PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(unaudited)
1
VY
®
CBRE
Real
Estate
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK
:
99
.0
%
Diversified
Reits
:
62
.8
%
59,149
Alexandria
Real
Estate
Equities,
Inc.
$
5,920,815
3
.6
19,687
AvalonBay
Communities,
Inc.
3,381,045
2
.0
183,103
Brixmor
Property
Group,
Inc.
3,804,880
2
.3
132,373
Broadstone
Net
Lease,
Inc.
1,892,934
1
.1
57,047
Camden
Property
Trust
5,395,505
3
.3
8,400
Digital
Realty
Trust,
Inc.
1,016,568
0
.6
139,294
Empire
State
Realty
Trust,
Inc.
- Class
A
1,119,924
0
.7
66,293
EPR
Properties
2,753,811
1
.7
17,749
Equinix,
Inc.
12,890,389
7
.8
21,648
Essex
Property
Trust,
Inc.
4,591,324
2
.8
250,194
Invitation
Homes,
Inc.
7,928,648
4
.8
114,484
Prologis,
Inc.
12,846,250
7
.8
89,775
Realty
Income
Corp.
4,483,364
2
.7
142,629
Rexford
Industrial
Realty,
Inc.
7,038,741
4
.3
29,178
Ryman
Hospitality
Properties,
Inc.
2,429,944
1
.5
12,565
SBA
Communications
Corp.
2,515,136
1
.5
72,716
Simon
Property
Group,
Inc.
7,855,509
4
.7
165,480
SITE
Centers
Corp.
2,040,368
1
.2
109,755
Spirit
Realty
Capital,
Inc.
3,680,085
2
.2
76,796
VICI
Properties,
Inc.
2,234,764
1
.3
98,727
Welltower,
Inc.
8,087,716
4
.9
103,907,720
62
.8
Equity
Real
Estate
Investment
Trusts
:
2
.3
%
31,701
Sun
Communities,
Inc.
3,751,497
2
.3
Health
Care
Reits
:
3
.5
%
203,152
Healthpeak
Properties,
Inc.
3,729,871
2
.3
48,512
Ventas,
Inc.
2,043,810
1
.2
5,773,681
3
.5
Hotel
&
Resort
Reits
:
2
.9
%
177,551
Park
Hotels
&
Resorts,
Inc.
2,187,428
1
.3
283,361
Sunstone
Hotel
Investors,
Inc.
2,649,426
1
.6
4,836,854
2
.9
Hotels,
Restaurants
&
Leisure
:
1
.2
%
13,022
Hilton
Worldwide
Holdings,
Inc.
1,955,644
1
.2
Office
Reits
:
2
.1
%
75,411
Highwoods
Properties,
Inc.
1,554,221
0
.9
Shares
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Office
Reits:
(continued)
62,801
Kilroy
Realty
Corp.
$
1,985,139
1
.2
3,539,360
2
.1
Real
Estate
Management
&
Development
:
1
.2
%
265,733
Tricon
Residential,
Inc.
1,966,424
1
.2
Residential
Reits
:
3
.1
%
134,622
Apartment
Income
REIT
Corp.
4,132,895
2
.5
61,709
Veris
Residential,
Inc.
1,018,199
0
.6
5,151,094
3
.1
Retail
Reits
:
5
.5
%
109,458
Kite
Realty
Group
Trust
2,344,590
1
.4
168,376
Macerich
Co.
1,836,982
1
.1
49,444
Regency
Centers
Corp.
2,938,952
1
.8
160,297
Retail
Opportunity
Investments
Corp.
1,984,477
1
.2
9,105,001
5
.5
Specialized
Reits
:
14
.4
%
9,078
Crown
Castle,
Inc.
835,448
0
.5
151,981
CubeSmart
5,795,036
3
.5
114,955
Four
Corners
Property
Trust,
Inc.
2,550,851
1
.5
55,750
Public
Storage
14,691,240
8
.9
23,872,575
14
.4
Total
Common
Stock
(Cost
$186,015,408)
163,859,850
99
.0
Shares
RA
Value
Percentage
of
Net
Assets
SHORT-TERM
INVESTMENTS
:
0
.8
%
Mutual
Funds
:
0
.8
%
1,289,079
(1)
BlackRock
Liquidity
Funds,
FedFund,
Institutional
Class,
5.240%
(Cost
$1,289,079)
$
1,289,079
0
.8
Total
Short-Term
Investments
(Cost
$1,289,079)
1,289,079
0
.8
Total
Investments
in
Securities
(Cost
$187,304,487)
$
165,148,929
99
.8
Assets
in
Excess
of
Other
Liabilities
304,913
0.2
Net
Assets
$
165,453,842
100.0
(1)
Rate
shown
is
the
7-day
yield
as
of
September
30,
2023.
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(unaudited)
(continued)
2
VY
®
CBRE
Real
Estate
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*
$
163,859,850
$
—
$
—
$
163,859,850
Short-Term
Investments
1,289,079
—
—
1,289,079
Total
Investments,
at
fair
value
$
165,148,929
$
—
$
—
$
165,148,929
*
For
further
breakdown
of
Common
Stock
by
sector,
please
refer
to
the
Portfolio
of
Investments.
Net
unrealized
depreciation
consisted
of:
Gross
Unrealized
Appreciation
$
2,233,981
Gross
Unrealized
Depreciation
(
24,389,539
)
Net
Unrealized
Depreciation
$
(
22,155,558
)