VY® T. Rowe Price Growth Equity Portfolio | PORTFOLIO OF INVESTMENTS |
As of September 30, 2022 (Unaudited) |
Shares | Value | Percentage of Net Assets | |||||||||||
COMMON STOCK: 98.2% | |||||||||||||
Communication Services: 12.2% | |||||||||||||
564,661 | (1) | Alphabet, Inc. - Class A | $ | 54,009,825 | 4.3 | ||||||||
483,585 | (1) | Alphabet, Inc. - Class C | 46,496,698 | 3.7 | |||||||||
5,531 | (1),(2),(3) | Epic Games, Inc. | 4,590,619 | 0.4 | |||||||||
108,368 | (1) | Match Group, Inc. | 5,174,572 | 0.4 | |||||||||
79,623 | (1) | Meta Platforms, Inc. | 10,803,249 | 0.9 | |||||||||
47,408 | (1) | NetFlix, Inc. | 11,161,739 | 0.9 | |||||||||
93,991 | (1) | Sea Ltd. ADR | 5,268,195 | 0.4 | |||||||||
83,822 | (1) | Spotify Technology SA | 7,233,839 | 0.6 | |||||||||
119,415 | (1) | Trade Desk, Inc./The | 7,135,046 | 0.6 | |||||||||
151,873,782 | 12.2 | ||||||||||||
Consumer Discretionary: 26.5% | |||||||||||||
1,229,495 | (1) | Amazon.com, Inc. | 138,932,935 | 11.2 | |||||||||
5,523 | (1) | Booking Holdings, Inc. | 9,075,449 | 0.7 | |||||||||
75,302 | (1),(4) | Carvana Co. | 1,528,631 | 0.1 | |||||||||
11,295 | (1) | Chipotle Mexican Grill, Inc. | 16,973,674 | 1.4 | |||||||||
372,249 | (1) | Coupang, Inc. | 6,205,391 | 0.5 | |||||||||
50,750 | (1) | DoorDash, Inc. | 2,509,587 | 0.2 | |||||||||
77,438 | (1) | Expedia Group, Inc. | 7,255,166 | 0.6 | |||||||||
73,237 | Ferrari NV | 13,548,845 | 1.1 | ||||||||||
56,218 | (1) | Floor & Decor Holdings, Inc. | 3,949,877 | 0.3 | |||||||||
248,557 | (1) | Las Vegas Sands Corp. | 9,325,859 | 0.7 | |||||||||
10,019 | (1) | Lululemon Athletica, Inc. | 2,800,912 | 0.2 | |||||||||
284,612 | (1) | Peloton Interactive, Inc. | 1,972,361 | 0.2 | |||||||||
1,331,137 | (1),(4) | Rivian Automotive, Inc. | 43,807,719 | 3.5 | |||||||||
251,582 | Ross Stores, Inc. | 21,200,815 | 1.7 | ||||||||||
162,157 | (1) | Tesla, Inc. | 43,012,144 | 3.5 | |||||||||
121,434 | (1) | Wynn Resorts Ltd. | 7,653,985 | 0.6 | |||||||||
329,753,350 | 26.5 | ||||||||||||
Financials: 0.3% | |||||||||||||
1,669,750 | (1),(2),(3) | Ant International Co., Limited- Class C | 3,289,407 | 0.3 | |||||||||
12,749 | (1),(2),(3) | Maplebear, Inc., dba Instacart | 618,072 | 0.0 | |||||||||
666 | (1),(2),(3) | Maplebear, Inc., dba Instacart - Non-Voting | 32,288 | 0.0 | |||||||||
3,939,767 | 0.3 | ||||||||||||
Health Care: 12.7% | |||||||||||||
14,107 | (1) | Align Technology, Inc. | 2,921,701 | 0.2 | |||||||||
20,545 | (1) | Argenx SE ADR | 7,253,412 | 0.6 | |||||||||
28,092 | AstraZeneca PLC | 3,088,125 | 0.3 | ||||||||||
252,133 | (1) | Avantor, Inc. | 4,941,807 | 0.4 | |||||||||
36,661 | Cigna Corp. | 10,172,328 | 0.8 | ||||||||||
16,300 | Danaher Corp. | 4,210,127 | 0.4 | ||||||||||
71,724 | Eli Lilly & Co. | 23,191,955 | 1.9 | ||||||||||
28,403 | HCA Healthcare, Inc. | 5,220,187 | 0.4 | ||||||||||
29,626 | Humana, Inc. | 14,374,239 | 1.2 | ||||||||||
16,624 | (1) | Insulet Corp. | 3,813,545 | 0.3 | |||||||||
88,427 | (1) | Intuitive Surgical, Inc. | 16,574,757 | 1.3 | |||||||||
30,900 | (1) | Moderna, Inc. | 3,653,925 | 0.3 | |||||||||
51,418 | Stryker Corp. | 10,414,202 | 0.8 | ||||||||||
94,522 | UnitedHealth Group, Inc. | 47,737,391 | 3.8 | ||||||||||
157,567,701 | 12.7 | ||||||||||||
Industrials: 3.4% | |||||||||||||
98,564 | Airbus SE | 8,496,222 | 0.7 | ||||||||||
10,261 | Cintas Corp. | 3,983,218 | 0.3 | ||||||||||
41,149 | FedEx Corp. | 6,109,392 | 0.5 | ||||||||||
39,097 | (1) | Generac Holdings, Inc. | 6,964,739 | 0.6 | |||||||||
24,900 | Old Dominion Freight Line | 6,194,373 | 0.5 | ||||||||||
115,047 | TransUnion | 6,844,146 | 0.5 | ||||||||||
25,464 | Verisk Analytics, Inc. | 4,342,376 | 0.3 | ||||||||||
42,934,466 | 3.4 | ||||||||||||
Information Technology: 43.1% | |||||||||||||
214,403 | (1) | Advanced Micro Devices, Inc. | 13,584,574 | 1.1 | |||||||||
842,153 | Apple, Inc. | 116,385,545 | 9.3 | ||||||||||
55,553 | ASML Holding NV - NY Reg | 23,073,939 | 1.9 | ||||||||||
49,661 | (1) | Atlassian Corp. PLC | 10,458,110 | 0.8 | |||||||||
14,817 | (1) | Bill.com Holdings, Inc. | 1,961,326 | 0.2 | |||||||||
158,730 | (1) | Black Knight, Inc. | 10,274,593 | 0.8 | |||||||||
64,028 | (1),(4) | Block, Inc. | 3,360,912 | 0.3 | |||||||||
81,857 | (1) | Ceridian HCM Holding, Inc. | 4,574,169 | 0.4 | |||||||||
179,377 | (1) | Fiserv, Inc. | 16,784,306 | 1.3 | |||||||||
54,948 | Global Payments, Inc. | 5,937,131 | 0.5 | ||||||||||
17,420 | (1) | HashiCorp, Inc. | 560,750 | 0.0 | |||||||||
76,449 | Intuit, Inc. | 29,610,227 | 2.4 | ||||||||||
7,871 | (1),(2),(3) | Magic Leap, Inc. - Class A | 151,138 | 0.0 | |||||||||
90,641 | Mastercard, Inc. - Class A | 25,772,862 | 2.1 | ||||||||||
644,273 | Microsoft Corp. | 150,051,182 | 12.1 | ||||||||||
10,275 | (1),(4) | Monday.com Ltd. | 1,164,569 | 0.1 | |||||||||
13,508 | (1) | MongoDB, Inc. | 2,682,148 | 0.2 | |||||||||
181,824 | Nvidia Corp. | 22,071,615 | 1.8 | ||||||||||
29,265 | Roper Technologies, Inc. | 10,524,865 | 0.8 | ||||||||||
142,204 | (1) | Salesforce, Inc. | 20,454,623 | 1.6 | |||||||||
201,281 | (1) | SentinelOne, Inc. | 5,144,742 | 0.4 | |||||||||
47,492 | (1) | ServiceNow, Inc. | 17,933,454 | 1.4 | |||||||||
51,440 | (1),(2),(3) | Stripe, Inc. - Class B | 1,185,178 | 0.1 | |||||||||
38,937 | (1) | Teledyne Technologies, Inc. | 13,140,069 | 1.1 | |||||||||
166,057 | Visa, Inc. - Class A | 29,500,026 | 2.4 | ||||||||||
536,342,053 | 43.1 | ||||||||||||
Total Common Stock | |||||||||||||
(Cost $1,151,291,771) | 1,222,411,119 | 98 .2 | |||||||||||
PREFERRED STOCK: 1.5% | |||||||||||||
Consumer Discretionary: 0.8% | |||||||||||||
67,883 | (1) | Dr Ing hc F Porsche AG | 5,488,600 | 0.4 | |||||||||
38,487 | (1),(2),(3) | Rappi, Inc. - Series E | 1,983,235 | 0.2 | |||||||||
37,201 | (1),(2),(3) | Sila Nanotechnologies, Inc., Series F | 1,159,555 | 0.1 | |||||||||
18,931 | (1),(2),(3) | Waymo LLC., Series A-2 | 1,736,389 | 0.1 | |||||||||
10,367,779 | 0.8 | ||||||||||||
Financials: 0.1% | |||||||||||||
1,855 | (1),(2),(3) | Maplebear, Inc., dba Instacart - Series A | 89,931 | 0.0 |
VY® T. Rowe Price Growth Equity Portfolio | PORTFOLIO OF INVESTMENTS |
As of September 30, 2022 (Unaudited) (Continued) |
Shares | Value | Percentage of Net Assets | |||||||||||
PREFERRED STOCK: (continued) | |||||||||||||
Financials: (continued) | |||||||||||||
26,036 | (1),(2),(3) | Maplebear, Inc., dba Instacart - Series G | $ | 1,262,225 | 0.1 | ||||||||
1,352,156 | 0.1 | ||||||||||||
Industrials: 0.6% | |||||||||||||
159,700 | (1),(2),(3) | GM Cruise Holdings, LLC - Class F | 4,631,300 | 0.4 | |||||||||
132,943 | (1),(2),(3) | Nuro, Inc. - Series C | 2,771,292 | 0.2 | |||||||||
7,402,592 | 0.6 | ||||||||||||
Total Preferred Stock | |||||||||||||
(Cost $16,964,920) | 19,122,527 | 1.5 | |||||||||||
Total Long-Term Investments | |||||||||||||
(Cost $1,168,256,691) | 1,241,533,646 | 99.7 |
Principal Amount† | Value | Percentage of Net Assets | |||||||||||
SHORT-TERM INVESTMENTS: 1.9% | |||||||||||||
Repurchase Agreements: 1.6% | |||||||||||||
4,314,769 | (5) | Cantor Fitzgerald Securities, Repurchase Agreement dated 09/30/22, 3.05%, due 10/03/22 (Repurchase Amount $4,315,851, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $4,401,064, due 11/01/22-08/20/72) | $ | 4,314,769 | 0.3 | ||||||||
2,443,391 | (5) | Citadel Securities LLC, Repurchase Agreement dated 09/30/22, 3.06%, due 10/03/22 (Repurchase Amount $2,444,006, collateralized by various U.S. Government Securities, 0.000%-7.625%, Market Value plus accrued interest $2,492,899, due 10/15/22-08/15/52) | 2,443,391 | 0.2 | |||||||||
4,683,326 | (5) | MUFG Securities America Inc., Repurchase Agreement dated 09/30/22, 3.05%, due 10/03/22 (Repurchase Amount $4,684,500, collateralized by various U.S. Government Agency Obligations, 2.000%-5.000%, Market Value plus accrued interest $4,776,993, due 09/01/28-09/01/52) | 4,683,326 | 0.4 | |||||||||
4,886,435 | (5) | RBC Dominion Securities Inc., Repurchase Agreement dated 09/30/22, 3.04%, due 10/03/22 (Repurchase Amount $4,887,656, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.000%, Market Value plus accrued interest $4,984,164, due 08/15/25-08/20/52) | 4,886,435 | 0.4 | |||||||||
3,164,445 | (5) | State of Wisconsin Investment Board, Repurchase Agreement dated 09/30/22, 3.04%, due 10/03/22 (Repurchase Amount $3,165,236, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $3,227,812, due 10/15/24-02/15/51) | 3,164,445 | 0.3 | |||||||||
Total Repurchase Agreements | |||||||||||||
(Cost $19,492,366) | 19,492,366 | 1.6 | |||||||||||
Time Deposits: 0.1% | |||||||||||||
500,000 | (5) | Royal Bank of Canada, 3.070%, 10/03/2022 | 500,000 | 0.0 | |||||||||
500,000 | (5) | Skandinaviska Enskilda Banken AB, 3.050%, 10/03/2022 | 500,000 | 0.1 | |||||||||
500,000 | (5) | Svenska Handelsbanken AB, 3.000%, 10/03/2022 | 500,000 | 0.0 | |||||||||
Total Time Deposits | |||||||||||||
(Cost $1,500,000) | 1,500,000 | 0.1 |
VY® T. Rowe Price Growth Equity Portfolio | PORTFOLIO OF INVESTMENTS |
As of September 30, 2022 (Unaudited) (Continued) |
Shares | Value | Percentage of Net Assets | |||||||||||
Mutual Funds: 0.2% | |||||||||||||
2,483,685 | (6) | T. Rowe Price Government Reserve Fund, 3.080% | |||||||||||
(Cost $2,483,685) | 2,483,685 | 0.2 | |||||||||||
Total Short-Term Investments | |||||||||||||
(Cost $23,476,051) | 23,476,051 | 1.9 | |||||||||||
Total Investments in Securities (Cost $1,191,732,742) |
$ | 1,265,009,697 | 101.6 | ||||||||||
Liabilities in Excess of Other Assets | (20,147,017 | ) | (1.6) | ||||||||||
Net Assets | $ | 1,244,862,680 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
ADR | American Depositary Receipt |
(1) | Non-income producing security. |
(2) | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
(3) | Restricted security as to resale, excluding Rule 144A securities. As of September 30, 2022, the Portfolio held restricted securities with a fair value of $23,500,629 or 1.9% of net assets. Please refer to the table below for additional details. |
(4) | Security, or a portion of the security, is on loan. |
(5) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
(6) | Rate shown is the 7-day yield as of September 30, 2022. |
Fair Value Measurements
The following is a summary of the fair valuations according to the inputs used as of September 30, 2022 in valuing the assets and liabilities:
Quoted
Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair
Value at September 30, 2022 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Common Stock | ||||||||||||||||
Communication Services | $ | 147,283,163 | $ | – | $ | 4,590,619 | $ | 151,873,782 | ||||||||
Consumer Discretionary | 329,753,350 | – | – | 329,753,350 | ||||||||||||
Financials | – | – | 3,939,767 | 3,939,767 | ||||||||||||
Health Care | 154,479,576 | 3,088,125 | – | 157,567,701 | ||||||||||||
Industrials | 34,438,244 | 8,496,222 | – | 42,934,466 | ||||||||||||
Information Technology | 531,644,825 | 3,360,912 | 1,336,316 | 536,342,053 | ||||||||||||
Total Common Stock | 1,197,599,158 | 14,945,259 | 9,866,702 | 1,222,411,119 | ||||||||||||
Preferred Stock | 5,488,600 | – | 13,633,927 | 19,122,527 | ||||||||||||
Short-Term Investments | 2,483,685 | 20,992,366 | – | 23,476,051 | ||||||||||||
Total Investments, at fair value | $ | 1,205,571,443 | $ | 35,937,625 | $ | 23,500,629 | $ | 1,265,009,697 |
# | 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 Portfolio 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 Portfolio's investments are categorized as Level 2 investments. |
VY® T. Rowe Price Growth Equity Portfolio | PORTFOLIO OF INVESTMENTS |
As of September 30, 2022 (Unaudited) (Continued) |
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at September 30, 2022:
Investments, at fair value | Fair
Value at September 30, 2022 | Valuation Technique(s)* | Significant
Unobservable Input(s) | Value
or Range of Input(s) | Weighted
Average of Inputs*** | Impact
to Valuation from an Increase in Input**** | ||||||||
Common Stocks | $ | 9,866,702 | Market Approach | Recent Comparable Transaction Price(s) | -** | -** | -** | |||||||
Market Approach | Discount for lack of marketability | 10% | 10% | Decrease | ||||||||||
Market Approach | Enterprise Value to Gross Merchandise Value | 0.29x-0.41x | 0.29x-0.41x | Increase | ||||||||||
Market Approach | Whole Company Price to Earnings Multiple | 7.1x-19.9x | 7.1x-19.9x | Increase | ||||||||||
Preferred Stocks | $ | 13,633,927 | Market Approach | Recent Comparable Transaction Price(s) | -** | -** | -** | |||||||
Market Approach | Enterprise Value to Sales Multiple | 3.3x - 6.2x | 3.3x - 6.2x | Increase | ||||||||||
Market Approach | Enterprise Value to Gross Merchandise Value | 0.29x-0.7x | 0.29x-0.7x | Increase | ||||||||||
Market Approach | Discount for lack of marketability | 10% | 10% | Decrease | ||||||||||
Market Approach | Projected Enterprise Value to EBITDA Multiple | 4.3x | 4.3x | Increase | ||||||||||
Market Approach | Discount for uncertainty | 30% | 30% | Decrease | ||||||||||
Total Investments, at fair value | $ | 23,500,629 |
* Valuation techniques may change in order to reflect management’s judgment of current market participant assumptions.
** No quantitative unobservable inputs significant to the valuation technique were created by the Portfolio's management.
*** Unobservable inputs were weighted by the relative fair value of the instruments.
**** Represents the directional change in the fair value of the Level 3 investment(s) that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in signficantly higher or lower fair value measurements.
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio's assets and liabilities during the period ended September 30, 2022:
Common Stocks | Preferred Stocks | Total | ||||||||||
Assets: | ||||||||||||
Beginning balance at December 31, 2021 | $ | 16,502,888 | $ | 16,042,676 | $ | 32,545,564 | ||||||
Purchases | - | - | - | |||||||||
Sales | - | - | - | |||||||||
Total realized gain (loss) | - | - | - | |||||||||
Net change in unrealized appreciation (depreciation)***** | (6,636,186 | ) | (2,408,749 | ) | (9,044,935 | ) | ||||||
Transfers into Level 3 | - | - | - | |||||||||
Transfers out of Level 3 | - | - | - | |||||||||
Ending balance at September 30, 2022 | $ | 9,866,702 | $ | 13,633,927 | $ | 23,500,629 | ||||||
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of September 30, 2022***** | $ | (6,636,186 | ) | $ | (2,408,749 | ) | $ | (9,044,935 | ) |
***** Any difference between net change in unrealized apprecation (depreciation) and net change in unrealized appreciation (depreciation) on Level 3 securities still held at September 30, 2022 may be due to securities no longer held or categorized as Level 3 at period end.
VY® T. Rowe Price Growth Equity Portfolio | PORTFOLIO OF INVESTMENTS |
As of September 30, 2022 (Unaudited) (Continued) |
At September 30, 2022, VY® T. Rowe Price Growth Equity Portfolio held the following restricted securities:
Security | Acquisition Date | Acquisition Cost | Fair Value | |||||||
Ant International Co., Limited- Class C | 6/7/2018 | $ | 6,364,043 | $ | 3,289,407 | |||||
Epic Games, Inc. | 6/18/2020 | 3,180,325 | 4,590,619 | |||||||
GM Cruise Holdings, LLC - Class F | 5/7/2019 | 2,914,525 | 4,631,300 | |||||||
Magic Leap, Inc. - Class A | 1/20/2016 | 3,824,971 | 151,138 | |||||||
Maplebear, Inc., dba Instacart | 8/7/2020 | 590,711 | 618,072 | |||||||
Maplebear, Inc., dba Instacart - Non-Voting | 8/7/2020 | 30,858 | 32,288 | |||||||
Maplebear, Inc., dba Instacart - Series A | 11/18/2020 | 113,177 | 89,931 | |||||||
Maplebear, Inc., dba Instacart - Series G | 7/2/2020 | 1,252,121 | 1,262,225 | |||||||
Nuro, Inc. - Series C | 10/30/2020 | 1,735,518 | 2,771,292 | |||||||
Rappi, Inc. - Series E | 9/8/2020 | 2,299,446 | 1,983,235 | |||||||
Sila Nanotechnologies, Inc., Series F | 1/7/2021 | 1,535,389 | 1,159,555 | |||||||
Stripe, Inc. - Class B | 12/17/2019 | 807,093 | 1,185,178 | |||||||
Waymo LLC., Series A-2 | 5/8/2020 | 1,625,552 | 1,736,389 | |||||||
$ | 26,273,729 | $ | 23,500,629 |
At September 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
Cost for federal income tax purposes was $1,197,573,042.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation | $ | 254,663,626 | ||
Gross Unrealized Depreciation | (187,156,107 | ) | ||
Net Unrealized Appreciation | $ | 67,507,519 |