UNITEDSTATES

SECURITIES ANDEXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-08319

VoyaPartners,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)

HueyP.Falgout, Jr., 7337 E.DoubletreeRanch Rd., Scottsdale, AZ 85258

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: March 31, 2017

Item 1. Schedule of Investments

The schedules of investments as of the close of the reporting period are set forth below for:

The schedules are not audited.

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 22.9%
			Brazil: 0.5%
	900,000		Petrobras Global Finance BV, 8.750%, 05/23/26	$	1,044,000		0.5
			Canada: 0.1%
	324,000		Goldcorp, Inc., 3.700%, 03/15/23		330,581		0.1
			China: 0.3%
	601,000		Alibaba Group Holding Ltd., 3.600%, 11/28/24		606,331		0.3
			France: 0.8%
	294,000		BPCE SA, 2.500%, 12/10/18		296,040		0.2
	287,000	#	BPCE SA, 5.150%, 07/21/24		295,187		0.1
	226,000	#	Electricite de France SA, 2.350%, 10/13/20		225,965		0.1
	940,000	#	SFR Group SA, 6.000%, 05/15/22		977,600		0.4
					1,794,792		0.8
			Guernsey: 0.3%
	716,000		Credit Suisse Group Funding Guernsey Ltd., 2.750%, 03/26/20		717,378		0.3
			Ireland: 0.3%
	282,000		GE Capital International Funding Co. Unlimited Co., 4.418%, 11/15/35		298,379		0.1
	370,000		Shire Acquisitions Investments Ireland DAC, 3.200%, 09/23/26		354,011		0.2
					652,390		0.3
			Italy: 0.1%
	286,000		Intesa Sanpaolo SpA, 3.875%, 01/15/19		292,889		0.1
			Japan: 0.6%
	790,000	#	Bank of Tokyo-Mitsubishi UFJ Ltd./The, 2.300%, 03/05/20		788,067		0.4
	200,000	#	Mizuho Bank Ltd., 3.200%, 03/26/25		199,268		0.1
	300,000		Sumitomo Mitsui Financial Group, Inc., 3.784%, 03/09/26		306,916		0.1
					1,294,251		0.6
			Luxembourg: 0.1%
	130,000	#	Dana Financing Luxembourg Sarl, 5.750%, 04/15/25		131,463		0.1
			Mexico: 0.0%
MXN	1,007,437	±	Banco Invex SA / Hipotecaria Credito y Casa SA de CV, 6.450%, 03/13/34		–		–
MXN	134,937		JPMorgan Hipotecaria su Casita, 6.100%, 09/25/35		6,722		0.0
					6,722		0.0
			Netherlands: 1.1%
	269,000		Cooperatieve Rabobank UA, 4.500%, 01/11/21		288,616		0.1
	690,000		Shell International Finance BV, 3.250%, 05/11/25		697,371		0.3
	361,000		Shell International Finance BV, 4.000%, 05/10/46		347,916		0.2
	300,000	#	Siemens Financieringsmaatschappij NV, 2.350%, 10/15/26		278,951		0.1
	860,000	L	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/26		794,011		0.4
					2,406,865		1.1
			Norway: 0.2%
	380,000		Statoil ASA, 2.450%, 01/17/23		374,924		0.2
			Russia: 0.4%
	826,000		Credit Bank of Moscow Via CBOM Finance PLC, 8.700%, 11/13/18		884,853		0.4
			South Africa: 0.0%
ZAR	1,000,000		Transnet SOC Ltd., 10.800%, 11/06/23		79,030		0.0
			Sweden: 0.1%
	298,000	#	Nordea Bank AB, 5.500%, 09/29/49		299,490		0.1
			Switzerland: 0.3%
	400,000	#	Credit Suisse AG, 6.500%, 08/08/23		440,130		0.2
	250,000		UBS AG/Stamford CT, 7.625%, 08/17/22		289,675		0.1
					729,805		0.3
			United Kingdom: 1.2%
	283,000		Aon PLC, 2.800%, 03/15/21		284,265		0.1
	530,000		BP Capital Markets PLC, 3.216%, 11/28/23		533,103		0.2
	239,000	#	Santander UK Group Holdings PLC, 5.625%, 09/15/45		245,366		0.1
	1,002,000		Santander UK PLC, 2.375%, 03/16/20		1,004,925		0.4
	400,000	#,L	Standard Chartered PLC, 4.300%, 02/19/27		394,072		0.2
	344,000	#	UBS Group Funding Jersey Ltd., 4.125%, 04/15/26		350,317		0.2
					2,812,048		1.2
			United States: 16.5%
	424,000		21st Century Fox America, Inc., 4.500%, 02/15/21		452,658		0.2
	338,000		21st Century Fox America, Inc., 5.400%, 10/01/43		370,130		0.2

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 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	$	150,276		0.1
	100,000	#	AMC Entertainment Holdings, Inc., 5.875%, 11/15/26		101,375		0.0
	233,000		American Tower Corp., 3.500%, 01/31/23		234,654		0.1
	432,000		Anheuser-Busch InBev Finance, Inc., 2.650%, 02/01/21		435,595		0.2
	554,000		Anheuser-Busch InBev Finance, Inc., 3.300%, 02/01/23		564,502		0.2
	295,000		AT&T, Inc., 3.000%, 06/30/22		293,629		0.1
	299,000		AT&T, Inc., 5.150%, 03/15/42		297,613		0.1
	430,000		AT&T, Inc., 5.450%, 03/01/47		439,427		0.2
	368,000		Bank of America Corp., 3.300%, 01/11/23		370,718		0.2
	226,000		Bank of America Corp., 3.875%, 08/01/25		230,392		0.1
	458,000		Bank of America Corp., 4.100%, 07/24/23		480,340		0.2
	309,000		Bank of America Corp., 4.000%, 04/01/24		320,832		0.1
	412,000		Bank of New York Mellon Corp., 2.050%, 05/03/21		406,764		0.2
	300,000		Boardwalk Pipelines L.P., 5.950%, 06/01/26		332,773		0.1
	155,000	#	Builders FirstSource, Inc., 5.625%, 09/01/24		157,906		0.1
	540,000	#	Calpine Corp., 6.000%, 01/15/22		564,975		0.2
	395,000		CBRE Services, Inc., 5.250%, 03/15/25		419,833		0.2
	216,000		CBS Corp., 3.700%, 08/15/24		219,076		0.1
	249,000		CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 02/15/23		257,065		0.1
	75,000		CDW LLC / CDW Finance Corp., 5.000%, 09/01/25		76,594		0.0
	501,000		Celgene Corp., 4.000%, 08/15/23		524,347		0.2
	472,000		Charter Communications Operating LLC / Charter Communications Operating Capital, 4.464%, 07/23/22		497,633		0.2
	195,000		CHS/Community Health Systems, Inc., 5.125%, 08/01/21		193,537		0.1
	579,000		Citigroup, Inc., 4.000%, 08/05/24		586,242		0.3
	469,000		Citigroup, Inc., 5.500%, 09/13/25		513,565		0.2
	758,000		Citizens Bank NA/Providence RI, 2.450%, 12/04/19		764,139		0.3
	165,000		Comcast Corp., 2.350%, 01/15/27		151,311		0.1
	185,000	#	CommScope Technologies LLC, 5.000%, 03/15/27		185,176		0.1
	562,000	#	Cox Communications, Inc., 2.950%, 06/30/23		537,200		0.2
	777,000		CVS Health Corp., 2.800%, 07/20/20		790,527		0.3
	320,000	#	Diamond 1 Finance Corp. / Diamond 2 Finance Corp., 4.420%, 06/15/21		334,921		0.1
	337,000	#	Diamond 1 Finance Corp. / Diamond 2 Finance Corp., 5.450%, 06/15/23		364,027		0.2
	313,000	#	Diamond 1 Finance Corp. / Diamond 2 Finance Corp., 6.020%, 06/15/26		342,463		0.1
	442,000		Discover Bank, 7.000%, 04/15/20		493,329		0.2
	277,000		Eastman Chemical Co., 2.700%, 01/15/20		280,899		0.1
	1,026,000		Energy Transfer Partners L.P., 4.900%, 02/01/24		1,067,453		0.5
	558,000		Entergy Corp., 5.125%, 09/15/20		603,185		0.3
	238,000		Envision Healthcare Corp., 5.625%, 07/15/22		244,842		0.1
	165,000	#	ESH Hospitality, Inc., 5.250%, 05/01/25		166,752		0.1
	318,000		Fifth Third Bancorp, 8.250%, 03/01/38		455,658		0.2
	200,000	#	First Data Corp., 5.750%, 01/15/24		207,050		0.1
	532,000		FirstEnergy Corp., 4.250%, 03/15/23		550,367		0.2
	205,000		General Electric Co., 6.750%, 03/15/32		276,759		0.1
	322,000		General Motors Financial Co., Inc., 4.300%, 07/13/25		327,534		0.1
	240,000		Goldman Sachs Group, Inc., 2.625%, 04/25/21		239,549		0.1
	627,000		Goldman Sachs Group, Inc., 5.250%, 07/27/21		688,367		0.3
	35,000		Goodyear Tire & Rubber Co/The, 4.875%, 03/15/27		35,087		0.0
	605,000		Hartford Financial Services Group, Inc., 6.625%, 03/30/40		772,684		0.3
	110,000		Hess Corp., 5.800%, 04/01/47		114,742		0.0
	115,000	#	Hill-Rom Holdings, Inc., 5.000%, 02/15/25		115,144		0.0
	294,000		Huntington Bancshares, Inc./OH, 2.600%, 08/02/18		296,693		0.1
	570,000		Huntington National Bank, 2.200%, 11/06/18		572,592		0.3
	1,041,000		Indiana Michigan Power Co., 7.000%, 03/15/19		1,139,676		0.5
	570,000	#	JBS USA LUX SA / JBS USA Finance, Inc., 5.875%, 07/15/24		589,950		0.3
	245,000		Jefferson Smurfit Escrow		–		–
	384,000		JM Smucker Co., 3.000%, 03/15/22		389,710		0.2
	362,000		JPMorgan Chase & Co., 1.625%, 05/15/18		361,953		0.2

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			United States: (continued)
	357,000		JPMorgan Chase & Co., 2.550%, 03/01/21	$	357,297		0.2
	478,000		JPMorgan Chase & Co., 6.000%, 12/29/49		499,653		0.2
	37	#	Kern River Funding Corp., 4.893%, 04/30/18		38		0.0
	222,000		Kinder Morgan Energy Partners L.P., 4.250%, 09/01/24		225,116		0.1
	127,000		Kohls Corp., 4.750%, 12/15/23		130,370		0.1
	317,000		Kraft Heinz Foods Co., 3.000%, 06/01/26		298,455		0.1
	335,000		Level 3 Communications, Inc., 5.750%, 12/01/22		347,562		0.2
	3,500,000	#,^	LSTAR Commercial Mortgage Trust 2017-5, 1.393%, 03/10/50		204,199		0.1
	375,000		Medtronic, Inc., 3.150%, 03/15/22		385,404		0.2
	170,000		MGM Resorts International, 4.625%, 09/01/26		165,750		0.1
	372,000		Morgan Stanley, 3.750%, 02/25/23		384,621		0.2
	618,000		Morgan Stanley, 4.100%, 05/22/23		639,040		0.3
	240,000		MPT Operating Partnership L.P. / MPT Finance Corp., 6.375%, 02/15/22		248,400		0.1
	625,000		Netflix, Inc., 5.750%, 03/01/24		669,500		0.3
	438,000		Newell Brands, Inc., 2.875%, 12/01/19		446,013		0.2
	381,000		NextEra Energy Capital Holdings, Inc., 3.625%, 06/15/23		386,611		0.2
	175,000	#	Nielsen Finance LLC / Nielsen Finance Co., 5.000%, 04/15/22		179,375		0.1
	200,000	#	Novelis Corp., 5.875%, 09/30/26		204,500		0.1
	220,000		Occidental Petroleum Corp., 4.625%, 06/15/45		230,458		0.1
	349,000		Oracle Corp., 2.950%, 05/15/25		344,823		0.2
	110,000	#	Owens-Brockway Glass Container, Inc., 5.875%, 08/15/23		116,600		0.1
	235,000		Pfizer, Inc., 2.750%, 06/03/26		228,985		0.1
	460,000		Philip Morris International, Inc., 4.250%, 11/10/44		456,349		0.2
	400,000	#	Post Holdings, Inc., 5.000%, 08/15/26		384,000		0.2
	280,000		Regency Energy Partners L.P. / Regency Energy Finance Corp., 4.500%, 11/01/23		287,668		0.1
	280,000		Regency Energy Partners L.P. / Regency Energy Finance Corp., 5.500%, 04/15/23		292,250		0.1
	272,000		Reynolds American, Inc., 6.150%, 09/15/43		328,912		0.1
	117,000		Scripps Networks Interactive, Inc., 2.750%, 11/15/19		118,458		0.1
	175,000	#	Sirius XM Radio, Inc., 5.375%, 04/15/25		179,550		0.1
	95,000	#	Six Flags Entertainment Corp., 4.875%, 07/31/24		93,991		0.0
	195,000	#	Six Flags Entertainment Corp., 5.500%, 04/15/27		195,000		0.1
	185,000		SLM Corp., 5.125%, 04/05/22		185,000		0.1
	235,000	#	Standard Industries, Inc./NJ, 5.000%, 02/15/27		230,887		0.1
	245,000		Stone Webster Escrow		–		–
	104,000		Sunoco Logistics Partners Operations L.P., 4.250%, 04/01/24		106,018		0.0
	445,000		Synchrony Financial, 4.250%, 08/15/24		456,452		0.2
	70,000		Tesoro Logistics L.P. / Tesoro Logistics Finance Corp., 5.250%, 01/15/25		73,325		0.0
	272,000		Time Warner Cable LLC, 5.875%, 11/15/40		289,608		0.1
	485,000		Time Warner, Inc., 6.500%, 11/15/36		578,066		0.3
	100,000		United Rentals North America, Inc., 5.500%, 07/15/25		103,375		0.0
	380,000	#	Univision Communications, Inc., 5.125%, 02/15/25		375,250		0.2
	505,000	#	Valeant Pharmaceuticals International, 7.250%, 07/15/22		433,038		0.2
	230,000		Verizon Communications, Inc., 4.125%, 03/16/27		234,422		0.1
	1,198,000	#	Verizon Communications, Inc., 4.812%, 03/15/39		1,170,438		0.5
	270,000		Verizon Communications, Inc., 5.012%, 08/21/54		258,793		0.1
	20,000		Viacom, Inc., 4.375%, 03/15/43		17,394		0.0
	600,000		Visa, Inc., 3.150%, 12/14/25		602,680		0.3
	599,000		Wells Fargo & Co., 4.100%, 06/03/26		613,546		0.3
					37,709,430		16.5
		Total Corporate Bonds/Notes (Cost $51,342,033)			52,167,242		22.9
COLLATERALIZED MORTGAGE OBLIGATIONS: 14.8%
			United States: 14.8%
	502,766		Adjustable Rate Mortgage Trust 2006-2 1A1, 3.296%, 05/25/36		469,131		0.2
	355,384		Alternative Loan Trust 2005-51 3A2A, 1.928%, 11/20/35		312,313		0.1
	108,105		Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/36		84,506		0.0

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
			United States: (continued)
	181,038		Banc of America Alternative Loan Trust 2004-1 4A1, 4.750%, 02/25/19	$	178,595		0.1
	703,085		Banc of America Funding 2005-1 Trust 1A1, 5.500%, 02/25/35		704,868		0.3
	486,370		CHL Mortgage Pass-Through Trust 2007-7 A7, 5.750%, 06/25/37		440,897		0.2
	162,978		Citigroup Mortgage Loan Trust, Inc. 2005-2 1A3, 3.175%, 05/25/35		161,379		0.1
	438,349		CitiMortgage Alternative Loan Trust Series 2006-A3 1A7, 6.000%, 07/25/36		407,957		0.2
	76,435		Countrywide Alternative Loan Trust 2005-53T2 2A6, 1.482%, 11/25/35		48,687		0.0
	110,218		CHL Mortgage Pass-Through Trust 2005-17 1A8, 5.500%, 09/25/35		109,795		0.1
	98,069		CHL Mortgage Pass-Through Trust 2005-J4 A7, 5.500%, 11/25/35		98,420		0.0
	31,590	#	Deutsche ALT-A Securities, Inc. Alternate Loan Trust 2007-RS1 A2, 1.482%, 01/27/37		107,722		0.1
	100,000		Fannie Mae Connecticut Avenue Securities 2014-C01 M2, 5.382%, 01/25/24		110,730		0.1
	320,000		Fannie Mae Connecticut Avenue Securities 2014-C03 2M2, 3.882%, 07/25/24		329,366		0.1
	400,000		Fannie Mae Connecticut Avenue Securities 2014-CO3 1M2, 3.982%, 07/25/24		412,987		0.2
	74,876		Fannie Mae Connecticut Avenue Securities 2015-C02 1M2, 4.982%, 05/25/25		78,887		0.0
	500,000		Fannie Mae Connecticut Avenue Securities 2015-C03 1M2, 5.982%, 07/25/25		550,478		0.2
	97,646	^	Fannie Mae Interest Strip Sereis 328 2, 6.000%, 12/25/32		23,336		0.0
	48,969	^	Fannie Mae Interest Strip Sereis 332 2, 6.000%, 03/25/33		12,080		0.0
	205,991	^	Fannie Mae Interest Strip Series 254 2, 7.500%, 01/25/24		37,102		0.0
	31,610	^	Fannie Mae Interest Strip Series 294 2, 7.000%, 02/25/28		7,262		0.0
	170,963	^	Fannie Mae Interest Strip Series 319 2, 6.500%, 02/25/32		41,949		0.0
	42,294	^	Fannie Mae Interest Strip Series 331 5, 6.000%, 02/25/33		8,992		0.0
	41,420	^	Fannie Mae Interest Strip Series 334 12, 6.000%, 03/25/33		10,199		0.0
	51,098	^	Fannie Mae Interest Strip Series 338 2, 5.500%, 07/25/33		12,006		0.0
	21,487	^	Fannie Mae Interest Strip Series 356 10, 5.500%, 06/25/35		4,165		0.0
	22,655	^	Fannie Mae Interest Strip Series 364 15, 6.000%, 09/25/35		4,926		0.0
	998,417	^	Fannie Mae Interest Strip Series 418 80, 3.500%, 08/25/33		142,957		0.1
	16,646		Fannie Mae REMIC Trust 1999-14 MB, 6.500%, 04/25/29		18,540		0.0
	24,404		Fannie Mae REMIC Trust 1999-54 LH, 6.500%, 11/25/29		27,977		0.0
	22,535		Fannie Mae REMIC Trust 2001-80 ZB, 6.000%, 01/25/32		25,326		0.0
	107,718	^	Fannie Mae REMIC Trust 2002-12 SB, 6.768%, 07/25/31		22,912		0.0
	58,270	^	Fannie Mae REMIC Trust 2002-2 SW, 6.768%, 02/25/32		12,468		0.0
	26,789		Fannie Mae REMIC Trust 2002-21 PE, 6.500%, 04/25/32		30,223		0.0
	10,172		Fannie Mae REMIC Trust 2002-29 F, 1.982%, 04/25/32		10,434		0.0
	36,559	^	Fannie Mae REMIC Trust 2002-41 S, 6.968%, 07/25/32		7,289		0.0
	3,130		Fannie Mae REMIC Trust 2002-64 FJ, 1.982%, 04/25/32		3,211		0.0
	6,773		Fannie Mae REMIC Trust 2002-68 FH, 1.478%, 10/18/32		6,806		0.0
	1,153,104	^	Fannie Mae REMIC Trust 2002-77 JS, 7.022%, 12/18/32		242,358		0.1
	30,329		Fannie Mae REMIC Trust 2002-84 FB, 1.982%, 12/25/32		31,076		0.0
	30,325		Fannie Mae REMIC Trust 2003-11 FA, 1.982%, 09/25/32		31,072		0.0
	6,463		Fannie Mae REMIC Trust 2003-116 FA, 1.382%, 11/25/33		6,470		0.0
	38,295	^	Fannie Mae REMIC Trust 2003-13 IO, 7.000%, 03/25/33		9,860		0.0
	30,626	^	Fannie Mae REMIC Trust 2003-26 IK, 7.000%, 04/25/33		7,272		0.0

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
			United States: (continued)
	5,538	^	Fannie Mae REMIC Trust 2003-38 SA, 6.648%, 03/25/23	$	24		0.0
	24,641	^	Fannie Mae REMIC Trust 2003-52 NS, 6.118%, 06/25/23		2,410		0.0
	161,039	^	Fannie Mae REMIC Trust 2004-56 SE, 6.568%, 10/25/33		34,388		0.0
	43,256		Fannie Mae REMIC Trust 2005-25 PS, 23.841%, 04/25/35		71,001		0.0
	19,423	^	Fannie Mae REMIC Trust 2005-40 SB, 5.768%, 05/25/35		3,078		0.0
	101,865		Fannie Mae REMIC Trust 2005-71 DB, 4.500%, 08/25/25		106,525		0.1
	122,747		Fannie Mae REMIC Trust 2005-74 DK, 20.073%, 07/25/35		169,019		0.1
	159,523		Fannie Mae REMIC Trust 2005-87 SB, 20.234%, 10/25/35		273,486		0.1
	368,925		Fannie Mae REMIC Trust 2006-104 ES, 28.542%, 11/25/36		650,623		0.3
	19,836		Fannie Mae REMIC Trust 2006-11 PS, 20.967%, 03/25/36		31,319		0.0
	57,553		Fannie Mae REMIC Trust 2006-46 SW, 20.600%, 06/25/36		88,738		0.0
	631,711	^	Fannie Mae REMIC Trust 2006-51 SA, 3.500%, 08/25/43		109,202		0.1
	327,357	^	Fannie Mae REMIC Trust 2006-51 SA, 5.588%, 06/25/36		57,946		0.0
	107,536	^	Fannie Mae REMIC Trust 2006-90 SX, 6.248%, 09/25/36		21,108		0.0
	2,429,269	^	Fannie Mae REMIC Trust 2007-116 DI, 4.958%, 01/25/38		417,954		0.2
	104,653	^	Fannie Mae REMIC Trust 2007-88 XI, 5.558%, 06/25/37		19,265		0.0
	1,670,517	^	Fannie Mae REMIC Trust 2007-89 SB, 5.568%, 09/25/37		305,313		0.1
	2,763,599	^	Fannie Mae REMIC Trust 2007-94 SG, 5.468%, 10/25/37		489,261		0.2
	248,774		Fannie Mae REMIC Trust 2010-109 SN, 20.086%, 10/25/40		556,514		0.2
	186,344		Fannie Mae REMIC Trust 2010-155 PL, 5.000%, 07/25/40		196,476		0.1
	4,956,785	^	Fannie Mae REMIC Trust 2011-55 SK, 5.578%, 06/25/41		938,014		0.4
	392,487	^	Fannie Mae REMIC Trust 2011-69 AI, 5.000%, 05/25/18		5,178		0.0
	3,911,704	^	Fannie Mae REMIC Trust 2011-86 NS, 4.968%, 09/25/41		595,577		0.3
	3,040,512	^	Fannie Mae REMIC Trust 2012-10 US, 5.468%, 02/25/42		456,308		0.2
	1,889,523	^	Fannie Mae REMIC Trust 2012-110 JI, 4.000%, 06/25/42		303,013		0.1
	6,289,934	^	Fannie Mae REMIC Trust 2012-133 PS, 5.218%, 03/25/42		915,665		0.4
	2,858,810	^	Fannie Mae REMIC Trust 2012-144 SB, 5.118%, 01/25/43		658,017		0.3
	3,527,180	^	Fannie Mae REMIC Trust 2012-27 SB, 4.998%, 11/25/41		497,209		0.2
	23,601		Fannie Mae REMIC Trust 2013-130 ST, 8.000%, 05/25/43		27,915		0.0
	1,958,715	^	Fannie Mae REMIC Trust 2013-64 LI, 3.000%, 06/25/33		263,876		0.1
	11,879,813	^	Freddie Mac 3502 DL, 5.088%, 01/15/39		1,946,704		0.9
	62,360		Freddie Mac REMIC Trust 1360 PZ, 7.500%, 09/15/22		68,858		0.0
	35,163		Freddie Mac REMIC Trust 1674 Z, 6.750%, 02/15/24		38,665		0.0
	76,481		Freddie Mac REMIC Trust 1897 K, 7.000%, 09/15/26		86,403		0.0
	12,571	^	Freddie Mac REMIC Trust 2035 PE, 7.000%, 03/15/28		2,929		0.0
	67,705	^	Freddie Mac REMIC Trust 2049 PL, 7.000%, 04/15/28		14,757		0.0
	32,467		Freddie Mac REMIC Trust 2122 F, 1.362%, 02/15/29		32,557		0.0
	107,011	^	Freddie Mac REMIC Trust 2134 SB, 6.788%, 03/15/29		18,532		0.0
	117,165	^	Freddie Mac REMIC Trust 2136 SG, 6.738%, 03/15/29		21,291		0.0
	156,542	^	Freddie Mac REMIC Trust 2177 SB, 8.038%, 08/15/29		33,704		0.0
	16,306		Freddie Mac REMIC Trust 2344 FP, 1.862%, 08/15/31		16,779		0.0
	8,568		Freddie Mac REMIC Trust 2412 GF, 1.862%, 02/15/32		8,814		0.0
	65,116		Freddie Mac REMIC Trust 2415 ZA, 6.500%, 02/15/32		74,150		0.0
	47,860		Freddie Mac REMIC Trust 2461 PZ, 6.500%, 06/15/32		55,915		0.0
	9,124		Freddie Mac REMIC Trust 2464 FI, 1.912%, 02/15/32		9,353		0.0
	9,359		Freddie Mac REMIC Trust 2470 LF, 1.912%, 02/15/32		9,594		0.0
	13,045		Freddie Mac REMIC Trust 2471 FD, 1.912%, 03/15/32		13,375		0.0
	10,605		Freddie Mac REMIC Trust 2504 FP, 1.412%, 03/15/32		10,661		0.0

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
			United States: (continued)
	41,437		Freddie Mac REMIC Trust 2551 LF, 1.412%, 01/15/33	$	41,627		0.0
	127,113		Freddie Mac REMIC Trust 2676 KY, 5.000%, 09/15/23		135,598		0.1
	528,345		Freddie Mac REMIC Trust 2750 XG, 5.000%, 02/15/34		577,478		0.3
	449,200		Freddie Mac REMIC Trust 2890 PE, 5.000%, 11/15/34		489,987		0.2
	81,464		Freddie Mac REMIC Trust 3001 HT, 8.000%, 05/15/35		92,412		0.0
	97,008	^	Freddie Mac REMIC Trust 3004 SB, 5.238%, 07/15/35		12,728		0.0
	19,988		Freddie Mac REMIC Trust 3025 SJ, 21.405%, 08/15/35		30,883		0.0
	201		Freddie Mac REMIC Trust 3094 HS, 21.039%, 06/15/34		202		0.0
	1,377,455	^	Freddie Mac REMIC Trust 3223 S, 5.038%, 10/15/36		183,227		0.1
	3,448,433	^	Freddie Mac REMIC Trust 3505 SA, 5.088%, 01/15/39		568,216		0.3
	4,005,831	^	Freddie Mac REMIC Trust 3702 S, 3.538%, 05/15/36		352,552		0.2
	3,798,200	^	Freddie Mac REMIC Trust 3710 SL, 5.088%, 05/15/36		255,174		0.1
	483,186	^	Freddie Mac REMIC Trust 3803 SG, 5.688%, 08/15/28		20,739		0.0
	3,944,301	^	Freddie Mac REMIC Trust 3925 SD, 5.138%, 07/15/40		521,692		0.2
	1,934,989	^	Freddie Mac REMIC Trust 4136 SW, 5.338%, 11/15/32		338,448		0.2
	826,455	^	Freddie Mac REMIC Trust 4161 CI, 4.000%, 02/15/43		152,430		0.1
	12,725,415	^	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/43		2,293,652		1.0
	1,501,765	^	Freddie Mac Series 4120 IK, 3.000%, 10/15/32		197,457		0.1
	530,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2014-DN1 M3, 5.482%, 02/25/24		596,826		0.3
	400,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2014-DN3 M3, 4.982%, 08/25/24		427,713		0.2
	1,100,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2014-DN4 M3, 5.532%, 10/25/24		1,186,831		0.5
	340,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2014-HQ3 M3, 5.732%, 10/25/24		375,521		0.2
	100,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3 M3, 5.682%, 04/25/28		110,357		0.1
	142,538		Freddie Mac Structured Agency Credit Risk Debt Notes 2015-HQ1 M2, 3.182%, 03/25/25		144,566		0.1
	559,812		Ginnie Mae Series 2007-8 SP, 18.876%, 03/20/37		817,042		0.4
	4,347,340	^	Ginnie Mae Series 2010-165 IP, 4.000%, 04/20/38		246,363		0.1
	3,163,104	^	Ginnie Mae Series 2010-68 MS, 4.872%, 06/20/40		488,636		0.2
	2,171,025	^	Ginnie Mae Series 2012-97 SC, 5.772%, 07/16/41		390,672		0.2
	311,752		GreenPoint Mortgage Funding Trust 2006-AR3 4A1, 1.192%, 04/25/36		266,204		0.1
	95,179		GSR Mortgage Loan Trust 2005-AR6 1A4, 3.150%, 09/25/35		98,703		0.0
	788,782		IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 1.192%, 04/25/46		656,630		0.3
	713,922		JP Morgan Mortgage Trust 2005-A4 B1, 3.115%, 07/25/35		611,661		0.3
	138,286		JP Morgan Mortgage Trust 2007-A1 7A1, 3.286%, 07/25/35		137,252		0.1
	181,960		Lehman XS Trust Series 2005-5N 1A2, 1.342%, 11/25/35		140,936		0.1
	146,812		MASTR Adjustable Rate Mortgages Trust 2006-2 1A1, 3.333%, 04/25/36		136,262		0.1
	2,931,841		RALI Series 2006-QO1 Trust, 2.323%, 02/25/46		272,149		0.1
	808		RALI Series Trust 2005-QA4 A32, 3.677%, 04/25/35		22		0.0
	835,417		TBW Mortgage-Backed Trust 2007-2 A1A, 5.965%, 07/25/37		560,731		0.3
	9,956,347	^	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 X, 1.371%, 08/25/45		368,597		0.2
	66,321		WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 2.877%, 10/25/36		62,248		0.0
	1,069,513		WaMu Mortgage Pass-Through Certificates Series 2006-AR16 Trust 3A1, 2.705%, 12/25/36		991,181		0.4
	260,627		WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 2.858%, 08/25/46		237,744		0.1
	492,510		WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 2.770%, 12/25/36		467,231		0.2
	141,568		WaMu Mortgage Pass-Through Certificates Series 2007-HY4 1A1, 2.456%, 04/25/37		124,383		0.1
	176,048		Wells Fargo Alternative Loan 2007-PA2 2A1, 1.412%, 06/25/37		130,218		0.1

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
			United States: (continued)
	78,116		Wells Fargo Mortgage Backed Securities 2005-AR16 Trust 2A1, 3.182%, 02/25/34	$	79,610		0.0
	220,554		Wells Fargo Mortgage Backed Securities 2006-8 A15 Trust, 6.000%, 07/25/36		222,712		0.1
	294,661		Wells Fargo Mortgage Backed Securities 2006-AR17 Trust A1, 3.045%, 10/25/36		282,324		0.1
	63,555		Wells Fargo Mortgage Backed Securities 2006-AR17 Trust A2, 3.045%, 10/25/36		60,894		0.0
	351,218		Wells Fargo Mortgage Backed Securities 2006-AR7 Trust 2A1, 3.101%, 05/25/36		335,801		0.2
	331,202		Wells Fargo Mortgage Backed Securities 2006-AR8 Trust 3A2, 3.175%, 04/25/36		324,178		0.1
		Total Collateralized Mortgage Obligations (Cost $31,976,281)			33,749,149		14.8
STRUCTURED PRODUCTS: 0.0%
			Russia: 0.0%
RUB	5,573,811		Morgan Stanley & Co. International PLC - EM Whole Loan SA /Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 08/22/34		43,725		0.0
		Total Structured Products (Cost $198,854)			43,725		0.0
FOREIGN GOVERNMENT BONDS: 12.3%
			Austria: 1.6%
EUR	3,000,000	#	Republic of Austria Government Bond, 1.650%, 10/21/24		3,551,194		1.6
			Belgium: 4.4%
EUR	9,200,000	#	Kingdom of Belgium Government Bond, 0.800%, 06/22/25		10,048,255		4.4
			Brazil: 0.3%
BRL	705,000		Brazil Notas do Tesouro Nacional Series F, 6.000%, 05/15/45		757,046		0.3
			Germany: 1.2%
EUR	10,000		Bundesobligation, -0.480%, 10/08/21		10,901		0.0
EUR	250,000		Bundesrepublik Deutschland, 0.250%, 08/15/26		260,434		0.1
EUR	10,000		Bundesrepublik Deutschland, 2.000%, 08/15/23		12,196		0.0
EUR	2,180,000		Bundesschatzanweisungen, -0.770%, 12/14/18		2,356,322		1.1
					2,639,853		1.2
			Italy: 2.7%
EUR	4,900,000		Italy Buoni Poliennali Del Tesoro, 4.500%, 03/01/26		6,236,546		2.7
			Russia: 0.4%
RUB	51,720,000		Russian Federal Bond - OFZ, 7.500%, 08/18/21		908,844		0.4
			Spain: 1.7%
EUR	3,500,000	#	Spain Government Bond, 1.950%, 04/30/26		3,878,874		1.7
		Total Foreign Government Bonds (Cost $28,975,003)			28,020,612		12.3
U.S. GOVERNMENT AGENCY OBLIGATIONS: 1.3%
			Federal Home Loan Mortgage Corporation: 0.7%##
	253,869		4.000%, due 09/01/45		266,612		0.1
	392,569		4.000%, due 09/01/45		412,274		0.2
	220,340		4.000%, due 09/01/45		231,400		0.1
	136,940		4.000%, due 09/01/45		143,813		0.1
	291,959		4.000%, due 05/01/46		306,613		0.2
	3,049		5.000%, due 01/01/20		3,171		0.0
	12,474		5.000%, due 02/01/20		12,874		0.0
	14,543		5.000%, due 12/01/34		15,989		0.0
	49,077		6.000%, due 02/01/34		55,992		0.0
	170		6.500%, due 04/01/18		171		0.0
	9,543		6.500%, due 02/01/22		10,439		0.0
	10,957		6.500%, due 09/01/22		11,898		0.0
	3,747		6.500%, due 08/01/32		4,212		0.0
	7,178		6.500%, due 07/01/34		7,992		0.0
	6,643		6.500%, due 07/01/34		7,394		0.0
					1,490,844		0.7
			Federal National Mortgage Association: 0.6%##
	81,052		2.500%, due 06/01/30		81,520		0.0
	118,738		2.500%, due 06/01/30		119,424		0.1
	48,728		2.500%, due 07/01/30		49,009		0.0
	219,205		3.317%, due 10/01/36		233,510		0.1
	239,611		4.000%, due 05/01/45		251,534		0.1
	93,154		5.000%, due 06/01/41		101,960		0.1
	8,814		5.500%, due 09/01/19		9,071		0.0
	7,722		5.500%, due 09/01/19		7,928		0.0
	31,196		5.500%, due 09/01/24		34,627		0.0
	4,235		6.000%, due 05/01/21		4,425		0.0
	117,982		6.000%, due 11/01/34		134,192		0.1
	184,714		6.000%, due 04/01/35		210,081		0.1
	84,242		6.500%, due 12/01/29		96,080		0.0
	35,056		6.500%, due 01/01/34		40,383		0.0
	922		7.000%, due 04/01/33		1,041		0.0
	24,986		7.500%, due 09/01/32		30,300		0.0
	61,730		7.500%, due 01/01/33		73,502		0.0
					1,478,587		0.6

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
			Government National Mortgage Association: 0.0%
	50,451		5.000%, due 04/15/34	$	55,767		0.0
	21,073		6.500%, due 02/20/35		24,599		0.0
					80,366		0.0
		Total U.S. Government Agency Obligations
		(Cost $2,987,641)			3,049,797		1.3
COMMERCIAL MORTGAGE-BACKED SECURITIES: 8.6%
			United States: 8.6%
	410,000	#	BAMLL Re-REMIC Trust 2015-FRR11 AK25, 2.787%, 09/27/45		360,375		0.2
	450,000		Banc of America Commercial Mortgage Trust 2007-3 B, 5.761%, 06/10/49		451,139		0.2
	390,000		Banc of America Commercial Mortgage Trust 2007-3 C, 5.761%, 06/10/49		388,987		0.2
	8,904,647	^	Banc of America Commercial Mortgage Trust 2017-BNK3 XA, 1.152%, 02/15/50		736,715		0.3
	2,078,634	^	Barclays Commercial Mortgage Trust 2017-C1 XA, 1.531%, 02/15/50		230,362		0.1
	8,020,000	#,^	BBCCRE Trust 2015-GTP XA, 0.597%, 08/10/33		352,031		0.2
	440,000	#	Bear Stearns Commercial Mortgage Securities Trust 2004-PWR6 E, 5.406%, 11/11/41		452,310		0.2
	46,623		Bear Stearns Commercial Mortgage Securities Trust 2005-TOP20 C, 5.118%, 10/12/42		46,562		0.0
	140,000	#	Bear Stearns Commercial Mortgage Securities Trust 2006-TOP22 E, 5.716%, 04/12/38		131,298		0.1
	435,875	#	Beckman Coulter, Inc. 2000-A A, 7.498%, 12/15/18		442,873		0.2
	1,882,376	^	CD 2016-CD1 Mortgage Trust, 1.444%, 08/10/49		186,881		0.1
	9,023,725	^	CFCRE Commercial Mortgage Trust 2016-C7, 0.799%, 12/10/54		533,442		0.2
	680,000	#	COMM 2004-LB2A H, 6.269%, 03/10/39		714,691		0.3
	10,400,675	#,^	COMM 2012 - LTRT XA, 1.162%, 10/05/30		440,248		0.2
	3,526,015	^	COMM 2012-CR1 XA, 1.910%, 05/15/45		274,105		0.1
	6,476,091	^	COMM 2013-LC6 XA, 1.673%, 01/10/46		342,806		0.2
	3,972,156	^	COMM 2014-UBS3 XA, 1.323%, 06/10/47		241,279		0.1
	570,000		COMM 2016-COR1 C Mortgage Trust, 4.396%, 10/10/49		564,067		0.2
	4,482,551	^	Commercial Mortgage Pass Through Certificates 2016-CR28 XA, 0.325%, 02/10/49		185,139		0.1
	267,057	#	Commercial Mortgage Trust 2004-GG1 F, 6.311%, 06/10/36		265,933		0.1
	102,330	#	Credit Suisse Commercial Mortgage Trust Series 2006-K1A K, 5.415%, 02/25/21		102,260		0.0
	10,212	#	Credit Suisse First Boston Mortgage Securities Corp. 2003-C4 J, 5.322%, 08/15/36		10,187		0.0
	290,000	#	DBJPM 16-C3 Mortgage Trust, 3.495%, 09/10/49		226,437		0.1
	2,188,055	#,^	DBUBS 2011-LC1A XA, 0.746%, 11/10/46		45,066		0.0
	210,000	#	DBUBS 2011-LC2A D, 5.727%, 07/10/44		221,053		0.1
	565,385	#	EQTY 2014-INNS Mortgage Trust, 4.297%, 05/08/31		562,994		0.2
	3,560,000	^	Freddie Mac Multifamily Structured Pass Through Certificates K010 X3, 4.632%, 11/25/44		535,780		0.2
	9,076,697	^	Freddie Mac Multifamily Structured Pass Through Certificates K704 X1, 1.964%, 08/25/18		176,034		0.1
	4,423,190	^	Freddie Mac Multifamily Structured Pass Through Certificates K711 X3, 1.619%, 08/25/40		149,527		0.1
	41,913,627	#,^	FREMF Mortgage Trust 2012-K17 X2A, 0.100%, 12/25/44		156,195		0.1
	9,430	#	GE Capital Commercial Mortgage Series 2005-C2 H, 5.463%, 05/10/43		9,393		0.0
	100,000	#	GS Mortgage Securities Trust 2010-C2 F, 4.548%, 12/10/43		87,432		0.0
	2,695,429	^	GS Mortgage Securities Trust 2012-GCJ7 XA, 2.319%, 05/10/45		199,613		0.1
	13,617,334	^	JPMBB Commercial Mortgage Securities Trust 2014-C24 XA, 1.069%, 11/15/47		671,848		0.3
	250,000	#	JP Morgan Chase Commercial Mortgage Securities Corp. 2004-CB8 J, 4.733%, 01/12/39		239,650		0.1
	225,721		JP Morgan Chase Commercial Mortgage Securities Corp. 2006-LDP8 B, 5.520%, 05/15/45		225,533		0.1
	2,940,000	#,^	JP Morgan Chase Commercial Mortgage Securities Corp. 2012-LC9 XB, 0.352%, 12/15/47		51,823		0.0

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
			United States: (continued)
	152,789	#	JP Morgan Chase Commercial Mortgage Securities Trust 2003-LN1 H, 5.575%, 10/15/37	$	152,424		0.1
	270,000		JP Morgan Chase Commercial Mortgage Securities Trust 2004-CIBC9 E, 5.379%, 06/12/41		259,755		0.1
	300,000		JP Morgan Chase Commercial Mortgage Securities Trust 2005-LDP2 F, 5.010%, 07/15/42		302,625		0.1
	7,151,349	^	JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX XA, 1.657%, 06/15/45		400,740		0.2
	360,000		LB-UBS Commercial Mortgage Trust 2005-C3 E, 4.983%, 07/15/40		359,948		0.2
	360,000		LB-UBS Commercial Mortgage Trust 2005-C3 F, 5.013%, 07/15/40		343,915		0.2
	50,000		LB-UBS Commercial Mortgage Trust 2006-C4 C, 5.864%, 06/15/38		50,017		0.0
	780,000		LB-UBS Commercial Mortgage Trust 2006-C4 D, 5.864%, 06/15/38		780,086		0.3
	390,000		Merrill Lynch Mortgage Investors Trust Series 1998-C1 E, 6.750%, 11/15/26		394,137		0.2
	361,980	#	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 D, 3.389%, 10/15/47		249,465		0.1
	430,000	#	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21 D, 4.162%, 03/15/48		352,544		0.2
	310,000		Morgan Stanley Capital I Trust 2006-IQ11, 6.303%, 10/15/42		302,428		0.1
	865,000	#	Morgan Stanley Capital I Trust 2011-C1 C, 5.433%, 09/15/47		938,971		0.4
	570,000	#	Morgan Stanley Capital I Trust 2011-C1 D, 5.433%, 09/15/47		608,269		0.3
	460,000	#	Morgan Stanley Capital I Trust 2011-C1 E, 5.433%, 09/15/47		487,340		0.2
	290,000	#	Morgan Stanley Reremic Trust 2012-XA B, 0.250%, 07/27/49		280,420		0.1
	6,367,342	#,^	UBS-Barclays Commercial Mortgage Trust 2012-C3 XA, 2.014%, 08/10/49		466,298		0.2
	5,862,988	#,^	Wells Fargo Commercial Mortgage Trust 2012-LC5 XA, 2.007%, 10/15/45		403,021		0.2
	7,210,034	^	Wells Fargo Commercial Mortgage Trust 2016-C37, 1.046%, 12/15/49		453,499		0.2
	3,840,138	#,^	WFRBS Commercial Mortgage Trust 2012-C8 XA, 1.983%, 08/15/45		275,945		0.1
	1,433,277	#,^	WFRBS Commercial Mortgage Trust 2013-C12 XA, 1.376%, 03/15/48		77,253		0.0
	10,592,115	^	WFRBS Commercial Mortgage Trust 2014-C19 XA, 1.223%, 03/15/47		586,185		0.3
		Total Commercial Mortgage-Backed Securities (Cost $19,537,800)			19,537,353		8.6
U.S. TREASURY OBLIGATIONS: 3.8%
			U.S. Treasury Bonds: 1.6%
	3,706,000		2.875%, due 11/15/46		3,595,328		1.6
			U.S. Treasury Notes: 2.2%
	209,000		0.625%, due 06/30/18		207,694		0.1
	1,342,000		1.250%, due 03/31/19		1,341,711		0.6
	30,000		1.250%, due 10/31/21		29,162		0.0
	869,000	L	1.625%, due 03/15/20		872,106		0.4
	220,000		1.625%, due 10/31/23		212,601		0.1
	1,903,000		1.875%, due 02/28/22		1,898,948		0.8
	10,000		2.125%, due 02/29/24		9,945		0.0
	496,000		2.250%, due 02/15/27		489,674		0.2
					5,061,841		2.2
		Total U.S. Treasury Obligations (Cost $8,629,159)			8,657,169		3.8
ASSET-BACKED SECURITIES: 3.7%
			Cayman Islands: 3.3%
	350,000	#	ALM VII R-2 Ltd. 2013-7R2A A2R, 3.023%, 10/15/27		352,641		0.2
	240,000	#	Apidos CLO XI 2012-11A BR, 2.973%, 01/17/28		240,906		0.1
	210,000	#	Apidos CLO XVII 2014-17A A2R, 2.873%, 04/17/26		210,013		0.1
	370,000	#	Apidos CLO XVII 2014-17A BR, 3.523%, 04/17/26		369,997		0.2
	640,000	#	Ares XXVII CLO Ltd. 2013-2A B, 2.839%, 07/28/25		639,995		0.3
	250,000	#	Avery Point IV CLO Ltd., 3.510%, 04/25/26		250,000		0.1
	250,000	#	Babson CLO Ltd. 2014-IA BR, 3.230%, 07/20/25		250,005		0.1
	510,000	#	BlueMountain CLO 2012-2A BR, 2.952%, 11/20/28		511,628		0.2
	330,000	#	BlueMountain CLO 2014-4A B1R, 2.904%, 11/30/26		330,428		0.1
	300,000	#	BlueMountain CLO 2014-4A CR, 3.604%, 11/30/26		300,229		0.1
	640,000	#	Bristol Park CLO Ltd. 2016-1A B, 2.784%, 04/15/29		643,532		0.3

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Cayman Islands: (continued)
	250,000	#	Carlyle Global Market Strategies CLO 2014-3A BR Ltd., 3.187%, 07/27/26	$	250,468		0.1
	210,000	#	Carlyle Global Market Strategies CLO Ltd. 2012-4A AR, 2.480%, 01/20/29		210,931		0.1
	290,000	#	Carlyle Global Market Strategies CLO Ltd. 2012-4A BR, 2.930%, 01/20/29		291,023		0.1
	520,000	#	Dryden 33 Senior Loan Fund 2014-33A BR, 2.873%, 10/15/28		521,816		0.2
	1,300,000	#	Madison Park Funding Ltd. 2007-6A C, 2.032%, 07/26/21		1,291,979		0.6
	250,000	#	Octagon Investment Partners XIX Ltd. 2014-1A CR, 3.069%, 04/15/26		251,250		0.1
	420,000	#	Shackleton CLO Ltd. 2016-9A A, 2.364%, 10/20/28		421,233		0.2
	250,000	#	Thacher Park CLO Ltd. 2014-1A CR, 3.857%, 10/20/26		249,976		0.1
					7,588,050		3.3
			United States: 0.4%
	378,657		Citigroup Mortgage Loan Trust 2006-WF1 A2E, 5.134%, 03/25/36		272,263		0.1
	640,000	#	OHA Loan Funding Ltd. 2016-1A B1, 2.686%, 01/20/28		641,720		0.3
					913,983		0.4
		Total Asset-Backed Securities (Cost $8,472,070)			8,502,033		3.7

Shares				Value		Percentage of Net Assets
COMMON STOCK: 0.0%
			United States: 0.0%
	43,083	@,L	American Media, Inc.		–		–
	4,988	@,L	Resolute Forest Products, Inc.		27,184		0.0
		Total Common Stock (Cost $1,298,013)			27,184		0.0
MUTUAL FUNDS: 22.2%
			United States: 22.2%
	1,028,284		Voya Emerging Markets Corporate Debt Fund - Class P		10,190,293		4.5
	1,562,299		Voya Emerging Markets Hard Currency Debt Fund - Class P		15,076,189		6.6
	3,012,263		Voya Emerging Markets Local Currency Debt Fund - Class P		22,561,852		9.9
	340,980		Voya High Yield Bond Fund - Class P		2,765,351		1.2
		Total Mutual Funds (Cost $57,582,826)			50,593,685		22.2

# of Contracts				Value		Percentage of Net Assets
PURCHASED OPTIONS: 6.2%
			OTC Interest Rate Swaptions: 6.2%
	38,000,000	@	Call on 20-year Interest Rate Swap, Receive a fixed rate equal to 2.640% and pay a floating rate based on the 3-month USD-LIBOR-BBA, Exp. 01/11/27 Counterparty: Bank of America N.A.		3,418,363		1.5
	51,300,000	@	Call on 30-year Interest Rate Swap, Receive a fixed rate equal to 2.645% and pay a floating rate based on the 3-month USD-LIBOR-BBA, Exp. 10/12/17 Counterparty: Bank of America N.A.		1,251,757		0.6
	47,400,000	@	Put on 10-year Interest Rate Swap, Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.564%, Exp. 05/08/17 Counterparty: Morgan Stanley Capital Services LLC		114,215		0.1
	47,400,000	@	Put on 10-year Interest Rate Swap, Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.703%, Exp. 05/02/17 Counterparty: JPMorgan Chase Bank N.A.		21,934		0.0
	47,400,000	@	Put on 10-year Interest Rate Swap, Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.763%, Exp. 06/02/17 Counterparty: Citibank N.A.		73,888		0.0
	38,000,000	@	Put on 20-year Interest Rate Swap, Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.640%, Exp. 01/11/27 Counterparty: Bank of America N.A.		4,398,834		1.9

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

# of Contracts				Value		Percentage of Net Assets
PURCHASED OPTIONS: (continued)
			OTC Interest Rate Swaptions: (continued)
	20,900,000	@	Put on 30-year Interest Rate Swap, Receive  a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.635%, Exp. 04/20/17 Counterparty: Goldman Sachs International	$	299,544		0.1
	45,500,000	@	Put on 30-year Interest Rate Swap, Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.070%, Exp. 03/13/18 Counterparty: Goldman Sachs International		820,837		0.4
	51,300,000	@	Put on 30-year Interest Rate Swap, Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.475%, Exp. 10/12/17 Counterparty: Bank of America N.A.		3,589,898		1.6
					13,989,270		6.2
		Total Purchased Options (Cost $17,261,565)			13,989,270		6.2
		Total Long-Term Investments (Cost $228,261,245)			218,337,219		95.8

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 6.3%
			Corporate Bonds/Notes: 0.4%
	537,000		Actavis Funding SCS, 2.350%, 03/12/18		539,445		0.3
	265,000	#	Barclays Bank PLC, 6.050%, 12/04/17		272,015		0.1
					811,460		0.4
			Commercial Paper: 0.9%
	2,000,000		CVS, 1.200%, 04/03/17
			(Cost $1,999,883)		1,999,816		0.9
			U.S. Government Agency Obligations: 0.0%
	519		Fannie Mae, 6.000%, 06/01/17		519		0.0
	7		Fannie Mae, 7.000%, 11/01/17		7		0.0
	2,809		Freddie Mac, 5.500%, 01/01/18		2,842		0.0
					3,368		0.0
			Securities Lending Collateralcc: 0.9%
	152,932		Cantor Fitzgerald, Repurchase Agreement dated 03/31/17, 0.81%, due 04/03/17 (Repurchase Amount $152,942, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $155,991, due 04/01/17-02/20/67)		152,932		0.1
	1,000,000		Millenium Fixed Income Ltd., Repurchase Agreement dated 03/31/17, 0.84%, due 04/03/17 (Repurchase Amount $1,000,069, collateralized by various U.S. Government Securities, 3.125%-3.625%, Market Value plus accrued interest $1,020,000, due 02/15/43-02/15/44)		1,000,000		0.4
	1,000,000		NBC Global Finance Ltd., Repurchase Agreement dated 03/31/17, 0.90%, due 04/03/17 (Repurchase Amount $1,000,074, collateralized by various U.S. Government Securities, 1.250%-4.625%, Market Value plus accrued interest $1,020,000, due 08/15/21-09/09/49)		1,000,000		0.4
					2,152,932		0.9
			Collateralized Mortgage Obligations: 0.0%
	175		Freddie Mac, 6.000%, 05/15/17
			(Cost $175)		177		0.0
			Foreign Government Bonds: 0.4%
EUR	10,000	Z	Bundesschatzanweisungen, -0.740%, 12/15/17		10,722		0.0
EUR	830,000	Z	Bundesschatzanweisungen, -0.744%, 06/16/17		886,744		0.4
					897,466		0.4

Shares				Value			Percentage of Net Assets
			Mutual Funds: 3.7%
	8,534,000		BlackRock Liquidity Funds, FedFund, Institutional Class, 0.600%††
			(Cost $8,534,000)		8,534,000			3.7
		Total Short-Term Investments (Cost $14,426,812)			14,399,219			6.3
		Total Investments in Securities (Cost $242,688,057)		$	232,736,438			102.1
		Liabilities in Excess of Other Assets			(4,850,492	)		(2.1	)
		Net Assets		$	227,885,946			100.0

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of March 31, 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 March 31, 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	Indicates Zero Coupon Bond; rate shown reflects current effective yield.

BRL	Brazilian Real
EUR	EU Euro
MXN	Mexican Peso
RUB	Russian Ruble
ZAR	South African Rand

Cost for federal income tax purposes is $242,444,824.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	5,732,094
Gross Unrealized Depreciation		(15,440,480	)
Net Unrealized Depreciation	$	(9,708,386	)

Sector Diversification	Percentage of Net Assets
Affiliated Investment Companies		22.2	%
Collateralized Mortgage Obligations		14.8
Foreign Government Bonds		12.3
Financial		9.0
Commercial Mortgage-Backed Securities		8.6
Purchased Options		6.2
Communications		4.4
U.S. Treasury Obligations		3.8
Other Asset-Backed Securities		3.7
Consumer, Non-cyclical		3.1
Energy		2.4
Utilities		1.5
U.S. Government Agency Obligations		1.3
Consumer, Cyclical		0.9
Technology		0.7
Industrial		0.6
Basic Materials		0.2
Mortgage Securities		0.1
Structured Products		0.0
Consumer Discretionary		0.0
Materials		0.0
Short-Term Investments		6.3
Liabilities in Excess of Other Assets		(2.1	)
Net Assets		100.0	%

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Common Stock
United States	$	27,184		$	–		$	–	$	27,184
Total Common Stock		27,184			–			–		27,184
Mutual Funds		50,593,685			–			–		50,593,685
Purchased Options		–			13,989,270			–		13,989,270
Corporate Bonds/Notes		–			52,160,520			6,722		52,167,242
Collateralized Mortgage Obligations		–			33,749,149			–		33,749,149
Structured Products		–			–			43,725		43,725
Short-Term Investments		8,534,000			5,865,219			–		14,399,219
Asset-Backed Securities		–			8,502,033			–		8,502,033
Foreign Government Bonds		–			28,020,612			–		28,020,612
Commercial Mortgage-Backed Securities		–			19,537,353			–		19,537,353
U.S. Government Agency Obligations		–			3,049,797			–		3,049,797
U.S. Treasury Obligations		–			8,657,169			–		8,657,169
Total Investments, at fair value	$	59,154,869		$	173,531,122		$	50,447	$	232,736,438
Other Financial Instruments+
Centrally Cleared Swaps		–			10,493,971			–		10,493,971
Forward Foreign Currency Contracts		–			4,565,149			–		4,565,149
Futures		141,873			–			–		141,873
Total Assets	$	59,296,742		$	188,590,242		$	50,447	$	247,937,431
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps	$	–		$	(6,833,535	)	$	–	$	(6,833,535	)
Forward Foreign Currency Contracts		–			(2,461,655	)		–		(2,461,655	)
Futures		(94,576	)		–			–		(94,576	)
Written Options		–			(14,617,674	)		–		(14,617,674	)
Total Liabilities	$	(94,576	)	$	(23,912,864	)	$	–	$	(24,007,440	)

+ 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 period ended March 31, 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 3/31/17		Investment Income		Realized Gains/ (Losses)		Net Capital Gain Distributions
Voya Emerging Markets Corporate Debt Fund - Class P	$	9,840,467	$	115,498	$	-	$	234,328	$	10,190,293	$	115,497	$	-	$	-
Voya Emerging Markets Hard Currency Debt Fund - Class P		14,492,650		141,939		-		441,600		15,076,189		141,939		-		-
Voya Emerging Markets Local Currency Debt Fund - Class P		21,177,722		-		-		1,384,130		22,561,852		-		-		-
Voya High Yield Bond Fund - Class P		2,701,759		40,144		-		23,448		2,765,351		40,144		-		-
	$	48,212,598	$	297,581	$	-	$	2,083,506	$	50,593,685	$	297,580	$	-	$	-

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

At March 31, 2017, the following forward foreign currency contracts were outstanding for Voya Global Bond Portfolio:

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
The Bank of New York Mellon	EU Euro		16,006,202	Buy	04/07/17	$	17,173,022	$	17,077,766	$	(95,256	)
Barclays Bank PLC	Norwegian Krone		9,056,173	Buy	04/07/17		1,058,000		1,054,769		(3,231	)
Barclays Bank PLC	British Pound		601,011	Buy	04/07/17		748,000		753,058		5,058
Barclays Bank PLC	Canadian Dollar		2,322,604	Buy	04/07/17		1,736,000		1,746,592		10,592
Barclays Bank PLC	Australian Dollar		1,117,982	Buy	04/07/17		852,000		854,094		2,094
Barclays Bank PLC	Swedish Krona		16,399,026	Buy	04/07/17		1,859,000		1,830,371		(28,629	)
Barclays Bank PLC	Norwegian Krone		13,464,976	Buy	04/07/17		1,591,000		1,568,260		(22,740	)
Barclays Bank PLC	South African Rand		16,585,541	Buy	04/07/17		1,315,044		1,235,589		(79,455	)
Barclays Bank PLC	Canadian Dollar		619,935	Buy	04/07/17		465,000		466,189		1,189
Barclays Bank PLC	Swiss Franc		585,821	Buy	04/07/17		580,000		584,957		4,957
Barclays Bank PLC	Japanese Yen		75,178,584	Buy	04/07/17		661,000		675,359		14,359
Barclays Bank PLC	New Zealand Dollar		1,390,356	Buy	04/07/17		1,004,000		974,568		(29,432	)
Barclays Bank PLC	Norwegian Krone		23,873,163	Buy	04/07/17		2,864,000		2,780,498		(83,502	)
Barclays Bank PLC	New Zealand Dollar		546,959	Buy	04/07/17		393,000		383,390		(9,610	)
Barclays Bank PLC	Australian Dollar		1,755,764	Buy	04/07/17		1,352,000		1,341,334		(10,666	)
Barclays Bank PLC	Swiss Franc		784,161	Buy	04/07/17		782,000		783,004		1,004
Barclays Bank PLC	Norwegian Krone		6,808,874	Buy	04/07/17		812,000		793,027		(18,973	)

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	Norwegian Krone		5,251,142	Buy	04/07/17	$	630,000	$	611,598	$	(18,402	)
Barclays Bank PLC	New Zealand Dollar		1,093,706	Buy	04/07/17		794,000		766,632		(27,368	)
Barclays Bank PLC	Norwegian Krone		5,620,308	Buy	04/07/17		676,000		654,595		(21,405	)
Barclays Bank PLC	Canadian Dollar		522,354	Buy	04/07/17		397,000		392,808		(4,192	)
Barclays Bank PLC	Norwegian Krone		6,575,738	Buy	04/07/17		792,000		765,874		(26,126	)
Barclays Bank PLC	Swedish Krona		9,770,302	Buy	04/07/17		1,111,000		1,090,509		(20,491	)
Barclays Bank PLC	Swedish Krona		7,750,108	Buy	04/07/17		888,000		865,025		(22,975	)
Barclays Bank PLC	Australian Dollar		2,514,893	Buy	04/07/17		1,895,000		1,921,277		26,277
Barclays Bank PLC	Japanese Yen		42,551,131	Buy	04/07/17		373,000		382,254		9,254
Barclays Bank PLC	Australian Dollar		1,100,692	Buy	04/07/17		832,000		840,885		8,885
Barclays Bank PLC	Australian Dollar		1,564,024	Buy	04/07/17		1,184,000		1,194,852		10,852
Barclays Bank PLC	British Pound		258,408	Buy	04/07/17		324,000		323,782		(218	)
Barclays Bank PLC	Japanese Yen		358,361,709	Buy	04/07/17		3,188,000		3,219,307		31,307
Barclays Bank PLC	British Pound		378,471	Buy	04/07/17		468,000		474,219		6,219
Barclays Bank PLC	EU Euro		2,012,703	Buy	04/07/17		2,150,000		2,147,447		(2,553	)
Barclays Bank PLC	New Zealand Dollar		2,175,251	Buy	04/07/17		1,531,000		1,524,740		(6,260	)
Barclays Bank PLC	Malaysian Ringgit		6,695,453	Buy	06/16/17		1,502,908		1,502,775		(133	)
Barclays Bank PLC	Norwegian Krone		14,999,540	Buy	04/07/17		1,745,000		1,746,990		1,990
Barclays Bank PLC	Canadian Dollar		7,039,665	Buy	04/07/17		5,334,265		5,293,809		(40,456	)
Barclays Bank PLC	British Pound		6,834,958	Buy	04/07/17		8,322,822		8,564,101		241,279
Barclays Bank PLC	Swedish Krona		12,925,614	Buy	04/07/17		1,432,456		1,442,687		10,231
BNP Paribas	EU Euro		421,003	Buy	04/07/17		444,000		449,188		5,188
BNP Paribas	EU Euro		6,444,053	Buy	04/07/17		6,819,000		6,875,462		56,462
BNP Paribas	Australian Dollar		1,076,576	Buy	04/07/17		827,000		822,461		(4,539	)
BNP Paribas	Japanese Yen		60,179,397	Buy	04/07/17		534,000		540,616		6,616
BNP Paribas	EU Euro		706,357	Buy	04/07/17		757,000		753,645		(3,355	)
BNP Paribas	Israeli New Shekel		1,035,992	Buy	04/07/17		273,693		286,014		12,321
BNP Paribas	Swiss Franc		424,858	Buy	04/07/17		421,000		424,232		3,232
BNP Paribas	Australian Dollar		16,559,937	Buy	04/07/17		12,129,243		12,651,130		521,887
BNP Paribas	EU Euro		5,926,882	Buy	06/21/17		6,302,000		6,346,816		44,816
BNP Paribas	South Korean Won		596,663,700	Buy	06/16/17		515,619		534,335		18,716
Citibank N.A.	Canadian Dollar		1,745,549	Buy	04/07/17		1,309,000		1,312,648		3,648
Citibank N.A.	Australian Dollar		2,039,931	Buy	04/07/17		1,565,000		1,558,426		(6,574	)
Citibank N.A.	Canadian Dollar		1,852,577	Buy	04/07/17		1,390,000		1,393,133		3,133
Citibank N.A.	Australian Dollar		2,493,589	Buy	04/07/17		1,903,000		1,905,003		2,003
Citibank N.A.	Canadian Dollar		1,438,941	Buy	04/07/17		1,076,000		1,082,080		6,080
Citibank N.A.	Norwegian Krone		3,290,077	Buy	04/07/17		388,000		383,194		(4,806	)
Citibank N.A.	British Pound		1,003,048	Buy	04/07/17		1,253,000		1,256,805		3,805
Citibank N.A.	Canadian Dollar		1,124,422	Buy	04/07/17		844,000		845,563		1,563
Citibank N.A.	Canadian Dollar		1,221,544	Buy	04/07/17		915,000		918,598		3,598
Citibank N.A.	Polish Zloty		5,936,133	Buy	04/07/17		1,502,907		1,496,820		(6,087	)
Citibank N.A.	Canadian Dollar		833,627	Buy	04/07/17		624,000		626,885		2,885
Citibank N.A.	Swiss Franc		599,606	Buy	04/07/17		601,000		598,722		(2,278	)
Citibank N.A.	Norwegian Krone		21,146,884	Buy	04/07/17		2,495,000		2,462,969		(32,031	)
Citibank N.A.	Norwegian Krone		9,917,868	Buy	04/07/17		1,166,000		1,155,130		(10,870	)
Citibank N.A.	New Zealand Dollar		120,785	Buy	04/07/17		85,000		84,664		(336	)
Citibank N.A.	EU Euro		674,268	Buy	04/07/17		721,000		719,408		(1,592	)
Citibank N.A.	Canadian Dollar		787,564	Buy	04/07/17		588,000		592,246		4,246
Citibank N.A.	Canadian Dollar		546,706	Buy	04/07/17		411,000		411,122		122
Citibank N.A.	Australian Dollar		2,413,289	Buy	04/07/17		1,851,000		1,843,656		(7,344	)
Citibank N.A.	Australian Dollar		2,149,929	Buy	04/07/17		1,649,000		1,642,460		(6,540	)
Citibank N.A.	British Pound		656,079	Buy	04/07/17		819,000		822,057		3,057
Citibank N.A.	EU Euro		389,744	Buy	04/07/17		414,000		415,836		1,836
Citibank N.A.	EU Euro		91,014	Buy	04/07/17		97,000		97,107		107
Citibank N.A.	New Zealand Dollar		2,244,435	Buy	04/07/17		1,636,000		1,573,233		(62,767	)
Citibank N.A.	Swedish Krona		9,668,069	Buy	04/07/17		1,104,000		1,079,098		(24,902	)
Citibank N.A.	Swedish Krona		5,842,088	Buy	04/07/17		670,000		652,062		(17,938	)
Citibank N.A.	Swedish Krona		5,440,314	Buy	04/07/17		624,000		607,219		(16,781	)
Citibank N.A.	Canadian Dollar		1,308,186	Buy	04/07/17		1,000,000		983,752		(16,248	)
Citibank N.A.	Australian Dollar		881,377	Buy	04/07/17		665,000		673,337		8,337
Citibank N.A.	Swiss Franc		1,165,083	Buy	04/07/17		1,160,000		1,163,365		3,365
Citibank N.A.	New Zealand Dollar		3,172,489	Buy	04/07/17		2,253,000		2,223,752		(29,248	)
Citibank N.A.	New Zealand Dollar		3,122,118	Buy	06/21/17		2,275,000		2,184,173		(90,827	)
Citibank N.A.	Canadian Dollar		5,971,794	Buy	06/21/17		4,528,000		4,495,519		(32,481	)
Citibank N.A.	Japanese Yen		507,048,000	Buy	09/20/17		4,525,206		4,588,714		63,508
Citibank N.A.	Japanese Yen		1,068,746,000	Buy	09/20/17		9,538,142		9,672,002		133,860
Citibank N.A.	Japanese Yen		260,977,955	Buy	09/20/17		2,329,127		2,361,814		32,687

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Deutsche Bank AG	Swiss Franc		334,588	Buy	04/07/17	$	338,000	$	334,094	$	(3,906	)
Deutsche Bank AG	New Zealand Dollar		2,270,107	Buy	04/07/17		1,587,000		1,591,228		4,228
Deutsche Bank AG	Australian Dollar		2,967,514	Buy	04/07/17		2,270,000		2,267,062		(2,938	)
Deutsche Bank AG	Australian Dollar		763,880	Buy	04/07/17		589,000		583,573		(5,427	)
Deutsche Bank AG	Australian Dollar		624,530	Buy	04/07/17		478,000		477,116		(884	)
Deutsche Bank AG	Mexican Peso		25,159,239	Buy	05/19/17		1,315,044		1,334,307		19,263
Deutsche Bank AG	New Zealand Dollar		1,678,750	Buy	04/07/17		1,227,000		1,176,718		(50,282	)
Deutsche Bank AG	Australian Dollar		1,724,264	Buy	04/07/17		1,300,000		1,317,269		17,269
Deutsche Bank AG	New Zealand Dollar		1,213,710	Buy	04/07/17		873,000		850,749		(22,251	)
Deutsche Bank AG	Norwegian Krone		23,384,493	Buy	04/07/17		2,737,000		2,723,583		(13,417	)
Deutsche Bank AG	Swiss Franc		668,204	Buy	04/07/17		662,000		667,219		5,219
Deutsche Bank AG	New Zealand Dollar		2,234,381	Buy	04/07/17		1,564,000		1,566,187		2,187
Goldman Sachs International	British Pound		618,953	Buy	04/07/17		771,000		775,539		4,539
Goldman Sachs International	Canadian Dollar		737,541	Buy	04/07/17		547,000		554,629		7,629
Goldman Sachs International	Japanese Yen		57,249,297	Buy	04/07/17		503,000		514,293		11,293
Goldman Sachs International	Norwegian Krone		8,168,100	Buy	04/07/17		967,000		951,335		(15,665	)
Goldman Sachs International	Canadian Dollar		485,897	Buy	04/07/17		370,000		365,393		(4,607	)
Goldman Sachs International	Australian Dollar		2,098,074	Buy	04/07/17		1,582,000		1,602,844		20,844
Goldman Sachs International	EU Euro		26,405,041	Buy	04/07/17		27,990,762		28,172,775		182,013
Goldman Sachs International	Japanese Yen		3,728,773,950	Buy	04/07/17		32,128,760		33,497,068		1,368,308
HSBC Bank USA N.A.	EU Euro		1,159,823	Buy	04/07/17		1,232,000		1,237,469		5,469
HSBC Bank USA N.A.	Japanese Yen		82,594,480	Buy	04/07/17		725,000		741,979		16,979
HSBC Bank USA N.A.	Norwegian Krone		16,415,757	Buy	04/07/17		1,925,000		1,911,937		(13,063	)
JPMorgan Chase Bank N.A.	Australian Dollar		856,199	Buy	04/07/17		653,000		654,102		1,102
JPMorgan Chase Bank N.A.	Swiss Franc		1,260,703	Buy	04/07/17		1,271,000		1,258,844		(12,156	)
JPMorgan Chase Bank N.A.	British Pound		1,125,396	Buy	04/07/17		1,410,000		1,410,104		104
JPMorgan Chase Bank N.A.	Swiss Franc		899,399	Buy	04/07/17		908,000		898,073		(9,927	)
JPMorgan Chase Bank N.A.	Swiss Franc		629,436	Buy	04/07/17		634,000		628,508		(5,492	)
JPMorgan Chase Bank N.A.	Russian Ruble		1,934,328	Buy	04/07/17		33,276		34,347		1,071
JPMorgan Chase Bank N.A.	South African Rand		54,000	Buy	04/07/17		4,218		4,023		(195	)
JPMorgan Chase Bank N.A.	Canadian Dollar		516,352	Buy	04/07/17		387,000		388,295		1,295
JPMorgan Chase Bank N.A.	Swiss Franc		619,238	Buy	04/07/17		620,000		618,325		(1,675	)
JPMorgan Chase Bank N.A.	Swiss Franc		1,160,922	Buy	04/07/17		1,151,000		1,159,210		8,210
JPMorgan Chase Bank N.A.	EU Euro		1,523,763	Buy	04/07/17		1,615,000		1,625,774		10,774
JPMorgan Chase Bank N.A.	New Zealand Dollar		1,183,056	Buy	04/07/17		822,000		829,261		7,261
JPMorgan Chase Bank N.A.	British Pound		639,785	Buy	04/07/17		787,000		801,641		14,641
JPMorgan Chase Bank N.A.	Japanese Yen		90,568,578	Buy	04/07/17		796,000		813,614		17,614
JPMorgan Chase Bank N.A.	New Zealand Dollar		807,238	Buy	04/07/17		568,000		565,832		(2,168	)
JPMorgan Chase Bank N.A.	Japanese Yen		140,546,663	Buy	04/07/17		1,230,000		1,262,587		32,587
JPMorgan Chase Bank N.A.	Japanese Yen		124,812,204	Buy	04/07/17		1,100,000		1,121,238		21,238
JPMorgan Chase Bank N.A.	Swiss Franc		909,645	Buy	04/07/17		906,000		908,304		2,304

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
JPMorgan Chase Bank N.A.	New Zealand Dollar		1,151,324	Buy	04/07/17	$	840,000	$	807,019	$	(32,981	)
JPMorgan Chase Bank N.A.	Canadian Dollar		432,715	Buy	04/07/17		331,000		325,401		(5,599	)
JPMorgan Chase Bank N.A.	New Zealand Dollar		2,271,326	Buy	04/07/17		1,653,000		1,592,083		(60,917	)
JPMorgan Chase Bank N.A.	EU Euro		1,765,086	Buy	04/07/17		1,894,000		1,883,253		(10,747	)
JPMorgan Chase Bank N.A.	Australian Dollar		917,498	Buy	04/07/17		695,000		700,932		5,932
JPMorgan Chase Bank N.A.	EU Euro		828,031	Buy	04/07/17		890,000		883,465		(6,535	)
JPMorgan Chase Bank N.A.	Danish Krone		6,741,468	Buy	04/07/17		961,459		966,852		5,393
Morgan Stanley Capital Services LLC	Australian Dollar		571,397	Buy	04/07/17		437,000		436,524		(476	)
Morgan Stanley Capital Services LLC	New Zealand Dollar		1,085,358	Buy	04/07/17		750,000		760,781		10,781
Morgan Stanley Capital Services LLC	British Pound		646,959	Buy	04/07/17		796,000		810,631		14,631
Morgan Stanley Capital Services LLC	Norwegian Krone		7,995,661	Buy	04/07/17		960,000		931,251		(28,749	)
Morgan Stanley Capital Services LLC	Japanese Yen		310,506,191	Buy	04/07/17		2,737,000		2,789,401		52,401
Morgan Stanley Capital Services LLC	Japanese Yen		73,454,563	Buy	04/07/17		650,000		659,872		9,872
Morgan Stanley Capital Services LLC	Japanese Yen		118,438,530	Buy	04/07/17		1,039,000		1,063,981		24,981
Morgan Stanley Capital Services LLC	Japanese Yen		77,129,932	Buy	04/07/17		680,000		692,889		12,889
Morgan Stanley Capital Services LLC	Norwegian Krone		6,760,216	Buy	04/07/17		806,000		787,360		(18,640	)
Morgan Stanley Capital Services LLC	EU Euro		90,815	Buy	04/07/17		98,000		96,895		(1,105	)
Morgan Stanley Capital Services LLC	Czech Koruna		11,239,058	Buy	04/07/17		449,209		443,953		(5,256	)
Morgan Stanley Capital Services LLC	EU Euro		228,462	Buy	04/07/17		244,000		243,757		(243	)
Morgan Stanley Capital Services LLC	British Pound		652,434	Buy	04/07/17		802,000		817,490		15,490
Morgan Stanley Capital Services LLC	British Pound		393,354	Buy	04/07/17		489,000		492,867		3,867
Morgan Stanley Capital Services LLC	Hong Kong Sar Dollar		762,813	Buy	06/16/17		98,377		98,311		(66	)
Morgan Stanley Capital Services LLC	Singapore Dollar		648,988	Buy	06/16/17		458,959		464,211		5,252
Morgan Stanley Capital Services LLC	New Zealand Dollar		6,445,082	Buy	06/21/17		4,527,000		4,508,855		(18,145	)
										$	1,974,426
Barclays Bank PLC	New Zealand Dollar		2,852,653	Sell	04/07/17	$	2,003,000	$	1,999,564	$	3,436
Barclays Bank PLC	EU Euro		627,208	Sell	04/07/17		676,000		669,198		6,802
Barclays Bank PLC	Swiss Franc		2,659,481	Sell	04/07/17		2,682,000		2,655,559		26,441
Barclays Bank PLC	British Pound		1,214,861	Sell	04/07/17		1,527,000		1,522,203		4,797
Barclays Bank PLC	Canadian Dollar		648,640	Sell	04/07/17		485,000		487,775		(2,775	)
Barclays Bank PLC	Norwegian Krone		13,150,460	Sell	04/07/17		1,549,000		1,531,629		17,371
Barclays Bank PLC	EU Euro		473,713	Sell	04/07/17		512,000		505,427		6,573
Barclays Bank PLC	Swiss Franc		601,427	Sell	04/07/17		604,000		600,540		3,460
Barclays Bank PLC	Australian Dollar		1,921,590	Sell	04/07/17		1,457,000		1,468,018		(11,018	)
Barclays Bank PLC	British Pound		244,147	Sell	04/07/17		299,000		305,912		(6,912	)
Barclays Bank PLC	Norwegian Krone		8,274,997	Sell	04/07/17		975,000		963,786		11,214
Barclays Bank PLC	Canadian Dollar		1,350,746	Sell	04/07/17		1,008,000		1,015,757		(7,757	)
Barclays Bank PLC	British Pound		419,816	Sell	04/07/17		521,000		526,024		(5,024	)
Barclays Bank PLC	Japanese Yen		126,730,669	Sell	04/07/17		1,126,000		1,138,472		(12,472	)
Barclays Bank PLC	Canadian Dollar		467,652	Sell	04/07/17		357,000		351,673		5,327
Barclays Bank PLC	Swiss Franc		567,792	Sell	04/07/17		571,000		566,955		4,045
Barclays Bank PLC	Norwegian Krone		6,628,216	Sell	04/07/17		800,000		771,986		28,014

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	Canadian Dollar		511,039	Sell	04/07/17	$	391,000	$	384,300	$	6,700
Barclays Bank PLC	Australian Dollar		2,365,099	Sell	04/07/17		1,806,000		1,806,841		(841	)
Barclays Bank PLC	British Pound		482,826	Sell	04/07/17		606,000		604,974		1,026
Barclays Bank PLC	Australian Dollar		1,065,154	Sell	04/07/17		812,000		813,735		(1,735	)
Barclays Bank PLC	Australian Dollar		922,753	Sell	04/07/17		706,000		704,947		1,053
Barclays Bank PLC	British Pound		768,837	Sell	04/07/17		960,000		963,342		(3,342	)
Barclays Bank PLC	Australian Dollar		1,826,807	Sell	04/07/17		1,399,000		1,395,608		3,392
Barclays Bank PLC	Japanese Yen		18,888,353	Sell	04/07/17		168,000		169,682		(1,682	)
Barclays Bank PLC	Norwegian Krone		5,750,442	Sell	04/07/17		689,000		669,752		19,248
Barclays Bank PLC	Swedish Krona		12,078,999	Sell	04/07/17		1,364,000		1,348,193		15,807
Barclays Bank PLC	Canadian Dollar		1,266,680	Sell	04/07/17		965,000		952,540		12,460
Barclays Bank PLC	Japanese Yen		4,791,735	Sell	04/07/17		42,000		43,046		(1,046	)
Barclays Bank PLC	Canadian Dollar		477,909	Sell	04/07/17		363,000		359,386		3,614
Barclays Bank PLC	Brazilian Real		8,211,832	Sell	05/19/17		2,561,874		2,595,697		(33,823	)
Barclays Bank PLC	Philippine Peso		5,648,082	Sell	06/16/17		110,671		111,982		(1,311	)
Barclays Bank PLC	Japanese Yen		4,889,830	Sell	09/20/17		43,979		44,252		(273	)
Barclays Bank PLC	Japanese Yen		534,373,000	Sell	09/20/17		4,806,187		4,836,001		(29,814	)
Barclays Bank PLC	Japanese Yen		253,524,000	Sell	09/20/17		2,280,212		2,294,357		(14,145	)
BNP Paribas	Australian Dollar		2,068,131	Sell	04/07/17		1,518,000		1,579,970		(61,970	)
BNP Paribas	Canadian Dollar		887,563	Sell	04/07/17		672,000		667,445		4,555
BNP Paribas	EU Euro		538,868	Sell	04/07/17		579,000		574,944		4,056
BNP Paribas	British Pound		344,250	Sell	04/07/17		427,000		431,341		(4,341	)
BNP Paribas	EU Euro		1,327,764	Sell	04/07/17		1,430,000		1,416,653		13,347
BNP Paribas	New Zealand Dollar		1,717,359	Sell	04/07/17		1,233,000		1,203,780		29,220
BNP Paribas	New Zealand Dollar		2,300,812	Sell	04/07/17		1,672,000		1,612,751		59,249
BNP Paribas	Polish Zloty		6,836,149	Sell	04/07/17		1,678,356		1,723,764		(45,408	)
BNP Paribas	South African Rand		23,349,781	Sell	04/07/17		1,715,641		1,739,511		(23,870	)
BNP Paribas	Australian Dollar		755,192	Sell	04/07/17		570,000		576,936		(6,936	)
BNP Paribas	Australian Dollar		915,852	Sell	04/07/17		673,000		699,674		(26,674	)
BNP Paribas	New Zealand Dollar		962,627	Sell	04/07/17		672,039		674,752		(2,713	)
BNP Paribas	Mexican Peso		26,858,949	Sell	05/19/17		1,285,010		1,424,450		(139,440	)
BNP Paribas	Malaysian Ringgit		5,447,079	Sell	06/16/17		1,214,646		1,222,581		(7,935	)
BNP Paribas	Indonesian Rupiah		28,526,241,483	Sell	06/16/17		2,102,465		2,129,798		(27,333	)
BNP Paribas	Thai Baht		28,109,443	Sell	06/16/17		800,926		817,566		(16,640	)
Citibank N.A.	New Zealand Dollar		2,177,827	Sell	04/07/17		1,531,000		1,526,545		4,455
Citibank N.A.	Swedish Krona		13,030,824	Sell	04/07/17		1,471,000		1,454,431		16,569
Citibank N.A.	Swedish Krona		6,531,953	Sell	04/07/17		737,000		729,061		7,939
Citibank N.A.	Canadian Dollar		871,940	Sell	04/07/17		655,000		655,696		(696	)
Citibank N.A.	Canadian Dollar		932,967	Sell	04/07/17		693,000		701,589		(8,589	)
Citibank N.A.	Swiss Franc		598,512	Sell	04/07/17		591,000		597,630		(6,630	)
Citibank N.A.	Australian Dollar		1,511,991	Sell	04/07/17		1,144,000		1,155,100		(11,100	)
Citibank N.A.	Japanese Yen		111,597,907	Sell	04/07/17		992,000		1,002,529		(10,529	)
Citibank N.A.	Japanese Yen		90,739,335	Sell	04/07/17		810,000		815,148		(5,148	)
Citibank N.A.	Canadian Dollar		1,248,346	Sell	04/07/17		953,000		938,753		14,247
Citibank N.A.	Japanese Yen		57,929,028	Sell	04/07/17		515,000		520,400		(5,400	)
Citibank N.A.	Japanese Yen		55,855,142	Sell	04/07/17		495,000		501,769		(6,769	)
Citibank N.A.	Norwegian Krone		6,960,546	Sell	04/07/17		833,000		810,692		22,308
Citibank N.A.	Australian Dollar		1,082,323	Sell	04/07/17		826,000		826,851		(851	)
Citibank N.A.	New Zealand Dollar		4,636,972	Sell	04/07/17		3,368,000		3,250,280		117,720
Citibank N.A.	New Zealand Dollar		2,076,292	Sell	04/07/17		1,502,000		1,455,374		46,626
Citibank N.A.	New Zealand Dollar		2,050,043	Sell	04/07/17		1,486,000		1,436,975		49,025
Citibank N.A.	Turkish Lira		5,545,051	Sell	04/07/17		1,451,681		1,524,389		(72,708	)
Citibank N.A.	Australian Dollar		3,024,837	Sell	04/07/17		2,284,000		2,310,855		(26,855	)
Citibank N.A.	Norwegian Krone		13,175,047	Sell	04/07/17		1,551,000		1,534,493		16,507
Citibank N.A.	Australian Dollar		2,035,736	Sell	04/07/17		1,513,000		1,555,221		(42,221	)
Citibank N.A.	EU Euro		2,938,328	Sell	04/07/17		3,122,000		3,135,040		(13,040	)
Citibank N.A.	EU Euro		1,590,320	Sell	04/07/17		1,686,000		1,696,786		(10,786	)
Citibank N.A.	Norwegian Krone		41,923,532	Sell	04/07/17		4,903,550		4,882,817		20,733
Deutsche Bank AG	EU Euro		814,548	Sell	04/07/17		881,000		869,080		11,920
Deutsche Bank AG	Australian Dollar		1,393,083	Sell	04/07/17		1,068,000		1,064,260		3,740
Deutsche Bank AG	Norwegian Krone		2,458,814	Sell	04/07/17		286,000		286,377		(377	)
Deutsche Bank AG	Norwegian Krone		4,741,623	Sell	04/07/17		552,000		552,255		(255	)
Deutsche Bank AG	EU Euro		429,832	Sell	04/07/17		454,000		458,608		(4,608	)
Deutsche Bank AG	Norwegian Krone		8,258,065	Sell	04/07/17		973,000		961,814		11,186
Deutsche Bank AG	Australian Dollar		1,374,359	Sell	04/07/17		1,043,000		1,049,956		(6,956	)
Deutsche Bank AG	British Pound		1,750,791	Sell	04/07/17		2,200,000		2,193,715		6,285
Deutsche Bank AG	Norwegian Krone		13,718,956	Sell	04/07/17		1,643,000		1,597,841		45,159

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Deutsche Bank AG	Australian Dollar		2,173,552	Sell	04/07/17	$	1,674,000	$	1,660,507	$	13,493
Deutsche Bank AG	Swedish Krona		24,391,740	Sell	04/07/17		2,748,000		2,722,475		25,525
Deutsche Bank AG	Norwegian Krone		5,658,739	Sell	04/07/17		678,000		659,071		18,929
Deutsche Bank AG	Swiss Franc		963,229	Sell	04/07/17		952,505		961,809		(9,304	)
Deutsche Bank AG	New Zealand Dollar		3,295,673	Sell	06/21/17		2,275,000		2,305,589		(30,589	)
Deutsche Bank AG	New Zealand Dollar		6,558,028	Sell	06/21/17		4,527,000		4,587,869		(60,869	)
Goldman Sachs International	Japanese Yen		38,829,420	Sell	04/07/17		350,000		348,820		1,180
Goldman Sachs International	Swiss Franc		575,804	Sell	04/07/17		572,000		574,955		(2,955	)
Goldman Sachs International	EU Euro		687,797	Sell	04/07/17		743,000		733,842		9,158
Goldman Sachs International	Swiss Franc		848,125	Sell	04/07/17		852,000		846,874		5,126
Goldman Sachs International	EU Euro		365,794	Sell	04/07/17		395,000		390,283		4,717
Goldman Sachs International	EU Euro		2,689,470	Sell	04/07/17		2,856,000		2,869,522		(13,522	)
HSBC Bank USA N.A.	Russian Ruble		89,064,709	Sell	04/07/17		1,479,293		1,581,495		(102,202	)
HSBC Bank USA N.A.	Romanian New Leu		1,620,684	Sell	04/07/17		387,569		379,693		7,876
JPMorgan Chase Bank N.A.	Swiss Franc		1,347,957	Sell	04/07/17		1,347,000		1,345,969		1,031
JPMorgan Chase Bank N.A.	Swiss Franc		2,555,706	Sell	04/07/17		2,567,000		2,551,938		15,062
JPMorgan Chase Bank N.A.	EU Euro		452,516	Sell	04/07/17		492,000		482,811		9,189
JPMorgan Chase Bank N.A.	New Zealand Dollar		752,219	Sell	04/07/17		529,000		527,267		1,733
JPMorgan Chase Bank N.A.	Australian Dollar		1,298,699	Sell	04/07/17		997,000		992,154		4,846
JPMorgan Chase Bank N.A.	British Pound		805,445	Sell	04/07/17		1,006,000		1,009,211		(3,211	)
JPMorgan Chase Bank N.A.	EU Euro		892,582	Sell	04/07/17		966,000		952,337		13,663
JPMorgan Chase Bank N.A.	Australian Dollar		2,663,139	Sell	04/07/17		2,057,000		2,034,532		22,468
JPMorgan Chase Bank N.A.	British Pound		547,920	Sell	04/07/17		677,000		686,536		(9,536	)
JPMorgan Chase Bank N.A.	British Pound		355,114	Sell	04/07/17		439,000		444,953		(5,953	)
JPMorgan Chase Bank N.A.	British Pound		632,131	Sell	04/07/17		770,000		792,051		(22,051	)
JPMorgan Chase Bank N.A.	Australian Dollar		1,859,152	Sell	04/07/17		1,409,000		1,420,318		(11,318	)
JPMorgan Chase Bank N.A.	New Zealand Dollar		1,081,707	Sell	04/07/17		774,000		758,221		15,779
JPMorgan Chase Bank N.A.	Swiss Franc		623,164	Sell	04/07/17		616,000		622,245		(6,245	)
JPMorgan Chase Bank N.A.	EU Euro		853,534	Sell	04/07/17		902,000		910,675		(8,675	)
JPMorgan Chase Bank N.A.	New Zealand Dollar		1,072,743	Sell	04/07/17		771,000		751,938		19,062
JPMorgan Chase Bank N.A.	New Zealand Dollar		1,352,360	Sell	04/07/17		973,000		947,935		25,065
JPMorgan Chase Bank N.A.	EU Euro		2,692,592	Sell	04/07/17		2,854,000		2,872,852		(18,852	)
JPMorgan Chase Bank N.A.	Australian Dollar		1,261,905	Sell	04/07/17		965,000		964,045		955
JPMorgan Chase Bank N.A.	Australian Dollar		846,711	Sell	04/07/17		649,000		646,853		2,147
JPMorgan Chase Bank N.A.	New Zealand Dollar		1,329,994	Sell	04/07/17		955,000		932,258		22,742
JPMorgan Chase Bank N.A.	British Pound		524,999	Sell	04/07/17		656,000		657,816		(1,816	)
JPMorgan Chase Bank N.A.	Australian Dollar		1,781,276	Sell	04/07/17		1,363,000		1,360,823		2,177

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
JPMorgan Chase Bank N.A.	New Zealand Dollar		1,289,268	Sell	04/07/17	$	936,000	$	903,710	$	32,290
JPMorgan Chase Bank N.A.	New Zealand Dollar		1,370,919	Sell	04/07/17		991,000		960,944		30,056
JPMorgan Chase Bank N.A.	Australian Dollar		3,812,285	Sell	04/07/17		2,851,000		2,912,433		(61,433	)
JPMorgan Chase Bank N.A.	Colombian Peso		2,961,027,253	Sell	05/19/17		1,015,441		1,023,437		(7,996	)
Morgan Stanley Capital Services LLC	Swedish Krona		12,942,047	Sell	04/07/17		1,471,000		1,444,522		26,478
Morgan Stanley Capital Services LLC	Norwegian Krone		6,971,842	Sell	04/07/17		835,000		812,008		22,992
Morgan Stanley Capital Services LLC	British Pound		896,016	Sell	04/07/17		1,123,000		1,122,695		305
Morgan Stanley Capital Services LLC	Norwegian Krone		24,261,069	Sell	04/07/17		2,911,000		2,825,677		85,323
Morgan Stanley Capital Services LLC	Japanese Yen		355,287,407	Sell	04/07/17		3,146,000		3,191,689		(45,689	)
Morgan Stanley Capital Services LLC	Hungarian Forint		286,495,812	Sell	04/07/17		995,467		990,441		5,026
Morgan Stanley Capital Services LLC	EU Euro		114,507	Sell	04/07/17		123,000		122,173		827
Morgan Stanley Capital Services LLC	Norwegian Krone		5,633,003	Sell	04/07/17		671,000		656,074		14,926
Morgan Stanley Capital Services LLC	Norwegian Krone		11,591,385	Sell	04/07/17		1,365,000		1,350,044		14,956
Morgan Stanley Capital Services LLC	Swedish Krona		5,887,603	Sell	04/07/17		661,000		657,143		3,857
Morgan Stanley Capital Services LLC	Canadian Dollar		5,971,798	Sell	06/21/17		4,539,165		4,495,522		43,643
Morgan Stanley Capital Services LLC	Japanese Yen		256,088,125	Sell	09/20/17		2,312,000		2,317,562		(5,562	)
Morgan Stanley Capital Services LLC	Japanese Yen		253,524,000	Sell	09/20/17		2,319,895		2,294,357		25,538
Morgan Stanley Capital Services LLC	Japanese Yen		534,373,000	Sell	09/20/17		4,889,830		4,836,002		53,828
										$	129,068

At March 31, 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	06/15/17	$	1,079,476		$	21,023
Australia 3-Year Bond	36	06/15/17		3,073,461			15,688
Canada 10-Year Bond	30	06/21/17		3,097,793			20,601
Euro-Bobl 5-Year	54	06/08/17		7,592,652			(16,632	)
Euro-Buxl® 30-year German Government Bond	29	06/08/17		5,214,790			42,745
Euro-Schatz	110	06/08/17		13,171,766			(10,373	)
Long Gilt	34	06/28/17		5,434,718			22,311
Short Gilt	16	06/28/17		2,100,457			(1,880	)
U.S. Treasury 10-Year Note	14	06/21/17		1,743,875			1,173
U.S. Treasury 2-Year Note	45	06/30/17		9,740,390			9,057
U.S. Treasury Long Bond	15	06/20/17		2,262,656			1,448
U.S. Treasury Ultra Long Bond	19	06/21/17		3,051,875			7,827
			$	57,563,909		$	112,988
Short Contracts
Euro-Bund	(13)	06/08/17		(2,238,644	)		(1,261	)
Japan 10-Year Bond (TSE)	(4)	06/13/17		(5,399,443	)		(1,324	)
U.S. Treasury 5-Year Note	(70)	06/30/17		(8,240,859	)		(11,487	)
U.S. Treasury Ultra 10-Year Note	(67)	06/21/17		(8,970,672	)		(51,619	)
			$	(24,849,618	)	$	(65,691	)

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

At March 31, 2017, the following centrally cleared credit default swaps were outstanding for Voya Global Bond Portfolio:

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

Reference Entity/Obligation	Buy/Sell Protection	(Pay)/ Receive Fixed Rate (%)	Clearinghouse	Termination Date	Notional Amount(2)		Fair Value(3)		Unrealized Appreciation/ (Depreciation)
CDX North American High Yield Index, Series 27, Version 1	Sell	5.000	Intercontinental Exchange	12/20/21	USD	11,286,000	$	887,621	$	342,508
							$	887,621	$	342,508

(1)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will generally either i) Pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or ii) Pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index.
(2)	The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement.
(3)	The fair values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing fair values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation’s credit soundness and a greater likelihood or risk of default or other credit event occurring.

At March 31, 2017, the following centrally cleared interest rate swaps were outstanding for Voya Global Bond Portfolio:

	Clearinghouse	Termination Date	Notional Amount		Fair Value			Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 2.960% and pay a floating rate based on the 6-month CAD-BA-CDOR	Chicago Mercantile Exchange	11/21/44	CAD	1,000,000	$	90,447		$	89,022
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 0.123%	Chicago Mercantile Exchange	02/11/19	EUR	200,000		(97	)		(100	)
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to -0.095%	Chicago Mercantile Exchange	02/16/19	EUR	100,000		(102	)		(107	)
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 0.056%	Chicago Mercantile Exchange	02/10/21	EUR	100,000		0			(22	)
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 0.300%	Chicago Mercantile Exchange	03/15/22	EUR	51,600,000		(317,863	)		(319,976	)
Receive a fixed rate equal to 0.285% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	03/16/22	EUR	15,200,000		81,254			81,979
Receive a fixed rate equal to 0.261% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	03/17/22	EUR	7,600,000		30,922			31,257
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 0.300%	Chicago Mercantile Exchange	03/23/22	EUR	15,200,000		(91,892	)		(92,926	)
Receive a fixed rate equal to 0.263% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	03/24/22	EUR	11,400,000		46,403			46,907
Receive a fixed rate equal to 0.253% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	03/29/22	EUR	22,800,000		78,351			79,066
Receive a fixed rate equal to 0.234% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	03/30/22	EUR	5,300,000		12,891			12,987
Receive a fixed rate equal to 0.294% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	02/10/23	EUR	2,400,000		157			1,487
Receive a fixed rate equal to 0.325% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	02/16/23	EUR	100,000		192			256
Receive a fixed rate equal to 1.334% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	02/09/37	EUR	2,200,000		11,890			13,078
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 1.143%	Chicago Mercantile Exchange	02/04/46	EUR	500,000		32,648			31,482
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 1.378%	Chicago Mercantile Exchange	01/23/47	EUR	7,600,000		33,028			27,437
Receive a fixed rate equal to 1.408% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	01/24/47	EUR	7,600,000		29,055			34,451
Receive a fixed rate equal to 1.445% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	01/24/47	EUR	5,900,000		80,962			85,595
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 1.489%	Chicago Mercantile Exchange	01/30/47	EUR	1,900,000		(49,262	)		(50,859	)
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 1.440%	Chicago Mercantile Exchange	02/15/47	EUR	1,000,000		(12,426	)		(13,051	)
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 1.480%	Chicago Mercantile Exchange	02/17/47	EUR	1,200,000		(27,791	)		(28,452	)
Receive a fixed rate equal to 1.427% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	02/20/47	EUR	3,000,000		26,235			27,844

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

	Clearinghouse (continued)	Termination Date	Notional Amount		Fair Value			Unrealized Appreciation/ (Depreciation)
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 1.452%	Chicago Mercantile Exchange	03/07/47	EUR	1,900,000	$	(30,098	)	$	(30,799	)
Receive a fixed rate equal to 1.509% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	03/15/47	EUR	10,200,000		318,030			320,443
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 1.487%	Chicago Mercantile Exchange	03/20/47	EUR	1,500,000		(37,703	)		(38,201	)
Receive a fixed rate equal to 1.441% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	03/21/47	EUR	2,900,000		36,631			37,343
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 1.472%	Chicago Mercantile Exchange	03/23/47	EUR	3,800,000		(79,947	)		(81,242	)
Receive a fixed rate equal to 1.406% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	03/24/47	EUR	5,300,000		16,997			17,672
Receive a fixed rate equal to 1.405% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters	Chicago Mercantile Exchange	03/27/47	EUR	1,500,000		4,440			4,617
Receive a floating rate based on the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 1.408%	Chicago Mercantile Exchange	03/29/47	EUR	1,400,000		(5,447	)		(5,584	)
Receive a fixed rate equal to 2.899% and pay a floating rate based on the 6-month GBP-LIBOR-BBA	Chicago Mercantile Exchange	08/22/44	GBP	2,000,000		876,703			1,053,747
Receive a fixed rate equal to -0.165% and pay a floating rate based on the 6-month JPY-LIBOR-BBA	Chicago Mercantile Exchange	07/14/18	JPY	619,500,000		(14,874	)		(16,093	)
Receive a fixed rate equal to -0.104% and pay a floating rate based on the 6-month JPY-LIBOR-BBA	Chicago Mercantile Exchange	03/07/21	JPY	750,000,000		(48,294	)		(49,831	)
Receive a fixed rate equal to -0.198% and pay a floating rate based on the 6-month JPY-LIBOR-BBA	Chicago Mercantile Exchange	07/14/21	JPY	512,300,000		(55,987	)		(59,144	)
Receive a floating rate based on the 6-month JPY-LIBOR-BBA and pay a fixed rate equal to -0.030%	Chicago Mercantile Exchange	03/02/23	JPY	15,400,000		1,290			1,294
Receive a floating rate based on the 6-month JPY-LIBOR-BBA and pay a fixed rate equal to -0.044%	Chicago Mercantile Exchange	03/03/23	JPY	1,733,000,000		157,814			157,827
Receive a fixed rate equal to -0.020% and pay a floating rate based on the 6-month JPY-LIBOR-BBA	Chicago Mercantile Exchange	03/07/23	JPY	750,000,000		(59,083	)		(59,316	)
Receive a fixed rate equal to 0.754% and pay a floating rate based on the 6-month JPY-LIBOR-BBA	Chicago Mercantile Exchange	05/21/24	JPY	1,855,000,000		700,406			673,339
Receive a fixed rate equal to 0.558% and pay a floating rate based on the 6-month JPY-LIBOR-BBA	Chicago Mercantile Exchange	02/24/25	JPY	1,084,559,370		282,273			253,869
Receive a floating rate based on the 6-month JPY-LIBOR-BBA and pay a fixed rate equal to 0.119%	Chicago Mercantile Exchange	03/02/26	JPY	10,900,000		952			914
Receive a floating rate based on the 6-month JPY-LIBOR-BBA and pay a fixed rate equal to 0.103%	Chicago Mercantile Exchange	03/03/26	JPY	1,231,000,000		123,078			118,267
Receive a fixed rate equal to -0.092% and pay a floating rate based on the 6-month JPY-LIBOR-BBA	Chicago Mercantile Exchange	07/14/26	JPY	652,900,000		(182,030	)		(189,167	)
Receive a fixed rate equal to 0.387% and pay a floating rate based on the 6-month JPY-LIBOR-BBA	Chicago Mercantile Exchange	03/02/31	JPY	7,700,000		(635	)		(581	)
Receive a fixed rate equal to 0.360% and pay a floating rate based on the 6-month JPY-LIBOR-BBA	Chicago Mercantile Exchange	03/03/31	JPY	867,000,000		(100,536	)		(93,737	)
Receive a floating rate based on the 6-month JPY-LIBOR-BBA and pay a fixed rate equal to 0.373%	Chicago Mercantile Exchange	03/07/31	JPY	350,000,000		35,429			32,788
Receive a floating rate based on the 6-month JPY-LIBOR-BBA and pay a fixed rate equal to 0.074%	Chicago Mercantile Exchange	07/14/31	JPY	79,500,000		40,205			41,417
Receive a fixed rate equal to 0.623% and pay a floating rate based on the 6-month JPY-LIBOR-BBA	Chicago Mercantile Exchange	03/02/36	JPY	6,200,000		(497	)		(461	)
Receive a fixed rate equal to 0.585% and pay a floating rate based on the 6-month JPY-LIBOR-BBA	Chicago Mercantile Exchange	03/03/36	JPY	693,000,000		(98,735	)		(93,628	)
Receive a floating rate based on the 6-month JPY-LIBOR-BBA and pay a fixed rate equal to 0.178%	Chicago Mercantile Exchange	07/14/36	JPY	326,600,000		279,778			287,994
Receive a fixed rate equal to 1.289% and pay a floating rate based on the 6-month JPY-LIBOR-BBA	Chicago Mercantile Exchange	02/04/45	JPY	1,015,000,000		1,070,906			1,004,874
Receive a floating rate based on the 6-month JPY-LIBOR-BBA and pay a fixed rate equal to 1.443%	Chicago Mercantile Exchange	02/24/45	JPY	468,636,765		(666,043	)		(625,588	)
Receive a floating rate based on the 6-month JPY-LIBOR-BBA and pay a fixed rate equal to 0.233%	Chicago Mercantile Exchange	07/14/46	JPY	172,300,000		267,553			276,827
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 0.702%	Chicago Mercantile Exchange	04/04/18	USD	36,500,000		198,447			198,447
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 0.826%	Chicago Mercantile Exchange	04/04/19	USD	13,000,000		171,547			171,547
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 0.900%	Chicago Mercantile Exchange	09/14/19	USD	5,000,000		82,817			82,817

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

	Clearinghouse (continued)	Termination Date	Notional Amount		Fair Value			Unrealized Appreciation/ (Depreciation)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 0.983%	Chicago Mercantile Exchange	10/31/19	USD	5,000,000	$	78,595		$	78,595
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.689%	Chicago Mercantile Exchange	03/07/20	USD	7,000,000		(4,176	)		(4,176	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.079%	Chicago Mercantile Exchange	04/04/21	USD	7,500,000		219,952			219,952
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.113%	Chicago Mercantile Exchange	10/11/21	USD	3,500,000		119,958			119,958
Receive a fixed rate equal to 1.744% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	11/18/21	USD	7,300,000		(91,897	)		(91,897	)
Receive a fixed rate equal to 1.813% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	11/22/21	USD	11,000,000		(105,534	)		(105,534	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.861%	Chicago Mercantile Exchange	11/25/21	USD	14,700,000		110,365			110,365
Receive a fixed rate equal to 1.790% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	11/30/21	USD	7,300,000		(78,130	)		(78,130	)
Receive a fixed rate equal to 1.817% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	12/02/21	USD	7,300,000		(69,870	)		(69,870	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.874%	Chicago Mercantile Exchange	12/05/21	USD	14,700,000		104,775			104,775
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.932%	Chicago Mercantile Exchange	12/14/21	USD	19,000,000		88,874			88,874
Receive a fixed rate equal to 2.059% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	12/21/21	USD	36,800,000		34,007			34,007
Receive a fixed rate equal to 1.918% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	01/20/22	USD	11,900,000		(64,009	)		(64,009	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.025%	Chicago Mercantile Exchange	01/23/22	USD	31,800,000		16,432			16,432
Receive a fixed rate equal to 2.032% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	01/23/22	USD	15,900,000		(2,928	)		(2,928	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.034%	Chicago Mercantile Exchange	02/03/22	USD	32,876,000		8,338			8,338
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.964%	Chicago Mercantile Exchange	03/07/22	USD	2,000,000		(3,067	)		(3,067	)
Receive a fixed rate equal to 1.970% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	11/17/22	USD	15,576,000		(196,835	)		(196,835	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.313%	Chicago Mercantile Exchange	04/04/23	USD	6,000,000		251,047			251,047
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.980%	Chicago Mercantile Exchange	12/05/23	USD	3,500,000		27,042			27,042
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.454%	Chicago Mercantile Exchange	10/11/26	USD	1,200,000		87,265			87,265
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.719%	Chicago Mercantile Exchange	11/14/26	USD	2,500,000		126,114			126,114
Receive a fixed rate equal to 2.226% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	11/22/26	USD	7,800,000		(116,082	)		(116,082	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.264%	Chicago Mercantile Exchange	11/25/26	USD	7,800,000		89,856			89,856
Receive a fixed rate equal to 2.184% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	11/30/26	USD	3,800,000		(70,945	)		(70,945	)
Receive a fixed rate equal to 2.228% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	12/02/26	USD	3,800,000		(56,421	)		(56,421	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.292%	Chicago Mercantile Exchange	12/05/26	USD	7,800,000		72,520			72,520
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.398%	Chicago Mercantile Exchange	12/14/26	USD	11,100,000		432			432
Receive a fixed rate equal to 2.474% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	12/21/26	USD	21,200,000		138,490			138,490
Receive a fixed rate equal to 2.254% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	01/20/27	USD	6,300,000		(70,810	)		(70,810	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.367%	Chicago Mercantile Exchange	01/23/27	USD	12,600,000		16,324			16,324
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.387%	Chicago Mercantile Exchange	02/03/27	USD	14,928,000		(5,901	)		(5,901	)
Receive a fixed rate equal to 2.307% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	11/17/27	USD	11,328,000		(218,483	)		(218,483	)

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

	Clearinghouse (continued)	Termination Date	Notional Amount		Fair Value			Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 1.837% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	04/04/31	USD	1,500,000	$	(113,489	)	$	(113,489	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.517%	Chicago Mercantile Exchange	12/05/36	USD	5,500,000		119,241			119,241
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.516%	Chicago Mercantile Exchange	12/06/36	USD	5,500,000		120,635			120,635
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.649%	Chicago Mercantile Exchange	12/13/36	USD	3,400,000		2,267			2,267
Receive a fixed rate equal to 2.585% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	12/13/36	USD	4,400,000		(47,480	)		(47,480	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.691%	Chicago Mercantile Exchange	12/14/36	USD	3,400,000		(20,485	)		(20,485	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.767%	Chicago Mercantile Exchange	12/20/36	USD	3,400,000		(62,032	)		(62,032	)
Receive a fixed rate equal to 2.640% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	01/03/37	USD	2,200,000		(4,841	)		(4,841	)
Receive a fixed rate equal to 2.459% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	01/09/37	USD	4,400,000		(137,495	)		(137,495	)
Receive a fixed rate equal to 2.486% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	01/09/37	USD	5,500,000		(120,178	)		(120,178	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.495%	Chicago Mercantile Exchange	01/10/37	USD	5,500,000		112,092			112,092
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.487%	Chicago Mercantile Exchange	01/10/37	USD	5,500,000		110,941			110,941
Receive a fixed rate equal to 2.509% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	01/17/37	USD	7,200,000		(131,449	)		(131,449	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.549%	Chicago Mercantile Exchange	01/23/37	USD	10,600,000		124,365			124,365
Receive a fixed rate equal to 2.595% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	01/24/37	USD	3,600,000		(15,455	)		(15,455	)
Receive a fixed rate equal to 2.513% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	01/25/37	USD	5,700,000		(99,989	)		(99,989	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.655%	Chicago Mercantile Exchange	01/27/37	USD	5,700,000		(30,536	)		(30,536	)
Receive a fixed rate equal to 2.622% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	02/07/37	USD	4,700,000		(589	)		(589	)
Receive a fixed rate equal to 2.586% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	02/09/37	USD	2,400,000		(14,230	)		(14,230	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.609%	Chicago Mercantile Exchange	02/15/37	USD	1,200,000		2,571			2,571
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.628%	Chicago Mercantile Exchange	02/16/37	USD	2,400,000		(2,240	)		(2,240	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.668%	Chicago Mercantile Exchange	02/17/37	USD	3,100,000		(22,815	)		(22,815	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.604%	Chicago Mercantile Exchange	02/21/37	USD	1,900,000		5,647			5,647
Receive a fixed rate equal to 2.635% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	02/21/37	USD	4,700,000		9,492			9,492
Receive a fixed rate equal to 2.623% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	02/21/37	USD	2,800,000		130			130
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.602%	Chicago Mercantile Exchange	03/02/37	USD	1,900,000		5,993			5,993
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.662%	Chicago Mercantile Exchange	03/03/37	USD	2,800,000		(18,110	)		(18,110	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.686%	Chicago Mercantile Exchange	03/06/37	USD	1,700,000		(17,664	)		(17,664	)
Receive a fixed rate equal to 2.670% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/07/37	USD	1,900,000		14,741			14,741
Receive a fixed rate equal to 2.674% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/08/37	USD	1,700,000		14,248			14,248
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.733%	Chicago Mercantile Exchange	03/10/37	USD	5,900,000		(105,738	)		(105,738	)
Receive a fixed rate equal to 2.771% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/14/37	USD	1,700,000		40,820			40,820
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.776%	Chicago Mercantile Exchange	03/15/37	USD	3,600,000		(89,737	)		(89,737	)

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

	Clearinghouse (continued)	Termination Date	Notional Amount		Fair Value			Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 2.791% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/15/37	USD	2,400,000	$	65,670		$	65,670
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.781%	Chicago Mercantile Exchange	03/16/37	USD	1,400,000		(35,907	)		(35,907	)
Receive a fixed rate equal to 2.714% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/17/37	USD	3,600,000		53,139			53,139
Receive a fixed rate equal to 2.665% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/22/37	USD	2,500,000		17,000			17,000
Receive a fixed rate equal to 2.623% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/23/37	USD	3,600,000		(249	)		(249	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.683%	Chicago Mercantile Exchange	03/23/37	USD	4,700,000		(45,284	)		(45,284	)
Receive a fixed rate equal to 2.633% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/23/37	USD	6,000,000		9,614			9,614
Receive a fixed rate equal to 2.598% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/24/37	USD	9,300,000		(38,724	)		(38,724	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.188%	Chicago Mercantile Exchange	04/04/46	USD	900,000		96,526			96,526
Receive a fixed rate equal to 2.036% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	04/04/46	USD	900,000		(101,905	)		(101,905	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.558%	Chicago Mercantile Exchange	12/05/46	USD	4,100,000		119,085			119,085
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.557%	Chicago Mercantile Exchange	12/06/46	USD	4,100,000		120,046			120,046
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.698%	Chicago Mercantile Exchange	12/13/46	USD	2,500,000		(3,197	)		(3,197	)
Receive a fixed rate equal to 2.635% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	12/13/46	USD	3,300,000		(40,609	)		(40,609	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.742%	Chicago Mercantile Exchange	12/14/46	USD	2,500,000		(26,721	)		(26,721	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.794%	Chicago Mercantile Exchange	12/20/46	USD	2,500,000		(54,746	)		(54,746	)
Receive a fixed rate equal to 2.668% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	01/03/47	USD	3,300,000		(17,304	)		(17,304	)
Receive a fixed rate equal to 2.487% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	01/09/47	USD	3,300,000		(147,052	)		(147,052	)
Receive a fixed rate equal to 2.513% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	01/09/47	USD	4,100,000		(127,130	)		(127,130	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.517%	Chicago Mercantile Exchange	01/10/47	USD	3,300,000		99,292			99,292
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.511%	Chicago Mercantile Exchange	01/10/47	USD	4,900,000		153,302			153,302
Receive a fixed rate equal to 2.535% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	01/17/47	USD	4,400,000		(114,789	)		(114,789	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.525%	Chicago Mercantile Exchange	01/17/47	USD	11,400,000		323,481			323,481
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.578%	Chicago Mercantile Exchange	01/23/47	USD	8,700,000		144,920			144,920
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.569%	Chicago Mercantile Exchange	01/23/47	USD	7,000,000		131,048			131,048
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.612%	Chicago Mercantile Exchange	01/24/47	USD	6,200,000		57,689			57,689
Receive a fixed rate equal to 2.613% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	01/24/47	USD	7,600,000		(68,562	)		(68,562	)
Receive a fixed rate equal to 2.616% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	01/24/47	USD	7,600,000		(64,918	)		(64,918	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.602%	Chicago Mercantile Exchange	01/24/47	USD	10,600,000		122,191			122,191
Receive a fixed rate equal to 2.538% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	01/25/47	USD	3,800,000		(96,616	)		(96,616	)
Receive a fixed rate equal to 2.537% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	01/25/47	USD	7,600,000		(194,556	)		(194,556	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.679%	Chicago Mercantile Exchange	01/27/47	USD	7,600,000		(39,675	)		(39,676	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.684%	Chicago Mercantile Exchange	01/27/47	USD	3,800,000		(24,145	)		(24,145	)

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

	Clearinghouse (continued)	Termination Date	Notional Amount		Fair Value			Unrealized Appreciation/ (Depreciation)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.723%	Chicago Mercantile Exchange	01/30/47	USD	7,100,000	$	(105,173	)	$	(105,173	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.723%	Chicago Mercantile Exchange	01/30/47	USD	5,300,000		(78,509	)		(78,509	)
Receive a fixed rate equal to 2.667% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	02/06/47	USD	2,700,000		6,868			6,868
Receive a fixed rate equal to 2.668% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	02/06/47	USD	2,700,000		7,928			7,928
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.680%	Chicago Mercantile Exchange	02/07/47	USD	7,000,000		(36,929	)		(36,929	)
Receive a fixed rate equal to 2.620% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	02/09/47	USD	10,400,000		(78,034	)		(78,034	)
Receive a fixed rate equal to 2.623% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	02/09/47	USD	1,700,000		(11,791	)		(11,791	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.551%	Chicago Mercantile Exchange	02/10/47	USD	3,500,000		79,243			79,243
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.613%	Chicago Mercantile Exchange	02/14/47	USD	900,000		8,117			8,117
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.614%	Chicago Mercantile Exchange	02/14/47	USD	2,100,000		18,501			18,501
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.613%	Chicago Mercantile Exchange	02/14/47	USD	1,700,000		15,285			15,285
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.634%	Chicago Mercantile Exchange	02/15/47	USD	900,000		4,058			4,058
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.630%	Chicago Mercantile Exchange	02/15/47	USD	2,600,000		14,560			14,560
Receive a fixed rate equal to 2.636% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	02/16/47	USD	2,600,000		(10,577	)		(10,577	)
Receive a fixed rate equal to 2.637% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	02/16/47	USD	2,600,000		(10,010	)		(10,010	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.653%	Chicago Mercantile Exchange	02/16/47	USD	2,600,000		930			930
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.652%	Chicago Mercantile Exchange	02/16/47	USD	4,400,000		3,014			3,014
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.690%	Chicago Mercantile Exchange	02/17/47	USD	1,300,000		(10,139	)		(10,139	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.691%	Chicago Mercantile Exchange	02/17/47	USD	2,800,000		(22,265	)		(22,265	)
Receive a fixed rate equal to 2.662% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	02/21/47	USD	3,000,000		4,464			4,464
Receive a fixed rate equal to 2.652% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	02/21/47	USD	2,100,000		(1,418	)		(1,418	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.634%	Chicago Mercantile Exchange	02/21/47	USD	4,400,000		19,840			19,840
Receive a fixed rate equal to 2.650% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	02/21/47	USD	5,300,000		(5,418	)		(5,418	)
Receive a fixed rate equal to 2.660% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	02/21/47	USD	4,400,000		4,819			4,819
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.635%	Chicago Mercantile Exchange	02/21/47	USD	1,400,000		6,160			6,160
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.604%	Chicago Mercantile Exchange	03/01/47	USD	1,300,000		14,257			14,257
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.629%	Chicago Mercantile Exchange	03/02/47	USD	4,600,000		24,883			24,883
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.628%	Chicago Mercantile Exchange	03/02/47	USD	1,500,000		8,468			8,468
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.687%	Chicago Mercantile Exchange	03/03/47	USD	4,600,000		(32,317	)		(32,317	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.686%	Chicago Mercantile Exchange	03/03/47	USD	2,200,000		(15,216	)		(15,216	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.706%	Chicago Mercantile Exchange	03/06/47	USD	900,000		(10,234	)		(10,234	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.706%	Chicago Mercantile Exchange	03/06/47	USD	900,000		(10,076	)		(10,076	)
Receive a fixed rate equal to 2.691% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/07/47	USD	1,400,000		11,177			11,177

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

	Clearinghouse (continued)	Termination Date	Notional Amount		Fair Value			Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 2.689% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/07/47	USD	1,800,000	$	13,505		$	13,505
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.704%	Chicago Mercantile Exchange	03/07/47	USD	6,100,000		(66,163	)		(66,163	)
Receive a fixed rate equal to 2.696% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/08/47	USD	1,300,000		11,910			11,910
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.752%	Chicago Mercantile Exchange	03/10/47	USD	4,600,000		(98,023	)		(98,023	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.752%	Chicago Mercantile Exchange	03/10/47	USD	1,900,000		(40,529	)		(40,529	)
Receive a fixed rate equal to 2.782% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/13/47	USD	1,800,000		50,262			50,262
Receive a fixed rate equal to 2.792% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/14/47	USD	1,700,000		51,061			51,061
Receive a fixed rate equal to 2.790% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/14/47	USD	900,000		26,666			26,666
Receive a fixed rate equal to 2.796% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/14/47	USD	1,300,000		40,167			40,167
Receive a fixed rate equal to 2.810% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/15/47	USD	1,300,000		44,120			44,120
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.795%	Chicago Mercantile Exchange	03/15/47	USD	2,500,000		(76,483	)		(76,483	)
Receive a fixed rate equal to 2.809% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/15/47	USD	1,800,000		60,695			60,695
Receive a fixed rate equal to 2.791% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/16/47	USD	13,300,000		397,465			397,465
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.794%	Chicago Mercantile Exchange	03/16/47	USD	2,700,000		(81,987	)		(81,987	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.732%	Chicago Mercantile Exchange	03/17/47	USD	4,200,000		(70,593	)		(70,593	)
Receive a fixed rate equal to 2.752% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/20/47	USD	1,800,000		38,186			38,186
Receive a fixed rate equal to 2.734% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/21/47	USD	1,800,000		31,120			31,120
Receive a fixed rate equal to 2.651% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/23/47	USD	5,500,000		(5,188	)		(5,188	)
Receive a fixed rate equal to 2.660% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/23/47	USD	4,600,000		5,423			5,423
Receive a fixed rate equal to 2.608% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/24/47	USD	5,500,000		(56,244	)		(56,244	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.648%	Chicago Mercantile Exchange	03/28/47	USD	6,400,000		9,143			9,143
Receive a fixed rate equal to 2.580% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/29/47	USD	5,700,000		(92,651	)		(92,651	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.638%	Chicago Mercantile Exchange	03/30/47	USD	9,100,000		33,705			33,705
Receive a fixed rate equal to 2.623% and pay a floating rate based on the 3-month USD-LIBOR-BBA	Chicago Mercantile Exchange	03/31/47	USD	9,100,000		(63,326	)		(63,326	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.748%	Chicago Mercantile Exchange	04/20/47		USD 22,800,000		(443,647	)		(443,647	)
					$	3,208,292		$	3,317,928

At March 31, 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	Citibank N.A.	2.625%	Pay	3-month USD-LIBOR-BBA	06/02/17	USD	47,400,000	$	289,140	$	(209,814	)
Call on 10-year Interest Rate Swap	JPMorgan Chase Bank N.A.	2.203%	Pay	3-month USD-LIBOR-BBA	05/02/17	USD	47,400,000		292,695		(56,463	)
Call on 10-year Interest Rate Swap	Morgan Stanley Capital Services LLC	2.064%	Pay	3-month USD-LIBOR-BBA	05/08/17	USD	47,400,000		279,470		(20,961	)
Call on 20-year Interest Rate Swap	Citibank N.A.	1.670%	Pay	6-month EUR-EURIBOR-Reuters	01/12/27	EUR	38,000,000		5,274,246		(4,630,807	)

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Description	Counterparty	Exercise Rate	Pay/ Receive Exercise Rate	Floating Rate Index	Expiration Date	Notional Amount		Premiums Received		Fair Value
Put on 20-year Interest Rate Swap	Citibank N.A.	1.670%	Receive	6-month EUR-EURIBOR-Reuters	01/12/27	EUR	38,000,000	$	5,274,245	$	(5,378,166	)
Put on 30-year Interest Rate Swap	Bank of America N.A.	2.448%	Receive	3-month USD-LIBOR-BBA	04/12/17	USD	89,200,000		3,122,000		(4,046,707	)
Put on 30-year Interest Rate Swap	Bank of America N.A.	2.748%	Receive	3-month USD-LIBOR-BBA	04/18/17	USD	45,500,000		721,175		(182,392	)
Put on 5-year Interest Rate Swap	Goldman Sachs International	0.850%	Receive	6-month EUR-EURIBOR-Reuters	06/13/17	EUR	948,100,000		555,561		(92,364	)
				Total Written Swaptions				$	15,808,532	$	(14,617,674	)

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

The fair value of derivative instruments as of March 31, 2017 was as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Interest rate contracts	Purchased Options	$	13,989,270
Foreign exchange contracts	Forward foreign currency contracts		4,565,149
Interest rate contracts	Futures contracts		141,873
Credit contracts	Credit default swaps		342,508
Interest rate contracts	Interest rate swaps		10,151,463
Total Asset Derivatives		$	29,190,263
Liability Derivatives	Instrument Type
Foreign exchange contracts	Forward foreign currency contracts	$	2,461,655
Interest rate contracts	Futures contracts		94,576
Interest rate contracts	Interest rate swaps		6,833,535
Interest rate contracts	Written options		14,617,674
Total Liability Derivatives		$	24,007,440

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 March 31, 2017:

	Bank of America N.A.			Barclays Bank PLC			BNP Paribas			Citibank N.A.			Deutsche Bank AG			Goldman Sachs International			HSBC Bank USA N.A.			JPMorgan Chase Bank N.A.		Morgan Stanley Capital Services LLC			The Bank of New York Mellon			Totals
Assets:
Purchased options	$	12,658,852		$	-		$	-		$	73,888		$	-		$	1,120,381		$	-		$	21,934	$	114,215		$	-		$	13,989,270
Forward foreign currency contracts		-			566,327			779,665			593,969			184,403			1,614,807			30,324			347,791		447,863			-			4,565,149
Total Assets	$	12,658,852		$	566,327		$	779,665		$	667,857		$	184,403		$	2,735,188		$	30,324		$	369,725	$	562,078		$	-		$	18,554,419
Liabilities:
Forward foreign currency contracts	$	-		$	610,787		$	371,154		$	590,972		$	212,063		$	36,749		$	115,265		$	305,478	$	123,931		$	95,256		$	2,461,655
Written options		4,229,099			-			-			10,218,787			-			92,364			-			56,463		20,961			-			14,617,674
Total Liabilities	$	4,229,099		$	610,787		$	371,154		$	10,809,759		$	212,063		$	129,113		$	115,265		$	361,941	$	144,892		$	95,256		$	17,079,329
Net OTC derivative instruments by counterparty, at fair value	$	8,429,753		$	(44,460	)	$	408,511		$	(10,141,902	)	$	(27,660	)	$	2,606,075		$	(84,941	)	$	7,784	$	417,186		$	(95,256	)	$	1,475,090
Total collateral pledged by the Portfolio/(Received from counterparty)	$	(8,390,000	)	$	-		$	(408,511	)	$	10,061,000		$	-		$	(1,770,000	)	$	-		$	-	$	(417,186	)	$	-		$	(924,697	)
Net Exposure(1)(2)	$	39,753		$	(44,460	)	$	-		$	(80,902	)	$	(27,660	)	$	836,075		$	(84,941	)	$	7,784	$	-		$	(95,256	)	$	550,393

⁽¹⁾ Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio.

 ⁽²⁾ At March 31, 2017, the Portfolio had received $600,000 and $980,000 in cash collateral from BNP Paribas and Morgan Stanley Capital Services LLC, respectively. Excess cash collateral is not shown for financial reporting purposes.

Voya Index Solution Income Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 12.7%
	719,088		PowerShares Senior Loan Portfolio	$	16,725,987		3.9
	564,294		SPDR Bloomberg Barclays High Yield Bond ETF		20,839,377		4.9
	112,285		SPDR Dow Jones International Real Estate		4,199,459		1.0
	35,422		SPDR Trust Series 1		8,350,382		2.0
	48,916		Vanguard REIT		4,039,973		0.9
		Total Exchange-Traded Funds (Cost $56,186,732)			54,155,178		12.7
MUTUAL FUNDS: 87.1%
			Affiliated Investment Companies: 85.7%
	2,762,937		Voya International Index Portfolio - Class I		26,220,273		6.1
	807,717		Voya RussellTM Mid Cap Index Portfolio - Class I		12,761,929		3.0
	21,729,306		Voya U.S. Bond Index Portfolio - Class I		229,244,175		53.6
	6,724,947		Voya U.S. Stock Index Portfolio - Class I		98,251,471		23.0
					366,477,848		85.7
			Unaffiliated Investment Companies: 1.4%
	1,252,744	@	Credit Suisse Commodity Return Strategy Fund - Class I		6,238,664		1.4
		Total Mutual Funds (Cost $368,379,469)			372,716,512		87.1
		Total Investments in Securities (Cost $424,566,201)		$	426,871,690		99.8
		Assets in Excess of Other Liabilities			965,599		0.2
		Net Assets		$	427,837,289		100.0

@ Non-income producing security.

Cost for federal income tax purposes is $435,027,349.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	8,227,666
Gross Unrealized Depreciation		(16,383,325	)
Net Unrealized Depreciation	$	(8,155,659	)

Voya Index Solution Income Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	54,155,178		$	–	$	–	$	54,155,178
Mutual Funds		372,716,512			–		–		372,716,512
Total Investments, at fair value	$	426,871,690		$	–	$	–	$	426,871,690
Other Financial Instruments+
Futures		49,964			–		–		49,964
Total Assets	$	426,921,654		$	–	$	–	$	426,921,654
Liabilities Table
Other Financial Instruments+
Futures	$	(90,868	)	$	–	$	–	$	(90,868	)
Total Liabilities	$	(90,868	)	$	–	$	–	$	(90,868	)

+ 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 period ended March 31, 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 3/31/17		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya International Index Portfolio - Class I	$	24,909,003	$	1,965,819	$	(2,718,122	)	$	2,063,573	$	26,220,273	$	-	$	(157,645	)	$	-
Voya RussellTM Mid Cap Index Portfolio - Class I		12,264,095		905,494		(904,887	)		497,227		12,761,929		-		123,373			-
Voya U.S. Bond Index Portfolio - Class I		217,261,578		23,994,525		(12,415,868	)		403,940		229,244,175		1,254,202		22,492			-
Voya U.S. Stock Index Portfolio - Class I		94,857,296		7,722,860		(10,076,329	)		5,747,644		98,251,471		-		(129,445	)		-
	$	349,291,972	$	34,588,698	$	(26,115,206	)	$	8,712,384	$	366,477,848	$	1,254,202	$	(141,225	)	$	-

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

At March 31, 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	116	06/16/17	$	4,239,647		$	49,964
Mini MSCI Emerging Markets Index	87	06/16/17		4,182,090			(53,184	)
			$	8,421,737		$	(3,220	)
Short Contracts
S&P 500 E-Mini	(72)	06/16/17		(8,493,120	)		(37,684	)
			$	(8,493,120	)	$	(37,684	)

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

The fair value of derivative instruments as of March 31, 2017 were as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Equity contracts	Futures contracts	$	49,964
Total Asset Derivatives		$	49,964
Liability Derivatives	Instrument Type
Equity contracts	Futures contracts	$	90,868
Total Liability Derivatives		$	90,868

Voya Index Solution 2020 Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 16.7%
	19,700		iShares Barclays 20+ Year Treasury Bond Fund	$	2,377,987		1.6
	240,588		PowerShares Senior Loan Portfolio		5,596,077		3.8
	189,700		SPDR Bloomberg Barclays High Yield Bond ETF		7,005,621		4.8
	36,926		SPDR Dow Jones International Real Estate		1,381,032		1.0
	28,694		SPDR Trust Series 1		6,764,323		4.6
	16,657		Vanguard REIT		1,375,702		0.9
		Total Exchange-Traded Funds (Cost $24,096,237)			24,500,742		16.7
MUTUAL FUNDS: 83.0%
			Affiliated Investment Companies: 81.5%
	1,739,513		Voya International Index Portfolio - Class I		16,507,976		11.3
	369,329		Voya RussellTM Mid Cap Index Portfolio - Class I		5,835,406		4.0
	190,174		Voya RussellTM Small Cap Index Portfolio - Class I		2,903,960		2.0
	4,728,319		Voya U.S. Bond Index Portfolio - Class I		49,883,770		34.0
	3,029,177		Voya U.S. Stock Index Portfolio - Class I		44,256,272		30.2
					119,387,384		81.5
			Unaffiliated Investment Companies: 1.5%
	418,984	@	Credit Suisse Commodity Return Strategy Fund - Class I		2,086,542		1.5
		Total Mutual Funds (Cost $118,382,806)			121,473,926		83.0
		Total Investments in Securities (Cost $142,479,043)		$	145,974,668		99.7
		Assets in Excess of Other Liabilities			498,029		0.3
		Net Assets		$	146,472,697		100.0

@ Non-income producing security.

Cost for federal income tax purposes is $142,813,359.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	4,176,386
Gross Unrealized Depreciation		(1,015,077	)
Net Unrealized Appreciation	$	3,161,309

Voya Index Solution 2020 Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	24,500,742		$	–	$	–	$	24,500,742
Mutual Funds		121,473,926			–		–		121,473,926
Total Investments, at fair value	$	145,974,668		$	–	$	–	$	145,974,668
Other Financial Instruments+
Futures		16,798			–		–		16,798
Total Assets	$	145,991,466		$	–	$	–	$	145,991,466
Liabilities Table
Other Financial Instruments+
Futures	$	(31,424	)	$	–	$	–	$	(31,424	)
Total Liabilities	$	(31,424	)	$	–	$	–	$	(31,424	)

+ 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 period ended March 31, 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 3/31/17		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya International Index Portfolio - Class I	$	11,606,868	$	5,079,566	$	(1,088,042	)	$	909,584	$	16,507,976	$	-	$	87,587		$	-
Voya RussellTM Mid Cap Index Portfolio - Class I		4,088,701		1,733,189		(180,855	)		194,371		5,835,406		-		27,287			-
Voya RussellTM Small Cap Index Portfolio - Class I		2,067,165		866,594		(74,808	)		45,009		2,903,960		-		9,586			-
Voya U.S. Bond Index Portfolio - Class I		35,191,642		19,072,786		(4,672,642	)		291,984		49,883,770		236,314		(169,628	)		-
Voya U.S. Stock Index Portfolio - Class I		31,334,504		15,873,645		(4,683,092	)		1,731,215		44,256,272		-		254,535			-
	$	84,288,880	$	42,625,780	$	(10,699,439	)	$	3,172,163	$	119,387,384	$	236,314	$	209,367		$	-

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

At March 31, 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	39	06/16/17	$	1,425,398		$	16,798
Mini MSCI Emerging Markets Index	30	06/16/17		1,442,100			(18,339	)
			$	2,867,498		$	(1,541	)
Short Contracts
S&P 500 E-Mini	(25)	06/16/17		(2,949,000	)		(13,085	)
			$	(2,949,000	)	$	(13,085	)

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

The fair value of derivative instruments as of March 31, 2017 were as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Equity contracts	Futures contracts	$	16,798
Total Asset Derivatives		$	16,798
Liability Derivatives	Instrument Type
Equity contracts	Futures contracts	$	31,424
Total Liability Derivatives		$	31,424

Voya Index Solution 2025 Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 17.1%
	91,284		iShares Barclays 20+ Year Treasury Bond Fund	$	11,018,892		1.7
	1,083,356		PowerShares Senior Loan Portfolio		25,198,860		3.9
	850,148		SPDR Bloomberg Barclays High Yield Bond ETF		31,395,966		4.8
	169,166		SPDR Dow Jones International Real Estate		6,326,808		1.0
	133,415		SPDR Trust Series 1		31,451,252		4.8
	73,696		Vanguard REIT		6,086,553		0.9
		Total Exchange-Traded Funds (Cost $112,861,476)			111,478,331		17.1
MUTUAL FUNDS: 82.7%
			Affiliated Investment Companies: 81.3%
	1,858,685		Voya Emerging Markets Index Portfolio - Class I		19,887,934		3.0
	9,866,986		Voya International Index Portfolio - Class I		93,637,694		14.3
	2,884,264		Voya RussellTM Mid Cap Index Portfolio - Class I		45,571,373		7.0
	1,285,120		Voya RussellTM Small Cap Index Portfolio - Class I		19,623,787		3.0
	14,225,686		Voya U.S. Bond Index Portfolio - Class I		150,080,988		23.0
	13,881,184		Voya U.S. Stock Index Portfolio - Class I		202,804,091		31.0
					531,605,867		81.3
			Unaffiliated Investment Companies: 1.4%
	1,867,293	@	Credit Suisse Commodity Return Strategy Fund - Class I		9,299,119		1.4
		Total Mutual Funds (Cost $527,879,910)			540,904,986		82.7
		Total Investments in Securities (Cost $640,741,386)		$	652,383,317		99.8
		Assets in Excess of Other Liabilities			1,567,943		0.2
		Net Assets		$	653,951,260		100.0

@ Non-income producing security.

Cost for federal income tax purposes is $648,107,686.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	18,553,398
Gross Unrealized Depreciation		(14,277,767	)
Net Unrealized Appreciation	$	4,275,631

Voya Index Solution 2025 Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	111,478,331		$	–	$	–	$	111,478,331
Mutual Funds		540,904,986			–		–		540,904,986
Total Investments, at fair value	$	652,383,317		$	–	$	–	$	652,383,317
Other Financial Instruments+
Futures		75,807			–		–		75,807
Total Assets	$	652,459,124		$	–	$	–	$	652,459,124
Liabilities Table
Other Financial Instruments+
Futures	$	(138,876	)	$	–	$	–	$	(138,876	)
Total Liabilities	$	(138,876	)	$	–	$	–	$	(138,876	)

+ 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 period ended March 31, 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 3/31/17		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I	$	17,455,119	$	1,543,193	$	(1,017,203	)	$	1,906,825	$	19,887,934	$	-	$	201,396		$	-
Voya International Index Portfolio - Class I		83,260,465		7,715,962		(3,541,838	)		6,203,105		93,637,694		-		348,731			-
Voya RussellTM Mid Cap Index Portfolio - Class I		40,955,269		3,950,782		(1,515,049	)		2,180,371		45,571,373		-		(71,608	)		-
Voya RussellTM Small Cap Index Portfolio - Class I		17,773,004		1,893,192		(488,181	)		445,772		19,623,787		-		(92	)		-
Voya U.S. Bond Index Portfolio - Class I		133,969,556		19,777,177		(4,063,402	)		397,657		150,080,988		802,227		(99,096	)		-
Voya U.S. Stock Index Portfolio - Class I		184,081,327		19,804,304		(12,558,210	)		11,476,670		202,804,091		-		(329,688	)		-
	$	477,494,740	$	54,684,610	$	(23,183,883	)	$	22,610,400	$	531,605,867	$	802,227	$	49,643		$	-

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

At March 31, 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	176	06/16/17	$	6,432,567		$	75,807
Mini MSCI Emerging Markets Index	133	06/16/17		6,393,310			(81,304	)
			$	12,825,877		$	(5,497	)
Short Contracts
S&P 500 E-Mini	(110)	06/16/17		(12,975,600	)		(57,572	)
			$	(12,975,600	)	$	(57,572	)

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

The fair value of derivative instruments as of March 31, 2017 were as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Equity contracts	Futures contracts	$	75,807
Total Asset Derivatives		$	75,807
Liability Derivatives	Instrument Type
Equity contracts	Futures contracts	$	138,876
Total Liability Derivatives		$	138,876

Voya Index Solution 2030 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 14.6%
	21,196		iShares Barclays 20+ Year Treasury Bond Fund	$	2,558,569		1.7
	188,086		PowerShares Senior Loan Portfolio		4,374,880		2.8
	118,626		SPDR Bloomberg Barclays High Yield Bond ETF		4,380,858		2.9
	57,349		SPDR Dow Jones International Real Estate		2,144,853		1.4
	28,919		SPDR Trust Series 1		6,817,365		4.4
	26,130		Vanguard REIT		2,158,077		1.4
		Total Exchange-Traded Funds (Cost $22,186,159)			22,434,602		14.6
MUTUAL FUNDS: 85.1%
			Affiliated Investment Companies: 83.7%
	582,306		Voya Emerging Markets Index Portfolio - Class I		6,230,676		4.1
	2,724,903		Voya International Index Portfolio - Class I		25,859,329		16.9
	721,855		Voya RussellTM Mid Cap Index Portfolio - Class I		11,405,309		7.4
	298,962		Voya RussellTM Small Cap Index Portfolio - Class I		4,565,144		3.0
	2,180,824		Voya U.S. Bond Index Portfolio - Class I		23,007,691		15.0
	3,917,390		Voya U.S. Stock Index Portfolio - Class I		57,233,074		37.3
					128,301,223		83.7
			Unaffiliated Investment Companies: 1.4%
	430,110	@	Credit Suisse Commodity Return Strategy Fund - Class I		2,141,949		1.4
		Total Mutual Funds (Cost $125,188,700)			130,443,172		85.1
		Total Investments in Securities (Cost $147,374,859)		$	152,877,774		99.7
		Assets in Excess of Other Liabilities			490,901		0.3
		Net Assets		$	153,368,675		100.0

@ Non-income producing security.

Cost for federal income tax purposes is $147,732,508.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	5,748,876
Gross Unrealized Depreciation		(603,610	)
Net Unrealized Appreciation	$	5,145,266

Voya Index Solution 2030 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	22,434,602		$	–	$	–	$	22,434,602
Mutual Funds		130,443,172			–		–		130,443,172
Total Investments, at fair value	$	152,877,774		$	–	$	–	$	152,877,774
Other Financial Instruments+
Futures		17,229			–		–		17,229
Total Assets	$	152,895,003		$	–	$	–	$	152,895,003
Liabilities Table
Other Financial Instruments+
Futures	$	(31,424	)	$	–	$	–	$	(31,424	)
Total Liabilities	$	(31,424	)	$	–	$	–	$	(31,424	)

+ 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 period ended March 31, 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 3/31/17		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I	$	3,699,534	$	2,222,465	$	(191,117	)	$	499,794	$	6,230,676	$	-	$	10,048		$	-
Voya International Index Portfolio - Class I		15,656,821		10,001,093		(1,178,546	)		1,379,961		25,859,329		-		71,818			-
Voya RussellTM Mid Cap Index Portfolio - Class I		6,964,693		4,203,122		(143,643	)		381,137		11,405,309		-		17,097			-
Voya RussellTM Small Cap Index Portfolio - Class I		2,816,149		1,702,849		(30,644	)		76,790		4,565,144		-		5,133			-
Voya U.S. Bond Index Portfolio - Class I		14,364,650		12,604,142		(4,169,249	)		208,148		23,007,691		102,686		(148,562	)		-
Voya U.S. Stock Index Portfolio - Class I		35,330,313		25,002,731		(5,210,302	)		2,110,332		57,233,074		-		279,398			-
	$	78,832,160	$	55,736,402	$	(10,923,501	)	$	4,656,162	$	128,301,223	$	102,686	$	234,932		$	-

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

At March 31, 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	40	06/16/17	$	1,461,947		$	17,229
Mini MSCI Emerging Markets Index	30	06/16/17		1,442,100			(18,339	)
			$	2,904,047		$	(1,110	)
Short Contracts
S&P 500 E-Mini	(25)	06/16/17		(2,949,000	)		(13,085	)
			$	(2,949,000	)	$	(13,085	)

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

The fair value of derivative instruments as of March 31, 2017 were as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Equity contracts	Futures contracts	$	17,229
Total Asset Derivatives		$	17,229
Liability Derivatives	Instrument Type
Equity contracts	Futures contracts	$	31,424
Total Liability Derivatives		$	31,424

Voya Index Solution 2035 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 10.5%
	694,053		PowerShares Senior Loan Portfolio	$	16,143,673		2.9
	435,718		SPDR Bloomberg Barclays High Yield Bond ETF		16,091,065		2.9
	216,752		SPDR Dow Jones International Real Estate		8,106,525		1.4
	45,585		SPDR Trust Series 1		10,746,208		1.9
	94,427		Vanguard REIT		7,798,726		1.4
		Total Exchange-Traded Funds (Cost $60,380,340)			58,886,197		10.5
MUTUAL FUNDS: 89.3%
			Affiliated Investment Companies: 87.9%
	2,118,731		Voya Emerging Markets Index Portfolio - Class I		22,670,420		4.1
	11,149,986		Voya International Index Portfolio - Class I		105,813,364		18.9
	2,986,248		Voya RussellTM Mid Cap Index Portfolio - Class I		47,182,724		8.5
	1,454,549		Voya RussellTM Small Cap Index Portfolio - Class I		22,210,967		4.0
	4,571,793		Voya U.S. Bond Index Portfolio - Class I		48,232,420		8.6
	16,781,294		Voya U.S. Stock Index Portfolio - Class I		245,174,705		43.8
					491,284,600		87.9
			Unaffiliated Investment Companies: 1.4%
	1,595,116	@	Credit Suisse Commodity Return Strategy Fund - Class I		7,943,679		1.4
		Total Mutual Funds (Cost $483,453,064)			499,228,279		89.3
		Total Investments in Securities (Cost $543,833,404)		$	558,114,476		99.8
		Assets in Excess of Other Liabilities			1,261,442		0.2
		Net Assets		$	559,375,918		100.0

@ Non-income producing security.

Cost for federal income tax purposes is $549,026,290.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	17,779,635
Gross Unrealized Depreciation		(8,691,449	)
Net Unrealized Appreciation	$	9,088,186

Voya Index Solution 2035 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	58,886,197		$	–	$	–	$	58,886,197
Mutual Funds		499,228,279			–		–		499,228,279
Total Investments, at fair value	$	558,114,476		$	–	$	–	$	558,114,476
Other Financial Instruments+
Futures		65,039			–		–		65,039
Total Assets	$	558,179,515		$	–	$	–	$	558,179,515
Liabilities Table
Other Financial Instruments+
Futures	$	(119,411	)	$	–	$	–	$	(119,411	)
Total Liabilities	$	(119,411	)	$	–	$	–	$	(119,411	)

+ 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 period ended March 31, 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 3/31/17		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I	$	19,805,366	$	1,741,059	$	(1,278,757	)	$	2,402,752	$	22,670,420	$	-	$	(7,478	)	$	-
Voya International Index Portfolio - Class I		93,839,912		8,705,293		(3,653,574	)		6,921,733		105,813,364		-		469,440			-
Voya RussellTM Mid Cap Index Portfolio - Class I		42,434,246		3,943,750		(1,462,994	)		2,267,722		47,182,724		-		(87,678	)		-
Voya RussellTM Small Cap Index Portfolio - Class I		20,222,793		2,062,205		(535,934	)		461,903		22,210,967		-		41,044			-
Voya U.S. Bond Index Portfolio - Class I		42,671,960		7,659,894		(2,199,234	)		99,800		48,232,420		256,672		(6,828	)		-
Voya U.S. Stock Index Portfolio - Class I		222,144,080		21,327,969		(11,898,720	)		13,601,376		245,174,705		-		(192,411	)		-
	$	441,118,357	$	45,440,170	$	(21,029,213	)	$	25,755,286	$	491,284,600	$	256,672	$	216,089		$	-

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

At March 31, 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	151	06/16/17	$	5,518,850		$	65,039
Mini MSCI Emerging Markets Index	114	06/16/17		5,479,980			(69,689	)
			$	10,998,830		$	(4,650	)
Short Contracts
S&P 500 E-Mini	(95)	06/16/17		(11,206,200	)		(49,722	)
			$	(11,206,200	)	$	(49,722	)

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

The fair value of derivative instruments as of March 31, 2017 were as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Equity contracts	Futures contracts	$	65,039
Total Asset Derivatives		$	65,039
Liability Derivatives	Instrument Type
Equity contracts	Futures contracts	$	119,411
Total Liability Derivatives		$	119,411

Voya Index Solution 2040 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 6.3%
	72,602		PowerShares Senior Loan Portfolio	$	1,688,723		1.9
	33,148		SPDR Dow Jones International Real Estate		1,239,735		1.4
	6,260		SPDR Trust Series 1		1,475,732		1.7
	14,499		Vanguard REIT		1,197,473		1.3
		Total Exchange-Traded Funds (Cost $5,586,644)			5,601,663		6.3
MUTUAL FUNDS: 93.4%
			Affiliated Investment Companies: 92.1%
	423,134		Voya Emerging Markets Index Portfolio - Class I		4,527,534		5.1
	1,869,620		Voya International Index Portfolio - Class I		17,742,690		19.9
	474,213		Voya RussellTM Mid Cap Index Portfolio - Class I		7,492,562		8.4
	229,925		Voya RussellTM Small Cap Index Portfolio - Class I		3,510,958		3.9
	639,414		Voya U.S. Bond Index Portfolio - Class I		6,745,816		7.6
	2,880,557		Voya U.S. Stock Index Portfolio - Class I		42,084,932		47.2
					82,104,492		92.1
			Unaffiliated Investment Companies: 1.3%
	242,733	@	Credit Suisse Commodity Return Strategy Fund - Class I		1,208,812		1.3
		Total Mutual Funds (Cost $79,224,959)			83,313,304		93.4
		Total Investments in Securities (Cost $84,811,603)		$	88,914,967		99.7
		Assets in Excess of Other Liabilities			274,386		0.3
		Net Assets		$	89,189,353		100.0

@ Non-income producing security.

Cost for federal income tax purposes is $84,920,078.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	4,238,466
Gross Unrealized Depreciation		(243,577	)
Net Unrealized Appreciation	$	3,994,889

Voya Index Solution 2040 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	5,601,663		$	–	$	–	$	5,601,663
Mutual Funds		83,313,304			–		–		83,313,304
Total Investments, at fair value	$	88,914,967		$	–	$	–	$	88,914,967
Other Financial Instruments+
Futures		9,907			–		–		9,907
Total Assets	$	88,924,874		$	–	$	–	$	88,924,874
Liabilities Table
Other Financial Instruments+
Futures	$	(18,855	)	$	–	$	–	$	(18,855	)
Total Liabilities	$	(18,855	)	$	–	$	–	$	(18,855	)

+ 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 period ended March 31, 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 3/31/17		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I	$	2,947,296	$	1,339,211	$	(132,813	)	$	373,840	$	4,527,534	$	-	$	7,809		$	-
Voya International Index Portfolio - Class I		11,737,244		5,624,686		(579,543	)		960,303		17,742,690		-		60,483			-
Voya RussellTM Mid Cap Index Portfolio - Class I		5,037,983		2,276,659		(83,480	)		261,400		7,492,562		-		10,833			-
Voya RussellTM Small Cap Index Portfolio - Class I		2,397,710		1,087,162		(32,443	)		58,529		3,510,958		-		6,391			-
Voya U.S. Bond Index Portfolio - Class I		4,530,470		2,574,968		(390,709	)		31,087		6,745,816		30,435		(15,184	)		-
Voya U.S. Stock Index Portfolio - Class I		28,193,733		13,927,795		(1,704,946	)		1,668,350		42,084,932		-		134,433			-
	$	54,844,436	$	26,830,481	$	(2,923,934	)	$	3,353,509	$	82,104,492	$	30,435	$	204,765		$	-

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

At March 31, 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	23	06/16/17	$	840,620		$	9,907
Mini MSCI Emerging Markets Index	18	06/16/17		865,260			(11,004	)
			$	1,705,880		$	(1,097	)
Short Contracts
S&P 500 E-Mini	(15)	06/16/17		(1,769,400	)		(7,851	)
			$	(1,769,400	)	$	(7,851	)

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

The fair value of derivative instruments as of March 31, 2017 were as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Equity contracts	Futures contracts	$	9,907
Total Asset Derivatives		$	9,907
Liability Derivatives	Instrument Type
Equity contracts	Futures contracts	$	18,855
Total Liability Derivatives		$	18,855

Voya Index Solution 2045 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 7.7%
	29,796		iShares Barclays 20+ Year Treasury Bond Fund	$	3,596,675		1.0
	310,877		PowerShares Senior Loan Portfolio		7,230,999		1.9
	145,415		SPDR Dow Jones International Real Estate		5,438,521		1.5
	29,561		SPDR Trust Series 1		6,968,710		1.9
	61,234		Vanguard REIT		5,057,316		1.4
		Total Exchange-Traded Funds (Cost $28,829,396)			28,292,221		7.7
MUTUAL FUNDS: 92.1%
			Affiliated Investment Companies: 90.7%
	2,088,687		Voya Emerging Markets Index Portfolio - Class I		22,348,950		6.1
	8,073,214		Voya International Index Portfolio - Class I		76,614,800		20.9
	2,178,776		Voya RussellTM Mid Cap Index Portfolio - Class I		34,424,665		9.4
	941,211		Voya RussellTM Small Cap Index Portfolio - Class I		14,372,290		4.0
	868,862		Voya U.S. Bond Index Portfolio - Class I		9,166,495		2.5
	11,984,755		Voya U.S. Stock Index Portfolio - Class I		175,097,274		47.8
					332,024,474		90.7
			Unaffiliated Investment Companies: 1.4%
	1,034,432	@	Credit Suisse Commodity Return Strategy Fund - Class I		5,151,469		1.4
		Total Mutual Funds (Cost $325,567,998)			337,175,943		92.1
		Total Investments in Securities (Cost $354,397,394)		$	365,468,164		99.8
		Assets in Excess of Other Liabilities			816,646		0.2
		Net Assets		$	366,284,810		100.0

@ Non-income producing security.

Cost for federal income tax purposes is $358,137,722.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	12,606,072
Gross Unrealized Depreciation		(5,275,630	)
Net Unrealized Appreciation	$	7,330,442

Voya Index Solution 2045 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	28,292,221		$	–	$	–	$	28,292,221
Mutual Funds		337,175,943			–		–		337,175,943
Total Investments, at fair value	$	365,468,164		$	–	$	–	$	365,468,164
Other Financial Instruments+
Futures		42,641			–		–		42,641
Total Assets	$	365,510,805		$	–	$	–	$	365,510,805
Liabilities Table
Other Financial Instruments+
Futures	$	(78,298	)	$	–	$	–	$	(78,298	)
Total Liabilities	$	(78,298	)	$	–	$	–	$	(78,298	)

+ 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 period ended March 31, 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 3/31/17		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I	$	19,513,108	$	2,012,690	$	(1,619,291	)	$	2,442,443	$	22,348,950	$	-	$	(99,585	)	$	-
Voya International Index Portfolio - Class I		68,171,632		7,013,197		(3,648,336	)		5,078,307		76,614,800		-		260,036			-
Voya RussellTM Mid Cap Index Portfolio - Class I		31,086,931		3,169,908		(1,437,794	)		1,605,620		34,424,665		-		(26,304	)		-
Voya RussellTM Small Cap Index Portfolio - Class I		13,254,869		1,390,096		(604,331	)		331,656		14,372,290		-		(10,019	)		-
Voya U.S. Bond Index Portfolio - Class I		8,366,934		1,956,834		(1,208,078	)		50,805		9,166,495		49,588		(31,700	)		-
Voya U.S. Stock Index Portfolio - Class I		158,745,353		16,895,429		(10,170,010	)		9,626,502		175,097,274		-		(187,062	)		-
	$	299,138,827	$	32,438,154	$	(18,687,840	)	$	19,135,333	$	332,024,474	$	49,588	$	(94,634	)	$	-

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

At March 31, 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	06/16/17	$	3,618,319		$	42,641
Mini MSCI Emerging Markets Index	75	06/16/17		3,605,250			(45,848	)
			$	7,223,569		$	(3,207	)
Short Contracts
S&P 500 E-Mini	(62)	06/16/17		(7,313,520	)		(32,450	)
			$	(7,313,520	)	$	(32,450	)

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

The fair value of derivative instruments as of March 31, 2017 were as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Equity contracts	Futures contracts	$	42,641
Total Asset Derivatives		$	42,641
Liability Derivatives	Instrument Type
Equity contracts	Futures contracts	$	78,298
Total Liability Derivatives		$	78,298

Voya Index Solution 2050 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 7.3%
	3,949		iShares Barclays 20+ Year Treasury Bond Fund	$	476,684		1.0
	41,128		PowerShares Senior Loan Portfolio		956,637		1.9
	18,984		SPDR Dow Jones International Real Estate		710,001		1.4
	3,509		SPDR Trust Series 1		827,212		1.6
	8,480		Vanguard REIT		700,363		1.4
		Total Exchange-Traded Funds (Cost $3,674,712)			3,670,897		7.3
MUTUAL FUNDS: 92.4%
			Affiliated Investment Companies: 91.0%
	286,545		Voya Emerging Markets Index Portfolio - Class I		3,066,028		6.1
	1,105,192		Voya International Index Portfolio - Class I		10,488,270		20.9
	330,620		Voya RussellTM Mid Cap Index Portfolio - Class I		5,223,789		10.4
	129,790		Voya RussellTM Small Cap Index Portfolio - Class I		1,981,895		3.9
	125,026		Voya U.S. Bond Index Portfolio - Class I		1,319,021		2.6
	1,620,379		Voya U.S. Stock Index Portfolio - Class I		23,673,742		47.1
					45,752,745		91.0
			Unaffiliated Investment Companies: 1.4%
	140,939	@	Credit Suisse Commodity Return Strategy Fund - Class I		701,878		1.4
		Total Mutual Funds (Cost $44,148,304)			46,454,623		92.4
		Total Investments in Securities (Cost $47,823,016)		$	50,125,520		99.7
		Assets in Excess of Other Liabilities			150,054		0.3
		Net Assets		$	50,275,574		100.0

@ Non-income producing security.

Cost for federal income tax purposes is $47,889,261.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	2,349,260
Gross Unrealized Depreciation		(113,001	)
Net Unrealized Appreciation	$	2,236,259

Voya Index Solution 2050 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	3,670,897		$	–	$	–	$	3,670,897
Mutual Funds		46,454,623			–		–		46,454,623
Total Investments, at fair value	$	50,125,520		$	–	$	–	$	50,125,520
Other Financial Instruments+
Futures		5,599			–		–		5,599
Total Assets	$	50,131,119		$	–	$	–	$	50,131,119
Liabilities Table
Other Financial Instruments+
Futures	$	(10,300	)	$	–	$	–	$	(10,300	)
Total Liabilities	$	(10,300	)	$	–	$	–	$	(10,300	)

+ 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 period ended March 31, 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 3/31/17		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I	$	1,781,949	$	1,098,151	$	(53,153	)	$	239,081	$	3,066,028	$	-	$	8,305		$	-
Voya International Index Portfolio - Class I		6,214,851		4,026,554		(295,874	)		542,739		10,488,270		-		39,969			-
Voya RussellTM Mid Cap Index Portfolio - Class I		3,132,802		1,929,783		(19,436	)		180,640		5,223,789		-		(742	)		-
Voya RussellTM Small Cap Index Portfolio - Class I		1,206,593		747,167		(5,809	)		33,944		1,981,895		-		1,313			-
Voya U.S. Bond Index Portfolio - Class I		788,331		1,012,573		(494,082	)		12,199		1,319,021		5,930		(9,032	)		-
Voya U.S. Stock Index Portfolio - Class I		14,209,282		9,517,310		(924,714	)		871,864		23,673,742		-		106,209			-
	$	27,333,808	$	18,331,538	$	(1,793,068	)	$	1,880,467	$	45,752,745	$	5,930	$	146,022		$	-

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

At March 31, 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	13	06/16/17	$	475,133		$	5,599
Mini MSCI Emerging Markets Index	10	06/16/17		480,700			(6,113	)
			$	955,833		$	(514	)
Short Contracts
S&P 500 E-Mini	(8)	06/16/17		(943,680	)		(4,187	)
			$	(943,680	)	$	(4,187	)

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

The fair value of derivative instruments as of March 31, 2017 were as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Equity contracts	Futures contracts	$	5,599
Total Asset Derivatives		$	5,599
Liability Derivatives	Instrument Type
Equity contracts	Futures contracts	$	10,300
Total Liability Derivatives		$	10,300

Voya Index Solution 2055 Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 5.6%
	9,347		iShares Barclays 20+ Year Treasury Bond Fund	$	1,128,276		0.9
	45,470		SPDR Dow Jones International Real Estate		1,700,578		1.4
	9,563		SPDR Trust Series 1		2,254,382		1.9
	19,809		Vanguard REIT		1,636,025		1.4
		Total Exchange-Traded Funds
		(Cost $6,810,430)			6,719,261		5.6
MUTUAL FUNDS: 94.2%
			Affiliated Investment Companies: 92.8%
	682,556		Voya Emerging Markets Index Portfolio - Class I		7,303,348		6.1
	2,850,357		Voya International Index Portfolio - Class I		27,049,888		22.5
	792,198		Voya RussellTM Mid Cap Index Portfolio - Class I		12,516,721		10.4
	309,147		Voya RussellTM Small Cap Index Portfolio - Class I		4,720,675		3.9
	289,544		Voya U.S. Bond Index Portfolio - Class I		3,054,687		2.5
	3,900,265		Voya U.S. Stock Index Portfolio - Class I		56,982,876		47.4
					111,628,195		92.8
			Unaffiliated Investment Companies: 1.4%
	334,552	@	Credit Suisse Commodity Return Strategy Fund - Class I		1,666,068		1.4
		Total Mutual Funds
		(Cost $108,495,451)			113,294,263		94.2
		Total Investments in Securities (Cost $115,305,881)		$	120,013,524		99.8
		Assets in Excess of Other Liabilities			259,414		0.2
		Net Assets		$	120,272,938		100.0

@ Non-income producing security.

Cost for federal income tax purposes is $117,661,429.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	5,094,107
Gross Unrealized Depreciation		(2,742,012	)
Net Unrealized Appreciation	$	2,352,095

Voya Index Solution 2055 Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	6,719,261		$	–	$	–	$	6,719,261
Mutual Funds		113,294,263			–		–		113,294,263
Total Investments, at fair value	$	120,013,524		$	–	$	–	$	120,013,524
Other Financial Instruments+
Futures		13,783			–		–		13,783
Total Assets	$	120,027,307		$	–	$	–	$	120,027,307
Liabilities Table
Other Financial Instruments+
Futures	$	(25,139	)	$	–	$	–	$	(25,139	)
Total Liabilities	$	(25,139	)	$	–	$	–	$	(25,139	)

+ 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 period ended March 31, 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 3/31/17		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I	$	6,006,209	$	929,655	$	(379,851	)	$	747,335	$	7,303,348	$	-	$	(8,050	)	$	-
Voya International Index Portfolio - Class I		22,554,999		3,641,149		(1,024,423	)		1,878,163		27,049,888		-		(57,972	)		-
Voya RussellTM Mid Cap Index Portfolio - Class I		10,598,114		1,710,880		(380,809	)		588,536		12,516,721		-		(36,484	)		-
Voya RussellTM Small Cap Index Portfolio - Class I		4,088,734		660,293		(134,892	)		106,540		4,720,675		-		(3,720	)		-
Voya U.S. Bond Index Portfolio - Class I		2,519,256		644,482		(117,074	)		8,023		3,054,687		15,624		(2,299	)		-
Voya U.S. Stock Index Portfolio - Class I		48,481,391		8,134,482		(2,580,873	)		2,947,876		56,982,876		-		26,445			-
	$	94,248,703	$	15,720,941	$	(4,617,922	)	$	6,276,473	$	111,628,195	$	15,624	$	(82,080	)	$	-

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

At March 31, 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	32	06/16/17	$	1,169,558		$	13,783
Mini MSCI Emerging Markets Index	24	06/16/17		1,153,680			(14,671	)
			$	2,323,238		$	(888	)
Short Contracts
S&P 500 E-Mini	(20)	06/16/17		(2,359,200	)		(10,468	)
			$	(2,359,200	)	$	(10,468	)

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

The fair value of derivative instruments as of March 31, 2017 were as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Equity contracts	Futures contracts	$	13,783
Total Asset Derivatives		$	13,783
Liability Derivatives	Instrument Type
Equity contracts	Futures contracts	$	25,139
Total Liability Derivatives		$	25,139

Voya Index Solution 2060 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 8.3%
	787		iShares Barclays 20+ Year Treasury Bond Fund	$	94,999		1.0
	2,491		iShares MSCI Emerging Markets Index Fund		98,120		1.0
	3,625		SPDR Dow Jones International Real Estate		135,575		1.4
	1,110		SPDR Trust Series 1		261,671		2.6
	1,606		Vanguard REIT		132,640		1.3
	1,599		WisdomTree Europe Hedged Equity Fund		100,433		1.0
		Total Exchange-Traded Funds
		(Cost $827,690)			823,438		8.3
MUTUAL FUNDS: 91.6%
			Affiliated Investment Companies: 90.2%
	56,377		Voya Emerging Markets Index Portfolio - Class I		603,238		6.1
	234,933		Voya International Index Portfolio - Class I		2,229,510		22.5
	64,990		Voya RussellTM Mid Cap Index Portfolio - Class I		1,026,844		10.4
	25,498		Voya RussellTM Small Cap Index Portfolio - Class I		389,354		3.9
	23,652		Voya U.S. Bond Index Portfolio - Class I		249,533		2.5
	303,480		Voya U.S. Stock Index Portfolio - Class I		4,433,850		44.8
					8,932,329		90.2
			Unaffiliated Investment Companies: 1.4%
	26,860	@	Credit Suisse Commodity Return Strategy Fund - Class I		133,765		1.4
		Total Mutual Funds
		(Cost $8,662,561)			9,066,094		91.6
		Total Investments in Securities		$	9,889,532		99.9
		(Cost $9,490,251)
		Assets in Excess of Other Liabilities			14,149		0.1
		Net Assets		$	9,903,681		100.0

@ Non-income producing security.

Cost for federal income tax purposes is $9,503,847.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	391,561
Gross Unrealized Depreciation		(5,876	)
Net Unrealized Appreciation	$	385,685

Voya Index Solution 2060 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	823,438	$	–	$	–	$	823,438
Mutual Funds		9,066,094		–		–		9,066,094
Total Investments, at fair value	$	9,889,532	$	–	$	–	$	9,889,532

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 March 31, 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 3/31/17		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I	$	353,873	$	247,223	$	(41,045	)	$	43,187	$	603,238	$	-	$	5,308		$	-
Voya International Index Portfolio - Class I		1,305,771		969,939		(158,361	)		112,161		2,229,510		-		11,975			-
Voya RussellTM Mid Cap Index Portfolio - Class I		616,838		432,640		(57,280	)		34,646		1,026,844		-		1,287			-
Voya RussellTM Small Cap Index Portfolio - Class I		236,386		167,667		(19,395	)		4,696		389,354		-		2,493			-
Voya U.S. Bond Index Portfolio - Class I		154,501		145,352		(52,482	)		2,162		249,533		1,139		(1,608	)		-
Voya U.S. Stock Index Portfolio - Class I		2,635,135		2,163,202		(525,539	)		161,052		4,433,850		-		27,747			-
	$	5,302,504	$	4,126,023	$	(854,102	)	$	357,904	$	8,932,329	$	1,139	$	47,202		$	-

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

Voya Solution Aggressive Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 6.3%
	2,198		iShares MSCI Emerging Markets Index Fund	$	86,579		1.0
	1,829		iShares Russell 1000 Value Index Fund		210,226		2.4
	718		SPDR Trust Series 1		169,261		1.9
	1,411		WisdomTree Europe Hedged Equity Fund		88,625		1.0
		Total Exchange-Traded Funds
		(Cost $532,496)			554,691		6.3
MUTUAL FUNDS: 93.6%
			Affiliated Investment Companies: 92.7%
	16,805		Voya Emerging Markets Index Portfolio - Class I		179,814		2.0
	10,223		Voya Index Plus LargeCap Portfolio - Class I		264,357		3.0
	17,654		Voya Intermediate Bond Fund - Class R6		176,541		2.0
	19,077		Voya International Index Portfolio - Class I		181,042		2.0
	39,865		Voya Large Cap Growth Portfolio - Class I		755,839		8.5
	35,952		Voya Large Cap Value Fund - Class R6		489,304		5.5
	36,168	@	Voya MidCap Opportunities Portfolio - Class I		485,381		5.5
	25,593		Voya Multi-Manager Emerging Markets Equity Fund - Class I		271,802		3.1
	79,739		Voya Multi-Manager International Equity Fund - Class I		858,788		9.6
	79,144		Voya Multi-Manager International Factors Fund - Class I		766,114		8.7
	50,670		Voya Multi-Manager Large Cap Core Portfolio - Class I		799,071		9.0
	60,419		Voya Multi-Manager Mid Cap Value Fund - Class I		694,819		7.9
	7,211		Voya RussellTM Mid Cap Growth Index Portfolio - Class I		219,445		2.5
	15,208		Voya Small Company Portfolio - Class I		347,189		3.9
	24,041		Voya U.S. Stock Index Portfolio - Class I		351,237		4.0
	7,286		VY® Clarion Global Real Estate Portfolio - Class I		86,411		1.0
	2,321		VY® Clarion Real Estate Portfolio - Class I		85,673		1.0
	24,240		VY® Invesco Comstock Portfolio - Class I		431,954		4.9
	8,826	@	VY® T. Rowe Price Growth Equity Portfolio - Class I		759,631		8.6
					8,204,412		92.7
			Unaffiliated Investment Companies: 0.9%
	15,997	@	Credit Suisse Commodity Return Strategy Fund - Class I		79,667		0.9
		Total Mutual Funds
		(Cost $7,866,002)			8,284,079		93.6
		Total Investments in Securities (Cost $8,398,498)		$	8,838,770		99.9
		Assets in Excess of Other Liabilities			10,815		0.1
		Net Assets		$	8,849,585		100.0

@ Non-income producing security.

Cost for federal income tax purposes is $8,798,632.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	448,796
Gross Unrealized Depreciation		(408,658	)
Net Unrealized Appreciation	$	40,138

Voya Solution Aggressive Portfolio	PORTFOLIO OF INVESTMENTS
	as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	554,691	$	–	$	–	$	554,691
Mutual Funds		8,284,079		–		–		8,284,079
Total Investments, at fair value	$	8,838,770	$	–	$	–	$	8,838,770

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 March 31, 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 3/31/17		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I	$	154,390	$	23,832	$	(16,605	)	$	18,197	$	179,814	$	-	$	(22	)	$	-
Voya Index Plus LargeCap Portfolio - Class I		233,563		35,747		(18,900	)		13,947		264,357		-		1,890			-
Voya Intermediate Bond Fund - Class R6		154,647		34,413		(13,453	)		934		176,541		1,315		(254	)		-
Voya International Index Portfolio - Class I		157,616		24,449		(14,400	)		13,377		181,042		-		(1,201	)		-
Voya Large Cap Growth Portfolio - Class I		652,651		103,423		(71,052	)		70,817		755,839		-		(10,499	)		-
Voya Large Cap Value Fund - Class R6		449,784		95,326		(71,458	)		15,652		489,304		-		5,287			-
Voya MidCap Opportunities Portfolio - Class I		421,480		66,295		(48,254	)		45,860		485,381		-		(9,378	)		-
Voya Multi-Manager Emerging Markets Equity Fund - Class I		230,418		35,747		(22,404	)		28,041		271,802		-		1,779			-
Voya Multi-Manager International Equity Fund - Class I		741,845		128,221		(64,705	)		53,427		858,788		-		(2,012	)		-
Voya Multi-Manager International Factors Fund - Class I		671,275		101,284		(58,135	)		51,690		766,114		-		(942	)		-
Voya Multi-Manager Large Cap Core Portfolio - Class I		730,705		166,821		(145,348	)		46,893		799,071		-		(5,475	)		-
Voya Multi-Manager Mid Cap Value Fund - Class I		625,132		100,220		(60,773	)		30,240		694,819		-		(7,976	)		-
Voya RussellTM Mid Cap Growth Index Portfolio - Class I		191,617		31,571		(15,323	)		11,580		219,445		-		1,176			-
Voya Small Company Portfolio - Class I		315,274		48,230		(24,448	)		8,133		347,189		-		1,950			-
Voya U.S. Stock Index Portfolio - Class I		313,001		47,663		(26,447	)		17,020		351,237		-		1,227			-
VY® Clarion Global Real Estate Portfolio - Class I		78,791		13,206		(6,811	)		1,225		86,411		-		(213	)		-
VY® Clarion Real Estate Portfolio - Class I		79,339		12,315		(6,082	)		101		85,673		-		518			-
VY® Invesco Comstock Portfolio - Class I		398,261		59,579		(32,141	)		6,255		431,954		-		1,371			-
VY® T. Rowe Price Growth Equity Portfolio - Class I		650,125		104,637		(79,787	)		84,656		759,631		-		(12,691	)		-
	$	7,249,914	$	1,232,979	$	(796,526	)	$	518,045	$	8,204,412	$	1,315	$	(35,465	)	$	-

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

Voya Solution Balanced Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 4.8%
	3,114		iShares Barclays 20+ Year Treasury Bond Fund	$	375,891		0.8
	8,494		SPDR Trust Series 1		2,002,375		4.0
		Total Exchange-Traded Funds
		(Cost $2,282,217)			2,378,266		4.8
MUTUAL FUNDS: 95.0%
			Affiliated Investment Companies: 93.5%
	251,354		Voya Floating Rate Fund - Class I		2,495,950		5.0
	102,663		Voya Global Bond Fund - Class R6		993,775		2.0
	245,625		Voya High Yield Bond Fund - Class R6		1,989,566		4.0
	274,093		Voya Intermediate Bond Fund - Class R6		2,740,925		5.5
	107,863		Voya International Index Portfolio - Class I		1,023,620		2.0
	132,473		Voya Large Cap Growth Portfolio - Class I		2,511,688		5.0
	182,281		Voya Large Cap Value Fund - Class R6		2,480,842		5.0
	167,041	@	Voya MidCap Opportunities Portfolio - Class I		2,241,688		4.5
	96,412		Voya Multi-Manager Emerging Markets Equity Fund - Class I		1,023,896		2.0
	163,290		Voya Multi-Manager International Equity Fund - Class I		1,758,635		3.5
	181,121		Voya Multi-Manager International Factors Fund - Class I		1,753,254		3.5
	171,061		Voya Multi-Manager Large Cap Core Portfolio - Class I		2,697,638		5.4
	192,832		Voya Multi-Manager Mid Cap Value Fund - Class I		2,217,567		4.4
	164,397		Voya Short Term Bond Fund - Class R6		1,617,671		3.2
	42,822		Voya Small Company Portfolio - Class I		977,617		2.0
	235,099		Voya U.S. Bond Index Portfolio - Class I		2,480,293		5.0
	101,805		Voya U.S. Stock Index Portfolio - Class I		1,487,369		3.0
	40,996		VY® Clarion Global Real Estate Portfolio - Class I		486,218		1.0
	13,048		VY® Clarion Real Estate Portfolio - Class I		481,594		1.0
	220,000		VY® Goldman Sachs Bond Portfolio - Class I		2,232,998		4.5
	95,714		VY® Invesco Comstock Portfolio - Class I		1,705,629		3.4

Voya Solution Balanced Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
MUTUAL FUNDS: (continued)
			Affiliated Investment Companies: (continued)
	186,216		VY® T. Rowe Price Capital Appreciation Portfolio - Class I	$	5,001,770		10.0
	138,293		VY® T. Rowe Price Equity Income Portfolio - Class I		1,980,359		4.0
	26,401	@	VY® T. Rowe Price Growth Equity Portfolio - Class I		2,272,300		4.6
					46,652,862		93.5
			Unaffiliated Investment Companies: 1.5%
	148,676	@	Credit Suisse Commodity Return Strategy Fund - Class I		740,406		1.5
		Total Mutual Funds
		(Cost $46,213,346)			47,393,268		95.0
		Total Investments in Securities (Cost $48,495,563)		$	49,771,534		99.8
		Assets in Excess of Other Liabilities			105,051		0.2
		Net Assets		$	49,876,585		100.0

@ Non-income producing security.

Cost for federal income tax purposes is $49,725,941.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	1,545,851
Gross Unrealized Depreciation		(1,500,258	)
Net Unrealized Appreciation	$	45,593

Fair Value Measurements 

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	2,378,266		$	–	$	–	$	2,378,266
Mutual Funds		47,393,268			–		–		47,393,268
Total Investments, at fair value	$	49,771,534		$	–	$	–	$	49,771,534
Other Financial Instruments+
Futures		6,030			–		–		6,030
Total Assets	$	49,777,564		$	–	$	–	$	49,777,564
Liabilities Table
Other Financial Instruments+
Futures	$	(10,300	)	$	–	$	–	$	(10,300	)
Total Liabilities	$	(10,300	)	$	–	$	–	$	(10,300	)

Voya Solution Balanced Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 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 period ended March 31, 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 3/31/17		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Floating Rate Fund - Class I	$	2,487,620	$	247,974	$	(237,789	)	$	(1,855	)	$	2,495,950	$	25,444	$	(5,464	)	$	-
Voya Global Bond Fund - Class R6		979,234		85,450		(93,032	)		22,123			993,775		-		(102	)		-
Voya High Yield Bond Fund - Class R6		2,011,630		148,980		(194,987	)		23,943			1,989,566		26,116		(9,127	)		-
Voya Intermediate Bond Fund - Class R6		2,711,353		275,084		(258,359	)		12,847			2,740,925		22,542		(2,801	)		-
Voya International Index Portfolio - Class I		1,006,367		52,293		(122,503	)		87,463			1,023,620		-		(12,084	)		-
Voya Large Cap Growth Portfolio - Class I		2,449,365		130,733		(300,708	)		232,298			2,511,688		-		(8,651	)		-
Voya Large Cap Value Fund - Class R6		2,529,908		130,733		(288,171	)		108,372			2,480,842		-		12,008			-
Voya MidCap Opportunities Portfolio - Class I		2,199,737		122,186		(291,367	)		211,132			2,241,688		-		(22,141	)		-
Voya Multi-Manager Emerging Markets Equity Fund - Class I		979,401		52,293		(142,919	)		135,121			1,023,896		-		(10,966	)		-
Voya Multi-Manager International Equity Fund - Class I		1,744,024		91,513		(221,064	)		144,162			1,758,635		-		(27,756	)		-
Voya Multi-Manager International Factors Fund - Class I		1,765,168		91,513		(244,235	)		140,808			1,753,254		-		(11,665	)		-
Voya Multi-Manager Large Cap Core Portfolio - Class I		2,782,448		302,612		(529,377	)		141,955			2,697,638		-		17,757			-
Voya Multi-Manager Mid Cap Value Fund - Class I		2,246,040		132,660		(278,890	)		117,757			2,217,567		-		(37,693	)		-
Voya Short Term Bond Fund - Class R6		1,599,515		167,692		(151,876	)		2,340			1,617,671		7,180		(864	)		-
Voya Small Company Portfolio - Class I		1,007,181		52,293		(107,414	)		25,557			977,617		-		6,093			-
Voya U.S. Bond Index Portfolio - Class I		2,459,175		284,619		(272,274	)		8,773			2,480,293		13,863		(5,100	)		-
Voya U.S. Stock Index Portfolio - Class I		1,499,278		78,440		(175,350	)		85,001			1,487,369		-		2,695			-
VY® Clarion Global Real Estate Portfolio - Class I		502,401		26,147		(49,720	)		7,390			486,218		-		(1,599	)		-
VY® Clarion Real Estate Portfolio - Class I		506,095		26,147		(49,230	)		(1,418	)		481,594		-		4,756			-
VY® Goldman Sachs Bond Portfolio - Class I		2,212,708		210,441		(207,048	)		16,897			2,232,998		-		2,046			-
VY® Invesco Comstock Portfolio - Class I		1,783,289		91,513		(179,809	)		10,636			1,705,629		-		25,639			-
VY® T. Rowe Price Capital Appreciation Portfolio - Class I		4,928,596		277,651		(493,485	)		289,008			5,001,770		-		(28,835	)		-
VY® T. Rowe Price Equity Income Portfolio - Class I		2,006,312		104,586		(193,855	)		63,316			1,980,359		-		3,410			-
VY® T. Rowe Price Growth Equity Portfolio - Class I		2,195,083		122,135		(326,591	)		281,673			2,272,300		-		(42,160	)		-
	$	46,591,928	$	3,305,688	$	(5,410,053	)	$	2,165,299		$	46,652,862	$	95,145	$	(152,604	)	$	-

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

At March 31, 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	14	06/16/17	$	511,682		$	6,030
Mini MSCI Emerging Markets Index	10	06/16/17		480,700			(6,113	)
			$	992,382		$	(83	)
Short Contracts
S&P 500 E-Mini	(8)	06/16/17		(943,680	)		(4,187	)
			$	(943,680	)	$	(4,187	)

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

The fair value of derivative instruments as of March 31, 2017 were as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Equity contracts	Futures contracts	$	6,030
Total Asset Derivatives		$	6,030
Liability Derivatives	Instrument Type
Equity contracts	Futures contracts	$	10,300
Total Liability Derivatives		$	10,300

Voya Solution Conservative Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 4.5%
	928		iShares iBoxx $ High Yield Corporate Bond Fund	$	81,460		0.5
	4,077		iShares MSCI Emerging Markets Index Fund		160,593		1.0
	1,379		SPDR Trust Series 1		325,085		2.0
	2,617		WisdomTree Europe Hedged Equity Fund		164,374		1.0
		Total Exchange-Traded Funds
		(Cost $726,837)			731,512		4.5
MUTUAL FUNDS: 95.4%
			Affiliated Investment Companies: 93.4%
	115,071		Voya Floating Rate Fund - Class I		1,142,654		7.0
	117,521		Voya Global Bond Fund - Class R6		1,137,603		7.0
	150,554		Voya High Yield Bond Fund - Class R6		1,219,488		7.5
	73,346		Voya Intermediate Bond Fund - Class R6		733,462		4.5
	52,898		Voya International Index Portfolio - Class I		502,001		3.1
	11,918		Voya Large Cap Value Fund - Class R6		162,210		1.0
	24,269	@	Voya MidCap Opportunities Portfolio - Class I		325,694		2.0
	27,831		Voya Multi-Manager Mid Cap Value Fund - Class I		320,062		2.0
	231,583		Voya Short Term Bond Fund - Class R6		2,278,780		14.0
	131,466		Voya U.S. Bond Index Portfolio - Class I		1,386,971		8.5
	33,283		Voya U.S. Stock Index Portfolio - Class I		486,263		3.0
	136,029		VY® BlackRock Inflation Protected Bond Portfolio - Class I		1,305,882		8.0
	183,885		VY® Goldman Sachs Bond Portfolio - Class I		1,866,434		11.4
	60,884		VY® T. Rowe Price Capital Appreciation Portfolio - Class I		1,635,347		10.0
	50,247		VY® T. Rowe Price Equity Income Portfolio - Class I		719,542		4.4
					15,222,393		93.4
			Unaffiliated Investment Companies: 2.0%
	64,552	@	Credit Suisse Commodity Return Strategy Fund - Class I		321,468		2.0
		Total Mutual Funds
		(Cost $15,437,881)			15,543,861		95.4

Total Investments in Securities (Cost $16,164,718)	$	16,275,373	99.9
Assets in Excess of Other Liabilities		18,270	0.1
Net Assets	$	16,293,643	100.0

Voya Solution Conservative Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

@ Non-income producing security.

Cost for federal income tax purposes is $16,715,317.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	201,621
Gross Unrealized Depreciation		(641,565	)
Net Unrealized Depreciation	$	(439,944	)

Fair Value Measurements 

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	731,512	$	–	$	–	$	731,512
Mutual Funds		15,543,861		–		–		15,543,861
Total Investments, at fair value	$	16,275,373	$	–	$	–	$	16,275,373

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 March 31, 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 3/31/17		Investment Income		Realized Gains/ (Losses)			Net Capital  Gain  Distributions
Voya Floating Rate Fund - Class I	$	1,150,426	$	92,273	$	(99,100	)	$	(945	)	$	1,142,654	$	11,729	$	(2,449	)	$	-
Voya Global Bond Fund - Class R6		1,131,841		76,779		(101,735	)		30,718			1,137,603		-		(5,085	)		-
Voya High Yield Bond Fund - Class R6		1,245,650		89,962		(129,098	)		12,974			1,219,488		16,118		(3,261	)		-
Voya Intermediate Bond Fund - Class R6		723,641		69,077		(61,803	)		2,547			733,462		6,030		330			-
Voya International Index Portfolio - Class I		498,558		27,692		(68,067	)		43,818			502,001		-		(6,718	)		-
Voya Large Cap Value Fund - Class R6		167,146		9,231		(18,047	)		3,880			162,210		-		4,119			-
Voya MidCap Opportunities Portfolio - Class I		322,725		18,461		(46,891	)		31,399			325,694		-		(3,757	)		-
Voya Multi-Manager Mid Cap Value Fund - Class I		329,673		18,461		(42,730	)		14,658			320,062		-		(2,839	)		-
Voya Short Term Bond Fund - Class R6		2,275,721		194,080		(197,019	)		5,998			2,278,780		10,195		(3,716	)		-
Voya U.S. Bond Index Portfolio - Class I		1,377,434		124,351		(120,662	)		5,848			1,386,971		7,774		(3,300	)		-
Voya U.S. Stock Index Portfolio - Class I		495,132		27,692		(61,875	)		25,314			486,263		-		3,706			-
VY® BlackRock Inflation Protected Bond Portfolio - Class I		1,297,662		112,012		(117,408	)		13,616			1,305,882		9,115		(6,950	)		-
VY® Goldman Sachs Bond Portfolio - Class I		1,878,318		130,213		(157,032	)		14,935			1,866,434		-		1,752			-
VY® T. Rowe Price Capital Appreciation Portfolio - Class I		1,627,353		92,307		(180,883	)		96,570			1,635,347		-		(10,748	)		-
VY® T. Rowe Price Equity Income Portfolio - Class I		740,266		100,212		(142,598	)		21,662			719,542		-		2,378			-
	$	15,261,546	$	1,182,803	$	(1,544,948	)	$	322,992		$	15,222,393	$	60,961	$	(36,538	)	$	-

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

Voya Solution Income Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 5.0%
	39,443		iShares Barclays 20+ Year Treasury Bond Fund	$	4,761,165		1.0
	80,706		SPDR Trust Series 1		19,025,632		4.0
		Total Exchange-Traded Funds
		(Cost $22,767,151)			23,786,797		5.0
MUTUAL FUNDS: 94.8%
			Affiliated Investment Companies: 93.3%
	2,384,044		Voya Floating Rate Fund - Class I		23,673,559		5.0
	2,930,385		Voya Global Bond Fund - Class R6		28,366,130		6.0
	1,165,001		Voya High Yield Bond Fund - Class R6		9,436,507		2.0
	2,363,726		Voya Intermediate Bond Fund - Class R6		23,637,258		5.0
	1,002,978		Voya International Index Portfolio - Class I		9,518,265		2.0
	502,535		Voya Large Cap Growth Portfolio - Class I		9,528,072		2.0
	691,441		Voya Large Cap Value Fund - Class R6		9,410,517		2.0
	528,061	@	Voya MidCap Opportunities Portfolio - Class I		7,086,583		1.5
	1,472,737		Voya Multi-Manager International Factors Fund - Class I		14,256,091		3.0
	1,773,984		Voya Multi-Manager Large Cap Core Portfolio - Class I		27,975,727		5.9
	605,428		Voya Multi-Manager Mid Cap Value Fund - Class I		6,962,420		1.5
	3,358,570		Voya Short Term Bond Fund - Class R6		33,048,331		7.0
	4,694,250		Voya U.S. Bond Index Portfolio - Class I		49,524,337		10.5
	321,829		Voya U.S. Stock Index Portfolio - Class I		4,701,921		1.0
	4,430,224		VY® BlackRock Inflation Protected Bond Portfolio - Class I		42,530,153		9.0
	388,942		VY® Clarion Global Real Estate Portfolio - Class I		4,612,850		1.0
	123,765		VY® Clarion Real Estate Portfolio - Class I		4,568,161		1.0
	6,353,480		VY® Goldman Sachs Bond Portfolio - Class I		64,487,818		13.6
	1,451,976		VY® T. Rowe Price Capital Appreciation Portfolio - Class I		39,000,085		8.3
	1,311,589		VY® T. Rowe Price Equity Income Portfolio - Class I		18,781,948		4.0
	111,285	@	VY® T. Rowe Price Growth Equity Portfolio - Class I		9,578,301		2.0
					440,685,034		93.3
			Unaffiliated Investment Companies: 1.5%
	1,413,177	@	Credit Suisse Commodity Return Strategy Fund - Class I		7,037,621		1.5
		Total Mutual Funds
		(Cost $445,764,905)			447,722,655		94.8
		Total Investments in Securities (Cost $468,532,056)		$	471,509,452		99.8
		Assets in Excess of Other Liabilities			1,017,828		0.2
		Net Assets		$	472,527,280		100.0

@ Non-income producing security.

Cost for federal income tax purposes is $480,034,940.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	7,904,926
Gross Unrealized Depreciation		(16,430,414	)
Net Unrealized Depreciation	$	(8,525,488	)

Voya Solution Income Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	23,786,797		$	–	$	–	$	23,786,797
Mutual Funds		447,722,655			–		–		447,722,655
Total Investments, at fair value	$	471,509,452		$	–	$	–	$	471,509,452
Other Financial Instruments+
Futures		55,563			–		–		55,563
Total Assets	$	471,565,015		$	–	$	–	$	471,565,015
Liabilities Table
Other Financial Instruments+
Futures	$	(101,691	)	$	–	$	–	$	(101,691	)
Total Liabilities	$	(101,691	)	$	–	$	–	$	(101,691	)

+ 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 period ended March 31, 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 3/31/17		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Floating Rate Fund - Class I	$	24,412,085	$	750,757	$	(1,451,168	)	$	(38,115	)	$	23,673,559	$	245,752	$	(33,478	)	$	-
Voya Global Bond Fund - Class R6		28,805,185		617,264		(1,738,960	)		682,641			28,366,130		-		(37,732	)		-
Voya High Yield Bond Fund - Class R6		9,874,208		156,813		(696,732	)		102,218			9,436,507		126,303		(27,451	)		-
Voya Intermediate Bond Fund - Class R6		23,806,889		1,157,940		(1,440,552	)		112,981			23,637,258		195,782		(22,863	)		-
Voya International Index Portfolio - Class I		9,876,036		30,553		(1,181,821	)		793,497			9,518,265		-		(62,752	)		-
Voya Large Cap Growth Portfolio - Class I		9,605,205		30,553		(1,013,719	)		906,033			9,528,072		-		(37,083	)		-
Voya Large Cap Value Fund - Class R6		9,938,244		30,553		(987,920	)		429,640			9,410,517		-		41,634			-
Voya MidCap Opportunities Portfolio - Class I		7,189,262		22,915		(785,922	)		660,328			7,086,583		-		(48,073	)		-
Voya Multi-Manager International Factors Fund- Class I		14,849,746		45,829		(2,019,181	)		1,379,697			14,256,091		-		(303,234	)		-
Voya Multi-Manager Large Cap Core Portfolio - Class I		28,697,976		920,880		(3,141,054	)		1,497,925			27,975,727		-		133,809			-
Voya Multi-Manager Mid Cap Value Fund - Class I		7,347,244		22,915		(711,870	)		304,131			6,962,420		-		(40,906	)		-
Voya Short Term Bond Fund - Class R6		33,789,395		1,211,097		(2,018,678	)		66,517			33,048,331		149,436		(33,913	)		-
Voya U.S. Bond Index Portfolio - Class I		50,356,648		2,341,665		(3,352,226	)		178,250			49,524,337		280,125		(91,540	)		-
Voya U.S. Stock Index Portfolio - Class I		4,904,726		15,276		(479,075	)		260,994			4,701,921		-		24,296			-
VY® BlackRock Inflation Protected Bond Portfolio - Class I		43,336,196		1,524,527		(2,890,620	)		560,050			42,530,153		299,656		(338,778	)		-
VY® Clarion Global Real Estate Portfolio - Class I		4,930,084		15,276		(402,389	)		69,879			4,612,850		-		(10,145	)		-
VY® Clarion Real Estate Portfolio - Class I		4,968,998		15,276		(344,292	)		(71,821	)		4,568,161		-		107,619			-
VY® Goldman Sachs Bond Portfolio - Class I		66,488,713		1,310,132		(3,846,768	)		535,741			64,487,818		-		37,702			-
VY® T. Rowe Price Capital Appreciation Portfolio - Class I		39,875,740		126,030		(3,288,234	)		2,286,549			39,000,085		-		(203,368	)		-
VY® T. Rowe Price Equity Income Portfolio - Class I		19,696,222		61,106		(1,596,872	)		621,492			18,781,948		-		32,062			-
VY® T. Rowe Price Growth Equity Portfolio - Class I		9,561,638		30,553		(1,201,808	)		1,187,918			9,578,301		-		(155,400	)		-
	$	452,310,440	$	10,437,910	$	(34,589,861	)	$	12,526,545		$	440,685,034	$	1,297,054	$	(1,069,594	)	$	-

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

At March 31, 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	129	06/16/17	$	4,714,779		$	55,563
Mini MSCI Emerging Markets Index	97	06/16/17		4,662,790			(59,297	)
			$	9,377,569		$	(3,734	)
Short Contracts
S&P 500 E-Mini	(81)	06/16/17		(9,554,760	)		(42,394	)
			$	(9,554,760	)	$	(42,394	)

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

The fair value of derivative instruments as of March 31, 2017 were as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Equity contracts	Futures contracts	$	55,563
Total Asset Derivatives		$	55,563
Liability Derivatives	Instrument Type
Equity contracts	Futures contracts	$	101,691
Total Liability Derivatives		$	101,691

Voya Solution Moderately Aggressive Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 10.3%
	44,057		iShares Barclays 20+ Year Treasury Bond Fund	$	5,318,120		0.7
	213,173		iShares Russell 1000 Value Index Fund		24,502,105		3.5
	180,292		SPDR Trust Series 1		42,502,036		6.1
			Total Exchange-Traded Funds (Cost $66,995,122)		72,322,261		10.3
MUTUAL FUNDS: 89.5%
			Affiliated Investment Companies: 88.0%
	1,333,724		Voya Emerging Markets Index Portfolio - Class I		14,270,843		2.0
	2,116,891		Voya Floating Rate Fund - Class I		21,020,726		3.0
	1,441,511		Voya Global Bond Fund - Class R6		13,953,828		2.0
	1,723,742		Voya High Yield Bond Fund - Class R6		13,962,310		2.0
	810,266		Voya Index Plus LargeCap Portfolio - Class I		20,953,476		3.0
	3,661,674		Voya Intermediate Bond Fund - Class R6		36,616,739		5.2
	1,515,087		Voya International Index Portfolio - Class I		14,378,177		2.0
	2,045,823		Voya Large Cap Growth Portfolio - Class I		38,788,807		5.5
	2,263,951		Voya Large Cap Value Fund - Class R6		30,812,370		4.4
	3,648,054	@	Voya MidCap Opportunities Portfolio - Class I		48,956,886		7.0
	1,354,501		Voya Multi-Manager Emerging Markets Equity Fund - Class I		14,384,797		2.0
	5,291,395		Voya Multi-Manager International Equity Fund - Class I		56,988,327		8.1
	4,405,105		Voya Multi-Manager International Factors Fund - Class I		42,641,419		6.1
	2,128,923		Voya Multi-Manager Large Cap Core Portfolio - Class I		33,573,114		4.8
	4,198,597		Voya Multi-Manager Mid Cap Value Fund - Class I		48,283,862		6.9
	910,317		Voya Small Company Portfolio - Class I		20,782,545		3.0
	1,323,029		Voya U.S. Bond Index Portfolio - Class I		13,957,959		2.0
	1,190,853		Voya U.S. Stock Index Portfolio - Class I		17,398,356		2.5
	575,566		VY® Clarion Global Real Estate Portfolio - Class I		6,826,209		1.0
	183,126		VY® Clarion Real Estate Portfolio - Class I		6,759,191		1.0
	1,534,798		VY® Invesco Comstock Portfolio - Class I		27,350,096		3.9
	1,307,125		VY® T. Rowe Price Capital Appreciation Portfolio - Class I		35,109,370		5.0
	453,021	@	VY® T. Rowe Price Growth Equity Portfolio - Class I		38,991,542		5.6
					616,760,949		88.0
			Unaffiliated Investment Companies: 1.5%
	2,103,792	@	Credit Suisse Commodity Return Strategy Fund - Class I		10,476,886		1.5
		Total Mutual Funds
		(Cost $614,487,841)			627,237,835		89.5
		Total Investments in Securities (Cost $681,482,963)		$	699,560,096		99.8
		Assets in Excess of Other Liabilities			1,582,983		0.2
		Net Assets		$	701,143,079		100.0

@ Non-income producing security.

Cost for federal income tax purposes is $692,439,253.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	25,016,943
Gross Unrealized Depreciation		(17,896,100	)
Net Unrealized Appreciation	$	7,120,843

Voya Solution Moderately Aggressive Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	72,322,261		$	–	$	–	$	72,322,261
Mutual Funds		627,237,835			–		–		627,237,835
Total Investments, at fair value	$	699,560,096		$	–	$	–	$	699,560,096
Other Financial Instruments+
Futures		82,268			–		–		82,268
Total Assets	$	699,642,364		$	–	$	–	$	699,642,364
Liabilities Table
Other Financial Instruments+
Futures	$	(150,311	)	$	–	$	–	$	(150,311	)
Total Liabilities	$	(150,311	)	$	–	$	–	$	(150,311	)

+ 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 period ended March 31, 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 3/31/17		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I	$	13,697,941	$	17,674	$	(965,950	)	$	1,521,178		$	14,270,843	$	-	$	82,961		$	-
Voya Floating Rate Fund - Class I		20,781,804		1,223,378		(929,712	)		(54,744	)		21,020,726		214,609		(8,680	)		-
Voya Global Bond Fund - Class R6		13,630,379		626,982		(597,994	)		294,461			13,953,828		-		16,027			-
Voya High Yield Bond Fund - Class R6		14,006,352		468,802		(602,520	)		89,676			13,962,310		183,678		11,502			-
Voya Index Plus LargeCap Portfolio - Class I		20,761,240		26,511		(1,104,814	)		1,270,539			20,953,476		-		144,460			-
Voya Intermediate Bond Fund - Class R6		35,984,089		2,339,361		(1,847,467	)		140,756			36,616,739		301,878		(5,405	)		-
Voya International Index Portfolio - Class I		14,011,692		17,674		(755,842	)		1,104,653			14,378,177		-		(41,448	)		-
Voya Large Cap Growth Portfolio - Class I		37,494,815		110,158		(2,373,147	)		3,556,981			38,788,807		-		(100,984	)		-
Voya Large Cap Value Fund - Class R6		31,491,888		277,465		(2,302,856	)		1,345,873			30,812,370		-		153,228			-
Voya MidCap Opportunities Portfolio - Class I		47,615,502		161,336		(3,568,055	)		4,748,103			48,956,886		-		(626,971	)		-
Voya Multi-Manager Emerging Markets Equity Fund - Class I		13,628,443		17,674		(950,147	)		1,688,827			14,384,797		-		60,179			-
Voya Multi-Manager International Equity Fund - Class I		55,494,611		682,923		(3,218,298	)		4,029,091			56,988,327		-		(269,630	)
Voya Multi-Manager International Factors Fund - Class I		42,131,464		53,022		(2,863,692	)		3,320,625			42,641,419		-		(199,522	)
Voya Multi-Manager Large Cap Core Portfolio - Class I		34,226,903		1,200,007		(3,664,717	)		1,810,921			33,573,114		-		172,914			-
Voya Multi-Manager Mid Cap Value Fund - Class I		48,640,205		256,859		(2,654,475	)		2,041,273			48,283,862		-		(299,664	)		-
Voya Small Company Portfolio - Class I		21,034,727		221,511		(1,055,904	)		582,211			20,782,545		-		88,930			-
Voya U.S. Bond Index Portfolio - Class I		13,661,568		887,718		(627,337	)		36,010			13,957,959		78,061		(13,316	)		-
Voya U.S. Stock Index Portfolio - Class I		17,394,306		22,092		(965,867	)		947,825			17,398,356		-		76,145
VY® Clarion Global Real Estate Portfolio - Class I		6,994,370		57,171		(316,747	)		91,415			6,826,209		-		(9,737	)		-
VY® Clarion Real Estate Portfolio - Class I		7,046,351		8,837		(317,271	)		21,274			6,759,191		-		23,247			-
VY® Invesco Comstock Portfolio - Class I		28,386,120		35,348		(1,536,844	)		465,472			27,350,096		-		109,126			-
VY® T. Rowe Price Capital Appreciation Portfolio - Class I		34,303,039		515,752		(1,565,533	)		1,856,112			35,109,370		-		(30,481	)		-
VY® T. Rowe Price Growth Equity Portfolio - Class I		37,335,214		125,796		(2,670,412	)		4,200,944			38,991,542		-		(97,944	)		-
	$	609,753,023	$	9,354,051	$	(37,455,601	)	$	35,109,476		$	616,760,949	$	778,226	$	(765,063	)	$	-

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

At March 31, 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	191	06/16/17	$	6,980,798		$	82,268
Mini MSCI Emerging Markets Index	144	06/16/17		6,922,080			(88,028	)
			$	13,902,878		$	(5,760	)
Short Contracts
S&P 500 E-Mini	(119)	06/16/17		(14,037,240	)		(62,283	)
			$	(14,037,240	)	$	(62,283	)

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

The fair value of derivative instruments as of March 31, 2017 were as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Equity contracts	Futures contracts	$	82,268
Total Asset Derivatives		$	82,268
Liability Derivatives	Instrument Type
Equity contracts	Futures contracts	$	150,311
Total Liability Derivatives		$	150,311

Voya Solution Moderately Conservative Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 4.3%
	5,901		SPDR Trust Series 1	$	1,391,102		4.3
		Total Exchange-Traded Funds
		(Cost $1,285,214)			1,391,102		4.3
MUTUAL FUNDS: 95.5%
			Affiliated Investment Companies: 93.4%
	61,280		Voya Emerging Markets Index Portfolio - Class I		655,700		2.0
	194,612		Voya Floating Rate Fund - Class I		1,932,497		6.0
	166,534		Voya Global Bond Fund - Class R6		1,612,045		5.0
	237,614		Voya High Yield Bond Fund - Class R6		1,924,675		6.0
	96,407		Voya Intermediate Bond Fund - Class R6		964,074		3.0
	68,076		Voya International Index Portfolio - Class I		646,044		2.0
	25,641		Voya Large Cap Growth Portfolio - Class I		486,149		1.5
	23,524		Voya Large Cap Value Fund - Class R6		320,162		1.0
	89,759	@	Voya MidCap Opportunities Portfolio - Class I		1,204,567		3.7
	75,130		Voya Multi-Manager International Equity Fund - Class I		809,149		2.5
	84,918		Voya Multi-Manager International Factors Fund - Class I		822,006		2.6
	102,827		Voya Multi-Manager Mid Cap Value Fund - Class I		1,182,511		3.7
	293,626		Voya Short Term Bond Fund - Class R6		2,889,284		9.0
	27,579		Voya Small Company Portfolio - Class I		629,624		2.0
	229,265		Voya U.S. Bond Index Portfolio - Class I		2,418,749		7.5
	50,730		Voya U.S. Stock Index Portfolio - Class I		741,161		2.3
	133,543		VY® BlackRock Inflation Protected Bond Portfolio - Class I		1,282,016		4.0
	26,391		VY® Clarion Global Real Estate Portfolio - Class I		313,002		1.0
	8,394		VY® Clarion Real Estate Portfolio - Class I		309,817		1.0
	332,431		VY® Goldman Sachs Bond Portfolio - Class I		3,374,177		10.5
	35,260		VY® Invesco Comstock Portfolio - Class I		628,325		1.9
	120,147		VY® T. Rowe Price Capital Appreciation Portfolio - Class I		3,227,151		10.0
	82,456		VY® T. Rowe Price Equity Income Portfolio - Class I		1,180,764		3.7
	5,679	@	VY® T. Rowe Price Growth Equity Portfolio - Class I		488,770		1.5
					30,042,419		93.4
			Unaffiliated Investment Companies: 2.1%
	137,733	@	Credit Suisse Commodity Return Strategy Fund - Class I		685,911		2.1
		Total Mutual Funds
		(Cost $30,034,866)			30,728,330		95.5
		Total Investments in Securities (Cost $31,320,080)		$	32,119,432		99.8
		Assets in Excess of Other Liabilities			64,096		0.2
		Net Assets		$	32,183,528		100.0

@ Non-income producing security.

Cost for federal income tax purposes is $32,639,221.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	905,219
Gross Unrealized Depreciation		(1,425,008	)
Net Unrealized Depreciation	$	(519,789	)

Voya Solution Moderately Conservative Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	1,391,102		$	–	$	–	$	1,391,102
Mutual Funds		30,728,330			–		–		30,728,330
Total Investments, at fair value	$	32,119,432		$	–	$	–	$	32,119,432
Other Financial Instruments+
Futures		3,876			–		–		3,876
Total Assets	$	32,123,308		$	–	$	–	$	32,123,308
Liabilities Table
Other Financial Instruments+
Futures	$	(6,896	)	$	–	$	–	$	(6,896	)
Total Liabilities	$	(6,896	)	$	–	$	–	$	(6,896	)

+ 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 period ended March 31, 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 3/31/17		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I	$	704,605	$	23,666	$	(149,425	)	$	76,854		$	655,700	$	-	$	3,420		$	-
Voya Floating Rate Fund - Class I		2,137,490		139,465		(346,444	)		1,986			1,932,497		21,241		(7,951	)		-
Voya Global Bond Fund - Class R6		1,752,536		103,166		(284,803	)		41,146			1,612,045		-		(2,727	)		-
Voya High Yield Bond Fund - Class R6		2,160,759		100,018		(353,322	)		17,220			1,924,675		27,184		(1,021	)		-
Voya Intermediate Bond Fund - Class R6		1,032,437		97,326		(169,360	)		3,671			964,074		8,441		(113	)		-
Voya International Index Portfolio - Class I		720,428		23,666		(160,406	)		62,356			646,044		-		(10,022	)		-
Voya Large Cap Growth Portfolio - Class I		525,813		17,749		(109,261	)		51,848			486,149		-		(4,486	)		-
Voya Large Cap Value Fund - Class R6		362,284		11,833		(62,856	)		8,901			320,162		-		8,418			-
Voya MidCap Opportunities Portfolio - Class I		1,311,645		44,374		(314,690	)		163,238			1,204,567		-		(52,084	)		-
Voya Multi-Manager International Equity Fund - Class I		891,764		29,582		(167,305	)		55,108			809,149		-		2,416			-
Voya Multi-Manager International Factors Fund - Class I		902,606		29,582		(177,812	)		67,630			822,006		-		(3,328	)		-
Voya Multi-Manager Mid Cap Value Fund - Class I		1,339,779		44,374		(266,019	)		64,377			1,182,511		-		(16,665	)		-
Voya Short Term Bond Fund - Class R6		3,171,325		222,750		(517,150	)		12,359			2,889,284		13,847		(9,412	)		-
Voya Small Company Portfolio - Class I		720,942		23,666		(134,778	)		19,794			629,624		-		2,838			-
Voya U.S. Bond Index Portfolio - Class I		2,634,775		203,624		(426,747	)		7,097			2,418,749		14,499		(3,632	)		-
Voya U.S. Stock Index Portfolio - Class I		895,000		53,248		(253,937	)		46,850			741,161		-		4,509			-
VY® BlackRock Inflation Protected Bond Portfolio - Class I		1,406,582		95,146		(226,084	)		6,372			1,282,016		9,903		(422	)		-
VY® Clarion Global Real Estate Portfolio - Class I		359,616		11,833		(64,539	)		6,092			313,002		-		(2,061	)		-
VY® Clarion Real Estate Portfolio - Class I		362,244		11,833		(65,332	)		1,072			309,817		-		1,199			-
VY® Goldman Sachs Bond Portfolio - Class I		3,726,858		208,812		(586,450	)		24,957			3,374,177		-		5,910			-
VY® Invesco Comstock Portfolio - Class I		729,813		23,666		(120,904	)		(4,250	)		628,325		-		19,797			-
VY® T. Rowe Price Capital Appreciation Portfolio - Class I		3,527,976		118,330		(648,113	)		228,958			3,227,151		-		(45,466	)		-
VY® T. Rowe Price Equity Income Portfolio - Class I		1,437,718		147,815		(441,904	)		37,135			1,180,764		-		9,418			-
VY® T. Rowe Price Growth Equity Portfolio - Class I		523,599		17,749		(110,041	)		57,463			488,770		-		(1,300	)		-
	$	33,338,594	$	1,803,273	$	(6,157,682	)	$	1,058,234		$	30,042,419	$	95,115	$	(102,765	)	$	-

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

At March 31, 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	06/16/17	$	328,938		$	3,876
Mini MSCI Emerging Markets Index	7	06/16/17		336,490			(4,279	)
			$	665,428		$	(403	)
Short Contracts
S&P 500 E-Mini	(5)	06/16/17		(589,800	)		(2,617	)
			$	(589,800	)	$	(2,617	)

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

The fair value of derivative instruments as of March 31, 2017 were as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Equity contracts	Futures contracts	$	3,876
Total Asset Derivatives		$	3,876
Liability Derivatives	Instrument Type
Equity contracts	Futures contracts	$	6,896
Total Liability Derivatives		$	6,896

Voya Solution 2020 Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 4.5%
	1,607		iShares Barclays 20+ Year Treasury Bond Fund	$	193,981		0.7
	6,819		iShares MSCI Emerging Markets Index Fund		268,601		1.0
	2,067		SPDR Trust Series 1		487,275		1.8
	4,377		WisdomTree Europe Hedged Equity Fund		274,919		1.0
		Total Exchange-Traded Funds
		(Cost $1,247,511)			1,224,776		4.5
MUTUAL FUNDS: 95.3%
			Affiliated Investment Companies: 93.9%
	137,909		Voya Floating Rate Fund - Class I		1,369,433		5.0
	169,138		Voya Global Bond Fund - Class R6		1,637,253		6.0
	67,408		Voya High Yield Bond Fund - Class R6		546,007		2.0
	123,112		Voya Intermediate Bond Fund - Class R6		1,231,120		4.5
	88,751		Voya International Index Portfolio - Class I		842,252		3.1
	50,882		Voya Large Cap Growth Portfolio - Class I		964,724		3.5
	40,003		Voya Large Cap Value Fund - Class R6		544,444		2.0
	50,941	@	Voya MidCap Opportunities Portfolio - Class I		683,633		2.5
	52,056		Voya Multi-Manager International Equity Fund - Class I		560,638		2.0
	173,215		Voya Multi-Manager International Factors Fund - Class I		1,676,722		6.1
	103,202		Voya Multi-Manager Large Cap Core Portfolio - Class I		1,627,495		5.9
	58,445		Voya Multi-Manager Mid Cap Value Fund - Class I		672,122		2.5
	117,998		Voya Short Term Bond Fund - Class R6		1,161,097		4.2
	23,528		Voya Small Company Portfolio - Class I		537,152		2.0
	156,156		Voya U.S. Bond Index Portfolio - Class I		1,647,441		6.0
	79,260		Voya U.S. Stock Index Portfolio - Class I		1,157,983		4.2
	199,092		VY® BlackRock Inflation Protected Bond Portfolio - Class I		1,911,283		7.0
	22,543		VY® Clarion Global Real Estate Portfolio - Class I		267,357		1.0
	7,177		VY® Clarion Real Estate Portfolio - Class I		264,911		1.0
	134,227		VY® Goldman Sachs Bond Portfolio - Class I		1,362,405		5.0
	45,030		VY® Invesco Comstock Portfolio - Class I		802,432		2.9
	102,187		VY® T. Rowe Price Capital Appreciation Portfolio - Class I		2,744,737		10.0
	37,951		VY® T. Rowe Price Equity Income Portfolio - Class I		543,454		2.0
	11,266	@	VY® T. Rowe Price Growth Equity Portfolio - Class I		969,641		3.5
					25,725,736		93.9
			Unaffiliated Investment Companies: 1.4%
	76,690	@	Credit Suisse Commodity Return Strategy Fund - Class I		381,916		1.4
		Total Mutual Funds
		(Cost $25,262,159)			26,107,652		95.3
		Total Investments in Securities (Cost $26,509,670)		$	27,332,428		99.8
		Assets in Excess of Other Liabilities			48,387		0.2
		Net Assets		$	27,380,815		100.0

@ Non-income producing security.

Cost for federal income tax purposes is $26,717,077.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	912,288
Gross Unrealized Depreciation		(296,937	)
Net Unrealized Appreciation	$	615,351

Voya Solution 2020 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	1,224,776	$	–	$	–	$	1,224,776
Mutual Funds		26,107,652		–		–		26,107,652
Total Investments, at fair value	$	27,332,428	$	–	$	–	$	27,332,428

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 March 31, 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 3/31/17		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Floating Rate Fund - Class I	$	1,110,510	$	322,286	$	(58,173	)	$	(5,190	)	$	1,369,433	$	12,684	$	1,288		$	-
Voya Global Bond Fund - Class R6		1,312,994		363,582		(69,303	)		29,980			1,637,253		-		2,050			-
Voya High Yield Bond Fund - Class R6		448,744		117,905		(21,381	)		739			546,007		6,489		2,404			-
Voya Intermediate Bond Fund - Class R6		991,201		289,571		(53,300	)		3,648			1,231,120		9,151		215			-
Voya International Index Portfolio - Class I		448,823		386,227		(42,795	)		49,997			842,252		-		1,809			-
Voya Large Cap Growth Portfolio - Class I		765,781		191,569		(67,014	)		74,388			964,724		-		1,442			-
Voya Large Cap Value Fund - Class R6		450,982		109,468		(31,067	)		15,061			544,444		-		8,232			-
Voya MidCap Opportunities Portfolio - Class I		545,865		136,835		(47,831	)		48,764			683,633		-		1,413			-
Voya Multi-Manager International Equity Fund - Class I		667,223		109,652		(240,272	)		24,035			560,638		-		12,420			-
Voya Multi-Manager International Factors Fund - Class I		1,349,208		328,405		(99,316	)		98,425			1,676,722		-		9,886			-
Voya Multi-Manager Large Cap Core Portfolio - Class I		1,333,324		328,405		(101,256	)		67,022			1,627,495		-		15,564			-
Voya Multi-Manager Mid Cap Value Fund - Class I		556,412		136,835		(36,549	)		15,424			672,122		-		5,505			-
Voya Short Term Bond Fund - Class R6		934,435		276,327		(50,567	)		902			1,161,097		4,678		(25	)		-
Voya Small Company Portfolio - Class I		448,939		109,468		(27,471	)		6,216			537,152		-		8,864			-
Voya U.S. Bond Index Portfolio - Class I		1,331,484		393,875		(81,722	)		3,804			1,647,441		8,389		(1,451	)		-
Voya U.S. Stock Index Portfolio - Class I		1,006,181		519,974		(405,320	)		37,148			1,157,983		-		24,700			-
VY® BlackRock Inflation Protected Bond Portfolio - Class I		1,536,704		449,112		(80,269	)		5,736			1,911,283		11,460		2,976			-
VY® Clarion Global Real Estate Portfolio - Class I		224,349		54,734		(14,956	)		3,230			267,357		-		(400	)		-
VY® Clarion Real Estate Portfolio - Class I		225,928		54,734		(14,809	)		(942	)		264,911		-		2,467			-
VY® Goldman Sachs Bond Portfolio - Class I		1,098,811		312,662		(59,390	)		10,322			1,362,405		-		70			-
VY® Invesco Comstock Portfolio - Class I		680,809		164,202		(43,575	)		996			802,432		-		12,323			-
VY® T. Rowe Price Capital Appreciation Portfolio - Class I		2,201,074		547,341		(131,912	)		128,234			2,744,737		-		(1,744	)		-
VY® T. Rowe Price Equity Income Portfolio - Class I		447,275		109,468		(28,990	)		15,701			543,454		-		470			-
VY® T. Rowe Price Growth Equity Portfolio - Class I		762,713		191,569		(69,851	)		85,210			969,641		-		4,217			-
	$	20,879,769	$	6,004,206	$	(1,877,089	)	$	718,850		$	25,725,736	$	52,851	$	114,695		$	-

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

Voya Solution 2025 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 5.7%
	130,884		iShares Barclays 20+ Year Treasury Bond Fund	$	15,799,008		1.7
	153,033		SPDR Trust Series 1		36,075,999		4.0
		Total Exchange-Traded Funds
		(Cost $50,305,991)			51,875,007		5.7
MUTUAL FUNDS: 94.1%
			Affiliated Investment Companies: 92.6%
	1,731,365		Voya Emerging Markets Index Portfolio - Class I		18,525,601		2.0
	4,582,101		Voya Floating Rate Fund - Class I		45,500,260		5.0
	5,616,975		Voya Global Bond Fund - Class R6		54,372,317		6.0
	2,239,188		Voya High Yield Bond Fund - Class R6		18,137,426		2.0
	4,089,272		Voya Intermediate Bond Fund - Class R6		40,892,715		4.5
	4,386,849		Voya International Index Portfolio - Class I		41,631,201		4.6
	1,932,079		Voya Large Cap Growth Portfolio - Class I		36,632,227		4.0
	1,329,083		Voya Large Cap Value Fund - Class R6		18,088,824		2.0
	2,368,903	@	Voya MidCap Opportunities Portfolio - Class I		31,790,675		3.5
	879,105		Voya Multi-Manager Emerging Markets Equity Fund - Class I		9,336,097		1.0
	4,075,969		Voya Multi-Manager International Equity Fund - Class I		43,898,188		4.8
	4,524,879		Voya Multi-Manager International Factors Fund - Class I		43,800,833		4.8
	3,996,133		Voya Multi-Manager Large Cap Core Portfolio - Class I		63,019,010		6.9
	2,716,357		Voya Multi-Manager Mid Cap Value Fund - Class I		31,238,108		3.4
	2,075,058		Voya Short Term Bond Fund - Class R6		20,418,566		2.2
	1,188,090		Voya Small Company Portfolio - Class I		27,124,089		3.0
	3,434,582		Voya U.S. Bond Index Portfolio - Class I		36,234,835		4.0
	1,855,985		Voya U.S. Stock Index Portfolio - Class I		27,115,944		3.0
	747,965		VY® Clarion Global Real Estate Portfolio - Class I		8,870,869		1.0
	238,043		VY® Clarion Real Estate Portfolio - Class I		8,786,166		1.0
	3,565,950		VY® Goldman Sachs Bond Portfolio - Class I		36,194,394		4.0
	1,993,857		VY® Invesco Comstock Portfolio - Class I		35,530,523		3.9
	3,394,970		VY® T. Rowe Price Capital Appreciation Portfolio - Class I		91,188,898		10.0
	1,260,653		VY® T. Rowe Price Equity Income Portfolio - Class I		18,052,547		2.0
	427,820	@	VY® T. Rowe Price Growth Equity Portfolio - Class I		36,822,497		4.0
					843,202,810		92.6
			Unaffiliated Investment Companies: 1.5%
	2,679,337	@	Credit Suisse Commodity Return Strategy Fund - Class I		13,343,097		1.5
		Total Mutual Funds
		(Cost $842,743,035)			856,545,907		94.1
		Total Investments in Securities (Cost $893,049,026)		$	908,420,914		99.8
		Assets in Excess of Other Liabilities			1,996,676		0.2
		Net Assets		$	910,417,590		100.0

@ Non-income producing security.

Cost for federal income tax purposes is $913,209,393.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	22,534,082
Gross Unrealized Depreciation		(27,322,561	)
Net Unrealized Depreciation	$	(4,788,479	)

Voya Solution 2025 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	51,875,007		$	–	$	–	$	51,875,007
Mutual Funds		856,545,907			–		–		856,545,907
Total Investments, at fair value	$	908,420,914		$	–	$	–	$	908,420,914
Other Financial Instruments+
Futures		106,388			–		–		106,388
Total Assets	$	908,527,302		$	–	$	–	$	908,527,302
Liabilities Table
Other Financial Instruments+
Futures	$	(194,828	)	$	–	$	–	$	(194,828	)
Total Liabilities	$	(194,828	)	$	–	$	–	$	(194,828	)

+ 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 period ended March 31, 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 3/31/17		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I	$	17,744,852	$	200,193	$	(1,460,924	)	$	2,041,480		$	18,525,601		-	$	13,440		$	-
Voya Floating Rate Fund - Class I		44,882,064		2,577,600		(1,868,011	)		(91,393	)		45,500,260		458,902		(43,487	)		-
Voya Global Bond Fund - Class R6		52,960,688		2,412,172		(2,240,676	)		1,240,133			54,372,317		-		(51,247	)		-
Voya High Yield Bond Fund - Class R6		18,153,839		579,760		(767,251	)		171,078			18,137,426		235,804		(37,442	)		-
Voya Intermediate Bond Fund - Class R6		39,997,229		2,384,784		(1,658,415	)		169,117			40,892,715		332,285		(16,344	)		-
Voya International Index Portfolio - Class I		18,158,620		22,933,346		(2,392,770	)		2,932,005			41,631,201		-		(232,599	)		-
Voya Large Cap Growth Portfolio - Class I		35,320,276		400,386		(2,269,937	)		3,181,502			36,632,227		-		38,417			-
Voya Large Cap Value Fund - Class R6		18,272,247		200,193		(1,217,727	)		834,111			18,088,824		-		35,374			-
Voya MidCap Opportunities Portfolio - Class I		30,842,492		350,337		(2,508,807	)		3,106,653			31,790,675		-		(467,389	)		-
Voya Multi-Manager Emerging Markets Equity Fund - Class I		8,825,764		100,096		(755,999	)		1,166,236			9,336,097		-		(46,087	)		-
Voya Multi-Manager International Equity Fund - Class I		53,927,891		475,458		(13,652,185	)		3,147,024			43,898,188		-		(106,463	)		-
Voya Multi-Manager International Factors Fund - Class I		54,607,258		475,458		(17,531,769	)		6,249,886			43,800,833		-		(2,911,678	)		-
Voya Multi-Manager Large Cap Core Portfolio - Class I		61,037,724		3,055,325		(4,151,217	)		3,077,178			63,019,010		-		410,092			-
Voya Multi-Manager Mid Cap Value Fund - Class I		31,519,136		350,337		(2,176,001	)		1,544,636			31,238,108		-		(421,004	)		-
Voya Short Term Bond Fund - Class R6		19,974,891		1,245,654		(837,283	)		35,304			20,418,566		89,723		(16,248	)		-
Voya Small Company Portfolio - Class I		27,265,755		675,289		(1,462,713	)		645,758			27,124,089		-		222,355			-
Voya U.S. Bond Index Portfolio - Class I		34,778,247		3,498,049		(2,124,294	)		82,833			36,234,835		196,578		(26,092	)		-
Voya U.S. Stock Index Portfolio - Class I		27,051,477		300,289		(1,795,250	)		1,559,428			27,115,944		-		18,686			-
VY® Clarion Global Real Estate Portfolio - Class I		9,064,818		100,096		(414,074	)		120,029			8,870,869		-		(12,406	)		-
VY® Clarion Real Estate Portfolio - Class I		9,136,679		100,096		(375,375	)		(75,234	)		8,786,166		-		137,210			-
VY® Goldman Sachs Bond Portfolio - Class I		35,454,120		1,892,758		(1,446,570	)		294,086			36,194,394		-		13,049			-
VY® Invesco Comstock Portfolio - Class I		36,833,252		400,386		(2,144,399	)		441,284			35,530,523		-		305,691			-
VY® T. Rowe Price Capital Appreciation Portfolio - Class I		88,866,305		1,293,309		(3,815,698	)		4,844,982			91,188,898		-		(166,651	)		-
VY® T. Rowe Price Equity Income Portfolio - Class I		18,106,023		200,193		(844,962	)		591,293			18,052,547		-		11,333			-
VY® T. Rowe Price Growth Equity Portfolio - Class I		35,159,519		400,385		(2,708,332	)		3,970,925			36,822,497		-		(148,359	)		-
	$	827,941,166	$	46,601,949	$	(72,620,639	)	$	41,280,334		$	843,202,810	$	1,313,292	$	(3,497,849	)	$	-

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

At March 31, 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	247	06/16/17	$	9,027,524		$	106,388
Mini MSCI Emerging Markets Index	186	06/16/17		8,941,020			(113,704	)
			$	17,968,544		$	(7,316	)
Short Contracts
S&P 500 E-Mini	(155)	06/16/17		(18,283,800	)		(81,124	)
			$	(18,283,800	)	$	(81,124	)

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

The fair value of derivative instruments as of March 31, 2017 were as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Equity contracts	Futures contracts	$	106,388
Total Asset Derivatives		$	106,388
Liability Derivatives	Instrument Type
Equity contracts	Futures contracts	$	194,828
Total Liability Derivatives		$	194,828

Voya Solution 2030 Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 6.6%
	4,471		iShares Barclays 20+ Year Treasury Bond Fund	$	539,694		2.7
	5,030		iShares MSCI Emerging Markets Index Fund		198,132		1.0
	1,624		SPDR Trust Series 1		382,842		1.9
	3,229		WisdomTree Europe Hedged Equity Fund		202,813		1.0
		Total Exchange-Traded Funds
		(Cost $1,346,841)			1,323,481		6.6
MUTUAL FUNDS: 93.3%
			Affiliated Investment Companies: 91.9%
	38,099		Voya Emerging Markets Index Portfolio - Class I		407,664		2.0
	100,857		Voya Floating Rate Fund - Class I		1,001,511		5.0
	49,316		Voya High Yield Bond Fund - Class R6		399,457		2.0
	23,175		Voya Index Plus LargeCap Portfolio - Class I		599,302		3.0
	75,040		Voya Intermediate Bond Fund - Class R6		750,395		3.7
	108,155		Voya International Index Portfolio - Class I		1,026,391		5.1
	47,853		Voya Large Cap Growth Portfolio - Class I		907,288		4.5
	29,262		Voya Large Cap Value Fund - Class R6		398,257		2.0
	52,181	@	Voya MidCap Opportunities Portfolio - Class I		700,267		3.5
	38,685		Voya Multi-Manager Emerging Markets Equity Fund - Class I		410,835		2.1
	95,163		Voya Multi-Manager International Equity Fund - Class I		1,024,903		5.1
	105,554		Voya Multi-Manager International Factors Fund - Class I		1,021,764		5.1
	100,671		Voya Multi-Manager Large Cap Core Portfolio - Class I		1,587,584		7.9
	59,897		Voya Multi-Manager Mid Cap Value Fund - Class I		688,819		3.4
	25,383		Voya Short Term Bond Fund - Class R6		249,771		1.2
	25,843		Voya Small Company Portfolio - Class I		589,996		2.9
	33,789		Voya U.S. Bond Index Portfolio - Class I		356,479		1.8
	69,428		Voya U.S. Stock Index Portfolio - Class I		1,014,348		5.1
	24,757		VY® Clarion Global Real Estate Portfolio - Class I		293,618		1.5
	7,885		VY® Clarion Real Estate Portfolio - Class I		291,033		1.5
	39,276		VY® Goldman Sachs Bond Portfolio - Class I		398,647		2.0
	54,937		VY® Invesco Comstock Portfolio - Class I		978,970		4.9
	74,733		VY® T. Rowe Price Capital Appreciation Portfolio - Class I		2,007,333		10.0
	27,765		VY® T. Rowe Price Equity Income Portfolio - Class I		397,597		2.0
	10,595	@	VY® T. Rowe Price Growth Equity Portfolio - Class I		911,878		4.6
					18,414,107		91.9
			Unaffiliated Investment Companies: 1.4%
	56,672	@	Credit Suisse Commodity Return Strategy Fund - Class I		282,225		1.4
		Total Mutual Funds
		(Cost $17,823,091)			18,696,332		93.3
		Total Investments in Securities (Cost $19,169,932)		$	20,019,813		99.9
		Assets in Excess of Other Liabilities			25,362		0.1
		Net Assets		$	20,045,175		100.0

@ Non-income producing security.

Cost for federal income tax purposes is $19,295,240.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	884,657
Gross Unrealized Depreciation		(160,084	)
Net Unrealized Appreciation	$	724,573

Voya Solution 2030 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements 

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	1,323,481	$	–	$	–	$	1,323,481
Mutual Funds		18,696,332		–		–		18,696,332
Total Investments, at fair value	$	20,019,813	$	–	$	–	$	20,019,813

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 March 31, 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 3/31/17		Investment Income		Realized Gains/ (Losses)			Net Capital  Gain  Distributions
Voya Emerging Markets Index Portfolio - Class I	$	295,424	$	102,466	$	(27,696	)	$	37,470		$	407,664	$	-	$	883		$	-
Voya Floating Rate Fund - Class I		745,459		301,213		(41,364	)		(3,797	)		1,001,511		8,964		1,023			-
Voya High Yield Bond Fund - Class R6		301,238		112,924		(15,883	)		1,178			399,457		4,588		1,071			-
Voya Index Plus LargeCap Portfolio - Class I		446,418		153,698		(31,095	)		30,281			599,302		-		4,278			-
Voya Intermediate Bond Fund - Class R6		554,508		225,182		(31,751	)		2,456			750,395		5,391		39			-
Voya International Index Portfolio - Class I		301,304		707,633		(37,637	)		55,091			1,026,391		-		2,398			-
Voya Large Cap Growth Portfolio - Class I		660,430		230,547		(51,732	)		68,043			907,288		-		655			-
Voya Large Cap Value Fund - Class R6		302,679		102,466		(19,137	)		12,249			398,257		-		4,338			-
Voya MidCap Opportunities Portfolio - Class I		512,733		179,315		(40,173	)		48,392			700,267		-		1,000			-
Voya Multi-Manager Emerging Markets Equity Fund - Class I		293,891		102,466		(22,802	)		37,280			410,835		-		4,947			-
Voya Multi-Manager International Equity Fund - Class I		970,469		261,233		(260,201	)		53,402			1,024,903		-		8,030			-
Voya Multi-Manager International Factors Fund- Class I		981,298		257,067		(269,369	)		52,768			1,021,764		-		13,917			-
Voya Multi-Manager Large Cap Core Portfolio - Class I		1,192,901		409,862		(79,133	)		63,954			1,587,584		-		13,791			-
Voya Multi-Manager Mid Cap Value Fund - Class I		522,688		179,315		(29,857	)		16,673			688,819		-		4,124			-
Voya Short Term Bond Fund - Class R6		184,582		75,588		(10,676	)		277			249,771		974		(79	)		-
Voya Small Company Portfolio - Class I		451,949		153,698		(25,248	)		9,597			589,996		-		6,726			-
Voya U.S. Bond Index Portfolio - Class I		290,509		233,903		(174,041	)		6,108			356,479		1,863		(5,494	)		-
Voya U.S. Stock Index Portfolio - Class I		812,727		537,944		(366,424	)		30,101			1,014,348		-		23,879			-
VY® Clarion Global Real Estate Portfolio - Class I		226,033		77,110		(12,461	)		2,936			293,618		-		254			-
VY® Clarion Real Estate Portfolio - Class I		227,661		76,849		(14,409	)		932			291,033		-		785			-
VY® Goldman Sachs Bond Portfolio - Class I		295,098		117,412		(17,235	)		3,372			398,647		-		(280	)		-
VY® Invesco Comstock Portfolio - Class I		761,426		256,164		(44,281	)		5,661			978,970		-		10,333			-
VY® T. Rowe Price Capital Appreciation Portfolio - Class I		1,477,146		525,653		(84,688	)		89,222			2,007,333		-		84			-
VY® T. Rowe Price Equity Income Portfolio - Class I		300,141		102,759		(16,515	)		11,212			397,597		-		440			-
VY® T. Rowe Price Growth Equity Portfolio - Class I		657,787		230,547		(53,228	)		76,772			911,878		-		3,803			-
	$	13,766,499	$	5,713,014	$	(1,777,036	)	$	711,630		$	18,414,107	$	21,780	$	100,945		$	-

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

Voya Solution 2035 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 6.7%
	53,978		iShares Barclays 20+ Year Treasury Bond Fund	$	6,515,685		0.7
	149,245		iShares Russell 1000 Value Index Fund		17,154,220		2.0
	147,262		SPDR Trust Series 1		34,715,544		4.0
		Total Exchange-Traded Funds
		(Cost $54,642,143)			58,385,449		6.7
MUTUAL FUNDS: 93.1%
			Affiliated Investment Companies: 91.7%
	1,666,356		Voya Emerging Markets Index Portfolio - Class I		17,830,008		2.0
	4,409,164		Voya Floating Rate Fund - Class I		43,782,998		5.0
	2,154,607		Voya High Yield Bond Fund - Class R6		17,452,315		2.0
	1,012,694		Voya Index Plus LargeCap Portfolio - Class I		26,188,272		3.0
	2,579,604		Voya Intermediate Bond Fund - Class R6		25,796,036		2.9
	5,633,507		Voya International Index Portfolio - Class I		53,461,980		6.1
	2,789,051		Voya Large Cap Growth Portfolio - Class I		52,880,408		6.0
	1,916,615		Voya Large Cap Value Fund - Class R6		26,085,134		3.0
	2,279,818	@	Voya MidCap Opportunities Portfolio - Class I		30,595,157		3.5
	3,384,433		Voya Multi-Manager Emerging Markets Equity Fund - Class I		35,942,683		4.1
	6,198,445		Voya Multi-Manager International Equity Fund - Class I		66,757,258		7.6
	5,078,275		Voya Multi-Manager International Factors Fund - Class I		49,157,701		5.6
	4,835,394		Voya Multi-Manager Large Cap Core Portfolio - Class I		76,254,160		8.7
	2,614,114		Voya Multi-Manager Mid Cap Value Fund - Class I		30,062,311		3.4
	1,133,441		Voya Small Company Portfolio - Class I		25,876,465		2.9
	825,868		Voya U.S. Bond Index Portfolio - Class I		8,712,903		1.0
	2,381,412		Voya U.S. Stock Index Portfolio - Class I		34,792,425		4.0
	1,079,735		VY® Clarion Global Real Estate Portfolio - Class I		12,805,656		1.5
	347,394		VY® Clarion Real Estate Portfolio - Class I		12,822,297		1.5
	2,398,442		VY® Invesco Comstock Portfolio - Class I		42,740,245		4.9
	2,286,918		VY® T. Rowe Price Capital Appreciation Portfolio - Class I		61,426,627		7.0
	617,563	@	VY® T. Rowe Price Growth Equity Portfolio - Class I		53,153,677		6.0
					804,576,716		91.7
			Unaffiliated Investment Companies: 1.4%
	2,578,097	@	Credit Suisse Commodity Return Strategy Fund - Class I		12,838,925		1.4
		Total Mutual Funds
		(Cost $794,572,605)			817,415,641		93.1
		Total Investments in Securities (Cost $849,214,748)		$	875,801,090		99.8
		Assets in Excess of Other Liabilities			1,955,159		0.2
		Net Assets		$	877,756,249		100.0

@ Non-income producing security.

Cost for federal income tax purposes is $864,442,674.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	32,850,990
Gross Unrealized Depreciation		(21,492,574	)
Net Unrealized Appreciation	$	11,358,416

Voya Solution 2035 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	58,385,449		$	–	$	–	$	58,385,449
Mutual Funds		817,415,641			–		–		817,415,641
Total Investments, at fair value	$	875,801,090		$	–	$	–	$	875,801,090
Other Financial Instruments+
Futures		102,512			–		–		102,512
Total Assets	$	875,903,602		$	–	$	–	$	875,903,602
Liabilities Table
Other Financial Instruments+
Futures	$	(188,020	)	$	–	$	–	$	(188,020	)
Total Liabilities	$	(188,020	)	$	–	$	–	$	(188,020	)

+ 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 period ended March 31, 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 3/31/17		Investment Income		Realized Gains/ (Losses)			Net Capital  Gain Distributions
Voya Emerging Markets Index Portfolio - Class I	$	16,866,148	$	205,063	$	(1,193,175	)	$	1,951,972		$	17,830,008	$	-	$	6,498		$	-
Voya Floating Rate Fund - Class I		42,658,867		3,015,064		(1,802,887	)		(88,046	)		43,782,998		437,806		(40,938	)		-
Voya High Yield Bond Fund - Class R6		17,254,641		777,654		(712,692	)		132,712			17,452,315		224,958		(7,912	)		-
Voya Index Plus LargeCap Portfolio - Class I		25,570,146		307,594		(1,271,311	)		1,581,843			26,188,272		-		144,287			-
Voya Intermediate Bond Fund - Class R6		24,922,276		1,818,907		(1,047,317	)		102,170			25,796,036		207,763		(7,768	)		-
Voya International Index Portfolio - Class I		17,260,051		34,999,144		(2,381,135	)		3,583,920			53,461,980		-		(228,970	)		-
Voya Large Cap Growth Portfolio - Class I		50,356,044		615,189		(2,310,061	)		4,219,236			52,880,408		-		376,159			-
Voya Large Cap Value Fund - Class R6		25,385,505		1,274,860		(1,855,198	)		1,279,967			26,085,134		-		(93,249	)		-
Voya MidCap Opportunities Portfolio - Class I		29,314,584		358,860		(1,743,927	)		2,665,640			30,595,157		-		(155,917	)		-
Voya Multi-Manager Emerging Markets Equity Fund - Class I		33,554,846		410,126		(2,454,378	)		4,432,089			35,942,683		-		(159,046	)		-
Voya Multi-Manager International Equity Fund - Class I		81,160,453		1,520,000		(22,621,443	)		6,698,248			66,757,258		-		(2,107,503	)		-
Voya Multi-Manager International Factors Fund - Class I		64,880,186		563,923		(22,937,866	)		6,651,458			49,157,701		-		(2,892,329	)		-
Voya Multi-Manager Large Cap Core Portfolio - Class I		73,362,446		3,738,622		(5,211,021	)		4,364,113			76,254,160		-		(171,847	)		-
Voya Multi-Manager Mid Cap Value Fund - Class I		29,956,636		358,860		(1,551,457	)		1,298,272			30,062,311		-		(235,218	)		-
Voya Small Company Portfolio - Class I		25,915,169		442,594		(1,128,773	)		647,475			25,876,465		-		172,942			-
Voya U.S. Bond Index Portfolio - Class I		8,158,275		1,158,788		(629,104	)		24,944			8,712,903		46,277		(12,423	)		-
Voya U.S. Stock Index Portfolio - Class I		34,280,199		410,126		(1,824,201	)		1,926,301			34,792,425		-		71,326			-
VY® Clarion Global Real Estate Portfolio - Class I		12,925,541		257,964		(534,249	)		156,400			12,805,656		-		(5,664	)		-
VY® Clarion Real Estate Portfolio - Class I		13,028,119		288,797		(417,471	)		(77,148	)		12,822,297		-		165,510			-
VY® Invesco Comstock Portfolio - Class I		43,755,087		512,657		(2,110,177	)		582,678			42,740,245		-		290,355			-
VY® T. Rowe Price Capital Appreciation Portfolio - Class I		59,125,635		1,652,928		(2,662,697	)		3,310,761			61,426,627		-		(195,968	)		-
VY® T. Rowe Price Growth Equity Portfolio - Class I		50,126,572		615,189		(2,487,999	)		4,899,915			53,153,677		-		557,388			-
	$	779,817,426	$	55,302,909	$	(80,888,539	)	$	50,344,920		$	804,576,716	$	916,804	$	(4,530,287	)	$	-

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

At March 31, 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	238	06/16/17	$	8,698,585		$	102,512
Mini MSCI Emerging Markets Index	180	06/16/17		8,652,600			(110,036	)
			$	17,351,185		$	(7,524	)
Short Contracts
S&P 500 E-Mini	(149)	06/16/17		(17,576,040	)		(77,984	)
			$	(17,576,040	)	$	(77,984	)

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

The fair value of derivative instruments as of March 31, 2017 were as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Equity contracts	Futures contracts	$	102,512
Total Asset Derivatives		$	102,512
Liability Derivatives	Instrument Type
Equity contracts	Futures contracts	$	188,020
Total Liability Derivatives		$	188,020

Voya Solution 2040 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 7.7%
	4,462		iShares MSCI Emerging Markets Index Fund	$	175,758		1.0
	5,954		iShares Russell 1000 Value Index Fund		684,353		3.8
	1,419		SPDR Trust Series 1		334,515		1.9
	2,864		WisdomTree Europe Hedged Equity Fund		179,888		1.0
		Total Exchange-Traded Funds (Cost $1,320,691)			1,374,514		7.7
MUTUAL FUNDS: 92.2%
			Affiliated Investment Companies: 90.9%
	34,136		Voya Emerging Markets Index Portfolio - Class I		365,253		2.0
	36,164		Voya Floating Rate Fund - Class I		359,112		2.0
	44,214		Voya High Yield Bond Fund - Class R6		358,136		2.0
	13,853		Voya Index Plus LargeCap Portfolio - Class I		358,238		2.0
	50,233		Voya Intermediate Bond Fund - Class R6		502,329		2.8
	116,288		Voya International Index Portfolio - Class I		1,103,574		6.1
	61,964		Voya Large Cap Growth Portfolio - Class I		1,174,846		6.5
	34,212		Voya Large Cap Value Fund - Class R6		465,624		2.6
	66,842	@	Voya MidCap Opportunities Portfolio - Class I		897,015		5.0
	69,315		Voya Multi-Manager Emerging Markets Equity Fund - Class I		736,129		4.1
	127,907		Voya Multi-Manager International Equity Fund - Class I		1,377,562		7.7
	104,050		Voya Multi-Manager International Factors Fund - Class I		1,007,200		5.6
	103,887		Voya Multi-Manager Large Cap Core Portfolio - Class I		1,638,290		9.1
	76,762		Voya Multi-Manager Mid Cap Value Fund - Class I		882,763		4.9
	30,913		Voya Small Company Portfolio - Class I		705,739		3.9
	48,865		Voya U.S. Stock Index Portfolio - Class I		713,913		4.0
	22,211		VY® Clarion Global Real Estate Portfolio - Class I		263,427		1.5
	7,076		VY® Clarion Real Estate Portfolio - Class I		261,180		1.4
	44,346		VY® Invesco Comstock Portfolio - Class I		790,244		4.4
	45,223		VY® T. Rowe Price Capital Appreciation Portfolio - Class I		1,214,694		6.7
	13,718	@	VY® T. Rowe Price Growth Equity Portfolio - Class I		1,180,693		6.6
					16,355,961		90.9
			Unaffiliated Investment Companies: 1.3%
	47,454	@	Credit Suisse Commodity Return Strategy Fund - Class I		236,323		1.3
		Total Mutual Funds (Cost $15,768,866)			16,592,284		92.2
		Total Investments in Securities (Cost $17,089,557)		$	17,966,798		99.9
		Assets in Excess of Other Liabilities			26,006		0.1
		Net Assets		$	17,992,804		100.0

@ Non-income producing security.

Cost for federal income tax purposes is $17,220,289.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	886,842
Gross Unrealized Depreciation		(140,333	)
Net Unrealized Appreciation	$	746,509

Voya Solution 2040 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	1,374,514	$	–	$	–	$	1,374,514
Mutual Funds		16,592,284		–		–		16,592,284
Total Investments, at fair value	$	17,966,798	$	–	$	–	$	17,966,798

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 March 31, 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 3/31/17		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I	$	221,519	$	130,145	$	(18,206	)	$	31,795		$	365,253	$	-	$	192		$	-
Voya Floating Rate Fund - Class I		223,466		147,598		(10,688	)		(1,264	)		359,112		3,067		243			-
Voya High Yield Bond Fund - Class R6		225,811		141,573		(10,273	)		1,025			358,136		3,923		658			-
Voya Index Plus LargeCap Portfolio - Class I		223,215		130,145		(12,975	)		17,853			358,238		-		1,545			-
Voya Intermediate Bond Fund - Class R6		310,200		205,924		(15,477	)		1,682			502,329		3,443		(174	)		-
Voya International Index Portfolio - Class I		226,038		845,855		(25,090	)		56,771			1,103,574		-		1,088			-
Voya Large Cap Growth Portfolio - Class I		715,185		422,972		(48,654	)		85,343			1,174,846		-		(2,606	)		-
Voya Large Cap Value Fund - Class R6		310,586		422,972		(262,354	)		(5,580	)		465,624		-		23,894			-
Voya MidCap Opportunities Portfolio - Class I		549,225		325,363		(35,315	)		57,742			897,015		-		667			-
Voya Multi-Manager Emerging Markets Equity Fund - Class I		440,717		260,291		(30,466	)		65,587			736,129		-		5,692			-
Voya Multi-Manager International Equity Fund - Class I		1,063,770		506,913		(261,237	)		68,116			1,377,562		-		8,146			-
Voya Multi-Manager International Factors Fund - Class I		849,580		358,455		(249,952	)		49,117			1,007,200		-		12,361			-
Voya Multi-Manager Large Cap Core Portfolio - Class I		1,037,212		940,299		(395,118	)		55,897			1,638,290		-		19,449			-
Voya Multi-Manager Mid Cap Value Fund - Class I		560,142		325,363		(22,173	)		19,431			882,763		-		5,285			-
Voya Small Company Portfolio - Class I		451,996		260,291		(19,697	)		13,149			705,739		-		5,161			-
Voya U.S. Stock Index Portfolio - Class I		448,696		260,290		(27,589	)		32,516			713,913		-		214			-
VY® Clarion Global Real Estate Portfolio - Class I		169,529		99,698		(8,092	)		2,292			263,427		-		106			-
VY® Clarion Real Estate Portfolio - Class I		170,768		97,609		(7,836	)		639			261,180		-		404			-
VY® Invesco Comstock Portfolio - Class I		514,188		292,827		(22,826	)		6,055			790,244		-		4,777			-
VY® T. Rowe Price Capital Appreciation Portfolio - Class I		747,382		453,652		(37,625	)		51,285			1,214,694		-		(733	)		-
VY® T. Rowe Price Growth Equity Portfolio - Class I		712,200		422,972		(51,914	)		97,435			1,180,693		-		(1,413	)		-
	$	10,171,425	$	7,051,207	$	(1,573,557	)	$	706,886		$	16,355,961	$	10,433	$	84,956		$	-

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

Voya Solution 2045 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 8.9%
	52,687		iShares Barclays 20+ Year Treasury Bond Fund	$	6,359,848		1.0
	218,513		iShares Russell 1000 Value Index Fund		25,115,884		3.9
	107,805		SPDR Trust Series 1		25,413,951		4.0
		Total Exchange-Traded Funds (Cost $51,881,444)			56,889,683		8.9
MUTUAL FUNDS: 90.9%
			Affiliated Investment Companies: 89.5%
	1,221,840		Voya Emerging Markets Index Portfolio - Class I		13,073,692		2.0
	1,131,448		Voya Floating Rate Fund - Class I		11,235,275		1.8
	742,517		Voya Index Plus LargeCap Portfolio - Class I		19,201,481		3.0
	1,763,074		Voya Intermediate Bond Fund - Class R6		17,630,740		2.7
	5,170,883		Voya International Index Portfolio - Class I		49,071,678		7.6
	2,556,201		Voya Large Cap Growth Portfolio - Class I		48,465,563		7.5
	1,875,649		Voya Large Cap Value Fund - Class R6		25,527,588		4.0
	2,626,819	@	Voya MidCap Opportunities Portfolio - Class I		35,251,909		5.5
	2,481,595		Voya Multi-Manager Emerging Markets Equity Fund - Class I		26,354,542		4.1
	4,854,424		Voya Multi-Manager International Equity Fund - Class I		52,282,143		8.1
	3,723,455		Voya Multi-Manager International Factors Fund - Class I		36,043,040		5.6
	4,031,841		Voya Multi-Manager Large Cap Core Portfolio - Class I		63,582,128		9.9
	3,022,995		Voya Multi-Manager Mid Cap Value Fund - Class I		34,764,444		5.4
	1,107,843		Voya Small Company Portfolio - Class I		25,292,047		3.9
	1,310,013		Voya U.S. Stock Index Portfolio - Class I		19,139,291		3.0
	791,719		VY® Clarion Global Real Estate Portfolio - Class I		9,389,792		1.5
	251,971		VY® Clarion Real Estate Portfolio - Class I		9,300,257		1.4
	1,758,558		VY® Invesco Comstock Portfolio - Class I		31,337,496		4.9
	565,998	@	VY® T. Rowe Price Growth Equity Portfolio - Class I		48,715,464		7.6
					575,658,570		89.5
			Unaffiliated Investment Companies: 1.4%
	1,887,110	@	Credit Suisse Commodity Return Strategy Fund - Class I		9,397,806		1.4
		Total Mutual Funds (Cost $566,622,227)			585,056,376		90.9
		Total Investments in Securities (Cost $618,503,671)		$	641,946,059		99.8
		Assets in Excess of Other Liabilities			1,423,028		0.2
		Net Assets		$	643,369,087		100.0

@ Non-income producing security.

Cost for federal income tax purposes is $628,458,132.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	27,479,178
Gross Unrealized Depreciation		(13,991,251	)
Net Unrealized Appreciation	$	13,487,927

Voya Solution 2045 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	56,889,683		$	–	$	–	$	56,889,683
Mutual Funds		585,056,376			–		–		585,056,376
Total Investments, at fair value	$	641,946,059		$	–	$	–	$	641,946,059
Other Financial Instruments+
Futures		74,946			–		–		74,946
Total Assets	$	642,021,005		$	–	$	–	$	642,021,005
Liabilities Table
Other Financial Instruments+
Futures	$	(137,742	)	$	–	$	–	$	(137,742	)
Total Liabilities	$	(137,742	)	$	–	$	–	$	(137,742	)

+ 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 period ended March 31, 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 3/31/17		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I	$	12,191,320	$	226,038	$	(764,239	)	$	1,420,573		$	13,073,692	$	-	$	1,072		$	-
Voya Floating Rate Fund - Class I		10,791,393		881,172		(413,672	)		(23,618	)		11,235,275		111,483		(9,352	)		-
Voya Index Plus LargeCap Portfolio - Class I		18,482,193		320,987		(770,116	)		1,168,417			19,201,481		-		83,010			-
Voya Intermediate Bond Fund - Class R6		16,592,861		1,842,562		(878,837	)		74,154			17,630,740		139,408		(12,436	)		-
Voya International Index Portfolio - Class I		21,831,955		25,903,624		(1,920,720	)		3,256,819			49,071,678		-		(105,848	)		-
Voya Large Cap Growth Portfolio - Class I		45,501,803		873,236		(1,794,054	)		3,884,578			48,465,563		-		286,972			-
Voya Large Cap Value Fund - Class R6		24,300,952		1,938,851		(1,953,521	)		1,241,306			25,527,588		-		(105,198	)		-
Voya MidCap Opportunities Portfolio - Class I		33,300,071		651,524		(1,763,980	)		3,064,294			35,251,909		-		(203,131	)		-
Voya Multi-Manager Emerging Markets Equity Fund - Class I		24,254,360		465,960		(1,579,346	)		3,213,568			26,354,542		-		(108,755	)		-
Voya Multi-Manager International Equity Fund - Class I		61,751,601		1,751,510		(15,143,398	)		3,922,430			52,282,143		-		(378,147	)		-
Voya Multi-Manager International Factors Fund - Class I		46,893,089		588,477		(16,652,928	)		5,214,402			36,043,040		-		(2,486,889	)		-
Voya Multi-Manager Large Cap Core Portfolio - Class I		61,745,716		1,069,958		(2,464,323	)		3,230,777			63,582,128		-		352,751			-
Voya Multi-Manager Mid Cap Value Fund - Class I		34,023,643		805,164		(1,485,446	)		1,421,083			34,764,444		-		(214,725	)		-
Voya Small Company Portfolio - Class I		24,974,157		552,983		(892,687	)		657,594			25,292,047		-		132,310			-
Voya U.S. Stock Index Portfolio - Class I		17,489,407		2,622,490		(1,895,268	)		922,662			19,139,291		-		68,574			-
VY® Clarion Global Real Estate Portfolio - Class I		9,343,586		284,483		(350,575	)		112,298			9,389,792		-		(4,015	)		-
VY® Clarion Real Estate Portfolio - Class I		9,417,718		169,488		(248,815	)		(38,134	)		9,300,257		-		97,745			-
VY® Invesco Comstock Portfolio - Class I		31,618,719		534,979		(1,271,704	)		455,502			31,337,496		-		172,812			-
VY® T. Rowe Price Growth Equity Portfolio - Class I		45,295,086		889,430		(1,988,365	)		4,519,313			48,715,464		-		432,412			-
	$	549,799,630	$	42,372,916	$	(54,231,994	)	$	37,718,018		$	575,658,570	$	250,891	$	(2,000,838	)	$	-

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

At March 31, 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	174	06/16/17	$	6,359,470		$	74,946
Mini MSCI Emerging Markets Index	132	06/16/17		6,345,240			(80,693	)
			$	12,704,710		$	(5,747	)
Short Contracts
S&P 500 E-Mini	(109)	06/16/17		(12,857,640	)		(57,049	)
			$	(12,857,640	)	$	(57,049	)

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

The fair value of derivative instruments as of March 31, 2017 were as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Equity contracts	Futures contracts	$	74,946
Total Asset Derivatives		$	74,946
Liability Derivatives	Instrument Type
Equity contracts	Futures contracts	$	137,742
Total Liability Derivatives		$	137,742

Voya Solution 2050 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 8.6%
	769		iShares Barclays 20+ Year Treasury Bond Fund	$	92,826		0.9
	2,416		iShares MSCI Emerging Markets Index Fund		95,166		1.0
	3,227		iShares Russell 1000 Value Index Fund		370,911		3.8
	794		SPDR Trust Series 1		187,178		1.9
	1,550		WisdomTree Europe Hedged Equity Fund		97,356		1.0
		Total Exchange-Traded Funds (Cost $817,492)			843,437		8.6
MUTUAL FUNDS: 91.2%
			Affiliated Investment Companies: 89.9%
	18,643		Voya Emerging Markets Index Portfolio - Class I		199,482		2.0
	17,274		Voya Floating Rate Fund - Class I		171,533		1.7
	11,341		Voya Index Plus LargeCap Portfolio - Class I		293,275		3.0
	27,374		Voya Intermediate Bond Fund - Class R6		273,742		2.8
	79,360		Voya International Index Portfolio - Class I		753,124		7.7
	39,023		Voya Large Cap Growth Portfolio - Class I		739,879		7.5
	29,603		Voya Large Cap Value Fund - Class R6		402,897		4.1
	40,128	@	Voya MidCap Opportunities Portfolio - Class I		538,518		5.5
	37,853		Voya Multi-Manager Emerging Markets Equity Fund - Class I		402,003		4.1
	74,491		Voya Multi-Manager International Equity Fund - Class I		802,271		8.2
	56,806		Voya Multi-Manager International Factors Fund - Class I		549,886		5.6
	62,890		Voya Multi-Manager Large Cap Core Portfolio - Class I		991,773		10.1
	46,080		Voya Multi-Manager Mid Cap Value Fund - Class I		529,916		5.4
	16,869		Voya Small Company Portfolio - Class I		385,122		3.9
	20,003		Voya U.S. Stock Index Portfolio - Class I		292,247		3.0
	12,127		VY® Clarion Global Real Estate Portfolio - Class I		143,828		1.4
	3,863		VY® Clarion Real Estate Portfolio - Class I		142,598		1.4
	26,889		VY® Invesco Comstock Portfolio - Class I		479,160		4.9
	8,639	@	VY® T. Rowe Price Growth Equity Portfolio - Class I		743,541		7.6
					8,834,795		89.9
			Unaffiliated Investment Companies: 1.3%
	26,143	@	Credit Suisse Commodity Return Strategy Fund - Class I		130,190		1.3
		Total Mutual Funds (Cost $8,456,237)			8,964,985		91.2
		Total Investments in Securities (Cost $9,273,729)		$	9,808,422		99.8
		Assets in Excess of Other Liabilities			15,348		0.2
		Net Assets		$	9,823,770		100.0

@ Non-income producing security.

Cost for federal income tax purposes is $9,358,247.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	544,460
Gross Unrealized Depreciation		(94,285	)
Net Unrealized Appreciation	$	450,175

Voya Solution 2050 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	843,437	$	–	$	–	$	843,437
Mutual Funds		8,964,985		–		–		8,964,985
Total Investments, at fair value	$	9,808,422	$	–	$	–	$	9,808,422

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 March 31, 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 3/31/17		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I	$	133,962	$	54,298	$	(6,326	)	$	17,548		$	199,482	$	-	$	(18	)	$	-
Voya Floating Rate Fund - Class I		118,500		56,024		(2,481	)		(510	)		171,533		1,464		60			-
Voya Index Plus LargeCap Portfolio - Class I		202,920		81,448		(6,156	)		15,063			293,275		-		663			-
Voya Intermediate Bond Fund - Class R6		186,205		103,708		(17,601	)		1,430			273,742		1,900		(423	)		-
Voya International Index Portfolio - Class I		239,638		481,014		(7,449	)		39,921			753,124		-		745			-
Voya Large Cap Growth Portfolio - Class I		499,922		203,619		(16,909	)		53,247			739,879		-		(973	)		-
Voya Large Cap Value Fund - Class R6		282,360		217,193		(100,063	)		3,407			402,897		-		12,345			-
Voya MidCap Opportunities Portfolio - Class I		365,814		149,320		(12,112	)		35,496			538,518		-		(299	)		-
Voya Multi-Manager Emerging Markets Equity Fund - Class I		266,542		108,597		(10,245	)		37,109			402,003		-		1,702			-
Voya Multi-Manager International Equity Fund - Class I		678,115		228,562		(143,416	)		39,010			802,271		-		5,982			-
Voya Multi-Manager International Factors Fund- Class I		514,629		149,320		(140,522	)		26,459			549,886		-		7,668			-
Voya Multi-Manager Large Cap Core Portfolio - Class I		687,068		420,812		(145,820	)		29,713			991,773		-		15,270			-
Voya Multi-Manager Mid Cap Value Fund - Class I		373,341		150,174		(6,412	)		12,813			529,916		-		1,575			-
Voya Small Company Portfolio - Class I		274,008		108,597		(5,559	)		8,076			385,122		-		1,500			-
Voya U.S. Stock Index Portfolio - Class I		204,028		81,448		(6,380	)		13,151			292,247		-		264			-
VY® Clarion Global Real Estate Portfolio - Class I		102,638		41,941		(2,136	)		1,385			143,828		-		41			-
VY® Clarion Real Estate Portfolio - Class I		103,429		40,724		(2,157	)		602			142,598		-		138			-
VY® Invesco Comstock Portfolio - Class I		346,564		135,746		(7,961	)		4,811			479,160		-		1,716			-
VY® T. Rowe Price Growth Equity Portfolio - Class I		497,773		203,619		(20,100	)		62,249			743,541		-		(931	)		-
	$	6,077,456	$	3,016,164	$	(659,805	)	$	400,980		$	8,834,795	$	3,364	$	47,025		$	-

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

Voya Solution 2055 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 6.5%
	9,224		iShares Barclays 20+ Year Treasury Bond Fund	$	1,113,429		0.7
	51,006		iShares Russell 1000 Value Index Fund		5,862,629		3.9
	12,582		SPDR Trust Series 1		2,966,081		1.9
		Total Exchange-Traded Funds (Cost $8,958,078)			9,942,139		6.5
MUTUAL FUNDS: 93.3%
			Affiliated Investment Companies: 91.8%
	288,899		Voya Emerging Markets Index Portfolio - Class I		3,091,224		2.0
	175,616		Voya Index Plus LargeCap Portfolio - Class I		4,541,430		3.0
	418,472		Voya Intermediate Bond Fund - Class R6		4,184,723		2.7
	1,221,030		Voya International Index Portfolio - Class I		11,587,570		7.6
	604,511		Voya Large Cap Growth Portfolio - Class I		11,461,533		7.5
	449,393		Voya Large Cap Value Fund - Class R6		6,116,244		4.0
	621,281	@	Voya MidCap Opportunities Portfolio - Class I		8,337,586		5.5
	586,726		Voya Multi-Manager Emerging Markets Equity Fund - Class I		6,231,034		4.1
	1,146,469		Voya Multi-Manager International Equity Fund - Class I		12,347,473		8.1
	880,404		Voya Multi-Manager International Factors Fund - Class I		8,522,308		5.6
	953,608		Voya Multi-Manager Large Cap Core Portfolio - Class I		15,038,403		9.9
	715,233		Voya Multi-Manager Mid Cap Value Fund - Class I		8,225,184		5.4
	263,015		Voya Small Company Portfolio - Class I		6,004,642		3.9
	727,483		Voya U.S. Stock Index Portfolio - Class I		10,628,528		7.0
	187,334		VY® Clarion Global Real Estate Portfolio - Class I		2,221,777		1.5
	60,192		VY® Clarion Real Estate Portfolio - Class I		2,221,686		1.5
	416,037		VY® Invesco Comstock Portfolio - Class I		7,413,778		4.9
	133,848	@	VY® T. Rowe Price Growth Equity Portfolio - Class I		11,520,255		7.6
					139,695,378		91.8
			Unaffiliated Investment Companies: 1.5%
	440,414	@	Credit Suisse Commodity Return Strategy Fund - Class I		2,193,263		1.5
		Total Mutual Funds (Cost $135,896,605)			141,888,641		93.3
		Total Investments in Securities (Cost $144,854,683)		$	151,830,780		99.8
		Assets in Excess of Other Liabilities			331,103		0.2
		Net Assets		$	152,161,883		100.0

@ Non-income producing security.

Cost for federal income tax purposes is $149,420,190.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	7,272,503
Gross Unrealized Depreciation		(4,861,913	)
Net Unrealized Appreciation	$	2,410,590

Voya Solution 2055 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	9,942,139		$	–	$	–	$	9,942,139
Mutual Funds		141,888,641			–		–		141,888,641
Total Investments, at fair value	$	151,830,780		$	–	$	–	$	151,830,780
Other Financial Instruments+
Futures		17,660			–		–		17,660
Total Assets	$	151,848,440		$	–	$	–	$	151,848,440
Liabilities Table
Other Financial Instruments+
Futures	$	(32,559	)	$	–	$	–	$	(32,559	)
Total Liabilities	$	(32,559	)	$	–	$	–	$	(32,559	)

+ 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 period ended March 31, 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 3/31/17		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I	$	2,794,820	$	166,246	$	(197,793	)	$	327,951	$	3,091,224	$	-	$	(1,458	)	$	-
Voya Index Plus LargeCap Portfolio - Class I		4,235,905		249,369		(210,442	)		266,598		4,541,430		-		21,729			-
Voya Intermediate Bond Fund - Class R6		3,827,221		575,372		(235,242	)		17,372		4,184,723		32,433		(2,756	)		-
Voya International Index Portfolio - Class I		5,003,550		6,355,009		(530,291	)		759,302		11,587,570		-		(31,189	)		-
Voya Large Cap Growth Portfolio - Class I		10,430,145		638,454		(586,020	)		978,954		11,461,533		-		(18,058	)		-
Voya Large Cap Value Fund - Class R6		5,632,760		748,279		(519,962	)		255,167		6,116,244		-		11,432			-
Voya MidCap Opportunities Portfolio - Class I		7,633,349		470,541		(506,805	)		740,501		8,337,586		-		(82,780	)		-
Voya Multi-Manager Emerging Markets Equity Fund - Class I		5,560,357		340,502		(437,962	)		768,137		6,231,034		-		(53,733	)		-
Voya Multi-Manager International Equity Fund - Class I		14,154,056		906,664		(4,087,127	)		1,373,880		12,347,473		-		(557,185	)		-
Voya Multi-Manager International Factors Fund - Class I		10,746,843		464,133		(4,012,633	)		1,323,965		8,522,308		-		(696,409	)		-
Voya Multi-Manager Large Cap Core Portfolio - Class I		14,151,297		831,231		(745,277	)		801,152		15,038,403		-		22,281			-
Voya Multi-Manager Mid Cap Value Fund - Class I		7,797,265		516,460		(484,959	)		396,418		8,225,184		-		(119,626	)		-
Voya Small Company Portfolio - Class I		5,723,080		382,493		(270,719	)		169,788		6,004,642		-		11,738			-
Voya U.S. Stock Index Portfolio - Class I		9,833,036		920,171		(634,195	)		509,516		10,628,528		-		63,260			-
VY® Clarion Global Real Estate Portfolio - Class I		2,141,682		154,745		(101,270	)		26,620		2,221,777		-		(1,633	)		-
VY® Clarion Real Estate Portfolio - Class I		2,158,379		148,531		(86,000	)		776		2,221,686		-		13,637			-
VY® Invesco Comstock Portfolio - Class I		7,244,202		415,616		(362,199	)		116,159		7,413,778		-		26,562			-
VY® T. Rowe Price Growth Equity Portfolio - Class I		10,383,318		641,824		(673,570	)		1,168,683		11,520,255		-		(29,391	)		-
	$	129,451,265	$	14,925,640	$	(14,682,466	)	$	10,000,939	$	139,695,378	$	32,433	$	(1,423,579	)	$	-

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

At March 31, 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	06/16/17	$	1,498,496		$	17,660
Mini MSCI Emerging Markets Index	31	06/16/17		1,490,170			(18,951	)
			$	2,988,666		$	(1,291	)
Short Contracts
S&P 500 E-Mini	(26)	06/16/17		(3,066,960	)		(13,608	)
			$	(3,066,960	)	$	(13,608	)

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

The fair value of derivative instruments as of March 31, 2017 were as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Equity contracts	Futures contracts	$	17,660
Total Asset Derivatives		$	17,660
Liability Derivatives	Instrument Type
Equity contracts	Futures contracts	$	32,559
Total Liability Derivatives		$	32,559

Voya Solution 2060 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 8.3%
	285		iShares Barclays 20+ Year Treasury Bond Fund	$	34,402		0.7
	1,178		iShares MSCI Emerging Markets Index Fund		46,402		1.0
	1,574		iShares Russell 1000 Value Index Fund		180,916		3.7
	387		SPDR Trust Series 1		91,231		1.9
	756		WisdomTree Europe Hedged Equity Fund		47,484		1.0
		Total Exchange-Traded Funds (Cost $389,081)			400,435		8.3
MUTUAL FUNDS: 91.7%
			Affiliated Investment Companies: 90.4%
	9,236		Voya Emerging Markets Index Portfolio - Class I		98,829		2.0
	5,616		Voya Index Plus LargeCap Portfolio - Class I		145,231		3.0
	13,507		Voya Intermediate Bond Fund - Class R6		135,068		2.8
	39,299		Voya International Index Portfolio - Class I		372,945		7.7
	19,324		Voya Large Cap Growth Portfolio - Class I		366,382		7.5
	14,865		Voya Large Cap Value Fund - Class R6		202,313		4.1
	19,871	@	Voya MidCap Opportunities Portfolio - Class I		266,670		5.5
	18,752		Voya Multi-Manager Emerging Markets Equity Fund - Class I		199,147		4.1
	36,889		Voya Multi-Manager International Equity Fund - Class I		397,299		8.2
	28,132		Voya Multi-Manager International Factors Fund - Class I		272,317		5.6
	31,368		Voya Multi-Manager Large Cap Core Portfolio - Class I		494,670		10.2
	22,821		Voya Multi-Manager Mid Cap Value Fund - Class I		262,437		5.4
	8,355		Voya Small Company Portfolio - Class I		190,746		3.9
	16,509		Voya U.S. Stock Index Portfolio - Class I		241,202		5.0
	6,008		VY® Clarion Global Real Estate Portfolio - Class I		71,251		1.5
	1,914		VY® Clarion Real Estate Portfolio - Class I		70,647		1.4
	13,314		VY® Invesco Comstock Portfolio - Class I		237,257		4.9
	4,277	@	VY® T. Rowe Price Growth Equity Portfolio - Class I		368,157		7.6
					4,392,568		90.4
			Unaffiliated Investment Companies: 1.3%
	12,882	@	Credit Suisse Commodity Return Strategy Fund - Class I		64,155		1.3
		Total Mutual Funds (Cost $4,250,519)			4,456,723		91.7
		Total Investments in Securities (Cost $4,639,600)		$	4,857,158		100.0
		Assets in Excess of Other Liabilities			1,297		0.0
		Net Assets		$	4,858,455		100.0

@ Non-income producing security.

Cost for federal income tax purposes is $4,663,443.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	221,309
Gross Unrealized Depreciation		(27,594	)
Net Unrealized Appreciation	$	193,715

Voya Solution 2060 Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	400,435	$	–	$	–	$	400,435
Mutual Funds		4,456,723		–		–		4,456,723
Total Investments, at fair value	$	4,857,158	$	–	$	–	$	4,857,158

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 March 31, 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 3/31/17		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I	$	56,763	$	40,503	$	(6,204	)	$	7,767		$	98,829	$	-	$	51		$	-
Voya Index Plus LargeCap Portfolio - Class I		86,035		60,754		(7,584	)		6,026			145,231		-		844			-
Voya Intermediate Bond Fund - Class R6		78,150		71,756		(15,647	)		809			135,068		878		(335	)		-
Voya International Index Portfolio - Class I		101,611		269,871		(16,457	)		17,920			372,945		-		831			-
Voya Large Cap Growth Portfolio - Class I		211,893		151,885		(19,960	)		22,564			366,382		-		545			-
Voya Large Cap Value Fund - Class R6		116,812		162,011		(75,108	)		(1,402	)		202,313		-		8,076			-
Voya MidCap Opportunities Portfolio - Class I		155,055		111,383		(15,453	)		15,685			266,670		-		(237	)		-
Voya Multi-Manager Emerging Markets Equity Fund - Class I		112,946		81,005		(9,755	)		14,951			199,147		-		2,563			-
Voya Multi-Manager International Equity Fund - Class I		287,474		167,600		(75,242	)		17,467			397,299		-		2,963			-
Voya Multi-Manager International Factors Fund - Class I		218,234		111,383		(68,729	)		11,429			272,317		-		3,944			-
Voya Multi-Manager Large Cap Core Portfolio - Class I		287,252		313,896		(117,457	)		10,979			494,670		-		7,899			-
Voya Multi-Manager Mid Cap Value Fund - Class I		158,325		112,004		(12,119	)		4,227			262,437		-		1,452			-
Voya Small Company Portfolio - Class I		116,202		81,006		(8,357	)		1,895			190,746		-		1,851			-
Voya U.S. Stock Index Portfolio - Class I		144,152		101,257		(13,129	)		8,922			241,202		-		755			-
VY® Clarion Global Real Estate Portfolio - Class I		43,495		30,928		(3,479	)		307			71,251		-		222			-
VY® Clarion Real Estate Portfolio - Class I		43,843		30,377		(3,449	)		(124	)		70,647		-		365			-
VY® Invesco Comstock Portfolio - Class I		147,028		101,257		(10,038	)		(990	)		237,257		-		2,912			-
VY® T. Rowe Price Growth Equity Portfolio - Class I		210,945		151,885		(20,220	)		25,547			368,157		-		1,520			-
	$	2,576,215	$	2,150,761	$	(498,387	)	$	163,979		$	4,392,568	$	878	$	36,221		$	-

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

VY® American Century Small-Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 95.6%
			Consumer Discretionary: 7.6%
	18,228		Advance Auto Parts, Inc.	$	2,702,483		0.7
	25,591		Camping World Holdings, Inc.		825,054		0.2
	32,664		Carnival Corp.		1,924,236		0.5
	8,436	@	Century Communities, Inc.		214,274		0.1
	90,373		ClubCorp Holdings, Inc.		1,450,487		0.4
	35,995		CST Brands, Inc.		1,731,000		0.5
	11,800		Culp, Inc.		368,160		0.1
	31,487		Delphi Automotive PLC		2,534,389		0.7
	344,983		Entravision Communications Corp.		2,138,895		0.6
	35,947	@	Gray Television, Inc.		521,231		0.1
	76,493		Honda Motor Co., Ltd. ADR		2,314,678		0.6
	10,468		L Brands, Inc.		493,043		0.1
	17,741	@	Malibu Boats, Inc.		398,285		0.1
	37,434	@	MarineMax, Inc.		810,446		0.2
	55,243		Mattel, Inc.		1,414,773		0.4
	33,176		MCBC Holdings, Inc.		536,456		0.2
	12,279		Peak Resorts, Inc.		69,376		0.0
	12,831		Penske Auto Group, Inc.		600,619		0.2
	92,860		Pulte Group, Inc.		2,186,853		0.6
	13,714		Ralph Lauren Corp.		1,119,337		0.3
	18,235	@	Red Robin Gourmet Burgers, Inc.		1,065,836		0.3
	36,305		Target Corp.		2,003,673		0.6
	23,412	@	Townsquare Media, Inc.		285,158		0.1
					27,708,742		7.6
			Consumer Staples: 5.2%
	93,131		Conagra Brands, Inc.		3,756,905		1.0
	13,204	@	Edgewell Personal Care Co.		965,741		0.3
	29,412		General Mills, Inc.		1,735,602		0.5
	21,850	@,L	Inventure Foods, Inc.		96,577		0.0
	9,929		JM Smucker Co.		1,301,493		0.4
	3,712		John B Sanfilippo & Son, Inc.		271,681		0.1
	29,669		Kellogg Co.		2,154,266		0.6
	18,771		Lamb Weston Holdings, Inc.		789,508		0.2
	19,837		Mead Johnson Nutrition Co.		1,767,080		0.5
	71,002		Mondelez International, Inc.		3,058,766		0.8
	37,440		Sysco Corp.		1,943,885		0.5
	13,204	@,L	TreeHouse Foods, Inc.		1,117,851		0.3
					18,959,355		5.2
			Energy: 10.3%
	28,788		Aegean Marine Petroleum Network, Inc.		346,895		0.1
	49,414		Anadarko Petroleum Corp.		3,063,668		0.8
	81,107	L	Ardmore Shipping Corp.		652,911		0.2
	62,432		Baker Hughes, Inc.		3,734,682		1.0
	19,114	@	Callon Petroleum Co.		251,540		0.1
	7,022		Cimarex Energy Co.		839,059		0.2
	56,974	@	Contango Oil & Gas Co.		417,050		0.1
	57,222		Devon Energy Corp.		2,387,302		0.7
	3,383	@,L	Dril-Quip, Inc.		184,543		0.1
	73,893		EQT Corp.		4,514,862		1.2
	22,905	L	Euronav NV		180,950		0.0
	30,725	@,L	Extraction Oil & Gas, Inc.		569,949		0.2
	23,667	L	Frank's International N.V.		250,160		0.1
	18,736		Halliburton Co.		921,999		0.3
	29,894	@	Helix Energy Solutions Group, Inc.		232,276		0.1
	13,643	L	Helmerich & Payne, Inc.		908,215		0.3
	136,781		Imperial Oil Ltd.		4,167,663		1.1
	19,478	@,L	Keane Group, Inc.		278,535		0.1
	22,746	@,L	Mammoth Energy Services, Inc.		489,266		0.1
	36,814		Marathon Petroleum Corp.		1,860,580		0.5
	27,657	@	Matrix Service Co.		456,340		0.1
	69,060		National Oilwell Varco, Inc.		2,768,615		0.8
	99,112		Noble Energy, Inc.		3,403,506		0.9
	48,173		Occidental Petroleum Corp.		3,052,241		0.8
	105,897		Scorpio Tankers, Inc.		470,183		0.1
	13,270	L	Spectra Energy Partners L.P.		579,368		0.2
	26,129	@	WildHorse Resource Development Corp.		325,045		0.1
					37,307,403		10.3
			Financials: 24.3%
	16,971		Aflac, Inc.		1,229,040		0.3
	25,703		Allied World Assurance Co. Holdings Ltd.		1,364,829		0.4
	13,171		Allstate Corp.		1,073,305		0.3
	22,241		Ameriprise Financial, Inc.		2,884,213		0.8
	67,009	L	Ares Management L.P.		1,269,821		0.4
	19,323	@	Atlas Financial Holdings, Inc.		263,759		0.1
	15,181		Bank of Hawaii Corp.		1,250,307		0.3
	47,059		Bank of the Ozarks, Inc.		2,447,539		0.7
	69,120		BankUnited, Inc.		2,578,867		0.7
	71,146		BB&T Corp.		3,180,226		0.9
	10,573		Blackstone Mortgage Trust, Inc.		327,340		0.1
	52,643		Boston Private Financial Holdings, Inc.		863,345		0.2
	42,431		Brown & Brown, Inc.		1,770,221		0.5
	60,714		Capital Bank Financial Corp.		2,634,988		0.7
	150,195		Capitol Federal Financial, Inc.		2,197,353		0.6
	24,421		Chubb Ltd.		3,327,361		0.9
	20,138		Comerica, Inc.		1,381,064		0.4
	43,827		Commerce Bancshares, Inc.		2,461,324		0.7
	114,922		Compass Diversified Holdings		1,907,705		0.5

VY® American Century Small-Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Financials: (continued)
	34,242	@	FCB Financial Holdings, Inc.	$	1,696,691		0.5
	10,504	L	First Financial Bankshares, Inc.		421,210		0.1
	41,795		First Hawaiian, Inc.		1,250,506		0.3
	117,200	L	FNB Corp.		1,742,764		0.5
	3,012	@	Hamilton Lane, Inc.		56,234		0.0
	28,217		Hanover Insurance Group, Inc.		2,541,223		0.7
	2,685		Infinity Property & Casualty Corp.		256,417		0.1
	116,774		Invesco Ltd.		3,576,788		1.0
	17,738		James River Group Holdings Ltd.		760,251		0.2
	21,619		Kinsale Capital Group, Inc.		692,673		0.2
	42,624		LegacyTexas Financial Group, Inc.		1,700,698		0.5
	17,204		M&T Bank Corp.		2,661,975		0.7
	21,965		Metlife, Inc.		1,160,191		0.3
	13,039		New Residential Investment Corp.		221,402		0.1
	84,173		Northern Trust Corp.		7,287,698		2.0
	20,491		PNC Financial Services Group, Inc.		2,463,838		0.7
	19,834		ProAssurance Corp.		1,194,999		0.3
	774		Prosperity Bancshares, Inc.		53,956		0.0
	17,835		Reinsurance Group of America, Inc.		2,264,688		0.6
	22,434		RLI Corp.		1,346,489		0.4
	23,792		Southside Bancshares, Inc.		798,697		0.2
	21,429		State Street Corp.		1,705,963		0.5
	17,463		SunTrust Banks, Inc.		965,704		0.3
	28,045		T. Rowe Price Group, Inc.		1,911,267		0.5
	18,619	@	Texas Capital Bancshares, Inc.		1,553,756		0.4
	10,906		Torchmark Corp.		840,198		0.2
	87,110		Two Harbors Investment Corp.		835,385		0.2
	33,205		UMB Financial Corp.		2,500,669		0.7
	53,980		Unum Group		2,531,122		0.7
	27,802		Validus Holdings Ltd.		1,567,755		0.4
	175,633		Valley National Bancorp		2,072,469		0.6
	36,456	L	Westamerica Bancorp.		2,035,338		0.6
	22,209	@	Western Alliance Bancorp.		1,090,240		0.3
					88,171,861		24.3
			Health Care: 7.9%
	35,246		Abbott Laboratories		1,565,275		0.4
	40,322	@	AMN Healthcare Services, Inc.		1,637,073		0.4
	36,630		Baxter International, Inc.		1,899,632		0.5
	26,562		Cardinal Health, Inc.		2,166,131		0.6
	22,352	@	Express Scripts Holding Co.		1,473,220		0.4
	18,799	@	HCA Holdings, Inc.		1,672,923		0.5
	65,746	@	LifePoint Health, Inc.		4,306,363		1.2
	1,199	@	Magellan Health, Inc.		82,791		0.0
	11,610		McKesson Corp.		1,721,299		0.5
	22,021		Owens & Minor, Inc.		761,927		0.2
	27,834	@	PharMerica Corp.		651,316		0.2
	21,605	@	Providence Service Corp.		960,126		0.3
	21,800		Quest Diagnostics, Inc.		2,140,542		0.6
	28,121		STERIS PLC		1,953,285		0.5
	9,714		Utah Medical Products, Inc.		605,182		0.2
	41,678		Zimmer Biomet Holdings, Inc.		5,089,300		1.4
					28,686,385		7.9
			Industrials: 14.2%
	14,804		Apogee Enterprises, Inc.		882,466		0.3
	14,808		Brink's Co.		791,488		0.2
	19,984	@	Continental Building Products, Inc.		489,608		0.1
	52,311	@	CSW Industrials, Inc.		1,919,814		0.5
	14,108		Cummins, Inc.		2,133,130		0.6
	11,693		Deluxe Corp.		843,884		0.2
	12,092	@	DXP Enterprises, Inc.		457,924		0.1
	9,138	@,L	Dycom Industries, Inc.		849,377		0.2
	31,548		Emerson Electric Co.		1,888,463		0.5
	16,620		EnPro Industries, Inc.		1,182,679		0.3
	35,832	@	Foundation Building Materials, Inc.		572,237		0.2
	36,660		Global Brass & Copper Holdings, Inc.		1,261,104		0.4
	15,509	@	GMS, Inc.		543,435		0.2
	20,670		Graham Corp.		475,410		0.1
	46,976	@	Harsco Corp.		598,944		0.2
	131,992		Heartland Express, Inc.		2,646,440		0.7
	10,312		Hexcel Corp.		562,520		0.2
	25,399		Hubbell, Inc.		3,049,150		0.8
	40,318		Ingersoll-Rand PLC - Class A		3,278,660		0.9
	84,420	@	Innerworkings, Inc.		840,823		0.2
	36,706		Interface, Inc.		699,249		0.2
	8,974		ITT, Inc.		368,113		0.1
	180,208		Johnson Controls International plc		7,590,361		2.1
	89,185		Koninklijke Philips NV		2,865,012		0.8
	36,885		Korn/Ferry International		1,161,509		0.3
	13,309		Multi-Color Corp.		944,939		0.3
	50,904	@	NCI Building Systems, Inc.		873,004		0.2
	12,841	@	On Assignment, Inc.		623,174		0.2
	9,385		Parker Hannifin Corp.		1,504,603		0.4
	27,079	@	PGT Innovations, Inc.		291,099		0.1
	48,738		Republic Services, Inc.		3,061,234		0.9
	32,377	@	Rexnord Corp.		747,261		0.2
	8,199		Rockwell Automation, Inc.		1,276,666		0.4
	63,529		Textron, Inc.		3,023,345		0.8
	7,318		Valmont Industries, Inc.		1,137,949		0.3
					51,435,074		14.2
			Information Technology: 9.9%
	117,027		Applied Materials, Inc.		4,552,350		1.2
	16,415		AVX Corp.		268,878		0.1

VY® American Century Small-Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Information Technology: (continued)
	35,012	@	BroadSoft, Inc.	$	1,407,482		0.4
	36,501	@	Cray, Inc.		799,372		0.2
	60,512		CSRA, Inc.		1,772,397		0.5
	61,095		Cypress Semiconductor Corp.		840,667		0.2
	105,127		EVERTEC, Inc.		1,671,519		0.5
	109,279	@	Exar Corp.		1,421,720		0.4
	3,723	@	IPG Photonics Corp.		449,366		0.1
	85,131	@	Keysight Technologies, Inc.		3,076,634		0.8
	46,047	@	Kulicke & Soffa Industries, Inc.		935,675		0.3
	22,529		Lam Research Corp.		2,891,823		0.8
	72,099		Maxim Integrated Products		3,241,571		0.9
	44,634		NetApp, Inc.		1,867,933		0.5
	7,957	@	Netscout Systems, Inc.		301,968		0.1
	21,280	@	OSI Systems, Inc.		1,553,227		0.4
	37,658	@	Presidio, Inc.		583,134		0.2
	32,623		TE Connectivity Ltd.		2,432,045		0.7
	54,385	@	Teradata Corp.		1,692,461		0.5
	96,119		Teradyne, Inc.		2,989,301		0.8
	64,862	@	VeriFone Holdings, Inc.		1,214,865		0.3
					35,964,388		9.9
			Materials: 4.5%
	40,288		Bemis Co., Inc.		1,968,472		0.5
	2,879		Chase Corp.		274,657		0.1
	226,811		Graphic Packaging Holding Co.		2,919,057		0.8
	19,554		Innophos Holdings, Inc.		1,055,329		0.3
	20,213		Innospec, Inc.		1,308,792		0.4
	28,826		KapStone Paper and Packaging Corp.		665,881		0.2
	20,275		Minerals Technologies, Inc.		1,553,065		0.4
	13,503		Myers Industries, Inc.		214,022		0.1
	31,690		Silgan Holdings, Inc.		1,881,118		0.5
	36,522		Sonoco Products Co.		1,932,744		0.5
	48,819		WestRock Co.		2,540,053		0.7
					16,313,190		4.5
			Real Estate: 5.4%
	16,116		American Tower Corp.		1,958,739		0.5
	37,577		Armada Hoffler Properties, Inc.		521,945		0.1
	35,520		CareTrust REIT, Inc.		597,446		0.2
	8,853		CBL & Associates Properties, Inc.		84,458		0.0
	12,699		Chatham Lodging Trust		250,805		0.1
	21,029		Community Healthcare Trust, Inc.		502,593		0.1
	26,647		DiamondRock Hospitality Co.		297,114		0.1
	48,157		Empire State Realty Trust, Inc.		993,961		0.3
	1,427		EPR Properties		105,070		0.0
	14,919		Four Corners Property Trust, Inc.		340,601		0.1
	83,988		Kite Realty Group Trust		1,805,742		0.5
	41,080		Lexington Realty Trust		409,978		0.1
	79,882		MedEquities Realty Trust, Inc.		895,477		0.2
	42,126		Medical Properties Trust, Inc.		543,004		0.1
	49,848		MGM Growth Properties LLC		1,348,388		0.4
	95,037		Piedmont Office Realty Trust, Inc.		2,031,891		0.6
	14,274		RLJ Lodging Trust		335,582		0.1
	26,398		Sabra Healthcare REIT, Inc.		737,296		0.2
	34,960		Summit Hotel Properties, Inc.		558,661		0.2
	15,271		Sunstone Hotel Investors, Inc.		234,104		0.1
	22,314		Urstadt Biddle Properties, Inc.		458,776		0.1
	139,502		Weyerhaeuser Co.		4,740,278		1.3
					19,751,909		5.4
			Telecommunication Services: 0.6%
	39,382	@	Level 3 Communications, Inc.		2,253,438		0.6
			Utilities: 5.7%
	32,572		Ameren Corp.		1,778,105		0.5
	18,915		Atmos Energy Corp.		1,494,096		0.4
	19,611		Consolidated Edison, Inc.		1,522,990		0.4
	45,071		Edison International		3,588,102		1.0
	18,579		Eversource Energy		1,092,074		0.3
	25,458		NorthWestern Corp.		1,494,385		0.4
	54,979		PG&E Corp.		3,648,406		1.0
	27,649		Spire, Inc.		1,866,308		0.5
	13,562		Westar Energy, Inc.		736,010		0.2
	77,369		Xcel Energy, Inc.		3,439,052		1.0
					20,659,528		5.7
		Total Common Stock
		(Cost $299,282,156)			347,211,273		95.6
EXCHANGE-TRADED FUNDS: 1.6%
	3,125		iShares Russell 2000 Value Index Fund		369,250		0.1
	65,851		iShares Russell Midcap Value Index Fund		5,464,975		1.5
		Total Exchange-Traded Funds
		(Cost $5,434,504)			5,834,225		1.6
PREFERRED STOCK: 0.2%
			Industrials: 0.2%
	13,889	@,L	Rexnord Corp.		762,923		0.2
		Total Preferred Stock
		(Cost $700,799)			762,923		0.2
		Total Long-Term Investments
		(Cost $305,417,459)			353,808,421		97.4

VY® American Century Small-Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.7%
		Securities Lending Collateralcc: 2.3%
	2,023,157	Barclays Capital, Inc., Repurchase Agreement dated 03/31/17, 0.79%, due 04/03/17 (Repurchase Amount $2,023,288, collateralized by various U.S. Government Securities, 0.000%-2.750%, Market Value plus accrued interest $2,063,621, due 10/15/17-02/15/46)	$	2,023,157		0.5
	425,610	Cantor Fitzgerald, Repurchase Agreement dated 03/31/17, 0.81%, due 04/03/17 (Repurchase Amount $425,638, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $434,122, due 04/01/17-02/20/67)		425,610		0.1
	2,023,157	Millenium Fixed Income Ltd., Repurchase Agreement dated 03/31/17, 0.84%, due 04/03/17 (Repurchase Amount $2,023,297, collateralized by various U.S. Government Securities, 3.125%-3.625%, Market Value plus accrued interest $2,063,620, due 02/15/43-02/15/44)		2,023,157		0.5
	2,023,157	NBC Global Finance Ltd., Repurchase Agreement dated 03/31/17, 0.90%, due 04/03/17 (Repurchase Amount $2,023,307, collateralized by various U.S. Government Securities, 1.250%-4.625%, Market Value plus accrued interest $2,063,620, due 08/15/21-09/09/49)		2,023,157		0.6
	2,023,200	State of Wisconsin Investment Board, Repurchase Agreement dated 03/31/17, 0.90%, due 04/03/17 (Repurchase Amount $2,023,350, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,063,666, due 01/15/19-02/15/46)		2,023,200		0.6
				8,518,281		2.3

Shares				Value			Percentage of Net Assets
			Mutual Funds: 2.4%
	8,578,019		BlackRock Liquidity Funds, FedFund, Institutional Class, 0.600%††
			(Cost $8,578,019)		8,578,019			2.4
		Total Short-Term Investments
		(Cost $17,096,300)			17,096,300			4.7
		Total Investments in Securities (Cost $322,513,759)		$	370,904,721			102.1
		Liabilities in Excess of Other Assets			(7,679,632	)		(2.1	)
		Net Assets		$	363,225,089			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of March 31, 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 March 31, 2017.

Cost for federal income tax purposes is $327,320,927.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	53,595,705
Gross Unrealized Depreciation		(10,011,911	)
Net Unrealized Appreciation	$	43,583,794

VY® American Century Small-Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	27,708,742	$	–		$	–	$	27,708,742
Consumer Staples		18,959,355		–			–		18,959,355
Energy		37,307,403		–			–		37,307,403
Financials		88,171,861		–			–		88,171,861
Health Care		28,686,385		–			–		28,686,385
Industrials		48,570,062		2,865,012			–		51,435,074
Information Technology		35,964,388		–			–		35,964,388
Materials		16,313,190		–			–		16,313,190
Real Estate		19,751,909		–			–		19,751,909
Telecommunication Services		2,253,438		–			–		2,253,438
Utilities		20,659,528		–			–		20,659,528
Total Common Stock		344,346,261		2,865,012			–		347,211,273
Exchange-Traded Funds		5,834,225		–			–		5,834,225
Preferred Stock		762,923		–			–		762,923
Short-Term Investments		8,578,019		8,518,281			–		17,096,300
Total Investments, at fair value	$	359,521,428	$	11,383,293		$	–	$	370,904,721
Other Financial Instruments+
Forward Foreign Currency Contracts		–		57,976			–		57,976
Total Assets	$	359,521,428	$	11,441,269		$	–	$	370,962,697
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	–	$	(22,008	)	$	–	$	(22,008	)
Total Liabilities	$	–	$	(22,008	)	$	–	$	(22,008	)

+

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 March 31, 2017, the following forward foreign currency contracts were outstanding for VY® American Century Small-Mid Cap Value Portfolio:

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Credit Suisse AG	Japanese Yen		151,165,288	Sell	06/30/17	$	1,375,624	$	1,362,649	$	12,975
Morgan Stanley	Canadian Dollar		4,838,767	Sell	06/30/17		3,621,088		3,643,096		(22,008	)
UBS AG	EU Euro		144,304	Sell	06/30/17		157,242		154,602		2,640
UBS AG	EU Euro		2,315,408	Sell	06/30/17		2,523,007		2,480,646		42,361
										$	35,968

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

The fair value of derivative instruments as of March 31, 2017 was as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Foreign exchange contracts	Forward foreign currency contracts	$	57,976
Total Asset Derivatives		$	57,976
Liability Derivatives	Instrument Type
Foreign exchange contracts	Forward foreign currency contracts	$	22,008
Total Liability Derivatives		$	22,008

VY® Baron Growth Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 100.5%
			Consumer Discretionary: 35.5%
	2,790,684	@	AO World PLC	$	4,720,195		0.6
	317,000	@	Bright Horizons Family Solutions, Inc.		22,979,330		3.2
	550,000		Choice Hotels International, Inc.		34,430,000		4.7
	165,000		ClubCorp Holdings, Inc.		2,648,250		0.4
	170,000		Dick's Sporting Goods, Inc.		8,272,200		1.1
	728,364		Manchester United PLC - Class A		12,309,352		1.7
	188,200		Marriott Vacations Worldwide Corp.		18,806,826		2.6
	279,000	@	Nord Anglia Education, Inc.		7,069,860		1.0
	65,000	@	Panera Bread Co.		17,021,550		2.3
	472,571	@	Penn National Gaming, Inc.		8,709,483		1.2
	593,691	@	Pinnacle Entertainment, Inc.		11,588,848		1.6
	213,000		Red Rock Resorts, Inc.		4,724,340		0.6
	400,000	@	Under Armour, Inc. - Class A		7,912,000		1.1
	400,001	@	Under Armour, Inc. - Class C		7,320,018		1.0
	470,000		Vail Resorts, Inc.		90,193,000		12.4
					258,705,252		35.5
			Consumer Staples: 3.8%
	217,000		Church & Dwight Co., Inc.		10,821,790		1.5
	135,000	@	Performance Food Group Co.		3,213,000		0.4
	230,000	@	Smart & Final Stores, Inc.		2,783,000		0.4
	125,000	@	TreeHouse Foods, Inc.		10,582,500		1.5
					27,400,290		3.8
			Financials: 17.7%
	195,000	@	Arch Capital Group Ltd.		18,480,150		2.5
	275,000		Carlyle Group L.P.		4,386,250		0.6
	382,500		Cohen & Steers, Inc.		15,288,525		2.1
	47,000	@	Essent Group Ltd.		1,699,990		0.2
	83,000		Factset Research Systems, Inc.		13,687,530		1.9
	297,229		Financial Engines, Inc.		12,944,323		1.8
	17,500		Kinsale Capital Group, Inc.		560,700		0.1
	80,000		Moelis & Co.		3,080,000		0.4
	153,000		Morningstar, Inc.		12,025,800		1.7
	182,500		MSCI, Inc. - Class A		17,737,175		2.4
	160,000		Oaktree Capital Group, LLC		7,248,000		1.0
	268,000		Primerica, Inc.		22,029,600		3.0
					129,168,043		17.7
			Health Care: 9.1%
	103,500		Bio-Techne Corp.		10,520,775		1.4
	43,479	@	Glaukos Corp.		2,230,473		0.3
	182,000	@	Idexx Laboratories, Inc.		28,139,020		3.9
	278,000	@	Inovalon Holdings, Inc.		3,502,800		0.5
	21,000	@	Mettler Toledo International, Inc.		10,057,110		1.4
	47,008	@	Neogen Corp.		3,081,374		0.4
	108,400		West Pharmaceutical Services, Inc.		8,846,524		1.2
					66,378,076		9.1
			Industrials: 4.1%
	74,000		Air Lease Corp.		2,867,500		0.4
	280,000	@	Caesarstone Ltd.		10,150,000		1.4
	88,000	@	Middleby Corp.		12,007,600		1.7
	65,000	@	Trex Co., Inc.		4,510,350		0.6
					29,535,450		4.1
			Information Technology: 20.6%
	198,500	@	ANSYS, Inc.		21,213,695		2.9
	300,448	@	Benefitfocus, Inc.		8,397,522		1.2
	122,592		Booz Allen Hamilton Holding Corp.		4,338,531		0.6
	137,300	@	CoStar Group, Inc.		28,451,306		3.9
	304,000	@	Gartner, Inc.		32,828,960		4.5
	164,000	@	Guidewire Software, Inc.		9,238,120		1.3
	15,000		Littelfuse, Inc.		2,398,650		0.3
	294,500		MAXIMUS, Inc.		18,317,900		2.5
	653,000		SS&C Technologies Holdings, Inc.		23,116,200		3.2
	19,998	@	Wix.com Ltd.		1,357,864		0.2
					149,658,748		20.6
			Real Estate: 8.5%
	14,720		Alexander's, Inc.		6,356,979		0.9
	82,000		Alexandria Real Estate Equities, Inc.		9,062,640		1.2
	113,500		American Assets Trust, Inc.		4,748,840		0.6
	472,000		Douglas Emmett, Inc.		18,124,800		2.5
	713,500		Gaming and Leisure Properties, Inc.		23,845,170		3.3
					62,138,429		8.5
			Telecommunication Services: 1.2%
	921,311	@	Iridium Communications, Inc.		8,890,651		1.2
		Total Common Stock
		(Cost $306,878,309)			731,874,939		100.5
SHORT-TERM INVESTMENTS: 0.0%
			Mutual Funds: 0.0%
	1,826		BlackRock Liquidity Funds, FedFund, Institutional Class, 0.600%††
			(Cost $1,826)		1,826		0.0

VY® Baron Growth Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Shares			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Mutual Funds: (continued)
	Total Short-Term Investments
	(Cost $1,826)			1,826			0.0
	Total Investments in Securities (Cost $306,880,135)		$	731,876,765			100.5
	Liabilities in Excess of Other Assets			(3,280,804	)		(0.5	)
	Net Assets		$	728,595,961			100.0

††	Rate shown is the 7-day yield as of March 31, 2017.
@	Non-income producing security.

Cost for federal income tax purposes is $312,612,406.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	435,011,191
Gross Unrealized Depreciation		(15,746,832	)
Net Unrealized Appreciation	$	419,264,359

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Common Stock*	$	731,874,939	$	–	$	–	$	731,874,939
Short-Term Investments		1,826		–		–		1,826
Total Investments, at fair value	$	731,876,765	$	–	$	–	$	731,876,765

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

VY® Columbia Contrarian Core Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 99.6%
			Consumer Discretionary: 13.2%
	76,355		Coach, Inc.	$	3,155,752		1.0
	246,054		Comcast Corp. – Class A		9,249,170		2.9
	19,040		Expedia, Inc.		2,402,277		0.7
	61,325	@	Liberty Interactive Corp. QVC Group		1,227,727		0.4
	87,469		Lowe's Cos, Inc.		7,190,826		2.2
	22,967		Marriott International, Inc.		2,163,032		0.7
	31,535		McDonald's Corp.		4,087,251		1.3
	61,147	@	Michaels Cos, Inc.		1,369,081		0.4
	27,615		Newell Brands, Inc.		1,302,600		0.4
	28,135		PVH Corp.		2,911,128		0.9
	15,345		Royal Caribbean Cruises Ltd.		1,505,498		0.5
	34,545		Starbucks Corp.		2,017,083		0.6
	35,385		Walt Disney Co.		4,012,305		1.2
					42,593,730		13.2
			Consumer Staples: 8.3%
	45,964		CVS Health Corp.		3,608,174		1.1
	29,335		Kellogg Co.		2,130,014		0.7
	101,590		Kroger Co.		2,995,889		0.9
	47,033		PepsiCo, Inc.		5,261,111		1.6
	94,275		Philip Morris International, Inc.		10,643,648		3.3
	26,396		Walgreens Boots Alliance, Inc.		2,192,188		0.7
					26,831,024		8.3
			Energy: 7.0%
	97,758		Canadian Natural Resources Ltd.		3,205,485		1.0
	42,451		Chevron Corp.		4,557,964		1.4
	77,217		ConocoPhillips		3,850,812		1.2
	14,345		EQT Corp.		876,479		0.3
	63,145		Exxon Mobil Corp.		5,178,521		1.6
	61,500		Noble Energy, Inc.		2,111,910		0.6
	38,070		Schlumberger Ltd.		2,973,267		0.9
					22,754,438		7.0
			Financials: 16.6%
	30,040		Aon PLC		3,565,448		1.1
	132,751		Bank of New York Mellon Corp.		6,269,830		1.9
	59,682	@	Berkshire Hathaway, Inc. – Class B		9,947,796		3.1
	2,106		Blackrock, Inc.		807,672		0.3
	159,311		Citigroup, Inc.		9,529,984		3.0
	23,737		Invesco Ltd.		727,064		0.2
	110,713		JPMorgan Chase & Co.		9,725,030		3.0
	114,585		Morgan Stanley		4,908,821		1.5
	9,260		S&P Global, Inc.		1,210,652		0.4
	123,830		Wells Fargo & Co.		6,892,378		2.1
					53,584,675		16.6
			Health Care: 14.6%
	76,278		Abbott Laboratories		3,387,506		1.1
	17,055	@	Alexion Pharmaceuticals, Inc.		2,067,748		0.6
	16,705		Allergan plc		3,991,159		1.2
	24,015		Anthem, Inc.		3,971,601		1.2
	9,665	@	Biogen, Inc.		2,642,604		0.8
	46,890		Bristol-Myers Squibb Co.		2,549,878		0.8
	22,009		Cardinal Health, Inc.		1,794,834		0.6
	30,819	@	Celgene Corp.		3,834,808		1.2
	29,443		Cigna Corp.		4,313,105		1.3
	52,984		Johnson & Johnson		6,599,157		2.0
	30,783		Medtronic PLC		2,479,878		0.8
	163,250		Pfizer, Inc.		5,584,783		1.7
	12,571	@	Vertex Pharmaceuticals, Inc.		1,374,639		0.4
	22,645		Zimmer Biomet Holdings, Inc.		2,765,181		0.9
					47,356,881		14.6
			Industrials: 9.0%
	24,227		Eaton Corp. PLC		1,796,432		0.6
	37,281		FedEx Corp.		7,275,387		2.2
	226,085		General Electric Co.		6,737,333		2.1
	59,697		Honeywell International, Inc.		7,454,365		2.3
	41,178		Johnson Controls International plc		1,734,417		0.5
	75,690		Nielsen NV		3,126,754		1.0
	13,455	@	Stericycle, Inc.		1,115,285		0.3
					29,239,973		9.0
			Information Technology: 23.3%
	83,975		Activision Blizzard, Inc.		4,186,994		1.3
	35,695	@	Akamai Technologies, Inc.		2,130,992		0.7
	5,133	@	Alphabet, Inc. - Class A		4,351,757		1.3
	11,824	@	Alphabet, Inc. - Class C		9,808,718		3.0
	108,971		Apple, Inc.		15,654,774		4.8
	29,401		Broadcom Ltd.		6,437,643		2.0
	36,404	@	Electronic Arts, Inc.		3,258,886		1.0
	69,460	@	Facebook, Inc.		9,866,793		3.0
	43,170		Fidelity National Information Services, Inc.		3,437,195		1.1
	48,346		Mastercard, Inc. - Class A		5,437,475		1.7
	145,790		Microsoft Corp.		9,601,729		3.0
	8,600	@	Palo Alto Networks, Inc.		969,048		0.3
	6,140		Total System Services, Inc.		328,244		0.1
					75,470,248		23.3
			Materials: 1.5%
	15,243		Sherwin-Williams Co.		4,728,226		1.5
			Real Estate: 1.6%
	43,220		American Tower Corp.		5,252,959		1.6
			Telecommunication Services: 2.7%
	133,795		AT&T, Inc.		5,559,182		1.7
	66,997		Verizon Communications, Inc.		3,266,104		1.0
					8,825,286		2.7

VY® Columbia Contrarian Core Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Utilities: 1.8%
	29,301		Edison International	$	2,332,653		0.7
	67,705		Southern Co.		3,370,355		1.1
					5,703,008		1.8
		Total Common Stock
		(Cost $268,023,781)			322,340,448		99.6

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: –%
			Materials: –%
	649,000		SINO Forest Corp. Escrow		–		–
		Total Corporate Bonds/Notes
		(Cost $–)			–		–
		Total Long-Term Investments
		(Cost $268,023,781)			322,340,448		99.6

Shares				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.6%
			Mutual Funds: 0.6%
	1,796,350		BlackRock Liquidity Funds, FedFund, Institutional Class, 0.600%††
			(Cost $1,796,350)		1,796,350			0.6
		Total Short-Term Investments
		(Cost $1,796,350)			1,796,350			0.6
		Total Investments in Securities (Cost $269,820,131)		$	324,136,798			100.2
		Liabilities in Excess of Other Assets			(614,869	)		(0.2	)
		Net Assets		$	323,521,929			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of March 31, 2017.
@	Non-income producing security.

Cost for federal income tax purposes is $270,866,908.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	56,477,838
Gross Unrealized Depreciation		(3,207,948	)
Net Unrealized Appreciation	$	53,269,890

VY® Columbia Contrarian Core Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Common Stock*	$	322,340,448	$	–	$	–	$	322,340,448
Corporate Bonds/Notes		–		–		–		–
Short-Term Investments		1,796,350		–		–		1,796,350
Total Investments, at fair value	$	324,136,798	$	–	$	–	$	324,136,798

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

VY® Columbia Small Cap Value II Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 99.3%
			Consumer Discretionary: 9.2%
	37,500		Aarons, Inc.	$	1,115,250		0.5
	50,000		AMC Entertainment Holdings, Inc.		1,572,500		0.7
	21,000		Childrens Place Retail Stores, Inc.		2,521,050		1.1
	15,300	@	Cooper-Standard Holdings, Inc.		1,697,229		0.7
	33,000	@	Dave & Buster's Entertainment, Inc.		2,015,970		0.9
	23,500	@	Genesco, Inc.		1,303,075		0.6
	65,000	@	Kate Spade & Co.		1,509,950		0.7
	63,400	@	Nord Anglia Education, Inc.		1,606,556		0.7
	17,000	@	Red Robin Gourmet Burgers, Inc.		993,650		0.4
	24,500	@	RH		1,133,370		0.5
	119,000	@	Sequential Brands Group, Inc.		462,910		0.2
	32,000		Tenneco, Inc.		1,997,440		0.9
	68,400		Tower International, Inc.		1,853,640		0.8
	56,000	@	William Lyon Homes		1,154,720		0.5
					20,937,310		9.2
			Consumer Staples: 2.2%
	78,000		AdvancePierre Foods Holdings, Inc.		2,431,260		1.1
	227,000	@	Avon Products, Inc.		998,800		0.4
	34,000	@	United Natural Foods, Inc.		1,469,820		0.7
					4,899,880		2.2
			Energy: 5.9%
	99,000		Aegean Marine Petroleum Network, Inc.		1,192,950		0.5
	11,500	@	Arch Coal, Inc.		792,810		0.3
	88,000	@	Keane Group, Inc.		1,258,400		0.6
	148,000	@	Oasis Petroleum, Inc.		2,110,480		0.9
	90,000		Patterson-UTI Energy, Inc.		2,184,300		1.0
	52,000		PBF Energy, Inc.		1,152,840		0.5
	25,000	@	PDC Energy, Inc.		1,558,750		0.7
	47,000	@	RSP Permian, Inc.		1,947,210		0.9
	120,000	@	Whiting Petroleum Corp.		1,135,200		0.5
					13,332,940		5.9
			Financials: 31.0%
	93,000		American Equity Investment Life Holding Co.		2,197,590		1.0
	58,500		Ameris Bancorp.		2,696,850		1.2
	43,843		Amerisafe, Inc.		2,845,411		1.3
	66,000		Amtrust Financial Services, Inc.		1,218,360		0.5
	37,500		Argo Group International Holdings Ltd.		2,542,500		1.1
	38,400		Bank of the Ozarks, Inc.		1,997,184		0.9
	62,500	@	BofI Holding, Inc.		1,633,125		0.7
	48,000		Cathay General Bancorp.		1,808,640		0.8
	75,000		CNO Financial Group, Inc.		1,537,500		0.7
	58,000		Community Bank System, Inc.		3,188,840		1.4
	80,000	@	Customers Bancorp, Inc.		2,522,400		1.1
	43,000	@	Encore Capital Group, Inc.		1,324,400		0.6
	14,000		Evercore Partners, Inc.		1,090,600		0.5
	57,000		Hancock Holding Co.		2,596,350		1.1
	119,000		Hope Bancorp, Inc.		2,281,230		1.0
	45,888		Houlihan Lokey, Inc.		1,580,842		0.7
	47,500		Independent Bank Corp.		3,087,500		1.4
	44,000		MB Financial, Inc.		1,884,080		0.8
	114,000	@	MBIA, Inc.		965,580		0.4
	255,000	@	MGIC Investment Corp.		2,583,150		1.1
	43,921		Moelis & Co.		1,690,958		0.7
	34,000		Prosperity Bancshares, Inc.		2,370,140		1.1
	66,700		Renasant Corp.		2,647,323		1.2
	80,000		Sandy Spring Bancorp, Inc.		3,279,200		1.5
	194,000	@	SLM Corp.		2,347,400		1.0
	149,000		Sterling Bancorp/DE		3,531,300		1.6
	19,000	@	Stifel Financial Corp.		953,610		0.4
	33,200		UMB Financial Corp.		2,500,292		1.1
	86,500		Union Bankshares Corp.		3,043,070		1.3
	36,000	@	Western Alliance Bancorp.		1,767,240		0.8
	31,500		Wintrust Financial Corp.		2,177,280		1.0
	50,000		WSFS Financial Corp.		2,297,500		1.0
					70,187,445		31.0
			Health Care: 6.4%
	31,700	@	Almost Family, Inc.		1,540,620		0.7
	12,000	@	Bluebird Bio, Inc.		1,090,800		0.5
	42,500	@	LHC Group, Inc.		2,290,750		1.0
	91,000	@	Merit Medical Systems, Inc.		2,629,900		1.2
	24,000	@	Molina Healthcare, Inc.		1,094,400		0.5
	64,000	@	Patheon NV		1,685,760		0.7
	78,500	@	Tenet Healthcare Corp.		1,390,235		0.6
	88,000	@	Wright Medical Group NV		2,738,560		1.2
					14,461,025		6.4
			Industrials: 12.8%
	50,000		ABM Industries, Inc.		2,180,000		0.9
	48,500		Barnes Group, Inc.		2,489,990		1.1
	14,700		Curtiss-Wright Corp.		1,341,522		0.6
	34,500		Deluxe Corp.		2,489,865		1.1
	35,500		EMCOR Group, Inc.		2,234,725		1.0
	31,000		Franklin Electric Co., Inc.		1,334,550		0.6
	41,000		Granite Construction, Inc.		2,057,790		0.9
	61,500		Kennametal, Inc.		2,412,645		1.1
	49,500	@	Mastec, Inc.		1,982,475		0.9
	83,612	@	Neff Corp.		1,626,253		0.7
	32,700		Oshkosh Corp.		2,242,893		1.0
	19,575	@	REV Group, Inc.		539,683		0.2

VY® Columbia Small Cap Value II Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Industrials: (continued)
	64,000		Skywest, Inc.	$	2,192,000			1.0
	49,500		Triton International Ltd./Bermuda		1,276,605			0.6
	53,500	@	XPO Logistics, Inc.		2,562,115			1.1
					28,963,111			12.8
			Information Technology: 11.6%
	73,000		Brooks Automation, Inc.		1,635,200			0.7
	26,700	@	Cirrus Logic, Inc.		1,620,423			0.7
	181,100		Cypress Semiconductor Corp.		2,491,936			1.1
	15,000		Ebix, Inc.		918,750			0.4
	62,000	@	Entegris, Inc.		1,450,800			0.7
	52,400	@	Finisar Corp.		1,432,616			0.6
	125,000	@	Formfactor, Inc.		1,481,250			0.7
	52,000	@	II-VI, Inc.		1,874,600			0.8
	113,000	@	Kulicke & Soffa Industries, Inc.		2,296,160			1.0
	218,000	@	Oclaro, Inc.		2,140,760			1.0
	19,000	@	Rogers Corp.		1,631,530			0.7
	27,875		Science Applications International Corp.		2,073,900			0.9
	19,500		SYNNEX Corp.		2,182,830			1.0
	27,500	@	Take-Two Interactive Software, Inc.		1,629,925			0.7
	84,000	@	TTM Technologies, Inc.		1,354,920			0.6
					26,215,600			11.6
			Materials: 7.5%
	128,000	@	AK Steel Holding Corp.		920,320			0.4
	23,000		Cabot Corp.		1,377,930			0.6
	50,000		Carpenter Technology Corp.		1,865,000			0.8
	74,000		KapStone Paper and Packaging Corp.		1,709,400			0.8
	33,500		Materion Corp.		1,123,925			0.5
	27,500		Neenah Paper, Inc.		2,054,250			0.9
	74,000		Olin Corp.		2,432,380			1.1
	81,659		Orion Engineered Carbons SA		1,674,010			0.7
	134,000	@	Platform Specialty Products Corp.		1,744,680			0.8
	31,400	@	US Concrete, Inc.		2,026,870			0.9
					16,928,765			7.5
			Real Estate: 7.9%
	54,000		American Assets Trust, Inc.		2,259,360			1.0
	70,500		Brandywine Realty Trust		1,144,215			0.5
	63,000		Chesapeake Lodging Trust		1,509,480			0.7
	97,000		First Industrial Realty Trust, Inc.		2,583,110			1.1
	35,500		Highwoods Properties, Inc.		1,744,115			0.8
	57,000		Hudson Pacific Properties, Inc.		1,974,480			0.9
	60,000		LaSalle Hotel Properties		1,737,000			0.8
	68,000		Mack-Cali Realty Corp.		1,831,920			0.8
	50,800		Physicians Realty Trust		1,009,396			0.4
	19,000		PS Business Parks, Inc.		2,180,440			0.9
					17,973,516			7.9
			Utilities: 4.8%
	23,000		Black Hills Corp.		1,528,810			0.7
	70,000		New Jersey Resources Corp.		2,772,000			1.2
	22,500		ONE Gas, Inc.		1,521,000			0.7
	76,000		South Jersey Industries, Inc.		2,709,400			1.2
	27,000		Southwest Gas Corp.		2,238,570			1.0
					10,769,780			4.8
		Total Common Stock
		(Cost $176,042,238)			224,669,372			99.3
SHORT-TERM INVESTMENTS: 0.7%
			Mutual Funds: 0.7%
	1,690,314		BlackRock Liquidity Funds, FedFund, Institutional Class, 0.600%††
			(Cost $1,690,314)		1,690,314			0.7
		Total Short-Term Investments
		(Cost $1,690,314)			1,690,314			0.7
		Total Investments in Securities (Cost $177,732,552)		$	226,359,686			100.0
		Liabilities in Excess of Other Assets			(47,776	)		–
		Net Assets		$	226,311,910			100.0

††	Rate shown is the 7-day yield as of March 31, 2017.
@	Non-income producing security.

Cost for federal income tax purposes is $177,916,835.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	52,832,615
Gross Unrealized Depreciation		(4,389,764	)
Net Unrealized Appreciation	$	48,442,851

VY® Columbia Small Cap Value II Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Common Stock*	$	224,669,372	$	–	$	–	$	224,669,372
Short-Term Investments		1,690,314		–		–		1,690,314
Total Investments, at fair value	$	226,359,686	$	–	$	–	$	226,359,686

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

VY® Invesco Comstock Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 97.5%
			Consumer Discretionary: 9.2%
	36,779		Advance Auto Parts, Inc.	$	5,452,855		1.0
	265,940		Carnival Corp.		15,666,525		3.0
	49,618		CBS Corp. - Class B		3,441,504		0.7
	8,148	@	Charter Communications, Inc.		2,667,003		0.5
	105,701		Comcast Corp. – Class A		3,973,301		0.8
	272,194		General Motors Co.		9,624,780		1.9
	205,495		Twenty-First Century Fox, Inc. - Class B		6,530,631		1.3
					47,356,599		9.2
			Consumer Staples: 2.8%
	55,490		CVS Health Corp.		4,355,965		0.9
	33,538		Mondelez International, Inc.		1,444,817		0.3
	64,112		Unilever NV ADR		3,185,084		0.6
	74,643		Wal-Mart Stores, Inc.		5,380,268		1.0
					14,366,134		2.8
			Energy: 15.5%
	255,687		BP PLC ADR		8,826,315		1.7
	138,983		Canadian Natural Resources Ltd.		4,550,378		0.9
	85,151		Chevron Corp.		9,142,663		1.8
	193,657		Devon Energy Corp.		8,079,370		1.6
	111,696		Halliburton Co.		5,496,560		1.1
	127,307		Hess Corp.		6,137,471		1.2
	391,223		Marathon Oil Corp.		6,181,323		1.2
	69,756		Occidental Petroleum Corp.		4,419,740		0.8
	262,857	@	QEP Resources, Inc.		3,340,913		0.6
	194,580		Royal Dutch Shell PLC - Class A ADR		10,260,203		2.0
	405,058		Suncor Energy, Inc.		12,455,534		2.4
	153,193	@,L	Weatherford International PLC		1,018,733		0.2
					79,909,203		15.5
			Financials: 35.3%
	36,735		Aflac, Inc.		2,660,349		0.5
	125,118		American International Group, Inc.		7,811,117		1.5
	84,942		Allstate Corp.		6,921,924		1.3
	362,432		Ally Financial, Inc.		7,368,243		1.4
	973,247		Bank of America Corp.		22,958,897		4.5
	176,168		Bank of New York Mellon Corp.		8,320,415		1.6
	505,597		Citigroup, Inc.		30,244,813		5.9
	169,970		Citizens Financial Group, Inc.		5,872,463		1.1
	365,985		Fifth Third Bancorp		9,296,019		1.8
	25,902		Goldman Sachs Group, Inc.		5,950,207		1.2
	231,525		JPMorgan Chase & Co.		20,337,156		4.0
	118,330		Keycorp		2,103,907		0.4
	191,520		Metlife, Inc.		10,116,086		2.0
	243,671		Morgan Stanley		10,438,866		2.0
	89,643		PNC Financial Services Group, Inc.		10,778,674		2.1
	97,463		State Street Corp.		7,759,029		1.5
	40,753		US Bancorp		2,098,779		0.4
	191,952		Wells Fargo & Co.		10,684,048		2.1
					181,720,992		35.3
			Health Care: 12.1%
	55,247		AbbVie, Inc.		3,599,895		0.7
	38,721		Anthem, Inc.		6,403,679		1.3
	17,167	@	Biogen, Inc.		4,693,801		0.9
	29,392		Cardinal Health, Inc.		2,396,918		0.5
	54,434		Gilead Sciences, Inc.		3,697,157		0.7
	21,395		McKesson Corp.		3,172,023		0.6
	50,149		Medtronic PLC		4,040,003		0.8
	100,430		Merck & Co., Inc.		6,381,322		1.2
	123,795	@	Mylan NV		4,826,767		0.9
	59,719		Novartis AG		4,434,588		0.9
	301,869		Pfizer, Inc.		10,326,938		2.0
	183,047		Sanofi ADR		8,282,877		1.6
					62,255,968		12.1
			Industrials: 9.5%
	144,594		Arconic, Inc.		3,808,606		0.7
	103,889		Caterpillar, Inc.		9,636,744		1.9
	113,364		Eaton Corp. PLC		8,405,941		1.6
	60,763		Emerson Electric Co.		3,637,273		0.7
	204,587		General Electric Co.		6,096,692		1.2
	38,400		Ingersoll-Rand PLC - Class A		3,122,688		0.6
	173,343		Johnson Controls International plc		7,301,207		1.4
	147,691		Textron, Inc.		7,028,615		1.4
					49,037,766		9.5
			Information Technology: 10.0%
	397,186		Cisco Systems, Inc.		13,424,887		2.6
	4,366	@	Cognizant Technology Solutions Corp.		260,763		0.1
	234,958	@	eBay, Inc.		7,887,540		1.5
	72,974		HP, Inc.		1,304,775		0.3
	170,502		Intel Corp.		6,150,007		1.2
	118,005		Microsoft Corp.		7,771,809		1.5
	167,907		NetApp, Inc.		7,026,908		1.4
	112,314	@	PayPal Holdings, Inc.		4,831,748		0.9
	41,797		Symantec Corp.		1,282,332		0.2
	37,989	@	Yahoo!, Inc.		1,763,070		0.3
					51,703,839		10.0
			Materials: 1.8%
	52,812		Alcoa Corp.		1,816,733		0.3
	115,060		CF Industries Holdings, Inc.		3,377,011		0.7
	85,591		International Paper Co.		4,346,311		0.8
					9,540,055		1.8
			Telecommunication Services: 0.6%
	1,268,044		Vodafone Group PLC		3,304,497		0.6

VY® Invesco Comstock Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Utilities: 0.7%
	105,719		FirstEnergy Corp.	$	3,363,979		0.7
		Total Common Stock (Cost $407,079,913)			502,559,032		97.5

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.5%
		Securities Lending Collateralcc: 0.2%
	249,659	Cantor Fitzgerald, Repurchase Agreement dated 03/31/17, 0.81%, due 04/03/17 (Repurchase Amount $249,676, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $254,652, due 04/01/17-02/20/67)		249,659		0.0
	1,000,000	Millenium Fixed Income Ltd., Repurchase Agreement dated 03/31/17, 0.84%, due 04/03/17 (Repurchase Amount $1,000,069, collateralized by various U.S. Government Securities, 3.125%-3.625%, Market Value plus accrued interest $1,020,000, due 02/15/43-02/15/44)		1,000,000		0.2
				1,249,659		0.2

Shares				Value			Percentage of Net Assets
			Mutual Funds: 2.3%
	11,622,947		BlackRock Liquidity Funds, FedFund, Institutional Class, 0.600%††
			(Cost $11,622,947)		11,622,947			2.3
		Total Short-Term Investments (Cost $12,872,606)			12,872,606			2.5
		Total Investments in Securities (Cost $419,952,519)		$	515,431,638			100.0
		Liabilities in Excess of Other Assets			(137,819	)		–
		Net Assets		$	515,293,819			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of March 31, 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 March 31, 2017.

Cost for federal income tax purposes is $428,158,753.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	109,836,182
Gross Unrealized Depreciation		(22,563,297	)
Net Unrealized Appreciation	$	87,272,885

VY® Invesco Comstock Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	47,356,599	$	–		$	–	$	47,356,599
Consumer Staples		14,366,134		–			–		14,366,134
Energy		79,909,203		–			–		79,909,203
Financials		181,720,992		–			–		181,720,992
Health Care		57,821,380		4,434,588			–		62,255,968
Industrials		49,037,766		–			–		49,037,766
Information Technology		51,703,839		–			–		51,703,839
Materials		9,540,055		–			–		9,540,055
Telecommunication Services		–		3,304,497			–		3,304,497
Utilities		3,363,979		–			–		3,363,979
Total Common Stock		494,819,947		7,739,085			–		502,559,032
Short-Term Investments		11,622,947		1,249,659			–		12,872,606
Total Investments, at fair value	$	506,442,894	$	8,988,744		$	–	$	515,431,638
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	–	$	(572,829	)	$	–	$	(572,829	)
Total Liabilities	$	–	$	(572,829	)	$	–	$	(572,829	)

+

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 March 31, 2017, the following forward foreign currency contracts were outstanding for VY® Invesco Comstock Portfolio:

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	Canadian Dollar		4,747,146	Sell	04/21/17	$	3,521,196	$	3,570,568	$	(49,372	)
Barclays Bank PLC	EU Euro		4,243,655	Sell	04/21/17		4,520,744		4,530,597		(9,853	)
Barclays Bank PLC	British Pound		2,073,264	Sell	04/21/17		2,520,166		2,598,620		(78,454	)
Barclays Bank PLC	Swiss Franc		961,287	Sell	04/21/17		955,474		960,644		(5,170	)
CIBC World Markets Corp.	Canadian Dollar		4,747,146	Sell	04/21/17		3,522,144		3,570,568		(48,424	)
CIBC World Markets Corp.	EU Euro		4,243,655	Sell	04/21/17		4,517,371		4,530,598		(13,227	)
CIBC World Markets Corp.	Swiss Franc		961,287	Sell	04/21/17		955,079		960,644		(5,565	)
CIBC World Markets Corp.	British Pound		2,073,264	Sell	04/21/17		2,520,902		2,598,620		(77,718	)
Goldman Sachs International	EU Euro		4,243,700	Sell	04/21/17		4,519,095		4,530,646		(11,551	)
Goldman Sachs International	Swiss Franc		961,300	Sell	04/21/17		955,234		960,657		(5,423	)
Goldman Sachs International	British Pound		2,073,318	Sell	04/21/17		2,520,594		2,598,687		(78,093	)
Goldman Sachs International	Canadian Dollar		4,747,121	Sell	04/21/17		3,521,995		3,570,549		(48,554	)
RBC Capital Markets Corp.	Canadian Dollar		4,747,146	Sell	04/21/17		3,521,256		3,570,568		(49,312	)

VY® Invesco Comstock Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
RBC Capital Markets Corp.	EU Euro		4,243,655	Sell	04/21/17	$	4,521,020	$	4,530,598	$	(9,578	)
RBC Capital Markets Corp.	British Pound		2,073,264	Sell	04/21/17		2,520,996		2,598,621		(77,625	)
RBC Capital Markets Corp.	Swiss Franc		961,287	Sell	04/21/17		955,734		960,644		(4,910	)
										$	(572,829	)

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

The fair value of derivative instruments as of March 31, 2017 was as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Liability Derivatives	Instrument Type
Foreign exchange contracts	Forward foreign currency contracts	$	572,829
Total Liability Derivatives		$	572,829

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 March 31, 2017:

	Barclays Bank PLC			CIBC World Markets Corp.			Goldman Sachs International			RBC Capital Markets Corp.			Totals
Liabilities:
Forward foreign currency contracts	$	142,849		$	144,934		$	143,621		$	141,425		$	572,829
Total Liabilities	$	142,849		$	144,934		$	143,621		$	141,425		$	572,829
Net OTC derivative instruments by counterparty, at fair value	$	(142,849	)	$	(144,934	)	$	(143,621	)	$	(141,425	)	$	(572,829	)
Total collateral pledged by the Portfolio/(Received from counterparty)	$	-		$	-		$	-		$	-		$	-
Net Exposure(1)	$	(142,849	)	$	(144,934	)	$	(143,621	)	$	(141,425	)	$	(572,829	)

⁽¹⁾ Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio.

VY® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 65.3%
			Consumer Discretionary: 5.6%
	354,181		Carnival Corp.	$	20,864,803		1.2
	56,519		CBS Corp. - Class B		3,920,158		0.2
	34,630	@	Charter Communications, Inc.		11,335,091		0.6
	472,478		Comcast Corp. – Class A		17,760,448		1.0
	494,578		General Motors Co.		17,488,278		1.0
	2,082,091		Kingfisher PLC		8,519,054		0.5
	222,890	@	Michael Kors Holdings Ltd.		8,494,338		0.5
	98,742		Time Warner, Inc.		9,648,081		0.6
					98,030,251		5.6
			Consumer Staples: 2.8%
	291,342		Mondelez International, Inc.		12,551,013		0.7
	114,544		Philip Morris International, Inc.		12,932,018		0.8
	275,669		Walgreens Boots Alliance, Inc.		22,894,310		1.3
					48,377,341		2.8
			Energy: 9.8%
	513,227		Apache Corp.		26,374,736		1.5
	387,862		Baker Hughes, Inc.		23,201,905		1.3
	566,431		Canadian Natural Resources Ltd.		18,545,254		1.1
	551,029		Devon Energy Corp.		22,988,930		1.3
	120,008		Exxon Mobil Corp.		9,841,856		0.6
	333,293		Occidental Petroleum Corp.		21,117,444		1.2
	894,674		Royal Dutch Shell PLC - Class A		23,582,010		1.3
	378,300	@	TechnipFMC PLC		12,294,750		0.7
	261,211		Total S.A.		13,207,759		0.8
					171,154,644		9.8
			Financials: 22.1%
	136,153		Aon PLC		16,160,000		0.9
	2,069,350		Bank of America Corp.		48,815,966		2.8
	112,557		BB&T Corp.		5,031,298		0.3
	330,107		Charles Schwab Corp.		13,471,667		0.8
	956,605		Citigroup, Inc.		57,224,111		3.3
	782,115		Citizens Financial Group, Inc.		27,022,073		1.5
	201,699		Comerica, Inc.		13,832,517		0.8
	748,125		Fifth Third Bancorp		19,002,375		1.1
	523,099		First Horizon National Corp.		9,677,332		0.6
	64,516		Goldman Sachs Group, Inc.		14,820,616		0.8
	539,093		JPMorgan Chase & Co.		47,353,929		2.7
	407,816		Keycorp		7,250,968		0.4
	124,285		Marsh & McLennan Cos., Inc.		9,183,419		0.5
	799,985		Morgan Stanley		34,271,357		2.0
	142,700		Northern Trust Corp.		12,354,966		0.7
	186,421		PNC Financial Services Group, Inc.		22,415,261		1.3
	222,011		State Street Corp.		17,674,296		1.0
	78,815		Willis Towers Watson PLC		10,316,095		0.6
					385,878,246		22.1
			Health Care: 7.7%
	61,871		Amgen, Inc.		10,151,175		0.6
	60,281		Anthem, Inc.		9,969,272		0.6
	240,698		Baxter International, Inc.		12,482,598		0.7
	147,713		Cardinal Health, Inc.		12,045,995		0.7
	48,966	@	Express Scripts Holding Co.		3,227,349		0.2
	185,315		Medtronic PLC		14,928,977		0.8
	382,313		Merck & Co., Inc.		24,292,168		1.4
	176,548		Novartis AG		13,110,024		0.8
	628,976		Pfizer, Inc.		21,517,269		1.2
	140,142		Sanofi		12,668,215		0.7
					134,393,042		7.7
			Industrials: 5.2%
	160,924		Caterpillar, Inc.		14,927,310		0.9
	262,256		CSX Corp.		12,208,017		0.7
	104,025		General Dynamics Corp.		19,473,480		1.1
	531,235		General Electric Co.		15,830,803		0.9
	157,583		Ingersoll-Rand PLC - Class A		12,814,649		0.7
	383,014		Johnson Controls International plc		16,132,550		0.9
					91,386,809		5.2
			Information Technology: 8.2%
	75,635		Applied Materials, Inc.		2,942,202		0.2
	599,518		Cisco Systems, Inc.		20,263,708		1.1
	242,222	@	Cognizant Technology Solutions Corp.		14,417,053		0.8
	460,026	@	eBay, Inc.		15,443,073		0.9
	363,827		Intel Corp.		13,123,240		0.7
	545,595		Juniper Networks, Inc.		15,183,909		0.9
	179,414		Microsoft Corp.		11,816,206		0.7
	563,225		Oracle Corp.		25,125,467		1.4
	246,088	@	PayPal Holdings, Inc.		10,586,706		0.6
	271,154		Qualcomm, Inc.		15,547,970		0.9
					144,449,534		8.2
			Materials: 1.9%
	88,081	L	Agrium, Inc.		8,416,139		0.5
	479,986		BHP Billiton Ltd.		8,729,110		0.5
	558,537		Mosaic Co.		16,298,110		0.9
					33,443,359		1.9
			Telecommunication Services: 1.1%
	173,668		Orange SA		2,696,305		0.1
	176,309		Verizon Communications, Inc.		8,595,064		0.5
	318,885	L	Vodafone Group PLC ADR		8,428,130		0.5
					19,719,499		1.1
			Utilities: 0.9%
	183,044		FirstEnergy Corp.		5,824,460		0.3

VY® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Utilities: (continued)
	144,539		PG&E Corp.	$	9,591,608		0.6
					15,416,068		0.9
		Total Common Stock (Cost $977,034,089)			1,142,248,793		65.3
PREFERRED STOCK: 0.7%
			Energy: 0.4%
	140,612	@,P	El Paso Energy Capital Trust I		7,030,600		0.4
			Financials: 0.3%
	75,900	@	AMG Capital Trust II		4,331,044		0.3
	4,000	@,L,P	Wells Fargo & Co.		106,400		0.0
					4,437,444		0.3
		Total Preferred Stock (Cost $10,847,295)			11,468,044		0.7

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 18.0%
			Basic Materials: 0.2%
	770,000	#	Basell Finance Co. BV, 8.100%, 03/15/27		1,021,603		0.1
	1,320,000		Eastman Chemical Co., 2.700%, 01/15/20		1,338,580		0.1
	195,000		International Paper Co., 6.000%, 11/15/41		226,625		0.0
	315,000		Monsanto Co., 2.125%, 07/15/19		315,337		0.0
	150,000		Rio Tinto Finance USA Ltd., 7.125%, 07/15/28		197,124		0.0
	335,000		Rio Tinto Finance USA Ltd., 9.000%, 05/01/19		382,253		0.0
					3,481,522		0.2
			Communications: 3.6%
	455,000		America Movil S.A.B de CV, 4.375%, 07/16/42		435,212		0.0
	466,000		AT&T, Inc., 3.400%, 05/15/25		451,701		0.0
	837,000		AT&T, Inc., 3.000%, 06/30/22		833,110		0.1
	505,000		AT&T, Inc., 3.800%, 03/15/22		522,883		0.0
	747,000		AT&T, Inc., 4.500%, 05/15/35		705,156		0.0
	1,300,000		AT&T, Inc., 4.800%, 06/15/44		1,222,309		0.1
	2,960,000		AT&T, Inc., 5.150%, 03/15/42		2,946,269		0.2
	101,000		AT&T, Inc., 5.350%, 09/01/40		104,099		0.0
	270,000		AT&T, Inc., 6.150%, 09/15/34		300,013		0.0
	1,635,000		Charter Communications Operating LLC / Charter Communications Operating Capital, 4.464%, 07/23/22		1,723,792		0.1
	2,421,000		Ciena Corp., 4.000%, 12/15/20		3,328,875		0.2
	1,019,000		Comcast Corp., 5.700%, 05/15/18		1,066,554		0.1
	135,000		Comcast Corp., 6.450%, 03/15/37		172,382		0.0
	1,210,000	#	Cox Communications, Inc., 8.375%, 03/01/39		1,514,846		0.1
	2,700,000	#	Crown Castle Towers, LLC, 4.883%, 08/15/40		2,876,045		0.2
	435,000	#	Crown Castle Towers, LLC, 6.113%, 01/15/40		471,318		0.0
	3,989,000	#	Ctrip.com International Ltd., 1.250%, 09/15/22		4,148,560		0.2
	4,731,000	#	DISH Network Corp., 3.375%, 08/15/26		5,739,294		0.3
	1,319,000	#	Finisar Corp., 0.500%, 12/15/36		1,289,322		0.1
	1,689,000	L	FireEye, Inc., 1.000%, 06/01/35		1,593,994		0.1
	1,689,000		FireEye, Inc., 1.625%, 06/01/35		1,521,156		0.1
	2,954,000	#	Liberty Interactive LLC, 1.750%, 09/30/46		3,336,174		0.2
	9,559,000		Liberty Media Corp., 1.375%, 10/15/23		10,855,439		0.6
	1,933,000	#	Liberty Media Corp., 2.250%, 09/30/46		2,092,473		0.1
	673,000	#	Liberty Media Corp.-Liberty Formula One, 1.000%, 01/30/23		743,244		0.1
	125,000		NBCUniversal Media, LLC, 5.150%, 04/30/20		136,476		0.0
	210,000		NBCUniversal Media, LLC, 5.950%, 04/01/41		256,057		0.0
	415,000		Rogers Communications, Inc., 4.500%, 03/15/43		413,570		0.0
	860,000		Telefonica Emisiones SAU, 5.213%, 03/08/47		876,853		0.1
	370,000		Telefonica Emisiones SAU, 7.045%, 06/20/36		459,095		0.0
	136,000		Verizon Communications, Inc., 4.125%, 08/15/46		117,783		0.0
	535,000		Verizon Communications, Inc., 4.400%, 11/01/34		507,671		0.0
	1,058,000		Verizon Communications, Inc., 4.522%, 09/15/48		966,853		0.1
	833,000	#	Verizon Communications, Inc., 4.812%, 03/15/39		813,835		0.1
	467,000		Verizon Communications, Inc., 5.012%, 08/21/54		447,615		0.0
	5,355,000		Viavi Solutions, Inc., 0.625%, 08/15/33		5,984,212		0.3
	2,327,000	#	Viavi Solutions, Inc., 1.000%, 03/01/24		2,452,076		0.1
					63,426,316		3.6

VY® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Cyclical: 1.2%
	2,650,000		Advance Auto Parts, Inc., 4.500%, 12/01/23	$	2,793,177		0.2
	387,000		Advance Auto Parts, Inc., 5.750%, 05/01/20		420,329		0.0
	668,472		American Airlines 2014-1 Class A Pass Through Trust, 3.700%, 10/01/26		672,650		0.0
	191,953		Continental Airlines 2010-1 Class A Pass Through Trust, 4.750%, 07/15/22		202,270		0.0
	331,094		Continental Airlines 2012-1 Class A Pass Thru Trusts, 4.150%, 10/11/25		347,042		0.0
	620,000		CVS Health Corp., 3.375%, 08/12/24		621,681		0.0
	584,809		CVS Pass-Through Trust, 6.036%, 12/10/28		658,168		0.0
	113,322		Delta Air Lines 2010-1 Class A Pass Through Trust, 6.200%, 01/02/20		119,272		0.0
	595,000		Dollar General Corp., 3.250%, 04/15/23		595,612		0.0
	368,000		Ford Motor Credit Co. LLC, 3.096%, 05/04/23		359,189		0.0
	569,000		Ford Motor Credit Co. LLC, 3.810%, 01/09/24		569,850		0.0
	1,056,000		Ford Motor Credit Co. LLC, 4.134%, 08/04/25		1,062,907		0.1
	563,000		General Motors Co., 6.600%, 04/01/36		648,969		0.0
	713,000		General Motors Financial Co., Inc., 5.250%, 03/01/26		767,322		0.1
	896,000		Home Depot, Inc., 2.000%, 04/01/21		892,347		0.1
	587,000		Lifestorage L.P./CA, 3.500%, 07/01/26		562,688		0.0
	725,000		MDC Holdings, Inc., 6.000%, 01/15/43		648,041		0.0
	1,460,000		QVC, Inc., 5.450%, 08/15/34		1,349,829		0.1
	594,000		Ross Stores, Inc., 3.375%, 09/15/24		595,271		0.0
	808,701		United Airlines 2014-2 Class A Pass Through Trust, 3.750%, 03/03/28		821,908		0.1
	1,057,740	#	Virgin Australia 2013-1A Pass Through Trust, 5.000%, 04/23/25		1,101,372		0.1
	389,000		Walgreens Boots Alliance, Inc., 3.100%, 06/01/23		388,949		0.0
	1,000,000		Walgreens Boots Alliance, Inc., 3.300%, 11/18/21		1,026,848		0.1
	737,000		Walgreens Boots Alliance, Inc., 4.500%, 11/18/34		737,963		0.1
	3,415,000		Wal-Mart Stores, Inc., 5.524%, 06/01/18		3,435,886		0.2
					21,399,540		1.2
			Consumer, Non-cyclical: 3.3%
	1,137,000		AbbVie, Inc., 4.500%, 05/14/35		1,138,270		0.1
	985,000		Actavis Funding SCS, 4.850%, 06/15/44		1,001,919		0.1
	952,000		Anheuser-Busch InBev Finance, Inc., 2.650%, 02/01/21		959,923		0.1
	871,000		Anheuser-Busch InBev Finance, Inc., 3.300%, 02/01/23		887,512		0.1
	1,475,000		Anheuser-Busch InBev Finance, Inc., 4.700%, 02/01/36		1,566,372		0.1
	1,646,000		Anheuser-Busch InBev Finance, Inc., 4.900%, 02/01/46		1,784,266		0.1
	981,000	#	Bayer US Finance LLC, 3.000%, 10/08/21		993,156		0.1
	442,000		Becton Dickinson & Co., 2.675%, 12/15/19		448,539		0.0
	435,000		Becton Dickinson and Co., 4.875%, 05/15/44		456,342		0.0
	3,952,000		BioMarin Pharmaceutical, Inc., 1.500%, 10/15/20		4,685,590		0.3
	4,526,000		Brookdale Senior Living, Inc., 2.750%, 06/15/18		4,469,425		0.3
	1,445,000		Celgene Corp., 4.625%, 05/15/44		1,432,278		0.1
	325,000		Celgene Corp., 4.000%, 08/15/23		340,145		0.0
	240,000		Corn Products International, Inc., 6.625%, 04/15/37		298,088		0.0
	493,000		Edwards Lifesciences Corp., 2.875%, 10/15/18		499,708		0.0
	965,000	#	ERAC USA Finance LLC, 2.350%, 10/15/19		965,595		0.1
	420,000		Express Scripts Holding Co., 2.250%, 06/15/19		420,727		0.0
	1,400,000		General Mills, Inc., 2.200%, 10/21/19		1,409,379		0.1
	755,000		Gilead Sciences, Inc., 4.400%, 12/01/21		810,967		0.1
	80,000		GlaxoSmithKline Capital, Inc., 6.375%, 05/15/38		105,336		0.0
	4,883,000		HealthSouth Corp., 2.000%, 12/01/43		5,987,779		0.3
	1,232,000	#	Heineken NV, 3.500%, 01/29/28		1,241,141		0.1
	2,410,000		Jazz Investments I Ltd., 1.875%, 08/15/21		2,580,206		0.2
	963,000		Laboratory Corp. of America Holdings, 3.200%, 02/01/22		969,679		0.1

VY® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Non-cyclical: (continued)
	423,000		Laboratory Corp. of America Holdings, 4.700%, 02/01/45	$	409,751		0.0
	1,883,000		Live Nation Entertainment, Inc., 2.500%, 05/15/19		2,051,293		0.1
	730,000		McKesson Corp., 2.284%, 03/15/19		734,414		0.0
	92,000		Mead Johnson Nutrition Co., 4.125%, 11/15/25		96,552		0.0
	1,251,000	#	Medicines Co., 2.750%, 07/15/23		1,513,710		0.1
	1,733,000		Medtronic, Inc., 3.150%, 03/15/22		1,781,082		0.1
	576,000		Medtronic, Inc., 4.375%, 03/15/35		604,050		0.0
	502,000		Molson Coors Brewing Co., 1.450%, 07/15/19		495,734		0.0
	513,000		Molson Coors Brewing Co., 4.200%, 07/15/46		482,199		0.0
	630,000		Moody's Corp., 4.500%, 09/01/22		675,083		0.0
	574,000		Mylan NV, 3.150%, 06/15/21		576,952		0.0
	785,000		Mylan NV, 5.250%, 06/15/46		805,844		0.0
	2,762,000		NuVasive, Inc., 2.250%, 03/15/21		3,780,487		0.2
	462,000	#	Pacira Pharmaceuticals, Inc./DE, 2.375%, 04/01/22		480,769		0.0
	275,000		Perrigo Co. PLC, 2.300%, 11/08/18		276,447		0.0
	200,000		Perrigo Finance Unlimited Co., 3.500%, 03/15/21		204,068		0.0
	275,000		Philip Morris International, Inc., 3.600%, 11/15/23		284,827		0.0
	820,000		Philip Morris International, Inc., 4.875%, 11/15/43		885,612		0.1
	474,000		Teva Pharmaceutical Finance Netherlands III BV, 2.800%, 07/21/23		450,440		0.0
	1,309,000	#,L	Wright Medical Group NV, 2.250%, 11/15/21		2,053,494		0.1
	3,223,000		Wright Medical Group, Inc., 2.000%, 02/15/20		3,859,542		0.2
	79,000		Zoetis, Inc., 4.700%, 02/01/43		80,776		0.0
					58,035,468		3.3
			Energy: 1.6%
	610,000		Anadarko Petroleum Corp., 6.600%, 03/15/46		738,716		0.1
	1,298,000	#	Chesapeake Energy Corp., 5.500%, 09/15/26		1,350,731		0.1
	360,000		Chevron Corp., 1.718%, 06/24/18		361,221		0.0
	1,425,000		ConocoPhillips Co., 2.875%, 11/15/21		1,438,455		0.1
	1,528,000		ConocoPhillips Co., 4.150%, 11/15/34		1,531,760		0.1
	460,000		Enable Midstream Partners L.P., 2.400%, 05/15/19		456,018		0.0
	545,000		Enbridge, Inc., 5.500%, 12/01/46		581,443		0.0
	570,000		Energy Transfer Partners L.P., 4.900%, 03/15/35		546,960		0.0
	2,490,000	#	Ensco Jersey Finance Ltd., 3.000%, 01/31/24		2,435,531		0.1
	175,000		Enterprise Products Operating L.P., 5.250%, 01/31/20		188,895		0.0
	300,000		Enterprise Products Operating L.P., 6.500%, 01/31/19		324,450		0.0
	615,000		Enterprise Products Operating LLC, 2.550%, 10/15/19		620,496		0.0
	1,359,000		Helix Energy Solutions Group, Inc., 4.250%, 05/01/22		1,336,916		0.1
	250,000		Husky Energy, Inc., 3.950%, 04/15/22		259,230		0.0
	700,000		Kinder Morgan, Inc./DE, 5.300%, 12/01/34		706,511		0.1
	2,340,000		MPLX L.P., 4.500%, 07/15/23		2,436,527		0.1
	960,000		MPLX L.P., 5.500%, 02/15/23		992,160		0.1
	1,360,000	#	Nabors Industries, Inc., 0.750%, 01/15/24		1,277,550		0.1
	570,000		Noble Energy, Inc., 5.250%, 11/15/43		594,872		0.0
	505,000		Occidental Petroleum Corp., 3.400%, 04/15/26		504,556		0.0
	136,000	#	Petroleos Mexicanos, 6.500%, 03/13/27		146,472		0.0
	295,000		Plains All American Pipeline L.P. / PAA Finance Corp., 3.650%, 06/01/22		299,410		0.0
	1,244,000		Shell International Finance BV, 4.000%, 05/10/46		1,198,913		0.1
	858,000		Spectra Energy Partners L.P., 4.500%, 03/15/45		804,433		0.1
	544,000		Suncor Energy, Inc., 3.600%, 12/01/24		552,414		0.0
	835,000		Sunoco Logistics Partners Operations L.P., 5.300%, 04/01/44		813,177		0.1
	550,000		Sunoco Logistics Partners Operations L.P., 5.500%, 02/15/20		591,210		0.0
	215,000		Texas Eastern Transmission L.P., 7.000%, 07/15/32		269,468		0.0

VY® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Energy: (continued)
	3,942,000		Weatherford International Ltd., 5.875%, 07/01/21	$	5,072,861		0.3
					28,431,356		1.6
			Financial: 4.9%
	530,000		AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, 3.950%, 02/01/22		544,830		0.0
	395,000		American International Group, Inc., 2.300%, 07/16/19		396,635		0.0
	1,685,000		Air Lease Corp., 2.625%, 09/04/18		1,699,614		0.1
	851,000		Air Lease Corp., 3.000%, 09/15/23		832,692		0.1
	1,870,000		Air Lease Corp., 4.250%, 09/15/24		1,938,679		0.1
	410,000		Allstate Corp., 3.280%, 12/15/26		412,437		0.0
	543,000		American Express Co., 3.625%, 12/05/24		546,904		0.0
	1,200,000		American Financial Group, Inc./OH, 9.875%, 06/15/19		1,394,782		0.1
	1,140,000		American International Group, Inc., 4.375%, 01/15/55		1,018,906		0.1
	455,000	#	ANZ New Zealand Int'l Ltd./London, 2.875%, 01/25/22		456,070		0.0
	1,117,000	#	Apollo Management Holdings L.P., 4.400%, 05/27/26		1,136,562		0.1
	440,000	#	Apollo Management Holdings L.P., 4.000%, 05/30/24		441,577		0.0
	927,000	#	Athene Global Funding, 2.875%, 10/23/18		932,578		0.1
	1,145,000	#	Athene Global Funding, 4.000%, 01/25/22		1,165,003		0.1
	948,000		Australia & New Zealand Banking Group Ltd./New York NY, 2.300%, 06/01/21		937,279		0.1
	720,000		Bank of America Corp., 3.248%, 10/21/27		686,809		0.0
	850,000		Bank of America Corp., 3.500%, 04/19/26		840,124		0.1
	500,000		Bank of America Corp., 5.650%, 05/01/18		520,322		0.0
	725,000	#,L	BBVA Bancomer SA/Texas, 4.375%, 04/10/24		743,850		0.1
	4,217,000	#	Blackhawk Network Holdings, Inc., 1.500%, 01/15/22		4,520,097		0.3
	55,000		Brixmor Operating Partnership LP, 3.875%, 08/15/22		56,375		0.0
	765,000		Brookfield Asset Management, Inc., 4.000%, 01/15/25		771,318		0.1
	520,000		Citigroup, Inc., 4.750%, 05/18/46		515,002		0.0
	1,930,000		Citigroup, Inc., 4.000%, 08/05/24		1,954,140		0.1
	260,000		Citigroup, Inc., 5.300%, 05/06/44		279,380		0.0
	560,000		Citigroup, Inc., 6.675%, 09/13/43		715,284		0.0
	595,000		Citizens Financial Group, Inc., 2.375%, 07/28/21		587,262		0.0
	325,000		CNA Financial Corp., 5.875%, 08/15/20		360,752		0.0
	1,335,000	#	Commonwealth Bank of Australia, 2.250%, 03/10/20		1,336,315		0.1
	472,000	#	Credit Suisse AG, 6.500%, 08/08/23		519,354		0.0
	2,755,000		EPR Properties, 4.750%, 12/15/26		2,776,200		0.2
	610,000	#	Farmers Exchange Capital III, 5.454%, 10/15/54		613,965		0.0
	4,179,000	#	Goldman Sachs Group, Inc., 1.000%, 09/28/20		5,640,940		0.3
	820,000		Goldman Sachs Group, Inc., 4.250%, 10/21/25		837,244		0.1
	355,000		Goldman Sachs Group, Inc., 5.250%, 07/27/21		389,745		0.0
	465,000	#	HBOS PLC, 6.750%, 05/21/18		487,067		0.0
	840,000		HCP, Inc., 3.875%, 08/15/24		845,922		0.1
	320,000		HCP, Inc., 4.200%, 03/01/24		328,131		0.0
	350,000		Hospitality Properties Trust, 4.500%, 06/15/23		362,409		0.0
	240,000		Hospitality Properties Trust, 5.000%, 08/15/22		255,886		0.0
	670,000	#	Jackson National Life Global Funding, 2.100%, 10/25/21		653,645		0.0
	620,000	#	Jackson National Life Global Funding, 3.250%, 01/30/24		623,841		0.0
	5,209,000		Jefferies Group, Inc., 3.875%, 11/01/29		5,280,624		0.3
	550,000		JPMorgan Chase & Co., 3.200%, 06/15/26		534,601		0.0
	515,000		JPMorgan Chase & Co., 4.250%, 10/01/27		529,628		0.0
	675,000		JPMorgan Chase & Co., 4.260%, 02/22/48		675,528		0.0
	665,000		JPMorgan Chase & Co., 5.000%, 12/29/49		673,312		0.0
	443,000	#	KKR Group Finance Co. III LLC, 5.125%, 06/01/44		442,365		0.0
	2,335,000	#	Liberty Mutual Group, Inc., 4.850%, 08/01/44		2,375,963		0.1
	285,000		Markel Corp., 5.000%, 03/30/43		291,565		0.0

VY® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Financial: (continued)
	3,250,000	#	MassMutual Global Funding II, 2.100%, 08/02/18	$	3,270,056		0.2
	1,300,000	#	MassMutual Global Funding II, 2.000%, 04/15/21		1,272,378		0.1
	2,360,000	#	Mizuho Financial Group Cayman 3 Ltd., 4.600%, 03/27/24		2,489,083		0.2
	2,975,000		Morgan Stanley, 2.375%, 07/23/19		2,994,748		0.2
	1,040,000		Morgan Stanley, 4.000%, 07/23/25		1,074,697		0.1
	1,230,000		National Australia Bank Ltd./New York, 1.875%, 07/12/21		1,195,127		0.1
	805,000		National Australia Bank Ltd./New York, 2.800%, 01/10/22		810,466		0.1
	1,350,000	#	National Australia Bank Ltd., 3.500%, 01/10/27		1,366,204		0.1
	1,365,000		National Australia Bank Ltd/New York, 2.000%, 01/14/19		1,368,403		0.1
	1,515,000	#	Nationwide Financial Services, Inc., 5.300%, 11/18/44		1,648,653		0.1
	1,305,000	#	Nordea Bank AB, 2.250%, 05/27/21		1,285,180		0.1
	400,000		Piedmont Operating Partnership L.P., 4.450%, 03/15/24		408,260		0.0
	275,000		Prudential Financial, Inc., 5.100%, 08/15/43		306,500		0.0
	525,000		Reinsurance Group of America, Inc., 4.700%, 09/15/23		565,876		0.0
	690,000	#	Reliance Standard Life Global Funding II, 3.050%, 01/20/21		696,048		0.0
	1,360,000	#	Societe Generale SA, 2.625%, 09/16/20		1,355,738		0.1
	805,000	#	Societe Generale SA, 5.000%, 01/17/24		836,881		0.1
	985,000	#	Standard Chartered PLC, 3.050%, 01/15/21		988,894		0.1
	1,100,000		Sumitomo Mitsui Banking Corp., 2.650%, 07/23/20		1,107,356		0.1
	590,000		SunTrust Bank/Atlanta GA, 3.300%, 05/15/26		573,927		0.0
	445,000		Travelers Cos, Inc., 4.600%, 08/01/43		484,796		0.0
	585,000	#	UBS Group Funding Jersey Ltd., 4.125%, 04/15/26		595,743		0.0
	410,000		US Bancorp, 3.100%, 04/27/26		403,006		0.0
	145,000		Ventas Realty L.P., 5.700%, 09/30/43		164,802		0.0
	1,020,000		Visa, Inc., 4.150%, 12/14/35		1,068,021		0.1
	965,000		Wells Fargo & Co., 3.550%, 09/29/25		973,102		0.1
	470,000		Wells Fargo & Co., 4.100%, 06/03/26		481,413		0.0
	2,000,000		Wells Fargo & Co., 4.650%, 11/04/44		2,013,448		0.1
	350,000		WR Berkley Corp., 4.625%, 03/15/22		376,001		0.0
					85,054,320		4.9
			Industrial: 0.9%
	1,757,000	#	Aviation Capital Group Corp., 2.875%, 01/20/22		1,746,599		0.1
	1,105,000	#	Aviation Capital Group Corp., 2.875%, 09/17/18		1,116,390		0.1
	1,095,000	#	Aviation Capital Group Corp., 4.875%, 10/01/25		1,179,786		0.1
	970,000		Avnet, Inc., 4.625%, 04/15/26		984,053		0.1
	435,000	#	BAE Systems Holdings, Inc., 2.850%, 12/15/20		439,976		0.0
	1,335,000		Burlington Northern Santa Fe LLC, 5.150%, 09/01/43		1,526,232		0.1
	330,000		CSX Corp., 5.500%, 04/15/41		379,126		0.0
	1,015,000		Deere & Co., 2.600%, 06/08/22		1,016,856		0.1
	295,000		FedEx Corp., 4.900%, 01/15/34		316,981		0.0
	605,000		FedEx Corp., 5.100%, 01/15/44		653,379		0.0
	304,000		Northrop Grumman Corp., 3.850%, 04/15/45		287,293		0.0
	703,000		Packaging Corp. of America, 4.500%, 11/01/23		752,157		0.1
	285,000		Precision Castparts Corp., 2.500%, 01/15/23		281,436		0.0
	410,000	#	SMBC Aviation Capital Finance DAC, 2.650%, 07/15/21		399,495		0.0
	157,000		Union Pacific Corp., 3.646%, 02/15/24		164,607		0.0
	730,000		Union Pacific Corp., 4.150%, 01/15/45		734,483		0.0
	375,000		Union Pacific Corp., 4.850%, 06/15/44		420,385		0.0
	330,000		United Parcel Service, Inc., 3.400%, 11/15/46		301,012		0.0
	550,000		Valmont Industries, Inc., 5.000%, 10/01/44		514,945		0.0
	2,193,000		Valmont Industries, Inc., 5.250%, 10/01/54		1,981,215		0.1
	752,000		Waste Management, Inc., 3.900%, 03/01/35		750,728		0.1
					15,947,134		0.9
			Technology: 2.2%
	1,146,000		Apple, Inc., 2.150%, 02/09/22		1,134,996		0.1

VY® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Technology: (continued)
	435,000		Apple, Inc., 3.350%, 02/09/27	$	439,599		0.0
	1,840,000	#	Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.625%, 01/15/24		1,855,868		0.1
	3,443,000		Citrix Systems, Inc., 0.500%, 04/15/19		4,329,573		0.3
	340,000		Computer Sciences Corp., 4.450%, 09/15/22		357,687		0.0
	910,000	#	Diamond 1 Finance Corp. / Diamond 2 Finance Corp., 5.450%, 06/15/23		982,980		0.1
	35,000	#	Diamond 1 Finance Corp. / Diamond 2 Finance Corp., 8.350%, 07/15/46		45,556		0.0
	1,457,000	L	Lam Research Corp., 1.250%, 05/15/18		3,093,393		0.2
	289,000		Microchip Technology, Inc., 1.625%, 02/15/25		415,799		0.0
	5,360,000	#	Microchip Technology, Inc., 1.625%, 02/15/27		5,457,150		0.3
	3,962,000	L	Micron Technology, Inc., 3.000%, 11/15/43		4,459,726		0.3
	649,000		Microsoft Corp., 3.500%, 02/12/35		627,329		0.0
	1,734,000		Nuance Communications, Inc., 1.000%, 12/15/35		1,659,221		0.1
	3,529,000		ON Semiconductor Corp., 1.000%, 12/01/20		3,870,872		0.2
	1,810,000		Oracle Corp., 1.900%, 09/15/21		1,780,151		0.1
	1,005,000		Oracle Corp., 4.300%, 07/08/34		1,045,418		0.1
	330,000		Pitney Bowes, Inc., 4.625%, 03/15/24		326,290		0.0
	3,899,000		SanDisk Corp., 0.500%, 10/15/20		3,711,002		0.2
	540,000		Seagate HDD Cayman, 4.750%, 01/01/25		529,200		0.0
	1,146,000		Seagate HDD Cayman, 5.750%, 12/01/34		1,037,846		0.1
	726,000	#	Silicon Laboratories, Inc., 1.375%, 03/01/22		773,644		0.0
					37,933,300		2.2
			Utilities: 0.1%
	150,000	#	Electricite de France SA, 4.600%, 01/27/20		158,814		0.0
	620,000	#	Electricite de France SA, 4.875%, 01/22/44		618,338		0.1
	350,000	#	Electricite de France SA, 5.625%, 12/29/49		344,750		0.0
	605,000		Oglethorpe Power Corp., 4.550%, 06/01/44		599,191		0.0
					1,721,093		0.1
		Total Corporate Bonds/Notes
		(Cost $302,194,971)			315,430,049		18.0
MUNICIPAL BONDS: 0.1%
			Georgia: 0.1%
	175,000		Municipal Electric Authority of Georgia, 6.637%, 04/01/57		198,993		0.0
	325,000		Municipal Electric Authority of Georgia, 6.655%, 04/01/57		365,433		0.1
		Total Municipal Bonds
		(Cost $503,953)			564,426		0.1
U.S. TREASURY OBLIGATIONS: 9.7%
			U.S. Treasury Bonds: 0.8%
	14,210,500		2.875%, due 11/15/46		13,786,132		0.8
	425,000		4.500%, due 02/15/36		539,028		0.0
					14,325,160		0.8
			U.S. Treasury Notes: 8.9%
	57,470,000	L	1.125%, due 02/28/19		57,342,014		3.3
	57,650,000	L	1.625%, due 03/15/20		57,856,041		3.3
	38,596,200		1.875%, due 02/28/22		38,514,029		2.2
	900,400		2.125%, due 02/29/24		895,458		0.0
	1,022,600		2.250%, due 02/15/27		1,009,558		0.1
	180,000		2.625%, due 11/15/20		185,871		0.0
					155,802,971		8.9
		Total U.S. Treasury Obligations
		(Cost $169,927,825)			170,128,131		9.7
U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.2%
			Federal Home Loan Mortgage Corporation: 0.1%##
	2,400,000		4.875%, due 06/13/18		2,504,998		0.1
			Federal National Mortgage Association: 0.1%##
	915,000		6.625%, due 11/15/30		1,292,031		0.1
		Total U.S. Government Agency Obligations
		(Cost $3,470,153)			3,797,029		0.2
		Total Long-Term Investments
		(Cost $1,463,978,286)			1,643,636,472		94.0
SHORT-TERM INVESTMENTS: 13.0%
			Corporate Bonds/Notes: 2.4%
	400,000		Bank of America Corp., 5.750%, 12/01/17		410,621		0.0
	2,284,000		Chevron Corp., 1.365%, 03/02/18		2,283,009		0.1
	775,000		Cintas Corp. No 2, 6.125%, 12/01/17		798,408		0.0

VY® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Corporate Bonds/Notes (continued)
	3,260,000		Eaton Corp., 1.500%, 11/02/17	$	3,260,052		0.2
	1,845,000		Ford Motor Credit Co. LLC, 1.724%, 12/06/17		1,845,251		0.1
	3,900,000		GlaxoSmithKline Capital PLC, 1.500%, 05/08/17		3,901,349		0.2
	3,490,000		Intel Corp., 1.350%, 12/15/17		3,492,635		0.2
	285,000		Interpublic Group of Cos., Inc., 2.250%, 11/15/17		286,002		0.0
	2,000,000		Kellogg Co., 1.750%, 05/17/17		2,000,144		0.1
	1,644,000		Kraft Heinz Foods Co., 1.600%, 06/30/17		1,644,605		0.1
	1,040,000		Kraft Heinz Foods Co., 2.250%, 06/05/17		1,041,776		0.1
	3,060,000		MGIC Investment Corp., 5.000%, 05/01/17		3,075,300		0.2
	3,250,000		National Rural Utilities Cooperative Finance Corp., 0.950%, 04/24/17		3,249,779		0.2
	3,930,000	#	New York Life Global Funding, 1.650%, 05/15/17		3,932,991		0.2
	1,467,000		Old Republic International Corp., 3.750%, 03/15/18		1,959,362		0.1
	328,000		Philip Morris International, Inc., 1.250%, 08/11/17		327,959		0.0
	820,000		Precision Castparts Corp., 1.250%, 01/15/18		819,576		0.1
	1,995,000		Prudential Financial, Inc., 6.000%, 12/01/17		2,051,886		0.1
	1,744,000		Radian Group, Inc., 3.000%, 11/15/17		2,692,300		0.2
	125,000		Realty Income Corp., 2.000%, 01/31/18		125,236		0.0
	3,630,000	#	Roche Holdings, Inc., 1.350%, 09/29/17		3,632,842		0.2
	140,000		Wells Fargo & Co., 1.500%, 01/16/18		139,765		0.0
					42,970,848		2.4
			Securities Lending Collateralcc: 7.5%
	30,981,851		BNP Paribas SA, Repurchase Agreement dated 03/31/17, 0.81%, due 04/03/17 (Repurchase Amount $30,983,914, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.000%, Market Value plus accrued interest $31,601,488, due 11/15/18-07/20/63)		30,981,851		1.8
	30,981,851		Cantor Fitzgerald, Repurchase Agreement dated 03/31/17, 0.81%, due 04/03/17 (Repurchase Amount $30,983,914, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $31,601,496, due 04/01/17-02/20/67)		30,981,851		1.8
	4,226,954		Citibank N.A., Repurchase Agreement dated 03/31/17, 0.81%, due 04/03/17 (Repurchase Amount $4,227,235, collateralized by various U.S. Government Agency Obligations, 3.000%-4.000%, Market Value plus accrued interest $4,311,504, due 02/01/26-02/01/46)		4,226,954		0.2
	2,272,478		Jefferies LLC, Repurchase Agreement dated 03/31/17, 0.98%, due 04/03/17 (Repurchase Amount $2,272,661, collateralized by various U.S. Government Agency Obligations, 3.500%, Market Value plus accrued interest $2,317,928, due 03/01/37-02/01/47)		2,272,478		0.1
	30,981,851		Nomura Securities, Repurchase Agreement dated 03/31/17, 0.81%, due 04/03/17 (Repurchase Amount $30,983,914, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $31,601,488, due 04/19/17-02/20/67)		30,981,851		1.8

VY® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateralcc (continued)
	31,000,000	State of Wisconsin Investment Board, Repurchase Agreement dated 03/31/17, 0.90%, due 04/03/17 (Repurchase Amount $31,002,293, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $31,620,034, due 01/15/19-02/15/46)	$	31,000,000		1.8
				130,444,985		7.5
		U.S. Treasury Notes: 0.0%
	120,000	United States Treasury Note, 0.875%, 04/30/17
		(Cost $120,014)		120,019		0.0

Shares				Value			Percentage of Net Assets
			Mutual Funds: 3.1%
	54,161,875		BlackRock Liquidity Funds, FedFund, Institutional Class, 0.600%††
			(Cost $54,161,875)		54,161,875			3.1
		Total Short-Term Investments
		(Cost $227,088,042)			227,697,727			13.0
		Total Investments in Securities (Cost $1,691,066,328)		$	1,871,334,199			107.0
		Liabilities in Excess of Other Assets			(122,034,279	)		(7.0	)
		Net Assets		$	1,749,299,920			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of March 31, 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.
L	Loaned security, a portion or all of the security is on loan at March 31, 2017.

Cost for federal income tax purposes is $1,699,246,540.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	217,605,235
Gross Unrealized Depreciation		(45,517,576	)
Net Unrealized Appreciation	$	172,087,659

VY® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	89,511,197	$	8,519,054		$	–	$	98,030,251
Consumer Staples		48,377,341		–			–		48,377,341
Energy		134,364,875		36,789,769			–		171,154,644
Financials		385,878,246		–			–		385,878,246
Health Care		108,614,803		25,778,239			–		134,393,042
Industrials		91,386,809		–			–		91,386,809
Information Technology		144,449,534		–			–		144,449,534
Materials		24,714,249		8,729,110			–		33,443,359
Telecommunication Services		17,023,194		2,696,305			–		19,719,499
Utilities		15,416,068		–			–		15,416,068
Total Common Stock		1,059,736,316		82,512,477			–		1,142,248,793
Preferred Stock		106,400		11,361,644			–		11,468,044
Corporate Bonds/Notes		–		315,430,049			–		315,430,049
Municipal Bonds		–		564,426			–		564,426
Short-Term Investments		54,161,875		173,535,852			–		227,697,727
U.S. Treasury Obligations		–		170,128,131			–		170,128,131
U.S. Government Agency Obligations		–		3,797,029			–		3,797,029
Total Investments, at fair value	$	1,114,004,591	$	757,329,608		$	–	$	1,871,334,199
Other Financial Instruments+
Forward Foreign Currency Contracts		–		528,157			–		528,157
Total Assets	$	1,114,004,591	$	757,857,765		$	–	$	1,871,862,356
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	–	$	(135,705	)	$	–	$	(135,705	)
Total Liabilities	$	–	$	(135,705	)	$	–	$	(135,705	)

+

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 March 31, 2017, the following forward foreign currency contracts were outstanding for VY® Invesco Equity and Income Portfolio:

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
State Street Bank and Trust Co.	Australian Dollar		89,480	Buy	04/28/17	$	68,565	$	68,334	$	(231	)
State Street Bank and Trust Co.	Canadian Dollar		188,176	Buy	04/28/17		140,991		141,552		561

VY® Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
State Street Bank and Trust Co.	Swiss Franc		102,551	Buy	04/28/17	$	103,366	$	102,523	$	(843	)
State Street Bank and Trust Co.	EU Euro		204,166	Buy	04/28/17		220,891		218,039		(2,852	)
State Street Bank and Trust Co.	British Pound		199,158	Buy	04/28/17		248,822		249,664		842
										$	(2,523	)
The Bank of New York Mellon	Australian Dollar		4,480,580	Sell	04/28/17	$	3,465,594	$	3,421,721	$	43,873
The Bank of New York Mellon	Swiss Franc		5,059,958	Sell	04/28/17		5,106,014		5,058,615		47,399
The Bank of New York Mellon	Canadian Dollar		9,237,129	Sell	04/28/17		6,959,233		6,948,418		10,815
The Bank of New York Mellon	British Pound		12,318,215	Sell	04/28/17		15,372,886		15,442,127		(69,241	)
The Bank of New York Mellon	EU Euro		10,604,251	Sell	04/28/17		11,488,327		11,324,830		163,497
State Street Bank and Trust Co.	British Pound		100,874	Sell	04/28/17		126,883		126,456		427
State Street Bank and Trust Co.	British Pound		239,943	Sell	04/28/17		300,104		300,793		(689	)
State Street Bank and Trust Co.	Swiss Franc		5,060,878	Sell	04/28/17		5,104,290		5,059,535		44,755
State Street Bank and Trust Co.	Australian Dollar		4,481,647	Sell	04/28/17		3,466,554		3,422,536		44,018
State Street Bank and Trust Co.	Canadian Dollar		9,237,071	Sell	04/28/17		6,956,988		6,948,374		8,614
State Street Bank and Trust Co.	EU Euro		10,605,431	Sell	04/28/17		11,489,447		11,326,091		163,356
State Street Bank and Trust Co.	British Pound		12,317,960	Sell	04/28/17		15,379,958		15,441,807		(61,849	)
										$	394,975

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

The fair value of derivative instruments as of March 31, 2017 was as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Foreign exchange contracts	Forward foreign currency contracts	$	528,157
Total Asset Derivatives		$	528,157
Liability Derivatives	Instrument Type
Foreign exchange contracts	Forward foreign currency contracts	$	135,705
Total Liability Derivatives		$	135,705

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 March 31, 2017:

	State Street Bank and Trust Co.		The Bank of New York Mellon		Totals
Assets:
Forward foreign currency contracts	$	262,573	$	265,584	$	528,157
Total Assets	$	262,573	$	265,584	$	528,157
Liabilities:
Forward foreign currency contracts	$	66,464	$	69,241	$	135,705
Total Liabilities	$	66,464	$	69,241	$	135,705
Net OTC derivative instruments by counterparty, at fair value	$	196,109	$	196,343	$	392,452
Total collateral pledged by the Portfolio/(Received from counterparty)	$	-	$	-	$	-
Net Exposure(1)	$	196,109	$	196,343	$	392,452

⁽¹⁾ Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio.

VY® JPMorgan Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.4%
			Consumer Discretionary: 17.9%
	7,380	@	Autozone, Inc.	$	5,336,109		0.9
	106,680		Bed Bath & Beyond, Inc.		4,209,593		0.7
	100,510		Best Buy Co., Inc.		4,940,066		0.8
	134,300		BorgWarner, Inc.		5,612,397		0.9
	76,549		CBS Corp. - Class B		5,309,439		0.9
	98,970	@	Dish Network Corp. - Class A		6,283,605		1.1
	69,690		Expedia, Inc.		8,792,787		1.5
	185,130		Gap, Inc.		4,496,808		0.8
	49,190		Genuine Parts Co.		4,545,648		0.8
	48,429	@	Hilton Grand Vacations, Inc.		1,387,975		0.2
	93,910		Hilton Worldwide Holdings, Inc.		5,489,979		0.9
	148,041		Kohl's Corp.		5,893,512		1.0
	22,636		Marriott International, Inc.		2,131,858		0.4
	52,260	@	Mohawk Industries, Inc.		11,993,147		2.0
	173,446		Newell Brands, Inc.		8,181,448		1.4
	108,850	L	Nordstrom, Inc.		5,069,145		0.8
	59,290		PVH Corp.		6,134,736		1.0
	43,740		Ralph Lauren Corp.		3,570,059		0.6
	76,910		Tiffany & Co.		7,329,523		1.2
					106,707,834		17.9
			Consumer Staples: 6.3%
	34,480		Constellation Brands, Inc.		5,588,174		0.9
	275,860		Coty, Inc - Class A		5,001,342		0.8
	79,820		Dr Pepper Snapple Group, Inc.		7,815,974		1.3
	73,843	@	Edgewell Personal Care Co.		5,400,877		0.9
	51,253		Energizer Holdings, Inc.		2,857,355		0.5
	228,450		Kroger Co.		6,736,990		1.1
	52,630	@	TreeHouse Foods, Inc.		4,455,656		0.8
					37,856,368		6.3
			Energy: 3.7%
	181,860		EQT Corp.		11,111,646		1.9
	200,640	L	PBF Energy, Inc.		4,448,189		0.7
	230,110		Williams Cos., Inc.		6,808,955		1.1
					22,368,790		3.7
			Financials: 21.8%
	5,843	@	Alleghany Corp.		3,591,458		0.6
	223,060		Ally Financial, Inc.		4,534,810		0.8
	34,600		Ameriprise Financial, Inc.		4,486,928		0.8
	23,177		Chubb Ltd.		3,157,866		0.5
	181,550		Citizens Financial Group, Inc.		6,272,552		1.0
	315,590		Fifth Third Bancorp		8,015,986		1.3
	63,960		First Republic Bank		6,000,088		1.0
	162,040		Hartford Financial Services Group, Inc.		7,789,263		1.3
	347,750		Huntington Bancshares, Inc.		4,656,372		0.8
	190,770		Invesco Ltd.		5,843,285		1.0
	243,550		Loews Corp.		11,390,834		1.9
	65,153		M&T Bank Corp.		10,081,124		1.7
	97,080		Marsh & McLennan Cos., Inc.		7,173,241		1.2
	71,460		Northern Trust Corp.		6,187,007		1.0
	84,740		Progressive Corp.		3,320,113		0.6
	75,300		Raymond James Financial, Inc.		5,742,378		1.0
	147,990		SunTrust Banks, Inc.		8,183,847		1.4
	90,530		T. Rowe Price Group, Inc.		6,169,620		1.0
	102,800		Unum Group		4,820,292		0.8
	39,810		WR Berkley Corp.		2,811,780		0.5
	184,000		XL Group Ltd.		7,334,240		1.2
	57,650		Zions Bancorp.		2,421,300		0.4
					129,984,384		21.8
			Health Care: 5.1%
	64,100		AmerisourceBergen Corp.		5,672,850		1.0
	38,630		Cigna Corp.		5,658,909		0.9
	34,370	@	Henry Schein, Inc.		5,841,869		1.0
	32,030		Humana, Inc.		6,602,664		1.1
	11,090	@	Laboratory Corp. of America Holdings		1,591,082		0.3
	38,290		Universal Health Services, Inc.		4,765,191		0.8
					30,132,565		5.1
			Industrials: 8.0%
	117,380		Ametek, Inc.		6,347,910		1.1
	60,880		Carlisle Cos., Inc.		6,478,241		1.1
	96,060		Fortune Brands Home & Security, Inc.		5,845,251		1.0
	48,470		Hubbell, Inc.		5,818,823		1.0
	72,380		IDEX Corp.		6,768,254		1.1
	59,270		MSC Industrial Direct Co.		6,090,585		1.0
	35,290		Regal-Beloit Corp.		2,669,689		0.4
	45,151		Snap-On, Inc.		7,615,619		1.3
					47,634,372		8.0
			Information Technology: 9.8%
	98,150		Amphenol Corp.		6,985,335		1.2
	54,210		Analog Devices, Inc.		4,442,509		0.7
	103,260	@	Arrow Electronics, Inc.		7,580,317		1.3
	118,570		CDW Corp.		6,842,675		1.1
	142,546	@	CommScope Holding Co., Inc.		5,945,594		1.0
	84,976		Jack Henry & Associates, Inc.		7,911,266		1.3
	178,949	@	Keysight Technologies, Inc.		6,467,217		1.1
	19,720		KLA-Tencor Corp.		1,874,780		0.3
	140,030	@,L	Match Group, Inc.		2,286,690		0.4
	116,580	@	Synopsys, Inc.		8,408,915		1.4
					58,745,298		9.8
			Materials: 4.5%
	107,330		Ball Corp.		7,970,326		1.3
	13,860		Sherwin-Williams Co.		4,299,233		0.7
	96,415		Silgan Holdings, Inc.		5,723,194		1.0

VY® JPMorgan Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Materials: (continued)
	165,730		WestRock Co.	$	8,622,932		1.5
					26,615,685		4.5
			Real Estate: 10.3%
	60,530		American Campus Communities, Inc.		2,880,623		0.5
	116,520		American Homes 4 Rent		2,675,299		0.4
	28,930		AvalonBay Communities, Inc.		5,311,548		0.9
	41,240		Boston Properties, Inc.		5,460,588		0.9
	200,220		Brixmor Property Group, Inc.		4,296,721		0.7
	89,150	@	CBRE Group, Inc.		3,101,528		0.5
	11,870		Essex Property Trust, Inc.		2,748,261		0.5
	11,910		Federal Realty Investment Trust		1,589,985		0.3
	106,170		GGP, Inc.		2,461,021		0.4
	37,350		HCP, Inc.		1,168,308		0.2
	225,350		Kimco Realty Corp.		4,977,982		0.8
	156,662		Outfront Media, Inc.		4,159,376		0.7
	73,251		Park Hotels & Resorts, Inc.		1,880,353		0.3
	138,520		Rayonier, Inc.		3,925,657		0.7
	43,510		Regency Centers Corp.		2,888,629		0.5
	61,286		Vornado Realty Trust		6,147,599		1.0
	124,050		Weyerhaeuser Co.		4,215,219		0.7
	29,950		WP Carey, Inc.		1,863,489		0.3
					61,752,186		10.3
			Utilities: 11.0%
	99,230		Centerpoint Energy, Inc.		2,735,771		0.5
	193,640		CMS Energy Corp.		8,663,454		1.4
	109,480		Edison International		8,715,703		1.5
	230,704	@	Energen Corp.		12,559,526		2.1
	103,100		National Fuel Gas Co.		6,146,822		1.0
	71,800		Sempra Energy		7,933,900		1.3
	134,340		WEC Energy Group, Inc.		8,145,034		1.4
	28,220		Westar Energy, Inc.		1,531,499		0.3
	205,550		Xcel Energy, Inc.		9,136,697		1.5
					65,568,406		11.0
		Total Common Stock
		(Cost $439,674,972)			587,365,888		98.4

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.7%
		Securities Lending Collateralcc: 1.9%
	2,725,774	Cantor Fitzgerald, Repurchase Agreement dated 03/31/17, 0.81%, due 04/03/17 (Repurchase Amount $2,725,955, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $2,780,290, due 04/01/17-02/20/67)		2,725,774		0.4
	573,586	Daiwa Capital Markets, Repurchase Agreement dated 03/31/17, 0.82%, due 04/03/17 (Repurchase Amount $573,625, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $585,058, due 05/11/17-12/01/51)		573,586		0.1
	2,725,774	Millenium Fixed Income Ltd., Repurchase Agreement dated 03/31/17, 0.84%, due 04/03/17 (Repurchase Amount $2,725,962, collateralized by various U.S. Government Securities, 3.125%-3.625%, Market Value plus accrued interest $2,780,290, due 02/15/43-02/15/44)		2,725,774		0.5
	2,725,774	NBC Global Finance Ltd., Repurchase Agreement dated 03/31/17, 0.90%, due 04/03/17 (Repurchase Amount $2,725,976, collateralized by various U.S. Government Securities, 1.250%-4.625%, Market Value plus accrued interest $2,780,289, due 08/15/21-09/09/49)		2,725,774		0.4

VY® JPMorgan Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateralcc (continued)
	2,725,800	State of Wisconsin Investment Board, Repurchase Agreement dated 03/31/17, 0.90%, due 04/03/17 (Repurchase Amount $2,726,002, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,780,319, due 01/15/19-02/15/46)	$	2,725,800		0.5
				11,476,708		1.9

Shares				Value			Percentage of Net Assets
			Mutual Funds: 1.8%
	10,716,887		BlackRock Liquidity Funds, FedFund, Institutional Class, 0.600%††
			(Cost $10,716,887)		10,716,887			1.8
		Total Short-Term Investments
		(Cost $22,193,595)			22,193,595			3.7
		Total Investments in Securities (Cost $461,868,567)		$	609,559,483			102.1
		Liabilities in Excess of Other Assets			(12,790,280	)		(2.1	)
		Net Assets		$	596,769,203			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of March 31, 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 March 31, 2017.

Cost for federal income tax purposes is $462,747,889.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	160,758,201
Gross Unrealized Depreciation		(13,946,607	)
Net Unrealized Appreciation	$	146,811,594

VY® JPMorgan Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Common Stock*	$	587,365,888	$	–	$	–	$	587,365,888
Short-Term Investments		10,716,887		11,476,708		–		22,193,595
Total Investments, at fair value	$	598,082,775	$	11,476,708	$	–	$	609,559,483

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

VY® Oppenheimer Global Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 96.4%
			China: 1.4%
	674,995	@	JD.com, Inc. ADR	$	20,999,094		1.4
			Denmark: 0.4%
	111,808		FLSmidth & Co. A/S		5,970,290		0.4
			France: 5.8%
	172,948		LVMH Moet Hennessy Louis Vuitton SE		38,012,779		2.6
	103,840		Kering		26,839,083		1.8
	402,220		Societe Generale		20,378,673		1.4
					85,230,535		5.8
			Germany: 7.3%
	144,444		Allianz SE		26,786,691		1.9
	165,555		Bayer AG		19,074,233		1.3
	78,609		Linde AG		13,097,950		0.9
	374,830		SAP SE		36,773,927		2.5
	77,987		Siemens AG		10,682,086		0.7
					106,414,887		7.3
			India: 3.8%
	10,607,982		DLF Ltd.		24,283,757		1.7
	2,230,490		ICICI Bank Ltd. ADR		19,182,214		1.3
	1,494,555		Zee Entertainment Enterprises Ltd.		12,324,890		0.8
					55,790,861		3.8
			Italy: 1.1%
	210,702	L	Brunello Cucinelli SpA		5,021,531		0.3
	223,786		Prysmian S.p.A.		5,916,336		0.4
	68,697	L	Tod's S.p.A.		5,375,541		0.4
					16,313,408		1.1
			Japan: 14.1%
	1,148,200		Dai-ichi Life Holdings, Inc.		20,552,081		1.4
	62,400		Fanuc Ltd.		12,846,371		0.9
	790,300		KDDI Corp.		20,785,521		1.4
	74,902		Keyence Corp.		30,048,644		2.1
	322,100		Kyocera Corp.		17,994,881		1.2
	265,600		Murata Manufacturing Co., Ltd.		37,838,856		2.6
	314,200		Nidec Corp.		30,007,540		2.1
	38,900		Nintendo Co., Ltd.		9,026,313		0.6
	180,800		Sumitomo Mitsui Financial Group, Inc.		6,580,897		0.4
	305,400		Suzuki Motor Corp.		12,684,400		0.9
	124,700		TDK Corp.		7,917,822		0.5
					206,283,326		14.1
			Netherlands: 2.9%
	553,853		Airbus SE		42,237,931		2.9
			Spain: 2.7%
	1,168,262		Banco Bilbao Vizcaya Argentaria S.A.		9,068,867		0.6
	847,575		Industria de Diseno Textil SA		29,848,776		2.1
					38,917,643		2.7
			Sweden: 1.4%
	1,014,405		Assa Abloy AB		20,853,834		1.4
			Switzerland: 3.2%
	563,085		Credit Suisse Group AG		8,377,930		0.6
	51,083		Roche Holding AG		13,063,645		0.9
	1,544,378		UBS Group AG		24,686,285		1.7
					46,127,860		3.2
			United Kingdom: 6.9%
	2,760,672	@,L	Circassia Pharmaceuticals Plc		3,692,310		0.3
	7,470,594	@	Earthport PLC		2,515,470		0.2
	1,277,980		International Consolidated Airlines Group SA		8,469,587		0.6
	444,927		International Game Technology PLC		10,544,770		0.7
	1,265,166		Prudential PLC		26,724,427		1.8
	144,420		Shire PLC		8,414,916		0.6
	378,874	@	TechnipFMC PLC		12,363,988		0.8
	575,775		Unilever PLC		28,401,340		1.9
					101,126,808		6.9
			United States: 45.4%
	116,380		3M Co.		22,266,985		1.5
	354,930	@,L	Acadia Pharmaceuticals, Inc.		12,202,493		0.8
	225,053	@	Adobe Systems, Inc.		29,286,147		2.0
	261,400		Aetna, Inc.		33,341,570		2.3
	44,940	@	Alphabet, Inc. - Class A		38,100,132		2.6
	46,607	@	Alphabet, Inc. - Class C		38,663,303		2.7
	167,240		Anthem, Inc.		27,658,151		1.9
	54,130	@	Biogen, Inc.		14,800,225		1.0
	80,940	@	BioMarin Pharmaceutical, Inc.		7,104,913		0.5
	78,530	@,L	Bluebird Bio, Inc.		7,138,377		0.5
	52,350	@	Blueprint Medicines Corp.		2,093,476		0.2
	103,330	@	Centene Corp.		7,363,296		0.5
	688,420		Citigroup, Inc.		41,181,284		2.8
	502,140		Colgate-Palmolive Co.		36,751,627		2.5
	122,950		Emerson Electric Co.		7,359,787		0.5
	240,950	@	Facebook, Inc.		34,226,947		2.4
	341,370		FNF Group		13,292,948		0.9
	196,530		Gilead Sciences, Inc.		13,348,318		0.9
	110,630		Goldman Sachs Group, Inc.		25,413,924		1.7
	269,800		Intuit, Inc.		31,294,102		2.1
	219,560	@,L	Ionis Pharmaceuticals, Inc.		8,826,312		0.6
	268,860	@	MacroGenics, Inc.		5,000,796		0.3
	650,650		Maxim Integrated Products		29,253,224		2.0
	302,490	@	PayPal Holdings, Inc.		13,013,120		0.9
	366,570		S&P Global, Inc.		47,925,362		3.3
	134,780	@	Sage Therapeutics, Inc.		9,578,815		0.7
	227,940		Tiffany & Co.		21,722,682		1.5
	569,050	@,L	Twitter, Inc.		8,507,297		0.6
	149,610		United Parcel Service, Inc. - Class B		16,053,153		1.1
	28,040	@	Vertex Pharmaceuticals, Inc.		3,066,174		0.2

VY® Oppenheimer Global Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			United States: (continued)
	259,540		Walt Disney Co.	$	29,429,241		2.0
	231,460		Whole Foods Market, Inc.		6,878,991		0.5
	166,580		Zimmer Biomet Holdings, Inc.		20,341,084		1.4
					662,484,256		45.4
		Total Common Stock
		(Cost $779,519,137)			1,408,750,733		96.4
PREFERRED STOCK: 1.9%
			Germany: 1.8%
	334,794		Bayerische Motoren Werke AG		26,334,809		1.8
			India: 0.1%
	5,080,989	@	Zee Entertainment Enterprises Ltd.		740,219		0.1
		Total Preferred Stock
		(Cost $12,716,306)			27,075,028		1.9
		Total Long-Term Investments
		(Cost $792,235,443)			1,435,825,761		98.3

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.3%
		Securities Lending Collateralcc: 2.9%
	10,612,847	Cantor Fitzgerald, Repurchase Agreement dated 03/31/17, 0.81%, due 04/03/17 (Repurchase Amount $10,613,554, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $10,825,107, due 04/01/17-02/20/67)		10,612,847		0.7
	10,612,847	Daiwa Capital Markets, Repurchase Agreement dated 03/31/17, 0.82%, due 04/03/17 (Repurchase Amount $10,613,562, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $10,825,104, due 05/11/17-12/01/51)		10,612,847		0.7
	10,082,308	Nomura Securities, Repurchase Agreement dated 03/31/17, 0.81%, due 04/03/17 (Repurchase Amount $10,082,979, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $10,283,954, due 04/19/17-02/20/67)		10,082,308		0.7
	10,749,000	State of Wisconsin Investment Board, Repurchase Agreement dated 03/31/17, 0.90%, due 04/03/17 (Repurchase Amount $10,749,795, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $10,963,992, due 01/15/19-02/15/46)		10,749,000		0.8
				42,057,002		2.9

Shares				Value			Percentage of Net Assets
			Mutual Funds: 1.4%
	20,658,577		BlackRock Liquidity Funds, FedFund, Institutional Class, 0.600%††
			(Cost $20,658,577)		20,658,577			1.4
		Total Short-Term Investments
		(Cost $62,715,579)			62,715,579			4.3
		Total Investments in Securities (Cost $854,951,022)		$	1,498,541,340			102.6
		Liabilities in Excess of Other Assets			(37,929,105	)		(2.6	)
		Net Assets		$	1,460,612,235			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of March 31, 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 March 31, 2017.

VY® Oppenheimer Global Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Cost for federal income tax purposes is $861,966,030.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	661,558,647
Gross Unrealized Depreciation		(24,983,337	)
Net Unrealized Appreciation	$	636,575,310

Sector Diversification	Percentage of Net Assets
Information Technology		25.0	%
Financials		19.8
Consumer Discretionary		16.4
Health Care		14.9
Industrials		12.1
Consumer Staples		4.9
Real Estate		1.7
Telecommunication Services		1.4
Materials		1.3
Energy		0.8
Short-Term Investments		4.3
Liabilities in Excess of Other Assets		(2.6	)
Net Assets		100.0	%

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Common Stock
China	$	20,999,094	$	–	$	–	$	20,999,094
Denmark		–		5,970,290		–		5,970,290
France		–		85,230,535		–		85,230,535
Germany		–		106,414,887		–		106,414,887
India		19,182,214		36,608,647		–		55,790,861
Italy		10,397,072		5,916,336		–		16,313,408
Japan		–		206,283,326		–		206,283,326
Netherlands		–		42,237,931		–		42,237,931
Spain		–		38,917,643		–		38,917,643
Sweden		–		20,853,834		–		20,853,834
Switzerland		–		46,127,860		–		46,127,860
United Kingdom		29,116,538		72,010,270		–		101,126,808
United States		662,484,256		–		–		662,484,256
Total Common Stock		742,179,174		666,571,559		–		1,408,750,733
Preferred Stock		740,219		26,334,809		–		27,075,028
Short-Term Investments		20,658,577		42,057,002		–		62,715,579
Total Investments, at fair value	$	763,577,970	$	734,963,370	$	–	$	1,498,541,340

# 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.

VY® Pioneer High Yield Portfolio	PORTFOLIO OF INVESTMENTS
	as of March 31, 2017 (Unaudited)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 82.5%
			Basic Materials: 2.4%
	300,000	#	Ausdrill Finance Pty Ltd., 6.875%, 11/01/19	$	310,500		0.3
	225,000		CF Industries, Inc., 3.450%, 06/01/23		213,187		0.2
	100,000	#	CVR Partners L.P. / CVR Nitrogen Finance Corp., 9.250%, 06/15/23		103,000		0.1
	220,000	#	First Quantum Minerals Ltd., 7.500%, 04/01/25		222,750		0.2
	530,000		Freeport-McMoRan, Inc., 3.550%, 03/01/22		494,225		0.5
	60,000		Hexion, Inc., 6.625%, 04/15/20		55,350		0.1
	75,000	#	Hudbay Minerals, Inc., 7.250%, 01/15/23		79,875		0.1
	100,000	#	Hudbay Minerals, Inc., 7.625%, 01/15/25		109,000		0.1
	435,000	#	Kraton Polymers LLC / Kraton Polymers Capital Corp., 7.000%, 04/15/25		442,613		0.4
	145,000		Resolute Forest Products, Inc., 5.875%, 05/15/23		133,581		0.1
	175,000		Tronox Finance LLC, 6.375%, 08/15/20		176,531		0.2
	145,000	#	Tronox Finance LLC, 7.500%, 03/15/22		150,075		0.1
					2,490,687		2.4
			Communications: 13.9%
	200,000	#	Altice Financing SA, 6.625%, 02/15/23		208,500		0.2
	200,000	#	Altice US Finance I Corp., 5.375%, 07/15/23		208,000		0.2
	505,000	#	CCO Holdings LLC / CCO Holdings Capital Corp., 5.500%, 05/01/26		523,937		0.5
	310,000	#	CCO Holdings LLC / CCO Holdings Capital Corp., 5.750%, 02/15/26		326,275		0.3
	380,000		CenturyLink, Inc., 6.450%, 06/15/21		405,608		0.4
	120,000	#	CommScope, Inc., 5.000%, 06/15/21		123,750		0.1
	155,000	#	CommScope Technologies LLC, 5.000%, 03/15/27		155,147		0.2
	200,000	#	CSC Holdings LLC, 5.500%, 04/15/27		203,750		0.2
	125,000	#	Ctrip.com International Ltd., 1.250%, 09/15/22		130,000		0.1
	150,000		DISH DBS Corp., 5.875%, 11/15/24		158,062		0.2
	300,000		DISH DBS Corp., 5.875%, 07/15/22		315,936		0.3
	319,000	#	DISH Network Corp., 2.375%, 03/15/24		327,174		0.3
	215,000		Finisar Corp., 0.500%, 12/15/33		242,144		0.2
	50,000		FireEye, Inc., 1.000%, 06/01/35		47,187		0.0
	50,000		FireEye, Inc., 1.625%, 06/01/35		45,031		0.0
	218,000		Frontier Communications Corp., 8.500%, 04/15/20		230,807		0.2
	555,000		Frontier Communications Corp., 8.750%, 04/15/22		539,738		0.5
	65,000		Frontier Communications Corp., 8.875%, 09/15/20		68,819		0.1
	330,000		Frontier Communications Corp., 10.500%, 09/15/22		335,775		0.3
	250,000		GCI, Inc., 6.750%, 06/01/21		257,500		0.2
	140,000		GCI, Inc., 6.875%, 04/15/25		147,350		0.1
	250,000	#	Gray Television, Inc., 5.125%, 10/15/24		247,500		0.2
	280,000	#	Gray Television, Inc., 5.875%, 07/15/26		285,600		0.3
	415,000	#	Hughes Satellite Systems Corp., 5.250%, 08/01/26		415,000		0.4
	89,000		IAC/InterActiveCorp, 4.875%, 11/30/18		90,268		0.1
	690,000		Level 3 Financing, Inc., 5.250%, 03/15/26		696,038		0.7
	195,000	#	MDC Partners, Inc., 6.500%, 05/01/24		186,956		0.2
	550,000	#	Netflix, Inc., 4.375%, 11/15/26		541,063		0.5
	245,000	#	Nexstar Escrow Corp., 5.625%, 08/01/24		249,288		0.2
	200,000	#	SFR Group SA, 6.000%, 05/15/22		208,000		0.2
	350,000		Quebecor Media, Inc., 5.750%, 01/15/23		366,188		0.4
	480,000		Shutterfly, Inc., 0.250%, 05/15/18		481,800		0.5
	425,000	#	Sinclair Television Group, Inc., 5.125%, 02/15/27		412,250		0.4
	170,000	#	Sirius XM Radio, Inc., 4.625%, 05/15/23		174,463		0.2
	1,760,000		Sprint Corp., 7.250%, 09/15/21		1,904,654		1.8
	425,000		TEGNA, Inc., 6.375%, 10/15/23		451,031		0.4
	95,000		T-Mobile USA, Inc., 5.125%, 04/15/25		98,563		0.1
	130,000		T-Mobile USA, Inc., 6.000%, 03/01/23		139,139		0.1
	250,000		T-Mobile USA, Inc., 6.000%, 04/15/24		267,188		0.3
	70,000		T-Mobile USA, Inc., 6.500%, 01/15/24		75,775		0.1
	450,000		T-Mobile USA, Inc., 6.500%, 01/15/26		493,875		0.5
	100,000		T-Mobile USA, Inc., 6.633%, 04/28/21		103,600		0.1

VY® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Communications: (continued)
	160,000	#	Univision Communications, Inc., 5.125%, 02/15/25	$	158,000		0.2
	440,000	#	Videotron Ltd., 5.375%, 06/15/24		458,700		0.4
	105,000	#	WebMD Health Corp., 2.625%, 06/15/23		100,209		0.1
	375,000		Windstream Services LLC, 6.375%, 08/01/23		334,688		0.3
	360,000		Windstream Services LLC, 7.500%, 06/01/22		351,000		0.3
	200,000		Windstream Services LLC, 7.750%, 10/15/20		203,500		0.2
	150,000	#	Zillow Group, Inc., 2.000%, 12/01/21		149,531		0.1
					14,644,357		13.9
			Consumer, Cyclical: 11.3%
	130,000	#	AdvancePierre Foods Holdings, Inc., 5.500%, 12/15/24		131,787		0.1
	190,000	#	AMC Entertainment Holdings, Inc., 5.875%, 11/15/26		192,612		0.2
	160,000	#	AMC Entertainment Holdings, Inc., 6.125%, 05/15/27		161,800		0.2
	335,000		Asbury Automotive Group, Inc., 6.000%, 12/15/24		347,562		0.3
	70,000	#	Beazer Homes USA, Inc., 8.750%, 03/15/22		76,825		0.1
	230,000	#	Cooper-Standard Automotive, Inc., 5.625%, 11/15/26		230,575		0.2
	110,000	#	Eagle II Acquisition Co. LLC, 6.000%, 04/01/25		113,712		0.1
	375,000		Ferrellgas L.P. / Ferrellgas Finance Corp., 6.750%, 01/15/22		356,250		0.3
	345,000		Global Partners L.P. / GLP Finance Corp., 6.250%, 07/15/22		339,825		0.3
	265,000		Global Partners L.P. / GLP Finance Corp., 7.000%, 06/15/23		263,675		0.2
	350,000		Goodyear Tire & Rubber Co/The, 5.000%, 05/31/26		359,625		0.3
	270,000		H&E Equipment Services, Inc., 7.000%, 09/01/22		284,512		0.3
	165,000	#	Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.125%, 12/01/24		174,075		0.2
	185,000	#	International Automotive Components Group SA, 9.125%, 06/01/18		184,537		0.2
	175,000	#	Intrepid Aviation Group Holdings LLC / Intrepid Finance Co., 6.875%, 02/15/19		167,125		0.2
	310,000	#	JB Poindexter & Co., Inc., 9.000%, 04/01/22		325,500		0.3
	310,000		KB Home, 1.375%, 02/01/19		319,106		0.3
	400,000		KB Home, 7.000%, 12/15/21		443,876		0.4
	245,000		KB Home, 7.500%, 09/15/22		270,113		0.3
	205,000	#	KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.250%, 06/01/26		209,100		0.2
	205,000	#	KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.000%, 06/01/24		209,869		0.2
	250,000	#	Landry's, Inc., 6.750%, 10/15/24		260,000		0.2
	250,000		Lennar Corp., 4.500%, 06/15/19		258,125		0.2
	465,000		Lennar Corp., 4.750%, 11/15/22		481,275		0.5
	100,000		LKQ Corp., 4.750%, 05/15/23		100,000		0.1
	310,000		MDC Holdings, Inc., 5.500%, 01/15/24		320,850		0.3
	145,000		Meritage Homes Corp., 7.000%, 04/01/22		163,125		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		219,075		0.2
	280,000		PulteGroup, Inc., 5.000%, 01/15/27		281,050		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		156,938		0.1
	264,000	#	Rexel SA, 5.250%, 06/15/20		272,085		0.3
	270,000		CalAtlantic Group, Inc., 0.250%, 06/01/19		254,813		0.2
	130,000		CalAtlantic Group, Inc., 5.375%, 10/01/22		136,338		0.1
	150,000		Scientific Games International, Inc., 6.250%, 09/01/20		142,875		0.1
	990,000		Scientific Games International, Inc., 10.000%, 12/01/22		1,059,300		1.0
	235,000		CalAtlantic Group, Inc., 1.250%, 08/01/32		243,959		0.2
	365,000	#	Taylor Morrison Communities, Inc. / Monarch Communities, Inc., 5.625%, 03/01/24		379,600		0.4
	175,000		Tempur Sealy International, Inc., 5.500%, 06/15/26		172,988		0.2

VY® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Cyclical: (continued)
	360,000	#	TI Group Automotive Systems LLC, 8.750%, 07/15/23	$	383,699		0.4
	190,000		Titan International, Inc., 6.875%, 10/01/20		197,125		0.2
	105,000	#	Viking Cruises Ltd., 6.250%, 05/15/25		100,800		0.1
	450,000	#	Viking Cruises Ltd., 8.500%, 10/15/22		468,563		0.4
	160,000	#	ZF North America Capital, Inc., 4.750%, 04/29/25		166,200		0.2
					11,869,469		11.3
			Consumer, Non-cyclical: 16.4%
	125,000		Albany Molecular Research, Inc., 2.250%, 11/15/18		136,641		0.1
	80,000	#	Alliance One International, Inc., 8.500%, 04/15/21		82,200		0.1
	470,000		Alliance One International, Inc., 9.875%, 07/15/21		408,312		0.4
	155,000		Ascent Capital Group, Inc., 4.000%, 07/15/20		119,350		0.1
	225,000		BioScrip, Inc., 8.875%, 02/15/21		194,551		0.2
	115,000		BioMarin Pharmaceutical, Inc., 1.500%, 10/15/20		136,347		0.1
	215,000	#	C&S Group Enterprises LLC, 5.375%, 07/15/22		213,387		0.2
	265,000		Cardtronics, Inc., 1.000%, 12/01/20		288,022		0.3
	150,000		Centene Corp., 4.750%, 01/15/25		151,219		0.1
	165,000		Centene Corp., 5.625%, 02/15/21		173,101		0.2
	110,000		Centene Corp., 6.125%, 02/15/24		118,387		0.1
	225,000	#	Cenveo Corp., 6.000%, 08/01/19		186,750		0.2
	145,000		CHS/Community Health Systems, Inc., 6.875%, 02/01/22		124,700		0.1
	755,000		CHS/Community Health Systems, Inc., 8.000%, 11/15/19		742,731		0.7
	375,000	#	Cimpress NV, 7.000%, 04/01/22		390,000		0.4
	225,000		Constellation Brands, Inc., 3.750%, 05/01/21		233,356		0.2
	275,000		Constellation Brands, Inc., 4.250%, 05/01/23		290,192		0.3
	305,000	#	Constellis Holdings LLC / Constellis Finance Corp., 9.750%, 05/15/20		327,875		0.3
	310,000	#	Dole Food Co., Inc., 7.250%, 05/01/19		316,587		0.3
	406,000	#	DPx Holdings BV, 7.500%, 02/01/22		428,838		0.4
	246,000		Emergent BioSolutions, Inc., 2.875%, 01/15/21		293,970		0.3
	140,000	#	Endo Finance LLC / Endo Finco, Inc., 5.375%, 01/15/23		121,537		0.1
	200,000	#	Endo Finance LLC / Endo Ltd. / Endo Finco, Inc., 6.000%, 07/15/23		176,000		0.2
	315,000	#	Endo Finance LLC, 5.750%, 01/15/22		288,225		0.3
	200,000	#	Endo Ltd. / Endo Finance LLC / Endo Finco, Inc., 6.000%, 02/01/25		171,500		0.2
	180,000		Endologix, Inc., 2.250%, 12/15/18		173,475		0.2
	205,000		Endologix, Inc., 3.250%, 11/01/20		203,591		0.2
	200,000	#	FAGE International SA/ FAGE USA Dairy Industry, Inc., 5.625%, 08/15/26		201,000		0.2
	600,000		HCA, Inc., 5.250%, 06/15/26		630,060		0.6
	200,000		Horizon Pharma, Inc., 6.625%, 05/01/23		197,000		0.2
	35,000	#	Horizon Pharma, Inc. / Horizon Pharma USA, Inc., 8.750%, 11/01/24		36,619		0.0
	365,000		Impax Laboratories, Inc., 2.000%, 06/15/22		296,334		0.3
	480,000		Innoviva, Inc., 2.125%, 01/15/23		455,400		0.4
	295,000	#	Insulet Corp., 1.250%, 09/15/21		297,581		0.3
	400,000		Jazz Investments I Ltd., 1.875%, 08/15/21		428,250		0.4
	255,000		Kindred Healthcare, Inc., 6.375%, 04/15/22		238,744		0.2
	240,000		Kindred Healthcare, Inc., 8.000%, 01/15/20		245,100		0.2
	80,000	#	Lamb Weston Holdings, Inc., 4.625%, 11/01/24		81,800		0.1
	80,000	#	Lamb Weston Holdings, Inc., 4.875%, 11/01/26		81,800		0.1
	115,000		Macquarie Infrastructure Corp., 2.000%, 10/01/23		113,275		0.1
	205,000		Medicines Co., 2.500%, 01/15/22		324,156		0.3
	140,000	#	Medicines Co., 2.750%, 07/15/23		169,400		0.2
	345,000		Molina Healthcare, Inc., 5.375%, 11/15/22		358,586		0.3
	180,000		NuVasive, Inc., 2.250%, 03/15/21		246,375		0.2
	325,000	#	Post Holdings, Inc., 5.000%, 08/15/26		312,000		0.3
	260,000	#	Post Holdings, Inc., 6.000%, 12/15/22		274,625		0.3
	100,000	#	Post Holdings, Inc., 7.750%, 03/15/24		110,771		0.1
	245,000		Quidel Corp., 3.250%, 12/15/20		252,197		0.2
	510,000	#	RegionalCare Hospital Partners Holdings, Inc., 8.250%, 05/01/23		546,720		0.5

VY® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Non-cyclical: (continued)
	250,000		Revlon Consumer Products Corp., 5.750%, 02/15/21	$	250,938		0.2
	500,000	#	Sothebys, 5.250%, 10/01/22		508,750		0.5
	235,000	#	Team Health Holdings, Inc., 6.375%, 02/01/25		230,888		0.2
	360,000		Tenet Healthcare Corp., 4.375%, 10/01/21		361,800		0.4
	85,000	#	Tenet Healthcare Corp., 7.500%, 01/01/22		92,013		0.1
	130,000		Tenet Healthcare Corp., 8.125%, 04/01/22		136,175		0.1
	525,000		United Rentals North America, Inc., 5.750%, 11/15/24		549,281		0.5
	400,000		Universal Hospital Services, Inc., 7.625%, 08/15/20		400,000		0.4
	1,305,000	#	Valeant Pharmaceuticals International, Inc., 5.875%, 05/15/23		1,019,531		1.0
	95,000	#	Valeant Pharmaceuticals International, Inc., 6.500%, 03/15/22		97,969		0.1
	125,000	#	Valeant Pharmaceuticals International, Inc., 7.000%, 03/15/24		128,594		0.1
	525,000		WellCare Health Plans, Inc., 5.250%, 04/01/25		542,719		0.5
	470,000		Wright Medical Group, Inc., 2.000%, 02/15/20		562,825		0.5
					17,270,120		16.4
			Energy: 15.2%
	150,000	#	Alta Mesa Holdings L.P. / Alta Mesa Finance Services Corp., 7.875%, 12/15/24		156,750		0.2
	135,000	#	Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.375%, 09/15/24		137,700		0.1
	355,000	#	Antero Resources Corp., 5.000%, 03/01/25		349,675		0.3
	355,000	#	Blue Racer Midstream LLC / Blue Racer Finance Corp., 6.125%, 11/15/22		361,212		0.3
	310,000	#	California Resources Corp., 8.000%, 12/15/22		253,812		0.2
	350,000		Calumet Specialty Products Partners L.P. / Calumet Finance Corp., 6.500%, 04/15/21		297,937		0.3
	175,000		Calumet Specialty Products Partners L.P. / Calumet Finance Corp., 7.750%, 04/15/23		147,875		0.1
	125,000		Carrizo Oil & Gas, Inc., 7.500%, 09/15/20		130,000		0.1
	100,000	#	Cheniere Corpus Christi Holdings LLC, 5.875%, 03/31/25		104,625		0.1
	373,000	#	Chesapeake Energy Corp., 8.000%, 12/15/22		392,116		0.4
	137,000	#	Cobalt International Energy, Inc., 7.750%, 12/01/23		69,185		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		202,250		0.2
	200,000		Concho Resources, Inc., 5.500%, 04/01/23		207,380		0.2
	125,000		Continental Resources, Inc./OK, 4.500%, 04/15/23		122,500		0.1
	90,000		DCP Midstream Operating L.P., 2.700%, 04/01/19		89,550		0.1
	120,000		DCP Midstream Operating L.P., 3.875%, 03/15/23		115,800		0.1
	325,000		DCP Midstream Operating L.P., 5.600%, 04/01/44		300,625		0.3
	250,000		Denbury Resources, Inc., 4.625%, 07/15/23		183,750		0.2
	160,000		Denbury Resources, Inc., 5.500%, 05/01/22		125,600		0.1
	295,000		Energy Transfer Equity L.P., 5.875%, 01/15/24		314,912		0.3
	60,000		EnLink Midstream Partners L.P., 5.050%, 04/01/45		56,691		0.1
	174,000		EnLink Midstream Partners L.P., 5.600%, 04/01/44		175,332		0.2
	5,000		EP Energy LLC / Everest Acquisition Finance, Inc., 9.375%, 05/01/20		4,737		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		49,500		0.1
	525,000		Archrock Partners L.P. / Archrock Partners Finance Corp., 6.000%, 04/01/21		523,687		0.5
	205,000	#	Extraction Oil & Gas Holdings LLC / Extraction Finance Corp., 7.875%, 07/15/21		217,300		0.2
	145,000		Genesis Energy L.P. / Genesis Energy Finance Corp., 5.750%, 02/15/21		147,537		0.1
	100,000		Genesis Energy L.P. / Genesis Energy Finance Corp., 6.750%, 08/01/22		103,600		0.1

VY® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Energy: (continued)
	245,000	#	Great Western Petroleum LLC / Great Western Finance Corp., 9.000%, 09/30/21	$	255,413		0.2
	300,000	#	Gulfport Energy Corp., 6.000%, 10/15/24		292,500		0.3
	200,000	#	Gulfport Energy Corp., 6.375%, 05/15/25		197,000		0.2
	20,000		Gulfport Energy Corp., 6.625%, 05/01/23		20,325		0.0
	150,000	#	Halcon Resources Corp., 6.750%, 02/15/25		148,050		0.1
	131,000	#	Halcon Resources Corp., 12.000%, 02/15/22		153,598		0.2
	90,000	#	Hiland Partners Holdings LLC / Hiland Partners Finance Corp., 5.500%, 05/15/22		93,897		0.1
	255,000	#	Hilcorp Energy I L.P. / Hilcorp Finance Co., 5.750%, 10/01/25		247,350		0.2
	140,000	#	Holly Energy Partners L.P. / Holly Energy Finance Corp., 6.000%, 08/01/24		147,350		0.1
	100,000	#	MEG Energy Corp., 6.500%, 01/15/25		100,375		0.1
	280,000	#	MEG Energy Corp., 7.000%, 03/31/24		252,000		0.2
	345,000		MPLX L.P., 4.875%, 06/01/25		361,941		0.3
	80,000		Murphy Oil Corp., 6.875%, 08/15/24		85,000		0.1
	250,000		Murphy Oil USA, Inc., 6.000%, 08/15/23		263,125		0.3
	303,000		Noble Energy, Inc., 5.625%, 05/01/21		312,422		0.3
	490,000		Oasis Petroleum, Inc., 6.875%, 03/15/22		503,475		0.5
	425,000		ONEOK, Inc., 7.500%, 09/01/23		497,318		0.5
	230,000	#	Parsley Energy LLC / Parsley Finance Corp., 5.375%, 01/15/25		234,025		0.2
	210,000	#	Parsley Energy LLC / Parsley Finance Corp., 6.250%, 06/01/24		223,650		0.2
	65,000		PBF Holding Co. LLC / PBF Finance Corp., 7.000%, 11/15/23		65,488		0.1
	215,000		PDC Energy, Inc., 7.750%, 10/15/22		227,363		0.2
	275,000	#	Range Resources Corp., 5.000%, 03/15/23		271,906		0.3
	410,000		Rice Energy, Inc., 6.250%, 05/01/22		424,350		0.4
	70,000		Rowan Cos, Inc., 4.875%, 06/01/22		67,200		0.1
	296,000		Rowan Cos, Inc., 5.400%, 12/01/42		223,480		0.2
	31,000		Rowan Cos, Inc., 5.850%, 01/15/44		24,025		0.0
	125,000	#	Sabine Pass Liquefaction LLC, 5.000%, 03/15/27		130,800		0.1
	325,000		Sabine Pass Liquefaction LLC, 5.625%, 02/01/21		350,430		0.3
	245,000	#	Sabine Pass Liquefaction LLC, 5.875%, 06/30/26		270,575		0.3
	360,000		Sanchez Energy Corp., 7.750%, 06/15/21		357,300		0.3
	130,000		SEACOR Holdings, Inc., 3.000%, 11/15/28		116,025		0.1
	35,000		SM Energy Co., 6.125%, 11/15/22		35,438		0.0
	45,000		SM Energy Co., 6.750%, 09/15/26		45,450		0.0
	120,000		Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.750%, 04/15/25		120,000		0.1
	130,000		Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.250%, 11/15/23		127,725		0.1
	215,000		Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 5.250%, 05/01/23		220,913		0.2
	190,000		Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 6.375%, 08/01/22		196,888		0.2
	135,000	#	TerraForm Power Operating LLC, 6.375%, 02/01/23		140,906		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		209,500		0.2
	270,000	#	Trinidad Drilling Ltd, 6.625%, 02/15/25		270,338		0.3
	105,000		Weatherford International Ltd., 8.250%, 06/15/23		114,450		0.1
	295,000		Western Refining Logistics L.P. / WNRL Finance Corp., 7.500%, 02/15/23		318,600		0.3
	260,000		Whiting Petroleum Corp., 1.250%, 04/01/20		227,825		0.2
	180,000		Williams Cos, Inc., 4.550%, 06/24/24		182,250		0.2
	405,000		Williams Cos, Inc., 5.750%, 06/24/44		409,050		0.4
	100,000		WPX Energy, Inc., 6.000%, 01/15/22		102,500		0.1
	150,000		WPX Energy, Inc., 7.500%, 08/01/20		159,750		0.2

VY® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Energy: (continued)
	80,000		WPX Energy, Inc., 8.250%, 08/01/23	$	89,400		0.1
					15,997,852		15.2
			Financial: 8.2%
	239,821	#,&	AAF Holdings LLC/AAF Finance Co., 12.000%, 07/01/19		250,612		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		299,625		0.3
	200,000		Ally Financial, Inc., 4.625%, 05/19/22		204,500		0.2
	508,000		Ally Financial, Inc., 5.750%, 11/20/25		521,970		0.5
	225,000		Citigroup, Inc., 5.900%, 12/29/49		235,406		0.2
	550,000		Citigroup, Inc., 6.250%, 12/29/49		594,000		0.6
	475,000	#	Credit Agricole SA, 8.125%, 12/29/49		507,656		0.5
	140,000	#	CyrusOne L.P. / CyrusOne Finance Corp., 5.000%, 03/15/24		144,200		0.1
	40,000	#	CyrusOne L.P. / CyrusOne Finance Corp., 5.375%, 03/15/27		40,500		0.0
	125,000	#	Dana Financing Luxembourg Sarl, 5.750%, 04/15/25		126,406		0.1
	200,000		DuPont Fabros Technology L.P., 5.875%, 09/15/21		208,125		0.2
	195,000		Equinix, Inc., 5.375%, 04/01/23		204,019		0.2
	600,000		Fly Leasing Ltd., 6.375%, 10/15/21		619,500		0.6
	200,000	#	Intesa Sanpaolo SpA, 7.700%, 12/29/49		191,750		0.2
	260,000	#	Iron Mountain US Holdings, Inc., 5.375%, 06/01/26		260,650		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		257,187		0.3
	250,000	#	Kilimanjaro Re Ltd. (Cat Bond), 5.313%, 04/30/18		252,813		0.2
	250,000	#	Kilimanjaro Re Ltd., 10.063%, 12/06/19		256,163		0.3
	300,000		MPT Operating Partnership L.P. / MPT Finance Corp., 5.500%, 05/01/24		306,750		0.3
	125,000		Nationstar Mortgage LLC / Nationstar Capital Corp., 6.500%, 06/01/22		125,625		0.1
	575,000		Nationstar Mortgage LLC / Nationstar Capital Corp., 6.500%, 07/01/21		585,063		0.6
	100,000		Nationstar Mortgage LLC / Nationstar Capital Corp., 6.500%, 08/01/18		101,375		0.1
	125,000	#	Ocwen Loan Servicing LLC, 8.375%, 11/15/22		127,500		0.1
	435,000	#	Provident Funding Associates L.P. / PFG Finance Corp., 6.750%, 06/15/21		445,875		0.4
	120,000	#	Quicken Loans, Inc., 5.750%, 05/01/25		118,500		0.1
	225,000	#	Rialto Holdings LLC / Rialto Corp., 7.000%, 12/01/18		230,344		0.2
	400,000		Royal Bank of Scotland Group PLC, 8.000%, 12/29/49		398,000		0.4
	335,000	#	Uniti Group, Inc. / CSL Capital LLC, 6.000%, 04/15/23		348,400		0.3
					8,555,326		8.2
			Industrial: 6.2%
	135,000	#	Advanced Disposal Services, Inc., 5.625%, 11/15/24		136,687		0.1
	105,000		AECOM, 5.875%, 10/15/24		112,087		0.1
	250,000	#	Amsted Industries, Inc., 5.000%, 03/15/22		252,500		0.2
	250,000	#	Amsted Industries, Inc., 5.375%, 09/15/24		251,875		0.2
	350,000	#	Apex Tool Group LLC, 7.000%, 02/01/21		318,500		0.3
EUR	100,000	#,&	ARD Finance SA, 6.625%, 09/15/23		110,423		0.1
	100,000	#,&	ARD Finance SA, 7.125%, 09/15/23		103,250		0.1
	70,000	#	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 4.289%, 05/15/21		71,838		0.1
	80,000	#	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 4.625%, 05/15/23		80,900		0.1
	220,000	#	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 6.000%, 02/15/25		223,025		0.2
	90,000	#	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 7.250%, 05/15/24		96,637		0.1
	325,000		Ball Corp., 4.000%, 11/15/23		326,625		0.3
	500,000		Ball Corp., 5.250%, 07/01/25		531,250		0.5
	85,000	#	Belden, Inc., 5.250%, 07/15/24		85,213		0.1
	140,000	#	Builders FirstSource, Inc., 5.625%, 09/01/24		142,625		0.1
	305,000	#	Cleaver-Brooks, Inc., 8.750%, 12/15/19		314,531		0.3
	205,000	#	Coveris Holdings SA, 7.875%, 11/01/19		202,950		0.2

VY® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Industrial: (continued)
	640,000		Crown Cork & Seal Co., Inc., 7.375%, 12/15/26	$	737,600		0.7
	425,000		Dycom Industries, Inc., 0.750%, 09/15/21		498,047		0.5
	150,000	#	Engility Corp., 8.875%, 09/01/24		159,375		0.2
	100,000	#	EnPro Industries, Inc., 5.875%, 09/15/22		104,000		0.1
	270,000	#	Florida East Coast Holdings Corp., 6.750%, 05/01/19		278,775		0.3
	644,000		General Cable Corp., 4.500%, 11/15/29		501,918		0.5
	205,000		Griffon Corp., 5.250%, 03/01/22		207,050		0.2
	265,000		MasTec, Inc., 4.875%, 03/15/23		263,013		0.3
	100,000		Reynolds Group Issuer, Inc., 5.750%, 10/15/20		103,001		0.1
	200,000	#	syncreon Group BV / syncreon Global Finance US, Inc., 8.625%, 11/01/21		147,000		0.1
	135,000		Triumph Group, Inc., 5.250%, 06/01/22		130,275		0.1
					6,490,970		6.2
			Technology: 6.4%
	110,000	Z	Akamai Technologies, Inc., 0.470%, 02/15/19		109,038		0.1
	210,000		Brocade Communications Systems, Inc., 4.625%, 01/15/23		215,250		0.2
	310,000	#	Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 5.750%, 03/01/25		318,912		0.3
	110,000		Citrix Systems, Inc., 0.500%, 04/15/19		138,325		0.1
	145,000	#	Diamond 1 Finance Corp. / Diamond 2 Finance Corp., 5.875%, 06/15/21		152,483		0.1
	385,000		Diebold Nixdorf, Inc., 8.500%, 04/15/24		426,869		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		434,805		0.4
	155,000	#	First Data Corp., 7.000%, 12/01/23		166,625		0.2
	510,000		j2 Cloud Services LLC, 8.000%, 08/01/20		527,531		0.5
	145,000		KEYW Holding Corp./The, 2.500%, 07/15/19		139,834		0.1
	165,000	#	Lumentum Holdings, Inc., 0.250%, 03/15/24		184,388		0.2
	175,000	#	Microchip Technology, Inc., 1.625%, 02/15/27		178,172		0.2
	465,000	#	Micron Technology, Inc., 5.250%, 08/01/23		478,950		0.5
	110,000	#	Micron Technology, Inc., 5.625%, 01/15/26		116,050		0.1
	200,000	±	Midway Games, Inc., 06/01/21		–		–
	160,000	#	MSCI, Inc., 4.750%, 08/01/26		162,000		0.2
	250,000	#	MSCI, Inc., 5.250%, 11/15/24		264,375		0.2
	265,000		NCR Corp., 5.000%, 07/15/22		270,300		0.3
	160,000		NCR Corp., 6.375%, 12/15/23		168,800		0.2
	90,000	#	Nice Systems, Inc., 1.250%, 01/15/24		94,050		0.1
	120,000		Nuance Communications, Inc., 1.000%, 12/15/35		114,825		0.1
	190,000		ON Semiconductor Corp., 1.000%, 12/01/20		208,406		0.2
	250,000	#	ON Semiconductor Corp., 1.625%, 10/15/23		260,469		0.2
	200,000	#	Open Text Corp., 5.875%, 06/01/26		210,000		0.2
	200,000	#	Quintiles IMS, Inc., 5.000%, 10/15/26		201,250		0.2
	400,000	#	Rackspace Hosting, Inc., 8.625%, 11/15/24		422,480		0.4
	90,000	#	Silicon Laboratories, Inc., 1.375%, 03/01/22		95,906		0.1
	205,000		Synchronoss Technologies, Inc., 0.750%, 08/15/19		194,366		0.2
	46,000	#	Teradyne, Inc., 1.250%, 12/15/23		53,791		0.0
					6,701,063		6.4
			Utilities: 2.5%
	505,000		AES Corp., 4.875%, 05/15/23		505,000		0.5
	100,000		AES Corp., 5.500%, 03/15/24		102,000		0.1
	241		Red Oak Power LLC, 8.540%, 11/30/19		242		0.0
	100,000		AmeriGas Partners L.P. / AmeriGas Finance Corp., 5.500%, 05/20/25		99,750		0.1
	200,000	#	Calpine Corp., 5.250%, 06/01/26		204,000		0.2
	110,000		Calpine Corp., 5.750%, 01/15/25		109,712		0.1
	245,000		NRG Energy, Inc., 6.250%, 05/01/24		245,459		0.2
	515,000	#	NRG Energy, Inc., 6.625%, 01/15/27		516,287		0.5
	170,000		NRG Energy, Inc., 7.250%, 05/15/26		175,950		0.2
	193,132	#	NSG Holdings LLC / NSG Holdings, Inc., 7.750%, 12/15/25		208,583		0.2

VY® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Utilities: (continued)
	530,000		Talen Energy Supply LLC, 6.500%, 06/01/25	$	451,825		0.4
					2,618,808		2.5
		Total Corporate Bonds/Notes
		(Cost $84,019,206)			86,638,652		82.5
FOREIGN GOVERNMENT BONDS: –%
	14,435	&	Mashantucket Western Pequot Tribe, 6.500%, 07/01/36		–		–
		Total Foreign Government Bonds
		(Cost $1,249)			–		–
BANK LOANS: 4.6%
			Basic Materials: 0.2%
	265,000		Caraustar Industries, Inc. - TL 1L, 6.647%, 03/14/22		267,650		0.2
			Communications: 0.9%
	446,625		McGraw-Hill Global Education Holdings, LLC, 5.000%, 05/04/22		442,624		0.4
	57,519		Univision Communications, Inc. - TL C5 1L, 3.750%, 03/15/24		57,579		0.1
	269,328		Virgin Media Bristol LLC TL I 1L, 3.662%, 01/31/25		270,339		0.3
	129,027		West Corp. - TL B12 1L, 3.647%, 06/17/23		129,494		0.1
					900,036		0.9
			Consumer, Cyclical: 1.1%
	130,000		American Axle & Manufacturing Holdings, Inc. - Bridge Loan, 3.240%, 03/08/24		130,000		0.1
	222,628		Camping World TL B 1L, 4.736%, 11/08/23		224,298		0.2
	170,832		Federal Mogul Corp. - TL C, 4.750%, 04/15/21		170,512		0.2
	60,929		Landry's, Inc. - TL 1L, 4.233%, 10/04/23		61,533		0.1
	240,625		Redbox - TL 1L, 8.500%, 09/27/21		240,926		0.2
	370,753		Tower Automotive Holdings, 3.750%, 04/23/20		370,521		0.3
					1,197,790		1.1
			Consumer, Non-cyclical: 0.6%
	34,290		AdvancePierre Foods - TL B 1L, 4.000%, 06/02/23		34,722		0.0
	66,451		BioScrip, Inc. - TL B DD, 9.250%, 07/31/20		65,745		0.1
	114,295		BioScrip, Inc. - TL B, 9.250%, 07/31/20		113,081		0.1
	430,000		Del Monte Foods, Inc. 2nd Lien Term Loan, 8.310%, 08/18/21		288,637		0.3
	142,156		Metaldyne LLC - TL B 1L, 3.750%, 10/20/21		143,009		0.1
					645,194		0.6
			Energy: 0.5%
	325,000		Gavilan Resources LLC - TL 2L, 7.000%, 02/24/24		323,879		0.3
	250,380		Jonah Energy, 7.500%, 05/12/21		237,861		0.2
					561,740		0.5
			Financial: 0.3%
	314,766		Confie Seguros Holding II - TL B 1L, 5.750%, 04/19/22		316,419		0.3
			Industrial: 0.5%
	208,439		Builders FirstSource, Inc., 4.000%, 02/29/24		208,595		0.2
	312,641		Zekelman Industries, Inc., 4.906%, 06/14/21		317,331		0.3
					525,926		0.5
			Insurance: 0.1%
	71,400		Alliant Holdings I, Inc. 2015 Term Loan B, 4.387%, 08/12/22		71,987		0.1
			Technology: 0.4%
	200,000		DynCorp International, Inc. Term Loan B2, 6.912%, 07/07/20		200,625		0.2
	195,000		SkillSoft 1st Lien TL, 5.750%, 04/28/21		179,766		0.2
					380,391		0.4
		Total Bank Loans
		(Cost $4,982,391)			4,867,133		4.6
U.S. TREASURY OBLIGATIONS: 3.3%
			U.S. Treasury Notes: 3.3%
	3,500,000		0.966%, due 07/31/18		3,506,370		3.3
		Total U.S. Treasury Obligations
		(Cost $3,500,518)			3,506,370		3.3

Shares				Value		Percentage of Net Assets
COMMON STOCK: 4.1%
			Consumer Discretionary: 0.9%
	3,636	@	Cengage Learning Holdings II L.P.		44,541		0.1
	50,408		Ford Motor Co.		586,749		0.5
	1,476	#,@	Perseus Holding Corp.		–		–
	5,043		Starbucks Corp.		294,461		0.3
					925,751		0.9

VY® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Energy: 0.1%
	424,441	@	Ascent Resources - Utica LLC	$	5,093		0.0
	2,296		Marathon Petroleum Corp.		116,040		0.1
	91	@	Midstates Petroleum Co., Inc.		1,679		0.0
	20	@	TPT Acquisition, Inc.		–		–
					122,812		0.1
			Financials: 0.3%
	2,083		Capital One Financial Corp.		180,513		0.2
	1,872		JPMorgan Chase & Co.		164,436		0.1
					344,949		0.3
			Health Care: 1.0%
	2,690		Aetna, Inc.		343,110		0.3
	3,183	@	Alere, Inc.		126,461		0.1
	15,129	@	BioScrip, Inc.		25,719		0.0
	1,411		Cigna Corp.		206,697		0.2
	3,059	@	Mylan NV		119,271		0.1
	1,767		Thermo Fisher Scientific, Inc.		271,411		0.3
					1,092,669		1.0
			Industrials: 0.3%
	123	@	Ceva Holdings LLC		24,670		0.0
	1,933	@	Commercial Vehicle Group, Inc.		13,086		0.1
	5,836	@	Liberty Tire Recycling		–		–
	3,148	@	United Continental Holdings, Inc.		222,375		0.2
					260,131		0.3
			Information Technology: 0.4%
	7,059	@	NCR Corp.		322,455		0.3
	1,139		TE Connectivity Ltd.		84,913		0.1
					407,368		0.4
			Materials: 0.3%
	3,044		LyondellBasell Industries NV - Class A		277,582		0.3
			Real Estate: 0.8%
	31,523		Forest City Realty Trust, Inc.		686,571		0.7
	5,760	@	Uniti Group, Inc.		148,896		0.1
					835,467		0.8
			Telecommunication Services: 0.0%
	1,994		Windstream Holdings, Inc.		10,867		0.0
		Total Common Stock
		(Cost $3,345,476)			4,277,596		4.1
PREFERRED STOCK: 1.4%
			Consumer Discretionary: –%
	775	#,@	Perseus Holding Corp.		–		–
			Financials: 0.9%
	470	@	Bank of America Corp.		561,678		0.5
	3,542	@,P	GMAC Capital Trust I		90,073		0.1
	232	@	Wells Fargo & Co.		287,680		0.3
					939,431		0.9
			Health Care: 0.4%
	811	@	Alere, Inc.		266,008		0.2
	225		Allergan PLC		191,201		0.2
	44	@	BioScrip, Inc.		3,188		0.0
					460,397		0.4
			Industrials: 0.1%
	267	@	Ceva Holdings Series A-2		66,757		0.1
		Total Preferred Stock
		(Cost $1,736,913)			1,466,585		1.4
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 $97,585,753)			100,756,336		95.9

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.5%
			Corporate Bonds/Notes: 0.5%
	250,000	#	Sanders Re Ltd. (Cat Bond), 4.000%, 05/05/17		250,913		0.2
	290,000		WebMD Health Corp., 2.500%, 01/31/18		295,800		0.3
					546,713		0.5
			U.S. Treasury Bills: 1.0%
	200,000	Z	United States Treasury Bill, 0.560%, 04/13/17		199,960		0.2
	780,000	Z	United States Treasury Bill, 0.620%, 04/20/17		779,734		0.8
					979,694		1.0
			Bank Loans: 0.9%
	475,000		AMC Entertainment Holdings, Inc. - Bridge Loan, 12/21/17		475,000		0.4
	510,000		American Axle & Manufacturing Holdings, Inc. - Bridge Loan, 01/18/18		510,000		0.5
					985,000		0.9

VY® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Certificates of Deposit: 0.3%
	260,000	Sumitomo, 1.260%, 04/03/17
		(Cost $260,000)	$	260,009		0.3

Shares					Value	Percentage of Net Assets
			Mutual Funds: 0.8%
	846,991		BlackRock Liquidity Funds, FedFund, Institutional Class, 0.600%††
			(Cost $846,991)		846,991	0.8
		Total Short-Term Investments
		(Cost $3,596,700)			3,618,407	3.5
		Total Investments in Securities (Cost $101,182,453)		$	104,374,743	99.4
		Assets in Excess of Other Liabilities			659,159	0.6
		Net Assets		$	105,033,902	100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of March 31, 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
P	Preferred Stock may be called prior to convertible date.
±	Defaulted security
Z	Indicates Zero Coupon Bond; rate shown reflects current effective yield.

EUR EU Euro

Cost for federal income tax purposes is $101,626,105.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	5,287,613
Gross Unrealized Depreciation		(2,538,975	)
Net Unrealized Appreciation	$	2,748,638

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	881,210	$	44,541	$	–	$	925,751
Energy		117,719		–		5,093		122,812
Financials		344,949		–		–		344,949

VY® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 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 March 31, 2017
Health Care	$	1,092,669	$	–	$	–	$	1,092,669
Industrials		235,461		–		24,670		260,131
Information Technology		407,368		–		–		407,368
Materials		277,582		–		–		277,582
Real Estate		835,467		–		–		835,467
Telecommunication Services		10,867		–		–		10,867
Total Common Stock		4,203,292		44,541		29,763		4,277,596
Preferred Stock		744,889		651,751		69,945		1,466,585
Warrants		–		–		–		–
Corporate Bonds/Notes		–		86,638,652		–		86,638,652
Short-Term Investments		846,991		1,786,416		985,000		3,618,407
Bank Loans		–		4,737,133		130,000		4,867,133
U.S. Treasury Obligations		–		3,506,370		–		3,506,370
Foreign Government Bonds		–		–		–		–
Total Investments, at fair value	$	5,795,172	$	97,364,863	$	1,214,708	$	104,374,743
Other Financial Instruments+
Centrally Cleared Swaps		–		128,597		–		128,597
Futures		3,566		–		–		3,566
Total Assets	$	5,798,738	$	97,493,460	$	1,214,708	$	104,506,906

+

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.

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 March 31, 2017.

Investments, at fair value	Fair Value at March 31, 2017		Valuation Technique(s)	Unobservable Inputs	Range		Impact to Valuation from an Increase in Input
Bank Loans
AMC Entertainment Holdings, Inc. - Bridge Loan	$	510,000	Market approach	Transaction Price	$	100.00	Increase
American Axle & Manufacturing Holdings, Inc. - Bridge Loan		475,000	Market approach	Transaction Price	$	100.00	Increase
American Axle & Manufacturing Holdings, Inc. - Bridge Loan		130,000	Market approach	Transaction Price	$	100.00	Increase
Total Bank Loans	$	1,115,000
Common Stock
Ascent Resources - Utica LLC	$	5,093	Enterprise Value	Enterprise Value to Sales Multiple	$	0.012	Increase
Ceva Holdings LLC		24,670	Third-Party Pricing Vendor	Single Broker Quote	$	200.00	Increase
Total Common Stock	$	29,763
Preferred Stock
BioScrip, Inc.	$	3,188	Model price	Proprietary Data Used In Model	$	72.47	Increase
Ceva Holdings Series A-2		66,757	Third-Party Pricing Vendor	Single Broker Quote	$	250.00	Increase
Total Preferred Stock	$	69,945

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 March 31, 2017:

Beginning Balance

Accrued Discounts/

Total Realized

Net Change in  Unrealized Appreciation/

Transfers Into

Transfers Out of

Ending Balance

12/31/2016

Purchases

Sales

(Premiums)

Gain/(Loss)

(Depreciation)*

Level 3

Level 3

3/31/2017

Asset Table

Investments, at fair value

Bank Loans

$

–

$

1,115,000

$

–

$

–

$

–

$

–

$

–

$

–

$

1,115,000

Common Stock

17,428

–

–

–

–

12,335

–

–

29,763

Preferred Stock

62,817

–

–

–

–

7,128

–

–

69,945

Total Investments, at value

$

80,245

$

1,115,000

$

–

$

–

$

–

$

19,463

$

–

$

–

$

1,214,708

* As of March 31, 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 $19,463.

At March 31, 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)	06/16/17	$	(2,241,240	)	$	3,566
			$	(2,241,240	)	$	3,566

At March 31, 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 (%)		Clearinghouse	Termination Date	Notional Amount(2)		Fair Value(3)		Unrealized Appreciation/ (Depreciation)
CDX North American High Yield Index Series 23, Version 1	Sell		5.000	Chicago Mercantile Exchange	12/20/19	USD	1,090,320	$	90,047	$	20,265
CDX North American High Yield Index Series 25, Version 1	Sell		5.000	Chicago Mercantile Exchange	12/20/20	USD	2,023,700		163,028		108,332
								$	253,075	$	128,597

(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.

VY® Pioneer High Yield Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited) (Continued)

(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.

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

The fair value of derivative instruments as of March 31, 2017 was as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Credit contracts	Credit default swaps	$	128,597
Equity contracts	Futures contracts		3,566
Total Asset Derivatives		$	132,163

VY® T. Rowe Price Diversified Mid Cap Growth Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.5%
			Consumer Discretionary: 19.9%
	60,700		Aramark	$	2,238,009		0.2
	11,400	@	Autozone, Inc.		8,242,770		0.9
	68,000		Bloomin Brands, Inc.		1,341,640		0.1
	51,600		BorgWarner, Inc.		2,156,364		0.2
	38,100		Brinker International, Inc.		1,674,876		0.2
	62,200	@	Burlington Stores, Inc.		6,051,438		0.7
	77,900	@	Carmax, Inc.		4,613,238		0.5
	33,700		Carter's, Inc.		3,026,260		0.3
	4,300	@	Chipotle Mexican Grill, Inc.		1,915,736		0.2
	40,100		Choice Hotels International, Inc.		2,510,260		0.3
	104,900		Coach, Inc.		4,335,517		0.5
	57,000	@	Ctrip.com International Ltd. ADR		2,801,550		0.3
	38,500		Delphi Automotive PLC		3,098,865		0.3
	77,600		Dick's Sporting Goods, Inc.		3,776,016		0.4
	113,800		Dollar General Corp.		7,935,274		0.9
	73,800	@	Dollar Tree, Inc.		5,790,348		0.6
	48,200		Dunkin' Brands Group, Inc.		2,635,576		0.3
	98,900		Extended Stay America, Inc.		1,576,466		0.2
	31,900		Ferrari NV		2,372,084		0.3
	36,100	@	Five Below, Inc.		1,563,491		0.2
	125,800		Hanesbrands, Inc.		2,611,608		0.3
	24,600		Harley-Davidson, Inc.		1,488,300		0.2
	10,930	@	Hilton Grand Vacations, Inc.		313,254		0.0
	36,433		Hilton Worldwide Holdings, Inc.		2,129,873		0.2
	122,900		Interpublic Group of Cos., Inc.		3,019,653		0.3
	64,900	@	Kate Spade & Co.		1,507,627		0.2
	71,500		L Brands, Inc.		3,367,650		0.4
	19,600	@	Lululemon Athletica, Inc.		1,016,652		0.1
	47,912		Marriott International, Inc.		4,512,352		0.5
	84,700		Mattel, Inc.		2,169,167		0.2
	131,300		MGM Resorts International		3,597,620		0.4
	122,500	@	Michaels Cos, Inc.		2,742,775		0.3
	16,600	@	Mohawk Industries, Inc.		3,809,534		0.4
	109,100		Newell Brands, Inc.		5,146,247		0.6
	33,100	@	Norwegian Cruise Line Holdings Ltd.		1,679,163		0.2
	1,500	@	NVR, Inc.		3,160,320		0.3
	41,100		Omnicom Group		3,543,231		0.4
	30,100	@	O'Reilly Automotive, Inc.		8,122,184		0.9
	6,641	@,L	Panera Bread Co.		1,739,079		0.2
	25,900		Papa John's International, Inc.		2,073,036		0.2
	14,200	L	Polaris Industries, Inc.		1,189,960		0.1
	72,600		Pulte Group, Inc.		1,709,730		0.2
	32,000		PVH Corp.		3,311,040		0.4
	125,000		Ross Stores, Inc.		8,233,750		0.9
	23,600		Royal Caribbean Cruises Ltd.		2,315,396		0.2
	142,500		Service Corp. International		4,400,400		0.5
	33,500		Signet Jewelers Ltd.		2,320,545		0.2
	26,300	@,L	Sotheby's		1,196,124		0.1
	34,500	@,L	Tempur Sealy International, Inc.		1,602,870		0.2
	6,600	@,L	Tesla, Inc.		1,836,780		0.2
	35,700		Tiffany & Co.		3,402,210		0.4
	48,100	@	Toll Brothers, Inc.		1,736,891		0.2
	75,700		Tractor Supply Co.		5,221,029		0.6
	18,400	@	TripAdvisor, Inc.		794,144		0.1
	18,100	@	Ulta Salon Cosmetics & Fragrance, Inc.		5,162,663		0.6
	84,300	@	Vipshop Holdings Ltd. ADR		1,124,562		0.1
	33,020	@,L	Wayfair, Inc.		1,336,980		0.1
	12,700		Whirlpool Corp.		2,175,891		0.2
	62,700	L	Williams-Sonoma, Inc.		3,361,974		0.4
	56,500		Wolverine World Wide, Inc.		1,410,805		0.1
	16,200		Wynn Resorts Ltd.		1,856,682		0.2
					183,105,529		19.9
			Consumer Staples: 5.7%
	84,200	@	Blue Buffalo Pet Products, Inc.		1,936,600		0.2
	79,300		Brown-Forman Corp. - Class B		3,662,074		0.4
	14,600		Casey's General Stores, Inc.		1,638,850		0.2
	90,400		Church & Dwight Co., Inc.		4,508,248		0.5
	11,800		Clorox Co.		1,590,994		0.2
	83,900		Conagra Brands, Inc.		3,384,526		0.4
	7,900		Constellation Brands, Inc.		1,280,353		0.1
	53,500		Dr Pepper Snapple Group, Inc.		5,238,720		0.6
	109,700		Flowers Foods, Inc.		2,129,277		0.2
	45,400	@	Hain Celestial Group, Inc.		1,688,880		0.2
	51,400		Hershey Co.		5,615,450		0.6
	18,500		JM Smucker Co.		2,424,980		0.3
	45,000		McCormick & Co., Inc.		4,389,750		0.5
	17,100	@	Monster Beverage Corp.		789,507		0.1
	44,600		Pinnacle Foods, Inc.		2,581,002		0.3
	14,300		Pricesmart, Inc.		1,318,460		0.1
	42,700		Snyders-Lance, Inc.		1,721,237		0.2
	96,900	@	Sprouts Farmers Market, Inc.		2,240,328		0.2
	49,300		Tyson Foods, Inc.		3,042,303		0.3
	41,900		Whole Foods Market, Inc.		1,245,268		0.1
					52,426,807		5.7
			Energy: 1.8%
	35,900		Cabot Oil & Gas Corp.		858,369		0.1
	39,637	@	Centennial Resource Development, Inc.		708,131		0.1
	56,000	@,L	Centennial Resource Development, Inc./DE		1,020,880		0.1
	13,000		Cimarex Energy Co.		1,553,370		0.1

VY® T. Rowe Price Diversified Mid Cap Growth Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Energy: (continued)
	13,200	@	Concho Resources, Inc./Midland TX	$	1,694,088		0.2
	16,000	@	Diamondback Energy, Inc.		1,659,440		0.2
	25,700		EQT Corp.		1,570,270		0.2
	89,100	@,L	Jagged Peak Energy, Inc.		1,161,864		0.1
	52,900		Oceaneering International, Inc.		1,432,532		0.1
	23,800	@	Parsley Energy, Inc.		773,738		0.1
	9,300		Pioneer Natural Resources Co.		1,731,939		0.2
	29,600		Range Resources Corp.		861,360		0.1
	19,600		Tesoro Corp.		1,588,776		0.2
					16,614,757		1.8
			Financials: 7.4%
	58,800		BankUnited, Inc.		2,193,828		0.3
	86,833		CBOE Holdings, Inc.		7,039,551		0.8
	85,800		Citizens Financial Group, Inc.		2,964,390		0.3
	72,700	@	E*Trade Financial Corp.		2,536,503		0.3
	9,800		Factset Research Systems, Inc.		1,616,118		0.2
	85,800		Fifth Third Bancorp		2,179,320		0.3
	28,900		Financial Engines, Inc.		1,258,595		0.1
	51,700		First Republic Bank		4,849,977		0.5
	129,100		FNF Group		5,027,154		0.6
	14,100		Intercontinental Exchange, Inc.		844,167		0.1
	36,100		Invesco Ltd.		1,105,743		0.1
	84,700		Lazard Ltd.		3,895,353		0.4
	40,700		Moody's Corp.		4,560,028		0.5
	30,700		MSCI, Inc. - Class A		2,983,733		0.3
	21,600		Northern Trust Corp.		1,870,128		0.2
	53,800		Progressive Corp.		2,107,884		0.2
	11,400	@	Signature Bank		1,691,646		0.2
	37,000		State Street Corp.		2,945,570		0.3
	25,900	@	SVB Financial Group		4,819,731		0.5
	95,800		TD Ameritrade Holding Corp.		3,722,788		0.4
	69,530		Webster Financial Corp.		3,479,281		0.4
	23,300		Willis Towers Watson PLC		3,049,737		0.3
	84,000	L	WisdomTree Investments, Inc.		762,720		0.1
					67,503,945		7.4
			Health Care: 16.4%
	84,399	@,L	Acadia Healthcare Co., Inc.		3,679,796		0.4
	47,100	@,L	Acadia Pharmaceuticals, Inc.		1,619,298		0.2
	61,900		Agilent Technologies, Inc.		3,272,653		0.4
	18,700	@,L	Agios Pharmaceuticals, Inc.		1,092,080		0.1
	41,100	@	Akorn, Inc.		989,688		0.1
	13,200	@	Alexion Pharmaceuticals, Inc.		1,600,368		0.2
	19,000	@	Align Technology, Inc.		2,179,490		0.2
	50,300	@	Alkermes PLC		2,942,550		0.3
	16,600	@	Alnylam Pharmaceuticals, Inc.		850,750		0.1
	48,800		AmerisourceBergen Corp.		4,318,800		0.5
	9,800	@,L	athenahealth, Inc.		1,104,362		0.1
	47,800	@	BioMarin Pharmaceutical, Inc.		4,195,884		0.5
	14,400	@,L	Bluebird Bio, Inc.		1,308,960		0.1
	57,700		Bruker Corp.		1,346,141		0.1
	69,684	@	Catalent, Inc.		1,973,451		0.2
	49,000	@	Centene Corp.		3,491,740		0.4
	50,412	@	Cerner Corp.		2,966,746		0.3
	28,600		Cooper Cos., Inc.		5,716,854		0.6
	18,600		CR Bard, Inc.		4,622,844		0.5
	32,900	@	DaVita, Inc.		2,236,213		0.2
	60,850		Dentsply Sirona, Inc.		3,799,474		0.4
	46,100	@	Endo International PLC		514,476		0.1
	25,217	@	Envision Healthcare Corp.		1,546,306		0.2
	24,500	@	Henry Schein, Inc.		4,164,265		0.5
	140,800	@	Hologic, Inc.		5,991,040		0.7
	41,700	@,L	Horizon Pharma PLC		616,326		0.1
	9,300		Humana, Inc.		1,917,102		0.2
	35,300	@	Idexx Laboratories, Inc.		5,457,733		0.6
	31,000	@	Illumina, Inc.		5,289,840		0.6
	52,700	@	Incyte Corp., Ltd.		7,044,409		0.8
	5,050	@,L	Intercept Pharmaceuticals, Inc.		571,155		0.1
	12,300	@	Intuitive Surgical, Inc.		9,427,581		1.0
	108,900	@	Ironwood Pharmaceuticals, Inc.		1,857,834		0.2
	13,000	@	Jazz Pharmaceuticals PLC		1,886,690		0.2
	20,100	@	Mallinckrodt PLC - W/I		895,857		0.1
	22,600	@	Medidata Solutions, Inc.		1,303,794		0.1
	18,400	@	Mednax, Inc.		1,276,592		0.1
	10,100	@	Mettler Toledo International, Inc.		4,836,991		0.5
	49,079	@	Neurocrine Biosciences, Inc.		2,125,121		0.2
	15,700	@	Pacira Pharmaceuticals, Inc.		715,920		0.1
	33,100	@	Quintiles IMS Holdings, Inc.		2,665,543		0.3
	25,400	@	Seattle Genetics, Inc.		1,596,644		0.2
	23,800		STERIS PLC		1,653,148		0.2
	19,800		Teleflex, Inc.		3,835,854		0.4
	33,970	@,L	Tesaro, Inc.		5,226,964		0.6
	11,100	@	Ultragenyx Pharmaceutical, Inc.		752,358		0.1
	9,900	@	United Therapeutics Corp.		1,340,262		0.1
	25,300		Universal Health Services, Inc.		3,148,585		0.3
	60,900	@	Veeva Systems, Inc.		3,122,952		0.3
	26,500	@	Vertex Pharmaceuticals, Inc.		2,897,775		0.3
	18,500	@	WellCare Health Plans, Inc.		2,593,885		0.3
	21,300		West Pharmaceutical Services, Inc.		1,738,293		0.2

VY® T. Rowe Price Diversified Mid Cap Growth Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Health Care: (continued)
	132,850		Zoetis, Inc.	$	7,090,205		0.8
					150,409,642		16.4
			Industrials: 16.2%
	8,600		Acuity Brands, Inc.		1,754,400		0.2
	41,300		Alaska Air Group, Inc.		3,808,686		0.4
	7,000		Allegiant Travel Co.		1,121,750		0.1
	62,800		Allegion Public Ltd.		4,753,960		0.5
	44,362		Ametek, Inc.		2,399,097		0.3
	32,400	@	Avis Budget Group, Inc.		958,392		0.1
	21,700		CH Robinson Worldwide, Inc.		1,677,193		0.2
	41,300	@	Colfax Corp.		1,621,438		0.2
	15,900	L	Copa Holdings S.A.		1,784,775		0.2
	44,500	@	Copart, Inc.		2,755,885		0.3
	47,800		Donaldson Co., Inc.		2,175,856		0.2
	50,087		Equifax, Inc.		6,848,897		0.7
	43,000		Expeditors International Washington, Inc.		2,429,070		0.3
	30,100		Fastenal Co.		1,550,150		0.2
	38,900		Flowserve Corp.		1,883,538		0.2
	39,100		Fortive Corp.		2,354,602		0.2
	65,961		Fortune Brands Home & Security, Inc.		4,013,727		0.4
	35,100	@	Generac Holdings, Inc.		1,308,528		0.1
	22,300	@	Genesee & Wyoming, Inc.		1,513,278		0.2
	36,400		Graco, Inc.		3,426,696		0.4
	16,100		Hubbell, Inc.		1,932,805		0.2
	27,700		IDEX Corp.		2,590,227		0.3
	104,253	@	IHS Markit Ltd.		4,373,413		0.5
	27,100		JB Hunt Transport Services, Inc.		2,486,154		0.3
	25,300		Kansas City Southern		2,169,728		0.2
	78,200		KAR Auction Services, Inc.		3,414,994		0.4
	21,600	@	Kirby Corp.		1,523,880		0.2
	14,600		Landstar System, Inc.		1,250,490		0.1
	20,900		Manpowergroup, Inc.		2,143,713		0.2
	21,600	@	Middleby Corp.		2,947,320		0.3
	89,400		Nielsen NV		3,693,114		0.4
	14,400		Nordson Corp.		1,768,896		0.2
	29,000		Old Dominion Freight Line		2,481,530		0.3
	26,000		Paccar, Inc.		1,747,200		0.2
	49,600		Ritchie Bros Auctioneers, Inc.		1,631,840		0.2
	37,100		Robert Half International, Inc.		1,811,593		0.2
	59,200		Rockwell Collins, Inc.		5,751,872		0.6
	92,210		Rollins, Inc.		3,423,757		0.4
	18,300		Roper Technologies, Inc.		3,778,767		0.4
	81,900	@	Sensata Technologies Holdings N.V.		3,576,573		0.4
	19,000		Snap-On, Inc.		3,204,730		0.3
	36,700		Southwest Airlines Co.		1,972,992		0.2
	27,200	@	Spirit Airlines, Inc.		1,443,504		0.2
	25,600	@	Stericycle, Inc.		2,121,984		0.2
	56,800		Textron, Inc.		2,703,112		0.3
	45,000		Toro Co.		2,810,700		0.3
	20,100		TransDigm Group, Inc.		4,425,216		0.5
	79,200	@	TransUnion		3,037,320		0.3
	51,241	@	United Continental Holdings, Inc.		3,619,664		0.4
	12,100		Valmont Industries, Inc.		1,881,550		0.2
	77,500	@	Verisk Analytics, Inc.		6,288,350		0.7
	14,400	@	WABCO Holdings, Inc.		1,690,848		0.2
	31,100	L	Wabtec Corp.		2,425,800		0.3
	47,000		Waste Connections, Inc.		4,146,340		0.4
	4,800		WW Grainger, Inc.		1,117,248		0.1
	33,100		Xylem, Inc.		1,662,282		0.2
					149,189,424		16.2
			Information Technology: 20.5%
	17,300		Alliance Data Systems Corp.		4,307,700		0.5
	104,700		Amphenol Corp.		7,451,499		0.8
	13,700	@	ANSYS, Inc.		1,464,119		0.2
	179,579	@,L	Atlassian Corp. PLC		5,378,391		0.6
	25,900	@	Autodesk, Inc.		2,239,573		0.2
	90,500	@,L	Black Knight Financial Services, Inc.		3,466,150		0.4
	73,700		Booz Allen Hamilton Holding Corp.		2,608,243		0.3
	29,200		Cognex Corp.		2,451,340		0.3
	87,500	@	CoreLogic, Inc.		3,563,000		0.4
	15,900	@	CoStar Group, Inc.		3,294,798		0.4
	98,000		CSRA, Inc.		2,870,420		0.3
	19,495	@	Dropbox, Inc.		158,885		0.0
	44,255	@	Dropbox, Inc. - Series A		360,678		0.0
	86,900	@	Electronic Arts, Inc.		7,779,288		0.9
	18,600	@	Ellie Mae, Inc.		1,865,022		0.2
	20,600	@	EPAM Systems, Inc.		1,555,712		0.2
	15,100	@	F5 Networks, Inc.		2,152,807		0.2
	74,900		Fidelity National Information Services, Inc.		5,963,538		0.7
	77,600	@	Fiserv, Inc.		8,948,056		1.0
	18,300	@	FleetCor Technologies, Inc.		2,771,169		0.3
	48,000	@	Fortinet, Inc.		1,840,800		0.2
	36,700	@	Gartner, Inc.		3,963,233		0.4
	65,500		Genpact Ltd.		1,621,780		0.2
	49,900		Global Payments, Inc.		4,025,932		0.4
	58,700	@	Guidewire Software, Inc.		3,306,571		0.4
	59,500		Harris Corp.		6,620,565		0.7
	46,100	@	Integrated Device Technology, Inc.		1,091,187		0.1
	45,400		Intuit, Inc.		5,265,946		0.6
	17,900	@	IPG Photonics Corp.		2,160,530		0.2
	34,950	@	Keysight Technologies, Inc.		1,263,093		0.1
	29,800		KLA-Tencor Corp.		2,833,086		0.3
	132,300	@,L	Match Group, Inc.		2,160,459		0.2
	11,400		Mercadolibre, Inc.		2,410,758		0.3
	57,900		Microchip Technology, Inc.		4,271,862		0.5
	57,100	@	Microsemi Corp.		2,942,363		0.3
	22,100		Motorola Solutions, Inc.		1,905,462		0.2
	23,700	@	Palo Alto Networks, Inc.		2,670,516		0.3
	37,500		Paychex, Inc.		2,208,750		0.2
	16,600	@	Proofpoint, Inc.		1,234,376		0.1
	73,800	@	Red Hat, Inc.		6,383,700		0.7

VY® T. Rowe Price Diversified Mid Cap Growth Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Information Technology: (continued)
	180,700		Sabre Corp.	$	3,829,033		0.4
	68,200	@	ServiceNow, Inc.		5,965,454		0.7
	48,500		Skyworks Solutions, Inc.		4,752,030		0.5
	39,700	@,L	Snap, Inc.		894,441		0.1
	48,900	@	Splunk, Inc.		3,045,981		0.3
	94,900		SS&C Technologies Holdings, Inc.		3,359,460		0.4
	30,500	@	Synopsys, Inc.		2,199,965		0.2
	68,119	@	Tableau Software, Inc.		3,375,296		0.4
	63,400	@	Trimble, Inc.		2,029,434		0.2
	12,700	@	Tyler Technologies, Inc.		1,962,912		0.2
	13,100	@	Ultimate Software Group, Inc.		2,557,251		0.3
	92,100	@	Vantiv, Inc.		5,905,452		0.6
	70,400	@,L	VeriSign, Inc.		6,132,544		0.7
	20,999	@	WEX, Inc.		2,173,397		0.2
	46,447	@	Workday, Inc.		3,868,106		0.4
	50,300		Xilinx, Inc.		2,911,867		0.3
	32,400	@	Zendesk, Inc.		908,496		0.1
	54,200	@	Zillow Group, Inc. - Class A		1,832,502		0.2
					188,534,978		20.5
			Materials: 5.5%
	19,500		Air Products & Chemicals, Inc.		2,638,155		0.3
	31,300		Ashland Global Holdings, Inc.		3,875,253		0.4
	94,600		Ball Corp.		7,024,996		0.8
	21,500		Carpenter Technology Corp.		801,950		0.1
	29,300		Celanese Corp.		2,632,605		0.3
	60,200		CF Industries Holdings, Inc.		1,766,870		0.2
	15,800		Compass Minerals International, Inc.		1,072,030		0.1
	25,200		Eagle Materials, Inc.		2,447,928		0.3
	4,000		NewMarket Corp.		1,812,920		0.2
	33,400		PolyOne Corp.		1,138,606		0.1
	87,100		RPM International, Inc.		4,793,113		0.5
	77,200		Sealed Air Corp.		3,364,376		0.4
	16,000		Sherwin-Williams Co.		4,963,040		0.5
	76,600		Silver Wheaton Corp.		1,596,344		0.2
	73,300	L	Valvoline, Inc.		1,799,515		0.2
	68,600		Vulcan Materials Co.		8,264,928		0.9
					49,992,629		5.5
			Real Estate: 4.6%
	36,200		American Campus Communities, Inc.		1,722,758		0.2
	56,800		Crown Castle International Corp.		5,364,760		0.6
	55,900		CubeSmart		1,451,164		0.2
	20,415		Equinix, Inc.		8,173,554		0.9
	14,300		Federal Realty Investment Trust		1,909,050		0.2
	67,800		Iron Mountain, Inc.		2,418,426		0.3
	27,000		Jones Lang LaSalle, Inc.		3,009,150		0.3
	83,100		MGM Growth Properties LLC		2,247,855		0.3
	70,850	@	SBA Communications Corp.		8,528,214		0.9
	20,500		SL Green Realty Corp.		2,185,710		0.2
	32,100		Taubman Centers, Inc.		2,119,242		0.2
	235,515		VEREIT, Inc.		1,999,522		0.2
	26,699	@	WeWork Companies, Inc., - Class A		1,383,275		0.1
					42,512,680		4.6
			Utilities: 0.5%
	32,500		Atmos Energy Corp.		2,567,175		0.3
	79,600		NiSource, Inc.		1,893,684		0.2
					4,460,859		0.5
		Total Common Stock
		(Cost $666,237,400)			904,751,250		98.5
PREFERRED STOCK: 1.4%
			Consumer Discretionary: 0.1%
	8,859	@	Flipkart Online Services Pvt. Ltd., - Series G		825,216		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)			12,928,055		1.4
		Total Long-Term Investments
		(Cost $674,148,458)			917,679,305		99.9

Principal  Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.4%
		Securities Lending Collateralcc: 4.4%
	9,997,529	Cantor Fitzgerald, Repurchase Agreement dated 03/31/17, 0.81%, due 04/03/17 (Repurchase Amount $9,998,195, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $10,197,482, due 04/01/17-02/20/67)		9,997,529		1.1

VY® T. Rowe Price Diversified Mid Cap Growth Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateralcc (continued)
	9,997,529	Daiwa Capital Markets, Repurchase Agreement dated 03/31/17, 0.82%, due 04/03/17 (Repurchase Amount $9,998,203, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $10,197,480, due 05/11/17-12/01/51)	$	9,997,529		1.1
	484,666	Jefferies LLC, Repurchase Agreement dated 03/31/17, 0.98%, due 04/03/17 (Repurchase Amount $484,705, collateralized by various U.S. Government Agency Obligations, 3.500%, Market Value plus accrued interest $494,359, due 03/01/37-02/01/47)		484,666		0.0
	9,997,529	Nomura Securities, Repurchase Agreement dated 03/31/17, 0.81%, due 04/03/17 (Repurchase Amount $9,998,195, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $10,197,480, due 04/19/17-02/20/67)		9,997,529		1.1
	9,997,500	State of Wisconsin Investment Board, Repurchase Agreement dated 03/31/17, 0.90%, due 04/03/17 (Repurchase Amount $9,998,240, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $10,197,461, due 01/15/19-02/15/46)		9,997,500		1.1
				40,474,753		4.4

Shares				Value			Percentage of Net Assets
			Mutual Funds: 0.0%
	399,654		T. Rowe Price Reserve Investment Fund, 0.660%††
			(Cost $399,654)		399,654			0.0
		Total Short-Term Investments
		(Cost $40,874,407)			40,874,407			4.4
		Total Investments in Securities (Cost $715,022,865)		$	958,553,712			104.3
		Liabilities in Excess of Other Assets			(39,862,622	)		(4.3	)
		Net Assets		$	918,691,090			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of March 31, 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 March 31, 2017.

Cost for federal income tax purposes is $716,313,232.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	269,647,343
Gross Unrealized Depreciation		(27,406,863	)
Net Unrealized Appreciation	$	242,240,480

VY® T. Rowe Price Diversified Mid Cap Growth Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	183,105,529	$	–	$	–	$	183,105,529
Consumer Staples		52,426,807		–		–		52,426,807
Energy		15,906,626		708,131		–		16,614,757
Financials		67,503,945		–		–		67,503,945
Health Care		150,409,642		–		–		150,409,642
Industrials		149,189,424		–		–		149,189,424
Information Technology		188,015,415		–		519,563		188,534,978
Materials		49,992,629		–		–		49,992,629
Real Estate		41,129,405		–		1,383,275		42,512,680
Utilities		4,460,859		–		–		4,460,859
Total Common Stock		902,140,281		708,131		1,902,838		904,751,250
Preferred Stock		–		–		12,928,055		12,928,055
Short-Term Investments		399,654		40,474,753		–		40,874,407
Total Investments, at fair value	$	902,539,935	$	41,182,884	$	14,830,893	$	958,553,712

# 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 March 31, 2017.

Investments, at fair value	Fair Value at March 31, 2017		Valuation Technique(s)	Unobservable Inputs	Range		Impact to Valuation from an  Increase in Input
Common Stock
Dropbox, Inc. - Class A	$	360,678	Market Comparable	Enterprise Value to Sales Multiple		5.5x-9.3x	Increase
				Discount for lack of marketability		10.00%	Decrease
				Sales Growth Rate		42.00%	Increase
Dropbox, Inc.		158,885	Market Comparable	Enterprise Value to Sales Multiple		5.5x-9.3x	Increase
				Discount for lack of marketability		10.00%	Decrease
				Sales Growth Rate		42.00%	Increase
WeWork Companies, Inc., Class A		1,383,275	Recent Comparable Transaction Price	Discount Factor*		0.00%	n/a
Total Common Stock	$	1,902,838
Preferred Stock
AirBNB, Inc. - Series D	$	3,401,055	Recent Comparable Transaction Price	Discount Factor*		0.00%	n/a
AirBNB, Inc. - Series E		390,495	Recent Comparable Transaction Price	Discount Factor*		0.00%	n/a
Dropbox, Inc. - Series A		197,304	Market Comparable	Enterprise Value to Sales Multiple		5.5x-9.3x	Increase
				Discount for lack of marketability		10.00%	Decrease
				Sales Growth Rate		42.00%	Increase
Dropbox, Inc. - Series A-1		969,206	Market Comparable	Enterprise Value to Sales Multiple		5.5x-9.3x	Increase
				Discount for lack of marketability		10.00%	Decrease
				Sales Growth Rate		42.00%	Increase
Flipkart Online Services Pvt. Ltd., - Series G		825,216	Recent Comparable Transaction Price/Market Comparable	Discount Factor*		0.00%	n/a
				Enterprise Value to Sales Multiple		2.2x-2.9x	Increase
				Discount for lack of marketability		10.00%	Decrease
				Sales Growth Rate		28.00%	Increase
Tanium, Inc.- Series G		1,757,213	Recent Comparable Transaction Price/Market Comparable	Discount Factor*		0.00%	n/a
				Enterprise Value to Sales Multiple		8.3x	Increase
				Discount for lack of marketability		10.00%	Decrease
				Sales Growth Rate		99.00%	Increase
WeWork Companies, Inc. - Series D-1		2,300,157	Recent Comparable Transaction Price	Discount Factor*		0.00%	n/a
WeWork Companies, Inc. - Series D-2		1,807,236	Recent Comparable Transaction Price	Discount Factor*		0.00%	n/a
WeWork Companies, Inc. - Series E		1,280,173	Recent Comparable Transaction Price	Discount Factor*		0.00%	n/a
Total Preferred Stock	$	12,928,055

* No quantitative unobservable inputs were significant to the fair valuation determination at March 31, 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 March 31, 2017:

	Beginning Balance						Accrued Discounts/		Total Realized		Net Change in Unrealized Appreciation/		Transfers Into		Transfers Out of		Ending Balance
	12/31/2016		Purchases		Sales		(Premiums)		Gain/(Loss)		(Depreciation)*		Level 3		Level 3		3/31/2017
Asset Table
Investments, at fair value
Common Stock	$	1,477,047	$	-	$	-	$	-	$	-	$	425,791	$	-	$	-	$	1,902,838
Preferred Stock		11,044,890		-		-		-				1,883,165		-		-		12,928,055
Total Investments, at value	$	12,521,937	$	-	$	-	$	-	$	-	$	2,308,956	$	-	$	-	$	14,830,893

* As of March 31, 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 $2,308,956.

VY® T. Rowe Price Growth Equity Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 97.5%
			Consumer Discretionary: 23.6%
	133,400	@	Amazon.com, Inc.	$	118,264,436		7.3
	22,151	@	Autozone, Inc.		16,016,281		1.0
	170,200	@	Ctrip.com International Ltd. ADR		8,365,330		0.5
	147,600		Delphi Automotive PLC		11,880,324		0.7
	151,300		Dollar General Corp.		10,550,149		0.7
	181,659		Ferrari NV		13,508,163		0.8
	3,088	@	Flipkart Online Services Pvt. Ltd.		287,647		0.0
	27,600	@	Hilton Grand Vacations, Inc.		791,016		0.1
	69,400		Hilton Worldwide Holdings, Inc.		4,057,124		0.3
	104,100		Home Depot, Inc.		15,285,003		1.0
	189,000		Lowe's Cos, Inc.		15,537,690		1.0
	118,058		Marriott International, Inc.		11,118,703		0.7
	246,860		MGM Resorts International		6,763,964		0.4
	15,703	@	Netflix, Inc.		2,321,060		0.1
	37,500	@	O'Reilly Automotive, Inc.		10,119,000		0.6
	41,459	@	Priceline.com, Inc.		73,795,776		4.6
	152,000		Ross Stores, Inc.		10,012,240		0.6
	210,400		Starbucks Corp.		12,285,256		0.8
	88,444	@,L	Tesla, Inc.		24,613,965		1.5
	98,528		Tractor Supply Co.		6,795,476		0.4
	131,600		Yum! Brands, Inc.		8,409,240		0.5
					380,777,843		23.6
			Consumer Staples: 3.2%
	12,400		Costco Wholesale Corp.		2,079,356		0.1
	212,200		Mondelez International, Inc.		9,141,576		0.6
	227,600		Philip Morris International, Inc.		25,696,040		1.6
	175,587		Walgreens Boots Alliance, Inc.		14,582,500		0.9
					51,499,472		3.2
			Financials: 5.6%
	302,800		Charles Schwab Corp.		12,357,268		0.8
	93,737		First Republic Bank		8,793,468		0.5
	291,100		Intercontinental Exchange, Inc.		17,428,157		1.1
	143,200		JPMorgan Chase & Co.		12,578,688		0.8
	447,100		Morgan Stanley		19,153,764		1.2
	133,700		State Street Corp.		10,643,857		0.7
	230,276		TD Ameritrade Holding Corp.		8,948,525		0.5
					89,903,727		5.6
			Health Care: 15.7%
	74,869		Aetna, Inc.		9,549,541		0.6
	148,519	@	Alexion Pharmaceuticals, Inc.		18,006,444		1.1
	30,531		Allergan plc		7,294,467		0.5
	40,200		Anthem, Inc.		6,648,276		0.4
	56,548	@	Biogen, Inc.		15,461,354		1.0
	69,482		Bristol-Myers Squibb Co.		3,778,431		0.2
	79,916	@	Celgene Corp.		9,943,948		0.6
	57,446	@	Centene Corp.		4,093,602		0.3
	84,695		Cigna Corp.		12,406,971		0.8
	259,900		Danaher Corp.		22,229,247		1.4
	120,857	@	HCA Holdings, Inc.		10,755,064		0.7
	86,715		Humana, Inc.		17,875,430		1.1
	46,930	@	Illumina, Inc.		8,008,135		0.5
	33,200	@	Intuitive Surgical, Inc.		25,446,804		1.6
	160,500		Merck & Co., Inc.		10,198,170		0.6
	140,400		Stryker Corp.		18,483,660		1.1
	152,200		UnitedHealth Group, Inc.		24,962,322		1.5
	149,940	@	Vertex Pharmaceuticals, Inc.		16,395,939		1.0
	222,600		Zoetis, Inc.		11,880,162		0.7
					253,417,967		15.7
			Industrials: 6.6%
	37,606		Acuity Brands, Inc.		7,671,624		0.5
	275,200		American Airlines Group, Inc.		11,640,960		0.7
	130,100		Boeing Co.		23,009,486		1.4
	77,235		Equifax, Inc.		10,561,114		0.6
	104,050		Fortive Corp.		6,265,891		0.4
	15,820		Fortune Brands Home & Security, Inc.		962,647		0.1
	111,900		Honeywell International, Inc.		13,972,953		0.9
	144,525	@	IHS Markit Ltd.		6,062,824		0.4
	66,600		Illinois Tool Works, Inc.		8,822,502		0.5
	76,258		Roper Technologies, Inc.		15,746,514		1.0
	30,038	L	Wabtec Corp.		2,342,964		0.1
					107,059,479		6.6
			Information Technology: 38.0%
	215,500	@	Alibaba Group Holding Ltd. ADR		23,237,365		1.4
	67,250	@	Alphabet, Inc. - Class A		57,014,550		3.5
	57,371	@	Alphabet, Inc. - Class C		47,592,687		3.0
	635,200		Apple, Inc.		91,252,832		5.7
	61,600		ASML Holding NV-NY REG		8,180,480		0.5
	143,343	@	Dropbox, Inc. - Series A		1,168,246		0.1
	107,700	@	Electronic Arts, Inc.		9,641,304		0.6
	497,269	@	Facebook, Inc.		70,637,061		4.4
	118,300		Fidelity National Information Services, Inc.		9,419,046		0.6
	115,028	@	Fiserv, Inc.		13,263,879		0.8
	75,800		Intuit, Inc.		8,792,042		0.6
	302,900		Mastercard, Inc. - Class A		34,067,163		2.1
	36,300		Mercadolibre, Inc.		7,676,361		0.5
	903,600		Microsoft Corp.		59,511,096		3.7
	75,508	@	NXP Semiconductor NV - NXPI - US		7,815,078		0.5
	728,300	@	PayPal Holdings, Inc.		31,331,466		1.9
	322,064	@	Salesforce.com, Inc.		26,567,059		1.7
	98,427	@	ServiceNow, Inc.		8,609,410		0.5
	163,707	@,L	Snap, Inc.		3,688,319		0.2

VY® T. Rowe Price Growth Equity Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Information Technology: (continued)
	78,840	@	Snap, Inc., Class A	$	1,758,502		0.1
	702,500		Tencent Holdings Ltd.		20,238,688		1.3
	98,778	@,L	VeriSign, Inc.		8,604,552		0.5
	587,700		Visa, Inc. - Class A		52,228,899		3.2
	110,200	@	Workday, Inc.		9,177,456		0.6
					611,473,541		38.0
			Materials: 0.2%
	30,100		Ashland Global Holdings, Inc.		3,726,681		0.2
			Real Estate: 3.1%
	204,700		American Tower Corp.		24,879,238		1.6
	134,312		Crown Castle International Corp.		12,685,769		0.8
	29,538		Equinix, Inc.		11,826,129		0.7
	5,062	@	WeWork Companies, Inc., - Class A		262,262		0.0
					49,653,398		3.1
			Telecommunication Services: 0.7%
	164,100	@	T-Mobile US, Inc.		10,599,219		0.7
			Utilities: 0.8%
	102,400		NextEra Energy, Inc.		13,145,088		0.8
		Total Common Stock
		(Cost $1,152,962,082)			1,571,256,415		97.5
PREFERRED STOCK: 1.5%
			Consumer Discretionary: 0.2%
	1,054	@	Flipkart Online Services Pvt. Ltd., - Series A		98,180		0.0
	1,862	@	Flipkart Online Services Pvt. Ltd., - Series C		173,445		0.0
	3,462	@	Flipkart Online Services Pvt. Ltd., - Series E		322,485		0.0
	16,556	@	Flipkart Online Services Pvt. Ltd., - Series G		1,542,192		0.1
	14,029	@	Flipkart Online Services Pvt. Ltd., - Series H		1,306,802		0.1
					3,443,104		0.2
			Information Technology: 1.1%
	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
	78,840	@	Snapchat, Inc. - Series F		1,758,502		0.1
	73,385	@	Uber Technologies, Inc. - Series G		3,579,148		0.2
	68,026	@	Xiaoju Kuaizhi, Inc., Series A-17		2,600,437		0.2
					17,997,123		1.1
			Real Estate: 0.2%
	45,554	@	WeWork Companies, Inc. - Series E		2,360,153		0.2
		Total Preferred Stock
		(Cost $18,918,829)			23,800,380		1.5
		Total Long-Term Investments
		(Cost $1,171,880,911)			1,595,056,795		99.0

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.6%
		Securities Lending Collateralcc: 2.4%
	9,330,442	Cantor Fitzgerald, Repurchase Agreement dated 03/31/17, 0.81%, due 04/03/17 (Repurchase Amount $9,331,063, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $9,517,053, due 04/01/17-02/20/67)		9,330,442		0.6
	9,330,442	Daiwa Capital Markets, Repurchase Agreement dated 03/31/17, 0.82%, due 04/03/17 (Repurchase Amount $9,331,071, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $9,517,051, due 05/11/17-12/01/51)		9,330,442		0.6
	1,963,451	Jefferies LLC, Repurchase Agreement dated 03/31/17, 0.98%, due 04/03/17 (Repurchase Amount $1,963,609, collateralized by various U.S. Government Agency Obligations, 3.500%, Market Value plus accrued interest $2,002,720, due 03/01/37-02/01/47)		1,963,451		0.1

VY® T. Rowe Price Growth Equity Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateralcc (continued)
	9,330,442	Nomura Securities, Repurchase Agreement dated 03/31/17, 0.81%, due 04/03/17 (Repurchase Amount $9,331,063, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $9,517,051, due 04/19/17-02/20/67)	$	9,330,442		0.6
	9,330,400	State of Wisconsin Investment Board, Repurchase Agreement dated 03/31/17, 0.90%, due 04/03/17 (Repurchase Amount $9,331,090, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $9,517,018, due 01/15/19-02/15/46)		9,330,400		0.5
				39,285,177		2.4

Shares				Value			Percentage of Net Assets
			Mutual Funds: 1.2%
	18,719,379		T. Rowe Price Reserve Investment Fund, 0.660%††
			(Cost $18,719,379)		18,719,379			1.2
		Total Short-Term Investments
		(Cost $58,004,556)			58,004,556			3.6
		Total Investments in Securities (Cost $1,229,885,467)		$	1,653,061,351			102.6
		Liabilities in Excess of Other Assets			(41,684,113	)		(2.6	)
		Net Assets		$	1,611,377,238			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of March 31, 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 March 31, 2017.

Cost for federal income tax purposes is $1,233,631,386.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	434,180,291
Gross Unrealized Depreciation		(14,750,326	)
Net Unrealized Appreciation	$	419,429,965

VY® T. Rowe Price Growth Equity Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 March 31, 2017
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	380,490,196	$	–	$	287,647	$	380,777,843
Consumer Staples		51,499,472		–		–		51,499,472
Financials		89,903,727		–		–		89,903,727
Health Care		253,417,967		–		–		253,417,967
Industrials		107,059,479		–		–		107,059,479
Information Technology		590,066,607		20,238,688		1,168,246		611,473,541
Materials		3,726,681		–		–		3,726,681
Real Estate		49,391,136		–		262,262		49,653,398
Telecommunication Services		10,599,219		–		–		10,599,219
Utilities		13,145,088		–		–		13,145,088
Total Common Stock		1,549,299,572		20,238,688		1,718,155		1,571,256,415
Preferred Stock		1,758,502		–		22,041,878		23,800,380
Short-Term Investments		18,719,379		39,285,177		–		58,004,556
Total Investments, at fair value	$	1,569,777,453	$	59,523,865	$	23,760,033	$	1,653,061,351

# 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 March 31, 2017.

Investments, at fair value	Fair Value at March 31, 2017		Valuation Technique(s)	Unobservable Inputs	Range		Impact to Valuation from an Increase in Input
Common Stock
Dropbox, Inc. - Class A	$	1,168,246	Market Comparable	Enterprise Value to Sales Multiple		5.5x-9.3x	Increase
				Discount for lack of marketability		10.00%	Decrease
				Sales Growth Rate		42.00%	Increase
Flipkart Online Services Pvt. Ltd.		287,647	Recent Comparable Transaction Price/Market Comparable	Discount Factor*		0.00%	n/a
				Enterprise Value to Sales Multiple		2.2x-2.9x	Increase
				Discount for lack of marketability		10.00%	Decrease
				Sales Growth Rate		28.00%	Increase
WeWork Companies, Inc., - Class A		262,262	Recent Comparable Transaction Price	Discount Factor*		0.00%	n/a
Total Common Stock	$	1,718,155
Preferred Stock
AirBNB, Inc. - Series D	$	6,220,305	Recent Comparable Transaction Price	Discount Factor*		0.00%	n/a
AirBNB, Inc. - Series E		1,686,090	Recent Comparable Transaction Price	Discount Factor*		0.00%	n/a
Flipkart Online Services Pvt. Ltd., - Series A		98,180	Recent Comparable Transaction Price/Market Comparable	Discount Factor*		0.00%	n/a
				Enterprise Value to Sales Multiple		2.2x-2.9x	Increase
				Discount for lack of marketability		10.00%	Decrease
				Sales Growth Rate		28.00%	Increase
Flipkart Online Services Pvt. Ltd., - Series C		173,445	Recent Comparable Transaction Price/Market Comparable	Discount Factor*		0.00%	n/a
				Enterprise Value to Sales Multiple		2.2x-2.9x	Increase
				Discount for lack of marketability		10.00%	Decrease
				Sales Growth Rate		28.00%	Increase
Flipkart Online Services Pvt. Ltd., - Series E		322,485	Recent Comparable Transaction Price/Market Comparable	Discount Factor*		0.00%	n/a
				Enterprise Value to Sales Multiple		2.2x-2.9x	Increase
				Discount for lack of marketability		10.00%	Decrease
				Sales Growth Rate		28.00%	Increase
Flipkart Online Services Pvt. Ltd., - Series G		1,542,192	Recent Comparable Transaction Price/Market Comparable	Discount Factor*		0.00%	n/a
				Enterprise Value to Sales Multiple		2.2x-2.9x	Increase
				Discount for lack of marketability		10.00%	Decrease
				Sales Growth Rate		28.00%	Increase
Flipkart Online Services Pvt. Ltd., - Series H		1,306,802	Recent Comparable Transaction Price/Market Comparable	Discount Factor*		0.00%	n/a
				Enterprise Value to Sales Multiple		2.2x-2.9x	Increase
				Discount for lack of marketability		10.00%	Decrease
				Sales Growth Rate		28.00%	Increase
Magic Leap, Inc., Series C		2,152,641	Recent Comparable Transaction Price	Discount Factor*		0.00%	n/a
Uber Technologies, Inc. - Series G		3,579,148	Recent Comparable Transaction Price	Discount Factor*		0.00%	n/a
WeWork Companies, Inc. - Series E		2,360,153	Recent Comparable Transaction Price	Discount for non-controlling interest		25%	Decrease
Xiaoju Kuaizhi, Inc., Series A-17		2,600,437	Recent Comparable Transaction Price	Discount Factor*		0.00%	n/a
Total Preferred Stock	$	22,041,878

* No quantitative unobservable inputs were significant to the fair valuation determination at March 31, 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 March 31, 2017:

	Beginning Balance							Accrued Discounts/		Total Realized			Net Change in Unrealized Appreciation/			Transfers Into		Transfers Out of		Ending Balance
	12/31/2016		Purchases		Sales			(Premiums)		Gain/(Loss)			(Depreciation)*			Level 3		Level 3		3/31/2017
Asset Table
Investments, at fair value
Common Stock	$	1,827,749	$	-	$	-		$	-	$	-		$	(109,594	)	$	-	$	-	$	1,718,155
Preferred Stock		23,579,639		-		(1,758,503	)		-		(663,462	)		884,204			-		-		22,041,878
Total Investments, at value	$	25,407,388	$	-	$	(1,758,503	)	$	-	$	(663,462	)	$	774,610		$	-	$	-	$	23,760,033

*As of March 31, 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 $774,610.

VY® Templeton Foreign Equity Portfolio PORTFOLIO OF INVESTMENTS as of March 31, 2017 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.5%
			Canada: 0.5%
	167,500		Silver Wheaton Corp.	$	3,490,187		0.5
			China: 6.7%
	36,110	@	Baidu, Inc. ADR		6,229,697		1.0
	2,585,000		China Life Insurance Co., Ltd.		7,908,880		1.2
	670,500		China Mobile Ltd.		7,373,826		1.2
	21,246,000		China Telecom Corp., Ltd.		10,378,201		1.6
	772,100		CRRC Corp. Ltd.		750,693		0.1
	4,230,000		Kunlun Energy Co. Ltd.		3,919,635		0.6
	1,368,800		Sinopharm Group Co.		6,354,617		1.0
					42,915,549		6.7
			France: 10.8%
	306,996		AXA S.A.		7,931,508		1.2
	195,968		BNP Paribas		13,040,547		2.0
	191,520		Cie de Saint-Gobain		9,826,315		1.5
	57,514		Cie Generale des Etablissements Michelin		6,988,998		1.1
	499,790		Credit Agricole SA		6,755,518		1.1
	135,141		Sanofi		12,216,146		1.9
	171,714		Total S.A.		8,682,472		1.4
	141,860	@	Zodiac Aerospace		3,546,011		0.6
					68,987,515		10.8
			Germany: 12.7%
	100,971		Bayer AG		11,633,260		1.8
	36,810	@	Deutsche Boerse AG		3,373,602		0.5
	107,848		Deutsche Post AG		3,690,951		0.6
	87,505		HeidelbergCement AG		8,194,704		1.3
	521,675		Infineon Technologies AG		10,677,327		1.7
	187,470	#,@	Innogy SE		7,065,301		1.1
	143,370		Lanxess		9,617,655		1.5
	88,878		Merck KGaA		10,127,966		1.6
	42,620	@,L	Morphosys AG		2,501,774		0.4
	52,426		SAP SE		5,143,425		0.8
	65,920		Siemens AG		9,029,237		1.4
					81,055,202		12.7
			Hong Kong: 2.9%
	973,900		AIA Group Ltd.		6,147,215		1.0
	485,640		Cheung Kong Property Holdings Ltd.		3,276,045		0.5
	228,400		CK Hutchison Holdings Ltd. ADR		2,815,030		0.5
	485,640		CK Hutchison Holdings Ltd.		5,979,167		0.9
					18,217,457		2.9
			India: 1.8%
	496,486		Housing Development Finance Corp.		11,486,404		1.8
			Israel: 1.5%
	301,899		Teva Pharmaceutical Industries Ltd. ADR		9,687,939		1.5
			Italy: 1.7%
	680,187		ENI S.p.A.		11,136,934		1.7
			Japan: 10.8%
	1,056,000	@	IHI Corp.		3,340,330		0.5
	402,500		Inpex Corp.		3,969,041		0.6
	851,600		Konica Minolta, Inc.		7,638,506		1.2
	892,700		Nissan Motor Co., Ltd.		8,607,756		1.4
	190,100		Omron Corp.		8,352,772		1.3
	574,600		Panasonic Corp.		6,502,870		1.0
	154,100		SoftBank Group Corp.		10,928,023		1.7
	431,000		Sumitomo Metal Mining Co., Ltd.		6,163,784		1.0
	202,900		Sumitomo Rubber Industries, Inc.		3,461,896		0.5
	240,400		Suntory Beverage & Food Ltd.		10,155,757		1.6
					69,120,735		10.8
			Netherlands: 5.7%
	118,688		Akzo Nobel NV		9,825,478		1.5
	145,314		QIAGEN NV		4,218,345		0.7
	588,596		Royal Dutch Shell PLC - Class B		16,180,129		2.5
	374,301		SBM Offshore NV		6,136,558		1.0
					36,360,510		5.7
			Norway: 2.0%
	573,623		Telenor ASA		9,542,477		1.5
	82,650		Yara International ASA		3,183,492		0.5
					12,725,969		2.0
			Portugal: 1.1%
	474,200		Galp Energia SGPS SA		7,192,393		1.1
			Singapore: 3.9%
	701,482		DBS Group Holdings Ltd.		9,716,857		1.5
	3,420,600		Singapore Telecommunications Ltd.		9,585,669		1.5
	362,500		United Overseas Bank Ltd.		5,725,788		0.9
					25,028,314		3.9
			South Korea: 6.8%
	171,216		Hana Financial Group, Inc.		5,649,789		0.9
	35,481		Hyundai Mobis Co. Ltd.		7,632,571		1.2
	247,680	@,L	KB Financial Group, Inc. ADR		10,890,490		1.7
	21,021	@	Samsung Electronics Co., Ltd. GDR		19,302,949		3.0
					43,475,799		6.8
			Spain: 1.1%
	634,810		Telefonica S.A.		7,105,660		1.1
			Sweden: 0.8%
	282,620	L	Getinge AB		4,955,323		0.8
			Switzerland: 6.3%
	199,690		ABB Ltd.		4,673,845		0.7

VY® Templeton Foreign Equity Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Switzerland: (continued)
	788,630	@	Glencore PLC	$	3,094,223		0.5
	82,527		Novartis AG		6,128,254		1.0
	53,696		Roche Holding AG		13,731,877		2.1
	54,685		Swiss Re Ltd.		4,911,593		0.8
	492,410		UBS Group AG		7,870,983		1.2
					40,410,775		6.3
			Taiwan: 1.1%
	1,099,251		Taiwan Semiconductor Manufacturing Co., Ltd.		6,892,999		1.1
			Thailand: 1.1%
	1,298,000		Bangkok Bank PCL - Foreign Reg		7,029,117		1.1
			United Kingdom: 19.2%
	1,136,625		Aviva PLC		7,584,756		1.2
	1,403,493		BAE Systems PLC		11,295,561		1.8
	2,978,460		Barclays PLC		8,407,523		1.3
	2,776,524		BP PLC		15,981,963		2.5
	283,504		CRH PLC - London		9,984,760		1.5
	406,976		GlaxoSmithKline PLC		8,462,210		1.3
	1,537,600		HSBC Holdings PLC		12,559,560		1.9
	127,850		Johnson Matthey PLC		4,932,702		0.8
	1,352,034		Kingfisher PLC		5,531,963		0.9
	97,220	@,L	LivaNova PLC		4,764,752		0.8
	283,390		Petrofac Ltd.		3,273,527		0.5
	609,930		Sky PLC		7,459,306		1.2
	989,391	@	Standard Chartered PLC		9,463,432		1.5
	1,384,520	@	Tesco PLC		3,222,274		0.5
	3,653,591		Vodafone Group PLC		9,521,185		1.5
					122,445,474		19.2
		Total Common Stock
		(Cost $519,767,569)			629,720,255		98.5

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.5%
		U.S. Government Agency Obligations: 1.1%
	1,100,000	Federal Farm Credit Discount Notes, 0.333%, 04/03/17		1,100,000		0.2
	4,100,000	Federal Home Loan Bank Discount Notes, 0.254%, 04/03/17		4,100,000		0.6
	2,200,000	Freddie Mac Discount Notes, 0.467%, 04/03/17		2,200,000		0.3
				7,400,000		1.1
		Securities Lending Collateralcc: 1.3%
	2,039,341	Cantor Fitzgerald, Repurchase Agreement dated 03/31/17, 0.81%, due 04/03/17 (Repurchase Amount $2,039,477, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $2,080,128, due 04/01/17-02/20/67)		2,039,341		0.3
	2,039,341	Daiwa Capital Markets, Repurchase Agreement dated 03/31/17, 0.82%, due 04/03/17 (Repurchase Amount $2,039,478, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $2,080,128, due 05/11/17-12/01/51)		2,039,341		0.3
	429,165	Jefferies LLC, Repurchase Agreement dated 03/31/17, 0.98%, due 04/03/17 (Repurchase Amount $429,200, collateralized by various U.S. Government Agency Obligations, 3.500%, Market Value plus accrued interest $437,748, due 03/01/37-02/01/47)		429,165		0.1
	2,039,341	Nomura Securities, Repurchase Agreement dated 03/31/17, 0.81%, due 04/03/17 (Repurchase Amount $2,039,477, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $2,080,128, due 04/19/17-02/20/67)		2,039,341		0.3

VY® Templeton Foreign Equity Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateralcc (continued)
	2,039,300	State of Wisconsin Investment Board, Repurchase Agreement dated 03/31/17, 0.90%, due 04/03/17 (Repurchase Amount $2,039,451, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,080,088, due 01/15/19-02/15/46)	$	2,039,300		0.3
				8,586,488		1.3

Shares				Value			Percentage of Net Assets
			Mutual Funds: 0.1%
	377,697		BlackRock Liquidity Funds, FedFund, Institutional Class, 0.600%††
			(Cost $377,697)		377,697			0.1
		Total Short-Term Investments
		(Cost $16,363,982)			16,364,185			2.5
		Total Investments in Securities (Cost $536,131,551)		$	646,084,440			101.0
		Liabilities in Excess of Other Assets			(6,634,891	)		(1.0	)
		Net Assets		$	639,449,549			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of March 31, 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 March 31, 2017.

Cost for federal income tax purposes is $538,726,291.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	155,069,919
Gross Unrealized Depreciation		(47,711,770	)
Net Unrealized Appreciation	$	107,358,149

Sector Diversification	Percentage of Net Assets
Financials		22.8	%
Health Care		14.9
Energy		11.9
Telecommunication Services		10.1
Information Technology		10.1
Materials		9.1
Industrials		8.6
Consumer Discretionary		7.3
Consumer Staples		2.1
Utilities		1.1
Real Estate		0.5
Short-Term Investments		2.5
Liabilities in Excess of Other Assets		(1.0	)
Net Assets		100.0	%

VY® Templeton Foreign Equity Portfolio PORTFOLIO OF INVESTMENTS
as of March 31, 2017 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2017 in valuing the assets and liabilities:⁽¹⁾

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at March 31, 2017
Asset Table
Investments, at fair value
Common Stock
Canada	$	3,490,187	$	–	$	–	$	3,490,187
China		6,229,697		36,685,852		–		42,915,549
France		–		68,987,515		–		68,987,515
Germany		3,373,602		77,681,600		–		81,055,202
Hong Kong		2,815,030		15,402,427		–		18,217,457
India		–		11,486,404		–		11,486,404
Israel		9,687,939		–		–		9,687,939
Italy		–		11,136,934		–		11,136,934
Japan		–		69,120,735		–		69,120,735
Netherlands		–		36,360,510		–		36,360,510
Norway		–		12,725,969		–		12,725,969
Portugal		–		7,192,393		–		7,192,393
Singapore		–		25,028,314		–		25,028,314
South Korea		10,890,490		32,585,309		–		43,475,799
Spain		–		7,105,660		–		7,105,660
Sweden		–		4,955,323		–		4,955,323
Switzerland		–		40,410,775		–		40,410,775
Taiwan		–		6,892,999		–		6,892,999
Thailand		–		7,029,117		–		7,029,117
United Kingdom		4,764,752		117,680,722		–		122,445,474
Total Common Stock		41,251,697		588,468,558		–		629,720,255
Short-Term Investments		377,697		15,986,488		–		16,364,185
Total Investments, at fair value	$	41,629,394	$	604,455,046	$	–	$	646,084,440

(1)

For the period ended March 31, 2017, as a result of the fair value pricing procedures for international equities utilized by the Portfolio certain securities have transferred in and out of Level 1 and Level 2 measurements during the year. The Portfolio's policy is to recognize transfers between levels at the beginning of the reporting period. At March 31, 2017, securities valued at $5,478,038 and $4,911,847 were transferred from Level 1 to Level 2 and from Level 2 to Level 1, respectively, within the fair value hierarchy.

#

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.

Item 2. 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-Q are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form NQ and the officer certifications of such Form N-Q.

(b) There were no significant changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s last 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 3. Exhibits.

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.

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:	May 26, 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:	May 26, 2017
By	/s/ Todd Modic
	Todd Modic
	Senior Vice President and Chief Financial Officer
Date:	May 26, 2017