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