| VY® T. Rowe Price Diversified Mid Cap Growth Portfolio | PORTFOLIO OF INVESTMENTS |
| As of September 30, 2022 (Unaudited) |
| Shares | Value | Percentage of Net Assets | |||
| COMMON STOCK: 98.8% | |||||
| Communication Services: 3.3% | |||||
| 1,348 | Cable One, Inc. | $ | 1,149,911 | 0.1 | |
| 13,800 | Electronic Arts, Inc. | 1,596,798 | 0.2 | ||
| 129,900 | Fox Corp. - Class B | 3,702,150 | 0.4 | ||
| 10,900 | (1) | IAC, Inc. | 603,642 | 0.1 | |
| 112,131 | (1) | Match Group, Inc. | 5,354,255 | 0.5 | |
| 45,600 | Omnicom Group | 2,876,904 | 0.3 | ||
| 40,500 | (1) | Pinterest, Inc. | 943,650 | 0.1 | |
| 11,400 | (1) | Roku, Inc. | 642,960 | 0.1 | |
| 29,000 | (1) | Spotify Technology SA | 2,502,700 | 0.2 | |
| 32,400 | (1) | Take-Two Interactive Software, Inc. | 3,531,600 | 0.3 | |
| 134,473 | (1) | Trade Desk, Inc./The | 8,034,762 | 0.8 | |
| 39,768 | (1) | ZoomInfo Technologies, Inc. | 1,656,735 | 0.2 | |
| 32,596,067 | 3.3 | ||||
| Consumer Discretionary: 13.9% | |||||
| 12,800 | (1) | Aptiv PLC | 1,001,088 | 0.1 | |
| 5,600 | (1) | Autozone, Inc. | 11,994,808 | 1.2 | |
| 20,200 | (1) | Bright Horizons Family Solutions, Inc. | 1,164,530 | 0.1 | |
| 12,100 | (1),(2) | Burlington Stores, Inc. | 1,353,869 | 0.1 | |
| 56,800 | (1) | Caesars Entertainment, Inc. | 1,832,368 | 0.2 | |
| 11,200 | (1) | Carmax, Inc. | 739,424 | 0.1 | |
| 12,700 | (1),(2) | Carvana Co. | 257,810 | 0.0 | |
| 28,719 | (1),(2) | Chewy, Inc. | 882,248 | 0.1 | |
| 8,200 | (1) | Chipotle Mexican Grill, Inc. | 12,322,632 | 1.3 | |
| 16,300 | Darden Restaurants, Inc. | 2,059,016 | 0.2 | ||
| 11,000 | (1) | Dollar Tree, Inc. | 1,497,100 | 0.2 | |
| 9,700 | Domino's Pizza, Inc. | 3,008,940 | 0.3 | ||
| 58,100 | (1),(2) | DraftKings, Inc. | 879,634 | 0.1 | |
| 11,800 | (1) | Etsy, Inc. | 1,181,534 | 0.1 | |
| 26,469 | (1),(2) | Five Below, Inc. | 3,643,987 | 0.4 | |
| 28,800 | (1),(2) | Floor & Decor Holdings, Inc. | 2,023,488 | 0.2 | |
| 108,300 | Hilton Worldwide Holdings, Inc. | 13,063,146 | 1.3 | ||
| 36,000 | (1) | Lululemon Athletica, Inc. | 10,064,160 | 1.0 | |
| 134,700 | (1) | Mattel, Inc. | 2,551,218 | 0.3 | |
| 207,200 | MGM Resorts International | 6,157,984 | 0.6 | ||
| 1,374 | (1) | NVR, Inc. | 5,478,248 | 0.6 | |
| 22,900 | (1),(2) | Ollie's Bargain Outlet Holdings, Inc. | 1,181,640 | 0.1 | |
| 12,600 | (1) | O'Reilly Automotive, Inc. | 8,862,210 | 0.9 | |
| 23,000 | (2) | Papa Johns International, Inc. | 1,610,230 | 0.2 | |
| 14,200 | Pool Corp. | 4,518,582 | 0.5 | ||
| 47,981 | Restaurant Brands International, Inc. | 2,551,629 | 0.3 | ||
| 4,700 | (1) | RH | 1,156,529 | 0.1 | |
| 27,000 | Ross Stores, Inc. | 2,275,290 | 0.2 | ||
| 22,500 | Service Corp. International | 1,299,150 | 0.1 | ||
| 25,400 | (1) | Skechers USA, Inc. | 805,688 | 0.1 | |
| 51,500 | Tractor Supply Co. | 9,572,820 | 1.0 | ||
| 22,921 | (1) | Ulta Beauty, Inc. | 9,195,676 | 0.9 | |
| 8,800 | Vail Resorts, Inc. | 1,897,632 | 0.2 | ||
| 12,900 | (1),(2) | Wayfair, Inc. | 419,895 | 0.0 | |
| 22,800 | (2) | Williams-Sonoma, Inc. | 2,686,980 | 0.3 | |
| 26,600 | (1) | Wynn Resorts Ltd. | 1,676,598 | 0.2 | |
| 23,300 | Yum! Brands, Inc. | 2,477,722 | 0.3 | ||
| 135,345,503 | 13.9 | ||||
| Consumer Staples: 2.7% | |||||
| 98,700 | (1) | BJ's Wholesale Club Holdings, Inc. | 7,186,347 | 0.7 | |
| 2,889 | (1),(2) | Boston Beer Co., Inc. | 935,025 | 0.1 | |
| 51,075 | Brown-Forman Corp. - Class B | 3,400,062 | 0.4 | ||
| 6,600 | Casey's General Stores, Inc. | 1,336,632 | 0.1 | ||
| 11,400 | Church & Dwight Co., Inc. | 814,416 | 0.1 | ||
| 5,900 | Constellation Brands, Inc. | 1,355,112 | 0.1 | ||
| 59,200 | (1) | Darling Ingredients, Inc. | 3,916,080 | 0.4 | |
| 19,600 | Hershey Co. | 4,321,212 | 0.5 | ||
| 10,400 | McCormick & Co., Inc. | 741,208 | 0.1 | ||
| 10,500 | (1) | Monster Beverage Corp. | 913,080 | 0.1 | |
| 17,389 | Tyson Foods, Inc. | 1,146,457 | 0.1 | ||
| 26,065,631 | 2.7 | ||||
| Energy: 4.3% | |||||
| 26,000 | APA Corp. | 888,940 | 0.1 | ||
| 46,700 | Cheniere Energy, Inc. | 7,747,997 | 0.8 | ||
| 112,600 | Coterra Energy, Inc. | 2,941,112 | 0.3 | ||
| 159,000 | Devon Energy Corp. | 9,560,670 | 1.0 | ||
| 15,200 | Diamondback Energy, Inc. | 1,830,992 | 0.2 | ||
| 140,400 | Halliburton Co. | 3,456,648 | 0.3 | ||
| 33,400 | Pioneer Natural Resources Co. | 7,232,102 | 0.7 | ||
| 44 | (1),(3),(4) | Venture Global LNG, Inc. - Series B | 650,991 | 0.1 | |
| 560 | (1),(3),(4) | Venture Global LNG, Inc. - Series C | 8,285,334 | 0.8 | |
| 42,594,786 | 4.3 | ||||
| Financials: 6.4% | |||||
| 136,500 | Apollo Global Management, Inc. | 6,347,250 | 0.7 | ||
| 48,200 | Arthur J. Gallagher & Co. | 8,252,804 | 0.8 | ||
| 6,100 | Assurant, Inc. | 886,147 | 0.1 | ||
| 96,000 | (2) | Blue Owl Capital, Inc. | 886,080 | 0.1 | |
| 12,033 | Cboe Global Markets, Inc. | 1,412,313 | 0.1 | ||
| 50,600 | Discover Financial Services | 4,600,552 | 0.5 | ||
| 15,400 | Factset Research Systems, Inc. | 6,161,694 | 0.6 | ||
| 11,500 | First Republic Bank | 1,501,325 | 0.2 | ||
| 124,900 | Hartford Financial Services Group, Inc. | 7,736,306 | 0.8 | ||
| 15,000 | MarketAxess Holdings, Inc. | 3,337,350 | 0.3 | ||
| 4,600 | Morningstar, Inc. | 976,672 | 0.1 | ||
| 23,500 | MSCI, Inc. - Class A | 9,912,065 | 1.0 | ||
| 21,300 | Nasdaq, Inc. | 1,207,284 | 0.1 | ||
| VY® T. Rowe Price Diversified Mid Cap Growth Portfolio | PORTFOLIO OF INVESTMENTS |
| As of September 30, 2022 (Unaudited) (Continued) |
| Shares | Value | Percentage of Net Assets | |||
| COMMON STOCK: (continued) | |||||
| Financials: (continued) | |||||
| 27,900 | (1) | Ryan Specialty Holdings, Inc. | $ | 1,133,298 | 0.1 |
| 13,600 | (1) | SVB Financial Group | 4,566,608 | 0.5 | |
| 61,319 | Tradeweb Markets, Inc. | 3,459,618 | 0.4 | ||
| 62,377,366 | 6.4 | ||||
| Health Care: 15.5% | |||||
| 15,700 | (1) | Abiomed, Inc. | 3,856,862 | 0.4 | |
| 25,999 | (1) | Acadia Healthcare Co., Inc. | 2,032,602 | 0.2 | |
| 45,200 | Agilent Technologies, Inc. | 5,494,060 | 0.6 | ||
| 4,000 | (1) | Align Technology, Inc. | 828,440 | 0.1 | |
| 16,600 | (1) | Alnylam Pharmaceuticals, Inc. | 3,322,656 | 0.3 | |
| 9,300 | (1) | Amedisys, Inc. | 900,147 | 0.1 | |
| 6,785 | (1) | Argenx SE ADR | 2,395,444 | 0.2 | |
| 15,600 | (1),(2) | Ascendis Pharma A/S ADR | 1,610,856 | 0.2 | |
| 185,743 | (1) | Avantor, Inc. | 3,640,563 | 0.4 | |
| 17,500 | (1) | BioMarin Pharmaceutical, Inc. | 1,483,475 | 0.1 | |
| 9,800 | (2) | BioNTech SE ADR | 1,321,824 | 0.1 | |
| 8,300 | (1) | Bio-Rad Laboratories, Inc. | 3,462,262 | 0.4 | |
| 16,400 | Bio-Techne Corp. | 4,657,600 | 0.5 | ||
| 22,800 | (1),(2) | Blueprint Medicines Corp. | 1,502,292 | 0.2 | |
| 55,400 | Bruker Corp. | 2,939,524 | 0.3 | ||
| 36,284 | (1) | Catalent, Inc. | 2,625,510 | 0.3 | |
| 20,628 | (1) | Centene Corp. | 1,605,065 | 0.2 | |
| 7,700 | (1) | Charles River Laboratories International, Inc. | 1,515,360 | 0.2 | |
| 4,500 | Cooper Cos., Inc. | 1,187,550 | 0.1 | ||
| 149,300 | (1) | DexCom, Inc. | 12,024,622 | 1.2 | |
| 60,410 | (1) | Elanco Animal Health, Inc. | 749,688 | 0.1 | |
| 38,600 | (1) | Exact Sciences Corp. | 1,254,114 | 0.1 | |
| 44,000 | (1),(2) | Genmab A/S ADR | 1,413,720 | 0.1 | |
| 16,200 | (1) | Horizon Therapeutics Plc | 1,002,618 | 0.1 | |
| 9,700 | (1) | Idexx Laboratories, Inc. | 3,160,260 | 0.3 | |
| 19,300 | (1) | Incyte Corp., Ltd. | 1,286,152 | 0.1 | |
| 36,800 | (1) | Insulet Corp. | 8,441,920 | 0.9 | |
| 16,600 | (1) | IQVIA Holdings, Inc. | 3,006,924 | 0.3 | |
| 6,682 | (1) | Karuna Therapeutics, Inc. | 1,502,982 | 0.2 | |
| 14,200 | (1) | Lantheus Holdings, Inc. | 998,686 | 0.1 | |
| 43,191 | McKesson Corp. | 14,679,325 | 1.5 | ||
| 6,900 | (1) | Mettler Toledo International, Inc. | 7,480,428 | 0.8 | |
| 18,100 | (1) | Molina Healthcare, Inc. | 5,970,104 | 0.6 | |
| 15,679 | (1) | Neurocrine Biosciences, Inc. | 1,665,267 | 0.2 | |
| 19,100 | (1),(2) | Novocure Ltd. | 1,451,218 | 0.1 | |
| 13,800 | (1),(2) | Penumbra, Inc. | 2,616,480 | 0.3 | |
| 12,500 | (1) | QuidelOrtho Corp. | 893,500 | 0.1 | |
| 25,186 | (1),(2) | Repligen Corp. | 4,712,553 | 0.5 | |
| 42,300 | Resmed, Inc. | 9,234,090 | 0.9 | ||
| 35,088 | Royalty Pharma PLC | 1,409,836 | 0.1 | ||
| 14,180 | (1) | Seagen, Inc. | 1,940,249 | 0.2 | |
| 7,700 | (1) | Shockwave Medical, Inc. | 2,141,139 | 0.2 | |
| 11,000 | (2) | STERIS Public Ltd. Co. | 1,829,080 | 0.2 | |
| 3,500 | (2) | Teleflex, Inc. | 705,110 | 0.1 | |
| 47,900 | (1) | Veeva Systems, Inc. | 7,897,752 | 0.8 | |
| 21,200 | West Pharmaceutical Services, Inc. | 5,216,896 | 0.5 | ||
| 151,066,805 | 15.5 | ||||
| Industrials: 15.7% | |||||
| 71,400 | (1) | Alaska Air Group, Inc. | 2,795,310 | 0.3 | |
| 11,500 | Allegion Public Ltd. | 1,031,320 | 0.1 | ||
| 11,962 | Ametek, Inc. | 1,356,610 | 0.1 | ||
| 24,700 | AO Smith Corp. | 1,199,926 | 0.1 | ||
| 22,264 | Booz Allen Hamilton Holding Corp. | 2,056,080 | 0.2 | ||
| 28,000 | BWX Technologies, Inc. | 1,410,360 | 0.2 | ||
| 25,600 | Cintas Corp. | 9,937,664 | 1.0 | ||
| 80,600 | (1) | Copart, Inc. | 8,575,840 | 0.9 | |
| 53,245 | (1) | CoStar Group, Inc. | 3,708,514 | 0.4 | |
| 17,787 | (2) | Equifax, Inc. | 3,049,225 | 0.3 | |
| 17,000 | Expeditors International Washington, Inc. | 1,501,270 | 0.2 | ||
| 201,400 | Fastenal Co. | 9,272,456 | 1.0 | ||
| 13,700 | Ferguson PLC | 1,410,141 | 0.2 | ||
| 48,275 | Fortune Brands Home & Security, Inc. | 2,591,885 | 0.3 | ||
| 11,500 | (1),(2) | FTI Consulting, Inc. | 1,905,665 | 0.2 | |
| 28,100 | (1) | Generac Holdings, Inc. | 5,005,734 | 0.5 | |
| 18,000 | Graco, Inc. | 1,079,100 | 0.1 | ||
| 23,600 | Hexcel Corp. | 1,220,592 | 0.1 | ||
| 63,100 | Howmet Aerospace, Inc. | 1,951,683 | 0.2 | ||
| 13,500 | Hubbell, Inc. | 3,010,500 | 0.3 | ||
| 6,800 | Huntington Ingalls Industries, Inc. | 1,506,200 | 0.2 | ||
| 66,200 | (1) | IAA, Inc. | 2,108,470 | 0.2 | |
| 6,900 | IDEX Corp. | 1,378,965 | 0.1 | ||
| 31,400 | JB Hunt Transport Services, Inc. | 4,911,588 | 0.5 | ||
| 9,200 | (2) | Landstar System, Inc. | 1,328,204 | 0.1 | |
| 13,900 | Leidos Holdings, Inc. | 1,215,833 | 0.1 | ||
| 17,400 | (1),(2) | Middleby Corp. | 2,230,158 | 0.2 | |
| 35,450 | (2) | Old Dominion Freight Line | 8,818,897 | 0.9 | |
| 30,700 | Otis Worldwide Corp. | 1,958,660 | 0.2 | ||
| 20,000 | Paccar, Inc. | 1,673,800 | 0.2 | ||
| 38,700 | Republic Services, Inc. | 5,264,748 | 0.5 | ||
| 20,300 | Ritchie Bros Auctioneers, Inc. | 1,268,344 | 0.1 | ||
| 25,600 | Rockwell Automation, Inc. | 5,506,816 | 0.6 | ||
| 35,237 | (2) | Rollins, Inc. | 1,222,019 | 0.1 | |
| 24,100 | (1) | SiteOne Landscape Supply, Inc. | 2,509,774 | 0.3 | |
| 76,800 | (1) | Southwest Airlines Co. | 2,368,512 | 0.2 | |
| 16,900 | Toro Co. | 1,461,512 | 0.2 | ||
| 40,200 | Trane Technologies PLC | 5,821,362 | 0.6 | ||
| 8,196 | TransDigm Group, Inc. | 4,301,425 | 0.4 | ||
| 42,200 | TransUnion | 2,510,478 | 0.3 | ||
| 51,900 | (1) | Trex Co., Inc. | 2,280,486 | 0.2 | |
| 19,100 | (1) | United Rentals, Inc. | 5,159,292 | 0.5 | |
| 39,600 | (1) | Upwork, Inc. | 539,352 | 0.1 | |
| 14,900 | Valmont Industries, Inc. | 4,002,438 | 0.4 | ||
| 34,456 | Verisk Analytics, Inc. | 5,875,782 | 0.6 | ||
| 39,650 | Waste Connections, Inc. | 5,357,905 | 0.6 | ||
| VY® T. Rowe Price Diversified Mid Cap Growth Portfolio | PORTFOLIO OF INVESTMENTS |
| As of September 30, 2022 (Unaudited) (Continued) |
| Shares | Value | Percentage of Net Assets | |||
| COMMON STOCK: (continued) | |||||
| Industrials: (continued) | |||||
| 16,300 | (2) | Watsco, Inc. | $ | 4,196,598 | 0.4 |
| 11,900 | Westinghouse Air Brake Technologies Corp. | 968,065 | 0.1 | ||
| 27,200 | (1) | WillScot Mobile Mini Holdings Corp. | 1,096,976 | 0.1 | |
| 152,912,534 | 15.7 | ||||
| Information Technology: 30.2% | |||||
| 165,700 | Amphenol Corp. | 11,095,272 | 1.1 | ||
| 14,200 | (1) | ANSYS, Inc. | 3,148,140 | 0.3 | |
| 38,900 | (1),(2) | AppLovin Corp. | 758,161 | 0.1 | |
| 89,300 | (1) | Arista Networks, Inc. | 10,081,077 | 1.0 | |
| 11,843 | (1) | Aspen Technology, Inc. | 2,821,003 | 0.3 | |
| 27,281 | (2) | Bentley Systems, Inc. | 834,526 | 0.1 | |
| 19,300 | (1) | Bill.com Holdings, Inc. | 2,554,741 | 0.3 | |
| 31,234 | (1) | Black Knight, Inc. | 2,021,777 | 0.2 | |
| 36,800 | Broadridge Financial Solutions, Inc. ADR | 5,310,976 | 0.5 | ||
| 86,200 | (1) | Cadence Design Systems, Inc. | 14,087,666 | 1.4 | |
| 46,036 | (1) | CCC Intelligent Solutions Holdings, Inc. | 418,928 | 0.0 | |
| 52,300 | CDW Corp. | 8,162,984 | 0.8 | ||
| 32,003 | (1) | Ceridian HCM Holding, Inc. | 1,788,328 | 0.2 | |
| 30,100 | Cognex Corp. | 1,247,645 | 0.1 | ||
| 27,348 | (1),(2) | Confluent, Inc. | 650,062 | 0.1 | |
| 23,723 | (1) | Coupa Software, Inc. | 1,394,912 | 0.1 | |
| 73,497 | (1) | Crowdstrike Holdings, Inc. | 12,113,040 | 1.2 | |
| 33,960 | (1),(3),(4) | Databricks, Inc. | 1,877,761 | 0.2 | |
| 96,346 | (1) | Datadog, Inc. | 8,553,598 | 0.9 | |
| 17,100 | (1) | Descartes Systems Group, Inc./The | 1,086,363 | 0.1 | |
| 16,953 | (1) | DocuSign, Inc. | 906,477 | 0.1 | |
| 52,600 | (1) | DoubleVerify Holdings, Inc. | 1,438,610 | 0.2 | |
| 34,137 | (1) | Dynatrace, Inc. | 1,188,309 | 0.1 | |
| 13,191 | (1) | Endava PLC ADR | 1,063,590 | 0.1 | |
| 38,900 | (1) | Enphase Energy, Inc. | 10,793,583 | 1.1 | |
| 75,400 | Entegris, Inc. | 6,259,708 | 0.6 | ||
| 17,000 | (1) | EPAM Systems, Inc. | 6,157,230 | 0.6 | |
| 15,800 | (1) | Euronet Worldwide, Inc. | 1,197,008 | 0.1 | |
| 11,900 | (1) | Fair Isaac Corp. | 4,902,919 | 0.5 | |
| 22,895 | (1) | Five9, Inc. | 1,716,667 | 0.2 | |
| 29,800 | (1) | FleetCor Technologies, Inc. | 5,249,866 | 0.5 | |
| 249,200 | (1) | Fortinet, Inc. | 12,243,196 | 1.3 | |
| 26,400 | (1) | Gartner, Inc. | 7,304,616 | 0.8 | |
| 31,400 | Genpact Ltd. | 1,374,378 | 0.1 | ||
| 24,989 | (1),(2) | Gitlab, Inc. | 1,279,936 | 0.1 | |
| 16,900 | (1) | Globant SA | 3,161,652 | 0.3 | |
| 18,400 | (1) | GoDaddy, Inc. | 1,304,192 | 0.1 | |
| 16,366 | (1) | HubSpot, Inc. | 4,420,784 | 0.5 | |
| 77,700 | (1),(2) | Informatica, Inc. | 1,559,439 | 0.2 | |
| 27,550 | (1) | Keysight Technologies, Inc. | 4,335,268 | 0.5 | |
| 7,300 | KLA Corp. | 2,209,199 | 0.2 | ||
| 37,300 | (1) | Lattice Semiconductor Corp. | 1,835,533 | 0.2 | |
| 5,100 | Littelfuse, Inc. | 1,013,319 | 0.1 | ||
| 27,800 | (1) | Manhattan Associates, Inc. | 3,698,234 | 0.4 | |
| 42,748 | Marvell Technology, Inc. | 1,834,317 | 0.2 | ||
| 163,734 | Microchip Technology, Inc. | 9,992,686 | 1.0 | ||
| 11,000 | MKS Instruments, Inc. | 909,040 | 0.1 | ||
| 22,739 | (1) | MongoDB, Inc. | 4,515,056 | 0.5 | |
| 16,100 | Monolithic Power Systems, Inc. | 5,850,740 | 0.6 | ||
| 15,800 | Motorola Solutions, Inc. | 3,538,726 | 0.4 | ||
| 43,282 | (1),(2) | nCino, Inc. | 1,476,349 | 0.2 | |
| 105,000 | (1) | ON Semiconductor Corp. | 6,544,650 | 0.7 | |
| 44,200 | (1) | Palo Alto Networks, Inc. | 7,239,518 | 0.7 | |
| 83,500 | (2) | Paychex, Inc. | 9,369,535 | 1.0 | |
| 22,300 | (1) | Paycom Software, Inc. | 7,358,777 | 0.8 | |
| 50,100 | (1),(2) | Paycor HCM, Inc. | 1,480,956 | 0.2 | |
| 18,000 | (1) | Paylocity Holding Corp. | 4,348,440 | 0.5 | |
| 16,536 | (1),(2) | Procore Technologies, Inc. | 818,201 | 0.1 | |
| 39,375 | (1) | PTC, Inc. | 4,118,625 | 0.4 | |
| 36,700 | (1) | Pure Storage, Inc. - Class A | 1,004,479 | 0.1 | |
| 66,502 | (1),(2) | Qualtrics International, Inc. | 676,990 | 0.1 | |
| 29,000 | (1) | RingCentral, Inc. | 1,158,840 | 0.1 | |
| 51,771 | (1) | SentinelOne, Inc. | 1,323,267 | 0.1 | |
| 31,700 | (1) | Shopify, Inc. | 853,998 | 0.1 | |
| 10,300 | (1),(2) | Silicon Laboratories, Inc. | 1,271,432 | 0.1 | |
| 15,600 | Skyworks Solutions, Inc. | 1,330,212 | 0.1 | ||
| 7,000 | (1) | Snowflake, Inc. - Class A | 1,189,720 | 0.1 | |
| 27,535 | SS&C Technologies Holdings, Inc. | 1,314,796 | 0.1 | ||
| 5,400 | (1) | Synaptics, Inc. | 534,654 | 0.1 | |
| 43,300 | (1) | Synopsys, Inc. | 13,228,583 | 1.4 | |
| 31,626 | (1),(3),(4) | Tanium, Inc. Class B | 243,204 | 0.0 | |
| 47,700 | (2) | Teradyne, Inc. | 3,584,655 | 0.4 | |
| 4,400 | (1) | Twilio, Inc. | 304,216 | 0.0 | |
| 14,700 | (1) | Tyler Technologies, Inc. | 5,108,250 | 0.5 | |
| 6,400 | (1) | VeriSign, Inc. | 1,111,680 | 0.1 | |
| 12,999 | (1) | WEX, Inc. | 1,650,093 | 0.2 | |
| 16,300 | (1),(2) | Workiva, Inc. | 1,268,140 | 0.1 | |
| 11,600 | (1) | Zebra Technologies Corp. | 3,039,316 | 0.3 | |
| 52,400 | (1),(2) | Zscaler, Inc. | 8,612,988 | 0.9 | |
| 294,825,802 | 30.2 | ||||
| Materials: 3.6% | |||||
| 15,300 | Albemarle Corp. | 4,045,932 | 0.4 | ||
| 17,100 | Avery Dennison Corp. | 2,782,170 | 0.3 | ||
| 15,180 | (2) | Ball Corp. | 733,498 | 0.1 | |
| 56,000 | CF Industries Holdings, Inc. | 5,390,000 | 0.5 | ||
| 56,200 | Corteva, Inc. | 3,211,830 | 0.3 | ||
| 26,200 | (2) | Nutrien Ltd. | 2,184,556 | 0.2 | |
| 33,100 | PPG Industries, Inc. | 3,663,839 | 0.4 | ||
| 35,000 | RPM International, Inc. | 2,915,850 | 0.3 | ||
| 39,300 | Sealed Air Corp. | 1,749,243 | 0.2 | ||
| 42,500 | Steel Dynamics, Inc. | 3,015,375 | 0.3 | ||
| 34,200 | Vulcan Materials Co. | 5,393,682 | 0.6 | ||
| 35,085,975 | 3.6 | ||||
| VY® T. Rowe Price Diversified Mid Cap Growth Portfolio | PORTFOLIO OF INVESTMENTS |
| As of September 30, 2022 (Unaudited) (Continued) |
| Shares | Value | Percentage of Net Assets | |||
| COMMON STOCK: (continued) | |||||
| Real Estate: 2.9% | |||||
| 10,900 | Alexandria Real Estate Equities, Inc. | $ | 1,528,071 | 0.1 | |
| 189,000 | CubeSmart | 7,571,340 | 0.8 | ||
| 75,100 | Equity Lifestyle Properties, Inc. | 4,719,284 | 0.5 | ||
| 30,900 | (2) | eXp World Holdings, Inc. | 346,389 | 0.0 | |
| 22,800 | Rexford Industrial Realty, Inc. | 1,185,600 | 0.1 | ||
| 30,100 | SBA Communications Corp. | 8,567,965 | 0.9 | ||
| 52,000 | Simon Property Group, Inc. | 4,667,000 | 0.5 | ||
| 28,585,649 | 2.9 | ||||
| Utilities: 0.3% | |||||
| 129,500 | Vistra Corp. | 2,719,500 | 0.3 | ||
| Total Common Stock | |||||
| (Cost $956,117,334) | 964,175,618 | 98.8 | |||
| PREFERRED STOCK: 1.0% | |||||
| Consumer Discretionary: 0.2% | |||||
| 32,438 | (1),(3),(4) | Rappi, Inc. - Series E | 1,671,530 | 0.2 | |
| Health Care: 0.1% | |||||
| 123,878 | (1),(3),(4) | Caris Life Sciences, Inc. Series D | 815,118 | 0.1 | |
| Information Technology: 0.7% | |||||
| 73,377 | (1),(3),(4) | Databricks, Inc., Series F | 4,057,257 | 0.4 | |
| 7,908 | (1),(3),(4) | Databricks, Inc., Series G | 437,259 | 0.0 | |
| 353,970 | (1),(3),(4) | Tanium, Inc. - Series G | 2,722,029 | 0.3 | |
| 7,216,545 | 0.7 | ||||
| Total Preferred Stock | |||||
| (Cost $6,216,684) | 9,703,193 | 1.0 | |||
| Total Long-Term Investments | |||||
| (Cost $962,334,018) | 973,878,811 | 99.8 | |||
| Principal Amount† |
Value | Percentage of Net Assets | |||
| SHORT-TERM INVESTMENTS: 5.4% | |||||
| Repurchase Agreements: 4.0% | |||||
| 8,742,665 | (5) | Cantor Fitzgerald Securities, Repurchase Agreement dated 09/30/22, 3.05%, due 10/03/22 (Repurchase Amount $8,744,857, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $8,917,519, due 11/01/22-08/20/72) | 8,742,665 | 0.9 | |
| 4,398,334 | (5) | Citadel Securities LLC, Repurchase Agreement dated 09/30/22, 3.06%, due 10/03/22 (Repurchase Amount $4,399,440, collateralized by various U.S. Government Securities, 0.000%-7.625%, Market Value plus accrued interest $4,487,453, due 10/15/22-08/15/52) | 4,398,334 | 0.4 | |
| 5,339,016 | (5) | Citigroup, Inc., Repurchase Agreement dated 09/30/22, 2.98%, due 10/03/22 (Repurchase Amount $5,340,324, collateralized by various U.S. Government Securities, 0.000%-4.250%, Market Value plus accrued interest $5,445,797, due 01/26/23-05/15/48) | 5,339,016 | 0.5 | |
| 2,621,185 | (5) | Mirae Asset Securities USA Inc., Repurchase Agreement dated 09/30/22, 3.08%, due 10/03/22 (Repurchase Amount $2,621,849, collateralized by various U.S. Government Agency Obligations, 0.550%-8.000%, Market Value plus accrued interest $2,674,295, due 11/01/22-08/20/72) | 2,621,185 | 0.3 | |
| 12,175,953 | (5) | RBC Dominion Securities Inc., Repurchase Agreement dated 09/30/22, 3.04%, due 10/03/22 (Repurchase Amount $12,178,995, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.000%, Market Value plus accrued interest $12,419,472, due 08/15/25-08/20/52) | 12,175,953 | 1.2 | |
| VY® T. Rowe Price Diversified Mid Cap Growth Portfolio | PORTFOLIO OF INVESTMENTS |
| As of September 30, 2022 (Unaudited) (Continued) |
| Principal Amount† |
Value | Percentage of Net Assets | |||
| SHORT-TERM INVESTMENTS: (continued) | |||||
| Repurchase Agreements (continued) | |||||
| 6,411,854 | (5) | State of Wisconsin Investment Board, Repurchase Agreement dated 09/30/22, 3.04%, due 10/03/22 (Repurchase Amount $6,413,456, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $6,540,250, due 10/15/24-02/15/51) | $ | 6,411,854 | 0.7 |
| Total Repurchase Agreements | |||||
| (Cost $39,689,007) | 39,689,007 | 4.0 | |||
| Time Deposits: 1.3% | |||||
| 1,220,000 | (5) | Barclays Bank PLC, 3.090%, 10/03/2022 | 1,220,000 | 0.1 | |
| 1,010,000 | (5) | Canadian Imperial Bank of Commerce, 3.030%, 10/03/2022 | 1,010,000 | 0.1 | |
| 1,110,000 | (5) | Credit Agricole, 3.060%, 10/03/2022 | 1,110,000 | 0.1 | |
| 1,130,000 | (5) | Landesbank Baden-Wurttemberg, 3.070%, 10/03/2022 | 1,130,000 | 0.1 | |
| 1,130,000 | (5) | Mizuho Bank Ltd., 3.070%, 10/03/2022 | 1,130,000 | 0.1 | |
| 980,000 | (5) | National Australia Bank Ltd., 3.050%, 10/03/2022 | 980,000 | 0.1 | |
| 1,270,000 | (5) | Royal Bank of Canada, 3.070%, 10/03/2022 | 1,270,000 | 0.2 | |
| 1,270,000 | (5) | Skandinaviska Enskilda Banken AB, 3.050%, 10/03/2022 | 1,270,000 | 0.2 | |
| 1,010,000 | (5) | Societe Generale, 3.060%, 10/03/2022 | 1,010,000 | 0.1 | |
| 1,260,000 | (5) | Svenska Handelsbanken AB, 3.000%, 10/03/2022 | 1,260,000 | 0.1 | |
| 1,230,000 | (5) | Toronto-Dominion Bank, 3.060%, 10/03/2022 | 1,230,000 | 0.1 | |
| Total Time Deposits | |||||
| (Cost $12,620,000) | 12,620,000 | 1.3 | |||
| Shares | Value | Percentage of Net Assets | |||||
| Mutual Funds: 0.1% | |||||||
| 767,522 | (6) | T. Rowe Price Government Reserve Fund, 3.080% | |||||
| (Cost $767,522) | 767,522 | 0.1 | |||||
| Total Short-Term Investments | |||||||
| (Cost $53,076,529) | 53,076,529 | 5.4 | |||||
| Total Investments in Securities (Cost $1,015,410,547) |
$ | 1,026,955,340 | 105.2 | ||||
| Liabilities in Excess of Other Assets | (50,793,068 | ) | (5.2) | ||||
| Net Assets | $ | 976,162,272 | 100.0 | ||||
| † | Unless otherwise indicated, principal amount is shown in USD. |
| ADR | American Depositary Receipt |
| (1) | Non-income producing security. |
| (2) | Security, or a portion of the security, is on loan. |
| (3) | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| (4) | Restricted security as to resale, excluding Rule 144A securities. As of September 30, 2022, the Portfolio held restricted securities with a fair value of $20,760,483 or 2.1% of net assets. Please refer to the table below for additional details. |
| (5) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (6) | Rate shown is the 7-day yield as of September 30, 2022. |
| VY® T. Rowe Price Diversified Mid Cap Growth Portfolio | PORTFOLIO OF INVESTMENTS |
| As of September 30, 2022 (Unaudited) (Continued) |
Fair Value Measurements
The following is a summary of the fair valuations according to the inputs used as of September 30, 2022 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, 2022 | |||||||||||||
| Asset Table | ||||||||||||||||
| Investments, at fair value | ||||||||||||||||
| Common Stock | ||||||||||||||||
| Communication Services | $ | 32,596,067 | $ | – | $ | – | $ | 32,596,067 | ||||||||
| Consumer Discretionary | 135,345,503 | – | – | 135,345,503 | ||||||||||||
| Consumer Staples | 26,065,631 | – | – | 26,065,631 | ||||||||||||
| Energy | 33,658,461 | – | 8,936,325 | 42,594,786 | ||||||||||||
| Financials | 62,377,366 | – | – | 62,377,366 | ||||||||||||
| Health Care | 151,066,805 | – | – | 151,066,805 | ||||||||||||
| Industrials | 152,912,534 | – | – | 152,912,534 | ||||||||||||
| Information Technology | 292,704,837 | – | 2,120,965 | 294,825,802 | ||||||||||||
| Materials | 35,085,975 | – | – | 35,085,975 | ||||||||||||
| Real Estate | 28,585,649 | – | – | 28,585,649 | ||||||||||||
| Utilities | 2,719,500 | – | – | 2,719,500 | ||||||||||||
| Total Common Stock | 953,118,328 | – | 11,057,290 | 964,175,618 | ||||||||||||
| Preferred Stock | – | – | 9,703,193 | 9,703,193 | ||||||||||||
| Short-Term Investments | 767,522 | 52,309,007 | – | 53,076,529 | ||||||||||||
| Total Investments, at fair value | $ | 953,885,850 | $ | 52,309,007 | $ | 20,760,483 | $ | 1,026,955,340 | ||||||||
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at September 30, 2022:
| Investments, at fair value | Fair Value at September 30, 2022 | Valuation Technique(s)* | Significant Unobservable Input(s) | Value or Range of Input(s) | Weighted Average of Inputs*** | Impact to Valuation from an Increase in Input**** | ||||||||
| Common Stocks | $ | 11,057,290 | Market Approach | Recent Comparable Transaction Price(s) | -** | -** | -** | |||||||
| Market Approach | Enterprise Value to EBITDA Multiple | 10.1x | 10.1x | Increase | ||||||||||
| Market Approach | Projected Enterprise Value to EBITDA Multiple | 14.0x | 14.0x | Increase | ||||||||||
| Market Approach | Enterprise Value to Gross Profitz Multiple | 10.5x-23.2x | 10.5x-23.2x | Increase | ||||||||||
| Market Approach | Enterprise Value to Sales Multiple | 8.1x-16.8x | 8.1x-16.8x | Increase | ||||||||||
| Market Approach | Discount for lack of marketability | 10% | 10% | Decrease | ||||||||||
| Preferred Stocks | $ | 9,703,193 | Market Approach | Recent Comparable Transaction Price(s) | -** | -** | -** | |||||||
| Market Approach | Enterprise Value to Gross Profit Multiple | 10.5x | 10.5x | Increase | ||||||||||
| Market Approach | Enterprise Value to Sales Multiple | 3.3x-8.1x | 3.3x-8.1x | Increase | ||||||||||
| Market Approach | Enterprise Value to Gross Merchandise Value | 0.5x-0.7x | 0.5x-0.7x | Increase | ||||||||||
| Market Approach | Discount for lack of marketability | 10% | 10% | Decrease | ||||||||||
| Total Investments, at fair value | $ | 20,760,483 | ||||||||||||
* Valuation techniques may change in order to reflect management’s judgment of current market participant assumptions.
** No quantitative unobservable inputs significant to the valuation technique were created by the Portfolio's management.
*** Unobservable inputs were weighted by the relative fair value of the instruments.
**** Represents the directional change in the fair value of the Level 3 investment(s) that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in signficantly higher or lower fair value measurements.
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio's assets and liabilities during the period ended September 30, 2022:
| Common Stocks | Preferred Stocks | Total | ||||||||||
| Assets: | ||||||||||||
| Beginning balance at December 31, 2021 | $ | 6,381,016 | $ | 12,329,931 | $ | 18,710,947 | ||||||
| Purchases | - | - | - | |||||||||
| Sales | - | - | - | |||||||||
| Total realized gain (loss) | - | - | - | |||||||||
| Net change in unrealized appreciation (depreciation)***** | 4,676,274 | (2,626,738 | ) | 2,049,536 | ||||||||
| Transfers into Level 3 | - | - | - | |||||||||
| Transfers out of Level 3 | - | - | - | |||||||||
| Ending balance at September 30, 2022 | $ | 11,057,290 | $ | 9,703,193 | $ | 20,760,483 | ||||||
| Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of September 30, 2022***** | $ | 4,676,274 | $ | (2,626,738 | ) | $ | 2,049,536 | |||||
***** Any difference between net change in unrealized apprecation (depreciation) and net change in unrealized appreciation (depreciation) on Level 3 securities still held at September 30, 2022 may be due to securities no longer held or categorized as Level 3 at period end.
| VY® T. Rowe Price Diversified Mid Cap Growth Portfolio | PORTFOLIO OF INVESTMENTS |
| As of September 30, 2022 (Unaudited) (Continued) |
At September 30, 2022, VY® T. Rowe Price Diversified Mid Cap Growth Portfolio held the following restricted securities:
| Security | Acquisition Date | Acquisition Cost | Fair Value | ||||||
| Caris Life Sciences, Inc. Series D | 5/11/2021 | $ | 1,003,412 | $ | 815,118 | ||||
| Databricks, Inc. | 7/24/2020 | 543,644 | 1,877,761 | ||||||
| Databricks, Inc., Series F | 10/22/2019 | 1,050,475 | 4,057,257 | ||||||
| Databricks, Inc., Series G | 2/1/2021 | 467,542 | 437,259 | ||||||
| Rappi, Inc. - Series E | 9/8/2020 | 1,938,042 | 1,671,530 | ||||||
| Tanium, Inc. - Series G | 8/26/2015 | 1,757,213 | 2,722,029 | ||||||
| Tanium, Inc. Class B | 9/24/2020 | 360,384 | 243,204 | ||||||
| Venture Global LNG, Inc. - Series B | 3/8/2018 | 132,880 | 650,991 | ||||||
| Venture Global LNG, Inc. - Series C | 10/16/2017 | 2,083,973 | 8,285,334 | ||||||
| $ | 9,337,565 | $ | 20,760,483 | ||||||
At September 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
Cost for federal income tax purposes was $1,015,731,978.
Net unrealized appreciation consisted of:
| Gross Unrealized Appreciation | $ | 167,455,726 | ||
| Gross Unrealized Depreciation | (156,232,364 | ) | ||
| Net Unrealized Appreciation | $ | 11,223,362 |