PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
1
VY
®
T.
Rowe
Price
Capital
Appreciation
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK
:
65.2%
Communication
Services
:
3.6%
1,667,813
(1)
Alphabet,
Inc.
-
Class
A
$
218,250,009
2.8
194,995
(1)
Meta
Platforms,
Inc.
-
Class
A
58,539,449
0.8
276,789,458
3.6
Consumer
Discretionary
:
5.3%
1,502,698
(1)
Amazon.com,
Inc.
191,022,970
2.5
352,631
Hilton
Worldwide
Holdings,
Inc.
52,958,123
0.7
682,857
(1)(2)
Mobileye
Global,
Inc.
-
Class
A
28,372,708
0.4
50,480
(3)
Starbucks
Corp.
4,607,310
0.0
1,028,106
Yum!
Brands,
Inc.
128,451,564
1.7
405,412,675
5.3
Consumer
Staples
:
0.6%
1,507,659
Keurig
Dr
Pepper,
Inc.
47,596,795
0.6
Energy
:
1.8%
943,217
Canadian
Natural
Resources
Ltd.
60,997,843
0.8
607,800
(2)
Chesapeake
Energy
Corp.
52,410,594
0.7
181,254
EOG
Resources,
Inc.
22,975,757
0.3
136,384,194
1.8
Financials
:
4.6%
99,732
CME
Group,
Inc.
19,968,341
0.3
151,400
Goldman
Sachs
Group,
Inc.
48,988,498
0.6
939,554
Intercontinental
Exchange,
Inc.
103,369,731
1.4
991,121
KKR
&
Co.,
Inc.
61,053,054
0.8
253,551
(3)
Marsh
&
McLennan
Cos.,
Inc.
48,250,755
0.6
404,032
PNC
Financial
Services
Group,
Inc.
49,603,009
0.7
44,550
(3)
S&P
Global,
Inc.
16,279,015
0.2
347,512,403
4
.6
Health
Care
:
15.7%
594,766
AbbVie,
Inc.
88,655,820
1.2
3,382,313
(1)
Avantor,
Inc.
71,299,158
0.9
620,036
(3)
Becton
Dickinson
and
Co.
160,297,907
2.1
279,885
(1)
Biogen,
Inc.
71,933,244
0.9
509,230
Danaher
Corp.
126,339,963
1.7
124,600
Eli
Lilly
&
Co.
66,926,398
0.9
504,921
GE
Healthcare,
Inc.
34,354,825
0.5
85,200
Humana,
Inc.
41,451,504
0.5
57,862
(1)
Karuna
Therapeutics,
Inc.
9,783,886
0.1
1,237,193
PerkinElmer,
Inc.
136,957,265
1.8
111,900
Stryker
Corp.
30,578,913
0.4
173,130
Teleflex,
Inc.
34,004,463
0.4
211,083
Thermo
Fisher
Scientific,
Inc.
106,843,882
1.4
432,713
UnitedHealth
Group,
Inc.
218,169,567
2.9
1,197,596,795
15.7
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Industrials
:
8.6%
344,116
AMETEK,
Inc.
$
50,846,580
0.7
11,660,346
(1)
Aurora
Innovation,
Inc.
27,401,813
0.4
312,520
Equifax,
Inc.
57,247,414
0.7
2,199,379
Fortive
Corp.
163,105,947
2.1
303,716
General
Electric
Co.
33,575,804
0.4
1,525,237
(3)
Ingersoll
Rand,
Inc.
97,188,102
1.3
82,312
Republic
Services,
Inc.
11,730,283
0.2
853,860
RTX
Corp.
61,452,304
0.8
495,643
TransUnion
35,582,211
0.5
840,911
Waste
Connections,
Inc.
112,934,347
1.5
651,064,805
8.6
Information
Technology
:
17.4%
366,700
Analog
Devices,
Inc.
64,205,503
0.8
920,793
Apple,
Inc.
157,648,969
2.1
117,874
Intuit,
Inc.
60,226,542
0.8
250,300
(3)
Mastercard,
Inc.
-
Class
A
99,096,273
1.3
1,105,088
Microsoft
Corp.
348,931,536
4.6
243,900
NVIDIA
Corp.
106,094,061
1.4
308,068
NXP
Semiconductors
NV
61,588,954
0.8
347,295
(1)
PTC,
Inc.
49,204,756
0.7
175,925
Roper
Technologies,
Inc.
85,196,959
1.1
267,193
(1)(3)
Salesforce,
Inc.
54,181,396
0.7
67,757
TE
Connectivity
Ltd.
8,370,022
0.1
213,398
(1)
Teledyne
Technologies,
Inc.
87,190,155
1.1
382,989
(3)
Texas
Instruments,
Inc.
60,899,081
0.8
356,268
(3)
Visa,
Inc.
-
Class
A
81,945,203
1.1
1,324,779,410
17.4
Materials
:
0.9%
179,710
Linde
PLC
66,915,019
0.9
Real
Estate
:
0.2%
77,200
SBA
Communications
Corp.
15,453,124
0.2
Utilities
:
6.5%
1,529,436
Ameren
Corp.
114,447,696
1.5
1,619,493
CenterPoint
Energy,
Inc.
43,483,387
0.6
727,000
DTE
Energy
Co.
72,176,560
1.0
2,913,380
Exelon
Corp.
110,096,630
1.4
447,138
WEC
Energy
Group,
Inc.
36,016,966
0.5
2,056,680
Xcel
Energy,
Inc.
117,683,230
1.5
493,904,469
6.5
Total
Common
Stock
(Cost
$4,576,724,656)
4,963,409,147
65.2
PREFERRED
STOCK
:
0.5%
Consumer
Discretionary
:
0.2%
413,251
(4)(5)
Waymo
LLC.,
Series
A-2
18,683,077
0.2
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
2
VY
®
T.
Rowe
Price
Capital
Appreciation
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
PREFERRED
STOCK:
(continued)
Financials
:
0.0%
23,000
Charles
Schwab
Corp.
$
560,050
0.0
Utilities
:
0.3%
339,181
CMS
Energy
Corp.
10/15/2078
7,651,924
0.1
280,431
CMS
Energy
Corp.
3/1/2079
6,461,130
0.1
101,232
(6)
NiSource,
Inc.
2,540,923
0.0
227,250
(6)
SCE
Trust
IV
4,708,620
0.1
21,362,597
0.3
Total
Preferred
Stock
(Cost
$59,762,056)
40,605,724
0.5
Principal
Amount
†
RA
.
Value
Percentage
of
Net
Assets
BANK
LOANS
:
12.2%
Aerospace
&
Defense
:
0.1%
10,064,579
SkyMiles
IP
Ltd.
(Delta
Air
Lines,
Inc.),
Initial
Term
Loan,
9.076%,
(US0003M
+3.750%),
10/20/2027
10,454,582
0.1
Communications
:
0
.3%
8,587,966
Charter
Communications
Operating,
LLC,
Term
B-1
Loan,
5.830%,
(TSFR1M+1.750%),
04/30/2025
8,603,657
0.1
5,829,424
Charter
Communications
Operating,
LLC,
Term
B-2
Loan,
7.116%,
(TSFR1M+1.750%),
02/01/2027
5,829,756
0.1
10,718,166
SBA
Senior
Finance
II
LLC,
Initial
Term
Loan,
7.170%,
(TSFR3M+1.750%),
04/11/2025
10,728,584
0.1
25,161,997
0.3
Consumer,
Cyclical
:
0.6%
4,918,101
1011778
B.C.
Unlimited
Liability
Company,
Term
B-5
Loan,
7.566%,
(US0001M
+1.750%),
11/19/2026
4,913,271
0.1
35,082,146
Mileage
Plus
Holdings
LLC
(Mileage
Plus
Intellectual
Property
Assets,
Ltd.),
Initial
Term
Loan,
10.798%,
(US0003M
+5.250%),
06/20/2027
36,511,743
0.5
Principal
Amount†
RA
.
Value
Percentage
of
Net
Assets
BANK
LOANS:
(continued)
Consumer,
Cyclical:
(continued)
996,093
Woof
Holdings,
Inc.,
Initial
Term
Loan
(First
Lien),
9.397%,
(US0003M
+3.750%),
12/21/2027
$
794,384
0.0
42,219,398
0.6
Consumer,
Non-cyclical
:
1.7%
10,155,571
ADMI
Corp.,
Amendment
No.
4
Refinancing
Term
Loan,
8.806%,
(TSFR1M+3.375%),
02/14/2025
9,436,222
0.1
23,241,026
ADMI
Corp.,
Amendment
No.
5
Incremental
Term
Loan,
9.181%,
(TSFR1M+3.750%),
12/23/2027
21,730,359
0.3
5,852,360
ADMI
Corp.,
Initial
Term
Loan,
8.431%,
(US0003M
+2.750%),
04/30/2025
5,753,197
0.1
28,089,024
Heartland
Dental,
LLC,
2023
New
Term
Loan,
10.331%,
(TSFR1M+5.000%),
04/28/2028
27,825,689
0.4
24,912,461
Loire
UK
Midco
3
Limited,
Facility
B
(USD),
8.914%,
(US0003M
+3.250%),
04/21/2027
24,632,196
0.3
3,601,628
Loire
UK
Midco
3
Limited,
Facility
B2
(USD),
9.166%,
(US0001M
+3.750%),
04/21/2027
3,556,608
0.1
7,799,200
PetVet
Care
Centers,
LLC
(fka
Pearl
Intermediate
Parent
LLC),
2018
Term
Loan
(First
Lien),
8.666%,
(TSFR3M+3.250%),
02/14/2025
7,777,269
0.1
2,071,027
PetVet
Care
Centers,
LLC
(fka
Pearl
Intermediate
Parent
LLC),
Initial
Term
Loan
(First
Lien),
8.166%,
(TSFR3M+2.750%),
02/14/2025
2,065,204
0.0
655,000
PetVet
Care
Centers,
LLC
(fka
Pearl
Intermediate
Parent
LLC),
Initial
Term
Loan
(Second
Lien),
11.666%,
(US0001M
+6.250%),
02/15/2026
648,041
0.0
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
3
VY
®
T.
Rowe
Price
Capital
Appreciation
Portfolio
Principal
Amount†
RA
.
Value
Percentage
of
Net
Assets
BANK
LOANS:
(continued)
Consumer,
Non-cyclical:
(continued)
22,883,658
Sunshine
Luxembourg
VII
S.a
r.l.,
Facility
B3,
9.240%,
(US0003M
+4.250%),
10/01/2026
$
22,880,477
0.3
126,305,262
1.7
Electronics/Electrical
:
0.8%
61,462,349
UKG
Inc.,
2021-2
Incremental
Term
Loan
(First
Lien),
8.618%,
(TSFR1M+3.250%),
05/03/2026
61,308,693
0.8
Financial
:
1.9%
14,988,385
Alliant
Holdings
Intermediate,
LLC,
TLB-5
New
Term
Loan,
8.810%,
(TSFR1M+3.500%),
11/06/2027
14,980,891
0.2
27,568,414
HIG
Finance
2
Limited,
2021
Dollar
Refinancing
Term
Loan,
8.687%,
(US0001M
+3.250%),
11/12/2027
27,533,953
0.4
14,795,068
Hub
International
Limited,
2022
Incremental
Term
Loan,
8.220%,
(TSFR1M+4.000%),
11/10/2029
14,834,615
0.2
6,535,271
Ryan
Specialty
Group,
LLC,
Initial
Term
Loan,
8.416%,
(TSFR1M+3.250%),
09/01/2027
6,548,204
0.1
26,246,021
USI,
Inc.,
2022
New
Term
Loan,
9.140%,
(TSFR1M+3.750%),
11/22/2029
26,266,519
0.3
55,801,560
USI,
Inc.,
TL
B
1L
BANKDEBT,
8.943%,
(US0001M
+3.500%),
09/13/2030
55,906,188
0.7
146,070,370
1.9
Food
Products
:
0.3%
24,638,045
IRB
Holding
Corp.,
2022
Replacement
Term
B
Loan,
7.317%,
(TSFR1M+3.000%),
12/15/2027
24,573,025
0.3
Health
Care
:
0.8%
34,765,978
athenahealth
Group
Inc.,
Initial
Term
Loan,
8.560%,
(TSFR1M+3.250%),
02/15/2029
34,186,534
0.4
Principal
Amount†
RA
.
Value
Percentage
of
Net
Assets
BANK
LOANS:
(continued)
Health
Care:
(continued)
3,745,828
Avantor
Funding,
Inc.,
2021
Incremental
B-5
Dollar
Term
Loan,
7.666%,
(TSFR1M+2.250%),
11/08/2027
$
3,750,297
0.1
9,961,931
Azalea
TopCo,
Inc.,
2021
Term
Loan
(First
Lien),
9.434%,
(US0001M
+3.750%),
07/25/2026
9,644,394
0.1
5,433,756
Azalea
TopCo,
Inc.,
2022
Incremental
Term
Loan
(First
Lien),
9.322%,
(US0001M
+3.750%),
07/25/2026
5,260,555
0.1
7,449,769
PetVet
Care
Centers,
LLC
(fka
Pearl
Intermediate
Parent
LLC),
2021
First
Lien
Replacement
Term
Loan,
8.916%,
(TSFR1M+3.500%),
02/14/2025
7,422,607
0.1
60,264,387
0.8
Industrial
:
0.4%
10,056,243
Filtration
Group
Corporation,
2021
Incremental
Term
Loan,
8.931%,
(TSFR1M+3.500%),
10/21/2028
10,032,149
0.2
9,246,874
Filtration
Group
Corporation,
2023
Extended
Euro
Term
Loan,
7.385%,
(EUR003M+4.250%),
03/31/2025
9,739,598
0.1
946,383
Filtration
Group
Corporation,
2023
Extended
Euro
Term
Loan,
8.108%,
(EUR003M+4.250%),
10/21/2028
996,811
0.0
7,619,118
(3)
Trans
Union
LLC,
2019
Replacement
Term
B-5
Loan,
7.060%,
(TSFR1M+1.750%),
11/16/2026
7,619,514
0.1
28,388,072
0.4
Industrial
Equipment
:
0.3%
19,993,098
Filtration
Group
Corporation,
2023
Extended
Dollar
Term
Loan,
9.681%,
(TSFR1M+4.250%),
10/21/2028
20,024,327
0.3
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
4
VY
®
T.
Rowe
Price
Capital
Appreciation
Portfolio
Principal
Amount†
RA
.
Value
Percentage
of
Net
Assets
BANK
LOANS:
(continued)
Industrial
Equipment:
(continued)
2,459,095
Filtration
Group
Corporation,
2023
Extended
Euro
Term
Loan,
7.815%,
(EUR003M+4.250%),
10/21/2028
$
2,590,129
0.0
22,614,456
0.3
Insurance
:
2.9%
38,167,840
Alliant
Holdings
I
LLC,
TLB-4
New
Term
Loan,
8.943%,
(US0001M
+3.500%),
11/06/2027
38,146,161
0.5
9,539,878
Applied
Systems,
Inc.,
2021
Term
Loan
(Second
Lien),
12.140%,
(US0003M
+5.500%),
09/17/2027
9,601,887
0.1
2,790,695
AssuredPartners,
Inc.,
2020
February
Refinancing
Term
Loan,
8.810%,
(TSFR1M+3.500%),
02/13/2027
2,789,450
0.0
1,472,944
AssuredPartners,
Inc.,
2021
Term
Loan,
8.810%,
(TSFR1M+3.500%),
02/13/2027
1,471,409
0.0
7,865,713
AssuredPartners,
Inc.,
2022
Term
Loan,
8.810%,
(TSFR1M+3.500%),
02/13/2027
7,857,517
0.1
14,323,642
AssuredPartners,
Inc.,
TL
B4
1L
Bankdebt,
9.060%,
(TSFR1M+3.750%),
02/13/2027
14,350,499
0.2
9,403,941
Broadstreet
Partners,
Inc.,
Initial
Term
B
Loan,
9.310%,
(TSFR1M+4.000%),
01/26/2029
9,414,859
0.1
3,827,055
Broadstreet
Partners,
Inc.,
Initial
Term
Loan
(2020),
8.310%,
(TSFR1M+3.000%),
01/27/2027
3,814,070
0.1
122,592,000
Hub
International
Limited,
2023
Refinancing
Term
Loan,
9.583%,
(TSFR1M+4.250%),
06/20/2030
123,114,732
1.6
3,300,000
USI,
Inc.,
TL
B
1L,
8.560%,
(TSFR1M+3.250%),
09/29/2030
3,298,624
0.1
Principal
Amount†
RA
.
Value
Percentage
of
Net
Assets
BANK
LOANS:
(continued)
Insurance:
(continued)
9,587,844
USI,
Inc.,
TL
B
1L
BANKDEBT,
8.943%,
(US0001M
+3.500%),
09/29/2030
$
9,583,846
0.1
223,443,054
2.9
Lodging
&
Casinos
:
0.3%
21,605,913
Hilton
Worldwide,
Refinanced
Series
B-2
Term
Loan,
7.060%,
(TSFR1M+1.750%),
06/21/2026
21,622,311
0.3
Technology
:
1.8%
47,758,840
Applied
Systems,
Inc.,
2026
Term
Loan
(First
Lien),
9.890%,
(TSFR1M+4.500%),
09/18/2026
47,952,836
0.6
29,085,143
Azalea
TopCo,
Inc.,
Initial
Term
Loan
(First
Lien),
8.810%,
(TSFR1M+3.500%),
07/25/2026
28,052,620
0.4
967,316
Epicor
Software
Corporation
(fka
Eagle
Parent
Inc.),
TL
1L,
9.060%,
(TSFR1M+3.750%),
07/31/2027
969,734
0.0
1,506,249
Quartz
AcquireCo,
LLC,
Term
Loan,
8.818%,
(TSFR1M+3.500%),
06/28/2030
1,506,249
0.0
1,125,000
RealPage,
Inc.,
Initial
Loan
(Second
Lien),
11.931%,
(US0003M
+3.250%),
04/23/2029
1,130,976
0.0
35,641,032
RealPage,
Inc.,
Initial
Term
Loan
(First
Lien),
7.384%,
(US0001M
+3.000%),
04/22/2028
35,279,667
0.5
3,432,014
Sophia,
L.P.,
2022
Incremental
Term
B-1
Loan
(First
Lien),
9.566%,
(TSFR1M+4.250%),
10/07/2027
3,423,863
0.0
11,563,288
Sophia,
L.P.,
Term
Loan
B
(First
Lien),
8.816%,
(US0003M
+3.500%),
10/07/2027
11,554,616
0.2
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
5
VY
®
T.
Rowe
Price
Capital
Appreciation
Portfolio
Principal
Amount†
RA
.
Value
Percentage
of
Net
Assets
BANK
LOANS:
(continued)
Technology:
(continued)
7,495,795
Storable,
Inc.,
Initial
Term
Loan
(First
Lien),
7.587%,
(TSFR1M+3.250%),
04/16/2028
$
7,456,757
0.1
137,327,318
1.8
Total
Bank
Loans
(Cost
$928,402,373)
929,752,925
12.2
U.S.
TREASURY
OBLIGATIONS
:
11.1%
United
States
Treasury
Note
:
3.9%
322,512,100
3.500
%,
02/15/2033
295,955,244
3.9
United
States
Treasury
Notes
:
7.2%
400,554,500
3.375
%,
05/15/2033
363,315,449
4.8
80,926,000
3.875
%,
08/15/2033
76,475,070
1.0
112,633,700
4.125
%,
11/15/2032
108,647,524
1.4
548,438,043
7.2
Total
U.S.
Treasury
Obligations
(Cost
$899,133,867)
844,393,287
11.1
CORPORATE
BONDS/NOTES
:
9.3%
Communications
:
1.1%
36,653,000
(7)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.,
5.000%,
02/01/2028
33,326,124
0.4
44,545,000
(7)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.,
5.125%,
05/01/2027
41,549,848
0.6
2,125,000
(7)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.,
5.500%,
05/01/2026
2,054,836
0.0
600,000
(2)
Lamar
Media
Corp.,
3.625%,
01/15/2031
489,183
0.0
3,610,000
(2)
Lamar
Media
Corp.,
3.750%,
02/15/2028
3,207,048
0.1
845,000
Lamar
Media
Corp.,
4.875%,
01/15/2029
766,183
0.0
81,393,222
1.1
Consumer,
Cyclical
:
3.1%
11,017,000
(2)
Cedar
Fair
L.P.,
5.250%,
07/15/2029
9,587,880
0.1
13,046,000
(2)
Cedar
Fair
L.P.
/
Canada's
Wonderland
Co.
/
Magnum
Management
Corp.
/
Millennium
Op,
5.375%,
04/15/2027
12,231,397
0.2
8,217,000
(7)
Cedar
Fair
L.P.
/
Canada's
Wonderland
Co.
/
Magnum
Management
Corp.
/
Millennium
Op,
5.500%,
05/01/2025
8,053,897
0.1
Principal
Amount†
RA
.
Value
Percentage
of
Net
Assets
CORPORATE
BONDS/NOTES:
(continued)
Consumer,
Cyclical:
(continued)
10,635,600
Cedar
Fair
L.P.
/
Canada's
Wonderland
Co.
/
Magnum
Management
Corp.
/
Millennium
Op,
6.500%,
10/01/2028
$
10,070
,137
0.1
2,719,000
(7)
Clarios
Global
L.P.,
6.750%,
05/15/2025
2,701,304
0.0
3,708,000
(7)
Clarios
Global
L.P.
/
Clarios
US
Finance
Co.,
6.250%,
05/15/2026
3,632,352
0.0
11,970,000
(2)(7)
Clarios
Global
L.P.
/
Clarios
US
Finance
Co.,
8.500%,
05/15/2027
11,958,107
0.2
7,010,000
(7)
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.,
4.750%,
10/20/2028
6,664,492
0.1
8,572,000
(7)
Hilton
Domestic
Operating
Co.,
Inc.,
3.625%,
02/15/2032
6,918,898
0.1
8,321,000
(7)
Hilton
Domestic
Operating
Co.,
Inc.,
3.750%,
05/01/2029
7,204,555
0.1
11,441,000
(7)
Hilton
Domestic
Operating
Co.,
Inc.,
4.000%,
05/01/2031
9,628,933
0.1
7,258,000
Hilton
Domestic
Operating
Co.,
Inc.,
4.875%,
01/15/2030
6,614,159
0.1
3,346,000
(7)
Hilton
Domestic
Operating
Co.,
Inc.,
5.375%,
05/01/2025
3,296,022
0.0
7,572,000
(7)
Hilton
Domestic
Operating
Co.,
Inc.,
5.750%,
05/01/2028
7,327,487
0.1
2,270,000
Hilton
Worldwide
Finance
LLC
/
Hilton
Worldwide
Finance
Corp.,
4.875%,
04/01/2027
2,161,578
0.0
20,031,000
(7)
KFC
Holding
Co./Pizza
Hut
Holdings
LLC/Taco
Bell
of
America
LLC,
4.750%,
06/01/2027
19,052,085
0.3
9,459,000
(7)
Life
Time,
Inc.,
5.750%,
01/15/2026
9,173,804
0.1
595,000
(7)
Live
Nation
Entertainment,
Inc.,
4.875%,
11/01/2024
586,274
0.0
12,485,275
(7)
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets
Ltd.,
6.500%,
06/20/2027
12,382,853
0.2
16,402,000
(2)(7)
Six
Flags
Entertainment
Corp.,
5.500%,
04/15/2027
15,105,668
0.2
5,559,000
(7)
Six
Flags
Theme
Parks,
Inc.,
7.000%,
07/01/2025
5,550,140
0.1
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
6
VY
®
T.
Rowe
Price
Capital
Appreciation
Portfolio
Principal
Amount†
RA
.
Value
Percentage
of
Net
Assets
CORPORATE
BONDS/NOTES:
(continued)
Consumer,
Cyclical:
(continued)
1,977,931
United
Airlines
Pass
Through
Trust
2012-1,
A,
4.150%,
10/11/2025
$
1,951,644
0.0
263,058
US
Airways
Pass
Through
Trust
2012-2,
A,
4.625%,
12/03/2026
253,373
0.0
1,403,625
US
Airways
Pass
Through
Trust
2013-1,
A,
3.950%,
05/15/2027
1,334,217
0.0
2,566,000
(7)
Vail
Resorts,
Inc.,
6.250%,
05/15/2025
2,554,658
0.0
7,230,000
Yum!
Brands,
Inc.,
3.625%,
03/15/2031
5,959,254
0.1
14,332,000
Yum!
Brands,
Inc.,
4.625%,
01/31/2032
12,449,104
0.2
6,670,000
(7)
Yum!
Brands,
Inc.,
4.750%,
01/15/2030
5,999,665
0.1
14,933,000
Yum!
Brands,
Inc.,
5.350%,
11/01/2043
13,120,283
0.2
16,376,000
Yum!
Brands,
Inc.,
5.375%,
04/01/2032
14,992,310
0.2
4,966,000
Yum!
Brands,
Inc.,
6.875%,
11/15/2037
5,044,294
0.1
233,560,824
3.1
Consumer,
Non-cyclical
:
1.2%
9,730,000
(2)(7)
Avantor
Funding,
Inc.,
3.875%,
11/01/2029
8,326,791
0.1
13,457,000
(7)
Avantor
Funding,
Inc.,
4.625%,
07/15/2028
12,283,063
0.2
7,562,000
(7)
Charles
River
Laboratories
International,
Inc.,
3.750%,
03/15/2029
6,491,077
0.1
5,746,000
(7)
Charles
River
Laboratories
International,
Inc.,
4.000%,
03/15/2031
4,869,333
0.1
2,223,000
(7)
Charles
River
Laboratories
International,
Inc.,
4.250%,
05/01/2028
1,995,925
0.0
4,423,000
(7)
Gartner,
Inc.,
3.625%,
06/15/2029
3,788,245
0.1
1,714,000
(2)(7)
Gartner,
Inc.,
3.750%,
10/01/2030
1,440,057
0.0
770,000
(7)
Gartner,
Inc.,
4.500%,
07/01/2028
703,394
0.0
11,184,000
(7)
Hadrian
Merger
Sub,
Inc.,
8.500%,
05/01/2026
10,554,341
0.1
7,459,000
(7)
Heartland
Dental
LLC
/
Heartland
Dental
Finance
Corp.,
10.500%,
04/30/2028
7,514,943
0.1
2,749,000
(7)
Hologic,
Inc.,
3.250%,
02/15/2029
2,324,549
0.0
2,355,000
(7)
IQVIA,
Inc.,
5.000%,
05/15/2027
2,222,243
0.0
Principal
Amount†
RA
.
Value
Percentage
of
Net
Assets
CORPORATE
BONDS/NOTES:
(continued)
Consumer,
Non-cyclical:
(continued)
9,957,000
(7)
IQVIA,
Inc.,
5.700%,
05/15/2028
$
9,686,070
0.1
2,489,000
(7)
IQVIA,
Inc.,
6.500%,
05/15/2030
2,439,268
0.0
4,567,000
(7)
Korn
Ferry,
4.625%,
12/15/2027
4,206,572
0.1
1,263,000
(7)
PRA
Health
Sciences,
Inc.,
2.875%,
07/15/2026
1,140,848
0.0
4,105,000
Service
Corp.
International,
3.375%,
08/15/2030
3,314,172
0.0
4,588,000
(7)
Surgery
Center
Holdings,
Inc.,
10.000%,
04/15/2027
4,644,088
0.1
700,000
(7)
Teleflex,
Inc.,
4.250%,
06/01/2028
626,927
0.0
6,015,000
Teleflex,
Inc.,
4.625%,
11/15/2027
5,525,439
0.1
94,097,345
1.2
Energy
:
0.0%
676,000
(2)
Pioneer
Natural
Resources
Co.,
1.125%,
01/15/2026
611,210
0.0
1,690,000
Pioneer
Natural
Resources
Co.,
2.150%,
01/15/2031
1,334,672
0.0
1,388,000
Pioneer
Natural
Resources
Co.,
5.100%,
03/29/2026
1,370,632
0.0
3,316,514
0.0
Financial
:
2.7%
2,230,000
(7)
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer,
4.250%,
10/15/2027
1,999,017
0.0
3,784,000
(7)
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer,
5.875%,
11/01/2029
3,281,215
0.1
11,923,000
(7)
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer,
6.750%,
10/15/2027
11,100,989
0.2
23,087,000
(7)
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer,
6.750%,
04/15/2028
22,302,834
0.3
3,510,000
(7)
AmWINS
Group,
Inc.,
4.875%,
06/30/2029
3,080,144
0.0
5,133,000
(7)
BroadStreet
Partners,
Inc.,
5.875%,
04/15/2029
4,534,586
0.1
2,790,000
(7)
HUB
International
Ltd.,
5.625%,
12/01/2029
2,432,901
0.0
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
7
VY
®
T.
Rowe
Price
Capital
Appreciation
Portfolio
Principal
Amount†
RA
.
Value
Percentage
of
Net
Assets
CORPORATE
BONDS/NOTES:
(continued)
Financial:
(continued)
47,262,000
(7)
HUB
International
Ltd.,
7.000%,
05/01/2026
$
47,208,934
0.6
77,894,000
(7)
HUB
International
Ltd.,
7.250%,
06/15/2030
77,836,358
1.0
1,027,000
Intercontinental
Exchange,
Inc.,
4.000%,
09/15/2027
972,061
0.0
2,001,000
(7)
Ryan
Specialty
Group
LLC,
4.375%,
02/01/2030
1,745,019
0.0
8,818,000
(2)
SBA
Communications
Corp.,
3.125%,
02/01/2029
7,363,271
0.1
7,486,000
SBA
Communications
Corp.,
3.875%,
02/15/2027
6,866,052
0.1
411,000
(7)
SBA
Tower
Trust,
6.599%,
01/15/2028
412,802
0.0
18,479,000
(7)
USI,
Inc.,
6.875%,
05/01/2025
18,356,530
0.2
209,492,713
2.7
Industrial
:
0.6%
8,558,000
(2)
Ball
Corp.,
6.000%,
06/15/2029
8,318,966
0.1
3,375,000
(7)
GFL
Environmental,
Inc.,
4.000%,
08/01/2028
2,952,304
0.0
3,268,000
(7)
GFL
Environmental,
Inc.,
4.375%,
08/15/2029
2,842,751
0.0
7,659,000
(7)
GFL
Environmental,
Inc.,
4.750%,
06/15/2029
6,817,875
0.1
3,550,000
Howmet
Aerospace,
Inc.,
3.000%,
01/15/2029
3,008,641
0.1
510,000
Howmet
Aerospace,
Inc.,
5.900%,
02/01/2027
501,555
0.0
1,500,000
Lennox
International,
Inc.,
3.000%,
11/15/2023
1,494,654
0.0
5,092,000
(7)
Sensata
Technologies
BV,
4.000%,
04/15/2029
4,389,522
0.1
5,100,000
(7)
Sensata
Technologies
BV,
5.000%,
10/01/2025
4,949,692
0.1
1,430,000
(7)
Sensata
Technologies
BV,
5.625%,
11/01/2024
1,416,048
0.0
1,182,000
(7)
Sensata
Technologies
BV,
5.875%,
09/01/2030
1,102,444
0.0
2,035,000
(7)
Sensata
Technologies,
Inc.,
3.750%,
02/15/2031
1,649,062
0.0
664,000
(7)
Sensata
Technologies,
Inc.,
4.375%,
02/15/2030
574,065
0.0
6,537,000
TransDigm,
Inc.,
5.500%,
11/15/2027
6,127,423
0.1
Principal
Amount†
RA
.
Value
Percentage
of
Net
Assets
CORPORATE
BONDS/NOTES:
(continued)
Industrial:
(continued)
2,100,000
(7)
TransDigm,
Inc.,
6.250%,
03/15/2026
$
2,065,257
0.0
48,210,259
0.6
Technology
:
0.6%
1,686,000
(7)
Black
Knight
InfoServ
LLC,
3.625%,
09/01/2028
1,518,159
0.0
4,250,000
(7)
Booz
Allen
Hamilton,
Inc.,
3.875%,
09/01/2028
3,811,910
0.1
2,578,000
(7)
Booz
Allen
Hamilton,
Inc.,
4.000%,
07/01/2029
2,276,915
0.0
2,430,000
Booz
Allen
Hamilton,
Inc.,
5.950%,
08/04/2033
2,373,745
0.0
1,790,000
(7)
Clarivate
Science
Holdings
Corp.,
3.875%,
07/01/2028
1,551,725
0.0
1,280,000
(7)
Clarivate
Science
Holdings
Corp.,
4.875%,
07/01/2029
1,092,566
0.0
918,000
(2)
Crowdstrike
Holdings,
Inc.,
3.000%,
02/15/2029
774,082
0.0
1,701,000
(7)
Entegris
Escrow
Corp.,
4.750%,
04/15/2029
1,530,753
0.0
4,480,000
(7)
MSCI,
Inc.,
3.250%,
08/15/2033
3,454,390
0.1
10,043,000
(7)
MSCI,
Inc.,
3.625%,
09/01/2030
8,429,504
0.1
6,121,000
(7)
MSCI,
Inc.,
3.625%,
11/01/2031
5,015,741
0.1
6,913,000
(7)
MSCI,
Inc.,
3.875%,
02/15/2031
5,865,890
0.1
5,561,000
(7)
MSCI,
Inc.,
4.000%,
11/15/2029
4,891,441
0.1
1,025,000
(7)
PTC,
Inc.,
4.000%,
02/15/2028
919,774
0.0
43,506,595
0.6
Total
Corporate
Bonds/
Notes
(Cost
$738,507,963)
713,577,472
9.3
ASSET-BACKED
SECURITIES
:
0.1%
Other
Asset-Backed
Securities
:
0.1%
4,507,650
(7)
Domino's
Pizza
Master
Issuer
LLC
2017-
1A
A23,
4.118%,
07/25/2047
4,182,080
0.1
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
8
VY
®
T.
Rowe
Price
Capital
Appreciation
Portfolio
Principal
Amount†
RA
.
Value
Percentage
of
Net
Assets
ASSET-BACKED
SECURITIES:
(continued)
Other
Asset-Backed
Securities:
(continued)
3,580,150
(7)
Domino's
Pizza
Master
Issuer
LLC
2019-1A
A2,
3.668%,
10/25/2049
$
3,106,391
0.0
7,288,471
0.1
Total
Asset-Backed
Securities
(Cost
$8,039,326)
7,288,471
0.1
Total
Long-Term
Investments
(Cost
$7,210,570,241)
7,499,027,026
98.4
SHORT-TERM
INVESTMENTS
:
3.5%
Repurchase
Agreements
:
0.6%
11,537,297
(8)
Cantor
Fitzgerald,
Repurchase
Agreement
dated
09/29/2023,
5.320%,
due
10/02/2023
(Repurchase
Amount
$11,542,342,
collateralized
by
various
U.S.
Government/U.S.
Government
Agency
Obligations,
1.500%-
7.500%,
Market
Value
plus
accrued
interest
$11,768,043,
due
05/01/25-03/15/65)
11,537,297
0.1
4,803,449
(8)
CF
Secured
LLC,
Repurchase
Agreement
dated
09/29/2023,
5.320%,
due
10/02/2023
(Repurchase
Amount
$4,805,549,
collateralized
by
various
U.S.
Government/U.S.
Government
Agency
Obligations,
0.000%-
7.166%,
Market
Value
plus
accrued
interest
$4,899,519,
due
11/15/23-08/20/72)
4,803,449
0.1
8,575,364
(8)
Industrial
&
Comm.
Bank
of
China,
Repurchase
Agreement
dated
09/29/2023,
5.330%,
due
10/02/2023
(Repurchase
Amount
$8,579,121,
collateralized
by
various
U.S.
Government
Securities,
0.000%-
7.500%,
Market
Value
plus
accrued
interest
$8,746,871,
due
10/31/23-02/15/53)
8,575,364
0.1
Principal
Amount†
RA
Value
Percentage
of
Net
Assets
SHORT-TERM
INVESTMENTS:
(continued)
Repurchase
Agreements
(continued)
7,748,238
(8)
Mirae
Asset
Securities
USA
Inc.,
Repurchase
Agreement
dated
09/29/2023,
5.370%,
due
10/02/2023
(Repurchase
Amount
$7,751,658,
collateralized
by
various
U.S.
Government/U.S.
Government
Agency
Obligations,
1.500%-
7.449%,
Market
Value
plus
accrued
interest
$7,906,740,
due
02/15/25-04/20/71)
$
7,748,238
0.1
2,301,855
(8)
National
Bank
Financial,
Repurchase
Agreement
dated
09/29/2023,
5.340%,
due
10/02/2023
(Repurchase
Amount
$2,302,865,
collateralized
by
various
U.S.
Government
Securities,
0.000%-
4.750%,
Market
Value
plus
accrued
interest
$2,347,892,
due
10/02/23)
2,301,855
0.0
12,419,564
(8)
State
of
Wisconsin
Investment
Board,
Repurchase
Agreement
dated
09/29/2023,
5.380%,
due
10/02/2023
(Repurchase
Amount
$12,425,056,
collateralized
by
various
U.S.
Government
Securities,
0.125%-
3.875%,
Market
Value
plus
accrued
interest
$12,667,960,
due
07/15/25-02/15/51)
12,419,564
0.2
Total
Repurchase
Agreements
(Cost
$47,385,767)
47,385,767
0.6
Time
Deposits
:
0.1%
1,150,000
(8)
Barclays
Bank
PLC,
5.340
%,
10/02/2023
1,150,000
0.0
1,100,000
(8)
Canadian
Imperial
Bank
of
Commerce,
5.310
%,
10/02/2023
1,100,000
0.0
1,180,000
(8)
DZ
Bank
AG,
5.290
%,
10/02/2023
1,180,000
0.1
1,150,000
(8)
Royal
Bank
of
Canada,
5.320
%,
10/02/2023
1,150,000
0.0
Total
Time
Deposits
(Cost
$4,580,000)
4,580,000
0.1
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
9
VY
®
T.
Rowe
Price
Capital
Appreciation
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
Mutual
Funds
:
2.8%
213,182,913
(9)
T.
Rowe
Price
Government
Reserve
Investment
Fund,
5.400%
(Cost
$213,182,913)
$
213,182,913
2.8
Total
Short-Term
Investments
(Cost
$265,148,680)
$
265,148,680
3.5
Total
Investments
in
Securities
(Cost
$7,475,718,921)
$
7,764,175,706
101.9
Liabilities
in
Excess
of
Other
Assets
(145,620,739)
(1.9)
Net
Assets
$
7,618,554,967
100.0
†
Unless
otherwise
indicated,
principal
amount
is
shown
in
USD.
(1)
Non-income
producing
security.
(2)
Security,
or
a
portion
of
the
security,
is
on
loan.
(3)
All
or
a
portion
of
this
security
is
pledged
to
cover
open
written
call
options
at
September
30,
2023.
(4)
For
fair
value
measurement
disclosure
purposes,
security
is
categorized
as
Level
3,
whose
value
was
determined
using
significant
unobservable
inputs.
(5)
Restricted
security
as
to
resale,
excluding
Rule
144A
securities.
As
of
September
30,
2023,
the
Fund
held
restricted
securities
with
a
fair
value
of
$18,683,077
or
0.2%
of
net
assets.
Please
refer
to
the
table
below
for
additional
details.
(6)
Variable
rate
security.
Rate
shown
is
the
rate
in
effect
as
of
September
30,
2023.
(7)
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.
(8)
All
or
a
portion
of
the
security
represents
securities
purchased
with
cash
collateral
received
for
securities
on
loan.
(9)
Rate
shown
is
the
7-day
yield
as
of
September
30,
2023.
Currency
Abbreviations:
EUR
EU
Euro
Reference
Rate
Abbreviations:
EUR003M
3-month
EURIBOR
TSFR1M
1-month
CME
Term
Secured
Overnight
Financing
Rate
TSFR3M
3-month
CME
Term
Secured
Overnight
Financing
Rate
US0001M
1-month
LIBOR
US0003M
3-month
LIBOR
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
10
VY
®
T.
Rowe
Price
Capital
Appreciation
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
Asset-Backed
Securities
$
—
$
7,288,471
$
—
$
7,288,471
Bank
Loans
—
929,752,925
—
929,752,925
Common
Stock*
4,963,409,147
—
—
4,963,409,147
Corporate
Bonds/Notes
—
713,577,472
—
713,577,472
Preferred
Stock
21,922,647
—
18,683,077
40,605,724
Short-Term
Investments
213,182,913
51,965,767
—
265,148,680
U.S.
Treasury
Obligations
—
844,393,287
—
844,393,287
Total
Investments,
at
fair
value
$
5,198,514,707
$
2,546,977,922
$
18,683,077
$
7,764,175,706
Liabilities
Table
Other
Financial
Instruments+
Written
Options
$
—
$
(26,258,801)
$
—
$
(26,258,801)
Total
Liabilities
$
—
$
(26,258,801)
$
—
$
(26,258,801)
*
For
further
breakdown
of
Common
Stock
by
sector,
please
refer
to
the
Portfolio
of
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,
VY®
T.
Rowe
Price
Capital
Appreciation
Portfolio
held
the
following
restricted
securities:
Security
Acquisition
Date
Acquisition
Cost
Fair
Value
Waymo
LLC.,
Series
A-2
5/8/2020
$
35,484,706
$
18,683,077
$
35,484,706
$
18,683,077
At
September
30,
2023,
the
following
OTC
written
equity
options
were
outstanding
for
VY®
T.
Rowe
Price
Capital
Appreciation
Portfolio:
Description
Counterparty
Put/
Call
Expiration
Date
Exercise
Price
Number
of
Contracts
Notional
Amount
Premiums
Received
Fair
Value
AbbVie,
Inc.
Citigroup
Global
Markets
Call
01/17/25
USD
160.000
645
USD
9,518,910
$
778,515
$
(717,040)
AbbVie,
Inc.
Citigroup
Global
Markets
Call
01/17/25
USD
165.000
645
USD
9,518,910
649,515
(
594,019)
AbbVie,
Inc.
Citigroup
Global
Markets
Call
01/17/25
USD
175.000
817
USD
12,057,286
549,024
(501,787)
AbbVie,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
145.000
49
USD
723,142
27,451
(46,065)
AbbVie,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
150.000
49
USD
723,142
18,700
(31,627)
AbbVie,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
175.000
403
USD
5,947,474
204,212
(18,181)
AbbVie,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
180.000
205
USD
3,025,390
204,030
(5,251)
AbbVie,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
180.000
401
USD
5,917,958
192,404
(10,271)
AbbVie,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
185.000
205
USD
3,025,390
170,271
(3,064)
AbbVie,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
195.000
205
USD
3,025,390
114,954
(1,137)
AbbVie,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
200.000
205
USD
3,025,390
93,486
(730)
Alphabet,
Inc.
-
Class
A
Citigroup
Global
Markets
Call
01/19/24
USD
142.000
992
USD
12,981,312
638,044
(452,940)
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
11
VY
®
T.
Rowe
Price
Capital
Appreciation
Portfolio
Description
Counterparty
Put/
Call
Expiration
Date
Exercise
Price
Number
of
Contracts
Notional
Amount
Premiums
Received
Fair
Value
Alphabet,
Inc.
-
Class
A
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
120.000
1,875
USD
24,536,250
$
1,479,525
$
(3,141,252)
Amazon.com,
Inc.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
120.000
617
USD
7,843,304
459,357
(936,319)
Amazon.com,
Inc.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
132.500
1,488
USD
18,915,456
1,427,766
(1,204,774)
Amazon.com,
Inc.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
135.000
1,038
USD
13,195,056
969,959
(728,104)
Analog
Devices,
Inc.
UBS
AG
Call
01/19/24
USD
200.000
198
USD
3,466,782
158,345
(57,207
)
Analog
Devices,
Inc.
UBS
AG
Call
01/19/24
USD
200.000
49
USD
857,941
56,561
(14,157)
Analog
Devices,
Inc.
UBS
AG
Call
01/19/24
USD
210.000
49
USD
857,941
38,139
(6,940)
Analog
Devices,
Inc.
UBS
AG
Call
06/21/24
USD
210.000
49
USD
857,941
67,894
(28,449)
Analog
Devices,
Inc.
UBS
AG
Call
06/21/24
USD
220.000
49
USD
857,941
50,847
(19,010)
Apple,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
195.000
496
USD
8,492,016
357,289
(91,616)
Apple,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
195.000
98
USD
1,677,858
96,528
(18,102)
Apple,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
200.000
496
USD
8,492,016
270,618
(59,319)
Apple,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
205.000
98
USD
1,677,858
56,684
(7,569)
Becton
Dickinson
&
Co.
Goldman
Sachs
International
Call
01/19/24
USD
270.000
311
USD
8,040,283
462,457
(237,019)
Becton
Dickinson
&
Co.
Goldman
Sachs
International
Call
01/19/24
USD
280.000
310
USD
8,014,430
346,270
(129,881)
Becton
Dickinson
&
Co.
Goldman
Sachs
International
Call
01/19/24
USD
290.000
105
USD
2,714,565
154,601
(21,956)
Becton
Dickinson
&
Co.
Goldman
Sachs
International
Call
01/19/24
USD
290.000
102
USD
2,637,006
65,930
(21,328)
Becton
Dickinson
&
Co.
Goldman
Sachs
International
Call
01/19/24
USD
300.000
105
USD
2,714,565
123,198
(10,189)
Becton
Dickinson
&
Co.
Goldman
Sachs
International
Call
01/19/24
USD
300.000
102
USD
2,637,006
47,117
(9,897)
CME
Group,
Inc.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
190.000
76
USD
1,521,672
99,470
(118,847)
CME
Group,
Inc.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
200.000
76
USD
1,521,672
68,592
(66,304)
CME
Group,
Inc.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
210.000
75
USD
1,501,650
41,717
(30,332)
Danaher
Corporation
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
290.000
408
USD
8,962,944
663,612
(103,037)
Danaher
Corporation
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
290.000
101
USD
2,218,768
263,479
(25,507)
Danaher
Corporation
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
290.000
4
USD
87,872
8,653
(1,010)
Danaher
Corporation
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
300.000
101
USD
2,218,768
222,965
(15,189)
Danaher
Corporation
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
300.000
4
USD
87,872
7,246
(602)
Danaher
Corporation
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
310.000
101
USD
2,218,768
186,491
(8,967)
Danaher
Corporation
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
310.000
4
USD
87,872
6,040
(355)
Danaher
Corporation
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
320.000
101
USD
2,218,768
157,087
(5,284)
Danaher
Corporation
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
320.000
4
USD
87,872
4,873
(209)
Equifax,
Inc.
Citigroup
Global
Markets
Call
12/15/23
USD
220.000
150
USD
2,747,700
204,772
(12,254)
Equifax,
Inc.
Citigroup
Global
Markets
Call
12/15/23
USD
220.000
67
USD
1,227,306
166,707
(5,473)
Equifax,
Inc.
Citigroup
Global
Markets
Call
12/15/23
USD
220.000
93
USD
1,703,574
146,192
(7,597)
Equifax,
Inc.
Citigroup
Global
Markets
Call
12/15/23
USD
220.000
47
USD
860,946
110,854
(3,840)
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
12
VY
®
T.
Rowe
Price
Capital
Appreciation
Portfolio
Description
Counterparty
Put/
Call
Expiration
Date
Exercise
Price
Number
of
Contracts
Notional
Amount
Premiums
Received
Fair
Value
Equifax,
Inc.
Citigroup
Global
Markets
Call
12/15/23
USD
220.000
44
USD
805,992
$
110,554
$
(3,595)
Equifax,
Inc.
Citigroup
Global
Markets
Call
12/15/23
USD
220.000
58
USD
1,062,444
86,966
(4,738)
Equifax,
Inc.
Citigroup
Global
Markets
Call
12/15/23
USD
220.000
12
USD
219,816
38,088
(980)
Equifax,
Inc.
Citigroup
Global
Markets
Call
12/15/23
USD
220.000
4
USD
73,272
13,104
(327)
Equifax,
Inc.
Citigroup
Global
Markets
Call
12/15/23
USD
240.000
411
USD
7,528,698
697,862
(5,319)
Equifax,
Inc.
Citigroup
Global
Markets
Call
12/15/23
USD
240.000
67
USD
1,227,306
114,095
(867)
Equifax,
Inc.
Citigroup
Global
Markets
Call
12/15/23
USD
240.000
44
USD
805,992
75,768
(569)
Equifax,
Inc.
Citigroup
Global
Markets
Call
12/15/23
USD
240.000
47
USD
860,946
75,276
(608)
Equifax,
Inc.
Citigroup
Global
Markets
Call
12/15/23
USD
240.000
12
USD
219,816
26,820
(155)
Equifax,
Inc.
Citigroup
Global
Markets
Call
12/15/23
USD
240.000
4
USD
73,272
9,157
(52)
Equifax,
Inc.
Citigroup
Global
Markets
Call
01/19/24
USD
230.000
49
USD
897,582
63,833
(4,860)
Equifax,
Inc.
Citigroup
Global
Markets
Call
01/19/24
USD
240.000
49
USD
897,582
46,431
(2,535)
Exelon
Corporation
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
45.000
1,366
USD
5,162,114
252,710
(17,571)
Exelon
Corporation
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
45.000
698
USD
2,637,742
154,956
(8,978)
Exelon
Corporation
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
45.000
767
USD
2,898,493
128,089
(9,866)
Exelon
Corporation
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
45.000
98
USD
370,342
10,191
(1,261)
Exelon
Corporation
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
47.000
697
USD
2,633,963
105,944
(3,818)
Exelon
Corporation
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
50.000
794
USD
3,000,526
154,552
(1,361)
Exelon
Corporation
JPMorgan
Chase
Bank
N.A.
Call
06/21/24
USD
47.000
98
USD
370,342
13,131
(3,393)
Fortive
Corp.
Citigroup
Global
Markets
Call
12/15/23
USD
75.000
75
USD
556,200
29,653
(23,338)
Fortive
Corp.
Citigroup
Global
Markets
Call
12/15/23
USD
75.000
23
USD
170,568
8,745
(7,157)
Fortive
Corp.
Citigroup
Global
Markets
Call
12/15/23
USD
80.000
75
USD
556,200
14,207
(8,655)
Fortive
Corp.
Citigroup
Global
Markets
Call
12/15/23
USD
80.000
23
USD
170,568
4,127
(2,654)
GE
HealthCare
Technologies,
Inc.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
85.000
197
USD
1,339,797
93,293
(7,515)
GE
HealthCare
Technologies,
Inc.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
90.000
397
USD
2,699,997
129,585
(6,009)
GE
HealthCare
Technologies,
Inc.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
90.000
197
USD
1,339,797
56,555
(2,982)
General
Electric
Co.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
95.000
496
USD
5,483,280
249,468
(925,636)
General
Electric
Co.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
95.000
202
USD
2,233,110
110,377
(376,973)
General
Electric
Co.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
110.000
496
USD
5,483,280
403,456
(391,969)
General
Electric
Co.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
110.000
332
USD
3,670,260
262,937
(262,366)
General
Electric
Co.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
110.000
341
USD
3,769,755
258,983
(269,479)
General
Electric
Co.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
115.000
496
USD
5,483,280
304,108
(267,157)
General
Electric
Co.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
115.000
333
USD
3,681,315
192,700
(179,361)
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
13
VY
®
T.
Rowe
Price
Capital
Appreciation
Portfolio
Description
Counterparty
Put/
Call
Expiration
Date
Exercise
Price
Number
of
Contracts
Notional
Amount
Premiums
Received
Fair
Value
General
Electric
Co.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
115.000
341
USD
3,769,755
$
185,432
$
(183,670)
Hilton
Worldwide
Holdings,
Inc.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
140.000
51
USD
765,918
93,046
(82,955)
Hilton
Worldwide
Holdings,
Inc.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
140.000
53
USD
795,954
71,327
(86,208)
Hilton
Worldwide
Holdings,
Inc.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
155.000
198
USD
2,973,564
140,752
(137,210)
Hilton
Worldwide
Holdings,
Inc.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
155.000
51
USD
765,918
56,935
(35,342)
Hilton
Worldwide
Holdings,
Inc.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
155.000
53
USD
795,954
45,305
(36,728)
Hilton
Worldwide
Holdings,
Inc.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
160.000
198
USD
2,973,564
107,069
(95,133)
Ingersoll
Rand,
Inc.
Goldman
Sachs
International
Call
12/15/23
USD
60.000
205
USD
1,306,260
91,518
(124,927)
Ingersoll
Rand,
Inc.
Goldman
Sachs
International
Call
12/15/23
USD
60.000
211
USD
1,344,492
76,753
(128,584)
Ingersoll
Rand,
Inc.
Goldman
Sachs
International
Call
12/15/23
USD
75.000
493
USD
3,141,396
64,065
(14,010)
Intercontinental
Exchange,
Inc.
Citigroup
Global
Markets
Call
01/19/24
USD
115.000
502
USD
5,523,004
296,115
(166,118)
Intercontinental
Exchange,
Inc.
Citigroup
Global
Markets
Call
01/19/24
USD
115.000
99
USD
1,089,198
34,492
(32,760)
Intuit,
Inc.
UBS
AG
Call
01/19/24
USD
480.000
98
USD
4,998,490
247,366
(539,087)
Keurig
Dr
Pepper,
Inc.
Citigroup
Global
Markets
Call
01/19/24
USD
37.000
544
USD
1,717,408
96,288
(2,769)
Keurig
Dr
Pepper,
Inc.
Citigroup
Global
Markets
Call
01/19/24
USD
40.000
543
USD
1,714,251
42,897
(287)
KKR
&
Co.,
Inc.
UBS
AG
Call
01/19/24
USD
55.000
503
USD
3,098,480
276,172
(447,788)
KKR
&
Co.,
Inc.
UBS
AG
Call
01/19/24
USD
55.000
501
USD
3,086,160
259,348
(446,007)
KKR
&
Co.,
Inc.
UBS
AG
Call
01/19/24
USD
65.000
98
USD
603,680
28,768
(26,242)
KKR
&
Co.,
Inc.
UBS
AG
Call
06/21/24
USD
65.000
98
USD
603,680
49,830
(53,864)
Linde
PLC
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
390.000
100
USD
3,723,500
183,599
(111,203)
Linde
PLC
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
390.000
100
USD
3,723,500
169,716
(111,203)
Linde
PLC
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
395.000
49
USD
1,824,515
59,045
(44,742)
Linde
PLC
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
410.000
49
USD
1,824,515
38,184
(22,784)
Marsh
&
McLennan
Companies,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
190.000
401
USD
7,602,559
208,243
(383,760)
Marsh
&
McLennan
Companies,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
190.000
49
USD
928,991
24,232
(46,893)
Marsh
&
McLennan
Companies,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
200.000
49
USD
928,991
14,484
(22,177)
Mastercard,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
380.000
102
USD
4,032,468
487,810
(322,609)
Mastercard,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
380.000
102
USD
4,032,468
374,750
(322,609)
Mastercard,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
400.000
302
USD
11,939,268
560,554
(568,138)
Mastercard,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
400.000
102
USD
4,032,468
385,665
(191,888)
Mastercard,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
400.000
102
USD
4,032,468
290,194
(191,888)
Mastercard,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
400.000
49
USD
1,937,166
118,532
(92,181)
Mastercard,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
405.000
49
USD
1,937,166
91,744
(79,118)
Mastercard,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
410.000
300
USD
11,860,200
557,472
(411,313)
Mastercard,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
420.000
102
USD
4,032,468
293,481
(97,512)
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
14
VY
®
T.
Rowe
Price
Capital
Appreciation
Portfolio
Description
Counterparty
Put/
Call
Expiration
Date
Exercise
Price
Number
of
Contracts
Notional
Amount
Premiums
Received
Fair
Value
Mastercard,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
420.000
102
USD
4,032,468
$
223,856
$
(97,512)
Mastercard,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
420.000
49
USD
1,937,166
71,176
(46,844)
Mastercard,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
425.000
49
USD
1,937,166
56,339
(38,462)
Mastercard,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
430.000
102
USD
4,032,468
255,294
(65,020)
Mastercard,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
430.000
102
USD
4,032,468
196,739
(65,020)
Meta
Platforms,
Inc.
Barclays
Bank
PLC
Call
01/19/24
USD
290.000
496
USD
14,890,416
1,137,259
(1,640,575)
Microsoft
Corp.
UBS
AG
Call
01/19/24
USD
360.000
198
USD
6,251,850
390,319
(87,047)
Microsoft
Corp.
UBS
AG
Call
01/19/24
USD
365.000
74
USD
2,336,550
160,837
(26,750)
Microsoft
Corp.
UBS
AG
Call
01/19/24
USD
375.000
198
USD
6,251,850
281,120
(46,056)
Microsoft
Corp.
UBS
AG
Call
01/19/24
USD
385.000
74
USD
2,336,550
104,209
(10,699)
NXP
Semiconductors
N.V.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
190.000
402
USD
8,036,784
584,609
(847,606)
NXP
Semiconductors
N.V.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
195.000
308
USD
6,157,536
518,808
(555,661)
NXP
Semiconductors
N.V.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
195.000
167
USD
3,338,664
248,914
(301,284)
NXP
Semiconductors
N.V.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
195.000
142
USD
2,838,864
201,308
(256,182)
NXP
Semiconductors
N.V.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
195.000
10
USD
199,920
12,738
(18,041)
NXP
Semiconductors
N.V.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
200.000
403
USD
8,056,776
649,160
(615,689)
NXP
Semiconductors
N.V.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
210.000
98
USD
1,959,216
150,970
(104,086)
NXP
Semiconductors
N.V.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
220.000
98
USD
1,959,216
114,557
(69,604)
NXP
Semiconductors
N.V.
Wells
Fargo
Securities,
LLC
Call
06/21/24
USD
220.000
74
USD
1,479,408
138,035
(119,808)
PNC
Financial
Services
Group,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
170.000
123
USD
1,490,268
113,354
(1,007)
PNC
Financial
Services
Group,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
170.000
123
USD
1,490,268
113,233
(1,007)
PNC
Financial
Services
Group,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
175.000
87
USD
1,054,092
110,456
(444)
PNC
Financial
Services
Group,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
175.000
123
USD
1,490,268
94,583
(627)
PNC
Financial
Services
Group,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
175.000
123
USD
1,490,268
92,684
(627)
PNC
Financial
Services
Group,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
175.000
67
USD
811,772
76,112
(342)
PNC
Financial
Services
Group,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
185.000
89
USD
1,078,324
83,870
(189)
PNC
Financial
Services
Group,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
185.000
70
USD
848,120
58,891
(148)
PNC
Financial
Services
Group,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
190.000
89
USD
1,078,324
71,492
(126)
PNC
Financial
Services
Group,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
190.000
70
USD
848,120
49,277
(99)
PNC
Financial
Services
Group,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
200.000
89
USD
1,078,324
49,608
(60)
PNC
Financial
Services
Group,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
200.000
70
USD
848,120
33,676
(47)
Roper
Technologies,
Inc.
Citigroup
Global
Markets
Call
02/16/24
USD
510.000
49
USD
2,369,640
57,065
(75,953)
S&P
Global,
Inc.
Bank
of
America
N.A.
Call
01/19/24
USD
400.000
35
USD
1,278,935
76,360
(22,958)
S&P
Global,
Inc.
Bank
of
America
N.A.
Call
01/19/24
USD
400.000
18
USD
657,738
50,397
(11,807)
S&P
Global,
Inc.
Bank
of
America
N.A.
Call
01/19/24
USD
400.000
16
USD
584,656
32,306
(10,495)
S&P
Global,
Inc.
Bank
of
America
N.A.
Call
01/19/24
USD
410.000
33
USD
1,205,853
78,529
(13,946)
S&P
Global,
Inc.
Bank
of
America
N.A.
Call
01/19/24
USD
420.000
35
USD
1,278,935
56,798
(9,137)
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
15
VY
®
T.
Rowe
Price
Capital
Appreciation
Portfolio
Description
Counterparty
Put/
Call
Expiration
Date
Exercise
Price
Number
of
Contracts
Notional
Amount
Premiums
Received
Fair
Value
S&P
Global,
Inc.
Bank
of
America
N.A.
Call
01/19/24
USD
420.000
18
USD
657,738
$
36,349
$
(4,699)
S&P
Global,
Inc.
Bank
of
America
N.A.
Call
01/19/24
USD
420.000
16
USD
584,656
23,579
(4,177)
S&P
Global,
Inc.
Bank
of
America
N.A.
Call
01/19/24
USD
430.000
33
USD
1,205,853
57,442
(5,132)
S&P
Global,
Inc.
Bank
of
America
N.A.
Call
01/19/24
USD
450.000
33
USD
1,205,853
41,393
(1,681)
S&P
Global,
Inc.
Bank
of
America
N.A.
Call
01/19/24
USD
470.000
33
USD
1,205,853
28,237
(539)
S&P
Global,
Inc.
UBS
AG
Call
01/19/24
USD
400.000
49
USD
1,790,509
76,178
(32,141)
S&P
Global,
Inc.
UBS
AG
Call
01/19/24
USD
410.000
49
USD
1,790,509
59,935
(20,707)
Salesforce,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
230.000
99
USD
2,007,522
193,262
(47,340)
Salesforce,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
230.000
49
USD
993,622
74,026
(23,431)
Salesforce,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
240.000
99
USD
2,007,522
152,808
(28,488)
Salesforce,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
240.000
49
USD
993,622
56,684
(14,100)
Salesforce,
Inc.
Goldman
Sachs
International
Call
06/21/24
USD
230.000
49
USD
993,622
117,589
(70,176)
Salesforce,
Inc.
Goldman
Sachs
International
Call
06/21/24
USD
240.000
49
USD
993,622
97,784
(
54,656)
Stryker
Corp.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
270.000
93
USD
2,541,411
293,726
(166,742)
Stryker
Corp.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
270.000
62
USD
1,694,274
148,943
(111,161)
Stryker
Corp.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
270.000
40
USD
1,093,080
105,166
(71,717)
Stryker
Corp.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
270.000
9
USD
245,943
22,654
(16,136)
Stryker
Corp.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
280.000
93
USD
2,541,411
237,825
(114,403)
Stryker
Corp.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
280.000
62
USD
1,694,274
121,011
(76,269)
Stryker
Corp.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
280.000
40
USD
1,093,080
88,974
(49,206)
Stryker
Corp.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
280.000
9
USD
245,943
18,653
(11,071)
Stryker
Corp.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
290.000
93
USD
2,541,411
181,925
(73,315)
Stryker
Corp.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
290.000
62
USD
1,694,274
96,799
(48,877)
Stryker
Corp.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
290.000
40
USD
1,093,080
73,120
(31,533)
Stryker
Corp.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
290.000
9
USD
245,943
15,012
(7,095)
Stryker
Corp.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
300.000
93
USD
2,541,411
149,258
(44,060)
Stryker
Corp.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
300.000
62
USD
1,694,274
79,407
(29,373)
Stryker
Corp.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
300.000
40
USD
1,093,080
60,889
(18,950)
Stryker
Corp.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
300.000
9
USD
245,943
11,267
(4,264)
Stryker
Corp.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
310.000
151
USD
4,126,377
209,520
(40,328)
Stryker
Corp.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
320.000
152
USD
4,153,704
203,159
(22,197)
Teledyne
Technologies,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
12/15/23
USD
460.000
24
USD
980,592
18,723
(5,679)
Texas
Instruments,
Inc.
Bank
of
America
N.A.
Call
01/19/24
USD
180.000
206
USD
3,275,606
391,377
(46,037)
Texas
Instruments,
Inc.
Bank
of
America
N.A.
Call
01/19/24
USD
180.000
205
USD
3,259,705
345,318
(45,813)
Texas
Instruments,
Inc.
Bank
of
America
N.A.
Call
01/19/24
USD
190.000
206
USD
3,275,606
298,601
(19,947)
Texas
Instruments,
Inc.
Bank
of
America
N.A.
Call
01/19/24
USD
190.000
205
USD
3,259,705
265,034
(19,850)
Texas
Instruments,
Inc.
Bank
of
America
N.A.
Call
01/19/24
USD
190.000
148
USD
2,353,348
119,349
(14,331)
Texas
Instruments,
Inc.
Bank
of
America
N.A.
Call
01/19/24
USD
195.000
206
USD
3,275,606
257,879
(12,834)
Texas
Instruments,
Inc.
Bank
of
America
N.A.
Call
01/19/24
USD
195.000
205
USD
3,259,705
230,240
(12,771)
Texas
Instruments,
Inc.
Bank
of
America
N.A.
Call
01/19/24
USD
195.000
148
USD
2,353,348
92,636
(9,220)
Texas
Instruments,
Inc.
Bank
of
America
N.A.
Call
01/19/24
USD
200.000
755
USD
12,005,255
863,501
(30,773)
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
16
VY
®
T.
Rowe
Price
Capital
Appreciation
Portfolio
Description
Counterparty
Put/
Call
Expiration
Date
Exercise
Price
Number
of
Contracts
Notional
Amount
Premiums
Received
Fair
Value
Texas
Instruments,
Inc.
Bank
of
America
N.A.
Call
01/19/24
USD
200.000
502
USD
7,982,302
$
440,922
$
(20,461)
Texas
Instruments,
Inc.
Bank
of
America
N.A.
Call
01/19/24
USD
200.000
206
USD
3,275,606
218,187
(8,396)
Texas
Instruments,
Inc.
Bank
of
America
N.A.
Call
01/19/24
USD
200.000
205
USD
3,259,705
199,221
(8,356)
Texas
Instruments,
Inc.
Bank
of
America
N.A.
Call
06/21/24
USD
195.000
98
USD
1,558,298
107,669
(35,088)
Texas
Instruments,
Inc.
Bank
of
America
N.A.
Call
06/21/24
USD
200.000
98
USD
1,558,298
90,421
(27,734)
Thermo
Fisher
Scientific,
Inc.
Citigroup
Global
Markets
Call
01/19/24
USD
560.000
24
USD
1,214,808
75,766
(20,866)
Thermo
Fisher
Scientific,
Inc.
Citigroup
Global
Markets
Call
01/19/24
USD
590.000
24
USD
1,214,808
42,613
(8,588)
Thermo
Fisher
Scientific,
Inc.
Citigroup
Global
Markets
Call
01/19/24
USD
600.000
198
USD
10,022,166
321,233
(
51,805)
Thermo
Fisher
Scientific,
Inc.
Citigroup
Global
Markets
Call
01/19/24
USD
610.000
70
USD
3,543,190
300,995
(13,393)
Thermo
Fisher
Scientific,
Inc.
Citigroup
Global
Markets
Call
01/19/24
USD
620.000
70
USD
3,543,190
268,206
(9,852)
Thermo
Fisher
Scientific,
Inc.
Citigroup
Global
Markets
Call
01/19/24
USD
630.000
70
USD
3,543,190
238,568
(7,264)
Thermo
Fisher
Scientific,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
610.000
25
USD
1,265,425
183,452
(4,783)
Thermo
Fisher
Scientific,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
610.000
26
USD
1,316,042
142,293
(4,975)
Thermo
Fisher
Scientific,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
630.000
25
USD
1,265,425
157,235
(2,594)
Thermo
Fisher
Scientific,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
630.000
26
USD
1,316,042
115,603
(2,698)
Thermo
Fisher
Scientific,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
660.000
25
USD
1,265,425
121,051
(1,075)
Thermo
Fisher
Scientific,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
660.000
26
USD
1,316,042
89,761
(1,118)
Thermo
Fisher
Scientific,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
690.000
25
USD
1,265,425
91,390
(482)
Thermo
Fisher
Scientific,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
690.000
26
USD
1,316,042
67,536
(501)
TransUnion
Goldman
Sachs
International
Call
12/15/23
USD
80.000
198
USD
1,421,442
81,748
(24,458)
UnitedHealth
Group,
Inc.
Citigroup
Global
Markets
Call
01/19/24
USD
580.000
334
USD
16,839,946
1,869,398
(120,786)
UnitedHealth
Group,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
550.000
99
USD
4,991,481
111,375
(93,886)
UnitedHealth
Group,
Inc.
JPMorgan
Chase
Bank
N.A.
Call
01/19/24
USD
600.000
353
USD
17,797,907
1,171,314
(63,151)
Visa,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
230.000
154
USD
3,542,154
363,224
(190,246)
Visa,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
230.000
154
USD
3,542,154
293,773
(190,246)
Visa,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
240.000
154
USD
3,542,154
287,566
(111,124)
Visa,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
240.000
154
USD
3,542,154
232,591
(111,124)
Visa,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
240.000
49
USD
1,127,049
57,183
(35,358)
Visa,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
245.000
148
USD
3,404,148
147,532
(78,195)
Visa,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
250.000
154
USD
3,542,154
222,878
(58,242)
Visa,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
250.000
154
USD
3,542,154
178,338
(58,242)
Visa,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
260.000
154
USD
3,542,154
168,970
(28,282)
Visa,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
260.000
154
USD
3,542,154
136,407
(28,282)
Visa,
Inc.
Goldman
Sachs
International
Call
01/19/24
USD
260.000
49
USD
1,127,049
21,658
(8,999)
Visa,
Inc.
Goldman
Sachs
International
Call
06/21/24
USD
250.000
24
USD
552,024
34,728
(29,901)
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(Unaudited)
(continued)
17
VY
®
T.
Rowe
Price
Capital
Appreciation
Portfolio
Description
Counterparty
Put/
Call
Expiration
Date
Exercise
Price
Number
of
Contracts
Notional
Amount
Premiums
Received
Fair
Value
Visa,
Inc.
Goldman
Sachs
International
Call
06/21/24
USD
260.000
24
USD
552,024
$
25,608
$
(21,166)
Yum!
Brands,
Inc.
Citigroup
Global
Markets
Call
01/19/24
USD
145.000
356
USD
4,447,864
200,108
(15,794)
Yum!
Brands,
Inc.
Citigroup
Global
Markets
Call
01/19/24
USD
150.000
356
USD
4,447,864
178,744
(7,144)
Yum!
Brands,
Inc.
Wells
Fargo
Securities,
LLC
Call
01/19/24
USD
140.000
1,440
USD
17,991,360
1,424,167
(140,144)
$
46,394,947
$
(26,258,801)
Currency
Abbreviations:
USD
—
United
States
Dollar
Net
unrealized
appreciation
consisted
of:
Gross
Unrealized
Appreciation
$
571,499,567
Gross
Unrealized
Depreciation
(283,042,782)
Net
Unrealized
Appreciation
$
288,456,785