PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
1
VY
®
Invesco
Growth
and
Income
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK
:
97
.9
%
Communication
Services
:
8
.5
%
64,883
(1)
Alphabet,
Inc.
- Class
A
$
8,490,589
2
.3
11,198
(1)
Charter
Communications,
Inc.
- Class
A
4,925,104
1
.4
83,903
Comcast
Corp.
- Class
A
3,720,259
1
.0
14,367
(1)
Meta
Platforms,
Inc.
- Class
A
4,313,117
1
.2
38,749
(1)
T-Mobile
US,
Inc.
5,426,798
1
.5
50,628
(1)
Walt
Disney
Co.
4,103,400
1
.1
30,979,267
8
.5
Consumer
Discretionary
:
6
.0
%
49,012
(1)
Amazon.com,
Inc.
6,230,406
1
.7
145,996
General
Motors
Co.
4,813,488
1
.3
25,463
Genuine
Parts
Co.
3,676,348
1
.0
78,808
Las
Vegas
Sands
Corp.
3,612,559
1
.0
40,322
TJX
Cos.,
Inc.
3,583,819
1
.0
21,916,620
6
.0
Consumer
Staples
:
6
.1
%
111,990
Diageo
PLC
4,128,886
1
.1
118,115
Kraft
Heinz
Co.
3,973,389
1
.1
73,429
Philip
Morris
International,
Inc.
6,798,057
1
.9
64,358
Sysco
Corp.
4,250,846
1
.2
79,068
(1)
US
Foods
Holding
Corp.
3,138,999
0
.8
22,290,177
6
.1
Energy
:
10
.7
%
17,390
Chevron
Corp.
2,932,302
0
.8
89,050
ConocoPhillips
10,668,190
2
.9
84,888
Exxon
Mobil
Corp.
9,981,131
2
.7
34,183
Phillips
66
4,107,087
1
.1
23,543
Pioneer
Natural
Resources
Co.
5,404,296
1
.5
110,746
Shell
PLC
3,510,029
1
.0
75,929
Suncor
Energy,
Inc.
2,611,186
0
.7
39,214,221
10
.7
Financials
:
19
.2
%
29,392
Allstate
Corp.
3,274,563
0
.9
22,596
American
Express
Co.
3,371,097
0
.9
126,680
American
International
Group,
Inc.
7,676,808
2
.1
326,449
Bank
of
America
Corp.
8,938,174
2
.5
74,301
Charles
Schwab
Corp.
4,079,125
1
.1
97,004
Citizens
Financial
Group,
Inc.
2,599,707
0
.7
48,012
(1)
Fiserv,
Inc.
5,423,436
1
.5
18,999
Goldman
Sachs
Group,
Inc.
6,147,506
1
.7
90,287
KKR
&
Co.,
Inc.
5,561,679
1
.5
33,812
PNC
Financial
Services
Group,
Inc.
4,151,099
1
.1
324,419
Wells
Fargo
&
Co.
13,255,760
3
.6
Shares
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Financials:
(continued)
27,327
Willis
Towers
Watson
PLC
$
5,710,250
1
.6
70,189,204
19
.2
Health
Care
:
16
.6
%
107,932
Bristol-Myers
Squibb
Co.
6,264,373
1
.7
89,272
(1)
Centene
Corp.
6,149,056
1
.7
20,431
Cigna
Group
5,844,696
1
.6
71,427
CVS
Health
Corp.
4,987,033
1
.4
6,579
Elevance
Health,
Inc.
2,864,628
0
.8
43,021
GE
HealthCare
Technologies,
Inc.
2,927,149
0
.8
173,438
GSK
PLC
3,138,171
0
.9
48,949
Johnson
&
Johnson
7,623,807
2
.1
80,272
Medtronic
PLC
6,290,114
1
.7
37,696
Merck
&
Co.,
Inc.
3,880,803
1
.1
83,775
Pfizer,
Inc.
2,778,817
0
.8
49,304
Sanofi
5,294,030
1
.4
18,959
Universal
Health
Services,
Inc.
- Class
B
2,383,715
0
.6
60,426,392
16
.6
Industrials
:
12
.3
%
145,697
CSX
Corp.
4,480,183
1
.2
36,738
Emerson
Electric
Co.
3,547,789
1
.0
16,571
FedEx
Corp.
4,389,989
1
.2
44,286
Ferguson
PLC
7,283,718
2
.0
125,188
Johnson
Controls
International
PLC
6,661,253
1
.8
16,888
Parker-Hannifin
Corp.
6,578,214
1
.8
60,313
Raytheon
Technologies
Corp.
4,340,727
1
.2
35,637
Stanley
Black
&
Decker,
Inc.
2,978,540
0
.8
60,922
Textron,
Inc.
4,760,445
1
.3
45,020,858
12
.3
Information
Technology
:
10
.7
%
131,286
Cisco
Systems,
Inc.
7,057,935
1
.9
72,315
Cognizant
Technology
Solutions
Corp.
- Class
A
4,898,618
1
.4
140,748
Intel
Corp.
5,003,592
1
.4
5,485
Lam
Research
Corp.
3,437,834
0
.9
48,773
Micron
Technology,
Inc.
3,318,027
0
.9
18,291
NXP
Semiconductors
NV
3,656,737
1
.0
43,523
Oracle
Corp.
4,609,956
1
.3
17,667
(1)
Salesforce,
Inc.
3,582,514
1
.0
27,744
TE
Connectivity
Ltd.
3,427,216
0
.9
38,992,429
10
.7
Materials
:
2
.5
%
170,741
Barrick
Gold
Corp.
2,484,282
0
.7
53,477
Corteva,
Inc.
2,735,883
0
.7
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
2
VY
®
Invesco
Growth
and
Income
Portfolio
Shares
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Materials:
(continued)
53,073
DuPont
de
Nemours,
Inc.
$
3,958,715
1
.1
9,178,880
2
.5
Real
Estate
:
2
.6
%
127,401
(1)
CBRE
Group,
Inc.
- Class
A
9,409,838
2
.6
Utilities
:
2
.7
%
45,690
American
Electric
Power
Co.,
Inc.
3,436,802
1
.0
89,373
Exelon
Corp.
3,377,406
0
.9
83,940
FirstEnergy
Corp.
2,869,069
0
.8
9,683,277
2
.7
Total
Common
Stock
(Cost
$322,600,329)
357,301,163
97
.9
Shares
RA
Value
Percentage
of
Net
Assets
SHORT-TERM
INVESTMENTS
:
2
.2
%
Mutual
Funds
:
2
.2
%
7,917,702
(2)
BlackRock
Liquidity
Funds,
FedFund,
Institutional
Class,
5.240%
(Cost
$7,917,702)
$
7,917,702
2
.2
Total
Short-Term
Investments
(Cost
$7,917,702)
7,917,702
2
.2
Total
Investments
in
Securities
(Cost
$330,518,031)
$
365,218,865
100
.1
Liabilities
in
Excess
of
Other
Assets
(
329,873
)
(0.1)
Net
Assets
$
364,888,992
100.0
(1)
Non-income
producing
security.
(2)
Rate
shown
is
the
7-day
yield
as
of
September
30,
2023.
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
3
VY
®
Invesco
Growth
and
Income
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
Common
Stock
Communication
Services
$
30,979,267
$
—
$
—
$
30,979,267
Consumer
Discretionary
21,916,620
—
—
21,916,620
Consumer
Staples
18,161,291
4,128,886
—
22,290,177
Energy
35,704,192
3,510,029
—
39,214,221
Financials
70,189,204
—
—
70,189,204
Health
Care
51,994,191
8,432,201
—
60,426,392
Industrials
45,020,858
—
—
45,020,858
Information
Technology
38,992,429
—
—
38,992,429
Materials
9,178,880
—
—
9,178,880
Real
Estate
9,409,838
—
—
9,409,838
Utilities
9,683,277
—
—
9,683,277
Total
Common
Stock
341,230,047
16,071,116
—
357,301,163
Short-Term
Investments
7,917,702
—
—
7,917,702
Total
Investments,
at
fair
value
$
349,147,749
$
16,071,116
$
—
$
365,218,865
Other
Financial
Instruments+
Forward
Foreign
Currency
Contracts
—
24,759
—
24,759
Total
Assets
$
349,147,749
$
16,095,875
$
—
$
365,243,624
Liabilities
Table
Other
Financial
Instruments+
Forward
Foreign
Currency
Contracts
$
—
$
(
2,645
)
$
—
$
(
2,645
)
Total
Liabilities
$
—
$
(
2,645
)
$
—
$
(
2,645
)
#
The
earlier
close
of
the
foreign
markets
gives
rise
to
the
possibility
that
significant
events,
including
broad
market
moves,
may
have
occurred
in
the
interim
and
may
materially
affect
the
value
of
those
securities.
To
account
for
this,
the
Fund
may
frequently
value
many
of
its
foreign
equity
securities
using
fair
value
prices
based
on
third
party
vendor
modeling
tools
to
the
extent
available.
Accordingly,
a
portion
of
the
Fund’s
investments
are
categorized
as
Level
2
investments.
+
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®
Invesco
Growth
and
Income
Portfolio:
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
CAD
511,296
USD
379,083
State
Street
Bank
and
Trust
Co.
10/03/23
$
(
2,645
)
USD
4,001,408
EUR
3,775,454
State
Street
Bank
and
Trust
Co.
10/27/23
5,752
USD
8,279,128
GBP
6,781,268
State
Street
Bank
and
Trust
Co.
10/27/23
4,041
USD
283,523
CAD
381,368
State
Street
Bank
and
Trust
Co.
10/27/23
2,647
USD
284,284
CAD
383,304
State
Street
Bank
and
Trust
Co.
10/27/23
1,983
USD
287,148
CAD
387,621
State
Street
Bank
and
Trust
Co.
10/27/23
1,667
USD
280,513
CAD
379,005
State
Street
Bank
and
Trust
Co.
10/27/23
1,379
USD
45,614
CAD
61,572
State
Street
Bank
and
Trust
Co.
10/27/23
267
GBP
104,144
USD
127,020
State
Street
Bank
and
Trust
Co.
10/27/23
66
USD
25,095
GBP
20,551
State
Street
Bank
and
Trust
Co.
10/27/23
17
USD
823,480
CAD
1,108,684
The
Bank
of
New
York
Mellon
10/27/23
6,940
$
22,114
Currency
Abbreviations:
CAD
—
Canadian
Dollar
Currency
Abbreviations:
EUR
—
EU
Euro
GBP
—
British
Pound
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
4
VY
®
Invesco
Growth
and
Income
Portfolio
Currency
Abbreviations:
USD
—
United
States
Dollar
Net
unrealized
appreciation
consisted
of:
Gross
Unrealized
Appreciation
$
52,298,564
Gross
Unrealized
Depreciation
(
17,597,730
)
Net
Unrealized
Appreciation
$
34,700,834