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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-05629

Voya Investors Trust

(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)

CT Corporation System, 101 Federal Street, Boston, MA 02110

(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, 2014

Item 1. Schedule of Investments

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

Voya Global Perspectives Portfolio

Voya Global Resources Portfolio

Voya High Yield Portfolio

Voya Large Cap Growth Portfolio

Voya Large Cap Value Portfolio

Voya Limited Maturity Bond Portfolio

Voya Liquid Assets Portfolio

Voya Multi-Manager Large Cap Core Portfolio

Voya Retirement Conservative Portfolio

Voya Retirement Growth Portfolio

Voya Retirement Moderate Growth Portfolio

Voya Retirement Moderate Portfolio

Voya U.S. Stock Index Portfolio

VY BlackRock Health Sciences Opportunities Portfolio

VY BlackRock Inflation Protected Bond Portfolio

VY BlackRock LargeCap Growth Portfolio

VY Clarion Global Real Estate Portfolio

VY Clarion Real Estate Portfolio

VY DFA World Equity Portfolio

VY FMR^SM Diversified Mid Cap Portfolio

VY Franklin Income Portfolio

VY Franklin Mutual Shares Portfolio

VY Franklin Templeton Founding Strategy Portfolio

VY Invesco Growth and Income Portfolio

VY JPMorgan Emerging Markets Equity Portfolio

VY JPMorgan Small Cap Core Equity Portfolio

VY Marsico Growth Portfolio

VY MFS Total Return Portfolio

VY MFS Utilities Portfolio

VY Morgan Stanley Global Franchise Portfolio

VY T. Rowe Price Capital Appreciation Portfolio

VY T. Rowe Price Equity Income Portfolio

VY T. Rowe Price International Stock Portfolio

VY Templeton Global Growth Portfolio

The schedules are not audited.

	PORTFOLIO OF INVESTMENTS
Voya Global Perspectives Portfolio	as of March 31, 2014 (Unaudited)

Shares			Value		Percentage of Net Assets
MUTUAL FUNDS: 100.1%
		Affiliated Investment Companies: 100.1%
	2,053,278	Voya Emerging Markets Index Portfolio - Class I	$	22,770,848		10.5
	1,930,073	Voya Global Bond Fund - Class R6		21,365,906		9.9
	2,468,788	Voya GNMA Income Fund - Class I		21,305,640		9.8
	675,547	Voya Growth and Income Portfolio - Class I		21,739,102		10.0
	2,012,807	Voya High Yield Portfolio - Class I		21,557,165		10.0
	2,188,989	Voya International Index Portfolio - Class I		22,086,899		10.2
	1,279,936	Voya MidCap Opportunities Portfolio - Class I		21,144,546		9.8
	863,914	Voya Small Company Portfolio - Class I		21,571,932		10.0
	2,021,263	Voya U.S. Bond Index Portfolio - Class I		21,364,753		9.9
	1,921,368	VY Clarion Global Real Estate Portfolio - Class I		21,692,240		10.0

Total Mutual Funds
(Cost $214,010,698)		216,599,031		100.1
Liabilities in Excess of Other Assets		(120,832	)	(0.1	)
Net Assets	$	216,478,199		100.0

Cost for federal income tax purposes is $214,021,798.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	2,853,672
Gross Unrealized Depreciation		(276,439	)
Net Unrealized Appreciation	$	2,577,233

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Mutual Funds	$	216,599,031	$	–	$	–	$	216,599,031
Total Investments, at fair value	$	216,599,031	$	–	$	–	$	216,599,031

	PORTFOLIO OF INVESTMENTS
Voya Global Perspectives Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended March 31, 2014, where the following issuers were considered an affiliate:

Issuer	Beginning Market Value at 12/31/13		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciated/ (Depreciation)			Ending Market Value at 3/31/14		Investment Income		Realized Gains/(Losses)		Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio - Class I	$	2,471,617	$	19,545,323	$	(460,452	)	$	1,214,360		$	22,770,848	$	-	$	2,062	$	-
Voya Global Bond Fund - Class R6		2,460,756		19,403,694		(500,370	)		1,826			21,365,906		25,254		14,013		-
Voya GNMA Income Fund - Class I		2,459,087		19,439,942		(521,191	)		(72,198	)		21,305,640		22,516		553		-
Voya Growth and Income Portfolio - Class I		2,496,294		19,432,257		(428,427	)		238,978			21,739,102		-		34,086		-
Voya High Yield Portfolio - Class I		2,464,907		19,525,366		(483,460	)		50,352			21,557,165		95,200		8,362		-
Voya International Index Portfolio - Class I		2,471,215		19,540,509		(436,228	)		511,403			22,086,899		-		26,284		-
Voya MidCap Opportunities Portfolio - Class I		2,475,124		19,327,299		(432,839	)		(225,038	)		21,144,546		-		29,673		-
Voya Small Company Portfolio - Class I		2,465,338		19,341,795		(423,607	)		188,406			21,571,932		-		38,905		-
Voya U.S. Bond Index Portfolio - Class I		2,467,347		19,439,390		(527,494	)		(14,490	)		21,364,753		-		4,610		-
VY Clarion Global Real Estate Portfolio - Class I		2,478,834		19,371,791		(464,777	)		306,392			21,692,240		-		18,423		-
	$	24,710,519	$	194,367,366	$	(4,678,845	)	$	2,199,991		$	216,599,031	$	142,970	$	176,971	$	-

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

	PORTFOLIO OF INVESTMENTS
Voya Global Resources Portfolio	as of March 31, 2014 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.5%
			Canada: 12.9%
	592,100		Alamos Gold, Inc.	$	5,350,592		0.7
	265,400		Barrick Gold Corp.		4,732,082		0.7
	125,400		Calfrac Well Services Ltd.		3,990,567		0.6
	716,200		Canadian Natural Resources Ltd.		27,480,594		3.9
	321,100	@	Dominion Diamond Corp.		4,313,284		0.6
	494,763		Eldorado Gold Corp.		2,760,778		0.4
	421,494		GoldCorp, Inc.		10,318,173		1.4
	137,867		HudBay Minerals, Inc.		1,076,248		0.1
	577,400	@	Lundin Mining Corp.		2,653,272		0.4
	245,000	@	MEG Energy Corp.		8,279,692		1.2
	290,300		Suncor Energy, Inc.		10,148,888		1.4
	312,496	L	Teck Cominco Ltd. - Class B		6,774,913		0.9
	319,200		Trican Well Services Ltd.		4,039,446		0.6
					91,918,529		12.9
			China: 0.2%
	2,168,000		Anton Oilfield Services Group		1,383,487		0.2
			France: 1.0%
	70,915		Technip S.A.		7,310,294		1.0
			Netherlands: 2.1%
	83,600	@	LyondellBasell Industries NV - Class A		7,435,384		1.1
	100,242		Royal Dutch Shell PLC - Class A ADR		7,323,681		1.0
					14,759,065		2.1
			Norway: 1.1%
	274,100	@	Statoil ASA ADR		7,735,102		1.1
			Russia: 0.2%
	46,121		Eurasia Drilling Co. Ltd. GDR		1,182,081		0.2
			United Kingdom: 2.0%
	64,287		Randgold Resources Ltd. ADR		4,821,525		0.7
	168,072		Rio Tinto PLC		9,372,937		1.3
					14,194,462		2.0
			United States: 79.0%
	298,600		Anadarko Petroleum Corp.		25,309,336		3.6
	114,577		Antero Resources Corp.		7,172,520		1.0
	350,047		Arch Coal, Inc.		1,687,227		0.2
	150,600		Basic Energy Services, Inc.		4,127,946		0.6
	106,600		Celanese Corp.		5,917,366		0.8
	26,200		CF Industries Holdings, Inc.		6,828,768		1.0
	328,279		Chevron Corp.		39,035,656		5.5
	62,400		Cimarex Energy Co.		7,432,464		1.1
	387,100		Cobalt International Energy, Inc.		7,091,672		1.0
	267,500		ConocoPhillips		18,818,625		2.7
	248,200		Consol Energy, Inc.		9,915,590		1.4
	151,400		EOG Resources, Inc.		29,700,138		4.2
	642,758		ExxonMobil Corp.		62,784,601		8.8
	204,000		Forum Energy Technologies, Inc.		6,319,920		0.9
	551,078		Freeport-McMoRan Copper & Gold, Inc.		18,224,149		2.6
	463,900	L	FX Energy, Inc.		1,549,426		0.2
	498,228		Halliburton Co.		29,340,647		4.1
	231,400		Hess Corp.		19,178,432		2.7
	84,300		International Paper Co.		3,867,684		0.5
	355,400		Laredo Petroleum, Inc.		9,190,644		1.3
	242,000	@	Louisiana-Pacific Corp.		4,082,540		0.6
	73,200		Marathon Petroleum Corp.		6,371,328		0.9
	26,400		Monsanto Co.		3,003,528		0.4
	60,800		Mosaic Co.		3,040,000		0.4
	252,800	@	Newfield Exploration Co.		7,927,808		1.1
	48,900		Oasis Petroleum, Inc.		2,040,597		0.3
	419,200		Occidental Petroleum Corp.		39,945,568		5.6
	49,700		Oceaneering International, Inc.		3,571,442		0.5
	301,600		Patterson-UTI Energy, Inc.		9,554,688		1.4
	306,800		Phillips 66		23,642,008		3.3
	131,500		Range Resources Corp.		10,910,555		1.5
	31,700		Rock-Tenn Co.		3,346,569		0.5
	250,000	@	Rowan Companies PLC		8,420,000		1.2
	77,000		Royal Gold, Inc.		4,821,740		0.7
	581,525		Schlumberger Ltd.		56,698,688		8.0
	291,600	@	Southwestern Energy Co.		13,416,516		1.9
	305,500	@	Stillwater Mining Co		4,524,455		0.6
	241,700		Superior Energy Services		7,434,692		1.1
	413,038	@,L	Thompson Creek Metals Co., Inc.		900,423		0.1
	24,000		Union Pacific Corp.		4,503,840		0.6
	137,200	@	Unit Corp.		8,970,136		1.3
	284,300		Valero Energy Corp.		15,096,330		2.1
	79,400		Williams Cos., Inc.		3,222,052		0.5
	44,600		Worthington Industries		1,705,950		0.2
					560,644,264		79.0
		Total Common Stock
		(Cost $592,131,706)			699,127,284		98.5

	PORTFOLIO OF INVESTMENTS
Voya Global Resources Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.9%
		Securities Lending Collateralcc(1): 0.4%
	681,588	Bank of Nova Scotia, Repurchase Agreement dated 03/31/14, 0.07%, due 04/01/14 (Repurchase Amount $681,589, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%-6.500%, Market Value plus accrued interest $695,221, due 01/31/16-11/01/43)	$	681,588		0.1
	1,000,000	Citigroup, Inc., Repurchase Agreement dated 03/31/14, 0.09%, due 04/01/14 (Repurchase Amount $1,000,002, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.625%, Market Value plus accrued interest $1,020,000, due 04/03/14-02/15/41)		1,000,000		0.1
	1,000,000	Daiwa Capital Markets, Repurchase Agreement dated 03/31/14, 0.12%, due 04/01/14 (Repurchase Amount $1,000,003, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,020,000, due 03/27/17-03/01/48)		1,000,000		0.2
				2,681,588		0.4

Shares			Value		Percentage of Net Assets
		Mutual Funds: 1.5%
	10,997,031	BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%††
		(Cost $10,997,031)		10,997,031		1.5

Total Short-Term Investments
(Cost $13,678,619)		13,678,619		1.9
Total Investments in Securities (Cost $605,810,325)	$	712,805,903		100.4
Liabilities in Excess of Other Assets		(3,048,739	)	(0.4	)
Net Assets	$	709,757,164		100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of March 31, 2014.
@	Non-income producing security
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
cc	Securities purchased with cash collateral for securities loaned.
L	Loaned security, a portion or all of the security is on loan at March 31, 2014.
(1)	Collateral received from brokers for securities lending was invested into these short-term investments.
	Cost for federal income tax purposes is $616,048,264.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	134,185,466
Gross Unrealized Depreciation		(37,427,827	)
Net Unrealized Appreciation	$	96,757,639

Industry Diversification	Percentage of Net Assets
Integrated Oil & Gas		26.1	%
Oil & Gas Exploration & Production		17.8
Energy Equipment & Services		11.6
Oil & Gas Equipment & Services		6.7
Oil & Gas Refining & Marketing		5.4
Energy		4.4
Materials		4.2
Oil & Gas		4.2
Metals & Mining		3.9
Gold		3.2
Coal & Consumable Fuels		1.6
Diversified Metals & Mining		1.5
Oil & Gas Services		1.6
Oil & Gas Drilling		1.3
Chemicals		1.1
Mining		0.7
Precious Metals & Minerals		0.6
Road & Rail		0.6
Retail		0.6
Paper Products		0.5
Oil & Gas Storage & Transportation		0.5
Fertilizers & Agricultural Chemicals		0.4
Short-Term Investments		1.9
Liabilities in Excess of Other Assets		(0.4	)
Net Assets		100.0	%

	PORTFOLIO OF INVESTMENTS
Voya Global Resources Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Common Stock
Canada	$	91,918,529	$	–	$	–	$	91,918,529
China		–		1,383,487		–		1,383,487
France		–		7,310,294		–		7,310,294
Netherlands		14,759,065		–		–		14,759,065
Norway		7,735,102		–		–		7,735,102
Russia		1,182,081		–		–		1,182,081
United Kingdom		–		14,194,462		–		14,194,462
United States		560,644,264		–		–		560,644,264
Total Common Stock		676,239,041		22,888,243		–		699,127,284
Short-Term Investments		10,997,031		2,681,588		–		13,678,619
Total Investments, at fair value	$	687,236,072	$	25,569,831	$	–	$	712,805,903

# 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.

	PORTFOLIO OF INVESTMENTS
Voya High Yield Portfolio	as of March 31, 2014 (Unaudited)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 95.0%
			Basic Materials: 7.1%
	2,500,000		Aleris International, Inc., 7.625%, 02/15/18	$	2,596,875		0.3
	750,000		Aleris International, Inc., 7.875%, 11/01/20		776,250		0.1
	3,000,000		ArcelorMittal, 6.000%, 03/01/21		3,213,750		0.4
	2,000,000		Ashland, Inc., 4.750%, 08/15/22		1,972,500		0.2
	1,000,000		Celanese US Holdings, LLC, 5.875%, 06/15/21		1,080,000		0.1
	1,000,000		Celanese US Holdings, LLC, 6.625%, 10/15/18		1,061,000		0.1
	1,500,000	#	Eagle Spinco, Inc., 4.625%, 02/15/21		1,488,750		0.2
	2,000,000	#,L	FMG Resources August 2006 Pty Ltd., 6.875%, 04/01/22		2,162,500		0.2
	1,000,000	#,L	FMG Resources August 2006 Pty Ltd., 8.250%, 11/01/19		1,103,750		0.1
	1,750,000		Hexion US Finance Corp. / Hexion Nova Scotia Finance ULC, 8.875%, 02/01/18		1,828,750		0.2
	1,500,000		Hexion US Finance Corp., 6.625%, 04/15/20		1,560,000		0.2
	1,000,000		Huntsman International LLC, 4.875%, 11/15/20		1,011,250		0.1
	4,000,000		Huntsman International, LLC, 8.625%, 03/15/21		4,500,000		0.5
	2,000,000	#	INEOS Finance PLC, 7.500%, 05/01/20		2,202,500		0.3
	1,000,000	#	INEOS Group Holdings SA, 5.875%, 02/15/19		1,023,750		0.1
	1,250,000	#	INEOS Group Holdings SA, 6.125%, 08/15/18		1,301,563		0.1
	1,800,000	#	Kinove German Bondco GmbH, 9.625%, 06/15/18		1,957,500		0.2
	4,000,000		Momentive Performance Materials, Inc., 8.875%, 10/15/20		4,355,000		0.5
	3,500,000		Novelis, Inc./GA, 8.375%, 12/15/17		3,749,375		0.4
	3,000,000		Novelis, Inc./GA, 8.750%, 12/15/20		3,367,500		0.4
	500,000	#,&	Orion Engineered Carbons Finance & Co. SCA, 9.250%, 08/01/19		521,250		0.1
	3,000,000	#	Perstorp Holding AB, 8.750%, 05/15/17		3,225,000		0.4
	1,295,000	#	PQ Corp., 8.750%, 05/01/18		1,418,025		0.2
	3,000,000	#	Prince Mineral Holding Corp., 11.500%, 12/15/19		3,382,500		0.4
	500,000	#	Rain CII Carbon, LLC / CII Carbon Corp., 8.000%, 12/01/18		525,000		0.1
	1,000,000	#	Rain CII Carbon, LLC / CII Carbon Corp., 8.250%, 01/15/21		1,035,000		0.1
	2,250,000		Rockwood Specialties Group, Inc., 4.625%, 10/15/20		2,334,375		0.3
	750,000		Steel Dynamics, Inc., 6.125%, 08/15/19		819,375		0.1
	250,000		Steel Dynamics, Inc., 7.625%, 03/15/20		271,875		0.0
	1,000,000	#	Taminco Global Chemical Corp., 9.750%, 03/31/20		1,132,500		0.1
	2,710,000	L	Tronox Finance LLC, 6.375%, 08/15/20		2,798,075		0.3
	2,610,000	#	US Coatings Acquisition, Inc. / Axalta Coating Systems Dutch Holding B BV, 7.375%, 05/01/21		2,851,425		0.3
					62,626,963		7.1
			Communications: 18.0%
	2,000,000	#	Altice Financing SA, 6.500%, 01/15/22		2,115,000		0.2
	3,000,000	#	Altice Finco SA, 8.125%, 01/15/24		3,247,500		0.4
	2,130,000		AMC Networks, Inc., 4.750%, 12/15/22		2,130,000		0.2
	600,000		AMC Networks, Inc., 7.750%, 07/15/21		679,500		0.1
	4,058,000	#	CBS Outdoor Americas Capital LLC / CBS Outdoor Americas Capital Corp., 5.625%, 02/15/24		4,169,595		0.5
	1,000,000		CCO Holdings LLC / CCO Holdings Capital Corp., 5.250%, 03/15/21		1,012,500		0.1
	2,000,000		CCO Holdings LLC / CCO Holdings Capital Corp., 5.250%, 09/30/22		1,982,500		0.2
	1,000,000		CCO Holdings LLC / CCO Holdings Capital Corp., 5.750%, 09/01/23		997,500		0.1
	1,000,000		CCO Holdings LLC / CCO Holdings Capital Corp., 6.500%, 04/30/21		1,063,750		0.1
	2,500,000		CCO Holdings, LLC / CCO Holdings Capital Corp., 5.125%, 02/15/23		2,418,750		0.3
	500,000		CCO Holdings, LLC / CCO Holdings Capital Corp., 7.250%, 10/30/17		530,625		0.1

	PORTFOLIO OF INVESTMENTS
Voya High Yield Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Communications: (continued)
	500,000		CCO Holdings, LLC / CCO Holdings Capital Corp., 8.125%, 04/30/20		548,750		0.1
	3,000,000		CenturyLink, Inc., 5.625%, 04/01/20		3,168,750		0.4
	3,000,000	#	Cequel Communications Holdings I LLC / Cequel Capital Corp., 5.125%, 12/15/21		2,985,000		0.3
	1,250,000	#	Cequel Communications Holdings I, LLC / Cequel Capital Corp., 6.375%, 09/15/20		1,312,500		0.1
	3,000,000		Cincinnati Bell, Inc., 8.375%, 10/15/20		3,300,000		0.4
	1,000,000		Clear Channel Worldwide Holdings, Inc., 6.500%, 11/15/22		1,066,250		0.1
	2,250,000		Clear Channel Worldwide Holdings, Inc., 6.500%, 11/15/22		2,415,937		0.3
	3,500,000		Clear Channel Worldwide Holdings, Inc., 7.625%, 03/15/20		3,797,500		0.4
	1,788,000	#	CommScope, Inc., 8.250%, 01/15/19		1,944,450		0.2
	1,500,000		Crown Media Holdings, Inc., 10.500%, 07/15/19		1,706,250		0.2
	1,300,000		CSC Holdings, LLC, 6.750%, 11/15/21		1,459,250		0.2
	2,000,000		CSC Holdings, LLC, 7.625%, 07/15/18		2,332,500		0.3
	1,000,000		CSC Holdings, LLC, 7.875%, 02/15/18		1,160,000		0.1
	3,430,000		DISH DBS Corp., 5.000%, 03/15/23		3,464,300		0.4
	1,000,000		DISH DBS Corp., 5.875%, 07/15/22		1,070,000		0.1
	3,430,000		DISH DBS Corp., 6.750%, 06/01/21		3,850,175		0.4
	2,400,000		DISH DBS Corp., 7.875%, 09/01/19		2,844,000		0.3
	1,000,000		Frontier Communications Corp., 7.125%, 03/15/19		1,112,500		0.1
	1,900,000	#	Harron Communications L.P./Harron Finance Corp., 9.125%, 04/01/20		2,156,500		0.2
	600,000		Hughes Satellite Systems Corp., 6.500%, 06/15/19		661,500		0.1
	750,000		Hughes Satellite Systems Corp., 7.625%, 06/15/21		849,375		0.1
	1,500,000	#	Intelsat Jackson Holdings SA, 5.500%, 08/01/23		1,475,625		0.2
	3,000,000		Intelsat Jackson Holdings SA, 7.250%, 10/15/20		3,266,250		0.4
	2,000,000		Intelsat Jackson Holdings SA, 7.250%, 04/01/19		2,160,000		0.2
	2,500,000		Intelsat Jackson Holdings SA, 8.500%, 11/01/19		2,690,625		0.3
	1,500,000	#	Intelsat Luxembourg SA, 7.750%, 06/01/21		1,584,375		0.2
	2,000,000	#	Intelsat Luxembourg SA, 8.125%, 06/01/23		2,127,500		0.2
	2,175,000	#	Lamar Media Corp., 5.375%, 01/15/24		2,240,250		0.2
	500,000		Lamar Media Corp., 5.000%, 05/01/23		502,500		0.1
	500,000		Lamar Media Corp., 5.875%, 02/01/22		532,500		0.1
	2,000,000		Lamar Media Corp., 7.875%, 04/15/18		2,087,500		0.2
	3,000,000		LIN Television Corp., 6.375%, 01/15/21		3,195,000		0.4
	3,725,000		Mediacom Broadband LLC / Mediacom Broadband Corp., 6.375%, 04/01/23		3,967,125		0.4
	3,000,000		MetroPCS Wireless, Inc., 6.625%, 11/15/20		3,213,750		0.4
	3,000,000		Nexstar Broadcasting, Inc., 6.875%, 11/15/20		3,240,000		0.4
	2,250,000		Nielsen Finance LLC / Nielsen Finance Co., 4.500%, 10/01/20		2,278,125		0.3
	3,000,000		Nielsen Finance, LLC / Nielsen Finance Co., 7.750%, 10/15/18		3,221,250		0.4
	1,100,000		Northwestern Bell Telephone, 7.750%, 05/01/30		1,163,345		0.1
	500,000	#	Sable International Finance Ltd., 8.750%, 02/01/20		566,250		0.1
	500,000		SBA Communications Corp., 5.625%, 10/01/19		526,250		0.1
	500,000		SBA Communications Corp., 5.750%, 07/15/20		526,250		0.1
	1,000,000		Sinclair Television Group, Inc., 5.375%, 04/01/21		997,500		0.1
	4,350,000		Sinclair Television Group, Inc., 6.125%, 10/01/22		4,426,125		0.5
	6,440,000	#,L	Sirius XM Radio, Inc., 5.750%, 08/01/21		6,729,800		0.8
	5,500,000		Sprint Capital Corp., 6.900%, 05/01/19		6,063,750		0.7
	2,000,000	#	Sprint Corp., 7.125%, 06/15/24		2,105,000		0.2
	500,000	#	Sprint Corp., 7.250%, 09/15/21		546,875		0.1

	PORTFOLIO OF INVESTMENTS
Voya High Yield Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Communications: (continued)
	1,250,000	#	Sprint Corp., 7.875%, 09/15/23		1,378,125		0.1
	7,000,000		Sprint Nextel Corp., 6.000%, 11/15/22		7,166,250		0.8
	2,000,000		Sprint Nextel Corp., 8.750%, 03/15/32		2,210,000		0.2
	2,610,000		Starz LLC / Starz Finance Corp., 5.000%, 09/15/19		2,707,875		0.3
	1,000,000		Syniverse Holdings, Inc., 9.125%, 01/15/19		1,092,500		0.1
	750,000		T-Mobile USA, Inc., 6.250%, 04/01/21		795,937		0.1
	2,500,000		T-Mobile USA, Inc., 6.625%, 04/01/23		2,662,500		0.3
	2,950,000		T-Mobile USA, Inc., 6.731%, 04/28/22		3,171,250		0.4
	250,000	L	T-Mobile USA, Inc., 6.836%, 04/28/23		269,062		0.0
	6,000	#	Univision Communications, Inc., 6.750%, 09/15/22		6,668		0.0
	1,325,000	#	Univision Communications, Inc., 6.875%, 05/15/19		1,427,688		0.2
	4,500,000	#	Univision Communications, Inc., 7.875%, 11/01/20		4,995,000		0.6
	1,500,000		VeriSign, Inc., 4.625%, 05/01/23		1,447,500		0.2
	2,000,000	#	Wind Acquisition Finance S.A., 7.250%, 02/15/18		2,120,000		0.2
	2,000,000	#,&,L	Wind Acquisition Holdings Finance SA, 12.250%, 07/15/17		2,105,000		0.2
					158,541,582		18.0
			Consumer, Cyclical: 13.5%
	2,840,000		Affinia Group, Inc., 7.750%, 05/01/21		3,081,400		0.4
	750,000	#	Allegion US Holding Co., Inc., 5.750%, 10/01/21		793,125		0.1
	4,000,000	#	AMC Entertainment, Inc., 5.875%, 02/15/22		4,080,000		0.5
	3,000,000		Ameristar Casinos, Inc., 7.500%, 04/15/21		3,262,500		0.4
	3,000,000	#	Building Materials Holding Corp., 9.000%, 09/15/18		3,322,500		0.4
	2,000,000		Caesars Entertainment Operating Co., Inc., 8.500%, 02/15/20		1,780,000		0.2
	3,000,000	#	Caesars Entertainment Resort Properties LLC, 8.000%, 10/01/20		3,172,500		0.4
	2,500,000	#,L	Caesars Entertainment Resort Properties LLC, 11.000%, 10/01/21		2,637,500		0.3
	3,500,000	#	Carlson Wagonlit BV, 6.875%, 06/15/19		3,753,750		0.4
	3,000,000	#	CDR DB Sub, Inc., 7.750%, 10/15/20		2,895,000		0.3
	3,000,000	#	Chrysler Group LLC / CG Co-Issuer, Inc., 8.250%, 06/15/21		3,408,750		0.4
	2,000,000	#	Chrysler Group LLC / CG Co-Issuer, Inc., 8.000%, 06/15/19		2,200,000		0.3
	119,666		Continental Airlines 2001-1 Class B Pass Through Trust, 7.373%, 12/15/15		127,444		0.0
	2,000,000		Cooper-Standard Automotive, Inc., 8.500%, 05/01/18		2,100,020		0.2
	2,000,000		DineEquity, Inc., 9.500%, 10/30/18		2,190,000		0.2
	1,500,000		General Motors Financial Co., Inc., 4.250%, 05/15/23		1,485,000		0.2
	2,000,000		HD Supply, Inc., 8.125%, 04/15/19		2,240,000		0.3
	1,000,000		HD Supply, Inc., 11.000%, 04/15/20		1,192,500		0.1
	1,000,000		HD Supply, Inc., 11.500%, 07/15/20		1,192,500		0.1
	2,000,000	#	Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 5.625%, 10/15/21		2,093,750		0.2
	2,310,000	#	Hot Topic, Inc., 9.250%, 06/15/21		2,506,350		0.3
	1,500,000	#	Jaguar Land Rover PLC, 5.625%, 02/01/23		1,569,375		0.2
	1,000,000	#	Jaguar Land Rover PLC, 8.125%, 05/15/21		1,140,000		0.1
	2,000,000	#	K Hovnanian Enterprises, Inc., 7.000%, 01/15/19		2,056,250		0.2
	1,355,000		KB Home, 4.750%, 05/15/19		1,368,550		0.2
	1,000,000	L	Levi Strauss & Co., 7.625%, 05/15/20		1,091,250		0.1
	750,000		L Brands, Inc., 5.625%, 02/15/22		795,937		0.1
	850,000		L Brands, Inc., 6.625%, 04/01/21		959,437		0.1
	325,000		L Brands, Inc., 7.000%, 05/01/20		372,125		0.0
	1,000,000	#	LKQ Corp., 4.750%, 05/15/23		950,000		0.1
	2,000,000	#	MCE Finance Ltd., 5.000%, 02/15/21		2,010,000		0.2
	850,000		Meritage Homes Corp., 7.150%, 04/15/20		952,000		0.1
	3,335,000	L	Meritor, Inc., 6.250%, 02/15/24		3,360,012		0.4
	1,000,000		MGM Mirage, 7.500%, 06/01/16		1,118,750		0.1
	3,500,000		MGM Resorts International, 6.625%, 12/15/21		3,854,375		0.4

	PORTFOLIO OF INVESTMENTS
Voya High Yield Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Cyclical: (continued)
	2,000,000		MGM Resorts International, 6.750%, 10/01/20		2,222,500		0.3
	1,000,000		MGM Resorts International, 8.625%, 02/01/19		1,202,500		0.1
	2,000,000		MGM Resorts International, 10.000%, 11/01/16		2,397,500		0.3
	2,000,000	#,&	MISA Investments Ltd., 8.625%, 08/15/18		2,065,000		0.2
	2,600,000	#,&	Neiman Marcus Group LLC/The, 8.750%, 10/15/21		2,886,000		0.3
	2,000,000	#	Oshkosh Corp., 5.375%, 03/01/22		2,045,000		0.2
	200,000		Oshkosh Corp., 8.500%, 03/01/20		220,500		0.0
	2,500,000	#,L	Petco Animal Supplies, Inc., 9.250%, 12/01/18		2,693,750		0.3
	1,000,000	#,&	Petco Holdings, Inc., 8.500%, 10/15/17		1,021,270		0.1
	2,000,000		PVH Corp., 4.500%, 12/15/22		1,985,000		0.2
	500,000		Regal Entertainment Group, 5.750%, 02/01/25		491,250		0.1
	680,000	L	Regal Entertainment Group, 5.750%, 03/15/22		702,100		0.1
	750,000		Ryland Group, Inc., 5.375%, 10/01/22		748,125		0.1
	650,000		Sally Holdings, LLC / Sally Capital, Inc., 6.875%, 11/15/19		715,000		0.1
	1,500,000	#	Schaeffler Finance BV, 4.750%, 05/15/21		1,541,250		0.2
	1,900,000	#,&	Schaeffler Holding Finance BV, 6.875%, 08/15/18		2,030,625		0.2
	750,000		Scientific Games Corp., 8.125%, 09/15/18		802,500		0.1
	1,000,000		Scientific Games International, Inc., 6.250%, 09/01/20		1,055,000		0.1
	4,000,000		Sonic Automotive, Inc., 5.000%, 05/15/23		3,945,000		0.4
	1,250,000	#	Studio City Finance Ltd., 8.500%, 12/01/20		1,400,000		0.2
	750,000		Tenneco, Inc., 7.750%, 08/15/18		797,813		0.1
	1,559,000		Tomkins, LLC / Tomkins, Inc., 9.000%, 10/01/18		1,681,771		0.2
	2,000,000	L	United Continental Holdings, Inc., 6.000%, 07/15/28		1,845,000		0.2
	3,000,000		US Airways Group, Inc., 6.125%, 06/01/18		3,161,250		0.4
	2,300,000	#	Viking Cruises Ltd., 8.500%, 10/15/22		2,622,000		0.3
	1,500,000		VWR Funding, Inc., 7.250%, 09/15/17		1,620,000		0.2
	505,000	#	WMG Acquisition Corp., 5.625%, 04/15/22		513,838		0.1
	170,000	#	WMG Acquisition Corp., 6.750%, 04/15/22		171,913		0.0
	350,000		Wolverine World Wide, Inc., 6.125%, 10/15/20		379,750		0.0
	750,000		Wynn Las Vegas, LLC / Wynn Las Vegas Capital Corp., 5.375%, 03/15/22		786,563		0.1
	2,000,000		Wynn Las Vegas, LLC / Wynn Las Vegas Capital Corp., 7.750%, 08/15/20		2,235,000		0.3
					119,097,418		13.5
			Consumer, Non-cyclical: 20.9%
	2,616,000	#	Albea Beauty Holdings SA, 8.375%, 11/01/19		2,851,440		0.3
	1,500,000		Alere, Inc., 8.625%, 10/01/18		1,616,250		0.2
	4,000,000	#	American Rock Salt Co., LLC/American Rock Capital Corp., 8.250%, 05/01/18		4,185,000		0.5
	890,000		Amsurg Corp., 5.625%, 11/30/20		930,050		0.1
	2,750,000		ARAMARK Corp., 5.750%, 03/15/20		2,918,437		0.3
	1,000,000	#	Ashtead Capital, Inc., 6.500%, 07/15/22		1,092,500		0.1
	5,000,000		Biomet, Inc., 6.500%, 10/01/20		5,337,500		0.6
	2,500,000	#	Brand Energy & Infrastructure Services, Inc., 8.500%, 12/01/21		2,656,250		0.3
	1,328,000	#	Bumble Bee Acquisition Corp., 9.000%, 12/15/17		1,454,160		0.2
	1,000,000	#,&	Capsugel SA, 7.000%, 05/15/19		1,031,875		0.1
	350,000	#	Ceridian Corp., 8.875%, 07/15/19		399,000		0.1
	2,500,000	#	Ceridian HCM Holding, Inc., 11.000%, 03/15/21		2,893,750		0.3
	500,000	#	CHS/Community Health Systems, Inc., 5.125%, 08/01/21		515,000		0.1
	1,000,000		CHS/Community Health Systems, Inc., 5.125%, 08/15/18		1,052,500		0.1
	750,000	#	CHS/Community Health Systems, Inc., 6.875%, 02/01/22		787,500		0.1
	2,000,000		CHS/Community Health Systems, Inc., 7.125%, 07/15/20		2,172,500		0.3
	3,000,000		Constellation Brands, Inc., 4.250%, 05/01/23		2,940,000		0.3
	1,000,000		Constellation Brands, Inc., 7.250%, 05/15/17		1,165,000		0.1

	PORTFOLIO OF INVESTMENTS
Voya High Yield Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Non-cyclical: (continued)
	2,000,000	#,&,L	ConvaTec Finance International SA, 8.250%, 01/15/19		2,065,000		0.2
	3,000,000	#	ConvaTec Healthcare SA, 10.500%, 12/15/18		3,341,250		0.4
	1,025,000		DaVita, Inc., 6.375%, 11/01/18		1,078,812		0.1
	2,000,000		DaVita, Inc., 6.625%, 11/01/20		2,152,500		0.2
	1,732,000		Del Monte Corp., 7.625%, 02/15/19		1,806,692		0.2
	2,030,000	#	Diamond Foods, Inc., 7.000%, 03/15/19		2,106,125		0.2
	988,000		Envision Healthcare Corp., 8.125%, 06/01/19		1,059,012		0.1
	1,000,000		Endo Pharmaceuticals Holdings, Inc., 7.000%, 12/15/20		1,082,500		0.1
	1,500,000		Endo Pharmaceuticals Holdings, Inc., 7.000%, 07/15/19		1,623,750		0.2
	1,000,000	#	First Quality Finance Co., Inc., 4.625%, 05/15/21		977,500		0.1
	1,250,000	#	Forest Laboratories, Inc., 5.000%, 12/15/21		1,325,000		0.2
	1,000,000	#	Fresenius Medical Care US Finance II, Inc., 5.625%, 07/31/19		1,082,500		0.1
	1,375,000	#	Fresenius US Finance II, Inc., 9.000%, 07/15/15		1,512,500		0.2
	3,390,000	#	Grifols Worldwide Operations Ltd., 5.250%, 04/01/22		3,474,750		0.4
	4,000,000	#	Hawk Acquisition Sub, Inc., 4.250%, 10/15/20		3,945,000		0.5
	4,380,000		HCA Holdings, Inc., 6.250%, 02/15/21		4,699,740		0.5
	1,500,000		HCA Holdings, Inc., 7.750%, 05/15/21		1,657,500		0.2
	2,500,000		HCA, Inc., 4.750%, 05/01/23		2,478,125		0.3
	2,000,000		HCA, Inc., 5.875%, 05/01/23		2,062,500		0.2
	1,500,000		HCA, Inc., 7.250%, 09/15/20		1,625,625		0.2
	3,500,000		HCA, Inc., 7.500%, 02/15/22		4,007,500		0.5
	2,000,000		HCA, Inc., 8.000%, 10/01/18		2,375,000		0.3
	3,500,000		HCA, Inc., 8.500%, 04/15/19		3,664,283		0.4
	500,000	L	HDTFS, Inc., 6.250%, 10/15/22		537,500		0.1
	2,500,000		Hertz Corp., 6.750%, 04/15/19		2,690,625		0.3
	2,500,000		Hertz Corp., 7.375%, 01/15/21		2,762,500		0.3
	1,250,000	#	HJ Heinz Finance Co., 7.125%, 08/01/39		1,340,625		0.2
	1,000,000		Hologic, Inc., 6.250%, 08/01/20		1,062,500		0.1
	3,500,000		Immucor, Inc., 11.125%, 08/15/19		3,972,500		0.5
	1,750,000		Interactive Data Corp., 10.250%, 08/01/18		1,884,531		0.2
	1,000,000	#	Jaguar Holding Co., 9.500%, 12/01/19		1,117,500		0.1
	1,000,000		Jarden Corp., 7.500%, 01/15/20		1,091,250		0.1
	750,000		Lender Processing Services, Inc., 5.750%, 04/15/23		803,438		0.1
	1,000,000	#	Mallinckrodt International Finance SA, 4.750%, 04/15/23		952,750		0.1
	2,500,000		Michael Foods, Inc., 9.750%, 07/15/18		2,681,250		0.3
	2,710,000	#	MPH Acquisition Holdings LLC, 6.625%, 04/01/22		2,787,913		0.3
	2,000,000		NBTY, Inc., 9.000%, 10/01/18		2,160,000		0.3
	1,000,000		Pilgrim's Pride Corp., 7.875%, 12/15/18		1,080,000		0.1
	2,000,000		Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp., 4.875%, 05/01/21		1,965,000		0.2
	1,000,000	#	Prestige Brands, Inc., 5.375%, 12/15/21		1,028,750		0.1
	750,000		Prestige Brands, Inc., 8.125%, 02/01/20		844,688		0.1
	3,500,000		Reynolds Group Issuer, Inc., 5.750%, 10/15/20		3,683,750		0.4
	1,000,000	L	Reynolds Group Issuer, Inc., 8.250%, 02/15/21		1,096,250		0.1
	2,500,000		Reynolds Group Issuer, Inc., 8.500%, 05/15/18		2,625,000		0.3
	2,000,000		Reynolds Group Issuer, Inc., 9.000%, 04/15/19		2,150,000		0.2
	3,750,000		Reynolds Group Issuer, Inc., 9.875%, 08/15/19		4,209,375		0.5
	1,000,000	L	RR Donnelley & Sons Co., 6.000%, 04/01/24		1,010,000		0.1
	3,000,000	L	RR Donnelley & Sons Co., 7.000%, 02/15/22		3,315,000		0.4
	3,000,000	#	Safway Group Holding LLC / Safway Finance Corp., 7.000%, 05/15/18		3,210,000		0.4
	3,000,000	#	Salix Pharmaceuticals Ltd, 6.000%, 01/15/21		3,210,000		0.4
	3,000,000	#	Select Medical Corp., 6.375%, 06/01/21		3,060,000		0.4
	2,000,000		ServiceMaster Co/TN, 7.000%, 08/15/20		2,127,500		0.2
	1,500,000		Spectrum Brands, Inc., 6.375%, 11/15/20		1,631,250		0.2
	1,000,000		Spectrum Brands, Inc., 6.625%, 11/15/22		1,093,750		0.1
	2,000,000	#	STHI Holding Corp., 8.000%, 03/15/18		2,122,500		0.2

	PORTFOLIO OF INVESTMENTS
Voya High Yield Portfolio	as of March 31, 2014 (Unaudited) (Continued)

3,000,000		Tenet Healthcare Corp., 4.500%, 04/01/21	2,943,750	0.3
750,000	#	Tenet Healthcare Corp., 6.000%, 10/01/20	803,906	0.1
750,000		Tenet Healthcare Corp., 8.125%, 04/01/22	840,000	0.1
1,000,000		Tenet Healthcare Corp., 8.000%, 08/01/20	1,095,000	0.1
2,000,000	&	TransUnion Holding Co., Inc., 8.125%, 06/15/18	2,110,000	0.2
2,000,000		TransUnion, LLC / TransUnion Financing Corp., 11.375%, 06/15/18	2,160,000	0.2
1,000,000		Truven Health Analytics, Inc., 10.625%, 06/01/20	1,140,000	0.1
500,000		United Rentals North America, Inc., 5.750%, 07/15/18	537,500	0.1
300,000		United Rentals North America, Inc., 6.125%, 06/15/23	319,500	0.0
1,250,000		United Rentals North America, Inc., 7.375%, 05/15/20	1,385,938	0.2
2,500,000		United Rentals North America, Inc., 7.625%, 04/15/22	2,815,625	0.3
2,000,000	L	United Rentals North America, Inc., 8.375%, 09/15/20	2,225,000	0.3
1,500,000	#	Valeant Pharmaceuticals International, 5.625%, 12/01/21	1,578,750	0.2
1,000,000	#	Valeant Pharmaceuticals International, 6.750%, 10/01/17	1,062,500	0.1
2,150,000	#	Valeant Pharmaceuticals International, 6.875%, 12/01/18	2,295,125	0.3
3,000,000	#	Valeant Pharmaceuticals International, 7.000%, 10/01/20	3,262,500	0.4
500,000	#	Valeant Pharmaceuticals International, 7.250%, 07/15/22	555,000	0.1
1,000,000	#	VPI Escrow Corp., 6.375%, 10/15/20	1,085,000	0.1
3,000,000		WellCare Health Plans, Inc., 5.750%, 11/15/20	3,165,000	0.4
			183,889,665	20.9
		Diversified: 0.1%
1,000,000	&	Alphabet Holding Co., Inc., 7.750%, 11/01/17	1,035,000	0.1
		Energy: 12.6%
1,000,000		Access Midstream Partners L.P., 4.875%, 05/15/23	1,012,500	0.1
2,000,000		Alta Mesa Holdings / Alta Mesa Finance Services Corp., 9.625%, 10/15/18	2,160,000	0.2
500,000	#	Antero Resources Finance Corp., 5.375%, 11/01/21	507,812	0.1
2,000,000		Antero Resources Finance Corp., 6.000%, 12/01/20	2,137,500	0.2
3,000,000		Approach Resources, Inc., 7.000%, 06/15/21	3,105,000	0.3
1,000,000		Arch Coal, Inc., 7.250%, 06/15/21	760,000	0.1
1,000,000	L	Arch Coal, Inc., 7.000%, 06/15/19	777,500	0.1
250,000	#	Arch Coal, Inc., 8.000%, 01/15/19	250,625	0.0
3,600,000		Berry Petroleum Co., 6.375%, 09/15/22	3,744,000	0.4
3,575,000		Bonanza Creek Energy, Inc., 6.750%, 04/15/21	3,834,187	0.4
2,710,000	#	Calumet Specialty Products Partners L.P./Calumet Finance Corp., 6.500%, 04/15/21	2,737,100	0.3
2,000,000		Calumet Specialty Products Partners L.P./Calumet Finance Corp., 7.625%, 01/15/22	2,127,500	0.2
1,415,000		Calumet Specialty Products Partners L.P./Calumet Finance Corp., 9.375%, 05/01/19	1,613,100	0.2
2,500,000		Chaparral Energy, Inc., 7.625%, 11/15/22	2,718,750	0.3
2,500,000		Chesapeake Energy Corp., 5.750%, 03/15/23	2,659,375	0.3
1,000,000		Chesapeake Energy Corp., 7.250%, 12/15/18	1,170,000	0.1
2,125,000		Chesapeake Energy Corp., 9.500%, 02/15/15	2,276,406	0.3
2,030,000		Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance Corp., 6.375%, 03/15/24	2,090,900	0.2
2,100,000		Concho Resources, Inc./Midland TX, 6.500%, 01/15/22	2,299,500	0.3
2,000,000		Consol Energy, Inc., 8.000%, 04/01/17	2,090,000	0.2
3,000,000		Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 6.000%, 12/15/20	3,157,500	0.4

	PORTFOLIO OF INVESTMENTS
Voya High Yield Portfolio	as of March 31, 2014 (Unaudited) (Continued)

3,000,000	#	CrownRock L.P. / CrownRock Finance, Inc., 7.125%, 04/15/21	3,195,000	0.4
150,000		El Paso Corp., 8.050%, 10/15/30	160,608	0.0
3,000,000	#	Energy XXI Gulf Coast, Inc., 7.500%, 12/15/21	3,157,500	0.4
500,000		EP Energy, LLC, 6.875%, 05/01/19	542,500	0.1
3,000,000		EP Energy, LLC, 9.375%, 05/01/20	3,483,750	0.4
919,000	#	Expro Finance Luxembourg SCA, 8.500%, 12/15/16	962,078	0.1
3,000,000		Halcon Resources Corp., 8.875%, 05/15/21	3,127,500	0.4
675,000	#	Jones Energy Holdings LLC / Jones Energy Finance Corp., 6.750%, 04/01/22	688,500	0.1
1,000,000	#	Murphy Oil USA, Inc., 6.000%, 08/15/23	1,037,500	0.1
1,050,000		Newfield Exploration Co., 6.875%, 02/01/20	1,123,500	0.1
2,250,000		Newfield Exploration Co., 7.125%, 05/15/18	2,323,125	0.3
1,000,000		NFR Energy, LLC, 9.750%, 02/15/17	1,040,000	0.1
1,000,000		Oasis Petroleum, Inc., 6.500%, 11/01/21	1,080,000	0.1
2,305,000	#	Oasis Petroleum, Inc., 6.875%, 03/15/22	2,506,687	0.3
1,250,000		Peabody Energy Corp., 6.000%, 11/15/18	1,317,188	0.1
1,500,000	L	Peabody Energy Corp., 6.250%, 11/15/21	1,511,250	0.2
50,000		Peabody Energy Corp., 6.500%, 09/15/20	51,875	0.0
1,250,000	#	PetroBakken Energy Ltd., 8.625%, 02/01/20	1,256,250	0.1
1,000,000		Range Resources Corp., 5.000%, 03/15/23	1,017,500	0.1
1,000,000		Range Resources Corp., 6.750%, 08/01/20	1,085,000	0.1
500,000		Regency Energy Partners L.P. / Regency Energy Finance Corp., 5.500%, 04/15/23	506,250	0.1
1,475,000		Regency Energy Partners L.P. / Regency Energy Finance Corp., 6.875%, 12/01/18	1,576,406	0.2
3,000,000	#	RKI Exploration & Production LLC / RKI Finance Corp., 8.500%, 08/01/21	3,255,000	0.4
2,490,000		Rosetta Resources, Inc., 5.625%, 05/01/21	2,558,475	0.3
750,000		Sabine Pass Liquefaction LLC, 5.625%, 02/01/21	777,188	0.1
1,000,000		Sabine Pass Liquefaction LLC, 5.625%, 04/15/23	998,750	0.1
3,131,000	#	Sanchez Energy Corp., 7.750%, 06/15/21	3,357,998	0.4
1,500,000		SandRidge Energy, Inc., 7.500%, 03/15/21	1,608,750	0.2
1,000,000		SandRidge Energy, Inc., 8.125%, 10/15/22	1,095,000	0.1
5,260,000	±,X	SemGroup Corp. Escrow, 11/15/15	–	–
4,000,000		Sonat, Inc., 7.000%, 02/01/18	4,408,216	0.5
3,000,000		Stone Energy Corp., 7.500%, 11/15/22	3,262,500	0.4
3,455,000	#	Talos Production LLC, 9.750%, 02/15/18	3,636,388	0.4
500,000		Tesoro Logistics L.P. / Tesoro Logistics Finance Corp., 5.875%, 10/01/20	525,000	0.1
2,500,000		Tesoro Logistics L.P. / Tesoro Logistics Finance Corp., 6.125%, 10/15/21	2,662,500	0.3
3,500,000	#	Westmoreland Escrow Corp., 10.750%, 02/01/18	3,832,500	0.4
2,250,000		Whiting Petroleum Corp., 5.750%, 03/15/21	2,424,375	0.3
600,000		Whiting Petroleum Corp., 6.500%, 10/01/18	634,500	0.1
			111,016,362	12.6
		Financial: 5.3%
2,000,000	Z	Ally Financial, Inc., 2.440%, 06/15/15	1,942,500	0.2
1,000,000		Ally Financial, Inc., 3.500%, 07/18/16	1,032,500	0.1
2,500,000		Ally Financial, Inc., 5.500%, 02/15/17	2,725,000	0.3
2,000,000	Z	Ally Financial, Inc., 5.920%, 11/01/31	2,450,000	0.3
2,500,000		Ally Financial, Inc., 7.500%, 09/15/20	2,981,250	0.3
1,500,000	#	C-B Stage I, Inc., 8.750%, 12/15/19	1,665,000	0.2
2,500,000		CIT Group, Inc., 4.250%, 08/15/17	2,625,000	0.3
1,000,000	#	CIT Group, Inc., 5.500%, 02/15/19	1,081,250	0.1
5,000,000		CIT Group, Inc., 5.000%, 08/15/22	5,209,395	0.6
750,000		CNH Capital LLC, 3.875%, 11/01/15	774,375	0.1
1,500,000		Corrections Corp. of America, 4.625%, 05/01/23	1,455,000	0.2
3,000,000		Crown Castle International Corp., 5.250%, 01/15/23	3,063,750	0.3
2,500,000		Crown Castle International Corp., 7.125%, 11/01/19	2,671,875	0.3
3,000,000		E*TRADE Financial Corp., 6.375%, 11/15/19	3,277,500	0.4
500,000		E*TRADE Financial Corp., 6.750%, 06/01/16	543,750	0.1
1,000,000		Geo Group, Inc./The, 5.125%, 04/01/23	985,000	0.1
2,000,000	#	Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 4.875%, 03/15/19	2,040,000	0.2

	PORTFOLIO OF INVESTMENTS
Voya High Yield Portfolio	as of March 31, 2014 (Unaudited) (Continued)

2,000,000	#	Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 6.000%, 08/01/20	2,130,000	0.3
2,250,000	#	International Lease Finance Corp., 7.125%, 09/01/18	2,626,875	0.3
1,000,000		International Lease Finance Corp., 8.250%, 12/15/20	1,212,412	0.1
1,500,000		International Lease Finance Corp., 8.625%, 09/15/15	1,657,500	0.2
1,500,000	#	Jefferies Finance LLC, 7.375%, 04/01/20	1,582,500	0.2
499,200	#,±	Lehman Brothers Holdings, Inc., 8.160%, 05/30/09	52,416	0.0
250,000	#,&	Sophia Holding Finance L.P. / Sophia Holding Finance, Inc., 9.625%, 12/01/18	263,125	0.0
1,000,000		Springleaf Finance Corp., 6.900%, 12/15/17	1,102,500	0.1
			47,150,473	5.3
		Industrial: 10.2%
1,750,000	#,L	Accudyne Industries Borrower / Accudyne Industries LLC, 7.750%, 12/15/20	1,894,375	0.2
3,630,000		ADS Waste Holdings, Inc., 8.250%, 10/01/20	3,965,775	0.4
2,390,000		Air Medical Group Holdings, Inc., 9.250%, 11/01/18	2,590,162	0.3
986,864	#,&	ARD Finance SA, 11.125%, 06/01/18	1,086,784	0.1
1,000,000	#	Ardagh Packaging Finance PLC / Ardagh MP Holdings USA, Inc., 7.375%, 10/15/17	1,067,500	0.1
441,176	#	Ardagh Packaging Finance PLC, 7.000%, 11/15/20	466,544	0.1
250,000	#	Ardagh Packaging Finance PLC, 7.375%, 10/15/17	267,187	0.0
2,000,000	#	Aviation Capital Group, 7.125%, 10/15/20	2,246,458	0.3
3,520,000	#	BC Mountain LLC / BC Mountain Finance, Inc., 7.000%, 02/01/21	3,502,400	0.4
1,000,000		BE Aerospace, Inc., 5.250%, 04/01/22	1,033,750	0.1
1,500,000		BE Aerospace, Inc., 6.875%, 10/01/20	1,653,750	0.2
2,000,000		Berry Plastics Corp., 9.750%, 01/15/21	2,332,500	0.3
1,000,000	#	Beverage Packaging Holdings Luxembourg II SA / Beverage Packaging Holdings II Is, 5.625%, 12/15/16	1,027,500	0.1
500,000	#	Bombardier, Inc., 4.250%, 01/15/16	522,500	0.1
2,000,000	#	Building Materials Corp. of America, 6.750%, 05/01/21	2,175,000	0.2
1,000,000	#	Building Materials Corp. of America, 7.000%, 02/15/20	1,077,500	0.1
375,000	#	Building Materials Corp. of America, 7.500%, 03/15/20	405,938	0.0
750,000	#	Calcipar SA, 6.875%, 05/01/18	802,500	0.1
1,500,000		Case New Holland, Inc., 7.875%, 12/01/17	1,766,250	0.2
1,250,000		Clean Harbors, Inc., 5.250%, 08/01/20	1,293,750	0.1
4,000,000	#	Consolidated Container Co., LLC/Consolidated Container Capital, Inc., 10.125%, 07/15/20	4,270,000	0.5
1,000,000		Covanta Holding Corp., 5.875%, 03/01/24	1,020,902	0.1
700,000		Covanta Holding Corp., 7.250%, 12/01/20	768,250	0.1
2,000,000	#	Darling Escrow Corp., 5.375%, 01/15/22	2,057,500	0.2
300,000	#	Emeco Pty Ltd., 9.875%, 03/15/19	309,750	0.0
2,000,000		Esterline Technologies Corp., 7.000%, 08/01/20	2,175,000	0.2
750,000		Florida East Coast Railway Corp., 8.125%, 02/01/17	784,688	0.1
3,000,000	#,L	Gardner Denver, Inc., 6.875%, 08/15/21	3,105,000	0.4
2,500,000		Graphic Packaging International, Inc., 7.875%, 10/01/18	2,684,375	0.3
3,000,000		Headwaters, Inc., 7.625%, 04/01/19	3,247,500	0.4
1,000,000		Huntington Ingalls Industries, Inc., 6.875%, 03/15/18	1,080,000	0.1
2,050,000		Manitowoc Co., Inc., 8.500%, 11/01/20	2,311,375	0.3
2,500,000	#	Masonite International Corp., 8.250%, 04/15/21	2,771,875	0.3
2,000,000		Nortek, Inc., 8.500%, 04/15/21	2,245,000	0.3
1,400,000	#	Plastipak Holdings, Inc., 6.500%, 10/01/21	1,475,250	0.2
1,250,000		Polymer Group, Inc., 7.750%, 02/01/19	1,343,750	0.2
1,000,000	L	Polypore International, Inc., 7.500%, 11/15/17	1,061,250	0.1
4,000,000	#	Roofing Supply Group, LLC / Roofing Supply Finance, Inc., 10.000%, 06/01/20	4,510,000	0.5
500,000	#	Sealed Air Corp., 6.500%, 12/01/20	553,750	0.1

	PORTFOLIO OF INVESTMENTS
Voya High Yield Portfolio	as of March 31, 2014 (Unaudited) (Continued)

	1,750,000	#	Sealed Air Corp., 8.125%, 09/15/19	1,964,375	0.2
	2,000,000	#	Sealed Air Corp., 8.375%, 09/15/21	2,312,500	0.3
	1,000,000		SPX Corp., 6.875%, 09/01/17	1,140,000	0.1
	2,830,000	#	Syncreon Group BV / Syncreon Global Finance US, Inc., 8.625%, 11/01/21	2,964,425	0.3
	1,000,000		TransDigm, Inc., 5.500%, 10/15/20	1,022,500	0.1
	5,500,000		TransDigm, Inc., 7.750%, 12/15/18	5,926,250	0.7
	1,250,000	#	USG Corp., 8.375%, 10/15/18	1,340,625	0.2
	1,750,000	#	Waterjet Holdings, Inc., 7.625%, 02/01/20	1,859,375	0.2
	2,500,000	#	Wise Metals Group LLC / Wise Alloys Finance Corp., 8.750%, 12/15/18	2,693,750	0.3
				90,177,138	10.2
			Technology: 4.8%
	550,000	#	Activision Blizzard, Inc., 5.625%, 09/15/21	589,875	0.1
	2,520,000	#	Activision Blizzard, Inc., 6.125%, 09/15/23	2,749,950	0.3
	2,710,000	#	BCP Singapore VI Cayman Financing Co. Ltd., 8.000%, 04/15/21	2,764,200	0.3
	3,000,000	#	BMC Software Finance, Inc., 8.125%, 07/15/21	3,172,500	0.4
	3,750,000		Emdeon, Inc., 11.000%, 12/31/19	4,373,437	0.5
	1,355,000	#	Entegris, Inc., 6.000%, 04/01/22	1,388,875	0.2
	4,000,000	#	First Data Corp., 6.750%, 11/01/20	4,320,000	0.5
	2,750,000	#,L	First Data Corp., 8.250%, 01/15/21	2,997,500	0.3
	3,000,000		First Data Corp., 10.625%, 06/15/21	3,390,000	0.4
	1,000,000		First Data Corp., 11.750%, 08/15/21	1,055,000	0.1
	750,000	#,&	Healthcare Technology Intermediate, Inc., 7.375%, 09/01/18	765,000	0.1
	1,335,000	#	iGATE Corp., 4.750%, 04/15/19	1,346,681	0.1
	1,500,000	#	IMS Health, Inc., 6.000%, 11/01/20	1,582,500	0.2
	775,000		Mantech International Corp., 7.250%, 04/15/18	804,295	0.1
	1,500,000		NCR Corp., 4.625%, 02/15/21	1,515,000	0.2
	500,000		NCR Corp., 5.000%, 07/15/22	503,125	0.1
	750,000	#	NCR Escrow Corp., 6.375%, 12/15/23	800,625	0.1
	1,000,000	#	Sensata Technologies BV, 4.875%, 10/15/23	987,500	0.1
	1,500,000	#	Sensata Technologies BV, 6.500%, 05/15/19	1,614,375	0.2
	1,500,000	#	Sophia L.P. / Sophia Finance, Inc., 9.750%, 01/15/19	1,672,500	0.2
	1,000,000		SunGard Data Systems, Inc., 6.625%, 11/01/19	1,062,500	0.1
	246,000		SunGard Data Systems, Inc., 7.375%, 11/15/18	261,068	0.0
	2,000,000		SunGard Data Systems, Inc., 7.625%, 11/15/20	2,202,500	0.2
				41,919,006	4.8
			Utilities: 2.5%
	870,000		AES Corp., 5.500%, 03/15/24	865,650	0.1
	1,250,000		AES Corp., 7.375%, 07/01/21	1,431,250	0.1
	244,000		AES Corp., 8.000%, 10/15/17	289,445	0.0
	500,000		AES Corp., 8.000%, 06/01/20	592,500	0.1
	522,797		AES Red Oak, LLC, 8.540%, 11/30/19	559,393	0.1
	2,800,000	#	Calpine Corp., 7.500%, 02/15/21	3,073,000	0.3
	784,000	#	Calpine Corp., 7.875%, 01/15/23	882,000	0.1
	1,586,000	#	Calpine Corp., 7.875%, 07/31/20	1,752,530	0.2
	500,000	#	Ipalco Enterprises, Inc., 7.250%, 04/01/16	551,250	0.1
	3,000,000	#	LBC Tank Terminals Holding Netherlands BV, 6.875%, 05/15/23	3,217,500	0.4
	1,750,000	#	NRG Energy, Inc., 6.250%, 07/15/22	1,806,875	0.2
	2,000,000		NRG Energy, Inc., 7.625%, 01/15/18	2,255,000	0.2
	500,000		NRG Energy, Inc., 7.875%, 05/15/21	552,500	0.1
	4,000,000		NRG Energy, Inc., 8.250%, 09/01/20	4,410,000	0.5
				22,238,893	2.5
		Total Corporate Bonds/Notes
		(Cost $799,622,493)		837,692,500	95.0
SHORT-TERM INVESTMENTS: 3.3%
			Securities Lending Collateralcc(1): 3.3%
	1,822,293		Bank of Nova Scotia, Repurchase Agreement dated 03/31/14, 0.06%, due 04/01/14 (Repurchase Amount $1,822,296, collateralized by various U.S. Government Securities, 0.000%-4.500%, Market Value plus accrued interest $1,858,742, due 06/15/14-11/15/42)	1,822,293	0.2

	PORTFOLIO OF INVESTMENTS
Voya High Yield Portfolio	as of March 31, 2014 (Unaudited) (Continued)

6,875,216		Cantor Fitzgerald, Repurchase Agreement dated 03/31/14, 0.10%, due 04/01/14 (Repurchase Amount $6,875,235, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $7,012,720, due 05/15/14-09/01/49)		6,875,216	0.8
6,875,216		Goldman Sachs & Co., Repurchase Agreement dated 03/31/14, 0.08%, due 04/01/14 (Repurchase Amount $6,875,231, collateralized by various U.S. Government Agency Obligations, 2.330%-6.500%, Market Value plus accrued interest $7,012,720, due 07/01/19-03/01/44)		6,875,216	0.8
6,500,000		Millenium Fixed Income Ltd., Repurchase Agreement dated 03/31/14, 0.07%, due 04/01/14 (Repurchase Amount $6,500,012, collateralized by various U.S. Government Securities, 0.750%, Market Value plus accrued interest $6,630,001, due 06/30/17)		6,500,000	0.7
6,875,216		Nomura Securities, Repurchase Agreement dated 03/31/14, 0.10%, due 04/01/14 (Repurchase Amount $6,875,235, collateralized by various U.S. Government Agency Obligations, 0.000%-6.036%, Market Value plus accrued interest $7,012,720, due 04/01/14-05/01/47)		6,875,216	0.8
				28,947,941	3.3
	Total Short-Term Investments
	(Cost $28,947,941)			28,947,941	3.3
	Total Investments in Securities (Cost $828,570,434)		$	866,640,441	98.3
	Assets in Excess of Other Liabilities			14,843,803	1.7
	Net Assets		$	881,484,244	100.0

†	Unless otherwise indicated, principal amount is shown in USD.
#	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.
&	Payment-in-kind
cc	Securities purchased with cash collateral for securities loaned.
L	Loaned security, a portion or all of the security is on loan at March 31, 2014.
±	Defaulted security
X	Fair value determined by Voya funds Valuation Committee appointed by the Funds' Board of Directors/Trustees.
Z	Indicates Zero Coupon Bond; rate shown reflects current effective yield.
(1)	Collateral received from brokers for securities lending was invested into these short-term investments.

Cost for federal income tax purposes is $828,774,088.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	39,739,339
Gross Unrealized Depreciation		(1,872,986	)
Net Unrealized Appreciation	$	37,866,353

	PORTFOLIO OF INVESTMENTS
Voya High Yield Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Corporate Bonds/Notes	$	–	$	837,692,500	$	–	$	837,692,500
Short-Term Investments		–		28,947,941		–		28,947,941
Total Investments, at fair value	$	–	$	866,640,441	$	–	$	866,640,441

	PORTFOLIO OF INVESTMENTS
Voya Large Cap Growth Portfolio	as of March 31, 2014 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 99.3%
			Consumer Discretionary: 22.7%
	1,082,924		CBS Corp. - Class B	$	66,924,703		1.3
	125,243		Chipotle Mexican Grill, Inc.		71,144,286		1.3
	2,588,703		Comcast Corp. – Class A		129,486,924		2.4
	1,279,055	@	Delphi Automotive PLC		86,796,672		1.6
	647,722		Discovery Communications, Inc. - Class A		53,566,610		1.0
	1,698,572		Gap, Inc.		68,044,794		1.3
	1,783,349		Home Depot, Inc.		141,116,406		2.7
	1,379,746		Macy's, Inc.		81,805,140		1.5
	681,715		Michael Kors Holdings Ltd.		63,583,558		1.2
	1,044,100		Nike, Inc.		77,117,226		1.5
	69,118	@	Priceline.com, Inc.		82,381,053		1.6
	1,523,775		Starbucks Corp.		111,814,610		2.1
	712,395	@	Ulta Salon Cosmetics & Fragrance, Inc.		69,444,265		1.3
	1,233,813		Walt Disney Co.		98,791,407		1.9
					1,202,017,654		22.7
			Consumer Staples: 10.4%
	1,356,753		Coca-Cola Enterprises, Inc.		64,798,524		1.2
	729,543		Costco Wholesale Corp.		81,475,362		1.6
	1,574,927		CVS Caremark Corp.		117,899,035		2.2
	1,329,881		Estee Lauder Cos., Inc.		88,942,441		1.7
	152,683		Hershey Co.		15,940,105		0.3
	579,240		Kimberly-Clark Corp.		63,861,210		1.2
	1,405,618		PepsiCo, Inc.		117,369,103		2.2
					550,285,780		10.4
			Energy: 5.3%
	625,583		Anadarko Petroleum Corp.		53,024,415		1.0
	892,564		Cabot Oil & Gas Corp.		30,240,068		0.6
	473,370		EOG Resources, Inc.		92,860,993		1.8
	1,728,687		Halliburton Co.		101,802,378		1.9
					277,927,854		5.3
			Financials: 4.4%
	626,803		Ameriprise Financial, Inc.		68,992,206		1.3
	276,420		Blackrock, Inc.		86,928,562		1.6
	931,834		Prudential Financial, Inc.		78,879,748		1.5
					234,800,516		4.4
			Health Care: 12.7%
	400,937	@	Actavis PLC		82,532,881		1.6
	792,692		Allergan, Inc.		98,373,077		1.9
	662,564		Amgen, Inc.		81,720,644		1.5
	777,587		Bristol-Myers Squibb Co.		40,395,645		0.8
	366,203	@	Celgene Corp.		51,121,939		1.0
	2,045,028	@	Gilead Sciences, Inc.		144,910,684		2.7
	635,081		McKesson Corp.		112,136,252		2.1
	1,238,811	@	Mylan Laboratories		60,491,141		1.1
					671,682,263		12.7
			Industrials: 12.4%
	1,134,258		Ametek, Inc.		58,402,944		1.1
	724,695		BE Aerospace, Inc.		62,896,279		1.2
	870,602		Boeing Co.		109,251,845		2.1
	1,183,168		Danaher Corp.		88,737,600		1.7
	308,063		Delta Airlines, Inc.		10,674,383		0.2
	1,258,575	@	Ingersoll-Rand PLC - Class A		72,040,833		1.3
	702,838		Pall Corp.		62,882,916		1.2
	557,905		Roper Industries, Inc.		74,485,897		1.4
	624,385		Union Pacific Corp.		117,172,089		2.2
					656,544,786		12.4
			Information Technology: 26.9%
	468,590		Apple, Inc.		251,510,997		4.8
	796,700	@	Check Point Software Technologies		53,880,821		1.0
	1,079,451		Cognizant Technology Solutions Corp.		54,631,015		1.1
	4,493,651		EMC Corp.		123,170,974		2.3
	1,392,687		Facebook, Inc.		83,895,465		1.6
	166,001		Google, Inc. – Class A		185,009,774		3.5
	1,245,091		Intuit, Inc.		96,780,923		1.8
	1,364,200		Mastercard, Inc.		101,905,740		1.9
	4,554,630		Microsoft Corp.		186,694,284		3.5
	3,014,375		Oracle Corp.		123,318,081		2.3
	921,318	@	TE Connectivity Ltd.		55,472,557		1.1
	484,570		Visa, Inc.		104,599,280		2.0
					1,420,869,911		26.9
			Materials: 4.5%
	1,459,097		International Paper Co.		66,943,371		1.3
	1,121,214	@	LyondellBasell Industries NV - Class A		99,720,773		1.9
	376,678		Monsanto Co.		42,854,656		0.8
	260,793	@	WR Grace & Co.		25,862,842		0.5
					235,381,642		4.5
		Total Common Stock
		(Cost $4,384,622,024)			5,249,510,406		99.3
SHORT-TERM INVESTMENTS: 0.3%
			Mutual Funds: 0.3%
	16,939,600		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%††
			(Cost $16,939,600)		16,939,600		0.3
		Total Short-Term Investments
		(Cost $16,939,600)			16,939,600		0.3

	PORTFOLIO OF INVESTMENTS
Voya Large Cap Growth Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Total Investments in Securities (Cost $4,401,561,624)	$	5,266,450,006	99.6
Assets in Excess of Other Liabilities		18,506,598	0.4
Net Assets	$	5,284,956,604	100.0

†† Rate shown is the 7-day yield as of March 31, 2014.

@ Non-income producing security

Cost for federal income tax purposes is $4,417,964,971.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	899,663,372
Gross Unrealized Depreciation		(51,178,337	)
Net Unrealized Appreciation	$	848,485,035

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Common Stock*	$	5,249,510,406	$	–	$	–	$	5,249,510,406
Short-Term Investments		16,939,600		–		–		16,939,600
Total Investments, at fair value	$	5,266,450,006	$	–	$	–	$	5,266,450,006

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

	PORTFOLIO OF INVESTMENTS
Voya Large Cap Value Portfolio	as of March 31, 2014 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 96.1%
			Consumer Discretionary: 7.4%
	258,721		Brinker International, Inc.	$	13,569,916		1.2
	211,300		Comcast Corp. – Class A		10,569,226		0.9
	177,100	@	Delphi Automotive PLC		12,018,006		1.0
	227,238		Macy's, Inc.		13,472,941		1.2
	149,244		Nike, Inc.		11,023,162		0.9
	326,954		Walt Disney Co.		26,179,207		2.2
					86,832,458		7.4
			Consumer Staples: 5.7%
	316,352		CVS Caremark Corp.		23,682,111		2.0
	261,368		Hillshire Brands Co.		9,738,572		0.8
	183,677		Kimberly-Clark Corp.		20,250,389		1.7
	238,441		Kraft Foods Group, Inc.		13,376,540		1.2
					67,047,612		5.7
			Energy: 13.7%
	451,233		Canadian Natural Resources Ltd.		17,313,810		1.5
	718,463		ExxonMobil Corp.		70,179,466		5.9
	214,246		Hess Corp.		17,756,709		1.5
	275,180		Occidental Petroleum Corp.		26,221,902		2.2
	133,344		Schlumberger Ltd.		13,001,040		1.1
	612,714	@	Statoil ASA ADR		17,290,789		1.5
					161,763,716		13.7
			Financials: 26.9%
	404,124	L	AllianceBernstein Holding LP		10,090,976		0.9
	148,839		Ameriprise Financial, Inc.		16,382,709		1.4
	353,200		Arthur J. Gallagher & Co.		16,805,256		1.4
	506,582		Blackstone Group LP		16,843,851		1.4
	655,405		Citigroup, Inc.		31,197,278		2.7
	255,818		Extra Space Storage, Inc.		12,409,731		1.1
	796,370		Fifth Third Bancorp.		18,276,691		1.6
	719,420		Host Hotels & Resorts, Inc.		14,561,061		1.2
	433,585		Invesco Ltd.		16,042,645		1.4
	726,195		JPMorgan Chase & Co.		44,087,298		3.7
	285,316		Lincoln National Corp.		14,456,962		1.2
	206,180		Prudential Financial, Inc.		17,453,137		1.5
	1,082,518		Regions Financial Corp.		12,026,775		1.0
	358,611		Santander Consumer USA Holdings, Inc.		8,635,353		0.7
	369,190		Weingarten Realty Investors		11,075,700		0.9
	762,563		Wells Fargo & Co.		37,929,884		3.2
	595,378	@	XL Group PLC		18,605,563		1.6
					316,880,870		26.9
			Health Care: 12.5%
	435,419		Abbott Laboratories		16,767,986		1.4
	326,258		Medtronic, Inc.		20,077,917		1.7
	746,200		Merck & Co., Inc.		42,361,774		3.6
	1,280,776		Pfizer, Inc.		41,138,525		3.5
	323,762		UnitedHealth Group, Inc.		26,545,246		2.3
					146,891,448		12.5
			Industrials: 9.9%
	186,611		Boeing Co.		23,417,814		2.0
	213,094		General Dynamics Corp.		23,210,199		2.0
	97,933		Hubbell, Inc.		11,739,229		1.0
	160,218		Lincoln Electric Holdings, Inc.		11,537,298		1.0
	132,748		Pall Corp.		11,876,964		1.0
	64,157		TransDigm Group, Inc.		11,881,876		1.0
	123,462		Union Pacific Corp.		23,168,879		1.9
					116,832,259		9.9
			Information Technology: 8.8%
	49,764		Apple, Inc.		26,710,329		2.3
	702,388		EMC Corp.		19,252,455		1.6
	273,389		Fidelity National Information Services, Inc.		14,612,642		1.2
	1,164,992		Intel Corp.		30,068,444		2.6
	206,865	@	TE Connectivity Ltd.		12,455,342		1.1
					103,099,212		8.8
			Materials: 2.9%
	265,495		International Paper Co.		12,180,910		1.0
	143,590	@	LyondellBasell Industries NV - Class A		12,770,895		1.1
	76,518		Monsanto Co.		8,705,453		0.8
					33,657,258		2.9
			Telecommunication Services: 2.0%
	499,422		Verizon Communications, Inc.		23,757,504		2.0
			Utilities: 6.3%
	746,270		CenterPoint Energy, Inc.		17,679,136		1.5
	248,981		DTE Energy Co.		18,496,799		1.6
	375,758		Edison International		21,271,660		1.8
	313,600		Pinnacle West Capital Corp.		17,141,376		1.4
					74,588,971		6.3
		Total Common Stock
		(Cost $1,000,888,857)			1,131,351,308		96.1

	PORTFOLIO OF INVESTMENTS
Voya Large Cap Value Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 1.4%
	176,967		iShares Russell 1000 Value Index Fund	$	17,077,316		1.4
		Total Exchange-Traded Funds
		(Cost $16,691,254)			17,077,316		1.4
		Total Long-Term Investments
		(Cost $1,017,580,111)			1,148,428,624		97.5

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.2%
		Securities Lending Collateralcc(1): 0.8%
	1,823,966	Bank of Nova Scotia, Repurchase Agreement dated 03/31/14, 0.07%, due 04/01/14 (Repurchase Amount $1,823,969, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%-6.500%, Market Value plus accrued interest $1,860,449, due 01/31/16-11/01/43)		1,823,966		0.1
	2,332,880	Citigroup, Inc., Repurchase Agreement dated 03/31/14, 0.09%, due 04/01/14 (Repurchase Amount $2,332,886, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.625%, Market Value plus accrued interest $2,379,538, due 04/03/14-02/15/41)		2,332,880		0.2
	2,332,880	Daiwa Capital Markets, Repurchase Agreement dated 03/31/14, 0.12%, due 04/01/14 (Repurchase Amount $2,332,888, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $2,379,538, due 03/27/17-03/01/48)		2,332,880		0.2
	1,000,000	Millenium Fixed Income Ltd., Repurchase Agreement dated 03/31/14, 0.07%, due 04/01/14 (Repurchase Amount $1,000,002, collateralized by various U.S. Government Securities, 0.750%, Market Value plus accrued interest $1,020,000, due 06/30/17)		1,000,000		0.1
	2,332,880	Nomura Securities, Repurchase Agreement dated 03/31/14, 0.10%, due 04/01/14 (Repurchase Amount $2,332,886, collateralized by various U.S. Government Agency Obligations, 0.000%-6.036%, Market Value plus accrued interest $2,379,538, due 04/01/14-05/01/47)		2,332,880		0.2
				9,822,606		0.8

Shares				Value			Percentage of Net Assets
			Mutual Funds: 2.4%
	27,725,088		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%††
			(Cost $27,725,088)		27,725,088			2.4
		Total Short-Term Investments
		(Cost $37,547,694)			37,547,694			3.2
		Total Investments in Securities (Cost $1,055,127,805)		$	1,185,976,318			100.7
		Liabilities in Excess of Other Assets			(8,404,742	)		(0.7	)
		Net Assets		$	1,177,571,576			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of March 31, 2014.
@	Non-income producing security
ADR	American Depositary Receipt
cc	Securities purchased with cash collateral for securities loaned.
L	Loaned security, a portion or all of the security is on loan at March 31, 2014.
(1)	Collateral received from brokers for securities lending was invested into these short-term investments.

	PORTFOLIO OF INVESTMENTS
Voya Large Cap Value Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Cost for federal income tax purposes is $1,055,672,944.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	133,514,670
Gross Unrealized Depreciation		(3,211,296	)
Net Unrealized Appreciation	$	130,303,374

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Common Stock*	$	1,131,351,308	$	–	$	–	$	1,131,351,308
Exchange-Traded Funds		17,077,316		–		–		17,077,316
Short-Term Investments		27,725,088		9,822,606		–		37,547,694
Total Investments, at fair value	$	1,176,153,712	$	9,822,606	$	–	$	1,185,976,318

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

	PORTFOLIO OF INVESTMENTS
Voya Limited Maturity Bond Portfolio	as of March 31, 2014 (Unaudited)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 38.7%
			Basic Materials: 0.5%
	289,000		Ecolab, Inc., 1.000%, 08/09/15	$	290,003		0.1
	456,000		Rio Tinto Finance USA PLC, 1.375%, 06/17/16		460,207		0.1
	770,000	#	Xstrata Finance Canada Ltd., 2.050%, 10/23/15		779,195		0.3
					1,529,405		0.5
			Communications: 3.3%
	386,000		Amazon.com, Inc., 0.650%, 11/27/15		387,006		0.1
	1,225,000		AT&T, Inc., 0.800%, 12/01/15		1,226,389		0.4
	877,000		Cisco Systems, Inc., 1.100%, 03/03/17		879,551		0.3
	171,000		Cox Communications, Inc., 5.450%, 12/15/14		176,782		0.1
	150,000		Cox Communications, Inc., 5.500%, 10/01/15		160,008		0.1
	249,000		DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 3.500%, 03/01/16		260,409		0.1
	599,000		Juniper Networks, Inc., 3.100%, 03/15/16		617,919		0.2
	700,000		NBCUniversal Media, LLC, 3.650%, 04/30/15		722,986		0.3
	525,000		Symantec Corp., 2.750%, 09/15/15		539,028		0.2
	260,000		Telefonica Emisiones SAU, 3.992%, 02/16/16		272,901		0.1
	319,000		Thomson Reuters Corp., 1.300%, 02/23/17		317,663		0.1
	634,000		Verizon Communications, Inc., 2.500%, 09/15/16		656,941		0.2
	1,800,000		Verizon Communications, Inc., 3.000%, 04/01/16		1,878,156		0.7
	1,107,000		Walt Disney Co., 1.100%, 12/01/17		1,096,810		0.4
					9,192,549		3.3
			Consumer, Cyclical: 1.8%
	275,000		CVS Caremark Corp., 1.200%, 12/05/16		276,801		0.1
	800,000	#	Daimler Finance North America LLC, 1.250%, 01/11/16		804,893		0.3
	425,000	#	Glencore Funding LLC, 1.700%, 05/27/16		426,689		0.2
	420,000	#	Hyundai Capital America, 1.625%, 10/02/15		424,010		0.1
	1,075,000	#	Hyundai Capital America, 1.875%, 08/09/16		1,087,869		0.4
	584,000		McDonald's Corp., 0.750%, 05/29/15		586,413		0.2
	766,000		Starbucks Corp., 0.875%, 12/05/16		763,457		0.3
	285,000	#	Volkswagen International Finance NV, 1.125%, 11/18/16		285,175		0.1
	320,000		Wal-Mart Stores, Inc., 0.600%, 04/11/16		320,057		0.1
					4,975,364		1.8
			Consumer, Non-cyclical: 8.1%
	700,000		AbbVie, Inc., 1.200%, 11/06/15		706,296		0.3
	525,000		Altria Group, Inc., 4.125%, 09/11/15		550,377		0.2
	353,000		Amgen, Inc., 1.875%, 11/15/14		355,829		0.1
	336,000		Anheuser-Busch InBev Worldwide, Inc., 0.800%, 07/15/15		337,239		0.1
	195,000		Anheuser-Busch InBev Worldwide, Inc., 5.375%, 11/15/14		200,967		0.1
	457,000		Baxter International, Inc., 0.950%, 06/01/16		458,552		0.2
	889,000		Coca-Cola Co., 0.750%, 03/13/15		893,265		0.3
	525,000		Coca-Cola Co., 1.800%, 09/01/16		537,878		0.2
	738,000		ConAgra Foods, Inc., 1.300%, 01/25/16		743,274		0.3
	875,000		Covidien International Finance SA, 1.350%, 05/29/15		882,330		0.3
	645,000		Diageo Capital PLC, 0.625%, 04/29/16		642,406		0.2
	875,000		Genentech, Inc., 4.750%, 07/15/15		922,029		0.3
	782,000		GlaxoSmithKline Capital PLC, 0.750%, 05/08/15		785,584		0.3
	525,000		Kellogg Co., 1.125%, 05/15/15		528,349		0.2
	583,000		Kraft Foods Group, Inc., 1.625%, 06/04/15		589,739		0.2
	241,000		Lorillard Tobacco Co., 3.500%, 08/04/16		254,123		0.1
	965,000		McKesson Corp., 0.950%, 12/04/15		968,176		0.4
	485,000		McKesson Corp., 1.292%, 03/10/17		484,213		0.2
	609,000		Medtronic, Inc., 0.875%, 02/27/17		606,162		0.2
	680,000		Merck & Co., Inc., 0.700%, 05/18/16		681,130		0.2
	584,000	#	Mylan, Inc., 6.000%, 11/15/18		616,665		0.2
	808,000		Novartis Capital Corp., 2.900%, 04/24/15		830,546		0.3
	305,000		PepsiCo, Inc., 0.700%, 02/26/16		304,707		0.1
	925,000		PepsiCo, Inc., 0.700%, 08/13/15		927,492		0.3
	245,000		PepsiCo, Inc., 1.250%, 08/13/17		244,610		0.1

	PORTFOLIO OF INVESTMENTS
Voya Limited Maturity Bond Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Non-cyclical: (continued)
	511,000	#	Perrigo Co. Plc, 1.300%, 11/08/16	$	510,334		0.2
	915,000		Pfizer, Inc., 5.350%, 03/15/15		956,341		0.3
	749,000		Philip Morris International, Inc., 2.500%, 05/16/16		777,615		0.3
	203,000		Procter & Gamble Co., 1.450%, 08/15/16		206,081		0.1
	525,000		Reynolds American, Inc., 1.050%, 10/30/15		524,826		0.2
	355,000	#	SABMiller Holdings, Inc., 1.850%, 01/15/15		358,458		0.1
	635,000		Sanofi, 1.250%, 04/10/18		622,002		0.2
	875,000		St Jude Medical, Inc., 2.500%, 01/15/16		898,117		0.3
	700,000		UnitedHealth Group, Inc., 0.850%, 10/15/15		703,297		0.3
	506,000		Ventas Realty L.P., 1.550%, 09/26/16		510,797		0.2
	443,000		WellPoint, Inc., 5.250%, 01/15/16		476,180		0.2
	560,000	#	WM Wrigley Jr Co., 1.400%, 10/21/16		562,788		0.2
	314,000		Zoetis, Inc., 1.150%, 02/01/16		315,413		0.1
					22,474,187		8.1
			Energy: 2.7%
	420,000		BP Capital Markets PLC, 0.700%, 11/06/15		420,790		0.1
	400,000		BP Capital Markets PLC, 2.248%, 11/01/16		413,074		0.1
	700,000		Cameron International Corp., 1.600%, 04/30/15		707,103		0.3
	279,000		Chevron Corp., 0.889%, 06/24/16		280,649		0.1
	549,000		ConocoPhillips, 4.600%, 01/15/15		566,875		0.2
	367,000		Enterprise Products Operating, LLC, 1.250%, 08/13/15		369,573		0.1
	700,000		Marathon Oil Corp., 0.900%, 11/01/15		701,631		0.3
	462,000		Petrobras Global Finance BV, 2.000%, 05/20/16		459,112		0.2
	287,000		Petrobras International Finance Co., 2.875%, 02/06/15		291,448		0.1
	833,000		Phillips 66, 1.950%, 03/05/15		842,930		0.3
	969,000		Shell International Finance BV, 3.100%, 06/28/15		1,001,323		0.4
	319,000		Statoil ASA, 1.950%, 11/08/18		319,698		0.1
	515,000		Total Capital International SA, 0.750%, 01/25/16		516,750		0.2
	626,000		TransCanada PipeLines Ltd., 0.750%, 01/15/16		626,762		0.2
					7,517,718		2.7
			Financial: 17.1%
	298,000	#	ABN AMRO Bank NV, 1.375%, 01/22/16		300,685		0.1
	612,000		Aegon NV, 3.039%, 07/29/49		550,993		0.2
	469,000		American Express Credit Corp., 1.750%, 06/12/15		475,668		0.2
	870,000		American International Group, Inc., 5.600%, 10/18/16		964,186		0.3
	550,000		Australia & New Zealand Banking Group Ltd., 0.900%, 02/12/16		552,523		0.2
	1,250,000		Bank of America Corp., 1.250%, 01/11/16		1,257,205		0.4
	1,063,000		Bank of America Corp., 2.600%, 01/15/19		1,068,702		0.4
	840,000		Bank of America Corp., 3.750%, 07/12/16		888,870		0.3
	875,000		Bank of Montreal, 0.800%, 11/06/15		878,446		0.3
	1,060,000		Bank of New York Mellon Corp., 1.200%, 02/20/15		1,067,737		0.4
	875,000		Bank of Nova Scotia, 0.750%, 10/09/15		877,757		0.3
	704,000	#	Bank of Tokyo-Mitsubishi UFJ Ltd/The, 1.550%, 09/09/16		711,426		0.3
	541,000	#	Banque Federative du Credit Mutuel SA, 1.700%, 01/20/17		542,493		0.2
	900,000		Barclays Bank PLC, 5.000%, 09/22/16		986,176		0.3
	830,000		BB&T Corp., 1.600%, 08/15/17		833,217		0.3
	490,000		BB&T Corp., 5.200%, 12/23/15		525,385		0.2
	525,000		BBVA, 4.664%, 10/09/15		551,591		0.2
	966,000		Berkshire Hathaway Finance Corp., 2.450%, 12/15/15		997,158		0.4
	525,000		BlackRock, Inc., 1.375%, 06/01/15		530,120		0.2
	467,000	#	BNP Paribas Home Loan Covered Bonds SA, 2.200%, 11/02/15		478,260		0.2
	311,000		Canadian Imperial Bank of Commerce/Canada, 0.900%, 10/01/15		313,077		0.1
	630,000		Charles Schwab Corp., 0.850%, 12/04/15		632,589		0.2
	489,000		Citigroup, Inc., 1.700%, 07/25/16		494,877		0.2
	500,000		Citigroup, Inc., 1.250%, 01/15/16		502,016		0.2

	PORTFOLIO OF INVESTMENTS
Voya Limited Maturity Bond Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Financial: (continued)
	855,000		Citigroup, Inc., 1.300%, 04/01/16	$	858,682		0.3
	695,000		Citigroup, Inc., 2.650%, 03/02/15		707,799		0.2
	500,000		Citigroup, Inc., 5.500%, 02/15/17		552,360		0.2
	485,000		Commonwealth Bank of Australia/New York NY, 1.125%, 03/13/17		483,553		0.2
	253,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 2.125%, 10/13/15		259,128		0.1
	1,151,000		Credit Suisse/New York NY, 3.500%, 03/23/15		1,184,698		0.4
	980,000		Fifth Third Bancorp., 3.625%, 01/25/16		1,028,744		0.4
	200,000		Ford Motor Credit Co., LLC, 1.700%, 05/09/16		202,354		0.1
	305,000		Ford Motor Credit Co., LLC, 2.750%, 05/15/15		311,318		0.1
	945,000		General Electric Capital Corp., 1.000%, 12/11/15		952,120		0.3
	700,000		General Electric Capital Corp., 3.750%, 11/14/14		714,750		0.3
	980,000		General Electric Capital Corp., 4.875%, 03/04/15		1,021,150		0.4
	820,000		Goldman Sachs Group, Inc./The, 1.600%, 11/23/15		828,897		0.3
	1,168,000		Goldman Sachs Group, Inc., 0.742%, 01/12/15		1,169,590		0.4
	350,000		HCP, Inc., 3.750%, 02/01/16		368,621		0.1
	260,000		Health Care REIT, Inc., 3.625%, 03/15/16		273,192		0.1
	770,000		HSBC USA, Inc., 2.375%, 02/13/15		783,326		0.3
	425,000		Huntington National Bank/The, 1.350%, 08/02/16		427,341		0.1
	385,000	#	International Lease Finance Corp., 6.500%, 09/01/14		394,625		0.1
	535,000		Intesa Sanpaolo SpA, 2.375%, 01/13/17		537,235		0.2
	300,000		John Deere Capital Corp., 0.750%, 01/22/16		301,392		0.1
	432,000		John Deere Capital Corp., 1.050%, 10/11/16		433,816		0.2
	1,225,000		JPMorgan Chase & Co., 3.150%, 07/05/16		1,282,711		0.5
	1,260,000		JPMorgan Chase & Co., 3.700%, 01/20/15		1,292,013		0.5
	496,000		KeyCorp, 2.300%, 12/13/18		494,893		0.2
	630,000	#	MetLife Institutional Funding II, 1.625%, 04/02/15		637,673		0.2
	375,000	#	Metropolitan Life Global Funding I, 1.700%, 06/29/15		380,078		0.1
	215,000		Morgan Stanley, 1.750%, 02/25/16		217,892		0.1
	550,000		Morgan Stanley, 2.125%, 04/25/18		549,466		0.2
	180,000		Morgan Stanley, 6.000%, 04/28/15		190,064		0.1
	665,000		National Australia Bank Ltd./New York, 1.600%, 08/07/15		674,418		0.2
	622,000		National Rural Utilities Cooperative Finance Corp., 1.100%, 01/27/17		620,306		0.2
	220,000	#	New York Life Global Funding, 1.300%, 01/12/15		221,511		0.1
	500,000	#	Nordea Bank AB, 0.875%, 05/13/16		499,592		0.2
	165,000	#	Nordea Bank AB, 3.700%, 11/13/14		168,298		0.1
	375,000		PNC Bank NA, 1.150%, 11/01/16		376,187		0.1
	600,000		PNC Funding Corp., 5.625%, 02/01/17		664,761		0.2
	1,050,000		Prudential Financial, Inc., 3.875%, 01/14/15		1,077,306		0.4
	218,000		Regions Financial Corp., 5.750%, 06/15/15		229,979		0.1
	158,000		Regions Financial Corp., 7.750%, 11/10/14		164,673		0.1
	980,000		Royal Bank of Canada, 0.850%, 03/08/16		982,792		0.3
	735,000		Royal Bank of Canada, 1.500%, 01/16/18		729,628		0.3
	848,000		Santander Holdings USA, Inc./PA, 3.000%, 09/24/15		873,654		0.3
	280,000		SLM Corp., 3.875%, 09/10/15		289,800		0.1
	805,000		State Street Corp., 2.875%, 03/07/16		838,448		0.3
	770,000		SunTrust Bank/Atlanta GA, 0.533%, 04/01/15		768,589		0.3
	490,000		UBS AG, 5.875%, 07/15/16		541,068		0.2
	261,000		US Bancorp, 2.200%, 11/15/16		269,596		0.1
	507,000		Wachovia Bank NA, 4.800%, 11/01/14		519,852		0.2
	686,000		Wells Fargo & Co., 2.100%, 05/08/17		703,057		0.2
	629,000		Westpac Banking Corp., 1.125%, 09/25/15		633,748		0.2
					47,667,901		17.1

	PORTFOLIO OF INVESTMENTS
Voya Limited Maturity Bond Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Industrial: 1.0%
	437,000		Caterpillar Financial Services Corp., 0.700%, 11/06/15	$	438,376		0.1
	500,000		Caterpillar Financial Services Corp., 0.700%, 02/26/16		500,271		0.2
	525,000		Caterpillar Financial Services Corp., 1.100%, 05/29/15		528,739		0.2
	542,000		CSX Corp., 6.250%, 04/01/15		572,143		0.2
	560,000		General Electric Co., 0.850%, 10/09/15		562,779		0.2
	184,000		United Parcel Service, Inc., 1.125%, 10/01/17		182,913		0.1
					2,785,221		1.0
			Technology: 2.4%
	504,000		Altera Corp., 1.750%, 05/15/17		507,843		0.2
	875,000		Apple, Inc., 0.450%, 05/03/16		872,627		0.3
	295,000		Computer Sciences Corp., 2.500%, 09/15/15		301,220		0.1
	1,547,000		International Business Machines Corp., 0.550%, 02/06/15		1,551,276		0.6
	130,000		International Business Machines Corp., 1.950%, 07/22/16		133,853		0.0
	700,000		Intel Corp., 1.350%, 12/15/17		696,018		0.3
	525,000		NetApp Inc., 2.000%, 12/15/17		531,026		0.2
	700,000		Oracle Corp., 1.200%, 10/15/17		695,225		0.2
	556,000		Texas Instruments, Inc., 0.450%, 08/03/15		556,435		0.2
	700,000		Xerox Corp., 4.250%, 02/15/15		721,422		0.3
					6,566,945		2.4
			Utilities: 1.8%
	525,000		Dominion Resources, Inc./VA, 1.400%, 09/15/17		518,031		0.2
	233,000		Entergy Louisiana, LLC, 1.875%, 12/15/14		235,314		0.1
	890,000		NextEra Energy Capital Holdings, Inc., 1.200%, 06/01/15		894,402		0.3
	1,025,000		Georgia Power Co., 0.625%, 11/15/15		1,024,899		0.4
	379,000		Georgia Power Co., 0.750%, 08/10/15		379,861		0.1
	315,000		Georgia Power Co., 3.000%, 04/15/16		329,072		0.1
	753,000		Progress Energy, Inc., 5.625%, 01/15/16		814,375		0.3
	588,000		PSEG Power, LLC, 2.750%, 09/15/16		611,516		0.2
	320,000		Xcel Energy, Inc., 0.750%, 05/09/16		319,327		0.1
					5,126,797		1.8
		Total Corporate Bonds/Notes
		(Cost $107,060,271)			107,836,087		38.7
COLLATERALIZED MORTGAGE OBLIGATIONS: 10.6%
	779,000	#	American General Mortgage Loan Trust 2010-1, 5.650%, 03/25/58		795,540		0.3
	900,000		Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.317%, 06/10/49		979,842		0.3
	1,043,000		Bank of America Merrill Lynch Commercial Mortgage, Inc., 4.621%, 07/10/43		1,059,233		0.4
	827,441		Bear Stearns Commercial Mortgage Securities Trust 2003-TOP12, 4.727%, 08/13/39		833,511		0.3
	980,000		Bear Stearns Commercial Mortgage Securities Trust 2005-TOP18, 5.074%, 02/13/42		1,011,563		0.4
	300,537		Bear Stearns Commercial Mortgage Securities Trust 2007-PWR18, 5.957%, 06/11/50		307,041		0.1
	500,000		Bear Stearns Commercial Mortgage Securities Trust 2005-PWR8, 4.750%, 06/11/41		516,518		0.2
	499,450		Commercial Mortgage Trust 2007-GG9, 0.716%, 03/10/46		497,267		0.2
	340,000		Commercial Mortgage Trust 2007-GG9, 5.447%, 03/10/39		344,910		0.1
	896,000		Credit Suisse First Boston Mortgage Securities Corp., 5.290%, 08/15/38		925,164		0.3
	1,380,000	#	Credit Suisse Mortgage Capital Certificates, 2.405%, 02/10/29		1,378,186		0.5
	105,000	#	Credit Suisse Mortgage Capital Certificates, 5.342%, 12/15/43		113,727		0.0
	133,000	#	Del Coronado Trust, 0.955%, 03/15/26		133,058		0.0
	400,000	#	GCCFC Commercial Mortgage Trust, 6.109%, 06/10/36		402,100		0.1

	PORTFOLIO OF INVESTMENTS
Voya Limited Maturity Bond Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	940,000		GE Capital Commercial Mortgage Corp., 5.133%, 05/10/43	$	972,270		0.3
	352,238		GE Capital Commercial Mortgage Corp., 5.309%, 11/10/45		353,440		0.1
	486,402		Greenwich Capital Commercial Funding Corp., 5.381%, 03/10/39		494,336		0.2
	1,300,000		Greenwich Capital Commercial Funding Corp., 5.475%, 03/10/39		1,401,023		0.5
	70,499	#	JP Morgan Chase Commercial Mortgage Securities Corp., 4.158%, 01/12/39		70,455		0.0
	990,000		JP Morgan Chase Commercial Mortgage Securities Corp., 4.878%, 01/15/42		1,008,682		0.4
	280,000		JP Morgan Chase Commercial Mortgage Securities Corp., 5.790%, 02/15/51		282,716		0.1
	150,950		JP Morgan Chase Commercial Mortgage Securities Corp., 5.800%, 06/15/49		151,096		0.1
	340,000		JP Morgan Chase Commercial Mortgage Securities Trust 2005-LDP1, 0.355%, 03/15/46		337,192		0.1
	143,303		JPMorgan Chase Commercial Mortgage Securities Corp. Series 2005-CIBC13, 5.240%, 01/12/43		145,503		0.1
	480,000	#	LB-UBS Commercial Mortgage Trust 2002-C4, 5.914%, 10/15/35		486,506		0.2
	470,000		LB-UBS Commercial Mortgage Trust 2004-C4, 6.000%, 06/15/36		472,608		0.2
	2,010,000		LB-UBS Commercial Mortgage Trust 2005-C5, 5.127%, 09/15/40		2,095,440		0.7
	699,715		LB-UBS Commercial Mortgage Trust 2006-C7, 5.300%, 11/15/38		725,170		0.3
	493,694		Merrill Lynch Mortgage Investors Trust Series 1998-C1-CTL, 6.720%, 11/15/26		521,828		0.2
	287,291		ML-CFC Commercial Mortgage Trust 2007-9, 5.644%, 09/12/49		292,624		0.1
	1,270,000		Morgan Stanley Capital I Trust 2005-TOP17, 4.840%, 12/13/41		1,299,695		0.5
	516,573		Morgan Stanley Capital I Trust 2006-TOP21, 5.185%, 10/12/52		522,439		0.2
	930,000		Morgan Stanley Capital I Trust 2007-TOP27, 5.648%, 06/11/42		1,012,696		0.4
	900,000		Morgan Stanley Capital I, 5.073%, 08/13/42		934,114		0.3
	114,806	#	Morgan Stanley Re-REMIC Trust 2010-C30, 5.246%, 12/17/43		115,262		0.0
	1,275,426		NCUA Guaranteed Notes, 1.600%, 10/29/20		1,284,118		0.5
	252,269	#	NorthStar 2012-1 Mortgage Trust, 1.357%, 08/25/29		252,567		0.1
	1,320,000	#	TIAA CMBS I Trust, 5.770%, 06/19/33		1,418,279		0.5
	722,532		TIAA Seasoned Commercial Mortgage Trust, 5.551%, 08/15/39		757,420		0.3
	690,000	#	Wachovia Bank Commercial Mortgage Trust Series 2004-C14, 5.719%, 08/15/41		695,562		0.2
	580,000		Wachovia Bank Commercial Mortgage Trust Series 2005-C17, 5.396%, 03/15/42		593,182		0.2
	1,540,000		Wachovia Bank Commercial Mortgage Trust, 5.603%, 10/15/48		1,674,447		0.6
		Total Collateralized Mortgage Obligations
		(Cost $29,830,641)			29,668,330		10.6
ASSET-BACKED SECURITIES: 17.7%
			Automobile Asset-Backed Securities: 5.7%
	100,000		BMW Vehicle Owner Trust, 0.670%, 11/27/17		100,103		0.0
	210,000		BMW Vehicle Owner Trust, 1.120%, 04/27/20		209,310		0.1
	273,000		Capital Auto Receivables Asset Trust 2013-1, 0.790%, 06/20/17		273,212		0.1
	57,000		Capital Auto Receivables Asset Trust 2013-2, 1.240%, 10/20/17		57,370		0.0
	510,000		Capital Auto Receivables Asset Trust 2013-3, 1.310%, 12/20/17		514,185		0.2
	660,000		CarMax Auto Owner Trust 2013-3, 1.490%, 01/15/19		665,181		0.2
	940,000		CarMax Auto Owner Trust, 1.320%, 07/15/19		933,626		0.3
	420,000		Fifth Third Auto 2013-1, 1.300%, 02/18/20		423,608		0.1

	PORTFOLIO OF INVESTMENTS
Voya Limited Maturity Bond Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Automobile Asset-Backed Securities: (continued)
	1,000,000		Ford Credit Auto Owner Trust 2012-B, 1.000%, 09/15/17	$	1,006,036		0.4
	190,000		Ford Credit Auto Owner Trust 2013-D, 1.110%, 02/15/19		189,752		0.1
	1,330,000		Ford Credit Auto Owner Trust, 1.250%, 10/15/18		1,338,726		0.5
	339,000		Harley-Davidson Motorcycle Trust 2012-1, 0.910%, 02/15/18		340,643		0.1
	90,000		Honda Auto Receivables Owner Trust, 0.620%, 03/21/19		89,696		0.0
	756,000	#	Hyundai Auto Lease Securitization Trust, 0.660%, 06/15/16		757,362		0.3
	1,330,000		Mercedes-Benz Auto Receivables Trust, 1.130%, 11/15/19		1,334,707		0.5
	309,000		Nissan Auto Lease 2013-A, 0.740%, 10/15/18		309,416		0.1
	1,380,000		Nissan Auto Receivables 2013-B Owner Trust, 1.310%, 10/15/19		1,387,412		0.5
	901,000		Nissan Auto Receivables Owner Trust, 0.750%, 07/15/19		898,028		0.3
	750,000		Nissan Auto Receivables Owner Trust, 1.000%, 07/16/18		755,262		0.3
	300,000		Santander Drive Auto Receivables Trust 2012-5, 3.300%, 09/17/18		309,882		0.1
	1,000,000		Toyota Auto Receivables 2013-B Owner Trust, 1.460%, 01/15/19		1,011,338		0.4
	159,535		Toyota Auto Receivables Owner Trust, 0.750%, 02/16/16		159,860		0.1
	700,000		Toyota Auto Receivables Owner Trust, 1.180%, 06/17/19		699,292		0.2
	710,000		Volkswagen Auto Lease Trust, 0.990%, 07/20/18		709,371		0.3
	400,000		Volkswagen Auto Loan Enhanced Trust 2012-2, 0.660%, 03/20/19		398,301		0.1
	200,000		Volkswagen Auto Loan Enhanced Trust 2013-1, 0.560%, 08/21/17		200,185		0.1
	810,000		World Omni Auto Receivables Trust 2013-A, 0.870%, 07/15/19		807,583		0.3
					15,879,447		5.7
			Credit Card Asset-Backed Securities: 3.8%
	1,078,000		Capital One Multi-Asset Execution Trust, 5.050%, 12/17/18		1,166,740		0.4
	1,200,000		Chase Issuance Trust, 1.010%, 10/15/18		1,200,112		0.4
	970,000		Chase Issuance Trust, 1.150%, 01/15/19		970,586		0.3
	1,000,000		Citibank Credit Card Issuance Trust, 1.320%, 09/07/18		1,008,675		0.4
	1,205,000		Citibank Credit Card Issuance Trust, 5.350%, 02/07/20		1,367,274		0.5
	1,357,000		Citibank Credit Card Issuance Trust, 5.650%, 09/20/19		1,547,434		0.6
	400,000		Discover Card Execution Note Trust, 0.585%, 07/15/21		401,440		0.1
	1,000,000		Discover Card Execution Note Trust, 1.040%, 04/15/19		1,001,625		0.4
	1,000,000		Discover Card Execution Note Trust, 5.650%, 03/16/20		1,139,931		0.4
	975,000		Dryrock Issuance Trust, 0.640%, 08/15/18		974,404		0.3
					10,778,221		3.8
			Home Equity Asset-Backed Securities: 0.2%
	490,297		Chase Funding Loan Acquisition Trust Series 2003-C2, 4.750%, 12/25/19		505,259		0.2
			Other Asset-Backed Securities: 8.0%
	500,000	#	Apidos CDO I Ltd., 0.989%, 07/27/17		497,184		0.2
	500,000	#	Apidos CDO II, 1.039%, 12/21/18		488,307		0.2
	400,000	#	Ares VIR CLO Ltd., 2.134%, 03/12/18		398,480		0.1
	510,000	#	Ares XII CLO Ltd., 2.235%, 11/25/20		507,924		0.2
	10,933	#	Atrium CDO Corp., 0.564%, 10/27/16		10,923		0.0
	750,000	#	Atrium CDO Corp., 0.814%, 10/27/16		747,931		0.3
	500,000	#	Atrium V, 0.925%, 07/20/20		475,878		0.2
	500,000	#	Babson CLO, Inc. 2005-III, 0.637%, 11/10/19		487,887		0.2
	1,000,000	#	Ballyrock CLO 2006-1 Ltd., 1.733%, 08/28/19		992,391		0.4
	523,507	#	Ballyrock CLO 2006-1 Ltd., 3.683%, 08/28/19		521,189		0.2
	500,000	#	Black Diamond CLO Ltd., 0.585%, 06/20/17		498,763		0.2
	500,000	#	Callidus Debt Partners CLO Fund IV Ltd., 2.038%, 04/17/20		496,043		0.2

	PORTFOLIO OF INVESTMENTS
Voya Limited Maturity Bond Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities: (continued)
	303,474	#	Callidus Debt Partners CLO Fund VII Ltd., 0.987%, 01/21/21	$	302,958		0.1
	425,000	#	Callidus Debt Partners CLO Fund VII Ltd., 2.487%, 01/21/21		425,141		0.1
	500,000	#	Callidus Debt Partners CLO Fund VII Ltd., 3.687%, 01/21/21		501,753		0.2
	750,000	#	Carlyle Arnage CLO Ltd., 1.734%, 08/27/21		757,063		0.3
	400,000	#	Carlyle Arnage CLO Ltd., 3.484%, 08/27/21		402,203		0.1
	800,000	#	Castle Garden Funding, 0.986%, 10/27/20		789,674		0.3
	575,000	#	CIFC Funding 2006-I Ltd., 0.637%, 10/20/20		560,559		0.2
	600,000	#	CIFC Funding 2006-II Ltd., 1.836%, 03/01/21		573,835		0.2
	1,374,000		CNH Equipment Trust, 0.650%, 04/16/18		1,376,690		0.5
	500,000	#	CP Uniq Aps, 2.039%, 04/15/18		487,437		0.2
	1,000,000	#	Dryden VIII Leveraged Loan CDO 2005, 1.986%, 05/22/17		985,402		0.3
	154,320	#	Emporia Preferred Funding II Corp., 0.517%, 10/18/18		154,071		0.0
	575,000	#	Emporia Preferred Funding, 0.737%, 10/18/18		570,299		0.2
	284,616	#	GSAMP Trust 2005-SEA2, 0.504%, 01/25/45		278,310		0.1
	400,000	#	Gulf Stream - Compass CLO 2007-I Ltd., 2.235%, 10/28/19		396,909		0.1
	750,000	#	Gulf Stream - Compass CLO 2007-I Ltd., 3.685%, 10/28/19		750,340		0.3
	500,000	#	Gulf Stream - Sextant CLO 2006-1 Ltd., 0.574%, 08/21/20		495,938		0.2
	350,000	#	Gulf Stream - Sextant CLO 2006-1 Ltd., 0.934%, 08/21/20		337,331		0.1
	340,000	#	Gulf Stream - Sextant CLO 2006-1 Ltd., 1.834%, 08/21/20		322,309		0.1
	700,000	#	Halcyon Structured Asset Management Long Secured/Short Unsecured 2007-1 Ltd., 0.686%, 08/07/21		679,004		0.2
	250,000	#	Hewett's Island Clo IV Ltd., 0.987%, 05/09/18		249,117		0.1
	750,000	#	Kingsland III Ltd., 0.886%, 08/24/21		711,302		0.2
	675,000	#	Landmark VI CDO Ltd, 0.742%, 01/14/18		663,670		0.2
	500,000	#	Madison Park Funding Ltd., 2.137%, 05/10/19		500,121		0.2
	500,000	#	Morgan Stanley Investment Management Croton Ltd, 0.689%, 01/15/18		492,037		0.2
	500,000	#	Northwoods Capital V Ltd., 2.134%, 12/07/20		490,725		0.2
	773,904		Structured Asset Securities Corp. Trust 2005-AR1, 0.354%, 09/25/35		772,566		0.3
	350,000	#	WhiteHorse III Ltd./Corp, 0.988%, 05/01/18		347,229		0.1
	750,000	#	WhiteHorse III Ltd/Corp, 2.088%, 05/01/18		738,643		0.3
					22,235,536		8.0
		Total Asset-Backed Securities
		(Cost $49,204,094)			49,398,463		17.7
U.S. GOVERNMENT AGENCY OBLIGATIONS: 4.7%
			Federal Home Loan Bank: 0.0%
	150,000		1.150%, due 02/22/18		148,319		0.0
			Federal Home Loan Mortgage Corporation: 0.4%##
	1,034,000		0.500%, due 06/20/17		1,034,623		0.4
	2,212		1.971%, due 07/01/24		2,327		0.0
	88		2.000%, due 01/01/17		90		0.0
					1,037,040		0.4
			Federal National Mortgage Association: 4.3%##
	900,000		0.520%, due 05/27/16		899,457		0.3
	10,400,000		0.750%, due 12/19/14		10,448,464		3.8
	1,920		2.332%, due 12/01/17		1,905		0.0
	10,651		6.000%, due 07/01/16		11,023		0.0
	15,739		6.000%, due 03/01/17		16,434		0.0
	20,301		6.000%, due 05/01/17		21,194		0.0
	11,370		6.000%, due 09/01/17		11,521		0.0
	198,168		6.500%, due 10/01/22		222,446		0.1
	160,338		6.500%, due 02/01/29		182,133		0.1
	35,827		6.500%, due 10/01/32		40,306		0.0
	17,589		7.000%, due 10/01/32		18,139		0.0
	8,464		7.500%, due 08/01/27		8,601		0.0
					11,881,623		4.3
			Government National Mortgage Association: 0.0%
	7,691		9.000%, due 12/15/26		8,922		0.0
	1,179		9.500%, due 03/15/20		1,187		0.0
					10,109		0.0
		Total U.S. Government Agency Obligations
		(Cost $13,015,465)			13,077,091		4.7
U.S. TREASURY OBLIGATIONS: 26.9%
			U.S. Treasury Notes: 26.9%
	2,787,000		0.125%, due 04/30/15		2,786,674		1.0
	49,512,000		0.375%, due 03/31/16		49,463,627		17.7
	15,009,000		0.750%, due 03/15/17		14,955,643		5.4

	PORTFOLIO OF INVESTMENTS
Voya Limited Maturity Bond Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†			Value		Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: (continued)
		U.S. Treasury Notes: (continued)
	7,821,000	1.625%, due 03/31/19	$	7,784,030		2.8

Total U.S. Treasury Obligations
(Cost $74,963,725)	74,989,974	26.9
Total Long-Term Investments
(Cost $274,074,196)	274,969,945	98.6

Shares			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.6%
		Mutual Funds: 1.6%
	4,502,000	BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%††
		(Cost $4,502,000)		4,502,000		1.6

Total Short-Term Investments
(Cost $4,502,000)		4,502,000		1.6
Total Investments in Securities (Cost $278,576,196)	$	279,471,945		100.2
Liabilities in Excess of Other Assets		(506,195	)	(0.2	)
Net Assets	$	278,965,750		100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of March 31, 2014.
#	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.

Cost for federal income tax purposes is $278,577,519.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	1,334,002
Gross Unrealized Depreciation		(439,576	)
Net Unrealized Appreciation	$	894,426

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 in valuing the assets and liabilities:

	PORTFOLIO OF INVESTMENTS
Voya Limited Maturity Bond Portfolio	as of March 31, 2014 (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, 2014
Asset Table
Investments, at fair value
Corporate Bonds/Notes	$	–		$	107,836,087	$	–	$	107,836,087
Collateralized Mortgage Obligations		–			29,668,330		–		29,668,330
U.S. Government Agency Obligations		–			13,077,091		–		13,077,091
U.S. Treasury Obligations		–			74,989,974		–		74,989,974
Asset-Backed Securities		–			49,398,463		–		49,398,463
Short-Term Investments		4,502,000			–		–		4,502,000
Total Investments, at fair value	$	4,502,000		$	274,969,945	$	–	$	279,471,945
Other Financial Instruments+
Futures		147,963			–		–		147,963
Total Assets	$	4,649,963		$	274,969,945	$	–	$	279,619,908
Liabilities Table
Other Financial Instruments+
Futures	$	(96,704	)	$	–	$	–	$	(96,704	)
Total Liabilities	$	(96,704	)	$	–	$	–	$	(96,704	)

+ 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.

Voya Limited Maturity Bond Portfolio Open Futures Contracts on March 31, 2014:

Contract Description	Number of Contracts		Expiration Date	Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
U.S. Treasury 2-Year Note		285	06/30/14	$	62,575,313		$	(96,704	)
				$	62,575,313		$	(96,704	)
Short Contracts
U.S. Treasury 5-Year Note		(200)	06/30/14		(23,790,626	)		147,963
				$	(23,790,626	)	$	147,963

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, 2014 was as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Interest rate contracts	Futures contracts	$	147,963
Total Asset Derivatives		$	147,963
Liability Derivatives	Instrument Type
Interest rate contracts	Futures contracts	$	96,704
Total Liability Derivatives		$	96,704

	PORTFOLIO OF INVESTMENTS
Voya Liquid Assets Portfolio	as of March 31, 2014 (Unaudited)

Principal Amount†				Value		Percentage of Net Assets
Asset Backed Commercial Paper: 26.0%
	13,500,000		Barton Capital LLC, 0.070%,due 04/01/14	$	13,500,000		1.2
	21,000,000		Barton Capital LLC, 0.150%,due 04/17/14		20,998,600		1.9
	600,000		Barton Capital LLC, 0.150%,due 05/06/14		599,913		0.1
	13,750,000	#	Barton Capital LLC, 0.185%,due 04/17/14		13,750,000		1.2
	48,500,000		Concord Minutemen Capital Co., 0.200%,due 07/02/14		48,475,211		4.3
	48,500,000		Crown Point Capital Co., 0.200%,due 07/02/14		48,475,211		4.3
	39,500,000		Jupiter Securitization Company LLC, 0.282%,due 07/01/14		39,471,942		3.5
	10,000,000		Jupiter Securitization Company LLC, 0.301%,due 06/06/14		9,994,500		0.9
	2,500,000	#	Old Line Funding LLC, 0.184%,due 04/27/14		2,500,000		0.2
	9,500,000		Old Line Funding LLC, 0.230%,due 06/05/14		9,496,055		0.8
	17,500,000		Old Line Funding LLC, 0.230%,due 09/25/14		17,480,210		1.5
	19,700,000		Old Line Funding LLC, 0.240%,due 07/02/14		19,687,917		1.7
	10,750,000	#	Thunder Bay Funding LLC, 0.184%,due 04/27/14		10,750,000		0.9
	24,100,000	#	Thunder Bay Funding LLC, 0.187%,due 04/07/14		24,100,000		2.1
	1,750,000		Thunder Bay Funding LLC, 0.210%,due 07/02/14		1,749,061		0.2
	13,475,000		Thunder Bay Funding LLC, 0.240%,due 04/01/14		13,475,000		1.2
			Total Asset Backed Commercial Paper
			(Cost $294,503,620)		294,503,620		26.0
Certificates of Deposit: 8.3%
	18,000,000	#	Australia & New Zealand Banking Group Ltd., 0.338%,due 04/20/14		18,000,000		1.6
	2,000,000		BNP Paribas New York, 0.310%,due 04/21/14		2,000,144		0.2
	25,500,000		Credit Suisse New York, 0.282%,due 07/01/14		25,500,000		2.2
	11,000,000		Standard Chartered Bank, 0.500%,due 01/02/15		11,000,000		1.0
	5,750,000		Svenska Handelsbanken NY, 0.180%,due 04/04/14		5,750,000		0.5
	27,250,000		Toronto Dominion Bank NY, 0.090%,due 04/01/14		27,250,000		2.4
	2,525,000		Toronto Dominion Bank NY, 0.550%,due 09/18/14		2,527,486		0.2
	2,100,000		Toronto Dominion Bank NY, 0.550%,due 09/18/14		2,102,067		0.2
			Total Certificates of Deposit
			(Cost $94,129,697)		94,129,697		8.3
Financial Company Commercial Paper: 8.0%
	40,000,000		BNP Paribas Finance, Inc., 0.170%,due 04/01/14		40,000,000		3.5
	1,500,000		General Electric Capital Corp., 0.190%,due 07/18/14		1,499,145		0.1
	275,000		Nordea Bank AB, 0.080%,due 04/03/14		274,998		0.0
	500,000		Nordea Bank AB,due 04/01/14		500,000		0.1
	25,000,000		Skandinaviska Enskilda Banken AB, 0.100%,due 04/09/14		24,999,445		2.2
	6,500,000		Societe Generale North America, 0.120%,due 04/03/14		6,499,957		0.6
	6,900,000		Westpac Banking Group, 0.170%,due 05/21/14		6,898,371		0.6
	10,450,000		Westpac Banking Group, 0.257%,due 04/02/14		10,449,925		0.9
			Total Financial Company Commercial Paper
			(Cost $91,121,841)		91,121,841		8.0
Government Agency Repurchase Agreement: 8.6%
	16,342,000		Deutsche Bank Repurchase Agreement dated 3/31/14, 0.080%, due 4/1/14, $16,342,036 to be received upon repurchase (Collateralized by $20,914,000, various US Gov Agency Oblig, 0.000-0.750%, Market Value plus accrued interest $16,669,286 due 6/27/17-3/23/28		16,342,000		1.5

	PORTFOLIO OF INVESTMENTS
Voya Liquid Assets Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
Government Agency Repurchase Agreement: (continued)
	75,000,000		Goldman Sachs Repurchase Agreement dated 3/31/14, 0.070%, due 4/1/14, $75,000,146 to be received upon repurchase (Collateralized by $77,280,419, various US Gov Agency Oblig, 1.170-3.375%, Market Value plus accrued interest $76,500,000 due 1/30/17-1/13/22	$	75,000,000		6.6
	6,050,000		Morgan Stanley Repurchase Agreement dated 3/31/14, 0.040%, due 4/1/14, $6,050,007 to be received upon repurchase (Collateralized by $10,918,000, various US Gov Agency Oblig, 0.000-8.875%, Market Value plus accrued interest $6,171,072 due 4/15/15-4/15/30		6,050,000		0.5
			Total Government Agency Repurchase Agreement
			(Cost $97,392,000)		97,392,000		8.6
Other Commercial Paper: 4.7%
	3,250,000	#	American Honda Finance, 1.850%,due 09/19/14		3,272,441		0.3
	27,000,000		Cargill Global Fund PLC, 0.070%,due 04/04/14		26,999,843		2.4
	21,500,000		Cargill Global Fund PLC, 0.080%,due 04/02/14		21,499,952		1.9
	1,000,000		KFW, 0.100%,due 04/22/14		999,942		0.1
			Total Other Commercial Paper
			(Cost $52,772,178)		52,772,178		4.7
Other Instrument: 2.7%
	31,000,000		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.144%,due 04/01/14		31,000,000		2.7
			Total Other Instrument
			(Cost $31,000,000)		31,000,000		2.7
Other Note: 21.0%
	16,000,000		American Honda Finance, 0.242%,due 06/12/14		16,000,000		1.4
	4,500,000	#	American Honda Finance, 0.288%,due 04/17/14		4,500,000		0.4
	3,500,000	#	Australia & New Zealand Banking Group Ltd., 3.700%,due 01/13/15		3,592,486		0.3
	7,250,000		BHP Billiton Finance USA Ltd., 5.500%,due 04/01/14		7,250,000		0.6
	1,000,000		Caterpillar Financial Services Corp., 0.538%,due 04/01/14		1,000,000		0.1
	500,000		Caterpillar, Inc., 1.375%,due 05/27/14		500,845		0.1
	8,000,000		Commonwealth Bank of Australia NY, 1.950%,due 03/16/15		8,117,848		0.7
	6,000,000	#	Commonwealth Bank of Australia, 3.500%,due 03/19/15		6,183,441		0.6
	3,250,000		General Electric Capital Corp., 2.150%,due 01/09/15		3,296,552		0.3
	500,000		General Electric Capital Corp., 4.750%,due 09/15/14		509,606		0.1
	2,750,000		JPMorgan Chase Bank NA, 0.331%,due 04/21/14		2,748,021		0.3
	11,500,000		JPMorgan Chase Bank NA, 0.356%,due 04/22/14		11,500,000		1.0
	3,500,000	#	Nordea Eiendomskreditt, 0.660%,due 04/07/14		3,502,233		0.3
	28,470,000	#	Rabobank Nederland, 4.200%,due 05/13/14		28,600,766		2.5
	24,000,000	#	Royal Bank of Canada, 0.408%,due 04/01/14		24,000,000		2.1
	5,200,000	#	Standard Chartered PLC, 5.500%,due 11/18/14		5,367,668		0.5
	24,000,000		Svenska Handelsbanken AB, 0.386%,due 04/04/14		24,000,000		2.1
	9,500,000		Toyota Motor Credit Corp., 0.264%,due 06/11/14		9,500,000		0.8
	300,000		Toyota Motor Credit Corp., 0.406%,due 06/05/14		300,373		0.0
	12,000,000		US Bank NA, 0.522%,due 04/14/14		12,015,588		1.1
	2,100,000		Wal-Mart Stores, Inc., 3.200%,due 05/15/14		2,107,669		0.2
	36,250,000		Wells Fargo Bank NA, 0.380%,due 06/24/14		36,250,000		3.2
	26,500,000		Westpac Banking Corp, 0.533%,due 04/28/14		26,500,000		2.3
			Total Other Note
			(Cost $237,343,096)		237,343,096		21.0

	PORTFOLIO OF INVESTMENTS
Voya Liquid Assets Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†			Value		Percentage of Net Assets
Treasury Debt: 19.8%
	111,250,000	United States Treasury Bill, 0.045%,due 04/24/14	$	111,246,808		9.8
	113,000,000	United States Treasury Bill, 0.053%,due 04/17/14		112,997,338		10.0
		Total Treasury Debt
		(Cost $224,244,146)		224,244,146		19.8
		Total Investments in Securities (Cost $1,122,506,578)	$	1,122,506,578		99.1
		Assets in Excess of Other Liabilities		9,808,431		0.9
		Net Assets	$	1,132,315,009		100.0

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

# 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.

Cost for federal income tax purposes is the same as for financial statement purposes.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	–
Gross Unrealized Depreciation		–
Net Unrealized Depreciation	$	–

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Other Instrument	$	31,000,000	$	–	$	–	$	31,000,000
Asset Backed Commercial Paper		–		294,503,620		–		294,503,620
Government Agency Repurchase Agreement		–		97,392,000		–		97,392,000
Treasury Debt		–		224,244,146		–		224,244,146
Other Commercial Paper		–		52,772,178		–		52,772,178
Other Note		–		237,343,096		–		237,343,096
Financial Company Commercial Paper		–		91,121,841		–		91,121,841
Certificates of Deposit		–		94,129,697		–		94,129,697
Total Investments, at fair value	$	31,000,000	$	1,091,506,578	$	–	$	1,122,506,578

	PORTFOLIO OF INVESTMENTS
Voya Multi-Manager Large Cap Core Portfolio	as of March 31, 2014 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 99.0%
			Consumer Discretionary: 10.9%
	28,802		ARAMARK Holdings Corp.	$	832,954	0.2
	162,060	@	Carmax, Inc.		7,584,408	2.3
	195,820		Carnival Corp.		7,413,745	2.2
	2,317		CBS Outdoor Americas, Inc.		67,772	0.0
	50,606		Comcast Corp. – Class A		2,531,312	0.8
	33,365	@	Delphi Automotive PLC		2,264,149	0.7
	10,003		Dick's Sporting Goods, Inc.		546,264	0.2
	11,299		DirecTV Group		863,470	0.3
	16,722		Discovery Communications, Inc. - Class A		1,382,910	0.4
	144,336		Lowe's Cos., Inc.		7,058,030	2.1
	5,213	@	Ulta Salon Cosmetics & Fragrance, Inc.		508,163	0.2
	34,606		Viacom - Class B		2,941,164	0.9
	3,558		Wynn Resorts Ltd.		790,410	0.2
	16,380		Yum! Brands, Inc.		1,234,888	0.4
					36,019,639	10.9
			Consumer Staples: 12.7%
	137,720		Altria Group, Inc.		5,154,860	1.6
	26,350		Brown-Forman Corp.		2,363,331	0.7
	110,400		Coca-Cola Co.		4,268,064	1.3
	39,905		CVS Caremark Corp.		2,987,288	0.9
	9,867		Diageo PLC ADR		1,229,330	0.4
	53,670		Energizer Holdings, Inc.		5,406,716	1.6
	22,810		Hershey Co.		2,381,364	0.7
	30,991		PepsiCo, Inc.		2,587,748	0.8
	69,838		Philip Morris International, Inc.		5,717,637	1.7
	52,420		Procter & Gamble Co.		4,225,052	1.3
	25,094		Walgreen Co.		1,656,957	0.5
	52,700		Wal-Mart Stores, Inc.		4,027,861	1.2
					42,006,208	12.7
			Energy: 9.1%
	45,130		Apache Corp.		3,743,534	1.1
	23,795	@	Cameron International Corp.		1,469,817	0.4
	40,117		Canadian Natural Resources Ltd.		1,539,289	0.5
	82,485		Chevron Corp.		9,808,291	3.0
	91,404		ConocoPhillips		6,430,271	1.9
	39,814		Halliburton Co.		2,344,647	0.7
	22,240		Kinder Morgan Management, LLC		1,593,941	0.5
	37,239		Kinder Morgan, Inc.		1,209,895	0.4
	18,691	@	Newfield Exploration Co.		586,150	0.2
	18,499		Noble Energy, Inc.		1,314,169	0.4
					30,040,004	9.1
			Financials: 17.2%
	22,822	@	Aon PLC		1,923,438	0.6
	148,456		Bank of America Corp.		2,553,443	0.8
	96,587	@	Berkshire Hathaway, Inc.		12,070,477	3.6
	29,064		Blackrock, Inc.		9,140,047	2.8
	89,505		Citigroup, Inc.		4,260,438	1.3
	61,410		Eaton Vance Corp.		2,343,406	0.7
	83,874		JPMorgan Chase & Co.		5,091,991	1.5
	19,510		Realogy Holdings Corp.		847,709	0.3
	11,572		State Street Corp.		804,833	0.2
	230,172		Wells Fargo & Co.		11,448,755	3.5
	10,480		White Mountains Insurance Group Ltd.		6,286,952	1.9
					56,771,489	17.2
			Health Care: 11.3%
	54,332		Abbott Laboratories		2,092,325	0.6
	144,890		Bristol-Myers Squibb Co.		7,527,035	2.3
	40,564		Cardinal Health, Inc.		2,838,669	0.9
	11,750	@	Celgene Corp.		1,640,300	0.5
	14,760		Cigna Corp.		1,235,855	0.4
	33,151		Covidien PLC		2,441,903	0.7
	110,400		Eli Lilly & Co.		6,498,144	2.0
	27,420	@	Express Scripts Holding Co.		2,058,968	0.6
	36,830		Johnson & Johnson		3,617,811	1.1
	196,001		Pfizer, Inc.		6,295,552	1.9
	10,027	@	Salix Pharmaceuticals Ltd.		1,038,897	0.3
					37,285,459	11.3
			Industrials: 8.0%
	35,186		Eaton Corp. PLC		2,643,172	0.8
	31,726		FedEx Corp.		4,205,599	1.3
	69,300		General Dynamics Corp.		7,548,156	2.3
	115,252		General Electric Co.		2,983,874	0.9
	33,680		Honeywell International, Inc.		3,124,157	0.9
	8,240		Kansas City Southern		840,974	0.3
	24,604		Nielsen Holdings NV		1,098,077	0.3
	39,729	@	Tyco International Ltd.		1,684,510	0.5
	19,930		United Technologies Corp.		2,328,621	0.7
					26,457,140	8.0
			Information Technology: 19.9%
	10,756		Apple, Inc.		5,773,176	1.7
	54,205		Broadcom Corp.		1,706,373	0.5
	191,710		Cisco Systems, Inc.		4,296,221	1.3
	313,630		Corning, Inc.		6,529,777	2.0
	37,083	@	eBay, Inc.		2,048,465	0.6
	48,510	@	Electronic Arts, Inc.		1,407,275	0.4
	305,249		EMC Corp.		8,366,875	2.5
	4,585	@	Equinix, Inc.		847,491	0.3
	3,697		Google, Inc. – Class A		4,120,344	1.3
	21,154		Hewlett-Packard Co.		684,543	0.2
	24,179		International Business Machines Corp.		4,654,216	1.4
	169,390		Intel Corp.		4,371,956	1.3
	26,366		Intuit, Inc.		2,049,429	0.6
	29,620		Mastercard, Inc.		2,212,614	0.7
	120,280		Microsoft Corp.		4,930,277	1.5

Voya Multi-Manager Large Cap Core	PORTFOLIO OF INVESTMENTS
Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Information Technology: (continued)
	27,667		Qualcomm, Inc.	$	2,181,820			0.7
	29,518	@	Skyworks Solutions, Inc.		1,107,515			0.3
	17,390		Teradata Corp.		855,414			0.3
	35,540		Visa, Inc.		7,671,664			2.3
					65,815,445			19.9
			Materials: 7.6%
	97,510		Albemarle Corp.		6,476,614			1.9
	28,938		Dow Chemical Co.		1,406,098			0.4
	16,960	@	Louisiana-Pacific Corp.		286,115			0.1
	65,270		Mosaic Co.		3,263,500			1.0
	35,300		NewMarket Corp.		13,794,534			4.2
					25,226,861			7.6
			Telecommunication Services: 2.3%
	164,399		Verizon Communications, Inc.		7,820,460			2.3
		Total Common Stock
		(Cost $293,534,175)			327,442,705			99.0
SHORT-TERM INVESTMENTS: 1.0%
			Mutual Funds: 1.0%
	3,290,871		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%††
			(Cost $3,290,871)		3,290,871			1.0
		Total Short-Term Investments
		(Cost $3,290,871)			3,290,871			1.0
		Total Investments in Securities (Cost $296,825,046)		$	330,733,576			100.0
		Liabilities in Excess of Other Assets			(151,715	)		–
		Net Assets		$	330,581,861			100.0

†† Rate shown is the 7-day yield as of March 31, 2014.

@ Non-income producing security

ADR American Depositary Receipt

Cost for federal income tax purposes is $297,916,236.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	37,299,680
Gross Unrealized Depreciation		(4,482,340	)
Net Unrealized Appreciation	$	32,817,340

Voya Multi-Manager Large Cap Core	PORTFOLIO OF INVESTMENTS
Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Common Stock*	$	327,442,705	$	–	$	–	$	327,442,705
Short-Term Investments		3,290,871		–		–		3,290,871
Total Investments, at fair value	$	330,733,576	$	–	$	–	$	330,733,576

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

	PORTFOLIO OF INVESTMENTS
Voya Retirement Conservative Portfolio	as of March 31, 2014 (Unaudited)

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: 100.0%
			Affiliated Investment Companies: 100.0%
	281,672		Voya Australia Index Portfolio - Class I	$	2,982,906			0.5
	552,560		Voya Euro STOXX 50® Index Portfolio - Class I		6,741,233			1.2
	444,170		Voya FTSE 100 Index® Portfolio - Class I		6,031,823			1.1
	79,700		Voya Hang Seng Index Portfolio - Class I		1,078,339			0.2
	480,564		Voya Japan TOPIX Index Portfolio - Class I		5,247,757			1.0
	2,001,689		Voya RussellTM Mid Cap Index Portfolio - Class I		33,147,977			6.0
	24,538,195		Voya U.S. Bond Index Portfolio - Class I		259,368,719			46.9
	7,551,624		Voya U.S. Stock Index Portfolio - Class I		111,915,064			20.2
	13,217,782	@	VY BlackRock Inflation Protected Bond Portfolio - Class I		126,758,528			22.9
		Total Mutual Funds
		(Cost $494,136,677)			553,272,346			100.0
		Liabilities in Excess of Other Assets			(272,667	)		–
		Net Assets		$	552,999,679			100.0

@ Non-income producing security

Cost for federal income tax purposes is $498,832,981.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	63,657,961
Gross Unrealized Depreciation		(9,218,596	)
Net Unrealized Appreciation	$	54,439,365

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Mutual Funds	$	553,272,346	$	–	$	–	$	553,272,346
Total Investments, at fair value	$	553,272,346	$	–	$	–	$	553,272,346

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, 2014, where the following issuers were considered an affiliate:

Issuer	Beginning Market Value at 12/31/13		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciated/ (Depreciation)			Ending Market Value at 3/31/14		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Australia Index Portfolio - Class I	$	2,930,841	$	70,117	$	(170,148	)	$	152,096		$	2,982,906	$	-	$	9,918		$	-
Voya Euro STOXX 50® Index Portfolio - Class I		7,143,757		23,038		(380,130	)		(45,432	)		6,741,233		-		176,949			-
Voya FTSE 100 Index® Portfolio - Class I		6,688,170		21,502		(489,656	)		(188,193	)		6,031,823		-		147,181			-
Voya Hang Seng Index Portfolio - Class I		1,137,024		66,631		(62,506	)		(62,810	)		1,078,339		-		6,750			-
Voya Japan TOPIX Index Portfolio - Class I		5,556,367		310,439		(300,403	)		(318,646	)		5,247,757		-		32,028			-
Voya RussellTM Mid Cap Index Portfolio - Class I		35,596,526		115,191		(3,268,536	)		704,796			33,147,977		-		479,764			-
Voya U.S. Bond Index Portfolio - Class I		268,563,053		2,255,817		(16,590,615	)		5,140,464			259,368,719		-		(315,361	)		-
Voya U.S. Stock Index Portfolio - Class I		118,273,220		383,970		(6,047,973	)		(694,153	)		111,915,064		-		2,583,597			-
VY BlackRock Inflation Protected Bond Portfolio - Class I		129,964,040		2,441,224		(8,611,816	)		2,965,080			126,758,528		-		(647,330	)		-
	$	575,852,998	$	5,687,929	$	(35,921,783	)	$	7,653,202		$	553,272,346	$	-	$	2,473,496		$	-

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

	PORTFOLIO OF INVESTMENTS
Voya Retirement Growth Portfolio	as of March 31, 2014 (Unaudited)

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: 100.1%
			Affiliated Investment Companies: 100.1%
	11,320,575		Voya Australia Index Portfolio - Class I	$	119,884,893			2.6
	26,087,244		Voya Emerging Markets Index Portfolio - Class I		289,307,540			6.2
	22,208,393		Voya Euro STOXX 50® Index Portfolio - Class I		270,942,393			5.8
	17,856,582		Voya FTSE 100 Index® Portfolio - Class I		242,492,384			5.2
	3,204,452		Voya Hang Seng Index Portfolio - Class I		43,356,237			0.9
	19,317,812		Voya Japan TOPIX Index Portfolio - Class I		210,950,505			4.5
	45,167,255		Voya RussellTM Mid Cap Index Portfolio - Class I		747,969,749			15.9
	16,240,178		Voya RussellTM Small Cap Index Portfolio - Class I		278,194,256			5.9
	110,447,779		Voya U.S. Bond Index Portfolio - Class I		1,167,433,024			24.9
	89,451,184		Voya U.S. Stock Index Portfolio - Class I		1,325,666,554			28.2
		Total Mutual Funds
		(Cost $3,818,876,333)			4,696,197,535			100.1
		Liabilities in Excess of Other Assets			(2,805,259	)		(0.1	)
		Net Assets		$	4,693,392,276			100.0

Cost for federal income tax purposes is $3,844,446,898.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	918,471,696
Gross Unrealized Depreciation		(66,721,059	)
Net Unrealized Appreciation	$	851,750,637

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Mutual Funds	$	4,696,197,535	$	–	$	–	$	4,696,197,535
Total Investments, at fair value	$	4,696,197,535	$	–	$	–	$	4,696,197,535

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, 2014, where the following issuers were considered an affiliate:

Issuer	Beginning Market Value at 12/31/13		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciated/ (Depreciation)			Ending Market Value at 3/31/14		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Australia Index Portfolio - Class I	$	113,203,981	$	3,296,331	$	(3,126,366	)	$	6,510,947		$	119,884,893	$	-	$	(7,009	)	$	-
Voya Emerging Markets Index Portfolio - Class I		279,561,037		19,332,975		(8,203,480	)		(1,382,992	)		289,307,540		-		(626,094	)		-
Voya Euro STOXX 50® Index Portfolio - Class I		275,764,762		99,258		(7,988,737	)		3,067,110			270,942,393		-		2,194,822			-
Voya FTSE 100 Index® Portfolio - Class I		258,205,078		92,641		(10,914,827	)		(4,890,508	)		242,492,384		-		3,184,568			-
Voya Hang Seng Index Portfolio - Class I		43,893,770		2,862,502		(1,312,075	)		(2,087,960	)		43,356,237		-		(112,322	)		-
Voya Japan TOPIX Index Portfolio - Class I		214,523,568		13,505,740		(5,928,829	)		(11,149,974	)		210,950,505		-		(170,017	)		-
Voya RussellTM Mid Cap Index Portfolio - Class I		771,344,769		278,619		(26,078,744	)		2,425,105			747,969,749		-		23,642,973			-
Voya RussellTM Small Cap Index Portfolio - Class I		290,576,260		104,482		(8,597,512	)		(3,888,974	)		278,194,256		-		7,261,337			-
Voya U.S. Bond Index Portfolio - Class I		1,160,900,833		17,028,352		(32,159,711	)		21,663,550			1,167,433,024		-		(587,272	)		-
Voya U.S. Stock Index Portfolio - Class I		1,345,566,052		487,582		(26,466,646	)		6,079,566			1,325,666,554		-		16,068,957			-
	$	4,753,540,110	$	57,088,482	$	(130,776,927	)	$	16,345,870		$	4,696,197,535	$	-	$	50,849,943		$	-

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

	PORTFOLIO OF INVESTMENTS
Voya Retirement Moderate Portfolio	as of March 31, 2014 (Unaudited)

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: 100.1%
			Affiliated Investment Companies: 100.1%
	2,711,925		Voya Australia Index Portfolio - Class I	$	28,719,282			1.6
	6,596,568		Voya Emerging Markets Index Portfolio - Class I		73,155,944			4.1
	5,320,556		Voya Euro STOXX 50® Index Portfolio - Class I		64,910,782			3.7
	4,277,717		Voya FTSE 100 Index® Portfolio - Class I		58,091,393			3.3
	767,632		Voya Hang Seng Index Portfolio - Class I		10,386,065			0.6
	4,627,901		Voya Japan TOPIX Index Portfolio - Class I		50,536,675			2.8
	10,707,748		Voya RussellTM Mid Cap Index Portfolio - Class I		177,320,305			10.0
	2,053,266		Voya RussellTM Small Cap Index Portfolio - Class I		35,172,440			2.0
	62,002,725		Voya U.S. Bond Index Portfolio - Class I		655,368,799			36.9
	26,659,711		Voya U.S. Stock Index Portfolio - Class I		395,096,910			22.2
	23,979,067	@	VY BlackRock Inflation Protected Bond Portfolio - Class I		229,959,252			12.9
		Total Mutual Funds
		(Cost $1,596,927,549)			1,778,717,847			100.1
		Liabilities in Excess of Other Assets			(985,862	)		(0.1	)
		Net Assets		$	1,777,731,985			100.0

@ Non-income producing security

Cost for federal income tax purposes is $1,603,553,811.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	217,728,543
Gross Unrealized Depreciation		(42,564,507	)
Net Unrealized Appreciation	$	175,164,036

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Mutual Funds	$	1,778,717,847	$	–	$	–	$	1,778,717,847
Total Investments, at fair value	$	1,778,717,847	$	–	$	–	$	1,778,717,847

	PORTFOLIO OF INVESTMENTS
Voya Retirement Moderate Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended March 31, 2014, where the following issuers were considered an affiliate:

Issuer	Beginning Market Value at 12/31/13		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciated/ (Depreciation)			Ending Market Value at 3/31/14		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Australia Index Portfolio - Class I	$	27,459,260	$	672,000	$	(974,445	)	$	1,562,467		$	28,719,282	$	-	$	(2,560	)	$	-
Voya Emerging Markets Index Portfolio - Class I		71,582,524		4,603,770		(2,689,630	)		(340,720	)		73,155,944		-		(197,621	)		-
Voya Euro STOXX 50® Index Portfolio - Class I		66,896,475		145,128		(2,546,237	)		415,416			64,910,782		-		852,451			-
Voya FTSE 100 Index® Portfolio - Class I		62,632,684		135,453		(4,023,473	)		(653,271	)		58,091,393		-		258,221			-
Voya Hang Seng Index Portfolio - Class I		10,647,855		641,914		(376,975	)		(526,729	)		10,386,065		-		(3,174	)		-
Voya Japan TOPIX Index Portfolio - Class I		52,038,496		3,015,217		(1,828,271	)		(2,688,767	)		50,536,675		-		(34,025	)		-
Voya RussellTM Mid Cap Index Portfolio - Class I		185,167,245		403,134		(7,604,298	)		(645,776	)		177,320,305		-		6,889,156			-
Voya RussellTM Small Cap Index Portfolio - Class I		37,205,090		80,627		(1,380,134	)		(733,143	)		35,172,440		-		1,168,425			-
Voya U.S. Bond Index Portfolio - Class I		659,943,921		6,518,086		(23,097,473	)		12,004,265			655,368,799		-		(46,387	)		-
Voya U.S. Stock Index Portfolio - Class I		406,070,451		886,894		(12,052,063	)		191,628			395,096,910		-		6,447,845			-
VY BlackRock Inflation Protected Bond Portfolio - Class I		229,321,889		4,633,241		(8,511,089	)		4,515,211			229,959,252		-		(412,059	)		-
	$	1,808,965,890	$	21,735,464	$	(65,084,088	)	$	13,100,581		$	1,778,717,847	$	-	$	14,920,272		$	-

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

	PORTFOLIO OF INVESTMENTS
Voya Retirement Moderate Growth Portfolio	as of March 31, 2014 (Unaudited)

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: 100.1%
			Affiliated Investment Companies: 100.1%
	6,016,540		Voya Australia Index Portfolio - Class I	$	63,715,160			2.0
	14,634,786		Voya Emerging Markets Index Portfolio - Class I		162,299,772			5.1
	11,803,174		Voya Euro STOXX 50® Index Portfolio - Class I		143,998,723			4.6
	9,490,085		Voya FTSE 100 Index® Portfolio - Class I		128,875,357			4.1
	1,703,038		Voya Hang Seng Index Portfolio - Class I		23,042,107			0.7
	10,266,802		Voya Japan TOPIX Index Portfolio - Class I		112,113,474			3.6
	26,605,539		Voya RussellTM Mid Cap Index Portfolio - Class I		440,587,723			14.0
	7,288,365		Voya RussellTM Small Cap Index Portfolio - Class I		124,849,687			4.0
	104,095,918		Voya U.S. Bond Index Portfolio - Class I		1,100,293,854			34.8
	58,068,134		Voya U.S. Stock Index Portfolio - Class I		860,569,747			27.2
		Total Mutual Funds
		(Cost $2,665,338,119)			3,160,345,604			100.1
		Liabilities in Excess of Other Assets			(1,829,503	)		(0.1	)
		Net Assets		$	3,158,516,101			100.0

Cost for federal income tax purposes is $2,679,733,115.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	528,034,320
Gross Unrealized Depreciation		(47,421,831	)
Net Unrealized Appreciation	$	480,612,489

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Mutual Funds	$	3,160,345,604	$	–	$	–	$	3,160,345,604
Total Investments, at fair value	$	3,160,345,604	$	–	$	–	$	3,160,345,604

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, 2014, where the following issuers were considered an affiliate:

Issuer	Beginning Market Value at 12/31/13		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciated/ (Depreciation)			Ending Market Value at 3/31/14		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Australia Index Portfolio - Class I	$	60,344,280	$	1,629,680	$	(1,721,184	)	$	3,462,384		$	63,715,160	$	-	$	(1,653	)	$	-
Voya Emerging Markets Index Portfolio - Class I		157,302,498		10,550,459		(4,770,319	)		(782,866	)		162,299,772		-		(361,266	)		-
Voya Euro STOXX 50® Index Portfolio - Class I		146,996,408		9,868		(3,989,598	)		982,045			143,998,723		-		1,814,791			-
Voya FTSE 100 Index® Portfolio - Class I		137,635,537		9,210		(6,339,441	)		(2,429,949	)		128,875,357		-		1,524,446			-
Voya Hang Seng Index Portfolio - Class I		23,399,340		1,475,574		(722,794	)		(1,110,013	)		23,042,107		-		(61,436	)		-
Voya Japan TOPIX Index Portfolio - Class I		114,352,222		6,968,658		(3,331,674	)		(5,875,732	)		112,113,474		-		(157,157	)		-
Voya RussellTM Mid Cap Index Portfolio - Class I		455,720,240		30,700		(16,024,047	)		860,830			440,587,723		-		14,529,915			-
Voya RussellTM Small Cap Index Portfolio - Class I		130,805,572		8,771		(4,055,315	)		(1,909,341	)		124,849,687		-		3,422,971			-
Voya U.S. Bond Index Portfolio - Class I		1,097,410,037		13,811,644		(30,867,473	)		19,939,646			1,100,293,854		-		(4,104	)		-
Voya U.S. Stock Index Portfolio - Class I		876,096,560		59,207		(21,095,049	)		5,509,029			860,569,747		-		8,887,143			-
	$	3,200,062,694	$	34,553,771	$	(92,916,894	)	$	18,646,033		$	3,160,345,604	$	-	$	29,593,650		$	-

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

	PORTFOLIO OF INVESTMENTS
Voya U.S. Stock Index Portfolio	as of March 31, 2014 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 97.8%
			Consumer Discretionary: 11.9%
	51,165		ADT Corp.		1,532,392		0.0
	103,833	@	Amazon.com, Inc.		34,941,881		0.7
	17,676	@	Autonation, Inc.		940,894		0.0
	9,464	@	Autozone, Inc.		5,083,114		0.1
	59,176	@	Bed Bath & Beyond, Inc.		4,071,309		0.1
	74,557		Best Buy Co., Inc.		1,969,050		0.0
	63,272		BorgWarner, Inc.		3,889,330		0.1
	58,796		Cablevision Systems Corp.		991,889		0.0
	61,783	@	Carmax, Inc.		2,891,444		0.1
	122,325		Carnival Corp.		4,631,225		0.1
	154,028		CBS Corp. - Class B		9,518,930		0.2
	8,660		Chipotle Mexican Grill, Inc.		4,919,313		0.1
	77,912		Coach, Inc.		3,869,110		0.1
	727,530		Comcast Corp. – Class A		36,391,051		0.8
	36,786		Darden Restaurants, Inc.		1,867,257		0.0
	77,164	@	Delphi Automotive PLC		5,236,349		0.1
	132,248		DirecTV Group		10,106,392		0.2
	62,078		Discovery Communications, Inc. - Class A		5,133,851		0.1
	82,238		Dollar General Corp.		4,562,564		0.1
	57,488	@	Dollar Tree, Inc.		2,999,724		0.1
	78,084		D.R. Horton, Inc.		1,690,519		0.0
	28,378		Expedia, Inc.		2,057,405		0.0
	27,273		Family Dollar Stores, Inc.		1,582,107		0.0
	1,100,784		Ford Motor Co.		17,172,230		0.4
	13,540	@	Fossil Group, Inc.		1,578,899		0.0
	33,004		GameStop Corp.		1,356,464		0.0
	62,799		Gannett Co., Inc.		1,733,252		0.0
	72,995		Gap, Inc.		2,924,180		0.1
	33,821	@,L	Garmin Ltd.		1,868,948		0.0
	363,863		General Motors Co.		12,524,164		0.3
	42,795		Genuine Parts Co.		3,716,746		0.1
	67,608		Goodyear Tire & Rubber Co.		1,766,597		0.0
	1,204		Graham Holdings Co.		847,315		0.0
	75,682		H&R Block, Inc.		2,284,840		0.0
	60,929		Harley-Davidson, Inc.		4,058,481		0.1
	18,710		Harman International Industries, Inc.		1,990,744		0.0
	31,734		Hasbro, Inc.		1,765,045		0.0
	393,059		Home Depot, Inc.		31,102,759		0.7
	68,588		International Game Technology		964,347		0.0
	118,357		Interpublic Group of Cos., Inc.		2,028,639		0.0
	185,341		Johnson Controls, Inc.		8,770,336		0.2
	55,469		Kohl's Corp.		3,150,639		0.1
	67,299		L Brands, Inc.		3,820,564		0.1
	39,032		Leggett & Platt, Inc.		1,274,005		0.0
	48,886		Lennar Corp.		1,936,863		0.0
	291,908		Lowe's Cos., Inc.		14,274,301		0.3
	102,470		Macy's, Inc.		6,075,446		0.1
	61,718		Marriott International, Inc.		3,457,442		0.1
	95,001		Mattel, Inc.		3,810,490		0.1
	276,703		McDonald's Corp.		27,125,195		0.6
	75,306		McGraw-Hill Cos., Inc.		5,745,848		0.1
	49,886		Michael Kors Holdings Ltd.		4,652,867		0.1
	16,811	@	Mohawk Industries, Inc.		2,285,960		0.0
	16,694	@	NetFlix, Inc.		5,876,789		0.1
	77,846		Newell Rubbermaid, Inc.		2,327,595		0.1
	137,610		News Corp - Class A		2,369,644		0.1
	207,793		Nike, Inc.		15,347,591		0.3
	39,854		Nordstrom, Inc.		2,488,882		0.1
	72,070		Omnicom Group, Inc.		5,232,282		0.1
	29,575	@	O'Reilly Automotive, Inc.		4,388,634		0.1
	28,715		Petsmart, Inc.		1,978,176		0.0
	14,554	@	Priceline.com, Inc.		17,346,767		0.4
	96,064		Pulte Homes, Inc.		1,843,468		0.0
	22,543		PVH Corp.		2,812,690		0.1
	16,431		Ralph Lauren Corp.		2,644,241		0.1
	59,880		Ross Stores, Inc.		4,284,414		0.1
	30,235		Scripps Networks Interactive - Class A		2,295,139		0.1
	182,526		Staples, Inc.		2,069,845		0.0
	210,984		Starbucks Corp.		15,482,006		0.3
	53,570		Starwood Hotels & Resorts Worldwide, Inc.		4,264,172		0.1
	175,775		Target Corp.		10,636,145		0.2
	30,408		Tiffany & Co.		2,619,649		0.1
	77,442		Time Warner Cable, Inc.		10,623,494		0.2
	249,156		Time Warner, Inc.		16,277,362		0.3
	197,774		TJX Cos., Inc.		11,994,993		0.3
	38,787		Tractor Supply Co.		2,739,526		0.1
	30,821		TripAdvisor, Inc.		2,792,074		0.1
	541,712		Twenty-First Century Fox, Inc. Class A		17,318,533		0.4
	29,974	@	Urban Outfitters, Inc.		1,093,152		0.0
	98,337		VF Corp.		6,085,094		0.1
	111,228		Viacom - Class B		9,453,268		0.2
	454,466		Walt Disney Co.		36,389,093		0.8
	21,906		Whirlpool Corp.		3,274,071		0.1
	35,908		Wyndham Worldwide Corp.		2,629,543		0.1
	22,600		Wynn Resorts Ltd.		5,020,590		0.1
	123,313		Yum! Brands, Inc.		9,296,567		0.2
					568,236,195		11.9
			Consumer Staples: 9.5%
	556,174		Altria Group, Inc.		20,817,593		0.4
	183,762		Archer-Daniels-Midland Co.		7,973,433		0.2
	119,840		Avon Products, Inc.		1,754,458		0.0
	46,181		Beam, Inc.		3,846,877		0.1
	44,904		Brown-Forman Corp.		4,027,440		0.1
	50,394		Campbell Soup Co.		2,261,683		0.0
	36,262		Clorox Co.		3,191,419		0.1
	1,057,590		Coca-Cola Co.		40,886,429		0.9
	66,540		Coca-Cola Enterprises, Inc.		3,177,950		0.1
	243,668		Colgate-Palmolive Co.		15,806,743		0.3
	116,640		ConAgra Foods, Inc.		3,619,339		0.1
	46,684	@	Constellation Brands, Inc.		3,966,740		0.1
	122,734		Costco Wholesale Corp.		13,706,933		0.3
	330,035		CVS Caremark Corp.		24,706,420		0.5

	PORTFOLIO OF INVESTMENTS
Voya U.S. Stock Index Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Consumer Staples: (continued)
	55,290		Dr Pepper Snapple Group, Inc.		3,011,093		0.1
	71,339		Estee Lauder Cos., Inc.		4,771,152		0.1
	174,318		General Mills, Inc.		9,033,159		0.2
	41,854		Hershey Co.		4,369,558		0.1
	36,996		Hormel Foods Corp.		1,822,793		0.0
	29,052		JM Smucker Co.		2,825,017		0.1
	71,113		Kellogg Co.		4,459,496		0.1
	36,048		Keurig Green Mountain, Inc.		3,806,308		0.1
	106,128		Kimberly-Clark Corp.		11,700,612		0.2
	165,703		Kraft Foods Group, Inc.		9,295,938		0.2
	144,720		Kroger Co.		6,317,028		0.1
	101,098		Lorillard, Inc.		5,467,380		0.1
	36,474		McCormick & Co., Inc.		2,616,645		0.1
	55,930		Mead Johnson Nutrition Co.		4,650,020		0.1
	43,598		Molson Coors Brewing Co.		2,566,178		0.1
	474,770		Mondelez International, Inc.		16,403,304		0.3
	37,472	@	Monster Beverage Corp.		2,602,430		0.1
	424,945		PepsiCo, Inc.		35,482,908		0.7
	442,454		Philip Morris International, Inc.		36,223,709		0.8
	756,798		Procter & Gamble Co.		60,997,919		1.3
	86,379		Reynolds American, Inc.		4,614,366		0.1
	64,281		Safeway, Inc.		2,374,540		0.0
	163,274		Sysco Corp.		5,899,090		0.1
	74,847		Tyson Foods, Inc.		3,294,016		0.1
	243,992		Walgreen Co.		16,110,792		0.3
	451,578		Wal-Mart Stores, Inc.		34,514,107		0.7
	103,823		Whole Foods Market, Inc.		5,264,864		0.1
					450,237,879		9.5
			Energy: 9.9%
	140,610		Anadarko Petroleum Corp.		11,918,104		0.3
	110,175		Apache Corp.		9,139,016		0.2
	122,027		Baker Hughes, Inc.		7,934,196		0.2
	117,854		Cabot Oil & Gas Corp.		3,992,894		0.1
	60,508	@	Cameron International Corp.		3,737,579		0.1
	140,008		Chesapeake Energy Corp.		3,587,005		0.1
	532,869		Chevron Corp.		63,363,453		1.3
	342,226		ConocoPhillips		24,075,599		0.5
	63,242		Consol Energy, Inc.		2,526,518		0.1
	101,046		Denbury Resources, Inc.		1,657,154		0.0
	106,890		Devon Energy Corp.		7,154,148		0.1
	19,107	L	Diamond Offshore Drilling		931,657		0.0
	64,550	@	Ensco PLC		3,406,949		0.1
	76,233		EOG Resources, Inc.		14,954,628		0.3
	42,117		EQT Corp.		4,084,086		0.1
	1,206,127		ExxonMobil Corp.		117,814,485		2.5
	65,470	@	FMC Technologies, Inc.		3,423,426		0.1
	237,491		Halliburton Co.		13,985,845		0.3
	30,015		Helmerich & Payne, Inc.		3,228,413		0.1
	76,273		Hess Corp.		6,321,506		0.1
	186,064		Kinder Morgan, Inc.		6,045,219		0.1
	193,724		Marathon Oil Corp.		6,881,076		0.1
	82,218		Marathon Petroleum Corp.		7,156,255		0.2
	48,552		Murphy Oil Corp.		3,051,979		0.1
	71,363	@	Nabors Industries Ltd.		1,759,098		0.0
	119,049		National Oilwell Varco, Inc.		9,270,346		0.2
	37,291	@	Newfield Exploration Co.		1,169,446		0.0
	100,456		Noble Energy, Inc.		7,136,394		0.1
	70,018	@	Noble Corp. PLC		2,292,389		0.0
	221,827		Occidental Petroleum Corp.		21,137,895		0.4
	58,005		Oneok, Inc.		3,436,796		0.1
	74,167		Peabody Energy Corp.		1,211,889		0.0
	164,016		Phillips 66		12,639,073		0.3
	39,661		Pioneer Natural Resources Co.		7,422,160		0.2
	49,278		QEP Resources, Inc.		1,450,744		0.0
	45,688		Range Resources Corp.		3,790,733		0.1
	34,140	@	Rowan Companies PLC		1,149,835		0.0
	364,897		Schlumberger Ltd.		35,577,458		0.7
	98,509	@	Southwestern Energy Co.		4,532,399		0.1
	186,328		Spectra Energy Corp.		6,882,956		0.1
	37,330		Tesoro Corp.		1,888,525		0.0
	93,623	@,L	Transocean Ltd.		3,870,375		0.1
	148,633		Valero Energy Corp.		7,892,412		0.2
	190,051		Williams Cos., Inc.		7,712,270		0.2
					472,594,383		9.9
			Financials: 15.8%
	93,967	@	ACE Ltd.		9,308,371		0.2
	127,226		Aflac, Inc.		8,020,327		0.2
	409,437		American International Group, Inc.		20,475,944		0.4
	124,793		Allstate Corp.		7,060,788		0.2
	255,059		American Express Co.		22,962,962		0.5
	109,744		American Tower Corp.		8,984,741		0.2
	53,276		Ameriprise Financial, Inc.		5,864,089		0.1
	83,717	@	Aon PLC		7,055,669		0.1
	40,103		Apartment Investment & Management Co.		1,211,913		0.0
	20,605		Assurant, Inc.		1,338,501		0.0
	33,615		AvalonBay Communities, Inc.		4,414,322		0.1
	2,949,736		Bank of America Corp.		50,735,459		1.1
	316,811		Bank of New York Mellon Corp.		11,180,260		0.2
	198,422		BB&T Corp.		7,970,612		0.2
	502,461	@	Berkshire Hathaway, Inc.		62,792,551		1.3
	35,066		Blackrock, Inc.		11,027,556		0.2
	42,707		Boston Properties, Inc.		4,891,233		0.1
	160,332		Capital One Financial Corp.		12,371,217		0.3
	78,282	@	CBRE Group, Inc.		2,147,275		0.0
	326,206		Charles Schwab Corp.		8,915,210		0.2
	68,551		Chubb Corp.		6,121,604		0.1
	40,707		Cincinnati Financial Corp.		1,980,803		0.0
	847,525		Citigroup, Inc.		40,342,190		0.8
	87,662		CME Group, Inc.		6,487,865		0.1

	PORTFOLIO OF INVESTMENTS
Voya U.S. Stock Index Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK
			Financials
	51,114		Comerica, Inc.		2,647,705		0.1
	131,435		Discover Financial Services		7,648,203		0.2
	78,900	@	E*Trade Financial Corp.		1,816,278		0.0
	93,729		Equity Residential		5,435,345		0.1
	237,655		Fifth Third Bancorp.		5,454,182		0.1
	112,273		Franklin Resources, Inc.		6,082,951		0.1
	145,523		General Growth Properties, Inc.		3,201,506		0.1
	136,441	@	Genworth Financial, Inc.		2,419,099		0.1
	117,525		Goldman Sachs Group, Inc.		19,256,471		0.4
	124,582		Hartford Financial Services Group, Inc.		4,394,007		0.1
	127,604		HCP, Inc.		4,949,759		0.1
	80,275		Health Care Real Estate Investment Trust, Inc.		4,784,390		0.1
	210,311		Host Hotels & Resorts, Inc.		4,256,695		0.1
	130,657		Hudson City Bancorp., Inc.		1,284,358		0.0
	229,278		Huntington Bancshares, Inc.		2,285,902		0.0
	31,990		IntercontinentalExchange Group, Inc.		6,328,582		0.1
	120,900		Invesco Ltd.		4,473,300		0.1
	1,056,964		JPMorgan Chase & Co.		64,168,284		1.3
	247,089		Keycorp		3,518,547		0.1
	113,203		Kimco Realty Corp.		2,476,882		0.1
	29,841		Legg Mason, Inc.		1,463,403		0.0
	86,610		Leucadia National Corp.		2,425,080		0.1
	73,092		Lincoln National Corp.		3,703,572		0.1
	84,557		Loews Corp.		3,724,736		0.1
	36,574		M&T Bank Corp.		4,436,426		0.1
	38,838		Macerich Co.		2,420,773		0.1
	153,060		Marsh & McLennan Cos., Inc.		7,545,858		0.2
	313,598		Metlife, Inc.		16,557,974		0.3
	52,161		Moody's Corp.		4,137,410		0.1
	391,524		Morgan Stanley		12,203,803		0.3
	31,735		Nasdaq Stock Market, Inc.		1,172,291		0.0
	62,380		Northern Trust Corp.		4,089,633		0.1
	88,257		People's United Financial, Inc.		1,312,382		0.0
	48,386		Plum Creek Timber Co., Inc.		2,034,147		0.0
	149,067		PNC Financial Services Group, Inc.		12,968,829		0.3
	76,711		Principal Financial Group, Inc.		3,527,939		0.1
	152,849		Progressive Corp.		3,702,003		0.1
	139,451		ProLogis, Inc.		5,693,784		0.1
	128,754		Prudential Financial, Inc.		10,899,026		0.2
	40,356		Public Storage, Inc.		6,799,582		0.1
	396,218		Regions Financial Corp.		4,401,982		0.1
	87,715		Simon Property Group, Inc.		14,385,260		0.3
	120,540		SLM Corp.		2,950,819		0.1
	120,477		State Street Corp.		8,379,175		0.2
	148,852		SunTrust Bank		5,922,821		0.1
	73,149		T. Rowe Price Group, Inc.		6,023,820		0.1
	24,917		Torchmark Corp.		1,960,968		0.0
	98,341		Travelers Cos., Inc.		8,368,819		0.2
	72,845		UnumProvident Corp.		2,572,157		0.1
	507,868		US Bancorp.		21,767,222		0.5
	81,780		Ventas, Inc.		4,953,415		0.1
	48,616		Vornado Realty Trust		4,791,593		0.1
	1,336,485		Wells Fargo & Co.		66,476,764		1.4
	163,160		Weyerhaeuser Co.		4,788,746		0.1
	77,052	@	XL Group PLC		2,407,875		0.1
	50,716		Zions Bancorp.		1,571,182		0.0
					753,085,177		15.8
			Health Care: 13.1%
	429,971		Abbott Laboratories		16,558,183		0.4
	443,382		AbbVie, Inc.		22,789,835		0.5
	48,623	@	Actavis PLC		10,009,045		0.2
	101,236		Aetna, Inc.		7,589,663		0.2
	93,064		Agilent Technologies, Inc.		5,204,139		0.1
	55,218	@	Alexion Pharmaceuticals, Inc.		8,400,314		0.2
	83,308		Allergan, Inc.		10,338,523		0.2
	63,836		AmerisourceBergen Corp.		4,187,003		0.1
	210,735		Amgen, Inc.		25,992,055		0.6
	151,613		Baxter International, Inc.		11,155,685		0.2
	53,670		Becton Dickinson & Co.		6,283,684		0.1
	65,982	@	Biogen Idec, Inc.		20,181,914		0.4
	371,099	@	Boston Scientific Corp.		5,017,258		0.1
	458,880		Bristol-Myers Squibb Co.		23,838,816		0.5
	95,706		Cardinal Health, Inc.		6,697,506		0.1
	59,243		CareFusion Corp.		2,382,753		0.1
	113,327	@	Celgene Corp.		15,820,449		0.3
	82,561		Cerner Corp.		4,644,056		0.1
	76,866		Cigna Corp.		6,435,990		0.1
	125,811		Covidien PLC		9,267,238		0.2
	21,464		CR Bard, Inc.		3,176,243		0.1
	48,764		DaVita, Inc.		3,357,401		0.1
	40,173		Densply International, Inc.		1,849,565		0.0
	30,149	@	Edwards Lifesciences Corp.		2,236,151		0.1
	275,708		Eli Lilly & Co.		16,228,173		0.3
	216,603	@	Express Scripts Holding Co.		16,264,719		0.3
	66,565	@	Forest Laboratories, Inc.		6,141,953		0.1
	429,351	@	Gilead Sciences, Inc.		30,423,812		0.6
	46,768		Hospira, Inc.		2,022,716		0.0
	43,238		Humana, Inc.		4,873,787		0.1
	10,655	@	Intuitive Surgical, Inc.		4,666,783		0.1
	789,592		Johnson & Johnson		77,561,622		1.6
	24,085	@	Laboratory Corp. of America Holdings		2,365,388		0.1
	64,233		McKesson Corp.		11,341,621		0.2
	279,344		Medtronic, Inc.		17,190,830		0.4
	820,775		Merck & Co., Inc.		46,595,397		1.0
	103,807	@	Mylan Laboratories		5,068,896		0.1
	22,861		Patterson Cos., Inc.		954,675		0.0
	30,789		PerkinElmer, Inc.		1,387,352		0.0
	37,331	@	Perrigo Co. PLC		5,773,612		0.1
	1,781,577		Pfizer, Inc.		57,224,253		1.2
	40,075		Quest Diagnostics		2,321,144		0.1
	21,842		Regeneron Pharmaceuticals, Inc.		6,558,716		0.1
	79,215		St. Jude Medical, Inc.		5,179,869		0.1

	PORTFOLIO OF INVESTMENTS
Voya U.S. Stock Index Portfolio	as of March 31, 2014 (Unaudited) (Continued)

82,267		Stryker Corp.	6,702,293	0.1
27,927	@	Tenet Healthcare Corp.	1,195,555	0.0
109,356		Thermo Fisher Scientific, Inc.	13,148,965	0.3
276,100		UnitedHealth Group, Inc.	22,637,439	0.5
29,133	@	Varian Medical Systems, Inc.	2,446,881	0.1
65,808	@	Vertex Pharmaceuticals, Inc.	4,653,942	0.1
23,550	@	Waters Corp.	2,553,056	0.1
78,839		WellPoint, Inc.	7,848,422	0.2
47,548		Zimmer Holdings, Inc.	4,497,090	0.1
138,174		Zoetis, Inc.	3,998,756	0.1
			623,241,186	13.1
		Industrials: 10.4%
175,720		3M Co.	23,838,175	0.5
24,931	@	Allegion Public Ltd.	1,300,650	0.0
68,403		Ametek, Inc.	3,522,070	0.1
190,897		Boeing Co.	23,955,665	0.5
178,027		Caterpillar, Inc.	17,690,543	0.4
41,785		CH Robinson Worldwide, Inc.	2,189,116	0.0
28,241		Cintas Corp.	1,683,446	0.0
281,888		CSX Corp.	8,166,295	0.2
48,456		Cummins, Inc.	7,219,459	0.1
167,664		Danaher Corp.	12,574,800	0.3
103,190		Deere & Co.	9,369,652	0.2
237,092		Delta Airlines, Inc.	8,215,238	0.2
47,165		Dover Corp.	3,855,739	0.1
10,664		Dun & Bradstreet Corp.	1,059,468	0.0
132,664		Eaton Corp. PLC	9,965,720	0.2
195,762		Emerson Electric Co.	13,076,902	0.3
33,517		Equifax, Inc.	2,280,162	0.0
57,039		Expeditors International Washington, Inc.	2,260,456	0.0
75,476		Fastenal Co.	3,722,476	0.1
77,484		FedEx Corp.	10,271,279	0.2
38,858		Flowserve Corp.	3,044,136	0.1
45,054		Fluor Corp.	3,502,047	0.1
90,752		General Dynamics Corp.	9,884,708	0.2
2,800,407		General Electric Co.	72,502,537	1.5
218,864		Honeywell International, Inc.	20,301,825	0.4
109,101		Illinois Tool Works, Inc.	8,873,184	0.2
72,172	@	Ingersoll-Rand PLC - Class A	4,131,125	0.1
46,749		Iron Mountain, Inc.	1,288,870	0.0
36,331	@	Jacobs Engineering Group, Inc.	2,307,019	0.0
27,950	L	Joy Global, Inc.	1,621,100	0.0
30,459		Kansas City Southern	3,108,646	0.1
23,962		L-3 Communications Holdings, Inc.	2,831,110	0.1
75,362		Lockheed Martin Corp.	12,302,093	0.3
98,640		Masco Corp.	2,190,794	0.0
79,311		Nielsen Holdings NV	3,539,650	0.1
86,447		Norfolk Southern Corp.	8,400,055	0.2
60,495		Northrop Grumman Corp.	7,463,873	0.2
98,891		Paccar, Inc.	6,669,209	0.1
30,906		Pall Corp.	2,765,160	0.1
41,625		Parker Hannifin Corp.	4,982,929	0.1
55,035		Pentair Ltd.	4,366,477	0.1
55,469		Pitney Bowes, Inc.	1,441,639	0.0
40,394		Precision Castparts Corp.	10,209,987	0.2
60,346	@	Quanta Services, Inc.	2,226,767	0.0
87,785		Raytheon Co.	8,672,280	0.2
75,033		Republic Services, Inc.	2,563,127	0.1
38,162		Robert Half International, Inc.	1,600,896	0.0
38,736		Rockwell Automation, Inc.	4,824,569	0.1
37,310		Rockwell Collins, Inc.	2,972,488	0.1
27,786		Roper Industries, Inc.	3,709,709	0.1
14,383		Ryder System, Inc.	1,149,489	0.0
16,423		Snap-On, Inc.	1,863,682	0.0
195,937		Southwest Airlines Co.	4,626,073	0.1
43,432		Stanley Black & Decker, Inc.	3,528,416	0.1
23,736	@	Stericycle, Inc.	2,696,884	0.1
78,851		Textron, Inc.	3,098,056	0.1
129,394	@	Tyco International Ltd.	5,486,306	0.1
127,014		Union Pacific Corp.	23,835,447	0.5
198,784		United Parcel Service, Inc. - Class B	19,357,586	0.4
234,753		United Technologies Corp.	27,428,541	0.6
120,477		Waste Management, Inc.	5,068,467	0.1
17,093		WW Grainger, Inc.	4,318,717	0.1
50,838		Xylem, Inc.	1,851,520	0.0
			494,824,504	10.4
		Information Technology: 18.3%
177,795		Accenture PLC	14,173,817	0.3
129,281	@	Adobe Systems, Inc.	8,498,933	0.2
49,234		Akamai Technologies, Inc.	2,865,911	0.1
14,842		Alliance Data Systems Corp.	4,043,703	0.1
88,285		Altera Corp.	3,199,448	0.1
43,983		Amphenol Corp.	4,031,042	0.1
87,232		Analog Devices, Inc.	4,635,508	0.1
248,969		Apple, Inc.	133,631,621	2.8
338,029		Applied Materials, Inc.	6,902,552	0.1
62,736	@	Autodesk, Inc.	3,085,356	0.1
134,486		Automatic Data Processing, Inc.	10,390,388	0.2
154,059		Broadcom Corp.	4,849,777	0.1
90,657		CA, Inc.	2,807,647	0.1
1,437,805		Cisco Systems, Inc.	32,221,210	0.7
51,783	@	Citrix Systems, Inc.	2,973,898	0.1
169,542		Cognizant Technology Solutions Corp.	8,580,521	0.2
40,814		Computer Sciences Corp.	2,482,307	0.0
388,565		Corning, Inc.	8,089,923	0.2
325,224	@	eBay, Inc.	17,965,374	0.4
86,568	@	Electronic Arts, Inc.	2,511,338	0.1
565,387		EMC Corp.	15,497,258	0.3
21,387	@	F5 Networks, Inc.	2,280,496	0.0
476,822		Facebook, Inc.	28,723,757	0.6
80,723		Fidelity National Information Services, Inc.	4,314,644	0.1
19,721		First Solar, Inc.	1,376,329	0.0
71,078		Fiserv, Inc.	4,029,412	0.1
39,050		Flir Systems, Inc.	1,405,800	0.0
78,790		Google, Inc. – Class A	87,812,243	1.8
29,451		Harris Corp.	2,154,635	0.0
528,959		Hewlett-Packard Co.	17,117,113	0.4
273,216		International Business Machines Corp.	52,591,348	1.1
1,387,765		Intel Corp.	35,818,215	0.8
79,214		Intuit, Inc.	6,157,304	0.1
50,688		Jabil Circuit, Inc.	912,384	0.0

	PORTFOLIO OF INVESTMENTS
Voya U.S. Stock Index Portfolio	as of March 31, 2014 (Unaudited) (Continued)

140,064	@	Juniper Networks, Inc.	3,608,049	0.1
46,495		KLA-Tencor Corp.	3,214,664	0.1
45,086	@	Lam Research Corp.	2,479,730	0.0
65,850		Linear Technology Corp.	3,206,236	0.1
155,839		LSI Logic Corp.	1,725,138	0.0
284,817		Mastercard, Inc.	21,275,830	0.4
55,582		Microchip Technology, Inc.	2,654,596	0.1
296,109	@	Micron Technology, Inc.	7,005,939	0.1
2,108,347		Microsoft Corp.	86,421,144	1.8
63,450		Motorola Solutions, Inc.	4,079,201	0.1
92,465		NetApp, Inc.	3,411,959	0.1
154,698		Nvidia Corp.	2,770,641	0.1
966,580		Oracle Corp.	39,542,788	0.8
89,902		Paychex, Inc.	3,829,825	0.1
472,008		Qualcomm, Inc.	37,222,551	0.8
52,314	@	Red Hat, Inc.	2,771,596	0.1
156,666		Salesforce.com, Inc.	8,944,062	0.2
62,425		Sandisk Corp.	5,068,286	0.1
91,761	@	Seagate Technology	5,153,298	0.1
193,062		Symantec Corp.	3,855,448	0.1
114,119	@	TE Connectivity Ltd.	6,871,105	0.1
44,436		Teradata Corp.	2,185,807	0.0
302,622		Texas Instruments, Inc.	14,268,627	0.3
45,814		Total System Services, Inc.	1,393,204	0.0
35,501	@	VeriSign, Inc.	1,913,859	0.0
141,612		Visa, Inc.	30,568,366	0.6
58,289		Western Digital Corp.	5,352,096	0.1
152,526		Western Union Co.	2,495,325	0.1
310,893		Xerox Corp.	3,513,091	0.1
74,615		Xilinx, Inc.	4,049,356	0.1
262,354	@	Yahoo!, Inc.	9,418,509	0.2
			868,401,538	18.3
		Materials: 3.4%
58,753		Air Products & Chemicals, Inc.	6,993,957	0.2
18,677		Airgas, Inc.	1,989,287	0.0
300,800		Alcoa, Inc.	3,871,296	0.1
29,672		Allegheny Technologies, Inc.	1,118,041	0.0
26,958		Avery Dennison Corp.	1,365,962	0.0
39,856		Ball Corp.	2,184,507	0.0
28,289		Bemis Co., Inc.	1,110,060	0.0
15,482		CF Industries Holdings, Inc.	4,035,228	0.1
42,087	L	Cliffs Natural Resources, Inc.	861,100	0.0
339,358		Dow Chemical Co.	16,489,405	0.3
42,624		Eastman Chemical Co.	3,674,615	0.1
75,408		Ecolab, Inc.	8,143,310	0.2
258,752		EI Du Pont de Nemours & Co.	17,362,259	0.4
36,726		FMC Corp.	2,811,743	0.1
288,696		Freeport-McMoRan Copper & Gold, Inc.	9,547,177	0.2
22,462		International Flavors & Fragrances, Inc.	2,148,940	0.0
123,365		International Paper Co.	5,659,986	0.1
120,516	@	LyondellBasell Industries NV - Class A	10,718,693	0.2
48,726		MeadWestvaco Corp.	1,834,047	0.0
146,228		Monsanto Co.	16,636,360	0.4
94,140		Mosaic Co.	4,707,000	0.1
137,528		Newmont Mining Corp.	3,223,656	0.1
87,930		Nucor Corp.	4,443,982	0.1
45,174	@	Owens-Illinois, Inc.	1,528,236	0.0
38,661		PPG Industries, Inc.	7,479,357	0.2
81,858		Praxair, Inc.	10,720,942	0.2
55,307		Sealed Air Corp.	1,817,941	0.0
23,735		Sherwin-Williams Co.	4,678,881	0.1
33,228		Sigma-Aldrich Corp.	3,102,831	0.1
39,759	L	United States Steel Corp.	1,097,746	0.0
35,915		Vulcan Materials Co.	2,386,552	0.1
			163,743,097	3.4
		Telecommunication Services: 2.5%
1,453,315		AT&T, Inc.	50,967,757	1.1
161,317		CenturyTel, Inc.	5,297,650	0.1
92,900		Crown Castle International Corp.	6,854,162	0.1
274,774	L	Frontier Communications Corp.	1,566,212	0.0
1,155,859		Verizon Communications, Inc.	54,984,213	1.2
162,934	L	Windstream Holdings, Inc.	1,342,576	0.0
			121,012,570	2.5
		Utilities: 3.0%
181,342		AES Corp.	2,589,564	0.1
32,595		AGL Resources, Inc.	1,595,851	0.0
67,052		Ameren Corp.	2,762,543	0.1
135,508		American Electric Power Co., Inc.	6,864,835	0.1
118,448		CenterPoint Energy, Inc.	2,806,033	0.1
73,300		CMS Energy Corp.	2,146,224	0.1
80,935		Consolidated Edison, Inc.	4,342,163	0.1
162,302		Dominion Resources, Inc.	11,521,819	0.2
49,165		DTE Energy Co.	3,652,468	0.1
197,183		Duke Energy Corp.	14,043,373	0.3
90,940		Edison International	5,148,113	0.1
49,268		Entergy Corp.	3,293,566	0.1
238,292		Exelon Corp.	7,997,080	0.2
115,573		FirstEnergy Corp.	3,932,949	0.1
21,876		Integrys Energy Group, Inc.	1,304,903	0.0
121,523		NextEra Energy, Inc.	11,620,029	0.2
86,381		NiSource, Inc.	3,069,117	0.1
88,043		Northeast Utilities	4,005,957	0.1
90,774		NRG Energy, Inc.	2,886,613	0.1
127,742		Pacific Gas & Electric Co.	5,518,454	0.1
68,468		Pepco Holdings, Inc.	1,402,225	0.0
31,056		Pinnacle West Capital Corp.	1,697,521	0.0
176,044		PPL Corp.	5,834,098	0.1
141,279		Public Service Enterprise Group, Inc.	5,388,381	0.1
39,522		SCANA Corp.	2,028,269	0.0
63,441		Sempra Energy	6,138,551	0.1
247,839		Southern Co.	10,890,046	0.2
56,144		TECO Energy, Inc.	962,870	0.0
62,915		Wisconsin Energy Corp.	2,928,693	0.1
139,081		Xcel Energy, Inc.	4,222,499	0.1
			142,594,807	3.0
	Total Common Stock
	(Cost $3,039,858,502)		4,657,971,336	97.8

	PORTFOLIO OF INVESTMENTS
Voya U.S. Stock Index Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.2%
		Securities Lending Collateralcc(1): 0.2%
	961,861	Bank of Nova Scotia, Repurchase Agreement dated 03/31/14, 0.06%, due 04/01/14 (Repurchase Amount $961,863, collateralized by various U.S. Government Securities, 0.000%-4.500%, Market Value plus accrued interest $981,100, due 06/15/14-11/15/42)		961,861		0.0
	2,446,801	Cantor Fitzgerald, Repurchase Agreement dated 03/31/14, 0.10%, due 04/01/14 (Repurchase Amount $2,446,808, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $2,495,737, due 05/15/14-09/01/49)		2,446,801		0.0
	2,446,801	Citigroup, Inc., Repurchase Agreement dated 03/31/14, 0.09%, due 04/01/14 (Repurchase Amount $2,446,807, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.625%, Market Value plus accrued interest $2,495,737, due 04/03/14-02/15/41)		2,446,801		0.1
	2,000,000	Millenium Fixed Income Ltd., Repurchase Agreement dated 03/31/14, 0.07%, due 04/01/14 (Repurchase Amount $2,000,004, collateralized by various U.S. Government Securities, 0.750%, Market Value plus accrued interest $2,040,000, due 06/30/17)		2,000,000		0.0
	2,446,801	Nomura Securities, Repurchase Agreement dated 03/31/14, 0.10%, due 04/01/14 (Repurchase Amount $2,446,808, collateralized by various U.S. Government Agency Obligations, 0.000%-6.036%, Market Value plus accrued interest $2,495,737, due 04/01/14-05/01/47)		2,446,801		0.1
				10,302,264		0.2

Shares				Value			Percentage of Net Assets
			Mutual Funds: 2.0%
	92,546,000		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%††
			(Cost $92,546,000)		92,546,000			2.0
		Total Short-Term Investments
		(Cost $102,848,264)			102,848,264			2.2
		Total Investments in Securities (Cost $3,142,706,766)		$	4,760,819,600			100.0
		Liabilities in Excess of Other Assets			(664,731	)		–
		Net Assets		$	4,760,154,869			100.0

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

†† Rate shown is the 7-day yield as of March 31, 2014.

@ Non-income producing security

cc Securities purchased with cash collateral for securities loaned.

L Loaned security, a portion or all of the security is on loan at March 31, 2014.

(1) Collateral received from brokers for securities lending was invested into these short-term investments.

Cost for federal income tax purposes is $3,200,923,355.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	1,650,772,116
Gross Unrealized Depreciation		(90,875,871	)
Net Unrealized Appreciation	$	1,559,896,245

	PORTFOLIO OF INVESTMENTS
Voya U.S. Stock Index Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Common Stock*	$	4,657,971,336	$	–	$	–	$	4,657,971,336
Short-Term Investments		92,546,000		10,302,264		–		102,848,264
Total Investments, at fair value	$	4,750,517,336	$	10,302,264	$	–	$	4,760,819,600
Other Financial Instruments+
Futures		1,757,329		–		–		1,757,329
Total Assets	$	4,752,274,665	$	10,302,264	$	–	$	4,762,576,929

+ 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.

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

Voya U.S. Stock Index Portfolio Open Futures Contracts on March 31, 2014:

Contract Description	Number of Contracts		Expiration Date		Notional Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
S&P 500 E-Mini		1,115		06/20/14	$	103,951,450	$	1,757,329
					$	103,951,450	$	1,757,329

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, 2014 was as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Equity contracts	Futures contracts	$	1,757,329
Total Asset Derivatives		$	1,757,329

VY BlackRock Health Sciences	PORTFOLIO OF INVESTMENTS
Opportunities Portfolio	as of March 31, 2014 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 97.7%
			Consumer Discretionary: 0.3%
	62,900		Service Corp. International	$	1,250,452		0.3
			Health Care: 96.9%
	192,300		Abbott Laboratories		7,405,473		1.6
	276,400		AbbVie, Inc.		14,206,960		3.1
	50,713		Acadia Pharmaceuticals, Inc.		1,233,847		0.3
	19,400		Acceleron Pharma, Inc.		669,300		0.1
	30,300		Achaogen, Inc.		468,438		0.1
	67,100		Acorda Therapeutics, Inc.		2,543,761		0.6
	26,900	@	Actavis PLC		5,537,365		1.2
	33,800		Actelion Ltd. - Reg		3,203,172		0.7
	26,000		Aegerion Pharmaceuticals, Inc.		1,199,120		0.3
	56,814		Aetna, Inc.		4,259,346		0.9
	99,000		Agilent Technologies, Inc.		5,536,080		1.2
	7,300	L	Agios Pharmaceuticals, Inc.		285,795		0.1
	18,500		Akebia Therapeutics, Inc.		361,860		0.1
	60,100		Alere, Inc.		2,064,435		0.5
	79,863	@	Alexion Pharmaceuticals, Inc.		12,149,558		2.6
	127,000	@	Alkermes PLC		5,599,430		1.2
	46,918		Allergan, Inc.		5,822,524		1.3
	17,300		AmerisourceBergen Corp.		1,134,707		0.2
	77,719		Amgen, Inc.		9,585,861		2.1
	11,000	@	Aquinox Pharmaceuticals, Inc.		140,030		0.0
	123,600		Array Biopharma, Inc.		580,920		0.1
	36,900		AstraZeneca PLC		2,392,101		0.5
	41,187		AtriCure, Inc.		774,727		0.2
	32,800		Baxter International, Inc.		2,413,424		0.5
	86,200		Bayer AG		11,673,589		2.5
	41,196		Becton Dickinson & Co.		4,823,228		1.1
	58,700	@	Biogen Idec, Inc.		17,954,569		3.9
	85,900		BioMarin Pharmaceuticals, Inc.		5,859,239		1.3
	51,100	@	Biota Pharmaceuticals, Inc.		312,221		0.1
	12,600		Bluebird Bio, Inc.		286,524		0.1
	571,900	@	Boston Scientific Corp.		7,732,088		1.7
	157,700		Bristol-Myers Squibb Co.		8,192,515		1.8
	89,256		Cardinal Health, Inc.		6,246,135		1.4
	81,100		CareFusion Corp.		3,261,842		0.7
	81,771	@	Celgene Corp.		11,415,232		2.5
	57,700		Cerner Corp.		3,245,625		0.7
	80,900		Charles River Laboratories International, Inc.		4,881,506		1.1
	88,400		Chugai Pharmaceutical Co., Ltd.		2,257,941		0.5
	50,600		Cigna Corp.		4,236,738		0.9
	42,600		Coloplast A/S		3,444,258		0.8
	13,200	L	Conatus Pharmaceuticals, Inc.		107,382		0.0
	19,900		Concert Pharmaceuticals, Inc.		267,655		0.1
	14,900		Cooper Cos., Inc.		2,046,664		0.4
	143,610		Covidien PLC		10,578,313		2.3
	20,500		Densply International, Inc.		943,820		0.2
	5,200	L	Dicerna Pharmaceuticals, Inc.		146,900		0.0
	95,136		Dyax Corp.		854,321		0.2
	42,200	@	Edwards Lifesciences Corp.		3,129,974		0.7
	8,000		Eleven Biotherapeutics, Inc.		129,840		0.0
	135,300		Eli Lilly & Co.		7,963,758		1.7
	53,900		Envision Healthcare Holdings, Inc.		1,823,437		0.4
	38,100	L	Epizyme, Inc.		867,537		0.2
	53,700	L	Exelixis, Inc.		190,098		0.0
	35,066	@	Express Scripts Holding Co.		2,633,106		0.6
	67,400	@	Forest Laboratories, Inc.		6,218,998		1.4
	84,740	@	Gilead Sciences, Inc.		6,004,676		1.3
	126,100	@	HCA Holdings, Inc.		6,620,250		1.4
	39,100	@	ICON PLC		1,859,205		0.4
	47,200	@	Illumina, Inc.		7,016,752		1.5
	27,400	@	Incyte Corp., Ltd.		1,466,448		0.3
	40,500	@	Infinity Pharmaceuticals, Inc.		481,545		0.1
	56,100		InterMune, Inc.		1,877,667		0.4
	42,700		Intra-Cellular Therapies, Inc.		776,286		0.2
	52,911	X	Intra-Cellular Therapies, Inc. - Private Placement		913,826		0.2
	73,040		Isis Pharmaceuticals, Inc.		3,156,058		0.7
	190,800		Johnson & Johnson		18,742,284		4.1
	41,310	L	Karyopharm Therapeutics, Inc.		1,276,066		0.3
	7,500		MacroGenics, Inc.		208,725		0.0
	61,100		Mallinckrodt PLC - W/I		3,874,351		0.8
	35,931		McKesson Corp.		6,344,337		1.4
	1,546,390	@,X	Medipattern Corp.		–		–
	28,100	@	Medivation, Inc.		1,808,797		0.4
	94,188		Medtronic, Inc.		5,796,330		1.3
	264,200		Merck & Co., Inc.		14,998,634		3.3
	129,800	@	Mylan Laboratories		6,338,134		1.4
	92,313	@	Neurocrine Biosciences, Inc.		1,486,239		0.3
	116,400		Novartis AG		9,883,282		2.2
	51,500	@	Perrigo Co. PLC		7,964,990		1.7
	493,530		Pfizer, Inc.		15,852,184		3.5
	71,200	@	Phoenix Healthcare Group Co. Ltd.		103,696		0.0
	44,700		Premier, Inc.		1,472,865		0.3
	12,900	@,L	Prosensa Holdings BV		72,627		0.0

VY BlackRock Health Sciences	PORTFOLIO OF INVESTMENTS
Opportunities Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Health Care: (continued)
	141,026	@,L	Protalix BioTherapeutics, Inc.	$	645,899		0.1
	7,300	L	PTC Therapeutics, Inc.		190,822		0.0
	26,000		Puma Biotechnology, Inc.		2,707,640		0.6
	1,302,400	@	PW Medtech Group Ltd.		579,731		0.1
	20,375		Regeneron Pharmaceuticals, Inc.		6,118,205		1.3
	22,900		Roche Holding AG - Genusschein		6,887,491		1.5
	125,655		Seattle Genetics, Inc.		5,724,842		1.2
	21,400		Shire PLC ADR		3,178,542		0.7
	114,100		St. Jude Medical, Inc.		7,460,999		1.6
	116,800		Stryker Corp.		9,515,696		2.1
	48,800		Team Health Holdings, Inc.		2,183,800		0.5
	41,700	@	Tekmira Pharmaceuticals Corp.		896,133		0.2
	54,600		Thermo Fisher Scientific, Inc.		6,565,104		1.4
	4,600		Ultragenyx Pharmaceutical, Inc.		224,894		0.1
	47,026	X	Ultragenyx Pharmaceutical, Inc. - Private Placement		2,276,110		0.5
	10,900	@,L	Uniqure B.V.		169,495		0.0
	134,075		UnitedHealth Group, Inc.		10,992,809		2.4
	67,500		Universal Health Services, Inc.		5,539,725		1.2
	52,000	@	Valeant Pharmaceuticals International		6,855,160		1.5
	49,900	@	Varian Medical Systems, Inc.		4,191,101		0.9
	29,280	L	Verastem, Inc.		315,931		0.1
	68,320	@	Vertex Pharmaceuticals, Inc.		4,831,590		1.1
	28,200		WellPoint, Inc.		2,807,310		0.6
	31,200		Zimmer Holdings, Inc.		2,950,896		0.6
	39,600		Zoetis, Inc.		1,146,024		0.3
					444,645,490		96.9
			Materials: 0.5%
	24,700		Sigma-Aldrich Corp.		2,306,486		0.5
		Total Common Stock
		(Cost $375,813,233)			448,202,428		97.7
Principal Amount†					Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.7%
			Securities Lending Collateralcc(1): 0.8%
	836,173		Bank of Nova Scotia, Repurchase Agreement dated 03/31/14, 0.07%, due 04/01/14 (Repurchase Amount $836,175, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%-6.500%, Market Value plus accrued interest $852,898, due 01/31/16-11/01/43)	$	836,173		0.2
	1,000,000		Citigroup, Inc., Repurchase Agreement dated 03/31/14, 0.09%, due 04/01/14 (Repurchase Amount $1,000,002, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.625%, Market Value plus accrued interest $1,020,000, due 04/03/14-02/15/41)		1,000,000		0.2
	1,000,000		Daiwa Capital Markets, Repurchase Agreement dated 03/31/14, 0.12%, due 04/01/14 (Repurchase Amount $1,000,003, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,020,000, due 03/27/17-03/01/48)		1,000,000		0.2
	1,000,000		Millenium Fixed Income Ltd., Repurchase Agreement dated 03/31/14, 0.07%, due 04/01/14 (Repurchase Amount $1,000,002, collateralized by various U.S. Government Securities, 0.750%, Market Value plus accrued interest $1,020,000, due 06/30/17)		1,000,000		0.2
					3,836,173		0.8

VY BlackRock Health Sciences	PORTFOLIO OF INVESTMENTS
Opportunities Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value			Percentage of Net Assets
			Affiliated Investment Companies: 2.9%
	13,238,834		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%††
			(Cost $13,238,834)	$	13,238,834			2.9
		Total Short-Term Investments
		(Cost $17,075,007)			17,075,007			3.7
		Total Investments in Securities (Cost $392,888,240)		$	465,277,435			101.4
		Liabilities in Excess of Other Assets			(6,300,362	)		(1.4	)
		Net Assets		$	458,977,073			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of March 31, 2014.
@	Non-income producing security
ADR	American Depositary Receipt
cc	Securities purchased with cash collateral for securities loaned.
L	Loaned security, a portion or all of the security is on loan at March 31, 2014.
X	Fair value determined by Voya funds Valuation Committee appointed by the Funds' Board of Directors/Trustees.
(1)	Collateral received from brokers for securities lending was invested into these short-term investments.

Cost for federal income tax purposes is $393,020,550.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	77,356,264
Gross Unrealized Depreciation		(5,099,379	)
Net Unrealized Appreciation	$	72,256,885

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	1,250,452	$	–	$	–	$	1,250,452
Health Care		401,030,293		43,615,197		–		444,645,490
Materials		2,306,486		–		–		2,306,486
Total Common Stock		404,587,231		43,615,197		–		448,202,428
Short-Term Investments		13,238,834		3,836,173		–		17,075,007
Total Investments, at fair value	$	417,826,065	$	47,451,370	$	–	$	465,277,435
Other Financial Instruments+
Forward Foreign Currency Contracts		–		5,507		–		5,507
Total Assets	$	417,826,065	$	47,456,877	$	–	$	465,282,942

VY BlackRock Health Sciences	PORTFOLIO OF INVESTMENTS
Opportunities Portfolio	as of March 31, 2014 (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, 2014
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	–	$	(541,022	)	$	–	$	(541,022	)
Total Liabilities	$	–	$	(541,022	)	$	–	$	(541,022	)

+ 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.

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, 2014, where the following issuers were considered an affiliate:

Issuer	Beginning Market Value at 12/31/13		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciated/ (Depreciation)		Ending Market Value at 3/31/14		Investment Income		Realized Gains/ (Losses)		Net Capital Gain Distributions
BlackRock Liquidity Funds, TempFund, Institutional Class	$	3,572,858	$	54,927,473	$	(45,261,497	)	$	-	$	13,238,834	$	568	$	-	$	-
	$	3,572,858	$	54,927,473	$	(45,261,497	)	$	-	$	13,238,834	$	568	$	-	$	-

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

At March 31, 2014, the following forward foreign currency contracts were outstanding for the VY BlackRock Health Sciences Opportunities Portfolio:

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
The Bank of New York Mellon Corp.	Swiss Franc		171,831	Buy	04/22/14	$	193,710	$	194,398	$	688
Royal Bank of Scotland Group PLC	Swiss Franc		491,884	Buy	04/22/14		556,418		556,487		69
UBS AG	Swiss Franc		3,438,191	Buy	04/22/14		3,889,792		3,889,752		(40	)
										$	717
BNP Paribas Bank	Japanese Yen		72,356,000	Sell	04/22/14	$	693,892	$	701,099	$	(7,207	)
JPMorgan Chase & Co.	Swiss Franc		392,856	Sell	04/22/14		445,734		444,453		1,281
Citigroup, Inc.	Swiss Franc		3,770,000	Sell	04/22/14		4,161,111		4,265,140		(104,029	)
Citigroup, Inc.	EU Euro		3,080,000	Sell	04/22/14		4,153,790		4,242,989		(89,199	)
Citigroup, Inc.	Hong Kong Sar Dollar		4,709,000	Sell	04/22/14		607,312		607,146		166
Deutsche Bank AG	EU Euro		227,000	Sell	04/22/14		308,229		312,714		(4,485	)
Goldman Sachs & Co.	British Pound		1,097,000	Sell	04/22/14		1,802,371		1,828,587		(26,216	)
Royal Bank of Scotland Group PLC	Swiss Franc		429,174	Sell	04/22/14		488,844		485,541		3,303
State Street Bank	Swiss Franc		221,924	Sell	04/22/14		249,701		251,070		(1,369	)
UBS AG	Swiss Franc		655,000	Sell	04/22/14		725,119		741,026		(15,907	)
UBS AG	EU Euro		1,032,000	Sell	04/22/14		1,407,073		1,421,677		(14,604	)
UBS AG	EU Euro		237,000	Sell	04/22/14		323,181		326,490		(3,309	)
UBS AG	Swiss Franc		9,145,027	Sell	04/22/14		10,071,449		10,346,106		(274,657	)
										$	(536,232	)

VY BlackRock Health Sciences	PORTFOLIO OF INVESTMENTS
Opportunities Portfolio	as of March 31, 2014 (Unaudited) (Continued)

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

The fair value of derivative instruments as of March 31, 2014 was as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Foreign exchange contracts	Forward foreign currency contracts	$	5,507
Total Asset Derivatives		$	5,507
Liability Derivatives	Instrument Type
Foreign exchange contracts	Forward foreign currency contracts	$	541,022
Total Liability Derivatives		$	541,022

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, 2014:

	BNP Paribas Bank			Citigroup, Inc.			Deutsche Bank AG			Goldman Sachs & Co.			JPMorgan Chase & Co.		Royal Bank of Scotland Group PLC		State Street Bank			The Bank of New York Mellon Corp.		UBS AG			Totals
Assets:
Forward foreign currency contracts	$	-		$	166		$	-		$	-		$	1,281	$	3,372	$	-		$	688	$	-		$	5,507
Total Assets	$	-		$	166		$	-		$	-		$	1,281	$	3,372	$	-		$	688	$	-		$	5,507
Liabilities:
Forward foreign currency contracts	$	7,207		$	193,228		$	4,485		$	26,216		$	-	$	-	$	1,369		$	-	$	308,517		$	541,022
Total Liabilities	$	7,207		$	193,228		$	4,485		$	26,216		$	-	$	-	$	1,369		$	-	$	308,517		$	541,022
Net OTC derivative instruments by counterparty, at fair value	$	(7,207	)	$	(193,062	)	$	(4,485	)	$	(26,216	)	$	1,281	$	3,372	$	(1,369	)	$	688	$	(308,517	)	$	(535,515	)
Total collateral pledged by the Portfolio/(Received from counterparty)	$	-		$	-		$	-		$	-		$	-	$	-	$	-		$	-	$	-		$	-
Net Exposure(1)	$	(7,207	)	$	(193,062	)	$	(4,485	)	$	(26,216	)	$	1,281	$	3,372	$	(1,369	)	$	688	$	(308,517	)	$	(535,515	)

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

VY BlackRock Inflation Protected Bond	PORTFOLIO OF INVESTMENTS
Portfolio	as of March 31, 2014 (Unaudited)

Principal Amount†				Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: 0.0%
	102,220		GMAC Commercial Mortgage Securities, Inc., 4.547%, 12/10/41	$	102,501		0.0
		Total Collateralized Mortgage Obligations
		(Cost $98,024)			102,501		0.0
U.S. GOVERNMENT AGENCY OBLIGATIONS: 16.1%
			Federal Home Loan Mortgage Corporation: 7.0%##
	55,850,000		4.000%, due 03/01/44		58,080,887		7.0
			Federal National Mortgage Association: 9.1%##
	71,663,085		4.000%, due 03/01/44		74,654,135		9.1
		Total U.S. Government Agency Obligations
		(Cost $132,473,615)			132,735,022		16.1
FOREIGN GOVERNMENT BONDS: 19.5%
BRL	8,070,000		Brazil Notas do Tesouro Nacional Series B, 6.000%, 08/15/16		8,653,073		1.0
EUR	3,593,770		Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond, 0.750%, 04/15/18		5,222,752		0.6
EUR	27,025,000		Bundesschatzanweisungen, 0.250%, 03/11/16		37,302,743		4.5
EUR	29,549,954		Deutsche Bundesrepublik Inflation Linked Bond, 1.500%, 04/15/16		42,544,940		5.2
EUR	33,075,000		France Government Bond OAT, 3.250%, 04/25/16		48,396,753		5.9
EUR	605,900		Hellenic Republic Government Bond, 16.320%, 10/15/42		11,436		0.0
EUR	10,647,240		Italy Buoni Poliennali Del Tesoro, 2.100%, 09/15/16		15,414,273		1.9
NZD	3,717,885		New Zealand Government Bond, 3.000%, 09/20/30		3,279,319		0.4
		Total Foreign Government Bonds
		(Cost $157,968,116)			160,825,289		19.5
U.S. TREASURY OBLIGATIONS: 53.6%
			Treasury Inflation Indexed Protected Securities: 53.6%
	2,530,185		0.125%, due 04/15/17		2,603,618		0.3
	19,489,579		0.125%, due 04/15/18		19,953,977		2.4
	28,945,441		0.125%, due 01/15/22		28,382,366		3.4
	14,388,153		0.125%, due 07/15/22		14,103,195		1.7
	23,686,198		0.125%, due 01/15/23		22,934,896		2.8
	10,217,350		0.375%, due 07/15/23		10,112,387		1.2
	8,342,215		0.625%, due 07/15/21		8,597,370		1.1
	14,622,611		0.625%, due 01/15/24		14,682,008		1.8
	4,079,854		0.625%, due 02/15/43		3,422,614		0.4
	14,756,608		0.750%, due 02/15/42		12,884,363		1.6
	9,222,885		1.125%, due 01/15/21		9,797,157		1.2
	13,943,670		1.250%, due 07/15/20		15,039,559		1.8
	22,726,727		1.375%, due 01/15/20		24,585,705		3.0
	3,840,180		1.375%, due 02/15/44		3,926,285		0.5
	30,000,851		1.750%, due 01/15/28		33,268,123		4.0
	4,853,198		1.875%, due 07/15/19		5,407,147		0.7
	21,496,752		2.000%, due 01/15/26		24,507,974		3.0
	13,542,485		2.125%, due 01/15/19		15,137,952		1.8
	7,712,438		2.125%, due 02/15/40		9,248,602		1.1
	7,910,398		2.125%, due 02/15/41		9,515,656		1.2
	43,025,598		2.375%, due 01/15/25		50,719,780		6.1
	20,428,687		2.375%, due 01/15/27		24,273,427		2.9
	15,389,188		2.500%, due 01/15/29		18,702,664		2.3
	3,222,119		3.375%, due 04/15/32		4,457,221		0.5
	19,271,281		3.625%, due 04/15/28		26,226,248		3.2
	21,177,021		3.875%, due 04/15/29		29,920,822		3.6
		Total U.S. Treasury Obligations
		(Cost $459,354,856)			442,411,116		53.6

# of Contracts				Value		Percentage of Net Assets
PURCHASED OPTIONS: 0.4%
			Options on Currencies: 0.0%
	12,225,000	@	Call EUR vs. Put USD, Strike @ 1.410, Exp. 04/16/14 Counterparty: Deutsche Bank AG		5,389		0.0
	6,155,000	@	Call EUR vs. Put USD, Strike @ 1.400, Exp. 04/07/14 Counterparty: Deutsche Bank AG		3,107		0.0
	4,650,000	@	Put USD vs. Call MXN, Strike @ 13.100, Exp. 04/24/14 Counterparty: Deutsche Bank AG		44,188		0.0
	4,650,000	@	Put USD vs. Call MXN, Strike @ 12.900, Exp. 04/24/14 Counterparty: Deutsche Bank AG		14,810		0.0
					67,494		0.0
			Options on Exchange-Traded Futures Contracts: 0.1%
	67	@	Euro-Bund Call, Strike @ 143.000, Exp. 05/23/14		113,533		0.0
	67	@	Euro-Bund Put, Strike @ 143.000, Exp. 05/23/14		78,457		0.0
	343	@	Eurodollar 1-Year Mid-Curve Option, Strike @ 99.375, Exp. 04/11/14		45,019		0.0
	263	@	U.S. Treasury 10-Year Note Put, Strike @ 123.500, Exp. 04/25/14		168,486		0.0
	263	@	U.S. Treasury 10-Year Note Put, Strike @ 121.500, Exp. 04/25/14		28,767		0.0
	289	@	U.S. Treasury Long Bond Put, Strike @ 133.000, Exp. 05/23/14		415,437		0.1
					849,699		0.1

VY BlackRock Inflation Protected Bond	PORTFOLIO OF INVESTMENTS
Portfolio	as of March 31, 2014 (Unaudited) (Continued)

# of Contracts				Value		Percentage of Net Assets
PURCHASED OPTIONS: (continued)
			Options on Inflation Floors: 0.0%
	8,810,000	@	Inflation Rate Floor on Eurostat Eurozone HICP Ex Tobacco NSA (CPTFEMU), Portfolio receives maximum of 0% minus CPTFEMU., Exp. 11/19/15 Counterparty: Barclays Bank PLC	$	12,484		0.0
			Options on Inflations Caps: –%
	6,085,000	@	Inflation Rate Cap on US CPI Urban Consumers NSA (CPURNSA), Portfolio receives maximum of CPURNSA minus 2.000% or $0, Exp. 05/13/14 Counterparty: Deutsche Bank AG		–		–
	12,170,000	@	Inflation Rate Cap on US CPI Urban Consumers NSA (CPURNSA), Portfolio receives maximum of CPURNSA minus 2.000% or $0, Exp. 05/10/14 Counterparty: Deutsche Bank AG		–		–
	36,505,000	@	Inflation Rate Cap on US CPI Urban Consumers NSA (CPURNSA), Portfolio receives maximum of CPURNSA minus 2.000% or $0, Exp. 05/10/14 Counterparty: Deutsche Bank AG		–		–
					–		–
			OTC Interest Rate Swaptions: 0.3%
	37,500,000	@	Receive a fixed rate equal to 1.660% and pay a floating rate equal to the 3-month USB-LIBOR-BBA, Exp. 01/07/15 Counterparty: Deutsche Bank AG		336,802		0.1
	37,500,000	@	Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.660%, Exp. 01/07/15 Counterparty: Deutsche Bank AG		302,437		0.0
	14,400,000	@	Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 3.150%, Exp. 04/23/14 Counterparty: Deutsche Bank AG		5,605		0.0
	10,100,000	@	Receive a floating rate equal to the 6-month EUR-EURIBOR and pay a fixed rate equal to 2.500%, Exp. 06/08/22 Counterparty: Deutsche Bank AG		1,852,276		0.2
					2,497,120		0.3
		Total Purchased Options
		(Cost $3,129,279)			3,426,797		0.4
		Total Long-Term Investments
		(Cost $753,023,890)			739,500,725		89.6

Shares				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 10.2%
			Mutual Funds: 3.0%
	24,997,103		Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares, 0.010%††
			(Cost $24,997,103)		24,997,103		3.0
			Affiliated Investment Companies: 7.2%
	59,508,323		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%††
			(Cost $59,508,323)		59,508,323		7.2
		Total Short-Term Investments
		(Cost $84,505,426)			84,505,426		10.2
		Total Investments in Securities (Cost $837,529,316)		$	824,006,151		99.8
		Assets in Excess of Other Liabilities			1,948,958		0.2
		Net Assets		$	825,955,109		100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of March 31, 2014.
##	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

BRL	Brazilian Real
EUR	EU Euro
NZD	New Zealand Dollar

VY BlackRock Inflation Protected Bond	PORTFOLIO OF INVESTMENTS
Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Cost for federal income tax purposes is $838,700,154.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	5,268,018
Gross Unrealized Depreciation		(19,962,021	)
Net Unrealized Depreciation	$	(14,694,003	)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Purchased Options	$	849,699		$	2,577,098		$	–	$	3,426,797
Collateralized Mortgage Obligations		–			102,501			–		102,501
Foreign Government Bonds		–			160,825,289			–		160,825,289
U.S. Treasury Obligations		–			442,411,116			–		442,411,116
Short-Term Investments		59,508,323			24,997,103			–		84,505,426
U.S. Government Agency Obligations		–			132,735,022			–		132,735,022
Total Investments, at fair value	$	60,358,022		$	763,648,129		$	–	$	824,006,151
Other Financial Instruments+
Centrally Cleared Swaps		–			26,612			–		26,612
Forward Foreign Currency Contracts		–			432,563			–		432,563
Futures		90,311			–			–		90,311
OTC Swaps		–			642,203			–		642,203
Total Assets	$	60,448,333		$	764,749,507		$	–	$	825,197,840
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps	$	–		$	(48,111	)	$	–	$	(48,111	)
Forward Foreign Currency Contracts		–			(2,437,208	)		–		(2,437,208	)
Futures		(1,474,440	)		–			–		(1,474,440	)
OTC Swaps		–			(51,617	)		–		(51,617	)
Written Options		(283,406	)		(1,448,070	)		–		(1,731,476	)
Total Liabilities	$	(1,757,846	)	$	(3,985,006	)	$	–	$	(5,742,852	)

+ 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, 2014, where the following issuers were considered an affiliate:

Issuer	Beginning Market Value at 12/31/13		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciated/ (Depreciation)		Ending Market Value at 3/31/14		Investment Income		Realized Gains/ (Losses)		Net Capital Gain Distributions
BlackRock Liquidity Funds, TempFund, Institutional Class	$	34,419,805	$	243,551,665	$	(218,463,147	)	$	-	$	59,508,323	$	1,431	$	-	$	-
	$	34,419,805	$	243,551,665	$	(218,463,147	)	$	-	$	59,508,323	$	1,431	$	-	$	-

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

At March 31, 2014, the following forward foreign currency contracts were outstanding for the VY BlackRock Inflation Protected Bond Portfolio:

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
The Bank of New York Mellon Corp.	Australian Dollar		60,000	Buy	04/22/14	$	54,680	$	55,568	$	888
JPMorgan Chase & Co.	Norwegian Krone		38,377,035	Buy	04/15/14		7,180,000		6,405,989		(774,011	)
Citigroup, Inc.	Australian Dollar		280,000	Buy	04/15/14		1,496,331		259,441		(1,236,890	)
Citigroup, Inc.	Canadian Dollar		1,500,000	Buy	04/22/14		1,356,213		1,356,223		10
Deutsche Bank AG	Mexican Peso		107,945,000	Buy	04/15/14		8,098,082		8,259,881		161,799
Deutsche Bank AG	New Zealand Dollar		495,000	Buy	04/15/14		418,510		429,129		10,619
UBS AG	New Zealand Dollar		2,080,000	Buy	04/15/14		1,753,833		1,803,209		49,376
										$	(1,788,209	)
Bank of America	EU Euro		46,020,000	Sell	04/22/14	$	63,412,638	$	63,396,871	$	15,767
Barclays Bank PLC	Japanese Yen		373,105,000	Sell	04/15/14		3,632,051		3,615,090		16,961
Barclays Bank PLC	Australian Dollar		259,000	Sell	04/22/14		229,470		239,869		(10,399	)
Barclays Bank PLC	Canadian Dollar		1,393,000	Sell	04/22/14		1,269,441		1,259,478		9,963
BNP Paribas Bank	Brazilian Real		14,900,000	Sell	04/02/14		6,339,886		6,566,770		(226,884	)
Deutsche Bank AG	EU Euro		305,000	Sell	04/15/14		423,518		420,173		3,345

VY BlackRock Inflation Protected Bond	PORTFOLIO OF INVESTMENTS
Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Deutsche Bank AG	Norwegian Krone		500,000	Sell	04/15/14	$	83,700	$	83,461	$	239
Goldman Sachs & Co.	EU Euro		63,169,000	Sell	04/22/14		87,052,630		87,021,229		31,401
Royal Bank of Canada	Mexican Peso		22,886,000	Sell	04/15/14		1,722,358		1,751,222		(28,864	)
UBS AG	New Zealand Dollar		2,043,000	Sell	04/15/14		1,735,641		1,771,133		(35,492	)
UBS AG	EU Euro		11,640,000	Sell	04/15/14		16,167,646		16,035,451		132,195
UBS AG	Brazilian Real		14,900,000	Sell	05/05/14		6,385,830		6,510,498		(124,668	)
										$	(216,436	)

VY BlackRock Inflation Protected Bond Portfolio Open Futures Contracts on March 31, 2014:

Contract Description	Number of Contracts		Expiration Date	Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
90-Day Eurodollar		301	09/18/17	$	73,026,363		$	(79,027	)
U.S. Treasury 2-Year Note		101	06/30/14		22,175,813			(25,518	)
U.S. Treasury 5-Year Note		993	06/30/14		118,120,458			(192,350	)
				$	213,322,634		$	(296,895	)
Short Contracts
90-Day Eurodollar		(301)	09/14/15		(74,584,037	)		87,314
Euro-Bund		(31)	06/06/14		(6,123,383	)		2,997
Euro-Schatz		(578)	06/06/14		(87,921,901	)		(51,946	)
U.S. Treasury 10-Year Note		(596)	06/30/14		(73,606,000	)		(85,914	)
U.S. Treasury Long Bond		(424)	06/19/14		(56,484,750	)		(327,609	)
U.S. Treasury Ultra Long Bond		(240)	06/19/14		(34,672,500	)		(712,076	)
				$	(333,392,571	)	$	(1,087,234	)

VY BlackRock Inflation Protected Bond Portfolio Centrally Cleared Interest Rate Swap Agreements Outstanding on March 31, 2014:

	Termination Date	Notional Amount		Fair Value			Unrealized Appreciation/ (Depreciation)
Receive a floating rate based on 3-month USD-LIBOR and pay a fixed rate equal to 3.584%	03/03/44	USD	2,400,000	$	(18,992	)	$	(19,050	)
Receive a floating rate based on 3-month USD-LIBOR and pay a fixed rate equal to 1.692%	08/31/18	USD	31,500,000		(7,243	)		(7,791	)
Receive a floating rate based on 3-month USD-LIBOR and pay a fixed rate equal to 1.696%	08/31/18	USD	8,900,000		(3,421	)		(3,575	)
Receive a floating rate based on 3-month USD-LIBOR and pay a fixed rate equal to 3.583%	03/03/44	USD	2,300,000		(17,639	)		(17,695	)
Receive a floating rate equal to the 3-month USB-LIBOR-BBA and pay a fixed rate equal to 1.543%	08/01/18	USD	19,900,000		26,982			26,612
				$	(20,313	)	$	(21,499	)

VY BlackRock Inflation Protected Bond Portfolio Total Return Swap Agreements Outstanding on March 31, 2014:

	Termination Date	Notional Amount		Fair Value			Upfront Payments Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Receive the positive price return of the Barclays Real Rates Basket. Pay a floating rate based on the 1-month USD-LIBOR-BBA plus 35 basis points, and, if negative, the absolute value of the total return of the basket. Counterparty: Barclays Bank PLC	04/24/14	USD	271,947,636	$	642,203		$	–	$	642,203
Receive a floating rate equal to the US CPI Urban Consumers NSA (CPURNSA) plus 0 basis points and pay a fixed rate equal to 2.235% Counterparty: Barclays Bank PLC	02/26/18	USD	23,045,000		(21,038	)		–		(21,038	)
Receive the US CPI Urban Consumers NSA (CPURNSA) plus 0 basis points and pay a fixed rate equal to 2.066% Counterparty: Barclays Bank PLC	03/10/18	USD	20,575,000		(30,579	)		–		(30,579	)
				$	590,586		$	–	$	590,586

VY BlackRock Inflation Protected Bond	PORTFOLIO OF INVESTMENTS
Portfolio	as of March 31, 2014 (Unaudited) (Continued)

VY BlackRock Inflation Protected Bond Portfolio Written Inflation Caps Outstanding on March 31, 2014:

Inflation Caps

Description	Counterparty	Exercise Rate			Exercise Index	Termination Date	Notional Amount		Premiums Received		Fair Value
Cap- HICPx Index	Deutsche Bank AG		2.500	%	Maximum of [1-(Index Final/Index Initial)] or $0	04/26/22	EUR	3,140,000	$	217,411	$	(45,114	)
									$	217,411	$	(45,114	)

VY BlackRock Inflation Protected Bond Portfolio Written Options Open on March 31, 2014:

Options on Exchange Traded Futures Contracts

Description/Name of Issuer	Exercise Price		Expiration Date	# of Contracts		Premiums Received		Fair Value
U.S. Treasury 10-Year Note	USD	122.50	04/25/14		526	$	122,519	$	(147,937	)
U.S. Treasury Long Bond	USD	130.00	05/23/14		289		85,378		(135,469	)
						$	207,897	$	(283,406	)

VY BlackRock Inflation Protected Bond Portfolio Written OTC Options on March 31, 2014:

Notional Amount		Counterparty	Description	Exercise Price			Expiration Date	Premiums Received		Fair Value
Options on Currencies
	6,155,000	Deutsche Bank AG	Call EUR vs. Put USD		1.400	EUR	04/07/14	$	27,666	$	(3,107	)
	4,065,000	Deutsche Bank AG	Call NZD vs. Put USD		0.850	NZD	05/14/14		30,452		(81,070	)
	4,470,000	Deutsche Bank AG	Call USD vs. Put MXN		14.350	USD	04/24/14		41,571		(176	)
	4,650,000	Deutsche Bank AG	Put USD vs. Call MXN		13.100	USD	04/24/14		44,547		(44,188	)
			Total Written OTC Options					$	144,236	$	(128,541	)

VY BlackRock Inflation Protected Bond Portfolio Written Swaptions Open on March 31, 2014:

Written Interest Rate Swaptions

Description	Counterparty	Floating Rate Index/Underlying Reference Entity	Pay/ Receive Floating	Exercise Rate			Expiration Date	Notional Amount		Premiums Received		Fair Value
Put OTC Swaption	Deutsche Bank AG	6-month EUR-EURIBOR	Pay		4.500	%	06/08/22	EUR	10,100,000	$	475,559	$	(562,835	)
Put OTC Swaption	Barclays Bank PLC	3-month USD-LIBOR-BBA	Pay		3.800	%	02/23/15	USD	26,800,000		326,960		(262,733	)
Put OTC Swaption	Deutsche Bank AG	3-month USD-LIBOR-BBA	Pay		3.850	%	01/23/15	USD	21,600,000		303,341		(160,313	)
Call OTC Swaption	Barclays Bank PLC	3-month USD-LIBOR-BBA	Receive		2.800	%	02/23/15	USD	26,800,000		326,960		(288,534	)
		Total Written Swaptions								$	1,432,820	$	(1,274,415	)

VY BlackRock Inflation Protected Bond	PORTFOLIO OF INVESTMENTS
Portfolio	as of March 31, 2014 (Unaudited) (Continued)

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

The fair value of derivative instruments as of March 31, 2014 was as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Foreign exchange contracts	Purchased options	$	67,494
Interest rate contracts	Purchased options		3,359,303
Foreign exchange contracts	Forward foreign currency contracts		432,563
Interest rate contracts	Futures contracts		90,311
Interest rate contracts	Interest rate swaps*		26,612
Interest rate contracts	Total return swaps		642,203
Total Asset Derivatives		$	4,618,486
Liability Derivatives	Instrument Type
Foreign exchange contracts	Forward foreign currency contracts	$	2,437,208
Interest rate contracts	Futures contracts		1,474,440
Interest rate contracts	Interest rate swaps*		48,111
Interest rate contracts	Total return swaps		51,617
Foreign exchange contracts	Written options		128,541
Interest rate contracts	Written options		1,602,935
Total Liability Derivatives		$	5,742,852

* Includes cumulative appreciation/depreciation of centrally cleared swaps as reported in the table following the Portfolio of Investments.

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, 2014:

	Bank of America		Barclays Bank PLC		BNP Paribas Bank			Citigroup, Inc.			Deutsche Bank AG			Goldman Sachs & Co.		JPMorgan Chase & Co.			Royal Bank of Canada			The Bank of New York Mellon Corp.		UBS AG		Totals
Assets:
Purchased options	$	-	$	12,484	$	-		$	-		$	2,564,614		$	-	$	-		$	-		$	-	$	-	$	2,577,098
Forward foreign currency contracts		15,767		26,924		-			10			176,002			31,401		-			-			888		181,571		432,563
Total return swaps		-		642,203		-			-			-			-		-			-			-		-		642,203
Total Assets	$	15,767	$	681,611	$	-		$	10		$	2,740,616		$	31,401	$	-		$	-		$	888	$	181,571	$	3,651,864
Liabilities:
Forward foreign currency contracts	$	-	$	10,399	$	226,884		$	1,236,890		$	-		$	-	$	774,011		$	28,864		$	-	$	160,160	$	2,437,208
Total return swaps		-		51,617		-			-			-			-		-			-			-		-		51,617
Written options		-		-		-			-			1,448,070			-		-			-			-		-		1,448,070
Total Liabilities	$	-	$	62,016	$	226,884		$	1,236,890		$	1,448,070		$	-	$	774,011		$	28,864		$	-	$	160,160	$	3,936,895
Net OTC derivative instruments by counterparty, at fair value	$	15,767	$	619,595	$	(226,884	)	$	(1,236,880	)	$	1,292,546		$	31,401	$	(774,011	)	$	(28,864	)	$	888	$	21,411	$	(285,031	)
Total collateral pledged by the Portfolio/(Received from counterparty)	$	-	$	-	$	-		$	-		$	(1,600,000	)	$	-	$	-		$	-		$	-	$	-	$	(1,600,000	)
Net Exposure(1)	$	15,767	$	619,595	$	(226,884	)	$	(1,236,880	)	$	(307,454	)	$	31,401	$	(774,011	)	$	(28,864	)	$	888	$	21,411	$	(1,885,031	)

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

	PORTFOLIO OF INVESTMENTS
VY BlackRock Large Cap Growth Portfolio	as of March 31, 2014 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 94.8%
			Consumer Discretionary: 14.9%
	74,860		BorgWarner, Inc.	$	4,601,644		1.1
	255,740		Comcast Corp. – Class A		12,792,115		3.2
	22,560		Home Depot, Inc.		1,785,173		0.4
	35,840		Hyatt Hotels Corp.		1,928,550		0.5
	200,850		Lowe's Cos., Inc.		9,821,565		2.5
	71,670		Ross Stores, Inc.		5,127,989		1.3
	136,750		TJX Cos., Inc.		8,293,888		2.1
	113,320		Twenty-First Century Fox, Inc. Class A		3,622,840		0.9
	37,130		VF Corp.		2,297,604		0.6
	68,420		Walt Disney Co.		5,478,390		1.4
	25,300		Whirlpool Corp.		3,781,338		0.9
					59,531,096		14.9
			Consumer Staples: 4.9%
	131,425		Coca-Cola Co.		5,080,890		1.3
	129,385		CVS Caremark Corp.		9,685,761		2.4
	50,950		Philip Morris International, Inc.		4,171,277		1.0
	20,736		Safeway, Inc.		765,988		0.2
					19,703,916		4.9
			Energy: 8.1%
	85,100		Halliburton Co.		5,011,539		1.3
	25,630		Marathon Petroleum Corp.		2,230,835		0.6
	60,750		Oceaneering International, Inc.		4,365,495		1.1
	49,534		PBF Energy, Inc.		1,277,977		0.3
	119,530		Schlumberger Ltd.		11,654,175		2.9
	218,700		Suncor Energy, Inc.		7,645,752		1.9
					32,185,773		8.1
			Financials: 5.5%
	145,870		Discover Financial Services		8,488,175		2.1
	56,120		Travelers Cos., Inc.		4,775,812		1.2
	198,660		US Bancorp.		8,514,568		2.2
					21,778,555		5.5
			Health Care: 14.2%
	97,945		Abbott Laboratories		3,771,862		0.9
	17,446	@	Actavis PLC		3,591,259		0.9
	89,020		Aetna, Inc.		6,673,830		1.7
	115,110		Agilent Technologies, Inc.		6,436,951		1.6
	63,430		Amgen, Inc.		7,823,456		2.0
	25,240	@	Biogen Idec, Inc.		7,720,159		1.9
	54,750		Eli Lilly & Co.		3,222,585		0.8
	43,025		McKesson Corp.		7,596,924		1.9
	77,270		Merck & Co., Inc.		4,386,618		1.1
	66,831		Universal Health Services, Inc.		5,484,820		1.4
					56,708,464		14.2
			Industrials: 12.2%
	86,540		3M Co.		11,740,016		2.9
	46,540		Boeing Co.		5,840,305		1.5
	29,400		Cummins, Inc.		4,380,306		1.1
	89,100		Delta Airlines, Inc.		3,087,315		0.8
	61,890	@	Ingersoll-Rand PLC - Class A		3,542,584		0.9
	45,561		MRC Global, Inc.		1,228,324		0.3
	10,500		Norfolk Southern Corp.		1,020,285		0.3
	37,263		Parker Hannifin Corp.		4,460,754		1.1
	34,890		Rockwell Collins, Inc.		2,779,686		0.7
	5,300		Union Pacific Corp.		994,598		0.2
	137,389	@	United Continental Holdings, Inc.		6,131,671		1.5
	33,650	@	WABCO Holdings, Inc.		3,552,094		0.9
					48,757,938		12.2
			Information Technology: 29.5%
	32,615		Alliance Data Systems Corp.		8,885,957		2.2
	23,655		Apple, Inc.		12,696,585		3.2
	129,270		Applied Materials, Inc.		2,639,693		0.7
	93,280		Cognizant Technology Solutions Corp.		4,720,901		1.2
	46,285		DST Systems, Inc.		4,387,355		1.1
	306,920		EMC Corp.		8,412,677		2.1
	18,125		Google, Inc. – Class A		20,200,494		5.1
	144,550		Mastercard, Inc.		10,797,885		2.7
	372,790		Microsoft Corp.		15,280,662		3.8
	84,494		NetApp, Inc.		3,117,828		0.8
	249,020		Oracle Corp.		10,187,408		2.5
	27,240		Qualcomm, Inc.		2,148,146		0.5
	119,500		Symantec Corp.		2,386,415		0.6
	49,560	@	TE Connectivity Ltd.		2,984,008		0.7
	65,114		Total System Services, Inc.		1,980,117		0.5
	65,600	@	VeriSign, Inc.		3,536,496		0.9
	12,060		Visa, Inc.		2,603,272		0.6
	28,180	@	Yahoo!, Inc.		1,011,662		0.3
					117,977,561		29.5
			Materials: 5.5%
	6,100		CF Industries Holdings, Inc.		1,589,904		0.4
	45,060		Dow Chemical Co.		2,189,465		0.5
	56,910		International Paper Co.		2,611,031		0.7
	115,756		Packaging Corp. of America		8,145,750		2.0
	38,470		PPG Industries, Inc.		7,442,406		1.9
					21,978,556		5.5
		Total Common Stock
		(Cost $290,460,657)			378,621,859		94.8
EXCHANGE-TRADED FUNDS: 2.8%
	58,810		SPDR Trust Series 1		10,999,822		2.8
		Total Exchange-Traded Funds
		(Cost $10,733,521)			10,999,822		2.8
		Total Long-Term Investments
		(Cost $301,194,178)			389,621,681		97.6

VY BlackRock Large Cap Growth	PORTFOLIO OF INVESTMENTS
Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.4%
			Mutual Funds: 2.4%
	9,404,706		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%††
			(Cost $9,404,706)	$	9,404,706		2.4
		Total Short-Term Investments
		(Cost $9,404,706)			9,404,706		2.4
		Total Investments in Securities (Cost $310,598,884)		$	399,026,387		100.0
		Assets in Excess of Other Liabilities			140,582		–
		Net Assets		$	399,166,969		100.0

††	Rate shown is the 7-day yield as of March 31, 2014.
@	Non-income producing security
	Cost for federal income tax purposes is $310,805,067.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	91,938,710
Gross Unrealized Depreciation		(3,717,390	)
Net Unrealized Appreciation	$	88,221,320

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Common Stock*	$	378,621,859	$	–	$	–	$	378,621,859
Exchange-Traded Funds		10,999,822		–		–		10,999,822
Short-Term Investments		9,404,706		–		–		9,404,706
Total Investments, at fair value	$	399,026,387	$	–	$	–	$	399,026,387

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

Transactions with Affiliates

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

The following table provides transactions during the period ended March 31, 2014, where the following issuers were considered an affiliate:

Issuer	Beginning Market Value at 12/31/13		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciated/ (Depreciation)		Ending Market Value at 3/31/14		Investment Income		Realized Gains/ (Losses)		Net Capital Gain Distributions
BlackRock Liquidity Funds, TempFund, Institutional Class	$	5,466,177	$	25,577,777	$	(21,639,248	)	$	-	$	9,404,706	$	581	$	-	$	-
	$	5,466,177	$	25,577,777	$	(21,639,248	)	$	-	$	9,404,706	$	581	$	-	$	-

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

	PORTFOLIO OF INVESTMENTS
VY Clarion Global Real Estate Portfolio	as of March 31, 2014 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.0%
			Australia: 6.2%
	265,111		Australand Property Group	$	1,039,044		0.3
	629,533		Dexus Property Group		620,805		0.2
	908,200		Federation Centres Ltd		1,990,809		0.6
	774,584		Goodman Group		3,406,755		1.1
	565,285		Investa Office Fund		1,702,585		0.5
	127,900		Lend Lease Corp., Ltd.		1,408,560		0.4
	3,145,641		Mirvac Group		4,971,019		1.5
	866,900		Stockland		3,019,823		0.9
	149,245		Westfield Group		1,421,599		0.4
	356,952		Westfield Retail Trust		988,266		0.3
					20,569,265		6.2
			Austria: 0.1%
	55,600		Atrium European Real Estate Ltd.		313,668		0.1
			Canada: 0.7%
	27,700		Boardwalk Real Estate Investment Trust		1,519,428		0.4
	39,200		RioCan Real Estate Investment Trust		944,275		0.3
					2,463,703		0.7
			China: 0.2%
	257,400		China Overseas Land & Investment Ltd.		668,797		0.2
			France: 5.6%
	15,052		Fonciere Des Regions		1,393,956		0.4
	10,680		Gecina S.A.		1,419,462		0.4
	13,606		ICADE		1,345,181		0.4
	100,683		Klepierre		4,504,130		1.4
	30,060		Mercialys		629,468		0.2
	34,854		Unibail-Rodamco SE		9,045,640		2.8
					18,337,837		5.6
			Germany: 0.9%
	42,900		LEG Immobilien AG		2,813,311		0.9
			Hong Kong: 6.7%
	429,959		Cheung Kong Holdings Ltd.		7,149,227		2.2
	611,013		Hongkong Land Holdings Ltd.		3,957,562		1.2
	276,300		Link Real Estate Investment Trust		1,362,465		0.4
	1,418,657		Sino Land Co.		2,091,000		0.6
	297,000		Sun Hung Kai Properties Ltd.		3,646,977		1.1
	940,800		Swire Properties Ltd.		2,685,476		0.8
	189,792		Wharf Holdings Ltd.		1,217,266		0.4
					22,109,973		6.7
			Japan: 17.0%
	150		Activia Properties, Inc.		1,206,441		0.4
	29,717		Daito Trust Construction Co., Ltd.		2,752,627		0.8
	104,812		Daiwa House Industry Co., Ltd.		1,779,523		0.5
	942		GLP J-Reit		946,930		0.3
	1,356		Japan Hotel REIT Investment Corp.		618,338		0.2
	841		Japan Real Estate Investment Corp.		4,232,042		1.3
	2,512	L	Japan Retail Fund Investment Corp.		4,950,540		1.5
	350		Kenedix Realty Investment Corp.		1,735,654		0.5
	412,319		Mitsubishi Estate Co., Ltd.		9,790,786		3.0
	358,482		Mitsui Fudosan Co., Ltd.		10,936,648		3.3
	211		Nippon Building Fund, Inc.		1,104,120		0.3
	835		Nippon Prologis REIT, Inc.		1,685,504		0.5
	1,066		Orix JREIT, Inc.		1,330,882		0.4
	170,300		Hulic Co. Ltd.		2,337,689		0.7
	172,000		Sumitomo Realty & Development Co., Ltd.		6,731,875		2.1
	226,800		Tokyo Tatemono Co., Ltd.		1,943,303		0.6
	1,348		United Urban Investment Corp.		1,983,550		0.6
					56,066,452		17.0
			Netherlands: 1.1%
	14,350		Corio NV		655,529		0.2
	30,037		Eurocommercial Properties NV		1,319,189		0.4
	265,555		Nieuwe Steen Investments Funds NV		1,608,931		0.5
					3,583,649		1.1
			Singapore: 3.6%
	2,518,800		CapitaCommercial Trust		2,981,931		0.9
	434,679		CapitaMall Trust		654,030		0.2
	1,386,700		CapitaMalls Asia Ltd.		1,977,003		0.6
	239,500		Frasers Centrepoint Trust		339,525		0.1
	1,896,500		Global Logistic Properties Ltd.		4,002,446		1.2
	1,093,300		Mapletree Greater China Commercial Trust		709,294		0.2
	971,400		Suntec Real Estate Investment Trust		1,284,120		0.4
					11,948,349		3.6
			Sweden: 1.0%
	115,383		Castellum AB		1,917,029		0.6
	24,600	L	Fabege AB		320,862		0.1
	73,417		Hufvudstaden AB		1,035,683		0.3
					3,273,574		1.0
			Switzerland: 0.5%
	17,962		PSP Swiss Property AG		1,688,210		0.5
			United Kingdom: 6.8%
	320,399		British Land Co. PLC		3,495,947		1.1

VY Clarion Global Real Estate	PORTFOLIO OF INVESTMENTS
Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			United Kingdom: (continued)
	65,110		Derwent Valley Holdings PLC	$	2,943,364		0.9
	338,290		Great Portland Estates PLC		3,561,391		1.1
	355,705		Hammerson PLC		3,288,378		1.0
	454,555		Land Securities Group PLC		7,746,946		2.3
	260,000		Safestore Holdings Ltd.		1,027,291		0.3
	65,930		Unite Group PLC		477,497		0.1
					22,540,814		6.8
			United States: 47.6%
	35,000		American Homes 4 Rent		584,850		0.2
	32,725		AvalonBay Communities, Inc.		4,297,447		1.3
	144,200		BioMed Realty Trust, Inc.		2,954,658		0.9
	43,600		Boston Properties, Inc.		4,993,508		1.5
	134,800		Brandywine Realty Trust		1,949,208		0.6
	58,300		BRE Properties, Inc.		3,660,074		1.1
	76,300		Brixmor Property Group, Inc.		1,627,479		0.5
	207,900		DCT Industrial Trust, Inc.		1,638,252		0.5
	238,300		DDR Corp.		3,927,184		1.2
	107,900		Douglas Emmett, Inc.		2,928,406		0.9
	233,200		Duke Realty Corp.		3,936,416		1.2
	127,300		Equity Residential		7,382,127		2.2
	17,650		Essex Property Trust, Inc.		3,001,383		0.9
	27,000		Extended Stay America, Inc.		614,790		0.2
	11,700		Federal Realty Investment Trust		1,342,224		0.4
	261,382		General Growth Properties, Inc.		5,750,404		1.7
	30,800		HCP, Inc.		1,194,732		0.3
	114,900		Health Care Real Estate Investment Trust, Inc.		6,848,040		2.1
	95,800		Healthcare Realty Trust, Inc.		2,313,570		0.7
	112,800		Healthcare Trust of America, Inc.		1,284,792		0.4
	43,500		Highwoods Properties, Inc.		1,670,835		0.5
	117,800		Hilton Worldwide Holdings, Inc.		2,619,872		0.8
	432,521		Host Hotels & Resorts, Inc.		8,754,225		2.6
	84,500		Kilroy Realty Corp.		4,950,010		1.5
	147,500		Kimco Realty Corp.		3,227,300		1.0
	178,200		Lexington Realty Trust		1,944,162		0.6
	96,600		Liberty Property Trust		3,570,336		1.1
	68,065		Macerich Co.		4,242,492		1.3
	37,600		Pebblebrook Hotel Trust		1,269,752		0.4
	45,000		Post Properties, Inc.		2,209,500		0.7
	199,727		ProLogis, Inc.		8,154,853		2.5
	23,344		Public Storage, Inc.		3,933,231		1.2
	59,700		Ramco-Gershenson Properties		973,110		0.3
	24,400		Realty Income Corp.		996,984		0.3
	43,200		Senior Housing Properties Trust		970,704		0.3
	76,031		Simon Property Group, Inc.		12,469,084		3.8
	62,500		SL Green Realty Corp.		6,288,750		1.9
	261,300		Spirit Realty Capital, Inc.		2,869,074		0.9
	23,000		Starwood Hotels & Resorts Worldwide, Inc.		1,830,800		0.5
	175,300	@	Strategic Hotel Capital, Inc.		1,786,307		0.5
	119,800		Sunstone Hotel Investors, Inc.		1,644,854		0.5
	28,240		Tanger Factory Outlet Centers, Inc.		988,400		0.3
	41,900		Taubman Centers, Inc.		2,966,101		0.9
	215,375		UDR, Inc.		5,563,136		1.7
	21,170		Ventas, Inc.		1,282,267		0.4
	59,331		Vornado Realty Trust		5,847,663		1.8
	54,800		Weyerhaeuser Co.		1,608,380		0.5
					156,861,726		47.6
		Total Common Stock
		(Cost $222,409,429)			323,239,328		98.0

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.5%
		Securities Lending Collateralcc(1): 0.4%
	294,542	Bank of Nova Scotia, Repurchase Agreement dated 03/31/14, 0.06%, due 04/01/14 (Repurchase Amount $294,542, collateralized by various U.S. Government Securities, 0.000%-4.500%, Market Value plus accrued interest $300,433, due 06/15/14-11/15/42)		294,542		0.1
	1,000,000	Goldman Sachs & Co., Repurchase Agreement dated 03/31/14, 0.08%, due 04/01/14 (Repurchase Amount $1,000,002, collateralized by various U.S. Government Agency Obligations, 2.330%-6.500%, Market Value plus accrued interest $1,020,000, due 07/01/19-03/01/44)		1,000,000		0.3
				1,294,542		0.4

VY Clarion Global Real Estate	PORTFOLIO OF INVESTMENTS
Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value			Percentage of Net Assets
			Mutual Funds: 2.1%
	6,882,377		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%††
			(Cost $6,882,377)	$	6,882,377			2.1
		Total Short-Term Investments
		(Cost $8,176,919)			8,176,919			2.5
		Total Investments in Securities (Cost $230,586,348)		$	331,416,247			100.5
		Liabilities in Excess of Other Assets			(1,620,110	)		(0.5	)
		Net Assets		$	329,796,137			100.0

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

†† Rate shown is the 7-day yield as of March 31, 2014.

@ Non-income producing security

cc Securities purchased with cash collateral for securities loaned.

L Loaned security, a portion or all of the security is on loan at March 31, 2014.

(1) Collateral received from brokers for securities lending was invested into these short-term investments.

Cost for federal income tax purposes is $258,479,369.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	91,232,153
Gross Unrealized Depreciation		(18,295,275	)
Net Unrealized Appreciation	$	72,936,878

REIT Diversification	Percentage of Net Assets
Retail REITs		21.7	%
Diversified REITs		16.1
Office REITs		12.4
Diversified Real Estate Activities		12.2
Residential REITs		8.5
Real Estate Operating Companies		7.1
Specialized REITs		6.3
Hotels, Resorts & Cruise Lines		5.1
Industrial REITs		4.9
Real Estate Development		3.7
Assets in Excess of Other Liabilities*		2.0
Net Assets		100.0	%

* Includes short-term investments.

VY Clarion Global Real Estate	PORTFOLIO OF INVESTMENTS
Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Common Stock
Australia	$	–	$	20,569,265	$	–	$	20,569,265
Austria		313,668		–		–		313,668
Canada		2,463,703		–		–		2,463,703
China		–		668,797		–		668,797
France		629,468		17,708,369		–		18,337,837
Germany		–		2,813,311		–		2,813,311
Hong Kong		–		22,109,973		–		22,109,973
Japan		–		56,066,452		–		56,066,452
Netherlands		–		3,583,649		–		3,583,649
Singapore		–		11,948,349		–		11,948,349
Sweden		–		3,273,574		–		3,273,574
Switzerland		–		1,688,210		–		1,688,210
United Kingdom		1,027,291		21,513,523		–		22,540,814
United States		156,861,726		–		–		156,861,726
Total Common Stock		161,295,856		161,943,472		–		323,239,328
Short-Term Investments		6,882,377		1,294,542		–		8,176,919
Total Investments, at fair value	$	168,178,233	$	163,238,014	$	–	$	331,416,247

# 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.

	PORTFOLIO OF INVESTMENTS
VY Clarion Real Estate Portfolio	as of March 31, 2014 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 99.4%
			Consumer Discretionary: 1.5%
	104,000		Extended Stay America, Inc.	$	2,368,080		0.3
	207,800		Hilton Worldwide Holdings, Inc.		4,621,472		0.7
	41,300		Starwood Hotels & Resorts Worldwide, Inc.		3,287,480		0.5
					10,277,032		1.5
			Financials: 97.9%
	826,794		American Realty Capital Properties, Inc.		11,591,652		1.7
	108,000		American Residential Properties, Inc.		1,941,840		0.3
	167,952		AvalonBay Communities, Inc.		22,055,457		3.3
	460,000		BioMed Realty Trust, Inc.		9,425,400		1.4
	196,796		Boston Properties, Inc.		22,539,046		3.4
	362,000		Brandywine Realty Trust		5,234,520		0.8
	225,220		BRE Properties, Inc.		14,139,312		2.1
	156,300		Brixmor Property Group, Inc.		3,333,879		0.5
	589,400		Cousins Properties, Inc.		6,760,418		1.0
	226,000		CubeSmart		3,878,160		0.6
	1,109,800		DCT Industrial Trust, Inc.		8,745,224		1.3
	806,600		DDR Corp.		13,292,768		2.0
	85,657	L	Digital Realty Trust, Inc.		4,546,674		0.7
	418,700		Douglas Emmett, Inc.		11,363,518		1.7
	840,800		Duke Realty Corp.		14,192,704		2.1
	118,400		EPR Properties		6,321,376		0.9
	573,671		Equity Residential		33,267,181		5.0
	59,480		Essex Property Trust, Inc.		10,114,574		1.5
	54,678		Federal Realty Investment Trust		6,272,660		0.9
	875,353		General Growth Properties, Inc.		19,257,766		2.9
	329,952		HCP, Inc.		12,798,838		1.9
	430,300		Health Care Real Estate Investment Trust, Inc.		25,645,880		3.8
	358,445		Healthcare Realty Trust, Inc.		8,656,447		1.3
	343,300		Healthcare Trust of America, Inc.		3,910,187		0.6
	222,747		Highwoods Properties, Inc.		8,555,712		1.3
	1,571,068		Host Hotels & Resorts, Inc.		31,798,416		4.8
	221,600		Kilroy Realty Corp.		12,981,328		1.9
	659,278		Kimco Realty Corp.		14,425,003		2.2
	634,900		Lexington Realty Trust		6,926,759		1.0
	278,645		Liberty Property Trust		10,298,719		1.5
	252,023		Macerich Co.		15,708,594		2.4
	128,800		Pebblebrook Hotel Trust		4,349,576		0.7
	192,700		Post Properties, Inc.		9,461,570		1.4
	761,084		ProLogis, Inc.		31,075,060		4.7
	126,664		Public Storage, Inc.		21,341,617		3.2
	225,311		Ramco-Gershenson Properties		3,672,569		0.6
	93,900		Realty Income Corp.		3,836,754		0.6
	172,200		Regency Centers Corp.		8,792,532		1.3
	313,900		Senior Housing Properties Trust		7,053,333		1.1
	385,371		Simon Property Group, Inc.		63,200,844		9.5
	181,654		SL Green Realty Corp.		18,278,025		2.7
	876,200		Spirit Realty Capital, Inc.		9,620,676		1.4
	793,700	@	Strategic Hotel Capital, Inc.		8,087,803		1.2
	129,251		Sun Communities, Inc.		5,827,928		0.9
	544,200		Sunstone Hotel Investors, Inc.		7,471,866		1.1
	57,698		Tanger Factory Outlet Centers, Inc.		2,019,430		0.3
	153,314		Taubman Centers, Inc.		10,853,098		1.6
	660,903		UDR, Inc.		17,071,124		2.6
	237,095		Ventas, Inc.		14,360,844		2.1
	245,913		Vornado Realty Trust		24,237,185		3.6
	107,800		Weyerhaeuser Co.		3,163,930		0.5
					653,755,776		97.9
		Total Common Stock
		(Cost $573,723,112)			664,032,808		99.4

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.4%
		Securities Lending Collateralcc(1): 0.7%
	1,102,728	Cantor Fitzgerald, Repurchase Agreement dated 03/31/14, 0.10%, due 04/01/14 (Repurchase Amount $1,102,731, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $1,124,782, due 05/15/14-09/01/49)		1,102,728		0.2
	232,134	Credit Suisse Securities, Repurchase Agreement dated 03/31/14, 0.05%, due 04/01/14 (Repurchase Amount $232,134, collateralized by various U.S. Government Securities, 0.000%, Market Value plus accrued interest $236,777, due 08/15/23-05/15/43)		232,134		0.0

	PORTFOLIO OF INVESTMENTS
VY Clarion Real Estate Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateralcc(1) (continued)
	1,102,728	HSBC Securities USA, Repurchase Agreement dated 03/31/14, 0.06%, due 04/01/14 (Repurchase Amount $1,102,730, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.375%, Market Value plus accrued interest $1,124,785, due 04/15/14-11/15/30)	$	1,102,728		0.1
	1,102,728	Merrill Lynch & Co., Inc., Repurchase Agreement dated 03/31/14, 0.08%, due 04/01/14 (Repurchase Amount $1,102,730, collateralized by various U.S. Government Agency Obligations, 1.333%-5.000%, Market Value plus accrued interest $1,124,783, due 11/01/19-12/01/44)		1,102,728		0.2
	1,102,728	Nomura Securities, Repurchase Agreement dated 03/31/14, 0.10%, due 04/01/14 (Repurchase Amount $1,102,731, collateralized by various U.S. Government Agency Obligations, 0.000%-6.036%, Market Value plus accrued interest $1,124,783, due 04/01/14-05/01/47)		1,102,728		0.2
				4,643,046		0.7

Shares				Value			Percentage of Net Assets
			Mutual Funds: 0.7%
	4,626,051		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%††
			(Cost $4,626,051)		4,626,051			0.7
		Total Short-Term Investments
		(Cost $9,269,097)			9,269,097			1.4
		Total Investments in Securities (Cost $582,992,209)		$	673,301,905			100.8
		Liabilities in Excess of Other Assets			(5,111,296	)		(0.8	)
		Net Assets		$	668,190,609			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of March 31, 2014.
@	Non-income producing security
cc	Securities purchased with cash collateral for securities loaned.
L	Loaned security, a portion or all of the security is on loan at March 31, 2014.
(1)	Collateral received from brokers for securities lending was invested into these short-term investments.
	Cost for federal income tax purposes is $593,736,294.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	93,675,831
Gross Unrealized Depreciation		(14,110,220	)
Net Unrealized Appreciation	$	79,565,611

REIT Diversification	Percentage of Net Assets
Retail REITs		23.7	%
Residential REITs		18.8
Specialized REITs		15.8
Diversified REITs		13.8
Office REITs		12.7
Hotels, Resorts & Cruise Lines		8.6
Industrial REITs		6.0
Assets in Excess of Other Liabilities*		0.6
Net Assets		100.0	%

* Includes short-term investments.

	PORTFOLIO OF INVESTMENTS
VY Clarion Real Estate Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Common Stock*	$	664,032,808	$	–	$	–	$	664,032,808
Short-Term Investments		4,626,051		4,643,046		–		9,269,097
Total Investments, at fair value	$	668,658,859	$	4,643,046	$	–	$	673,301,905

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

	PORTFOLIO OF INVESTMENTS
VY DFA World Equity Portfolio	as of March 31, 2014 (Unaudited)

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: 99.9%
	859,236		DFA Emerging Markets Core Equity Portfolio		16,823,850			8.6
	1,031,890		DFA International Real Estate Securities Portfolio		5,376,144			2.8
	1,462,718		DFA International Vector Equity Portfolio		17,874,410			9.2
	1,967,450		DFA Large Cap International Portfolio		44,503,729			22.8
	1,513,423		DFA U.S. Core Equity 1 Portfolio		25,470,909			13.1
	2,115,908		DFA U.S. Large Company Portfolio		31,251,965			16.0
	312,019		DFA U.S. Small Cap Portfolio		9,744,353			5.0
	789,021		VA International Small Portfolio		10,115,247			5.2
	1,023,315		VA International Value Portfolio		13,661,256			7.0
	441,851		VA U.S. Large Value Portfolio		9,831,179			5.1
	515,237		VA U.S. Targeted Value Portfolio		9,913,165			5.1
		Total Mutual Funds
		(Cost $147,157,768)			194,566,207			99.9
SHORT-TERM INVESTMENTS: 0.1%
			Mutual Funds: 0.1%
	280,973		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%††
			(Cost $280,973)		280,973			0.1
		Total Short-Term Investments
		(Cost $280,973)			280,973			0.1
		Total Investments in Securities (Cost $147,438,741)		$	194,847,180			100.0
		Liabilities in Excess of Other Assets			(42,726	)		–
		Net Assets		$	194,804,454			100.0

††	Rate shown is the 7-day yield as of March 31, 2014.
	Cost for federal income tax purposes is $148,094,777.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	47,604,184
Gross Unrealized Depreciation		(851,781	)
Net Unrealized Appreciation	$	46,752,403

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Mutual Funds	$	194,566,207	$	–	$	–	$	194,566,207
Short-Term Investments		280,973		–		–		280,973
Total Investments, at fair value	$	194,847,180	$	–	$	–	$	194,847,180

	PORTFOLIO OF INVESTMENTS
VY FMRSM Diversified Mid Cap Portfolio	as of March 31, 2014 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 100.0%
			Consumer Discretionary: 16.6%
	105,612		AMC Networks, Inc.	$	7,719,181		0.6
	109,560		American Public Education, Inc.		3,843,365		0.3
	142,914		Bloomin' Brands, Inc.		3,444,227		0.3
	39,460		BorgWarner, Inc.		2,425,606		0.2
	192,721		Brinker International, Inc.		10,108,216		0.9
	137,800		Brunswick Corp.		6,240,962		0.5
	76,600		Carnival Corp.		2,900,076		0.2
	110,741		CBS Corp. - Class B		6,843,794		0.6
	13,377	@	Deckers Outdoor Corp.		1,066,548		0.1
	63,347	@	Delphi Automotive PLC		4,298,727		0.4
	15,773		Dick's Sporting Goods, Inc.		861,364		0.1
	7,844		Fiesta Restaurant Group, Inc.		357,608		0.0
	240,180		Foot Locker, Inc.		11,283,656		0.9
	180,358		Gentex Corp.		5,686,688		0.5
	139,572	@	G-III Apparel Group Ltd.		9,990,564		0.8
	168,429		Goodyear Tire & Rubber Co.		4,401,050		0.4
	132,472		Grand Canyon Education, Inc.		6,186,442		0.5
	21,685		Guess?, Inc.		598,506		0.1
	30,931		H&R Block, Inc.		933,807		0.1
	33,932		Harley-Davidson, Inc.		2,260,211		0.2
	87,194		Harman International Industries, Inc.		9,277,442		0.8
	104,204		Iida Group Holdings Co. Ltd.		1,442,893		0.1
	185,993		Interpublic Group of Cos., Inc.		3,187,920		0.3
	101,101	@	Jarden Corp.		6,048,873		0.5
	63,158		John Wiley & Sons, Inc.		3,640,427		0.3
	249,214		Johnson Controls, Inc.		11,792,806		1.0
	10,534	@	Jubilant Foodworks Ltd.		187,922		0.0
	18,400		Las Vegas Sands Corp.		1,486,352		0.1
	12,800		Lithia Motors, Inc.		850,688		0.1
	115,499		McGraw-Hill Cos., Inc.		8,812,574		0.7
	32,500		Murphy USA, Inc.		1,319,175		0.1
	9,400		Naspers Ltd.		1,035,814		0.1
	438,112	@	New Focus Auto Tech Holdings Ltd.		36,714		0.0
	4,063		NVR, Inc.		4,660,261		0.4
	3,509		Page Industries Ltd.		381,294		0.0
	63,184		Papa John's International, Inc.		3,292,518		0.3
	111,597		Petsmart, Inc.		7,687,917		0.6
	53,519		Polaris Industries, Inc.		7,477,139		0.6
	209,900		Pulte Homes, Inc.		4,027,981		0.3
	8,900		Ralph Lauren Corp.		1,432,277		0.1
	91,200	@	Royal Caribbean Cruises Ltd.		4,975,872		0.4
	66,474		Ruth's Hospitality Group, Inc.		803,671		0.1
	10,701	@	Signet Jewelers Ltd.		1,132,808		0.1
	98,816	@	Tenneco, Inc.		5,738,245		0.5
	11,600		TripAdvisor, Inc.		1,050,844		0.1
	37,019		TRW Automotive Holdings Corp.		3,021,491		0.3
	83,600	@	Urban Outfitters, Inc.		3,048,892		0.3
	34,300		VF Corp.		2,122,484		0.2
	44,732		Visteon Corp.		3,956,098		0.3
	33,900		Williams-Sonoma, Inc.		2,259,096		0.2
	5,122		Wyndham Worldwide Corp.		375,084		0.0
					198,014,170		16.6
			Consumer Staples: 3.5%
	158,679		Archer-Daniels-Midland Co.		6,885,082		0.6
	16,619		Britannia Industries Ltd.		235,005		0.0
	69,833		Bunge Ltd.		5,552,422		0.4
	123,663		CVS Caremark Corp.		9,257,412		0.8
	146,332		Dr Pepper Snapple Group, Inc.		7,969,241		0.6
	27,113		Hillshire Brands Co.		1,010,230		0.1
	12,946		Ingredion, Inc.		881,364		0.1
	33,802		Keurig Green Mountain, Inc.		3,569,153		0.3
	140,200		Kroger Co.		6,119,730		0.5
	70,700	@	SunOpta, Inc.		833,946		0.1
					42,313,585		3.5
			Energy: 5.6%
	14,789		Apache Corp.		1,226,748		0.1
	30,600		Bonanza Creek Energy, Inc.		1,358,640		0.1
	95,448		Canadian Natural Resources Ltd.		3,658,192		0.3
	17,200		Carrizo Oil & Gas, Inc.		919,512		0.1
	25,366		Cimarex Energy Co.		3,021,344		0.3
	71,505		Continental Resources, Inc.		8,885,926		0.8
	42,349		Devon Energy Corp.		2,834,419		0.2
	23,079		Diamondback Energy, Inc.		1,553,447		0.1
	165,724		Energy XXI Bermuda Ltd.		3,906,115		0.3
	116,455	@	Ensco PLC		6,146,495		0.5
	55,893		Marathon Oil Corp.		1,985,319		0.2
	202,128	@	McDermott International, Inc.		1,580,641		0.1
	91,879		National Oilwell Varco, Inc.		7,154,618		0.6
	126,950	@	Noble Corp. PLC		4,156,343		0.4
	151,738		Peabody Energy Corp.		2,479,399		0.2
	75,855		Phillips 66		5,845,386		0.5
	78,300		Suncor Energy, Inc.		2,734,657		0.2
	39,900		Valero Energy Corp.		2,118,690		0.2

	PORTFOLIO OF INVESTMENTS
VY FMRSM Diversified Mid Cap Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Energy: (continued)
	73,684	@	Whiting Petroleum Corp.	$	5,112,933		0.4
					66,678,824		5.6
			Financials: 10.8%
	2,750	@	Altisource Asset Management Corp.		2,955,287		0.2
	103,710		Altisource Residential Corp.		3,273,088		0.3
	54,296		American Express Co.		4,888,269		0.4
	82,300		Ameriprise Financial, Inc.		9,058,761		0.8
	14,846		Arthur J. Gallagher & Co.		706,373		0.1
	296,016		Blackstone Group LP		9,842,532		0.8
	170,012		Boston Private Financial Holdings, Inc.		2,300,262		0.2
	48,200		Brown & Brown, Inc.		1,482,632		0.1
	272,686	@	CBRE Group, Inc.		7,479,777		0.6
	9,700		Chubb Corp.		866,210		0.1
	27,828		City National Corp.		2,190,620		0.2
	29,613		Comerica, Inc.		1,533,953		0.1
	11,526		CRISIL Ltd.		237,371		0.0
	24,500	L	Digital Realty Trust, Inc.		1,300,460		0.1
	16,644		Discover Financial Services		968,514		0.1
	33,700	@	E*Trade Financial Corp.		775,774		0.1
	69,120		East-West Bancorp., Inc.		2,522,880		0.2
	2,200	@	Hanover Insurance Group, Inc.		134,241		0.0
	11,700		Hitachi Capital Corp.		249,907		0.0
	850,227		Huntington Bancshares, Inc.		8,476,763		0.7
	1,968		Interactive Brokers Group, Inc.		42,647		0.0
	65,709		Jones Lang LaSalle, Inc.		7,786,517		0.7
	80,800		Ladder Capital Corp.		1,525,504		0.1
	88,645		Lakeland Financial Corp.		3,565,302		0.3
	66,942	@	Lazard Ltd.		3,152,299		0.3
	32,300		Liberty Property Trust		1,193,808		0.1
	149,901		Marsh & McLennan Cos., Inc.		7,390,119		0.6
	17,504		Mid-America Apartment Communities, Inc.		1,194,998		0.1
	60,083		MSCI, Inc. - Class A		2,584,771		0.2
	112,810		Nasdaq Stock Market, Inc.		4,167,201		0.3
	40,397		Primerica, Inc.		1,903,103		0.2
	105,335		PrivateBancorp, Inc.		3,213,771		0.3
	38,020		Prosperity Bancshares, Inc.		2,515,023		0.2
	114,903		Protective Life Corp.		6,042,749		0.5
	63,981		Raymond James Financial, Inc.		3,578,457		0.3
	49,735		Reinsurance Group of America, Inc.		3,960,398		0.3
	32,200		Santander Consumer USA Holdings, Inc.		775,376		0.1
	232,887		SunTrust Bank		9,266,574		0.8
	46,237		Waddell & Reed Financial, Inc.		3,403,968		0.3
					128,506,259		10.8
			Health Care: 13.9%
	129,025		AbbVie, Inc.		6,631,885		0.6
	39,361	@	Actavis PLC		8,102,462		0.7
	12,352		Aetna, Inc.		926,029		0.1
	34,300		Agilent Technologies, Inc.		1,918,056		0.2
	53,470		Amgen, Inc.		6,594,990		0.6
	902,265	@	Boston Scientific Corp.		12,198,623		1.0
	70,698		Cardinal Health, Inc.		4,947,446		0.4
	24,400	@	Catamaran Corp.		1,091,655		0.1
	42,269	@	Centene Corp.		2,631,245		0.2
	37,600	@	Community Health Systems, Inc.		1,472,792		0.1
	4,983		Corvel Corp.		247,954		0.0
	47,623		CR Bard, Inc.		7,047,252		0.6
	20,700	@	DaVita, Inc.		1,424,698		0.1
	22,400	@	Express Scripts Holding Co.		1,682,016		0.1
	14,097		Greatbatch, Inc.		647,334		0.1
	202,510	@	HCA Holdings, Inc.		10,631,775		0.9
	77,609		Jazz Pharmaceuticals PLC		10,762,816		0.9
	2,885	@	Laboratory Corp. of America Holdings		283,336		0.0
	35,929		Mallinckrodt PLC - W/I		2,278,258		0.2
	46,444		McKesson Corp.		8,200,617		0.7
	73,100		MedAssets, Inc.		1,806,301		0.2
	81,935		Mednax, Inc.		5,078,331		0.4
	150,744	@	Mylan Laboratories		7,360,830		0.6
	84,375		Omnicare, Inc.		5,034,656		0.4
	76,971	@	Salix Pharmaceuticals Ltd.		7,974,965		0.7
	50,441		Stryker Corp.		4,109,428		0.3
	150,262		Teva Pharmaceutical Industries Ltd. ADR		7,939,844		0.7
	72,257		Thermo Fisher Scientific, Inc.		8,688,182		0.7
	91,178		Trinity Biotech PLC ADR		2,209,243		0.2
	92,829	@	United Therapeutics Corp.		8,728,711		0.7
	71,396	@	Valeant Pharmaceuticals International, Inc.		9,392,885		0.8
	231,035	@	VCA Antech, Inc.		7,446,258		0.6
					165,490,873		13.9
			Industrials: 19.1%
	39,572	@	AerCap Holdings NV		1,669,543		0.1
	82,630		Air Lease Corp.		3,081,273		0.3
	7,955		Ametek, Inc.		409,603		0.0
	19,863		Atlas Air Worldwide Holdings, Inc.		700,568		0.1
	80,100		BE Aerospace, Inc.		6,951,879		0.6
	76,697		Caterpillar, Inc.		7,621,381		0.6

	PORTFOLIO OF INVESTMENTS
VY FMRSM Diversified Mid Cap Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Industrials: (continued)
	10,997		Corporate Executive Board Co.	$	816,307		0.1
	18,468		Cummins, Inc.		2,751,547		0.2
	83,401		Curtiss-Wright Corp.		5,299,300		0.5
	177,121		Delta Airlines, Inc.		6,137,243		0.5
	50,448		Dun & Bradstreet Corp.		5,012,009		0.4
	96,602		EMCOR Group, Inc.		4,520,008		0.4
	63,454		EnerSys		4,396,728		0.4
	61,900	@	Esterline Technologies Corp.		6,594,826		0.6
	45,206		Exelis, Inc.		859,366		0.1
	39,943		FedEx Corp.		5,294,844		0.5
	53,837		Fluor Corp.		4,184,750		0.4
	41,392		G&K Services, Inc.		2,531,949		0.2
	40,155		GATX Corp.		2,725,721		0.2
	121,849		Generac Holdings, Inc.		7,185,435		0.6
	68,612		Granite Construction, Inc.		2,739,677		0.2
	71,418	@	Hexcel Corp.		3,109,540		0.3
	14,200		Huntington Ingalls Industries, Inc.		1,452,092		0.1
	54,856		Huron Consulting Group, Inc.		3,476,773		0.3
	15,346		IDEX Corp.		1,118,570		0.1
	25,240		Illinois Tool Works, Inc.		2,052,769		0.2
	97,603	@	Ingersoll-Rand PLC - Class A		5,586,796		0.5
	118,250		ITT Corp.		5,056,370		0.4
	17,375	@	Jacobs Engineering Group, Inc.		1,103,312		0.1
	193,742		KAR Auction Services, Inc.		5,880,070		0.5
	50,250		Kelly Services, Inc.		1,192,432		0.1
	21,700		Lennox International, Inc.		1,972,747		0.2
	230,403		Manitowoc Co., Inc.		7,246,174		0.6
	54,241		Manpower, Inc.		4,275,818		0.4
	26,870		MAX India Ltd.		93,605		0.0
	42,681	@	Moog, Inc.		2,796,032		0.2
	46,656		Mueller Industries, Inc.		1,399,213		0.1
	162,369		Mueller Water Products, Inc.		1,542,505		0.1
	79,191		Pentair Ltd.		6,283,014		0.5
	42,521		Performant Financial Corp.		384,815		0.0
	82,781		Primoris Services Corp.		2,481,774		0.2
	168,228	@	Quanta Services, Inc.		6,207,613		0.5
	29,407		Regal-Beloit Corp.		2,138,183		0.2
	116,135		Republic Services, Inc.		3,967,172		0.3
	35,619		Resources Connection, Inc.		501,872		0.0
	96,401		Rexnord Corp.		2,793,701		0.2
	32,008		Roper Industries, Inc.		4,273,388		0.4
	98,773		Ryder System, Inc.		7,893,938		0.7
	12,900		Snap-On, Inc.		1,463,892		0.1
	221,124		Southwest Airlines Co.		5,220,738		0.4
	199,736		Spirit Airlines, Inc.		11,864,318		1.0
	39,273		SPX Corp.		3,860,929		0.3
	83,300		Swift Transportation Co.		2,061,675		0.2
	59,700	L	Terex Corp.		2,644,710		0.2
	43,645	@	Tetra Tech, Inc.		1,291,456		0.1
	289,642		Textron, Inc.		11,380,034		1.0
	44,225		Towers Watson & Co.		5,043,861		0.4
	56,406	@	TrueBlue, Inc.		1,650,440		0.1
	12,544		Unifirst Corp.		1,379,087		0.1
	14,985		United Rentals, Inc.		1,422,676		0.1
	50,600	@,X	Uzel Makina Sanayii AS		–		–
	13,896		Valmont Industries, Inc.		2,068,281		0.2
	25,200	@	WABCO Holdings, Inc.		2,660,112		0.2
	45,200		Wabtec Corp.		3,503,000		0.3
	44,488		Woodward Governor Co.		1,847,587		0.2
	1,500		WW Grainger, Inc.		378,990		0.0
					227,506,031		19.1
			Information Technology: 24.4%
	181,760		Activision Blizzard, Inc.		3,715,174		0.3
	135,388		Advanced Energy Industries, Inc.		3,317,006		0.3
	48,505		Alliance Data Systems Corp.		13,215,187		1.1
	107,800		Applied Materials, Inc.		2,201,276		0.2
	184,895	@	Arrow Electronics, Inc.		10,975,367		0.9
	42,700	@	Atmel Corp.		356,972		0.0
	47,639		Avago Technologies Ltd.		3,068,428		0.3
	80,033		Avnet, Inc.		3,723,935		0.3
	172,600		Broadcom Corp.		5,433,448		0.4
	77,343		Broadridge Financial Solutions ADR		2,872,519		0.2
	744,111	@	Brocade Communications Systems, Inc.		7,895,018		0.7
	227,577		CDW Corp./DE		6,244,713		0.5
	39,378		Cognizant Technology Solutions Corp.		1,992,921		0.2
	85,985		Computer Sciences Corp.		5,229,608		0.4
	12,727		Comverse, Inc.		440,100		0.0
	47,767		Conversant, Inc.		1,344,641		0.1
	125,061	@	eBay, Inc.		6,908,370		0.6
	269,800	@	Electronic Arts, Inc.		7,826,898		0.7
	248,794		EMC Corp.		6,819,443		0.6
	15,495		Euronet Worldwide, Inc.		644,437		0.0
	82,891	@	F5 Networks, Inc.		8,838,667		0.7
	186,000	@	Fairchild Semiconductor International, Inc.		2,564,222		0.2
	237,280		Fidelity National Information Services, Inc.		12,682,616		1.1
	74,900	@	Finisar Corp.		1,985,599		0.2
	185,022		Fiserv, Inc.		10,488,897		0.9
	60,868		FleetCor Technologies, Inc.		7,005,907		0.6
	140,242	@	Flextronics International Ltd.		1,295,836		0.1

	PORTFOLIO OF INVESTMENTS
VY FMRSM Diversified Mid Cap Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Information Technology: (continued)
	303,618		Freescale Semiconductor Holdings Ltd.	$	7,411,315		0.6
	106,484	@	Genpact Ltd.		1,854,951		0.1
	146,841		Global Payments, Inc.		10,441,863		0.9
	6,616		Google, Inc. – Class A		7,373,598		0.6
	101,929		Intersil Corp.		1,316,923		0.1
	77,797		Intuit, Inc.		6,047,161		0.5
	50,530		Jabil Circuit, Inc.		909,540		0.1
	259,333	@	Juniper Networks, Inc.		6,680,418		0.6
	161,400	@	Marvell Technology Group Ltd.		2,542,050		0.2
	26,900		Methode Electronics, Inc.		824,754		0.1
	95,164		Microchip Technology, Inc.		4,545,033		0.4
	87,104	@	Micros Systems, Inc.		4,610,415		0.4
	53,879		Nuance Communications, Inc.		925,102		0.1
	305,824		Nvidia Corp.		5,477,308		0.5
	195,449	@	NXP Semiconductor NV		11,494,356		1.0
	60,768		PDF Solutions, Inc.		1,104,155		0.1
	513,896	@	PMC - Sierra, Inc.		3,910,749		0.3
	145,986	@	PTC, Inc.		5,172,284		0.4
	66,600	@	Riverbed Technolgoy, Inc.		1,312,686		0.1
	138,297	@	Rovi Corp.		3,150,406		0.3
	485,771	@	Sapient Corp.		8,287,253		0.7
	116,138	@	Skyworks Solutions, Inc.		4,357,498		0.4
	28,588		SS&C Technologies Holdings, Inc.		1,144,092		0.1
	123,558		Super Micro Computer, Inc.		2,146,202		0.2
	100,151	@	Synopsys, Inc.		3,846,800		0.3
	225,274	@	TE Connectivity Ltd.		13,563,748		1.1
	9,948	@	Tech Data Corp.		606,430		0.0
	17,100		Tencent Holdings Ltd.		1,193,583		0.1
	311,043		Total System Services, Inc.		9,458,818		0.8
	91,589		Vantiv, Inc.		2,767,820		0.2
	120,779		Verint Systems, Inc.		5,668,158		0.5
	12,923		Visa, Inc.		2,789,559		0.2
	45,649		Web.com Group, Inc.		1,553,435		0.1
	540,036		Xerox Corp.		6,102,407		0.5
	56,236	@	Yahoo!, Inc.		2,018,872		0.2
					291,696,947		24.4
			Materials: 4.9%
	38,792		Albemarle Corp.		2,576,565		0.2
	304,999		Boise Cascade Co.		8,735,171		0.7
	41,389		Cabot Corp.		2,444,434		0.2
	5,500		CF Industries Holdings, Inc.		1,433,520		0.1
	87,114		Cytec Industries, Inc.		8,503,198		0.7
	221,905	@	Ferro Corp.		3,031,222		0.3
	56,397	@	LyondellBasell Industries NV - Class A		5,015,949		0.4
	64,700		Methanex Corp.		4,140,098		0.4
	299,964	@	New Gold, Inc.		1,484,218		0.1
	68,244		Newmont Mining Corp.		1,599,639		0.1
	308,900	@	Osisko Mining Corp.		1,922,417		0.2
	90,047		Packaging Corp. of America		6,336,608		0.5
	27,728		PH Glatfelter Co.		754,756		0.1
	148,994		PolyOne Corp.		5,462,120		0.5
	51,260		Worthington Industries		1,960,695		0.2
	28,748	@	WR Grace & Co.		2,850,939		0.2
					58,251,549		4.9
			Telecommunication Services: 0.6%
	6,587		Telephone & Data Systems, Inc.		172,645		0.0
	141,400		Verizon Communications, Inc.		6,726,398		0.6
					6,899,043		0.6
			Utilities: 0.6%
	77,032		Energen Corp.		6,224,956		0.5
	39,400		ITC Holdings Corp.		1,471,590		0.1
					7,696,546		0.6
		Total Common Stock
		(Cost $1,018,994,712)			1,193,053,827		100.0
PREFERRED STOCK: 0.2%
			Financials: 0.2%
	1,100	#,P	Ally Financial, Inc.		1,091,956		0.1
	61,456	P	GMAC Capital Trust I		1,677,749		0.1
		Total Preferred Stock
		(Cost $2,077,969)			2,769,705		0.2
WARRANTS: 0.0%
			Energy: 0.0%
	22,657		Voyager Oil & Gas, Inc.		14		0.0
		Total Warrants
		(Cost $–)			14		0.0
		Total Long-Term Investments
		(Cost $1,021,072,681)			1,195,823,546		100.2

	PORTFOLIO OF INVESTMENTS
VY FMRSM Diversified Mid Cap Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.5%
		Securities Lending Collateralcc(1): 0.3%
	943,003	Bank of Nova Scotia, Repurchase Agreement dated 03/31/14, 0.07%, due 04/01/14 (Repurchase Amount $943,005, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%-6.500%, Market Value plus accrued interest $961,865, due 01/31/16-11/01/43)	$	943,003		0.0
	1,000,000	Citigroup, Inc., Repurchase Agreement dated 03/31/14, 0.09%, due 04/01/14 (Repurchase Amount $1,000,002, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.625%, Market Value plus accrued interest $1,020,000, due 04/03/14-02/15/41)		1,000,000		0.1
	1,000,000	Daiwa Capital Markets, Repurchase Agreement dated 03/31/14, 0.12%, due 04/01/14 (Repurchase Amount $1,000,003, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,020,000, due 03/27/17-03/01/48)		1,000,000		0.1
	1,000,000	Nomura Securities, Repurchase Agreement dated 03/31/14, 0.10%, due 04/01/14 (Repurchase Amount $1,000,003, collateralized by various U.S. Government Agency Obligations, 0.000%-6.036%, Market Value plus accrued interest $1,020,000, due 04/01/14-05/01/47)		1,000,000		0.1
				3,943,003		0.3

Shares				Value			Percentage of Net Assets
			Mutual Funds: 0.2%
	2,304,044		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%††
			(Cost $2,304,044)	$	2,304,044			0.2
		Total Short-Term Investments
		(Cost $6,247,047)			6,247,047			0.5
		Total Investments in Securities (Cost $1,027,319,728)		$	1,202,070,593			100.7
		Liabilities in Excess of Other Assets			(8,772,447	)		(0.7	)
		Net Assets		$	1,193,298,146			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of March 31, 2014.
#	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
P	Preferred Stock may be called prior to convertible date.
cc	Securities purchased with cash collateral for securities loaned.
L	Loaned security, a portion or all of the security is on loan at March 31, 2014.
X	Fair value determined by Voya funds Valuation Committee appointed by the Funds' Board of Directors/Trustees.
(1)	Collateral received from brokers for securities lending was invested into these short-term investments.

Cost for federal income tax purposes is $1,029,058,172.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	185,636,974
Gross Unrealized Depreciation		(12,624,553	)
Net Unrealized Appreciation	$	173,012,421

	PORTFOLIO OF INVESTMENTS
VY FMRSM Diversified Mid Cap Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	195,347,541	$	2,666,629	$	–	$	198,014,170
Consumer Staples		42,078,580		235,005		–		42,313,585
Energy		66,678,824		–		–		66,678,824
Financials		128,256,352		249,907		–		128,506,259
Health Care		165,490,873		–		–		165,490,873
Industrials		227,506,031		–		–		227,506,031
Information Technology		290,503,364		1,193,583		–		291,696,947
Materials		58,251,549		–		–		58,251,549
Telecommunication Services		6,899,043		–		–		6,899,043
Utilities		7,696,546		–		–		7,696,546
Total Common Stock		1,188,708,703		4,345,124		–		1,193,053,827
Preferred Stock		–		2,769,705		–		2,769,705
Warrants		–		14		–		14
Short-Term Investments		2,304,044		3,943,003		–		6,247,047
Total Investments, at fair value	$	1,191,012,747	$	11,057,846	$	–	$	1,202,070,593

# 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.

	PORTFOLIO OF INVESTMENTS
VY Franklin Income Portfolio	as of March 31, 2014 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 57.7%
			Consumer Discretionary: 0.9%
	24,512	L	Dex Media, Inc.	$	225,511		0.0
	140,000		Ford Motor Co.		2,184,000		0.2
	41,208		General Motors Co.		1,418,379		0.1
	120,000	X	General Motors Co. Escrow		–		–
	14,700		McDonald's Corp.		1,441,041		0.2
	60,100		Target Corp.		3,636,651		0.4
					8,905,582		0.9
			Consumer Staples: 1.2%
	130,100		Coca-Cola Co.		5,029,666		0.5
	85,000		PepsiCo, Inc.		7,097,500		0.7
					12,127,166		1.2
			Energy: 9.9%
	67,600		Baker Hughes, Inc.		4,395,352		0.4
	340,000		BP PLC ADR		16,354,000		1.7
	365,000		Canadian Oil Sands Ltd.		7,656,581		0.8
	100,000		Chesapeake Energy Corp.		2,562,000		0.3
	64,200		Chevron Corp.		7,634,022		0.8
	106,235		ExxonMobil Corp.		10,377,035		1.1
	155,200		Halliburton Co.		9,139,728		0.9
	293,400		Royal Dutch Shell PLC - Class A ADR		21,435,804		2.2
	161,200		Spectra Energy Corp.		5,954,728		0.6
	50,000	L	Total S.A. ADR		3,280,000		0.3
	60,000	@,L	Transocean Ltd.		2,480,400		0.3
	113,000		Williams Cos., Inc.		4,585,540		0.5
					95,855,190		9.9
			Financials: 6.1%
	697,300		Bank of America Corp.		11,993,560		1.2
	377,700		Barclays PLC		1,469,803		0.2
	43,000		Commonwealth Bank of Australia		3,095,558		0.3
	500,000		HSBC Holdings PLC		5,062,676		0.5
	226,000		JPMorgan Chase & Co.		13,720,460		1.4
	22,680		Metlife, Inc.		1,197,504		0.1
	45,200	@	Royal Bank of Canada		2,980,216		0.3
	365,500		Wells Fargo & Co.		18,179,970		1.9
	635,200		Westfield Retail Trust		1,758,630		0.2
					59,458,377		6.1
			Health Care: 7.1%
	56,300		Eli Lilly & Co.		3,313,818		0.3
	104,800		Johnson & Johnson		10,294,504		1.1
	410,200		Merck & Co., Inc.		23,287,054		2.4
	378,100		Pfizer, Inc.		12,144,572		1.3
	46,700		Roche Holding AG - Genusschein		14,045,668		1.4
	115,000	@	Sanofi-Aventis SA ADR		6,012,200		0.6
					69,097,816		7.1
			Industrials: 3.8%
	21,700		Caterpillar, Inc.		2,156,329		0.2
	1,222		Ceva Holdings LLC		1,527,312		0.2
	571,600		General Electric Co.		14,798,724		1.5
	40,000		Lockheed Martin Corp.		6,529,600		0.7
	30,500		Raytheon Co.		3,013,095		0.3
	93,700		Republic Services, Inc.		3,200,792		0.3
	131,000		Waste Management, Inc.		5,511,170		0.6
					36,737,022		3.8
			Information Technology: 4.3%
	12,200		Apple, Inc.		6,548,228		0.7
	243,200		Cisco Systems, Inc.		5,450,112		0.6
	512,200		Intel Corp.		13,219,882		1.4
	132,300		Maxim Integrated Products		4,381,776		0.4
	123,100		Microsoft Corp.		5,045,869		0.5
	40,900		Oracle Corp.		1,673,219		0.2
	109,000		Texas Instruments, Inc.		5,139,350		0.5
					41,458,436		4.3
			Materials: 9.4%
	70,000	L	Agrium, Inc.		6,826,400		0.7
	37,931	@	AngloGold Ashanti Ltd. ADR		647,861		0.1
	268,900		Barrick Gold Corp.		4,794,487		0.5
	331,700		BHP Billiton PLC		10,242,390		1.1
	367,700		Dow Chemical Co.		17,866,543		1.8
	129,100		EI Du Pont de Nemours & Co.		8,662,610		0.9
	251,000		Freeport-McMoRan Copper & Gold, Inc.		8,300,570		0.8
	130,800	L	GoldCorp, Inc.		3,201,984		0.3
	130,000	@	LyondellBasell Industries NV - Class A		11,562,200		1.2
	20,000		Mosaic Co.		1,000,000		0.1
	198,000		Newmont Mining Corp.		4,641,120		0.5
	236,200	L	Rio Tinto PLC ADR		13,187,046		1.4
					90,933,211		9.4
			Telecommunication Services: 2.1%
	275,000		AT&T, Inc.		9,644,250		1.0
	30,000		CenturyTel, Inc.		985,200		0.1
	800,000		Telstra Corp., Ltd.		3,772,365		0.4
	46,025		Verizon Communications, Inc. - VZC		2,188,944		0.2
	954,545		Vodafone Group PLC		3,510,147		0.4
					20,100,906		2.1
			Utilities: 12.9%
	53,000		AGL Resources, Inc.		2,594,880		0.3
	150,000		American Electric Power Co., Inc.		7,599,000		0.8
	111,700		Dominion Resources, Inc.		7,929,583		0.8
	194,965		Duke Energy Corp.		13,885,407		1.4
	220,000		Dynegy, Inc.		5,486,800		0.6
	85,000		Entergy Corp.		5,682,250		0.6
	255,000		Exelon Corp.		8,557,800		0.9
	100,000		FirstEnergy Corp.		3,403,000		0.3

	PORTFOLIO OF INVESTMENTS
VY Franklin Income Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Utilities: (continued)
	1,800,000	@	HK Electric Investments and HK Electric Investments Ltd.		1,164,958		0.1
	130,830		NextEra Energy, Inc.		12,509,965		1.3
	220,000		Pacific Gas & Electric Co.		9,504,000		1.0
	100,000		Pinnacle West Capital Corp.		5,466,000		0.6
	185,200		PPL Corp.		6,137,528		0.6
	175,000		Public Service Enterprise Group, Inc.		6,674,500		0.7
	105,000		Sempra Energy		10,159,800		1.0
	220,000		Southern Co.		9,666,800		1.0
	162,000		TECO Energy, Inc.		2,778,300		0.3
	200,000		Xcel Energy, Inc.		6,072,000		0.6
					125,272,571		12.9
		Total Common Stock
		(Cost $475,546,795)			559,946,277		57.7
PREFERRED STOCK: 4.3%
			Energy: 0.7%
	3,500	#	Chesapeake Energy Corp.		3,922,187		0.4
	25,000		SandRidge Energy, Inc. 7.0%		2,523,438		0.3
					6,445,625		0.7
			Financials: 3.2%
	9,300		Bank of America Corp.		10,641,153		1.1
	50	P	Fannie Mae		1,737,500		0.2
	100,000	P	Federal National Mortgage Association - Series Q		891,000		0.1
	194,460	P	Federal National Mortgage Association - Series R		1,818,201		0.2
	96,100	P	Federal National Mortgage Association - Series S		1,007,128		0.1
	90,000		Felcor Lodging Trust, Inc.		2,257,029		0.2
	191,500	L,P	Federal Home Loan Mortgage Corp.		2,106,500		0.2
	40,000		MetLife, Inc.		1,232,000		0.1
	8,000		Wells Fargo & Co.		9,384,000		1.0
					31,074,511		3.2
			Industrials: 0.2%
	1,748		Ceva Holdings Series A-2		2,184,787		0.2
	41		Ceva Holdings Series A-1		68,470		0.0
					2,253,257		0.2
			Utilities: 0.2%
	17,000		Dominion Resources, Inc./VA - Series A		977,500		0.1
	17,000		Dominion Resources, Inc./VA - Series B		982,090		0.1
					1,959,590		0.2
		Total Preferred Stock
		(Cost $45,604,629)			41,732,983		4.3
EQUITY-LINKED SECURITIES: 1.0%
			Energy: 0.6%
	30,000	#	Barclays Bank PLC into Devon Energy Corp., 6.000%		1,985,577		0.2
	250,000	#	Barclays Bank PLC into Weatherford International Ltd., 7.500%		4,271,650		0.4
					6,257,227		0.6
			Information Technology: 0.4%
	120,000	#	Wells Fargo & Co. into Broadcom Corp., 7.000%		3,557,952		0.4
		Total Equity-Linked Securities
		(Cost $9,073,000)			9,815,179		1.0
WARRANTS: 0.0%
			Utilities: 0.0%
	21,595		Dynegy, Inc.		38,547		0.0
		Total Warrants
		(Cost $498,071)			38,547		0.0

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 33.0%
			Basic Materials: 1.8%
	1,000,000	L	AngloGold Ashanti Holdings PLC, 8.500%, 07/30/20		1,106,500		0.1
	862,000	#	First Quantum Minerals Ltd., 6.750%, 02/15/20		877,085		0.1
	862,000	#	First Quantum Minerals Ltd., 7.000%, 02/15/21		881,395		0.1
	1,500,000	#,L	FMG Resources August 2006 Pty Ltd., 6.875%, 02/01/18		1,584,375		0.2
	2,000,000	#,L	FMG Resources August 2006 Pty Ltd., 8.250%, 11/01/19		2,207,500		0.2
	1,000,000		HudBay Minerals, Inc., 9.500%, 10/01/20		1,075,000		0.1
	600,000	#	INEOS Group Holdings SA, 5.875%, 02/15/19		614,250		0.1
	EUR 2,500,000	#	Kerling PLC, 10.625%, 02/01/17		3,676,623		0.4

	PORTFOLIO OF INVESTMENTS
VY Franklin Income Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES
			Basic Materials
	EUR 1,800,000	#	Kinove German Bondco GmbH, 10.000%, 06/15/18		2,712,386		0.3
	2,500,000	L	Molycorp, Inc., 10.000%, 06/01/20		2,487,500		0.2
					17,222,614		1.8
			Communications: 7.4%
	3,000,000		Cablevision Systems Corp., 7.750%, 04/15/18		3,438,750		0.4
	1,000,000		Cablevision Systems Corp., 8.625%, 09/15/17		1,190,000		0.1
	100,000	#	CBS Outdoor Americas Capital LLC / CBS Outdoor Americas Capital Corp., 5.250%, 02/15/22		102,750		0.0
	100,000	#	CBS Outdoor Americas Capital LLC / CBS Outdoor Americas Capital Corp., 5.625%, 02/15/24		102,750		0.0
	1,300,000		CCO Holdings LLC / CCO Holdings Capital Corp., 5.750%, 01/15/24		1,293,500		0.1
	2,500,000		CCO Holdings LLC / CCO Holdings Capital Corp., 6.500%, 04/30/21		2,659,375		0.3
	500,000		CenturyLink, Inc., 6.750%, 12/01/23		533,125		0.1
	80,415		Clear Channel Communications, Inc., 3.803%, 01/29/16		79,543		0.0
	7,617,472		Clear Channel Communications, Inc., 6.903%, 01/30/19		7,471,316		0.8
	1,485,057		Clear Channel Communications, Inc., 7.653%, 07/30/19		1,485,985		0.1
	1,853,000		Clear Channel Communications, Inc., 9.000%, 12/15/19		1,954,915		0.2
	5,300,000		Clear Channel Communications, Inc., 9.000%, 03/01/21		5,558,375		0.6
	4,500,000		Cricket Communications, Inc., 7.750%, 10/15/20		5,151,375		0.5
	2,000,000		CSC Holdings, LLC, 6.750%, 11/15/21		2,245,000		0.2
	900,000		Frontier Communications Corp., 8.500%, 04/15/20		1,050,750		0.1
	1,500,000		Frontier Communications Corp., 9.250%, 07/01/21		1,785,000		0.2
	4,700,000	#	Sprint Corp., 7.875%, 09/15/23		5,181,750		0.5
	1,000,000		Sprint Nextel Corp., 7.000%, 08/15/20		1,095,000		0.1
	3,500,000	#	Sprint Nextel Corp., 9.000%, 11/15/18		4,287,500		0.4
	1,000,000		Sprint Nextel Corp., 9.125%, 03/01/17		1,187,500		0.1
	3,500,000		Sprint Nextel Corp., 11.500%, 11/15/21		4,672,500		0.5
	208,592	±	SuperMedia Inc. Exit Term Loan, 11.600%, 12/30/16		156,835		0.0
	2,500,000		T-Mobile USA, Inc., 6.633%, 04/28/21		2,696,875		0.3
	2,500,000		T-Mobile USA, Inc., 6.731%, 04/28/22		2,687,500		0.3
	2,000,000	#	Univision Communications, Inc., 5.125%, 05/15/23		2,055,000		0.2
	3,400,000		Verizon Communications, Inc., 5.150%, 09/15/23		3,728,222		0.4
	3,700,000		Verizon Communications, Inc., 6.550%, 09/15/43		4,518,943		0.5
	2,000,000	#	Virgin Media Secured Finance PLC, 5.500%, 01/15/25		2,030,000		0.2
	1,900,000		Visant Corp., 10.000%, 10/01/17		1,902,375		0.2
					72,302,509		7.4
			Consumer, Cyclical: 2.9%
	1,800,000	#	Academy Ltd. / Academy Finance Corp., 9.250%, 08/01/19		1,973,250		0.2
	1,500,000	#	Algeco Scotsman Global Finance Plc, 8.500%, 10/15/18		1,646,250		0.2
	1,200,000		Caesars Entertainment Operating Co., Inc., 8.500%, 02/15/20		1,068,000		0.1
	4,300,000		Chrysler Group LLC/CG Co-Issuer, Inc., 8.250%, 06/15/21		4,885,875		0.5
	1,976,000		ClubCorp Club Operations, Inc., 10.000%, 12/01/18		2,181,010		0.2
	600,000		Goodyear Tire & Rubber Co., 8.250%, 08/15/20		671,250		0.1
	3,200,000		Goodyear Tire & Rubber Co/The, 6.500%, 03/01/21		3,504,000		0.4
	750,000		Harrah's Operating Co., Inc., 11.250%, 06/01/17		723,750		0.1
	2,500,000		KB Home, 7.500%, 09/15/22		2,750,000		0.3
	400,000		MGM Resorts International, 6.750%, 10/01/20		444,500		0.0

	PORTFOLIO OF INVESTMENTS
VY Franklin Income Portfolio	as of March 31, 2014 (Unaudited) (Continued)

1,500,000		MGM Resorts International, 10.000%, 11/01/16	1,798,125	0.2
760,128		Navistar International Corp., 5.750%, 08/17/17	771,530	0.1
1,400,000	L	Navistar International Corp., 8.250%, 11/01/21	1,433,250	0.1
2,044,883		U.S. Investigations Services, Inc., 5.000%, 02/21/15	2,020,600	0.2
EUR 1,500,000	#	Volkswagen International Finance NV, 5.500%, 11/09/15	2,427,604	0.2
			28,298,994	2.9
		Consumer, Non-cyclical: 4.7%
2,000,000	L	Alliance One International, Inc., 9.875%, 07/15/21	2,055,000	0.2
2,000,000		Ceridian Corp., 11.250%, 11/15/15	2,020,000	0.2
500,000	#	CHS/Community Health Systems, Inc., 5.125%, 08/01/21	515,000	0.0
1,000,000	#	CHS/Community Health Systems, Inc., 6.875%, 02/01/22	1,050,000	0.1
3,400,000		HCA, Inc., 6.500%, 02/15/20	3,816,500	0.4
3,200,000		HCA, Inc., 7.500%, 02/15/22	3,664,000	0.4
1,500,000	#,L	Innovation Ventures, LLC / Innovation Ventures Finance Corp., 9.500%, 08/15/19	1,428,750	0.1
1,000,000	#,&	Jaguar Holding Co. I, 9.375%, 10/15/17	1,056,250	0.1
2,000,000	#	JBS USA LLC / JBS USA Finance, Inc., 7.250%, 06/01/21	2,135,000	0.2
800,000	#	JBS USA LLC/JBS USA Finance, Inc., 8.250%, 02/01/20	880,000	0.1
1,500,000	#	Laureate Education, Inc., 9.250%, 09/01/19	1,605,000	0.2
800,000	#	MPH Acquisition Holdings LLC, 6.625%, 04/01/22	823,000	0.1
900,000		Reynolds Group Issuer, Inc., 5.750%, 10/15/20	947,250	0.1
1,400,000		Reynolds Group Issuer, Inc., 7.875%, 08/15/19	1,548,750	0.2
500,000	L	Reynolds Group Issuer, Inc., 8.250%, 02/15/21	548,125	0.1
2,300,000		Reynolds Group Issuer, Inc., 9.875%, 08/15/19	2,581,750	0.3
2,500,000		Supervalu, Inc., 8.000%, 05/01/16	2,768,750	0.3
2,800,000		Tenet Healthcare Corp., 8.125%, 04/01/22	3,136,000	0.3
2,455,000		Tenet Healthcare Corp., 8.000%, 08/01/20	2,688,225	0.3
4,800,000		Tenet Healthcare Corp., 9.250%, 02/01/15	5,112,000	0.5
1,100,000	L	United Rentals North America, Inc., 8.375%, 09/15/20	1,223,750	0.1
1,000,000		US Foods, Inc., 8.500%, 06/30/19	1,083,250	0.1
2,300,000	#	Valeant Pharmaceuticals International, Inc., 7.500%, 07/15/21	2,599,000	0.3
			45,285,350	4.7
		Diversified: 0.2%
600,000	#	Stena AB, 7.000%, 02/01/24	612,000	0.0
1,500,000	#	Stena International SA, 5.750%, 03/01/24	1,500,000	0.2
			2,112,000	0.2
		Energy: 6.3%
1,100,000	#	Antero Resources Finance Corp., 5.375%, 11/01/21	1,117,188	0.1
826,000		Antero Resources Finance Corp., 7.250%, 08/01/19	883,820	0.1
1,500,000		Arch Coal, Inc., 7.250%, 06/15/21	1,140,000	0.1
500,000		Bill Barrett Corp., 7.000%, 10/15/22	528,750	0.1
2,000,000		Chesapeake Energy Corp. - Term Loan B, 5.750%, 12/02/17	2,048,126	0.2
4,500,000		Chesapeake Energy Corp., 5.750%, 03/15/23	4,786,875	0.5
800,000		Chesapeake Energy Corp., 6.875%, 11/15/20	912,000	0.1
6,000,000		Chesapeake Energy Corp., 7.250%, 12/15/18	7,020,000	0.7
1,400,000		Consol Energy, Inc., 8.250%, 04/01/20	1,527,750	0.2
1,500,000		El Paso Corp., 7.750%, 01/15/32	1,611,792	0.2
1,500,000		Energy XXI Gulf Coast, Inc., 9.250%, 12/15/17	1,638,750	0.2
2,500,000		EP Energy, LLC, 9.375%, 05/01/20	2,903,125	0.3
919,000	#	Expro Finance Luxembourg SCA, 8.500%, 12/15/16	962,078	0.1
2,500,000		Fieldwood Energy - TL 2L, 8.375%, 09/30/20	2,606,920	0.3
2,000,000		Halcon Resources Corp., 9.750%, 07/15/20	2,165,000	0.2
800,000	#	Kinder Morgan, Inc./DE, 5.000%, 02/15/21	805,215	0.1

	PORTFOLIO OF INVESTMENTS
VY Franklin Income Portfolio	as of March 31, 2014 (Unaudited) (Continued)

1,600,000	#	Kinder Morgan, Inc./DE, 5.625%, 11/15/23	1,590,629	0.2
2,000,000		Linn Energy, LLC/Linn Energy Finance Corp., 8.625%, 04/15/20	2,182,500	0.2
1,000,000	L	Midstates Petroleum Co., Inc. / Midstates Petroleum Co. LLC, 10.750%, 10/01/20	1,110,000	0.1
1,500,000	#	Niska Gas Storage Canada ULC / Niska Gas Storage Canada Finance Corp., 6.500%, 04/01/19	1,483,125	0.1
5,000,000		Ocean Rig - TL B1, 6.000%, 03/31/21	5,113,540	0.5
1,500,000	#	Ocean Rig UDW, Inc., 7.250%, 04/01/19	1,501,875	0.2
2,000,000	L	Peabody Energy Corp., 6.250%, 11/15/21	2,015,000	0.2
5,000,000		Quicksilver Resources - TL 2L, 7.000%, 06/12/19	5,000,000	0.5
400,000		Regency Energy Partners L.P. / Regency Energy Finance Corp., 5.875%, 03/01/22	416,000	0.0
2,600,000	#	Samson Investment Co., 10.750%, 02/15/20	2,847,000	0.3
2,800,000	#	Sanchez Energy Corp., 7.750%, 06/15/21	3,003,000	0.3
2,000,000		W&T Offshore, Inc., 8.500%, 06/15/19	2,170,000	0.2
			61,090,058	6.3
		Financial: 2.5%
800,000		Ally Financial, Inc., 6.250%, 12/01/17	896,000	0.1
1,500,000		Bank of America Corp., 8.125%, 12/29/49	1,721,960	0.2
GBP 1,000,000	#,L	Boparan Holdings Ltd., 9.875%, 04/30/18	1,802,594	0.2
1,300,000		E*TRADE Financial Corp., 6.000%, 11/15/17	1,373,125	0.1
2,000,000		International Lease Finance Corp., 8.875%, 09/01/17	2,390,000	0.2
12,500,000		JPMorgan Chase & Co., 7.900%, 04/29/49	14,187,500	1.5
2,300,000	#	Nuveen Investments, Inc., 9.500%, 10/15/20	2,461,000	0.2
			24,832,179	2.5
		Industrial: 1.9%
1,600,000	#	Abengoa Finance SAU, 8.875%, 11/01/17	1,804,000	0.2
1,400,000	L	Cemex SAB de CV, 3.250%, 03/15/16	1,925,875	0.2
805,000		Cemex SAB de CV, 3.750%, 03/15/18	1,153,666	0.1
1,500,000	#	Cemex SAB de CV, 7.250%, 01/15/21	1,642,500	0.2
4,000,000	#	Cemex SAB de CV, 9.000%, 01/11/18	4,370,000	0.4
2,400,000	#	CEVA Group PLC, 4.000%, 05/01/18	2,274,000	0.2
2,250,000		CHC Helicopter SA, 9.250%, 10/15/20	2,455,312	0.3
3,000,000		Dynacast International, LLC / Dynacast Finance, Inc., 9.250%, 07/15/19	3,352,500	0.3
			18,977,853	1.9
		Technology: 4.0%
1,300,000	#	BMC Software Finance, Inc., 8.125%, 07/15/21	1,374,750	0.2
3,600,000		CDW, LLC / CDW Finance Corp., 8.500%, 04/01/19	3,960,000	0.4
40,000		CDW, LLC / CDW Finance Corp., 12.535%, 10/12/17	42,000	0.0
3,276,964		First Data Corp. - Term Loan B-3, 4.155%, 03/24/18	3,280,037	0.3
6,179,000	#,L	First Data Corp., 8.250%, 01/15/21	6,735,110	0.7
3,187,000	#,&	First Data Corp., 8.750%, 01/15/22	3,497,732	0.4
6,400,000		First Data Corp., 12.625%, 01/15/21	7,648,000	0.8
2,054,000	L	Freescale Semiconductor, Inc., 8.050%, 02/01/20	2,267,103	0.2
5,980,000		Freescale Semiconductor, Inc., 10.750%, 08/01/20	6,966,700	0.7
600,000		Infor US, Inc., 9.375%, 04/01/19	678,750	0.1
1,225,714		SRA International, Inc. - Term Loan B, 6.500%, 07/20/18	1,231,843	0.1
800,000		SRA International, Inc., 11.000%, 10/01/19	846,000	0.1
			38,528,025	4.0
		Utilities: 1.3%
814,000	#	Calpine Corp., 7.500%, 02/15/21	893,365	0.1
760,000	#	Calpine Corp., 7.875%, 01/15/23	855,000	0.1
616,000	#	Calpine Corp., 7.875%, 07/31/20	680,680	0.1
7,000,000	X	GCB Dyengy Holdings Escrow, 7.500%, 06/01/15	–	–
1,500,000	X	GCB Dyengy Holdings Escrow, 8.375%, 05/01/16	–	–
2,500,000	X	GCB Dyengy Holdings Escrow, 7.750%, 06/01/19	–	–
5,000,000	#	InterGen NV, 7.000%, 06/30/23	5,275,000	0.5
1,900,000		GenOn Energy, Inc., 7.875%, 06/15/17	1,919,000	0.2

	PORTFOLIO OF INVESTMENTS
VY Franklin Income Portfolio	as of March 31, 2014 (Unaudited) (Continued)

	2,500,000		Sabine Pass LNG LP, 7.500%, 11/30/16		2,775,000		0.3
					12,398,045		1.3
		Total Corporate Bonds/Notes
		(Cost $289,975,035)			321,047,627		33.0
		Total Long-Term Investments
		(Cost $820,697,530)			932,580,613		96.0
SHORT-TERM INVESTMENTS: 7.8%
			U.S. Government Agency Obligations: 2.6%
	25,000,000	Z	Federal Home Loan Bank Discount Notes 0.000%, 04/01/14
			(Cost $25,000,000)		25,000,000		2.6
			Securities Lending Collateralcc(1): 5.2%
	6,460,903		Bank of Nova Scotia, Repurchase Agreement dated 03/31/14, 0.07%, due 04/01/14 (Repurchase Amount $6,460,915, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%-6.500%, Market Value plus accrued interest $6,590,134, due 01/31/16-11/01/43)		6,460,903		0.7
	11,946,716		Citigroup, Inc., Repurchase Agreement dated 03/31/14, 0.09%, due 04/01/14 (Repurchase Amount $11,946,745, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.625%, Market Value plus accrued interest $12,185,650, due 04/03/14-02/15/41)		11,946,716		1.2
	11,946,716		Daiwa Capital Markets, Repurchase Agreement dated 03/31/14, 0.12%, due 04/01/14 (Repurchase Amount $11,946,755, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $12,185,651, due 03/27/17-03/01/48)		11,946,716		1.3
	8,000,000		Millenium Fixed Income Ltd., Repurchase Agreement dated 03/31/14, 0.07%, due 04/01/14 (Repurchase Amount $8,000,015, collateralized by various U.S. Government Securities, 0.750%, Market Value plus accrued interest $8,160,001, due 06/30/17)		8,000,000		0.8
	11,946,716		Nomura Securities, Repurchase Agreement dated 03/31/14, 0.10%, due 04/01/14 (Repurchase Amount $11,946,749, collateralized by various U.S. Government Agency Obligations, 0.000%-6.036%, Market Value plus accrued interest $12,185,650, due 04/01/14-05/01/47)		11,946,716		1.2
					50,301,051		5.2
		Total Short-Term Investments
		(Cost $75,301,051)			75,301,051		7.8
		Total Investments in Securities (Cost $895,998,581)		$	1,007,881,664		103.8
		Liabilities in Excess of Other Assets			(37,244,848	)	(3.8	)
		Net Assets		$	970,636,816		100.0

†	Unless otherwise indicated, principal amount is shown in USD.
#	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
ADR	American Depositary Receipt
P	Preferred Stock may be called prior to convertible date.
cc	Securities purchased with cash collateral for securities loaned.
L	Loaned security, a portion or all of the security is on loan at March 31, 2014.
±	Defaulted security
X	Fair value determined by Voya funds Valuation Committee appointed by the Funds' Board of Directors/Trustees.
Z	Indicates Zero Coupon Bond; rate shown reflects current effective yield.
(1)	Collateral received from brokers for securities lending was invested into these short-term investments.

EUR	EU Euro
GBP	British Pound

	PORTFOLIO OF INVESTMENTS
VY Franklin Income Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Cost for federal income tax purposes is $896,023,333.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	170,271,692
Gross Unrealized Depreciation		(58,413,361	)
Net Unrealized Appreciation	$	111,858,331

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	8,905,582	$	–	$	–	$	8,905,582
Consumer Staples		12,127,166		–		–		12,127,166
Energy		95,855,190		–		–		95,855,190
Financials		48,071,710		11,386,667		–		59,458,377
Health Care		55,052,148		14,045,668		–		69,097,816
Industrials		35,209,710		–		1,527,312		36,737,022
Information Technology		41,458,436		–		–		41,458,436
Materials		80,690,821		10,242,390		–		90,933,211
Telecommunication Services		10,629,450		9,471,456		–		20,100,906
Utilities		125,272,571		–		–		125,272,571
Total Common Stock		513,272,784		45,146,181		1,527,312		559,946,277
Preferred Stock		13,466,590		26,013,136		2,253,257		41,732,983
Equity-Linked Securities		–		9,815,179		–		9,815,179
Warrants		38,547		–		–		38,547
Corporate Bonds/Notes		–		321,047,627		–		321,047,627
Short-Term Investments		–		75,301,051		–		75,301,051
Total Investments, at fair value	$	526,777,921	$	477,323,174	$	3,780,569	$	1,007,881,664

# 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.

	PORTFOLIO OF INVESTMENTS
VY Franklin Mutual Shares Portfolio	as of March 31, 2014 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 84.0%
			Consumer Discretionary: 8.3%
	87,445		CBS Corp. - Class B	$	5,404,101		1.0
	1,719		CBS Outdoor Americas, Inc.		50,281		0.0
	27,995		Comcast Corp. – Special Class A		1,365,036		0.2
	185,640		General Motors Co.		6,389,729		1.2
	71,680		Kohl's Corp.		4,071,424		0.7
	440,822	@,X	Prime AET&D Holdings		–		–
	592,520		Reed Elsevier PLC		9,054,535		1.7
	48,118		Time Warner Cable, Inc.		6,600,827		1.2
	25,030		Tribune Co.		1,993,639		0.4
	15,346		Tribune Co. - Class B		1,222,309		0.2
	290,624		Twenty-First Century Fox, Inc. Class B		9,044,219		1.7
					45,196,100		8.3
			Consumer Staples: 11.7%
	131,390		Altria Group, Inc.		4,917,928		0.9
	226,180		Avon Products, Inc.		3,311,275		0.6
	176,046		British American Tobacco PLC		9,820,791		1.8
	62,988		Coca-Cola Enterprises, Inc.		3,008,307		0.5
	83,629		CVS Caremark Corp.		6,260,467		1.1
	138,832		Imperial Tobacco Group PLC		5,613,998		1.0
	182,181		Kroger Co.		7,952,200		1.5
	109,762		Lorillard, Inc.		5,935,929		1.1
	26,484		PepsiCo, Inc.		2,211,414		0.4
	16,137		Pernod Ricard SA		1,877,955		0.4
	33,421		Philip Morris International, Inc.		2,736,177		0.5
	972,270		Tesco PLC		4,795,321		0.9
	78,499		Walgreen Co.		5,183,289		1.0
					63,625,051		11.7
			Energy: 11.0%
	97,139		Apache Corp.		8,057,680		1.5
	84,912		Baker Hughes, Inc.		5,520,978		1.0
	211,384		BG Group PLC		3,946,368		0.7
	554,065		BP PLC		4,451,913		0.8
	104,077		Consol Energy, Inc.		4,157,876		0.8
	36,835	@	Ensco PLC		1,944,151		0.3
	235,742		Marathon Oil Corp.		8,373,556		1.5
	52,544		Murphy Oil Corp.		3,302,916		0.6
	150,620		Petroleo Brasileiro SA ADR		1,980,653		0.4
	262,141		Royal Dutch Shell PLC		9,578,349		1.8
	308,021		Talisman Energy, Inc.		3,074,050		0.6
	20,579		Talisman Energy, Inc. - TSX		205,138		0.1
	102,715	@	Transocean Ltd.		4,246,238		0.8
	40,396		WPX Energy, Inc.		728,340		0.1
					59,568,206		11.0
			Financials: 18.5%
	79,776	@	ACE Ltd.		7,902,611		1.5
	3,609		Aegon NV		33,243		0.0
	170,442		American International Group, Inc.		8,523,804		1.6
	9,488		Alexander's, Inc.		3,425,073		0.6
	12,330	@	Alleghany Corp.		5,022,995		0.9
	40,292		Allstate Corp.		2,279,721		0.4
	49,872	#	Bond Street Holdings, LLC		748,080		0.1
	35,791	@	Brookfield Property Partners LP		669,292		0.1
	454,259	@,X	Canary Wharf Group PLC		3,301,422		0.6
	71,583		CIT Group, Inc.		3,508,999		0.7
	113,022		Citigroup, Inc.		5,379,847		1.0
	16,005		Columbia Banking System, Inc.		456,463		0.1
	74,621		Credit Suisse Group		2,415,339		0.5
	29,112		Deutsche Boerse AG		2,317,720		0.4
	43,582		Forestar Real Estate Group, Inc.		775,760		0.1
	9,584		Guaranty Bancorp		136,572		0.0
	116,990		JPMorgan Chase & Co.		7,102,463		1.3
	81,628		KB Financial Group, Inc.		2,864,087		0.5
	94,799		Metlife, Inc.		5,005,387		0.9
	61,274		Morgan Stanley		1,909,911		0.4
	117,020		PNC Financial Services Group, Inc.		10,180,740		1.9
	32,902		Societe Generale		2,025,312		0.4
	123,801		SunTrust Bank		4,926,042		0.9
	73,364		Wells Fargo & Co.		3,649,125		0.7
	20,198		White Mountains Insurance Group Ltd.		12,116,780		2.2
	12,332		Zurich Insurance Group AG		3,787,340		0.7
					100,464,128		18.5
			Health Care: 11.3%
	117,177		Cigna Corp.		9,811,230		1.8
	62,183		Eli Lilly & Co.		3,660,091		0.7
	77,301		Hospira, Inc.		3,343,268		0.6
	227,648		Medtronic, Inc.		14,009,458		2.6
	245,982		Merck & Co., Inc.		13,964,398		2.6
	28,467		Stryker Corp.		2,319,207		0.4
	209,390		Teva Pharmaceutical Industries Ltd. ADR		11,064,168		2.0
	33,420		WellPoint, Inc.		3,326,961		0.6
					61,498,781		11.3
			Industrials: 4.6%
	729	@	AP Moller - Maersk A/S - Class B		8,725,225		1.6
	35,898		Caterpillar, Inc.		3,567,184		0.7
	322,822	@	CNH Industrial NV		3,715,341		0.7
	104,423	@	Federal Signal Corp.		1,555,903		0.3
	53,563		Huntington Ingalls Industries, Inc.		5,477,353		1.0
	20,759		Stanley Black & Decker, Inc.		1,686,461		0.3
					24,727,467		4.6
			Information Technology: 10.7%
	22,650		Apple, Inc.		12,157,161		2.3

	PORTFOLIO OF INVESTMENTS
VY Franklin Mutual Shares Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Information Technology: (continued)
	271,456		Cisco Systems, Inc.	$	6,083,329		1.1
	139,914		Hewlett-Packard Co.		4,527,617		0.8
	372,271		Microsoft Corp.		15,259,388		2.8
	3,006		Samsung Electronics Co., Ltd.		3,800,105		0.7
	342,839		Symantec Corp.		6,846,495		1.3
	34,122	@	TE Connectivity Ltd.		2,054,486		0.4
	627,862		Xerox Corp.		7,094,840		1.3
					57,823,421		10.7
			Materials: 4.6%
	130,380		Anglo American PLC		3,331,803		0.6
	199,292		Freeport-McMoRan Copper & Gold, Inc.		6,590,587		1.2
	142,047		International Paper Co.		6,517,116		1.2
	118,558		MeadWestvaco Corp.		4,462,523		0.8
	153,775	@	ThyssenKrupp AG		4,125,614		0.8
					25,027,643		4.6
			Telecommunication Services: 1.9%
	761,640	@	Koninklijke KPN NV		2,688,666		0.5
	14,435		Verizon Communications, Inc. - VZC		686,527		0.1
	1,829,968		Vodafone Group PLC		6,729,339		1.3
					10,104,532		1.9
			Utilities: 1.4%
	27,946		Entergy Corp.		1,868,190		0.3
	33,943		Gaz de France		928,516		0.2
	148,920		NRG Energy, Inc.		4,735,656		0.9
					7,532,362		1.4
		Total Common Stock
		(Cost $343,004,037)			455,567,691		84.0

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 7.5%
			Communications: 2.6%
	1,917,104		Avaya, Inc. - TL B3, 4.734%, 10/26/17		1,874,418		0.4
	467,527		Avaya, Inc. - TL B6, 6.500%, 03/30/18		469,028		0.1
	1,276,000	#	Avaya, Inc., 7.000%, 04/01/19		1,272,810		0.2
	1,363,000	#	Avaya, Inc., 10.500%, 03/01/21		1,270,997		0.2
	1,878,392	±	Cengage Learning Acquisition, Inc., 2.700%, 07/03/14		1,782,908		0.3
	182,000		Cengage Learning Acquisitions, Inc. - TL 1L, 7.000%, 03/31/20		184,427		0.0
	47,625		Clear Channel Communications, Inc., 3.803%, 01/29/16		47,108		0.0
	5,669		Clear Channel Communications, Inc., 3.803%, 01/29/16		5,577		0.0
	3,078,298		Clear Channel Communications, Inc., 6.903%, 01/30/19		3,019,234		0.6
	989,430		Clear Channel Communications, Inc., 7.653%, 07/30/19		990,048		0.2
	2,575,000		Clear Channel Communications, Inc., 9.000%, 12/15/19		2,716,625		0.5
	32,493	X	Tribune Co., Escrow, 08/14/49		–		–
	EUR237,000	#	Wind Acquisition Finance S.A., 11.750%, 07/15/17		344,397		0.1
	100,000	#	Wind Acquisition Finance S.A., 11.750%, 07/15/17		105,500		0.0
					14,083,077		2.6
			Consumer, Cyclical: 1.3%
	2,474,000	#	American Airlines, Inc., 7.500%, 03/15/16		2,577,599		0.5
	341,000		Caesars Entertainment Operating Co., Inc., 4.489%, 01/26/18		318,249		0.0
	1,621,000		Caesars Entertainment Operating Co., Inc., 5.489%, 01/28/18		1,532,858		0.3
	2,661,378		JC Penney - TL 1L, 6.000%, 05/21/18		2,651,065		0.5
					7,079,771		1.3
			Energy: 0.5%
	86,995		NGPL PipeCo, LLC, 6.750%, 09/15/17		85,291		0.0
	987,000	#	NGPL PipeCo, LLC, 7.119%, 12/15/17		974,663		0.2
	1,464,000	#	NGPL PipeCo, LLC, 9.625%, 06/01/19		1,570,140		0.3
					2,630,094		0.5
			Financial: 1.2%
	14,181,365		Lehman Brothers Holdings, Inc. - Claim, 2.320%, 12/31/49		6,239,801		1.2
	1,216,000	±,X	Tropicana Entertainment, LLC, 12/15/14		–		–
					6,239,801		1.2
			Technology: 0.6%
	270,000	#	First Data Corp., 8.250%, 01/15/21		294,300		0.0
	1,588,000		First Data Corp., 11.750%, 08/15/21		1,675,340		0.3
	373,000		First Data Corp., 12.625%, 01/15/21		445,735		0.1
	1,021,732	#,&	First Data Holdings, Inc., 14.500%, 09/24/19		965,537		0.2
					3,380,912		0.6

	PORTFOLIO OF INVESTMENTS
VY Franklin Mutual Shares Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Utilities: 1.3%
	33,000	X	Calpine Corp. Escrow, 12/01/14	$	–		–
	97,000	X	Calpine Corp. Escrow, 07/15/30		–		–
	49,000	X	Calpine Corp. Escrow, 07/15/49		–		–
	6,400,233		Texas Competitive Electric Holdings Co., LLC, 4.737%, 10/10/17		4,632,168		0.8
	3,208,000	#	Texas Competitive Electric Holdings Co., LLC, 11.500%, 10/01/20		2,478,180		0.5
					7,110,348		1.3
		Total Corporate Bonds/Notes
		(Cost $41,120,969)			40,524,003		7.5
MUNICIPAL BONDS: 0.3%
			Puerto Rico: 0.3%
	1,467,000		Commonwealth of Puerto Rico, 8.000%, 07/01/35		1,370,119		0.3
		Total Municipal Bonds
		(Cost $1,368,812)			1,370,119		0.3
		Total Long-Term Investments
		(Cost $385,493,818)			497,461,813		91.8
SHORT-TERM INVESTMENTS: 4.1%
			U.S. Treasury Bills: 4.1%
	3,000,000		United States Treasury Bill, 0.030%, 05/01/14		2,999,916		0.5
	2,000,000		United States Treasury Bill, 0.030%, 05/29/14		1,999,917		0.4
	2,500,000		United States Treasury Bill, 0.030%, 06/26/14		2,499,812		0.5
	2,000,000		United States Treasury Bill, 0.040%, 04/24/14		1,999,950		0.4
	5,000,000		United States Treasury Bill, 0.050%, 08/21/14		4,998,940		0.9
	5,000,000		United States Treasury Bill, 0.050%, 04/10/14		4,999,930		0.9
	3,000,000		United States Treasury Bill, 0.060%, 04/17/14		2,999,921		0.5
					22,498,386		4.1
		Total Short-Term Investments
		(Cost $22,497,567)			22,498,386		4.1
		Total Investments in Securities (Cost $407,991,385)		$	519,960,199		95.9
		Assets in Excess of Other Liabilities			22,043,532		4.1
		Net Assets		$	542,003,731		100.0

†	Unless otherwise indicated, principal amount is shown in USD.
#	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
ADR	American Depositary Receipt
±	Defaulted security
X	Fair value determined by Voya funds Valuation Committee appointed by the Funds' Board of Directors/Trustees.

EUR EU Euro

Cost for federal income tax purposes is $409,068,754.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	123,972,118
Gross Unrealized Depreciation		(13,080,673	)
Net Unrealized Appreciation	$	110,891,445

	PORTFOLIO OF INVESTMENTS
VY Franklin Mutual Shares Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	34,919,256	$	10,276,844		$	–	$	45,196,100
Consumer Staples		41,516,986		22,108,065			–		63,625,051
Energy		41,386,438		18,181,768			–		59,568,206
Financials		82,971,585		13,443,041			4,049,502		100,464,128
Health Care		61,498,781		–			–		61,498,781
Industrials		12,286,901		12,440,566			–		24,727,467
Information Technology		54,023,316		3,800,105			–		57,823,421
Materials		17,570,226		7,457,417			–		25,027,643
Telecommunication Services		–		10,104,532			–		10,104,532
Utilities		6,603,846		928,516			–		7,532,362
Total Common Stock		352,777,335		98,740,854			4,049,502		455,567,691
Corporate Bonds/Notes		–		40,524,003			–		40,524,003
Municipal Bonds		–		1,370,119			–		1,370,119
Short-Term Investments		–		22,498,386			–		22,498,386
Total Investments, at fair value	$	352,777,335	$	163,133,362		$	4,049,502	$	519,960,199
Other Financial Instruments+
Forward Foreign Currency Contracts		–		181,225			–		181,225
Total Assets	$	352,777,335	$	163,314,587		$	4,049,502	$	520,141,424
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	–	$	(453,490	)	$	–	$	(453,490	)
Total Liabilities	$	–	$	(453,490	)	$	–	$	(453,490	)

+

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, 2014, the following forward foreign currency contracts were outstanding for the VY Franklin Mutual Shares Portfolio:

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Bank of America	South Korean Won		64,173,924	Buy	08/12/14	$	59,486	$	60,008	$	522
Bank of America	South Korean Won		32,092,911	Buy	08/12/14		29,743		30,009		266
Bank of America	EU Euro		83,014	Buy	05/15/14		112,131		114,356		2,225
Bank of America	EU Euro		52,637	Buy	05/15/14		71,262		72,510		1,248
Bank of America	EU Euro		110,035	Buy	05/15/14		149,150		151,578		2,428
Bank of America	EU Euro		117,078	Buy	07/17/14		161,670		161,273		(397	)
Bank of America	EU Euro		35,071	Buy	07/17/14		48,350		48,311		(39	)
Bank of America	EU Euro		76,140	Buy	07/17/14		105,922		104,881		(1,041	)
Bank of America	EU Euro		33,772	Buy	07/17/14		47,042		46,520		(522	)
Bank of America	EU Euro		187,778	Buy	07/17/14		260,775		258,661		(2,114	)
Bank of America	EU Euro		250,070	Buy	07/17/14		346,622		344,468		(2,154	)
Bank of America	EU Euro		214,297	Buy	07/17/14		297,356		295,190		(2,166	)
Bank of America	British Pound		34,162	Buy	08/19/14		56,271		56,892		621
Bank of America	British Pound		34,067	Buy	08/19/14		56,114		56,733		619
Bank of America	British Pound		45,193	Buy	08/19/14		74,803		75,263		460
Bank of America	British Pound		40,519	Buy	08/19/14		67,085		67,479		394
Bank of America	British Pound		138,122	Buy	08/19/14		229,528		230,021		493
Bank of America	British Pound		53,536	Buy	08/19/14		88,968		89,156		188
Bank of America	British Pound		39,808	Buy	08/19/14		66,173		66,295		122

	PORTFOLIO OF INVESTMENTS
VY Franklin Mutual Shares Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Bank of America	British Pound		544,782	Buy	08/19/14	$	905,852	$	907,253	$	1,401
Barclays Bank PLC	EU Euro		79,637	Buy	05/15/14		109,560		109,702		142
Barclays Bank PLC	EU Euro		52,637	Buy	05/15/14		71,223		72,510		1,287
Barclays Bank PLC	EU Euro		126,542	Buy	05/15/14		172,878		174,316		1,438
Barclays Bank PLC	EU Euro		120,951	Buy	07/17/14		166,571		166,608		37
Barclays Bank PLC	EU Euro		68,365	Buy	07/17/14		95,087		94,171		(916	)
Barclays Bank PLC	EU Euro		160,097	Buy	07/17/14		222,709		220,531		(2,178	)
Barclays Bank PLC	British Pound		45,193	Buy	08/19/14		74,725		75,262		537
Barclays Bank PLC	British Pound		42,652	Buy	08/19/14		70,720		71,031		311
Barclays Bank PLC	British Pound		138,122	Buy	08/19/14		229,324		230,022		698
Barclays Bank PLC	British Pound		119,423	Buy	08/19/14		198,268		198,881		613
Credit Suisse Group AG	South Korean Won		32,083,988	Buy	08/12/14		29,743		30,001		258
Credit Suisse Group AG	South Korean Won		81,554,776	Buy	08/12/14		75,619		76,261		642
HSBC	South Korean Won		73,743,452	Buy	08/12/14		67,717		68,957		1,240
HSBC	South Korean Won		25,319,713	Buy	08/12/14		23,444		23,676		232
HSBC	South Korean Won		92,061,233	Buy	08/12/14		85,444		86,085		641
HSBC	South Korean Won		86,626,720	Buy	08/12/14		80,396		81,003		607
HSBC	EU Euro		93,029	Buy	05/15/14		128,007		128,151		144
HSBC	EU Euro		21,736	Buy	05/15/14		29,441		29,943		502
HSBC	EU Euro		50,072	Buy	05/15/14		67,673		68,976		1,303
HSBC	EU Euro		52,637	Buy	05/15/14		71,144		72,509		1,365
HSBC	EU Euro		12,488	Buy	05/15/14		17,032		17,202		170
HSBC	EU Euro		41,410	Buy	07/17/14		57,614		57,042		(572	)
HSBC	British Pound		34,067	Buy	08/19/14		56,179		56,733		554
HSBC	British Pound		159,230	Buy	08/19/14		264,794		265,174		380
HSBC	British Pound		83,896	Buy	08/19/14		139,375		139,716		341
State Street Bank	EU Euro		52,637	Buy	05/15/14		71,107		72,509		1,402
State Street Bank	British Pound		45,193	Buy	08/19/14		74,567		75,262		695
State Street Bank	British Pound		69,061	Buy	08/19/14		114,599		115,011		412
State Street Bank	British Pound		159,231	Buy	08/19/14		264,608		265,175		567
State Street Bank	British Pound		576,158	Buy	08/19/14		957,395		959,504		2,109
State Street Bank	British Pound		419,482	Buy	08/19/14		697,517		698,585		1,068
										$	18,583
Bank of America	EU Euro		136,487	Sell	05/15/14	$	186,147	$	188,016	$	(1,869	)
Bank of America	EU Euro		86,170	Sell	05/15/14		117,319		118,703		(1,384	)
Bank of America	EU Euro		48,093	Sell	05/15/14		65,784		66,250		(466	)
Bank of America	EU Euro		43,989	Sell	05/15/14		60,086		60,596		(510	)
Bank of America	EU Euro		82,772	Sell	05/15/14		114,124		114,022		102
Bank of America	EU Euro		37,214	Sell	05/15/14		51,578		51,264		314
Bank of America	EU Euro		31,516	Sell	05/15/14		43,147		43,415		(268	)
Bank of America	Swiss Franc		22,400	Sell	08/12/14		25,370		25,368		2
Bank of America	EU Euro		32,847	Sell	05/15/14		44,887		45,248		(361	)
Bank of America	EU Euro		30,000	Sell	05/15/14		41,128		41,326		(198	)
Bank of America	EU Euro		32,938	Sell	07/17/14		45,242		45,372		(130	)
Bank of America	Swiss Franc		111,500	Sell	08/12/14		127,911		126,271		1,640
Bank of America	Swiss Franc		48,600	Sell	08/12/14		55,568		55,039		529
Bank of America	EU Euro		23,313	Sell	07/17/14		31,940		32,113		(173	)
Bank of America	Swiss Franc		68,770	Sell	08/12/14		78,397		77,880		517
Bank of America	EU Euro		20,206	Sell	07/17/14		27,448		27,834		(386	)
Bank of America	Swiss Franc		67,455	Sell	08/12/14		76,940		76,391		549
Bank of America	British Pound		85,838	Sell	08/19/14		143,331		142,951		380
Bank of America	EU Euro		5,934,035	Sell	05/15/14		7,978,132		8,174,356		(196,224	)
Bank of America	EU Euro		32,649	Sell	05/19/14		44,214		44,974		(760	)
Bank of America	EU Euro		72,166	Sell	07/17/14		98,409		99,407		(998	)
Bank of America	British Pound		40,269	Sell	08/19/14		67,078		67,062		16
Bank of America	EU Euro		9,432,899	Sell	07/17/14		12,826,054		12,993,658		(167,604	)
Bank of America	British Pound		6,309,737	Sell	08/19/14		10,541,046		10,507,926		33,120
Bank of America	South Korean Won		184,070,788	Sell	08/12/14		171,268		172,121		(853	)
Bank of America	South Korean Won		147,741,250	Sell	08/12/14		138,089		138,150		(61	)
Bank of America	South Korean Won		340,805,798	Sell	08/12/14		317,486		318,681		(1,195	)
Bank of America	South Korean Won		342,304,334	Sell	08/12/14		317,486		320,083		(2,597	)
Bank of America	South Korean Won		304,504,669	Sell	08/12/14		280,908		284,737		(3,829	)
Barclays Bank PLC	EU Euro		411,497	Sell	05/15/14		558,728		566,852		(8,124	)

	PORTFOLIO OF INVESTMENTS
VY Franklin Mutual Shares Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	EU Euro		43,085	Sell	05/15/14	$	58,712	$	59,351	$	(639	)
Barclays Bank PLC	EU Euro		46,488	Sell	05/15/14		63,235		64,039		(804	)
Barclays Bank PLC	EU Euro		48,093	Sell	05/15/14		65,808		66,250		(442	)
Barclays Bank PLC	EU Euro		22,530	Sell	05/15/14		30,796		31,035		(239	)
Barclays Bank PLC	EU Euro		41,385	Sell	05/15/14		57,029		57,009		20
Barclays Bank PLC	EU Euro		60,000	Sell	05/15/14		82,196		82,652		(456	)
Barclays Bank PLC	Swiss Franc		85,100	Sell	08/12/14		97,781		96,373		1,408
Barclays Bank PLC	Swiss Franc		24,640	Sell	08/12/14		28,193		27,904		289
Barclays Bank PLC	EU Euro		20,818	Sell	07/17/14		28,270		28,677		(407	)
Barclays Bank PLC	British Pound		178,830	Sell	08/19/14		298,314		297,815		499
Barclays Bank PLC	British Pound		12,967,759	Sell	08/19/14		21,656,158		21,595,870		60,288
Barclays Bank PLC	British Pound		130,143	Sell	08/19/14		217,531		216,734		797
Barclays Bank PLC	British Pound		167,580	Sell	08/19/14		278,590		279,079		(489	)
Credit Suisse Group AG	South Korean Won		73,360,000	Sell	08/12/14		68,115		68,598		(483	)
Credit Suisse Group AG	South Korean Won		40,358,257	Sell	08/12/14		37,300		37,739		(439	)
Credit Suisse Group AG	South Korean Won		45,537,074	Sell	08/12/14		42,164		42,581		(417	)
Credit Suisse Group AG	British Pound		40,269	Sell	08/19/14		67,084		67,062		22
Credit Suisse Group AG	South Korean Won		554,252,356	Sell	08/12/14		517,833		518,272		(439	)
Credit Suisse Group AG	South Korean Won		378,983,539	Sell	08/12/14		352,763		354,381		(1,618	)
Credit Suisse Group AG	South Korean Won		189,477,659	Sell	08/12/14		176,381		177,177		(796	)
Credit Suisse Group AG	South Korean Won		378,489,672	Sell	08/12/14		352,763		353,920		(1,157	)
Credit Suisse Group AG	South Korean Won		1,292,993,783	Sell	08/12/14		1,199,393		1,209,056		(9,663	)
Credit Suisse Group AG	South Korean Won		152,252,335	Sell	08/12/14		140,454		142,368		(1,914	)
HSBC	South Korean Won		98,247,790	Sell	08/12/14		91,243		91,870		(627	)
HSBC	South Korean Won		65,663,442	Sell	08/12/14		61,082		61,400		(318	)
HSBC	South Korean Won		62,595,708	Sell	08/12/14		58,392		58,533		(141	)
HSBC	South Korean Won		740,350,951	Sell	08/12/14		691,807		692,290		(483	)
HSBC	South Korean Won		36,055,437	Sell	08/12/14		33,703		33,715		(12	)
HSBC	South Korean Won		281,721,089	Sell	08/12/14		262,273		263,432		(1,159	)
HSBC	South Korean Won		719,598,233	Sell	08/12/14		670,360		672,884		(2,524	)
HSBC	South Korean Won		515,613,004	Sell	08/12/14		478,496		482,141		(3,645	)
HSBC	South Korean Won		136,967,386	Sell	08/12/14		126,295		128,075		(1,780	)
HSBC	South Korean Won		132,704,154	Sell	08/12/14		122,404		124,090		(1,686	)
HSBC	EU Euro		229,888	Sell	05/15/14		311,687		316,680		(4,993	)
HSBC	EU Euro		52,394	Sell	05/15/14		71,650		72,174		(524	)
HSBC	EU Euro		48,093	Sell	05/15/14		65,784		66,250		(466	)
HSBC	EU Euro		52,045	Sell	05/15/14		71,089		71,694		(605	)
HSBC	EU Euro		65,385	Sell	05/15/14		89,304		90,071		(767	)
HSBC	EU Euro		41,386	Sell	05/15/14		57,126		57,010		116
HSBC	EU Euro		37,213	Sell	05/15/14		51,571		51,263		308
HSBC	EU Euro		23,407	Sell	05/15/14		32,048		32,244		(196	)
HSBC	EU Euro		30,000	Sell	05/15/14		41,113		41,326		(213	)
HSBC	EU Euro		65,875	Sell	07/17/14		90,498		90,741		(243	)
HSBC	EU Euro		13,598	Sell	07/17/14		18,711		18,731		(20	)
HSBC	EU Euro		102,654	Sell	07/17/14		141,274		141,404		(130	)
HSBC	EU Euro		22,102	Sell	07/17/14		30,307		30,445		(138	)
HSBC	EU Euro		152,327	Sell	07/17/14		208,387		209,828		(1,441	)
HSBC	Swiss Franc		7,337	Sell	08/12/14		8,372		8,309		63
HSBC	EU Euro		84,790	Sell	07/17/14		115,711		116,797		(1,086	)
HSBC	EU Euro		229,298	Sell	07/17/14		311,487		315,853		(4,366	)
HSBC	British Pound		9,725,819	Sell	08/19/14		16,246,008		16,196,902		49,106
HSBC	South Korean Won		101,488,399	Sell	08/12/14		94,285		94,900		(615	)
State Street Bank	EU Euro		136,488	Sell	05/15/14		186,048		188,017		(1,969	)
State Street Bank	EU Euro		86,170	Sell	05/15/14		117,448		118,702		(1,254	)
State Street Bank	EU Euro		48,093	Sell	05/15/14		65,807		66,250		(443	)
State Street Bank	EU Euro		52,045	Sell	05/15/14		71,011		71,694		(683	)

	PORTFOLIO OF INVESTMENTS
VY Franklin Mutual Shares Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
State Street Bank	Swiss Franc		36,900	Sell	08/12/14	$	41,715	$	41,789	$	(74	)
State Street Bank	Swiss Franc		88,800	Sell	08/12/14		100,814		100,564		250
State Street Bank	EU Euro		30,000	Sell	05/15/14		41,114		41,326		(212	)
State Street Bank	Swiss Franc		19,600	Sell	08/12/14		22,210		22,196		14
State Street Bank	Swiss Franc		15,100	Sell	08/12/14		17,282		17,100		182
State Street Bank	EU Euro		22,103	Sell	07/17/14		30,261		30,447		(186	)
State Street Bank	British Pound		43,187	Sell	08/19/14		71,934		71,922		12
										$	(290,848	)

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, 2014 was as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Foreign exchange contracts	Forward foreign currency contracts	$	181,225
Total Asset Derivatives		$	181,225
Liability Derivatives	Instrument Type
Foreign exchange contracts	Forward foreign currency contracts	$	453,490
Total Liability Derivatives		$	453,490

The following is a summary by counterparty of the fair value of OTC derivative instruments at March 31, 2014:

	Bank of America		Barclays Bank PLC		Credit Suisse Group AG		Deutsche Bank AG		HSBC		State Street Bank		Totals
Assets:
Forward foreign currency contracts	$	48,156	$	68,364	$	922	$	-	$	57,072	$	6,711	$	181,225
Total Assets		48,156		68,364		922		-		57,072		6,711		181,225
Total asset derivative instruments subject to master netting agreements (1)	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Liabilities:
Forward foreign currency contracts	$	388,299	$	14,694	$	16,926	$	-	$	28,750	$	4,821	$	453,490
Total Liabilities		388,299		14,694		16,926		-		28,750		4,821		453,490
Total liability derivative instruments subject to master netting agreements (1)	$	-	$	-	$	-	$	-	$	-	$	-	$	-

⁽¹⁾ At March 31, 2014, the Portfolio had not entered into any master netting agreements with its derivative counterparties as disclosed above. As such, the Portfolio did not have any amounts subject to offset.

VY Franklin Templeton Founding Strategy	PORTFOLIO OF INVESTMENTS
Portfolio	as of March 31, 2014 (Unaudited)

Shares			Value			Percentage of Net Assets
Affiliated Investment Companies: 100.0%
	26,921,668	VY Franklin Income Portfolio - Class I	$	317,944,893			33.0
	28,783,087	VY Franklin Mutual Shares Portfolio - Class I		321,794,910			33.4
	19,629,165	VY Templeton Global Growth Portfolio - Class I		323,488,641			33.6
		Total Investments in Affiliated Investment Companies
		(Cost $664,799,049)	$	963,228,444			100.0
		Liabilities in Excess of Other Assets		(326,988	)		–
		Net Assets	$	962,901,456			100.0

Cost for federal income tax purposes is $771,459,520.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	191,768,924
Gross Unrealized Depreciation		–
Net Unrealized Appreciation	$	191,768,924

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Affiliated Investment Companies	$	963,228,444	$	–	$	–	$	963,228,444
Total Investments, at fair value	$	963,228,444	$	–	$	–	$	963,228,444

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, 2014, where the following issuers were considered an affiliate:

Issuer	Beginning Market Value at 12/31/13		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciated/ (Depreciation)		Ending Market Value at 3/31/14		Investment Income		Realized Gains/ (Losses)		Net Capital Gain Distributions
VY Franklin Income Portfolio - Class I	$	313,918,450	$	4,147,943	$	(12,315,852	)	$	12,194,352	$	317,944,893	$	-	$	1,696,257	$	-
VY Franklin Mutual Shares Portfolio - Class I		315,953,067		5,606,138		(5,864,417	)		6,100,122		321,794,910		-		1,346,488		-
VY Templeton Global Growth Portfolio - Class I		318,524,955		6,682,073		(7,744,999	)		6,026,612		323,488,641		-		2,995,055		-
	$	948,396,472	$	16,436,154	$	(25,925,268	)	$	24,321,086	$	963,228,444	$	-	$	6,037,800	$	-

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

	PORTFOLIO OF INVESTMENTS
VY Invesco Growth and Income Portfolio	as of March 31, 2014 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 97.5%
			Consumer Discretionary: 11.1%
	154,787		Abercrombie & Fitch Co.	$	5,959,300		0.9
	140,964		ADT Corp.		4,221,872		0.6
	252,867		Carnival Corp.		9,573,545		1.5
	239,090		Comcast Corp. – Class A		11,959,282		1.8
	228,353		General Motors Co.		7,859,910		1.2
	129,534	L	Thomson Reuters Corp.		4,427,942		0.7
	69,413		Time Warner Cable, Inc.		9,522,075		1.5
	59,465		Time Warner, Inc.		3,884,848		0.6
	173,870		Viacom - Class B		14,777,211		2.3
					72,185,985		11.1
			Consumer Staples: 7.3%
	168,158		Archer-Daniels-Midland Co.		7,296,376		1.1
	739,383		Avon Products, Inc.		10,824,567		1.7
	335,833		Mondelez International, Inc.		11,603,030		1.8
	125,139		Procter & Gamble Co.		10,086,203		1.5
	89,842		Sysco Corp.		3,245,991		0.5
	105,499		Unilever NV ADR		4,338,119		0.7
					47,394,286		7.3
			Energy: 10.2%
	77,187		Anadarko Petroleum Corp.		6,542,370		1.0
	79,517		Apache Corp.		6,595,935		1.0
	150,611		Baker Hughes, Inc.		9,792,727		1.5
	229,957		Canadian Natural Resources Ltd.		8,813,458		1.3
	64,859		Halliburton Co.		3,819,547		0.6
	79,636		Occidental Petroleum Corp.		7,588,515		1.2
	349,862		Royal Dutch Shell PLC - Class A		12,783,102		2.0
	160,921		Total S.A.		10,592,614		1.6
					66,528,268		10.2
			Financials: 27.6%
	71,141	@	Aon PLC		5,995,764		0.9
	382,151		Bank of America Corp.		6,572,997		1.0
	181,305		BB&T Corp.		7,283,022		1.1
	417,846		Charles Schwab Corp.		11,419,731		1.7
	44,739		Chubb Corp.		3,995,193		0.6
	474,131		Citigroup, Inc.		22,568,636		3.5
	60,736		CME Group, Inc.		4,495,071		0.7
	147,994		Comerica, Inc.		7,666,089		1.2
	256,239		Fifth Third Bancorp.		5,880,685		0.9
	34,521		Goldman Sachs Group, Inc.		5,656,266		0.9
	496,830		JPMorgan Chase & Co.		30,162,549		4.6
	250,733		Marsh & McLennan Cos., Inc.		12,361,137		1.9
	492,769		Morgan Stanley		15,359,610		2.4
	104,464		Northern Trust Corp.		6,848,660		1.0
	152,520		PNC Financial Services Group, Inc.		13,269,240		2.0
	64,489		Santander Consumer USA Holdings, Inc.		1,552,895		0.2
	92,491		State Street Corp.		6,432,749		1.0
	166,776		Wells Fargo & Co.		8,295,438		1.3
	99,148	@	Willis Group Holdings PLC		4,375,401		0.7
					180,191,133		27.6
			Health Care: 13.1%
	89,495		Amgen, Inc.		11,038,313		1.7
	115,089		Bristol-Myers Squibb Co.		5,978,873		0.9
	63,442		Cigna Corp.		5,311,999		0.8
	109,470		Eli Lilly & Co.		6,443,404		1.0
	173,105		Medtronic, Inc.		10,652,882		1.6
	221,019		Merck & Co., Inc.		12,547,249		1.9
	9,171		Novartis AG ADR		779,718		0.1
	103,755		Novartis AG		8,809,622		1.3
	201,174		Pfizer, Inc.		6,461,709		1.0
	52,807		Teva Pharmaceutical Industries Ltd. ADR		2,790,322		0.4
	83,087		UnitedHealth Group, Inc.		6,812,303		1.1
	81,778		WellPoint, Inc.		8,141,000		1.3
					85,767,394		13.1
			Industrials: 7.3%
	35,429	@	Allegion Public Ltd.		1,848,331		0.3
	77,839		Caterpillar, Inc.		7,734,861		1.2
	206,640		CSX Corp.		5,986,361		0.9
	52,571		General Dynamics Corp.		5,726,033		0.9
	548,879		General Electric Co.		14,210,477		2.1
	77,931	@	Ingersoll-Rand PLC - Class A		4,460,771		0.7
	181,802	@	Tyco International Ltd.		7,708,405		1.2
					47,675,239		7.3
			Information Technology: 13.1%
	203,112	@	Adobe Systems, Inc.		13,352,583		2.1
	186,803	@	Amdocs Ltd.		8,678,868		1.3
	725,533		Applied Materials, Inc.		14,815,384		2.3
	85,625		Broadcom Corp.		2,695,475		0.4
	417,078		Corning, Inc.		8,683,564		1.3
	262,325	@	eBay, Inc.		14,490,833		2.2
	186,593		Microsoft Corp.		7,648,447		1.2
	376,821		Symantec Corp.		7,525,115		1.2
	154,781		Texas Instruments, Inc.		7,297,924		1.1
					85,188,193		13.1
			Materials: 2.6%
	170,985		Dow Chemical Co.		8,308,161		1.3
	125,354		Freeport-McMoRan Copper & Gold, Inc.		4,145,457		0.6
	23,145		PPG Industries, Inc.		4,477,632		0.7
					16,931,250		2.6
			Telecommunication Services: 2.5%
	76,334		France Telecom SA		1,127,593		0.2
	261,807	@	Koninklijke KPN NV		924,205		0.1
	724,259		Telecom Italia S.p.A.		856,039		0.1

	PORTFOLIO OF INVESTMENTS
VY Invesco Growth and Income Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Telecommunication Services: (continued)
	69,804		Telefonica S.A.	$	1,106,172		0.2
	139,680		Verizon Communications, Inc.		6,644,577		1.0
	161,417	@	Vodafone Group PLC ADR		5,941,760		0.9
					16,600,346		2.5
			Utilities: 2.7%
	60,703		Edison International		3,436,397		0.5
	98,519		Pacific Gas & Electric Co.		4,256,021		0.7
	229,339		Pepco Holdings, Inc.		4,696,862		0.7
	100,167		Pinnacle West Capital Corp.		5,475,128		0.8
					17,864,408		2.7
		Total Common Stock
		(Cost $442,576,737)			636,326,502		97.5

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.3%
		Securities Lending Collateralcc(1): 0.4%
	564,649	Bank of Nova Scotia, Repurchase Agreement dated 03/31/14, 0.07%, due 04/01/14 (Repurchase Amount $564,650, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%-6.500%, Market Value plus accrued interest $575,943, due 01/31/16-11/01/43)		564,649		0.1
	1,000,000	Citigroup, Inc., Repurchase Agreement dated 03/31/14, 0.09%, due 04/01/14 (Repurchase Amount $1,000,002, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.625%, Market Value plus accrued interest $1,020,000, due 04/03/14-02/15/41)		1,000,000		0.2
	1,000,000	Daiwa Capital Markets, Repurchase Agreement dated 03/31/14, 0.12%, due 04/01/14 (Repurchase Amount $1,000,003, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,020,000, due 03/27/17-03/01/48)		1,000,000		0.1
				2,564,649		0.4

Shares				Value		Percentage of Net Assets
			Mutual Funds: 1.9%
	12,136,915		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%††
			(Cost $12,136,915)		12,136,915		1.9
		Total Short-Term Investments
		(Cost $14,701,564)			14,701,564		2.3
		Total Investments in Securities (Cost $457,278,301)		$	651,028,066		99.8
		Assets in Excess of Other Liabilities			1,625,752		0.2
		Net Assets		$	652,653,818		100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of March 31, 2014.
@	Non-income producing security
ADR	American Depositary Receipt
cc	Securities purchased with cash collateral for securities loaned.
L	Loaned security, a portion or all of the security is on loan at March 31, 2014.
(1)	Collateral received from brokers for securities lending was invested into these short-term investments.

Cost for federal income tax purposes is $458,471,932.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	202,191,108
Gross Unrealized Depreciation		(9,634,974	)
Net Unrealized Appreciation	$	192,556,134

	PORTFOLIO OF INVESTMENTS
VY Invesco Growth and Income Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	72,185,985	$	–		$	–	$	72,185,985
Consumer Staples		47,394,286		–			–		47,394,286
Energy		43,152,552		23,375,716			–		66,528,268
Financials		180,191,133		–			–		180,191,133
Health Care		76,957,772		8,809,622			–		85,767,394
Industrials		47,675,239		–			–		47,675,239
Information Technology		85,188,193		–			–		85,188,193
Materials		16,931,250		–			–		16,931,250
Telecommunication Services		12,586,337		4,014,009			–		16,600,346
Utilities		17,864,408		–			–		17,864,408
Total Common Stock		600,127,155		36,199,347			–		636,326,502
Short-Term Investments		12,136,915		2,564,649			–		14,701,564
Total Investments, at fair value	$	612,264,070	$	38,763,996		$	–	$	651,028,066
Other Financial Instruments+
Forward Foreign Currency Contracts		–		202,960			–		202,960
Total Assets	$	612,264,070	$	38,966,956		$	–	$	651,231,026
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	–	$	(71,683	)	$	–	$	(71,683	)
Total Liabilities	$	–	$	(71,683	)	$	–	$	(71,683	)

+

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, 2014, the following forward foreign currency contracts were outstanding for the VY Invesco Growth and Income Portfolio:

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
The Bank of New York Mellon Corp.	Swiss Franc		3,120,373	Sell	04/25/14	$	3,567,669	$	3,530,277	$	37,392
The Bank of New York Mellon Corp.	EU Euro		4,716,997	Sell	04/25/14		6,558,583		6,498,061		60,522
The Bank of New York Mellon Corp.	Canadian Dollar		5,019,294	Sell	04/25/14		4,538,318		4,537,870		448
The Bank of New York Mellon Corp.	British Pound		5,200,715	Sell	04/25/14		8,625,646		8,668,875		(43,229	)
State Street Bank	British Pound		3,335,309	Sell	04/25/14		5,532,144		5,559,500		(27,356	)
State Street Bank	EU Euro		5,392,175	Sell	04/25/14		7,496,822		7,428,176		68,646
State Street Bank	Canadian Dollar		5,721,116	Sell	04/25/14		5,171,280		5,172,378		(1,098	)
State Street Bank	Swiss Franc		3,092,877	Sell	04/25/14		3,535,121		3,499,169		35,952
										$	131,277

	PORTFOLIO OF INVESTMENTS
VY Invesco Growth and Income Portfolio	as of March 31, 2014 (Unaudited) (Continued)

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

The fair value of derivative instruments as of March 31, 2014 was as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Foreign exchange contracts	Forward foreign currency contracts	$	202,960
Total Asset Derivatives		$	202,960
Liability Derivatives	Instrument Type
Foreign exchange contracts	Forward foreign currency contracts	$	71,683
Total Liability Derivatives		$	71,683

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, 2014:

	State Street Bank		The Bank of New York Mellon Corp.		Totals
Assets:
Forward foreign currency contracts	$	104,598	$	98,362	$	202,960
Total Assets	$	104,598	$	98,362	$	202,960
Liabilities:
Forward foreign currency contracts	$	28,454	$	43,229	$	71,683
Total Liabilities	$	28,454	$	43,229	$	71,683
Net OTC derivative instruments by counterparty, at fair value	$	76,144	$	55,133	$	131,277
Total collateral pledged by the Portfolio/(Received from counterparty)	$	-	$	-	$	-
Net Exposure(1)	$	76,144	$	55,133	$	131,277

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

VY JPMorgan Emerging Markets Equity	PORTFOLIO OF INVESTMENTS
Portfolio	as of March 31, 2014 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.1%
			Australia: 0.7%
	636,800		Oil Search Ltd.	$	4,998,490		0.7
			Brazil: 9.4%
	1,086,855		AMBEV SA ADR		8,053,595		1.1
	1,159,540		CCR SA		8,835,807		1.3
	280,253		Cielo SA		8,885,589		1.3
	500,592		Itau Unibanco Holding S.A.		7,465,859		1.1
	210,710		Lojas Renner SA		5,966,557		0.8
	318,000		Marcopolo SA		609,652		0.1
	456,090		Ultrapar Participacoes SA		10,965,055		1.6
	729,251		Vale SA ADR		9,079,175		1.3
	382,660		Weg S.A.		5,339,363		0.8
					65,200,652		9.4
			China: 6.7%
	56,700	@	Baidu.com ADR		8,639,946		1.3
	2,769,500		China Shenhua Energy Co., Ltd.		8,019,132		1.2
	5,034,000		CNOOC Ltd.		7,621,591		1.1
	9,430,000		Geely Automobile Holdings Ltd.		3,717,841		0.5
	5,663,000	L	Sun Art Retail Group Ltd.		7,118,449		1.0
	83,700		Tencent Holdings Ltd.		5,842,276		0.8
	764,000		Tsingtao Brewery Co., Ltd.		5,604,255		0.8
					46,563,490		6.7
			Colombia: 0.8%
	313,700		Pacific Rubiales Energy Corp.		5,649,721		0.8
			Hong Kong: 3.9%
	3,427,200		AIA Group Ltd.		16,300,277		2.3
	172,000	@	Jardine Matheson Holdings Ltd.		10,870,400		1.6
					27,170,677		3.9
			India: 17.3%
	358,676		ACC Ltd.		8,413,846		1.2
	1,146,324		Ambuja Cements Ltd.		3,889,617		0.5
	423,680		Asian Paints Ltd.		3,890,634		0.6
	520,220		HDFC Bank Ltd. ADR		21,344,627		3.1
	1,194,685		Housing Development Finance Corp.		17,704,579		2.5
	184,934		Infosys Ltd. ADR		10,019,724		1.4
	2,745,790		ITC Ltd.		16,241,577		2.3
	362,240		Kotak Mahindra Bank Ltd.		4,747,165		0.7
	328,080		Larsen & Toubro Ltd.		7,001,898		1.0
	951,010		Mahindra & Mahindra Financial Services Ltd.		4,022,981		0.6
	409,780		Mahindra & Mahindra Ltd.		6,739,872		1.0
	464,936		Tata Consultancy Services Ltd.		16,612,551		2.4
					120,629,071		17.3
			Indonesia: 4.5%
	18,299,600		Astra International Tbk PT		11,969,864		1.7
	11,669,200	@	Bank Rakyat Indonesia		9,920,917		1.5
	6,487,600		Semen Gresik Persero Tbk PT		9,119,719		1.3
					31,010,500		4.5
			Italy: 1.6%
	257,157		Tenaris S.A. ADR		11,379,197		1.6
			Macau: 2.4%
	1,155,200		Sands China Ltd.		8,663,932		1.3
	1,869,600		Wynn Macau Ltd.		7,781,620		1.1
					16,445,552		2.4
			Malaysia: 0.9%
	1,118,300		Public Bank BHD		6,566,834		0.9
			Mexico: 2.3%
	2,173,400		Fibra Uno Administracion SA de CV		7,031,857		1.0
	679,764		Grupo Financiero Banorte		4,597,018		0.6
	897,440		Infraestructura Energetica Nova SAB de CV		4,649,599		0.7
					16,278,474		2.3
			Panama: 0.8%
	37,000	@	Copa Holdings S.A.		5,372,030		0.8
			Peru: 1.5%
	73,280	@	Credicorp Ltd.		10,106,778		1.5
			Poland: 0.5%
	258,873		Eurocash SA		3,421,676		0.5
			Russia: 5.7%
	146,400		Eurasia Drilling Co. Ltd. GDR		3,752,232		0.5
	332,199		Globaltrans Investment PLC GDR		3,833,576		0.6
	122,700		Lukoil OAO ADR		6,824,346		1.0
	145,430		Magnit OJSC GDR		7,963,277		1.1
	1,394,320		Mobile Telesystems OJSC		10,762,683		1.5
	2,764,906		Sberbank		6,615,843		1.0
					39,751,957		5.7
			South Africa: 13.9%
	185,000		African Rainbow Minerals Ltd.		3,659,522		0.5
	548,400		Bidvest Group Ltd.		14,489,657		2.1
	171,761	L	Capitec Bank Holdings Ltd.		3,173,654		0.5
	3,078,290	L	FirstRand Ltd.		10,554,565		1.5
	182,920		Imperial Holdings Ltd.		3,271,593		0.5
	318,132	L	Massmart Holdings Ltd.		4,145,598		0.6
	529,100		Mr Price Group Ltd.		7,908,080		1.1
	747,142		MTN Group Ltd.		15,291,725		2.2

VY JPMorgan Emerging Markets Equity	PORTFOLIO OF INVESTMENTS
Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			South Africa: (continued)
	633,694		Remgro Ltd.		12,326,161		1.8
	753,319	L	Shoprite Holdings Ltd.		11,367,750		1.6
	1,517,700		Woolworths Holdings Ltd./South Africa		10,561,854		1.5
					96,750,159		13.9
			South Korea: 6.0%
	23,504		Hyundai Mobis		6,973,608		1.0
	52,347		Hyundai Motor Co.		12,377,516		1.8
	149,400		Kia Motors Corp.		8,348,771		1.2
	11,091		Samsung Electronics Co., Ltd.		14,020,945		2.0
					41,720,840		6.0
			Taiwan: 5.4%
	1,642,200		Delta Electronics, Inc.		10,170,537		1.5
	1,305,000		President Chain Store Corp.		9,206,970		1.3
	1,500,223		Taiwan Semiconductor Manufacturing Co., Ltd.		5,902,693		0.8
	625,341		Taiwan Semiconductor Manufacturing Co., Ltd. ADR		12,519,327		1.8
					37,799,527		5.4
			Thailand: 6.3%
	1,021,800		Advanced Info Service PCL		7,136,206		1.0
	1,725,200		Kasikornbank PCL		9,493,830		1.4
	533,100	@	Siam Cement PCL		6,886,172		1.0
	1,862,400		Siam Commercial Bank PCL		9,065,384		1.3
	3,108,800		Total Access Communication PCL		11,192,876		1.6
					43,774,468		6.3
			Turkey: 3.8%
	357,000		Ford Otomotiv Sanayi A/S		3,641,192		0.5
	2,221,675		KOC Holding AS		9,365,673		1.3
	738,599		TAV Havalimanlari Holding AS		5,944,171		0.9
	2,196,054		Turkiye Garanti Bankasi A/S		7,506,278		1.1
					26,457,314		3.8
			United Kingdom: 3.7%
	260,429		Anglo American PLC		6,655,147		1.0
	254,310		SABMiller PLC		12,715,990		1.8
	313,110		Standard Chartered PLC		6,547,281		0.9
					25,918,418		3.7
		Total Common Stock
		(Cost $609,145,239)			682,965,825		98.1
PREFERRED STOCK: 0.4%
			Brazil: 0.4%
	1,154,320		Marcopolo SA	$	2,314,745		0.4
		Total Preferred Stock
		(Cost $3,578,346)			2,314,745		0.4
		Total Long-Term Investments
		(Cost $612,723,585)			685,280,570		98.5

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.5%
		Securities Lending Collateralcc(1): 4.5%
	4,084,240	Bank of Nova Scotia, Repurchase Agreement dated 03/31/14, 0.07%, due 04/01/14 (Repurchase Amount $4,084,248, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%-6.500%, Market Value plus accrued interest $4,165,933, due 01/31/16-11/01/43)		4,084,240		0.6
	7,504,561	Citigroup, Inc., Repurchase Agreement dated 03/31/14, 0.09%, due 04/01/14 (Repurchase Amount $7,504,580, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.625%, Market Value plus accrued interest $7,654,652, due 04/03/14-02/15/41)		7,504,561		1.1
	7,504,561	Daiwa Capital Markets, Repurchase Agreement dated 03/31/14, 0.12%, due 04/01/14 (Repurchase Amount $7,504,586, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $7,654,652, due 03/27/17-03/01/48)		7,504,561		1.0

VY JPMorgan Emerging Markets Equity	PORTFOLIO OF INVESTMENTS
Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Securities Lending Collateralcc(1) (continued)
	5,000,000		Millenium Fixed Income Ltd., Repurchase Agreement dated 03/31/14, 0.07%, due 04/01/14 (Repurchase Amount $5,000,010, collateralized by various U.S. Government Securities, 0.750%, Market Value plus accrued interest $5,100,001, due 06/30/17)	$	5,000,000			0.7
	7,504,561		Nomura Securities, Repurchase Agreement dated 03/31/14, 0.10%, due 04/01/14 (Repurchase Amount $7,504,582, collateralized by various U.S. Government Agency Obligations, 0.000%-6.036%, Market Value plus accrued interest $7,654,652, due 04/01/14-05/01/47)		7,504,561			1.1
					31,597,923			4.5
		Total Short-Term Investments
		(Cost $31,597,923)			31,597,923			4.5
		Total Investments in Securities (Cost $644,321,508)		$	716,878,493			103.0
		Liabilities in Excess of Other Assets			(20,757,865	)		(3.0	)
		Net Assets		$	696,120,628			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
@	Non-income producing security
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
cc	Securities purchased with cash collateral for securities loaned.
L	Loaned security, a portion or all of the security is on loan at March 31, 2014.
(1)	Collateral received from brokers for securities lending was invested into these short-term investments.

Cost for federal income tax purposes is $646,748,161.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	104,830,029
Gross Unrealized Depreciation		(34,699,697	)
Net Unrealized Appreciation	$	70,130,332

Sector Diversification	Percentage of Net Assets
Financials		25.3	%
Consumer Discretionary		14.0
Information Technology		13.3
Consumer Staples		12.1
Industrials		10.9
Energy		8.5
Materials		7.4
Telecommunication Services		6.3
Utilities		0.7
Short-Term Investments		4.5
Liabilities in Excess of Other Assets		(3.0	)
Net Assets		100.0	%

VY JPMorgan Emerging Markets Equity Portfolio	PORTFOLIO OF INVESTMENTS
	as of March 31, 2014 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Common Stock
Australia	$	–	$	4,998,490	$	–	$	4,998,490
Brazil		65,200,652		–		–		65,200,652
China		15,758,395		30,805,095		–		46,563,490
Colombia		5,649,721		–		–		5,649,721
Hong Kong		10,870,400		16,300,277		–		27,170,677
India		31,364,351		89,264,720		–		120,629,071
Indonesia		–		31,010,500		–		31,010,500
Italy		11,379,197		–		–		11,379,197
Macau		–		16,445,552		–		16,445,552
Malaysia		–		6,566,834		–		6,566,834
Mexico		16,278,474		–		–		16,278,474
Panama		5,372,030		–		–		5,372,030
Peru		10,106,778		–		–		10,106,778
Poland		–		3,421,676		–		3,421,676
Russia		7,585,808		32,166,149		–		39,751,957
South Africa		–		96,750,159		–		96,750,159
South Korea		–		41,720,840		–		41,720,840
Taiwan		12,519,327		25,280,200		–		37,799,527
Thailand		–		43,774,468		–		43,774,468
Turkey		–		26,457,314		–		26,457,314
United Kingdom		–		25,918,418		–		25,918,418
Total Common Stock		192,085,133		490,880,692		–		682,965,825
Preferred Stock		2,314,745		–		–		2,314,745
Short-Term Investments		–		31,597,923		–		31,597,923
Total Investments, at fair value	$	194,399,878	$	522,478,615	$	–	$	716,878,493

# 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.

	PORTFOLIO OF INVESTMENTS
VY JPMorgan Small Cap Core Equity Portfolio	as of March 31, 2014 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 97.7%
			Basic Materials: 0.4%
	35,800	@	Resolute Forest Products	$	719,222		0.1
	22,800		Rock-Tenn Co.		2,406,996		0.3
					3,126,218		0.4
			Consumer Discretionary: 16.3%
	49,600		2U, Inc.		677,040		0.1
	140,693		Allison Transmission Holdings, Inc.		4,212,348		0.5
	9,700		AMC Entertainment Holdings, Inc.		235,225		0.0
	336,918		American Eagle Outfitters		4,123,876		0.5
	62,974		Ascent Capital Group, Inc.		4,757,686		0.6
	11,400	@	Barnes & Noble, Inc.		238,424		0.0
	150,801		Brinker International, Inc.		7,909,512		1.0
	67,500		Brown Shoe Co., Inc.		1,791,450		0.2
	59,727		Brunswick Corp.		2,705,036		0.3
	5,800		Capella Education Co.		366,270		0.1
	43,600		Cato Corp.		1,178,944		0.2
	254,817		Chico's FAS, Inc.		4,084,717		0.5
	5,800		Childrens Place Retail Stores, Inc.		288,898		0.0
	187,691		Cinemark Holdings, Inc.		5,444,916		0.7
	81,000		Cooper Tire & Rubber Co.		1,968,300		0.3
	12,500		Core-Mark Holding Co., Inc.		907,500		0.1
	41,400	@	Corinthian Colleges, Inc.		57,132		0.0
	9,500		Coupons.com, Inc.		234,175		0.0
	23,775		Cracker Barrel Old Country Store		2,311,881		0.3
	227,739	@	CROCS, Inc.		3,552,728		0.5
	187,650		Dana Holding Corp.		4,366,616		0.6
	19,200		Destination Maternity Corp.		526,080		0.1
	27,100		Dillard's, Inc.		2,504,040		0.3
	45,314		Drew Industries, Inc.		2,456,019		0.3
	21,100		Einstein Noah Restaurant Group, Inc.		347,306		0.1
	21,100	@	Entercom Communications Corp.		212,477		0.0
	154,200	@	EW Scripps Co.		2,732,424		0.3
	156,900	@	Express, Inc.		2,491,572		0.3
	4,870		FTD Cos, Inc.		154,915		0.0
	48,600	@	G-III Apparel Group Ltd.		3,478,788		0.4
	46,900	@	Gray Television, Inc.		486,353		0.1
	60,000	@	Helen of Troy Ltd.		4,153,800		0.5
	142,648	@	Iconix Brand Group, Inc.		5,601,787		0.7
	21,200	L	Intrawest Resorts Holdings, Inc.		276,448		0.0
	11,600	@,L	ITT Educational Services, Inc.		332,688		0.0
	38,500	@	Jack in the Box, Inc.		2,269,190		0.3
	173,924	@	Jarden Corp.		10,405,873		1.3
	6,300		Johnson Outdoors, Inc.		160,146		0.0
	54,400	@	Journal Communications, Inc.		481,984		0.1
	43,200		KB Home		733,968		0.1
	8,800	@	Libbey, Inc.		228,800		0.0
	30,400		Lifetime Brands, Inc.		542,944		0.1
	43,200		Lithia Motors, Inc.		2,871,072		0.4
	7,600		Live Nation, Inc.		165,300		0.0
	82,400		Malibu Boats, Inc.		1,830,928		0.2
	99,500	@	Monarch Casino & Resort, Inc.		1,843,735		0.2
	39,509		Morningstar, Inc.		3,122,001		0.4
	6,200		Nacco Industries, Inc.		336,102		0.0
	269,698		National CineMedia, Inc.		4,045,470		0.5
	8,900	@	Nautilus, Inc.		85,456		0.0
	423,250	@	Office Depot, Inc.		1,748,023		0.2
	8,700	L	Outerwall, Inc.		630,750		0.1
	65,618		Papa John's International, Inc.		3,419,354		0.4
	96,048		Pool Corp.		5,889,663		0.7
	474,849	@	Quiksilver, Inc.		3,566,116		0.5
	8,900		RG Barry Corp.		168,032		0.0
	113,108		Ruth's Hospitality Group, Inc.		1,367,476		0.2
	10,300		Sinclair Broadcast Group, Inc.		279,027		0.0
	16,700	@	Skullcandy, Inc.		152,926		0.0
	73,200	@	Sonic Corp.		1,668,228		0.2
	17,400		Standard Motor Products, Inc.		622,398		0.1
	35,400		Stoneridge, Inc.		397,542		0.1
	5,200	@	Systemax, Inc.		77,532		0.0
	132,400		Tower International, Inc.		3,603,928		0.5
	6,900		Trans World Entertainment		25,047		0.0
	22,700	@	Universal Electronics, Inc.		871,453		0.1
	5,780		VOXX International Corp.		79,070		0.0
					130,856,905		16.3
			Consumer Staples: 4.1%
	75,900		Andersons, Inc.		4,496,316		0.6
	234,400	@	Chiquita Brands International, Inc.		2,918,280		0.4
	4,100		Coca-Cola Bottling Co. Consolidated		348,418		0.0
	50,904		J&J Snack Foods Corp.		4,885,257		0.6
	116,700		Pilgrim's Pride Corp.		2,441,364		0.3
	33,343		Pinnacle Foods, Inc.		995,622		0.1
	17,400	@	Revlon, Inc. - Class A		444,570		0.1
	797,700	@	Rite Aid Corp.		5,001,579		0.6
	136,200	L	Roundy's, Inc.		937,056		0.1
	10,600		Sanderson Farms, Inc.		831,994		0.1
	121,820		Spartan Stores, Inc.		2,827,442		0.4
	67,443		Spectrum Brands Holdings, Inc.		5,375,207		0.7
	13,700	@,L	USANA Health Sciences, Inc.		1,032,158		0.1

VY JPMorgan Small Cap Core Equity	PORTFOLIO OF INVESTMENTS
Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Consumer Staples: (continued)
	6,400		Village Super Market	$	168,960		0.0
					32,704,223		4.1
			Energy: 5.2%
	7,600		Alon USA Energy, Inc.		113,544		0.0
	94,039	L	Approach Resources, Inc.		1,966,356		0.2
	35,700		C&J Energy Services, Inc.		1,041,012		0.1
	42,375		Cimarex Energy Co.		5,047,286		0.6
	31,400		Dawson Geophysical Co.		879,514		0.1
	44,300		Delek US Holdings, Inc.		1,286,472		0.2
	15,300	L	Energy XXI Bermuda Ltd.		360,621		0.0
	6,300		EPL Oil & Gas, Inc.		243,180		0.0
	30,900		Equal Energy Ltd.		141,522		0.0
	39,200		Forum Energy Technologies, Inc.		1,214,416		0.1
	245,000	@	Gastar Exploration, Inc.		1,340,150		0.2
	12,100		Gulfmark Offshore, Inc.		543,774		0.1
	39,700	@	Helix Energy Solutions Group, Inc.		912,306		0.1
	43,500	@	Matrix Service Co.		1,469,430		0.2
	157,991		Patterson-UTI Energy, Inc.		5,005,155		0.6
	176,500		Renewable Energy Group, Inc.		2,114,470		0.3
	335,244		Resolute Energy Corp.		2,413,757		0.3
	7,900	@	Rex Stores Corp.		450,695		0.1
	52,100		Rice Energy, Inc.		1,374,919		0.2
	61,700		RSP Permian, Inc.		1,782,513		0.2
	6,400		SemGroup Corp.		420,352		0.1
	19,100		Stone Energy Corp.		801,627		0.1
	41,746		Superior Energy Services		1,284,107		0.2
	77,100	@	Tesco Corp.		1,426,350		0.2
	88,376		Tidewater, Inc.		4,296,841		0.5
	410,900		Warren Resources, Inc.		1,972,320		0.2
	43,600	L	Western Refining, Inc.		1,682,960		0.2
	2,607	@	Westmoreland Coal Co.		77,636		0.0
	9,400		World Fuel Services Corp.		414,540		0.1
					42,077,825		5.2
			Financials: 20.8%
	3,200		Agree Realty Corp.		97,312		0.0
	14,377		American Campus Communities, Inc.		536,981		0.1
	128,900		American Equity Investment Life Holding Co.		3,044,618		0.4
	307,700		Anworth Mortgage Asset Corp.		1,526,192		0.2
	13,180		Ashford Hospitality Prime, Inc.		199,281		0.0
	65,800		Ashford Hospitality Trust, Inc.		741,566		0.1
	23,900	@	Aspen Insurance Holdings Ltd.		948,830		0.1
	471,533		Associated Banc-Corp.		8,515,886		1.1
	43,200		BBCN Bancorp, Inc.		740,448		0.1
	198,550		BGC Partners, Inc.		1,298,517		0.2
	11,400		Banco Latinoamericano de Comercio Exterior SA		301,074		0.0
	9,600		BNC Bancorp		166,368		0.0
	7,500		BofI Holding, Inc.		643,125		0.1
	4,400		Bridge Bancorp, Inc.		117,524		0.0
	9,300		OceanFirst Financial Corp.		164,517		0.0
	225,500		Capstead Mortgage Corp.		2,854,830		0.4
	20,814		Cardinal Financial Corp.		371,114		0.1
	7,600		Cash America International, Inc.		294,272		0.0
	25,300		Cathay General Bancorp.		637,307		0.1
	47,400		CBL & Associates Properties, Inc.		841,350		0.1
	29,200		Chatham Lodging Trust		590,424		0.1
	25,200		Chesapeake Lodging Trust		648,396		0.1
	14,600		Citizens & Northern Corp.		287,766		0.0
	162,400		CNO Financial Group, Inc.		2,939,440		0.4
	4,970		Community Trust Bancorp., Inc.		206,155		0.0
	2,000		ConnectOne Bancorp, Inc.		97,920		0.0
	37,700		Coresite Realty Corp.		1,168,700		0.1
	83,700		Cousins Properties, Inc.		960,039		0.1
	72,000		Cowen Group, Inc.		317,520		0.0
	8,400		Crawford & Co.		91,644		0.0
	69,167		Customers Bancorp, Inc.		1,443,515		0.2
	94,525		DCT Industrial Trust, Inc.		744,857		0.1
	30,825		DDR Corp.		507,996		0.1
	101,422		East-West Bancorp., Inc.		3,701,903		0.5
	83,076		EastGroup Properties, Inc.		5,226,311		0.7
	76,300		Education Realty Trust, Inc.		753,081		0.1
	30,800		Encore Capital Group, Inc.		1,407,560		0.2
	10,703		Fidelity Southern Corp.		149,521		0.0
	15,500		Financial Institutions, Inc.		356,810		0.0
	75,800		First Commonwealth Financial Corp.		685,232		0.1
	18,600		First Community Bancshares, Inc.		304,296		0.0
	160,682		First Financial Bancorp.		2,889,062		0.4
	226,608		First Horizon National Corp.		2,796,343		0.4
	138,075		First Industrial Realty Trust, Inc.		2,667,609		0.3
	14,300		First Merchants Corp.		309,452		0.0
	16,900		First NBC Bank Holding Co.		589,134		0.1

VY JPMorgan Small Cap Core Equity	PORTFOLIO OF INVESTMENTS
Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Financials: (continued)
	87,837		First Republic Bank	$	4,742,320		0.6
	109,959		FirstMerit Corp.		2,290,446		0.3
	64,800	@	Flagstar Bancorp, Inc.		1,439,856		0.2
	52,800		Geo Group, Inc.		1,702,272		0.2
	80,680		Glacier Bancorp., Inc.		2,345,368		0.3
	19,784		Gladstone Capital Corp.		199,423		0.0
	76,300		Gladstone Investment Corp.		631,001		0.1
	28,100		Glimcher Realty Trust		281,843		0.0
	35,000		Green Dot Corp.		683,550		0.1
	62,675		Greenhill & Co., Inc.		3,257,846		0.4
	110,650		Hanmi Financial Corp.		2,578,145		0.3
	20,000	L	HCI Group, Inc.		728,000		0.1
	100		Heartland Financial USA, Inc.		2,699		0.0
	180,114		HFF, Inc.		6,053,631		0.8
	43,500	@	Hilltop Holdings, Inc.		1,034,865		0.1
	5,000		Home Properties, Inc.		300,600		0.0
	19,400		HomeStreet, Inc.		379,270		0.1
	5,600		Horace Mann Educators Corp.		162,400		0.0
	14,700		Huntington Bancshares, Inc.		146,559		0.0
	50,532		IBERIABANK Corp.		3,544,820		0.4
	36,700		IDT Corp.		611,422		0.1
	97,600	@	Investment Technology Group, Inc.		1,971,520		0.3
	242,252		Janus Capital Group, Inc.		2,633,279		0.3
	21,000		JGWPT Holdings, Inc.		383,460		0.1
	60,700		Ladenburg Thalmann Financial Services, Inc.		183,314		0.0
	3,000		Lakeland Financial Corp.		120,660		0.0
	20,200		LaSalle Hotel Properties		632,462		0.1
	12,700		LTC Properties, Inc.		477,901		0.1
	43,500	@	Maiden Holdings Ltd.		542,880		0.1
	13,300		MainSource Financial Group, Inc.		227,430		0.0
	44,400		Manning & Napier, Inc.		744,588		0.1
	51,401		Mid-America Apartment Communities, Inc.		3,509,146		0.4
	4,500	@	Montpelier Re Holdings Ltd.		133,920		0.0
	2,900	L	National Bankshares, Inc.		105,879		0.0
	155,202	L	National Retail Properties, Inc.		5,326,533		0.7
	9,613		NBT Bancorp., Inc.		235,134		0.0
	24,400		Nelnet, Inc.		997,960		0.1
	64,400	@	Ocwen Financial Corp.		2,523,192		0.3
	4,625		OFG Bancorp		79,504		0.0
	31,000		Park Sterling Corp.		206,150		0.0
	10,300		Parkway Properties, Inc.		187,975		0.0
	25,200		Pebblebrook Hotel Trust		851,004		0.1
	36,100		Pennsylvania Real Estate Investment Trust		651,605		0.1
	15,400		Pennymac Mortgage Investment Trust		368,060		0.1
	4,700		Peoples Bancorp., Inc.		116,231		0.0
	31,500		Pinnacle Financial Partners, Inc.		1,180,935		0.2
	12,900		Piper Jaffray Cos.		590,820		0.1
	107,500	@	Popular, Inc.		3,331,425		0.4
	69,500		Potlatch Corp.		2,688,955		0.3
	25,600	@	Preferred Bank/Los Angeles CA		664,576		0.1
	16,100		PrivateBancorp, Inc.		491,211		0.1
	190,575		ProAssurance Corp.		8,486,305		1.1
	4,951		Prospect Capital Corp.		53,471		0.0
	4,900		Prosperity Bancshares, Inc.		324,135		0.0
	6,100		Provident Financial Holdings, Inc.		94,062		0.0
	11,500		PS Business Parks, Inc.		961,630		0.1
	52,800		RAIT Financial Trust		448,272		0.1
	9,200		Ramco-Gershenson Properties		149,960		0.0
	56,556		Realogy Holdings Corp.		2,457,358		0.3
	65,600	L	Redwood Trust, Inc.		1,330,368		0.2
	71,700		Regional Management Corp.		1,768,122		0.2
	301,143		RLJ Lodging Trust		8,052,564		1.0
	11,600		Selective Insurance Group		270,512		0.0
	18,000		Sierra Bancorp.		286,560		0.0
	44,900		Southwest Bancorp., Inc.		792,934		0.1
	6,200		Square 1 Financial, Inc.		124,620		0.0
	4,800		Stewart Information Services Corp.		168,624		0.0
	101,000	@	Strategic Hotel Capital, Inc.		1,029,190		0.1
	4,700		Sun Communities, Inc.		211,923		0.0
	116,500		Sunstone Hotel Investors, Inc.		1,599,545		0.2
	44,200		Susquehanna Bancshares, Inc.		503,438		0.1
	5,000	@	SVB Financial Group		643,900		0.1
	21,100		Symetra Financial Corp.		418,202		0.1
	32,000		Talmer Bancorp, Inc.		468,480		0.1
	11,600		Texas Capital Bancshares, Inc.		753,304		0.1
	17,900		Tristate Capital Holdings, Inc.		254,359		0.0
	234,632		Umpqua Holdings Corp.		4,373,540		0.5
	12,700		United Fire Group, Inc.		385,445		0.1
	3,908		Validus Holdings Ltd.		147,371		0.0
	15,219		Walker & Dunlop, Inc.		248,831		0.0
	8,700		WesBanco, Inc.		276,921		0.0
	12,800		West BanCorp., Inc.		194,432		0.0
	167,673		Western Alliance Bancorp.		4,124,756		0.5
	217,500		Wilshire Bancorp., Inc.		2,414,250		0.3
	18,100	@,L	World Acceptance, Corp.		1,358,948		0.2

VY JPMorgan Small Cap Core Equity	PORTFOLIO OF INVESTMENTS
Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Financials: (continued)
	6,300		Yadkin Financial Corporation	$	134,883		0.0
					166,467,058		20.8
			Health Care: 10.1%
	17,400		Acceleron Pharma, Inc.		600,300		0.1
	4,600		Achaogen, Inc.		71,116		0.0
	36,600		Aegerion Pharmaceuticals, Inc.		1,687,992		0.2
	2,100	L	Agios Pharmaceuticals, Inc.		82,215		0.0
	4,700		Akebia Therapeutics, Inc.		91,932		0.0
	15,200		Alnylam Pharmaceuticals, Inc.		1,020,528		0.1
	24,700	@	AMAG Pharmaceuticals, Inc.		477,945		0.1
	47,623	@	Amsurg Corp.		2,242,091		0.3
	22,000		Applied Genetic Technologies Corp./DE		330,000		0.0
	17,200	@	Arthrocare Corp.		828,868		0.1
	16,600		Auspex Pharmaceuticals, Inc.		510,616		0.1
	31,500	@	Cambrex Corp.		594,405		0.1
	23,200		Cara Therapeutics, Inc.		431,752		0.1
	10,200	L	Castlight Health, Inc.		216,444		0.0
	33,300		Celladon Corp.		396,936		0.1
	22,700	@	Celldex Therapeutics, Inc.		401,109		0.1
	65,843	@	Centene Corp.		4,098,727		0.5
	14,400		Concert Pharmaceuticals, Inc.		193,680		0.0
	238,000		Cross Country Healthcare, Inc.		1,920,660		0.2
	20,600	L	Dicerna Pharmaceuticals, Inc.		581,950		0.1
	11,300		Eagle Pharmaceuticals, Inc./DE		144,075		0.0
	15,000		Egalet Corp.		209,850		0.0
	20,000		Eleven Biotherapeutics, Inc.		324,600		0.0
	20,900		Flexion Therapeutics, Inc.		343,805		0.0
	7,000	L	Foundation Medicine, Inc.		226,590		0.0
	10,500		Furiex Pharmaceuticals, Inc.		913,500		0.1
	132,600	@	Gentiva Health Services, Inc.		1,209,312		0.2
	64,600		Greatbatch, Inc.		2,966,432		0.4
	90,821	@	Hanger Orthopedic Group, Inc.		3,058,851		0.4
	24,900		Harvard Bioscience, Inc.		118,026		0.0
	47,821		Healthsouth Corp.		1,718,209		0.2
	61,251	@	Idexx Laboratories, Inc.		7,435,871		0.9
	14,400		Impax Laboratories, Inc.		380,448		0.1
	46,400	@	Infinity Pharmaceuticals, Inc.		551,696		0.1
	9,800		Inogen, Inc.		161,798		0.0
	44,600		Insulet Corp.		2,114,932		0.3
	1,800		Intercept Pharmaceuticals, Inc.		593,622		0.1
	16,800		InterMune, Inc.		562,296		0.1
	15,300		Jazz Pharmaceuticals PLC		2,121,804		0.3
	4,500	L	Karyopharm Therapeutics, Inc.		139,005		0.0
	52,900	@	Lannett Co., Inc.		1,889,588		0.2
	12,500		MacroGenics, Inc.		347,875		0.0
	57,812		Magellan Health Services, Inc.		3,431,142		0.4
	41,700		Medicines Co.		1,185,114		0.2
	50,700	@	Molina Healthcare, Inc.		1,904,292		0.2
	26,636		MWI Veterinary Supply, Inc.		4,145,094		0.5
	25,598		NPS Pharmaceuticals, Inc.		766,148		0.1
	122,600		NuVasive, Inc.		4,709,066		0.6
	125,637		Omnicell, Inc.		3,595,731		0.5
	4,500	L	Ophthotech Corp.		160,830		0.0
	32,550		Owens & Minor, Inc.		1,140,226		0.1
	18,300	@	Pharmacyclics, Inc.		1,834,026		0.2
	15,000	@,L	PhotoMedex, Inc.		237,450		0.0
	7,400		Providence Service Corp.		209,272		0.0
	18,200	L	Questcor Pharmaceuticals, Inc.		1,181,726		0.2
	26,500		Revance Therapeutics, Inc.		834,750		0.1
	22,200	@	Synageva BioPharma Corp.		1,841,934		0.2
	176,200	@,L	Threshold Pharmaceuticals, Inc.		838,712		0.1
	39,800		Trevena, Inc.		312,828		0.0
	17,185		Ultragenyx Pharmaceutical, Inc.		840,175		0.1
	45,800	L	Veeva Systems, Inc.		1,222,860		0.2
	50,928		WellCare Health Plans, Inc.		3,234,947		0.4
	79,011		West Pharmaceutical Services, Inc.		3,480,435		0.4
					81,418,209		10.1
			Industrials: 16.5%
	52,300		AAR Corp.		1,357,185		0.2
	108,600		ABM Industries, Inc.		3,121,164		0.4
	14,200		Acuity Brands, Inc.		1,882,494		0.2
	36,700		Alaska Air Group, Inc.		3,424,477		0.4
	31,100		Albany International Corp.		1,105,294		0.1
	11,600		Allegiant Travel Co.		1,298,388		0.2
	92,282		Altra Holdings, Inc.		3,294,467		0.4
	2,000		Amerco, Inc.		464,240		0.1
	26,375		Applied Industrial Technologies, Inc.		1,272,330		0.2
	53,800		ARC Document Solutions, Inc.		400,272		0.1
	8,400		Argan, Inc.		249,732		0.0
	14,500		Arkansas Best Corp.		535,775		0.1
	12,825		Atlas Air Worldwide Holdings, Inc.		452,338		0.1
	8,100	@	Avis Budget Group, Inc.		394,470		0.0

VY JPMorgan Small Cap Core Equity	PORTFOLIO OF INVESTMENTS
Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Industrials: (continued)
	18,700		Barnes Group, Inc.	$	719,389		0.1
	27,600		Barrett Business Services, Inc.		1,644,132		0.2
	3,600	@	Beacon Roofing Supply, Inc.		139,176		0.0
	41,400		Brady Corp.		1,124,010		0.1
	24,100		Ceco Environmental Corp.		399,819		0.0
	277,600	@,L	Cenveo, Inc.		843,904		0.1
	15,500	@	Columbus McKinnon Corp.		415,245		0.1
	153,913		Comfort Systems USA, Inc.		2,345,634		0.3
	4,200		Curtiss-Wright Corp.		266,868		0.0
	82,600		Deluxe Corp.		4,334,022		0.5
	159,370		Douglas Dynamics, Inc.		2,776,225		0.3
	35,500		EMCOR Group, Inc.		1,661,045		0.2
	23,200		EnerSys		1,607,528		0.2
	84,200		Engility Holdings, Inc.		3,793,210		0.5
	17,900	@	Esterline Technologies Corp.		1,907,066		0.2
	50,300	@	Federal Signal Corp.		749,470		0.1
	64,183		Forward Air Corp.		2,959,478		0.4
	4,900		Freightcar America, Inc.		113,876		0.0
	99,530		Generac Holdings, Inc.		5,869,284		0.7
	29,725	@	Gibraltar Industries, Inc.		560,911		0.1
	37,400		Global Brass & Copper Holdings, Inc.		589,798		0.1
	14,200		Hardinge, Inc.		204,480		0.0
	77,800		Hawaiian Holdings, Inc.		1,086,088		0.1
	11,300		Heidrick & Struggles International, Inc.		226,791		0.0
	182,411		Herman Miller, Inc.		5,860,865		0.7
	12,500		Hyster-Yale Materials Handling, Inc.		1,218,750		0.2
	23,900		Kadant, Inc.		871,633		0.1
	133,894		KAR Auction Services, Inc.		4,063,683		0.5
	6,300		Kelly Services, Inc.		149,499		0.0
	115,400		Kimball International, Inc.		2,089,894		0.3
	223,680		Knight Transportation, Inc.		5,173,718		0.6
	38,100		Knoll, Inc.		693,039		0.1
	17,400		LB Foster Co.		815,190		0.1
	14,700		LSI Industries, Inc.		120,393		0.0
	31,500		NN, Inc.		620,550		0.1
	12,100	@	Park-Ohio Holdings Corp.		679,415		0.1
	12,800		Paylocity Holding Corp.		307,840		0.0
	177,555		Ply Gem Holdings, Inc.		2,242,520		0.3
	59,600		Quad/Graphics, Inc.		1,397,620		0.2
	70,500		Quality Distribution, Inc.		915,795		0.1
	73,345		RBC Bearings, Inc.		4,672,076		0.6
	61,003		Regal-Beloit Corp.		4,435,528		0.6
	186,800		Republic Airways Holdings, Inc.		1,707,352		0.2
	190,308		Rexnord Corp.		5,515,126		0.7
	24,700		RPX Corp.		402,116		0.1
	12,050		Saia, Inc.		460,431		0.1
	44,400		Skywest, Inc.		566,544		0.1
	3,000		Standex International Corp.		160,740		0.0
	94,900		Steelcase, Inc.		1,576,289		0.2
	49,400		Swift Transportation Co.		1,222,650		0.2
	104,245		Toro Co.		6,587,242		0.8
	30,900		Trimas Corp.		1,025,880		0.1
	9,400		TriNet Group, Inc.		200,314		0.0
	24,550		Triumph Group, Inc.		1,585,439		0.2
	21,000	@	TrueBlue, Inc.		614,460		0.1
	50,400	@	Tutor Perini Corp.		1,444,968		0.2
	4,100		Unifirst Corp.		450,754		0.1
	10,600		United Rentals, Inc.		1,006,364		0.1
	13,100		United Stationers, Inc.		538,017		0.1
	8,300		Universal Truckload Services, Inc.		239,870		0.0
	47,900		Viad Corp.		1,151,516		0.1
	6,800		VSE Corp.		358,360		0.0
	59,000	@	Wabash National Corp.		811,840		0.1
	28,600		Wabtec Corp.		2,216,500		0.3
	228,345		Waste Connections, Inc.		10,015,212		1.2
	3,700		Watts Water Technologies, Inc.		217,153		0.0
	34,600	@	Xerium Technologies, Inc.		555,330		0.1
					132,548,550		16.5
			Information Technology: 15.3%
	62,223	@	Actuate Corp.		374,582		0.1
	144,898		Advent Software, Inc.		4,254,205		0.5
	36,200		Aerohive Networks, Inc.		381,910		0.1
	23,700		Alpha & Omega Semiconductor Ltd.		174,432		0.0
	9,000		Amber Road, Inc.		138,600		0.0
	78,900		Amkor Technology, Inc.		541,254		0.1
	61,790		Anixter International, Inc.		6,272,921		0.8
	77,120		ARRIS Group, Inc.		2,173,242		0.3
	5,540	@	Aspen Technology, Inc.		234,674		0.0
	57,700		Audience, Inc.		721,250		0.1
	18,000	@	Aviat Networks, Inc.		28,620		0.0
	40,300		Avid Technology, Inc.		245,830		0.0
	108,643	@	Benchmark Electronics, Inc.		2,460,764		0.3
	21,800		Brooks Automation, Inc.		238,274		0.0
	7,700	@	CalAmp Corp.		214,599		0.0
	79,700		Carbonite, Inc.		812,143		0.1
	5,600		Care.com, Inc.		92,680		0.0
	123,200	L	Chegg, Inc.		862,400		0.1
	148,695	@	CoreLogic, Inc.		4,466,798		0.6
	32,900		Cornerstone OnDemand, Inc.		1,574,923		0.2
	50,000		CSG Systems International		1,302,000		0.2
	14,400		Demandware, Inc.		922,464		0.1
	4,000		Digital River, Inc.		69,720		0.0
	7,500		EVERTEC, Inc.		185,250		0.0
	87,800	@	Extreme Networks, Inc.		509,240		0.1
	25,443		Factset Research Systems, Inc.		2,743,010		0.3

VY JPMorgan Small Cap Core Equity	PORTFOLIO OF INVESTMENTS
Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Information Technology: (continued)
	11,599		FEI Co.	$	1,194,929		0.2
	7,800		FireEye, Inc.		480,246		0.1
	45,800		First Solar, Inc.		3,196,382		0.4
	187,246		Freescale Semiconductor Holdings Ltd.		4,570,675		0.6
	226,400		Global Cash Access, Inc.		1,553,104		0.2
	41,634		Hittite Microwave Corp.		2,624,607		0.3
	76,500	@	iGate Corp.		2,412,810		0.3
	63,551		Imperva, Inc.		3,539,791		0.4
	45,400	@	Insight Enterprises, Inc.		1,139,994		0.1
	48,300		Integrated Silicon Solution, Inc.		751,065		0.1
	40,700		IntraLinks Holdings, Inc.		416,361		0.1
	39,150	@	Lattice Semiconductor Corp.		306,936		0.0
	8,100		Littelfuse, Inc.		758,484		0.1
	22,900		Manhattan Associates, Inc.		802,187		0.1
	21,400		Marketo, Inc.		699,138		0.1
	47,727	@	Micros Systems, Inc.		2,526,190		0.3
	93,925		Monotype Imaging Holdings, Inc.		2,830,899		0.4
	14,300		Nanometrics, Inc.		256,971		0.0
	14,945		NetSuite, Inc.		1,417,234		0.2
	36,100	@	Newport Corp.		746,548		0.1
	26,900		PC-Tel, Inc.		234,837		0.0
	83,900		Pegasystems, Inc.		2,963,348		0.4
	35,300	@	Pericom Semiconductor Corp.		276,399		0.0
	90,480	@	Photronics, Inc.		771,794		0.1
	28,660	@	PTC, Inc.		1,015,424		0.1
	91,300		Q2 Holdings, Inc.		1,417,889		0.2
	66,300	@	QLogic Corp.		845,325		0.1
	251,660	@	Rovi Corp.		5,732,815		0.7
	237,700	@	Sanmina Corp.		4,147,865		0.5
	36,581		SciQuest, Inc.		988,236		0.1
	96,800	@	Silicon Image, Inc.		667,920		0.1
	63,200	@	Skyworks Solutions, Inc.		2,371,264		0.3
	87,500		Spansion, Inc.		1,524,250		0.2
	21,377		Splunk, Inc.		1,528,242		0.2
	260,200		SunEdison, Inc.		4,902,168		0.6
	49,500		Super Micro Computer, Inc.		859,815		0.1
	85,000		support.com, Inc.		216,750		0.0
	37,600		SYNNEX Corp.		2,278,936		0.3
	161,300	@	Take-Two Interactive Software, Inc.		3,537,309		0.4
	202,300		TeleCommunication Systems, Inc.		465,290		0.1
	58,000		TeleNav, Inc.		345,680		0.0
	14,000	@	TIBCO Software, Inc.		284,480		0.0
	65,100		Tivo, Inc.		861,273		0.1
	250,900		Ultra Clean Holdings		3,299,335		0.4
	130,020	@	Unisys Corp.		3,960,409		0.5
	100,350		United Online, Inc.		1,160,046		0.1
	14,700		Varonis Systems, Inc.		525,672		0.1
	22,468		VeriFone Holdings, Inc.		759,868		0.1
	43,400		Verint Systems, Inc.		2,036,762		0.3
	91,589	L	WebMD Health Corp.		3,791,785		0.5
	17,700	@	Yelp, Inc.		1,362,197		0.2
	39,169	L	Zillow, Inc.		3,450,789		0.4
					122,804,508		15.3
			Materials: 5.6%
	36,400		A Schulman, Inc.		1,319,864		0.2
	30,088		Airgas, Inc.		3,204,673		0.4
	104,831		Aptargroup, Inc.		6,929,329		0.9
	41,100		Axiall Corp.		1,846,212		0.2
	20,500		Boise Cascade Co.		587,120		0.1
	21,100		Commercial Metals Co.		398,368		0.1
	26,005		Compass Minerals International, Inc.		2,145,933		0.3
	144,056	@	Crown Holdings, Inc.		6,445,065		0.8
	2,900		FutureFuel Corp.		58,870		0.0
	154,400		Graphic Packaging Holding Co.		1,568,704		0.2
	17,400		HB Fuller Co.		840,072		0.1
	19,900	@	Headwaters, Inc.		262,879		0.0
	3,600		Innospec, Inc.		162,828		0.0
	24,900		Koppers Holdings, Inc.		1,026,627		0.1
	29,100		Minerals Technologies, Inc.		1,878,696		0.2
	45,100	@	Omnova Solutions, Inc.		468,138		0.1
	147,983		Silgan Holdings, Inc.		7,328,118		0.9
	16,800		SunCoke Energy, Inc.		383,712		0.0
	299,615		Taminco Corp.		6,294,911		0.8
	48,750		Worthington Industries		1,864,688		0.2
					45,014,807		5.6
			Telecommunication Services: 0.6%
	3,400		Atlantic Tele-Network, Inc.		224,128		0.0
	240,500		Inteliquent, Inc.		3,494,465		0.5
	63,200	@	Premier Global Services, Inc.		762,192		0.1
	18,300		Straight Path Communications, Inc.		134,688		0.0
					4,615,473		0.6
			Utilities: 2.8%
	1,578		AGL Resources, Inc.		77,259		0.0
	3,400		Artesian Resources Corp.		76,364		0.0
	3,500		Chesapeake Utilities Corp.		221,060		0.0
	21,800		Consolidated Water Co., Ltd.		287,324		0.0
	36,700		El Paso Electric Co.		1,311,291		0.2
	12,900		Empire District Electric Co.		313,728		0.0
	38,900	@	Genie Energy Ltd		387,833		0.1
	21,200		Idacorp, Inc.		1,175,964		0.2
	12,400		Laclede Group, Inc.		584,660		0.1
	11,100		MGE Energy, Inc.		435,453		0.1
	21,350		New Jersey Resources Corp.		1,063,230		0.1
	5,600		Northwest Natural Gas Co.		246,456		0.0
	113,055		NorthWestern Corp.		5,362,198		0.7

VY JPMorgan Small Cap Core Equity	PORTFOLIO OF INVESTMENTS
Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Utilities: (continued)
	258,020		Portland General Electric Co.	$	8,344,367		1.0
	10,300		Southwest Gas Corp.		550,535		0.1
	20,300		UNS Energy Corp.		1,218,609		0.2
	7,300		Westar Energy, Inc.		256,668		0.0
	6,500		WGL Holdings, Inc.		260,390		0.0
					22,173,389		2.8
		Total Common Stock
		(Cost $585,320,531)			783,807,165		97.7

Principal Amount†				Value		Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: 0.1%
			U.S. Treasury Bills: 0.1%
	770,000		0.250%, due 11/30/14		770,903		0.1
		Total U.S. Treasury Obligations
		(Cost $770,574)			770,903		0.1
		Total Long-Term Investments
		(Cost $586,091,105)			784,578,068		97.8
SHORT-TERM INVESTMENTS: 5.5%
			Securities Lending Collateralcc(1): 2.7%
	5,113,311		Bank of Nova Scotia, Repurchase Agreement dated 03/31/14, 0.07%, due 04/01/14 (Repurchase Amount $5,113,321, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%-6.500%, Market Value plus accrued interest $5,215,588, due 01/31/16-11/01/43)		5,113,311		0.6
	5,113,311		Citigroup, Inc., Repurchase Agreement dated 03/31/14, 0.09%, due 04/01/14 (Repurchase Amount $5,113,324, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.625%, Market Value plus accrued interest $5,215,577, due 04/03/14-02/15/41)		5,113,311		0.6
	1,215,386		Daiwa Capital Markets, Repurchase Agreement dated 03/31/14, 0.12%, due 04/01/14 (Repurchase Amount $1,215,390, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,239,694, due 03/27/17-03/01/48)		1,215,386		0.2
	4,000,000		Millenium Fixed Income Ltd., Repurchase Agreement dated 03/31/14, 0.07%, due 04/01/14 (Repurchase Amount $4,000,008, collateralized by various U.S. Government Securities, 0.750%, Market Value plus accrued interest $4,080,001, due 06/30/17)		4,000,000		0.5
	5,113,311		Nomura Securities, Repurchase Agreement dated 03/31/14, 0.10%, due 04/01/14 (Repurchase Amount $5,113,325, collateralized by various U.S. Government Agency Obligations, 0.000%-6.036%, Market Value plus accrued interest $5,215,577, due 04/01/14-05/01/47)		5,113,311		0.7
	974,305		Royal Bank of Canada, Repurchase Agreement dated 03/31/14, 0.04%, due 04/01/14 (Repurchase Amount $974,306, collateralized by various U.S. Government Securities, 0.000%-8.750%, Market Value plus accrued interest $993,791, due 04/15/14-02/15/44)		974,305		0.1
					21,529,624		2.7

VY JPMorgan Small Cap Core Equity	PORTFOLIO OF INVESTMENTS
Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value			Percentage of Net Assets
			Mutual Funds: 2.8%
	22,229,473		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%††
			(Cost $22,229,473)	$	22,229,473			2.8
		Total Short-Term Investments
		(Cost $43,759,097)			43,759,097			5.5
		Total Investments in Securities (Cost $629,850,202)		$	828,337,165			103.3
		Liabilities in Excess of Other Assets			(26,796,508	)		(3.3	)
		Net Assets		$	801,540,657			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of March 31, 2014.
@	Non-income producing security
cc	Securities purchased with cash collateral for securities loaned.
L	Loaned security, a portion or all of the security is on loan at March 31, 2014.
(1)	Collateral received from brokers for securities lending was invested into these short-term investments.

Cost for federal income tax purposes is $632,331,661.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	214,514,286
Gross Unrealized Depreciation		(18,508,782	)
Net Unrealized Appreciation	$	196,005,504

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Common Stock*	$	783,807,165		$	–	$	–	$	783,807,165
Short-Term Investments		22,229,473			21,529,624		–		43,759,097
U.S. Treasury Obligations		–			770,903		–		770,903
Total Investments, at fair value	$	806,036,638		$	22,300,527	$	–	$	828,337,165
Liabilities Table
Other Financial Instruments+
Futures	$	(61,152	)	$	–	$	–	$	(61,152	)
Total Liabilities	$	(61,152	)	$	–	$	–	$	(61,152	)

+

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.

*

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

VY JPMorgan Small Cap Core Equity	PORTFOLIO OF INVESTMENTS
Portfolio	as of March 31, 2014 (Unaudited) (Continued)

VY JPMorgan Small Cap Core Equity Portfolio Open Futures Contracts on March 31, 2014:

Contract Description	Number of Contracts	Expiration Date	Notional Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
Russell 2000® Mini Index	36	06/20/14	$	4,213,800	$	(61,152	)
			$	4,213,800	$	(61,152	)

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, 2014 was as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Liability Derivatives	Instrument Type
Equity contracts	Futures contracts	$	61,152
Total Liability Derivatives		$	61,152

	PORTFOLIO OF INVESTMENTS
VY Marsico Growth Portfolio	as of March 31, 2014 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.2%
			Consumer Discretionary: 27.1%
	24,489	@	Amazon.com, Inc.	$	8,241,038		1.4
	273,530		CBS Corp. - Class B		16,904,154		3.0
	243,669		Comcast Corp. – Class A		12,188,323		2.1
	22,015	@	Delphi Automotive PLC		1,487,069		0.3
	154,396		Gap, Inc.		6,185,104		1.1
	126,696		Home Depot, Inc.		10,025,455		1.7
	20,878	@	Priceline.com, Inc.		24,884,279		4.4
	75,259		Starbucks Corp.		5,522,505		1.0
	270,274		Starwood Hotels & Resorts Worldwide, Inc.		21,513,810		3.8
	197,038		TJX Cos., Inc.		11,950,355		2.1
	218,166		Walt Disney Co.		17,468,552		3.0
	82,304		Wynn Resorts Ltd.		18,283,834		3.2
					154,654,478		27.1
			Consumer Staples: 3.9%
	123,604		CVS Caremark Corp.		9,252,996		1.6
	122,980		Keurig Green Mountain, Inc.		12,985,458		2.3
					22,238,454		3.9
			Energy: 5.0%
	101,787		Antero Resources Corp.		6,371,866		1.1
	54,029	L	Continental Resources, Inc.		6,714,184		1.2
	154,960		Schlumberger Ltd.		15,108,600		2.7
					28,194,650		5.0
			Financials: 2.2%
	253,794		Charles Schwab Corp.		6,936,190		1.2
	118,314		Citigroup, Inc.		5,631,746		1.0
					12,567,936		2.2
			Health Care: 12.2%
	88,953	@	Biogen Idec, Inc.		27,208,054		4.8
	94,264	@	Celgene Corp.		13,159,255		2.3
	409,314	@	Gilead Sciences, Inc.		29,003,990		5.1
					69,371,299		12.2
			Industrials: 16.3%
	153,820		American Airlines Group, Inc.		5,629,812		1.0
	116,837		Canadian Pacific Railway Ltd		17,575,790		3.1
	154,223		General Dynamics Corp.		16,797,969		3.0
	64,993		Safran S.A.		4,502,711		0.8
	415,452	@	Tyco International Ltd.		17,615,165		3.1
	110,009		Union Pacific Corp.		20,644,289		3.6
	119,090	@	United Continental Holdings, Inc.		5,314,987		0.9
	19,098		WW Grainger, Inc.		4,825,300		0.8
					92,906,023		16.3
			Information Technology: 22.9%
	208,374		ASML Holding NV-NY REG		19,453,797		3.4
	360,423		Facebook, Inc.		21,711,882		3.8
	24,063		FleetCor Technologies, Inc.		2,769,651		0.5
	26,562		Google, Inc. – Class A		29,603,615		5.2
	47,531		LinkedIn Corp.		8,790,383		1.5
	205,592		Salesforce.com, Inc.		11,737,247		2.1
	265,849		Texas Instruments, Inc.		12,534,780		2.2
	111,315		Visa, Inc.		24,028,456		4.2
					130,629,811		22.9
			Materials: 8.6%
	52,887		Ecolab, Inc.		5,711,267		1.0
	213,933		Monsanto Co.		24,339,157		4.3
	96,229		Sherwin-Williams Co.		18,969,623		3.3
					49,020,047		8.6
		Total Common Stock
		(Cost $443,509,694)			559,582,698		98.2

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.5%
		Securities Lending Collateralcc(1): 0.6%
	708,989	Bank of Nova Scotia, Repurchase Agreement dated 03/31/14, 0.07%, due 04/01/14 (Repurchase Amount $708,990, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%-6.500%, Market Value plus accrued interest $723,170, due 01/31/16-11/01/43)		708,989		0.1
	1,000,000	Citigroup, Inc., Repurchase Agreement dated 03/31/14, 0.09%, due 04/01/14 (Repurchase Amount $1,000,002, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.625%, Market Value plus accrued interest $1,020,000, due 04/03/14-02/15/41)		1,000,000		0.2

	PORTFOLIO OF INVESTMENTS
VY Marsico Growth Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateralcc(1) (continued)
	1,000,000	Daiwa Capital Markets, Repurchase Agreement dated 03/31/14, 0.12%, due 04/01/14 (Repurchase Amount $1,000,003, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,020,000, due 03/27/17-03/01/48)	$	1,000,000		0.1
	1,000,000	Nomura Securities, Repurchase Agreement dated 03/31/14, 0.10%, due 04/01/14 (Repurchase Amount $1,000,003, collateralized by various U.S. Government Agency Obligations, 0.000%-6.036%, Market Value plus accrued interest $1,020,000, due 04/01/14-05/01/47)		1,000,000		0.2
				3,708,989		0.6

Shares				Value		Percentage of Net Assets
			Mutual Funds: 0.9%
	4,884,603		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%††
			(Cost $4,884,603)		4,884,603		0.9
		Total Short-Term Investments
		(Cost $8,593,592)			8,593,592		1.5
		Total Investments in Securities (Cost $452,103,286)		$	568,176,290		99.7
		Assets in Excess of Other Liabilities			1,732,933		0.3
		Net Assets		$	569,909,223		100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of March 31, 2014.
@	Non-income producing security
cc	Securities purchased with cash collateral for securities loaned.
L	Loaned security, a portion or all of the security is on loan at March 31, 2014.
(1)	Collateral received from brokers for securities lending was invested into these short-term investments.

Cost for federal income tax purposes is $452,203,060.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	119,467,602
Gross Unrealized Depreciation		(3,494,372	)
Net Unrealized Appreciation	$	115,973,230

	PORTFOLIO OF INVESTMENTS
VY Marsico Growth Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	153,167,409	$	1,487,069	$	–	$	154,654,478
Consumer Staples		22,238,454		–		–		22,238,454
Energy		28,194,650		–		–		28,194,650
Financials		12,567,936		–		–		12,567,936
Health Care		69,371,299		–		–		69,371,299
Industrials		88,403,312		4,502,711		–		92,906,023
Information Technology		130,629,811		–		–		130,629,811
Materials		49,020,047		–		–		49,020,047
Total Common Stock		553,592,918		5,989,780		–		559,582,698
Short-Term Investments		4,884,603		3,708,989		–		8,593,592
Total Investments, at fair value	$	558,477,521	$	9,698,769	$	–	$	568,176,290

# 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.

	PORTFOLIO OF INVESTMENTS
VY MFS Total Return Portfolio	as of March 31, 2014 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 59.0%
			Consumer Discretionary: 7.1%
	8,143		Advance Auto Parts, Inc.	$	1,030,090		0.1
	6,660	@	Bed Bath & Beyond, Inc.		458,208		0.1
	153,110		Comcast Corp. – Special Class A		7,465,644		0.8
	51,930	@	Delphi Automotive PLC		3,523,970		0.4
	159,400		General Motors Co.		5,486,548		0.6
	13,520		Hanesbrands, Inc.		1,034,010		0.1
	29,886		Hasbro, Inc.		1,662,259		0.2
	13,200		Hilton Worldwide Holdings, Inc.		293,568		0.0
	82,350		Johnson Controls, Inc.		3,896,802		0.4
	32,843		Kohl's Corp.		1,865,482		0.2
	49,900		Macy's, Inc.		2,958,571		0.3
	29,590		Magna International, Inc.		2,844,708		0.3
	9,340		Mattel, Inc.		374,627		0.0
	28,078		McDonald's Corp.		2,752,486		0.3
	9,193		McGraw-Hill Cos., Inc.		701,426		0.1
	42,677		Omnicom Group, Inc.		3,098,350		0.4
	26,120	L	Regal Entertainment Group		487,922		0.1
	116,424		Staples, Inc.		1,320,248		0.2
	75,080		Target Corp.		4,543,091		0.5
	36,240		Time Warner Cable, Inc.		4,971,403		0.6
	38,260		Time Warner, Inc.		2,499,526		0.3
	32,200		Twenty-First Century Fox, Inc. Class A		1,029,434		0.1
	17,217		Viacom - Class B		1,463,273		0.2
	69,617		Walt Disney Co.		5,574,233		0.6
	6,459		Wynn Resorts Ltd.		1,434,867		0.2
					62,770,746		7.1
			Consumer Staples: 7.7%
	85,967		Altria Group, Inc.		3,217,745		0.4
	26,773		Coca-Cola Co.		1,035,044		0.1
	12,737		Coca-Cola Enterprises, Inc.		608,319		0.1
	115,128		CVS Caremark Corp.		8,618,482		1.0
	128,652		Diageo PLC		3,995,790		0.4
	16,243		Dr Pepper Snapple Group, Inc.		884,594		0.1
	106,840		General Mills, Inc.		5,536,449		0.6
	33,825		Groupe Danone		2,389,660		0.3
	8,722		Imperial Tobacco Group PLC		352,694		0.0
	10,210		Ingredion, Inc.		695,097		0.1
	42,900		Japan Tobacco, Inc.		1,346,520		0.2
	8,282		Kellogg Co.		519,364		0.1
	5,382		Kraft Foods Group, Inc.		301,930		0.0
	87,040		Kroger Co.		3,799,296		0.4
	130,630		Lorillard, Inc.		7,064,471		0.8
	41,510		Marine Harvest		469,398		0.1
	29,257		Mondelez International, Inc.		1,010,829		0.1
	74,170		Nestle S.A.		5,582,750		0.6
	164,888		Philip Morris International, Inc.		13,499,381		1.5
	59,154		Procter & Gamble Co.		4,767,812		0.5
	12,211		Reckitt Benckiser PLC		996,472		0.1
	31,810		Tyson Foods, Inc.		1,399,958		0.1
	13,513		Walgreen Co.		892,263		0.1
					68,984,318		7.7
			Energy: 5.4%
	24,710		Anadarko Petroleum Corp.		2,094,420		0.2
	31,783		Apache Corp.		2,636,400		0.3
	23,340		Canadian Natural Resources Ltd.		895,556		0.1
	58,342		Chevron Corp.		6,937,447		0.8
	34,180	@	Ensco PLC		1,804,020		0.2
	3,627		EOG Resources, Inc.		711,508		0.1
	14,567		EQT Corp.		1,412,562		0.2
	129,994		ExxonMobil Corp.		12,697,814		1.4
	19,600		Marathon Petroleum Corp.		1,705,984		0.2
	39,829		Noble Energy, Inc.		2,829,452		0.3
	27,213	@	Noble Corp. PLC		890,954		0.1
	41,353		Occidental Petroleum Corp.		3,940,527		0.4
	84,370		Petroleo Brasileiro SA ADR		1,170,212		0.1
	71,792		Royal Dutch Shell PLC - Class A		2,623,104		0.3
	9,280		Schlumberger Ltd.		904,800		0.1
	58,160		Valero Energy Corp.		3,088,296		0.4
	43,222		Williams Cos., Inc.		1,753,949		0.2
					48,097,005		5.4
			Financials: 13.1%
	48,603	@	ACE Ltd.		4,814,613		0.5
	14,020		American International Group, Inc.		701,140		0.1
	15,060		American Capital Agency Corp.		323,639		0.0
	11,783		American Express Co.		1,060,824		0.1
	94,930		Annaly Capital Management, Inc.		1,041,382		0.1
	35,940	@	Aon PLC		3,029,023		0.3
	143,888		Bank of America Corp.		2,474,874		0.3
	159,605		Bank of New York Mellon Corp.		5,632,460		0.6
	40,490		BB&T Corp.		1,626,483		0.2
	9,462		Blackrock, Inc.		2,975,610		0.3
	180,000		BOC Hong Kong Holdings Ltd.		513,976		0.1
	14,083		Chubb Corp.		1,257,612		0.1
	19,423		Corio NV		887,272		0.1
	78,580		Delta Lloyd NV		2,178,398		0.2
	37,430	L	Digital Realty Trust, Inc.		1,986,784		0.2
	16,010		Discover Financial Services		931,622		0.1
	13,200		EPR Properties		704,748		0.1
	8,610	@	Everest Re Group Ltd.		1,317,761		0.2
	26,500		Fifth Third Bancorp.		608,175		0.1
	69,933		Franklin Resources, Inc.		3,788,970		0.4

	PORTFOLIO OF INVESTMENTS
VY MFS Total Return Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Financials: (continued)
	35,988		Goldman Sachs Group, Inc.	$	5,896,634		0.7
	104,510		HSBC Holdings PLC		1,058,201		0.1
	348,360		JPMorgan Chase & Co.		21,148,936		2.4
	163,070		Metlife, Inc.		8,610,096		1.0
	660,100		Mizuho Financial Group, Inc.		1,308,221		0.2
	6,507		Moody's Corp.		516,135		0.1
	46,327		Morgan Stanley		1,444,013		0.2
	22,208		Nasdaq Stock Market, Inc.		820,364		0.1
	26,294		PNC Financial Services Group, Inc.		2,287,578		0.3
	57,121		Prudential Financial, Inc.		4,835,293		0.5
	52,517		State Street Corp.		3,652,557		0.4
	23,000		Sumitomo Mitsui Financial Group, Inc.		985,870		0.1
	20,583		SunTrust Bank		818,998		0.1
	57,294		Travelers Cos., Inc.		4,875,719		0.6
	38,420		US Bancorp.		1,646,681		0.2
	57,920		Validus Holdings Ltd.		2,184,163		0.2
	289,600		Wells Fargo & Co.		14,404,704		1.6
	6,111		Zurich Insurance Group AG		1,876,778		0.2
					116,226,307		13.1
			Health Care: 7.7%
	110,823		Abbott Laboratories		4,267,794		0.5
	6,650	@	Actavis PLC		1,368,903		0.2
	13,923		AmerisourceBergen Corp.		913,210		0.1
	8,441		Bayer AG		1,143,118		0.1
	71,390		Bristol-Myers Squibb Co.		3,708,711		0.4
	41,700		Cardinal Health, Inc.		2,918,166		0.3
	48,734		Covidien PLC		3,589,746		0.4
	46,390		Eli Lilly & Co.		2,730,515		0.3
	40,450	@	Express Scripts Holding Co.		3,037,391		0.3
	56,025		GlaxoSmithKline PLC		1,493,915		0.2
	127,960		Johnson & Johnson		12,569,511		1.4
	33,630		Medtronic, Inc.		2,069,590		0.2
	74,720		Merck & Co., Inc.		4,241,854		0.5
	6,510		Novartis AG		552,751		0.0
	440,918		Pfizer, Inc.		14,162,286		1.6
	11,100		Quest Diagnostics		642,912		0.1
	1,865		Roche Holding AG - Genusschein		560,924		0.1
	47,273		St. Jude Medical, Inc.		3,091,181		0.4
	39,570		Thermo Fisher Scientific, Inc.		4,757,897		0.5
	7,530	@	Valeant Pharmaceuticals International		992,680		0.1
	3,727		Zoetis, Inc.		107,859		0.0
					68,920,914		7.7
			Industrials: 7.3%
	48,361		3M Co.		6,560,653		0.7
	19,214		Canadian National Railway Co.		1,080,211		0.1
	5,890	@	Copa Holdings S.A.		855,169		0.1
	20,270		Cummins, Inc.		3,020,027		0.4
	86,624		Danaher Corp.		6,496,800		0.7
	40,217		Eaton Corp. PLC		3,021,101		0.4
	10,600		Fluor Corp.		823,938		0.1
	10,557		General Dynamics Corp.		1,149,869		0.1
	70,014		Honeywell International, Inc.		6,494,499		0.7
	25,963		Illinois Tool Works, Inc.		2,111,571		0.3
	60,720		Lockheed Martin Corp.		9,911,933		1.1
	21,845		Northrop Grumman Corp.		2,695,236		0.3
	21,279		Pentair Ltd.		1,688,276		0.2
	3,341		Precision Castparts Corp.		844,471		0.1
	11,092		Siemens AG		1,495,904		0.1
	23,892		Stanley Black & Decker, Inc.		1,940,986		0.2
	70,240	@	Tyco International Ltd.		2,978,176		0.3
	4,750		Union Pacific Corp.		891,385		0.1
	40,966		United Parcel Service, Inc. - Class B		3,989,269		0.5
	62,837		United Technologies Corp.		7,341,875		0.8
					65,391,349		7.3
			Information Technology: 5.4%
	54,000		Accenture PLC		4,304,880		0.5
	2,154		Apple, Inc.		1,156,138		0.1
	36,520		CA, Inc.		1,131,024		0.1
	33,700		EMC Corp.		923,717		0.1
	48,770		Facebook, Inc.		2,937,905		0.3
	9,247		Fidelity National Information Services, Inc.		494,252		0.1
	16,646		Fiserv, Inc.		943,662		0.1
	2,261		Google, Inc. – Class A		2,519,907		0.3
	208,643		Hewlett-Packard Co.		6,751,687		0.8
	29,100		Hoya Corp.		910,278		0.1
	27,501		International Business Machines Corp.		5,293,667		0.6
	78,048		Intel Corp.		2,014,419		0.2
	90,610		Microchip Technology, Inc.		4,327,534		0.5
	63,900		Microsoft Corp.		2,619,261		0.3
	112,550		Oracle Corp.		4,604,420		0.5
	97,700		Symantec Corp.		1,951,069		0.2
	61,090		Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,223,022		0.1
	10,607		Visa, Inc.		2,289,627		0.3
	10,630		Western Digital Corp.		976,047		0.1
	29,594		Western Union Co.		484,158		0.1
					47,856,674		5.4
			Materials: 1.5%
	18,930		Celanese Corp.		1,050,804		0.1
	14,760	@	Crown Holdings, Inc.		660,363		0.1
	12,200		FMC Corp.		934,032		0.1

	PORTFOLIO OF INVESTMENTS
VY MFS Total Return Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Materials: (continued)
	12,720	@	LyondellBasell Industries NV - Class A	$	1,131,317		0.1
	11,610		Packaging Corp. of America		816,996		0.1
	25,455		PPG Industries, Inc.		4,924,524		0.6
	6,732		Praxair, Inc.		881,690		0.1
	16,520		Rio Tinto PLC		921,277		0.1
	112,240		Vale SA ADR		1,552,279		0.2
	2,260		Valspar Corp.		162,991		0.0
					13,036,273		1.5
			Telecommunication Services: 2.2%
	70,624		AT&T, Inc.		2,476,784		0.3
	226,330		Bezeq Israeli Telecommunication Corp., Ltd.		403,457		0.1
	56,058		CenturyTel, Inc.		1,840,945		0.2
	531,280	L	Frontier Communications Corp.		3,028,296		0.3
	146,474		TDC A/S		1,354,101		0.1
	820,567		Telecom Italia S.p.A. RNC		770,027		0.1
	38,010	L	Telefonica Brasil SA ADR		807,332		0.1
	131,850		Verizon Communications, Inc.		6,272,104		0.7
	14,983		Verizon Communications, Inc. - VZC		712,590		0.1
	306,831		Vodafone Group PLC		1,128,309		0.1
	57,170		Windstream Holdings, Inc.		471,081		0.1
					19,265,026		2.2
			Utilities: 1.6%
	42,720		American Electric Power Co., Inc.		2,164,195		0.2
	18,740		Duke Energy Corp.		1,334,663		0.2
	89,181		E.ON AG		1,741,723		0.2
	10,410		Edison International		589,310		0.1
	77,788		Gaz de France		2,127,902		0.2
	26,350		NRG Energy, Inc.		837,930		0.1
	35,290		Pacific Gas & Electric Co.		1,524,528		0.2
	81,040		PPL Corp.		2,685,666		0.3
	34,416		Public Service Enterprise Group, Inc.		1,312,626		0.1
					14,318,543		1.6
		Total Common Stock
		(Cost $375,003,110)			524,867,155		59.0
PREFERRED STOCK: 0.5%
			Industrials: 0.1%
	4,347		United Technologies Corp.		289,380		0.1
			Materials: 0.1%
	89,000		Vale SA		1,110,049		0.1
			Utilities: 0.3%
	240,038		Cia Energetica de Minas Gerais		1,622,822		0.2
	23,760		PPL Corp.		1,299,672		0.1
					2,922,494		0.3
		Total Preferred Stock
		(Cost $4,286,575)			4,321,923		0.5

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 10.9%
			Basic Materials: 0.2%
	860,000		Freeport-McMoRan Copper & Gold, Inc., 3.875%, 03/15/23		823,952		0.1
	770,000		Rio Tinto Finance USA PLC, 3.500%, 03/22/22		771,719		0.1
	252,000		Vale Overseas Ltd., 4.625%, 09/15/20		263,222		0.0
	198,000		Vale Overseas Ltd., 6.875%, 11/10/39		212,667		0.0
					2,071,560		0.2
			Communications: 1.2%
	940,000	L	Baidu, Inc., 3.500%, 11/28/22		899,797		0.1
	840,000	L	Comcast Corp., 2.850%, 01/15/23		811,508		0.1
	320,000	#	Crown Castle Towers, LLC, 4.883%, 08/15/20		347,545		0.0
	605,000	#	Crown Castle Towers, LLC, 6.113%, 01/15/20		694,542		0.1
	470,000		DIRECTV Holdings, LLC / DIRECTV Financing Co., Inc., 4.600%, 02/15/21		496,664		0.0
	530,000		Discovery Communications LLC, 4.875%, 04/01/43		518,242		0.1
	243,000		eBay, Inc., 1.350%, 07/15/17		243,166		0.0
	819,000		News America Holdings, 8.500%, 02/23/25		1,069,710		0.1
	1,230,000		Rogers Communications, Inc., 6.800%, 08/15/18		1,462,608		0.2
	1,029,000		Time Warner Entertainment Co. LP, 8.375%, 07/15/33		1,421,946		0.2
	1,067,000		Verizon Communications, Inc., 6.400%, 09/15/33		1,270,536		0.1
	1,450,000		Verizon Communications, Inc., 6.550%, 09/15/43		1,770,937		0.2
					11,007,201		1.2
			Consumer, Cyclical: 0.7%
	520,000		Home Depot, Inc./The, 3.750%, 02/15/24		532,349		0.1
	235,000		Home Depot, Inc., 5.950%, 04/01/41		286,216		0.0

	PORTFOLIO OF INVESTMENTS
VY MFS Total Return Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Cyclical: (continued)
	339,000		Limited Brands, Inc., 5.250%, 11/01/14	$	347,899		0.0
	530,000		The Gap, Inc., 5.950%, 04/12/21		597,669		0.1
	540,000		Toyota Motor Credit Corp., 3.200%, 06/17/15		557,492		0.1
	730,000		Toyota Motor Credit Corp., 3.400%, 09/15/21		752,432		0.1
	722,000	#	Volkswagen International Finance NV, 2.375%, 03/22/17		744,050		0.1
	1,779,000		Wal-Mart Stores, Inc., 5.250%, 09/01/35		2,013,620		0.2
					5,831,727		0.7
			Consumer, Non-cyclical: 1.8%
	1,560,000		AbbVie, Inc., 1.200%, 11/06/15		1,574,031		0.2
	870,000		Altria Group, Inc., 2.850%, 08/09/22		818,015		0.1
	870,000		Anheuser-Busch InBev Worldwide, Inc., 8.000%, 11/15/39		1,312,211		0.2
	866,000	#	BAT International Finance PLC, 3.250%, 06/07/22		851,443		0.1
	510,000		Baxter International, Inc., 3.200%, 06/15/23		498,526		0.1
	980,000		CareFusion Corp., 6.375%, 08/01/19		1,120,415		0.1
	434,000		ConAgra Foods, Inc., 3.200%, 01/25/23		415,346		0.1
	880,000		Diageo Capital PLC, 2.625%, 04/29/23		822,041		0.1
	965,000	#	ERAC USA Finance, LLC, 7.000%, 10/15/37		1,217,525		0.1
	1,100,000		Express Scripts Holding Co., 2.650%, 02/15/17		1,138,542		0.1
	262,000		Gilead Sciences, Inc., 3.700%, 04/01/24		262,694		0.0
	832,000		Hospira, Inc., 6.050%, 03/30/17		921,740		0.1
	350,000		Kraft Foods Group, Inc., 3.500%, 06/06/22		352,778		0.0
	550,000		Kraft Foods, Inc., 5.000%, 06/04/42		578,148		0.1
	891,000	#	Reckitt Benckiser Treasury Services PLC, 3.625%, 09/21/23		898,512		0.1
	796,000	#	Roche Holdings, Inc., 6.000%, 03/01/19		936,469		0.1
	1,060,000		Teva Pharmaceutical Finance IV BV, 3.650%, 11/10/21		1,063,640		0.1
	502,000		WellPoint, Inc., 3.300%, 01/15/23		482,383		0.1
	207,000	#	WM Wrigley Jr Co., 2.400%, 10/21/18		207,875		0.0
					15,472,334		1.8
			Energy: 1.4%
	355,000		Apache Corp., 3.250%, 04/15/22		358,723		0.0
	271,000		Apache Corp., 4.750%, 04/15/43		273,494		0.0
	261,000		BP Capital Markets PLC, 4.500%, 10/01/20		284,430		0.0
	707,000		BP Capital Markets PLC, 4.742%, 03/11/21		785,606		0.1
	850,000	#	CNOOC Finance 2012 Ltd., 3.875%, 05/02/22		837,075		0.1
	469,000		Energy Transfer Partners L.P., 3.600%, 02/01/23		449,487		0.1
	380,000		Energy Transfer Partners L.P., 4.900%, 02/01/24		396,297		0.0
	768,000		Enterprise Products Operating L.P., 6.500%, 01/31/19		909,472		0.1
	252,000	L	EOG Resources, Inc., 2.625%, 03/15/23		238,578		0.0
	250,000		Hess Corp., 8.125%, 02/15/19		313,398		0.0
	659,000		Husky Energy, Inc., 5.900%, 06/15/14		666,206		0.1
	676,000		Husky Energy, Inc., 7.250%, 12/15/19		828,238		0.1
	720,000		Kinder Morgan Energy Partners L.P., 4.150%, 02/01/24		717,230		0.1
	15,000		Kinder Morgan Energy Partners L.P., 7.400%, 03/15/31		18,264		0.0
	420,000		Kinder Morgan Energy Partners L.P., 7.750%, 03/15/32		531,338		0.1
	1,403,000		Petro-Canada, 6.050%, 05/15/18		1,617,433		0.2
	290,000	#,L	Petroleos Mexicanos, 3.125%, 01/23/19		297,685		0.0
	778,000		Spectra Energy Capital, LLC, 8.000%, 10/01/19		954,675		0.1
	1,050,000		Total Capital International SA, 1.550%, 06/28/17		1,061,341		0.1
	780,000		Total Capital International SA, 3.750%, 04/10/24		798,395		0.1
	423,000		Transocean, Inc., 3.800%, 10/15/22		405,171		0.1
					12,742,536		1.4
			Financial: 4.6%
	850,000		ACE INA Holdings, Inc., 2.700%, 03/13/23		805,217		0.1
	1,520,000		American International Group, Inc., 4.875%, 06/01/22		1,667,464		0.2
	265,000		Allstate Corp./The, 5.750%, 08/15/53		278,747		0.0
	892,000		American Express Co., 5.500%, 09/12/16		988,323		0.1

	PORTFOLIO OF INVESTMENTS
VY MFS Total Return Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Financial: (continued)
	630,000		American International Group, Inc., 4.125%, 02/15/24	$	644,733		0.1
	850,000	#	American Tower Trust I, 3.070%, 03/15/48		815,569		0.1
	521,000	#	Banco Bradesco S.A./Cayman Islands, 6.750%, 09/29/19		590,033		0.1
	710,000		Banco de Credito del Peru/Panama, 5.375%, 09/16/20		755,263		0.1
	1,425,000		Bank of America Corp., 4.125%, 01/22/24		1,444,159		0.2
	1,090,000		Bank of America Corp., 4.100%, 07/24/23		1,107,889		0.1
	617,000		Bank of America Corp., 5.490%, 03/15/19		686,274		0.1
	420,000		Bank of America Corp., 7.375%, 05/15/14		423,353		0.0
	590,000		Bank of America Corp., 7.625%, 06/01/19		727,164		0.1
	740,000	#	Bank of Tokyo-Mitsubishi UFJ Ltd/The, 4.100%, 09/09/23		767,543		0.1
	690,000	#	BBVA Bancomer SA/Texas, 6.750%, 09/30/22		757,275		0.1
	558,000	#	BNP Paribas, 7.195%, 06/29/49		598,455		0.1
	365,000		Boston Properties, Inc., 5.000%, 06/01/15		382,673		0.0
	754,000	#	BPCE S.A., 12.500%, 08/29/49		980,200		0.1
	1,268,000		Capital One Financial Corp., 6.150%, 09/01/16		1,416,031		0.2
	1,274,000		Chubb Corp., 6.375%, 03/29/67		1,420,510		0.2
	1,490,000		Citigroup, Inc., 2.500%, 09/26/18		1,500,084		0.2
	610,000	#	Commonwealth Bank of Australia, 5.000%, 10/15/19		681,192		0.1
	680,000	#	Credit Suisse AG, 6.500%, 08/08/23		748,000		0.1
	800,000		Credit Suisse New York, 5.500%, 05/01/14		803,392		0.1
	430,000		Discover Bank/Greenwood DE, 4.200%, 08/08/23		441,785		0.0
	761,000		ERP Operating L.P., 4.625%, 12/15/21		824,102		0.1
	210,000		ERP Operating L.P., 5.375%, 08/01/16		230,976		0.0
	431,000		General Electric Capital Corp., 3.100%, 01/09/23		422,616		0.0
	760,000		General Electric Capital Corp., 2.300%, 01/14/19		767,909		0.1
	1,113,000		Goldman Sachs Group, Inc., 5.625%, 01/15/17		1,229,682		0.1
	615,000		HCP, Inc., 5.375%, 02/01/21		689,608		0.1
	572,000		HSBC Holdings PLC, 5.100%, 04/05/21		640,577		0.1
	200,000		HSBC Holdings PLC, 5.250%, 03/14/44		202,997		0.0
	1,085,000		JPMorgan Chase & Co., 3.200%, 01/25/23		1,054,237		0.1
	258,000		JPMorgan Chase & Co., 3.250%, 09/23/22		254,654		0.0
	1,020,000		JPMorgan Chase & Co., 6.300%, 04/23/19		1,200,867		0.1
	483,000	#	Liberty Mutual Group, Inc., 4.250%, 06/15/23		491,167		0.1
	780,000		Marsh & McLennan Cos, Inc., 4.800%, 07/15/21		854,048		0.1
	470,000	#	Metropolitan Life Global Funding I, 5.125%, 06/10/14		474,308		0.1
	1,730,000		Morgan Stanley, 6.625%, 04/01/18		2,019,042		0.2
	932,000		PNC Funding Corp., 5.625%, 02/01/17		1,032,595		0.1
	208,000		Royal Bank of Scotland Group PLC, 2.550%, 09/18/15		212,500		0.0
	400,000	#	Santander US Debt SA Unipersonal, 3.781%, 10/07/15		413,879		0.0
	1,228,000		Simon Property Group L.P., 5.875%, 03/01/17		1,376,947		0.2
	374,000		SunTrust Banks, Inc., 2.350%, 11/01/18		374,644		0.0
	820,000	#	Svenska Handelsbanken AB, 4.875%, 06/10/14		826,995		0.1
	200,000	#	Swedbank AB, 2.125%, 09/29/17		202,334		0.0
	662,000		US Bancorp/MN, 3.700%, 01/30/24		672,419		0.1
	687,000		Wachovia Corp., 5.250%, 08/01/14		697,971		0.1
	840,000	#	WEA Finance, LLC, 4.625%, 05/10/21		920,656		0.1
	227,000	#	WEA Finance, LLC, 6.750%, 09/02/19		273,274		0.0
	930,000		Wells Fargo & Co., 2.100%, 05/08/17		953,124		0.1
	430,000	#	ZFS Finance USA Trust V, 6.500%, 05/09/37		463,325		0.0
					41,208,781		4.6
			Industrial: 0.4%
	259,000		ABB Finance USA, Inc., 2.875%, 05/08/22		252,354		0.0
	873,000	#	Atlas Copco AB, 5.600%, 05/22/17		986,785		0.1
	772,000	#	BAE Systems Holdings, Inc., 5.200%, 08/15/15		815,337		0.1
	710,000		General Electric Co., 2.700%, 10/09/22		689,528		0.1

	PORTFOLIO OF INVESTMENTS
VY MFS Total Return Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Industrial: (continued)
	360,000		United Technologies Corp., 3.100%, 06/01/22	$	360,053		0.1
					3,104,057		0.4
			Technology: 0.0%
	308,000		Apple, Inc., 3.850%, 05/04/43		274,272		0.0
			Utilities: 0.6%
	480,000	#	MidAmerican Energy Holdings Co., 3.750%, 11/15/23		478,541		0.1
	377,000		Midamerican Funding, LLC, 6.927%, 03/01/29		471,708		0.0
	669,000		Oncor Electric Delivery Co., 7.000%, 09/01/22		832,913		0.1
	730,000		Pacific Gas & Electric Co., 4.600%, 06/15/43		734,518		0.1
	730,000		PPL Capital Funding, Inc., 3.400%, 06/01/23		707,695		0.1
	249,000		PPL Capital Funding, Inc., 5.000%, 03/15/44		253,231		0.0
	907,000		Progress Energy, Inc., 3.150%, 04/01/22		892,643		0.1
	765,000		PSEG Power, LLC, 5.320%, 09/15/16		843,191		0.1
					5,214,440		0.6
		Total Corporate Bonds/Notes
		(Cost $91,278,336)			96,926,908		10.9
COLLATERALIZED MORTGAGE OBLIGATIONS: 1.9%
	18,525	#	BlackRock Capital Finance LP, 7.750%, 09/25/26		2,138		0.0
	2,050,000		Citigroup Commercial Mortgage Trust, 5.694%, 12/10/49		2,286,465		0.3
	1,442,297		Credit Suisse Mortgage Capital Certificates, 5.695%, 09/15/40		1,594,208		0.2
	138,668		Freddie Mac, 4.186%, 08/25/19		151,430		0.0
	122,000		Greenwich Capital Commercial Funding Corp., 5.475%, 03/10/39		131,481		0.0
	2,777,671	L	GS Mortgage Securities Corp. II, 5.819%, 08/10/45		3,084,302		0.3
	1,180,000		JPMorgan Chase Commercial Mortgage Securities Corp., 4.780%, 07/15/42		1,226,647		0.1
	1,452,000		JPMorgan Chase Commercial Mortgage Securities Corp., 4.948%, 09/12/37		1,521,644		0.2
	104,396		JPMorgan Chase Commercial Mortgage Securities Corp., 5.546%, 05/15/41		104,277		0.0
	1,278,215		JPMorgan Chase Commercial Mortgage Securities Corp., 5.815%, 06/15/49		1,415,320		0.2
	1,724,216		Merrill Lynch/Countrywide Commercial Mortgage Trust, 5.745%, 06/12/50		1,909,950		0.2
	1,887,891	#,^	Morgan Stanley Capital I, 0.575%, 11/15/30		30,344		0.0
	819,740	#	Spirit Master Funding, LLC, 5.050%, 07/20/23		839,496		0.1
	964,409		Wachovia Bank Commercial Mortgage Trust, 5.724%, 06/15/49		1,064,788		0.1
	1,200,000		Wachovia Bank Commercial Mortgage Trust, 5.953%, 02/15/51		1,316,998		0.2
	315,694		W3A Funding Corp., 8.090%, 01/02/17		315,407		0.0
		Total Collateralized Mortgage Obligations
		(Cost $16,281,798)			16,994,895		1.9
MUNICIPAL BONDS: 0.1%
			New Jersey: 0.1%
	900,000		New Jersey State Turnpike Authority, 7.414%, 01/01/40		1,263,456		0.1
		Total Municipal Bonds
		(Cost $934,849)			1,263,456		0.1
ASSET-BACKED SECURITIES: 0.6%
			Home Equity Asset-Backed Securities: 0.2%
	894,999	#	Bayview Financial Revolving Mortgage Loan Trust, 1.753%, 12/28/40		592,363		0.1
	411,528		GMAC Mortgage Corp. Loan Trust, 5.805%, 10/25/36		392,314		0.0
	962,639		Residential Funding Mortgage Securities II, Inc., 5.320%, 12/25/35		780,441		0.1
					1,765,118		0.2
			Other Asset-Backed Securities: 0.4%
	23,372	#	CT CDO III Ltd., 5.160%, 06/25/35		23,372		0.0
	603,610	#	Race Point IV CLO Ltd., 0.438%, 08/01/21		597,708		0.1
	249,069		Small Business Administration, 4.770%, 04/01/24		265,172		0.0
	360,078		Small Business Administration, 4.990%, 09/01/24		390,169		0.0

	PORTFOLIO OF INVESTMENTS
VY MFS Total Return Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			Other Asset-Backed Securities: (continued)
	1,410,828		Small Business Administration, 5.110%, 08/01/25	$	1,529,283		0.2
	415,386		Small Business Administration, 5.180%, 05/01/24		450,537		0.1
					3,256,241		0.4
		Total Asset-Backed Securities
		(Cost $5,322,435)			5,021,359		0.6
U.S. TREASURY OBLIGATIONS: 12.7%
			U.S. Treasury Bonds: 2.8%
	24,000		4.500%, due 02/15/36		28,170		0.0
	17,313,500		4.500%, due 08/15/39		20,365,004		2.3
	792,000		5.000%, due 05/15/37		994,703		0.1
	131,000		5.250%, due 02/15/29		163,863		0.0
	258,000		5.375%, due 02/15/31		329,958		0.0
	125,000		6.000%, due 02/15/26		164,395		0.0
	390,000		6.750%, due 08/15/26		546,244		0.1
	390,000		8.000%, due 11/15/21		544,156		0.1
	1,444,000		8.500%, due 02/15/20		1,971,962		0.2
					25,108,455		2.8
			U.S. Treasury Notes: 9.9%
	3,304,000		0.500%, due 08/15/14		3,309,485		0.4
	28,325,000		0.875%, due 12/31/16		28,395,812		3.2
	2,011,900		2.750%, due 02/15/19		2,113,282		0.2
	25,641,000		2.125%, due 05/31/15		26,226,435		2.9
	663,000		2.625%, due 02/29/16		691,332		0.1
	4,607,000		3.125%, due 05/15/19		4,916,535		0.6
	17,096,000		3.125%, due 05/15/21		18,012,910		2.0
	2,588,000		3.500%, due 05/15/20		2,804,644		0.3
	183,000		3.750%, due 11/15/18		200,721		0.0
	485,000		4.750%, due 08/15/17		544,034		0.1
	978,000		5.125%, due 05/15/16		1,073,966		0.1
	57,000		9.875%, due 11/15/15		65,865		0.0
					88,355,021		9.9
		Total U.S. Treasury Obligations
		(Cost $112,112,343)			113,463,476		12.7
U.S. GOVERNMENT AGENCY OBLIGATIONS: 11.9%
			Federal Home Loan Mortgage Corporation: 3.5%##
	308,000		1.869%, due 11/25/19		301,248		0.1
	141,415		2.303%, due 09/25/18		144,016		0.0
	392,000		2.412%, due 08/25/18		401,792		0.1
	220,000		2.682%, due 10/25/22		214,269		0.0
	1,651,846		3.000%, due 10/01/42		1,595,277		0.2
	1,436,989		3.000%, due 04/01/43		1,388,436		0.2
	208,965		3.000%, due 04/01/43		201,928		0.0
	250,390		3.000%, due 05/01/43		241,957		0.0
	561,954		3.000%, due 05/01/43		542,961		0.1
	244,923		3.000%, due 05/01/43		236,645		0.0
	427,398		3.000%, due 05/01/43		413,002		0.1
	224,000		3.034%, due 10/25/20		231,101		0.0
	97,000		3.154%, due 02/25/18		102,405		0.0
	162,000		3.320%, due 02/25/23		164,546		0.0
	716,000		3.458%, due 08/25/23		731,318		0.1
	803,991		3.500%, due 02/01/42		809,219		0.1
	479,410		3.500%, due 04/01/42		483,256		0.1
	652,361		3.500%, due 12/01/42		656,815		0.1
	678,675		3.500%, due 12/01/42		683,303		0.1
	352,111		3.500%, due 04/01/43		354,517		0.1
	58,396		3.500%, due 07/01/43		58,843		0.0
	424,156		3.500%, due 07/01/43		427,404		0.1
	814,735		3.500%, due 08/01/43		820,974		0.1
	879,000		3.808%, due 08/25/20		941,887		0.1
	264,180		3.882%, due 11/25/17		283,338		0.0
	1,293,839		4.000%, due 11/01/40		1,345,224		0.2
	2,335,000	W	4.000%, due 12/15/40		2,414,627		0.3
	1,732,188		4.000%, due 01/01/41		1,801,084		0.2
	1,441,457		4.000%, due 11/01/43		1,498,706		0.2
	118,184		4.500%, due 08/01/18		125,180		0.0
	144,995		4.500%, due 11/01/18		153,561		0.0
	399,158		4.500%, due 01/01/19		422,899		0.1
	545,422		4.500%, due 08/01/24		584,918		0.1
	68,572		4.500%, due 04/01/35		73,519		0.0
	514,463		4.500%, due 07/01/39		549,606		0.1
	258,171		4.500%, due 09/01/39		275,780		0.0
	155,742		4.500%, due 10/01/39		166,375		0.0
	14,190		5.000%, due 03/01/18		15,075		0.0
	50,866		5.000%, due 05/01/18		54,040		0.0
	70,001		5.000%, due 05/01/18		74,353		0.0
	123,913		5.000%, due 02/01/19		131,663		0.0
	639,428		5.000%, due 09/01/33		698,546		0.1
	170,154		5.000%, due 03/01/34		187,405		0.0
	81,239		5.000%, due 04/01/34		88,731		0.0
	113,898		5.000%, due 08/01/35		124,090		0.0
	203,773		5.000%, due 10/01/35		223,226		0.0
	126,934		5.000%, due 11/01/35		138,188		0.0
	122,067		5.000%, due 12/01/36		133,011		0.0
	921,604		5.000%, due 07/01/39		1,002,662		0.1
	1,064,000		5.085%, due 03/25/19		1,201,054		0.2
	160,594		5.500%, due 01/01/19		171,257		0.0
	14,041		5.500%, due 07/01/19		14,975		0.0
	25,441		5.500%, due 08/01/19		27,131		0.0
	1,916		5.500%, due 02/01/20		2,088		0.0
	21,008		5.500%, due 10/01/21		22,864		0.0
	4,682		5.500%, due 10/01/24		5,185		0.0
	181,352		5.500%, due 06/01/25		201,167		0.0
	97,033		5.500%, due 07/01/25		107,712		0.0
	147,557		5.500%, due 08/01/25		163,729		0.0
	24,442		5.500%, due 09/01/25		27,117		0.0
	260,261		5.500%, due 12/01/33		292,113		0.0
	268,981		5.500%, due 12/01/33		298,390		0.0
	515,139		5.500%, due 01/01/34		571,709		0.1
	101,177		5.500%, due 04/01/34		112,852		0.0
	63,494		5.500%, due 11/01/34		70,337		0.0
	46,367		5.500%, due 05/01/35		51,384		0.0
	103,531		5.500%, due 09/01/35		114,572		0.0
	12,009		5.500%, due 10/01/35		13,295		0.0
	52,551		5.500%, due 02/01/37		58,493		0.0
	3,521		6.000%, due 04/01/16		3,635		0.0
	21,725		6.000%, due 04/01/17		22,864		0.0
	15,339		6.000%, due 07/01/17		15,958		0.0
	18,385		6.000%, due 10/01/17		19,158		0.0
	60,508		6.000%, due 08/01/19		64,776		0.0
	167,743		6.000%, due 08/01/19		178,681		0.0
	7,421		6.000%, due 09/01/19		7,881		0.0
	42,364		6.000%, due 05/01/21		45,592		0.0
	189,856		6.000%, due 02/01/23		210,873		0.0
	20,971		6.000%, due 12/01/25		23,295		0.0

	PORTFOLIO OF INVESTMENTS
VY MFS Total Return Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
			Federal Home Loan Mortgage Corporation: (continued)
	49,117		6.000%, due 02/01/26	$	54,520		0.0
	142,239		6.000%, due 04/01/34		160,113		0.0
	12,856		6.000%, due 05/01/34		14,308		0.0
	37,143		6.000%, due 07/01/34		41,737		0.0
	12,961		6.000%, due 07/01/34		14,612		0.0
	29,482		6.000%, due 07/01/34		32,800		0.0
	342,125		6.000%, due 08/01/34		385,163		0.1
	10,738		6.000%, due 08/01/34		12,086		0.0
	35,545		6.000%, due 08/01/34		39,557		0.0
	7,157		6.000%, due 08/01/34		7,951		0.0
	24,135		6.000%, due 09/01/34		26,863		0.0
	76,925		6.000%, due 07/01/35		86,599		0.0
	154,129		6.000%, due 08/01/35		173,515		0.0
	190,765		6.000%, due 11/01/35		214,153		0.0
	103,936		6.000%, due 03/01/36		116,556		0.0
	184,850		6.000%, due 10/01/36		208,508		0.0
	21,691		6.000%, due 03/01/37		24,090		0.0
	46,049		6.000%, due 05/01/37		51,065		0.0
	12,994		6.500%, due 05/01/34		14,613		0.0
	25,226		6.500%, due 05/01/34		28,318		0.0
	53,152		6.500%, due 06/01/34		59,669		0.0
	11,247		6.500%, due 06/01/34		12,639		0.0
	29,259		6.500%, due 06/01/34		32,897		0.0
	209,177		6.500%, due 08/01/34		234,770		0.0
	22,597		6.500%, due 08/01/34		25,371		0.0
	3,355		6.500%, due 08/01/34		3,771		0.0
	70,606		6.500%, due 08/01/34		79,237		0.0
	12,999		6.500%, due 08/01/34		14,588		0.0
	66,379		6.500%, due 10/01/34		75,391		0.0
	714		6.500%, due 11/01/34		803		0.0
	3,126		6.500%, due 09/01/35		3,506		0.0
	108,208		6.500%, due 05/01/37		122,309		0.0
	109,182		6.500%, due 07/01/37		123,470		0.0
	43,145		6.500%, due 07/01/37		48,497		0.0
	21,987		6.500%, due 02/01/38		24,673		0.0
					31,401,781		3.5
			Federal National Mortgage Association: 6.4%##
	246,523		2.410%, due 05/01/23		235,796		0.0
	392,766		2.500%, due 02/01/28		393,051		0.1
	231,411		2.500%, due 05/01/28		231,579		0.0
	136,026		2.550%, due 05/01/23		131,475		0.0
	700,000		2.578%, due 09/25/18		722,364		0.1
	3,500,000	W	3.000%, due 10/25/26		3,586,406		0.4
	165,143		3.000%, due 03/01/27		170,114		0.0
	511,139		3.000%, due 04/01/27		526,530		0.1
	113,381		3.500%, due 11/01/41		114,243		0.0
	214,540		3.500%, due 01/01/42		216,305		0.0
	74,044		3.500%, due 01/01/42		74,653		0.0
	665,498		3.500%, due 01/01/42		670,539		0.1
	1,113,810		3.500%, due 04/01/43		1,121,791		0.1
	2,257,524		3.500%, due 05/01/43		2,277,029		0.3
	719,089		3.500%, due 06/01/43		725,302		0.1
	1,793,778		3.500%, due 07/01/43		1,809,277		0.2
	2,880,598		3.500%, due 09/01/43		2,905,487		0.3
	115,761		3.800%, due 02/01/18		123,375		0.0
	137,043		3.849%, due 07/01/18		147,920		0.0
	95,799		3.910%, due 02/01/18		103,260		0.0
	9,803,000	W	4.000%, due 02/25/39		10,156,827		1.2
	225,221		4.000%, due 02/01/41		234,519		0.0
	44,835		4.500%, due 04/01/18		47,586		0.0
	119,436		4.500%, due 06/01/18		126,763		0.0
	14,983		4.500%, due 07/01/18		15,904		0.0
	117,500		4.500%, due 03/01/19		124,731		0.0
	55,746		4.500%, due 04/01/20		59,262		0.0
	358,802		4.500%, due 08/01/33		384,612		0.1
	1,091,231		4.500%, due 03/01/34		1,169,564		0.2
	3,777,000	W	4.500%, due 05/15/35		4,016,604		0.5
	488,478		4.500%, due 02/01/41		523,836		0.1
	488,144		4.500%, due 04/01/41		523,668		0.1
	111,878		4.600%, due 09/01/19		123,297		0.0
	75,282		4.787%, due 08/01/14		75,664		0.0
	260,062		4.880%, due 03/01/20		282,464		0.1
	293,040		4.908%, due 04/01/15		300,530		0.1
	248,000		4.940%, due 08/01/15		257,089		0.0
	85,841		5.000%, due 11/01/17		91,446		0.0
	282,527		5.000%, due 02/01/18		301,035		0.1
	316,521		5.000%, due 12/01/18		337,271		0.1
	115,527		5.000%, due 07/01/19		123,832		0.0
	154,784		5.000%, due 12/01/20		166,720		0.0
	139,526		5.000%, due 11/01/33		153,078		0.0
	153,654		5.000%, due 03/01/34		168,586		0.0
	82,527		5.000%, due 05/01/34		90,393		0.0
	83,871		5.000%, due 08/01/34		91,777		0.0
	243,650		5.000%, due 09/01/34		266,586		0.0
	203,528		5.000%, due 06/01/35		222,050		0.0
	233,804		5.000%, due 07/01/35		255,663		0.0
	444,420		5.000%, due 07/01/35		485,524		0.1
	169,060		5.000%, due 08/01/35		184,691		0.0
	70,919		5.000%, due 09/01/35		77,508		0.0
	679,135		5.000%, due 10/01/35		742,253		0.1
	116,717		5.000%, due 07/01/39		128,142		0.0
	373,483		5.000%, due 10/01/39		409,861		0.1
	135,938		5.000%, due 11/01/39		149,346		0.0
	64,817		5.000%, due 11/01/40		71,074		0.0
	109,940		5.000%, due 11/01/40		120,167		0.0
	77,953		5.000%, due 01/01/41		85,433		0.0
	109,299		5.000%, due 03/01/41		119,896		0.0
	7,749		5.190%, due 11/01/15		8,145		0.0
	326,914		5.370%, due 05/01/18		368,828		0.1
	38,769		5.450%, due 04/01/17		43,032		0.0
	258,320		5.463%, due 11/01/15		272,033		0.0
	114,021		5.500%, due 11/01/17		121,639		0.0
	69,670		5.500%, due 01/01/18		74,334		0.0
	114,569		5.500%, due 02/01/18		122,226		0.0
	150,165		5.500%, due 06/01/19		161,584		0.0
	63,637		5.500%, due 07/01/19		67,931		0.0
	14,761		5.500%, due 07/01/19		15,757		0.0
	82,442		5.500%, due 07/01/19		88,649		0.0
	83,214		5.500%, due 08/01/19		89,539		0.0
	26,659		5.500%, due 09/01/19		28,665		0.0
	77,177		5.500%, due 09/01/19		83,036		0.0
	242,145		5.500%, due 02/01/33		269,450		0.0
	3,156		5.500%, due 03/01/33		3,508		0.0
	9,070		5.500%, due 05/01/33		10,076		0.0
	253,988		5.500%, due 06/01/33		284,327		0.1
	101,834		5.500%, due 06/01/33		113,368		0.0
	648,693		5.500%, due 07/01/33		722,569		0.1
	23,130		5.500%, due 07/01/33		25,743		0.0
	191,413		5.500%, due 11/01/33		213,164		0.0
	58,365		5.500%, due 12/01/33		64,917		0.0
	50,122		5.500%, due 01/01/34		55,691		0.0
	84,503		5.500%, due 01/01/34		94,074		0.0
	137,220		5.500%, due 01/01/34		152,514		0.0
	58,458		5.500%, due 02/01/34		64,939		0.0
	184,857		5.500%, due 02/01/34		205,774		0.0

	PORTFOLIO OF INVESTMENTS
VY MFS Total Return Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†			Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
		Federal National Mortgage Association: (continued)
	133,776	5.500%, due 02/01/34	$	148,698		0.0
	65,572	5.500%, due 02/01/34		72,525		0.0
	45,569	5.500%, due 03/01/34		51,277		0.0
	46,769	5.500%, due 03/01/34		52,633		0.0
	54,807	5.500%, due 04/01/34		60,929		0.0
	61,353	5.500%, due 04/01/34		68,156		0.0
	156,599	5.500%, due 05/01/34		174,882		0.0
	148,777	5.500%, due 05/01/34		166,008		0.0
	110,435	5.500%, due 05/01/34		122,785		0.0
	225,173	5.500%, due 05/01/34		251,253		0.0
	38,236	5.500%, due 06/01/34		42,487		0.0
	45,324	5.500%, due 07/01/34		50,371		0.0
	44,445	5.500%, due 07/01/34		49,411		0.0
	40,106	5.500%, due 07/01/34		44,572		0.0
	353,967	5.500%, due 07/01/34		393,397		0.1
	77,513	5.500%, due 07/01/34		86,176		0.0
	21,701	5.500%, due 07/01/34		24,114		0.0
	69,440	5.500%, due 07/01/34		77,217		0.0
	81,665	5.500%, due 09/01/34		90,071		0.0
	196,841	5.500%, due 09/01/34		218,794		0.0
	383,117	5.500%, due 09/01/34		425,556		0.1
	48,623	5.500%, due 09/01/34		53,613		0.0
	8,600	5.500%, due 09/01/34		9,551		0.0
	4,884	5.500%, due 09/01/34		5,393		0.0
	23,515	5.500%, due 09/01/34		26,136		0.0
	57,213	5.500%, due 09/01/34		63,180		0.0
	107,486	5.500%, due 09/01/34		119,413		0.0
	286,586	5.500%, due 10/01/34		318,448		0.1
	231,796	5.500%, due 10/01/34		257,615		0.0
	115,045	5.500%, due 10/01/34		127,811		0.0
	1,091	5.500%, due 11/01/34		1,220		0.0
	289,470	5.500%, due 11/01/34		320,364		0.1
	144,076	5.500%, due 11/01/34		158,839		0.0
	429,939	5.500%, due 12/01/34		477,670		0.1
	184,250	5.500%, due 12/01/34		203,827		0.0
	13,150	5.500%, due 02/01/35		14,629		0.0
	116,158	5.500%, due 04/01/35		128,895		0.0
	4,417	5.500%, due 04/01/35		4,901		0.0
	432,715	5.500%, due 09/01/35		480,864		0.1
	106,014	5.500%, due 08/01/38		117,007		0.0
	287,118	5.662%, due 02/01/16		306,925		0.1
	173,472	5.732%, due 07/01/16		189,699		0.0
	44,394	6.000%, due 02/01/17		46,753		0.0
	1,651	6.000%, due 03/01/17		1,733		0.0
	55,427	6.000%, due 08/01/17		58,354		0.0
	28,361	6.000%, due 03/01/18		30,065		0.0
	247,695	6.000%, due 11/01/18		262,585		0.0
	33,810	6.000%, due 01/01/21		36,383		0.0
	16,032	6.000%, due 01/01/34		17,948		0.0
	35,041	6.000%, due 03/01/34		39,587		0.0
	36,650	6.000%, due 03/01/34		41,186		0.0
	201,704	6.000%, due 04/01/34		226,479		0.0
	109,388	6.000%, due 04/01/34		121,951		0.0
	328,305	6.000%, due 04/01/34		368,746		0.1
	9,596	6.000%, due 05/01/34		10,705		0.0
	49,356	6.000%, due 05/01/34		55,509		0.0
	33,825	6.000%, due 06/01/34		37,716		0.0
	34,594	6.000%, due 06/01/34		38,489		0.0
	148,568	6.000%, due 06/01/34		166,889		0.0
	245,226	6.000%, due 06/01/34		274,509		0.1
	282,912	6.000%, due 06/01/34		314,828		0.1
	117,611	6.000%, due 07/01/34		132,263		0.0
	81,395	6.000%, due 07/01/34		91,985		0.0
	133,035	6.000%, due 07/01/34		149,325		0.0
	16,307	6.000%, due 07/01/34		18,442		0.0
	108,512	6.000%, due 07/01/34		121,868		0.0
	22,584	6.000%, due 08/01/34		25,188		0.0
	184,621	6.000%, due 08/01/34		206,190		0.0
	286,112	6.000%, due 08/01/34		321,497		0.1
	10,623	6.000%, due 08/01/34		11,950		0.0
	50,967	6.000%, due 10/01/34		57,374		0.0
	201,202	6.000%, due 10/01/34		224,970		0.0
	125,553	6.000%, due 10/01/34		141,233		0.0
	8,979	6.000%, due 11/01/34		9,996		0.0
	42,419	6.000%, due 11/01/34		47,697		0.0
	75,791	6.000%, due 04/01/35		84,528		0.0
	3,717	6.000%, due 08/01/35		4,166		0.0
	70,000	6.000%, due 09/01/35		78,605		0.0
	14,380	6.000%, due 09/01/35		16,145		0.0
	59,862	6.000%, due 10/01/35		67,085		0.0
	84,115	6.000%, due 10/01/35		95,028		0.0
	1,756	6.000%, due 11/01/35		1,963		0.0
	81,915	6.000%, due 12/01/35		92,305		0.0
	387,335	6.000%, due 12/01/35		433,942		0.1
	98,318	6.000%, due 12/01/35		110,287		0.0
	1,850	6.000%, due 02/01/36		2,077		0.0
	139,821	6.000%, due 03/01/36		156,220		0.0
	187,388	6.000%, due 04/01/36		210,508		0.0
	2,732	6.000%, due 06/01/36		3,056		0.0
	104,650	6.000%, due 07/01/37		116,965		0.0
	93,389	6.500%, due 06/01/31		105,315		0.0
	296	6.500%, due 07/01/31		333		0.0
	3,780	6.500%, due 07/01/31		4,250		0.0
	180	6.500%, due 08/01/31		202		0.0
	73,388	6.500%, due 09/01/31		82,337		0.0
	35,407	6.500%, due 12/01/31		39,724		0.0
	1,005	6.500%, due 01/01/32		1,152		0.0
	1,393	6.500%, due 02/01/32		1,566		0.0
	170,547	6.500%, due 07/01/32		192,906		0.0
	255,296	6.500%, due 08/01/32		287,735		0.1
	195,938	6.500%, due 01/01/33		223,334		0.0
	39,766	6.500%, due 04/01/34		44,684		0.0
	279,611	6.500%, due 08/01/34		314,207		0.1
	636	6.500%, due 04/01/36		716		0.0
	85,125	6.500%, due 05/01/36		97,059		0.0
	29,221	6.500%, due 01/01/37		32,785		0.0
	122,982	6.500%, due 02/01/37		137,979		0.0
	4,275	6.500%, due 02/01/37		4,797		0.0
	9,765	6.500%, due 02/01/37		10,956		0.0
	239,164	6.500%, due 07/01/37		268,357		0.0
	20,692	7.500%, due 02/01/30		24,712		0.0
	62,548	7.500%, due 03/01/31		70,784		0.0
	2,452	7.500%, due 11/01/31		2,898		0.0
	436	7.500%, due 02/01/32		523		0.0
				56,567,156		6.4
		Government National Mortgage Association: 1.9%
	622,546	3.000%, due 02/15/43		613,518		0.1
	1,271,089	3.000%, due 06/20/43		1,253,597		0.1
	583,840	3.000%, due 07/20/43		575,805		0.1
	372,685	3.500%, due 12/15/41		381,860		0.1
	244,257	3.500%, due 02/15/42		249,742		0.0
	2,072,636	3.500%, due 07/01/42		2,118,898		0.2
	1,817,695	3.500%, due 06/20/43		1,858,191		0.2
	1,746,459	4.000%, due 01/20/41		1,839,223		0.2

	PORTFOLIO OF INVESTMENTS
VY MFS Total Return Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
			Government National Mortgage Association: (continued)
	440,400		4.000%, due 02/20/41	$	463,769		0.1
	328,394		4.000%, due 04/20/41		345,806		0.0
	554,458		4.000%, due 02/20/42		583,590		0.1
	29,065		4.500%, due 07/20/33		31,624		0.0
	41,577		4.500%, due 09/15/33		45,321		0.0
	200,654		4.500%, due 09/20/33		218,321		0.0
	64,789		4.500%, due 12/20/34		70,493		0.0
	905,000		4.500%, due 05/01/39		973,299		0.1
	610,270		4.500%, due 11/15/39		659,919		0.1
	451,995		4.500%, due 03/15/40		490,833		0.1
	749,096		4.500%, due 04/15/40		812,329		0.1
	284,824		4.500%, due 06/15/40		309,522		0.0
	409,893		4.500%, due 01/20/41		443,211		0.1
	29,935		5.000%, due 07/20/33		32,931		0.0
	60,488		5.000%, due 03/15/34		66,804		0.0
	178,680		5.000%, due 06/15/34		197,340		0.0
	49,230		5.000%, due 10/15/34		54,215		0.0
	276,687		5.500%, due 11/15/32		307,030		0.0
	770,472		5.500%, due 05/15/33		860,769		0.1
	27,968		5.500%, due 08/15/33		31,301		0.0
	15,852		5.500%, due 12/15/33		17,925		0.0
	4,921		6.000%, due 09/15/32		5,675		0.0
	132,112		6.000%, due 09/15/32		149,598		0.0
	12,910		6.000%, due 10/15/32		14,888		0.0
	1,456		6.000%, due 10/15/32		1,678		0.0
	319,151		6.000%, due 04/15/33		368,024		0.1
	8,849		6.000%, due 04/15/34		10,184		0.0
	58,463		6.000%, due 07/15/34		66,920		0.0
	147,042		6.000%, due 07/15/34		169,217		0.0
	73,203		6.000%, due 07/15/34		84,018		0.0
	44,073		6.000%, due 09/15/34		49,440		0.0
	144,130		6.000%, due 11/20/34		165,935		0.0
	199,674		6.000%, due 02/20/35		232,551		0.0
	40,075		6.000%, due 04/20/35		45,076		0.0
					17,270,390		1.9
			Other U.S. Agency Obligations: 0.1%
	425,000		9.650%, due 11/02/18		571,289		0.1
		Total U.S. Government Agency Obligations
		(Cost $103,041,397)			105,810,616		11.9
FOREIGN GOVERNMENT BONDS: 1.0%
	456,000	#	Achmea Hypotheekbank NV, 3.200%, 11/03/14		463,820		0.0
	482,000		Asian Development Bank, 1.125%, 03/15/17		484,325		0.0
	800,000		Asian Development Bank, 2.750%, 05/21/14		802,722		0.1
	248,000	#	Corp. Nacional del Cobre de Chile - CODELCO, 3.750%, 11/04/20		252,198		0.0
	820,000	#	Iceland Government International Bond, 4.875%, 06/16/16		866,161		0.1
	1,400,000		KFW, 4.875%, 06/17/19		1,600,914		0.2
	1,156,000		Mexico Government International Bond, 4.750%, 03/08/44		1,103,980		0.1
	102,000		Peruvian Government International Bond, 7.350%, 07/21/25		131,708		0.0
	646,000		Petroleos Mexicanos, 8.000%, 05/03/19		791,350		0.1
	478,225	#	Ras Laffan Liquefied Natural Gas Co., Ltd. II, 5.832%, 09/30/16		510,505		0.1
	611,000	#	Societe Financement de l'Economie Francaise, 3.375%, 05/05/14		612,748		0.1
	1,530,000	#	Temasek Financial I Ltd., 2.375%, 01/23/23		1,412,822		0.2
		Total Foreign Government Bonds
		(Cost $8,741,844)			9,033,253		1.0
		Total Long-Term Investments
		(Cost $717,002,687)			877,703,041		98.6
SHORT-TERM INVESTMENTS: 1.1%
			Securities Lending Collateralcc(1): 1.1%
	1,218,511		Bank of Nova Scotia, Repurchase Agreement dated 03/31/14, 0.07%, due 04/01/14 (Repurchase Amount $1,218,513, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%-6.500%, Market Value plus accrued interest $1,242,884, due 01/31/16-11/01/43)		1,218,511		0.1
	2,245,797		Citigroup, Inc., Repurchase Agreement dated 03/31/14, 0.09%, due 04/01/14 (Repurchase Amount $2,245,803, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.625%, Market Value plus accrued interest $2,290,713, due 04/03/14-02/15/41)		2,245,797		0.3

	PORTFOLIO OF INVESTMENTS
VY MFS Total Return Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Securities Lending Collateralcc(1) (continued)
	2,245,797		Daiwa Capital Markets, Repurchase Agreement dated 03/31/14, 0.12%, due 04/01/14 (Repurchase Amount $2,245,804, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $2,290,713, due 03/27/17-03/01/48)	$	2,245,797		0.2
	1,500,000		Millenium Fixed Income Ltd., Repurchase Agreement dated 03/31/14, 0.07%, due 04/01/14 (Repurchase Amount $1,500,003, collateralized by various U.S. Government Securities, 0.750%, Market Value plus accrued interest $1,530,000, due 06/30/17)		1,500,000		0.2
	2,245,797		Nomura Securities, Repurchase Agreement dated 03/31/14, 0.10%, due 04/01/14 (Repurchase Amount $2,245,803, collateralized by various U.S. Government Agency Obligations, 0.000%-6.036%, Market Value plus accrued interest $2,290,713, due 04/01/14-05/01/47)		2,245,797		0.3
					9,455,902		1.1
		Total Short-Term Investments
		(Cost $9,455,902)			9,455,902		1.1
		Total Investments in Securities (Cost $726,458,589)		$	887,158,943		99.7
		Assets in Excess of Other Liabilities			2,883,251		0.3
		Net Assets		$	890,042,194		100.0

†	Unless otherwise indicated, principal amount is shown in USD.
#	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
cc	Securities purchased with cash collateral for securities loaned.
W	Settlement is on a when-issued or delayed-delivery basis.
L	Loaned security, a portion or all of the security is on loan at March 31, 2014.
^	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.
(1)	Collateral received from brokers for securities lending was invested into these short-term investments.

Cost for federal income tax purposes is $738,307,256.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	165,218,260
Gross Unrealized Depreciation		(16,366,573	)
Net Unrealized Appreciation	$	148,851,687

	PORTFOLIO OF INVESTMENTS
VY MFS Total Return Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	62,770,746	$	–	$	–	$	62,770,746
Consumer Staples		53,851,034		15,133,284		–		68,984,318
Energy		45,473,901		2,623,104		–		48,097,005
Financials		107,417,591		8,808,716		–		116,226,307
Health Care		65,170,206		3,750,708		–		68,920,914
Industrials		63,895,445		1,495,904		–		65,391,349
Information Technology		46,946,396		910,278		–		47,856,674
Materials		12,114,996		921,277		–		13,036,273
Telecommunication Services		16,250,643		3,014,383		–		19,265,026
Utilities		10,448,918		3,869,625		–		14,318,543
Total Common Stock		484,339,876		40,527,279		–		524,867,155
Preferred Stock		3,022,251		1,299,672		–		4,321,923
Corporate Bonds/Notes		–		96,926,908		–		96,926,908
Collateralized Mortgage Obligations		–		16,994,895		–		16,994,895
Municipal Bonds		–		1,263,456		–		1,263,456
Short-Term Investments		–		9,455,902		–		9,455,902
U.S. Treasury Obligations		–		113,463,476		–		113,463,476
U.S. Government Agency Obligations		–		105,810,616		–		105,810,616
Asset-Backed Securities		–		4,997,987		23,372		5,021,359
Foreign Government Bonds		–		9,033,253		–		9,033,253
Total Investments, at fair value	$	487,362,127	$	399,773,444	$	23,372	$	887,158,943

# 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.

	PORTFOLIO OF INVESTMENTS
VY MFS Utilities Portfolio	as of March 31, 2014 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 93.7%
			Consumer Discretionary: 10.3%
	113,774	@	Altice SA	$	5,069,022		0.8
	3,643,300		Astro Malaysia Holdings Bhd		3,574,278		0.6
	32,682		Charter Communications, Inc.		4,026,422		0.6
	495,040		Comcast Corp. – Special Class A		24,138,150		3.7
	73,437	@	Liberty Global PLC - Class A		3,054,979		0.4
	221,745	@	Liberty Global PLC - Class C		9,027,239		1.4
	159,640		Quebecor, Inc.		3,898,942		0.6
	70,506		Time Warner Cable, Inc.		9,672,013		1.5
	148,580		Twenty-First Century Fox, Inc. Class A		4,750,103		0.7
					67,211,148		10.3
			Energy: 14.8%
	55,300		Anadarko Petroleum Corp.		4,687,228		0.7
	50,310		Antero Resources Corp.		3,149,406		0.5
	9,000		Cabot Oil & Gas Corp.		304,920		0.0
	66,570	@	Cheniere Energy, Inc.		3,684,649		0.6
	12,480		DCP Midstream Partners LP		625,248		0.1
	145,520		Enbridge, Inc.		6,609,280		1.0
	5,700		Energy Transfer Equity LP		266,475		0.0
	18,500	@	Ensco PLC		976,430		0.1
	4,740		Enterprise Products Partners L.P.		328,766		0.1
	85,450		EQT Corp.		8,286,086		1.3
	488,621		Kinder Morgan, Inc.		15,875,296		2.4
	25,100		MarkWest Energy Partners L.P.		1,639,532		0.3
	31,198		Noble Energy, Inc.		2,216,306		0.3
	30,980	@	Noble Corp. PLC		1,014,285		0.2
	170,750		Oneok, Inc.		10,116,938		1.5
	65,690		ONEOK Partners L.P.		3,517,700		0.5
	18,140		Plains All American Pipeline L.P.		999,877		0.2
	12,340		Plains GP Holdings L.P.		345,273		0.1
	48,470		Rice Energy, Inc.		1,279,123		0.2
	22,120		SemGroup Corp.		1,452,842		0.2
	212,540		Spectra Energy Corp.		7,851,228		1.2
	3,435		Targa Resources Corp.		340,958		0.1
	88,410		TransCanada Corp.		4,018,636		0.6
	45,050		Western Gas Equity Partners L.P.		2,212,406		0.3
	240,901		Williams Cos., Inc.		9,775,763		1.5
	102,410		Williams Partners L.P.		5,216,765		0.8
					96,791,416		14.8
			Financials: 1.8%
	140,170		American Tower Corp.		11,475,718		1.8
			Industrials: 1.3%
	106,720		Covanta Holding Corp.		1,926,296		0.3
	1,138,060		Snam Rete Gas S.p.A.		6,666,255		1.0
					8,592,551		1.3
			Telecommunication Services: 12.3%
	3,842,120		Bezeq Israeli Telecommunication Corp., Ltd.		6,848,976		1.0
	220,530	@	Cellcom Israel Ltd.		3,038,903		0.5
	133,439		CenturyTel, Inc.		4,382,137		0.7
	27,891		Empresa Nacional de Telecom		341,635		0.0
	3,881		Iliad SA		1,119,062		0.2
	11,000		KDDI Corp.		638,715		0.1
	94,330		MegaFon OAO GDR		2,658,950		0.4
	74,500		Mobile Telesystems OJSC		575,062		0.1
	392,285		Mobile Telesystems OJSC ADR		6,861,065		1.0
	86,216		Portugal Telecom SGPS S.A.		366,966		0.1
	24,440		SBA Communications Corp.		2,223,062		0.3
	693,876		TDC A/S		6,414,642		1.0
	285,160		Telecom Italia S.p.A.		337,045		0.0
	4,412,061		Telecom Italia S.p.A. RNC		4,140,318		0.6
	127,150		Telefonica Brasil SA ADR		2,700,666		0.4
	3,661,500		Telekomunikasi Indonesia Persero Tbk PT		715,716		0.1
	121,199		Tim Participacoes SA ADR		3,146,326		0.5
	767,840	@	Turkcell Iletisim Hizmet AS		4,301,085		0.7
	135,390		Verizon Communications, Inc.		6,440,502		1.0
	76,008		Verizon Communications, Inc. - VZC		3,614,932		0.5
	1,885,155		Vodafone Group PLC		6,932,278		1.1
	726,260		Windstream Holdings, Inc.		5,984,382		0.9
	4,574,000		XL Axiata Tbk PT		1,777,992		0.3
	121,170		Ziggo NV		5,381,124		0.8
					80,941,541		12.3
			Utilities: 53.2%
	797,210		AES Corp.		11,384,159		1.7
	142,600		AGL Energy Ltd.		2,010,870		0.3
	13,320		AGL Resources, Inc.		652,147		0.1
	1,793,000	@	Aksa Enerji Uretim AS		1,969,314		0.3
	99,060		Allete, Inc.		5,192,725		0.8
	92,660		Alliant Energy Corp.		5,264,015		0.8
	35,330		Ameren Corp.		1,455,596		0.2
	227,690		American Electric Power Co., Inc.		11,534,775		1.8
	279,165		APA Group		1,663,838		0.3
	837,160		Calpine Corp.		17,505,016		2.7
	46,700		Canadian Utilities Ltd.		1,737,468		0.3

	PORTFOLIO OF INVESTMENTS
VY MFS Utilities Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Utilities: (continued)
	189,530		CenterPoint Energy, Inc.	$	4,489,966		0.7
	208,112		Centrica PLC		1,144,911		0.2
	646,000		Cheung Kong Infrastructure Holdings Ltd.		4,131,400		0.6
	1,890,000		China Longyuan Power Group Corp.		1,904,518		0.3
	1,266,000		China Resources Gas Group Ltd.		4,035,760		0.6
	152,900		Cia Paranaense de Energia ADR		2,004,519		0.3
	458,200		Cia Paranaense de Energia		6,017,788		0.9
	614,260		CMS Energy Corp.		17,985,533		2.7
	292,600		CPFL Energia S.A.		2,395,993		0.4
	148,440		Dominion Resources, Inc.		10,537,756		1.6
	78,135		Drax Group PLC		999,025		0.2
	134,730		DTE Energy Co.		10,009,092		1.5
	109,930		Duke Energy Corp.		7,829,215		1.2
	221,740		Edison International		12,552,701		1.9
	1,348,600		EDP - Energias do Brasil S.A.		6,056,516		0.9
	1,888,234		EDP Renovaveis S.A.		12,569,220		1.9
	309,935		Enagas		9,428,359		1.4
	263,742		Enel Green Power SpA		740,714		0.1
	64,440		Enel S.p.A.		364,486		0.1
	74,910		Energen Corp.		6,053,477		0.9
	4,393,754		Energias de Portugal S.A.		20,398,708		3.1
	165,520		Gas Natural SDG S.A.		4,656,672		0.7
	310,779		Gaz de France		8,501,404		1.3
	47,715		Iberdrola S.A.		333,886		0.1
	446,683	@	Infinis Energy Plc		1,772,345		0.3
	290,300		Infraestructura Energetica Nova SAB de CV		1,504,032		0.2
	118,590		ITC Holdings Corp.		4,429,336		0.7
	288,580		Light S.A.		2,370,706		0.4
	156,747		National Grid PLC		2,153,940		0.3
	190,149		NextEra Energy, Inc.		18,182,047		2.8
	64,450		NiSource, Inc.		2,289,908		0.3
	329,240		Northeast Utilities		14,980,420		2.3
	630,639		NRG Energy, Inc.		20,054,320		3.1
	25,370		NRG Yield, Inc.		1,002,876		0.2
	241,050		OGE Energy Corp.		8,860,998		1.3
	118,480		Pinnacle West Capital Corp.		6,476,117		1.0
	198,650		Portland General Electric Co.		6,424,341		1.0
	104,931		PPL Corp.		3,477,413		0.5
	314,390		Public Service Enterprise Group, Inc.		11,990,835		1.8
	66,370		Questar Corp.		1,578,279		0.2
	72,643		Red Electrica de Espana		5,907,011		0.9
	331,210		Scottish & Southern Energy PLC		8,112,627		1.2
	110,370		Sempra Energy		10,679,401		1.6
	63,700		Tractebel Energia S.A.		996,628		0.2
	9,250		UIL Holdings Corp.		340,492		0.0
					349,095,614		53.2
		Total Common Stock
		(Cost $502,232,237)			614,107,988		93.7
PREFERRED STOCK: 4.4%
			Telecommunication Services: 0.2%
	12,450		Crown Castle International Corp.		1,262,306		0.2
			Utilities: 4.2%
			Utilities: 4.2%
	668,849		Cia Energetica de Minas Gerais		4,521,879		0.7
	66,850		Dominion Resources, Inc./VA - Series A		3,843,875		0.6
	68,980		Dominion Resources, Inc./VA - Series B		3,984,975		0.6
	89,280		NextEra Energy, Inc.		5,475,542		0.8
	175,870		PPL Corp.		9,620,089		1.5
					27,446,360		4.2
		Total Preferred Stock
		(Cost $27,050,516)			28,708,666		4.4

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 0.8%
			Communications: 0.7%
	1,518,000		SBA Communications Corp., 4.000%, 10/01/14		4,535,974		0.7
			Utilities: 0.1%
	910,000	#	Viridian Group FundCo II, 11.125%, 04/01/17		1,001,000		0.1
		Total Corporate Bonds/Notes
		(Cost $2,497,228)			5,536,974		0.8
		Total Investments in Securities (Cost $531,779,981)		$	648,353,628		98.9
		Assets in Excess of Other Liabilities			7,270,564		1.1
		Net Assets		$	655,624,192		100.0

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

	PORTFOLIO OF INVESTMENTS
VY MFS Utilities Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Cost for federal income tax purposes is $531,817,603.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	135,295,778
Gross Unrealized Depreciation		(18,759,753	)
Net Unrealized Appreciation	$	116,536,025

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	63,636,870	$	3,574,278		$	–	$	67,211,148
Energy		96,791,416		–			–		96,791,416
Financials		11,475,718		–			–		11,475,718
Industrials		1,926,296		6,666,255			–		8,592,551
Telecommunication Services		42,652,382		38,289,159			–		80,941,541
Utilities		258,068,951		91,026,663			–		349,095,614
Total Common Stock		474,551,633		139,556,355			–		614,107,988
Preferred Stock		17,826,271		10,882,395			–		28,708,666
Corporate Bonds/Notes		–		5,536,974			–		5,536,974
Total Investments, at fair value	$	492,377,904	$	155,975,724		$	–	$	648,353,628
Other Financial Instruments+
Forward Foreign Currency Contracts		–		254,673			–		254,673
Total Assets	$	492,377,904	$	156,230,397		$	–	$	648,608,301
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	–	$	(581,995	)	$	–	$	(581,995	)
Total Liabilities	$	–	$	(581,995	)	$	–	$	(581,995	)

+

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, 2014, the following forward foreign currency contracts were outstanding for the VY MFS Utilities Portfolio:

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	EU Euro		13,116	Buy	04/11/14	$	18,239	$	18,069	$	(170)
Barclays Bank PLC	British Pound		139,135	Buy	04/11/14		231,602		231,942		340
Barclays Bank PLC	EU Euro		4,591	Buy	04/11/14		6,315		6,324		9
Barclays Bank PLC	EU Euro		95,724	Buy	04/11/14		131,179		131,872		693
Barclays Bank PLC	British Pound		106,678	Buy	04/11/14		175,443		177,836		2,393
Barclays Bank PLC	EU Euro		86,306	Buy	04/11/14		117,323		118,898		1,575
Barclays Bank PLC	British Pound		186,331	Buy	04/11/14		304,020		310,620		6,600
Citigroup, Inc.	EU Euro		345,324	Buy	04/11/14		478,675		475,729		(2,946)
Citigroup, Inc.	EU Euro		222,536	Buy	04/11/14		303,022		306,571		3,549
Citigroup, Inc.	EU Euro		172,813	Buy	04/11/14		235,824		238,072		2,248
Citigroup, Inc.	EU Euro		385,930	Buy	04/11/14		525,173		531,668		6,495
Credit Suisse Group AG	EU Euro		161,038	Buy	04/11/14		221,211		221,850		639
Credit Suisse Group AG	British Pound		253,201	Buy	04/11/14		414,986		422,094		7,108
Credit Suisse Group AG	EU Euro		321,085	Buy	04/11/14		438,959		442,335		3,376

	PORTFOLIO OF INVESTMENTS
VY MFS Utilities Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Deutsche Bank AG	EU Euro		234,717	Buy	04/11/14	$	325,358	$	323,353	$	(2,005	)
Deutsche Bank AG	EU Euro		76,809	Buy	04/11/14		105,561		105,814		253
Deutsche Bank AG	British Pound		67,663	Buy	04/11/14		112,737		112,796		59
Deutsche Bank AG	EU Euro		161,301	Buy	04/11/14		221,678		222,213		535
Deutsche Bank AG	EU Euro		73,058	Buy	04/11/14		100,450		100,647		197
Deutsche Bank AG	EU Euro		130,654	Buy	04/11/14		178,657		179,994		1,337
Deutsche Bank AG	EU Euro		43,671	Buy	04/11/14		59,578		60,162		584
Deutsche Bank AG	EU Euro		656,060	Buy	04/11/14		890,880		903,807		12,927
Goldman Sachs & Co.	EU Euro		5,954	Buy	04/11/14		8,159		8,203		44
Goldman Sachs & Co.	EU Euro		30,459	Buy	04/11/14		41,230		41,961		731
Goldman Sachs & Co.	EU Euro		184,140	Buy	04/11/14		250,806		253,677		2,871
JPMorgan Chase & Co.	British Pound		1,196,000	Buy	04/11/14		1,994,661		1,993,768		(893	)
Merrill Lynch	EU Euro		105,270	Buy	04/11/14		143,071		145,023		1,952
Merrill Lynch	EU Euro		68,193	Buy	04/11/14		93,006		93,945		939
Merrill Lynch	EU Euro		18,720	Buy	04/11/14		25,306		25,789		483
Royal Bank of Scotland Group PLC	EU Euro		50,773	Buy	04/11/14		69,413		69,946		533
UBS AG	EU Euro		252,988	Buy	04/11/14		349,009		348,523		(486	)
UBS AG	EU Euro		583,128	Buy	04/11/14		810,644		803,334		(7,310	)
UBS AG	EU Euro		476,655	Buy	04/11/14		652,170		656,653		4,483
										$	49,143
Barclays Bank PLC	British Pound		56,286	Sell	04/11/14	$	93,461	$	93,831	$	(370	)
Barclays Bank PLC	British Pound		38,717	Sell	04/11/14		63,836		64,542		(706	)
Barclays Bank PLC	British Pound		449,533	Sell	04/11/14		746,982		749,385		(2,403	)
Barclays Bank PLC	British Pound		187,466	Sell	04/11/14		313,618		312,512		1,106
Barclays Bank PLC	British Pound		502,097	Sell	04/11/14		835,515		837,012		(1,497	)
Barclays Bank PLC	British Pound		204,823	Sell	04/11/14		335,819		341,446		(5,627	)
Barclays Bank PLC	British Pound		220,271	Sell	04/11/14		360,039		367,198		(7,159	)
Barclays Bank PLC	EU Euro		12,670,073	Sell	06/18/14		17,643,355		17,452,956		190,399
Citigroup, Inc.	British Pound		58,907	Sell	04/11/14		97,579		98,200		(621	)
Credit Suisse Group AG	EU Euro		193,209	Sell	04/11/14		265,388		266,171		(783	)
Credit Suisse Group AG	EU Euro		155,467	Sell	04/11/14		212,582		214,175		(1,593	)
Credit Suisse Group AG	EU Euro		50,689	Sell	04/11/14		68,941		69,830		(889	)
Credit Suisse Group AG	British Pound		3,913,688	Sell	04/11/14		6,424,202		6,524,238		(100,036	)
Credit Suisse Group AG	EU Euro		5,312,050	Sell	04/11/14		7,261,253		7,318,032		(56,779	)
Credit Suisse Group AG	British Pound		3,913,688	Sell	04/11/14		6,426,119		6,524,238		(98,119	)
Deutsche Bank AG	EU Euro		4,444,000	Sell	04/11/14		6,107,443		6,122,182		(14,739	)
Deutsche Bank AG	EU Euro		1,992,531	Sell	04/11/14		2,691,168		2,744,968		(53,800	)
Deutsche Bank AG	EU Euro		129,277	Sell	04/11/14		176,797		178,095		(1,298	)
Deutsche Bank AG	EU Euro		126,384	Sell	04/11/14		173,091		174,111		(1,020	)
Deutsche Bank AG	British Pound		197,637	Sell	04/11/14		322,774		329,467		(6,693	)
Deutsche Bank AG	EU Euro		29,853	Sell	04/11/14		40,576		41,126		(550	)
Deutsche Bank AG	British Pound		297,527	Sell	04/11/14		487,997		495,987		(7,990	)
Deutsche Bank AG	British Pound		71,195	Sell	04/11/14		116,897		118,683		(1,786	)
Goldman Sachs & Co.	EU Euro		154,126	Sell	04/11/14		212,543		212,328		215
JPMorgan Chase & Co.	British Pound		98,290	Sell	04/11/14		163,540		163,852		(312	)
JPMorgan Chase & Co.	EU Euro		5,312,050	Sell	04/11/14		7,261,200		7,318,032		(56,832	)
UBS AG	British Pound		106,430	Sell	04/11/14		177,413		177,423		(10	)
UBS AG	British Pound		106,495	Sell	04/11/14		175,049		177,531		(2,482	)
UBS AG	EU Euro		12,008,916	Sell	04/11/14		16,399,737		16,543,828		(144,091	)
										$	(376,465	)

	PORTFOLIO OF INVESTMENTS
VY MFS Utilities Portfolio	as of March 31, 2014 (Unaudited) (Continued)

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

The fair value of derivative instruments as of March 31, 2014 was as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Foreign exchange contracts	Forward foreign currency contracts	$	254,673
Total Asset Derivatives		$	254,673
Liability Derivatives	Instrument Type
Foreign exchange contracts	Forward foreign currency contracts	$	581,995
Total Liability Derivatives		$	581,995

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, 2014:

	Barclays Bank PLC		Citigroup, Inc.		Credit Suisse Group AG			Deutsche Bank AG			Goldman Sachs & Co.		JPMorgan Chase & Co.			Merrill Lynch		Royal Bank of Scotland Group PLC		UBS AG			Totals
Assets:
Forward foreign currency contracts	$	203,115	$	12,292	$	11,123		$	15,892		$	3,861	$	-		$	3,374	$	533	$	4,483		$	254,673
Total Assets	$	203,115	$	12,292	$	11,123		$	15,892		$	3,861	$	-		$	3,374	$	533	$	4,483		$	254,673
Liabilities:
Forward foreign currency contracts	$	17,932	$	3,567	$	258,199		$	89,881		$	-	$	58,037		$	-	$	-	$	154,379		$	581,995
Total Liabilities	$	17,932	$	3,567	$	258,199		$	89,881		$	-	$	58,037		$	-	$	-	$	154,379		$	581,995
Net OTC derivative instruments by counterparty, at fair value	$	185,183	$	8,725	$	(247,076	)	$	(73,989	)	$	3,861	$	(58,037	)	$	3,374	$	533	$	(149,896	)	$	(327,322	)
Total collateral pledged by the Portfolio/(Received from counterparty)	$	-	$	-	$	-		$	-		$	-	$	-		$	-	$	-	$	-		$	-
Net Exposure(1)	$	185,183	$	8,725	$	(247,076	)	$	(73,989	)	$	3,861	$	(58,037	)	$	3,374	$	533	$	(149,896	)	$	(327,322	)

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

VY Morgan Stanley Global Franchise	PORTFOLIO OF INVESTMENTS
Portfolio	as of March 31, 2014 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 97.3%
			France: 10.6%
	62,564		LVMH Moet Hennessy Louis Vuitton S.A.	$	11,337,430		2.4
	105,260		Pernod Ricard SA		12,249,708		2.5
	262,448		Sanofi		27,425,739		5.7
					51,012,877		10.6
			Germany: 4.6%
	273,668		SAP AG		22,198,867		4.6
			Italy: 1.0%
	605,594		Davide Campari-Milano S.p.A.		4,961,774		1.0
			Sweden: 1.3%
	185,098		Swedish Match AB		6,059,489		1.3
			Switzerland: 9.4%
	602,742		Nestle S.A.		45,368,183		9.4
			United Kingdom: 34.1%
	18,892		Admiral Group PLC		449,836		0.1
	839,043		British American Tobacco PLC		46,806,325		9.7
	738,312		Diageo PLC		22,931,159		4.8
	382,365		Experian Group Ltd.		6,900,017		1.4
	364,722		Imperial Tobacco Group PLC		14,748,390		3.1
	407,128		Reckitt Benckiser PLC		33,223,454		6.9
	909,732		Unilever PLC		38,908,619		8.1
					163,967,800		34.1
			United States: 36.3%
	102,777		3M Co.		13,942,728		2.9
	272,638		Accenture PLC		21,734,701		4.5
	61,289		Intuit, Inc.		4,763,994		1.0
	56,435		Kraft Foods Group, Inc.		3,166,004		0.7
	26,609		Mead Johnson Nutrition Co.		2,212,272		0.5
	463,561		Microsoft Corp.		19,001,365		3.9
	527,978		Mondelez International, Inc.		18,241,640		3.8
	113,728		Moody's Corp.		9,020,905		1.9
	99,066		Nike, Inc.		7,317,015		1.5
	282,476		Philip Morris International, Inc.		23,126,310		4.8
	281,898		Procter & Gamble Co.		22,720,979		4.7
	223,131		Time Warner, Inc.		14,577,148		3.0
	68,951		Visa, Inc.		14,883,763		3.1
					174,708,824		36.3
		Total Common Stock
		(Cost $363,502,721)			468,277,814		97.3

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.0%
			Securities Lending Collateralcc(1): 0.0%
	62,215		Merrill Lynch & Co., Inc., Repurchase Agreement dated 03/31/14, 0.05%, due 04/01/14 (Repurchase Amount $62,215, collateralized by various U.S. Government Securities, 0.000%-7.500%, Market Value plus accrued interest $63,459, due 05/08/14-08/15/43)
			(Cost $62,215)	$	62,215		0.0
		Total Short-Term Investments
		(Cost $62,215)			62,215		0.0
		Total Investments in Securities (Cost $363,564,936)		$	468,340,029		97.3
		Assets in Excess of Other Liabilities			13,209,742		2.7
		Net Assets		$	481,549,771		100.0

†	Unless otherwise indicated, principal amount is shown in USD.
cc	Securities purchased with cash collateral for securities loaned.
(1)	Collateral received from brokers for securities lending was invested into these short-term investments.

Cost for federal income tax purposes is $364,342,598.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	105,872,323
Gross Unrealized Depreciation		(1,874,892	)
Net Unrealized Appreciation	$	103,997,431

Industry Diversification	Percentage of Net Assets
Food Products		22.5	%
Agriculture		19.9
Software		9.5
Beverages		7.3
Household Products/Wares		6.9
Pharmaceuticals		5.7
Household Products		4.7
IT Services		4.5
Industrials		4.3
Apparel		3.9
Diversified Finan Serv		3.1
Media		3.0
Financials		1.9
Insurance		0.1
Short-Term Investments		0.0
Assets in Excess of Other Liabilities		2.7
Net Assets		100.0	%

VY Morgan Stanley Global Franchise	PORTFOLIO OF INVESTMENTS
Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Common Stock
France	$	–	$	51,012,877	$	–	$	51,012,877
Germany		–		22,198,867		–		22,198,867
Italy		–		4,961,774		–		4,961,774
Sweden		–		6,059,489		–		6,059,489
Switzerland		–		45,368,183		–		45,368,183
United Kingdom		–		163,967,800		–		163,967,800
United States		174,708,824		–		–		174,708,824
Total Common Stock		174,708,824		293,568,990		–		468,277,814
Short-Term Investments		–		62,215		–		62,215
Total Investments, at fair value	$	174,708,824	$	293,631,205	$	–	$	468,340,029

# 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 T. Rowe Price Capital Appreciation Portfolio	PORTFOLIO OF INVESTMENTS
	as of March 31, 2014 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 65.6%
			Consumer Discretionary: 9.5%
	236,279	@	Autozone, Inc.	$	126,905,451		2.3
	908,300	@	Delphi Automotive PLC		61,637,238		1.1
	1,040,850	@	Dollar Tree, Inc.		54,311,553		1.0
	950,896		Johnson Controls, Inc.		44,996,399		0.8
	89,000		L Brands, Inc.		5,052,530		0.1
	227,100	@	Liberty Global PLC - Class A		9,447,360		0.1
	378,000	@	Liberty Global PLC - Class C		15,388,380		0.3
	790,000		Lowe's Cos., Inc.		38,631,000		0.7
	412,508	@	O'Reilly Automotive, Inc.		61,212,062		1.1
	727,910		TRW Automotive Holdings Corp.		59,412,014		1.0
	190,449		Twenty-First Century Fox, Inc. Class A		6,088,654		0.1
	1,632,000		Twenty-First Century Fox, Inc. Class B		50,787,840		0.9
					533,870,481		9.5
			Consumer Staples: 7.1%
	580,300		Avon Products, Inc.		8,495,592		0.2
	154,900		CVS Caremark Corp.		11,595,814		0.2
	837,108		General Mills, Inc.		43,378,937		0.8
	1,659,688		Mondelez International, Inc.		57,342,220		1.0
	905,950		Nestle S.A.		68,190,546		1.2
	811,134		PepsiCo, Inc.		67,729,689		1.2
	1,004,697		Philip Morris International, Inc.		82,254,543		1.5
	724,173		Procter & Gamble Co.		58,368,344		1.0
					397,355,685		7.1
			Energy: 2.2%
	174,860		Anadarko Petroleum Corp.		14,821,133		0.3
	531,600		Apache Corp.		44,096,220		0.8
	145,400		Concho Resources, Inc.		17,811,500		0.3
	108,700		Pioneer Natural Resources Co.		20,342,118		0.4
	311,744		Range Resources Corp.		25,865,400		0.4
	104,900		WPX Energy, Inc.		1,891,347		0.0
					124,827,718		2.2
			Financials: 12.4%
	934,100		American Tower Corp.		76,474,767		1.4
	1,388,369		Invesco Ltd.		51,369,653		0.9
	1,019,810		JPMorgan Chase & Co.		61,912,665		1.1
	120,515		M&T Bank Corp.		14,618,470		0.2
	2,865,600		Marsh & McLennan Cos., Inc.		141,274,080		2.5
	233,500		PNC Financial Services Group, Inc.		20,314,500		0.4
	105,000		Simon Property Group, Inc.		17,220,000		0.3
	1,530,300		State Street Corp.		106,432,365		1.9
	3,429,333		TD Ameritrade Holding Corp.		116,425,855		2.1
	885,100		US Bancorp.		37,935,386		0.7
	1,619,511	@	XL Group PLC		50,609,719		0.9
					694,587,460		12.4
			Health Care: 10.0%
	701,900		Allergan, Inc.		87,105,790		1.6
	389,100		DaVita, Inc.		26,789,535		0.5
	465,370		Densply International, Inc.		21,425,635		0.4
	202,500	@	Henry Schein, Inc.		24,172,425		0.4
	125,871		Humana, Inc.		14,188,179		0.2
	143,119	@	Perrigo Co. PLC		22,134,784		0.4
	2,843,924		Pfizer, Inc.		91,346,839		1.6
	678,668		Thermo Fisher Scientific, Inc.		81,603,040		1.5
	1,796,824		UnitedHealth Group, Inc.		147,321,600		2.6
	1,486,489		Zoetis, Inc.		43,018,992		0.8
					559,106,819		10.0
			Industrials: 9.0%
	338,200		Boeing Co.		42,440,718		0.8
	2,552,791		Danaher Corp.		191,459,325		3.4
	1,138,000		Iron Mountain, Inc.		31,374,660		0.6
	179,900		Roper Industries, Inc.		24,018,449		0.4
	1,180,100	@	Tyco International Ltd.		50,036,240		0.9
	1,391,675		United Technologies Corp.		162,603,307		2.9
					501,932,699		9.0
			Information Technology: 7.3%
	2,149,914		Fiserv, Inc.		121,878,625		2.2
	61,400		Google, Inc. – Class A		68,430,914		1.2
	215,000		International Business Machines Corp.		41,385,350		0.7
	814,210	@	NXP Semiconductor NV		47,883,690		0.9
	208,400	@	Seagate Technology		11,703,744		0.2
	379,860	@	TE Connectivity Ltd.		22,871,371		0.4
	1,662,723		Texas Instruments, Inc.		78,397,389		1.4
	157,300		Western Digital Corp.		14,443,286		0.3
					406,994,369		7.3
			Materials: 0.4%
	133,200		Airgas, Inc.		14,187,132		0.3
	72,100		Cytec Industries, Inc.		7,037,681		0.1
					21,224,813		0.4
			Telecommunication Services: 2.1%
	1,178,600		Crown Castle International Corp.		86,957,108		1.6
	335,500		SBA Communications Corp.		30,517,080		0.5
					117,474,188		2.1
			Utilities: 5.6%
	504,300		Edison International		28,548,423		0.5
	900,391		Entergy Corp.		60,191,138		1.1

VY T. Rowe Price Capital Appreciation Portfolio	PORTFOLIO OF INVESTMENTS
	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Utilities: (continued)
	2,800,237		Pacific Gas & Electric Co.	$	120,970,239		2.2
	3,339,569		Xcel Energy, Inc.		101,389,315		1.8
					311,099,115		5.6
		Total Common Stock
		(Cost $2,904,698,747)			3,668,473,347		65.6
PREFERRED STOCK: 0.4%
			Financials: 0.2%
	205,000	P	US Bancorp Series F		5,627,250		0.1
	166,000	P	US Bancorp Series G		4,714,400		0.1
					10,341,650		0.2
			Utilities: 0.2%
	169,375	L,P	SCE Trust I		3,851,588		0.1
	29,790	P	SCE Trust II		612,482		0.0
	301,980	L,P	SCE Trust III		7,730,688		0.1
					12,194,758		0.2
		Total Preferred Stock
		(Cost $21,685,161)			22,536,408		0.4

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 22.0%
			Communications: 7.0%
	750,000		CCO Holdings, LLC / CCO Holdings Capital Corp., 2.653%, 09/06/14		752,344		0.0
	1,980,000		CCO Holdings, LLC / CCO Holdings Capital Corp., 7.250%, 10/30/17		2,101,275		0.0
	9,444,827		Cequel Communications LLC - TL B, 3.500%, 02/14/19		9,462,507		0.2
	4,028,751		Charter Communications Operating LLC, 3.000%, 01/31/21		4,000,550		0.1
	4,540,688		Charter Communications Operating LLC, 3.000%, 03/08/20		4,508,903		0.1
	50,805,194		Crown Castle Operating Co. - TL B2, 3.250%, 01/31/21		50,706,784		0.9
	9,325,000	#	Intelsat Jackson Holdings SA, 5.500%, 08/01/23		9,173,469		0.2
	24,120,000		Intelsat Jackson Holdings SA, 7.250%, 10/15/20		26,260,650		0.5
	4,650,000		Intelsat Jackson Holdings SA, 7.250%, 04/01/19		5,022,000		0.1
	2,725,000		Intelsat Jackson Holdings SA, 7.500%, 04/01/21		3,004,312		0.1
	6,400,000		Intelsat Jackson Holdings SA, 8.500%, 11/01/19		6,888,000		0.1
	66,569,466		INTELSAT TL 4/2/18, 3.750%, 06/30/19		66,818,768		1.2
	1,725,000		Lamar Media Corp., 5.000%, 05/01/23		1,733,625		0.0
	1,825,000		Lamar Media Corp., 5.875%, 02/01/22		1,943,625		0.0
	1,075,000		Lamar Media Corp., 7.875%, 04/15/18		1,122,031		0.0
	CHF383,333	#	Matterhorn Mobile SA, 5.393%, 05/15/19		440,115		0.0
	CHF1,520,000	#	Matterhorn Mobile SA, 6.750%, 05/15/19		1,861,241		0.0
	1,575,000		SBA Communications Corp., 5.625%, 10/01/19		1,657,687		0.0
	1,750,000		SBA Communications Corp., 5.750%, 07/15/20		1,841,875		0.0
	407,000		SBA Communications Corp., 8.250%, 08/15/19		433,964		0.0
	775,000		Sprint Capital Corp., 6.900%, 05/01/19		854,437		0.0
	15,870,000	#	Sprint Nextel Corp., 9.000%, 11/15/18		19,440,750		0.3
	1,060,000		Sprint Nextel Corp., 11.500%, 11/15/21		1,415,100		0.0
	9,659,206		Telesat Canada, 3.500%, 03/28/19		9,674,303		0.2
	CAD1,686,250		Telesat Canada, 4.400%, 03/28/17		1,525,328		0.0
	CAD7,940,000		Telesat Canada, 4.430%, 03/28/19		7,184,519		0.1
	5,215,000	#	Telesat Canada, 6.000%, 05/15/17		5,410,562		0.1
	6,825,000	#	Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH, 5.500%, 01/15/23		6,995,625		0.1
	EUR2,000,000	#	Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH, 7.500%, 03/15/19		2,996,404		0.1
	10,875,000	#	Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH, 7.500%, 03/15/19		11,853,750		0.2
	4,075,000	#	Univision Communications, Inc., 5.125%, 05/15/23		4,187,063		0.1
	12,685,000	#	Univision Communications, Inc., 6.750%, 09/15/22		14,096,206		0.3
	8,675,000	#	Univision Communications, Inc., 6.875%, 05/15/19		9,347,313		0.2

VY T. Rowe Price Capital Appreciation Portfolio	PORTFOLIO OF INVESTMENTS
	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Communications: (continued)
	3,125,000	#	Univision Communications, Inc., 7.875%, 11/01/20	$	3,468,750		0.1
	31,375,000		UPC Financing Partnership, 3.250%, 06/30/21		31,355,391		0.6
	4,175,000	#	UPC Holding BV, 9.875%, 04/15/18		4,409,844		0.1
	16,725,000	#	UPCB Finance III Ltd., 6.625%, 07/01/20		17,979,375		0.3
	15,285,000	#	UPCB Finance V Ltd., 7.250%, 11/15/21		16,928,138		0.3
	12,725,000	#	UPCB Finance VI Ltd., 6.875%, 01/15/22		13,933,875		0.2
	9,400,000	#	Verizon Communications, Inc., 0.435%, 03/06/15		9,402,087		0.2
					392,192,545		7.0
			Consumer, Cyclical: 3.2%
	3,050,000		AmeriGas Finance LLC/AmeriGas Finance Corp., 7.000%, 05/20/22		3,347,375		0.1
	1,375,000		AmeriGas Finance, LLC/AmeriGas Finance Corp., 6.750%, 05/20/20		1,495,312		0.0
	1,175,000		AmeriGas Partners L.P./AmeriGas Finance Corp., 6.250%, 08/20/19		1,269,000		0.0
	2,400,000		Cedar Fair L.P. / Canada's Wonderland Co. / Magnum Management Corp., 5.250%, 03/15/21		2,442,000		0.1
	5,100,000		Cedar Fair L.P./Canada's Wonderland Co/Magnum Management Corp., 9.125%, 08/01/18		5,458,530		0.1
	4,994,001		Continental Airlines, Inc., 4.150%, 04/11/24		5,106,366		0.1
	3,806,000		Continental Airlines, Inc., 4.500%, 01/15/15		9,058,280		0.2
	982,550		Continental Airlines, Inc., 6.250%, 04/11/20		1,048,872		0.0
	2,250,000	#	Continental Airlines, Inc., 6.750%, 09/15/15		2,300,625		0.0
	1,639,762		Continental Airlines, Inc., 7.250%, 11/10/19		1,918,522		0.0
	2,162,186		Continental Airlines, Inc., 9.000%, 07/08/16		2,475,702		0.1
	2,805,000	#	Daimler Finance North America LLC, 1.098%, 08/01/18		2,837,847		0.1
	6,500,000		Delphi Corp., 5.000%, 02/15/23		6,906,250		0.1
	6,375,000		Delphi Corp., 6.125%, 05/15/21		7,108,125		0.1
	1,357,725		Delta Air Lines, 5.300%, 04/15/19		1,500,286		0.0
	1,621,313		Delta Air Lines, 7.750%, 12/17/19		1,896,937		0.0
	5,055,000		Dollar General Corp., 1.875%, 04/15/18		4,972,694		0.1
	1,350,000		Dollar General Corp., 4.125%, 07/15/17		1,445,207		0.0
	2,495,000		Hawaiian Airlines 2013-1 Class A Pass Through Certificates, 3.900%, 01/15/26		2,410,794		0.1
	11,411,842		Hilton Worldwide Finance LLC - TL B 1L, 3.750%, 09/23/20		11,446,078		0.2
	1,425,000		Kasima LLC  - TL B, 3.250%, 05/17/21		1,424,109		0.0
	11,575,000		L Brands, Inc., 5.625%, 10/15/23		12,066,937		0.2
	2,800,000		L Brands, Inc., 5.625%, 02/15/22		2,971,500		0.1
	3,950,000		L Brands, Inc., 6.625%, 04/01/21		4,458,562		0.1
	2,850,000		L Brands, Inc., 6.900%, 07/15/17		3,273,937		0.1
	1,825,000		L Brands, Inc., 7.000%, 05/01/20		2,089,625		0.0
	1,800,000		L Brands, Inc., 8.500%, 06/15/19		2,187,000		0.0
	2,210,000		PACCAR Financial Corp., 0.363%, 05/05/15		2,213,244		0.0
	1,020,000		PACCAR Financial Corp., 0.507%, 02/08/16		1,023,154		0.0
	1,850,000		PACCAR Financial Corp., 0.750%, 05/16/16		1,851,896		0.0
	5,248,102		Peninsula Gaming, LLC - TL B, 4.250%, 11/20/17		5,272,669		0.1
	6,800,000		Rite Aid Corp., 8.000%, 08/15/20		7,582,000		0.1
	2,950,000	#	Schaeffler Finance BV, 7.750%, 02/15/17		3,363,000		0.1
	3,250,000	#	Schaeffler Finance BV, 8.500%, 02/15/19		3,644,062		0.1
	2,425,000		Suburban Propane Partners L.P./Suburban Energy Finance Corp., 7.375%, 03/15/20		2,606,875		0.1
	1,525,000		Suburban Propane Partners L.P./Suburban Energy Finance Corp., 7.375%, 08/01/21		1,688,938		0.0
	3,325,000		Suburban Propane Partners L.P./Suburban Energy Finance Corp., 7.500%, 10/01/18		3,549,437		0.1

VY T. Rowe Price Capital Appreciation Portfolio	PORTFOLIO OF INVESTMENTS
	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Consumer, Cyclical: (continued)
	5,700,000		Toyota Motor Credit Corp., 0.316%, 08/22/14	$	5,701,653		0.1
	5,500,000		Toyota Motor Credit Corp., 0.385%, 03/10/15		5,507,959		0.1
	4,785,000		Toyota Motor Credit Corp., 0.407%, 01/23/15		4,791,532		0.1
	2,025,000	#	TRW Automotive, Inc., 4.500%, 03/01/21		2,090,813		0.0
	5,207,730		US Airways 2010-1 Class A Pass Through Trust, 6.250%, 04/22/23		5,884,735		0.1
	663,535		US Airways 2010-1 Class B Pass Through Trust, 8.500%, 04/22/17		728,229		0.0
	642,786		US Airways 2012-2 Class A Pass Through Trust, 4.625%, 06/03/25		673,319		0.0
	956,252		US Airways 2012-2 Class B Pass Through Trust, 6.750%, 06/03/21		1,032,752		0.0
	3,415,000		US Airways 2013-1 Class A Pass Through Trust, 3.950%, 05/15/27		3,440,613		0.1
	1,025,000		US Airways 2013-1 Class B Pass Through Trust, 5.375%, 05/15/23		1,037,813		0.0
	9,180,625		Wendy's International, Inc., 3.250%, 05/15/19		9,172,427		0.2
					177,773,592		3.2
			Consumer, Non-cyclical: 2.8%
	3,075,000		B&G Foods, Inc., 4.625%, 06/01/21		3,048,094		0.1
	5,535,000		Baxter International, Inc., 0.406%, 12/11/14		5,542,052		0.1
	3,300,000		Campbell Soup Co., 0.538%, 08/01/14		3,302,993		0.1
	2,468,750		DaVita, Inc., 4.000%, 11/01/19		2,486,824		0.1
	1,750,000	#	Fresenius Medical Care US Finance II, Inc., 5.625%, 07/31/19		1,894,375		0.0
	1,000,000	#	Fresenius Medical Care US Finance II, Inc., 5.875%, 01/31/22		1,067,500		0.0
	4,265,000		General Mills, Inc., 0.536%, 01/29/16		4,271,022		0.1
	1,775,000		General Mills, Inc., 0.875%, 01/29/16		1,777,364		0.0
	1,791,000		HCA, Inc. - TL B5, 2.903%, 03/31/17		1,792,680		0.0
	3,340,000	#	Heineken NV, 0.800%, 10/01/15		3,346,389		0.1
	84,436,938		HJ Heinz Co., 3.500%, 06/05/20		85,012,206		1.5
	9,399,505		Pinnacle Foods Finance LLC - TL G 1L, 3.250%, 04/29/20		9,368,449		0.2
	7,487,375		Pinnacle Foods Finance LLC - TL H 1L, 3.250%, 04/29/20		7,463,977		0.1
	13,600,000		Procter & Gamble Co/The, 3.100%, 08/15/23		13,460,382		0.2
	5,865,000	#	SABMiller Holdings, Inc., 0.928%, 08/01/18		5,916,360		0.1
	5,950,000	#	SABMiller Holdings, Inc., 2.200%, 08/01/18		5,949,935		0.1
	1,700,000		Zoetis, Inc., 1.150%, 02/01/16		1,707,648		0.0
	1,120,000		Zoetis, Inc., 1.875%, 02/01/18		1,113,628		0.0
					158,521,878		2.8
			Energy: 4.3%
	9,850,000	#	Antero Resources Finance Corp., 5.375%, 11/01/21		10,003,906		0.2
	4,275,000		Antero Resources Finance Corp., 6.000%, 12/01/20		4,568,906		0.1
	444,000		Antero Resources Finance Corp., 7.250%, 08/01/19		475,080		0.0
	2,875,000		Concho Resources, Inc./Midland TX, 6.500%, 01/15/22		3,148,125		0.0
	5,325,000		Concho Resources, Inc./Midland TX, 7.000%, 01/15/21		5,897,437		0.1
	4,900,000		Concho Resources, Inc., 5.500%, 10/01/22		5,132,750		0.1
	10,850,000		Concho Resources, Inc., 5.500%, 04/01/23		11,338,250		0.2
	3,825,000		Energy Transfer Partners L.P., 4.150%, 10/01/20		3,954,178		0.1
	4,950,000		Energy Transfer Partners L.P., 4.900%, 02/01/24		5,162,286		0.1
	18,800,000		EQT Corp., 4.875%, 11/15/21		19,911,193		0.3
	3,645,000		EQT Corp., 8.125%, 06/01/19		4,453,723		0.1
	3,745,000		Equitable Resources, Inc., 6.500%, 04/01/18		4,209,447		0.1
	4,475,000	#	Laredo Petroleum, Inc., 5.625%, 01/15/22		4,536,531		0.1
	1,125,000		Laredo Petroleum, Inc., 7.375%, 05/01/22		1,254,375		0.0
	3,225,000		Laredo Petroleum, Inc., 9.500%, 02/15/19		3,575,719		0.1

VY T. Rowe Price Capital Appreciation Portfolio	PORTFOLIO OF INVESTMENTS
	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Energy: (continued)
	18,389,000		MarkWest Energy Partners L.P. / MarkWest Energy Finance Corp., 4.500%, 07/15/23	$	17,791,357		0.3
	20,220,000		MarkWest Energy Partners L.P. / MarkWest Energy Finance Corp., 5.500%, 02/15/23		20,877,150		0.4
	14,975,000		MarkWest Energy Partners L.P. / MarkWest Energy Finance Corp., 6.250%, 06/15/22		16,247,875		0.3
	9,425,000		MarkWest Energy Partners L.P. / MarkWest Energy Finance Corp., 6.500%, 08/15/21		10,226,125		0.2
	2,175,000		MarkWest Energy Partners L.P. / MarkWest Energy Finance Corp., 6.750%, 11/01/20		2,365,312		0.0
	1,145,000		ONEOK Partners L.P., 2.000%, 10/01/17		1,151,231		0.0
	20,025,000		Range Resources Corp., 5.000%, 03/15/23		20,375,438		0.4
	14,375,000		Range Resources Corp., 5.750%, 06/01/21		15,471,094		0.3
	20,650,000		Range Resources Corp., 5.000%, 08/15/22		21,166,250		0.4
	3,100,000		Range Resources Corp., 6.750%, 08/01/20		3,363,500		0.0
	6,500,000		Range Resources Corp., 8.000%, 05/15/19		6,804,688		0.1
	2,350,000		SM Energy Co., 6.500%, 01/01/23		2,520,375		0.0
	5,125,000		Spectra Energy Partners L.P., 4.750%, 03/15/24		5,411,539		0.1
	325,000		Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 5.250%, 05/01/23		323,375		0.0
	6,675,000	#	Targa Resources Partners L.P., 4.250%, 11/15/23		6,224,438		0.1
	3,897,940		Terra-Gen Finance Co., LLC, 6.500%, 06/22/17		3,932,047		0.1
					241,873,700		4.3
			Financial: 3.0%
	2,775,000	#	American Honda Finance Corp., 0.337%, 11/13/14		2,777,231		0.0
	2,000,000	#	American Honda Finance Corp., 0.364%, 04/08/14		2,000,097		0.0
	1,860,000		American Tower Corp., 3.500%, 01/31/23		1,762,419		0.0
	450,000		American Tower Corp., 4.625%, 04/01/15		466,324		0.0
	3,085,000		American Tower Corp., 5.000%, 02/15/24		3,219,753		0.1
	1,800,000		CBRE Services, Inc., 5.000%, 03/15/23		1,811,250		0.0
	3,325,000		CBRE Services, Inc., 6.625%, 10/15/20		3,566,062		0.1
	1,125,000	#	CIT Group, Inc., 5.250%, 04/01/14		1,125,152		0.0
	2,800,000		CNH Capital LLC, 3.875%, 11/01/15		2,891,000		0.0
	5,575,000		CNH Capital LLC, 6.250%, 11/01/16		6,139,469		0.1
	3,625,000		Crown Castle International Corp., 5.250%, 01/15/23		3,702,031		0.1
	9,340,000		Crown Castle International Corp., 7.125%, 11/01/19		9,982,125		0.2
	14,775,000		E*TRADE Financial Corp., 6.000%, 11/15/17		15,606,094		0.3
	9,775,000		E*TRADE Financial Corp., 6.375%, 11/15/19		10,679,188		0.2
	14,625,000		E*TRADE Financial Corp., 6.750%, 06/01/16		15,904,687		0.3
	6,615,000		Ford Motor Credit Co. LLC, 1.487%, 05/09/16		6,729,029		0.1
	8,650,000		Ford Motor Credit Co. LLC, 2.375%, 03/12/19		8,596,007		0.2
	2,400,000		Ford Motor Credit Co., LLC, 2.500%, 01/15/16		2,465,561		0.0
	4,500,000		Ford Motor Credit Co., LLC, 2.750%, 05/15/15		4,593,222		0.1
	10,660,000		Ford Motor Credit Co., LLC, 3.875%, 01/15/15		10,916,959		0.2
	3,100,000		Ford Motor Credit Co., LLC, 4.250%, 02/03/17		3,331,223		0.1
	3,750,000		Ford Motor Credit Co., LLC, 5.000%, 05/15/18		4,143,885		0.1
	3,850,000		Ford Motor Credit Co., LLC, 6.625%, 08/15/17		4,451,555		0.1
	4,400,000		Ford Motor Credit Co., LLC, 8.000%, 06/01/14		4,453,847		0.1
	4,225,000		Host Hotels & Resorts L.P., 5.875%, 06/15/19		4,578,616		0.1
	4,880,000		International Lease Finance Corp., 2.183%, 06/15/16		4,941,000		0.1

VY T. Rowe Price Capital Appreciation Portfolio	PORTFOLIO OF INVESTMENTS
	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Financial: (continued)
	9,400,000		John Deere Capital Corp., 0.312%, 01/12/15	$	9,407,746		0.2
	8,495,000		John Deere Capital Corp., 0.330%, 10/08/14		8,501,116		0.1
	2,860,000		John Deere Capital Corp., 0.700%, 09/04/15		2,870,868		0.0
	5,870,000		Legg Mason, Inc., 5.500%, 05/21/19		6,492,519		0.1
	210,000		Regions Bank/Birmingham AL, 7.500%, 05/15/18		248,365		0.0
	245,000		Synovus Financial Corp., 5.125%, 06/15/17		257,863		0.0
					168,612,263		3.0
			Industrial: 0.8%
	275,000		Actuant Corp., 5.625%, 06/15/22		288,063		0.0
	1,285,000		Burlington Northern Santa Fe LLC, 3.750%, 04/01/24		1,291,538		0.0
	11,625,000		Burlington Northern Santa Fe LLC, 3.850%, 09/01/23		11,806,943		0.2
	3,890,000		Caterpillar Financial Services Corp., 0.700%, 11/06/15		3,902,246		0.1
	3,600,000		Caterpillar Financial Services Corp., 1.250%, 11/06/17		3,576,319		0.1
	6,450,000		CNH Capital LLC, 3.625%, 04/15/18		6,595,125		0.1
	EUR 3,000,000		Rexam PLC, 6.750%, 06/29/67		4,420,213		0.1
	7,875,000		United Technologies Corp., 0.736%, 06/01/15		7,919,525		0.2
	1,950,000		Xylem, Inc./NY, 3.550%, 09/20/16		2,056,963		0.0
	850,000		Xylem, Inc./NY, 4.875%, 10/01/21		906,390		0.0
					42,763,325		0.8
			Technology: 0.6%
	3,550,000	#	NXP BV / NXP Funding LLC, 3.750%, 06/01/18		3,585,500		0.1
	7,275,000	#	NXP BV / NXP Funding LLC, 5.750%, 02/15/21		7,784,250		0.1
	13,400,000	#	NXP BV / NXP Funding LLC, 5.750%, 03/15/23		14,103,500		0.3
	5,225,000		Xilinx, Inc., 3.000%, 03/15/21		5,190,039		0.1
					30,663,289		0.6
			Utilities: 0.3%
	2,528,000	#	Calpine Corp., 7.500%, 02/15/21		2,774,480		0.1
	2,080,000		CMS Energy Corp., 6.550%, 07/17/17		2,390,577		0.0
	970,000		CMS Energy Corp., 8.750%, 06/15/19		1,246,882		0.0
	2,200,000		NSTAR Electric Co., 0.476%, 05/17/16		2,197,547		0.0
	2,440,000		Otter Tail Corp., 9.000%, 12/15/16		2,865,839		0.1
	4,460,000		Xcel Energy, Inc., 0.750%, 05/09/16		4,450,625		0.1
					15,925,950		0.3
		Total Corporate Bonds/Notes
		(Cost $1,199,968,749)			1,228,326,542		22.0
COLLATERALIZED MORTGAGE OBLIGATIONS: 0.3%
	19,520,000		Ally Master Owner Trust, 0.855%, 06/15/17		19,608,777		0.3
		Total Collateralized Mortgage Obligations
		(Cost $19,520,000)			19,608,777		0.3
ASSET-BACKED SECURITIES: 0.2%
			Automobile Asset-Backed Securities: 0.2%
	4,347,126		Ford Credit Auto Owner Trust, 0.580%, 12/15/16		4,353,621		0.1
	4,322,630		Honda Auto Receivables Owner Trust, 0.560%, 05/15/16		4,328,231		0.1
		Total Asset-Backed Securities
		(Cost $8,669,405)			8,681,852		0.2
FOREIGN GOVERNMENT BONDS: 0.2%
	10,634,000		KFW, 0.500%, 04/19/16		10,635,999		0.2
		Total Foreign Government Bonds
		(Cost $10,599,865)			10,635,999		0.2
U.S. TREASURY OBLIGATIONS: 5.6%
			U.S. Treasury Notes: 5.6%
	108,375,000		2.500%, due 08/15/23		106,851,031		1.9
	207,400,000		2.750%, due 11/15/23		208,372,291		3.7
		Total U.S. Treasury Obligations
		(Cost $307,853,665)			315,223,322		5.6
		Total Long-Term Investments
		(Cost $4,472,995,592)			5,273,486,247		94.3

VY T. Rowe Price Capital Appreciation Portfolio	PORTFOLIO OF INVESTMENTS
	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 5.6%
		Securities Lending Collateralcc(1): 0.0%
	680,258	Bank of Nova Scotia, Repurchase Agreement dated 03/31/14, 0.07%, due 04/01/14 (Repurchase Amount $680,259, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%-6.500%, Market Value plus accrued interest $693,865, due 01/31/16-11/01/43)	$	680,258		0.0
	1,000,000	Citigroup, Inc., Repurchase Agreement dated 03/31/14, 0.09%, due 04/01/14 (Repurchase Amount $1,000,002, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.625%, Market Value plus accrued interest $1,020,000, due 04/03/14-02/15/41)		1,000,000		0.0
	1,000,000	Daiwa Capital Markets, Repurchase Agreement dated 03/31/14, 0.12%, due 04/01/14 (Repurchase Amount $1,000,003, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,020,000, due 03/27/17-03/01/48)		1,000,000		0.0
				2,680,258		0.0

Shares				Value		Percentage of Net Assets
			Affiliated Investment Companies: 5.6%
	310,199,874		T. Rowe Price Reserve Investment Fund, 0.060%††
			(Cost $310,199,874)		310,199,874		5.6
		Total Short-Term Investments
		(Cost $312,880,132)			312,880,132		5.6
		Total Investments in Securities (Cost $4,785,875,724)		$	5,586,366,379		99.9
		Assets in Excess of Other Liabilities			4,144,738		0.1
		Net Assets		$	5,590,511,117		100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of March 31, 2014.
#	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
P	Preferred Stock may be called prior to convertible date.
cc	Securities purchased with cash collateral for securities loaned.
L	Loaned security, a portion or all of the security is on loan at March 31, 2014.
(1)	Collateral received from brokers for securities lending was invested into these short-term investments.

CAD	Canadian Dollar
CHF	Swiss Franc
EUR	EU Euro

Cost for federal income tax purposes is $4,786,318,443.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	808,941,726
Gross Unrealized Depreciation		(8,893,790	)
Net Unrealized Appreciation	$	800,047,936

VY T. Rowe Price Capital Appreciation Portfolio	PORTFOLIO OF INVESTMENTS
	as of March 31, 2014 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	533,870,481		$	–		$	–	$	533,870,481
Consumer Staples		329,165,139			68,190,546			–		397,355,685
Energy		124,827,718			–			–		124,827,718
Financials		694,587,460			–			–		694,587,460
Health Care		559,106,819			–			–		559,106,819
Industrials		501,932,699			–			–		501,932,699
Information Technology		406,994,369			–			–		406,994,369
Materials		21,224,813			–			–		21,224,813
Telecommunication Services		117,474,188			–			–		117,474,188
Utilities		311,099,115			–			–		311,099,115
Total Common Stock		3,600,282,801			68,190,546			–		3,668,473,347
Preferred Stock		18,684,820			3,851,588			–		22,536,408
Corporate Bonds/Notes		–			1,228,326,542			–		1,228,326,542
Collateralized Mortgage Obligations		–			19,608,777			–		19,608,777
Short-Term Investments		310,199,874			2,680,258			–		312,880,132
U.S. Treasury Obligations		–			315,223,322			–		315,223,322
Asset-Backed Securities		–			8,681,852			–		8,681,852
Foreign Government Bonds		–			10,635,999			–		10,635,999
Total Investments, at fair value	$	3,929,167,495		$	1,657,198,884		$	–	$	5,586,366,379
Liabilities Table
Other Financial Instruments+
Written Options	$	(2,242,193	)	$	(16,939,123	)	$	–	$	(19,181,316	)
Total Liabilities	$	(2,242,193	)	$	(16,939,123	)	$	–	$	(19,181,316	)

+

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.

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, 2014, where the following issuers were considered an affiliate:

Issuer	Beginning Market Value at 12/31/13		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciated/ (Depreciation)		Ending Market Value at 3/31/14		Investment Income		Realized Gains/(Losses)		Net Capital Gain Distributions
T. Rowe Price Reserve Investment Fund	$	138,105,049	$	421,432,596	$	(249,337,771	)	$	-	$	310,199,874	$	41,880	$	-	$	-
	$	138,105,049	$	421,432,596	$	(249,337,771	)	$	-	$	310,199,874	$	41,880	$	-	$	-

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

VY T. Rowe Price Capital Appreciation Portfolio Written Options Open on March 31, 2014:

Exchange-Traded Options

Description	Exercise Price		Expiration Date	# of Contracts	Premiums Received		Fair Value
Autozone Inc.		570.00	09/20/14	13	$	24,791	$	(19,110	)
Autozone Inc.		570.00	01/17/15	13		37,400		(31,720	)
Autozone Inc.		600.00	09/20/14	13		13,611		(9,230	)
Autozone Inc.		600.00	01/17/15	13		24,271		(19,890	)
Boeing Co.		135.00	08/16/14	217		104,592		(61,628	)
Boeing Co.		135.00	01/17/15	217		167,521		(122,605	)
Boeing Co.		140.00	08/16/14	217		68,788		(37,975	)
Boeing Co.		140.00	01/17/15	217		128,462		(92,225	)
Google Inc. - Class A		1,280.00	09/20/14	11		62,776		(32,890	)
Google Inc. - Class A		1,280.00	01/17/15	11		87,855		(46,090	)
Google Inc. - Class A		1,330.00	09/20/14	11		43,966		(19,415	)
Google Inc. - Class A		1,330.00	01/17/15	11		67,066		(39,116	)
JPMorgan Chase & Co.		60.00	09/20/14	209		52,249		(65,835	)
JPMorgan Chase & Co.		60.00	01/17/15	209		73,567		(88,825	)
JPMorgan Chase & Co.		65.00	09/20/14	209		19,437		(24,035	)
JPMorgan Chase & Co.		65.00	01/17/15	209		37,201		(44,726	)
JPMorgan Chase & Co.		70.00	01/17/15	3,725		361,579		(368,775	)
Philip Morris International Inc.		95.00	01/17/15	450		114,298		(14,850	)
Philip Morris International Inc.		97.50	01/17/15	1,211		274,886		(27,853	)
Procter & Gamble Co.		85.00	01/17/15	2,579		641,427		(510,642	)

VY T. Rowe Price Capital Appreciation Portfolio	PORTFOLIO OF INVESTMENTS
	as of March 31, 2014 (Unaudited) (Continued)

Description	Exercise Price		Expiration Date	# of Contracts	Premiums Received		Fair Value
Texas Instruments Incorporated		48.00	10/18/14	310	$	43,399	$	(68,200	)
Texas Instruments Incorporated		50.00	10/18/14	310		26,660		(42,160	)
Texas Instruments Incorporated		50.00	01/17/15	620		75,756		(117,180	)
U.S. Bancorp		45.00	01/17/15	2,191		210,946		(291,403	)
United Technologies Corp.		125.00	08/16/14	119		24,871		(16,422	)
United Technologies Corp.		130.00	08/16/14	119		11,543		(5,950	)
United Technologies Corp.		130.00	01/17/15	119		32,248		(23,443	)
					$	2,831,166	$	(2,242,193	)

VY T. Rowe Price Capital Appreciation Portfolio Written OTC Options on March 31, 2014:

Number of  Contracts		Counterparty	Description	Exercise Price		Expiration Date	Premiums Received		Fair Value
Options on Securities
	576	Morgan Stanley	Apache Corp.		100.000 USD	01/17/15	$	316,274	$	(69,696	)
	288	Morgan Stanley	Apache Corp.		105.000 USD	01/17/15		115,657		(19,872	)
	231	Morgan Stanley	Apache Corp.		95.000 USD	01/17/15		174,075		(48,048	)
	288	Morgan Stanley	Apache Corp.		97.500 USD	01/17/15		182,495		(45,360	)
	414	Citigroup, Inc.	Boeing Co.		145.000 USD	01/17/15		201,113		(121,716	)
	414	Citigroup, Inc.	Boeing Co.		150.000 USD	01/17/15		157,038		(91,908	)
	413	Citigroup, Inc.	Boeing Co.		155.000 USD	01/17/15		119,708		(65,873	)
	191	Morgan Stanley	CVS Caremark Corp.		77.500 USD	08/16/14		30,480		(40,110	)
	191	Morgan Stanley	CVS Caremark Corp.		77.500 USD	01/17/15		57,459		(68,760	)
	191	Morgan Stanley	CVS Caremark Corp.		80.000 USD	08/16/14		19,012		(24,066	)
	191	Morgan Stanley	CVS Caremark Corp.		80.000 USD	01/17/15		43,105		(53,480	)
	183	JPMorgan Chase & Co.	Danaher Corp.		80.000 USD	09/20/14		53,151		(33,397	)
	183	JPMorgan Chase & Co.	Danaher Corp.		80.000 USD	01/17/15		77,001		(58,560	)
	624	JPMorgan Chase & Co.	Danaher Corp.		82.500 USD	06/21/14		124,800		(21,840	)
	183	JPMorgan Chase & Co.	Danaher Corp.		85.000 USD	09/20/14		24,540		(13,268	)
	183	JPMorgan Chase & Co.	Danaher Corp.		85.000 USD	01/17/15		44,776		(31,567	)
	624	JPMorgan Chase & Co.	Danaher Corp.		90.000 USD	01/17/15		129,168		(54,600	)
	106	Bank of America	Delphi Automotive PLC		67.500 USD	08/16/14		38,982		(43,460	)
	106	Bank of America	Delphi Automotive PLC		70.000 USD	08/16/14		27,462		(30,210	)
	106	Bank of America	Delphi Automotive PLC		70.000 USD	01/17/15		47,400		(50,880	)
	106	Bank of America	Delphi Automotive PLC		75.000 USD	01/17/15		29,761		(31,270	)
	304	Bank of America	Dentsply International Inc.		50.000 USD	07/19/14		21,432		(18,240	)
	304	Bank of America	Dentsply International Inc.		50.000 USD	10/18/14		37,033		(46,208	)
	1,259	Bank of America	Entergy Corp.		70.000 USD	01/17/15		135,505		(182,555	)
	177	Bank of America	Google Inc. - Class A		1,250.000 USD	01/17/15		740,407		(888,540	)
	118	Bank of America	Google Inc. - Class A		1,260.000 USD	01/17/15		733,606		(543,980	)
	117	Bank of America	Google Inc. - Class A		1,300.000 USD	01/17/15		605,709		(450,450	)
	1,075	Morgan Stanley	International Business Machines Corp.		185.000 USD	01/17/15		1,114,515		(1,720,000	)
	1,075	Morgan Stanley	International Business Machines Corp.		190.000 USD	01/17/15		924,722		(1,386,750	)
	1,879	Bank of America	JPMorgan Chase & Co.		65.000 USD	01/17/15		364,260		(402,106	)
	1,879	Bank of America	JPMorgan Chase & Co.		67.500 USD	01/17/15		270,103		(291,245	)
	1,879	Bank of America	JPMorgan Chase & Co.		70.000 USD	01/17/15		195,426		(186,021	)
	445	Citigroup, Inc.	L Brands Inc.		56.500 USD	05/17/14		76,540		(84,550	)
	445	Citigroup, Inc.	L Brands Inc.		59.000 USD	05/17/14		45,390		(40,050	)
	139	Morgan Stanley	Lowe's Companies Inc.		52.500 USD	10/18/14		32,102		(22,379	)
	139	Morgan Stanley	Lowe's Companies Inc.		52.500 USD	01/17/15		41,408		(31,414	)
	139	Morgan Stanley	Lowe's Companies Inc.		55.000 USD	10/18/14		20,743		(13,831	)
	1,701	Morgan Stanley	Lowe's Companies Inc.		55.000 USD	01/17/15		383,453		(264,506	)
	286	Morgan Stanley	Marsh & McLennan Cos. Inc.		50.000 USD	07/19/14		35,518		(32,890	)
	286	Morgan Stanley	Marsh & McLennan Cos. Inc.		50.000 USD	10/18/14		49,976		(49,764	)
	364	Bank of America	NXP Semiconductors NV		60.000 USD	10/18/14		192,425		(200,200	)
	364	Bank of America	NXP Semiconductors NV		60.000 USD	01/17/15		234,456		(247,520	)
	364	Bank of America	NXP Semiconductors NV		65.000 USD	10/18/14		124,069		(131,040	)
	364	Bank of America	NXP Semiconductors NV		65.000 USD	01/17/15		166,181		(174,720	)
	46	Bank of America	O'Reilly Automotive Inc.		155.000 USD	08/16/14		31,494		(25,760	)
	46	Bank of America	O'Reilly Automotive Inc.		155.000 USD	01/17/15		47,587		(42,550	)
	46	Bank of America	O'Reilly Automotive Inc.		165.000 USD	08/16/14		15,895		(12,765	)

VY T. Rowe Price Capital Appreciation Portfolio	PORTFOLIO OF INVESTMENTS
	as of March 31, 2014 (Unaudited) (Continued)

Number of  Contracts		Counterparty	Description		Exercise Price		Expiration Date	Premiums Received		Fair Value
	46	Bank of America	O'Reilly Automotive Inc.			165.000 USD	01/17/15	$	31,056	$	(27,370	)
	2,634	Citigroup, Inc.	Philip Morris International Inc.			85.000 USD	01/17/15		538,786		(579,480	)
	2,044	Citigroup, Inc.	Philip Morris International Inc.			87.500 USD	01/17/15		397,751		(306,600	)
	654	Citigroup, Inc.	Philip Morris International Inc.			90.000 USD	01/17/15		132,108		(64,746	)
	326	Citigroup, Inc.	Philip Morris International Inc.			92.500 USD	01/17/15		46,292		(17,604	)
	169	Morgan Stanley	PNC Financial Services Group			87.500 USD	08/16/14		28,823		(53,235	)
	169	Morgan Stanley	PNC Financial Services Group			87.500 USD	01/17/15		57,987		(86,190	)
	169	Morgan Stanley	PNC Financial Services Group			90.000 USD	08/16/14		17,689		(37,180	)
	169	Morgan Stanley	PNC Financial Services Group			90.000 USD	01/17/15		44,202		(67,600	)
	1,046	JPMorgan Chase & Co.	Procter & Gamble Co.			85.000 USD	01/17/15		181,335		(207,108	)
	1,751	JPMorgan Chase & Co.	Procter & Gamble Co.			90.000 USD	01/17/15		300,277		(147,084	)
	427	JPMorgan Chase & Co.	Procter & Gamble Co.			92.500 USD	01/17/15		77,573		(25,620	)
	427	JPMorgan Chase & Co.	Procter & Gamble Co.			95.000 USD	01/17/15		56,595		(16,226	)
	221	JPMorgan Chase & Co.	Simon Property Group, Inc.			165.000 USD	01/17/15		154,037		(163,540	)
	388	JPMorgan Chase & Co.	Simon Property Group, Inc.			170.000 USD	01/17/15		199,377		(218,250	)
	221	JPMorgan Chase & Co.	Simon Property Group, Inc.			175.000 USD	01/17/15		92,157		(90,610	)
	220	JPMorgan Chase & Co.	Simon Property Group, Inc.			180.000 USD	01/17/15		71,940		(61,050	)
	119	Citigroup, Inc.	State Street Corp.			70.000 USD	01/17/15		50,217		(40,460	)
	210	Morgan Stanley	State Street Corp.			70.000 USD	08/16/14		55,453		(72,975	)
	210	Morgan Stanley	State Street Corp.			70.000 USD	01/17/15		91,468		(111,300	)
	210	Morgan Stanley	State Street Corp.			72.500 USD	08/16/14		37,661		(50,190	)
	210	Morgan Stanley	State Street Corp.			72.500 USD	01/17/15		71,074		(88,200	)
	238	JPMorgan Chase & Co.	TE Connectivity Ltd.			65.000 USD	07/19/14		14,649		(18,445	)
	238	JPMorgan Chase & Co.	TE Connectivity Ltd.			65.000 USD	10/18/14		30,628		(39,270	)
	5,166	Citigroup, Inc.	Texas Instruments Incorporated			45.000 USD	01/17/15		1,034,307		(1,963,080	)
	111	Bank of America	Thermo Fisher Scientific Inc.			135.000 USD	09/20/14		54,341		(28,305	)
	111	Bank of America	Thermo Fisher Scientific Inc.			135.000 USD	01/17/15		82,866		(53,835	)
	111	Bank of America	Thermo Fisher Scientific Inc.			140.000 USD	09/20/14		37,807		(18,593	)
	111	Bank of America	Thermo Fisher Scientific Inc.			140.000 USD	01/17/15		64,360		(41,070	)
	84	JPMorgan Chase & Co.	TRW Automotive Holdings Corp.			90.000 USD	07/19/14		17,779		(10,920	)
	84	JPMorgan Chase & Co.	TRW Automotive Holdings Corp.			90.000 USD	10/18/14		30,930		(22,680	)
	84	JPMorgan Chase & Co.	TRW Automotive Holdings Corp.			95.000 USD	07/19/14		8,697		(4,830	)
	84	JPMorgan Chase & Co.	TRW Automotive Holdings Corp.			95.000 USD	10/18/14		19,651		(13,230	)
	3,387	Bank of America	U.S. Bancorp			42.000 USD	01/17/15		382,566		(924,651	)
	3,273	Bank of America	U.S. Bancorp			45.000 USD	01/17/15		307,662		(435,309	)
	359	Bank of America	United Health Group Inc.			82.500 USD	09/20/14		98,215		(148,985	)
	359	Bank of America	United Health Group Inc.			82.500 USD	01/17/15		148,346		(217,195	)
	359	Bank of America	United Health Group Inc.			85.000 USD	09/20/14		71,549		(111,290	)
	975	Bank of America	United Health Group Inc.			85.000 USD	01/17/15		395,936		(457,275	)
	1,091	Merrill Lynch & Co., Inc.	United Health Group Inc.			90.000 USD	01/17/15		310,106		(329,482	)
	1,222	Citigroup, Inc.	United Technologies Corp.			120.000 USD	01/17/15		475,497		(644,605	)
	1,222	Citigroup, Inc.	United Technologies Corp.			125.000 USD	01/17/15		331,297		(415,480	)
				Total Written OTC Options				$	15,304,459	$	(16,939,123	)

VY T. Rowe Price Capital Appreciation Portfolio	PORTFOLIO OF INVESTMENTS
	as of March 31, 2014 (Unaudited) (Continued)

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

The fair value of derivative instruments as of March 31, 2014 was as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Liability Derivatives	Instrument Type
Equity contracts	Written options	$	19,181,316
Total Liability Derivatives		$	19,181,316

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, 2014:

	Bank of America			Citigroup, Inc.			JPMorgan Chase & Co.			Merrill Lynch			Morgan Stanley			Totals
Liabilities:
Written options	$	6,463,598		$	4,436,152		$	1,252,095		$	329,482		$	4,457,796		$	16,939,123
Total Liabilities	$	6,463,598		$	4,436,152		$	1,252,095		$	329,482		$	4,457,796		$	16,939,123
Net OTC derivative instruments by counterparty, at fair value	$	(6,463,598	)	$	(4,436,152	)	$	(1,252,095	)	$	(329,482	)	$	(4,457,796	)	$	(16,939,123)
Total collateral pledged by the Portfolio/(Received from counterparty)	$	-		$	-		$	-		$	-		$	-		$	-
Net Exposure(1)	$	(6,463,598	)	$	(4,436,152	)	$	(1,252,095	)	$	(329,482	)	$	(4,457,796	)	$	(16,939,123)

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

	PORTFOLIO OF INVESTMENTS
VY T. Rowe Price Equity Income Portfolio	as of March 31, 2014 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 93.9%
			Consumer Discretionary: 10.7%
	372,000		Cablevision Systems Corp.	$	6,275,640		0.4
	326,100		Carnival Corp.		12,346,146		0.8
	93,600		Coach, Inc.		4,648,176		0.3
	138,400		Comcast Corp. – Class A		6,922,768		0.5
	501,700		Ford Motor Co.		7,826,520		0.5
	233,809		General Motors Co.		8,047,706		0.6
	98,100		Genuine Parts Co.		8,519,985		0.6
	200,600		Johnson Controls, Inc.		9,492,392		0.6
	276,000		Kohl's Corp.		15,676,800		1.1
	186,800		Macy's, Inc.		11,075,372		0.8
	112,275		The Madison Square Garden, Inc.		6,374,974		0.4
	369,000		Mattel, Inc.		14,800,590		1.0
	26,300		McGraw-Hill Cos., Inc.		2,006,690		0.1
	338,000		New York Times Co.		5,786,560		0.4
	171,831		Pearson PLC		3,050,600		0.2
	706,800		Staples, Inc.		8,015,112		0.5
	11,300		Tiffany & Co.		973,495		0.1
	238,466		Time Warner, Inc.		15,578,984		1.1
	100,300		Walt Disney Co.		8,031,021		0.6
	11,500		Whirlpool Corp.		1,718,790		0.1
					157,168,321		10.7
			Consumer Staples: 5.1%
	375,500		Archer-Daniels-Midland Co.		16,292,945		1.1
	508,300		Avon Products, Inc.		7,441,512		0.5
	297,700		Campbell Soup Co.		13,360,776		0.9
	162,500		Clorox Co.		14,301,625		1.0
	28,000		Dr Pepper Snapple Group, Inc.		1,524,880		0.1
	88,300		McCormick & Co., Inc.		6,334,642		0.4
	150,300		PepsiCo, Inc.		12,550,050		0.9
	40,100		Procter & Gamble Co.		3,232,060		0.2
					75,038,490		5.1
			Energy: 14.5%
	159,600		Anadarko Petroleum Corp.		13,527,696		0.9
	301,000		Apache Corp.		24,967,950		1.7
	163,824		BP PLC ADR		7,879,935		0.5
	269,190		Chevron Corp.		32,009,383		2.2
	88,900		ConocoPhillips		6,254,115		0.4
	276,000		Consol Energy, Inc.		11,026,200		0.8
	170,000	L	Diamond Offshore Drilling		8,289,200		0.6
	137,479		ENI S.p.A.		3,447,495		0.2
	279,224		ExxonMobil Corp.		27,274,600		1.9
	200,600		Hess Corp.		16,625,728		1.1
	236,400		Murphy Oil Corp.		14,860,104		1.0
	576,900		Petroleo Brasileiro SA ADR		7,586,235		0.5
	291,900		Royal Dutch Shell PLC - Class A ADR		21,326,214		1.4
	164,400		Schlumberger Ltd.		16,029,000		1.1
	310,500		Talisman Energy, Inc.		3,098,790		0.2
					214,202,645		14.5
			Financials: 19.4%
	301,000		Allstate Corp.		17,030,580		1.2
	170,000		American Express Co.		15,305,100		1.0
	1,465,019		Bank of America Corp.		25,198,327		1.7
	10,800		Bank of New York Mellon Corp.		381,132		0.0
	73,500		Chubb Corp.		6,563,550		0.4
	110,400	L	Digital Realty Trust, Inc.		5,860,032		0.4
	657,444		JPMorgan Chase & Co.		39,913,425		2.7
	289,300		Legg Mason, Inc.		14,187,272		1.0
	106,700		Loews Corp.		4,700,135		0.3
	382,500		Marsh & McLennan Cos., Inc.		18,857,250		1.3
	225,800		Northern Trust Corp.		14,803,448		1.0
	250,900		PNC Financial Services Group, Inc.		21,828,300		1.5
	531,200		Regions Financial Corp.		5,901,632		0.4
	176,800		Sun Life Financial, Inc.		6,122,584		0.4
	382,100		SunTrust Bank		15,203,759		1.0
	614,200		US Bancorp.		26,324,612		1.8
	668,200		Wells Fargo & Co.		33,236,268		2.3
	345,251		Weyerhaeuser Co.		10,133,117		0.7
	100,300	@	Willis Group Holdings PLC		4,426,239		0.3
					285,976,762		19.4
			Health Care: 6.4%
	294,200		Bristol-Myers Squibb Co.		15,283,690		1.0
	306,757		GlaxoSmithKline PLC		8,179,723		0.6
	232,400		Johnson & Johnson		22,828,652		1.6
	332,500		Merck & Co., Inc.		18,876,025		1.3
	616,476		Pfizer, Inc.		19,801,209		1.3
	160,500		Quest Diagnostics		9,296,160		0.6
					94,265,459		6.4
			Industrials: 14.9%
	124,200		Boeing Co.		15,585,858		1.1
	100,300		Deere & Co.		9,107,240		0.6
	110,481		Eaton Corp. PLC		8,299,333		0.6
	255,200		Emerson Electric Co.		17,047,360		1.2
	1,569,600		General Electric Co.		40,636,944		2.8
	209,000		Honeywell International, Inc.		19,386,840		1.3
	258,200		Illinois Tool Works, Inc.		20,999,406		1.4
	161,100	L	Joy Global, Inc.		9,343,800		0.6
	362,300		Masco Corp.		8,046,683		0.6
	151,300		Norfolk Southern Corp.		14,701,821		1.0
	125,630		Stanley Black & Decker, Inc.		10,206,181		0.7
	328,400	@	United Continental Holdings, Inc.		14,656,492		1.0
	157,200		United Parcel Service, Inc. - Class B		15,308,136		1.0
	197,400	@	USG Corp.		6,458,928		0.4
	260,200		Xylem, Inc.		9,476,484		0.6
					219,261,506		14.9

	PORTFOLIO OF INVESTMENTS
VY T. Rowe Price Equity Income Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Information Technology: 9.1%
	207,400		Analog Devices, Inc.	$	11,021,236		0.7
	32,600		Apple, Inc.		17,497,724		1.2
	631,800		Applied Materials, Inc.		12,901,356		0.9
	133,400		CA, Inc.		4,131,398		0.3
	529,900		Cisco Systems, Inc.		11,875,059		0.8
	163,100		Computer Sciences Corp.		9,919,742		0.7
	752,600		Corning, Inc.		15,669,132		1.1
	205,100		Harris Corp.		15,005,116		1.0
	471,400		Microsoft Corp.		19,322,686		1.3
	240,200		Texas Instruments, Inc.		11,325,430		0.8
	320,100		Western Union Co.		5,236,836		0.3
					133,905,715		9.1
			Materials: 4.8%
	132,100		EI Du Pont de Nemours & Co.		8,863,910		0.6
	403,393		International Paper Co.		18,507,671		1.2
	199,700		MeadWestvaco Corp.		7,516,708		0.5
	225,800		Newmont Mining Corp.		5,292,752		0.3
	251,300		Nucor Corp.		12,700,702		0.9
	188,100		Potash Corp. of Saskatchewan		6,812,982		0.5
	177,500		Vulcan Materials Co.		11,794,875		0.8
					71,489,600		4.8
			Telecommunication Services: 3.5%
	615,403		AT&T, Inc.		21,582,183		1.5
	207,510		CenturyTel, Inc.		6,814,628		0.4
	315,596		Telefonica S.A.		5,001,195		0.3
	269,250		Verizon Communications, Inc.		12,808,223		0.9
	47,908		Verizon Communications, Inc. - VZC		2,278,499		0.2
	993,610		Vodafone Group PLC		3,653,800		0.2
					52,138,528		3.5
			Utilities: 5.5%
	413,500		AES Corp.		5,904,780		0.4
	234,872		Duke Energy Corp.		16,727,584		1.1
	198,400		Entergy Corp.		13,263,040		0.9
	351,500		Exelon Corp.		11,796,340		0.8
	206,200		FirstEnergy Corp.		7,016,986		0.5
	489,800		NiSource, Inc.		17,402,594		1.2
	294,300		Xcel Energy, Inc.		8,934,948		0.6
					81,046,272		5.5
		Total Common Stock
		(Cost $966,540,503)			1,384,493,298		93.9
PREFERRED STOCK: 0.0%
			Financials: 0.0%
	15,050	L	Weyerhaeuser Co.		821,730		0.0
		Total Preferred Stock
		(Cost $752,500)			821,730		0.0
		Total Long-Term Investments
		(Cost $967,293,003)			1,385,315,028		93.9

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 6.6%
		Securities Lending Collateralcc(1): 1.0%
	3,216,015	Bank of Nova Scotia, Repurchase Agreement dated 03/31/14, 0.07%, due 04/01/14 (Repurchase Amount $3,216,021, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%-6.500%, Market Value plus accrued interest $3,280,342, due 01/31/16-11/01/43)	$	3,216,015		0.2
	1,140,094	Cantor Fitzgerald, Repurchase Agreement dated 03/31/14, 0.10%, due 04/01/14 (Repurchase Amount $1,140,097, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $1,162,896, due 05/15/14-09/01/49)		1,140,094		0.1
	3,598,589	Citigroup, Inc., Repurchase Agreement dated 03/31/14, 0.09%, due 04/01/14 (Repurchase Amount $3,598,598, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.625%, Market Value plus accrued interest $3,670,561, due 04/03/14-02/15/41)		3,598,589		0.2
	3,598,589	HSBC Securities USA, Repurchase Agreement dated 03/31/14, 0.06%, due 04/01/14 (Repurchase Amount $3,598,595, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.375%, Market Value plus accrued interest $3,670,569, due 04/15/14-11/15/30)		3,598,589		0.3

	PORTFOLIO OF INVESTMENTS
VY T. Rowe Price Equity Income Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateralcc(1) (continued)
	3,598,589	Nomura Securities, Repurchase Agreement dated 03/31/14, 0.10%, due 04/01/14 (Repurchase Amount $3,598,599, collateralized by various U.S. Government Agency Obligations, 0.000%-6.036%, Market Value plus accrued interest $3,670,561, due 04/01/14-05/01/47)	$	3,598,589		0.2
				15,151,876		1.0

Shares				Value			Percentage of Net Assets
			Affiliated Investment Companies: 5.6%
	81,683,756		T. Rowe Price Reserve Investment Fund, 0.060%††
			(Cost $81,683,756)		81,683,756			5.6
		Total Short-Term Investments
		(Cost $96,835,632)			96,835,632			6.6
		Total Investments in Securities (Cost $1,064,128,635)		$	1,482,150,660			100.5
		Liabilities in Excess of Other Assets			(7,556,176	)		(0.5	)
		Net Assets		$	1,474,594,484			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
††	Rate shown is the 7-day yield as of March 31, 2014.
@	Non-income producing security
ADR	American Depositary Receipt
cc	Securities purchased with cash collateral for securities loaned.
L	Loaned security, a portion or all of the security is on loan at March 31, 2014.
(1)	Collateral received from brokers for securities lending was invested into these short-term investments.

Cost for federal income tax purposes is $1,078,927,984.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	446,384,878
Gross Unrealized Depreciation		(43,162,202	)
Net Unrealized Appreciation	$	403,222,676

	PORTFOLIO OF INVESTMENTS
VY T. Rowe Price Equity Income Portfolio	as of March 31, 2014 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	154,117,721	$	3,050,600	$	–	$	157,168,321
Consumer Staples		75,038,490		–		–		75,038,490
Energy		210,755,150		3,447,495		–		214,202,645
Financials		285,976,762		–		–		285,976,762
Health Care		86,085,736		8,179,723		–		94,265,459
Industrials		219,261,506		–		–		219,261,506
Information Technology		133,905,715		–		–		133,905,715
Materials		71,489,600		–		–		71,489,600
Telecommunication Services		41,205,034		10,933,494		–		52,138,528
Utilities		81,046,272		–		–		81,046,272
Total Common Stock		1,358,881,986		25,611,312		–		1,384,493,298
Preferred Stock		821,730		–		–		821,730
Short-Term Investments		81,683,756		15,151,876		–		96,835,632
Total Investments, at fair value	$	1,441,387,472	$	40,763,188	$	–	$	1,482,150,660

# 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.

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, 2014, where the following issuers were considered an affiliate:

Issuer	Beginning Market Value at 12/31/13		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciated/ (Depreciation)		Ending Market Value at 3/31/14		Investment Income		Realized Gains/(Losses)		Net Capital Gain Distributions
T. Rowe Price Reserve Investment Fund	$	95,845,730	$	193,417,481	$	(207,579,455	)	$	-	$	81,683,756	$	11,601	$	-	$	-
	$	95,845,730	$	193,417,481	$	(207,579,455	)	$	-	$	81,683,756	$	11,601	$	-	$	-

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

VY T. Rowe Price International Stock Portfolio	PORTFOLIO OF INVESTMENTS
	as of March 31, 2014 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 97.9%
			Australia: 3.8%
	225,062		Amcor Ltd.	$	2,174,549		0.9
	229,867		Brambles Ltd.		1,977,788		0.8
	19,358		CSL Ltd.		1,250,369		0.5
	28,811		Macquarie Group Ltd.		1,553,549		0.7
	158,486		Santos Ltd.		1,986,887		0.9
					8,943,142		3.8
			Brazil: 4.0%
	286,200		BR Malls Participacoes S.A.		2,458,368		1.1
	188,650		Itau Unibanco Holding S.A.		2,813,537		1.2
	52,100		Lojas Renner SA		1,475,287		0.6
	73,700		Petroleo Brasileiro SA ADR		1,022,219		0.4
	67,800		Raia Drogasil SA		584,771		0.3
	40,400		Tim Participacoes SA ADR		1,048,784		0.4
					9,402,966		4.0
			Canada: 1.7%
	117,200		Eldorado Gold Corp.		651,995		0.3
	21,400		Tim Hortons, Inc.		1,183,533		0.5
	16,200	@	Valeant Pharmaceuticals International, Inc.		2,131,278		0.9
					3,966,806		1.7
			China: 4.4%
	16,300	@	Baidu.com ADR		2,483,794		1.0
	132,500		Beijing Enterprises Holdings Ltd.		1,188,572		0.5
	384,000		China Merchants Holdings International Co., Ltd.		1,323,975		0.6
	628,000		China Overseas Land & Investment Ltd.		1,631,719		0.7
	1,044,500		Parkson Retail Group Ltd.		329,078		0.1
	10,800	@	Sina Corp.		652,428		0.3
	21,700		Tencent Holdings Ltd.		1,514,664		0.7
	770,000		Want Want China Holdings Ltd.		1,152,015		0.5
					10,276,245		4.4
			Denmark: 0.8%
	74,662		GN Store Nord		1,853,372		0.8
			France: 6.5%
	7,679		Air Liquide		1,039,897		0.4
	91,487		AXA S.A.		2,376,731		1.0
	63,641		Edenred		1,996,399		0.9
	59,453		Eutelsat Communications		2,017,588		0.9
	7,772		Iliad SA		2,241,007		0.9
	16,406		Pernod Ricard SA		1,909,260		0.8
	7,201		Kering		1,468,257		0.6
	25,123		Schneider Electric S.A.		2,226,571		1.0
					15,275,710		6.5
			Germany: 3.3%
	21,990		Bayer AG		2,977,984		1.2
	7,335		Brenntag AG		1,362,231		0.6
	11,618		Fresenius AG		1,823,672		0.8
	19,395		SAP AG		1,573,245		0.7
					7,737,132		3.3
			Hong Kong: 3.7%
	671,400		AIA Group Ltd.		3,193,279		1.4
	568,000		Hang Lung Properties Ltd.		1,638,699		0.7
	37,200		Jardine Matheson Holdings Ltd.		2,349,784		1.0
	425,000		Kerry Properties Ltd.		1,417,333		0.6
					8,599,095		3.7
			India: 3.6%
	79,325	@	Axis Bank Ltd. GDR		1,950,327		0.8
	301,893		Bharti Airtel Ltd.		1,606,793		0.7
	158,534		Housing Development Finance Corp.		2,349,387		1.0
	24,332		Infosys Ltd.		1,331,694		0.6
	663,190		Power Grid Corp. of India Ltd.		1,168,293		0.5
					8,406,494		3.6
			Indonesia: 1.3%
	1,284,300		Bank Central Asia Tbk PT		1,206,212		0.5
	5,015,800	@	Sarana Menara Nusantara Tbk PT		1,743,686		0.8
					2,949,898		1.3
			Ireland: 0.5%
	96,096		James Hardie Industries SE		1,283,660		0.5
			Japan: 12.8%
	84,000		Air Water, Inc.		1,159,296		0.5
	52,500		FamilyMart Co., Ltd.		2,308,742		1.0
	23,800		Honda Motor Co., Ltd.		837,442		0.4
	132,900		Inpex Holdings, Inc.		1,725,743		0.7
	85,200		Japan Tobacco, Inc.		2,674,208		1.1
	62,000		Koito Manufacturing Co., Ltd.		1,051,413		0.4
	69,000		Mitsubishi Estate Co., Ltd.		1,638,450		0.7
	44,600		Nabtesco Corp.		1,029,456		0.4
	47,400		Nippon Telegraph & Telephone Corp.		2,575,793		1.1
	145,500		Nissan Motor Co., Ltd.		1,296,889		0.6
	68,800		Olympus Corp.		2,196,832		0.9
	24,500		Softbank Corp.		1,851,422		0.8
	50,800		Start Today Co. Ltd.		1,299,578		0.6
	175,700		Sumitomo Corp.		2,234,126		0.9
	51,400		Takeda Pharmaceutical Co., Ltd.		2,432,875		1.0
	83,500		Tokio Marine Holdings, Inc.		2,504,198		1.1
	266,100		Yahoo! Japan Corp.		1,303,607		0.6
					30,120,070		12.8

VY T. Rowe Price International Stock Portfolio	PORTFOLIO OF INVESTMENTS
	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Luxembourg: 0.7%
	38,928	@	Altice SA	$	1,734,376		0.7
			Malaysia: 0.7%
	1,663,300		Astro Malaysia Holdings Bhd		1,631,789		0.7
			Mexico: 1.2%
	265,300		Grupo Financiero Banorte		1,794,135		0.7
	471,900		Wal-Mart de Mexico SA de CV		1,124,131		0.5
					2,918,266		1.2
			Netherlands: 4.2%
	30,135		ASML Holding NV		2,805,084		1.2
	31,870		Airbus Group NV		2,282,573		1.0
	44,100	@	NXP Semiconductor NV		2,593,521		1.1
	56,776		Royal Dutch Shell PLC - Class B		2,216,544		0.9
					9,897,722		4.2
			Portugal: 0.6%
	80,736		Jeronimo Martins		1,354,815		0.6
			Qatar: 0.4%
	19,621		Qatar National Bank		1,010,889		0.4
			Russia: 0.9%
	20,275		Magnit OJSC GDR		1,110,194		0.5
	91,757		Sberbank of Russia ADR		891,878		0.4
					2,002,072		0.9
			South Africa: 1.1%
	52,743		Aspen Pharmacare Holdings Ltd.		1,407,594		0.6
	166,169		Woolworths Holdings Ltd./South Africa		1,156,390		0.5
					2,563,984		1.1
			South Korea: 1.8%
	3,509		Hyundai Mobis		1,041,116		0.5
	3,403		LG Household & Health Care Ltd.		1,471,174		0.6
	1,591		NAVER Corp.		1,162,497		0.5
	390		Samsung Electronics Co., Ltd.		493,028		0.2
					4,167,815		1.8
			Spain: 0.8%
	158,358		Banco Bilbao Vizcaya Argentaria S.A.		1,904,140		0.8
			Sweden: 3.8%
	37,868		Assa Abloy AB		2,017,104		0.9
	67,465		Elekta AB		898,126		0.4
	67,847		Hexagon AB		2,306,703		1.0
	84,405		Svenska Cellulosa AB SCA		2,485,824		1.0
	25,522		Svenska Handelsbanken AB		1,282,521		0.5
					8,990,278		3.8
			Switzerland: 10.2%
	32,861		Cie Financiere Richemont SA		3,139,480		1.3
	111,219		Credit Suisse Group		3,599,946		1.5
	9,169	@	Dufry Group		1,577,507		0.7
	35,475		Holcim Ltd.		2,940,141		1.3
	27,529		Julius Baer Group Ltd.		1,222,584		0.5
	37,099		Nestle S.A.		2,792,429		1.2
	28,338		Novartis AG		2,406,121		1.0
	541		SGS S.A.		1,334,254		0.6
	16,989		Sonova Holding AG - Reg		2,485,437		1.1
	6,350		Syngenta AG		2,410,621		1.0
					23,908,520		10.2
			Taiwan: 1.5%
	878,000		Taiwan Semiconductor Manufacturing Co., Ltd.		3,454,530		1.5
			Thailand: 0.3%
	552,700		CP ALL PCL		741,990		0.3
			Turkey: 0.6%
	1		BIM Birlesik Magazalar AS		22		0.0
	403,381		Turkiye Garanti Bankasi A/S		1,378,787		0.6
					1,378,809		0.6
			United Arab Emirates: 0.8%
	105,236		DP World Ltd.		1,883,688		0.8
			United Kingdom: 15.5%
	132,074		ARM Holdings PLC		2,230,488		1.0
	688,476		Barclays PLC		2,679,175		1.1
	72,707		BG Group PLC		1,357,381		0.6
	54,315		BHP Billiton PLC		1,677,164		0.7
	132,360		British Sky Broadcasting PLC		2,014,649		0.9
	87,219		Burberry Group PLC		2,027,770		0.9
	180,496		Capita Group PLC		3,300,342		1.4
	165,393		Compass Group PLC		2,525,337		1.1
	56,599		Diageo PLC		1,757,903		0.7
	130,485		Experian Group Ltd.		2,354,684		1.0
	134,890		GKN PLC		878,907		0.4
	82,263		GlaxoSmithKline PLC		2,193,556		0.9
	22,230		Intertek Group PLC		1,141,314		0.5
	54,262	@	Partnership Assurance Group plc		125,290		0.0
	127,832		Rolls-Royce Holdings PLC		2,288,351		1.0
	31,973		SABMiller PLC		1,598,712		0.7
	77,674		Standard Chartered PLC		1,624,201		0.7
	91,879		Tullow Oil PLC		1,148,196		0.5
	163,812		WPP PLC		3,384,680		1.4
					36,308,100		15.5

VY T. Rowe Price International Stock Portfolio	PORTFOLIO OF INVESTMENTS
	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			United States: 6.4%
	28,865		Anheuser-Busch InBev Worldwide, Inc.	$	3,039,943		1.3
	39,500		Avago Technologies Ltd.		2,544,195		1.1
	35,800		Las Vegas Sands Corp.		2,891,924		1.2
	35,100	@	Liberty Global PLC - Class A		1,460,160		0.6
	38,700	@	Liberty Global PLC - Class C		1,575,477		0.7
	17,165	X	Peixe Urbano, Inc.		127,144		0.1
	2,400	@	Priceline.com, Inc.		2,860,536		1.2
	2,100		Wynn Resorts Ltd.		466,515		0.2
					14,965,894		6.4
		Total Common Stock
		(Cost $196,046,442)			229,632,267		97.9
PREFERRED STOCK: 0.0%
			United States: 0.0%
	3,895	X	Peixe Urbano, Inc.		3,526		0.0
		Total Preferred Stock
		(Cost $128,227)			3,526		0.0
RIGHTS: 0.0%
			Spain: 0.0%
	158,358		Banco Bilbao Vizcaya Argentaria SA		37,088		0.0
		Total Rights
		(Cost $36,652)			37,088		0.0
		Total Long-Term Investments
		(Cost $196,211,321)			229,672,881		97.9
SHORT-TERM INVESTMENTS: 0.9%
			Affiliated Investment Companies: 0.9%
	2,202,082		T. Rowe Price Reserve Investment Fund, 0.060%††
			(Cost $2,202,082)		2,202,082		0.9
		Total Short-Term Investments
		(Cost $2,202,082)			2,202,082		0.9
		Total Investments in Securities (Cost $198,413,403)		$	231,874,963		98.8
		Assets in Excess of Other Liabilities			2,747,389		1.2
		Net Assets		$	234,622,352		100.0

††	Rate shown is the 7-day yield as of March 31, 2014.
@	Non-income producing security
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
X	Fair value determined by Voya funds Valuation Committee appointed by the Funds' Board of Directors/Trustees.

Cost for federal income tax purposes is $200,388,816.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	41,245,278
Gross Unrealized Depreciation		(9,759,131	)
Net Unrealized Appreciation	$	31,486,147

Sector Diversification	Percentage  of Net Assets
Financials		18.7	%
Consumer Discretionary		17.8
Industrials		14.9
Consumer Staples		11.1
Information Technology		10.5
Health Care		10.1
Materials		5.6
Telecommunication Services		4.7
Energy		4.0
Utilities		0.5
Short-Term Investments		0.9
Assets in Excess of Other Liabilities		1.2
Net Assets		100.0	%

VY T. Rowe Price International Stock Portfolio	PORTFOLIO OF INVESTMENTS
	as of March 31, 2014 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Common Stock
Australia	$	–	$	8,943,142	$	–	$	8,943,142
Brazil		9,402,966		–		–		9,402,966
Canada		3,966,806		–		–		3,966,806
China		3,136,222		7,140,023		–		10,276,245
Denmark		–		1,853,372		–		1,853,372
France		2,241,007		13,034,703		–		15,275,710
Germany		–		7,737,132		–		7,737,132
Hong Kong		–		8,599,095		–		8,599,095
India		–		8,406,494		–		8,406,494
Indonesia		–		2,949,898		–		2,949,898
Ireland		–		1,283,660		–		1,283,660
Japan		–		30,120,070		–		30,120,070
Luxembourg		1,734,376		–		–		1,734,376
Malaysia		–		1,631,789		–		1,631,789
Mexico		2,918,266		–		–		2,918,266
Netherlands		2,593,521		7,304,201		–		9,897,722
Portugal		–		1,354,815		–		1,354,815
Qatar		1,010,889		–		–		1,010,889
Russia		891,878		1,110,194		–		2,002,072
South Africa		–		2,563,984		–		2,563,984
South Korea		–		4,167,815		–		4,167,815
Spain		–		1,904,140		–		1,904,140
Sweden		–		8,990,278		–		8,990,278
Switzerland		–		23,908,520		–		23,908,520
Taiwan		–		3,454,530		–		3,454,530
Thailand		–		741,990		–		741,990
Turkey		–		1,378,809		–		1,378,809
United Arab Emirates		–		1,883,688		–		1,883,688
United Kingdom		2,139,939		34,168,161		–		36,308,100
United States		11,798,807		3,039,943		127,144		14,965,894
Total Common Stock		41,834,677		187,670,446		127,144		229,632,267
Preferred Stock		–		–		3,526		3,526
Rights		37,088		–		–		37,088
Short-Term Investments		2,202,082		–		–		2,202,082
Total Investments, at fair value	$	44,073,847	$	187,670,446	$	130,670	$	231,874,963
Other Financial Instruments+
Forward Foreign Currency Contracts		–		66,877		–		66,877
Total Assets	$	44,073,847	$	187,737,323	$	130,670	$	231,941,840

+

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.

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, 2014, where the following issuers were considered an affiliate:

Issuer	Beginning Market Value at 12/31/13		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciated/ (Depreciation)		Ending Market Value at 3/31/14		Investment Income		Realized Gains/(Losses)		Net Capital Gain Distributions
T. Rowe Price Reserve Investment Fund	$	3,487,213	$	14,017,123	$	(15,302,254	)	$	-	$	2,202,082	$	450	$	-	$	-
	$	3,487,213	$	14,017,123	$	(15,302,254	)	$	-	$	2,202,082	$	450	$	-	$	-

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

At March 31, 2014, the following forward foreign currency contracts were outstanding for the VY T. Rowe Price International Stock Portfolio:

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
The Bank of New York Mellon Corp.	Japanese Yen		594,691,000	Sell	04/02/14	$	5,828,550	$	5,761,673	$	66,877
										$	66,877

VY T. Rowe Price International Stock Portfolio	PORTFOLIO OF INVESTMENTS
	as of March 31, 2014 (Unaudited) (Continued)

A summary of derivative instruments by primary risk exposure is outlined in the folloas of March 31, 2014 (Unaudited) (Continued)wing tables.

The fair value of derivative instruments as of March 31, 2014 was as follows:

Derivatives not accounted for as hedging instruments

		Fair Value
Asset Derivatives	Instrument Type
Foreign exchange contracts	Forward foreign currency contracts	$	66,877
Total Asset Derivatives		$	66,877

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, 2014:

	The Bank of New York Mellon Corp.
Assets:
Forward foreign currency contracts	$	66,877
Total Assets	$	66,877
Liabilities:
Forward foreign currency contracts	$	-
Total Liabilities	$	-
Net OTC derivative instruments by counterparty, at fair value	$	66,877
Total collateral pledged by the Portfolio/(Received from counterparty)	$	-
Net Exposure(1)	$	66,877

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

VY Templeton Global Growth Portfolio	PORTFOLIO OF INVESTMENTS
	as of March 31, 2014 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 96.6%
			Brazil: 1.0%
	439,143		Petroleo Brasileiro SA ADR		6,090,913		1.0
	23,630		Vale SA ADR		294,194		0.0
					6,385,107		1.0
			Canada: 1.4%
	915,900		Talisman Energy, Inc. - TSX		9,130,003		1.4
			China: 1.8%
	165,500		China Mobile Ltd.		1,519,527		0.3
	1,566,000		China Shenhua Energy Co., Ltd.		4,534,378		0.7
	25,000		China Telecom Corp., Ltd. ADR		1,151,750		0.2
	559,729	L	Dongfang Electrical Machinery Co., Ltd.		873,320		0.1
	1,895,292		Kunlun Energy Co. Ltd.		3,175,832		0.5
					11,254,807		1.8
			Denmark: 0.6%
	72,410	L	FLSmidth & Co. A/S		3,650,755		0.6
			France: 10.7%
	172,620		Alstom		4,710,938		0.7
	296,832		AXA S.A.		7,711,366		1.2
	133,270		BNP Paribas		10,275,059		1.6
	69,955		Cie Generale des Etablissements Michelin		8,745,463		1.4
	631,880	@	Credit Agricole S.A.		9,958,638		1.6
	91,550		Sanofi		9,566,948		1.5
	165,330		Total S.A.		10,882,837		1.7
	225,049		Vivendi		6,263,788		1.0
					68,115,037		10.7
			Germany: 6.9%
	251,500	@	Commerzbank AG		4,626,144		0.7
	477,140	@	Deutsche Lufthansa AG		12,510,427		2.0
	33,410		Merck KGaA		5,626,483		0.9
	44,440		Metro AG		1,812,777		0.3
	33,920		Muenchener Rueckversicherungs AG		7,412,142		1.1
	31,590		SAP AG		2,562,456		0.4
	69,520		Siemens AG		9,375,701		1.5
					43,926,130		6.9
			India: 0.5%
	76,440		ICICI Bank Ltd. ADR		3,348,072		0.5
			Israel: 1.2%
	150,896		Teva Pharmaceutical Industries Ltd. ADR		7,973,345		1.2
			Italy: 3.4%
	259,567		ENI S.p.A.		6,509,038		1.0
	1,685,073		Intesa Sanpaolo S.p.A.		5,717,813		0.9
	1,011,434		UniCredit SpA		9,245,605		1.5
					21,472,456		3.4
			Japan: 2.8%
	381,500		Konica Minolta Holdings, Inc.		3,569,175		0.5
	672,000		Mazda Motor Corp.		2,985,430		0.5
	694,500	L	Nissan Motor Co., Ltd.		6,190,305		1.0
	89,400		Toyota Motor Corp.		5,041,610		0.8
					17,786,520		2.8
			Netherlands: 4.6%
	101,590		Akzo Nobel NV		8,285,765		1.3
	89,732	L	Fugro NV		5,513,444		0.9
	126,890		Koninklijke Philips NV		4,463,907		0.7
	23,579		Randstad Holdings NV		1,380,055		0.2
	159,697		Royal Dutch Shell PLC - Class B		6,234,595		1.0
	313,061		TNT Express NV		3,071,462		0.5
					28,949,228		4.6
			Portugal: 1.2%
	445,540		Galp Energia SGPS SA		7,690,840		1.2
			Russia: 1.5%
	48,525		Lukoil OAO ADR		2,698,871		0.4
	234,604		MMC Norilsk Nickel JSC ADR		3,909,203		0.6
	168,926		Mobile Telesystems OJSC ADR		2,954,515		0.5
					9,562,589		1.5
			Singapore: 2.4%
	313,980		DBS Group Holdings Ltd.		4,045,331		0.6
	403,240	@	Flextronics International Ltd.		3,725,937		0.6
	2,532,000		Singapore Telecommunications Ltd.		7,359,807		1.2
					15,131,075		2.4
			South Korea: 3.7%
	171,330		KB Financial Group, Inc.		6,011,467		0.9
	19,689		POSCO		5,496,976		0.9
	9,292		Samsung Electronics Co., Ltd.		11,746,698		1.9
					23,255,141		3.7
			Spain: 1.0%
	386,319		Telefonica S.A.		6,121,930		1.0
			Sweden: 1.5%
	414,521		Telefonaktiebolaget LM Ericsson		5,528,608		0.9
	141,330		Getinge AB		3,990,219		0.6
					9,518,827		1.5
			Switzerland: 5.0%
	292,740		Credit Suisse Group		9,475,432		1.5
	50,040		Roche Holding AG - Genusschein		15,050,219		2.3

VY Templeton Global Growth Portfolio	PORTFOLIO OF INVESTMENTS
	as of March 31, 2014 (Unaudited) (Continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Switzerland: (continued)
	80,590		Swiss Re Ltd.		7,479,895		1.2
					32,005,546		5.0
			Taiwan: 0.2%
	52,030		Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,041,640		0.2
			Thailand: 0.1%
	117,600		Bangkok Bank PCL		648,319		0.1
			Turkey: 1.0%
	481,800	@	Turkcell Iletisim Hizmet AS ADR		6,634,386		1.0
			United Kingdom: 12.8%
	989,906		Aviva PLC		7,898,101		1.2
	530,620		BAE Systems PLC		3,686,194		0.6
	787,340		BP PLC		6,326,278		1.0
	147,170		Carillion PLC		887,604		0.1
	374,121		CRH PLC		10,475,452		1.7
	338,530		GlaxoSmithKline PLC		9,026,955		1.4
	557,910		HSBC Holdings PLC		5,660,876		0.9
	890,739	@	International Consolidated Airlines Group SA		6,197,040		1.0
	1,484,747		Kingfisher PLC		10,438,863		1.7
	206,790	@	Noble Corp. PLC		6,770,305		1.1
	644,600		Serco Group PLC		4,524,225		0.7
	1,051,247		Tesco PLC		5,184,842		0.8
	1,105,225		Vodafone Group PLC		4,064,242		0.6
					81,140,977		12.8
			United States: 31.3%
	61,480		American International Group, Inc.		3,074,615		0.5
	80,890		Amgen, Inc.		9,976,973		1.6
	151,820		Baker Hughes, Inc.		9,871,336		1.6
	60,450		Best Buy Co., Inc.		1,596,485		0.2
	437,900	@	Brocade Communications Systems, Inc.		4,646,119		0.7
	28,050		Chevron Corp.		3,335,426		0.5
	331,040		Cisco Systems, Inc.		7,418,606		1.2
	201,720		Citigroup, Inc.		9,601,872		1.5
	134,800		Comcast Corp. – Class A		6,742,696		1.1
	95,865		CVS Caremark Corp.		7,176,454		1.1
	46,200		FedEx Corp.		6,124,272		1.0
	76,100	@	Forest Laboratories, Inc.		7,021,747		1.1
	118,157		Halliburton Co.		6,958,266		1.1
	294,440		Hewlett-Packard Co.		9,528,078		1.5
	120,000		JPMorgan Chase & Co.		7,285,200		1.1
	144,030		Medtronic, Inc.		8,863,606		1.4
	178,530		Merck & Co., Inc.		10,135,148		1.6
	341,580		Microsoft Corp.		14,001,364		2.2
	260,670		Morgan Stanley		8,125,084		1.3
	195,600	@,L	Navistar International Corp.		6,624,972		1.0
	94,190		News Corp - Class A		1,621,952		0.3
	65,900		Oracle Corp.		2,695,969		0.4
	369,580		Pfizer, Inc.		11,870,910		1.9
	139,870		SunTrust Bank		5,565,427		0.9
	62,540		Target Corp.		3,784,295		0.6
	13,822		Time Warner Cable, Inc.		1,896,102		0.3
	169,560		Twenty-First Century Fox, Inc. Class A		5,420,833		0.9
	60,870		United Parcel Service, Inc. - Class B		5,927,521		0.9
	53,290		Verizon Communications, Inc. - VZC		2,534,466		0.4
	36,900		Viacom - Class B		3,136,131		0.5
	75,230		Walt Disney Co.		6,023,666		0.9
					198,585,591		31.3
		Total Common Stock
		(Cost $480,290,707)			613,328,321		96.6

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.2%
		Securities Lending Collateralcc(1): 2.2%
	3,265,354	Cantor Fitzgerald, Repurchase Agreement dated 03/31/14, 0.10%, due 04/01/14 (Repurchase Amount $3,265,363, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $3,330,661, due 05/15/14-09/01/49)		3,265,354		0.5
	3,265,354	Goldman Sachs & Co., Repurchase Agreement dated 03/31/14, 0.08%, due 04/01/14 (Repurchase Amount $3,265,361, collateralized by various U.S. Government Agency Obligations, 2.330%-6.500%, Market Value plus accrued interest $3,330,661, due 07/01/19-03/01/44)		3,265,354		0.5

VY Templeton Global Growth Portfolio	PORTFOLIO OF INVESTMENTS
	as of March 31, 2014 (Unaudited) (Continued)

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Securities Lending Collateralcc(1) (continued)
	952,722		HSBC Securities USA, Repurchase Agreement dated 03/31/14, 0.05%, due 04/01/14 (Repurchase Amount $952,723, collateralized by various U.S. Government Securities, 0.250%-3.875%, Market Value plus accrued interest $971,778, due 04/15/14-08/15/40)		952,722		0.2
	3,000,000		Millenium Fixed Income Ltd., Repurchase Agreement dated 03/31/14, 0.07%, due 04/01/14 (Repurchase Amount $3,000,006, collateralized by various U.S. Government Securities, 0.750%, Market Value plus accrued interest $3,060,000, due 06/30/17)		3,000,000		0.5
	3,265,354		Nomura Securities, Repurchase Agreement dated 03/31/14, 0.10%, due 04/01/14 (Repurchase Amount $3,265,363, collateralized by various U.S. Government Agency Obligations, 0.000%-6.036%, Market Value plus accrued interest $3,330,661, due 04/01/14-05/01/47)		3,265,354		0.5
					13,748,784		2.2
		Total Short-Term Investments
		(Cost $13,748,784)			13,748,784		2.2
		Total Investments in Securities (Cost $494,039,491)		$	627,077,105		98.8
		Assets in Excess of Other Liabilities			7,753,028		1.2
		Net Assets		$	634,830,133		100.0

†	Unless otherwise indicated, principal amount is shown in USD.
@	Non-income producing security
ADR	American Depositary Receipt
cc	Securities purchased with cash collateral for securities loaned.
L	Loaned security, a portion or all of the security is on loan at March 31, 2014.
(1)	Collateral received from brokers for securities lending was invested into these short-term investments.

Cost for federal income tax purposes is $494,100,155.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	167,052,236
Gross Unrealized Depreciation		(34,075,286	)
Net Unrealized Appreciation	$	132,976,950

Sector Diversification	Percentage of Net Assets
Financials		20.8	%
Health Care		15.5
Energy		15.1
Industrials		11.0
Information Technology		10.5
Consumer Discretionary		10.2
Telecommunication Services		6.2
Materials		5.1
Consumer Staples		2.2
Short-Term Investments		2.2
Assets in Excess of Other Liabilities		1.2
Net Assets		100.0	%

VY Templeton Global Growth Portfolio	PORTFOLIO OF INVESTMENTS
	as of March 31, 2014 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Common Stock
Brazil	$	6,385,107	$	–	$	–	$	6,385,107
Canada		9,130,003		–		–		9,130,003
China		1,151,750		10,103,057		–		11,254,807
Denmark		–		3,650,755		–		3,650,755
France		–		68,115,037		–		68,115,037
Germany		–		43,926,130		–		43,926,130
India		3,348,072		–		–		3,348,072
Israel		7,973,345		–		–		7,973,345
Italy		–		21,472,456		–		21,472,456
Japan		–		17,786,520		–		17,786,520
Netherlands		–		28,949,228		–		28,949,228
Portugal		–		7,690,840		–		7,690,840
Russia		2,954,515		6,608,074		–		9,562,589
Singapore		3,725,937		11,405,138		–		15,131,075
South Korea		–		23,255,141		–		23,255,141
Spain		–		6,121,930		–		6,121,930
Sweden		–		9,518,827		–		9,518,827
Switzerland		–		32,005,546		–		32,005,546
Taiwan		1,041,640		–		–		1,041,640
Thailand		–		648,319		–		648,319
Turkey		6,634,386		–		–		6,634,386
United Kingdom		11,294,530		69,846,447		–		81,140,977
United States		196,051,125		2,534,466		–		198,585,591
Total Common Stock		249,690,410		363,637,911		–		613,328,321
Short-Term Investments		–		13,748,784		–		13,748,784
Total Investments, at fair value	$	249,690,410	$	377,386,695	$	–	$	627,077,105

# 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 Investors Trust
By	/s/ Shaun P. Mathews
	Shaun P. Mathews
	President and Chief Executive Officer
Date:	May 28, 2014

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 28, 2014
By	/s/ Todd Modic
	Todd Modic
	Senior Vice President and Chief Financial Officer
Date:	May 28, 2014