PORTFOLIO
OF
INVESTMENTS
as
of
March
31,
2024
(Unaudited)
1
VY
®
BrandywineGLOBAL
-
Bond
Portfolio
Principal
Amount
†
RA
Value
Percentage
of
Net
Assets
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
:
50.5%
Federal
Home
Loan
Banks
:
7.9%
18,200,000
4.875
%,
09/13/2024
$
18,163,175
7.9
Government
National
Mortgage
Association
:
21.9%
5,576,010
5.000
%,
02/20/2053
5,486,999
2.4
5,810,750
5.000
%,
03/20/2053
5,715,525
2.5
3,473,987
5.000
%,
06/20/2053
3,414,958
1.5
3,213,456
5.500
%,
02/20/2053
3,212,598
1.4
7,551,653
5.500
%,
04/20/2053
7,549,636
3.3
6,548,927
5.500
%,
05/20/2053
6,547,179
2.8
2,869,964
5.500
%,
06/20/2053
2,868,749
1.3
5,796,047
5.500
%,
09/20/2053
5,793,593
2.5
6,273,126
5.500
%,
10/20/2053
6,270,470
2.7
3,543,524
5.500
%,
02/20/2054
3,542,024
1.5
50,401,731
21.9
Uniform
Mortgage-Backed
Securities
:
20.7%
17,185,643
4.000
%,
06/01/2052
15,947,292
6.9
4,357,923
4.500
%,
09/01/2052
4,151,445
1.8
5,909,334
4.500
%,
09/01/2052
5,629,350
2.5
3,171,275
4.500
%,
10/01/2052
3,021,021
1.3
9,832,551
5.000
%,
11/01/2052
9,603,567
4.2
1,181,432
5.000
%,
12/01/2052
1,153,906
0.5
8,042,114
5.500
%,
11/01/2052
8,032,057
3.5
47,538,638
20.7
Total
U.S.
Government
Agency
Obligations
(Cost
$117,621,456)
116,103,544
50.5
U.S.
TREASURY
OBLIGATIONS
:
41.1%
United
States
Treasury
Bonds
:
11.9%
35,330,000
3.000
%,
08/15/2052
27,452,514
11.9
United
States
Treasury
Floating
Rate
Notes
:
6.2%
14,290,000
(1)
5.470
%,
10/31/2025
14,295,331
6.2
United
States
Treasury
Notes
:
23.0%
54,240,000
3.875
%,
08/15/2033
52,811,963
23.0
Total
U.S.
Treasury
Obligations
(Cost
$95,234,365)
94,559,808
41.1
CORPORATE
BONDS/NOTES
:
3.9%
Consumer,
Cyclical
:
1.7%
3,990,000
Toyota
Motor
Credit
Corp.,
4.450%,
05/18/2026
3,953,084
1.7
Energy
:
1.3%
530,000
Devon
Energy
Corp.,
7.875%,
09/30/2031
608,235
0.3
2,120,000
Diamondback
Energy,
Inc.,
6.250%,
03/15/2033
2,261,157
1.0
2,869,392
1.3
Principal
Amount†
Value
Percentage
of
Net
Assets
CORPORATE
BONDS/NOTES:
(continued)
Financial
:
0.9%
2,235,000
Golub
Capital
BDC,
Inc.,
2.500%,
08/24/2026
$
2,054,368
0.9
Total
Corporate
Bonds/
Notes
(Cost
$8,893,648)
8,876,844
3.9
Total
Long-Term
Investments
(Cost
$221,749,469)
219,540,196
95.5
Shares
RA
Value
Percentage
of
Net
Assets
SHORT-TERM
INVESTMENTS
:
2.4%
Mutual
Funds
:
2.4%
5,598,328
(2)
BlackRock
Liquidity
Funds,
FedFund,
Institutional
Class,
5.200%
(Cost
$5,598,328)
$
5,598,328
2.4
Total
Short-Term
Investments
(Cost
$5,598,328)
5,598,328
2.4
Total
Investments
in
Securities
(Cost
$227,347,797)
$
225,138,524
97.9
Assets
in
Excess
of
Other
Liabilities
4,925,450
2.1
Net
Assets
$
230,063,974
100.0
†
Unless
otherwise
indicated,
principal
amount
is
shown
in
USD.
(1)
Variable
rate
security.
Rate
shown
is
the
rate
in
effect
as
of
March
31,
2024.
(2)
Rate
shown
is
the
7-day
yield
as
of
March
31,
2024.
Reference
Rate
Abbreviations:
USBMMY3M
U.S.
Treasury
3-month
Bill
Money
Market
Yield
PORTFOLIO
OF
INVESTMENTS
as
of
March
31,
2024
(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
March
31,
2024
in
valuing
the
assets
and
liabilities:
Quoted
Prices
in
Active
Markets
for
Identical
Investments
(Level
1)
Significant
Other
Observable
Inputs
(Level
2)
Significant
Unobservable
Inputs
(Level
3)
Fair
Value
at
March
31,
2024
Asset
Table
Investments,
at
fair
value
U.S.
Government
Agency
Obligations
$
—
$
116,103,544
$
—
$
116,103,544
U.S.
Treasury
Obligations
—
94,559,808
—
94,559,808
Corporate
Bonds/Notes
—
8,876,844
—
8,876,844
Short-Term
Investments
5,598,328
—
—
5,598,328
Total
Investments,
at
fair
value
$
5,598,328
$
219,540,196
$
—
$
225,138,524
Other
Financial
Instruments+
Futures
329,683
—
—
329,683
Total
Assets
$
5,928,011
$
219,540,196
$
—
$
225,468,207
+
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
March
31,
2024,
the
following
futures
contracts
were
outstanding
for
VY
®
BrandywineGLOBAL-
Bond
Portfolio:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation
Long
Contracts:
U.S.
Treasury
5-Year
Note
1,190
06/28/24
$
127,348,594
$
231,660
U.S.
Treasury
Ultra
10-Year
Note
221
06/18/24
25,328,672
98,023
$
152,677,266
$
329,683
Net
unrealized
depreciation
consisted
of:
Gross
Unrealized
Appreciation
$
1,205,506
Gross
Unrealized
Depreciation
(3,414,779)
Net
Unrealized
Depreciation
$
(2,209,273)