15/19-02/15/46)		7,787,600		0.5
				32,788,898		2.1

Shares				Value			Percentage of Net Assets
			Mutual Funds: 2.2%
	34,301,726		BlackRock Liquidity Funds, FedFund, Institutional Class, 0.860%††
			(Cost $34,301,726)		34,301,726			2.2
		Total Short-Term Investments
		(Cost $67,090,624)			67,090,624			4.3
		Total Investments in Securities (Cost $872,352,534)		$	1,602,201,080			101.8
		Liabilities in Excess of Other Assets			(28,589,848	)		(1.8	)
		Net Assets		$	1,573,611,232			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of June 30, 2017.
@	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 June 30, 2017.

Cost for federal income tax purposes is $879,366,753.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	747,491,434
Gross Unrealized Depreciation		(24,657,107	)
Net Unrealized Appreciation	$	722,834,327

See Accompanying Notes to Financial Statements

38

VY^® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 82.2%
			Basic Materials: 2.6%
	300,000	#	Ausdrill Finance Pty Ltd., 6.875%, 11/01/19		307,500		0.3
	225,000		CF Industries, Inc., 3.450%, 06/01/23		213,187		0.2
	130,000		Commercial Metals Co., 5.375%, 07/15/27		132,763		0.1
	100,000	#	CVR Partners L.P. / CVR Nitrogen Finance Corp., 9.250%, 06/15/23		105,000		0.1
	220,000	#	First Quantum Minerals Ltd., 7.500%, 04/01/25		216,150		0.2
	530,000		Freeport-McMoRan, Inc., 3.550%, 03/01/22		499,355		0.5
	60,000		Hexion, Inc., 6.625%, 04/15/20		55,050		0.1
	75,000	#	Hudbay Minerals, Inc., 7.250%, 01/15/23		77,719		0.1
	100,000	#	Hudbay Minerals, Inc., 7.625%, 01/15/25		105,250		0.1
	190,000	#	Kinross Gold Corp., 4.500%, 07/15/27		190,000		0.2
	435,000	#	Kraton Polymers LLC / Kraton Polymers Capital Corp., 7.000%, 04/15/25		458,925		0.4
	175,000		Tronox Finance LLC, 6.375%, 08/15/20		175,875		0.2
	145,000	#	Tronox Finance LLC, 7.500%, 03/15/22		150,075		0.1
					2,686,849		2.6
			Communications: 13.6%
	200,000	#	Altice Financing SA, 6.625%, 02/15/23		212,688		0.2
	200,000	#	Altice US Finance I Corp., 5.375%, 07/15/23		208,625		0.2
	505,000	#	CCO Holdings LLC / CCO Holdings Capital Corp., 5.500%, 05/01/26		537,194		0.5
	310,000	#	CCO Holdings LLC / CCO Holdings Capital Corp., 5.750%, 02/15/26		332,475		0.3
	380,000		CenturyLink, Inc., 6.450%, 06/15/21		412,300		0.4
	155,000	#	CommScope Technologies LLC, 5.000%, 03/15/27		155,000		0.1
	120,000	#	CommScope, Inc., 5.000%, 06/15/21		123,150		0.1
	200,000	#	CSC Holdings LLC, 5.500%, 04/15/27		212,000		0.2
	125,000	#	Ctrip.com International Ltd., 1.250%, 09/15/22		135,391		0.1
	150,000		DISH DBS Corp., 5.875%, 11/15/24		160,608		0.2
	300,000		DISH DBS Corp., 5.875%, 07/15/22		323,250		0.3
	319,000	#	DISH Network Corp., 2.375%, 03/15/24		335,947		0.3
	215,000		Finisar Corp., 0.500%, 12/15/33		239,591		0.2
	50,000		FireEye, Inc., 1.000%, 06/01/35		47,375		0.1
	50,000		FireEye, Inc., 1.625%, 06/01/35		45,781		0.0
	86,000		Frontier Communications Corp., 8.500%, 04/15/20		90,622		0.1
	555,000		Frontier Communications Corp., 8.750%, 04/15/22		501,193		0.5
	330,000		Frontier Communications Corp., 10.500%, 09/15/22		315,562		0.3
	250,000		GCI, Inc., 6.750%, 06/01/21		256,562		0.2
	140,000		GCI, Inc., 6.875%, 04/15/25		152,075		0.1
	250,000	#	Gray Television, Inc., 5.125%, 10/15/24		253,125		0.2
	280,000	#	Gray Television, Inc., 5.875%, 07/15/26		286,300		0.3
	415,000		Hughes Satellite Systems Corp., 5.250%, 08/01/26		435,231		0.4
	87,000		IAC/InterActiveCorp, 4.875%, 11/30/18		87,826		0.1
	690,000		Level 3 Financing, Inc., 5.250%, 03/15/26		717,676		0.7
	195,000	#	MDC Partners, Inc., 6.500%, 05/01/24		195,487		0.2
	550,000	#	Netflix, Inc., 4.375%, 11/15/26		550,000		0.5
	245,000	#	Nexstar Escrow Corp., 5.625%, 08/01/24		248,675		0.2
	200,000	#	SFR Group SA, 6.000%, 05/15/22		209,500		0.2
	350,000		Quebecor Media, Inc., 5.750%, 01/15/23		370,562		0.4
	425,000	#	Sinclair Television Group, Inc., 5.125%, 02/15/27		413,312		0.4
	170,000	#	Sirius XM Radio, Inc., 4.625%, 05/15/23		175,313		0.2
	295,000	#	Sirius XM Radio, Inc., 5.000%, 08/01/27		298,688		0.3
	1,760,000		Sprint Corp., 7.250%, 09/15/21		1,960,200		1.9
	425,000		TEGNA, Inc., 6.375%, 10/15/23		449,969		0.4
	95,000		T-Mobile USA, Inc., 5.125%, 04/15/25		99,988		0.1
	130,000		T-Mobile USA, Inc., 6.000%, 03/01/23		137,921		0.1
	250,000		T-Mobile USA, Inc., 6.000%, 04/15/24		268,125		0.3
	70,000		T-Mobile USA, Inc., 6.500%, 01/15/24		75,425		0.1
	450,000		T-Mobile USA, Inc., 6.500%, 01/15/26		497,813		0.5
	160,000	#	Univision Communications, Inc., 5.125%, 02/15/25		159,000		0.2

See Accompanying Notes to Financial Statements

39

VY^® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Communications: (continued)
	440,000	#	Videotron Ltd., 5.375%, 06/15/24		466,400		0.4
	105,000		WebMD Health Corp., 2.625%, 06/15/23		103,294		0.1
	375,000		Windstream Services LLC, 6.375%, 08/01/23		311,484		0.3
	360,000		Windstream Services LLC, 7.500%, 06/01/22		323,100		0.3
	200,000		Windstream Services LLC, 7.750%, 10/15/20		202,500		0.2
	150,000	#	Zillow Group, Inc., 2.000%, 12/01/21		175,594		0.2
					14,269,897		13.6
			Consumer, Cyclical: 11.4%
	190,000	#	AMC Entertainment Holdings, Inc., 5.875%, 11/15/26		198,787		0.2
	160,000	#	AMC Entertainment Holdings, Inc., 6.125%, 05/15/27		169,250		0.2
	335,000		Asbury Automotive Group, Inc., 6.000%, 12/15/24		342,537		0.3
	70,000		Beazer Homes USA, Inc., 8.750%, 03/15/22		78,225		0.1
	230,000	#	Cooper-Standard Automotive, Inc., 5.625%, 11/15/26		231,437		0.2
	110,000	#	Eldorado Resorts, Inc., 6.000%, 04/01/25		117,012		0.1
	375,000		Ferrellgas L.P. / Ferrellgas Finance Corp., 6.750%, 01/15/22		355,312		0.3
	345,000		Global Partners L.P. / GLP Finance Corp., 6.250%, 07/15/22		348,450		0.3
	265,000		Global Partners L.P. / GLP Finance Corp., 7.000%, 06/15/23		265,000		0.3
	350,000		Goodyear Tire & Rubber Co/The, 5.000%, 05/31/26		363,125		0.3
	270,000		H&E Equipment Services, Inc., 7.000%, 09/01/22		282,150		0.3
	165,000	#	Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.125%, 12/01/24		180,469		0.2
	175,000	#	Intrepid Aviation Group Holdings LLC / Intrepid Finance Co., 6.875%, 02/15/19		170,625		0.2
	310,000	#	JB Poindexter & Co., Inc., 9.000%, 04/01/22		325,888		0.3
	310,000		KB Home, 1.375%, 02/01/19		333,056		0.3
	400,000		KB Home, 7.000%, 12/15/21		450,000		0.4
	245,000		KB Home, 7.500%, 09/15/22		277,769		0.3
	205,000	#	KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.250%, 06/01/26		216,275		0.2
	205,000	#	KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.000%, 06/01/24		214,225		0.2
	250,000	#	Landry's, Inc., 6.750%, 10/15/24		256,562		0.2
	250,000		Lennar Corp., 4.500%, 06/15/19		259,375		0.2
	465,000		Lennar Corp., 4.750%, 11/15/22		496,969		0.5
	100,000		LKQ Corp., 4.750%, 05/15/23		102,500		0.1
	310,000		MDC Holdings, Inc., 5.500%, 01/15/24		329,375		0.3
	230,000	#	Meritage Homes Corp., 5.125%, 06/06/27		230,862		0.2
	145,000		Meritage Homes Corp., 7.000%, 04/01/22		165,662		0.2
	200,000	#	Nexteer Automotive Group Ltd., 5.875%, 11/15/21		208,500		0.2
	230,000	#	PetSmart, Inc., 7.125%, 03/15/23		205,275		0.2
	340,000	#	PetSmart, Inc., 8.875%, 06/01/25		314,874		0.3
	280,000		PulteGroup, Inc., 5.000%, 01/15/27		288,400		0.3
	270,000		Regal Entertainment Group, 5.750%, 02/01/25		280,125		0.3
	150,000		Regal Entertainment Group, 5.750%, 03/15/22		157,125		0.1
	270,000		CalAtlantic Group, Inc., 0.250%, 06/01/19		256,838		0.2
	130,000		CalAtlantic Group, Inc., 5.375%, 10/01/22		140,563		0.1
	990,000		Scientific Games International, Inc., 10.000%, 12/01/22		1,089,000		1.0
	235,000		CalAtlantic Group, Inc., 1.250%, 08/01/32		236,175		0.2
	365,000	#	Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc., 5.625%, 03/01/24		384,163		0.4
	175,000		Tempur Sealy International, Inc., 5.500%, 06/15/26		178,281		0.2
	360,000	#	TI Group Automotive Systems LLC, 8.750%, 07/15/23		382,500		0.4
	190,000		Titan International, Inc., 6.875%, 10/01/20		198,075		0.2
	190,000		TRI Pointe Group, Inc., 5.250%, 06/01/27		190,713		0.2
	450,000	#	Viking Cruises Ltd., 8.500%, 10/15/22		474,188		0.4
	105,000	#	Viking Cruises Ltd, 6.250%, 05/15/25		106,313		0.1
	160,000	#	ZF North America Capital, Inc., 4.750%, 04/29/25		169,400		0.2
					12,021,405		11.4

See Accompanying Notes to Financial Statements

40

VY^® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Non-cyclical: 16.0%
	125,000		Albany Molecular Research, Inc., 2.250%, 11/15/18		178,594		0.2
	80,000	#	Alliance One International, Inc., 8.500%, 04/15/21		83,600		0.1
	435,000		Alliance One International, Inc., 9.875%, 07/15/21		380,081		0.4
	155,000		Ascent Capital Group, Inc., 4.000%, 07/15/20		124,291		0.1
	225,000		BioScrip, Inc., 8.875%, 02/15/21		204,750		0.2
	95,000		BioMarin Pharmaceutical, Inc., 1.500%, 10/15/20		113,466		0.1
	215,000	#	C&S Group Enterprises LLC, 5.375%, 07/15/22		212,850		0.2
	330,000		Cardtronics, Inc., 1.000%, 12/01/20		317,831		0.3
	150,000		Centene Corp., 4.750%, 01/15/25		154,500		0.1
	165,000		Centene Corp., 5.625%, 02/15/21		172,425		0.2
	110,000		Centene Corp., 6.125%, 02/15/24		119,205		0.1
	225,000	#	Cenveo Corp., 6.000%, 08/01/19		191,250		0.2
	85,000		CHS/Community Health Systems, Inc., 6.250%, 03/31/23		88,068		0.1
	145,000		CHS/Community Health Systems, Inc., 6.875%, 02/01/22		127,237		0.1
	755,000		CHS/Community Health Systems, Inc., 8.000%, 11/15/19		761,606		0.7
	375,000	#	Cimpress NV, 7.000%, 04/01/22		390,000		0.4
	250,000	#	CSVC Acquisition Corp., 7.750%, 06/15/25		256,094		0.2
	246,000		Emergent BioSolutions, Inc., 2.875%, 01/15/21		318,262		0.3
	140,000	#	Endo Finance LLC / Endo Finco, Inc., 5.375%, 01/15/23		117,600		0.1
	280,000	#	Endo Finance LLC, 5.750%, 01/15/22		253,344		0.2
	200,000	#	Endo Ltd. / Endo Finance LLC / Endo Finco, Inc., 6.000%, 02/01/25		164,000		0.2
	180,000		Endologix, Inc., 2.250%, 12/15/18		173,025		0.2
	205,000		Endologix, Inc., 3.250%, 11/01/20		176,428		0.2
	200,000	#	FAGE International SA/ FAGE USA Dairy Industry, Inc., 5.625%, 08/15/26		206,460		0.2
	600,000		HCA, Inc., 5.250%, 06/15/26		648,600		0.6
	185,000	#	Hertz Corp./The, 7.625%, 06/01/22		185,018		0.2
	200,000		Horizon Pharma, Inc., 6.625%, 05/01/23		189,000		0.2
	35,000	#	Horizon Pharma, Inc. / Horizon Pharma USA, Inc., 8.750%, 11/01/24		35,700		0.0
	365,000		Impax Laboratories, Inc., 2.000%, 06/15/22		312,303		0.3
	480,000		Innoviva, Inc., 2.125%, 01/15/23		438,600		0.4
	275,000	#	Insulet Corp., 1.250%, 09/15/21		303,187		0.3
	400,000		Jazz Investments I Ltd., 1.875%, 08/15/21		439,000		0.4
	255,000		Kindred Healthcare, Inc., 6.375%, 04/15/22		252,131		0.2
	240,000		Kindred Healthcare, Inc., 8.000%, 01/15/20		253,200		0.2
	80,000	#	Lamb Weston Holdings, Inc., 4.625%, 11/01/24		82,800		0.1
	80,000	#	Lamb Weston Holdings, Inc., 4.875%, 11/01/26		83,300		0.1
	115,000		Macquarie Infrastructure Corp., 2.000%, 10/01/23		115,072		0.1
	205,000		Medicines Co/The, 2.500%, 01/15/22		267,397		0.3
	140,000		Medicines Co/The, 2.750%, 07/15/23		147,175		0.1
	345,000		Molina Healthcare, Inc., 5.375%, 11/15/22		366,994		0.4
	180,000		NuVasive, Inc., 2.250%, 03/15/21		249,300		0.2
	406,000	#	Patheon Holdings I BV, 7.500%, 02/01/22		431,629		0.4
	325,000	#	Post Holdings, Inc., 5.000%, 08/15/26		325,000		0.3
	260,000	#	Post Holdings, Inc., 6.000%, 12/15/22		276,575		0.3
	205,000		Quidel Corp., 3.250%, 12/15/20		228,319		0.2
	510,000	#	RegionalCare Hospital Partners Holdings, Inc., 8.250%, 05/01/23		549,525		0.5
	250,000		Revlon Consumer Products Corp., 5.750%, 02/15/21		231,250		0.2
	115,000		Revlon Consumer Products Corp., 6.250%, 08/01/24		100,625		0.1
	500,000	#	Sothebys, 5.250%, 10/01/22		513,750		0.5
	235,000	#	Team Health Holdings, Inc., 6.375%, 02/01/25		228,538		0.2
	110,000	#	Teladoc, Inc., 3.000%, 12/15/22		116,462		0.1
	360,000		Tenet Healthcare Corp., 4.375%, 10/01/21		367,200		0.4
	85,000	#	Tenet Healthcare Corp., 7.500%, 01/01/22		92,420		0.1
	130,000		Tenet Healthcare Corp., 8.125%, 04/01/22		138,450		0.1
	525,000		United Rentals North America, Inc., 5.750%, 11/15/24		551,906		0.5
	400,000		Universal Hospital Services, Inc., 7.625%, 08/15/20		408,500		0.4
	1,525,000	#	Valeant Pharmaceuticals International, Inc., 5.875%, 05/15/23		1,315,313		1.3

See Accompanying Notes to Financial Statements

41

VY^® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Non-cyclical: (continued)
	95,000	#	Valeant Pharmaceuticals International, Inc., 6.500%, 03/15/22		99,869		0.1
	125,000	#	Valeant Pharmaceuticals International, Inc., 7.000%, 03/15/24		131,719		0.1
	525,000		WellCare Health Plans, Inc., 5.250%, 04/01/25		551,250		0.5
	470,000		Wright Medical Group, Inc., 2.000%, 02/15/20		524,638		0.5
					16,836,682		16.0
			Energy: 15.6%
	150,000	#	Alta Mesa Holdings L.P. / Alta Mesa Finance Services Corp., 7.875%, 12/15/24		151,875		0.1
	135,000	#	Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.375%, 09/15/24		138,712		0.1
	212,000	#	Antero Resources Corp., 5.000%, 03/01/25		206,700		0.2
	355,000	#	Blue Racer Midstream LLC / Blue Racer Finance Corp., 6.125%, 11/15/22		359,437		0.3
	310,000	#	California Resources Corp., 8.000%, 12/15/22		197,237		0.2
	350,000		Calumet Specialty Products Partners L.P. / Calumet Finance Corp., 6.500%, 04/15/21		304,500		0.3
	175,000		Calumet Specialty Products Partners L.P. / Calumet Finance Corp., 7.750%, 04/15/23		153,125		0.1
	518,000	#	Cheniere Corpus Christi Holdings LLC, 5.125%, 06/30/27		531,597		0.5
	100,000		Cheniere Corpus Christi Holdings LLC, 5.875%, 03/31/25		107,000		0.1
	137,000	#	Chesapeake Energy Corp., 8.000%, 12/15/22		145,391		0.1
	180,000	#	Chesapeake Energy Corp., 8.000%, 06/15/27		177,075		0.2
	137,000	#	Cobalt International Energy, Inc., 7.750%, 12/01/23		83,056		0.1
	318,000	#	Cobalt International Energy, Inc., 10.750%, 12/01/21		302,100		0.3
	200,000		Concho Resources, Inc., 4.375%, 01/15/25		205,000		0.2
	200,000		Concho Resources, Inc., 5.500%, 04/01/23		206,500		0.2
	125,000		Continental Resources, Inc./OK, 4.500%, 04/15/23		119,687		0.1
	160,000	#	Covey Park Energy LLC / Covey Park Finance Corp., 7.500%, 05/15/25		160,400		0.2
	90,000		DCP Midstream Operating L.P., 2.700%, 04/01/19		89,662		0.1
	120,000		DCP Midstream Operating L.P., 3.875%, 03/15/23		116,400		0.1
	325,000		DCP Midstream Operating L.P., 5.600%, 04/01/44		307,937		0.3
	285,000	#	Delek Logistics Partners L.P., 6.750%, 05/15/25		289,275		0.3
	250,000		Denbury Resources, Inc., 4.625%, 07/15/23		133,750		0.1
	160,000		Denbury Resources, Inc., 5.500%, 05/01/22		90,400		0.1
	295,000		Energy Transfer Equity L.P., 5.875%, 01/15/24		314,175		0.3
	60,000		EnLink Midstream Partners L.P., 5.050%, 04/01/45		55,952		0.1
	174,000		EnLink Midstream Partners L.P., 5.600%, 04/01/44		176,455		0.2
	5,000		EP Energy LLC / Everest Acquisition Finance, Inc., 9.375%, 05/01/20		3,969		0.0
	150,000	#	Exterran Energy Solutions L.P. / EES Finance Corp., 8.125%, 05/01/25		153,375		0.2
	50,000		Archrock Partners L.P. / Archrock Partners Finance Corp., 6.000%, 10/01/22		48,750		0.1
	525,000		Archrock Partners L.P. / Archrock Partners Finance Corp., 6.000%, 04/01/21		514,500		0.5
	205,000	#	Extraction Oil & Gas Holdings LLC / Extraction Finance Corp., 7.875%, 07/15/21		211,662		0.2
	145,000		Genesis Energy L.P. / Genesis Energy Finance Corp., 5.750%, 02/15/21		145,362		0.1
	100,000		Genesis Energy L.P. / Genesis Energy Finance Corp., 6.750%, 08/01/22		100,750		0.1
	245,000	#	Great Western Petroleum LLC / Great Western Finance Corp., 9.000%, 09/30/21		243,162		0.2
	300,000	#	Gulfport Energy Corp., 6.000%, 10/15/24		293,250		0.3
	200,000	#	Gulfport Energy Corp., 6.375%, 05/15/25		197,750		0.2
	20,000		Gulfport Energy Corp., 6.625%, 05/01/23		20,150		0.0
	150,000	#	Halcon Resources Corp., 6.750%, 02/15/25		135,750		0.1
	131,000	#	Halcon Resources Corp., 12.000%, 02/15/22		148,685		0.1
	90,000	#	Hiland Partners Holdings LLC / Hiland Partners Finance Corp., 5.500%, 05/15/22		94,003		0.1
	255,000	#	Hilcorp Energy I L.P. / Hilcorp Finance Co., 5.750%, 10/01/25		241,612		0.2
	140,000	#	Holly Energy Partners L.P. / Holly Energy Finance Corp., 6.000%, 08/01/24		146,300		0.1

See Accompanying Notes to Financial Statements

42

VY^® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Energy: (continued)
	100,000	#	MEG Energy Corp., 6.500%, 01/15/25		91,375		0.1
	295,000	#	MEG Energy Corp., 7.000%, 03/31/24		230,838		0.2
	345,000		MPLX L.P., 4.875%, 06/01/25		366,453		0.4
	80,000		Murphy Oil Corp., 6.875%, 08/15/24		83,800		0.1
	250,000		Murphy Oil USA, Inc., 6.000%, 08/15/23		265,000		0.3
	303,000		Noble Energy, Inc., 5.625%, 05/01/21		311,951		0.3
	430,000		Oasis Petroleum, Inc., 6.875%, 03/15/22		419,250		0.4
	425,000		ONEOK, Inc., 7.500%, 09/01/23		507,875		0.5
	230,000	#	Parsley Energy LLC / Parsley Finance Corp., 5.375%, 01/15/25		232,875		0.2
	210,000	#	Parsley Energy LLC / Parsley Finance Corp., 6.250%, 06/01/24		221,550		0.2
	200,000		PBF Holding Co. LLC / PBF Finance Corp., 7.000%, 11/15/23		198,000		0.2
	215,000		PDC Energy, Inc., 7.750%, 10/15/22		224,138		0.2
	275,000	#	Range Resources Corp., 5.000%, 03/15/23		270,188		0.3
	410,000		Rice Energy, Inc., 6.250%, 05/01/22		428,963		0.4
	70,000		Rowan Cos, Inc., 4.875%, 06/01/22		65,275		0.1
	296,000		Rowan Cos, Inc., 5.400%, 12/01/42		210,160		0.2
	31,000		Rowan Cos, Inc., 5.850%, 01/15/44		23,095		0.0
	250,000		Sabine Pass Liquefaction LLC, 5.625%, 02/01/21		272,355		0.3
	125,000		Sabine Pass Liquefaction LLC, 5.000%, 03/15/27		133,171		0.1
	245,000		Sabine Pass Liquefaction LLC, 5.875%, 06/30/26		274,668		0.3
	55,000		Sanchez Energy Corp., 6.125%, 01/15/23		44,275		0.0
	360,000		Sanchez Energy Corp., 7.750%, 06/15/21		327,600		0.3
	130,000		SEACOR Holdings, Inc., 3.000%, 11/15/28		110,094		0.1
	35,000		SM Energy Co., 6.125%, 11/15/22		33,425		0.0
	260,000		SM Energy Co., 6.750%, 09/15/26		249,517		0.2
	120,000		Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.750%, 04/15/25		121,200		0.1
	130,000		Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.250%, 11/15/23		127,563		0.1
	215,000		Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 5.250%, 05/01/23		221,450		0.2
	135,000	#	TerraForm Power Operating LLC, 6.375%, 02/01/23		141,075		0.1
	300,000		Tesoro Corp., 5.375%, 10/01/22		312,000		0.3
	200,000		Tesoro Logistics L.P. / Tesoro Logistics Finance Corp., 5.250%, 01/15/25		210,750		0.2
	270,000	#	Trinidad Drilling Ltd, 6.625%, 02/15/25		257,175		0.2
	105,000		Weatherford International Ltd., 8.250%, 06/15/23		105,263		0.1
	295,000		Western Refining Logistics L.P. / WNRL Finance Corp., 7.500%, 02/15/23		319,338		0.3
	260,000		Whiting Petroleum Corp., 1.250%, 04/01/20		221,000		0.2
	180,000		Williams Cos, Inc./The, 4.550%, 06/24/24		185,850		0.2
	405,000		Williams Cos, Inc./The, 5.750%, 06/24/44		420,188		0.4
	100,000		WPX Energy, Inc., 6.000%, 01/15/22		99,500		0.1
	150,000		WPX Energy, Inc., 7.500%, 08/01/20		158,250		0.2
	80,000		WPX Energy, Inc., 8.250%, 08/01/23		87,200		0.1
					16,406,121		15.6
			Financial: 7.4%
	239,821	#,&	AAF Holdings LLC/AAF Finance Co., 12.000%, 07/01/19		251,812		0.2
	275,000	#	Alliance Data Systems Corp., 5.875%, 11/01/21		285,312		0.3
	300,000		Ally Financial, Inc., 4.625%, 03/30/25		308,379		0.3
	200,000		Ally Financial, Inc., 4.625%, 05/19/22		208,500		0.2
	308,000		Ally Financial, Inc., 5.750%, 11/20/25		325,325		0.3
	225,000		Citigroup, Inc., 5.900%, 12/29/49		241,369		0.2
	550,000		Citigroup, Inc., 6.250%, 12/29/49		610,844		0.6
	235,000		Credit Suisse Group AG, 7.125%, 07/29/65		253,036		0.3
	140,000	#	CyrusOne L.P. / CyrusOne Finance Corp., 5.000%, 03/15/24		144,550		0.1
	40,000	#	CyrusOne L.P. / CyrusOne Finance Corp., 5.375%, 03/15/27		41,750		0.1
	125,000	#	Dana Financing Luxembourg Sarl, 5.750%, 04/15/25		129,687		0.1
	200,000		DuPont Fabros Technology L.P., 5.875%, 09/15/21		208,375		0.2
	195,000		Equinix, Inc., 5.375%, 04/01/23		203,531		0.2

See Accompanying Notes to Financial Statements

43

VY^® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Financial: (continued)
	600,000		Fly Leasing Ltd., 6.375%, 10/15/21		632,250		0.6
	215,000		HSBC Holdings PLC, 6.000%, 11/22/65		222,847		0.2
	260,000	#	Iron Mountain US Holdings, Inc., 5.375%, 06/01/26		274,300		0.3
	300,000		Iron Mountain, Inc., 5.750%, 08/15/24		307,500		0.3
	250,000		Kennedy-Wilson, Inc., 5.875%, 04/01/24		258,750		0.3
	250,000	#	Kilimanjaro Re Ltd. (Cat Bond), 10.292%, 12/06/19		250,387		0.2
	300,000		MPT Operating Partnership L.P. / MPT Finance Corp., 5.500%, 05/01/24		315,000		0.3
	125,000		Nationstar Mortgage LLC / Nationstar Capital Corp., 6.500%, 06/01/22		129,063		0.1
	575,000		Nationstar Mortgage LLC / Nationstar Capital Corp., 6.500%, 07/01/21		590,813		0.6
	100,000		Nationstar Mortgage LLC / Nationstar Capital Corp., 6.500%, 08/01/18		100,313		0.1
	308,000	#	Provident Funding Associates L.P. / PFG Finance Corp., 6.375%, 06/15/25		316,470		0.3
	120,000	#	Quicken Loans, Inc., 5.750%, 05/01/25		124,500		0.1
	225,000	#	Rialto Holdings LLC / Rialto Corp., 7.000%, 12/01/18		229,500		0.2
	400,000		Royal Bank of Scotland Group PLC, 8.000%, 12/29/49		435,272		0.4
	335,000	#	Uniti Group, Inc. / CSL Capital LLC, 6.000%, 04/15/23		349,445		0.3
					7,748,880		7.4
			Industrial: 6.7%
	135,000	#	Advanced Disposal Services, Inc., 5.625%, 11/15/24		139,387		0.1
	105,000		AECOM, 5.875%, 10/15/24		114,712		0.1
	250,000	#	Amsted Industries, Inc., 5.000%, 03/15/22		259,375		0.2
	250,000	#	Amsted Industries, Inc., 5.375%, 09/15/24		260,000		0.3
	350,000	#	Apex Tool Group LLC, 7.000%, 02/01/21		327,250		0.3
EUR	100,000	&	ARD Finance SA, 6.625%, 09/15/23		121,682		0.1
	100,000	&	ARD Finance SA, 7.125%, 09/15/23		106,990		0.1
	80,000	#	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 4.625%, 05/15/23		82,267		0.1
	220,000	#	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 6.000%, 02/15/25		231,550		0.2
	90,000	#	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 7.250%, 05/15/24		98,775		0.1
	325,000		Ball Corp., 4.000%, 11/15/23		333,531		0.3
	500,000		Ball Corp., 5.250%, 07/01/25		553,750		0.5
	85,000	#	Belden, Inc., 5.250%, 07/15/24		88,400		0.1
	140,000	#	Builders FirstSource, Inc., 5.625%, 09/01/24		146,300		0.1
	305,000	#	Cleaver-Brooks, Inc., 8.750%, 12/15/19		314,913		0.3
	205,000	#	Coveris Holdings SA, 7.875%, 11/01/19		202,950		0.2
	640,000		Crown Cork & Seal Co., Inc., 7.375%, 12/15/26		744,000		0.7
	410,000		Dycom Industries, Inc., 0.750%, 09/15/21		477,650		0.5
	150,000		Engility Corp., 8.875%, 09/01/24		163,500		0.2
	100,000	#	EnPro Industries, Inc., 5.875%, 09/15/22		104,750		0.1
	270,000	#	Florida East Coast Holdings Corp., 6.750%, 05/01/19		277,027		0.3
	644,000		General Cable Corp., 4.500%, 11/15/29		488,233		0.5
	205,000		Griffon Corp., 5.250%, 03/01/22		209,613		0.2
	265,000		MasTec, Inc., 4.875%, 03/15/23		265,663		0.3
	80,000	#	Park-Ohio Industries, Inc., 6.625%, 04/15/27		84,150		0.1
	100,000		Reynolds Group Issuer, Inc., 5.750%, 10/15/20		102,459		0.1
	200,000	#	syncreon Group BV / syncreon Global Finance US, Inc., 8.625%, 11/01/21		153,000		0.1
	135,000		Triumph Group, Inc., 5.250%, 06/01/22		134,831		0.1
	230,000	#	Tutor Perini Corp., 6.875%, 05/01/25		242,650		0.2
	185,000	#	USG Corp., 4.875%, 06/01/27		190,781		0.2
					7,020,139		6.7
			Technology: 6.2%
	110,000	Z	Akamai Technologies, Inc., 02/15/19		107,869		0.1
	210,000		Brocade Communications Systems, Inc., 4.625%, 01/15/23		217,087		0.2
	310,000	#	Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 5.750%, 03/01/25		317,362		0.3
	110,000		Citrix Systems, Inc., 0.500%, 04/15/19		132,344		0.1
	145,000	#	Dell International LLC / EMC Corp., 5.875%, 06/15/21		152,250		0.1
	385,000		Diebold Nixdorf, Inc., 8.500%, 04/15/24		432,201		0.4

See Accompanying Notes to Financial Statements

44

VY^® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Technology: (continued)
	375,000	#	Entegris, Inc., 6.000%, 04/01/22		392,813		0.4
	420,000	#	First Data Corp., 5.750%, 01/15/24		437,850		0.4
	155,000	#	First Data Corp., 7.000%, 12/01/23		165,850		0.2
	70,000	#	j2 Cloud Services LLC / j2 Global Co-Obligor, Inc., 6.000%, 07/15/25		72,450		0.1
	510,000		j2 Cloud Services LLC, 8.000%, 08/01/20		522,900		0.5
	145,000		KeyW Holding Corp./The, 2.500%, 07/15/19		140,559		0.1
	165,000	#	Lumentum Holdings, Inc., 0.250%, 03/15/24		193,978		0.2
	175,000	#	Microchip Technology, Inc., 1.625%, 02/15/27		184,844		0.2
	200,000	#	Micron Technology, Inc., 5.250%, 08/01/23		208,700		0.2
	200,000	±	Midway Games, Inc., 06/01/21		–		–
	160,000	#	MSCI, Inc., 4.750%, 08/01/26		164,848		0.2
	250,000	#	MSCI, Inc., 5.250%, 11/15/24		266,250		0.2
	265,000		NCR Corp., 5.000%, 07/15/22		271,625		0.3
	160,000		NCR Corp., 6.375%, 12/15/23		172,000		0.2
	90,000	#	Nice Systems, Inc., 1.250%, 01/15/24		100,744		0.1
	120,000		Nuance Communications, Inc., 1.000%, 12/15/35		116,250		0.1
	190,000		ON Semiconductor Corp., 1.000%, 12/01/20		198,075		0.2
	250,000	#	ON Semiconductor Corp., 1.625%, 10/15/23		251,250		0.2
	200,000	#	Open Text Corp., 5.875%, 06/01/26		215,624		0.2
	200,000	#	Quintiles IMS, Inc., 5.000%, 10/15/26		206,750		0.2
	400,000	#	Rackspace Hosting, Inc., 8.625%, 11/15/24		427,000		0.4
	90,000	#	Silicon Laboratories, Inc., 1.375%, 03/01/22		93,488		0.1
	110,000	#	Synaptics, Inc., 0.500%, 06/15/22		111,375		0.1
	205,000		Synchronoss Technologies, Inc., 0.750%, 08/15/19		191,163		0.2
	46,000	#	Teradyne, Inc., 1.250%, 12/15/23		53,159		0.0
					6,518,658		6.2
			Utilities: 2.7%
	505,000		AES Corp., 4.875%, 05/15/23		516,994		0.5
	100,000		AES Corp., 5.500%, 03/15/24		104,625		0.1
	222		Red Oak Power LLC, 8.540%, 11/30/19		223		0.0
	100,000		AmeriGas Partners L.P. / AmeriGas Finance Corp., 5.500%, 05/20/25		102,000		0.1
	200,000	#	Calpine Corp., 5.250%, 06/01/26		197,000		0.2
	390,000		Calpine Corp., 5.750%, 01/15/25		367,575		0.3
	181,000	#	Dynegy, Inc., 8.000%, 01/15/25		176,475		0.1
	245,000		NRG Energy, Inc., 6.250%, 05/01/24		248,675		0.2
	620,000		NRG Energy, Inc., 6.625%, 01/15/27		623,875		0.6
	170,000		NRG Energy, Inc., 7.250%, 05/15/26		176,800		0.2
	189,825	#	NSG Holdings LLC / NSG Holdings, Inc., 7.750%, 12/15/25		205,011		0.2
	250,000		Talen Energy Supply LLC, 6.500%, 06/01/25		176,875		0.2
					2,896,128		2.7
		Total Corporate Bonds/Notes
		(Cost $83,655,593)			86,404,759		82.2
FOREIGN GOVERNMENT BONDS: –%
	14,904	&	Mashantucket Western Pequot Tribe, 6.500%, 07/01/36		–		–
		Total Foreign Government Bonds
		(Cost $1,745)			–		–
BANK LOANS: 4.6%
			Basic Materials: 0.3%
	264,338		Caraustar Industries, Inc. - TL 1L, 6.796%, 03/14/22		264,998		0.3
			Communications: 0.8%
	445,500		McGraw-Hill Global Education Holdings, LLC, 5.226%, 05/04/22		439,430		0.4
	57,365		Univision Communications Inc. Term Loan C5, 3.976%, 03/15/24		56,415		0.0
	269,328		Virgin Media Bristol LLC TL I 1L, 3.909%, 01/31/25		269,805		0.3
	128,702		West Corp. - TL B12 1L, 3.796%, 06/17/23		128,912		0.1
					894,562		0.8
			Consumer, Cyclical: 1.1%
	128,700		American Axle & Manufacturing Holdings, Inc. - Term Loan A, 3.470%, 04/06/24		128,201		0.1
	221,515		Camping World TL B 1L, 4.976%, 11/08/23		222,982		0.2
	134,153		Federal-Mogul Holdings Corporation New Term Loan C, 4.980%, 04/15/21		134,698		0.1
	60,179		Landry's, Inc. - TL 1L, 3.980%, 10/04/23		60,072		0.1
	216,563		Redbox - TL 1L, 8.796%, 09/27/21		217,826		0.2

See Accompanying Notes to Financial Statements

45

VY^® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
BANK LOANS: (continued)
			Consumer, Cyclical: (continued)
	369,826		Tower Automotive Holdings Term Loan B1, 4.000%, 03/07/24		370,520		0.4
					1,134,299		1.1
			Consumer, Non-cyclical: 0.7%
	65,934		BioScrip, Inc. - TL B DD, 6.500%, 07/31/20		65,489		0.0
	113,406		BioScrip, Inc. - TL B, 6.500%, 07/31/20		112,640		0.1
	430,000		Del Monte Foods, Inc. 2nd Lien Term Loan, 8.690%, 08/18/21		293,475		0.3
	339,914		Revlon Consumer Products Corp. TL B 1L, 4.726%, 09/07/23		317,749		0.3
					789,353		0.7
			Energy: 0.5%
	325,000		Gavilan Resources LLC - TL 2L, 7.224%, 03/01/24		309,562		0.3
	250,380		Jonah Energy, 7.726%, 05/12/21		242,243		0.2
					551,805		0.5
			Financial: 0.3%
	313,977		Confie Seguros Holding II - TL B 1L, 6.726%, 04/19/22		310,936		0.3
			Industrial: 0.5%
	207,911		Builders FirstSource, Inc., 4.296%, 02/29/24		207,824		0.2
	311,858		Zekelman Industries, Inc. Term Loan B, 4.789%, 06/14/21		314,717		0.3
					522,541		0.5
			Insurance: 0.1%
	71,219		Alliant Holdings I, Inc. 2015 Term Loan B, 4.417%, 08/12/22		71,447		0.1
			Technology: 0.3%
	175,782		Dynacast International LLC Term Loan B2, 7.750%, 07/07/20		176,588		0.2
	146,724		SkillSoft Corporation 1st Lien Term Loan, 5.976%, 04/28/21		138,929		0.1
					315,517		0.3
		Total Bank Loans
		(Cost $4,994,355)			4,855,458		4.6
U.S. TREASURY OBLIGATIONS: 3.3%
			U.S. Treasury Notes: 3.3%
	3,500,000		1.217%, due 07/31/18		3,506,535		3.3
		Total U.S. Treasury Obligations
		(Cost $3,500,421)			3,506,535		3.3

Shares				Value		Percentage of Net Assets
COMMON STOCK: 3.8%
			Consumer Discretionary: 0.8%
	50,408		Ford Motor Co.		564,066		0.6
	1,476	#,@	Perseus Holding Corp.		–		–
	4,139		Starbucks Corp.		241,345		0.2
					805,411		0.8
			Consumer Staples: 0.1%
	4,469	@	Revlon, Inc. - Class A		105,915		0.1
			Energy: 0.0%
	424,441	@	Ascent Resources - Utica LLC		5,093		0.0
	91	@	Midstates Petroleum Co., Inc.		1,153		0.0
	20	@	TPT Acquisition, Inc.		–		–
					6,246		0.0
			Financials: 0.3%
	2,083		Capital One Financial Corp.		172,097		0.2
	1,872		JPMorgan Chase & Co.		171,101		0.1
					343,198		0.3
			Health Care: 1.0%
	2,690		Aetna, Inc.		408,423		0.4
	3,183	@	Alere, Inc.		159,755		0.2
	15,129	@	BioScrip, Inc.		41,075		0.0
	1,411		Cigna Corp.		236,187		0.2
	3,059	@	Mylan NV		118,750		0.1
	604		Thermo Fisher Scientific, Inc.		105,380		0.1
					1,069,570		1.0
			Industrials: 0.2%
	123	@	Ceva Holdings LLC		30,837		0.0
	5,836	@	Liberty Tire Recycling		–		–
	2,062	@	United Continental Holdings, Inc.		155,166		0.2
					186,003		0.2
			Information Technology: 0.3%
	7,059	@	NCR Corp.		288,290		0.3
	397		TE Connectivity Ltd.		31,236		0.0
					319,526		0.3
			Materials: 0.3%
	3,044		LyondellBasell Industries NV - Class A		256,883		0.3
			Real Estate: 0.8%
	30,063		Forest City Realty Trust, Inc.		726,623		0.7
	5,760	@	Uniti Group, Inc.		144,806		0.1
					871,429		0.8
			Telecommunication Services: 0.0%
	1,994		Windstream Holdings, Inc.		7,737		0.0
		Total Common Stock
		(Cost $3,161,851)			3,971,918		3.8

See Accompanying Notes to Financial Statements

46

VY^® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Shares				Value		Percentage of Net Assets
PREFERRED STOCK: 1.5%
			Consumer Discretionary: –%
	775	#,@	Perseus Holding Corp.		–		–
			Financials: 0.9%
	470	@	Bank of America Corp.		593,135		0.5
	3,542	@,P	GMAC Capital Trust I		92,801		0.1
	232	@	Wells Fargo & Co.		304,177		0.3
					990,113		0.9
			Health Care: 0.5%
	811	@	Alere, Inc.		318,723		0.3
	225		Allergan PLC		195,318		0.2
	44	@	BioScrip, Inc.		3,953		0.0
					517,994		0.5
			Industrials: 0.1%
	267	@	Ceva Holdings Series A-2		74,768		0.1
		Total Preferred Stock
		(Cost $1,736,913)			1,582,875		1.5
WARRANTS: –%
			Energy: –%
	644	@	Midstates Petroleum Co., Inc.		–		–
			Health Care: –%
	126	@	BioScrip, Inc. - Class A		–		–
	126	@	BioScrip, Inc. - Class B		–		–
					–		–
		Total Warrants
		(Cost $–)			–		–
		Total Long-Term Investments
		(Cost $97,050,878)			100,321,545		95.4

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.0%
			Corporate Bonds/Notes: 1.0%
	185,000	#	International Automotive Components Group SA, 9.125%, 06/01/18		180,606		0.2
	250,000	#	Kilimanjaro Re Ltd. (Cat Bond), 5.542%, 04/30/18		250,713		0.2
	375,000		Shutterfly, Inc., 0.250%, 05/15/18		375,703		0.3
	290,000		WebMD Health Corp., 2.500%, 01/31/18		300,331		0.3
					1,107,353		1.0
			U.S. Treasury Obligations: 1.5%
	520,000		United States Treasury Bill, 1.000%, 09/28/17		518,737		0.5
	500,000		United States Treasury Bill, 0.280%, 07/06/17		499,970		0.5
	265,000		United States Treasury Bill, 0.700%, 07/13/17		264,944		0.3
	260,000		United States Treasury Bill, 0.790%, 07/20/17		259,903		0.2
					1,543,554		1.5

Shares				Value		Percentage of Net Assets
			Mutual Funds: 0.5%
	516,907		BlackRock Liquidity Funds, FedFund, Institutional Class, 0.860%††
			(Cost $516,907)		516,907		0.5
		Total Short-Term Investments
		(Cost $3,152,266)			3,167,814		3.0
		Total Investments in Securities (Cost $100,203,144)		$	103,489,359		98.4
		Assets in Excess of Other Liabilities			1,678,736		1.6
		Net Assets		$	105,168,095		100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of June 30, 2017.
#	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 security for which the issuer has the option at each interest payment date of making interest payments in cash or additional debt securities.
P	Preferred Stock may be called prior to convertible date.
±	Defaulted security
Z	Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2017.

EUR EU Euro

Cost for federal income tax purposes is $100,700,535.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	5,393,956
Gross Unrealized Depreciation		(2,605,132	)
Net Unrealized Appreciation	$	2,788,824

See Accompanying Notes to Financial Statements

47

VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.6%
			Consumer Discretionary: 17.8%
	32,194	@,L	Altice USA, Inc.		1,039,866		0.1
	60,700		Aramark		2,487,486		0.3
	12,100	@	Autozone, Inc.		6,902,566		0.7
	51,600		BorgWarner, Inc.		2,185,776		0.2
	57,000	@	Burlington Stores, Inc.		5,243,430		0.5
	77,900	@,L	Carmax, Inc.		4,912,374		0.5
	19,900		Carter's, Inc.		1,770,105		0.2
	3,700	@	Chipotle Mexican Grill, Inc.		1,539,570		0.2
	40,100		Choice Hotels International, Inc.		2,576,425		0.3
	104,900		Coach, Inc.		4,965,966		0.5
	57,000	@	Ctrip.com International Ltd. ADR		3,070,020		0.3
	34,900		Delphi Automotive PLC		3,058,985		0.3
	33,600		Dick's Sporting Goods, Inc.		1,338,288		0.1
	113,800		Dollar General Corp.		8,203,842		0.9
	70,600	@	Dollar Tree, Inc.		4,936,352		0.5
	44,900		Dunkin' Brands Group, Inc.		2,474,888		0.3
	98,900		Extended Stay America, Inc.		1,914,704		0.2
	27,000		Ferrari NV		2,322,540		0.2
	36,100	@	Five Below, Inc.		1,782,257		0.2
	59,500	L	Hanesbrands, Inc.		1,378,020		0.1
	24,600		Harley-Davidson, Inc.		1,328,892		0.1
	61,233		Hilton Worldwide Holdings, Inc.		3,787,261		0.4
	122,900		Interpublic Group of Cos., Inc.		3,023,340		0.3
	71,500		L Brands, Inc.		3,853,135		0.4
	19,600	@	Lululemon Athletica, Inc.		1,169,532		0.1
	38,212		Marriott International, Inc.		3,833,046		0.4
	84,700		Mattel, Inc.		1,823,591		0.2
	123,300		MGM Resorts International		3,858,057		0.4
	122,500	@	Michaels Cos, Inc.		2,268,700		0.2
	16,600	@	Mohawk Industries, Inc.		4,012,054		0.4
	119,800		Newell Brands, Inc.		6,423,676		0.7
	33,100	@	Norwegian Cruise Line Holdings Ltd.		1,796,999		0.2
	1,400	@	NVR, Inc.		3,374,854		0.4
	41,100		Omnicom Group		3,407,190		0.4
	31,700	@	O'Reilly Automotive, Inc.		6,934,058		0.7
	25,900		Papa John's International, Inc.		1,858,584		0.2
	14,200	L	Polaris Industries, Inc.		1,309,666		0.1
	72,600		Pulte Group, Inc.		1,780,878		0.2
	21,300		PVH Corp.		2,438,850		0.3
	136,200		Ross Stores, Inc.		7,862,826		0.8
	23,600		Royal Caribbean Cruises Ltd.		2,577,828		0.3
	142,500		Service Corp. International		4,766,625		0.5
	27,400	L	Signet Jewelers Ltd.		1,732,776		0.2
	26,300	@	Sotheby's		1,411,521		0.1
	34,500	@,L	Tempur Sealy International, Inc.		1,841,955		0.2
	35,700		Tiffany & Co.		3,351,159		0.4
	60,400		Toll Brothers, Inc.		2,386,404		0.2
	49,700		Tractor Supply Co.		2,694,237		0.3
	17,300	@	Ulta Beauty, Inc.		4,970,982		0.5
	84,300	@	Vipshop Holdings Ltd. ADR		889,365		0.1
	21,420	@,L	Wayfair, Inc.		1,646,769		0.2
	12,700		Whirlpool Corp.		2,433,574		0.3
	53,200		Williams-Sonoma, Inc.		2,580,200		0.3
	56,500		Wolverine World Wide, Inc.		1,582,565		0.2
	13,900		Wynn Resorts Ltd.		1,864,268		0.2
	32,500		Yum! Brands, Inc.		2,397,200		0.3
					169,376,077		17.8
			Consumer Staples: 5.8%
	84,200	@	Blue Buffalo Pet Products, Inc.		1,920,602		0.2
	79,300		Brown-Forman Corp. - Class B		3,853,980		0.4
	19,600	L	Casey's General Stores, Inc.		2,099,356		0.2
	84,600		Church & Dwight Co., Inc.		4,389,048		0.5
	15,900		Clorox Co.		2,118,516		0.2
	70,800		Conagra Brands, Inc.		2,531,808		0.3
	4,800		Constellation Brands, Inc.		929,904		0.1
	53,500		Dr Pepper Snapple Group, Inc.		4,874,385		0.5
	35,900		Energizer Holdings, Inc.		1,723,918		0.2
	74,400		Flowers Foods, Inc.		1,287,864		0.1
	45,400	@	Hain Celestial Group, Inc.		1,762,428		0.2
	51,400		Hershey Co.		5,518,818		0.6
	88,900		Hormel Foods Corp.		3,032,379		0.3
	7,400		JM Smucker Co.		875,642		0.1
	52,800		McCormick & Co., Inc.		5,148,528		0.5
	17,100	@	Monster Beverage Corp.		849,528		0.1
	44,600		Pinnacle Foods, Inc.		2,649,240		0.3
	14,300		Pricesmart, Inc.		1,252,680		0.1
	75,900	L	Snyders-Lance, Inc.		2,627,658		0.3
	75,600	@	Sprouts Farmers Market, Inc.		1,713,852		0.2
	64,300		Tyson Foods, Inc.		4,027,109		0.4
					55,187,243		5.8
			Energy: 1.5%
	35,900		Cabot Oil & Gas Corp.		900,372		0.1
	14,800	@	Centennial Resource Development, Inc.		227,112		0.0
	39,637	@	Centennial Resource Development, Inc.		627,057		0.1
	56,000	@,L	Centennial Resource Development, Inc./DE		885,920		0.1
	10,500		Cimarex Energy Co.		987,105		0.1
	13,200	@	Concho Resources, Inc./Midland TX		1,604,196		0.2
	20,200	@	Diamondback Energy, Inc.		1,793,962		0.2
	20,200		EQT Corp.		1,183,518		0.1
	89,100	@,L	Jagged Peak Energy, Inc.		1,189,485		0.1
	52,900		Oceaneering International, Inc.		1,208,236		0.1
	23,800	@	Parsley Energy, Inc.		660,450		0.1

See Accompanying Notes to Financial Statements

48

VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Energy: (continued)
	9,300		Pioneer Natural Resources Co.		1,484,094		0.1
	19,600		Tesoro Corp.		1,834,560		0.2
					14,586,067		1.5
			Financials: 7.6%
	58,800		BankUnited, Inc.		1,982,148		0.2
	79,033		CBOE Holdings, Inc.		7,223,616		0.8
	85,800		Citizens Financial Group, Inc.		3,061,344		0.3
	29,800		Discover Financial Services		1,853,262		0.2
	72,700	@	E*Trade Financial Corp.		2,764,781		0.3
	9,800		Factset Research Systems, Inc.		1,628,564		0.2
	105,600		Fifth Third Bancorp		2,741,376		0.3
	28,900		Financial Engines, Inc.		1,057,740		0.1
	51,700		First Republic Bank		5,175,170		0.5
	119,400		FNF Group		5,352,702		0.6
	36,100		Invesco Ltd.		1,270,359		0.1
	84,700		Lazard Ltd.		3,924,151		0.4
	40,700		Moody's Corp.		4,952,376		0.5
	30,700		MSCI, Inc. - Class A		3,161,793		0.3
	21,600		Northern Trust Corp.		2,099,736		0.2
	53,800		Progressive Corp.		2,372,042		0.3
	15,600	@	Signature Bank		2,239,068		0.2
	41,600		State Street Corp.		3,732,768		0.4
	25,900	@	SVB Financial Group		4,552,961		0.5
	95,800		TD Ameritrade Holding Corp.		4,118,442		0.4
	69,530		Webster Financial Corp.		3,630,857		0.4
	23,300		Willis Towers Watson PLC		3,389,218		0.4
					72,284,474		7.6
			Health Care: 16.4%
	79,399	@,L	Acadia Healthcare Co., Inc.		3,920,723		0.4
	47,100	@,L	Acadia Pharmaceuticals, Inc.		1,313,619		0.1
	61,900		Agilent Technologies, Inc.		3,671,289		0.4
	18,700	@	Agios Pharmaceuticals, Inc.		962,115		0.1
	13,200	@	Alexion Pharmaceuticals, Inc.		1,606,044		0.2
	14,800	@	Align Technology, Inc.		2,221,776		0.2
	68,500	@	Alkermes PLC		3,970,945		0.4
	16,600	@	Alnylam Pharmaceuticals, Inc.		1,324,016		0.1
	45,300		AmerisourceBergen Corp.		4,282,209		0.4
	6,100	@	athenahealth, Inc.		857,355		0.1
	47,800	@	BioMarin Pharmaceutical, Inc.		4,341,196		0.4
	32,400	@	Bioverativ, Inc.		1,949,508		0.2
	14,400	@	Bluebird Bio, Inc.		1,512,720		0.2
	57,700		Bruker Corp.		1,664,068		0.2
	51,584	@	Catalent, Inc.		1,810,598		0.2
	49,000	@	Centene Corp.		3,914,120		0.4
	50,412	@	Cerner Corp.		3,350,886		0.3
	28,600		Cooper Cos., Inc.		6,847,412		0.7
	32,900	@	DaVita, Inc.		2,130,604		0.2
	60,850		Dentsply Sirona, Inc.		3,945,514		0.4
	25,217	@	Envision Healthcare Corp.		1,580,349		0.2
	24,500	@	Henry Schein, Inc.		4,483,990		0.5
	140,800	@	Hologic, Inc.		6,389,504		0.7
	41,700	@,L	Horizon Pharma PLC		494,979		0.0
	7,400		Humana, Inc.		1,780,588		0.2
	35,300	@	Idexx Laboratories, Inc.		5,698,126		0.6
	30,700	@	Illumina, Inc.		5,327,064		0.6
	57,600	@	Incyte Corp., Ltd.		7,252,416		0.8
	5,050	@,L	Intercept Pharmaceuticals, Inc.		611,404		0.1
	8,900	@	Intuitive Surgical, Inc.		8,324,793		0.9
	131,200	@	Ironwood Pharmaceuticals, Inc.		2,477,056		0.3
	13,000	@	Jazz Pharmaceuticals PLC		2,021,500		0.2
	15,500	@,L	Kite Pharma, Inc.		1,606,885		0.2
	20,100	@	Mallinckrodt PLC - W/I		900,681		0.1
	22,600	@	Medidata Solutions, Inc.		1,767,320		0.2
	18,400	@	Mednax, Inc.		1,110,808		0.1
	8,600	@	Mettler Toledo International, Inc.		5,061,444		0.5
	28,600	@	Molina Healthcare, Inc.		1,978,548		0.2
	54,279	@	Neurocrine Biosciences, Inc.		2,496,834		0.3
	15,700	@	Pacira Pharmaceuticals, Inc.		748,890		0.1
	33,100	@	Quintiles IMS Holdings, Inc.		2,962,450		0.3
	29,400	@	Seattle Genetics, Inc.		1,521,156		0.2
	23,800		STERIS PLC		1,939,700		0.2
	19,800		Teleflex, Inc.		4,113,648		0.4
	29,570	@,L	Tesaro, Inc.		4,135,660		0.4
	11,100	@	Ultragenyx Pharmaceutical, Inc.		689,421		0.1
	14,200	@	United Therapeutics Corp.		1,842,166		0.2
	21,400		Universal Health Services, Inc.		2,612,512		0.3
	52,500	@	Veeva Systems, Inc.		3,218,775		0.3
	22,800	@	Vertex Pharmaceuticals, Inc.		2,938,236		0.3
	15,600	@	WellCare Health Plans, Inc.		2,801,136		0.3
	21,300		West Pharmaceutical Services, Inc.		2,013,276		0.2
	122,350		Zoetis, Inc.		7,632,193		0.8
					156,130,225		16.4
			Industrials: 17.4%
	21,100		Acuity Brands, Inc.		4,289,208		0.5
	48,200		Alaska Air Group, Inc.		4,326,432		0.5
	9,600		Allegiant Travel Co.		1,301,760		0.1
	62,800		Allegion Public Ltd.		5,094,336		0.5
	38,862		Ametek, Inc.		2,353,871		0.2
	32,400	@	Avis Budget Group, Inc.		883,548		0.1
	6,342		BWX Technologies, Inc.		309,173		0.0
	30,100		CH Robinson Worldwide, Inc.		2,067,268		0.2
	46,300	@	Colfax Corp.		1,822,831		0.2
	15,900		Copa Holdings S.A.		1,860,300		0.2
	89,000	@	Copart, Inc.		2,829,310		0.3
	47,800		Donaldson Co., Inc.		2,176,812		0.2
	50,087		Equifax, Inc.		6,882,956		0.7
	37,200		Expeditors International Washington, Inc.		2,101,056		0.2
	24,800		Fastenal Co.		1,079,544		0.1
	38,900		Flowserve Corp.		1,806,127		0.2
	41,800		Fortive Corp.		2,648,030		0.3

See Accompanying Notes to Financial Statements

49

VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Industrials: (continued)
	84,875		Fortune Brands Home & Security, Inc.		5,537,245		0.6
	49,600	@	Generac Holdings, Inc.		1,792,048		0.2
	26,400	@	Genesee & Wyoming, Inc.		1,805,496		0.2
	32,100		Graco, Inc.		3,507,888		0.4
	23,100		Hubbell, Inc.		2,614,227		0.3
	9,500		Huntington Ingalls Industries, Inc.		1,768,520		0.2
	28,100		IDEX Corp.		3,175,581		0.3
	93,453	@	IHS Markit Ltd.		4,115,670		0.4
	30,300		JB Hunt Transport Services, Inc.		2,768,814		0.3
	25,300		Kansas City Southern		2,647,645		0.3
	99,600		KAR Auction Services, Inc.		4,180,212		0.4
	17,700	@	Kirby Corp.		1,183,245		0.1
	14,600		Landstar System, Inc.		1,249,760		0.1
	20,900		Manpowergroup, Inc.		2,333,485		0.2
	25,100	@	Middleby Corp.		3,049,901		0.3
	89,400		Nielsen Holdings PLC		3,456,204		0.4
	14,400		Nordson Corp.		1,747,008		0.2
	29,000		Old Dominion Freight Line		2,761,960		0.3
	28,300		Paccar, Inc.		1,868,932		0.2
	61,300		Ritchie Bros Auctioneers, Inc.		1,761,762		0.2
	37,100		Robert Half International, Inc.		1,778,203		0.2
	55,300		Rockwell Collins, Inc.		5,810,924		0.6
	92,210		Rollins, Inc.		3,753,869		0.4
	18,300		Roper Technologies, Inc.		4,236,999		0.4
	97,924		Schneider National, Inc.		2,190,560		0.2
	81,900	@,L	Sensata Technologies Holdings N.V.		3,498,768		0.4
	21,600		Snap-On, Inc.		3,412,800		0.4
	22,300	@	Spirit Airlines, Inc.		1,151,795		0.1
	28,200	@	Stericycle, Inc.		2,152,224		0.2
	56,800		Textron, Inc.		2,675,280		0.3
	40,700		Toro Co.		2,820,103		0.3
	19,100		TransDigm Group, Inc.		5,135,417		0.5
	99,700	@	TransUnion		4,318,007		0.5
	51,241	@	United Continental Holdings, Inc.		3,855,885		0.4
	12,100		Valmont Industries, Inc.		1,810,160		0.2
	79,700	@	Verisk Analytics, Inc.		6,724,289		0.7
	14,400	@	WABCO Holdings, Inc.		1,836,144		0.2
	37,100	L	Wabtec Corp.		3,394,650		0.4
	64,050		Waste Connections, Inc.		4,126,101		0.4
	12,700		Watsco, Inc.		1,958,340		0.2
	4,800		WW Grainger, Inc.		866,544		0.1
	33,100		Xylem, Inc.		1,834,733		0.2
					166,499,960		17.4
			Information Technology: 22.5%
	17,300		Alliance Data Systems Corp.		4,440,737		0.5
	99,100		Amphenol Corp.		7,315,562		0.8
	11,100	@	ANSYS, Inc.		1,350,648		0.1
	151,179	@	Atlassian Corp. PLC		5,318,477		0.6
	41,600	@	Autodesk, Inc.		4,194,112		0.4
	96,800	@,L	Black Knight Financial Services, Inc.		3,963,960		0.4
	73,700		Booz Allen Hamilton Holding Corp.		2,398,198		0.3
	57,300	@	Cadence Design Systems, Inc.		1,918,977		0.2
	25,100		Cognex Corp.		2,130,990		0.2
	87,500	@	CoreLogic, Inc.		3,795,750		0.4
	17,000	@	CoStar Group, Inc.		4,481,200		0.5
	98,000		CSRA, Inc.		3,111,500		0.3
	44,255	@	Dropbox, Inc. - Class A		360,678		0.1
	19,495	@	Dropbox, Inc. - Class B		158,884		0.0
	71,100	@	Electronic Arts, Inc.		7,516,692		0.8
	18,600	@	Ellie Mae, Inc.		2,044,326		0.2
	20,600	@	EPAM Systems, Inc.		1,732,254		0.2
	22,500	@	F5 Networks, Inc.		2,858,850		0.3
	74,900		Fidelity National Information Services, Inc.		6,396,460		0.7
	73,500	@	Fiserv, Inc.		8,991,990		0.9
	26,300	@	FleetCor Technologies, Inc.		3,792,723		0.4
	48,000	@	Fortinet, Inc.		1,797,120		0.2
	34,300	@	Gartner, Inc.		4,236,393		0.4
	65,500		Genpact Ltd.		1,822,865		0.2
	49,900		Global Payments, Inc.		4,506,968		0.5
	58,700	@	Guidewire Software, Inc.		4,033,277		0.4
	59,500		Harris Corp.		6,490,260		0.7
	17,800	@	IAC/InterActiveCorp		1,837,672		0.2
	46,100	@	Integrated Device Technology, Inc.		1,188,919		0.1
	31,900		Intuit, Inc.		4,236,639		0.4
	17,900	@	IPG Photonics Corp.		2,597,290		0.3
	75,350	@	Keysight Technologies, Inc.		2,933,376		0.3
	37,800		KLA-Tencor Corp.		3,459,078		0.4
	110,148		Marvell Technology Group Ltd.		1,819,645		0.2
	132,300	@,L	Match Group, Inc.		2,299,374		0.2
	9,400		Mercadolibre, Inc.		2,358,272		0.3
	57,900		Microchip Technology, Inc.		4,468,722		0.5
	82,600	@	Microsemi Corp.		3,865,680		0.4
	22,100		Motorola Solutions, Inc.		1,916,954		0.2
	23,700	@	Palo Alto Networks, Inc.		3,171,297		0.3
	37,500		Paychex, Inc.		2,135,250		0.2
	30,700	@	Proofpoint, Inc.		2,665,681		0.3
	73,800	@	Red Hat, Inc.		7,066,350		0.7
	160,600		Sabre Corp.		3,496,262		0.4
	64,400	@	ServiceNow, Inc.		6,826,400		0.7
	11,100	@	Shopify, Inc.		964,590		0.1
	48,500		Skyworks Solutions, Inc.		4,653,575		0.5
	39,700	@,L	Snap, Inc.		705,469		0.1
	53,800	@	Splunk, Inc.		3,060,682		0.3
	94,900		SS&C Technologies Holdings, Inc.		3,645,109		0.4
	30,500	@	Synopsys, Inc.		2,224,365		0.2
	58,619	@	Tableau Software, Inc.		3,591,586		0.4
	53,700	@	Trimble, Inc.		1,915,479		0.2
	18,800	@	Tyler Technologies, Inc.		3,302,596		0.3
	18,500	@,L	Ultimate Software Group, Inc.		3,886,110		0.4
	105,000	@	Vantiv, Inc.		6,650,700		0.7
	70,400	@,L	VeriSign, Inc.		6,544,384		0.7
	20,999	@	WEX, Inc.		2,189,566		0.2
	39,447	@	Workday, Inc.		3,826,359		0.4
	50,300		Xilinx, Inc.		3,235,296		0.3
	32,400	@	Zendesk, Inc.		900,072		0.1
	54,200	@,L	Zillow Group, Inc. - Class A		2,647,128		0.3

See Accompanying Notes to Financial Statements

50

VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Information Technology: (continued)
	236,500	@	Zynga, Inc.		860,860		0.1
					214,306,638		22.5
			Materials: 5.3%
	21,700		Air Products & Chemicals, Inc.		3,104,402		0.3
	31,300		Ashland Global Holdings, Inc.		2,062,983		0.2
	177,400		Ball Corp.		7,488,054		0.8
	21,500		Carpenter Technology Corp.		804,745		0.1
	29,300		Celanese Corp.		2,781,742		0.3
	60,200		CF Industries Holdings, Inc.		1,683,192		0.2
	12,200	L	Compass Minerals International, Inc.		796,660		0.1
	28,700		Eagle Materials, Inc.		2,652,454		0.3
	4,000		NewMarket Corp.		1,841,920		0.2
	33,400		PolyOne Corp.		1,293,916		0.1
	87,100		RPM International, Inc.		4,751,305		0.5
	87,700		Sealed Air Corp.		3,925,452		0.4
	11,100		Sherwin-Williams Co.		3,895,656		0.4
	159,229		Valvoline, Inc.		3,776,912		0.4
	64,900		Vulcan Materials Co.		8,221,532		0.9
	76,600		Wheaton Precious Metals Corp.		1,523,574		0.1
					50,604,499		5.3
			Real Estate: 3.8%
	36,200		American Campus Communities, Inc.		1,712,260		0.2
	26,500		Crown Castle International Corp.		2,654,770		0.3
	55,900		CubeSmart		1,343,836		0.1
	12,115		Equinix, Inc.		5,199,274		0.6
	14,300		Federal Realty Investment Trust		1,807,377		0.2
	67,800		Iron Mountain, Inc.		2,329,608		0.3
	25,800		Jones Lang LaSalle, Inc.		3,225,000		0.3
	76,800	L	MGM Growth Properties LLC		2,241,792		0.2
	63,350	@	SBA Communications Corp.		8,545,915		0.9
	24,800		SL Green Realty Corp.		2,623,840		0.3
	21,800		Taubman Centers, Inc.		1,298,190		0.1
	272,815		VEREIT, Inc.		2,220,714		0.2
	26,699	@	WeWork Companies, Inc., - Class A		1,383,275		0.1
					36,585,851		3.8
			Utilities: 0.5%
	32,500		Atmos Energy Corp.		2,695,875		0.3
	79,600		NiSource, Inc.		2,018,656		0.2
					4,714,531		0.5
		Total Common Stock
		(Cost $681,030,682)			940,275,565		98.6
PREFERRED STOCK: 1.4%
			Consumer Discretionary: 0.1%
	8,859	@	Flipkart Online Services Pvt. Ltd., - Series G		1,060,954		0.1
			Information Technology: 0.7%
	32,391	@	AirBNB, Inc. - Series D		3,401,055		0.4
	3,719	@	AirBNB, Inc. - Series E		390,495		0.0
	24,209	@	Dropbox, Inc. - Series A		197,304		0.0
	118,921	@	Dropbox, Inc. - Series A-1		969,206		0.1
	353,970	@	Tanium, Inc.- Series G		1,757,213		0.2
					6,715,273		0.7
			Real Estate: 0.6%
	44,396	@	WeWork Companies, Inc. - Series D-1		2,300,157		0.3
	34,882	@	WeWork Companies, Inc. - Series D-2		1,807,236		0.2
	24,709	@	WeWork Companies, Inc. - Series E		1,280,173		0.1
					5,387,566		0.6
		Total Preferred Stock
		(Cost $7,911,058)			13,163,793		1.4
		Total Long-Term Investments
		(Cost $688,941,740)			953,439,358		100.0

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.2%
		Securities Lending Collateralcc: 4.2%
	1,287,307	BNP Paribas S.A., Repurchase Agreement dated 06/30/17, 1.11%, due 07/03/17 (Repurchase Amount $1,287,424, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $1,313,053, due 07/28/17-09/09/49)		1,287,307		0.1
	9,530,214	Cantor Fitzgerald, Repurchase Agreement dated 06/30/17, 1.15%, due 07/03/17 (Repurchase Amount $9,531,115, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $9,720,818, due 07/15/17-05/20/67)		9,530,214		1.0
	9,530,214	Daiwa Capital Markets, Repurchase Agreement dated 06/30/17, 1.15%, due 07/03/17 (Repurchase Amount $9,531,115, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $9,720,818, due 07/13/17-12/01/51)		9,530,214		1.0

See Accompanying Notes to Financial Statements

51

VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateralcc: (continued)
	1,566,935	HSBC Securities USA, Repurchase Agreement dated 06/30/17, 1.06%, due 07/03/17 (Repurchase Amount $1,567,072, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.250%, Market Value plus accrued interest $1,598,276, due 07/15/17-01/15/37)		1,566,935		0.2
	769,609	Jefferies LLC, Repurchase Agreement dated 06/30/17, 1.25%, due 07/03/17 (Repurchase Amount $769,688, collateralized by various U.S. Government Agency Obligations, 0.000%-7.125%, Market Value plus accrued interest $785,005, due 07/07/17-01/15/30)		769,609		0.1
	7,911,324	Nomura Securities, Repurchase Agreement dated 06/30/17, 1.13%, due 07/03/17 (Repurchase Amount $7,912,059, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $8,069,551, due 07/10/17-06/20/67)		7,911,324		0.8
	9,530,200	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/17, 1.30%, due 07/03/17 (Repurchase Amount $9,531,218, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $9,720,776, due 01/15/19-02/15/46)		9,530,200		1.0
				40,125,803		4.2

Shares				Value			Percentage of Net Assets
			Mutual Funds: 0.0%
	351,000		T. Rowe Price Reserve Investment Fund, 1.000%††
			(Cost $351,000)		351,000			0.0
		Total Short-Term Investments
		(Cost $40,476,803)			40,476,803			4.2
		Total Investments in Securities (Cost $729,418,543)		$	993,916,161			104.2
		Liabilities in Excess of Other Assets			(39,613,187	)		(4.2	)
		Net Assets		$	954,302,974			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of June 30, 2017.
@	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 June 30, 2017.

Cost for federal income tax purposes is $733,512,661.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	282,539,801
Gross Unrealized Depreciation		(22,136,301	)
Net Unrealized Appreciation	$	260,403,500

See Accompanying Notes to Financial Statements

52

VY^® T. Rowe Price Growth Equity Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 94.1%
			Consumer Discretionary: 19.4%
	55,742	@,L	Altice USA, Inc.		1,800,467		0.1
	100,869	@	Amazon.com, Inc.		97,641,192		5.9
	27,051	@	Autozone, Inc.		15,431,513		0.9
	107,500	@	Ctrip.com International Ltd. ADR		5,789,950		0.3
	88,100		Delphi Automotive PLC		7,721,965		0.5
	125,100		Dollar General Corp.		9,018,459		0.5
	144,520		Ferrari NV		12,431,610		0.8
	3,088	@	Flipkart Online Services Pvt. Ltd.		272,095		0.0
	87,800		Home Depot, Inc.		13,468,520		0.8
	172,068		L Brands, Inc.		9,272,745		0.6
	89,200		Lowe's Cos, Inc.		6,915,676		0.4
	83,758		Marriott International, Inc.		8,401,765		0.5
	95,260		MGM Resorts International		2,980,685		0.2
	65,256	@	O'Reilly Automotive, Inc.		14,274,097		0.9
	30,059	@	Priceline.com, Inc.		56,225,961		3.4
	30,342		Restaurant Brands International, Inc.		1,897,589		0.1
	46,400		Ross Stores, Inc.		2,678,672		0.2
	343,700		Starbucks Corp.		20,041,147		1.2
	46,204	@,L	Tesla, Inc.		16,707,828		1.0
	76,728		Tractor Supply Co.		4,159,425		0.3
	172,000		Yum! Brands, Inc.		12,686,720		0.8
					319,818,081		19.4
			Consumer Staples: 2.9%
	155,066		Mondelez International, Inc.		6,697,301		0.4
	258,200		Philip Morris International, Inc.		30,325,590		1.8
	142,887		Walgreens Boots Alliance, Inc.		11,189,481		0.7
					48,212,372		2.9
			Financials: 5.8%
	235,500		Charles Schwab Corp.		10,117,080		0.6
	107,800		First Republic Bank		10,790,780		0.7
	276,600		Intercontinental Exchange, Inc.		18,233,472		1.1
	166,300		JPMorgan Chase & Co.		15,199,820		0.9
	459,700		Morgan Stanley		20,484,232		1.2
	107,200		State Street Corp.		9,619,056		0.6
	265,676		TD Ameritrade Holding Corp.		11,421,411		0.7
					95,865,851		5.8
			Health Care: 16.4%
	81,369		Aetna, Inc.		12,354,255		0.8
	182,250	@	Alexion Pharmaceuticals, Inc.		22,174,358		1.4
	40,400		Anthem, Inc.		7,600,452		0.5
	96,477		Becton Dickinson & Co.		18,823,627		1.1
	68,548	@	Biogen, Inc.		18,601,185		1.1
	65,516	@	Celgene Corp.		8,508,563		0.5
	74,126	@	Centene Corp.		5,921,185		0.4
	87,195		Cigna Corp.		14,595,571		0.9
	147,200		Danaher Corp.		12,422,208		0.8
	178,500	@	HCA Healthcare, Inc.		15,565,200		0.9
	63,415		Humana, Inc.		15,258,917		0.9
	27,100	@	Intuitive Surgical, Inc.		25,348,527		1.5
	199,700		Merck & Co., Inc.		12,798,773		0.8
	157,000		Stryker Corp.		21,788,460		1.3
	151,900		UnitedHealth Group, Inc.		28,165,298		1.7
	154,733	@	Vertex Pharmaceuticals, Inc.		19,940,442		1.2
	151,900		Zoetis, Inc.		9,475,522		0.6
					269,342,543		16.4
			Industrials: 8.6%
	90,365		Acuity Brands, Inc.		18,369,397		1.1
	389,700		American Airlines Group, Inc.		19,609,704		1.2
	129,200		Boeing Co.		25,549,300		1.5
	84,400		Equifax, Inc.		11,598,248		0.7
	95,150		Fortive Corp.		6,027,752		0.4
	115,661		Fortune Brands Home & Security, Inc.		7,545,724		0.5
	126,000		Honeywell International, Inc.		16,794,540		1.0
	86,100		Illinois Tool Works, Inc.		12,333,825		0.7
	74,832		Roper Technologies, Inc.		17,325,853		1.1
	68,083	L	Wabtec Corp.		6,229,595		0.4
					141,383,938		8.6
			Information Technology: 36.6%
	283,164	@	Alibaba Group Holding Ltd. ADR		39,897,808		2.4
	54,550	@	Alphabet, Inc. - Class A		50,714,044		3.1
	46,671	@	Alphabet, Inc. - Class C		42,411,338		2.6
	587,779		Apple, Inc.		84,651,931		5.1
	26,200	L	ASML Holding NV-NY REG		3,414,122		0.2
	143,343	@	Dropbox, Inc. - Class A		1,168,246		0.1
	132,800	@	Electronic Arts, Inc.		14,039,616		0.9
	394,669	@	Facebook, Inc.		59,587,126		3.6
	135,402		Fidelity National Information Services, Inc.		11,563,331		0.7
	106,128	@	Fiserv, Inc.		12,983,699		0.8
	126,600		Intuit, Inc.		16,813,746		1.0
	222,300		Mastercard, Inc. - Class A		26,998,335		1.6
	20,500		Mercadolibre, Inc.		5,143,040		0.3
	739,300		Microsoft Corp.		50,959,949		3.1
	41,000		Nvidia Corp.		5,926,960		0.4
	836,200	@	PayPal Holdings, Inc.		44,878,854		2.7
	261,764	@	Salesforce.com, Inc.		22,668,762		1.4
	119,095	@	ServiceNow, Inc.		12,624,070		0.8
	385,897	@,L	Snap, Inc.		6,857,390		0.4
	78,840	@	Snap, Inc., Class A		1,372,967		0.1
	78,840	@	Snap, Inc., Class B		1,372,967		0.1
	502,700		Tencent Holdings Ltd.		18,034,343		1.1
	27,678	@,L	VeriSign, Inc.		2,572,947		0.2
	456,500		Visa, Inc. - Class A		42,810,570		2.6
	75,600	@	Workday, Inc.		7,333,200		0.4
	233,961		Xilinx, Inc.		15,048,371		0.9
					601,847,732		36.6
			Real Estate: 2.8%
	185,600		American Tower Corp.		24,558,592		1.5

See Accompanying Notes to Financial Statements

53

VY^® T. Rowe Price Growth Equity Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Real Estate: (continued)
	126,412		Crown Castle International Corp.		12,663,954		0.8
	18,338		Equinix, Inc.		7,869,936		0.5
	5,062	@	WeWork Companies, Inc., - Class A		262,262		0.0
					45,354,744		2.8
			Telecommunication Services: 0.7%
	199,300	@	T-Mobile US, Inc.		12,081,566		0.7
			Utilities: 0.9%
	102,600		NextEra Energy, Inc.		14,377,338		0.9
		Total Common Stock
		(Cost $1,148,171,325)			1,548,284,165		94.1
PREFERRED STOCK: 1.4%
			Consumer Discretionary: 0.3%
	1,054	@	Flipkart Online Services Pvt. Ltd., - Series A		92,872		0.0
	1,862	@	Flipkart Online Services Pvt. Ltd., - Series C		164,067		0.0
	3,462	@	Flipkart Online Services Pvt. Ltd., - Series E		305,049		0.1
	16,556	@	Flipkart Online Services Pvt. Ltd., - Series G		1,982,747		0.1
	14,029	@	Flipkart Online Services Pvt. Ltd., - Series H		1,995,485		0.1
					4,540,220		0.3
			Information Technology: 1.0%
	59,241	@	AirBNB, Inc. - Series D		6,220,305		0.4
	16,058	@	AirBNB, Inc. - Series E		1,686,090		0.1
	93,459	@	Magic Leap, Inc., - Series C		2,152,641		0.1
	73,385	@	Uber Technologies, Inc. - Series G		3,135,741		0.2
	68,026	@	Xiaoju Kuaizhi, Inc., Series A-17		3,464,707		0.2
					16,659,484		1.0
			Real Estate: 0.1%
	45,554	@	WeWork Companies, Inc. - Series E		2,360,153		0.1
		Total Preferred Stock
		(Cost $17,707,847)			23,559,857		1.4
		Total Long-Term Investments
		(Cost $1,165,879,172)			1,571,844,022		95.5

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 6.5%
		Securities Lending Collateralcc: 2.1%
	1,089,131	BNP Paribas S.A., Repurchase Agreement dated 06/30/17, 1.11%, due 07/03/17 (Repurchase Amount $1,089,230, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $1,110,914, due 07/28/17-09/09/49)		1,089,131		0.1
	8,063,061	Cantor Fitzgerald, Repurchase Agreement dated 06/30/17, 1.15%, due 07/03/17 (Repurchase Amount $8,063,823, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $8,224,322, due 07/15/17-05/20/67)		8,063,061		0.5
	8,063,061	Daiwa Capital Markets, Repurchase Agreement dated 06/30/17, 1.15%, due 07/03/17 (Repurchase Amount $8,063,823, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $8,224,322, due 07/13/17-12/01/51)		8,063,061		0.5
	1,325,712	HSBC Securities USA, Repurchase Agreement dated 06/30/17, 1.06%, due 07/03/17 (Repurchase Amount $1,325,828, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.250%, Market Value plus accrued interest $1,352,228, due 07/15/17-01/15/37)		1,325,712		0.1

See Accompanying Notes to Financial Statements

54

VY^® T. Rowe Price Growth Equity Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateralcc: (continued)
	651,131	Jefferies LLC, Repurchase Agreement dated 06/30/17, 1.25%, due 07/03/17 (Repurchase Amount $651,198, collateralized by various U.S. Government Agency Obligations, 0.000%-7.125%, Market Value plus accrued interest $664,157, due 07/07/17-01/15/30)		651,131		0.0
	6,693,441	Nomura Securities, Repurchase Agreement dated 06/30/17, 1.13%, due 07/03/17 (Repurchase Amount $6,694,063, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $6,827,310, due 07/10/17-06/20/67)		6,693,441		0.4
	8,063,100	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/17, 1.30%, due 07/03/17 (Repurchase Amount $8,063,962, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $8,224,339, due 01/15/19-02/15/46)		8,063,100		0.5
				33,948,637		2.1

Shares				Value			Percentage of Net Assets
			Mutual Funds: 4.4%
	72,298,189		T. Rowe Price Reserve Investment Fund, 1.000%††
			(Cost $72,298,189)		72,298,189			4.4
		Total Short-Term Investments
		(Cost $106,246,826)			106,246,826			6.5
		Total Investments in Securities (Cost $1,272,125,998)		$	1,678,090,848			102.0
		Liabilities in Excess of Other Assets			(33,065,132	)		(2.0	)
		Net Assets		$	1,645,025,716			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of June 30, 2017.
@	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 June 30, 2017.

Cost for federal income tax purposes is $1,274,916,042.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	417,641,800
Gross Unrealized Depreciation		(14,466,994	)
Net Unrealized Appreciation	$	403,174,806

See Accompanying Notes to Financial Statements

55

VY^® Templeton Foreign Equity Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.2%
			Canada: 1.8%
	509,310		Alamos Gold, Inc.		3,656,846		0.6
	414,500	@	Husky Energy, Inc.		4,704,997		0.7
	167,500		Wheaton Precious Metals Corp.		3,327,267		0.5
					11,689,110		1.8
			China: 6.2%
	36,110	@	Baidu, Inc. ADR		6,458,634		1.0
	2,585,000		China Life Insurance Co., Ltd.		7,899,907		1.2
	670,500		China Mobile Ltd.		7,108,509		1.1
	21,246,000		China Telecom Corp., Ltd.		10,088,944		1.5
	3,094,000		Kunlun Energy Co. Ltd.		2,623,022		0.4
	1,368,800		Sinopharm Group Co.		6,184,118		1.0
					40,363,134		6.2
			France: 10.6%
	306,996		AXA S.A.		8,406,596		1.3
	195,968		BNP Paribas		14,108,300		2.1
	145,199		Cie de Saint-Gobain		7,754,376		1.2
	57,514		Cie Generale des Etablissements Michelin		7,654,788		1.2
	499,790		Credit Agricole SA		8,050,812		1.2
	115,691		Sanofi		11,085,531		1.7
	171,714		Total S.A.		8,525,106		1.3
	141,860	@	Zodiac Aerospace		3,854,117		0.6
					69,439,626		10.6
			Germany: 11.0%
	95,421		Bayer AG		12,367,559		1.9
	66,865		HeidelbergCement AG		6,481,830		1.0
	391,745		Infineon Technologies AG		8,320,906		1.3
	187,470	#	Innogy SE		7,378,174		1.1
	123,760		Lanxess		9,386,007		1.4
	83,268		Merck KGaA		10,075,342		1.6
	42,620	@,L	Morphosys AG		3,024,986		0.5
	52,426		SAP SE		5,487,512		0.8
	65,920		Siemens AG		9,067,576		1.4
					71,589,892		11.0
			Hong Kong: 3.0%
	973,900		AIA Group Ltd.		7,125,404		1.1
	485,640		Cheung Kong Property Holdings Ltd.		3,800,270		0.6
	228,400		CK Hutchison Holdings Ltd. ADR		2,860,710		0.4
	485,640		CK Hutchison Holdings Ltd.		6,094,561		0.9
					19,880,945		3.0
			India: 1.6%
	413,798		Housing Development Finance Corp.		10,334,199		1.6
			Israel: 1.5%
	301,899		Teva Pharmaceutical Industries Ltd. ADR		10,029,085		1.5
			Italy: 1.4%
	626,264		ENI S.p.A.		9,411,437		1.4
			Japan: 11.4%
	1,510,000	@	IHI Corp.		5,160,250		0.8
	522,200		Inpex Corp.		5,042,083		0.8
	851,600		Konica Minolta, Inc.		7,104,776		1.1
	679,700		Nissan Motor Co., Ltd.		6,786,759		1.0
	190,100		Omron Corp.		8,274,939		1.3
	646,600		Panasonic Corp.		8,810,094		1.4
	154,100		SoftBank Group Corp.		12,526,811		1.9
	431,000		Sumitomo Metal Mining Co., Ltd.		5,760,782		0.9
	202,900		Sumitomo Rubber Industries, Inc.		3,436,217		0.5
	240,400		Suntory Beverage & Food Ltd.		11,173,990		1.7
					74,076,701		11.4
			Luxembourg: 0.5%
	139,100	@	SES S.A. - Luxembourg		3,258,690		0.5
			Netherlands: 5.3%
	93,348		Akzo Nobel NV		8,118,363		1.3
	145,314		QIAGEN NV		4,835,150		0.7
	588,596		Royal Dutch Shell PLC - Class B		15,801,771		2.4
	374,301		SBM Offshore NV		5,995,810		0.9
					34,751,094		5.3
			Norway: 1.9%
	573,623		Telenor ASA		9,516,544		1.4
	82,650		Yara International ASA		3,107,828		0.5
					12,624,372		1.9
			Portugal: 1.1%
	474,200		Galp Energia SGPS SA		7,185,930		1.1
			Singapore: 3.7%
	613,082		DBS Group Holdings Ltd.		9,227,361		1.4
	3,077,400		Singapore Telecommunications Ltd.		8,690,826		1.3
	362,500		United Overseas Bank Ltd.		6,085,882		1.0
					24,004,069		3.7
			South Korea: 7.3%
	171,216		Hana Financial Group, Inc.		6,761,749		1.0
	35,481		Hyundai Mobis Co. Ltd.		7,756,566		1.2
	217,880		KB Financial Group, Inc. ADR		11,000,761		1.7
	21,021	@	Samsung Electronics Co., Ltd. GDR		21,793,872		3.4
					47,312,948		7.3
			Spain: 1.0%
	634,810		Telefonica S.A.		6,571,323		1.0
			Sweden: 0.9%
	282,620		Getinge AB		5,535,469		0.9
			Switzerland: 5.5%
	129,288		ABB Ltd.		3,209,072		0.5
	82,527		Novartis AG		6,893,200		1.0
	49,166		Roche Holding AG		12,562,647		1.9

See Accompanying Notes to Financial Statements

56

VY^® Templeton Foreign Equity Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Switzerland: (continued)
	54,685		Swiss Re Ltd.		5,011,485		0.8
	492,410		UBS Group AG		8,373,869		1.3
					36,050,273		5.5
			Taiwan: 1.2%
	1,099,251		Taiwan Semiconductor Manufacturing Co., Ltd.		7,510,317		1.2
			Thailand: 1.2%
	1,298,000		Bangkok Bank PCL - Foreign Reg		7,522,057		1.2
			United Kingdom: 19.6%
	1,136,625		Aviva PLC		7,796,573		1.2
	1,403,493		BAE Systems PLC		11,586,286		1.8
	2,978,460		Barclays PLC		7,877,390		1.2
	2,776,524		BP PLC		16,026,660		2.5
	609,930		Sky PLC		7,899,327		1.2
	2,540,634		Cobham PLC		4,288,548		0.6
	217,734		CRH PLC - London		7,751,044		1.2
	315,426		GlaxoSmithKline PLC		6,714,590		1.0
	1,537,600		HSBC Holdings PLC (HKD)		14,284,905		2.2
	164,170		Johnson Matthey PLC		6,144,361		0.9
	1,514,234		Kingfisher PLC		5,931,159		0.9
	113,520	@,L	LivaNova PLC		6,948,559		1.1
	318,960		Rolls-Royce Holdings PLC		3,699,516		0.6
	1,057,911	@	Standard Chartered PLC		10,714,800		1.6
	3,653,591		Vodafone Group PLC		10,376,083		1.6
					128,039,801		19.6
			United States: 0.5%
	352,000		Tahoe Resources, Inc.		3,034,670		0.5
		Total Common Stock
		(Cost $508,909,834)			640,215,142		98.2
PREFERRED STOCK: 0.0%
			United Kingdom: 0.0%
	4,544,000	@	Rolls-Royce Holdings PLC - C Shares		5,918		0.0
		Total Preferred Stock
		(Cost $5,865)			5,918		0.0
		Total Long-Term Investments
		(Cost $508,915,699)			640,221,060		98.2

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.9%
		U.S. Government Agency Obligations: 1.7%
	11,000,000	Federal Home Loan Bank Discount Notes, 0.433%, 07/03/17
		(Cost $10,999,603)		11,000,001		1.7
		Securities Lending Collateralcc: 1.2%
	241,894	BNP Paribas S.A., Repurchase Agreement dated 06/30/17, 1.11%, due 07/03/17 (Repurchase Amount $241,916, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $246,732, due 07/28/17-09/09/49)		241,894		0.0
	1,790,797	Cantor Fitzgerald, Repurchase Agreement dated 06/30/17, 1.15%, due 07/03/17 (Repurchase Amount $1,790,966, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $1,826,613, due 07/15/17-05/20/67)		1,790,797		0.3
	1,790,797	Daiwa Capital Markets, Repurchase Agreement dated 06/30/17, 1.15%, due 07/03/17 (Repurchase Amount $1,790,966, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,826,613, due 07/13/17-12/01/51)		1,790,797		0.3
	294,439	HSBC Securities USA, Repurchase Agreement dated 06/30/17, 1.06%, due 07/03/17 (Repurchase Amount $294,465, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-7.250%, Market Value plus accrued interest $300,328, due 07/15/17-01/15/37)		294,439		0.1

See Accompanying Notes to Financial Statements

57

VY^® Templeton Foreign Equity Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2017 (Unaudited) (continued)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateralcc: (continued)
	144,615	Jefferies LLC, Repurchase Agreement dated 06/30/17, 1.25%, due 07/03/17 (Repurchase Amount $144,630, collateralized by various U.S. Government Agency Obligations, 0.000%-7.125%, Market Value plus accrued interest $147,508, due 07/07/17-01/15/30)		144,615		0.0
	1,486,596	Nomura Securities, Repurchase Agreement dated 06/30/17, 1.13%, due 07/03/17 (Repurchase Amount $1,486,734, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $1,516,328, due 07/10/17-06/20/67)		1,486,596		0.2
	1,790,800	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/17, 1.30%, due 07/03/17 (Repurchase Amount $1,790,991, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $1,826,611, due 01/15/19-02/15/46)		1,790,800		0.3
				7,539,938		1.2

Shares				Value			Percentage of Net Assets
			Mutual Funds: 0.0%
	204,287		BlackRock Liquidity Funds, FedFund, Institutional Class, 0.860%††
			(Cost $204,287)		204,287			0.0
		Total Short-Term Investments
		(Cost $18,743,828)			18,744,225			2.9
		Total Investments in Securities (Cost $527,659,527)		$	658,965,286			101.1
		Liabilities in Excess of Other Assets			(6,861,268	)		(1.1	)
		Net Assets		$	652,104,018			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of June 30, 2017.
#	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 June 30, 2017.

Cost for federal income tax purposes is $530,254,267.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	166,873,289
Gross Unrealized Depreciation		(38,162,270	)
Net Unrealized Appreciation	$	128,711,019

See Accompanying Notes to Financial Statements

58

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

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

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

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR.

(b) There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) The Code of Ethics is not required for the semi-annual filing.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant is required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.

(a)(3) Not required for semi-annual filing.

(b) The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): Voya Partners, Inc.
By	/s/ Shaun P. Mathews
	Shaun P. Mathews
	President and Chief Executive Officer
Date: September 6, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Shaun P. Mathews
	Shaun P. Mathews
	President and Chief Executive Officer
Date: September 6, 2017

By	/s/ Todd Modic
	Todd Modic
	Senior Vice President and Chief Financial Officer
Date: September 6, 2017