PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
1
VY
®
Blackrock
Inflation
Protected
Bond
Portfolio
Principal
Amount
†
RA
Value
Percentage
of
Net
Assets
U.S.
TREASURY
OBLIGATIONS
:
54
.9
%
United
States
Treasury
Bonds
:
0
.4
%
1,070,000
4.125
%,
08/15/2053
$
971,526
0
.4
United
States
Treasury
Inflation
Indexed
Bonds
:
18
.7
%
2,958,858
0.125
%,
02/15/2051
1,650,481
0
.8
3,497,544
0.125
%,
02/15/2052
1,924,468
0
.9
2,817,977
0.250
%,
02/15/2050
1,661,983
0
.8
2,885,254
0.625
%,
02/15/2043
2,099,831
1
.0
3,706,403
0.750
%,
02/15/2042
2,810,684
1
.3
4,394,238
0.750
%,
02/15/2045
3,198,313
1
.5
2,766,997
0.875
%,
02/15/2047
2,020,419
0
.9
2,128,731
1.000
%,
02/15/2046
1,618,215
0
.7
2,051,604
1.000
%,
02/15/2048
1,528,472
0
.7
1,889,045
1.000
%,
02/15/2049
1,396,371
0
.6
4,059,557
1.375
%,
02/15/2044
3,398,513
1
.5
3,277,447
1.500
%,
02/15/2053
2,714,629
1
.2
706,238
1.750
%,
01/15/2028
686,187
0
.3
1,578,805
2.125
%,
02/15/2040
1,531,752
0
.7
2,233,456
2.125
%,
02/15/2041
2,162,629
1
.0
2,078,763
2.500
%,
01/15/2029
2,093,599
1
.0
1,265,817
3.375
%,
04/15/2032
1,364,996
0
.6
3,039,136
3.625
%,
04/15/2028
3,194,328
1
.5
3,520,052
3.875
%,
04/15/2029
3,791,245
1
.7
40,847,115
18
.7
United
States
Treasury
Inflation
Indexed
Notes
:
35
.8
%
131,063
0.125
%,
10/15/2024
127,070
0
.1
3,188,250
0.125
%,
07/15/2026
2,980,680
1
.4
2,063,983
0.125
%,
10/15/2026
1,919,837
0
.9
1,125,987
0.125
%,
04/15/2027
1,033,937
0
.5
2,423,826
0.125
%,
01/15/2030
2,114,014
1
.0
7,600,785
0.125
%,
07/15/2030
6,590,365
3
.0
7,815,033
0.125
%,
01/15/2031
6,687,105
3
.1
7,846,984
0.125
%,
07/15/2031
6,666,997
3
.0
8,800,105
0.125
%,
01/15/2032
7,377,990
3
.4
4,099,090
0.250
%,
07/15/2029
3,653,668
1
.7
206,194
0.375
%,
07/15/2027
191,266
0
.1
9,106,099
0.625
%,
07/15/2032
7,940,307
3
.6
5,741,974
0.750
%,
07/15/2028
5,345,215
2
.4
5,038,604
0.875
%,
01/15/2029
4,676,926
2
.1
9,215,635
1.125
%,
01/15/2033
8,329,049
3
.8
4,550,460
1.250
%,
04/15/2028
4,328,071
2
.0
5,067,879
1.375
%,
07/15/2033
4,689,759
2
.1
3,710,650
1.625
%,
10/15/2027
3,603,843
1
.6
78,256,099
35
.8
Total
U.S.
Treasury
Obligations
(Cost
$137,974,383)
120,074,740
54
.9
CORPORATE
BONDS/NOTES
:
22
.4
%
Basic
Materials
:
0
.1
%
65,000
(1)
Glencore
Funding
LLC,
3.875%,
10/27/2027
60,535
0.0
191,000
(1)
Glencore
Funding
LLC,
6.375%,
10/06/2030
190,627
0
.1
251,162
0
.1
Principal
Amount†
Value
Percentage
of
Net
Assets
CORPORATE
BONDS/NOTES:
(continued)
Communications
:
2
.0
%
39,000
AT&T,
Inc.,
3.550%,
09/15/2055
$
23,899
0.0
109,000
AT&T,
Inc.,
3.650%,
09/15/2059
66,390
0.0
323,000
AT&T,
Inc.,
4.300%,
02/15/2030
294,227
0
.1
175,000
AT&T,
Inc.,
4.500%,
03/09/2048
132,503
0
.1
181,000
AT&T,
Inc.,
5.400%,
02/15/2034
169,476
0
.1
101,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital,
3.900%,
06/01/2052
60,456
0.0
258,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital,
3.950%,
06/30/2062
146,545
0
.1
338,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital,
4.800%,
03/01/2050
236,595
0
.1
155,000
FactSet
Research
Systems,
Inc.,
3.450%,
03/01/2032
128,556
0
.1
153,000
Meta
Platforms,
Inc.,
5.750%,
05/15/2063
144,394
0
.1
394,000
Motorola
Solutions,
Inc.,
2.750%,
05/24/2031
311,487
0
.1
33,000
Motorola
Solutions,
Inc.,
5.500%,
09/01/2044
28,964
0.0
100,000
Motorola
Solutions,
Inc.,
5.600%,
06/01/2032
95,733
0.0
423,000
Sprint
LLC,
7.125%,
06/15/2024
425,939
0
.2
543,000
Sprint
LLC,
7.625%,
02/15/2025
551,378
0
.3
231,000
T-Mobile
USA,
Inc.,
3.750%,
04/15/2027
215,929
0
.1
234,000
Verizon
Communications,
Inc.,
1.750%,
01/20/2031
176,429
0
.1
534,000
Verizon
Communications,
Inc.,
2.100%,
03/22/2028
458,889
0
.2
675,000
Verizon
Communications,
Inc.,
5.050%,
05/09/2033
631,023
0
.3
4,298,812
2
.0
Consumer,
Cyclical
:
0
.1
%
95,000
Lowe's
Cos.,
Inc.,
1.700%,
09/15/2028
79,375
0.0
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
2
VY
®
Blackrock
Inflation
Protected
Bond
Portfolio
Principal
Amount†
Value
Percentage
of
Net
Assets
CORPORATE
BONDS/NOTES:
(continued)
Consumer,
Cyclical:
(continued)
190,000
Lowe's
Cos.,
Inc.,
1.700%,
10/15/2030
$
145,826
0
.1
225,201
0
.1
Consumer,
Non-cyclical
:
2
.5
%
484,000
AbbVie,
Inc.,
4.500%,
05/14/2035
437,601
0
.2
110,000
Altria
Group,
Inc.,
2.450%,
02/04/2032
83,037
0.0
109,000
Altria
Group,
Inc.,
3.400%,
02/04/2041
70,893
0.0
328,000
Amgen,
Inc.,
4.050%,
08/18/2029
304,613
0
.1
100,000
Amgen,
Inc.,
4.200%,
02/22/2052
74,987
0.0
227,000
Amgen,
Inc.,
5.150%,
03/02/2028
223,337
0
.1
121,000
Amgen,
Inc.,
5.650%,
03/02/2053
113,332
0
.1
168,000
Amgen,
Inc.,
5.750%,
03/02/2063
155,121
0
.1
41,000
BAT
Capital
Corp.,
4.540%,
08/15/2047
28,253
0.0
20,000
BAT
Capital
Corp.,
4.758%,
09/06/2049
14,088
0.0
100,000
BAT
Capital
Corp.,
7.081%,
08/02/2053
94,559
0.0
446,000
BAT
International
Finance
PLC,
4.448%,
03/16/2028
416,106
0
.2
150,000
BHSH
System
Obligated
Group
19A,
3.487%,
07/15/2049
105,491
0
.1
225,000
CommonSpirit
Health,
2.782%,
10/01/2030
185,353
0
.1
300,000
CommonSpirit
Health,
3.817%,
10/01/2049
211,437
0
.1
115,000
Elevance
Health,
Inc.,
6.100%,
10/15/2052
115,888
0
.1
80,000
Equifax,
Inc.,
5.100%,
06/01/2028
77,368
0.0
300,000
Franciscan
Missionaries
of
Our
Lady
Health
System,
Inc.
B,
3.914%,
07/01/2049
205,025
0
.1
380,000
Gilead
Sciences,
Inc.,
2.600%,
10/01/2040
251,143
0
.1
119,000
Global
Payments,
Inc.,
4.950%,
08/15/2027
114,441
0
.1
345,000
HCA,
Inc.,
3.500%,
09/01/2030
292,005
0
.1
107,000
HCA,
Inc.,
5.625%,
09/01/2028
104,396
0
.1
273,000
HCA,
Inc.,
5.875%,
02/01/2029
268,694
0
.1
150,000
Kaiser
Foundation
Hospitals
2021,
3.002%,
06/01/2051
94,595
0.0
80,000
Moody's
Corp.,
3.100%,
11/29/2061
46,557
0.0
Principal
Amount†
Value
Percentage
of
Net
Assets
CORPORATE
BONDS/NOTES:
(continued)
Consumer,
Non-cyclical:
(continued)
212,000
Moody's
Corp.,
4.250%,
08/08/2032
$
192,557
0
.1
175,000
Mount
Nittany
Medical
Center
Obligated
Group
2022,
3.799%,
11/15/2052
124,946
0
.1
204,000
Pfizer
Investment
Enterprises
Pte
Ltd.,
4.750%,
05/19/2033
192,918
0
.1
236,000
Pfizer
Investment
Enterprises
Pte
Ltd.,
5.340%,
05/19/2063
215,779
0
.1
187,000
Philip
Morris
International,
Inc.,
4.875%,
02/15/2028
181,272
0
.1
25,000
(1)
S&P
Global,
Inc.,
5.250%,
09/15/2033
24,382
0.0
129,000
Shire
Acquisitions
Investments
Ireland
DAC,
3.200%,
09/23/2026
120,512
0
.1
54,000
Thermo
Fisher
Scientific,
Inc.,
2.000%,
10/15/2031
41,910
0.0
187,000
Thermo
Fisher
Scientific,
Inc.,
5.086%,
08/10/2033
180,888
0
.1
139,000
UnitedHealth
Group,
Inc.,
2.900%,
05/15/2050
85,492
0.0
61,000
UnitedHealth
Group,
Inc.,
3.500%,
08/15/2039
47,039
0.0
5,496,015
2
.5
Energy
:
5
.0
%
40,000
Apache
Corp.,
4.750%,
04/15/2043
29,179
0.0
104,000
Apache
Corp.,
5.100%,
09/01/2040
82,732
0.0
254,000
(1)
Cameron
LNG
LLC,
3.302%,
01/15/2035
202,468
0
.1
288,000
(1)
Cameron
LNG
LLC,
3.402%,
01/15/2038
227,380
0
.1
271,000
Cheniere
Corpus
Christi
Holdings
LLC,
3.700%,
11/15/2029
240,564
0
.1
479,000
Cheniere
Corpus
Christi
Holdings
LLC,
5.125%,
06/30/2027
465,683
0
.2
402,000
Cheniere
Energy
Partners
L.P.,
3.250%,
01/31/2032
319,953
0
.1
270,000
Cheniere
Energy
Partners
L.P.,
4.000%,
03/01/2031
231,120
0
.1
485,000
Cheniere
Energy
Partners
L.P.,
4.500%,
10/01/2029
439,698
0
.2
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
3
VY
®
Blackrock
Inflation
Protected
Bond
Portfolio
Principal
Amount†
Value
Percentage
of
Net
Assets
CORPORATE
BONDS/NOTES:
(continued)
Energy:
(continued)
152,000
(1)
Cheniere
Energy
Partners
L.P.,
5.950%,
06/30/2033
$
146,789
0
.1
125,000
Devon
Energy
Corp.,
4.500%,
01/15/2030
113,654
0
.1
649,000
Diamondback
Energy,
Inc.,
3.125%,
03/24/2031
541,049
0
.2
561,000
Diamondback
Energy,
Inc.,
3.250%,
12/01/2026
524,813
0
.2
1,397,000
Diamondback
Energy,
Inc.,
3.500%,
12/01/2029
1,240,668
0
.6
116,000
Enbridge,
Inc.,
5.700%,
03/08/2033
111,196
0.0
17,000
Energy
Transfer
L.P.,
3.900%,
05/15/2024
16,777
0.0
332,000
Energy
Transfer
L.P.,
5.000%,
05/15/2050
260,851
0
.1
1,025,000
Energy
Transfer
L.P.,
5.500%,
06/01/2027
1,009,511
0
.5
106,000
Energy
Transfer
L.P.,
6.250%,
04/15/2049
97,423
0.0
425,000
(1)
EQT
Corp.,
3.625%,
05/15/2031
359,966
0
.2
143,000
EQT
Corp.,
3.900%,
10/01/2027
132,382
0
.1
463,000
EQT
Corp.,
5.700%,
04/01/2028
454,231
0
.2
207,000
Kinder
Morgan,
Inc.,
5.200%,
06/01/2033
191,588
0
.1
96,000
(1)
NGPL
PipeCo
LLC,
3.250%,
07/15/2031
76,448
0.0
271,000
(1)
NGPL
PipeCo
LLC,
4.875%,
08/15/2027
255,972
0
.1
462,000
Northwest
Pipeline
LLC,
4.000%,
04/01/2027
436,546
0
.2
133,000
Occidental
Petroleum
Corp.,
7.875%,
09/15/2031
144,050
0
.1
61,000
ONEOK,
Inc.,
6.625%,
09/01/2053
59,804
0.0
413,000
Sabine
Pass
Liquefaction
LLC,
4.200%,
03/15/2028
385,014
0
.2
249,000
Sabine
Pass
Liquefaction
LLC,
5.000%,
03/15/2027
241,681
0
.1
217,000
Targa
Resources
Corp.,
6.125%,
03/15/2033
212,900
0
.1
240,000
Targa
Resources
Partners
L.P.
/
Targa
Resources
Partners
Finance
Corp.,
4.875%,
02/01/2031
215,238
0
.1
Principal
Amount†
Value
Percentage
of
Net
Assets
CORPORATE
BONDS/NOTES:
(continued)
Energy:
(continued)
238,000
Targa
Resources
Partners
L.P.
/
Targa
Resources
Partners
Finance
Corp.,
5.000%,
01/15/2028
$
226,597
0
.1
438,000
(1)
Texas
Eastern
Transmission
L.P.,
3.500%,
01/15/2028
400,125
0
.2
172,000
(1)
Texas
Eastern
Transmission
L.P.,
4.150%,
01/15/2048
125,246
0
.1
174,000
Transcontinental
Gas
Pipe
Line
Co.
LLC,
4.000%,
03/15/2028
162,194
0
.1
558,000
Transcontinental
Gas
Pipe
Line
Co.
LLC,
7.850%,
02/01/2026
580,341
0
.3
85,000
Western
Midstream
Operating
L.P.,
6.350%,
01/15/2029
85,254
0.0
11,047,085
5
.0
Financial
:
6
.3
%
10,000
American
Tower
Corp.,
2.100%,
06/15/2030
7,792
0.0
189,000
American
Tower
Corp.,
3.550%,
07/15/2027
173,768
0
.1
241,000
American
Tower
Corp.,
3.800%,
08/15/2029
214,549
0
.1
157,000
American
Tower
Corp.,
5.500%,
03/15/2028
154,179
0
.1
206,000
American
Tower
Corp.,
5.550%,
07/15/2033
196,520
0
.1
48,000
Aon
Corp.,
2.800%,
05/15/2030
39,986
0.0
147,000
Aon
Corp.
/
Aon
Global
Holdings
PLC,
5.350%,
02/28/2033
141,076
0
.1
189,000
(2)
Bank
of
America
Corp.,
5.288%,
04/25/2034
175,972
0
.1
494,000
(2)
Bank
of
America
Corp.,
5.819%,
09/15/2029
488,142
0
.2
286,000
(2)
Bank
of
America
Corp.,
MTN,
2.551%,
02/04/2028
255,143
0
.1
129,000
(2)
Bank
of
America
Corp.,
MTN,
3.970%,
03/05/2029
118,228
0
.1
300,000
(2)
Bank
of
America
Corp.,
MTN,
3.974%,
02/07/2030
269,567
0
.1
27,000
(2)
Capital
One
Financial
Corp.,
3.273%,
03/01/2030
22,601
0.0
236,000
(2)
Charles
Schwab
Corp.,
5.853%,
05/19/2034
224,652
0
.1
302,000
(2)
Citigroup,
Inc.,
2.666%,
01/29/2031
245,072
0
.1
133,000
(2)
Citigroup,
Inc.,
3.057%,
01/25/2033
105,191
0.0
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
4
VY
®
Blackrock
Inflation
Protected
Bond
Portfolio
Principal
Amount†
Value
Percentage
of
Net
Assets
CORPORATE
BONDS/NOTES:
(continued)
Financial:
(continued)
265,000
(2)
Citigroup,
Inc.,
3.785%,
03/17/2033
$
221,169
0
.1
72,000
(1)
Corebridge
Global
Funding,
0.450%,
12/08/2023
71,164
0.0
250,000
Credit
Suisse
AG/
New
York
NY,
5.000%,
07/09/2027
240,264
0
.1
300,000
Credit
Suisse
AG/
New
York
NY,
7.500%,
02/15/2028
313,966
0
.1
260,000
Credit
Suisse
AG/New
York
NY,
MTN,
3.700%,
02/21/2025
250,699
0
.1
239,000
Crown
Castle,
Inc.,
2.100%,
04/01/2031
182,519
0
.1
247,000
Crown
Castle,
Inc.,
2.250%,
01/15/2031
191,882
0
.1
241,000
Crown
Castle,
Inc.,
2.500%,
07/15/2031
188,180
0
.1
224,000
Crown
Castle,
Inc.,
3.800%,
02/15/2028
205,616
0
.1
152,000
Crown
Castle,
Inc.,
5.100%,
05/01/2033
140,651
0
.1
193,000
Equinix,
Inc.,
3.200%,
11/18/2029
165,426
0
.1
437,000
GLP
Capital
L.P.
/
GLP
Financing
II,
Inc.,
3.250%,
01/15/2032
339,621
0
.2
144,000
GLP
Capital
L.P.
/
GLP
Financing
II,
Inc.,
4.000%,
01/15/2030
122,292
0
.1
89,000
GLP
Capital
L.P.
/
GLP
Financing
II,
Inc.,
4.000%,
01/15/2031
74,187
0.0
189,000
GLP
Capital
L.P.
/
GLP
Financing
II,
Inc.,
5.300%,
01/15/2029
175,399
0
.1
295,000
(2)
Goldman
Sachs
Group,
Inc.,
2.640%,
02/24/2028
263,157
0
.1
44,000
(2)
Goldman
Sachs
Group,
Inc.,
2.650%,
10/21/2032
33,982
0.0
445,000
(2)
Goldman
Sachs
Group,
Inc.,
3.102%,
02/24/2033
356,013
0
.2
323,000
(2)
Goldman
Sachs
Group,
Inc.,
3.615%,
03/15/2028
298,143
0
.1
109,000
(2)
Goldman
Sachs
Group,
Inc.,
4.482%,
08/23/2028
103,204
0.0
341,000
(2)
JPMorgan
Chase
&
Co.,
2.545%,
11/08/2032
264,031
0
.1
258,000
(2)
JPMorgan
Chase
&
Co.,
2.963%,
01/25/2033
205,478
0
.1
277,000
(2)
JPMorgan
Chase
&
Co.,
4.565%,
06/14/2030
258,489
0
.1
Principal
Amount†
Value
Percentage
of
Net
Assets
CORPORATE
BONDS/NOTES:
(continued)
Financial:
(continued)
283,000
(2)
JPMorgan
Chase
&
Co.,
5.350%,
06/01/2034
$
268,528
0
.1
59,000
Marsh
&
McLennan
Cos.,
Inc.,
2.250%,
11/15/2030
47,274
0.0
30,000
Mitsubishi
UFJ
Financial
Group,
Inc.,
3.407%,
03/07/2024
29,675
0.0
400,000
(2)
Morgan
Stanley,
2.943%,
01/21/2033
315,141
0
.1
604,000
(2)
Morgan
Stanley,
4.210%,
04/20/2028
568,127
0
.3
857,000
(2)
Morgan
Stanley,
5.449%,
07/20/2029
835,468
0
.4
60,000
(2)
Morgan
Stanley,
GMTN,
2.239%,
07/21/2032
45,251
0.0
245,000
(2)
Morgan
Stanley,
MTN,
3.622%,
04/01/2031
211,171
0
.1
377,000
(2)
Morgan
Stanley,
MTN,
5.164%,
04/20/2029
362,852
0
.2
996,000
(2)
Morgan
Stanley,
MTN,
5.250%,
04/21/2034
925,392
0
.4
144,000
Nasdaq,
Inc.,
5.550%,
02/15/2034
137,521
0
.1
69,000
National
Retail
Properties,
Inc.,
3.000%,
04/15/2052
39,020
0.0
85,000
(1)
Principal
Life
Global
Funding
II,
0.750%,
04/12/2024
82,667
0.0
330,000
(1)(2)
UBS
Group
AG,
6.537%,
08/12/2033
326,349
0
.1
361,000
VICI
Properties
L.P.,
4.750%,
02/15/2028
338,015
0
.2
157,000
VICI
Properties
L.P.,
4.950%,
02/15/2030
143,854
0
.1
124,000
(1)
VICI
Properties
L.P.
/
VICI
Note
Co.,
Inc.,
3.750%,
02/15/2027
112,629
0
.1
124,000
(1)
VICI
Properties
L.P.
/
VICI
Note
Co.,
Inc.,
3.875%,
02/15/2029
107,282
0.0
163,000
(1)
VICI
Properties
L.P.
/
VICI
Note
Co.,
Inc.,
4.125%,
08/15/2030
138,807
0
.1
176,000
(1)
VICI
Properties
L.P.
/
VICI
Note
Co.,
Inc.,
4.250%,
12/01/2026
164,143
0
.1
118,000
(2)
Wells
Fargo
&
Co.,
5.389%,
04/24/2034
110,364
0.0
137,000
(2)
Wells
Fargo
&
Co.,
MTN,
3.526%,
03/24/2028
125,886
0
.1
79,000
(2)
Wells
Fargo
&
Co.,
MTN,
3.584%,
05/22/2028
72,367
0.0
275,000
(2)
Wells
Fargo
&
Co.,
MTN,
5.557%,
07/25/2034
260,543
0
.1
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
5
VY
®
Blackrock
Inflation
Protected
Bond
Portfolio
Principal
Amount†
Value
Percentage
of
Net
Assets
CORPORATE
BONDS/NOTES:
(continued)
Financial:
(continued)
168,000
(2)
Wells
Fargo
&
Co.,
MTN,
5.574%,
07/25/2029
$
163,967
0
.1
427,000
Wells
Fargo
Bank
NA,
5.450%,
08/07/2026
424,283
0
.2
13,854,546
6
.3
Industrial
:
1
.8
%
51,000
Amcor
Flexibles
North
America,
Inc.,
2.690%,
05/25/2031
40,489
0.0
454,000
(1)
BAE
Systems
Holdings,
Inc.,
3.850%,
12/15/2025
436,354
0
.2
122,000
Boeing
Co.,
3.950%,
08/01/2059
81,106
0.0
56,000
Burlington
Northern
Santa
Fe
LLC,
2.875%,
06/15/2052
34,531
0.0
209,000
Burlington
Northern
Santa
Fe
LLC,
3.300%,
09/15/2051
140,431
0
.1
80,000
CSX
Corp.,
2.500%,
05/15/2051
44,706
0.0
27,000
CSX
Corp.,
4.500%,
11/15/2052
22,008
0.0
535,000
Huntington
Ingalls
Industries,
Inc.,
2.043%,
08/16/2028
449,857
0
.2
5,000
Huntington
Ingalls
Industries,
Inc.,
3.483%,
12/01/2027
4,575
0.0
128,000
L3Harris
Technologies,
Inc.,
3.850%,
12/15/2026
121,288
0
.1
614,000
L3Harris
Technologies,
Inc.,
4.400%,
06/15/2028
581,421
0
.3
26,000
L3Harris
Technologies,
Inc.,
5.600%,
07/31/2053
24,336
0.0
84,000
Lockheed
Martin
Corp.,
4.450%,
05/15/2028
81,353
0.0
184,000
Norfolk
Southern
Corp.,
3.050%,
05/15/2050
114,399
0
.1
263,000
Norfolk
Southern
Corp.,
3.800%,
08/01/2028
245,259
0
.1
114,000
Northrop
Grumman
Corp.,
4.700%,
03/15/2033
106,474
0
.1
173,000
Northrop
Grumman
Corp.,
4.950%,
03/15/2053
152,201
0
.1
171,000
Northrop
Grumman
Corp.,
5.250%,
05/01/2050
157,984
0
.1
73,000
Otis
Worldwide
Corp.,
5.250%,
08/16/2028
71,806
0.0
Principal
Amount†
Value
Percentage
of
Net
Assets
CORPORATE
BONDS/NOTES:
(continued)
Industrial:
(continued)
34,000
Raytheon
Technologies
Corp.,
2.820%,
09/01/2051
$
19,509
0.0
332,000
Raytheon
Technologies
Corp.,
3.125%,
07/01/2050
206,819
0
.1
70,000
Raytheon
Technologies
Corp.,
4.125%,
11/16/2028
65,319
0.0
239,000
RTX
Corp.,
5.150%,
02/27/2033
226,441
0
.1
74,000
Ryder
System,
Inc.,
MTN,
5.650%,
03/01/2028
73,308
0.0
179,000
Textron,
Inc.,
2.450%,
03/15/2031
142,364
0
.1
105,000
Textron,
Inc.,
3.900%,
09/17/2029
94,666
0.0
46,000
Union
Pacific
Corp.,
3.250%,
02/05/2050
31,054
0.0
151,000
Union
Pacific
Corp.,
4.500%,
01/20/2033
140,720
0
.1
3,910,778
1
.8
Technology
:
1
.0
%
414,000
Broadcom
Corp.
/
Broadcom
Cayman
Finance
Ltd.,
3.500%,
01/15/2028
376,640
0
.2
386,000
(1)
Broadcom,
Inc.,
3.137%,
11/15/2035
281,559
0
.1
130,000
Hewlett
Packard
Enterprise
Co.,
5.250%,
07/01/2028
126,990
0
.1
135,000
Intel
Corp.,
3.200%,
08/12/2061
78,874
0.0
187,000
KLA
Corp.,
4.100%,
03/15/2029
177,113
0
.1
43,000
KLA
Corp.,
5.250%,
07/15/2062
38,662
0.0
182,000
(1)
MSCI,
Inc.,
3.250%,
08/15/2033
140,335
0
.1
178,000
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.,
4.300%,
06/18/2029
163,258
0
.1
432,000
Oracle
Corp.,
3.650%,
03/25/2041
308,496
0
.1
14,000
Oracle
Corp.,
3.800%,
11/15/2037
10,687
0.0
101,000
Oracle
Corp.,
4.100%,
03/25/2061
67,442
0.0
196,000
Oracle
Corp.,
5.550%,
02/06/2053
171,869
0
.1
200,000
TSMC
Arizona
Corp.,
4.250%,
04/22/2032
185,100
0
.1
28,000
VMware,
Inc.,
1.800%,
08/15/2028
23,257
0.0
2,150,282
1
.0
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
6
VY
®
Blackrock
Inflation
Protected
Bond
Portfolio
Principal
Amount†
Value
Percentage
of
Net
Assets
CORPORATE
BONDS/NOTES:
(continued)
Utilities
:
3
.6
%
100,000
AEP
Texas,
Inc.,
3.450%,
05/15/2051
$
63,700
0.0
397,000
AEP
Texas,
Inc.,
5.400%,
06/01/2033
378,950
0
.2
329,000
AEP
Transmission
Co.
LLC
N,
2.750%,
08/15/2051
188,556
0
.1
131,000
Alabama
Power
Co.,
3.125%,
07/15/2051
80,559
0.0
32,000
Ameren
Illinois
Co.,
2.900%,
06/15/2051
19,361
0.0
167,000
(1)
American
Transmission
Systems,
Inc.,
2.650%,
01/15/2032
132,171
0
.1
67,000
Atmos
Energy
Corp.,
2.850%,
02/15/2052
40,237
0.0
136,000
Baltimore
Gas
and
Electric
Co.,
4.550%,
06/01/2052
109,528
0
.1
122,000
CenterPoint
Energy
Houston
Electric
LLC,
4.950%,
04/01/2033
115,950
0
.1
30,000
CenterPoint
Energy
Houston
Electric
LLC
AD,
2.900%,
07/01/2050
18,330
0.0
87,000
CenterPoint
Energy
Houston
Electric
LLC
AH,
3.600%,
03/01/2052
61,047
0.0
54,000
CenterPoint
Energy
Resources
Corp.,
1.750%,
10/01/2030
41,822
0.0
66,000
CenterPoint
Energy
Resources
Corp.,
5.250%,
03/01/2028
65,180
0.0
35,000
Commonwealth
Edison
Co.,
5.300%,
02/01/2053
32,184
0.0
185,000
Commonwealth
Edison
Co.
131,
2.750%,
09/01/2051
105,366
0.0
115,000
Consumers
Energy
Co.,
2.650%,
08/15/2052
66,649
0.0
113,000
Consumers
Energy
Co.,
4.200%,
09/01/2052
88,218
0.0
185,000
Consumers
Energy
Co.,
4.625%,
05/15/2033
172,408
0
.1
42,000
DTE
Electric
Co.,
3.950%,
03/01/2049
31,293
0.0
147,000
DTE
Electric
Co.,
5.400%,
04/01/2053
137,696
0
.1
90,000
DTE
Electric
Co.
B,
3.650%,
03/01/2052
63,407
0.0
52,000
Duke
Energy
Carolinas
LLC,
2.450%,
02/01/2030
43,559
0.0
71,000
Duke
Energy
Carolinas
LLC,
3.450%,
04/15/2051
47,642
0.0
Principal
Amount†
Value
Percentage
of
Net
Assets
CORPORATE
BONDS/NOTES:
(continued)
Utilities:
(continued)
229,000
Duke
Energy
Carolinas
LLC,
4.950%,
01/15/2033
$
217,809
0
.1
28,000
Duke
Energy
Carolinas
LLC,
5.350%,
01/15/2053
25,657
0.0
137,000
Duke
Energy
Florida
LLC,
1.750%,
06/15/2030
107,988
0.0
310,000
Duke
Energy
Florida
LLC,
2.500%,
12/01/2029
263,112
0
.1
188,000
Duke
Energy
Florida
LLC,
3.800%,
07/15/2028
176,248
0
.1
51,000
Duke
Energy
Florida
LLC,
5.950%,
11/15/2052
50,159
0.0
262,000
Duke
Energy
Progress
LLC,
2.900%,
08/15/2051
155,051
0
.1
127,000
Edison
International,
4.125%,
03/15/2028
117,078
0
.1
152,000
Edison
International,
5.250%,
11/15/2028
146,354
0
.1
118,000
Edison
International,
5.750%,
06/15/2027
116,987
0
.1
151,000
Edison
International,
6.950%,
11/15/2029
155,872
0
.1
185,000
Entergy
Louisiana
LLC,
2.350%,
06/15/2032
142,482
0
.1
159,000
Eversource
Energy,
5.450%,
03/01/2028
157,273
0
.1
2,000
Exelon
Corp.,
4.700%,
04/15/2050
1,602
0.0
208,000
Exelon
Corp.,
5.150%,
03/15/2028
204,263
0
.1
188,000
(1)
FirstEnergy
Transmission
LLC,
4.350%,
01/15/2025
183,602
0
.1
100,000
Florida
Power
&
Light
Co.,
2.875%,
12/04/2051
60,683
0.0
30,000
Florida
Power
&
Light
Co.,
3.950%,
03/01/2048
22,948
0.0
30,000
Kentucky
Utilities
Co.
KENT,
5.450%,
04/15/2033
29,346
0.0
40,000
Louisville
Gas
and
Electric
Co.
LOU,
5.450%,
04/15/2033
39,226
0.0
215,000
NextEra
Energy
Capital
Holdings,
Inc.,
5.749%,
09/01/2025
214,466
0
.1
177,000
Northern
States
Power
Co.,
3.200%,
04/01/2052
113,524
0
.1
433,000
Ohio
Power
Co.,
5.000%,
06/01/2033
406,821
0
.2
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
7
VY
®
Blackrock
Inflation
Protected
Bond
Portfolio
Principal
Amount†
Value
Percentage
of
Net
Assets
CORPORATE
BONDS/NOTES:
(continued)
Utilities:
(continued)
56,000
Ohio
Power
Co.
R,
2.900%,
10/01/2051
$
33,291
0.0
47,000
Oncor
Electric
Delivery
Co.
LLC,
3.100%,
09/15/2049
29,943
0.0
109,000
Oncor
Electric
Delivery
Co.
LLC,
4.550%,
09/15/2032
100,581
0.0
713,000
Pacific
Gas
and
Electric
Co.,
6.400%,
06/15/2033
687,945
0
.3
192,000
PECO
Energy
Co.,
2.850%,
09/15/2051
114,234
0
.1
60,000
Public
Service
Co.
of
New
Hampshire,
5.150%,
01/15/2053
54,203
0.0
296,000
Public
Service
Electric
and
Gas
Co.,
MTN,
3.100%,
03/15/2032
249,224
0
.1
373,000
Public
Service
Electric
and
Gas
Co.,
MTN,
3.700%,
05/01/2028
349,508
0
.2
170,000
Public
Service
Electric
and
Gas
Co.,
MTN,
4.900%,
12/15/2032
163,209
0
.1
200,000
San
Diego
Gas
&
Electric
Co.
UUU,
3.320%,
04/15/2050
128,297
0
.1
5,000
Southern
California
Edison
Co.,
5.650%,
10/01/2028
4,993
0.0
120,000
Southern
California
Edison
Co.,
5.875%,
12/01/2053
113,049
0
.1
325,000
Southern
California
Edison
Co.,
5.950%,
11/01/2032
324,495
0
.1
73,000
Southwest
Gas
Corp.,
5.450%,
03/23/2028
71,916
0.0
23,000
Southwestern
Electric
Power
Co.,
5.300%,
04/01/2033
21,738
0.0
20,000
Spire
Missouri,
Inc.,
4.800%,
02/15/2033
18,817
0.0
145,000
Wisconsin
Power
and
Light
Co.,
4.950%,
04/01/2033
136,331
0
.1
7,814,138
3
.6
Total
Corporate
Bonds/
Notes
(Cost
$53,276,692)
49,048,019
22
.4
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
:
18
.1
%
Government
National
Mortgage
Association
:
2
.4
%
93,508
2.000
%,
11/20/2050
74,398
0.0
192,037
2.000
%,
01/20/2051
152,422
0
.1
141,212
2.000
%,
02/20/2051
112,073
0
.1
775,200
(3)
2.000
%,
10/15/2053
612,983
0
.3
468,319
2.500
%,
04/20/2051
383,811
0
.2
Principal
Amount†
Value
Percentage
of
Net
Assets
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS:
(continued)
Government
National
Mortgage
Association
(continued)
212,943
2.500
%,
05/20/2052
$
174,255
0
.1
626,865
2.500
%,
06/20/2052
513,186
0
.2
352,613
2.500
%,
07/20/2052
288,728
0
.1
344,058
3.000
%,
06/20/2051
292,905
0
.1
432,691
3.000
%,
08/20/2051
368,157
0
.2
115,284
3.000
%,
12/20/2051
97,961
0.0
521,458
3.500
%,
05/20/2047
465,124
0
.2
192,000
(3)
3.500
%,
10/15/2053
168,195
0
.1
216,659
4.000
%,
09/20/2048
197,951
0
.1
256,000
(3)
4.000
%,
10/15/2053
230,670
0
.1
162,157
4.500
%,
08/20/2048
151,895
0
.1
203,000
(3)
4.500
%,
10/15/2053
187,545
0
.1
312,000
(3)
5.000
%,
10/15/2053
295,669
0
.1
243,000
(3)
5.500
%,
10/15/2053
235,824
0
.1
31,000
(3)
6.000
%,
10/15/2053
30,719
0.0
108,000
(3)
6.000
%,
11/15/2053
106,954
0
.1
63,000
(3)
6.500
%,
11/15/2053
63,325
0.0
5,204,750
2
.4
Uniform
Mortgage-Backed
Securities
:
15
.7
%
166,194
1.500
%,
04/01/2036
140,292
0
.1
56,618
1.500
%,
05/01/2036
47,650
0.0
122,935
1.500
%,
06/01/2036
103,237
0
.1
529,353
1.500
%,
11/01/2041
409,098
0
.2
312,694
1.500
%,
12/01/2041
241,656
0
.1
53,401
1.500
%,
10/01/2050
38,535
0.0
62,112
1.500
%,
10/01/2050
44,750
0.0
48,444
1.500
%,
11/01/2050
34,901
0.0
63,793
1.500
%,
03/01/2051
45,969
0.0
80,551
1.500
%,
03/01/2051
58,143
0.0
10,413
1.500
%,
05/01/2051
7,517
0.0
7,834
1.500
%,
06/01/2051
5,651
0.0
42,574
1.500
%,
10/01/2051
30,677
0.0
9,858
1.500
%,
11/01/2051
7,101
0.0
37,492
2.000
%,
09/01/2035
32,406
0.0
80,661
2.000
%,
01/01/2036
69,820
0.0
23,606
2.000
%,
02/01/2036
20,402
0.0
63,122
2.000
%,
02/01/2036
54,549
0.0
37,927
2.000
%,
03/01/2036
32,690
0.0
31,374
2.000
%,
04/01/2036
27,160
0.0
93,836
2.000
%,
05/01/2036
81,189
0.0
193,602
2.000
%,
05/01/2036
167,525
0
.1
35,019
2.000
%,
07/01/2036
30,260
0.0
48,288
2.000
%,
11/01/2036
41,767
0.0
94,579
2.000
%,
02/01/2037
81,673
0.0
81,007
2.000
%,
03/01/2037
69,699
0.0
101,513
2.000
%,
03/01/2037
87,794
0
.1
117,565
2.000
%,
03/01/2037
101,324
0
.1
68,201
2.000
%,
04/01/2037
58,773
0.0
516,781
2.000
%,
02/01/2042
412,951
0
.2
134,705
2.000
%,
09/01/2050
103,238
0
.1
243,080
2.000
%,
10/01/2050
186,589
0
.1
1,463,291
2.000
%,
01/01/2051
1,120,813
0
.5
299,438
2.000
%,
02/01/2051
229,129
0
.1
269,426
2.000
%,
03/01/2051
206,075
0
.1
92,252
2.000
%,
04/01/2051
71,233
0.0
135,477
2.000
%,
04/01/2051
104,805
0
.1
219,714
2.000
%,
04/01/2051
170,285
0
.1
422,917
2.000
%,
08/01/2051
322,950
0
.2
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
8
VY
®
Blackrock
Inflation
Protected
Bond
Portfolio
Principal
Amount†
Value
Percentage
of
Net
Assets
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS:
(continued)
Uniform
Mortgage-Backed
Securities
(continued)
522,736
2.000
%,
08/01/2051
$
398,556
0
.2
38,562
2.000
%,
10/01/2051
29,453
0.0
51,660
2.000
%,
11/01/2051
39,994
0.0
133,021
2.000
%,
11/01/2051
103,157
0
.1
153,253
2.000
%,
11/01/2051
116,939
0
.1
240,076
2.000
%,
11/01/2051
185,857
0
.1
273,726
2.000
%,
11/01/2051
211,542
0
.1
57,989
2.000
%,
12/01/2051
44,267
0.0
283,543
2.000
%,
12/01/2051
216,282
0
.1
443,601
2.000
%,
01/01/2052
342,905
0
.2
327,734
2.000
%,
02/01/2052
249,674
0
.1
174,997
2.000
%,
03/01/2052
135,078
0
.1
250,125
2.000
%,
03/01/2052
192,797
0
.1
455,552
2.000
%,
03/01/2052
350,646
0
.2
579,372
2.500
%,
10/01/2036
513,118
0
.2
20,146
2.500
%,
07/01/2050
16,235
0.0
67,205
2.500
%,
07/01/2050
54,711
0.0
129,553
2.500
%,
07/01/2050
104,563
0
.1
130,824
2.500
%,
07/01/2050
105,584
0
.1
132,453
2.500
%,
07/01/2050
106,902
0
.1
33,733
2.500
%,
08/01/2050
27,220
0.0
108,302
2.500
%,
08/01/2050
87,403
0.0
131,780
2.500
%,
08/01/2050
106,349
0
.1
76,490
2.500
%,
11/01/2050
62,258
0.0
20,879
2.500
%,
01/01/2051
16,843
0.0
67,869
2.500
%,
02/01/2051
54,649
0.0
113,687
2.500
%,
02/01/2051
92,536
0
.1
10,348
2.500
%,
03/01/2051
8,318
0.0
6,180
2.500
%,
04/01/2051
4,975
0.0
11,533
2.500
%,
04/01/2051
9,277
0.0
3,144
2.500
%,
05/01/2051
2,533
0.0
6,259
2.500
%,
05/01/2051
5,035
0.0
92,180
2.500
%,
05/01/2051
75,262
0.0
106,879
2.500
%,
05/01/2051
85,989
0.0
9,622
2.500
%,
07/01/2051
7,735
0.0
3,656
2.500
%,
10/01/2051
2,935
0.0
36,236
2.500
%,
10/01/2051
29,026
0.0
90,820
2.500
%,
11/01/2051
73,469
0.0
1,065,718
2.500
%,
11/01/2051
858,063
0
.4
27,774
2.500
%,
12/01/2051
22,286
0.0
277,408
2.500
%,
01/01/2052
222,755
0
.1
2,162,127
2.500
%,
01/01/2052
1,730,940
0
.8
342,719
3.000
%,
01/01/2036
311,230
0
.2
248,736
3.000
%,
09/01/2050
211,642
0
.1
55,629
3.000
%,
07/01/2051
46,788
0.0
960,633
3.000
%,
09/01/2051
802,941
0
.4
70,564
3.000
%,
10/01/2051
58,981
0.0
128,816
3.000
%,
11/01/2051
107,236
0
.1
56,963
3.000
%,
12/01/2051
47,668
0.0
7,437
3.000
%,
01/01/2052
6,187
0.0
27,386
3.000
%,
01/01/2052
22,783
0.0
41,078
3.000
%,
02/01/2052
34,587
0.0
950,312
3.000
%,
03/01/2052
797,166
0
.4
37,854
3.000
%,
04/01/2052
31,714
0.0
59,460
3.000
%,
05/01/2052
49,618
0.0
237,584
3.000
%,
08/01/2052
198,573
0
.1
129,335
3.500
%,
05/01/2036
120,231
0
.1
524,208
3.500
%,
01/01/2051
459,465
0
.2
1,083,626
3.500
%,
09/01/2051
946,470
0
.4
Principal
Amount†
Value
Percentage
of
Net
Assets
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS:
(continued)
Uniform
Mortgage-Backed
Securities
(continued)
30,285
3.500
%,
05/01/2052
$
26,441
0.0
21,484
3.500
%,
06/01/2052
18,555
0.0
53,807
3.500
%,
06/01/2052
46,890
0.0
56,423
3.500
%,
06/01/2052
48,738
0.0
32,667
3.500
%,
07/01/2052
28,479
0.0
23,852
3.500
%,
08/01/2052
20,836
0.0
5,335
3.500
%,
09/01/2052
4,639
0.0
15,181
3.500
%,
09/01/2052
13,219
0.0
20,455
3.500
%,
09/01/2052
17,696
0.0
24,379
3.500
%,
09/01/2052
21,060
0.0
44,000
(3)
4.000
%,
10/15/2038
41,537
0.0
14,302
4.000
%,
01/01/2048
12,982
0.0
8,847
4.000
%,
04/01/2048
8,029
0.0
9,203
4.000
%,
08/01/2048
8,333
0.0
13,190
4.000
%,
09/01/2048
11,956
0.0
113,721
4.000
%,
03/01/2050
103,051
0
.1
644,125
4.000
%,
04/01/2050
581,561
0
.3
27,979
4.000
%,
07/01/2050
25,374
0.0
66,517
4.000
%,
07/01/2050
60,257
0.0
219,153
4.000
%,
05/01/2051
198,209
0
.1
39,681
4.000
%,
04/01/2052
35,677
0.0
238,167
4.000
%,
05/01/2052
215,774
0
.1
28,503
4.000
%,
06/01/2052
25,832
0.0
61,000
(3)
4.500
%,
10/15/2038
58,472
0.0
470,221
4.500
%,
03/01/2048
442,335
0
.2
61,101
4.500
%,
03/01/2050
57,164
0.0
18,632
4.500
%,
07/01/2052
17,128
0.0
19,749
4.500
%,
07/01/2052
18,155
0.0
114,798
4.500
%,
07/01/2052
105,524
0
.1
36,453
4.500
%,
08/01/2052
33,508
0.0
71,984
4.500
%,
11/01/2052
66,183
0.0
46,900
(3)
4.500
%,
10/01/2053
43,064
0.0
42,304
5.000
%,
11/01/2052
39,981
0.0
46,221
5.000
%,
12/01/2052
43,683
0.0
50,167
5.000
%,
12/01/2052
47,398
0.0
52,872
5.000
%,
12/01/2052
49,970
0.0
87,713
5.000
%,
12/01/2052
82,898
0.0
25,521
5.000
%,
01/01/2053
24,117
0.0
54,637
5.000
%,
01/01/2053
51,636
0.0
149,776
5.000
%,
01/01/2053
141,460
0
.1
27,001
5.000
%,
02/01/2053
25,501
0.0
84,047
5.000
%,
04/01/2053
79,673
0.0
4,574,004
(3)
5.000
%,
10/01/2053
4,315,644
2
.0
67,137
5.500
%,
01/01/2053
65,029
0.0
87,133
5.500
%,
01/01/2053
84,335
0.0
101,238
5.500
%,
01/01/2053
97,940
0
.1
95,940
5.500
%,
03/01/2053
92,899
0
.1
37,018
5.500
%,
05/01/2053
35,843
0.0
88,209
5.500
%,
05/01/2053
85,425
0.0
95,762
5.500
%,
05/01/2053
92,707
0
.1
104,753
5.500
%,
05/01/2053
101,447
0
.1
108,170
5.500
%,
05/01/2053
104,756
0
.1
78,987
5.500
%,
06/01/2053
76,495
0.0
7,026,672
(3)
5.500
%,
10/01/2053
6,790,894
3
.1
47,521
6.000
%,
10/01/2052
47,114
0.0
58,874
6.000
%,
01/01/2053
58,164
0.0
80,156
6.000
%,
01/01/2053
79,190
0.0
50,489
6.000
%,
02/01/2053
49,891
0.0
46,559
6.000
%,
04/01/2053
46,013
0.0
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
9
VY
®
Blackrock
Inflation
Protected
Bond
Portfolio
Principal
Amount†
Value
Percentage
of
Net
Assets
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS:
(continued)
Uniform
Mortgage-Backed
Securities
(continued)
68,933
6.000
%,
04/01/2053
$
68,212
0.0
50,797
6.000
%,
05/01/2053
50,261
0.0
56,507
6.000
%,
05/01/2053
55,888
0.0
91,328
6.000
%,
05/01/2053
90,387
0
.1
92,021
6.000
%,
05/01/2053
90,923
0
.1
69,225
6.000
%,
06/01/2053
68,501
0.0
111,753
6.000
%,
07/01/2053
110,584
0
.1
2,091,400
(3)
6.000
%,
10/01/2053
2,064,114
1
.0
174,000
(3)
6.500
%,
10/15/2053
174,802
0
.1
34,458,105
15
.7
Total
U.S.
Government
Agency
Obligations
(Cost
$43,406,308)
39,662,855
18
.1
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
:
5
.1
%
366,000
BANK
2019-BN23
A3,
2.920%,
12/15/2052
308,422
0
.1
280,000
(2)
BANK
2022-BNK42
A5,
4.493%,
06/15/2055
252,824
0
.1
300,000
Barclays
Commercial
Mortgage
Trust
2019-C3
B,
4.096%,
05/15/2052
248,885
0
.1
280,000
Barclays
Commercial
Mortgage
Trust
2019-C4
B,
3.322%,
08/15/2052
208,685
0
.1
240,000
(2)
BBCMS
Mortgage
Trust
2022-C16
A5,
4.600%,
06/15/2055
219,222
0
.1
800,000
(1)(2)
BX
Trust
2021-ARIA
A,
6.346%,
(TSFR1M
+
1.014%),
10/15/2036
781,183
0
.3
410,000
CD
Mortgage
Trust
2017-CD3
A4,
3.631%,
02/10/2050
368,959
0
.2
500,000
CD
Mortgage
Trust
2017-CD6
A5,
3.456%,
11/13/2050
450,854
0
.2
798,015
(1)(2)
Credit
Suisse
Mortgage
Capital
Certificates
2019-ICE4
A,
6.360%,
(TSFR1M
+
1.027%),
05/15/2036
797,296
0
.4
205,000
CSAIL
Commercial
Mortgage
Trust
2015-
C3
A4,
3.718%,
08/15/2048
194,193
0
.1
550,000
(1)(2)
ELP
Commercial
Mortgage
Trust
2021-
ELP
A,
6.148%,
(TSFR1M
+
0.815%),
11/15/2038
538,185
0
.2
370,690
(1)(2)
Extended
Stay
America
Trust
2021-ESH
A,
6.526%,
(TSFR1M
+
1.194%),
07/15/2038
367,902
0
.2
Principal
Amount†
Value
Percentage
of
Net
Assets
COMMERCIAL
MORTGAGE-BACKED
SECURITIES:
(continued)
980,000
(2)
Fannie
Mae-Aces
2022-M10
A2,
2.003%,
01/25/2032
$
764,835
0
.3
1,760,000
Freddie
Mac
Multifamily
WI
Certificates
Series
WI-K146
K146
A2,
2.920%,
07/25/2032
1,476,780
0
.7
1,000,000
GS
Mortgage
Securities
Trust
2016-GS2
A4,
3.050%,
05/10/2049
927,211
0
.4
600,000
(1)(2)
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2021-
NYAH
A,
6.207%,
(TSFR1M
+
0.874%),
06/15/2038
585,656
0
.3
378,185
(1)(2)
Med
Trust
2021-MDLN
A,
6.396%,
(TSFR1M
+
1.064%),
11/15/2038
369,197
0
.2
100,000
(1)(2)
MF1
2021-W10
A,
6.402%,
(TSFR1M
+
1.070%),
12/15/2034
97,851
0.0
830,246
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2014-C15
A4,
4.051%,
04/15/2047
824,035
0
.4
215,000
(1)(2)
MTN
Commercial
Mortgage
Trust
2022-
LPFL
A,
6.737%,
(TSFR1M
+
1.397%),
03/15/2039
212,531
0
.1
250,000
(1)(2)
Taubman
Centers
Commercial
Mortgage
Trust
2022-DPM
A,
7.518%,
(TSFR1M
+
2.186%),
05/15/2037
245,667
0
.1
422,500
Wells
Fargo
Commercial
Mortgage
Trust
2015-C26
B,
3.783%,
02/15/2048
390,621
0
.2
700,000
Wells
Fargo
Commercial
Mortgage
Trust
2017-C39
A5,
3.418%,
09/15/2050
636,092
0
.3
Total
Commercial
Mortgage-Backed
Securities
(Cost
$12,334,539)
11,267,086
5
.1
COLLATERALIZED
MORTGAGE
OBLIGATIONS
:
1
.8
%
280,368
(1)(2)
BRAVO
Residential
Funding
Trust
2023-
NQM3
A1,
4.850%,
09/25/2062
268,823
0
.1
273,475
(1)(2)
CSMC
Trust
2022-
NQM4
A1A,
4.819%,
06/25/2067
264,964
0
.1
511,678
(1)(2)
CSMC
Trust
2022-
NQM5
A1,
5.169%,
05/25/2067
497,214
0
.2
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
10
VY
®
Blackrock
Inflation
Protected
Bond
Portfolio
Principal
Amount†
Value
Percentage
of
Net
Assets
COLLATERALIZED
MORTGAGE
OBLIGATIONS:
(continued)
344,386
(1)(2)
Ellington
Financial
Mortgage
Trust
2021-3
A1,
1.241%,
09/25/2066
$
261,941
0
.1
860,128
(1)(2)
J.P.
Morgan
Mortgage
Trust
2022-INV3
A3B,
3.000%,
09/25/2052
683,420
0
.3
149,379
(1)(2)
J.P.
Morgan
Mortgage
Trust
2023-DSC1
A1,
4.625%,
07/25/2063
137,330
0
.1
1,019,058
(1)(2)
Mello
Mortgage
Capital
Acceptance
2022-INV2
A3,
3.000%,
04/25/2052
807,801
0
.4
92,513
(1)(2)
PRKCM
Trust
2022-
AFC2
A1,
5.335%,
08/25/2057
90,191
0.0
395,270
(1)(2)
SG
Residential
Mortgage
Trust
2021-1
A1,
1.160%,
07/25/2061
301,791
0
.1
127,839
(1)(2)
SG
Residential
Mortgage
Trust
2022-2
A1,
5.353%,
08/25/2062
123,886
0
.1
371,335
(1)(2)
Verus
Securitization
Trust
2022-7
A1,
5.152%,
07/25/2067
362,208
0
.2
104,610
(1)(2)
Verus
Securitization
Trust
2022-INV2
A1,
6.790%,
10/25/2067
104,573
0
.1
Total
Collateralized
Mortgage
Obligations
(Cost
$4,252,534)
3,904,142
1
.8
ASSET-BACKED
SECURITIES
:
1
.8
%
Automobile
Asset-Backed
Securities
:
0
.2
%
430,000
(1)
Credit
Acceptance
Auto
Loan
Trust
2021-4
A,
1.260%,
10/15/2030
416,690
0
.2
Other
Asset-Backed
Securities
:
0
.8
%
401,000
(1)
AMSR
Trust
2022-
SFR3
D,
4.000%,
10/17/2039
356,220
0
.2
104,790
(1)
GoodLeap
Sustainable
Home
Solutions
Trust
2022-1GS
A,
2.700%,
01/20/2049
81,889
0.0
400,000
(1)
New
Residential
Mortgage
Loan
Trust
2022-SFR2
D,
4.000%,
09/04/2039
355,644
0
.2
395,000
(1)
Progress
Residential
Trust
2022-SFR6
D,
6.035%,
07/20/2039
376,221
0
.2
525,000
(1)
Progress
Residential
Trust
2022-SFR7
D,
5.500%,
10/27/2039
493,153
0
.2
1,663,127
0
.8
Student
Loan
Asset-Backed
Securities
:
0
.8
%
126,026
(1)
College
Ave
Student
Loans
LLC
2021-B
A2,
1.760%,
06/25/2052
107,599
0.0
Principal
Amount†
Value
Percentage
of
Net
Assets
ASSET-BACKED
SECURITIES:
(continued)
Student
Loan
Asset-Backed
Securities:
(continued)
128,461
(1)
Navient
Student
Loan
Trust
2019-BA
A2A,
3.390%,
12/15/2059
$
121,522
0
.1
558,984
(1)(2)
Nelnet
Student
Loan
Trust
2021-BA
AFL,
6.219%,
(TSFR1M
+
0.894%),
04/20/2062
551,606
0
.3
494,797
(2)
SLM
Private
Credit
Student
Loan
Trust
2005-A
A4,
5.981%,
(TSFR3M
+
0.572%),
12/15/2038
479,497
0
.2
361,366
(1)
SMB
Private
Education
Loan
Trust
2021-
D
A1A,
1.340%,
03/17/2053
317,317
0
.1
200,503
(1)
Sofi
Professional
Loan
Program
Trust
2018-
C
A2FX,
3.590%,
01/25/2048
192,652
0
.1
1,770,193
0
.8
Total
Asset-Backed
Securities
(Cost
$4,024,932)
3,850,010
1
.8
SOVEREIGN
BONDS
:
0
.7
%
250,000
Chile
Government
International
Bond,
2.550
%,
07/27/2033
192,892
0
.1
200,000
Mexico
Government
International
Bond,
3.500
%,
02/12/2034
156,800
0
.1
300,000
Mexico
Government
International
Bond,
4.600
%,
02/10/2048
218,780
0
.1
250,000
Mexico
Government
International
Bond,
4.875
%,
05/19/2033
224,461
0
.1
200,000
Panama
Government
International
Bond,
3.298
%,
01/19/2033
156,418
0
.1
200,000
Panama
Government
International
Bond,
4.500
%,
04/01/2056
131,850
0.0
200,000
Peruvian
Government
International
Bond,
2.783
%,
01/23/2031
164,084
0
.1
53,000
Peruvian
Government
International
Bond,
3.300
%,
03/11/2041
36,834
0.0
200,000
Philippine
Government
International
Bond,
3.700
%,
02/02/2042
149,675
0
.1
45,049
Uruguay
Government
International
Bond,
5.100
%,
06/18/2050
40,064
0.0
Total
Sovereign
Bonds
(Cost
$1,752,470)
1,471,858
0
.7
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
11
VY
®
Blackrock
Inflation
Protected
Bond
Portfolio
Principal
Amount†
Value
Percentage
of
Net
Assets
MUNICIPAL
BONDS
:
0
.1
%
California
:
0
.1
%
300,000
University
of
California
BF,
2.650%,
05/15/2050
$
180,693
0
.1
Total
Municipal
Bonds
(Cost
$220,511)
180,693
0
.1
PURCHASED
OPTIONS
(4)
:
0
.6
%
Total
Purchased
Options
(Cost
$786,371)
1,210,884
0
.6
Total
Long-Term
Investments
(Cost
$258,028,740)
230,670,287
105
.5
Shares
RA
Value
Percentage
of
Net
Assets
SHORT-TERM
INVESTMENTS
:
0
.9
%
Mutual
Funds
:
0
.9
%
1,865,250
(5)
BlackRock
Liquidity
Funds,
FedFund,
Institutional
Class,
5.162%
(Cost
$1,865,250)
$
1,865,250
0
.9
Total
Short-Term
Investments
(Cost
$1,865,250)
1,865,250
0
.9
Total
Investments
in
Securities
(Cost
$259,893,990)
$
232,535,537
106
.4
Liabilities
in
Excess
of
Other
Assets
(
13,813,333
)
(
6
.4
)
Net
Assets
$
218,722,204
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
September
30,
2023.
(3)
Represents
or
includes
a
TBA
transaction.
(4)
The
tables
within
the
Portfolio
of
Investments
detail
open
purchased
options
which
are
non-income
producing
securities.
(5)
Rate
shown
is
the
7-day
yield
as
of
September
30,
2023.
Reference
Rate
Abbreviations:
TSFR1M
1-month
CME
Term
Secured
Overnight
Financing
Rate
TSFR3M
3-month
CME
Term
Secured
Overnight
Financing
Rate
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
12
VY
®
Blackrock
Inflation
Protected
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.
Treasury
Obligations
$
—
$
120,074,740
$
—
$
120,074,740
Corporate
Bonds/Notes
—
49,048,019
—
49,048,019
U.S.
Government
Agency
Obligations
—
39,662,855
—
39,662,855
Commercial
Mortgage-Backed
Securities
—
11,267,086
—
11,267,086
Collateralized
Mortgage
Obligations
—
3,904,142
—
3,904,142
Asset-Backed
Securities
—
3,850,010
—
3,850,010
Sovereign
Bonds
—
1,471,858
—
1,471,858
Purchased
Options
1,002,569
208,315
—
1,210,884
Municipal
Bonds
—
180,693
—
180,693
Short-Term
Investments
1,865,250
—
—
1,865,250
Total
Investments,
at
fair
value
$
2,867,819
$
229,667,718
$
—
$
232,535,537
Other
Financial
Instruments+
Centrally
Cleared
Inflation-Linked
Swaps
—
977,699
—
977,699
Centrally
Cleared
Interest
Rate
Swaps
—
57,059
—
57,059
Forward
Foreign
Currency
Contracts
—
51,662
—
51,662
Futures
1,649,460
—
—
1,649,460
OTC
Inflation-Linked
Swaps
—
337,368
—
337,368
Total
Assets
$
4,517,279
$
231,091,506
$
—
$
235,608,785
Liabilities
Table
Other
Financial
Instruments+
Centrally
Cleared
Inflation-Linked
Swaps
$
—
$
(
209,662
)
$
—
$
(
209,662
)
Centrally
Cleared
Interest
Rate
Swaps
—
(
59,474
)
—
(
59,474
)
Forward
Foreign
Currency
Contracts
—
(
13,040
)
—
(
13,040
)
Futures
(
81,738
)
—
—
(
81,738
)
OTC
Credit
Default
Swaps
—
(
569
)
—
(
569
)
Sales
Commitments
—
(
4,156,913
)
—
(
4,156,913
)
Written
Options
(
980,225
)
(
532,448
)
—
(
1,512,673
)
Total
Liabilities
$
(
1,061,963
)
$
(
4,972,106
)
$
—
$
(
6,034,069
)
+
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
forward
foreign
currency
contracts
were
outstanding
for
VY®
BlackRock
Inflation
Protected
Bond
Portfolio:
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
1,425,071
EUR
1,301,000
JPMorgan
Chase
Bank
N.A.
10/03/23
$
49,589
USD
78,151
JPY
11,369,000
JPMorgan
Chase
Bank
N.A.
10/03/23
2,073
EUR
1,339,000
USD
1,428,698
Morgan
Stanley
&
Co.
International
PLC
10/03/23
(
13,040
)
$
38,622
At
September
30,
2023,
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:
30-Day
Federal
Funds
9
03/28/24
$
3,547,409
$
(
4,747
)
3-month
SOFRRATE
45
06/18/24
10,645,312
(
16,147
)
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
13
VY
®
Blackrock
Inflation
Protected
Bond
Portfolio
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
3-month
SOFRRATE
47
12/17/24
$
11,173,075
$
3,736
3-month
SOFRRATE
27
09/16/25
6,472,238
(
48,306
)
Australia
10-Year
Bond
2
12/15/23
143,986
(
3,640
)
Canada
10-Year
Bond
5
12/18/23
423,817
(
5,820
)
U.S.
Treasury
2-Year
Note
146
12/29/23
29,595,797
8,265
U.S.
Treasury
5-Year
Note
63
12/29/23
6,637,640
(
1,451
)
$
68,639,274
$
(
68,110
)
Short
Contracts:
30-Day
Federal
Funds
(9)
10/31/23
(
3,550,503
)
(
1,627
)
Australia
3-Year
Bond
(24)
12/15/23
(
1,625,501
)
12,847
Euro-Buxl
30-year
German
Government
Bond
(3)
12/07/23
(
388,095
)
25,951
Japan
10-Year
Bond
(TSE)
(3)
12/13/23
(
2,910,064
)
14,719
U.S.
Treasury
10-Year
Note
(153)
12/19/23
(
16,533,562
)
276,690
U.S.
Treasury
Long
Bond
(59)
12/19/23
(
6,713,094
)
356,245
U.S.
Treasury
Ultra
10-Year
Note
(136)
12/19/23
(
15,172,500
)
392,782
U.S.
Treasury
Ultra
Long
Bond
(62)
12/19/23
(
7,358,625
)
558,225
$
(
54,251,944
)
$
1,635,832
At
September
30,
2023,
the
following
over-the-counter
credit
default
swaps
were
outstanding
for
VY®
BlackRock
Inflation
Protected
Bond
Portfolio:
OTC
Credit
Default
Swaps
on
Securities
-
Buy
Protection
(1)
Counterparty
Reference
Entity/
Obligation
(2)
Buy/Sell
Protection
(Pay)/
Receive
Financing
Rate
(%)
Termination
Date
Notional
Amount
(3)
Fair
Value
(4)
Upfront
Payments
Paid/
(Received)
Unrealized
Appreciation/
(Depreciation)
Goldman
Sachs
International
American
Electric
Power
Co.,
Inc.
Buy
(1.000)
12/20/28
USD
250,000
$
(
6,470
)
$
(
6,363
)
$
(
107
)
Citibank
N.A.
American
Express
Co.
Buy
(1.000)
12/20/28
USD
250,000
(
5,463
)
(
5,001
)
(
462
)
$
(
11,933
)
$
(
11,364
)
$
(
569
)
(1)
If
a
Portfolio
is
a
buyer
of
protection
and
a
credit
event
occurs,
as
defined
under
the
terms
of
that
particular
swap
agreement,
a
Portfolio
will
either
i)
receive
from
the
seller
of
protection
an
amount
equal
to
the
notional
amount
of
the
swap
and
deliver
the
referenced
obligation,
other
deliverable
obligations
or
underlying
securities
comprising
the
referenced
index
or
ii)
receive
a
net
settlement
amount
in
the
form
of
cash
or
securities
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
referenced
obligation
or
underlying
securities
comprising
the
referenced
index.
(2)
Payments
made
quarterly.
(3)
The
maximum
amount
of
future
payments
(undiscounted)
that
a
Portfolio
as
seller
of
protection
could
be
required
to
make
or
receive
as
a
buyer
of
credit
protection
under
a
credit
default
swap
agreement
would
be
an
amount
equal
to
the
notional
amount
of
the
agreement.
(4)
The
fair
values
for
credit
default
swap
agreements
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
or
risk
of
default
for
the
credit
derivative.
Increasing
fair
values,
in
absolute
terms,
when
compared
to
the
notional
amount
of
the
agreement,
represent
a
deterioration
of
the
referenced
obligation’s
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring.
At
September
30,
2023,
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
Canadian
Overnight
Repo
Rate
Average
Semi-Annual
4
.002
%
Semi-Annual
09/21/33
CAD
185,000
$
(
1,716
)
$
(
1,716
)
Pay
Canadian
Overnight
Repo
Rate
Average
Semi-Annual
3
.540
Semi-Annual
06/15/33
CAD
804,497
(
28,925
)
(
28,925
)
Pay
Canadian
Overnight
Repo
Rate
Average
Semi-Annual
4
.397
Semi-Annual
07/20/26
CAD
1,151,000
(
8,275
)
(
8,275
)
Pay
Canadian
Overnight
Repo
Rate
Average
Semi-Annual
4
.382
Semi-Annual
07/20/26
CAD
1,152,000
(
8,611
)
(
8,611
)
Pay
1-day
Secured
Overnight
Financing
Rate
Annual
4
.190
Annual
07/29/25
USD
2,604,500
(
11,947
)
(
11,947
)
Receive
Canadian
Overnight
Repo
Rate
Average
Semi-Annual
5
.010
Semi-Annual
09/21/53
CAD
80,000
1,729
1,729
Receive
Canadian
Overnight
Repo
Rate
Average
Semi-Annual
3
.400
Semi-Annual
06/15/53
CAD
358,000
22,366
22,366
Receive
Canadian
Overnight
Repo
Rate
Average
Semi-Annual
3
.570
Semi-Annual
07/20/33
CAD
753,091
26,015
26,015
Receive
1-day
Euro
Short-Term
Rate
Annual
3
.230
Annual
07/29/25
EUR
2,304,500
2,116
2,116
Receive
1-day
Overnight
Tokyo
Average
Rate
Annual
0
.890
Annual
02/15/33
JPY
24,759,910
732
732
Receive
1-day
Overnight
Tokyo
Average
Rate
Annual
0
.920
Annual
02/15/33
JPY
71,718,360
708
708
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
14
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)
Receive
1-day
Overnight
Tokyo
Average
Rate
Annual
0
.900
%
Annual
02/15/33
JPY
74,279,730
$
1,558
$
1,558
Receive
1-day
Secured
Overnight
Financing
Rate
Annual
5
.310
Annual
09/21/28
USD
466,263
1,689
1,689
Receive
1-day
Secured
Overnight
Financing
Rate
Annual
4
.230
Annual
03/20/29
USD
1,352,159
147
146
$
(
2,414
)
$
(
2,415
)
At
September
30,
2023,
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
At
Termination
Date
2
.660
%
At
Termination
Date
09/15/27
EUR
1,335,000
$
5,909
$
5,929
Pay
Eurostat
Eurozone
HICP
ex
Tobacco
NSA
At
Termination
Date
3
.540
At
Termination
Date
05/15/33
EUR
2,427,000
(
2,851
)
(
3,113
)
Pay
Eurostat
Eurozone
HICP
ex
Tobacco
NSA
At
Termination
Date
2
.650
At
Termination
Date
09/15/33
EUR
1,105,000
10,981
10,981
Pay
Eurostat
Eurozone
HICP
ex
Tobacco
NSA
At
Termination
Date
2
.810
At
Termination
Date
09/15/53
EUR
90,000
1,339
1,339
Pay
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
2
.480
At
Termination
Date
09/11/25
USD
1,515,000
(
668
)
(
668
)
Receive
Eurostat
Eurozone
HICP
ex
Tobacco
NSA
At
Termination
Date
2
.790
At
Termination
Date
09/15/25
EUR
1,335,000
(
3,415
)
(
3,149
)
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
0
.945
At
Termination
Date
03/12/25
USD
1,650,000
267,494
267,494
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
3
.794
At
Termination
Date
04/08/25
USD
5,300,000
12,982
12,982
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
3
.563
At
Termination
Date
06/24/25
USD
4,900,000
(
27,386
)
(
27,386
)
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
3
.100
At
Termination
Date
08/08/25
USD
2,200,000
(
7,514
)
(
7,514
)
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
1
.783
At
Termination
Date
11/04/25
USD
1,300,000
170,184
170,137
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
2
.098
At
Termination
Date
11/29/25
USD
1,600,000
172,265
172,265
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
3
.526
At
Termination
Date
04/08/26
USD
16,000,000
(
10,738
)
(
10,738
)
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
3
.270
At
Termination
Date
06/24/26
USD
6,500,000
(
31,849
)
(
31,849
)
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
2
.450
At
Termination
Date
08/11/26
USD
360,000
752
752
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
2
.925
At
Termination
Date
02/02/27
USD
3,400,000
92,934
92,934
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
3
.000
At
Termination
Date
02/25/27
USD
5,540,000
115,670
115,670
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
3
.213
At
Termination
Date
03/02/27
USD
1,350,000
13,923
13,923
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
3
.290
At
Termination
Date
03/07/27
USD
2,200,000
12,837
12,837
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
3
.646
At
Termination
Date
05/04/27
USD
2,500,000
(
52,353
)
(
52,353
)
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
3
.262
At
Termination
Date
05/12/27
USD
1,955,000
(
8,643
)
(
8,643
)
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
2
.903
At
Termination
Date
07/05/27
USD
2,025,000
8,280
8,280
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
3
.030
At
Termination
Date
08/02/27
USD
2,400,000
(
22,333
)
(
27,563
)
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
2
.520
At
Termination
Date
09/11/27
USD
4,015,000
13,423
13,423
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
2
.765
At
Termination
Date
09/23/27
USD
485,000
(
3,216
)
(
3,216
)
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
2
.610
At
Termination
Date
12/12/27
USD
10,640,000
15,256
15,256
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
2
.440
At
Termination
Date
01/30/28
USD
2,300,000
16,686
26,917
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
15
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)
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
2
.350
%
At
Termination
Date
05/15/28
USD
1,000,000
$
10,169
$
10,169
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
2
.620
At
Termination
Date
08/02/28
USD
1,670,000
(
4,324
)
(
4,324
)
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
2
.890
At
Termination
Date
08/02/29
USD
2,100,000
(
14,435
)
(
19,827
)
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
2
.480
At
Termination
Date
01/30/30
USD
1,200,000
10,463
17,978
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
3
.087
At
Termination
Date
04/08/30
USD
550,000
(
886
)
(
886
)
$
760,936
$
768,037
At
September
30,
2023,
the
following
OTC
inflation-linked
swaps
were
outstanding
for
VY®
BlackRock
Inflation
Protected
Bond
Portfolio:
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/
Citibank
N.A.
Receive
U.S.
CPI
Urban
Consumers
NSA
At
Termination
Date
3
.562
%
At
Termination
Date
01/15/25
USD
11,800,000
$
337,368
$
—
$
337,368
$
337,368
$
—
$
337,368
At
September
30,
2023,
the
following
purchased
exchange-traded
options
were
outstanding
for
VY®
BlackRock
Inflation
Protected
Bond
Portfolio:
Description
Put/Call
Expiration
Date
Exercise
Price
Number
of
Contracts
Notional
Amount
Cost
Fair
Value
1-year
SOFR
MidCurve
Call
10/13/23
95.63
USD
276
USD
65,984,700
$
60,165
$
31,050
3-month
SOFRRATE
Put
10/13/23
94.88
USD
105
USD
24,906,000
23,849
85,969
3-month
SOFRRATE
Put
10/13/23
95.00
USD
158
USD
37,525,000
43,918
178,737
3-month
SOFRRATE
Put
10/13/23
95.63
USD
263
USD
62,876,725
276,735
706,813
$
404,667
$
1,002,569
At
September
30,
2023,
the
following
exchange-traded
written
options
were
outstanding
for
VY®
BlackRock
Inflation
Protected
Bond
Portfolio:
Description
Put/Call
Expiration
Date
Exercise
Price
Number
of
Contracts
Notional
Amount
Premiums
Received
Fair
Value
1-year
SOFR
MidCurve
Call
10/13/23
95.88
USD
276
USD
66,157,200
$
27,150
$
(
10,350
)
3-month
SOFRRATE
Put
10/13/23
95.13
USD
105
USD
24,971,625
47,027
(
150,937
)
3-month
SOFRRATE
Put
10/13/23
95.25
USD
158
USD
37,623,750
80,079
(
276,500
)
3-month
SOFRRATE
Put
10/13/23
95.38
USD
263
USD
62,712,350
176,977
(
542,438
)
$
331,233
$
(
980,225
)
At
September
30,
2023,
the
following
OTC
purchased
interest
rate
swaptions
were
outstanding
for
VY®
BlackRock
Inflation
Protected
Bond
Portfolio:
Description
Counterparty
Pay/
Receive
Exercise
Rate
Exercise
Rate
Floating
Rate
Index
Expiration
Date
Notional
Amount
Cost
Fair
Value
Call
on
1-Year
Interest
Rate
Swap
(1)
Citibank
N.A.
Receive
4.500%
1-day
Secured
Overnight
Financing
Rate
01/22/24
USD
48,984,000
$
121,725
$
27,864
Call
on
1-Year
Interest
Rate
Swap
(1)
Citibank
N.A.
Receive
4.550%
1-day
Secured
Overnight
Financing
Rate
01/24/24
USD
48,984,000
117,807
31,845
Call
on
5-Year
Interest
Rate
Swap
(1)
Citibank
N.A.
Receive
4.235%
1-day
Secured
Overnight
Financing
Rate
03/26/24
USD
4,616,000
71,086
73,682
Put
on
5-Year
Interest
Rate
Swap
(2)
Citibank
N.A.
Pay
4.235%
1-day
Secured
Overnight
Financing
Rate
03/26/24
USD
4,616,000
71,086
74,924
$
381,704
$
208,315
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
16
VY
®
Blackrock
Inflation
Protected
Bond
Portfolio
At
September
30,
2023,
the
following
OTC
written
interest
rate
swaptions
were
outstanding
for
VY®
BlackRock
Inflation
Protected
Bond
Portfolio:
Description
Counterparty
Pay/Receive
Exercise
Rate
Exercise
Rate
Floating
Rate
Index
Expiration
Date
Notional
Amount
Premiums
Received
Fair
Value
Call
on
1-Year
Interest
Rate
Swap
(2)
Citibank
N.A.
Pay
3.800%
1-day
Secured
Overnight
Financing
Rate
01/22/24
USD
48,984,000
$
51,433
$
(
8,670
)
Call
on
1-Year
Interest
Rate
Swap
(2)
Citibank
N.A.
Pay
3.850%
1-day
Secured
Overnight
Financing
Rate
01/24/24
USD
48,984,000
46,045
(
9,990
)
Call
on
1-Year
Interest
Rate
Swap
(2)
Citibank
N.A.
Pay
4.000%
1-day
Secured
Overnight
Financing
Rate
03/11/24
USD
4,616,000
70,798
(
47,875
)
Call
on
5-Year
Interest
Rate
Swap
(2)
Barclays
Bank
PLC
Pay
3.958%
1-day
Secured
Overnight
Financing
Rate
03/14/24
USD
4,616,000
65,201
(
44,032
)
Call
on
5-Year
Interest
Rate
Swap
(2)
Citibank
N.A.
Pay
4.000%
1-day
Secured
Overnight
Financing
Rate
03/12/24
USD
4,616,000
69,298
(
48,189
)
Call
on
5-Year
Interest
Rate
Swap
(2)
Morgan
Stanley
Capital
Services
LLC
Pay
4.030%
1-day
Secured
Overnight
Financing
Rate
03/15/24
USD
2,308,000
32,162
(
25,858
)
Put
on
1-Year
Interest
Rate
Swap
(1)
Citibank
N.A.
Receive
4.000%
1-day
Secured
Overnight
Financing
Rate
03/11/24
USD
4,616,000
70,798
(
98,764
)
Put
on
5-Year
Interest
Rate
Swap
(1)
Barclays
Bank
PLC
Receive
3.958%
1-day
Secured
Overnight
Financing
Rate
03/14/24
USD
4,616,000
65,201
(
102,414
)
Put
on
5-Year
Interest
Rate
Swap
(1)
Citibank
N.A.
Receive
4.000%
1-day
Secured
Overnight
Financing
Rate
03/12/24
USD
4,616,000
69,297
(
98,898
)
Put
on
5-Year
Interest
Rate
Swap
(1)
Morgan
Stanley
Capital
Services
LLC
Receive
4.030%
1-day
Secured
Overnight
Financing
Rate
03/15/24
USD
2,308,000
32,162
(
47,758
)
$
572,395
$
(
532,448
)
(1)
Portfolio
pays
the
exercise
rate
semi-annually
and
receives
the
floating
rate
index
quarterly.
(2)
Portfolio
receives
the
exercise
rate
semi-annually
and
pays
the
floating
rate
index
quarterly.
The
following
sales
commitments
were
held
by
the
VY®
BlackRock
Inflation
Protected
Bond
Portfolio
at
September
30,
2023:
Principal
Amount
Description
Contractual
Settlement
Date
Fair
Value
$
(
419,600
)
Ginnie
Mae,
2.500%,
due
10/15/53
10/15/53
$
(
343,006
)
(
91,000
)
Uniform
Mortgage-Backed
Securities,
1.500%,
due
10/15/38
10/15/38
(
75,823
)
(
97,200
)
Uniform
Mortgage-Backed
Securities,
1.500%,
due
10/15/53
10/15/53
(
69,855
)
(
261,000
)
Uniform
Mortgage-Backed
Securities,
2.000%,
due
10/15/38
10/15/38
(
223,864
)
(
1,716,290
)
Uniform
Mortgage-Backed
Securities,
2.000%,
due
10/15/53
10/15/53
(
1,305,855
)
(
140,000
)
Uniform
Mortgage-Backed
Securities,
2.500%,
due
10/01/38
10/01/38
(
123,397
)
(
1,078,600
)
Uniform
Mortgage-Backed
Securities,
2.500%,
due
10/01/53
10/01/53
(
856,263
)
(
53,000
)
Uniform
Mortgage-Backed
Securities,
3.000%,
due
10/15/38
10/15/38
(
47,944
)
(
732,500
)
Uniform
Mortgage-Backed
Securities,
3.000%,
due
10/01/53
10/01/53
(
605,772
)
(
21,000
)
Uniform
Mortgage-Backed
Securities,
3.500%,
due
10/15/38
10/15/38
(
19,419
)
(
411,000
)
Uniform
Mortgage-Backed
Securities,
3.500%,
due
10/01/53
10/01/53
(
353,492
)
(
148,500
)
Uniform
Mortgage-Backed
Securities,
4.000%,
due
10/01/53
10/01/53
(
132,223
)
Total
Sales
Commitments
Proceeds
receivable
$(4,276,270)
$
(
4,156,913
)
Currency
Abbreviations:
CAD
—
Canadian
Dollar
EUR
—
EU
Euro
JPY
—
Japanese
Yen
USD
—
United
States
Dollar
Net
unrealized
depreciation
consisted
of:
Gross
Unrealized
Appreciation
$
641,888
Gross
Unrealized
Depreciation
(
28,000,341
)
Net
Unrealized
Depreciation
$
(
27,358,453
)