PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(unaudited)
1
VY
®
Morgan
Stanley
Global
Franchise
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK
:
97.9%
France
:
6.1%
14,134
L'Oreal
SA
$
5,857,301
1.9
7,708
LVMH
Moet
Hennessy
Louis
Vuitton
SE
5,818,235
1.9
42,114
Pernod
Ricard
SA
7,011,560
2.3
18,687,096
6.1
Germany
:
5.5%
129,710
SAP
SE
16,789,926
5.5
Italy
:
0.4%
92,217
Davide
Campari-Milano
NV
1,085,609
0.4
Netherlands
:
2.8%
87,281
Heineken
NV
7,694,827
2.5
37,203
Universal
Music
Group
NV
970,857
0.3
8,665,684
2.8
United
Kingdom
:
8.9%
238,717
Reckitt
Benckiser
Group
PLC
16,834,601
5.5
303,056
RELX
PLC
10,229,188
3.4
27,063,789
8.9
United
States
:
74.2%
102,007
Abbott
Laboratories
9,879,378
3.3
58,620
Accenture
PLC
-
Class
A
18,002,788
5.9
25,158
Aon
PLC
-
Class
A
8,156,727
2.7
27,216
Arthur
J
Gallagher
&
Co.
6,203,343
2.0
33,473
Automatic
Data
Processing,
Inc.
8,052,934
2.6
46,619
Becton
Dickinson
and
Co.
12,052,410
4.0
22,819
Broadridge
Financial
Solutions,
Inc.
4,085,742
1.3
30,067
CDW
Corp.
6,066,318
2.0
111,087
Coca-Cola
Co.
6,218,650
2.0
57,759
Danaher
Corp.
14,330,008
4.7
28,438
Equifax,
Inc.
5,209,273
1.7
127,912
Experian
PLC
4,183,716
1.4
4,131
FactSet
Research
Systems,
Inc.
1,806,321
0.6
110,458
Intercontinental
Exchange,
Inc.
12,152,589
4.0
10,075
Jack
Henry
&
Associates,
Inc.
1,522,736
0.5
70,326
Microsoft
Corp.
22,205,434
7.3
12,769
Moody's
Corp.
4,037,175
1.3
24,627
NIKE,
Inc.
-
Class
B
2,354,834
0.8
63,208
Otis
Worldwide
Corp.
5,076,234
1.7
214,596
Philip
Morris
International,
Inc.
19,867,298
6.5
56,028
Procter
&
Gamble
Co.
8,172,244
2.7
16,439
Roper
Technologies,
Inc.
7,961,079
2.6
20,060
STERIS
PLC
4,401,565
1.5
27,665
Thermo
Fisher
Scientific,
Inc.
14,003,193
4.6
72,581
Visa,
Inc.
-
Class
A
16,694,356
5.5
17,543
Zoetis,
Inc.
3,052,131
1.0
225,748,476
74.2
Total
Common
Stock
(Cost
$233,865,012)
298,040,580
97.9
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
United
States
(continued)
Total
Long-Term
Investments
(Cost
$233,865,012)
$
298,040,580
97.9
SHORT-TERM
INVESTMENTS
:
1.5%
Mutual
Funds
:
1.5%
4,491,569
(1)
BlackRock
Liquidity
Funds,
FedFund,
Institutional
Class,
5.240%
(Cost
$4,491,569)
$
4,491,569
1.5
Total
Short-Term
Investments
(Cost
$4,491,569)
4,491,569
1.5
Total
Investments
in
Securities
(Cost
$238,356,581)
$
302,532,149
99.4
Assets
in
Excess
of
Other
Liabilities
1,775,326
0.6
Net
Assets
$
304,307,475
100.0
(1)
Rate
shown
is
the
7-day
yield
as
of
September
30,
2023.
Sector
Diversification
Percentage
of
Net
Assets
Information
Technology
30.7
%
Consumer
Staples
23.9
Health
Care
19.0
Industrials
10.7
Financials
10.6
Consumer
Discretionary
2.7
Communication
Services
0.3
Short-Term
Investments
1.5
Assets
in
Excess
of
Other
Liabilities
0.6
Net
Assets
100.0%
Portfolio
holdings
are
subject
to
change
daily.
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(unaudited)
(continued)
2
VY
®
Morgan
Stanley
Global
Franchise
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
France
$
—
$
18,687,096
$
—
$
18,687,096
Germany
—
16,789,926
—
16,789,926
Italy
—
1,085,609
—
1,085,609
Netherlands
—
8,665,684
—
8,665,684
United
Kingdom
—
27,063,789
—
27,063,789
United
States
221,564,760
4,183,716
—
225,748,476
Total
Common
Stock
221,564,760
76,475,820
—
298,040,580
Short-Term
Investments
4,491,569
—
—
4,491,569
Total
Investments,
at
fair
value
$
226,056,329
$
76,475,820
$
—
$
302,532,149
#
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.
Net
unrealized
appreciation
consisted
of:
Gross
Unrealized
Appreciation
$
70,269,323
Gross
Unrealized
Depreciation
(6,093,756)
Net
Unrealized
Appreciation
$
64,175,567