PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(Unaudited)

1

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio

Principal

Amount

†

RA

Value

Percentage

of

Net

Assets

U.S.

TREASURY

OBLIGATIONS

:

50.1%

United

States

Treasury

Bonds

:

0.3%

850,000 

3.000

%,

02/15/2049

$

662,984

0.3

45,000 

4.250

%,

02/15/2054

44,265

0.0

707,249

0.3

United

States

Treasury

Inflation

Indexed

Bonds

:

21.7%

2,469,933 

0.125

%,

02/15/2051

1,478,817

0.7

3,262,824 

0.125

%,

02/15/2052

1,923,938

0.9

2,639,164 

0.250

%,

02/15/2050

1,668,786

0.8

2,743,286 

0.625

%,

02/15/2043

2,109,091

1.0

3,623,427 

0.750

%,

02/15/2042

2,895,466

1.4

4,256,623 

(1)

0.750

%,

02/15/2045

3,271,083

1.5

2,766,134 

0.875

%,

02/15/2047

2,135,624

1.0

2,141,198 

1.000

%,

02/15/2046

1,716,426

0.8

1,632,150 

1.000

%,

02/15/2048

1,286,972

0.6

1,195,009 

1.000

%,

02/15/2049

937,459

0.4

3,831,069 

(1)

1.375

%,

02/15/2044

3,364,128

1.6

3,156,746 

1.500

%,

02/15/2053

2,759,011

1.3

712,535 

(1)

1.750

%,

01/15/2028

706,842

0.3

1,421,650 

2.125

%,

02/15/2040

1,440,521

0.7

2,189,984 

2.125

%,

02/15/2041

2,220,848

1.0

1,502,370 

2.125

%,

02/15/2054

1,520,416

0.7

5,097,080 

2.375

%,

10/15/2028

5,216,754

2.4

2,097,290 

2.500

%,

01/15/2029

2,155,462

1.0

1,138,102 

3.375

%,

04/15/2032

1,261,480

0.6

2,551,392 

3.625

%,

04/15/2028

2,713,709

1.3

3,345,068 

3.875

%,

04/15/2029

3,659,001

1.7

46,441,834

21.7

United

States

Treasury

Inflation

Indexed

Notes

:

28.1%

1,772,012 

0.125

%,

10/15/2026

1,690,814

0.8

791,168 

0.125

%,

01/15/2030

716,470

0.3

3,482,453 

0.125

%,

07/15/2030

3,138,643

1.5

4,466,621 

0.125

%,

01/15/2031

3,975,687

1.8

7,065,421 

0.125

%,

07/15/2031

6,253,904

2.9

8,110,854 

(1)

0.125

%,

01/15/2032

7,089,611

3.3

2,399,403 

0.250

%,

07/15/2029

2,213,237

1.0

8,438,925 

0.625

%,

07/15/2032

7,656,456

3.6

3,335,839 

0.750

%,

07/15/2028

3,187,812

1.5

8,350,420 

1.125

%,

01/15/2033

7,835,835

3.7

586,091 

1.250

%,

04/15/2028

569,493

0.3

8,390,569 

1.375

%,

07/15/2033

8,057,309

3.8

2,483,976 

1.625

%,

10/15/2027

2,460,655

1.1

5,483,253 

1.750

%,

01/15/2034

5,416,559

2.5

60,262,485

28.1

Total

U.S.

Treasury

Obligations

(Cost

$116,521,355)

107,411,568

50.1

CORPORATE

BONDS/NOTES

:

26.6%

Basic

Materials

:

0.7%

400,000 

(2)

Anglo

American

Capital

PLC,

2.625%,

09/10/2030

340,363

0.2

467,000 

(2)

Anglo

American

Capital

PLC,

4.500%,

03/15/2028

452,990

0.2

15,000 

Eastman

Chemical

Co.,

4.500%,

12/01/2028

14,603

0.0

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Basic

Materials:

(continued)

65,000 

(2)

Glencore

Funding

LLC,

3.875%,

10/27/2027

$

62,395

0.0

320,000 

(2)

Glencore

Funding

LLC,

5.371%,

04/04/2029

320,746

0.1

43,000 

(2)

Glencore

Funding

LLC,

6.125%,

10/06/2028

44,461

0.0

142,000 

(2)

Glencore

Funding

LLC,

6.375%,

10/06/2030

149,930

0.1

100,000 

Linde

PLC,

3.200%,

02/14/2031

108,317

0.1

72,000 

Newmont

Corp.,

2.600%,

07/15/2032

60,291

0.0

1,554,096

0.7

Communications

:

2.4%

21,000 

AT&T,

Inc.,

3.500%,

09/15/2053

14,828

0.0

207,000 

AT&T,

Inc.,

3.550%,

09/15/2055

144,857

0.1

325,000 

AT&T,

Inc.,

3.650%,

09/15/2059

226,457

0.1

42,000 

AT&T,

Inc.,

3.850%,

06/01/2060

30,405

0.0

323,000 

AT&T,

Inc.,

4.300%,

02/15/2030

310,505

0.1

175,000 

AT&T,

Inc.,

4.500%,

03/09/2048

148,963

0.1

213,000 

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital,

3.900%,

06/01/2052

135,607

0.1

88,000 

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital,

3.950%,

06/30/2062

53,159

0.0

338,000 

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital,

4.800%,

03/01/2050

250,413

0.1

195,000 

Cisco

Systems,

Inc.,

4.950%,

02/26/2031

196,822

0.1

211,000 

Comcast

Corp.,

2.937%,

11/01/2056

132,963

0.1

141,000 

Comcast

Corp.,

2.987%,

11/01/2063

86,673

0.0

145,000 

Comcast

Corp.,

4.800%,

05/15/2033

143,109

0.1

165,000 

FactSet

Research

Systems,

Inc.,

3.450%,

03/01/2032

145,829

0.1

181,000 

Meta

Platforms,

Inc.,

5.750%,

05/15/2063

194,194

0.1

138,000 

Motorola

Solutions,

Inc.,

5.600%,

06/01/2032

139,926

0.1

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(Unaudited)

(continued)

2

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Communications:

(continued)

16,000 

Paramount

Global,

4.950%,

05/19/2050

$

11,385

0.0

21,000 

Paramount

Global,

5.250%,

04/01/2044

15,633

0.0

110,000 

Rogers

Communications,

Inc.,

5.300%,

02/15/2034

109,060

0.0

343,000 

Sprint

LLC,

7.625%,

02/15/2025

347,280

0.2

420,000 

Sprint

LLC,

7.625%,

03/01/2026

434,196

0.2

100,000 

Telefonica

Emisiones

SA,

EMTN,

4.055%,

01/24/2036

110,012

0.0

134,000 

T-Mobile

USA,

Inc.,

3.750%,

04/15/2027

129,087

0.1

304,000 

T-Mobile

USA,

Inc.,

4.800%,

07/15/2028

301,610

0.1

76,000 

T-Mobile

USA,

Inc.,

5.050%,

07/15/2033

75,211

0.0

120,000 

T-Mobile

USA,

Inc.,

5.150%,

04/15/2034

119,645

0.1

75,000 

Verizon

Communications,

Inc.,

1.750%,

01/20/2031

60,903

0.0

585,000 

Verizon

Communications,

Inc.,

2.100%,

03/22/2028

526,855

0.2

140,000 

Verizon

Communications,

Inc.,

2.550%,

03/21/2031

119,642

0.1

17,000 

Verizon

Communications,

Inc.,

3.000%,

11/20/2060

10,611

0.0

6,000 

Verizon

Communications,

Inc.,

4.016%,

12/03/2029

5,726

0.0

26,000 

Verizon

Communications,

Inc.,

4.272%,

01/15/2036

23,906

0.0

402,000 

Verizon

Communications,

Inc.,

5.050%,

05/09/2033

401,999

0.2

5,157,471

2.4

Consumer,

Cyclical

:

0.2%

39,000 

Lowe's

Cos.,

Inc.,

1.700%,

09/15/2028

34,114

0.0

158,000 

Lowe's

Cos.,

Inc.,

1.700%,

10/15/2030

129,199

0.1

105,000 

Lowe's

Cos.,

Inc.,

3.650%,

04/05/2029

99,618

0.0

50,000 

Marriott

International,

Inc.,

5.300%,

05/15/2034

49,473

0.0

100,000 

McDonald's

Corp.,

GMTN,

3.875%,

02/20/2031

110,926

0.1

423,330

0.2

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Consumer,

Non-cyclical

:

3.7%

405,000 

AbbVie,

Inc.,

4.500%,

05/14/2035

$

389,568

0.2

55,000 

AbbVie,

Inc.,

5.050%,

03/15/2034

55,708

0.0

5,000 

AbbVie,

Inc.,

5.400%,

03/15/2054

5,150

0.0

155,000 

Altria

Group,

Inc.,

2.450%,

02/04/2032

125,839

0.1

274,000 

Altria

Group,

Inc.,

4.800%,

02/14/2029

271,463

0.1

160,000 

Altria

Group,

Inc.,

6.200%,

11/01/2028

166,882

0.1

243,000 

Altria

Group,

Inc.,

6.875%,

11/01/2033

264,501

0.1

278,000 

Amgen,

Inc.,

4.050%,

08/18/2029

267,304

0.1

100,000 

Amgen,

Inc.,

4.200%,

02/22/2052

82,351

0.0

382,000 

Amgen,

Inc.,

5.150%,

03/02/2028

384,633

0.2

121,000 

Amgen,

Inc.,

5.650%,

03/02/2053

123,381

0.1

168,000 

Amgen,

Inc.,

5.750%,

03/02/2063

171,485

0.1

158,000 

BAT

Capital

Corp.,

4.540%,

08/15/2047

122,098

0.1

20,000 

BAT

Capital

Corp.,

4.758%,

09/06/2049

15,935

0.0

60,000 

BAT

Capital

Corp.,

5.834%,

02/20/2031

60,548

0.0

45,000 

BAT

Capital

Corp.,

6.000%,

02/20/2034

45,594

0.0

114,000 

BAT

Capital

Corp.,

7.081%,

08/02/2053

123,012

0.1

463,000 

BAT

International

Finance

PLC,

4.448%,

03/16/2028

449,838

0.2

320,000 

(2)

Bayer

US

Finance

LLC,

6.375%,

11/21/2030

327,376

0.2

120,000 

Becton

Dickinson

&

Co.,

4.693%,

02/13/2028

118,826

0.1

150,000 

BHSH

System

Obligated

Group

19A,

3.487%,

07/15/2049

116,050

0.1

12,000 

Bristol-Myers

Squibb

Co.,

1.450%,

11/13/2030

9,750

0.0

108,000 

Bristol-Myers

Squibb

Co.,

5.100%,

02/22/2031

109,095

0.1

225,000 

CommonSpirit

Health,

2.782%,

10/01/2030

195,341

0.1

150,000 

CommonSpirit

Health,

3.817%,

10/01/2049

117,344

0.1

122,000 

CVS

Health

Corp.,

4.300%,

03/25/2028

119,095

0.1

293,000 

CVS

Health

Corp.,

5.000%,

01/30/2029

293,954

0.1

81,000 

Elevance

Health,

Inc.,

6.100%,

10/15/2052

87,862

0.0

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(Unaudited)

(continued)

3

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Consumer,

Non-cyclical:

(continued)

300,000 

Franciscan

Missionaries

of

Our

Lady

Health

System,

Inc.

B,

3.914%,

07/01/2049

$

240,089

0.1

369,000 

Gilead

Sciences,

Inc.,

1.650%,

10/01/2030

304,147

0.1

81,000 

Gilead

Sciences,

Inc.,

2.600%,

10/01/2040

57,219

0.0

54,000 

Global

Payments,

Inc.,

4.950%,

08/15/2027

53,599

0.0

116,000 

HCA,

Inc.,

3.500%,

09/01/2030

104,943

0.0

273,000 

HCA,

Inc.,

5.200%,

06/01/2028

273,889

0.1

75,000 

HCA,

Inc.,

5.450%,

04/01/2031

75,417

0.0

107,000 

HCA,

Inc.,

5.625%,

09/01/2028

108,363

0.0

273,000 

HCA,

Inc.,

5.875%,

02/01/2029

279,219

0.1

17,000 

Humana,

Inc.,

1.350%,

02/03/2027

15,317

0.0

100,000 

JDE

Peet's

NV

emTN,

emTN,

4.500%,

01/23/2034

112,265

0.1

150,000 

Kaiser

Foundation

Hospitals

2021,

3.002%,

06/01/2051

104,087

0.0

58,000 

Moody's

Corp.,

4.250%,

02/01/2029

56,638

0.0

175,000 

Mount

Nittany

Medical

Center

Obligated

Group

2022,

3.799%,

11/15/2052

139,993

0.1

50,000 

Nestle

Finance

International

Ltd.

emTN,

emTN,

3.250%,

01/23/2037

53,706

0.0

184,000 

Pfizer

Investment

Enterprises

Pte

Ltd.,

4.750%,

05/19/2033

181,258

0.1

144,000 

Pfizer

Investment

Enterprises

Pte

Ltd.,

5.340%,

05/19/2063

141,217

0.1

35,000 

Philip

Morris

International,

Inc.,

4.875%,

02/15/2028

34,923

0.0

14,000 

RELX

Capital,

Inc.,

4.000%,

03/18/2029

13,440

0.0

100,000 

REWE

International

Finance

BV,

4.875%,

09/13/2030

114,363

0.1

4,000 

(2)

S&P

Global,

Inc.,

5.250%,

09/15/2033

4,090

0.0

100,000 

Sartorius

Finance

BV,

4.875%,

09/14/2035

116,498

0.1

129,000 

Shire

Acquisitions

Investments

Ireland

DAC,

3.200%,

09/23/2026

123,415

0.1

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Consumer,

Non-cyclical:

(continued)

190,000 

(2)

Solventum

Corp.,

5.450%,

02/25/2027

$

190,703

0.1

57,000 

(2)

Solventum

Corp.,

6.000%,

05/15/2064

56,551

0.0

16,000 

Thermo

Fisher

Scientific,

Inc.,

2.000%,

10/15/2031

13,189

0.0

187,000 

Thermo

Fisher

Scientific,

Inc.,

5.086%,

08/10/2033

189,145

0.1

15,000 

Thermo

Fisher

Scientific,

Inc.,

5.200%,

01/31/2034

15,304

0.0

86,000 

UnitedHealth

Group,

Inc.,

5.050%,

04/15/2053

83,587

0.0

7,876,557

3.7

Energy

:

5.5%

255,000 

Apache

Corp.,

4.250%,

01/15/2030

236,313

0.1

176,000 

BP

Capital

Markets

America,

Inc.,

4.989%,

04/10/2034

175,840

0.1

100,000 

BP

Capital

Markets

PLC,

2.822%,

04/07/2032

103,374

0.1

254,000 

(2)

Cameron

LNG

LLC,

3.302%,

01/15/2035

211,525

0.1

288,000 

(2)

Cameron

LNG

LLC,

3.402%,

01/15/2038

238,917

0.1

210,000 

Cheniere

Corpus

Christi

Holdings

LLC,

3.700%,

11/15/2029

195,438

0.1

687,000 

Cheniere

Corpus

Christi

Holdings

LLC,

5.125%,

06/30/2027

685,588

0.3

174,000 

Cheniere

Energy

Partners

L.P.,

3.250%,

01/31/2032

148,357

0.1

207,000 

Cheniere

Energy

Partners

L.P.,

4.000%,

03/01/2031

188,326

0.1

485,000 

Cheniere

Energy

Partners

L.P.,

4.500%,

10/01/2029

462,072

0.2

152,000 

Cheniere

Energy

Partners

L.P.,

5.950%,

06/30/2033

155,527

0.1

160,000 

(2)

Cheniere

Energy,

Inc.,

5.650%,

04/15/2034

161,243

0.1

125,000 

Devon

Energy

Corp.,

4.500%,

01/15/2030

120,570

0.1

831,000 

Diamondback

Energy,

Inc.,

3.125%,

03/24/2031

736,621

0.4

615,000 

Diamondback

Energy,

Inc.,

3.250%,

12/01/2026

589,737

0.3

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(Unaudited)

(continued)

4

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Energy:

(continued)

1,397,000 

Diamondback

Energy,

Inc.,

3.500%,

12/01/2029

$

1,292,816

0.6

16,000 

Diamondback

Energy,

Inc.,

6.250%,

03/15/2053

17,280

0.0

101,000 

Energy

Transfer

L.P.,

5.000%,

05/15/2050

88,682

0.0

265,000 

Energy

Transfer

L.P.,

5.500%,

06/01/2027

266,733

0.1

106,000 

Energy

Transfer

L.P.,

6.250%,

04/15/2049

108,897

0.1

96,000 

Energy

Transfer

L.P.,

6.400%,

12/01/2030

101,403

0.1

30,000 

Energy

Transfer

L.P.,

6.550%,

12/01/2033

32,224

0.0

101,000 

Eni

SpA,

EMTN,

3.875%,

01/15/2034

110,376

0.1

425,000 

(2)

EQT

Corp.,

3.625%,

05/15/2031

374,384

0.2

143,000 

EQT

Corp.,

3.900%,

10/01/2027

136,029

0.1

463,000 

EQT

Corp.,

5.700%,

04/01/2028

467,704

0.2

37,000 

EQT

Corp.,

5.750%,

02/01/2034

36,901

0.0

37,000 

Kinder

Morgan,

Inc.,

5.000%,

02/01/2029

36,871

0.0

73,000 

Kinder

Morgan,

Inc.,

5.200%,

06/01/2033

71,930

0.0

30,000 

Kinder

Morgan,

Inc.,

5.300%,

12/01/2034

29,515

0.0

17,000 

Kinder

Morgan,

Inc.,

5.400%,

02/01/2034

16,938

0.0

25,000 

Kinder

Morgan,

Inc.,

5.450%,

08/01/2052

23,619

0.0

106,000 

(2)

NGPL

PipeCo

LLC,

3.250%,

07/15/2031

90,625

0.0

497,000 

(2)

NGPL

PipeCo

LLC,

4.875%,

08/15/2027

485,088

0.2

449,000 

Northwest

Pipeline

LLC,

4.000%,

04/01/2027

436,180

0.2

66,000 

Ovintiv,

Inc.,

6.250%,

07/15/2033

68,654

0.0

908,000 

Sabine

Pass

Liquefaction

LLC,

4.200%,

03/15/2028

879,548

0.4

290,000 

Sabine

Pass

Liquefaction

LLC,

5.000%,

03/15/2027

289,254

0.1

99,000 

Targa

Resources

Corp.,

5.200%,

07/01/2027

98,890

0.1

67,000 

Targa

Resources

Corp.,

6.125%,

03/15/2033

69,932

0.0

277,000 

Targa

Resources

Corp.,

6.150%,

03/01/2029

288,779

0.1

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Energy:

(continued)

41,000 

Targa

Resources

Partners

L.P.

/

Targa

Resources

Partners

Finance

Corp.,

4.000%,

01/15/2032

$

36,936

0.0

190,000 

Targa

Resources

Partners

L.P.

/

Targa

Resources

Partners

Finance

Corp.,

4.875%,

02/01/2031

182,056

0.1

238,000 

Targa

Resources

Partners

L.P.

/

Targa

Resources

Partners

Finance

Corp.,

5.000%,

01/15/2028

234,769

0.1

80,000 

(2)

Texas

Eastern

Transmission

L.P.,

3.500%,

01/15/2028

75,342

0.0

249,000 

Transcontinental

Gas

Pipe

Line

Co.

LLC,

4.000%,

03/15/2028

240,088

0.1

653,000 

Transcontinental

Gas

Pipe

Line

Co.

LLC,

7.850%,

02/01/2026

677,713

0.3

11,775,604

5.5

Financial

:

7.8%

6,000 

American

International

Group,

Inc.,

4.750%,

04/01/2048

5,549

0.0

10,000 

American

Tower

Corp.,

2.100%,

06/15/2030

8,314

0.0

116,000 

American

Tower

Corp.,

2.300%,

09/15/2031

94,743

0.0

189,000 

American

Tower

Corp.,

3.550%,

07/15/2027

179,887

0.1

241,000 

American

Tower

Corp.,

3.800%,

08/15/2029

224,996

0.1

142,000 

American

Tower

Corp.,

5.800%,

11/15/2028

145,481

0.1

11,000 

Aon

Corp.,

2.800%,

05/15/2030

9,699

0.0

92,000 

Aon

Corp.

/

Aon

Global

Holdings

PLC,

5.350%,

02/28/2033

92,540

0.0

25,000 

Aon

North

America,

Inc.,

5.750%,

03/01/2054

25,654

0.0

145,000 

(3)

Bank

of

America

Corp.,

5.288%,

04/25/2034

144,618

0.1

245,000 

(3)

Bank

of

America

Corp.,

5.468%,

01/23/2035

246,690

0.1

1,102,000 

(3)

Bank

of

America

Corp.,

5.819%,

09/15/2029

1,130,330

0.5

383,000 

(3)

Bank

of

America

Corp.,

5.872%,

09/15/2034

397,400

0.2

378,000 

(3)

Bank

of

America

Corp.,

MTN,

2.972%,

02/04/2033

321,576

0.2

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(Unaudited)

(continued)

5

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Financial:

(continued)

129,000 

(3)

Bank

of

America

Corp.,

MTN,

3.970%,

03/05/2029

$

123,348

0.1

61,000 

(3)

Bank

of

America

Corp.,

MTN,

3.974%,

02/07/2030

57,831

0.0

100,000 

Banque

Federative

du

Credit

Mutuel

SA,

EMTN,

3.750%,

02/03/2034

109,430

0.1

200,000 

(3)

Barclays

PLC,

5.690%,

03/12/2030

201,108

0.1

100,000 

BPCE

SA,

EMTN,

3.875%,

01/25/2036

109,814

0.1

104,000 

(3)

Citigroup,

Inc.,

2.666%,

01/29/2031

90,165

0.0

133,000 

(3)

Citigroup,

Inc.,

3.057%,

01/25/2033

113,114

0.1

265,000 

(3)

Citigroup,

Inc.,

3.785%,

03/17/2033

236,828

0.1

150,000 

(3)

Citigroup,

Inc.,

3.980%,

03/20/2030

141,382

0.1

100,000 

Credit

Agricole

SA,

EMTN,

3.750%,

01/22/2034

110,315

0.1

250,000 

Credit

Suisse

AG/

New

York

NY,

5.000%,

07/09/2027

247,801

0.1

300,000 

Credit

Suisse

AG/

New

York

NY,

7.500%,

02/15/2028

323,622

0.2

11,000 

Crown

Castle,

Inc.,

2.100%,

04/01/2031

8,909

0.0

183,000 

Crown

Castle,

Inc.,

2.250%,

01/15/2031

150,680

0.1

51,000 

Crown

Castle,

Inc.,

2.500%,

07/15/2031

42,226

0.0

41,000 

Crown

Castle,

Inc.,

3.250%,

01/15/2051

28,088

0.0

221,000 

Equinix,

Inc.,

2.000%,

05/15/2028

194,305

0.1

10,000 

Equinix,

Inc.,

2.150%,

07/15/2030

8,293

0.0

6,000 

Equinix,

Inc.,

2.500%,

05/15/2031

5,006

0.0

94,000 

Equinix,

Inc.,

3.200%,

11/18/2029

84,176

0.0

443,000 

GLP

Capital

L.P.

/

GLP

Financing

II,

Inc.,

3.250%,

01/15/2032

373,375

0.2

144,000 

GLP

Capital

L.P.

/

GLP

Financing

II,

Inc.,

4.000%,

01/15/2030

131,556

0.1

89,000 

GLP

Capital

L.P.

/

GLP

Financing

II,

Inc.,

4.000%,

01/15/2031

79,478

0.0

189,000 

GLP

Capital

L.P.

/

GLP

Financing

II,

Inc.,

5.300%,

01/15/2029

185,989

0.1

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Financial:

(continued)

369,000 

(3)

Goldman

Sachs

Group,

Inc.,

2.650%,

10/21/2032

$

307,130

0.1

588,000 

(3)

Goldman

Sachs

Group,

Inc.,

3.102%,

02/24/2033

503,055

0.2

77,000 

(3)

Goldman

Sachs

Group,

Inc.,

4.482%,

08/23/2028

75,306

0.0

559,000 

(3)

Goldman

Sachs

Group,

Inc.,

6.484%,

10/24/2029

588,316

0.3

162,000 

(3)

Goldman

Sachs

Group,

Inc.,

6.561%,

10/24/2034

176,812

0.1

100,000 

Goldman

Sachs

Group,

Inc.,

EMTN,

0.875%,

05/09/2029

94,661

0.0

100,000 

(3)

HSBC

Holdings

PLC,

EMTN,

4.856%,

05/23/2033

115,161

0.1

300,000 

HSBC

USA,

Inc.,

5.294%,

03/04/2027

301,826

0.1

21,000 

Invitation

Homes

Operating

Partnership

L.P.,

2.300%,

11/15/2028

18,595

0.0

205,000 

(3)

JPMorgan

Chase

&

Co.,

2.545%,

11/08/2032

170,644

0.1

206,000 

(3)

JPMorgan

Chase

&

Co.,

2.963%,

01/25/2033

175,948

0.1

102,000 

(3)

JPMorgan

Chase

&

Co.,

4.565%,

06/14/2030

99,506

0.0

52,000 

(3)

JPMorgan

Chase

&

Co.,

5.012%,

01/23/2030

51,808

0.0

28,000 

(3)

JPMorgan

Chase

&

Co.,

5.299%,

07/24/2029

28,220

0.0

105,000 

(3)

JPMorgan

Chase

&

Co.,

5.336%,

01/23/2035

105,450

0.1

24,000 

(3)

JPMorgan

Chase

&

Co.,

5.350%,

06/01/2034

24,101

0.0

294,000 

(3)

JPMorgan

Chase

&

Co.,

6.087%,

10/23/2029

305,757

0.1

54,000 

(3)

JPMorgan

Chase

&

Co.,

6.254%,

10/23/2034

57,718

0.0

130,000 

(3)

JPMorgan

Chase

&

Co.,

EMTN,

4.457%,

11/13/2031

148,481

0.1

19,000 

(3)

KeyCorp,

6.401%,

03/06/2035

19,415

0.0

68,000 

Marsh

&

McLennan

Cos.,

Inc.,

2.250%,

11/15/2030

57,869

0.0

2,000 

Marsh

&

McLennan

Cos.,

Inc.,

2.375%,

12/15/2031

1,672

0.0

548,000 

(3)

Morgan

Stanley,

2.943%,

01/21/2033

465,916

0.2

412,000 

(3)

Morgan

Stanley,

5.449%,

07/20/2029

415,753

0.2

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(Unaudited)

(continued)

6

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Financial:

(continued)

90,000 

(3)

Morgan

Stanley,

5.466%,

01/18/2035

$

90,839

0.0

622,000 

(3)

Morgan

Stanley,

6.407%,

11/01/2029

652,477

0.3

60,000 

(3)

Morgan

Stanley,

GMTN,

2.239%,

07/21/2032

49,029

0.0

245,000 

(3)

Morgan

Stanley,

MTN,

3.622%,

04/01/2031

224,785

0.1

693,000 

(3)

Morgan

Stanley,

MTN,

5.164%,

04/20/2029

692,648

0.3

904,000 

(3)

Morgan

Stanley,

MTN,

5.250%,

04/21/2034

897,254

0.4

144,000 

Nasdaq,

Inc.,

5.550%,

02/15/2034

146,517

0.1

53,000 

National

Retail

Properties,

Inc.,

3.000%,

04/15/2052

34,348

0.0

28,000 

NNN

REIT,

Inc.,

3.500%,

04/15/2051

20,373

0.0

59,000 

Prologis

L.P.,

2.250%,

01/15/2032

48,764

0.0

20,000 

Realty

Income

Corp.,

5.125%,

02/15/2034

19,633

0.0

34,000 

(3)

Santander

Holdings

USA,

Inc.,

6.174%,

01/09/2030

34,329

0.0

200,000 

(2)(3)

UBS

Group

AG,

5.699%,

02/08/2035

201,103

0.1

330,000 

(2)(3)

UBS

Group

AG,

6.537%,

08/12/2033

348,142

0.2

100,000 

(3)

UBS

Group

AG,

7.750%,

03/01/2029

123,168

0.1

373,000 

VICI

Properties

L.P.,

4.750%,

02/15/2028

364,087

0.2

124,000 

(2)

VICI

Properties

L.P.

/

VICI

Note

Co.,

Inc.,

3.750%,

02/15/2027

117,601

0.1

194,000 

(2)

VICI

Properties

L.P.

/

VICI

Note

Co.,

Inc.,

3.875%,

02/15/2029

178,714

0.1

163,000 

(2)

VICI

Properties

L.P.

/

VICI

Note

Co.,

Inc.,

4.125%,

08/15/2030

148,319

0.1

132,000 

(2)

VICI

Properties

L.P.

/

VICI

Note

Co.,

Inc.,

4.250%,

12/01/2026

127,006

0.1

442,000 

(2)

VICI

Properties

L.P.

/

VICI

Note

Co.,

Inc.,

4.500%,

09/01/2026

429,069

0.2

78,000 

(3)

Wells

Fargo

&

Co.,

5.389%,

04/24/2034

77,542

0.0

138,000 

(3)

Wells

Fargo

&

Co.,

5.499%,

01/23/2035

138,377

0.1

172,000 

(3)

Wells

Fargo

&

Co.,

6.303%,

10/23/2029

179,201

0.1

35,000 

(3)

Wells

Fargo

&

Co.,

6.491%,

10/23/2034

37,557

0.0

101,000 

Wells

Fargo

&

Co.,

EMTN,

0.625%,

03/25/2030

91,850

0.0

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Financial:

(continued)

44,000 

(3)

Wells

Fargo

&

Co.,

MTN,

3.350%,

03/02/2033

$

38,190

0.0

258,000 

(3)

Wells

Fargo

&

Co.,

MTN,

5.557%,

07/25/2034

259,108

0.1

429,000 

(3)

Wells

Fargo

&

Co.,

MTN,

5.574%,

07/25/2029

434,217

0.2

16,697,683

7.8

Industrial

:

2.0%

51,000 

Amcor

Flexibles

North

America,

Inc.,

2.690%,

05/25/2031

43,359

0.0

715,000 

(2)

BAE

Systems

Holdings,

Inc.,

3.850%,

12/15/2025

698,073

0.3

148,000 

Boeing

Co.,

3.950%,

08/01/2059

101,435

0.1

336,000 

Boeing

Co.,

4.875%,

05/01/2025

332,319

0.2

9,000 

Boeing

Co.,

5.930%,

05/01/2060

8,446

0.0

150,000 

Burlington

Northern

Santa

Fe

LLC,

3.300%,

09/15/2051

107,998

0.1

16,000 

CNH

Industrial

Capital

LLC,

5.500%,

01/12/2029

16,240

0.0

79,000 

Huntington

Ingalls

Industries,

Inc.,

2.043%,

08/16/2028

69,014

0.0

5,000 

Huntington

Ingalls

Industries,

Inc.,

3.483%,

12/01/2027

4,698

0.0

128,000 

L3Harris

Technologies,

Inc.,

3.850%,

12/15/2026

123,799

0.1

580,000 

L3Harris

Technologies,

Inc.,

4.400%,

06/15/2028

564,446

0.3

235,000 

L3Harris

Technologies,

Inc.,

5.250%,

06/01/2031

234,640

0.1

62,000 

L3Harris

Technologies,

Inc.,

5.600%,

07/31/2053

62,984

0.0

131,000 

Lockheed

Martin

Corp.,

4.450%,

05/15/2028

129,864

0.1

36,000 

Norfolk

Southern

Corp.,

3.050%,

05/15/2050

24,379

0.0

249,000 

Norfolk

Southern

Corp.,

3.800%,

08/01/2028

238,589

0.1

170,000 

Northrop

Grumman

Corp.,

4.700%,

03/15/2033

166,041

0.1

18,000 

Otis

Worldwide

Corp.,

5.250%,

08/16/2028

18,243

0.0

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(Unaudited)

(continued)

7

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Industrial:

(continued)

21,000 

Raytheon

Technologies

Corp.,

2.820%,

09/01/2051

$

13,376

0.0

213,000 

Raytheon

Technologies

Corp.,

3.125%,

07/01/2050

145,566

0.1

213,000 

Raytheon

Technologies

Corp.,

4.125%,

11/16/2028

206,142

0.1

30,000 

Republic

Services,

Inc.,

3.950%,

05/15/2028

29,022

0.0

51,000 

Republic

Services,

Inc.,

4.875%,

04/01/2029

51,101

0.0

239,000 

RTX

Corp.,

5.150%,

02/27/2033

239,580

0.1

249,000 

RTX

Corp.,

5.750%,

01/15/2029

257,816

0.1

60,000 

RTX

Corp.,

6.100%,

03/15/2034

64,163

0.0

5,000 

Ryder

System,

Inc.,

6.300%,

12/01/2028

5,238

0.0

86,000 

Textron,

Inc.,

3.900%,

09/17/2029

80,742

0.0

46,000 

Union

Pacific

Corp.,

3.250%,

02/05/2050

33,564

0.0

29,000 

Union

Pacific

Corp.,

3.500%,

02/14/2053

21,789

0.0

151,000 

Union

Pacific

Corp.,

4.500%,

01/20/2033

147,232

0.1

4,239,898

2.0

Technology

:

0.8%

414,000 

Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.,

3.500%,

01/15/2028

392,109

0.2

194,000 

(2)

Broadcom,

Inc.,

3.137%,

11/15/2035

156,806

0.1

34,000 

Dell

International

LLC

/

EMC

Corp.,

3.450%,

12/15/2051

23,955

0.0

86,000 

Hewlett

Packard

Enterprise

Co.,

5.250%,

07/01/2028

86,770

0.0

26,000 

Intel

Corp.,

3.200%,

08/12/2061

16,950

0.0

41,000 

Intel

Corp.,

5.150%,

02/21/2034

41,109

0.0

163,000 

KLA

Corp.,

4.100%,

03/15/2029

159,256

0.1

43,000 

KLA

Corp.,

5.250%,

07/15/2062

42,654

0.0

9,000 

(2)

MSCI,

Inc.,

3.625%,

11/01/2031

7,820

0.0

95,000 

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.,

2.500%,

05/11/2031

79,836

0.0

101,000 

Oracle

Corp.,

4.100%,

03/25/2061

75,906

0.0

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Technology:

(continued)

96,000 

Oracle

Corp.,

4.300%,

07/08/2034

$

88,585

0.1

176,000 

Oracle

Corp.,

5.550%,

02/06/2053

172,291

0.1

165,000 

Oracle

Corp.,

6.250%,

11/09/2032

176,618

0.1

11,000 

Texas

Instruments,

Inc.,

5.000%,

03/14/2053

10,800

0.0

24,000 

Texas

Instruments,

Inc.,

5.050%,

05/18/2063

23,393

0.0

200,000 

TSMC

Arizona

Corp.,

4.250%,

04/22/2032

194,875

0.1

1,749,733

0.8

Utilities

:

3.5%

75,000 

AEP

Texas,

Inc.,

3.450%,

05/15/2051

51,428

0.0

288,000 

AEP

Texas,

Inc.,

5.400%,

06/01/2033

287,543

0.1

75,000 

AEP

Transmission

Co.

LLC,

5.150%,

04/01/2034

74,778

0.0

329,000 

AEP

Transmission

Co.

LLC

N,

2.750%,

08/15/2051

207,231

0.1

14,000 

Alabama

Power

Co.,

3.000%,

03/15/2052

9,486

0.0

131,000 

Alabama

Power

Co.,

3.125%,

07/15/2051

91,047

0.1

135,000 

(3)

Algonquin

Power

&

Utilities

Corp.,

5.365%,

06/15/2026

134,309

0.1

32,000 

Ameren

Illinois

Co.,

2.900%,

06/15/2051

21,034

0.0

12,000 

(2)

American

Transmission

Systems,

Inc.,

2.650%,

01/15/2032

9,961

0.0

67,000 

Atmos

Energy

Corp.,

2.850%,

02/15/2052

43,716

0.0

136,000 

Baltimore

Gas

and

Electric

Co.,

4.550%,

06/01/2052

119,333

0.1

76,000 

Baltimore

Gas

and

Electric

Co.,

5.400%,

06/01/2053

75,656

0.0

70,000 

CenterPoint

Energy

Houston

Electric

LLC

AH,

3.600%,

03/01/2052

53,278

0.0

54,000 

CenterPoint

Energy

Resources

Corp.,

1.750%,

10/01/2030

44,437

0.0

47,000 

CenterPoint

Energy

Resources

Corp.,

5.250%,

03/01/2028

47,491

0.0

100,000 

Coentreprise

de

Transport

d'Electricite

SA,

3.750%,

01/17/2036

109,286

0.1

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(Unaudited)

(continued)

8

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Utilities:

(continued)

31,000 

Consolidated

Edison

Co.

of

New

York,

Inc.,

5.900%,

11/15/2053

$

33,110

0.0

115,000 

Consumers

Energy

Co.,

2.650%,

08/15/2052

72,860

0.0

113,000 

Consumers

Energy

Co.,

4.200%,

09/01/2052

95,417

0.1

30,000 

Dominion

Energy

South

Carolina,

Inc.,

6.250%,

10/15/2053

33,610

0.0

38,000 

DTE

Electric

Co.,

3.950%,

03/01/2049

30,859

0.0

38,000 

DTE

Electric

Co.

B,

3.650%,

03/01/2052

28,818

0.0

52,000 

Duke

Energy

Carolinas

LLC,

2.450%,

02/01/2030

45,764

0.0

71,000 

Duke

Energy

Carolinas

LLC,

3.450%,

04/15/2051

51,729

0.0

7,000 

Duke

Energy

Carolinas

LLC,

4.850%,

01/15/2034

6,885

0.0

281,000 

Duke

Energy

Carolinas

LLC,

4.950%,

01/15/2033

279,662

0.1

90,000 

Duke

Energy

Carolinas

LLC,

5.350%,

01/15/2053

88,864

0.1

137,000 

Duke

Energy

Florida

LLC,

1.750%,

06/15/2030

114,086

0.1

331,000 

Duke

Energy

Florida

LLC,

2.500%,

12/01/2029

293,659

0.1

188,000 

Duke

Energy

Florida

LLC,

3.800%,

07/15/2028

181,010

0.1

51,000 

Duke

Energy

Florida

LLC,

5.950%,

11/15/2052

54,255

0.0

88,000 

Duke

Energy

Ohio,

Inc.,

3.650%,

02/01/2029

83,739

0.0

7,000 

Duke

Energy

Ohio,

Inc.,

5.650%,

04/01/2053

7,135

0.0

262,000 

Duke

Energy

Progress

LLC,

2.900%,

08/15/2051

170,074

0.1

53,000 

Duke

Energy

Progress

LLC,

5.250%,

03/15/2033

53,684

0.0

269,000 

Edison

International,

6.950%,

11/15/2029

288,435

0.1

100,000 

EDP

Servicios

Financieros

Espana

SA,

EMTN,

3.500%,

07/16/2030

107,905

0.1

100,000 

Electricite

de

France

SA,

EMTN,

4.250%,

01/25/2032

112,103

0.1

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Utilities:

(continued)

100,000 

Elia

Transmission

Belgium

SA,

3.750%,

01/16/2036

$

109,196

0.1

14,000 

EnBW

International

Finance

BV,

EMTN,

3.850%,

05/23/2030

15,515

0.0

16,000 

Entergy

Arkansas

LLC,

2.650%,

06/15/2051

9,752

0.0

18,000 

Entergy

Louisiana

LLC,

2.350%,

06/15/2032

14,712

0.0

136,000 

Eversource

Energy,

5.450%,

03/01/2028

137,746

0.1

2,000 

Exelon

Corp.,

4.700%,

04/15/2050

1,754

0.0

12,000 

Exelon

Corp.,

5.150%,

03/15/2028

12,035

0.0

72,000 

(2)

FirstEnergy

Transmission

LLC,

4.550%,

04/01/2049

61,003

0.0

100,000 

Florida

Power

&

Light

Co.,

2.875%,

12/04/2051

65,847

0.0

30,000 

Florida

Power

&

Light

Co.,

3.950%,

03/01/2048

24,627

0.0

88,000 

Georgia

Power

Co.,

4.950%,

05/17/2033

86,815

0.1

13,000 

Kentucky

Utilities

Co.

KENT,

5.450%,

04/15/2033

13,287

0.0

12,000 

Louisville

Gas

and

Electric

Co.

LOU,

5.450%,

04/15/2033

12,270

0.0

119,000 

MidAmerican

Energy

Co.,

5.300%,

02/01/2055

117,803

0.1

14,000 

MidAmerican

Energy

Co.,

5.850%,

09/15/2054

14,950

0.0

100,000 

National

Grid

North

America,

Inc.,

EMTN,

4.668%,

09/12/2033

114,825

0.1

107,000 

NiSource,

Inc.,

1.700%,

02/15/2031

85,549

0.0

42,000 

Northern

States

Power

Co.,

5.400%,

03/15/2054

42,329

0.0

468,000 

Ohio

Power

Co.,

5.000%,

06/01/2033

459,514

0.2

71,000 

Ohio

Power

Co.

R,

2.900%,

10/01/2051

45,665

0.0

8,000 

Oncor

Electric

Delivery

Co.

LLC,

3.100%,

09/15/2049

5,558

0.0

32,000 

ONE

Gas,

Inc.,

2.000%,

05/15/2030

27,192

0.0

713,000 

Pacific

Gas

and

Electric

Co.,

6.400%,

06/15/2033

751,581

0.4

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(Unaudited)

(continued)

9

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Utilities:

(continued)

54,000 

Pacific

Gas

and

Electric

Co.,

6.950%,

03/15/2034

$

59,156

0.0

192,000 

PECO

Energy

Co.,

2.850%,

09/15/2051

124,545

0.1

25,000 

PECO

Energy

Co.,

4.375%,

08/15/2052

21,744

0.0

48,000 

Piedmont

Natural

Gas

Co.,

Inc.,

3.500%,

06/01/2029

44,746

0.0

21,000 

Public

Service

Co.

of

New

Hampshire,

3.600%,

07/01/2049

16,155

0.0

60,000 

Public

Service

Co.

of

New

Hampshire,

5.150%,

01/15/2053

58,764

0.0

68,000 

Public

Service

Electric

and

Gas

Co.,

5.450%,

08/01/2053

69,921

0.0

17,000 

Public

Service

Electric

and

Gas

Co.,

MTN,

3.100%,

03/15/2032

14,937

0.0

24,000 

Public

Service

Electric

and

Gas

Co.,

MTN,

3.700%,

05/01/2028

23,085

0.0

134,000 

Public

Service

Electric

and

Gas

Co.,

MTN,

4.900%,

12/15/2032

133,481

0.1

63,000 

Public

Service

Electric

and

Gas

Co.,

MTN,

5.450%,

03/01/2054

65,019

0.0

200,000 

San

Diego

Gas

&

Electric

Co.

UUU,

3.320%,

04/15/2050

141,895

0.1

24,000 

Southern

California

Edison

Co.,

5.200%,

06/01/2034

23,770

0.0

305,000 

Southern

California

Edison

Co.,

5.650%,

10/01/2028

313,958

0.2

120,000 

Southern

California

Edison

Co.,

5.875%,

12/01/2053

123,810

0.1

200,000 

Southern

California

Edison

Co.,

5.950%,

11/01/2032

209,882

0.1

73,000 

Southwest

Gas

Corp.,

5.450%,

03/23/2028

74,130

0.0

13,000 

Southwestern

Electric

Power

Co.,

5.300%,

04/01/2033

12,852

0.0

20,000 

Spire

Missouri,

Inc.,

4.800%,

02/15/2033

19,585

0.0

100,000 

Terna

-

Rete

Elettrica

Nazionale,

EMTN,

3.500%,

01/17/2031

107,917

0.1

7,000 

Union

Electric

Co.,

5.250%,

01/15/2054

6,734

0.0

23,000 

Union

Electric

Co.,

5.450%,

03/15/2053

22,850

0.0

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Utilities:

(continued)

3,000 

Virginia

Electric

and

Power

Co.,

5.350%,

01/15/2054

$

2,943

0.0

76,000 

Virginia

Electric

and

Power

Co.,

5.700%,

08/15/2053

78,243

0.0

12,000 

Wisconsin

Power

and

Light

Co.,

4.950%,

04/01/2033

11,746

0.0

7,625,070

3.5

Total

Corporate

Bonds/

Notes

(Cost

$57,710,417)

57,099,442

26.6

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

:

16.9%

Government

National

Mortgage

Association

:

2.3%

90,064 

2.000

%,

11/20/2050

73,840

0.0

674,755 

2.000

%,

12/20/2050

553,723

0.3

184,858 

2.000

%,

01/20/2051

151,662

0.1

135,976 

2.000

%,

02/20/2051

111,505

0.0

603,939 

2.500

%,

06/20/2052

514,574

0.2

338,751 

2.500

%,

07/20/2052

288,623

0.1

146,400 

(4)

2.500

%,

04/20/2054

124,711

0.1

415,578 

3.000

%,

08/20/2051

366,627

0.2

110,521 

3.000

%,

12/20/2051

97,554

0.0

271,000 

(4)

3.000

%,

04/20/2054

239,024

0.1

497,894 

3.500

%,

05/20/2047

459,927

0.2

131,000 

(4)

3.500

%,

04/20/2054

119,214

0.1

206,396 

4.000

%,

09/20/2048

195,409

0.1

229,000 

(4)

4.000

%,

04/20/2054

214,309

0.1

154,530 

4.500

%,

08/20/2048

150,470

0.1

203,000 

(4)

4.500

%,

04/20/2054

195,080

0.1

345,000 

(4)

5.000

%,

04/20/2054

339,105

0.2

299,000 

(4)

5.500

%,

04/20/2054

298,766

0.1

221,000 

(4)

6.000

%,

04/20/2054

222,966

0.1

172,000 

(4)

6.500

%,

04/20/2054

174,895

0.1

4,891,984

2.3

Uniform

Mortgage-Backed

Securities

:

14.6%

156,056 

1.500

%,

04/01/2036

136,841

0.1

53,185 

1.500

%,

05/01/2036

46,472

0.0

114,272 

1.500

%,

06/01/2036

99,639

0.1

511,255 

1.500

%,

11/01/2041

416,493

0.2

302,087 

1.500

%,

12/01/2041

240,864

0.1

52,010 

1.500

%,

10/01/2050

39,347

0.0

60,466 

1.500

%,

10/01/2050

45,700

0.0

47,247 

1.500

%,

11/01/2050

35,709

0.0

62,229 

1.500

%,

03/01/2051

47,086

0.0

78,579 

1.500

%,

03/01/2051

59,448

0.0

10,145 

1.500

%,

05/01/2051

7,674

0.0

7,653 

1.500

%,

06/01/2051

5,778

0.0

41,622 

1.500

%,

10/01/2051

31,402

0.0

9,677 

1.500

%,

11/01/2051

7,298

0.0

35,190 

2.000

%,

09/01/2035

31,440

0.0

74,665 

2.000

%,

01/01/2036

66,762

0.0

21,932 

2.000

%,

02/01/2036

19,589

0.0

59,023 

2.000

%,

02/01/2036

52,720

0.0

35,964 

2.000

%,

03/01/2036

32,122

0.0

28,727 

2.000

%,

04/01/2036

25,743

0.0

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(Unaudited)

(continued)

10

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio

Principal

Amount†

Value

Percentage

of

Net

Assets

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS:

(continued)

Uniform

Mortgage-Backed

Securities

(continued)

87,102 

2.000

%,

05/01/2036

$

78,052

0.0

182,183 

2.000

%,

05/01/2036

163,256

0.1

32,625 

2.000

%,

07/01/2036

29,141

0.0

45,398 

2.000

%,

11/01/2036

40,630

0.0

88,720 

2.000

%,

02/01/2037

79,076

0.0

76,682 

2.000

%,

03/01/2037

68,394

0.0

95,332 

2.000

%,

03/01/2037

85,379

0.1

112,463 

2.000

%,

03/01/2037

100,393

0.1

63,726 

2.000

%,

04/01/2037

56,835

0.0

497,172 

2.000

%,

02/01/2042

417,514

0.2

130,987 

2.000

%,

09/01/2050

104,503

0.1

236,241 

2.000

%,

10/01/2050

188,318

0.1

1,422,680 

2.000

%,

01/01/2051

1,133,204

0.5

288,744 

2.000

%,

02/01/2051

230,167

0.1

262,213 

2.000

%,

03/01/2051

208,037

0.1

89,709 

2.000

%,

04/01/2051

72,389

0.0

130,593 

2.000

%,

04/01/2051

105,431

0.1

212,070 

2.000

%,

04/01/2051

171,385

0.1

37,548 

2.000

%,

10/01/2051

29,795

0.0

50,122 

2.000

%,

11/01/2051

40,454

0.0

128,439 

2.000

%,

11/01/2051

103,679

0.1

149,526 

2.000

%,

11/01/2051

118,944

0.1

233,171 

2.000

%,

11/01/2051

187,855

0.1

264,627 

2.000

%,

11/01/2051

213,052

0.1

56,532 

2.000

%,

12/01/2051

44,856

0.0

430,295 

2.000

%,

01/01/2052

346,123

0.2

169,153 

2.000

%,

03/01/2052

136,199

0.1

242,570 

2.000

%,

03/01/2052

195,053

0.1

442,943 

2.000

%,

03/01/2052

354,804

0.2

537,038 

2.500

%,

10/01/2036

491,107

0.2

19,299 

2.500

%,

07/01/2050

16,235

0.0

64,549 

2.500

%,

07/01/2050

54,563

0.0

123,842 

2.500

%,

07/01/2050

104,289

0.1

125,693 

2.500

%,

07/01/2050

105,847

0.1

127,586 

2.500

%,

07/01/2050

107,397

0.1

32,236 

2.500

%,

08/01/2050

27,146

0.0

104,554 

2.500

%,

08/01/2050

88,046

0.1

126,643 

2.500

%,

08/01/2050

106,647

0.1

73,204 

2.500

%,

11/01/2050

62,146

0.0

20,219 

2.500

%,

01/01/2051

17,017

0.0

65,309 

2.500

%,

02/01/2051

54,892

0.0

108,851 

2.500

%,

02/01/2051

92,055

0.1

10,209 

2.500

%,

03/01/2051

8,572

0.0

5,617 

2.500

%,

04/01/2051

4,721

0.0

11,382 

2.500

%,

04/01/2051

9,560

0.0

2,956 

2.500

%,

05/01/2051

2,486

0.0

6,020 

2.500

%,

05/01/2051

5,057

0.0

88,648 

2.500

%,

05/01/2051

75,501

0.0

103,191 

2.500

%,

05/01/2051

86,735

0.1

9,465 

2.500

%,

07/01/2051

7,952

0.0

3,612 

2.500

%,

10/01/2051

3,029

0.0

34,920 

2.500

%,

10/01/2051

29,218

0.0

87,108 

2.500

%,

11/01/2051

73,610

0.0

1,025,881 

2.500

%,

11/01/2051

864,414

0.4

26,899 

2.500

%,

12/01/2051

22,554

0.0

266,969 

2.500

%,

01/01/2052

223,847

0.1

1,061,197 

2.500

%,

01/01/2052

890,695

0.4

309,615 

3.000

%,

01/01/2036

290,124

0.1

236,668 

3.000

%,

09/01/2050

208,464

0.1

Principal

Amount†

Value

Percentage

of

Net

Assets

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS:

(continued)

Uniform

Mortgage-Backed

Securities

(continued)

53,446 

3.000

%,

07/01/2051

$

46,838

0.0

224,955 

3.000

%,

09/01/2051

195,980

0.1

68,542 

3.000

%,

10/01/2051

59,699

0.0

122,811 

3.000

%,

11/01/2051

106,520

0.1

54,399 

3.000

%,

12/01/2051

47,477

0.0

7,215 

3.000

%,

01/01/2052

6,261

0.0

26,070 

3.000

%,

01/01/2052

22,592

0.0

39,344 

3.000

%,

02/01/2052

34,545

0.0

915,011 

3.000

%,

03/01/2052

798,495

0.4

35,699 

3.000

%,

04/01/2052

31,240

0.0

56,420 

3.000

%,

05/01/2052

49,108

0.0

228,402 

3.000

%,

08/01/2052

199,137

0.1

123,134 

3.500

%,

05/01/2036

117,643

0.1

1,025,340 

3.500

%,

09/01/2051

931,827

0.4

28,533 

3.500

%,

05/01/2052

26,026

0.0

19,823 

3.500

%,

06/01/2052

17,815

0.0

52,116 

3.500

%,

06/01/2052

47,313

0.0

54,497 

3.500

%,

06/01/2052

48,977

0.0

31,454 

3.500

%,

07/01/2052

28,558

0.0

22,675 

3.500

%,

08/01/2052

20,684

0.0

5,283 

3.500

%,

09/01/2052

4,797

0.0

14,678 

3.500

%,

09/01/2052

13,319

0.0

19,809 

3.500

%,

09/01/2052

17,838

0.0

23,412 

3.500

%,

09/01/2052

21,042

0.0

37,000 

(4)

4.000

%,

04/01/2039

35,840

0.0

13,799 

4.000

%,

01/01/2048

13,038

0.0

8,450 

4.000

%,

04/01/2048

7,977

0.0

8,702 

4.000

%,

08/01/2048

8,203

0.0

12,699 

4.000

%,

09/01/2048

11,982

0.0

109,051 

4.000

%,

03/01/2050

102,449

0.1

618,938 

4.000

%,

04/01/2050

581,471

0.3

27,043 

4.000

%,

07/01/2050

25,490

0.0

63,498 

4.000

%,

07/01/2050

59,772

0.0

209,447 

4.000

%,

05/01/2051

197,288

0.1

38,031 

4.000

%,

04/01/2052

35,704

0.0

228,500 

4.000

%,

05/01/2052

215,094

0.1

26,781 

4.000

%,

06/01/2052

25,210

0.0

70,000 

(4)

4.500

%,

04/01/2039

68,925

0.0

450,705 

4.500

%,

03/01/2048

438,001

0.2

57,923 

4.500

%,

03/01/2050

56,077

0.0

18,133 

4.500

%,

07/01/2052

17,274

0.0

19,158 

4.500

%,

07/01/2052

18,250

0.0

110,532 

4.500

%,

07/01/2052

105,289

0.1

35,445 

4.500

%,

08/01/2052

33,764

0.0

82,018 

4.500

%,

08/01/2052

78,830

0.0

69,427 

4.500

%,

11/01/2052

66,148

0.0

2,224,800 

(4)

4.500

%,

04/01/2054

2,118,852

1.0

4,777 

5.000

%,

07/01/2052

4,697

0.0

190,372 

5.000

%,

07/01/2052

189,250

0.1

13,763 

5.000

%,

08/01/2052

13,545

0.0

905 

5.000

%,

09/01/2052

890

0.0

1,645 

5.000

%,

10/01/2052

1,616

0.0

40,169 

5.000

%,

11/01/2052

39,305

0.0

44,885 

5.000

%,

12/01/2052

43,919

0.0

48,785 

5.000

%,

12/01/2052

47,649

0.0

51,020 

5.000

%,

12/01/2052

49,922

0.0

84,738 

5.000

%,

12/01/2052

82,915

0.0

24,372 

5.000

%,

01/01/2053

23,847

0.0

53,198 

5.000

%,

01/01/2053

52,051

0.0

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(Unaudited)

(continued)

11

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio

Principal

Amount†

Value

Percentage

of

Net

Assets

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS:

(continued)

Uniform

Mortgage-Backed

Securities

(continued)

145,914 

5.000

%,

01/01/2053

$

142,528

0.1

26,368 

5.000

%,

02/01/2053

25,793

0.0

80,866 

5.000

%,

04/01/2053

79,372

0.0

5,552,004 

(4)

5.000

%,

04/01/2054

5,417,753

2.5

65,639 

5.500

%,

01/01/2053

65,536

0.0

86,543 

5.500

%,

01/01/2053

86,401

0.1

98,873 

5.500

%,

01/01/2053

98,594

0.1

91,475 

5.500

%,

03/01/2053

91,306

0.1

34,743 

5.500

%,

05/01/2053

34,689

0.0

85,143 

5.500

%,

05/01/2053

85,010

0.1

91,021 

5.500

%,

05/01/2053

90,834

0.1

100,665 

5.500

%,

05/01/2053

100,508

0.1

102,559 

5.500

%,

05/01/2053

102,399

0.1

75,166 

5.500

%,

06/01/2053

75,049

0.0

5,098,672 

(4)

5.500

%,

04/01/2054

5,074,160

2.4

44,448 

6.000

%,

10/01/2052

45,082

0.0

56,630 

6.000

%,

01/01/2053

57,254

0.0

78,462 

6.000

%,

01/01/2053

79,338

0.0

49,087 

6.000

%,

02/01/2053

49,609

0.0

42,834 

6.000

%,

04/01/2053

43,384

0.0

66,755 

6.000

%,

04/01/2053

67,671

0.0

48,588 

6.000

%,

05/01/2053

49,255

0.0

55,605 

6.000

%,

05/01/2053

56,337

0.0

86,032 

6.000

%,

05/01/2053

87,213

0.1

87,382 

6.000

%,

05/01/2053

88,480

0.1

66,413 

6.000

%,

06/01/2053

67,320

0.0

107,590 

6.000

%,

07/01/2053

109,068

0.1

114,231 

6.500

%,

08/01/2053

117,272

0.1

21,225 

6.500

%,

09/01/2053

21,822

0.0

62,231 

6.500

%,

10/01/2053

63,877

0.0

34,552 

6.500

%,

11/01/2053

35,466

0.0

138,653 

6.500

%,

02/01/2054

142,396

0.1

21,000 

(4)

6.500

%,

04/01/2054

21,457

0.0

114,700 

(4)

6.500

%,

05/01/2054

117,135

0.1

31,338,604

14.6

Total

U.S.

Government

Agency

Obligations

(Cost

$38,115,515)

36,230,588

16.9

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

:

5.1%

366,000 

BANK

2019-BN23

A3,

2.920%,

12/15/2052

326,973

0.1

280,000 

(3)

BANK

2022-BNK42

A5,

4.493%,

06/15/2055

268,663

0.1

300,000 

Barclays

Commercial

Mortgage

Trust

2019-C3

B,

4.096%,

05/15/2052

271,633

0.1

280,000 

Barclays

Commercial

Mortgage

Trust

2019-C4

B,

3.322%,

08/15/2052

234,164

0.1

240,000 

(3)

BBCMS

Mortgage

Trust

2022-C16

A5,

4.600%,

06/15/2055

233,206

0.1

17,500 

(2)(3)

BHP

Trust

2019-BXHP

C,

6.895%,

(TSFR1M

+

1.569%),

08/15/2036

17,432

0.0

Principal

Amount†

Value

Percentage

of

Net

Assets

COMMERCIAL

MORTGAGE-BACKED

SECURITIES:

(continued)

120,000 

(2)(3)

BX

Commercial

Mortgage

Trust

2024-

XL4

D,

8.465%,

(TSFR1M

+

3.140%),

02/15/2039

$

120,372

0.1

800,000 

(2)(3)

BX

Trust

2021-ARIA

A,

6.339%,

(TSFR1M

+

1.014%),

10/15/2036

792,666

0.4

410,000 

CD

Mortgage

Trust

2017-CD3

A4,

3.631%,

02/10/2050

379,155

0.2

500,000 

CD

Mortgage

Trust

2017-CD6

A5,

3.456%,

11/13/2050

467,550

0.2

798,015 

(2)(3)

Credit

Suisse

Mortgage

Capital

Certificates

2019-ICE4

A,

6.353%,

(TSFR1M

+

1.027%),

05/15/2036

798,042

0.4

205,000 

CSAIL

Commercial

Mortgage

Trust

2015-

C3

A4,

3.718%,

08/15/2048

199,099

0.1

549,361 

(2)(3)

ELP

Commercial

Mortgage

Trust

2021-

ELP

A,

6.141%,

(TSFR1M

+

0.815%),

11/15/2038

544,940

0.3

356,560 

(2)(3)

Extended

Stay

America

Trust

2021-ESH

A,

6.519%,

(TSFR1M

+

1.194%),

07/15/2038

356,677

0.2

980,000 

(3)

Fannie

Mae-Aces

2022-M10

A2,

1.938%,

01/25/2032

803,856

0.4

1,760,000 

Freddie

Mac

Multifamily

WI

Certificates

Series

WI-K146

K146

A2,

2.920%,

07/25/2032

1,553,459

0.7

1,000,000 

GS

Mortgage

Securities

Trust

2016-GS2

A4,

3.050%,

05/10/2049

950,488

0.4

600,000 

(2)(3)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2021-

NYAH

A,

6.200%,

(TSFR1M

+

0.874%),

06/15/2038

591,551

0.3

378,185 

(2)(3)

Med

Trust

2021-MDLN

A,

6.389%,

(TSFR1M

+

1.064%),

11/15/2038

377,506

0.2

100,000 

(2)(3)

MF1

2021-W10

A,

6.395%,

(TSFR1M

+

1.070%),

12/15/2034

99,334

0.0

215,000 

(2)(3)

MTN

Commercial

Mortgage

Trust

2022-

LPFL

A,

6.727%,

(TSFR1M

+

1.397%),

03/15/2039

213,002

0.1

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(Unaudited)

(continued)

12

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio

Principal

Amount†

Value

Percentage

of

Net

Assets

COMMERCIAL

MORTGAGE-BACKED

SECURITIES:

(continued)

250,000 

(2)(3)

Taubman

Centers

Commercial

Mortgage

Trust

2022-DPM

A,

7.511%,

(TSFR1M

+

2.186%),

05/15/2037

$

252,213

0.1

422,500 

Wells

Fargo

Commercial

Mortgage

Trust

2015-C26

B,

3.783%,

02/15/2048

407,553

0.2

700,000 

Wells

Fargo

Commercial

Mortgage

Trust

2017-C39

A5,

3.418%,

09/15/2050

656,858

0.3

Total

Commercial

Mortgage-Backed

Securities

(Cost

$11,584,079)

10,916,392

5.1

SOVEREIGN

BONDS

:

2.5%

550,000 

Brazilian

Government

International

Bond,

6.125

%,

03/15/2034

545,050

0.2

250,000 

Chile

Government

International

Bond,

2.550

%,

07/27/2033

204,048

0.1

EUR

170,000 

European

Union

NGEU,

2.500

%,

10/04/2052

158,216

0.1

EUR

165,000 

European

Union

NGEU,

3.000

%,

03/04/2053

169,691

0.1

EUR

728,980 

(2)

French

Republic

Government

Bond

OAT,

3.000

%,

05/25/2054

744,758

0.3

200,000 

Indonesia

Government

International

Bond,

5.650

%,

01/11/2053

209,062

0.1

204,000 

Israel

Government

International

Bond,

5.750

%,

03/12/2054

195,840

0.1

EUR

717,980 

(2)

Kingdom

of

Belgium

Government

Bond

98,

3.300

%,

06/22/2054

768,174

0.4

MXN

4,500,000 

Mexican

Bonos

M,

8.500

%,

03/01/2029

262,226

0.1

MXN

9,000,000 

Mexican

Bonos

M,

8.500

%,

05/31/2029

525,129

0.2

400,000 

Mexico

Government

International

Bond,

3.500

%,

02/12/2034

334,500

0.2

300,000 

Mexico

Government

International

Bond,

4.600

%,

02/10/2048

241,875

0.1

250,000 

Mexico

Government

International

Bond,

4.875

%,

05/19/2033

237,656

0.1

200,000 

Panama

Government

International

Bond,

3.298

%,

01/19/2033

154,188

0.1

Principal

Amount†

Value

Percentage

of

Net

Assets

SOVEREIGN

BONDS:

(continued)

200,000 

Panama

Government

International

Bond,

4.500

%,

04/01/2056

$

130,350

0.1

200,000 

Peruvian

Government

International

Bond,

2.783

%,

01/23/2031

172,313

0.1

53,000 

Peruvian

Government

International

Bond,

3.300

%,

03/11/2041

39,982

0.0

200,000 

Philippine

Government

International

Bond,

3.700

%,

02/02/2042

164,687

0.1

45,049 

Uruguay

Government

International

Bond,

5.100

%,

06/18/2050

43,712

0.0

Total

Sovereign

Bonds

(Cost

$5,416,162)

5,301,457

2.5

COLLATERALIZED

MORTGAGE

OBLIGATIONS

:

1.8%

262,358 

(2)(3)

BRAVO

Residential

Funding

Trust

2023-

NQM3

A1,

4.850%,

09/25/2062

256,218

0.1

263,011 

(2)(3)

CSMC

Trust

2022-

NQM4

A1A,

4.819%,

06/25/2067

258,114

0.1

494,010 

(2)(3)

CSMC

Trust

2022-

NQM5

A1,

5.169%,

05/25/2067

489,973

0.2

333,649 

(2)(3)

Ellington

Financial

Mortgage

Trust

2021-3

A1,

1.241%,

09/25/2066

267,079

0.1

827,056 

(2)(3)

J.P.

Morgan

Mortgage

Trust

2022-INV3

A3B,

3.000%,

09/25/2052

691,870

0.3

143,963 

(2)(3)

J.P.

Morgan

Mortgage

Trust

2023-DSC1

A1,

4.625%,

07/25/2063

138,116

0.1

983,412 

(2)(3)

Mello

Mortgage

Capital

Acceptance

2022-INV2

A3,

3.000%,

04/25/2052

825,730

0.4

88,471 

(2)(3)

PRKCM

Trust

2022-

AFC2

A1,

5.335%,

08/25/2057

87,243

0.0

375,111 

(2)(3)

SG

Residential

Mortgage

Trust

2021-1

A1,

1.160%,

07/25/2061

302,678

0.1

122,900 

(2)(3)

SG

Residential

Mortgage

Trust

2022-2

A1,

5.353%,

08/25/2062

122,213

0.1

356,161 

(2)(3)

Verus

Securitization

Trust

2022-7

A1,

5.152%,

07/25/2067

353,798

0.2

96,130 

(2)(3)

Verus

Securitization

Trust

2022-INV2

A1,

6.790%,

10/25/2067

96,748

0.1

Total

Collateralized

Mortgage

Obligations

(Cost

$4,081,761)

3,889,780

1.8

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(Unaudited)

(continued)

13

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio

Principal

Amount†

Value

Percentage

of

Net

Assets

ASSET-BACKED

SECURITIES

:

1.5%

Other

Asset-Backed

Securities

:

0.8%

401,000 

(2)

AMSR

Trust

2022-

SFR3

D,

4.000%,

10/17/2039

$

373,583

0.2

99,874 

(2)

GoodLeap

Sustainable

Home

Solutions

Trust

2022-1GS

A,

2.700%,

01/20/2049

82,875

0.0

400,000 

(2)

New

Residential

Mortgage

Loan

Trust

2022-SFR2

D,

4.000%,

09/04/2039

369,587

0.2

395,000 

(2)

Progress

Residential

Trust

2022-SFR6

D,

6.035%,

07/20/2039

392,460

0.2

525,000 

(2)

Progress

Residential

Trust

2022-SFR7

D,

5.500%,

10/27/2039

513,070

0.2

1,731,575

0.8

Student

Loan

Asset-Backed

Securities

:

0.7%

118,816 

(2)

College

Ave

Student

Loans

LLC

2021-B

A2,

1.760%,

06/25/2052

103,907

0.0

109,820 

(2)

Navient

Student

Loan

Trust

2019-BA

A2A,

3.390%,

12/15/2059

105,473

0.1

494,413 

(2)(3)

Nelnet

Student

Loan

Trust

2021-BA

AFL,

6.223%,

(TSFR1M

+

0.894%),

04/20/2062

490,867

0.2

429,312 

(3)

SLM

Private

Credit

Student

Loan

Trust

2005-A

A4,

5.901%,

(TSFR3M

+

0.572%),

12/15/2038

422,438

0.2

322,611 

(2)

SMB

Private

Education

Loan

Trust

2021-

D

A1A,

1.340%,

03/17/2053

290,389

0.1

166,219 

(2)

Sofi

Professional

Loan

Program

Trust

2018-

C

A2FX,

3.590%,

01/25/2048

161,390

0.1

1,574,464

0.7

Total

Asset-Backed

Securities

(Cost

$3,364,227)

3,306,039

1.5

PURCHASED

OPTIONS

(5)

:

0.0%

Total

Purchased

Options

(Cost

$49,986)

54,950

0.0

Total

Long-Term

Investments

(Cost

$236,843,502)

224,210,216

104.5

Shares

RA

Value

Percentage

of

Net

Assets

SHORT-TERM

INVESTMENTS

:

0.4%

Mutual

Funds

:

0.4%

766,209 

(6)

BlackRock

Liquidity

Funds,

FedFund,

Institutional

Class,

5.162%

(Cost

$766,209)

$

766,209

0.4

Total

Short-Term

Investments

(Cost

$766,209)

$

766,209

0.4

Total

Investments

in

Securities

(Cost

$237,609,711)

$

224,976,425

104.9

Liabilities

in

Excess

of

Other

Assets

(10,644,720)

(4.9)

Net

Assets

$

214,331,705

100.0

†

Unless

otherwise

indicated,

principal

amount

is

shown

in

USD.

(1)

All

or

a

portion

of

this

security

has

been

pledged

as

collateral

in

connection

with

open

futures

contracts.

Please

refer

to

Note

2

for

additional

details.

(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)

Variable

rate

security.

Rate

shown

is

the

rate

in

effect

as

of

March

31,

2024.

(4)

Represents

or

includes

a

TBA

transaction.

(5)

The

tables

within

the

Portfolio

of

Investments

detail

open

purchased

options

which

are

non-income

producing

securities.

(6)

Rate

shown

is

the

7-day

yield

as

of

March

31,

2024.

Currency

Abbreviations:

EUR

EU

Euro

MXN

Mexican

Peso

Reference

Rate

Abbreviations:

TSFR1M

1-month

CME

Term

Secured

Overnight

Financing

Rate

TSFR3M

3-month

CME

Term

Secured

Overnight

Financing

Rate

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(Unaudited)

(continued)

14

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio

Fair

Value

Measurements

The

following

is

a

summary

of

the

fair

valuations

according

to

the

inputs

used

as

of

March

31,

2024

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

March

31,

2024

Asset

Table

Investments,

at

fair

value

U.S.

Treasury

Obligations

$

—

$

107,411,568

$

—

$

107,411,568

Corporate

Bonds/Notes

—

57,099,442

—

57,099,442

U.S.

Government

Agency

Obligations

—

36,230,588

—

36,230,588

Commercial

Mortgage-Backed

Securities

—

10,916,392

—

10,916,392

Sovereign

Bonds

—

5,301,457

—

5,301,457

Collateralized

Mortgage

Obligations

—

3,889,780

—

3,889,780

Asset-Backed

Securities

—

3,306,039

—

3,306,039

Purchased

Options

—

54,950

—

54,950

Short-Term

Investments

766,209

—

—

766,209

Total

Investments,

at

fair

value

$

766,209

$

224,210,216

$

—

$

224,976,425

Other

Financial

Instruments+

Centrally

Cleared

Credit

Default

Swaps

—

276,578

—

276,578

Centrally

Cleared

Inflation-Linked

Swaps

—

451,326

—

451,326

Centrally

Cleared

Interest

Rate

Swaps

—

59,666

—

59,666

Forward

Foreign

Currency

Contracts

—

35,897

—

35,897

Futures

2,244

—

—

2,244

Total

Assets

$

768,453

$

225,033,683

$

—

$

225,802,136

Liabilities

Table

Other

Financial

Instruments

Centrally

Cleared

Inflation-Linked

Swaps

$

—

$

(247,180)

$

—

$

(247,180)

Centrally

Cleared

Interest

Rate

Swaps

—

(176,626)

—

(176,626)

Forward

Foreign

Currency

Contracts

—

(14,848)

—

(14,848)

Futures

(451,284)

—

—

(451,284)

OTC

Credit

Default

Swaps

—

(27,989)

—

(27,989)

Sales

Commitments

—

(2,105,763)

—

(2,105,763)

Written

Options

—

(8,975)

—

(8,975)

Total

Liabilities

$

(451,284)

$

(2,581,381)

$

—

$

(3,032,665)

+

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

March

31,

2024,

the

following

forward

foreign

currency

contracts

were

outstanding

for

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio:

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

GBP

40,000

USD

51,013

Bank

of

America

N.A.

04/02/24

$

(527)

EUR

4,055,000

USD

4,386,699

Barclays

Bank

PLC

04/02/24

(11,948)

USD

4,391,991

EUR

4,055,000

Barclays

Bank

PLC

05/02/24

11,995

USD

397,003

GBP

314,000

BMO

Capital

Markets

Corp.

04/02/24

689

USD

3,350,758

EUR

3,095,000

BNP

Paribas

04/02/24

11,707

USD

246,161

EUR

227,000

Deutsche

Bank

AG

04/02/24

1,261

USD

65,653

EUR

60,000

Deutsche

Bank

AG

04/02/24

922

USD

40,136

EUR

37,000

Deutsche

Bank

AG

04/02/24

218

USD

33,573

EUR

31,000

Deutsche

Bank

AG

04/02/24

129

USD

34,649

EUR

32,000

Deutsche

Bank

AG

04/02/24

126

GBP

158,000

USD

199,604

Deutsche

Bank

AG

04/02/24

(185)

USD

516,147

EUR

473,000

HSBC

Bank

USA

N.A.

04/02/24

5,849

GBP

134,000

USD

170,785

HSBC

Bank

USA

N.A.

04/02/24

(1,657)

USD

235,680

GBP

185,000

JPMorgan

Chase

Bank

N.A.

04/02/24

2,183

USD

115,177

EUR

106,000

TD

Securities

04/02/24

818

AUD

10,000

USD

6,526

TD

Securities

04/02/24

(10)

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(Unaudited)

(continued)

15

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

USD

6,506

AUD

10,000

TD

Securities

04/02/24

$

(11)

GBP

60,000

USD

76,239

Westpac

Banking

Corp.

04/02/24

(510)

$

21,049

At

March

31,

2024,

the

following

futures

contracts

were

outstanding

for

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

Contracts:

30-Day

Federal

Funds

5

04/30/24

$

1,972,502

$

(997)

Canadian

Bankers'

Acceptance

10

12/18/24

1,761,655

(1,056)

Euro-Schatz

10

06/06/24

1,140,348

791

U.S.

Treasury

2-Year

Note

150

06/28/24

30,672,656

(20,665)

U.S.

Treasury

5-Year

Note

74

06/28/24

7,919,156

(723)

$

43,466,317

$

(22,650)

Short

Contracts:

3-month

SOFR

(1)

12/17/24

(237,837)

1,449

Canadian

Bankers'

Acceptance

(10)

06/17/24

(1,751,504)

4

Euro-Bobl

5-Year

(5)

06/06/24

(637,872)

(3,897)

Euro-Bund

(14)

06/06/24

(2,014,565)

(13,763)

U.S.

Treasury

10-Year

Note

(54)

06/18/24

(5,983,031)

(5,451)

U.S.

Treasury

Long

Bond

(56)

06/18/24

(6,744,500)

(136,526)

U.S.

Treasury

Ultra

10-Year

Note

(202)

06/18/24

(23,151,094)

(82,200)

U.S.

Treasury

Ultra

Long

Bond

(70)

06/18/24

(9,030,000)

(186,006)

$

(49,550,403)

$

(426,390)

At

March

31,

2024,

the

following

centrally

cleared

credit

default

swaps

were

outstanding

for

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio:

Centrally

Cleared

Credit

Default

Swaps

on

Credit

Indices

-

Sell

Protection

(1)

Reference

Entity/Obligation

Buy/Sell

Protection

(Pay)/

Receive

Financing

Rate

(%)

(2)

Termination

Date

Notional

Amount

(3)

Fair

Value

(4)

Unrealized

Appreciation/

(Depreciation)

CDX

North

American

High

Yield

Index

Series

42,

Version

1

Sell

5.000

06/20/29

USD

3,831,600

$

276,578

$

276,578

$

276,578

$

276,578

(1)

If

the

Portfolio

is

a

seller

of

protection

and

a

credit

event

occurs,

as

defined

under

the

terms

of

that

particular

swap

agreement,

the

Portfolio

will

generally

either

i)

Pay

to

the

buyer

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

obligation,

other

deliverable

obligations,

or

underlying

securities

comprising

the

referenced

index

or

ii)

Pay

a

net

settlement

amount

in

the

form

of

cash

or

securities

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

(2)

Payments

received

quarterly.

(3)

The

maximum

amount

of

future

payments

(undiscounted)

that

a

Portfolio

as

seller

of

protection

could

be

required

to

make

or

receive

as

a

buyer

of

credit

protection

under

a

credit

default

swap

agreement

would

be

an

amount

equal

to

the

notional

amount

of

the

agreement.

(4)

The

fair

values

for

credit

default

swap

agreements

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Increasing

fair

values,

in

absolute

terms,

when

compared

to

the

notional

amount

of

the

agreement,

represent

a

deterioration

of

the

referenced

obligation’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring.

At

March

31,

2024,

the

following

over-the-counter

credit

default

swaps

were

outstanding

for

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio:

OTC

Credit

Default

Swaps

on

Securities

-

Buy

Protection

(1)

Counterparty

Reference

Entity/

Obligation

(2)

Buy/Sell

Protection

(Pay)/

Receive

Financing

Rate

(%)

Termination

Date

Notional

Amount

(3)

Fair

Value

(4)

Upfront

Payments

Paid/

(Received)

Unrealized

Appreciation/

(Depreciation)

Bank

of

America

N.A.

American

Electric

Power

Company,

Inc.

Buy

1.000

06/20/29

USD

102,522

$

(3,134)

$

(2,946)

$

(187)

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(Unaudited)

(continued)

16

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio

Counterparty

Reference

Entity/

Obligation

(2)

Buy/Sell

Protection

(Pay)/

Receive

Financing

Rate

(%)

Termination

Date

Fair

Value

(4)

Unrealized

Appreciation/

(Depreciation)

Bank

of

America

N.A.

American

Electric

Power

Company,

Inc.

Buy

1.000

06/20/29

USD

128,478

$

(3,927)

$

(3,692)

$

(235)

Goldman

Sachs

International

American

Electric

Power

Company,

Inc.

Buy

1.000

06/20/29

USD

250,000

(7,641)

(7,185)

(456)

Goldman

Sachs

International

American

Express

Co.

Buy

1.000

06/20/29

USD

250,000

(8,140)

(7,663)

(478)

Goldman

Sachs

International

Dominion

Energy,

Co.

Buy

1.000

06/20/29

USD

233,000

(5,147)

(4,746)

(401)

$

(27,989)

$

(26,232)

$

(1,757)

(1)

If

a

Portfolio

is

a

buyer

of

protection

and

a

credit

event

occurs,

as

defined

under

the

terms

of

that

particular

swap

agreement,

a

Portfolio

will

either

i)

receive

from

the

seller

of

protection

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index

or

ii)

receive

a

net

settlement

amount

in

the

form

of

cash

or

securities

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

(2)

Payments

made

quarterly.

(3)

The

maximum

amount

of

future

payments

(undiscounted)

that

a

Portfolio

as

seller

of

protection

could

be

required

to

make

or

receive

as

a

buyer

of

credit

protection

under

a

credit

default

swap

agreement

would

be

an

amount

equal

to

the

notional

amount

of

the

agreement.

(4)

The

fair

values

for

credit

default

swap

agreements

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Increasing

fair

values,

in

absolute

terms,

when

compared

to

the

notional

amount

of

the

agreement,

represent

a

deterioration

of

the

referenced

obligation’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring.

At

March

31,

2024,

the

following

centrally

cleared

interest

rate

swaps

were

outstanding

for

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio:

Pay/Receive

Floating

Rate

Floating

Rate

Index

Floating

Rate

Index

Payment

Frequency

Fixed

Rate

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Pay

1-day

Overnight

Tokyo

Average

Rate

Annual

0.853

%

Annual

03/11/34

JPY

34,090,000

$

284

$

284

Pay

1-day

Secured

Overnight

Financing

Rate

Annual

4.520

Annual

03/26/26

USD

2,231,000

(1,392)

(1,392)

Pay

1-day

Secured

Overnight

Financing

Rate

Annual

4.839

Annual

10/19/26

USD

3,810,000

42,092

42,092

Pay

1-day

Secured

Overnight

Financing

Rate

Annual

4.562

Annual

10/12/26

USD

3,850,000

16,452

16,452

Pay

1-day

Secured

Overnight

Financing

Rate

Annual

3.917

Annual

01/08/27

USD

8,300,000

(85,229)

(85,229)

Receive

1-day

CAD-CORRA-OIS-COMPOUND

Semi-Annual

4.173

Semi-Annual

03/22/26

CAD

3,045,000

301

301

Receive

6-month

EUR-EURIBOR

Semi-Annual

2.456

Annual

03/22/54

EUR

99,000

(2,795)

(2,795)

Receive

6-month

EUR-EURIBOR

Semi-Annual

2.511

Annual

03/01/54

EUR

235,000

(9,515)

(9,515)

Receive

6-month

EUR-EURIBOR

Semi-Annual

2.513

Annual

02/20/54

EUR

251,000

(10,272)

(10,272)

Receive

6-month

EUR-EURIBOR

Semi-Annual

2.490

Annual

02/19/54

EUR

460,350

(16,385)

(16,385)

Receive

6-month

EUR-EURIBOR

Semi-Annual

2.506

Annual

02/20/54

EUR

460,350

(18,060)

(18,060)

Receive

1-day

Overnight

Tokyo

Average

Rate

Annual

0.270

Annual

03/11/26

JPY

162,320,000

537

537

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.471

At

Termination

Date

04/03/29

USD

1,197,000

—

—

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.485

At

Termination

Date

04/03/29

USD

1,197,000

—

—

Receive

1-day

Secured

Overnight

Financing

Rate

Annual

5.092

Annual

10/19/25

USD

5,570,000

(26,803)

(26,803)

Receive

1-day

Secured

Overnight

Financing

Rate

Annual

4.852

Annual

10/12/25

USD

5,625,000

(6,175)

(6,175)

$

(116,960)

$

(116,960)

At

March

31,

2024,

the

following

centrally

cleared

inflation-linked

swaps

were

outstanding

for

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio:

Pay/Receive

Floating

Rate

Floating

Rate

Index

Floating

Rate

Index

Payment

Frequency

Fixed

Rate

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Pay

Eurostat

Eurozone

HICP

ex

Tobacco

NSA

(CPTFEMU)

At

Termination

Date

2.146

%

At

Termination

Date

03/15/28

EUR

1,010,000

$

(891)

$

(891)

Pay

Eurostat

Eurozone

HICP

ex

Tobacco

NSA

(CPTFEMU)

At

Termination

Date

2.780

At

Termination

Date

08/15/53

EUR

35,000

3,657

3,635

Pay

Eurostat

Eurozone

HICP

ex

Tobacco

NSA

(CPTFEMU)

At

Termination

Date

2.529

At

Termination

Date

11/15/53

EUR

70,000

1,413

1,413

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(Unaudited)

(continued)

17

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio

Pay/Receive

Floating

Rate

Floating

Rate

Index

Floating

Rate

Index

Payment

Frequency

Fixed

Rate

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Pay

Eurostat

Eurozone

HICP

ex

Tobacco

NSA

(CPTFEMU)

At

Termination

Date

2.640

%

At

Termination

Date

11/15/53

EUR

35,000

$

2,036

$

1,852

Pay

Eurostat

Eurozone

HICP

ex

Tobacco

NSA

(CPTFEMU)

At

Termination

Date

2.515

At

Termination

Date

03/15/54

EUR

65,000

445

357

Pay

U.K.

RPI

All

Items

Monthly

Annual

3.858

Annual

03/15/27

GBP

1,840,000

(667)

(667)

Pay

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.462

At

Termination

Date

03/18/26

USD

1,175,000

682

682

Pay

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.513

At

Termination

Date

03/01/34

USD

495,000

(1,783)

(1,783)

Receive

Eurostat

Eurozone

HICP

ex

Tobacco

NSA

(CPTFEMU)

At

Termination

Date

2.138

At

Termination

Date

03/15/26

EUR

1,010,000

410

410

Receive

U.K.

RPI

All

Items

Monthly

Annual

3.811

Annual

03/15/26

GBP

1,840,000

1,261

1,261

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

3.794

At

Termination

Date

04/08/25

USD

5,300,000

23,474

23,474

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

3.563

At

Termination

Date

06/24/25

USD

4,900,000

(19,045)

(19,045)

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

3.100

At

Termination

Date

08/08/25

USD

2,200,000

(4,788)

(4,788)

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.315

At

Termination

Date

11/14/25

USD

1,000,000

1,163

1,163

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.197

At

Termination

Date

12/19/25

USD

1,000,000

2,981

2,981

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.129

At

Termination

Date

01/09/26

USD

810,000

3,794

3,794

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.089

At

Termination

Date

01/10/26

USD

1,615,000

8,588

8,588

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

3.526

At

Termination

Date

04/08/26

USD

13,500,000

1,832

1,832

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

3.270

At

Termination

Date

06/24/26

USD

6,500,000

(29,945)

(29,945)

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.453

At

Termination

Date

08/11/26

USD

360,000

935

935

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.259

At

Termination

Date

02/02/27

USD

2,800,000

13,480

19,828

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.925

At

Termination

Date

02/02/27

USD

3,400,000

96,566

96,566

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

3.000

At

Termination

Date

02/25/27

USD

5,540,000

120,640

120,640

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

3.213

At

Termination

Date

03/02/27

USD

1,350,000

14,684

14,684

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

3.290

At

Termination

Date

03/07/27

USD

2,200,000

13,738

13,738

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

3.646

At

Termination

Date

05/04/27

USD

2,500,000

(53,483)

(53,483)

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

3.262

At

Termination

Date

05/12/27

USD

1,955,000

(8,574)

(8,574)

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.904

At

Termination

Date

07/05/27

USD

2,025,000

8,539

8,539

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

3.030

At

Termination

Date

08/02/27

USD

2,400,000

(23,001)

(28,231)

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.765

At

Termination

Date

09/23/27

USD

485,000

(3,364)

(3,364)

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.607

At

Termination

Date

12/12/27

USD

8,245,000

9,585

9,585

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.613

At

Termination

Date

12/12/27

USD

1,295,000

1,135

1,135

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.304

At

Termination

Date

01/30/28

USD

1,560,000

8,328

8,328

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.440

At

Termination

Date

01/30/28

USD

2,300,000

16,082

26,313

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.396

At

Termination

Date

02/20/28

USD

1,700,000

4,392

4,392

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.432

At

Termination

Date

02/21/28

USD

910,000

1,234

1,234

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.443

At

Termination

Date

03/08/28

USD

1,150,000

1,372

1,372

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.401

At

Termination

Date

03/12/28

USD

1,150,000

3,041

3,041

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.438

At

Termination

Date

03/18/28

USD

1,175,000

1,315

1,315

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(Unaudited)

(continued)

18

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio

Pay/Receive

Floating

Rate

Floating

Rate

Index

Floating

Rate

Index

Payment

Frequency

Fixed

Rate

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.348

%

At

Termination

Date

05/15/28

USD

1,000,000

$

9,799

$

9,799

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.624

At

Termination

Date

08/02/28

USD

1,670,000

(6,107)

(6,107)

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.650

At

Termination

Date

10/20/28

USD

2,250,000

(17,841)

(12,893)

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.583

At

Termination

Date

11/02/28

USD

4,000,000

(23,046)

(23,046)

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.329

At

Termination

Date

01/15/29

USD

2,115,000

13,139

13,139

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.386

At

Termination

Date

02/02/29

USD

1,850,000

8,252

11,035

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.506

At

Termination

Date

03/25/29

USD

370,000

(295)

(242)

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.890

At

Termination

Date

08/02/29

USD

2,100,000

(18,265)

(23,657)

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.583

At

Termination

Date

11/03/29

USD

935,000

(5,484)

(5,484)

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.480

At

Termination

Date

01/30/30

USD

1,200,000

8,297

15,812

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.524

At

Termination

Date

03/30/30

USD

2,500,000

9,219

9,219

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

3.087

At

Termination

Date

04/08/30

USD

550,000

(2,266)

(2,266)

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.535

At

Termination

Date

10/11/30

USD

2,240,000

(2,619)

(2,619)

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.633

At

Termination

Date

11/02/30

USD

1,200,000

(10,819)

(10,819)

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.593

At

Termination

Date

11/06/30

USD

1,200,000

(7,821)

(7,821)

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.482

At

Termination

Date

11/17/30

USD

1,150,000

200

200

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.430

At

Termination

Date

02/02/31

USD

1,800,000

8,753

8,307

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.475

At

Termination

Date

12/18/53

USD

225,000

253

253

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.480

At

Termination

Date

03/01/54

USD

200,000

419

419

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.488

At

Termination

Date

03/06/54

USD

95,000

10

56

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.498

At

Termination

Date

03/07/54

USD

485,000

(906)

(906)

Receive

U.S.

CPI

Urban

Consumers

NSA

(CPURNSA)

At

Termination

Date

2.509

At

Termination

Date

03/25/54

USD

95,000

(468)

(549)

$

183,665

$

204,146

At

March

31,

2024,

the

following

OTC

purchased

foreign

currency

options

were

outstanding

for

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio:

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

Cost

Fair

Value

Call

USD

vs.

Put

CNH

Bank

of

America

N.A.

03/06/26

7.750

USD

5,978,000

$

43,639

$

53,393

$

43,639

$

53,393

At

March

31,

2024,

the

following

OTC

purchased

interest

rate

swaptions

were

outstanding

for

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio:

Description

Counterparty

Pay/

Receive

Exercise

Rate

Exercise

Rate

Floating

Rate

Index

Expiration

Date

Notional

Amount

Cost

Fair

Value

Call

on

10-Year

Interest

Rate

Swap

(1)

Bank

of

America

N.A.

Receive

3.280%

1-day

Secured

Overnight

Financing

Rate

04/12/24

USD

638,000

$

854

$

5

Call

on

10-Year

Interest

Rate

Swap

(1)

Bank

of

America

N.A.

Receive

3.325%

1-day

Secured

Overnight

Financing

Rate

04/05/24

USD

640,000

762

—

Call

on

10-Year

Interest

Rate

Swap

(1)

Deutsche

Bank

AG

Receive

3.505%

1-day

Secured

Overnight

Financing

Rate

04/19/24

USD

629,000

855

348

Call

on

10-Year

Interest

Rate

Swap

(1)

JPMorgan

Chase

Bank

N.A.

Receive

3.434%

1-day

Secured

Overnight

Financing

Rate

04/26/24

USD

626,000

474

355

Put

on

10-Year

Interest

Rate

Swap

(2)

Bank

of

America

N.A.

Pay

4.080%

1-day

Secured

Overnight

Financing

Rate

04/12/24

USD

638,000

1,131

363

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(Unaudited)

(continued)

19

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio

Description

Counterparty

Pay/

Receive

Exercise

Rate

Exercise

Rate

Floating

Rate

Index

Expiration

Date

Notional

Amount

Cost

Fair

Value

Put

on

10-Year

Interest

Rate

Swap

(2)

Bank

of

America

N.A.

Pay

4.125%

1-day

Secured

Overnight

Financing

Rate

04/05/24

USD

640,000

$

739

$

29

Put

on

10-Year

Interest

Rate

Swap

(2)

Deutsche

Bank

AG

Pay

4.305%

1-day

Secured

Overnight

Financing

Rate

04/19/24

USD

629,000

895

98

Put

on

10-Year

Interest

Rate

Swap

(2)

JPMorgan

Chase

Bank

N.A.

Pay

4.234%

1-day

Secured

Overnight

Financing

Rate

04/26/24

USD

626,000

637

359

$

6,347

$

1,557

At

March

31,

2024,

the

following

OTC

written

interest

rate

swaptions

were

outstanding

for

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio:

Description

Counterparty

Pay/Receive

Exercise

Rate

Exercise

Rate

Floating

Rate

Index

Expiration

Date

Notional

Amount

Premiums

Received

Fair

Value

Call

on

10-Year

Interest

Rate

Swap

(2)

Bank

of

America

N.A.

Pay

3.480%

1-day

Secured

Overnight

Financing

Rate

04/12/24

USD

638,000

$

2,569

$

(95)

Call

on

10-Year

Interest

Rate

Swap

(2)

Bank

of

America

N.A.

Pay

3.525%

1-day

Secured

Overnight

Financing

Rate

04/05/24

USD

640,000

2,643

(16)

Call

on

10-Year

Interest

Rate

Swap

(2)

Deutsche

Bank

AG

Pay

3.705%

1-day

Secured

Overnight

Financing

Rate

04/19/24

USD

629,000

2,552

(1,963)

Call

on

10-Year

Interest

Rate

Swap

(2)

JPMorgan

Chase

Bank

N.A.

Pay

3.634%

1-day

Secured

Overnight

Financing

Rate

04/26/24

USD

626,000

1,982

(1,613)

Put

on

10-Year

Interest

Rate

Swap

(2)

Bank

of

America

N.A.

Pay

3.880%

1-day

Secured

Overnight

Financing

Rate

04/12/24

USD

638,000

3,074

(2,443)

Put

on

10-Year

Interest

Rate

Swap

(1)

Bank

of

America

N.A.

Receive

3.925%

1-day

Secured

Overnight

Financing

Rate

04/05/24

USD

640,000

2,252

(854)

Put

on

10-Year

Interest

Rate

Swap

(1)

Deutsche

Bank

AG

Receive

4.105%

1-day

Secured

Overnight

Financing

Rate

04/19/24

USD

629,000

2,413

(569)

Put

on

10-Year

Interest

Rate

Swap

(1)

JPMorgan

Chase

Bank

N.A.

Receive

4.034%

1-day

Secured

Overnight

Financing

Rate

04/26/24

USD

626,000

2,239

(1,422)

$

19,724

$

(8,975)

(1)

Portfolio

pays

the

exercise

rate

semi-annually

and

receives

the

floating

rate

index

quarterly.

(2)

Portfolio

receives

the

exercise

rate

semi-annually

and

pays

the

floating

rate

index

quarterly.

The

following

sales

commitments

were

held

by

the

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio

at

March

31,

2024:

Principal

Amount

Description

Contractual

Settlement

Date

Fair

Value

$

(11,000)

Ginnie

Mae,

2.000%,

due

04/20/54

04/18/24

$

(9,014)

(142,000)

Uniform

Mortgage-Backed

Securities,

1.500%,

due

04/01/39

04/16/24

(123,006)

(148,200)

Uniform

Mortgage-Backed

Securities,

1.500%,

due

04/01/54

04/11/24

(111,597)

(329,000)

Uniform

Mortgage-Backed

Securities,

2.000%,

due

04/01/39

04/16/24

(291,612)

(536,290)

Uniform

Mortgage-Backed

Securities,

2.000%,

due

04/01/54

04/11/24

(424,367)

(166,000)

Uniform

Mortgage-Backed

Securities,

2.500%,

due

04/01/39

04/16/24

(151,074)

(298,600)

Uniform

Mortgage-Backed

Securities,

2.500%,

due

04/01/54

04/11/24

(246,851)

(82,000)

Uniform

Mortgage-Backed

Securities,

3.000%,

due

04/01/39

04/16/24

(76,326)

(179,000)

Uniform

Mortgage-Backed

Securities,

3.000%,

due

04/01/54

04/11/24

(154,020)

(47,000)

Uniform

Mortgage-Backed

Securities,

3.500%,

due

04/01/39

04/16/24

(44,679)

(4,000)

Uniform

Mortgage-Backed

Securities,

3.500%,

due

04/01/54

04/11/24

(3,580)

(14,000)

Uniform

Mortgage-Backed

Securities,

3.500%,

due

05/15/54

05/13/24

(12,539)

(247,700)

Uniform

Mortgage-Backed

Securities,

4.000%,

due

04/01/54

04/11/24

(229,409)

(225,600)

Uniform

Mortgage-Backed

Securities,

6.000%,

due

04/01/54

04/11/24

(227,689)

Total

Sales

Commitments

Proceeds

receivable

$(2,112,656)

$

(2,105,763)

Currency

Abbreviations:

AUD

—

Australian

Dollar

CAD

—

Canadian

Dollar

EUR

—

EU

Euro

GBP

—

British

Pound

JPY

—

Japanese

Yen

USD

—

United

States

Dollar

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(Unaudited)

(continued)

20

VY

®

BlackRock

Inflation

Protected

Bond

Portfolio

Net

unrealized

depreciation

consisted

of:

Gross

Unrealized

Appreciation

$

1,063,842

Gross

Unrealized

Depreciation

(13,697,128)

Net

Unrealized

Depreciation

$

(12,633,286)