UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09477
Voya Variable Insurance 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) |
The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-800-992-0180
Date of fiscal year end: December 31
Date of reporting period: December 31, 2022
Item 1. Reports to Stockholders.
The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1):
Annual Report
December 31, 2022
Voya Investors Trust | Voya Variable Insurance Trust | |||||
■ | VY® | BlackRock Inflation Protected Bond Portfolio Classes ADV, I and S | ■ | VY® | BrandywineGLOBAL — Bond Portfolio |
As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each portfolio’s annual and semi-annual shareholder reports, like this annual report, are not sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you need not take any action. You may elect to receive shareholder reports and other communications from your insurance carrier electronically by contacting them directly. You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions provided to elect to continue receiving paper copies of your shareholder reports. You can inform us that you wish to continue receiving paper copies by calling 1-866-345-5954. Your election to receive reports in paper will apply to all the funds in which you invest. |
This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds’ investment objectives, risks, charges, expenses and other information. This information should be read carefully. |
INVESTMENT MANAGEMENT voyainvestments.com |
2 | |||
7 | |||
8 | |||
9 | |||
11 | |||
12 | |||
13 | |||
14 | |||
28 | |||
50 | |||
51 | |||
54 |
PROXY VOTING INFORMATION
A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Portfolios’ website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Portfolios’ website at www.voyainvestments.com and on the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO HOLDINGS
The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios’ Forms NPORT-P are available on the SEC’s website at www.sec.gov. Each Portfolio’s complete schedule of portfolio holdings is available at: www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.
BENCHMARK DESCRIPTIONS
Index | Description | |
---|---|---|
Bloomberg U.S. Aggregate Bond Index (“Bloomberg U.S. Aggregate Bond”) | An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities. | |
Bloomberg U.S. Treasury Inflation Protected Securities Index (“TIPS Index”) | A market index comprised of all U.S. Treasury Inflation Linked Securities. |
VY® BLACKROCK INFLATION PROTECTED |
Investment Type Allocation | ||||||
U.S. Treasury Obligations | 52.7 | % | ||||
Corporate Bonds/Notes | 24.8 | % | ||||
U.S. Government Agency Obligations | 10.8 | % | ||||
Commercial Mortgage-Backed Securities | 5.6 | % | ||||
Collateralized Mortgage Obligations | 1.8 | % | ||||
Asset-Backed Securities | 1.6 | % | ||||
Sovereign Bonds | 0.7 | % | ||||
Purchased Options | 0.4 | % | ||||
Municipal Bonds | 0.1 | % | ||||
Assets in Excess of Other Liabilities* | 1.5 | % | ||||
Net Assets | 100.0 | % | ||||
* | Includes short-term investments. | |||||
Portfolio holdings are subject to change daily. | ||||||
VY® BlackRock Inflation Protected Bond Portfolio (the “Portfolio”) seeks to maximize real return, consistent with preservation of real capital and prudent investment management. The Portfolio is managed by Chris Allen, Managing Director and Akiva Dickstein, Managing Director, and David Rogal, Portfolio Managers of BlackRock Financial Management, Inc. — the Sub-Adviser.
Performance: For the year ended December 31, 2022, the Portfolio’s Class I shares provided a total return of -12.74% compared to the Bloomberg U.S. Treasury Inflation Protected Securities Index (“TIPS Index” or “TIPS”) which returned -11.85% for the same period.
Portfolio Specifics: Our structural underweight in US nominal rates was the most notable contributor to performance over the year. We were underweight headline nominal duration in the US, as the rates market recalibrated its pricing after the continued hawkish pivot from the Fed since late 2021. The portfolio’s long in US breakevens at both the 1-year and 5-year points on the curve also positively contributed to performance due to the tailwind of high inflation prints over the year. Finally, the portfolio’s relative value positions between US vs. EU breakevens contributed to performance as breakevens in the US slightly outperformed the EU.
Offsetting some of the positive performance was the portfolio’s outright short in UK breakevens, especially earlier in the year. An acute surge in energy prices in the UK pushed the country’s inflation expectations materially higher over period. 10-year UK breakevens increased ~41 bps just in Q1 2022 and settled materially higher than realized inflation. The portfolio’s tactical positions in EU supra sovereign spread assets negatively contributed to performance as spread levels widened. Also, detracting from performance was the portfolio’s relative value positions between New Zealand vs. US real rates as New Zealand real rates increased more than the US. The Team’s tactical interest rate volatility positions also hurt performance as rates volatility picked up over the year. The small allocation to emerging market debt and European peripheral spreads also negatively contributed to performance.
Top Ten Holdings | ||||||
United States Treasury Inflation Indexed Bonds, 0.125%, 01/15/32 | 4.0 | % | ||||
United States Treasury Inflation Indexed Bonds, 0.625%, 07/15/32 | 3.5 | % | ||||
United States Treasury Inflation Indexed Bonds, 0.125%, 07/15/30 | 3.1 | % | ||||
United States Treasury Inflation Indexed Bonds, 0.125%, 01/15/31 | 3.1 | % | ||||
United States Treasury Inflation Indexed Bonds, 0.625%, 01/15/24 | 3.0 | % | ||||
United States Treasury Inflation Indexed Bonds, 0.750%, 07/15/28 | 2.7 | % | ||||
United States Treasury Inflation Indexed Bonds, 0.875%, 01/15/29 | 2.2 | % | ||||
United States Treasury Inflation Indexed Bonds, 3.875%, 04/15/29 | 1.9 | % | ||||
United States Treasury Inflation Indexed Bonds, 0.125%, 07/15/31 | 1.9 | % | ||||
United States Treasury Inflation Indexed Bonds, 2.375%, 01/15/27 | 1.7 | % | ||||
* | Excludes short-term investments. | |||||
Portfolio holdings are subject to change daily. |
Market Overview: In our opinion, the past year was one defined by central banks moving interest rates higher as inflation ran at its highest level in decades. As the Fed and other central banks raised rates, interest rates across the curve moved materially higher, curves inverted, and risks assets performed poorly. The market did, however, price inflation expectations higher over the period given the elevated levels of realized inflation. Following the extensive rate hikes of the Fed, inflationary pressures are thought to have peaked and therefore, likely to ease into 2023. This is also due to healing supply chains. However, we believe the full effects of Fed policy have not been totally apparent due to the lagging effect of economic indicators, which has resulted in increased expectations for a recession. Macroeconomic volatility and uncertainty during the year was only reinforced by major global events contributing to the turbulence in the markets in 2022. Energy prices underwent shocks across the globe and, particularly in Europe, driven by the war in Ukraine leading to soaring prices. To dampen the burden of these high energy costs, the EU energy ministers settled on a gas price cap of €180 per megawatt hour but will likely continue to combat recessionary symptoms in the new year. In addition to the numerous rate hikes from the ECB, it is anticipated that their hawkish rhetoric will continue in order to subdue the omnipresent inflation throughout the euro area. For the UK, the Bank of England followed the ECB and raised rates onset by the UK Gilt crisis seen earlier this fall. Meanwhile, the Bank of Japan shocked markets during their announcement to increase the range of the Japanese 10-year note which may drive global long-term bond yields into the new year as loosening in their yield curve control led to a selloff.
Current Strategy and Outlook: US: The Team views the Federal Reserve (Fed) will only pause its rate hikes in Q2 or H2 of 2023. It will remain focused on crushing inflation and hold rates at a restrictive area to temper the stubbornly strong labor market. However, in our opinion, this makes a recession almost inevitable. The central bank has been toeing the line between a soft landing and a hard landing,
PORTFOLIO MANAGERS’ REPORT | VY® BLACKROCK INFLATION PROTECTED |
where the former means we can get through this tightening period without a significant economic contraction. We believe volatility in the rates market is likely to come down as inflation pressures ease further with the healing of the supply chain and normalizing consumer demand. We believe this puts the terminal policy rate in sight, with the market pricing in a potential rate cut in the latter half of 2023. We believe the interest rate carry is attractive in the front end, but rates further out the curve have room to increase as investors demand higher term premiums. Depending on the inflation trajectory, we forecast the Fed to raise rates by either 25 or 50 bps at its February meeting, followed by a 25 bps hike in March. This will bring the Fed Funds Target to ~4.85% by the end of Q1.
On the inflation front, CPI data showed compelling signs of slowing over Q4, with declines across the spectrum. The Team believes inflation has likely peaked and will continue to slow in the coming months. Our current forecasts have MoM core CPI hovering ~0.2 — 0.3% MoM and headline CPI ~0.1 — 0.2% MoM over the next several months. However, we believe shelter inflation, in particular, will remain sticky into 2023.
Within Europe: We view the near-term policy path for the European Central Bank (ECB) is materially impacted by the ongoing energy crisis and persistent inflation. The war-induced energy crisis has put EU countries’ economies in a precarious situation, with a recession that is likely to run deep without significant recovery until 2024. The warmer-than-expected winter has helped ease the energy crunch, but the problem will likely persist in 2023 as major supply pipelines, such as the Nord Stream 1, likely stay permanently shut; stockpiling energy will remain a crucial focus for the Euro area in 2023.
The energy supply crunch has translated to double-digit inflation and has significantly raised stagflation risk. Given geopolitical uncertainties, we think current price momentum is unlikely to fade quickly. Given the recent hawkish ECB rhetoric, we believe the central bank will continue to hike rates to control the high, persistent, and broad-based inflation in the euro area. We expect the ECB Governing Council to increase policy rates by a total of ~100 bps over Q1, lifting the deposit rate to 3% and the Main Refinancing Operations (MRO) rate to 3.5% by March 2023. We forecast headline (core) inflation to average ~5.6% (3.7%) in 2023 before converging to the ECB 2% target by the end of 2024.
Against a similar backdrop, the Bank of England (BoE) has a perilous task of weighing the need for further rate hikes without triggering a material economic downturn. The capping of energy prices has returned some freedom to BoE in terms of growth/inflation policy trade-off. However, the government has pledged not to extend the energy cap beyond April 2023. In light of this, we expect inflation to remain above 8% for most of 2023 before falling towards 2% in mid-2024 as base effects from higher energy costs wane. We believe we will see the BoE hike two more times before potentially pausing, 50 bps at the February meeting and 25 bps at the March meeting, taking the terminal Bank Rate to 4.25%.
Within Japan: The Bank of Japan (BoJ) surprised the market in December when it tweaked its long-standing Yield Curve Control (YCC) policy by adjusting its 10-year yield range up from +/-0.25% to +/-0.50%. This sent a shockwave across the market as the upward adjustment signaled a potential beginning of policy normalization. The change helped the Japanese Yen (JPY) to regain some lost ground after experiencing significant depreciation in 2022. It’s important to note that the BoJ does not face the same surging inflationary macro backdrop as some of its developed market peers. Despite inflation running well above the BoJ’s 2% target at ~3.7% YoY in November, its sustainability is questionable as most of the increase is led by FX and commodity induced price increases. We believe wage growth is the key to the longer-term sustainability of inflation. One focal point in 2023 will be whether the annual spring wage negotiations produce notable wage increases. We estimate that core CPI inflation reached 3.6% YoY in Q4 due to a concentration of markups to food prices with the rise in the cost of raw material imports. We expect core CPI ex. perishables eases to around 1.6% YoY by the end of 2023.
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
VY® BLACKROCK INFLATION PROTECTED | PORTFOLIO MANAGERS’ REPORT |
Average Annual Total Returns for the Periods Ended December 31, 2022 | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
1 Year | 5 Year | 10 Year | ||||||||||
Class ADV | – | 13.34 | % | 1.02 | % | 0.02 | % | |||||
Class I | – | 12.74 | % | 1.65 | % | 0.63 | % | |||||
Class S | – | 13.03 | % | 1.39 | % | 0.37 | % | |||||
TIPS Index | – | 11.85 | % | 2.11 | % | 1.12 | % |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY® BlackRock Inflation Protected Bond Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other
service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 366-0066 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
PORTFOLIO MANAGERS’ REPORT | VY® BRANDYWINEGLOBAL — |
Investment Type Allocation as of December 31, 2022 (as a percentage of net assets) | |||||
U.S. Treasury Obligations | 44.8 | % | |||
U.S. Government Agency Obligations | 29.8 | % | |||
Corporate Bonds/Notes | 20.7 | % | |||
Commercial Mortgage-Backed Securities | 1.5 | % | |||
Collateralized Mortgage Obligations | 0.1 | % | |||
Assets in Excess of Other Liabilities* | 3.1 | % | |||
Net Assets | 100.0 | % | |||
* Includes short-term investments. | |||||
Portfolio holdings are subject to change daily. |
VY® BrandywineGLOBAL — Bond Portfolio (the “Portfolio”) seeks total return consisting of capital appreciation and income. The Portfolio is managed by David F. Hoffman, CFA, John P. McIntyre, CFA, and Anujeet Sareen, CFA, Portfolio Managers of Brandywine Global Investment Management, LLC (“Brandywine”). — the Sub-Adviser.
Performance: For the year-ended December 31, 2022, the Portfolio’s shares provided a total return of -11.89% compared to the Bloomberg U.S. Aggregate Bond Index (“Bloomberg U.S. Aggregate Bond”), which returned -13.01% for the same period.
Portfolio Specifics — The Portfolio started the year with an underweight duration position versus the benchmark but ended the year with a substantially overweight duration position. As the Federal Reserve began aggressively raising interest rates in the first half of 2022, we felt it was prudent to begin increasing duration to take advantage of value opportunities in anticipation of slowing growth and inflation. The underweight duration position in the first half of the year along with selection and timing within corporates and mortgages were the primary drivers of our relative outperformance.
We increased duration during the year, mostly notably in the second half of 2022. The team elected to increase duration for a couple of key reasons. First, we believe that rate hikes tend to impact the economy on a lagged basis, and we felt the aggressive hikes had the potential to materially slow growth and inflation to a point that the Fed may have to reverse course in 2023. Secondly, virtually all major economic indicators began to turn lower (some sharply) by late summer.
We reduced our investment grade corporate positions in late 2021 and early 2022 due to valuations and tight spreads but elected to add back exposure in the second half of the year due to wider spreads and attractive yields. We increased our exposure to agency MBS in the second half of the year due to attractive spreads and a decrease in prepayment risk.
Top Ten Holdings as of December 31, 2022* (as a percentage of net assets) | |||||
United States Treasury Bond, 2.875%, 05/15/52 | 18.2 | % | |||
United States Treasury Bond, 2.250%, 02/15/52 | 10.8 | % | |||
Uniform Mortgage-Backed Securities, 4.000%, 06/01/52 | 9.4 | % | |||
United States Treasury Note, 4.125%, 11/15/32 | 6.2 | % | |||
United States Treasury Bond, 3.000%, 08/15/52 | 5.9 | % | |||
Uniform Mortgage-Backed Securities, 5.000%, 11/01/52 | 5.4 | % | |||
Uniform Mortgage-Backed Securities, 5.500%, 11/01/52 | 4.6 | % | |||
Freddie Mac, 0.375%, 05/05/23 | 3.6 | % | |||
Uniform Mortgage-Backed Securities, 4.500%, 09/01/52 | 2.3 | % | |||
Macquarie Group Ltd., 6.207%, 11/22/24 | 2.2 | % | |||
* Excludes short-term investments. | |||||
Portfolio holdings are subject to change daily. |
Current Strategy and Outlook: We believe the outlook for the U.S. economy is complicated; the inverted yield curve suggests inflation is set to moderate, while the Fed appears committed to further action. In our opinion, this hawkishness, accompanied by more supply-side normalization, should lead to significantly slower inflation and a softer labor market. We believe the conditions for a credit crunch, commonly seen ahead of previous U.S. recessions, do not exist currently. That said, recession odds increase significantly if Fed Chair Powell remains dogmatic about creating labor market slack through monetary policy. A pause in rate hikes seems probable in our opinion, especially if economic data shows a steep decline in inflation.
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
VY® BRANDYWINEGLOBAL — | PORTFOLIO MANAGERS’ REPORT |
Average Annual Total Returns for the Periods Ended December 31, 2022 | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
1 Year | 5 Year | Since Inception February 20, 2015 | ||||||||||
VY® BrandywineGLOBAL - Bond Portfolio | – | 11.89 | % | 2.54 | % | 2.36 | % | |||||
Bloomberg U.S. Aggregate Bond | – | 13.01 | % | 0.02 | % | 0.80 | % |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY® BrandywineGLOBAL - Bond Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract and/or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract and/or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
Prior to August 9, 2019, the Portfolio was managed by a different sub-adviser.
The Portfolio’s performance information for these periods reflects returns achieved by different sub-advisers.
SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED)
As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs, including redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Portfolio expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension, or retirement plan. Expenses would have been higher if such charges were included.
Actual Expenses
The left section of the table shown below, “Actual Portfolio Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The right section of the table shown below, “Hypothetical (5% return before expenses),” provides information about hypothetical account values and hypothetical expenses based on a Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.
Actual Portfolio Return | Hypothetical (5% return before expenses) | |||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Annualized Expense Ratio | Expenses Paid During the Period Ended December 31, 2022* | Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Annualized Expense Ratio | Expenses Paid During the Period Ended December 31, 2022* | |||||||||||||||||||||||||
VY® BlackRock Inflation Protected Bond Portfolio | ||||||||||||||||||||||||||||||||
Class ADV | $ | 1,000.00 | $ | 970.40 | 1.18 | % | $ | 5.86 | $ | 1,000.00 | $ | 1,019.26 | 1.18 | % | $ | 6.01 | ||||||||||||||||
Class I | 1,000.00 | 973.80 | 0.58 | 2.89 | 1,000.00 | 1,022.28 | 0.58 | 2.96 | ||||||||||||||||||||||||
Class S | 1,000.00 | 971.70 | 0.83 | 4.12 | 1,000.00 | 1,021.02 | 0.83 | 4.23 | ||||||||||||||||||||||||
VY® BrandywineGLOBAL — Bond Portfolio | ||||||||||||||||||||||||||||||||
$ | 1,000.00 | $ | 943.30 | 0.56 | % | $ | 2.74 | $ | 1,000.00 | $ | 1,022.38 | 0.56 | % | $ | 2.85 |
* | Expenses are equal to each Portfolio’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half-year. |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of VY® BlackRock Inflation Protected Bond Portfolio and VY® BrandywineGLOBAL — Bond Portfolio and the Boards of Trustees of Voya Investors Trust and Voya Variable Insurance Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of VY® BlackRock Inflation Protected Bond Portfolio and VY® BrandywineGLOBAL — Bond Portfolio (collectively referred to as the “Portfolios”) (each a portfolio of Voya Investors Trust and Voya Variable Insurance Trust, respectively (collectively referred to as the “Trusts”)), including the portfolios of investments, as of December 31, 2022, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios at December 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.
The financial highlights for each of the years in the two-year period ended December 31, 2019, were audited by another independent registered public accounting firm whose report, dated February 21, 2020, expressed an unqualified opinion on those financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Trusts’ management. Our responsibility is to express an opinion on the Portfolios’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trusts in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trusts are not required to have, nor were we engaged to perform, an audit of the Trusts’ internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trusts’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more Voya investment companies since 2019.
Boston, Massachusetts
February 28, 2023
STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2022
VY® BlackRock Inflation Protected Bond Portfolio | VY® BrandywineGLOBAL — Bond Portfolio | ||||||||
---|---|---|---|---|---|---|---|---|---|
ASSETS: | |||||||||
Investments in securities at fair value* | $ | 250,382,288 | $ | 258,218,168 | |||||
Short-term investments at fair value† | 5,637,951 | 6,092,762 | |||||||
Cash pledged for centrally cleared swaps (Note 2) | 3,341,000 | — | |||||||
Due from broker | 162,081 | — | |||||||
Foreign currencies at value‡ | 370,267 | — | |||||||
Receivables: | |||||||||
Investment securities sold | 2,893,575 | 297,818 | |||||||
Investment securities sold on a delayed-delivery or when-issued basis | 10,214,794 | — | |||||||
Fund shares sold | 104,827 | 100,743 | |||||||
Dividends | 8,172 | 20,490 | |||||||
Interest | 1,244,833 | 1,864,216 | |||||||
Variation margin on centrally cleared swaps | 41,742 | — | |||||||
Unrealized appreciation on forward foreign currency contracts | 3,788 | — | |||||||
Unrealized appreciation on OTC swap agreements | 330,515 | — | |||||||
Prepaid expenses | 1,388 | 1,457 | |||||||
Other assets | 16,141 | 5,584 | |||||||
Total assets | 274,753,362 | 266,601,238 | |||||||
LIABILITIES: | |||||||||
Payable for investment securities purchased | 2,787,432 | — | |||||||
Payable for investment securities purchased on a delayed-delivery or when-issued basis | 12,131,328 | — | |||||||
Payable for fund shares redeemed | 64,246 | 99,213 | |||||||
Sales commitments^^^ | 2,502,114 | — | |||||||
Unrealized depreciation on forward foreign currency contracts | 14,395 | — | |||||||
Variation margin payable on futures contracts | 14,713 | — | |||||||
Cash received as collateral for OTC derivatives (Note 2) | 680,000 | — | |||||||
Payable for investment management fees | 107,404 | 117,275 | |||||||
Payable for distribution and shareholder service fees | 51,202 | — | |||||||
Payable to trustees under the deferred compensation plan (Note 6) | 16,141 | 5,584 | |||||||
Payable for trustee fees | 715 | 744 | |||||||
Other accrued expenses and liabilities | 79,661 | 63,947 | |||||||
Written options, at fair value^ | 2,087,860 | — | |||||||
Total liabilities | 20,537,211 | 286,763 | |||||||
NET ASSETS | $ | 254,216,151 | $ | 266,314,475 | |||||
NET ASSETS WERE COMPRISED OF: | |||||||||
Paid-in capital | $ | 343,138,934 | $ | 299,484,487 | |||||
Total distributable loss | (88,922,783 | ) | (33,170,012 | ) | |||||
NET ASSETS | $ | 254,216,151 | $ | 266,314,475 | |||||
* Cost of investments in securities | $ | 280,424,130 | $ | 279,729,671 | |||||
† Cost of short-term investments | $ | 5,637,951 | $ | 6,092,762 | |||||
‡ Cost of foreign currencies | $ | 365,429 | $ | — | |||||
^ Premiums received on written options | $ | 2,137,532 | $ | — | |||||
^^^ Proceeds receivable from sales commitments | $ | 2,530,082 | $ | — |
VY® BlackRock Inflation Protected Bond Portfolio | VY® BrandywineGLOBAL — Bond Portfolio | |||||||
---|---|---|---|---|---|---|---|---|
Class ADV | ||||||||
Net assets | $ | 43,211,677 | n/a | |||||
Shares authorized | unlimited | n/a | ||||||
Par value | $ | 0.001 | n/a | |||||
Shares outstanding | 4,930,797 | n/a | ||||||
Net asset value and redemption price per share | $ | 8.76 | n/a | |||||
Class I | ||||||||
Net assets | $ | 77,275,476 | n/a | |||||
Shares authorized | unlimited | n/a | ||||||
Par value | $ | 0.001 | n/a | |||||
Shares outstanding | 8,468,137 | n/a | ||||||
Net asset value and redemption price per share | $ | 9.13 | n/a | |||||
Class S | ||||||||
Net assets | $ | 133,728,998 | n/a | |||||
Shares authorized | unlimited | n/a | ||||||
Par value | $ | 0.001 | n/a | |||||
Shares outstanding | 14,772,246 | n/a | ||||||
Net asset value and redemption price per share | $ | 9.05 | n/a | |||||
Portfolio(1) | ||||||||
Net assets | n/a | $ | 266,314,475 | |||||
Shares authorized | n/a | unlimited | ||||||
Par value | n/a | $ | 0.001 | |||||
Shares outstanding | n/a | 28,656,402 | ||||||
Net asset value and redemption price per share | n/a | $ | 9.29 |
(1) | Portfolio does not have a share class designation. |
STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2022
VY® BlackRock Inflation Protected Bond Portfolio | VY® BrandywineGLOBAL — Bond Portfolio | |||||||
---|---|---|---|---|---|---|---|---|
INVESTMENT INCOME: | ||||||||
Dividends | $ | 62,677 | $ | 100,873 | ||||
Interest | 13,876,720 | (1) | 6,343,556 | |||||
Total investment income | 13,939,397 | 6,444,429 | ||||||
EXPENSES: | ||||||||
Investment management fees | 1,529,840 | 1,487,948 | ||||||
Distribution and shareholder service fees: | ||||||||
Class ADV | 293,347 | — | ||||||
Class S | 385,997 | — | ||||||
Transfer agent fees: | 1,628 | |||||||
Class ADV | 12,880 | — | ||||||
Class I | 21,782 | — | ||||||
Class S | 40,678 | — | ||||||
Shareholder reporting expense | 13,623 | 3,285 | ||||||
Registration fees | — | 4,449 | ||||||
Professional fees | 48,527 | 37,450 | ||||||
Custody and accounting expense | 100,825 | 73,000 | ||||||
Trustee fees | 7,149 | 7,440 | ||||||
Miscellaneous expense | 15,789 | 16,021 | ||||||
Interest expense | 1,009 | — | ||||||
Total expenses | 2,471,446 | 1,631,221 | ||||||
Recouped/(Waived and reimbursed fees) | (142,988 | ) | 46,992 | |||||
Net expenses | 2,328,458 | 1,678,213 | ||||||
Net investment income | 11,610,939 | 4,766,216 | ||||||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||||||
Net realized gain (loss) on: | ||||||||
Investments | (15,219,603 | ) | (11,132,254 | ) | ||||
Forward foreign currency contracts | 471,006 | — | ||||||
Foreign currency related transactions | (205,337 | ) | — | |||||
Futures | 7,143,904 | (5,348,388 | ) | |||||
Swaps | 8,942,675 | — | ||||||
Written options | (1,017,889 | ) | — | |||||
Net realized gain (loss) | 114,756 | (16,480,642 | ) | |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments | (47,501,046 | ) | (26,471,962 | ) | ||||
Forward foreign currency contracts | (82,137 | ) | — | |||||
Foreign currency related transactions | (5,289 | ) | — | |||||
Futures | 649,987 | 75,297 | ||||||
Swaps | (5,726,062 | ) | — | |||||
Written options | 5,203 | — | ||||||
Sales commitments | 27,968 | — | ||||||
Net change in unrealized appreciation (depreciation) | (52,631,376 | ) | (26,396,665 | ) | ||||
Net realized and unrealized loss | (52,516,620 | ) | (42,877,307 | ) | ||||
Decrease in net assets resulting from operations | $ | (40,905,681 | ) | $ | (38,111,091 | ) |
(1) | Includes net inflationary and deflationary adjustments. See Note 2 of the Notes to Financial Statements. |
STATEMENTS OF CHANGES IN NET ASSETS
VY® BlackRock Inflation Protected Bond Portfolio | VY® BrandywineGLOBAL — Bond Portfolio | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 11,610,939 | $ | 7,734,657 | $ | 4,766,216 | $ | 2,832,682 | ||||||||
Net realized gain (loss) | 114,756 | 9,554,588 | (16,480,642 | ) | 14,721,215 | |||||||||||
Net change in unrealized appreciation (depreciation) | (52,631,376 | ) | (2,516,642 | ) | (26,396,665 | ) | (13,802,164 | ) | ||||||||
Increase (decrease) in net assets resulting from operations | (40,905,681 | ) | 14,772,603 | (38,111,091 | ) | 3,751,733 | ||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Total distributions (excluding return of capital): | (17,111,781 | ) | (27,082,394 | ) | ||||||||||||
Class ADV | (1,666,644 | ) | (1,140,854 | ) | — | — | ||||||||||
Class I | (3,241,222 | ) | (2,600,461 | ) | — | — | ||||||||||
Class S | (5,726,059 | ) | (4,058,689 | ) | — | — | ||||||||||
Return of capital: | ||||||||||||||||
Class ADV | (251,719 | ) | — | — | — | |||||||||||
Class I | (413,119 | ) | — | — | — | |||||||||||
Class S | (766,743 | ) | — | — | — | |||||||||||
Total distributions | (12,065,506 | ) | (7,800,004 | ) | (17,111,781 | ) | (27,082,394 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 37,100,330 | 83,578,121 | 84,693,352 | 86,294,017 | ||||||||||||
Reinvestment of distributions | 12,065,506 | 7,796,663 | 17,111,781 | 27,082,394 | ||||||||||||
49,165,836 | 91,374,784 | 101,805,133 | 113,376,411 | |||||||||||||
Cost of shares redeemed | (66,619,636 | ) | (73,208,287 | ) | (123,596,753 | ) | (65,382,155 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (17,453,800 | ) | 18,166,497 | (21,791,620 | ) | 47,994,256 | ||||||||||
Net increase (decrease) in net assets | (70,424,987 | ) | 25,139,096 | (77,014,492 | ) | 24,663,595 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year or period | 324,641,138 | 299,502,042 | 343,328,967 | 318,665,372 | ||||||||||||
End of year or period | $ | 254,216,151 | $ | 324,641,138 | $ | 266,314,475 | $ | 343,328,967 |
Income (loss) from investment operations | Less distributions | Ratios to average net assets | Supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net asset value, beginning of year or period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | From net investment income | From net realized gains | From return of capital | Total distributions | Payment by affiliate | Net asset value, end of year or period | Total Return(1) | Expenses before reductions/ additions(2)(3)(4) | Expenses net of fee waivers and/or recoupments if any(2)(3)(4) | Expense net of all reductions/ additions(2)(3)(4) | Net investment income (loss)(2)(3) | Net assets, end of year or period | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||
VY® BlackRock Inflation Protected Bond Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-22 | 10.51 | 0.35 | • | (1.73 | ) | (1.38 | ) | 0.32 | — | 0.05 | 0.37 | — | 8.76 | (13.34 | ) | 1.23 | 1.18 | 1.18 | 3.70 | 43,212 | 231 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-21 | 10.28 | 0.22 | • | 0.24 | 0.46 | 0.23 | — | — | 0.23 | — | 10.51 | 4.54 | 1.22 | 1.18 | 1.18 | 2.14 | 56,857 | 156 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-20 | 9.42 | 0.05 | 0.95 | 1.00 | 0.08 | — | 0.06 | 0.14 | — | 10.28 | 10.65 | 1.26 | 1.22 | 1.22 | 0.52 | 47,352 | 87 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-19 | 8.93 | 0.11 | 0.56 | 0.67 | 0.18 | — | — | 0.18 | — | 9.42 | 7.53 | 1.20 | 1.16 | 1.16 | 1.23 | 44,885 | 72 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-18 | 9.30 | 0.14 | (0.36 | ) | (0.22 | ) | 0.15 | — | — | 0.15 | — | 8.93 | (2.39 | ) | 1.18 | 1.14 | 1.14 | 1.47 | 44,035 | 63 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-22 | 10.94 | 0.42 | • | (1.79 | ) | (1.37 | ) | 0.39 | — | 0.05 | 0.44 | — | 9.13 | (12.74 | ) | 0.63 | 0.58 | 0.58 | 4.27 | 77,275 | 231 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-21 | 10.68 | 0.30 | • | 0.25 | 0.55 | 0.29 | — | — | 0.29 | — | 10.94 | 5.25 | 0.62 | 0.58 | 0.58 | 2.75 | 94,962 | 156 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-20 | 9.78 | 0.12 | 0.97 | 1.09 | 0.13 | — | 0.06 | 0.19 | — | 10.68 | 11.15 | 0.66 | 0.62 | 0.62 | 1.11 | 92,767 | 87 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-19 | 9.26 | 0.18 | 0.57 | 0.75 | 0.23 | — | — | 0.23 | — | 9.78 | 8.21 | 0.60 | 0.56 | 0.56 | 1.98 | 88,759 | 72 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-18 | 9.66 | 0.20 | • | (0.37 | ) | (0.17 | ) | 0.23 | — | — | 0.23 | — | 9.26 | (1.75 | ) | 0.58 | 0.54 | 0.54 | 2.14 | 40,731 | 63 | |||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-22 | 10.85 | 0.40 | • | (1.79 | ) | (1.39 | ) | 0.36 | — | 0.05 | 0.41 | — | 9.05 | (13.03 | ) | 0.88 | 0.83 | 0.83 | 4.06 | 133,729 | 231 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-21 | 10.60 | 0.26 | • | 0.26 | 0.52 | 0.27 | — | — | 0.27 | — | 10.85 | 4.94 | 0.87 | 0.83 | 0.83 | 2.48 | 172,822 | 156 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-20 | 9.70 | 0.09 | 0.97 | 1.06 | 0.10 | — | 0.06 | 0.16 | — | 10.60 | 10.95 | 0.91 | 0.87 | 0.87 | 0.86 | 159,383 | 87 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-19 | 9.18 | 0.15 | 0.58 | 0.73 | 0.21 | — | — | 0.21 | — | 9.70 | 8.01 | 0.85 | 0.81 | 0.81 | 1.57 | 144,313 | 72 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-18 | 9.57 | 0.17 | (0.36 | ) | (0.19 | ) | 0.20 | — | — | 0.20 | — | 9.18 | (2.04 | ) | 0.83 | 0.79 | 0.79 | 1.83 | 153,793 | 63 | ||||||||||||||||||||||||||||||||||||||||||||||||
VY® BrandywineGLOBAL- Bond Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-22 | 11.22 | 0.16 | • | (1.45 | ) | (1.29 | ) | 0.11 | 0.53 | — | 0.64 | — | 9.29 | (11.89 | ) | 0.55 | 0.56 | 0.56 | 1.60 | 266,314 | 184 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-21 | 12.03 | 0.10 | • | 0.04 | 0.14 | 0.19 | 0.76 | — | 0.95 | — | 11.22 | 1.15 | 0.54 | 0.58 | 0.58 | 0.84 | 343,329 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-20 | 10.51 | 0.22 | • | 1.59 | 1.81 | 0.21 | 0.08 | — | 0.29 | — | 12.03 | 17.47 | 0.56 | 0.58 | 0.58 | 1.92 | 318,665 | 134 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-19 | 9.73 | 0.25 | • | 0.73 | 0.98 | 0.20 | — | — | 0.20 | — | 10.51 | 10.12 | 0.61 | 0.58 | 0.58 | 2.48 | 182,892 | 449 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-18 | 10.12 | 0.26 | • | (0.43 | ) | (0.17 | ) | 0.22 | — | — | 0.22 | — | 9.73 | (1.65 | ) | 0.71 | 0.58 | 0.58 | 2.61 | 194,159 | 457 |
(1) | Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized. |
(2) | Annualized for periods less than one year. |
(3) | Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. |
Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions. |
(4) | Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy. |
• | Calculated using average number of shares outstanding throughout the year or period. |
market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Portfolio’s assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Portfolio’s sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset’s fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in each Portfolio.
(1) | Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close. | |
(2) | Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions. |
Purchased | Sold | |||||||
---|---|---|---|---|---|---|---|---|
BlackRock Inflation Protected Bond | $ | 86,581,513 | $ | 55,352,378 | ||||
Bond Portfolio | 17,840,563 | — |
Purchases | Sales | |||||||
---|---|---|---|---|---|---|---|---|
BlackRock Inflation Protected Bond | $ | 61,453,637 | $ | 76,501,545 | ||||
Bond Portfolio | 68,515,374 | 108,886,874 |
Purchases | Sales | |||||||
---|---|---|---|---|---|---|---|---|
BlackRock Inflation Protected Bond | $ | 603,613,018 | $ | 608,223,993 | ||||
Bond Portfolio | 458,633,749 | 459,874,676 |
Portfolio | Fee | |
---|---|---|
BlackRock Inflation Protected Bond(1) | 0.55% on the first $200 million; 0.50% on the next $800 million; and 0.40% thereafter | |
Bond Portfolio | 0.50% on the first $750 million; and 0.48% thereafter |
(1) | The Investment Adviser has contractually agreed to waive 0.05% of the management fee. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board. |
Portfolio | Sub-Adviser | |
---|---|---|
BlackRock Inflation Protected Bond | BlackRock Financial Management, Inc. | |
Bond Portfolio | Brandywine Global Investment Management, LLC |
Subsidiary/Affiliated Investment Company | Portfolio | Percentage | |||
---|---|---|---|---|---|
Voya Institutional Trust Company | BlackRock Inflation Protected Bond | 18.27 | % | ||
Voya Solution 2025 Portfolio | Bond Portfolio | 15.40 | |||
Voya Solution 2035 Portfolio | Bond Portfolio | 8.00 | |||
Voya Solution Income Portfolio | Bond Portfolio | 10.73 | |||
Voya Solution Moderately Aggressive Portfolio | Bond Portfolio | 6.69 |
Portfolio | Amount | ||
---|---|---|---|
BlackRock Inflation Protected Bond | $ | 74,098 | |
Bond Portfolio | — |
Portfolio | Maximum Operating Expense Limit (as a percentage of net assets) | |
---|---|---|
BlackRock Inflation Protected Bond | Class ADV: 1.23% Class I: 0.63% Class S: 0.88% | |
Bond Portfolio | 0.58% |
Portfolio | Days Utilized | Approximate Average Daily Balance For Days Utilized | Approximate Weighted Average Interest Rate For Days Utilized | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
BlackRock Inflation Protected Bond | 7 | $ | 1,929,429 | 2.69 | % |
Shares sold | Shares issued in merger | Reinvestment of distributions | Shares redeemed | Net increase (decrease) in shares outstanding | Shares sold | Proceeds from shares issued in merger | Reinvestment of distributions | Shares redeemed | Net increase (decrease) | |||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year or period ended | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||||||||
BlackRock Inflation Protected Bond | ||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||
12/31/2022 | 742,141 | — | 201,639 | (1,424,707 | ) | (480,927 | ) | 7,118,548 | — | 1,918,363 | (13,507,332 | ) | (4,470,421 | ) | ||||||||||||||||||||||||||
12/31/2021 | 1,290,830 | — | 109,761 | (597,143 | ) | 803,448 | 13,417,739 | — | 1,140,854 | (6,152,184 | ) | 8,406,409 | ||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||
12/31/2022 | 1,613,713 | — | 370,479 | (2,199,454 | ) | (215,262 | ) | 15,791,074 | — | 3,654,341 | (21,908,961 | ) | (2,463,546 | ) | ||||||||||||||||||||||||||
12/31/2021 | 3,024,968 | — | 240,645 | (3,264,739 | ) | 874 | 32,490,424 | — | 2,597,120 | (35,144,233 | ) | (56,689 | ) | |||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||
12/31/2022 | 1,396,821 | — | 661,960 | (3,220,032 | ) | (1,161,251 | ) | 14,190,708 | — | 6,492,802 | (31,203,343 | ) | (10,519,833 | ) | ||||||||||||||||||||||||||
12/31/2021 | 3,522,483 | — | 378,853 | (3,005,965 | ) | 895,371 | 37,669,958 | — | 4,058,689 | (31,911,870 | ) | 9,816,777 | ||||||||||||||||||||||||||||
Bond Portfolio | ||||||||||||||||||||||||||||||||||||||||
12/31/2022 | 8,077,848 | — | 1,724,978 | (11,748,216 | ) | (1,945,390 | ) | 84,693,352 | — | 17,111,781 | (123,596,753 | ) | (21,791,620 | ) | ||||||||||||||||||||||||||
12/31/2021 | 7,344,730 | — | 2,407,324 | (5,631,258 | ) | 4,120,796 | 86,294,017 | — | 27,082,394 | (65,382,155 | ) | 47,994,256 |
Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||||||||||||||||
Ordinary Income | Long-term Capital Gain | Return of Capital | Ordinary Income | Long-term Capital Gain | |||||||||||||||
BlackRock Inflation Protected Bond | $ | 10,633,925 | $ | — | $ | 1,431,581 | $ 7,800,004 | $ | — | ||||||||||
Bond Portfolio | 11,934,135 | 5,177,646 | — | 24,050,464 | 3,031,930 |
Undistributed Ordinary | Unrealized Appreciation/ | Capital Loss Carryforwards | Total Distributable | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Income | (Depreciation) | Amount | Character | Expiration | Earnings/(Loss) | |||||||||||||||||||
BlackRock Inflation Protected Bond | $ | — | $ | (30,457,847 | ) | $ | (7,353,815 | ) | Short-term | None | $ | (88,922,783 | ) | |||||||||||
(51,111,121 | ) | Long-term | None | |||||||||||||||||||||
$ | (58,464,936 | ) | ||||||||||||||||||||||
Bond Portfolio | 5,046,583 | (21,766,110 | ) | (13,101,491 | ) | Short-term | None | (33,170,012 | ) | |||||||||||||||
(3,348,994 | ) | Long-term | None | |||||||||||||||||||||
$ | (16,450,485 | ) |
VY® BlackRock Inflation |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||
CORPORATE BONDS/NOTES: 24.8% | ||||||||||||
Basic Materials: 0.5% | ||||||||||||
45,000 | Air Products and Chemicals, Inc., 2.800%, 05/15/2050 | $ | 31,375 | 0.0 | ||||||||
484,000 | (1) | Anglo American Capital PLC, 4.500%, 03/15/2028 | 458,622 | 0.2 | ||||||||
246,000 | DuPont de Nemours, Inc., 4.493%, 11/15/2025 | 242,173 | 0.1 | |||||||||
4,000 | Ecolab, Inc., 2.700%, 12/15/2051 | 2,506 | 0.0 | |||||||||
37,000 | Ecolab, Inc., 2.750%, 08/18/2055 | 22,243 | 0.0 | |||||||||
49,000 | (1) | Georgia-Pacific LLC, 0.625%, 05/15/2024 | 46,051 | 0.0 | ||||||||
371,000 | (1) | Glencore Funding LLC, 2.500%, 09/01/2030 | 301,986 | 0.1 | ||||||||
11,000 | (1) | Glencore Funding LLC, 2.625%, 09/23/2031 | 8,790 | 0.0 | ||||||||
12,000 | LYB International Finance III LLC, 4.200%, 05/01/2050 | 8,925 | 0.0 | |||||||||
170,000 | Nucor Corp., 4.300%, 05/23/2027 | 166,112 | 0.1 | |||||||||
1,288,783 | 0.5 | |||||||||||
Communications: 2.7% | ||||||||||||
145,000 | Amazon.com, Inc., 4.700%, 12/01/2032 | 143,995 | 0.1 | |||||||||
33,000 | AT&T, Inc., 2.250%, 02/01/2032 | 25,952 | 0.0 | |||||||||
450,000 | AT&T, Inc., 2.550%, 12/01/2033 | 347,148 | 0.1 | |||||||||
32,000 | AT&T, Inc., 3.500%, 06/01/2041 | 23,988 | 0.0 | |||||||||
67,000 | AT&T, Inc., 3.650%, 09/15/2059 | 45,155 | 0.0 | |||||||||
85,000 | AT&T, Inc., 3.850%, 06/01/2060 | 59,372 | 0.0 | |||||||||
348,000 | AT&T, Inc., 4.300%, 02/15/2030 | 328,499 | 0.1 | |||||||||
28,000 | AT&T, Inc., 4.500%, 05/15/2035 | 25,551 | 0.0 | |||||||||
20,000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.850%, 04/01/2061 | 11,638 | 0.0 | |||||||||
258,000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.950%, 06/30/2062 | 153,120 | 0.1 | |||||||||
728,000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.750%, 04/01/2048 | 598,998 | 0.2 | |||||||||
357,000 | Comcast Corp., 3.400%, 04/01/2030 | 326,383 | 0.1 | |||||||||
395,000 | Comcast Corp., 4.150%, 10/15/2028 | 379,586 | 0.2 | |||||||||
74,000 | Comcast Corp., 5.500%, 11/15/2032 | 77,400 | 0.0 | |||||||||
55,000 | (1) | Cox Communications, Inc., 3.600%, 06/15/2051 | 37,946 | 0.0 | ||||||||
74,000 | eBay, Inc., 1.400%, 05/10/2026 | 65,709 | 0.0 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||
CORPORATE BONDS/NOTES: (continued) | ||||||||||||
Communications: (continued) | ||||||||||||
155,000 | FactSet Research Systems, Inc., 3.450%, 03/01/2032 | $ | 130,365 | 0.1 | ||||||||
250,000 | Meta Platforms, Inc., 4.450%, 08/15/2052 | 199,961 | 0.1 | |||||||||
483,000 | Motorola Solutions, Inc., 2.750%, 05/24/2031 | 387,344 | 0.2 | |||||||||
33,000 | Motorola Solutions, Inc., 5.500%, 09/01/2044 | 29,869 | 0.0 | |||||||||
118,000 | Motorola Solutions, Inc., 5.600%, 06/01/2032 | 115,212 | 0.1 | |||||||||
102,000 | Paramount Global, 4.375%, 03/15/2043 | 70,581 | 0.0 | |||||||||
243,000 | (1) | Rogers Communications, Inc., 3.800%, 03/15/2032 | 210,356 | 0.1 | ||||||||
23,000 | (1) | Rogers Communications, Inc., 4.550%, 03/15/2052 | 17,938 | 0.0 | ||||||||
10,000 | T-Mobile USA, Inc., 2.050%, 02/15/2028 | 8,605 | 0.0 | |||||||||
142,000 | T-Mobile USA, Inc., 2.250%, 02/15/2026 | 129,435 | 0.1 | |||||||||
1,124,000 | T-Mobile USA, Inc., 3.750%, 04/15/2027 | 1,060,405 | 0.4 | |||||||||
121,000 | Verizon Communications, Inc., 1.750%, 01/20/2031 | 94,162 | 0.0 | |||||||||
728,000 | Verizon Communications, Inc., 2.100%, 03/22/2028 | 633,090 | 0.3 | |||||||||
1,059,000 | Verizon Communications, Inc., 2.355%, 03/15/2032 | 842,273 | 0.3 | |||||||||
386,000 | Verizon Communications, Inc., 2.550%, 03/21/2031 | 318,383 | 0.1 | |||||||||
97,000 | Verizon Communications, Inc., 4.862%, 08/21/2046 | 87,434 | 0.0 | |||||||||
6,985,853 | 2.7 | |||||||||||
Consumer, Cyclical: 1.3% | ||||||||||||
70,000 | American Honda Finance Corp., 2.900%, 02/16/2024 | 68,337 | 0.0 | |||||||||
58,000 | General Motors Co., 5.400%, 10/15/2029 | 55,478 | 0.0 | |||||||||
264,000 | General Motors Financial Co., Inc., 1.250%, 01/08/2026 | 232,752 | 0.1 | |||||||||
79,000 | General Motors Financial Co., Inc., 2.750%, 06/20/2025 | 74,024 | 0.0 | |||||||||
55,000 | General Motors Financial Co., Inc., 4.300%, 04/06/2029 | 49,374 | 0.0 | |||||||||
2,500,000 | (1) | Hyundai Capital America, 2.650%, 02/10/2025 | 2,353,115 | 0.9 | ||||||||
400,000 | Lowe’s Cos, Inc., 1.700%, 09/15/2028 | 336,707 | 0.2 | |||||||||
234,000 | (1) | Nissan Motor Co. Ltd., 4.810%, 09/17/2030 | 199,102 | 0.1 | ||||||||
3,368,889 | 1.3 | |||||||||||
Consumer, Non-cyclical: 3.4% | ||||||||||||
338,000 | AbbVie, Inc., 2.600%, 11/21/2024 | 323,594 | 0.1 | |||||||||
460,000 | AbbVie, Inc., 4.500%, 05/14/2035 | 427,749 | 0.2 | |||||||||
531,000 | Altria Group, Inc., 3.400%, 02/04/2041 | 353,961 | 0.1 |
See Accompanying Notes to Financial Statements
VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||
CORPORATE BONDS/NOTES: (continued) | ||||||||||||
Consumer, Non-cyclical: (continued) | ||||||||||||
300,000 | Amgen, Inc., 4.050%, 08/18/2029 | $ | 281,025 | 0.1 | ||||||||
27,000 | Amgen, Inc., 4.200%, 02/22/2052 | 21,546 | 0.0 | |||||||||
885,000 | Anheuser-Busch InBev Worldwide, Inc., 4.000%, 04/13/2028 | 843,959 | 0.3 | |||||||||
201,000 | BAT Capital Corp., 4.540%, 08/15/2047 | 142,778 | 0.1 | |||||||||
387,000 | BAT International Finance PLC, 1.668%, 03/25/2026 | 343,342 | 0.1 | |||||||||
200,000 | BHSH System Obligated Group, 3.487%, 07/15/2049 | 148,916 | 0.1 | |||||||||
31,000 | Boston Scientific Corp., 2.650%, 06/01/2030 | 26,552 | 0.0 | |||||||||
51,000 | (1) | Cargill, Inc., 0.400%, 02/02/2024 | 48,482 | 0.0 | ||||||||
299,000 | Cigna Corp., 4.125%, 11/15/2025 | 292,458 | 0.1 | |||||||||
300,000 | CommonSpirit Health, 3.817%, 10/01/2049 | 224,685 | 0.1 | |||||||||
230,000 | CVS Health Corp., 1.300%, 08/21/2027 | 195,083 | 0.1 | |||||||||
183,000 | CVS Health Corp., 3.875%, 07/20/2025 | 178,754 | 0.1 | |||||||||
177,000 | CVS Health Corp., 4.250%, 04/01/2050 | 141,739 | 0.1 | |||||||||
300,000 | Franciscan Missionaries of Our Lady Health System, Inc., 3.914%, 07/01/2049 | 230,606 | 0.1 | |||||||||
215,000 | (1) | GE HealthCare Technologies, Inc., 5.600%, 11/15/2025 | 216,555 | 0.1 | ||||||||
185,000 | Gilead Sciences, Inc., 2.600%, 10/01/2040 | 129,784 | 0.1 | |||||||||
32,000 | Global Payments, Inc., 2.150%, 01/15/2027 | 27,959 | 0.0 | |||||||||
434,000 | Global Payments, Inc., 2.900%, 05/15/2030 | 356,558 | 0.1 | |||||||||
427,000 | Global Payments, Inc., 3.200%, 08/15/2029 | 363,849 | 0.1 | |||||||||
156,000 | (1) | HCA, Inc., 3.625%, 03/15/2032 | 132,416 | 0.1 | ||||||||
986,000 | HCA, Inc., 5.250%, 06/15/2026 | 975,364 | 0.4 | |||||||||
307,000 | HCA, Inc., 5.375%, 02/01/2025 | 306,877 | 0.1 | |||||||||
92,000 | Humana, Inc., 1.350%, 02/03/2027 | 79,672 | 0.0 | |||||||||
80,000 | Moody’s Corp., 3.100%, 11/29/2061 | 50,738 | 0.0 | |||||||||
85,000 | Moody’s Corp., 4.250%, 08/08/2032 | 79,687 | 0.0 | |||||||||
175,000 | Mount Nittany Medical Center Obligated Group, 3.799%, 11/15/2052 | 133,133 | 0.1 | |||||||||
104,000 | Philip Morris International, Inc., 1.500%, 05/01/2025 | 96,362 | 0.0 | |||||||||
250,000 | Presbyterian Healthcare Services, 4.875%, 08/01/2052 | 235,544 | 0.1 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||
CORPORATE BONDS/NOTES: (continued) | ||||||||||||
Consumer, Non-cyclical: (continued) | ||||||||||||
250,000 | Queen’s Health Systems/The, 4.810%, 07/01/2052 | $ | 228,404 | 0.1 | ||||||||
144,000 | RELX Capital, Inc., 3.000%, 05/22/2030 | 123,039 | 0.1 | |||||||||
100,000 | S&P Global, Inc., 1.250%, 08/15/2030 | 77,136 | 0.0 | |||||||||
20,000 | (1) | S&P Global, Inc., 2.450%, 03/01/2027 | 18,295 | 0.0 | ||||||||
4,000 | (1) | S&P Global, Inc., 3.900%, 03/01/2062 | 3,111 | 0.0 | ||||||||
286,000 | Shire Acquisitions Investments Ireland DAC, 3.200%, 09/23/2026 | 268,615 | 0.1 | |||||||||
206,000 | Takeda Pharmaceutical Co. Ltd., 2.050%, 03/31/2030 | 168,607 | 0.1 | |||||||||
103,000 | Thermo Fisher Scientific, Inc., 2.000%, 10/15/2031 | 83,689 | 0.0 | |||||||||
40,000 | Thermo Fisher Scientific, Inc., 4.950%, 11/21/2032 | 40,693 | 0.0 | |||||||||
212,000 | UnitedHealth Group, Inc., 2.900%, 05/15/2050 | 144,421 | 0.1 | |||||||||
8,565,737 | 3.4 | |||||||||||
Energy: 2.2% | ||||||||||||
254,000 | (1) | Cameron LNG LLC, 3.302%, 01/15/2035 | 205,386 | 0.1 | ||||||||
9,000 | (1) | Cameron LNG LLC, 3.402%, 01/15/2038 | 7,340 | 0.0 | ||||||||
226,000 | Cheniere Corpus Christi Holdings LLC, 3.700%, 11/15/2029 | 204,792 | 0.1 | |||||||||
356,000 | Cheniere Corpus Christi Holdings LLC, 5.125%, 06/30/2027 | 352,284 | 0.1 | |||||||||
165,000 | Cheniere Energy Partners L.P., 3.250%, 01/31/2032 | 131,349 | 0.1 | |||||||||
10,000 | Devon Energy Corp., 4.500%, 01/15/2030 | 9,333 | 0.0 | |||||||||
94,000 | Devon Energy Corp., 4.750%, 05/15/2042 | 79,966 | 0.0 | |||||||||
44,000 | Devon Energy Corp., 5.250%, 10/15/2027 | 43,615 | 0.0 | |||||||||
107,000 | Devon Energy Corp., 5.600%, 07/15/2041 | 100,290 | 0.1 | |||||||||
2,000 | Devon Energy Corp., 5.875%, 06/15/2028 | 2,025 | 0.0 | |||||||||
60,000 | Devon Energy Corp., 8.250%, 08/01/2023 | 60,829 | 0.0 | |||||||||
215,000 | Diamondback Energy, Inc., 3.125%, 03/24/2031 | 178,554 | 0.1 | |||||||||
309,000 | Diamondback Energy, Inc., 3.250%, 12/01/2026 | 287,832 | 0.1 | |||||||||
1,009,000 | Diamondback Energy, Inc., 3.500%, 12/01/2029 | 887,427 | 0.4 | |||||||||
49,000 | Diamondback Energy, Inc., 4.400%, 03/24/2051 | 37,550 | 0.0 | |||||||||
44,000 | Energy Transfer L.P., 3.600%, 02/01/2023 | 43,917 | 0.0 | |||||||||
17,000 | Energy Transfer L.P., 3.900%, 05/15/2024 | 16,567 | 0.0 | |||||||||
105,000 | Energy Transfer L.P., 4.000%, 10/01/2027 | 98,168 | 0.0 | |||||||||
420,000 | Energy Transfer L.P., 4.950%, 06/15/2028 | 406,931 | 0.2 |
See Accompanying Notes to Financial Statements
VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||
CORPORATE BONDS/NOTES: (continued) | ||||||||||||
Energy: (continued) | ||||||||||||
126,000 | Energy Transfer L.P., 5.000%, 05/15/2050 | $ | 101,227 | 0.1 | ||||||||
772,000 | Energy Transfer L.P., 5.500%, 06/01/2027 | 767,756 | 0.3 | |||||||||
30,000 | Energy Transfer L.P., 6.250%, 04/15/2049 | 28,041 | 0.0 | |||||||||
115,000 | Enterprise Products Operating LLC, 3.300%, 02/15/2053 | 77,015 | 0.0 | |||||||||
82,000 | Kinder Morgan, Inc., 3.600%, 02/15/2051 | 56,838 | 0.0 | |||||||||
96,000 | (1) | NGPL PipeCo LLC, 3.250%, 07/15/2031 | 78,338 | 0.0 | ||||||||
438,000 | (1) | Texas Eastern Transmission L.P., 3.500%, 01/15/2028 | 398,990 | 0.2 | ||||||||
782,000 | Transcontinental Gas Pipe Line Co. LLC, 7.850%, 02/01/2026 | 835,483 | 0.3 | |||||||||
20,000 | Williams Cos, Inc./The, 5.300%, 08/15/2052 | 17,988 | 0.0 | |||||||||
5,515,831 | 2.2 | |||||||||||
Financial: 9.5% | ||||||||||||
127,000 | Alexandria Real Estate Equities, Inc., 2.950%, 03/15/2034 | 103,329 | 0.0 | |||||||||
30,000 | American International Group, Inc., 4.375%, 06/30/2050 | 25,533 | 0.0 | |||||||||
10,000 | American Tower Corp., 2.100%, 06/15/2030 | 7,938 | 0.0 | |||||||||
189,000 | American Tower Corp., 3.550%, 07/15/2027 | 175,314 | 0.1 | |||||||||
307,000 | American Tower Corp., 3.800%, 08/15/2029 | 279,167 | 0.1 | |||||||||
484,000 | Aon Corp., 2.800%, 05/15/2030 | 413,885 | 0.2 | |||||||||
400,000 | (2) | Banco Santander SA, 0.701%, 06/30/2024 | 389,025 | 0.2 | ||||||||
444,000 | (2) | Bank of America Corp., 0.523%, 06/14/2024 | 433,517 | 0.2 | ||||||||
1,741,000 | (2) | Bank of America Corp., 1.319%, 06/19/2026 | 1,569,308 | 0.6 | ||||||||
398,000 | (2) | Bank of America Corp., 1.734%, 07/22/2027 | 349,184 | 0.1 | ||||||||
25,000 | (2) | Bank of America Corp., 1.898%, 07/23/2031 | 19,242 | 0.0 | ||||||||
376,000 | (2) | Bank of America Corp., 2.015%, 02/13/2026 | 349,309 | 0.1 | ||||||||
838,000 | (2) | Bank of America Corp., 2.299%, 07/21/2032 | 647,364 | 0.3 | ||||||||
1,089,000 | (2) | Bank of America Corp., 2.551%, 02/04/2028 | 968,766 | 0.4 | ||||||||
193,000 | (2) | Bank of America Corp., 2.572%, 10/20/2032 | 151,637 | 0.1 | ||||||||
88,000 | (2) | Bank of America Corp., 2.687%, 04/22/2032 | 70,645 | 0.0 | ||||||||
467,000 | (2) | Bank of America Corp., 2.972%, 02/04/2033 | 377,429 | 0.2 | ||||||||
57,000 | (2) | Bank of America Corp., 3.384%, 04/02/2026 | 54,485 | 0.0 | ||||||||
199,000 | (2) | Bank of America Corp., 3.559%, 04/23/2027 | 186,675 | 0.1 | ||||||||
55,000 | (2) | Bank of America Corp., 3.705%, 04/24/2028 | 50,979 | 0.0 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||
CORPORATE BONDS/NOTES: (continued) | ||||||||||||
Financial: (continued) | ||||||||||||
24,000 | (2) | Bank of America Corp., 3.974%, 02/07/2030 | $ | 21,846 | 0.0 | |||||||
303,000 | (2) | Bank of America Corp., 4.376%, 04/27/2028 | 290,234 | 0.1 | ||||||||
387,000 | (2) | Bank of America Corp., 4.571%, 04/27/2033 | 355,084 | 0.1 | ||||||||
45,000 | (2) | Bank of America Corp., 5.015%, 07/22/2033 | 42,855 | 0.0 | ||||||||
200,000 | (2) | Barclays PLC, 5.746%, 08/09/2033 | 189,502 | 0.1 | ||||||||
115,000 | Blackstone Private Credit Fund, 3.250%, 03/15/2027 | 96,979 | 0.0 | |||||||||
147,000 | Blackstone Private Credit Fund, 4.000%, 01/15/2029 | 121,540 | 0.1 | |||||||||
184,000 | (2) | Capital One Financial Corp., 3.273%, 03/01/2030 | 157,670 | 0.1 | ||||||||
28,000 | (2) | Capital One Financial Corp., 5.247%, 07/26/2030 | 26,726 | 0.0 | ||||||||
31,000 | (2) | Citigroup, Inc., 0.776%, 10/30/2024 | 29,713 | 0.0 | ||||||||
594,000 | (2) | Citigroup, Inc., 2.561%, 05/01/2032 | 470,358 | 0.2 | ||||||||
302,000 | (2) | Citigroup, Inc., 2.666%, 01/29/2031 | 248,341 | 0.1 | ||||||||
31,000 | (2) | Citigroup, Inc., 2.976%, 11/05/2030 | 26,131 | 0.0 | ||||||||
80,000 | (2) | Citigroup, Inc., 3.057%, 01/25/2033 | 64,767 | 0.0 | ||||||||
365,000 | (2) | Citigroup, Inc., 3.070%, 02/24/2028 | 329,580 | 0.1 | ||||||||
45,000 | (2) | Citigroup, Inc., 4.910%, 05/24/2033 | 42,269 | 0.0 | ||||||||
72,000 | (1) | Corebridge Global Funding, 0.450%, 12/08/2023 | 69,002 | 0.0 | ||||||||
53,000 | Crown Castle, Inc., 1.350%, 07/15/2025 | 48,263 | 0.0 | |||||||||
178,000 | Crown Castle, Inc., 2.250%, 01/15/2031 | 143,222 | 0.1 | |||||||||
55,000 | Crown Castle, Inc., 2.900%, 03/15/2027 | 50,106 | 0.0 | |||||||||
27,000 | Crown Castle, Inc., 3.150%, 07/15/2023 | 26,704 | 0.0 | |||||||||
118,000 | Crown Castle, Inc., 3.700%, 06/15/2026 | 112,348 | 0.1 | |||||||||
545,000 | Crown Castle, Inc., 3.800%, 02/15/2028 | 507,469 | 0.2 | |||||||||
27,000 | Equinix, Inc., 2.150%, 07/15/2030 | 21,540 | 0.0 | |||||||||
435,000 | Equinix, Inc., 3.200%, 11/18/2029 | 379,584 | 0.2 | |||||||||
220,000 | Equinix, Inc., 3.900%, 04/15/2032 | 196,076 | 0.1 | |||||||||
477,000 | GLP Capital L.P. / GLP Financing II, Inc., 3.250%, 01/15/2032 | 381,996 | 0.2 | |||||||||
30,000 | GLP Capital L.P. / GLP Financing II, Inc., 4.000%, 01/15/2031 | 25,787 | 0.0 |
See Accompanying Notes to Financial Statements
30
VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||
CORPORATE BONDS/NOTES: (continued) | ||||||||||||
Financial: (continued) | ||||||||||||
386,000 | (2) | Goldman Sachs Group, Inc./The, 1.431%, 03/09/2027 | $ | 338,915 | 0.1 | |||||||
141,000 | (2) | Goldman Sachs Group, Inc./The, 1.757%, 01/24/2025 | 135,016 | 0.1 | ||||||||
959,000 | (2) | Goldman Sachs Group, Inc./The, 1.992%, 01/27/2032 | 732,775 | 0.3 | ||||||||
32,000 | (2) | Goldman Sachs Group, Inc./The, 2.615%, 04/22/2032 | 25,596 | 0.0 | ||||||||
785,000 | (2) | Goldman Sachs Group, Inc./The, 2.640%, 02/24/2028 | 700,071 | 0.3 | ||||||||
439,000 | (2) | Goldman Sachs Group, Inc./The, 3.102%, 02/24/2033 | 357,601 | 0.1 | ||||||||
67,000 | (2) | Goldman Sachs Group, Inc./The, 4.482%, 08/23/2028 | 64,324 | 0.0 | ||||||||
200,000 | (2) | HSBC Holdings PLC, 2.251%, 11/22/2027 | 173,471 | 0.1 | ||||||||
200,000 | (2) | HSBC Holdings PLC, 2.999%, 03/10/2026 | 188,137 | 0.1 | ||||||||
235,000 | (2) | HSBC Holdings PLC, 5.402%, 08/11/2033 | 218,279 | 0.1 | ||||||||
123,000 | Intercontinental Exchange, Inc., 2.100%, 06/15/2030 | 100,646 | 0.0 | |||||||||
151,000 | Intercontinental Exchange, Inc., 4.350%, 06/15/2029 | 146,316 | 0.1 | |||||||||
41,000 | Invitation Homes Operating Partnership L.P., 2.300%, 11/15/2028 | 33,978 | 0.0 | |||||||||
31,000 | Invitation Homes Operating Partnership L.P., 4.150%, 04/15/2032 | 27,206 | 0.0 | |||||||||
69,000 | (2) | JPMorgan Chase & Co., 1.578%, 04/22/2027 | 60,707 | 0.0 | ||||||||
1,811,000 | (2) | JPMorgan Chase & Co., 2.005%, 03/13/2026 | 1,677,648 | 0.7 | ||||||||
13,000 | (2) | JPMorgan Chase & Co., 2.069%, 06/01/2029 | 10,880 | 0.0 | ||||||||
209,000 | (2) | JPMorgan Chase & Co., 2.182%, 06/01/2028 | 183,059 | 0.1 | ||||||||
26,000 | (2) | JPMorgan Chase & Co., 2.522%, 04/22/2031 | 21,333 | 0.0 | ||||||||
341,000 | (2) | JPMorgan Chase & Co., 2.545%, 11/08/2032 | 270,397 | 0.1 | ||||||||
107,000 | (2) | JPMorgan Chase & Co., 2.580%, 04/22/2032 | 85,970 | 0.0 | ||||||||
93,000 | (2) | JPMorgan Chase & Co., 2.595%, 02/24/2026 | 87,509 | 0.0 | ||||||||
680,000 | (2) | JPMorgan Chase & Co., 2.947%, 02/24/2028 | 616,105 | 0.2 | ||||||||
31,000 | (2) | JPMorgan Chase & Co., 3.220%, 03/01/2025 | 30,144 | 0.0 | ||||||||
449,000 | (2) | JPMorgan Chase & Co., 3.559%, 04/23/2024 | 446,098 | 0.2 | ||||||||
244,000 | (2) | JPMorgan Chase & Co., 4.565%, 06/14/2030 | 230,096 | 0.1 | ||||||||
102,000 | (2) | JPMorgan Chase & Co., 5.546%, 12/15/2025 | 102,080 | 0.0 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||
CORPORATE BONDS/NOTES: (continued) | ||||||||||||
Financial: (continued) | ||||||||||||
20,000 | Kimco Realty Corp., 4.600%, 02/01/2033 | $ | 18,350 | 0.0 | ||||||||
200,000 | Lloyds Banking Group PLC, 4.375%, 03/22/2028 | 190,182 | 0.1 | |||||||||
105,000 | Marsh & McLennan Cos, Inc., 2.250%, 11/15/2030 | 86,212 | 0.0 | |||||||||
30,000 | Mitsubishi UFJ Financial Group, Inc., 3.407%, 03/07/2024 | 29,386 | 0.0 | |||||||||
263,000 | (2) | Mitsubishi UFJ Financial Group, Inc., 4.788%, 07/18/2025 | 260,538 | 0.1 | ||||||||
690,000 | (2) | Morgan Stanley, 0.790%, 05/30/2025 | 641,854 | 0.3 | ||||||||
1,469,000 | (2) | Morgan Stanley, 1.512%, 07/20/2027 | 1,276,573 | 0.5 | ||||||||
24,000 | (2) | Morgan Stanley, 1.593%, 05/04/2027 | 21,081 | 0.0 | ||||||||
165,000 | (2) | Morgan Stanley, 1.794%, 02/13/2032 | 124,385 | 0.1 | ||||||||
112,000 | (2) | Morgan Stanley, 1.928%, 04/28/2032 | 84,769 | 0.0 | ||||||||
148,000 | (2) | Morgan Stanley, 2.239%, 07/21/2032 | 113,899 | 0.1 | ||||||||
196,000 | (2) | Morgan Stanley, 2.511%, 10/20/2032 | 153,907 | 0.1 | ||||||||
400,000 | (2) | Morgan Stanley, 2.943%, 01/21/2033 | 324,626 | 0.1 | ||||||||
16,000 | (2) | Morgan Stanley, 3.591%, 07/22/2028 | 14,701 | 0.0 | ||||||||
72,000 | (2) | Morgan Stanley, 3.772%, 01/24/2029 | 66,058 | 0.0 | ||||||||
1,029,000 | (2) | Morgan Stanley, 4.431%, 01/23/2030 | 959,775 | 0.4 | ||||||||
40,000 | (2) | Morgan Stanley, 4.889%, 07/20/2033 | 37,698 | 0.0 | ||||||||
142,000 | National Retail Properties, Inc., 3.000%, 04/15/2052 | 85,104 | 0.0 | |||||||||
204,000 | Nomura Holdings, Inc., 2.608%, 07/14/2031 | 158,258 | 0.1 | |||||||||
85,000 | (1) | Principal Life Global Funding II, 0.750%, 04/12/2024 | 80,328 | 0.0 | ||||||||
101,000 | Prologis L.P., 2.250%, 01/15/2032 | 80,320 | 0.0 | |||||||||
208,000 | Prologis L.P., 4.000%, 09/15/2028 | 197,760 | 0.1 | |||||||||
5,000 | (2) | State Street Corp., 4.164%, 08/04/2033 | 4,634 | 0.0 | ||||||||
45,000 | VICI Properties L.P., 4.375%, 05/15/2025 | 43,768 | 0.0 | |||||||||
125,000 | VICI Properties L.P., 4.750%, 02/15/2028 | 118,817 | 0.1 | |||||||||
160,000 | VICI Properties L.P., 4.950%, 02/15/2030 | 152,523 | 0.1 | |||||||||
59,000 | (1) | VICI Properties L.P. / VICI Note Co., Inc., 3.750%, 02/15/2027 | 53,653 | 0.0 | ||||||||
112,000 | (1) | VICI Properties L.P. / VICI Note Co., Inc., 4.250%, 12/01/2026 | 104,734 | 0.0 | ||||||||
24,000 | (1) | VICI Properties L.P. / VICI Note Co., Inc., 4.500%, 09/01/2026 | 22,619 | 0.0 |
See Accompanying Notes to Financial Statements
31
VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||
CORPORATE BONDS/NOTES: (continued) | ||||||||||||
Financial: (continued) | ||||||||||||
32,000 | (1) | VICI Properties L.P. / VICI Note Co., Inc., 4.625%, 06/15/2025 | $ | 30,722 | 0.0 | |||||||
31,000 | (2) | Wells Fargo & Co., 2.393%, 06/02/2028 | 27,407 | 0.0 | ||||||||
104,000 | Wells Fargo & Co., 3.000%, 10/23/2026 | 96,260 | 0.0 | |||||||||
137,000 | (2) | Wells Fargo & Co., 3.526%, 03/24/2028 | 127,110 | 0.1 | ||||||||
90,000 | (2) | Wells Fargo & Co., 3.584%, 05/22/2028 | 83,703 | 0.0 | ||||||||
52,000 | Wells Fargo & Co., 4.150%, 01/24/2029 | 48,984 | 0.0 | |||||||||
114,000 | (2) | Wells Fargo & Co., 4.897%, 07/25/2033 | 108,586 | 0.0 | ||||||||
24,192,064 | 9.5 | |||||||||||
Industrial: 1.7% | ||||||||||||
150,000 | Agilent Technologies, Inc., 2.300%, 03/12/2031 | 121,317 | 0.1 | |||||||||
236,000 | Amcor Flexibles North America, Inc., 2.690%, 05/25/2031 | 192,336 | 0.1 | |||||||||
20,000 | Burlington Northern Santa Fe LLC, 2.875%, 06/15/2052 | 13,430 | 0.0 | |||||||||
209,000 | Burlington Northern Santa Fe LLC, 3.300%, 09/15/2051 | 153,163 | 0.1 | |||||||||
80,000 | CSX Corp., 2.500%, 05/15/2051 | 48,953 | 0.0 | |||||||||
179,000 | CSX Corp., 3.250%, 06/01/2027 | 167,514 | 0.1 | |||||||||
122,000 | General Dynamics Corp., 3.750%, 05/15/2028 | 116,197 | 0.0 | |||||||||
379,000 | Huntington Ingalls Industries, Inc., 2.043%, 08/16/2028 | 313,063 | 0.1 | |||||||||
10,000 | Huntington Ingalls Industries, Inc., 3.483%, 12/01/2027 | 9,093 | 0.0 | |||||||||
218,000 | L3Harris Technologies, Inc., 3.850%, 12/15/2026 | 208,215 | 0.1 | |||||||||
241,000 | Lockheed Martin Corp., 2.800%, 06/15/2050 | 163,429 | 0.1 | |||||||||
10,000 | Lockheed Martin Corp., 3.900%, 06/15/2032 | 9,453 | 0.0 | |||||||||
108,000 | Norfolk Southern Corp., 3.050%, 05/15/2050 | 72,826 | 0.0 | |||||||||
117,000 | Norfolk Southern Corp., 3.800%, 08/01/2028 | 111,483 | 0.0 | |||||||||
234,000 | Northrop Grumman Corp., 2.930%, 01/15/2025 | 224,588 | 0.1 | |||||||||
131,000 | Northrop Grumman Corp., 5.250%, 05/01/2050 | 129,769 | 0.1 | |||||||||
59,000 | nVent Finance Sarl, 2.750%, 11/15/2031 | 45,544 | 0.0 | |||||||||
32,000 | (1) | Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.700%, 06/15/2026 | 28,031 | 0.0 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||
CORPORATE BONDS/NOTES: (continued) | ||||||||||||
Industrial: (continued) | ||||||||||||
369,000 | (1) | Penske Truck Leasing Co. Lp / PTL Finance Corp., 2.700%, 11/01/2024 | $ | 348,081 | 0.1 | |||||||
34,000 | Raytheon Technologies Corp., 2.820%, 09/01/2051 | 22,181 | 0.0 | |||||||||
403,000 | Raytheon Technologies Corp., 3.125%, 07/01/2050 | 284,037 | 0.1 | |||||||||
833,000 | Raytheon Technologies Corp., 4.125%, 11/16/2028 | 798,980 | 0.3 | |||||||||
26,000 | Raytheon Technologies Corp., 4.625%, 11/16/2048 | 23,569 | 0.0 | |||||||||
55,000 | Republic Services, Inc., 2.375%, 03/15/2033 | 44,023 | 0.0 | |||||||||
289,000 | Ryder System, Inc., 3.350%, 09/01/2025 | 274,651 | 0.1 | |||||||||
143,000 | Textron, Inc., 3.900%, 09/17/2029 | 129,857 | 0.1 | |||||||||
143,000 | Union Pacific Corp., 3.200%, 05/20/2041 | 112,806 | 0.0 | |||||||||
202,000 | Union Pacific Corp., 3.250%, 02/05/2050 | 146,531 | 0.1 | |||||||||
4,313,120 | 1.7 | |||||||||||
Technology: 2.0% | ||||||||||||
104,000 | Apple, Inc., 2.550%, 08/20/2060 | 63,453 | 0.0 | |||||||||
173,000 | Apple, Inc., 4.100%, 08/08/2062 | 144,865 | 0.1 | |||||||||
154,000 | Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.500%, 01/15/2028 | 140,364 | 0.1 | |||||||||
348,000 | (1) | Broadcom, Inc., 3.419%, 04/15/2033 | 279,961 | 0.1 | ||||||||
157,000 | (1) | Broadcom, Inc., 3.469%, 04/15/2034 | 125,710 | 0.1 | ||||||||
5,000 | Broadcom, Inc., 4.150%, 11/15/2030 | 4,493 | 0.0 | |||||||||
25,000 | (1) | Broadcom, Inc., 4.150%, 04/15/2032 | 22,015 | 0.0 | ||||||||
15,000 | Dell International LLC / EMC Corp., 8.350%, 07/15/2046 | 17,167 | 0.0 | |||||||||
33,000 | DXC Technology Co., 2.375%, 09/15/2028 | 27,839 | 0.0 | |||||||||
265,000 | Electronic Arts, Inc., 1.850%, 02/15/2031 | 208,922 | 0.1 | |||||||||
142,000 | Intel Corp., 3.200%, 08/12/2061 | 89,586 | 0.0 | |||||||||
304,000 | International Business Machines Corp., 4.150%, 07/27/2027 | 296,723 | 0.1 | |||||||||
76,000 | KLA Corp., 3.300%, 03/01/2050 | 55,403 | 0.0 | |||||||||
298,000 | KLA Corp., 4.100%, 03/15/2029 | 288,174 | 0.1 | |||||||||
85,000 | KLA Corp., 5.250%, 07/15/2062 | 82,178 | 0.0 | |||||||||
73,000 | Lam Research Corp., 2.875%, 06/15/2050 | 49,119 | 0.0 |
See Accompanying Notes to Financial Statements
32
VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||
CORPORATE BONDS/NOTES: (continued) | ||||||||||||
Technology: (continued) | ||||||||||||
81,000 | NVIDIA Corp., 3.500%, 04/01/2050 | $ | 61,540 | 0.0 | ||||||||
84,000 | NXP BV / NXP Funding LLC / NXP USA, Inc., 2.500%, 05/11/2031 | 67,115 | 0.0 | |||||||||
133,000 | NXP BV / NXP Funding LLC / NXP USA, Inc., 3.150%, 05/01/2027 | 120,839 | 0.1 | |||||||||
617,000 | NXP BV / NXP Funding LLC / NXP USA, Inc., 4.300%, 06/18/2029 | 576,557 | 0.2 | |||||||||
871,000 | Oracle Corp., 1.650%, 03/25/2026 | 780,738 | 0.3 | |||||||||
74,000 | Oracle Corp., 3.600%, 04/01/2050 | 50,131 | 0.0 | |||||||||
1,208,000 | Oracle Corp., 3.650%, 03/25/2041 | 896,288 | 0.4 | |||||||||
14,000 | Oracle Corp., 3.800%, 11/15/2037 | 11,135 | 0.0 | |||||||||
2,000 | QUALCOMM, Inc., 5.400%, 05/20/2033 | 2,089 | 0.0 | |||||||||
74,000 | Salesforce, Inc., 3.050%, 07/15/2061 | 47,349 | 0.0 | |||||||||
219,000 | ServiceNow, Inc., 1.400%, 09/01/2030 | 168,032 | 0.1 | |||||||||
200,000 | TSMC Arizona Corp., 4.250%, 04/22/2032 | 193,990 | 0.1 | |||||||||
212,000 | VMware, Inc., 1.800%, 08/15/2028 | 173,490 | 0.1 | |||||||||
114,000 | VMware, Inc., 2.200%, 08/15/2031 | 86,783 | 0.0 | |||||||||
5,132,048 | 2.0 | |||||||||||
Utilities: 1.5% | ||||||||||||
41,000 | AEP Texas, Inc., 3.450%, 05/15/2051 | 29,123 | 0.0 | |||||||||
329,000 | AEP Transmission Co. LLC, 2.750%, 08/15/2051 | 210,203 | 0.1 | |||||||||
173,000 | Alabama Power Co., 3.125%, 07/15/2051 | 118,268 | 0.1 | |||||||||
32,000 | Ameren Illinois Co., 2.900%, 06/15/2051 | 21,448 | 0.0 | |||||||||
94,000 | (1) | American Transmission Systems, Inc., 2.650%, 01/15/2032 | 77,393 | 0.0 | ||||||||
67,000 | Atmos Energy Corp., 2.850%, 02/15/2052 | 43,665 | 0.0 | |||||||||
155,000 | Baltimore Gas and Electric Co., 4.550%, 06/01/2052 | 137,767 | 0.1 | |||||||||
35,000 | CenterPoint Energy Houston Electric LLC, 3.350%, 04/01/2051 | 25,943 | 0.0 | |||||||||
87,000 | CenterPoint Energy Houston Electric LLC, 3.600%, 03/01/2052 | 67,287 | 0.0 | |||||||||
79,000 | CenterPoint Energy Resources Corp., 1.750%, 10/01/2030 | 62,471 | 0.0 | |||||||||
77,000 | Commonwealth Edison Co., 2.750%, 09/01/2051 | 49,628 | 0.0 | |||||||||
73,000 | Consolidated Edison Co. of New York, Inc., 6.150%, 11/15/2052 | 78,609 | 0.0 | |||||||||
199,000 | Consumers Energy Co., 2.650%, 08/15/2052 | 126,173 | 0.1 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||
CORPORATE BONDS/NOTES: (continued) | ||||||||||||
Utilities: (continued) | ||||||||||||
83,000 | Consumers Energy Co., 4.200%, 09/01/2052 | $ | 71,480 | 0.0 | ||||||||
90,000 | DTE Electric Co., 3.650%, 03/01/2052 | 70,057 | 0.0 | |||||||||
42,000 | DTE Electric Co., 3.950%, 03/01/2049 | 34,637 | 0.0 | |||||||||
71,000 | Duke Energy Carolinas LLC, 3.450%, 04/15/2051 | 52,213 | 0.0 | |||||||||
34,000 | Duke Energy Carolinas LLC, 3.550%, 03/15/2052 | 25,564 | 0.0 | |||||||||
195,000 | Duke Energy Corp., 4.300%, 03/15/2028 | 187,993 | 0.1 | |||||||||
40,000 | Duke Energy Corp., 5.000%, 12/08/2025 | 39,958 | 0.0 | |||||||||
137,000 | Duke Energy Florida LLC, 1.750%, 06/15/2030 | 109,216 | 0.1 | |||||||||
262,000 | Duke Energy Florida LLC, 3.800%, 07/15/2028 | 249,262 | 0.1 | |||||||||
20,000 | Duke Energy Florida LLC, 5.950%, 11/15/2052 | 21,413 | 0.0 | |||||||||
262,000 | Duke Energy Progress LLC, 2.900%, 08/15/2051 | 172,805 | 0.1 | |||||||||
55,000 | Edison International, 6.950%, 11/15/2029 | 57,564 | 0.0 | |||||||||
185,000 | Entergy Louisiana LLC, 2.350%, 06/15/2032 | 147,526 | 0.1 | |||||||||
73,000 | (1) | Exelon Corp., 2.750%, 03/15/2027 | 67,056 | 0.0 | ||||||||
78,000 | (1) | Exelon Corp., 4.100%, 03/15/2052 | 62,742 | 0.0 | ||||||||
32,000 | Exelon Corp., 4.700%, 04/15/2050 | 28,042 | 0.0 | |||||||||
214,000 | Florida Power & Light Co., 2.875%, 12/04/2051 | 144,548 | 0.1 | |||||||||
30,000 | Florida Power & Light Co., 3.950%, 03/01/2048 | 24,912 | �� | 0.0 | ||||||||
241,000 | MidAmerican Energy Co., 2.700%, 08/01/2052 | 155,437 | 0.1 | |||||||||
53,000 | Northern States Power Co/MN, 2.600%, 06/01/2051 | 33,839 | 0.0 | |||||||||
213,000 | (1) | NRG Energy, Inc., 4.450%, 06/15/2029 | 188,794 | 0.1 | ||||||||
150,000 | Ohio Power Co., 2.900%, 10/01/2051 | 98,280 | 0.1 | |||||||||
47,000 | Oncor Electric Delivery Co. LLC, 3.100%, 09/15/2049 | 33,491 | 0.0 | |||||||||
27,000 | (1) | Oncor Electric Delivery Co. LLC, 4.150%, 06/01/2032 | 25,565 | 0.0 | ||||||||
238,000 | PECO Energy Co., 2.850%, 09/15/2051 | 157,832 | 0.1 | |||||||||
85,000 | Public Service Electric and Gas Co., 4.900%, 12/15/2032 | 85,430 | 0.0 | |||||||||
200,000 | Southern California Edison Co., 1.200%, 02/01/2026 | 177,577 | 0.1 | |||||||||
74,000 | Southwestern Public Service Co., 3.150%, 05/01/2050 | 51,412 | 0.0 | |||||||||
27,000 | Tampa Electric Co., 4.300%, 06/15/2048 | 21,971 | 0.0 |
See Accompanying Notes to Financial Statements
33
VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||
CORPORATE BONDS/NOTES: (continued) | ||||||||||||
Utilities: (continued) | ||||||||||||
149,000 | Virginia Electric and Power Co., 2.450%, 12/15/2050 | $ | 88,959 | 0.0 | ||||||||
3,733,553 | 1.5 | |||||||||||
Total Corporate Bonds/Notes (Cost $72,625,621) | 63,095,878 | 24.8 | ||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: 1.8% | ||||||||||||
298,706 | (1), (2),(3) | CSMC 2022-NQM4 A1A Trust, 4.819% (Step Rate @ 5.819% on 06/01/2026), 06/25/2067 | 293,425 | 0.1 | ||||||||
546,228 | (1),(2) | CSMC 2022-NQM5 A1 Trust, 5.169%, 05/25/2067 | 548,554 | 0.2 | ||||||||
264,769 | (1), (2),(3) | Homeward Opportunities Fund Trust 2022-1 A1, 5.082% (Step Rate @ 6.082% on 06/01/2026), 07/25/2067 | 264,407 | 0.1 | ||||||||
902,107 | (1),(2) | J.P. Morgan Mortgage Trust 2022-INV3 A3B, 3.000%, 09/25/2052 | 757,347 | 0.3 | ||||||||
1,055,276 | (1),(2) | Mello Mortgage Capital Acceptance 2022-INV2 A3, 3.000%, 04/25/2052 | 882,639 | 0.3 | ||||||||
320,026 | (1), (2),(3) | MFA 2022-INV2 A1 Trust, 4.950% (Step Rate @ 5.950% on 07/01/2026), 07/25/2057 | 310,541 | 0.1 | ||||||||
363,037 | (1),(3) | OBX 2022-NQM9 A1A Trust, 6.450% (Step Rate @ 7.450% on 11/01/2026), 09/25/2062 | 361,626 | 0.1 | ||||||||
99,087 | (1),(2) | PRKCM 2022-AFC2 A1 Trust, 5.335%, 08/25/2057 | 97,339 | 0.0 | ||||||||
137,433 | (1), (2),(3) | SG Residential Mortgage Trust 2022-2 A1, 5.353% (Step Rate @ 6.353% on 07/01/2026), 08/25/2062 | 139,903 | 0.1 | ||||||||
197,584 | (1),(3) | Spruce Hill Mortgage Loan Trust 2022-SH1 A1A, 4.100% (Step Rate @ 5.100% on 10/01/2026), 07/25/2057 | 180,874 | 0.1 | ||||||||
399,053 | (1), (2),(3) | Verus Securitization Trust 2022-7 A1, 5.152% (Step Rate @ 6.152% on 07/01/2026), 07/25/2067 | 402,334 | 0.2 | ||||||||
118,837 | (1),(3) | Verus Securitization Trust 2022-INV2 A1, 6.790% (Step Rate @ 7.790% on 10/01/2026), 10/25/2067 | 120,523 | 0.1 | ||||||||
325,660 | (1), (2),(3) | Visio 2022-1 A1 Trust, 5.759% (Step Rate @ 6.759% on 07/01/2026), 08/25/2057 | 331,007 | 0.1 | ||||||||
Total Collateralized Mortgage Obligations (Cost $4,892,441) | 4,690,519 | 1.8 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||
MUNICIPAL BONDS: 0.1% | ||||||||||||
California: 0.1% | ||||||||||||
300,000 | University of California, 2.650%, 05/15/2050 | $ | 184,332 | 0.1 | ||||||||
Total Municipal Bonds (Cost $219,335) | 184,332 | 0.1 | ||||||||||
U.S. TREASURY OBLIGATIONS: 52.7% | ||||||||||||
Treasury Inflation Indexed Protected Securities: 52.0% | ||||||||||||
357,695 | 0.125%,07/15/2024 | 346,206 | 0.1 | |||||||||
813,085 | 0.125%,10/15/2024 | 783,138 | 0.3 | |||||||||
321,591 | 0.125%,10/15/2025 | 305,704 | 0.1 | |||||||||
2,568,339 | 0.125%,10/15/2026 | 2,408,234 | 0.9 | |||||||||
2,797,022 | 0.125%,04/15/2027 | 2,607,651 | 1.0 | |||||||||
4,059,842 | 0.125%,01/15/2030 | 3,649,173 | 1.4 | |||||||||
8,886,013 | 0.125%,07/15/2030 | 7,961,907 | 3.1 | |||||||||
8,757,797 | 0.125%,01/15/2031 | 7,783,622 | 3.1 | |||||||||
5,448,310 | 0.125%,07/15/2031 | 4,817,981 | 1.9 | |||||||||
11,567,753 | (4) | 0.125%,01/15/2032 | 10,140,912 | 4.0 | ||||||||
2,060,370 | 0.125%,02/15/2051 | 1,328,956 | 0.5 | |||||||||
1,959,088 | 0.125%,02/15/2052 | 1,270,733 | 0.5 | |||||||||
4,060,199 | 0.250%,07/15/2029 | 3,719,293 | 1.5 | |||||||||
3,535,408 | 0.250%,02/15/2050 | 2,387,513 | 0.9 | |||||||||
691,169 | 0.375%,07/15/2025 | 663,949 | 0.3 | |||||||||
672,367 | 0.375%,01/15/2027 | 634,273 | 0.2 | |||||||||
2,028,420 | 0.375%,07/15/2027 | 1,912,488 | 0.8 | |||||||||
7,885,495 | 0.625%,01/15/2024 | 7,718,752 | 3.0 | |||||||||
9,779,954 | 0.625%,07/15/2032 | 8,965,856 | 3.5 | |||||||||
3,454,400 | 0.625%,02/15/2043 | 2,790,072 | 1.1 | |||||||||
7,188,617 | 0.750%,07/15/2028 | 6,851,139 | 2.7 | |||||||||
4,167,234 | 0.750%,02/15/2042 | 3,491,625 | 1.4 | |||||||||
4,872,329 | (4) | 0.750%,02/15/2045 | 3,944,880 | 1.5 | ||||||||
5,785,369 | 0.875%,01/15/2029 | 5,514,674 | 2.2 | |||||||||
3,197,485 | 0.875%,02/15/2047 | 2,624,414 | 1.0 | |||||||||
2,653,810 | 1.000%,02/15/2046 | 2,256,444 | 0.9 | |||||||||
2,296,150 | 1.000%,02/15/2048 | 1,934,922 | 0.8 | |||||||||
2,125,819 | 1.000%,02/15/2049 | 1,779,042 | 0.7 | |||||||||
3,196,750 | (4) | 1.375%,02/15/2044 | 2,971,816 | 1.2 | ||||||||
3,802,756 | 1.625%,10/15/2027 | 3,800,038 | 1.5 | |||||||||
3,192,135 | (4) | 1.750%,01/15/2028 | 3,191,456 | 1.3 | ||||||||
1,683,916 | 2.125%,02/15/2040 | 1,783,938 | 0.7 | |||||||||
2,565,183 | 2.125%,02/15/2041 | 2,719,709 | 1.1 | |||||||||
4,192,405 | 2.375%,01/15/2027 | 4,277,827 | 1.7 | |||||||||
2,456,831 | 2.500%,01/15/2029 | 2,562,902 | 1.0 | |||||||||
1,527,835 | 3.375%,04/15/2032 | 1,750,124 | 0.7 | |||||||||
3,497,141 | 3.625%,04/15/2028 | 3,813,069 | 1.5 | |||||||||
4,328,966 | 3.875%,04/15/2029 | 4,866,636 | 1.9 | |||||||||
132,331,068 | 52.0 | |||||||||||
U.S. Treasury Bonds: 0.7% | ||||||||||||
1,975,000 | 3.125%,02/15/2043 | 1,686,774 | 0.7 | |||||||||
Total U.S. Treasury Obligations (Cost $150,000,314) | 134,017,842 | 52.7 | ||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: 10.8% | ||||||||||||
Federal National Mortgage Association: 0.3%(5) | ||||||||||||
617,000 | (6) | 5.000%,01/15/2053 | 608,074 | 0.2 | ||||||||
200,000 | (6) | 5.000%,02/15/2053 | 197,076 | 0.1 | ||||||||
805,150 | 0.3 | |||||||||||
Government National Mortgage Association: 2.2% | ||||||||||||
529,507 | 2.000%,11/20/2050 | 447,451 | 0.2 |
See Accompanying Notes to Financial Statements
34
VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | ||||||||||||
Government National Mortgage Association: (continued) | ||||||||||||
205,838 | 2.000%,01/20/2051 | $ | 173,808 | 0.1 | ||||||||
151,311 | 2.000%,02/20/2051 | 127,011 | 0.0 | |||||||||
578,600 | (6) | 2.000%,01/15/2053 | 485,043 | 0.2 | ||||||||
503,724 | 2.500%,04/20/2051 | 439,266 | 0.2 | |||||||||
225,740 | 2.500%,05/20/2052 | 195,818 | 0.1 | |||||||||
669,735 | 2.500%,06/20/2052 | 581,485 | 0.2 | |||||||||
378,406 | 2.500%,07/20/2052 | 328,539 | 0.1 | |||||||||
371,423 | 3.000%,06/20/2051 | 332,755 | 0.1 | |||||||||
464,866 | 3.000%,08/20/2051 | 416,646 | 0.2 | |||||||||
123,511 | 3.000%,12/20/2051 | 110,488 | 0.0 | |||||||||
140,600 | (6) | 3.000%,01/15/2053 | 125,226 | 0.0 | ||||||||
567,489 | 3.500%,05/20/2047 | 531,326 | 0.2 | |||||||||
291,000 | (6) | 3.500%,01/15/2053 | 267,408 | 0.1 | ||||||||
237,220 | 4.000%,09/20/2048 | 226,615 | 0.1 | |||||||||
288,000 | (6) | 4.000%,01/15/2053 | 272,566 | 0.1 | ||||||||
178,904 | 4.500%,08/20/2048 | 175,932 | 0.1 | |||||||||
174,000 | (6) | 4.500%,01/15/2053 | 168,819 | 0.1 | ||||||||
273,000 | (6) | 5.000%,01/15/2053 | 270,554 | 0.1 | ||||||||
5,676,756 | 2.2 | |||||||||||
Uniform Mortgage-Backed Securities: 8.3% | ||||||||||||
372,000 | (6) | 1.500%,01/15/2038 | 322,133 | 0.1 | ||||||||
559,240 | 1.500%,11/01/2041 | 458,197 | 0.2 | |||||||||
331,021 | 1.500%,12/01/2041 | 271,211 | 0.1 | |||||||||
55,748 | 1.500%,10/01/2050 | 43,140 | 0.0 | |||||||||
64,997 | 1.500%,10/01/2050 | 50,298 | 0.0 | |||||||||
50,631 | 1.500%,11/01/2050 | 39,181 | 0.0 | |||||||||
66,284 | 1.500%,03/01/2051 | 51,263 | 0.0 | |||||||||
84,082 | 1.500%,03/01/2051 | 65,019 | 0.0 | |||||||||
10,800 | 1.500%,05/01/2051 | 8,351 | 0.0 | |||||||||
8,140 | 1.500%,06/01/2051 | 6,290 | 0.0 | |||||||||
44,267 | 1.500%,10/01/2051 | 34,175 | 0.0 | |||||||||
10,232 | 1.500%,11/01/2051 | 7,898 | 0.0 | |||||||||
69,869 | 2.000%,02/01/2036 | 62,407 | 0.0 | |||||||||
88,707 | 2.000%,03/01/2037 | 79,226 | 0.0 | |||||||||
882,100 | (6) | 2.000%,01/15/2038 | 784,665 | 0.3 | ||||||||
549,266 | 2.000%,02/01/2042 | 463,645 | 0.2 | |||||||||
141,428 | 2.000%,09/01/2050 | 115,890 | 0.1 | |||||||||
255,034 | 2.000%,10/01/2050 | 209,381 | 0.1 | |||||||||
312,685 | 2.000%,02/01/2051 | 255,786 | 0.1 | |||||||||
282,548 | 2.000%,03/01/2051 | 231,131 | 0.1 | |||||||||
96,650 | 2.000%,04/01/2051 | 79,529 | 0.0 | |||||||||
232,803 | 2.000%,04/01/2051 | 192,430 | 0.1 | |||||||||
145,154 | 2.000%,04/01/2051 | 119,712 | 0.1 | |||||||||
439,229 | 2.000%,08/01/2051 | 358,708 | 0.1 | |||||||||
545,562 | 2.000%,08/01/2051 | 445,456 | 0.2 | |||||||||
40,201 | 2.000%,10/01/2051 | 32,818 | 0.0 | |||||||||
53,631 | 2.000%,11/01/2051 | 44,255 | 0.0 | |||||||||
287,001 | 2.000%,11/01/2051 | 236,245 | 0.1 | |||||||||
253,450 | 2.000%,11/01/2051 | 208,941 | 0.1 | |||||||||
140,865 | 2.000%,11/01/2051 | 116,390 | 0.1 | |||||||||
161,897 | 2.000%,11/01/2051 | 132,327 | 0.1 | |||||||||
295,284 | 2.000%,12/01/2051 | 241,004 | 0.1 | |||||||||
300,118 | 2.000%,12/01/2051 | 245,041 | 0.1 | |||||||||
468,088 | 2.000%,01/01/2052 | 385,852 | 0.2 | |||||||||
1,631,492 | 2.000%,02/01/2052 | 1,331,596 | 0.5 | |||||||||
262,223 | 2.000%,03/01/2052 | 215,573 | 0.1 | |||||||||
182,686 | 2.000%,03/01/2052 | 150,431 | 0.1 | |||||||||
480,836 | 2.000%,03/01/2052 | 394,648 | 0.2 | |||||||||
634,889 | 2.500%,10/01/2036 | 583,214 | 0.2 | |||||||||
140,088 | 2.500%,07/01/2050 | 120,619 | 0.1 | |||||||||
72,155 | 2.500%,07/01/2050 | 62,347 | 0.0 | |||||||||
138,206 | 2.500%,07/01/2050 | 118,999 | 0.1 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | ||||||||||||
Uniform Mortgage-Backed Securities: (continued) | ||||||||||||
140,922 | 2.500%,07/01/2050 | $ | 121,231 | 0.1 | ||||||||
22,036 | 2.500%,07/01/2050 | 18,914 | 0.0 | |||||||||
115,905 | 2.500%,08/01/2050 | 99,794 | 0.0 | |||||||||
141,633 | 2.500%,08/01/2050 | 121,945 | 0.1 | |||||||||
35,954 | 2.500%,08/01/2050 | 30,957 | 0.0 | |||||||||
81,292 | 2.500%,11/01/2050 | 70,512 | 0.0 | |||||||||
22,143 | 2.500%,01/01/2051 | 19,043 | 0.0 | |||||||||
72,020 | 2.500%,02/01/2051 | 61,756 | 0.0 | |||||||||
122,110 | 2.500%,02/01/2051 | 105,906 | 0.1 | |||||||||
10,552 | 2.500%,03/01/2051 | 9,040 | 0.0 | |||||||||
6,902 | 2.500%,04/01/2051 | 5,907 | 0.0 | |||||||||
12,424 | 2.500%,04/01/2051 | 10,633 | 0.0 | |||||||||
3,367 | 2.500%,05/01/2051 | 2,887 | 0.0 | |||||||||
6,388 | 2.500%,05/01/2051 | 5,468 | 0.0 | |||||||||
113,511 | 2.500%,05/01/2051 | 97,495 | 0.0 | |||||||||
99,268 | 2.500%,05/01/2051 | 86,041 | 0.0 | |||||||||
10,120 | 2.500%,07/01/2051 | 8,669 | 0.0 | |||||||||
3,719 | 2.500%,10/01/2051 | 3,177 | 0.0 | |||||||||
38,219 | 2.500%,10/01/2051 | 32,677 | 0.0 | |||||||||
1,133,463 | 2.500%,11/01/2051 | 975,926 | 0.4 | |||||||||
95,780 | 2.500%,11/01/2051 | 82,223 | 0.0 | |||||||||
29,131 | 2.500%,12/01/2051 | 24,907 | 0.0 | |||||||||
292,463 | 2.500%,01/01/2052 | 249,660 | 0.1 | |||||||||
2,291,793 | 2.500%,01/01/2052 | 1,959,652 | 0.8 | |||||||||
369,763 | 3.000%,01/01/2036 | 347,401 | 0.1 | |||||||||
269,065 | 3.000%,09/01/2050 | 243,281 | 0.1 | |||||||||
59,406 | 3.000%,07/01/2051 | 52,966 | 0.0 | |||||||||
1,028,722 | 3.000%,09/01/2051 | 910,671 | 0.4 | |||||||||
74,895 | 3.000%,10/01/2051 | 66,295 | 0.0 | |||||||||
136,965 | 3.000%,11/01/2051 | 121,143 | 0.1 | |||||||||
61,328 | 3.000%,12/01/2051 | 54,391 | 0.0 | |||||||||
28,903 | 3.000%,01/01/2052 | 25,407 | 0.0 | |||||||||
7,835 | 3.000%,01/01/2052 | 6,892 | 0.0 | |||||||||
43,806 | 3.000%,02/01/2052 | 39,141 | 0.0 | |||||||||
1,008,288 | 3.000%,03/01/2052 | 896,485 | 0.4 | |||||||||
39,786 | 3.000%,04/01/2052 | 35,344 | 0.0 | |||||||||
63,099 | 3.000%,05/01/2052 | 55,738 | 0.0 | |||||||||
251,029 | 3.000%,08/01/2052 | 222,211 | 0.1 | |||||||||
146,618 | 3.500%,05/01/2036 | 140,489 | 0.1 | |||||||||
47,000 | (6) | 3.500%,01/15/2038 | 44,967 | 0.0 | ||||||||
566,803 | 3.500%,01/01/2051 | 522,090 | 0.2 | |||||||||
1,183,789 | 3.500%,09/01/2051 | 1,092,395 | 0.4 | |||||||||
33,889 | 3.500%,05/01/2052 | 31,240 | 0.0 | |||||||||
59,212 | 3.500%,06/01/2052 | 54,028 | 0.0 | |||||||||
56,222 | 3.500%,06/01/2052 | 51,658 | 0.0 | |||||||||
22,794 | 3.500%,06/01/2052 | 20,793 | 0.0 | |||||||||
34,587 | 3.500%,07/01/2052 | 31,802 | 0.0 | |||||||||
24,619 | 3.500%,08/01/2052 | 22,681 | 0.0 | |||||||||
5,671 | 3.500%,09/01/2052 | 5,208 | 0.0 | |||||||||
15,879 | 3.500%,09/01/2052 | 14,553 | 0.0 | |||||||||
20,873 | 3.500%,09/01/2052 | 19,066 | 0.0 | |||||||||
25,839 | 3.500%,09/01/2052 | 23,570 | 0.0 | |||||||||
714,894 | 4.000%,04/01/2050 | 679,668 | 0.3 | |||||||||
42,901 | 4.000%,04/01/2052 | 40,682 | 0.0 | |||||||||
676,500 | (6) | 4.000%,01/15/2053 | 634,538 | 0.3 | ||||||||
515,052 | 4.500%,03/01/2048 | 507,142 | 0.2 | |||||||||
20,636 | 4.500%,07/01/2052 | 19,884 | 0.0 | |||||||||
19,412 | 4.500%,07/01/2052 | 18,705 | 0.0 | |||||||||
121,982 | 4.500%,07/01/2052 | 117,680 | 0.1 | |||||||||
37,586 | 4.500%,08/01/2052 | 36,211 | 0.0 | |||||||||
83,200 | (6) | 4.500%,01/15/2053 | 80,086 | 0.0 |
See Accompanying Notes to Financial Statements
35
VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | ||||||||||||
Uniform Mortgage-Backed Securities: (continued) | ||||||||||||
100,000 | (6) | 4.500%,02/15/2053 | $ | 96,269 | 0.0 | |||||||
20,962,613 | 8.3 | |||||||||||
Total U.S. Government Agency Obligations (Cost $29,754,762) | 27,444,519 | 10.8 | ||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES: 5.6% | ||||||||||||
366,000 | BANK 2019-BNK23 A3, 2.920%, 12/15/2052 | 318,207 | 0.1 | |||||||||
280,000 | (2) | BANK 2022-BNK42 A5, 4.493%, 06/15/2055 | 268,160 | 0.1 | ||||||||
300,000 | Barclays Commercial Mortgage Trust 2019-C3 B, 4.096%, 05/15/2052 | 256,958 | 0.1 | |||||||||
280,000 | Barclays Commercial Mortgage Trust 2019-C4 B, 3.322%, 08/15/2052 | 222,390 | 0.1 | |||||||||
240,000 | (2) | BBCMS Mortgage Trust 2022-C16 A5, 4.600%, 06/15/2055 | 231,428 | 0.1 | ||||||||
1,000,000 | BENCHMARK 2018-B3 A5 Mortgage Trust, 4.025%, 04/10/2051 | 951,139 | 0.4 | |||||||||
926,715 | (1) | BX Commercial Mortgage Trust 2021-XL2 A, 5.007%, (US0001M + 0.689%), 10/15/2038 | 892,072 | 0.4 | ||||||||
800,000 | (1) | BX Trust 2021-ARIA A, 5.217%, (US0001M + 0.899%), 10/15/2036 | 762,366 | 0.3 | ||||||||
410,000 | CD 2017-CD3 A4 Mortgage Trust, 3.631%, 02/10/2050 | 381,786 | 0.1 | |||||||||
500,000 | CD 2017-CD6 Mortgage Trust A5, 3.456%, 11/13/2050 | 462,184 | 0.2 | |||||||||
800,000 | (1) | Credit Suisse Mortgage Capital Certificates 2019-ICE4 A, 5.298%, (US0001M + 0.980%), 05/15/2036 | 791,639 | 0.3 | ||||||||
730,000 | (1) | Credit Suisse Mortgage Capital Certificates 2021-BHAR A, 5.468%, (US0001M + 1.150%), 11/15/2038 | 697,426 | 0.3 | ||||||||
205,000 | CSAIL 2015-C3 A4 Commercial Mortgage Trust, 3.718%, 08/15/2048 | 195,295 | 0.1 | |||||||||
550,000 | (1) | ELP Commercial Mortgage Trust 2021-ELP A, 5.019%, (US0001M + 0.701%), 11/15/2038 | 528,770 | 0.2 | ||||||||
380,715 | (1) | Extended Stay America Trust 2021-ESH A, 5.398%, (US0001M + 1.080%), 07/15/2038 | 370,312 | 0.1 | ||||||||
980,000 | (2) | Fannie Mae Multifamily REMIC Trust 2022-M10 A2, 1.938%, 01/25/2032 | 786,777 | 0.3 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||
COMMERCIAL MORTGAGE-BACKED SECURTIES: (continued) | ||||||||||||
1,760,000 | Freddie Mac Multifamily WI Certificates Series WI-K146 A2, 2.920%, 07/25/2032 | $ | 1,548,935 | 0.6 | ||||||||
1,000,000 | GS Mortgage Securities Trust 2016-GS2 A4, 3.050%, 05/10/2049 | 928,747 | 0.4 | |||||||||
600,000 | (1) | JP Morgan Chase Commercial Mortgage Securities Corp. 2021-HYAH A, 5.078%, (US0001M + 0.760%), 06/15/2038 | 582,031 | 0.2 | ||||||||
380,000 | (1) | Med Trust 2021-MDLN A, 5.268%, (US0001M + 0.950%), 11/15/2038 | 366,346 | 0.1 | ||||||||
100,000 | (1) | MF1 2021-W10 A, 5.406%, (TSFR1M + 1.070%), 12/15/2034 | 95,310 | 0.0 | ||||||||
1,100,000 | Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15 A4, 4.051%, 04/15/2047 | 1,078,077 | 0.4 | |||||||||
215,000 | (1) | MTN Commercial Mortgage Trust 2022-LPFL A, 5.733%, (TSFR1M + 1.397%), 03/15/2039 | 209,658 | 0.1 | ||||||||
250,000 | (1) | Taubman Centers Commercial Mortgage Trust 2022-DPM A, 6.522%, (TSFR1M + 2.186%), 05/15/2037 | 243,370 | 0.1 | ||||||||
422,500 | Wells Fargo Commercial Mortgage Trust 2015-C26 B, 3.783%, 02/15/2048 | 390,871 | 0.2 | |||||||||
700,000 | Wells Fargo Commercial Mortgage Trust 2017-C39 A5, 3.418%, 09/15/2050 | 645,038 | 0.3 | |||||||||
Total Commercial Mortgage-Backed Securities (Cost $15,314,286) | 14,205,292 | 5.6 | ||||||||||
ASSET-BACKED SECURITIES: 1.6% | ||||||||||||
Automobile Asset-Backed Securities: 0.2% | ||||||||||||
430,000 | (1) | Credit Acceptance Auto Loan Trust 2021-4 A, 1.260%, 10/15/2030 | 403,354 | 0.2 | ||||||||
Other Asset-Backed Securities: 0.6% | ||||||||||||
401,000 | (1) | AMSR 2022-SFR3 D Trust, 4.000%, 10/17/2039 | 347,848 | 0.1 | ||||||||
114,278 | (1) | GoodLeap Sustainable Home Solutions Trust 2022-1GS A, 2.700%, 01/20/2049 | 87,467 | 0.0 | ||||||||
400,000 | (1) | New Residential Mortgage Loan Trust 2022-SFR2 D, 4.000%, 09/04/2039 | 343,853 | 0.1 | ||||||||
395,000 | (1) | Progress Residential 2022-SFR6 D Trust, 6.035%, 07/20/2039 | 368,535 | 0.2 |
See Accompanying Notes to Financial Statements
36
VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||
ASSET-BACKED SECURITIES: (continued) | ||||||||||||
Other Asset-Backed Securities: (continued) | ||||||||||||
525,000 | (1) | Progress Residential 2022-SFR7 Trust D, 5.500%, 10/27/2039 | $ | 486,901 | 0.2 | |||||||
1,634,604 | 0.6 | |||||||||||
Student Loan Asset-Backed Securities: 0.8% | ||||||||||||
145,314 | (1) | College Avenue Student Loans LLC 2021-B A2, 1.760%, 06/25/2052 | 120,882 | 0.0 | ||||||||
159,413 | (1) | Navient Student Loan Trust 2019-BA A2A, 3.390%, 12/15/2059 | 150,721 | 0.1 | ||||||||
669,587 | (1) | Nelnet Student Loan Trust 2021-BA AFL, 5.133%, (US0001M + 0.780%), 04/20/2062 | 651,670 | 0.2 | ||||||||
594,900 | SLM Private Credit Student Loan Trust 2005-A A4, 5.079%, (US0003M + 0.310%), 12/15/2038 | 567,217 | 0.2 | |||||||||
457,569 | (1) | SMB Private Education Loan Trust 2021-D A1A, 1.340%, 03/17/2053 | 401,215 | 0.2 | ||||||||
264,585 | (1) | Sofi Professional Loan Program 2018-C A2FX Trust, 3.590%, 01/25/2048 | 255,635 | 0.1 | ||||||||
2,147,340 | 0.8 | |||||||||||
Total Asset-Backed Securities (Cost $4,451,174) | 4,185,298 | 1.6 | ||||||||||
SOVEREIGN BONDS: 0.7% | ||||||||||||
200,000 | Chile Government International Bond, 3.860%, 06/21/2047 | 156,794 | 0.1 | |||||||||
EUR 302,500 | European Union, 0.700%, 07/06/2051 | 176,690 | 0.1 | |||||||||
200,000 | (1) | Indonesia Government International Bond, 6.750%, 01/15/2044 | 224,797 | 0.1 | ||||||||
200,000 | (1) | Kazakhstan Government International Bond, 4.875%, 10/14/2044 | 179,472 | 0.1 | ||||||||
300,000 | Mexico Government International Bond, 4.600%, 02/10/2048 | 232,641 | 0.1 | |||||||||
200,000 | Panama Government International Bond, 4.500%, 04/01/2056 | 146,559 | 0.0 | |||||||||
103,000 | Peruvian Government International Bond, 2.783%, 01/23/2031 | 85,462 | 0.0 | |||||||||
53,000 | Peruvian Government International Bond, 3.300%, 03/11/2041 | 38,732 | 0.0 | |||||||||
200,000 | Philippine Government International Bond, 3.700%, 02/02/2042 | 164,264 | 0.1 | |||||||||
200,000 | (1) | Qatar Government International Bond, 5.103%, 04/23/2048 | 201,478 | 0.1 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||
SOVEREIGN BONDS: (continued) | ||||||||||||
45,049 | Uruguay Government International Bond, 5.100%, 06/18/2050 | $ | 44,334 | 0.0 | ||||||||
Total Sovereign Bonds (Cost $2,153,679) | 1,651,223 | 0.7 | ||||||||||
Value | Percentage of Net Assets | |||||||||||
PURCHASED OPTIONS(7): 0.4% | ||||||||||||
Total Purchased Options (Cost $1,012,518) | 907,385 | 0.4 | ||||||||||
Total Long-Term Investments (Cost $280,424,130) | 250,382,288 | 98.5 | ||||||||||
Shares | Value | Percentage of Net Assets | ||||||||||
SHORT-TERM INVESTMENTS: 2.2% | ||||||||||||
Mutual Funds: 2.2% | ||||||||||||
5,637,951 | (8) | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.030% (Cost $5,637,951) | 5,637,951 | 2.2 | ||||||||
Total Short-Term Investments (Cost $5,637,951) | 5,637,951 | 2.2 | ||||||||||
Total Investments in Securities (Cost $286,062,081) | $ | 256,020,239 | 100.7 | |||||||||
Liabilities in Excess of Other Assets | (1,804,088 | ) | (0.7 | ) | ||||||||
Net Assets | $ | 254,216,151 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
(1) | 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. |
(2) | Variable rate security. Rate shown is the rate in effect as of December 31, 2022. |
(3) | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rates shown reflect the current and next coupon rate as of December 31, 2022. |
(4) | All or a portion of this security has been pledged as collateral in connection with open futures contracts. Please refer to Note 2 for additional details. |
(5) | 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. |
(6) | Represents or includes a TBA transaction. |
(7) | The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities. |
(8) | Rate shown is the 7-day yield as of December 31, 2022. |
Currency Abbreviations:
EUR | EU Euro |
See Accompanying Notes to Financial Statements
37
VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
Reference Rate Abbreviations:
TSFR1M | 1-month CME Term Secured Overnight Financing Rate |
US0001M | 1-month LIBOR |
US0003M | 3-month LIBOR |
Fair Value Measurementsˆ
The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2022 | |||||||||||||||||
Asset Table | ||||||||||||||||||||
Investments, at fair value | ||||||||||||||||||||
Purchased Options | $ | 65,906 | $ | 841,479 | $ | — | $ | 907,385 | ||||||||||||
Corporate Bonds/Notes | — | 63,095,878 | — | 63,095,878 | ||||||||||||||||
Collateralized Mortgage Obligations | — | 4,690,519 | — | 4,690,519 | ||||||||||||||||
Municipal Bonds | — | 184,332 | — | 184,332 | ||||||||||||||||
U.S. Government Agency Obligations | — | 27,444,519 | — | 27,444,519 | ||||||||||||||||
Commercial Mortgage-Backed Securities | — | 14,205,292 | — | 14,205,292 | ||||||||||||||||
Sovereign Bonds | — | 1,651,223 | — | 1,651,223 | ||||||||||||||||
Asset-Backed Securities | — | 4,185,298 | — | 4,185,298 | ||||||||||||||||
U.S. Treasury Obligations | — | 134,017,842 | — | 134,017,842 | ||||||||||||||||
Short-Term Investments | 5,637,951 | — | — | 5,637,951 | ||||||||||||||||
Total Investments, at fair value | $ | 5,703,857 | $ | 250,316,382 | $ | — | $ | 256,020,239 | ||||||||||||
Other Financial Instruments+ | ||||||||||||||||||||
Centrally Cleared Swaps | — | 2,573,411 | — | 2,573,411 | ||||||||||||||||
Forward Foreign Currency Contracts | — | 3,788 | — | 3,788 | ||||||||||||||||
Futures | 890,940 | — | — | 890,940 | ||||||||||||||||
OTC Swaps | — | 330,515 | — | 330,515 | ||||||||||||||||
Total Assets | $ | 6,594,797 | $ | 253,224,096 | $ | — | $ | 259,818,893 | ||||||||||||
Liabilities Table | ||||||||||||||||||||
Other Financial Instruments+ | ||||||||||||||||||||
Centrally Cleared Swaps | $ | — | $ | (1,036,668 | ) | $ | — | $ | (1,036,668 | ) | ||||||||||
Forward Foreign Currency Contracts | — | (14,395 | ) | — | (14,395 | ) | ||||||||||||||
Futures | (483,176 | ) | — | — | (483,176 | ) | ||||||||||||||
Sales Commitments | — | (2,502,114 | ) | — | (2,502,114 | ) | ||||||||||||||
Written Options | (6,950 | ) | (2,080,910 | ) | — | (2,087,860 | ) | |||||||||||||
Total Liabilities | $ | (490,126 | ) | $ | (5,634,087 | ) | $ | — | $ | (6,124,213 | ) |
ˆ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
+ | Other Financial Instruments 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 fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
At December 31, 2022, the following forward foreign currency contracts were outstanding for VY® BlackRock Inflation Protected Bond Portfolio:
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | |||||||||
MXN | 4,927,500 | USD | 250,000 | Citibank N.A. | 02/08/23 | $ | 1,085 | ||||||
USD | 69,469 | JPY | 9,133,277 | Citigroup Global Markets | 02/02/23 | (414 | ) | ||||||
USD | 66,277 | GBP | 54,000 | Deutsche Bank AG | 02/02/23 | 938 | |||||||
USD | 38,718 | GBP | 32,163 | JPMorgan Chase Bank N.A. | 02/02/23 | (199 | ) | ||||||
USD | 50,000 | JPY | 6,558,597 | JPMorgan Chase Bank N.A. | 02/02/23 | (183 | ) | ||||||
USD | 53,318 | EUR | 50,000 | JPMorgan Chase Bank N.A. | 02/02/23 | (322 | ) | ||||||
USD | 125,000 | MXN | 2,481,130 | JPMorgan Chase Bank N.A. | 02/08/23 | (1,428 | ) | ||||||
USD | 125,000 | MXN | 2,482,320 | JPMorgan Chase Bank N.A. | 02/08/23 | (1,489 | ) | ||||||
USD | 108,245 | GBP | 88,000 | Morgan Stanley & Co. International PLC | 02/02/23 | 1,765 | |||||||
USD | 89,869 | JPY | 12,438,103 | Toronto Dominion Securities | 02/02/23 | (5,302 | ) | ||||||
USD | 82,276 | EUR | 79,514 | Toronto Dominion Securities | 02/02/23 | (3,025 | ) | ||||||
USD | 83,790 | EUR | 80,000 | UBS AG | 02/02/23 | (2,033 | ) | ||||||
$ | (10,607 | ) |
See Accompanying Notes to Financial Statements
38
VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
At December 31, 2022, the following futures contracts were outstanding for VY® BlackRock Inflation Protected Bond Portfolio:
Description | Number of Contracts | Expiration Date | Notional Amount | Unrealized Appreciation/ (Depreciation) | ||||||||||||
Long Contracts: | ||||||||||||||||
3-month SOFRRATE | 106 | 03/19/23 | $ | 25,185,600 | $ | (30,701 | ) | |||||||||
Euro-Bund | 1 | 03/08/23 | 142,294 | (8,757 | ) | |||||||||||
U.S. Treasury 2-Year Note | 416 | 03/31/23 | 85,312,500 | (304,555 | ) | |||||||||||
U.S. Treasury 5-Year Note | 106 | 03/31/23 | 11,440,547 | (134,139 | ) | |||||||||||
$ | 122,080,941 | $ | (478,152 | ) | ||||||||||||
Short Contracts: | ||||||||||||||||
Canada 10-Year Bond | (2 | ) | 03/22/23 | (181,019 | ) | 4,236 | ||||||||||
Euro-Buxl® 30-year German Government Bond | (2 | ) | 03/08/23 | (289,534 | ) | 55,765 | ||||||||||
Japan 10-Year Bond (TSE) | (7 | ) | 03/13/23 | (7,758,458 | ) | 122,633 | ||||||||||
U.S. Treasury 10-Year Note | (59 | ) | 03/22/23 | (6,625,516 | ) | 56,633 | ||||||||||
U.S. Treasury Long Bond | (84 | ) | 03/22/23 | (10,528,875 | ) | (5,024 | ) | |||||||||
U.S. Treasury Ultra 10-Year Note | (127 | ) | 03/22/23 | (15,021,719 | ) | 226,813 | ||||||||||
U.S. Treasury Ultra Long Bond | (44 | ) | 03/22/23 | (5,909,750 | ) | 424,860 | ||||||||||
$ | (46,314,871 | ) | $ | 885,916 |
At December 31, 2022, the following centrally cleared interest rate swaps were outstanding for VY® BlackRock Inflation Protected Bond Portfolio:
Pay/Receive Floating Rate | Floating Rate Index | Floating Rate Index Payment Frequency | Fixed Rate | Fixed Rate Payment Frequency | Maturity Date | Notional Amount | Fair Value | Unrealized Appreciation/ (Depreciation) | |||||||||||||||
Pay | 1-day Secured Overnight Financing Rate | Annual | 2.781 | % | Annual | 07/05/32 | USD 966,811 | $ | (61,173 | ) | $ | (61,173 | ) | ||||||||||
Pay | 1-day Secured Overnight Financing Rate | Annual | 2.829 | Annual | 07/05/32 | USD 966,811 | (57,281 | ) | (57,281 | ) | |||||||||||||
Pay | 1-day Secured Overnight Financing Rate | Annual | 2.707 | Annual | 07/06/32 | USD 645,200 | (44,900 | ) | (44,900 | ) | |||||||||||||
Pay | 1-day Secured Overnight Financing Rate | Annual | 2.619 | Annual | 07/07/32 | USD 439,459 | (33,898 | ) | (33,898 | ) | |||||||||||||
Pay | 1-day Secured Overnight Financing Rate | Annual | 2.597 | Annual | 07/26/32 | USD 385,913 | (30,823 | ) | (30,823 | ) | |||||||||||||
Pay | 1-day Secured Overnight Financing Rate | Annual | 2.920 | Annual | 09/02/32 | USD 215,681 | (11,558 | ) | (11,558 | ) | |||||||||||||
Pay | 1-day Secured Overnight Financing Rate | Annual | 3.479 | Annual | 10/04/32 | USD 535,000 | (3,884 | ) | (3,884 | ) | |||||||||||||
Pay | 1-day Secured Overnight Financing Rate | Annual | 3.413 | Annual | 10/05/32 | USD 303,000 | (3,895 | ) | (3,895 | ) | |||||||||||||
Pay | 1-day Secured Overnight Financing Rate | Annual | 3.826 | Annual | 10/27/32 | USD 727,572 | 15,708 | 15,708 | |||||||||||||||
Pay | 1-day Secured Overnight Financing Rate | Annual | 3.556 | Annual | 11/14/32 | USD 847,000 | (848 | ) | (848 | ) | |||||||||||||
Pay | 1-day Secured Overnight Financing Rate | Annual | 3.581 | Annual | 11/16/32 | USD 1,679,000 | 1,865 | 1,865 | |||||||||||||||
Pay | 1-day Secured Overnight Financing Rate | Annual | 3.470 | Annual | 11/18/32 | USD 906,000 | (7,387 | ) | (7,387 | ) | |||||||||||||
Pay | 1-day Secured Overnight Financing Rate | Annual | 3.413 | Annual | 11/21/32 | USD 1,205,000 | (15,488 | ) | (15,488 | ) | |||||||||||||
Pay | 1-day Secured Overnight Financing Rate | Annual | 3.236 | Annual | 12/05/32 | USD 1,490,000 | (40,978 | ) | (40,978 | ) | |||||||||||||
Pay | 1-day Secured Overnight Financing Rate | Annual | 3.210 | Annual | 12/06/32 | USD 892,000 | (26,451 | ) | (26,451 | ) | |||||||||||||
Pay | 1-day Secured Overnight Financing Rate | Annual | 3.185 | Annual | 12/12/32 | USD 1,490,000 | (47,242 | ) | (47,242 | ) | |||||||||||||
Receive | 1-day Secured Overnight Financing Rate | Annual | 2.754 | Annual | 08/23/32 | USD 803,000 | 54,056 | 54,056 | |||||||||||||||
Receive | 1-day Secured Overnight Financing Rate | Annual | 2.925 | Annual | 09/01/32 | USD 817,283 | 43,430 | 43,430 | |||||||||||||||
Receive | 1-day Secured Overnight Financing Rate | Annual | 2.934 | Annual | 09/02/32 | USD 809,000 | 42,432 | 42,432 | |||||||||||||||
Receive | 1-day Secured Overnight Financing Rate | Annual | 2.989 | Annual | 09/02/32 | USD 809,000 | 38,678 | 38,678 |
See Accompanying Notes to Financial Statements
39
VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
Pay/Receive Floating Rate | Floating Rate Index | Floating Rate Index Payment Frequency | Fixed Rate | Fixed Rate Payment Frequency | Maturity Date | Notional Amount | Fair Value | Unrealized Appreciation/ (Depreciation) | |||||||||||||||
Receive | 1-day Secured Overnight Financing Rate | Annual | 3.078 | % | Annual | 09/09/32 | USD 478,000 | $ | 19,363 | $ | 19,363 | ||||||||||||
Receive | 1-day Secured Overnight Financing Rate | Annual | 3.469 | Annual | 09/30/32 | USD 760,384 | 6,119 | 6,119 | |||||||||||||||
Receive | 1-day Secured Overnight Financing Rate | Annual | 3.559 | Annual | 10/03/32 | USD 1,140,600 | 601 | 601 | |||||||||||||||
Receive | 1-day Secured Overnight Financing Rate | Annual | 3.620 | Annual | 10/12/32 | USD 763,951 | (3,242 | ) | (3,242 | ) | |||||||||||||
Receive | 1-day Secured Overnight Financing Rate | Annual | 3.650 | Annual | 10/14/32 | USD 303,000 | (2,016 | ) | (2,016 | ) | |||||||||||||
Receive | 1-day Secured Overnight Financing Rate | Annual | 3.617 | Annual | 10/17/32 | USD 632,000 | (2,648 | ) | (2,648 | ) | |||||||||||||
Receive | 1-day Secured Overnight Financing Rate | Annual | 3.848 | Annual | 10/21/32 | USD 1,060,000 | (24,925 | ) | (24,925 | ) | |||||||||||||
Receive | 1-day Secured Overnight Financing Rate | Annual | 3.855 | Annual | 10/24/32 | USD 603,000 | (14,502 | ) | (14,502 | ) | |||||||||||||
Receive | 1-day Secured Overnight Financing Rate | Annual | 3.935 | Annual | 10/25/32 | USD 875,000 | (26,909 | ) | (26,909 | ) | |||||||||||||
Receive | 1-day Secured Overnight Financing Rate | Annual | 3.809 | Annual | 11/15/32 | USD 565,000 | (11,375 | ) | (11,375 | ) | |||||||||||||
Receive | 1-day Secured Overnight Financing Rate | Annual | 3.820 | Annual | 11/15/32 | USD 1,516,000 | (31,931 | ) | (31,931 | ) | |||||||||||||
Receive | 1-day Secured Overnight Financing Rate | Annual | 3.286 | Annual | 12/13/32 | USD 857,000 | 19,933 | 19,933 | |||||||||||||||
Receive | 1-day Secured Overnight Financing Rate | Annual | 3.361 | Annual | 12/22/32 | USD 1,442,000 | 24,151 | 24,151 | |||||||||||||||
$ | (237,018 | ) | $ | (237,018 | ) |
At December 31, 2022, the following centrally cleared inflation-linked swaps were outstanding for VY® BlackRock Inflation Protected Bond Portfolio:
Pay/Receive Floating Rate | Floating Rate Index | Floating Rate Index Payment Frequency | Fixed Rate | Fixed Rate Payment Frequency | Maturity Date | Notional Amount | Fair Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||
Pay | Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) | At Termination Date | 2.765 | % | At Termination Date | 12/15/27 | EUR 1,227,500 | $ | 1,898 | $ | 2,193 | |||||||||||
Pay | Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) | At Termination Date | 2.670 | At Termination Date | 09/15/32 | EUR 270,000 | (1,313 | ) | (1,371 | ) | ||||||||||||
Pay | Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) | At Termination Date | 2.415 | At Termination Date | 10/15/32 | EUR 585,000 | (15,354 | ) | (15,354 | ) | ||||||||||||
Pay | France CPI ex-Tobacco (FRCPXTOB) | At Termination Date | 3.080 | At Termination Date | 12/15/32 | EUR 1,227,500 | 322 | (218 | ) | |||||||||||||
Pay | Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) | At Termination Date | 2.433 | At Termination Date | 07/15/52 | EUR 75,000 | (7,098 | ) | (7,098 | ) | ||||||||||||
Pay | Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) | At Termination Date | 2.441 | At Termination Date | 08/15/52 | EUR 75,000 | (6,397 | ) | (6,397 | ) | ||||||||||||
Pay | Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) | At Termination Date | 2.523 | At Termination Date | 09/15/52 | EUR 80,000 | (4,130 | ) | (4,130 | ) | ||||||||||||
Pay | Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) | At Termination Date | 2.647 | At Termination Date | 11/15/52 | EUR 80,000 | (272 | ) | (272 | ) | ||||||||||||
Pay | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.170 | At Termination Date | 10/21/23 | USD 330,000 | 991 | 990 | ||||||||||||||
Pay | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.596 | At Termination Date | 11/18/32 | USD 290,000 | 741 | 741 | ||||||||||||||
Receive | Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) | At Termination Date | 3.080 | At Termination Date | 09/15/27 | EUR 270,000 | (132 | ) | (110 | ) |
See Accompanying Notes to Financial Statements
40
VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
Pay/Receive Floating Rate | Floating Rate Index | Floating Rate Index Payment Frequency | Fixed Rate | Fixed Rate Payment Frequency | Maturity Date | Notional Amount | Fair Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||
Receive | Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) | At Termination Date | 2.555 | % | At Termination Date | 10/15/27 | EUR 585,000 | $ | 12,939 | $ | 12,939 | |||||||||||
Receive | France CPI ex-Tobacco (FRCPXTOB) | At Termination Date | 3.320 | At Termination Date | 12/15/27 | EUR 1,227,500 | (1,535 | ) | (1,100 | ) | ||||||||||||
Receive | Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) | At Termination Date | 2.570 | At Termination Date | 12/15/32 | EUR 1,227,500 | (2,463 | ) | (2,653 | ) | ||||||||||||
Receive | Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) | At Termination Date | 2.604 | At Termination Date | 08/15/52 | EUR 35,000 | 1,116 | 1,116 | ||||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.339 | At Termination Date | 02/17/24 | USD 5,300,000 | 500,387 | 500,387 | ||||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 1.991 | At Termination Date | 03/04/24 | USD 3,000,000 | 315,005 | 315,005 | ||||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 4.223 | At Termination Date | 04/08/24 | USD 8,900,000 | 18,700 | 18,700 | ||||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.023 | At Termination Date | 05/02/24 | USD 3,500,000 | 366,026 | 366,026 | ||||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 1.706 | At Termination Date | 08/12/24 | USD 1,300,000 | 152,688 | 152,688 | ||||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.995 | At Termination Date | 10/21/24 | USD 330,000 | (2,077 | ) | (2,077 | ) | ||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.483 | At Termination Date | 12/23/24 | USD 3,800,000 | 3,956 | 3,956 | ||||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 0.945 | At Termination Date | 03/12/25 | USD 1,650,000 | 253,459 | 253,459 | ||||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.794 | At Termination Date | 04/08/25 | USD 5,300,000 | (13,252 | ) | (13,252 | ) | ||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.563 | At Termination Date | 06/24/25 | USD 4,900,000 | (47,828 | ) | (47,828 | ) | ||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.100 | At Termination Date | 08/08/25 | USD 2,200,000 | (16,773 | ) | (16,773 | ) | ||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 1.783 | At Termination Date | 11/04/25 | USD 1,300,000 | 161,927 | 161,880 | ||||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.098 | At Termination Date | 11/29/25 | USD 1,600,000 | 162,638 | 162,638 | ||||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.526 | At Termination Date | 04/08/26 | USD 16,000,000 | (70,502 | ) | (70,502 | ) | ||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.270 | At Termination Date | 06/24/26 | USD 6,500,000 | (55,151 | ) | (55,151 | ) | ||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.136 | At Termination Date | 11/10/26 | USD 1,700,000 | 48,026 | 48,026 | ||||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.045 | At Termination Date | 12/02/26 | USD 2,165,000 | 68,180 | 68,180 | ||||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.925 | At Termination Date | 02/02/27 | USD 3,400,000 | 79,687 | 79,687 |
See Accompanying Notes to Financial Statements
41
VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
Pay/Receive Floating Rate | Floating Rate Index | Floating Rate Index Payment Frequency | Fixed Rate | Fixed Rate Payment Frequency | Maturity Date | Notional Amount | Fair Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.000 | % | At Termination Date | 02/25/27 | USD 5,540,000 | $ | 95,403 | $ | 95,403 | |||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.213 | At Termination Date | 03/02/27 | USD 1,350,000 | 9,070 | 9,070 | ||||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.290 | At Termination Date | 03/07/27 | USD 2,200,000 | 4,988 | 4,988 | ||||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.646 | At Termination Date | 05/04/27 | USD 2,500,000 | (61,282 | ) | (61,282 | ) | ||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.262 | At Termination Date | 05/12/27 | USD 1,955,000 | (15,638 | ) | (15,638 | ) | ||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.904 | At Termination Date | 07/05/27 | USD 2,025,000 | 1,025 | 1,025 | ||||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.030 | At Termination Date | 08/02/27 | USD 2,400,000 | (30,688 | ) | (35,918 | ) | ||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.765 | At Termination Date | 09/23/27 | USD 485,000 | (4,924 | ) | (4,924 | ) | ||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.607 | At Termination Date | 12/12/27 | USD 8,245,000 | (17,202 | ) | (17,202 | ) | ||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.613 | At Termination Date | 12/12/27 | USD 2,395,000 | (5,660 | ) | (5,660 | ) | ||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.890 | At Termination Date | 08/02/29 | USD 2,100,000 | (26,377 | ) | (31,769 | ) | ||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.087 | At Termination Date | 04/08/30 | USD 2,950,000 | (23,877 | ) | (23,877 | ) | ||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.468 | At Termination Date | 04/19/31 | USD 535,000 | 47,398 | 47,398 | ||||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.843 | At Termination Date | 06/24/31 | USD 2,650,000 | (15,749 | ) | (15,749 | ) | ||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.631 | At Termination Date | 06/29/52 | USD 1,365,000 | (37,050 | ) | (37,050 | ) | ||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.426 | At Termination Date | 08/17/52 | USD 50,000 | 580 | 580 | ||||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.485 | At Termination Date | 09/20/52 | USD 100,000 | (679 | ) | (679 | ) | ||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.618 | At Termination Date | 10/27/52 | USD 1,030,000 | (38,884 | ) | (38,884 | ) | ||||||||||||
Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.493 | At Termination Date | 12/12/52 | USD 50,000 | (396 | ) | (396 | ) | ||||||||||||
$ | 1,784,467 | $ | 1,773,761 |
See Accompanying Notes to Financial Statements
VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
Counterparty | Pay/ Receive Floating Rate | Floating Rate Index | Floating Rate Index Payment Frequency | Fixed Rate | Fixed Rate Payment Frequency | Maturity Date | Notional Amount | Fair Value | Upfront Payments Paid/ (Received) | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
Citibank N.A. | Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.562 | % | At Termination Date | 01/15/25 | USD 14,500,000 | $ | 330,515 | $ | — | $ | 330,515 | ||||||||||||||
$ | 330,515 | $ | — | $ | 330,515 |
Description | Put/Call | Expiration Date | Exercise Price | Number of Contracts | Notional Amount | Cost | Fair Value | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
3-month SOFRRATE | Call | 01/13/23 | 95.13 USD | 555 | USD 132,259,969 | $ | 127,245 | $ | 65,906 | ||||||||
$ | 127,245 | $ | 65,906 |
Description | Put/Call | Expiration Date | Exercise Price | Number of Contracts | Notional Amount | Premiums Received | Fair Value | ||||||||||
3-month SOFRRATE | Call | 01/13/23 | 95.38 USD | 556 | USD 132,498,275 | $ | 40,516 | $ | (6,950 | ) | |||||||
$ | 40,516 | $ | (6,950 | ) |
Description | Counterparty | Pay/ Receive Exercise Rate | Exercise Rate | Floating Rate Index | Expiration Date | Notional Amount | Cost | Fair Value | ||||||||||||
Call on 10-Year Interest Rate Swap(1) | Barclays Bank PLC | Receive | 3.533% | 1-day Secured Overnight Financing Rate | 10/12/23 | USD 1,908,430 | $ | 80,536 | $ | 79,724 | ||||||||||
Call on 10-Year Interest Rate Swap(1) | JPMorgan Chase Bank N.A. | Receive | 2.873% | 1-day Secured Overnight Financing Rate | 08/30/23 | USD 4,140,000 | 153,594 | 65,624 | ||||||||||||
Call on 10-Year Interest Rate Swap(1) | Morgan Stanley & Co. International PLC | Receive | 3.062% | 1-day Secured Overnight Financing Rate | 12/05/23 | USD 3,434,856 | 135,573 | 93,621 | ||||||||||||
Call on 1-Year Interest Rate Swap(1) | Goldman Sachs International | Receive | 4.000% | 1-day Secured Overnight Financing Rate | 06/30/23 | USD 66,231,000 | 142,397 | 79,026 | ||||||||||||
Put on 10-Year Interest Rate Swap(2) | Barclays Bank PLC | Pay | 3.533% | 1-day Secured Overnight Financing Rate | 10/12/23 | USD 1,908,430 | 80,536 | 66,177 | ||||||||||||
Put on 10-Year Interest Rate Swap(2) | JPMorgan Chase Bank N.A. | Pay | 2.873% | 1-day Secured Overnight Financing Rate | 08/30/23 | USD 4,140,000 | 153,594 | 264,801 | ||||||||||||
Put on 10-Year Interest Rate Swap(2) | Morgan Stanley & Co. International PLC | Pay | 3.062% | 1-day Secured Overnight Financing Rate | 12/05/23 | USD 3,434,856 | 139,043 | 192,506 | ||||||||||||
$ | 885,273 | $ | 841,479 |
Description | Counterparty | Pay/ Receive Exercise Rate | Exercise Rate | Floating Rate Index | Expiration Date | Notional Amount | Premiums Received | Fair Value | ||||||||||||
Call on 10-Year Interest Rate Swap(2) | Barclays Bank PLC | Pay | 3.175% | 1-day Secured Overnight Financing Rate | 06/13/23 | USD 6,483,000 | $ | 256,727 | $ | (108,128 | ) | |||||||||
Call on 10-Year Interest Rate Swap(2) | Deutsche Bank AG | Pay | 2.435% | 1-day Secured Overnight Financing Rate | 08/10/23 | USD 1,404,000 | 49,245 | (10,227 | ) | |||||||||||
Call on 10-Year Interest Rate Swap(2) | Deutsche Bank AG | Pay | 2.540% | 1-day Secured Overnight Financing Rate | 08/07/23 | USD 2,765,318 | 98,238 | (23,373 | ) | |||||||||||
Call on 10-Year Interest Rate Swap(2) | Deutsche Bank AG | Pay | 2.750% | 1-day Secured Overnight Financing Rate | 07/19/23 | USD 531,500 | 19,286 | (4,816 | ) |
See Accompanying Notes to Financial Statements
VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
Description | Counterparty | Pay/ Receive Exercise Rate | Exercise Rate | Floating Rate Index | Expiration Date | Notional Amount | Premiums Received | Fair Value | ||||||||||||
Call on 10-Year Interest Rate Swap(2) | Deutsche Bank AG | Pay | 3.023% | 1-day Secured Overnight Financing Rate | 12/14/23 | USD 3,777,000 | $ | 150,513 | $ | (100,671 | ) | |||||||||
Call on 10-Year Interest Rate Swap(2) | Deutsche Bank AG | Pay | 3.185% | 1-day Secured Overnight Financing Rate | 06/15/23 | USD 2,190,203 | 83,885 | (37,614 | ) | |||||||||||
Call on 10-Year Interest Rate Swap(2) | Deutsche Bank AG | Pay | 3.262% | 1-day Secured Overnight Financing Rate | 10/03/23 | USD 1,030,552 | 41,724 | (30,829 | ) | |||||||||||
Call on 10-Year Interest Rate Swap(2) | Deutsche Bank AG | Pay | 3.688% | 1-day Secured Overnight Financing Rate | 11/10/23 | USD 3,024,800 | 115,472 | (149,781 | ) | |||||||||||
Call on 10-Year Interest Rate Swap(2) | JPMorgan Chase Bank N.A. | Pay | 2.678% | 1-day Secured Overnight Financing Rate | 08/21/23 | USD 1,560,000 | 56,316 | (17,711 | ) | |||||||||||
Call on 10-Year Interest Rate Swap(2) | JPMorgan Chase Bank N.A. | Pay | 3.323% | 1-day Secured Overnight Financing Rate | 11/16/23 | USD 3,953,000 | 148,238 | (140,065 | ) | |||||||||||
Call on 1-Year Interest Rate Swap(2) | Goldman Sachs International | Pay | 3.400% | 1-day Secured Overnight Financing Rate | 06/30/23 | USD 66,231,000 | 57,952 | (32,282 | ) | |||||||||||
Put on 10-Year Interest Rate Swap(1) | Barclays Bank PLC | Receive | 3.175% | 1-day Secured Overnight Financing Rate | 06/13/23 | USD 6,483,000 | 256,727 | (283,912 | ) | |||||||||||
Put on 10-Year Interest Rate Swap(1) | Deutsche Bank AG | Receive | 2.435% | 1-day Secured Overnight Financing Rate | 08/10/23 | USD 1,404,000 | 49,245 | (128,781 | ) | |||||||||||
Put on 10-Year Interest Rate Swap(1) | Deutsche Bank AG | Receive | 2.540% | 1-day Secured Overnight Financing Rate | 08/07/23 | USD 2,765,318 | 98,238 | (233,962 | ) | |||||||||||
Put on 10-Year Interest Rate Swap(1) | Deutsche Bank AG | Receive | 2.750% | 1-day Secured Overnight Financing Rate | 07/19/23 | USD 531,500 | 19,062 | (38,573 | ) | |||||||||||
Put on 10-Year Interest Rate Swap(1) | Deutsche Bank AG | Receive | 3.023% | 1-day Secured Overnight Financing Rate | 12/14/23 | USD 3,777,000 | 150,513 | (219,701 | ) | |||||||||||
Put on 10-Year Interest Rate Swap(1) | Deutsche Bank AG | Receive | 3.185% | 1-day Secured Overnight Financing Rate | 06/15/23 | USD 2,190,203 | 83,885 | (94,834 | ) | |||||||||||
Put on 10-Year Interest Rate Swap(1) | Deutsche Bank AG | Receive | 3.262% | 1-day Secured Overnight Financing Rate | 10/03/23 | USD 1,030,552 | 41,724 | (46,480 | ) | |||||||||||
Put on 10-Year Interest Rate Swap(1) | Deutsche Bank AG | Receive | 3.688% | 1-day Secured Overnight Financing Rate | 11/10/23 | USD 3,024,800 | 115,472 | (87,454 | ) | |||||||||||
Put on 10-Year Interest Rate Swap(1) | JPMorgan Chase Bank N.A. | Receive | 2.678% | 1-day Secured Overnight Financing Rate | 08/21/23 | USD 1,560,000 | 56,316 | (118,019 | ) | |||||||||||
Put on 10-Year Interest Rate Swap(1) | JPMorgan Chase Bank N.A. | Receive | 3.323% | 1-day Secured Overnight Financing Rate | 11/16/23 | USD 3,953,000 | 148,238 | (173,697 | ) | |||||||||||
$ | 2,097,016 | $ | (2,080,910 | ) |
Principal Amount | Description | Contractual Settlement Date | Fair Value | ||||||||||
$ | (281,600 | ) | Ginnie Mae, 2.500%, due 01/15/53 | 01/23/23 | $ | (244,098 | ) | ||||||
(16,200 | ) | Uniform Mortgage-Backed Securities, 1.500%, due 01/15/53 | 01/12/23 | (12,477 | ) | ||||||||
(28,000 | ) | Uniform Mortgage-Backed Securities, 2.000%, due 01/15/53 | 01/12/23 | (22,790 | ) | ||||||||
(1,134,290 | ) | Uniform Mortgage-Backed Securities, 2.000%, due 02/15/53 | 02/13/23 | (924,206 | ) | ||||||||
(68,000 | ) | Uniform Mortgage-Backed Securities, 2.500%, due 01/15/38 | 01/17/23 | (62,233 | ) | ||||||||
(31,000 | ) | Uniform Mortgage-Backed Securities, 2.500%, due 01/15/53 | 01/12/23 | (26,257 | ) | ||||||||
(618,600 | ) | Uniform Mortgage-Backed Securities, 2.500%, due 02/15/53 | 02/13/23 | (524,500 | ) | ||||||||
(19,000 | ) | Uniform Mortgage-Backed Securities, 3.000%, due 01/15/38 | 01/17/23 | (17,797 | ) | ||||||||
(491,500 | ) | Uniform Mortgage-Backed Securities, 3.000%, due 01/15/53 | 01/12/23 | (431,457 | ) | ||||||||
(160,000 | ) | Uniform Mortgage-Backed Securities, 3.500%, due 01/15/53 | 01/12/23 | (145,379 | ) | ||||||||
(100,000 | ) | Uniform Mortgage-Backed Securities, 3.500%, due 02/15/53 | 02/13/23 | (90,920 | ) | ||||||||
Total Sales Commitments Proceeds receivable $(2,530,082) | $ | (2,502,114 | ) |
See Accompanying Notes to Financial Statements
VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
(1) | Portfolio receives the exercise rate semi-annually and pays the floating rate index quarterly. | |
(2) | Portfolio pays the exercise rate semi-annually and receives the floating rate index quarterly. |
Currency Abbreviations
EUR — EU Euro
GBP — British Pound
JPY — Japanese Yen
MXN — Mexican Peso
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | ||||
Asset Derivatives | ||||||
Interest rate contracts | Investments in securities at value* | $ | 907,385 | |||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 3,788 | ||||
Interest rate contracts | Variation margin receivable on futures contracts** | 890,940 | ||||
Interest rate contracts | Variation margin receivable on centrally cleared swaps** | 2,573,411 | ||||
Interest rate contracts | Unrealized appreciation on OTC swap agreements | 330,515 | ||||
Total Asset Derivatives | $ | 4,706,039 | ||||
Liability Derivatives | ||||||
Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $ | 14,395 | |||
Interest rate contracts | Variation margin payable on futures contracts** | 483,176 | ||||
Interest rate contracts | Variation margin payable on centrally cleared swaps** | 1,036,668 | ||||
Interest rate contracts | Written options, at fair value | 2,087,860 | ||||
Total Liability Derivatives | $ | 3,622,099 |
* | Includes purchased options. | |
** | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and centrally cleared swaps and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | ||||||||||||||||||||||||||||||
Derivatives not accounted for as hedging instruments | Investments* | Forward foreign currency contracts | Futures | Swaps | Written options | Total | ||||||||||||||||||||||||
Equity contracts | $ | — | $ | — | $ | 23,981 | $ | — | $ | — | $ | 23,981 | ||||||||||||||||||
Foreign exchange contracts | (57,720 | ) | 471,006 | — | — | 14,698 | 427,984 | |||||||||||||||||||||||
Credit contracts | — | — | — | 13,053 | — | 13,053 | ||||||||||||||||||||||||
Interest rate contracts | 802,744 | — | 7,119,923 | 8,929,622 | (1,032,587) | 15,819,702 | ||||||||||||||||||||||||
Total | $ | 745,024 | $ | 471,006 | $ | 7,143,904 | $ | 8,942,675 | $ | (1,017,889) | $ | 16,284,720 | ||||||||||||||||||
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | ||||||||||||||||||||||||||||||
Derivatives not accounted for as hedging instruments | Investments* | Forward foreign currency contracts | Futures | Swaps | Written options | Total | ||||||||||||||||||||||||
Foreign exchange contracts | $ | — | $ | (82,137 | ) | $ | — | $ | — | $ | — | $ | (82,137 | ) | ||||||||||||||||
Interest rate contracts | (44,697 | ) | — | 649,987 | (5,726,062 | ) | 5,203 | (5,115,569 | ) | |||||||||||||||||||||
Total | $ | (44,697 | ) | $ | (82,137 | ) | $ | 649,987 | $ | (5,726,062 | ) | $ | 5,203 | $ | (5,197,706 | ) |
* | Amounts recognized for purchased options are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments. |
See Accompanying Notes to Financial Statements
VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
Barclays Bank PLC | Citibank N.A. | Citigroup Global Markets | Deutsche Bank AG | Goldman Sachs International | JPMorgan Chase Bank N.A. | Morgan Stanley & Co. International PLC | Toronto Dominion Securities | UBS AG | Totals | |||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased options | $ | 145,901 | $ | — | $ | — | $ | — | $ | 79,026 | $ | 330,425 | $ | 286,127 | $ | — | $ | — | $ | 841,479 | ||||||||||||||||||||||||||||||
Forward foreign currency contracts | — | 1,085 | — | 938 | — | — | 1,765 | — | — | 3,788 | ||||||||||||||||||||||||||||||||||||||||
OTC Interest rate swaps | — | 330,515 | — | — | — | — | — | — | — | 330,515 | ||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 145,901 | $ | 331,600 | — | $ | 938 | $ | 79,026 | $ | 330,425 | $ | 287,892 | $ | — | $ | — | $ | 1,175,782 | |||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | $ | — | $ | — | $ | 414 | $ | — | $ | — | $ | 3,621 | $ | — | $ | 8,327 | $ | 2,033 | 14,395 | |||||||||||||||||||||||||||||||
Written options | 392,040 | — | — | 1,207,096 | 32,282 | 449,492 | — | — | — | 2,080,910 | ||||||||||||||||||||||||||||||||||||||||
Total Liabilities | $ | 392,040 | $ | — | $ | 414 | $ | 1,207,096 | $ | 32,282 | $ | 453,113 | $ | — | $ | 8,327 | $ | 2,033 | $ | 2,095,305 | ||||||||||||||||||||||||||||||
Net OTC derivative instruments by counterparty, at fair value | $ | (246,139 | ) | $ | 331,600 | $ | (414 | ) | $ | (1,206,158 | ) | $ | 46,744 | $ | (122,688 | ) | $ | 287,892 | $ | (8,327 | ) | $ | (2,033 | ) | $ | (919,523 | ) | |||||||||||||||||||||||
Total collateral pledged by the Portfolio/(Received from counterparty) | $ | — | $ | (331,600 | ) | $ | — | $ | (46,744 | ) | $ | — | $ | (270,000 | ) | $ | — | $ | — | $ | (648,344 | ) | ||||||||||||||||||||||||||||
Net Exposure(1)(2) | $ | (246,139 | ) | $ | — | $ | (414 | ) | $ | (1,206,158 | ) | $ | — | $ | (122,688 | ) | $ | 17,892 | $ | (8,327 | ) | $ | (2,033 | ) | $ | (1,567,867 | ) |
(1) | Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features. | |
(2) | At December 31, 2022, the Portfolio had received $340,000 and $70,000 in cash collateral from Citibank N.A. and Goldman Sachs International, respectively. Excess cash collateral is not shown for financial reporting purposes. |
Cost for federal income tax purposes was $287,064,551. | ||||||
Net unrealized depreciation consisted of: | ||||||
Gross Unrealized Appreciation | $ | 1,998,920 | ||||
Gross Unrealized Depreciation | (32,456,767 | ) | ||||
Net Unrealized Depreciation | $ | (30,457,847 | ) |
See Accompanying Notes to Financial Statements
VY® BrandywineGLOBAL — | PORTFOLIO OF INVESTMENTS |
Principal Amount† | Value | Percentage of Net Assets | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CORPORATE BONDS/NOTES: 20.7% | |||||||||||||||||||
Basic Materials: 0.5% | |||||||||||||||||||
1,260,000 | Southern Copper Corp., 5.250%, 11/08/2042 | $ | 1,205,225 | 0.5 | |||||||||||||||
Communications: 2.8% | |||||||||||||||||||
1,760,000 | AT&T, Inc., 2.550%, 12/01/2033 | 1,357,735 | 0.5 | ||||||||||||||||
5,168,000 | Meta Platforms, Inc., 4.450%, 08/15/2052 | 4,133,582 | 1.6 | ||||||||||||||||
1,981,000 | T-Mobile USA, Inc., 5.650%, 01/15/2053 | 1,928,753 | 0.7 | ||||||||||||||||
7,420,070 | 2.8 | ||||||||||||||||||
Consumer, Cyclical: 3.6% | |||||||||||||||||||
830,000 | Aptiv PLC / Aptiv Corp., 3.250%, 03/01/2032 | 681,070 | 0.2 | ||||||||||||||||
1,540,000 | General Motors Co., 5.200%, 04/01/2045 | 1,257,966 | 0.5 | ||||||||||||||||
2,950,000 | General Motors Co., 5.600%, 10/15/2032 | 2,748,940 | 1.0 | ||||||||||||||||
3,765,000 | Lowe’s Cos, Inc., 5.625%, 04/15/2053 | 3,625,589 | 1.4 | ||||||||||||||||
1,600,000 | Starbucks Corp., 2.550%, 11/15/2030 | 1,349,139 | 0.5 | ||||||||||||||||
9,662,704 | 3.6 | ||||||||||||||||||
Energy: 1.4% | |||||||||||||||||||
530,000 | Devon Energy Corp., 7.875%, 09/30/2031 | 599,681 | 0.2 | ||||||||||||||||
2,600,000 | Diamondback Energy, Inc., 6.250%, 03/15/2033 | 2,647,028 | 1.0 | ||||||||||||||||
330,000 | Hess Corp., 7.300%, 08/15/2031 | 359,247 | 0.1 | ||||||||||||||||
180,000 | Hess Corp., 7.875%, 10/01/2029 | 199,947 | 0.1 | ||||||||||||||||
3,805,903 | 1.4 | ||||||||||||||||||
Financial: 11.9% | |||||||||||||||||||
6,450,000 | (1) | Bank of America Corp., 4.083%, 03/20/2051 | 5,078,817 | 1.9 | |||||||||||||||
2,280,000 | (2) | Blue Owl Finance LLC, 3.125%, 06/10/2031 | 1,698,370 | 0.6 | |||||||||||||||
2,210,000 | (1) | Citigroup, Inc., 3.785%, 03/17/2033 | 1,896,129 | 0.7 | |||||||||||||||
2,660,000 | Equinix, Inc., 2.500%, 05/15/2031 | 2,143,804 | 0.8 | ||||||||||||||||
4,490,000 | Goldman Sachs Group, Inc./The, 5.700%, 11/01/2024 | 4,546,700 | 1.7 | ||||||||||||||||
2,465,000 | Golub Capital BDC, Inc., 2.500%, 08/24/2026 | 2,095,720 | 0.8 | ||||||||||||||||
5,290,000 | (2) | Jackson National Life Global Funding, 5.473%, (SOFRRATE + 1.150%), 06/28/2024 | 5,292,186 | 2.0 | |||||||||||||||
550,000 | (1) | JPMorgan Chase & Co., 3.328%, 04/22/2052 | 374,157 | 0.2 | |||||||||||||||
2,830,000 | (1) | JPMorgan Chase & Co., 4.912%, 07/25/2033 | 2,702,952 | 1.0 | |||||||||||||||
5,740,000 | (2) | Macquarie Group Ltd., 6.207%, 11/22/2024 | 5,781,548 | 2.2 | |||||||||||||||
31,610,383 | 11.9 |
Principal Amount† | Value | Percentage of Net Assets | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CORPORATE BONDS/NOTES: (continued) | |||||||||||||||||||
Technology: 0.5% | |||||||||||||||||||
2,120,000 | (2) | Dell International LLC / EMC Corp., 3.375%, 12/15/2041 | $ | 1,427,244 | 0.5 | ||||||||||||||
Total Corporate Bonds/Notes (Cost $56,196,856) | 55,131,529 | 20.7 | |||||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: 0.1% | |||||||||||||||||||
306,395 | (1),(2) | Residential Mortgage Loan Trust 2019-3 A1, 2.633%, 09/25/2059 | 297,183 | 0.1 | |||||||||||||||
Total Collateralized Mortgage Obligations (Cost $299,043) | 297,183 | 0.1 | |||||||||||||||||
U.S. TREASURY OBLIGATIONS: 44.8% | |||||||||||||||||||
U.S. Treasury Bonds: 43.4% | |||||||||||||||||||
2,950,000 | 1.875%,11/15/2051 | 1,869,447 | 0.7 | ||||||||||||||||
6,460,000 | 2.000%,08/15/2051 | 4,232,057 | 1.6 | ||||||||||||||||
41,475,000 | 2.250%,02/15/2052 | 28,857,527 | 10.8 | ||||||||||||||||
60,330,000 | 2.875%,05/15/2052 | 48,358,266 | 18.2 | ||||||||||||||||
19,040,000 | 3.000%,08/15/2052 | 15,693,125 | 5.9 | ||||||||||||||||
16,170,000 | 4.125%,11/15/2032 | 16,504,770 | 6.2 | ||||||||||||||||
115,515,192 | 43.4 | ||||||||||||||||||
U.S. Treasury Floating Rate Notes: 1.4% | |||||||||||||||||||
3,860,000 | 4.435%, (USBMMY3M + 0.037%),07/31/2024 | 3,855,776 | 1.4 | ||||||||||||||||
Total U.S. Treasury Obligations (Cost $136,772,172) | 119,370,968 | 44.8 | |||||||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: 29.8% | |||||||||||||||||||
Federal Home Loan Bank: 1.3% | |||||||||||||||||||
3,690,000 | 0.125%,03/17/2023 | 3,657,787 | 1.3 | ||||||||||||||||
Federal Home Loan Mortgage Corporation: 3.6%(3) | |||||||||||||||||||
9,700,000 | 0.375%,05/05/2023 | 9,566,146 | 3.6 | ||||||||||||||||
Uniform Mortgage-Backed Securities: 24.9% | |||||||||||||||||||
26,684,848 | 4.000%,06/01/2052 | 25,056,472 | 9.4 | ||||||||||||||||
6,393,893 | 4.500%,09/01/2052 | 6,160,634 | 2.3 | ||||||||||||||||
4,453,843 | 4.500%,09/01/2052 | 4,291,360 | 1.6 | ||||||||||||||||
3,150,406 | 4.500%,10/01/2052 | 3,035,393 | 1.1 | ||||||||||||||||
14,473,950 | 5.000%,11/01/2052 | 14,287,355 | 5.4 | ||||||||||||||||
1,274,164 | 5.000%,12/01/2052 | 1,257,738 | 0.5 | ||||||||||||||||
12,112,723 | 5.500%,11/01/2052 | 12,160,085 | 4.6 | ||||||||||||||||
66,249,037 | 24.9 | ||||||||||||||||||
Total U.S. Government Agency Obligations (Cost $81,023,841) | 79,472,970 | 29.8 | |||||||||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.5% | |||||||||||||||||||
3,089,000 | (1) | Benchmark 2020-B18 C Mortgage Trust, 3.646%, 07/15/2053 | 2,263,181 | 0.9 |
VY® BrandywineGLOBAL — | PORTFOLIO OF INVESTMENTS |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) | ||||||||||||||
2,000,000 | (1) | JPMDB Commercial Mortgage Securities Trust 2018-C8 C, 4.811%, 06/15/2051 | $ | 1,682,337 | 0.6 | |||||||||
Total Commercial Mortgage-Backed Securities (Cost $5,437,759) | 3,945,518 | 1.5 | ||||||||||||
Total Long-Term Investments (Cost $279,729,671) | 258,218,168 | 96.9 |
Shares | Value | Percentage of Net Assets | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHORT-TERM INVESTMENTS: 2.3% | |||||||||||||||||||
Mutual Funds: 2.3% | |||||||||||||||||||
6,092,762 | (4) | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.030% (Cost $6,092,762) | 6,092,762 | 2.3 | |||||||||||||||
Total Short-Term Investments (Cost $6,092,762) | 6,092,762 | 2.3 | |||||||||||||||||
Total Investments in Securities (Cost $285,822,433) | $ | 264,310,930 | 99.2 | ||||||||||||||||
Assets in Excess of Other Liabilities | 2,003,545 | 0.8 | |||||||||||||||||
Net Assets | $ | 266,314,475 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. | |
(1) | Variable rate security. Rate shown is the rate in effect as of December 31, 2022. | |
(2) | 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. | |
(3) | 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. | |
(4) | Rate shown is the 7-day yield as of December 31, 2022. |
Reference Rate Abbreviations:
SOFRRATE | 1-day Secured Overnight Financing Rate | |
USBMMY3M | U.S. Treasury 3-month Bill Money Market Yield |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2022 | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | |||||||||||||||||||
Investments, at fair value | |||||||||||||||||||
Corporate Bonds/Notes | $ | — | $ | 55,131,529 | $ | — | $ | 55,131,529 | |||||||||||
Collateralized Mortgage Obligations | — | 297,183 | — | 297,183 | |||||||||||||||
Commercial Mortgage-Backed Securities | — | 3,945,518 | — | 3,945,518 | |||||||||||||||
U.S. Government Agency Obligations | — | 79,472,970 | — | 79,472,970 | |||||||||||||||
U.S. Treasury Obligations | — | 119,370,968 | — | 119,370,968 | |||||||||||||||
Short-Term Investments | 6,092,762 | — | — | 6,092,762 | |||||||||||||||
Total Investments, at fair value | $ | 6,092,762 | $ | 258,218,168 | $ | — | $ | 264,310,930 |
ˆ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
VY® BrandywineGLOBAL — | PORTFOLIO OF INVESTMENTS |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | ||||
---|---|---|---|---|
Derivatives not accounted for as hedging instruments | Futures | |||
Interest rate contracts | $ | (5,348,388 | ) | |
Total | $ | (5,348,388 | ) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | ||||
---|---|---|---|---|
Derivatives not accounted for as hedging instruments | Futures | |||
Interest rate contracts | 75,297 | |||
Total | $ | 75,297 |
Cost for federal income tax purposes was $286,077,040. | ||||||
Net unrealized depreciation consisted of: | ||||||
Gross Unrealized Appreciation | $ | 1,304,060 | ||||
Gross Unrealized Depreciation | (23,070,170 | ) | ||||
Net Unrealized Depreciation | $ | (21,766,110 | ) |
Portfolio Name | Type | Per Share Amount | ||||
---|---|---|---|---|---|---|
VY® BlackRock Inflation Protected Bond Portfolio | ||||||
Class ADV | NII | $ | 0.3212 | |||
Class I | NII | $ | 0.3914 | |||
Class S | NII | $ | 0.3612 | |||
All Classes | ROC | $ | 0.0494 | |||
VY® BrandywineGLOBAL — Bond Portfolio | NII | $ | 0.1055 | |||
STCG | $ | 0.3382 | ||||
LTCG | $ | 0.1925 |
NII — Net investment income
STCG — Short-term capital gain
LTCG — Long-term capital gain
ROC — Return of capital
Name, Address and Age | Position(s) Held with the Trust | Term of Office and Length of Time Served(1) | Principal Occupation(s) — During the Past 5 Years | Number of funds in Fund Complex Overseen by Trustee(2) | Other Board Positions Held by Trustee | |||||
---|---|---|---|---|---|---|---|---|---|---|
Independent Trustees: | ||||||||||
Colleen D. Baldwin 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 62 | Chairperson Trustee | January 2020–Present November 2007–Present | President, Glantuam Partners, LLC, a business consulting firm (January 2009–Present). | 132 | RSR Partners, Inc, (2016–Present). | |||||
John V. Boyer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 69 | Trustee | January 2005–Present | Retired. Formerly, President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008–December 2019). | 132 | None. | |||||
Patricia W. Chadwick 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 74 | Trustee | January 2006–Present | Consultant and President, Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy (January 2000–Present). | 132 | The Royce Funds (22 funds) (December 2009–Present). AMICA Mutual Insurance Company (1992–Present). | |||||
Martin J. Gavin 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, AZ 85258 Age: 72 | Trustee | August 2015–Present | Retired. | 132 | None. | |||||
Joseph E. Obermeyer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 65 | Trustee | May 2013–Present | President, Obermeyer & Associates, Inc., a provider of financial and economic consulting services (November 1999–Present). | 132 | None. | |||||
Sheryl K. Pressler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 72 | Trustee | January 2006–Present | Consultant (May 2001–Present). | 132 | Centerra Gold Inc. (May 2008–Present). | |||||
Christopher P. Sullivan 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 69 | Trustee | October 2015–Present | Retired. | 132 | None. |
(1) | Trustees serve until their successors are duly elected and qualified. The tenure of each Trustee who is not an “interested person” as defined in the 1940 Act, of each Portfolio (“Independent Trustee”) is subject to the Board’s retirement policy which states that each duly elected or appointed Independent Trustee shall retire from and cease to be a member of the Board of Trustees at the close of business on December 31 of the calendar year in which the Independent Trustee attains the age of 75. A majority vote of the Board’s other Independent Trustees may extend the retirement date of an Independent Trustee if the retirement would trigger a requirement to hold a meeting of shareholders of the Trust under applicable law, whether for the purposes of appointing a successor to the Independent Trustee or otherwise comply under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Trustees). | |
(2) | For the purposes of this table, “Fund Complex” means the Voya family of funds including the following investment companies: Voya Asia Pacific High Dividend Equity Income Fund; Voya Balanced Portfolio, Inc.; Voya Credit Income Fund; Voya Emerging Markets High Dividend Equity Fund; Voya Equity Trust; Voya Funds Trust; Voya Global Advantage and Premium Opportunity Fund; Voya Global Equity Dividend and Premium Opportunity Fund; Voya Government Money Market Portfolio; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya Investors Trust; Voya Mutual Funds; Voya Partners, Inc.; Voya Separate Portfolios Trust; Voya Strategic Allocation Portfolios, Inc.; Voya Variable Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Fund Complex is as of January 31, 2023. |
Name, Address and Age | Position(s) Held With the Trust | Term of Office and Length of Time Served(1) | Principal Occupation(s) — During the Past 5 Years | |||
---|---|---|---|---|---|---|
Andy Simonoff 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 50 | President and Chief Executive Officer | January 2023–Present | Director, President and Chief Executive Officer, Voya Funds Services, LLC, Voya Capital, LLC and Voya Investments, LLC (January 1, 2023– Present); Managing Director, Chief Strategy and Transformation Officer, Voya Investment Management (January 2020–Present). Formerly, Managing Director, Head of Business Management, Voya Investment Management (March 2019–January 2020); Managing Director, Head of Business Management, Fixed Income, Voya Investment Management (November 2015–March 2019). | |||
Jonathan Nash 230 Park Avenue New York, New York 10169 Age: 55 | Executive Vice President and Chief Investment Risk Officer | March 2020–Present | Executive Vice President and Chief Investment Risk Officer, Voya Investments, LLC (March 2020–Present); Senior Vice President, Investment Risk Management, Voya Investment Management (March 2017–Present). Formerly, Vice President, Voya Investments, LLC (September 2018–March 2020); Consultant, DA Capital LLC (January 2016–March 2017). | |||
James M. Fink 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 64 | Executive Vice President | March 2018–Present | Senior Vice President, Voya Investments Distributor, LLC (April 2018–Present); Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018–Present); Chief Administrative Officer, Voya Investment Management (September 2017–Present). Formerly, Managing Director, Operations, Voya Investment Management (March 1999–September 2017). | |||
Steven Hartstein 230 Park Avenue New York, NY 10169 Age: 59 | Chief Compliance Officer | December 2022–Present | Senior Vice President, Voya Investment Management (December 2022–Present). Formerly, Brighthouse Financial, Inc. — Head of Funds Compliance; Chief Compliance Officer — Brighthouse Funds and Brighthouse Investment Advisers, LLC (March 2017- December 2022). | |||
Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55 | Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary | March 2005–Present | Director and Senior Vice President, Voya Capital, LLC, and Voya Funds Services, LLC (September 2022–Present); Director, Voya Investments, LLC (September 2022–Present); Senior Vice President, Voya Investments, LLC (April 2005–Present). Formerly, President, Voya Funds Services, LLC (March 2018–September 2022). | |||
Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 58 | Senior Vice President | November 2003–Present | Senior Vice President, Voya Investments, LLC (September 2003–Present). | |||
Sara M. Donaldson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 63 | Senior Vice President | June 2022–Present | Senior Vice President, Voya Investments, LLC (February 2022–Present); Senior Vice President, Head of Active Ownership, Voya Investment Management (September 2021–Present). Formerly, Vice President, Voya Investments, LLC (October 2015–February 2022); Vice President, Head of Proxy Voting, Voya Investment Management (October 2015–August 2021). | |||
Andrew K. Schlueter 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 46 | Senior Vice President | June 2022–Present | Senior Vice President, Head of Mutual Fund Operations, Voya Investment Management (March 2022–Present); Vice President, Voya Investments Distributor, LLC (April 2018–Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018-Present); Formerly, Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018–February 2022); Vice President, Voya Investment Management (March 2014–February 2018). |
Name, Address and Age | Position(s) Held With the Trust | Term of Office and Length of Time Served(1) | Principal Occupation(s) — During the Past 5 Years | |||
---|---|---|---|---|---|---|
Robert Terris 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 52 | Senior Vice President | May 2006–Present | Senior Vice President, Voya Investments Distributor, LLC (April 2018–Present); Senior Vice President, Head of Investment Services, Voya Investments, LLC (April 2018–Present); Senior Vice President, Head of Investment Services, Voya Funds Services, LLC (March– 2006 Present). Formerly, Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015–April 2018). | |||
Joanne F. Osberg 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 41 | Vice President Secretary | June 2022–Present September 2020–Present | Vice President and Senior Counsel, Voya Investment Management — Mutual Fund Legal Department (September 2020–Present). Formerly, Vice President and Counsel, Voya Investment Management — Mutual Fund Legal Department (January 2013–September 2020). | |||
Fred Bedoya 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 50 | Vice President Principal Accounting Officer and Treasurer | September 2012–Present | Vice President, Voya Investments, LLC (October 2015–Present); Vice President, Voya Funds Services, LLC (July 2012–Present). | |||
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55 | Vice President | VIT: November 1999–Present VVIT: October 2000–Present | Vice President, Voya Investments, LLC (August 1997–Present); Vice President, Voya Funds Services, LLC (November 1995–Present). | |||
Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 46 | Vice President | September 2012–Present | Vice President, Voya Investments, LLC (October 2015–Present); Vice President, Voya Funds Services, LLC (July 2007–Present). | |||
Erica McKenna 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age:50 | Vice President | June 2022–Present | Vice President, Head of Mutual Fund Compliance, and Chief Compliance Officer, Voya Investments, LLC (May 2022–Present). Formerly, Vice President, Fund Compliance Manager, Voya Investments, LLC (March 2021–May 2022); Assistant Vice President, Fund Compliance Manager, Voya Investments, LLC (December 2016–March 2021). | |||
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 53 | Vice President | May 2013–Present | Vice President–Director of Tax, Voya Investments, LLC (October 2015–Present). | |||
Nicholas C.D. Ward 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 29 | Assistant Vice President and Assistant Secretary | June 2022–Present | Counsel, Voya Investment Management — Mutual Fund Legal Department (November 2021–Present). Formerly, Associate, Dechert LLP (October 2018–November 2021). | |||
Gizachew Wubishet 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 46 | Assistant Vice President and Assistant Secretary | June 2022–Present | Assistant Vice President and Counsel, Voya Investment Management — Mutual Fund Legal Department (May 2019–Present). Formerly, Attorney, Ropes & Gray LLP (October 2011– April 2019). | |||
Monia Piacenti One Orange Way Windsor, Connecticut 06095 Age: 46 | Anti-Money Laundering Officer | June 2018–Present | Compliance Consultant, Voya Financial, Inc. (January 2019–Present); Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018–Present); Formerly, Senior Compliance Officer, Voya Investment Management (December 2009–December 2018). |
(1) | The Officers hold office until the next annual meeting of the Board of Trustees and until their successors shall have been elected and qualified. |
BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACT AND SUB-ADVISORY CONTRACT
The Board has established a Contracts Committee and two Investment Review Committees (the “IRCs”), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management, sub-advisory, and sub-sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers and sub-sub-advisers, as well as the Manager’s role in monitoring the sub-advisers and sub-sub-advisers.
Provided below is an overview of certain material factors that the Board considered at its meetings regarding the
renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.
restrictions for each Portfolio are complied with on a consistent basis.
When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager, Sub-Advisers, and Sub-Sub-Adviser as a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. In this regard, the Board noted any breakpoints in the management fee schedules that will result in a lower management fee rate when a Portfolio achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, in addition to the management fee breakpoints, the Portfolios have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager, Sub-Advisers, or Sub-Sub-Adviser could be shared with each Portfolio through such fee waivers, expense reimbursements or other expense reductions. In evaluating these matters, the Board also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale. In the case of sub-advisory or sub-sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager or relevant Sub-Adviser, respectively.
55
Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients
For each Portfolio, the Board considered information on revenues, costs and profits or losses realized by the Manager related to its services to the Portfolio. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Portfolio, the
Board took into account the sub-advisory fee rate payable by the Manager to each Sub-Adviser. The Board also considered the profitability of the Manager attributable to servicing each Portfolio both with and without taking into account the profitability of the distributor of the Portfolios and any revenue sharing payments made by the Manager. The Board did not request profitability data from the Sub-Advisers and the Sub-Sub-Adviser, which are not affiliated with the Manager because the Board did not view this data as a key factor to its deliberations given the arm’s-length nature of the relationship between the Manager and these non-Voya-affiliated Sub-Advisers and Sub-Sub-Adviser with respect to the negotiation of sub-advisory and sub-sub-advisory fee schedules. In addition, the Board noted that non-Voya-affiliated sub-advisers or sub-sub-advisers may not account for their profits on an account-by-account basis and those that do often employ different methodologies in connection with these calculations.
Set forth below are certain of the specific factors that the Board considered at its October 12-13, 2022, November 15, 2022, and/or November 17, 2022 meetings
56
in relation to approving each Portfolio’s Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. In each case, the Portfolio’s performance was compared to its Morningstar category, as well as its primary benchmark. The performance data provided to the Board primarily was for various periods ended March 31, 2022. In addition, the Board also considered at its October 12-13, 2022, November 15, 2022, and/or November 17, 2022 meetings certain additional data regarding each Portfolio’s more recent performance, asset levels and asset flows. Each Portfolio’s management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.
In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio’s management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s
representations regarding the competitiveness of the Portfolio’s management fee rate and net expense ratio.
After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Portfolio and that approval of the continuation of the Contracts is in the best interests of each Portfolio and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management’s related representations, the Board concluded that it was satisfied with management’s responses relating to each Portfolio’s investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Portfolio for the year ending November 30, 2023.
(THIS PAGE INTENTIONALLY LEFT BLANK)
(THIS PAGE INTENTIONALLY LEFT BLANK)
Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Distributor
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116
Custodian
The Bank of New York Mellon
225 Liberty Street
New York, New York 10286
Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199
Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.
RETIREMENT | INVESTMENTS | INSURANCE | |
VPAR-VIT3AIS (1222-022323) |
Item 2. Code of Ethics.
As of the end of the period covered by this report, Registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the Code during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code during the period covered by this report. The code of ethics is filed herewith pursuant to Item 13(a)(1), Ex-99.CODE ETH.
Item 3. Audit Committee Financial Expert.
The Board of Trustees has determined that Colleen D. Baldwin, Martin J. Gavin, and Joseph E. Obermeyer are audit committee financial experts, as defined in Item 3 of Form N-CSR. Ms. Baldwin, Mr. Gavin, and Mr. Obermeyer are “independent” for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Below are the amount of fees that Ernst & Young LLP (“EY”), the Registrant’s current Independent Registered Public Accounting Firm, billed and paid to the Fund during the Fund’s fiscal year ended December 31, 2022 and December 31, 2021.
(a) | Audit Fees: The aggregate fees billed and paid for each of the last two fiscal years for professional services rendered by EY, the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $28,499 for the year ended December 31, 2022 and $29,517 for the year ended December 31, 2021. |
(b) | Audit-Related Fees: The aggregate fees billed and paid in each of the last two fiscal years for assurance and related services by EY that are reasonably related to the performance of the audit of each respective registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 for the year ended December 31, 2022 and $0 for the year ended December 31, 2021. |
(c) | Tax Fees: The aggregate fees billed and paid in each of the last two fiscal years for professional services rendered by EY for tax compliance, tax advice, and tax planning were $5,300 for the year ended December 31, 2022 and $5,300 for the year ended December 31, 2021. Such services included review of excise distribution calculations (if applicable), preparation of the Registrants’ federal, state, and excise tax returns, tax services related to mergers and routine consulting. |
(d) | All Other Fees: The aggregate fees billed and paid in each of the last two fiscal years for products and services provided by EY, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the year ended December 31, 2022 and $0 for the year ended December 31, 2021. |
(e)(1) | Audit Committee Pre-Approval Policies and Procedures |
Appendix A
AUDIT AND NON-AUDIT SERVICES
PRE-APPROVAL POLICY
I. | Statement of Principles |
Under the Sarbanes-Oxley Act of 2002 (the “Act”), the Audit Committee of the Board of Directors or Trustees (the “Committee”) of the Voya funds (each a “Fund,” collectively, the “Funds”) set out on Exhibit A to this Audit and Non-Audit Services Pre-Approval Policy (“Policy”) is responsible for the oversight of the work of the Funds’ independent auditors. As part of its responsibilities, the Committee must pre-approve the audit and non-audit services performed by the auditors in order to assure that the provision of these services does not impair the auditors’ independence from the Funds. The Committee has adopted, and the Board has ratified, this Policy, which sets out the procedures and conditions under which the services of the independent auditors may be pre-approved.
Under Securities and Exchange Commission (“SEC”) rules promulgated in accordance with the Act, the Funds may establish two different approaches to pre-approving audit and non-audit services. The Committee may approve services without consideration of specific case-by-case services (“general pre-approval”) or it may pre-approve specific services (“specific pre-approval”). The Committee believes that the combination of these approaches contemplated in this Policy results in an effective and efficient method for pre-approving audit and non-audit services to be performed by the Funds’ independent auditors. Under this Policy, services that are not of a type that may receive general pre-approval require specific pre-approval by the Committee. Any proposed services that exceed pre-approved cost levels or budgeted amounts will also require the Committee’s specific pre-approval.
For both types of approval, the Committee considers whether the subject services are consistent with the SEC’s rules on auditor independence and that such services are compatible with maintaining the auditors independence. The Committee also considers whether a particular audit firm is in the best position to provide effective and efficient services to the Funds. Reasons that the auditors are in the best position include the auditors’ familiarity with the Funds’ business, personnel, culture, accounting systems, risk profile, and other factors, and whether the services will enhance the Funds’ ability to manage and control risk or improve audit quality. Such factors will be considered as a whole, with no one factor being determinative.
The appendices attached to this Policy describe the audit, audit-related, tax-related, and other services that have the Committee’s general pre-approval. For any service that has been approved through general pre-approval, the general pre-approval will remain in place for a period 12 months from the date of pre-approval, unless the Committee determines that a different period is appropriate. The Committee will annually review and pre-approve the services that may be provided by the independent auditors without specific pre-approval. The Committee will revise the list of services subject to general pre-approval as appropriate. This Policy does not serve as a delegation to Fund management of the Committee’s duty to pre-approve services performed by the Funds’ independent auditors.
1 |
II. | Audit Services |
The annual audit services engagement terms and fees are subject to the Committee’s specific pre-approval. Audit services are those services that are normally provided by auditors in connection with statutory and regulatory filings or engagements or those that generally only independent auditors can reasonably provide. They include the Funds’ annual financial statement audit and procedures that the independent auditors must perform in order to form an opinion on the Funds’ financial statements (e.g., information systems and procedural reviews and testing). The Committee will monitor the audit services engagement and approve any changes in terms, conditions or fees deemed by the Committee to be necessary or appropriate.
The Committee may grant general pre-approval to other audit services, such as statutory audits and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or issued in connection with securities offerings.
The Committee has pre-approved the audit services listed on Appendix A. The Committee must specifically approve all audit services not listed on Appendix A.
III. | Audit-related Services |
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or the review of the Funds’ financial statements or are traditionally performed by the independent auditors. The Committee believes that the provision of audit-related services will not impair the independent auditors’ independence, and therefore may grant pre-approval to audit-related services. Audit-related services include accounting consultations related to accounting, financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures relating to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Form N-CEN or Form N-CSR.
The Committee has pre-approved the audit-related services listed on Appendix B. The Committee must specifically approve all audit-related services not listed on Appendix B.
IV. | Tax Services |
The Committee believes the independent auditors can provide tax services to the Funds, including tax compliance, tax planning, and tax advice, without compromising the auditors’ independence. Therefore, the Committee may grant general pre-approval with respect to tax services historically provided by the Funds’ independent auditors that do not, in the Committee’s view, impair auditor independence and that are consistent with the SEC’s rules on auditor independence.
The Committee will not grant pre-approval if the independent auditors initially recommends a transaction the sole business purpose of which is tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Committee may consult outside counsel to determine that tax planning and reporting positions are consistent with this Policy.
The Committee has pre-approved the tax-related services listed on Appendix C. The Committee must specifically approve all tax-related services not listed on Appendix C.
V. | Other Services |
The Committee believes it may grant approval of non-audit services that are permissible services for independent auditors to a Fund. The Committee has determined to grant general pre-approval to other services that it believes are routine and recurring, do not impair auditor independence, and are consistent with SEC rules on auditor independence.
The Committee has pre-approved the non-audit services listed on Appendix D. The Committee must specifically approve all non-audit services not listed on Appendix D.
A list of the SEC’s prohibited non-audit services is attached to this Policy as Appendix E. The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of these impermissible services and the applicability of exceptions to certain of the SEC’s prohibitions.
VI. | Pre-approval of Fee levels and Budgeted Amounts |
The Committee will annually establish pre-approval fee levels or budgeted amounts for audit, audit-related, tax and non-audit services to be provided to the Funds by the independent auditors. Any proposed services exceeding these levels or amounts require the Committee’s specific pre-approval. The Committee considers fees for audit and non-audit services when deciding whether to pre-approve services. The Committee may determine, for a pre-approval period of 12 months, the appropriate ratio between the total amount of fees for the Fund’s audit, audit-related, and tax services (including fees for services provided to Fund affiliates that are subject to pre-approval), and the total amount of fees for certain permissible non-audit services for the Fund classified as other services (including any such services provided to Fund affiliates that are subject to pre-approval).
VII. | Procedures |
Requests or applications for services to be provided by the independent auditors will be submitted to management. If management determines that the services do not fall within those services generally pre-approved by the Committee and set out in the appendices to these procedures, management will submit the services to the Committee or its delagee. Any such submission will include a detailed description of the services to be rendered. Notwithstanding this paragraph, the Committee will, on a quarterly basis, receive from the independent auditors a list of services provided for the previous calendar quarter on a cumulative basis by the auditors during the Pre-Approval Period.
VIII. | Delegation |
The Committee may delegate pre-approval authority to one or more of the Committee’s members. Any member or members to whom such pre-approval authority is delegated must report any pre-approval decisions, including any pre-approved services, to the Committee at its next scheduled meeting. The Committee will identify any member to whom pre-approval authority is delegated in writing. The member will retain such authority for a period of 12 months from the date of pre-approval unless the Committee determines that a different period is appropriate. The period of delegated authority may be terminated by the Committee or at the option of the member.
IX. | Additional Requirements |
The Committee will take any measures the Committee deems necessary or appropriate to oversee the work of the independent auditors and to assure the auditors’ independence from the Funds. This may include reviewing a formal written statement from the independent auditors delineating all relationships between the auditors and the Funds, consistent with Independence Standards Board No. 1, and discussing with the auditors their methods and procedures for ensuring independence.
Last Approved: November 18, 2021
Appendix A
Pre-Approved Audit Services for the Pre-Approval Period January 1, 2022 through December 31, 2022
Service | ||
The Fund(s) | Fee Range | |
Statutory audits or financial audits (including tax services associated with audit services) | √ | As presented to Audit Committee1 |
Services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., consents), and assistance in responding to SEC comment letters. | √ | Not to exceed $9,750 per filing |
Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. | √ | Not to exceed $8,000 during the Pre-Approval Period |
Seed capital audit and related review and issuance of consent on the N-2 registration statement | √ | Not to exceed $14,750 per audit |
Audit of summary portfolio of investments | √ | Not to exceed $750 per fund |
1 | For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors’ Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling. |
Appendix B
Pre-Approved Audit-Related Services for the Pre-Approval Period January 1, 2022 through December 31, 2022
Service | |||
The Fund(s) | Fund Affiliates | Fee Range | |
Services related to Fund mergers (Excludes tax services - See Appendix C for tax services associated with Fund mergers) | √ | √ | Not to exceed $10,000 per merger |
Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. [Note: Under SEC rules some consultations may be “audit” services and others may be “audit-related” services.] | √ | Not to exceed $5,000 per occurrence during the Pre-Approval Period | |
Review of the Funds’ semi-annual and quarterly financial statements | √ | Not to exceed $2,700 per set of financial statements per fund | |
Reports to regulatory or government agencies related to the annual engagement | √ | Up to $5,000 per occurrence during the Pre-Approval Period | |
Regulatory compliance assistance | √ | √ | Not to exceed $5,000 per quarter |
Training courses | √ | Not to exceed $5,000 per course |
Appendix C
Pre-Approved Tax Services for the Pre-Approval Period January 1, 2022 through December 31, 2022
Service | |||
The Fund(s) | Fund Affiliates | Fee Range | |
Preparation of federal and state income tax returns and federal excise tax returns for the Funds including assistance and review with excise tax distributions | √ | As presented to Audit Committee2 | |
Review of IRC Sections 851(b) and 817(h) diversification testing on a real-time basis | √ | As presented to Audit Committee2 | |
Tax assistance and advice regarding statutory, regulatory or administrative developments | √ | √ | Not to exceed $5,000 for the Funds or for the Funds’ investment adviser during the Pre-Approval Period |
2 | For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors’ Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling. |
Appendix C, continued Pre-Approved Tax Services for the Pre-Approval Period January 1, 2022 through December 31, 2022
Service | |||
The Fund(s) | Fund Affiliates | Fee Range | |
Tax and technology training sessions | √ | Not to exceed $5,000 per course during the Pre-Approval Period | |
Tax services associated with Fund mergers | √ | √ | Not to exceed $4,000 per fund per merger during the Pre-Approval Period |
Ernst & Young LLP Passive Foreign Investment Company (“PFIC”) Analyzer | √ | Not to exceed $95,000 during the Pre-Approval Period | |
Other tax-related assistance and consultation, including, without limitation, assistance in evaluating derivative financial instruments and international tax issues, qualification and distribution issues, year-end reporting for 1099’s, tax compliance services in foreign jurisdictions and similar routine tax consultations as requested. | √ | Not to exceed $300,000 during the Pre-Approval Period |
Appendix D
Pre-Approved Other Services for the Pre-Approval Period January 1, 2022 through December 31, 2022
Service | |||
The Fund(s) | Fund Affiliates | Fee Range | |
Agreed-upon procedures for Class B share 12b-1 programs | √ | Not to exceed $60,000 during the Pre-Approval Period | |
Security counts performed pursuant to Rule 17f-2 of the 1940 Act (i.e., counts for Funds holding securities with affiliated sub-custodians)
Cost to be borne 50% by the Funds and 50% by Voya Investments, LLC. | √ | √ | Not to exceed $5,700 per Fund during the Pre-Approval Period |
Agreed upon procedures for 15 (c) FACT Books | √ | Not to exceed $50,000 during the Pre-Approval Period |
Appendix E
Prohibited Non-Audit Services
Dated: January 1, 2022 to December 31, 2022
● | Bookkeeping or other services related to the accounting records or financial statements of the Funds |
● | Financial information systems design and implementation |
● | Appraisal or valuation services, fairness opinions, or contribution-in-kind reports |
● | Actuarial services |
● | Internal audit outsourcing services |
● | Management functions |
● | Human resources |
● | Broker-dealer, investment adviser, or investment banking services |
● | Legal services |
● | Expert services unrelated to the audit |
● | Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible |
EXHIBIT A
VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND
VOYA BALANCED PORTFOLIO, INC.
VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY FUND
VOYA EQUITY TRUST
VOYA FUNDS TRUST
VOYA GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND
VOYA GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND
VOYA INFRASTRUCTURE, INDUSTRIALS, AND MATERIALS FUND
VOYA INTERMEDIATE BOND PORTFOLIO
VOYA INVESTORS TRUST
VOYA GOVERNMENT MONEY MARKET PORTFOLIO
VOYA MUTUAL FUNDS
VOYA PARTNERS, INC.
VOYA CREDIT INCOME FUND
VOYA SEPARATE PORTFOLIOS TRUST
VOYA STRATEGIC ALLOCATIONS PORTFOLIOS, INC.
VOYA VARIABLE FUNDS
VOYA VARIABLE INSURANCE TRUST
VOYA VARIABLE PORTFOLIOS INC,
VOYA VARIABLE PRODUCTS TRUST
(e)(2) | Percentage of services referred to in 4(b) – (4)(d) that were approved by the audit committee |
100% of the services were approved by the audit committee. |
(f) | Percentage of hours expended attributable to work performed by other than full time employees of EY if greater than 50% |
Not applicable. |
(g) | Non-Audit Fees: The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed and paid to the Registrant by the independent registered public accounting firm for the Registrant’s fiscal years ended December 31, 2022 and December 31, 2021; and (ii) the aggregate non-audit fees billed to the investment adviser, or any of its affiliates that provide ongoing services to the registrant, by the independent registered public accounting firm for the same time periods. |
Registrant/Investment Adviser | 2022 | 2021 | ||||||
Voya Variable Insurance Trust | $ | 5,300 | $ | 5,300 | ||||
Voya Investments, LLC (1) | $ | 12,831,317 | $ | 13,583,983 |
(1) The Registrant’s investment adviser and any of its affiliates, which are subsidiaries of Voya Financial, Inc.
(h) | Principal Accountants Independence: The Registrant’s Audit committee has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining EY’s independence. |
(i) | Not applicable. |
(j) | Not applicable. |
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
(a) | Schedule is included as part of the report to shareholders filed under Item 1 of this Form. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) | Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR. |
(b) | There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | The Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a)(2)(2) | Not applicable. |
(b) | The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant): Voya Variable Insurance Trust
By | /s/ Andy Simonoff | |
Andy Simonoff | ||
Chief Executive Officer |
Date: March 8, 2023
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/ Andy Simonoff | |
Andy Simonoff | ||
Chief Executive Officer |
Date: March 8, 2023
By | /s/ Todd Modic | |
Todd Modic | ||
Senior Vice President and Chief Financial Officer |
Date: March 8, 2023