PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
1
VY
®
BrandywineGLOBAL
-
Bond
Portfolio
Principal
Amount
†
RA
Value
Percentage
of
Net
Assets
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
:
48
.6
%
Federal
Home
Loan
Banks
:
8
.4
%
18,200,000
4.875
%,
09/13/2024
$
18,092,753
8
.4
Government
National
Mortgage
Association
:
17
.4
%
5,765,764
5.000
%,
02/20/2053
5,472,221
2
.5
5,978,528
5.000
%,
03/20/2053
5,670,362
2
.6
3,538,141
5.000
%,
06/20/2053
3,355,760
1
.6
3,396,542
5.500
%,
02/20/2053
3,302,047
1
.5
7,883,420
5.500
%,
04/20/2053
7,657,780
3
.6
6,763,475
5.500
%,
05/20/2053
6,569,750
3
.1
2,065,243
5.500
%,
06/20/2053
2,005,910
0
.9
3,531,862
6.000
%,
08/20/2053
3,503,203
1
.6
37,537,033
17
.4
Uniform
Mortgage-Backed
Securities
:
22
.8
%
19,814,902
4.000
%,
06/01/2052
17,670,614
8
.2
4,466,567
4.500
%,
09/01/2052
4,105,525
1
.9
6,078,155
4.500
%,
09/01/2052
5,586,845
2
.6
3,260,841
4.500
%,
10/01/2052
2,997,261
1
.4
10,167,006
5.000
%,
11/01/2052
9,605,663
4
.5
1,214,354
5.000
%,
12/01/2052
1,147,306
0
.5
8,323,338
5.500
%,
11/01/2052
8,056,963
3
.7
49,170,177
22
.8
Total
U.S.
Government
Agency
Obligations
(Cost
$109,587,998)
104,799,963
48
.6
U.S.
TREASURY
OBLIGATIONS
:
41
.0
%
United
States
Treasury
Bonds
:
13
.1
%
5,200,000
2.875
%,
05/15/2052
3,688,141
1
.7
33,730,000
3.000
%,
08/15/2052
24,587,325
11
.4
28,275,466
13
.1
United
States
Treasury
Floating
Rate
Notes
:
2
.2
%
4,700,000
(1)
5.572
%,
04/30/2025
4,702,365
2
.2
United
States
Treasury
Notes
:
25
.7
%
40,780,000
3.875
%,
08/15/2033
38,537,100
17
.9
17,520,000
4.125
%,
11/15/2032
16,899,956
7
.8
55,437,056
25
.7
Total
U.S.
Treasury
Obligations
(Cost
$94,259,754)
88,414,887
41
.0
CORPORATE
BONDS/NOTES
:
5
.8
%
Consumer,
Cyclical
:
1
.8
%
3,990,000
Toyota
Motor
Credit
Corp.,
4.450%,
05/18/2026
3,902,659
1
.8
Energy
:
1
.5
%
530,000
Devon
Energy
Corp.,
7.875%,
09/30/2031
581,860
0
.3
2,120,000
Diamondback
Energy,
Inc.,
6.250%,
03/15/2033
2,122,363
1
.0
330,000
Hess
Corp.,
7.300%,
08/15/2031
350,082
0
.1
180,000
Hess
Corp.,
7.875%,
10/01/2029
195,306
0
.1
3,249,611
1
.5
Principal
Amount†
Value
Percentage
of
Net
Assets
CORPORATE
BONDS/NOTES:
(continued)
Financial
:
2
.0
%
2,120,000
Equinix,
Inc.,
2.500%,
05/15/2031
$
1,656,644
0
.8
2,235,000
Golub
Capital
BDC,
Inc.,
2.500%,
08/24/2026
1,960,168
0
.9
590,000
(1)(2)
UBS
Group
AG,
6.301%,
09/22/2034
576,673
0
.3
4,193,485
2
.0
Technology
:
0
.5
%
1,720,000
(2)
Dell
International
LLC
/
EMC
Corp.,
3.375%,
12/15/2041
1,156,400
0
.5
Total
Corporate
Bonds/
Notes
(Cost
$12,734,891)
12,502,155
5
.8
Total
Long-Term
Investments
(Cost
$216,582,643)
205,717,005
95
.4
Shares
RA
Value
Percentage
of
Net
Assets
SHORT-TERM
INVESTMENTS
:
1
.6
%
Mutual
Funds
:
1
.6
%
3,454,042
(3)
BlackRock
Liquidity
Funds,
FedFund,
Institutional
Class,
5.240%
(Cost
$3,454,042)
$
3,454,042
1
.6
Total
Short-Term
Investments
(Cost
$3,454,042)
3,454,042
1
.6
Total
Investments
in
Securities
(Cost
$220,036,685)
$
209,171,047
97
.0
Assets
in
Excess
of
Other
Liabilities
6,571,752
3
.0
Net
Assets
$
215,742,799
100
.0
†
Unless
otherwise
indicated,
principal
amount
is
shown
in
USD.
(1)
Variable
rate
security.
Rate
shown
is
the
rate
in
effect
as
of
September
30,
2023.
(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)
Rate
shown
is
the
7-day
yield
as
of
September
30,
2023.
Reference
Rate
Abbreviations:
USBMMY3M
U.S.
Treasury
3-month
Bill
Money
Market
Yield
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
2
VY
®
BrandywineGLOBAL
-
Bond
Portfolio
Fair
Value
Measurements
The
following
is
a
summary
of
the
fair
valuations
according
to
the
inputs
used
as
of
September
30,
2023
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
September
30,
2023
Asset
Table
Investments,
at
fair
value
U.S.
Government
Agency
Obligations
$
—
$
104,799,963
$
—
$
104,799,963
U.S.
Treasury
Obligations
—
88,414,887
—
88,414,887
Corporate
Bonds/Notes
—
12,502,155
—
12,502,155
Short-Term
Investments
3,454,042
—
—
3,454,042
Total
Investments,
at
fair
value
$
3,454,042
$
205,717,005
$
—
$
209,171,047
Liabilities
Table
Other
Financial
Instruments+
Futures
$
(
2,110,699
)
$
—
$
—
$
(
2,110,699
)
Total
Liabilities
$
(
2,110,699
)
$
—
$
—
$
(
2,110,699
)
+
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
September
30,
2023,
the
following
futures
contracts
were
outstanding
for
VY®
BrandywineGLOBAL-
Bond
Portfolio:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Depreciation
Long
Contracts:
U.S.
Treasury
5-Year
Note
1,801
12/29/23
$
189,752,234
$
(
1,726,301
)
U.S.
Treasury
Ultra
10-Year
Note
123
12/19/23
13,722,188
(
384,398
)
$
203,474,422
$
(
2,110,699
)
Net
unrealized
depreciation
consisted
of:
Gross
Unrealized
Appreciation
$
115,730
Gross
Unrealized
Depreciation
(
10,981,368
)
Net
Unrealized
Depreciation
$
(
10,865,638
)