PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(unaudited)
1
VY
®
JPMorgan
Emerging
Markets
Equity
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK
:
97.8%
Argentina
:
2.7%
5,936
(1)
MercadoLibre,
Inc.
$
7,526,136
2.7
Brazil
:
5.5%
469,650
Itau
Unibanco
Holding
SA,
ADR
2,522,021
0.9
1,010,023
(1)
NU
Holdings
Ltd./Cayman
Islands
-
Class
A
7,322,667
2.6
614,793
Raia
Drogasil
SA
3,376,955
1.2
300,894
WEG
SA
2,175,346
0.8
15,396,989
5.5
China
:
28.0%
50,313
(1)
Alibaba
Group
Holding
Ltd.,
ADR
4,364,150
1.6
359,700
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.
Ltd.
-
Class
A
1,323,327
0.5
743,900
(2)
Budweiser
Brewing
Co.
APAC
Ltd.
1,461,921
0.5
70,000
Contemporary
Amperex
Technology
Co.
Ltd.
-
Class
A
1,955,289
0.7
130,985
(1)
Dada
Nexus
Ltd.,
ADR
582,883
0.2
230,526
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.
-
Class
A
1,207,451
0.4
394,769
Fuyao
Glass
Industry
Group
Co.
Ltd.
-
Class
A
2,001,024
0.7
28,104
JD.com,
Inc.,
ADR
818,670
0.3
287,264
JD.com,
Inc.
-
Class
A
4,179,356
1.5
515,987
Jiangsu
Hengli
Hydraulic
Co.
Ltd.
-
Class
A
4,525,338
1.6
639,000
(1)
Kingdee
International
Software
Group
Co.
Ltd.
782,056
0.3
17,900
Kweichow
Moutai
Co.
Ltd.
-
Class
A
4,439,425
1.6
445,700
Midea
Group
Co.
Ltd.
-
Class
A
3,400,001
1.2
223,565
NetEase,
Inc.
4,482,758
1.6
2,915
NetEase,
Inc.,
ADR
291,966
0.1
101,721
Shenzhen
Mindray
Bio-
Medical
Electronics
Co.
Ltd.
-
Class
A
3,779,765
1.3
372,200
Shenzhou
International
Group
Holdings
Ltd.
3,539,483
1.3
114,000
Silergy
Corp.
1,080,587
0.4
337,700
Tencent
Holdings
Ltd.
13,090,589
4.7
310,494
Wanhua
Chemical
Group
Co.
Ltd.
-
Class
A
3,771,157
1.3
188,500
Wuliangye
Yibin
Co.
Ltd.
-
Class
A
4,061,949
1.4
437,700
WuXi
AppTec
Co.
Ltd.
-
Class
A
5,201,712
1.9
531,500
(1)(2)
Wuxi
Biologics
Cayman,
Inc.
3,089,003
1.1
93,037
Yum
China
Holdings,
Inc.
5,184,022
1.8
78,613,882
28.0
Hong
Kong
:
3.6%
683,000
AIA
Group
Ltd.
5,523,521
2.0
39,600
Hong
Kong
Exchanges
&
Clearing
Ltd.
1,469,666
0.5
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Hong
Kong
(continued)
324,500
Techtronic
Industries
Co.
Ltd.
$
3,132,589
1.1
10,125,776
3.6
India
:
16.3%
30,892
Apollo
Hospitals
Enterprise
Ltd.
1,907,536
0.7
54,599
Asian
Paints
Ltd.
2,075,220
0.7
103,133
Bharti
Airtel
Ltd.
1,148,523
0.4
34,279
Britannia
Industries
Ltd.
1,871,979
0.7
386,645
HDFC
Bank
Ltd.
7,091,036
2.5
150,901
HDFC
Bank
Ltd.,
ADR
8,904,668
3.2
299,482
(2)
HDFC
Life
Insurance
Co.
Ltd.
2,293,811
0.8
98,154
Hindustan
Unilever
Ltd.
2,910,959
1.0
109,510
Infosys
Ltd.
1,881,964
0.7
166,250
Infosys
Ltd.
-
Foreign,
ADR
2,844,538
1.0
503,612
ITC
Ltd.
2,690,813
1.0
234,823
Kotak
Mahindra
Bank
Ltd.
4,893,714
1.7
46,311
Reliance
Industries
Ltd.
1,303,871
0.5
91,168
Tata
Consultancy
Services
Ltd.
3,860,253
1.4
45,678,885
16.3
Indonesia
:
4.2%
10,083,800
Bank
Central
Asia
Tbk
PT
5,745,093
2.0
18,070,051
Bank
Rakyat
Indonesia
Persero
Tbk
PT
6,102,851
2.2
11,847,944
4.2
Macao
:
1.2%
1,075,200
(1)
Sands
China
Ltd.
3,269,662
1.2
Mexico
:
3.6%
526,234
Grupo
Financiero
Banorte
SAB
de
CV
-
Class
O
4,410,673
1.6
1,521,153
Wal-Mart
de
Mexico
SAB
de
CV
5,741,583
2.0
10,152,256
3.6
Panama
:
1.2%
39,627
Copa
Holdings
SA
-
Class
A
3,531,558
1.2
Portugal
:
1.4%
179,303
Jeronimo
Martins
SGPS
SA
4,026,825
1.4
South
Africa
:
3.7%
152,359
Bid
Corp.
Ltd.
3,397,826
1.2
28,544
Capitec
Bank
Holdings
Ltd.
2,580,974
0.9
1,052,927
FirstRand
Ltd.
3,545,650
1.3
69,068
(3)
Shoprite
Holdings
Ltd.
874,907
0.3
10,399,357
3.7
South
Korea
:
8.3%
3,529
(1)(2)
Delivery
Hero
SE
100,765
0.0
12,152
Kia
Corp.
731,432
0.3
6,004
LG
Chem
Ltd.
2,198,282
0.8
351,956
Samsung
Electronics
Co.
Ltd.
17,792,831
6.3
29,179
SK
Hynix,
Inc.
2,470,431
0.9
23,293,741
8.3
Spain
:
1.4%
479,939
Banco
Bilbao
Vizcaya
Argentaria
SA
3,884,113
1.4
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(unaudited)
(continued)
2
VY
®
JPMorgan
Emerging
Markets
Equity
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Taiwan
:
12.1%
705,141
Chailease
Holding
Co.
Ltd.
$
3,959,537
1.4
372,000
Delta
Electronics,
Inc.
3,746,754
1.3
176,000
Realtek
Semiconductor
Corp.
2,161,000
0.8
907,223
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
14,793,400
5.3
106,655
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
9,268,319
3.3
33,929,010
12.1
Turkey
:
0.4%
116,724
BIM
Birlesik
Magazalar
AS
1,167,708
0.4
United
Kingdom
:
0.8%
222,153
Prudential
PLC
2,388,012
0.8
United
States
:
3.4%
14,067
(1)
EPAM
Systems,
Inc.
3,596,791
1.3
16,157
Estee
Lauder
Cos.,
Inc.
-
Class
A
2,335,495
0.8
9,066
(1)
Globant
SA
1,793,708
0.7
3,719
Monolithic
Power
Systems,
Inc.
1,718,178
0.6
9,444,172
3.4
Total
Common
Stock
(Cost
$259,548,530)
274,676,026
97.8
Total
Long-Term
Investments
(Cost
$259,548,530)
274,676,026
97.8
Principal
Amount
†
RA
Value
Percentage
of
Net
Assets
SHORT-TERM
INVESTMENTS
:
2.2%
Repurchase
Agreements
:
0.1%
163,000
(4)
Bethesda
Securities
LLC,
Repurchase
Agreement
dated
09/29/2023,
5.390%,
due
10/02/2023
(Repurchase
Amount
$163,072,
collateralized
by
various
U.S.
Government
Agency
Obligations,
3.062%-6.000%,
Market
Value
plus
accrued
interest
$166,260,
due
08/01/28-07/01/53)
163,000
0.1
1,000
(4)
Industrial
&
Comm.
Bank
of
China,
Repurchase
Agreement
dated
09/29/2023,
5.040%,
due
10/02/2023
(Repurchase
Amount
$1,000,
collateralized
by
various
U.S.
Government
Securities,
0.000%-7.500%,
Market
Value
plus
accrued
interest
$1,020,
due
10/31/23-02/15/53)
1,000
0.0
Principal
Amount†
RA
Value
Percentage
of
Net
Assets
SHORT-TERM
INVESTMENTS:
(continued)
Repurchase
Agreements
(continued)
3,077
(4)
National
Bank
Financial,
Repurchase
Agreement
dated
09/29/2023,
5.260%,
due
10/02/2023
(Repurchase
Amount
$3,078,
collateralized
by
various
U.S.
Government
Securities,
0.000%-4.750%,
Market
Value
plus
accrued
interest
$3,139,
due
10/02/23)
$
3,077
0.0
Total
Repurchase
Agreements
(Cost
$167,077)
167,077
0.1
Shares
RA
Value
Percentage
of
Net
Assets
Mutual
Funds
:
2.1%
5,965,324
(5)
BlackRock
Liquidity
Funds,
FedFund,
Institutional
Class,
5.240%
(Cost
$5,965,324)
$
5,965,324
2.1
Total
Short-Term
Investments
(Cost
$6,132,401)
6,132,401
2.2
Total
Investments
in
Securities
(Cost
$265,680,931)
$
280,808,427
100.0
Assets
in
Excess
of
Other
Liabilities
88,379
0.0
Net
Assets
$
280,896,806
100.0
ADR
American
Depositary
Receipt
†
Unless
otherwise
indicated,
principal
amount
is
shown
in
USD.
(1)
Non-income
producing
security.
(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)
Security,
or
a
portion
of
the
security,
is
on
loan.
(4)
All
or
a
portion
of
the
security
represents
securities
purchased
with
cash
collateral
received
for
securities
on
loan.
(5)
Rate
shown
is
the
7-day
yield
as
of
September
30,
2023.
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(unaudited)
(continued)
3
VY
®
JPMorgan
Emerging
Markets
Equity
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
Argentina
$
7,526,136
$
—
$
—
$
7,526,136
Brazil
15,396,989
—
—
15,396,989
China
11,241,691
67,372,191
—
78,613,882
Hong
Kong
—
10,125,776
—
10,125,776
India
11,749,206
33,929,679
—
45,678,885
Indonesia
—
11,847,944
—
11,847,944
Macao
—
3,269,662
—
3,269,662
Mexico
10,152,256
—
—
10,152,256
Panama
3,531,558
—
—
3,531,558
Portugal
—
4,026,825
—
4,026,825
South
Africa
4,272,733
6,126,624
—
10,399,357
South
Korea
—
23,293,741
—
23,293,741
Spain
—
3,884,113
—
3,884,113
Taiwan
9,268,319
24,660,691
—
33,929,010
Turkey
—
1,167,708
—
1,167,708
United
Kingdom
—
2,388,012
—
2,388,012
United
States
9,444,172
—
—
9,444,172
Total
Common
Stock
82,583,060
192,092,966
—
274,676,026
Short-Term
Investments
5,965,324
167,077
—
6,132,401
Total
Investments,
at
fair
value
$
88,548,384
$
192,260,043
$
—
$
280,808,427
Other
Financial
Instruments+
Forward
Foreign
Currency
Contracts
—
764
—
764
Total
Assets
$
88,548,384
$
192,260,807
$
—
$
280,809,191
#
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®
JPMorgan
Emerging
Markets
Equity
Portfolio:
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
KRW
234,427,665
USD
173,074
The
Bank
of
New
York
Mellon
10/04/23
$
654
KRW
28,421,456
USD
20,983
The
Bank
of
New
York
Mellon
10/04/23
79
KRW
11,281,650
USD
8,329
The
Bank
of
New
York
Mellon
10/04/23
31
$
764
Currency
Abbreviations:
KRW
—
South
Korean
Won
USD
—
United
States
Dollar
Net
unrealized
appreciation
consisted
of:
Gross
Unrealized
Appreciation
$
55,628,353
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(unaudited)
(continued)
4
VY
®
JPMorgan
Emerging
Markets
Equity
Portfolio
Gross
Unrealized
Depreciation
(40,500,857)
Net
Unrealized
Appreciation
$
15,127,496